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2014 CAFR
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2014 CAFR
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANClAL STATEMENTS <br />December 31, 2014 <br />members hired prior to July 1, 1989. Normal retirement age is the age for unreduced Social <br />Security benefits capped at 66 for Coordinated members hired on or after July 1, 1989. A <br />reduced retirement annuity is also available to eligible members seeking early retirement. <br />There are different types of annuities available to members upon retirement. A single-life <br />annuity is a lifetime annuity that ceases upon the death of the retiree--no survivor annuity is <br />payable. There are also various types of joint and survivor annuity options available which <br />will be payable over joint lives. Members may also leave their contributions in the fund upon <br />termination of public service in order to qualify for a deferred annuity at retirement age. <br />Refunds of contributions are available at any time to members who leave public service, but <br />before retirement benefits begin. <br />The benefit provisions stated in the previous paragraphs of this section are current provisions <br />and apply to active plan participants. Vested, terminated employees who are entitled to <br />benefits but are not receiving them yet are bound by the provisions in effect at the time they <br />last terminated their public service. <br />PERA issues a publicly available financial report that includes financial statements and <br />required supplementary information for GERF, PEPFF, and PECF. That report may be <br />obtained on the Internet at www.mnpera.org, by writing to PERA at 60 Empire Drive #200, <br />St. Paul, Minnesota, 55103-2088 or by calling (651) 296-7460 or 1-800-652-9026. <br />b. Fundin� policy <br />Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These statutes <br />are established and amended by the state legislature. The Ciry makes annual contributions to the pension <br />plans equal to the amount required by state statutes. GERF Basic Plan members and Coordinated Plan <br />members were required to contribute 9.1% and 6.25%, respectively, of their annual covered salary in <br />2014. PEPFF members were required to contribute 10.2% of theit annual covered salary in 2014. PECF <br />members were required to contribute 5.83% of their annual covered salary. In 2014, the City of Roseville <br />was required to contribute the following percentages of annual covered payroll: 11.78% far Basic Plan <br />members, 7.25% for Coordinated Plan members, 15.3% for PEPFF members, and 8.75% for PECF <br />members. The City's contributions to the Public Employees Retirement Fund for the years ending <br />December 31, 2014, 2013 and 2012 were $581,788, $532,160, and $508,843, respectively. The City's <br />contributions to the Public Employees Police & Fire Fund for the years ending December 31, 2014, 2013 <br />and 2012 were $680,679, $629,217, and $600,066, respectively. The City's contributions were equal to <br />the contractually required contributions for each year as set by state statute. <br />62 <br />
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