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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 />2. Defined Contribution Plan <br />a. Plan description <br />Four council members and the mayor of the Ciry of Roseville are covered by the defined <br />contribution pension plan administered by the Public Employees Retirement Association of <br />Minnesota (PERA). PERA administers the Public Employees Defined Contribution Plan <br />(PEDCP), which is a multiple-employer deferred compensation plan. <br />b. Fundin�policX <br />The PEDCP is a tax qualified plan under Section 401(a) of the Internal Revenue Code and all <br />contributions by or on behalf of employees are tax deferred until time of withdrawal. <br />Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less <br />administrative expenses. Minnesota Statutes, Chapter 353D.03, specifies the employee and <br />employer contribution rates for those qualified personnel who elect to participate. An eligible <br />elected official who decides to participate contributes 5 percent of salary, which is matched by <br />the elected official's employer. <br />C. Employee retirement systems and pension plans (Continued) <br />b. Fundin�policy (Continued� <br />For salaried employees contributions must be a fixed percentage of salary. Employees who are <br />paid for their services may elect to make member contributions in an amount not to exceed the <br />employer share. Employer and employee contributions are combined and used to purchase shares <br />in one or more of the six accounts of the Minnesota Supplemental Investment Fund. For <br />administering the plan, PERA receives 2 percent of employer contributions and <br />four-tenths of one percent of the assets in each member's account annually. <br />Total contributions made by the City during fiscal year 2014 were: <br />Amount <br />Percentage of <br />Covered Payroll <br />Employees Employer Employees Employer <br />Requi red <br />Rates <br />2014 PEDCP $ 816 $ 816 5.00°/a 5.00% 5.00°/a <br />63 <br />
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