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2014 CAFR
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANClAL STATEMENTS <br />December 31, 2014 <br />3. Single employer defined benefit pension plan — volunteer fire relief association <br />a. Plan description <br />The City of Roseville (employer) firefighters are covered by a non-employee contributory <br />defined benefit retirement plan administered by the Roseville Firefighter Relief Association <br />(Association), a single employer public employee retirement system. The Association is <br />organized under the Minnesota State Statutes 424A, as amended and provides benefits in <br />accordance with those statutes. <br />The Association provides retirement benefits as well as disability benefits to members and <br />benefits to survivors upon death of eligible members. Benefits are established by <br />the Association with approval by the Roseville City Council under the applicable state <br />statutes. The defined retirement benefits are based on a members' years of service. Vesting <br />begins after the lOth year of service with a 60% benefit increasing to 100% after the 20th <br />year of service. <br />Full benefits are available after 20 years of service by the member and having attained the age <br />of 50. The current benefit is calculated at $30 per year of service per month up to a maximum <br />of 30 years. The retiree may also select a one-time lulnp-sum payment upon retireinent of <br />$3,000 per year of service. <br />There are various types of joint and survivor annuity options available which will reduce the <br />monthly normal annuity amount, because the annuity is payable over joint lives. <br />The benefit provisions stated in the previous paragraphs of this section are current provisions <br />which apply to active plan participants. Vested, terminated firefighters, who are entitled to <br />benefits and are not receiving them yet, are bound by the provisions in effect at the time they <br />choose to start their benefit. <br />The Association issues a publicly available financial report that includes financial statements <br />and required supplementary information for the Roseville Firefighters' Relief Association. <br />That report may be obtained by writing to the Roseville Firefighters' Relief Association, 2701 <br />N. Lexington Ave., Roseville, MN 55113. <br />b. Funding�olicX <br />Minnesota Statutes Chapter 424A sets out the employer requirements for contributions. The <br />annual employer contribution level for any given year is a combination of the normal cost for <br />that year and an amount to reduce the unfunded actuarial liability. The minimum obligation is <br />the normal cost plus the amount needed to amortize fully the unfunded liability. The City <br />funding requirements equal the minimum obligation less the Minnesota State fire aid. <br />
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