Annual_Report_1978_001 - Laserfiche WebLink

Home

Pensions Employees in the City of Roseville are covered by fouT pension plans. A brief e�planation of each fo the pension plans follows: Roseville Piremen's Relief Association As of December 31, 1978, there iaere seventy-two active Volunteer Fi.remen covered by this pension system. The pension pian provides benefits for Volunteer Firemen only. The Roseville Fire Plan is actuari_ally sound. Funding for the pension plan is provided entirely from the 2% rebate received from the State of Minnesota. This rebate is in the form of a 2% levy on all fire insurance premiums written in the City of Roseville and in 1978 this source of revenue provided $52,379 to the fund. Public Empl�ees Retirement Associatioa - Police and Fire Plan As of �.� December 31, 1978, there were th;_rty-nine full time Police Officers and the Fire '� Marshal_ in the state-wi.de police and fire plan.� The normal cost of thie plan is 20% of payroll. The employee contributes 8% of payroll and the employeY 12%. Public Employees Retirement Association - Basic Plan As of December 31, 1978, there were twenty employees covered by the State-wide basic public employees retirment plan. Employees under this plan are not covered by Social Security. The normal cost of this pension plan is 16% of payroll, plus 2 1/2% to make up the actuarial deficit. Employees contribute 8% of payroll and employers contri- bute 8%, plus an additional 2 1/2% which is applied towards the actuarial deficit 3tate law provides that the actuarial deficit is to be retired by 1997. Public Employees Retirement Association - Coordinated Ylan As of December 31, 1978, there were seventy-seven employees covered by this plan. Employees covered by this plan also receive Social Security benefits. The normal cost of this plan i.s S% of payroll plus an additional 1 1/2% to make up the actuarial deficit oi the fund. The employe.e contributes 4% of payroll and the employer.4% of payroll,� plus an additional 1 1�2% Yo retira tha artuarial def=r=t, iinAAr $tata la;.?� tha actuarial deficit is scheduled to be retired by 1997. Industrial. Revenue Bond Financing As of December 31, 1978, no Industrial Revenue Bonds have been issued. On February 12, 1979, the City Council adopted a resulution which states that all requests for financing industrial, commercial or business projects as permitted under Minnesota Statutes, Chapter 474, caill not be considered. Bond Rating The City's current 6ond rating is Aa from Moodys Invester Service and At from Standard & Poor's.- These ratings have not chaaged since the sale of General Improvement Bonds Series 9 for $1,600,000 helcl on October 31, 1977. Independent Audit State law provides that the City may arrange for examination of its books by a Certified Public Accountant or the State Auditor. It has Ueen a lon�-standing practi.ce of the City to provide for an annual audit of City records by a Certified Public Accountant. The accountant's opinion has been included in this report. 11