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CITY OF ROSEVILLE MINNESOTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1979 Note 4 - Pension P1ans Employees of tlze City are covered�by four pension�plans, with other agencies being responsible for the administration of�these plans. The City is making a11 pension co�tributions as requi.red by law. - Roseville Volunteer Firemen's�Relief Association - The Association has approximately 71 members in the pension plan_ State aid to the Association was $59,407 in 1979. The actuarial liabilitg exceeded Association pension fund assets by $142,956 as of Deczmber 31, 1978, the date of the.most recent actuarial valuation. Stata 1aw requires an actuarial survey�every four years of the Fire Relief Pension Fund. Public Employees $etirement Association Police and Fire P1an - As of December 31, 1979, there were 37 fu11-time Police Officers and the�Fire Marshal in the state-wide p1an. The employer contribution was 599,452 in 1979, with the employee contributing 8% of payroll and the employer contributing 12%. The-Ci.ty's funding responsibility is limited to the 12`io employer contribution. Puhlic Employees Retirement Associatiorr Basic P1an - As of December 31, 1979 there were ll employees covered in the state-wide plan. The employer contribution was $33,595 in 1979, with the employee contributing 8% of payroll and the employer contributing 8% plus an additi.onal 2-1/2% which is applied towards the actuarial deficit. State law provides that the actuarial-deiicit be retired by 1997.� An individual City's portion of Y.he unfunded liability of PERA is not availabie. The City's responsibility is limited to the 10 1/2% contribution. Public Employees Retirement Association�Coordinated PLan - As of December 31, 1979, there were 74 employees covered by this p1an. Employees covered 6y this plan also received Social Security benefits. The employer contributed $56,902 to the State plan and 562,324 to Social Security in 1979. The employee contributes 4% of.payroll and the employer 4% plus additional 1 1/2% which is applied toward the actuarial deficit: State law provides that the actuarial deficit be retired in 1997. An individual City's portion of the unfunded liability of PERA is not available. The City's responsibility is limited to the S.5% contribution. Note S- Metropolitan Waste Control Commission The deferred credit and receivable in the Sanitary Sewer rund from tne Mztropolitan Waste Control Commission represents the following: The City's share of equity in the City's sewer system which was acquired by the Commissioa on Sanuary l, 1971. This current value receivable wi11 be paid to the City in annual installments thru the year 2000. Repayment wi11 be made by issuing credits against future disposal charges. The debt service receivable represents the�amounts to be received for debt service on facilities originally acquired by the Commission. This amount receivable for debt service will end in 1981. Repayment wi11 be made by issuing credits against future disposal charges. The final cost allocation from the Comnission for 1978 is reflected on Lhe 1979 financial statements. 29