Annual_Report_1987_001 - Laserfiche WebLink

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CITY OF ROSEVILLE, MINNESOTA NOTES TO FINANLIAL STATE�ENTS - (CONTIN�ED) �ECEMBER 31, 1987 .Note 12 - �efined Benefit Pensio� Ptans - Statewide Ptan �escription - Att futl-time emptoyees and certain part-time empLoyees of the City, are covered 6y defined benefit pension plans administered by the Public Emptoyees Retirement Associat9on of Minnesota (PERA). PERA administers the Pu6lic Employees Retirement Fund and the Puhtic EmpLoyers Police and Fire Fund which are cost-sharing multiple-employer public employee retirement systems. The payroLL for employees covered by PERA ptans for the year ended December 31, 1987, was 53,523,692; the City's totat payroll was 54,208,683. Atl full-time and certain part-time empLoyees are etigibLe [o participate in the PERA plans. PubLic EmpLoyees Retirement Fund members belong to either the Coordinated Fund or the Basic Fund. Coordinated members are covered by Social Security and Basic mem6ers are not. All poLice officers who quaLify for membership 6y statute are covered by the Police and Pire Fu�d. The PERA ptans provide pension benefits, deferred annuify, and death and disability benefits. BenefiYs are estabtished by State statute. Retirement benefits for memhers of the Basic and Coordinated Funds are as foLLows: (a) When age ptus years of service equat 90, the fuLl unreduced normat anwity is payable. (b) As earty as age 55 with at teast 5 years of paid service <redit; anwity reduced 1/4 percent for each month under age 65. (c) Any age with at Least 30 years, reduced hy �/4 percent for each month under age 62. (d) Age 65 or otder with at least one hut tess than 5 years of paid service credit (proportionate annuity). Must terminate service at age 65 or oLder. (e) Age 55 uith at least 5 years of paid service credit or any age with aT Least 30 years representing PERA service com6ined with other fund toverage. Retirement 6enefits tor members ot the PoLice and Fire funds are as foLlows: (a) When age ptus years of service equaL 90, the fulL unreduced normal annuity is payahle. (6) Age 55 or older with at Least 5 years' service credit. (c) Age 55 or older uith at�least 5 years paid service credit representing PERA service comhined uith other tund coverage. (d) Age 65 or older with at teast 1 year of paid service credit (proportiona[e annuity). Must terminate service at age 65 or o�der. . A member who terminates pu6tic service with five or more years of credited attowabLe service may teave �. his or her amount in the fund to quatify for an annuity at retirement age. The annuity as determined under the formula will be increased from the month following date of termination at prescribed interest � rates. The former member may accept a refund at any time prior to the date retirement annuity begins. -42-