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CITY OF ROSEVILIE. MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS - (CON7INUED) <br />DECEMBER 31, �987 <br />Note 12 - Defined Benefit Pension Plans - Statewide (Continuedl <br />Contributions Required and Made - Covered empLoyees are required by State statute to contribute fized <br />percentages of their gross earnings to The pension pLans. The City makes annuat contributions to the <br />pension plans equat to the amount required by state statutes. Current contribution rates for the plans <br />are as fotlows: <br />Additionat <br />Employee Employer EmpLoyer <br />Public Employees Retirement <br />Pund <br />Basic Fund 8% 8� 2 1/2% <br />Coordinated Fund 4% 4� 1/4% <br />Police and Fire Fund 8ti 12% 0 <br />Total contributions made during 1987 amounted to S 491,383, of which 8282,301 was paid by the City and <br />E209,082 was paid 6y employees. These mntributions represented 8.0� percent (City) and 5.93 percent <br />(emplcyees) of the covered payroLt. <br />Funding Status and Progress - The 'pension 6enetit obtigation" is a standardized discLosure measure of <br />the present vaLue of pension benefits, adjusted tor the effects of projected salary increases and step- <br />rate henefits, estimated to be paya6te in the future as a result of employee service to date. The <br />measure, which is the actuarial present vaLue of credited projected henefits, is intended to help users <br />assess the PEftA's funding status on a going-mncern 6asis, assess progress made in accumulating <br />sufficient assets to pay benefits uhen due, and make comparisons among Pubtic EmpLoyees Retirement <br />Systems and emptoyers. PERA does not make separate measurements of assets and pension 6enefit ohligation <br />for individueL empLoyers. <br />The pension benetit obligations of PEftA as of June 30, 1987, were as foLLows: <br />Public Emptoyees Pubtic Emptoyees <br />Retirement Fund Police and Fire Fund <br />(in millions) <br />Totat pension benefit <br />obligations or <br />Net assets available <br />for henefits, at <br />market <br />Unfunded pension benefit <br />obligation (assets in <br />excess of obtigations) <br />S 2,839 <br />Pl1�P] <br />230 <br />E 437 <br />SP] <br />(173) <br />The actuariaL calculations of annual contributions indude amounts that wouLd be required to achieve fulL <br />(70D percent) funding 6y the year 2009. <br />-43- <br />