Annual_Report_1987_001 - Laserfiche WebLink

Home

CITY OF ROSEVILLE, MINNESOTA NOTES TO iINANCSA� STATEMENTS - (CONTIN�E�) DECEMeER 31, 1987 Note 12 - Defined Benefit Pension PLans - Statewide (Continued) The measurement of the pension benefit obtigation is based on an actuarial vatuation as of June 30, 1987. Net assets avaitable to pay pension 6enefits were valued as of June 30, 1987. The City's contri6ution for the year to PERA pLans represented .38 percent of totaL mntri6utio�s required of aLL participating entities. Ten-year historicat trend information is presenied in PERA's Comprehensive AnnuaL Financial Report for the year ended June 30, 1987. This intormation is useful in assessing the pension plan's accumulation of sufficient assets to pay pension henefits as they 6ecome due. Related Party Investments - During 1987 PERA held no securities issued by the CiTy or other retated parties. The CiTy's contri6utions to the Federal Social Security (FICA) plan for the year were 8131,676. Note 13 - Defined Benefit Pension PLan - Volunteer Fire Relief Association The City contributes to the City of Rosevitte Fire Fighter's Retief Association ('Association"), a singte-emptoyer public empLoyee retirement system that acts as a common investment and administrator for the City's firefighters. Volunteer firefighters of the City are mem6ers of the RoseviLLe Fire Fighter's ReLief Association. These benefit provisions and aLt other requirements are consistent uith enahLing state statutes. Votunteers of the fire department are not required to contri6ute any percent of their gross earnings to the reLief association. The City levied property taxes at the direction of and for the 6enefit ot the fire relief association and passes through state aids atLocated to the plan, all in acmrdance with enabling state statutes. . PLan Description: VoLunteer tire fighters of the City join the association under the fottouing requirements: (1) They cannot be a suhstitute or pro6ationary volunteer. (2) They do not have a mediwl impairment or condition that constitutes a pred9ctable or . unwarranted risk for the association. -� (3) They must pay an�uaL dues. A member in good standing is entitLed to pension benefits as foLtows: Age and Service Retirement -ELigi6itity - 50 years of age, member of the association for at teast 10 years and has served in the Roseville VoLunteer Fire Department for 20 years. �LL