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CITY OF ROSEVILLE, MSNNESOTA <br />NOTES TO PINANCIAL STATEMENTS - (CONTINUED) <br />DECEMBER 31 1988 <br />Note 11 - Chanoes In Lono Term Debt <br />Changes in generaL long term de6t during 1988 are summarized as foLLovs: <br />Accrued Vacation and <br />Severance Pay <br />General obtigation Bonds <br />General ObLigation <br />Improvement eonds <br />General Ohliga[ion Tax <br />Increment Bonds <br />GeneraL Obligation State <br />Aid Highway Bonds <br />TotaL <br />Restated <br />Bata�ce BaLance <br />January 1, Decemher 31, <br />1988 Additions Retired 1988 <br />S 304,532 S <br />395,000 <br />1�,505,000 <br />22,720,000 <br />2,225.000 _ <br />2,978 <br />�� ��� <br />E37,149,832 54,502.978 <br />Note 12 - Defined BenefiT Pension Plans - Statewide <br />A. Plan �escription <br />S 307,510 <br />E45,000 35D,000 <br />1,250,000 14,755,000 <br />100,000 22,620,000 <br />70.000 2,155,000 <br />E1,465,000 540 187 510 <br />Att full-time employees and certain part-time employees of the City, are covered by defined benefit <br />pension pLans administered 6y the Pu6lic Employees Retirement Association of Minnesota (PERA). PERA <br />administers the PubLic Employees Retirement Fund (PERP) and the Public Employers Potice and Pire Fund <br />(PEPFF) which are mst-sharing multiple-employer puhlic empLoyee retiremeM systems. PERF mem6ers heLong to <br />either the Coordinated PLan or the Basic Plan. coordinated members are covered by Social Security and Basic <br />members are not. ALL neu members must participate in the Coordinated Plan. All poLice officers, tire <br />fighters and peace officers Who quatify for membership by siatute are covered 6y the PEPFF. The payroLL for <br />employees covered by PERf AND PEPFF for the year ended December 31, 1988, was 82,329,754.47 and <br />51,392,465.27 respectiveLy ; the City's totat payroLL was 54,395,815.83. <br />PERA provides retirement 6enefits as ueLl as disability benefits to members, and benefits to surviwr upon <br />death of eligi6Le memhers. Benefits are esta6lished by State Statute, and vest after five years of credited <br />service. 7he defined retirement 6enefits are 6ased on mem6eN s average satary for any five successive years <br />of altowa6le service, age, and years of credit at terminatio� of service. The annuity accruaL rates for a <br />6asic member is 2 percent of average saLary for each of the first 10 years of service and 2.5 percent for <br />each remaining year. For a Coordinated member, the annuity accrual is 1 percent ot average salary for each <br />of the first 10 years and 1.5 percent for each remaining year. For PEPFF members, the annuity accrual rate <br />41 <br />