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CITY OF ROSEVILLE. MINNESOTA <br />NOTES TO FINANQAL STATEMENTS - (CONTINOED) <br />DECEMBER 31.1988 <br />Note 12 - Defined 6enefit Pension Ptans - Statewide (Continued) <br />is 2.5 percent of average saLary for each of the first 25 years and 2 percent for each remaining year. Por <br />both PERF and PEPFF, members are eligible for a fuLL annuity when age pLus years of service equaL 90. <br />There are different types of annuities available to members upon retirement. A normat an�uity is a lifetime <br />annuity that ceases upon the death of the retiree. No survivor annuity is payable. There are aLso various <br />survivor annuity options avaiLable which wit� reduce the monthly normat annuity amount, because the annuity <br />is payahLe over joint lives. Members may also Leave their contri6uiions in the fund upon termination of <br />pubLic service, in order to quaLify for a deferred annuity at retirement age, Refunds of contributions are <br />avaiLahLe at any time to mem6ers who leave pu6Lit service, 6ut before retirement benefits begin. <br />6. Contributions Required and Made <br />Minnesota Statues Chapter 353 sets the rates for empLoyer and empLoyee contributions. The City makes annuaL <br />contributions to the pension ptans equaL to the amount required by state statues. Minnesota Statues Chapter <br />356.215, Sud. 4(g) provides the formula fior determining the date of futL funding for the PERF and the PEPFF. <br />Those dates are 2010 and 2018 respectiveLy. As part of the an�ual actuarial vaLuation, PERA's actuary <br />determines the sufficiency of the statufory contribution rates towards meeting the required fuLl funding <br />deadLine. The actuary compares the actua� contci6ution rate to a"required" contrlbution rate. Nrrent <br />statutory contrihution rates a�d actuarialLy required contribution rates for the pLans are as foLLows: <br />PERF: <br />Basic Pund <br />Coordinated Fund <br />PEPFF <br />Statutorv Rates Reouired <br />Emplovee EmoLoyer Rates <br />8Y. t0.5ti <br />4L 4.5� <br />8L 12.OY. <br />Total contributio�s made 6y the City during fiscal year 1988 were: <br />PEftF: <br />Amounts <br />Emotoyee EmoLoyer <br />Basic Fund 523,597.13 530,971.18 <br />Coordinated Fund 81,432.87 86,985.50 <br />9.46Y. <br />5.11% <br />15.97Y. <br />Percentage of <br />Covered PayroLL <br />EmpLoyees Emptover <br />8.0Y. 10.50% <br />4.OX 4.25Y. <br />PEPFF 8111,364.72 8167.088.83 S.OX 12.00� <br />, Totals 5216,394.72 5285,045.51 <br />��. The City's contri6ution for the year ended June 30, 1988 [o the PERF represented 0.15 percent of mtal contri- <br />ai <br />