Annual_Report_1988_001 - Laserfiche WebLink

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CITY OF ROSEVILLE, MINNESOTA NOTES TO FINANCIAL STATEMENTS - (CONTINUED) �ECEMBER 31.1988 Note �2 - Oefined Benefii Pension PLans - Statewide (Continued) D.Ten-year Historicat Trend Information Ten-year historical trend information is presented in PERA's Comprehensive AnwaL FinanciaL Report fior the year ended June 30, 7988. This information is usefuL in assessing the pension pLan's accumutation of suffi- cient assets to pay pension benefits as they hecome due. E. Related Party Investments Related Party Investments - During 1988 PERA held no securities issued by the City or other retated parties. The City's contributions to the Federet Social Security (FICA) plan tor the year were 813�,676. Note 13 - Sin Le Em lo er Defined eenefit Pension PLan - Volunteer Fire ReLief Association The City contributes to the City of Rosevitte Fire Fighter's Retief Association ("Association'), a single-employer public emptoyee retirement system that acts as a common investment and administrator for the City`s firefighters. YoLunteer firetighters of the City are members of the RosevilLe Fire Fighter's Retief Association. These 6enefit provisions and alL other requirements are consistent with enabling state statutes. VoLunteers of the fire department are not required to contribute any percent of the5r gross earnings to the relief association. The City levied property taxes at the direction of and for the henefit of the fire retief association and passes through state aids aLtocated to the plan, alL in accordance with enabling state statutes. Plan Descriotion: Volunteer fire fighiers of the tity join the association under the foltouing requirements: (1) They cannot be a substitute or pro6ationary voLunteer. (2) They do noT have a medical impairment or condition that constitutes a predicta6te or u�warranted risk for the association. (3) They must pay annuat dues. A mem6er in good standing is entitled to pension 6enefits as follows: Age and Se�vice Reti�ement ELigi6itity - 50 years of age, member of the association for at Least 10 years and has served in the RoseviLLe VoLunteer Fire Department for 20 years. �