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CITY OF ROSEVILIE. MINNESOTA NOTES TO FINANCIAI STATEMENTS - (CONTIN�ED1 DECEI9BER 31,�989 Note 12 - Defined Benefit Pension Ptan - Volunteer Fire Retief Asso<iation (Continued) Three Year Historicat Trend Net asseis avaiLable for benefits (Expressed as a percent of pension 6enefit obLiga[ion) Untunded pension benefit ohligation (Expressed as a percent of annual [overed payrotl) EmpLoyer contrihutions(Expressed as a percent of mvered payroLl) Contri6utions R uired and Contributions Made 1987 1988 1989 65.3X 71.2Y. 78.SX 371.7X 296.4:G 197.9R 0.0Y. 11.2% 8.1L �- Financial requirements of the relief association are determined on an actuarial 6asis using� the entry age normat actuariaL cost method. Normal cost is funded on a current 6asis. The unfunded actuariaL accrued liabitity is to be funded by December 31, 2007. The City's minimum ohligation is the financial requirement for the year Less anticipated mem6er contri6utions and state aids. Any additional payments 6y the City shaLl 6e used to amortize the unfunded liabitity of the relief association. The funding strategy for normal cost and the unfunded actuarial accrued LiabitiTy should provide sufficient resources �to pay relief association 6enetits on a timety hasis. . Totat c6ntrihutions to the retief association in 1989 amounted to 8134,517, of which 822,715 was made by the City of RoseviLLe. 7he <ontributed amounts were actuariaLly determined as descri6ed above and were based on an actuariat valuation as ot January 7, 198?. The contributions represent funding for normaL cost 886,420 and the amortization of the unfunded actuarial accrued Liability is 548,097, Contributions made by the City of Roseville represent 8.7 per<ent of mvered payroLL for the year. The state aid received in 1989, [he � City's contributlon pLus excess plan interest earnings ezceeded current cost and amortization�of the unfund- ed portion. Significant actuariaL assumptions used to compute pensiom m�tribution requirements are substantialLy the same as those used to determine the standardized measure of the pension ohtigation. The computation of the pensiom m�trihution requirements for 7989 was based on the same actuarial assump- tions, henefit provision, actuarial funding method, and other significant factors used to de[ermine pension contribution requirements in previous years. Ten Year Historical Trend lnformation (Unaudited) Ten-year historicaL trend information reLated to the pension ptan is presented in the reliet associations annual financiaL report The information is presen[ed to ena6le the reader to assess the progress made by the Roseville Fire Fighter's Relief Association in accumutating sufficienC assets to pay pensioo 6enefits as they become due. information prior to 1987 is not avaiLabLe, however, for the three years ended 1987, 1988 and 1989, respectively, avaiLable assets were sufficient to tund 65.3%, 71.2"; and 78.9X of the pension 6enefit obtigation. Unfunded pension benefit ob�igation represented 377.7%, 296.4X and 797.9Y, of the annuaL payrotl '1%