Annual_Report_1990_001 - Laserfiche WebLink

Home

CI7Y OF ROSEVIILE MINNESOTA NOTES TO fINANCIAL STATEMENTS - (CONTINUED) DECEMBER 37.1990 Note 11 - Sinale Emplover Defined Benefit Pension Plan - Votunteer Pire Relief Association The City contributes to the City of Roseville Fire Pi9hter's Relier Association ("Association"), a single-employer pubLic employee retirement sysiem that acts as a comnon investment and administrator for the Lity's firefighters. . Volunteer firefighters of the City are members of the Roseville iire Fighter's ReLief Associaiion. These benefit provisions and all other requirements are consisient uith enabling state statutes. VoLunteers of the fire department are not required to contribute any percent of their gross earnings to the relief association. The City levied property taxes at ihe direction of and for the benefiC of Yhe fire retief association and passes through state aids aLlowted to the ptan, all in accordance uith enabling state statutes. Plan Description: Vol�nteer fire figh2ers of the City join the association under the follouing requirements: (1) They cannot be a substitute or probationary volunteer. (2) They do not have a medicat impairment or condition that constitutes a predictable or unwarranted risk for the association. (3) They must pay annual dues. A member in good standing is entitled to pension benefits as foLLows: Age and Service Reiirement EligibiLity - 50 years of age, member of the association for at least 10 years and has served in the Rosevitle Volunteer Fire Department for 20 years. Monihly Benefit - a memher at the full service pension Level uilL receive 815 per month for each year of service up to a maximum credit of 30 years of service. - Lump Sum - At the option ot the retiree, a tump sum seCtlement of pension benefits may be selecied. The lump sum shatl be 81500 for each year of servfce. Funding ot the Plan, as set out in State Statute, requires the Association to annuatly compute the Totat amount 6y adding the amount of normal cosi plus amortization needed to futly fund the actuarial liability. That amount is Yhen reduced by the estimated state aid to be received ptus an esiimated interest growth of 5% on total plan assets. Any amount remaining may Shen he part of a special property tax Lery. No other Ciiy funds or contributions by the employees are required. - DisabiLity Retirement Temporary Disabitity - a member uho is iemporarity djsabled shall receive S10 oer day, not io exceed 26 weeks. 47