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CfTY OF ROSEVIILE <br />NOTES TO PiNANCPAL STATEXENTS fCONT1NUE0) <br />DECEMBER 31. /991 <br />Note 70 - Single Emolover Defined Benefit Pmsim Ptan • Vol�nteer Fi�e Aeliet Association <br />The City oontrihutes to the City of Roawille Fi�e FiyhtaNs Ralfef Assxiation ("hssxiation">, a single <br />emptoyer publie aiqloyee reYiremmt systdn that aets as � comeon imestment snd aAninistretor for the <br />City°s firefiQhters. <br />Yolunteer tirefi9hters of the City ere mmix�s of the Rosevit(e Fire fiyhter�s Retief Assoeiation. These <br />benefit provisian arW all other raquirearnts are eonsistent with arwblirp atate stewtes. <br />Vot�nteers of 4he fire departmcv�t are not requirtd to eontri6ute arry peremt of their pross earnings 40 <br />th. relvef sasociaYian, The City levicd property taices K the direetion of md for the benefit ot the <br />ffrc relief �saxi�tian and pessea throuph stste aids dlwatad to the plan, •ll in �coordence with <br />xwblinp atste atatutes. <br />Plan Deseriotian• <br />Volunteer fire fiphters of the City join fhe essxiatfon ude� the follorinq requirements: <br />(1) They earrwt be � s�6stitute or probationery vol�nteer. <br />(2> ihey do rat heve s medieal impeirnknt or eorxlitim that eonstitutes a pradicteble or <br />vwarranted risk for tAe essxiation. <br />(3) They must psy atvxst dues. <br />A menber in pood standinp is mtitled to pension benefits es foltows: <br />Ane ard Serviee Retirement <br />Elipibility - 50 yesrs of s9e, mmi�er of the sasxistian tor et leest 10 yesrs end hae served in the <br />Roseville Volunteer Fire Deparimmt for 20 yeers. <br />Nonthty Benetit - s menber �t the full service pension level ritt receive S15 per mmth for eech yeer <br />of service up eo s arxim�n eredit af 30 ycars of service. <br />Lu�p S� - At the optiae ot the retiree, e lu�p su� settlanmt of pmsion benefits mey be selected. <br />The luep su� shell be 5/500 for e�ch yesr of sarviee. <br />E�ndtnq of the Plan, es Qet aut in Seate SteWte, raqufrn tAe Aasxiatfan to errwelly conpute the totel <br />amant by sddinp the amwnt ot nor�mel eost ptua awortiueion needed to fully fvd the ectuerial tiebility. <br />Th�t amo�nt it then reduced by the estim�ted eute �id to be received plua an e�tinrted interest grorth of <br />5X on totai plen usets. Arry enuvit remsiMrq mey thm De pert of e apecial property ux levy. Mo other <br />City firds or tontributiorn try the e�toyees are raquired. <br />�6 <br />