Annual_Report_1991_001 - Laserfiche WebLink

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� � : �. UTr OP ROSEViLIE. MIMNESOTA �� NOTES TO FINANGAL STATEMENTS CCONTINUED) � � DECEMBER 31. 7991 Mote 10 - Sinale Emotover.Defined Benefit ie�sion Ptan • Yot�nteer Fire Retief Assxistion (Continued) Contrihutions Reauired eM Contributions Made finu�eiel :raquirwnts of tMe �ttfef �ssxistim �n deter�inW on �n aetwrial bssis uciny the entry �pe nornyl.�etu�rial eoat nethod. Nornrl eost is f�nda�d on � current b�sis. The �nfuded sctuariat �oorwd {i�6ility ia to b� f�rdad by D�cember 31, 2010. Th� City's �iniiwn obli9ation is the finaneiel raquire�nmt for the year tess �ntieipKed meeber eontributforu rwl state aids. Any edditionat psyments by�the�tity shall be used to anqrtize the unfv�kd liabitity of thf nlief assxistion. The funding str�tepy.for nornrl wst ard the v�fvded �ctuaN�t �eo�uad liability should provide sufficimt resources to psy aelief assxiation benefita on s timety b�afs. Total:�oontri6utiotu to the rsl9ef essxistion in 1991 a�nanted to 2119,392, of rhieh 523,817 wss mede by the City of Roswilte. Ths eontributed emants were �ciw�i�lly deteraiinad as�deseribcd ebove end were b�sed an.an �etwrial v�lwtion �t of Juw�ry 1, 1991. The eont�ibutioru represent tvdirq for normel owt:�t97,727.and the a�wrtization of the uifvd�d �etu��ial �eeruad liability is 542,327. Contrihutions .arde.��by.:the.City of.Rosevitle represmt 7.9 percent of eovered psyrolt for the year. ihe atete aid reosivnd.:in 1991, the tity's eonVihution plus exeeea plan intenat e�rnirgs exceeded ourrent oost end rnortization of the unfvwled portim. Sipnifieent utwri�l �sawptians ueed to eaipute pe�sion emtribution raquireaNnts are substantialty the srne�as those uscd Lo.deterniin� the stardaM sed aieasure of the pension obtigation. The eonqutetion of�.the pension eontrihutian requ3�emants for 1991 wa bescd on the same e�twriel essuiptions,:benefit provisfon, actusrial f�ndirg inethod, �rd other sipnifieant feetors used to determine pens.ion eontribution require�ents in previoua yesra. Tm 7ear Nistoricel Trerd Informetion (Uneudited) Tm-�yesr hiatoriesl trerd infornrtion related to the pensim plan is presmtcd fn tAe relief aaaoeietions annual finaqeiat.:report. The intornrtion ia presented to meble the reader to essess the progress mede by the Roseville Fire Fiphter's Relief Assxiatim in eccuaul�tirq sufficimt assets to pey pension benefits as xhey becane due.��informetion prior to 1987 is not av�ilable, however, for the four yeers erded 1987, 7988, 7989, and 1991 respectively, evsi.leble.essets wre suffieient to tvd 65.3X, T1.2%, 78.8X, 92.SX and 90.BX of the pension benetit obliqation. �Unfurded pension benetit oblipatim represented 3�7.7X, 2%.4X, 197.9X, 62.3X and 84.4X of the emusl�psyroll for eiployees covered by [he Roaeville Vol�nteer fire Relief Assxistion for 1988, 1989 , 1990 end 1991.�.respeetively. Shorinp v�f�nded peruion benefit obli9ation es � pereentepe of erxwet �overed p�yrot.l approxinrtely.:�djust for the effecu of intiuion for wlysit purposes. In sddition, for tbe four ynrs aded 1987, �1968, 19D9, 1990 end 1997, th� City�� contributiw�e to Me Syatew, alt nwdc in setordence with �etwridly.deterwinad.req.�irenmts, were O.00X, 11.2X, 6.1, 2.9X, erd 7.9X respectivety of erwwal eovered ..p�YrolL � . . 49