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C1TY OF ROSEVIILE MINNESOTA NOTES TO FINANCfAI STATEMENTS DECEMBER 31. 1992 Note 8• Defined 8enefit Pension Ptans - Stateuide CContinued) The City's contribution for the yeer ended June 30, 1992 to the PERi represented 0.13 percent of total contributions required of aLt perticipating entities. For the PEPFF, contributions for the year ended June 30, 1992, represented 0.80 percent of total eontributions required of ell participating entities. C. Funding Stetus and Progress 1. Pension Benefit Obligation The "pension benefit obligation" is a standardized disclosure measure of the present velue of pension benefits, adjusted for the effects of projected salary increases and step-rate benefits, estimated to be payable in the future as e result of employee service to date. The meesure, uhith is the ectuariat present value of eredited projected benefits, is intended to help users assess PERA's funding status on a going-concern basis, assess progress mede in accunutating sufficient essets to pay benefits uhe� due, and make taoparisons emong Public Employees Retirement Systems and ertptoyers. PERA does not meke separate measurements of assets and pension benefit obtigation tor individual ertptoyers. The pension benefit o6ligations of PERA es of June 30, 1992, were as follous: Total pension benefit obligations Net assets availeble for benefits, at cost (Market Vatues for PERP = 54,068,082,000; PEPFF = 81,012,812,000) PERF S 4,868,124,000 E 3.933.124,000 PEPFF E 821,604,000 E 963.565.000 Unfunded pension benefit obligation (surplus assets) E 935.000.000 CE 141.961.000) The measurement of the pension benefit obtigation is besed on an ectuarial valuation as of June 30, 7992. Net assets available to pay pension benefits were valued as of June 30, 7992. 2. Changes in Benefit Provisions. Effective for the June 30, 1992, valuation, legistative activity since the last aetuarial valuation resuLted in some minor changes in benefit provision for the two funds. These changes did not heve a significant impact on the PERF or the PEPFF. D. Ten-yeer Historical Trend Information Ten-year historical trend information is presented in PERA's Comprehensive Annual Pinancial Report for the year ended June 30, 7992. This information is useful in assessing the pension plan's ac- ctmulation of sufficienc essets to pay pension benefits as they becane due. E. Releted Party Invescments ps of June 30, 1992, end for the fistal yeer then ended, PERA held �o securities issued by the City or other related parties. The City's contributions to the Federat Sociat Security (FICA) plan for the year were E266,943. Note 9- Sinale Emplover Detined Benefit Pension Ptan - Volunteer_Fire Relief Association The City contributes to the City of Roseville Fire Fighter's Retief Association ("Association"), a single employer public employee retirement system that acts as e camron investment end adninistrator for the City's firefighters. Volunteer firefighters of the City are members of the Roseville Fire Fighter's Relief Association. These benefit provisions and all other requirements are consistent uith enabting state statutes. �