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CITY Oi ROSEVILLE <br />NOTES TO iINANCIAL STATEMENTS <br />DECEMBER 31. 1993 <br />Note 8- Defined Benefit Pension Plans - Statewide (Continued) <br />Total contributions made by the City during fiscal year 1993 uere: <br />PERF: <br />PEPPF: <br />Total� <br />Amounts <br />Emotovee <br />8 735,507 <br />S 160,045 <br />E 295.546 <br />EmploYer <br />S 147,174 <br />E 24D.059 <br />S 387,173 <br />Percentage of <br />Covered Payroll <br />Emolovees E�tover <br />4.4T� <br />B.O� <br />4.85Y> <br />�z.00r <br />The City's contribution for the year ended June 30, 1993 to the PERP represented 0.13 percent of total contributions <br />required of atl participating entities. Por the PEPFF, contributions for the year ended June 30, <br />1993, represented 0.79 percent of total contributions required of all participating entities. <br />C. Fundin9 Status and Progress <br />1. Pension Benefit Obligation <br />The "pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, <br />adjusted for the effects of projected salary increases and step-rate benefits, estimated to be payable in the <br />future as a resutt of employee service to date. The measure, which is the actuarial present value of credited <br />projected benefits, is intended to hetp users assess PERA's funding status on a going-concern basis, assess <br />progress made in accianulating sufficient assets to pay benefits uhen due, and make comparisons among Public <br />Employees Retirement Systems and among employers. PERA does not make separate measurements of assets and pension <br />benefit obliga[ion for individual employers. <br />The pension benefit obligations of PERA as of June 30, 1993, are shoun below: <br />Total pensio� benefit <br />obligations <br />Net assets avaitable <br />for benefits, at cost <br />(Market VeLues for <br />PERF = 84,515,052,000; <br />PEPFF = 81,773,372,000) <br />PERF <br />S 5,163,766,000 <br />S 4.304,163.000 <br />PEPFF <br />S 932,333,000 <br />8 7.090.857.000 <br />Unfunded pension benefit <br />obligation (surplus assets) S 859.603,000 S 15�_ 8.5� <br />The measurement of the pension benefit obligation is based on an ectuarial valuation as of June 30, <br />1993. Net assets available to pay pension benefits uere valued as of June 30, 1993. <br />2. Ghanges in Benefit Provisions. <br />Three bilts enacted during the 1993 legislative session improved benefits for many members without a material effect <br />on the pension benefit obligation in the PERF or the PEPFP. The early retirement incentive bitl permitted a public <br />employer to offer 7ERA's easic and Coordinated members an increase of one-fourth percent (.25%) in the formuta muttiplier <br />for each year of service, up to the first 30 years, or health insurance coverage to a9e 65. Atso, the survivor <br />protection bitl provided benefits to either e surviving spouse or children of PERF Coordinaied Plan members uho die <br />before age 50. Lastly, the Police ard Fire benefit increese bill, uhich became effective July 1, 7993, permanently <br />increased th PEPFf formula multiplier fran 2.5 percent to 2.65 percent of en individual's average salary over the five <br />highest consecutive yeers of earnings. <br />D. Ten-year Historical T�end [nformation <br />Ten-year historical trend information is presented in PERA's Component Unit Financial Report <br />for the year ended June 30, 1993. This information is useful in assessing the pens�ion plan's ac- <br />cumulation of sufficient assets to pay pension benefits as they become due. <br />41 <br />