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LITY OF ROSEVILLE NOTES TO iINANCIAL STATEMENTS DECEMBER 31. 1993 Note 8- Defined Benefit Pension Plans - Stateuide (Continued) E. Related Pariy Investments As of June 30, 7993, and for the fiscaL year then ended, PERA held no securities issued by the City or other retated parties. 7he [ity's contri6utions to the Federal Sociat Security (FICA> pLan for the year uere 5286,954. Note 9- Sinale Emplover Defined Benefit Pension Plan - Volunteer Fire ReLief Association The City contributes to the City of RoseviLle iire Fi9hter's Retief Association ("Association"), a single employer public employee retirement system that acts as a comnon investment and administrator for the City's firetighters. Volunteer firetighters of the City are members of the Roseville Fire Fighter's Relief Association. These benefit provisions and atl other requirements are consistent uith ena6ling state statutes. Volunteers of the tire department are not required to contribute any percent of their gross earnings to the relief association. The City Levied property taxes at the direction of and for the benefit of the fire retief association and passes through state aids attocated to the ptan, all in accordance uith enabting state statutes. Plan Descriotion: Volunteer fire fighters of the City join the association under the following requirements: (i) They cannot be a substitute or probationary votunteer. (2) They do not have a medical impairment or condition that constitutes a predictable or unuarranted risk tor the association. (3) They must pay annual dues. A member in good standing is entitled to pension benefits as fotlous: qae and Service Retirement Eligibility - 50 years of age, member ot the association for at teast 70 years and has served in the Rosevitle Volunteer Fire Department for 20 years. Monthty Benefit - a member at the full service pension tevel uilt receive 817.50 per month for each year of service up to a maximum credit of 30 years of service. L�np Sien - At the option of the retiree, a tunp sum settlement of pension benefits may be selected. The lwnp sum shall be 81,750 for each year of service. Funding of the Plan, as set out in State Statute, requires the Association to annually compute the totat amount by edding the amount of normal cost plus artwrtization needed to futly fund the actuariat liability. That amount is then reduced by the estimated state aid to be received plus an estimated interest grouth of- 5% on total plan assets. Any amount remaining may then be part of a speciaL property tax levy. No other City funds or contributions by the employees are required. Disabilitv Retirement Temporary Disability - a member uho is temporarily disabled shall receive 810 per day, not to exceed 26 ueeks. Permanent Disability - a member uho is permanently disabled in the line ot duty shall receive the maximim pension set out in the monthLy benefit and lump sum section above. The computation uill ass�me 20 years service untess the mertber�s years of service are greater. Actual years of service or 20 years, uhichever provides the highest benefit, will be used for computation purposes. 42