Annual_Report_1995_001 - Laserfiche WebLink

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. ;. .. � . .�. �„ . � . m;.c •• Note_8- Defined_Benefit_Pen�inn Pl�nc - Stacex�ide—cnntinued D. Ten-yeaz Historical Trend Information Ten-year historical trend information is presented in PERA's Comprehensive Annual Financial Report for the year ended ]une 30, 1995. This information is usefiil in assessing the pension plan's accumulation of sufficient assea to pay pension benefits as they become due. E. Related Party Inves[ments As of June 30, 1995, and for the fiscal year then ended, PERA held no securities issued by the Ciry or other related panies. No[e9 —_Single_Employer�efinedBenefi[ Pension Pian - VoluntePr Fire R�lief AssQciation The City contributes to the Ciry of Roseville Fire Fighter's Relief Association ("Association"), a single employer public employee retirement system that acts as a common investment and administrator for the Ciry's firefighters. Volunceer firefighters of the Ciry are members of the Roseville Fire Fighter's Relief Assceiation. These benefit provisions and all other requirements are consistent with enabling state statutes. Volunteers of the fire department are not required to contribute any percent of their gross earning's to the celief associatioa The City Ievied property tares at the direction of and for the benefit of the fire relief association and passes through state aids allocated to the plan, all in accordance with enabling state statutes. P1anDescuption: Volun[eer fire fighters of the City join the association under the following requirements: (1) They cannot be a substirute or probationary volunteer. (2) They do not have a medical impairment or condition that constitutes a predictable or unwarranted risk for the assceia[ion. (3) They must pay annual dues. A member in good standing is enti[led to pension benefits as follows: Ag�and Sen�iceBeiiiement Eligibility - 50 years of age, member of the association for at least 10 years and has served in the Roseville Volunteer Fire Department for 20 yeazs. Monthly Benefit - a member at the full service pension level will receive $20.00 a month for each yeaz of service up to a mazimum credit of 30 years of service. Lump Sum - At the option of the retiree, a lump sum settlement of pension benefits may be selected. The lump sum shall be $2,000 for each yeaz of service. Funding of the Plan, as set out in Stare Starute, requires the Association to annually compute the total amount by adding the amount of normal cost plus amonization needed to fiilly fund the actuarial liabiliry. That amount is then reduced by the estimated state aid to be received plus an estimated interest growth 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. 43