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C'ITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1997 Note 9 SinPle Emp�ver Defined Benefit Pension Plan - Volunteer Fire Reliet Ascociadon The City corAributes to die City of Roseville Fire Pighter's Relief Association ("Association"), a single employer public employee retirement system that acts as a common invesmient and adminisvator for the City's firefighters. Volurueer firefighters of the City are members of the Roseville Fire Fighter's Relief Association. These benefit provisionc and all other requirements are consistent with enabling state stamtes. Volunteers of the fire deparhnent are mt required to conuibute any percent of their gross earnings ro the relief association. The City levied properry ta�ces at che direction of and for [he benefi[ of the fire relief association and passes through state aids ailocated to rhe plan, all in accordarce with enabling State Stamtes. Plan Descrio[ion: Volunteer fire ftgnters oi the City join d�c associaiion under [he followin� requirements', (1) They cannot be a substitute or probationary voiunteer. (2) They do not have a medical impairn�ent or condition tlut coastitutes a predictable or unwarranted risk for the association. (3) They must pay annual dues. A member in good standing is entided to pension be��efits as follows Age and Service Retirement Eligibility - 50 years of age, member of the association for at least 10 years, and served in die Roseville Fire Deparnnent for 20 years. Monthly Berefit - a member at the ftill service pension level will receive 520.00 a month for each year of service up to a maximwn credit of 30 years of service. Lump Sum - At the option of the retiree, a Iwnp swn setdement of pencion benefits may be selected. The lwip swu shall be 52,000 for each year of service. Furding of the Plan, ac set out in state statu[e, requires the Asscwiation ro annwlly compute the total �nount by adding tl�e a�nount of nortnai cost plus a[nortization needed to fiilly fiud the zctuarial liability. That a�nount is Ihen reduced by the estimated state aid to be received plus an esdmated interest growth of 5�, on rotal plan assets. Any a�nount reinaining may then be par[ ot a special properry tax levy. No o[her city fwids or convibu[ions by the employees are required. Disability Retirement Temporary Disability - a member who is temporarily disabied shall receive SIO per day, not ro exceed 26 weeks. Permanent Disability - a member who is pemianendy disabled in the line of duty shall receive the maximmn peasion set out in the mont}ily benefit and (ump sum section above. The computation will assume 20 years service unless the member's years of service are greater. Actual years of service or 20 years, whichever provides the highest benefit, wili be used for computation pwposes. 42