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Annual_Report_1998_001
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� •' @��: wC <br />• ..I � 1� I : � r <br />�:�0 :9c i �.�: <br />N � 10 - Def�i2�1 Benefi[ Pe cian PI �c - StAtewi le- ont�n ed <br />Pubic Employaes Police aixl Fire Funcl (PEPFF) which are cost-sharing, multiolecmployer retirement plana. T6ese ptazis are <br />establishacl encl edministered in acconlance with Mirousota Statutes, chapters 353 and 356. <br />PERF members belong to either the Coordinetecl Plen or Ihe Basic Plan. Caordi�e[ecl Plen members are coverad by Social Security ancl <br />Basic Plen members are not. All new members must participate in the Coordinutad Plan. All police officers, fire fighters, ancl peace <br />off'icere who quatify for membership by staNte are coverecl by the PEPFF. <br />PERA provides retirement benefits as well as disability benefits to memUers arul benefits to survivors upon death of eligibte members. <br />Benefits are estabGshect by Stete Statute, arul ves[ aker three years of creclited service. The defined retirement benefits are basa[( on a <br />member's highes[ average salary for any five successive years of alloweble service, age, azxl years of creclit at [ermivation af service. <br />Two mefhals are usecl to compute benefi[s for PERF's Coorclinn[ecl arul Basic Plan members. The retiring memoer receives the higher <br />of step-rate benefit accmal fortnula (Methal t) or e level accrual fomiula (Meth«I 2). Uncler Meth«I 1, the aunuity accmal rete for a <br />Basic Plan member who retirecl before July l, 1997 is 2 percen[ of average salury for each of the first 10 years of service ancl 2.5 <br />perceut for each remaining year. The anouity accrual rate for Bxsic members who retire on or after July I, 1997 is 2.2 percent of <br />average salary for each of tbe first 10 years of service and 2.7 percent for each rema'uting yeer. For a Coorclinated Plan membar who <br />retired before July I, t997, the ennuity accrual rate is 1 percent of avernge salary for each of the first 10 yeare aocl 1.5 peroent for each <br />remaining yea-. For Coordina:ed members who retire on or after July 1, 1997, Ihe snnuity accrual retes increese by 0.2 percent to (1.2 <br />percent of average salary for each of the first 10 yexrs ancl 1.7 percent for each remaining year.) Uncler Metk�al 2, the annuify accrual <br />ru[e is 2.5 percent for Basic Plan membere and I.5 percent for Coordinxtecl Plan members who retirecl before Juty 1, 1997.Annuity <br />acerual rates inerease 0.2 percent for members who retire on or aher July 1, 1997. For PEPFF members, th2 ennuity necrwd ra[e is <br />2.65 perceot for each year of service for members retiring before July l, 1997. Effective Juty 1, 1997, the annual accrual rate is <br />increasecl ta 3.0 percent. For all PEPFF members encl for all PERF members whose azumity is calcuteted using Method 1, e full <br />annuity is available when age plus years of service equal 90. A reclucecl retirement annuity is also avei:able to eligible members <br />seeking early retirement. <br />There are different types of aunuitias available to members upon retiremenL A normal ennuity is a Gfetime amuity that ceases upon the <br />death of the retiree--uo survivor ennuity is payable. There are also verious types of joint ercl survivor ennuity options availeble which <br />will reduce tbe monthly nom�al ennuity emount, becaiue the enciuity is Fwyable over;oint lives. Mevabers may also leave their <br />contributions in t6e funcl upon tertni��ation of public service, in order to qualify for a defercecl emuity et retirement age. Refiircls of <br />contriMe[ions are a�ailable at any time to members who leave Ewblic service, but befere reYiremant 6enefits begin. <br />The benent provisions statecl in the previous paragraphs ef this sution are curnPnt provisians end apply to active plen participants. <br />Vested, tetminetecl employees who are entitled to benefits but are not receiving them yet, are bourui by the provisions iu effect et the <br />time [hey tast teraninetect the,ir public service. <br />PERA issues a publicly available finencial report Niat includes fwincinl statements and requ'vacl supplementary infom�etion for PERF <br />and PEPFF. 17�at report uwy be obtained by writing to PERA, S l4 St. Peter Street N200, St. Paul, Minnesota, 5S 102, or by calling <br />(651) 296-7460 or i-800-652-9026. <br />B. Funcling Policy <br />Minnesora Statutes Chapter 353 sets the rates for employer ancl emplayee contributions. These statu[es are esteblishecl and amenclecl by <br />the s[ete legisleture. T'he City makes annuel conMbctions tc the pension plans zquat [o the atnours[ requirecl by Statr, Stah�tes. PERP <br />
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