Annual_Report_1998_001 - Laserfiche WebLink

Home

, . ;. ■a r 10 Defi ed Rnefit Pen,ion PI� - Statewi 1e-ronC�� Besic Plen membere mcl Coorclineted P�an members are requirecl to contribute 8.75 � azd 4.75 °%, respactively, of thev annual coveracl salary. PEPFF membere are requirecl to contribute 7.60°% of their annual coveracl salary. The City of Roeeville is required to con[ribute t6e following perceuteges of amual coverecl payroll: 1 t.73 °h for Basic Plan PERF membe*s, 5.18� for Coorclinated P�an pggF membere, and 11.40� for PEPFF members. The City's contributions to the Public Employeas Ret'aement Fuud for tlw years eacling December 31, 1998, 1997 ancl 1996 were 5208,462, 5170,162,and 5173,241, , respactivaly. The City's cootributious ro the Public Fiuployaes Police & Fire Funcl for the years encling December 31, 1998, 1997 aixl 1996 were S268�241, 5254,308, azYl $249,841, respectively, equal to the contrec[ually requirecl contriUutions for eech year as set by Sfate StahIIe. . .� � i n � � � a�m-:.�:i�:.a..�L�..., — " '___ _ __ A. Plan Dzscripcan The City of Roseviile (employer) firefighters aze covered by a non-employee conVibutory defined benefit retirement plan administered by �he Roseville Firefighter Relief Association ("Associatiod'), a single employer public empioyee retvement system. The Association is organized under the Minnesota State Statutes 424A, as amended and provides benefiLs in accordsnce with those ststutes. The Association provides �etirement benefits as wetl as disabiliry benc5ts to members and benefi[s [o survivors upon death of eligible members. Benefits are established by the Association with approval by lhe Ro;evillc City Council under the applicabte sta[e sta[utes. The defined retirement benefiLs ere based on a member's yzars of scrvicc. Vesting begins afier the l Oth yeer of service with a 40% benefit inerzasint to 100°/a after ihc 20�h year of service. FuII benefits ere available after 20 years of servicc by the membcr and having a?taincd the age of 50. The current benefit is calculated at $23 per year of service per month up to e ma�imum oT 30 years. Tbe retirant mav atso select x one-time lump-sum paymen[ upon rciiretnent of $2,300 �er year of service. There are variotu types of joint snd survivor annuity options availablc which will reduce �he monthly nortnal annuity amount, because the annuity is payable over joint lives. The benefit provisions ststed in the previous para�'aphs of this sect�on are current provisions which apply to active plan partic�Pants. Vested, t-rmineted firefighters who nre entitied to benefits and a�e nat receiving them yet, are bound by the provisions in effect at the �une �hey choose to stazt thev benefit _. The Association issues a publicly available financial report �hat includes financial statemenLs and : equ'vul supplemen[ary infonnation fur ihe Roseville Ftrefigh[er's Relief Association. That report may be obtained by wri[ing to lhe Roseville Fireftp�ters' Relief Association, 27pp N. Le>cington Ave., Roseville, MN 55113 . B. Funduig Policy PdinnesotB Stetutes Chap[er 424A sets oui the employer requiremcnts for contributions. T't�e ennual employer wntribution level for any given year is a combinalion of the normal wst for that year and an amount to �educe Ihe unfunded actuarial liability. The minimum obligation is �he nortnal wst plus il:e amount needed to amort¢e futly the unfunded liability. The City funding requvements equal �he minimum obliga[ion less the Minnesota S[ate fve aid. Under slatc s[atutes, if the City fails to provide Ihe requ'ved fonding, the Association mey submit a levy to the eounty aeditor in an amcunt cqual to thc city requirement, to be levied on a(1 property within �he city. A tivee year schedule of coniributions are set out bclow: �7