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06-04-2018 Council Work Session Packet
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06-04-2018 Council Work Session Packet
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2017 <br /> <br /> <br /> <br /> <br />accompanying financial statements. At December 31, 2017, one series of Industrial Revenue Bonds was <br />outstanding with an aggregate remaining principal balance of $60,000, and one series of Commercial Revenue <br />Notes was outstanding with an aggregate remaining principal balance of $1,097,227. <br /> <br /> <br />Note 8 DEFINED BENEFIT PENSION PLANS – PERA <br /> <br />A. PLAN DESCRIPTION <br /> <br />The City participates in the following cost-sharing multiple-employer defined benefit pension plans <br />administered by the Public Employees Retirement Association of Minnesota (PERA). PERA’s defined <br />benefit pension plans are established and administered in accordance with Minnesota Statutes, Chapters <br />353 and 356. PERA’s defined benefit pension plans are tax qualified plans under Section 401(a) of the <br />Internal Revenue Code. <br /> <br />1. General Employees Retirement Fund (GERF) <br /> <br />All full-time (with the exception of employees covered by PEPFF) and certain part-time employees <br />of the City are covered by the General Employees Retirement Fund (GERF). GERF members <br />belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are covered by <br />Social Security and Basic Plan members are not. The Basic Plan was closed to new members in <br />1967. All new members must participate in the Coordinated Plan. <br /> <br />2. Public Employees Police and Fire Fund (PEPFF) <br /> <br />The PEPFF, originally established for police officers and firefighters not covered by a local relief <br />association, now covers all police officers and firefighters hired since 1980. Effective July 1, 1999, <br />the PEPFF also covers police officers and firefighters belonging to a local relief association that <br />elected to merge with and transfer assets and administration to PERA. <br /> <br /> <br />B. BENEFITS PROVIDED <br /> <br />PERA provides retirement, disability, and death benefits. Benefit provisions are established by state <br />statute and can only be modified by the state legislature. <br /> <br />Benefit increases are provided to benefit recipients each January. Increases are related to the funding <br />ratio of the plan. Members in plans that are at least 90% funded for two consecutive years are given <br />2.5% increases. Members in plans that have not exceeded 90% funded, or have fallen below 80%, are <br />given 1% increases. <br /> <br />The benefit provisions stated in the following paragraphs of this section are current provisions and apply <br />to active plan participants. Vested, terminated employees who are entitled to benefits but are not <br />receiving them yet are bound by the provisions in effect at the time they last terminated their public <br />service. <br /> <br />1. GERF Benefits <br /> <br />Benefits are based on a member’s highest salary for any five successive years of allowable service, <br />age, and years of credit at termination of service. Two methods are used to compute benefits for <br />PERA’s Coordinated and Basic Plan members. The retiring member receives the higher of a step- <br />64
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