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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 />I. PENSION PLAN FIDUCIARY NET POSITION <br /> <br />Detailed information about the SVF plan’s fiduciary net position at June 30, 2017 is available in a <br />separately-issued PERA financial report that includes financial statements and required supplementary <br />information. That report may be obtained at www.mnpera.org. <br /> <br /> <br />Note 10 POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) <br /> <br />A. PLAN DESCRIPTION <br /> <br />In addition to providing the pension benefits described in Note 8 and 9, the City provides post- <br />employment health care benefits, as defined in paragraph B, through its group health insurance plan <br />(the plan). The plan is a single-employer defined benefit OPEB plan administered by the City. The <br />authority to provide these benefits is established in Minnesota Statutes Sections 471.61 Subd. 2a and <br />299A.465. The benefits, benefit levels, employee contributions and employer contributions are <br />governed by the City and can be amended by the City through its personnel manual and collective <br />bargaining agreements with employee groups. No assets are accumulated in a trust that meets the <br />criteria in paragraph 4 of GASB Statement No. 75. <br /> <br /> <br />B. BENEFITS PROVIDED <br /> <br />The City is required by State Statute to allow retirees to continue participation in the City’s group health <br />insurance plan if the individual terminates service with the City through service retirement or disability <br />retirement. Active employees, who retire from the City when over age 50 and with 20 years of service, <br />may continue coverage with respect to both themselves and their eligible dependent(s) under the City’s <br />health benefits program until age 65. <br /> <br />The City provides health coverage for peace officers or firefighters disabled or killed in the line of duty <br />in accordance with Minnesota Statute 299A.465. The amount of coverage provided is equal to the <br />employer portion of health insurance premiums that would have otherwise been paid if the officer or <br />firefighter was an active employee. During 2017, benefits were provided to one officer disabled in the <br />line of duty and one officer killed in the line of duty. <br /> <br />All health care coverage is provided through the City’s group health insurance plans. The retiree is <br />required to pay 100% of their premium cost for the City-sponsored group health insurance plan in <br />which they participate. The premium is a blended rate determined on the entire active and retiree <br />population. Since the projected claims costs for retirees exceed the blended premium paid by retirees, <br />the retirees are receiving an implicit rate subsidy (benefit). The coverage levels are the same as those <br />afforded to active employees. Upon a retiree reaching age 65, Medicare becomes the primary insurer <br />and the City’s plan becomes secondary. <br /> <br /> <br />75
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