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Comprehensive Annual Financial Report 12/31/1995
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Comprehensive Annual Financial Report 12/31/1995
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Audit Report 12/31/1995
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1995 <br />Note 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE <br />A. PLAN DESCRIPTION <br />All full -time and certain part-time employees of the City of Lino Lakes are covered by defined benefit <br />pension plans administered by the Public Employees Retirement Association of Minnesota (PERA). <br />PERA administers the Public Employees Retirement Fund (PERF) and the Public Employees Police <br />and Fire Fund ( PEPFF) which are cost- sharing multiple -employer retirement plans. These plans are <br />administered in accordance with Minnesota Statutes, Chapters 353 and 356. <br />PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated members are <br />covered by Social Security and Basic members are not. All new members must participate in the <br />Coordinated Plan. All police officers, fire fighters and peace officers who qualify for membership by <br />statute are covered by the PEPFF. <br />PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors <br />upon death of eligible members. Benefits are established by State Statute, and vest after three years of <br />credited service. <br />PERA issues a publicly available financial report that includes financial statements and required <br />supplementary information for the PERF and PEPFF. A copy of this report can be obtained by <br />sending a request to: Public Employees Retirement Association of Minnesota, 514 St. Peter Street, <br />St. Paul, MN 55102 -1090. <br />B. FUNDING POLICY <br />Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City <br />makes annual contributions to the pension plans equal to the amount required by State Statutes. <br />Current statutory contribution rates for the plans are as follows: <br />PERF (a blended rate for both <br />the Basic and Coordinated Plans) <br />PEPFF <br />Statutory Rates <br />Employees Employer <br />4.31% 4.60% <br />7.60% 11.40% <br />The City's contributions to PERF and PEPFF for the last three fiscal years, which were equal to the <br />required contributions for each year, were as follows: <br />PERF PEPFF Total <br />1995 $51,169 $61,611 $112,780 <br />1994 45,516 56,817 102,333 <br />1993 39,614 50,170 89,784 <br />40 <br />
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