04-27-2015 Council Packet - Laserfiche WebLink

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Labor Contracts The status of labor contracts in the City is as follows: Bargaining Unit No. of Employees Expiration Date of Current Contract LELS -- Patrol 17 December 31, 2015 LELS -- Sargent 5 December 31, 2015 49ers — Public Works 15 December 31, 2015 AFSCME 17 December 31, 2015 Non -unionized employees 8 Total employees 62 Employee Pensions All full-time and certain part-time employees of the City are covered by defined benefit pension plans administered by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the General Employees Retirement Fund (GERF) and the Public Employees Police and Fire Fund (PEPFF), which are cost-sharing multiple -employer retirement plans. GERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated members are covered by Social Security and Basic members are not. All new members must participate in the Coordinated Plan. All police officers, fire fighters and peace officers who qualify for membership by statute are covered by the PEPFF. The City's contributions to GERF and PEPFF are equal to the contractually required contributions for each year as set by State Statute, and are as follows for the past five years: GERF PEPFF 2014 (unaudited) $162,934 $314,426 2013 160,392 290,737 2012 164,317 315,541 2011 187,186 285,356 2010 177,081 280,046 For more information regarding the liability of the City with respect to its employees, please reference "Note 6, Defined Benefit Pension Plans -- Statewide" of the City's Comprehensive Annual Financial Report for fiscal year ended December 31, 2013, an excerpt of which is included as Appendix IV of this Official Statement. (The City's Comprehensive Annual Financial Report for the fiscal year ended December 31, 2014 is not yet available.) Sources: City's Comprehensive Annual Financial Reports. Other Post -Employment Benefits The Governmental Accounting Standards Board (GASB) has issued Statement No. 45, Accounting and Financial Reporting by Employers for Post -employment Benefits Other Than Pensions (GASB 45), which addresses how state and local governments must account for and report their obligations related to post - employment healthcare and other non -pension benefits (referred to as Other Post Employment Benefits or "OPEB"). The City provides benefits for retirees as required by Minnesota Statutes. Active employees who retire from the City when over age 50 and with 20 years of service may continue coverage for both themselves and their eligible dependent(s) under the City's health benefits program until age 65. Pursuant to the -21 -