Agenda Packets - 1988/08/01 - Laserfiche WebLink

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I • LY I 1 I � I \.11 1 • �Y �\ II\ I 1: Mnte 7 - t'h n¢ r --s--�-.z.�.�anet3LFised_AsPsSs A summary of changes in general fixed assets during the year ended December 31, 1987 as follows: Furniture and Automnl�ilr eaui .meet _TQUL Balance January 1 AJd.itiors $8,030 $3,965 $11,995 _92Z _ M2 Balance December 31 A. Plan Description The full-time employee of the Commission is covered by a defined benefit pension plan administered by the Public F.nployees Retirement Association of Minnesota (PERA). PERA administers the Public Employees Retirement Fund which is a cost -sharing multiple -employer public employee retirement svgtem: The tovNort by th charges to Norte PERA plan for the year ended December 31, 1987, before h Suburbs Access Corporation, was $33,000. All full-time employees and certain part-time employees are eligible to participate in the PERA plan. Public Employees Retirement Fund members h.,....,. co either the CoordinAr,A r••cd cr the Basic Fund. Coordinated members are covered by Social Security and Basic• members are not. The PERA plan provides pension benefit-, deferred annuity, and death and disability benefits. Benefits are estrbiished by State statute. Petizement benefits for members of the Basic and Coordinated Funds are as follows: (a) when age plus years of service equal 90, the full unreduced normal annuity is payable. (b) As early ns age 55 with at least 5 years of paid service credit; annuity reduced 1/4 percent fO" each mouth under aEe 65. (c) Any age with at least 30 years, reduced by 1/4 percent for each month under age 62. (d) Age 65 or older with at least one but less than 5 years of paid service credit (proportionate annuity). Must terminate service at age 65 or older. (e) :ib. 55 with at least 5 years of paid service credit or any age with at least 30 years representing PERA service combined with other fund coverage. 6