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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2008
<br />Note 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE
<br />A. PLAN DESCRIPTION
<br />All full-time and certain part-time employees of the City are covered by defined benefit plans administered
<br />by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public
<br />Employees Retirement Fund (PERF) and the Public Employees Police and Fire Fund (PEPFF) which are
<br />cost-sharing, multiple -employer retirement plans. These plans are established and administered in
<br />accordance with Minnesota Statutes, Chapters 353 and 356.
<br />PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are
<br />covered by Social Security and Basic Plan members are not. All new members must participate in the
<br />Coordinated Plan. All police officers, firefighters 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. The defined retirement benefits are based on a member's highest average salary for any
<br />five successive years of allowable service, age, and years of credit at termination of service.
<br />The benefit provisions stated in the previous paragraphs of this section are current provisions and
<br />apply 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 />PERA issues a publicly available financial report that includes financial statements and required
<br />supplementary information for PERF and PEPFF. That report may be obtained on the internet at
<br />www.mnpera.org, by writing to PERA, 60 Empire Drive #200, St. Paul, Minnesota, 55103-2088 or by
<br />calling (651)296-7460 or 1-800-652-9026.
<br />M
<br />Revenue Pledged
<br />Ca.., Ywr
<br />Pe¢entor
<br />y'.' vie-
<br />Nemaining
<br />Princyvl
<br />Pledged
<br />Use of
<br />Tmal
<br />ma%of
<br />Tetm of
<br />Principal
<br />and lntes,st
<br />Resse.
<br />Bond Issue
<br />Pmads
<br />Tyle
<br />D6ISe,"-
<br />Na,Rcvenue
<br />Pledge
<br />and lntaeat
<br />PaA
<br />Raeiew
<br />2003ETW
<br />RQmdingof1996TQF'bond%
<br />TR'
<br />1005A
<br />N/A
<br />200}2013
<br />976,586
<br />197,070
<br />283536
<br />rm,edwane t ofsuper valu
<br />2006B'rtF
<br />RedevaJoxssmofP jest
<br />T0:
<br />100%
<br />N/A
<br />20062031
<br />8,79,734
<br />344,175
<br />1,223,783
<br />se. #3 and TIFM
<br />2007T
<br />Reierclopment
<br />TIF
<br />100°/
<br />N/A
<br />200]-2031
<br />8010,742
<br />222,124
<br />22),124
<br />2003 Lease Reemie
<br />Aeon, mnstraetax] furnish
<br />(ease rnmue
<br />100%
<br />N/A
<br />MW -2029
<br />6,190,986
<br />372,885
<br />387,8611
<br />Pubic nc and fire facility
<br />1997 U,g Revenue
<br />Na liquor sees,
<br />Lignoratmrev w
<br />100%
<br />20'A
<br />19972012
<br />301,625
<br />100,125
<br />100,125
<br />200313 G.O. WmedSexer Rwen.
<br />We, am awe Way
<br />Chaa,srmsa,iees
<br />100°/a
<br />73%
<br />2001-2024
<br />2,616,792
<br />156,W6
<br />156,036
<br />impm.e e;
<br />Note 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE
<br />A. PLAN DESCRIPTION
<br />All full-time and certain part-time employees of the City are covered by defined benefit plans administered
<br />by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public
<br />Employees Retirement Fund (PERF) and the Public Employees Police and Fire Fund (PEPFF) which are
<br />cost-sharing, multiple -employer retirement plans. These plans are established and administered in
<br />accordance with Minnesota Statutes, Chapters 353 and 356.
<br />PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are
<br />covered by Social Security and Basic Plan members are not. All new members must participate in the
<br />Coordinated Plan. All police officers, firefighters 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. The defined retirement benefits are based on a member's highest average salary for any
<br />five successive years of allowable service, age, and years of credit at termination of service.
<br />The benefit provisions stated in the previous paragraphs of this section are current provisions and
<br />apply 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 />PERA issues a publicly available financial report that includes financial statements and required
<br />supplementary information for PERF and PEPFF. That report may be obtained on the internet at
<br />www.mnpera.org, by writing to PERA, 60 Empire Drive #200, St. Paul, Minnesota, 55103-2088 or by
<br />calling (651)296-7460 or 1-800-652-9026.
<br />M
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