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Public Employees Retirement Association of Minnesota60 Empire Drive, Suite 200St. Paul, MN 55103-2088Phone: 651-296-7460 or 1-800-652-9026Website: www.mnpera.org
<br />August 19, 2019 Unit No.7318-00
<br />Mark CaseyCity of St. Anthony Village
<br />mark.casey@savmn.com
<br />A. Benefit Level (per year of service):3,500$ 3,600$ 3,700$ 3,800$ B. Projected Present Assets 12/31/2019[Attached]1,054,050 1,054,050 1,054,050 1,054,050C. Accrued Liability 12/31/2019 [Attached]872,103 894,611 917,206 939,648D. Surplus/ (Deficit) [B-C]181,947 159,439 136,844 114,402E. Funding Ratio at 12/31/2019 [B/C]121%118%115%112%F. Accrued Liability 12/31/2020 [Attached]953,813 978,651 1,003,591 1,028,356G. Financial Requirement: Increase in Liability [F -C]81,710 84,041 86,385 88,708H. Financial Requirement: PERA Fees [$30/member]990 990 990 990I. Financial Requirement: 1/10th of Deficit [D/10]0 0 0 0J. Financial Requirement: Total [G+H+I]82,700 85,031 87,375 89,698K. Reductions to Financial Requirement: Projected Fire State Aid [2019 Amount @1.035]55,079 55,079 55,079 55,079 Investment Earnings [6% on Present Assets]63,243 63,243 63,243 63,243
<br />L. Estimated Required Contribution [J - K]None None None None None
<br />If you have any questions, please do not hesitate to contact me by phone (651-201-2666) or by email at sharyn.north@mnpera.org.
<br />Sincerely,
<br />Sharyn NorthPrincipal Accounting Officer, PERA
<br />We received your request for a cost analysis to estimate the cost of joining the statewide volunteer firefighter retirement plan administered by PERA. Based on the information you provided to us, we have developed this spreadsheet and a cost analysis for the benefit levels you requested. The results are shown below.
<br />Please note that these are estimates only. Should you choose to join the statewide plan on January 1, 2020, in accordance with Minnesota Statutes Section 353G.08 Subdivision 1, we will calculate the required contribution for December 31, 2020, and provide that information to the sponsoring entity soon after we receive the resolution to join. The figures shown above on Line L are estimates of required contributions that would be due on December 31, 2020 and beyond at the given benefit levels.
<br />The estimate calculations were based on member information that was available at the time of preparing the analysis. Please review the membership
<br />data, our source was your SC-18 form, and make any corrections to that data. If you return that to me, I will prepare an updated cost estimate for you to review.
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