1994 CAFR - Laserfiche WebLink

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Note 9. CITY OF RAMSEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 INTERFUND RECEIVABLES AND PAYABLES Interfund receivables and payables at December 31, 1994 are as follows: Interfund Interfund Funds Receivables Payables General Fund $ 80,180 $ 310,000 Special Revenue Funds Community Development Block Grant 16,701 Debt Service Funds 1987A Tax Increment Bonds 666 1989A Improvement Bonds 22,440 Capital Projects Funds Tax Increment Development Dist II Improvements 8,273 State Aid Construction 200,000 Improvement Revolving 54 Mississippi Drainage District 24,564 Rum River Drainage District 7,482 Expendable Trust Funds Landfill Trust 510,000 $ 590,180 $ 590,180 Note 10. DEFINED BENEFIT PENSION PLANS - STATEWIDE A. plan Description All full -time and certain part -time employees of the City of Ramsey are covered by defined benefit pension plans administered by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public Employees Police and Fire Fund ( PEPFF) which are cost - sharing, multiple- employer retirement plans. PERF 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, firefighters and peace officers who qualify for membership by Statute are covered by the PEPFF. The payroll for employees covered by PERF and PEPFF for the year ended December 31, 1994, was $708,902 and $481,789, respectively; the City's total payroll was $1,378,475. PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors upon death of eligible members. Benefits are established by State Statute, and vest after three years of credited service. The defined retirement benefits are based on a member's highest average salary for any five successive years of allowable service, age, and years of credit at termination of service. Two methods are used to compute benefits for Coordinated and Basic members. The retiring member receives the higher of step -rate benefit accrual formula (Method 1) or a level accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic member is 2 percent of average salary for each of the first 10 years of service and 2.5 percent for each remaining year. For a Coordinated member, the annuity accrual rate is 1 percent of average salary for each of the first 10 years and 1.5 percent for each remaining year. Using Method 2, the annuity accrual rate is 2.5 percent of average salary for Basic members and 1.5 percent for Coordinated members. For PEPFF members, the annuity accrual rate is 2.65 percent for each year of service. For PERF members whose annuity is calculated using Method 1, and for all PEPFF members, a full annuity is available when age plus years of service equal 90. —21—