Laserfiche WebLink
PERF (Basic and <br />Coordinated Plans) <br />PEPFF <br />C. Funding Status and Progress <br />CITY OF RAMSEY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1993 <br />Note 9. DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued) <br />B Contributions Required and Contributions Made (Continued) <br />As part of the annual actuarial valuation, PERA's actuary determines the <br />sufficiency of the statutory contribution rates towards meeting the required <br />full funding deadline. The actuary compares the actual contribution rate to <br />a "required contribution rate. Current combined statutory contribution <br />rates and actuarially required contribution rates for the plans are as <br />follows: <br />Statutory Rates <br />Employees Employer <br />4.39% <br />8.00% <br />$ 64,851 $ 84,744 <br />1. Pension Benefit Obligation <br />Required <br />Rates* <br />4.67% 9.95% <br />12.00% 18.60% <br />*The recommended rates scheduled above represent the required rates for <br />fiscal year 1993 contributions as reported in the July 1, 1992, actuarial <br />valuation reports. <br />Total contributions made by the City during fiscal year 1993 were: <br />Percentage of <br />Amounts Covered Payroll <br />Employees Employer Employees Employer <br />PERF $ 30,127 $ 31,909 4.23% 4.48% <br />PEPFF 34,724 52,835 8.00% 12.00% <br />The City's contribution for the year ended June 30, 1993, to the PERF <br />represented .03 percent of total contributions required of all participating <br />entities. For the PEPFF, contributions for the year ended June 30, 1993, <br />represented .17 percent of total contributions required of all participating <br />entities <br />The "pension benefit obligation" is a standardized disclosure measure <br />of the present value of pension benefits, adjusted for the effects of <br />projected salary increases and step -rate benefits, estimated to be <br />payable in the future as a result of employee service to date. The <br />measure, which is the actuarial present value of credited projected <br />benefits, is intended to help users assess PERA's funding status on a <br />going- concern basis, assess progress made in accumulating sufficient <br />assets to pay benefits when due, and make comparisons among Public <br />