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NOTES TO FINANCIAL STATEMENTS (Continued) December 31, 1988 Note 8. INTERFUND RECEIVABLES AND PAYABLES Interfund receivables and payables follows: General Fund Capital Project - Tax Increment Development District II Improvement Enterprise - Water and Sewer CITY OF RAMSEY, MINNESOTA Note 9. DEFINED BENEFIT PENSION PLANS - STATEWIDE at December 31, 1988, are as Interfund Receivables $10,300 $10,300 Interfund Payables 3,300 7,000 $10,300 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). The PERA administers the Public Employees' Retirement Fund which is a cost - sharing, multiple - employer public employee retirement system. The City's payroll for employees covered by PERA plans for the year ended December 31, 1988, was $645,340 compared to the total payroll of $768,247. PERA provides retirement benefits as well as disability benefits to members and benefits to survivors upon the death of eligible members. Benefits are established by State Statute and vest after five years of credited service. The defined retirement benefits are based on the member's average salary for any five successive years of allowable service, age, and years of credit at termination of service. The annuity accrual rates for a Basic member are 2% of the average salary for each of the first ten years of service and 2.5% for each remaining year. For a Coordinated member, the annuity accrual is 1% of the average salary for each of the first ten years and 1.5% for each remaining year. Members are eligible for a full annuity when age plus years of service equal 90.