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•. f <br />CITY OF ORONO, MINNESOTA <br />Notes to Financial Statements (continued) <br />December 31, 1997 <br />NOTE 8 - DEFINED BENEFIT PENSION PLANS - STATEWIDE (CONTINUED) <br />There are different types of annuities available to members upon retirement. A normal annuity is a lifetime <br />annuity that ceases upon the death of the retiree — no survivor annuity is payable. There are also various <br />types of joint and survivor annuity options available which will reduce the monthly normal annuity amount, <br />because the annuity is payable over joint lives. Members may also leave their contributions in the fund upon <br />termination of public service in order to qualify for a deferred annuity at retirement age. Refunds of <br />.ontributions are available at any time to members who leave public service, but before retirement benefits <br />begin. <br />The benefit provisions stated in the previous paragraphs of this section are current provisions and apply to <br />active plan participants. Vested, terminated employees who are entitled to benefits but are not receiving <br />them yet are bound by the provisions in effect at the time they last terminated their public service. <br />PERA issues a publicly available financial report that includes financial statements and required <br />supplementary information for PERP and PEPFF. That report may be obtained by vriting to PERA, 514 St. <br />Peter Street #200, St. Paul, Minnesota 55102 or by calling (612) 296-7460 or 1-800-652-9026. <br />B. Funding Policy <br />Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These statutes are <br />established and amended by the state legislature. The City makf'S annual contributions to the pension plans <br />equal to the amount required by state statutes. PERF Basic Plan members and Coordinated Plan members <br />are required to contribute 8.23% and 4.23%, respectively, of their annual covered salary. PEPFF members <br />are required to contribute 7.60% of their annual covered salary. The City of Orono is required to contribute <br />the following percentages of annual covered payroll: 10.73% for Basic Plan PERF members, 4.48% for <br />Coordinated Plan PERF members, and 11.40% for PEPFF members. The City’s contributions for the years <br />ended December 31,1997, 1996, and 1995 were $141,551, $131,818, and $127,447, respectively, equal to <br />the contractually required contributions for each year as set by statute. <br />NOTE 9 - INDIVIDUAL FUND DISCLOSURES <br />A. Interfund Receivables and Payables at Year-End <br />General Fund <br />Debt Service Fund <br />1995 Refunding Bonds <br />Capital Project Funds <br />Minnesota State-Aid Streets Construction <br />Permanent Improvement Revolving <br />Interfund <br />Receivables <br />Interfiind <br />Payables <br />$$ 9,215 <br />9,215 - <br />161,800 <br />161,800 <br />$ 171,015 $ 171,015 <br />*•' <br />I « <br />-44-i <br />I*