Comprehensive Annual Financial Report - Minnesota State ...
Comprehensive Annual Financial Report - Minnesota State ... Comprehensive Annual Financial Report - Minnesota State ...
Summary N ote: 1 (Continued) * Automatic lifetime Survivor Benefits are also available to the spouse of Police and Fire members who suffer total and permanent duty disability. Survivor benefits for other disabled members are only available if the member chooses a Survivor Option to their disability benefit. ** Survivor benefits are immediately suspended for any survivor charged with causing the death of an association member. The benefit is permanently revoked upon conviction of such a crime. This is a summary of the laws, regulations, and administrative rules governing the Public Employees Retirement Association and should not be interpreted as a comprehensive explanation thereof. If there is any discrepancy between this summary and the actual law, the provisions of the law will govern. Public Employees Retirement Association of Minnesota years of service if disabled outside the line of duty. If disabled in the line of duty, there is no minimum service requirement. MERF disability benefits are based upon the capability of performing a member's ordinary duties and require that the member be under age 60. If the disability is not duty related, a member must have a minimum of five years of public service The benefit formula is essentially the same as the retirement formula at age 60 using the actual number of years worked with the additional years the member would have worked to reach age 60. There is a maximum of 22 years of total service unless the member has earned more than 22 years of service on the job. Neither the Defined Contribution Plan nor the Statewide Volunteer Firefighter Retirement Plan have specific disability benefits. However, the DCP does allow for monthly benefit payments until the account balance is exhausted. Survivor Benefits PERA also provides survivor (death) benefits for families of members who qualify for such coverage should they die before commencing retirement benefit payments. The qualifications and types of benefits vary with each plan. A Lifetime Survivor Benefit is available to the surviving spouse of a Coordinated, Correctional, or Police and Fire member. For Police and Fire members, this benefit is based on either 50 percent of the member’s average salary during the six months prior to death or a formula using the member’s total years of service, highfive salary, age at death and age of the spouse. The surviving spouse benefit for Coordinated and Correctional members is only based on the formula. This benefit is payable to the spouse of a deceased member for life, even upon remarriage.* For the surviving spouse of a Coordinated or Correctional member, there are alternative term-certain benefits of 10, 15, or 20 years duration. The monthly payment, however, may not exceed 75 percent of the member’s average high five-year salary.** Dependent children of active or disabled Police and Fire members are eligible for benefits until age 18, or age 23 if full-time students. In this case, the maximum family benefit is 70 percent of the member’s average monthly salary. If a Coordinated or Correctional member dies and there is no surviving spouse, any children under age 20 qualify to receive a monthly term-certain benefit. Instead of a monthly benefit, the surviving spouse, if a designated beneficiary, may elect a refund of any remaining employee contributions in the account, plus 6 percent interest compounded annually. However, a refund may not be elected if there are dependent children who are eligible for benefits. The surviving spouse of a MERF member with 20 or more years of service qualifies for the actuarial equivalent of the member's retirement benefit. If less than 20 years of service were earned, the spouse benefit is 30 percent of the member's average salary over the six months preceding death, with 10 percent of that salary for dependent children. The Statewide Volunteer Firefighter Retirement Plan provides for payment of the member's accrued benefits to a surviving spouse or, if none, to minor children or, finally, the member's estate, based on retirement at age 50. Similarly, the Defined Contribution Plan provides for payment of the account balance to beneficiaries. Refunds Refunds of contributions are available at any time to members who leave public service and have not yet begun receiving a pension. The refund includes employee contributions plus 4 percent interest, compounded annually. A refund of member contributions plus interest may also be elected by the designated beneficiary of a member or former member who dies before reaching retirement. If there is no beneficiary, payment is made to the surviving spouse or, if none, to the estate of the deceased member or former member. If a retiree and designated survivor, if any, die before all employee contributions are paid in the form of a pension or benefits, the remaining balance would be paid in the same manner outlined for beneficiaries. No interest is paid to beneficiaries on the balance in an account if the member was receiving retirement benefits.
Legislative Auditor’s Report Management Discussion and Analysis Basic Financial Statements Notes to the Financial Statements Required Supplementary Information Schedule of Investment Expenses Schedule of Payments to Consultants Schedule of Administrative Expenses State Tree — Norway Pine (adopted in 1953) - Photo by Fungus Guy - Financial Section
- Page 1 and 2: Pink Lady Slipper, Minnesota State
- Page 3 and 4: Board of Trustees Don Rambow — Bo
- Page 5 and 6: Achievement Awards President's Repo
- Page 7 and 8: Achievement Awards GFOA The Governm
- Page 9 and 10: December 27, 2012 Board of Trustees
- Page 11 and 12: Economic Conditions and Outlook Alt
- Page 13 and 14: National Recognition PERA has an ou
- Page 15 and 16: Ross E. Arneson General Membership
- Page 17 and 18: The Public Employees Police and Fir
- Page 19: Pre-Age 62 Increase — This pensio
- Page 23 and 24: Legislative Auditor’s Report O L
- Page 25 and 26: Financial Highlights å PERA’s Ne
- Page 27 and 28: made in 2010 and contribution rate
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- Page 31 and 32: Statewide Public Employees Agency F
- Page 33 and 34: Financial Section Minneapolis Emplo
- Page 35 and 36: facilities. Elected officials and a
- Page 37 and 38: are recognized as revenues when due
- Page 39 and 40: å The aggregate value of these obl
- Page 41 and 42: of the value protected by the wrap
- Page 43 and 44: age of pay, and are specified in st
- Page 45 and 46: Employer pension contributions for
- Page 47 and 48: Schedule of Employer Contributions
- Page 49 and 50: Source of Expenses Schedule of Inve
- Page 51 and 52: Investment Report Investment Result
- Page 53 and 54: Investment Report MINNESOTA STATE B
- Page 55 and 56: 25% 20% 15% 10% 5% 0% -5% -10% -15%
- Page 57 and 58: Investment Summary at Fair Value Fo
- Page 59 and 60: SBI & Consultants: State Board of I
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- Page 63 and 64: Actuary’s Certification Letter De
- Page 65 and 66: General Employees Retirement Fund A
- Page 67 and 68: Other Assumptions Separation GERF u
- Page 69 and 70: General Employees Retirement Fund A
Legislative Auditor’s <strong>Report</strong><br />
Management Discussion and Analysis<br />
Basic <strong>Financial</strong> <strong>State</strong>ments<br />
Notes to the <strong>Financial</strong> <strong>State</strong>ments<br />
Required Supplementary Information<br />
Schedule of Investment Expenses<br />
Schedule of Payments to Consultants<br />
Schedule of Administrative Expenses<br />
<strong>State</strong> Tree — Norway Pine (adopted in 1953) - Photo by Fungus Guy -<br />
<strong>Financial</strong><br />
Section
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