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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2017 <br /> <br /> <br /> <br />(64) <br /> <br />NOTE 7 DEFINED BENEFIT PENSION PLANS – STATE-WIDE (CONTINUED) <br />H. Pension Plan Fiduciary Net Position <br />Detailed information about each pension plan’s fiduciary net position is available in a <br />separately-issued PERA financial report that includes financial statements and required <br />supplementary information. That report may be obtained on the Internet at <br />www.mnpera.org; by writing to PERA at 60 Empire Drive #200, St. Paul, Minnesota, <br />55103-2088; or by calling (651) 296-7460 or 1-800-652-9026. <br /> <br /> <br />NOTE 8 DEFINED CONTRIBUTION PENSION PLANS <br />A. Public Employees Defined Contribution Plan <br />Three council members of the City are covered by the Public Employees Defined <br />Contribution Plan (PEDCP), a multiple-employer deferred compensation plan <br />administered by the Public Employees Retirement Association of Minnesota (PERA). <br /> <br />Funding Policy <br />Plan benefits depend solely on amounts contributed to the plan plus investment <br />earnings, less administrative expenses. Minnesota Statutes, Chapter 353D.03, specifies <br />plan provisions, including the employee and employer contribution rates for those plan <br />provisions, including the employee and employer contribution rates for those qualified <br />personnel who elect to participate. An eligible elected official who decides to participate <br />contributes 5% of the salary which is matched by the elected official’s employer. For <br />ambulance services personnel, employer contributions are determined by the employer, <br />and for salaried employees must be a fixed percentage of salary. Employer contributions <br />for volunteer personnel may be a unit value for each call or period of alert duty. <br />Employees who are paid for their services may elect to make member contributions in <br />an amount not to exceed the employer share. Employer and employee contributions are <br />combined and used to purchase shares in one or more of the seven accounts of the <br />Minnesota Supplemental Investment Fund. For administering the plan, PERA receives <br />2% of employer contributions and twenty-five hundredths of the one percent of the <br />assets in each member’s account annually. <br /> <br />Total contributions made by the City and plan members in 2017, 2016, and 2015 were <br />$1,180, $896, and $937, respectively.