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1 <br />• <br />1 <br />1 <br />1 <br />11 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1990 <br />Note 5 FUNDING: DEFICIT <br />Page 5 of 8 <br />The December 31, 1990 unfunded pension benefit obligation represents the accrued pension liability as <br />of December 31, 1990 of the Relief Association in excess of cash, investments and due from other <br />governments. A schedule of such amounts is as follows: <br />December 31, <br />1990 <br />Net Assets available for benefits $731,198 <br />Actuarial present value of pension benefit <br />obligation as of December 31 745,028 <br />Unfunded pension benefit obligation $13,830 <br />Note6 DUE FROM STATE <br />Minnesota Statutes Section 424A.10 provides for the payment of supplemental benefits to retired <br />members of the Little Canada Firemen's Relief Association. These benefits are paid by the Relief <br />Association, which is reimbursed by the State of Minnesota. State supplemental benefit revenue is <br />recognized in the period the funds are expended by the Relief Association. <br />Note 7 PENSION PLAN <br />The Little Canada Firemen's Relief Association is the administrator of a single employer Public <br />Employee Retirement System (PERS) established to provide benefits for members of the Little Canada <br />Fire Department. <br />Retired members entitled to benefits, <br />but have not received them 2 <br />Current Members: <br />Fully Vested 8 <br />Partially Vested 11 <br />Nonvested (less than 10 years) 17 <br />Total <br />Page 71 <br />38 <br />