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1 <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 />1 <br />1 <br />1 <br />LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1990 <br />Note 7 PENSION PLAN (Continued) <br />Page 7 of 8 <br />PLAN ASSETS <br />Investments (other than U.S. Government or U.S. Government guaranteed obligations) in any one <br />organization that exceed five percent of net assets available for benefits are as follows: <br />Percent of Net <br />Assets Available <br />Amount for Benefits <br />General Motors Acceptance Corp. $97,237 13.30% <br />Archer- Daniels - Midland 53,328 7.29% <br />Transamerica Financial Corp. 38,493 5.26% <br />FUNDING STATUS AND PROGRESS <br />The amount shown below as "pension benefit obligation" is a standardized disclosure measure of the <br />present value of pension benefits estimated to be payable in the future as a result of service to date. <br />The measure is the actuarial present value of accumulated plan benefits and is intended to help users <br />assess the Little Canada Firemen's Relief Association funding status on a going - concern basis, assess <br />progress made in accumulating sufficient assets to pay benefits when due, and make comparisons <br />among public employee retirement systems. The measure is independent of the funding method used to <br />determine contributions to the Little Canada Firemen's Relief Association. <br />The pension benefit obligation was determined as of December 31, 1990 pursuant to State Statutes. <br />Significant actuarial assumptions are as follows: <br />• The entry age normal cost method was used to determine the normal cost of all benefits. <br />• The rate of investment return used in making the valuation was 5% per annum, <br />compounded annually. <br />• Age and service retirement was assumed to occur at age 50. <br />At December 31, 1990, the unfunded pension benefit obligation was $13,830 as follows: <br />Pension Benefit Obligation: <br />Retired members entitled to benefits, but have not received them <br />pending attainment of age 50 $10,016 <br />Current Members: <br />Fully Vested (20 or more years) 361,800 <br />Partially Vested (10 to 19 years) 264 ,204 <br />Nonvested (less than 10 years) 109,008 <br />Total pension benefit obligation 745,028 <br />Net assets available for benefits (at cost) 731,198 <br />Unfunded pension benefit obligation <br />$13,830 <br />The market value of the net assets available for benefits as of December 31, 1990 was $730,266. <br />Page 73 <br />