09-09-1992 Council Agenda - Laserfiche WebLink

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1 1 1 1 1 1 1 1 1 LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION NOTES TO FINANCIAL STATEMENTS December 31, 1991 Page 9 of 9 At December 31, 1991, the unfunded pension benefit obligation was $39,948 as follows: Pension Benefit Obligation: Retired members entitled to benefits, but have not received them pending attainment of age 50 $10,518 Current Members: Fully Vested (20 or more years) 498,000 Partially Vested (10 to 19 years) 256,880 Nonvested (less than 10 years) 123,760 Total pension benefit obligation 889,158 Net assets available for benefits (at cost) 849,210 Unfunded pension benefit obligation $39,948 The market value of the net assets available for benefits as of December 31, 1991 was $878,616 F. BENEFIT PROVISION CHANGES The lump sum service pension increased from $1,800 to 52,000 for each year of service effective November 13, 1991. This change in benefit provisions increased the pension benefit obligation at December 31, 1991 by $87,864 (from $801,294 to $889,158). This change was adopted after the calculation date for the City of Little Canada contribution requirement for 1992 and therefore does not affect the 1992 contribution amount. G. HISTORICAL TREND INFORMATION Historical trend information designed to provide information about the Little Canada Firemen's Relief Association's progress made in accumulating sufficient assets to pay benefits when due is presented in Exhibits 2 and 3. Note 8 JNTERFIIND RECEIVABLES /PAYABLES, As of December 31, 1991 there were the following amounts due between funds: General Fund Special Fund Due from Other Funds $470 Due to Other Funds $470 These amounts consist of year end closing entries to the accounting records of the Relief Association, and are planned to be eliminated in 1992. Page 42