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06-28-1995 Council Agenda
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06-28-1995 Council Agenda
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1 <br />f <br />1 <br />LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1994 <br />Page 7 of 8 <br />C. FUNDING REQUIREMENTS <br />Minnesota Statutes 69.772 specifies minimum contributions required on an annual basis. The <br />minimum contribution from the City of Little Canada is determined as follows: <br />Normal Cost <br />+ Amortization Payment on Unfunded Actuarial Liability Prior to Any Change <br />+ Amortization Contribution on Unfunded Actuarial Liability Attributed to Any Change <br />+ Administrative expenses <br />- Anticipated State Aid <br />- Projected Investment Earnings @ 5% <br />Total Contribution Required <br />D. 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 Electric $45,000 5.30% <br />General Motors 48,628 5.72% <br />General Motors Acceptance Corp. 115,019 13.54% <br />Shearson Lehman 49,443 5.82% <br />Dean Witter Discover 50,654 5.96% <br />CBS 61,034 7.18% <br />ITt' 63,347 7.46% <br />Ford Motor Credit Corp. 62,992 7.41% <br />E. FUNDING STATUS AND PROGRESS <br />The accrued pension liability was determined as of December 31, 1994 pursuant to State Statutes. This <br />measure is used as a substitute for the standardized measure of the pension obligation normally required <br />by GASB Statement No. 5. <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, compounded <br />annually. <br />Age and service retirement was assumed to occur at age 50. <br />Page 77 <br />
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