06-28-1995 Council Agenda - Laserfiche WebLink

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LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION NOTES TO FINANCIAL STATEMENTS December 31, 1994 Page 8 of 8 At December 31, 1994, the assets in excess of the accrued pension liability was $53,440 as follows: Net assets available for benefits (at cost) Pension Benefit Obligation: Retired members entitled to benefits, but have not received them pending attainment of age 50 Current Members: Fully Vested (20 or more years) 313,650 Partially Vested (10 to 19 years) 344,114 Nonvested (less than 10 years) 85,854 Total accrued pension Liability 796,093 $849,533 52,475 Assets in excess of accrued pension liability $53,440 The market value of the net assets available for benefits as of December 31, 1994 was $782,206. G. CONTRIBUTIONS REQUIRED AND CONTRIBUTIONS MADE Minnesota Statutes Chapter 69.772 specifies minimum support rates required on an annual basis. The minimum support rates from the municipality and from State aid are determined as the amount required to meet the normal cost plus amortizing any existing prior service costs over a ten -year period. The significant actuarial assumptions used to compute the municipal support are the same as those used to compute the accrued pension liability. The Association is comprised of volunteers; therefore, there are no payroll expenditures (i.e., there are no covered payroll percentage calculations). Contributions totaling $21,189 were made by the State of Minnesota in accordance with State Statute requirements for the year ended December 31, 1994. These contributions were entirely for normal costs. Contributions totaling $16,500 were made by the City of Little Canada. These contributions were entirely for normal costs. H. 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. Page 78