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- 28 - GASB 68 In June 2012, the Government Accounting Standards Board (GASB) issued Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68) and related GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date-an amendment to GASB 68, effective for the City’s fiscal year ended December 31, 2015. These statements revise existing standards for measuring and reporting pension liabilities for pension plans provided to City employees and require recognition of a liability equal to the City’s proportionate share of net pension liability, which is measured as the total pension liability less the amount of the pension plan's fiduciary net position. The pronouncements require the restatement of the City’s December 31, 2014 net position of its governmental activities. Please reference “Note 20, Prior Period Adjustment Due To Change In Accounting Principle” of the City’s Comprehensive Annual Financial Report for fiscal year ended December 31, 2015, an excerpt of which is included as Appendix IV of this Official Statement. For the fiscal year ended December 31, 2015, the City’s proportionate shares of the GERF and PEPFF pension costs as of the measurement date of June 30, 2015 were 0.00410% and 0.249%, respectively; and the City’s net pension liability for the GERF and PEPFF were $2,124,833 and $2,829,223, respectively. For more information regarding GASB 68 with respect to the City, please reference “Note 6, Pension Plans” of the City’s Comprehensive Annual Financial Report for fiscal year ended December 31, 2015, an excerpt of which is included as Appendix IV of this Official Statement. Additional and detailed information about GERF’s net position is available in a separately-issued PERA financial report, which may be obtained at www.mnpera.org; by writing to PERA at 60 Empire Drive #200, St. Paul, Minnesota, 55103-2088; or by calling 1-800-652-9026. Other Post-Employment Benefits The Governmental Accounting Standards Board (GASB) has issued Statement No. 45, Accounting and Financial Reporting by Employers for Post-employment Benefits Other Than Pensions (GASB 45), which addresses how state and local governments must account for and report their obligations related to post- employment healthcare and other non-pension benefits (referred to as Other Post-Employment Benefits or “OPEB”). The City provides benefits for retirees as required by Minnesota Statutes. Active employees who retire from the City when over age 50 and with 20 years of service may continue coverage for both themselves and their eligible dependent(s) under the City’s health benefits program until age 65. Pursuant to the provisions of the plan, retirees are responsible for the total premium cost; therefore, the City’s greatest liability under GASB 45 comes through an implicit rate subsidy, which is the additional cost of health insurance to current employees and the City as a result of the higher cost of providing health insurance to retirees. As of December 31, 2015, there were approximately 48 active participants and 6 retired participants receiving benefits from the City’s health plans. The City funds its OPEB obligation on a pay-as-you-go basis. For fiscal year ended December 31, 2015, the City contributed $28,984 to the plan.