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<br />- 25 - <br />The City’s proportionate shares of the pension costs and the City’s net pension liability for GERF and <br />PEPFF for the past three years are as follows: <br /> <br /> GERF PEPFF <br /> Proportionate Net Proportionate Net <br /> Share of Pension Share of Pension <br /> Pension Costs Liability Pension Costs Liability <br /> <br />2017 0.0414% $ 2,642,949 0.2570% $ 3,469,806 <br />2016 0.0387 3,142,248 0.2590 10,394,121 <br />2015 0.0410 2,124,883 0.2490 2,829,223 <br /> <br />For more information regarding GASB 68 with respect to the City, please reference “Note 8, Defined <br />Benefit Pension Plans - PERA” of the City’s Comprehensive Annual Financial Report for fiscal year ended <br />December 31, 2017, an excerpt of which is included as Appendix IV of this Official Statement. <br /> <br />Additional and detailed information about GERF’s net position is available in a separately-issued PERA <br />financial report, which may be obtained at www.mnpera.org; by writing to PERA at 60 Empire Drive #200, <br />St. Paul, Minnesota, 55103-2088; or by calling 1-800-652-9026. <br /> <br />2018 Omnibus Retirement Bill <br /> <br />On Thursday, May 31, 2018, Minnesota Governor Mark Dayton signed into law the 2018 Omnibus <br />Retirement Bill, which includes sustainability measures for all four of the State’s public pension systems, <br />including PERA. The City anticipates this legislation will have some level of positive impact on the <br />proportionate share of pension costs and net pension liability for GERF for the fiscal year ending <br />December 31, 2018 and thereafter. <br /> <br /> <br />Other Post-Employment Benefits <br /> <br />The Government Accounting Standards Board (GASB) has issued Statement No. 75, Accounting and <br />Financial Reporting for Postemployment Benefits Other Than Pensions (GASB 75), establishing new <br />accounting and financial reporting requirements related to post-employment healthcare and other <br />non-pension benefits (referred to as Other Post-Employment Benefits or “OPEB”). The implementation of <br />GASB 75 required the restatement of the City’s beginning net position for the fiscal year ended <br />December 31, 2016. Please see “Note 20, Change in Accounting Principle” of the City’s Comprehensive <br />Annual Financial Report for fiscal year ended December 31, 2017, an excerpt of which is included as <br />Appendix IV of this Official Statement. <br /> <br />The City provides benefits to eligible employees through the City’s health insurance plan. Active <br />employees who retire from the City when over age 50 and with 20 years of service may continue coverage <br />for both themselves and their eligible dependent(s) under the City’s health benefits program until age 65. <br />Benefits and eligibility provisions are established by the City through its personnel manual and coll ective <br />bargaining agreements with employee groups. The employee is required to pay 100% of their premium <br />cost for the City-sponsored group health insurance plan in which they participate. <br /> <br />As of January 1, 2017, participants of the plan consisted of: <br /> <br />Active employees 46 <br />Inactive employees/beneficiaries <br /> currently receiving benefits 6 <br />Total 52 <br />