VLAWMO Annual Financial Report 2002

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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION NOTES TO FINANCIAL STATEMENTS December 31, 2002 Note 4 RELATED PARTY TRANSACTIONS REVENUE The Organization assesses each member entity on a yearly basis to provide funds to operate the Organization's business. Revenue from assessments to members in 2002 is as follows: 2002 Revenue City of North Oaks $13,790 City of White Bear Lake 10,560 St. Paul Regional Water Services 1,589 City of Lino Lakes 1,423 White Bear Township 5,354 City of Vadnais Heights 12,853 City of Gem Lake 1,331 Total $46,900 Note 5 DEFINED BENEFIT PENSION PLANS - STATEWIDE A. PLAN DESCRIPTION All full-time and certain part-time employees of the Organization are covered by defined benefit plans administered by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) which is cost -sharing, multiple -employer retirement plan. This plan is established and administered in accordance with Minnesota Statute, Chapters 353 and 356. PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are covered by Social Security and Basic Plan members are not. All new members must participate in the Coordinated Plan. PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors upon death of eligible members. Benefits are established by State Statute, and vest after three years of credited service. The defined retirement benefits are based on a member's highest average salary for any five successive years of allowable service, age, and years of credit at termination of service. The benefit provisions stated in the previous paragraphs of this section are current provisions and apply to active plan participants. Vested, terminated employees who are entitled to benefits but are not receiving them yet are bound by the provisions in effect at the time they last terminated their public service. 18