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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2018 <br />NOTE 4 DEFINED BENEFIT PENSION PLANS — STATEWIDE (CONTINUED) <br />Pension Plan Fiduciary Net Position <br />Detailed information about each pension plan's fiduciary net position is available in a <br />separately issued PERA financial report that includes financial statements and required <br />supplementary information. That report may be obtained on the internet at www.mnpera.orq. <br />NOTE 5 OTHER INFORMATION <br />Risk Management <br />The Organization is exposed to various risks of loss related to torts; theft of, damage to and <br />destruction of assets; errors and omissions; injuries to employees; and natural disasters for <br />which the Organization carries insurance. The Organization pays annual premiums for its <br />workers' compensation and property and casualty insurance. Settled claims have not <br />exceeded the Organization's coverage in any of the past three fiscal years. <br />Liabilities are reported when it is probable that a loss has occurred and the amount of the <br />Toss can be reasonably estimated. Liabilities, if any, include an amount for claims that have <br />been incurred but not reported (IBNRs). The Organization's management is not aware of <br />any incurred but not reported claims. <br />(39) <br />