06-14-2021 Council Packet - Laserfiche WebLink

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- 24 - provisions include a pro-rated vesting schedule that increase from 5 years at 40% through 20 years at 100%. State aids, investment earnings and City contributions fund the plan. The City’s contributions to the SFV for the past four years are as follows*: City’s Contributions 2019 $ 0 2018 64,869 2017 58,800 2016 44,394 * The City created its fire department in 2016, therefore information prior to 2016 is unavailable. For more information regarding the liability of the City with respect to its employees, please reference “Note 7, Defined Benefit Pension Plans - PERA”, “Note 8, Defined Benefit Pension Plans - Fire Division”, and “Required Supplementary Information” of the City’s Comprehensive Annual Financial Report for fiscal year ended December 31, 2019, an excerpt of which is included as Appendix IV of this Official Statement. (The City’s Comprehensive Annual Financial Report for fiscal year ended December 31, 2020 is not yet available.) Sources: City’s Comprehensive Annual Financial Reports. GASB 68 The Government Accounting Standards Board (GASB) has 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, which revised 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 City’s proportionate shares of the pension costs and the City’s net pension liability for GERF and PEPFF for the past five years are as follows: GERF PEPFF Proportionate Net Proportionate Net Share of Pension Share of Pension Pension Costs Liability Pension Costs Liability 2019 0.0398% $2,200,453 0.2547% $ 2,711,539 2018 0.0381 2,113,632 0.2426 2,585,866 2017 0.0414 2,642,949 0.2570 3,469,806 2016 0.0387 3,142,248 0.2590 10,394,121 2015 0.0410 2,124,883 0.2490 2,829,223 For more information regarding GASB 68 with respect to the City, please reference “Note 7, Defined Benefit Pension Plans - PERA” and “Required Supplementary Information” of the City’s Comprehensive Annual Financial Report for fiscal year ended December 31, 2019, an excerpt of which is included as Appendix IV of this Official Statement. (The City’s Comprehensive Annual Financial Report for fiscal year ended December 31, 2020 is not yet available.) 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.