Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2020 <br /> <br /> <br /> <br /> <br />G. PENSION LIABILITY SENSITIVITY <br /> <br />The following presents the City’s proportionate share of the net pension liability for all plans it <br />participates in, calculated using the discount rate disclosed in the preceding paragraph, as well as what <br />the City’s proportionate share of the net pension liability would be if it were calculated using a discount <br />rate 1 percentage point lower or 1 percentage point higher than the current discount rate: <br /> <br />1% Decrease in 1% Increase in <br />Discount Rate (6.5%) Discount Rate (7.5%) Discount Rate (8.5%) <br />Proportionate share of the <br /> GERF net pension liability $3,766,586 $2,350,219 $1,181,830 <br />Proportionate share of the <br /> PEPFF net pension liability $6,137,085 $3,079,098 $549,149 <br /> <br />H. PENSION PLAN FIDUCIARY NET POSITION <br /> <br />Detailed information about each pension plan’s fiduciary net position is available in a separately-issued <br />PERA financial report that includes financial statements and required supplementary information. That <br />report may be obtained at www.mnpera.org. <br /> <br /> <br />I. PENSION EXPENSE <br /> <br />Pension expense recognized by the City for the year ended December 31, 2020 is as follows: <br /> <br />GERF $108,409 <br />PEPFF 283,774 <br />Fire Pension Plan (Note 8)2,592 <br />Total $394,775 <br /> <br /> <br />Note 8 DEFINED BENEFIT PENSION PLAN – FIRE DIVISION <br /> <br />A. PLAN DESCRIPTION <br /> <br />The Lino Lakes Public Safety Department – Fire Division participates in the Statewide Volunteer <br />Firefighter Retirement Plan (SVF), an agent multiple-employer lump-sum defined benefit pension plan <br />administered by the Public Employees Retirement Association of Minnesota (PERA). The SVF plan <br />covers volunteer firefighters of municipal fire departments or independent nonprofit firefighting <br />corporations that have elected to join the plan. At December 31, 2020 (measurement date), the plan <br />covered 20 active firefighters and zero vested terminated fire fighters whose pension benefits are <br />deferred. The plan is established and administered in accordance with Minnesota Statutes, Chapter <br />353G. <br /> <br />B. BENEFITS PROVIDED <br /> <br />The SVF provides lump-sum retirement, death, and supplemental benefits to covered firefighters and <br />survivors. Benefits are paid based on the number of years of service multiplied by a benefit level per <br />year of service approved by the City of Lino Lakes. Members are eligible for a lump-sum retirement <br />69