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Page 14of21 <br />CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1989 <br />NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS, (Continued) <br />RETIREMENT - MULTIPLE EMPLOYER PERS (Continued) <br />Total contributions made by the City during fiscal year 1989 were: <br />Percentage of <br />Amount Covered Payroll <br />Employees Employer Employees Employer <br />PERF $18,819 $18,819 4.00% 4.00% <br />PEPFF 23,766 35,649 8.00% 12.00% <br />Totals $42,585 $54,468 <br />The City's contribution for the year ended June 30, 1989 to the PERF represented .0223 percent of <br />total contributions required of all participating entities. For the PEPFF, contributions for the year <br />ended June 30, 1989, represented .1605 percent of total contributions required of all participating <br />entities. <br />Funding Status and Progress <br />1. Pension Benefit Obligation <br />The "pension benefit obligation" is a standardized disclosure measure of the present value of <br />pension benefits, adjusted for the effects of projected salary increases and step -rate benefits, <br />estimated to be payable in the future as a result of employee service to date. The measure, <br />which is the actuarial present value of credited projected benefits, is intended to help users <br />assess PERA's funding status on a going -concem basis, assess progress made in accumulating <br />sufficient assets to pay benefits when due, and make comparisons among Public Employees <br />Retirement Systems and among employers. PERA does not make separate measurements of <br />assets and pension benefit obligation for individual employers. <br />The pension benefit obligations as of June 30, 1989, are shown below: <br />Total pension <br />benefit obligation <br />PERF PEPFF <br />$3,714,257 $582,299 <br />Net assets available <br />for benefits, at cost <br />(Market Values for <br />PERF = $3,801,129; <br />PEPFF = $694,277) 2,934,977 637,868 <br />Unfunded (assets in <br />excess of) pension <br />benefit obligation $779,280 ($55,569) <br />The measurement of the pension benefit obligation is based on an actuarial valuation as of <br />June 30, 1989. Net assets available to pay pension benefits were valued as of June 30, 1989. <br />