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CITY OF LINO LAKES, MINNESOTA <br />Page 15 of 23 <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1990 <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 1990 were: <br />PERF <br />PEPFF <br />Totals <br />Amount <br />Employees Employer <br />$24,658 $24,658 <br />26,476 39,714 <br />$51,134 $64,372 <br />Percentage of <br />Covered Payroll <br />Employees Employer <br />4.47% 4.82% <br />8.00% 12.00% <br />The City's contribution for the year ended June 30, 1990 to the PERF represented .0263 percent of <br />total contributions required of all participating entities. For the PEPFF, contributions for the year <br />ended June 30, 1990, represented .1636 percent of total contributions required of all participating <br />entities. <br />Funding Status and Progress <br />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, which <br />is the actuarial present value of credited projected benefits, is intended to help users assess PERA's <br />funding status on a going - concern basis, assess progress made in accumulating sufficient assets to <br />pay benefits when due, and make comparisons among Public Employees Retirement Systems and <br />among employers. PERA does not make separate measurements of assets and pension benefit <br />obligation for individual employers. <br />The pension benefit obligations as of June 30, 1990, are shown below: <br />PERF PEPFF <br />(In thousands) <br />Total pension <br />benefit obligation $4,089,960 $657,453 <br />Net assets available <br />for benefits, at cost <br />(Market Values for <br />PERF = $3,547,243; <br />PEPFF = $803,320) 3,250,157 739,068 <br />Unfunded (assets in <br />excess of) pension <br />benefit obligation $839,803 ($81,615) <br />The measurement of the pension benefit obligation is based on an actuarial valuation as of June <br />30, 1990. Net assets available to pay pension benefits were valued as of June 30, 1990. <br />