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<br /> <br />City of Lake Elmo Volunteer Fire Department 1 <br /> <br />Executive Summary <br />The Required Contributions for 2024 and 2025 are summarized in the following table: <br /> <br />Summary of Results <br /> <br />Plan Data 2024 2023* <br />1. Current Benefit Level <br />2. Number of Participants <br />$ 7,000 $ N/A <br />a. Active members 24 <br /> <br />b. Deferred members 9 <br /> <br />c. Total 33 <br /> <br />Funded Status 2024 2023* <br />1. Projected Assets at End of Year $ 1,542,698 $ N/A <br />2. Accrued Liability at End of Year 1,046,711 N/A <br />3. Surplus / (Deficit) $ 495,987 $ N/A <br />4. Funded Ratio 147.39% N/A <br /> <br />5. Account Status Surplus Over Full <br />Funding <br /> N/A <br />Contributions 2024 2023* <br />1. Financial Requirement <br />a. Total Financial Requirement $ 141,510 $ N/A <br />b. Reduction to the Financial Requirement (217,267) N/A <br />c. Required Contribution $ 0 $ N/A <br />2. Contribution Due Date 12/31/2025 12/31/2024 <br /> <br /> * 2023 results calculated and provided by PERA. <br />