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r CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2011 Three year trend information (information for December 31, 2011 is not available): Three Year Trend Information Annual Year Pension Ending Cost (APC) 12/31/2010 $40,415 12/31/2009 38,411 12/31/2008 44,755 Percentage Net of APC Pension Contributed Obligation 100% $ 100% 100% REQUIRED SUPPLEMENTARY INFORMATION — SCHEDULE OF FUNDING PROGRESS Note 7 OTHER POST -EMPLOYMENT BENEFITS (OPEB) In 2009, the City prospectively implemented the requirement of a new accounting pronouncement, GASB Statement No. 45, Accounting and Financial Reporting by Employers for Post -employment Benefits Other Than Pensions. A. PLAN DESCRIPTION In addition to providing the pension benefits described in Note 6, the City provides post -employment health care benefits (as defined in paragraph B) for retired employees and police and firefighters disabled in the line of duty, through a single -employer defined benefit plan. The term Plan refers to the City's requirement by State Statute to provide retirees with access to health insurance. The OPEB plan is administered by the City. The authority to provide these benefits is established in Minnesota Statutes Sections 471.61 Subd. 2a, and 299A.465. The benefits, benefit levels, employee contributions and employer contributions are governed by the City and can be amended by the City through its personnel manual and collective bargaining agreements with employee groups. The Plan is not accounted for as a trust fund, as an irrevocable trust has not been established to account for the plan. The Plan does not issue a separate report. Assets in Excess of Pension Actuarial Actuarial Actuarial (Unfunded) Benefit Valuation Value of Accmed Accrued Funded Per Year Date Assets Liability Liability Ratio of Service 12/312010 $984,659 $862,804 $121,855 114.12% $2,500 12/312009 872,655 816,512 56,143 106.88% 2,500 12/312008 735,213 866,712 (131,499) 84.83% 2,500 Note 7 OTHER POST -EMPLOYMENT BENEFITS (OPEB) In 2009, the City prospectively implemented the requirement of a new accounting pronouncement, GASB Statement No. 45, Accounting and Financial Reporting by Employers for Post -employment Benefits Other Than Pensions. A. PLAN DESCRIPTION In addition to providing the pension benefits described in Note 6, the City provides post -employment health care benefits (as defined in paragraph B) for retired employees and police and firefighters disabled in the line of duty, through a single -employer defined benefit plan. The term Plan refers to the City's requirement by State Statute to provide retirees with access to health insurance. The OPEB plan is administered by the City. The authority to provide these benefits is established in Minnesota Statutes Sections 471.61 Subd. 2a, and 299A.465. The benefits, benefit levels, employee contributions and employer contributions are governed by the City and can be amended by the City through its personnel manual and collective bargaining agreements with employee groups. The Plan is not accounted for as a trust fund, as an irrevocable trust has not been established to account for the plan. The Plan does not issue a separate report.