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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2009 <br />FUNDING POLICY <br />Minnesota Statutes Chapter 69.772 sets the minimum contribution requirement for the City and State <br />aid on an annual basis. These statutes are established and amended by the state legislature. The Relief <br />Association is comprised of volunteers; therefore, members have no contribution requirements. The <br />City receives the State aid contribution and is required by state statutes to pass this through as payment <br />to the Relief Association. This transaction, in the amount of $32,411, is recorded as a revenue and an <br />expenditure in the City's 2009 financial statements. The City's annual pension cost for 2008 (2009 is <br />unavailable) and related information for the plan is as follows: <br />Annual pension cost $44,755 <br />Contributions made: <br />City $6,000 <br />State aid $38,755 <br />Actuarial valuation date 12/31/08 <br />Actuarial cost method Entry age normal <br />Amortization method Level dollar closed <br />Remaining amortization period: <br />Normal cost 20 years <br />Prior service cost 5 years <br />Asset valuation method Market <br />Actuarial assumptions <br />Investment rate of return <br />5% <br />Projected salary increases <br />N/A <br />Inflation rate <br />N/A <br />Cost of living adjustments <br />None <br />Age of service requirements <br />50 <br />Post - retirement benefits increase <br />None <br />M. <br />