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C i CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2009 Three year trend information (information for December 31, 2009 is not available): Year Ending 12/31/2008 12/31/2007 12/31/2006 Three Year Trend Information Annual Percentage Net Pension of APC Pension Cost (APC) Contributed Obligation $44,755 51,604 61,764 100% $ 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. 13419 Assets in Excess of Pension Actuarial Actuarial Actuarial (Unfunded) Benefit Valuation Value of Accrued Accrued Funded Per Year Date Assets Liability Liability Ratio of Service 12/31/2008 $735,213 $866,712 ($131,499) 84.83% $2,500 12/31/2007 1,072,177 767,320 304,857 139.73% 2,300 12/31/2006 977,084 659,904 317,180 148.06% 2,000 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. 13419