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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2015 PENSION PLAN FIDUCIARY NET POSITION Detailed information about each pension plan’s fiduciary net position is available in a separately- issued PERA financial report that includes financial statements and required supplementary information. That report may be obtained on the Internet at www.mnpera.org. B. SINGLE EMPLOYER PLAN SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Pensions. For purposes of measuring the net pension liability (asset), deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the St. Anthony Fire Department Relief Association (Relief) and additions to / deductions from the Relief’s fiduciary net position have been determined on the same basis as they were reported by the Relief. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. PLAN DESCRIPTION All members of the St. Anthony Fire Department are covered by a defined benefit plan administered by the Relief. The Plan is a single employer retirement plan and is established and administered in accordance with Minnesota Statute, Chapter 69. BENEFITS PROVIDED The Relief provides retirement benefits as well as disability benefits to members and benefits to survivors upon death of eligible members. Benefits are established in accordance with the State Statute and vest after ten years of credited service. The defined retirement benefits are based on a member’s years of service. Benefit provisions can be amended by the Relief within the parameters provided by State Statutes. Twenty Year Service Pension Each member who is at least 50 years of age; has retired from the City of St. Anthony, Minnesota, has served at least twenty (20) years of active service with such department before retirement; and, has been a member of the Relief in good standing at least 10 years prior to such retirement; shall be entitled to a pro-rated lump sum service pension in the amount of $3,300 for each completed full year of service but not exceeding the maximum amount per year of service allowed by law for the minimum average amount of available financing per firefighter as prescribed by law. Members with 10 years of service receive partial vesting at 60% of the 20 year rate and 4% added for every one year of service beyond ten years up to 20 years. Disability Benefits A member who becomes permanently disabled from being an active firefighter in the City of St. Anthony, Minnesota will be eligible to collect a disability benefit in an amount equal to his/her full years of active service multiplied by the yearly lump sum service pension rate. If a member receives a disability benefit and subsequently returns to active duty, the total disability benefit will be deducted from his/her service pension. 71