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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2015 <br /> <br /> <br /> <br />Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will <br />be recognized in pension expense as follows: <br /> <br />Pension <br />Year Ended Expense <br />December 31, Amount <br />2016 $12,336 <br />2017 12,336 <br />2018 12,336 <br />2019 12,338 <br />2020 - <br />Thereafter - <br /> <br /> <br />C. PENSION EXPENSE <br /> <br />Pension expense recognized by the City for the fiscal year ended December 31, 2015 is as follows: <br /> <br />GERF $191,585 <br />PEPFF 536,613 <br />Fire Relief 59,198 <br />Total $787,396 <br /> <br /> <br />NOTE 8 DEFINED CONTRIBUTION PLAN <br /> <br />All city council members of the City of St. Anthony are covered by the Public Employees Defined Contribution <br />Plan (PEDCP), a multiple-employer deferred compensation plan administered by PERA. The PEDCP is a tax <br />qualified plan under Section 401(a) of the Internal Revenue Code and all contributions by or on behalf of <br />employees are tax deferred until time of withdrawal. <br /> <br />Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less administrative <br />expenses. Minnesota Statutes, Chapter 353D.03, specifies plan provisions, including the employee and <br />employer contribution rates for those qualified personnel who elect to participate. An eligible elected official <br />who decides to participate contributes 5% of salary which is matched by the elected official's employer. For <br />ambulance service personnel, employer contributions are determined by the employer, and for salaried <br />employees must be a fixed percentage of salary. Employer contributions for volunteer personnel may be a unit <br />value for each call or period of alert duty. Employees who are paid for their services may elect to make member <br />contributions in an amount not to exceed the employer share. Employer and employee contributions are <br />combined and used to purchase shares in one or more of the seven accounts of the Minnesota Supplemental <br />Investment Fund. For administering the plan, PERA receives 2% of employer contributions and twenty-five <br />hundredths of 1% (.0025) of the assets in each member's account annually. <br /> <br />76