Laserfiche WebLink
CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br /> <br /> <br /> <br /> <br />CHANGES IN THE NET PENSION LIABILITY <br /> <br />Total Pension Plan Fiduciary Net Pension <br />Liability Net Position Liability (Asset) <br />(a)(b)(a) - (b) <br />Balance at December 31, 2015 $741,775 $893,343 ($151,568) <br />Changes for the year: <br />Service cost 47,233 47,233 <br />Interest 31,829 31,829 <br />Differences between expected and actual experience - - - <br />Change of assumptions (36,075) - (36,075) <br />Contributions - employer 6,000 (6,000) <br />On behalf contributions - State of MN 51,174 (51,174) <br />Contributions - employee - - <br />Net investment income 39,971 (39,971) <br />Benefit payments, including refunds of employee <br /> contributions (80,200) (80,200) <br />Administrative expense (8,653) 8,653 <br />Other changes - - <br />Net changes (37,213) 8,292 (45,505) <br />Balance at December 31, 2016 $704,562 $901,635 ($197,073) <br />Increase (Decrease) <br />PENSION LIABILITY (ASSET) SENSITIVITY <br /> <br /> The following presents the net pension liability (asset) of the City, calculated using the discount rate <br />of 6.00 percent, as well as what the net pension liability would be if it were calculated using a <br />discount rate that is 1-percentage-point lower (5.00 percent) or 1-percentage-point higher (7.00 <br />percent) than the current rate: <br /> <br />Current <br />1% Decrease Discount Rate 1% Increase <br />(5.00%) (6.00%) (7.00%) <br />Net pension liability (asset) ($176,780) ($197,073) ($216,402) <br /> <br />PENSION PLAN FIDUCIARY NET POSITION <br /> <br />Detailed information about the pension plan’s fiduciary net position is available in the separately <br />issued Relief Association financial report. That report may be obtained by writing to St. Anthony <br />Fire Department Relief Association, 3505 Silver Lake Road, St. Anthony, Minnesota, 55418. <br /> <br />73