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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2017 <br /> <br /> <br /> <br /> <br />PENSION EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED <br />INFLOWS OF RESOURCES RELATED TO PENSIONS <br /> <br />For the year ended December 31, 2017, the City recognized pension expense of $37,287. At <br />December 31, 2017, the City reported deferred outflows of resources and deferred inflows of <br />resources related to pensions from the following sources: <br /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Differences between expected and actual experience $ - $31,983 <br />Changes of assumptions 2,463 28,591 <br />Net differences between projected and <br />actual earnings on pension plan investments - 8,781 <br />Total $2,463 $69,355 <br />Amounts reported as deferred outflows of resources and deferred inflows of resources related to <br />pension will be recognized in pension expense as follows: <br /> <br />Year ended <br />June 30: <br />2018 ($2,724) <br />2019 (2,722) <br />2020 (15,060) <br />2021 (14,531) <br />2022 (6,564) <br />Thereafter (25,291) <br /> <br /> <br />C. PENSION EXPENSE <br /> <br />Pension expense recognized by the City for the fiscal year ended December 31, 2017 is as follows: <br /> <br />GERF $271,463 <br />PEPFF 832,991 <br />Fire Relief 37,287 <br />Total $1,141,741 <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 />75