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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2018 PENSION LIABILITY SENSITIVITY The following presents the City’s proportionate share of the net pension liability for all plans it participates in, calculated using the discount rate disclosed in the preceding paragraph, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate 1 percentage point lower or 1 percentage point higher than the current discount rate: 1% Decrease in 1% Increase in Discount Rate (6.5%) Discount Rate (7.5%) Discount Rate (8.5%) City's proportionate share of the GERF net pension liability $3,110,363 $1,913,919 $926,288 City's proportionate share of the PEPFF net pension liability $5,544,259 $2,585,866 $139,398 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 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 $3,500 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 72