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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2018 PENSION EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED INFLOWS OF RESOURCES RELATED TO PENSIONS For the year ended December 31, 2018, the City recognized pension expense of $78,569. At December 31, 2018, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual experience $ - $28,925 Changes of assumptions 2,227 24,849 Net differences between projected and actual earnings on pension plan investments 76,589 - Total $78,816 $53,774 Amounts reported as deferred outflows of resources and deferred inflows of resources related to pension will be recognized in pension expense as follows: Year ended June 30: 2019 $19,580 2020 7,242 2021 7,771 2022 15,740 2023 (6,564) Thereafter (18,727) C. PENSION EXPENSE Pension expense recognized by the City for the fiscal year ended December 31, 2018 is as follows: GERF $179,284 PEPFF 171,860 Fire Relief 78,569 Total $429,713 Note 8 DEFINED CONTRIBUTION PLAN All city council members of the City of St. Anthony are covered by the Public Employees Defined Contribution Plan (PEDCP), a multiple-employer deferred compensation plan administered by PERA. The PEDCP is a tax qualified plan under Section 401(a) of the Internal Revenue Code and all contributions by or on behalf of employees are tax deferred until time of withdrawal. Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less administrative expenses. Minnesota Statutes, Chapter 353D.03, specifies plan provisions, including the employee and 77