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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2019 <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, 2019, the City recognized pension expense of $83,289. At <br />December 31, 2019, 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 $ - $90,283 <br />Changes of assumptions 15,891 21,107 <br />Net differences between projected and <br />actual investment earnings 12,473 - <br />Total $28,364 $111,390 <br /> <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 Pension <br />December 31 Expense <br />2020 ($7,927) <br />2021 (7,398) <br />2022 571 <br />2023 (21,733) <br />2024 (12,240) <br />Thereafter (34,299) <br /> <br />C. PENSION EXPENSE <br /> <br />Pension expense recognized by the City for the fiscal year ended December 31, 2019 is as follows: <br /> <br />GERF $214,133 <br />PEPFF 258,058 <br />Fire Relief 83,289 <br />Total $555,480 <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 />76