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ELK RIVER MUNICIPAL UTIL[TIES <br />ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2010 AND 2009 <br />Note 2: DETAILED NOTES ON ALL FUNDS -CONTINUED <br />Interfund transfers completed in 2010 are detailed as follows: <br />Transfer out: <br />Electric <br />Water <br />Transfer from Other City Funds <br />Total transfers out <br />Transfer to <br />Other <br />Electric Water City Funds <br />$ - $ - $ 657,086 <br />- - 25,000 <br />53,741 17,914 - <br />$ 53.741 $ 17.914 $ 682,086 <br />The transfer out of [he Electric fund was the annually transfer of 3 percent of 2010 revenues to City funds. The <br />transfer out of the Water fund was for its share of bonding. The transfers in to Electric and Water was for bond <br />payments related [o the refunding of the 20026 bonds. <br />Interfund transfers completed in 2009 are detailed as follows: <br />Transfer out: <br />Electric <br />Water <br />Total transfers out <br />Transfer to <br />Other <br />City Funds <br />$ 585,141 <br />20,000 <br />$ 605,141 <br />The transfer out of the Electric fund was [he annually transfer of 3% of 2009 revenues to City funds. The transfer out <br />of the Water fund was for its share of bonding. <br />Note 3: DEFINED BENEFIT PENSION PLANS -STATEWIDE <br />A. Plan description <br />All full-time and certain part-time employees of the Utilities are covered by defined benefit plans administered by <br />the Public Employees Retirement Association of Minnesota (PERA). PERA administers [he General Employees <br />Retirement Fund (GERF), which is acost-sharing, multiple-employer retirement plan. This plan is established and <br />administered in accordance with Minnesota statutes, chapters 353 and 356. <br />GERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are covered by <br />Social Security and Basic Plan members are not. All new members must participate in the Coordinated Plan. <br />PERA provides retirement benefits as well as disability benefits to members, and benefits [o survivors upon death of <br />eligible members. Benefits are established by Minnesota statute, and vest after three years of credited service. The <br />defined retirement benefits are based on a member's highest average salary for any five successive years of allowable <br />service, age and years of credit at termination of service. <br />-46- <br />