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CITY OF ELK RIVER, MINNESOTA ' <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2010 ' <br />Note 4: OTHER INFORMATION -CONTINUED <br />' ' <br />The City <br />s annual pension cost, the percentage of annual pension cost contributed, and the net pension <br />obligation for the Relief Association for the year ended December 31, 2010 and the preceding fiscal years was <br />as follows: <br /> <br />Three Year Trend Information ' <br />Annual Percentage <br /> <br />Year Pension of APC Net Pension ' <br />Ending Cost (APC) Contributed Obligation <br />12/31/08 $ 143,999 100% $ - ' <br />] 2/31 /09 127,024 100% - <br />12/3 I /10 131,255 100% - <br />c. Funded Status and Funding Progress ' <br />As of December 31, 2010, the actuarial accrued liability was $2,398,067, of which $207,240 was unfunded. <br /> <br />The schedule of funding progress, presented as required supplementary information following the notes to the ' <br />financial statements, presents multi-year trend information about whether the actuarial value of plan assets is <br />increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. <br />Assets in ' <br />Excess of <br />Actuarial Actuarial Actuarial (Unfunded) <br /> <br />Valuation Value of Accrued Accrued Percentage ' <br />Date Assets Liability Liability Funded <br />12/31/10 $ 2,190,827 $ 2,398,067 $ (207,240) 91.4% ' <br />E. Other Postemployment Benefits (OPEB) ' <br />1. City of Elk River <br />a. Plan Description ' <br />The City provides other postemployment health insurance benefits for retired employees through two defined <br />benefit plans: Municipal Retirees Health Plan (MRHP), asingle-employer plan, and Utilities Retirees Health ' <br />Plan (URHP), amulti-employer plan. Each plan provides benefits for eligible retirees and their dependents <br />through the City's group health insurance plans, which cover both active and retired members. Since the <br />premium is a blended rate determined on the active and retiree population, the retirees are receiving an implicit <br />rate subsidy. The MRHP and URHP do not issue publicly available financial reports. ' <br />b. Funding Policy <br />Contribution requirements are reviewed at the time changes are made to the plans. Benefit provisions for ' <br />MRHP are established and amended by the City. The Utilities has been delegated authority to establish and <br />amend benefit provisions for URHP. Eligible retirees receiving benefits are required to pay 100% of the total <br />premium. , <br />r <br />60 ' <br />