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ELK RIVER MUNICIPAL UTILITIES <br />ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2011 AND 2010 <br />Note 2: DETAILED NOTES ON ALL FUNDS-CONTINUED <br />Interfund transfers completed in 201 I are detailed as follows: <br />Transfers: <br />Electric <br />Water <br />Transfer from Transfer to <br />Other Other <br />City Funds City Funds <br />$ - $ 711,415 <br />312,823 25,000 <br />Total transfers out <br />$ 312,823 $ 736.415 <br />The transfer out of the Electric fund was the annual transfer of 3 percent of 2011 revenues [o City funds. The <br />transfer out of the Water fund was for its share of bonding. The transfer in to the Water fund was for water main <br />reimbursement from City Trunk Fees. <br />Interfund transfers completed in 2010 are detailed as follows <br />Transfer from Transfer to <br />Other Other <br />Transfers: City Funds City Funds <br />Electric $ 53,741 $ 585,141 <br />Water 17,914 20,000 <br />Total transfers out $ 71,655 $ 605,141 <br />The transfer out of the Electric fund was the annual 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 into the Electric and Water funds were for <br />bond payments related to the refunding of the 20026 bonds. <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 the 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 [he 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 to 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 <br />allowable service, age and years of credit at termination of service. <br />47 <br />