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ELK RIVER FIRE RELIEF ASSOCIATION <br /> ELK RIVER,MINNESOTA <br /> NOTES TO THE FINANCIAL STATEMENTS <br /> DECEMBER 31,2012 AND 2011 <br /> Note 1: PLAN DESCRIPTION <br /> A. The financial reporting entity <br /> Firefighters of the City of Elk River(the City)are members of the Elk River Fire Relief Association(the Association). <br /> The Association is the administrator of a single-employer defined benefit pension plan(the Plan)available to <br /> firefighters.The Plan was established in 1922 under the provisions of Minnesota Laws 1965,chapter 446 as amended <br /> and Minnesota statute,chapters 69 and 424.It is governed by a Board of Trustees made up of six members elected by <br /> the members of the Association for three year terms,and the Mayor,Finance Director and Fire Chief,who serve as <br /> ex-officio voting members of the Board of Trustees. <br /> For financial reporting purposes,the Association's financial statements are not included with the City financial <br /> statements because the Association is not a component unit of the City.The Association does not have any component <br /> units. <br /> B. Membership information <br /> As of December 31,2012 and 2011,membership data related to the Association were: <br /> 2012 2011 <br /> Retirees and beneficiaries currently receiving <br /> benefits and terminated employees entitled to <br /> benefits but not yet receiving them 3 3 <br /> Active plan participants <br /> Vested <br /> Fully 10 11 <br /> Partially 23 21 <br /> Nonvested 3 6 <br /> Total 39 41 <br /> -25- <br />