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ELK RIVER MUNICIPAL UTILITIES <br /> ELK RIVER,MINNESOTA <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31,2012 AND 2011 <br /> Note 2: DETAILED NOTES ON ALL FUNDS—CONTINUED <br /> Interfund transfers completed in 2012 are detailed as follows: <br /> Transfer from Transfer to <br /> Other Other <br /> Transfers: City Funds City Funds <br /> Electric $ - $ 816,864 <br /> Water 1,372 40,828 <br /> Total transfers out $ 1,372 $ 857,692 <br /> The transfer out of the Electric fund was the annual transfer of 3 percent of 2012 revenues to City funds, $753,553, <br /> and contributions to a fiber project,$63,311.The transfer out of the Water fund was for its share of bonding, <br /> $25,000, and contributions to a fiber project, $15,828.The transfer in to the Water fund was for water main <br /> reimbursement from City Trunk Fees. <br /> Interfund transfers completed in 2011 are detailed as follows: <br /> Transfer from Transfer to <br /> Other Other <br /> Transfers: City Funds City Funds <br /> Electric $ - $ 711,415 <br /> Water 312,823 25,000 <br /> Total transfers $ 312,823 $ 736,415 <br /> The transfer out of the Electric fund was the annual transfer of 3 percent of 2011 revenues to 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 /> 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 a cost-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 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 />