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Funding Status <br /> The amount of the total accrued pension liability is based on a standardized measurement established by the Governmental <br /> Accounting Standards Board(GASB)that,with some exceptions,must be used by the relief associations for financial statement <br /> presentations.This standardized measurement is based on Minnesota statute 69.772.This pension valuation method reflects the <br /> present value of estimated pension benefits that will be paid in future years as a result of service years performed by the members of <br /> the Association.A standardized measure of the accrued pension liability was adopted by GASB to enable the readers of relief <br /> association financial statements to(a)assess the relief association's funding status on a going-concern basis,(b)assess progress being <br /> made in accumulating sufficient assets to pay benefits when due,and(c)make comparisons among relief associations. <br /> Because the standardized measure is used only for disclosure purposes by the Association,the measurement is independent of an <br /> actuarial computation made to determine contributions to the Association.The following represents the percentage funded trend for <br /> the last six years <br /> Funding <br /> Year Assets Liabilities Percentage <br /> 2008 $ 1,696,356 $ 2,392,353 70.9 % <br /> 2009 2,224,430 2,550,808 87.2 <br /> 2010 2,189,448 2,398,067 91.3 <br /> 2011 2,260,830 2,540,365 89.0 <br /> 2012 2,456,311 2,551,430 96.3 <br /> 2013 2,880,579 2,592,356 111.1 <br /> 120.0% <br /> 110.0% <br /> 111.1% <br /> 100.0% <br /> 90.0% 96.3% <br /> 91 % <br /> 89.0 <br /> 872% 3 % <br /> 80.0% <br /> 70.0% <br /> 70.9% <br /> 60.0% <br /> 2008 2009 2010 2011 2012 2013 <br /> Funding Percentage <br /> -13- <br />