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ELK RIVER FIRE RELIEF ASSOCIATION <br /> ELK RIVER,MINNESOTA <br /> REQUIRED SUPPLEMENTARY INFORMATION <br /> DECEMBER 31,2013 <br /> A. Schedule of funding progress <br /> Assets in <br /> Excess of <br /> (Unfunded) Benefit <br /> Valuation Value of Accrued Accrued Funded per Year <br /> Date Assets Liability Liability Rate of Service <br /> 12/31/13 $ 2,880,579 $ 2,592,356 $ 288,223 111.1 % $ 5,091 <br /> 12/31/12 2,456,311 2,551,430 (95,119) 96.3 5,091 <br /> 12/31/11 2,260,830 2,540,365 (279,535) 89.0 5,091 <br /> 12/31/10 2,189,448 2,398,067 (208,619) 91.3 5,091 <br /> 12/31/09 2,224,430 2,550,808 (326,378) 87.2 5,091 <br /> 12/31/08 1,696,356 2,392,353 (695,997) 70.9 5,091 <br /> B. Schedule of employer contributions <br /> Annual Percentage <br /> Year Pension of APC <br /> Ending Cost Contributed <br /> 12/31/13 $ 197,103 100.0 % <br /> 12/31/12 148,465 100.0 <br /> 12/31/11 157,022 100.0 <br /> 12/31/10 131,255 100.0 <br /> 12/31/09 127,024 100.0 <br /> 12/31/08 143,999 100.0 <br /> C. Notes to supplementary information <br /> Valuation date 12/31/13 <br /> Actuarial cost method Entry age normal <br /> Amortization method Level dollar closed <br /> Remaining amortization period <br /> Normal cost 20 years <br /> Prior service cost 5 years <br /> Asset valuation method Market <br /> Actuarial assumptions <br /> Investment rate of return 5% <br /> Projected salary increases N/A <br /> Inflation rate N/A <br /> Cost of living adjustments None <br /> -30- <br />