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CITY OF ELK RIVER, MINNESOTA
<br />REQUIRED SUPPLEMENTARY INFORMATION - CONTINUED
<br />FOR THE YEAR ENDED DECEMBER 31, 2015
<br />Schedule of employer's PERA contributions - Public Employees Police and Fire Fund
<br />Year
<br />Ending
<br />12/31/15
<br />Required Supplementary Information
<br />$ 478,192 $ 478,192 $
<br />$ 2,951,802 16.2 %
<br />Schedule of changes in the Fire Relief Association's net pension liability (asset) and related ratios
<br />Contributions in
<br />Total pension liability
<br />164,825
<br />Service cost
<br />$ 93,312
<br />Relation to the
<br />126,522
<br />Changes of benefit terms
<br />62,318
<br />Statutorily
<br />Statutorily
<br />Contribution
<br />City's
<br />Contributions as
<br />Required
<br />Required
<br />Deficiency
<br />Covered
<br />a Percentage of
<br />Contribution
<br />Contribution
<br />(Excess)
<br />Payroll
<br />Covered Payroll
<br />(a)
<br />(b)
<br />(a -b)
<br />(c)
<br />(b/c)
<br />$ 478,192 $ 478,192 $
<br />$ 2,951,802 16.2 %
<br />Schedule of changes in the Fire Relief Association's net pension liability (asset) and related ratios
<br />Total pension liability - December 31, 2014 (a) $ 2,235,966
<br />Plan fiduciary net position
<br />Contributions - employer
<br />2015
<br />Total pension liability
<br />164,825
<br />Service cost
<br />$ 93,312
<br />Interest
<br />126,522
<br />Changes of benefit terms
<br />62,318
<br />Net change in total pension liability
<br />282,152
<br />Total pension liability - January 1, 2014
<br />1,953,814
<br />Total pension liability - December 31, 2014 (a) $ 2,235,966
<br />Plan fiduciary net position
<br />Contributions - employer
<br />$ 30,000
<br />Contributions - state
<br />164,825
<br />Net investment income
<br />124,109
<br />Administrative expense
<br />(8,634)
<br />Net change in plan fiduciary net position
<br />310,300
<br />Plan fiduciary net position - January 1, 2014
<br />2,880,579
<br />Plan fiduciary net position - December 31, 2014 (b)
<br />$ 3,190,879
<br />Fire Reliefs net pension liability (asset) - December 31, 2014 (a -b)
<br />$(954,913)
<br />Plan fiduciary net position as a percentage
<br />of the total pension liability (b/a)
<br />142.71%
<br />Covered -employee payroll N/A
<br />Fire Reliefs net pension liability (asset) as a percentage
<br />of covered -employee payroll N/A
<br />Notes to Schedule
<br />Benefit changes. In 2015, the benefit terms were modified to base public safety employee pensions on a final three-year average salary instead of a final five-
<br />year average salary.
<br />Changes of assumptions. In 2015, amounts reported as changes of assumptions resulted primarily from adjustments to expected retirement ages of general
<br />employees. In 2015, amounts reported as changes of assumptions resulted primarily from adjustments to expected retirement ages of public safety employees.
<br />In 2015, amounts reported as changes of assumptions resulted primarily from adjustments to assumed life expectancies as a result of adopting the RP -2000
<br />Healthy Annuitant Mortality Table for purposes of developing mortality rates.
<br />This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10 -year trend is compiled, governments should
<br />present information for those years for which information is available.
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