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<br />Employee Pensions <br /> <br />All full-time and certain part-time employees of the City of Elk River are covered by defined <br />benefit pension plans administered by the Public Employees Retirement Association of <br />Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the <br />Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple-employer <br />retirement plans. PERF members belong to either the Coordinated Plan or the Basic Plan. <br />Coordinated members are covered by Social Security and Basic members are not. All new <br />members must participate in the Coordinated Plan. All police officers, fire fighters and peace <br />officers who qualify for membership by statute are covered by the PEPFF. The City contributed <br />$298,484 to PERA for fiscal year ended December 31, 1998. <br /> <br />The City of Elk River is a non-employer contributor to the Elk River Fire Relief Association which is <br />the administrator of a single employer public employee retirement system (PERS) established to <br />provide benefits for members of the Elk River Fire Department. The Elk River Fire Relief <br />Association funding policy provides for contributions from the City of Elk River in amounts <br />sufficient to accumulate assets to pay benefits when due. Contributions from the City may consist <br />of State Aid and property tax revenue. The unfunded liability (if any) is amortized over a period of <br />ten years. Contributions totaling $79,502 ($20,150 from the City and $59,352 from the State of <br />Minnesota) were made in accordance with State Statutes requirements for the year ended <br />December 31, 1998. The contribution by the City was intended to cover normal cost. <br /> <br />(The Balance of This Page Has Been Intentionally Left Blank) <br /> <br />-21- <br />