5.1 ERMUSR 05-11-2021 - Laserfiche WebLink

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- 25 - shares of the pension costs and the District’s net pension liability for GERF and TRA are represented in the City’s Comprehensive Annual Financial Report. For more information regarding GASB 68 with respect to the City, please reference please reference “Note 9, Defined Pension Plans – State-Wide” and “Required Supplementary Information” of the City’s Comprehensive Annual Financial Report for fiscal year ended December 31, 2019, an excerpt of which is included as Appendix IV of this Official Statement. (The City’s Comprehensive Annual Financial Report for the fiscal year ended December 31, 2020 is not yet available.) Additional and detailed information about GERF’s net position is available in a separately-issued PERA financial report, which may be obtained at www.mnpera.org; by writing to PERA at 60 Empire Drive #200, Saint Paul, Minnesota, 55103-2088; or by calling 1-800-652-9026. Sources: City’s Comprehensive Annual Financial Reports. Other Postemployment Benefits The Government Accounting Standards Board (GASB) has issued Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (GASB 75), establishing new accounting and financial reporting requirements related to post-employment healthcare and other non-pension benefits (referred to as Other Postemployment Benefits or “OPEB”). The City provides other postemployment health insurance benefits for retired employees through two defined benefit plans: Municipal Retirees Health Plan (MRHP), a single-employer plan, and Utilities Retirees Health Plan (URHP), a multi- employer plan. Each plan provides benefits for eligible retirees and their dependents through the City’s group health insurance plans, which cover both active and retired members. Since the premium is a blended rate determined on the active and retiree population, the retirees are receiving an implicit rate subsidy. The MRHP and URHP do not issue publicly available financial reports. The following employees were covered by the benefit terms as of December 31, 2019: MRHP URHP Active plan members 124 39 Active Plan Members Waiving Coverage 29 9 Inactive members receiving benefits 11 0 Inactive members waiving benefits 0 0 Total plan members 164 48 The City’s (MRHP) total OPEB liability was measured as of January 1, 2019, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of January 1, 2019. The Utilities (URHP) total OPEB liability was measured as of December 31, 2019, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of January 1, 2019. Components of the City’s OPEB liability and related ratios are represented in the District’s Comprehensive Annual Financial Report. For more information regarding GASB 75 with respect to the City and the Utilities, please reference “Note 12, Post Employment Benefits Other Than Pensions” “and “Required Supplementary Information” of the City’s Comprehensive Annual Financial Report for fiscal year ended December 31, 2019, an excerpt of which is included as Appendix IV of this Official Statement. (The City’s Comprehensive Annual Financial Report for the fiscal year ended December 31, 2020 is not yet available.) Sources: City’s Comprehensive Annual Financial Reports. 134