6.1. SR 06-07-2021 - Laserfiche WebLink

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NOTE 9 CITY OF ELK RIVER, MINNESOTA NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2020 DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) D. Pension Costs 1. GERF Pension Costs At December 31, 2020, the City and HRA reported liabilities of $9,013,814 and $51,316, respectively, for their proportionate shares of the GERF's net pension liability. The City and HRA net pension liabilities reflected a reduction due to the state of Minnesota's contribution of $16 million. The state of Minnesota is considered a nonemployer contributing entity and the state's contribution meets the definition of a special funding situation. The state of Minnesota's proportionate share of the net pension liability associated with the City and HRA totaled $277,843 and $1,582, respectively. The net pension liability was measured as of June 30, 2020 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City and HRA proportion of the net pension liability was based on the City's contributions received by PERA during the measurement period for employer payroll paid dates from July 1, 2019 through June 30, 2020 relative to the total employer contributions received from all of PERA's participating employers. The City and HRA's combined proportionate share was 0.1512% at the end of the measurement period and 0.1453% for the beginning of the period. Description City's Proportionate Share of the GERF Net Pension Liability HRA's Proportionate Share of the GERF Net Pension Liability State's Proportionate Share of the GERF Net Pension Liability Associated with the City and HRA Total Amount $ 9,013,814 51,316 279,425 $ 9,344,555 For the year ended December 31, 2020, the City and HRA recognized pension expense of $472,026 and $2,625, respectively, for their proportionate shares of the GERF's pension expense. In addition, the City and HRA recognized an additional $24,180 and $138, respectively, as pension expense (and grant revenue) for their proportionate share of the state of Minnesota's contribution of $16 million to the General Employees Fund during the City's fiscal year ended December 31, 2020. (62)