Laserfiche WebLink
<br /> 83 <br />City of Elk River <br />Notes to Basic Financial Statements <br /> <br /> <br />NOTE 12 – PENSION PLANS (CONTINUED) <br /> <br />Public Employees' Retirement Association (Continued) <br /> <br />D. Pension Costs (Continued) <br /> <br />General Employees Fund Pension Costs (Continued) <br /> <br />The net pension liability was measured as of June 30, 2023, and the total pension liability used to <br />calculate the net pension liability was determined by an actuarial valuation as of that date. The <br />City's proportionate share of the net pension liability was based on the City's contributions received <br />by PERA during the measurement period for employer payroll paid dates from July 1, 2022, through <br />June 30, 2023, relative to the total employer contributions received from all of PERA's participating <br />employers. The City's proportionate share was 0.1599% at the end of the measurement period and <br />0.1606% for the beginning of the period. The HRA's proportionate share was 0.0010% at the end of <br />the measurement period and 0.0008% for the beginning of the period. <br />City's proportionate share of the net pension liability 9,033,562$ <br />HRA's proportionate share of the net pension liability 53,256 <br />State of Minnesota's proportionate share of the net pension <br /> liability associated with the City 250,523 <br />Total 9,337,341$ <br />For the year ended December 31, 2023, the City and HRA recognized pension expense of $1,581,793 <br />and $10,561, respectively, for their proportionate share of General Employees Plan's pension <br />expense. Included in the amount, the City recognized $662 and the HRA recognized $65 as pension <br />expense (and grant revenue), respectively, for their proportionate share of the State of Minnesota's <br />contribution of $16 million to the General Employees Fund. <br /> <br />Page 204 of 464