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<br />ELK RIVER FIRE DEP AR1MENT RELIEF ASSOCIATION <br />ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2005 AND 2004 <br /> <br />Note 1: PLAN DESCRIPTION <br /> <br />A. The Financial Reporting Entity <br /> <br />Firefighters of the City of Elk River (the City) are members of the Elk River Fire Relief Association (the <br />Association). The Association is the administrator of a single-employer defined benefit pension plan (the Plan) <br />available to firefighters. The Plan was established in 1922 under the provisions of Minnesota Laws 1965, <br />chapter 446 as amended and Minnesota statute, chapters 69 and 424. It is governed by a Board of Trustees <br />made up of six members elected by the members of the Association for three year terms, and the Mayor, Finance <br />Director and Fire Chief, who serve as ex-officio nonvoting members of the Board of Trustees. <br /> <br />For financial reporting purposes, the Association's financial statements are not included with the City financial <br />statements because the Association is not a component unit of the City. The Association does not have any <br />component units. <br /> <br />B. Membership Information <br /> <br />As of December 31,2005 and 2004, membership data related to the Association were: <br /> <br />Retirees and beneficiaries currently receiving <br />benefits and terminated employees entitled to <br />benefits but not yet receiving them <br /> <br />2005 <br /> <br />2004 <br /> <br />5 <br /> <br />4 <br /> <br />Active plan participants <br />Vested <br />Nonvested <br /> <br />26 <br />14 <br /> <br />28 <br />11 <br /> <br />Total <br /> <br />45 <br /> <br />43 <br /> <br />-3- <br />