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ELK RIVER FIRE DEPARTMENT RELIEF ASSOCIATION <br />ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2008 AND 2007 <br />Note 1: PLAN DESCRIPTION <br />A. The Financial Reporting Entity <br />Firefighters of the City of Ells River (the City) are members of the Ells River Fire Relief Association (the <br />Association). The Association is the administrator of asingle-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 voting members of the Board of Trustees. <br />For fmancial reporting purposes, the Association's fmancial statements are not included with the City fmancial <br />statements because the Association is not a component unit of the City. The Association does not have any <br />component units. <br />B. Membership Information <br />As of December 31, 2008 and 2007, membership data related to the Association were: <br />2007 2007 <br />Retirees and beneficiaries currently receiving <br />benefits and terminated employees entitled to <br />benefits but not yet receiving them <br />Active plan participants <br />Vested <br />Fully <br />Partially <br />Nonvested <br />Total <br />4 4 <br />10 7 <br />22 23 <br />8 9 <br />44 43 <br /> <br />