1991 CAFR - Laserfiche WebLink

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Note 9. DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued) C. Funding Status and Progress (Continued) The pension benefit obligations as of June 30, 1991, are shown below: PERF PEPFF Total pension benefit obligation $ 4,458,010 $ 732,911 Net assets available for benefits at cost (market values for PERF = $3,662,769; PEPFF = $872,430) 3,524,071 823,125 Unfunded (assets in excess of) pension benefit obligation $ 933,939 $ (90,214) The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30, 1991. Net assets available to pay pension benefits were valued as of June 30, 1991. 2. Changes in Benefit Provisions During the 1991 legislative session, benefit improvements were obtained for survivors of members in the Basic Plan and the Police and Fire Fund. In the Basic Plan, the maximum family death benefit was increased from $1,000 per month to 70 percent of the member's average salary. In the Police and Fire Fund, children's benefits were restored for families of disabled members who had chosen the joint and survivor annuity option before death. The effect of these changes increased the pension benefit obligation in the PERF by $4,016,869 and had essentially no effect on the pension benefit obligation in the PEPFF. D. Z'en -Year Historical Trend Information Ten -year historical trend information is presented in PERA's Comprehensive Annual Financial Report for the year ended June 30, 1991. This information is useful in assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they become due. E. ?Plated Party Investments CITY OF RAMSEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 As of June 30, 1991, and for the fiscal year then ended, PERA held no securities issued by the City or other related parties. (In Thousands).