1995 CAFR - Laserfiche WebLink

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Note 10. DEFINED BENEFIT PENSION PLANS - STATEWIDE (continued) B. Contributions Required and Contributions Made (continued) Total contributions made by the City during fiscal year 1995 were: PERF $ 29,309 $ 31,041 4.23% 4.48% PEPFF 41,367 62,050 7.60% 11.40% The City's contribution for the year ended June 30, 1995, to the PERF represented .012 percent of total contributions required of all participating entities. For the PEPFF, contributions for the year ended June 30, 1995, represented .122 percent of total contributions required of all participating entities. C. Funding Status and Progress 1. Pension Benefit Obligation CITY OF RAMSEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 Percentage of Amounts Covered Payroll Employees Employer Employees Employer 70,676 $ 93,091 The "pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step -rate benefits, estimated to be payable in the future as a result of employee service to date. The measure, which is the actuarial present value of credited projected benefits, is intended to help users assess PERA's funding status on a going- concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among Public Employees Retirement Systems and among employers. PERA does not make separate measurements of assets and pension benefit obligation for individual employers. The pension benefit obligations as of June 30, 1995, are shown below: PERF PEPFF (In Thousands) Total pension benefit obligation $ 5,999,492 $ 1,113,225 Net assets available for benefits at cost (Market Values for PERF = $5,266,688 PEPFF = $1,445,345 5,074,357 1,356,179 Unfunded (assets in excess of) pension benefit obligation $ 925,135 $ (242,954) —25—