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A. Plan Description B. Pension Benefits CITY OF RAMSEY Notes to Financial Statements (continued) December 31, 2002 NOTE 8 — DEFINED BENEFIT PENSION PLANS — STATEWIDE (CONTINUED) The City's contributions for the past three years equal to the contractually required contributions for each year as set by state statute are as follows: PERF PEPFF Total 2002 $ 99,683 $ 96,472 $ 196,155 2001 $ 82,645 $ 91,413 $ 174,058 2000 $ 64,912 $ 83,250 $ 148,162 NOTE 9 — DEFINED CONTRIBUTION PENSION PLAN — FIRE RELIEF ASSOCIATION Volunteer fire fighters of the City of Ramsey are members of the Ramsey Fire Fighter's Relief Association. The Association is a single - employer defined contribution pension plan that operates under the provisions of Minnesota State Statutes § 69 and 424, as amended. It is governed by a Board of six officers and trustees elected by the members of the Association for three year terms. The chief of the Ramsey Volunteer Fire Depal lucent, the Mayor, and the Finance Director of the City of Ramsey are ex- officio members of the Board of Trustees. The City's payroll for members of the Relief Association for the year ended December 31, 2002, was $146,072 compared to a total City payroll of $3,355,384. For financial reporting purposes, the Association's financial statements are not included in the City of Ramsey's financial statements because the Association is not a component unit of the City. The Relief Association issues a publicly available financial report. A copy of the report may be obtained at Ramsey City Hall, 15153 Nowthen Boulevard, Ramsey, Minnesota, 55303. Minnesota State Statutes Chapters 424 and 424A authorize pension benefits for volunteer fire relief associations. In order to be entitled to a pension benefit, a fire fighter must have completed a minimum of 10 years of service with the Department, 10 years membership in the Association, and attain the age of 50 years. The fire fighter will then be 60% vested with every year after that at 4% per year until the 20th year when 100% vesting will occur. Because this plan is a defined contribution plan, the amount of the retirement benefit is not predetermined, but rather is based on the individual member's allocable portion of contributions made during the participation period. Fire Fighter's also have the availability of other pensions such as deferred pension, disability pension, death benefits, and supplemental death benefits. Each of these other pensions are determined based on age and years of service.