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<br /> <br /> <br /> <br />i. <br /> <br /> <br /> <br />CITY OF RAMSEY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />December 31, 1989 <br />Note 9. DEFINED BENEFIT PENSION PLANS -STATEWIDE (continued) <br />Total contributions made by the City during fiscal year 1989 were: <br />PERF $19,256 $20,426 <br />PEPFF 21.967 32.950 <br />$41,223 $53,376 <br />Percentage of, <br />Covered Payroll <br />~loyee m ( r <br />4.12% 4.37% <br />7.97% 1 1 .96% <br />The City's contribution (employer's share) for the year ended December 31, <br />1989 to the PERF represented .03% of total contributions required of all <br />participating entities. For the PEPFF, contributions for the year ended <br />December 31, 1989, represented .15% of total contributions required of all <br />participating entities. <br />C. Funding Status and Progress <br />1 . Pension Benefit Obligation <br />The "pension benefit obligation" is a standardized disclosure <br />measure of the present value of pension benefits, adjusted for the <br />effects of projected salary increases and step-rate benefits, <br />estimated to be payable in the future as a result of employee <br />service to date. The measure, which is the actuarial present value <br />of credited projected benefits, is intended to help users assess <br />PERA's funding status on agoing-concern basis, assess progress <br />made in accumulating sufficient assets to pay benefits when due, <br />and make comparisons among Public Employees' Retirement <br />Systems and among employers. PERA does not make separate <br />measurements of assets and pension benefit obligation for <br />individual employers. <br />-3~- <br />