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CITY OF RAMSEY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />December 31, 1989 <br />Note 9. DEFINED BENEFIT PENSION PLANS -STATEWIDE (continued) <br />Increase (Decrease) in Pension <br />Benefit Obligation Due <br />PERF P PF <br />(in Thousands) <br />Changes in plan benefits $12 7 , 4 7 2 $ 2 7 , 8 51 <br />Changes in actuarial <br />assumptions l 8 4.15 4) j~,_9 6 31 <br />Net increase in pension <br />benefit obligation $43,31 8 $1 ,888 <br />D. Ten-Year Historical Trend Information <br />Ten-year historical trend information is presented in PERA's Comprehensive <br />Annual Financial Report for the year ended June 30, 1989. This information <br />is useful in assessing the pension plan's accumulation of sufficient assets to <br />pay pension benefits as they become due. <br />E Related Party Inv stm ntS <br />As of June 30, 1989, and for the fiscal year then ended, PERA held no <br />securities issued by the City or other related parties. <br />Note.10 DEFERRED COMPENSATION PLANS <br />The City offers its employees three deferred compensation plans created in <br />accordance with Internal Revenue .Code Section 457. The plans permit <br />employees to defer a portion of their salary into future years. The deferred <br />compensation is not available to employees until termination, retirement, <br />death, or unforeseen emergency. <br />The amounts of compensation deferred under the plans, all property and <br />rights purchased with those amounts, and all income attributable to those <br />amounts are solely the property and rights of the City, subject to the claims <br />of the City's general creditors. Participants' rights under the plans are equal <br />to those of general creditors of the City in an amount equal to the fair market <br />value of the deferred account for each participant. <br />-33- <br />