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CITY OF SOUTH BEND
<br />NOTES TO FINANCIAL STATEMENTS
<br />(Continued)
<br />by the plan administrator, as provided by state statute. The plan administrator does not issue
<br />a publicly available financial report that includes financial statements and required supple-
<br />mentary information of the plan.
<br />Funding Policv and Annual Pension Cost
<br />The contribution requirements of plan members for the 1937 Firefighters' Pension Plan are
<br />established by state statute. The primary government's annual pension cost and related
<br />information, as provided by the actuary, is presented in this note. The Net Pension Obligation
<br />(NPO) is considered an obligation of the City and is reflected in the Statement of Net Assets.
<br />As provided by state statute, all administrative costs are paid from the fund. Contributions
<br />and benefits of this pension plan are recognized when due and payable in accordance with
<br />the terms of the plan. On-behalf revenues from the State of Indiana as shown in the financial
<br />statements approximate an equal amount paid out for benefits.
<br />Actuarial Information for the Above Plans
<br />1925 Police 1937
<br />Officers' Firefighters'
<br />PERF Pension Pension
<br />Annual required contribution $ 1,577,300 $ 6,135,100 $ 5,384,500
<br />Interest on net pension obligation (9,976) 1,943,600 1,707,200
<br />Adjustment to annual required contribution 11,369 (2,354,200) (2,067,900)
<br />Annual pension cost
<br />Contributions made
<br />Increase in net pension obligation
<br />Net pension obligation, beginning of year
<br />Net pension obligation, end of year
<br />Contribution rates:
<br />City
<br />Plan Members
<br />Actuarial valuation date
<br />Actuarial cost method
<br />Amortization method
<br />Amortization period
<br />Amortization period (from date)
<br />Asset valuation method
<br />1,578,693 5,724,500 5,023,800
<br />1, 210,421 4,280,491 4,138, 501
<br />368,272 1,444,009 885,299
<br />(137,602) 32,393,974 28,454,162
<br />$ 230,670 $ 33,837,983 $ 29,339,461
<br />PERF
<br />4.5
<br />3%
<br />07-01-05
<br />Entry age
<br />Level percentage
<br />of projected
<br />payroll, closed
<br />40 years
<br />07-01-97
<br />75% of expected
<br />actuarial value
<br />plus 25% of
<br />market value
<br />1925 Police
<br />Officers'
<br />Pension
<br />1,154%
<br />6%
<br />01-01-05
<br />Entry age
<br />Level percentage
<br />of projected
<br />payroll, closed
<br />30 years
<br />01-01-05
<br />4 year
<br />phase in of
<br />unrealized and
<br />realized capital
<br />1937
<br />Firefighters'
<br />Pension
<br />1,647%
<br />6%
<br />01-01-05
<br />Entry age
<br />Level percentage
<br />of projected
<br />payroll, closed
<br />30 years
<br />01-01-05
<br />4 year
<br />phase in of
<br />unrealized and
<br />realized capital
<br />73
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