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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />1925 Police 1937 <br />Officers' Firefighters' <br />Actuarial Assumptions PERF Pension Pension <br />Investment rate of return <br />Projected future salary increases: <br />Total <br />Attributed to inflation <br />Attributed to merit/seniority <br />Cost-of-living adjustments <br />7.25% 6% 6% <br />5% 4% 4% <br />4% 4% 4% <br />1% 0% 0% <br />2% 2.75%/4%* 4% <br />*2.75% for converted members; 4% for nonconverted members <br />Three Year Trend Information <br />PERF <br />Annual Percentage Net <br />Pension Cost of APC Pension <br />Year Ending (APC) Contributed Obligation <br />06-30-04 $ 940,596 98% $ (245,325} <br />06-30-05 9,198,152 116% (137,602) <br />06-30-06 1,578,693 101% 230,670 <br />1925 Police Officers' Pension Plan <br />Annual Percentage Net <br />Pension Cost of APC Pension <br />Year Ending (APC) Contributed Obligation <br />12-31-03 $ 7,884,400 53% $ 28,372,366 <br />12-31-04 8,192,700 51% 32,393,974 <br />12-31-05 5,724,500 75% 33,837,983 <br />1937 Firefighters' Pension Plan <br />Annual Percentage Net <br />Pension Cost of APC Pension <br />Year Ending (APC) Contributed Obligation <br />12-31-03 $ 6,898,100 58% $ 25,605,319 <br />12-31-04 6,881,200 59% 28,454,162 <br />12-31-05 5,023,800 82% 29,339,461 <br />Membership in the 1925 Police Officers' Pension Plan and the 1937 Firefighters' Pension Plan <br />at January i, 2006, was comprised of the following: <br />1925 Police 1937 <br />Officers' Firefighters' <br />Pension Pension <br />Retires and beneficiaries currently <br />receiving benefits <br />Terminated employees entitled to but <br />not yet receiving benefits <br />Current active employees <br />221 207 <br />10 <br />74 <br />