2006 Comprehensive Annual Financial Report

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CITY OF SOUTH BEND NOTES TO FINANCIAL STATEMENTS (Continued) Statements of Changes in Fiduciary Net Assets: Deductions Benefits and refunds paid to plan members and beneficiaries Administrative expenses Interest expense Total deductions Changes in net assets Net assets -beginning Net assets -ending 1925 Police 1937 Officers' Firefighters' Pension Pension 5,283,185 4,895,519 10,601 10,480 8,828 5,297 5,302,614 4,911,296 1,105,438 1,074,966 83,559 549,455 $ 1,188,997 $ 1,624,421 Administrative expenses are paid from property taxes and state distributions. Both are a portion of employer contributions. 2. Cost-Sharing Multiple-Employer Defined Benefit Pension Plan 1977 Police Officers' and Firefighters' Pension and Disability Fund Plan Description The primary government contributes to the 1977 Police Officers' and Firefighters' Pension and Disability Fund, acost-sharing multiple-employer defined benefit pension plan administered by the Indiana Public Employees' Retirement Plan (PERF) for all police officers and firefighters hired after April 30, 1977. State statutes (IC 36-8-8 and IC 36-8-8.5) regulate the operations of the system, including benefits, vesting and requirements for contributions by employers and by employees. Covered employees may retire at age 55 with 20 years of service. An employee with 20 years of service may leave service, but will not receive benefits until reaching age 55. The plan also provides for death and disability benefits. PERF issues a publicly available financial report that includes financial statements and required supplementary information for the plan as a whole and for its participants. That report may be obtained by contacting: Public Employees' Retirement Fund Harrison Building, Room 800 143 West Market Street Indianapolis, IN 46204 Ph. (317) 233-4162 76