2001 Comprehensive Annual Financial Report

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CITY 4F SOUTH BEND, INDIANA NOTES TG GENERAL-PURPGSE FINANCIAL STATEMENTS Continued} State statute ~iG 5-13-9}authorizes the City to invest in securities, including but not limited to, federal government securities, repurchase agreements, and certain money market mutual funds. Certain other statutory restrictions apply to all investments made by local governmental units. The City's investments are categorized below to give an indication of the level of risk assumed by the City at year end. Category 1 includes investments that are insured or registered or for which the securities are held by the City or its agent in the City's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the City's name. Category 3 includes uninsured and unregistered investments forwhich the securities are held by the counterparty, or by its trust department or agent but not in the City's name. _. Ca#e~o ~_~, 1 2 3 ~. U.S. Government Securities Repurchase Agreements Totals Note 4. Pension Plans Reported Fair Amount Value ;~- - ~ ~ `# '~ :~ $ 2,2fifi,125 $ 2,266,125 y=: * ~, ~~ `; 1,125,DD0 1,125,DDD ~,~:. ~. 3 ~ '- ' ~ $ 3,391,125 $ 3,391,125 A. Public Employees` Retirement Fund Plan Description The City of South Bend contributes to the Public Employees' Retirement Fund PERF}, a defned benefit pension plan. The Public Employees' Retirement Fund PERF} is an agent multiple- employerpublic employee retirement system, which provides retirement benefts to plan mem- bers and benef ciaries. All full-time employees are eligible to participate in the defined benef t plan. State statutes SIC 5-10.2 and 5-14.3} govern most requirements of the system and give the Ci#y authori#y to contribute to the plan. The PERF retirement benefit consists of the pension provided by employer contributions plus an annuity provided bythe members annuity savings account. The annuity savings account consists of member's contributions, set by state statute at three percent of compensation, plus the interest credited #o the member's account. The employer may elect to make the contributions on behalf of the member. 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 writing: Public Employees' Retirement Fund Harrison Building, Room 800 143 West Market Street Indianapolis, IN 46204 Phone X317} 233-41 fit 23