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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />PERF administers the plan and issues a publicly available financial report that includes <br />financial statements and required supplementary information for the plan as a whole and <br />for its participants. The report may be obtained by contacting: <br />Public Employees' Retirement Fund <br />Harrison Building, Room 800 <br />143 West Market Street <br />Indianapolis, IN 46204 <br />Ph. (317) 233-4162 <br />Funding Policy and Annual Pension Cost <br />The contribution requirements of plan members for PERF are established by the Board of <br />Trustees of PERF. The primary government's annual pension cost and related infor- <br />mation, as provided by the actuary, is presented in this note. <br />Information to segregate the assets/liabilities and the actuarial study figures between the <br />government and the Utilities is not available. Therefore, the liability for Net Pension Obli- <br />gation (NPO) is considered an obligation of the government and is presented in the gov- <br />ernmental activities of the financial statements and is not presented as an liability of the <br />proprietary funds. <br />b. 1925 Police Officers' Pension Plan <br />Plan Description <br />The government contributes to the 1925 Police Officers' Pension Plan which is a single- <br />employer defined benefit pension plan. The plan is administered by the local pension <br />board as authorized by state statute (IC 36-8-6). The plan provides retirement, disability, <br />and death benefits to plan members and beneficiaries. The plan was established by the <br />plan administrator, as provided by state statute. The plan administrator does not issue a <br />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 1925 Police Officers' Pension <br />Plan are established by state statute. The government's annual pension cost and related <br />information as provided by the actuary, is presented in this note. <br />The use of the pay-as-you-go actuarial cost method by the government results in sig- <br />nificant underfunding of the plan. The Net Pension Obligation (NPO) is not reflected in <br />the financial statements of the pension trust funds, but instead is reported as an obliga- <br />tion of the governmental funds. <br />55 <br />