2003 Comprehensive Annual Financial Report

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CITY OF SOUTH BEND NOTES TO FINANCIAL STATEMENTS (Continued) F. Pension Plans 1. Agent Multiple- Employer and Single- Employer Defined Benefit Pension Plans a. Public Employees' Retirement Fund Plan Description The primary government contributes to the Indiana Public Employees' Retirement Fund (PERF), a defined benefit pension plan. PERF is an agent multiple - employer public employee retirement system, which provides retirement benefits to plan members and bene- ficiaries. All full -time employees are eligible to participate in the defined benefit plan. State statutes (IC 5 -10.2 and 5 -10.3) govern, through the PERF Board, most requirements of the system and give the primary government authority to contribute to the plan. The PERF retire- ment benefit consists of the pension provided by employer contributions plus an annuity pro- vided by the member's annuity savings account. The annuity savings account consists of member's contributions, set by state statute at three percent of compensation, plus the inter- est credited to the member's account. The employer may elect to make the contributions on behalf of the member. PERF administers the plan and issues a publicly available financial report that includes finan- cial statements and required supplementary information for the plan as a whole and for its participants. The 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 Funding Policy and Annual Pension Cost The contribution requirements of plan members for PERF are established by the Board of Trustees of PERF. The primary government's annual pension cost and related information, as provided by the actuary, is presented in this note. b. 1925 Police Officers' Pension Plan Plan Description The primary government contributes to the 1925 Police Officers' Pension Plan which is a single - employer defined benefit pension plan. The plan is administered by the local pension board as authorized by state statute (IC 36 -8 -6). The plan provides retirement, disability, and death benefits to plan members and beneficiaries. The plan was established by the plan administrator, as provided by state statute. The plan administrator does not issue a publicly available financial report that includes financial statements and required supplementary information of the plan. 53