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CITY OF SOUTH BEND
<br />NOTES TO FINANCIAL STATEMENTS
<br />(Continued)
<br />Funding Policy and Annual Pension Cost
<br />The contribution requirements of plan members for the 1925 Police Officers' Pension Plan
<br />are established by state statute. The primary government's annual pension cost and related
<br />information as provided by the actuary, is presented in this note. The Net Pension Obligation
<br />(NPO) is considered an obligation of the City and is reflected in the Statement of Net Assets.
<br />c. 1937 Firefighters' Pension Plan
<br />Plan Description
<br />The primary government contributes to the 1937 Firefighters' Pension Plan which is a single -
<br />employer defined benefit pension plan. The plan is administered by the local pension board
<br />as authorized by state statute (IC 36 -8 -7). The plan provides retirement, disability, and death
<br />benefits to plan members and beneficiaries. The plan was established by the plan adminis-
<br />trator, as provided by state statute. The plan administrator does not issue a publicly available
<br />financial report that includes financial statements and required supplementary information of
<br />the plan.
<br />Funding Policy and Annual Pension Cost
<br />The contribution requirements of plan members for the 1937 Firefighters' Pension Plan are
<br />established by state statute. The primary government's annual pension cost and related
<br />information, as provided by the actuary, is presented in this note. The Net Pension Obligation
<br />(NPO) is considered an obligation of the City and is reflected in the Statement of Net Assets.
<br />Actuarial Information for the Above Plans
<br />Annual required contribution
<br />Interest on net pension obligation
<br />Adjustment to annual required
<br />contribution
<br />Annual pension cost
<br />Contributions made
<br />Increase (decrease) in net
<br />pension obligation
<br />Net pension obligation, beginning of year
<br />Net pension obligation, end of year
<br />54
<br />46,499 (1,916,700) (1,669,600)
<br />695,456 7,578,600 7,060,900
<br />754,755 5,292,559 4,807,902
<br />(59,299) 2,286,041 2,252,998
<br />(589,752} 19,033,247 17,096,896
<br />$ (649,051 } $ 21,319,288 $ 19,349,894
<br />Police
<br />1937
<br />rs
<br />Firefighters'
<br />. _ PERF s
<br />lion
<br />Pension
<br />$ 691,714
<br />$ 8,210,600
<br />$ 7,576,500
<br />(42,757)
<br />1,284,700
<br />1,154,000
<br />46,499 (1,916,700) (1,669,600)
<br />695,456 7,578,600 7,060,900
<br />754,755 5,292,559 4,807,902
<br />(59,299) 2,286,041 2,252,998
<br />(589,752} 19,033,247 17,096,896
<br />$ (649,051 } $ 21,319,288 $ 19,349,894
<br />
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