2003 Comprehensive Annual Financial Report

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CITY OF SOUTH BEND NOTES TO FINANCIAL STATEMENTS (Continued) 1937 Firefighters' Pension Plan Annual Percentage Net Pension Cost of APC Pension Year Ending (APC) Contributed Obligation 12 -31 -99 $ 5,578,400 47% $ 13,415,996 12 -31 -00 6,582,404 47% 16,923,000 12 -31 -01 7,060,900 68% 19,349,894 Membership in the 1925 Police Officers' Pension Plan and the 1937 Firefighters' Pension Plan at January 1, 2003, was comprised of the following: 1925 Police 1937 Officers' Firefighters' Pension Pension_ Retires and beneficiaries currently receiving benefits 259 204 Terminated employees entitled to but not yet receiving benefits - - Current active employees 13 12 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, a cost - 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 statute (IC 36 -8 -8) regulates the operations of the system, including benefits, vesting and requirements for contributions by employers and by employees. Covered employees may retire at age fifty -five with twenty years of service. An employee with twenty years of service may leave service, but will not receive benefits until reaching age fifty -five. 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) 2334162 56