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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 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 />As provided by state statute, all administrative costs are paid from employer contributions to
<br />the fund.
<br />Actuarial Information for the Above Plans
<br />Contribution rates:
<br />City
<br />Plan members
<br />Actuarial valuation date
<br />Actuarial cost method
<br />Amortization method
<br />Amortization period
<br />Amortization period
<br />(from date)
<br />Asset valuation method
<br />4.13%
<br />3%
<br />07 -01 -05
<br />Entry age
<br />Level percentage
<br />of projected
<br />payroll, closed
<br />40 years
<br />07 -1 -97
<br />75 %fl of expected
<br />actuarial value
<br />plus 25% of
<br />market value
<br />56
<br />917%
<br />6 %
<br />01 -01 -05
<br />Entry age
<br />Level percentage
<br />of projected
<br />payroll, closed
<br />30 years
<br />01 -01 -05
<br />4 year
<br />phase in of
<br />unrealized and
<br />realized capital
<br />1,261 %
<br />6 %
<br />01 -01 -05
<br />Entry age
<br />Level percentage
<br />of projected
<br />payroll, closed
<br />30 years
<br />01 -01 -05
<br />4 year
<br />phase in of
<br />unrealized and
<br />realized capital
<br />1925 Police
<br />1937
<br />Officers'
<br />Firefighters'
<br />PERF
<br />Pension
<br />Pension
<br />Annual required contribution
<br />$ 1,195,669
<br />$ 9,623,400
<br />$ 8,172,300
<br />Interest on net pension obligation
<br />(17,786)
<br />1,878,700
<br />1,720,500
<br />Adjustment to annual required
<br />contribution
<br />20,269
<br />(3,282,200)
<br />(3,005,700)
<br />Annual pension cost
<br />1,198,152
<br />8,219,900
<br />6,887,100
<br />Contributions made
<br />1,090,429
<br />4,171,092
<br />4,032,357
<br />Increase in net pension obligation
<br />107,723
<br />4,048,808
<br />2,854,743
<br />Net pension obligation,
<br />beginning of year
<br />(245,325)
<br />27,832,919
<br />25,488,523
<br />Net pension obligation, end of year
<br />$ (137,602)
<br />$ 31,881,727
<br />$ 28,343,266
<br />1925 Police
<br />1937
<br />Officers'
<br />F=irefighters'
<br />PERF Pension
<br />Pension
<br />Contribution rates:
<br />City
<br />Plan members
<br />Actuarial valuation date
<br />Actuarial cost method
<br />Amortization method
<br />Amortization period
<br />Amortization period
<br />(from date)
<br />Asset valuation method
<br />4.13%
<br />3%
<br />07 -01 -05
<br />Entry age
<br />Level percentage
<br />of projected
<br />payroll, closed
<br />40 years
<br />07 -1 -97
<br />75 %fl of expected
<br />actuarial value
<br />plus 25% of
<br />market value
<br />56
<br />917%
<br />6 %
<br />01 -01 -05
<br />Entry age
<br />Level percentage
<br />of projected
<br />payroll, closed
<br />30 years
<br />01 -01 -05
<br />4 year
<br />phase in of
<br />unrealized and
<br />realized capital
<br />1,261 %
<br />6 %
<br />01 -01 -05
<br />Entry age
<br />Level percentage
<br />of projected
<br />payroll, closed
<br />30 years
<br />01 -01 -05
<br />4 year
<br />phase in of
<br />unrealized and
<br />realized capital
<br />
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