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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />Actuarial Assurn <br />1925 Police 1937 <br />Officers' Firefighters' <br />PERF Pension Pension <br />Investment rate of return <br />7.25% <br />6% <br />6% <br />Projected future salary increases: <br />Total <br />5% <br />4% <br />4% <br />Attributed to inflation <br />4% <br />4% <br />4% <br />Attributed to meritlseniority <br />1% <br />0% <br />0% <br />Cost -of- living adjustments <br />2% <br />2.75 %14 %" <br />2.75 %14 %* <br />- 2.75% for converted members; 4% for nonconverted <br />members <br />Three Year Trend Information <br />Annual <br />Percentage <br />Net <br />Pension Cost <br />of APC <br />Pension <br />Year Ending <br />(APQ <br />Contributed <br />Obligation <br />PERF 06 -30 -03 <br />$ 1,149,141 <br />67% <br />$ (264,711) <br />06 -30 -04 <br />940,596 <br />98% <br />(245,325) <br />06 -30 -05 <br />1,198,152 <br />116% <br />(137,602) <br />1925 Police Officers' <br />Pension Plan 12 -31 -02 <br />7,760,500 <br />40% <br />24,076,968 <br />12-31-03 <br />7,909,900 <br />53% <br />27, 832, 919 <br />12 -31 -04 <br />8,219,900 <br />51% <br />31,881,727 <br />1937 Firefighters' <br />Pension Plan 12 -31 -02 <br />6,995,800 <br />43% <br />22,566,016 <br />12 -31 -03 <br />6,903,600 <br />58% <br />25,488,523 <br />12 -31 -04 <br />6,887,100 <br />59% <br />28, 343,266 <br />Membership in the 1925 Police Officers' Pension <br />Plan and the 1937 Firefighters' Pension Plan at <br />January 1, 2005, was comprised of the following: <br />1925 Police <br />1937 <br />Officers' <br />Firefighters' <br />Pension <br />Pension <br />Retires and beneficiaries currently <br />receiving benefits 224 214 <br />Terminated employees entitled to but <br />not yet receiving benefits - - <br />Current active employees 12 7 <br />57 <br />