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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />Statements of Changes in Fiduciary Net Assets (continued): <br />Deductions: <br />Benefits and refunds paid to plan <br />members and beneficiaries <br />Administrative expenses <br />Total deductions <br />Changes in net assets <br />Net assets - beginning <br />Net assets — ending <br />1925 Police 1937 <br />Officers' Firefighters' <br />Pension Pension <br />5,262,782 4,578,073 <br />27,923 12,884 <br />5,290,705 4,590,957 <br />.............. <br />(831,173) (291,189) <br />914,732 840,644 <br />$ 83,559 $ 549,455 <br />2. Cost, - Sharing Multiple- Empfoyer Defined Benefit Pension Plan <br />1977 Police, Officers' and Firefighters' Pension and Disability Fund <br />, Offi,,,.,...._ <br />Plan Description <br />The primary government contributes to the 1977 Police Officers' and Firefighters' Pension and <br />Disability Fund, a cost- sharing multiple - employer defined benefit pension plan administered by <br />the Indiana Public Employees' Retirement Plan (PERF) for all police officers and firefighters hired <br />after April 30, 1977. <br />State statute (IC 36 -8 -8) regulates the operations of the system, including benefits, vesting and <br />requirements for contributions by employers and by employees. Covered employees may retire <br />at age 55 with 20 years of service. An employee with 20 years of service may leave service, but <br />will not receive benefits until reaching age 55. The plan also provides for death and disability <br />benefits. <br />PERF issues a publicly available financial report that includes financial statements and required <br />supplementary information for the plan as a whole and for its participants. That report may be <br />obtained by contacting: <br />Public Employees' Retirement Fund <br />Harrison Building, Room 800 <br />143 West Market Street <br />Indianapolis, IN 46204 <br />Ph, (317) 233 -4162 <br />59 <br />