2004 Comprehensive Annual Financial Report

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CITY OF SOUTH BEND NOTES TO FINANCIAL STATEMENTS (Continued) As of December 31, 2004, there were several series of industrial revenue bonds outstanding. The aggregate principal amount payable is not available to the City. F. Postemployment Benefits In addition to the pension benefits described below, the primary government provides postemploy- ment healthcare benefits, as authorized by IC 5 -10 -8, to retired police officers and firefighters who reach normal retirement while working for the City. Currently, ninety -seven retirees meet these eli- gibility requirements and are covered by the postemployment program. The retirees must pay the em- ployee and employer assessments to remain. During the year ended December 31, 2004, expendi- tures of $491,737 were recognized for postemployment benefits. G. Pension Plans 1. Agent Multi le -Employer and Single-Employer Defined Benefit Pension Plans a. Public Employees' Retirement Fund Plan Description The primary government contributes to the Indiana Public Employees' Retirement Fund (PERF), a defined benefit pension plan. PERF is an agent multiple - employer public em- ployee retirement system, which provides retirement benefits to plan members and bene- ficiaries. All full -time employees are eligible to participate in the defined benefit plan. State statutes (IC 5 -10.2 and 5 -10.3) govern, through the PERF Board, most requirements of the system and give the primary government authority to contribute to the plan. The PERF retire- ment benefit consists of the pension provided by employer contributions plus an annuity pro- vided by the member's annuity savings account. The annuity savings account consists of member's contributions, set by state statute at three percent of compensation, plus the inter- est credited to the member's account. The employer may elect to make the contributions on behalf of the member. PERF administers the plan and issues a publicly available financial report that includes finan- cial statements and required supplementary information for the plan as a whole and for its participants. The report may be obtained by contacting: Public Employees' Retirement Fund Harrison Building, Room 800 143 West Market Street Indianapolis, IN 46204 Ph. (317) 233 -4162 Funding Policy and Annual Pension Cost The contribution requirements of plan members for PERF are established by the Board of Trustees of PERF. The primary government's annual pension cost and related information, as provided by the actuary, is presented in this note. Information to segregate the assetslliabilities and the actuarial study figures between the pri- mary government and the Utilities is not available. Therefore, the Net Pension Asset is con- sidered an obligation of the primary government and is presented in the governmental activi- ties of the financial statements and is not presented as an asset of the proprietary funds. 52