Laserfiche WebLink
CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />b. 1925 Police Officers' Pension Plan <br />Plan Description <br />The primary government contributes to the 1925 Police Officers' Pension Plan which is a <br />single - employer defined benefit pension plan. The plan is administered by the local pension <br />board as authorized by state statute (IC 36 -8 -6). The plan provides retirement, disability, and <br />death benefits to plan members and beneficiaries. The plan was established by the plan ad- <br />ministrator, as provided by state statute. The plan administrator does not issue a publicly <br />available financial report that includes financial statements and required supplementary <br />information of the plan. <br />Funding Policy and Annual Pension Cost <br />The contribution requirements of plan members for the 1925 Police Officers' Pension Plan <br />are 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 />c. 1937 Firefighters' Pension Plan <br />Plan description <br />The primary government contributes to the 1937 Firefighters' Pension Plan which is a single - <br />employer defined benefit pension plan. The plan is administered by the local pension board <br />as authorized by state statute (IC 36 -8 -7). The plan provides retirement, disability, and death <br />benefits to plan members and beneficiaries. The plan was established by the plan adminis- <br />trator, as provided by state statute. The plan administrator does not issue a publicly available <br />financial report that includes financial statements and required supplementary information of <br />the plan. <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 in- <br />formation, 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 />53 <br />