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CITY OF SOUTH SEND
<br />NOTES TO FINANCIAL STATEMENTS
<br />(Continued)
<br />1937 Firefighters' 12 -31 -99 5,578,400 47% 13,415,996
<br />Pension Plan 12 -31 -00 6,582,404 47% 16,923,000
<br />12 -31 -01 7,060,900 68% 19,349,894
<br />Membership in the 1925 Police Officers' Pension Plan and the 1937 Firefighters' Pension Plan at
<br />January 1, 2003, was comprised of the following:
<br />1925 Police 1937
<br />Officers' Firefighters'
<br />Pension Pension
<br />Retires and beneficiaries currently
<br />receiving benefits 249 217
<br />Terminated employees entitled to but
<br />not yet receiving benefits - -
<br />Current active employees 13 8
<br />2. Cost -Shade Multiple-Employer Defined Benefit Pension Plan
<br />1977 Police Officers' and Firefighters' Pension and Disability Fund
<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 />56
<br />1925 Police
<br />1937
<br />Officers'
<br />Firefighters'
<br />Actuarial Assumptions
<br />PERF
<br />Pension
<br />Pension
<br />Investment rate of return
<br />7.25%
<br />7%
<br />7%
<br />Projected future salary increases:
<br />Total
<br />5%
<br />5%
<br />5%
<br />Attributed to inflation
<br />4%
<br />4%
<br />4%
<br />Attributed to merit/seniority
<br />1 %
<br />1%
<br />1%
<br />Cost -of- living adjustments
<br />2%
<br />0%
<br />0%
<br />Three Year Trend Information
<br />Annual
<br />Percentage
<br />Net
<br />Pension Cost
<br />of APC
<br />Pension
<br />Year Ending
<br />(APC)
<br />Contributed
<br />Obligation
<br />PERF 06 -30 -02
<br />$ 695,456
<br />109%
<br />$ (649,051)
<br />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 />1925 Police Officers'
<br />Pension Plan 12 -31 -99
<br />6,567,390
<br />43%
<br />14,928,837
<br />12 -31 -00
<br />7,103,263
<br />51%
<br />18,422,000
<br />12-31 -01
<br />7,578,600
<br />70%
<br />21,319,288
<br />1937 Firefighters' 12 -31 -99 5,578,400 47% 13,415,996
<br />Pension Plan 12 -31 -00 6,582,404 47% 16,923,000
<br />12 -31 -01 7,060,900 68% 19,349,894
<br />Membership in the 1925 Police Officers' Pension Plan and the 1937 Firefighters' Pension Plan at
<br />January 1, 2003, was comprised of the following:
<br />1925 Police 1937
<br />Officers' Firefighters'
<br />Pension Pension
<br />Retires and beneficiaries currently
<br />receiving benefits 249 217
<br />Terminated employees entitled to but
<br />not yet receiving benefits - -
<br />Current active employees 13 8
<br />2. Cost -Shade Multiple-Employer Defined Benefit Pension Plan
<br />1977 Police Officers' and Firefighters' Pension and Disability Fund
<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 />56
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