2004 Comprehensive Annual Financial Report

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CITY OF SOUTH BEND NOTES TO FINANCIAL STATEMENTS (Continued) State statute (IC 36 -8 -8) regulates the operations of the system, including benefits, vesting and requirements for contributions by employers and by employees. Covered employees may retire at age fifty -five with twenty years of service. An employee with twenty years of service may leave service, but will not receive benefits until reaching age fifty -five. The plan also provides for death and disability benefits. PERF issues a publicly available financial report that includes financial statements and required supplementary information for the plan as a whole and for its participants. That 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 Costs Plan members are required to contribute 6% of the first -class police officers' and firefighters' salary and the primary government is to contribute at an actuarially determined rate. The current rate, which has not changed since the inception of the plan, is 21 % of the first -class police offi- cers' and firefighters' salary. The contribution requirements of plan members and the primary government are established by the Board of Trustees of PERF. The primary government's contri- butions to the plan for the years ending December 31, 2004, 2003, and 2002, were $3,068,934, $2,873,958, and $2,673,111, respectively, equal to the required contributions for each year. 57