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W-':' <br />E*S‘-'. <br />i|fc <br />ili' <br />r’ - f; '«'^- <br />1^: -• <br />Ppi^v, <br />^ y-' <br />^ L i ’ • <br />il ■;*f • <br />m^: <br />i. <br />1-- :-nr <br />Kg;. <br />«s <br />CITY OF ORONO, MINNESOTA <br />Notes to Financial Statements (continued) <br />December 31, 1991 <br />NOTE • • DEHNED BENEFIT PENSION PLANS - STATEWIDE (CONTINUED) <br />Total contributions made by the City during fisca> year 1991 were <br />Amounts <br />Percentage of <br />Covered Payroll <br />Employees Employer Employees Employer <br />PERF <br />PEPFF <br />33,985 $ <br />49.460 <br />35,976 <br />74.191 <br />4 23% <br />8 00% <br />4 48% <br />12 00% <br />$ 83.445 S 110^167 <br />Ihe City ’s contribution (employer ’s share) for the year ended December 31. 1991 to the PERF <br />npresettted 0.04% of total contributions required of all partic'pating entities For the PEPFF, <br />eofltributions for the year ended December 31, 1991 represente<ii 0.28% of total contributions required <br />of all participating entities <br />C. P^MkHng Status and Progran <br />I) Pension Benefit Obligation <br />The *p«uk>n benefit obligation' is a standardized disclosure mea.sure of the present value of <br />pension benefits, adjusted tor the effects of projected salary tncrea.ses and stcp>rate benefits, <br />estimated to be payable in the future as a result of employee service to date The measure, which <br />b die actuarial present value of credited projected benefits, is intended to help users assess <br />reRA's funding status on a going-concern basis, assess,,regress made accumulating sufficient <br />ataets to pay benefits when due. and make comparisons among Public Employees ’ Retirement <br />Syatema ml mong employers. PERA does not make separate measurements of assets and <br />pension benefit obligation for individual employers <br />The pension benefit c^ligations a.s i>f June 30. 199) are shown below <br />£EEL PE PH <br />fin Thousands <br />Total pension benefu obligation <br />Net assets available for benefits, at <br />cost (market value tor PERF » <br />$3,662,769; PEPFF • $872,430) <br />$ 4.458.010 S 732.911 I <br />mj2i I <br />Unfiinded (Ass^s in Excess oO <br />Pension Benefit Obligttton I 933.939 I (90.214)I <br />I <br />I <br />J.