07-13-1992 Council Packet - Laserfiche WebLink

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L-'i-■a<e-::. f ■ I I I .,^LI Ir:- '■ ' — c' I i ■ ''a;-'I {.• y •■y#S I I ■ I M'' j Vf.-ti- Iii. • W'Vi.I t:S K- :; r. I P-: m ■ I ^r--; '-i- 1fe- lit: W&i CITY OF ORONO, MINNESOTA Notes to Financial Statements (continued) December 31. 1991 note 9 - DEFINED BENEFIT PENSION PLANS - STATEWIDE (CONTINUED) The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30, 1991. Net assets available to pay pension ben«>fit.s were valued as of June 30, 1991. 2) Chanfcs In Bcncfil Provisiona During the 1991 legislative session, benefit improvements were obtained for survivors of members in the Basic Plan and the Police and Fire Fund. In the Basic Plan, the maximum family death benefit was increased from $1,000 per month to 70% of the member’s average salary. In the Pt^ice and Fire Fund, childien’s benefits were restored for families of disabled members who had chosen the joint and survivor annuity option before death The effect of these changes increased the pension benefit obligation in the PERF by $4,016,869 and had essentially no effect <m the pension benefit obligation in the PEPFF D. Toi-Ycar Wstorioil Trend Information Tm-yetf historical trend information is presented in PERA’s Comprehensive Annual Financial Report for the year ended June 30, 1991. Ti..s information is useful in assessing the pension plan's accumulation of tuffkieni assets to pay pension benefits as they become due. E. Beteled Party Investments As of JuM 30, 1991, and for the fiscal year then ended. PERA held no securities issued by the City or other rdtfed parties. NOTE 10 • INDIVIDUAL FUND DISCUJSURFJs A. tiNorfund Advances Advances To Advances From Gowral Fund Building CiK)ital Oitlay Fund Permanent Improvement Revolving Fund 1991 Public Facilities Fund 56 900 285.689 56,900 2iLm % »2Jif9 S 342.519 •t,. 1