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CITY OF ORONO <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />December 31, 1989 <br />Note 10. DEFINED BENEFIT PENSION PLANS - STATEWIDE (continued) <br />Statutory Rates <br />For the Plan Year Ended <br />June 30, 1989: <br />Employees Employer <br />Required <br />Rates <br />PERF (Basic and Coordinated <br />Plans, Blended Rates) <br />PEPFF <br />k.llX <br />8.00% <br />k.hlX <br />12.00% <br />9.42% <br />16.69% <br />For the Plan Year Beginning <br />July 1, 1989: <br />PERF (Basic and Coordinated <br />Plans, Blended Rates) <br />PEPFF <br />4.47% <br />8.00% <br />4.46% <br />12.00% <br />8.83% <br />6.21% <br />Total contributions made by the City during fiscal year 1989 were: <br />Amounts <br />Percentage of <br />Covered Payroll <br />Employees Employer Employee? Employer <br />PERF (Coordinated <br />Plan only) <br />PEPFF <br />$ 26,491 $ 28,104 <br />48,769 73.154 <br />4.11% <br />8.00% <br />4.36% <br />12.00% <br />$ 75,260 S101.258 <br />The City*s contribution (employer's share) for the year ended <br />December 31, 1989, to the PERF represented approximately .03% of total <br />contributions required of all participating entities. For the PEPFF, <br />contributions for the year ended December 31, 1989, represented <br />approximately .33% of total contribution? required of all par­ <br />ticipating entities. <br />C. Funding Status and Progress <br />1. Pension Benefit Obligation <br />The "pension benefit obligation" is a standardized disclosure <br />measure of the present value of pension benefits, adjusted for <br />the effects of projected salary increases and step-rate bene­ <br />fits, estimated to be payable in the future as a result of <br />employee service to date. The measure, which is the actuarial <br />-46- <br />I <br />- \