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NOTES TO FINANCIAL STATEMENTS - Continued <br />December 31, 1984 - <br />Note 9: Pension Plans <br />Substantially all City employees are covered by a statewide contribu- <br />tory retirement plan operated by the Public Employees' Retirement <br />Association (PERA). The City records pension expense as the contribu- <br />tions come due. Contributions for 1984 were $83,373. Contribution <br />rates are determined on a statewide basis and include provisions for .. <br />prior service costs. The assets of the State of Minnesota PERA Fund <br />were substantially less than the actuarially computed value of vested <br />benefits as of the most recent valuation date. That part of the <br />deficiency attributable to the City is not determinable. <br />