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CITY OP ftOSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS - (CONTINUED) <br />DECEMBER 31,1988 � <br />Note �3 - Defined 6enefit Pension Plan - Volunteer Fire ReLief Association (Continued) <br />Funding StaTus and Progress - The amount shown betow as the 'pension 6enefit ohLigation' is a <br />standardized disclosure measure of the present vatue of pension benefits, adjusted for The efifects of <br />projected satary increases (if any) and step-rate benefits, estimated to 6e paya6le in the future as a <br />resutt of service to date. The measure is intended to heLp users assess the funding status of the <br />association on a going-concern basis, assess progress made in accumulating sufficient assets to pay <br />6ene{jts when due, and make comparisons among employers. The measure is the actuariaL present vaLue of <br />credited projected benefits and is independent of the funding method used to determine contri6utions to <br />the association. <br />The unfunded pension benefit obligation as of January 1, 1988, uas as follows: <br />Pension benefit obLigation <br />� Retirees and beneticiaries curreMLy receiving <br />benefits and [erminated empLoyees not ye[ <br />receiving henefits S 772,239 <br />Current employees 1,851,665 <br />� TotaL pension 6enefit obligation S 2,623,904 <br />Net assets availabte for henefits at <br />tower of cost or market �,867.582 <br />Unfunded pension benefit ohLigation S 756.322 <br />No changes in actuarial assumptions or benefits provisions that wouLd significantly affect the valuation of <br />, the pension 6enefit obligation occurred during 1988. <br />' Three Year Historicat Trend <br />...� �986 1987 1988 <br />Nei assets availa6le for henefits <br />(Expressed as a percent of pension <br />benefit ohLigation) <br />Unfunded pension henefit obligation <br />(Expressed as a percent of annual <br />covered payrotl) <br />Employer contributions(Expressed <br />as a percent of covered payroLl) <br />N/A 65.3% 71.2Y. <br />N/A 371.7% 296.4% <br />N/A 0.0% 11.2% <br />