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! : � �ll�ify <br />�� • ♦� .��.� <br />� �� : •r• : <br />��� � u�. �� �_. :�' '� ��':� � � 'C' �. �� �� � <br />i£@I <br />1996 <br />I997 <br />1998 <br />C. Annual Pension Cost <br />Mioneeota State <br />Aid Contributiona <br />$125,046 <br />120,470 <br />125,126 <br />Schedule of Contributiooe <br />Three Year Period <br />City of Roaeville <br />Contributione <br />$2I t,116 <br />139,977 <br />16�,G90 <br />Total Contributiona <br />$336,162 <br />260,447 <br />290,816 <br />Percent <br />Contributed <br />]00% <br />100°/a <br />100% <br />For 1998, �he City's ennual pension cost of $165,690 is equal to Lhc City's required and actual contributions. The required conU-ihution <br />was detemnned as part of the January l, I998 actuarial valuation. The actuarial assumptions included (a) 5.0% investment rate of retum <br />(net of administrative expenses); (b) a mortality table of the 1971 Group Annuity Table; (c) tertnznation of 3 percent rate from age 20-30, <br />grading to no tem�inaUons after age 45; (d) disability rates besed upon 75 percent of the Railroad Re[irement Board Disability Rates; (e) <br />entry age bssed upon age on employment date; (� retirement age based upon the later of age 55 or 20 years of service; (g) SS percent of <br />members ere assumed [o be memed; (h) normal form of payment baxd upon joint and 100 percent to survivor annuity; and (i) asset basis <br />besed upon market value. . <br />The latest actueriai velue of plan liability on 7arivary I, 1998, was $5,854,255 with an increase to $6,029,019 by December 31, 1998. <br />The value of the plen assets, valued at market, totaled $�,113,397 on 7anuary l, 1998, increusing to $5,956,146 on December 31, 1998. A <br />three year snmtnary of AsseLs, Liabilities and funding ratids are lis[ed betow: <br />Year <br />12/3t/96 <br />12/3]/97 <br />12/31 /98 <br />Schedule of Funding Progress <br />December 31, 1998 <br />Actuarial Value of Actuarisl Accrued UoCundeJ Awrued <br />Assets Liability (Entry A�e] iabilit � <br />$4,230,630 $5,079,34iS $848,718 <br />$5,113,397 $5,854,255 $74Q858 <br />$5,956,146 $6,029,019 $72,873 <br />Funded Ratio <br />8329°/a <br />8734°/n <br />98J9"/a <br />Covered payroll is not an ac[uarial fector in determining benefits or funding obligations under applicable Minneso[a statutes. <br />44 <br />