2020 Comprehensive Annual Financial Report

CITY OF SHAKOPEE

SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS - FIRE RELIEF ASSOCIATION

2014

2015

2016

2017

2018

Total Pension Liability (TPL) Service cost Interest

$

135,715 224,377 - - -

$

139,447 228,231 - - -

$

151,879 247,134 (75,511) 31,553 -

$

- 52,084 244,054 - 136,432

$

143,848 208,821 (44,100) 83,689 104,791

Differenced between expected and actual experience Changes of assumptions

Changes of benefit terms

Benefit payments, including refunds of member

contributions Net change in total pension liability

(599,181) (239,089)

- 367,678

(130,106) 224,949

(298,088) 134,482

(1,807,369) (1,310,320)

Beginning of year

$

3,903,491

$

3,664,402

$

4,032,080

$

4,257,029

$

4,391,511

End of year

$

3,664,402

$

4,032,080

$

4,257,029

$

4,391,511

$

3,081,191

Plan Fiduciary Net Pension (FNP) Contributions - employer

$

341,036

$

244,626

$

247,910 - 385,789

$

252,336 95 789,234

$

270,378

Contributions - donations and other local

-

- (268,069)

- (299,370)

Net investment income

315,532

Benefit payments, including refunds of member

contributions Administrative expense Other Additions

(599,181) (10,897) -

- (9,761)

(16,676) - 486,917 (130,106)

(298,088) (11,919)

(1,807,369) (18,455) - (1,854,816)

-

-

Net change in plan fiduciary net position

46,490

(33,204)

731,658

Beginning of year

5,135,900

5,182,390

5,149,186

5,636,103

6,367,761

End of year

$

5,182,390

$

5,149,186

$

5,636,103

$

6,367,761

$

4,512,945

$

1,517,988

$

(1,117,106)

$

1,379,074

$

1,976,250

$

1,431,754

Net Pension Liability (NPL)

Plan fiduciary net position as a percentage of the

total pension liability

141.4%

127.7%

132.4%

145.0%

n/a n/a 146.5%

Covered employee payroll

n/a n/a

n/a n/a

n/a n/a

n/a n/a

Net pension liability as a percentage of covered payroll

110