2021 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

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

2016

2015

2017

2018

2014

Total Pension Liability (TPL) Service cost Interest

$

151,879 247,134 (75,511) 31,553 - (130,106) 224,949 4,032,080 (16,676) - 486,917 5,149,186 - 385,789 (130,106) 247,910 4,257,029

$

139,447 228,231 - - - - 367,678 3,664,402

$

136,432 244,054 - - 52,084 (298,088) 134,482

$

143,848 208,821

$

135,715 224,377 - - -

104,791 (1,807,369) (44,100) 83,689 (1,310,320)

Changes of benefit terms contributions Net change in total pension liability Beginning of year Benefit payments, including refunds of member Differenced between expected and actual experience Changes of assumptions

(599,181) (239,089) 3,903,491

$

4,391,511

$

$

4,257,029

$

$

$

3,081,191

$

$

4,391,511

End of year

$

4,032,080

$

3,664,402

Plan Fiduciary Net Pension (FNP) Contributions - employer

$

270,378

$

252,336 95 789,234 (298,088) (11,919) 731,658 5,636,103 -

$

244,626 - (268,069)

$

341,036

$

(1,807,369) (18,455) - (299,370) - (1,854,816)

Contributions - donations and other local

-

Net investment income contributions Administrative expense Other Additions

315,532 (599,181) (10,897) -

Benefit payments, including refunds of member

- (9,761)

-

Net change in plan fiduciary net position

(33,204)

46,490

6,367,761

Beginning of year

5,182,390

5,135,900

$

4,512,945

End of year

$

6,367,761

$

5,182,390

$

5,149,186

$

5,636,103

Net Pension Liability (NPL)

$

1,431,754

$

1,976,250

$

1,517,988

$

(1,117,106)

$

1,379,074

Net pension liability as a percentage of covered payroll Covered employee payroll Plan fiduciary net position as a percentage of the total pension liability

145.0%

n/a n/a 146.5%

141.4%

127.7%

132.4%

n/a n/a

n/a n/a

n/a n/a

n/a n/a

108