2023 Annual Comprehensive Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2023

NOTE 14 – PENSION PLANS (CONTINUED) Public Employees' Retirement Association (Continued) J. Public Employees Defined Contribution Plan (Defined Contribution Plan) (Continued)

Total contributions made by the City during fiscal year 2023 were:

Contribution Amount

Percentage of Covered Payroll

Employee

Employer

Employee

Employer 5%

Required Rate

$

2,606

$

2,606

5%

5%

Defined Benefit Pension Plan – Volunteer Fire Fighter's Relief Association

A. Plan Description

The Shakopee Firefighter's Relief Association is the administrator of a single employer defined benefit pension plan established to provide benefits for members of the Shakopee Fire Department per Minnesota State Statutes. The Association issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by writing to Shakopee Fire Relief Association, 485 Gorman Street, Shakopee, Minnesota 55379 or by calling 952-233-9570. Volunteer firefighters of the City are members of the Shakopee Fire Fighter's Relief Association. Full retirement benefits are payable to members who have reached age 50 and have completed 20 years of service for lump sum service pension. Partial benefits are payable to members who have reached 50 and have completed 5 years of service. Disability benefits and widow and children's survivor benefits are also payable to members or their beneficiaries based upon requirements set forth in the bylaws. These benefit provisions and all other requirements are consistent with enabling state statutes. B. Benefits Provided

At December 31, 2022, the following employees were covered by the benefit terms: C. Employees Covered by Benefit Terms

Inactive employees entitled to but not yet receiving benefits

44 17

Active Employees

Total

61

97