2019 City of Shakopee Comprehensive Annual Financial Report

CITY OF SHAKOPEE

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

2018

2017

2014

2015

2016

Total Pension Liability (TPL) Service cost Interest

$

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

$

- 52,084 244,054 - 136,432

$

135,715 224,377 - - -

$

139,447 228,231 - - - - 367,678

$

151,879 247,134 (75,511) 31,553 - (130,106) 224,949

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

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

(599,181) (239,089)

(298,088) 134,482

$

4,391,511

Beginning of year

$

3,903,491

$

3,664,402

$

4,032,080

$

4,257,029

$

3,664,402

$

4,032,080

$

4,257,029

$

4,391,511

End of year

$

3,081,191

Plan Fiduciary Net Pension (FNP) Contributions - employer

$

247,910 - 385,789

$

270,378 - (299,370) (1,807,369) (18,455) (1,854,816)

$

341,036

$

252,336 95 789,234

$

(33,204) - (9,761) 244,626 - (268,069)

-

Contributions - donations and other local

315,532

Net investment income

Benefit payments, including refunds of member

(599,181) (10,897)

contributions Administrative expense

731,658 (298,088) (11,919)

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

Net change in plan fiduciary net position

46,490

5,149,186

Beginning of year

5,182,390

6,367,761

5,135,900

5,636,103

End of year

$

6,367,761

$

4,512,945

$

5,182,390

$

5,149,186

$

5,636,103

$

1,517,988

$

1,976,250

$

1,431,754

$

(1,117,106)

$

1,379,074

Net Pension Liability (NPL)

Plan fiduciary net position as a percentage of the

145.0%

n/a n/a 146.5%

127.7%

132.4%

total pension liability Covered employee payroll

141.4%

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

108