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� <br />� <br />� <br />NOTE 4 <br />PEQUOT LAKES FIREMAN'S RELIEF ASSOCIATION <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2007 <br />DEFINED BENEFIT PENSION PLAN (CONTINUED) <br />Funding Status and Progress (Continued) <br />Funding status as of December 31, 2007 is as follows: <br />Pension Benefit Obligations: <br />Retirees and Beneficiaries Currently <br />Members Not Yet Receiving Benefits <br />Current Members <br />Total Pension Benefit Obligations <br />Net Assets Available for Benefits, at Fair Value <br />at December 31, 2007 <br />Excess Funded Pension Benefit Obligation <br />$ 181, 024 <br />480,750 <br />661,774 <br />747,773 <br />$ (85,999) <br />�6�� �u�;� <br />�� �O i�+� <br />Contributions Required and Contributions Made <br />Total contributions to the Association in 2007 amounted to $71,796 which consisted of the <br />two percent insurance premium tax from the State of Minnesota of $34,649, a state <br />reimbursement for supplemental benefits of $1,000, and a municipal contribution of $36,147 <br />from the City of Pequot Lakes. The volunteer firefighters were not required to make <br />contributions. <br />NOTE 5 RISK MANAGEMENT <br />The Relief Association is exposed to risks of loss primarily related to theft of assets. The <br />Relief Association purchases commercial insurance coverage for such risk. The treasurer <br />of the Association is covered by a bond equal to a minimum of ten percent of the <br />Association's assets as required by Minnesota Statute § 69.051, subd 2. There has been no <br />significant reduction in insurance coverage from the previous year and there have been no <br />claims resulting from these risks in any of the past three years. <br />(15) <br />