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' MORGAN COUNTY QUALITY WATER DISTRICT <br /> Notes to Financial Statements <br /> Note F- Risk management <br /> The Morgan County Quality Water District is exposed to various risks of loss related to <br /> I torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to <br /> employees; claims relating to professional liability; and natural disasters. These risks are <br /> covered by commercial insurance purchased from independent third parties. Settled claims <br /> resulting from these risks have not exceeded commercial insurance coverage in any of the <br /> I past three fiscal years. There has been no significant reduction in insurance coverage from <br /> the prior year in any of the major categories of risk. <br /> INote G- Employee benefit plans <br /> The Governmental Accounting Standards Board (GASB) has issued Statement No. 27, <br /> I "Accounting for Pensions by State and Local Governmental Employers," and Statement No. <br /> 25, "Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined <br /> Contribution Plans." These statements supersede GASB No. 5 and have been implemented <br /> by the Association. <br /> IDefined benefit pension plan <br /> Plan description <br /> The District contributes to the Municipal Division Trust Fund (MDTF), a cost-sharing <br /> multiple-employer defined benefit pension plan administered by the Public Employees <br /> ' Retirement Association of Colorado (PERA). The MDTF provides retirement and <br /> disability, annual increases, and death benefits for members or their beneficiaries. All <br /> employees of the District are members of the MDTF. Title 24, Article 51 of the Colorado <br /> I Revised Statutes (CRS), as amended, assigns the authority to establish benefit <br /> provisions to the State Legislature. PERA issues a publicly available annual fmancial <br /> report that includes financial statements and required supplementary information for <br /> the MDTF. That report may be obtained by writing to Colorado PERA, 1300 Logan <br /> Street, Denver, Colorado 80203 or by calling PERA at 303-832-9550 or 1-800-759- <br /> PERA (7372). <br /> ' Funding policy <br /> Plan members and the District are required to contribute to the MDTF at a rate set by <br /> I statute. The contribution requirements of plan members and the District are <br /> established under Title 24,Article 51, Part 4 of the CRS, as amended. The contribution <br /> rate for members if 8.0% and for the District 13.7% of covered salary. A portion of the <br /> District's contribution (1.02% of covered salary) is allocated for the Health Care Trust <br /> IFund (see below). The District's contributions to the MDTF for the years ended <br /> December 31, 2010,2009 and 2008 were $63,267, $63,877 and $52,664, respectively, <br /> equal to their required contributions for each year. <br /> -23- <br /> • <br />