Laserfiche WebLink
<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />~ <br /> <br />JULESBURG IRRIGATION DISTRI~ <br />NOTES TO FINANCIAL STATEMENTS <br />Deceaber 31, 1996 <br /> <br />NOTE H - EMPLO'YEES RETIREMENT PLAN <br /> <br />The DiBtri~t adopted an employee retirement plan for all eligible <br />e~ployees on January 1, 1995. The plan requires the employer to <br />contribute 3' of the employee's annual salary to the plan and <br />requires the employees to contribute 3' of their annual salary to <br />the plan. The plan is a aerined contribution plan; thererore, <br />the District is only obligated to contribute the amount defined <br />by the plan document and is not responsible for providing the <br />employees with a defined benefit. The plan is administered by <br />the Colorado county otfi~ial and Employees Retirement <br />Association and is SUbject to the laws and regulation. of Code <br />section 457 of the Internal Revenue Code. The employer and <br />employee contributions are immediately vested with the employee. <br />The employer and employees contributed $7,441 into the plan for <br />the year 1996. <br /> <br />NOTE I - RISK MANAGEMENT <br /> <br />The District is exposed to losses related to torts; theft of, <br />damage to or destruction of assets; errors and omissions; <br />job-related illnesses or injuries to ..ployees, and natural <br />disasters. The District purchases sufficient commeroial <br />insurance to cover losses from these events. and does not <br />self-insure or participate in a pUblio entity risk pool. <br />Settlement amounts have not exceeded insurance coverage for the <br />current year or the three prior years. <br /> <br />'\. <br /> <br />10. <br />