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CITY OF ARDEN HILLS <br /> <br />Notes to Required Supplementary Information (continued) <br />December 31, 2018 <br /> <br /> <br /> <br />-55- <br />NOTE 2 – PERA – GENERAL EMPLOYEES RETIREMENT FUND (CONTINUED) <br /> <br />2016 CHANGES (CONTINUED) <br /> <br />CHANGES IN ACTUARIAL ASSUMPTIONS (CONTINUED): <br /> <br />• Other assumptions were changed pursuant to the experience study dated June 30, 2015. The assumed <br />future salary increases, payroll growth, and inflation were decreased by 0.25 percent to 3.25 percent <br />for payroll growth, and 2.50 percent for inflation. <br /> <br /> <br />2015 CHANGES <br /> <br />CHANGES IN PLAN PROVISIONS: <br /> <br />• On January 1, 2015, the Minneapolis Employees Retirement Fund was merged into the General <br />Employees Retirement Fund, which increased the total pension liability by $1.1 billion and increased <br />the fiduciary plan net position by $892 million. Upon consolidation, state and employer contributions <br />were revised. <br /> <br />CHANGES IN ACTUARIAL ASSUMPTIONS: <br /> <br />• The assumed post-retirement benefit increase rate was changed from 1.00 percent per year through <br />2030, and 2.50 percent per year thereafter, to 1.00 percent per year through 2035, and 2.50 percent <br />per year thereafter. <br />