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05-26-2020-R
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05-26-2020-R
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CITY OF ARDEN HILLS <br /> <br />Notes to Required Supplementary Information (continued) <br />December 31, 2019 <br /> <br /> <br /> <br />-51- <br />NOTE 2 – PERA – GENERAL EMPLOYEES RETIREMENT FUND (CONTINUED) <br /> <br />2017 CHANGES IN ACTUARIAL ASSUMPTIONS <br /> <br />• The Combined Service Annuity (CSA) loads were changed from 0.80 percent for active <br />members and 60.00 percent for vested and nonvested deferred members. The revised CSA <br />loads are now zero percent for active member liability, 15.00 percent for vested deferred <br />member liability, and 3.00 percent for nonvested deferred member liability. <br /> <br />• The assumed post-retirement benefit increase rate was changed from 1.00 percent per year for <br />all years, to 1.00 percent per year through 2044, and 2.50 percent per year thereafter. <br /> <br />2017 CHANGES IN PLAN PROVISIONS <br /> <br />• The state’s contribution for the Minneapolis Employees Retirement Fund equals <br />$16.0 million in 2017 and 2018, and $6.0 million thereafter. <br /> <br />• The Employer Supplemental Contribution for the Minneapolis Employees Retirement Fund <br />changed from $21.0 million to $31.0 million in calendar years 2019 to 2031. The state’s <br />contribution changed from $16.0 million to $6.0 million in calendar years 2019 to 2031. <br /> <br />2016 CHANGES IN ACTUARIAL ASSUMPTIONS <br /> <br />• The assumed post-retirement benefit increase rate was changed from 1.00 percent per year <br />through 2035 and 2.50 percent per year thereafter, to 1.00 percent per year for all years. <br /> <br />• The assumed investment return was changed from 7.90 percent to 7.50 percent. The single <br />discount rate changed from 7.90 percent to 7.50 percent. <br /> <br />• Other assumptions were changed pursuant to the experience study June 30, 2015. The <br />assumed future salary increases, payroll growth, and inflation were decreased by 0.25 percent <br />to 3.25 percent for payroll growth, and 2.50 percent for inflation. <br /> <br />2015 CHANGES IN ACTUARIAL ASSUMPTIONS <br /> <br />• The assumed post-retirement benefit increase rate was changed from 1.00 percent per year <br />through 2030 and 2.50 percent per year thereafter, to 1.00 percent per year through 2035, and <br />2.50 percent per year thereafter. <br /> <br />2015 CHANGES IN PLAN PROVISIONS <br /> <br />• On January 1, 2015, the Minneapolis Employees Retirement Fund was merged into the <br />General Employees Fund, which increased the total pension liability by $1.1 billion and <br />increased the fiduciary plan net position by $892.0 million. Upon consolidation, state and <br />employer contributions were revised; the state’s contribution of $6.0 million, which meets the <br />special funding situation definition, was due September 2015.
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