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05-26-2020-R
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05-26-2020-R
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<br />-41- <br />NOTE 6 – DEFINED BENEFIT PENSION PLAN – STATE-WIDE (CONTINUED) <br /> <br />F. Discount Rate <br /> <br />The discount rate used to measure the total pension liability in 2019 was 7.50 percent. The projection of <br />cash flows used to determine the discount rate assumed that contributions from plan members and <br />employers will be made at rates set in Minnesota Statutes. Based on these assumptions, the fiduciary net <br />position of the GERF was projected to be available to make all projected future benefit payments of <br />current plan members. Therefore, the long-term expected rate of return on pension plan investments was <br />applied to all periods of projected benefit payments to determine the total pension liability. <br /> <br />G. Pension Liability Sensitivity <br /> <br />The following presents the City’s proportionate share of the net pension liability, calculated using the <br />discount rate disclosed in the preceding paragraph, as well as what the City’s proportionate share of the <br />net pension liability would be if it were calculated using a discount rate 1 percentage point lower or 1 <br />percentage point higher than the current discount rate: <br /> <br />1% Decrease in 1% Increase in <br />Discount Rate Discount Rate Discount Rate <br />6.50%7.50%8.50% <br />City’s proportionate share of the <br /> GERF net pension liability 1,981,404$ 1,205,274$ 564,423$ <br /> <br />H. Pension Plan Fiduciary Net Position <br /> <br />Detailed information about the GERF’s fiduciary net position is available in a separately issued PERA <br />financial report that includes financial statements and required supplementary information. That report <br />may be obtained on the PERA website at www.mnpera.org; by writing to the PERA at 60 Empire Drive, <br />Suite 200, St. Paul, Minnesota 55103; or by calling (651) 296-7460 or (800) 652-9026. <br /> <br />
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