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06-12-23-R
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06-12-23-R
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-42- <br />NOTE 7 – DEFINED BENEFIT PENSION PLAN – STATE-WIDE (CONTINUED) <br />Mortality rates for the General Employees Plan are based on the Pub-2010 General Employee Mortality <br />Table. The table is adjusted slightly to fit the PERA’s experience. <br />Actuarial assumptions for the General Employees Plan are reviewed every four years. The most recent <br />four-year experience study for the General Employees Plan was completed in 2019. The assumption <br />changes were adopted by the Board and became effective with the July 1, 2020 actuarial valuation. <br />The following change in actuarial assumptions occurred in 2022: <br />GERF – CHANGE IN ACTUARIAL ASSUMPTIONS <br />•The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021. <br />G.Discount Rate <br />The discount rate for the General Employees Plan used to measure the total pension liability in 2022 was <br />6.50 percent. The projection of cash flows used to determine the discount rate assumed that contributions <br />from plan members and employers will be made at rates set in Minnesota Statutes. Based on these <br />assumptions, the fiduciary net position of the General Employees Fund was projected to be available to <br />make all projected future benefit payments of current plan members. Therefore, the long-term expected <br />rate of return on pension plan investments was applied to all periods of projected benefit payments to <br />determine the total pension liability. <br />H.Pension Liability Sensitivity <br />The following table presents the City’s proportionate share of the net pension liability for all plans it <br />participates in, calculated using the discount rate disclosed in the preceding paragraph, as well as what the <br />City’s proportionate share of the net pension liability would be if it were calculated using a discount rate <br />1 percentage point lower or 1 percentage point higher than the current discount rate: <br />1% Decrease in Current 1% Increase in <br />Discount Rate Discount Rate Discount Rate <br />5.50%6.50%7.50% <br />City’s proportionate share of the <br /> GERF net pension liability 2,914,855$ 1,845,368$ 968,223$ <br />I.Pension Plan Fiduciary Net Position <br />Detailed information about the pension plan’s fiduciary net position is available in a separately -issued <br />PERA financial report that includes financial statements and required supplementary information. That <br />report may be obtained on the internet at www.mnpera.org.
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