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CCP 06202022
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CCP 06202022
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8/11/2022 12:08:27 PM
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8/11/2022 12:08:06 PM
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Roseville City Council
Document Type
Council Agenda/Packets
Meeting Date
6/20/2022
Meeting Type
Regular
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CITY OF ROSEVILLE, MINNESOTA <br />REQUIRED SUPPLEMENTARY INFORMATION <br />NOTES TO RSI <br />December 31, 2021 <br />Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49. Overall, <br />proposed rates result in more projected disabilities. <br />Assumed percent married for active female members was changed from 60% to 70%. <br />2020 Changes in Actuarial Assumptions: <br />The mortality projection scale was changed from MP-2018 to MP-2019. <br />2019 Changes in Actuarial Assumptions: <br />The mortality projection scale was changed from MP-2017 to MP-2018. <br />2018 Changes in Actuarial Assumptions: <br />The mortality projection scale was changed from MP-2016 to MP-2017. <br />2017 Changes in Actuarial Assumptions: <br />The single discount rate was changed from 5.6% to 7.5%. <br />Assumed salary increases were changed as recommended in the June 30, 2016 experience study. The <br />net effect is proposed rates that average 0.34% lower than the previous rates. <br />Assumed rates of retirement were changed, resulting in fewer retirements. <br />The Combined Service Annuity (CSA) load was 30% for vested and non-vested deferred members. The <br />CSA was changed to 33% for vested members and 2% for non-vested members. <br />The base mortality table for healthy annuitants was changed from the RP-2000 fully generational table to <br />the RP-2014 fully generational table (with a base year of 2006), with male rates adjusted by a factor of <br />0.96. The mortality improvement scale was changed from Scale AA to Scale MP-2016. The base <br />mortality table for disabled annuitants was changed from the RP-2000 disabled mortality table to the <br />mortality tables assumed for healthy retirees. <br />Assumed termination rates were decreased to 3% for the first three years of service. Rates beyond the <br />select period of three years were adjusted, resulting in more expected terminations overall. <br />Assumed percentage of married female members was decreased from 65% to 60%. <br />Assumed age difference was changed from separate assumptions for male members (wives assumed to <br />be three years younger) and female members (husbands assumed to be four years older) to the <br />assumption that males are two years older than females. <br />The assumed percentage of female members electing Joint and Survivor annuities was increased. <br />The assumed post-retirement benefit increase rate was changed from 1.00% for all years to 1.00% per <br />year through 2064 and 2.50% thereafter. <br />2016 Changes in Actuarial Assumptions: <br />The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2037 and <br />2.5% per year thereafter to 1.0% per year for all future years. <br />The assumed investment return was changed from 7.9% to 7.5%. The single discount rate changed from <br />7.9% to 5.6%. <br />The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for <br />payroll growth and 2.50% for inflation. <br />Single Employer – Fire Relief Association <br />With only six years reported in the RSI, there is no additional information to include in the notes. Details can be <br />obtained from the financial reports of the Fire Relief Association. <br />94 <br /> <br />
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