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CCP 06202022
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CCP 06202022
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8/11/2022 12:08:27 PM
Creation date
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 />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2021 <br />thenet pension liability in the year ended December 31, 2022. Other amounts reported as <br />deferred outflows and inflows of resources related to pensions will be recognized in pension <br />expense as outflows: <br />Year EndedPension <br />December 31,Expense <br />2022($2,775,623) <br />2023(352,321) <br />2024(484,190) <br />2025(831,643) <br />20261,331,355 <br />Thereafter - <br />The net pension liability will be liquidated by the general, water,sewer, storm, solid waste <br />and golffunds. <br />E.Actuarial Assumptions <br />The total pension liability in the June 30, 2021 actuarial valuation was determined using an <br />individual entry-age normal actuarial cost method and the following actuarial assumptions: <br />Inflation2.25% per year <br />Investment Rate of Return6.50% <br />The long-term investment rate of return is based on a review of inflation and investment return <br />assumptions from a number of national investment consulting firms. Thereview provided a range <br />of investment return rates deemed to be reasonable by the actuary. An investment return of <br />6.50% was deemed to be within that range of reasonableness for financial reporting purposes. <br />Salary growth assumptions in the GERF range in annual increments from 10.25% after one year <br />of service to 3.0% after 29 years of service and 6.0% per year thereafter. In the PEPFF, salary <br />growth assumptions range from 11.75% after one year of service to 3.0% after 24 years of <br />service. <br />Mortalityrates for GERF were based on the Pub-2010 General Employee Mortality Table. <br />Mortalityrates for PEPFF were based on the Pub-2010 Public Safety Employee Mortality tables. <br />Cost of living benefit increases after <br />retirement are assumed to be 1.25% per year for GERF and 1.0% per year for PEPFF. <br />Actuarial assumptions for GERF are reviewed every four years. The most recent four-year <br />experience study for GERF was completed in 2019. The assumption changes were adopted by <br />the Board and become effective with the July 1, 2020 actuarial valuation. Themost recent four- <br />year experience study for PEPFF was completed in 2020 and adopted by the Board and became <br />effective with the July 1, 2021 actuarial valuation. <br />68 <br /> <br />
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