My WebLink
|
Help
|
About
|
Sign Out
Home
CCP 06202022
Roseville
>
City Council
>
City Council Meeting Packets
>
2022
>
CCP 06202022
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
8/11/2022 12:08:27 PM
Creation date
8/11/2022 12:08:06 PM
Metadata
Fields
Template:
Roseville City Council
Document Type
Council Agenda/Packets
Meeting Date
6/20/2022
Meeting Type
Regular
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
286
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2021 <br />The following changes in actuarial assumptions and plan provisions occurred in 2021: <br />General Employees Fund <br />Changes in Actuarial Assumptions: <br />The investment return and single discount rates were changed from 7.50% to 6.50% for <br />financial reporting purposes. <br />The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020. <br />Police and Fire Fund <br />Changes in Actuarial Assumptions: <br />The investment return and single discount rates were changed from 7.50% to 6.50% for <br />financial reporting purposes. <br />The inflation assumption was changed from 2.50% to 2.25%. <br />The payroll growth assumption was changed from 3.25% to 3.00%. <br />The base mortality tables for healthy annuitants, disabled annuitants and employees were <br />changed from RP-2014 tables to Pub-2010 Public Safety Mortality tables. The mortality <br />improvement scale was changed from MP-2019 to MN-2020. <br />Assumed salary increase and retirement rates were modified as recommended in the July 14, <br />2020 experience study. The changes result in a decrease in gross salary increase rates, <br />slightly more unreduced retirements and fewer assumed early retirements. <br />Assumed rates of withdrawal were changed from select and ultimate rates to service-based <br />rates. The changes result in more assumed terminations. <br />Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49. <br />Overall, proposed rates result in more projected disabilities. <br />Assumed percent married for active female members was changed from 60% to 70%. <br />The State Board of Investment, which manages the investments of PERA, prepares an analysis <br />of the reasonableness ona regular basis of the long-term expected rate of return using a <br />building-block method in which best-estimate ranges of expected future rates of return are <br />developed for each major asset class. These ranges are combined to produce an expected long- <br />term rate of return by weighting the expected future rates of return by the target asset allocation <br />percentages. The target allocation and best estimates of geometric real rates of return for each <br />major asset class are summarized in the following table: <br />TargetLong-Term Expected <br />Asset ClassAllocationReal Rate of Return <br />Domestic equity33.5%5.10% <br />International equity16.5%5.30% <br />Fixed income25%0.75% <br />Private markets25%5.90% <br />Total100% <br />69 <br /> <br />
The URL can be used to link to this page
Your browser does not support the video tag.