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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 />F.Discount Rate <br />The discount rate used to measure the total pension liability in 2021 was 6.5%. The projection of <br />cash flows used to determine the discount rate assumed that contributions from plan members <br />and employers will be made at rates set in Minnesota Statutes. Based on these assumptions, the <br />fiduciary net position of the GERF and the PEPFF was projected to be available to make all <br />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 <br />payments to determine the total pension liability. <br />G.Pension Liability Sensitivity <br />share of the net pension liability would be if it were calculated using a discount rate one <br />percentage point lower or one percentage point higher than the current discount rate: <br />1% Decrease in1% Increase in <br />Discount Rate (5.5%)Discount Rate (6.5%)Discount Rate (7.5%) <br />Proportionate share of the <br /> GERF net pension liability$12,698,501$6,226,313$915,488 <br />Proportionate share of the <br /> PEPFF net pension liability$13,409,864$4,223,804($3,306,489) <br />H.Pension Plan Fiduciary Position <br />- <br />issued PERA financial report that includes financial statements and required supplementary <br />information. That report may be obtained at www.mnpera.org. <br />I.Pension Expense <br />Pension expense recognized by the City for the year ended December 31, 2021is as follows: <br />GERF$147,392 <br />PEPFF(213,147) <br />Total($65,755) <br />70 <br /> <br />
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