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CITY OF ROSEVILLE, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION NOTES TO RSI December 31, 2023 PERA Î Public Employees Police and Fire Fund 2023 Changes in Actuarial Assumptions: The investment return assumption was changed from 6.50% to 7.00%. The single discount rate changed from 5.40% to 7.00% 2023 Changes in Plan Provisions: An additional one-time direct state aid contribution of $19.4 million was contributed to the Plan on October 1, 2023. Vesting requirement for new hires after June 30, 2014, was changed from a graded 20-year vesting schedule to a graded 10-year vesting schedule, with 50% vesting after five years, increasing incrementally to 100% after 10 years. A one-time, non-compounding benefit increase of 3.00% will be payable in a lump sum for calendar year 2024 by March 31, 2024. Psychological treatment is required effective July 1, 2023, prior to approval for a duty disability benefit for a psychological condition relating to the memberÓs occupation. The total and permanent duty disability benefit was increased, effective July 1, 2023. 2022 Changes in Actuarial Assumptions: The single discount rate changed from 6.50% to 5.4%. The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021. 2021 Changes in Actuarial Assumptions: The investment return and single discount rates were changed from 7.50% to 6.50% for financial reporting purposes. The inflation assumption was changed from 2.50% to 2.25%. The payroll growth assumption was changed from 3.25% to 3.00%. The base mortality tables for healthy annuitants, disabled annuitants and employees were changed from RP-2014 tables to Pub-2010 Public Safety Mortality tables. The mortality improvement scale was changed from MP-2019 to MN-2020. Assumed salary increase and retirement rates were modified as recommended in the July 14, 2020 experience study. The changes result in a decrease in gross salary increase rates, slightly more unreduced retirements and fewer assumed early retirements. Assumed rates of withdrawal were changed from select and ultimate rates to service-based rates. The changes result in more assumed terminations. Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49. Overall, proposed rates result in more projected disabilities. Assumed percent married for active female members was changed from 60% to 70%. 2020 Changes in Actuarial Assumptions: The mortality projection scale was changed from MP-2018 to MP-2019. 2019 Changes in Actuarial Assumptions: The mortality projection scale was changed from MP-2017 to MP-2018. 2018 Changes in Actuarial Assumptions: The mortality projection scale was changed from MP-2016 to MP-2017. 2017 Changes in Actuarial Assumptions: 97 Qbhf!229!pg!494