Laserfiche WebLink
CITY OF LITTLE CANADA, MINNESOTA <br />PERA SCHEDULE OF THE CITY'S PROPORIONATE SHARE <br />OF NET PENSION LIABILITY (CONTINUED) <br />YEAR ENDED DECEMBER 31, 2021 <br />NOTES TO SCHEDULE OF CHANGES IN NET PENSON LIABILITIES AND RELATED RATIOS (CONTINUED) <br />2019 Changes <br />Changes in Actuarial Assumptions <br />The morality projection scale was changed from MP-2017 to MP-2018. <br />Changes in Plan Provisions <br />The employer supplemental contribution was changed prospectively, decreasing from $31.0 million to $21.0 million per year. The State’s special funding <br />contribution was changed prospectively, requiring $16.0 million due per year through 2031. <br />2018 Changes <br />Changes in Actuarial Assumptions <br />The morality projection scale was changed from MP-2015 to MP-2017. <br />The assumed benefit increase was changed from 1.00 percent per year through 2044 and 2.50 percent per year thereafter to 1.25 percent per year. <br />Changes in Plan Provisions <br />The augmentation adjustment in early retirement factors is eliminated over a five-year period starting July 1, 2019, resulting in actuarial equivalence after <br />June 30, 2024. <br />Interest credited on member contributions decreased from 4.00 percent to 3.00 percent, beginning July 1, 2018. <br />Deferred augmentation was changed to 0.00 percent, effective January 1, 2019. Augmentation that has already accrued for deferred members will still apply. <br />Contribution stabilizer provisions were repealed. <br />Postretirement benefit increases were changed from 1.00 percent per year with a provision to increase to 2.50 percent upon attainment of 90.00 percent <br />funding ratio to 50.00 percent of the Social Security Cost of Living Adjustment, not less than 1.00 percent and not more than 1.50 percent, beginning January <br />1, 2019. <br />For retirements on or after January 1, 2024, the first benefit increase is delayed until the retiree reaches normal retirement age; does not apply to Rule of 90 <br />retirees, disability benefit recipients, or survivors. <br />Actuarial equivalent factors were updated to reflect revised mortality and interest assumptions.86