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CITY OF LINO LAKES, MINNESOTA <br />REQUIRED SUPPLEMENTARY INFORMATION <br />NOTES TO RSI <br />December 31, 2019 <br /> <br /> <br /> <br /> <br /> Assumed age difference was changed from separate assumptions for male members (wives <br />assumed to be three years younger) and female members (husbands assumed to be four years <br />older) to the assumption that males are two years older than females. <br /> The assumed percentage of female members electing Joint and Survivor annuities was increased. <br /> The assumed post-retirement benefit increase rate was changed from 1.00% for all years to 1.00% <br />per year through 2064 and 2.50% thereafter. <br /> <br />2016 Changes in Actuarial Assumptions: <br /> The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2037 <br />and 2.5% per year thereafter to 1.0% per year for all future years. <br /> The assumed investment return was changed from 7.9% to 7.5%. The single discount rate <br />changed from 7.9% to 5.6%. <br /> The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to <br />3.25% for payroll growth and 2.50% for inflation. <br /> <br /> <br />Single Employer – Fire Division <br /> <br />There are no factors that affect trends in the amounts reported, such as change of benefit terms or <br />assumptions. With only three years reported in the RSI, there is no additional information to include in the <br />notes. <br />99