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CITY OF LAKE ELMO, MINNESOTA <br />NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION <br />DECEMBER 31, 2023 <br /> <br /> <br />84 <br />NOTE 2 PUBLIC EMPLOYEES RETIREMENT PLAN – POLICE AND FIRE FUND (Continued) <br /> <br />2016 Changes <br /> <br />Changes in Actuarial Assumptions <br />• The assumed post-retirement benefit increase rate was changed from 1.00 percent per year through 2037 and 2.50 <br />percent thereafter to 1.00 percent per year for all future years. <br />• The assumed investment return was changed from 7.90 percent to 7.50 percent. <br />• The single discount rate changed from 7.90 percent to 5.60 percent. <br />• The assumed future salary increases, payroll growth, and inflation were decreased by 0.25 percent to 3.25 percent for <br />payroll growth and 2.50 percent for inflation. <br /> <br />Changes in Plan Provisions <br />• There have been no changes in plan provisions since the previous valuation. <br /> <br />2015 Changes <br /> <br />Changes in Actuarial Assumptions <br />• The assumed postretirement benefit increase rate was changed from 1.00 percent per year through 2030 and 2.50 <br />percent per year thereafter to 1.00 percent per year through 2037 and 2.50 percent per year thereafter. <br /> <br />Changes in Plan Provisions <br />• The post-retirement benefit increase to be paid after attainment of the 90 percent funding threshold was changed, from <br />inflation up to 2.50 percent, to a fixed rate of 2.50 percent. <br /> <br /> <br />NOTE 3 DEFINED BENEFIT PENSION PLAN – FIREFIGHTERS RELIEF ASSOCIATION <br /> <br />2022 Changes <br /> <br />Changes in Actuarial Assumptions <br />• The discount rate changed from 5.25 percent to 5.75 percent. <br /> <br />Changes in Plan Provisions <br />• There have been no changes in plan provisions since the previous valuation. <br /> <br />2021 Changes <br /> <br />Changes in Actuarial Assumptions <br />• There have been no changes in actuarial assumptions since the previous valuation. <br /> <br />Changes in Plan Provisions <br />• There have been no changes in plan provisions since the previous valuation. <br /> <br />2020 Changes <br /> <br />Changes in Actuarial Assumptions <br />• There have been no changes in actuarial assumptions since the previous valuation. <br /> <br />Changes in Plan Provisions <br />• There have been no changes in plan provisions since the previous valuation.