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CITY OF LAKE ELMO, MINNESOTA <br />NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION <br />DECEMBER 31, 2023 <br /> <br /> <br />85 <br />NOTE 3 DEFINED BENEFIT PENSION PLAN – FIREFIGHTERS RELIEF ASSOCIATION (Continued) <br /> <br />2019 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 />2018 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 />• The benefit level increased from $3,400 to $5,850 for each year of service. <br /> <br /> <br />NOTE 4 OTHER POSTEMPLOYMENT BENEFIT PLAN <br /> <br />2023 Changes <br /> <br />Changes in Actuarial Assumptions <br />• The discount rate was changed from 1.84 percent to 4.05 percent based on updated 20-year municipal bonds rates. <br /> <br />Changes in Plan Provisions <br />• There have been no changes in plan provisions since the previous valuation. <br /> <br />2022 Changes <br /> <br />Changes in Actuarial Assumptions <br />• The discount rate was changed from 2.00 percent to 1.84 percent based on updated 20-year municipal bonds rates. <br />• Healthcare trend rates were reset to reflect updated cost increase expectations. <br />• Medical per capita claims costs were updated to reflect recent experience. <br />• Withdrawal, mortality, and salary increase rates were updated from the rates used in the 7/1/2019 PERA General <br />Employees Plan valuation to the rates used in the 7/1/2022 valuation. <br /> <br />Changes in Plan Provisions <br />• Retiree premiums were updated to current levels. <br /> <br />2021 Changes <br /> <br />Changes in Actuarial Assumptions <br />• The discount rate was changed from 2.75 percent to 2.00 percent. <br /> <br />Changes in Plan Provisions <br />• There have been no changes in plan provisions since the previous valuation.