Laserfiche WebLink
<br /> <br />July 15, 2024 <br /> <br /> <br />Public Employees Retirement Association of Minnesota <br />St. Paul, Minnesota <br /> <br />Re: City of Lake Elmo Volunteer Fire Department Actuarial Valuation as of December 31, 2024 <br /> <br />Dear PERA Trustees: <br /> <br />The results of the December 31, 2024 Actuarial Valuation of the City of Lake Elmo Volunteer Fire <br />Department (the Plan) are presented in this report. <br /> <br />This report was prepared at the request of the Board and is intended for use by the Public Employees <br />Retirement Association (PERA) and the Plan and those designated or approved by the Board or the Plan. <br />This report may be provided to parties other than PERA and the Plan only in its entirety and only with the <br />permission of the Board or the Plan. GRS is not responsible for unauthorized use of this report. <br /> <br />The purposes of the valuation are to measure the Plan’s funding progress and to determine the required <br />contribution for the fiscal year ending December 31, 2025. This report should not be relied on for any <br />purpose other than the purposes described herein. Determinations of financial results, associated with the <br />benefits described in this report, for purposes other than those identified above may be significantly <br />different. <br /> <br />The contribution in this report is determined using the actuarial assumptions and methods disclosed on <br />page 8 of this report. This report includes risk metrics on page 6 but does not include a more robust <br />assessment of the risks of future experience not meeting the actuarial assumptions. Additional assessment <br />of risks was outside the scope of this assignment. <br /> <br />This valuation assumed the continuing ability of the governing body to make the contributions necessary to <br />fund this plan. A determination regarding whether or not the governing body is actually able to do so is <br />outside our scope of expertise and was not performed. <br /> <br />The findings in this report are based on data and other information through December 31, 2023. The <br />valuation was based upon information furnished by PERA concerning the Plan, financial transactions, plan <br />provisions, and active and terminated members. We checked for internal reasonability and year-to-year <br />consistency, but did not audit the data. We are not responsible for the accuracy or completeness of the <br />information provided by PERA.