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CITY OF LAKE ELMO, MINNESOTA <br />NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION <br />DECEMBER 31, 2024 <br /> <br /> <br />86 <br />NOTE 3 DEFINED BENEFIT PENSION PLAN – FIREFIGHTERS RELIEF ASSOCIATION <br /> <br />2023 Changes <br /> <br />Changes in Actuarial Assumptions <br />• There were no changes in actuarial assumptions since the previous valuation. <br /> <br />Changes in Plan Provisions <br />• There were no changes in plan provisions since the previous valuation. <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 were no changes in plan provisions since the previous valuation. <br /> <br />2021 Changes <br /> <br />Changes in Actuarial Assumptions <br />• There were no changes in actuarial assumptions since the previous valuation. <br /> <br />Changes in Plan Provisions <br />• There were no changes in plan provisions since the previous valuation. <br /> <br />2020 Changes <br /> <br />Changes in Actuarial Assumptions <br />• There were no changes in actuarial assumptions since the previous valuation. <br /> <br />Changes in Plan Provisions <br />• There were no changes in plan provisions since the previous valuation. <br /> <br />2019 Changes <br /> <br />Changes in Actuarial Assumptions <br />• There were no changes in actuarial assumptions since the previous valuation. <br /> <br />Changes in Plan Provisions <br />• There were no changes in plan provisions since the previous valuation. <br /> <br />2018 Changes <br /> <br />Changes in Actuarial Assumptions <br />• There were 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 />