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CITY OF LAKE ELMO, MINNESOTA NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION DECEMBER 31, 2024 87 NOTE 4 OTHER POSTEMPLOYMENT BENEFIT PLAN 2024 Changes Changes in Plan Provisions: • There were no changes in plan provisions since the prior valuation. Changes in Actuarial Assumptions: • The discount rate was changed from 4.05 percent to 3.77 percent based on updated 20-year municipal bonds rates. • Healthcare trend rates were reset to reflect updated cost increase expectations. • Medical per capita claims costs were updated to reflect recent experience. • Withdrawal, mortality, and salary increase rates were added from the 7/1/2023 PERA Police & Fire Plan valuation for new Police & Fire employees. • The percent of future retirees assumed to elect coverage at retirement changed from 40% to 20% to reflect recent plan experience. 2023 Changes Changes in Actuarial Assumptions • The discount rate was changed from 1.84 percent to 4.05 percent based on updated 20 -year municipal bonds rates. Changes in Plan Provisions • There were no changes in plan provisions since the previous valuation. 2022 Changes Changes in Actuarial Assumptions • The discount rate was changed from 2.00 percent to 1.84 percent based on updated 20 -year municipal bonds rates. • Healthcare trend rates were reset to reflect updated cost increase expectations. • Medical per capita claims costs were updated to reflect recent experience. • Withdrawal, mortality, and salary increase rates were updated from the rates used in the 7/1/2019 PERA General Employees Plan valuation to the rates used in the 7/1/2022 valuation. Changes in Plan Provisions • Retiree premiums were updated to current levels. 2021 Changes Changes in Actuarial Assumptions • The discount rate was changed from 2.75 percent to 2.00 percent. Changes in Plan Provisions • There were no changes in plan provisions since the previous valuation.