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<br /> <br />City of Lake Elmo Volunteer Fire Department 8 <br /> <br />Methods and Assumptions <br />Actuarial Methods <br />Valuation Date December 31, 2025, projected from data as of <br />December 31, 2024 <br />Funding Method Entry age normal level dollar with no pre-retirement <br />decrements per MN Statutes 353G.08 <br />Market Assets Trustee value plus any receivable income and less any <br />payables <br />Actuarial Assets Market assets projected to the end of the valuation year, <br />per MN Statutes 353G.08 <br /> <br />Economic Assumptions <br />Valuation Rate 6.00%, net of investment expenses <br />Increases to Fire State Aid 3.50% per year <br />Future Benefit Level Increases None <br />Interest on Deferred Benefits As indicated in member data <br /> <br />Other Assumptions <br />Mortality (pre-retirement) None <br />Mortality (post-retirement) Not Applicable <br />Disability None <br />Withdrawal None <br />Retirement Age Later of Age 50 or 20 years of service <br />Form of Payment Lump Sum <br />Administrative Expenses $60 per participant. <br />Service For liability purposes, active member service at retirement <br />is rounded. <br /> <br /> <br /> <br />Assumption Changes: Administrative Expenses were updated to $60 per participant beginning in plan year <br />2025.