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CITY OF MOUNDS VIEW <br />Notes to Required Supplementary Information (continued) <br />December 31, 2023 <br />PERA — GENERAL EMPLOYEES RETIREMENT FUND (CONTINUED) <br />2020 CHANGES IN PLAN PROVISIONS <br />Augmentation for current privatized members was reduced to 2.00 percent for the period <br />July 1, 2020 through December 31, 2023, and zero percent thereafter. Augmentation was <br />eliminated for privatizations occurring after June 30, 2020. <br />2019 CHANGES IN ACTUARIAL ASSUMPTIONS <br />• The mortality projection scale was changed from MP-2017 to MP-2018. <br />2019 CHANGES IN PLAN PROVISIONS <br />• The employer supplemental contribution was changed prospectively, decreasing from <br />$31.0 million to $21.0 million per year. The state's special funding contribution was changed <br />prospectively, requiring $16.0 million due per year through 2031. <br />2018 CHANGES IN ACTUARIAL ASSUMPTIONS <br />The mortality projection scale was changed from MP-2015 to MP-2017. <br />The assumed benefit increase was changed from 1.00 percent per year through 2044, and <br />2.50 percent per year thereafter, to 1.25 percent per year. <br />2018 CHANGES IN PLAN PROVISIONS <br />• The augmentation adjustment in early retirement factors is eliminated over a five-year period <br />starting July 1, 2019, resulting in actuarial equivalence after June 30, 2024. <br />• Interest credited on member contributions decreased from 4.00 percent to 3.00 percent, <br />beginning July 1, 2018. <br />• Deferred augmentation was changed to zero percent, effective January 1, 2019. Augmentation <br />that has already accrued for deferred members will still apply. <br />• Contribution stabilizer provisions were repealed. <br />• Post -retirement benefit increases were changed from 1.00 percent per year with a provision to <br />increase to 2.50 percent upon attainment of 90.00 percent funding ratio to 50.00 percent of the <br />Social Security Cost of Living Adjustment, not less than 1.00 percent and not more than <br />1.50 percent, beginning January 1, 2019. <br />• For retirements on or after January 1, 2024, the first benefit increase is delayed until the retiree <br />reaches normal retirement age; does not apply to Rule of 90 retirees, disability benefit <br />recipients, or survivors. <br />• Actuarial equivalent factors were updated to reflect revised mortality and interest assumptions. <br />C11.2 <br />