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CITY OF ST. ANTHONY, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION NOTES TO RSI December 31, 2016 Note A LEGAL COMPLIANCE – BUDGETS The General Fund budget is legally adopted on a basis consistent with accounting principles generally accepted in the United States of America. The legal level of budgetary control is at the department level for the General Fund. Note B PENSION INFORMATION PERA – General Employees Retirement Fund 2016 Changes Changes in Actuarial Assumptions: - The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2035 and 2.5% per year thereafter to 1.0% per year for all future years. - The assumed investment return was changed from 7.9% to 7.5%. The single discount rate was changed from 7.9% to 7.5%. - Other assumptions were changed pursuant to the experience study dated June 30, 2015. The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for payroll growth and 2.50% for inflation. PERA – Public Employees Police and Fire Fund 2016 Changes Changes in Actuarial Assumptions: - The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2037 and 2.5% thereafter to 1.0% per year for all future years. - The assumed investment return was changed from 7.9% to 7.5%. The single discount rate changed from 7.9% to 5.6%. - The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for payroll growth and 2.50% for inflation. Single Employer – Fire Relief Association 2016 Changes Changes in Actuarial Assumptions: - The assumed investment return was changed from 4.25% to 6.00%. The single discount rate changed from 4.25% to 6.00%. 103