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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br /> <br /> <br /> <br /> <br />$26,280 for the year ended December 31, 2016, as revenue (and an offsetting reduction of net pension <br />liability) for its proportionate share of the State of Minnesota’s on-behalf contributions to the PEPFF. <br />Legislation passed in 2013 required the State of Minnesota to begin contributing $9 million to the <br />PEPFF each year, starting in fiscal year 2014. <br /> <br />For the year ended December 31, 2016, the City recognized pension expense of $2,052,724 for its <br />proportionate share of the PEPFF’s pension expense. <br /> <br />At December 31, 2016, the City reported its proportionate share of the PEPFF’s deferred outflows of <br />resources and deferred inflows of resources related to pensions from the following sources: <br /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Differences between expected and <br /> actual economic experience $ - $1,344,330 <br />Changes in actuarial assumptions 6,449,185 - <br />Difference between projected and <br /> actual investment earnings 1,788,320 - <br />Changes in proportion 140,316 21,601 <br />Contributions paid to PERA <br /> subsequent to the measurement date 221,370 - <br />Total $8,599,191 $1,365,931 <br /> <br /> $221,370 reported as deferred outflows of resources related to pensions resulting from City <br />contributions subsequent to the measurement date will be recognized as a reduction of the net pension <br />liability in the year ended December 31, 2017. Other amounts reported as deferred outflows and <br />inflows of resources related to pensions will be recognized in pension expense as follows: <br /> <br />Pension <br />Year Ended Expense <br />December 31, Amount <br />2017 $1,505,322 <br />2018 1,505,322 <br />2019 1,505,322 <br />2020 1,360,802 <br />2021 1,135,122 <br />Thereafter - <br /> <br />ACTUARIAL ASSUMPTIONS <br /> <br />The total pension liability in the June 30, 2016 actuarial valuation was determined using the following <br />actuarial assumptions: <br /> <br />Inflation 2.50% per year <br />Active Member Payroll Growth 3.25% per year <br />Investment Rate of Return 7.50% <br /> <br />Salary increases were based on a service-related table. Mortality rates for active members, retirees, <br />survivors and disibilitants were based on RP-2014 tables for the General Employees Plan and RP-2000 <br />67