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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br /> <br /> <br /> <br /> <br />EMPLOYEES COVERED BY BENEFIT TERMS <br /> <br />At December 31, 2016, the following employees were covered by the benefit terms: <br /> <br />Retired members entitled to benefits, <br /> but have not received them 5 <br />Current members: <br />Fully vested (20 years or more) 4 <br />Partially vested (10 years to 19 years) 6 <br />Nonvested (less than 10 years) 20 <br />Total 35 <br /> <br />CONTRIBUTIONS <br /> <br />Minnesota Statutes Chapter 69.772 sets the minimum contribution requirement for the City and State <br />aid on an annual basis. These statutes are established and amended by the state legislature. The Relief <br />is comprised of volunteers; therefore, members have no contribution requirements. The City receives <br />the State aid contribution and is required by state statutes to pass this through as payment to the Relief. <br />The City’s contributions to the Relief for the year ended December 31, 2016, were $6,000. The City’s <br />contributions exceeded the required contribution of $6,000 as set by state statute. State aid <br />contributions for the year ended December 31, 2016 were $51,174. <br /> <br />NET PENSION LIABILITY <br /> <br />The City’s net pension liability (asset) was measured as of December 31, 2016, and the total pension <br />liability used to calculate the net pension liability (asset) was determined by an actuarial valuation as <br />of December 31, 2014 rolled forward to December 31, 2016. <br /> <br />ACTUARIAL ASSUMPTIONS <br /> <br />The total pension liability in the December 31, 2016 actuarial valuation was determined using the <br />following actuarial assumptions, applied to all periods included in the measurement: <br /> <br />Investment rate of return 6.00% <br />Projected salary increases N/A <br />Inflation 2.75% <br />Cost-of-living adjustments None <br />Age of service retirement 50 <br />Post retirement benefit increase None <br /> <br />Mortality assumptions for pre-retirement, post-retirement and disability are as follows: <br /> <br />Healthy pre-retirement – RP 2000 non-annuitant generational mortality projected with scale AA, <br />white collar adjustment, male rates set back 2 years, female rates set back 2 years. <br /> <br />Healthy post-retirement – RP 2000 annuitant generational mortality projected with scale AA, <br />white collar adjustment, without age adjustments. <br />71