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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2017 <br /> <br /> <br /> <br /> <br />CHANGES IN THE NET PENSION LIABILITY <br /> <br />Total Pension Plan Fiduciary Net Pension <br />Liability Net Position Liability (Asset) <br />(a)(b)(a) - (b) <br />Balance at December 31, 2016 $704,562 $901,635 ($197,073) <br />Changes for the year: <br />Service cost 37,542 - 37,542 <br />Interest 44,308 - 44,308 <br />Differences between expected and actual experience (35,041) - (35,041) <br />Change of assumptions 2,699 - 2,699 <br />Contributions - employer - 6,000 (6,000) <br />On behalf contributions - State of MN - 51,206 (51,206) <br />Contributions - employee - - - <br />Net investment income - 93,511 (93,511) <br />Benefit payments, including refunds of employee <br /> contributions (7,260) (7,260) - <br />Administrative expense - (11,829) 11,829 <br />Other changes - - - <br />Net changes 42,248 131,628 (89,380) <br />Balance at December 31, 2017 $746,810 $1,033,263 ($286,453) <br />Increase (Decrease) <br />PENSION LIABILITY (ASSET) SENSITIVITY <br /> <br /> The following presents the net pension liability (asset) of the City, calculated using the discount rate <br />of 5.75%, as well as what the net pension liability would be if it were calculated using a discount <br />rate that is 1-percentage-point lower (4.75%) or 1-percentage-point higher (6.75%) than the current <br />rate: <br /> <br />Current <br />1% Decrease Discount Rate 1% Increase <br />(4.75%) (5.75%) (6.75%) <br />Net pension liability (asset) ($264,143) ($286,453) ($307,640) <br /> <br />PENSION PLAN FIDUCIARY NET POSITION <br /> <br />Detailed information about the pension plan’s fiduciary net position is available in the separately <br />issued Relief Association financial report. That report may be obtained by writing to St. Anthony <br />Fire Department Relief Association, 3505 Silver Lake Road, St. Anthony, Minnesota, 55418. <br /> <br />74