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CITY OF ST. ANTHONY, MINNESOTA <br />REQUIRED SUPPLEMENTARY INFORMATION <br />NOTES TO RSI <br />December 31, 2019 <br /> <br /> <br /> <br /> <br />- Other assumptions were changed pursuant to the experience study dated June 30, 2015. The assumed <br />future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for payroll <br />growth and 2.50% for inflation. <br /> <br />PERA – Public Employees Police and Fire Fund <br /> <br />2019 Changes <br />Changes in Actuarial Assumptions: <br />- The mortality projection scale was changed from MP-2017 to MP-2018 <br /> <br />2018 Changes <br />Changes in Actuarial Assumptions: <br />- The mortality projection scale was changed from MP-2016 to MP-2017. <br /> <br />2017 Changes <br />Changes in Actuarial Assumptions: <br />- The single discount rate was changed from 5.6% to 7.5%. <br /> <br />- Assumed salary increases were changed as recommended in the June 30, 2016 experience study. The <br />net effect is proposed rates that average 0.34% lower than the previous rates. <br /> <br />- Assumed rates of retirement were changed, resulting in fewer retirements. <br /> <br />- The Combined Service Annuity (CSA) load was 30% for vested and non-vested deferred members. <br />The CSA has been changed to 33% for vested members and 2% for non-vested members. <br /> <br />- The base mortality table for healthy annuitants was changed from the RP-2000 fully generational table <br />to the RP-2014 fully generational table (with a base year of 2006), with male rates adjusted by a factor <br />of 0.96. The mortality improvement scale was changed from Scale AA to Scale MP-2016. The base <br />mortality table for disabled annuitants was changed from the RP-2000 disabled mortality table to the <br />mortality tables assumed for healthy retirees. <br /> <br />- Assumed termination rates were decreased to 3.0% for the first three years of service. Rates beyond <br />the select period of three years were adjusted, resulting in more expected terminations overall. <br /> <br />- Assumed percentage of married female members was decreased from 65% to 60%. <br /> <br />- Assumed age difference was changed from separate assumptions for male members (wives assumed to <br />be three years younger) and female members (husbands assumed to be four years older) to the <br />assumption that males are two years older than females. <br /> <br />- The assumed percentage of female members electing Joint and Survivor annuities was increased. <br /> <br />- The assumed post-retirement benefit increase rate was changed from 1.00% for all years to 1.00% per <br />year through 2064 and 2.50% thereafter. <br /> <br />104