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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2019 <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, 2018 $706,985 $882,018 ($175,033) <br />Changes for the year: <br />Service cost 40,799 - 40,799 <br />Interest 42,195 - 42,195 <br />Differences between expected and actual experience (71,654) - (71,654) <br />Changes of assumptions 15,462 - 15,462 <br />Changes in benefit terms 35,173 - 35,173 <br />Contributions - employer - 6,000 (6,000) <br />On behalf contributions - State of MN - 54,716 (54,716) <br />Contributions - employee - - - <br />Net investment income - 98,394 (98,394) <br />Benefit payments (27,928) (27,928) - <br />Administrative expense - (11,640) 11,640 <br />Net changes 34,047 119,542 (85,495) <br />Balance at December 31, 2019 $741,032 $1,001,560 ($260,528) <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 5.25%, 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 (4.25%) or 1 percentage point higher (6.25%) than the current <br />rate: <br />Current <br />1% Decrease Discount Rate 1% Increase <br />(4.25%) (5.25%) (6.25%) <br />Net pension liability (asset) ($232,668) ($260,528) ($286,504) <br /> PENSION PLAN FIDUCIARY NET POSITION <br /> <br />Detailed information about the pension plan’s fiduciary net position is available in a 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 />75