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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2019 <br /> <br /> <br /> <br /> <br />population. Since the projected claims costs for retirees exceed the blended premium paid by retirees, <br />the retirees are receiving an implicit rate subsidy (benefit). The coverage levels are the same as those <br />afforded to active employees. Upon a retiree reaching age 65, Medicare becomes the primary insurer <br />and the City’s plan becomes secondary. <br /> <br /> <br />C. PARTICIPANTS <br /> <br />As of the January 1, 2018 actuarial valuation, participants of the plan consisted of: <br /> <br />Active employees 55 <br />Inactive employees or beneficiaries <br />currently receiving benefits 2 <br />Total 57 <br /> <br /> <br />D. TOTAL OPEB LIABILITY AND CHANGES IN TOTAL OPEB LIABILITY <br /> <br />The City’s total OPEB liability of $846,113 was measured as of December 31, 2018 and was <br />determined by an actuarial valuation as of January 1, 2018. Changes in the total OPEB liability during <br />2019 were: <br /> <br />Balance - beginning of year $803,931 <br />Changes for the year: <br />Service cost 66,821 <br />Interest 29,763 <br />Changes of benefit terms - <br />Differences between expected and actual experience - <br />Changes in assumptions (43,327) <br />Benefit payments (11,075) <br />Net changes 42,182 <br />Balance - end of year $846,113 <br /> <br />Changes in assumptions reflect a change in the discount rate from 3.44% in 2018 to 4.09% in 2019. <br /> <br /> <br />78