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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 /> The assumed post-retirement benefit increase rate was changed from 1.00% for all years to 1.00% <br />per year through 2064 and 2.50% thereafter. <br /> <br />2016 Changes in Actuarial Assumptions: <br /> The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2037 <br />and 2.5% per year thereafter to 1.0% per year for all future years. <br /> The assumed investment return was changed from 7.9% to 7.5%. The single discount rate <br />changed from 7.9% to 5.6%. <br /> The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to <br />3.25% for payroll growth and 2.50% for inflation. <br /> <br /> <br />Statewide Volunteer Firefighter Retirement Plan* <br /> <br />2020 Changes in Actuarial Assumptions: <br /> The assumed investment return and discount rate were changed from 5.25% to 6.00%. <br /> <br />2019 Changes in Actuarial Assumptions: <br /> The assumed investment return and discount rate were changed from 5.75% to 5.25%. <br /> <br />2018 Changes in Actuarial Assumptions: <br /> None <br /> <br />2017 Changes in Actuarial Assumptions: <br /> The assumed investment return and discount rate were changed from 6.00% to 5.75%. <br /> <br />2016 Changes in Actuarial Assumptions: <br /> The assumed investment return and discount rate were changed from 4.25% to 6.00%. <br /> <br /> <br />*The St. Anthony Fire Department joined the Statewide Volunteer Firefighter Retirement Plan during <br />December 2019. Changes in actuarial assumptions prior to 2020 occurred when the Fire Department’s <br />pension plan assets were held in a special pension trust fund of the St. Anthony Fire Department Relief <br />Association. <br /> <br />103