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CITY OF ST. ANTHONY, MINNESOTA <br />REQUIRED SUPPLEMENTARY INFORMATION <br />NOTES TO RSI <br />December 31, 2021 <br /> <br /> <br /> <br /> <br />Note A LEGAL COMPLIANCE – BUDGETS <br /> <br />The General Fund budget is legally adopted on a basis consistent with accounting principles generally accepted <br />in the United States of America. The legal level of budgetary control is at the department level for the General <br />Fund. <br /> <br />Note B OPEB INFORMATION <br /> <br />No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75 to pay <br />related benefits. There are no factors that affect trends in the amounts reported. <br /> <br />Note C PENSION INFORMATION <br /> <br />PERA – General Employees Retirement Fund <br /> <br />2021 Changes in Actuarial Assumptions: <br /> The investment return and single discount rates were changed from 7.50% to 6.50% for financial <br />reporting purposes. <br /> The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020. <br /> <br />2020 Changes in Actuarial Assumptions: <br /> The price inflation assumption was decreased from 2.50% to 2.25%. <br /> The payroll growth assumption was decreased from 3.25% to 3.00%. <br /> Assumed salary increase rates were decreased 0.25% and assumed rates of retirement were <br />changed resulting in more unreduced (normal) retirements and slightly fewer Rule of 90 and early <br />retirements. Assumed rates of termination and disability were also changed. <br /> Base mortality tables were changed from RP-2014 tables to Pub-2010 tables, with adjustments. <br /> The mortality improvement scale was changed from Scale MP-2018 to Scale MP-2019. <br /> The spouse age difference was changed from two years older for females to one year older. <br /> The assumed number of married male new retirees electing the 100% Joint & Survivor option <br />changed from 35% to 45%. The assumed number of married female new retirees electing the <br />100% Joint & Survivor option changed from 15% to 30%. The corresponding number of married <br />new retirees electing the Life annuity option was adjusted accordingly. <br />2020 Changes in Plan Provisions: <br /> Augmentation for current privatized members was reduced to 2.0% for the period July 1, 2020 <br />through December 31, 2023 and 0.0% after. Augmentation was eliminated for privatizations <br />occurring after June 30, 2020. <br /> <br />2019 Changes in Actuarial Assumptions: <br /> The mortality projection scale was changed from MP-2017 to MP-2018. <br /> <br />2019 Changes in the Plan Provisions: <br /> The employer supplemental contribution was changed prospectively, decreasing from $31.0 <br />million to $21.0 million per year. The State’s special funding contribution was changed <br />prospectively, requiring $16.0 million due per year through 2031. <br /> <br />2018 Changes in Actuarial Assumptions: <br /> The mortality projection scale was changed from MP-2015 to MP-2017. <br /> The assumed benefit increase was changed from 1.00% per year through 2044 and 2.50% per year <br />thereafter to 1.25% per year. <br />103