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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 />2017 Changes in Actuarial Assumptions: <br /> The Combined Service Annuity (CSA) loads were changed from 0.8% for active members and <br />60% for vested and non-vested deferred members. The revised CSA loads are now 0.0% for <br />active member liability, 15.0% for vested deferred member liability and 3.0% for non-vested <br />deferred member liability. <br /> The assumed post-retirement benefit increase rate was changed from 1.0% per year for all years <br />to 1.0% per year through 2044 and 2.5% per year thereafter. <br /> <br />2016 Changes in Actuarial Assumptions: <br /> The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2035 <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 was <br />changed from 7.9% to 7.5%. <br /> Other assumptions were changed pursuant to the experience study dated June 30, 2015. The <br />assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% <br />for payroll growth and 2.50% for inflation. <br /> <br /> <br />PERA – Public Employees Police and Fire 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 inflation assumption was changed from 2.50% to 2.25%. <br /> The payroll growth assumption was changed from 3.25% to 3.00%. <br /> The base mortality tables for healthy annuitants, disabled annuitants and employees were changed <br />from RP-2014 tables to Pub-2010 Public Safety Mortality tables. The mortality improvement <br />scale was changed from MP-2019 to MN-2020. <br /> Assumed salary increase and retirement rates were modified as recommended in the July 14, 2020 <br />experience study. The changes result in a decrease in gross salary increase rates, slightly more <br />unreduced retirements and fewer assumed early retirements. <br /> Assumed rates of withdrawal were changed from select and ultimate rates to service-based rates. <br />The changes result in more assumed terminations. <br /> Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49. <br />Overall, proposed rates result in more projected disabilities. <br /> Assumed percent married for active female members was changed from 60% to 70%. <br /> <br />2020 Changes in Actuarial Assumptions: <br /> The mortality projection scale was changed from MP-2018 to MP-2019. <br /> <br />2019 Changes in Actuarial Assumptions: <br /> The mortality projection scale was changed from MP-2017 to MP-2018. <br /> <br />2018 Changes in Actuarial Assumptions: <br /> The mortality projection scale was changed from MP-2016 to MP-2017. <br /> <br />2017 Changes in Actuarial Assumptions: <br /> The single discount rate was changed from 5.6% to 7.5%. <br /> Assumed salary increases were changed as recommended in the June 30, 2016 experience study. <br />The net effect is proposed rates that average 0.34% lower than the previous rates. <br />104