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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 /> Assumed rates of retirement were changed, resulting in fewer retirements. <br /> The Combined Service Annuity (CSA) load was 30% for vested and non-vested deferred <br />members. The CSA has been changed to 33% for vested members and 2 percent for non-vested <br />members. <br /> The base mortality table for healthy annuitants was changed from the RP-2000 fully generational <br />table to the RP-2014 fully generational table (with a base year of 2006), with male rates adjusted <br />by a factor of 0.96. The mortality improvement scale was changed from Scale AA to Scale MP- <br />2016. The base mortality table for disabled annuitants was changed from the RP-2000 disabled <br />mortality table to the mortality tables assumed for healthy retirees. <br /> Assumed termination rates were decreased to 3% for the first three years of service. Rates beyond <br />the select period of three years were adjusted, resulting in more expected terminations overall. <br /> Assumed percentage of married female members was decreased from 65% to 60%. <br /> Assumed age difference was changed from separate assumptions for male members (wives <br />assumed to be three years younger) and female members (husbands assumed to be four years <br />older) to the assumption that males are two years older than females. <br /> The assumed percentage of female members electing Joint and Survivor annuities was increased. <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 />*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 />105