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CITY OF ST. ANTHONY, MINNESOTA <br />REQUIRED SUPPLEMENTARY INFORMATION <br />NOTES TO RSI <br />December 31, 2022 <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 in <br />the United States of America. The legal level of budgetary control is at the department level for the General 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 related <br />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 />2023 Changes in Actuarial Assumptions: <br /> The investment return assumption and single discount rate were changed from 6.50% to 7.00%. <br />  <br />2023 Changes in Plan Provisions: <br /> An additional one‐time direct state aid contribution of $170.1 million was contributed to the Plan on <br />October 1, 2023. <br /> The vesting period of those hired after June 30, 2010, was changed from five years of allowable <br />service to three years of allowable service. <br /> The benefit increase delay for early retirements on or after January 1, 2024, was eliminated. <br /> A one‐time, non‐compounding benefit increase of 2.50% minus the actual 2024 adjustment will be <br />payable in a lump sum for calendar year 2024 by March 31, 2024. <br /> <br />2022 Changes in Actuarial Assumptions: <br /> The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021. <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 changed <br />resulting in more unreduced (normal) retirements and slightly fewer Rule of 90 and early retirements. <br />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 changed <br />from 35% to 45%. The assumed number of married female new retirees electing the 100% Joint & <br />Survivor option changed from 15% to 30%. The corresponding number of married new retirees <br />electing the Life annuity option was adjusted accordingly. <br /> <br />2020 Changes in Plan Provisions: <br /> Augmentation for current privatized members was reduced to 2.0% for the period July 1, 2020 through <br />December 31, 2023 and 0.0% after. Augmentation was eliminated for privatizations occurring after <br />June 30, 2020. <br /> <br />103