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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 />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 million to <br />$21.0 million per year. The State’s special funding contribution was changed prospectively, requiring <br />$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 /> <br />2017 Changes in Actuarial Assumptions: <br /> The Combined Service Annuity (CSA) loads were changed from 0.8% for active members and 60% <br />for vested and non-vested deferred members. The revised CSA loads are now 0.0% for active <br />member liability, 15.0% for vested deferred member liability and 3.0% for non-vested deferred <br />member liability. <br /> The assumed post-retirement benefit increase rate was changed from 1.0% per year for all years to <br />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 and <br />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 changed <br />from 7.9% to 7.5%. <br /> Other assumptions were changed pursuant to the experience study dated June 30, 2015. The assumed <br />future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for payroll <br />growth and 2.50% for inflation. <br /> <br /> <br />PERA – Public Employees Police and Fire Fund <br /> <br />2023 Changes in Actuarial Assumptions: <br /> The investment return assumption was changed from 6.50% to 7.00%. <br /> The single discount rate changed from 5.40% to 7.00%. <br /> <br />2023 Changes in Plan Provisions: <br /> An additional one‐time direct state aid contribution of $19.4 million was contributed to the Plan on <br />October 1, 2023. <br /> Vesting requirement for new hires after June 30, 2014, was changed from a graded 20‐year vesting <br />schedule to a graded 10‐year vesting schedule, with 50% vesting after five years, increasing <br />incrementally to 100% after 10 years. <br /> A one‐time, non‐compounding benefit increase of 3.00% will be payable in a lump sum for calendar <br />year 2024 by March 31, 2024. <br /> Psychological treatment is required effective July 1, 2023, prior to approval for a duty disability <br />benefit for a psychological condition relating to the member’s occupation. <br /> The total and permanent duty disability benefit was increased, effective July 1, 2023. <br /> <br />2022 Changes in Actuarial Assumptions: <br /> The single discount rate changed from 6.50% to 5.4%. <br /> The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021. <br /> <br />104