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CITY OF RAMSEY
<br />PERA - General Employees Retirement Fund
<br />Schedule of City's and Non -Employer Proportionate Share of Net Pension Liability
<br />Proportionate
<br />Share of the
<br />City's Net Pension
<br />Proportionate Liability and City's
<br />Share of the the City's Proportionate Plan Fiduciary
<br />State of Share of the Share of the Net Position
<br />City's City's Minnesota's State of Net Pension as a
<br />PERA Fiscal Proportion Proportionate Proportionate Minnesota's Liability as a Percentage
<br />Year -End Date of the Net Share of the Share of the Share of the City's Percentage of of the Total
<br />City Fiscal (Measurement Pension Net Pension Net Pension Net Pension Covered Covered Pension
<br />Year -End Date Date Liabilit Liabilit Liabilit Liabilit Payroll Payroll Liabilit
<br />12/31/2015 06/30/2015 0.0508% $ 2,632,720 $ - $ 2,632,720 $ 2,984,866 88.20% 78.20%
<br />12/31/2016 06/30/2016 0.0508% $ 4,124,708 $ 53,908 $ 4,178,616 $ 3,154,867 130.74% 68.90%
<br />12/31/2017 06/30/2017 0.0551% $ 3,517,550 $ 44,220 $ 3,561,770 $ 3,550,067 99.08% 75.90%
<br />12/31/2018 06/30/2018 0.0527% $ 2,923,581 $ 95,848 $ 3,019,429 $ 3,542,360 82.53% 79.50%
<br />PERA - General Employees Retirement Fund
<br />Schedule of City Contributions
<br />Contributions Contributions
<br />in Relation to as a
<br />Statutorily the Statutorily Contribution Percentage
<br />City Fiscal Required Required Deficiency Covered of Covered
<br />Year -End Date Contributions Contributions (Excess) Payroll Payroll
<br />12/31/2015 $ 238,004 $ 238,004 $
<br />12/31/2016 $ 247,279 $ 247,279 $
<br />12/31/2017 $ 261,117 $ 261,117 $
<br />12/31/2018 $ 271,321 $ 271,321 $
<br />- $ 3,173,387
<br />- $ 3,297,053
<br />- $ 3,481,560
<br />- $ 3,617,613
<br />7.50%
<br />7.50%
<br />7.50%
<br />7.50%
<br />Note 1: Changes in Plan Provisions. On January 1, 2015, the Minneapolis Employees Retirement Fund was merged into the GERF, which
<br />increased the total pension liability by $1.1 billion and increased the fiduciary plan net position by $892 million. Upon consolidation, state
<br />and employer contributions were revised. In 2017, the State's special funding contribution increased from $6 million to $16 million.
<br />Note 2: Changes in Actuarial Assumptions. (1) 2015 Changes - The assumed post -retirement benefit increase rate was changed from 1.00
<br />percent per year through 2030 and 2.50 percent per year thereafter to 1.00 percent per year through 2035 and 2.50 percent per year
<br />thereafter. (2) 2016 Changes - The assumed post -retirement benefit increase rate was changed from 1.00 percent per year through 2035
<br />and 2.50 percent per year thereafter to 1.00 percent per year for all future years. The assumed investment return was changed from 7.90
<br />percent to 7.50 percent. The single discount rate was changed from 7.90 percent to 7.50 percent. Other assumptions were changed
<br />pursuant to the experience study dated June 30, 2015. The assumed future salary increases, payroll growth, and inflation were decreased
<br />by 0.25 percent to 3.25 percent for payroll growth and 2.50 percent for inflation. (3) 2017 Changes - The Combined Service Annuity
<br />(CSA) loads were changed from 0.8 percent for active members and 60 percent for vested and non -vested deferred members. The revised
<br />CSA loads are now 0.00 percent for active member liability, 15.0 percent for vested deferred member liability and 3.0 percent for non -
<br />vested deferred member liability. The assumed post -retirement benefit increase rate was changed from 1.0 percent per year for all years,
<br />to 1.0 percent per year through 2044, and 2.5 percent per year thereafter. (4) 2018 Changes - The morality projection scale was changed
<br />from MP-2015 to MP-2017. The assumed benefit increase was changed from 1.0 percent per year through 2044 and 2.5 percent per year
<br />thereafter, to 1.25 percent per year.
<br />Note 3: The City implemented GASB Statement No. 68 in fiscal 2015 (using a June 30, 2015 measurement date). This information is not available
<br />for previous fiscal years. Additional years' information will be displayed as it becomes available.
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