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CITY OF RAMSEY <br /> Other Post-Employment Benefits Plan <br /> Schedule of Changes in the City's Total <br /> OPEB Liability and Related Ratios <br /> Fiscal Year <br /> 2018 2019 2020 2021 <br /> Total OPEB liability <br /> Service cost $ 40,892 $ 74,389 $ 55,942 $ 69,584 <br /> Interest 22,858 24,695 30,837 14,428 <br /> Differences between expected and actual experience (368,975) 6,307 <br /> Changes of assumptions 19,347 (41,435) 47,099 20,586 <br /> Benefit payments (3,349) (3,476) (2,775) (9,111) <br /> Net change in total OPEB liability 79,748 54,173 (237,872) 101,794 <br /> Total OPEB liability—beginning of year 565,491 645,239 699,412 461,540 <br /> Total OPEB liability—end of year $ 645,239 $ 699,412 $ 461,540 $ 563,334 <br /> Covered-employee payroll $ 5,400,000 $ 5,600,000 $ 6,400,000 $ 6,700,000 <br /> Total OPEB liability as a percentage of covered-employee payroll 11.95% 12.49% 7.21% 8.41% <br /> Note 1: Changes in Actuarial Assumptions.(1)2021 Changes-The discount rate was changed from 2.74 percent to 2.12 percent. The <br /> healthcare trend rates were updated for changes in recent studies and inflationary adjustments. (2)2020 Changes-The discount <br /> rate was changed from 4.09 percent to 2.74 percent.The healthcare trend rates,mortality tables,and payroll growth rates were <br /> updated for changes in recent studies and inflationary adjustments. (3)2019 Changes-The discount rate was changed from <br /> 3.44 percent to 4.09 percent. (4)2018 Changes-The discount rate was changed from 4.50 percent to 3.44 percent. <br /> Note 2: The City implemented GASB Statement No.75 in fiscal 2018. This information is not available for previous fiscal years. <br /> Additional years'information will be displayed as it becomes available. <br /> 101 <br />