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CITY OF RAMSEY <br /> Notes to Required Supplementary Information <br /> General Employees Retirement Fund (continued) <br /> Year Ended December 31,2021 <br /> 2020 CHANGES IN PLAN PROVISIONS <br /> • Augmentation for current privatized members was reduced to 2.00 percent for the period July <br /> 1,2020 through December 31,2023 and zero percent after. Augmentation was eliminated for <br /> privatizations occurring after June 30,2020. <br /> 2019 CHANGES IN ACTUARIAL ASSUMPTIONS <br /> • The mortality projection scale was changed from MP-2017 to MP-2018. <br /> 2019 CHANGES IN PLAN PROVISIONS <br /> • The employer supplemental contribution was changed prospectively, decreasing from <br /> $31.0 million to $21.0 million per year. The state's special funding contribution was changed <br /> prospectively,requiring $16.0 million due per year through 2031. <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 percent per year through 2044, and <br /> 2.50 percent per year thereafter,to 1.25 percent per year. <br /> 2018 CHANGES IN PLAN PROVISIONS <br /> • The augmentation adjustment in early retirement factors is eliminated over a five-year period <br /> starting July 1,2019,resulting in actuarial equivalence after June 30,2024. <br /> • Interest credited on member contributions decreased from 4.00 percent to 3.00 percent, <br /> beginning July 1,2018. <br /> • Deferred augmentation was changed to zero percent,effective January 1,2019.Augmentation <br /> that has already accrued for deferred members will still apply. <br /> • Contribution stabilizer provisions were repealed. <br /> • Post-retirement benefit increases were changed from 1.00 percent per year with a provision to <br /> increase to 2.50 percent upon attainment of 90.00 percent funding ratio to 50.00 percent of the <br /> Social Security Cost of Living Adjustment, not less than 1.00 percent and not more than <br /> 1.50 percent,beginning January 1,2019. <br /> • For retirements on or after January 1,2024,the first benefit increase is delayed until the retiree <br /> reaches normal retirement age; does not apply to Rule of 90 retirees, disability benefit <br /> recipients,or survivors. <br /> • Actuarial equivalent factors were updated to reflect revised mortality and interest assumptions. <br /> 103 <br />