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CITY OF RAMSEY <br /> Notes to Required Supplementary Information <br /> Public Employees Police and Fire Fund <br /> Year Ended December 31,2021 <br /> 2021 CHANGES IN ACTUARIAL ASSUMPTIONS <br /> • The investment return and single discount rates were changed from 7.50 percent to 6.50 <br /> percent,for financial reporting purposes. <br /> • The inflation assumption was changed from 2.50 percent to 2.25 percent. <br /> • The payroll growth assumption was changed from 3.25 percent to 3.00 percent. <br /> • The base mortality table for healthy annuitants and employees was changed from the RP-2014 <br /> Table to the Pub-2010 Public Safety Mortality Table. The mortality improvement scale was <br /> changed from MP-2019 to MP-2020. <br /> • The base mortality table for disabled annuitants was changed from the RP-2014 Healthy <br /> Annuitant Mortality Table (with future mortality improvement according to Scale MP-2019) <br /> to the Pub-2010 Public Safety Disabled Annuitant Mortality Table (with future mortality <br /> improvement according to Scale MP-2020). <br /> • Assumed rates of salary increase were modified as recommended in the July 14, 2020 <br /> experience study. The overall impact is a decrease in gross salary increase rates. <br /> • Assumed rates of retirement were changed as recommended in the July 14, 2020 experience <br /> study. The changes result in slightly more unreduced retirements and fewer assumed early <br /> retirements. <br /> • Assumed rates of withdrawal were changed from select and ultimate rates to service-based <br /> rates. The changes would result in more assumed terminations. <br /> • Assumed rates of disability were increased for ages 2544 and decreased for ages over 49. <br /> Overall,proposed rates result in more projected disabilities. <br /> • Assumed percent married for active female members was changed from 60 percent to 70 <br /> percent. Minor changes to form of payment assumptions were applied. <br /> 2020 CHANGES IN ACTUARIAL ASSUMPTIONS <br /> • The mortality projection scale was changed from MP-2018 to MP-2019. <br /> 2019 CHANGES IN ACTUARIAL ASSUMPTIONS <br /> • The mortality projection scale was changed from MP-2017 to MP-2018. <br /> 2018 CHANGES IN ACTUARIAL ASSUMPTIONS <br /> • The mortality projection scale was changed from MP-2016 to MP-2017. <br /> 105 <br />