Laserfiche WebLink
CITY OF RAMSEY <br /> Notes to Required Supplementary Information <br /> Public Employees Police and Fire Fund(continued) <br /> Year Ended December 31,2021 <br /> • Assumed age difference was changed from separate assumptions for male members (wives <br /> assumed to be three years younger) and female members (husbands assumed to be four years <br /> older)to the assumption that males are two years older than females. <br /> • The assumed percentage of female members electing joint and survivor annuities was <br /> increased. <br /> • The assumed post-retirement benefit increase rate was changed from 1.00 percent for all years, <br /> to 1.00 percent per year through 2064, and 2.50 percent thereafter. <br /> • The single discount rate was changed from 5.60 percent per annum to 7.50 percent per annum. <br /> 2016 CHANGES IN ACTUARIAL ASSUMPTIONS <br /> • The assumed post-retirement benefit increase rate was changed from 1.00 percent per year <br /> through 2037,and 2.50 percent per year thereafter,to 1.00 percent per year for all future years. <br /> • The assumed investment return was changed from 7.90 percent to 7.50 percent. <br /> • The single discount rate changed from 7.90 percent to 5.60 percent. <br /> • The assumed future salary increases, payroll growth, and inflation were decreased by <br /> 0.25 percent to 3.25 percent for payroll growth, and 2.50 percent for inflation. <br /> 2015 CHANGES IN ACTUARIAL ASSUMPTIONS <br /> • The assumed post-retirement benefit increase rate was changed from 1.00 percent per year <br /> through 2030, and 2.50 percent per year thereafter,to 1.00 percent per year through 2037, and <br /> 2.50 percent per year thereafter. <br /> 2015 CHANGES IN PLAN PROVISIONS <br /> • The post-retirement benefit increase to be paid after attainment of the 90.00 percent funding <br /> threshold was changed from inflation up to 2.50 percent,to a fixed rate of 2.50 percent. <br /> 107 <br />