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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 $ 409892 $ 749389 $ 559942 $ 699584 <br /> Interest 229858 241695 30,837 141)428 <br /> Differences between expected and actual experience — — (368,975) 6,307 <br /> Changes of assumptions 19,347 (41,435) 471099 20,586 <br /> Benefit payments (3,349) (3,476) (2,775) (9,111) <br /> Net change in total OPEB liability 799748 541173 (237,872) 1019794 <br /> Total OPEB liability—beginning of year 5651491 645,239 699,412 461,540 <br /> Total OPEB liability—end of year $ 645,239 $ 6995412 $ 4611540 $ 563,334 <br /> Covered-employee payroll $ 5,4009000 $ 516001000 $ 694001000 $ 697001000 <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 />