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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 2022
<br />Total OPEB liability
<br />Service cost $ 40,892 $ 74,389 $ 55,942 $ 69,584 $ 81,145
<br />Interest 22,858 24,695 30,837 14,428 13,589
<br />Differences between expected and actual experience — (368,975) 6,307 510,595
<br />Changes of assumptions 19,347 (41,435) 47,099 20,586 (365,412)
<br />Benefit payments (3,349) (3,476) (2,775) (9,111) (6,965)
<br />Net change in total OPEB liability 79,748 54,173 (237,872) 101,794 232,952
<br />Total OPEB liability — beginning of year 565,491 645,239 699,412 461,540 563,334
<br />Total OPEB liability — end of year $ 645,239 $ 699,412 $ 461,540 $ 563,334 $ 796,286
<br />Covered -employee payroll $ 5,400,000 $ 5,600,000 $ 6,400,000 $ 6,700,000 $ 6,800,000
<br />Total OPEB liability as a percentage of covered -employee payroll 11.95% 12.49% 7.21% 8.41% 11.71%
<br />Note 1: Changes in Actuarial Assumptions. (1) 2022 Changes - The discount rate was changed from 2.12 percent to 2.06 percent. The healthcare trend
<br />rates and plan experience assumptions were updated for changes in recent studies and inflationary adjustments. (2) 2021 Changes - The discount
<br />rate was changed from 2.74 percent to 2.12 percent. The healthcare trend rates were updated for changes in recent studies and inflationary
<br />adjustments. (3) 2020 Changes - The discount rate was changed from 4.09 percent to 2.74 percent. The healthcare trend rates, mortality tables,
<br />and payroll growth rates were updated for changes in recent studies and inflationary adjustments. (4) 2019 Changes - The discount rate was
<br />changed from 3.44 percent to 4.09 percent. (5) 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. Additional years'
<br />information will be displayed as it becomes available.
<br />Note 3: No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75 to pay related benefits. There are no factors
<br />that affect trends in the amounts reported, such as changes in benefit terms or assumptions.
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