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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 $ 40,892 $ 74,389 $ 55,942 $ 69,584 <br />Interest 22,858 24,695 30,837 14,428 <br />Differences between expected and actual experience (368,975) 6,307 <br />Changes of assumptions 19,347 (41,435) 47,099 20,586 <br />Benefit payments (3,349) (3,476) (2,775) (9,111) <br />Net change in total OPEB liability 79,748 54,173 (237,872) 101,794 <br />Total OPEB liability — beginning of year 565,491 645,239 699,412 461,540 <br />Total OPEB liability — end of year $ 645,239 $ 699,412 $ 461,540 $ 563,334 <br />Covered -employee payroll $ 5,400,000 $ 5,600,000 $ 6,400,000 $ 6,700,000 <br />Total OPEB liability as a percentage of covered -employee payroll 11.95% 12.49% 72 1% 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 />