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NOTE 9 — DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) 2. PEPFF: • The investment return and single discount rates were changed from 7.50% to 6.50%, for financial reporting purposes. • The inflation assumption rate was changed from 2.50% to 2.25%. • The payroll growth assumption was changed from 3.25% to 3.00%. • The base mortality table for healthy annuitants and employees was changed from the RP-2014 table to the Pub-2010 Public Safety Mortality table. The mortality improvement scale was changed from MP-2019 to MP-2020. • The base mortality table for disabled annuitants was changed from RP-2014 healthy annuitant mortality table (with future mortality improvement according to Scale MP-2019) to the Pub- 2010 Public Safety disabled annuitant mortality table (with future mortality improvement according to Scale MP-2020). • Assumed rates of salary increase were modified as recommended in the July 14, 2020 experience study. The overall impact is a decrease in gross salary increase rates. • Assumed rates of retirement were changed as recommended in the July 14, 2020 experience study. The changes result in slightly more unreduced retirements and fewer assumed early retirements. • Assumed rates of withdrawal were changed from select and ultimate rates to service -based rates. The changes result in more assumed teiniinations. • Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49. Overall, proposed rates result in more projected disabilities. • Assumed percent married for active female members was changed from 60% to 70%. Minor changes to foini of payment assumptions were applied. G. Discount Rate The discount rate used to measure the total pension liability in 2021 was 6.5%. The projection of cash flows used to deteiniine the discount rate assumed that contributions from plan members and employers will be made at rates set in Minnesota Statutes. Based on these assumptions, the fiduciary net positions of GERF and PEPFF were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-teini expected rate of return on pension plan investments was applied to all periods of projected benefit payments to deteiniine the total pension liability. 86