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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 <br />2019 2020 <br />Total OPEB liability <br />Service cost $ 40,892 $ 74,389 $ 55,942 <br />Interest 22,858 24,695 30,837 <br />Differences between expected and actual experience (368,975) <br />Changes of assumptions 19,347 (41,435) 47,099 <br />Benefit payments (3,349) (3,476) (2,775) <br />Net change in total OPEB liability 79,748 54,173 (237,872) <br />Total OPEB liability — beginning of year 565,491 645,239 699,412 <br />Total OPEB liability — end of year $ 645,239 $ 699,412 $ 461,540 <br />Covered payroll $ 5,400,000 $ 5,600,000 $ 6,400,000 <br />Total OPEB liability as a percentage of covered payroll 11.95% 12.49% 7.21% <br />Note 1: Changes in Actuarial Assumptions. (1) 2020 Changes - The discount rate was changed from 4.09 <br />percent to 2.74 percent. The healthcare trent rates, mortality tables, and payroll growth rates were <br />updated for changes in recent studies and inflationary adjustments. (2) 2019 Changes - The discount <br />rate was changed from 3.44 percent to 4.09 percent. (3) 2018 Changes - The discount rate was <br />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 <br />previous fiscal years. Additional years' information will be displayed as it becomes available. <br />101 <br />