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CITY OF RAMSEY <br />Notes to Required Supplementary Information <br />Public Employees Police and Fire Fund (continued) <br />Year Ended December 31, 2022 <br />2016 CHANGES 1N ACTUARIAL ASSUMPTIONS <br />• The assumed post -retirement benefit increase rate was changed from 1.00 percent per year <br />through 2037, and 2.50 percent per year thereafter, to 1.00 percent per year for all future years. <br />• The assumed investment return was changed from 7.90 percent to 7.50 percent. <br />• The single discount rate changed from 7.90 percent to 5.60 percent. <br />• The assumed future salary increases, payroll growth, and inflation were decreased by <br />0.25 percent to 3.25 percent for payroll growth, and 2.50 percent for inflation. <br />2015 CHANGES IN ACTUARIAL ASSUMPTIONS <br />• The assumed post -retirement benefit increase rate was changed from 1.00 percent per year <br />through 2030, and 2.50 percent per year thereafter, to 1.00 percent per year through 2037, and <br />2.50 percent per year thereafter. <br />2015 CHANGES IN PLAN PROVISIONS <br />• The post -retirement benefit increase to be paid after attainment of the 90.00 percent funding <br />threshold was changed from inflation up to 2.50 percent, to a fixed rate of 2.50 percent. <br />107 <br />