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NOTE 8 — DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) <br />In the PEPFF, the fiduciary net position was projected to be available to make all projected future benefit <br />payments of current plan members through June 30, 2056. Beginning in fiscal year ended June 30, 2057, <br />for PEPFF, when projected benefit payments exceed the funds' projected fiduciary net position, benefit <br />payments were discounted at the municipal bond rate of 2.85% based on an index of 20-year general <br />obligation bonds with an average AA credit rating at the measurement date. An equivalent single discount <br />rate of 5.60% for PEPFF was determined that produced approximately the same present value of projected <br />benefits when applied to all years of projected benefits as the present value of projected benefits using <br />7.50% applied to all years of projected benefits through the point of asset depletion and 2.85% after. <br />F. Pension Liability Sensitivity <br />The following presents the City's proportionate share of the net pension liability for all plans it participates <br />in, calculated using the discount rate disclosed in the preceding paragraph, as well as what the City's <br />proportionate share of the net pension liability would be if it were calculated using a discount rate 1 <br />percentage point lower or 1 percentage point higher than the current discount rate: <br />The City's Proportionate <br />Share of the GERF Net <br />Pension Liability: <br />The City's Proportionate <br />Share of the PEPFF Net <br />Pension Liability: <br />1% Decrease in <br />Discount Rate <br />(6.5%) <br />$5,858,308 <br />1% Decrease in <br />Discount Rate <br />(4.6%) <br />$11,685,255 <br />G. Pension Plan Fiduciary Net Position <br />Discount Rate <br />(7.5%) <br />1% Increase in <br />Discount Rate <br />(8.5%) <br />$4,124,708 $2,696,694 <br />Discount Rate <br />(5.6%) <br />1% Increase in <br />Discount Rate <br />(6.6%) <br />$8,347,402 $5,620,123 <br />Detailed information about each pension plan's fiduciary net position is available in a separately -issued <br />PERA financial report that includes financial statements and required supplementary information. That <br />report may be obtained on the PERA website at www.mnpera.org <br />85 <br />