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CITY OF RAMSEY PERA — General Employees Retirement Fund Schedule of City's and Non -Employer Proportionate Share of Net Pension Liability Proportionate Share of the City's Net Pension Proportionate Liability and City's Share of the the City's Proportionate Plan Fiduciary State of Share of the Share of the Net Position City's City's Minnesota's State of Net Pension as a PER Fiscal Proportion Proportionate Proportionate Minnesota's Liability as a Percentage Year -End Date of the Net Share of the Share of the Share of the City's Percentage of of the Total City Fiscal (Measurement Pension Net Pension Net Pension Net Pension Covered Covered Pension Year -End Date Date Liability Liability Liability Liability Payroll Payroll Liability 12/31/2015 06/30/2015 0.0508° o $ 2.632.720 $ — $ 2.632.720 $ 2.984.866 88.2000 78.20° o 12/31/2016 06/30/2016 0.0508° o $ 4.124.708 $ 53.908 $ 4.178.616 $ 3.154.867 130.74° 0 68.90° o PERA — General Employees Retirement Fund Schedule of City Contributions Contributions Contributions in Relation to as a Statutorily the Statutorily Contribution Percentage City Fiscal Required Required Deficiency Covered of Covered Year -End Date Contributions Contributions (Excess) Payroll Payroll 12/31/2015 $ 238.004 $ 238.004 $ — $ 3.173.387 7.50°0 12/31/2016 $ 247.279 $ 247.279 $ — $ 3.297.053 7.50°0 Note 1: Note 2: Changes in Plan Provisions. On January 1. 2015. the Minneapolis Employees Retirement Fund was merged into the GERF. which increased the total pension liability by $1.1 billion and increased the fiduciary plan net position by $892 million. Upon consolidation. state and employer contributions were revised. Changes in Actuarial Assumptions. (1) 2015 Changes — The assumed post -retirement benefit increase rate was changed from 1.00 percent per year through 2030 and 2.50 percent per year thereafter to 1.00 percent per year through 2035 and 2.50 percent per year thereafter. (2) 2016 Changes — The assumed post -retirement benefit increase rate was changed from 1.00 percent per year through 2035 and 2.50 percent per year thereafter to 1.00 percent per year for all future years. The assumed investment return was changed from 7.90 percent to 7.50 percent. The single discount rate was changed from 7.90 percent to 7.50 percent. Other assumptions were changed pursuant to the experience study dated June 30. 2015. The assumed future salary increases. payroll growth. and inflation were decreased by 0.25 percent to 3.25 percent for payroll growth and 2.50 percent for inflation. Note 3: The City implemented GASB Statement No. 68 in fiscal 2015 (using a June 30. 2015 measurement date). This information is not available for previous fiscal years. Additional years' information will be displayed as it becomes available. 94