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City Fiscal <br />Year -End Date <br />12/31/2015 <br />12/31/2016 <br />City Fiscal <br />Year -End Date <br />12/31/2015 <br />12/31/2016 <br />Note 1: <br />Note 2: <br />Note 3: <br />CITY OF RAMSEY <br />PERA — Public Employees Police and Fire Fund <br />Schedule of City's Proportionate Share of Net Pension Liability <br />PERA Fiscal <br />Year -End Date <br />(Measurement <br />Date) <br />06/30/2015 <br />06/30/2016 <br />Statutorily <br />Required <br />Contributions <br />City's <br />Proportion <br />of the Net <br />Pension <br />Liability <br />0.2090% <br />0.2080% <br />City's <br />Proportionate <br />Share of the <br />Net Pension <br />Liability <br />City's <br />Covered <br />Payroll <br />$ 2,374,729 $ 1,917,443 <br />$ 8,347,402 $ 2,000,574 <br />PERA — Public Employees Police and Fire Fund <br />Schedule of City Contributions <br />Contributions <br />in Relation to <br />the Statutorily_ <br />Required <br />Contributions <br />Contribution <br />Deficiency <br />(Excess) <br />$ 326,419 $ 326,419 $ <br />$ 339,699 $ 339,699 $ <br />Covered <br />Payroll <br />— $ 2,014,315 <br />— $ 2,096,907 <br />City's <br />Proportionate <br />Share of the <br />Net Pension <br />Liability as a <br />Percentage of <br />Covered <br />Payroll <br />123.85% <br />417.25% <br />Contributions <br />as a <br />Percentage <br />of Covered <br />Payroll <br />16.20% <br />16.20% <br />Plan Fiduciary <br />Net Position <br />as a <br />Percentage <br />of the Total <br />Pension <br />Liability <br />86.60% <br />63.90% <br />Changes in Plan Provisions. The post -retirement benefit increase to be paid after attaimnent of the <br />90.0 percent funding threshold was changed, from inflation up to 2.5 percent, to a fixed rate of 2.5 <br />percent. <br />Changes in Actuarial Assumptions. (1) 2015 Changes — The assumed post -retirement benefit <br />increase rate was changed from 1.00 percent per year through 2030 and 2.50 percent per year <br />thereafter to 1.00 percent per year through 2037 and 2.50 percent per year thereafter. (2) 2016 <br />Changes — The assumed post -retirement benefit increase rate was changed from 1.00 percent per year <br />through 2037 and 2.50 percent thereafter to 1.00 percent per year for all future years. The assumed <br />investment return was changed from 7.90 percent to 7.50 percent. The single discount rate was <br />changed from 7.90 percent to 5.60 percent. The assumed future salary increases, payroll growth, and <br />inflation were decreased by 0.25 percent to 3.25 percent for payroll growth and 2.50 percent for <br />inflation. <br />The City implemented GASB Statement No. 68 in fiscal 2015 (using a June 30, 2015 measurement <br />date). This information is not available for previous fiscal years. Additional years' information will be <br />displayed as it becomes available. <br />95 <br />