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CITY OF RAMSEY <br />Notes to Required Supplementary Information <br />General Employees Retirement Fund (continued) <br />Year Ended December 31, 2023 <br />2020 CHANGES IN ACTUARIAL ASSUMPTIONS (CONTINUED) <br />• The assumed spouse age difference was changed from two years older for females to one year <br />older. <br />• The assumed number of married male new retirees electing the 100 percent Joint and Survivor <br />option changed from 35 percent to 45 percent. The assumed number of married female new <br />retirees electing the 100 percent Joint and Survivor option changed from 15 percent to 30 <br />percent. The corresponding number of married new retirees electing the Life annuity option <br />was adjusted accordingly. <br />2020 CHANGES IN PLAN PROVISIONS <br />• Augmentation for current privatized members was reduced to 2.00 percent for the period July <br />1, 2020 through December 31, 2023 and zero percent after. Augmentation was eliminated for <br />privatizations occurring after June 30, 2020. <br />2019 CHANGES IN ACTUARIAL ASSUMPTIONS <br />• The mortality projection scale was changed from MP-2017 to MP-2018. <br />2019 CHANGES IN PLAN PROVISIONS <br />• The employer supplemental contribution was changed prospectively, decreasing from <br />$31.0 million to $21.0 million per year. The state's special funding contribution was changed <br />prospectively, requiring $16.0 million due per year through 2031. <br />2018 CHANGES IN ACTUARIAL ASSUMPTIONS <br />• The mortality projection scale was changed from MP-2015 to MP-2017. <br />• The assumed benefit increase was changed from 1.00 percent per year through 2044, and <br />2.50 percent per year thereafter, to 1.25 percent per year. <br />2018 CHANGES IN PLAN PROVISIONS <br />• The augmentation adjustment in early retirement factors is eliminated over a five-year period <br />starting July 1, 2019, resulting in actuarial equivalence after June 30, 2024. <br />• Interest credited on member contributions decreased from 4.00 percent to 3.00 percent, <br />beginning July 1, 2018. <br />• Deferred augmentation was changed to zero percent, effective January 1, 2019. Augmentation <br />that has already accrued for deferred members will still apply. <br />• Contribution stabilizer provisions were repealed. <br />103 <br />