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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, 2023 <br />2017 CHANGES IN ACTUARIAL ASSUMPTIONS (CONTINUED) <br />• Assumed termination rates were decreased to 3.00 percent for the first three years of service. <br />Rates beyond the select period of three years were adjusted, resulting in more expected <br />terminations overall. <br />• Assumed percentage of married female members was decreased from 65.00 percent to <br />60.00 percent. <br />• Assumed age difference was changed from separate assumptions for male members (wives <br />assumed to be three years younger) and female members (husbands assumed to be four years <br />older) to the assumption that males are two years older than females. <br />• The assumed percentage of female members electing joint and survivor annuities was <br />increased. <br />• The assumed post -retirement benefit increase rate was changed from 1.00 percent for all years, <br />to 1.00 percent per year through 2064, and 2.50 percent thereafter. <br />• The single discount rate was changed from 5.60 percent per annum to 7.50 percent per annum. <br />2016 CHANGES IN 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 />108 <br />