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<br />NOTE 13 – OTHER POST-EMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED) <br /> <br />F. Actuarial Methods and Assumptions <br /> <br />The total OPEB liability was determined by an actuarial valuation as of December 31, 2021, using the entry <br />age normal level percent of pay method. The following actuarial assumptions applied to all periods <br />included in the measurement, unless otherwise specified: <br /> <br />Discount rate 4.05% <br />20-year municipal bond yield 4.05% <br />Inflation rate 2.50% <br />Salary increases 3.00% <br />Healthcare cost trend rate 6.20% grading to 3.90% over several decades <br /> <br />Since the plan is not funded by an irrevocable trust, the discount rate is equal to the 20-year municipal bond <br />yield. <br /> <br />G. Changes in the Total OPEB Liability <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Assumption changes since the prior measurement date include the following: <br /> <br />x The discount rate was changed from 2.06 percent to 4.05 percent. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Total OPEB <br />Liability <br />Beginning Balance 796,286$ <br />Changes for the year <br /> Service cost 119,416 <br /> Interest 18,686 <br /> Differences between expected and actual experience 1,371 <br /> Changes of assumptions (123,730) <br /> Benefit payments (17,207) <br />Total net changes (1,464) <br />Ending Balance 794,822$ <br />92