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CITY OF RAMSEY
<br />Other Post -Employment Benefits Plan
<br />Schedule of Changes in the City's Total
<br />OPEB Liability and Related Ratios
<br />Fiscal Year
<br />2018 2019 2020 2021 2022 2023 2024
<br />Total OPEB liability
<br />Service cost $ 40,892 $ 74,389 $ 55,942 $ 69,584 $ 81,145 $ 119,416 $ 91,803
<br />Interest 22,858 24,695 30,837 14,428 13,589 18,686 35,055
<br />Differences between expected and actual experience - (368,975) 6,307 510,595 1,371 433,178
<br />Changes of assumptions 19,347 (41,435) 47,099 20,586 (365,412) (123,730) 66,721
<br />Benefit payments (3,349) (3,476) (2,775) (9,111) (6,965) (17,207) (42,119)
<br />Net change in total OPEB liability 79,748 54,173 (237,872) 101,794 232,952 (1,464) 584,638
<br />Total OPEB liability - beginning of year 565,491 645,239 699,412 461,540 563,334 796,286 794,822
<br />Total OPEB liability - end of year $ 645,239 $ 699,412 $ 461,540 $ 563,334 $ 796,286 $ 794,822 $ 1,379,460
<br />Covered -employee payroll $ 5,400,000 $ 5,600,000 $ 6,400,000 $ 6,700,000 $ 6,800,000 $ 7,600,000 $ 8,300,000
<br />Total OPEB liability as a percentage of covered -employee payroll 11.95% 12.49% 7.21% 8.41% 11.71% 10.46% 16.62%
<br />Note 1: Changes in Actuarial Assumptions. (1) 2024 Changes - The discount rate was changed from 4.05 percent to 3.77 percent. Inflation rate was changed from 2.50 percent to 2.60
<br />percent. The healthcare trend rates were updated for changes in recent studies and inflationary adjustments. (2) 2023 Changes - The discount rate was changed from 2.06 percent to
<br />4.05 percent. (3) 2022 Changes - The discount rate was changed from 2.12 percent to 2.06 percent. The healthcare trend rates and plan experience assumptions were updated for
<br />changes in recent studies and inflationary adjustments. (4) 2021 Changes - The discount rate was changed from 2.74 percent to 2.12 percent. The healthcare trend rates were updated
<br />for changes in recent studies and inflationary adjustments. (5) 2020 Changes - The discount rate was changed from 4.09 percent to 2.74 percent. The healthcare trend rates, mortality
<br />tables, and payroll growth rates were updated for changes in recent studies and inflationary adjustments. (6) 2019 Changes - The discount rate was changed from 3.44 percent to 4.09
<br />percent. (7) 2018 Changes - The discount rate was changed from 4.50 percent to 3.44 percent.
<br />Note 2: The City implemented GASB Statement No. 75 in fiscal 2018. This information is not available for previous fiscal years. Additional years' information will be displayed as it becomes
<br />available.
<br />Note 3: No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75 to pay related benefits. There are no factors that affect trends in the amounts
<br />reported, such as changes in benefit terms or assumptions.
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