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CITY OF RAMSEY Notes to Required Supplementary Information General Employees Retirement Fund Year Ended December 31, 2024 2024 CHANGES IN ACTUARIAL ASSUMPTIONS • Rates of merit and seniority were adjusted, resulting in slightly higher rates. • Assumed rates of retirement were adjusted as follows: increase the rate of assumed unreduced retirements, slight adjustments to Rule of 90 retirement rates, and slight adjustments to early retirement rates for Tier 1 and Tier 2 members. • Minor increase in assumed withdrawals for males and females. • Lower rates of disability. • Continued use of Pub-2010 general mortality table with slight rate adjustments as recommended in the most recent experience study. • Minor changes to form of payment assumptions for male and female retirees. • Minor changes to assumptions made with respect to missing participant data. 2024 CHANGES IN PLAN PROVISIONS • The workers' compensation offset for disability benefits was eliminated. The actuarial equivalent factors updated to reflect the changes in assumptions. 2023 CHANGES IN ACTUARIAL ASSUMPTIONS • The investment return assumption and single discount rate were changed from 6.50 percent to 7.00 percent. 2023 CHANGES IN PLAN PROVISIONS • An additional one-time direct state aid contribution of $170.1 million will be contributed to the Plan on October 1, 2023. • The vesting period of those hired after June 30, 2010, was changed from five years of allowable service to three years of allowable service. • The benefit increase delay for early retirements on or after January 1, 2024 was eliminated. • A one-time, non -compounding benefit increase of 2.50 percent minus the actual 2024 adjustment will be payable in a lump sum for calendar year 2024 by March 31, 2024. 2022 CHANGES IN ACTUARIAL ASSUMPTIONS • The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021. 2021 CHANGES IN ACTUARIAL ASSUMPTIONS • The investment return and single discount rates were changed from 7.50 percent to 6.50 percent, for financial reporting purposes. • The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020. 102