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CITY OF RAMSEY <br />Notes to Required Supplementary Information <br />General Employees Retirement Fund (continued) <br />Year Ended December 31, 2024 <br />2016 CHANGES IN ACTUARIAL ASSUMPTIONS (CONTINUED <br />• The assumed investment return was changed from 7.90 percent to 7.50 percent. The single <br />discount rate changed from 7.90 percent to 7.50 percent. <br />• Other assumptions were changed pursuant to the experience study June 30, 2015. The assumed <br />future salary increases, payroll growth, and inflation were decreased by 0.25 percent to 3.25 <br />percent for payroll growth, and 2.50 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 2035, and <br />2.50 percent per year thereafter. <br />2015 CHANGES IN PLAN PROVISIONS <br />• On January 1, 2015, the Minneapolis Employees Retirement Fund was merged into the General <br />Employees Fund, which increased the total pension liability by $1.1 billion and increased the <br />fiduciary plan net position by $892.0 million. Upon consolidation, state and employer <br />contributions were revised; the state's contribution of $6.0 million, which meets the special <br />funding situation definition, was due September 2015. <br />105 <br />