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Elk River Municipal Utilities <br /> Elk River, Minnesota <br /> Required Supplementary Information (Continued) <br /> For the Year Ended December 31, 2017 <br /> Notes to the Required Supplementary Information -General Employee Retirement Fund <br /> Changes in Actuarial Assumptions <br /> 2017 -The Combined Service Annuity (CSA) loads were changed from 0.8 percent for active members and 60 percent for <br /> vested and non-vested deferred members. The revised CSA loads are now 0.0 percent for active member liability, 15.0 <br /> percent for vested deferred member liability and 3.0 percent for non-vested deferred member liability. The assumed post- <br /> retirement benefit increase rate was changed from 1.0 percent per year for all years to 1.0 percent per year through 2044 <br /> and 2.5 percent per year thereafter. <br /> 2016 -The assumed post-retirement benefit increase rate was changed from 1.0 percent per year through 2035 and 2.5 <br /> percent per year thereafter to 1.0 percent per year for all future years. The assumed investment return was changed from <br /> 7.9 percent to 7.5 percent. The single discount rate was changed from 7.9 percent to 7.5 percent. Other assumptions <br /> were changed pursuant to the experience study dated June 30, 2015. The assumed future salary increases, payroll <br /> growth and inflation were decreased by 0.25 percent to 3.25 percent for payroll growth and 2.50 percent for inflation. <br /> 2015 -The assumed post-retirement benefit increase rate was changed from 1.0 percent per year through 2030 and 2.5 <br /> percent per year thereafter to 1.0 percent per year through 2035 and 2.5 percent per year thereafter. <br /> Changes in Plan Provisions <br /> 2015 -On January 1, 2015, the Minneapolis Employees Retirement Fund was merged into the General Employees Fund, <br /> which increased the total pension liability by $1.1 billion and increased the fiduciary plan net position by$892 million. <br /> Upon consolidation, state and employer contributions were revised. <br /> Schedule of Funding Progress for the Other Postemployment Benefit Plan <br /> Unfunded <br /> Actuarial UAAL as a <br /> Actuarial Actuarial Actuarial Accrued Percentage <br /> Valuation Value of Accrued Liability Funded Covered of Covered <br /> Date Assets Liability (UAAL) Ratio Payroll Payroll <br /> 1/1/2017 $ - $ 48,766 $ 48,766 - % $ 3,362,758 1.50 % <br /> 1/1/2014 - 68,948 68,948 - 2,810,413 2.50 <br /> 1/1/2011 - 42,681 42,681 - 2,286,547 1.87 <br /> 1/1/2008 - 56,892 56,892 - 2,300,000 2.47 <br /> 51 <br /> 115 <br />