6.3. SR 06-15-2020 - Laserfiche WebLink

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CITY OF ELK RIVER SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOS — MUNICIPAL RETIREES HEALTH PLAN DECEMBER 31, 2019 2019 2018 Total OPEB Liability: Service Cost $ 44,470 $ 58,939 I me rest 31,024 30,051 Changes in Benefit Terms - - Changes in Assumptions (27,862) - Differences Between Expected and Actual Experience (87,455) - Benefit Payments (42,048) (47,958) Net Change in Total OPEB Liability (81,871) 41,032 Total OPEB Liability - Beginning 916,510 875,478 Total OPEB Liability - Ending $ 834,639 $ 916,510 Total OPEB Liability $ 834,639 $ 916,510 Plan Fiduciary Net Position as a Percentage of the Total OPEB Liability 0.00% 0.00% Covered Employee Payroll $ 9,076,855 $ 8,658,239 City's Total OPEB Liability as a Percentage of the 9.20% 10.59% Covered Employee Payroll Note: The City implemented GASB Statement No. 75 in fiscal year 2018. The schedule is provided prospectively beginning with the City's fiscal year ended December 31, 2018 and is intended to show a ten-year trend. Additional years will be reported as they become available. Valuation Date: Measurement Date: January 1, 2019 January 1, 2019 Methods and Assumptions Used to Determine the Contibution Rates: Actuarial Cost Method Entry Age Amortization Method Level Percentage of Payroll, Closed Amortization Period Average of expected remaining service on a closed basis for differences between expected and actual experience and assumption changes. I nflation: 2.50% Healthcare cost trend rate 6.50% as of January 1, 2019 grading to 5.00% over 6 years. Salary increases 3.00% Discount rate 3.80% Mortality RP-2014 White Collar Mortality Tables with MP- 2018 Generational Improvement Scale (with Blue Collar adjustment for Police and Fire Personnel) • No assets were placed in a trust for the payment of OPEB. (82)