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IV-44CITY OF ELK RIVER SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOS-UTILITIES RETIREES HEALTH PLAN (CONTINUED) DECEMBER 31, 2019 Changes in Benefits and Assumptions 2019: 2018: Changes in Benefit Terms: • There were no significant changes in benefit terms. Changes in Assumptions • The discount rate was changed from 3.31% to 3.71%. • Mortality, withdrawal and salary scale updated to the rates used in the July 1, 2018 PERA of Minnesota Retirement Plan actuarial valuation to reflect recently-published tables. • Medical per capital claims costs were updated to reflect recent experience. • The assumed retirement age was updated from 60 to 57 to reflect recent experience. • The inflation assumption was changed from 2.75% to 2.50% based on an updated historical analysis of inflation rates and forward-looking market expectations. • Health care trend rates were reset to reflect updated cost increase expectations, including an adjustment to reflect the impact of the Affordable Care Act's Excise Tax on high-cost health insurance plans. Changes in Benefit Terms: • There were no significant changes in benefit terms. Changes in Assumptions • The discount rate was changed from 3.81% to 3.31%. CITY OF ELK RIVER PERA SCHEDULE OF THE CllY'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY Primary Government: GERF 8cllldule ofa. Cllf9 Proportlondl st.N oftha Nit Pen.Ion Llablllly Ult:Sb:FINldY_., DECEMBER 31, 2019 --~ ~~~ Cly'sProportionof .. NetPenllonLiablllly Clty'1Proporllona18SIIIWoflheNl!ltPenalonu.bllly sta19'9ProporllonatlShareoflheNIIIP«llklnl.lllbllltv'AAodlltedwllhthaClty TotalNatPa'lllonLillllllyA'90dlted'MlhlheClly Clly'1Cove!8dPayroH Cly'sProportlorullllS1"'9oflheNIIIPenllonLllbllly••Pereenllilgaoflla c--PllnFklldalyNIIIPoailionnaPtin:antageofU.TolalPenllonLllblllty ·T11aAmountaPl9MlllldforEllchfllcalY .. -.Detemin8d•ofet30. PEPFFac........oftMClly'9Pf'OpOrtlclnat98tlM9oftfMllttPe .. 1onl.Jabllty l.Ntlk...._lY-• 0.1443'11, 7,971,792 ~ 8,2215,722 $ 10,216,960 "·""' "·'°" ~ City's Pn,portion of the Net Pension Liability 0.3175'11, ctly'sProportionaleSharaofthaNatf'enllorllillblllty $ 3,380,110 Slale'aP.roportlonDShanloftheNll:Penllonllllbay1181oehd9dwilhthllCNy -TabllNal:PalllDnl.JabilllyAlloclaladwilhthaClly ~ Cily'9CovenldPayroll S 3,352,444 Clly'sPn;,portionateS,,.,.oflheNetPenllDnUll:llllly•1Pert:enlllgeoflla CcwredP-,roll 100.SW PlanflduclaryNetP08111onnaP8Welllager:llheTotalPenllonl.labllty 89.30% *TheAmouraPreMllladforEachFlll:IIIYear-.iDatllrmin9dMof8130. 0.1444'11, S 8,oeo,6411 ~ 8.321,652 9,702,980 83.1ml, ,..,.,. 8/30/2018 ,.,...,. 3,245,656 -= 3.220,233 100.7ft. "·"" 0.115115% 9,811,(175 ,,. .... ~ 9,895,118 98.13% "·"" 0.143511. $ 11,651,488 ~ 11.803.681 8,902,000 130.lml, "·"" "-"""'""' ~~ $ 4.239,374 ~ 4,282,711 3,211,726 132.00'llt ""'"' '·""" $ 12,280,312 ~ 12,334,182 2,952,673 415.1111% 63.90'11, ~ --813M014 0.1438% 15.8700% 7,452,482 $ 7,454,830 --~ 7,.464,930 8,712,032 $ 8,332,282 815.54% 88.47% 78.20% 78.70'H, _ 8/30l'Z015 0.3040% 3,454,151 ~ 2.788.952 123.85% ""-"" ~ D.2990% 3,228,323 ~ 2,440,932 "'-""' 87.10'11, 192
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