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City of Elk River <br />Notes to Required Supplementary Information <br />General Employees Fund (Continued) <br />2016 Changes <br />Changes in Actuarial Assumptions <br />• The assumed post -retirement benefit increase rate was changed from 1.0% per year through 2035 <br />and 2.5% per year thereafter to 1.0% per year for all future years. <br />• The assumed investment return was changed from 7.9% to 7.5%. The single discount rate was <br />changed from 7.9% to 7.5%. <br />• Other assumptions were changed pursuant to the experience study dated June 30, 2015. The <br />assumed future salary increases, payroll growth, the inflation was decreased by 0.25% to 3.25% <br />for payroll growth and 2.50% for inflation. <br />Changes in Plan Provisions <br />• There have been no changes since the prior valuation. <br />2015 Changes <br />Changes in Actuarial Assumptions <br />• The assumed post -retirement benefit increase rate was changed from 1.0% per year through 2030 <br />and 2.5% per year thereafter to 1.0% per year through 2035 and 2.5% per year thereafter. <br />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 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 />15 <br />