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City of Elk River <br />Notes to Required Supplementary Information <br /> <br /> <br /> 118 <br />Police and Fire Fund (Continued) <br /> <br />2021 Changes (Continued) <br />Changes in Actuarial Assumptions (Continued) <br />• The base mortality table for disabled annuitants was changed from the RP -2014 healthy <br />annuitant mortality table (with future mortality improvement according to scale MP -2019) to <br />the Pub-2010 Public Safety disabled annuitant mortality table (with future mortality <br />improvement according to scale MP-2020). <br />• Assumed rates of salary increase were modified as recommended in the July 14, 2020, <br />experience study. The overall impact is a decrease in gross salary increase rates. <br />• Assumed rates of retirement were changed as recommended in the July 14, 2020, experience <br />study. The changes resulted in slightly more unreduced retirements and fewer assumed early <br />retirements. <br />• Assumed rates of withdrawal were changed from select and ultimate rates to service -based <br />rates. The changes resulted in more assumed terminations. <br />• Assumed rates of disability were increased for ages 25 -44 and decreased for ages over 49. <br />Overall, proposed rates resulted in more projected disabilities. <br />• Assumed % married for active female members was changed from 60% to 70%. Minor changes <br />to form of payment assumptions were applied. <br />Changes in Plan Provisions <br />• There have been no changes since the prior valuation. <br /> <br />2020 Changes <br />Changes in Actuarial Assumptions <br />• The mortality projection scale was changed from MP-2018 to MP-2019. <br />Changes in Plan Provisions <br />• There have been no changes since the prior valuation. <br /> <br />2019 Changes <br />Changes in Actuarial Assumptions <br />• The mortality projection scale was changed from MP-2017 to MP-2018. <br />Changes in Plan Provisions <br />• There have been no changes since the prior valuation. <br /> <br />2018 Changes <br />Changes in Actuarial Assumptions <br />• The mortality projection scale was changed from MP-2016 to MP-2017. <br />Changes in Plan Provisions <br />• Annual increases were changed to 1.00% for all years, with no trigger. <br />• An end date of July 1, 2048, was added to the existing $9.0 million state contribution. <br />• New annual state aid will equal $4.5 million in fiscal years 2019 and 2020, and $9.0 million <br />thereafter until the plan reaches 100% funding, or July 1, 2048, if earlier. <br />• Member contributions were changed from 10.80% to 11.30% of pay, effective January 1, 2019, <br />and 11.80% of pay, effective January 1, 2020. <br />• Employer contributions were changed from 16.20% to 16.95% of pay, effective January 1, <br />2019, and 17.70% of pay, effective January 1, 2020. <br />• Interest credited on member contributions decreased from 4.00% to 3.00%, beginning July 1, <br />2018. <br />Page 308 of 637