2024 Annual Comprehensive Financial Report

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

OTHER POST EMPLOYMENT BENEFITS

2024 Changes Assumption changes: The discount rate was changed from 4.05% as of 12/31/2022 to 3.77% as of 12/31/2023 based on updated 20 year municipal bond rates as of each measurement date. 2023 Changes Assumption changes: The discount rate was changed from 1.84% as of 12/31/2021 to 4.05% as of 12/31/2022 based on updated 20 year municipal bond rates as of each measurement date. 2022 Changes Assumption changes: The discount rate was changed from 2.00% as of 12/31/2020 to 1.84% as of 12/31/2021 based on updated 20 year municipal bond rates as of each measurement date. The inflation assumption changed from 2.50% to 2.25% based on an updated historical analysis of inflation rates and forward looking market expectations. The payroll growth rate changed from 3.25% as of 12/31/2020 to 3.00% as of 12/31/2021 based on an updated historical analysis of inflation rates and forward looking market expectations. 2021 Changes Assumption changes: The discount rate was changed from 2.75% as of 12/31/2019 to 2.00% as of 12/31/2020 based on updated 20 year municipal bond rates as of each measurement date. 2020 Changes Assumption changes: The discount rate was changed from 3.71% as of 12/31/2018 to 2.75% as of 12/31/2019 based on updated 20 year municipal bond rates as of each measurement date. 2019 Changes Assumption changes: The discount rate was changed from 3.31% as of 12/31/2017 to 3.71% as of 12/31/2018 based on updated 20 year municipal bond rates as of each measurement date. 2018 Changes Assumption changes: The discount rate was changed from 3.81% as of 12/31/2016 to 3.31% as of 12/31/2017 based on updated 20 year municipal bond rates as of each measurement date.

122