2024 Annual Comprehensive Financial Report

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

OTHER POST EMPLOYMENT BENEFITS (CONTINUED)

2017 Changes Assumption changes: The discount rate was changed from 3.50% to 3.81% based on updated measurement dates and GASB 75 requirements. Healthcare trend rates were reset to reflect updated const increase expectations, including an adjustment to reflect the impact of the Affordable Care Act's Excise Tax on high-cost health insurance plans. Medical per capita claims costs were updated to reflect recent experience and new plan offerings. Withdrawal, retirement, mortality and salary increase rates were updated from the rates used in the 7/1/2015 PERA General and Police & Fire Employees Retirement Plan to the rates used in the 7/1/2018 valuation. The percent of future regular retirees assumed to elect coverage at retirement changed from 50% to 30% to reflect recent plan experience. The inflation assumption changed from 2.75% to 2.50% based on an updated historical analysis of inflation rates and forward looking market expectations.

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