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Comparison to Previous Results <br /> The last valuation completed for City of Pequot Lakes was as of January 1,2015 under GASB 45. <br /> Below is a rough summary showing estimated reasons for changes in the Total OPEB Liability <br /> (accrued liability under GASB 45). <br /> . . . . . . . _ , � - � <br /> t'F� - <br /> 1. Changes in Total OPEB Liability <br /> a. Expected Liability $ 152,633 <br /> b. Liability(Gain)/Loss (36,828) <br /> c. Change Due to Claims and Retiree Premiums 20,935 <br /> d. Change Actuarial Cost Method to Entry Age 3,015 <br /> e. Assumption Changes (14,599) <br /> f. Plan Changes (7,1731 ' <br /> g. Total OPEB Liability 117,983 , <br /> 2. Service Cost 27,550 ,� <br /> 3. Discount Rate 3.30% ' <br /> Events &Decisions <br /> Plan Changes: <br /> • The years of service required to be eligible for a benefit(implicit rate subsidy)was increased <br /> from three years to five years. <br /> • The city contribution for union employees changed to 85%of the premium. Also,union <br /> employees are now on the same medical plan as other city employees rather than the <br /> Teamsters Local 346 plan. <br /> Assumption Changes: ' <br /> • The mortality table was updated from RP-2014 White Collar Mortality Tables with MP-2014 , <br /> Generational Improvement Scale(with Blue Collar adjustment for Police and Fire Personnel) � <br /> to the RP-2014 White Collar Mortality Tables with MP-2017 Generational Improvement � <br /> Scale(with Blue Collar adjustment for Police and Fire Personnel). <br /> • The retirement and withdrawal tables for all employees were updated. <br /> • The discount rate was changed from 4.00%to 3.30%. <br /> Method Changes: The actuarial cost method was changed from projected unit credit to entry age as �� <br /> prescribed by GASB 75. �I <br /> il <br /> I <br /> � <br /> City of Pequot Lakes <br /> Page 10 <br />