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Valuation Date <br />The results presented in this report are based on a January 1, 2012 valuation date. GASB 45 allows <br />the use of a valuation date that is up to 24 months prior to the beginning of the applicable fiscal year <br />disclosure. In addition, for an entity with less than 200 Plan Members, valuations are required at least <br />every 3 years (assuming no significant changes have occurred). <br />Comparison to Previous Results <br />The last valuation completed for the City of Pequot Lakes was as of January 1, 2009. Below is a <br />rough summary showing estimated reasons for changes in the accrued liability. <br />January 1, 2012 <br />1. Changes in accrued liability <br />a. Expected accrued liability $ 213,901 <br />b. Liability (gain) / loss (7,091) <br />c. Change due to claims and retiree premiums (104,357) <br />d. Assumption changes 2,885 <br />e. Plan changes 0 <br />f. Total accrued liability 105,338 <br />2. Normal Cost 13,676 <br />3. Discount Rate 4.50% <br />Other <br />Since the last actuarial valuation as of January 1, 2009, the following actuarial assumptions have <br />changed: <br />• The health care trend rates were changed to better anticipate short term and long term <br />medical increases. <br />Since the last actuarial valuation as of January 1, 2009, the following plan provisions have changed: <br />• None. <br />City of Pequot Lakes <br />Page 4 <br />