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Valuation Date <br /> The results presented in this report are based on a January 1,2015 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 <br /> year disclosure. In addition,for an entity with less than 200 Plan Members,valuations are required <br /> at least every three years(assuming no significant changes have occurred). <br /> Comparison to Previous Results <br /> The last valuation completed for City of Pequot Lakes was as of January 1, 2012. Below is a rough <br /> summary showing estimated reasons for changes in the accrued liability <br /> Comparison to Previous Results January 1,2015 <br /> 1. Changes in Accrued Liability <br /> a. Expected Accrued Liability 165,783 <br /> b. Liability(Gain)/Loss (53,388) <br /> c. Change Due to Medical Claims and Premiums (37,759) <br /> d. Assumption Changes 19,910 <br /> e. Plan Changes 0 <br /> f. Total Accrued Liability 94,546 <br /> 2. Normal Cost 14,601 <br /> 3. Discount Rate 4.00% <br /> Other <br /> Since the last actuarial valuation as of January 1, 2012,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 /> • The mortality tables have been updated to the RP-2014 tables, including the MP-2014 <br /> generational improvement scale. <br /> • The discount rate was changed from 4.50%to 4.00%. <br /> Since the last actuarial valuation as of January 1, 2012,the following plan provisions have changed: <br /> • None. <br /> City of Pequot Lakes <br /> Page 5 <br />