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Development of Costs <br /> Liabilities <br /> January 1,2015 January 1, 2012 <br /> 1. Key assumptions <br /> a. Discount rate 4.00% 4.50% <br /> b. Medical trend rate <br /> i. Current year 7.25% 8.00% <br /> ii. Ultimate year 5.00% 5.00% <br /> iii. Years to ultimate trend rate 9 6 <br /> 2. Present value of benefits $ 299,867 $ 302,884 <br /> 3. Accrued liability <br /> a. Split by implicit rate liability vs.direct <br /> subsidy liability <br /> i. Implicit rate liability 72,555 83,075 <br /> ii. Direct subsidized liability 21,991 22,263 <br /> iii. Total 94,546 105,338 <br /> b. Split by status <br /> i. Actives 94,546 105,338 <br /> ii. Retirees and beneficiaries 0 0 <br /> iii. Total 94,546 105,338 <br /> 4. Normal cost 14,601 13,676 <br /> 5. Expected net benefit payments <br /> a. Actives(from expected retirements) 117 157 <br /> b. Retirees and beneficiaries 0 0 <br /> c. Total 117 157 <br /> City of Pequot Lakes <br /> Page 6 <br />