2025 Annual Comprehensive Financial Report

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

POLICE AND FIRE FUND (Continued)

2016 Changes Changes in Actuarial Assumptions The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2037 and 2.5% thereafter to 1.0% per year for all future years. The assumed investment return was changed from 7.9% to 7.5%. The single discount rate changed from 7.9% to 5.6%. The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for payroll growth and 2.50% for inflation. 2025 Changes Assumption changes: The discount rate was changed from 3.77% as of 12/31/2023 to 4.08% as of 12/31/2024 based on updated 20 year municipal bond rates as of each measurement date. 2024 Changes Assumption changes: The discount rate was changed from 4.05% as of 12/31/2022 to 3.77% as of 12/31/2023 based on updated 20 year municipal bond rates as of each measurement date. 2023 Changes Assumption changes: The discount rate was changed from 1.84% as of 12/31/2021 to 4.05% as of 12/31/2022 based on updated 20 year municipal bond rates as of each measurement date. 2022 Changes Assumption changes: The discount rate was changed from 2.00% as of 12/31/2020 to 1.84% as of 12/31/2021 based on updated 20 year municipal bond rates as of each measurement date. The inflation assumption changed from 2.50% to 2.25% based on an updated historical analysis of inflation rates and forward looking market expectations. The payroll growth rate changed from 3.25% as of 12/31/2020 to 3.00% as of 12/31/2021 based on an updated historical analysis of inflation rates and forward looking market expectations. 2021 Changes Assumption changes: The discount rate was changed from 2.75% as of 12/31/2019 to 2.00% as of 12/31/2020 based on updated 20 year municipal bond rates as of each measurement date. 2020 Changes Assumption changes: The discount rate was changed from 3.71% as of 12/31/2018 to 2.75% as of 12/31/2019 based on updated 20 year municipal bond rates as of each measurement date. 2019 Changes Assumption changes: The discount rate was changed from 3.31% as of 12/31/2017 to 3.71% as of 12/31/2018 based on updated 20 year municipal bond rates as of each measurement date. OTHER POST EMPLOYMENT BENEFITS

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