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Changes in the Total OPEB Liability
Description
| Amount |
Service Cost | $ 4,227,020 |
Interest on Total OPEB Obligation | 3,155,443 |
Changes in assumptions and other inputs | 4,916,149 |
Benefit payments | (4,052,252) |
Net change in Total OPEB Liability | 8,246,360 |
Total OPEB Liability, Beginning | 98,611,974 |
Total OPEB Liability, Ending | $ 106,858,334 |
The changes of assumptions or other inputs was based on the following:
• The discount rate decreased from 3.13% to 2.45%.
• Changes in the rates of salary increases to be based on revised inflation and individual member pay increases adopted by the 2020 FRS Actuarial Assumptions Conference and used in the July1, 2020 FRS Actuarial Valuation.
• Removal of a load modeling the excise (“Cadilla’) tax on healthcare plants to reflect the December 2019 repeal of law..
