LLAMADAS DE EMERGENCIA

The projected salary increase was changed to 3.3-11.5% from 3.05%

The asset valuation method was changed to 20% of the difference between the market value assets and the expected actuarial value of assets if recognized from 5-year smoothed market.

The payroll growth rate was changed to 2.0% from 4.0%. The investment rate of return was change to 6.25% from 7.5% The inflation rate was changed to 2.3% from 3.25%

COUNTY EMPLOYEES RETIREMENT SYSTEM (CONTINUED)

NOTE B – METHOD AND ASSUMPTIONS USED IN CALCULATIONS OF ACTUARIALLY DETERMINED CONTRIBUTIONS

The actuarially determined contribution rates in the schedule of contribution are determined on a biennial basis beginning with the fiscal years ended 2016 and 2017, determined as of July 1, 2016. The

amortization period of the unfunded liability has been reset as of July 1, 2013 to a closed 30-year period. The following actuarial methods and assumptions were used to determine the rates reported in that schedule:

Valuation Date June 30, 2017

Experience Study July 1, 2008 – June 30, 2013

Actuarial Cost Method Entry Age Normal

Amortization Method Level percentage of payroll

Remaining Amortization Period 26 years, Closed

Payroll Growth Rate 2.00%

Asset Valuation Method 20% of the difference between the market value

of assets and the expected actuarial value of assets is recognized

Inflation 3.25 percent

Salary Increase 3.3-11.5 percent average, includes inflation

Investment Rate of Return 6.25 percent, net of pension plan investment

expense, including inflation

The mortality table used for active members is RP-2000 Combined Mortality Table projected with Scale BB to 2013 (multiplied by 50% for males and 30% for females). For healthy retired members and

beneficiaries, the mortality table used is the RP-2000 Combined Mortality Table projected with Scale BB to 2013 (set-back for one year for females). For disabled members, the RP-2000 Combined Disabled Mortality Table projected with Scale BB to 2013 (set-back four years for males) is used for the period after disability retirement.

NOTE C – CHANGES OF BENEFITS

There were no changes in benefits for CERS pension. 68

PULASKI COUNTY SCHOOL DISTRICT

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF DISTRICT’S PROPORTIONATE SHARE

OF THE NET OPEB LIABLITY FOR THE YEAR ENDED JUNE 30, 2020

TEACHERS’ RETIREMENT SYSTEM NOTE A – CHANGES OF ASSUMPTIONS

2017

There were no changes in assumptions. 2018

There were no changes in assumptions. 2019

There were no changes in assumptions.

NOTE B – METHOD AND ASSUMPTIONS USED IN CALCULATIONS OF ACTUARIALLY DETERMINED CONTRIBUTIONS

Methods and assumptions used in the actuarially determined contributions – The actuarially determined contribution rates, as a percentage of payroll, used to determine the actuarially determined contribution amounts in the Schedule of Employer Contributions are calculated as the of the indicated valuation date. The following actuarial methods and assumptions (from the indicated actuarial valuations) were used to determine contribution rates reported in that schedule for the year ending June 30, 2019:

Valuation date June 30, 2018

Actuarial cost method Entry Age Normal

Amortization method Level Percent of Payroll

Amortization period 23 years, Closed

Asset valuation method Five-year smoothed value

Inflation 3.00%

Real wage growth 0.50%

Wage inflation 3.50%

Salary increases, including wage inflation 3.5% - 7.20%

Discount rate 8.00%

Health care cost trends

Under 65 7.5% for FY 2019 decreasing to an ultimate rate

of 5.00% by FY 2024

Ages 65 and older 5.5% for FY 2019 decreasing to an ultimate rate of 5.00% by FY 2021

Medicare Part B premiums 2.63% for FY 2019 with an ultimate rate of 5.00% by 2031

Under age 65 claims the current premium charged by KEHP is used

as the base cost and is projected forward using only the health care trend assumption (no implicit rate subsidy is recognized).

PULASKI COUNTY SCHOOL DISTRICT

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF DISTRICT’S PROPORTIONATE SHARE

OF THE NET OPEB LIABLITY FOR THE YEAR ENDED JUNE 30, 2020

COUNTY EMPLOYEES RETIREMENT SYSTEM NOTE A – CHANGES OF ASSUMPTIONS

2017

The assumed investment return was changed from 7.5% to 6.2%

The price inflation assumption was changed from 3.25% to 2.30% which resulted in a .95% decrease in the salary increase assumption at all years of service

The payroll growth assumption (*applicable for the amortization of unfunded actuarial accrued liabilities) was changed from 4.0% to 2.0%

For the non-hazardous plan, the single discount rate changed from 6.89% to 5.84%. For the hazardous plan the single discount rate changed from 7.37% to 5.96%

2018

There were no changes in assumptions. 2019

The investment rate of return was changed to 6.25% from 7.0% The projected salary increases changed to 3.05-11.55% from 4.0% The inflation rate changed to 2.3% from 3.25%

The payroll growth rate changed to 2.0% from 4.0%

PULASKI COUNTY SCHOOL DISTRICT

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF DISTRICT’S PROPORTIONATE SHARE

OF THE NET OPEB LIABLITY FOR THE YEAR ENDED JUNE 30, 2020

COUNTY EMPLOYEES RETIREMENT SYSTEM (CONTINUED)

NOTE B – METHOD AND ASSUMPTIONS USED IN CALCULATIONS OF ACTUARIALLY DETERMINED CONTRIBUTIONS

Methods and assumptions used in the actuarially determined contributions – The actuarially determined contribution rates, as a percentage of payroll, used to determine the actuarially determined contribution amounts in the Schedule of Employer Contributions are calculated as the of the indicated valuation date. The following actuarial methods and assumptions (from the indicated actuarial valuations) were used to determine contribution rates reported in that schedule for the year ending June 30, 2019:

Valuation Date June 30, 2017

Experience Study July 1, 2008 – June 30, 2013

Actuarial Cost Method Entry Age Normal

Amortization Method Level percentage of payroll

Remaining Amortization Period 26 years, Closed

Payroll Growth Rate 2.00%

Asset Valuation Method 20% of the difference between the market value of assets and the expected actuarial value of assets is recognized

Inflation 2.3 percent

Salary Increase 2.0 percent, average

Investment Rate of Return 6.25 %

Healthcare cost trend rates

Under 65 Initial trend starting at 7.0% and gradually decreasing to

an ultimate trend rate of 4.05% over a period of 12 years Ages 65 and Older Initial trend starting at 5.0% and gradually

decreasing to an ultimate trend rate of 4.05% over a period of 10 years

The mortality table used for active members is RP-2000 Combined Mortality Table projected with Scale BB to 2013 (multiplied by 50% for males and 30% for females). For healthy retired members and

beneficiaries, the mortality table used is the RP-2000 Combined Mortality Table projected with Scale BB to 2013 (set-back for one year for females). For disabled members, the RP-2000 Combined Disabled Mortality Table projected with Scale BB to 2013 (set-back four years for males) is used for the period after disability retirement.

NOTE C – CHANGES OF BENEFITS

OTHER SUPPLEMENTARY