City of Oakwood, Ohio
Notes to the Required Supplementary Information
For The Year Ended December 31, 2024
2022: Effective January 1, 2022, OPERS discontinued the group plans currently offered to non-Medicare retirees and re-employed retirees. Instead, eligible non-Medicare retirees will select an individual medical plan. OPERS will provide a subsidy or allowance via an HRA allowance to those retirees who meet health care eligibility requirements. Retirees will be able to seek reimbursement for plan premiums and other qualified medical expenses.
2021: There were no changes in benefit terms for the period.
2020: On January 15, 2020, the Board approved several changes to the health care plan offered to Medicare and pre-Medicare retirees in efforts to decrease costs and increase the solvency of the health care plan. These changes are effective January 1, 2022, and include changes to base allowances and eligibility for Medicare retirees, as well as replacing OPERS-sponsored medical plans for pre-Medicare retirees with monthly allowances, similar to the program for Medicare retirees.
2019-2018: There were no changes in benefit terms for the period.
OHIO POLICE AND FIRE PENSION FUND CHANGES IN BENEFIT TERMS AND ASSUMPTIONS
Changes in assumptions:
2024: The following were the most significant changes of assumptions that affected the total OPEB liability since the prior measurement date:
- - The projected salary increases changed from 3.75% to 10.50%, to 3.50% to 10.50%
- - The blended discount rate changed from 4.27% to 4.07%
- - The depletion year of OPEB assets is projected in year 2038
- - The municipal bond index rate decreased from 3.65% to 3.38%
2023: The following were the most significant changes of assumptions that affected the total OPEB liability since the prior measurement date:
- - The single discount rate changed from 2.84% to 4.27%
- - The depletion year of OPEB assets is projected in year 2036
- - Mortality for service retirees is based on the Pub-2010 Below-Median Safety Amount-Weighted Healthy Retiree mortality table with rates adjusted by 96.2 percent for males and 98.7 percent for females. All rates are projected using the MP-2021 Improvement Scale. Mortality for disabled retirees is based on the Pub-2010 Safety Amount-Weighted Disabled Retiree mortality table with rates adjusted by 135 percent for males and 97.9 percent for females. All rates are projected using the MP-2021 Improvement Scale. Mortality for contingent annuitants is based on the Pub-2010 Below-Median Safety Amount-Weighted Contingent Annuitant Retiree mortality table with rates adjusted by 108.9 percent for males and 131 percent for females. All rates are projected using the MP-2021 Improvement Scale. Mortality for active members is based on the Pub-2010 Below-Median Safety Amount-Weighted Employee mortality table. All rates are projected using the MP- 2021 Improvement Scale.
2022: The following were the most significant changes of assumptions that affected the total OPEB liability since the prior measurement date:
- - Reduction in actuarial assumed rate of return from 8.00% to 7.50%
- - The single discount rate changed from 2.96% to 2.84%
2021: There were no changes in methods and assumptions used in the calculation of actuarial determined contributions. The single discount rate changed from 3.56% to 2.96%.