Plan Membership
At June 30, 2020, the following employees were covered by the benefit terms:
Inactive employees or beneficiaries
currently receiving benefit payments 835
Active employees 2,554
Total 3,389
Funding Policy
The City’s funding policy includes financing the implicit subsidy on a pay-as-you-go basis,
as required by statute.
Actuarial Assumptions and Other Inputs
The total OPEB liability was determined
by an actuarial valuation as of June 30, 2020, using
the following actuarial assumptions, applied to all periods included in the measurement,
unless otherwise specified:
Actuarial cost method
Inflation
Projected salary increases
Discount rate
Heaithcare trend rates
Retirees’ share of benefit-related costs
Participation rate
Entry Age Normal
2.00%. per year
2.75% for general wage inflation, plus merit and
productivity increases which are based on those used
in the New Hampshire Retirement System actuarial
valuation as of June 30, 2019
2.19% (previously was 2.66%)
7.50% for 2022, decreasing 0.50%, to an ultimate
rate of 4.50% as of 2028 and later years
100%
90% of active employees with current coverage
100% of mactive employees with no coverage
The discount rate was based on the Bond Buyer GO 20-Year Municipal Bond Index at
June 30, 2021.
Mortality rates were based on the following:
® General employees: SOA Pub-2010 General Total Dataset Headcount Weighted
Mortality Table fully generational using scale MP-2019
e Teachers: SOA Pub-2010 Teacher Total Dataset Headcount Weighted Mortality
Table fully generational using scale MP-2019
*® Police and fire: SOA Pub-2010 Public Safety Total Dataset Headcount
Weighted Mortality Table fully generational using scale MP-2019
e Surviving spouses: SOA Pub-2010 Contingent Survivors Total Dataset
Headcount Weighted Mortality Table fully generational using scale MP-2019
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