Legislative Commission on Pensions and Retirement

Motion LCPR18-M3

................ moves that the Legislative Commission on Pensions and Retirement (LCPR) approve changes to the demographic and economic assumptions used in the annual actuarial valuations of the St. Paul Teachers Retirement Fund Association (SPTRFA), pursuant to Minnesota Statutes, Section 356.215, Subdivision 18, effective for use in the actuarial valuation for fiscal year 2018; provided, however, that if legislation that reduces the assumption for investment rate of return to 7.5% is not enacted in 2018, none of the proposed changes to the economic assumptions shall take effect.

In support of the proposed changes, SPTRFA has submitted, for consideration by the LCPR, a letter from the SPTRFA executive director, stating that the changes have been approved by its board of trustees, and attaching the experience study from its actuary, recommending the following assumption changes, for which further detail is provided in the experience study:

Economic Assumptions
(effective only if the change to the investment rate assumption becomes law)

Demographic Assumptions
(effective upon approval by the LCPR)

In support of this motion, the LCPR acknowledges receipt of the following:

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