| Medical Insurance Plan (Continued) | |
| Actuarial Assumptions | |
| The total OPEB liability in the June 30, 2023 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: | |
| Valuation Date | June 30, 2022 |
|---|---|
| Measurement Date | June 30, 2023 |
| Investment Rate of Return | 7.10%, Net of OPEB Plan Investment Expense, Including Inflation |
| Projected Salary Increases | 3.00-7.50%, Including Inflation |
| Inflation Rate | 2.50% |
| Real Wage Growth | 0.25% |
| Wage Inflation | 2.75% |
| Healthcare Cost Trend Rates Medical Trend | 6.75% for FYE 2023 Decreasing to an Ultimate Rate of 4.50% by FY 2032 |
| Medicare Part B Premiums | 1.55% for FYE 2023 with an Ultimate Rate of 4.50% by 2034 |
| Municipal Bond Index Rate | 3.66% |
| Discount Rate | 7.10% |
| Single Equivalent Interest Rate | 7.10%, Net of OPEB Plan Investment Expense, Including Price Inflation |
Mortality rates were based on the Pub-2010 (Teachers Benefit-Weighted) Mortality Table projected generationally with MP-2020 with various set-forwards, set-backs, and adjustments for each of the groups: service, retirees, contingent annuitants, disabled retirees, and active members.
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