Total OPEB Liability: The total other postemployment benefits ("OPEB") liability was determined by an actuarial valuation as of June 30, 2020. The financial reporting actuarial valuation as of June 30, 2021, used the following actuarial methods and assumptions, applied to all periods included in the measurement:
Valuation date June 30, 2019
Measurement date June 30, 2021
Inflation 2.30%
Payroll growth rate 0.00% for KERS nonhazardous and hazardous
Salary increases 3.30 to 15.30%, varies by service for nonhazardous, and
3.55% to 20.05%, varies by service for Hazardous
Investment rate of return 6.25%
Healthcare trend rates
Pre-65 Initial trend starting at 6.25% at January 1, 2021, decreasing to an ultimate trend rate of 4.05% over 13 years. Post-65 Initial trend starting at 5.50% at January 1, 2021, decreasing to an ultimate trend rate of 4.05% over 14 years.
The mortality table used for active members is the PUB-2010 General Mortality Table (for the nonhazardous plan) and the PUB-2010 Public Safety Mortality Table projected with the ultimate rates from the MP-2014 mortality improvement scale using a base year of 2010. For healthy retired members and beneficiaries, the mortality table used is a system-specific mortality table based on mortality experience from 2013-2018, projected with the ultimate rates from the MP-2014 improvement scale using a base year of 2019. For disabled members, the PUB-2010 Disabled Mortality Table (set forward 4 years) projected with the ultimate rates from the MP-2014 mortality improvement scale using a base year of 2010 is used for the period after disability retirement. Discount rate assumptions: