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GASB 74/75 - Comments on • <br /> ,Changes in the Total OPEB Liability <br /> Actuarial Concepts <br /> Total OPEB Liability June 30, 2022 $132,737,808 <br /> Service Cost 4,123,410 <br /> Interest Cost 4,636,990 <br /> Benefit Payments (3,529,472) Service Cost is one year's worth <br /> Actual vs. Experience Deferred Outflows/Inflows of liability for actives accruing <br /> age and service towards benefit <br /> Demographic Changes (5,590,403) eligiblity <br /> Health Care Costs (10,534,054) <br /> Actual vs. Expected Benefit Payments (510,512) <br /> Interest Cost is one year's <br /> Assumption Deferred Outflows/Inflows <br /> worth of interest on the <br /> Health Care Trend Change 1,635,621 beginning of year liability less <br /> Single Equivalent Interest Rate Change (2,046,466) interest on benefit payments <br /> Total OPEB Liability June 30, 2023 $120,922,922 made on based on the single <br /> equivalent interest rate <br /> Assumption Changes <br /> ➢ Pre-Medicare trend rates changed to 7% in 2022 decreasing to an ultimate rate of 4.5% by 2032 <br /> ➢ Medicare trend rates changed to 5.125% in 2022 decreasing to an ultimate rate of 4.5% by 2025 <br /> ➢ Single Equivalent Interest Rate increased from 3.54% to 3.65% <br /> Gains/Losses <br /> ➢ Gain due to reduction in active employee counts, offset by increase in retiree counts <br /> ➢ Gain due to very small increase in Medicare rates relative to expected increases <br />