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Exhibit 40: Combining Statement of Changes in Fiduciary Net Position
CITY OF SUFFOLK, VIRGINIA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION June 30, 2022
Notes to the Required Supplementary Information related to Other Postemployment Benefit Plans City Trust
Changes in Benefit Terms:
There were no changes in the Plan’s benefit provisions during the measurement period ending on January 1, 2022.
Changes to assumptions or other inputs
The following changes in assumptions were made for the valuation date of January 1, 2022:
- The discount rate was lowered from 7.5% to .75% to be in line with the current VRS assumption. - The claims assumption was updated to include the most recent plan experience. - The trend assumption was updated to the most recent table released by the Society of Actuaries. - The salary scale assumption was updated to match that of the most recent VRS valuation. - The decrement assumptions were updated to match those used by the most recent VRS valuation.
