Canton, Massachusetts · Saved source text
OPEB as of June 30, 2025 GASB 74 75 - FY25 Report
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Source page 1
Town of Canton
Other Postemployment Benefits Plan
GASB 74 & GASB 75 Actuarial Valuation
With a Valuation Date of July 1, 2024
As of the Measurement Date:
June 30, 2025
For the Reporting Date:
June 30, 2025
Delivered September 15, 2025Source page 2
TABLE OF CONTENTS
PAGE
EXECUTIVE SUMMARY I
PRINCIPAL RESULTS OF THE VALUATION 1
EXHIBITS
A FINANCIAL STATEMENT DISCLOSURES 4
B REQUIRED SUPPLEMENTARY INFORMATION 16
APPENDIX
I LIABILITIES, ASSETS, & CASH FLOWS 25
II PLAN PROVISIONS 31
III ACTUARIAL METHODS & ASSUMPTIONS 33
IV PLAN DEMOGRAPHICS 41
V OVERVIEW OF GASB 74 & 75 44
VI ASOP 41 DISCLOSURES 46
GLOSSARY 49Source page 3
September 15, 2025 Personal and Confidential Mr. Randy Scollins Finance Director Town of Canton 801 Washington St Canton, MA 02021 Dear Mr. Scollins: We have performed an actuarial valuation of the Town of Canton Other Postemployment Benefits Plan for the Reporting Date & Fiscal Year Ending June 30, 2025 with a Measurement Date of June 30, 2025 and a Valuation Date of July 1, 2024. The figures presented in this report reflect the adoption, by the Town of Canton, of Statement Nos. 74 and 75 of the Governmental Accounting Standards Board (“GASB 74/75”). The financial results of the actuarial valuation are summarized in the report. The Executive Summaries highlight the results of the valuation. Additional information summarizing census data, actuarial assumptions, claim rates and the methodology for developing them, as well as a glossary of selected terms used in this study, is also included in the report. All costs, liabilities and other factors under the plan were determined in accordance with generally accepted actuarial principles and procedures. In our opinion, the actuarial assumptions used are reasonable, reflecting the experience of the plan and reasonable expectations and, in combination, represent our best estimate of the anticipated experience under the plan. We will be pleased to answer any questions that you may have regarding this actuarial valuation report. Very truly yours, Parker E. Elmore, ASA, EA, FCA, MAAA President, CEO & Actuary
Source page 4
September 15, 2025
ACTUARIAL CERTIFICATION
This is to certify that Odyssey Advisors has conducted an actuarial valuation of certain benefit obligations of the Town of Canton other
postemployment benefit programs with a Valuation Date of July 1, 2024 with a Measurement Date of June 30, 2025 for the Reporting Date & Fiscal
Year Ending June 30, 2025 in accordance with Governmental Accounting Standards Board Statement No. 74 & 75 and Actuarial Standards of
Practice as issued by the American Academy of Actuaries. The actuarial calculations presented in this report have been made on a basis consistent
with our understanding of GASB Statements Numbers 74 & 75 for the determination of the liability for postemployment benefits other than
pensions.
The actuarial data is based on the plan benefits verified by the Town and on participant claims or premium data provided by the Town and/or
vendors employed by the Town.
The actuarial computations made are for purposes of fulfilling plan accounting requirements. Determinations for purposes other than meeting
financial accounting requirements may yield results significantly different than those reported here. As such, additional determinations may be
needed for other purposes including determining the benefit security at termination and/or adequacy of the funding of an ongoing plan.
To the best of our knowledge, this report is complete and accurate and, in our opinion, represents the information necessary to comply with GASB
Statements Number 74 and 75 with respect to the benefit obligations addressed. The signing actuaries are members of the Society of Actuaries, the
American Academy of Actuaries and other professional actuarial organizations and meet their “General Qualification Standards for Statements of
Actuarial Opinion” to render the actuarial opinion contained herein. Further, in our opinion, the assumptions as approved by the Town are
reasonably related to the experience and expectations of the postemployment benefits programs.
Parker E. Elmore, ASA, EA, FCA, MAAA
President, CEO & ActuarySource page 5
EXECUTIVE SUMMARY
How did plan liabilities change from FY 24 to FY 25?
Plan Experience
For the year ending on the Measurement Date of June 30, 2025, the Plan saw an experience gain of $5,736,257 or 5.73% of the
beginning Total OPEB Liability ("TOL"). This was mainly due to fewer retirees and their spouses electing coverage than
expected.
Assumption Changes
Two key assumptions have changed since the prior valuation. The total impact of these assumption changes increased disclosed
liabilities by approximately $810 thousand, as detailed below.
✓ Due to the GASB 75 standards the discount rate has been changed from 6.66% to 6.43% increasing the disclosed liability
by approximately $2.6 million.
✓ Based on recommendations by PERAC, the mortality table has been updated to the RP-2014 Mortality Table projected
generationally with scale MP-2021 for non-teachers and PubT-2010 Mortality Table projected generationally with scale
MP-2021 for teachers decreasing the disclosed liability by approximately $1.8 million.
It is important to remember that actuarial assumptions or changes in such do not impact the actual cost of the Plan. Rather, they
impact the timing of the recognition of such costs.
Investment Experience
✓ During the period investments earned approximately $570 thousand more than expected.
Changes in Benefit Terms
✓ To the best of our knowledge there have been no material changes in benefit terms that would impact the figures
shown in this report.
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page ISource page 6
EXECUTIVE SUMMARY
Recognition Period
✓ Changes in assumptions & plan experience are amortized into the net OPEB expense over 6.36 years.
✓ Differences between projected & actual earnings on OPEB plan investments are amortized into the net OPEB expense over 5.00
years
✓ Changes in benefit terms are to be recognized in full immediately
Events Subsequent to the Measurement Date
To the best of our knowledge there were no material events subsequent to the Measurement Date that would impact the figures shown
in this report.
Key Drivers of Plan Liabilities
Several key drivers of plan costs and liabilities are:
✓ Premiums
✓ Age at which plan participants retire
✓ Percentage of plan participants who elect coverage for themselves and/or a spouse
✓ Medical care cost inflation rate – We currently assume medical costs increase according to the Getzen Model of Long–Run
Medical Cost Trends for Active and Medicare supplement plans, which includes an assumed 4.96% increase in fiscal year 2025
and an ultimate trend rate of 3.63% in fiscal year 2060.
✓ Discount Rate (6.43%) – Higher discount rates yield lower liabilities and vice versa
✓ Cost Sharing – Under Massachusetts law you may charge retirees up to 50% of premiums for health insurance
Discount Rate Determinants
✓ Employer Current and Future Benefit Payments
✓ Municipal Bond Rate – The S&P 20-year high grade municipal bond index was 4.81% as of June 30, 2025.
✓ Current Asset Level – The Town had $15,971,237 of OPEB assets as of June 30, 2025.
✓ Future Funding Policy – The Town is expected to contribute $1.45m beyond pay-as-you-go costs in Fiscal 2026 and $1.5m
thereafter.
✓ Investment Policy – The Town is expected to earn 6.51% per year on assets based on its investment policy.
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page IISource page 7
EXECUTIVE SUMMARY Low Default Risk Obligation Measure (LDROM) For purposes of this LDROM, we have used a discount rate of 4.81% which represents the 20-year municipal bond index while keeping all other assumptions unchanged from the GASB 74/75 disclosures. Based on this, the LDROM Total OPEB Liability is $122.4 million vs. the $99.3 million under the GASB 74/75 measure - the reflection of the Town's funding and OPEB Trust Investment policy reduced disclosed liabilities by approximately $23 million. Please note that the ultimate cost of the plan is the actual benefits paid plus expenses and any changes in assumptions, including discount rate, do not impact the actual cost of the plan. Medicare Buy-In The Town currently has 15 retirees or covered spouses who are over the age of 65 and are enrolled in Active medical plans rather than Medicare Supplement (Senior) plans. Under Actuarial Standards of Practice for OPEB, we are required to reflect the projected higher healthcare costs that occur as retirees age. Recently, some of our clients have seen substantial cost savings by “buying into” Medicare for retirees who would otherwise be ineligible. To buy into Medicare the Town would need to pay the Medicare Part A premium and the Medicare Part A and B penalties. While the cost to buy into Medicare is significant, it is likely still far less than the cost of the claims that the associated retirees are expected to incur. You may wish to review their Medicare eligibility to see if they are already eligible for Medicare or if a “buy-in” is appropriate as this could yield a reduction in your OPEB annual costs and disclosed liabilities. If you are in this situation, we encourage you to talk to your healthcare consultant to see if this might be viable. Town of Canton Other Postemployment Benefits Plan For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page III
Source page 8
EXECUTIVE SUMMARY
Key Plan Metrics
While an actuarial valuation under GASB 74/75 can be very complex with many variables, we find it helpful to look at several key
metrics (shown below) to better allow you to manage your plan.
Representative Plan Statistics
Valuation Date July 1, 2024 July 1, 2022
Measurement Date & Period Ending June 30, 2025 June 30, 2024
Reporting Date/Fiscal Year End June 30, 2025 June 30, 2024
Total OPEB Liability 99,295,855 100,093,241
Per Eligible Active Plan Participant 66,726 68,109
Per Retiree/Spouse Plan Participant 76,864 79,634
Total Annual Service Cost (Annual Benefit Accrual) 2,104,835 2,481,293
Per Eligible Active Plan Participant 2,744 3,385
Expected Employer Share of Retiree Costs 4,632,854 4,209,663
Per Retiree/Spouse Plan Participant 7,401 6,682
Net OPEB Liability as a % of Covered Payroll 132.28% 153.11%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page IVSource page 9
EXECUTIVE SUMMARY
Liabilities & Benefit Payments in Today’s Dollars
With the growth of medical care costs over time, the nominal accrued liabilities (“TOL”) and benefit payments can appear daunting.
However, it is important to remember that a dollar paid in the future is worth less than a dollar paid today.
Number of
Retirees, Present Value at 3.00% of
Spouses, & Present Value at 3.00% Employer Share of Employer Share of
For the Period Ending on Surviving of Total OPEB Premiums/Claims Premiums / Claims
the Measurement Date of: Spouses Total OPEB Liability Liability Including "Implicit Cost" Including "Implicit Cost"
June 30, 2025 626 99,295,855 99,295,855 4,632,854 4,632,854
June 30, 2030 682 118,927,533 102,587,935 5,692,338 4,910,261
June 30, 2035 713 139,293,840 103,647,699 7,389,892 5,498,774
June 30, 2040 710 161,988,674 103,974,366 8,493,198 5,451,461
June 30, 2045 685 188,721,959 104,490,773 9,466,662 5,241,461
June 30, 2050 668 221,704,505 105,887,306 11,145,963 5,323,374
June 30, 2055 663 261,262,857 107,636,838 13,157,069 5,420,538
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page VSource page 10
EXECUTIVE SUMMARY
Continuing OPEB Disclosures
In addition to pension benefits, municipal entities may provide retired employees with healthcare and life insurance benefits. The
portion of the cost of such benefit paid by these entities is generally provided on a pay-as-you-go basis.
The pay-as-you-go costs to the Town for such benefits for the most recent years is as follows:
Fiscal Year Ending Cost
June 30, 2026 (Projected) 4,555,926
June 30, 2025 4,632,854
June 30, 2024 4,209,663
June 30, 2023 4,297,460
June 30, 2022 4,058,281
June 30, 2021 4,119,198
The Town performs actuarial valuations of its non-pension post-employment benefits liability in accordance with GASB reporting
requirements. As of the June 30, 2025 Measurement Date the Net OPEB Liability ("NOL") was determined to be $83,324,618 assuming a
discount rate of 6.43%. The Town has established an OPEB Trust and plans to fund this liability. The Town is expected to contribute
$1.45m beyond pay-as-you-go costs in Fiscal 2026 and $1.5m thereafter. The balance of this fund as of June 30, 2025 was $15,971,237. See
the Town's audit reports for additional information.
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page VISource page 11
PRINCIPAL RESULTS OF THE VALUATION
Prior Year Comparison
Town of Canton
Assuming Funding - 6.43% discount rate
Comparison of Plan Liabilities to Prior Valuation
Valuation Date July 1, 2024 July 1, 2022
For the Measurement Period ending on the Measurement Date of: June 30, 2025 June 30, 2024
For the Reporting Period & Fiscal Year ending on: June 30, 2025 June 30, 2024
I. Total OPEB Liability
A. Actives 51,178,872 49,923,779
B. Retirees/Disabled 48,116,983 50,169,462
C. Total 99,295,855 100,093,241
II. Fiduciary Net Position [Plan Assets] 15,971,237 13,107,376
III. Net OPEB Liability (Asset) [I. - II.] 83,324,618 86,985,865
IV. Funded Ratio [II. / I.] 16.08% 13.10%
V. Number of Eligible Participants
A. Actives 767 733
B. Retirees/Disabled & Dependents 626 630
C. Total 1,393 1,363
VI. Service Cost 2,104,835 2,481,293
VII. Financial Statement Expense/(Income) 5,893,116 5,866,051
VIII. Employer OPEB Trust (Contribution)/Withdrawal (1,350,195) (1,250,000)
IX. Deferred Inflow of Resources (16,230,885) (14,872,100)
X. Deferred Outflow of Resources 5,376,638 7,589,167
XI. Money Weighted Rate of Return 11.09% 11.71%
XII. 20-year Municipal Bond Rate (SAPIHG) 4.81% 4.21%
XIII. Expected Long Term Rate of Return (Net of Expense) 6.51% 6.83%
XIV. Crossover Year 2083 2081
XV. Discount Rate 6.43% 6.66%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 1Source page 12
PRINCIPAL RESULTS OF THE VALUATION
Town of Canton
Plan Liabilities as of the June 30, 2025 Measurement Date
Public Safety Food Service Water Enterprise Sewer Enterprise
Town Employees School Employees Employees and Employees and Employees and Employees and
and Retirees and Retirees Retirees Retirees Retirees Retirees Total
I. Total OPEB Liability
A. Actives 4,764,005 33,514,876 11,031,122 748,702 961,860 158,307 51,178,872
B. Retirees/Disabled 6,085,101 29,714,125 10,811,874 318,738 802,149 384,996 48,116,983
C. Total 10,849,106 63,229,001 21,842,996 1,067,440 1,764,009 543,303 99,295,855
II. Fiduciary Net Position [Plan Assets] 1,745,023 10,170,066 3,513,336 171,692 283,732 87,388 15,971,237
III. Net OPEB Liability (Asset) [I. - II.] 9,104,083 53,058,935 18,329,660 895,748 1,480,277 455,915 83,324,618
For the Reporting Date and Fiscal Year Ending June 30, 2025
IV. Service Cost 241,230 1,408,524 393,803 26,502 29,958 4,818 2,104,835
V. Financial Statement Expense/(Income) 646,120 3,834,981 1,220,599 69,359 96,880 25,177 5,893,116
VI. Employer Share of Costs (748,293) (2,767,492) (963,849) (14,179) (99,279) (39,762) (4,632,854)
VII. Employer OPEB Trust (Contribution)/Withdrawal (147,523) (859,769) (297,014) (14,515) (23,986) (7,388) (1,350,195)
VIII. Total Employer Contribution [VI. + VII.] (895,816) (3,627,261) (1,260,863) (28,694) (123,265) (47,150) (5,983,049)
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 2Source page 13
PRINCIPAL RESULTS OF THE VALUATION
CURRENT FUNDING POLICY (OPEN GROUP)
Current Funding Policy
Funding - 6.43% discount rate
II. Fiduciary Net IX. Benefit X. Administrative
I. Total OPEB Position as of VI. Employer VII. Trust VIII. Gross Payments & Investment XI. Total Employer
For the Period Ending on Liability ("TOL") as Measurement Date III. Net OPEB IV. Funded Share of Benefit Contributions Trust Reimbursed Expenses Payments Less
Fiscal the Measurement of Measurement with an expected Liability (Asset) Ratio V. Service Payments (With Beyond Pay-as- Contributions from the Reimbursed from Reimbursements
Year Date of: Date 6.51% return [I. - II.] [II. / I.] Cost Implicit Cost) you-go [VI. + VII.] Trust the Trust [VIII. - IX. - X.]
2025 June 30, 2025 99,295,855 15,971,237 83,324,618 16.08% 2,104,835 4,632,854 1,350,195 5,983,049 4,632,854 0 1,350,195
2026 June 30, 2026 103,355,169 18,507,418 84,847,751 17.91% 2,231,239 4,555,926 1,450,000 6,005,926 4,555,926 0 1,450,000
2027 June 30, 2027 107,156,772 21,260,306 85,896,466 19.84% 2,308,589 4,811,691 1,500,000 6,311,691 4,811,691 0 1,500,000
2028 June 30, 2028 111,020,755 24,192,407 86,828,348 21.79% 2,395,374 5,093,124 1,500,000 6,593,124 5,093,124 0 1,500,000
2029 June 30, 2029 114,944,775 27,315,388 87,629,387 23.76% 2,488,491 5,396,170 1,500,000 6,896,170 5,396,170 0 1,500,000
2030 June 30, 2030 118,927,533 30,641,675 88,285,858 25.76% 2,576,238 5,692,338 1,500,000 7,192,338 5,692,338 0 1,500,000
2031 June 30, 2031 122,886,738 34,184,503 88,702,235 27.82% 2,673,227 6,116,213 1,500,000 7,616,213 6,116,213 0 1,500,000
2032 June 30, 2032 126,888,132 37,957,969 88,930,163 29.91% 2,773,859 6,454,962 1,500,000 7,954,962 6,454,962 0 1,500,000
2033 June 30, 2033 130,996,126 41,977,088 89,019,038 32.04% 2,860,982 6,696,227 1,500,000 8,196,227 6,696,227 0 1,500,000
2034 June 30, 2034 135,105,340 46,257,852 88,847,488 34.24% 2,968,685 7,067,403 1,500,000 8,567,403 7,067,403 0 1,500,000
2035 June 30, 2035 139,293,840 50,817,293 88,476,547 36.48% 3,078,708 7,389,892 1,500,000 8,889,892 7,389,892 0 1,500,000
2036 June 30, 2036 143,625,821 55,673,554 87,952,267 38.76% 3,180,577 7,515,065 1,500,000 9,015,065 7,515,065 0 1,500,000
2037 June 30, 2037 148,045,779 60,845,958 87,199,821 41.10% 3,292,774 7,780,674 1,500,000 9,280,674 7,780,674 0 1,500,000
2038 June 30, 2038 152,596,413 66,355,085 86,241,328 43.48% 3,404,234 8,109,244 1,500,000 9,609,244 8,109,244 0 1,500,000
2039 June 30, 2039 157,307,926 72,222,856 85,085,070 45.91% 3,523,131 8,243,593 1,500,000 9,743,593 8,243,593 0 1,500,000
2040 June 30, 2040 161,988,674 78,472,619 83,516,055 48.44% 3,639,953 8,493,198 1,500,000 9,993,198 8,493,198 0 1,500,000
2041 June 30, 2041 166,935,699 85,129,242 81,806,457 51.00% 3,760,861 8,677,855 1,500,000 10,177,855 8,677,855 0 1,500,000
2042 June 30, 2042 172,173,733 92,219,211 79,954,522 53.56% 3,887,745 8,880,720 1,500,000 10,380,720 8,880,720 0 1,500,000
2043 June 30, 2043 177,375,344 99,770,737 77,604,607 56.25% 4,024,476 9,016,448 1,500,000 10,516,448 9,016,448 0 1,500,000
2044 June 30, 2044 182,957,453 107,813,867 75,143,586 58.93% 4,147,755 9,192,977 1,500,000 10,692,977 9,192,977 0 1,500,000
2045 June 30, 2045 188,721,959 116,380,605 72,341,354 61.67% 4,296,094 9,466,662 1,500,000 10,966,662 9,466,662 0 1,500,000
2046 June 30, 2046 194,910,072 125,505,038 69,405,034 64.39% 4,433,429 9,634,870 1,500,000 11,134,870 9,634,870 0 1,500,000
2047 June 30, 2047 201,426,979 135,223,471 66,203,508 67.13% 4,587,839 9,970,581 1,500,000 11,470,581 9,970,581 0 1,500,000
2048 June 30, 2048 207,956,787 145,574,574 62,382,213 70.00% 4,744,182 10,406,723 1,500,000 11,906,723 10,406,723 0 1,500,000
2049 June 30, 2049 214,969,920 156,599,534 58,370,386 72.85% 4,908,901 10,761,747 1,500,000 12,261,747 10,761,747 0 1,500,000
2050 June 30, 2050 221,704,505 168,342,219 53,362,286 75.93% 5,088,278 11,145,963 1,500,000 12,645,963 11,145,963 0 1,500,000
2051 June 30, 2051 229,168,997 180,849,353 48,319,644 78.92% 5,261,041 11,489,325 1,500,000 12,989,325 11,489,325 0 1,500,000
2052 June 30, 2052 236,955,259 194,170,701 42,784,558 81.94% 5,455,863 11,837,508 1,500,000 13,337,508 11,837,508 0 1,500,000
2053 June 30, 2053 244,585,214 208,359,269 36,225,945 85.19% 5,650,490 12,386,513 1,500,000 13,886,513 12,386,513 0 1,500,000
2054 June 30, 2054 252,672,687 223,471,513 29,201,174 88.44% 5,857,196 12,698,938 1,500,000 14,198,938 12,698,938 0 1,500,000
2055 June 30, 2055 261,262,857 239,567,564 21,695,293 91.70% 6,072,180 13,157,069 1,500,000 14,657,069 13,157,069 0 1,500,000
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 3Source page 14
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2025 Measurement Date)
The GASB Standards for accounting and financial reporting for postemployment benefits other than pensions require the following
disclosures in the financial statements:
1. OPEB Expense Development
Components of the Town's OPEB Expenses for the Fiscal Year Ending June 30, 2025
Description Amount
I. Service Cost 2,104,835
II. Interest on Total OPEB Liability (Asset), Service Cost, and Benefit Payments 6,654,604
III. Deferred (Inflows)/Outflows from Plan Experience* (3,103,202)
IV. Deferred (Inflows)/Outflows from Changes of Assumptions* 1,306,952
V. Projected Earnings on OPEB Plan Investments (940,429)
VI. Deferred (Inflows)/Outflows from Earnings on Plan Investments** (129,644)
VII. OPEB Plan Administrative Expense 0
VIII. Other Changes in Fiduciary Net Position 0
IX. Financial Statement Expense/(Income) Prior to Plan Design Changes [I. + II.+ … + VII. + VIII.] 5,893,116
X. Expense Related to Change in Benefit Terms*** 0
XI. Financial Statement Expense/(Income) [IX. + X.] 5,893,116
* Amortized over 6.36 years
** Amortized over 5.00 years
*** Recognized Immediately
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 4Source page 15
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2025 Measurement Date)
NOL Change
2. Changes in Net OPEB Liability
Changes in Net OPEB Liability
Increase (Decrease)
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
I. Balances for the June 30, 2024 Reporting Date 100,093,241 13,107,376 86,985,865
II. Prior Period Adjustment 0 0 0
III. Balances for the June 30, 2024 Reporting Date with Adjustment [I. + II.] 100,093,241 13,107,376 86,985,865
Changes for the year:
IV. Service Cost 2,104,835 0 2,104,835
V. Interest on Total OPEB Liability, Service Cost, and Benefit Payments 6,654,604 0 6,654,604
VI. Changes in Benefit Terms * 0 0 0
VII. Change in Assumptions ** 812,286 0 812,286
VIII. Differences Between Actual and Expected Experience ** (5,736,257) 0 (5,736,257)
IX. Net Investment Income 0 1,513,666 (1,513,666)
X. Employer Contributions to Trust 0 5,983,049 (5,983,049)
XI. Benefit Payments Withdrawn from Trust 0 (4,632,854) 4,632,854
XII. Benefit Payments Excluding Implicit Cost (3,536,900) 0 (3,536,900)
XIII. Implicit Cost Amount (1,095,954) 0 (1,095,954)
XIV. Total Benefit Payments Including Implicit Cost [XII. + XIII.] (4,632,854) 0 (4,632,854)
XV. Administrative Expense 0 0 0
XVI. Other Charges 0 0 0
XVII. Net Changes [IV.+V.+VI.+VII.+VIII.+IX.+X.+XI.+XIV.+XV.+XVI.] (797,386) 2,863,861 (3,661,247)
XVIII. Balances for the June 30, 2025 Reporting Date [III.+XVII.] 99,295,855 15,971,237 83,324,618
* Recognized Immediately
** Amortized over 6.36 years
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 5Source page 16
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
Deferred Inflows/Outflows
(As of the June 30, 2025 Measurement Date)
3. Changes in Net OPEB Expense
Deferred (Inflows)/Outflows in OPEB Expense Arising from the Recognition of the Effects of Differences Between Expected &
Actual Experience
Differences
Fiscal Between Actual & Recognition Remaining
Year Expected Experience Period (Years) Balance 2025 2026 2027 2028 2029 2030
2017
2018 0 5.79 0
2019 (5,996,352) 5.45 0
2020 (61,259) 5.45 0 (5,059)
2021 (5,176,153) 5.93 (811,778) (872,875) (811,778)
2022 0 5.93 0 0 0 0
2023 (8,032,680) 6.07 (4,062,657) (1,323,341) (1,323,341) (1,323,341) (1,323,341) (92,634)
2024 0 6.07 0 0 0 0 0 0 0
2025 (5,736,257) 6.36 (4,834,330) (901,927) (901,927) (901,927) (901,927) (901,927) (901,927)
2026
Total Remaining Balance (9,708,765)
Net increase (decrease) in OPEB Expense (3,103,202) (3,037,046) (2,225,268) (2,225,268) (994,561) (901,927)
Deferred (Inflows)/Outflows in OPEB Expense Arising from the Recognition of the Effects of Changes in Assumptions
Differences from
Changes in
Fiscal Actuarial Recognition Remaining
Year Assumptions Period (years) Balance 2025 2026 2027 2028 2029 2030
2017
2018 0 5.79 0
2019 (3,907,488) 5.45 0
2020 (2,915,959) 5.45 0 (240,769)
2021 8,820,874 5.93 1,383,379 1,487,499 1,383,379
2022 5,299,458 5.93 1,724,782 893,669 893,669 831,113
2023 3,131,698 6.07 1,583,908 515,930 515,930 515,930 515,930 36,118
2024 (8,965,965) 6.07 (6,011,777) (1,477,094) (1,477,094) (1,477,094) (1,477,094) (1,477,094) (103,401)
2025 812,286 6.36 684,569 127,717 127,717 127,717 127,717 127,717 127,717
2026
Total Remaining Balance (635,139)
Net increase (decrease) in OPEB Expense 1,306,952 1,443,601 (2,334) (833,447) (1,313,259) 24,316
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 6Source page 17
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2025 Measurement Date)
3. Changes in Net OPEB Expense (Continued)
Deferred (Inflows)/Outflows in OPEB Expense Arising from the Recognition of Differences Between Projected & Actual Earnings
on OPEB Plan Investments
Differences
Fiscal Between Actual & Recognition Remaining
Year Expected Earnings Period (years) Balance 2025 2026 2027 2028 2029 2030
2017 0 5.00 0
2018 (39,705) 5.00 0
2019 57,003 5.00 0
2020 269,918 5.00 0
2021 (1,327,347) 5.00 0 (265,471)
2022 2,119,862 5.00 423,974 423,972 423,974
2023 (223,855) 5.00 (89,542) (44,771) (44,771) (44,771)
2024 (643,639) 5.00 (386,185) (128,727) (128,727) (128,727) (128,731)
2025 (573,237) 5.00 (458,590) (114,647) (114,647) (114,647) (114,647) (114,649)
2026
Total Remaining Balance (510,343)
Net increase (decrease) in OPEB Expense (129,644) 135,829 (288,145) (243,378) (114,649) 0
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 7Source page 18
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2025 Measurement Date)
3. Changes in Net OPEB Expense (Continued)
Statement of (Inflows) & Outflows Arising from Current & Prior Reporting Periods for the Measurement Period Ending on
June 30, 2025 to be Reported for the Fiscal Year Ending June 30, 2025
Deferred Deferred
Outflows of Inflows of
Resources Resources Total
I. Contributions Made Subsequent to the Measurement Date 0 0 0
II. Differences Between Actual & Expected Experience 0 (9,708,765) (9,708,765)
III. Changes of Assumptions 5,376,638 (6,011,777) (635,139)
IV. Net Difference Between Projected & Actual Earnings on OPEB Plan Investments 0 (510,343) (510,343)
VI. Total [I. + II. + III. + IV.] 5,376,638 (16,230,885) (10,854,247)
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 8Source page 19
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2025 Measurement Date)
3. Changes in Net OPEB Expense (Continued)
Annual Amortization of Deferred (Inflows) & Outflows
The balance of deferred (inflows) & outflows as of the Reporting Date of June 30, 2025 will be recognized in future years as shown
below.
Year ending June 30:
2026 (1,457,616)
2027 (2,515,747)
2028 (3,302,093)
2029 (2,422,469)
2030 (877,611)
Thereafter (278,711)
4. Discount Rate
The discount rate used to measure the Total OPEB liability was 6.43% as of June 30, 2025 and 6.66% as of June 30, 2024. The
projection of cash flows used to determine the discount rate assumed that contributions will be made in accordance with the
Town’s funding policy. Based on these assumptions, the OPEB Plan’s Fiduciary Net Position is projected to be insufficient to
make all projected benefit payments to current plan members. Therefore, the long-term expected rate of return on the OPEB
Plan assets is applied to the projected benefits payments which the Fiduciary Net Position is expected to be sufficient to
cover until Fiscal Year 2083 and the Municipal Bond Rate is applied thereafter. The Municipal Bond Rate is based on the
S&P Municipal Bond 20 – Year High Grade Index ("SAPIHG"), which was 4.81% as of June 30, 2025. The S&P Municipal
Bond 20 - Year High Grade Index is the index rate for 20 – Year, tax exempt general obligation municipal bonds with an
average rate of AA/Aa or higher.
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 9Source page 20
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2025 Measurement Date)
Investment Policy
5. Funding Policy
The contribution requirements of plan members and the Town are established and may be amended through Town
ordinances. For the period ending on the June 30, 2025 Measurement Date, total Town premiums plus implicit costs for the
retiree medical program were $4,632,854. The Town also contributed $1,350,195 to an OPEB Trust for a total contribution
during the measurement period of $5,983,049 to be reported on the financial statement for the fiscal year ending June 30,
2025.
6. Investment Policy
The chart below shows how the long-term rate of return on assets is developed based on the Town's Investment Policy.
Investment Target Allocation & Expected Long-Term Real Rate of Return
Long-Term
Target Expected Real
Asset Class Allocation Asset Class Rate of Return*
Domestic Equity - Large Cap 35.75% Domestic Equity - Large Cap 4.52%
Domestic Equity - Small/Mid Cap 1.75% Domestic Equity - Small/Mid Cap 5.06%
International Equity - Developed Market 16.75% International Equity - Developed Market 5.08%
International Equity - Emerging Market 7.00% International Equity - Emerging Market 5.80%
Dom Fixed 22.75% Dom Fixed 2.44%
International Fixed Income 3.50% International Fixed Income 2.13%
Alternatives 9.25% Alternatives 6.09%
Real Estate 2.75% Real Estate 3.73%
Cash 0.50% Cash 0.00%
Total 100.00%
I. Real Rate of Return 4.26%
II. Inflation Assumption 2.50%
III. Total Nominal Return [I. + II.] 6.76%
IV. Investment Expense 0.25%
V.Net Investment Return* [III.-IV.] 6.51%
* Mean Geometric Returns based on 2024 Horizon Survey of Capital Market Assumptions
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 10Source page 21
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2025 Measurement Date)
7. Schedule of The Town's Contributions
Contributions in
Relation to the Contributions as a
Actuarial Actuarially Contribution Covered Percentage of
For the Fiscal Year Determined Determined Deficiency Employee Covered Employee
Ending Contribution Contribution (Excess) Payroll Payroll
June 30, 2025 6,396,465 (5,983,049) 413,416 62,991,568 9.50%
June 30, 2024 7,079,145 (5,459,663) 1,619,482 56,814,256 9.61%
June 30, 2023 6,939,560 (5,447,460) 1,492,100 55,159,472 9.88%
June 30, 2022 6,735,572 (5,108,281) 1,627,291 51,561,377 9.91%
June 30, 2021 6,498,321 (5,033,198) 1,465,123 50,059,589 10.05%
June 30, 2020 7,670,645 (4,905,429) 2,765,216 47,989,715 10.22%
June 30, 2019 7,622,221 (4,523,578) 3,098,643 46,591,956 9.71%
June 30, 2018 8,240,517 (4,179,556) 4,060,961 45,486,461 9.19%
June 30, 2017 7,882,229 (3,783,880) 4,098,349 44,161,613 8.57%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 11Source page 22
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2025 Measurement Date)
+/-1% Sensitivity
8. Effect of 1% Change in Healthcare Trend
Impact of a 1% Change in the Healthcare Trend Rate on NOL as of the June 30, 2025 Measurement Date
1% Decrease Current Trend Rate 1% Increase
Net OPEB Liability (Asset) 71,145,722 83,324,618 98,389,015
9. Effect of 1% Change in Discount Rates
Impact of a 1% Change in the Discount Rate on NOL as of the June 30, 2025 Measurement Date
Current Discount Rate
1% Decrease 6.43% 1% Increase
Net OPEB Liability (Asset) 96,733,016 83,324,618 72,362,880
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 12Source page 23
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2025 Measurement Date)
Money ROR
10. Money Weighted Rate of Return
Plan
Investments / Periods Period
Net External Invested Weight
Cash Flows
I. Beginning value - June 30, 2024 13,107,376 12 1.0000
Monthly net external cash flows:
July 0 11 0.9167
August 0 10 0.8333
September 0 9 0.7500
October 0 8 0.6667
November 0 7 0.5833
December 1,000,000 6 0.5000
January 0 5 0.4167
February 0 4 0.3333
March 0 3 0.2500
April 350,000 2 0.1667
May 0 1 0.0833
June 0 0 0.0000
II. Total net external cash flow 1,350,000
III. Earnings and increase in fair value 1,513,666
IV. Ending value - June 30, 2025 [I.+II.+III.] 15,971,042
V. Receivable Contributions 195
Plan Asset Value - June 30, 2025 [IV.+V.] 15,971,237
Money Weighted Rate of Return 11.09%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 13Source page 24
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
NOL & Expense by Group
(As of the June 30, 2025 Measurement Date)
11. OPEB Liability, OPEB Expense
Fiscal Year Ending June 30, 2025
Water Sewer
Town School Public Safety Food Service Enterprise Enterprise
Employees and Employees and Employees and Employees and Employees and Employees and
Retirees Retirees Retirees Retirees Retirees Retirees Total
I. Total OPEB Liability as of June 30, 2025 10,849,106 63,229,001 21,842,996 1,067,440 1,764,009 543,303 99,295,855
II. Fiduciary Net Position as of June 30, 2025 1,745,023 10,170,066 3,513,336 171,692 283,732 87,388 15,971,237
III. Net OPEB Liability (Asset) as of June 30, 2025 [I. - II.] 9,104,083 53,058,935 18,329,660 895,748 1,480,277 455,915 83,324,618
IV. Service Cost 241,230 1,408,524 393,803 26,502 29,958 4,818 2,104,835
V. Interest on Total OPEB Liability (Asset), Service Cost, and Benefit Payments 717,965 4,251,784 1,457,287 73,688 117,842 36,038 6,654,604
VI. Projected Earnings on OPEB Plan Investments (102,652) (598,968) (206,835) (10,127) (16,706) (5,141) (940,429)
VII. Net Recognition of Deferred (Inflows)/Outflows (210,423) (1,226,359) (423,656) (20,704) (34,214) (10,538) (1,925,894)
VIII. OPEB Plan Administrative Expense 0 0 0 0 0 0 0
IX. Expense Related to Change in Benefit Terms 0 0 0 0 0 0 0
X. Financial Statement Expense/(Income) [IV. + V. + … + VIII. + IX.] 646,120 3,834,981 1,220,599 69,359 96,880 25,177 5,893,116
XI. Employer Share of Costs (748,293) (2,767,492) (963,849) (14,179) (99,279) (39,762) (4,632,854)
XII. Employer (Payments) Withdrawals to/from OPEB Trust (147,523) (859,769) (297,014) (14,515) (23,986) (7,388) (1,350,195)
XIII. Total Employer Contribution [XI. + XII.] (895,816) (3,627,261) (1,260,863) (28,694) (123,265) (47,150) (5,983,049)
XIV. Net OPEB Expense/(Income) [X. + XIII.] (249,696) 207,720 (40,264) 40,665 (26,385) (21,973) (89,933)
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 14Source page 25
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2025 Measurement Date)
12. OPEB Liability, OPEB Expense and Deferred Inflow/Outflow
Valuation Date July 1, 2024
For the Measurement Period ending on the Measurement Date of: June 30, 2025
For the Reporting Period & Fiscal Year ending on: June 30, 2025
Source of Deferred Inflow/Outflow
I. Deferred (Inflow)/Outflow from Actual vs. Expected Experience (9,708,765)
II. Deferred (Inflow)/Outflow from Investment Experience (510,343)
III. Deferred (Inflow)/Outflow from Changes in Assumptions (635,139)
Change in Deferred Inflow/Outflow
I. Deferred Outflow at the beginning of the period 8,437,113
II. Deferred Outflow created during the period 812,286
III. Deferred Outflow recognized during the period 3,448,787
IV. Change in Deferred Outflow (II. - III. ) (2,636,501)
V. Deferred Outflow at end of the period (I. + IV. ) 5,800,612
VI. Deferred Inflow at the beginning of the period (15,720,046)
VII. Deferred Inflow created during the period (6,309,494)
VIII. Deferred Inflow recognized during the period (5,374,681)
IX. Change in Deferred Inflow (VII. - VIII. ) (934,813)
X. Deferred Inflow at end of the period (VI. + IX. ) (16,654,859)
Net OPEB Liability
I. Net OPEB Liability at beginning of period 86,985,865
II. Service Cost 2,104,835
III. Interest on Total OPEB Liability, Service Cost, and Payments 6,654,604
IV. Projected Investment Income (940,429)
V. OPEB Plan Administrative Expense 0
VI. Total Employer Contributions (5,983,049)
VII. Expense Related to Change in Benefit Terms 0
VIII. Net OPEB Expense/(Income) - Before Recognition of Deferred (Inflow)/Outflow (II. + III. + … + VI. + VII.) 1,835,961
IX. Deferred Outflow created during the period 812,286
X. Deferred Inflow created during the period (6,309,494)
XI. Net OPEB Liability at end of period (I. + VIII. + IX. + X. ) 83,324,618
Net OPEB Expense
I. Service Cost 2,104,835
II. Interest on Total OPEB Liability, Service Cost, and Payments 6,654,604
III. Projected Investment Income (940,429)
IV. Recognition of Deferred (Inflow)/Outflow (1,925,894)
V. OPEB Plan Administrative Expense 0
VI. Expense Related to Change in Benefit Terms 0
VII. Financial Statement Expense/(Income) (I. + II. + III. + IV. + V. + VI.) 5,893,116
VIII. Benefit Payments (4,632,854)
IX. Contributions to Trust (1,350,195)
X. Total Employer Payments (VIII. + IX.) (5,983,049)
XI. Total Net OPEB Expense/(Income) under GASB 75 (IX. + X.) (89,933)
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 15Source page 26
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2025 Measurement Date)
Schedule of Changes in the Town's Net OPEB Liability and Related Ratios
Valuation Date July 1, 2024 July 1, 2022 July 1, 2022 July 1, 2020 July 1, 2020
Measurement Date June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021
For the Reporting Period & Fiscal Year Ending on: June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021
Total OPEB Liability 99,295,855 100,093,241 104,622,382 105,269,904 95,935,243
I. Service Cost 2,104,835 2,481,293 2,397,412 2,091,699 2,115,184
II. Interest on Total OPEB Liability, Service Cost, and Benefit Payments 6,654,604 6,165,194 6,153,508 6,001,785 5,342,271
III. Changes in Benefit Terms 0 0 0 0 0
IV. Difference Between Expected & Actual Plan Experience (5,736,257) 0 (8,032,680) 0 (5,176,153)
V. Changes of Assumptions 812,286 (8,965,965) 3,131,698 5,299,458 8,820,874
VI. Benefit Payments Excluding Implicit Cost (3,536,900) (3,251,904) (3,315,150) (3,089,081) (2,892,692)
VII. Implicit Cost Amount (1,095,954) (957,759) (982,310) (969,200) (1,226,506)
VIII. Total Benefit Payments (4,632,854) (4,209,663) (4,297,460) (4,058,281) (4,119,198)
IX. Other 0 0 0 0 0
X. Net Change in OPEB Liability [I.+II.+III.+IV.+V.+VIII.+IX.] (797,386) (4,529,141) (647,522) 9,334,661 6,982,978
XI. Total OPEB Liability - Beginning of Period 100,093,241 104,622,382 105,269,904 95,935,243 88,952,265
XII. Prior Period Adjustment 0 0 0 0 0
XIII. Total OPEB Liability - Beginning of Period with Adjustment [XI.+XII.] 100,093,241 104,622,382 105,269,904 95,935,243 88,952,265
XIV. Total OPEB Liability - End of Period [XII.+XIII.] 99,295,855 100,093,241 104,622,382 105,269,904 95,935,243
Plan Fiduciary Net Position 15,971,237 13,107,376 10,534,554 8,620,248 9,066,372
XV. Earnings from Plan Investments 1,513,666 1,322,822 764,306 (1,496,124) 1,771,991
XVI. Employer Contribution to Trust 5,983,049 5,459,663 5,447,460 5,108,281 5,033,198
XVII. Benefit Payments from Trust, Including Refunds of Member Contributions (4,632,854) (4,209,663) (4,297,460) (4,058,281) (4,119,198)
XVIII. Administrative Expense 0 0 0 0 0
XIX. Other 0 0 0 0 0
XX. Net Change in Plan Fiduciary Net Position [XV.+XVI.+XVII.+XVIII.+XIX.] 2,863,861 2,572,822 1,914,306 (446,124) 2,685,991
XXI. Plan Fiduciary Net Position - Beginning of Period 13,107,376 10,534,554 8,620,248 9,066,372 6,380,381
XXII. Prior Period Adjustment 0 0 0 0 0
XXIII. Plan Fiduciary Net Position - Beginning of Period with Adjustment [XXI.+XXII.] 13,107,376 10,534,554 8,620,248 9,066,372 6,380,381
XXIV. Plan Fiduciary Net Position - End of Period [XXII.+XXIII.] 15,971,237 13,107,376 10,534,554 8,620,248 9,066,372
XXV. Net OPEB Liability [XIV.-XXIV.] 83,324,618 86,985,865 94,087,828 96,649,656 86,868,871
XXVI. Plan Fiduciary Net Position as % of Total OPEB Liability [XXIV./XIV.] 16.08% 13.10% 10.07% 8.19% 9.45%
XXVII. Covered Employee Payroll 62,991,568 56,814,256 55,159,472 51,561,377 50,059,589
XXVIII. Plan NOL as % of Covered Employee Payroll [XXV./XXVII.] 132.28% 153.11% 170.57% 187.45% 173.53%
Single Discount Rate to Calculate Plan Liabilities 6.43% 6.66% 5.87% 5.83% 6.25%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 16Source page 27
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2025 Measurement Date)
Schedule of Changes in the Town's Net OPEB Liability and Related Ratios
Valuation Date July 1, 2018 July 1, 2018 July 1, 2016 July 1, 2016
Measurement Date June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017
For the Reporting Period & Fiscal Year Ending on: June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017
Total OPEB Liability 88,952,265 88,688,109 94,811,510 90,505,695
I. Service Cost 2,011,440 2,040,579 2,675,741 2,515,860
II. Interest on Total OPEB Liability, Service Cost, and Benefit Payments 5,105,363 5,463,438 4,809,630 4,590,666
III. Changes in Benefit Terms 0 0 0 0
IV. Difference Between Expected & Actual Plan Experience (61,259) (5,996,352) 0 0
V. Changes of Assumptions (2,915,959) (3,907,488) 0 0
VI. Benefit Payments Excluding Implicit Cost (2,998,522) (2,867,284) (2,839,350) N/A
VII. Implicit Cost Amount (876,907) (856,294) (340,206) N/A
VIII. Total Benefit Payments (3,875,429) (3,723,578) (3,179,556) (3,013,880)
IX. Other 0 0 0 0
X. Net Change in OPEB Liability [I.+II.+III.+IV.+V.+VIII.+IX.] 264,156 (6,123,401) 4,305,815 4,092,646
XI. Total OPEB Liability - Beginning of Period 88,688,109 94,811,510 90,505,695 86,413,049
XII. Prior Period Adjustment 0 0 0 0
XIII. Total OPEB Liability - Beginning of Period with Adjustment [XI.+XII.] 88,688,109 94,811,510 90,505,695 86,413,049
XIV. Total OPEB Liability - End of Period [XII.+XIII.] 88,952,265 88,688,109 94,811,510 90,505,695
Plan Fiduciary Net Position 6,380,381 5,219,494 4,155,794 2,980,371
XV. Earnings from Plan Investments 130,887 263,700 175,423 221,830
XVI. Employer Contribution to Trust 4,905,429 4,523,578 4,179,556 3,783,880
XVII. Benefit Payments from Trust, Including Refunds of Member Contributions (3,875,429) (3,723,578) (3,179,556) (3,013,880)
XVIII. Administrative Expense 0 0 0 0
XIX. Other 0 0 0 0
XX. Net Change in Plan Fiduciary Net Position [XV.+XVI.+XVII.+XVIII.+XIX.] 1,160,887 1,063,700 1,175,423 991,830
XXI. Plan Fiduciary Net Position - Beginning of Period 5,219,494 4,155,794 2,980,371 1,988,541
XXII. Prior Period Adjustment 0 0 0 0
XXIII. Plan Fiduciary Net Position - Beginning of Period with Adjustment [XXI.+XXII.] 5,219,494 4,155,794 2,980,371 1,988,541
XXIV. Plan Fiduciary Net Position - End of Period [XXII.+XXIII.] 6,380,381 5,219,494 4,155,794 2,980,371
XXV. Net OPEB Liability [XIV.-XXIV.] 82,571,884 83,468,615 90,655,716 87,525,324
XXVI. Plan Fiduciary Net Position as % of Total OPEB Liability [XXIV./XIV.] 7.17% 5.89% 4.38% 3.29%
XXVII. Covered Employee Payroll 47,989,715 46,591,956 45,486,461 44,161,613
XXVIII. Plan NOL as % of Covered Employee Payroll [XXV./XXVII.] 172.06% 179.15% 199.30% 198.19%
Single Discount Rate to Calculate Plan Liabilities 6.00% 5.75% 5.25% 5.25%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 17Source page 28
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2025 Measurement Date)
The Town’s Actuarially Determined Contribution (ADC) is an amount actuarially determined in accordance with the parameters of
GASB Statement No. 74/75 which is composed of the service cost and an amortization of the unfunded liability. For FY 2025 and future
years we have used a 30-year amortization increasing by 3.00% per year of the Town’s unfunded liability for the purpose of calculating
ADC. The following table shows the components of the Town’s annual ADC and the amount actually contributed to the plan:
Actuarially Determined Contribution - Deficiency / (Excess)
For the Fiscal Year Ending: June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021
I. Service Cost 2,104,835 2,481,293 2,397,412 2,091,699 2,115,184
II. 30 Year Amortization of NOL Increasing by 3.00% per year 4,291,630 4,597,852 4,542,148 4,643,873 4,383,137
III. Actuarial Determined Contribution [I. + II.] 6,396,465 7,079,145 6,939,560 6,735,572 6,498,321
IV. Contributions in Relation to the Actuarially Determined Contribution (5,983,049) (5,459,663) (5,447,460) (5,108,281) (5,033,198)
V. Contribution Deficiency / (Excess) [III. + IV.] 413,416 1,619,482 1,492,100 1,627,291 1,465,123
Covered Employee Payroll 62,991,568 56,814,256 55,159,472 51,561,377 50,059,589
Contributions as a % of Covered Employee Payroll 9.50% 9.61% 9.88% 9.91% 10.05%
Discount Rate 6.43% 6.66% 5.87% 5.83% 6.25%
Money Weighted Rate of Return 11.09% 11.71% 8.26% (15.55%) 26.10%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 18Source page 29
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2025 Measurement Date)
Actuarially Determined Contribution - Deficiency / (Excess) (Continued)
For the Fiscal Year Ending: June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017
I. Service Cost 2,011,440 2,040,579 2,675,741 2,515,860
II. 30 Year Amortization of NOL Increasing by 3.00% per year 5,659,205 5,581,642 5,564,776 5,366,369
III. Actuarial Determined Contribution [I. + II.] 7,670,645 7,622,221 8,240,517 7,882,229
IV. Contributions in Relation to the Actuarially Determined Contribution (4,905,429) (4,523,578) (4,179,556) (3,783,880)
V. Contribution Deficiency / (Excess) [III. + IV.] 2,765,216 3,098,643 4,060,961 4,098,349
Covered Employee Payroll 47,989,715 46,591,956 45,486,461 44,161,613
Contributions as a % of Covered Employee Payroll 10.22% 9.71% 9.19% 8.57%
Discount Rate 6.00% 5.75% 5.25% 5.25%
Money Weighted Rate of Return 2.35% 5.55% 5.05% 8.23%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 19Source page 30
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2025 Measurement Date)
Actuarially Determined Contribution – by Function:
Fiscal Year Ending June 30, 2025
Water Sewer
Town School Public Safety Food Service Enterprise Enterprise
Employees and Employees and Employees and Employees and Employees and Employees and
Retirees Retirees Retirees Retirees Retirees Retirees Total
I. Service Cost 241,230 1,408,524 393,803 26,502 29,958 4,818 2,104,835
II. 30 Year Amortization of NOL Increasing by 3.00% per year 468,905 2,732,798 944,068 46,135 76,242 23,482 4,291,630
III. Actuarial Determined Contribution [I. + II.] 710,135 4,141,322 1,337,871 72,637 106,200 28,300 6,396,465
IV. Employer Share of Costs (Including Implicit Cost) (748,293) (2,767,492) (963,849) (14,179) (99,279) (39,762) (4,632,854)
V. Employer OPEB Trust (Contribution)/Withdrawal (147,523) (859,769) (297,014) (14,515) (23,986) (7,388) (1,350,195)
VI. Total Employer Contribution [IV. + V.] (895,816) (3,627,261) (1,260,863) (28,694) (123,265) (47,150) (5,983,049)
VII. Contribution Deficiency / (Excess) [III. + VI.] (185,681) 514,061 77,008 43,943 (17,065) (18,850) 413,416
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 20Source page 31
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2025 Measurement Date)
Notes to Required Supplementary Information:
Valuation Date: Actuarially Determined Contribution was calculated as of July 1, 2024.
Actuarial Cost Method: Individual Entry Age Normal
Asset-Valuation Method: Market Value of Assets as of the Measurement Date, June 30, 2025.
Actuarial Assumptions:
Investment Rate of Return: 6.51%, net of OPEB plan investment expense, including inflation.
Municipal Bond Rate 4.81% as of June 30, 2025 (source: S&P Municipal Bond 20-Year High Grade Index –
SAPIHG)
Single Equivalent Discount Rate: 6.43%, net of OPEB plan investment expense, including inflation
Inflation: 2.50% as of June 30, 2025 and for future periods
Salary Increases: 3.00% annually as of June 30, 2025 and for future periods
Cost of Living Adjustment: Not Applicable
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 21Source page 32
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2025 Measurement Date)
Pre-Retirement Mortality: General: RP-2014 Mortality Table for Blue Collar Employees projected generationally
with scale MP-2021, set forward 1 year for females
Teachers: PubT-2010 Mortality Table (Headcount-weighted) for Employees projected
generationally with scale MP-2021
Post-Retirement Mortality: General: RP-2014 Mortality Table for Blue Collar Healthy Annuitants projected
generationally with scale MP-2021, set forward 1 year for females
Teachers: PubT-2010 Mortality Table (Headcount-weighted) for Healthy Annuitants
projected generationally with scale MP-2021
Disabled Mortality: General: RP-2014 Mortality Table for Blue Collar Healthy Annuitants projected
generationally with scale MP-2021, set forward 1 year for males and 2 years for females
Teachers: PubT-2010 Mortality Table (Headcount-Weighted) for Healthy Annuitants
projected generationally with scale MP-2021
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 22Source page 33
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2025 Measurement Date)
Plan Membership
At July 1, 2024, OPEB plan membership consisted of the following:
Retirees & Beneficiaries: 626
Actives: 767
Total: 1,393
Events Subsequent to the Measurement Date
To the best of our knowledge there were no material events subsequent to the Measurement Date that would impact the
figures shown in this report.
Changes in Assumptions: From June 30, 2024 to June 30, 2025
✓ Due to the GASB 75 standards the discount rate has been changed from 6.66% to 6.43%.
✓ Based on recommendations by PERAC, the mortality table has been updated to the RP-2014 Mortality Table projected
generationally with scale MP-2021 for non-teachers and PubT-2010 Mortality Table projected generationally with scale
MP-2021 for teachers.
Contributions/Withdrawals:
The contribution requirements of plan members and the Town are established and may be amended through Town ordinances.
The Town contributed $1,350,195 beyond the pay-as-you-go cost for the period ending on the June 30, 2025 Measurement Date.
For the year ending on the June 30, 2025 Measurement Date total Town premiums plus implicit costs for the retiree medical
program were $4,632,854. $1,095,954 of the $4,632,854 represents implicit cost.
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 23Source page 34
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2025 Measurement Date)
Census Data Manipulation:
In the absence of data, the following was assumed:
Spouse Sex: Male participants had female spouses and vice versa.
Spouse Age: Male spouses were three years older than female spouses and same sex spouses were
the same age.
Hire Age: Participants who were not on the previous valuation were hired halfway between last
valuation and the current valuation. If we did not have census data related to the last
valuation, the participants were assumed to have been hired at age forty.
Retiree Age: Retirees had the same birth date as they had the prior valuation. If we did not have
census data related to the last valuation, retirees who were enrolled in Active plans
were assumed to be age sixty-two and retirees who were enrolled in Medicare
Supplement plans were assumed to be age seventy-two. Those not enrolled in a
medical plan were assumed to be sixty-seven.
School Demographics: Two thirds of school participants were teachers.
Other Material Changes: No other data changes were deemed to be material.
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 24Source page 35
APPENDIX I – LIABILITIES, ASSETS, & CASH FLOWS
CONTRIBUTION PROJECTION DISCLOSURES
Table 1: Projection of Contributions using a July 1, 2024 Valuation Date
V. Employer
For the Period Ending IV. Contributions Payments for VI. Employer VII. Total
on the Measurement I. Payroll for II. Payroll for III. Total Payroll from current current plan Payments for Payments
Date current employees future employees [I.+II.] employees members future employees [IV.+V.+VI.]
June 30, 2025 62,991,568 0 62,991,568 0 4,632,854 0 4,632,854
June 30, 2026 59,202,712 5,678,603 64,881,315 0 4,555,926 0 4,555,926
June 30, 2027 55,935,499 10,892,255 66,827,754 0 4,811,691 0 4,811,691
June 30, 2028 53,167,838 15,664,749 68,832,587 0 5,093,124 0 5,093,124
June 30, 2029 50,879,161 20,018,404 70,897,565 0 5,396,170 0 5,396,170
June 30, 2030 48,720,683 24,303,809 73,024,492 0 5,692,338 0 5,692,338
June 30, 2031 46,674,279 28,540,948 75,215,227 0 6,116,213 0 6,116,213
June 30, 2032 44,671,927 32,799,757 77,471,684 0 6,454,962 0 6,454,962
June 30, 2033 42,376,063 37,419,772 79,795,835 0 6,696,227 0 6,696,227
June 30, 2034 40,267,481 41,922,229 82,189,710 0 7,067,403 0 7,067,403
June 30, 2035 38,309,821 46,345,580 84,655,401 0 7,389,892 0 7,389,892
June 30, 2036 36,452,565 50,742,498 87,195,063 0 7,484,365 30,700 7,515,065
June 30, 2037 34,675,788 55,135,127 89,810,915 0 7,704,077 76,597 7,780,674
June 30, 2038 32,941,030 59,564,212 92,505,242 0 7,968,137 141,107 8,109,244
June 30, 2039 31,387,213 63,893,186 95,280,399 0 8,011,623 231,970 8,243,593
June 30, 2040 29,832,093 68,306,718 98,138,811 0 8,148,209 344,989 8,493,198
June 30, 2041 28,291,148 72,791,827 101,082,975 0 8,255,028 422,827 8,677,855
June 30, 2042 26,848,716 77,266,748 104,115,464 0 8,362,656 518,064 8,880,720
June 30, 2043 25,642,290 81,596,638 107,238,928 0 8,388,464 627,984 9,016,448
June 30, 2044 24,199,335 86,256,761 110,456,096 0 8,478,779 714,198 9,192,977
June 30, 2045 23,052,607 90,717,172 113,769,779 0 8,652,767 813,895 9,466,662
June 30, 2046 21,885,810 95,297,062 117,182,872 0 8,666,847 968,023 9,634,870
June 30, 2047 20,837,785 99,860,573 120,698,358 0 8,803,663 1,166,918 9,970,581
June 30, 2048 19,758,380 104,560,929 124,319,309 0 8,995,319 1,411,404 10,406,723
June 30, 2049 18,627,984 109,420,904 128,048,888 0 9,046,855 1,714,892 10,761,747
June 30, 2050 17,675,135 114,215,220 131,890,355 0 9,076,608 2,069,355 11,145,963
June 30, 2051 16,580,634 119,266,432 135,847,066 0 9,129,205 2,360,120 11,489,325
June 30, 2052 15,623,453 124,299,025 139,922,478 0 9,148,978 2,688,530 11,837,508
June 30, 2053 14,570,713 129,549,439 144,120,152 0 9,334,787 3,051,726 12,386,513
June 30, 2054 13,531,560 134,912,197 148,443,757 0 9,332,935 3,366,003 12,698,938
June 30, 2055 12,451,914 140,445,156 152,897,070 0 9,446,867 3,710,202 13,157,069
June 30, 2056 11,438,389 146,045,593 157,483,982 0 9,534,192 4,128,697 13,662,889
June 30, 2057 10,446,932 151,761,569 162,208,501 0 9,556,514 4,588,431 14,144,945
June 30, 2058 9,588,520 157,486,236 167,074,756 0 9,534,867 5,094,377 14,629,244
June 30, 2059 8,579,402 163,507,597 172,086,999 0 9,468,465 5,652,616 15,121,081
June 30, 2060 7,713,645 169,535,964 177,249,609 0 9,407,708 6,250,339 15,658,047
June 30, 2061 6,709,000 175,858,097 182,567,097 0 9,415,259 6,827,321 16,242,580
June 30, 2062 5,759,529 182,284,581 188,044,110 0 9,265,454 7,430,801 16,696,255
June 30, 2063 4,812,373 188,873,060 193,685,433 0 9,084,902 8,073,415 17,158,317
June 30, 2064 4,031,029 195,464,967 199,495,996 0 8,867,368 8,722,555 17,589,923
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 25Source page 36
APPENDIX I – LIABILITIES, ASSETS, & CASH FLOWS
CONTRIBUTION PROJECTION DISCLOSURES (CONTINUED)
Table 1: Projection of Contributions using a July 1, 2024 Valuation Date
V. Employer
For the Period Ending IV. Contributions Payments for VI. Employer VII. Total
on the Measurement I. Payroll for II. Payroll for III. Total Payroll from current current plan Payments for Payments
Date current employees future employees [I.+II.] employees members future employees [IV.+V.+VI.]
June 30, 2065 3,272,707 202,208,169 205,480,876 0 8,675,455 9,401,742 18,077,197
June 30, 2066 2,565,682 209,079,620 211,645,302 0 8,410,214 10,163,623 18,573,837
June 30, 2067 1,900,959 216,093,702 217,994,661 0 8,161,451 10,967,711 19,129,162
June 30, 2068 1,397,234 223,137,267 224,534,501 0 7,913,696 11,833,597 19,747,293
June 30, 2069 885,310 230,385,226 231,270,536 0 7,712,361 12,764,799 20,477,160
June 30, 2070 581,630 237,627,022 238,208,652 0 7,502,197 13,742,732 21,244,929
June 30, 2071 316,427 245,038,485 245,354,912 0 7,255,459 14,737,565 21,993,024
June 30, 2072 159,761 252,555,798 252,715,559 0 7,051,095 15,774,161 22,825,256
June 30, 2073 44,609 260,252,417 260,297,026 0 6,830,609 16,857,859 23,688,468
June 30, 2074 13,453 268,092,484 268,105,937 0 6,637,120 17,942,287 24,579,407
June 30, 2075 0 276,149,115 276,149,115 0 6,398,762 19,062,256 25,461,018
June 30, 2076 0 284,433,588 284,433,588 0 6,170,974 20,247,245 26,418,219
June 30, 2077 0 292,966,596 292,966,596 0 5,936,443 21,461,713 27,398,156
June 30, 2078 0 301,755,594 301,755,594 0 5,695,344 22,722,373 28,417,717
June 30, 2079 0 310,808,262 310,808,262 0 5,460,338 24,024,932 29,485,270
June 30, 2080 0 320,132,510 320,132,510 0 5,198,432 25,360,873 30,559,305
June 30, 2081 0 329,736,485 329,736,485 0 4,947,965 26,761,899 31,709,864
June 30, 2082 0 339,628,580 339,628,580 0 4,691,504 28,192,950 32,884,454
June 30, 2083 0 349,817,437 349,817,437 0 4,428,718 29,667,238 34,095,956
June 30, 2084 0 360,311,960 360,311,960 0 4,168,997 31,195,161 35,364,158
June 30, 2085 0 371,121,319 371,121,319 0 3,891,075 32,755,601 36,646,676
June 30, 2086 0 382,254,959 382,254,959 0 3,625,001 34,372,775 37,997,776
June 30, 2087 0 393,722,608 393,722,608 0 3,350,913 36,033,800 39,384,713
June 30, 2088 0 405,534,286 405,534,286 0 3,077,286 37,743,245 40,820,531
June 30, 2089 0 417,700,315 417,700,315 0 2,804,987 39,511,556 42,316,543
June 30, 2090 0 430,231,324 430,231,324 0 2,536,765 41,332,546 43,869,311
June 30, 2091 0 443,138,264 443,138,264 0 2,281,083 43,222,288 45,503,371
June 30, 2092 0 456,432,412 456,432,412 0 2,030,926 45,167,585 47,198,511
June 30, 2093 0 470,125,384 470,125,384 0 1,792,718 47,172,621 48,965,339
June 30, 2094 0 484,229,146 484,229,146 0 1,567,251 49,252,561 50,819,812
June 30, 2095 0 498,756,020 498,756,020 0 1,356,815 51,389,543 52,746,358
June 30, 2096 0 513,718,701 513,718,701 0 1,162,439 53,597,228 54,759,667
June 30, 2097 0 529,130,262 529,130,262 0 984,857 55,878,905 56,863,762
June 30, 2098 0 545,004,170 545,004,170 0 824,587 58,232,801 59,057,388
June 30, 2099 0 561,354,295 561,354,295 0 681,754 60,667,405 61,349,159
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 26Source page 37
APPENDIX I – LIABILITIES, ASSETS, & CASH FLOWS
FIDUCIARY NET POSITION PROJECTION DISCLOSURES
Table 2: Projection of OPEB Plan's Fiduciary Net Position using a July 1 2024 Valuation Date
III. Contributions to IV. Gross V. Administrative IX. Ending
II. Employer Share of Trust for Current Contributions to Expenses Withdrawn Fiduciary Net
For the Period Ending I. Beginning Fiduciary Benefit Payments for Plan Members Trust for Current from the Trust for VI. Benefit Payments VII. Trust Position for
on the Measurement Net Position for Current Plan beyond Pay-as-you- Plan Members Current Plan Withdrawn from the Withdrawals VIII. Investment Current Plan
Date Current Plan Members Members go [II. + III.] Members Trust [V. +VI.] Earnings Members
June 30, 2025 13,107,376 4,632,854 1,350,195 5,983,049 0 4,632,854 4,632,854 1,513,666 15,971,237
June 30, 2026 15,971,237 4,555,926 1,323,092 5,879,018 0 4,555,926 4,555,926 991,115 18,285,444
June 30, 2027 18,285,444 4,811,691 1,255,515 6,067,206 0 4,811,691 4,811,691 1,230,605 20,771,564
June 30, 2028 20,771,564 5,093,124 1,158,634 6,251,758 0 5,093,124 5,093,124 1,389,348 23,319,546
June 30, 2029 23,319,546 5,396,170 1,076,465 6,472,635 0 5,396,170 5,396,170 1,552,589 25,948,600
June 30, 2030 25,948,600 5,692,338 1,000,774 6,693,112 0 5,692,338 5,692,338 1,721,315 28,670,689
June 30, 2031 28,670,689 6,116,213 930,814 7,047,027 0 6,116,213 6,116,213 1,896,282 31,497,785
June 30, 2032 31,497,785 6,454,962 864,934 7,319,896 0 6,454,962 6,454,962 2,078,216 34,440,935
June 30, 2033 34,440,935 6,696,227 796,584 7,492,811 0 6,696,227 6,696,227 2,267,625 37,505,144
June 30, 2034 37,505,144 7,067,403 734,900 7,802,303 0 7,067,403 7,067,403 2,465,129 40,705,173
June 30, 2035 40,705,173 7,389,892 678,808 8,068,700 0 7,389,892 7,389,892 2,671,654 44,055,635
June 30, 2036 44,055,635 7,484,365 627,087 8,111,452 0 7,515,065 7,515,065 2,888,112 47,540,134
June 30, 2037 47,540,134 7,704,077 579,147 8,283,224 0 7,780,674 7,780,674 3,113,417 51,156,101
June 30, 2038 51,156,101 7,968,137 534,149 8,502,286 0 8,109,244 8,109,244 3,347,375 54,896,518
June 30, 2039 54,896,518 8,011,623 494,129 8,505,752 0 8,243,593 8,243,593 3,589,594 58,748,271
June 30, 2040 58,748,271 8,148,209 455,968 8,604,177 0 8,493,198 8,493,198 3,839,120 62,698,370
June 30, 2041 62,698,370 8,255,028 419,821 8,674,849 0 8,677,855 8,677,855 4,095,114 66,790,478
June 30, 2042 66,790,478 8,362,656 386,812 8,749,468 0 8,880,720 8,880,720 4,360,452 71,019,678
June 30, 2043 71,019,678 8,388,464 358,670 8,747,134 0 9,016,448 9,016,448 4,634,872 75,385,236
June 30, 2044 75,385,236 8,478,779 328,628 8,807,407 0 9,192,977 9,192,977 4,918,107 79,917,773
June 30, 2045 79,917,773 8,652,767 303,938 8,956,705 0 9,466,662 9,466,662 5,212,384 84,620,200
June 30, 2046 84,620,200 8,666,847 280,149 8,946,996 0 9,634,870 9,634,870 5,517,750 89,450,076
June 30, 2047 89,450,076 8,803,663 258,965 9,062,628 0 9,970,581 9,970,581 5,831,496 94,373,619
June 30, 2048 94,373,619 8,995,319 238,399 9,233,718 0 10,406,723 10,406,723 6,151,360 99,351,974
June 30, 2049 99,351,974 9,046,855 218,213 9,265,068 0 10,761,747 10,761,747 6,474,804 104,330,099
June 30, 2050 104,330,099 9,076,608 201,021 9,277,629 0 11,145,963 11,145,963 6,798,330 109,260,095
June 30, 2051 109,260,095 9,129,205 183,081 9,312,286 0 11,489,325 11,489,325 7,118,698 114,201,754
June 30, 2052 114,201,754 9,148,978 167,487 9,316,465 0 11,837,508 11,837,508 7,439,900 119,120,611
June 30, 2053 119,120,611 9,334,787 151,652 9,486,439 0 12,386,513 12,386,513 7,759,610 123,980,147
June 30, 2054 123,980,147 9,332,935 136,734 9,469,669 0 12,698,938 12,698,938 8,075,488 128,826,366
June 30, 2055 128,826,366 9,446,867 122,160 9,569,027 0 13,157,069 13,157,069 8,390,510 133,628,834
June 30, 2056 133,628,834 9,534,192 108,948 9,643,140 0 13,662,889 13,662,889 8,702,727 138,311,812
June 30, 2057 138,311,812 9,556,514 96,607 9,653,121 0 14,144,945 14,144,945 9,007,194 142,827,182
June 30, 2058 142,827,182 9,534,867 86,086 9,620,953 0 14,629,244 14,629,244 9,300,807 147,119,698
June 30, 2059 147,119,698 9,468,465 74,783 9,543,248 0 15,121,081 15,121,081 9,579,888 151,121,753
June 30, 2060 151,121,753 9,407,708 65,278 9,472,986 0 15,658,047 15,658,047 9,840,117 154,776,809
June 30, 2061 154,776,809 9,415,259 55,122 9,470,381 0 16,242,580 16,242,580 10,077,736 158,082,346
June 30, 2062 158,082,346 9,265,454 45,943 9,311,397 0 16,696,255 16,696,255 10,292,633 160,990,121
June 30, 2063 160,990,121 9,084,902 37,270 9,122,172 0 17,158,317 17,158,317 10,481,651 163,435,627
June 30, 2064 163,435,627 8,867,368 30,309 8,897,677 0 17,589,923 17,589,923 10,640,630 165,384,011
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 27Source page 38
APPENDIX I – LIABILITIES, ASSETS, & CASH FLOWS
FIDUCIARY POSITION PROJECTION DISCLOSURES (CONTINUED)
Table 2: Projection of OPEB Plan's Fiduciary Net Position using a July 1 2024 Valuation Date
III. Contributions to IV. Gross V. Administrative IX. Ending
II. Employer Share of Trust for Current Contributions to Expenses Withdrawn Fiduciary Net
For the Period Ending I. Beginning Fiduciary Benefit Payments for Plan Members Trust for Current from the Trust for VI. Benefit Payments VII. Trust Position for
on the Measurement Net Position for Current Plan beyond Pay-as-you- Plan Members Current Plan Withdrawn from the Withdrawals VIII. Investment Current Plan
Date Current Plan Members Members go [II. + III.] Members Trust [V. +VI.] Earnings Members
June 30, 2065 165,384,011 8,675,455 23,891 8,699,346 0 18,077,197 18,077,197 10,767,265 166,773,425
June 30, 2066 166,773,425 8,410,214 18,184 8,428,398 0 18,573,837 18,573,837 10,857,533 167,485,519
June 30, 2067 167,485,519 8,161,451 13,080 8,174,531 0 19,129,162 19,129,162 10,903,726 167,434,614
June 30, 2068 167,434,614 7,913,696 9,334 7,923,030 0 19,747,293 19,747,293 10,900,292 166,510,643
June 30, 2069 166,510,643 7,712,361 5,742 7,718,103 0 20,477,160 20,477,160 10,840,027 164,591,613
June 30, 2070 164,591,613 7,502,197 3,663 7,505,860 0 21,244,929 21,244,929 10,715,031 161,567,575
June 30, 2071 161,567,575 7,255,459 1,935 7,257,394 0 21,993,024 21,993,024 10,518,111 157,350,056
June 30, 2072 157,350,056 7,051,095 948 7,052,043 0 22,825,256 22,825,256 10,243,519 151,820,362
June 30, 2073 151,820,362 6,830,609 257 6,830,866 0 23,688,468 23,688,468 9,883,514 144,846,274
June 30, 2074 144,846,274 6,637,120 75 6,637,195 0 24,579,407 24,579,407 9,429,495 136,333,557
June 30, 2075 136,333,557 6,398,762 0 6,398,762 0 25,461,018 25,461,018 8,875,315 126,146,616
June 30, 2076 126,146,616 6,170,974 0 6,170,974 0 26,418,219 26,418,219 8,212,145 114,111,516
June 30, 2077 114,111,516 5,936,443 0 5,936,443 0 27,398,156 27,398,156 7,428,660 100,078,463
June 30, 2078 100,078,463 5,695,344 0 5,695,344 0 28,417,717 28,417,717 6,515,108 83,871,198
June 30, 2079 83,871,198 5,460,338 0 5,460,338 0 29,485,270 29,485,270 5,460,015 65,306,281
June 30, 2080 65,306,281 5,198,432 0 5,198,432 0 30,559,305 30,559,305 4,251,439 44,196,847
June 30, 2081 44,196,847 4,947,965 0 4,947,965 0 31,709,864 31,709,864 2,877,215 20,312,163
June 30, 2082 20,312,163 4,691,504 0 4,691,504 0 32,884,454 32,884,454 1,322,322 0
June 30, 2083 0 4,428,718 0 4,428,718 0 34,095,956 34,095,956 0 0
June 30, 2084 0 4,168,997 0 4,168,997 0 35,364,158 35,364,158 0 0
June 30, 2085 0 3,891,075 0 3,891,075 0 36,646,676 36,646,676 0 0
June 30, 2086 0 3,625,001 0 3,625,001 0 37,997,776 37,997,776 0 0
June 30, 2087 0 3,350,913 0 3,350,913 0 39,384,713 39,384,713 0 0
June 30, 2088 0 3,077,286 0 3,077,286 0 40,820,531 40,820,531 0 0
June 30, 2089 0 2,804,987 0 2,804,987 0 42,316,543 42,316,543 0 0
June 30, 2090 0 2,536,765 0 2,536,765 0 43,869,311 43,869,311 0 0
June 30, 2091 0 2,281,083 0 2,281,083 0 45,503,371 45,503,371 0 0
June 30, 2092 0 2,030,926 0 2,030,926 0 47,198,511 47,198,511 0 0
June 30, 2093 0 1,792,718 0 1,792,718 0 48,965,339 48,965,339 0 0
June 30, 2094 0 1,567,251 0 1,567,251 0 50,819,812 50,819,812 0 0
June 30, 2095 0 1,356,815 0 1,356,815 0 52,746,358 52,746,358 0 0
June 30, 2096 0 1,162,439 0 1,162,439 0 54,759,667 54,759,667 0 0
June 30, 2097 0 984,857 0 984,857 0 56,863,762 56,863,762 0 0
June 30, 2098 0 824,587 0 824,587 0 59,057,388 59,057,388 0 0
June 30, 2099 0 681,754 0 681,754 0 61,349,159 61,349,159 0 0
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 28Source page 39
APPENDIX I – LIABILITIES, ASSETS, & CASH FLOWS
BENEFIT PAYMENT PROJECTION DISCLOSURES
Table 3: Actuarial Present Values of Projected Benefit Payments using a July 1, 2024 Valuation Date
V. Present Value of VI. Present Value of
II. Benefit IV. Unfunded Funded Benefit Unfunded Benefit VII. Present Value of
For the Period Ending I. Beginning Fiduciary Payments for III. Funded Portion Portion of Benefit Payments using the Payments using the Benefit Payments using
on the Measurement Net Position for Current Current Plan of Benefit Payments Long-Term Rate of Municipal Bond Rate the Single Equivalent
Date Plan Members Members Payments [II. - III.] Return [6.51%] [4.81%] Discount Rate [6.43%]
June 30, 2025 13,107,376 4,632,854 4,632,854 0 4,632,854 0 4,632,854 Sum of Column V.
June 30, 2026 15,971,237 4,555,926 4,555,926 0 4,277,463 0 4,280,623 111,107,724
June 30, 2027 18,285,444 4,811,691 4,811,691 0 4,241,475 0 4,247,744
June 30, 2028 20,771,564 5,093,124 5,093,124 0 4,215,151 0 4,224,498 Sum of Column VI.
June 30, 2029 23,319,546 5,396,170 5,396,170 0 4,192,992 0 4,205,395 2,132,708
June 30, 2030 25,948,600 5,692,338 5,692,338 0 4,152,778 0 4,168,139
June 30, 2031 28,670,689 6,116,213 6,116,213 0 4,189,289 0 4,207,890 Sum of Column VII.
June 30, 2032 31,497,785 6,454,962 6,454,962 0 4,151,079 0 4,172,590 [V. + VI.]
June 30, 2033 34,440,935 6,696,227 6,696,227 0 4,043,031 0 4,066,985 113,240,432
June 30, 2034 37,505,144 7,067,403 7,067,403 0 4,006,327 0 4,033,040
June 30, 2035 40,705,173 7,389,892 7,389,892 0 3,933,093 0 3,962,242
June 30, 2036 44,055,635 7,484,365 7,484,365 0 3,739,906 0 3,770,407
June 30, 2037 47,540,134 7,704,077 7,704,077 0 3,614,398 0 3,646,567
June 30, 2038 51,156,101 7,968,137 7,968,137 0 3,509,795 0 3,543,648
June 30, 2039 54,896,518 8,011,623 8,011,623 0 3,313,257 0 3,347,685
June 30, 2040 58,748,271 8,148,209 8,148,209 0 3,163,781 0 3,199,017
June 30, 2041 62,698,370 8,255,028 8,255,028 0 3,009,348 0 3,045,112
June 30, 2042 66,790,478 8,362,656 8,362,656 0 2,862,251 0 2,898,406
June 30, 2043 71,019,678 8,388,464 8,388,464 0 2,695,600 0 2,731,667
June 30, 2044 75,385,236 8,478,779 8,478,779 0 2,558,091 0 2,594,233
June 30, 2045 79,917,773 8,652,767 8,652,767 0 2,451,023 0 2,487,488
June 30, 2046 84,620,200 8,666,847 8,666,847 0 2,304,958 0 2,340,978
June 30, 2047 89,450,076 8,803,663 8,803,663 0 2,198,239 0 2,234,240
June 30, 2048 94,373,619 8,995,319 8,995,319 0 2,108,811 0 2,144,931
June 30, 2049 99,351,974 9,046,855 9,046,855 0 1,991,262 0 2,026,864
June 30, 2050 104,330,099 9,076,608 9,076,608 0 1,875,703 0 1,910,649
June 30, 2051 109,260,095 9,129,205 9,129,205 0 1,771,263 0 1,805,596
June 30, 2052 114,201,754 9,148,978 9,148,978 0 1,666,603 0 1,700,163
June 30, 2053 119,120,611 9,334,787 9,334,787 0 1,596,517 0 1,629,869
June 30, 2054 123,980,147 9,332,935 9,332,935 0 1,498,639 0 1,531,076
June 30, 2055 128,826,366 9,446,867 9,446,867 0 1,424,217 0 1,456,118
June 30, 2056 133,628,834 9,534,192 9,534,192 0 1,349,528 0 1,380,775
June 30, 2057 138,311,812 9,556,514 9,556,514 0 1,270,010 0 1,300,376
June 30, 2058 142,827,182 9,534,867 9,534,867 0 1,189,685 0 1,219,030
June 30, 2059 147,119,698 9,468,465 9,468,465 0 1,109,191 0 1,137,391
June 30, 2060 151,121,753 9,407,708 9,407,708 0 1,034,714 0 1,061,803
June 30, 2061 154,776,809 9,415,259 9,415,259 0 972,251 0 998,442
June 30, 2062 158,082,346 9,265,454 9,265,454 0 898,302 0 923,183
June 30, 2063 160,990,121 9,084,902 9,084,902 0 826,962 0 850,494
June 30, 2064 163,435,627 8,867,368 8,867,368 0 757,826 0 779,967
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 29Source page 40
APPENDIX I – LIABILITIES, ASSETS, & CASH FLOWS
BENEFIT PAYMENT PROJECTION DISCLOSURES (CONTINUED)
Table 3: Actuarial Present Values of Projected Benefit Payments using a July 1, 2024 Valuation Date
V. Present Value of VI. Present Value of
II. Benefit IV. Unfunded Funded Benefit Unfunded Benefit VII. Present Value of
For the Period Ending I. Beginning Fiduciary Payments for III. Funded Portion Portion of Benefit Payments using the Payments using the Benefit Payments using
on the Measurement Net Position for Current Current Plan of Benefit Payments Long-Term Rate of Municipal Bond Rate the Single Equivalent
Date Plan Members Members Payments [II. - III.] Return [6.51%] [4.81%] Discount Rate [6.43%]
June 30, 2065 165,384,011 8,675,455 8,675,455 0 696,108 0 716,975
June 30, 2066 166,773,425 8,410,214 8,410,214 0 633,580 0 653,054
June 30, 2067 167,485,519 8,161,451 8,161,451 0 577,260 0 595,442
June 30, 2068 167,434,614 7,913,696 7,913,696 0 525,524 0 542,478
June 30, 2069 166,510,643 7,712,361 7,712,361 0 480,851 0 496,730
June 30, 2070 164,591,613 7,502,197 7,502,197 0 439,158 0 453,996
June 30, 2071 161,567,575 7,255,459 7,255,459 0 398,756 0 412,533
June 30, 2072 157,350,056 7,051,095 7,051,095 0 363,838 0 376,687
June 30, 2073 151,820,362 6,830,609 6,830,609 0 330,918 0 342,857
June 30, 2074 144,846,274 6,637,120 6,637,120 0 301,891 0 313,014
June 30, 2075 136,333,557 6,398,762 6,398,762 0 273,260 0 283,538
June 30, 2076 126,146,616 6,170,974 6,170,974 0 247,425 0 256,920
June 30, 2077 114,111,516 5,936,443 5,936,443 0 223,474 0 232,221
June 30, 2078 100,078,463 5,695,344 5,695,344 0 201,293 0 209,327
June 30, 2079 83,871,198 5,460,338 5,460,338 0 181,192 0 188,563
June 30, 2080 65,306,281 5,198,432 5,198,432 0 161,958 0 168,670
June 30, 2081 44,196,847 4,947,965 4,947,965 0 144,732 0 150,842
June 30, 2082 20,312,163 4,691,504 4,691,504 0 128,843 0 134,381
June 30, 2083 0 4,428,718 0 4,428,718 0 289,625 119,189
June 30, 2084 0 4,168,997 0 4,168,997 0 260,117 105,419
June 30, 2085 0 3,891,075 0 3,891,075 0 231,625 92,446
June 30, 2086 0 3,625,001 0 3,625,001 0 205,874 80,920
June 30, 2087 0 3,350,913 0 3,350,913 0 181,566 70,282
June 30, 2088 0 3,077,286 0 3,077,286 0 159,081 60,642
June 30, 2089 0 2,804,987 0 2,804,987 0 138,344 51,936
June 30, 2090 0 2,536,765 0 2,536,765 0 119,368 44,132
June 30, 2091 0 2,281,083 0 2,281,083 0 102,407 37,286
June 30, 2092 0 2,030,926 0 2,030,926 0 86,988 31,191
June 30, 2093 0 1,792,718 0 1,792,718 0 73,258 25,869
June 30, 2094 0 1,567,251 0 1,567,251 0 61,103 21,249
June 30, 2095 0 1,356,815 0 1,356,815 0 50,469 17,284
June 30, 2096 0 1,162,439 0 1,162,439 0 41,252 13,913
June 30, 2097 0 984,857 0 984,857 0 33,345 11,075
June 30, 2098 0 824,587 0 824,587 0 26,636 8,713
June 30, 2099 0 681,754 0 681,754 0 21,011 6,768
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2025 | Delivered September 15, 2025 Page 30