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OPEB as of June 30, 2024 - GASB 74 75 FY24
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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, 2022
As of the Measurement Date:
June 30, 2024
For the Reporting Date:
June 30, 2024
Delivered October 28, 2024Source 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
October 28, 2024 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, 2024 with a Measurement Date of June 30, 2024 and a Valuation Date of July 1, 2022. 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
October 28, 2024
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, 2022 with a Measurement Date of June 30, 2024 for the Reporting Date & Fiscal
Year Ending June 30, 2024 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 23 to FY 24?
Plan Experience
For the year ending on the Measurement Date of June 30, 2024, there was no plan experience because this was an interim
valuation.
Assumption Changes
One key assumption has changed since the prior valuation. The impact of this assumption change decreased disclosed liabilities
by approximately $9.0 million, as detailed below.
✓ Due to the GASB 75 standards the discount rate has been changed from 5.87% to 6.66% decreasing the disclosed liability
by approximately $9.0 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 $640 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, 2024 | Delivered October 28, 2024 Page ISource page 6
EXECUTIVE SUMMARY
Recognition Period
✓ Changes in assumptions & plan experience are amortized into the net OPEB expense over 6.07 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 for Post 65 (Medicare supplement) plans – represent 72.72% of the total plan liabilities
✓ 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 5.00% increase in fiscal year 2024
and an ultimate trend rate of 3.63% in fiscal year 2060.
✓ Discount Rate (6.66%) – 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
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page IISource page 7
EXECUTIVE SUMMARY
Discount Rate Determinants
✓ Employer Current and Future Benefit Payments
✓ Municipal Bond Rate – The S&P 20-year high grade municipal bond index was 4.21% as of June 30, 2024.
✓ Current Asset Level – The Town had $13,107,376 of OPEB assets as of June 30, 2024.
✓ Future Funding Policy – The Town is expected to contribute $1.35m beyond pay-as-you-go costs for Fiscal 2024, increasing by
$100k annually until reaching $1.5m per year.
✓ Investment Policy – The Town is expected to earn 6.83% per year on assets based on its investment policy.
Low Default Risk Obligation Measure (LDROM)
For purposes of this LDROM, we have used a discount rate of 4.21% 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 $139.1 million vs.
the $100.1 million under the GASB 74/75 measure - the reflection of the Town's funding and OPEB Trust Investment policy reduced
disclosed liabilities by approximately $39 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.
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page IIISource page 8
EXECUTIVE SUMMARY 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, 2024 | Delivered October 28, 2024 Page IV
Source page 9
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, 2022 July 1, 2022
Measurement Date & Period Ending June 30, 2024 June 30, 2023
Reporting Date/Fiscal Year End June 30, 2024 June 30, 2023
Total OPEB Liability 100,093,241 104,622,382
Per Eligible Active Plan Participant 68,109 74,400
Per Retiree/Spouse Plan Participant 79,634 79,503
Total Annual Service Cost (Annual Benefit Accrual) 2,481,293 2,397,412
Per Eligible Active Plan Participant 3,385 3,271
Expected Employer Share of Retiree Costs 4,209,663 4,297,460
Per Retiree/Spouse Plan Participant 6,682 6,821
Net OPEB Liability as a % of Covered Payroll 153.11% 170.57%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page VSource page 10
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, 2024 659 100,093,241 97,177,904 4,209,663 4,087,051
June 30, 2029 700 119,175,362 99,807,489 5,787,217 4,846,703
June 30, 2034 732 139,343,607 100,664,786 7,490,958 5,411,627
June 30, 2039 728 160,867,024 100,247,011 8,698,832 5,420,825
June 30, 2044 699 186,436,648 100,218,885 9,596,459 5,158,570
June 30, 2049 676 218,300,732 101,224,898 11,285,002 5,232,796
June 30, 2054 662 256,940,614 102,772,943 13,071,005 5,228,234
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page VISource page 11
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, 2025 (Projected) 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
June 30, 2020 3,875,429
The Town performs actuarial valuations of its non-pension post-employment benefits liability in accordance with GASB reporting
requirements. As of the June 30, 2024 Measurement Date the Net OPEB Liability ("NOL") was determined to be $86,985,865 assuming a
discount rate of 6.66%. The Town has established an OPEB Trust and plans to fund this liability. The Town is expected to contribute
$1.35m beyond pay-as-you-go costs for Fiscal 2024, increasing by $100k annually until reaching $1.5m per year. The balance of this
fund as of June 30, 2024 was $13,107,376. See the Town's audit reports for additional information.
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page VIISource page 12
PRINCIPAL RESULTS OF THE VALUATION
Prior Year Comparison
Town of Canton
Assuming Funding - 6.66% discount rate
Comparison of Plan Liabilities to Prior Valuation
Valuation Date July 1, 2022 July 1, 2022
For the Measurement Period ending on the Measurement Date of: June 30, 2024 June 30, 2023
For the Reporting Period & Fiscal Year ending on: June 30, 2024 June 30, 2023
I. Total OPEB Liability
A. Actives 49,923,779 54,535,228
B. Retirees/Disabled 50,169,462 50,087,154
C. Total 100,093,241 104,622,382
II. Fiduciary Net Position [Plan Assets] 13,107,376 10,534,554
III. Net OPEB Liability (Asset) [I. - II.] 86,985,865 94,087,828
IV. Funded Ratio [II. / I.] 13.10% 10.07%
V. Number of Eligible Participants
A. Actives 733 733
B. Retirees/Disabled & Dependents 630 630
C. Total 1,363 1,363
VI. Service Cost 2,481,293 2,397,412
VII. Financial Statement Expense/(Income) 5,866,051 6,526,970
VIII. Employer OPEB Trust (Contribution)/Withdrawal (1,250,000) (1,150,000)
IX. Deferred Inflow of Resources (14,872,100) (10,876,723)
X. Deferred Outflow of Resources 7,589,167 11,102,141
XI. Money Weighted Rate of Return 11.71% 8.26%
XII. 20-year Municipal Bond Rate (SAPIHG) 4.21% 4.13%
XIII. Expected Long Term Rate of Return (Net of Expense) 6.83% 6.09%
XIV. Crossover Year 2081 2076
XV. Discount Rate 6.66% 5.87%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 1Source page 13
PRINCIPAL RESULTS OF THE VALUATION
Town of Canton
Plan Liabilities as of the June 30, 2024 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 5,928,779 30,501,188 11,663,289 723,824 848,154 258,545 49,923,779
B. Retirees/Disabled 5,921,623 32,266,447 10,559,470 59,645 924,801 437,476 50,169,462
C. Total 11,850,402 62,767,635 22,222,759 783,469 1,772,955 696,021 100,093,241
II. Fiduciary Net Position [Plan Assets] 1,551,830 8,219,526 2,910,107 102,597 232,171 91,145 13,107,376
III. Net OPEB Liability (Asset) [I. - II.] 10,298,572 54,548,109 19,312,652 680,872 1,540,784 604,876 86,985,865
For the Reporting Date and Fiscal Year Ending June 30, 2024
IV. Service Cost 284,375 1,660,444 464,236 31,242 35,316 5,680 2,481,293
V. Financial Statement Expense/(Income) 424,667 3,973,442 1,276,912 61,327 99,354 30,349 5,866,051
VI. Employer Share of Costs (679,941) (2,514,693) (875,805) (12,884) (90,210) (36,130) (4,209,663)
VII. Employer OPEB Trust (Contribution)/Withdrawal (147,992) (783,865) (277,526) (9,784) (22,141) (8,692) (1,250,000)
VIII. Total Employer Contribution [VI. + VII.] (827,933) (3,298,558) (1,153,331) (22,668) (112,351) (44,822) (5,459,663)
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 2Source page 14
PRINCIPAL RESULTS OF THE VALUATION
CURRENT FUNDING POLICY (OPEN GROUP)
Current Funding Policy
Funding - 6.66% 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 6.83% return [I. - II.] [II. / I.] Cost Implicit Cost) you-go [VI. + VII.] Trust the Trust [VIII. - IX. - X.]
2024 June 30, 2024 100,093,241 13,107,376 86,985,865 13.10% 2,481,293 4,209,663 1,250,000 5,459,663 4,209,663 0 1,250,000
2025 June 30, 2025 103,791,528 15,397,951 88,393,577 14.84% 2,104,835 4,632,854 1,350,000 5,982,854 4,632,854 0 1,350,000
2026 June 30, 2026 107,565,043 17,948,331 89,616,712 16.69% 2,185,466 4,893,008 1,450,000 6,343,008 4,893,008 0 1,450,000
2027 June 30, 2027 111,382,538 20,724,581 90,657,957 18.61% 2,262,123 5,191,604 1,500,000 6,691,604 5,191,604 0 1,500,000
2028 June 30, 2028 115,243,158 23,690,449 91,552,709 20.56% 2,343,328 5,485,837 1,500,000 6,985,837 5,485,837 0 1,500,000
2029 June 30, 2029 119,175,362 26,858,886 92,316,476 22.54% 2,429,709 5,787,217 1,500,000 7,287,217 5,787,217 0 1,500,000
2030 June 30, 2030 123,154,967 30,243,727 92,911,240 24.56% 2,513,103 6,101,713 1,500,000 7,601,713 6,101,713 0 1,500,000
2031 June 30, 2031 127,153,455 33,859,753 93,293,702 26.63% 2,610,941 6,479,382 1,500,000 7,979,382 6,479,382 0 1,500,000
2032 June 30, 2032 131,170,872 37,722,753 93,448,119 28.76% 2,702,551 6,834,072 1,500,000 8,334,072 6,834,072 0 1,500,000
2033 June 30, 2033 135,297,275 41,849,596 93,447,679 30.93% 2,788,774 7,101,165 1,500,000 8,601,165 7,101,165 0 1,500,000
2034 June 30, 2034 139,343,607 46,258,302 93,085,305 33.20% 2,888,508 7,490,958 1,500,000 8,990,958 7,490,958 0 1,500,000
2035 June 30, 2035 143,399,410 50,968,123 92,431,287 35.54% 2,990,767 7,873,137 1,500,000 9,373,137 7,873,137 0 1,500,000
2036 June 30, 2036 147,585,045 55,999,625 91,585,420 37.94% 3,093,326 8,006,328 1,500,000 9,506,328 8,006,328 0 1,500,000
2037 June 30, 2037 151,877,020 61,374,778 90,502,242 40.41% 3,196,956 8,273,848 1,500,000 9,773,848 8,273,848 0 1,500,000
2038 June 30, 2038 156,336,320 67,117,054 89,219,266 42.93% 3,304,280 8,596,124 1,500,000 10,096,124 8,596,124 0 1,500,000
2039 June 30, 2039 160,867,024 73,251,528 87,615,496 45.54% 3,418,233 8,698,832 1,500,000 10,198,832 8,698,832 0 1,500,000
2040 June 30, 2040 165,439,707 79,804,986 85,634,721 48.24% 3,530,185 8,894,623 1,500,000 10,394,623 8,894,623 0 1,500,000
2041 June 30, 2041 170,352,252 86,806,046 83,546,206 50.96% 3,646,258 9,083,257 1,500,000 10,583,257 9,083,257 0 1,500,000
2042 June 30, 2042 175,558,841 94,285,278 81,273,563 53.71% 3,772,246 9,287,939 1,500,000 10,787,939 9,287,939 0 1,500,000
2043 June 30, 2043 180,840,593 102,275,341 78,565,252 56.56% 3,904,922 9,373,756 1,500,000 10,873,756 9,373,756 0 1,500,000
2044 June 30, 2044 186,436,648 110,811,126 75,625,522 59.44% 4,023,357 9,596,459 1,500,000 11,096,459 9,596,459 0 1,500,000
2045 June 30, 2045 192,131,248 119,929,905 72,201,343 62.42% 4,167,332 9,940,526 1,500,000 11,440,526 9,940,526 0 1,500,000
2046 June 30, 2046 198,327,662 129,671,496 68,656,166 65.38% 4,309,229 10,114,402 1,500,000 11,614,402 10,114,402 0 1,500,000
2047 June 30, 2047 204,808,133 140,078,438 64,729,695 68.39% 4,462,969 10,527,009 1,500,000 12,027,009 10,527,009 0 1,500,000
2048 June 30, 2048 211,259,963 151,196,174 60,063,789 71.57% 4,618,804 11,018,165 1,500,000 12,518,165 11,018,165 0 1,500,000
2049 June 30, 2049 218,300,732 163,073,252 55,227,480 74.70% 4,782,593 11,285,002 1,500,000 12,785,002 11,285,002 0 1,500,000
2050 June 30, 2050 225,096,461 175,761,534 49,334,927 78.08% 4,960,312 11,565,999 1,500,000 13,065,999 11,565,999 0 1,500,000
2051 June 30, 2051 232,692,088 189,316,426 43,375,662 81.36% 5,130,122 11,910,357 1,500,000 13,410,357 11,910,357 0 1,500,000
2052 June 30, 2052 240,680,290 203,797,117 36,883,173 84.68% 5,325,553 12,189,249 1,500,000 13,689,249 12,189,249 0 1,500,000
2053 June 30, 2053 248,626,950 219,266,839 29,360,111 88.19% 5,515,604 12,650,550 1,500,000 14,150,550 12,650,550 0 1,500,000
2054 June 30, 2054 256,940,614 235,793,143 21,147,471 91.77% 5,713,915 13,071,005 1,500,000 14,571,005 13,071,005 0 1,500,000
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 3Source page 15
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2024 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, 2024
Description Amount
I. Service Cost 2,481,293
II. Interest on Total OPEB Liability (Asset), Service Cost, and Benefit Payments 6,165,194
III. Deferred (Inflows)/Outflows from Plan Experience* (2,702,568)
IV. Deferred (Inflows)/Outflows from Changes of Assumptions* 562,328
V. Projected Earnings on OPEB Plan Investments (679,183)
VI. Deferred (Inflows)/Outflows from Earnings on Plan Investments** 38,987
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.] 5,866,051
X. Expense Related to Change in Benefit Terms*** 0
XI. Financial Statement Expense/(Income) [IX. + X.] 5,866,051
* Amortized over 6.07 years
** Amortized over 5.00 years
*** Recognized Immediately
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 4Source page 16
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2024 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, 2023 Reporting Date 104,622,382 10,534,554 94,087,828
II. Prior Period Adjustment 0 0 0
III. Balances for the June 30, 2023 Reporting Date with Adjustment [I. + II.] 104,622,382 10,534,554 94,087,828
Changes for the year:
IV. Service Cost 2,481,293 0 2,481,293
V. Interest on Total OPEB Liability, Service Cost, and Benefit Payments 6,165,194 0 6,165,194
VI. Changes in Benefit Terms * 0 0 0
VII. Change in Assumptions ** (8,965,965) 0 (8,965,965)
VIII. Differences Between Actual and Expected Experience ** 0 0 0
IX. Net Investment Income 0 1,322,822 (1,322,822)
X. Employer Contributions to Trust 0 5,459,663 (5,459,663)
XI. Benefit Payments Withdrawn from Trust 0 (4,209,663) 4,209,663
XII. Benefit Payments Excluding Implicit Cost (3,251,904) 0 (3,251,904)
XIII. Implicit Cost Amount (957,759) 0 (957,759)
XIV. Total Benefit Payments Including Implicit Cost [XII. + XIII.] (4,209,663) 0 (4,209,663)
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.] (4,529,141) 2,572,822 (7,101,963)
XVIII. Balances for the June 30, 2024 Reporting Date [III.+XVII.] 100,093,241 13,107,376 86,985,865
* Recognized Immediately
** Amortized over 6.07 years
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 5Source page 17
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
Deferred Inflows/Outflows
(As of the June 30, 2024 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 2024 2025 2026 2027 2028 2029
2017
2018 0 5.79 0
2019 (5,996,352) 5.45 0 (495,112)
2020 (61,259) 5.45 (5,059) (11,240) (5,059)
2021 (5,176,153) 5.93 (1,684,653) (872,875) (872,875) (811,778)
2022 0 5.93 0 0 0 0 0
2023 (8,032,680) 6.07 (5,385,998) (1,323,341) (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
2026
Total Remaining Balance (7,075,710)
Net increase (decrease) in OPEB Expense (2,702,568) (2,201,275) (2,135,119) (1,323,341) (1,323,341) (92,634)
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 2024 2025 2026 2027 2028 2029
2017
2018 0 5.79 0
2019 (3,907,488) 5.45 0 (322,638)
2020 (2,915,959) 5.45 (240,769) (535,038) (240,769)
2021 8,820,874 5.93 2,870,878 1,487,499 1,487,499 1,383,379
2022 5,299,458 5.93 2,618,451 893,669 893,669 893,669 831,113
2023 3,131,698 6.07 2,099,838 515,930 515,930 515,930 515,930 515,930 36,118
2024 (8,965,965) 6.07 (7,488,871) (1,477,094) (1,477,094) (1,477,094) (1,477,094) (1,477,094) (1,477,094)
2025
2026
Total Remaining Balance (140,473)
Net increase (decrease) in OPEB Expense 562,328 1,179,235 1,315,884 (130,051) (961,164) (1,440,976)
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 6Source page 18
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2024 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 2024 2025 2026 2027 2028 2029
2017 0 5.00 0
2018 (39,705) 5.00 0
2019 57,003 5.00 0
2020 269,918 5.00 0 53,982
2021 (1,327,347) 5.00 (265,471) (265,469) (265,471)
2022 2,119,862 5.00 847,946 423,972 423,972 423,974
2023 (223,855) 5.00 (134,313) (44,771) (44,771) (44,771) (44,771)
2024 (643,639) 5.00 (514,912) (128,727) (128,727) (128,727) (128,727) (128,731)
2025
2026
Total Remaining Balance (66,750)
Net increase (decrease) in OPEB Expense 38,987 (14,997) 250,476 (173,498) (128,731) 0
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 7Source page 19
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2024 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, 2024 to be Reported for the Fiscal Year Ending June 30, 2024
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 (7,075,710) (7,075,710)
III. Changes of Assumptions 7,589,167 (7,729,640) (140,473)
IV. Net Difference Between Projected & Actual Earnings on OPEB Plan Investments 0 (66,750) (66,750)
VI. Total [I. + II. + III. + IV.] 7,589,167 (14,872,100) (7,282,933)
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 8Source page 20
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2024 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, 2024 will be recognized in future years as shown
below.
Year ending June 30:
2025 (1,037,037)
2026 (568,759)
2027 (1,626,890)
2028 (2,413,236)
2029 (1,533,610)
Thereafter (103,401)
4. Discount Rate
The discount rate used to measure the Total OPEB liability was 6.66% as of June 30, 2024 and 5.87% as of June 30, 2023. 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 2081 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 4.21% as of June 30, 2024. 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, 2024 | Delivered October 28, 2024 Page 9Source page 21
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2024 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, 2024 Measurement Date, total Town premiums plus implicit costs for the
retiree medical program were $4,209,663. The Town also contributed $1,250,000 to an OPEB Trust for a total contribution
during the measurement period of $5,459,663 to be reported on the financial statement for the fiscal year ending June 30,
2024.
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 32.50% Domestic Equity - Large Cap 4.91%
Domestic Equity - Small/Mid Cap 10.25% Domestic Equity - Small/Mid Cap 5.29%
International Equity - Developed Market 13.00% International Equity - Developed Market 5.32%
International Equity - Emerging Market 6.75% International Equity - Emerging Market 6.13%
Dom Fixed 21.50% Dom Fixed 2.30%
International Fixed Income 3.25% International Fixed Income 2.02%
Alternatives 9.50% Alternatives 6.35%
Real Estate 2.75% Real Estate 6.25%
Cash 0.50% Cash 0.00%
Total 100.00%
I. Real Rate of Return 4.58%
II. Inflation Assumption 2.50%
III. Total Nominal Return [I. + II.] 7.08%
IV. Investment Expense 0.25%
V.Net Investment Return* [III.-IV.] 6.83%
* Mean Geometric Returns based on 2023 Horizon Survey of Capital Market Assumptions
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 10Source page 22
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2024 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, 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, 2024 | Delivered October 28, 2024 Page 11Source page 23
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2024 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, 2024 Measurement Date
1% Decrease Current Trend Rate 1% Increase
Net OPEB Liability (Asset) 74,760,259 86,985,865 102,083,544
9. Effect of 1% Change in Discount Rates
Impact of a 1% Change in the Discount Rate on NOL as of the June 30, 2024 Measurement Date
Current Discount Rate
1% Decrease 6.66% 1% Increase
Net OPEB Liability (Asset) 100,501,507 86,985,865 75,919,009
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 12Source page 24
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2024 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, 2023 10,534,554 12 1.0000
Monthly net external cash flows:
July 0 11 0.9167
August 625,000 10 0.8333
September 0 9 0.7500
October 0 8 0.6667
November 0 7 0.5833
December 0 6 0.5000
January 625,000 5 0.4167
February 0 4 0.3333
March 0 3 0.2500
April 0 2 0.1667
May 0 1 0.0833
June 0 0 0.0000
II. Total net external cash flow 1,250,000
III. Earnings and increase in fair value 1,322,822
IV. Ending value - June 30, 2024 [I.+II.+III.] 13,107,376
V. Receivable Contributions 0
Plan Asset Value - June 30, 2024 [IV.+V.] 13,107,376
Money Weighted Rate of Return 11.71%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 13Source page 25
EXHIBIT A
FINANCIAL STATEMENT DISCLOSURES
NOL & Expense by Group
(As of the June 30, 2024 Measurement Date)
11. OPEB Liability, OPEB Expense
Fiscal Year Ending June 30, 2024
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, 2024 11,850,402 62,767,635 22,222,759 783,469 1,772,955 696,021 100,093,241
II. Fiduciary Net Position as of June 30, 2024 1,551,830 8,219,526 2,910,107 102,597 232,171 91,145 13,107,376
III. Net OPEB Liability (Asset) as of June 30, 2024 [I. - II.] 10,298,572 54,548,109 19,312,652 680,872 1,540,784 604,876 86,985,865
IV. Service Cost 284,375 1,660,444 464,236 31,242 35,316 5,680 2,481,293
V. Interest on Total OPEB Liability (Asset), Service Cost, and Benefit Payments 468,217 4,057,510 1,430,286 51,870 113,304 44,007 6,165,194
VI. Projected Earnings on OPEB Plan Investments (79,150) (426,834) (151,089) (5,338) (12,046) (4,726) (679,183)
VII. Net Recognition of Deferred (Inflows)/Outflows (248,775) (1,317,678) (466,521) (16,447) (37,220) (14,612) (2,101,253)
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.] 424,667 3,973,442 1,276,912 61,327 99,354 30,349 5,866,051
XI. Employer Share of Costs (679,941) (2,514,693) (875,805) (12,884) (90,210) (36,130) (4,209,663)
XII. Employer (Payments) Withdrawals to/from OPEB Trust (147,992) (783,865) (277,526) (9,784) (22,141) (8,692) (1,250,000)
XIII. Total Employer Contribution [XI. + XII.] (827,933) (3,298,558) (1,153,331) (22,668) (112,351) (44,822) (5,459,663)
XIV. Net OPEB Expense/(Income) [X. + XIII.] (403,266) 674,884 123,581 38,659 (12,997) (14,473) 406,388
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 14Source page 26
FINANCIAL STATEMENT DISCLOSURES
(As of the June 30, 2024 Measurement Date)
12. OPEB Liability, OPEB Expense and Deferred Inflow/Outflow
Valuation Date July 1, 2022
For the Measurement Period ending on the Measurement Date of: June 30, 2024
For the Reporting Period & Fiscal Year ending on: June 30, 2024
Source of Deferred Inflow/Outflow
I. Deferred (Inflow)/Outflow from Actual vs. Expected Experience (7,075,710)
II. Deferred (Inflow)/Outflow from Investment Experience (66,750)
III. Deferred (Inflow)/Outflow from Changes in Assumptions (140,473)
Change in Deferred Inflow/Outflow
I. Deferred Outflow at the beginning of the period 11,812,165
II. Deferred Outflow created during the period 0
III. Deferred Outflow recognized during the period 3,375,052
IV. Change in Deferred Outflow (II. - III. ) (3,375,052)
V. Deferred Outflow at end of the period (I. + IV. ) 8,437,113
VI. Deferred Inflow at the beginning of the period (11,586,747)
VII. Deferred Inflow created during the period (9,609,604)
VIII. Deferred Inflow recognized during the period (5,476,305)
IX. Change in Deferred Inflow (VII. - VIII. ) (4,133,299)
X. Deferred Inflow at end of the period (VI. + IX. ) (15,720,046)
Net OPEB Liability
I. Net OPEB Liability at beginning of period 94,087,828
II. Service Cost 2,481,293
III. Interest on Total OPEB Liability, Service Cost, and Payments 6,165,194
IV. Projected Investment Income (679,183)
V. OPEB Plan Administrative Expense 0
VI. Total Employer Contributions (5,459,663)
VII. Expense Related to Change in Benefit Terms 0
VIII. Net OPEB Expense/(Income) - Before Recognition of Deferred (Inflow)/Outflow (II. + III. + … + VI. + VII.) 2,507,641
IX. Deferred Outflow created during the period 0
X. Deferred Inflow created during the period (9,609,604)
XI. Net OPEB Liability at end of period (I. + VIII. + IX. + X. ) 86,985,865
Net OPEB Expense
I. Service Cost 2,481,293
II. Interest on Total OPEB Liability, Service Cost, and Payments 6,165,194
III. Projected Investment Income (679,183)
IV. Recognition of Deferred (Inflow)/Outflow (2,101,253)
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.) 5,866,051
VIII. Benefit Payments (4,209,663)
IX. Contributions to Trust (1,250,000)
X. Total Employer Payments (VIII. + IX.) (5,459,663)
XI. Total Net OPEB Expense/(Income) under GASB 75 (IX. + X.) 406,388
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 15Source page 27
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2024 Measurement Date)
Schedule of Changes in the Town's Net OPEB Liability and Related Ratios
Valuation Date July 1, 2022 July 1, 2022 July 1, 2020 July 1, 2020 July 1, 2018
Measurement Date June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020
For the Reporting Period & Fiscal Year Ending on: June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020
Total OPEB Liability 100,093,241 104,622,382 105,269,904 95,935,243 88,952,265
I. Service Cost 2,481,293 2,397,412 2,091,699 2,115,184 2,011,440
II. Interest on Total OPEB Liability, Service Cost, and Benefit Payments 6,165,194 6,153,508 6,001,785 5,342,271 5,105,363
III. Changes in Benefit Terms 0 0 0 0 0
IV. Difference Between Expected & Actual Plan Experience 0 (8,032,680) 0 (5,176,153) (61,259)
V. Changes of Assumptions (8,965,965) 3,131,698 5,299,458 8,820,874 (2,915,959)
VI. Benefit Payments Excluding Implicit Cost (3,251,904) (3,315,150) (3,089,081) (2,892,692) (2,998,522)
VII. Implicit Cost Amount (957,759) (982,310) (969,200) (1,226,506) (876,907)
VIII. Total Benefit Payments (4,209,663) (4,297,460) (4,058,281) (4,119,198) (3,875,429)
IX. Other 0 0 0 0 0
X. Net Change in OPEB Liability [I.+II.+III.+IV.+V.+VIII.+IX.] (4,529,141) (647,522) 9,334,661 6,982,978 264,156
XI. Total OPEB Liability - Beginning of Period 104,622,382 105,269,904 95,935,243 88,952,265 88,688,109
XII. Prior Period Adjustment 0 0 0 0 0
XIII. Total OPEB Liability - Beginning of Period with Adjustment [XI.+XII.] 104,622,382 105,269,904 95,935,243 88,952,265 88,688,109
XIV. Total OPEB Liability - End of Period [XII.+XIII.] 100,093,241 104,622,382 105,269,904 95,935,243 88,952,265
Plan Fiduciary Net Position 13,107,376 10,534,554 8,620,248 9,066,372 6,380,381
XV. Earnings from Plan Investments 1,322,822 764,306 (1,496,124) 1,771,991 130,887
XVI. Employer Contribution to Trust 5,459,663 5,447,460 5,108,281 5,033,198 4,905,429
XVII. Benefit Payments from Trust, Including Refunds of Member Contributions (4,209,663) (4,297,460) (4,058,281) (4,119,198) (3,875,429)
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.] 2,572,822 1,914,306 (446,124) 2,685,991 1,160,887
XXI. Plan Fiduciary Net Position - Beginning of Period 10,534,554 8,620,248 9,066,372 6,380,381 5,219,494
XXII. Prior Period Adjustment 0 0 0 0 0
XXIII. Plan Fiduciary Net Position - Beginning of Period with Adjustment [XXI.+XXII.] 10,534,554 8,620,248 9,066,372 6,380,381 5,219,494
XXIV. Plan Fiduciary Net Position - End of Period [XXII.+XXIII.] 13,107,376 10,534,554 8,620,248 9,066,372 6,380,381
XXV. Net OPEB Liability [XIV.-XXIV.] 86,985,865 94,087,828 96,649,656 86,868,871 82,571,884
XXVI. Plan Fiduciary Net Position as % of Total OPEB Liability [XXIV./XIV.] 13.10% 10.07% 8.19% 9.45% 7.17%
XXVII. Covered Employee Payroll 56,814,256 55,159,472 51,561,377 50,059,589 47,989,715
XXVIII. Plan NOL as % of Covered Employee Payroll [XXV./XXVII.] 153.11% 170.57% 187.45% 173.53% 172.06%
Single Discount Rate to Calculate Plan Liabilities 6.66% 5.87% 5.83% 6.25% 6.00%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 16Source page 28
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2024 Measurement Date)
Schedule of Changes in the Town's Net OPEB Liability and Related Ratios
Valuation Date July 1, 2018 July 1, 2016 July 1, 2016
Measurement Date June 30, 2019 June 30, 2018 June 30, 2017
For the Reporting Period & Fiscal Year Ending on: June 30, 2019 June 30, 2018 June 30, 2017
Total OPEB Liability 88,688,109 94,811,510 90,505,695
I. Service Cost 2,040,579 2,675,741 2,515,860
II. Interest on Total OPEB Liability, Service Cost, and Benefit Payments 5,463,438 4,809,630 4,590,666
III. Changes in Benefit Terms 0 0 0
IV. Difference Between Expected & Actual Plan Experience (5,996,352) 0 0
V. Changes of Assumptions (3,907,488) 0 0
VI. Benefit Payments Excluding Implicit Cost (2,867,284) (2,839,350) N/A
VII. Implicit Cost Amount (856,294) (340,206) N/A
VIII. Total Benefit Payments (3,723,578) (3,179,556) (3,013,880)
IX. Other 0 0 0
X. Net Change in OPEB Liability [I.+II.+III.+IV.+V.+VIII.+IX.] (6,123,401) 4,305,815 4,092,646
XI. Total OPEB Liability - Beginning of Period 94,811,510 90,505,695 86,413,049
XII. Prior Period Adjustment 0 0 0
XIII. Total OPEB Liability - Beginning of Period with Adjustment [XI.+XII.] 94,811,510 90,505,695 86,413,049
XIV. Total OPEB Liability - End of Period [XII.+XIII.] 88,688,109 94,811,510 90,505,695
Plan Fiduciary Net Position 5,219,494 4,155,794 2,980,371
XV. Earnings from Plan Investments 263,700 175,423 221,830
XVI. Employer Contribution to Trust 4,523,578 4,179,556 3,783,880
XVII. Benefit Payments from Trust, Including Refunds of Member Contributions (3,723,578) (3,179,556) (3,013,880)
XVIII. Administrative Expense 0 0 0
XIX. Other 0 0 0
XX. Net Change in Plan Fiduciary Net Position [XV.+XVI.+XVII.+XVIII.+XIX.] 1,063,700 1,175,423 991,830
XXI. Plan Fiduciary Net Position - Beginning of Period 4,155,794 2,980,371 1,988,541
XXII. Prior Period Adjustment 0 0 0
XXIII. Plan Fiduciary Net Position - Beginning of Period with Adjustment [XXI.+XXII.] 4,155,794 2,980,371 1,988,541
XXIV. Plan Fiduciary Net Position - End of Period [XXII.+XXIII.] 5,219,494 4,155,794 2,980,371
XXV. Net OPEB Liability [XIV.-XXIV.] 83,468,615 90,655,716 87,525,324
XXVI. Plan Fiduciary Net Position as % of Total OPEB Liability [XXIV./XIV.] 5.89% 4.38% 3.29%
XXVII. Covered Employee Payroll 46,591,956 45,486,461 44,161,613
XXVIII. Plan NOL as % of Covered Employee Payroll [XXV./XXVII.] 179.15% 199.30% 198.19%
Single Discount Rate to Calculate Plan Liabilities 5.75% 5.25% 5.25%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 17Source page 29
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2024 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 2024 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, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020
I. Service Cost 2,481,293 2,397,412 2,091,699 2,115,184 2,011,440
II. 30 Year Amortization of NOL Increasing by 3.00% per year 4,597,852 4,542,148 4,643,873 4,383,137 5,659,205
III. Actuarial Determined Contribution [I. + II.] 7,079,145 6,939,560 6,735,572 6,498,321 7,670,645
IV. Contributions in Relation to the Actuarially Determined Contribution (5,459,663) (5,447,460) (5,108,281) (5,033,198) (4,905,429)
V. Contribution Deficiency / (Excess) [III. + IV.] 1,619,482 1,492,100 1,627,291 1,465,123 2,765,216
Covered Employee Payroll 56,814,256 55,159,472 51,561,377 50,059,589 47,989,715
Contributions as a % of Covered Employee Payroll 9.61% 9.88% 9.91% 10.05% 10.22%
Discount Rate 6.66% 5.87% 5.83% 6.25% 6.00%
Money Weighted Rate of Return 11.71% 8.26% (15.55%) 26.10% 2.35%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 18Source page 30
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2024 Measurement Date)
Actuarially Determined Contribution - Deficiency / (Excess) (Continued)
For the Fiscal Year Ending: June 30, 2019 June 30, 2018 June 30, 2017
I. Service Cost 2,040,579 2,675,741 2,515,860
II. 30 Year Amortization of NOL Increasing by 3.00% per year 5,581,642 5,564,776 5,366,369
III. Actuarial Determined Contribution [I. + II.] 7,622,221 8,240,517 7,882,229
IV. Contributions in Relation to the Actuarially Determined Contribution (4,523,578) (4,179,556) (3,783,880)
V. Contribution Deficiency / (Excess) [III. + IV.] 3,098,643 4,060,961 4,098,349
Covered Employee Payroll 46,591,956 45,486,461 44,161,613
Contributions as a % of Covered Employee Payroll 9.71% 9.19% 8.57%
Discount Rate 5.75% 5.25% 5.25%
Money Weighted Rate of Return 5.55% 5.05% 8.23%
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 19Source page 31
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2024 Measurement Date)
Actuarially Determined Contribution – by Function:
Fiscal Year Ending June 30, 2024
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 284,375 1,660,444 464,236 31,242 35,316 5,680 2,481,293
II. 30 Year Amortization of NOL Increasing by 3.00% per year 544,357 2,883,274 1,020,818 35,989 81,442 31,972 4,597,852
III. Actuarial Determined Contribution [I. + II.] 828,732 4,543,718 1,485,054 67,231 116,758 37,652 7,079,145
IV. Employer Share of Costs (Including Implicit Cost) (679,941) (2,514,693) (875,805) (12,884) (90,210) (36,130) (4,209,663)
V. Employer OPEB Trust (Contribution)/Withdrawal (147,992) (783,865) (277,526) (9,784) (22,141) (8,692) (1,250,000)
VI. Total Employer Contribution [IV. + V.] (827,933) (3,298,558) (1,153,331) (22,668) (112,351) (44,822) (5,459,663)
VII. Contribution Deficiency / (Excess) [III. + VI.] 799 1,245,160 331,723 44,563 4,407 (7,170) 1,619,482
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 20Source page 32
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2024 Measurement Date)
Notes to Required Supplementary Information:
Valuation Date: Actuarially Determined Contribution was calculated as of July 1, 2022.
Actuarial Cost Method: Individual Entry Age Normal
Asset-Valuation Method: Market Value of Assets as of the Measurement Date, June 30, 2024.
Actuarial Assumptions:
Investment Rate of Return: 6.83%, net of OPEB plan investment expense, including inflation.
Municipal Bond Rate 4.21% as of June 30, 2024 (source: S&P Municipal Bond 20-Year High Grade Index –
SAPIHG)
Single Equivalent Discount Rate: 6.66%, net of OPEB plan investment expense, including inflation
Inflation: 2.50% as of June 30, 2024 and for future periods
Salary Increases: 3.00% annually as of June 30, 2024 and for future periods
Cost of Living Adjustment: Not Applicable
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 21Source page 33
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2024 Measurement Date)
Pre-Retirement Mortality: General: RP-2014 Mortality Table for Blue Collar Employees projected generationally
with scale MP-2016, set forward 1 year for females
Teachers: RP-2014 Mortality Table for White Collar Employees projected generationally
with scale MP-2016
Post-Retirement Mortality: General: RP-2014 Mortality Table for Blue Collar Healthy Annuitants projected
generationally with scale MP-2016, set forward 1 year for females
Teachers: RP-2014 Mortality Table for White Collar Healthy Annuitants projected
generationally with scale MP-2016
Disabled Mortality: General: RP-2014 Mortality Table for Blue Collar Healthy Annuitants projected
generationally with scale MP-2016, set forward 1 year
Teachers: RP-2014 Mortality Table for White Collar Healthy Annuitants projected
generationally with scale MP-2016
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 22Source page 34
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2024 Measurement Date)
Plan Membership
At July 1, 2022, OPEB plan membership consisted of the following:
Retirees & Beneficiaries: 630
Actives: 733
Total: 1,363
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, 2023 to June 30, 2024
✓ Due to the GASB 75 standards the discount rate has been changed from 5.87% to 6.66%.
Contributions/Withdrawals:
The contribution requirements of plan members and the Town are established and may be amended through Town ordinances.
The Town contributed $1,250,000 beyond the pay-as-you-go cost for the period ending on the June 30, 2024 Measurement Date.
For the year ending on the June 30, 2024 Measurement Date total Town premiums plus implicit costs for the retiree medical
program were $4,209,663. $957,759 of the $4,209,663 represents implicit cost.
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 23Source page 35
EXHIBIT B
REQUIRED SUPPLEMENTARY INFORMATION
(As of the June 30, 2024 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, 2024 | Delivered October 28, 2024 Page 24Source page 36
APPENDIX I – LIABILITIES, ASSETS, & CASH FLOWS
CONTRIBUTION PROJECTION DISCLOSURES
Table 1: Projection of Contributions using a July 1, 2022 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, 2024 56,814,256 0 56,814,256 0 4,209,663 0 4,209,663
June 30, 2025 53,369,364 5,149,320 58,518,684 0 4,632,854 0 4,632,854
June 30, 2026 50,431,444 9,842,801 60,274,245 0 4,893,008 0 4,893,008
June 30, 2027 47,985,266 14,097,206 62,082,472 0 5,191,604 0 5,191,604
June 30, 2028 45,777,257 18,167,689 63,944,946 0 5,485,837 0 5,485,837
June 30, 2029 43,755,760 22,107,534 65,863,294 0 5,787,217 0 5,787,217
June 30, 2030 41,929,202 25,909,991 67,839,193 0 6,101,713 0 6,101,713
June 30, 2031 40,048,167 29,826,202 69,874,369 0 6,479,382 0 6,479,382
June 30, 2032 38,354,720 33,615,880 71,970,600 0 6,834,072 0 6,834,072
June 30, 2033 36,565,445 37,564,273 74,129,718 0 7,101,165 0 7,101,165
June 30, 2034 34,591,076 41,762,534 76,353,610 0 7,463,996 26,962 7,490,958
June 30, 2035 32,844,337 45,799,881 78,644,218 0 7,804,164 68,973 7,873,137
June 30, 2036 31,254,918 49,748,627 81,003,545 0 7,878,019 128,309 8,006,328
June 30, 2037 29,728,983 53,704,668 83,433,651 0 8,062,053 211,795 8,273,848
June 30, 2038 28,181,555 57,755,106 85,936,661 0 8,278,503 317,621 8,596,124
June 30, 2039 26,665,152 61,849,609 88,514,761 0 8,306,189 392,643 8,698,832
June 30, 2040 25,301,228 65,868,976 91,170,204 0 8,413,636 480,987 8,894,623
June 30, 2041 23,898,305 70,007,005 93,905,310 0 8,499,486 583,771 9,083,257
June 30, 2042 22,485,945 74,236,524 96,722,469 0 8,623,443 664,496 9,287,939
June 30, 2043 21,216,158 78,407,985 99,624,143 0 8,619,953 753,803 9,373,756
June 30, 2044 20,140,521 82,472,346 102,612,867 0 8,703,099 893,360 9,596,459
June 30, 2045 18,894,575 86,796,678 105,691,253 0 8,864,116 1,076,410 9,940,526
June 30, 2046 17,890,038 90,971,953 108,861,991 0 8,814,519 1,299,883 10,114,402
June 30, 2047 16,855,099 95,272,752 112,127,851 0 8,944,333 1,582,676 10,527,009
June 30, 2048 15,918,373 99,573,314 115,491,687 0 9,102,494 1,915,671 11,018,165
June 30, 2049 14,963,480 103,992,958 118,956,438 0 9,096,497 2,188,505 11,285,002
June 30, 2050 13,976,892 108,548,239 122,525,131 0 9,071,228 2,494,771 11,565,999
June 30, 2051 13,162,414 113,038,471 126,200,885 0 9,073,805 2,836,552 11,910,357
June 30, 2052 12,172,225 117,814,687 129,986,912 0 9,053,643 3,135,606 12,189,249
June 30, 2053 11,434,216 122,452,303 133,886,519 0 9,197,040 3,453,510 12,650,550
June 30, 2054 10,557,741 127,345,374 137,903,115 0 9,230,014 3,840,991 13,071,005
June 30, 2055 9,733,592 132,306,616 142,040,208 0 9,333,807 4,274,075 13,607,882
June 30, 2056 8,842,488 137,458,926 146,301,414 0 9,405,761 4,744,425 14,150,186
June 30, 2057 7,994,990 142,695,466 150,690,456 0 9,386,621 5,271,166 14,657,787
June 30, 2058 7,173,490 148,037,680 155,211,170 0 9,322,309 5,842,382 15,164,691
June 30, 2059 6,443,158 153,424,347 159,867,505 0 9,205,790 6,387,690 15,593,480
June 30, 2060 5,619,530 159,044,000 164,663,530 0 9,048,123 6,960,082 16,008,205
June 30, 2061 4,894,599 164,708,837 169,603,436 0 8,986,219 7,568,493 16,554,712
June 30, 2062 4,084,096 170,607,443 174,691,539 0 8,765,365 8,174,129 16,939,494
June 30, 2063 3,340,569 176,591,716 179,932,285 0 8,474,646 8,803,130 17,277,776
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 25Source page 37
APPENDIX I – LIABILITIES, ASSETS, & CASH FLOWS
CONTRIBUTION PROJECTION DISCLOSURES (CONTINUED)
Table 1: Projection of Contributions using a July 1, 2022 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, 2064 2,585,688 182,744,566 185,330,254 0 8,226,194 9,507,422 17,733,616
June 30, 2065 2,034,098 188,856,064 190,890,162 0 8,015,166 10,259,459 18,274,625
June 30, 2066 1,520,424 195,096,443 196,616,867 0 7,791,017 11,065,608 18,856,625
June 30, 2067 1,116,607 201,398,766 202,515,373 0 7,572,553 11,932,325 19,504,878
June 30, 2068 754,009 207,836,825 208,590,834 0 7,359,334 12,856,774 20,216,108
June 30, 2069 465,347 214,383,212 214,848,559 0 7,185,609 13,790,887 20,976,496
June 30, 2070 215,520 221,078,496 221,294,016 0 7,004,150 14,759,391 21,763,541
June 30, 2071 109,249 227,823,587 227,932,836 0 6,753,420 15,780,228 22,533,648
June 30, 2072 49,785 234,721,036 234,770,821 0 6,548,825 16,800,249 23,349,074
June 30, 2073 29,545 241,784,401 241,813,946 0 6,333,570 17,850,781 24,184,351
June 30, 2074 0 249,068,364 249,068,364 0 6,124,989 18,959,945 25,084,934
June 30, 2075 0 256,540,415 256,540,415 0 5,891,738 20,104,687 25,996,425
June 30, 2076 0 264,236,627 264,236,627 0 5,658,742 21,295,099 26,953,841
June 30, 2077 0 272,163,726 272,163,726 0 5,422,964 22,523,836 27,946,800
June 30, 2078 0 280,328,638 280,328,638 0 5,193,680 23,796,938 28,990,618
June 30, 2079 0 288,738,497 288,738,497 0 4,960,811 25,128,173 30,088,984
June 30, 2080 0 297,400,652 297,400,652 0 4,715,823 26,490,737 31,206,560
June 30, 2081 0 306,322,672 306,322,672 0 4,471,200 27,899,572 32,370,772
June 30, 2082 0 315,512,352 315,512,352 0 4,224,198 29,355,541 33,579,739
June 30, 2083 0 324,977,723 324,977,723 0 3,981,620 30,848,481 34,830,101
June 30, 2084 0 334,727,055 334,727,055 0 3,735,803 32,393,585 36,129,388
June 30, 2085 0 344,768,867 344,768,867 0 3,481,281 33,983,397 37,464,678
June 30, 2086 0 355,111,933 355,111,933 0 3,235,564 35,626,328 38,861,892
June 30, 2087 0 365,765,291 365,765,291 0 2,987,670 37,319,636 40,307,306
June 30, 2088 0 376,738,250 376,738,250 0 2,744,886 39,068,196 41,813,082
June 30, 2089 0 388,040,398 388,040,398 0 2,506,517 40,884,329 43,390,846
June 30, 2090 0 399,681,610 399,681,610 0 2,274,314 42,751,068 45,025,382
June 30, 2091 0 411,672,058 411,672,058 0 2,055,601 44,678,326 46,733,927
June 30, 2092 0 424,022,220 424,022,220 0 1,842,068 46,676,133 48,518,201
June 30, 2093 0 436,742,887 436,742,887 0 1,638,896 48,732,431 50,371,327
June 30, 2094 0 449,845,174 449,845,174 0 1,446,700 50,856,757 52,303,457
June 30, 2095 0 463,340,529 463,340,529 0 1,266,054 53,051,172 54,317,226
June 30, 2096 0 477,240,745 477,240,745 0 1,097,483 55,323,015 56,420,498
June 30, 2097 0 491,557,967 491,557,967 0 941,619 57,671,497 58,613,116
June 30, 2098 0 506,304,706 506,304,706 0 798,893 60,101,744 60,900,637
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 26Source page 38
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 2022 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, 2024 10,534,554 4,209,663 1,250,000 5,459,663 0 4,209,663 4,209,663 1,322,822 13,107,376
June 30, 2025 13,107,376 4,632,854 1,231,207 5,864,061 0 4,632,854 4,632,854 857,810 15,196,393
June 30, 2026 15,196,393 4,893,008 1,213,215 6,106,223 0 4,893,008 4,893,008 1,078,661 17,488,269
June 30, 2027 17,488,269 5,191,604 1,159,392 6,350,996 0 5,191,604 5,191,604 1,233,388 19,881,049
June 30, 2028 19,881,049 5,485,837 1,073,828 6,559,665 0 5,485,837 5,485,837 1,393,941 22,348,818
June 30, 2029 22,348,818 5,787,217 996,513 6,783,730 0 5,787,217 5,787,217 1,559,893 24,905,224
June 30, 2030 24,905,224 6,101,713 927,101 7,028,814 0 6,101,713 6,101,713 1,732,164 27,564,489
June 30, 2031 27,564,489 6,479,382 859,718 7,339,100 0 6,479,382 6,479,382 1,911,529 30,335,736
June 30, 2032 30,335,736 6,834,072 799,383 7,633,455 0 6,834,072 6,834,072 2,098,779 33,233,898
June 30, 2033 33,233,898 7,101,165 739,894 7,841,059 0 7,101,165 7,101,165 2,294,725 36,268,517
June 30, 2034 36,268,517 7,463,996 679,557 8,143,553 0 7,490,958 7,490,958 2,499,963 39,421,075
June 30, 2035 39,421,075 7,804,164 626,448 8,430,612 0 7,873,137 7,873,137 2,713,499 42,692,049
June 30, 2036 42,692,049 7,878,019 578,769 8,456,788 0 8,006,328 8,006,328 2,935,305 46,077,814
June 30, 2037 46,077,814 8,062,053 534,478 8,596,531 0 8,273,848 8,273,848 3,165,066 49,565,563
June 30, 2038 49,565,563 8,278,503 491,901 8,770,404 0 8,596,124 8,596,124 3,401,849 53,141,692
June 30, 2039 53,141,692 8,306,189 451,876 8,758,065 0 8,698,832 8,698,832 3,644,754 56,845,679
June 30, 2040 56,845,679 8,413,636 416,275 8,829,911 0 8,894,623 8,894,623 3,896,541 60,677,508
June 30, 2041 60,677,508 8,499,486 381,740 8,881,226 0 9,083,257 9,083,257 4,157,095 64,632,572
June 30, 2042 64,632,572 8,623,443 348,719 8,972,162 0 9,287,939 9,287,939 4,426,117 68,742,912
June 30, 2043 68,742,912 8,619,953 319,443 8,939,396 0 9,373,756 9,373,756 4,705,870 73,014,422
June 30, 2044 73,014,422 8,703,099 294,415 8,997,514 0 9,596,459 9,596,459 4,996,773 77,412,250
June 30, 2045 77,412,250 8,864,116 268,157 9,132,273 0 9,940,526 9,940,526 5,296,263 81,900,260
June 30, 2046 81,900,260 8,814,519 246,505 9,061,024 0 10,114,402 10,114,402 5,602,067 86,448,949
June 30, 2047 86,448,949 8,944,333 225,481 9,169,814 0 10,527,009 10,527,009 5,912,036 91,003,790
June 30, 2048 91,003,790 9,102,494 206,747 9,309,241 0 11,018,165 11,018,165 6,222,503 95,517,369
June 30, 2049 95,517,369 9,096,497 188,684 9,285,181 0 11,285,002 11,285,002 6,530,173 100,047,721
June 30, 2050 100,047,721 9,071,228 171,111 9,242,339 0 11,565,999 11,565,999 6,839,006 104,563,067
June 30, 2051 104,563,067 9,073,805 156,446 9,230,251 0 11,910,357 11,910,357 7,146,912 109,029,873
June 30, 2052 109,029,873 9,053,643 140,463 9,194,106 0 12,189,249 12,189,249 7,451,458 113,486,188
June 30, 2053 113,486,188 9,197,040 128,103 9,325,143 0 12,650,550 12,650,550 7,755,409 117,916,190
June 30, 2054 117,916,190 9,230,014 114,839 9,344,853 0 13,071,005 13,071,005 8,057,533 122,247,571
June 30, 2055 122,247,571 9,333,807 102,791 9,436,598 0 13,607,882 13,607,882 8,352,961 126,429,248
June 30, 2056 126,429,248 9,405,761 90,660 9,496,421 0 14,150,186 14,150,186 8,638,163 130,413,646
June 30, 2057 130,413,646 9,386,621 79,584 9,466,205 0 14,657,787 14,657,787 8,909,925 134,131,989
June 30, 2058 134,131,989 9,322,309 69,326 9,391,635 0 15,164,691 15,164,691 9,163,543 137,522,476
June 30, 2059 137,522,476 9,205,790 60,455 9,266,245 0 15,593,480 15,593,480 9,394,816 140,590,057
June 30, 2060 140,590,057 9,048,123 51,191 9,099,314 0 16,008,205 16,008,205 9,604,020 143,285,186
June 30, 2061 143,285,186 8,986,219 43,289 9,029,508 0 16,554,712 16,554,712 9,787,832 145,547,814
June 30, 2062 145,547,814 8,765,365 35,068 8,800,433 0 16,939,494 16,939,494 9,942,093 147,350,846
June 30, 2063 147,350,846 8,474,646 27,849 8,502,495 0 17,277,776 17,277,776 10,064,998 148,640,563
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 27Source page 39
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 2022 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, 2064 148,640,563 8,226,194 20,928 8,247,122 0 17,733,616 17,733,616 10,152,853 149,306,922
June 30, 2065 149,306,922 8,015,166 15,984 8,031,150 0 18,274,625 18,274,625 10,198,200 149,261,647
June 30, 2066 149,261,647 7,791,017 11,599 7,802,616 0 18,856,625 18,856,625 10,194,960 148,402,598
June 30, 2067 148,402,598 7,572,553 8,271 7,580,824 0 19,504,878 19,504,878 10,136,175 146,614,719
June 30, 2068 146,614,719 7,359,334 5,422 7,364,756 0 20,216,108 20,216,108 10,013,967 143,777,334
June 30, 2069 143,777,334 7,185,609 3,249 7,188,858 0 20,976,496 20,976,496 9,820,101 139,809,797
June 30, 2070 139,809,797 7,004,150 1,461 7,005,611 0 21,763,541 21,763,541 9,549,058 134,600,925
June 30, 2071 134,600,925 6,753,420 719 6,754,139 0 22,533,648 22,533,648 9,193,267 128,014,683
June 30, 2072 128,014,683 6,548,825 318 6,549,143 0 23,349,074 23,349,074 8,743,414 119,958,166
June 30, 2073 119,958,166 6,333,570 183 6,333,753 0 24,184,351 24,184,351 8,193,149 110,300,717
June 30, 2074 110,300,717 6,124,989 0 6,124,989 0 25,084,934 25,084,934 7,533,539 98,874,311
June 30, 2075 98,874,311 5,891,738 0 5,891,738 0 25,996,425 25,996,425 6,753,115 85,522,739
June 30, 2076 85,522,739 5,658,742 0 5,658,742 0 26,953,841 26,953,841 5,841,203 70,068,843
June 30, 2077 70,068,843 5,422,964 0 5,422,964 0 27,946,800 27,946,800 4,785,702 52,330,709
June 30, 2078 52,330,709 5,193,680 0 5,193,680 0 28,990,618 28,990,618 3,574,187 32,107,958
June 30, 2079 32,107,958 4,960,811 0 4,960,811 0 30,088,984 30,088,984 2,192,974 9,172,759
June 30, 2080 9,172,759 4,715,823 0 4,715,823 0 31,206,560 31,206,560 626,499 0
June 30, 2081 0 4,471,200 0 4,471,200 0 32,370,772 32,370,772 0 0
June 30, 2082 0 4,224,198 0 4,224,198 0 33,579,739 33,579,739 0 0
June 30, 2083 0 3,981,620 0 3,981,620 0 34,830,101 34,830,101 0 0
June 30, 2084 0 3,735,803 0 3,735,803 0 36,129,388 36,129,388 0 0
June 30, 2085 0 3,481,281 0 3,481,281 0 37,464,678 37,464,678 0 0
June 30, 2086 0 3,235,564 0 3,235,564 0 38,861,892 38,861,892 0 0
June 30, 2087 0 2,987,670 0 2,987,670 0 40,307,306 40,307,306 0 0
June 30, 2088 0 2,744,886 0 2,744,886 0 41,813,082 41,813,082 0 0
June 30, 2089 0 2,506,517 0 2,506,517 0 43,390,846 43,390,846 0 0
June 30, 2090 0 2,274,314 0 2,274,314 0 45,025,382 45,025,382 0 0
June 30, 2091 0 2,055,601 0 2,055,601 0 46,733,927 46,733,927 0 0
June 30, 2092 0 1,842,068 0 1,842,068 0 48,518,201 48,518,201 0 0
June 30, 2093 0 1,638,896 0 1,638,896 0 50,371,327 50,371,327 0 0
June 30, 2094 0 1,446,700 0 1,446,700 0 52,303,457 52,303,457 0 0
June 30, 2095 0 1,266,054 0 1,266,054 0 54,317,226 54,317,226 0 0
June 30, 2096 0 1,097,483 0 1,097,483 0 56,420,498 56,420,498 0 0
June 30, 2097 0 941,619 0 941,619 0 58,613,116 58,613,116 0 0
June 30, 2098 0 798,893 0 798,893 0 60,900,637 60,900,637 0 0
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 28Source page 40
APPENDIX I – LIABILITIES, ASSETS, & CASH FLOWS
BENEFIT PAYMENT PROJECTION DISCLOSURES
Table 3: Actuarial Present Values of Projected Benefit Payments using a July 1, 2022 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 [6.83%] [4.21%] Discount Rate [6.66%]
June 30, 2024 10,534,554 4,209,663 4,209,663 0 4,209,663 0 4,209,663 Sum of Column V.
June 30, 2025 13,107,376 4,632,854 4,632,854 0 4,336,660 0 4,343,601 106,120,317
June 30, 2026 15,196,393 4,893,008 4,893,008 0 4,287,355 0 4,301,091
June 30, 2027 17,488,269 5,191,604 5,191,604 0 4,258,159 0 4,278,639 Sum of Column VI.
June 30, 2028 19,881,049 5,485,837 5,485,837 0 4,211,822 0 4,238,853 3,463,396
June 30, 2029 22,348,818 5,787,217 5,787,217 0 4,159,141 0 4,192,534
June 30, 2030 24,905,224 6,101,713 6,101,713 0 4,104,804 0 4,144,383 Sum of Column VII.
June 30, 2031 27,564,489 6,479,382 6,479,382 0 4,080,196 0 4,126,132 [V. + VI.]
June 30, 2032 30,335,736 6,834,072 6,834,072 0 4,028,411 0 4,080,284 109,583,713
June 30, 2033 33,233,898 7,101,165 7,101,165 0 3,918,236 0 3,975,043
June 30, 2034 36,268,517 7,463,996 7,463,996 0 3,855,131 0 3,917,283
June 30, 2035 39,421,075 7,804,164 7,804,164 0 3,773,122 0 3,840,089
June 30, 2036 42,692,049 7,878,019 7,878,019 0 3,565,318 0 3,634,405
June 30, 2037 46,077,814 8,062,053 8,062,053 0 3,415,338 0 3,487,091
June 30, 2038 49,565,563 8,278,503 8,278,503 0 3,282,817 0 3,357,150
June 30, 2039 53,141,692 8,306,189 8,306,189 0 3,083,212 0 3,158,073
June 30, 2040 56,845,679 8,413,636 8,413,636 0 2,923,426 0 2,999,200
June 30, 2041 60,677,508 8,499,486 8,499,486 0 2,764,444 0 2,840,637
June 30, 2042 64,632,572 8,623,443 8,623,443 0 2,625,443 0 2,702,123
June 30, 2043 68,742,912 8,619,953 8,619,953 0 2,456,595 0 2,532,390
June 30, 2044 73,014,422 8,703,099 8,703,099 0 2,321,717 0 2,397,182
June 30, 2045 77,412,250 8,864,116 8,864,116 0 2,213,490 0 2,289,095
June 30, 2046 81,900,260 8,814,519 8,814,519 0 2,060,381 0 2,134,167
June 30, 2047 86,448,949 8,944,333 8,944,333 0 1,957,058 0 2,030,389
June 30, 2048 91,003,790 9,102,494 9,102,494 0 1,864,331 0 1,937,282
June 30, 2049 95,517,369 9,096,497 9,096,497 0 1,743,988 0 1,815,131
June 30, 2050 100,047,721 9,071,228 9,071,228 0 1,627,954 0 1,697,076
June 30, 2051 104,563,067 9,073,805 9,073,805 0 1,524,306 0 1,591,571
June 30, 2052 109,029,873 9,053,643 9,053,643 0 1,423,682 0 1,488,886
June 30, 2053 113,486,188 9,197,040 9,197,040 0 1,353,769 0 1,418,036
June 30, 2054 117,916,190 9,230,014 9,230,014 0 1,271,761 0 1,334,268
June 30, 2055 122,247,571 9,333,807 9,333,807 0 1,203,840 0 1,265,030
June 30, 2056 126,429,248 9,405,761 9,405,761 0 1,135,561 0 1,195,191
June 30, 2057 130,413,646 9,386,621 9,386,621 0 1,060,798 0 1,118,289
June 30, 2058 134,131,989 9,322,309 9,322,309 0 986,174 0 1,041,285
June 30, 2059 137,522,476 9,205,790 9,205,790 0 911,587 0 964,070
June 30, 2060 140,590,057 9,048,123 9,048,123 0 838,692 0 888,397
June 30, 2061 143,285,186 8,986,219 8,986,219 0 779,700 0 827,232
June 30, 2062 145,547,814 8,765,365 8,765,365 0 711,914 0 756,522
June 30, 2063 147,350,846 8,474,646 8,474,646 0 644,296 0 685,764
Town of Canton Other Postemployment Benefits Plan
For the Fiscal Year ending June 30, 2024 | Delivered October 28, 2024 Page 29