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Actuarial Assumptions. The total pension liability for the HIS Program in the July 1, 2022 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Valuation date: Measurement date: Discount rate: Long-term expected rate of return: Municipal bond rate: Inflation: Salary increase: Mortality: Actuarial cost method: July 1, 2022 June 30, 2023 3.65% N/A 3.65% 2.40% 3.25%, average, including inflation PUB -2010 base table, projected generationally with Scale MP -2018 Individual Entry Age The actuarial assumptions that determined the total HIS Program pension liability used in the July 1, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2013 through June 30, 2018. The following changes in actuarial assumptions occurred in 2023: • The discount rate was modified to reflect the change in the value of the municipal bond index between the Governmental Accounting Standards Board ("GASB") measurement dates. • Chapter 2023-193, Laws of Florida (Senate Bill 7024), increased the level of monthly benefits from $5 times years of service to $7.50, with an increased minimum of $45 and maximum of $225. This change applies to all years of service for both members currently receiving benefits and members not yet receiving benefits. Discount Rate for HIS Program. In general, the discount rate for calculating the total pension liability is equal to the single rate equivalent to discounting at the long-term expected rate of return for benefit payments prior to the projected depletion date. Because the HIS Program is essentially funded on a pay-as-you-go basis, the depletion date is considered to be immediate. The single equivalent discount rate is equal to the municipal bond rate selected by the plan sponsor. The Bond Buyer General Obligation 20 -Bond Municipal Bond Index was adopted as the applicable municipal bond index. Long -Term Expected Rate of Return. As stated above, the HIS Program is essentially funded on a pay-as-you-go basis. As such, there is no assumption for a long- term expected rate of return on a portfolio, no assumptions for cash flows into and out of the Pension Plan, or assumed asset allocation. Sensitivity of the County's Proportionate Share of the Net Position Liability to Changes in the Discount Rate for the HIS Program. The following presents the County's