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ERS Measurement date March 31, 2024 Actuarial valuation date April 1, 2023 Interest rate 5.9% Salary scale 4.4% Decrement tables April 1, 2015- March 31, 2020 Inflation rate 2.9% Cost-of-living adjustments 2.5% Annuitant mortality rates are based on April 1, 2015 – April 1, 2020 System’s experience with adjustments for mortality improvements based on Society of Actuaries’ Scale MP-2021. The actuarial assumptions used in the April 1, 2023 valuation are based on the results of an actuarial experience study for the period April 1, 2015 – April 1, 2020. The long-term rate of return on pension plan investments was determined using a building block method in which best estimate ranges of expected future real rates of return (expected returns net of investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long term expected rate of return by weighting the expected future real rates of return by each the target asset allocation percentage and by adding expected inflation. Best estimates of the arithmetic real rates of return for each major asset class included in the target asset allocation are summarized below: ERS Long-Term Expected Target Allocation Real Rate of Return Measurement date March 31, 2023 Asset class: Domestic equities 32.0 % 4.0 % International equities 15.0 6.7 Private equity 10.0 7.3 Real estate 9.0 4.6 Opportunistic/Absolute return strategies 3.0 5.3 Credit 4.0 5.4 Real assets 3.0 5.8 Fixed income 23.0 1.5 Cash 1.0 0.3 Total 100 % Discount Rate—The discount rate used to calculate the total pension liability was 5.9%. The projection of cash flows used to determine the discount rate assumes that contributions from plan members will be made at the current contribution rates and that contributions from employers will be made at statutorily required rates, actuarially. Based upon the assumptions, the Systems’ fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore the long term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. - 31 -