Exhibit 46: Statement of Changes in Net Position – OPEB Trust Fund

CITY OF SUFFOLK, VIRGINIA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION June 30, 2022

Notes to the Required Supplementary Information related to Other Postemployment Benefit Plans – City and School Board State VRS Plans.

Changes in Benefit Terms:

There have been no actuarially material changes to the benefit provisions since the prior actuarial valuation.

Changes to assumptions or other inputs

The actuarial assumptions used in the June 30, 2020, valuation were based on the results of an actuarial experience study for the period from July 1, 2016, through June 30, 2020. Except for the change in the discount rate for the GLI, VLDP and HIC plans, which was based on VRS Board action effective as of July 1, 2019. Changes to the actuarial assumptions as a result of the experience study and VRS Board action are as follows:

General City and School Board GLI plan employees - Updated mortality rates to PUB2010 public sector mortality tables. For future mortality improvements, replace load with a modified Mortality Improvement Scale MP-2020

- Adjusted retirement rates to better fit experience for Plan 1; set separate rates based on experience for Plan 2/Hybrid; changed final retirement age from 75 to 80 for all. - Adjusted withdrawal rates to better fit experience at each age and service decrement through 9 year of service.

- No change in disability rates. - No change in salary scale.

- No change in discount rate. Public Safety Employees GLI and LODA plans

- Update to PUB2010 public sector mortality tables. Increased disability life expectancy. For future mortality improvements replace load with a modified Mortality Improvement Scale

MP-2020. - Adjusted retirement rates to better fit experience and changed final retirement age from 65 to 70.

- Decreased withdrawal rates and changed from rates based on age and service to rates based on service only to better fit experience and to be more consistent with locals Top 10 Hazardous duty. - No change in disability rates. - No change in salary scale.

- No change in line of duty disability rates.

School Board Teacher GLI, HIC and VLDP: - Updated mortality rates to PUB2010 public sector mortality tables. For future mortality improvements, replace load with a modified Mortality Improvement Scale MP-2020 - Adjusted retirement rates to better fit experience for Plan 1; set separate rates based on experience for Plan 2/Hybrid; changed final retirement ages from 75 to 80 for all. - Adjusted rates to better fit experience at each age and service decrement through 9 years of service. - No change in disability rates - No change in Discount rate