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05-24-21-R
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05-24-21-R
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5/21/2021 4:18:02 PM
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<br />-39- <br />NOTE 6 – DEFINED BENEFIT PENSION PLAN – STATE-WIDE (CONTINUED) <br /> <br />A total of $67,721 reported as deferred outflows of resources related to pensions resulting from city <br />contributions subsequent to the measurement date will be recognized as a reduction of the net pension <br />liability in the year ending December 31, 2021. Other amounts reported as deferred outflows and <br />deferred inflows of resources related to pensions will be recognized in pension expense as follows: <br /> <br />Pension <br />Year Ending Expense <br />December 31,Amount <br />2021 (62,307)$ <br />2022 32,986$ <br />2023 59,057$ <br />2024 34,908$ <br />E. Actuarial Assumptions <br /> <br />The total pension liability in the June 30, 2020 actuarial valuation was determined using an individual <br />entry-age normal actuarial cost method and the following actuarial assumptions: <br /> <br />Inflation 2.25% per year <br />Active member payroll growth 3.00% per year <br />Investment rate of return 7.50% <br /> <br />Salary increases were based on a service-related table. Mortality rates for active members, retirees, <br />survivors, and disabilitants for all plans were based on RP-2014 tables for males and females, as <br />appropriate, with slight adjustments to fit the PERA’s experience. Cost of living benefit increases after <br />retirement for retirees are assumed to be 1.25 percent per year for the GERF. <br /> <br />Actuarial assumptions used in the June 30, 2020 valuation were based on the results of actuarial <br />experience studies. The most recent four-year experience study in the GERF was completed in 2019. The <br />assumption changes were adopted by the Board and become effective with the July 1, 2020 actuarial <br />valuation.
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