Text · page 52 of 115
Read the whole document on one page (all 115 pages, each with its own heading)
ERS Measurement date March 31, 2024 Net pension liability $ 496,713 Town's portion of the Plan's total net pension liability 0.0033735% For the year ended December 31, 2024, the Town recognized a pension expense of $223,424 for the ERS. At December 31, 2024, the Town reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual experiences $ 159,991 $ 13,544 Changes of assumptions 187,796 - Net difference between projected and actual earnings on pension plan investments - 242,642 Changes in proportion and differences between the Town's contributions and proportionate share of contributions 10,323 22,740 Town contributions subsequent to the measurement date 125,351 - Total $ 483,461 $ 278,926 The Town’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending December 31, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year Ending December 31, ERS 2025 $ (97,536) 2026 88,742 2027 142,414 2028 (54,436) Actuarial Assumptions—The total pension liability as of the measurement date was determined by using the actuarial valuation as noted in the table on the following page, with update procedures used to roll forward the total pension liability to the measurement date. The actuarial valuation used the actuarial assumptions on the following page. - 30 -