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Sensitivity of the Proportionate Share of the Net Pension Liability/(Asset) to the Discount Rate Assumption—The chart below presents the Town’s proportionate share of the net pension liability/(asset) calculated using the discount rate of 5.9%, as well as what the Town’s proportionate share of the net pension liability/(asset) would be if it were calculated using a discount rate that is one percentage-point lower (4.9%) or one percentage-point higher (6.9%) than the current assumption. 1% Current 1% Decrease Assumption Increase ERS (4.9%) (5.9%) (6.9%) Employer's proportionate share of the net pension liability/(asset) $ 1,561,716 $ 496,713 $ (392,786) Pension Plan Fiduciary Net Position—The components of the current-year net pension (asset) of the employers as of the respective valuation date, were as follows: ERS (Dollars in Thousands) Valuation date April 1, 2023 Employers' total pension liability $ 240,696,851 Plan fiduciary net position 225,972,801 Employers' net pension (asset) $ 14,724,050 System fiduciary net position as a percentage of total pension liability 93.9% 7. PENSION OBLIGATIONS—LOSAP Plan Description—The Town established a defined benefit LOSAP plan for the active volunteer firefighters of the Boston Volunteer Fire Company, North Boston Volunteer Fire Company, and Patchin Volunteer Fire Company. The Program was established pursuant to Article 11-A of the General Municipal Law. The program provides municipally-funded pension like benefits to facilitate the recruitment and retention of active volunteer firefighters. The Town is the sponsor of the program. Certain information contained in this note is based on data as of December 31 2023, with a valuation date of January 1, 2024, for which complete information is available. Participation, Vesting and Service Credit—Active volunteer firefighters in the Town of Boston are those who have reached the age of 18 and who have completed one year of firefighting service are eligible to participate in the program. Under the defined benefits plan, participants acquire a non- forfeitable right to a service award after being credited with five years of firefighting service or upon attaining the program's entitlement age. The program's entitlement age is age 65. A participant may also receive credit for five years of firefighting service rendered prior to the establishment of the program. Under the defined contribution plan, participants acquire a non-forfeitable right to a service award upon attaining the program’s entitlement age of 65. - 32 -