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Total Pension Liability Balance as of 12/31/2022 measurement date $ 6,277,611 Changes for the year: Service cost 141,249 Interest 268,019 Changes of assumptions or other inputs 485,827 Differences between expected and actual experience 17,701 Benefit payments (404,926) Net changes 507,870 Balance as of 12/31/2023 measurement date $ 6,785,481 Sensitivity of the Total Pension Liability to changes in the Discount Rate—The following presents the total pension liability of the Town as of the December 31, 2023 measurement date, calculated using the discount rate of 4.00 percent, as well as what the Town’s total pension liability would be if it were calculated using a discount rate that is one percentage point lower (3.00 percent) or one percentage point higher (5.00 percent) than the current rate: 1% Current 1% Decrease Discount Rate Increase (3.00%) (4.00%) (5.00%) Total pension liability $ 7,684,337 $ 6,785,481 $ 6,045,605 Pension Expense and Deferred Outflows of Resources Related to Pension—For the year ended December 31, 2024, the Town recognized pension expense of $415,550. At December 31, 2024, the Town reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Differences between expected and actual experience $ 162,333 $ 19,145 Changes of assumptions or other inputs 858,639 1,339,315 Benefit payments subsequent to measurement date 409,852 - Total $ 1,430,824 $ 1,358,460 The Town’s contributions subsequent to the measurement date will be recognized as a reduction of the 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 on the following page. - 34 -