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Deferred Outflows Deferred Inflows of Resources of Resources ERS Differences between expected and actual experiences $ 113,540 $ 5,356 Changes of assumptions 19,184 - Net difference between projected and actual earnings on pension plan investments 35,890 - Changes in proportion and differences between the Town's contributions and proportionate share of contributions 37,739 79,929 Town contributions subsequent to the measurement date 148,366 - Total $ 354,719 $ 85,285 Town contributions subsequent to the measurement date will be recognized as a reduction to the net pension liability in the year ending December 31, 2026. 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 2026 $ 64,767 2027 108,166 2028 (47,560) 2029 (4,305) Actuarial Assumptions—The total pension liability as of the measurement date was determined by using an actuarial valuation as noted in the table below, with update procedures used to roll forward the total pension liability to the measurement date. The actuarial valuations used the following actuarial assumptions presented below: ERS Measurement date March 31, 2025 Actuarial valuation date April 1, 2024 Interest rate 5.90% Salary scale 4.30% Decrement tables April 1, 2015- March 31, 2020 Inflation rate 2.9% Cost-of-living adjustments 1.5% Demographic assumptions used in the April 1, 2024 actuarial valuation are based on the results of an actuarial experience study completed April 1, 2020 for the period April 1, 2015 – March 31, 2020. Annuitant mortality rates are adjusted to incorporate mortality improvements under the Society of Actuaries’ Scale MP-2021. The long-term expected rate of return on pension plan investments was determined using a building block method in which best estimate ranges of expected future real rates of return (expected returns net of investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by each the target asset allocation percentage and by adding expected inflation. The best - 96 -