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Sensitivity of the Proportionate Share of the Net Pension Liability to the Discount Rate Assumption - The following presents the Village’s proportionate share of the net pension liability (asset) calculated using the discount rate of 5.9%, as well as what the Village’s proportionate share of the net pension liability (asset) would be if it were calculated using a discount rate that is | percentage point lower (4.9%) or 1 percentage point higher (6.9%) than the current assumption: Current 1% Decrease Assumption 1% Increase PFRS (4.9%) (5.9%) (6.9%) Employer's proportionate share of the net pension (asset) liability S 786,265 372,895 31,718 Current 1% 1% Decrease Assumption Increase ERS (4.9%) (5.9%) (6.9%) Employer's proportionate share of the net pension (asset) liability $ 1,132,605 391,346 (227,605) Pension Plan Fiduciary Net Position - Detailed information about the pension plan’s fiduciary net position is available in the separately issued PFRS/ERS financial report. The components of the current-year net pension asset of the employers as of the valuation dates were as follows: (Dollars in Thousands) PFRS ERS Total Valuation date April 1, 2024 = April 1, 2024 Employers’ total pension liability S 48,718,477 247,600,239 296,318,716 Plan fiduciary net position 42,641,620 230,454,512 273,096,132 Employers’ net pension liability S$ 6,076,857 17,145,727 23,222,584 Systems’ fiduciary net position as a percentage of total pension liability 87.53% 93.08% 92.16% 8 RISK MANAGEMENT The Village is exposed to various risks of losses related to torts; theft of, damage to, and destruction of assets; injuries to employees; and natural disasters. The Village carries commercial insurance for coverage with respect to Village buildings, equipment, and employee theft. The Village self-insures for risks relating to workers’ compensation insurance. The Village currently reports all of its risk management activities in its general fund, water fund, and sewer fund. Claims expenditures and liabilities are reported when it is probable that a loss has occurred and the ammount of that loss can be reasonably estimated. These losses.include an estimate of claims that have been incurred but not reported. The Village reported no expenditures for claims, judgments or workers compensation claims for the year ended May 31, 2025. 26