Deferred outflows of resources and deferred (inflows) of resources related to pensions will
be recognized in pension expense as follows:
Year ended June 30:
2022 $ (1,664,312)
2023 (1,458,395)
2024 (1,429,395)
2025 (1,645,060)
2026 63,931
Thereafter 184,873
Total $ (5,948,358)
Sensitivity of the Proportionate Share of the Net Pension Liability (Asset) to Changes in
the Discount Rate
The following presents the City’s proportionate share of the net pension liability (asset) cal-
culated using the discount rate of 7.00%, as well as what the City’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 or one percentage-point higher than the current rate:
Current
1% Discount 1%
Decrease Rate Increase
Mortality rates in the July 1, 2020 valuation for disabled individuals reflects the Pub-2010
Public Retirement Plans Amount-Weighted Mortality Tables, projected to the valuation
date with Scale MP-2019, setback 10 years (previously was the RP-2014 Adjusted to 2006
Blue Collar Mortality Table projected to the valuation date with Scale MP-2018, setback 10
years).
Target Allocation
Changes in the Net Pension Liability - Board of Public Works
Increase (Decrease)
Summary of Significant Accounting Policies
The accounting policies of the System as reflected in the accompanying financial
statements for the year ended June 30, 2021 conform to generally accepted accounting
principles for public employee retirement systems (PERS). The more significant
accounting policies of the System are summarized below.
Basis of Accounting
Contributory retirement system financial statements are prepared using the accrual basis of
provisions are made by the Board of Trustees with the concurrence of the Board of
Aldermen. The Public Works Employees’ Retirement System does not issue independent
financial statements. Administrative costs are financed by Trust earnings.
Membership of each plan consisted of the following at July 1, 2020, the date of the latest
actuarial valuation:
Mortality rates were updated to be based on the Pub-2010 Healthy Retiree Mortality Tables
with credibility adjustments for each group (police and fire combined) and projected fully
generational mortality improvements using Scale MP-2019.
For the year ended June 30, 2021, the City recognized pension expense of $47,883,163. In
addition, the City reported deferred outflows of resources and deferred (inflows) of
resources related to pensions from the following sources:
Deferred Deferred
Outflows of (Inflows) of
Resources Resources
Differences between expected and actual experience $ 8,641,616 $ (3,435,910)
used in the calculation will change depending on age and years of creditable service, as
follows:
Years of creditable service as of Minimum Minimum Benefit
January 1, 2012 Age Service Multiplier
At least 3 but less than 10 years 46 21 2.4%
At least 6 but less than 8 years 47 22 2.3%
At least 4 but less than 6 years 48 23 2.2%
Less than 4 years 49 24 2.1%
Contributions
