(c) Changes in the Net Pension Liability Total Pension Liability Balances at June 30, 2018 Changes for the Year: Service cost Interest Changes of assumptions Difference between expected and actual experience Contributions - employer Contributions - employee Net investment income Benefit payments, including refunds of employee contributions Administrative expense Other changes Net changes Balances at June 30, 2019 $ $ 42,516,211 2,328,302 2,921,479 1,586,517 1,180,278 – – – (1,561,607) – – 6,454,969 48,971,180 $ Increase (Decrease) Plan Fiduciary $ Net Pension 41,884,697 – – – – 2,515,217 1,213,286 2,903,907 (1,561,607) (25,628) (1,872) 5,043,303 46,928,000 Sensitivity of the Net Position Liability to Changes in the Discount Rate The following presents the Authority’s NPL, using the current discount rate as well as what the Authority’s NPL 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. 1% Decrease (5.75%) Net pension liability (asset) $ 9,131,530 Current Discount Rate (6.75%) $ 2,043,180 1% Increase (7.75%) $ (3,573,628) (d) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended June 30, 2020, the Authority recognized pension expense of $1,932,078. At June 30, 2020 the Authority also reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows of Resources Differences between expected and actual experience Changes of assumptions Net difference between projected and actual earnings on plan investments Employer contributions subsequent to the measurement date* Total $ $ 1,713,689 1,265,360 – 2,497,516 5,476,565 Deferred Inflows of Resources $ 9,598 447,507 394,090 – $ 851,195 * Deferred outflows of resources related to pensions resulting from the Authority’s contributions subsequent to the measurement date will be recognized as a reduction of the NPL in the year ending June 30, 2021. $ $ Net Pension Liability 631,514 2,328,302 2,921,479 1,586,517 1,180,278 (2,515,217) (1,213,286) (2,903,907) – 25,628 1,872 1,411,666 2,043,180 NOTES TO FINANCIAL STATEMENTS FINANCIAL SECTION 61
Prince William County Service Authority | 4 County Complex Court Woodbridge, VA 22192
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