Schedule of Collective Employer Pension Amounts1 For the ...€¦ · Active 8.06 37,634 Active...
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Exhibit 1 Net Pension Liability 2 Deferred Inflows Deferred Outflows Pension Expense Beginning Balance $ (6,801,509,530) (648,997,377) $ 596,229,437 $ - $ Total Pension Liability Factors Service Cost (222,458,027) 222,458,027 Interest (1,379,644,606) 1,379,644,606 Changes in Benefit Terms - PBI (120,572,581) 120,572,581 Changes in Benefit Terms - Harbor Police (20,680,250) 20,680,250 Differences Between Expected and Actual Experience with Regard to Economic or Demographic Assumptions 3 109,244,104 (109,244,104) - Current Year Amortization 36,414,701 - (36,414,701) Amortization of Prior Years 55,709,435 (4,546,200) (51,163,235) Changes in Assumptions about Future Economic or Demographic Factors or Other Inputs 3 - - - Current Year Amortization - - - Amortization of Prior Years - - - Benefit Payments 1,238,507,932 (1,238,507,932) Refunds and Transfers of Member Contributions 35,997,261 (35,997,261) Net Change in Total Pension Liability (359,606,167) (17,119,967) (4,546,200) 381,272,335 Plan Fiduciary Net Position Employer Contributions 718,606,514 Employee Contributions 152,233,771 (152,233,771) Harbor Police Asset Transfer 10,790,721 (10,790,721) Expected Earnings on Investments 869,797,446 (869,797,446) Difference Between Projected and Actual Earnings on Investments 3 (1,166,526,679) 1,166,526,679 Current Year Amortization (233,305,336) 233,305,336 Amortization of Prior Years 197,762,647 (146,784,259) (50,978,388) Retirement Benefits (1,238,507,932) 1,238,507,932 Administrative Expense (15,605,605) 15,615,605 Refunds and Transfers of Member Contributions (35,997,261) 35,997,261 Other 13,782,925 (13,782,925) Net Change in Plan Fiduciary Net Position (691,426,100) 197,762,647 786,437,084 425,842,882 Ending Balance (7,852,541,797) $ (468,354,697) $ 1,378,120,321 $ 807,115,218 $ 3 Refer to Exhibit 1a. Louisiana State Employees' Retirement System Schedule of Collective Employer Pension Amounts 1 For the Year Ended June 30, 2016 1 The Schedule of Collective Employer Pension Amounts presents the components of the total pension liability factors and plan fiduciary net position that impact changes in Net Pension Liability (NPL) during the fiscal year. The components of NPL are further classified into collective Deferred (Inflows)/Outflows and Pension Expense. The employer may multiply the amounts in all columns by their proportionate share of NPL to determine the amounts to be recognized in their financial statements and note disclosures. Employer proportionate share information is provided in Exhibit 2. 2 The amounts disclosed under the collective "Net Pension Liability" column are presented on page 18 of LASERS Actuarial Valuation as of June 30, 2016, and used by LASERS in compiling the note disclosure and required supplementary information (RSI) in accordance to GASB 67 in its 2016 Comprehensive Annual Financial Report, pages 27-29 and 60-61, respectively.
Transcript of Schedule of Collective Employer Pension Amounts1 For the ...€¦ · Active 8.06 37,634 Active...
Exhibit 1
Net Pension Liability2
Deferred Inflows
Deferred Outflows
Pension Expense
Beginning Balance $ (6,801,509,530) (648,997,377)$ 596,229,437$ -$
Total Pension Liability FactorsService Cost (222,458,027) 222,458,027 Interest (1,379,644,606) 1,379,644,606 Changes in Benefit Terms - PBI (120,572,581) 120,572,581 Changes in Benefit Terms - Harbor Police (20,680,250) 20,680,250 Differences Between Expected and Actual Experience with Regard to Economic or Demographic Assumptions3 109,244,104 (109,244,104) -
Current Year Amortization 36,414,701 - (36,414,701) Amortization of Prior Years 55,709,435 (4,546,200) (51,163,235)
Changes in Assumptions about Future Economic or Demographic Factors or Other Inputs3 - - -
Current Year Amortization - - - Amortization of Prior Years - - -
Benefit Payments 1,238,507,932 (1,238,507,932) Refunds and Transfers of Member Contributions 35,997,261 (35,997,261)
Net Change in Total Pension Liability (359,606,167) (17,119,967) (4,546,200) 381,272,335
Plan Fiduciary Net PositionEmployer Contributions 718,606,514 Employee Contributions 152,233,771 (152,233,771) Harbor Police Asset Transfer 10,790,721 (10,790,721) Expected Earnings on Investments 869,797,446 (869,797,446) Difference Between Projected and Actual Earnings on Investments3 (1,166,526,679) 1,166,526,679
Current Year Amortization (233,305,336) 233,305,336 Amortization of Prior Years 197,762,647 (146,784,259) (50,978,388)
Retirement Benefits (1,238,507,932) 1,238,507,932 Administrative Expense (15,605,605) 15,615,605 Refunds and Transfers of Member Contributions (35,997,261) 35,997,261 Other 13,782,925 (13,782,925)
Net Change in Plan Fiduciary Net Position (691,426,100) 197,762,647 786,437,084 425,842,882
Ending Balance (7,852,541,797)$ (468,354,697)$ 1,378,120,321$ 807,115,218$
3Refer to Exhibit 1a.
Louisiana State Employees' Retirement SystemSchedule of Collective Employer Pension Amounts1
For the Year Ended June 30, 2016
1The Schedule of Collective Employer Pension Amounts presents the components of the total pension liability factors and plan fiduciary net position that impact changes in Net Pension Liability (NPL) during the fiscal year. The components of NPL are further classified into collective Deferred (Inflows)/Outflows and Pension Expense. The employer may multiply the amounts in all columns by their proportionate share of NPL to determine the amounts to be recognized in their financial statements and note disclosures. Employer proportionate share information is provided in Exhibit 2.
2The amounts disclosed under the collective "Net Pension Liability" column are presented on page 18 of LASERS Actuarial Valuation as of June 30, 2016, and used by LASERS in compiling the note disclosure and required supplementary information (RSI) in accordance to GASB 67 in its 2016 Comprehensive Annual Financial Report, pages 27-29 and 60-61, respectively.
Exhibit 1a
(1) Differences between expected and actual experience with regard to economic or demographic assumptions
(2) Changes in assumptions about future economic or demographic factors or other inputs(3) Change in employer's proportion of beginning net pension liability1
(4) Difference between employer contributions and proportionate share of employer contributions1
# Years 2016 MembersActive 8.06 37,634 Active After DROP 3.08 1,650 Supplemental 4.08 216 DROP 0 1,609 Term Vested 0 3,865 Term Non-vested 0 52,837 Retired 0 47,985
145,796 Average 2.17Round up 3.0
1Refer to GASB 68 Employer Calculation Worksheets
The calculation of the average remaining service life (amortization period) for changes in expected and actual experience and changes in assumptions is presented below:
Louisiana State Employees' Retirement SystemAverage Remaining Service Life Calculation
For the Year Ended June 30, 2016
The amortization periods of the fiscal year differences/changes listed below are equal to the average of the expected remaining service lives of all employees that are provided with pensions through the pension plan (active and inactive employees) determined as of the beginning of the measurement period.
The amortization of the difference between projected and actual investment returns are to be amortized over a closed 5-year period, in accordance to LASERS asset valuation method.
Louisiana State Employeesʹ Retirement System Exhibit 2Schedule of Employer Pension AmountsFor the Plan Year Ended June 30, 2016
A B C D E F H K G I L M N O P Q R S
OSRAP Employer No. Employer Name
(1) Annualized Payroll 6/30/2016
(2) Projected Required Employer Contributions
(2)/(1) Average FYE 2017 Rate
Net Pension Liability
Current Year Proportionate
Share
Prior Year Proportionate
Share
Change in Proportion from Prior Year
Proportionate Share of Collective
Pension ExpenseExperience Gain/Loss
Change of Assumptions
Net Difference Between
Projected and Actual
Investment Gain/Loss
Experience Gain/Loss
Change of Assumptions 2018 2019 2020 2021
Net Pension Liability Assuming ‐1%
Change in Discount Rate
Net Pension Liability Assuming +1% Change in Discount Rate
Prior Year Net Pension Liability
Change in Net Pension Liability due to Change in Proportion
Change in Deferred Inflow due to Change in Proportion
Change in Deferred
Outflow due to Change in Proportion
Employerʹs Proportionate Share
of Total Contributions
Collective Deferred Outflow Collective Deferred Inflow Collective Deferred O/I to be recognized as follows:
19‐673 NEW ORLEANS CENTER FOR CREATIVE ARTS $ 308,038 $ 110,278 35.80% $ 1,286,562 0.01638% 0.01712% ‐0.00074% $ 132,238 $ 745 $ ‐ $ 160,244 $ (11,932) $ ‐ $ 24,651 $ 23,906 $ 62,274 $ 38,225 $ 1,580,661 $ 1,036,671 $ 1,164,418 $ (50,059) $ (455) $ (67) $ 117,736 201413 NORTH LAFOURCHE LEVEE DISTRICT 270,482 96,833 35.80% 1,129,668 0.01439% 0.01383% 0.00055% 116,112 654 ‐ 140,702 (10,477) ‐ 21,645 20,991 54,680 33,563 1,387,902 910,250 940,853 37,612 342 50 103,379 01‐109 OFFICE OF COASTAL PROTECTION & RESTORATION 11,801,941 4,225,095 35.80% 49,291,410 0.62771% 0.59289% 0.03483% 5,066,359 28,537 ‐ 6,139,330 (457,159) ‐ 944,446 915,909 2,385,868 1,464,486 60,559,059 39,717,441 40,325,266 2,368,626 21,543 3,166 4,510,779 01‐133 OFFICE OF ELDERLY AFFAIRS 1,129,026 404,191 35.80% 4,715,457 0.06005% 0.05777% 0.00228% 484,673 2,730 ‐ 587,318 (43,734) ‐ 90,350 87,620 228,244 140,100 5,793,376 3,799,565 3,929,028 155,278 1,412 208 431,523 01‐255 OFFICE OF FINANCIAL INSTITUTIONS 5,408,586 1,936,274 35.80% 22,589,279 0.28767% 0.30454% ‐0.01687% 2,321,812 13,078 ‐ 2,813,533 (209,507) ‐ 432,821 419,743 1,093,396 671,145 27,753,020 18,201,718 20,713,181 (1,147,415) (10,436) (1,534) 2,067,201 01‐111 OFFICE OF HOME LAND SEC & EMERG. PREP. 16,216,259 5,798,367 35.76% 67,645,807 0.86145% 0.88709% ‐0.02564% 6,952,894 39,163 ‐ 8,425,402 (627,389) ‐ 1,296,124 1,256,961 3,274,282 2,009,809 83,109,135 54,506,827 60,335,783 (1,744,179) (15,863) (2,332) 6,190,436 08C‐403 OFFICE OF JUVENILE JUSTICE 30,835,645 10,949,332 35.51% 127,738,716 1.62672% 1.64525% ‐0.01853% 13,129,472 73,954 ‐ 15,910,077 (1,184,728) ‐ 2,447,532 2,373,578 6,182,978 3,795,215 156,938,836 102,927,770 111,901,768 (1,260,524) (11,465) (1,685) 11,689,687 19‐661 OFFICE OF STUDENT FINANCIAL ASSISTANCE ‐ ‐ 0.00% ‐ 0.00000% 0.17825% ‐0.17825% ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 12,123,555 (12,123,555) (110,265) (16,207) ‐
LsrAgy00763 OPELOUSAS CITY COURT 53,000 20,140 38.00% 234,948 0.00299% 0.00286% 0.00013% 24,149 136 ‐ 29,263 (2,179) ‐ 4,502 4,366 11,372 6,981 288,656 189,314 194,523 8,978 82 12 21,501 LsrAgy00004 ORLEANS PARISH SCHOOL BOARD 333,240 119,300 35.80% 1,391,786 0.01772% 0.01355% 0.00417% 143,053 806 ‐ 173,349 (12,908) ‐ 26,667 25,861 67,367 41,351 1,709,938 1,121,457 921,741 283,759 2,581 379 127,366 LsrAgy00734 OUACHITA PARISH POLICE JURY 101,112 36,935 36.53% 430,870 0.00549% 0.00530% 0.00019% 44,286 249 ‐ 53,666 (3,996) ‐ 8,256 8,006 20,856 12,801 529,363 347,181 360,412 12,787 116 17 39,430 LsrAgy00057 OUACHITA PARISH SCHOOL BOARD 373,433 133,689 35.80% 1,559,674 0.01986% 0.01658% 0.00328% 160,309 903 ‐ 194,260 (14,465) ‐ 29,884 28,981 75,493 46,339 1,916,204 1,256,735 1,127,690 223,226 2,030 298 142,730 LsrAgy00727 PARISH OF ORLEANS JUDICIAL EXP JUDGES 404,734 151,168 37.35% 1,763,605 0.02246% 0.02173% 0.00073% 181,270 1,021 ‐ 219,660 (16,357) ‐ 33,791 32,770 85,364 52,398 2,166,751 1,421,056 1,477,832 49,719 452 66 161,392 LsrAgy00751 PARISH OF TERREBONNE 36,301 13,322 36.70% 155,402 0.00198% 0.00202% ‐0.00004% 15,973 90 ‐ 19,356 (1,441) ‐ 2,978 2,888 7,522 4,617 190,926 125,218 137,459 (2,857) (26) (4) 14,221 LsrAgy00757 PINEVILLE CITY COURT 64,542 23,687 36.70% 276,331 0.00352% 0.00000% 0.00352% 28,402 160 ‐ 34,418 (2,563) ‐ 5,295 5,135 13,375 8,210 339,499 222,659 ‐ 239,345 2,177 320 25,288 201414 PONTCHARTRAIN LEVEE DISTRICT 1,878,876 673,138 35.83% 7,853,101 0.10001% 0.10448% ‐0.00448% 807,172 4,547 ‐ 978,117 (72,835) ‐ 150,469 145,922 380,116 233,322 9,648,262 6,327,778 7,106,353 (304,368) (2,768) (407) 718,657
LsrAgy00517 PORT OF LAKE CHARLES 6,173,169 2,210,918 35.81% 25,793,355 0.32847% 0.31313% 0.01534% 2,651,139 14,933 ‐ 3,212,607 (239,223) ‐ 494,212 479,279 1,248,484 766,340 31,689,524 20,783,460 21,297,567 1,043,420 9,490 1,395 2,360,414 04‐158 PUBLIC SERVICE COMMISSION 3,699,083 1,324,272 35.80% 15,449,425 0.19674% 0.20763% ‐0.01089% 1,587,951 8,944 ‐ 1,924,252 (143,287) ‐ 296,018 287,074 747,803 459,014 18,981,048 12,448,652 14,122,178 (740,616) (6,736) (990) 1,413,815
LsrAgy00312 RAPIDES PARISH HOUSING AUTHORITY 215,212 77,046 35.80% 898,882 0.01145% 0.01382% ‐0.00237% 92,390 520 ‐ 111,957 (8,337) ‐ 17,223 16,703 43,509 26,706 1,104,359 724,290 939,969 (161,400) (1,468) (216) 82,259 LsrAgy00758 RAPIDES PARISH POLICE JURY 50,092 19,035 38.00% 222,070 0.00283% 0.00267% 0.00016% 22,825 129 ‐ 27,659 (2,060) ‐ 4,255 4,126 10,749 6,598 272,834 178,937 181,532 10,814 98 14 20,322 LsrAgy00078 RAPIDES PARISH SCHOOL BOARD 639,786 229,044 35.80% 2,672,066 0.03403% 0.02701% 0.00702% 274,645 1,547 ‐ 332,810 (24,782) ‐ 51,198 49,651 129,337 79,389 3,282,881 2,153,066 1,836,816 477,602 4,344 638 244,527 LsrAgy00709 RAYNE CITY COURT 36,000 13,680 38.00% 159,564 0.00203% 0.00130% 0.00074% 16,401 92 ‐ 19,874 (1,480) ‐ 3,057 2,965 7,723 4,741 196,039 128,571 88,080 50,127 456 67 14,602 19‐682 RECOVERY SCHOOL DISTRICT 4,216,925 1,509,659 35.80% 17,612,174 0.22429% 0.18153% 0.04276% 1,810,246 10,196 ‐ 2,193,627 (163,346) ‐ 337,457 327,261 852,488 523,271 21,638,186 14,191,326 12,346,440 2,908,393 26,452 3,888 1,611,734 201416 RED RIVER & BAYOU BOUEF LEVEE DISTRICT 1,180,440 422,597 35.80% 4,930,146 0.06278% 0.04568% 0.01711% 506,739 2,854 ‐ 614,058 (45,725) ‐ 94,464 91,610 238,635 146,478 6,057,141 3,972,554 3,106,657 1,163,602 10,583 1,556 451,170
LsrAgy00193 REGIONAL PLANNING COMMISSION 1,332,892 477,175 35.80% 5,566,910 0.07089% 0.06556% 0.00533% 572,188 3,223 ‐ 693,368 (51,631) ‐ 106,665 103,442 269,457 165,397 6,839,464 4,485,638 4,459,002 362,793 3,300 485 509,442 LsrAgy00333 REGIONAL TRANSIT AUTHORITY 114,855 41,118 35.80% 479,712 0.00611% 0.00554% 0.00057% 49,307 278 ‐ 59,749 (4,449) ‐ 9,192 8,914 23,220 14,253 589,371 386,537 376,736 38,769 353 52 43,900 LsrAgy00923 RENEW CHARTER MGMT ORGANIZATION ‐ ‐ 0.00% ‐ 0.00000% 0.00388% ‐0.00388% ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 263,558 (263,558) (2,397) (352) ‐ LsrAgy00787 RUSTON CITY COURT 68,184 25,910 38.00% 302,245 0.00385% 0.00357% 0.00028% 31,066 175 ‐ 37,645 (2,803) ‐ 5,791 5,616 14,630 8,980 371,336 243,539 242,610 19,180 174 26 27,659
2031 SABINE RIVER AUTHORITY 2,074,111 742,532 35.80% 8,662,621 0.11032% 0.12789% ‐0.01757% 890,377 5,015 ‐ 1,078,944 (80,342) ‐ 165,980 160,965 419,300 257,373 10,642,832 6,980,063 8,698,246 (1,195,093) (10,869) (1,598) 792,738 8C01 SCHOOL EMPLOYEES RETIREMENT SYSTEM 69,965 25,047 35.80% 292,193 0.00372% 0.00399% ‐0.00027% 30,033 169 ‐ 36,393 (2,710) ‐ 5,599 5,429 14,143 8,681 358,987 235,440 271,652 (18,568) (169) (25) 26,739 19‐653 SCHOOL FOR THE DEAF & VISUALLY IMPAIRED 3,943,465 1,411,760 35.80% 16,470,099 0.20974% 0.22658% ‐0.01684% 1,692,860 9,535 ‐ 2,051,379 (152,754) ‐ 315,575 306,039 797,208 489,339 20,235,041 13,271,079 15,411,132 (1,145,510) (10,419) (1,531) 1,507,220 04‐139 SECRETARY OF STATEʹS OFFICE 15,320,412 5,481,811 35.78% 63,952,752 0.81442% 0.75941% 0.05501% 6,573,308 37,025 ‐ 7,965,425 (593,137) ‐ 1,225,364 1,188,339 3,095,526 1,900,085 78,571,875 51,531,081 51,651,480 3,741,374 34,028 5,002 5,852,475 201419 SOUTH LAFOURCHE LEVEE DISTRICT 900,409 322,347 35.80% 3,760,587 0.04789% 0.04774% 0.00015% 386,527 2,177 ‐ 468,388 (34,878) ‐ 72,055 69,877 182,025 111,730 4,620,229 3,030,161 3,246,973 10,270 93 14 344,141
LsrAgy00376 SOUTH TANGIPAHOA PARISH PORT COMMISSION 119,880 42,917 35.80% 500,679 0.00638% 0.00632% 0.00006% 51,462 290 ‐ 62,360 (4,644) ‐ 9,593 9,303 24,235 14,876 615,130 403,431 429,583 4,081 37 5 45,818 2028E SOUTHEAST LA FLOOD PROTECTION AUTH. EAST 9,676,212 3,467,739 35.84% 40,455,876 0.51519% 0.50896% 0.00624% 4,158,209 23,422 ‐ 5,038,849 (375,213) ‐ 775,153 751,731 1,958,199 1,201,975 49,703,788 32,598,050 34,616,895 424,074 3,857 567 3,702,218 20C03 SOUTHERN UNIVERSITY 16,603,119 5,945,739 35.81% 69,365,045 0.88334% 0.92291% ‐0.03957% 7,129,604 40,159 ‐ 8,639,536 (643,334) ‐ 1,329,066 1,288,907 3,357,499 2,060,889 85,221,378 55,892,133 62,772,084 (2,691,357) (24,478) (3,598) 6,347,768
LsrAgy00778 SPRINGHILL CITY COURT ‐ ‐ 0.00% ‐ 0.00000% 0.00187% ‐0.00187% ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 126,916 (126,916) (1,154) (170) ‐ LsrAgy00338 ST BERNARD PORT HARBOR & TERM DIST 1,055,485 377,864 35.80% 4,408,266 0.05614% 0.05275% 0.00339% 453,098 2,552 ‐ 549,057 (40,885) ‐ 84,464 81,912 213,375 130,973 5,415,962 3,552,039 3,587,932 230,299 2,095 308 403,411 LsrAgy00182 ST CHARLES PARISH PUBLIC SCHOOLS 56,565 20,250 35.80% 236,283 0.00301% 0.00664% ‐0.00363% 24,286 137 ‐ 29,429 (2,191) ‐ 4,527 4,391 11,437 7,020 290,296 190,390 451,280 (246,623) (2,243) (330) 21,623 LsrAgy00764 ST LANDRY PARISH GOVERNMENT 23,254 8,685 37.35% 101,298 0.00129% 0.00128% 0.00002% 10,412 59 ‐ 12,617 (940) ‐ 1,941 1,882 4,903 3,010 124,454 81,623 86,719 1,020 9 1 9,270 LsrAgy00207 ST LANDRY PARISH SCHOOL BOARD 260,196 93,150 35.80% 1,086,715 0.01384% 0.01779% ‐0.00395% 111,697 629 ‐ 135,352 (10,079) ‐ 20,822 20,193 52,601 32,287 1,335,130 875,640 1,210,125 (268,864) (2,445) (359) 99,448 LsrAgy00723 ST MARTIN PARISH POLICE JURY 6,600 2,508 38.00% 29,290 0.00037% 0.00000% 0.00037% 3,011 17 ‐ 3,648 (272) ‐ 561 544 1,418 870 35,986 23,601 ‐ 25,370 231 34 2,680 LsrAgy00029 ST MARTIN PARISH SCHOOL BOARD 61,341 21,960 35.80% 256,229 0.00326% 0.00323% 0.00004% 26,336 148 ‐ 31,914 (2,376) ‐ 4,909 4,761 12,402 7,613 314,801 206,461 219,485 2,449 22 3 23,448 LsrAgy00616 ST TAMMANY PARISH GOVERNMENT 3,600 1,368 38.00% 15,941 0.00020% 0.00019% 0.00001% 1,638 9 ‐ 1,985 (148) ‐ 305 296 772 474 19,585 12,844 13,195 612 6 1 1,459 LsrAgy00020 ST TAMMANY PARISH SCHOOL BOARD 406,017 145,354 35.80% 1,695,759 0.02160% 0.02488% ‐0.00329% 174,297 982 ‐ 211,210 (15,728) ‐ 32,492 31,510 82,080 50,382 2,083,396 1,366,388 1,692,420 (223,634) (2,034) (299) 155,183 LsrAgy00127 ST. HELENA PARISH SCHOOL BOARD 38,400 13,747 35.80% 160,349 0.00204% 0.00201% 0.00004% 16,481 93 ‐ 19,972 (1,487) ‐ 3,072 2,980 7,761 4,764 197,004 129,204 136,506 2,381 22 3 14,674 LsrAgy00126 ST. MARY PARISH SCHOOL BOARD 137,221 49,125 35.80% 573,079 0.00730% 0.00716% 0.00014% 58,903 332 ‐ 71,378 (5,315) ‐ 10,980 10,649 27,739 17,027 704,081 461,769 486,648 9,726 88 13 52,444 21‐800 STATE EMPLOYEES GROUP BENEFIT 2,549,021 912,549 35.80% 10,646,097 0.13558% 0.14234% ‐0.00677% 1,094,246 6,164 ‐ 1,325,990 (98,738) ‐ 203,984 197,821 515,306 316,304 13,079,716 8,578,284 9,681,473 (460,326) (4,187) (615) 974,251 20114 STATE PLUMBING BOARD 230,568 82,543 35.80% 962,958 0.01226% 0.01127% 0.00100% 98,977 558 ‐ 119,938 (8,931) ‐ 18,451 17,893 46,610 28,610 1,183,084 775,921 766,326 67,743 616 91 88,123 17‐563 STATE POLICE COMMISSION 226,200 80,980 35.80% 944,741 0.01203% 0.01192% 0.00011% 97,104 547 ‐ 117,669 (8,762) ‐ 18,102 17,555 45,729 28,069 1,160,701 761,242 810,604 7,686 70 10 86,456 8C04 STATE POLICE RETIREMENT SYSTEM 313,272 112,151 35.80% 1,308,392 0.01666% 0.01566% 0.00101% 134,482 757 ‐ 162,963 (12,135) ‐ 25,069 24,312 63,331 38,873 1,607,481 1,054,261 1,064,776 68,491 623 92 119,734
LsrAgy00019 TANGIPAHOA PARISH SCHOOL SYSTEM 716,740 256,593 35.80% 2,993,471 0.03812% 0.02727% 0.01085% 307,680 1,733 ‐ 372,842 (27,763) ‐ 57,356 55,623 144,894 88,938 3,677,757 2,412,043 1,854,772 738,032 6,712 987 273,940 8C03 TEACHERS RETIREMENT SYSTEM OF LOUISIANA 4,493,154 1,608,549 35.80% 18,765,871 0.23898% 0.23385% 0.00513% 1,928,828 10,864 ‐ 2,337,322 (174,046) ‐ 359,563 348,698 908,331 557,548 23,055,610 15,120,938 15,905,194 348,917 3,173 466 1,717,311 201420 TENSAS BASIN LEVEE DISTRICT 1,356,498 485,932 35.82% 5,669,071 0.07219% 0.07127% 0.00093% 582,689 3,282 ‐ 706,093 (52,578) ‐ 108,622 105,340 274,402 168,432 6,964,979 4,567,956 4,847,300 62,982 573 84 518,791
LsrAgy00380 TERREBONNE LEVEE & CONSERVATION DISTRICT 886,160 317,245 35.80% 3,701,065 0.04713% 0.04304% 0.00409% 380,410 2,143 ‐ 460,974 (34,326) ‐ 70,914 68,771 179,144 109,961 4,547,101 2,982,200 2,927,574 278,114 2,529 372 338,694 LsrAgy00104 TERREBONNE PARISH SCHOOL BOARD 212,137 75,945 35.80% 886,003 0.01128% 0.01334% ‐0.00206% 91,067 513 ‐ 110,353 (8,217) ‐ 16,976 16,463 42,886 26,324 1,088,537 713,913 907,321 (139,907) (1,272) (187) 81,080 LsrAgy00799 THE CITY OF VILLE PLATTE 58,931 21,628 36.70% 252,302 0.00321% 0.00328% ‐0.00007% 25,933 146 ‐ 31,425 (2,340) ‐ 4,834 4,688 12,212 7,496 309,977 203,297 223,090 (4,557) (41) (6) 23,089 LsrAgy00281 THE PORT OF SOUTH LOUISIANA 2,929,423 1,048,733 35.80% 12,234,904 0.15581% 0.14135% 0.01446% 1,257,550 7,083 ‐ 1,523,878 (113,474) ‐ 234,426 227,343 592,210 363,508 15,031,712 9,858,494 9,613,662 983,634 8,946 1,315 1,119,646 LsrAgy00765 TOWN OF BUNKIE 11,954 4,387 36.70% 51,199 0.00065% 0.00067% ‐0.00001% 5,262 30 ‐ 6,377 (475) ‐ 981 951 2,478 1,521 62,902 41,254 45,230 (884) (8) (1) 4,685 LsrAgy00720 TOWN OF SORRENTO 2,927 1,112 38.00% 12,957 0.00017% 0.00016% 0.00001% 1,332 8 ‐ 1,614 (120) ‐ 248 241 627 385 15,919 10,440 10,746 476 4 1 1,186 LsrAgy00924 TOWN OF VIDALIA 38,060 13,740 36.10% 160,271 0.00204% 0.00193% 0.00011% 16,473 93 ‐ 19,962 (1,486) ‐ 3,071 2,978 7,758 4,762 196,907 129,141 131,065 7,754 71 10 14,667 04‐147 TREASURY DEPARTMENT 3,301,578 1,181,965 35.80% 13,789,238 0.17560% 0.15666% 0.01894% 1,417,310 7,983 ‐ 1,717,473 (127,890) ‐ 264,208 256,225 667,445 409,689 16,941,355 11,110,927 10,655,109 1,288,478 11,719 1,722 1,261,887 20C02 UNIVERSITY OF LOUISIANA 76,169,933 27,279,840 35.81% 318,256,150 4.05290% 4.12766% ‐0.07475% 32,711,581 184,253 ‐ 39,639,351 (2,951,704) ‐ 6,097,932 5,913,679 15,404,655 9,455,634 391,007,137 256,440,621 280,742,848 (5,084,400) (46,243) (6,797) 29,124,411
LsrAgy00731 VERMILION PARISH POLICE JURY 14,911 5,666 38.00% 66,118 0.00084% 0.00081% 0.00004% 6,796 38 ‐ 8,235 (613) ‐ 1,267 1,229 3,200 1,964 81,233 53,276 54,752 2,517 23 3 6,051 LsrAgy00128 VERMILION PARISH SCHOOL BOARD 110,649 39,612 35.80% 462,123 0.00589% 0.00607% ‐0.00019% 47,499 268 ‐ 57,558 (4,286) ‐ 8,854 8,587 22,368 13,730 567,760 372,364 413,056 (12,787) (116) (17) 42,290 LsrAgy00379 WARE YOUTH CENTER 2,746,807 983,357 35.80% 11,472,186 0.14610% 0.15156% ‐0.00546% 1,179,155 6,642 ‐ 1,428,880 (106,400) ‐ 219,812 213,171 555,292 340,847 14,094,642 9,243,920 10,308,096 (371,430) (3,378) (497) 1,049,848 LsrAgy00796 WEBSTER PARISH POLICE JURY 6,000 2,202 36.70% 25,678 0.00033% 0.00059% ‐0.00027% 2,639 15 ‐ 3,198 (238) ‐ 492 477 1,243 763 31,548 20,690 40,333 (18,092) (165) (24) 2,350 LsrAgy00087 WEBSTER PARISH SCHOOL BOARD 56,936 20,383 35.80% 237,775 0.00303% 0.00307% ‐0.00004% 24,439 138 ‐ 29,615 (2,205) ‐ 4,556 4,418 11,509 7,064 292,129 191,592 208,670 (2,721) (25) (4) 21,759 LsrAgy00707 WEST BATON ROUGE PARISH COUNCIL ‐ ‐ 0.00% ‐ 0.00000% 0.00062% ‐0.00062% ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 42,169 (42,169) (384) (56) ‐ LsrAgy00005 WEST BATON ROUGE SCHOOL BOARD ‐ ‐ 0.00% ‐ 0.00000% 0.00286% ‐0.00286% ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 194,523 (194,523) (1,769) (260) ‐
(Continued)
Louisiana State Employeesʹ Retirement System Exhibit 2Schedule of Employer Pension AmountsFor the Plan Year Ended June 30, 2016
A B C D E F H K G I L M N O P Q R S
OSRAP Employer No. Employer Name
(1) Annualized Payroll 6/30/2016
(2) Projected Required Employer Contributions
(2)/(1) Average FYE 2017 Rate
Net Pension Liability
Current Year Proportionate
Share
Prior Year Proportionate
Share
Change in Proportion from Prior Year
Proportionate Share of Collective
Pension ExpenseExperience Gain/Loss
Change of Assumptions
Net Difference Between
Projected and Actual
Investment Gain/Loss
Experience Gain/Loss
Change of Assumptions 2018 2019 2020 2021
Net Pension Liability Assuming ‐1%
Change in Discount Rate
Net Pension Liability Assuming +1% Change in Discount Rate
Prior Year Net Pension Liability
Change in Net Pension Liability due to Change in Proportion
Change in Deferred Inflow due to Change in Proportion
Change in Deferred
Outflow due to Change in Proportion
Employerʹs Proportionate Share
of Total Contributions
Collective Deferred Outflow Collective Deferred Inflow Collective Deferred O/I to be recognized as follows:
LsrAgy00505 WEST FELICIANA PARISH SCHOOL BOARD $ 17,889 $ 6,404 35.80% $ 74,678 0.00095% 0.00252% ‐0.00157% $ 7,676 $ 43 $ ‐ $ 9,301 $ (693) $ ‐ $ 1,431 $ 1,388 $ 3,615 $ 2,219 $ 91,749 $ 60,173 $ 171,126 $ (106,444) $ (968) $ (142) $ 6,834 2028W WEST JEFF LEVEE DIST/SE LA FP AUTH WEST 2,186,891 782,907 35.80% 9,133,696 0.11632% 0.09510% 0.02121% 938,796 5,288 ‐ 1,137,617 (84,712) ‐ 175,006 169,718 442,101 271,369 11,221,590 7,359,640 6,468,440 1,442,736 13,122 1,929 835,847
LsrAgy00797 WINN PARISH POLICE JURY 2,400 912 38.00% 10,601 0.00014% 0.00013% 0.00001% 1,090 6 ‐ 1,320 (98) ‐ 203 197 513 315 13,024 8,542 8,842 340 3 0 970 LsrAgy00513 WINN PARISH SCHOOL BOARD 39,696 14,211 35.80% 165,767 0.00211% 0.00206% 0.00006% 17,038 96 ‐ 20,647 (1,537) ‐ 3,176 3,080 8,024 4,925 203,661 133,570 139,839 3,741 34 5 15,170 LsrAgy00618 WINNFIELD CITY COURT 13,311 5,058 38.00% 58,973 0.00075% 0.00081% ‐0.00006% 6,061 34 ‐ 7,345 (547) ‐ 1,130 1,096 2,854 1,752 72,453 47,518 55,296 (4,217) (38) (6) 5,397 LsrAgy00539 WINNSBORO CITY COURT 31,736 11,647 36.70% 135,849 0.00173% 0.00000% 0.00173% 13,963 79 ‐ 16,920 (1,260) ‐ 2,603 2,524 6,576 4,036 166,903 109,463 ‐ 117,666 1,070 157 12,432 16‐514 WLF ‐ OFFICE OF FISHERIES 12,734,892 4,559,091 35.80% 53,187,925 0.67733% 0.70646% ‐0.02912% 5,466,858 30,793 ‐ 6,624,647 (493,298) ‐ 1,019,105 988,312 2,574,472 1,580,254 65,346,288 42,857,128 48,049,740 (1,980,872) (18,016) (2,648) 4,867,359 16‐511 WLF ‐ OFFICE OF MGT AND FINANCE 1,978,865 708,434 35.80% 8,264,811 0.10525% 0.09877% 0.00648% 849,489 4,785 ‐ 1,029,396 (76,653) ‐ 158,358 153,573 400,044 245,554 10,154,085 6,659,520 6,717,919 440,670 4,008 589 756,333 16‐512 WLF ‐ OFFICE OF THE SECRETARY 14,981,241 6,364,962 42.49% 74,255,850 0.94563% 0.89977% 0.04586% 7,632,299 42,990 ‐ 9,248,694 (688,695) ‐ 1,422,776 1,379,786 3,594,230 2,206,198 91,230,184 59,832,988 61,197,874 3,119,036 28,368 4,170 6,795,337 16‐513 WLF ‐ OFFICE OF WILDLIFE 12,541,051 4,489,696 35.80% 52,378,405 0.66702% 0.65737% 0.00965% 5,383,652 30,324 ‐ 6,523,820 (485,790) ‐ 1,003,594 973,270 2,535,289 1,556,203 64,351,719 42,204,843 44,711,151 656,550 5,971 878 4,793,278 14‐474 WORKFORCE SUPPORT AND TRAINING 36,168,819 12,948,437 35.80% 151,061,031 1.92372% 2.06253% ‐0.13881% 15,526,629 87,456 ‐ 18,814,911 (1,401,033) ‐ 2,894,398 2,806,942 7,311,856 4,488,139 185,592,458 121,720,144 140,283,311 (9,441,379) (85,870) (12,621) 13,823,970
LsrAgy00514 ZACHARY CITY COURT 58,508 22,233 38.00% 259,370 0.00330% 0.00403% ‐0.00073% 26,659 150 ‐ 32,305 (2,406) ‐ 4,970 4,819 12,554 7,706 318,660 208,992 274,169 (49,515) (450) (66) 23,736 LsrAgy00121 ZACHARY SCHOOL BOARD 59,222 21,201 35.80% 247,355 0.00315% 0.00354% ‐0.00039% 25,424 143 ‐ 30,809 (2,294) ‐ 4,739 4,596 11,973 7,349 303,899 199,311 240,433 (26,186) (238) (35) 22,636
1,878,581,927$ 673,094,142$ 35.83% 7,852,551,797$ 100.00000% 100.00000% 0.00000% 807,115,218$ 4,546,201$ ‐$ 978,048,824$ (72,829,403)$ ‐$ 150,458,446$ 145,912,246$ 380,089,595$ 233,305,336$ 9,647,586,676$ 6,327,334,933$ 6,801,509,530$ (0)$ 0$ (0)$ 718,606,512$
Notes to the Financial Statements Template
Instructions – The Notes to the Financial Statements template below includes sample language and schedules to be used as a guide by LASERS employers with fiscal years ending July 1, 2016 through June
30, 2017 in the update of their GASB 68 note disclosures. Please be aware of the highlighted and
bracketed areas (refer to legend below) of the template where the notes require employer input and/or
input from the GASB 68 exhibits on the website.
LASERS has provided this template as a courtesy to its employers, but each employer is responsible for its
own Notes to the Financial Statements. Employers should review the language and other information
contained in the template with their auditors.
Note: The GASB 68 employer template example for cost‐sharing employers may be found in the
GASB 68 Implementation Guide, pages 155‐161, Illustration 3a‐Note Disclosures and Required
Supplementary Information for a Cost‐Sharing Employer (No Nonemployer Contributing
Entities)
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Teachers Retirement System of Louisiana Notes to the Financial Statements For the Year Ended June 30, 2017*
Summary of Significant Accounting Policies Pensions For purposes of measuring the Net Pension Liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Louisiana State Employees’ Retirement System (LASERS) and additions to/deductions from LASERS’ fiduciary net position have been determined on the same basis as they are reported by LASERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. General Information about the Pension Plan Plan Description Employees of Teachers Retirement System of Louisiana (TRSL) are provided with pensions through a cost‐sharing multiple‐employer defined benefit plan administered by the Louisiana State Employees’ Retirement System (LASERS). Section 401 of Title 11 of the Louisiana Revised Statutes (La. R.S. 11:401) grants to LASERS Board of Trustees and the Louisiana Legislature the authority to review administration, benefit terms, investments, and funding of the plan. LASERS issues a publicly available financial report that can be obtained at www.lasersonline.org. Benefits Provided The following is a description of the plan and its benefits and is provided for general information purposes only. Participants should refer to the appropriate statutes for more complete information. *For fiscal years ending July 1, 2016 through June 30, 2017
Denotes Employer Input Denotes Input from GASB 68 Exhibits
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1. Retirement The age and years of creditable service required in order for a member to retire with full benefits are established by statute, and vary depending on the memberʹs hire date, employer, and job classification. Our rank and file members hired prior to July 1, 2006, may either retire with full benefits at any age upon completing 30 years of creditable service or at age 60 upon completing ten years of creditable service depending on their plan. Those members hired between July 1, 2006 and June 30, 2015, may retire at age 60 upon completing five years of creditable service and those hired on or after July 1, 2015 may retire at age 62 upon completing five years of creditable service. The basic annual retirement benefit for members is equal to 2.5% to 3.5% of average compensation multiplied by the number of years of creditable service. Additionally, members may choose to retire with 20 years of service at any age, with an actuarially reduced benefit.
Average compensation is defined as the memberʹs average annual earned compensation for the highest 36 consecutive months of employment for members employed prior to July 1, 2006. For members hired July 1, 2006 or later, average compensation is based on the member’s average annual earned compensation for the highest 60 consecutive months of employment. The maximum annual retirement benefit cannot exceed the lesser of 100% of average compensation or a certain specified dollar amount of actuarially determined monetary limits, which vary depending upon the memberʹs age at retirement. Judges, court officers, and certain elected officials receive an additional annual retirement benefit equal to 1.0% of average compensation multiplied by the number of years of creditable service in their respective capacity. As an alternative to the basic retirement benefits, a member may elect to receive their retirement throughout their life, with certain benefits being paid to their designated beneficiary after their death.
Act 992 of the 2010 Louisiana Regular Legislative Session, changed the benefit structure for LASERS members hired on or after January 1, 2011. This resulted in three new plans: regular, hazardous duty, and judges. The new regular plan includes regular members and those members who were formerly eligible to participate in specialty plans, excluding hazardous duty and judges. Regular members and judges are eligible to retire at age 60 after five years of creditable service and, may also retire at any age, with a reduced benefit, after 20 years of creditable service. Hazardous duty members are eligible to retire with twelve years of creditable service at age 55, 25 years of creditable service at any age or with a reduced benefit after 20 years of creditable service. Average compensation will be based on the member’s average annual earned compensation for the highest 60 consecutive months of employment for all three new plans. Members in the regular plan will receive a 2.5% accrual rate, hazardous duty plan a 3.33% accrual rate, and judges a 3.5% accrual rate. The extra 1.0% accrual rate for each year of service for court officers, the governor, lieutenant governor, legislators, House clerk, sergeants at arms, or Senate secretary, employed after January 1, 2011, was eliminated by Act 992. Specialty plan and regular members, hired prior to January 1, 2011, who are hazardous duty employees have the option to transition to the new hazardous duty plan.
Act 226 of the 2014 Louisiana Regular Legislative Session established new retirement eligibility for members of LASERS hired on or after July 1, 2015, excluding hazardous duty plan members.
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Regular members and judges under the new plan are eligible to retire at age 62 after five years of creditable service and, may also retire at any age, with a reduced benefit, after 20 years of creditable service. Average compensation will be based on the member’s average annual earned compensation for the highest 60 consecutive months of employment. Members in the regular plan will receive a 2.5% accrual rate, and judges a 3.5% accrual rate, with the extra 1.0% accrual rate based on all years of service as a judge.
Members of the Harbor Police Retirement System who were members prior to July 1, 2014, may retire after 25 years of creditable service at any age, 12 years of creditable service at age 55, 20 years of creditable service at age 45, and 10 years of creditable service at age 60. Average compensation for the plan is the memberʹs average annual earned compensation for the highest 36 consecutive months of employment, with a 3.33% accrual rate.
A member leaving employment before attaining minimum retirement age, but after completing certain minimum service requirements, becomes eligible for a benefit provided the member lives to the minimum service retirement age, and does not withdraw their accumulated contributions. The minimum service requirement for benefits varies depending upon the memberʹs employer and service classification.
2. Deferred Retirement Benefits The State Legislature authorized LASERS to establish a Deferred Retirement Option Plan (DROP). When a member enters DROP, their status changes from active member to retiree even though they continue to work and draw their salary for a period of up to three years. The election is irrevocable once participation begins. During DROP participation, accumulated retirement benefits that would have been paid to each retiree are separately tracked. For members who entered DROP prior to January 1, 2004, interest at a rate of one‐half percent less than the Systemʹs realized return on its portfolio (not to be less than zero) will be credited to the retiree after participation ends. At that time, the member must choose among available alternatives for the distribution of benefits that have accumulated in the DROP account. Members who enter DROP on or after January 1, 2004, are required to participate in LASERS Self‐Directed Plan (SDP) which is administered by a third‐party provider. The SDP allows DROP participants to choose from a menu of investment options for the allocation of their DROP balances. Participants may diversify their investments by choosing from an approved list of mutual funds with different holdings, management styles, and risk factors.
Members eligible to retire and who do not choose to participate in DROP may elect to receive at the time of retirement an initial benefit option (IBO) in an amount up to 36 months of benefits, with an actuarial reduction of their future benefits. For members who selected the IBO option prior to January 1, 2004, such amount may be withdrawn or remain in the IBO account earning interest at a rate of one‐half percent less than the System’s realized return on its portfolio (not to be less than zero). Those members who select the IBO on or after January 1, 2004, are required to enter the SDP as described above.
For members who are in the Harbor Police Plan, the annual DROP Interest Rate is the three‐year average (calculated as the compound average of 36 months) investment return of the plan assets
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for the period ending the June 30th immediately preceding that given date. The average rate so determined is to be reduced by a “contingency” adjustment of 0.5%, but not to below zero. DROP interest is forfeited if member does not cease employment after DROP participation.
3. Disability Benefits Generally, active members with ten or more years of credited service who become disabled may receive a maximum disability retirement benefit equivalent to the regular retirement formula without reduction by reason of age.
Upon reaching age 60, the disability retiree may receive a regular retirement benefit by making application to the Board of Trustees.
For injuries sustained in the line of duty, hazardous duty personnel in the Hazardous Duty Services Plan will receive a disability benefit equal to 75% of final average compensation.
Members of the Harbor Police Retirement System who become disabled may receive a non‐line of duty disability benefit after five years or more of credited service. Members age 55 or older may receive a disability benefit equivalent to the regular retirement benefit. Under age 55, the disability benefit is equal to 40% of final average compensation. Line of duty disability benefits are equal to 60% of final average compensation, regardless of years of credited service. If the disability benefit retiree is permanently confined to a wheelchair, or, is an amputee incapable of serving as a law enforcement officer, or the benefit is permanently legally binding, there is no reduction to the benefit if the retiree becomes gainfully employed.
4. Survivor’s Benefits Certain eligible surviving dependents receive benefits based on the deceased memberʹs compensation and their relationship to the deceased. The deceased regular member hired before January 1, 2011 who was in state service at the time of death must have a minimum of five years of service credit, at least two of which were earned immediately prior to death, or who had a minimum of twenty years of service credit regardless of when earned in order for a benefit to be paid to a minor or handicapped child. Benefits are payable to an unmarried child until age 18, or age 23 if the child remains a full‐time student. The aforementioned minimum service credit requirement is ten years for a surviving spouse with no minor children, and benefits are to be paid for life to the spouse or qualified handicapped child.
The deceased regular member hired on or after January 1, 2011, must have a minimum of five years of service credit regardless of when earned in order for a benefit to be paid to a minor child. The aforementioned minimum service credit requirements for a surviving spouse are 10 years, 2 years being earned immediately prior to death, and active state service at the time of death, or a minimum of 20 years of service credit regardless of when earned. A deceased member’s spouse must have been married for at least one year before death.
Non‐line of duty survivor benefits of the Harbor Police Retirement System may be received after a minimum of five years of credited service. Survivor benefits paid to a surviving spouse without children are equal to 40% of final average compensation, and cease upon remarriage. Surviving spouse with children under 18 benefits are equal to 60% of final average compensation, and cease
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upon remarriage, and children turning 18. No minimum service credit is required for line of duty survivor benefits which are equal to 60% of final average compensation to surviving spouse, regardless of children. Line of duty survivor benefits cease upon remarriage, and then benefit is paid to children under 18.
5. Permanent Benefit Increases/Cost‐of‐Living Adjustments
As fully described in Title 11 of the Louisiana Revised Statutes, the System allows for the payment of permanent benefit increases, also known as cost‐of‐living adjustments (COLAs), that are funded through investment earnings when recommended by the Board of Trustees and approved by the State Legislature.
Contributions Contribution requirements of active employees are governed by Section 401 of Title 11 of the Louisiana Revised Statutes (La. R.S. 11:401) and may be amended by the Louisiana Legislature. Employee and employer contributions are deducted from a member’s salary and remitted to LASERS by participating employers. The rates in effect during the year ended June 30, 2017 for the various plans follow:
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Plan Plan Status
Employee Rate
Employer Rate
Appellate Law Clerks Closed 7.50% 35.80%Appellate Law Clerks hired on or after 7/01/06 Open 8.00% 35.80%Alcohol Tobacco Control 9.00% 30.70%Bridge Police 8.50% 34.20%Bridge Police hired on or after 7/01/06 Closed 8.50% 34.20%Corrections Primary 9.00% 31.10%Corrections Secondary 9.00% 35.30%Harbor Police 9.00% 4.00%Hazardous Duty 9.50% 36.10%Judges hired before 1/01/11 11.50% 38.00%Judges hired after 12/31/10 13.00% 36.70%Judges hired on or after 7/01/15 Open 13.00% 36.70%Legislators 11.50% 39.10%Optional Retirement Plan (ORP) before 7/01/06* 7.50% 35.80%Optional Retirement Plan (ORP) on or afer 7/01/06* Closed 8.00% 35.80%Peace Officers 9.00% 34.30%Regular Employees hired before 7/01/06 7.50% 35.80%Regular Employees hired on or after 7/01/06 8.00% 35.80%Regular Employees hired on or after 1/01/11 8.00% 35.80%Regular Employees hired on or after 7/01/15 Open 8.00% 35.80%Special Legislative Employees 9.50% 41.10%Wildlife Agents 9.50% 44.80%
ClosedClosed
ClosedClosed
*For ORP the projected employer contribution effort was calculated using the shared UAL portion of the contribution rate of 31.77% for 2017.
Closed
ClosedClosed
ClosedClosedClosedOpenClosedClosed
ClosedClosed
Closed
TRSL’s contractually required composite contribution rate for the year ended June 30, 2017 was [insert rate]% of annual payroll, actuarially determined as an amount that, when combined with employee contributions, is expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any Unfunded Actuarial Accrued Liability. Contributions to the pension plan from TRSL were $[insert amount] for the year ended June 30, 2017. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At June 30, 2017, TRSL reported a liability of $18,765,871 for its proportionate share of the Net Pension Liability. The Net Pension Liability was measured as of June 30, 2016 and the total pension liability used to calculate the Net Pension Liability was determined by an actuarial valuation as of that date. The proportion of the Net Pension Liability was based on a projection
8
of the TRSL’s long‐term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2016, TRSL’s proportion was 0.23898%, which was an increase of 0.00513% from its proportion measured as of June 30, 2015. For the year ended June 30, 2017, TRSL recognized pension expense of $1,928,828 plus employer’s amortization of change in proportionate share and differences between employer contributions and proportionate share of contributions, $[insert amount from Exhibit 4a, Total (4+5), 2017]. At June 30, 2017, TRSL reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows of Resources
Deferred Inflows of Resources
Differences between expected and actual experience 10,864$ (174,046)$
Changes of assumptions ‐ ‐
Net difference between projected and actual earnings on pension plan investments 2,337,322$ N/A
Changes in proportion and differences between Employer contributions and proportionate share of contributions
Debit from [Exhibit 4a Total]
Credit from [Exhibit 4a Total]
Employer contributions subsequent to the measurement date [insert amount] ‐ Total 2,348,186$ (174,046)$
$[insert amount] reported as deferred outflows of resources related to pensions resulting from TRSL contributions subsequent to the measurement date will be recognized as a reduction of the Net Pension Liability in the year ended June 30, 2017. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:
2018 359,563$ plus Debit (Credit) from [Exhibit 4a Total 4 + 5]2019 348,698$ plus Debit (Credit) from [Exhibit 4a Total 4 + 5]2020 908,331$ 2021 557,548$
9
Actuarial Assumptions
A summary of the actuarial methods and assumptions used in determining the total pension liability as of June 30, 2016 are as follows: Valuation Date June 30, 2016 Actuarial Cost Method Entry Age Normal Actuarial Assumptions:
Expected Remaining Service Lives
Investment Rate of Return
Inflation Rate
Mortality
3 years
7.75% per annum, net of investment expenses*
3.0% per annum
Non‐disabled members ‐ Mortality rates based on the RP‐2000 Combined Healthy Mortality Table with mortality improvement projected to 2015.
Disabled members – Mortality rates based on the RP‐2000 Disabled Retiree Mortality Table, with no projection for mortality improvement.
Termination, Disability, and Retirement
Termination, disability, and retirement assumptions were projected based on a five‐year (2009‐2013) experience study of the Systemʹs members.
Salary Increases Salary increases were projected based on a 2009‐2013 experience study of the Systemʹs members. The salary increase ranges for specific types of members are:
Member Type Lower Range
Upper Range
Regular 4.0% 13.0%Judges 3.0% 5.5%Corrections Hazardous Duty Wildlife
3.6% 3.6% 3.6%
14.5%14.5%14.5%
Cost of Living Adjustments The present value of future retirement benefits is based on benefits currently being paid by the System and includes previously granted cost of living increases. The projected benefit payments do not include provisions for potential future increases not yet authorized by the Board of Trustees as they were deemed not to be substantively automatic.
*The investment rate of return used in the actuarial valuation for funding purposes was 8.15%, recognizing an additional 25 basis points for gain‐sharing and 15 basis points to offset administrative expenses.
10
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 pension plan 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 the target asset allocation percentage and by adding expected inflation of 3.25% and an adjustment for the effect of rebalancing/diversification. The resulting expected long‐term rate of return is 8.72% for 2016. Best estimates of geometric real rates of return for each major asset class included in the pension plan’s target asset allocation as of June 30, 2016 are summarized in the following table:
Asset Class Target Allocation1
Long‐Term Expected Real
Rate of Return1
Cash 0% ‐0.24%Domestic Equity 25% 4.31%International Equity 32% 5.48%Domestic Fixed Income 8% 1.63%International Fixed Income 6% 2.47%Alternative Investments 22% 7.42%Global Tactical Asset Allocation 7% 2.92%
100% 5.30%
1For reference only: Target Allocation presented in LASERS 2016 CAFR, page 50, and Long‐Term
Expected Real Rate of Return, page 28.
Discount Rate The discount rate used to measure the total pension liability was 7.75%. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rates and that contributions from participating employers will be made at the actuarially determined rates approved by PRSAC taking into consideration the recommendation of the pension plan’s actuary. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long‐term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability.
11
Sensitivity of the Employer’s Proportionate Share of the Net Pension Liability to Changes in
the Discount Rate The following presents TRSL’s proportionate share of the Net Pension Liability using the discount rate of 7.75%, as well as what the Employer’s proportionate share of the Net Pension Liability 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:
1.0% Decrease (6.75%)
Current Discount Rate (7.75%)
1.0% Increase (8.75%)
Employerʹs proportionate share of the net pension liability $ 23,055,610 $ 18,765,781 $ 15,120,938 Pension Plan Fiduciary Net Position Detailed information about the pension plan’s fiduciary net position is available in the separately issued LASERS 2016 Comprehensive Annual Financial Report at www.lasersonline.org. Payables to the Pension Plan [If the Agency reported payables to LASERS, it should disclose information required by paragraph 122 of GASB 68 – Agency’s responsibility to calculate and complete disclosure].
1
Required Supplementary Information (RSI) Template
Instructions – This template includes two sample schedules and language for Notes to RSI to be used as a guide in the update of the RSI section of your financial statements:
Schedule of Employer’s Share of Net Pension Liability
Schedules of Employer Contributions
Notes to Required Supplementary Information
The schedules presented below will each eventually show a 10‐year history of data related to GASB 68.
You may create your own tables based on the examples LASERS has provided. Each year LASERS will
update the data highlighted in accordance to the legend below. However, the employer is responsible for
providing the remainder of the information and calculations as indicated.
Each employer is responsible for maintaining its own schedules, retaining prior year data, and updating
the schedules each year based on new information.
Note: The definition of GASB 68 Covered Employee Payroll for Employers is different from
GASB 67 Covered Employee Payroll for LASERS.
A. Employer’s Covered Employee Payroll referenced in the GASB 68 schedules below represents the total fiscal year employer payroll as reported to LASERS for its
employees covered by the LASERS plan, and further provides the total base
compensation for the calculation of employee and employer contributions.
Schedule of Employer’s Share of Net Pension Liability ‐ Covered Employee
Payroll is for the measurement periods presented
Schedule of Employer Contributions ‐ Covered Employee Payroll is for the fiscal
years presented
B. GASB 67 Covered Employee Payroll for LASERS is the payroll of employees that are provided with pensions through the plan. LASERS payroll is defined as the base pay
compensation earned by the member, exclusive of overtime and other supplemental pay.
2
Schedule of Employerʹs Share of Net Pension LiabilityFor the Three Years Ended June 30, 2017*
2017 2016 2015
0.23898% 0.23385% 0.23911%
$ 18,765,871 $ 15,905,194 $ 14,951,289 1
$[insert amount]
$[insert amount]
$[insert amount] 2
[Calculation: 1 divided by 2]%
[Calculation: 1 divided by 2]%
[Calculation: 1 divided by 2]%
57.7% 62.7% 65%
*The amounts presented have a measurement date of the previous fiscal year end.
Schedule is intended to show information for 10 years. Additional years will be displayed as they
become available.
Employerʹs Proportion of the Net Pension Liability (Asset)
Employerʹs Proportionate Share of the Net Pension
Employerʹs Covered‐Employee PayrollA
Employerʹs Proportionate Share of the Net Pension Liability (Asset) as a Percentage of its Covered‐Employee Payroll
Plan Fiduciary Net Position as a Percentage of the Total Pension LiabilityB
For reference only: AEmployer Covered‐Employee Payroll as reported to LASERS during the measurement periods presented. B Refer to LASERS CAFR for the years presented.
Denotes Employer Input Denotes Input from GASB 68 Exhibits or directly from LASERS Denotes Input from prior year GASB 68 Exhibits or directly from LASERS
3
Schedule of Employer ContributionsFor the Three Years Ended June 30, 2017
Date
Contractually Required
Contribution1
Contributions in Relation to Contractually Required
Contribution2
Contribution Deficiency (Excess)
Employerʹs Covered Employee Payroll3
Contributions as a % of Covered Employee Payroll
2017 $[insert amount] $[insert amount] #VALUE! $[insert amount] #VALUE!2016 $[insert amount] $[insert amount] #VALUE! $[insert amount] #VALUE!2015 $[insert amount] $[insert amount] #VALUE! $[insert amount] #VALUE!
Schedule is intended to show information for 10 years. Additional years will be displayed as they become
available.
For reference only: 1 Employer contribution rate multiplied by employer’s covered employee payroll. 2 Actual employer contributions remitted to LASERS. 3 Employer’s covered employee payroll amount for the fiscal years presented.
Notes to Required Supplementary Information
For the Year Ended June 30, 2017 Changes of Benefit Terms A 1.5% COLA, effective July 1, 2016, provided by Acts 93 and 512 of the 2016 Louisiana
Regular Legislative Session, and, Added benefits for members of the Harbor Police Retirement System which was merged with
LASERS effective July 1, 2015 by Act 648 of 2014. Changes of Assumptions There were no changes of benefit assumptions for the three years ended June 30, 2017.
Exhibit 4
Denotes Employer Inputs from 2017 GASB 68 Schedules by Employer Exhibit 2Denotes Input from prior year GASB 68 Exhibits or directly from LASERS
LASERS Collective Balances at June 30, 2016 and 2017(Reference GASB 68 Implementation Guide, Illustration 3b, page 162)
June 30, 2016 June 30, 2017Collective Deferred Outflows of Resources 9,092,401$ 982,595,025$ Collective Deferred Inflows of Resources (61,860,343)$ (72,829,403)$ Collective Net Pension Liability (6,801,509,530)$ (7,852,551,797)$
Collective Pension Expense 425,594,626$ 807,115,218$
(1) Calculation of Proportionate Shares of Collective Balances(Reference GASB 68, paragraphs 48 and 53)
[Exhibit 2 Column C] [Exhibit 2 Column B]Employerʹs Proportion 0.23385% 0.23898%
Change in Proportionate Share of Proportionate Share June 30, 2016 (a) Proportionate Share June 30, 2017 (b) Debit (Credit) Balance (b) ‐ (a)Deferred Outflows of ResourcesDifferences between expected and actual experience with regard
to economic or demographic assumptions 21,262$ 10,864$ (10,398)$ Record net change in balance ‐ Example JE (4)(A)
Differences between projected and actual returns on investment
‐ 2,337,322 2,337,322 Record net change in balance ‐ Example JE (4)(C)
21,262$ 2,348,186$ 2,326,924$ Deferred Inflows of ResourcesDifferences between expected and actual experience with regard
to economic or demographic assumptions (130,275)$ (174,046)$ (43,771)$ Record net change in balance ‐ Example JE (4)(A)
Differences between projected and actual returns on investment (14,384) ‐ 14,384 Record net change in balance ‐ Example JE (4)(C)
(144,659)$ (174,046)$ (29,387)$
Net Pension Liability (15,905,194)$ (18,765,871)$
Proportionate Share of Collective Pension Expense 995,245$ 1,928,828$ Record 2017 amount in JE (2)
Employer Determined Amounts to be Recognized in Pension Expense and Deferred Outflows/Inflows
Page 1
Exhibit 4
Denotes Employer Inputs from 2017 GASB 68 Schedules by Employer Exhibit 2Denotes Input from prior year GASB 68 Exhibits or directly from LASERS
Employer Determined Amounts to be Recognized in Pension Expense and Deferred Outflows/Inflows
(2) Change in Employerʹs Proportion of Net Pension Liability and Deferred Outflows/Inflows of Resources(Reference GASB 68, paragraph 54)
0.23385% 0.23898%
Change in Proportionate Share ofCollective Net Pension Liability June 30,
2016 Proportionate Share June 30, 2016 (a) Proportionate Share June 30, 2017 (b) Debit (Credit) Balance (b) ‐ (a)Deferred Outflows of Resources 9,092,401$ 21,263 21,729$ 466$ Deferred Inflows of Resources (61,860,343)$ (144,660) (147,834)$ (3,173)$ Net Pension Liability (6,801,509,530)$ (15,905,330) (16,254,247)$ (348,917)$ Total Change in Employerʹs Beginning Reported Balance (351,624)$
351,624$ Record amount in JE (4)(D)(1)
(3) Employer Contributions During the Measurement Period* EXAMPLE ONLY(Reference GASB 68, paragraph 55)
0.23898%
Collective Amount Proportionate Share June 30, 2017 (a)Actual Employer Contributions Paid During Measurement Period (b) Debit (Credit) Balance (b) ‐ (a)
Employer Contributions 718,606,512$ 1,717,326$ 1,663,560$ (53,765)$
(53,765)$
*The measurement period is fiscal year ended June 30, 2016. Record amount in JE (4)(E)(2)
Amount to be amortized for the difference between employer contributions and proportionate share of employer contributions
Amount to be recognized for the net effect of the change in employerʹs proportion of beginning net pension liability and deferred outflows/inflows of resources
Page 2
Exhibit 4a
GASB 68 Reporting Year
Change in Proportionate Share
Recognition Period (Years) 2017 2018 2019
Related Journal Entries
2016* $ (251,010) 2.0 (125,505)$ (125,505)$ $ ‐ JE (4)(D)(2)2017 351,624$ 3.0 117,208 117,208 117,208 JE (4)(D)(1)
Net Increase (Decrease) in Pension Expense (8,297)$ 117,208$ 117,208$
GASB 68 Reporting Year
Employer Contributions vs Proportionate Share of Employer Contributions
Recognition Period (Years) 2017 2018 2019
Related Journal Entries
2016* $ (28,681) 2.0 (14,341)$ (14,340)$ $ ‐ JE (4)(E)(3)2017 (53,765)$ 3.0 (17,922) (17,922) (17,921) JE (4)(E)(2)
Net Increase (Decrease) in Pension Expense (32,262)$ (17,922)$ (17,921)$
Amortization of Employer Determined Amounts to add to Proportionate Share of
(4) Amount to be recognized for the net effect of the change in employersʹ proportion of beginning net pension liability and deferredoutflows/inflows of resources
(5) Amount to be amortized for the difference between employer contributions and proportionate share of employer contributions
Collective Pension Expense and Deferred Outflows/Inflows
Denotes Employer Inputs From Current Year
Denotes Employer Inputs From Prior Year
*Net of 2016 Amortizable Amount of $(376,515) minus 2016 amortization expense of $(125,505); 2018 amortization not included because already recorded in 2016 deferred outflow calculation
*Net of 2016 Amortizable Amount of $(43,022) minus 2016 amortization expense of $(14,341); 2018 amortization not included because already recorded in 2016 deferred inflow calculation
EXAMPLE ONLY
Page 1
Exhibit 4a
Amortization of Employer Determined Amounts to add to Proportionate Share of Collective Pension Expense and Deferred Outflows/Inflows
Denotes Employer Inputs From Current Year
Denotes Employer Inputs From Prior Year
GASB 68 Reporting Year
Recognition Period (Years) 2017 2018 2019
1 2 32016 $ (279,691) 2.0 $ (139,846) $ (139,845)2017 297,859 3.0 99,286 99,286 99,287
Net Increase (Decrease) in Pension Expense (38,541)$ 99,286$ 99,287$
Add to Column E Add to Column L Add to Column M
Summary
Deferred Outflows (Inflows) of Resources Pension Expense
234,416$ (8,297)$
(35,843) (32,262) Net Amount Recognized 198,574$ (40,559)$
Difference Between Employer Contributions During the Measurement Period
To be added to amounts in Exhibit 2
Change in Employerʹs Proportion of Net Pension Liability and Deferred Outflows/Inflows of Resources
Total (4 + 5) Changes in Proportion (4) and Differences between Employer Contributions and Proportionate Share of Employer Contributions (5)
Page 2
Denotes Employer Input From Current YearDenotes Employer Input From Prior Year
Debit CreditBeginning Net Position‐Restated $ [Exhibit 2 Column R]
Net Pension Liability $ [Exhibit 2 Column R]
Debit CreditPension Expense 1,928,828$
Net Pension Liability 1,928,828$
To record employerʹs proportionate share of the yearly Pension Expense.
Debit CreditNet Pension Liability ‐$
Beginning Net Position‐Restated ‐$
(B) Actual employer contributions made subsequent to the measurement date (during current fiscal year).
Debit CreditDeferred Outflow ‐$
Cash/Payroll Expense ‐$
(4) Recording Deferred (Inflows) and Outflows of Resources Related to Pensions ‐ Deferred (inflows)/outflows of resources are recognized to record:(A) Differences between expected and actual experience with regard to economic or demographic assumptions(B) Changes in assumptions about future economic or demographic factor or other inputs(C) Differences between projected and actual returns on investment(D) The net effect of the change in employerʹs proportion of beginning net pension liability and deferred outflows/inflows of resources(E) The difference between employer contributions and proportionate share of employer contributions
To reclass actual employer contributions made during the initial measurement period to net pension liability
To reclass actual employer contributions made during the fiscal year subsequent to the initial measurement date to deferred outflows of pension resources
GASB 68 Sample Employer Journal Entries
(1) Recording the initial Net Pension Liability ‐ The following entry shows how to record the initial Net Pension Liability, and is applicable to new employers joining LASERS after the initial measurement date of June 30, 2014, or current employers with fiscal years ending in the period from July 1, 2016 through May 31, 2017. How it is to be reported will depend on the employerʹs financial organization and accounting structure. Recording this entry in the financial statements should be discussedwith the employerʹs external auditor.
To record employerʹs proportionate share of the initial Net Pension Liability at the measurement date an employer is required to implement GASB 68. (This initial entry will be recorded once in the accounting system and is not part of a monthly or yearly pension expense. Where practical, it is recommended that this be recorded in
the first period of the fiscal year in which GASB 68 is implemented. Net Pension Liability does not necessarily need to have its own line in the financial statements. This
determination will depend on the size of the liability relative to other items on the financial statements. Please note that Net Pension Liability is a long‐term liability, and is not
immediately payable.)
(2) Recording the yearly Pension Expense ‐ Pension expense is the difference in Net Pension Liability from the prior measurement date, June 30, 2016, to the current measurement date, June 30, 2017, with certain adjustments as shown collectively in Exhibit 1. The employerʹs share of pension expense is calculated by multiplying the collective pension expense by the employerʹs June 30, 2017 proportionate share.
(3) Recording actual employer contributions ‐
(A) Actual employer contributions made during the initial measurement period of July 1, 2014 ‐ June 30, 2015, or the measurement period of the fiscal year of an
employerʹs initial GASB 68 implementation (one‐time entry).
For the first year of implementation, the collective deferred (inflows)/outflows amounts for Journal Entries (4) (A)‐(C) are provided in Exhibit 1, minus one yearʹs amortization to pension expense. Exhibit 2, columns F‐O, provides the allocation by employer of the remaining amortizable amount of collective deferred inflows and outflows. In subsequent fiscal years employers should record the net change between current and prior year balances of allocated deferred (inflows)/outflows in Journal Entries (4) (A)‐(C).
Page 1
Denotes Employer Input From Current YearDenotes Employer Input From Prior Year
GASB 68 Sample Employer Journal Entries
Debit CreditNet Pension Liability 54,169$
Deferred Outflow 10,398$ Deferred Inflow 43,771$
ERS Proportion 6/30/16 ERS Proportion 6/30/17Change in Proportionate
ShareDeferred Outflow $ 21,262 10,864$ (10,398)$ Deferred Inflow (130,275)$ (174,046)$ (43,771)$
$ (54,169)
(B) Net changes in assumptions about future economic or demographic factor or other inputs (Amortization Period=3 years)
Changes in assumptions decrease proportionate share of net pension liabilityDebit Credit
Net Pension Liability ‐$ Deferred Inflow ‐$
Changes in assumptions increase proportionate share of net pension liabilityDebit Credit
Deferred Outflow ‐$ Net Pension Liability ‐$
NOTE: Deferred amounts would be minus first year amortization to pension expense as that is already reflected in JE 2.
(C) Net differences between projected and actual returns on investment (Amortization Period=5 years)
Debit CreditDeferred Outflow 2,337,322$ Deferred Inflow 14,384$
Net Pension Liability 2,351,706$
ERS Proportion 6/30/16 ERS Proportion 6/30/17Change in Proportionate
ShareDeferred Outflow $ ‐ 2,337,322$ 2,337,322$ Deferred Inflow $ (14,384) ‐$ 14,384$
2,351,706$
Debit CreditPension Expense 117,208$ Deferred Outflow 234,416$
Net Pension Liability 351,624$
ERS Proportion 6/30/16 ERS Proportion 6/30/17Change in Proportionate
ShareDeferred Outflow $ 21,263 $ 21,729 466$ Deferred Inflow $ (144,660) $ (147,834) (3,173)$ Net Pension Liability $ (15,905,330) $ (16,254,247) (348,917)$
(351,624)$
(A) Net differences between expected and actual experience with regard to economic or demographic assumptions (Amortization Period=3 years)
ERS Calculation from Exhibit 4 (2):
To record net change in employerʹs unamortized proportionate share of deferred outflows and inflows of resources due to differences between expected and actual experience with regard to economic or demographic assumptions at June 30, 2017.ERS Calculation from Exhibit 4 (1):
For the fiscal year ended June 30, 2017, LASERS did not report deferred (inflows)/outflows for change in assumptions . However, for future reporting purposes the
basic journal entry for (B) would be:
To record employerʹs remaining proportionate share of net differences between projected and actual returns on investment at June 30, 2017.ERS Calculation from Exhibit 4 (1):
(D) The net effect of the change in employerʹs proportion of beginning net pension liability and deferred outflows (inflows) of resources (Amortization Period=3
years)
(1) To record the employerʹs calculation of the net change in employerʹs pension liability and deferred outflows (inflows) at June 30, 2017.
Page 2
Denotes Employer Input From Current YearDenotes Employer Input From Prior Year
GASB 68 Sample Employer Journal Entries
Debit CreditDeferred Inflow 125,505$
Pension Expense 125,505$
ERS Calculation from Exhibit 4a (4):GASB 68 Reporting
Year Change in Proportionate Share Recognition Period (Years) 2017 20182016* $ (251,010) 2.0 (125,505)$ $ (125,505)
Debit CreditPension Expense ‐$ Deferred Outflow ‐$
Net Pension Liability ‐$
Debit CreditNet Pension Liability 53,765$
Deferred Inflow 35,843$ Pension Expense 17,922$
Debit CreditDeferred Inflow 14,341$
Pension Expense 14,341$
ERS Calculation from Exhibit 4a (5):GASB 68 Reporting
Year Change in Proportionate Share Recognition Period (Years) 2017 20182016* $ (28,681) 2.0 (14,341)$ $ (14,340)
*Net of 2016 Amortizable Amount of $(376,515) minus 2016 amortization expense of $(125,505); 2018 amortization not included because already recorded in 2016 deferred outflow (inflow) calculation
EXAMPLE ONLY
(2) To record the employerʹs calculation of the difference between employer contributions and proportionate share of employer contributions as shown in Exhibit 4 (3) and related amortization over 3 years in Exhibit 4a (5) when employer contributions paid are less than the proportionate share of contributions at June 30, 2017.
(2) To record current amortization of the net change in employerʹs pension liability and deferred outflows (inflows) at June 30, 2016.
(E) The difference between employer contributions and proportionate share of employer contributions ‐ Reference GASB 68 Implementation Guide, Illustration 3b,
Calculation of Amounts Required by GASB 68, 2(b), in conformance to GASB 68, Paragraph 55
(1) To record the employerʹs calculation of the difference between employer contributions and proportionate share of employer contributions as shown in Exhibit 4 (3) and related amortization over 3 years in Exhibit 4a (5) when employer contributions paid are greater than the proportionate share of contributions at June 30, 2017.
*Net of 2016 Amortizable Amount of $(43,022) minus 2016 amortization expense of $(14,341); 2018 amortization not included because already recorded in 2016 deferred outflow (inflow) calculation
(3) To record current year amortization of the difference between employer contributions and proportionate share of employer contributions at June 30, 2016.
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