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Pension Asset, Pension Income, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
The components of the net pension asset of the District at June 30, 2021, the measurement date, were as follows:
Plan Fiduciary Net Position | $ 17,104,070 |
Total Pension Liability | (16,306,448) |
Net Pension Asset | $ 797,622 |
Plan Fiduciary Net Position as a Percentage of the Total Pension Liability | 104.89% |
For the fiscal year ending June 30, 2021, the District recognized pension expense of $243,733 for the SERP Pension Plan. In addition, the District reported deferred outflows of resources and deferred inflows of resources related to pensions for the SERP Pension Plan from the following sources:
Deferred Deferred
Inflows of Outflows of
Resources Resources
Investment investment gain/loss | $ 1,298,548 | $ | - | |
Demographic gain/loss | - | 99,810 | ||
Changes in assumptions and other inputs | 1,333,280 | 53,343 | ||
Total | $ 2,631,828
| $ | 153,153 |
These amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions for the SERP Pension Plan will be recognized in pension expense as follows:
Fiscal Year Ending June 30 | Amount | |
2022 | (595,302) | |
2023 | (655,546) | |
2024 | (651,244) | |
2025 | (576,583) | |
2026 | - | |
Total | $ (2,478,675) |
