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6.1.D. - Page 92
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2016
<br />NOTE 9 — EMPLOYEE BENEFITS (CONTINUED)
<br />The table below reflects the long-term expected real rate of return by asset class. The rate of return was
<br />calculated using the capital market assumptions applied to determine the discount rate and asset
<br />allocation. These rates of return are net of administrative expenses.
<br />Chanees in the Net Pension Liabilitv:
<br />The changes in the Net Pension Liability for each Plan follow:
<br />Miscellaneous Plan:
<br />New
<br />Increase (Decrease)
<br />Strategic
<br />Real Return
<br />Real Return
<br />Asset Class
<br />Allocation
<br />Years 1-10(a)
<br />Years 11+(b)
<br />Global Equity
<br />51.00%
<br />5.25%
<br />5.71%
<br />Global Fixed Income
<br />19.00%
<br />0.99%
<br />2.43%
<br />Inflation Sensitive
<br />6.00%
<br />0.45%
<br />3.36%
<br />Private Equity
<br />10.00%
<br />6.83%
<br />6.95%
<br />Real Estate
<br />10.00%
<br />4.50%
<br />5.13%
<br />Infrastructure and Forestland
<br />2.00%
<br />4.50%
<br />5.09%
<br />Liquidity
<br />2.00%
<br />-0.55%
<br />-1.05%
<br />Tota 1
<br />100%
<br />18,362
<br />(18,362)
<br />(a) An expected inflation of 2.5% used for this period.
<br />6,882,313
<br />(6,882,313)
<br />(b) An expected inflation of 3.0% used for this period.
<br />2,372,657
<br />(2,372,657)
<br />Chanees in the Net Pension Liabilitv:
<br />The changes in the Net Pension Liability for each Plan follow:
<br />Miscellaneous Plan:
<br />65
<br />Increase (Decrease)
<br />Total Pension
<br />Plan Fiduciary
<br />Net Pension
<br />Liability
<br />Net Position
<br />Liability/(Asset)
<br />Balance at June 30, 2015(1)
<br />$ 267,985,557
<br />$ 197,591,985 $
<br />70,393,572
<br />Changes in the year:
<br />Service cost
<br />4,787,766
<br />4,787,766
<br />Interest on the total pension liability
<br />19,792,491
<br />19,792,491
<br />Differences between actual and expected experience
<br />(546,244)
<br />(546,244)
<br />Changes in assumptions
<br />(4,797,291)
<br />(4,797,291)
<br />Changes in benefit terms
<br />Plan to Plan Resource Movement
<br />18,362
<br />(18,362)
<br />Contribution - employer
<br />6,882,313
<br />(6,882,313)
<br />Contribution - employee
<br />2,372,657
<br />(2,372,657)
<br />Net investment income
<br />4,413,116
<br />(4,413,116)
<br />Administrative expenses
<br />(223,524)
<br />223,524
<br />Benefit payments, including refunds of employee
<br />contributions
<br />(12,621,036)
<br />(12,621,036)
<br />-
<br />Net changes
<br />6,615,686
<br />841,888
<br />5,773,798
<br />Balance at June 30, 2016
<br />$ 274,601,243
<br />$ 198,433,873 $
<br />76,167,370
<br />65
<br />
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