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6.1.D. - Page 117
<br />2. DEFINED BENEFIT PENSION PLANS, Continued
<br />A. Schedule of Changes in Net Pension Liability and Related Ratios
<br />During the Measurement Period, Continued
<br />Safetv Plan
<br />Measurement Period ("
<br />2014-15
<br />2013-14
<br />TOTAL PENSION LIABILITY
<br />Service Cost
<br />$
<br />7,620,719
<br />$
<br />6,630,333
<br />Interest
<br />22,992,406
<br />21,880,004
<br />Changes of Benefit Terms
<br />-
<br />-
<br />Difference Between Expected and Actual Experience
<br />210,529
<br />Changes of Assumptions
<br />(5,686,859)
<br />Benefit Payments, Including Refunds of Employee Contributions
<br />(15,054,516)
<br />(14,361,985)
<br />Net Change in Total Pension Liability
<br />10,082,279
<br />14,148,352
<br />Total Pension Liability- Beginning
<br />309,747,565
<br />295,599,213
<br />Total Pension Liability- Ending (a)
<br />$
<br />319,829,844
<br />$
<br />309,747,565
<br />PLAN FIDUCIARY NET POSITION
<br />Contributions - Employer
<br />$
<br />9,993,967
<br />$
<br />7,791,669
<br />Contributions - Employee
<br />2,420,787
<br />2,230,065
<br />Net Investment Income (Z)
<br />4,953,411
<br />32,968,535
<br />Benefit Payments, Including Refunds of Employee Contributions
<br />(15,054,516)
<br />(14,361,985)
<br />Other Changes in Fiduciary Net Position
<br />(245,450)
<br />-
<br />Net Change in Fiduciary Net Position
<br />2,068,199
<br />28,628,284
<br />Plan Fiduciary Net Position - Beginning
<br />215,992,153
<br />187,363,869
<br />Plan Fiduciary Net Position - Ending (b)
<br />$
<br />218,060,352
<br />$
<br />215,992,153
<br />Plan Net Position Liability/(Asset) - Ending (a) - (b)
<br />$
<br />101,769,492
<br />$
<br />93,755,412
<br />Plan Fiduciary Net Position as a Percentage of the Total Pension Liability
<br />68.18%
<br />69.73%
<br />Covered Payroll
<br />$
<br />25,330,626
<br />$
<br />21,679,799
<br />Plan Net Pension Liability/(Asset) as a Percentage of Covered Payroll
<br />401.76%
<br />432.46%
<br />(1) Historical information is required only for measurement periods for which GASB
<br />68 is applicable.
<br />(2) Net of administrative expenses.
<br />Notes to Schedules
<br />Benefit Changes: The figures above do not include any liability impact that may have resulted from plan
<br />changes which occurred after June 30, 2014. This applies for voluntary benefit changes as well as any offers
<br />of Two Years Additional Service Credit (a.k.a Golden Handshakes).
<br />Changes of Assumptions: The discount rate was changed from 7.5 percent (net of administrative expense) to
<br />7.65 percent.
<br />.E
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