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CITY OF EUGENE, OREGON
<br />Notes to Basic Financial Statements
<br />(5) Other Information, continued
<br /> (C) Retirement Plan – Oregon PERS (OPERS), continued
<br />Pension Assets, Liabilities, Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources
<br />Related to Pensions
<br />At June 30, 2015, the City reported $30,504,733 for its proportionate share of the net pension asset (liability). The net
<br />pension asset (liability) was measured as of June 30, 2014, and the total pension asset used to calculate the net
<br />pension asset (liability) was determined by an actuarial valuation as of December 31, 2012 rolled forward to June 30,
<br />2014. The City's proportion of the net pension asset (liability) was based on a projection of the City's long-term share
<br />of contributions to the pension plan relative to the projected contributions of all participating entities, actuarially
<br />determined. At June 30, 2014, the City's proportion was 1.3458%, which was unchanged from its proportion
<br />measured as of June 30, 2013.
<br />For the year ended June 30, 2015, the City recognized pension expense (income) of ($28,225,663). At June 30,
<br />2015, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the
<br />following sources:
<br />Deferred outflows of Deferred inflows of
<br />resourcesresources
<br />Changes in proportion and differences between City
<br />contributions and proportionate shares of contributions$
<br />01,026,435
<br />Net difference between projected
<br />and actual earnings on
<br />pension plan investments
<br />058,861,777
<br />Contributions subsequent to the
<br />measurement date
<br />12,098,4560
<br />$12,098,45659,888,212
<br />The $12,098,456 reported as deferred outflows of resources related to pensions resulting from City contributions
<br />subsequent to the measurement date will be recognized in the year ending June 30, 2016. Other amounts reported as
<br />deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension
<br />expense (income) as follows:
<br />Fiscal yearDeferred inflows
<br />ending June 30of resources
<br />2016$(14,938,582)
<br />2017(14,938,582)
<br />2018(14,938,582)
<br />2019(14,938,582)
<br />2020(133,884)
<br />Actuarial Valuations
<br />The employer contribution rates effective July 1, 2013, through June 30, 2015, were set using the projected unit credit
<br />actuarial cost method. For the Tier One/Tier Two component of the PERS Defined Benefit Plan, this method
<br />produced an employer contribution rate consisting of 1) an amount for normal cost (the estimated amount necessary
<br />to finance benefits earned by the employees during the current service year), 2) an amount for the amortization of
<br />unfunded actuarial accrued liabilities, which are being amortized over a fixed period with new unfunded actuarial
<br />accrued liabilities being amortized over 20 years. For the OPSRP Pension Program component of the PERS Defined
<br />Benefit Plan, this method produced an employer contribution rate consisting of 1) an amount for normal cost (the
<br />estimated amount necessary to finance benefits earned by the employees during the current service year), 2) an
<br />amount for the amortization of unfunded actuarial accrued liabilities, which are being amortized over a fixed period
<br />with new unfunded actuarial accrued liabilities being amortized over 16 years.
<br />continued
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