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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, continued
<br />DeferredDeferred
<br />outflows ofinflows of
<br />resourcesresources
<br />Changes in proportion and differences between City
<br /> contributions and proportionate shares of contributions$
<br />03,923,974
<br />Contributions subsequent to the measurement date
<br />14,860,7590
<br />Difference between expected and actual experience with
<br />regard to economic or demographic factors
<br />4,067,0120
<br />Net difference between projected and actual earnings on
<br />pension plan investments
<br />015,809,677
<br />$18,927,77119,733,651
<br />The $14,860,759 reported as deferred outflows of resources related to pensions resulting from City contributions
<br />subsequent to the measurement date will be recognized in the year ending June 30, 2017. Other amounts reported as
<br />deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension
<br />income (expense) as follows:
<br />DeferredDeferred
<br />Fiscal yearoutflows ofinflows of
<br />ending June 30resourcesresources
<br />2017$(924,321)8,475,718
<br />2018(924,321)8,475,718
<br />2019(924,321)8,475,721
<br />2020(924,321)(5,977,203)
<br />2021(369,728)283,697
<br />Actuarial Valuations
<br />The employer contribution rates effective July 1, 2015, through June 30, 2017, 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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