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CITY OF EUGENE, OREGON
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<br />Notes to Basic Financial Statements
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<br />continued
<br />(5) Other Information, continued
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<br /> (C) Retirement Plan – Oregon PERS (OPERS), continued
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<br />Pension Assets, Liabilities, Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources
<br />Related to Pensions, continued
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<br />Deferred Deferred
<br />outflows of inflows of
<br />resources resources
<br />Changes in proportion and differences between City
<br /> contributions and proportionate share of contributions $1,530,024 1,757,926
<br />Changes of assumptions or other inputs 33,318,858 0
<br />Changes in proportionate share 2,108,054 301,282
<br />Contributions subsequent to the measurement date 17,914,297 0
<br />Difference between expected and actual experience with
<br />regard to economic or demographic factors 8,839,670 0
<br />Net difference between projected and actual earnings on
<br />pension plan investments 1,883,137 0
<br />$ 65,594,040 2,059,208
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<br />The $17,914,297 reported as deferred outflows of resources related to pensions resulting from City contributions
<br />subsequent to the measurement date will be recognized as a reduction of the net pension liability (asset) in the year
<br />ending June 30, 2019. Other amounts reported as deferred outflows of resources and deferred inflows of resources
<br />related to pensions will be recognized as pension expense (income) as follows:
<br />
<br />Deferred outflows
<br />Fiscal year and (inflows)
<br />ending June 30 of resources
<br />2019 $ 8,730,999
<br />2020 23,647,409
<br />2021 16,593,942
<br />2022 (3,739,923)
<br />2023 388,108 Actuarial Valuations
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<br />The employer contribution rates effective July 1, 2017 through June 30, 2019, 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.
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<br />December 10, 2018, Meeting - Item 2D
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