{ "document_id": 11944, "page": 67, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 12055, "item_count": 14, "counts_by_type": { "footer": 1, "heading": 2, "table": 1, "table_cell": 6, "text": 3, "title": 1 }, "build_ms": 5, "items": [ { "id": "p67.1", "order": 1, "type": "title", "bbox": { "l": 188.16, "t": 756.72, "r": 423.6, "b": 718.08 }, "text": "TOWNSHIP OF JACKSON\nNOTES TO FINANCIAL STATEMENTS\nFOR THE YEAR ENDED DECEMBER 31, 2017", "attrs": { "block_label": "doc_title" }, "level": 2 }, { "id": "p67.2", "order": 2, "type": "heading", "bbox": { "l": 69.6, "t": 705.12, "r": 262.08, "b": 692.16 }, "text": "Note 9. Pension Obligations (continued)", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p67.3", "order": 3, "type": "heading", "bbox": { "l": 69.84, "t": 679.2, "r": 371.76, "b": 666.72 }, "text": "B. Police and Firemen's Retirement System (PFRS) (continued)", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p67.4", "order": 4, "type": "text", "bbox": { "l": 68.4, "t": 653.76, "r": 541.68, "b": 627.36 }, "text": "The actuarial assumptions used in the July 1, 2016 valuation were based on the results of an actuarial experience study for the period July 1, 2010 to June 30, 2013." }, { "id": "p67.5", "order": 5, "type": "text", "bbox": { "l": 68.4, "t": 615.12, "r": 543.36, "b": 486.48 }, "text": "Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of return on plan investments (7.00% at June 30, 2017) is determined by the State Treasurer, after consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the board of trustees and the actuaries. The long-term expected rate of return was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic rates of return for each major asset class included in PFRS's target asset allocation as of June 30, 2017 are summarized in the following table:" }, { "id": "p67.6", "order": 6, "type": "table", "bbox": { "l": 133.68, "t": 472.32, "r": 468.594445, "b": 166.32 }, "text": "", "attrs": { "block_label": "table", "n_rows": 2, "n_cols": 3, "integrity": { "cells_checked": 6, "cells_flagged": 0 } }, "children": [ { "id": "p67.6.1", "order": 7, "type": "table_cell", "bbox": { "l": 182.583998, "t": 441.065187, "r": 240.236334, "b": 430.940817 }, "text": "Asset Class", "attrs": { "row": 0, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p67.6.2", "order": 8, "type": "table_cell", "bbox": { "l": 319.08, "t": 456.060504, "r": 368.818454, "b": 430.938902 }, "text": "Target Allocation", "attrs": { "row": 0, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p67.6.3", "order": 9, "type": "table_cell", "bbox": { "l": 395.58, "t": 471.843272, "r": 468.594445, "b": 430.938902 }, "text": "Long-Term Expected Real Rate of Return", "attrs": { "row": 0, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p67.6.4", "order": 10, "type": "table_cell", "bbox": { "l": 137.64, "t": 410.582657, "r": 301.496086, "b": 183.00502800000004 }, "text": "Absolute Return/Risk Mitigation\nCash\nU.S. Treasuries\nInvestment grade credit\nPublic High Yield\nGlobal Diversified Credit\nCredit Oriented Hedge Funds\nDebt Related Private Equity\nDebt Related Real Estate\nPrivate Real Asset\nEquity Related Real Estate\nU.S. Equity\nNon-U.S. Developed Markets Equity\nEmerging Markets Equity\nBuyouts/Venture Capital", "attrs": { "row": 1, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p67.6.5", "order": 11, "type": "table_cell", "bbox": { "l": 326.589045, "t": 410.582657, "r": 359.974343, "b": 183.00502800000004 }, "text": "5.00%\n5.50%\n3.00%\n10.00%\n2.50%\n5.00%\n1.00%\n2.00%\n1.00%\n2.50%\n6.25%\n30.00%\n11.50%\n6.50%\n8.25%", "attrs": { "row": 1, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p67.6.6", "order": 12, "type": "table_cell", "bbox": { "l": 415.089776, "t": 410.582657, "r": 448.487446, "b": 183.00502800000004 }, "text": "5.51%\n1.00%\n1.87%\n3.78%\n6.82%\n7.10%\n6.60%\n10.63%\n6.61%\n11.83%\n9.23%\n8.19%\n9.00%\n11.64%\n13.08%", "attrs": { "row": 1, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } } ] }, { "id": "p67.7", "order": 13, "type": "text", "bbox": { "l": 67.92, "t": 134.16, "r": 543.12, "b": 68.64 }, "text": "Discount Rate - The discount rate used to measure the total pension liability was 6.14% as of June 30, 2017. The single blended discount rate was based on long-term expected rate of return on pension plan investments of 7.00%, and a municipal bond rate of 3.58% as of June 30, 2017 based on the Bond Buyer Go 20-Bond Municipal Bond Index, which includes tax-exempt general obligation municipals bonds with an average rating of AA/Aa or higher. The projection of cash flows used to determine the discount rate" }, { "id": "p67.8", "order": 14, "type": "footer", "bbox": { "l": 299.52, "t": 20.88, "r": 312.72, "b": 10.08 }, "text": "59", "attrs": { "block_label": "number" } } ], "excluded_furniture": { "first": [], "last": [] } }