{ "document_id": 11945, "page": 54, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 12056, "item_count": 20, "counts_by_type": { "caption": 1, "footer": 1, "heading": 1, "table": 1, "table_cell": 12, "text": 3, "title": 1 }, "build_ms": 4, "items": [ { "id": "p54.1", "order": 1, "type": "title", "bbox": { "l": 188.4, "t": 756.48, "r": 423.36, "b": 718.08 }, "text": "TOWNSHIP OF JACKSON\nNOTES TO FINANCIAL STATEMENTS\nFOR THE YEAR ENDED DECEMBER 31, 2019", "attrs": { "block_label": "doc_title" }, "level": 2 }, { "id": "p54.2", "order": 2, "type": "heading", "bbox": { "l": 69.36, "t": 705.12, "r": 265.92, "b": 692.16 }, "text": "Note 9. Pension Obligations (continued):", "level": 3 }, { "id": "p54.3", "order": 3, "type": "text", "bbox": { "l": 68.88, "t": 678.96, "r": 364.08, "b": 666 }, "text": "A. Public Employees' Retirement System (PERS) (continued):" }, { "id": "p54.4", "order": 4, "type": "text", "bbox": { "l": 68.4, "t": 653.04, "r": 542.4, "b": 448.08 }, "text": "Contributions - The contribution policy for PERS is set by N.J.S.A. 43:15A and requires contributions by active members and contributing employers. State legislation has modified the amount that is contributed by the State. The State's pension contribution is based on an actuarially determined amount, which includes the employer portion of the normal cost and an amortization of the unfunded accrued liability. Funding for noncontributory group insurance benefits is based on actual claims paid. For the fiscal year 2019, the State's pension contribution was less than the actuarial determined amount. The local employers' contribution amounts are based on an actuarially determined rate, which includes the normal cost and unfunded accrued liability. Chapter 19, P.L. 2009 provided an option for local employers of PERS to contribute 50% of the normal and accrued liability contribution amounts certified for payments due in State fiscal year 2009. Such employers will be credited with the full payment and any such amounts will not be included in their unfunded liability. The actuaries will determine the unfunded liability of those retirement systems, by employer, for the reduced normal and accrued liability contributions provided under this law. This unfunded liability will be paid by the employer in level annual payments over a period of 15 years beginning with the payments due in the fiscal year ended June 30, 2012 and will be adjusted by the rate of return on the actuarial value of assets. For the year ended December 31, 2019, the Township's contractually required contribution to PERS plan was $987,000." }, { "id": "p54.5", "order": 5, "type": "text", "bbox": { "l": 68.4, "t": 436.8, "r": 542.4, "b": 321.36 }, "text": "Components of Net Pension Liability - At December 31, 2019, the Township’s proportionate share of the PERS net pension liability was $18,283,277.00. The net pension liability was measured as of June 30, 2019. The total pension liability used to calculate the net pension liability was determined using update procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2018, which was rolled forward to June 30, 2019. The Township’s proportion of the net pension liability was based on the Township’s actual contributions to the plan relative to the total of all participating employers’ contributions for the year ended June 30, 2019. The Township’s proportion measured as of June 30, 2019, was 0.1014695676% which was an increase of 0.0013170476% from its proportion measured as of June 30, 2018." }, { "id": "p54.6", "order": 6, "type": "caption", "bbox": { "l": 166.8, "t": 307.68, "r": 444.48, "b": 294.72 }, "text": "Balances at December 31, 2019 and December 31, 2018", "attrs": { "block_label": "figure_title" } }, { "id": "p54.7", "order": 7, "type": "table", "bbox": { "l": 94.56, "t": 284.64, "r": 520.56, "b": 141.6 }, "text": "", "attrs": { "block_label": "table", "n_rows": 4, "n_cols": 3, "integrity": { "cells_checked": 11, "cells_flagged": 0 } }, "children": [ { "id": "p54.7.1", "order": 8, "type": "table_cell", "bbox": { "l": 94.56, "t": 284.64, "r": 236.56, "b": 260.8 }, "text": "", "attrs": { "row": 0, "col": 0, "rowspan": 1, "colspan": 1 } }, { "id": "p54.7.2", "order": 9, "type": "table_cell", "bbox": { "l": 381.66, "t": 277.141974, "r": 430.069739, "b": 267.019314 }, "text": "12/31/2019", "attrs": { "row": 0, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true, "column_header": true, "header_source": "heuristic" } }, { "id": "p54.7.3", "order": 10, "type": "table_cell", "bbox": { "l": 454.44, "t": 277.141974, "r": 502.790123, "b": 267.019314 }, "text": "12/30/2018", "attrs": { "row": 0, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true, "column_header": true, "header_source": "heuristic" } }, { "id": "p54.7.4", "order": 11, "type": "table_cell", "bbox": { "l": 97.5, "t": 248.641974, "r": 305.221953, "b": 238.519314 }, "text": "Actuarial valuation date (including roll forward)", "attrs": { "row": 1, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p54.7.5", "order": 12, "type": "table_cell", "bbox": { "l": 377.978854, "t": 248.641974, "r": 438.32427, "b": 238.519314 }, "text": "June 30, 2019", "attrs": { "row": 1, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p54.7.6", "order": 13, "type": "table_cell", "bbox": { "l": 454.480347, "t": 248.641974, "r": 514.825764, "b": 238.519314 }, "text": "June 30, 2018", "attrs": { "row": 1, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p54.7.7", "order": 14, "type": "table_cell", "bbox": { "l": 97.5, "t": 216.36193600000001, "r": 242.820329, "b": 175.51137900000003 }, "text": "Deferred Outflows of Resources\nDeferred Inflows of Resources\nNet Pension Liability", "attrs": { "row": 2, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p54.7.8", "order": 15, "type": "table_cell", "bbox": { "l": 387.686223, "t": 216.36193600000001, "r": 434.592051, "b": 175.51137900000003 }, "text": "$ 2,994,982\n6,750,654\n18,283,277", "attrs": { "row": 2, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p54.7.9", "order": 16, "type": "table_cell", "bbox": { "l": 464.164095, "t": 216.36193600000001, "r": 511.076672, "b": 175.51137900000003 }, "text": "$ 4,531,660\n6,707,145\n19,719,532", "attrs": { "row": 2, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p54.7.10", "order": 17, "type": "table_cell", "bbox": { "l": 97.511248, "t": 154.91738999999995, "r": 354.321219, "b": 144.79472999999996 }, "text": "Township's portion of the Plan's total Net Pension Liability", "attrs": { "row": 3, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p54.7.11", "order": 18, "type": "table_cell", "bbox": { "l": 393.670372, "t": 154.14131899999995, "r": 437.541382, "b": 144.01865899999996 }, "text": "0.10147%", "attrs": { "row": 3, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p54.7.12", "order": 19, "type": "table_cell", "bbox": { "l": 470.171865, "t": 154.14131899999995, "r": 514.042875, "b": 144.01865899999996 }, "text": "0.10015%", "attrs": { "row": 3, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true } } ] }, { "id": "p54.8", "order": 20, "type": "footer", "bbox": { "l": 300, "t": 21.12, "r": 312.48, "b": 11.04 }, "text": "46", "attrs": { "block_label": "number" } } ], "excluded_furniture": { "first": [], "last": [] } }