{ "document_id": 11945, "page": 60, "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": 21, "counts_by_type": { "caption": 1, "footer": 1, "heading": 1, "table": 1, "table_cell": 12, "text": 4, "title": 1 }, "build_ms": 5, "items": [ { "id": "p60.1", "order": 1, "type": "title", "bbox": { "l": 188.16, "t": 756.72, "r": 423.6, "b": 717.84 }, "text": "TOWNSHIP OF JACKSON\nNOTES TO FINANCIAL STATEMENTS\nFOR THE YEAR ENDED DECEMBER 31, 2019", "attrs": { "block_label": "doc_title" }, "level": 2 }, { "id": "p60.2", "order": 2, "type": "heading", "bbox": { "l": 69.12, "t": 705.12, "r": 266.16, "b": 692.16 }, "text": "Note 9. Pension Obligations (continued):", "level": 3 }, { "id": "p60.3", "order": 3, "type": "text", "bbox": { "l": 68.88, "t": 678.96, "r": 374.88, "b": 666.24 }, "text": "B. Police and Firemen's Retirement System (PFRS) (continued):" }, { "id": "p60.4", "order": 4, "type": "text", "bbox": { "l": 68.4, "t": 653.04, "r": 542.88, "b": 538.08 }, "text": "Basis of Presentation - The schedule of employer and nonemployer allocations and the schedule of pension amounts by employer and nonemployer (collectively, the Schedules) present amounts that are considered elements of the financial statements of PFRS, its participating employers or the State as a nonemployer contributing entity. Accordingly, they do not purport to be a complete presentation of the financial position or changes in financial position of PFRS, the participating employers, or the State. The accompanying Schedules were prepared in accordance with U.S. generally accepted accounting principles. Such preparation requires management of PFRS to make a number of estimates and assumptions relating to the reported amounts. Due to the inherent nature of these estimates, actual results could differ from those estimates." }, { "id": "p60.5", "order": 5, "type": "text", "bbox": { "l": 68.64, "t": 526.08, "r": 543.12, "b": 333.6 }, "text": "Contributions - The contribution policy for PFRS is set by N.J.S.A. 43:16A and requires contributions by active members and contributing employers. State legislation has modified the amount that is contributed by the State. The State's contribution amount is based on an actuarially determined rate which includes the normal cost and unfunded accrued liability. For fiscal year 2019, the State contributed an amount less than the actuarially 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 PFRS 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 contributions to PFRS plan was $2,981,857." }, { "id": "p60.6", "order": 6, "type": "text", "bbox": { "l": 68.4, "t": 322.32, "r": 543.12, "b": 205.92 }, "text": "Net Pension Liability and Pension Expense - At December 31, 2019 the Township’s proportionate share of the PFRS net pension liability was $36,126,169. 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, to the measurement date of 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 0.2952010415%, which was an increase of 0.0087942867% from its proportion measured as of June 30, 2018." }, { "id": "p60.7", "order": 7, "type": "caption", "bbox": { "l": 195.84, "t": 193.92, "r": 415.92, "b": 182.4 }, "text": "Balances at December 31, 2019 and December 31, 2018", "attrs": { "block_label": "figure_title" } }, { "id": "p60.8", "order": 8, "type": "table", "bbox": { "l": 123.12, "t": 175.92, "r": 489.12, "b": 59.52 }, "text": "", "attrs": { "block_label": "table", "n_rows": 4, "n_cols": 3, "integrity": { "cells_checked": 11, "cells_flagged": 0 } }, "children": [ { "id": "p60.8.1", "order": 9, "type": "table_cell", "bbox": { "l": 123.12, "t": 175.92, "r": 245.12, "b": 156.52 }, "text": "", "attrs": { "row": 0, "col": 0, "rowspan": 1, "colspan": 1 } }, { "id": "p60.8.2", "order": 10, "type": "table_cell", "bbox": { "l": 359.88, "t": 168.83705199999997, "r": 398.785821, "b": 160.697452 }, "text": "12/31/2019", "attrs": { "row": 0, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true, "column_header": true, "header_source": "heuristic" } }, { "id": "p60.8.3", "order": 11, "type": "table_cell", "bbox": { "l": 432.24, "t": 168.83705199999997, "r": 471.145821, "b": 160.697452 }, "text": "12/31/2018", "attrs": { "row": 0, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true, "column_header": true, "header_source": "heuristic" } }, { "id": "p60.8.4", "order": 12, "type": "table_cell", "bbox": { "l": 125.94, "t": 145.917052, "r": 293.024475, "b": 137.77745200000004 }, "text": "Actuarial valuation date (including roll forward)", "attrs": { "row": 1, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p60.8.5", "order": 13, "type": "table_cell", "bbox": { "l": 365.366004, "t": 145.917052, "r": 413.929542, "b": 137.77745200000004 }, "text": "June 30, 2019", "attrs": { "row": 1, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p60.8.6", "order": 14, "type": "table_cell", "bbox": { "l": 437.727431, "t": 145.917052, "r": 486.290969, "b": 137.77745200000004 }, "text": "June 30, 2018", "attrs": { "row": 1, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p60.8.7", "order": 15, "type": "table_cell", "bbox": { "l": 125.94, "t": 119.99694799999997, "r": 242.865487, "b": 87.14009599999997 }, "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": "p60.8.8", "order": 16, "type": "table_cell", "bbox": { "l": 373.207585, "t": 119.99694799999997, "r": 410.860743, "b": 87.14009599999997 }, "text": "$ 3,143,305\n12,519,052\n36,126,169", "attrs": { "row": 2, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p60.8.9", "order": 17, "type": "table_cell", "bbox": { "l": 445.563585, "t": 119.99694799999997, "r": 483.206795, "b": 87.14009599999997 }, "text": "$ 4,763,241\n10,478,308\n38,755,556", "attrs": { "row": 2, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p60.8.10", "order": 18, "type": "table_cell", "bbox": { "l": 125.94, "t": 69.95649600000002, "r": 328.912147, "b": 61.81689600000004 }, "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": "p60.8.11", "order": 19, "type": "table_cell", "bbox": { "l": 378.028304, "t": 69.95649600000002, "r": 413.283765, "b": 61.81689600000004 }, "text": "0.29520%", "attrs": { "row": 3, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p60.8.12", "order": 20, "type": "table_cell", "bbox": { "l": 450.389731, "t": 69.95649600000002, "r": 485.645192, "b": 61.81689600000004 }, "text": "0.28641%", "attrs": { "row": 3, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true } } ] }, { "id": "p60.9", "order": 21, "type": "footer", "bbox": { "l": 300, "t": 21.36, "r": 312.24, "b": 11.52 }, "text": "52", "attrs": { "block_label": "number" } } ], "excluded_furniture": { "first": [], "last": [] } }