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            "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2020",
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            "text": "NOTE 10 – OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)",
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                    "text": "Long-Term Rate of Return: The long-term expected return on plan assets is reviewed as part of the regular experience studies prepared every five years for the System. The most recent analysis, performed for the period covering fiscal years 2008 through 2013 is outlined in a report dated April 30, 2014. However, the Board of KRS has the authority to review the assumptions on a more frequent basis and adopt new assumptions prior to the next scheduled experience study. The long-term expected rate of return was determined by using a building-block method in which best-estimate ranges of expected future real rate of returns are developed for each asset class. The ranges are combined by weighting the expected future real rate of return by the target asset allocation percentage.",
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                    "text": "Municipal Bond Rate: The discount rate determination used a municipal bond rate of 3.13% as reported in Fidelity Index's \"20-Year Municipal GO AA Index\" as of June 30, 2019.",
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                    "text": "Projected Cash Flows: The projection of cash flows used to determine the discount rate assumed Period of Projected Benefit Payments: Current assets, future contributions, and investment earnings are projected to be sufficient to pay the projected benefit payments from the retirement system. However, the cost associated with the implicit employer subsidy is not currently being included in the calculation of the system's actuarial determined contributions, and it is the actuary's understanding that any cost associated with the implicit subsidy will not be paid out of the system's trust. Therefore, the municipal bond rate was applied to future expected benefit payments associated with the implicit subsidy.",
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                    "text": "Assumed Asset Allocations: The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:",
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                    "text": "June 30, 2020",
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            "text": "The long-term expected rate of return on pension plan assets was established by the KRS Board of Trustees at 6.25% based on a blending of the factors described above."
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            "text": "Sensitivity Analysis: This paragraph requires disclosure of the sensitivity of the net OPEB liability to changes in the discount rate and changes in the healthcare cost trend rate."
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            "text": "Page 60 of 178",
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