{
    "document_id": 16528,
    "page": 54,
    "width_pt": 612,
    "height_pt": 792,
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    "source_run_id": 16639,
    "item_count": 12,
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        "footer": 1,
        "heading": 5,
        "text": 5,
        "title": 1
    },
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    "items": [
        {
            "id": "p54.1",
            "order": 1,
            "type": "title",
            "bbox": {
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            "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJUNE 30, 2024",
            "attrs": {
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            "level": 2
        },
        {
            "id": "p54.2",
            "order": 2,
            "type": "heading",
            "bbox": {
                "l": 51.84,
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                "b": 660.72
            },
            "text": "NOTE 10 OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (CONTINUED)",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p54.3",
            "order": 3,
            "type": "heading",
            "bbox": {
                "l": 104.64,
                "t": 649.44,
                "r": 489.12,
                "b": 636.24
            },
            "text": "Kentucky Employees Retirement System (KERS) OPEB Plan (Continued)",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p54.4",
            "order": 4,
            "type": "heading",
            "bbox": {
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            },
            "text": "Contributions",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p54.5",
            "order": 5,
            "type": "text",
            "bbox": {
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            },
            "text": "The University was required to contribute at an actuarially determined rate determined by Statute. Per KRS 78.545(33) normal contribution and past service contribution rates shall be determined by the KRS Board on the basis of an annual valuation last preceding July 1 of a new biennium. The KRS Board may amend contribution rates as of the first day of July of the second year of a biennium, if it is determined on the basis of a subsequent actuarial valuation that amended contribution rates are necessary to satisfy requirements determined in accordance with actuarial bases adopted by the KRS Board."
        },
        {
            "id": "p54.6",
            "order": 6,
            "type": "text",
            "bbox": {
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            },
            "text": "Pursuant to KRS 61.5991, the method of calculating the employer contribution changed from a percentage of pay to a two-part calculation effective July 1, 2021. The normal cost contributions are based on each employers' reported payroll multiplied by the normal cost percentage. House Bill 192, passed during the 2021 regular session of the legislature, set the KERS nonhazardous employer contribution rate for the year ended June 30, 2024, at 9.97% (7.82% to the pension fund and 2.15% to the insurance fund). The unfunded liability cost is an actuarially accrued liability contribution based upon the actuarial valuation for fiscal year 2020 and is prorated according to each employer's percentage of the plan's total actuarial accrued liability that is attributable to each employer's current and former employees."
        },
        {
            "id": "p54.7",
            "order": 7,
            "type": "text",
            "bbox": {
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                "b": 306.72
            },
            "text": "The University’s share of the actuarially accrued liability contribution is 0.206724% for the non-hazardous plan, with 90% allocated to the pension fund and 10% allocated to the insurance fund, and .084931% for the hazardous plan. The University contributed $277,005 to the nonhazardous retirement plan. $1,985,932 of the contribution was allocated to the nonhazardous KERS pension fund and $477,239 to the nonhazardous KERS insurance fund. There were no contributions for the KERS hazardous plan."
        },
        {
            "id": "p54.8",
            "order": 8,
            "type": "heading",
            "bbox": {
                "l": 141.12,
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                "r": 478.08,
                "b": 283.44
            },
            "text": "Members Whose Participation Began Before September 1, 2008",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p54.9",
            "order": 9,
            "type": "text",
            "bbox": {
                "l": 140.4,
                "t": 281.04,
                "r": 560.4,
                "b": 229.92
            },
            "text": "Nonhazardous contributions equal 5% and Hazardous contributions equal 8% of all creditable compensation. Interest paid on the members' accounts is currently 2.5%; and per statute shall not be less than 2.0%. Member entitled to a full refund of contributions with interest."
        },
        {
            "id": "p54.10",
            "order": 10,
            "type": "heading",
            "bbox": {
                "l": 141.12,
                "t": 218.88,
                "r": 501.12,
                "b": 205.92
            },
            "text": "Members Whose Participation Began On or After September 1, 2008",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p54.11",
            "order": 11,
            "type": "text",
            "bbox": {
                "l": 140.64,
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                "r": 560.4,
                "b": 127.68
            },
            "text": "Nonhazardous contributions equal to 6% and Hazardous contributions equal 9% of all creditable compensation, with 5% (Nonhazardous) and 8% (Hazardous) being credited to the member's account and 1% deposited to the KRS 401(h) Account. Interest paid on the members' accounts will be set at 2.5%. Member is entitled to a full refund of contributions and interest in their individual account, however, the 1% contributed to the insurance fund is nonrefundable."
        },
        {
            "id": "p54.12",
            "order": 12,
            "type": "footer",
            "bbox": {
                "l": 296.88,
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            },
            "text": "(51)",
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                "block_label": "number"
            }
        }
    ],
    "excluded_furniture": {
        "first": [],
        "last": []
    }
}