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            "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJUNE 30, 2023",
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            "text": "NOTE 8 DEFINED BENEFIT PENSION PLANS (CONTINUED)",
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            "text": "Kentucky Teachers' Retirement System - Defined Benefit Plan (Continued)",
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            "text": "Actuarial Assumptions",
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            "text": "The total pension liability was determined by actuarial valuation as of June 30, 2021, using the following actuarial assumptions, applied to all periods included in the measurement:"
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                    "text": "Valuation Date\nInflation\nSalary Increases\nInvestment Rate of Return",
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                    "text": "June 30, 2021\n2.50%\n3.00% - 7.50%, Average, Including Inflation\n7.10%, Net of Pension Plan Investment Expense, Including Inflation",
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                    "text": "Municipal Bond Index Rate\nSingle Equivalent Interest Rate\nPostretirement Benefit Increases",
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                    "text": "2.13%\n7.50%\n1.50% Annually",
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            "text": "Mortality rates were based on the Pub2010 (Teachers Benefit-Weighted) Mortality Table projected generationally with MP-2020 with various set-forwards, set-backs, and adjustments for each of the groups, service, retirees, contingent annuitants, disabled retirees, and active members. The actuarial assumptions used were based on the results of an actuarial experience study for the 5-year period ended June 30, 2020, adopted by the board on September 20, 2021."
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            "text": "The actuarial assumptions used in the June 30, 2021, valuation were based on the results of an actuarial experience study for the period July 1, 2015 - June 30, 2020, adopted by the Board on September 20, 2021."
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            "text": "The long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis 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."
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            "text": "(53)",
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