{ "document_id": 16534, "page": 74, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 16644, "item_count": 21, "counts_by_type": { "footer": 1, "heading": 4, "table": 1, "table_cell": 9, "text": 5, "title": 1 }, "build_ms": 4, "items": [ { "id": "p74.1", "order": 1, "type": "title", "bbox": { "l": 206.16, "t": 756.48, "r": 405.6, "b": 717.12 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJUNE 30, 2023", "attrs": { "block_label": "doc_title" }, "level": 2 }, { "id": "p74.2", "order": 2, "type": "heading", "bbox": { "l": 51.12, "t": 675.12, "r": 472.8, "b": 660.48 }, "text": "NOTE 10 OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (CONTINUED)", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p74.3", "order": 3, "type": "heading", "bbox": { "l": 104.88, "t": 649.92, "r": 441.12, "b": 636.24 }, "text": "Kentucky Teachers' Retirement System OPEB Plan (Continued)", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p74.4", "order": 4, "type": "heading", "bbox": { "l": 123.6, "t": 634.56, "r": 293.76, "b": 619.68 }, "text": "Life Insurance Plan (Continued)", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p74.5", "order": 5, "type": "text", "bbox": { "l": 123.36, "t": 618.24, "r": 297.36, "b": 605.04 }, "text": "Actuarial Assumptions (Continued)" }, { "id": "p74.6", "order": 6, "type": "text", "bbox": { "l": 122.4, "t": 605.52, "r": 560.16, "b": 476.4 }, "text": "The demographic actuarial assumptions for retirement, disability incidence, withdrawal, rates of plan participation, and rates of plan election used in the June 30, 2021, valuation were based on the results of the most recent actuarial experience studies for the System, which covered the five-year period ending June 30, 2020, adopted by the Board on September 20, 2021. The remaining actuarial assumptions used in the June 30, 2021, valuation of the Medical Insurance Fund (MIF) was based on a review of recent plan experience done concurrently with the June 30, 2021, valuation. The health care cost trend rate assumption was updated for the June 30, 2021, valuation and was shown as an assumption change in the Total OPEB Liability (TOL) roll forward while the change in initial per capita claims costs were included with experience in the TOL roll forward." }, { "id": "p74.7", "order": 7, "type": "text", "bbox": { "l": 122.88, "t": 467.04, "r": 560.16, "b": 427.2 }, "text": "The target allocation and best estimates of arithmetic real rates of return for each major asset class, as provided by KTRS's investment consultant, are summarized in the following table:" }, { "id": "p74.8", "order": 8, "type": "table", "bbox": { "l": 125.04, "t": 415.44, "r": 555.12, "b": 264.24 }, "text": "", "attrs": { "block_label": "table", "n_rows": 3, "n_cols": 3, "integrity": { "cells_checked": 7, "cells_flagged": 0 } }, "children": [ { "id": "p74.8.1", "order": 9, "type": "table_cell", "bbox": { "l": 125.04, "t": 415.44, "r": 268.4, "b": 400.32 }, "text": "", "attrs": { "row": 0, "col": 0, "rowspan": 1, "colspan": 1 } }, { "id": "p74.8.2", "order": 10, "type": "table_cell", "bbox": { "l": 409.799938, "t": 389.934081, "r": 438.835857, "b": 378.768501 }, "text": "Target", "attrs": { "row": 0, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true, "column_header": true, "header_source": "heuristic" } }, { "id": "p74.8.3", "order": 11, "type": "table_cell", "bbox": { "l": 491.4, "t": 414.834525, "r": 540.493144, "b": 366.288945 }, "text": "Long-Term Expected Real Rate of Return", "attrs": { "row": 0, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true, "column_header": true, "header_source": "heuristic" } }, { "id": "p74.8.4", "order": 12, "type": "table_cell", "bbox": { "l": 128.398399, "t": 377.453844, "r": 185.278986, "b": 366.288264 }, "text": "Asset Class *", "attrs": { "row": 1, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p74.8.5", "order": 13, "type": "table_cell", "bbox": { "l": 402.539701, "t": 377.454525, "r": 446.052986, "b": 366.288945 }, "text": "Allocation", "attrs": { "row": 1, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p74.8.6", "order": 14, "type": "table_cell", "bbox": { "l": 411.76, "t": 400.32, "r": 555.12, "b": 385.2 }, "text": "", "attrs": { "row": 1, "col": 2, "rowspan": 1, "colspan": 1 } }, { "id": "p74.8.7", "order": 15, "type": "table_cell", "bbox": { "l": 128.399898, "t": 364.974288, "r": 223.577251, "b": 266.20692899999995 }, "text": "U.S. Equity\nInternational Equity\nFixed Income\nReal Estate\nPrivate Equity\nAdditional Categories\nCash\nTotal", "attrs": { "row": 2, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p74.8.8", "order": 16, "type": "table_cell", "bbox": { "l": 417.311746, "t": 364.974288, "r": 447.977421, "b": 266.20692899999995 }, "text": "40.00 %\n23.00\n18.00\n6.00\n5.00\n6.00\n2.00\n100.00 %", "attrs": { "row": 2, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p74.8.9", "order": 17, "type": "table_cell", "bbox": { "l": 516.712834, "t": 364.974288, "r": 542.928252, "b": 279.04734599999995 }, "text": "4.40 %\n5.60\n(0.10)\n4.00\n6.96\n2.10\n(0.30)", "attrs": { "row": 2, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } } ] }, { "id": "p74.9", "order": 18, "type": "text", "bbox": { "l": 123.12, "t": 252.24, "r": 559.68, "b": 226.8 }, "text": "* As the life insurance fund investment policy is to change, the above reflects the pension allocation and returns that achieve the target 7.5% long-term rate of return." }, { "id": "p74.10", "order": 19, "type": "heading", "bbox": { "l": 123.84, "t": 216.24, "r": 197.28, "b": 202.8 }, "text": "Discount Rate", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p74.11", "order": 20, "type": "text", "bbox": { "l": 122.64, "t": 200.4, "r": 560.64, "b": 108.96 }, "text": "The discount rate used to measure the total OPEB liability for life insurance was 7.10%. The projection of cash flows used to determine the discount rate assumed that the employer contributions will be made at statutorily required rates. Based on those assumptions, the OPEB plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability." }, { "id": "p74.12", "order": 21, "type": "footer", "bbox": { "l": 296.64, "t": 46.32, "r": 315.36, "b": 34.32 }, "text": "(71)", "attrs": { "block_label": "number" } } ], "excluded_furniture": { "first": [], "last": [] } }