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            "text": "KENTUCKY STATE UNIVERSITY",
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            "text": "Notes to the Financial Statements, continued",
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            "text": "9. Pension Plans, continued",
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            "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:"
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                    "text": "Asset Class",
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                    "text": "Target Allocation",
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                    "text": "Long-Term Nominal Rate of Return",
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                    "text": "U.S. Equity",
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                    "text": "45%",
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                },
                {
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                    "text": "6.40%",
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                    "text": "Non U.S. Equity",
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                {
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                    "text": "17%",
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                    "text": "6.50%",
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                    "text": "Fixed Income",
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                    "text": "24%",
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                {
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                    "text": "1.60%",
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                        "colspan": 1
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                    "text": "High Yield Bonds",
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                {
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                    "text": "3.10%",
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                    "text": "Real Estate",
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                    "text": "5.80%",
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                    "text": "Alternatives",
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                    "text": "4%",
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                    "text": "Cash",
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                        "colspan": 1
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                    "text": "Total",
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            "text": "Discount Rate",
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            "text": "The discount rate used to measure the total pension liability was 5.23%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rates and the Employer contributions will be made at statutorily required rates. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members until the 2036 plan year. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments through 2035 and a municipal bond index rate of 4.35% was applied to all periods of projected benefit payments after 2035. The Single Equivalent Interest Rate (SEIR) that discounts the entire projected benefit stream to the same amount as the sum of the present values of the two separate benefit payments streams was used to determine the total pension liability. The following table presents the net pension liability of the University, calculated using the discount rate of 5.23%, as well as what the University's net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (4.23%) or 1-percentage-point higher (6.23%) than the current rate:"
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            "text": "Sensitivity of the University's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate",
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            "text": "The following table presents the net pension liability of the University, calculated using the discount rate of 5.23%, as well as what the University's net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (4.23%) or 1-percentage-point higher (6.23%) than the current rate:"
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                    "text": "1% Decrease (4.23%)",
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                {
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                    "text": "Discount Rate (5.23%)",
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                {
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                    "text": "1% Increase (6.23%)",
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                    "text": "University's share of the net pension liability",
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                    "text": "$64,987,214",
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                    "text": "$51,248,000",
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