{ "document_id": 16538, "page": 43, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 16649, "item_count": 22, "counts_by_type": { "footer": 2, "heading": 1, "table": 1, "table_cell": 12, "text": 5, "title": 1 }, "build_ms": 5, "items": [ { "id": "p43.1", "order": 1, "type": "title", "bbox": { "l": 216.48, "t": 763.68, "r": 395.76, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2020", "attrs": { "block_label": "doc_title" }, "level": 2 }, { "id": "p43.2", "order": 2, "type": "heading", "bbox": { "l": 69.6, "t": 693.12, "r": 349.68, "b": 679.92 }, "text": "NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p43.3", "order": 3, "type": "text", "bbox": { "l": 69.36, "t": 669.6, "r": 542.4, "b": 586.8 }, "text": "The long-term expected 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. These ranges are combined to produce the long-term expected rate of return by weighing the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class for the June 30, 2019 actuarial valuation, are summarized in the following table:" }, { "id": "p43.4", "order": 4, "type": "table", "bbox": { "l": 85.92, "t": 580.32, "r": 532.8, "b": 430.56 }, "text": "", "attrs": { "block_label": "table", "n_rows": 4, "n_cols": 3, "integrity": { "cells_checked": 11, "cells_flagged": 0 } }, "children": [ { "id": "p43.4.1", "order": 5, "type": "table_cell", "bbox": { "l": 90.001932, "t": 566.334486, "r": 142.808334, "b": 557.0659860000001 }, "text": "Asset Class", "attrs": { "row": 0, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true, "column_header": true, "header_source": "heuristic" } }, { "id": "p43.4.2", "order": 6, "type": "table_cell", "bbox": { "l": 383.338434, "t": 577.79436, "r": 426.72804, "b": 557.0659860000001 }, "text": "Target Allocation", "attrs": { "row": 0, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true, "column_header": true, "header_source": "heuristic" } }, { "id": "p43.4.3", "order": 7, "type": "table_cell", "bbox": { "l": 437.338218, "t": 577.79436, "r": 525.782754, "b": 557.0659860000001 }, "text": "Long-Term Nominal Rate of Return", "attrs": { "row": 0, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true, "column_header": true, "header_source": "heuristic" } }, { "id": "p43.4.4", "order": 8, "type": "table_cell", "bbox": { "l": 90.001932, "t": 545.63436, "r": 175.622832, "b": 513.325872 }, "text": "U.S. Equity\nInternational Equity\nFixed Income", "attrs": { "row": 1, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p43.4.5", "order": 9, "type": "table_cell", "bbox": { "l": 402.796272, "t": 545.63436, "r": 431.195958, "b": 513.325872 }, "text": "40.0%\n22.0\n15.0", "attrs": { "row": 1, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p43.4.6", "order": 10, "type": "table_cell", "bbox": { "l": 471.388182, "t": 545.63436, "r": 494.20272, "b": 513.325872 }, "text": "4.2%\n5.2\n1.2", "attrs": { "row": 1, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p43.4.7", "order": 11, "type": "table_cell", "bbox": { "l": 90.00093, "t": 511.134498, "r": 359.350554, "b": 455.846142 }, "text": "Additional Categories (Incl. Hedge Funds, High Yield, Non-U.S. Developed Bonds, and Private Credit Strategies)\nReal Estate\nPrivate Equity\nCash", "attrs": { "row": 2, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p43.4.8", "order": 12, "type": "table_cell", "bbox": { "l": 408.370398, "t": 499.614504, "r": 422.348298, "b": 455.846142 }, "text": "8.0\n6.0\n7.0\n2.0", "attrs": { "row": 2, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p43.4.9", "order": 13, "type": "table_cell", "bbox": { "l": 471.369144, "t": 499.614504, "r": 485.367084, "b": 455.846142 }, "text": "3.3\n3.8\n6.3\n0.9", "attrs": { "row": 2, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true } }, { "id": "p43.4.10", "order": 14, "type": "table_cell", "bbox": { "l": 108.003864, "t": 442.134486, "r": 130.2663, "b": 432.865986 }, "text": "Total", "attrs": { "row": 3, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p43.4.11", "order": 15, "type": "table_cell", "bbox": { "l": 397.266234, "t": 442.134486, "r": 431.178924, "b": 432.865986 }, "text": "100.0%", "attrs": { "row": 3, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true } }, { "id": "p43.4.12", "order": 16, "type": "table_cell", "bbox": { "l": 383.84, "t": 447.2, "r": 532.8, "b": 430.56 }, "text": "", "attrs": { "row": 3, "col": 2, "rowspan": 1, "colspan": 1 } } ] }, { "id": "p43.5", "order": 17, "type": "text", "bbox": { "l": 69.6, "t": 421.92, "r": 541.68, "b": 384.72 }, "text": "Changes in Assumptions and Benefit Terms Since Prior Measurement Date – The TPL as of June 30, 2019 reflects the assumed municipal bond index rate decrease from 3.89 percent to 3.50 percent. The Single Equivalent Interest Rate (SEIR) remained at 7.50 percent." }, { "id": "p43.6", "order": 18, "type": "text", "bbox": { "l": 69.84, "t": 375.6, "r": 541.68, "b": 350.16 }, "text": "Changes in Assumptions and Benefit Terms Since Prior Measurement Date – There were no changes in assumptions or benefit terms as of June 20, 2019 from the June 30, 2018 measurement date." }, { "id": "p43.7", "order": 19, "type": "text", "bbox": { "l": 69.12, "t": 341.04, "r": 542.16, "b": 304.32 }, "text": "Changes Since Measurement Date - There were no changes between the measurement date of the collective net pension liability and the University reporting date that are expected to have a significant effect on the University's proportionate share of the collective net pension liability." }, { "id": "p43.8", "order": 20, "type": "text", "bbox": { "l": 68.88, "t": 295.2, "r": 542.16, "b": 200.4 }, "text": "Discount rate - The discount rate used to measure the total pension liability at June 30, 2019 was 7.50%. 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 that employer contributions will be made at the actuarially determined contribution rates for all fiscal years in the future. Based on those assumptions, at the June 30, 2019 measurement date, the pension plan's fiduciary net position was projected to be available to make all projected future benefits payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability." }, { "id": "p43.9", "order": 21, "type": "footer", "bbox": { "l": 278.64, "t": 70.56, "r": 333.12, "b": 57.84 }, "text": "(Continued)", "attrs": { "block_label": "footer" } }, { "id": "p43.10", "order": 22, "type": "footer", "bbox": { "l": 524.88, "t": 47.28, "r": 539.04, "b": 36 }, "text": "41.", "attrs": { "block_label": "number" } } ], "excluded_furniture": { "first": [], "last": [] } }