{
    "document_id": 16538,
    "page": 49,
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    },
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    "items": [
        {
            "id": "p49.1",
            "order": 1,
            "type": "header",
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            "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2020",
            "attrs": {
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        {
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            "order": 2,
            "type": "heading",
            "bbox": {
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            "text": "NOTE 10 – OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)",
            "attrs": {
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        {
            "id": "p49.3",
            "order": 3,
            "type": "text",
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            "text": "Employer's Portion of the Collective OPEB Liability: The University's proportionate share of the Non-hazardous net OPEB liability, as indicated in the prior table, is $6,622,452, or approximately .30%. The University's proportionate share of the Hazardous net OPEB liability (asset), as indicated in the prior table, is $(19,278), or approximately .07%. The net pension liabilities were distributed based on 2019 actual employer contributions to the plan."
        },
        {
            "id": "p49.4",
            "order": 4,
            "type": "text",
            "bbox": {
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            },
            "text": "Measurement Date: June 30, 2019 is the actuarial valuation date and measurement date upon which the total pension liability is based."
        },
        {
            "id": "p49.5",
            "order": 5,
            "type": "text",
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            "text": "Changes in Assumptions and Benefit Terms: For the fiscal year ended June 30, 2020, the KERS Board of Trustees adopted new actuarial assumptions. These assumptions were based on an actuarial experience study for the period ending June 30, 2018. Key changes include replacing the base retiree mortality tables with a KERS-specific mortality table developed using the actual mortality experience of non-disabled retirees in KERS. Mortality tables for disabled retirees and active members were updated with Public Retirement Mortality tables. In addition, termination rates and rates of disability incidence were increased. Retirement rates were decreased slightly for members with a participation date prior to July 1, 2003. For members with a participation date on or after July 1, 2003, retirement rates were set equal to 80% of the retirement rates applicable for the pre July 1, 2003 participants for ages below 65."
        },
        {
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            "text": "House Bill 1, which passed during the 2019 special legislative session, allows certain employers in the non-hazardous plan to elect to cease participating in the system as of June 30, 2020. Since employer's elections were unknown at the time of the actuarial valuation and the legislation was enacted after the June 30, 2019 measurement date, no adjustments were made to the Total OPEB Liability to reflect this legislation."
        },
        {
            "id": "p49.7",
            "order": 7,
            "type": "text",
            "bbox": {
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            "text": "House Bill 265, which passed during the 2018 legislative session, allowed certain employers within the non-hazardous plan to contribute less than the actuarially determined contribution in the 2018/2019 fiscal year. Since this is not expected to be an ongoing contribution reduction, determining the non-hazardous employers' proportionate share based on the employers' actual contributions would not be reflective of the employers' long-term contribution effort. Instead, the proportionate share calculations for employers of the non-hazardous plan were based on the employers' covered payroll provided for fiscal year ending June 30, 2019, which would result in the same proportionate share allocation if all participating employers contributed the same rate."
        },
        {
            "id": "p49.8",
            "order": 8,
            "type": "text",
            "bbox": {
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            },
            "text": "Changes Since Measurement Date: There were no changes between the measurement date of the collective net OPEB liability and the employer's reporting date."
        },
        {
            "id": "p49.9",
            "order": 9,
            "type": "text",
            "bbox": {
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            },
            "text": "OPEB Expense: The University was allocated pension expense of $778,191 related to the KERS Non-Hazardous and $3,238 related to the KERS Hazardous for the year ending June 30, 2020."
        },
        {
            "id": "p49.10",
            "order": 10,
            "type": "footer",
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                "b": 58.08
            },
            "text": "(Continued)",
            "attrs": {
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            }
        },
        {
            "id": "p49.11",
            "order": 11,
            "type": "footer",
            "bbox": {
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                "b": 36.24
            },
            "text": "47.",
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