TOWNSHIP OF JACKSON NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017
Note 9. Pension Obligations (continued)
B. Police and Firemen's Retirement System (PFRS) (continued)
Collective Balances at December 31, 2017 and December 31, 2016
12/31/201712/31/2016
Actuarial valuation date (including roll forward)June 30, 2017June 30, 2016
Deferred Outflows of Resources$ 8,132,992$ 13,608,644
Deferred Inflows of Resources7,709,393360,227
Net Pension Liability44,137,83854,953,306
Township's portion of the Plan's total net pension Liability0.28590%0.28768%
Pension Expense and Deferred Outflows/Inflows of Resources – At December 31, 2017, the Township’s proportionate share of the PFRS expense, calculated by the plan as of the June 30, 2017 measurement date was $4,540,174. This expense is not recognized by the Township because of the regulatory basis of accounting as described in Note 1, but as previously mentioned the Township contributed $2,530,291 to the plan in 2017.
At December 31, 2017, the Township had deferred outflows of resources and deferred inflows of resources related to PFRS from the following sources:
Deferred Outflows of Resources Deferred Inflows of Resources
Differences between Expected and Actual Experience $ 286,340 $ 259,052
Changes of Assumptions 5,442,687 7,228,487
Net Difference between Projected and Actual Earnings on Pension Plan Investments 842,253 -
Changes in Proportion and Differences between Township Contributions and Proportionate Share of Contributions 1,561,712 221,854
$ 8,132,992 $ 7,709,393
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