assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made based on the contribution rate in the most recent fiscal year. The State employer contributed 40% of the actuarially determined contributions and the local employers contributed 100% of their actuarially determined contributions. Based on those assumptions, the plan's fiduciary net position was projected to be available to make projected future benefit payments of current plan members through 2057. Therefore, the long-term expected rate of return on plan investments was applied to projected benefit payments through 2057 and the municipal bond rate was applied to projected benefit payments after that date in determining the total pension liability.
Sensitivity of the Township’s proportionate share of the Net Pension Liability to Changes in the Discount Rate - The following presents the Township’s proportionate share of the net pension liability calculated using the discount rate as disclosed above, as well as what the Township’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.14%) or 1-percentage-point higher (7.14%) than the current rate:
| 1% Decrease (5.14%) | Current Discount Rate (6.14%) | 1% Increase (7.14%) |
|---|
| Township's Proportionate Share of the Net Pension Liability | $ 58,155,236 | $ 44,137,838 | $ 32,620,951 |
| State of New Jersey's Proportionate Share of Net Pension Liability associated with the Township | 6,513,877 | 4,943,810 | 3,653,822 |
| $ 64,669,113 | $ 49,081,648 | $ 36,274,773 |
Related Party Investments - The Division of Pensions and Benefits does not invest in securities issued by the Township.
The following schedule represents the Township’s summary of debt, as filed in the Township’s Annual Debt Statement required by the Local Bond Law of New Jersey for the current and two previous years:
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