TOWNSHIP OF JACKSON
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2019
Note 9. Pension Obligations (continued):
A. Public Employees' Retirement System (PERS) (continued):
Pension Expense and Deferred Outflows/Inflows of Resources - At December 31, 2019, the Township’s proportionate share of the PERS expense, calculated by the plan as of the June 30, 2019 measurement date is $1,140,327.00. 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 $987,000 to the plan in 2019.
At December 31, 2019, the Township reported deferred outflows of resources and deferred inflows of resources related to PERS from the following sources:
| Deferred Outflows of Resources | Deferred Inflows of Resources |
|---|
| Differences between Expected and Actual Experience | $ 328,161 | $ 80,767 |
| Changes of Assumptions | 1,825,652 | 6,346,067 |
| Net Difference between Projected and Actual Earnings on Pension Plan Investments | - | 288,609 |
| Changes in Proportion and Differences between Township Contributions and Proportionate Share of Contributions | 841,169 | 35,211 |
| $ 2,994,982 | $ 6,750,654 |
The Township will amortize the above sources of deferred outflows and inflows related to PERS over the following number of years:
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