Note 9. Pension Obligations (continued):
B. Police and Firemen's Retirement System (PFRS) (continued):
Pension Expense and Deferred Outflows/Inflows of Resources – At December 31, 2019, the Township’s proportionate share of the PFRS expense, calculated by the plan as of the June 30, 2019 measurement date was $4,013,467. 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 $2,981,857 to the plan in 2019.
At December 31, 2019, the Township had deferred outflows of resources and deferred inflows of resources related to PFRS from the following sources:
Differences between Expected and Actual Experience $ 304,951 $ 228,721
Deferred Outflows of Resources Deferred Inflows of Resources
Changes of Assumptions 1,237,879 11,675,647
Net Difference between Projected and Actual Earnings on Pension Plan Investments - 489,498
Changes in Proportion and Differences between Township Contributions and Proportionate Share of Contributions 1,600,475 125,186
$ 3,143,305 $ 12,519,052
The Township will amortize the above sources of deferred outflows and inflows related to PFRS over the following number of years:
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