TOWNSHIP OF JACKSON
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
contributions for the year ended June 30, 2018. The Township’s proportion measured as of June 30, 2018, was 0.1001525200% which was an increase of 0.0004686062% from its proportion measured as of June 30, 2017.
Collective Balances at December 31, 2018 and December 31, 2017
| 12/31/2018 | 12/30/2017 |
|---|
| Actuarial valuation date (including roll forward) | June 30, 2018 | June 30, 2017 |
|---|
| Deferred Outflows of Resources | $ 4,531,660 | $ 6,485,889 |
|---|
| Deferred Inflows of Resources | 6,707,145 | 4,853,096 |
|---|
| Net Pension Liability | 19,719,532 | 23,204,822 |
|---|
| Township's portion of the Plan's total net pension Liability | 0.10015% | 0.09968% |
|---|
Pension Expense and Deferred Outflows/Inflows of Resources - At December 31, 2018, the Township’s proportionate share of the PERS expense, calculated by the plan as of the June 30, 2018 measurement date is $1,320,061. 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 $996,194 to the plan in 2018.
At December 31, 2018, 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 | $ 376,054 | $ 101,680 |
| Changes of Assumptions | 3,249,452 | 6,305,258 |
| Net Difference between Projected and Actual Earnings on Pension Plan Investments | - | 184,970 |
| Changes in Proportion and Differences between Township Contributions and Proportionate Share of Contributions | 906,154 | 115,237 |
| $ 4,531,660 | $ 6,707,145 |
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