TOWNSHIP OF JACKSON
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
The following is a summary of the deferred outflows of resources and deferred inflows of resources related to PERS that will be recognized in future periods:
Year Ending
| Year Ending |
| Dec 31, | Amount |
|---|
| 2019 | $ (69,104) |
| 2020 | (118,754) |
| 2021 | (482,441) |
| 2022 | (1,167,530) |
| 2023 | (337,656) |
| $ (2,175,485) |
Actuarial Assumptions - The total pension asset/(liability) as of the measurement date was determined by using an actuarial valuation as noted in the table below, with update procedures used to roll forward the total pension liability to the measurement date. The actuarial valuations used the following actuarial assumptions:
| Inflation | 2.25% |
|---|
| Salary Increases: | |
|---|
| Through 2026 | 1.65% - 4.15% Based on Age |
|---|
| Thereafter | 2.65% - 5.15% Based on Age |
|---|
| Investment Rate of Return | 7.00% |
|---|
| Mortality Rate Table | RP-2000 |
|---|
| Period of Actuarial Experience | |
|---|
| Study upon which Actuarial Assumptions were Based | July 1, 2011 - June 30, 2014 |
|---|
Pre-retirement mortality rates were based on the RP-2000 Employee Preretirement Mortality Table for male and female active participants. For State employees, mortality tables are set back 4 years for males and females. For local employees, mortality tables are set back 2 years for males and 7 years for females. In addition, the tables provide for future improvements in mortality from the base year of 2013 using a generational approach based on the plan actuary’s modified MP-2014 projection scale. Post-retirement mortality rate were based on the RP-2000 Combined Healthy Male and Female Mortality Tables (setback 1 year for males and females) for service retirements and beneficiaries of former members and a one-year
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