Dubuque County Notes to Financial Statements June 30, 2022
For the year ended June 30, 2022, the County recognized pension expense (income) of ($2,104,414). At June 30, 2022, the County reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows of ResourcesDeferred Inflows of Resources
Differences Between Expected and Actual Results$ 707,234$ 253,593
Changes of Assumptions257,472327,229
Net Difference Between Projected and Actual Earnings on IPERS' Investments-16,195,355
Changes in Proportion and Differences Between County Contributions and Proportionate Share of Contributions442,274119,615
County Contributions Subsequent to the Measurement Date2,126,005-
Total$ 3,532,985$ 16,895,792
$2,126,005 reported as deferred outflows of resources related to pensions resulting from the County contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability (asset) in the year ended June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:
Years Ended June 30,Total
2023$ (4,045,151)
2024(3,817,076)
2025(3,459,475)
2026(4,241,056)
202773,946
$ (15,488,812)
There were no non-employer contributing entities at IPERS.
Actuarial Assumptions – The total pension liability (asset) in the June 30, 2021 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement as follows:
Rate of inflation (effective June 30, 2017)
2.60% per annum
Rates of salary increase (effective June 30, 2017)
3.25 to 16.25% average, including inflation Rates vary by membership group.
Long-term investment rate of return (effective June 30, 2017)
7.00% compounded annually, net of investment expense, including inflation
Wage growth (effective June 30, 2017)
3.25% per annum based on 2.60% inflation and 0.65% real wage inflation.