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Changes in the County's net pension liability for the plan for the December 31, 2024 measurement period were as follows:
| Increase (Decrease) | |||
| Total Pension Liability (a) | Plan Fiduciary Net Position (b) | Net Pension Liability/(Asset) (a) - (b) | |
|---|---|---|---|
| Balances at 12/31/2023 | $ 109,117,666 | $ 116,863,138 | $ (7,745,472) |
| Changes for the year: | |||
| Service cost | 4,155,140 | - | 4,155,140 |
| Interest | 5,815,865 | - | 5,815,865 |
| Changes of benefits | 1,103,187 | - | 1,103,187 |
| Differences between expected and actual experience | (2,294,135) | - | (2,294,135) |
| Contributions - employer | - | 2,029,092 | (2,029,092) |
| Contributions - member | - | 1,924,157 | (1,924,157) |
| Net investment income | - | 11,127,899 | (11,127,899) |
| Benefit payments, including refunds of employee contributions | (4,775,483) | (4,775,483) | - |
| Administrative expense | - | (339,083) | 339,083 |
| Net changes | 4,004,574 | 9,966,582 | (5,962,008) |
| Balances at 12/31/2024 | $ 113,122,240 | $ 126,829,720 | $ (13,707,480) |
Sensitivity of the pension liability to changes in the discount rate. The following presents the net pension liability of the County, calculated using the discount rate of 5.50%, as well as what the County's net pension liability/(asset) would be if it were calculated using a discount rate that is 1-percentage-point lower (4.50%) or 1-percentage-point higher (6.50%) than the current rate:
County's net pension liability/(asset)
| Current | ||
| 1% Decrease (4.50%) | Discount Rate (5.50%) | 1% Increase (6.50%) |
|---|---|---|
| $(3,909,386) | $(13,707,480) | $(21,859,868) |
Pension plan fiduciary net position. Detailed information about the pension plan's fiduciary net position is available in the separately issued PMRS financial report.