KENTUCKY STATE UNIVERSITY NOTES TO FINANCIAL STATEMENTS JUNE 30, 2024
NOTE 8 DEFINED BENEFIT PENSION PLANS (CONTINUED)
Kentucky Teachers' Retirement System - Defined Benefit Plan (Continued)
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)
For the year ended June 30, 2024, the University was allocated pension expense of $5,531,804 including $2,912,913 for support provided by the Commonwealth. At June 30, 2024, the University reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows of ResourcesDeferred Inflows of Resources
Net Difference Between Projected and Actual Earnings on Investments$ 572,014$ -
Change in Assumptions1,104,237-
Differences Between Expected and Actual Experience-280,861
Changes in Proportion and Differences Between Employer Contributions and Proportionate Share of Contributions181,0452,325,050
Contributions Subsequent to Measurement Date1,555,981-
Total$ 3,413,277$ 2,605,911
At June 30, 2024, the University reported $1,555,891 as deferred outflows of resources related to pensions resulting from University contributions subsequent to the measurement date that will be recognized as pension expense in the following fiscal year. Net deferred outflow (inflows) of resources at June 30, 2024, related to pensions will be recognized in pension expense as follows:
Year Ending June 30,Amount
2025$ (353,380)
2026(1,326,035)
20271,101,298
2028(170,498)
Total$ (748,615)
(46)