and deferred inflows of resources at June 30, 2022, related to pensions will be recognized in pension expense as follows:
| Year ended | Nonhazardous | Hazardous |
|---|---|---|
| 30-June | $ (5,616,423) | $ 83,575 |
| 2023 | (895,969) | 13,765 |
| 2024 | (157,377) | (19,172) |
| 2025 | (189,057) | (26,492) |
| 2026 | $ (6,858,826) | $ 51,676 |
Actuarial assumptions - The total pension liability for KERS was determined by applying procedures to the actuarial valuation as of June 30, 2021, using the following actuarial assumptions, applied to all periods included in the measurement.
| Actuarial cost method | Entry age normal |
|---|---|
| Amortization method | Level percent of pay |
| Remaining amortization period | 30 years, closed |
| Asset valuation method | 20% of the difference between market value of assets and the expected actuarial value of assets is recognized. |
| Inflation | 2.30% |
| Payroll growth rate | 0 |
| Salary increases, varies by service, nonhazardous | 3.30 to 15.30 |
| Salary increases, varies by service, hazardous | 3.55 to 20.05 |
| Investment rate of return, nonhazardous | 5.25 |
| Investment rate of return, hazardous | 6.25 |
50.