Pension liabilities, pension expense, and deferred outflows of resources and deferred inflows of resources related to pensions - At June 30, 2022, the University reported a liability for its proportionate share of the net pension liability that reflected a reduction for pension support provided to the University by the Commonwealth of Kentucky. The amount recognized by the University as its proportionate share of the net pension liability, the related State support, and the total portion of the net pension liability that was associated with the University were as follows:
University's proportionate share of the net pension liability $ 22,177,547
Commonwealth of Kentucky's proportionate share of the net pension liability associated with the University $ 23,413,510
$ 45,591,057
The net pension liability was measured as of June 30, 2021 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2020. The University's proportion of the net pension liability was based on actual contributions to the pension plan during the measurement period of July 1, 2019, through June 30, 2020. At June 30, 2022, the University's proportion was 0.16 percent and the Commonwealth's proportion was 0.17 percent.
For the year ended June 30, 2022, the University was allocated a reduction of pension expense of $8,467,742 including $3,230,611 for support provided by the Commonwealth. At June 30, 2022, the University reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
| Deferred | Deferred | |
|---|---|---|
| Outflows of | Inflows of | |
| Resources | Resources | |
| Net difference between projected and actual earnings on investments | $-0- | $5,467,578 |
| Change in assumptions | 3,793,173 | 1,958,152 |
| Differences between expected and actual experience | (417,774) | 200,892 |
| Changes in proportion and differences between employer contributions and proportionate share of contributions | 2,208,195 | 567,579 |
| Contributions subsequent to the measurement date | 1,865,254 | -0- |
| $7,448,848 | $8,194,201 |
56.