The University was contractually required to contribute 49.47 percent (41.06 percent allocated to pension and 8.41 percent allocated to OPEB) of annual covered payroll for non-hazardous pay and 36.85 percent (34.39 percent allocated to pension and 2.46 percent allocated to OPEB) for hazardous pay to the pension plan for the year ended June 30, 2021. These amounts were actuarially determined as an amount that, when combined with employee contributions, is expected to finance the cost of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The University's total contributions to KERS for the year ended June 30, 2021 was $1,712,108, equal to the required contributions for the year.
Pension liabilities, pension expense, and deferred outflows of resources and deferred inflows of resources related to pensions - At June 30, 2021, the University reported a liability of $45,184,676 for its proportionate share of the non-hazardous net pension liability and $339,765 for hazardous. The net pension liability was measured as of June 30, 2020 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2019, rolled-forward for 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. At June 30, 2021, the University's proportion was 0.32 percent for non-hazardous and 0.06 percent for hazardous, respectively.
For the year ended June 30, 2021, the University's actuarially calculated pension expense was $7,254,680 for non-hazardous and $28,995 for hazardous. At June 30, 2021, the University reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
| Deferred Outflows of Resources | Deferred Inflows of Resources | |
|---|---|---|
| 2021 | ||
| Non-hazardous: | ||
| Difference between expected and actual experience | $ 256,692 | $ - |
| Net difference between projected and actual earnings on investments | 46,464 | - |
| Changes of assumptions | 509,006 | - |
| Changes in proportion and differences between employer contributions and proportionate share of contributions | 2,775,326 | - |
| University contributions subsequent to measurement date | 1,647,478 | - |
| $ 5,234,966 | $ - | |
| Hazardous: | ||
| Difference between expected and actual experience | $ 603 | $ 366 |
| Net difference between projected and actual earnings on investments | 11,623 | - |
| Changes of assumptions | 9,744 | |
| Changes in proportion and differences between employer contributions and proportionate share of contributions | 12,102 | 190,561 |
| University contributions subsequent to measurement date | 64,630 | - |
| $ 98,702 | $ 190,927 |
36.