At June 30, 2021, the University reported $1,712,108 as deferred outflows of resources related to pensions resulting from University contributions subsequent to the measurement date that will be recognized as a reduction of the net pension liability in the following fiscal year. Deferred outflows and deferred inflows of resources at June 30, 2021, related to pensions will be recognized in pension expense as follows:
2022 $ 3,254,662 $ (163,213)
2023 252,046 (2,822)
2024 39,092 4,828
2025 41,688 4,352
Non-Hazardous Hazardous
$ 3,587,488 $ (156,855)
Actuarial assumptions - The total pension liability for KERS was determined by applying procedures to the actuarial valuation as of June 30, 2020, using the following actuarial assumptions, applied to all periods included in the measurement.
| 2020 | ||
| Actuarial cost method Amortization method | Entry age normal Level percent of pay | |
| Remaining amortization period Asset valuation method | 30 years, closed 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, non-hazardous | 3.55 to 15.55 | |
| Salary increases, varies by service, hazardous | 3.55 to 19.55 | |
| Investment rate of return, non-hazardous | 5.25 | |
| Investment rate of return, hazardous | 6.25 | |
The mortality table used for active members was a Pub-2010 General Mortality table for the non-hazardous system and the Pub-2010 Public Safety Mortality table for the hazardous system, projected with the ultimate rates from the MP-2014 mortality improvement scale using a base year of 2010. The mortality table used for healthy retired members was a system-specific mortality table based on mortality experience from 2013-2018, projected with the ultimate rates from MP-2014 mortality improvement scale using a base year of 2019. The mortality table used for the disabled members was PUB-2010 Disabled Mortality table, with a 4-year set-forward for both male and female rates, projected with the ultimate rates from the MP-2014 mortality improvement scale using a base year of 2010.
37.