Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)
At June 30, 2023, the University reported $2,438,814 as deferred outflows of resources related to pensions resulting from University contributions subsequent to the measurement date that will be recognized as pension expense. Deferred outflows and deferred inflows of resources at June 30, 2023, related to pensions will be recognized in pension expense as follows:
| Year Ending June 30, | Nonhazardous | Hazardous |
|---|---|---|
| 2024 | $ (1,055,459) | $ 54,791 |
| 2025 | (6,119) | 4,057 |
| 2026 | (31,077) | (5,567) |
| 2027 | 155,738 | 23,845 |
| Total | $ (936,917) | $ 77,126 |
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 |
| Hazardous | 3.55 to 20.05 |
| Investment Rate of Return: | |
| Nonhazardous | 5.25 |
| Hazardous | 6.25 |
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