Life Insurance Plan (Continued)
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEBs (Continued)
Of the total amount reported as deferred outflows of resources related to OPEB, $9,786 resulting from University contributions subsequent to the measurement date and before the end of the fiscal year will be included as OPEB expense in the year ended June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in the University's OPEB expense as follows:
Year Ending June 30, Amount
2024 $ (1,000)
2025 (2,000)
2026 -
2027 10,000
2028 (7,000)
Thereafter -
Total $ -
The total OPEB liability in the June 30, 2022, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement:
| Investment Rate of Return | 7.10% Net of OPEB Plan Investment Expense, Including Inflation |
|---|---|
| Projected Salary Increases | 3.00-7.50% Including Inflation |
| Inflation Rate | 3.00% |
| Real Wage Growth | 5.00% |
| Wage Inflation | 3.50% |
| Municipal Bond Index Rate | 3.50% |
| Discount Rate | 7.10% |
| Single Equivalent Interest Rate | 7.50% Net of OPEB Plan Investment Expense, Including Inflation |
Mortality rates were based on the Pub-2010 (Teachers Benefit-Weighted) Mortality Table projected generationally with MP-2020 with various set-forwards, set-backs, and adjustments for each of the groups, service, retirees, contingent annuitants, disabled retirees, and active members.
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