Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
At June 30, 2015, the University reported a liability for its proportionate share of the net pension liability that reflected a reduction for State pension support provided to the University. 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 is as follows:
University proportionate share of the net pension liability $ 64,987,214
State's proportionate share of the net pension liability associated with the University 7,374,016
Total 72,361,230
The net pension liability was measured as of June 30, 2014, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The University's proportion of the net pension liability was based on a projection of the University's long-term share of contributions to the pension plan relative to the projected contributions of all participating Universities and the State, actuarially determined. At June 30, 2015, the University's proportion was 0.34 percent.
For the year ended June 30, 2015, the University recognized pension expense of $3,184,443. At June 30, 2015, 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
Differences between expected and actual experience --
Changes of assumptions - 879,356
Net difference between projected and actual earnings on pension plan investments - 3,918,049
Changes in proportion and differences between University contributions and proportionate share of contributions - -
University contributions subsequent to the measurement date 2,436,799 -
Total 2,436,799 4,797,405