BOROUGH OF SOMERVILLE
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
Components of Net Pension Liability – The components of the collective net pension liability for PERS, including the State of New Jersey, at June 30, 2020 is as follows:
| State | Local | Total | |
|---|---|---|---|
| Total Pension Liability | $28,272,160,382 | $39,432,792,871 | $67,704,953,253 |
| Plan Fid. Net Position | 6,048,192,857 | 22,997,176,445 | 29,045,369,302 |
| Net PERS Pension Liability | $22,223,967,525 | $16,435,616,426 | $38,659,583,951 |
At December 31, 2020, the Borough’s deferred outflow of resources and deferred inflow of resources related to PERS were from the following sources, if GASB 68 was recognized:
|
Deferred Outflows Of Resources |
Deferred Inflows Of Resources |
|
|---|---|---|
| Difference between expected and actual experience | $85,462 | $16,599 |
| Change in assumptions | 152,265 | 1,965,248 |
| Net difference between projected and actual earnings On pension plan investments |
160,430 | |
| Changes in proportion and differences between Borough Contributions and proportionate share of contributions |
639,608 | 382,092 |
| Borough contributions subsequent to the measurement date |
279,544 | - |
| Total | $1,317,309 | $2,363,939 |
The $279,544 is reflected above as deferred outflows of resources related to pensions resulting from Borough contributions subsequent to the measurement date. Other amounts reported as deferred outflows of resources and deferred inflows of resources (excluding employer specific amounts) related to pensions would be recognized in pension expense as follows if GASB 68 was recognized:
| Year ending | Amount |
|---|---|
| 2021 | ($482,827) |
| 2022 | (476,159) |
| 2023 | (302,823) |
| 2024 | (50,924) |
| 2025 | (13,441) |
| Total | ($1,326,174) |
Additional Information