Sensitivity of the Collective Net Pension Liability to Changes in the Discount Rate – The following presents the collective net pension liability of the participating employers as of June 30, 2020, calculated using the discount rate as disclosed above as well as what the collective net pension liability would be if it was calculated using a discount rate that is 1-percentage point lower or 1-percentage-point higher than the current rate:
|
At 1% decrease (6.00%) |
At current discount rate (7.00%)* |
At 1% increase (8.00%) |
|
|---|---|---|---|
| State | $ 4,998,864,901 | $ 4,299,009,951 | $ 3,717,851,603 |
| Local | 19,849,370,425 | 14,926,648,722 | 10,837,952,259 |
| PFRS Plan Total | $24,848,235,326 | $19,225,658,673 | $14,555,803,862 |
| Borough’s proportionate share of the net pension liability |
$18,467,930 | $13,373,093 | $9,141,441 |
Components of Net Pension Liability – The components of the net pension liability for PFRS, including the State of New Jersey, at June 30, 2020 is as follows:
| State | Local | Total | |
|---|---|---|---|
| Total Pension Liability | $ 5,717,806,071 | $40,919,980,447 | $46,637,786,518 |
| Plan Fiduciary Net Position | 1,418,796,120 | 25,993,331,725 | 27,412,127,845 |
| Net PFRS Pension Liability | $ 4,299,009,951 | $14,926,648,722 | $19,225,658,673 |
At December 31, 2020, the Borough’s deferred outflow of resources and deferred inflow of resources related to PFRS were from the following sources, if GASB 68 was recognized:
|
Deferred Outflows Of Resources |
Deferred Inflows Of Resources |
|
|---|---|---|
| Difference between expected and actual experience | $134,823 | $47,994 |
| Change in assumptions | 33,653 | 3,585,246 |
| Net difference between projected and actual earnings On pension plan investments |
784,127 | |
| Changes in proportion and differences between Borough Contributions and proportionate share of contributions |
629,429 | 136,306 |
| Borough contributions subsequent to the measurement date |
1,075,134 |
-
|
| Total | $2,657,166 | $3,769,546 |