BOROUGH OF SOMERVILLE

In addition, each local participating employer must recognize pension expense associated with the employers as well as revenue in an amount equal to the nonemployer contributing entities’ total proportionate share of the collective pension expense associated with the local participating employer.

At June 30, 2022, the PFRS reported a net pension liability of $13,483,472,009 for its Non-State, Non-Special Funding Situation Employer Member Group. The Borough’s proportionate share of the net pension liability for the Non-State Non-Special Funding Situation Employer Member Group was $12,218,618, or 0.1067468000% which was a decrease of 0.0002205250% from its proportion, measured as of June 30, 2021. Then pension liability for the June 30, 2022 measurement date was determined by an actuarial valuation as of July 1, 2021, which was rolled forward to June 30, 2022.

At December 31, 2022, 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:

The $1,431,169 is reflected above as deferred outflows of resources related to pensions resulting from Borough contributions subsequent to the measurement date. 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: