| OPERS | |||
|---|---|---|---|
| Traditional Plan | OPF | Total | |
| Deferred Outflows of Resources | |||
| Differences between expected and actual experience | $127,043 | $370,073 | $497,115 |
| Changes in assumptions | 0 | 728,537 | 728,537 |
| Net difference between projected and actual earnings on pension plan investments | 1,568,916 | 1,306,329 | 2,875,245 |
| Changes in employer proportionate share of net pension liability | 141,991 | 8,283 | 150,273 |
| Contributions subsequent to the measurement date | 676,406 | 715,364 | 1,391,770 |
| Total Deferred Outflows of Resources | $2,514,355 | $3,128,586 | $5,642,941 |
| Deferred Inflows of Resources | |||
| Differences between expected and actual experience | $0 | $128,924 | $128,924 |
| Changes in assumptions | 0 | 175,061 | 175,061 |
| Changes in employer proportionate share of net pension liability | 33,755 | 171,900 | 205,655 |
| Total Deferred Inflows of Resources | $33,755 | $475,886 | $509,641 |
$1,391,770 reported as deferred outflows of resources related to pension resulting from contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending December 31, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pension will be recognized in pension expense as follows:
| Year Ending | OPERS | ||
|---|---|---|---|
| December 31: | Traditional Plan | OPF | Total |
| 2025 | $457,198 | $508,775 | $965,973 |
| 2026 | 569,210 | 554,866 | 1,124,076 |
| 2027 | 1,001,194 | 876,289 | 1,877,483 |
| 2028 | (223,408) | (55,901) | (279,309) |
| 2029 | 0 | 51,754 | 51,754 |
| Thereafter | 0 | 1,553 | 1,553 |
| Total | $1,804,194 | $1,937,336 | $3,741,530 |
Actuarial Assumptions – OPERS
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and cost trends. Actuarially determined amounts are subject to continual review or modification as actual results are compared with past expectations and new estimates are made about the future.
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employers and plan members) and include the types of benefits provided at the time of each valuation. The total pension liability was determined by an actuarial valuation as of December 31, 2023, using the following key actuarial assumptions and methods applied to all periods included in the measurement in accordance with the requirements of GASB 67: