Laserfiche WebLink
City of Elk River <br />Notes to Basic Financial Statements <br />NOTE 11 — PENSION PLANS (CONTINUED) <br />Defined Benefit Pension Plan — Volunteer Firefighter's Relief Association (Continued) <br />F. Changes in the Net Pension Liability (Continued) <br />City's proportionate share of <br />the Plan net pension liability (asset) <br />1% Decrease in Current 1% Increase in <br />Discount Rate Discount Rate Discount Rate <br />(4.00%) (5.00%) (6.00%) <br />$ (910,879) $ (994,423) $ (1,074,919) <br />Detailed information about the pension plan's fiduciary net position is available in the separately issued <br />relief association financial report. <br />G. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources <br />Related to Pensions <br />For the year ended December 31, 2021, the City recognized pension expense of ($379,901). At <br />December 31, 2021, the City reported deferred outflows of resources and deferred inflows of resources <br />related to pensions from the following sources: <br />Differences between expected and actual liability <br />Changes in actuarial assumptions <br />Net collective difference between projected <br />and actual investment earnings <br />Contributions paid to the plan subsequent <br />to the measurement date <br />Total <br />Deferred <br />Deferred <br />Outflows of <br />Inflows of <br />Resources <br />Resources <br />$ - $ 205,969 <br />131,305 - <br />214,712 <br />247,909 - <br />$ 379,214 $ 420,681 <br />The $247,909 reported as deferred outflows of resources related to pensions resulting from contributions <br />subsequent to the measurement date will be recognized as a reduction of the net pension liability in the <br />year ended December 31, 2022. Other amounts reported as deferred outflows and inflows of resources <br />related to pensions will be recognized in pension expense as shown on the following page: <br />