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Commencing July 1, 2011, all Group I employees are responsible to accrue contributions at 7.00%<br />
of covered payroll.<br />
In terms of the employer share of contributions made to the Pension Plan, the pension contribution<br />
rate for Group I employees was 12.50% of covered payroll for the two-year period ended June 30,<br />
2017. Effective July 1, 2017, the contribution rate decreased to 12.15% and will remain fixed<br />
through June 30, <strong>2019</strong>.<br />
For the years ended June 30, 2018 and 2017, CCSNH contributions to the Pension Plan were<br />
$4,874,343 and $5,080,526, respectively.<br />
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of<br />
Resources Related to Pensions<br />
At June 30, 2018 and 2017, respectively, CCSNH reported a liability of $62,952,418 and<br />
$72,213,216 for its proportionate share of the net pension liability. The 2018 net pension liability is<br />
based on an actuarial valuation performed as of June 30, 2016 and a measurement date of June<br />
30, 2017. The net pension liability was rolled forward from June 30, 2016 to June 30, 2017.<br />
CCSNH's proportion of the net pension liability was based on a projection of CCSNH’s long-term<br />
share of contributions to the Pension Plan relative to the projected contributions of all participating<br />
employers, as actuarially determined. At June 30, 2018 and 2017, CCSNH's proportion of the net<br />
pension liability was 1.2800% and 1.3580%, respectively.<br />
During the years ended June 30, 2018 and 2017, CCSNH recognized pension expense of<br />
$5,332,383 and $6,913,814, respectively.<br />
At June 30, 2018, CCSNH reported deferred outflows of resources and deferred inflows of<br />
resources related to pensions from the following sources:<br />
Deferred<br />
Outflows of<br />
Resources<br />
Deferred<br />
Inflows of<br />
Resources<br />
Differences between expected and actual experience $ 142,739 $ 801,203<br />
Changes in assumptions 6,321,254 -<br />
Net difference between projected and actual investment<br />
earnings on pension plan investments - 801,731<br />
Changes in proportion and differences between employer<br />
contributions and share of contributions 847,299 7,432,011<br />
Contributions subsequent to the measurement date 4,874,343 -<br />
Balances as of June 30, 2018 $ 12,185,635 $ 9,034,945<br />
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