RVCC 2019 NECHE Self-Study

Amounts reported as deferred outflows related to pensions resulting from CCSNH contributions
subsequent to the measurement date will be recognized as a reduction of the net pension liability
in the year ending June 30, 2019. Other amounts reported as deferred outflows of resources and
deferred inflows of resources related to pensions will be recognized in pension expense as follows:
Year ending June 30,
2019 $ (524,712)
2020 677,355
2021 (186,234)
2022 (1,690,062)
$ (1,723,653)
At June 30, 2017, CCSNH reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience $ 200,680 $ 911,873
Changes in assumptions 8,887,151 -
Net difference between projected and actual investment
earnings on pension plan investments 4,518,030 -
Changes in proportion and differences between employer
contributions and share of contributions 1,374,359 6,279,344
Contributions subsequent to the measurement date 5,080,526 -
Balances as of June 30, 2017 $ 20,060,746 $ 7,191,217
The total pension liability was determined by a roll-forward of the actuarial valuations as of June 30,
2017 and 2016 using the following actuarial assumptions, which, accordingly, apply to 2018 and
2017 measurements:
Inflation 2.5%
Salary increases
5.60% average, including inflation
Investment rate of return 7.25%, net of investment expense, including inflation
Mortality rates were based on the RP-2014 employee generational mortality tables for males and
females, adjusted for mortality improvements using Scale MP-2015, based on the last experience
study.
The actuarial assumptions used in the June 30, 2017 and 2016 valuations were based on the results
of the most recent actuarial experience study, which was for the period of July 1, 2010 to June 30,
2015.
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