2020 Comprehensive Annual Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2020

Public Employees' Retirement Association (Continued) NOTE 14 – PENSION PLANS (CONTINUED)

D. Pension Costs (Continued)

At December 31, 2020, the City reported its proportionate share of the General Employees Plan's deferred outflows of resources and deferred inflows of resources, related to pensions from the following sources:

Deferred

Deferred Inflows of Resources

Outflows of Resources

Differences between expected and actual experience

$

304,478 158,390 297,525 58,847 3,003

$

32,365 242,920

Changes in actuarial assumptions

Net difference between projected and actual earnings on plan

investments Changes in proportion

- - -

Contributions to GERF subsequent to the measurement date

$

822,243

$

275,285

The $304,478 reported as deferred outflows of resoureces related to pensions resulting from City contributions to General Employees Fund subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2021. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Pension Expense

Year Ending December 31, 2021

Amount

$

(216,221) 100,971 197,235 160,495

2022 2023 2024

Total

$

242,480

80