2021 Annual Comprehensive Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2021

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

D. Pension Costs (Continued)

At December 31, 2021, 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

Resources Inflows of Deferred

Resources Outflows of

Differences between expected and actual experience

$

27,863

$

148,731 103,286

Changes in actuarial assumptions

2,977,704

Net difference between projected and actual earnings on plan

investments Changes in proportion

331,280 - 271,062

4,226,202 -

Contributions to GERF subsequent to the measurement date

-

3,607,909 $

4,478,219 $

The $331,280 reported as deferred outflows of resources 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, 2022. 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, 2022

Amount

$

(51,477)

2023 2024 2025

44,787 (42,913) (1,151,987)

Total

$

(1,201,590)

79