2020 Comprehensive Annual Financial Report

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

NOTE 14 – PENSION PLANS (CONTINUED) Public Employees' Retirement Association (Continued) D. Pension Costs (Continued)

At December 31, 2020, the City reported its proportionate share of the Police and Fire Plan's deferred outflows of resources and deferred inflows of resources, from the following sources:

Deferred

Resources Inflows of Deferred

Resources Outflows of

Differences between expected and actual experience

$

295,645 2,390,398

$

4,259,241 395,573

Changes in actuarial assumptions

Net difference between projected and actual earnings on plan

investments

488,850 433,671 237,196

-

Changes in proportion

217,772

Contributions to PEPFF subsequent to the measurement date

-

3,845,760 $

4,872,586 $

The $488,850 reported as deferred outflows of resources related to pensions resulting from City contributions 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 inflows of resources related to pensions will be recognized in pension expense on the following page.

Pension Expense

Year Ending December 31, 2021

Amount

$

(1,703,754) (397,044)

2023 2024 2025 2022

291,277 331,349 (37,504)

Total

$

(1,515,676)

82