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NOTE 8—DEFINED BENEFIT PENSION PLANS—STATE-WIDE (CONTINUED) <br /> At December 31,2015,the City reported its proportionate share of the PEPFF's deferred outflows of <br /> resources and deferred inflows of resources related to pensions from the following sources: <br /> Deferred Deferred <br /> Outflows of Inflows of <br /> Resources Resources <br /> Differences between expected and actual economic $ - $385,103 <br /> experience <br /> Difference between projected and actual investment earnings 413,756 - <br /> Changes in proportion 45,002 - <br /> Contributions paid to PERA subsequent to the measurement <br /> date 174,170 - <br /> Total 632 928 385 103 <br /> $174,170 reported as deferred outflows of resources related to pensions resulting from the City's <br /> contributions subsequent to the measurement date will be recognized as a reduction of the net pension <br /> liability in the year ended December 31, 2016. Other amounts reported as deferred outflows and inflows <br /> of resources related to pensions will be recognized in pension expense as follows: <br /> Year ended December 31: Pension Expense Amount <br /> 2016 $ 35,419 <br /> 2017 35,419 <br /> 2018 35,419 <br /> 2019 35,419 <br /> 2020 (68,021) <br /> D. Actuarial Assumptions <br /> The total pension liability in the June 30,2015,actuarial valuation was determined using the following <br /> actuarial assumptions: <br /> Inflation 2.75%per year <br /> Active Member Payroll Growth 3.50%per year <br /> Investment Rate of Return 7.90% <br /> Salary increases were based on a service-related table. Mortality rates for active members, retirees, <br /> survivors and disabilitants were based on RP-2000 tables for males or females, as appropriate, with <br /> slight adjustments. Cost of living benefit increases for retirees are assumed to be: 1%effective every <br /> January 1St until 2034,then 2.5%for GERF and PEPFF. <br /> Actuarial assumptions used in the June 30, 2015, valuation were based on the results of actuarial <br /> experience studies. The experience study in the GERF was for the period July 1, 2004, through June <br /> 30, 2008,with an update of economic assumptions in 2014. The experience study for PEPFF was for <br /> the period July 1,2004,through June 30,2009. <br /> There were no changes in actuarial assumptions in 2015. <br /> 83 <br />