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NOTE 8 — DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) $247,807 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 as follows: Year ended December 31: Pension Expense Amount 2021 $ (126,409) 2022 (678,548) 2023 172,930 2024 178,864 2025 13,951 Total $ (439.212) E. Actuarial Assumptions The total pension liability in the June 30, 2020, actuarial valuation was deteiniined using an individual entry -age noinial actuarial cost method and the following actuarial assumptions: GERF PEPFF Inflation 2.25% per year 2.50% per year Active member payroll growth 3.00% per year 3.25% per year Investment rate of return 7.50% 7.50% Salary increases were based on a service -related table. Mortality rates for active members, retirees, survivors and disabilitants for all plans were based on Pub-2020 General Employee Mortality table for the GERF Plan and RP-2014 tables for the PEPFF Plan for males or females, as appropriate, with slight adjustments to fit PERA's experience. Cost of living benefit increases after retirement for retirees are assumed to be 1.25 percent per year for GERF and 1 percent per year for PEPFF. Actuarial assumptions used in the June 30, 2020, valuation were based on the results of actuarial experience studies. The most recent four-year experience study for the GERF was completed in 2019. The assumption changes were adopted by the Board and become effective with the July 1, 2020 actuarial valuation. The most recent four-year experience study for PEPFF were completed in 2020. The recommended assumptions for those plans were adopted by the Board and will be effective with the July 1, 2021 actuarial valuations if approved by the Legislature. The following changes in actuarial assumptions occurred in 2020: 1. GERF: • The price inflation assumption was decreased from 2.50% to 2.25%. • The payroll growth assumption was decreased from 3.25% to 3.00% 84