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NOTE 8 — DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) At December 31, 2015, the City reported its proportionate share of the GERF's deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual economic experience $ - $132,734 Difference between projected and actual investment earnings 249,227 - Changes in proportion 42,277 Contributions paid to PERA subsequent to the measurement date 124,940 Total $374,168 $175,012 $124,940 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, 2016. 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 2016 $ 3,969 2017 3,969 2018 3,969 2019 62,309 2. PEPFF Pension Costs At December 31, 2015, the City reported a liability of $2,374,729 for its proportionate share of the PEPFF's net pension liability. The net pension liability was measured as ofJune 30, 2015, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City's proportion of the net pension liability was based on the City's contributions received by PERA during the measurement period for employer payroll paid dates from July 1, 2014, through June 30, 2015, relative to the total employer contributions received from all of PERA's participating employers. At June 30, 2015, the City of Ramsey's proportion was 0.209 % which was an increase of 0.005 % from its proportion measured as ofJune 30, 2014. For the year ended December 31, 2015, the City recognized pension expense of $418,425 for its proportionate share of the PEPFF's pension expense. The City also recognized $18,810 for the year ended December 31, 2015, as revenue for its proportionate share of the State of Minnesota's on -behalf contributions to the PEPFF. Legislation passed in 2013 required the State of Minnesota to begin contributing $9 million to the PEPFF each year, starting in fiscal year 2014. 82