Bluff County's schedule of changes in net pension liability and related ratios is shown below. (Deductions minus sign. Do not round Intermediate calculations. Round percentage answers to 2 decimal places and other answers to nearest whole dollar.) Required Compute the missing amounts.
Bluff County's schedule of changes in net pension liability and related ratios is shown below. (Deductions minus sign. Do not round Intermediate calculations. Round percentage answers to 2 decimal places and other answers to nearest whole dollar.) Required Compute the missing amounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bluff County's schedule of changes in net pension liability and related ratios is shown below. (Deductions should be Indicated by a
minus sign. Do not round Intermediate calculations. Round percentage answers to 2 decimal places and other answers to nearest
whole dollar.)
Required
Compute the missing amounts
Total pension liability
BLUFF COUNTY EMPLOYEE RETIREMENT SYSTEM
Schedule of Changes in the County's Net Pension Liability and Related Ratios
Last Three Fiscal Years
2023
2022
2021
Service cost
Interest
S
123,425
S
125,840
S
131,950
182,780
173,960
Differences between expected and actual experience
Benefit payments (including refunds of employee contributions)
1.290
(258,000)
(950)
725
(219,960)
Net change in total pension liability
67,205
75,690
Total pension liability, beginning
2,085,715
1,923,350
Total pension liability, ending
Plan fiduciary net position
Contributions-employee
Contributions-employer
Net investment income
Benefit payments (including refunds of employee contributions)
Administrative expenses
Net change in plan fiduciary net position
S
32,740
S
36,440
98,970
102,630
91,750
19,860
(23,510)
(66,300)
(42,980)
(52,330)
(3,590)
(3,310)
(3,040)
82,500
Plan fiduciary net position, beginning
Plan fiduciary net position, ending
1,231,900
1,031,680
1,067,720
Net pension liability, ending
S
921,020
Plan fiduciary net position as a percentage of total pension liability
Covered payroll
%
55.15 %
53.12 %
S
499,810
Net pension liability as a percentage of covered payroll
205.09 %
196.86 %
%
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