Page 123 - 2018 Comprehensive Annual Financial Report - City of Winston-Salem

City of Winston-Salem, North Carolina
Schedule of Changes in Net Pension Liability and Related Ratios
Winston-Salem Police O cers’ Retirement System

Last Five Fiscal Years (1) Exhibit 11

Adjusted
2018 2017 2016 2015 2014
Total pension liability
Service cost $ 2,800,881 $ 2,786,122 $ 2,839,943 $ 2,972,457 $ 2,915,276
Interest 13,818,009 12,280,395 11,744,716 11,314,615 12,240,404
Changes of bene t terms - - - - -
Di erence between expected and actual experience 4,119,005 2,916,465 1,289,927 2,594,276 -
Changes of assumptions 4,612,557 188,562 191,138 175,153 -
Bene t payments, including refunds of employee
contributions (10,937,034) (10,502,703) (9,968,384) (9,429,751) (8,933,487)
Net change in total pension liability 14,413,418 7,668,841 6,097,340 7,626,750 6,222,193
Total pension liability, beginning 176,344,903 168,676,062 162,578,722 154,951,972 148,729,779
Total pension liability, ending (a) 190,758,321 176,344,903 168,676,062 162,578,722 154,951,972

Plan duciary net position
Contributions – employer 4,034,558 4,034,169 4,035,399 4,205,640 34,382,951
Contributions – employee 1,571,265 1,493,643 1,484,341 1,543,565 1,556,227
Net investment income 15,285,822 20,820,215 742,534 5,330,797 20,241,752
Bene t payments, including refunds of
employee contributions (10,937,034) (10,502,703) (9,968,384) (9,429,751) (8,933,487)
Administrative expense (104,951) (95,168) (95,299) (111,694) (94,677)
Other - - -
Net change in plan fiduciary net position 9,849,660 15,750,156 (3,801,409) 1,538,557 47,152,766
Plan fiduciary net position, beginning 149,251,738 133,501,582 137,302,991 135,764,434 88,611,668
Plan fiduciary net position, ending (b) 159,101,398 149,251,738 133,501,582 137,302,991 135,764,434
Net pension liability, ending (a-b) $ 31,656,923 $ 27,093,165 $ 35,174,480 $ 25,275,731 $ 19,187,538

Plan fiduciary net position as a percentage
of the total pension liability 83.4% 84.6% 79.1% 84.5% 87.6%
Covered payroll $ 24,217,617 $ 23,336,940 $ 23,733,206 $ 25,206,604 $ 24,880,178
Net pension liability as a percentage of
covered payroll 130.7% 116.1% 148.2% 100.3% 77.1%

(1) Required supplementary information is intended for 10 years and will be shown when available.

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