Page 127 - 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’ Separation Allowance

Last Five Fiscal Years (1) Exhibit 14

2018 2017 2016 2015 2014
Total pension liability
Service cost $ 429,595 $ 418,102 $ 394,050 $ 394,050 $ 370,972
Interest 1,699,044 1,348,120 1,272,982 1,231,261 1,358,844
Changes of bene t terms - - - - -
Di erence between expected and actual
experience 2,267,413 963,257 511,859 720,148 -
Changes of assumptions 885,664 4,156 4,028 3,995 -
Bene t payments, including refunds of
member contributions (1,854,762) (1,648,310) (1,596,792) (1,535,057) (1,451,797)
Net change in total pension liability 3,426,954 1,085,325 586,127 814,397 278,019
Total pension liability, beginning 19,108,051 18,022,726 17,436,599 16,622,202 16,344,183
Total pension liability, ending (a) 22,535,005 19,108,051 18,022,726 17,436,599 16,622,202

Plan duciary net position
Contributions – employer 1,402,746 1,312,250 1,205,933 1,035,697 1,000,073
Contributions – member - - - - -
Net investment income 905,322 1,340,751 39,642 375,053 1,491,827
Bene t payments, including refunds of
member contributions (1,854,762) (1,648,310) (1,596,792) (1,535,057) (1,451,797)
Administrative expense (6,884) (13,820) (4,331) (460) (8,820)
Other - - - - -
Net change in plan fiduciary net position 446,422 990,871 (355,548) (124,767) 1,031,283
Plan fiduciary net position, beginning 9,807,894 8,817,023 9,172,571 9,297,338 8,266,055
Plan fiduciary net position, ending (b) 10,254,316 9,807,894 8,817,023 9,172,571 9,297,338

Net pension liability, ending (a-b) $ 12,280,689 $ 9,300,157 $ 9,205,703 $ 8,264,028 $ 7,324,864

Plan duciary net position as a percentage
of the total pension liability 45.5% 51.3% 48.9% 52.6% 55.9%
Covered payroll $ 27,562,707 $ 26,667,735 $ 26,209,341 $ 26,095,009 $ 24,880,178
Net pension liability as a percentage of
covered payroll 44.6% 34.9% 35.1% 31.7% 29.4%

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

W I N S T O N S AL E M , N O R T H C AR O L I N A 121