The following table represents the aggregate pension amounts for all plans subject to the requirements of GASB 68 for the University as an employer for the fiscal year 2017, expressed in thousands. Aggregate Pension Amounts – All Plans Pension liabilities Pension Assets
Deferred outflows of resources related to pensions Deferred inflows of resources related to pensions Pension expense/expenditures
University’s Share of Pension Liabilities/(Assets) For Year Ended June 30, 2017 University Percent
University’s Share of Net Liability/(Assets)
PERS Plan 1 PERS Plan 2/3 LEOFF Plan 2 TRS Plan 1 TRS Plan 2/3
Source: University Audited 2017 Financial Statements Other Post Employment Benefit Obligations
[PFM to update with 2017 financial statements.]The CWURP has a supplemental payment component, which guarantees a minimum retirement benefit to eligible retirees based upon a one-time calculation at the employee’s retirement date. While the University will continue making supplemental payments required for qualifying retirees, this feature of the CWURP no longer applies for new employees hired after June 30, 2011. The University received an actuarial evaluation of the supplemental component of the CWURP for fiscal year 2015. The previous evaluation was performed in 2013. The Unfunded Actuarial accrued Liability (“UAL”) calculated as of June 30, 2015 and 2013, was $6,811,000 and $7,657,000, respectively, and is amortized over an 11 year period. The Annual Required Contribution (“ARC”) of $855,000 consists of amortization of the UAL ($737,000) and normal cost (or current cost) ($118,000). The UAL and ARC were established using the entry age normal cost method. The actuarial assumptions included an investment rate of return of 4.25 percent and projected salary increases ranging from 2 percent to 4 percent. Approximately $11,640,657 and $13,399,251 of CWU’s payroll were covered under this plan during 2015 and 2013, respectively. The following table reflects the activity in the Net Pension Obligation (NPO) for the year ended June 30, 2015. Net Pension Obligation Balance as of June 30, 2012
Annual required contribution fiscal year 2013 Payments to beneficiaries fiscal year 2013 Balance as of June 30, 2013 Annual required contribution fiscal year 2014 Payments to beneficiaries fiscal year 2014 Balance as of June 30, 2014 Annual required contribution fiscal year 2015 Payments to beneficiaries fiscal year 2015 Balance as of June 30, 2015
CWU reported the NPO balance as a long-term liability .
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