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CITY OF SUNNY ISLES BEACH, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS <br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 <br />NOTE 7 — EMPLOYMENT RETIREMENT SYSTEM (CONTINUED) <br />PENSION PLAN— FRS (CONTINUED) <br />Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred <br />Inflows of Resources Related to Pensions (continued) <br />Deferred outflows of resources related to FRS of $794,016 resulting from City <br />contributions subsequent to the measurement date of June 30, 2023 will be recognized as a <br />reduction of the net pension liability in the subsequent fiscal year. Other amounts reported <br />as deferred outflows of resources and deferred inflows of resources related to pensions will <br />be recognized in pension expense (income), as follows: <br />Actuarial Assumptions — The total pension liability in the July 1, 2023 actuarial valuation <br />was determined using the following actuarial assumptions, applied to all periods included in <br />the measurement: <br />Inflation 2.40% <br />Salary increases 3.25%, average, including inflation <br />Investment rate 6.70%, net of pension plan investment <br />of return expense, including inflation <br />Mortality rates were based on the PUB -2010 base table, projected generationally with Scale <br />MP -2018. <br />The most recent experience study for the FRS Pension Plan was completed as of <br />September 30, 2020 for the period July 1, 2013 through June 30, 2018. <br />55 <br />