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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2024
26
Note 8—Defined benefit pension plan (continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
Pensions – For the year ended June 30, 2024, the Commission recognized pension expense of $124,114. At
June 30, 2024, the Commission reported deferred outflows of resources and deferred inflows of resources related
to pensions from the following sources:
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources
Net difference between projected and actual earnings on
pension plan investments
-
$
150,548
$
Change of assumptions
-
-
Differences between expected and actual experience
230,835
13,101
Employer contributions subsequent to the measurement date
98,602
-
Total as of June 30, 2024
329,437
$
163,649
$
The $98,602 reported as deferred outflows of resources related to pensions resulting from the Commission’s
contributions subsequent to the measurement date will be recognized as a reduction of the net pension asset in
the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of
resources related to pensions will be recognized in pension expense as follows:
Years Ending June 30,
2023
92,530
$
2024
(166,982)
2025
136,757
Thereafter
4,881
67,186
$
Pension Plan Data – Information about the VRS Political Subdivision Retirement Plans is also available in the
separately issued VRS 2024 Annual Comprehensive Financial Report (“Annual Report”). A copy of the 2023
VRS Annual Report may be downloaded from the VRS website at http://www.varetire.org/pdf/publications/2023-
annual-report.pdf or by writing to the System’s Chief Financial Officer at P.O. Box 2500, Richmond, VA,
23218 2500.
Note 9—Other postemployment benefits, healthcare
Plan Description – In addition to providing the pension benefits described in Note 9, the Commission provides
OPEB for retired employees through a single-employer, defined benefit plan (“Plan”). The benefits, benefit levels,
employee contributions, and employer contributions are governed by the Commission and can be amended by
the Commission through its personnel manual and employment contracts. The Plan does not issue a publicly
available report.
Benefits Provided – The Commission provides postemployment healthcare benefits to its retirees. Employees
hired prior to July 1, 2010 are eligible to retire and receive postretirement medical benefits at the earlier of age 55
with at least five years of service or age 50 with 30 years of service. Employees hired on or after July 1, 2010 are
eligible to retire and receive postretirement medical benefits at the earlier of age 60 with at least five years of
service or when the employees’ age plus service is greater than or equal to 90.
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