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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2024
31
Note 10—Other postemployment benefits – VRS Group Life Insurance (GLI) Program (continued)
Since there was a change in proportionate share between measurement dates, a portion of the OPEB expense
above was related to deferred amount from changes in proportion.
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources
Net difference between projected and actual earnings on
OPEB plan investments
-
$
5,456
$
Change of assumptions
2,902
9,406
Change in proportionate share
6,439
12,511
Differences between expected and actual experience
13,559
4,121
Employer contributions subsequent to the measurement date
11,754
-
Total as of June 30, 2024
34,654
$
31,494
$
The $11,754 reported deferred outflows of resources related to OPEB resulting from the Commission’s
contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability in
the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of
resources related to OPEB will be recognized in OPEB expense as follows:
Years Ending June 30,
2025
(2,902)
$
2026
(7,982)
2027
389
2028
1,901
(8,594)
$
Actuarial Assumptions and Other Inputs – The total OPEB liability was determined using the following assumptions
based on an actuarial valuation date of June 30, 2022, applied to all periods included in the measurement and
rolled forward to the measurement date of June 30, 2023:
Inflation
2.50%
Salary increases, including inflation:
Locality – general employees
3.50 – 5.95%
Investment rate of return, net of expense, including
inflation
6.75%
Mortality rates used for the various VRS OPEB plans are the same as those used for the actuarial valuations of
the VRS pension plans. The mortality rates are discussed in detail at Note 9.
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