Institutional Federal Compliance Report 2021

activities was $2.2 billion for ERS and $238.8 million for PFRS for the year ended March 31, 2018. The State reported the following deferred outflows of resources and deferred inflows of resources in gov- ernmental activities for ERS and PFRS at March 31, 2018 (amounts in millions): ____________________________________________________________________________________________ STATE OF NEW YORK • 105 ERS PFRS Deferred Deferred Deferred Deferred Outflows of Inflows of Outflows of Inflows of Resources Resources Resources Resources Difference between expected and actual experience . . . . . . . . . $ 95 $ 574 $ 54 $ 72 Net difference between projected and actual investment earnings on pension plan investments . . . . . . . . . . . . . . . . . . . 755 —00000 62 —00000 Changes in proportion and differences between employer contributions and proportionate share of contributions . . . . . . 50 49 7 29 Changes in assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,292 —00000 205 —00000 Contributions made subsequent to measurement date . . . . . . . . 1,525 —00000 158 —00000 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,717 $ 623 $ 486 $ 101

The amounts of deferred outflows of resources resulting from contributions made subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended March 31, 2019. The remaining cumulative net amounts

reported as deferred outflows of resources and deferred inflows of resources related to pensions for the gov- ernmental activities will be recognized in future pension expense as follows (amounts in millions):

Fiscal Year

ERS

PFRS

2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

720 $

77 77 72

720 640

(511)

(7)

—00000

8

1,569 $

227

SUNY recognized net pension liability of $510.4 million and $21.8 million for its proportionate shares of the ERS and PFRS net pension liabilities, respec- tively, measured on March 31, 2017. For the year ended June 30, 2017, SUNY recognized pension expense of

$282.6 million and $12.5 million for ERS and PFRS, respectively. Deferred outflows of resources and deferred inflows of resources related to ERS and PFRS are from the following sources (amounts in millions):

SUNY

ERS

PFRS

Deferred Outflows of Resources

Deferred Inflows of Resources

Deferred Outflows of Resources

Deferred Inflows of Resources

Difference between expected and actual experience . . . . . . . . . $ Net difference between projected and actual investment earnings on pension plan investments . . . . . . . . . . . . . . . . . . . Changes in proportion and differences between employer contributions and proportionate share of contributions . . . . . . Changes in assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

13 $

77 $

3 $

4

102

—00000

3

—00000

6

35

—00000

2

175

—00000

11

—00000

296 $

112 $

17 $

6

Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions

for SUNY ERS and SUNY PFRS will be recognized in future pension expense as follows (amounts in millions): SUNY

Fiscal Year

ERS

PFRS

2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

87 $

4 4 3

87 81

(71)

—00000

184 $

11