Institutional Federal Compliance Report 2021

The State recognized net pension liability of $1.3 billion and $199.1 million in governmental activities for its respective proportionate shares of the ERS and PFRS collective net pension liabilities. Pension expense recognized by the State in governmental activities was $1.5 billion for ERS and $183.3 million for PFRS for the year ended March 31, 2019. 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, 2019 (amounts in millions): 108 • Notes to Basic Financial Statements _________________________________________________________________________

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contributions made subsequent to measurement date . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 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, 2020. The remaining cumulative net amounts

459 $

379 $

82 $

53

—00000

1,821

—00000

163

32 854

93

5

37

—00000 —00000

151 160

—00000 —00000

1,497

2,842 $

2,293 $

398 $

253

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

2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

266 $

34 29

187 (954) (447)

(49) (34)

—00000

5

(948) $

(15)

SUNY recognized net pension liability of $175.8 million and $11.2 million for its proportionate shares of the ERS and PFRS net pension liabilities, respec- tively, measured on March 31, 2018. For the year ended June 30, 2018, SUNY recognized pension expense of

$200 million and $10.2 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

63 $

52 $

5 $

3

—00000

249

—00000

9

11 116

40

1 8

3

—00000

—00000

190 $

341 $

14 $

15