NOTES TO FINANCIAL STATEMENTS NOTE 6. PENSION BENEFIT PLANS (CONTINUED) Net Pension Liability (Asset). The Authority’s net pension liability (asset) for the years ended June 30, 2020 and 2019, are as follows: Total pension liability 2020 $ Plan net position Net pension liability (asset) Plan net position as a percentage of the total pension liability $ 309,577 $ 293,735 15,842 $ 94.9% 2019 279,603 289,023 (9,420) 103.4% The Authority’s changes in the net pension liability (asset) by source for the fiscal year ended June 30, 2020, is reflected below: Total Pension Liability (a) Beginning Balance Changes for the year: Service cost Interest Experience changes Assumption changes Amortization of assumption changes Contributions – employer Contributions – employee Net investment income (loss) Benefit payments, including refunds of employee contributions Administrative expense Net changes Ending Balance $ $ 279,603 $ 4,152 21,739 6,375 8,408 - - - - (10,700) - 29,974 309,577 $ Plan Fiduciary Net Position (b) 289,023 $ - - - - - 10,172 784 5,308 (10,700) (852) 4,712 293,735 $ Net Pension Liability (Asset) (a) – (b) (9,420) 4,152 21,739 6,375 8,408 - (10,172) (784) (5,308) - 852 25,262 15,842 37
