VILLAGE OF GRAFTON NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2016 NOTE IV - OTHER INFORMATION (cont.) A. EMPLOYEES' RETIREMENT SYSTEM (cont.) At December 31, 2016, the village reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual experience $ 107,701 $ 1,339,797 Changes in assumptions 445,421 - Net differences between projected and actual earnings on pension plan investments 2,606,585 - Changes in proportion and differences between employer contributions and proportionate share of contributions 18,463 - Employer contributions subsequent to the measurement date 387,053 - Totals $ 3,565,223 $ 1,339,797 $387,053 reported as deferred outflows related to pension resulting from the WRS Employer’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability (asset) in the year ended December 31, 2017. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pension will be recognized in pension expense as follows: Year Ended December 31: Deferred Outflows of Resources Deferred Inflows of Resources 2017 $ 825,141 $ 324,233 2018 825,141 324,233 2019 825,141 324,233 2020 688,081 324,233 2021 14,667 42,865 82