{"response":{"docs":[{"id":"dlg_ggpd_1484862329-2023-06-09","title":"Annual financial audit, 2022 June 30, Sheriffs' Retirement Fund of Georgia, a component unit of the State of Georgia.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2023-06-09"],"dcterms_description":["Began with fiscal year ended June 30, 2019 or June 30, 2020?","Report year covers fiscal year.","June 30, 2021; title from PDF cover (Georgia Government Publications database, viewed January 16, 2025).","June 30, 2022 (Georgia Government Publications database, viewed January 16, 2025)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Sheriffs' Retirement Fund of Georgia--Finance--Periodicals.","Sheriffs--Pensions--Georgia--Auditing--Periodicals.","Sheriffs--Pensions--Georgia--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial audit, 2022 June 30, Sheriffs' Retirement Fund of Georgia, a component unit of the State of Georgia."],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_1484862329-2023-06-09"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1484862329-2023-06-09"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL AUDIT JUNE 30, 2022 \nSheriffs' Retirement Fund of Georgia \nA Component Unit of the State of Georgia \nSchedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer \nGreg S. Griffin | State Auditor Kristina A. Turner | Deputy State Auditor \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT \nMembers of the Board of Commissioners of the Sheriffs' Retirement Fund of Georgia \nand Mr. J. Terry Norris, Secretary-Treasurer Sheriff's Retirement Fund of Georgia \nOpinions \nWe have audited the schedule of employer and nonemployer allocations of the Sheriffs' Retirement Fund of Georgia (Fund), a component unit of the State of Georgia, as of and for the year ended June 30, 2022, and the related notes. We have also audited the total for all entities of the columns titled net pension liability, total deferred outflows of resources, total deferred inflows of resources, and total employer pension expense (specified column totals) included in the accompanying schedule of pension amounts by employer and nonemployer of the Fund as of and for the year ended June 30, 2022, and the related notes. \nIn our opinion, the Schedules referred to above present fairly, in all material respects, the employer and nonemployer allocations and net pension liability, total deferred outflows of resources, total deferred inflows of resources and total employer pension expense of the Fund as of and for the year ended June 30, 2022 in accordance with accounting principles generally accepted in the United States of America. \nBasis for Opinions \nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Schedules section of our report. \nWe are required to be independent of the Fund, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \nResponsibilities of Management for the Schedules \nManagement is responsible for the preparation and fair presentation of the schedule of employer and nonemployer allocations and the schedule of pension amounts by employer and nonemployer (collectively, the Schedules) in accordance with accounting principles generally accepted in the United States of America and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the Schedules that are free from material misstatement, whether due to fraud or error. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Auditor's Responsibilities for the Audit of the Schedules Our objectives are to obtain reasonable assurance about whether the Schedules are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the Schedules. \nIn performing an audit in accordance with GAAS, we: \n Exercise professional judgment and maintain professional skepticism throughout the audit. \n Identify and assess the risks of material misstatement of the Schedules, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the Schedules. \n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed. \n Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the Schedules. \n We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. \nOther Matter \nWe have audited, in accordance with the auditing standards generally accepted in the United States of America, the financial statements of the Fund as of and for the year ended June 30, 2022. Our report thereon, dated June 9, 2023, expressed an unmodified opinion on those financial statements. \n \n Restriction on Use Our report is intended solely for the information and use of the Fund's management, the Board of Commissioners, the Fund employers, nonemployer contributing entities, and their auditors and is not intended to be and should not be used by anyone other than these specified parties. Respectfully submitted, \nGreg S. Griffin State Auditor \nJune 9, 2023 \n \n  \n    \"       # $ \n\n%%\u0026 \n   \n' %%( ) \n \n \n\n     # /      \n  \n* \n  \n \n \n   \n\n  \n     \n   \n \n* *+'#+,#\"\u0026  .     $ \n*     \n \n!  !  \n \n   \n \n '( \n) '  '*  \n '  \n  \n '( \n \n'34(3( %    \n\"\n  \n\u0026 \n  \n\n \n \n \n    %  9 \n'( \n\u0026 \n' \n  \"     \n: 71/6166 \n \n \n  !\n\"\n\n \n \n     \n \n \n   \n \n   \n \n  \n \n  \n       \n \n  \n \n  \n \n  \n \n\n   #  \n \n  \n \n        \n         \n  \n \n    \n  \n  $% \u0026 \n \n+ ,-./,01 + ,-./,01 + 56/-.2/6.5 \n \n6-/,,./,.7 5/87./158 \n \n77/686/-,0 6/.0,/201 \n \n% 01/21.\u0026 % 01/21.\u0026 % 0/57,/180\u0026 \n \n+ 56/-.2/6.5 6-/,,./,.7 5/87./158 77/686/-,0 6/.0,/201 \n \n% 0/57,/180\u0026 \n \n, \n \n SHERIFF'S RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \nNotes to Schedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer \nJune 30, 2022 \nNote 1: Plan Description The Sheriffs' Retirement Fund of Georgia (the Retirement Fund) was created in 1963 by the General Assembly of Georgia to provide retirement benefits to sheriffs of the State of Georgia. The Retirement Fund administers a cost-sharing, multiple-employer defined benefit pension plan as defined in Governmental Accounting Standards Board (GASB) Statement No. 67, Financial Reporting for Pension Plans  an amendment of GASB Statement No. 25. \nEach county in the state of Georgia has a sheriff who is eligible to be a member of the Retirement Fund. The counties, as the employers of the members of the Retirement Fund, do not make contributions to the Retirement Fund. The State of Georgia provides nonemployer contributions to the Retirement Fund through the collection of court fines and forfeitures. These nonemployer contributions are recognized as revenue by the Retirement Fund when collected from the courts. \n \nNote 2: Basis of Presentation The Schedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer (the schedules) are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. \n \nNote 3: Components of Collective Net Pension Liability The components of the collective net pension liability of the participating employers and nonemployers at June 30, 2022 were as follows: \n \nTotal pension liability Plan fiduciary net position \nNet pension liability \n \n$ 169,173,012 96,603,745 \n$ 72,569,267 \n \nPlan fiduciary net position as a percentage of total pension liability \n \n57.10% \n \nActuarial Assumptions The collective total pension liability was determined by an actuarial valuation as of June 30, 2022, using the following actuarial assumptions, applied to all periods included in the measurement: \n \nInflation Salary increases Investment rate of return \nDiscount Rate \n \n2.50% N/A 6.00%, net of pension plan investment expense, including inflation 4.32% \n \n6 \n \n SHERIFF'S RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \n \nNotes to Schedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer \n \nJune 30, 2022 \n \nMortality rates were based on the PUB-2010 Public Safety Headcount Weighted Below Median Mortality Table projected generationally with the MP-2021 scale for both males and females while in active service. The PUB-2010 Healthy Retiree Below Median Mortality Table projected generationally with the MP-2021 scale was used for service retirements and the PUB-2010 Contingent Survivor Below Median Mortality Table projected generationally with the MP-2021 scale was used for beneficiaries. \n \nThe actuarial assumptions used in the June 30, 2022 valuation were based on the results of the actuarial experience study for the six-year period ending June 30, 2021. \n \nThe long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. \n \nThe target asset allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \n \nTarget Allocation \n \nLong-Term Expected Rate of Return* \n \nDomestic Fixed Income Domestic Large Cap Equities Domestic Mid Cap Equities Domestic Small Cap Equities Global Equities International Equities Core Real Estate Investment Trusts Total \n \n25% 40% 3.5% 3.5% 10% 15% \n3% 100% \n \n2.04% 5.94% 7.50% 7.50% 6.78% 8.02% 6.44% \n \n* Rates shown are net of the 2.50% assumed rate of inflation. \nDiscount Rate The discount rate used to measure the Total Pension Liability was 4.32 percent. The projection of cash flows used to determine the discount rate assumed that plan member contributions (dues) will be made at the current contribution rate ($45 per month) and that Employer contributions (from fines and fee revenues) will continue to be made at rates as summarized in Schedule B. Employer \n \n7 \n \n SHERIFF'S RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \n \nNotes to Schedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer \n \nJune 30, 2022 \n \ncontributions for the fiscal year ending June 30, 2022 were approximately $1.75 million and we have assumed this contribution amount will continue over the projection period. Projected future benefit payments for all current plan members were projected through the year 2115. \n \nBased on those assumptions, the Retirement Fund's Fiduciary Net Position was projected to be depleted during the fiscal year ending June 30 2042. Therefore, based on the GASB No. 67 provisions, the long-term expected rate of return on pension plan investments of 6.00 percent was applied to all periods of projected benefit payments through 2041 and a municipal bond index rate of 3.37 percent was applied to all periods of projected benefit payments on or after 2042. The Single Equivalent Interest Rate (SEIR) that discounts the entire projected benefit stream to the same amount as the sum of the present values of the two separate benefit payment streams was determined to be 4.32 percent. Therefore, the discount rate used to measure the Total Pension Liability was 4.32 percent. \nSensitivity of the Collective Net Pension Liability to Changes in the Discount Rate The following table presents the collective net pension liability of the Retirement Fund, calculated using the discount rate of 4.32%, as well as what the Retirement Fund's net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (3.32%) or 1-percentagepoint higher (5.32%) than the current rate: \n \nCollective net pension liability \n \n1% \n \nCurrent \n \nDecrease \n \nDiscount Rate \n \n(3.32%) \n \n(4.32%) \n \n$ 95,426,246 $ 72,569,267 $ \n \n1% Increase (5.32%) 53,635,963 \n \nNote 4: Special Funding Situation The State of Georgia, although not the employer of the Retirement Fund's members, makes contributions to the Retirement Fund through the collection of court fines and forfeitures as specified by O.C.G.A. 47-16-60 and 47-16-61. The State makes all these contributions to the Retirement Fund on behalf of the employers. Therefore, these employers are considered to be in a special funding situation as defined by GASB Statement No. 68, Accounting and Financial Reporting for Pensions  an amendment of GASB Statement No. 27. \nSince the employers of the Retirement Fund's members do not contribute directly to the Retirement Fund, there is no net pension liability to recognize for each employer. However, the notes to each employer's financial statements must disclose the portion of the nonemployer contributing entity's share of the collective net pension liability that is associated with that employer. In addition, each employer must recognize its portion of the collective pension expense of the State as well as recognize revenue contributions from the State in an equal amount. \n \n8 \n \n SHERIFF'S RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \nNotes to Schedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer \nJune 30, 2022 \nNote 5: Allocation Methodology GASB Statement No. 68 requires participating employers and nonemployer contributing entities to recognize their proportionate share of collective net pension liability and pension expense. These schedules are prepared to provide employers and nonemployer contributing entities with their calculated proportionate share. \nAs discussed in Note 4, the counties, as employers of the Retirement Fund's members, do not make contributions to the Retirement Fund; therefore, the proportionate share allocation for each employer is 0%. The proportionate share attributable to the State of Georgia, as the nonemployer contributing entity, is therefore 100%. \nThe amounts attributable to the State of Georgia, as the nonemployer contributing entity, have been allocated evenly to each county. Because there are 159 counties, each county's proportionate share allocation percentage is 0.6289308% (1 divided by 159). \n \nNote 6: Collective Deferred Inflows and Outflows of Resources The following presents a summary of changes in the collective deferred outflows of resources and deferred inflows of resources for the year ended June 30, 2022: \n \nDeferred inflows of resources Difference between expected \nand actual experience \n \nYear of deferral \n2021 2022 \n \nBeginning of year \n \nAmortization balance as previously \n \nperiod \n \nreported \n \n1.67 years $ \n \n2,565,479 \n \n2.59 years \n \n- \n \nCurrent Year \n \nAdditions - \n4,259,508 \n \nDeductions 2,565,479 1,644,598 \n \nEnd of year balance 2,614,910 \n \nChange of assumptions \n \n2021 \n \n1.67 years \n \n17,173,419 \n \n- \n \n17,173,419 \n \n- \n \nTotal deferred inflows of resources \n \n$ \n \n19,738,898 \n \n4,259,508 \n \n21,383,496 \n \n2,614,910 \n \nDeferred outflows of resources Change of assumptions \n \n2022 \n \n2.59 years $ \n \n- \n \n41,450,528 \n \n16,004,065 25,446,463 \n \nDifference between projected and actual investment earnings (1) \nNet difference between projected and actual investment earnings (1) \n \n2018 2019 2020 2021 2022 \n \n5 years 5 years 5 years 5 years 5 years \n \n(235,684) (157,880) 2,053,896 (20,942,452) \n- \n(19,282,120) \n \n27,815,742 \n27,815,742 \n \n(235,684) (78,939) 684,632 \n(5,235,613) 5,563,148 \n \n(78,941) 1,369,264 (15,706,839) 22,252,594 \n \n697,544 \n \n7,836,078 \n \nTotal deferred inflows of resources \n \n$ \n \n(19,282,120) \n \n69,266,270 \n \n16,701,609 33,282,541 \n \n(1) In accordance with paragraph 71b of GASB Statement No. 68, collective deferred outflows of resources and deferred inflows of resources arising from differences between projected and actual pension plan investment earnings in different measurement periods have been aggregated and included as a net collective deferred inflow of resources related to pensions. \n \n9 \n \n SHERIFF'S RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \nNotes to Schedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer \nJune 30, 2022 \nAmounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \n \nYear Ended June 30, 2023 2024 2025 2026 \n \n$ 15,292,694 9,484,252 327,535 5,563,150 \n \nTotal \n \n$ 30,667,631 \n \nChanges in Proportion The amounts shown in the two preceding tables do not include employer- or nonemployer-specific deferred outflows of resources and deferred inflows of resources related to changes in proportion. Based on the allocation methodology discussed in Note 5, there were no changes in proportion for the year ended June 30, 2022. \n \nNote 7: Collective Pension Expense The components of collective pension expense for the year ended June 30, 2022, are shown in the following table: \n \nService cost \n \n$ \n \nInterest of the total pension liability and net cash flow \n \nProjected earnings on plan investments \n \nMember contributions \n \nAdministrative expense \n \nRecognition (amortization) of deferred inflows and outflows of resources \n \nChanges of assumptions \n \nDifference between expected and actual experience \n \nDifference between projected and actual investment earnings \n \nCollective pension expense \n \n$ \n \n2,389,156 8,109,983 (7,746,064) \n(97,920) 292,651 \n(1,169,354) (4,210,077) \n697,544 (1,734,081) \n \n10 \n \n "},{"id":"dlg_ggpd_1484862329-2022-04-29","title":"Annual financial audit, 2021 June 30, Sheriffs' Retirement Fund of Georgia, a component unit of the State of Georgia.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2022-04-29"],"dcterms_description":["Began with fiscal year ended June 30, 2019 or June 30, 2020?","Report year covers fiscal year.","June 30, 2021; title from PDF cover (Georgia Government Publications database, viewed January 16, 2025).","June 30, 2022 (Georgia Government Publications database, viewed January 16, 2025)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits \u0026 Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Sheriffs' Retirement Fund of Georgia--Finance--Periodicals.","Sheriffs--Pensions--Georgia--Auditing--Periodicals.","Sheriffs--Pensions--Georgia--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Annual financial audit, 2021 June 30, Sheriffs' Retirement Fund of Georgia, a component unit of the State of Georgia."],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_1484862329-2022-04-29"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1484862329-2022-04-29"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"ANNUAL FINANCIAL AUDIT JUNE 30, 2021 \nSheriffs' Retirement Fund of Georgia \nA Component Unit of the State of Georgia \nSchedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer \nGreg S. Griffin | State Auditor Kristina A. Turner | Deputy State Auditor \n \n Greg S. Griffin State Auditor \nINDEPENDENT AUDITOR'S REPORT \nMembers of the Board of Commissioners of the Sheriffs' Retirement Fund of Georgia \nand Mr. J. Terry Norris, Secretary-Treasurer \nWe have audited the accompanying schedule of employer and nonemployer allocations of the Sheriffs' Retirement Fund of Georgia (Fund), a component unit of the State of Georgia, as of and for the year ended June 30, 2021, and the related notes. We have also audited the total for all entities of the columns titled net pension liability, total deferred outflows of resources, total deferred inflows of resources, and total employer pension expense (specified column totals) included in the accompanying schedule of pension amounts by employer and nonemployer of the Fund as of and for the year ended June 30, 2021, and the related notes. \nManagement's Responsibility for the Schedules \nManagement is responsible for the preparation and fair presentation of the schedule of employer and nonemployer allocations and the schedule of pension amounts by employer and nonemployer (collectively, the Schedules) in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the Schedules that are free from material misstatement, whether due to fraud or error. \nAuditor's Responsibility \nOur responsibility is to express opinions on these Schedules based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Schedules are free from material misstatement. \nAn audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Schedules. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Schedules, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Fund's preparation and fair presentation of the Schedules in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the Schedules. \nWe believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. \n270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 \n \n Opinions In our opinion, the Schedules referred to above present fairly, in all material respects, the employer and nonemployer allocations and net pension liability, total deferred outflows of resources, total deferred inflows of resources and total employer pension expense of the Fund as of and for the year ended June 30, 2021 in accordance with accounting principles generally accepted in the United States of America. Other Matter We have audited, in accordance with the auditing standards generally accepted in the United States of America, the financial statements of the Fund as of and for the year ended June 30, 2021. Our report thereon, dated April 29, 2022, expressed an unmodified opinion on those financial statements. Restriction on Use Our report is intended solely for the information and use of the Fund's management, members of the Board of Commissioners, the Fund employers, nonemployer contributing entities, and their auditors and is not intended to be and should not be used by anyone other than these specified parties. Respectfully submitted, \nGreg S. Griffin State Auditor April 29, 2022 \n2 \n \n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component unit of the State of Georgia) \nSchedule of Employer and Nonemployer Allocations \nFor the year ended June 30, 2021 \n \nEmployer \nEach County in the State of Georgia - Employer Share State's Proportionate Share for Each County \nTotal for Each County \n \nEmployer Allocation Percentage \n0.0000000 % 0.6289308 % \n0.6289308 % \n \nSTATE OF GEORGIA (Nonemployer Contributing Entity) \nTotal for All Entries \n \n100.0000000 % 100.0000000 % \n \n3 \n \n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \nSchedule of Pension Amounts by Employer and Nonemployer \nJune 30, 2021 \n \nEmployer \nEach County in the State of Georgia- Employer Share State's Proportionate Share \nTotal for Each County in the State of Georgia \nSTATE OF GEORGIA (Nonemployer Contributing Entity) \nTotal for All Entities \n \nNet Pension Liability \n \nDeferred Inflows of Resources \n \nNet Difference \n \nBetween Projected Differences \n \nand Actual \n \nBetween \n \nEarnings on \n \nExpected \n \nChanges of \n \nPlan \n \nand Actual \n \nAssumptions Investments \n \nExperience \n \nTotal Deferred Inflows of Resources \n \nTotal Employer Pension Expense/(Income) \n \n$ \n \n40,177 \n \n$ \n \n40,177 \n \n$ \n \n6,388,074 \n \n17,173,419 \n \n19,282,120 \n \n2,565,479 \n \n39,021,018 \n \n(146,270) (146,270) (23,256,872) \n \n$ \n \n6,388,074 \n \n17,173,419 19,282,120 \n \n2,565,479 \n \n39,021,018 \n \n(23,256,872) \n \n4 \n \n SHERIFF'S RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \nNotes to Schedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer \nJune 30, 2021 \nNote 1: Plan Description The Sheriffs' Retirement Fund of Georgia (the Retirement Fund) was created in 1963 by the General Assembly of Georgia to provide retirement benefits to sheriffs of the State of Georgia. The Retirement Fund administers a cost-sharing, multiple-employer defined benefit pension plan as defined in Governmental Accounting Standards Board (GASB) Statement No. 67, Financial Reporting for Pension Plans  an amendment of GASB Statement No. 25. \nEach county in the state of Georgia has a sheriff who is eligible to be a member of the Retirement Fund. The counties, as the employers of the members of the Retirement Fund, do not make contributions to the Retirement Fund. The State of Georgia provides nonemployer contributions to the Retirement Fund through the collection of court fines and forfeitures. These nonemployer contributions are recognized as revenue by the Retirement Fund when collected from the courts. \n \nNote 2: Basis of Presentation The Schedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer (the schedules) are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. \n \nNote 3: Components of Collective Net Pension Liability The components of the collective net pension liability of the participating employers and nonemployers at June 30, 2021 were as follows: \n \nTotal pension liability Plan fiduciary net position \nNet pension liability \n \n$ 128,055,086 121,667,012 \n$ 6,388,074 \n \nPlan fiduciary net position as a percentage of total pension liability \n \n95.01% \n \nActuarial Assumptions The collective total pension liability was determined by an actuarial valuation as of June 30, 2021, using the following actuarial assumptions, applied to all periods included in the measurement: \n \nInflation Salary increases Investment rate of return \nDiscount Rate Cost of Living Adjustments \n \n2.75% N/A 6.50%, net of pension plan investment expense, including inflation 6.50% 1.5% semi-annually \n \n5 \n \n SHERIFF'S RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \n \nNotes to Schedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer \n \nJune 30, 2021 \n \nMortality rates were based on the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB and set forward 2 years for both males and females for the period after retirement and for dependent beneficiaries. The RP-2000 Combined Mortality Table projected to 2025 with projection scale BB was used for deaths in active service. \n \nRetirement benefits at the normal retirement date have increased by 1.5% every six months in the monthly benefit per year of credited service since July 1, 2000 and are assumed to continue into the future. \n \nThe actuarial assumptions used in the June 30, 2021 valuation were based on the results of the actuarial experience study for the seven year period ending June 30, 2015. \n \nThe long-term expected rate of return on pension plan investments was determined using a lognormal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. \n \nThe target asset allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table: \n \nAsset Class \n \nTarget Allocation \n \nLong-Term Expected Rate of Return* \n \nDomestic Fixed Income Domestic Large Cap Equities Domestic Mid Cap Equities Domestic Small Cap Equities Global Equities International Equities Core Real Estate Investment Trusts Total \n \n25% 40% 3.5% 3.5% 10% 15% 3% 100% \n \n1.00% 4.40% 4.70% 4.90% 5.00% 5.10% 6.00% \n \n* Rates shown are net of the 2.75% assumed rate of inflation. \nDiscount Rate The discount rate used to measure the Total Pension Liability was 6.50 percent. The projection of cash flows used to determine the discount rate assumed that plan member contributions (dues) will be made at the current contribution rate ($45 per month) and that Employer contributions (from fines and fee revenues) will continue to be made at rates as summarized in Schedule B. Employer \n6 \n \n SHERIFF'S RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \n \nNotes to Schedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer \n \nJune 30, 2021 \n \ncontributions for the fiscal year ending June 30, 2021 were approximately $1.6 million and we have assumed this contribution amount will continue over the projection period. Projected future benefit payments for all current plan members were projected through the year 2113. \n \nBased on those assumptions, the Retirement Fund's Fiduciary Net Position was projected to be available to make all projected future benefit payments of current plan members. Therefore, based on the GASB No. 67 provisions, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the Total Pension Liability. \n \nSensitivity of the Collective Net Pension Liability to Changes in the Discount Rate The following table presents the collective net pension liability of the Retirement Fund, calculated using the discount rate of 6.50%, as well as what the Retirement Fund's net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.50%) or 1percentage-point higher (7.50%) than the current rate: \n \nCollective net pension liability \n \n1% \n \nCurrent \n \nDecrease \n \nDiscount Rate \n \n(5.50%) \n \n(6.50%) \n \n$ 20,616,823 $ \n \n6,388,074 $ \n \n1% Increase (7.50%) (5,684,762) \n \nNote 4: Special Funding Situation The State of Georgia, although not the employer of the Retirement Fund's members, makes contributions to the Retirement Fund through the collection of court fines and forfeitures as specified by O.C.G.A. 47-16-60 and 47-16-61. The State makes all these contributions to the Retirement Fund on behalf of the employers. Therefore, these employers are considered to be in a special funding situation as defined by GASB Statement No. 68, Accounting and Financial Reporting for Pensions  an amendment of GASB Statement No. 27. \nSince the employers of the Retirement Fund's members do not contribute directly to the Retirement Fund, there is no net pension liability to recognize for each employer. However, the notes to each employer's financial statements must disclose the portion of the nonemployer contributing entity's share of the collective net pension liability that is associated with that employer. In addition, each employer must recognize its portion of the collective pension expense of the State as well as recognize revenue contributions from the State in an equal amount. \n \n7 \n \n SHERIFF'S RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \nNotes to Schedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer \nJune 30, 2021 \nNote 5: Allocation Methodology GASB Statement No. 68 requires participating employers and nonemployer contributing entities to recognize their proportionate share of collective net pension liability and pension expense. These schedules are prepared to provide employers and nonemployer contributing entities with their calculated proportionate share. \nAs discussed in Note 4, the counties, as employers of the Retirement Fund's members, do not make contributions to the Retirement Fund; therefore, the proportionate share allocation for each employer is 0%. The proportionate share attributable to the State of Georgia, as the nonemployer contributing entity, is therefore 100%. \nThe amounts attributable to the State of Georgia, as the nonemployer contributing entity, have been allocated evenly to each county. Because there are 159 counties, each county's proportionate share allocation percentage is 0.6289308% (1 divided by 159). \n \nNote 6: Collective Deferred Inflows and Outflows of Resources The following presents a summary of changes in the collective deferred outflows of resources and deferred inflows of resources for the year ended June 30, 2021: \n \nDe fe rre d outflows of re source s Changes of assumptions \nTotal deferred outflows of resources De fe rre d inflows of re source s Changes of assumptions Differences between expected \nand actual experience \n \nYear of deferral \n2019 2020 \n2021 2019 2020 2021 \n \nAmortization period \n2.31 years $ 2.00 years \n \nBeginning of year balance \n474,226 9,648,391 \n \n$ \n \n10,122,617 \n \n1.67 years $ \n2.31 years 2.00 years 1.67 years \n \n- \n179,222 2,019,293 \n- \n \nDifferences between projected and actual investment earnings (1) \nNet difference between projected and actual investment earnings (1) \n \n2017 2018 2019 2020 2021 \n \n5 years 5 years 5 years 5 years 5 years \n \n1,519,692 471,370 236,819 \n(2,738,532) - \n(510,651) \n \nTotal deferred inflows of resources \n \n$ \n \n1,687,864 \n \nCurrent Year \n \nAdditions - \n- \n \nDeductions 474,226 \n9,648,391 \n10,122,617 \n \nEnd of year balance - \n- \n \n42,805,387 \n6,394,550 \n26,178,065 \n26,178,065 \n75,378,002 \n \n25,631,968 \n179,222 2,019,293 3,829,071 \n1,519,692 235,686 78,939 (684,636) \n5,235,613 \n6,385,295 \n38,044,849 \n \n17,173,419 \n2,565,479 \n235,684 157,880 (2,053,896) 20,942,452 \n19,282,120 \n39,021,018 \n \n(1) In accordance with paragraph 71b of GASB Statement No. 68, collective deferred outflows of resources and deferred inflows of resources arising from differences between projected and actual pension plan investment earnings in different measurement periods have been aggregated and included as a net collective deferred inflow of resources related to pensions. \n8 \n \n SHERIFF'S RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \n \nNotes to Schedule of Employer and Nonemployer Allocations and Schedule of Pension Amounts by Employer and Nonemployer \n \nJune 30, 2021 \n \nAmounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \n \nYear Ended June 30, 2022 2023 2024 2025 \n \n$ \n \n(24,604,502) \n \n(4,629,921) \n \n(4,550,982) \n \n(5,235,613) \n \nTotal \n \n$ \n \n(39,021,018) \n \nChanges in Proportion The amounts shown in the two preceding tables do not include employer- or nonemployer-specific deferred outflows of resources and deferred inflows of resources related to changes in proportion. Based on the allocation methodology discussed in Note 5, there were no changes in proportion for the year ended June 30, 2021. \n \nNote 7: Collective Pension Expense The components of collective pension expense for the year ended June 30, 2021, are shown in the following table: \n \nService cost Interest of the total pension liability and net cash flow Projected earnings on plan investments Member contributions Administrative expense Recognition (amortization) of deferred inflows and outflows of resources \nChanges of assumptions Difference between expected and actual experience Difference between projected and actual investment earnings Collective pension expense \n \n$ \n \n3,864,136 \n \n6,633,762 \n \n(5,986,943) \n \n(126,775) \n \n281,182 \n \n(15,509,352) (6,027,587) (6,385,295) \n$ (23,256,872) \n \n9 \n \n "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":2,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":2}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"subject_facet","items":[{"value":"Georgia Government Documents--Serial","hits":2},{"value":"Sheriffs' Retirement Fund of Georgia--Finance--Periodicals.","hits":2},{"value":"Sheriffs--Pensions--Georgia--Auditing--Periodicals.","hits":2},{"value":"Sheriffs--Pensions--Georgia--Finance--Statistics--Periodicals.","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"location_facet","items":[{"value":"United States, Georgia, 32.75042, -83.50018","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"year_facet","items":[{"value":"2022","hits":1},{"value":"2023","hits":1}],"options":{"sort":"count","limit":100,"offset":0,"prefix":null},"min":"2022","max":"2023","count":2,"missing":0},{"name":"medium_facet","items":[{"value":"state government records","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"fulltext_present_b","items":[{"value":"true","hits":2}],"options":{"sort":"count","limit":100,"offset":0,"prefix":null}},{"name":"rights_facet","items":[{"value":"http://rightsstatements.org/vocab/InC/1.0/","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"collection_titles_sms","items":[{"value":"Georgia Government Publications","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"serial_titles_sms","items":[{"value":"Annual financial audit ... 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