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A 0 11, 1111 11 11''11 1 .... [11111 1 19 Folk I 14111[ft"AIN Notes to the Financial Statements June 30, 2020 D. California Public Employees' Retirement System (CalPERS) Pension Plan (continued) Sensitivity of the net pension liability to changes in the discount rate The following presents the net pension liability of the Plan as of the measurement date, calculated using the discount rate of 7.15 percent, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage -point lower (6.15 percent) or I percentage -point higher (8.15 percent) than the current rate: Discount rate - Current discount Discount rate + 1% (6.15%)— rate - (7.15%), 1%(8.15%) Plan's Net Pension Liability 23,459,161 14,718,450 7,449,847 Subsequent events There were no subsequent events that would materially affect the results presented in this disclosure. Plan fiduciary net position Information about the pension plan's assets, deferred outflows of resources, liabilities, deferred inflows of resources, and fiduciary net position are presented in CalPERS' audited financial statements, which are publicly available reports that can be obtained at CaIPERS' website, at www.calpers.ca.gov. The plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis used by the pension plan, which is the economic resources measurement focus and the accrual basis of accounting. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Investments are reported at fair value. The plan fiduciary net position disclosed in the GASB 68 accounting valuation report may differ from the plan assets reported in the funding actuarial valuation report due to several reasons. First, for the accounting valuations, CaIPERS must keep items such as deficiency reserves, fiduciary self-insurance and Other Post -Employment Benefits (OPEB) expense included as assets. These amounts are excluded for rate setting purposes in the funding actuarial valuation. In addition, differences may result from early Comprehensive Annual Financial Report closing and final reconciled reserves. Under GASB 68, gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time. The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense. Wele