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Actuarial
<br />Valuation
<br />Date
<br />Actuarial
<br />Value of
<br />Assets
<br />(a)
<br />10/01/2007 * $
<br />10/01/2009 $
<br />10/01/2011 $
<br />3,690,592
<br />6,955,356
<br />Indian River County, Florida
<br />Required Supplementary Information
<br />For the Year Ended September 30, 2012
<br />Other Postemployment Benefits Plan
<br />Schedule of Funding Progress
<br />Actuarial Accrued
<br />Liability (AAL) -
<br />Entry Age
<br />(b)
<br />29,098,337
<br />32,456,186
<br />33,877,613
<br />Unfunded AAL
<br />(UAAL)
<br />(b -a)
<br />$ 29,098,337
<br />$ 28,765,594
<br />$ 26,922,257
<br />*First year of Indian River County Other Postemployment Benefits Trust (IRCOT)
<br />Fiscal Year
<br />Ending
<br />9/30/2008
<br />9/30/2009
<br />9/30/2010
<br />9/30/2011
<br />9/30/2012
<br />Funded Ratio
<br />(a/b)
<br />0.00%
<br />11.37%
<br />20.53%
<br />Schedule of Employer Contributions
<br />Annual
<br />Required Contribution
<br />$ 2,626,254
<br />$ 2,809,587
<br />$ 2,814,942
<br />$ 2,949,686
<br />$ 2,830,204
<br />Covered Payroll
<br />(c)
<br />$ 64,847,001
<br />$ 70,558,251
<br />$ 62,739,616
<br />Amount Percentage Net OPEB
<br />Contributed Contributed Obligation
<br />$ 2,720,348 103.58% $ (94,094)
<br />$ 2,819,373 100.35% $ (103,880)
<br />$ 3,030,792 107.67% $ (319,730)
<br />$ 2,819,540 95.59% $ (189,584)
<br />$ 2,962,301 104.67% $ (321,681)
<br />UAAL as a
<br />Percentage of
<br />Covered
<br />Payroll
<br />((b-a)/c)
<br />44.87%
<br />40.77%
<br />42.91%
<br />In the current fiscal year, there have not been any factors, such as changes in benefit provisions, the size or composition of the population covered by
<br />the plan or the actuarial methods and assumptions used, that would significantly affect the identification of trends in the amounts reported. See Note
<br />17 for more information on the IRCOT.
<br />99
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