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1 Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2014 NOTE 17 — OTHER POSTEMPLOYMENT BENEFITS PLAN - Continued A. Plan Description - Continued The OPEB Trust financial statements are reported using the accrual basis of accounting and are included in the Indian River County Comprehensive Annual Financial Report (CAFR). Questions regarding the OPEB plan may be directed to the Finance Director. At October 1, 2013, the date of the latest actuarial valuation, plan participation consisted of: Active participants 1,382 Retired participants 429 1 Total participants 1.811 There are two classes of participants at October 1, 2013: Regular and senior management 1,141 g g Special risk 670 1 Total participants 1,811 The average employer's contribution was $2,051 per employee, approximately 4.6% of current payroll. Financial statements for the OPEB Trust are included in this report and can be found on pages 44-45. A separate, stand-alone financial report is not issued by the County. The OPEB Trust investments can be ' found in Note 4D and the Schedule of Funding Progress can be found on page 101. B. Funding Policy The Board of County Commissioners, in concert with the OPEB Board of Trustees, has the authority to establish and amend the funding policy of the OPEB Plan. The OPEB Trust is advance funded by the ' County. For the year ended September 30, 2014, the County contributed $3.43 million to the qualifying OPEB Trust. Plan members receiving benefits contributed $1.72 million, or approximately 50 percent of the total premiums. We anticipate that the OPEB liability will be liquidated in the following manner: General fund 49 percent, Transportation fund 7 percent, Emergency Services District fund 18 percent, enterprise funds 8 percent, internal service funds 16 percent, and the remaining 2 percent is by the other governmental and internal service funds. It is the County's policy to base future OPEB Trust contributions on the annual required contribution (ARC) in subsequent annual actuarial reports. Custodial and individual fund administrative fees are paid from the portfolio dividend and interest income. C. Annual OPEB Cost and Net OPEB Obligation The employer's contribution (i.e. annual cost or expense) to the County's OPEB Trust is based on the ARC calculation. The ARC is an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is ' projected to cover the normal cost each year and amortize any unfunded actuarial liability over a period not to exceed 20 years. The following table shows the components of the County's annual cost for the current and two preceding years, the amount actually contributed, and the changes in the net obligation. 1 91