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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2014
<br />NOTE 17 — OTHER POSTEMPLOYMENT BENEFITS PLAN - Continued
<br />C. Annual OPEB Cost and Net OPEB Obligation - Continued
<br />Annual Required Contribution
<br />Interest on Net OPEB Obligation
<br />Adjustment to Annual Required Contribution
<br />Annual OPEB Cost (expense)
<br />Contributions (net of adjustments)*
<br />Change in Net OPEB Obligation
<br />Net OPEB Obligation — beginning of year
<br />Net OPEB Obligation — end of year
<br />Percentage of Annual OPEB Cost Contributed
<br />FY 2013/2014
<br />$ 2,835,072
<br />(18,036)
<br />24,230
<br />2,841,266
<br />(3,336,027)
<br />(494,761)
<br />(300,606)
<br />$ (795,367)
<br />117.41%
<br />FY 2012/2013 FY 2011/2012
<br />$ 2,965,251
<br />(20,909)
<br />26,830
<br />2,971,172
<br />(2,950,097)
<br />21,075
<br />(321,681)
<br />$ (300,606)
<br />$ 2,828,452
<br />(12,323)
<br />14,075
<br />2,830,204
<br />(2,962,301)
<br />(132,097)
<br />(189,584)
<br />$ (321,681)
<br />99.29% 104.67%
<br />*Retiree adjustments are comprised of the actual amount withdrawn from the Trust plus premiums
<br />collected and less claims paid. For fiscal year 2014, these adjustments amounted to ($90,852). For
<br />fiscal years 2013 and 2012, these adjustments totaled ($15,154) and $13,640 respectfully.
<br />D. Funded Status and Funding Progress
<br />As of October 1, 2013 (the most recent actuarial valuation date), the funded status of the plan was as
<br />follows:
<br />Actuarial accrued liability (AAL)
<br />Actuarial value of plan assets
<br />Unfunded actuarial accrued liability (UAAL)
<br />Funded ratio
<br />$ 35,745,213
<br />$ 11,571,968
<br />$ 24,173,245
<br />32.37%
<br />Covered payroll (annual payroll of active employees covered by the plan) $ 61,615,728
<br />UAAL as a percentage of covered payroll 39.23%
<br />Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
<br />assumptions about the probability of occurrence of events into the future. Examples include
<br />assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined
<br />regarding the funded status of the plan and the annual required contributions of the employer are
<br />subject to continual revision as actual results are compared with past expectations and new estimates
<br />are made about the future.
<br />The Schedule of Funding Progress and Schedule of Employer Contributions, presented as required
<br />supplementary information immediately following the County Notes to the Financial Statements (on
<br />page 101), presents multi-year trend information regarding liabilities, funding, and payroll. The data
<br />also reflects whether the actuarial value of the plan assets is increasing or decreasing over time relative
<br />to the actuarial accrued liabilities for benefits. This information includes the current (listed above) and
<br />past two actuarial valuations as well as six years of funding data.
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