2013-054 - Laserfiche WebLink

Home Browse Search

Indian River County,Florida Notes To Financial Statements Year Ended September 30, 2012 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, 2011,the date of the latest actuarial valuation,plan participation consisted of: Active participants 1,428 Retired participants 371 ti Total participants 1,799 I There are two classes of participants at October 1, 2011: 1 Regular and senior management 1,127 Special risk 672 Total participants 1.799 The average employer's contribution was $1,981 per employee, approximately 4.5% of current payroll. Financial statements for the OPEB Trust are included in this report and can be found on pages 40-41. A separate, stand-alone financial report is not issued by the County. The OPEB Trust investments can be found in Note 4D. ` B. Funding Policy f 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, 2012, the County contributed $2.96 million to the qualifying OPEB Trust. Plan members receiving benefits contributed $1.5 million, or approximately 51 percent of the total premiums. 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 Iadministrative 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. 89