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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2015 <br /> NOTE 15 -RETIREMENT PLAN - Florida Retirement System (FRS) - Continued <br /> Pension Plan- Continued <br /> The County's contribution to FRS under the Pension and Investment Plans for the year ended <br /> September 30, 2015, was $7,503,166. Employee contributions for September 30, 2015 were <br /> $1,649,124. Both employer and employee contributions were equal to 100% of the required <br /> contribution for each year. <br /> Pension Liabilities, Pension Expense, and Deferred Ou flow of Resources and Deferred Inflow of <br /> Resources Related to Pension Plan: At September 30, 2015, the Division of Retirement calculated the <br /> County's liability of $39,616,455 for the FRS plan for its proportionate share of the net pension <br /> liability. The net pension liability was measured as of June 30, 2015,. and the total pension liability <br /> used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2015. <br /> The County's proportion of the net pension liability was based on a projection of the County's long- <br /> term share of contributions to the pension plan relative to the projected contributions of all participating <br /> employers, actuarially determined. At September 30, 2015,. the County's proportion share was .3067% <br /> for the FRS pension plan. This was an increase of 0.0049% from its proportionate share measured as of <br /> June 30, 2014. <br /> For the year ended September 30, 2015,. the County recognized a reduction in pension expense of <br /> $3,431,562. In addition, the County reported deferred outflows of resources and deferred inflows of <br /> resources related to pensions from the following sources: <br /> Deferred Outflows Deferred Inflows <br /> Description of Resources of Resources <br /> Differences between expected and <br /> actual experience $ 4,182,325 $ 939,583 <br /> Changes in assumptions 2,629,477 - <br /> Net difference between projected and actual <br /> earnings on pension plan investments - 9,459,746 <br /> Changes in proportion and differences between. <br /> County contributions and proportionate share of <br /> contributions 1,572,620 4,579,888 <br /> County contributions subsequent to the measure- <br /> ment date 1,966,730 - <br /> Total $ 10,351,152 $ 14,979,217 <br /> 94 <br />