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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 /> Discount Rate for Pension Plan: The discount rate used to measure the total pension liability was <br /> 7.65%. The projection of cash flows used to determine the discount rate assumed that plan member <br /> contributions will be made at the current contribution rate and that the County's contributions will be <br /> made at statutorily required rates, actuarially determined. Based on those assumptions, the pension <br /> Plan's fiduciary net position was projected to be available to make all projected future benefit payments <br /> of current active and inactive employees. Therefore, the discount rate for calculation of the total <br /> pension liability is equal to the long-term expected rate of return. <br /> Sensitivity of the County's Proportionate Share of the Net Position Liability to Changes in the Discount <br /> Rate for the Pension Plan: The following presents the County's proportionate share of the NPL (net <br /> pension liability) of the pension plan calculated using the discount rate of 7.65%. Also presented is <br /> what the County's proportionate share of the FRS plan NPL would be if it were calculated using a <br /> discount rate that is 1% lower or 1% higher than the current rate: <br /> 1% Current Discount 1% <br /> Decrease 6.65%) Rate (7.65%) Increase (8.65%) <br /> County's proportionate share of NPL $102,655,273 $39,616,455 $(12,842,141) <br /> Pension Plan Fiduciary Net Position: Detailed information regarding the Pension Plan's fiduciary net <br /> position is available in the separately issued FRS Pension Plan and Other State-Administered Systems <br /> Comprehensive Annual Financial Report. This report is available by writing to the State of Florida, <br /> Division of Retirement, Department of Management Services, P.O. Box 9000, Tallahassee, Florida <br /> 32315-9000 or by email at rep@dms.myflorida.com, or by telephone toll free at (844) 377-1888 or <br /> (850) 907-6500. This report identifies statements that were prepared in accordance with generally <br /> accepted accounting principles, the measurement focus and basis of accounting, various investment <br /> valuations, various pension plan benefits, assumptions used, and many other details. <br /> 97 <br />