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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2016 <br />NOTE 13 - RETIREMENT PLAN - Florida Retirement System (FRS) - Continued <br />Pension Plan - Continued <br />The County's contribution to FRS under the Pension Plan for the year ended September 30, 2016, was <br />$8,660,907. Employee contributions for September 30, 2016 were $1,609,827. Both employer and <br />employee contributions were equal to 100% of the required contribution for each year. <br />Pension Liabilities, Pension Expense, and Deferred Outflow of Resources and Deferred Inflow of <br />Resources Related to Pension Plan: At September 30, 2016, the Division of Retirement calculated the <br />County's liability of $84,737,012 for the FRS plan for its proportionate share of the net pension <br />liability. The net pension liability was measured as of June 30, 2016, and the total pension liability <br />used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2016. <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, 2016, the County's proportion share was .3356% <br />for the FRS pension plan. This was an increase of 0.0289% from its proportionate share measured as of <br />June 30, 2015. <br />For the year ended September 30, 2016, the County's calculated total increase of actuarially determined <br />pension expense was $6,611,454. In addition, the County reported deferred outflows of resources and <br />deferred inflows of resources related to pensions from the following sources: <br />Description <br />Differences between expected and <br />actual experience <br />Changes in assumptions <br />Net difference between projected and actual <br />earnings on pension plan investments <br />Changes in proportion and differences between <br />County contributions and proportionate share of <br />contributions <br />County contributions subsequent to the measure- <br />ment date <br />Total <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />6,488,118 <br />5,126,336 <br />21,903,485 <br />788,958 <br />4,922,390 3,770,334 <br />2,443,713 <br />$ 40,884,042 $ 4,559,292 <br />86 <br />