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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2016 <br />NOTE 13 - RETIREMENT PLAN - Continued <br />Retiree Health Insurance Subsidy (HIS) Program - Continued <br />Sensitivity of the County's Proportionate Share of the Net Position Liability to Changes in the Discount <br />Rate for the HIS Program: The following presents the County's proportionate share of the NPL (net <br />pension liability) of the HIS Program calculated using the discount rate of 2.85%. Also presented is <br />what the County's proportionate share of the HIS Program 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 (1.85%) Rate (2.85%) Increase (3.85%) <br />County's proportionate share of NPL $30,491,645 $26,578,559 $23,330,910 <br />HIS Plan Fiduciary Net Position: Detailed information regarding the HIS Program'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. <br />FRS Investment Plan <br />Plan Description: The County contributes to the Investment Plan, a defined contribution pension plan, <br />for its eligible employees electing to participate in the Investment Plan. The Investment Plan is <br />administered by the State Board of Administration (SBA), and is reported in the SBA's annual financial <br />statements and in the State of Florida Comprehensive Annual Financial Report. As provided in Section <br />121.4501, Florida Statutes, eligible FRS members may elect to participate in the Investment Plan in lieu <br />of the FRS defined benefit plan. County employees already participating in DROP are not eligible to <br />participate in this program. <br />Benefits Provided: Service retirement benefits are based upon the value of the member's account upon <br />retirement. Employers and employee contributions, including amounts contributed to individual <br />member's accounts, are defined by law, but the ultimate benefit depends in part on the performance of <br />investment funds. Benefit terms, including contribution requirements, for the Investment Plan are <br />established and may be amended by the Florida Legislature. <br />93 <br />