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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2016 <br />NOTE 14 — OTHER POSTEMPLOYMENT BENEFITS PLAN - Continued <br />A. Plan Description - Continued <br />The OPEB Trust financial statements are reported using the accrual basis of accounting and are <br />included in the Indian River County Comprehensive Annual Financial Report (CAFR). Questions <br />regarding the OPEB plan may be directed to the Finance Director. <br />At October 1, 2015,.the date of the latest actuarial valuation, plan participation consisted of: <br />Active participants 1,384 <br />Retired participants 491 <br />Total participants 1,875 <br />There are two classes of participants at October 1, 2015: <br />Regular and senior management 1,251 <br />Special risk 624 <br />Total participants 1,875 <br />The average employer's contribution was $2,237 per employee, approximately 4.9% of current payroll. <br />Financial statements for the OPEB Trust are included in this report and can be found on pages 44-45. A <br />separate, stand-alone financial report is not issued by the County. The OPEB Trust investments can be <br />found in Note 3D and the Schedule of Funding Progress can be found on page 109. <br />B. Funding Policy <br />The Board of County Commissioners, in concert with the OPEB Board of Trustees, has the authority to <br />establish and amend the funding policy of the OPEB Plan. The OPEB Trust is advance funded by the <br />County. For the year ended September 30, 2016, the County contributed $12.1 million to the qualifying <br />OPEB Trust. This contribution included $9.0 million in additional contributions over and above the <br />annual required contribution. Plan members receiving benefits contributed $2.5 million, or <br />approximately 81 percent of the total premiums. We anticipate that the OPEB liability will be <br />liquidated in the following manner: General fund 52 percent, Transportation fund 7 percent, Emergency <br />Services District fund 23 percent, Enterprise funds 8 percent, Internal Service funds 9 percent, and the <br />remaining 1 percent is by the other governmental funds. It is the County's policy to base future OPEB <br />Trust contributions on the annual required contribution (ARC) in subsequent annual actuarial reports. <br />Actual contributions represented 100% of the required contributions at September 30, 2016. Custodial <br />and individual fund administrative fees are paid from the portfolio dividend and interest income. <br />97 <br />