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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 />C. Annual OPEB Cost and Net OPEB Obligation (Asset)
<br />The employer's contribution (i.e. annual cost or expense) to the County's OPEB Trust is based on the
<br />ARC calculation. The ARC is an amount actuarially determined in accordance with the parameters of
<br />GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is
<br />projected to cover the normal cost each year and amortize any unfunded actuarial liability over a period
<br />not to exceed 20 years. The following table shows the components of the County's annual cost for the
<br />current and two preceding years, the amount actually contributed, and the changes in the net obligation.
<br />Annual Required Contribution
<br />Interest on Net OPEB Obligation (Asset)
<br />Adjustment to Annual Required Contribution
<br />Annual OPEB Cost
<br />Contributions (net of adjustments)*
<br />Change in Net OPEB Obligation
<br />Net OPEB Obligation (Asset) — beginning of year
<br />Net OPEB Obligation (Asset) — end of year $ (9,734,999) $
<br />Percentage of Annual OPEB Cost Contributed 382%
<br />FY 2015/2016 FY 2014/2015
<br />3,096,411 $ 2,977,075 $
<br />(54,895) (47,722)
<br />86,643 72,521
<br />3,128,159
<br />(11,948,249)
<br />3,001,874
<br />(3,121,416)
<br />FY 2013/2014
<br />2,835,072
<br />(18,036)
<br />24,230
<br />2,841,266
<br />(3,336,027)
<br />(8,820,090) (119,542)
<br />(914,909) (795,367)
<br />(914,909) $
<br />(494,761)
<br />(300,606)
<br />(795,367)
<br />104 %
<br />117%
<br />*Retiree adjustments are comprised of the actual amount withdrawn from the Trust plus premiums
<br />collected and less claims paid. For fiscal year 2016, these adjustments amounted to ($148,162). For
<br />fiscal years 2015 and 2014, these adjustments totaled $144,341 and ($90,852) respectfully.
<br />D. Funded Status and Funding Progress
<br />As of October 1, 2015 (the most recent actuarial valuation date), the funded status of the plan was as
<br />follows:
<br />Actuarial accrued liability (AAL)
<br />Less: Actuarial value of plan assets
<br />Unfunded actuarial accrued liability (UAAL)
<br />Funded ratio
<br />$ 40,096,693
<br />14,850,156
<br />$ 25,246,537
<br />37.04%
<br />Covered payroll (annual payroll of active employees covered by the plan) $ 63,694,205
<br />UAAL as a percentage of covered payroll 39.64%
<br />98
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