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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 12 - RETIREMENT PLAN - Continued <br />Pension Plan - Continued <br />The Board's actuarial contribution to FRS under the Pension Plan for the year ended September 30, <br />2017, was $4,794,782. Employee contributions for September 30, 2017 were $997,420. Both employer <br />and employee contributions were equal to 100% of the required contribution. <br />Pension Liabilities, Pension Expense, and Deferred Outflow of Resources and Deferred Inflow of <br />Resources Related to Pension Plan: At September 30, 2017, the Division of Retirement calculated the <br />Board's liability of $55,300,626 for the FRS plan for its proportionate share of the net pension liability. <br />The net pension liability was measured as of June 30, 2017, and the total pension liability used to <br />calculate the net pension liability was determined by an actuarial valuation as of July 1, 2017. The <br />Board's proportion of the net pension liability was based on a projection of the Board's long-term share <br />of contributions to the Pension Plan relative to the projected contributions of all participating employers, <br />actuarially determined. At June 30, 2017, the Board's proportionate share was 0.186957% for the FRS <br />Pension Plan. This was an increase of 0.013793% from its proportionate share measured as of June 30, <br />2016. <br />For the year ended September 30, 2017, the Board's calculated total increase of actuarially determined <br />pension expense was $5,936,315. Of this amount, the Board recognized $678,690 in the enterprise <br />funds and $93,170 in the internal service funds. In addition, the Board's calculated deferred outflows of <br />resources and deferred inflows of resources related to pensions from the following sources were: <br />Description <br />Differences between expected and <br />actual experience <br />Changes in assumptions <br />Net difference between projected and actual <br />earnings on pension plan investments <br />Changes in proportion and differences between <br />Board contributions and proportionate share of <br />contributions <br />Board contributions subsequent to the measure- <br />ment date <br />Total <br />Deferred Outflows <br />of Resources <br />5,075,267 <br />18,584,915 <br />3,466,914 <br />Deferred Inflows <br />of Resources <br />306,337 <br />1,370,488 <br />884,725 <br />1,185,930 - <br />$ 28.313.026 $ 2.561.550 <br />Deferred outflows related to pensions recognized by enterprise funds were $3,661,695 and $497,089 for <br />internal service funds. Deferred inflows related to pensions recognized by the enterprise funds were <br />$528,317 and $69,595 for the internal service funds. <br />294 <br />