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Indian River County, Florida Board of County Commissioners Notes To Financial Statements Year Ended September 30, 2017 NOTE 12 - RETIREMENT PLAN - Continued Pension Plan - Continued The deferred outflows of resources related to pensions totaling $1,185,930 resulting from Board contributions subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the year ended September 30, 2018. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Fiscal Year Ending September 30: 2018 2019 2020 2021 2022 Thereafter Total Amount Recognize $ 3,206,433 8,522,469 5,958,919 1,217,548 4,118,002 1,542,175 $ 24,565,546 Actuarial Assumptions: The total pension liability in the July 1, 2017 actuarial valuation was determined using the following actuarial assumption, applied to all periods included in the measurement: Valuation date: Measurement date: Discount rate: Long-term expected rate of return: Inflation: Salary increase: Mortality: Actuarial cost method: July 1, 2017 June 30, 2017 7.10% 7.10%, net of pension plan investment expense, including inflation 2.60% 3.25%, including inflation Generational RP -2000 with Projections Scale BB Individual Entry Age The actuarial assumptions that determined the total pension liability used in the July 1, 2017 valuation were based on the results of an actuarial experience study for the period July 1, 2008 through June 30, 2013. The following changes in actuarial assumptions occurred in 2017: • The long-term expected rate of return, was decreased from 7.60% to 7.10%, and the active member mortality assumption was updated for the Pension Plan. 295