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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 />Retiree Health Insurance Subsidy (HIS Program) - Continued <br />Sensitivity of the Board's Proportionate Share of the Net Position Liability to Changes in the Discount <br />Rate for the HIS Program: The following presents the Board's proportionate share of the Net Pension <br />Liability (NPL) of the HIS Program calculated using the discount rate of 3.58%. Also presented is what <br />the Board's proportionate share of the HIS Program NPL would be if it were calculated using a discount <br />rate that is 1% lower or 1% higher than the current rate: <br />1% Current Discount 1% <br />Decrease (2.58%) Rate (3.58%) Increase (4.58%) <br />Board's proportionate share of NPL $ 16,737,871 $14,667,773 $ 12,943,495 <br />HIS Program 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 (850) <br />907-6500. <br />FRS Investment Plan <br />Plan Description: The Board 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. Board 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 />301 <br />