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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 13 — OTHER POSTEMPLOYMENT BENEFITS PLAN (OPEB) <br />A. Plan Description <br />On September 23, 2008, the Board of County Commissioners approved resolution number 2008-163, <br />establishing an irrevocable trust (OPEB Trust) to separately identify assets accumulated to pay OPEB <br />benefits for eligible retirees. The OPEB Trust includes the Board of County Commissioners and the five <br />constitutional officers (Clerk of the Circuit Court and Comptroller, Property Appraiser, Sheriff, <br />Supervisor of Elections, and Tax Collector). The resolution also established the Board of County <br />Commissioners as trustees of the OPEB Trust and the authority for the trustees to amend the benefit <br />provisions. <br />The OPEB Trust is a single -employer defined benefit plan (OPEB Plan). The OPEB Plan subsidizes the <br />cost of health care for employees hired prior to February 1, 2006 and their eligible dependents according <br />to the provisions of the substantive plan (the plan as understood by the employer and plan members). <br />Employees hired on or after February 1, 2006, will not be eligible for any subsidy, regardless of the <br />years of service or Medicare eligibility. <br />Active participants as well as retirees are subject to the same benefits and rules. Retired employees are <br />permitted to remain covered under the Board's medical and life insurance plans as long as they pay a <br />premium applicable to the coverage elected. This conforms to the minimum required of Florida <br />governmental employers per Florida Statute 112.0801. The retiree has the option to continue with the <br />Board group health plan or elect Medicare Advantage Plan. <br />The implicit rate subsidy applies to health and life insurance coverage since the premiums charged are <br />based upon a blending of younger active employees and older retired employees. Health insurance <br />premiums, effective October 1, 2016 range from $366 for single coverage Medicare participants to $845 <br />for family coverage. Life insurance is available to retirees at a flat rate of $.50 per $1,000 of coverage <br />(to a maximum of $20,000 until the age of 70). After 70, the maximum amount of life insurance is <br />$10,000. <br />303 <br />