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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) — Continued <br />A. Plan Description — Continued <br />The OPEB Trust financial statements are reported using the accrual basis of accounting and are included <br />in the Indian River County Comprehensive Annual Financial Report (CAFR). Questions regarding the <br />OPEB Plan may be directed to the Finance Director. <br />At October 1, 2015, the date of the latest actuarial valuation, plan participation consisted of: <br />Active participants 1,384 <br />Retired participants 491 <br />Total participants 1.875 <br />There are two classes of participants at October 1, 2015: <br />Regular and senior management 1,251 <br />Special risk 624 <br />Total participants M75 <br />The average employer's contribution was $1,643 per employee, approximately 3.4% of current payroll. <br />Financial statements for the OPEB Trust are included in this report and can be found on pages 258-259. <br />A separate, stand-alone financial report is not issued by the Board; however, the OPEB Trust <br />investments can be found in Note 2D. <br />B. Funding Policy <br />The Board of County Commissioners, in concert with the OPEB Board of Trustees, has the authority to <br />establish and amend the funding policy of the OPEB Plan. The OPEB Trust is advance funded by the <br />Board. For the year ended September 30, 2017, the Board contributed $2.3 million to the qualifying <br />OPEB Trust. Plan members receiving benefits contributed $2.5 million. It is the Board's policy to base <br />future contributions on the annual required contribution (ARC) in subsequent annual actuarial reports. <br />The contributions are paid by the fund(s) by which the participant is employed. Custodial and individual <br />fund administrative fees are paid from the portfolio dividend and interest income. <br />305 <br />