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Indian River County, Florida Supervisor of Elections Notes To Financial Statements Year Ended September 30, 2017 NOTE 3 — PENSION PLAN - Continued Florida Retirement System - Continued Benefits Provided: Retirement benefits are determined by age, years of service, the average of the highest 5 or 8 fiscal years of pay, membership class and the payment option selected at retirement. For further information concerning the Florida Retirement System and contribution rates, please read the County -wide note on pension plans. Contributions: Employer contributions to the FRS are based on a percentage of covered payroll that has been actuarially determined as an amount, when combined with employee contributions, is expected to finance the cost of benefits earned by employees during the year with an additional amount to finance any unfunded accrued liability. For the year ended September 30, 2017, the Supervisor of Elections' actuarial contribution to FRS under the Pension Plan were $72,317 and the HIS Program were $8,777. Employee contributions were $15,860. Both employer and employee contributions were equal to 100% of the required contribution for each year. Pension Liabilities: At September 30, 2017, the Division of Retirement calculated the Supervisor of Elections' liability of $797,364 for the FRS plan and $179,073 for the HIS Program, for a total of $976,437 for its proportionate share of the net pension liability. The net pension liability was measured as of June 30, 2017, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2017. The Supervisor of Elections' proportion of the net pension liability was based on a projection of the Supervisor of Elections' long-term share of contributions to the Pension Plan relative to the projected contributions of all participating employers, actuarially determined. At September 30, 2017, the Supervisor of Elections' proportion was .002696% for the FRS Pension Plan and .001675% for the HIS Program. Discount Rate for Pension Plan: The discount rate used to measure the total pension liability was 7.10%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that the Supervisor of Elections' contributions will be made at statutorily required rates, actuarially determined. Based on those assumptions, the pension plans' fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. c:,