Laserfiche WebLink
Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2018 <br />NOTE 13 - RETIREMENT PLAN - Continued <br />Pension Plan - Continued <br />The deferred outflows of resources related to the pension plan totaling $2,622,527 resulting from <br />County contributions subsequent to the measurement date, will be recognized as a reduction of the net <br />pension liability in the year ended September 30, 2019. Other amounts reported as deferred outflows of <br />resources and deferred inflows of resources related to pensions will be recognized in pension expense <br />as follows: <br />Amount <br />Fiscal Year Ending September 30: Recognized <br />2019 $ 14,284,926 <br />2020 9,748,868 <br />2021 1,359,278 <br />2022 6,491,469 <br />2023 4,340,579 <br />Thereafter 644,715 <br />Total $ 36,869,835 <br />Actuarial Assumptions: The total pension liability in the July 1, 2018 actuarial valuation was <br />determined using the following actuarial assumptions, applied to all periods included in the <br />measurement: <br />Valuation date: July 1, 2018 <br />Measurement date: June 30, 2018 <br />Discount rate: 7.00% <br />Long-term expected rate of return: 7.00%, net of pension plan investment expense, <br />including inflation <br />Inflation: 2.60% <br />Salary increase: 3.25%, including inflation <br />Mortality: Generational RP -2000 with Projections Scale BB <br />Actuarial cost method: Individual Entry Age <br />The actuarial assumptions that determined the total pension liability used in the July 1, 2018 valuation <br />were based on the results of an actuarial experience study for the period July 1, 2008 through June 30, <br />2013. <br />The following changes in actuarial assumptions occurred in 2018: <br />• The long-term expected rate of return was decreased from 7.10% to 7.00%, and the active <br />member mortality assumption was updated for the Pension Plan. <br />87 <br />