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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 />Discount Rate for Pension Plan: The discount rate used to measure the total pension liability was <br />7.00%. The projection of cash flows used to determine the discount rate assumed that plan member <br />contributions will be made at the current contribution rate and that the County's contributions will be <br />made at statutorily required rates, actuarially determined. Based on those assumptions, the Pension <br />Plan's fiduciary net position was projected to be available to make all projected future benefit payments <br />of current active and inactive employees if future experience follows assumptions and the actuarially <br />determined contribution is contributed in full each year. Therefore, the discount rate for calculation of <br />the total pension liability is equal to the long-term expected rate of return. <br />Sensitivity of the County's Proportionate Share of the Net Position Liability to Changes in the Discount <br />Rate for the Pension Plan: The following presents the County's proportionate share of the net pension <br />liability (NPL) of the Pension Plan calculated using the discount rate of 7.00%. Also presented is what <br />the County's proportionate share of the FRS plan 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% Decrease <br />(6.00%) <br />County's proportionate share of NPL $190,243,707 <br />Current Discount <br />Rate (7.00%) <br />$104,240,729 <br />1% Increase <br />(8.00%) <br />$32,810,176 <br />Pension Plan Fiduciary Net Position: Detailed information regarding the Pension Plan'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 <br />(850) 907-6500. This report identifies statements that were prepared in accordance with generally <br />accepted accounting principles, the measurement focus and basis of accounting, various investment <br />valuations, various pension plan benefits, assumptions used, and many other details. <br />89 <br />