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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2018 <br />NOTE 14 — 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 <br />included in the Indian River County Comprehensive Annual Financial Report (CAFR). Questions <br />regarding the OPEB Plan may be directed to the Finance Director. <br />At October 1, 2017, the date of the latest actuarial valuation, plan participation consisted of: <br />Active participants 1,380 <br />Retired participants 558 <br />Total participants 1,938 <br />There are two classes of participants at October 1, 2017: <br />Regular and senior management 1,248 <br />Special risk 690 <br />Total participants 1,938 <br />The average employer's contribution was $1,784 per employee, approximately 3.6% of current payroll. <br />Financial statements for the OPEB Trust are included in this report and can be found on pages 44-45. A <br />separate, stand-alone financial report is not issued by the County. The OPEB Trust investments can be <br />found in Note 3D. <br />B. Contributions and 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 />County. For the year ended September 30, 2018, the County contributed $2.5 million to the qualifying <br />OPEB Trust. Plan members receiving benefits contributed $2.0 million. We anticipate that the OPEB <br />liability will be liquidated in the following manner. General Fund 56 percent, Transportation Fund 7 <br />percent, Emergency Services District Fund 27 percent, Enterprise Funds 8 percent, Internal Service <br />Funds 1 percent, and the remaining 1 percent is by the Other Governmental Funds. It is the County's <br />policy to base future OPEB Trust contributions on the annual required contribution (ARC) in <br />subsequent annual actuarial reports. Custodial and individual fund administrative fees are paid from the <br />portfolio dividend and interest income. <br />97 <br />