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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2019
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<br />NOTE 13 - RETIREMENT PLAN - Continued
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<br />Pension Plan - Continued
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<br />The County’s actuarial contribution to FRS under the Pension Plan for the year ended September 30,
<br />2019, was $11,186,468. Employee contributions for September 30, 2019 were $1,859,394. Both
<br />employer and employee contributions were equal to 100% of the required contribution.
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<br />Pension Liabilities, Pension Expense, and Deferred Outflow of Resources and Deferred Inflow of
<br />Resources Related to Pension Plan: At September 30, 2019, the Division of Retirement calculated the
<br />County’s liability of $120,518,805 for the FRS plan for its proportionate share of the net pension liability.
<br />The net pension liability was measured as of June 30, 2019, and the total pension liability used to calculate
<br />the net pension liability was determined by an actuarial valuation as of July 1, 2019. The County’s
<br />proportion of the net pension liability was based on a projection of the County’s long-term share of
<br />contributions to the Pension Plan relative to the projected contributions of all participating employers,
<br />actuarially determined. At June 30, 2019, the County’s proportion share was .3499% for the FRS Pension
<br />Plan. This was an increase of 0.0038% from its proportionate share measured as of June 30, 2018.
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<br />The County anticipates that the pension liability will be liquidated in the following manner: General Fund
<br />54 percent, Emergency Services District Fund 34 percent, Transportation Fund 4 percent, Enterprise
<br />Funds 6 percent, and the remaining 2 percent is by the Other Governmental Funds and Internal Service
<br />Funds.
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<br />For the year ended September 30, 2019, the County's calculated total increase of actuarially determined
<br />pension expense was $21,552,716. In addition, the County reported deferred outflows of resources and
<br />deferred inflows of resources related to pensions from the following sources:
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<br /> Deferred Outflows Deferred Inflows
<br />Description of Resources of Resources
<br />Differences between expected and
<br /> actual experience $ 7,148,316 $ 74,793
<br />Changes in assumptions 30,954,426 -
<br />Net difference between projected and actual
<br /> earnings on pension plan investments - 6,667,722
<br />Changes in proportion and differences between
<br /> County contributions and proportionate share of
<br /> contributions 4,337,459 1,479,948
<br />County contributions subsequent to the measure-
<br /> ment date 2,957,939 -
<br />Total $ 45,398,140 $ 8,222,463
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