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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2019 <br />86 <br /> <br /> <br />NOTE 13 - RETIREMENT PLAN - Continued <br /> <br />Pension Plan - Continued <br /> <br />The deferred outflows of resources related to the pension plan totaling $2,957,939 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, 2020. 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 />Fiscal Year Ending September 30: <br />Amount <br />Recognized <br /> 2020 $ 12,409,385 <br /> 2021 3,743,531 <br /> 2022 9,044,723 <br /> 2023 6,823,005 <br /> 2024 1,759,623 <br />Thereafter 437,471 <br />Total $ 34,217,738 <br /> <br /> <br />Actuarial Assumptions: The total pension liability in the July 1, 2019 actuarial valuation was <br />determined using the following actuarial assumptions, applied to all periods included in the <br />measurement: <br /> <br />Valuation date: July 1, 2019 <br />Measurement date: June 30, 2019 <br />Discount rate: 6.90% <br />Long-term expected rate of return: 6.90%, net of pension plan investment expense, <br /> including inflation <br />Inflation: 2.60% <br />Salary increase: 3.25%, including inflation <br />Mortality: PUB-2010 base table, projected generationally <br />with Scale MP-2018 <br />Actuarial cost method: Individual Entry Age <br /> <br />The actuarial assumptions that determined the total pension liability used in the July 1, 2019 valuation <br />were based on the results of an actuarial experience study for the period July 1, 2013 through June 30, <br />2018. <br /> <br />The following changes in actuarial assumptions occurred in 2019: <br /> <br /> The long-term expected rate of return was decreased from 7.00% to 6.90%, and the active <br />member mortality assumption was changed from the Generational RP-2000 with Projection <br />Scale BB tables to the PUB-2010 base table, projected generationally with Scale MP-2018.