Laserfiche WebLink
Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2019 <br />88 <br /> <br /> <br />NOTE 13 - RETIREMENT PLAN - Continued <br /> <br />Pension Plan - Continued <br /> <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 /> <br />Retiree Health Insurance Subsidy (HIS) Program <br /> <br />Plan Description: The HIS Program is a cost-sharing, multiple-employer, defined benefit pension plan <br />established to provide a monthly subsidy payment to retired members of any state-administered <br />retirement system. It was established under Section 112.363, Florida Statutes. Benefits are not <br />guaranteed and are subject to annual legislative appropriation. In the event legislative appropriation or <br />available funds fail to provide full subsidy benefits to all participants, benefits may be reduced or <br />canceled. HIS Program is administered by the Florida Department of Management Services, Division of <br />Retirement. <br /> <br />Benefits Provided: For fiscal year ended September 30, 2019, eligible retirees and beneficiaries <br />received a monthly HIS Program payment of $5 for each year of creditable service completed. The <br />payments are at least $30 but not more than $150 per month. To be eligible to receive a HIS Program <br />benefit, a retiree under a state-administered retirement system must provide proof of health insurance <br />coverage, which may include Medicare. <br /> <br />Contributions: The HIS Program is funded by required contributions from FRS participating employers <br />as set by the Florida Legislature. Employer contributions are a percentage of gross compensation for all <br />active FRS members. For the fiscal year ended September 30, 2019, the HIS Program contribution rate <br />was 1.66%. There are no employee contributions required. The County contributed 100% of its <br />statutorily required contributions for the current and preceding three years. HIS Program contributions <br />are deposited in a separate trust fund from which payments are authorized. The County’s actuarial <br />contributions to the HIS Program totaled $1,373,064 for the fiscal year ended September 30, 2019. <br /> <br />Pension Liabilities, Pension Expense, and Deferred Outflow of Resources and Deferred Inflow of <br />Resources Related to HIS Program: At September 30, 2019, the Division of Retirement calculated the <br />County’s liability of $27,171,124 for its proportionate share of the HIS Program’s net pension liability. <br />The net pension liability was measured as of June 30, 2019, and the total pension liability used to <br />calculate the net pension liability was determined by an actuarial valuation as of July 1, 2019. At June <br />30, 2019, the County’s proportional share was 0.2428% for the HIS Program. This was an increase of <br />0.0031% from its proportionate share measured as of June 30, 2018.