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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2019 96 NOTE 14 – OTHER POSTEMPLOYMENT BENEFITS PLAN (OPEB) - Continued A. Plan Description - Continued The OPEB Trust financial statements are reported using the accrual basis of accounting and are included in the Indian River County Comprehensive Annual Financial Report (CAFR). Questions regarding the OPEB Plan may be directed to the Finance Director. At October 1, 2017, the date of the latest actuarial valuation, plan participation consisted of: Active participants 1,380 Retired participants 558 Total participants 1,938 There are two classes of participants at October 1, 2017: Regular and senior management 1,248 Special risk 690 Total participants 1,938 The average employer’s contribution was $1,578 per employee, approximately 2.63% of current payroll. Financial statements for the OPEB Trust are included in this report and can be found on pages 44-45. A separate, stand-alone financial report is not issued by the County. The OPEB Trust investments can be found in Note 3D. B. Contributions and Funding Policy The Board of County Commissioners, in concert with the OPEB Board of Trustees, has the authority to establish and amend the funding policy of the OPEB Plan. The OPEB Trust is advance funded by the County. For the year ended September 30, 2019, the County contributed $2.2 million to the qualifying OPEB Trust. Plan members receiving benefits contributed $2.2 million. We anticipate that the OPEB liability will be liquidated in the following manner: General Fund 56 percent, Transportation Fund 6 percent, Emergency Services District Fund 28 percent, Enterprise Funds 8 percent, Internal Service Funds 1 percent, and the remaining 1 percent is by the Other Governmental Funds. It is the County’s policy to base future OPEB Trust contributions on the annual required contribution (ARC) in subsequent annual actuarial reports. Custodial and individual fund administrative fees are paid from the portfolio dividend and interest income.