Laserfiche WebLink
Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2019 <br /> <br />97 <br /> <br />NOTE 14 – OTHER POSTEMPLOYMENT BENEFITS PLAN (OPEB) - Continued <br /> <br />C. Net OPEB Liability <br /> <br />The County's net OPEB liability was measured as of October 1, 2017 and the total OPEB liability used <br />to calculate the net OPEB liability was determined by an actuarial valuation as of that date. The <br />components of the net OPEB liability of the County at September 30, 2019, were as follows: <br /> <br />Total OPEB Liability $ 33,207,465 <br />Plan fiduciary net position (30,507,845) <br />County's net OPEB liability $ 2,699,620 <br /> <br />Plan fiduciary net position as a percentage of the total <br />OPEB liability 91.87% <br /> <br />D. Actuarial Methods and Assumptions <br /> <br />The total OPEB liability was determined by an actuarial valuation as of October 1, 2017, using the <br />following actuarial assumptions, applied to all periods included in the measurement, unless otherwise <br />specified: <br /> <br /> Methods and Assumptions Used to Determine Net OPEB Liability: <br /> <br /> Actuarial Cost Method Entry age normal <br /> <br /> Inflation 2.50% <br /> <br /> Discount Rate 6.00% <br /> <br /> Salary Increases 3.7% to 7.8%, including inflation, varies by plan type <br /> and years of service. <br /> <br /> Retirement Age Experience-based table of rates that are specific to the plan <br /> and type of eligibility condition. <br /> <br /> Mortality Mortality tables used in the July 1, 2016 actuarial <br /> valuation of the Florida Retirement System. They are <br /> based on the results of a statewide experience study <br /> covering the period 2008 through 2013. <br /> <br /> Healthcare Cost Trend Rates Based on the Getzen Model, with trend starting at 7.0% <br /> and gradually decreasing to an ultimate trend rate of <br /> 4.39% (including the impact of the excise tax).