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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2020 <br />NOTE 13 - RETIREMENT PLAN - Continued <br />Pension Plan - Continued <br />employers, actuarially determined. At June 30, 2020, the County's proportion share was <br />0.3622% for the FRS Pension Plan. This was an increase of 0.0123% from its proportionate <br />share measured as of June 30, 2019. <br />The County anticipates that the pension liability will be liquidated in the following manner: <br />General Fund 53 percent, Emergency Services District Fund 34 percent, Transportation Fund <br />4 percent, Enterprise Funds 7 percent, and the remaining 2 percent is by the Other <br />Governmental Funds and Internal Service Funds. <br />For the year ended September 30, 2020, the County's calculated total increase of <br />actuarially determined pension expense was $23,524,032. In addition, the County reported <br />deferred outflows of resources and deferred inflows of resources related to pensions from <br />the following sources: <br />Deferred Outflows Deferred Inflows <br />Description of Resources of Resources <br />Differences between expected and <br />actual experience $ 6,007,420 $ - <br />Changes in assumptions 28,415,892 <br />Net difference between projected and actual <br />earnings on pension plan investments 9,345,928 - <br />Changes in proportion and differences between <br />County contributions and proportionate share of <br />contributions 5,448,481 877,100 <br />County contributions subsequent to the <br />measurement date 3,190,741 <br />Total $ 52,408,462 $ 877,100 <br />The deferred outflows of resources related to the pension plan totaling $3,190,741 resulting <br />from County contributions subsequent to the measurement date, will be recognized as a <br />reduction of the net pension liability in the year ended September 30, 2021. Other <br />amounts reported as deferred outflows of resources and deferred inflows of resources <br />related to pensions will be recognized in pension expense as follows: <br />Fiscal Year Ending September 30: Amount Recognized <br />2021 $ 9,961,832 <br />2022 15,514,963 <br />2023 13,187,658 <br />2024 7,883,640 <br />2025 1,792,528 <br />Total $ 48,340,621 <br />87 <br />