|
Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2020
<br />NOTE 13 - RETIREMENT PLAN - Continued
<br />Retiree Health Insurance Subsidy (HIS) Program - Continued
<br />Pension Liabilities, Pension Expense, and Deferred Outflow of Resources and Deferred
<br />Inflow of Resources Related to HIS Program: At September 30, 2020, the Division of
<br />Retirement calculated the County's liability of $30,268,499 for its proportionate share of
<br />the HIS Program's net pension liability. The net pension liability was measured as of June
<br />30, 2020, and the total pension liability used to calculate the net pension liability was
<br />determined by an actuarial valuation as of July 1, 2020. At June 30, 2020, the County's
<br />proportional share was 0.2479% for the HIS Program. This was an increase of 0.0051% from
<br />its proportionate share measured as of June 30, 2019.
<br />For the year ended September 30, 2020, the County recognized pension expense of
<br />$1,707,140. In addition, the County reported deferred outflows of resources and deferred
<br />inflows of resources related to pensions from the following sources:
<br />Deferred Outflows Deferred Inflows
<br />Description of Resources of Resources
<br />Differences between expected and actual experience $ 1,238,165 $ 23,352
<br />Changes in assumptions 3,254,725 1,759,994
<br />Net difference between projected and actual
<br />earnings on pension plan investments 24,167
<br />Changes in proportion and differences between
<br />County contributions and proportionate share of
<br />contributions 1,583,420 150,411
<br />County contributions subsequent to the measure-
<br />ment date 362,737
<br />Total $ 6,463,214 $ 1,933,757
<br />The deferred outflows of resources related to HIS Program totaling $362,737 resulting from
<br />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 HIS Program will be recognized in pension expense as follows:
<br />Amount
<br />Fiscal Year Ending September 30: Recognized
<br />2021 $ 1,153,167
<br />2022 855,395
<br />2023 233,739
<br />2024 542,760
<br />2025 739,066
<br />Thereafter 642,593
<br />Total $ 4,166,720
<br />91
<br />
|