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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 />Retiree Health Insurance Subsidy (HIS) Program - Continued
<br />Sensitivity of the County's Proportionate Share of the Net Position Liability to Changes in
<br />the Discount Rate for the HIS Program: The following presents the County's proportionate
<br />share of the Net Pension Liability (NPL) of the HIS Program calculated using the discount
<br />rate of 2.21%. Also presented is what the County's proportionate share of the HIS Program
<br />NPL would be if it were calculated using a discount rate that is 1% lower or 1% higher than
<br />the current rate:
<br />1% Decrease Current Discount 1% Increase
<br />(1.21%) Rate (2.21%) (3.21%)
<br />County's proportionate share of NPL $ 34,989,033 $ 30,268,499 $ 26,404,755
<br />HIS Plan Fiduciary Net Position: Detailed information regarding the HIS Program's fiduciary
<br />net position is available in the separately issued FRS Pension Plan and Other
<br />State -Administered Systems Comprehensive Annual Financial Report. This report is
<br />available by writing to the State of Florida, Division of Retirement, Department of
<br />Management Services, P.O. Box 9000, Tallahassee, Florida 32315-9000 or by email at
<br />rep@dms.myflorida.com, or by telephone toll free at (877) 377-1737 or (850) 488-5706.
<br />Total Pension Liability - FRS Pension and HIS Program Combined
<br />At September 30, 2020, the Division of Retirement calculated the County's total liability of
<br />$187,234,831 for its proportionate share of the net pension liability. The net pension
<br />liability was measured as of June 30, 2020, and the total pension liability used to calculate
<br />the net pension liability was determined by an actuarial valuation as of July 1, 2020. At
<br />June 30, 2020, the County's total proportional share was 0.6101%. This was an increase of
<br />0.0173% from its proportionate share measured as of June 30, 2019.
<br />For the year ended September 30, 2020, the County recognized pension expense of
<br />$26,989,704. In addition, the County reported deferred outflows of resources and deferred
<br />inflows of resources related to the pension and HIS program from the following sources:
<br />Deferred Outflows Deferred Inflows
<br />Description of Resources of Resources
<br />Differences between expected and actual experience $ 7,245,585 $ 23,352
<br />Changes in assumptions 31,670,617 1,759,994
<br />Net difference between projected and actual
<br />earnings on pension plan investments 9,370,095 -
<br />Changes in proportion and differences between
<br />County contributions and proportionate share of
<br />contributions 7,031,901 1,027,511
<br />County contributions subsequent to the measure-
<br />ment date 3,553,478
<br />Total $ 58,871,676 $ 2,810,857
<br />93
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