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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2020 NOTE 13 - RETIREMENT PLAN - Continued Total Pension Liability - FRS Pension and HIS Program Combined - Continued The deferred outflows of resources totaling $3,553,478 resulting from County contributions subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the year ended September 30, 2021. Other amounts reported as deferred outflows of resources and deferred inflows of resources wilt be recognized in pension expense as follows: Amount Fiscal Year Ending September 30: Recognized 2021 $ 11,130,809 2022 16,344,488 2023 13,372,924 2024 8,419,058 2025 2,562,974 Thereafter 677,089 Total $ 52,507,342 FRS Investment Plan Plan Description: The County contributes to the Investment Plan, a defined contribution pension plan, for its eligible employees electing to participate in the Investment Plan. The Investment Plan is administered by the State Board of Administration (SBA), and is reported in the SBA's annual financial statements and in the State of Florida Comprehensive Annual Financial Report. As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the Investment Plan in lieu of the FRS defined benefit plan. County employees already participating in DROP are not eligible to participate in this program. Benefits Provided: Service retirement benefits are based upon the value of the member's account upon retirement. Employers and employee contributions, including amounts contributed to individual member's accounts, are defined by law, but the ultimate benefit depends in part on the performance of investment funds. Benefit terms, including contribution requirements, for the Investment Plan are established and may be amended by the Florida Legislature. 94