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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2020 <br />NOTE 14 - OTHER POSTEMPLOYMENT BENEFITS PLAN (OPEB) <br />A. Plan Description <br />On September 23, 2008, the Board of County Commissioners approved resolution number <br />2008-163, establishing an irrevocable trust (OPEB Trust) to separately identify assets <br />accumulated to pay OPEB benefits for eligible retirees. The OPEB Trust includes the Board <br />of County Commissioners and the five constitutional officers (Clerk of the Circuit Court and <br />Comptroller, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector). The <br />resolution also established the Board of County Commissioners as trustees of the OPEB Trust <br />and the authority for the trustees to amend the benefit provisions. <br />The OPEB Trust is a single -employer defined benefit plan (OPEB Plan). The OPEB plan <br />subsidizes the cost of health care for employees hired prior to February 1, 2006 and their <br />eligible dependents according to the provisions of the substantive plan (the plan as <br />understood by the employer and plan members). Employees hired on or after February 1, <br />2006, will not be eligible for any subsidy, regardless of the years of service or Medicare <br />eligibility. <br />Active participants as well as retirees are subject to the same benefits and rules. Retired <br />employees are permitted to remain covered under the County's medical and life insurance <br />plans as long as they pay a premium applicable to the coverage elected. This conforms to <br />the minimum required of Florida governmental employers per Florida Statute 112.0801. <br />The retiree has the option to continue with the County group health plan or elect Medicare <br />Advantage Plan. <br />The implicit rate subsidy applies to health and Life insurance coverage since the premiums <br />charged are based upon a blending of younger active employees and older retired <br />employees. Health insurance monthly premiums, effective October 1, 2019, range from <br />$295 for single coverage Medicare participants to $1,167.50 for family coverage. Life <br />insurance is available to retirees at a flat rate of $.70 per $1,000 of coverage (to a <br />maximum of $20,000 until the age of 70). After 70, the maximum amount of life insurance <br />is $10,000. <br />96 <br />