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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) - Continued <br />A. Plan Description - Continued <br />The OPEB Trust financial statements are reported using the accrual basis of accounting and <br />are included in the Indian River County Comprehensive Annual Financial Report. Questions <br />regarding the OPEB Plan may be directed to the Finance Director. <br />At October 1, 2019, the date of the latest actuarial valuation, plan participation consisted <br />of: <br />Active participants 1,536 <br />Retired participants 536 <br />Total participants 2,072 <br />There are two classes of participants at October 1, 2019: <br />Regular and senior management 1,313 <br />Special risk 759 <br />Total participants 2,072 <br />The average employer's contribution was $1,466 per employee, approximately 2.49% of <br />current payroll. Financial statements for the OPEB Trust are included in this report and can <br />be found on pages 44-45. A separate, stand-alone financial report is not issued by the <br />County. The OPEB Trust investments can be found in Note 3D. <br />B. Contributions and Funding Policy <br />The Board of County Commissioners, in concert with the OPEB Board of Trustees, has the <br />authority to establish and amend the funding policy of the OPEB Plan. The OPEB Trust is <br />advance funded by the County. For the year ended September 30, 2020 the County <br />contributed $2.2 million to the qualifying OPEB Trust. Plan members receiving benefits <br />contributed $2.6 million. We anticipate that the OPEB liability will be liquidated in the <br />following manner: General Fund 56 percent, Transportation Fund 6 percent, Emergency <br />Services District Fund 28 percent, Enterprise Funds 8 percent, Internal Service Funds 1 <br />percent, and the remaining 1 percent is by the Other Governmental Funds. It is the <br />County's policy to base future OPEB Trust contributions on the annual required contribution <br />(ARC) in subsequent annual actuarial reports. Custodial and individual fund administrative <br />fees are paid from the portfolio dividend and interest income. <br />98 <br />