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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 />F. Sensitivity of Net OPEB Liability - Continued
<br />Regarding the sensitivity of the net OPEB liability to changes in the healthcare cost trend
<br />rates, the following presents the plan's net OPEB liability, calculated using the assumed
<br />trend rates as well as what the plan's net OPEB liability would be if it were calculated using
<br />a trend rate that is one percent lower or one percent higher:
<br />G.
<br />Sensitivity of Net OPEB Liability
<br />to the Healthcare Cost Trend Rate Assumption
<br />1% Decrease
<br />(5.5% down to 3.24%)
<br />$(1,321,106)
<br />Current Healthcare
<br />Cost
<br />Trend Rate Assumption
<br />(6.5% down to 4.24%)
<br />$ 1,384,640
<br />Changes in the Net OPEB Liability
<br />Balances at 9/30/2019
<br />Changes for the year:
<br />Service cost
<br />Interest
<br />Contributions - employer
<br />Net investment income
<br />Experience
<br />Assumptions
<br />Benefit payments
<br />Net changes
<br />Balances at 9/30/2020
<br />1% Increase
<br />(7.5% down to 5.24%)
<br />$ 4,475,056
<br />Increase (Decrease)
<br />Total OPEB
<br />Liability
<br />(a)
<br />$ 33,207,465
<br />638,013
<br />1,953,393
<br />2,869,333
<br />(2,051,215)
<br />(2,577,846)
<br />831,678
<br />$ 34,039,143
<br />102
<br />Plan
<br />Fiduciary
<br />Net Position
<br />(b)
<br />$ 30,507,845
<br />Net OPEB
<br />Liability
<br />(a) - (b)
<br />$ 2,699,620
<br />638,013
<br />1,953,393
<br />2,206,025 (2,206,025)
<br />2,518,479 (2,518,479)
<br />2,869,333
<br />(2,051,215)
<br />(2,577,846) -
<br />2,146,658 (1,314,980)
<br />$ 32,654,503 $ 1,384,640
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