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1% Decrease <br />Current Discount <br />1% Increase <br />(5.70%) <br />Rate (6.70%) <br />(7.70%) <br />County's proportionate share of NPL $244,104,212 <br />$142,901,121 <br />$58,232,625 <br />Pension Plan Fiduciary Net Position. Detailed information regarding the Pension <br />Plan's fiduciary net position is available in the separately issued FRS Pension Plan and <br />Other State -Administered Systems Annual Comprehensive Financial Report. This report <br />is 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 />This report identifies statements that were prepared in accordance with generally accepted <br />accounting principles, the measurement focus and basis of accounting, various investment <br />valuations, various pension plan benefits, assumptions used, and many other details. <br />Description of the HIS Plan. The HIS Program is a cost-sharing, multiple -employer, <br />defined benefit pension plan established to provide a monthly subsidy payment to retired <br />members of any state -administered retirement system. It was established under Section <br />112.363, Florida Statutes. Benefits are not guaranteed and are subject to annual legislative <br />appropriation. In the event legislative appropriation or available funds fail to provide full <br />subsidy benefits to all participants, benefits may be reduced or canceled. The HIS Program <br />is administered by the Florida Department of Management Services, Division of <br />Retirement. <br />HIS Program Benefits. For Fiscal Year ended September 30, 2023, eligible retirees <br />and beneficiaries received a monthly HIS Program payment of $7.50 for each year of <br />creditable service completed. The payments are at least $45 but not more than $225 per <br />month. To be eligible to receive a HIS Program benefit, a retiree under a state -administered <br />retirement system must provide proof of health insurance coverage, which may include <br />Medicare. <br />HIS Program Contributions. The HIS Program is funded by required contributions <br />from FRS participating employers as set by the Florida Legislature. Employer <br />contributions are a percentage of gross compensation for all active FRS members. For the <br />Fiscal Year ended September 30, 2023, the HIS Program contribution rate was 2.00%. <br />There are no employee contributions required. The County contributed 100% of its <br />statutorily required contributions for the current and preceding three years. HIS Program <br />contributions are deposited in a separate trust fund from which payments are authorized. <br />The County's actuarial contributions to the HIS Program totaled $1,816,550 for the Fiscal <br />Year ended September 30, 2023. <br />Pension Liabilities, Pension Expense, and Deferred Outflow of Resources and <br />Deferred Inflow of Resources Related to HIS Program. At September 30, 2023, the <br />Division of Retirement calculated the County's liability of $41,350,877 for its <br />proportionate share of the HIS Program's net pension liability. The net pension liability <br />36 <br />