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For eligible employees enrolled in the Lincoln defined contribution plan, the Board shall establish an employer contribution rate equal to the difference between the eligible employee FRS contribution rate for the FRS Investment Plan and the ineligible employee FRS contribution rate for the FRS Investment Plan as determined by the FRS annually. As of September 30, 2023, the contribution rate for eligible employees was 6.79%, calculated as the difference between the regular class employer rate of 13.57%, and the regular class rehire rate of 6.78%. Employer contributions totaled $3,630 for Fiscal Year 2023. Other Post -Employment Benefit Plans Other Post -Employment Benefit ("OPEB') Plan Description. On September 23, 2008, the Board approved resolution number 2008-163, establishing an irrevocable trust ("OPEB Trust") to separately identify assets accumulated to pay OPEB benefits for eligible retirees. The OPEB Trust includes the Board and the five constitutional officers (Clerk of the Circuit Court and Comptroller, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector). The resolution also established the Board as trustees of the OPEB Trust and the authority for the trustees to amend the benefit provisions. The OPEB Trust is a single -employer defined benefit plan ("OPEB Plan"). The OPEB Plan subsidizes the cost of health care for employees hired prior to February 1, 2006 and their eligible dependents according to the provisions of the substantive plan (the plan as understood by the employer and plan members). Employees hired on or after February 1, 2006, will not be eligible for any subsidy, regardless of the years of service or Medicare eligibility. Active participants as well as retirees are subject to the same benefits and rules. Retired employees are permitted to remain covered under the County's medical and life insurance plans as long as they pay a premium applicable to the coverage elected. This conforms to the minimum required of Florida governmental employers per Florida Statute 112.0801. The retiree has the option to continue with the County group health plan or elect a Medicare Advantage Plan. The implicit rate subsidy applies to health and life insurance coverage since the premiums charged are based upon a blending of younger active employees and older retired employees. Health insurance monthly premiums, effective October 1, 2022, range from $257 for single coverage Medicare participants to $1,297.50 for family coverage. Life insurance is available to retirees at a flat rate of $.75 per $1,000 of coverage (to a maximum of $20,000 until the age of 70). After 70, the maximum amount of life insurance is $10,000. The County subsidizes the cost of the health insurance premiums for each retiree based upon their years of service and employment date (as mentioned above); a 2% discount is given for each year of service based upon the following table: 42