Sarasota County, Florida Notes to Financial Statements September 30, 2022 Benefits Provided For the fiscal year ended June 30, 2022, eligible retirees and beneficiaries received a monthly HIS payment of $5 for each year of creditable service completed at the time of retirement, with a minimum HIS payment of $30 and a maximum HIS payment of $150 per month, pursuant to Section 112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a State-administered retirement system must provide proof of health insurance coverage, which may include Medicare. Contributions The HIS Plan is funded by required contributions from FRS participating employers as set by the Florida Legislature. Employer contributions are a percentage of gross compensation for all active FRS members. For the fiscal year ended June 30, 2022, the contribution rate was 1.66 percent of payroll pursuant to section 112.363, Florida Statues. The County contributed 100 percent of its statutorily required contributions for the current and preceding 3 years. HIS Plan contributions are deposited in a separate trust fund from which payments are authorized. HIS Plan benefits are not guaranteed and are subject to annual legislative appropriation. In the event the legislative appropriation or available funds fail to provide full subsidy benefits to all participants, benefits may be reduced or canceled. The County’s contributions to the HIS Plan were $4,031,566 for the year ended September 30, 2022. Costs At September 30, 2022, the County reported a liability of $68,166,215 for its proportionate share of the HIS Plan’s net pension liability. The net pension liability was measured as of June 30, 2022, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2022. The County’s proportion of the net pension liability was based on the County’s contributions received during the measurement period for employer payroll paid dates from July 1, 2021 through June 30, 2022, relative to the total employer contributions received from all participating employers. At June 30, 2022, the County’s proportion was 0.6436%, which was a decrease of 0.0056% from its proportion of 0.6492% measured as of June 30, 2021. For the year ended September 30, 2022, the impact to the County’s pension expense totaled $3,972,324 for its proportionate share of HIS’s pension expense. In addition, the County reported its proportionate share of HIS’s deferred outflows of resources and deferred inflows of resources from the following sources: Description Deferred outflows of resources Deferred inflows of resources Differences Between Expected and Actual Economic Experience 2,069,006 $ 299,938 $ Changes in Actuarial Assumptions 3,907,330 10,545,270 Net Difference Between Projected and Actual Earnings on Pension Plan Investments 98,690 - Changes in Proportion and Differences Between County Contributions and Proportionate Share of Contributions 2,216,644 1,961,662 County Contributions Subsequent to the Measurement Date 1,023,892 - Total 9,315,562 $ 12,806,870 $ 142
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