Sarasota County, Florida Notes to Financial Statements September 30, 2022 Pension Liability Sensitivity The following presents the County’s proportionate share of the net pension liability (asset) for the City of Sarasota’s Firefighters pension plan, calculated using the discount rate disclosed in the preceding paragraph, as well as what the County’s proportionate share of the net pension liability (asset) would be if it were calculated using a discount rate of one percentage point lower or one percentage point higher than the current discount rate: The pensions plan’s fiduciary net position detailed information is available in a separately issued financial report. This report may be obtained through https://www.sarasotafl.gov/government/city-auditor-and-clerk/pensions/firepension. Summary of Defined Benefit Pension Plans The aggregate amount of net pension liability (asset), related deferred outflows of resources and deferred inflows of resources and pension expense for the County’s defined benefit pension plans are summarized below: Net pension liabilities associated with the Florida Retirement System and Retiree Health Insurance Subsidy Program are liquidated in the individual fund to which the liability is directly associated. For the Firefighter’s Pension Plan, liabilities are liquidated in the emergency services special revenue fund, which captures public safety expenditures. NOTE 11. DEFERRED COMPENSATION PLAN Sarasota County offers its employees the Internal Revenue Code (IRC) Section 457(b) Deferred Compensation Plan in accordance with the IRC Section 457(b). Sarasota County is an eligible employer as defined in Code 457(e)(1)(A). Sarasota County offers Roth 457(b) accounts within the 457(b) plan. Both plans, available to all County employees and elected officials, permit the deferral of a portion of salary until future years. Plans provide eligible employees with the opportunity to accumulate retirement savings through employee contributions to an individual account. Participants are responsible for directing the investment of their assets among the investment options available under the plans. Participants may voluntarily contribute any amount not to exceed the maximum contribution amounts set by the Internal Revenue Service. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. Description 1% Decrease in discount rate Current discount rate 1% Increase in discount rate City of Sarasota Firefighter's Pension Plan Discount Rate 5.85% 6.85% 7.85% County's Proportionate Share of Firefighters pension plan Net Pension Liability (Asset) 6,224,823 $ (6,833,453) $ (17,774,246) $ Description FRS Plan HIS Plan Firefighter's Pension Plan Total Net Pension Liability (Asset) $ 300,178,029 $ 68,166,215 $ (6,833,453) $ 361,510,791 Deferred Outflows of Resources Related to Pensions 83,047,753 9,315,562 3,706,029 96,069,344 Deferred Inflows of Resources Related to Pensions 15,002,780 12,806,870 7,524,235 35,333,885 Pension Expense 39,352,152 3,972,324 (1,586,201) 41,738,275 147
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