Sarasota County, Florida Notes to Financial Statements September 30, 2024 After termination and applying to receive benefits, the member may rollover vested funds to another qualified plan, structure a periodic payment under the Investment Plan, receive a lump-sum distribution, leave the funds invested for future distribution, or any combination of these options. Disability coverage is provided; the member may either transfer the account balance to the FRS Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly benefits under the FRS Pension Plan, or remain in the Investment Plan and rely upon that account balance for retirement income. The County’s Investment Plan pension expense totaled $10,694,581 for the year ended September 30, 2024. Employee contributions to the Investment Plan totaled $1,843,322 for the year ended September 30, 2024. Summary of Defined Benefit Pension Plans The aggregate amount of net pension liability, 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. 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. The 1996 Internal Revenue Service regulations require that all amounts of deferred compensation, all property and rights purchased with such amounts, and all income attributable to such amounts, property or rights shall be held for the exclusive benefit of plan participants and their beneficiaries. The County amended its plans for this provision and was in full compliance by the required January 1, 1999 implementation date. GASB Statement No. 32 guidance requires for reporting periods beginning after December 31, 1998 alternative financial reporting standards for entities meeting the new requirements of IRC Section 457. The alternative reporting requirement became relevant to the County's fiscal year 2000 financial statements. Under GASB Statement No. 32, the County is no longer required to report its Section 457 plan subsequent to fiscal year 1999. There were no additional financial reporting requirements after the implementation of GASB Statement No. 97. Description FRS Plan HIS Plan Total Net Pension Liability $ 339,864,243 $ 100,780,307 $ 440,644,550 Deferred Outflows of Resources Related to Pensions 112,119,328 8,854,748 120,974,076 Deferred Inflows of Resources Related to Pensions 30,534,719 13,437,582 43,972,301 Pension Expense 52,540,865 4,741,993 57,282,858 151
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