Sarasota County, Florida Notes to Financial Statements September 30, 2021 The retiree’s cost is partially offset by a subsidy from the Florida Retirement System equal to $5 per month for each year of creditable service, with a minimum of $30, and a maximum of $150 per month. Coverage can be continued for the spouse after the death of the retiree, at a retiree’s single person subsidized rate, if elected. The County has no formal funding policy and did not contribute to the fund during the 2021 fiscal year. Benefits are established by the County’s Board of County Commissioners. The Board of County Commissioners may change or amend funding provisions and negotiate to modify the OPEB. Transfers and investment changes must be made in accordance with plan provisions. The County does not issue a standalone financial report specific to the OPEB plan. The County’s plan is open to new entrants. Sheriff’s Retiree Health Care Plan description Sheriff’s Retiree Health Care Plan (Sheriff’s Plan) is a single-employer defined benefit postemployment health care plan (OPEB) that covers eligible retired employees. The Sheriff provides postemployment health care benefits in accordance with Section 112.0801, Florida Statutes, to all employees who retire from the Sheriff. The Sheriff is required to provide health care coverage at cost to all retirees but does not have to pay any portion of the premium for the retiree to participate in the Sheriff’s group health care plan. Pursuant to the provisions of Section 112.0801 Florida Statutes, any employee who retires and immediately begins receiving benefits from the Florida Retirement System (FRS) has the option of paying premiums to continue in the Sheriff’s healthcare plan at the same cost that is applicable to active employees. The retiree’s cost is partially offset by a subsidy from the Florida Retirement System equal to $5 per month for each year of creditable service, with a minimum of $30, and a maximum of $150 per month. Coverage can be continued for the spouse after the death of the retiree, at a retiree’s single person subsidized rate, if elected. The Sheriff has the authority to establish and amend funding policy. The Sheriff’s Plan is currently being funded on a pay-as-you go basis. There are no assets accumulated in a trust that meet the criteria in GASB 75 for the Sheriff’s Plan as of fiscal year end. The Sheriff’s Plan remains open to new entrants. Employees Covered by Benefit Terms Actuarial reports provide information about the number of employees by type of covered within the various plans. Table below shows that number of employees covered by the benefit terms of each of the plans as of the most recent valuation. Active participants Retirees and beneficiaries Total Sarasota County 2,600 214 2,814 Sheriff 959 177 1,136 Total Plans 3,559 391 3,950 144
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