Sarasota County, Florida Notes to Financial Statements September 30, 2023 management of general and automotive liability, employee group health insurance activities, and workers’ compensation. The Sheriff is insured under sovereign immunity up to a maximum of $200,000 per person/$300,000 per occurrence for claims against the Sheriff involving negligence, including automobile and general liability. Negligence claims in excess of statutory limits set in Section 768.28, Florida Statutes, can only be recovered through an act of the State of Florida Legislature. The Sheriff carries a fully insured workers’ compensation plan. Employee medical benefit claims exceeding $250,000 per covered participant are covered with unlimited excess insurance. There have been no significant reductions in insurance coverage in the last year. Reconciliation of aggregate claims liabilities: NOTE 10. EMPLOYEE RETIREMENT PLANS Florida Retirement System Defined Benefit Pension Plan Background The Florida Retirement System (FRS) was created by Chapter 121, Florida Statutes, to provide a defined benefit pension plan for participating public employees. The FRS was amended in 1998 to add the Deferred Retirement Option Program under the defined benefit plan and amended in 2000 to provide a defined contribution plan alternative to the defined benefit plan for FRS members effective July 1, 2002. This integrated defined contribution pension plan is the FRS Investment Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy (HIS) Program, a cost-sharing multiple-employer defined benefit pension plan, to assist retired members of any State-administered retirement system in paying the costs of health insurance. Essentially all regular employees of the County are eligible to enroll as members of the State-administered FRS. Provisions relating to the FRS are established by Chapters 121 and 122, Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS Rules, Chapter 60S, Florida Administrative Code; wherein eligibility, contributions, and benefits are defined and described in detail. Such provisions may be amended at any time by further action from the Florida Legislature. The FRS is a single retirement system administered by the Florida Department of Management Services, Division of Retirement, and consists of the two cost sharing, multiple employer defined benefit plans and other nonintegrated programs. A comprehensive annual financial report of the FRS, which includes its financial statements, required supplementary information, actuarial report, and other relevant information, is available from the Florida Department of Management Services’ Web site (www.dms.myflorida.com). The impact to the County’s pension expense (credit) totaled $109,430,613 for the FRS Pension Plan, the HIS Plan and the City of Sarasota’s Firefighters pension plan for the year ended September 30, 2023. 139
RkJQdWJsaXNoZXIy MzM3Mjg=