Sarasota County, Florida Notes to Financial Statements September 30, 2023 the spouse after the death of the retiree, at a retirees single person subsidized rate, if elected. The County has no formal funding policy and did not contribute to the fund during the 2023 fiscal year. Benefits are established by the Countys 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 stand-alone financial report specific to the OPEB plan. The Countys plan is open to new entrants. Sheriffs Retiree Health Care Plan description Sheriffs Retiree Health Care Plan (Sheriffs Plan) is a single-employer defined benefit postemployment health care plan (OPEB) that covers eligible retired employees. The Sheriff provides post-employment health care benefits in accordance with Florida Statutes Section 112.0801 to all employees who retire from the Sheriffs office. 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 Sheriffs group health care plan. Pursuant to the provisions of F.S. Section 112.0801, 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 Sheriffs healthcare plan at the same cost that is applicable to active employees. The retirees 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 retirees single person subsidized rate, if elected. The Sheriff has the authority to establish and amend the funding policy. The Sheriffs 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 Sheriffs Plan as of fiscal year end. The Sheriffs 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. Sarasota County OPEB plan investments The primary asset classes include: . Sarasota County Sheriff Total Plans Active participants 2,588 965 3,553 Beneficiaries receiving benefits 169 205 374 Total 2,757 1,170 3,927 151
RkJQdWJsaXNoZXIy MzM3Mjg=