Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 Class, Initial Enrollment, and Retirement Age/Years of Service: % Value Regular Class members initially enrolled before July 1, 2011 Retirement up to age 62 or up to 30 years of service 1.60 Retirement up to age 63 or up to 31 years of service 1.63 Retirement up to age 64 or up to 32 years of service 1.65 Retirement up to age 65 or up to 33 years of service 1.68 Regular Class members initially enrolled on or after July 1, 2011 Retirement up to age 65 or up to 33 years of service 1.60 Retirement up to age 66 or up to 34 years of service 1.63 Retirement up to age 67 or up to 35 years of service 1.65 Retirement up to age 68 or up to 36 years of service 1.68 Elected County Officers 3.33 Senior Management Service Class 2.00 Special Risk Regular Service from December 1, 1970, through September 30, 1974 2.00 Service on or after October 1, 1974 3.00 As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-of-living adjustment is 3 percent per year. If the member is initially enrolled before July 1, 2011, and has service credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment. The annual cost-of-living adjustment is a proportion of 3 percent determined by dividing the sum of the pre-July 2011 service credit by the total service credit at retirement multiplied by 3 percent. FRS Plan members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement. Contributions The County’s contributions to the FRS Plan were $27,421,210 for the year ended September 30, 2019. The Florida Legislature establishes contribution rates for participating employers and employees. Effective July 1, 2011, all FRS Plan members (except those in DROP) are required to make 3% employee contributions on a pretax basis. The employer contribution rates by job class for the periods from October 1, 2018 through June 30, 2019 and from July 1, 2019 through September 30, 2019 are as follows: Job Class October 1, 2018 - June 30, 2019 July 1, 2019 - September 30, 2019 Regular 8.26% 8.47% Special Risk - Regular 24.50% 25.48% Special Risk- Administrative 34.98% 38.59% Elected Officers 48.70% 48.82% Senior Management Services 24.06% 25.41% DROP Participants 14.03% 14.60% Pension Costs At September 30, 2019, the County reported a liability of $298,978,228 for its proportionate share of the FRS Plan’s net pension liability. The net pension liability was measured as of June 30, 2019, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2019. 125