Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 Sarasota County’s Retiree Health Care Plan Plan descriptions Sarasota County’s Retiree Health Care Plan (Plan) is a single-employer defined benefit post - employment heath care plan (OPEB) that covers eligible retired employees. The Plan, which is administered by the County, allows employees who retire and meet retirement eligibility requirements under one of the County’s retirement plans to continue medical coverage as a participant in the County’s 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 County’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 County has no formal funding policy and did not contribute to the fund during the 2019 fiscal year. As of the most recent valuation date, January 1, 2019 County’s plan had 2,609 active plan members and 171 inactive plan members or beneficiaries currently receiving benefits. The plan remains open to new entrants. 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 stand- alone financial report specific to the OPEB plan. OPEB plan investments The primary asset classes include: Asset Class Portfolio Allocation Amount in Trust as of: October 1 ,2019 Cash 0.20% $ 14,814 Broad Market High Quality Bonds 19.60% 1,451,791 Core Plus Fixed Income 19.70% 1,459,198 Diversified Large Cap 29.90% 2,214,722 Diversified Small to Mid Cap 9.10% 674,046 International Equity 12.70% 940,701 Core Real Estate 8.80% 651,824 100.00% $ 7,407,096 The weighted average return on investments through September 30, 2019 was 5.87%. The Board of County Commissioners is the governing body that can make changes in the fund choices or allocations. Receivables As of September 30, 2019 no amounts were due to the trust. Total OPEB liability The County’s total OPEB liability was measured as of September 30, 2019, and was determined by an actuarial valuation as of January 1, 2019 , rolled forward to September 30, 2019. 135