Sarasota County Comprehensive Annual Financial Report 2020

Sarasota County, Florida Notes to Financial Statements September 30, 2020 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 Sheriff Total Plans Active participants 2,609 955 3,564 Retirees and beneficiaries 171 149 320 Covered dependent spouses 51 - 51 Total 2,831 1,104 3,935 Sarasota County OPEB plan investments The primary asset classes include: Portfolio Amount in Trust as of: Asset Class Allocation October 1 ,2020 Cash 0.40% $ 31,492 Broad Market High Quality Bonds 18.20% 1,432,870 Core Plus Fixed Income 19.80% 1,558,837 Diversified Large Cap 31.30% 2,464,222 Diversified Small to Mid Cap 7.70% 606,214 International Equity 14.40% 1,133,700 Core Real Estate 8.20% 645,579 100.00% $ 7,872,914 The annual money- weighted average return on investments through September 30, 2020 was 6.37%. The County’s Board of County Commissioners is the Governing Body that can make changes in the fund choices or allocations. Receivables As of September 30, 2020 no amounts were due to the trust. Total OPEB liability The County’s total OPEB liability was measured as of September 30, 2020, and was determined by an actuarial valuation as of January 1, 2019, updated to September 30, 2020. The Sheriff’s total OPEB liability was measured as of September 30, 2020 and was determined by an actuarial valuation as of December 31, 2018. Sarasota County actuarial assumptions and other inputs The total OPEB liability in the actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Inflation Rate 2.50% Salary Increase Rate(s) Varies by service Discount Rate 7.00% Initial Trend Rate 7.50% Ultimate Trend Rate 4.00% Years to Ultimate 55 Investment Rate of Return 7.00% 138