Sarasota County Comprehensive Annual Financial Report 2020

Sarasota County, Florida Schedule of Contributions for the County’s OPEB Trust Fund For the Year Ended September 30, 2020 Actuarially Determined Contribution Actual Contribution Contribution deficiency Covered Payroll Contributions as a Percentage of Covered Payroll Actuarial Assumptions: Census Collection Date Discount Rate Year 1 Inflation Rates Year 2 Inflation Rates Ultimate Inflation Rate Year Ultimate Inflation Rate is Reached Actuarial Cost Method 2017 2018 2019 $ 1,095,561 $ 231,090 $ - 1,051,588 175,706 347,774 $ 43,973 $ 55,384 $ (347,774) $ 191,691,830 $ 179,958,805 $ 144,912,549 0.55% 0.10% 0.24% October 1, 2016 October 1, 2018 January 1, 2019 7.43% 7.43% 7.43% 12.00% 2.44% 2.50% 9.50% 9.50% 5.00% 5.00% 4.00% 2027 2028 2074 ** ** ** $ $ $ 2020 - - - 151,868,352 0.00% January 1, 2019 7.00% 2.50% 4.00% 2074 ** **Entry Age Normal (Percent of Salary) Note: Information is required to be presented for 10 years. However, until a full 10-year trend is compiled, the County will present information for only those years for which information is available. Note: Effective January 1, 2019, the Sheriff established a fully-insured group health plan intended to provide medical and prescription benefits to current and retired employees of the Sheriff. Prior to January 1, 2019, employees and retirees were covered under the County’s comprehensive health plan. Furthermore, it was determined that assets accumulating in the trust vehicle administered by the County are not available to pay post- employment benefits of the Sheriff’s retirees. As such, benefits provided to Sheriff’s retirees are considered to constitute a separate unfunded OPEB plan. 327