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CITY OF SUNNY ISLES BEACH, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS <br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 <br />NOTE 7 — EMPLOYMENT RETIREMENT SYSTEM (CONTINUED) <br />PENSION PLAN— FRS (CONTINUED) <br />Sensitivity of the City's Proportionate Share of the Net Pension Liability to Changes in <br />the Discount Rate <br />The following presents the City's proportionate share of the net pension liability calculated <br />using the discount rate of 6.70%, as well as what the City's proportionate share of the net <br />pension liability would be if it were calculated using a discount rate that is 1 -percentage - <br />point lower (5.70%) or I -percentage -point higher (7.70%) than the current rate: <br />City's proportionate share of the net pension liability <br />HIS PLAN <br />Current <br />1% Discount 1% <br />Decrease Rate Increase <br />(5.70%) (6.70%) (7.70%) <br />$ 43,488,476 $ 25,458,602 $ 10,374,455 <br />Plan Description <br />The HIS Plan is a cost-sharing, multiple -employer defined benefit pension plan established <br />under Section 112.363, Florida Statutes, and may be amended by the Florida Legislature at <br />any time. The benefit is a monthly payment to assist retirees of State -administered <br />retirement systems in paying their health insurance costs and is administered by the Florida <br />Department of Management Services, Division of Retirement. <br />Benefits Provided <br />For the fiscal year ended September 30, 2023, eligible retirees and beneficiaries received a <br />monthly HIS payment of $5 for each year of creditable service completed at the time of <br />retirement, with a minimum HIS payment of $30 and a maximum HIS payment of $150 per <br />month. To be eligible to receive these benefits, a retiree under a State -administered <br />retirement system must provide proof of eligible health insurance coverage, which may <br />include Medicare. <br />57 <br />