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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2006 NOTE 14 - PENSION PLANS - Continued A. Florida Retirement System - Continued L In addition to the above benefits, the FRS administers a Deferred Retirement Option Program (DROP). This program allows eligible employees to defer receipt of monthly retirement benefit payments while continuing employment with a FRS employer for a period not to exceed five years after electing to participate. Deferred monthly benefits are held in the FRS Trust Fund and accrue interest. F Florida Statutes Chapter 121, as may be amended from time to time by the state legislature, determines contribution rates for the various membership classes of the FRS. The FRS issues a publicly available financial report that includes financial statements, ten-year historical trend information and other required supplementary information. That report may be obtained by writing to the Department of Administration, Division of Retirement, Cedars Executive Center, Building C, 2639 North Monroe Street, Tallahassee, Florida 32399-1560. Funding Policy: The FRS has six classes of membership with descriptions and contribution rates in effect during the period ended September 30, 2006, as follows (contribution rates are in agreement with the actuarially determined rates): 10/1/05 7/1/06 to 6/30/06 to 9/30/06 Regular Class - Members not qualifying for other classes. 7.83% 9.85% Senior Management Service Class - Members of senior management who do not elect the optional annuity management program. 10.45% 13.12% Special Risk Class - Members employed as law enforcement officers, firefighters, or correctional officers and meet the criteria set to qualify for this class. 18.53% 20.92% Special Risk Administrative Support Class - Special risk members who are transferred or reassigned to non -special risk and meet the criteria. 9.92% 12.55% n Elected County Officer's Class - Certain elected county officials. 15.23% 16.53% Deferred Retirement Option Program - - Members who are eligible for normal retirement that have elected to participate in the deferred retirement option program. 9.33% 10.91% n !�1 88 H