2007-096A - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2006 NOTE 13 — PROVISION FOR CLOSURE COSTS - Continued Required closure and post -closure obligations per segment: All amounts recognized are based on what it would cost to perform all closure and post -closure functions in current dollars. Actual costs may be different due to inflation, changes in technology, or changes in laws and regulations. The SWDD is required by FDEP to annually show proof of ability to finance closure and post -closure costs, and has done so by fulfilling the requirements of the financial test provision of the regulation. At the same time, the SWDD is making annual deposits to a closure and post -closure cost account to provide for the financing of future closure -related expenditures. All funds are on deposit at the Florida Local Government Investment Trust. NOTE 14 - PENSION PLANS A. Florida Retirement System Plan Description: The County's employees participate in the Florida Retirement System (FRS), a cost- sharing multiple -employer public employee retirement system, administered by the Florida Department of Administration. The FRS is noncontributory for all members; all contributions are made by the employer. Employees elect participation in either the defined benefit plan (Pension Plan) or the defined contribution plan (Investment Plan). The Pension Plan provides for vesting of benefits after six years of credible service. Normal retirement benefits are available to employees who retire at or after age 62 with six or more years of service. Early retirement is available after six years of service with a five percent reduction in benefits for each year prior to the normal retirement age. Retirement benefits are based on age, average compensation, and years -of -service credit where average compensation is computed as the average of an individual's five highest years of earnings. For those employees who elect participation in the Investment Plan rather than the Pension Plan, vesting occurs after one year of service and there is no "normal retirement age". These participants receive a defined contribution for self-direction in an investment product with a third party administrator selected by the State Board of Administration. H87 Closure and LJ Capacity Estimated Post -Closure Date Used Closing Obligation Closed Active Segment I addition - C & D 59% 2007 $ 480,000 N/A Segment II -B addition - household waste 75% 2007 2,110,328 N/A Segment II -C addition - household waste 75% 2011 2,864,016 N/A Construction & Demolition 76% 2010 1,005,854 Inactive Segment I - household waste N/A N/A 478,000 1993 aSegment II -A class 1 - household waste N/A N/A 2,806,400 1998 Total account balance at 9/30/06: $9,744,598 All amounts recognized are based on what it would cost to perform all closure and post -closure functions in current dollars. Actual costs may be different due to inflation, changes in technology, or changes in laws and regulations. The SWDD is required by FDEP to annually show proof of ability to finance closure and post -closure costs, and has done so by fulfilling the requirements of the financial test provision of the regulation. At the same time, the SWDD is making annual deposits to a closure and post -closure cost account to provide for the financing of future closure -related expenditures. All funds are on deposit at the Florida Local Government Investment Trust. NOTE 14 - PENSION PLANS A. Florida Retirement System Plan Description: The County's employees participate in the Florida Retirement System (FRS), a cost- sharing multiple -employer public employee retirement system, administered by the Florida Department of Administration. The FRS is noncontributory for all members; all contributions are made by the employer. Employees elect participation in either the defined benefit plan (Pension Plan) or the defined contribution plan (Investment Plan). The Pension Plan provides for vesting of benefits after six years of credible service. Normal retirement benefits are available to employees who retire at or after age 62 with six or more years of service. Early retirement is available after six years of service with a five percent reduction in benefits for each year prior to the normal retirement age. Retirement benefits are based on age, average compensation, and years -of -service credit where average compensation is computed as the average of an individual's five highest years of earnings. For those employees who elect participation in the Investment Plan rather than the Pension Plan, vesting occurs after one year of service and there is no "normal retirement age". These participants receive a defined contribution for self-direction in an investment product with a third party administrator selected by the State Board of Administration. H87