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Last modified
5/13/2022 10:12:51 AM
Creation date
10/5/2015 9:09:20 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Report
Approved Date
03/22/2011
Control Number
2011-075
Agenda Item Number
8.B.
Entity Name
Indian River County
Subject
Comprehensive Annual Financial Report
Fiscal Year October 1, 2009 - September 30, 2010
Alternate Name
CAFR
Supplemental fields
SmeadsoftID
9332
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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2010 <br />NOTE 16 - PENSION PLANS - Continued <br />Florida Retirement System - Continued <br />Funding Policy: The FRS has six classes of membership with descriptions and contribution rates in <br />effect during the period ended September 30, 2010, as follows (contribution rates are in agreement with <br />the actuarially determined rates): <br />07/01/06 7/1/10 <br />to 6/30/10 to 9/30/10 <br />Regular Class - <br />Members not qualifying for other classes. 9.85% 10.77% <br />Senior Management Service Class - <br />Members of senior management who do not elect the <br />optional annuity management program. 13.12% 14.57% <br />Special Risk Class - <br />Members employed as law enforcement officers, <br />firefighters, or correctional officers and meet the criteria <br />set to qualify for this class. 20.92% 23.25% <br />Special Risk Administrative Support Class - <br />Special risk members who are transferred or reassigned <br />to non -special risk and meet the criteria. 12.55% 13.24% <br />Elected County Officer's Class - <br />Certain elected county officials. 16.53% 18.64% <br />Deferred Retirement Option Program - <br />Members who are eligible for normal retirement that <br />have elected to participate in the deferred retirement <br />option program. 10.91% 12.25% <br />Contributions to the FRS for the fiscal years ended September 30, 2008, 2009, and 2010, were equal to <br />14.33%, 14.15%, and 14.71% of the annual covered payroll. Contributions to the FRS for the fiscal <br />years ended September 30, 2008, 2009, and 2010 were $11,085,528, $10,734,876, and $10,736,848 <br />respectively, which are equal to 100% of the required contribution for each year. <br />
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