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Indian River County, Florida Board of County Commissioners Notes To Financial Statements Year Ended September 30, 2011 NOTE 13 — POLLUTION REMEDIATION - Continued Proprietary Funds: 5) North County Reverse Osmosis plant — The nature of the pollution remediation obligation is groundwater inorganic contamination. The consultant will conduct monitoring and assessment. The amount of the estimated year end liability is $43,200. 6) Old Savannah Lift Station — The nature of the pollution remediation obligation is petroleum impacts (diesel) due to a leaky filter on an emergency generator. The consultant will conduct monitoring and assessment. The amount of the estimated year end liability is $21,800. Total proprietary funds liability: 65 000 Due to the addition of the Old Savannah Lift Station site in fiscal year 2011, beginning net assets for the Utilities Fund needed to be restated. Please see Note 19-B for information regarding the restatement of beginning net assets for the proprietary funds as it relates to the pollution remediation liability. The difference between the Utilities Fund restated beginning net assets of $35,281 and the liability of $21,800 was expensed during the current year. NOTE 14 — PENSION PLANS Florida Retirement System Plan Description: The Board's employees participate in the Florida Retirement System (FRS), a cost- sharing, multiple -employer public employee retirement system, administered by the Florida Department of Management Services. Effective July 1, 2011, the FRS became a contributory plan for all members, except DROP participants, whereby members contribute 3% and employers pay a rate based upon each member's employment class (regular class 4.91%, senior class 6.27%, and elected official class 11.14%). Employees elect participation in either the defined benefit plan (Pension Plan) or the defined contribution plan (Investment Plan). If the employee enrolled in the FRS prior to July 1, 2011, normal retirement is age 62 with 6 years of service or 30 years of service, regardless of age. If the employee enrolled in the FRS on or after July 1, 2011, normal retirement is age 65 with 8 years of service or 33 years of service, regardless of age. Under the Pension Plan, early retirement is available before reaching normal retirement age and will be subject to an early-retirement reduction of 5% for each year your age at retirement is under your normal retirement age. For those employees who elect participation in the Investment Plan rather than the Pension Plan, vesting occurs after one year of service. Participants have access to the full value of their vested account balance when they leave FRS employment, regardless of 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. 276