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Indian River County, Florida Board of County Commissioners Notes To Financial Statements Year Ended September 30, 2011 NOTE 14 — PENSION PLANS - Continued Florida Retirement System - Continued Retirement benefits are determined by age, years of service, the average of the highest 5 or 8 fiscal years of pay, membership class and the payment option selected at retirement. 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. Employer contributions to the FRS for the fiscal years ended September 30, 2009, 2010 and 2011, were equal to 13.1%, 13.4%, and 12.8% of the annual covered payroll. Employer contributions to the FRS for the fiscal years ended September 30, 2009, 2010, and 2011, were $5,630,401, $5,602,795 and $4,975,937 respectively, which are equal to 100% of the required contribution for each year. Employee contributions for the time period July 1, 2011 through September 30, 2011 were $259,425. 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 Florida Department of Management Services, Division of Retirement, Attention: Research and Education Section, P.O. Box 9000, Tallahassee, Florida 32315-9000, or from the website at www.dms.myflorida.com. The funding policy is described in detail in the Florida Retirement System note in the County -wide financial statements. NOTE 15 — OTHER POSTEMPLOYMENT BENEFITS PLAN A. Plan Description The Indian River County OPEB Trust (IRCOT) was established by resolution on September 23, 2008 for the Board of County Commissioners and the five constitutional officers (Clerk of the Circuit Court, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector). The Indian River County Board of County Commissioners acts as the OPEB Board of Trustees and delegates the administration of the IRCOT to an OPEB Trust Board. The OPEB Trust Board consists of the Clerk of the Circuit Court, Budget Director, Finance Director, County Administrator, and Human Resources Director. 277