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Indian River County, Florida Clerk of the Circuit Court and Comptroller Notes To Financial Statements Year Ended September 30, 2011 NOTE 3 — PENSION PLAN - Continued 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 parry administrator selected by the State Board of Administration. 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. For further information concerning the Florida Retirement System and contribution rates, please read County -wide Note 16, Pension Plans. Employer contributions to the FRS for the fiscal years ended September 30, 2009, 2010 and 2011, were equal to 10.17%, 10.62%, and 9.92% of the annual covered payroll. Employer contributions to the FRS for the fiscal years ended September 30, 2009, 2010, and 2011 were $432,578, $375,894, and $371,781 respectively. These amounts 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 $23,576. NOTE 4 — OTHER POSTEMPLOYMENT BENEFITS The Clerk participated in the Indian River County Other Postemployment Benefits Trust (IRCOT). The Clerk's 2011 annual required contribution of $133,800 was funded by the Board of County Commissioners in the amount of $21,014; non -court revenue in the amount of $20,279; court -related State expenditures in the amount of $91,006; and the public modernization trust fund in the amount of $1,501. This contribution was considered part of a total contribution determined by the IRCOT actuary. Further information on the IRCOT can be found in the County -wide financial statements and in the County notes. NOTE 5 — RISK MANAGEMENT Indian River County maintains a risk management program that provides for coverage of risks of loss related to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees, natural disasters, and medical and life insurance coverage for employees and their eligible dependents. Various excess catastrophe insurance policies with a commercial carrier are also in force for claims exceeding the amount chargeable against the Self-insurance Fund. The Clerk participated in the County's self-insurance program during fiscal year 2011 at an annual cost of approximately $716,799. Further details of this self-insurance program are discussed in the County -wide financial statements and County notes. 303