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Indian River County, Florida Property Appraiser Notes To Financial Statements Year Ended September 30, 2011 NOTE 3 — PENSION PLAN Florida Retirement System Plan Description: The Property Appraiser'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. 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 15, Pension Plans. Employer contributions to the FRS for the fiscal years ended September 30, 2009, 2010, and 2011, were equal to 10.42%, 10.73%, and 10.02% of the annual covered payroll. Employer contributions to the FRS for the fiscal years ended September 30, 2009, 2010, 2011 were $220,468, $224,920, and $195,025 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 $13,320. NOTE 4 — OTHER POSTEMPLOYMENT BENEFITS The Property Appraiser participated in the Indian River County Other Post Employment Benefits Trust (IRCOT). The Property Appraiser's 2011 annual required contribution of $54,036 was funded by the Board of County Commissioners as 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. 315