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Indian River County, Florida
<br />Supervisor of Elections
<br />Notes To Financial Statements
<br />Year Ended September 30, 2011
<br />NOTE 2 - CASH
<br />Deposits
<br />At September 30, 2011, the carrying amount of the Supervisor of Elections' deposits was $78,913, and
<br />the bank balance was $115,983. All deposits with financial institutions were 100% insured by federal
<br />depository insurance or by collateral provided by qualified public depositories to the State Treasurer in
<br />accordance with Section 280.01, Florida Statutes, also known as the Florida Security for Public Deposits
<br />Act.
<br />The Supervisor of Elections has adopted the Board of County Commissioners' investment policy. This
<br />policy requires the Supervisor of Elections' office to follow the above state law (governing custodial
<br />credit risk) for cash deposits. Refer to the County -wide Note 4, Cash and Cash Equivalents, for
<br />definition of custodial credit risk.
<br />NOTE 3 — PENSION PLAN
<br />Florida Retirement System
<br />Plan Description: The Supervisor of Elections' employees participate in the Florida Retirement System
<br />(FRS), a cost-sharing, multiple -employer public employee retirement system, administered by the
<br />Florida Department of Management Services. Effective July 1, 2011, the FRS became a contributory
<br />plan for all members, except DROP participants, whereby members contribute 3% and employers pay a
<br />rate based upon each member's employment class (regular class 4.91%, senior class 6.27%, and elected
<br />official class 11.14%). Employees elect participation in either the defined benefit plan (Pension Plan) or
<br />the defined contribution plan (Investment Plan). If the employee enrolled in the FRS prior to July 1,
<br />2011, normal retirement is age 62 with 6 years of service or 30 years of service, regardless of age. If the
<br />employee enrolled in the FRS on or after July 1, 2011, normal retirement is age 65 with 8 years of
<br />service or 33 years of service, regardless of age. Under the Pension Plan, early retirement is available
<br />before reaching normal retirement age and will be subject to an early-retirement reduction of 5% for
<br />each year your age at retirement is under your normal retirement age. For those employees who elect
<br />participation in the Investment Plan rather than the Pension Plan, vesting occurs after one year of
<br />service. Participants have access to the full value of their vested account balance when they leave FRS
<br />employment, regardless of age. These participants receive a defined contribution for self-direction in an
<br />investment product with a third party administrator selected by the State Board of Administration.
<br />Retirement benefits are determined by age, years of service, the average of the highest 5 or 8 fiscal years
<br />of pay, membership class and the payment option selected at retirement. For further information
<br />concerning the Florida Retirement System and contribution rates, please read County -wide Note 16,
<br />Pension Plans.
<br />Employer contributions to the FRS for the fiscal years ended September 30, 2009, 2010, and 2011, were
<br />equal to 10.5%, 11.4%, and 11.5% of the annual covered payroll. Employer contributions to the FRS
<br />for the fiscal years ended September 30, 2009, 2010, 2011 were $57,066, $59,170 and $48,433
<br />respectively. These amounts are equal to 100% of the required contribution for each year. Employee
<br />contributions for the time period July 1, 2011 through September 30, 2011 were $1,957.
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