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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2014 NOTE 16 - PENSION PLANS - Continued Florida Retirement System - Continued Funding Policy• The FRS has six classes of membership with descriptions and contribution rates in effect during the period ended September 30, 2014, as follows (contribution rates are in agreement with the actuarially determined rates): Regular Class - Members not qualifying for other classes. 7/1/2011 7/1/2012 7/1/2013 07/01/14 to 6/30/12. to 6/30/13 to 6/30/14 to 9/30/14 7.91% 8.18% 9.95% 10.37% Senior Management Service Class - Members of senior management who do not elect the optional annuity management program. 9.27% 9.30% 21.31% 24.14% Special Risk Class - Members employed as law enforcement officers, firefighters, or correctional officers and meet the criteria set to qualify for this class. 17.10% 17.90% 22.06% 22.82% Special Risk Administrative Support Class - Special risk members who are transferred or reassigned to non -special risk and meet the criteria. 9.04% 8.91% 38.96% 45.07% Elected County Officer's Class - Certain elected county officials. 14.14% 13.23% 36.03% 46.24% Deferred Retirement Option Program - Members who are eligible for normal retirement that have elected to participate in the deferred retirement option program. 4.42% 5.44% 12.84% 12.28% Contributions to the FRS for the fiscal years ended September 30, 2012, 2013, and 2014, were equal to 8.66%, 9.97%, and 12.70% of the annual covered payroll. Contributions to the FRS for the fiscal years ended September 30, 2012, 2013, and 2014 were $5,857,114, $6,678,184, and $8,597,157 respectively. Employee contributions for the fiscal years ended September 30, 2012, 2013, and 2014 were $1,789,315, $1,735,675, and $1,746,296 respectively. Both employer and employee contributions were equal to 100% of the required contribution for each year. 89