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Indian River County, Florida <br />Clerk of the Circuit Court and Comptroller <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />NOTE 2 - CASH AND CASH EQUIVALENTS <br />B. Investments - Continued <br />Credit Risk <br />Authorized investments are subject to the restrictions imposed by Section 218.145 of the Florida Statues <br />and are limited to the following securities: <br />• Florida Local Government Investment Trust Funds (FLGIT), <br />• State of Florida Local Government Surplus Funds Trust Funds, for existing fund only, <br />• Interest-bearing time deposits or savings accounts in qualified public depositories (as <br />defined in Section 280.02, FS), <br />• Money market funds registered with the Securities and Exchange Commission (with the <br />highest quality rating from a nationally recognized rating agency), <br />• Derivatives are prohibited. <br />Concentration Risk <br />The following limits on portfolio composition are outlined in the Clerk's investment policy: <br />• No more than 10% or $1 Million of the total portfolio may be placed in certificates of <br />deposit with a Qualified Public Depository with any one financial institution, <br />• No more than 40% of the portfolio may be placed in any money market fund or <br />intergovernmental investment pool. <br />NOTE 3 — PENSION PLAN <br />Florida Retirement System <br />Plan Description: The Clerk's employees participate in the Florida Retirement System (FRS), a cost- <br />sharing, multiple -employer public employee retirement system, administered by the Florida Department <br />of Management Services. Effective July 1, 2011, the FRS became a contributory plan for all members, <br />except DROP participants, whereby members contribute 3% and employers pay a rate based upon each <br />member's employment class. Classes and rates in effect at July 1, 2014 were: regular class 7.37%, <br />senior class 21.14%, DROP class 12.28%, and elected official class 43.24%. <br />Employees elect participation in either the defined benefit plan (Pension Plan) or the defined <br />contribution plan (Investment Plan). If the employee enrolled in the FRS prior to July 1, 2011, normal <br />retirement is age 62 with 6 years of service or 30 years of service, regardless of age. If the employee <br />enrolled in the FRS on or after July 1, 2011, normal retirement is age 65 with 8 years of service or 33 <br />years of service, regardless of age. <br />306 <br />