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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 3 — PENSION PLAN - Continued <br />Florida Retirement System - Continued <br />Under the Pension Plan, early retirement is available before reaching normal retirement age and will be <br />subject to an early-retirement reduction of 5% for each year your age at retirement is under your normal <br />retirement age. For those employees who elect participation in the Investment Plan rather than the <br />Pension Plan, vesting occurs after one year of service. Participants have access to the full value of their <br />vested account balance when they leave FRS employment, regardless of age. These participants receive <br />a defined contribution for self-direction in an investment product with a third party administrator <br />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 the County -wide note on <br />pension plans. <br />Employer contributions to the FRS for the fiscal years ended September 30, 2012, 2013 and 2014, were <br />equal to 5.21%, 5.24%, and 9.81% of the annual covered payroll. Employer contributions to the FRS for <br />the fiscal years ended September 30, 2012, 2013 and 2014 were $186,001, $183,360, and $350,544 <br />respectively. Employee contributions for the fiscal years ended September 30, 2012, 2013 and 2014 <br />were $91,895, $93,110 and $97,090 respectively. Both employer and employee contributions were equal <br />to 100% of the required contribution for each year. <br />NOTE 4 — OTHER POSTEMPLOYMENT BENEFITS <br />The Clerk participated in the Indian River County Other Postemployment Benefits Trust (IRCOT). The <br />Clerk's 2014 annual contribution of $166,560 was funded by the Board of County Commissioners in the <br />amount of $24,479; non -court revenue in the amount of $22,671; court -related State expenditures in the <br />amount of $116,303; and the public modernization trust fund in the amount of $3,107. This contribution <br />was considered part of a total contribution determined by the IRCOT actuary. Further information on <br />the IRCOT can be found in the County -wide financial statements and in the County notes. <br />307 <br />