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Indian River County, Florida
<br />Property Appraiser
<br />Notes To Financial Statements
<br />Year Ended September 30, 2014
<br />NOTE 3 — PENSION PLAN
<br />Florida Retirement System
<br />Plan Description: The Property Appraiser's 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 7.37%, senior class 21.14%, DROP
<br />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. Under the Pension Plan, early retirement is available before reaching
<br />normal retirement age and will be subject to an early-retirement reduction of 5% for each year your age
<br />at retirement is under your normal retirement age. For those employees who elect participation in the
<br />Investment Plan rather than the Pension Plan, vesting occurs after one year of service. Participants have
<br />access to the full value of their vested account balance when they leave FRS employment, regardless of
<br />age. These participants receive a defined contribution for self-direction in an investment product with a
<br />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 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 5.41%, 6.64%, and 10.13% of the annual covered payroll. Employer contributions to the FRS
<br />for the fiscal years ended September 30, 2012, 2013, 2014 were $102,232, $123,913, and $199,217
<br />respectively. Employee contributions for the fiscal years ended September 30, 2012, 2013 and 2014
<br />were $52,696, $51,583, and $52,723 respectively. Both employer and employee contributions were
<br />equal to 100% of the required contribution for each year.
<br />NOTE 4 — OTHER POSTEMPLOYMENT BENEFITS
<br />The Property Appraiser participated in the Indian River County Other Postemployment Benefits Trust
<br />(IRCOT). The Property Appraiser's 2014 annual contribution of $67,788 was funded by the Board of
<br />County Commissioners as part of a total contribution determined by the IRCOT actuary. Further
<br />information on the IRCOT can be found in the County -wide financial statements and in the County
<br />notes.
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