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\I INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1990 7. Defined Benefit Pension Plans: A. Florida Retirement System The County's employees, except certain firemen, participate in the Florida Retirement System (FRS), a cost-sharing, multiple -employer public employee retirement system, administered by the Florida Department of Administration. The FRS is noncontributory for all members, all contributions are made by the employer. The FRS has five classes of membership with descriptions and contribution rates in effect during the period ended September 30, 1990 as follows (contribution rates are in agreement with the actuarially determined rates): Regular Class - Members not qualifying for other classes Senior Management Service Class - Members of senior management who do not elect the optional annuity retirement program Special Risk Class - Members employed as law enforcement officers, firefighters, or correctional officers and meet the criteria set to qualify for this class Special Risk Administrative Support Class - Special risk members who are trans- ferred or reassigned to non -special risk and meet the criteria Elected State Officer's Class - Certain elected county officials Period 10/1/89 1/1/90 to 12/31/89 to 9/30/90 13.90% 14.66% 14.95% 16.04% 17.50% 19.90% 14.76% 14.09% 18.44% 19.71% The FRS provides vesting after ten years of creditable service. Members are eligible for normal retirement after vesting (10 years or more creditable service for regular members). Early retirement may be taken anytime after vesting, but there is a five percent benefit reduction for each year prior to normal retirement age (less than 30 years service or 62 years of age for regular members). Members are also eligible for in -line -of -duty or regular disability benefits if permanently disabled and unable to work. Benefits are computed on the basis of age, average final compensation and service credit. 40