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-�r <br />Ij <br />INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1990 <br />7. Defined Benefit Pension Plans - Continued: <br />A. Florida Retirement System - Continued <br />The County's contributions to the FRS, which are based on Section 121, Florida <br />Statutes, through September 30, 1990 were 53,876,242 on covered payroll of <br />824,736,032, for a 15.67% contribution rate. Total payroll for the County was <br />827,854,074. The County's contribution represented less than 11 of total <br />contributions required of all participating employees. <br />The most recent actuarial study was prepared as of July 1, 1989 which recommends <br />an increase in contribution rates over the next five years in order to meet <br />normal cost and fund the unfunded actuarial accrued liability. The report indi- <br />cated two major changes in procedures and assumptions. The investment return <br />was changed to 8% from 91 and the asset valuation method was changed. Section <br />121.031(3) of the Florida Statutes requires that an actuarial review of the FRS <br />be performed biennially. The conclusions of the review ace included in the <br />annual report of the FRS. <br />As of the most recent annual statewide report dated July 1, 1989, the FRS had <br />101,791 retirees and beneficiaries, 15,055 vested but terminated potential <br />annuitants and 502,773 active members. Of the active members, 198,113 are <br />vested. The total annual payroll of the vested members was approximately 512 <br />billion. <br />Total <br />July 1, 1989 <br />lin millions) <br />Pension benefit obligation: <br />Active member contributions $ 492 <br />Employer -financed vested benefits 16,122 <br />Employer -financed non -vested benefits 2,796 <br />Total 19,410 <br />Annuitants and other 7,637 <br />Other inactive members 323 <br />Total pension benefit obligation 27,370 <br />Net assets available for benefits (at cost) 16,126 <br />Unfunded pension benefit obligations 511.244 <br />The amount of the total pension benefit obligation is based on a standardized <br />measurement established by the GASB Statement No. 5. The standardized measure- <br />ment is the actuarial present value of credited projected benefits. This <br />pension valuation method reflects present value of estimated pension benefits <br />that will be paid in future years as a result of employee services performed to <br />date and is adjusted for the effects of projected salary increases and any <br />changes in benefits. <br />41 <br />