Laserfiche WebLink
401 <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 />B. Firefighters Pension Plan - Continued <br />Trend Information - The required three-year historical trend information is as <br />follows: <br />Unfunded <br />Mt *softs Net Penson Itenet t c <br />Available Pension Over )Under) Covered oe.tgatt^r <br />Valuation for senitlts aenetlt Percentile, Pension Oeneftt Annual e• a t -. <br />ate Jit Natter) Otrltoatton Punded Obittatton Payroll Covered Peyrot: <br />1/1/00 52.495.126 $2.S47.670 97.f% $(52.5521 S126.564 14.01 <br />1/1/99 2.652.777 2.6)).444 100.211 13.333 )6).991 - <br />10/1/S 2.915.000 2.907.196 104.611 126.644 )96.597 - <br />10/1/110 2.952.221 1.026.190 97.61 (7),967) 36'.'S2 .:.:1 <br />For further information, including the required ten-year historical trend <br />information, refer to the City of Vero Beach's Comprehensive Annual Financial <br />Report. <br />8. Deferred Compensation Plan: <br />The County offers its employees deferred compensation plans created in accordance <br />with the Internal Revenue Code, Section 457. The plan permits them to defer a <br />portion of their compensation until future years. The monies placed in the deferred <br />compensation plan are not available to employees until termination, retirement, <br />death, or an unforseeable emergency. <br />All amounts of compensation deferred under the plan, all property and rights pur- <br />chased with those amounts, and all income attributable to those amounts, property, <br />or rights are (until paid or made available to the employee or beneficiary) solely <br />the property and rights of the County, subject only to the claims of the County's <br />general creditors. Participants' rights under the plan are equal to those of <br />general creditors in an amount equal to the fair market value of the deferred <br />account for each participant. <br />The County has no liability for losses under the plan but does have the duty of due <br />care that would be required of an ordinary prudent investor. The County believes <br />that it is unlikely that it will use the assets to satisfy the claims of general <br />creditors in the future. <br />45 <br />