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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, 2017 <br />NOTE 2 - CASH - Continued <br />B. Deposit and Investment Policies- Continued <br />Credit Risk <br />Authorized investments are subject to the restrictions imposed by Section 218.145 of the Florida Statues <br />and are limited to the following securities: <br />• Florida Local Government Investment Trust Funds (Florida Trust), <br />• State of Florida Local Government Surplus Funds Trust Funds, for existing fund only, <br />• Interest-bearing time deposits or savings accounts in qualified public depositories (as <br />defined in Section 280.02, FS), <br />• Money market funds registered with the Securities and Exchange Commission (with the <br />highest quality rating from a nationally recognized rating agency), <br />• Derivatives are prohibited. <br />NOTE 3 — PENSION PLAN <br />Florida Retirement System <br />Plan Description: The Clerk's employees participate in the Florida Retirement System (FRS), a cost- <br />sharing, multiple -employer public employee retirement system, administered by the Florida Department <br />of Management Services (DMS). Benefit provisions are established and may be amended by state <br />statute. A financial report is available from the DMS website at www.dms.myflorida.com or by mail at <br />Florida Division of Retirement, PO Box 9000, Tallahassee, FL 32315-9000. <br />Effective July 1, 2011, the FRS became a contributory plan for all members, except DROP participants, <br />whereby members contribute 3% and employers pay a rate based upon each member's employment <br />class. Classes and rates in effect at July 1, 2017 were: regular class 7.92%, senior managment class <br />22.71%, DROP class 13.26%, and elected official class 45.50%. Included in these rates is a health <br />insurance subsidy of 1.66%. <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 Pension Plan prior to July 1, <br />2011, normal retirement is age 62 with 6 years of service or 30 years of service, regardless of age. If the <br />employee enrolled in the FRS Pension Plan on or after July 1, 2011, normal retirement is age 65 with 8 <br />years of service or 33 years of service, regardless of age. <br />332 <br />