Laserfiche WebLink
INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1992 <br />10. Defined Benefit Pension Plans - Continued: <br />B. Firefiqhters Pension Plan - Continued <br />Trend Information - The required three-year historical trend information is as <br />follows: <br />NetAssets <br />Available <br />Valuation for Boned to <br />Date (at Coat) <br />30/1/90 S 3,072.965 <br />30/l/91 3,337.216 <br />10/1/92 3,596,607 <br />Net Assets <br />Pension Over (Under) <br />Benefit Percentage Pension Benefit <br />Obligation Funded Obligation <br />S 3.026.190 101.5 6 S 66,767 <br />3,290,025 101.2 5 39,213 <br />3,669,625 103.754 130,102 <br />Aueta in <br />E:C . of <br />Pension Benefit Employer <br />Covered Obligation Contributions <br />Annual as a 5 of Annual at a a of Annual <br />Payroll Covered Payroll Covered Payroll <br />S 367,752 12.75 - <br />390,705 10.05 - <br />300,260 34.25 - <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. The required ten-year historical trend schedules provide information <br />about the progress made in accumulating sufficient assets to pay benefits when <br />due. <br />11. 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 />B-52 <br />