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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1992 <br />10. Defined Benefit Pension Plans - Continued: <br />A. Florida Retirement System - Continued <br />The FRS provides vesting after ten years of creditable service. Members are <br />eligible <br />ars or <br />for regular normal0r members). Early retirementmy be o <br />for re be takenanytime creditable <br />serviceafter <br />vestin& five percent <br />efit <br />or to <br />g, but there retirement age(less than 30 yearsnservice ort62nfor years of age for normalregular <br />members). <br />Members are also eligible for in -line -of -duty or regular disability benefits if <br />permanently disabled and unable to work. Benefits are computed on the basis of <br />age, average final compensation and service credit. <br />The County's contributions to the FRS, which are based on Section 121, Florida <br />Statutes, through September 30, 1992 were $5,980,901 on covered payroll of <br />for <br />contribution <br />rate. <br />y was <br />$30,779,665. The County scontributionrepresented less than hIt of ttotal <br />contributions required of all participating employees. <br />The most recent actuarial study was prepared as of July 1, 1991 and indicated no <br />major changes in procedures and assumptions. Section 121.031(3) of the Florida <br />Statutes requires that an actuarial review of the FRS be performed biennially. <br />The conclusions of the review are included in the annual report of the FRS. <br />As of the most recent annual statewide report dated July 1, 1991, the FRS had <br />111,821 retirees and beneficiaries, 18,131 vested but terminated potential <br />annuitants and 544,497 active members. Of the active members, 212,247 are <br />vested. The total annual payroll of the vested members was approximately $14 <br />billion. The total unfunded pension benefit obligation of the FRS at July 1, <br />1991 is calculated as follows: <br />Total <br />July 1, 1991 <br />(in millions) <br />Pension benefit obligation: <br />Active member contributions $ 471 <br />Employer -financed vested benefits 20,234 <br />Employer -financed non -vested benefits 3,261 <br />Total 23,966 <br />Annuitants and vested terminated 9,853 <br />Total pension benefit obligation 33,819 <br />Net assets available for benefits (at cost) 21,644 <br />Unfunded pension benefit obligations 512.175 <br />B-48 <br />