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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 />B. Firefighters Pension Plan - Continued <br />Trend information - The required three-year historical trend information is as <br />follows: <br />Mot• in <br />%` o[ <br />Not Beagta Mt auta ,anion ganef It-ployer <br />A", 16:19 Pension over )Under) covered Obligation Cont rfbutiana <br />Valuation for Benefits Benefit Forcantage Pension Benefit Annual as a 1 of Annual as • t of Annwl <br />Beta fat coatl Oblioatien Pug64d obligation Payroll Calami Payroll covered Payroll <br />Ie/1/e0 { Ae72.065 0 7.026.108 101.5 1 { 46.767 8 767.752 11.71 <br />it/1/91 1.771.219 7.205.025 101.2 0 79,217 390.785 10.01 <br />Ie/I/02 1.5)0.607 1.465.425 103.750 130.192 390.269 34.21 <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 />