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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1991 <br />9. 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 />11:1 !n <br />Beua o! <br />Net Assete Net Assets <br />Pension B ..fit 6Ployeu <br />Available Pension Over IUnde11 Covered Obligation Contributions <br />Valuation for Benefits Benefit Percentage Pen -ion Benefit Annual as a \ of Annual 8 a \ o! Annual <br />Date _(at Cost) Obligation Funded Obllgatlon Payroll Covered Payroll Covered Payroll <br />30/1/89 5 7,8671,790 S 7.807,156 lOt.01 1 57,6771 1 ]96,597 16.6\ - <br />10/1/90 7,077.965 ],076,198 101.51 66,767 767.757 17.7 - <br />10/1/91 7,377,778 7,798.075 101.71 39,713 390,785 10.0 - <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 />10. 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-49 <br />