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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 />A. Florida Retirement System - Continued <br />Period <br />10/1/90 1/1/91 <br />to 12/31/90 to 9/30/91 <br />Special Risk Administrative Support Class <br />- Special risk members who are trans- <br />ferred or reassigned to non -special risk <br />and meet the criteria 14.09% 20.64% <br />Elected County Officer's Class - Certain <br />elected county officials 19.71% 23.801 <br />The FRS provides vesting after ten years of creditable service. Members are <br />eligible for normal retirement after vesting (10 years or more creditable <br />service for regular members). Early retirement may be taken anytime after <br />vesting, but there is a five percent benefit reduction for each year prior to <br />normal retirement age (less than 30 years service or 62 years of age for regular <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, 1991 were $5,051,265 on covered payroll of <br />$26,648,646, for a 18.96% contribution rate. Total payroll for the County was <br />$27,538,123. The County's contribution represented less than 1% of total <br />contributions required of all participating employees. <br />The most recent actuarial study was prepared as of July 1, 1990 which recommends <br />an increase in contribution rates over the next five years in order to meet <br />normal cost and fund the unfunded actuarial accrued liability. The report indi- <br />cated two major changes in procedures and assumptions. The investment return <br />was changed to 8% from 9% and the asset valuation method was changed. Section <br />121.031(3) of the Florida Statutes requires that an actuarial review of the FRS <br />be performed biennially. The conclusions of the review are included in the <br />annual report of the FRS. <br />B-44 <br />