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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1991 9. Defined Benefit Pension Plans - Continued: A. Florida Retirement System - Continued As of the most recent annual statewide report dated July 1, 1991, the FRS had 111,821 retirees and beneficiaries, 18,131 vested but terminated potential annuitants and 544,497 active members. Of the active members, 212,247 are vested. The total annual payroll of the vested members was approximately $14 billion. Total July 1, 1991 (in millions) Pension benefit obligation: Active member contributions $ 471 Employer -financed vested benefits 20,234 Employer -financed non -vested benefits 3,261 Total 23,966 Annuitants and vested terminated 9,853 Total pension benefit obligation 33,819 Net assets available for benefits (at cost) 21,644 Unfunded pension benefit obligations $12,175 The amount of the total pension benefit obligation is based on a standardized measurement established by the GASB Statement No. 5. The standardized measure- ment is the actuarial present value of credited projected benefits. This pension valuation method reflects present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date and is adjusted for the effects of projected salary increases and any changes in benefits. Because the standardized measure is used only for disclosure purposes only, the measurement is independent of the actuarial computation made to determine contributions to the pension plan which is the entry age actuarial cost method. For further information, including 10 -year historical trend information, refer to the State of Florida's Comprehensive Annual Financial Report or the various publications available from the Florida Department of Administration. B-45