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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1991 9. Defined Benefit Pension Plans - Continued: B. Firefighters Pension Plan - Continued Total unfunded pension benefit obligations are as follows: October 1, 1991 Pension Benefit Obligation: Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits $1,253,548 Current employees - Accumulated employee contributions including allocated investment earnings 280,000 Employer -financed vested 1,737,481 Employer -financed nonvested 26,996 Total Pension Benefit Obligation 3,298,025 Net Assets Available for Benefits, at cost 3,337,238 Net Assets Over (Under) Pension Benefit Obligation S 39.213 There were no current year changes in actuarial assumptions or benefit pro- visions that would affect the pension benefit obligation. Actuarially Determined Contribution Requirements and Contributions Made - The County's funding policy provides for actuarially determined periodic contribu- tions to the plans. The required contributions are actuarially determined and include normal costs (after deducting expected employee contributions) and the amount of the additional unfunded obligations created due to increases in plan benefits over a period of 40 years. Employer contribution rates are determined using the frozen entry age actuarial funding method. The Firemen's PERS uses the aggregate actuarial cost method which does not produce a past service liability that is amortized over a fixed number of years. Instead, the value of all projected benefit in excess of current asset is paid off over the future working years of the covered employee. Therefore, this method automatically funds the remaining value of benefits while there are still active members. B-47