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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1988 7. Retirement - Continued: A. Florida Retirement System - Continued Special Risk Administrative Support Class - Special risk members who are transferred or reassigned to non -special risk and meet the criteria (15.441 rate). Elected State Officer's Class - Certain elected State and County officials (varies from 11.501 to 20.941 rates). The FRS provides vesting after ten years of creditable service. Members are eligible for normal retirement after vesting (10 years or more creditable service for regular members). Early retirement may be taken anytime; but there is a five percent benefit reduction for each year prior to normal retirement age (less than 30 years service or 62 years of age for regular members). Members are also eligible for in -Line -of -duty or regular disability benefits if permanently disabled and unable to work. Benefits are computed on the basis of age, average final compensation and service credit. The County's contributions to the FRS, which are based on Section 121, Florida Statutes, through September 30, 1988 were $2,279,360 on covered payroll of $16,508,439, for a 13.811 contribution rate. Total payroll for the County was $16,913,425. The most recent actuarial report was prepared as of July 1, 1987 which recom- mends an increase in contribution rates over the next five years in order to meet normal cost and fund the unfunded actuarial accrued liability. The report indicated two major changes in procedures and assumptions. The investment return was changed to 81 from 91 and the asset valuation method was changed. Section 121.031(3) of the Florida Statutes requires that an actuarial review of the FRS be performed biannually. The conclusions of the review are included in the annual report of the FRS. 40.