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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1988 <br />7. Retirement --Continued: <br />A. Florida Retirement System - Continued <br />As of June 30, 1987, the FAS had 83,403 retirees and beneficiaries, 10,584 <br />vested but terminated potential annuitants and 453,939 active members. Of the <br />active members, 172,514 are vested. The total annual payroll of the vested <br />members was $9,353,674,000. <br />Total <br />June 30, 1987 <br />(in millions) <br />Pension benefit obligation: <br />Active member contributions $ 512 <br />Employer -financed vested benefits 11,799 <br />Employer -financed non -vested benefits 2,142 <br />Total 14,453 <br />Annuitants and other 6,104 <br />Other inactive members 262 <br />Total pension benefit obligation 20,819 <br />Net assets available for benefits 13,977 <br />Unfunded pension benefit obligations 5 6,842 <br />The amount of the total pension benefit obligation is based on a standardized <br />measurement established by the GASB Statement No. 5. The standardized measure- <br />ment is the actuarial present value of credited projected benefits. This <br />pension valuation method reflects present value of estimated pension benefits <br />that will be paid in future years as a result of employee services performed to <br />date and is adjusted for the effects of projected salary increases and any <br />changes in benefits. <br />Because the standardized measure is used only for disclosure purposes only, the <br />measurement is independent of the actuarial computation made to determine <br />contributions to the pension plan which is the entry age actuarial cost method. <br />For further information, including 10 -year historical trend information, refer <br />to the State of Florida's Comprehensive Annual Financial Report or the various <br />publications available from the Florida Department of Administration. <br />41. <br />