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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1988 7. Retirement - Continued: B. Firefi liters Pension Plan.- o lan• Continued The contributions made to the plan during the fiscal year ended September 30, 1988 were based on the actuarial reports dated January 1, 1987 and January 1, 1988. An analysis of contributions made during the current fiscal year is as follows: Contributions made: ,( Employee - fJ 7% of compensation $ 28,349 5 state - ''� Premium Tax Refunds 78,527 Employer - Additional amount necessary to pay the ') annual normal cost and amortize any unfunded actuarial accrued liability 21,157 Total Contributions 1285033 Current Year Covered Payroll $404,986 Contributions as a Percentage of Current Year Covered Payroll: Employee 7.0% State 19.4% Employer 5.2% Trend Information - The required three-year and ten-year historical trend infor- mation is unavailable at this time. 8. Deferred Compensation Plan: The County offers its employees deferred compensation plans created in accordance with the Internal Revenue Code, Section 457. The plan permits them to defer a portion of their compensation until future years. The monies placed in the deferred compensation plan are not available to employees until termination, retirement, death, or an unforseeable emergency. All amounts of compensation deferred under the plan, all property and rights pur- chased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or beneficiary) solely the property and rights of the County, subject only to the claims of the County's general creditors. Participants' rights under the plan are equal to those of general creditors in an amount equal to the fair market value of the deferred account for each participant. The County has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The County believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. 44.