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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2020 <br />NOTE 12 - POLLUTION REMEDIATION - Continued <br />Business -type Activities: <br />3) Premier Citrus Property - The nature of the pollution remediation obligation is <br />aboveground storage tank petroleum and/or pesticide and herbicide contamination. The <br />consultant will conduct monitoring, bioremediation and reporting with the FDEP. The <br />amount of the estimated year end liability is $251,300 and will be paid from the Utilities <br />Operating Fund. <br />Total Business -type Activities liability: S251,300 <br />NOTE 13 - RETIREMENT PLAN <br />General Information: All of the County's employees participate in the Florida Retirement <br />System (FRS). As provided by Chapters 121 and 112, Florida Statutes, the FRS provides two <br />cost sharing, multiple -employer defined benefit plans administered by the Florida <br />Department of Management Services, Division of Retirement, including the FRS Pension Plan <br />(Pension Plan) and the Retiree Health Insurance Subsidy (HIS Program). Under Section <br />121.4501, Florida Statutes, the FRS also provides a defined contribution plan (Investment <br />Plan) alternative to the FRS Pension Plan, which is administered by the State Board of <br />Administration (SBA). As a general rule, membership in the FRS is compulsory for all <br />employees working in a county, state university, community college, or a participating city <br />or special district within the State of Florida. The FRS provides retirement and disability <br />benefits, annual cost -of -living adjustments, and death benefits to plan members and <br />beneficiaries. Benefits are established by Chapter 121, Florida Statutes, and Chapter 60S, <br />Florida Administrative Code. Amendments to the law can be made only by an act of the <br />Florida State Legislature. <br />The State of Florida annually issues a publicly available financial report that includes <br />financial statements and required supplementary information for the FRS. The latest <br />available report may be obtained by writing to the State of Florida Division of Retirement, <br />Department of Management Services, P.O. Box 9000, Tallahassee, Florida 32315-9000, or <br />from the web site: www.dms.myflorida.com/workforce_operationsketirennent/publications. <br />Pension Plan <br />Plan Description: The Pension Plan is a cost-sharing multiple -employer defined benefit <br />pension plan, with a Deferred Retirement Option Program (DROP) for eligible employees. <br />84 <br />