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service required for Pension Plan vesting (including the service credit represented by the transferred funds) to be vested for these funds and the earnings on the funds. After termination and applying to receive benefits, the member may rollover vested funds to another qualified plan, structure a periodic payment under the Investment Plan, receive a lump -sum distribution, leave the funds invested for future distribution, or any combination of these options. Disability coverage is provided; the member may either transfer the account balance to the Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly benefits under the Pension Plan, or remain in the Investment Plan and rely upon that account balance for retirement income. FRS Program Contributions. Cost of administering the Investment Plan, including the FRS Financial Guidance Program, are funded through an employer contribution of .06% of payroll and by forfeited benefits of Investment Plan members. The Investment Plan is funded with the same employer and employee contribution rates that are based on salary and membership class as the FRS defined benefit plan. Contributions are directed to individual member accounts, and the individual members allocate contributions and account balances to various approved investment choices. Allocations to the investment member's accounts during the 2022-2023 Fiscal Year are based on a percentage of gross compensation by class as follows: Regular class 11.30%, Special Risk class 19.00%, Senior Management Service class 12.67%, and County Elected Officers' class 16.34%. This includes the employee contribution of 3%. The County's Investment Plan contributions and pension expense totaled $3,657,361 for Fiscal Year ended September 30, 2023. Employee contributions totaled $614,031 for the same period. Other Retirement Plans The Board established an Internal Revenue Code Section 401(a) defined contribution plan on June 6, 2023 to provide benefits at retirement to employees who have been designated by the FRS as not eligible for renewed membership and are ineligible to participate in the FRS Pension or Investment Plan. Senior Management Service Class employees who hold an eligible position and have completed the necessary form to withdraw from the FRS will also be enrolled in this plan. The plan is a single -employer defined contribution plan administered by Lincoln Financial. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. This plan is non-contributory for members. The County does not hold or administer resources of the plan. Consequently, the Lincoln plan does not meet the requirements for inclusion in the County's financial statements as a fiduciary fund. The plan does not issue a stand-alone financial report. Plan provisions are established and may be amended only by the Board. 41