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recommendations and warnings to limit non-essential travel and promote telecommuting. There can be no guarantee that State and/or local shut downs or closures similar to those implemented in 2020 will not happen in the future. It is possible the United States, including the State and the County, may experience increased COVID-19 cases, hospitalizations, and deaths as a result of current or future variants, or may experience a new viral pandemic, which could, in turn, impact State and local government finances. Prospective purchasers of the Series 2024 Bonds should review carefully all of the provisions of the Bond Resolution the form of which is included in Appendix C attached to this Official Statement. EMPLOYEE RETIREMENT PLANS AND OTHER POST EMPLOYMENT BENEFITS Employee Retirement Plans General Information. All of the County's employees participate in the Florida Retirement System (the "FRS"). As provided by Chapters 121 and 112, Florida Statutes, the FRS provides two cost sharing multiple -employer defined benefit plans administered by the Florida Department of Management Services, Division of Retirement, including the FRS Pension Plan (the "Pension Plan") and the Retiree Health Insurance Subsidy (the "HIS Program"). Under Section 121.4501, Florida Statutes, the FRS also provides a defined contribution plan (the "Investment Plan") alternative to the Pension Plan, which is administered by the State Board of Administration (the "SBA"). As a general rule, membership in the FRS is compulsory for all employees working in a county, state university, community college, or a participating city or special district within the State of Florida. The FRS provides retirement and disability benefits, annual cost -of -living adjustments, and death benefits to plan members and beneficiaries. Benefits are established by Chapter 121, Florida Statutes and Chapter 60S, Florida Administrative Code. Amendments to the law can be made only by an act of the Florida Legislature. The State annually issues a publicly available financial report that includes financial statements and required supplementary information for the FRS. The latest available report may be obtained by writing to the State of Florida Division of Retirement, Department of Management Services, PO Box 9000, Tallahassee, Florida 32315-9000. That report may also be viewed on the FRS's website located at: www.dms.myflorida.com/workforce_ operations/retirement/publications. Description of the Pension Plan. The Pension Plan is a cost-sharing multiple - employer defined benefit pension plan with a Deferred Retirement Option Program ("DROP") available for eligible employees. 31 138