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net pension liability in the year ended September 30, 2024. Other amounts reported as <br />deferred outflows of resources and deferred inflows of resources will be recognized in <br />pension expense as follows: <br />Fiscal Year Ending <br />Amount <br />September 30 <br />Recognized <br />2024 <br />$3,736,718 <br />2025 <br />(1,996,074) <br />2026 <br />24,989,359 <br />2027 <br />1,405,424 <br />2028 <br />154,667 <br />Thereafter <br />(41,898) <br />Total <br />$28,248,196 <br />FRS Investment Plan <br />Description of the FRS Plan. The County contributes to the Investment Plan, a <br />defined contribution pension plan, for its eligible employees electing to participate in the <br />Investment Plan. The Investment Plan is administered by the SBA, and is reported in the <br />SBA's annual financial statements and in the State of Florida Annual Comprehensive <br />Financial Report. As provided in Section 121.4501, Florida Statutes, eligible FRS members <br />may elect to participate in the Investment Plan in lieu of the FRS defined benefit plan. <br />County employees already participating in DROP are not eligible to participate in this <br />program. <br />FRS Program Benefits. Service retirement benefits are based upon the value of the <br />member's account upon retirement. Employers and employee contributions, including <br />amounts contributed to individual member's accounts, are defined by law, but the ultimate <br />benefit depends in part on the performance of investment funds. Benefit terms, including <br />contribution requirements, for the Investment Plan are established and may be amended by <br />the Florida Legislature. <br />For all membership classes, employees are immediately vested in their own <br />contributions and are vested after one year of service for employer contributions and <br />investment earnings. Non vested employer contributions are placed in a suspense account <br />for up to five years. If the employee returns to FRS -covered employment within the five <br />year period, the employee will regain control over his/her account. If the employee does <br />not return within the five-year period, the employee will forfeit the accumulated account <br />balance. For Fiscal Year ended September 30, 2023, the information for the amount of <br />forfeitures was unavailable from the SBA; however, management believes that these <br />amounts, if any, would be immaterial to the County. <br />If an accumulated benefit obligation for service credit originally earned under the <br />Pension Plan is transferred to the Investment Plan, the member must have the years of <br />147 <br />