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Indian River County, Florida NOTES TO FINANCIAL STATEMENTS - Continued Year Ended September 30,1995 NOTE 10 - DEFINED BENEFIT PENSION PLANS - Continued Florida Statutes Chapter 121, as may be amended from time to time by the state legislature, determines contribution rates for the various membership classes of the FRS. The FRS issues a publicly available financial report that includes financial statements, ten-year historical trend information and other required supplementary information. That report may be obtained by writing to the Department of Administration, Division of Retirement, Cedars Executive Center, Building C, 2639 North Monroe Street, Tallahassee, Florida 32399-1560. Funding Policy: The FRS has five classes of membership with descriptions and contribution rates in effect during the period ended September 30, 1995 as follows (contribution rates are in agreement with the actuarially determined rates): Period 10/1/94 1/1/95 Regular Class - Members not qualifying for other classes. 17.66% 17.57% Senior Management Service Owns - Members of senior management who do not elect the optional annuity retirement program. 23.63% 24.54% Spr&L iak Class -Members employed as law enforcement officers, firefighters, or correctional officers and meet the criteria set to qualify for this class. 27.590/a 27.49% Snec'al Risk Admin'strattove quppgrt Clan . Special risk members who are transferred or reassigned to non -special risk and meet the criteria. 19.15% 18.47% Flected County ofii ees _I as - Certain elected county officials 26.63% 28.14% Contributions to the FRS, for the fiscal year ended September 30, 1995, were equal to 21.1% of the annual covered payroll. Contributions to the FRS for the fiscal years ended September 30, 1993, 1994 and 1995, were $6,480,038, $6,656,969 and $6,967,324, respectively, which are equal to 100% of the required contribution for each year. 31