Laserfiche WebLink
Indian River County, Florida <br />NOTES TO FIN NC A1. STATEMENT - Continued <br />Year Ended September 30, 1995 <br />NOTE 10 - DEFINED BENEFIT PENSION PLANS - Continued <br />B. Firefighters Defined Benefit Pension Plan <br />In October 1981, the South Indian River County Fire District took over the operations of the City of <br />Vero Beach, Florida's Fire Department. Full-time firefighters were given the option of joining the <br />Florida Retirement System (FRS) or remaining in the City's plan. Twenty full-time firefighters and all <br />of the volunteers elected to remain in the City's plan. Those who joined the FRS received refunds <br />of their contributions from the City's plan. Indian River County contributes to the City's plan, on behalf <br />of eligible firefighters, which is a single -employer defined benefit pension plan. The City administers <br />the plan, and by statute, retains fiduciary responsibility for this plan. <br />The City accounts for the plan in a pension trust fund. The City's Comprehensive Annual Financial <br />Report (CAFR) includes the required financial statements and required supplementary information for <br />the plan. A copy of the City's CAFR may be obtained from the Finance Department of the City of Vero <br />Beach, 1053 With Place, Vero Beach, FL 32960. <br />Funding Policy and Annual Pension Cost: The City establishes and may amend the contribution <br />requirements of plan members and the City in accordance with Florida Statutes. Indian River County's <br />annual pension cost for the current year and related information for the plan is as follows: <br />Contribution rates: <br />Employee <br />7%of Compensation <br />state <br />Premium Tax Refund <br />Employer <br />None Required <br />Annual Pension Cost <br />$124.209 <br />Contributions made <br />$ 124,209 <br />Actuarial valuation date <br />October 1, 1994 <br />Actuarial cost method <br />Aggregate actuarial cost method <br />Amortization method <br />N/A <br />Remaining unionization period <br />None <br />Asset valuation method <br />Market value less unrecognized capital appreciation, <br />Where capital appreciation is recognized at the rate of <br />20% per yew <br />Aawarial assumptions: <br />Investment rate of return 8% <br />Projected salary increases 6% <br />52 <br />