Laserfiche WebLink
Indian River County, Florida <br />NOTES TO FINANCIAL STATEMENTS - Continued <br />Year Ended September 30,1995 <br />NOTE 10 - DEFINED BENEFIT PENSION PLANS - Continued <br />Three Year Trend Information: <br />Year Ending <br />September 30, 1993 <br />September 30, 1994 <br />September 30, 1995 <br />Annual Pension Cost <br />(API <br />$ 104,019 <br />$144,421 <br />$ 124,209 <br />NOTE 11- DEFERRED COMPENSATION PLANS <br />Percentage <br />of APC <br />Contributed <br />Net Pension <br />Oblivion <br />100% <br />$ - <br />100% <br />$ - <br />100% <br />$ - <br />The County offers its employees deferred compensation plans created in accordance with the Internal <br />Revenue Code, Section 457. The plans permit them to defer a portion of their compensation until future <br />years. The monies placed in the deferred compensation plans are not available to employees until <br />tettnirtation, retirement, death, or an unforeseeable emergency. <br />All amounts of compensation deferred under the plans, all property and rights purchased with those <br />amounts, and all income attributable to those amounts, property, or rights are, until paid or made <br />available to the employee or beneficiary, solely the property and rights of the County, subject only to the <br />claims of the County's general creditors. Participants' rights under the plans are equal to those of general <br />creditors in an amount equal to the fair market value of the deferred account for each participant. <br />The County has no liability for losses under the plans, but does have the duty of due care that would be <br />required of an ordinary prudent investor. The County believes that it is unlikely that it will use the <br />assets to satisfy the claims of general creditors in the future. <br />53 <br />