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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2007 <br /> NOTE 13 — PROVISION FOR CLOSURE COSTS - Continued <br /> Required closure and post-closure obligations per segment : <br /> Closure and <br /> Capacity Estimated Post- Closure Date <br /> Used Closing Obligation Closed <br /> Active <br /> Segment I addition - C & D 74 % 2008 $ 630 , 000 N/A <br /> Segment II-B addition - household waste 76% 2008 2 , 280 , 025 N/A <br /> Segment II- C addition - household waste 76 % 2011 3 , 839 , 857 N/A <br /> Construction & Demolition 74 % 2010 976 , 366 <br /> Inactive <br /> Segment I - household waste N/A N/A 508 , 000 1993 <br /> Segment II -A class 1 - household waste N/A N/A 2 , 8765400 1998 <br /> Construction & Demolition N/A N/A 144 ,488 <br /> Total account balance at 9/30/07 : 11 , 255 , 136 <br /> All amounts recognized are based on what it would cost to perform all closure and post-closure <br /> functions in current dollars . Actual costs may be different due to inflation, changes in technology , or <br /> changes in laws and regulations . The SWDD is required by FDEP to annually show proof of ability to <br /> finance closure and post- closure costs . The SWDD is making annual deposits to a closure and post- <br /> closure cost escrow account to provide for the financing of these expenditures . All funds are on deposit <br /> at the Florida Local Government Investment Trust. <br /> NOTE 14 - PENSION PLANS <br /> A. Florida Retirement System <br /> ` Plan Description : The County ' s employees participate in the Florida Retirement System (FRS ) , a cost- <br /> sharing multiple-employer public employee retirement system, administered by the Florida Department <br /> of Management Services . The FRS is noncontributory for all members ; all contributions are made by <br /> the employer . Employees elect participation in either the defined benefit plan (Pension Plan) or the <br /> defined contribution plan (Investment Plan) . The Pension Plan provides for vesting of benefits after six <br /> years of credible service . Normal retirement benefits are available to employees who retire at or after <br /> age 62 with six or more years of service . Early retirement is available after six years of service with a <br /> five percent reduction in benefits for each year prior to the normal retirement age . Retirement benefits <br /> are based on age , average compensation, and years- of- service credit where average compensation is <br /> computed as the average of an individual ' s five highest years of earnings . For those employees who <br /> elect participation in the Investment Plan rather than the Pension Plan, vesting occurs after one year of <br /> service and there is no "normal retirement age" . These participants receive a defined contribution for <br /> self-direction in an investment product with a third party administrator selected by the State Board of <br /> Administration . <br /> 87 <br />