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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2007 <br /> NOTE 14 - PENSION PLANS - Continued <br /> A. Florida Retirement System - Continued <br /> In addition to the above benefits , the FRS administers a Deferred Retirement Option Program (DROP) . <br /> This program allows eligible employees to defer receipt of monthly retirement benefit payments while <br /> continuing employment with a FRS employer for a period not to exceed five years after electing to <br /> participate . Deferred monthly benefits are held in the FRS Trust Fund and accrue interest . <br /> Florida Statutes Chapter 121 , as may be amended from time to time by the state legislature , determines <br /> contribution rates for the various membership classes of the FRS . The FRS issues a publicly available owl <br /> financial report that includes financial statements , ten-year historical trend information and other <br /> required supplementary information. That report may be obtained by writing to the Florida Department <br /> of Management Services , Division of Retirement, Attention : Research, Education, & Policy Section, <br /> P . O . Box 9000 , Tallahassee, Florida 32315 -9000 . <br /> Funding Policy: The FRS has six classes of membership with descriptions and contribution rates in <br /> effect during the period ended September 30 , 2007 , as follows (contribution rates are in agreement with <br /> the actuarially determined rates) : <br /> 10/ l /06 <br /> to 9/30/07 <br /> Regular Class - <br /> Members not qualifying for other classes . 9 . 85 % <br /> Senior Management Service Class - <br /> Members of senior management who do not elect the <br /> optional annuity management program . 13 . 12 % <br /> Special Risk Class - <br /> Members employed as law enforcement officers , <br /> firefighters , or correctional officers and meet the criteria <br /> set to qualify for this class . 20 . 92 % <br /> Special Risk Administrative Support Class - <br /> Special risk members who are transferred or reassigned <br /> to non- special risk and meet the criteria. 12 . 55 % <br /> Elected County Officer ' s Class - <br /> Certain elected county officials . 16 . 53 % <br /> Deferred Retirement Option Program - <br /> Members who are eligible for normal retirement that <br /> have elected to participate in the deferred retirement <br /> option program . 10 . 91 % <br /> 88 <br />