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' Indian River County, Florida orida ' Notes To Financial Statements Year Ended September 30, 2003 ' NOTE 13 - PROVISION FOR CLOSURE COSTS The SWDD annually obtains updated and revised estimates of total future closure and post-closure costs from ' its consulting engineers . The provision for closure costs reported in the financial statements as operating ex- pense represents the portion of these estimated future outlays which are allocable to the current year based on the amount of capacity used . ' The total unrecognized closure and post-closure costs attributable to the currentlyactive landfill ve areas ( Seg- ment II, C & D) are approximately $3 . 23 million. These costs will be recognized in future periods as the remaining ' capacity is filled. This landfill area is expected to close in three phases . The first phase was closed in 1998 , the second phase is scheduled in the year 2006, and the third phase in the year 2008 . To date, 68 % of the Segment II and 58% of the C & D landfill capacities have been filled. All amounts recognized are based on what it would d cost to perform all closure and post-closure functions in ' current dollars . Actual costs may be different due to inflation, changes in technology, or changes in laws and regulations . The SWDD is required by FDEP to annually show proof of ability to finance closure and post- closure costs , and has done so by fulfilling the requirements of the financial test provision of the regulation . At the same time, the SWDD is making annual deposits to a closure and post-closure cost account to provide for the financing of future closure -related expenditures . The balance in the account for inactive and active landfill areas as of September 30 , 2003 was $ 7,211 , 362 . ' NOTE 14 - DEFINED BENEFIT PENSION PLANS ' A. Florida Retirement System Plan Description : The County ' s employees , except certain firefighters , participate in the Florida Retirement ' System (FRS ), a cost-sharing multiple-employer public employee retirement system , administered by the Florida Department of Administration . The FRS is noncontributory for all members ; all contributions are made by the employer. The FRS provides for vesting of benefits after six years of creditable service . Normal retirement ' benefits are available to employees who retire at or after age 62 with six or more years of service . Early retirement is available after six years of service with a five percent reduction in benefits for each year prior to the normal retirement age . Retirement benefits are based on age, average compensation, and years -of- service ' credit where average compensation is computed as the average of an individual ' s five highest years of earn- ings . ' Florida Statutes Chapter 121 , as may be amended from time to time by the state legislature , determines contri - bution 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 in- formation . That report may be obtained by writing to the Department of Administration, Division of Retire- ment, Cedars Executive Center, Building C , 2639 North Monroe Street, Tallahassee , Florida 323994560 . ' 79