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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2003 <br /> NOTE 14 - DEFINED BENEFIT PENSION PLANS - Continued <br /> A. Florida Retirement System - Continued <br /> Funding Policy: The FRS has six classes of membership with descriptions and contribution rates in effect <br /> during the period ended September 30 , 2002 , as follows (contribution rates are in agreement with the actuarially <br /> determined rates) : <br /> 1 <br /> 10/ 1 /02 7/ 1 /03 <br /> to 6/30/03 to 9/30/03 <br /> Regular Class - <br /> Members not qualifying for other classes . 5 . 76% 7 . 39% <br /> Senior Management Service Class - <br /> Members of senior management who do not elect the <br /> optional annuity management program. 6 . 06% 9. 37% <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 . 16 , 01 % 18s53 % <br /> Special Risk Administrative Support Class - <br /> Special risk members who are transferred or reassigned <br /> to non-special risk and meet the criteria. 6 . 56% 9. 92 % <br /> Elected County Officer ' s Class - <br /> Certain elected county officials . 11 . 86% 15 .23 % <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 . 9 . 11 % 9 . 11 <br /> Contributions to the FRS for the fiscal year ended September 30, 2003 , were equal to 11 . 53% of the annual covered =1 <br /> payroll . Contributions to the FRS for the fiscal years ended September 30, 2001 , 2002, and 2003 , were $6,393 ,467, <br /> $6,070, 539 and $ 53941 , 735 respectively, which are equal to 100% ofthe required contribution for each year. <br /> 80 <br />