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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 /> B . Firefighters Defined Benefit Pension Plan <br /> ' In October 1981 , the South Indian River County Fire District took over the operations of the City of Vero <br /> Beach, Florida ' s Fire Department . Full-time firefighters were given the option of joining the Florida Retire - <br /> ment System (FRS ) or remaining in the City ' s plan . Twenty full -time firefighters and all of the volunteers <br /> elected to remain in the City ' s plan. Those who joined the FRS received refunds of their contributions from the <br /> City ' s plan . Indian River County contributes to the City ' s plan, on behalf of eligible firefighters , which is a <br /> single -employer defined benefit pension plan . The City administers the plan, and by statute , retains fiduciary <br /> responsibility for this plan. <br /> ' The City accounts for the plan in a pension trust fund . The City' s Comprehensive Annual Financial Report <br /> (CAFR) includes the required financial statements and required supplementary information for the plan . A <br /> copy of the City ' s CAFR may be obtained from the Finance Department of the City of Vero Beach, 1053 20th <br /> ' Place , Vero Beach, FL 32960 . <br /> Funding Policy and Annual Pension Cost: The City establishes and may amend the contribution requirements <br /> of plan members and the City in accordance with Florida Statutes . Indian River County ' s annual pension cost <br /> for the most recent actuarial valuation report, as of 2002 , and related information for the plan is as follows : <br /> Contribution rates : <br /> ' Employee 7% of Compensation <br /> State Premium Tax Refund <br /> Employer None Required <br /> ' Annual Pension Cost $ 292 , 799 <br /> Contributions made $ 292 , 799 <br /> Actuarial valuation date October 1 , 2003 <br /> Actuarial cost method Aggregate <br /> Amortization method N/A <br /> Remaining amortization period 10 years <br /> Asset valuation method 5 year smoothed market <br /> Actuarial assumptions: <br /> ' Investment rate of return 8 % <br /> Projected salary increases 6% <br /> Inflation rate 4% <br /> Post retirement benefit increases N/A <br /> Cost of living increase 2% <br /> 81 <br />