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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2002 <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 /> 10/ 1 /01 7/ 1 /02 <br /> to 6/30/02 to 9/30/02 <br /> Regular Class - <br /> Members not qualifying for other classes . 7 . 30% 5 . 76% <br /> Senior Management Service Class - <br /> Members of senior management who do not elect the <br /> optional annuity management program . 9 . 28 % 6 . 06% <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 . 18 . 44% 16 , 01 % <br /> Special Risk Administrative Support Class - <br /> Special risk members who are transferred or reassigned <br /> to non-special risk and meet the criteria. 9 . 83 % 6 . 56% <br /> Elected County Officer' s Class - <br /> Certain elected county officials . 15 . 14% 11 . 86% <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 . 12 . 67% 9 , 11 % <br /> Contributions to the FRS for the fiscal year ended September 30, 2002 , were equal to 11 .47% of the annual covered <br /> payroll. Contributions to the FRS for the fiscal years ended September 30, 2000, 2001 , and 2002 , were $6,465 ,882 , <br /> $6,391 ,466 and $6 ,068 , 537 respectively, which are equal to 100% ofthe required contribution for each year. <br /> 76 <br />