Laserfiche WebLink
' Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2002 <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 /> 1 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 /> 1 Annual Pension Cost $ 329 , 380 <br /> Contributions made $ 246 , 373 <br /> Actuarial valuation date October 1 , 2002 <br /> 1 Actuarial cost method Aggregate <br /> Amortization method N/A <br /> Remaining amortization period 25 years <br /> Asset valuation method 5 year smoothed market <br /> Actuarial assumptions : <br /> Investment rate of return 8 % <br /> Projected salary increases 4% <br /> Inflation rate 4% <br /> ' Post retirement benefit increases N/A <br /> Cost of living increase 2% <br /> ' 77 <br />