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REPORT NO. 2011-089 FEBRUARY 2011 PALM BEACH STATE COLLEGE Financial Audit_part4

BÁO CÁO KHÔNG. 2011-089 Nhân viên trong áo Kế hoạch sáu năm phục vụ. Tất cả các thành viên được giao có đủ điều kiện cho các phúc lợi hưu trí bình thường ở độ tuổi 62 ở bất kỳ độ tuổi sau 30 năm phục vụ, có thể bao gồm đến 4 năm thực hiện tín dụng đối với nghĩa vụ quân sự. | February 2011 report No. 2011-089 PALM BEACH STATE COLLEGE A component unit of the state of FLORIDA notes to financial statements Continued June 30 2010 Employees in the Plan vest at six years of service. All vested members are eligible for normal retirement benefits at age 62 or at any age after 30 years of service which may include up to 4 years of credit for military service. The Plan also includes an early retirement provision however there is a benefit reduction for each year a member retires before his or her normal retirement date. The Plan provides retirement disability and death benefits and annual cost-of-living adjustments. DROP subject to provisions of Section 121.091 Florida Statutes permits employees eligible for normal retirement under the Plan to defer receipt of monthly benefit payments while continuing employment with an FRS employer. An employee may participate in DROP for a period not to exceed 60 months after electing to participate. During the period of DROP participation deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The State of Florida establishes contribution rates for participating employers. Contribution rates during the 2009-10 fiscal year were as follows Class Percent of Gross Salary Employee Employer A Florida Retirement System Regular 0.00 9.85 Florida Retirement System Senior Management Service Deferred Retirement Option Program - Applicable to 0.00 13.12 Members from All of the Above Classes or Plan 0.00 10.91 Florida Retirement System Reemployed Retiree B B Notes A Employer rates include 1.11 percent for the postemployment health insurance subsidy. Also employer rates other than for DROP participants include 0.05 percent for administrative costs of the Public Employee Optional Retirement Program. B Contribution rates are dependent upon retirement class in which reemployed. The College s liability for participation is limited to the payment of the required contribution at the rates and frequencies .