tailieunhanh - REPORT NO. 2011-106 FEBRUARY 2011 FLORIDA GULF COAST UNIVERSITY Financial Audit_part4

BÁO CÁO KHÔNG. 2011-106 Trách nhiệm đối với sự tham gia của trường là giới hạn để thanh toán tiền đóng góp bắt buộc tại các tỷ lệ và tần số được thành lập theo quy định của pháp luật về biên chế tương lai của trường Đại học. | February 2011 report No. 2011-106 FLORIDA gulf coast university A component unit of the state of FLORIDA notes to financial statements Continued June 30 2010 The University s liability for participation is limited to the payment of the required contribution at the rates and frequencies established by law on future payrolls of the University. The University s contributions for the fiscal years ended June 30 2008 June 30 2009 and June 30 2010 totaled 1 776 309 1 963 059 and 2 052 008 respectively which were equal to the required contributions for each fiscal year. As provided in Section Florida Statutes eligible FRS members may elect to participate in the PEORP in lieu of the FRS defined-benefit plan. University employees already participating in the State University System Optional Retirement Program or the DROP are not eligible to participate in this program. Employer contributions are defined by law but the ultimate benefit depends in part on the performance of investment funds. The PEORP is funded by employer contributions that are based on salary and membership class Regular Class Senior Management Service Class etc. . Contributions are directed to individual member accounts and the individual members allocate contributions and account balances among various approved investment choices. Employees in PEORP vest at one year of service. There were 142 University participants during the 2009-10 fiscal year. Required contributions made to the PEORP totaled 581 685. Financial statements and other supplementary information of the FRS are included in the State s Comprehensive Annual Financial Report which is available from the Florida Department of Financial Services. An annual report on the FRS which includes its financial statements required supplementary information actuarial report and other relevant information is available from the Florida Department of Management Services Division of Retirement. State University System Optional Retirement Program. .