ACFR FY 2022 FINAL BOOK - Flipbook - Page 87
City of Eustis, Florida
FINANCIAL SECTION
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
of Retirement, including the FRS pension plan (“pension plan”) and the Retiree Health Insurance
Subsidy (“HIS plan”)� Under Section 121�4501, Florida Statutes, the FRS also provides a defined
contribution plan (“Investment plan”) alternative to the FRS pension plan, which is administered
by the State board of Administration (“SbA”)� The FRS provides retirement and disability benefits,
annual cost-of-living adjustments, and death benefits to plan members and beneficiaries� benefits
are established by Chapter 121, Florida Statutes, and Chapter 60S, Florida Administrative Code�
Amendments to the law can be made only by an act of the Florida State Legislature�
The State of Florida annually issues a publicly available financial report that includes financial
statements and required supplementary information for the FRS� The latest available report may
be obtained by writing to the State of Florida Division of Retirement, Department of management
Services, p�O� box 9000, Tallahassee, Florida 32315-9000, or from the Web site:
www�dms�myflorida�com/workforce_operations/retirement/publications�
Note 7 - pension plans (Continued)
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Plan Description - The pension plan is a cost-sharing multiple-employer defined benefit pension
plan, with a Deferred Retirement Option program (“DROp”) for eligible employees�
Benefits Provided - benefits under the pension plan are computed based on age, average final
compensation, and service credit� pension plan members enrolled before July 1, 2011, regular
class members who retire at or after age 62 with at least six years of credited service or 30 years
of service regardless of age are entitled to a retirement benefit payable monthly for life, equal
to 1�6% of their final average compensation based on the five highest years of salary, for each
year of credited service� Vested members with less than 30 years of service may retire before
age 62 and receive reduced retirement benefits�
Special Risk Administrative Support - class members who retire at or after age 55 with at least
six years of credited service or 25 years of service regardless of age are entitled to a retirement
benefit payable monthly for life, equal to 1�6% of their final average compensation based on the five
highest years of salary, for each year of credited service�
Special Risk - class members (sworn law enforcement officers, firefighters, and correctional officers)
who retire at or after age 55 with at least six years of credited service, or with 25 years of service
regardless of age, are entitled to a retirement benefit payable monthly for life, equal to 3�0% of their
final average compensation based on the five highest years of salary for each year of credited service�
Senior Management Service - class members who retire at or after age 62 with at least six years of
credited service or 30 years of service regardless of age are entitled to a retirement benefit payable
monthly for life, equal to 2�0% of their final average compensation based on the five highest years
of salary for each year of credited service�
Elected Officers’ - class members who retire at or after age 62 with at least six years of credited
service or 30 years of service regardless of age are entitled to a retirement benefit payable monthly
for life, equal to 3�0% (3�33% for judges and justices) of their final average compensation based on
the five highest years of salary for each year of credited service�
For plan members enrolled on or after July 1, 2011, the vesting requirement is extended to eight years
of credited service for all these members and increasing normal retirement to age 65 or 33 years
Annual Comprehensive Financial Report | September 30, 2022
87