ACFR FY 2022 FINAL BOOK - Flipbook - Page 88
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
of service regardless of age for Regular, Senior management Service, and Elected Officers’ class
members, and to age 60 or 30 years of service regardless of age for Special Risk and Special Risk
Administrative Support class members� Also, the final average compensation for all these members
will be based on the eight highest years of salary�
As provided in Section 121�101, Florida Statutes, if the member initially enrolled in the pension plan
before July 1, 2011, and all service credit accrued before July 1, 2011, the annual cost-of- living
adjustment is three percent per year� If the member initially enrolled before July 1, 2011, and has
service credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment�
The annual cost-of-living adjustment is a proportion of three percent determined by dividing the
sum of the pre - July 2011 service credit by the total service credit at retirement multiplied by three
percent� plan members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement�
In addition to the above benefits, the DROp program allows eligible members to defer receipt of
monthly retirement benefit payments while continuing employment with an FRS employer for a
period not to exceed 60 months after electing to participate� Deferred monthly benefits are held in
the FRS Trust Fund and accrue interest� There are no required contributions by DROp participants�
●
Contributions
The FRS has nine (9) classes of membership� Only two (2) classes apply to the City’s eligible
employees� These two (2) classes, with descriptions and contribution rates in effect during the period
ended September 30, 2022, are as follows:
7/1/21 through 6/30/22
7/1/22 through 9/30/22
Regular
10�82%
11�91%
DROP
18�34%
18�34%
The City’s contributions to FRS for the years ended September 30, 2022, 2021, and 2020 were $45,276,
$57,339, and $68,375, respectively, and equal the required contributions for each year�
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Annual Comprehensive Financial Report | September 30, 2022