ACFR FY 2022 FINAL BOOK - Flipbook - Page 94
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
Police and Fire Defined Benefit Pension Plans
●
Plan Description and Provisions
Plan Administration
The City of Eustis municipal police Officers’ pension and Retirement System is a single-employer
defined pension plan administered by a board of Trustees� The board consists of five Trustees,
and two of them should be appointed by the City Commission� Two members are full-time police
Officers, elected by most of the members of the plan, and the fifth member elected by the other four
and appointed by Commission� Specific provisions of Chapter 185, Florida Statutes, Chapter 112,
Florida Statutes, and the Internal Revenue Code govern the plan�
The City of Eustis municipal Firefighters’ pension and Retirement System is a single employer defined
pension plan administered by a board of Trustees� The board consists of five Trustees, and two of
them should be appointed by the City Commission� Two members are full-time Firefighters, elected
by most of the members of the plan, and the fifth member elected by the other four and appointed
by Commission� Specific provisions of Chapter 175, Florida Statutes, Chapter 112, Florida Statutes,
and the Internal Revenue Code govern the plan�
These plans are maintained as pension trust funds and included in the City’s reporting entity� City ordinance and state law require contributions to be determined by actuarial studies� The City Commission
has the authority to establish and amend the benefit provisions of the plans� Administrative costs are
financed through contributions and investment earnings� Stand-alone financial reports are not issued�
Plan Membership:
Inactive plan members or
beneficiaries Currently Receiving
benefits
Inactive plan members Entitled to but
Not Yet Receiving benefits
Active plan members
Total
●
●
●
●
94
9/30/2022
Police
Officers
9/30/2022
Firefighters
35
21
9
36
80
14
22
57
Benefits Provided - police Officers and Firefighters’ pension plans both plans provide retirement, termination, disability, and death benefits�
Normal Retirement - For both plans, normal retirement can occur at age 55 and the completion
of 10 years of credited service or at age 52 and 25 years of credited service� The benefit payable
at retirement is 3% of the average final compensation time credited to the police Officers’ plan
and 4% for the Firefighters’ plan�
Early Retirement - both plans allow early retirement at age 50 and 10 years of credited service�
The benefit payable is the same as normal retirement, reduced by 3% per year�
Termination of Employment (Both Plans) - With ten years or more of credited service, normal
retirement benefits are available at retirement age, or a refund of contributions can be obtained
— termination with less than ten years of service results in a refund of contributions made without
interest�
Annual Comprehensive Financial Report | September 30, 2022