ACFR FY 2022 FINAL BOOK - Flipbook - Page 95
City of Eustis, Florida
FINANCIAL SECTION
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
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Disability benefits - The plans provide for disability benefits accrued as of the date of the
disability� The benefit is 65% of the average final compensation (AFC) for service-related disability
and 25% of AFC for non-service-related disability�
Pre-Retirement Death Benefits - pre-retirement benefits are available to beneficiaries of police
officers and firefighters on the date that normal retirement would have been reached for vested
plan members� For non-vested police officers and firefighters, the beneficiary is entitled to a
refund of member contributions�
Contributions - Contributions for the police Officers’ and Firefighters’ pension plans include a
required contribution from employees of 4% of compensation (as defined)� Employer contributions are actuarially determined as the remaining amount necessary to pay current costs and
amortize unfunded past service costs, as provided in Chapter 112, Florida Statutes�
Employer Contribution: police pension - $1,012,936; Fire pension - $619,192
Employee Contribution: police pension - $161,726; Fire pension - $64,053�
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Benefit Compensation - The benefits compensation from police and Fire pension Funds for the
fiscal year ended September 30, 2022, was: police pension Fund $1,455,339 ; Fire pension Fund
- $601,398�
Deferred Retirement Option Program (DROP) – Eligibility requires satisfaction with standard
retirement requirements�
Net Pension Liability of the City - The measurement date for the Net pension Asset for the City
is September 30, 2022� The measurement period for pension expense and the reporting period
is October 1, 2021, to September 30, 2022� The components of the net pension liability of the City
on September 30, 2022, were as follows:
Police Officers’ Plan
Total pension liability
plan fiduciary net position
City’s net pension liability
plan fiduciary net position as a percentage of the total
pension liability
Firefighters’ Plan
Total pension liability
plan fiduciary net position
City’s net pension liability
plan fiduciary net position as a percentage of the total
pension liability
$
31,743,511
(21,186,388)
$ 10,557,123
66�74%
$
401,451
3,446,967
$
3,848,418
858�63%
Costs of administering the police officers’ and firefighters’ pension plans are financed through
investment earnings�
Annual Comprehensive Financial Report | September 30, 2022
95