ACFR FY 2022 FINAL BOOK - Flipbook - Page 98
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
Significant Actuarial Assumptions
The following is a summary of actuarial methods and significant actuarial assumptions used in the
latest actuarial valuations:
Funding method
Amortization method
Remaining amortization period
Actuarial asset method
Inflation
Salary increases
Investment rate of return
mortality
Police
Entry age normal
Level dollar, closed
17 years
4-year smoothed marked
2�5% per year
6�0% per year
7�0% per year
The same versions of pub-2010
Headcount-Weighted mortality
Tables as used by the FRS for
Special Risk Class members in
their July 1, 2020 actuarial valuation(with mortality improvements projected for healthy
to all future years after 2010,
using Scale mp-2018)�FL Statutes
Chapter 1112�63(1)(f) mandates
this use of mortality tables from
one of the two most recently
published FRS actuarial valuation reports�
Fire
Entry age normal
New UAAL amortization bases
are amortized
over 15 years (as of 9/30/2022)
4-year smoothed marked
2�50% per year
Service based
7�55% per year
pub- S�H - 2010 mortality Table
for Annuitants, projected with
Scale mp-2018
Investments Held
Investments are reported at Fair market Value� Securities traded on a national or international
exchange are valued at current exchange rates at the last reported sales price� Investments that do
not have an established market are reported at estimated fair value�
Authorized investments are governed by Florida Statutes and each plan’s investment policy� All
plan investments are held by an outside third-party custodian who determines what instruments
to purchase based on the plan’s investment policy� Investments are held, and the return earned is
reviewed quarterly by the pension board of the respective plan�
both the police Officer and Firefighters’ pension plans did not hold investments in any organization
representing 5% or more of the plan’s fiduciary net position�
For the year ended September 30, 2022, the money-weighted investment rate of return was 6�90%
and 20�32% for the police Officers’ and Firefighters’ plans respectively, express investment performance, net of investment expense, adjusted for the changing amount invested�
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Annual Comprehensive Financial Report | September 30, 2022