ACFR FY 2023 Final - Flipbook - Page 100
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
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at retirement is 3% of the average onal compensation time credited to the Police Ofocers9 Plan
and 4% for the Fireoghters9 Plan.
Early Retirement - both plans allow early retirement at age 50 and 10 years of credited serviceÿ
The beneot 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 beneots are available at retirement age. A refund of contributions can be obtained for termination with less than ten years of serviceÿ Any interest earned is retained by the planÿ
Disability beneots - The Plans provide for disability beneots accrued as of the date of the
disability. The beneot is 65% of the average onal compensation (AFC) for service-related disability
and 25% of AFC for non-service-related disabilityÿ
Pre-Retirement Death Beneots - Pre-retirement death beneots are available to beneociaries of
police ofocers and oreoghters on the date that normal retirement would have been reached for
vested plan members. For non-vested police ofocers and oreoghters, the beneociary is entitled
to a refund of member contributionsÿ
Contributions - Contributions for the Police Ofocers9 and Fireoghters9 Pension Plans include a
required contribution from employees of 4% of compensation (as deoned). 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 Statutesÿ
Employer Contribution: police pension - $1,085,519; Fire pension - $767,877
Employee Contribution: police pension - $173,580; Fire pension - $90,293
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Beneot Compensation - The beneots compensation from Police and Fire Pension Funds for the
oscal year ended September 30, 2023, was: Police Pension Fund $1,666,863 ; Fire Pension Fund
- $616,027ÿ
Deferred Retirement Option Program (DROP) 3 Eligibility requires satisfaction with standard
retirement requirementsÿ
Net Pension Liability of the City - The measurement date for the Net pension Liability for the
City is September 30, 2023ÿ The measurement period for pension expense and the reporting
period is October 1, 2022, to September 30, 2023ÿ The components of the net pension liability of
the City on September 30, 2023, were as follows:
Annual Comprehensive Financial Report | September 30, 2023
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