ACFR FY 2023 Final - Flipbook - Page 93
City of Eustis, Florida
FINANCIAL SECTION
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
of service regardless of age for Regular, Senior Management Service, and Elected Ofocers9 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 onal average compensation for all these members
will be based on the eight highest years of salaryÿ
As provided in Section 121ÿ101, 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 yearÿ 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 adjustmentÿ
The annual cost-of-living adjustment is a portion 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 percentÿ
plan members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after
retirementÿ
In addition to the above beneots, the DROP program allows eligible members to defer receipt of
monthly retirement beneot payments while continuing employment with an FRS employer for a
period not to exceed 60 months after electing to participate. Deferred monthly beneots are held in
the FRS Trust Fund and accrue interestÿ There are no required contributions by DROp participantsÿ
ï
Contributions
The FRS has nine (9) classes of membershipÿ Only two (2) classes apply to the City9s eligible
employeesÿ These two (2) classes, with descriptions and contribution rates in effect during the period
ended September 30, 2023, are as follows:
7/1/22 through 6/30/23
7/1/23 through 9/30/23
Regular
11ÿ91%
13ÿ57%
DROP
18ÿ60%
21ÿ13%
The City9s contributions to FRS for the years ended September 30, 2023, 2022, and 2021 were $49,660,
$45,276, and $57,339, respectively, and equal the required contributions for each yearÿ
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Annual Comprehensive Financial Report | September 30, 2023
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