ACFR FY 2023 Final - Flipbook - Page 96
City of Eustis, Florida
FINANCIAL SECTION
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
ï
ï
Discount Rate - The discount rate used to measure the total pension liability was 6ÿ70%ÿ The
Pension Plan9s oduciary net position was projected to be available to make all projected future
beneot payments of currently active and inactive employees. Therefore, the discount rate for
calculating the total pension liability is equal to the long-term expected rate of returnÿ
Sensitivity to the City9s Proportionate Share of the Net Pension Liability to Changes in the
Discount Rate
The following represents the City9s proportionate share of the net pension liability calculated
using the total discount rate of 6ÿ70%, as well as what the City9s proportionate share of the net
pension liability would be if it were calculated using a discount rate that is one percentage point
lower, 5ÿ70%, or one percentage point higher 7ÿ70% than the current rate:
1 % Decrease
5.70%
City9s proportionate share of the net pension liability $
ï
Current
Discount Rate
6.70%
616,124 $
1% Increase
7.70%
360,686 $
146,980
Pension Plan Fiduciary Net Position - Detailed information regarding the pension plan9s
oduciary net position is available in the separately issued FRS Pension Plan and Other StateAdministered Systems Comprehensive Annual Financial Reportÿ
HIS Plan
ï
ï
ï
96
Plan Description - The HIS Plan is a cost-sharing multiple-employer deoned beneot pension
plan established under Section 112ÿ363, Florida Statutes, and may be amended by the Florida
legislature at any time. The beneot is a monthly payment to assist retirees of State-administered
retirement systems in paying their health insurance costs and is administered by the Florida
Department of management Services, Division of Retirementÿ
Beneots Provided - For the oscal year ended September 30, 2023, eligible retirees and beneociaries received a monthly HIS payment of $5 for each year of creditable service completed
at the time of retirement, with a minimum HIS payment of $30 and a maximum HIS payment of
$150 per month. To be eligible to receive these beneots, a retiree under a State-administered
retirement system must provide proof of health insurance coverage, including medicareÿ
Contributions - The HIS plan is funded by required contributions from FRS participating employers
set by the Florida Legislatureÿ Employer contributions are a percentage of gross compensation
for all active FRS members. For the oscal year ended September 30, 2023, the HIS contribution
for October 1, 2022, through June 30, 2023, and from July 1,2021, through September 30, 2022,
was 0ÿ00088% and 0ÿ00101%, respectivelyÿ The City contributed 100% of its statutorily required
contributions for the current and preceding three yearsÿ HIS plan contributions are deposited in
a separate trust fund from which payments are authorized. HIS Plan beneots are not guaranteed
and are subject to annual legislative appropriationÿ If legislative appropriation or available funds
fail to provide full subsidy beneots to all participants, beneots may be reduced or canceled.
Annual Comprehensive Financial Report | September 30, 2023
Back to TOC
