ACFR FY 2023 Final - Flipbook - Page 99
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
Police and Fire Deoned Beneot Pension Plans
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Plan Description and Provisions
Plan Administration
The City of Eustis Municipal Police Ofocers9 Pension and Retirement System is a single-employer
deoned pension plan administered by a Board of Trustees. The Board consists of ove Trustees, two of
them are appointed by the City Commissions, two members are full-time Police Ofocers, elected by
the members of the Plan, and the ofth member is elected by the other four members, and appointed
by Commission. Specioc provisions of Chapter 185, Florida Statutes, Chapter 112, Florida Statutes,
and the Internal Revenue Code govern the planÿ
The City of Eustis Municipal Fireoghters9 Pension and Retirement System is a single employer
deoned pension plan administered by a Board of Trustees. The Board consists of ove Trustees, two
of them are appointed by the City Commission, two members are full-time Fireoghters, elected by
the members of the Plan, and the ofth member is elected by the other four members and appointed
by Commission. Specioc provisions of Chapter 175, Florida Statutes, Chapter 112, Florida Statutes,
and the Internal Revenue Code govern the planÿ
These plans are maintained as pension trust funds and included in the City9s reporting entityÿ City ordinance and state law require contributions to be determined by actuarial studiesÿ The City Commission
has the authority to establish and amend the beneot provisions of the plans. Administrative costs are
onanced through contributions and investment earnings. Stand-alone onancial reports are not issued.
Plan Membership:
Inactive plan members or
Beneociaries Currently Receiving
Beneots
Inactive plan members Entitled to but
Not Yet Receiving Beneots
Active plan members
Total
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9/30/2023
Police
Ofocers
9/30/2023
Fireoghters
38
21
9
44
91
17
27
65
Beneots Provided - Police Ofocers and Fireoghters9 Pension Plans Both Plans provide retirement, disability, termination, and death beneots.
Normal Retirement - For both plans, normal retirement can occur at age 55 and the completion
of 10 years of credited service or at age 52 and 25 years of credited service. The beneot payable
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Annual Comprehensive Financial Report | September 30, 2023
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