ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 83
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 5 - Pension Plans (Continued)
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Pension Plan Fiduciary Net Position - Detailed information regarding the HIS Plan’s
fiduciary net position is available in the separately issued FRS Pension Plan and Other
State-Administered Systems Comprehensive Annual Financial Report.
Police and Fire Defined Benefit Pension Plans
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Plan Description and Provisions
Plan Administration
The City of Eustis Municipal Police Officers’ Pension and Retirement System is a
single employer defined pension plan administered by a Board of Trustees. The
Board consists of five Trustees, two of whom are appointed by the City Commission,
two of whom are full-time Police Officers, elected by a majority of the members of the
Plan, and fifth member elected by the other four and appointed by Commission.
Certain provisions of Chapter 185, Florida Statues, Chapter 112, Florida Statues and
the Internal Revenue Code govern the Plan.
The City of Eustis Municipal Firefighters’ Pension and Retirement System is a single
employer defined pension plan administered by a Board of Trustees. The Board
consists of five Trustees, two of whom are appointed by the City Commission, two of
whom are full-time Firefighters, elected by a majority of the members of the Plan, and
fifth member elected by the other four and appointed by Commission. Certain
provisions of Chapter 175, Florida Statues, Chapter 112, Florida Statues and the
Internal Revenue Code govern the Plan.
These plans are maintained as pension trust funds and included as part of the City’s
reporting entity. City ordinance and state law requires contributions to be determined
by actuarial studies. The City Commission has the authority to establish and amend
the benefit provisions of the plans. Administrative costs are financed through
contributions and investment earnings. Stand-alone financial reports are not issued.
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