ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 84
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 5 - Pension Plans (Continued)
Police and Fire Defined Benefit Pension Plans (Continued)
9/30/2020
Police
Officers
Plan Membership:
Inactive Plan Members or Beneficiaries Currently
Receiving Benefits
Inactive Plan Members Entitled to but Not Yet
Receiving Benefits
Active Plan Members
Total
10/1/2019
Firefighters
30
22
8
40
78
15
22
59
■
Benefits Provided – Police Officers and Firefighters’ Pension Plans
Both Plans provide retirement, termination, disability and death benefits.
■
Normal Retirement – For both plans, normal retirement can occur at age 55 and the
completion of 10 years of credited service or age 52 and 25 years of credited service.
The benefit payable at retirement is 3% of the average final compensation time credited
service for the Police Officers’ Plan and 4% for the Firefighters’ Plan.
■
Early Retirement – Both Plans allow early retirement at age 50 and 10 years of
credited service. The benefit payable is the same as for Normal retirement, reduced
3% per year.
■
Termination of Employment (both Plans) – With 10 years or more of credited
service, normal retirement benefits are available at retirement age or a refund of
contributions can be obtained. Termination with less than 10 years of service results
in a refund of contributions made without interest.
■
Disability benefits – The Plans provide for disability benefits accrued as of the date
of disability. The benefit is 65% of the average final compensation (AFC) for service
related disability and 25% of AFC for Non-service related disability.
■
Pre-retirement Death Benefits – Pre-retirement benefits are available to beneficiaries
of both police officers and firefighters on the date that normal retirement would have
been reached for vested plan members. For non-vested police officers and firefighters,
the beneficiary is entitled to a refund of member contributions.
■
Contributions – Contributions for the Police Officers’ and Firefighters’ Pension Plans
include a required contribution from employees of 4% of compensation (as defined).
Employer contributions are actuarially determined as the remaining amount required
in order to pay current costs and amortize unfunded past service cost, if any, as
provided in Chapter 112, Florida Statutes.
67
