ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 85
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 5 - Pension Plans (Continued)
Police and Fire Defined Benefit Pension Plans
■
Deferred Retirement Option Program (DROP) – Eligibility requires satisfaction of
normal retirement requirements.
■
Net Pension Liability of the City - The measurement date for the Net Pension Liability
for the City is September 30, 2020. The measurement period for pension expense and
the reporting period is October 1, 2018 to September 30, 2019. The components of
the net pension liability of the City at September 30, 2020 were as follows:
Police Officers' Plan
Total pension liability
Plan fiduciary net position
City's net pension liability
Plan fiduciary net position as a percentage
of the total pension liability
$ 29,488,486
(21,957,933)
$ 7,530,553
74.46%
Firefighters' Plan
Total pension liability
Plan fiduciary net position
City's net pension liability
Plan fiduciary net position as a percentage
of the total pension liability
$ 13,280,912
11,667,184
$ 1,613,728
87.85%
Costs of administering the police officers’ and firefighters’ pension plans are financed
through investment earnings.
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