ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 88
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 5 - Pension Plans (Continued)
Firefighters
Deferred
Outflows of
Resources
Differences between Expected and Actual Experience
Changes of assumptions
Net difference between Projected and Actual Earnings on Pension
Plan Investments
Total
Deferred
Inflows of
Resources
$
149,873
62,738
-
$
(115,002)
(274,003)
$
212,611
$
(389,005)
Amounts reported as Deferred Outflows of Resources and Deferred Inflows of Resources related to
pensions will be recognized in Pension Expense as follows:
Year ended September 30, 2020:
2021
2022
2023
2024
Total
$
$
(8,899)
(3,441)
(63,134)
(100,920)
(176,394)
Significant Actuarial Assumptions
The following is a summary of actuarial methods and significant actuarial assumptions
used in the latest actuarial valuations:
Funding method
Amortization method
Remaining amortization period
Actuarial asset method
Inflation
Salary increases
Investment rate of return
Mortality
Police
Entry age normal
Level dollar, closed
19 years
4-year average market value return
2.50% per year
6.0% per year
7.25% per year
RP-2000 Mortality Table
for Annuitants, projected
to all future years after 2000
with scale BB
71
Fire
Entry age normal
Level percentage of pay, closed
15 years (as of 10/1/2019)
4-year average market value return
2.50% per year
Service based
7.80% per year
Pub- S.H - 2010 Mortality Table
for Annuitants, Projected
with Scale MP-2018
