ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 102
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 6 - Other Postemployment Benefits (Continued)
The City’s OPEB liability measurement date is September 30, 2021. The measurement
period for OPEB cost was October 1, 2020, to September 30, 2021. The components of
the City’s total OPEB liability on September 30, 2021, are as follows:
Total OPEB Liability
Total OPEB Liaility
OPEB Plan Fiduicary Net Position
City's Total OPEB Liability
OPEB plan Fiduciary Net Position as
a Percentage of Total OPEB Liability
$
$
2,328,007
2,328,007
0.00%
Actuarial Assumptions The total OPEB liability as of September 30, 2021, was based
on a roll-forward of the actuarial valuation dated October 1, 2020, using the following
actuarial assumptions:
Inflation
Discount Rate
Healthcare Cost Trend Rate
2.50% per annum
2.21%
7.50% per annum (including inflation of 2.5%)
Mortality rates for police officers and firefighters were based on the same versions of
Pub-2010 Headcount-Weighted Mortality Tables as used by the FRS for Special Risk.
Class members in their July 1, 2020, actuarial valuation (with mortality improvements
projected for healthy to all future years after 2010, using Scale MP-2018). Florida
Statutes Chapter 1112.63(1)(f) mandates this use of mortality tables from one of the
two most recently published FRS actuarial valuation reports.
Discount Rate The discount rate used to measure the total OPEB liability on September
30, 2021, was 2.21%. Because the City’s OPEB costs are essentially funded on a payas-you-go funding structure, a municipal bond rate was used to determine the total
pension liability for the Program. The Bond Buyer General Obligation 20-Bond Municipal
Bond Index was adopted.
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