ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 91
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 5 - Pension Funds (Continued)
Police and Fire Defined Benefit Pension Plans
■
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, and two of them should be appointed by the City
Commission. Two members are full-time Police Officers, elected by most of the
members of the Plan, and the fifth member elected by the other four and appointed
by Commission. Specific provisions of Chapter 185, Florida Statutes, Chapter 112,
Florida Statutes, and the Internal Revenue Code govern the Plan.
The City of Eustis Municipal Firefighters’ Pension and Retirement System is a singleemployer defined pension plan administered by a Board of Trustees. The Board
consists of five Trustees, and two of them should be appointed by the City
Commission. Two members are full-time Firefighters, elected by most of the members
of the Plan, and the fifth member elected by the other four and appointed by
Commission. Specific provisions of Chapter 175, Florida Statutes, Chapter 112,
Florida Statutes, and the Internal Revenue Code govern the Plan.
These plans are maintained as pension trust funds and included in the City’s reporting
entity. City ordinance and state law require 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.
9/30/2021
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
81
9/30/2021
Firefighters
32
22
9
16
38
79
22
60