ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 92
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 5 - Pension Funds (Continued)
Police and Fire Defined Benefit Pension Plans (Continued)
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Benefits Provided – Police Officers and Firefighters’ Pension Plans
Both Plans provide retirement, termination, disability, and death benefits.
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Normal Retirement – For both plans, normal retirement can occur at age 55 and the
completion of 10 years of credited service or at 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.
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Early Retirement – Both Plans allow early retirement at age 50 and 10 years of
credited service. The benefit payable is the same as normal retirement, reduced by
3% per year.
Termination of Employment (both Plans) – With ten 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 ten years of service results
in a refund of contributions made without interest.
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Disability benefits – The Plans provide for disability benefits accrued as of the date
of the disability. The benefit is 65% of the average final compensation (AFC) for
service-related disability and 25% of AFC for non-service-related disability.
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Pre-retirement Death Benefits – Pre-retirement benefits are available to beneficiaries
of 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.
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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 necessary
to pay current costs and amortize unfunded past service costs, as provided in Chapter
112, Florida Statutes.
Employer Contribution: Police Pension - $1,010,105; Fire Pension - $618,316
Employee Contribution: Police Pension - $161,484; Fire Pension - $59,657.
Benefit Compensation - The benefits compensation from Police and Fire Pension
Funds for the fiscal year ended September 30, 2021, was: Police Pension Fund $1,221,351; Fire Pension Fund - $602,997.
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