ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 93
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 5 - Pension Funds (Continued)
Police and Fire Defined Benefit Pension Plans
■
Deferred Retirement Option Program (DROP) – Eligibility requires satisfaction with
standard retirement requirements.
■
Net Pension Liability of the City - The measurement date for the Net Pension Asset
for the City is September 30, 2021. The measurement period for pension expense and
the reporting period is October 1, 2020, to September 30, 2021. The components of
the net pension liability of the City on September 30, 2021, 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
$ 30,032,363
(25,513,666)
$ 4,518,697
84.95%
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
$ 14,264,444
(13,862,993)
$
401,451
97.19%
Costs of administering the police officers’ and firefighters’ pension plans are financed
through investment earnings.
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