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CITY OF SUNNY ISLES BEACH, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS <br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 <br />NOTE 7 - EMPLOYMENT RETIREMENT SYSTEM (CONTINUED) <br />FLORIDA RETIREMENT SYSTEM <br />On September 29, 2002, the City joined the FRS to provide retirement and survivor benefits <br />to all eligible City employees. On this date, the employees had the option of making a one- <br />time election of remaining in the 401(a) Plan or choosing the FRS. All eligible employees <br />hired on or after September 30, 2002 were included in the FRS. <br />As provided by Chapters 121 and 112, Florida Statutes, the FRS provides two cost-sharing, <br />multiple -employer defined benefit plans administered by the Florida Department of <br />Management Services, Division of Retirement, including the FRS Pension Plan ("Pension <br />Plan"), FRS Investment Plan ("Investment Plan") and the Retiree Health Insurance Subsidy <br />("HIS Plan"). The FRS provides retirement and disability benefits, annual cost -of -living <br />adjustments, and death benefits to plan members and beneficiaries. Benefits are established <br />by Chapter 121, Florida Statutes, and Chapter 60S, Florida Administrative Code. <br />Amendments to the law can be made only by an act of the Florida Legislature. <br />The State of Florida annually issues a publicly available financial report that includes <br />financial statements and required supplementary information for the FRS. The latest <br />available report may be obtained by writing to the State of Florida Division of Retirement, <br />Department of Management Services, P.O. Box 9000, Tallahassee, Florida 32315-9000, by <br />calling (877) 377-1737, or by visiting: <br />https://www.dms.myflorida.com/workforce_operations/retirement/publications. <br />Net Pension Liability between both FRS and HIS plans totals are listed below: <br />FRS HIS Total <br />Net Pension Liability $ 25,458,602 $ 8,283,116 $ 33,741,718 <br />Deferred Outflows of Resources $ 7,586,471 $ 1,087,255 $ 8,673,726 <br />Deferred Inflows of Resources $ 574,011 $ 737,202 $ 1,311,213 <br />The City's aggregate pension expense was $5,313,113 for the fiscal year ended <br />September 30, 2023. <br />51 <br />