Current Agenda

Pension News

NOTICE

"The Fort Lauderdale Police and Fire Retirement System understands the current market environment and wishes to assure our members that the plan is well-positioned to navigate these times of uncertainty. Our investment strategy is designed with a long-term perspective and incorporates diversification to mitigate risk. We maintain constant communication with our experienced investment professionals and actively monitor market conditions to ensure the continued financial security of our retirees and beneficiaries." Read More

Retired Florida firefighter with Parkinson’s loses disabilities fight at US Supreme Court

The U.S. Supreme Court ruled against a firefighter who retired early because of Parkinson’s disease and alleged the city of Sanford violated the Americans with Disabilities Act by limiting a health-insurance subsidy. Karyn Stanley is a fire-department lieutenant who retired in 2018 at age 47 because of the effects of the disease. The dispute stemmed from Stanley losing a health-insurance subsidy two years after she retired and involved questions about whether the city violated part of the Americans with Disabilities Act aimed at preventing discrimination in employment. Also see: Supreme Court rules against retired firefighter in ADA case Read More

Gimme pension: Workers call on employers to offer lifetime income in their 401(k) plans

Today’s workers see retirement security as a shared mission with their employer – not just a personal goal, according to new research from Nuveen, which surveyed more than 2,000 401(k) participants. The research found that the vast majority of workers want their employers to offer them access to pension-like lifetime income inside their 401(k) plans. Read More

Quick Facts

PLAN

The City of Fort Lauderdale is the sponsor of the Fort Lauderdale Police and Firefighters’ Retirement System. All Fort Lauderdale sworn police officers and firefighters are eligible to participate in the plan. A seven-member Board of Trustees, who are either elected by the employees or appointed by the Mayor, administer the pension plan. The plan is a defined benefit plan that promises to pay a guaranteed benefit at retirement.

MEMBERS

  • 728 – Active members
  • 1,301 – Retired members and beneficiaries
  • 2,029 – TOTAL PLAN PARTICIPANTS

FUNDING Public safety officers contribute 10% of earnings into the pension plan. Members also pay 7.65% of earnings into Social Security and Medicare. Additional revenue to the pension plan comes from the State of Florida insurance premium tax, the City of Fort Lauderdale, and earnings generated on the invested assets. The plan’s investment returns provide 71% of the plan’s funding. Over the past 33 years, the plan had an average total return of 8.21% – greater than the assumed 7.2% rate of return.

BENEFITS Retirement benefits are based on (1) average final earnings, (2) years of service, and (3) a benefit formula. Public safety officers can retire after 20 years of creditable service (or after 10 years at age 55). Overtime and unused leave do not increase retirement benefits. After 20 years of service, public safety officers are eligible to receive a retirement benefit equaling 60% of their monthly earnings. Retirement benefits are not automatically adjusted annually for cost – of – living changes. Retirees have not received a COLA since 2001.

DISABILITY Service-related disability benefits provided by the plan cannot exceed 65% of current monthly earnings. Non-service benefits cannot exceed 50% of monthly earnings, with reductions for Social Security benefits, Workers Compensation, or other earned income. The Fort Lauderdale Police and Firefighters’ Retirement System was established by City Ordinance and became effective January 3, 1973. As of 9-30-2023, the pension fund assets totaled $1. 037 billion.

For more information, see the Annual Report Newsletter