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

Governor signs legislation compensating firefighters for training injuries

Gov. Ron DeSantis has signed SB 1202, which ensures firefighters who are totally and permanently disabled in training exercises will still have insurance coverage for themselves and their families, including spouses and children under the age of 25. Total and permanent disability must be determined by two independent doctors to qualify for this coverage. Republican Sen. Stan McClain, the bill’s sponsor, said during floor hearings that because of this law, this class of firefighters “will receive the same family health insurance premium benefits as those injured in emergency response.” Read More

Public Pension Funding Stable – Milliman

Milliman has released the output of the largest 100 public DB plans. Despite the turbulent markets during the month, the index showed a slight investment gain of 0.4%. This compares to the -0.12% experienced by corporate plans. Among the largest public funds individual plans’ estimated returns ranged from -1.8% to 1.4%. In aggregate, the plans added about $24 billion in market value during the period, increasing to $5.213 trillion at the end of the month. Furthermore, the deficit between plan assets and liabilities was unchanged since March at $1.34 trillion. 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