Current Agenda
Pension News
Why Pensions Still Provide Key Income for Many Retirees Even as Access Declines
Fewer than 30% of today’s workers have a defined benefit pension, yet more than half of retirees receive pension income. Public-sector workers are more likely to have pensions than private-sector workers, and the benefits they receive are typically much larger. Most retirees piece together income from multiple sources, and for those without a pension, personal savings will need to be higher. Read More
Investment scheme targeted cops, SEC alleges
Active and retired cops were the primary target of an allegedly fraudulent investment scheme that misled investors with promises of high returns and low risk. The SEC charged an unregistered firm, CMI Capital LLC and its founder, Michael Williams, in connection with a series of unregistered offerings involving a pair of purported investment funds that raised approximately US$860,000 from investors — including both current and retired law enforcement officers in South Florida. According to the regulator’s complaint, the officers trusted Williams because he worked for a police and firefighter pension plan administration company. Read More
Proposed firefighter contract includes $12,000 raises, pension increase and new pay incentives
A proposed three-year contract would amend its pension ordinance to give current active employees who have not entered the Deferred Retirement Option Plan, as well as future employees, a uniform benefit accrual rate of 4% of average monthly earnings for each year of credited service. Under that formula, an employee retiring with 20 years of credited service would qualify for a normal retirement benefit equal to 80% of average monthly earnings. Normal retirement would begin after 20 years of service or at age 45 with at least 10 years of credited service. 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, administer the pension plan. The plan is a defined benefit plan that promises to pay a guaranteed benefit at retirement.
MEMBERS
- 794 – Active members
- 1,353 – Retired members and beneficiaries
- 2,144 – 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 72% of the plan’s funding. Over the past 35 years, the plan had an average total return of 8.51%, with positive returns during 29 years.
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 9-30-2025, the pension fund assets totaled $1.3 billion.
For more information, see the Annual Report Newsletter