Current Agenda

Pension News

U.S. public pension funding improves to over 80% in 2025 — Equable Institute

U.S. state and local pension funds’ aggregate funding ratio improved to 82.5% at the end of 2025, according to a new estimate from Equable Institute. The improvement in funding ratio is due primarily to strong investment returns for the year. Preliminary investment returns averaged 9.5% for public pension plans for the year ended Dec. 31, well above the average assumed rate of return of 6.9% among state and local pension plans. Read More

City terminates firefighters’ pension plan amid protests

The City Council voted to terminate the Brooksville city firefighters’ pension plan, moving forward despite passionate pleas from retired firefighters who said they haven’t been given enough information about how the change will affect them. The county took over operations Oct. 1, and most city firefighters transferred to county positions, though some faced pay cuts and demotions. Read More

HB4065 West Palm Beach Firefighters Pension Fund, Palm Beach County

The bill revises provisions of the West Palm Beach Firefighters Pension Fund to reflect an agreement between the West Palm Beach Association of Fire Fighters and the City of West Palm Beach. Specifically, the bill: Increases the normal retirement benefit calculation; Revises procedures for reviewing denials of benefits; Provides powers to the Board of Trustees; Revises procedures for purchasing service credits to reflect changes in federal law; and Makes clarifying changes to certain procedures and duties of the Fund’s board. 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

  • 792 – Active members
  • 1,311 – Retired members and beneficiaries
  • 2,103 – 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 82% of the plan’s funding. Over the past 34 years, the plan had an average total return of 8.45% with positive returns during 28 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 9-30-2024, the pension fund assets totaled $1.2 billion.

For more information, see the Annual Report Newsletter