Current Agenda
Pension News
New research finds Americans supportive of pension benefits for public employees
A new research infographic from the National Institute on Retirement Security (NIRS) finds strong support among Americans for retirement benefits provided to state and local government employees. Eighty-six percent of Americans say all workers, not just those employed by state and local governments, should have a pension. This support holds strong across political party affiliation, with Democrats in agreement at 89 percent, Independents at 86 percent and Republicans at 83 percent. Eighty-four percent say that pensions are a good way to attract and keep qualified public safety employees. Read More
House Passes WEP-GPO Repeal
The U.S. House voted on legislation to repeal the Social Security penalties that affect public sector workers who earn both a pension from employment that is not covered by Social Security, and earn a Social Security benefit. The penalties are the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). This does not affect any employee working for Fort Lauderdale, as all are covered by Social Security. However, it could affect you if your spouse had employment not covered by SS and files for benefits based on the covered employe’s earnings. The WEP applies to the primary earner not working under SS – the GPO applies to a spouse not working under SS but apply for benefits under SS. Read More
Social Security: This Is the Average Payment in Every State
While the average monthly benefit varies by gender and age, here are the average Social Security payments in every state, according to the Social Security Administration. See Florida: Overall total average payments for the state of Florida: Total number of beneficiaries: 4,909,642: Total benefits: $7,577,221,000; Average total benefits: $1,543 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