Current Agenda
Pension News
Pension Income Accounted for $1.5T of US Economic Output in 2022
More than $680 billion in pension benefits were paid to 26.3 million beneficiaries in 2022, according to new research from the National Institute on Retirement Security’s “Pensionomics 2025” report. “Virtually every state and local economy across the country benefits from the spending of pension checks,” wrote the report’s authors. The research found that of the $680.2 billion paid out to 26.3 million retirees, approximately $371.6 billion was paid out to 12 million retired state and local government employees and their beneficiaries. $91.5 billion was paid out to 2.7 million federal government beneficiaries. Approximately $217.4 billion was paid out to 11.5 million private sector retirees and their beneficiaries. Read More
Largest U.S. public pension plans' funding levels range from 71.4% to 98.6%
The largest U.S. public pension plans' funding ratios vary widely, based on a recent analysis of fiscal year 2024 public filings and Pensions & Investments' data. The funding status of the largest 10 plans ranged from 71.4% to 98.6%. Florida Retirement System is funded at 80.7%. Read More
Pension crises ‘will start to bite’ over next decade, WEF risk report finds
Pension crises “will start to bite” over the next decade in super-ageing societies, according to the World Economic Forum’s (WEF) Global Risks Report 2025. A super-ageing society is when over 20 per cent of a country’s population is over 65 years old. Several countries have already exceeded that mark, such as Japan, Italy and Germany. However, many more countries across Europe and Eastern Asia are projected to do so by 2035. Globally, the number of people aged 65 and older is expected to increase by 36 per cent, from 857 million in 2025 to 1.2 billion in 2035. 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