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

Both spouses must consent to 401(k) withdrawals, says new legislation introduced in House, Senate

Lawmakers in the House and Senate have re-introduced legislation that would create protections for spouses who have a 401(k) plan. The Women’s Retirement Protection Act (WRPA) of 2025 would require the consent of both partners in order to take out a 401(k) loan or distribution. Under current law, one spouse can withdraw 401(k) funds without the other’s knowledge. Read More

Alabama Retirement Systems: Trump’s policies don’t work for pension funds

The volatility triggered by making major decisions and then “changing your mind a day or two later” doesn’t work for pension funds. In a sharply critical address of the Trump administration, CEO David Bronner, whose tenure at the $48.7 billion Alabama Retirement Systems stretches back over 50 years, highlighted how the investor is already seeing the consequences of Trump’s strategies manifest in the portfolio. “Big institutions don’t work well with instability,” he said. 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