Current Agenda

Pension News

Public pension fund recruiting, retention woes abating — NCPERS, CBIZ survey

U.S. public pension funds are continuing to see improvement in the ease of recruiting and retention while wage growth is slowing following a spike attributed to a “needed correction,” according to an annual survey from the National Conference on Public Employee Retirement Systems and CBIZ. 57% of plans saying they were having no problems in attracting and recruiting skilled staff, up from 49.3% in last year’s survey, compared to 2022, only 38% of public pension plans said they were having no trouble with recruiting and retention. Read More

US Public Pension Funds’ Funded Ratios Rise to Highest Levels in Nearly 4 Years

A robust 1.7% return in September raised the aggregate funded ratio of the 100 largest U.S. public pension funds to 85.4% from 84.2%. The funded ratio for large public pension funds rose for the sixth consecutive month and reached its highest funded level since the end of 2021, when it was just 0.1 percentage points higher. Read More

Florida ranks last in nation for state worker pay, new report shows

State of Florida employees are the rock-bottom lowest hourly earners in the country, trailing state workers in neighboring Alabama and Georgia by thousands of dollars to rank 51st among the states and Washington D.C. for government pay. Florida runs the leanest government, employing 96 people per 10,000 residents compared to the national average of 198, and is paying them the least amount of money in the nation. 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