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QUICK FACTS ON THE FORT LAUDERDALE
POLICE AND FIREFIGHTERS’ RETIREMENT SYSTEM

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. The pension plan is administered by a seven-member Board of Trustees, who are either elected by the employees or appointed by the Mayor. The plan is a defined benefit plan that promises to pay a specific benefit at retirement.

MEMBERS

798 active members
963 retired members and beneficiaries
1,751 TOTAL PLAN PARTICIPANTS

FUNDING

 

Public safety officers contribute 8.25% of earnings into the pension plan. Those hired after 4/18/10 contribute 8.5%. Officers also pay 7.65% of earnings into Social Security and Medicare. Additional contributions to the pension plan come from the State of Florida insurance premium tax, the City of Fort Lauderdale, and earnings generated on the invested assets. Over the past 22 years, the plan had an average total return of 9.02% - greater than the assumed 7.5% 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 67% of their monthly earnings. Retirement benefits are not automatically adjusted annually for cost of living changes. Retirees have not received a COLA since 2001 and current ordiance does not provide for a COLA. 

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 12-31-2012, the pension fund assets totaled $694.6 million.


                                                                       

 
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