Current Agenda
Pension News
Retired Lakeland police officers seek pension increases
Phillip Smith recently launched the petition to urge city leaders to implement annual cost-of-living adjustments (COLA) for retired police officers. He says the idea came after learning how little some retirees receive each month. “The problem is we have a substantial percentage that is living below the poverty line based on the income from the pension and that’s just sad,” he said. Smith says the Lakeland Police Department pension system hasn’t been adjusted since it was created in 2009. Read More
Apopka firefighters’ union members negotiate wages, pension plan as city experiences rapid growth and increased demand
Apopka Professional Firefighters Association Local 5293 members met with the Apopka fire chief for contract negotiations. Among the demands were higher wages and amending their current pension program. The union also requested a 4% multiplier for pensions, which would provide members a monthly plan benefit for life after they complete 20 years of credited service, or at age 45 and 10 years of credited service. Read More
Public Pension Funded Ratio Rebounds To 87.6% As April Gains Erase March Losses
Milliman, Inc. released the latest results of its monthly Public Pension Funding Index (PPFI), which analyzes data from the nation’s 100 largest public defined benefit plan. The funded status improved by $266 billion during April, driven by estimated aggregate investment returns of 4.7% for the period. This lifted the plans’ funded ratio to 87.6% as of April 30—in stark contrast to the 83.7% seen at the end of March and even surpassing the 87.0% observed as of February 28. 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, administer the pension plan. The plan is a defined benefit plan that promises to pay a guaranteed benefit at retirement.
MEMBERS
- 794 – Active members
- 1,353 – Retired members and beneficiaries
- 2,144 – 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 72% of the plan’s funding. Over the past 35 years, the plan had an average total return of 8.51%, with positive returns during 29 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 9-30-2025, the pension fund assets totaled $1.3 billion.
For more information, see the Annual Report Newsletter