Current Agenda
Pension News
SB 984 — Firefighter Benefits – Bill Signed by Governor on May 22
Senate Bill 984 expands the eligibility for disability and death benefits available to firefighters after a cancer diagnosis. Current law provides a $25,000 one-time payout as a disability benefit resulting from an initial diagnosis. However, the bill would make that available to a former firefighter regardless of whether he/she elects to continue coverage in an employer-sponsored health plan or group health insurance trust fund. The law takes effect on July 1. Read More
How much do you need to retire? A state-by-state breakdown
The report found that the state with the highest annual cost of living for retirees was Hawaii, with an annual cost of $90,752 for necessities and $181,505 for a comfortable cost of living based on the analysis. After accounting for Social Security income, MoneyLion estimated the annual cost of living as a retiree in Hawaii was $156,610. Florida's was $44,170 for necessities or $88,339 for the comfortable cost of living, declining to $63,445 with Social Security income in the mix. Read More
DB Pension Plans – Powerful Economic Drivers
Public defined benefit pensions continue to be a major contributor to economic activity in the U.S. The sheer magnitude of public pensions asset bases (>$6 trillion) and the benefits that they annually pay ($418.3 billion in 2025) make them an economic force. In 2025, state and local governments invested $6.49 trillion in pension plans, up 8.46% from $5.98 trillion in 2024. More than 37 million people (including inactive employees) received $418.25 billion in benefit payments to beneficiaries, up 3.40% from $404.46 billion in 2024. Much of that payment is spent in the recipient’s local community creating economic activity and jobs in the process. 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