Current Agenda

Pension News

City Council Opts to Pay out Firefighter Retirement Fund

Months after deciding to consolidate the Brooksville Fire Department with Hernando County Fire Rescue, the City Council found itself dealing with a confusing and complicated loose end. At its meeting, the council voted in favor of terminating the city’s Firefighters’ Retirement Trust Fund, opting to pay out 100% of the money owed to its former firefighters rather than closing the fund and continuing to pay toward it over the next several decades. “The priority is to make them whole and then to also do what’s best for the city moving forward long-term financially,” Mayor Christa Tanner said. Read More

Top retirement plans see third year of gains, but concentration risks pose new challenges

U.S. retirement plans latest annual survey reported positive gains in assets for the third year in a row, despite considerable market volatility. For the year ended Sept. 30, the 1,000 largest U.S. retirement plan sponsors saw their combined defined benefit and defined contribution assets increase 7.6% to a record $16.33 trillion. While it was another positive year, that increase was well short of the extraordinary gains the prior year when the top 1,000 retirement plan assets jumped 16.4%. Read More

Working Americans Struggling to Prepare for Retirement Typical Working American Has Less Than $1,000 Saved for Retirement

Preparing for retirement remains a major financial challenge for working Americans, according to a new report from the National Institute on Retirement Security (NIRS). Retirement in America: An Analysis of Retirement Preparedness Among Working-Age Americans examines how workers across demographic groups are saving — or failing to save — for retirement. The study also examines how rising costs and competing financial pressures are undermining the long-term economic security of American workers. 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