City of Dearborn Police & Fire Revised Retirement System

City of Dearborn Police & Fire Revised Retirement System

The City of Dearborn Police & Fire Revised Retirement System (Chapter 23) operates as a public employee pension fund serving Dearborn, Michigan police officers and firefighters. It is governed by a board of trustees drawn from city officials and plan participants. Randa Dagher serves as chairperson, with Alan Brzys as vice chairperson. The sponsoring municipality, the City of Dearborn, funds the system through employer and employee contributions. The fund's investment strategy spans multiple asset classes, including commercial real estate, private credit, and infrastructure. Among its known holdings are PRISA (Prudential Real Estate Investor), a core open-end fund; Alidade Fund V, a value-add commercial real estate vehicle; KKR Real Estate, a mixed-use global platform; and Entrust Special Opportunities Fund, a credit-oriented vehicle. These allocations reflect a typical public pension approach: core real estate for income and diversification, supplemented by private credit and opportunistic strategies for yield enhancement. The system maintains a small professional staff, though exact headcount is not publicly disclosed. It holds memberships in professional networks including MAPERS (Michigan Association of Public Employee Retirement Systems) and NCPERS (National Conference on Public Employee Retirement Systems). No recent operational events such as manager changes or new commitments have been reported in the public record. A structural differentiator is the fund's status as a Chapter 23 retirement system under Michigan law, a standalone legal framework distinct from larger state-wide funds. This gives the board direct oversight of investment decisions and manager selection, unlike systems pooled under a larger state authority. The board composition — mixing city officials and plan participants — embeds governance checks that tie investment risk to the local political and fiscal context.