City of Fort Lauderdale Police & Fire Retirement System

City of Fort Lauderdale Police & Fire Retirement System

The Fort Lauderdale Police and Firefighters' Retirement System was established by city ordinance in 1973, covering all sworn police officers and firefighters in the City of Fort Lauderdale. A seven-member Board of Trustees — elected by employees or appointed — administers the defined-benefit plan. Members contribute 10% of earnings, supplemented by city contributions, state insurance premium taxes, and investment income, which historically furnished the bulk of plan funding. The plan pursues an asset mix spanning commercial real estate funds like the ARA Core Realty Fund, residential impact vehicles such as the Affiliated Housing Impact Fund II, and a hedge fund-of-funds portfolio. Public disclosures also confirm positions in AgAmerica Income, a farmland and land-holding strategy, alongside allocations to buyout, growth, mezzanine, and general venture mandates. Total plan assets reached $1.3 billion as of September 30, 2025, reflecting a long-term average return of 8.51% over 35 years. The retirement system operates from a single office in Fort Lauderdale, Florida, and maintains memberships in NCPERS, NASRA, and NCTR — aligning with peer public pension systems for education and advocacy. The plan's service population comprises 794 active members and 1,353 retirees and beneficiaries. In recent securities litigation, the fund has co-filed alongside the Nova Scotia Health Employees' Pension Plan as a frequent co-lead plaintiff. The system's 35-year track record of positive returns in 29 of those years masks a persistent pressure: retirees have not received a cost-of-living adjustment since 2001, a governance choice that shapes the plan's return targets and risk appetite more than its headline allocation would suggest.