Jacksonville Police and Fire Pension Fund

Jacksonville Police and Fire Pension Fund

The Jacksonville Police and Fire Pension Fund was created in 1937 as a single-employer defined benefit plan for sworn police officers and firefighters of the Consolidated City of Jacksonville. Timothy H. Johnson serves as Executive Director and Plan Administrator, overseeing day-to-day operations under a five-member Board of Trustees that includes police and fire representatives. The plan closed to new hires on October 1, 2017, converting it into a legacy pension vehicle that will gradually wind down as its participant base retires. The fund's investment portfolio extends across public equities, fixed income, and private markets. Its alternative allocations include a global non-core real estate portfolio and a private debt portfolio, both managed across multiple geographies. The real estate book includes the fund's own headquarters at 1 West Adams Street in downtown Jacksonville — a direct-owned commercial asset. While the fund does not publicly disclose its total assets or deployment pace, its structure as a closed plan suggests a liability-driven investment posture prioritizing cash-flow matching over aggressive growth. The Board of Trustees operates with five members drawn from police and fire leadership plus appointed citizen trustees. Thomas Donahoo Jr., an estates and trusts attorney, fills one citizen trustee seat. The fund participates in industry groups including the National Conference on Public Employee Retirement Systems and the Florida Public Pension Trustees Association, reflecting its engagement with public-plan governance standards and trustee education. The fund's defining structural feature is its closed-plan status. Unlike open municipal pension systems that must balance new contributions against growing liabilities, Jacksonville's police and fire fund is a maturing pool with a fixed participant base. That architecture shifts the investment challenge from long-term asset accumulation to liability defeasance — a posture that shapes asset allocation toward income-producing real assets and credit strategies over venture-style growth bets.