City of Melbourne Police Officers' Retirement System

No. The City of Melbourne Police Officers' Retirement System is a locally administered municipal plan, not a participant in the Florida Retirement System. This means its board of trustees maintains independent control over investment policy, actuarial assumptions, and benefit design, rather than operating under the pooled governance structure that covers most state and county employees in Florida.

The plan invests through the Barings Core Property Fund LP, a commingled vehicle providing diversified exposure to US commercial real estate across industrial, multifamily, office and retail property types. This fund-of-one or commingled structure is common for municipal plans seeking core real estate exposure without building an in-house direct-property capability. Barings is a major institutional real estate manager with a long track record in the US core property market.

A board of trustees governs the plan under Florida's fiduciary standards for local police and fire pension boards. The board operates subject to Florida's Government-in-the-Sunshine Law, meaning investment committee meetings are publicly noticed and open to observation. The City of Melbourne provides administrative support through its finance department, including pension payroll and board coordination.