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City of Miramar, FL
The Miramar Firefighters Retirement Plan was established in 1981 to provide retirement benefits to firefighters employed by the City of Miramar, Florida.
City of Miramar, FL
The Miramar Firefighters Retirement Plan was established in 1981 to provide retirement benefits to firefighters employed by the City of Miramar, Florida. The plan is governed by a Board of Trustees chaired by Leonardo Nunez, who co-founded Everest Financial Advisors. James Estep, a retired Battalion Chief and also an Everest Financial Advisors co-founder, serves as a trustee alongside representatives from IAFF Local 2820 and city-appointed officials. The pension allocates across real estate and natural resources, with a distinct tilt toward tangible assets. Confirmed positions include interests in the Principal Real Estate U.S. Property Separate Account, an Artemis Real Estate Partners fund, and a US Real Estate Investment Fund LLC vehicle focused on commercial properties. Direct real estate holdings on the City of Miramar's own balance sheet — such as the Miramar Town Center and the Historic Miramar Public Safety Complex — illustrate the close operational overlap between city infrastructure and pension deployment. The plan also commits to timber strategies through vehicles like Hancock Timberland XI and the Molpus Woodlands Fund. The plan serves the firefighters of Miramar, a city of roughly 140,000 in Broward County, Florida. Trustees participate in the Florida Public Pension Trustees Association (FPPTA) and hold Certified Public Pension Trustee (CPPT) designations, reflecting a structured approach to fiduciary education. The plan's investment posture is shaped in part by its relationship with Everest Financial Advisors, presenting a model where plan trustees also hold key roles at the external advisory firm. Unlike larger state-level systems, this single-city plan operates with a concentrated board and a focused asset base, creating a governance structure where investment decisions and municipal interests are unusually intertwined. The appointment of trustees by the City of Miramar Commission — and the dual roles held by Nunez and Estep — concentrates fiduciary authority in a small circle of individuals with deep local ties and professional advisory affiliations.
General information
Firm type
Pension Fund
Year founded
1981
Location
Region
North America
Country
United States
City
Miramar
Corporate office
Miramar, FL, United States
Principals
Leonardo Nunez
Chairman of the Board of Trustees
James Estep
Trustee
Sector focus
Frequently asked questions
Who oversees investment decisions for the Miramar Firefighters Retirement Plan?
The Board of Trustees holds fiduciary authority over plan investments. Chairman Leonardo Nunez and trustee James Estep are both co-founders of Everest Financial Advisors, the firm that advises the plan, creating an overlapping governance and advisory structure. Additional trustees include representatives from IAFF Local 2820 and appointees from the City of Miramar Commission.
What asset classes does the plan allocate to?
The plan concentrates on real estate and natural resources, particularly timber. Known commitments include the Principal Real Estate U.S. Property Separate Account, an Artemis Real Estate Partners commercial fund, and timber vehicles managed by Hancock and Molpus. Direct city-owned real estate holdings, such as the Miramar Town Center, sit on the municipality's balance sheet alongside plan interests.
How does the plan relate to the City of Miramar's broader finances?
The City of Miramar Commission appoints plan trustees and must approve changes to pension ordinances. Several real properties, including the Miramar Town Center and the Historic Miramar Public Safety Complex, appear in both municipal records and plan-linked asset listings, indicating a tight fiscal relationship between the city's general fund assets and the pension portfolio.
Is Everest Financial Advisors an external consultant or structurally tied to the plan?
The relationship is structurally unusual. Chairman Leonardo Nunez and trustee James Estep co-founded Everest Financial Advisors while serving on the plan's board. This dual role means the plan's key fiduciaries are also principals of the advisory firm that shapes its investment strategy, a governance arrangement subject to state conflict-of-interest disclosure rules.
What is the plan's known posture on private market commitments?
The plan commits through commingled real estate funds, separate accounts, and timber fund structures rather than making direct private equity investments. Its natural resource exposure flows through timber vehicles, and its real estate holdings include both fund interests and property-level positions tied to municipal facilities.
How transparent is the plan about its investment performance?
As a public pension plan subject to Florida Sunshine Law, the Miramar Firefighters Retirement Plan must disclose certain financial information, including annual actuarial reports and meeting minutes. However, granular portfolio-level performance data is not routinely published in a centralized, easily accessible format online.
What distinguishes this plan from Florida's state-level pension system?
Unlike the Florida Retirement System, which pools assets for hundreds of thousands of state and local employees, the Miramar plan serves a single city department. Its concentrated board, smaller scale, and deep integration with city real estate assets create a governance model that operates more like a municipal trust fund than a large institutional allocator.
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