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City of Sebastian Police Officers' Retirement System
Created as part of the municipal framework for Sebastian, Florida, the plan operates to provide lifetime retirement benefits exclusively for the city's police...
City of Sebastian Police Officers' Retirement System
Created as part of the municipal framework for Sebastian, Florida, the plan operates to provide lifetime retirement benefits exclusively for the city's police officers, funded by employer contributions and investment earnings. The board includes both elected and city-appointed trustees, with Kenneth Killgore serving as Plan Administrator through his role as the city's Administrative Services Director. The pension trust allocates predominantly across traditional fixed-income instruments. Holdings span U.S. Treasury bonds and bills, federal agency guaranteed securities, corporate bonds, and municipal obligations. The system also maintains exposure to commercial real estate through a pooled real estate investment fund. Public records do not detail specific portfolio holdings, and there is no indication of commitments to private equity or venture capital. Governance is shared among a board of trustees that has included Jason Gillette and Rich Snell as long-tenured members since 2017. The board participates in trustee education via the Florida Public Pension Trustees Association, reflecting a posture of continual professional development despite a relatively small asset base. The plan constituted one of several municipal employee benefit systems in Indian River County. This entity is structurally a closed-end municipal fund — its mandate is purely to provide what a single city's police department owes its retirees. Unlike corporate or multi-employer plans, there is no competitive marketing footprint, no diversification imperative beyond the city's statutory list, and no asset-gathering mechanism beyond annual city budget contributions.
General information
Firm type
Pension Fund
Year founded
1924
Location
Region
North America
Country
United States
City
Sebastian
Corporate office
Sebastian, FL, United States
Principals
Kenneth Killgore
Plan Administrator
Jason Gillette
Trustee
Rich Snell
Trustee
Sector focus
Frequently asked questions
Who runs investment decisions for the City of Sebastian Police Officers' Retirement System?
A board of trustees governs the plan, including elected officer-trustees and city-appointed members. Kenneth Killgore, the City of Sebastian's Administrative Services Director, acts as Plan Administrator handling day-to-day management. The trustees are not full-time investment professionals but municipal officials and police department representatives fulfilling fiduciary duties.
What is the plan's investment approach?
The system follows a conservative allocation, primarily holding investment-grade fixed-income assets including U.S. Treasury and agency securities, corporate bonds, and municipal obligations, alongside a pooled commercial real estate fund. The asset mix is consistent with Florida statutory guidelines for small municipal police pension plans, which strictly limit exposure to equity and alternative investments.
Is the City of Sebastian Police Officers' Retirement System a single entity or part of a larger pool?
This plan exists as a standalone single-employer defined-benefit trust covering only sworn police officers employed by the City of Sebastian. It operates independently of the Florida Retirement System and other municipal plans in Indian River County.
Does the retirement system participate in private investments or co-investments?
There is no public evidence that the plan invests in private equity, venture capital, hedge funds, or direct co-investments. Its known asset holdings are limited to public fixed income and a commercial real estate pooled fund, placing it squarely within the 'income-first' conservative municipal pension category.
How does the board maintain governance standards given the plan's small size?
The board maintains an active membership with the Florida Public Pension Trustees Association (FPPTA), participating regularly in educational programs designed for public pension fiduciaries. This ensures trustees stay current on governance, legal updates, and fiduciary best practices relevant to Florida municipal pensions.
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