Delray Beach Police, Firefighters', and Paramedics' Benefit Fund

Delray Beach Police, Firefighters', and Paramedics' Benefit Fund

The Delray Beach Police, Firefighters', and Paramedics' Benefit Fund was established through collective bargaining between the City of Delray Beach and the unions representing its police officers, firefighters, and paramedics — IAFF Local 1842 and the Palm Beach County Police Benevolent Association. The fund serves as the primary retirement vehicle for the city's uniformed first responders, paying defined-benefit pensions and disability benefits. Its board of trustees includes both city appointees and union-seated members, with IAFF Local 1842 President Joseph Cafone identified as a current trustee. As a municipal pension plan, the fund's investment strategy is set by its board of trustees, who typically engage external consultants and allocate across a diversified portfolio of public equities, fixed income, real estate, and private markets. Detailed asset-class breakdowns and specific manager relationships are not publicly disclosed at a granular level. The fund's fiduciary net position is reported through the City of Delray Beach's annual comprehensive financial reports, though individual portfolio holdings remain opaque. Geographic focus is inherently tied to the municipality's tax base and the Florida Retirement System's broader public-funds ecosystem. The plan operates from Palm Beach Gardens, Florida. The fund is distinct from, but affiliated with, the Delray Beach Firefighters & Paramedics Benevolent Fund Inc., a separate philanthropic entity. The unions — IAFF Local 1842 and the Palm Beach County PBA — maintain active roles in trustee appointments and benefit negotiations. The fund's structural differentiator is its trustee-composition model: labor and management share governance, a design that forces consensus on asset allocation and actuarial assumptions between the city sponsor and the uniformed beneficiaries. This hybrid board structure is common among Florida municipal police and fire plans but creates a distinct negotiating dynamic when setting assumed rates of return and contribution levels. The absence of a dedicated in-house CIO means investment decisions are mediated through consultant recommendations, making the consultant relationship the de facto center of portfolio construction.