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

Delray Beach Police, Firefighters', and Paramedics' Benefit Fund is a Pension Fund based in Delray Beach, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Delray Beach, United States
- **Region:** North America
- **Address:** Palm Beach Gardens, FL, United States
- **Assets under management:** Undisclosed
- **Website:** https://www.delraybeachfl.gov/home

## Regulatory record

- **Reports private funds:** No

## About

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.

## People

- Joseph Cafone — President of IAFF Local 1842 and Trustee

## Questions

### Who governs the Delray Beach Police, Firefighters', and Paramedics' Benefit Fund?

The fund is overseen by a board of trustees that includes appointees from the City of Delray Beach and representatives from the unions representing police officers (Palm Beach County Police Benevolent Association) and firefighters and paramedics (IAFF Local 1842). Joseph Cafone, President of IAFF Local 1842, serves as a trustee. This hybrid governance model balances municipal oversight with beneficiary interests.

### Is this fund part of the Florida Retirement System?

No. The Delray Beach Police, Firefighters', and Paramedics' Benefit Fund is a single-employer plan specific to the City of Delray Beach, established through collective bargaining. It is not a division of the state-run Florida Retirement System, though it operates under Florida statutes governing municipal police and fire pension plans.

## Related profiles

- [Delray Beach Firefighters' Retirement System](https://altss.com/profile/delray-beach-firefighters-retirement-system)
- [Delray Beach Police Officers' Retirement System](https://altss.com/profile/delray-beach-police-officers-retirement-system)

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Last updated: 2026-08-11T02:43:31.692Z

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