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Lake Mary Firefighters' Retirement System
The Lake Mary Firefighters' Retirement System operates as a municipal defined-benefit pension plan for firefighters and sworn police officers employed by the...
Lake Mary Firefighters' Retirement System
The Lake Mary Firefighters' Retirement System operates as a municipal defined-benefit pension plan for firefighters and sworn police officers employed by the City of Lake Mary, Florida. Administered by a five-member Board of Trustees chaired by Gabe Vella, the plan mandates a 5% employee contribution and provides retirement, disability, and death benefits. The board includes Secretary Adam Neri alongside trustees Martin Bel, Jeffrey Koltun, and Elizabeth Stack. The plan's investment strategy operates under Florida Statutes Chapter 175, which governs firefighter pension funds. Chapter 175 permits boards to invest up to 80% of assets in equities, with other allowable allocations including investment-grade fixed income and Florida real estate. Municipal Florida firefighter plans of this scale often outsource asset management through an investment consultant and run a streamlined portfolio of public equities, fixed income, and real estate. The board participates in the Florida Public Pension Trustees Association, the state's primary trustee education body. The System functions as a single-city plan covering a specific public-safety unit, a common Florida structure that legally separates police and firefighter pensions from a city's general employee retirement obligations. Plan provisions, including contribution rates and benefit formulas, are specified in a special act or ordinance that can only be adjusted through collective bargaining between the City of Lake Mary and the local firefighters' union. This plan's governance model — an independent five-member board with fiduciary duty to a narrow beneficiary base — is the structural differentiator. Investment decisions cannot be consolidated into a city-wide fund without legislative action, giving the board unilateral control over the firefighter-specific asset pool. Succession risk resides entirely in trustee appointments, a feature common to Florida's municipal pension map but amplified at the single-unit scale.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Lake Mary
Corporate office
Lake Mary, Florida, United States
Principals
Gabe Vella
Chairman of the Board of Trustees
Adam Neri
Secretary of the Board of Trustees
Martin Bel
Member of the Board of Trustees
Jeffrey Koltun
Member of the Board of Trustees
Elizabeth Stack
Member of the Board of Trustees
Frequently asked questions
Who oversees investment decisions for the Lake Mary Firefighters' Retirement System?
A five-member Board of Trustees holds fiduciary responsibility over the plan's investments. The board is chaired by Gabe Vella and includes Secretary Adam Neri alongside trustees Martin Bel, Jeffrey Koltun, and Elizabeth Stack. Investment consultants are commonly retained to handle day-to-day portfolio management and manager selection for municipal plans of this scale.
What is the legal framework governing this pension plan's investments?
The plan operates under Florida Statutes Chapter 175, which defines permissible investments for firefighter pension funds. Chapter 175 allows up to 80% in equities, with additional allowance for investment-grade corporate and government bonds and Florida-based real estate. Any material change to plan provisions typically requires collective bargaining between the City of Lake Mary and the firefighters' union.
How is this retirement system structured in relation to the City of Lake Mary?
Per Florida law, the system is a legally separate trust with its own board, distinct from the city's general employee or police pension obligations. The City of Lake Mary serves as the plan sponsor and employer of plan members, but the board maintains independent investment authority.
Who contributes to the plan, and at what rate?
Plan members — sworn firefighters and police officers of the City of Lake Mary — contribute 5% of their salary. The City of Lake Mary, as employer sponsor, makes additional contributions. Exact employer contribution rates are determined actuarially and modified through the collective bargaining process.
Does the Lake Mary Firefighters' Retirement System invest directly in private assets or only public markets?
Chapter 175 historically constrained these plans largely to listed equities and fixed income, though amendments have expanded scope over time. Many municipal Florida firefighter plans of comparable size blend passive public-market exposure with a real estate allocation, but specific private-market commitment data is not publicly disclosed by this plan.
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