Marco Island Police Officers' Pension Plan

Marco Island Police Officers' Pension Plan

The Marco Island Police Officers' Pension Plan operates as a single-employer defined-benefit plan sponsored by the City of Marco Island for its police officers. Established under Florida Statutes Chapter 185, the plan receives dedicated funding from a portion of state premium tax revenues levied on property insurance. Its governance rests with a Board of Trustees chaired by Mark Haueter, with Ryan Montgomery serving as Secretary and City Clerk Joan Taylor as Trustee. The plan's benefit structure and funding mechanism are set by state law, limiting the sponsor's discretion over contribution rates. Investment strategy follows the prudent-person standard codified in Florida law. While the board does not publicize a current allocation breakdown, Florida municipal police and fire plans of this scale typically deploy across public equities, investment-grade fixed income, and real estate. Some have added private equity and infrastructure sleeves through consultants like AndCo or Graystone Consulting. The City of Marco Island's finance department oversees day-to-day administration, with custody and investment consulting likely outsourced to institutional providers common among Florida public plans. Geographic exposure is predominantly US-centric. The plan's exact funded status and actuarial liabilities are reported through the City of Marco Island's annual comprehensive financial report. Board meetings generally occur quarterly, with agendas covering investment performance reviews, actuarial valuations, and statutory compliance updates. Trustees Mark Haueter and Ryan Montgomery, alongside City Clerk Joan Taylor, serve without managing a dedicated internal investment staff. The plan's size relative to other Florida municipal police pensions is not publicly detailed. A structural feature distinguishing this plan is its exclusive reliance on Chapter 185 premium tax revenues. Unlike plans where municipal sponsors make actuarially determined contributions from general funds, Marco Island's police pension operates with a statutory funding floor that can create surpluses or shortfalls decoupled from the city's annual budget process. This architecture makes the plan's funded ratio particularly sensitive to Florida's property insurance market cycles — a dynamic not shared by sales-tax-funded municipal pensions.