# Miami Beach Employees' Retirement System

Miami Beach Employees' Retirement System is a Pension Fund based in Miami Beach, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Miami Beach, United States
- **Region:** North America
- **Address:** Miami Beach, FL, United States
- **Founded:** 2006
- **Assets under management:** Undisclosed
- **Website:** www.mberp.com

## Regulatory record

- **Reports private funds:** No

## About

The Miami Beach Employees' Retirement System administers retirement benefits for municipal workers of the City of Miami Beach. The plan was created in March 2006 through the consolidation of the Retirement System for General Employees and the Retirement System for Unclassified Employees and Elected Officials, though the city's earliest pension program dates to 1937. The system is governed by a Board of Trustees chaired by James Boyd, with Mark Taxis serving as Vice Chairman and city administration representative. Executive Director Jose del Risco, alongside Pension Administrator Rick Rivera, manages day-to-day operations. The fund deploys capital through a standard defined-benefit plan structure, dividing its portfolio across domestic equities, international equities, global fixed income, and real assets. Real estate commitments are channeled through commingled core property funds, with confirmed positions in the J.P. Morgan Strategic Property Fund and the Barings Core Property Fund, both focusing on stabilized, income-producing US commercial properties. The fund maintains an explicitly global footprint in its equity and fixed-income sleeves, though specific country-level allocations are not publicly disclosed. The system participates actively in industry governance networks, holding memberships in the Florida Public Pension Trustees Association, the National Conference on Public Employee Retirement Systems, and the Florida Government Finance Officers Association. A dated operational marker: the board regularly reviews its actuarial assumptions and funding status through publicly posted meeting agendas and minutes, with the most recent available discussions focused on investment consultant relationships and performance benchmarking against policy benchmarks. The structural differentiator is the plan's position as a sub-sovereign municipal pension embedded within a single-city sponsor. Unlike pooled state-wide Florida retirement systems, MBERP's asset base is tied entirely to the fiscal health and employment levels of Miami Beach, making its funding ratio sensitive to local property tax revenues and resort-economy cycles in a way larger diversified state plans are not.

## Sectors

- Real Estate
- Private Credit
- Hedge Funds
- Infrastructure

## People

- Jose del Risco — Executive Director

## Questions

### How does the Miami Beach pension fund access real estate?

The fund invests in US commercial real estate through commingled core property vehicles rather than direct property ownership. Public records name the J.P. Morgan Strategic Property Fund and the Barings Core Property Fund as holdings. Both funds acquire stabilized, income-generating office, multifamily, industrial, and retail assets in major US markets.

### What is the relationship between the City of Miami Beach and the retirement system?

The City of Miami Beach is the plan sponsor — it contributes employer funds and has representation on the Board of Trustees through the city administration appointee, currently Vice Chairman Mark Taxis. The system is a standalone legal entity created by city ordinance and governed by Florida public pension statutes. Its beneficiaries are current and retired municipal employees.

### Is MBERP's asset allocation public record?

The broad asset-class breakdown is disclosed in public board materials and actuarial reports. The plan carries domestic equity, international equity, global fixed income, and real estate allocations. Specific manager lineups, individual stock or bond holdings, and precise allocation weights are not routinely published to the general public beyond periodic investment summary reports presented to the board.

### How is MBERP different from the Florida Retirement System state plan?

MBERP is a single-employer municipal plan serving only City of Miami Beach employees, whereas the Florida Retirement System is a statewide, multi-employer plan covering most public workers in Florida. MBERP's solvency depends on Miami Beach's specific tax base and workforce demographics, not the broader state economy. The two systems are legally and financially separate, with no cross-pooling of assets or liabilities.

## Related profiles

- [Miami Angels](https://altss.com/profile/miami-angels)
- [Miami Dade College Foundation](https://altss.com/profile/miami-dade-college-foundation-mdc-foundation)

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Last updated: 2026-06-03T20:00:00.000Z

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