Miami Springs Police and Firefighters' Retirement System

Miami Springs Police and Firefighters' Retirement System

The Miami Springs Police and Firefighters' Retirement System operates as a defined benefit plan for the City of Miami Springs' uniformed first responders. The plan shares its Board of Trustees and administrative infrastructure with the Miami Springs General Employees' Retirement System, creating an unusual governance arrangement where a single board oversees pension assets for both public safety personnel and civilian city workers. Trustee oversight falls to a board chaired by Peter Baan, with members including Jimmy Deal and Jonathan Kahn. Investment strategy focuses on meeting actuarial return assumptions through a mix of traditional fixed income, public equities, and direct real asset exposure. The plan holds a position in the ARA Core Property Fund, a diversified US mixed-use real estate vehicle, suggesting an allocation to private real estate alongside more liquid public market holdings. Geographic concentration remains domestic, centered on the Miami metropolitan area where the plan sponsor and beneficiary base reside. The fund's professional association membership with the Florida Public Pension Trustees Association (FPPTA) provides trustees access to statewide education and governance best practices for Florida municipal plans. The plan's total fiduciary net position and funded status are matters of public record through the City of Miami Springs' annual financial reporting, though specific asset totals were not independently confirmed for this profile. As a Florida municipal pension fund, the system is subject to state-mandated reporting requirements under Florida Statutes Chapter 175 (firefighters) and Chapter 185 (police), which govern local pension fund administration, funding standards, and trustee conduct. A distinguishing structural feature is the shared-governance model with the general employees' plan. Rather than maintaining separate boards for police/fire and civilian personnel, Miami Springs consolidates oversight into a single trustee body. This design can reduce administrative overhead relative to cities that operate fully independent pension boards, but it also concentrates fiduciary responsibility for two distinct retiree populations — each with different benefit tiers, retirement eligibility rules, and mortality assumptions — under one group of named fiduciaries.