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Pasadena Fire & Police Retirement Board
The Pasadena Fire and Police Retirement Board was established in 1935 to serve the City of Pasadena's public safety workforce.
Pasadena Fire & Police Retirement Board
The Pasadena Fire and Police Retirement Board was established in 1935 to serve the City of Pasadena's public safety workforce. It operates as a component unit of the municipal government, governed by a board that includes police and fire department representatives alongside City Council appointees. The plan provides retirement, disability, and survivor benefits exclusively to eligible firefighters and police officers. The fund allocates assets across a mix of traditional and alternative investments. Public meeting minutes show the portfolio includes direct real estate holdings — such as the Concord Senior Housing Project in Pasadena — alongside commingled fund positions like Invesco Core Real Estate USA and ARA Core Real Estate. The City's pooled cash vehicle also forms part of the investment framework. While the board's primary administrative function is overseeing benefit disbursements, it maintains an active investment posture to close its funding gap. The board currently includes Lt. Keith Jones as Chair and Rick Cole as the City Council representative, who joined in July 2025. The system also serves as the hearing body for CalPERS public safety disability benefit determinations for City employees — a procedural role that makes it a gatekeeper for certain benefit claims. Total professionals and precise AUM remain undisclosed in public documents. The fund's most distinctive structural feature is its closed status. Because the plan is closed to new participants, its liability profile declines over time as beneficiaries age — making it a runoff entity with a finite horizon. This shapes a different risk calculus than open municipal plans face, forcing the board to balance near-term liquidity needs against long-duration return targets without the cushion of incoming contributions from new hires.
General information
Firm type
Pension Fund
Year founded
1935
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Pasadena
Corporate office
Pasadena, CA, United States
Principals
Lt. Keith Jones
Board Chair
Rick Cole
City Council Representative
Sector focus
Frequently asked questions
Who runs investment decisions at Pasadena Fire & Police Retirement Board?
The board itself governs investment decisions, chaired by Lt. Keith Jones as of the latest public filings. The board includes police and fire department representatives along with City Council appointees, operating under open-meeting laws that make asset allocation and manager selection a matter of public record.
Is the plan open to new participants?
No. The system is closed to new entrants, meaning only eligible sworn public safety employees hired before the closure date remain in the plan. This creates a liabilities-only runoff structure where the board must manage assets to meet benefit obligations for a shrinking participant pool over time.
What role does the board play in CalPERS disability benefits?
The board acts as the designated hearing body for CalPERS public safety disability benefit applications filed by City of Pasadena employees. This gives the board a quasi-judicial function separate from its investment duties, determining eligibility for disability retirements under California law.
Does the board allocate to alternative assets?
Yes. Public documents show holdings in direct real estate — including the Concord Senior Housing Project in Pasadena — and commingled real estate funds such as Invesco Core Real Estate USA and ARA Core Real Estate. The exact allocation targets and recent commitments are discussed in open board meetings.
How is the board related to the City of Pasadena?
The board is a component unit of the City, meaning it is legally separate but financially intertwined with the municipal government. The City sponsors the plan and appoints a council representative to the board, while the board independently manages plan assets and adjudicates benefit claims.
What is the board's approach to unfunded liabilities?
Because the plan is closed, the board cannot rely on new participant contributions to offset shortfalls. Its approach — discernible from public meeting minutes — focuses on asset allocation to generate returns sufficient to close the funding gap while maintaining liquidity for near-term benefit payments, a standard but increasingly difficult balancing act for closed municipal plans.
Where does the system's funding come from?
Funding comes from historical employer contributions from the City of Pasadena, employee contributions from plan participants, and investment returns on the portfolio. Since the plan is closed, there are no new participant inflows — only ongoing employer contributions negotiated through the City's collective bargaining and budget process.
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