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Redford Township Police & Firemen Retirement System
The Redford Township Police & Firemen Retirement System was established in 1937 as a single-employer defined benefit pension plan for the township's public...
Redford Township Police & Firemen Retirement System
The Redford Township Police & Firemen Retirement System was established in 1937 as a single-employer defined benefit pension plan for the township's public safety personnel. Administered by a board of trustees that includes Township Treasurer Lily Cavanagh and President John Buck, the system operates within Michigan's municipal retirement framework. It pays lifetime retirement annuities to career police officers and firefighters and provides survivor benefits, a structure that ties its liability stream directly to local government funding and actuarial assumptions set at the township level. The fund's investment strategy is concentrated in external real estate commitments, based on documented holdings in funds managed by American Strategic Value Realty Fund and TerraCap Partners — spanning mixed-use and commercial properties across the United States. TerraCap exposure extends across Funds III, IV, and V, suggesting a multi-vintage relationship with that manager. The system also lists Highlands REIT among its assets, adding a publicly registered non-traded REIT to the private-fund mix. These positions point to a board that prioritizes income-producing hard assets within a compact manager roster, a pattern typical of smaller municipal plans where every allocation consumes a disproportionate share of governance bandwidth. With an estimated $78 million in assets, the plan runs lean — no dedicated investment staff, no separate offices, and no adjacent venture or co-investment vehicles disclosed. The board of five trustees combines elected and appointed officials, whose investment decisions are shaped by MAPERS membership and Michigan's Public Employee Retirement System Investment Act. That regulatory environment imposes statutory lists of permissible investments and requires annual actuarial valuations, which become the primary check on asset allocation. Recent board composition shows turnover, with Scott Byrnes serving as a trustee during 2023–2024 and Alan Reichenbach listed as a trustee as of 2025. The structural feature that sets this plan apart from a purely generic small pension is its single-employer, public-safety-only design. Unlike a municipal general employees' plan that pools risk across departments, this system isolates a narrow, physically demanding workforce whose retirement eligibility and mortality assumptions differ materially from civilian municipal employees. That narrow participant base concentrates longevity risk and ties the fund's health to police and firefighter retention rates, collective bargaining outcomes, and the township's ability to make annual required contributions. For an external GP or co-investor, the board's MAPERS network and multi-vintage TerraCap relationship represent the only visible sourcing funnel.
General information
Firm type
Pension Fund
Year founded
1937
Location
Region
North America
Country
United States
City
Redford
Corporate office
Redford, MI, United States
Principals
John Buck
President and Trustee
Lily Cavanagh
Trustee and Treasurer/Ex-Officio
Christopher Lisak
Secretary and Trustee
Alan Reichenbach
Trustee
John Cubba
Trustee
Sector focus
Frequently asked questions
Who makes investment decisions for the Redford Township Police & Firemen Retirement System?
A five-member board of trustees holds investment authority. John Buck serves as President, Lily Cavanagh as Treasurer and Ex-Officio trustee, and Christopher Lisak as Secretary. The remaining trustees as of 2025 include Alan Reichenbach and John Cubba, with Scott Byrnes having served during 2023–2024. The board operates under Michigan's Public Employee Retirement System Investment Act, which prescribes fiduciary standards and a statutory list of permissible investments.
What is the fund's investment strategy?
The system concentrates its portfolio in external real estate funds. Known holdings include American Strategic Value Realty Fund, TerraCap Partners Funds III, IV, and V, and Highlands REIT — covering mixed-use and commercial properties across the United States. The multi-vintage relationship with TerraCap indicates a sustained commitment to that manager. No allocations to public equities, fixed income, private equity, or hedge funds have been documented, though a complete allocation breakdown is not publicly available.
How large is the Redford Township Police & Firemen Retirement System?
The fund does not publicly disclose its assets under management. Based on available plan filings and peer-municipal comparables, Altss estimates approximately $78 million. That figure places it among smaller single-employer public safety plans in Michigan, where asset scale constrains staffing, fee leverage, and the number of manager relationships the board can practically oversee.
Does the fund invest alongside other Michigan public pension systems?
There is no evidence of co-investment clubs or direct partnerships with other Michigan municipal systems. The board participates in MAPERS, the Michigan Association of Public Employee Retirement Systems, which provides education and networking. That membership is the primary peer-access mechanism, though it does not entail pooled investment vehicles.
How does the fund's single-employer public-safety design affect its investment posture?
The plan covers only police and firefighters, not general municipal employees. That narrow participant pool creates distinct actuarial dynamics — public safety workers typically retire earlier, have shorter life expectancies post-retirement, and are subject to disability and duty-death provisions that civilian plans do not face. These factors affect the board's liquidity planning and discount-rate sensitivity, making predictable income streams from real estate a logical, if concentrated, allocation choice.
Where does the fund's capital come from?
Funding flows from three standard municipal pension sources: employer contributions from Redford Township's general fund, employee member contributions withheld from payroll, and investment earnings. The board and the township determine annual required contributions based on actuarial valuations, which are mandated by Michigan law. The township's fiscal health is therefore a direct variable in the plan's funded status trajectory.
Does the Redford Township Police & Firemen Retirement System have a philanthropic or foundation arm?
No philanthropic foundation, supporting organization, or donor-advised program is associated with the pension fund. Its mandate is restricted to paying defined retirement, disability, and survivor benefits to plan participants and their beneficiaries, as established by the 1937 plan documents and Michigan statute.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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