Sunrise Police Retirement Plan

Sunrise Police Retirement Plan

The Sunrise Police Retirement Plan serves the City of Sunrise, Florida, operating under the regulatory framework of Florida Statutes Chapter 185, which governs municipal police pension funds. The plan is overseen by a Board of Trustees composed of police officer members, mayoral appointees, and a resident selected by the board — a tripartite governance structure standard for Florida municipal police pensions. The plan's investment policy statement, most recently updated and publicly filed in 2024, defines a conservative asset allocation benchmarked against a traditional 60/40 stock-bond framework. The plan is not known to make direct investments or to participate in a co-investment program alongside external general partners. The investment strategy relies entirely on externally managed separate accounts or commingled vehicles. Confirmed asset classes in the plan's target allocation include domestic large-cap equities, international equities, and investment-grade fixed income. The plan's most recent actuarial valuation notes a funded ratio and amortization schedule tied to a statutory 7.5% assumed rate of return. No material commitments to private equity, venture capital, infrastructure, or real assets appear in the publicly available plan documents. The plan's advisor-of-record relationship has historically been disclosed in board meeting minutes filed with the municipality. The plan's size is not publicly benchmarked against peer Florida municipal police pension funds, but the City of Sunrise population and sworn officer count suggest a plan below $200 million in assets (Altss estimate). The board meets quarterly, as mandated by the enabling ordinance, and its meeting minutes are filed with the City Clerk's office. In May 2024, the board conducted its regularly scheduled quarterly investment review, with no reported changes to asset manager line-up or target allocation bands. What structurally distinguishes this plan is its statutory lock: as a Chapter 185 plan, it cannot be merged with the city's general employee pension plan, and benefit levels are set by state law rather than collective bargaining. This creates an investment time horizon that is shorter and more liquidity-sensitive than a corporate or sovereign pension plan of comparable size — the police-only mortality table and retirement eligibility rules drive a distinct liability stream. The plan's investment committee operates without an internal investment staff, relying on the board's retained consultant for all manager due diligence, a structural feature common to subscale municipal plans but one that limits the plan's ability to source niche strategies outside the traditional 60/40 universe.