# Town of Palm Beach Retirement System

Town of Palm Beach Retirement System is a Pension Fund based in Palm Beach, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Palm Beach, United States
- **Region:** North America
- **Address:** Palm Beach, FL, United States
- **Assets under management:** $230M (Altss estimate)
- **Website:** townofpalmbeach.com
- **LinkedIn:** https://www.linkedin.com/company/townofpalmbeach

## Regulatory record

- **Reports private funds:** No

## About

The Town of Palm Beach Retirement System serves sworn police officers, certified firefighters, and general employees through a defined benefit plan and a hybrid option that folds in a 401(a). Police and fire personnel remain in the traditional pension, while general employees access a combined defined benefit and defined contribution structure. The plan also sponsors a retirement health savings program, an optional Roth IRA, and an optional 457 deferred contribution plan. The system deploys capital primarily through commitments to external real estate limited partnerships. Known fund positions include Long Wharf Real Estate Partners Fund V and Westport Real Estate Fund IV, both targeting commercial assets, and Green Cities Company III, a mixed-use vehicle. Liquid reserves alongside a position in JP Morgan Strategic Property round out the property sleeve. These commitments concentrate exposure in US commercial and mixed-use sectors without direct operating-company allocations. A ten-member volunteer board governs the system, blending appointed and ex-officio roles under Chair Daniel Stanton and Vice Chair C. Edward Carter. Bob Miracle serves ex-officio as the town's finance director. The board maintains ties to the Florida Public Pension Trustees Association, the state's primary trustee network. Recent trustee appointments have drawn from the town's administrative and civic leadership, preserving close alignment with municipal governance. The dual-plan architecture creates an unusual structural tension: a closed traditional defined benefit plan for uniformed personnel sits alongside an open hybrid plan that shifts longevity risk to general employees. This split forces the board to manage two distinct liability profiles within a single roughly $230 million pool, a narrow but persistent governance challenge for a municipality of Palm Beach's scale.

## Sectors

- Real Estate

## People

- Daniel Stanton — Chair, Board of Trustees
- C. Edward Carter — Vice Chair, Board of Trustees
- Thomas Parker — Secretary, Board of Trustees
- Bob Miracle — Finance Director, Town of Palm Beach / Ex-officio
- David McDonald — Board Member, Board of Trustees
- Jason Debrincat — Board Member, Board of Trustees
- John Copeland — Board Member, Board of Trustees
- Joseph Birch — Board Member, Board of Trustees
- Michael Marx — Board Member, Board of Trustees

## Questions

### Who sets investment policy for the Town of Palm Beach Retirement System?

A ten-member Board of Trustees governs the system. The board includes elected and appointed members alongside the town finance director serving ex-officio. Daniel Stanton chairs the board, with C. Edward Carter as vice chair and Thomas Parker as secretary. Investment decisions are made collectively by the board rather than by a standalone chief investment officer.

### Does the system manage assets internally or rely on external managers?

The documented portfolio shows commitments exclusively through external limited partnerships. Positions include Long Wharf Real Estate Partners Fund V, Westport Real Estate Fund IV, Green Cities Company III, and a segment with JP Morgan Strategic Property. No internally managed portfolios appear in the available record.

### How does the hybrid plan structure work for general employees?

General employees participate in a hybrid arrangement that combines a traditional defined benefit pension with a 401(a) defined contribution component. This shifts a portion of longevity and investment risk onto the employee while preserving a guaranteed base benefit. Police officers and firefighters remain fully in the defined benefit plan.

### What additional retirement benefits does the system offer?

Beyond the core pension plans, the system provides a retirement health savings program, an optional Roth IRA, and an optional 457 deferred compensation plan. The 457 plan allows participants to save additional pre-tax dollars above the limits of the primary defined contribution vehicle.

### What is the known geographic concentration of the real estate portfolio?

The fund positions point toward US-focused commercial and mixed-use properties. Green Cities Company III targets mixed-use projects, while Long Wharf and Westport concentrate on commercial assets. Available detail does not include state-level granularity beyond the manager mandates.

## Related profiles

- [New Orleans Sewerage & Water Board Pension](https://altss.com/profile/new-orleans-sewerage-water-board-pension)
- [District 1199J, National Union of Hospital and Health Care Employees, AFSCME, AFL-CIO](https://altss.com/profile/district-1199j-national-union-of-hospital-and-health-care-employees-afscme-afl-cio)

---

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

Canonical page: https://altss.com/profile/town-of-palm-beach-retirement-system

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology