The History of Palm Bay Police and Firefighters' Pension Fund
The Palm Bay Police Officers’ and Firefighters’ Pension Plan was created in 1974 by enactment of City Ordinance 74-9 to help the City attract and retain professional police officers and firefighters.
The Pension Plan is made financially feasible by employee contributions of 8.76% of pensionable compensation; by City contributions; State of Florida contributions; and through investment earnings.
Acceptance of State funds by municipal governments places minimum standards Cities have to meet and guidelines set out in Florida State Statute 175 for Firefighters and 185 for Police Officers. These insurance tax premium moneys collected and distributed by the State of Florida and made available to Municipalities through the Department of Management Services, Municipal Police Officers’ & Firefighters’ Retirement Trust Fund Office helps all police and fire departments in the state attract and retain career officers.
The enactment of these Florida laws and the Police and Fire Standards Acts has helped professionalize Police and Fire services throughout the state.
The Palm Bay Police and Fire Departments is one of the many municipal departments in Florida to benefit from these laws by enacting ordinance 74-9 now Chapter 55 Police and Firefighters Retirement Pension Plan, in 1974. After the first plan year 1974, the Plan had 15 police officers, 6 firefighters with a pension asset size of $154,159.00 and a $122,047.00 unfunded liability.
This Plan is a defined benefit plan and always has been. Currently it has over $172 Million in assets with a diverse professionally managed portfolio. With 164 active police members, 110 active fire members, and 162 retirees it is a mid-size Florida Plan. The 436 membership Plan is a member ownership type Plan with an annual 8.76 percent police and fire required contribution, as a percent of payroll. The Plan's Board of Trustees consist of an employee elected police officer, employee elected firefighter, two City Council appointees and a fifth member appointed by those four Trustees.
The primary mission of the Board is to act in the best interest of its membership and the Fund through prudent and sound decisions and direction.
Members - Fund Growth and Asset Allocation
Below is a link to a PDF document provided by Burgess Chambers and Associates that contains the Total Portfolio Growth vs. Net Contributions and the Asset Allocation / Manager Allocation for the Palm Bay Police & Fire Pension Fund. this document will be update annually.
*As of September 30, 2014
*As of September 30, 2014
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