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Police and fire pension plans post strong investment returns; funded ratios improve
Summary
Auditors reported both police and fire pension plans had strong returns (reported near 21.9%) and improved funded ratios (about 86% and nearly 81%), placing the plans near the Florida Retirement System's reported funding level.
Ron Whitesides told the commission both police and fire pension plans had "very good years" for investment performance and cited realized rates of return in the low-20% range for the fiscal year. He said the plans ended the year about 86% and nearly 81% funded, moving them closer to the funding level of the Florida Retirement System (about 87%).
Whitesides explained that when realized returns exceed actuarial targets the funded percentage improves, which reduces the actuarial liability relative to plan assets. Commissioners welcomed the stronger performance on the pension boards and noted it as a positive development for long-term plan sustainability.
