JACKSONVILLE POLICE AND FIRE
PENSION FUND UPDATE
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On Thursday afternoon February 28, 2019, PFPF officials joined the presidents of the Jacksonville Fraternal Order of Police and Jacksonville Association of Fire Fighters at PFPF headquarters to witness the transfer of $52,672,196.
Union control of these funds is pursuant to the February 8, 2017 collective bargaining agreements between the police and fire unions and the City of Jacksonville.
The purpose of the money is to provide funding for The Jacksonville Police Officers' and Fire Fighters’ Health Insurance Trust. FOP and IAFF have established the Health Insurance Trust for group health insurance benefits beginning on January 1, 2020 to active and retired bargaining unit members, including Pension Fund Members. Funding for the Health Insurance Trust will be used to pay reserve funds and reasonable administrative expenses of the trust.
Pictured from left to right are Steve Lundy, PFPF Asst. Plan Administrator, Chuck Hayes, PFPF Benefits Manager, Randy Wyse, President, IAFF, Tim Johnson, PFPF Executive Director, Steve Zona, President, FOP, and Kevin Grant, PFPF Finance Manager.
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Annual Members' Meeting
Friday, March 22, 2019
March 22, 2019 at 9:00AM - 11:00AM
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Join Us For:
The Board's scheduled monthly meeting
Presentation of 10/01/2018 Annual Report
Meet & Greet with the Trustees and Committee Members
Members' Question & Answer Session
Refreshments will be served
Location:
Police & Fire Pension Fund Office
1 West Adams Street Suite 100, Jacksonville, FL 32202
Parking:
Limited parking at the Pension Office Garage
Seating is limited!
Click button below to RSVP by March 15, 2019
Let us know if you are bringing guests.
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"Clean" Audit Reported to Trustees
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The Police and Fire Pension Fund is independently audited each year. The Fund's independent auditor, Robert Lemmon of Carr, Riggs & Ingram presented the Fund's Fiscal Year 2018 audit at February's Board of Trustees meeting. Mr. Lemmon highlighted that this audit was very clean; there were no control deficiencies, no inappropriate policies, no disagreements, and no errors in any of the numbers presented. Please see some additional highlights from the Management's Discussion and Analysis (Unaudited) portion of the audit below:
FINANCIAL HIGHLIGHTS
- The fiduciary net position of the Fund as of the fiscal year ended September 30, 2018, was $2,007,821,892. The fiduciary net position, which is held in trust for pension benefits, is available to meet the Fund's ongoing obligations to Fund participants and their beneficiaries.
- The net position represents an increase of $115,024,761 or 6.08%. The increase was largely a result of favorable investment returns available in the financial markets.
- The Fund's ongoing funding objective is to meet long-term benefit obligations through contributions, investment income, and the receipt of various revenues sources. As of September 30, 2018, the funded ratio for the Fund was approximately 48.48%, which compares to the September 30, 2017 funded ratio of 47.60%. In general, the current funded ratio indicates that for every dollar of benefits due, the Fund has approximately $.4848 of assets to cover it.
- Revenues (additions to the fiduciary net position) other than investment income for the 2018 fiscal year were $145,278,047, which comprises member and employer contributions of $132,327,613, and other additions of $12,649,183. This compares to revenues other than investment income in the amount of $210,269,881 in the prior fiscal year. The major contributing factor for this decrease was the actuarially determined minimum employer contribution for the current year which was significantly lower than for the 2017 fiscal year. For the 2017 fiscal year the minimum employer contribution was determined at $165,771,919 plus an additional supplemental payment of $10,000,000. For fiscal year 2018, the employer minimum required contribution was determined as $135,648,057 and no supplemental contribution was required. Also, out of the City's 2018 minimum required contribution amount, a total of $20,000,000 represented a release of funds from the Unfunded Actuarial Liability Reserve Account (UALPA) and accordingly, these are not presented as additions to the plan's fiduciary net position.
- Net investment income (part of additions to fiduciary net position) for the 2018 fiscal year was $156,141,557 compared to net investment income for $242,934,192 that was recorded in the prior fiscal year.
- Expenses (deductions in fiduciary net position) not related to investment activities for the 2018 fiscal year increased from $173,450,766 to $186,384,843 or approximately 7.46%.
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Congratulations to our recent retirees!!
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January - February Retirements
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Bart P. Brownfield
Police Officer
24 Years of Service
Dwayne M. Gray
Police Officer
20 Years of Service
Stephanie D. Grimes
Police Officer
20 Years of Service
Allen M. Hawk
Firefighter Engineer
13 Years of Service
Emmett L. Matthews
Police Officer
24 Years of Service
Cody T. Miller
Police Officer
5 Years of Service
Joseph L. Nicoletto
Police Officer
22 Years of Service
Michael D. Perry
Police Sergeant
24 Years of Service
Leonard R. Propper
Police Sergeant
30 Years of Service
Timothy E. Stafford Jr.
Police Officer
28 Years of Service
Jerry C. Stang
Police Lieutenant
25 Years of Service
Stephen C. Strickland
Police Officer Pilot
24 Years of Service
Elliott M. Vandyke
Police Officer
21 Years of Service
Glenn G. Villabroza
Police Officer
22 Years of Service
Richard L. Weber
Police Officer Pilot
24 Years of Service
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New PFPF Summary Plan Description
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The Summary Plan Description of the Police and Fire Pension Fund has been updated! The document now details pension benefits through Pension Reform Ordinance 2017-259.
The Summary Plan Description is generally revised and redistributed to members of the Jacksonville Police and Fire Pension Fund every two plan years in accordance with the provisions of Section 112.66, Florida Statutes.
Click the link below to view the new PFPF Summary Plan Description!
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PENSIONS
401k, 403b, 457b, NONQUALIFIED, STATE-RUN PLANS & LITIGATION
HEALTHCARE & WELLNESS
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TOTAL FUND ASSETS as of 01/31/2019
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FISCAL YEAR-TO-DATE INVESTMENT RETURN (GROSS OF FEES)
▼
-3.51%
SINCE OCT. 1, 2018
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Retiree Portal Now Online!
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We are excited to provide this new service - a pension portal where you now have access to your direct deposit statements online!
Click the link below for instructions to begin!
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PFPF Atrium Available for Members' Events!
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The PFPF building's large atrium is available for your event!
Please contact Kevin Grant at 904-255-8952 or at
[email protected]
if you are interested in renting the PFPF's space.
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Public Meetings
(Regular)
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We encourage Member & Public attendance at our meetings. If you would like to address the Board or Committees, please attend and let your voice be heard!
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All events are held at the PFPF Office at 1 West Adams Street unless otherwise noted. Meeting dates subject to change. Please visit our website for a full, up-to-date schedule of all posted meetings:
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Final Roll Call
February 1, 2018 - February 28, 2019
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Robert L. Thurmond
Police Sergeant
February 25, 2019
26 Years of Service
Retired 1995
Leroy E. Munro
Police Detective
February 23, 2019
27 Years of Service
Retired 1996
Vernon A. Richardson
Police Detective
February 19, 2019
19 Years of Service
Active
John M. Blue
Police Officer
February 19, 2019
12 Years of Service
Retired 1982
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NOTICE: Under Florida law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public records request, do not reply to this email. Instead, contact the Police and Fire Pension Fund office by phone or in writing.
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Jacksonville Police and Fire Pension Fund | 1 West Adams Street Suite 100, Jacksonville, FL 32202 | Phone: (904) 255-7373 | Fax: (904) 353-8837 | [email protected] | jaxpfpf.coj.net
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