Unfunded Liability
$4.90B
actuarial shortfall
FY2023 data · Public Plans Database
City of Miami Firefighters and Police Officers Retirement Trust
Drawing on 23 years of Public Plans Database history (Boston College CRR), this page covers City of Miami Firefighters and Police Officers Retirement Trust's funded ratio, unfunded liability, member counts, and investment returns, cross-checked against actuarial valuations.
By PlainPension · · Florida · Police & Fire Plan · Data through FY2023
- Funded ratio
- 24.3%
- Health grade
- FLowest reported funded-ratio band in this dataset
- Market assets
- $1.57B
- Members
- 4,146
According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, City of Miami Firefighters and Police Officers Retirement Trust is one of 197 public pension plans tracked nationwide; PlainPension's dataset was last refreshed in May 2026, see our methodology for the full source and update cadence.
Total Members
4,146
active + retired + vested
1-Year Return
11.1%
net investment return
4.5pp vs 5-yr avg
5-Year Avg Return
6.6%
annualized, net of fees
How City of Miami Firefighters and Police Officers Retirement Trust Funded Ratio Compares
Plan Funded Ratio 24.3%
National avg
A ratio of 24.3% compared against the national public-pension average of 75.5%.
Healthy Threshold
Plans above 80% are generally considered adequately funded by NASRA standards.
Participant Composition
The active-to-retiree ratio is a leading indicator of long-term plan sustainability, plans with more retirees than active contributors face mounting cash-flow pressure as benefit payments outpace incoming contributions.
Investment Policy Mix
Public pension plans report their asset allocation in their annual CAFR and actuarial valuation. Equity-heavy mixes capture market upside but introduce volatility; fixed-income tilts protect funded status during downturns at the cost of long-run return.
Historical Funded Ratio
| Year | Funded Ratio |
|---|---|
| 2024 | 25.8% |
| 2023 | 24.3% |
| 2022 | 22.8% |
| 2021 | 22.0% |
| 2020 | 22.3% |
| 2019 | 23.2% |
| 2018 | 25.0% |
| 2017 | 27.4% |
| 2016 | 30.5% |
| 2015 | 32.9% |
| 2014 | 40.9% |
| 2013 | 37.0% |
| 2012 | 37.6% |
| 2011 | 45.2% |
| 2010 | 50.8% |
| 2009 | 58.1% |
| 2008 | 64.2% |
| 2007 | 69.1% |
| 2006 | 68.7% |
| 2005 | 68.5% |
What the Data Says About City of Miami Firefighters and Police Officers Retirement Trust
City of Miami Firefighters and Police Officers Retirement Trust reports a funded ratio of 24.3% as of fiscal year 2023, earning a financial health grade of F in the Public Plans Database. The plan holds $1.57B in market assets against an unfunded liability of $4.90B. As a Police & Fire plan operating under Florida sponsorship, it covers 4,146 members (1,855 active contributors, 2,274 retirees drawing benefits).
City of Miami Firefighters and Police Officers Retirement Trust reports assets covering only a small share of its projected obligations, 51 points below the 75.5% national average across tracked plans. A 5-year average investment return of 6.6% factors into the plan's overall trajectory.
For Florida taxpayers and plan members, the $4.90B unfunded gap is the actuarial shortfall this plan must close over time.
Where this data comes from + how funding gaps get resolved
These figures come from the Public Plans Database, a collaboration between the Boston College Center for Retirement Research and NASRA that compiles them from each plan's Comprehensive Annual Financial Reports (CAFRs) and actuarial valuations. The relationship between contribution adequacy and investment performance determines whether an unfunded liability narrows or expands year over year, and the gap itself is typically closed through some combination of higher contributions, investment returns, or benefit modifications. See our methodology for how public-pension funding differs from ERISA-backed private plans, and our disclaimer below before acting on this data.
Membership
1,855
Active Members
2,274
Retirees
4,146
Total Members
Plan Details
- Plan Type
- Police & Fire
- State
- Florida
- Market Assets
- $1.57B
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Plans With a Similar Funded Ratio
The closest plans nationwide to City of Miami Firefighters and Police Officers Retirement Trust's 24.3% funded ratio.
Other Florida Plans
- Jacksonville Police and Fire 128.1%
- Jacksonville General Employee Pension Plan 98.8%
- Florida Retirement System 89.6%
- Miami General and Sanitation Employees 73.5%
Frequently Asked Questions
Is City of Miami Firefighters and Police Officers Retirement Trust fully funded?
City of Miami Firefighters and Police Officers Retirement Trust has a funded ratio of 24.3% as of FY2023, earning a health grade of F. This ratio summarizes one reported funding measure. It does not substitute for a plan's actuarial valuation, financial statements, or a review of its contribution policy.
What happens if City of Miami Firefighters and Police Officers Retirement Trust runs out of money?
City of Miami Firefighters and Police Officers Retirement Trust's reported funding data can identify questions for further research. It does not establish how a sponsor will set contributions, benefits, or revenue policy.
What does a funded ratio of 24.3% mean?
A funded ratio of 24.3% means that City of Miami Firefighters and Police Officers Retirement Trust currently has assets equal to 24.3% of its projected benefit obligations. The unfunded liability, the gap between assets and liabilities, stands at $4.90B. This level of underfunding typically requires corrective action such as increased contributions or benefit restructuring.
How does City of Miami Firefighters and Police Officers Retirement Trust compare to other public pensions?
City of Miami Firefighters and Police Officers Retirement Trust is a Police & Fire plan in Florida serving 4,146 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 75.5%. City of Miami Firefighters and Police Officers Retirement Trust's funded ratio of 24.3% places it below the national average, indicating elevated fiscal pressure.
How many members does City of Miami Firefighters and Police Officers Retirement Trust have?
City of Miami Firefighters and Police Officers Retirement Trust covers 4,146 total members, including 1,855 active employees and 2,274 retirees currently receiving benefits. The ratio of active members to retirees is a key indicator of plan sustainability, when the number of retirees grows relative to active contributors, funding pressure increases.
Related
Data sourced from official Public Plans Database and actuarial valuations from federal and state pension systems. See our methodology for details. Retrieved and formatted by PlainPension
Disclaimer: This information is provided for informational purposes only and does not constitute professional advice. Data is sourced from the Public Plans Database (PPD). Consult a qualified professional before making decisions based on this data.
Read our methodology - how this data is sourced, computed, and verified.
Data sources used on this page
- Public Plans Database (PPD) - funded ratios, assets, liabilities, and member counts for US state and local public pension plans, maintained by the Boston College Center for Retirement Research with MissionSquare Research Institute and NASRA. publicplansdata.org
- NASRA - National Association of State Retirement Administrators public-pension actuarial and policy references. nasra.org
Every figure on PlainPension is rendered directly from the Public Plans Database (Boston College Center for Retirement Research), no number is typed in by an editor. This page aggregates this plan's funded ratio, unfunded liability, and multi-year financial history, live from the dataset. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.