Plan

City of Miami Firefighters and Police Officers Retirement Trust

State

Florida

Funded Ratio

25.8%

Assets

$1.57B

Members

4,146

Health Grade: F — Critical — deeply underfunded, potential for benefit cuts

FY2023 data Grade F Public Plans Database

City of Miami Firefighters and Police Officers Retirement Trust

Funded ratio, unfunded liability, member counts, ARC coverage, and 23-year financial history for City of Miami Firefighters and Police Officers Retirement Trust — sourced from the Public Plans Database (Boston College CRR) and cross-checked against actuarial valuations.

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By Kiznis Studio Editorial · June 2026 · Florida · Police & Fire Plan · Data through FY2023

Financial Health Grade

Critical — deeply underfunded, potential for benefit cuts

Funded Ratio

25.8%

actuarial assets / liabilities

Unfunded Liability

$4.51B

actuarial shortfall

Total Members

4,146

active + retired + vested

1-Year Return

9.8%

net investment return

3.2pp vs 5-yr avg

5-Year Avg Return

6.6%

annualized, net of fees

ARC Payment

43.0%

of actuarially required contribution

How City of Miami Firefighters and Police Officers Retirement Trust Funded Ratio Compares

Plan Funded Ratio 25.8%

National avg

A ratio of 25.8% compared against the national public-pension average of 73.5%.

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 Form 5500 Schedule H Part I disclosures. 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	Assets	Unfunded	Members
2024	25.8%	N/A	N/A	N/A
2023	24.3%	$1.57B	$4.90B	4,146
2022	22.8%	$1.48B	$5.00B	4,180
2021	22.0%	$1.78B	$6.34B	4,169
2020	22.3%	$1.57B	$5.45B	4,183
2019	23.2%	$1.56B	$5.15B	4,219
2018	25.0%	$1.57B	$4.71B	4,216
2017	27.4%	$1.73B	$4.60B	4,147
2016	30.5%	$1.70B	$3.88B	4,089
2015	32.9%	$1.67B	$3.42B	3,895
2014	40.9%	$1.75B	$2.52B	4,142
2013	37.0%	$1.50B	$2.56B	4,040
2012	37.6%	$1.43B	$2.36B	3,521
2011	45.2%	$1.30B	$1.57B	3,962
2010	50.8%	$1.34B	$1.30B	4,090
2009	58.1%	$1.27B	$913M	3,732
2008	64.2%	$1.32B	$738M	3,503
2007	69.1%	$1.60B	$715M	3,327
2006	68.7%	$1.43B	$652M	3,286
2005	68.5%	$1.34B	$616M	3,198

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 25.8% 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 $4.51B. As a Police & Fire plan operating under Florida sponsorship, it covers 4,146 members (1,855 active contributors, 2,274 retirees drawing benefits). These figures aggregate from Form 5500 filings submitted to the Department of Labor and actuarial valuations reported through NASRA.

A funded ratio below 60% reflects significant underfunding relative to the national average of 72–75%, which typically triggers escalating employer contributions or legislative reform conversations. Employer contributions covered 43.0% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 6.6%. The relationship between contribution adequacy and investment performance determines whether the unfunded liability narrows or expands year over year.

For Florida taxpayers and plan members, the $4.51B unfunded gap represents the actuarial shortfall that must eventually be closed through a combination of contributions, investment returns, or benefit modifications. Unlike private-sector pensions governed by ERISA and backstopped by the PBGC, public plans like City of Miami Firefighters and Police Officers Retirement Trust rely on the full faith and credit of Florida — meaning funding shortfalls flow through to state and local budgets rather than a federal insurance program. This information summarizes official Public Plans Database disclosures and is provided for research and educational purposes only. It is not financial, legal, or retirement-planning advice; active and retired members with specific benefit questions should consult their plan administrator directly.

Membership

1,855

Active Members

2,274

Retirees

4,146

Total Members

Plan Details

Plan Type: Police & Fire
State: Florida
Market Assets: $1.57B
ARC Payment: 43.0%

Source: Public Plans Database (PPD)
Boston College CRR / NASRA

Other Florida Plans

Jacksonville General Employee Pension Plan 98.8%
Florida Retirement System 91.2%
Jacksonville Police and Fire 84.0%
Miami General and Sanitation Employees 73.5%

All Florida plans →

Related Resources

Pension Guides

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 25.8% as of FY2023, earning a health grade of F. A funded ratio of 100% means the plan has enough assets to cover all projected liabilities. Ratios above 80% are generally considered adequately funded; ratios below 60% indicate significant underfunding and risk to future benefits.

What happens if City of Miami Firefighters and Police Officers Retirement Trust runs out of money?

Public pension plans like City of Miami Firefighters and Police Officers Retirement Trust are backed by the sponsoring government entity — in this case Florida. If a plan's assets are insufficient, the state or local government is typically required to make up the difference through increased contributions, benefit adjustments, or tax measures. Unlike private pensions, public pensions are not insured by the PBGC, but they do carry the full faith and credit of the sponsoring government.

What does a funded ratio of 25.8% mean?

A funded ratio of 25.8% means that City of Miami Firefighters and Police Officers Retirement Trust currently has assets equal to 25.8% of its projected benefit obligations. The unfunded liability — the gap between assets and liabilities — stands at $4.51B. 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 72–75%. City of Miami Firefighters and Police Officers Retirement Trust's funded ratio of 25.8% 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.

What is the ARC payment percentage for City of Miami Firefighters and Police Officers Retirement Trust?

City of Miami Firefighters and Police Officers Retirement Trust pays 43.0% of its Annual Required Contribution (ARC). Consistently underpaying the ARC accelerates the growth of unfunded liabilities and places future benefits at greater risk. Employer contribution patterns are tracked annually in the Public Plans Database.

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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 Kiznis Studio Editorial

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.

All federal data sources used on this page

U.S. Census Bureau ACS — demographic + housing + income data. census.gov/programs-surveys/acs
BLS Occupational Employment and Wage Statistics (OEWS) — wage + employment by occupation. bls.gov/oes
BEA Regional Economic Accounts — GDP + personal income by state/metro. bea.gov/data/regional
U.S. Census Bureau County Business Patterns — establishment + employment by industry. census.gov/cbp
IRS Statistics of Income (SOI) — tax-return aggregate data. irs.gov/statistics
data.gov — U.S. federal open-data portal — discovery layer for additional federal sources. data.gov