According to our latest actuarial figures the Plan consists of 1,002 retirees & beneficiaries with an average age of 71.1. Active members total 1,166 with an average age of 44.1 and average past service of 8.8 years. Annual retirement benefits totaled $39,163,308 for the fiscal year ending September 30, 2016. Membership to the Plan is limited to all General & Unclassified Employees and Elected Officials who fulfill the prescribed eligibility requirements.
The Miami Beach Employees’ Retirement Plan had a total market value of $639,133,971 as of December 31, 2017, which represents an increase of $43,380,564 from the revised September 30, 2017 market value of $595,753,407. The beginning of the quarter market value reflects a gain on the JP Morgan Infrastructure Fund of $1,182,971 which was reported to us after we completed our Q3 performance report.
The Retirement Plan had an allocation of 29.0% to the large cap domestic equity managers, 5.9% to mid cap equity, 2.9% to small cap equity, 28.5% to domestic fixed income, 12.1% to international equity, 5.0% to emerging markets, 10.1 % to Real Estate, 6.3% to Infrastructure, and 0.2% to cash equivalents.
For more details about the Plan please see link below to view the Plan's Ordinance
The Summary Plan Description is a brief description of that Plan and your rights, obligations and benefits under the Plan. This Summary Plan Description is not meant to interpret, extend or change the provisions of the Plan in any way. The provisions of the Plan may only be determined accurately by reading the actual Plan document.
A copy of the Plan is on file at the Pension office and may be read by you, your beneficiaries or your legal representatives at any reasonable time. If you have any questions regarding either the Plan or this Summary Plan Description, you should ask the Plan's Administrator. In the event of any discrepancy between this summary Plan Description and the actual provisions of the Plan, the Plan shall govern. See the full Summary Plan Description (SPD).
The Custodian of the Plan is responsible for the safe-keeping of securities owned by the Pension Fund. The Custodians are:
- Fiduciary Trust International, Miami, FL
- State Street Bank, Boston, MA