Firefighters' Retirement System

The Firefighters' Retirement System is governed by these governing statutes/ordinance:

• Code of Ordinance for the City of Naples, Florida, Chapter 29, Article IV
• Chapter 175, Florida Statutes
• Chapter 112, Florida Statutes
• Internal Revenue Code

For employees in the Firefighters' Pension Plan, Normal Retirement can occur when either of these milestones are met:

Current Employees (Hired prior to May 31, 2013)

• Age 55 with five years of Credited Service
• Age 50 with 20 years of Credited Service
• 25 years of Credited Service

New Employees (Hired after June 1, 2013)

• Age 55 with eight years of Credited Service
• 25 years of Credited Service

Employees who reach normal retirement are eligible to receive a monthly retirement with a multiplier of 4 percent of final average compensation for every year of creditable service prior to May 31, 2013 and 3 percent of final average compensation for every year of creditable service after June 1, 2013.  Current employees retiring after June 30, 2005 receive a 3 percent increase in benefits on October 1 of each year starting at age 50 to benefits accrued prior to May 31, 2013.  COLA is not applicable to benefits accrued after May 31, 2013.  

Early retirement can occur when a firefighter reaches age 50, but the normal retirement benefit is reduced by 0.25 percent for each month by which the early retirement date precedes age 55.

Employees' contributions are 5 percent of compensation if hired prior to May 31, 2013 and 3 percent of compensation if hired after June 1, 2013.

The pension plan is managed by a five-member board of trustees, who serve two-year terms.  They establish the investment policies of the plan, determine the plan administrators, and select counsel and other professionals who serve.

       •  The Firefighters' Retirement System Actuarial Valuation Report as of October 1, 2022 can be accessed below.

       •  The actuarial disclosures for the Firefighters' Retirement System required under Section 112.664(1), 
           Florida Statutes, and Rule 60T-1.0035, Florida Administrative Code can be accessed below. 

       •  The Department of Management Services' Division of Retirement monitors Florida’s local government 
           pension plans for actuarially sound funding under Part VII of Chapter 112, Florida Statutes.  An actuarial 
           summary fact sheet  is available for each local government pension plan. The Firefighters' Retirement System 
           actuarial fact sheet can be accessed below. 

Firefighters Administrative Expense Budget for FY 2023 can be accessed below.