Police Officers' Retirement System

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

• Code of Ordinance for the City of Naples, Florida, Chapter 29, Article V
• Chapter 185, Florida Statutes
• Chapter 112, Florida Statutes
• Internal Revenue Code

The membership of the Police Officers' Retirement System includes only city police officers, defined as a fulltime state certified police officer employed by the city as a member of the Naples Police & Fire Department. 

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

Current Employees (Hired prior to March 31, 2012)

• Age 50 with five years of credited service, or
• 25 years of credited service

New Employees (Hired after April 1, 2012)
 

• Age 60 with eight years of credited service, or
• 30 years of credited service

Employees who reach normal retirement are eligible to get a monthly retirement with a multiplier of 3.63 percent of Final Average Compensation for credited service through March 31, 2012 and 3 percent for every year of creditable service after March 31, 2012.

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 professionals who serve. 

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

       •    The actuarial disclosures for the Police Officers' 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 Police Officers' Retirement System actuarial 
             fact sheet can be accessed below. 

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