The City of North Miami Beach is the sponsor of the North Miami Beach General Employees Retirement Plan. All full-time employees (other than sworn police officers) are eligible to participate in the plan. The pension plan is administered by a five-member Board of Trustees who are either elected by the employees or appointed by the mayor.
Funding
Employees contribute 7% of earnings into the pension plan. Additional contributions to the pension plan come from the City of North Miami Beach and investment earnings. The Plan's Funded Ratio as of October 1, 2015 is 71.4%.