The City of North Miami Beach is the sponsor of the North Miami Beach Police Officers and Firefighters' Retirement Plan. This municipal pension plan is established under the provisions of Florida Statutes Chapters 175/185.
All NMB sworn police officers are eligible to participate in the plan. Any existing firefighters in this plan are those retirees that chose to remain in the plan when the fire department was transferred to Miami-Dade County. 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 11.1% of earnings into the pension plan. Additional contributions to the pension plan come from the State of Florida insurance premium tax, the City of North Miami Beach, and investment earnings. The Plan's Funded Ratio as of October 1, 2018 is 70.0%.