The City of Fort Pierce Retirement System was established to help provide a portion of the financial security required for active and retired employees. The system was established as a defined benefit plan under authority of an act of the City Commission in Chapter 13 of the Code of the Ordinances.
To manage the system's assets, the board employs an investment consultant who serves at the discretion of the board. Benefits paid by the City of Fort Pierce Retirement System are funded from 3 sources:
Earnings from investments
A board of 7 trustees administers the City of Fort Pierce Retirement System as follows:
2 City Commission trustees appointed by the City Commission
1 trustee, City Finance Director, appointed by the City Ordinance, who serves as the Secretary/Treasurer
1 trustee elected by City of Fort Pierce general employees
1 trustee appointed by Fort Pierce Utilities Authority Board
1 trustee elected by Fort Pierce Utilities Authority general employees
1 trustee elected by police officers
The Assistant City Attorney serves as the legal advisor for the Board
Each elected trustee serves without compensation for a period of 3 years. Duties of the Board include management and oversight of the System's investments to fund retirement, disability, and death benefits for the active and retired members of the System. In addition, the Board hears and decides on application benefits. The Board meets monthly, normally on the third Thursday of each month. Board meetings are open to all employees, retirees and members of the public.