Policemen's and Firefighters' Retirement Fund

The Police and Firefighter Retirement Fund is a retirement and benefit fund for sworn members of the Divisions of Police and Fire and Emergency Services.  

The provisions of the PFRF are established by state law (KRS 67A.360 – 67A.690). The statutes should be consulted for detailed information.

Retirement Options and Benefits

Upon retirement qualified employees are eligible to receive a monthly annuity, health benefits and survivor benefits. Retirees are also eligible to participate in family insurance programs and dental insurance programs.

Benefits

Kentucky Revised Statutes

Information regarding the merit and pension systems as well as collective bargaining can be found on the Kentucky Legislative Research Commission website Kentucky Revised Statutes.

Financial Information

Financial Information
The PFRF is funded by employer and employee contributions. Employees contribute 12 percent of their salary and the LFUCG contributes 36.53 percent of salaries. The financial management and oversight of the fund includes active investment management, an annual financial audit and a bi-annual actuarial analyses.

Investments
The PFRF has contracted with external investment managers to manage all funds. The Board has adopted an investment policy that recommends the following target allocations based on asset class:

Asset Class                                           Target Allocation
     Passive Large Cap Core                                  10.0%
     Active Large Cap Growth                                   7.5% 
     Active Large Cap Value                                      7.5%
     Small Cap Equity                                              15.0%
     International Growth Equities                            9.25%
     International Value Equities                               9.25%
     Emerging Markets                                               4.5%
Total Equities                                                        63.0%

     US Core Fixed Income                                      15.5%
     US High Yield Fixed Income                                7.5%
Total Fixed Income                                                23.0%

     Real Estate                                                          9.0%
     Real Return                                                          5.0%

Total Plan                                                              100.0%

Actuarial Report

Financial Statements
The funds of the PFRF are audited on an annual basis and are included in the LFUCG Comprehensive Annual Financial Report. The financial statements are prepared in accordance with Generally Accepted Accounting Principles and the reporting standards of the Governmental Accounting Standards Board.  View the Comprehensive Annual Financial Report.

An actuarial analysis that evaluates the funding status of the PFRF has been conducted every year since 2010.

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