First Advisor

Sarah Engle

Date of Award

Spring 6-2024

Document Type

Thesis

Degree Name

Bachelor of Science (B.S.) in Business: Accounting and University Honors

Department

Business

Language

English

Subjects

Pension, Portland, Police, Firefighters, Reform, Accounting

Abstract

Established in 1942, the Fire and Police Disability and Retirement (FPDR) fund was intended to attract young men to serve as firefighters and police officers in the city of Portland. FPDR provides defined benefit retirement payments to some 2000 retirees from Portland Fire and Rescue and the Portland Police Bureau. Portlanders are obligated to pay these benefits through a property tax levy determined by the proprietors of the Fund itself. The overall liability owed to these retirees, and current employees, accounts for more than half of all liabilities owed by the city of Portland, representing a fiscal burden that calls for extensive reforms. This project examines the history of the fund, its modern status, and offers recommendations for its reform through an analysis of financial statements and review of relevant literature.

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