The Charlotte Firefighters' Retirement System The Charlotte Firefighters' Retirement System (CFRS) was organized pursuant to Chapter 926 of the 1947 Session Laws, as amended, of the State of North Carolina. The CFRS was established on the fifth day of April, 1947, for the purpose of providing retirement and permanent and total disability benefits to the uniformed members of the Fire Department of the City of Charlotte. The stated purpose of the CFRS was amended on the 29th day of June, 1987, to provide survivor benefits to named beneficiaries as an added objective. Additional amendments have been made from time to time to enhance the benefits of current and future retirees within the funding of the retirement system. The administration and responsibility for the proper operation of the system is vested with the eleven member Board of Trustees of the Charlotte Firefighters’ Retirement System, which is comprised of the following trustees as defined by the Charlotte Firefighters’ Retirement System Act (Act): four (4) residents of Mecklenburg County as trustees for three year staggered terms, one of whom is designated Chairman of the Board; three (3) City Management representatives: the City Manager for the City of Charlotte, or her designated representative; the City Finance Director, who serves by virtue of his position, or his designated Deputy Finance Director; the City Treasurer who serves by virtue of his position; three (3) active members of the Charlotte Firefighters’ Retirement System who are elected by the membership of the system as trustees for three year staggered terms; and one (1) retiree of the Charlotte Firefighters’ Retirement System who is elected by the retirees of the system for a term of three years. The Board of Trustees has authority to hire staff to oversee the day-to-day administration as well to engage various professional consultants to provide a variety of necessary services. The Staff consists of a full-time Administrator, a full-time Retirement Analyst and a full-time Office Assistant. As of April 2010, the CFRS had assets in excess of $323,000,000 for the payment of benefits and administration of the retirement system. There were 494 retired firefighters and beneficiaries receiving benefits and approximately 997 active firefighters in the system.