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AGENDA 05-22-23CITY OF BOYNTON BEACH GENERAL EMPLOYEES' PENSION PLAN Board of Trustees: Quarterly Board Meeting Monday, May 22, 2023 Location: City Chambers 100 East Ocean Avenue, Boynton Beach, FL 33435 Plan Administrator: (561) 624-3277 Board Meeting on Monday, May 22, At 3:30 PM Meeting ID: 835 5251 941r89 Passcode: 3d..7079 Resource Centers is inviting you to a scheduled Zoom meeting: oj. Video . �. diio (Re moreileiended): If you are using a mobile device (Smart Phone or Tablet) use the "Zoom" App. Link to Join from Laptop, PC, Mac, Linux, i0S or Android: htt o u 03weboz2212o283SS2.S::q.. 48 ? vvdw ,`� VbS80�qu V2.TDNiVm56R:'q..V3bD,JadzO9 For oiee G,VIII : One tap mobile +13052241968„83552519489#,,,,*357079# US +13092053325„83552519489#,,,,*357079# US Dial by your location +1 301 715 8592 US (Washington DC) +1312 626 6799 US (Chicago) +1646 558 8656 US (New York) +1253 215 8782 US (Tacoma) +1346 248 7799 US (Houston) +1669 900 9128 US (San Jose) Thank you! If a person decides to appeal any decision made by this Board with respect to any matter considered at this meeting, he/she will need a record of the proceedings, and that, for such purpose, he/she may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. (F.S. 286.0105) Notice: The City shall furnish appropriate auxiliary aids and services where necessary to afford an individual with a disability an equal opportunity to participate in and enjoy the benefits of a service, program, or activity conducted by the City. Please contact the City Clerk's office at (561) 742-6060 at least 24 hours prior to the program or activity in order for the City to reasonably accommodate your request. Location: City Chambers 100 East Ocean Avenue, Boynton Beach, FL 33435 Plan Administrator: (561) 624-3277 Trustees: Ty Penserga, Mayor Chairman Laurie, Fasolo, Term 12/26 Jim Stables, City Manager Sheryl Claude, Term 12/23 Cathleen McDeavitt, Term 12/23 Gary Dunmyer 12/23 AGENDA I. Call to Order II. Approval of Agenda Board Chair and Secretary III. Approval of Minutes A. Regular Quarterly Meeting — February 27 and March 29, 2023 IV. Presentations A. Annual Valuation Report: Piotr Krekora (GRS, Actuary) B. Southeastern Advisory Services: Jeff Swanson (Investment Consultant) 1. Quarterly Investment Performance Report- March 30, 2023 2. Investment Policy Statement V. Correspondence VI. Old Business VII. New Business A. Attorney Report 1. Form1 Memorandum 2. Revised Securities Litigation Policy B. Administrative Report 1. Upcoming Conference 2. Financials 3. Warrant for Invoices. 4. Benefit Approvals VIII. Public Comments IX. Adjournment ❖ NEXT QUARTERLY MEETING DATE: Monday, August 21st, 2023, at 1:30 p.m. Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida February 27, 2023 MINUTES OF THE GENERAL EMPLOYEES' PENSION PLAN REGULAR BOARD MEETING HELD PHYSICALLY ON Monday February 27 ,2023, AT 3:30 P.M. Trustees: Ty Penserga, Mayor Others: Amanda Kish , Office of the Resource Centers Cathy McDevit, Secertary Jeff Swanson and Kurt, Southeastern Advisory DanieDugger,City Manager Bonni Jensen, Office of Klausner, Kaufman, Jensen Gary Dunmyer, Trustee &Levinson Brian Llifick &Justin Conley, Cherry Bekaert I. Call to Order Ty Penserga called the meeting to order at 3:30 P.M. II. AGENDA APPROVAL: A. Additions, Deletions, Corrections Motion Gary Dunmyer moved to approve the agenda. Cathy McDevitt seconded the motion that unanimously passed 4-0. III. APPROVAL OF MINUTES A. Regular Quarterly Meeting Motion Gary Dunmyer moved to approve the Minutes. Cathy McDevitt seconded the motion that unanimously passed 4-0. IV. PRESENTATIONS A. Southeastern Advisory Services: Jeff Swanson 1. Investment Report: Mr. Swanson informed the Board of the current market environment. The market was positive for the quarter and even the conservative assets in the portfolio had a positive quarter. Mr. Swanson stated that he would like to pivot away from JP MORGAN because they have a high exposure to office. He would like to raise cash because the plan is running low on cash. Mr. Swanson suggested turning the automatic reinvestment off and have funds deposited into the account. The first recommendation is to raise cash in the amount of$5 million for capital from euro Pacific and$5 million from Clearbridge.The asset is coming from the equity side. The second recommendation turn off the drip from the JP Morgan fund. This will allow cash to go into the account. Mr. Swanson recommended ATEL and Serenitas at $10 million and 1 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida February 27, 2023 ATEL for $5 million. He suggested a special meeting to review suggested managers with two other managers. The Board held a discussion regarding the recommendations. The Board suggested raising cash today from Vanguard. Motion Daniel Dugger moved to approve $5 million from Clearbridge $5 million from Euro Pacific. Gary Dunmyer seconded the motion unanimously passed 4-0. Motion Cathy McDevitt moved to approve JP Morgan Real-estate stop reinvesting and deposit the earnings into the R&D account for cash to pay benefit payments and disbursements. Gary Dunmyer seconded the motion unanimously passed 4-0. Motion Gary Dunmyer approved $10 million to Serenitas to fund the manager. Cathy McDevitt seconded the motion unanimously passed 4-0. The Board would like to hold a special meeting with ATEL and Pennant Park.ATEL is conservative manager Mr. Swanson Partners from Growth Market Pennant Park. A. Cherry, Bekaert & Holland L.L.P: Brian Liffick 1. Audited Financial Statement Report Draft as of October 1, 2023 Mr. Liffick introduced himself to the Board. He reported that the Audit has a clean opinion with no material weaknesses or deficiencies. Mr. Liffick reviewed the financial activity noting there were no adjustments only reclassifications made. Cherry Bekeart uses an outside firm for second review on the fair value noting no disagreements. There were no issues with management or with gaining the needed documents and reporting for competition for the audit. Mr. Liffick reviewed the financial statement highlights.The net position decreased by $ 34,226,829.00 the decrease was primarily due to investment return. The net position for 2022 was$ 194,946,454.00 versus$229,173,282.00 as of fiscal year 2022. He reviewed the administrative and investment expenses while also comparing to last fiscal year's expenses. The Plan's funded ratio is 85.2%. The Board was presented the management letter. He explained that the management letter confirms that the information that was provided is correct and accurate. A signature is needed on the management letter prior to the release of the final Audit copy. Motion Gary Dunmyer moved to approve the Audited Financial Statements as of October 1, 2023. Cathy McDevitt seconded the motion that unanimously passed 4-0. Motion Cathy McDevitt moved to approve the Management Representation Letter for the Financial Statements of October 1,2023.Gary Dunmyer seconded the motion that unanimously passed 4-0 2 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida February 27, 2023 V. CORRESPONDEN CE There was no correspondence. VI. OLD BUSINESS There was no Old Business VII. NEW BUSINESS A. Attorney Report 1. Internal Controls and Procedures Mrs. Jensen reviewed the memo and discussed the plans internal controls. She made some recommendations to the Board. Mrs. Jensen stated that she will create a policy around the internal controls. 2. Secure 2.0: Mrs. Jensen reviewed the secure 2.0 memo. This outlines tax reform for retirees. The secure 2.0 passed legislation and a lot of changes are occurring recognized people live longer. All retirees are entitled for minimum distribution to age 73 and by 2033 will be age 75. Mrs. Jensen reviewed the proposed ordinance. The clerk will no longer be the Secretary of the Board. She reviewed the long-term disability and added in a provision that worker compensation denies the pension plan will be able to decide on it. The long-term carrier. Motion Gary Dunmyer moved to approve the proposed ordinance to send to the city commission for review. Cath McDevitt seconded the motion that unanimously passed 4-0. B. Administrative Report 1. 2023 Meeting Dates: Mrs. Kish presented the 2023 Meeting Dates for the Boards review. 2. Resource Centers SOC 1 Audit Memo Mrs. Kish reviewed the SOC 1 Audit Memo that reviews the auditors' opinions and the process. 3. Election Update Mrs. Kish informed the Board that an election will need to be held for Mrs. Fasolo seat. VIII. PUBLIC COMMENTS There were no Public Comments IX. ADJOURNMENT 3 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida February 27, 2023 There being no other business and the next meeting having been previously scheduled for Wednesday, 29,2023, at 3:30 p.m., the Trustees adjourned the meeting at 4:25 P.M. MINUTES APPROVED: Boynton Beach General Employees' Pension Board 4 W \ N Q t , 7{` O U) W O Mq�j � � _ cM co �_ sls f ,•. 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(� + J Q LL F-- 4UJ I Q CA 3 E - -° 0v CA 3 c °- Q a ?� p ? 0 i i p u �' N L to 0 O 4 m >� LN C a >1 N Marketing eommunication. 4Q 2022 CHURCHILL As of frclul 1-�uv(re-Il Chun "till Middle "Market Senior Loati Fund V - Levered Evergirleen Churchill Middle Mdr:SIOTdor Loan Fund V-Levered Evergreen( the Fund`) aims to eapitahze on the imique charaeleristics of sertior st .tared.mi to market lbam�., ineludffig al,rraetive yieW pmmiums.,significant downside risk mill gal im andfib.Vorab& suppip-artes-dey-nond dyrtamim The Fin-id seeks to gaywrwc-eurrent irteome pri.tlwriiq through, investMg b1first hert settiurs&—,ured and unitmywhe 16ans to US.middle market with EBITDA between$io—$ioo millim.baeked by private equity spcpm ors.. PERFORMANCE ----------------------- Cycle-tested f.rack reetyr&$�74 biltion,&pk�yvdl 745+scmixt loa,ym <t ry','m hww'A ,I-ml li- <,I%culnulatWe lass rate,K'krwe 2,006, .aid 9fdA.q(A.e;%ne"t")Wek&taed asvevap ,A ft:j'mAAA1 mmoflevd Portftxblj')ileld Ame 200f CHURCHILUS EDGE, I'mmier spousarship fyoul N'uvem alid'11AA.the 02 lagemaghAmt ptlwwe al bt iiiveaur" Chtitipe reladambill-dartwefft arlSixtatimi maldel 0% 1,71%, [Yriveit!:�y lurig-e�qLabhAfi2d r(Afiflunghipq wit1k pri.v019 C-quity qpurlq"V-&:,ftd fism'-s mfx-e ts-' 11101:11 appt%WAYIAt6jy Sr�bi[lhwk purtEpho'd prkQUe'equity 1,11 tollwmAlmenk I A All,( 04eremixted gouscing vaum�rubrum dial fluty,early kpjks un ntm, �iid m; Up 1�1 2M, rcfpeat bu.qIum gem o��f"I ;WN"'�� Strong,alIgnumem Milt Churthill mmagm)eut and'rvoL iwesdrLg AlurWpkh fluird- jmrty V bilOx)lneqd,ty crm,,Hivmft k1go"ua underwa-Itix%,and ymAtfuho curigisudlon,witherilphashq itulusiq alti ip.9ruer diver,.dficatinat(xwxAgge paxshijio n sixe-fA 49 bp q) no aeat-111-cla"G practleer,pf."aitively tulltyllmile ul lurig'-w"I'm I-xwkwolame 0U,�1 7%pmlmvomw-�4-o') gmuW pwlnff:dfth?gyp CHURCH]LU S NATIONALLY R-E,,C)O,GN12XD PRrVATE Early chase dimounl;lnvolw& vkm dare im.F02� CREDIT PLATFORM a Kopp mgnwfta>. kr€s'rslcr gin ejose51&'er01,An N23 aw tkflw€'Pl.-pd,FS123 milk " mwa,-pmr4 lol Mom Cmllafterd WanmVffanI:fte ille., S�,S-OM 0.5cly. r Le'd mg CY e a 2 550�S149m: rj,4,n% S'no-rm: 0ACIN. FOR QUALIFIED PUKHAHR U5,E ONLY IN THE U.S.OP,PROfIlHlONAL INVESTOR LPSE IN OMH JURESBICTION%WHEM APPLICABLE. NOT FOR PUBLIC DRSTREDLYTION. l \ l �l E c bu s ) ) BLUE OCEAN STRATEGY KEY INVESTMENT HIGHLIGHTS • Generate long-term, consistent investor returns, predominantly in the form of income distributions, from direct lending and other investment opportunities within the commodity shipping, maritime equipment, ports, offshore construction & energy infrastructure and passenger/car carrier industries • The Fund will opportunistically invest in other transportation sectors, including rail and aviation • Target net returns of 10-14% • The Fund primarily originates, structures and invests in transactions within the maritime and transportation sectors - Multi-trillion-dollar industries that are indispensable to global trade. 85%of world trade is seaborne - Inflation protection of real assets with long useful lives (25-30 years) and liquid sale and purchase markets - Assets critical to supply chains which can be redeployed globally - Steady, predictable cash flows, and low historical correlation to equity and bond markets 0r'))��5��#'l i}, t tq fk .. Eye,, i Commodity Shipping offshore Construction Passenger&Car Ports& Equipment Rall&Aviation &Energy Infrastructure A LEADING TRANSPORTATION INVESTMENT PLATFORM • 15 fully dedicated experts with over 200 years of combined experience, led by Svein Engh (35 years)* and Omer Donnerstein (18 years)* • A fragmented ownership base of vessels owners and operators favors teams with deep experience and industry contacts, creating barriers to entry • A preferred counterparty to the maritime industry with a successful track record investing in special situations across the capital structure ................................................... .. .......................NNNNNNNNNNNNNNNNNNNNNNNNNN ...................... ......................NNNNNNNNNNNNNNNNNNNNNNNNNN 66 TOTAL INVESTED NUMBER OF NUMBER OF AVERAGE CAPITAL TRANSACTIONS VESSELS COMMITMENT SIZE NET IPP OF FULLY INVESTED BLUE OCEAN INVESTMENT VEHICLES r1 ��t� i� {{ �ti��y US}}}}}A :C Investment Vehicle A Jun-17 13.00%2 Investment Vehicle B Jun-17 12.94%2 Investment Vehicle C Jun-18 12.67%2 Investment Vehicle D Sep-18 18.33%2 Investment Vehicle E Jun-19 26.43%2 *Includes experience at prior firms and EnTrust Global.PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS.2022 PERFORMANCE IS ESTIMATED AND UNAUDITED AND SUBJECT TO CHANGE.An investment involves substantial risks more fully described in the Fund's offering documentation,and the information contained herein is qualified in its entirety by reference to such documentation.There is no guarantee that the investment objective will be achieved,that any specific investments referenced herein will be completed(if pending)or will earn any particular level of returns,or that losses will not occur.Metrics shown are for prior funds,and portfolio composition and strategy may vary for the Fund.The targeted return is hypothetical and based on a number of assumptions,including assumptions regarding expenses and performance,market conditions and other factors,any of which could prove inaccurate.It is impossible to predict the likelihood of any of these events occurring and the resultant impact if they do not occur. Different assumptions could result in a materially different targeted projection.'Returns since inception for the closings/tranches indicated for the respective investment vehicles.Performance for subsequent closings/tranches may vary.Prior iterations of the Blue Ocean funds solely invested in maritime transactions,and not in rail or aviation, accordingly,performance shown relates to maritime investments.2IRR shown is net of management fees and accrued carded interest.'Data is estimated and as of September 30,2022. l \ l �l E c bu s ) ) BLUE OCEAN CAPITAL DEPLOYMENT: STRONG TRACK RECORD OF DEAL ORIGINATION AND UNDERWRITING 500 Debt($m) Equity($m) Maas Capital acquisition closes 450 ® Team's diversified backgrounds Strong portfolio growth 400 include successfully investing throughout Covid-19 across the capital structure 350 . Scale to continue investing in 300 compelling opportunities with an attractive balance between risks and rewards " 250 200 150 100 50 llaai 2H 2017 1 H 2018 1 H 2017 2H 2018 2H 2016 1 H 2019 2H 2019 1 H 2020 2H 2020 1 H 2021 2H 2021 1 H 2022 BLUE OCEAN HISTORICAL RELATIVE RETURNS: STEADY THROUGH DOWNTURNS SINCE INCEPTION 220% ! - Blue Ocean Onshore Fund LP-ClassA RUSSIA INVADES UKRAINE & INFLATION CONCERNS Global High Yield Bonds(Bloomberg) ------ 205% .Global Equities(MSCI) i 190% *Global Listed Infrastructure(S&P) \ -Global Real Estate(MSCI) i 1759; S&P 500 160% (£ r. 145% FEDERAL RESERVE RAISES COVID-19 , } INTEREST RATES&QT i ' � 130% -------- i*qxp�t�ft i 115% 100% 85% 1 1 1 ' 70% L-------- ---------� L-------� O�'� O,�'� O,�'� 0,�0 0.�0 0.�0 0,�0 O,�q O�q O�q 0,�9 Ory0 OHO OHO Ory0 O�1 Ory1 Ory1 Ory1 Otiry Otiti 'Y� 3ry Rti �ry `Lry �ry Ary �ry ryry �ry pry �ry 'bry 4' C3 Ary O try C�`l, C3'dry 4 4 Ary 'pry 'Yry 4 4 O C� C3 C3 6 4 C3 4 C3 C3 C3 C3 PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS.2022 PERFORMANCE IS ESTIMATED AND UNAUDITED AND SUBJECT TO CHANGE.Portfolio Breakdown by Funding as of September 30,2022.Fund performance is net of all fees and expenses,may be based on estimates and subject to change.While the Funds are audited on an annual basis,the performance numbers are unaudited.An investment involves substantial risks more fully described in the Fund's offering documentation,and the information contained herein is qualified in its entirety by reference to such documentation.There is no guarantee that the investment objective will be achieved,that any specific investments referenced herein will be completed(if pending)or will earn any particular level of returns,or that losses will not occur.Compounded quarterly returns since inception for the closings/tranches indicated for the respective investment vehicle.Performance for subsequent closings/tranches may vary.Standard indexes do not represent benchmarks but are listed to show the general trends in the market covered by those indexes.There is no guarantee that the investment portfolio will be similar to any index in composition or risk.Index performance does not reflect fees and expenses at any Fund level.Prior iterations of the Blue Ocean funds solely invested in maritime transactions,and not in rail or aviation,accordingly,performance shown relates to maritime investments. FOR |m5TxUTNwxVw*0/s5xLc/Pm}FcSSNwx/CLIENTS AND QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE 0nDISTRIBUTION MARKETING COMMUNICATIONS. STRATEGY STORY |uouuuu Global Transport Income Fund (xGTUF' ) Diversified core+ transportation Platform highlights Long Duration ~ Uniquoin opportunity with the potential to generate 8%'10% Income- net yields*through investment in capital-intensive transportation assets on long • Target Return0): 0'1O%net yields Generation: duration leases 0ohigh grade counterparties. • Structure: Open-end, perpetual life Regulations � international~ �ar� hashis�orioa||yboonsorvedby�ho|oasingarnmof|argo Open Market: banks'that are axidregulatoryng the �u|aregulatorycharges on • Target Deal Size: UGD5O-5OOmm their balance sheet equity investments. • Target Lease Duration: 5 15 years Predictable ~ Investment returns are predicated on contracted lease revenue and steady asset dopneoiadonn ' mu|dnginp�diotab|onmidua|value outcomes and low � Capital Raised: UGD4�1 bn Outcomes: volatility. • N/u/(2`: UGD3.0807mm USD 3.5 Trillion * Market is sizable with USID 3.5 trillion in expected capital requirements over the • Diversification: 117assets across 4 Market: next 1Uyears across the aircraft, rail, maritime,energy logistics,and heavy sub-sectors and 29counterparties equipment sectors. • Lease Revenue Backlog: UGD0.7bn High Quality - Lessees are often investment grade and include energy majors, utilities, mining • Average Asset Age: 4.6 years Counterparties: oompanios, mu|dnadona|s, and global transport companies. • Leverage: 04.0% US Dollar, Low ~ 9U%ofinvestments are UGDollar generating ass�s'have low tonotax n • Dution: 0.7years avg. fiTax,' Low exposunaandaxhibit|mwoorne|adonwithothortradidona| assoto|assos duration Correlations: ' � � dedicated team The fund is advised by the Global Transportation Group, a dedicated team within the Global Alternatives platform atJP. Morgan Asset Management, with over adecade ofhistory.The over 3U'pomonteam is based in New York and London, and includes professionals specializing in acquisitions,asset management, research, investor relations,tax and fund execution. mffimmmmmmmm Experience: ~ 10O+ investments inUGD0bn+oftransportation assets since LNG Carrier 2011 Strong Reputation &Market ~ Over 1.05Oleases completed with 5O+utility,energy, industrial, Presence: mining and transportation counterparties, over 12active banking relationships,and anextensive network ofOEMs,manufacturers, and partners Narrow Body Aircraft Active Asset Management: ~ Dedicated teams ofcommercial and technical managers with hands-on experience operating transportation assets billd Medium Range (MR)Product Tanker Source:J.p.Morgan Asset Management,Q3 2022.mThe target returns are for illustrative purposes only and are subject msignificant limitations.Aninvestor should not expect machieve actual returns similar mthe target returns shown above.Because ofthe inherent limitations ofthe target returns, potential investors should not rely onthem when making adecision on whether o,not minvest/nthe strategy. Please see the complete Target Return disclosure at the conclusion of the presentation for more information on the risks and limitation of target (2)Q3 2022 Trading NAV factors in portfolio investments,subscription line and fund level assets and liabilities |P.M I For institutional/wholesale/professional clients and qualified investors only-notfor retailuse v,distribution ASSET MANAGEMENT STRATEGY STORY I Q3 2022 Page 2 of 6 I STRATEGY STORY J Q2 2022 Global Transport Income Fund ("GTIF") Four pillars of diversification 6% 2% •LNG Carrier An attractive yield 2% 3% 40% VLGc opportunity •Eco-River Barges J%49% ." 7% Transportation assets such as - h _ 11% = Super-Eco Tanker p •Wind Farm SOV Containerships, aircraft, LNG carriers, Energy Logistics railcars and vehicle fleets form the S torMaritime =EV Charger backbone of global trade. Core plus ector Aviation Asset =Dry Bulk Carrier investments represent the larger, more Containership capital intensive,and most strategically Railcar Leasing important assets of the global logistics 35/o ° •Container Leasing 12% Product Tanker network. Core transport assets benefit Wide-Body Aircraft from transparent market values, j` Narrow-Body Aircraft predictable cash flows and a liquid ,.° . 3/o secondary market. 2%2% Railcars •Container Boxes We believe a well-structured,diversified, 3%2% core plus transportation portfolio with 3% -Energy :Term strong counterparty and asset selection 3% 41% Trading 23% 55% may deliver yields substantially in 6% container Liner excess of those available from other ,Railcars asset classes. 7% `� =MiningNetwork Carrier 0-5 yrsTrans ortation assets are lar el US rp largely •Diversified dollar denominated, providing investors 7% •Agriculture 5-10 yrs with access to the inflation protection Container Boxes offered by real assets with minimal Low Cost Carrier >10 yrs ° currency risk.An income-oriented 12% Utilities 22% transportation investment has a low Renewable Energy correlation with traditional and other real 14% assets,providing significant diversification benefits. Demonstrated ESG leadership FThend incorporates environmental,social and governance(ESG)principles throughout its investment and ongoing asset gement processes. .a S t�l�ith�ta.t ,�` w. (u Sig�r� • m Publicly announced m Acquisition of 2x wind farm m Construction of 20x"eco" inland partnership with Shell for the Service Operating Vessels waterway barges on 10-year construction of 4x"Super- (SOV's)for installation and leases to an investment grade Eco"tankers and 5x LNG maintenance of wind turbines energy major carriers m Chartered to an investment m Designed with LNG and electric m All assets capable of using grade European industrial propulsions systems LNG as a fuel conglomerate m Inland waterway transport m Up to 60%more fuel efficient m First step in breaking barriers reduces CO2 emissions by up than 15 year old legacy to entry in renewables sector to 63%per ton of freight assets compared to road transport(') Source:J.P.Morgan Asset Management—Global Alternatives,as of Q2 2022.(1)Source: European Environment Agency, Deutsche Verkehrs-Zeitung,European Chemical Transport Association,Management press,Roland Berger analysis. Investing on the basis of sustainability/ESG criteria involves qualitative and subjective analysis.There is no guarantee that the determinations made by the adviser will align with the beliefs or values of a particular investor.Specific assets/companies are not excluded from portfolios explicitly on the basis of ESG criteria.Sustainability issues are identified and quantified as part of our investment due diligence process,not only as a pre-requisite for responsible investing,but also as a tool to help mitigate potential risks STRATEGY STORY |uouuuu Page xo,o | STRATEGY STORY |O2 2022 omua| Transport Income Fund (^oT|F^) Investment Performance — Q3 2022 In Cash yield 2.01% 6.18% 8.32% 8.34% — — 8.39% Income 3.44% 10]2% 14]1% 13.38% — — 12.37% ------------------------------------------------------------------ Unrealized Appr./(Depr.) -1.69% -2.34% -2.10% -2.79% _ _ -2.34% ------------------------------------------------------------------ Tmal(gross oYfees) 1.75% 7.63% 11J9% 1032% — — 9.82% ------------------------------------------------------------------ Tmal(net of fees) 1.53% 6.96% 10J9% 9.44% — — 9.02% ------------------------------------------------------------------ Total(net offees and swaps) 0.73% 4.57% 7.83% 8.48% — — 9.03% Source:JPm/m. Past performance/"not indicative offuture results. Fund inception: November 2017."F°°s"include management fees and realized performance fees,naov. GLOBAL TRANSPORT WOME FUND — SUMMARY OF KEY TERMS The Fund: Global Transport Income Fund (the^Fund^ or^GT|F^) Momoger(AIPM): JPMorgan Asset Management(Eumpo) Gad (^JPMAME^) Term: Indefinite, perpetual life Currency: US Dollar Structure: Private-, perpetual life Luxembourg GCGp Target Return*: 10-12% IRR, including 8-10%current yield(net of any fees and any taxation payable by the Fund), overamodium-tonn holding period of5'Dyears. Investment Objective: The Investment Objective of the Fund is to seek to generate current income through exposure to assets and businesses |nthe global transport industries. Guidelines: At the time ofeach investment orfinancing (as app|ioablo): ° The Fund's overall long-term debt shall generally not exceed 70% of the greater of the total cost of all investments and the fair market value ofall investments ° Nomore than 5U%ofthe Guideline Amount shall boinvested inassets that are more than 15years and 304days old at the time ofacquisition ° No more than 30%of the Guideline Amount shall be invested in non-maritime/energy logistics transport assets (o.g, aircraft, rail,vehicle fleets otoj ° No more than 15%of the Guideline Amount shall be invested in businesses related to transport assets(e.g.,ship trading,ship management, etc.) or in minority public investments ° No more than 20%of the Guideline Amount will be invested in any single investment The"Guideline Amount"will be the sum of(i)the most recently determined Fund NAV, and (ii)the Fund's remaining undrawn commitments atsuch time(including the amount being invested at the time aparticular investment isbeing made) ^The Target Return shown herein/"current a"ofthe date ofthis document,and/"provided for ill u"myuonm/m`u""/onpurposes only and/"subject msignificant limitations.An investor should not expect machieve actual returns similar mthe Target Return shown above.The Target Return/vthe A/nlV'vgoal based"ovarious assumptions mm°A/nIV. calculations based onavailable data,past and current market conditions,and available investment opportunities,each ofwhich/"subject mchange.Because ofthe inherent limitations ofthe Target Return,prospective investors should not rely onuwhen making adecision onwhether o,not minvest/nthe Fund.The Target Return cannot account for the impact that economic,market,and other factors may have onthe implementation ofanactual investment program. Unlike actual performance,the Target Return does not reflect actual trading,liquidity constraints,fees,expenses,taxation and other factors that could impact the future returns of the Fund.The A/nlV'vand the Fund's ability machieve the Target Return/"subject mrisk factors over which the A/Fmo,the Fund may have noo,limited control.worepresentation/"made that the Fund will achieve the Target Return o,its investment objective o,any other objective.The Target Return also assumes that all ofthe Fund's holding companies and other entities are able mmeet the mwo°mmv.vu»mam/at/"oaoomh°,mvu/mm°mvo°°o°om°mam/vhm°moo'v°x°mm/"oommaovtaxwmohmav»°/mv"mouna°,o°m/onxxrofm°u000a°.Actual returns could u°higher o,lower than the Target Return.Conditions believed mu°necessary for achieving and assumptions made/ncalculating the Target Return are available upon request. PARTNERS PFC GROWTH SPECIALIST PRIVATE CREDIT Firm Heritage warrants that have the potential to generate additional Partners for Growth (PFG) is a specialty lending focused capital gains. private credit manager formed in 2004, upon spinning out from JP Morgan. The co-founding team at PFG managed PFG provides structured, short duration loans that help the strategy at San Francisco investment bank Hambrecht high growth companies fund expansion in a more capital &Quist (H&Q,acquired by Chase which later merged with efficient manner (less dilutive) than equity financing. PFG JP Morgan), providing continuity of leadership and a track focuses on underwriting structured loans with financial record over 30 years operating with a consistent market covenants and security to mitigate downside. PFG seeks to focus; providing custom debt capital to innovative growth enhance returns through equity warrants and other upside stage companies. structures alongside its loans with a history of returning additional value to the predecessor funds on these Performance Summary&Return Generation structures. PFG (the "Manager") has raised seven private debt funds since inception and currently has $978 million assets under PFG's Fit in Investor Portfolios management. Each of PFG's first five funds (`04-17 PFG's strategy is typically grouped within opportunistic vintages) have generated Net IRRs of 9-24% inception to credit, providing a higher potential return versus most date and were ranked as top-quartile viewed against peers private debt alternatives, as demonstrated by PFG's top- across all private debt strategies by alternative assets quartile fund performance per Pregin. The PFG strategy research firm Pregin, marking PFG one of the most commonly fits within broader Fixed Income/Private Credit consistent top-performing private debt managers globally or Absolute Return portfolios for institutional investors. per Pregin's 2022 League Tables'. The fund strategy aims to generate stable low-double digit The strategy's predecessor funds have managed diversified returns with preservation of capital through secured credit portfolios featuring low double-digit contractual lending, while also providing potential upside optionality monthly cash pay interest (11.5% median since inception) through accumulation of a portfolio of equity warrants. and additional fee income, coupled with zero to low single This combination of returns from income on loans and digit percent credit losses. PFG's loans since inception have capital appreciation from equity kickers allows investors the been outstanding for an average of 24 months, which opportunity to target high teens returns while maintaining a together with recycling of capital throughout a 5-year seniority in the capital structure to private equity investment period, allows the fund to target deploying 2.Ox investment. The strategy may be viewed as an allocation or more of its committed capital in loans. Recycling of with the potential to generate uncorrelated returns through capital plus the utilization of modest fund leverage (approx. cycles,as viewed in the Manager's track record. 30%) allows the fund strategy to target a 1.8x TVPI multiple with target net IRR in the high-teens.' Channel Partnerships PFG has a long history of building strategic relationships Investment Strategy Overview with notable global partners as a core element of its strategy PFG employs an asset backed lending fund strategy focused starting with the relationship with investment bank H&Q. on directly underwriting secured debt with equity kickers Upon spinning out from JP Morgan, the Manager's first (typically warrants) to sponsor and non-sponsor backed fund in 2004 was backed by Silicon Valley Bank (SVB), a technology, life science and other growth stage companies. leading commercial bank focused on the innovation PFG's investment strategy is fundamentally based on economy globally. The close relationship with SVB has managing investments to avoid loan losses while seeking to evolved from co-lending into a formal strategic partnership generate cash pay monthly interest income (approximately with global coordination allowing PFG to pursue 12%) and loan fees and accumulating a portfolio of equity origination opportunities through SVB's current and prospective client network. i PARTNERS FOR GROWTH—SPECIALIST PRIVATE CREDIT 1. For Pregirn private debt rankings please see https://www.pregiti.com/data/pregiti-2022-league-tables.Published 3/14/2022, In recent years the Managers have formed strategic data as at 12/31/2021.The most consistent top performing fund manager table is investment relationships with IDB Invest (Latin America) based on the average quartile ranking of a managers fiends.The entire pool of and IFC, a member of the World Bank Group, to further Private Debt fiends is ranked within each vintage year according to its net IRR. The fiords are given a score based on their quartile:1 for top-quartile fiords,2 for extend PFG's reach and provide Unique sourcing second-quartile funds,and so on.This is the funds'quartile ranking.'A manager's capabilities. The Managers' ability to cultivate and grow average quartile ranking is the average of all of the fiends quartile scores,with a strategic partnerships with notable organizations serves to m tumutu of three funds required in order to appear in the table. The average quartile rankings can vary from 1.00 for a fiord manager with only top-quartile enhance PFG's independent deal sourcing networks funds,to 4.00 for a fiend manager with only bottom-quartile fiords.PFG did not developed over three decades. pay-any monetary or other considerations for inclusion in this ranking.PFG has submitted returns data to the Preqin Research team and has subscribed to Pregirn's research and data services.PFG's fund strategy-may not be directly-comparable to Fund& Structure returns or risks employed in Pregin's other private debt strategy-categorizations Partners for Growth VII, L.P. is targeting $400 million in for different investment strategies in each may vary in company-stage,irnvestaent sector,geography-as well as various approaches to debt or equity investment within capital, excluding co-investment opportunities. The Fund each respective strategy-and use of leverage, A of which may have a material has both U.S. and International feeder fund structures for impact on Potential returns or risks in each. Its global investor base. Hogan LOvells IS acting as PFG 2.Partners for Growth VII targets a 1.8x net MOIC and 17-18%net IRR. Each Investor's actual return may be higher or lower than the target and is dependent VII's Fund Counsel and Harmonic Fund Services serves as on the timing of cash flows and all returns are subject to risk and uncertainty-and the Fund's Administrator. Frank Rimerman and Co. is the dependent on air investors'individual tax staters.There can be no assurance that the target returns will be realized.The targeted net returns assume the manager Fund's Auditors. manages the investment strategy- and originates new loans with similar gross returns and loss rates as realized in prior vintage funds.There can be no assurance Requests for additional information can be directed to:John of the perforrmance of the manager,its strategy,or market conditions or other risk factors such that target returns will be realized.The targeted returns were derived Riordan, Head of Business Development & Investor utilizing assumptions on prospective asset level returns that are similar to what the Relations, 101 11 ClgYOWtl1.COm. manager has realized in past fluids and originated loans,including assumptions on overall credit yield,loan fees,loss rates,loan mateuity- and gains on equity in a hypothetical fund portfolio. Hypothetical results are not based on am actual PARTNERS FOR GROWTH SUMMARY portfolio.Additional details on assumptions available upon request. 3.PFG Fends IV and V are still maturing with portfolios of outstanding loans Investment Strategy Direct Lending with Equity and/or equity warrants providing additional potential upside to current returns. Fund VI is still actively-investing, originating new loans and equity positions is Pickers earl-in its lifecycle for comparison to predecessor fends. Source of Returns Approximate 12% cash interest loans, fee income, Important Disclosures&Risk Considerations This communication is not an offer to sell, or solicitation of offers to bud-, and equity Warrant upside securities.Investments in a private find can be made only pursuant to such finds PFG VII Target High Teens Net IRR / subscription documents and private placement memoranduum and after careful Returns 1.8X MOIC2 consideration of the risk factors set forth therein. Investiments entail significant risks and are suitable only for certain investors as part of am overall diversified Historical Returns Top quartile returns across investment strategy- and only for investors able to withstand a total loss of all private debt(source:Preqin) investment.As with all investment opportunities,this investment presents certain risks,such as,but not limited to:increased competition rlliquiditc-,and dependency Global Origination Direct sourcing and on key personnel,among other risks.Each ofthese risks individually-or collectively- proprietary channels with could reduce capital values and potentially-lead to loss of principal You should carefully review all risks with your legal,tax,accounting and financial advisors prior notable banks to making any investment decision. Investment products offered by Partners for Growth are available only to PFG GLOBAL FUNDS RETURN HISTORY3 investors who meet statutory qualifications as(i)"accredited investors"within the meaning of Rule 501 of Regulation D promulgated under the U.S.Securities Act As of 9/30/2022 of 1933 and(ii)"qualified clients"under the SEC Rule 205-3 promulgated under _ _ _ Fund Vintag e Net IRR Net TI the Investment Advisers Act of 1940.In addition,investment 1 products offered by PFG I 2004 24.0% 1.51x Partners for Growth may only be available to investors who are "qualified PFG II 2006 11.2% 1.63x purchasers"as defined in Section 2(a)(5 1)(A)of the Investment Company Act of PFG III 2010 15.3% 1.56x 1940. Past performance is not an indication of future results.In addition,there can be no assurance that current investments will be realized as projected.Actual PFG IV 2013 9.2% 1.36x realized returns will depend on,among other factors,frrrre operating results,the PFG V 2017 10.4% 1.42x value of assets and market conditions at the time of disposition, any related PFG VI 2019 8.0% 1.09x transaction costs,and the timing and manner of sale,all of which may differ from PFG VII* 2022 NM NM the assumptions on which the information contained herein is based.It should not *PFG VII Returns not yet meaningful as fund in formation be assumed that any investments described herein were or will be profitable,and investment results may vary substantially over time. The irnvestrment strategy includes the use of leverage which involves a substantial degree of risk and does Footnotes not guarantee improved return.Economic,market and other conditions could also PFCPA N E S 2 C POWTH O c ro v as O in a c o c c +- v C N O to C oa, o a Z Qra O- O O (1) vi t6 v a s o a v Uj Ln o°ati= a 4 " m > aJ Ol O C Q Ln O V1 t6 v 7 � UjCL 70 yv, Q 'FU � a2 °v o °a t0 >1 •U �+ vuv *�5 a ° o v s' Oro (v �2 � ° moo Ln E Q OvLn a v 00 O O y ; avoE 'a aC o oCo, ca a a Ln v Ln O i r6 LL Q) U O i C LL d Q Q O L E N as a c a d •O o E D m� d poO U W +75 O rO+ �Eo'as � �aa O Q = O O o, a a Z.a° :° cl- t0 '� i vz a a a as° a s LL = v LL LL 4mJQ) i Ln Ln O O ti a-°ca a v °'tea O ji i Fz ro O •� C C v "°Joi >°i gyp.+ MZ3 L o° � vcaa oo„aa vva ap 7 C O O Q O O CL CL Q:z?ca ' CL CL CL z O Q) > Q Q0 ac ° oa X �._ EoEa,,, � � av a� ro U E z Q�j O _ U U i to o Ln > Ln > ro o dLn C d C >> O Oro a,a,a s a a a v r6 i- O o Q a� Q) = r6 r6 i6oao�o 3vFzFc ® O a) o O O o C •� C C vc� � o ° vcct°�m CW >N o o CL O L 00 Q Q � a s v B a a vas aha v a VI 'ti v a a N'ti o a C vLL •' dJ 4J i.+ OC v °J �aa� aaCv �io aa a a I C fO a+ g V VIsc.vE�aaoa;, GAJ C>1m dJLA C OC J 9 0 i 3 7 LL GAJ C4-j1 R C vtAg 4J � �o ca° aF''' OaoC dJ fa f0 fa L v ° v S Z LL O�n 0 0 ZOO N ni a Radcliffe Ultra Short Duration Fund WM Radcliffe Capital Management, L.P. Monthly Report - December 2022 The Radcliffe Ultra Short Duration Fund seeks the minority of U.S.ultra short duration bonds with excess yields and investment grade default risk regardless of ratings.The Fund has outperformed the average of its ETF comps for 14 consecutive years,and has almost tripled the AGG since inception with lower volatility,while still capturing higher yields and lower default risk in our opinion.We've achieved this record by capitalizing on persistent structural market inefficiencies in connection with stale ratings and natural sellers of bonds as they approach maturity,combined with fundamental analysis seeking safety under all market conditions.We recommend this fund for investors seeking excess defensive returns without the duration risk of IG or the credit risk of FIY. Radcliffe Domestic Ultra Short Duration Fund-Net Returns Jan Feb Mar Apr May Jun JWY AugSet Oct Nov Dec YTD ITD 2022 -1.21% -0.28% -0.09% -1.52% -0.18% -1.82% 2.46% 0.04% -0.46% 1.25% 0.68% 0.37% -0.84% 92.11% 2021 0.32% 0.33% 0.21% 0.59% 0.23% 0.45% 0.11% 0.26% 0.11% 0.21% -0.62% 0.97% 3.20% 2020 0.22% -0.14% -5.49% 3.05% 3.10% 1.29% 1.97% 0.86% 0.22% 0.59% 1.02% 0.64% 7.29% 2019 1.63% 0.93% 0.44% 0.42% 0.09% 0.69% 0.27% 0.45% 0.34% 0.38% 0.30% 0.39% 6.52% 2018 -0.04% 1.07% 0.00% 0.27% 0.33% 0.14% 0.49% 0.34% 0.41% -0.22% 0.33% -0.28% 2.87% 2017 0.37% 0.37% 0.09% 0.54% 0.44% 0.24% 0.30% 0.34% 0.32% -1.43% 0.86% 0.08% 2.54% 2016 0.31% 1.30% 1.18% 0.94% 0.41% 0.41% 0.95% 0.54% 0.26% 0.35% 0.15% 0.60% 7.64% 2015 0.54% 1.62% 0.27% 0.44% 0.53% -0.31% 0.33% -0.07% -0.51% 1.40% -0.03% -0.30% 3.96% 2014 0.24% 0.49% 0.17% 0.33% 0.22% 0.17% -0.61% 0.63% -0.93% 0.84% 0.29% -0.53% 1.30% 2013 0.59% 0.57% 0.32% 0.26% 0.37% -0.36% 1.03% 0.22% 0.54% 0.51% 0.39% 0.29% 4.85% 2012 1.63% 1.78% 0.77% 0.39% 0.13% 0.44% 0.34% 0.91% 0.51% 0.31% 0.27% 0.51% 8.26% 2011 1.24% 1.20% 0.47% 0.45% 0.33% -0.70% 0.55% -1.13% -0.63% 1.37% -0.52% 1.05% 3.70% 2010 0.61% 0.63% 1.34% 0.89% -0.76% 1.09% 1.33% 0.87% 1.25% 0.94% 0.63% 0.82% 10.06% 2009 1.09% 2.52% 0.58% 0.88% 0.85% 6.05% Performance figures cited herein for the Fund are those of the Radcliffe Domestic Ultra Short Duration Fund,L.P.only and are net of blended fees and expenses,include the rein- vestment of earnings,as applicable,and exclude returns on capital invested by the general partner and its affiliates who are not subject to management fees.Returns for the Rad- cliffe International Ultra Short Duration Fund,Ltd.are available upon request. The performance figures from inception of the strategy are net of fees and expenses beginning March 2010. From inception through February 2010, the performance figures reflect the returns of a leveraged internally managed account net of assumed 1%annual management fee on long market value."ITD"refers to the cumulative net returns for the Radcliffe Domestic Ultra Short Duration Fund,L.P. An individual investor's returns will vary from the returns shown above based on different fee arrangements. The Funds are audited from March 1,2010 through December 31,2021. Past performance is not a guarantee of future results. Cumulative Returns-Radcliffe vs Peers August 2009-December 2022 Yield Comparison 100% 100% 99S 90% USD Fund 50% I7SDvs.AGG -Higher yields I USD YTM/P 80% 80% -I.kWer duration i P 6% S -ILowervolatility I� t' 70% aShares Core Bond 70% e� so% ETP(AGG") eai 59S )U\ Pi sD% ,�� sai 4% �y a_ t 1 f au4 P rr € X € l e ,rte S�, PAA 4 €- ��y r 2% E Bloomberg Barclays U.S.Aggregate Index YTM .,.•' -LJSD Fund ^GSY -SF58 -MINT ^<,BSV Summary Information(1/1/23) Fund Information' Strategy Launch: August 1,2009 Yield to Maturityz: 6.86% Annualized Net Return: 4.99% Fund Launch: March 1,2010 Perm to Maturity3: 0.87 years Annual Standard Deviation: 2.94% Fund NAV: $1.14 Bn Effective Duration: 0.80 years Sharpe Ratios: 1.46 Strategy AUM6: $1.49 Bn Average Cash Coverage': 0.89x Avg.Monthly Net Return: 0.41% Firm AUM: $4.24 Bn Average Market Cap: $8.90 Bn Largest Drawdown: 5.63% Partner&CIO: Steve Katznelson,CFA Number of Positions: 80 %of Up Months: 82.61% Partner&Director of Research: Christopher Hinkel Fund Leverage: 1.31:1 Contact:Investor Relations,(610)617-5900,ir@radcliffefunds.com 50 Monument Road,Suite 300,Bala Cynwyd,PA 19004 www.radcliffefunds.com SER � NITAS wn, CREDIT GAMMA FUND - Series A December 2022 Absolute return trading strategy 2. o focused on mortgage, corporate and synthetic credit Annualized Return . 8.70/o Low net exposure Annualized Volatility2: 3.64% to credit spreads and interest rates Positive convexity 2 Sharpe Ratio . 2.14 constructed through extensive derivatives expertise Uncorrelated Max Drawdown 2: -4.08% to broader equity and fixed income indices Series A Performance (Net of Fees 2022 1.05% 0.45% 1.16% 1.68% -0.34% 1.49% -0.32% 1.59% -0.21% -1.53% 0.62% 1.56% 7.39% 2021 1.18% 0.70% : 0.55% 0.07% 0.02% -0.07% 0.18% 0.05% 0.46% 0.24% 0.20% 0.11% 2.59% 2020 0.76% 0.04% 2.00% 1.55% 3.71% 3.32% -0.24% 0.93% 0.52% 1.58% 0.42% 1.11% 16.79% 2019 0.08% 0.39% : 0.53% 0.39% 0.02% 0.09% 0.01% 0.56% 0.14% 0.35% 0.03% 0.20% 1.62% 2018 0.77% 1.66% 1.54% 2.56% 1.56% 0.23% 0.29% 0.38% 0.04% 0.14% 0.10% 0.78% 10.49% 2017 0.23% 2.93% 1.04% -0,11% 1.57% 1.36% 0.69% 2.91% 0.98% 1.65% 1.07% 0.37% 14.82% 2016 -1.44% -1.97% -0.33% 1.86% 0.33% 0.32% 0.57% 2.65% 2.29% 1.30% 1.19% 1.05% 799% 2015 0.64% 0.45% 0.25% 0.05% 0.05% 0.04% 0.41% 0.24% 0.05% -0.08% 0.44%0 0.42% 151% 2014 1.65% 1.37% 0.35% 0.77% 0.49% 0.43% 0.68% 0.26% 2.57% 0.27% 0.07% -0.20% 904% 2013 0.19% 0.76% 0.83% 2.20% 5.03% -0.61% 0.49% 0.30% 1.65% 3.80% 0.44% 0.21% 15 79% Fund Performance During Worst 10 Months of S&P 5001,2 4% 2.00% - a 1.�6�7%1 1.49% 0. 04% 0. 14% 1. 56% 0% ( Na 2 11111 102% UO % . 0.02% 6. 4-0.21% - -4% -8% -6.35% -6.03% -5.76% / 90 12% -9.21% - . 3% -8.72% im S&P 500 Fund(Series A) -12.35% -16% Mar-20 Sep-22 Dec-18 Apr-22 Jun-22 Feb-20 Oct-18 it-lay-19 Aug-15 Dec-22 Uncorrelated &Diversifying Strategy Relative to Indices (Fund Correlatio A' Bloomberg Barclays US Bloomberg Barclays US Bloomberg Barclays US S&P 500 MSCI ACWI Treasury Index HFRI RV Agg Index Corp.HY Index 0.09 (0.05) (0.02) (0.02) (0.15) (0.13) 'From September 2018 returns are net of management fees,accrued performance fees and fiord-borne exbaenses,and averaged between the feeder funds, returns for 2022 are unaudited. Returns before September 2018 Xwere generated by applying Series A's 1.�/o/20%fee structure and fiord-borne expenses to Serenitas Credit Gamma blaster Fund,LP's gross returns. Past performance does not guarantee future results. Returns and principal value of an investment will fluctuate so that an investor's interests,when redeemed,snav be worth more or less than their original cost.Future perfonnance may be lower or higher than Showa above An investor's returns will vara-based or the taring of its investment.The fiend's strategy involves risk,and therecan ©©©� be no assurance that specific objectives will be met under differing market conditions or cycles.Fund interests are offered only pursuant to the terms of m the Private Placement Memorandum of Seretutas Credit Gamma Fund,LLC and the Offering Memorandum of Seretutas Credit Gamma Offshore Fund, Ltd. Refer to important disclosures under"Certain Risk Factors"and"Conflicts of Interest"therein. I N V E S T M E N T S '-Data since fund inception(1/2013).Data has been generated applying Series A fee structure. SER � NITAS wn, CREDIT GAMMA FUND — Series A December 2022 Attractive Total Return Profile Favorable Up/Down Market Capture 1,2 50 ------------------------ Positive in 78%of months • Positive months' average return = +1.0% 40 -----------------------L . m------------------------------------------------ Negative months' average return =-0.38% c wv 30 -------------------- mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm. Sortino Ratio: 6.40 z0mmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm. z10 --------------- m; minor mmmmmmmmmmmmmmmmmmmmmmmmmmmmmm. 0 s m Fund Performance During Periods of Credit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Market Stressl C, 0 o • +2.0%net return (March 2020) a p i p p p p p p p p p p o 0 0 ; 0 o N N • +1.02%net return (4Q 2018) Return Range The Serenitas Investment Team Has Worked Together For More Than 15 Years € f { a { 1 (1 t David Weeks Ajit Kumar,CFA Edwin Tsui,CFA Andreas Eckner,Ph.D. Guillaume Hotel,Ph.D. Chief Investment Officer Portfolio Manager Portfolio Manager Portfolio Manager Portfolio Manager • 40 years of investment • 24 years of investment • 17 years of investment • 15 years of investment • 15 years of investment experience experience experience experience experience • Managing Director, Director,Merrill Director,Merrill Lynch VP,Merrill Lynch VP,Merrill Lynch Merrill Lynch(1999- Lynch(2005-2011) (2006-2011) (2007-2011) (2007-2011) 2011) Domicile/Structure CavTnan Islands/Master Feeder Master Fund AUM3 5585 million ISIN KYG8041B1023 Invested Team Capital Approx.S35 million Subscriptions Monthly Total Team AUM3 Approx.S13 billion Lock-up None Auditor RSM US LLP Liquidity Quarterly(90 day notice;investor"soft"gate;fully redeem Administrator SS&C GlobeOP (less 5%audit holdback)in 4 quarters or fewer) Management Fee 1.5% Custodian UNIB Bank,N.A. Performance Fee 20%(subject to high water mark) Investment Manager LMCG Investments,LLC 650 5th Ave, New York, NY- Contact: IR@lmcg.com 'From September 2018 returns are net of management fees,accrued performance fees and fiord-borne ex43enses,and averaged between the feeder funds; returns for 2022 are unaudited. Retums before September 2018 were generated by applying Series A's LD-Yo/20%fee structure and fiord-borne expenses to Serenitas Credit Gamma blaster Fund,LP's gross returns. Past performance does not guarantee future results. Returns and principal value of an investment will fluctuate so that an investor's interests,when redeetned,tnav be worth snore or less than their orignial cost.Future perfortnance slay be lower or higher than shown above An investor's returns will vara-based on the tiaung of its investment The hind's strategy involves risk,and therecan ©©©� be no assurance that specific objectives will be met under differing market conditions or cycles.Fund interests are offered only pursuant to the terms of m the Private Placeent -lemorandum of Seretutas Credit Gamma Fund,LLC and the Offering Memorandum of Seretutas Credit Gamma Offshore Fund, Ltd. Refer to important disclosures under"Certain Risk Factors"and"Conflicts of Interest"thereui. I N V E S T M E N T S 'Data since fund inception(1/2013).Data has been generated applying Series A fee structure.3 Preliminary 12/31/2022 AUbl. �� a�ti �s � $i s a -- �� _ t - �-` - � - _ _ -- fi�� _ tt�t't� � t�jt�,, � �� E � � � � t� C'L '� ��l�t � ��- �� `� _ �� t � � � �, - Ott, _ `a��'�� F t � �l 1 - - � t`�� _ + `� i � `_ c h _ G t � y k � kk,, i - i - - 5- -- - '_� s .- t _r - t- _ � l ,�l�S _ -- -- - -� �- ��-- � {�� 4}_ � '�' - s - - - _ _ o- - � 4 -1 i -_ � �, �� h� �twt'1�� ' �= til t �, � (� - 1 � = Vyl�tt �_ ` = j LAk - t _ � � -_- - - -- - - - --- - - - t � _- � � t� � � t � t� ;�- �`_ Ott� __ - __ �. _ _,t4 s a �� r � ��t`�� '' `'� z � �1�`'�i�n `� `� �„ � j r � �� k� � �� r h � �' v� �` - _ �t.-- �� {�. _-- "- _ c4 - - ---_- -- � �3 S4�[ - - Y j l - - '�t5� S -_ - S � �� t ` � �' � �t = 1 V t_ F = _ t S S � � �� 4 �,- - r f Uj N o W w O O y U O w O 5 � N `1 a o o � .-u 7� 7� � L O Z � w1401 O 0 N ' '� ci o o k4 N 0 N '� '� is a) ° bq O O � U U U W �O U U i 0 141 U ' � U yW y 1401 ° : yy � - U d w c� U 141 141 U IIX a p 141 M 141 7� ¢r C � C w U � w sJ U 0 U U O U � U U Z �, O C p� O v U w0 '� W U ;L, U ,� w O 141 o o a U U c4 a u ,� 'U •w '-0 o o O C �J .� ° C)o H w C O U U U w y O O U U U ca U U W � p Z0 141 U pcz O d ILI 48 u w a U lu 4-1 O" ��" a '' O Z w V u Uj p t.„ w o" U U U cn OU 5' LUQ W 2 y E b!J 141 N a p C O U o C a � U w ° w ca � y 141 a U L7b,OO W ate. o U c� y y ^ILI U O O i w U w U U O N 0 WILI O " Uu U w � � w U 141 oa x O U U b!J;� s� GQ c� U O141 ^, U 0. 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L". 0 Q U w q 7E141 V o W o a s � 0 0 w w v a 0 a � \\ 9 9 y \ : G / ( G < � / � 3 / « m � \ \ b 9 / o S u \ \ % \ / 5 5 ( ) \ / �\ g \ � \\ \ � \ / \ \ 00 \ \ / / \ \ ( \ � / 141 \ � \ 2 © 2 ` � \ \ \ ƒ \ c Q g \ { q \ \ r m 2 141� \ \ m 2 \ G : K \ \ \ 0 0 3 / \ N , d � C N a N VL U H 0 Uj £J 5 0 q q q q a o ° C, a q a o B Q Q D o o U o 0 0 W W W W W O o OCc U U U u u 'C 1 cn cn cn cn cn b n,� r. x N � o c, � � C — u cn C � ti O w cu, O ° p " C WaWyO � .z3 a >C >C >C >C H O O O u ti o 0 0 o Q Q O O O O O CY) W W y4 ° a Pa o a ai ai ai U U W W W W W aA aA aA aA WIDG U U O Pa Pa W Pa Pa � C 1 h U H � NN O p C w � > Q Q a a ap U U W p o b a U V] c �"o U o u �"" ca O aXi �" ti a5i n C C C 5 `'� o "� o o o p W O C7 U 0. o ti ° ° U 5 U QJ cCd cCd CITY OF BOYNTON PENSION PLAN FOR GENERAL EMPLOYEES ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2022 ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE PLAN YEAR ENDING SEPTEMBER 30, 2024 li GRS GRS P:954,527,1616 F. .4525. 03 May 16, 2023 Board of Trustees City of Boynton Beach Pension Plan for General Employees Boynton Beach, Florida Re: City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1,2022 and Actuarial Disclosures Dear Board Members: The results of the October 1, 2022 Annual Actuarial Valuation of the City of Boynton Beach Pension Plan for General Employees are presented in this report. This report was prepared at the request of the Board and is intended for use by the Retirement System and those designated or approved by the Board. This report may be provided to parties other than the System only in its entirety and only with the permission of the Board. GRS is not responsible for unauthorized use of this report. The purposes of the valuation are to measure the System's funding progress,to determine the employer contribution amount for the fiscal year ending September 30, 2024, and to determine the actuarial information for Governmental Accounting Standards Board (GASB) Statement No. 67 for the fiscal year ending September 30, 2022. This report also includes estimated GASB Statement No. 67 information for the fiscal year ending September 30, 2023.This report should not be relied on for any purpose other than the purposes described herein. Determinations of financial results associated with the benefits described in this report for purposes other than those identified above may be significantly different. The contribution amount in this report is determined using the actuarial assumptions and methods disclosed in Section B of this report. This report includes risk metrics in Section A but does not include a robust assessment of the risks of future experience not meeting the actuarial assumptions. A robust assessment of these risks was outside the scope of this assignment. This valuation assumed the continuing ability of the plan sponsor to make the contributions necessary to fund this plan. A determination regarding whether or not the plan sponsor is actually able to do so is outside our scope of expertise and was not performed. The findings in this report are based on data and other information through September 30, 2022. The valuation was based upon information furnished by the Plan Administrator concerning Retirement System benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We checked for internal reasonability and year-to-year consistency, but did not audit the data. We are not responsible for the accuracy or completeness of the information provided by the Plan Administrator. This report was prepared using certain assumptions approved by the Board as authorized under Florida Statutes and prescribed by the Florida Statutes as described in the section of this report entitled Actuarial Board of Trustees City of Boynton Beach Pension Plan for General Employees May 16, 2023 Page ii Assumptions and Cost Methods.The investment return assumption was prescribed by the Board and the assumed mortality rates detailed in the Actuarial Assumptions and Methods section were prescribed by the Florida Statutes in accordance with Florida Statutes Chapter 112.63. All actuarial assumptions used in this report are reasonable for purposes of this valuation. This report was prepared using our proprietary valuation model and related software which in our professional judgment has the capability to provide results that are consistent with the purposes of the valuation and has no material limitations or known weaknesses. We performed tests to ensure that the model reasonably represents that which is intended to be modeled. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems.To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the City of Boynton Beach Pension Plan for General Employees as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices,with the Actuarial Standards of Practice issued by the Actuarial Standards Board, and with applicable statutes. Peter N. Strong and Piotr Krekora are members of the American Academy of Actuaries. These actuaries meet the Academy's Qualification Standards to render the actuarial opinions contained herein.The signing actuaries are independent of the plan sponsor. This actuarial valuation and/or cost determination was prepared and completed by us or under our direct supervision, and we acknowledge responsibility for the results.To the best of our knowledge, the results are complete and accurate. In our opinion, the techniques and assumptions used are reasonable, meet the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted actuarial principles and practices.There is no benefit or expense to be provided by the plan and/or paid from the plan's assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material increase in plan costs or required contribution amounts have been taken into account in the valuation. Gabriel, Roeder, Smith &Company will be pleased to review this valuation and Report with the Board of Trustees and to answer any questions pertaining to the valuation. Respectfully submitted, GABRIEL, ROEDER, SMITH &COMPANY a r Peter N. Strong, FSA, IUAAA, FCA Piotr Krekora, ASA, MAAA, FCA Enrolled Actuary No. 23-06975 Enrolled Actuary No. 23-08432 TABLE OF CONTENTS Section Title Page A 1. Discussion of Valuation Results 1 2. Risk Associated with Measuring the Accrued Liability and Actuarially Determined Contribution 4 B Valuation Results 1. Participant Data 7 2. Actuarially Determined Employer Contribution 8 3. Actuarial Value of Benefits and Assets 9 4. Calculation of Employer Normal Costs 10 5. Liquidation of the Unfunded Actuarial Accrued Liability 11 6. Actuarial Gains and Losses 12 7. Actual Compared to Expected Decrements 16 8. Cumulative Gains and Losses (13th check) 17 9. Recent History of Valuation Results 18 10. Recent History of Required and Actual Contributions 19 11. Actuarial Assumptions and Cost Method 20 12. Glossary of Terms 26 C Pension Fund Information 1. Summary of Assets 29 2. Summary of Fund's Income and Disbursements 30 3. Reconciliation of DROP Accounts 31 4. Actuarial Value of Assets 32 5. Investment Rate of Return 33 D Financial Accounting Information 1. FASB No. 35 34 2. GASB No. 67 35 E Miscellaneous Information 1. Reconciliation of Membership Data 41 2. Age and Service Distribution 42 F Summary of Plan Provisions 44 DISCUSSION OF VALUATION RESULTS DISCUSSION OF VALUATION RESULTS Comparison of RequiredEmployer Contributions A comparison of the required employer contribution developed in this and the last actuarial valuation is shown below. The contribution policy of the City is to contribute the dollar amount determined by multiplying the required percentage of payroll determined as of the valuation date by the projected pensionable payroll for the year. For FYE 9/30/24 For FYE 9/30/23 Based On Based On 10/01/2022 10/1/2021 Increase Valuation Valuation (Decrease) if contributed on if contributed on 10/1/2023 10/1/2022 Required Employer Contribution $ 5,471,502 $ 5,510,304 $ (38,802) As%of Covered Payroll 20.33 % 21.15 % (0.82) The employer contribution listed above is for the City's fiscal year ending September 30, 2024 and has been calculated as though payment is made in a single lump sum on October 1, 2023. The actual City contribution for 2022 was$7,134,561, an amount equal to the minimum required payment. Revisions in Benefits There have been no changes in benefits since the prior valuation. Revisions in Actuarial Assumptions and Methods The assumed investment return assumption has been reduced by 0.10%from 6.80% per annum to 6.70% per annum, compounded annually and net of investment expenses.This assumption is scheduled to be reduced by 0.10% per year each year until a target of 6.50% is reached. Results include a 0.9% load on Normal Retirement liabilities and a 2.0% load on DROP balances to value additional liabilities resulting from a 7.0%guaranteed interest crediting rate in the DROP (with an assumed rate of return in the Plan of 6.7%). The above changes caused an increase in the required employer contribution of 1.15%of covered payroll, or $309,305. City of Boynton Beach Pension Plan for General EmployeesQP 1 Actuarial Valuation as of October 1,2022 and Actuarial Disclosures Actuarial Experience There was a net actuarial experience loss of$2,648,635 during the year, which means actual experience was less favorable than expected.This loss was primarily due to investment-related losses on the (smoothed) Actuarial Value of Assets. The recognized return on the actuarial value of assets during fiscal year 2022 was 4.6%versus the assumed return of 6.8%.The return on the market value of assets was -13.0%.The asset loss was partially offset by net demographic experience gains, primarily due to more terminations than expected (74 actual versus 45 expected) and more inactive deaths than expected (40 actual reported deaths,which included some deaths that occurred prior to October 1, 2021,versus 13 expected).There were offsetting demographic losses due to more retirements than expected (18 actual versus 13 expected) and higher than expected salary increases (10.9%actual versus 6.0%expected), but not enough to fully offset the magnitude of the mortality termination-related experience gains. The net effect of the actuarial experience loss caused an increase in the required employer contributions of 1.03%of covered payroll, or$277,208. Funded ai The funded ratio this year is 94.3%compared to 94.6% last year. The funded ratio is equal to the actuarial value of assets divided by the actuarial accrued (past service) liability.The funded ratio this year was 95.5% prior to reflecting the assumption changes. Analysis of Change in Employer Contribution The components of change in the required contribution as a percent of payroll are as follows: Contribution rate last year 21.15 Experience (Gain)/Loss 1.03 Change in Plan Benefits 0.00 Change is Assumptions and Methods 1.15 Change in Normal Cost Rate 0.02 Change in Payment on UAAL (2.97) Change in Administrative Expense (0.05) Contribution rate this year 20.33 The majority of the (2.97%) decrease attributable to the change in payment on the UAAL was caused by paying down a larger portion of the UAAL during FY 2022 than anticipated in the October 1, 2021 actuarial valuation. This excess payment was caused by the contribution lag—the City contribution made during FY 2022 was calculated as of October 1, 2020, and it was higher than the required amount calculated as of October 1, 2021. There was also a 3.30% increase in covered payroll from October 1, 2021 to October 1, 2022 (from $25,343,822 to $26,180,385 respectively). The UAAL amortization payments are scheduled to remain level, so when covered payroll increases,the amortization payment as a percentage of covered payroll decreases. City of Boynton Beach Pension Plan for General Employees 2 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures Required nri i ns in Later Years It is important to keep in mind that under the asset smoothing method, asset gains and losses are recognized over five years. As of September 30, 2022, the actuarial value of assets exceeded the market value by$22,341,169. Once all the losses through September 30, 2022 are fully recognized in the actuarial asset values, the contribution rate will increase by approximately 8.62%of payroll unless there are offsetting experience gains or other changes. Relationship r Value If Market Value had been the basis for the valuation, the City contribution rate for the fiscal year ending September 30, 2023 would have been 28.95% (or$7,791,440) and the funded ratio would have been 83.6%. This funded ratio (on a market value basis) is down from 103.1% last year. In the absence of assumption changes, plan changes and future gains and losses,the City contribution rate would be expected to decrease toward that level over the next few years. Conclusion The Plan's funded ratio has improved from 74.5%as of October 1, 2012 to 94.3%as of October 1, 2022 even as the investment return assumption has been lowered over the same time period from 8.0%to 6.7%. If the investment return assumption had not been changed,the current funded ratio would be over 100%.This is a significant improvement in the funded status and overall health of the Plan over a relatively short timeframe (10 years).The investment return is scheduled to be reduced further in 0.10%annual increments until a target of 6.5%is reached. The remainder of this Report includes detailed actuarial valuation results,financial information, miscellaneous information and statistics, and a summary of plan provisions. City of Boynton Beach Pension Plan for General Employees 3 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures RISKS ASSOCIATED WITH MEASURING THE ACCRUED LIABILITY AND ACTUARIALLY DETERMINED CONTRIBUTION The determination of the accrued liability and the actuarially determined contribution requires the use of assumptions regarding future economic and demographic experience. Risk measures, as illustrated in this report, are intended to aid in the understanding of the effects of future experience differing from the assumptions used in the course of the actuarial valuation. Risk measures may also help with illustrating the potential volatility in the accrued liability and the actuarially determined contribution that result from the differences between actual experience and the actuarial assumptions. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions due to changing conditions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period, or additional cost or contribution requirements based on the Plan's funded status); and changes in plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis of the potential range of such future measurements. Examples of risk that may reasonably be anticipated to significantly affect the plan's future financial condition include: 1. Investment risk—actual investment returns may differ from the expected returns; 2. Contribution risk—actual contributions may differ from expected future contributions. For example, actual contributions may not be made in accordance with the plan's funding policy or material changes may occur in the anticipated number of covered employees, covered payroll, or other relevant contribution base; 3. Salary and Payroll risk—actual salaries and total payroll may differ from expected, resulting in actual future accrued liability and contributions differing from expected; 4. Longevity risk—members may live longer or shorter than expected and receive pensions for a period of time other than assumed; 5. Other demographic risks—members may terminate, retire or become disabled at times or with benefits other than assumed resulting in actual future accrued liability and contributions differing from expected. The effects of certain trends in experience can generally be anticipated. For example if the investment return since the most recent actuarial valuation is less (or more)than the assumed rate,the cost of the plan can be expected to increase (or decrease). Likewise if longevity is improving (or worsening), increases (or decreases) in cost can be anticipated. The computed contribution amount shown on page 1 may be considered as a minimum contribution amount that complies with the Board's funding policy. The timely receipt of the actuarially determined contributions is critical to support the financial health of the plan. Users of this report should be aware that contributions made at the actuarially determined rate do not necessarily guarantee benefit security. City of Boynton Beach Pension Plan for General Employees 4 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures Ian Maturity Measures Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying few benefits may experience little investment risk. An older plan with a large number of members in pay status and a significant trust may be much more exposed to investment risk. Generally accepted plan maturity measures include the following: 2022 2021 Ratio of the net market value of assets to total payroll 6.7 8.3' Ratio of the actuarial accrued liability to payroll 8.0 8.0 Ratio of actives to retirees and beneficiaries 0.9 0.9' Ratio of net cash flow to net market value of assets(Net of DROPr and Elective Benefits); -2.6 -1.4 Duration of the actuarial accrued`liability 12.7 12.6 Ratio r Value of Assets to Payroll The relationship between assets and payroll is a useful indicator of the potential volatility of contributions. For example, if the market value of assets is 2.0 times the payroll, a return on assets 5%different than assumed would equal 10%of payroll. A higher(lower) or increasing(decreasing) level of this maturity measure generally indicates a higher(lower)or increasing (decreasing)volatility in plan sponsor contributions as a percentage of payroll. Ratio crit Accrued Liability ayr II The relationship between actuarial accrued liability and payroll is a useful indicator of the potential volatility of contributions for a fully funded plan. A funding policy that targets a funded ratio of 100%is expected to result in the ratio of assets to payroll and the ratio of liability to payroll converging over time. The ratio of liability to payroll may also be used as a measure of sensitivity of the liability itself. For example, if the actuarial accrued liability is 2.5 times the payroll, a change in liability 2%other than assumed would equal 5%of payroll. A higher(lower)or increasing (decreasing) level of this maturity measure generally indicates a higher(lower) or increasing (decreasing)volatility in liability(and also plan sponsor contributions) as a percentage of payroll. Ratio civs to Retirees and Beneficiaries A young plan with many active members and few retirees will have a high ratio of active to retirees. A mature open plan may have close to the same number of actives to retirees resulting in a ratio near 1.0. A super-mature or closed plan may have significantly more retirees than actives resulting in a ratio below 1.0. Ratio Cash Flow to MarketValue of Assets A positive net cash flow means contributions exceed benefits and expenses.A negative cash flow means existing funds are being used to make payments. A certain amount of negative net cash flow is generally City of Boynton Beach Pension Plan for General Employees 5 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures expected to occur when benefits are prefunded through a qualified trust. Large negative net cash flows as a percent of assets may indicate a super-mature plan or a need for additional contributions. Duration of Actuarial Accrued Liability The duration of the actuarial accrued liability may be used to approximate the sensitivity to a 1%change in the assumed rate of return. For example, duration of 10 indicates that the liability would increase approximately 10% if the assumed rate of return were lowered 1%. Additional Risk Assessment Additional risk assessment is outside the scope of the annual actuarial valuation. Additional assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests, and a comparison of the present value of accrued benefits at low-risk discount rates with the actuarial accrued liability. City of Boynton Beach Pension Plan for General Employees 6 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures VALUATION RESULTS PARTICIPANT DATA October 1,2022 October 1,2021 ACTIVE MEMBERS Number 392 410 Covered Annual Payroll $ 26,180,385 $ 25,343,822 Average Annual Payroll $ 66,787 $ 61,814 Average Age 44.3 44.5 Average Past Service 7.5 7.9 Average Age at Hire 36.8 36.6 RETIREES & BENEFICIARIES & DROP Number 449 458 Annual Benefits $ 12,892,412 $ 12,664,572 Average Annual Benefit $ 28,714 $ 27,652 Average Age 69.6 70.0 DISABILITY RETIREES Number 0 1 Annual Benefits $ 0 $ 5,717 Average Annual Benefit $ 0 $ 5,717 Average Age 0.0 81.3 TERMINATED VESTED MEMBERS Number 66 57 Annual Benefits $ 1,342,049 $ 1,016,635 Average Annual Benefit $ 20,334 $ 17,836 Average Age 49.0 49.6 City of Boynton Beach Pension Plan for General Employees 7 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures ACTUARIALLY DETERMINED EMPLOYER CONTRIBUTION (ADEC) A. Valuation Date October 1, 2022 October 1, 2022 October 1, 2021 After Changes Before Changes B. ADEC to Be Paid During Fiscal Year Ending 9/30/2024 9/30/2024 9/30/2023 C. Assumed Date of Employer Contrib. 10/1/2023 10/1/2023 10/1/2022 D.Annual Payment to Amortize Unfunded Actuarial Liability $ 2,857,867 $ 2,650,959 $ 3,055,945 E. Employer Normal Cost 2,464,757 2,371,299 2,303,748 F. ADEC if Paid on the Valuation Date: D+E 5,322,624 5,022,258 5,359,693 G.ADEC Adjusted for Frequency of 5,322,624 5,022,258 5,359,693 Payments H.ADEC as%of Covered Payroll 20.33 % 19.18 % 21.15 I. Assumed Rate of Increase in Covered Payroll to Contribution Year 2.80 % 2.80 % 2.80 J. Covered Payroll for Contribution Year 26,913,436 26,913,436 26,053,449 K. ADEC for Contribution Year: H x J 5,471,502 5,161,997 5,510,304 L. ADEC as%of Covered Payroll in Contribution Year: K-J 20.33 % 19.18 % 21.15 City of Boynton Beach Pension Plan for General Employees 8 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures ACTUARIAL VALUE OF BENEFITS AND ASSETS A. Valuation Date October 1, 2022 October 1, 2022 October 1, 2021 After Changes Before Changes B. Actuarial Present Value of All Projected Benefits for 1. Active Members a. Service Retirement Benefits $ 76,821,332 $ 75,281,349 $ 78,402,299 b. Vesting Benefits 9,935,914 9,685,493 9,348,288 c. Disability Benefits - - - d. Preretirement Death Benefits 1,159,790 1,137,544 1,144,877 e. Return of Member Contributions 588,049 587,346 526,079 f.Total 88,505,085 86,691,732 89,421,543 2. Inactive Members a. Service Retirees&Beneficiaries 139,595,529 138,256,641 134,554,992 b. Disability Retirees - - 43,774 c.Terminated Vested Members 10,523,516 10,371,302 7,556,968 d. Total 150,119,045 148,627,943 142,155,734 3. Total for All Members 238,624,130 235,319,675 231,577,277 C. Actuarial Accrued (Past Service) Liability 208,522,956 206,087,014 203,796,111 D. Actuarial Value of Accumulated Plan Benefits per FASB No. 35 195,531,055 193,336,095 191,460,725 E. Plan Assets 1. Market Value 174,396,267 174,396,267 210,170,439 2. Actuarial Value 196,737,436 196,737,436 192,691,007 F. Unfunded Actuarial Accrued Liability 11,785,520 9,349,578 11,105,104 G. Actuarial Present Value of Projected Covered Payroll 193,840,187 192,752,307 183,480,876 H. Actuarial Present Value of Projected Member Contributions 13,568,814 13,492,662 12,843,662 I. Accumulated Contributions of Active 10,636,411 10,636,411 11,505,959 Members J. Funded Ratio: E2/C 94.3% 95.5% 94.6% City of Boynton Beach Pension Plan for General Employees 9 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures CALCULATION OF EMPLOYER NORMAL COST A. Valuation Date October 1, 2022 October 1, 2022 October 1, 2021 After Changes Before Changes B. Normal Cost for 1. Service Retirement Benefits $ 3,155,451 $ 3,081,730 $ 2,987,133 2. Vesting Benefits 758,533 739,508 708,146 3. Disability Benefits - - - 4. Preretirement Death Benefits 61,847 60,537 58,323 5. Return of Member Contributions 167,989 168,587 163,167 6. Total for Future Benefits 4,143,820 4,050,362 3,916,769 7. Assumed Amount for Administrative Expenses 153,564 153,564 161,047 8. Total Normal Cost 4,297,384 4,203,926 4,077,816 C. Expected Member Contribution 1,832,627 1,832,627 1,774,068 D. Employer Normal Cost: B&C 2,464,757 2,371,299 2,303,748 E. Employer Normal Cost as%of Covered Payroll 9.41 % 9.06 % 9.09 City of Boynton Beach Pension Plan for General Employees 10 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY Original UAAL Current UAAL Date Years After Changes Before Changes Established Source Amount Remaining Amount Payment Payment 10/1/21 Method Change; All Bases Combined $ 11,105,104 3 $ 6,700,943 $ 2,379,964 $ 2,382,098 10/1/22 Experience (Gain)/Loss 2,648,635 15 2,648,635 267,404 268,861 10/1/22 Assumption Changes 2,435,942 20 2,435,942 210,499 N/A $ 16,189,681 $ 11,785,520 $ 2,857,867 $ 2,650,959 Amortization Schedule The UAAL is being amortized as a level dollar amount over the number of years remaining in the amortization period. The expected amortization schedule is as follows: Amortization Schedule Year Expected UAAL 2022 $ 11,785,520 2023 9,525,811 2024 7,114,696 2025 4,542,037 2026 4,336,431 2027 4,117,049 2032 2,778,950 2037 928,359 2042 - City of Boynton Beach Pension Plan for General EmployeesQp 11 Actuarial Valuation as of October 1,2022 and Actuarial Disclosures ACTUARIAL GAINS AND LOSSES The assumptions used to anticipate mortality, employment turnover, investment income, expenses, salary increases, and other factors have been based on long range trends and expectations. Actual experience can vary from these expectations. The variance is measured by the gain and loss for the period involved. If significant long term experience reveals consistent deviation from what has been expected and that deviation is expected to continue,the assumptions should be modified. The net actuarial gain (loss)for the past year is computed as follows: 1. Last Year's UAAL $ 11,105,104 2. Last Year's Employer Normal Cost 2,303,748 3. Last Year's Contributions 7,134,561 4. Interest at the Assumed Rate on: a. 1 and 2 for one year 911,802 b. 3 from dates paid 485,150 c. a - b 426,652 5. This Year's Expected UAAL 1+ 2- 3 +4c 6,700,943 6. This Year's Actual UAAL(Before any changes in benefits or assumptions) 9,349,578 7. Net Actuarial Gain (Loss): (5)- (6) (2,648,635) 8. Gain (Loss)due to investments (4,680,414) 9. Gain (Loss)due to other sources 2,031,779 City of Boynton Beach Pension Plan for General Employees 12 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures Actuarial Gain (+) or Loss (-) $20 $20 $15 $15 $10 $10 $5 $5 $0 $0 0 0 _ -$5 -$5 -$10 -$10 -$15 -$15 -$20 -$20 -$25 -$25 -$30 -$30 �.N o �C, foo 1oti , foo Dov 1tio �titi �ti o � hyo �titi 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Plan Year End Gain or LosstCumulative City of Boynton Beach Pension Plan for General Employees 13 Actuarial Valuation as of October 1,2022 and Actuarial Disclosures The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is important that they are in line with the actual experience. The following table shows the actual fund earnings and salary increase rates compared to the assumed rates for the last several years: Investment Return Salary Increases Year Ending Actual Assumed Actual Assumed 12/31/1988 10.8 % 8.0 % 6.7 % 6.5 % 12/31/1989 17.4 8.0 8.8 6.5 9/30/1990 (9 mos.) (2.3) 8.0 11.0 6.5 9/30/1991 9.9 8.0 10.3 7.5 9/30/1992 9.5 8.0 5.3 7.9 9/30/1993 11.0 8.0 2.5 7.9 9/30/1994 8.0 8.0 5.8 7.9 9/30/1995 9.3 8.0 3.6 7.9 9/30/1996 9.4 8.0 2.4 7.4 9/30/1997 13.3 8.0 4.3 7.4 9/30/1998 14.5 8.0 8.0 7.4 9/30/1999 13.2 8.0 4.8 7.4 9/30/2000 12.3 8.0 10.8 7.3 9/30/2001 3.9 8.0 8.0 5.6 9/30/2002 0.2 8.0 4.4 5.6 9/30/2003 0.8 8.0 7.1 5.6 9/30/2004 0.5 8.0 8.1 5.6 9/30/2005 6.2 8.0 4.5 5.6 9/30/2006 9.7 8.0 14.8 5.6 9/30/2007 9.3 8.0 5.8 5.6 9/30/2008 4.6 8.0 5.7 5.4 9/30/2009 0.1 8.0 4.8 5.4 9/30/2010 4.3 8.0 (0.7) 5.4 9/30/2011 2.8 8.0 3.9 5.3 9/30/2012 4.5 8.0 (2.0) 5.3 9/30/2013 6.9 8.0 2.0 5.3 9/30/2014 12.1 7.5 3.5 2.8 9/30/2015 6.7 7.5 2.5 2.8 9/30/2016 7.6 7.5 5.2 2.8 9/30/2017 8.4 7.4 6.7 5.3 9/30/2018 8.6 7.3 2.6 5.2 9/30/2019 7.3 7.18 5.7 5.2 9/30/2020 8.1 7.08 5.5 5.3 9/30/2021 9.7 6.90 5.7 5.3 9/30/2022 4.6 6.80 10.9 6.0 Averages 7.5 % --- 5.7 % --- The actual investment return rates shown above are based on the actuarial value of assets. The actual salary increase rates shown above are the increases received by those active members who were included in the actuarial valuation both at the beginning and the end of each period. City of Boynton Beach Pension Plan for General Employees 14 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures History of Investment Return Based on Actuarial Value of Assets 20% 20% 15% 15 10% 10% 5% 5% 0% 0% -5% -5 b 'bb 0,,00 0,o ��o� Cho ��o� C�� Citi Citi Citi Citi ��tio -),"ti Plan Year End Actual *Assumed History of Salary Increases 16% 16% 14% 14% 12% 12 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% -2% -2 -4% -4 Coo o5�� C�� Cie ��o� Cho Cho oho° Cho ��o� Cly Cly c�ti Citi Citi C�� C�� Plan Year End Compared to Previous Year Actual *Assumed City of Boynton Beach Pension Plan for General Employees 15 Actuarial Valuation as of October 1,2022 and Actuarial Disclosures Actual(A) Compared to Expected (E) Decrements Among Active Employees Number Added Service & Active During DROP Disability Terminations Members Year Year Retirement Retirement Death Vested Other Totals End of Ended A E A E A E A E A A A E Year 9/30/2002 41 48 15 8 0 0 1 0 6 26 32 53 542 9/30/2003 40 45 11 11 0 0 0 1 9 25 34 44 537 9/30/2004 50 77 39 10 0 0 1 1 7 30 37 39 510 9/30/2005 54 53 12 9 0 0 1 1 11 29 40 37 511 9/30/2006 70 56 9 11 0 0 1 1 17 29 46 36 525 9/30/2007 65 50 10 11 0 0 2 1 15 23 38 40 540 9/30/2008 35 49 10 11 0 0 1 1 14 24 38 41 526 9/30/2009 18 34 13 15 0 0 1 1 3 17 20 34 510 9/30/2010 10 41 21 21 0 0 2 1 7 11 18 34 479 9/30/2011 8 92 34 15 0 0 3 1 33 22 55 20 395 9/30/2012 36 44 16 14 0 0 1 1 9 18 27 14 387 9/30/2013 52 53 19 13 0 0 1 1 14 19 33 20 386 9/30/2014 39 46 15 15 0 0 1 1 12 18 30 26 379 9/30/2015 62 65 24 16 0 0 2 1 9 30 39 25 376 9/30/2016 54 58 19 8 0 0 1 1 10 28 38 31 372 9/30/2017 66 55 18 13 0 0 1 1 7 29 36 31 383 9/30/2018 35 46 14 10 0 0 0 1 7 25 32 33 372 9/30/2019 44 50 17 11 0 0 0 1 8 25 33 28 366 9/30/2020 87 45 15 12 0 0 1 1 7 22 29 29 408 9/30/2021 82 80 20 14 0 0 1 0 11 48 59 45 410 9/30/2022 74 92 18 13 0 0 0 0 18 56 74 45 392 9/30/2023 9 0 0 44 21 Yr Totals * 1022 1179 369 261 0 0 22 18 234 554 788 705 * Totals are through current Plan Year only. City of Boynton Beach Pension Plan for General Employees 16 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures Cumulative Gains and Losses (1311 Check) Cumulative Actuarial Gains(Losses) Balance at Year Ending Beginning Gain (Loss) Balance at 9/30 of Year for Year 13th Check End of Year 2001 (5,127,867) 0 (5,127,867) 2002 (5,127,867) (4,227,408) 0 (9,355,275) 2003 (9,355,275) (5,398,187) 0 (14,753,462) 2004 (14,753,462) (4,994,196) 229,585 (19,977,242) 2005 (19,977,242) (1,174,319) 0 (21,151,561) 2006 (21,151,561) (2,594,867) 0 (23,746,428) 2007 (23,746,428) 1,095,313 0 (22,651,115) 2008 (22,651,115) (4,187,334) 0 (26,838,449) 2009 (26,838,449) (7,545,634) 0 (34,384,083) 2010 (34,384,083) 390,808 0 (33,993,275) 2011 (33,993,275) (4,879,520) 0 (38,872,795) 2012 (38,872,795) (644,791) 0 (39,517,586) 2013 (39,517,586) 321,148 0 (39,196,438) 2014 (39,196,438) (486,050) 0 (39,682,488) 2015 (39,682,488) 3,180,306 0 (36,502,182) 2016 (36,502,182) (1,992,792) 0 (38,494,974) 2017 (38,494,974) 1,037,851 0 (37,457,123) 2018 (37,457,123) 2,345,780 0 (35,111,343) 2019 (35,111,343) 27,302 0 (35,084,041) 2020 (35,084,041) 2,187,129 0 (32,896,912) 2021 (32,896,912) 3,972,439 0 (28,924,473) 2022 (28,924,473) (2,648,635) 0 (31,573,108) Note: The 13th check provision was enacted by Ordinance No. 02-026. The first year that the 13th check was based on is the year ended 9/30/2001. City of Boynton Beach Pension Plan for General Employees 17 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures 00 r-I v v L O 0 — p L h L c �" u 4) 0 \ Ln O � +O+ L0 �t n r-I 'ct M m O I- n M M M r-I N 'ct l0 m N LD m Ln ri LO O1 O1 o 0) LD N LD 0) r-I LL 1 Lo ml, 000Ln a) riLnl, m Zt0000riN ririmmLn :tooa) rioo LomLnrnN I, o 4 m co E I: 1: 000000 000) 0) 0000 Il � � rlrl rlrlrlrlrl rlrlrl0000 00oioioi6 0ooioi aL) Lu Z 7 C7 v La o � c J a) -.o 0om :t I, mLo Ln l� I�rno0om Horn Ln Ln I, ooN I, Lo ri Lnm Ln r%4 NLn L0 m rl rn Ict o 00 r, rn rn 4 N Zt Ln ri N Ln ri Lo ri Lo Zt rn Ln N ri ri oo �4 Ln O o0 cJ Q O N ri O Lo Ili m o0 00 m 00 O m m O N Ln 00 I� ri Ln rn Ln Lo N I� C N ri a N O Q LL 00 n l0 m N r-I N m n m O N Lfl t 00 O 0)� 'ct l0'ct 00 O 00'ct N n r-I r-I C O w Q "" r-I N N N N N m N m m m m N m N N N r-I r-I r-I O N C en r I � C d G U W O I, r-I r, O1 Ln O r-I r-I O1 O1 Ln r-I m Ln 00 N Ln LD Ln 00 I, O1 Ict O1 N LD m a) O 'O ++ Il m 00 LD 00 m Ol N Ict 00 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n oo O1 O r-I N m 'ct Ln l0 n oo O1 o ri N m �t Ln l0 n oo O1 O r-I N O 0 y O1 O1 0) 0) 0) 0) 0) O1 O1 O1 O O O O O O O O O O r-I r-I ri ri ri ri ri ri ri ri N N N Z \\\\\ \\\\\ \\\\\ \\\\\ \\\\\ \\\\\ \\\ LOf�6 r-Ir- r-Ir- r-Ir- r-Ir- r-Ir- r-Ir- r-Ir- r-Ir- r-Ir- r-Ir- r-Ir-Irrrrrrrrrrri ri ri ri ri ri ri rrrrrrrrrrrri ri ri ri 0 0 00OOO O O O O O O O O O O O O O O O O O O O O O O O O O O O O r-I r-I r-I r-I r-I ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS Valuation Applies to Fiscal Required Employer Contribution Year Ending Amount %of Payroll Actual Contribution 1/1/89 9/30/90 $ 1,184,478 10.50 / $ 1,184,478 1/1/90 9/30/91 1,249,624 10.50 1,291,072 10/1/90 9/30/91 1,503,350 11.17 1,503,350 10/1/91 9/30/92 1,551,773 10.93 1,551,773 10/1/92 9/30/93 1,611,251 11.49 1,611,251 10/1/93 9/30/94 1,539,169 10.91 1,539,169 10/1/94 9/30/95 1,505,804 10.20 1,505,804 10/1/95 9/30/96 1,339,622 8.95 1,339,622 10/1/96 9/30/97 1,168,158 7.81 1,180,810 10/1/97 9/30/98 1,069,863 7.02 1,069,863 10/1/98 9/30/99 952,994 5.68 952,994 10/1/99 9/30/00 686,732 3.82 686,732 10/1/00 9/30/01 595,970 3.03 595,970 10/1/01 9/30/02 1,039,900 4.88 1,039,900 10/1/02 9/30/03 1,542,574 7.37 1,542,574 10/1/03 9/30/04 2,243,356 10.20 2,243,356 10/1/04 9/30/05 2,851,454 13.44 2,851,454 10/1/05 9/30/06 2,805,595 12.91 2,805,595 10/1/06 9/30/07 3,584,452 14.37 3,584,452 10/1/07 9/30/08 3,909,961 14.70 3,909,961 10/1/08 9/30/09 4,800,411 17.24 4,800,411 10/1/09 9/30/10 5,415,919 19.22 5,415,919 10/1/09 9/30/11 4,694,544 18.43 4,694,545 10/1/10 9/30/12 4,502,590 19.40 4,502,590 10/1/11 9/30/13 6,630,714 27.80 6,630,714 10/1/12 9/30/14 6,780,773 31.35 6,780,773 10/1/13 9/30/15 7,273,067 33.43 7,273,068 10/1/14 9/30/16 7,608,338 33.99 7,615,053 10/1/15 9/30/17 6,951,693 32.24 6,951,693 10/1/16 9/30/18 7,110,298 33.55 7,110,298 10/1/17 9/30/19 7,320,463 32.34 7,320,463 10/1/18 9/30/20 7,289,319 32.61 7,289,319 10/1/19 9/30/21 7,468,676 32.80 7,468,676 10/1/20 9/30/22 7,134,561 28.08 7,134,561 10/1/21 9/30/23 5,510,304 21.15 na 10/1/22 9/30/24 5,471,502 20.33 na City of Boynton Beach Pension Plan for General Employees 19 QpActuarial Valuation as of October 1,2022 and Actuarial Disclosures ACTUARIAL ASSUMPTIONS AND COST METHOD Valuation Methods Actuarial Cost Method- Normal cost and the allocation of benefit values between service rendered before and after the valuation date were determined using an Individual Entry-Age Actuarial Cost Method having the following characteristics: (i) the annual normal cost for each individual active member, payable from the date of employment to the date of retirement, is sufficient to accumulate the value of the member's benefit at the time of retirement; (ii) each annual normal cost is a constant percentage of the member's year by year projected covered pay. Actuarial gains/(losses), as they occur, reduce (increase)the Unfunded Actuarial Accrued Liability. Financing of Unfunded Actuarial Accrued Liabilities- Unfunded Actuarial Accrued Liabilities (full funding credit if assets exceed liabilities)were amortized as a level (principal & interest combined) dollar amount over a prescribed period of future years. Actuarial Value of Assets-The Actuarial Value of Assets phase in the difference between the expected investment earnings and actual investment earnings at the rate of 20% per year. The Actuarial Value of Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80% of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan assets. During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than assumed rate, Actuarial Value of Assets will tend to be greater than Market Value. Valuation Assumptions The actuarial assumptions used in the valuation are shown in this Section. Economic Assumptions The investment return rate assumed in the valuation is 6.70% per year, compounded annually (net after investment expenses). This rate was 6.80%in the previous valuation. The Inflation Rate assumed in this valuation was 2.5% per year.The Inflation Rate is defined to be the expected long-term rate of increases in the prices of goods and services. The assumed real rate of return over inflation is defined to be the portion of total investment return that is more than the assumed inflation rate. Considering other economic assumptions,the 6.70% investment return rate translates to an assumed real rate of return over inflation of 4.20%. City of Boynton Beach Pension Plan for General Employees 20 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures The rates of salary increase used for individual members are in accordance with the following table below and are based on the Experience Study dated November 18, 2020. Part of the assumption is for productivity, merit and/or seniority increases, and 2.5% recognizes inflation. Increase in Salary Years of Merit and Base Service Seniority (Economic) Total increase 1-2 5.60% 2.50% 8.10% 3 4.00% 2.50% 6.50% 4-7 2.60% 2.50% 5.10 8-14 2.05% 2.50% 4.55% 15-19 1.50% 2.50% 4.00% 20+ 0.75% 2.50% 3.25 Demographic Assumptions The mortality table is the PUB-2010 Headcount Weighted General Below-Median Employee Mortality Table (for pre-retirement mortality) and the PUB-2010 Headcount Weighted General Below-Median Healthy Retiree Mortality Table (for postretirement mortality), with separate rates for males and females and mortality improvements projected to all future years after 2010 using Scale MP-2018. For males,the base mortality rates are set back one year.These are the same rates in use for Regular (other than K-12 School Instructional Personnel) members of the Florida Retirement System (FRS) in their July 1, 2021 Actuarial Valuation. Florida Statutes Chapter 112.63(1)(f) mandates the use of the mortality tables used in either of the two most recently published actuarial valuation reports of FRS. The following tables present postretirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of each benefit payment being made after retirement. Healthy Postretirement Mortality Sample Probability of Future Life Attained Dying Next Year Expectancy(years) Ages(in 2022) Men Women Men Women 50 0.19 % 0.58 % 33.24 37.04 55 0.95 0.57 28.87 32.59 60 1.13 0.59 24.77 28.04 65 1.29 0.68 20.70 23.46 70 1.79 1.08 16.68 18.98 75 2.84 1.87 12.97 14.79 80 4.78 3.38 9.68 11.03 City of Boynton Beach Pension Plan for General Employees 21 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures The following tables present pre-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of active members dying prior to retirement. Healthy Pre-Retirement Mortality Sample Probability of Future Life Attained Dying Next Year Expectancy(years) Ages(in 2022) Men Women Men Women 50 0.19 % 0.11 % 37.80 40.34 55 0.30 0.17 32.79 35.21 60 0.46 0.26 27.93 30.18 65 0.65 0.37 23.24 25.25 70 0.90 0.56 18.68 20.43 75 1.34 0.93 14.24 15.74 80 2.11 1.56 9.94 11.23 For disabled retirees, the mortality table is the PUB-2010 Headcount Weighted General Disabled Retiree Table with ages set forward 3 years for males and females,with no provision being made for future mortality improvements.These are the same rates in use for Regular(other than K-12 School Instructional Personnel) members of FRS in the July 1, 2021 FRS Actuarial Valuation. Disabled Mortality Sample Probability of Future Life Attained Dying Next Year Expectancy(years) Ages(in 2022) Men Women Men Women 50 2.02 % 1.64 % 20.99 23.92 55 2.53 1.91 18.18 20.88 60 3.08 2.27 15.50 17.88 65 3.93 2.83 12.94 14.91 70 5.08 3.79 10.53 12.07 75 6.98 5.46 8.29 9.45 80 10.12 8.31 6.33 7.19 City of Boynton Beach Pension Plan for General Employees 22 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures The rates of retirement used to measure the probability of eligible members retiring during the next year were as follows and are based on the Experience Study dated November 18, 2020. Early Retirement Normal Retirement Retirement Years of Percent Retirement Years of Percent Age Service Retiring Age Service Retiring 52-54 25 - 29 15% Under 55 30&Over 100% 55-60 10- 14 3% 55 25 - 29 90% 15 - 24 8% 30&Over 100% 61 10- 24 20% 56- 61 25 80 26-29 50% 30&Over 100% 62 &Over 5 60% 62 6- 11 20 12 &Over 70% 63 - 65 6- 9 20% 10&Over 30% 66- 68 6&Over 40 69 6- 29 70% 30&Over 100% 70&Over 6&Over 100% Rates of separation from active membership were as shown below (rates do not apply to members eligible to retire and do not include separation on account of death) and are based on the Experience Study dated November 18, 2020. This assumption measures the probabilities of members separating from employment for reasons other than death or retirement. Sample Years of Percent Separating within Ages Service Next Year ALL 0 30.0% 1 24.0 2 13.5 3 10.0 4 10.0 5-6 8.0 7-9 6.0 Under 40 10&Over 6.0 40-44 4.0 45 &Over 3.0 City of Boynton Beach Pension Plan for General Employees 23 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures Miscellaneous and Technical Assumptions Administrative& The investment return assumption is intended to be the return net of Investment Expenses investment expenses. Annual administrative expenses are assumed to be the same as last year's actual non-investment expenses. Assumed administrative expenses are added to the Normal Cost. Benefit Service Exact fractional service is used to determine the amount of benefit payable. Decrement Operation Mortality decrements operate during retirement eligibility. Decrement Timing Decrements of all types are assumed to occur at the beginning of the year. DROP Liability Load A 0.9% load on Normal Retirement liabilities and a 2.0% load on DROP balances are applied to value additional liabilities resulting from a 7.0% guaranteed interest crediting rate in the DROP (with an assumed rate of return in the Plan of 6.7%). In the previous valuation, a 0.6%load on Normal Retirement liabilities and a 1.2%load on DROP balances were applied(for an assumed rate of return in the Plan of 6.8%). Eligibility Testing Eligibility for benefits is determined based upon the age nearest birthday and service nearest whole year on the date the decrement is assumed to occur. Forfeitures For vested separations from service, it is assumed that 0%of members separating will withdraw their contributions and forfeit an employer financed benefit. It was further assumed that the liability at termination is the greater of the vested deferred benefit (if any) or the member's accumulated contributions. Incidence of Contributions Employer contributions are assumed to be made at the beginning of the fiscal year. Member contributions are assumed to be received continuously throughout the year based upon the computed percent of payroll shown in this report, and the actual payroll payable at the time contributions are made. Liability Load Projected retirement benefits are loaded by a unique amount for each member to allow for the inclusion of unused sick and vacation pay in final average earnings.These individual loads are based on the number of hours of unused sick and vacation reported for each member as of June 17, 2013. Marriage Assumption 100%of males and 100%of females are assumed to be married for purposes of death-in-service benefits. Male spouses are assumed to be three years older than female spouses for active member valuation purposes. City of Boynton Beach Pension Plan for General Employees 24 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures Normal Form of Benefit A life annuity is the normal form of benefit. Pay Increase Timing Middle of fiscal year.This is equivalent to assuming that reported pays represent amounts paid to members during the year ended on the valuation date. Service Credit Accruals It is assumed that members accrue one year of service credit per year. City of Boynton Beach Pension Plan for General Employees 25 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures GLOSSARY Actuarial Accrued Liability The difference between the Actuarial Present Value of Future Benefits, (AAL) and the Actuarial Present Value of Future Normal Costs. Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities, such as: mortality,withdrawal, disablement, and retirement; future increases in salary; future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members; and other items. Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability. Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. Actuarial Present Value The amount of funds required to provide a payment or series of payments (APV) in the future. It is determined by discounting the future payments with an assumed interest rate and with the assumed probability each payment will be made. Actuarial Present Value of The Actuarial Present Value of amounts which are expected to be paid at Future Benefits(APVFB) various future times to active members, retired members, beneficiaries receiving benefits, and inactive, non retired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. Actuarial Valuation The determination, as of a valuation date, of the Normal Cost,Actuarial Accrued Liability,Actuarial Value of Assets, and related Actuarial Present Values for a plan.An Actuarial Valuation for a governmental retirement system typically also includes calculations of items needed for compliance with GASB. Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year-to-year volatility of calculated results, such as the funded ratio and the actuarially determined employer contribution (ADEC). City of Boynton Beach Pension Plan for General Employees 26 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures Actuarially Determined The employer's periodic required contributions, expressed as a dollar Employer Contribution amount or a percentage of covered plan compensation, determined (ADEQ under GASB. The ADEC consists of the Employer Normal Cost and Amortization Payment. Amortization Method A method for determining the Amortization Payment.The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method,the Amortization Payment is one of a stream of payments, all equal,whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method,the Amortization Payment is one of a stream of increasing payments,whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method,the stream of payments increases at the rate at which total covered payroll of all active members is assumed to increase. Amortization Payment That portion of the plan contribution or ADEC which is designed to pay interest on and to amortize the Unfunded Actuarial Accrued Liability. Amortization Period The period used in calculating the Amortization Payment. Closed Amortization Period A specific number of years that is reduced by one each year, and declines to zero with the passage of time. For example if the amortization period is initially set at 30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc. Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is equal to the Normal Cost less expected member contributions. Equivalent Single For plans that do not establish separate amortization bases (separate Amortization Period components of the UAAL),this is the same as the Amortization Period. For plans that do establish separate amortization bases,this is the period over which the UAAL would be amortized if all amortization bases were combined upon the current UAAL payment. Experience Gain/Loss A measure of the difference between actual experience and that expected based upon a set of Actuarial Assumptions, during the period between two actuarial valuations.To the extent that actual experience differs from that assumed, Unfunded Actuarial Accrued Liabilities emerge which may be larger or smaller than projected. Gains are due to favorable experience, e.g.,the assets earn more than projected, salaries do not increase as fast as assumed, members retire later than assumed, etc. Favorable experience means actual results produce actuarial liabilities not as large as projected by the actuarial assumptions. On the other hand, losses are the result of unfavorable experience, i.e., actual results that produce Unfunded Actuarial Accrued Liabilities which are larger than projected. Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability. City of Boynton Beach Pension Plan for General Employees 27 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures GASB Governmental Accounting Standards Board. GASB No. 68 and These are the governmental accounting standards that set the accounting GASB No. 67 rules for public retirement systems and the employers that sponsor or contribute to them. Statement No. 68 sets the accounting rules for the employers that sponsor or contribute to public retirement systems,while Statement No. 67 sets the rules for the systems themselves. Normal Cost The annual cost assigned, under the Actuarial Cost Method,to the current plan year. Open Amortization Period An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years,the same 30-year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability,the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. Unfunded Actuarial Accrued The difference between the Actuarial Accrued Liability and Actuarial Value Liability of Assets. Valuation Date The date as of which the Actuarial Present Value of Future Benefits are determined.The benefits expected to be paid in the future are discounted to this date. City of Boynton Beach Pension Plan for General Employees 28 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures PENSION FUND INFORMATION STATEMENT OF PLAN ASSETS September 30 Item 2022 2021 A. Cash and Cash Equivalents(Operating Cash) $ - $ - B. Receivables: 1. Member Contributions $ - $ - 2. Employer Contributions - - 3. Investment Income and Other Receivables 1,249,620 145,371 4. Prepaid Expenses 963,129 8,513 5. Total Receivables $ 2,212,749 $ 153,884 C. Investments 1. Short Term Investments $ 2,114,909 $ 3,281,956 2. Domestic Equities 135,436,636 175,532,746 3. International Equities - - 4. Domestic Fixed Income 11,622,803 14,094,049 5. International Fixed Income - - 6. Real Estate 44,510,863 37,071,600 7. Private Equity - - 8. Total Investments $ 193,685,211 $ 229,980,351 D. Liabilities 1. Benefits Payable $ - $ - 2. Accrued Expenses and Other Payables - (70,426) 3. Accounts Payable (341,801) (327,704) 4. Due to Brokers (609,705) (562,822) 5. Total Liabilities $ (951,506) $ (960,952) E. Total Market Value of Assets Available for Benefits $ 194,946,454 $ 229,173,283 F. Reserves 1. Elective Benefits $ (322,374) $ (346,172) 2. DROP Accounts (20,227,813) (18,656,672) 3. Total Reserves $ (20,550,187) $ (19,002,844) G. Market Value Net of Reserves $ 174,396,267 $ 210,170,439 H. Allocation of Investments 1. Short Term Investments 1.1% 1.5% 2. Domestic Equities 69.9% 76.3% 3. International Equities 0.0% 0.0% 4. Domestic Fixed Income 6.0% 6.1% 5. International Fixed Income 0.0% 0.0% 6. Real Estate 23.0% 16.1% 7. Private Equity 0.0% 0.0% 8. Total Investments 100.0% 100.0% City of Boynton Beach Pension Plan for General Employees 29 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures RECONCILIATION OF PLAN ASSETS September 30 Item 2022 2021 A. Market Value of Assets at Beginning of Year $ 229,173,283 $ 194,072,809 B. Revenues and Expenditures 1. Contributions a. Employee Contributions $ 1,878,542 $ 1,789,284 b. Employer Contributions 7,134,561 7,468,676 c. State Contributions - - d. Other Income - - e. Total $ 9,013,103 $ 9,257,960 2. Investment Income a. Interest, Dividends,and Other Income $ 4,135,286 $ 3,623,604 b. Realized Gains(Losses) 6,641,503 6,936,907 c. Unrealized Gains (Losses) (39,840,423) 28,409,197 d. Investment Expenses (943,107) (907,403) e. Net Investment Income $ (30,006,741) $ 38,062,305 3. Benefits and Refunds a. Refunds $ (412,986) $ (369,098) b. Regular Monthly Benefits (10,907,600) (10,418,067) c. DROP Distribution (1,759,041) (1,271,579) d. Total $ (13,079,627) $ (12,058,744) 4. Administrative and Miscellaneous Expenses $ (153,564) $ (161,047) C. Market Value of Assets at End of Year $ 194,946,454 $ 229,173,283 D. Reserves 1. Elective Benefits $ (322,374) $ (346,172) 2. DROP Accounts (20,227,813) (18,656,672) 3. Total Reserves $ (20,550,187) $ (19,002,844) E. Market Value Net of Reserves $ 174,396,267 $ 210,170,439 City of Boynton Beach Pension Plan for General Employees 30 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures RECONCILIATION OF DROP ACCOUNTS Value at beginning of year $ 18,656,672 Adjustments to beginning of the year balance + 211,073 Payments credited to accounts + 1,827,233 Investment Earnings credited + 1,291,876 Withdrawals from accounts - 1,759,041 Value at end of year 20,227,813 City of Boynton Beach Pension Plan for General Employees 31 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures N M i i i i i o i i i i i i M M i i i i i i i o 0 0 en en O p p O O O v v Lr! N N O O O N i N O O O O O 0 0 O O O O N D1 D1 —u W p i i i i i o i i i i i M � dl i i i i i i i o 0 o a1 i O C Ln u1 rl tD 1.n O O O C7 u N O M tD O O O L Q O O 00 r1 N m 00 O 00 m m N i i i i i o i i i i M lD dl lD i i i i i i i o 0 o O O O p oo 1.n r, O O O N lD D1 O O O C N O M O tDo oo Ln �D O O O D_ N m 00 O u O 00 '1, (O U m 0 � o M lD dl u1 .--I 0 0 0 0 O W O O oo Ln m r, N tD O O O V) N O M O O r, O O O p 0 Q O O 00 Ln m Ln co 4, N M 00 N M o 7 LL 00 r1 Lr p qj)- qj)- q > NJ _ _ _ U — .-I M 00 r1 0 LP1 M lD dl l!'1 r, M LPI M M M lD dl o o o .c0 1.n 1.n oo oo ct O n -A O oo 1.n m Ln -i N ct lD N r1 n M lD O .--1 lD J 00 N O 00 N O N iD O iD r- r-1 iD o0 M lczj -1 iD O 7 Q N M lD M O lD 4 -A O M O O r, O n LPI n n n N n r I 4 M M n N O m O O oo Ln m n oo oo M 1.n oo N N M -A Q N O Ln D1 00 v N ID ID N dl dl N N M n M J N .A m O qct 00 -A I� M LPI n O lD N Q -A M N v M -A v -A M Ln -i N M N N -A N N N -A N .--I I, M m -A Ln o I, 00 lD dl 111 00 00 00 -A O lD -A N N I, N o 0 0 N 00 O M O O n N oo Ln m 1.n oo I, LPI -tt N 1.n I, n O M O dl V D1 N 00 00 M 00 lD O O 00 00 a lD 00 lD .-1 O r� M M a-i M M N -A N M 00 M O O I, 00 I, M n oo M lD lD -j M M M N Q N 00 I, n lD lD r1 00 Ln M n O N m O M m 1.n qct m n m LL N1-1 O D1 O iD o0 N iD M Ln iD O M iD iD M iD qct 0 1.n m � N00 M qct qct -A .--I Ln .--I Ln M .--I 00 N I� M N M M -A N v -A I, 00 -A -A m -A -A N -A N N -A N -A Z O Q aJ 3 m Oa) > LU U- v v n3 Y D v ov > m > ca M _ U N u G W O G _ z w v >- O m m a+ f�Yf C ` i E 4- wO D a *o i C i Q aJ C v +_+ j w (A m 75 � c) c6 O m �j C VN1 a) a) Q aJ m m i � n3 j w W > `� 00 j ate+ C +�-+ Of +-+ O O O N m 0 n3 3 O C 7 a+ OaJ Q o c � aJ ~ ° v O O i v in Q u i i W ° U W aJ O aJ v W co C O Q D v } O O N i " '" m 0_ '+�--+ m O a+ aJ aJ c _0 _0 N O } a .° i 3 M O O > U > y r 7 76 7 7 E +-+ U a� - 0_ t to C u u w aJ tlA M 3 a+ > ca ca n c E E � a o a > E � w � m Q 16 +>-+ +>-+ > +�-+ ° C i OU � 7 +�-+ r v Q � C iNi, iNi, C C f6 a>+ m m Q Q Q Q U ii cn H ° H m d � ° 1i J J LL .m Y G 3 7 i i C aJ cN6 r � 3 i > Q Z w w w w a w w w w LL Q C7 C7 C7 C7 C7 C7 C7 Q Q m (J 6 w LL: INVESTMENT RATE OF RETURN Investment Rate of Return Year Ended Market Value Actuarial Value 12/31/88 NA 10.8 12/31/89 NA 17.4 9/30/90 (9 mos.) NA (2.3) 9/30/91 NA 9.9 9/30/92 NA 9.5 9/30/93 NA 11.0 9/30/94 NA 8.0 9/30/95 NA 9.3 9/30/96 NA 9.4 9/30/97 24.6 % 13.3 9/30/98 8.6 14.5 9/30/99 11.5 13.2 9/30/00 9.8 12.3 9/30/01 (9.4) 3.9 9/30/02 (6.4) 0.2 9/30/03 14.8 0.8 9/30/04 6.9 0.5 9/30/05 10.5 6.2 9/30/06 6.8 9.7 9/30/07 14.3 9.3 9/30/08 (15.0) 4.6 9/30/09 (0.3) 0.1 9/30/10 8.5 4.3 9/30/11 (0.5) 2.8 9/30/12 17.8 4.5 9/30/13 13.7 6.9 9/30/14 10.0 12.1 9/30/15 1.2 6.7 9/30/16 12.3 7.6 9/30/17 11.6 8.4 9/30/18 9.0 8.6 9/30/19 3.4 7.3 9/30/20 6.9 8.1 9/30/21 19.4 9.7 9/30/22 (13.0) 4.6 Average Returns: Last Five Years 4.6 % 7.6 Last Ten Years 7.1 % 8.0 All Years 6.4 % 7.5 City of Boynton Beach Pension Plan for General Employees 33 Actuarial Valuation as of October 1,2022 and Actuarial Disclosures FINANCIAL ACCOUNTING INFORMATION FASB NO. 35 INFORMATION A. Valuation Date October 1, 2022 October 1, 2021 B. Actuarial Present Value of Accumulated Plan Benefits 1. Vested Benefits a. Members Currently Receiving Payments $ 139,595,529 $ 134,598,766 b. Terminated Vested Members 10,523,516 7,556,968 c. Other Members 41,550,688 45,695,079 d. Total 191,669,733 187,850,813 2. Non-Vested Benefits 3,861,322 3,609,912 3. Total Actuarial Present Value of Accumulated Plan Benefits: 1d +2 195,531,055 191,460,725 4. Accumulated Contributions of Active Members 10,636,411 11,505,959 C. Changes in the Actuarial Present Value of Accumulated Plan Benefits 1. Total Value at Beginning of Year 191,460,725 183,135,963 2. Increase (Decrease) During the Period Attributable to: a. Plan Amendment 0 0 b. Change in Actuarial Assumptions 2,194,960 2,085,363 c. Latest Member Data, Benefits Accumulated and Decrease in the Discount Period 15,234,262 18,308,178 d. Benefits Paid (Net basis) (13,358,892) (12,068,779) e. Net Increase 4,070,330 81324,762 3. Total Value at End of Period 195,531,055 191,460,725 D. Market Value of Assets 174,396,267 210,170,439 E. Funded Ratio: D/C3 89.2 % 109.8 F. Actuarial Assumptions- See page entitled Actuarial Assumptions and Methods City of Boynton Beach Pension Plan for General Employees 34 49� Actuarial Valuation as of October 1,2022 and Actuarial Disclosures �t M M 01 01 N 00 M c-I M U1 M 01 01 n <o N 00 M o o c-I M I, O M Ol c-I O N r� 00 00 O M N <o 00 �t n O ^ O N 00 ' Ol ' -t -t O Ol n <0 n 17 ll c-I c-I N rl lr M N ,y M 00 N M l0 00 �t <0 c-I O N M l0 00 U1 I, �t N 01 o0 ri N l0 01 v 01 01 �t 01 N N o0 01 M 01 01 M n 01 n �t 00 01 N O 17 c-I rl v c-I 10 00 rl 00 rlci c-I 01 lzl lzl M <0 N N -1 <o O <o <o o0 O l0 O lf1 lf1 c-I "' c-I c-I M N N c-I c-I -1 c-I u) in in in Ln in M l0 c-I l0 O M 00 N �t -1 U1 00 Ol O 01 00 I, 00 o p o �t 01 �t N O n �t <o N o0 l0 M 01 O n n M �t 00 01 00 O o0 l0 N l0 Il ' lzl M 00 M l0 17 O N n lzl M lf1 rl M O 00 0o c-I 00 Ln Ln 1A �t c-I O 1-1 M c-I O c-I U1 M 01 lf1 M c-I N O N M N ^ I-, 00 N U1 01 00 01 01 01 �t n N 01 n M O Ol Ol �t Ol I, <o M ^ n o0 O N O 17 l0 lc c-I lf1 v n 00 U1 N l0 lf1 v v M 00 rl 17 N N N c-I Ln c-I v M <o O n N O N n 01 0 Ln c-I c-I lf1 I� M M M ci 0 U N Ln W l0 c-I m Ol l0 Ol oo � M Ol m n Ol 00 w U1 r, o r, ( N c-I � M c-I N l0 00 lf1 lf1 l0 M M c-I c-I 00 00 I� n M n M fO � Q M 0 0 M 00 O O O O M N 0 M c N O M Ln M L L l0 O Ol a) -1 l0 00 M lf1 O Ln C c-I ct N M U1 oo oo M U1 O fO Ol Ol Ol O c-I M c-I Ol c-I c-I lf1 lf1 O c-I � l0 l0 N 00 00 01 -1 O y� 17 lc 00 M N M lf1 17 � v l0 M M N rl N 00 l0 c-I -1N 41 Q N N 00 N O N I, ci l0 00 l0 N Ol M O (D Q I� n ci M N N L c-I c-I c-I c-I W in in in in in � c �t 0) ' M Ln I� O M n ci M o0 M I� O Ol 00 lf1 M o0 N M <o N M n lf1 lf1 lf1 c-I M <o n n n M n -1 01 <0 n N O_ N c-I l0 lf1 N N 00 17 17 17 l0 O N N o0 c-I n M c-I I� M O O O W 1, U1 to to 00 0 m -1 � <o -1 O 0 0 0 � oo U1 � N c1 M y 0 N N c-I M O M O M M o0 M U1 N M O M O N M l0 00 N M O 00 O lf1 lc c-I Il Ol l0 17 U1 I� lc v c-I M l0 17 n N !n Q N M N N Ol v N N lf1 l0 c-I I� Ol v <0 Ol U1 mL c-I c-I Il 00 c-I c-I l0 c-I N O O1 Q to to to to to t l0 00 l0 m O m n n 00 00 l0 U1 O m 00 N M U1 M o o O 0 00 00 00 O O M <o n 01 �t U1 O O M Ln l0 O m0 r c-I 01 c-I o0 00 M 0017 17 00 N 00 M o0 Ni rl l0 .-I rl .-I ^ 4-- DO OO lf1 l0 �t O O o0 O o0 l0 U1 O N O O o0 Il <o �t O Ln ,y l0 C 0 J N M N o0 O -1 U1 M O Ol O M lf1 c-I lf1 M o0 M N o0 01 lf1 ^ Ln 0 M O l0 00 00 <0 c-I c-I lf1 N 00 n Ol n M �+ fO W N M M c-I 01 Ol U1 U1 r, c-I Ln Ol M lf1 M lf1 -1 O O Q c-I o0 M 0 0 c-I c-I c-I c-I to to to to to m ++ Z l M N 01 N � 00 � O 00 M M O � 00 0 U1 oo o O O O � O lf1 I, <0 N n M 01 <0 lf1 � lf1 I� O � <0 00 c-I <0 p 00 � O ^ M 01 ' 17 M n 00 l0 I� 00 lf1 � lc c-I I� 00 O l0 rl M N I� Ln +' cn c-I 01 <o U1 m c-I o0 l0 lf1 N O �t U1 M n O o0 �t p N U fO N rl <0 O n �t 01 <o N O O N <o 01 <o �t M N c-I 01 Ol �t M .L O N N N N O M lf1 c-I N N v N I� O O Ol ZO N M N O 01 U1 �t n .--i l0 O 01 �t O .--� W Z Ol O n o0 N N c-I Nc-I c-I U a n a M o0 M m M 00 N �t 00 N Ol I, 00 M 00 00 U1 �t m M 010, O 010, LLI Ol c-I l0 �t <o �t O M c-I c-I Ol <o <o �t �t N o0 O O N O p Z 17 00 U1 17 00 17 17 U1 U1 M O c-I 17 00 M � M o0 N U1 O �t �t n Ol Ol 00 O N M Ol I, U1 m m n �t 00 N O 00 00 N Ol Ol �t U1 Ol N U1 c-I l0 00 00 00 U1 m �t U1 c-I I, Ol 01 00 n O U1 lzl N N 17 .� ll c-I I� N ll 0 �0 � Z: O O O ll ll N M v o0 �t N n c-I N -1 v O �t �t 00 M (Q v O Z:� c-I o0 m c-I N N N -1 -1 W N in in in in in `m O O lf1 Iz 00 l0 00 O l0 N 00 l0 lf1 01 M lf1 0 o T J l0 N N �t m <o <o c-I Il n � 0 � n o0 O 1 O o0 O <0 n U A N M 01 M l0 O lc lf1 17 l0 N M l0 O O 00 N M <0 n U1 I.i Q N c-I l0 c-I �t 01 01 00 M �t 00 M N M M -1 O N M o0 -j O v= G N M N O n o0 l0 N c-I l0 Il <o 00 l0 00 l0 l0 O Iln M p lf1 w �./ N O N I�17 M l0 M 17 O 1-tlc M v -� O 1-t-� .--t -1 -t� a W a a ri to r-4i � I�oo � ri oo ri In a of 0 Lr) +' r-4oo c-I M v M 01 N c-I N N N c N W in in in in Ln M 00 �t 00 Ol ct oo lO N 00 O cN c-I ct oo � 01 M � l0 o O o r N M 01 00 Ln M I� <0o 00 l0 N00 lf1 lf1 <0 O M Z O O ' O lf1 l0 17 c-I N 17 N U1 U1 I� l0 Ol Ln 00 N �t n N <0 lf1 N l0 N �t O <o N O M �t 00 �t 00 l0 l0 N M l0 M l0 4 U1 Ln N N N N l0 c-I M l0 Il M M n O <o -1 U1 N r" Ol 00 O rl ,y O! O 00 17 l0 M l0 l0 17 lc o0O lc v N c-I 17 lc N M c-I N N M 00 00 rl c-I O N 01 �t M <o W c-I v c-I N M v M N 01 M N M N N N c-I O! Q N O 00 00 N U1 O Ln r, M N M �t n o0 0 lf1 o OL l0 M n N M <o O O N <o M <o <o M U1 00 N <o 00 M M = M c O 17 n lzl N N M l0 17 n lzl lf1 c-I ll U1 00 00 M o0 41 M O n �t <o N M o0 O N �t <o N M U1 l0 -1 M U1 O <6 m V N U1 l0 M Il M M <o M O M M Ol 01 U1 M �t 00 c-I o0 00 N —_ O O M -t lzl l0 17 lf1 00 O N v v n 01 l0 N c-I LL N lf1 N N M v <0 00 lf1 c-I M M l0 c-I M l0 3 O N M c-I v 01 O M N N N N c N i ° ao O aj a — Q aj uCL bA 1 C C j °' j, Naaj tko x w c c Z m Lu '' ° *--T u aL o ao � °� o E ma 'o m W O '� O O O O J O N O N U w j j ':2 >' 4 aj ajj 'VI :t Lu :t T °- N ,+_�+ n3 vj vj d ,+_T+ ,+_T+ O c iL O O �. O '0 d �. £ '*^ — aj c — — _ a Q o aJ a a , a ., W a to cz N oA ° +�+ a E w u O a a - a O O! _ '° i v aj i a s � � H Z w j c W a Z Z m Z a o m ai ° nen a a, u � C O O > a Q a, O s w w O m O aJ bA 'u n3 ob 'u 'u 'u ~ W ° (J pp v u u fl .Q a u v m ami ami v d m �° �° �° C C >' a u ar +' ar w -� m d d ii > Y � CLJ ii ii d ii d w wv v v v a, a, o v v v v s ami *�' +�' m c c v c s +� t ii H jn m o ¢ m 0 Z H H a u° u° Z m a O Z m m Z m u z SCHEDULE OF THE EMPLOYER'S NET PENSION LIABILITY GASB Statement No. 67 Total Plan Net Position Covered Net Pension Liability FY Ending Pension Plan Net Net Pension as a %of Total Employee as a %of Covered September 30, Liability Position Liability Pension Liability Payroll Employee Payroll 2014 $156,821,621 $130,472,348 $ 26,349,273 83.20% $20,698,471 127.30% 2015 170,595,985 132,863,087 37,732,898 77.88% 19,977,100 188.88% 2016 172,914,954 149,625,375 23,289,579 86.53% 20,193,471 115.33% 2017 185,696,911 165,934,113 19,762,798 89.36% 21,223,071 93.12% 2018 195,105,878 179,720,765 15,385,113 92.11% 21,456,414 71.70% 2019 204,112,598 184,018,384 20,094,214 90.16% 21,942,700 91.58% 2020 212,763,512 194,072,809 18,690,703 91.22% 23,688,500 78.90% 2021 218,974,978 229,173,283 (10,198,305) 104.66% 25,151,771 (40.55)% 2022 228,638,210 194,946,454 33,691,756 85.26% 26,405,600 127.59 2023* 234,901,415 201,681,587 33,219,828 85.86% 26,180,385 126.89 *These figures are estimates only. Actual figures will be provided after the end of the fiscal year. City of Boynton Beach Pension Plan for General Employees 36 Actuarial Valuation as of October 1,2022 and Actuarial Disclosures NOTES TO NET PENSION LIABILITY GASB Statement No. 67 Valuation Date: October 1, 2022 Measurement Date: September 30, 2023 Methods and Assumptions Used to Determine Net Pension Liability: Actuarial Cost Method Entry Age Normal Inflation 2.5% Salary Increases 3.25%to 8.10%depending on years of completed service, including inflation Investment Rate of Return 6.70% Retirement Age Experience-based table of rates that are specific to the type of eligibility condition Mortality PUB-2010 Headcount Weighted General Below-Median Employee Mortality Table (for pre-retirement mortality)and the PUB-2010 Headcount Weighted General Below-Median Healthy Retiree Mortality Table (for postretirement mortality), with separate rates for males and females and mortality improvements projected to all future years after 2010 using Scale MP-2018. For males, the base mortality rates are set back one year. These are the same rates currently in use for Regular(other than K-12 School Instructional Personnel) members of the Florida Retirement System (FRS), as mandated by Chapter 112.63, Florida Statutes. Other Information: Notes See Discussion of Valuation Results on Page 1. Assumption changes reflect the following changes: -The investment return assumption was lowered from 6.80%to 6.70%. City of Boynton Beach Pension Plan for General Employees 37 49� Actuarial Valuation as of October 1,2022 and Actuarial Disclosures SCHEDULE OF CONTRIBUTIONS GASB Statement No. 67 Actuarially Contribution Covered Actual Contribution FY Ending Determined Actual Deficiency Employee as a %of Covered September 30, Contribution Contribution (Excess) Payroll Employee Payroll 2014 $ 6,780,773 $ 6,780,773 $ - $ 20,698,471 32.76% 2015 7,273,067 7,273,068 (1) 19,977,100 36.41% 2016 7,608,338 7,615,053 (6,715) 20,193,471 37.71% 2017 6,951,693 6,951,693 - 21,223,071 32.76% 2018 7,110,298 7,110,298 - 21,456,414 33.14% 2019 7,320,463 7,320,463 - 21,942,700 33.36% 2020 7,289,319 7,289,319 - 23,688,500 30.77% 2021 7,468,676 7,468,676 - 25,151,771 29.69% 2022 7,134,561 7,134,561 - 26,405,600 27.02% 2023* 5,510,304 5,510,304 - 26,180,385 21.05% *These figures are estimates only. Actual figures will be provided after the end of the fiscal year. City of Boynton Beach Pension Plan for General Employees 38 Actuarial Valuation as of October 1,2022 and Actuarial Disclosures NOTES TO SCHEDULE OF CONTRIBUTIONS GASB Statement No. 67 Valuation Date: October 1, 2021 Notes Actuarially determined contribution rates are calculated as of October 1, which is two years prior to the end of the fiscal year in which contributions are reported. Methods and Assumptions Used to Determine Contribution Rates: Actuarial Cost Method Entry Age Normal Amortization Method Level Dollar,Closed Remaining Amortization Period 4years (Single equivalent amortization period) Asset Valuation Method 5-year smoothed market Inflation 2.5% Salary Increases 3.25% to 8.10% depending on years of completed service, including inflation Investment Rate of Return 6.80% Retirement Age Experience-based table of rates that are specific to the type of eligibility condition Mortality PUB-2010 Headcount Weighted General Below-Median Employee Mortality Table (for pre-retirement mortality) and the PUB-2010 Headcount Weighted General Below-Median Healthy Retiree Mortality Table (for postretirement mortality), with separate rates for males and females and mortality improvements projected to all future years after 2010 using Scale MP-2018. For males, the base mortality rates are set back one year. These are the same rates currently in use for Regular (other than K-12 School Instructional Personnel) members of the Florida Retirement System (FRS), as mandated by Chapter 112.63, Florida Statutes. Other Information: Notes See Discussion of Valuation Results on Page 1 of the October 1, 2021 Actuarial Valuation Report dated June 1, 2022. City of Boynton Beach Pension Plan for General Employees 39 49� Actuarial Valuation as of October 1,2022 and Actuarial Disclosures SINGLE DISCOUNT RATE GASB Statement No. 67 A single discount rate of 6.70%was used to measure the total pension liability.This single discount rate was based on the expected rate of return on pension plan investments of 6.70%.The projection of cash flows used to determine this single discount rate assumed that plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between the total actuarially determined contribution rates and the member rate. Based on these assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members.Therefore, the long-term expected rate of return on pension plan investments (6.70%)was applied to all periods of projected benefit payments to determine the total pension liability. Regarding the sensitivity of the net pension liability to changes in the single discount rate, the following presents the plan's net pension liability, calculated using a single discount rate of 6.70%, as well as what the plan's net pension liability would be if it were calculated using a single discount rate that is 1- percentage-point lower or 1-percentage-point higher: Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption* Current Single Discount 1%Decrease Rate Assumption 1%Increase 5.70% 6.70% 7.70 $60,160,424 $33,219,828 $12,343,781 *These figures are estimates only. Actual figures will be provided after the end of the fiscal year. City of Boynton Beach Pension Plan for General Employees 40 Actuarial Valuation as of October 1,2022 and Actuarial Disclosures MISCELLANEOUS INFORMATION RECONCILIATION OF MEMBERSHIP DATA From 10/1/21 From 10/1/20 To 10/1/22 To 10/1/21 A. Active Members 1. Number Included in Last Valuation 410 408 2. New Members Included in Current Valuation 74 82 3. Non-Vested Employment Terminations (56) (48) 4. Vested Employment Terminations (18) (11) 5. DROP Participation (13) (13) 6. Service Retirements (5) (7) 7. Disability Retirements 0 0 8. Deaths 0 (1) 9. Other-- Data Adjustments 0 0 10. Number Included in This Valuation 392 410 B. Terminated Vested Members 1. Number Included in Last Valuation 57 52 2. Additions from Active Members 18 11 3. Lump Sum Payments/Refund of Contributions (4) (4) 4. Payments Commenced (4) (2) 5. Deaths (1) 0 6. Other 0 0 7. Number Included in This Valuation 66 57 C. DROP Plan Members 1. Number Included in Last Valuation 31 34 2. Additions from Active Members 13 13 3. Retirements (10) (16) 4. Deaths (1) 0 5. Other-- Data Adjustments 1 0 6. Number Included in This Valuation 34 31 D. Service Retirees, Disability Retirees and Beneficiaries 1. Number Included in Last Valuation 428 407 2. Additions from Active Members 5 7 3. Additions from Terminated Vested Members 4 2 4. Additions from DROP Plan 10 16 5. Deaths Resulting in No Further Payments (32) (5) 6. Deaths Resulting in New Survivor Benefits 1 1 7. End of Certain Period- No Further Payments 0 0 8. Other-- Data Adjustments (1) 0 9. Number Included in This Valuation 415 428 City of Boynton Beach Pension Plan for General Employees 41 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures ACTIVES - DISTRIBUTION OF SERVICE & SALARY Years of Service to Valuation Date Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30&Up Totals 15-19 NO. 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 20-24 NO. 5 2 1 0 0 0 0 0 0 0 0 8 TOT PAY 224,262 67,271 43,121 0 0 0 0 0 0 0 0 334,654 AVG PAY 44,852 33,636 43,121 0 0 0 0 0 0 0 0 41,832 25-29 NO. 12 10 10 5 0 2 0 0 0 0 0 39 TOT PAY 651,904 435,829 561,415 288,101 0 102,591 0 0 0 0 0 2,039,840 AVG PAY 54,325 43,583 56,142 57,620 0 51,296 0 0 0 0 0 52,304 30-34 NO. 13 15 3 8 5 15 1 0 0 0 0 60 TOT PAY 710,997 668,875 162,211 487,575 285,751 906,711 72,305 0 0 0 0 3,294,425 AVG PAY 54,692 44,592 54,070 60,947 57,150 60,447 72,305 0 0 0 0 54,907 35-39 NO. 6 1 5 2 2 16 1 5 0 0 0 38 TOT PAY 510,102 31,574 377,715 121,511 141,762 988,908 76,770 347,637 0 0 0 2,595,979 AVG PAY 85,017 31,574 75,543 60,756 70,881 61,807 76,770 69,527 0 0 0 68,315 40-44 NO. 7 9 6 2 3 12 0 5 2 0 0 46 TOT PAY 428,669 672,562 407,578 210,317 170,796 822,872 0 353,964 153,919 0 0 3,220,677 AVG PAY 61,238 74,729 67,930 105,158 56,932 68,573 0 70,793 76,960 0 0 70,015 45-49 NO. 9 4 5 1 4 11 4 6 14 3 0 61 TOT PAY 656,746 156,298 292,493 107,486 282,698 670,037 373,420 375,485 1,001,818 240,658 0 4,157,139 AVG PAY 72,972 39,074 58,499 107,486 70,674 60,912 93,355 62,581 71,558 80,219 0 68,150 50-54 NO. 7 5 3 4 1 10 8 5 8 6 0 57 TOT PAY 474,814 273,553 222,807 223,532 40,121 722,564 664,595 378,227 610,139 443,471 0 4,053,823 AVG PAY 67,831 54,711 74,269 55,883 40,121 72,256 83,074 75,645 76,267 73,912 0 71,120 55-59 NO. 5 3 4 2 2 5 4 5 12 1 0 43 TOT PAY 320,290 270,047 296,774 137,140 120,864 373,566 433,322 383,241 886,198 89,909 0 3,311,351 AVG PAY 64,058 90,016 74,194 68,570 60,432 74,713 108,330 76,648 73,850 89,909 0 77,008 60-64 NO. 3 5 2 2 1 7 2 4 2 2 0 30 TOT PAY 247,275 300,672 102,141 159,766 56,086 497,714 100,636 295,110 138,789 115,753 0 2,013,942 AVG PAY 82,425 60,134 51,070 79,883 56,086 71,102 50,318 73,778 69,394 57,876 0 67,131 65-99 NO. 2 1 1 1 0 3 1 1 0 0 0 10 TOT PAY 110,797 75,836 61,369 41,713 0 182,187 93,343 78,271 0 0 0 643,516 AVG PAY 55,399 75,836 61,369 41,713 0 60,729 93,343 78,271 0 0 0 64,352 TOT NO. 69 55 40 27 18 81 21 31 38 12 0 392 TOT AMT 4,335,856 2,952,517 2,527,624 1,777,141 1,098,078 5,267,150 1,814,391 2,211,935 2,790,863 889,791 0 25,665,346 AVG AMT 62,838 53,682 63,191 65,820 61,004 65,027 86,400 71,353 73,444 74,149 0 65,473 City of Boynton Beach Pension Plan for General Employees 42 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures INACTIVES - DISTRIBUTION OF AGES & ANNUAL BENEFITS Deceased with Terminated Vested Disabled Retired Beneficiary Total Total Total Total Age Number Benefits Number Benefits Number Benefits Number Benefits Under 20 - - - - - - - - 20-24 - - - - - - - - 25-29 1 7,560 - - - - - - 30-34 5 60,600 - - - - 1 43,136 35-39 7 115,997 - - - - - - 40-44 10 172,786 - - - - 1 20,221 45-49 11 241,006 - - 2 110,493 - - 50-54 11 227,726 - - 11 505,093 1 11,503 55-59 12 293,127 - - 43 1,884,686 3 57,905 60-64 9 223,247 - - 84 2,929,259 6 110,156 65-69 - - - - 85 2,569,489 5 58,891 70-74 - - - - 75 2,174,362 5 105,344 75-79 - - - - 53 1,255,834 8 91,447 80-84 - - - - 36 614,340 4 50,177 85-89 - - - - 14 174,591 2 20,502 90-94 - - - - 9 79,629 1 25,354 95-99 - - - - - - - - 100& Over - - - - - - - - Total 66 1,342,049 - - 412 12,297,776 37 594,636 Average Age 49 - 70 70 Liability 10,523,516 - 133,649,579 5,945,950 City of Boynton Beach Pension Plan for General Employees 43 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures SUMMARY OF PLAN PROVISIONS SUMMARY OF PLAN PROVISIONS A. Ordinances Plan established under the Code of Ordinances for the City of Boynton Beach, Florida, Chapter 18, Article II, and was most recently amended under Ordinance No.15-008 passed and adopted on its second reading on March 2, 2015. The Plan is also governed by certain provisions of Part VII, Chapter 112, Florida Statutes and the Internal Revenue Code. B. Effective Date April 1, 1968 C. Plan Year October 1 through September 30 D. Type of Plan Qualified,governmental defined benefit retirement plan; for GASB purposes it is a single employer plan. E. Eligibility Requirements All general employees who work at least 30 hours per week are eligible to participate on the first day of employment. F. Credited Service Service in the employment of the City is measured as years and months and is computed to the nearest whole month. No service is credited for any periods of employment for which the member received a refund of their contributions. G. Compensation Gross earnings including overtime, but excluding bonuses and flexible benefits, payments for unused accumulated sick and vacation pay in excess of the amount accumulated as of June 17, 2013, and overtime in excess of 300 hours per year. Prior to June 18, 2013, all unused accumulated sick and vacation pay and all overtime were included in the definition of pensionable compensation. H. Final Average Monthly Compensation (FAMC) The average of Compensation over the highest 60 consecutive months during the last 120 months of Credited Service.The amount of accumulated unused sick and vacation hours included in pensionable salary shall be limited to the lesser of the amount as of June 17, 2013 or the amount paid at retirement. City of Boynton Beach Pension Plan for General Employees 44 QpActuarial Valuation as of October 1,2022 and Actuarial Disclosures I. Normal Retirement Eligibility: A member may retire on the first day of the month coincident with or next following the earliest of: (1) age 62 and 5 years of Credited Service, or (2) age 55 and 25 years of Credited Service, or (3) 30 years of Credited Service regardless of age. Benefit: 3%of FAMC multiplied by years of Credited Service with a maximum equal to 75%of FAMC. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return.The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. J. Early Retirement Eligibility: A member who has less than 30 years of Credited Service may elect to retire earlier than the Normal Retirement Eligibility upon the earlier of: (1) age 55 and 10 years of Credited Service, or (2) age 52 and 25 years of Credited Service. Benefit: The Normal Retirement Benefit is reduced by 3%for each year by which the Early Retirement date precedes the Normal Retirement date. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return.The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. K. Delayed Retirement Same as Normal Retirement taking into account compensation earned and service credited until the date of actual retirement. City of Boynton Beach Pension Plan for General Employees 45 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures L. Service Connected Disability Eligibility: Any member who becomes totally and permanently disabled and is unable to perform all the material duties of their occupation as a result from an act occurring in the performance of service for the City is eligible for a disability benefit. Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of disability.The benefit is payable on the member's Normal Retirement date. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return.The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. M. Non-Service Connected Disability Eligibility: Any member who becomes totally and permanently disabled and is unable to perform all the material duties of their occupation is eligible for a disability benefit. Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of disability.The benefit is payable on the member's Normal Retirement date. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return.The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. N. Death in the Line of Duty Eligibility: Any member with 5 or more years of Credited Service whose death is determined to be the result of a service incurred injury is eligible for survivor benefits. Benefit: Beneficiary will have the choice of receiving either an immediate lump sum payment or a monthly survivor benefit. City of Boynton Beach Pension Plan for General Employees 46 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures The immediate lump sum payment will be the greater of a refund of the member's contributions with interest at the annual rate of 5%, or the lump sum value of the member's accrued Normal Retirement Benefit payable at the earliest retirement date. The monthly survivor benefit will be equal to the accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of death with payments starting at the earliest retirement date. If the "earliest date" precedes the member's Normal Retirement Date,then the accrued benefit will be subject to the Early Retirement reduction. Normal Form of Benefit: Optional lump sum or a monthly benefit payable for the life of the beneficiary. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return.The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. The beneficiary of a plan member with less than 5 years of Credited Service at the time of death will receive a refund of the member's accumulated contributions with interest at 5.0%. O. Other Pre-Retirement Death Eligibility: Members are eligible for survivor benefits after the completion of 5 or more years of Credited Service. Benefit: Beneficiary will have the choice of receiving either an immediate lump sum payment or a monthly survivor benefit. The immediate lump sum payment will be the greater of a refund of the member's contributions with interest at the annual rate of 5%, or the lump sum value of the member's accrued Normal Retirement Benefit payable at the earliest retirement date. The monthly survivor benefit will be equal to the accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of death with payments starting at the earliest retirement date. If the "earliest date" precedes the member's Normal Retirement Date,then the accrued benefit will be subject to the Early Retirement reduction. Normal Form of Benefit: Optional lump sum or a monthly benefit payable for the life of the beneficiary. City of Boynton Beach Pension Plan for General Employees 47 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return.The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. The beneficiary of a plan member with less than 5 years of Credited Service at the time of death will receive a refund of the member's accumulated contributions with interest. P. Post Retirement Death Benefit determined by the form of benefit elected upon retirement. Q. Optional Forms In lieu of electing the Normal Form of benefit,the optional form of benefit available to all retirees is the 66 2/3%Joint and Survivor Annuity option.A Social Security option is also available for members retiring prior to the time they are eligible for Social Security retirement benefits. Upon approval of the Plan Administrator, other options are also available as long as actuarial equivalence is maintained. R. Vested Termination Eligibility: A member has earned a non-forfeitable right to Plan benefits after the completion of 5 years of Credited Service if they elect to leave their accumulated contributions in the fund. Benefit: The benefit is the member's accrued Normal Retirement Benefit as of the date of termination. The benefit begins at either age 62, at age 55 if the member had or would have had 25 or more years of Credited Service on or before attaining age 55, or at the age at which the member would have had 25 years of Credited Service (had employment continued) if this age is between ages 55 and 62. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return.The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. Members terminating employment with less than 5 years of Credited Service will receive a refund of their own accumulated contributions with interest. City of Boynton Beach Pension Plan for General Employees 48 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures S. Refunds Eligibility: All members terminating employment with less than 5 years of Credited Service are eligible. Optionally,vested members (those with 5 or more years of Credited Service) may elect a refund in lieu of the vested benefits otherwise due. Benefit: Refund of the member's contributions with interest. Interest is currently credited at 5% per annum. T. Member Contributions 7%of Compensation. U. Employer Contributions The amount determined by the actuary needed to fund the plan properly according to State laws. V. Cost of Living Increases In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return.The amount that investment return exceeds the assumed return will be divided equally among all participants.The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. W. 13th Check As described under the COLA subsections, in lieu of COLA increases a thirteenth check will be paid to retirees on each July 1"following a fiscal year in which the net investment return exceeds the assumed rate of investment return and the Plan has experienced a cumulative gain. X. Deferred Retirement Option Plan Eligibility: Plan members who have met one of the following criteria are eligible for the DROP: (1) age 62 and 5 years of Credited Service, or (2) age 55 and 25 years of Credited Service, or (3) 30 years of Credited Service regardless of age. Members must make a written election to participate in the DROP within the first 30 years of employment. Benefit: The member's Credited Service and FAMC are frozen upon entry into the DROP.The monthly retirement benefit as described under Normal Retirement is calculated based upon the frozen Credited Service and FAMC. Maximum DROP Period: 5 years City of Boynton Beach Pension Plan for General Employees 49 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures Interest Credited: For members hired before January 1, 2020,the member's DROP account is credited at an interest rate based upon the option chosen by the member. Members must elect from 1 of the 3 following options: 1. Gain or loss at the same rate earned by the Plan, or 2. Guaranteed rate of 7%, or 3. A percentage of the DROP credited at the same rate earned by the Plan and the remaining percentage credited with earnings at a guaranteed rate of 7%. For members hired on or after January 1, 2020,the member's DROP account is credited at the same rate earned by the Plan, but no less than 0.0%and no more than 8.0%. Normal Form of Benefit: For members hired before January 1, 2020, options include a lump sum or an annuity. For members hired on or after January 1, 2020, a full lump sum payment must be received within 45 days of separating from employment and exiting the DROP. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return.The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. Y. Other Ancillary Benefits There are no ancillary retirement type benefits not required by statutes but which might be deemed a City of Boynton Beach Employees' Pension Plan liability if continued beyond the availability of funding by the current funding source. Z. Changes from Previous Valuation None. City of Boynton Beach Pension Plan for General Employees 50 QPActuarial Valuation as of October 1,2022 and Actuarial Disclosures EMPLOYEES' PENSION PLAN OF THE CITY OF BOYNTON BEACH SECURITIES LITIGATION POLICY I. Principles 1 . The Board of Trustees manages the assets entrusted to it "in accordance with the prudent expert principle" which requires that the Board act "with the care, skill, prudence, and diligence, under the circumstances then prevailing, that a prudent person acting in a like capacity with the same resources and familiar with like matters exercises in the conduct of an enterprise of a like character and with like aims." Florida Statutes, Section 112.656; Section 112.661 . 2. Claims under state and federal securities laws arising out of losses on securities under the Board's management are assets subject to the Board's fiduciary duty of prudent management. Accordingly, the Board should take reasonable steps to identify and recover on such claims. Such steps may include: • Participating as passive class member in class actions brought by others, and filing a proof of claim when action is settled/resolved • Enhanced participation as class member in class actions brought and led by others, by considering objections or comments on settlements • Active participation in class action litigation, including serving as a "lead plaintiff' or "co-lead plaintiff' pursuant to the Private Securities Litigation Reform Act • Separate litigation on behalf of the Board 3. The Board will delegate to qualified service providers the responsibility to take steps to identify, analyze, pursue, and collect upon securities law claims. The duties of each service provider shall be clearly articulated as a matter of contract and the Board shall adopt prudent, documented procedures to monitor the implementation of its policies. City of Boynton Beach Securities Litigation Policy page 2 II. Policies 1. The Board shall take reasonable, cost-effective steps to identify, pursue and collect upon claims under state and federal securities laws for losses suffered by the Board on its investments because of alleged or proven violations of securities laws. 2. A proof of claim should be filed on behalf of the Board in connection with every securities class action litigation settlement or judgment in which the Board is a member of the plaintiff class. 3. Because pursuing securities litigation as an active plaintiff, either by separate lawsuit or by serving as a lead plaintiff in a class action, imposes on the Board a separate fiduciary responsibility to other class members (in the case of lead plaintiff status), administrative, legal and other burdens and possibly out-of-pocket expense, the Board will not consider separate litigation or lead plaintiff status with respect to any claim unless the losses suffered with respect to the particular securities are at least $100,000. When losses exceed that amount, the Board may commence separate litigation or apply for lead or co-lead plaintiff status, after receiving advice from the Board's General Counsel that it is in the interest of the Board to do so. The criteria to be considered in deciding whether to commence separate litigation or apply for lead plaintiff status are set forth on Attachment 1 . 4. If the Board has suffered losses of$100,000 or more, and the Board is not pursuing separate litigation or acting as lead or co-lead plaintiff in a class action, the Board may play an enhanced role, which may include review of the terms of any settlement, including applications for legal fees, to determine if the Board should file a comment or objection with respect to the settlement, or opt out of the class. The criteria for deciding whether to opt out are set forth on Attachment 1 . The Board is authorized to direct the filing of a comment or objection. 5. The Board will act only as a passive class member with respect to any claim in which the losses suffered are less than $100,000. Proofs of claim will be filed on behalf of the Board upon a settlement or final judgment awarding damages in relevant class actions. City of Boynton Beach Securities Litigation Policy page 3 6. The Administrator and General Legal Counsel, and the Board's Investment Consultant shall receive reports from the Monitoring Legal Firm, regarding the status of all securities class action litigation matters in which the Board is or could be a member. The Administrator shall receive such reports at least monthly and upon each filing of proofs of claim. III. Roles and Authority 1. Board Role and Authority: • Review reports regarding securities litigation matters • Periodically review and, as appropriate, modify this Policy • Establish, periodically review and, as appropriate, modify protocols for implementation of this Policy • Select a securities class action "Monitoring Firm" to identify and evaluate potential claims and oversee the process for selecting such firm • Approve, modify or terminate agreements with service providers responsible for implementation of this Policy • Ratify all actions taken by the Chair and Board Counsel between Meetings 2. Chair Role and Authority: • Authorize commencement of separate litigation orfiling of motion for lead plaintiff or co-lead plaintiff status or support for another's application for lead plaintiff status, consistent with this Policy, and subject to ratification by the full Board at a meeting • Approve settlement of separate litigation or class action in which the Board is lead plaintiff or co-lead plaintiff, consistent with Board Policy City of Boynton Beach Securities Litigation Policy page 4 • Authorize opting out of a class settlement, consistent with this Policy • Authorize filing of objections and comments on settlements, consistent with Board Policy. • Receive and review reports on the status of matters other than passive claim filings. • Circulate to Board members and Investment Consultant the reports from the Custodian and Monitoring Firm(s) showing status of all securities litigation matters in which the Board may have an interest (e.g. date case filed, date of settlement, due date for claim filing, date Board's claim filed, date of recovery) • Approve, circulate, and review responses to requests for proposals for Monitoring Firm services for and make recommendations to Board regarding selection • Monitor, with assistance from the Board's General Counsel, performance of the Monitoring firm and report deficiencies to the Board • As appropriate, recommend modifications to this Policy and Implementation Protocols 3. Board General Counsel Role and Authority. • Assist in the preparation of Requests for Proposals for a Monitoring Firm, review responses and make recommendation to Board members and staff regarding candidates. • Assist in negotiations of terms and agreements with Monitoring Firm, with assistance from the Board's Investment Consultant. • Review, prior to submission to the Board, all recommendations from the Monitoring Firm regarding whether to commence separate litigation or seek lead plaintiff or co-lead plaintiff designation, or to opt out of or object to class settlements. City of Boynton Beach Securities Litigation Policy page 5 • Review, prior to submission to the Board, all recommendations from Monitoring Firm regarding proposed settlements of separate actions brought by the Board or class actions in which the Board is lead or co-lead plaintiff • Review, prior to submission to the Board, all recommendations from Monitoring Firm regarding whether to file objections to or comments upon settlements. • Supervise and monitor outside Legal Counsel's conduct of litigation when Board pursues separate litigation or acts as lead or co-lead plaintiff Board General Counsel will be compensated for their services in successful litigations directly from the securities law firm. The fee received by Board General Counsel will usually be ten (10%) percent of the total attorney fees awarded by the court. 4. Custodian Role and Authority • Maintain and communicate data necessary to identify the Board's securities holdings and transactions in order to determine if the Board is a class member and calculate losses • Collect and distribute to the Monitoring Firm all notices regarding the commencement, class certification and settlement of class action lawsuits in which the Board has an interest as an actual or potential class member • Collect, record on the Board's custody statements and deposit into appropriate accounts for investment, proceeds from the Board's claims • Establish and implement procedures to identify all securities class actions filed by others in which the Board is or may be a class member. • Collect and distribute to Monitoring all official notices of City of Boynton Beach Securities Litigation Policy page 6 pendency of class actions in which the Board, according to this Policy, may consider applying for lead plaintiff status or pursuing separate litigation • Timely file accurate proofs of claim on behalf of the Board in all class actions in which the Board may participate as class member and notify the Monitoring Firm. • Provide necessary custody data to the Monitoring Firm. 5. Monitoring Firm Role and Authority • Ensure bywritten communication that the Custodian has filed the appropriate documents for Board participation in pending class action litigation. • Identify circumstances in which the Board may have incurred investment losses in excess of the minimum threshold which give rise to potentially meritorious claims for the Board which are not yet the subject of litigation. • Evaluate claims over $100,000 and recommend whether the Board should pursue separate litigation or lead orco-lead plaintiff designation • Evaluate settlements of actions in which Board is not lead plaintiff where losses exceed $100,000 and recommend whether Board should object to, comment upon or opt out of settlement • File objections to and comments upon settlements as authorized ATTACHMENT 1 - IMPLEMENTATION PROTOCOLS Considerations Relevantto Deciding Whetherto Pursue Separate Litigation or Lead or Co-Lead Plaintiff Status Will the Board add value by volunteering to lead or co-lead litigation in view of the City of Boynton Beach Securities Litigation Policy page 7 fiduciary responsibilities (as class action lead or co-lead plaintifo, administrative burdens and costs that are associated with separate litigation and acting as lead or co-lead plaintiff? 1. Size of the Board's damages measured by standards applicable to securities litigation 2. Strength of claims, including evaluation of defenses 3. Special circumstances which render the Board's claims different from, stronger or weaker than claims of typical class members such that it would be in the interest of the Board to act as lead or co-lead plaintiff 4. Venue of litigation 5. Resources available to pay a significant judgment (e.g. financial condition of potential defendants, availability of insurance, potential for bankruptcy) 6. Qualifications of other lead plaintiff candidates and their counsel, and likelihood that the Board would be selected a lead or co-lead plaintiff 7. Relation of claims to other corporate governance issues of special interest to the Board, and impact on other Board holdings 8. Potential for non-monetary remedies of special importance to the Board which other class members/lead plaintiffs may not pursue 9. Costs to the Board of separate litigation/lead or co-lead plaintiff status such as discovery, legal fees and Board staff time and resources needed to monitor litigation more actively 10. Potential exposure to counterclaims/court costs, and willingness of litigation counsel to indemnify the Board against such exposure. City of Boynton Beach Securities Litigation Policy page 8 Considerations Relevant to Deciding Whether to Opt Out, Object to or Comment on Settlements Is the Board receiving fair value for its claims? Does the likely gain to the Board to be achieved by objecting to or commenting on a settlement outweigh the costs of engaging counsel to file the objection/comment? Should the Board risk losing the certain recovery the settlement provides in order to opt out of the class and pursue separate claims independently? 1. Financial value of settlement to class as a whole and the Board in particular 2. Non-monetary (e.g. corporate governance) aspects of settlement, or the lack thereof 3. Amount of attorneys fees sought and merits of attorneys fee claim 4. Expense and risk (including value which might be lost if settlement is disrupted or rejected) associated with opting out, commenting or objecting in relation to expected benefits of doing so. ADOPTED by the Board of Trustees of the Employees' Pension Plan of the City of Boynton Beach the day of , 2017. Chairman BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND WARRANT- PAID INVOICES MAY 22ND, 2023 TO: Resource Centers, Plan Administrator FROM: Board of Trustees Paid by Custodian: JP Morgan Asset Management-SPF Fees for QE 12/31/22 $ 58,021.65 JP Morgan Asset Management-SSPF Fees for QE 12/31/22 $ 68,401.38 Date Payee/Description Check Number Amount March 1,2023 City of Boynton Beach(Member Insurance) 2965 $ 28,012.38 March 1,2023 Pension Resource Center 2966 $ 5,968.27 Administrative Fee-March 2023 invoice 19917 March 1,2023 Principal Custody Solutions 2967 $ 4,917.86 Custodian fees for January 2023 March 1,2023 United Members Insurance 2968 $ 9,561.48 Fiduciary Liability Policy 4/10/23-04/10/24 invoice 805 dated 03/01/2023 March 31,2023 City of Boynton Beach(Member Insurance) 2969 $ 28,012.38 March 24,2023 Cherry Bekaert, LLP 2970 $ 10,800.00 Auditor Fees-invoices 242046&245890 March 24,2023 Ellen Schaffer 2971 $ 750.00 Invoice 3595 dated 02/25/23 March 24,2023 Klausner, Kaufman,Jensen &Levisnon 2972 $ 1,352.65 Attorney Fees for February 2023 invoice 32318 April 10,2023 Pension Resource Center 2973 $ 5,395.16 Administrative Fee-April 2023, invoice 19977 April 10,2023 Gabriel, Roeder, Smith&Company 2974 $ 7,062.00 Invoice 476884 dated 03/10/23 April 10,2023 Gabriel, Roeder, Smith&Company 2975 $ 1,464.00 Invoice 477314 dated 04/05/23 April 10,2023 Klausner, Kaufman,Jensen &Levisnon 2976 $ 4,649.00 Attorney Fees for March 2023 invoice 32507 April 10,2023 Southeastern Advisory Services, Inc. 2877 $ 25,767.00 Services for QE 03/31/23 Invoice 2301 April 10,2023 Principal Custoday Solution 2978 $ 4,800.64 Custodian fees for February 2023 May 1,2023 City of Boynton Beach 2979 $ 27,969.72 May 8,2023 Pension Resource Center 2980 $ 5,609.14 Administrative Fee-May 2023, invoice 20039 May 8,2023 Clearbridge Investments 2981 $ 16,008.22 Services for QE 03/31/2023 May 8,2023 FPPTA 2982 $ 2,050.00 39th Annual Conference Registration for L. Fasolo invoice 9166, P. Fasolo invoice 9168 and C. McDeavitt invoice 9206 May 8,2023 Rosen Shingle Creek 2983 $ 495.00 Reservation for L. Fasolo 6/25-6/28/23 Event: FPPTA 39th Annual Conference May 8,2023 Garcia Hamilton &Associates, LP. 2984 $ 9,353.57 Services for QE 06/30/23 invoice 37430 May 8,2023 Klausner, Kaufman,Jensen &Levisnon 2985 $ 3,477.50 Attorney Fees for April 2023 invoice 32698 May 8,2023 Principal Custody Solutions 2986 $ 4,857.15 Custodian fees for March 2023 TOTAL: $ 334,756.15 Dated this 22nd Day of May,2023. CHAIR SECRETARY J.P. Morgan Investment Management Inc. J.P.Morgan ASSET MANAGEMENT ADVICE OF CHARGE Account:248210 Invoice:20221231-5154-A Invoice Date:03/24/2023 The Pension Resource Centers,LLC 4360 Northlake Blvd,Suite 206 Suite 206 Palm Beach Gardens,FL 33410 Attn:Payment Group TOTAL AMOUNT CHARGED: 58,021.65 USD For Period: 10/01/2022 To 12/31/2022 Account Description Net Amount 248210 General Employees'Pension Plan of the City of Boynton Beach-Strategic RE Strat Prop Fund Fee-For Period Ending: 12/31/2022 58,021.65 USD Account 248210 Amount Charged: 58,021.65 USD TOTAL AMOUNT CHARGED: 58,021.65 USD Not a Bill J.P.Morgan Investment Computation of the Estimated Fee for the Period ending 12/31/2022 City of Boynton Beach SPF-245210 a � SPF Fee Calculation:' Quarterly Fee on MV less Cash: 58,021.65 Quarterly Fee on Excess Cash:$0.00[E]*0.15%/4= 0.00 Quarterly Fee for Strategic Property Fund: 55,021.65 Annual Basis Points on Net Assets: (58,021.65/23,208,659.56)*4= 1.000% *1.00%Flat Rate Applicable on Conditional Tiered Schedule with Net Asset Value less than$100,000,000.00 Calculation Components: Calculation to Determine Percentage of Fund as Excess Cash in Strategic Property Fund** 1,057,892,561.00 5.0%Cash Reserve:5.0%*$32,001,381,602.00= 1,600,069,080.10 Excess Cash:$1,057,892,561.00-$1,600,069,080.10= 0.00 Excess Cash as a%:$0.00/$32,001,381,602.00= 0.00% Account's Net Asset Value(Excluding Excess Cash): Strategic Property Fund(Net Asset Value)in the Account: 23,205,659.56 Adjusted Market Value for the period 23,208,659.56 Excess Cash:$23,208,659.56*0.00 - [E] Strategic Property Fund in the Account less Excess Cash: 23,208,659.56 [D] Total Quarterly Fee for Strategic Property Fund(Apportionment Percent--100%): 58,021.65 In relation to excess cash,investors will receive the benefit of a reduction to their quarterly Advisory Fee calculated as the greater reduction resulting from either: (i)the Fund's aggregate Cash holdings exceeding 5.0%of the Fund's NAV or(ii)the Fund Investor Vehicle's(or"FIV")aggregate cash holdings exceeding 5.0%of the FIV's NAV,as applicable,in each case as of the applicable Quarterly Valuation Date. 1 Consistent with the terms of your underlying governing documents,if investment performance is the sole trigger for a decline in net asset value resulting in a higher overall effective blended fee rate using the standard fee tiers,then the last lowest overall effective blended fee rate will be applied and the standard fee tier calculation will not be applied nor displayed in the invoice worksheet. J.P. Morgan Investment Management Inc. J.P.Morgan ASSET MANAGEMENT ADVICE OF CHARGE Account:291520 Invoice:20221231-55356-A Invoice Date:03/24/2023 The Pension Resource Centers,LLC 4360 Northlake Blvd,Suite 206 Suite 206 Palm Beach Gardens,FL 33410 Attn:Payment Group TOTAL AMOUNT CHARGED: 68,401.38 USD For Period: 10/01/2022 To 12/31/2022 Account Description Net Amount 291520 General Employees'Pension Plan of the City of Boynton Beach-Special RE Spec Situation Prop Fund Fee-For Period Ending: 12/31/2022 68,401.38 USD Account 291520 Amount Charged: 68,401.38 USD TOTAL AMOUNT CHARGED: 68,401.38 USD Not a Bill J.P.Morgan Investment Computation of the Estimated Fee for the Period ending 12/31/2022 CITY OF BOYNT®N BEACH SSPF-291520 ® -e• d SSPF Fee Calculation: Quarterly Fee on Special Situation Property Fund Net Asset Value(Excluding Excess Cash):17,100,345.73[A]*1.25%/4= 53,438.58 Quarterly Fee on Special Situation Property Fund Debt:$14,753,402.66[B]*0.625%/4= 23,052.19 Quarterly Fee on Excess Cash:$0.00[C]*0.15%/4= 0.00 Quarterly Fee for Special Situation Property Fund: 76,490.77 Annual Basis Points on Net Assets:* ($76,490.77/$17,100,345.73)'4= 1.789% Maximum that can be billed per agreement: 1.600% Maximum Quarterly Fee for Special Situation Property 66,401.36 *In no event will the annual fee exceed 1.6%of the net asset value of the JPMCB Special Situation Proper Fund. Calculation Components: Calculation to Determine Percentage of Fund as Excess Cash in Special Situation Property Fund 220,316,653.10 5%Cash Reserve:5%*$4,602,946,358.00= 230,147,317.90 Excess Cash:$220,316,653.10-$230,147,317.90= 0.00 Excess Cash as a%:$0.00/$4,602,946,358.00= 0.000% Account's Net Asset Value(Excluding Excess Cash): Special Situation Property Fund(Net Asset Value)in the 17,100,345.73 No transactions for this quarter Adjusted Market Value for the period 17,100,345.73 Excess Cash:$17,100,345.73*0.00 - [C] Special Situation Property Fund in the Account less Excess Cash: 17,100,345.73 [A] Account's Proportionate Share of Special Situation Propefp Fund Debt: (Client's Net Asset Value/Special Situation Property Fund Net Asset Value)x Third Party Debt: ($17,100,345.73/$4,602,946,358.00)x$3,971,213,337.00= 14,753,402.66[B] Total Quarterly Fee for Special Situation Property Fund: 66,401.36 BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002965 VENDOR: DATE CHECK N0. 000000000401 03/23 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 0063743/01/23 12, 581 . 87 12, 581 . 87 . 00 12, 581 . 87 006375 )3/01/23 7, 611 . 75 7, 611 . 75 . 00 7, 611 . 75 006376 D3/01/23 3, 772 . 44 3, 772 . 44 . 00 3, 772 . 44 006377 D3/01/23 3, 304 . 07 3, 304 . 07 . 00 3, 304 . 07 006378 }3/01/23 255 . 20 255 .20 . 00 255 .20 006379 " 3/01/23 361 . 53 361 . 53 . 00 361 .53 006380 ✓3/01/23 125 . 52 125 . 52 . 00 125 . 52 Check Total 28, 012 . 38 „{, BOYNTON BEACH GENERAL EMPLOYE ES'PENSION SOUTHSTATE BANK 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail 00 02965 PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289/670 CHECK N =DATE VENDOR NO. 2965 03000000000401. PAY - AMOUNT TWENTY-EIGHT THOUSAND TWELVE AND 38/100 DOLLARS $28, 012 .38 G� AUTHORIZED SIu LURE TO THE CITY OF BOYNTON BEACH ORDER ATTN: ANDREA JAVIER OF P.O. BOX 310 AUTHORIZED SIGNATURE BOYNTON BEACH FL 33425 VOID AFTER 180 DAYS 1100000 296 SIP 1:0P331140301:8063029206110 BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002965 VENDOR: DATE CHECK N0. 000000000401 03/23 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 006374 +3/01/23 12, 581. 87 12, 581 . 87 . 00 12, 581 . 87 006375 )3/01/23 7, 611 . 75 7, 611 . 75 . 00 7, 611 . 75 006376 'x3/01/23 3, 772 . 44 3, 772 . 44 . 00 3, 772 . 44 006377 X3/01/23 3, 304 . 07 3, 304 . 07 . 00 3, 304 . 07 006378 `3/01/23 255 .20 255 .20 . 00 255 . 20 006379 ;13/01/23 361 . 53 361 . 53 . 00 361 . 53 006380 3/01/23 125. 52 125. 52 . 00 125. 52 C jeck Total 28, 012 . 38 BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK NO. 00002966 - 000000000001 03/23 000000000001 I N V61EE—NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC, TAKEN NET AMOUNT 19917 MARCH2023 03/01/23 5, 968 . 27 5, 968 .27 . 00 5, 968 . 27 Check Total 5, 968 .27 i ............ 1 11 I�N I 1�, BOYNTON BEACH GENERAL EM01ILD"YEES'PENSION SOUTHSTATE BANK .. .......... 000 '966 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289/670 CHECK NO- CHECK DATE VENDOR NO. 29661 0 3/01/23 000000000001 PAY AMOUNT I FIVE THOUSAND NINE HUNDRED SIXTY-EIGHT AND 27/100 DOLLARS $5, 9681.112,7111111,J AUTHORIZED SIN7MRE TO THE PENSION RESOURCE CENTER ORDER 4360 NORTHLAKE BLVD OF SUITE 206 AUTHORIZED SIGNATURE PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS 1100000 296611' 1:06 3 1140 301:80 6 30 29 20 6 111 BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002966 VENDOR: DATE CHECK NO. 000000000001 03/23 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID ' DISC.TAKENNET AMOUNT 19917 MARCH2023 1,13/01/23 5, 968 .27 5, 968 . 27 . 00 5, 968 . 27 Cflieck Total 5, 968 .27 �1 = Resource Centers; LLC Invoice 4360 Northlake Blvd., Suite 206 Palm Beach Gardens,+L 3.3410 Date Invoice # 3/1/W23 19917 Bill To Tax ID Boynton Beach General Pension Fund Pension Resource Center 36-4504183 Resource Centers 87-0800468 Description. qty Rate Amount Boynton Beach General Employees' Pension Monthly Administrator 4,925.00. 4,925.00 Fee for March 2023 Postage 437 0.60 262.20 Printing and Labor 437 0.22 96.14 Retirement/DROP Application Fee for: 6 100.00 600.00 Bruce Ferguson Richard Novak Norma Richards James Jackson Sherie Coale Death Search - March 2023 447. 0.:19 84.93 Total-.AmounUDUe $5,968.27 Mail Payments to: Resource Centers,,LLC.at Palm Beach Gardens address above. If you have any questions.concernin g.this invoice; please contact:M.ichael,Burr at Resource Centers,LLC. Phone 561.459.2985 or email - michael@resourcecenters.com BOYNT VENDOR:BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 0000296/ 000000000080 03/23 000000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT JANUARY 2023 D3/Ol/23 4, 917 . 86 4, 917 . 86 . 00 4, 917 . 86 Check Total 4, 917 . 86 �t ' n �' E ' "IES I II iY , Ir�p , ., �,; s ,. u,.�. .. ..s, 1.dada{;(-'�}. 1 ' :a�. ,� �Iu� n.` „�:.,.,f � ,', �a�, ,.,.,i. •-. t ,,' �1{,, ' BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK ,—. 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289/ 70 CK NO. CHECK DATE VENDOR NO. 2967 03/01/23 000000000080 i PAY — CHE - AMOUNT FOUR THOUSAND NINE HUNDRED SEVENTEEN AND 86/100 DOLLARS $4, 917 . 86 AUTHORQEDSI �uRE _ TO THE PRINCIPAL CUSTODY SOLUTIONS ORDER REVENUE PROCESSING OF PO BOX 10317 AUTHORIM SIGNATURE DES MOINES IA 50306-0317 VOID AFTER 180 DAYS 1100000 296711' 1:063 1 140301:806 30 2 9 20 611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002967 VENDOR: DATE CHECK NO. 000000000080 03/23 000000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT JANUARY 2023 ;3/01/23 4, 917 . 86 4, 917 . 86 .00 4, 917 . 86 ' C ?eck Total 4, 917 . 86 S I � ! b B Fee Invoice:, 137240119 • 0 Account Number 4046002463 Principal cuStOdy For Period• 01/0112028-'01/3112023 SO�utI0C1S Invoice Date. 02/06/2023 Return To: Boynton/City Mut Princ'tpal.CustodySolutions` Dixie Martinez Admin. Revenue Processing. 4360 Northlake.Blvd Ste 206 RO Box,103.17 Palm Beach Gardens FL 33410 _Des Moines; IA 50306-0317 .. $3,337:84 PAYMENT DUE UPON RECEIPT Account Name: Boynton/City Mut .Contact: Karl Hutchinson 515-878-6050 . Fold Here Summary of Current Period Fees Charged Billed Total Administration $3,337.84 $3,337.84 Total Current Period Fees $3;337;84. $3;337.84 Wire/ACH Instructions: Wells Fargo.Bank,N.A ABA/Routing: 121000248 Acct No:4543773808 Acct Name:.Principal Bank PCS Fee DDA FFC/Customer ID'Rev enue,Processing Invoice# Custody and trust services are provided by Principal Bank®,Member FDIC,and/or Principal Trust Company& These services.are provided under the.trade name.Principal®Custody Solutions:Principal Trust Company is a trade name of Delaware Charter Guarantee&Trust.Company.Principal Bank and Principal Trust Company are members of the Principal Financial Group®,Des Moines, IA 50392. PLASE.RET.URN THI$PAGE WITH.PAYMENT Page 1 n Fee Invoice: 13724069 Principal® CU$tody Account Number: •4046002463 S O�U t I 0 C15 For Period: 01101/2023-01/31/2023 Invoice Date . 02/061,2023 Account Name: Boynt6n/City Mut Contact: Karl Hutchinson 515-878-6050 Services Value!Quantity Rate Frequency Amount Administration Market Value 100,.135;281.20 @.- 0.0004 x 1/12 3;337:84 Total Administration $3,337:84 Total $3;337;84 _ — ._-........... Summary o Account. Total Charged,to $0.00� _ , Total Billed $333784.� Payment Due $3,337.84 Page 2 Fee Invoice: 13724082 Principal® CUStody Account 258761D1 SO�utI0n5 For Period:. 01./01/2023-01/31/2023 Invoice Date: 02/06/2023 Return To: Boynton-Beach:-.Clearbridge LG Cap Principal Custody;Solutions Dixie Martinez Adrriin. Revenue'Processing 4360 Northlake Blvd Ste 206 P.O. Box.10317 Palm Beach Gardens FL 33410 Des Moines, IA 50306-0317 ^ $579.47 �. PAYMENT DUE UPON'RECEIP7-I ' Account Name: Boynton Beach-Clear 4ridge LG Cap Content Kari Hutchiinson'.515=87.8-6050 Fold Here Summary of'Current Period Fees Charged Billed Total Administration $579.47 $579.4.7 Total Current Period Fees $579.47, $579:47 Wire/ACH Instructions: Wells Fargo Bank,N.A ABA/Routing a 121000248. Acct No:4543773808 Acct Name:Principal Bank PCS Fee DDA FFC/Customer,ID:Revenue Processing Invoice# Custody and trust services are provided by.Principal Bank(D,Member FDIC,and/or Principal Trust Cbmpany®. These services are provided under the trade name Principal®Custody Solutions.Principal Trust Company is a trade name of Delaware Charter Guarantee&Trust Company.Principal Bank and Principal Trust Company are members of the:Principal Financial Group@);Des Moines,IA,50392, PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 .Fee Invoice: 13724082 . ® Account Number: 25876101 Principal Custody Solutions For Period: 01101/2023-01/3112023_ Invoice Date. 02/06/2023- Account Name: Boynton Beach Clearbridge LG Cap Contact: Karl Hutchinson 515-878-6050 Services Value I Quantity Rate Frequency Amount Administration Market Value 17,383,957:06 @ 0.0004 x 1/12 579.47 Total Administration .$579.47. Total $579.47 Summary Total Charged to Account $0;00 _ .. ._....... Total Billed $579.47 _ Payment Due $579..47 Page 2 Fee Invoice :. 13224027 . ® C u stO d y 'Account Number. 4046000.161 Principal SO�UtIOnS For Period, 01.101/2023.-'01/31/2023. ' Invoice Date:_ .02/0672023, Return To: Boynton/DHJ Fxd Principal Custody Solutions Dixie Martinez.Admin. Revenue Processing 4360-Ndrthtake Blvd. :Ste:206r Z., P.Q. Box 1:0317 Palm'Beach Gardens FL-33.410 Qes MoinesV IA 5030.6-0317 $434.03 PAYMENTD.UE UPON REC PEI T Account Name: 1 Boynton/DHJ,Fxd Contact: Karl Hutchinson 51.5-878-6.050 Fold Here Summary of Current Period Fees Charged Billed Total Administration $434.03 $434.03 Total Curre.nf Period Fees $434.03 $434.03. Wire/ACH Instructions: Wells Fargo Bank,N.A ABA/Routing:.1.21000248 Acct-No:4543773808 Acct Name:Principal.Bank.PCs Fee DDA FFC/Customer ID:Revenue Processing Invoice# Custody and trust services are provided by Principal Bank®,Member.FDIC;and/or Principal Trust Company®.'.. These-services are.provided under the trade name°Principal®Custody Solutions..Principal Trust Company;is a trade name of Delaware Charter Guarantee&Trust Company.Principal Bank and.Principal Trust Company are members of the Principal Financial Group@,Des Moines,IA 50392. PLEASE RETURN:THIS PAGE WITH PAYMENT. Page 1 Fee'tnvoice.. 13724027 Account Number., 4046000161 Principal Custody For Period: 0110112023-01/31/2023 SOlUIOnS Invoice Date:. 02/06/2023 Account Name: Boynton/DHJ Fxd Contact: Karl,Hutchinson 515-878-6050 Services Value l Quantity Rate Frequency Amount Administration Market Value 13,020,967.85. @ 0.0004 x 1/12 434.03 .Total Administration $434.03 . Total $434,03 'Summary. ,Total.Charged to Account $0 00 Total Billed Payment Due '$434.03 Page 2 Fee Invoice: 13723989 ® Account Number, 24102201 Principal ctaStody Solutions For Period: 01/0112(123-;01/31/2023 Invoice Date: 02/0612023 Return To: Boynton/S&P400 Principal Custody.Solutions Dixie Martinez,:Administrator Revenue.Processing. . The Resource Centers LLC P.d. Box 1031.7 4360 Northlake Blvd., Suite 206 Des Moines;IA 50306-031.7: Palm Beach Gardens FL 33410 (] lTwt'"� $566.52 PAYMENT DUE UPON RECEIPT Account Name:, Boynton/S&P400 _ .. Contact; Karl Hutchinson, 515-878X6050 Fold Here - - - Summary of Current Period Fees Charged Billed Total Administration $566:52 $566.52 Total Current:Period'Fees $566.52 $566.52 Wire/ACH Instructions: Wells Fargo.Bank,N.A ABA/Routing:121000248 Acct No:464377380.8 Acct Name:Principal Bank PCS Fee DDA FFC/Customer ID:Revenue Processing Invoice#. Custody and trust services are provided by Principal Bah.k@6 Member FDIC,and/or Principal Trust Company®.. These services are provided under the trade name Principal®Custody Solutions.Principal Trust Company is a trade name of Delaware Charter Guarantee&Trust Company.Principal Bank and Principal Trust Company are. members of the PrincipalFinancial Group®,Des Moines,IA 50392.. PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 (� I Fee.lnvoice.: 13723989' Principals CUSt�CIy Account Number: 24102201 Solutions For Period: 01/01/2023-01/31/2023 Invoice Date: 02/06/2023 Account Name: Boynton/SV400 Contact: Karl Hutchinson 515-878-6050 Services Value/Quantity Rate Frequency Amount Administration Market Value 16,808;053.15 @. 0.0004 x 1/12 560.27 Annual Account Maintenance " 1.00 @• 75.00 x 1/12. : 6.25 Total Administration $566 52, Total .$566,.52 Summary Total Charged to Account $.0.00 Total Billed -$566.52- Payment $566.52Payment Due $566.52-- Page 566.52Page 2 BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK NO. 00002968 000000000079 03/23 000000000079 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #805 2023-2024 03/01/23 9, 561 . 48 9, 561 . 48 . 00 9, 561 . 48 Check Total 9, 561 . 48 ..'' ,S' .,,si i; . ..._ �tas.s,<v�. r' f. ,t, r..� .�.,t. sr. v„ r_.,a� � .,.,... ,r ,.., Ot �01, ,. ..,,:_s •1.�.,:,,< . ,,,, ,;+,a,. BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK ` 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 (( 800-206-0116 63-1289/ 70 LCHECK NO. CHECK DATE VENDOR NO. 2968 03/01/23 100000000. 0079 PAY AMOUNT NINE THOUSAND FIVE HUNDRED SIXTY—ONE AND 48/100 DOLLARS $9, 561 . 48 AUTHORIZED SI',,.. Re TO THE UNITED MEMBERS INSURANCE ORDER 6826 W LINEBAUGH AVE OF AUTHORIZED SIGNArURE TAMPA FL 33625 VOID AFTER 180 DAYS 1160000 296811' 11:06311403011:806302920611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002968 VENDOR: DATE CHECK NO. 000000000079 03/23 000000000079 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT #805 2023-2024 13/01/23 9, 561 . 48 9, 561 . 48 . 00 9, 561 . 48 C eck Total 9, 561 . 48 1 6826 W.Linebaugh Ave i Invoice 805 Page Tampa.FL 33 ..5. (. 1Of.I . �. �.... . { Telephone: (813)265-2300 B6YN[JE1-01 ' 3/112023 r r{ htip:l/unitedmem!ersinsurancemnI .ssfanoeoreOn Arriauft Paid ' F- $�tO I AS Please pay Balance by the Due Date noted abovel City of.Boynton Beach General.Enlployees Pension Plan c/oThe Resource Centers, I.I.C. Please Make Check Payable to; 4360,Northlake Blvd..'Ste 206 United.Mernbers.lnsurar� Palm Beach Gardens, OIL 33410 Please return a copy of this invoice With your payment FiduclagUaNdity Policy Number SFp21211(12405 Effecdve:: 4110=2 tp. 411fl12024' ` Tnertt 'Trans Eff Date i?tre i)ateTraas Description Amount 294.9 4/.10/"2023.. ' 3132/2023 RENS Base Premiurrr . $9,37.4..00.. . 2950 4/1012623 3/32/2023 FIGA FIGASurrliaroes. $-187.48 Total Invoice Balance.*" $9,5811.48 THANK'YOU:FOR YOUR BUSINESS! 3/1[2023 , Page 2 of 1t VENDOR: DATE GENERAL EMPLOYEES'PENSION ; DATE CHECK N0. 00002969 000000000401 03/23 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006381C)_3/31/23 12, 581 . 87 12, 581 . 87 . 00 12, 581 . 87 006382 ;`x3/31/23 7, 611 . 75 7, 611. 75 . 00 7, 611 . 75 ' 006383 03/31/23 3, 772 . 44 3, 772 . 44 . 00 3, 772 . 44 006384 03/31/23 3, 304 . 07 3, 304 . 07 . 00 3, 304 . 07 006385 03/31/23 255 . 20 255 . 20 . 00 255 . 20 006386 ;3/31/23 361 . 53 361 . 53 . 00 361 . 53 006387 +3/31/23 125 . 52 125 . 52 . 00 125 . 52 C1-ieck Total 28, 012 .38 \Ifli...jtt..... SC t' B��H GENER.A� P �YES°PENSION SOUTHSTATEBANK 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail '., PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289/ 70 HECK NO. CHECK DATE VENDOR NO. 2969 03/31/23 000000000401' PAY AMOUNT TWENTY-EIGHT THOUSAND TWELVE AND 38/100 DOLLARS $28, 012 .38 AUTHORIZED SIVIMMAE TO THE CITY OF BOYNTON BEACH ORDER ATTN: ANDREA JAVIER O F P.O. BOX 310 AUTHORIZED SIGNATURE BOYNTON BEACH FL 33425 VOID AFTER 180 DAYS 00000 2 9 6 911' 1:063 11403011:80 63029206 um BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002969 VENDOR: DATE CHECK N0. 000000000401 03/23 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 006381 x3/31/23 12, 581 . 87 12, 581. 87 . 00 12, 581 .87 006382 )3/31/23 7, 611 . 75 7, 611 . 75 . 00 7, 611 . 75 006383 *3/31/23 3, 772 . 44 3, 772 . 44 . 00 3, 772 . 44 006384 X3/31/23 3, 304 . 07 3, 304 . 07 . 00 3, 304 . 07 006385 '13/31/23 255 .20 255 . 20 . 00 255 . 20 006386 73/31/23 361 . 53 361 . 53 . 00 361 . 53 006387 3/31/23 125 . 52 125 . 52 . 00 125 . 52 C eck Total 28, 012 .38 BOYNTON BEACH GENERAL EMPLOYEE S'PENSION VENDOR: DATE CHECK NO. 00002970 000000000014 03/23 000000000014 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 242046 & 245890 03/24/23 10, 800 . 00 10, 800 . 00 . 00 10, 8 0 . 00 Check Total 10, 800 . 00 r. 7 J, g q� BOYNT6N'BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 00002970 '' 4360 NORTH KE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach GardensFL 33410 800-206-0116 63-12897670 CHECK NO. CHECK DATEL VENDOR NO. 2970 03/24/23 000 000000014 PAY AMOUNT TEN THOUSAND EIGHT HUNDRED AND 00/100 DOLLARS $10, 800 . 00 AUTHORIZED SI RE TO THE CHERRY BEKAERT LLP ORDER PO BOX 25549 0 F AUTHORIZED SIGNATURE RICHMOND VA 23260-5500 VOID AFTER 180 DAYS u2000029 ?011n C0006311403DON&0G 30 29 2060® BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002970 VENDOR: DATE CHECK NO. 000000000014 03/23 000000000014 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 242046 & 245890 03/24/23 10, 800 . 00 10, 800 . 00 . 00 10, 800 . 00 C.-ieck Total 10, 800 . 00 CFiERRv BEKAERT LLP. y Ch P.O.BOX 25549 erry. , RICHMOND,VA 23260-5500 (407)423-7912 Boynton Beach General Employee's Retirement System Invoice No. 242046 c/o Pension Resource Center ate. 02/0912023 4360 Northlake Boulevard Suite 206 Client No. 80105882 Palm Beach Gardens, FL 33410 PC Ref. n . For any questions regarding your invoice, please reach out to your Cherry Bekaert contact or email invoicing@cbh.com. Second progress billing for audit of the financial statements of Boynton Beach General Employee's Retirement System for the year ended September 30, 2022. Amount Due This InvoiceS; dQ.0 to pay online TERMS: Invoices are payable on presentation.A service charge will be added to past due accounts.equal to 1'/2%per,month(186/6 annually)on the previous month's balances less payments received during the month,with a minimum charge of$2:00 per month. Our 3.I "nt F1 .ONAI ..i demonstrates Cherry Be kaert's commitment to delivering superior client service. We welcome you rfeedback(C B Promise@cbh.00m).Thank you for the confidence:you have placed in usl CHERRY BEKAERT LLP Cherry r _« P.O.BOX 2S549 to RICHMOND,VA 23260-5500 (407)423-1911 t Boynton Beach General Employee's Retirement System Invoice Nott 245890 c/o Pension Resource Center ®ate 03/07/2023 4360 Northlake Boulevard Suite 206 Client No. 80105882 Palm Beach Gardens, FL 33410 PO Ref, For any questions regarding your invoice, please reach out to your Cherry Pekaert_contacts etrlaiC invoicing@cbh.com. Billing for audit of the financial statements and.issuance of reports for Boynton Beach General Employee's Retirement System for the year ended September 30,2022. Amount Due This invoice $5,000.04' u. to pay online TERMS: Invoices are payable on presentation.A service charge will be added to past:due accounts equal to 1'/.z%per month(18%annually)on the previous month's balances less payments received during the month,with a minimum charge of$2.00 per month.. Our „ ;,: demonstrates Cherry Bekaert's commitment to deliver ng'superior client service, We welcome your feedback(C.l3Promise@cbh.com).Thank you for the confidence you have placed in us! BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 71 VENDOR: 000000000024 03/23 000000000024 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 3595 2/25/23 3/24/23 750 . 00 750 . 00 . 00 750 , 00 Check Total 750 . 00 N . � BOYTOL EMPLOYEES'PENSION SOUTHSTATE BANK 4360 NORTH KE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach GardensFL 33410 800-206-0116 63-12891'670 CHECK NO. CHECK DATE VENDOR NO. 2971 03/24/23 1000000000024 ''SAY AMOUNT SEVEN HUNDRED FIFTY AND 00/100 DOLLARS $750 , 00 AUTHORIZED$1 URE TO THE ELLEN :SCHAFFER ORDER 44 ATLANTIC DRIVE OF AUTHORIZED SIGNATURE PALM COAST FL 32137 VOID AFTER 180 DAYS II®000 2 ? II® Ion F331111.0301068OG3029206 II® BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002971 VENDOR: DATE CHECK NO. 000000000024 03/23 000000000024 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 3`595 2/25/23 3/24/23 750 . 00 750 . 00 . 00 750 . 00 C eck Total 750 . 00 I N V 0 ELLEN. SCRAPPERINVOZCEc 359.5 44 ATLANTIC DR; " DATE: 2/25/202.3 PALM COAST, FL, 32137 REF, Home'. {386} 627-.8797 Public Pension Software Consultant SOLD TO: PENSION RESOURCE CENTER 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDENS, FL, 33410 AT`I"N e TERESA GILLES TY DESCRIPTION.. U TOTAL. 6.00 HOUR (S) PROGRAMMING & CONSULTING SERVICE 125 .00 750000 TO PROVIDE NEW W4P TABLES & 'CALCULATIONS . ' FOR: BOYNT N BEACH GENERAL SUBTOTAL $ 750 : 00 TAX $ 0 0 SHIP/HAND $ 000 TOTAL $ 750 .00 - . PLEASE MAKE CHECK PAYABLE TO , . ELLEN SCHAFFER THANK. YOU BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002972 VENDOR: 000000000047 03/23 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC, TAKEN NET AMOUNT 32318 02/28/23 3/24J23 1, 352 . 65 1, 352 . 65 . 00 1, 352 ° 65 Check Total 1, 352065 BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK0, 00 4360 NOTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palma Beach Gardens FL 33410 000-206-0116 63-1289070 CHECK NO. CHECK DATE VENDOR NO. 2972 103/24/23 000000000047 PAY AMOUNT ONE THOUSAND THREE HUNDRED FIFTY—TWO AND 65/100 DOLLARS $1, 352065 /I/,-)44jJ7 AUTHORIZED S RE TO THE KLAUSNER, ,KAUFMAN, JENSEN & LEVINSON ORDER 7080 NORTHWEST 4TH STREET O F AUTHORIZED SIGNATURE V PLANTATION FL 33317 VOID AFTER 180 DAYS n®0000 2 ? 211® :0 G 3 1140 30,®x90 6 302`1206 um BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002972 VENDOR: 000000000047 03/23 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 32318 02/28/23 3/24/23 1, 352 . 65 1, 352 . 65 . 00 1, 352 . 65 C eck Total 1, 352 . 65 Ktausner Jensen & Levinson 9Kaufman, A Partnership of Professional Associations Attorneys At Lam 7080 N.W.4th Street Plantation,Florida 33311 Tel.X954)916-1242 Alausnerkaufm ..corn Fax{954)916-1232 Tax I.D,:45 4083636 BOYNTON BERG~{ GENERAL EMPLOYEES February 23, 2023 Atte:AMANDA KISFI Bill#32316 4360 NORTHLAKE BOULEVARD -SUITE 206 PALM BEACH GARDENS, FL 33410 CLIENT: B OYNTON BEACH GENERAL EMPLOYEES :BBGE MATTER: BOY TON H:GENERAL EMPLOYEES` PE, SION.BOARD :150045 Professional Fees ate orney riptidta Hours Amount 02/24123 PARA PREPARATION OF MEETING 1,00 100.00 MATERIALS FOR UPCOMING MEETING. 02126/23 SSJ PREPARE FOR MEETING; REVIEW 0.50 162.50. . AGE DAAND MEETING BACK U 02/27/23 BSJI REVIEW MINUTES; REVIEW 0.50 162,50 PROPOSED DRAFT FROM CITY ATTORNEY OF CHANGES TO PLAN PROVISIONS 02/27/23 BSJ TRAVEL TO AND,FROM MEETING 1.50 277.65 02127/23 BSJ ATTEND MEETING; EMAIL TO PETE 1.70 552.50 STRONG REQUEST IMPACT . STATEMENT FOR PROPOSED ORDINANCE TO U.SE WORKERS' COMP FOR DEEMED DISABILITIES AND. ALLO Y/CLERK TO DESIGNATE COMPANY OR INDIVIDUAL SELECTED . BY BOARD TCS ACT AS SECRETARY 02/26123 BSJ REVIEW EMAIL FROM JEFF SWANSON 0.30 97..50 REGARDING,INVESTMENT POLICY ORDINANCE;TELEPHONE CALL WITH JULIE KLAN Total.for Services 5.60 $1,352:55 Continued Client: EOYNTON BEACH GENERAL EMPLOYEES 'February.28, 2023 . Matter 150045 m BOYNTON BEACH GENERAL EMPLOYEES' Page 2 CURRENT BILL TOTAL AMOUNT 1,352.65 BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK NO. 000029y!3 000000000001 04/23 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 19977 APR 2023 D4/10/23 5, 395 . 16 5, 395 . 16 . 00 5, 395 . 16 Check Total 5, 395 . 16 _ T f .lun TIFIM,s y11 BOYNT0�1 w � �` ` MOUTHS 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289/M CHECK NO. CHECK DATEVENDOR NO. 29_73 104/10/23 1000000000001 PAY AMOUNT FIVE THOUSAND THREE HUNDRED NINETY-FIVE AND 16/100 DOLLARS $5, 395. 16 r AUTHORED St URE TOTHE PENSION RESOURCE CENTER ORDER 4360 NORTHLAKE BLVD -' OF AUTHORIZED SIGNATURE SUITE 206 PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS 00000 29 7 311' 11:06 3 40 301:806 30 29 20611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002973 VENDOR: DATE CHECK NO. 000000000001 04/23 000000000001' INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 19977 APR 2023 44/10/23 5, 395 . 16 5, 395 . 16 . 00 5, 395 . 16 C `Geck Total 5, 395 . 16 Resource Centers,- 'c .4360 Northlake Blvd., Suite 206 - - -y Palm Beach Gardens, FL 33410 Date Invoice # 4%1/2023 19977 Bill To Tax ID Boynton Beach General Pension Fund Pension Resource Center 36-4504183 Resource Centers 87-0800468 Description Q-ty Rate Amount Boynton Beach General:Employees' Pension Monthly Administrator 4,925.00 4,925.00 Fee for April 2023 Postage 434 > 0:60 260:40 Printing and Labor 434 0.22 95.48 Death Search —April 2023 446 0.19. 84.74 FED-EX Overnight Shipping 29.54 29.54 TotalAmount Due $5,395:1:6 Mail Payments to; . Resource Centers, LLC at.Palm Beach Gardens address abov,e.. If you have any questions concerning this invoice,`please contact Michael Burr at Resource Centers, LLC Phone 561:459.2985 or email michael@resourcecenters.com BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK NO. 00002974 - 000000000031 04/23 000000000031 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT .476884 3/10/23 04/11/23 7, 062 . 00 7, 062 . 00 . 0-0 -7, 062 . 00 Check Total 7, 062 . 00 BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK �� I�ti 4360 NORTH LAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beachrdens bFL 33410 ,000-206-0116 23' 289/ 70 CHECK NO. CHECK DATE VENDORNO. HE VENDORN 2974 04/11/23 000000000031 PAY EAMOUNT SEVEN THOUSAND SIXTY-TWO AND 00/100 DOLLARS $7, 062 . 00 )4/ AUTHORIZED SJU'VIURE TO THE GABRIEL ROEDER SMITH & CO ORDER PO BOX 78000 OF DEPT #78009 AUTHORIZED SIGNATURE DETROIT MI 48278 VOID AFTER 180 DAYS 1110000 29 7411' 1:06 3 1 Is 40 301:E10 6 30 29 20 611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002974 VENDOR: DATE CHECK NO. -000000000031 04/23 000000000031 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 476884 3/10/23 U14/11/23 7, 062 . 00 7, 062 . 00 . 00 7, 062 . 00 C -,eck Total 7, 062 . 00 D Gabriel, Roeder, Smith &Company One East Broward Blvd. Suite 505 Ft.Lauderdale,Florida33301-1804 10volCe (954)527-1616 3/10/2023 476884 Attention: Ms.Amanda Kish Dept. #:78009 Administrator Gabriel,Roeder.,Smith..&Company. Boynton.Beach Pension Plan for General Employees PO`Box 78000 The Resource Centers;LLC Detroit, Michigan 48278-0009, 4360 Northlake Blvd., Suite-206 Palm.Beach.Gardens, Florida 33410 17, a . W 38.1691268 For professional actuarial services rendered for the.City.of Boynton Beach Pension Plan for General Employees, 12/1•/2622 through 2/28/2023 Benefit.Calculations for: Harvey:(Vested Deferred),Jackson.(Early.Retirement),and 3..0.0 225.00 .- 675.00 Richards(DROP) Charges since 11/30/2022 for work in progress on the'10/1/2022`Actuarial Valuation 5;892:00 Report(charges to date equal $6,422). GASB 67 true-up letter(dated 2/16/2023),with final GASB V disclosure:'informatloo 495.00 as of 9/30/2022: Amount Due PLEASE INDICATE THE INVOICE.NUMBER ON YOUR REMITTANCE.THANK YOU.: Paged of 1.. . BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK NO. 00002976 000000000031 04/23 000000000031 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 477314 04/05/23 04/11/23 1, 464 . 00 1, 464 . 00 . 00 1, 464 . 00 Clieck Total 1, 464 . 00 BOYNTON BEACH GENERAL EMPLOYEES`PE SiOt SOUTHSTATE BANK H. fiff W' _' 4360 NORTHLAKE BLVD STE 206 10894 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-2064116 63-1289 670 CHECK NO. CHECK D=ATE VENDOR NO. 2975 01=4/11/23 000000000031 PAY AMOUNT ONE THOUSAND FOUR HUNDRED SIXTY-FOUR AND 00/100 DOLLARS $1, 464 . 00 AUTHORIZED 81,VW-RiRE TO THE GABRIEf ROEDER SMITH & CO ORDER PO BOX 78000 OF AUTHORIZED SIGNATURE DEPT #78009 DETROIT MI 48278 VOID AFTER 180 DAYS 11'0000 297511' 11:06311403011:8063029206no BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002975 VENDOR: DATE CHECK NO. 000000000031 04/23 000000000031 INVOICE NUMBER I INVOICE DATE INVOICE AMOUNT AMOUNTPAIDDISC. TAKEN NET AMOUNT 477314 04/05/23 11 1"14/11/23 1, 464 . 00 1, 464 . 00 . 00 1, 464 . 00 Chieck Total 1, 464 . 00 Gabriel, Roeder,Smith.&Company One East Broward Blvd. Suite 505 Ft.Lauderdale, Florida 33301-1804 Invoice (954)527-1616 4/5/2023 477314 Attention: Ms.Amanda Kish D.ept:.# 18009:_ Administrator Gabriel, Roeder,Smith&Company . Boynton Beach Pension Plan for General Employees PO Box 78000 The Resource Centers, LLC Detroit, Michigan 48278-0009 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, Florida 33410 e , . . rffi 38-1691268 For professional actuarial services rendered for the City of Boynton Beach Pension Plan for General Employees through 3/31/2023 Benefit;calculations for Johnson;Jourdan,and Robinson -3:00 '225 00 675,00 Charges since 2/28/2023 for work in progress on the October I. 2022 Actuarial 473.00- Valuation Report(charges to date equal $6,895). Preparation of"No Actuarial Impact"opinion letter(dated 3/1/2023)for proposed 316.00 Ordinance: Amount Due $1;464 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE.THANK YOU. Page 1 of:1' BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK NO. 00002976 - 000000000047 04/23 000000000047 INVOICE NUMBER JINVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 32507 03/31/23 04/11/23 4, 649 . 00 4, 649 . 00 . 00 4, 649 . 00 ' Check Total 4, 649 . 00 LOYEES"'PENSION 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289/6770 CHECK NO. CHECK DATE VENDOR NO. 2976 0 4/11/23 000000000047 PAY MOUNT $4 FOUR THOUSAND SIX HUNDRED FORTY-NINE AND 00/100 DOLLARS $4, 649. 00 AUTHORM)SOWI)JRE TO THE KLAUSNER, KAUFMAN, JENSEN & LEVINSON ORDER 7080 NORTHWEST 4TH STREET OF AUTHORIZED SIGNATURE PLANTATION FL 33317 VOID AFTER 180 DAYS u2000029 ?Gum 11:06311403011:8063029206 um BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002976 VENDOR: DATE CHECK NO. — 000000000047 04/23 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 7 — — -2507 03/31/23 )4/11/23 4, 649. 00 4, 649 . 00 . 00 4, 649 . 00 C -ieck Total 4, 649 . 00 Klausner, Kaufman, Jensen & Levinson ..A Partnership ofProfessional Associations Attomeys At Law 7080 NX 4th Street Plantation;Florida 33317 Tel.(954)916-1202 www..kIaus.nerka.ufinan.com. Fax(954)916-1232 Tax I.D.:45- 4083636 BOYNTON BEACH GENERAL EMPLOYEES March 3.1, 2023 Attn:AMANDA KISH Bill.9 32507 4360 NORTHLAKE BOULEVARD-SUITE 206 PALM BEACH GARDENS, FL 33410 CLIENT: BOYNTON BEACH GENERAL EMPLOYEES :BBGE MATTER: BOYNTON BEACH GENERAL EMPLOYEES' PENSION BOARD :150045 Professional'F ties Date Attorney . Description Hours. Amount 03/01/23 PARA COMMUNICATION WITH AMANDA KISH .:.0.30 30:00 AND JEFF SWANSON REGARDING DATEFOR SPECIAL MEETING. 03/02/23 BSJ TELEPHONE CALL VIIITH JEFF 0.1:0 .32.50 SWANSON REGARDING INVESTMENT POLICY PROVISIONS IN THE ORDINANCE 03/06/23 BSJ REVIEW HB 3 REGARDING, :.:.:. 0.10. 32.50 INVESTMENTS 03108/23 BSJ REVIEW EMAIL FROM JEFF SWANSON 0.70 227:5Q: REGARDING INVESTMENT.POLICY ORDINANCE; REVISE POLICY`IN DRAFT FOR DISCUSSION OF AMENDMENT TO CITY CODE 03/0.8/23 BSJ DRAFT SIDE.LETTER FOR SERENITAS 1.00 325:00 03/09/23 BSJ REVIEW AND REVISE,SIDE LETTER; 0.50 162.50 REQUEST LIMITED RARTNER.SHIP: AGREEMENT; EMAIL SID.E.LETTER TO TOM CAPOBIANCO 03/13123 BSJ REVIEW AND DRAFT SUBSCRIPTION 4:50 487.50 AGREEMENT 03/13/23 BSJ REVIEW EMAIL FROM PETE STRONG 0.20 65.00 WITH IMPACT STATEMENT_FOR.. ODINANCE AMENDING PLAN.FOR: SECRETARY AND REFERENCE TO WORKERS COMPENSATION FOR DETERMINATION OF:DISABILITY 03/14/23 PARA COMPLETION OF SERENITAS 1 50. 150 00 SUBSCRIPTION AGREEMENT. Continued . Client: BOYNTON BEACH GENERAL EMPLOYEES Manch 31, 2023: Matter: 150045:-BOYNTON BEACH GENERAL EMPLOYEES' Page 2 . Professional Fees Continued... Date. Attorney Description Hours . Amount 03/15/23 BSJ REVIEW AND REVISE SUBSCRIPTION 2.56: 812,50 AGREEMENT DRAFT W-9-AND SIGNATURE AUTHORIZATION; PREPARE PLAN DOCUMENT TO PROVIDE TO:SERENITAS; DRAFT EMAIL REGARDING EXECUTION TO AMANDA KISH; EMAIL TO TRUSTEES REGARDING POLITICALLY.-EXPOSED PERSONS;AEVIEVII TRUSTEE RESPONSES 03/15/23 BSJ DRAFT ORDINANCE FOR DISCUSSION 2 50 812.50 REGARDING LIBERALIZING THE .INVESTMENT POLICY IN THE :ORDINANCE; EMAIL TO JEFF SWANSON 03/20/23 BSJ REVIEW AND RESPOND TO'EMAIL 0 30` 97.50 FROM JEFF SWANSON REGARDING , INV . ESTMENT PQLICY GUIDELINES 03/20/23 LG REVIEW/RESPOND TO'EMAIL 0 10. 32 50 REGARDING SILAS POA 03/20/23 PARA REVIEW E-MAIL FROM JACKI.E TAYLOR 0.2.0 20.00 RE.:.SILAS POA; REVIEW.FILE; EMAIL L. GARBER AND B. JENSEN RE; SAME; EMAIL JACKIE.TAYLOR.EARLIER COMMENTS FROM LINDSEY-OARBER RE: SAME . 03128M. LG REVIEW FOR MR :SILAS CLARK, 0.80: 260:00 DRAFT POAAFFIDAVIT 03/28/23 BSJ PREPARE FOR MEETING; REVIEW 0.20 65.00` AGENDA 03/29/23 BSJ TRAVEL To AND FROM MEETING 0.$0 260:00 (SPLIT WITH LANTANA POLICE) 03/29/23 BSJ ATTEND.MEETING 1:70 :552:50 03/29/23 PARA PREPARATION OF MEETING �_ 1.00 1OO:Q0 MATERIALS FOR THE UPCOMING PRESENTATION.MEETING. 03/31123 BSJ REVIEW'.STATUS.QF SEREN.ITAS 0.30 . 97:50 DOCUMENTS;TELEPHONE CALL WITH JORDAN CRAM.. Total for:Services ' 16.30 $4,622.50 . Costs Date Description . Amount PHOTOCOPIES thru 03/31/23 .26.50 Continued , . . Client: BOYNTON BEACH GENERAL;EMPLOYEES March 31{ 2023 Matter: 150045- BOYNTON BEACH GENERAL:EMPLQYEES' Page 3 Costs-Continued: Date Description Amount Total Costs CURRENT BILL TfOTAL AIVIOUNT.DUB $ �t 649.Ot1 Past Due.Balance 1,352:65 AMOUNT DUE $6;001.6.5 BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK NO. 000029rynyy 000000000072 04/23 000000000072 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 2301 1Q2023 34/11/23 25,767 . 00 25, 767 . 00 . 00 25, 767 . 00 ' Check Total 25, 767 . 00 - f� i 0� � Ch�� E� � �L3`r� �� SOUTHSTA'FE BANK 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289/ 70 CHECK NO. CHECK DATE VENDOR NO. 2977 ' 04/11/23 000000000072' PAY AUGUNT TWENTY—FIVE THOUSAND SEVEN HUNDRED SIXTY—SEVEN AND 00/100 $25, 767 . 00 DOLLARS AUTHORRED SIx URE TO THE SOUTHEASTERN ADVISORY SERVICES, INC . ORDER 190 OTTLEY DRIVE NE OF AUTHORIZED SIGNATURE SUITE B2A ATLANTA GA 30324 VOID AFTER 180 DAYS 1100000 2 9 7 711' 1:06340301:806 30 29 206u■ BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002977 VENDOR: DATE CHECK NO. 000000000072 04/23 000000000072 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 2301 1Q2023 14/11/23 25, 767 . 00 25, 767 . 00 . 00 25, 767 . 00 C eck Total 25, 767 . 00 M13 SOUTHEASTERN ADVIS.O Y"SERVICES, INC. 190 Ottley.Drive NE,STE B-2A DATE April 1;2023 Adanta,GA 30324 INVOICE # 2301. Phone 404 237 3156 FOR: AQ231. Bill To: Boynton Beach General.Employee's Pension Fund C/O Amanda Itiish,amanda@resourcecenters.com The Resource Centers,Inc. 4360 Northlake Blvd.Suite 206 Palm Beach Gardens,FL 33410 Via eina-paymcnLgroup@resourcecenters.com DESCRIPTIONAMOUNT' Performance Measurement and Related Investment Consulting.Services $25,767 Value at 12/31/2022 $206,139,479 ( $206,139,479 x 5 Basis Points)'/ $25,767 TOTAL:. '$25,767 Please.p.y Y a .b ACH transfer: " w Region Bank ABA#061101375 AC#0094346011 11 .L h,'!Ve Eft y C)Li±vwr )[IS C0.4! -cr�l. L ; i , a 7t : crew Cool[ac 1: �cf _ ,,uison,904 233 7600,jz:itr we %-.soF.Yxo BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK NO. 00002978 000000000080 04/23 000000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT FEBRUARY 2023 04/11/23 4, 800. 64 4, 800 . 64 . 00 4, 800. 64 Check Total 4, 800 . 64 ZEN QNM i MtrEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK wl' 0- 11?15 10 N T 'I"'� k'�B' 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-120/b70 CHECK NO. CHECK DATE =VENDOR NO. 2978 104/11/23 000000000080 PAY AMOUNT FOUR THOUSAND EIGHT HUNDRED AND 64/100 DOLLARS $4, 800. 64 AU-MORCED SES ,,'Fti TO THE PRINCIPAL CUSTODY SOLUTIONS ORDER REVENUE PROCESSING OF PO BOX 10317 AUTHORIZED SIGNATURE DES MOINES IA 50306-0317 VOID AFTER 180 DAYS 110000029MI10 1:06311403011:6063029206un BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002978 VENDOR: DATE CHECK NO. 000000000080 04/23 000000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT FEBRUARY 2023 14/11/23 4, 800 . 64 4, 800 . 64 . 00 4, 800 . 64 C."leck Total 4, 800 . 64 Fee Invoice: 13724681 ® Custody Account Number 24102201 Solutions For Period: 02/01/2023-02/28/2023 Invoice Date: 03/06/2023 000081 Return To: Boynt6n/S&P400 Principal Custody Solutions Amanda Kish Revenue Processing The Resource Centers, LLC P.O. Box 10317 4360 Northlake Blvd., Suite 206 Des Moines, IA 50306-0317 Palm Beach Gardens FL 33410 E $556.11 PAYMENT DUE UPON RECEIPT Account Name: Boynton/S&P400 Contact: Karl Hutchinson 515-878-6050 F-1H'9 r'e' .............. Summary of Current Period Fees Charged Billed Total Administration $556.11 $556.11 Total Current Period Fees $556.11 $556.11 Wire/ACH Instructions: Wells Fargo Bank,N.A ABA/Rouiing: 121000248 Acct No:4543773808 Acct Name:Principal Bank PCS Fee DDA FFC/Customer ID:Revenue Processing Invoice# Custody and trust services are provided by Principal Bank(®, Member FDIC,and/or Principal Trust Company®. These seNices are provided under the trade name Principal@ Custody Solutions. Principal Trust Company is a trade name of Delaware Charter Guarantee&Trust Company.Principal Bank and Principal Trust Company are members of the Principal Financial Group®,Des Moines, A 50392. PLEASE RETURN THIS PAGE WITH PAYMENT Page I 100 000010 0000000000000207372714030010010000373 001 of 002 Fee Invoice: 13724681 PCiI1Ci�Jai® Custody Account Number 2aaoz2o1 Solutions ForPenod: 02/01/2023 02/28/2023 Invoice.Date: 03/06/2023 Account Name: Boynton/S&P400 Contact: Karl Hutchinson 515-878-6050 Services Value`/Quantity Rate Frequency . Amount . Administration Market Value 16,495,667,76.. @ 0.0004 x 1/12 . 549.86 Annual Account Maintenance 1.00 (c 75.00 x 1/12 6.25 Total Administration $.566:11 Total $666:11. Sunentary Total Charged:to Account $0.00 Tota(Billed.:' $666,11 Payment Due . $566.11 Page 2 000 000000 00000000000002073727,403%1 GOT0000375 002 6f002 Fee Invoice: 13724899 Account Number- 25876101 Prindpa[' Custody For Period.- 02/01/2023-02/28/2023 Solutions Invoice Date: 03/06/2023 000093 Return To: Boynton Beach -Clearbridge LG Cap Principal Custody Solutions Amanda Kish Revenue Processing 4360 Northlake Blvd Ste 206 P.O. Box 10317 Palm Beach Gardens FL 33410 Des Moines, IA 50306-0317 $572.78 PAYMENT DUE UPON RECEIPT Account Name: Boynton Beach-Clearbridge LG Cap Contapt.- Karl Hutchinson 515-878-6050 Fold Here Summary of Current Period Fees Charged Billed Total Administration $572.78 $572.78 Total Current Period Fees $572.78 $572.78 Wire/ACH Instructions: Wells Fargo Bank, N.A ABA/Rouflng: 121000248 Acct No:4543773808 Acct Name: Principal Bank PCS Fee DDA FFC/Customer ID: Revenue Processing Invoice# Custody and trust services are provided by Principal Bank®, Member FDIC,and/or Principal Trust Company& These seNlces are provided under the trade name Principal®Custody Solutions. Principal Trust Company is a trade name of Delaware Charter Guarantee&Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group®,Des Moines, A 50392. PLEASE RETURN THIS PAGE WITH PAYMENT Page I 100 000010 000000000000020737271408001001 0000429 001 of 002 Fee Invoice: 13724899 [�r� ® Custody Account Number 25876101 r l I I I C�p Far Period: 0270112023.-02/26/2023 Solutions invoice Date: 03/06/2023 Account Name: Boynton.Beach-Clearbridge LG Cap . Contact: Karl Hutchinson 515-878-6050 Services Value I.Quantity Rate. Frequency Amount Administration Market.Value 17,183,498:58 .1112 •572.78 Totai Administration $672.78 Total 5872,78. Summary Totat-Charged to Account:: Tota{Billed $672.78 LP::.a:y�mentu® $672.76 Page 2 000 000000 00000000000002073727140800100108 31.002 of 002 Fee Invoice: 13724738 Pr Custody Account Number. 4046002463 incipat" Solutions For Period 02/01/2023-02/28/2023 Invoice Date: 03/06/2023 000157 Return To: Boynton/City Mut Principal Custody Solutions Amanda Kish Revenue Processing 4360 Northlake Blvd Ste 206 P.O. Box 10317 Palm Beach Gardens FL 33410 Des Moines, IA 50306-0317 $3,250.18 PAYMENT DUE UPON RECEIPT Account Name: Boynton/City Mut Contact: Karl Hutchinson 515-878-6050 ............ Fold Here Sunimary of Current Period Fees Charged Billed Total Administration $3,250.18 $3,250.18 Total Current Period Fees $3,250.18 $3,250.18 Wire/ACH Instructions: Wells Fargo Bank,N.A ABA/kouting: 121000248 Acct No:4643773808 Acct Name: Principal Bank PCS Fee DDA FFC/Oustomer ID:Revenue Processing Invoice# Custody and trust services are provided by Principal BankS,Member FDIC, and/or Principal Trust Company®. These services are provided under the trade name Principal®Custody Solutions.Principal Trust Company is a trade name of Delaware Charter Guarantee&Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group®, Des Moines,A 50392. PLEASE RETURN THIS PAGE WITH PAYMENT Page I 100 000010 000000000000020737271707001001 0000715 001 of002 - Fee Invoice: 13724738 ® Account Number 4046002463 Principal custody S O�u t 1011 S for-Period. 02101/2023-02/2812023 Invoice Date— Account ?ate .. 03/06/2023. Account Name: Boynton/City Mut Contact: Karl Hutchinson 515-878-6050 Services Value/Quantity. Rate Frequency Amount Administration Market Value 97.505.418.26 0.0004 x 1/12 3;250.18 To#al Administration $3,260..18 TataF $3,260.18". Summary Total Charged to Acaoun ] P.00 1 Total_Bill®d__ i : . - $3, 6018 .;. Pap ent Due $3,260.18 Page 2. 000.000000000000000000020797271707001001 0000717 002'ot002 .'. Fee Invoice: 13724913 rl f ® Custody Account Number: 4046000161 Solutions For Period: 02/01/2023-02/28/2023 Invoice Date: 03/06/2023 000257 Return To: Boynton/DHJ Fxd Principal Custody Solutions Amanda Kish Revenue Processing 4360 Northlake Blvd Ste 206 P.O. Box 10317 Palm Beach Gardens FL 33410 Des Moines, IA 50306-0317 $421 57 PAYMENT DUE UPON RECEIPT Account Name: Boynton/DHJ Fxd Contact: Karl Hutchinson 515-878-6050 Fold Here Summary of Current Period Fees Charged Billed Total Administration $421.57 $421.57 Total Current Period Fees $421.57 $421.57 Wire/ACH Instructions: Wells Fargo Bank,N.A ABA/kouting: 121000248 Acct No:4543773808 Acct Name:Principal Bank PCS Fee DDA FFC/Customer ID: Revenue Processing Invoice# Custody and trust services are provided by Principal Bank@,Member FDIC,and/or Principal Trust Company. These services are provided under the trade name Principals®Custody Solutions.Principal Trust Company is a trade name of Delaware Charter Guarantee&Trust Company.Principal Bank and Principal Trust Company are members of the Principal Financial Group®,Des Moines,IA 50392. PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 100 000010 000000000000020737272203001001 00011 B3 001 of 002 Fee invoice: .13724913 . • . ® A,ccount Number. 4046000161 Principal custody ForPenod. 02/1)1112023-02!126/2023 '. so t Ons Invoice Date: 03/06/2023 Account Name: 8oyntorVDHJ Fxd Contact: Karl Hutchinson 51.5-878-6050 Services Value/Quantity: Rata Frequenoy`. Amount Administration Market Value 12,647,098:94, ® 0.0004.. x 1112 42.1.57 Total Administration. $421:.67 Total' : :$421.57 Summary Totu1.0v ad to Account $0.00 .. .. Total Billed : $421.67 Payment Due $421.67 Page 2 000 000000 OOOOQOCO000002073727220$001001 0001186.002 of 002 BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK NO. 00002979 00.0000000401 05/23 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006388 5/01/23 12, 581 . 87 12, 581 . 87 . 00 12 581 . 87 006389 )5/01/23 7, 611 . 75 7, 611 . 75 . 00 7, 611 . 75 006390 5/01/23 3, 772 . 44 3, 772 . 44 . 00 3, 772 . 44'' 006391 5/01/23 3, 266. 61 3, 266. 61 . 00 3, 266. 61 006392 :)5/01/23 250 . 80 250 . 80 . 00 , 250 . 80 006393 :5/01/23 361 . 53 361 . 53 . 00 361 . 53 006394 15/01/23 124 .72 124 . 72 . 00 124 . 72 Check Total 27, 969 . 72 ,.,,, . ��...i! BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHS.TATE BANK 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-12897670 CHECK CHECK DATE VENDOR NO. PAY 2979 05/01/23 000000000401 AMOUNT TWENTY-SEVEN THOUSAND NINE HUNDRED SIXTY-NINE AND 72/100 $27, 969. 72 DOLLARS - :. TO THE CITY OF BOYNTON BEACH 0.UTHORIZED SI 3 ,qE f ORDER ATTN: ANDREA JAVIER OF P.O. BOX 310 AUTHORIZED SIGNATURE . y BOYNTON BEACH FL 33425 VOID AFTER 180 DAYS 1100000 29 7911' 1:06 3 1140 301:806 30 29 20611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002979 VENDOR: DATE CHECK N0. 000000000401 05/23 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 006388 '15/01/23 12, 581 . 87 12, 581 . 87 . 00 12, 581 .87 006389 u5/01/23 7, 611 . 75 7, 611 . 75 . 00 7, 611 . 75 006390 X5/01/23 3, 772 . 44 3, 772 . 44 . 00 3, 772 . 44 ' 006391 ;5/01/23 3, 266. 61 3, 266. 61 . 00 3, 266. 61 006392 ~5/01/23 250 . 80 250 . 80 . 00 250 . 80 006393 )5/01/23 361 . 53 361 . 53 . 00 361 . 53 006394 X5/01/23 124 . 72 124 . 72 . 00 124 . 72 C'ieck Total 27, 969. 72. BOYNTON BEACH GENERAL EMPLOYEES'PENSION 000029 0 VENDOR: DATE CHECK NO. 000000000001 05/23 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 20039 MAY 2023 5/08/23 5, 609 . 14 5 609 . 14 . 00 5, 609 . 14 Check Total 5, 609 . 14 BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 9360 NORTH KE BLVD STE 206 10391 N.Military Trail PALM BEACH GARDENS;FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289It70 CHECK{NO. CHECK DATE VENDOR NO. 2980 05/08/23 1000000000001 PAY AMOUNT FIVE THOUSAND SIX HUNDRED NINE AND 14/100 DOLLARS $5, 609 . 14 AUTHORIZED SI URE TO THE PENSION RESOURCE CENTER ORDER 4360 NORTHLAKE BLVD AUTHORIZED SIGNATURE OF SUITE 206 PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS 11300002980110 180061111.0301ION&OP330 29 206ne 144( BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002980 VENDOR: DATE CHECK NO. 000000000001 05/23 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 20039 MAY 2023 5/08/23 5, 609 . 14 5® 609 ® 14 . 00 5, 609 . 14 Clieck Total 5, 609 . 14 Resource Centers,, LLC Invoice 4360 Northlake Blvd., Suite 206 —1 Palm each Gardens, FL 33410 Date Invoice # 5/1j2023 20039 Bill To Tax ID Boynton Beach General Pension Fund Pension Resource Center 36-4504183 Resource Centers 87-0800468 Description Qty Rate Amount Boynton Beach General Employees' Pension Monthly Administrator 4,925.00 4,925.00 Fee for May 2023 Postage 432 0.60 259.20 Printing and Labor 432 0.22 95.04 FED-EX Overnight Shipping 32.98 32.98 Death Search - May 2023 447 0.19 84.93 04-21-2023 Mailer: 118.80 118.80 Printing and Folding: $36.48 Envelopes: $22.15 Seal, Bundle, and Deliver: $60.17 Postage for Mailer 149 0.58 86.42 Tax 6.77 6.77 Total Amount Due $5,609.14 Mail Payments to: Resource Centers, LLC at Palm Beach Gardens address above. owg� If you have any questions concerning this invoice, please contact Michael Burr at Resource Centers, LLC Phone 561,459,2985 or email - michael@resourcecenters.com BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002981 VENDOR: 000000000125 05/23 000000000125 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 1QTR2023 5/08/23 16, 008 . 22 16, 008 . 22 00 16, 008 . 22 Check Total 16, 008 . 22 BOYNTON 6EACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 4360 NORTH KE BLVD STE 206 10891 N.Military Trail PALMI BEACH GARDENS,FL 33410 Palm Beach Gardena,FL 33410 300-206-0116 63-12891670 CHECK NOe CHECK DATE VENDOR NO. 2981 05/08/23 000000000125 PAY AMOUNT SIXTEEN THOUSAND EIGHT AND 22/100 DOLLARS $16, 008 .22 AUTHORIZED SI URE TO THE CLEARBRTDGE: INVESTMENTS ORDER LEGG MASON FBO:CLEARBRIDGE INVESTMENTS AUTHORIZED SIGNATURE OF 13985 COLLECTIONS CENTER DRIVE CHICAGO IL 60693-0139 VOID AFTER 180 DAYS u80000291310 IffieOrI31140301ON806 3029206 no BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002981 VENDOR: CHECKDATE 000000000125 05/23 000000000125 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 1QTR2023 5/08/23 16, 008 . 22 16, 008 . 22 . 00 16, 008 . 22 C eck Total 16, 008 .22 ClearBridge Investments Date 4/19/2023 Employees' Pension Elan of the City of B Billing Period 4360 Northialce Blvd,Suite 206 2023-Q1 Palm Beach Gardens,FL 33414 Attn: Amanda Kish Invoice ONumber BOYNTN—LN_LC'G033123 Custodian ID XXXX6101 CUSTOMER COPY®PLEASE RETAIN FOR YOUR RECORDS. Employees'Pension Plan of the City of Boynton Beach,Florida Fee Schedule Retail-Employees'Pension Plan of the City of Boynton Beach,Florida annual hate Valuation-USD Fee 0 to 999999999999 0.500% 12,984,447.92 16,008.22 Total Fees Due 2023-Q1: 16,008,22 Mailing address: Fire Instructions: Legg Mason FBO:CLEAR-BRIDGE INVESTMENTS LLC paying Agent:CLEARBRIDGE INVESTMENTS LLC 13985 Collections Center Drive Bark:Bank of America Chicago,IL 60693-0139 ABA#:026009593 Acct#:004467062771 Ref:2023-Q i-BOYNTON_LCG Ref:2023-Q 1-BOYNTON_LCG Account asset values are calculated and provided by your custodian. Accrued income is included in the calculation of account asset values. ClearBridge Investments Date 4/1912023 Employees' pension Plan of the City of B Billing Period 4360 Northlake Blvd,Suite 206 2023-Ql Palin Beach Gardens,FL 3341.0 Inv®ice Number Attn: Amanda Dish BOYNTON LCGO33123 Custodian IID XXXX6101 PLEASE REMIT THIS STATEMENT WITH YOUR PAYMENT. Employees`Pension Plan of the City of Boynton Beach,Florida Fee Schedule Detail-Employees'Pension Plan of the City of Boynton Beach,Florida Annual hate Valuation-USD Fee 0 to 999999999999 0.500% 12,984,447.92 16,008.22 Total Fees Due 2023-Q1: 16,005,22 Wire Instructions: Mailing address: Paying Agent:CLEARBRIDGE INVESTMENTS LLC Legg Mason FBO:CLEARBRIDGE INVESTMENTS LLC Bank:Bank of America 13985 Collections Center Drive ABA#:026009593 Chicago,IL 60693-0139 Acct#:004467062771 Ref:2023-Q 1-BOYNTON_LCG Ref:2023-Q 1-BOYNTON_LCG Account asset values are calculated and provided by your custodian. Accrued income is included in the calculation of account asset values. BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK N0. 000000000028 05/23 000000000028 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 9166 9168 &9206 5/08/23 2 050 . 00 2, 050 . 00 , 00 2, 050 . 00 Check Total 2, 050 . 00 vi BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK82 4360 NORTH KE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS;FL 33410 Palm Beach GardensFL 33410 600-206-0116 63-12897670 CHECK NO. CHECK DATE VENDOR NO. 2982 JOS/08/23 1000000000028 PAY AMOUNT TWO THOUSAND FIFTY AND 00/100 DOLLARS $2, 050 . 00 3 AUTHORIZED SAWTURE TO THE FPPTA ORDER 2946 WELLINGTON CIRCLE EAST OC AUTHORIZED SIGNATURE OF TALLAHASSEE FL 32309 VOID AFTER 180 DAYS 00000 298 til® 1080 1140 ,. 06 206u® BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002982 VENDOR; CHECKDATE 000000000028 05/23 000000000028 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 9166, 9168 &9206 5/08/23 2, 050 . 00 2 , 050 ® 00 . 00 2, 050 . 00 Check Total 2, 050 . 00 � av: rz Tr a -EES: ^ 21iv.;-;E 054. INVOICE Invoice Date:04/19/2023 Florida Public Pension Trustees AMANDA KISH(Resource Centers) Invoice Number:INV_9166 Association 4360 NORTHLAKE BLVD STE 206 2946 WELLINGTON CIR PALM BCH GDNS,FL 33410 Reference:Online Event TALLAHASSEE,FL 32309 United States United States Registration:39th Annual Conference 8506688552 8506688552 Description Quantity Unit Price Sales Tax Amount USD Registration Fee-Trustee Registration Fee(Laurie Fasolo,Attendee) 1 $875.00 $875.00 Registration Fee-Non-attending registrant(AMANDA KISH, 1 $0.00 $0.00 Attendee) Sub Total $875.00 TOTAL Sales Tax $0.00 TOTAL USD $875.00 Amount Paid ($0.00) _.,... . ._........... ................ . AMOUNT DUE: $875.00 DUE DATE:April 29,2023 (Jaw—_ -:t---------------------------------------------------- T ADVICE Customer: AMANDA KISH To: Invoice Number: INV-9166 Florida Public Pension Trustees Association 2946 WELLINGTON CIR _ .,............. _..... TALLAHASSEE,FL32309 United States Amount Due: $875.00 mj@fppta.org Due Date: April 29,2023 8506688552 �LOFI-A PENCIOK TFJS-EEE ASWCATON SINCE 1924 INVOICE Invoice Date:04/19/2023 Florida Public Pension Trustees AMANDA KISH(Resource Centers) Invoice Number:INV 9168 Association 4360 NORTHLAKE BLVD STE 206 - 2946 WELLINGTON CIR PALM BCH GDNS,FL 33410 Reference:Online Event TALLAHASSEE,FL 32309 United States Registration:39th Annual United States Conference-Guest mj@fppta.org 8506688552 Description Quantity Unit Price Sales Tax Amount USD Annual Conference Fee-Guest Fee(Paul Fasolo,Attendee) 1 $300.00 - $300.00 Sub Total $300.00 TOTAL Sales Tax $0.00 TOTAL USD $300.00 Amount Paid ($0.00) AMOUNT DUE: $300.00 DUE DATE:April 29,2023 owff-- -`<<---------------------------------------------------- PAYMENT ADVICE Customer- AMANDA KISH To: Invoice Number: INV-9168 Florida Public Pension Trustees Association 2946 WELLINGTON CIR .......... ....................- TALLAHASSEE,FL 32309 United States Amount Due: $300.00 mi@fppta-org Due Date: April 29,2023 8506688552 ...........- .................. INVOICE Invoice Date:04120/2023 Florida Public Pension Trustees AMANDA KISH(Resource Centers) Invoice Number:INV 9206 Association 4360 NORTHLAKE BLVD STE 206 2946 WELLINGTON CIR PALM BCH GDNS,FL 33410 Reference:Online Event TALLAHASSEE,FL 32309 United States Registration:39th Annual United States Conference mj@fppta.org 8506688552 Description Quantity Unit Price Sales Tax Amount USD Registration Fee-Trustee Registration Fee(Cathy McDeavitt, 1 $875.00 $875.00 Attendee) Registration Fee-Non-attending registrant(AMANDA KISH, 1 WOO $0.00 Attendee) Sub Total $875.00 TOTAL Sales Tax $0.00 TOTAL USD $875.00 Amount Paid ($0.00) ........... AMOUNT DUE: $875.00 DUE DATE:April 30,2023 - C---------------------------------------------------- T ADVICE Customer: AMANDA KISH To: Invoice Number: INV_9206 Florida Public Pension Trustees Association 2946 WELLINGTON CIR .................... ............ TALLAHASSEE,FL 32309 United States Amount Due: $875.00 mj@fppta.org Due Date: April 30,2023 8506688552 BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK No, 00002983 VENDOR: 000000000210 05/23 000000000210 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 2023 L. FASOLO 5/08/23 495 . 00 495 . 00 . 00 495 . 00 Check Total 495 ° 00 BOYNTON BEACH GENE L EMPLOYEES'PENSION SOUTHSTATE BANK 4360 NORTH KE BLVD STE 206 10891 N.Military Trail PALO BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800:206-0116 63-12891E7® CHE=CKNO. CHECKDATE a. 2983 2983 05/08/23 000000000210 PAY AMOUNT FOUR HUNDRED NINETY—FIVE AND 00/100 DOLLARS $495 . 00 AUTHORIZED SI RE 10 THE ROSEN SHINGLE CREEKS ORDER 9939 UNIVERSAL BLVD. O F AUTHORIZED SIGNATURE V ORLANDO FL 32819 VOID AFTER 180 DAYS V000029,BPm 40631111,030iI6013063029206V BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002983 VENDOR: DATE CHECK NO. 000000000210 05/23 000000000210 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC, TAKEN NET AMOUNT 2023 L. FASOLO 5/08/23 495 . 00 495 . 00 . 00 495 . 00 Check Total 495 . 00 a�eaoa�. es/zr::/az w DR-`f4 Fonsumer's Cerfif' f X �i .01/18 Issued Pursuant to Chapter 212,Florida Statutes 01 COt 85-8012621544C-0 07/3112022 07/31/2027 NICIPAL GOVERNMENT ---� ._..._......_ __.... Certificate dumber Effective Date Expiration Date Exemption Category This certifies that CITY OF BOYNTON BEACH 100 E OCEAN AVE BOYNTON BEACH FL 33435-4515 is exempt from the payment of Florida sales and use tax on real property rented,transient rental property rented,tangible personal property purchased or rented, or services purchased. R-14 f �� ; r r I 1 .01/18 FLORIDA 1. You must provide all vendors and suppliers with an exemption certificate before malting tax-exempt purchases. See Rule 12A-1.033,Florida Administrative Code(FA.C.). 2. Your Consumer's Certificate of Exemption is to be used solely by your organization for your organization's customary nonprofit activities. 3. Purchases made by an individual on behalf of the organization are taxable,even if the individual will be reimbursed by the organization. 4. This exemption applies only to purchases your organization makes. The sale or lease to others of tangible personal property, sleeping accommodations,or other real property is taxable. Your organization must register, and collect and remit sales and use tax on such taxable transactions. Note: Churches are exempt from this requirement except when they are the lessor of real property(Rule 12A-1.070, I A.C.). 5. It is a criminal offense to fraudulently present this certificate to evade the payment of sales tax. Cinder no circumstances should this certificate be used for the personal benefit of any individual. Violators will be liable for payment of the sales tax plus a penalty of 200% of the tax,and may be subject to conviction of a third-degree felony. Any violation will require the revocation of this certificate. 6. If you have questions about your exemption certificate,please call Taxpayer Services at 850-488-6800. The mailing address is PO Box 6480,Tallahassee, FL 32314-6480. Rosen Shingle Creek R(}SFi�� Reservations Phone: 1-866-996-6338 ��, HINGLE CREEK Hotel Phone:407-996-9939 ORLANDO 9939 Universal Blvd, Orlando, Florida 32819 www.RosenShingleCreek.com PLEASE VERIYALL INFORMATION FOR ACCURACY Guest Information: Room Total Date Stay Rate LAURIE FASOLO $495.00+Tax Rate Sunday,June 25,2023 $165.00 Monday,June 26,2023 $165.00 Tuesday,June 27,2023 $165.00 Email Address: cobias@aol.com ,ACCOMMODATIONS REQUESTED All rates are exclusive of 6.5%state tax and 6.0%county tax Not ouararttaed.Subiect to Ava€lab€lity Umn Check-In Printed On: Wednesday,April 19,2023 Luxurious Double Queen ARRIVAL DATE DEPART SCAT : #GUEST CONFI AAON##" ASSOCIATED WITH 06/25/2023 06/2812023 1 R69867SE422665 FPPTAAnnual Conference Stay Summary: ;t#of Rms: 1 OTD: YES MAST SPECIAL REQUESTS Room assignments and other special accommodation requests noted on your reservation are not guaranteed.Rest assured every effort will be made to fulfill your requests.Rosen Shingle Creek is a smoke-free facility.Designated smoking areas are available outside the Hotel.A$350 cleaning fee will be applied to any guest who disregards this policy. Please note an authorization equivalent to one night's room and tax will be requested on your card five days prior to your arrival date.Debit Cards will reflect a debit on your account at this time.Any reservation where an authorization cannot be obtained will be subject to cancellation.In the event that you do not arrive on your requested arrival date listed above,the card given at the time of booking will be charged one night's room and tax. MOBILE CHECK-IN Access our web-based mobile app for a contactless and convenient way to manage your stay. We will send you text messages when mobile check-in and check-out are available and when your guestroom is ready,if you provided a mobile phone number at the time of registration. You can opt out at any time from receiving the text messages. If you need to add a mobile phone number to your registration,please call the hotel.Applicable fees for text messages Check your carrier for details. Read our Terms and Conditions. KNOW BEFORE YOU GO We make it easy to prepare for what to expect by giving you the latest information on hotel restrictions and recommendations. Learn more. All Reservations must be cancelled at least 10 days prior to arrival in order to avoid a cancellation charge. } k Qwq ' a01 qe !7 ' � t f Rrrl'§ at fat?. 15, �r i t (r J fA> A- ... ._ n d €;.fs a Whan€t con7as to dming,we mduiga frt)rm the fsf:t 0tc to the last. Experience the tran0ornat€v ,e egancQ of The.Spa at Shinglo Creek, Fea E ring breathtaking Spanish Revival architecture,we offer guests a Boasting a lavish whirlpool,sfeann room and sauna lounge.Offerinc;a wide selection of signature restaurants and lounges,two of which are vaficty of luxurious treatments,`roma massages to facials to salon sorvices. ac,dain-*d AAA Four Diamond rest,)Urarats—A hand Rennerrtbered Its€rata i more,than a Afar -fo relax.It's the place to recharge, steakhouse and Cala Delta fine-dini'mi Italian bistro.Whatever you crave, Cult 407-996-9772 or request art appointment here.. youvall find it satisfied at!Rosen Shines creek.Book through OpenTabfe. Make Reservations Book Appointment Our main priority is the safety and wellbeing of our guests and associates.Hotel staff may enter a guestroom during your stay for wellness checks,security,maintenance,or other purposes. BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK No. 000 VENDOR: 000000000034 05/23 000000000034 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC, TAKEN NET AMOUNT 2QTR23 37430 5/08/23 9, 353 . 57 9, 353 . 57 . 00 9, 353 . 57 Check Total 9, 353 . 57 BOYNTON BEACH GENERAL EMPLOYEES'PENSION SGUTHSTATE BANK 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALL BEACH GARDENS,FL 33410 Palm Beach Gardens,FL 33410 800-206-0116 63-1289/670 CK NO. CHECK DATE VENDOR NO. CHE 2984 05/08/23 1000000000034 PAY AMOUNT NINE THOUSAND THREE HUNDRED FIFTY—THREE AND 57/100 DOLLARS $9, 353057 AUTHORIZED SI RE TO THE GARCIA 'HAMILTON & ASSOCIATES,'; LP ORDER 5 HOUSTON CENTER F AUTHORIZED SIGNATURE (, 1401 'MCKINNEY, SUITE 1600 HOUSTON TX 77010 VOID AFTER 180 DAYS n60000 29811.0 '®0 P3 3 11 IsO 3010NJ30 r330292OP3 II® BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002984 VENDOR: DATE CHECK NO. 000000000034 05/23 000000000034 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 2QTR23 37430 5/08/23 9, 353 . 57 9, 353 . 57 . 00 9, 353 . 57 C eck Total 9, 353 . 57 GARCIA HA ASSOCIATES, LP INVOICE It 37430 MV1 I LTO N 1,101 filcKiSoii; li00 Fl�� ;713,; April 4,2023 BO J'Al'T0A'BT-'A C'll GE".AT,k-IL E.11111-0 YEES PE"A"SI0A'PL4N (40461100161) bb(le 'Fearif Plan Administrators clo Sage LehmaniElly-sv Hoss-o 436GINorthialit Boulevard,Ste.206 Palm beach Ga rdems, Fl, 334 10 GARCIA I 1AIMILTON ASSOCIATE'S SUMMARY 01" Nt\NAGEMENTFE-1-�s For The Period April 1-202, through.lone iii 2023 floritblio Valtio with Accrued Interest as ot'01-31-23 13.1 I(I'N 4 'S Pord'olio Value wiihAccrued lntcresi as of'02-21;-21 12,1394 ;cif),3 2 Portfo I io value wit I I Accrt led 1111'Crc.,t as o C 0 1 '.°s 1 .o81 67',97 Average ol'i Nlonflis 12.v90.704,39 I 0,000,000 0, 0,300011. ll 1,'50 0,00 2.W1704 cry E2500`/o perannum 1........,853,57 .........-.-- S 9,353,57 TOTAL DUE, AN'l) PAVADUE 9,353,57 GF1 c c BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK N0. 00002985 VENDOR: 000000000047 05/23 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 32698 04/30/23 5/08/23 3, 477 . 50 3, 477 . 50 . 00 3, 477 . 50 Check Total 3, 477 . 50 BOYNTON BEACH GENERAL EMPLOYEES'PENSION.a rSOUTHSTATE BANK{ 00 985' 4360 NORTH KE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach GardensFL 33410 800-206-0116 63-12897670 CHECK NO. CHECK DATE VENDOR NO. 2985 05/08/23 000000000047 PAY AMOUNT THREE THOUSAND FOUR HUNDRED SEVENTY—SEVEN AND 50/100 DOLLARS $3, 477 . 50 AUTHORIZED 51 URE '. TO THE KLAUSNER, ;KAUFMAN, JENSEN & LEVINSON 1 ORDER 7080 NORTHWEST 4TH STREET OF 4UTHORIZEO SIGNATURE PLANTATION FL 33317 VOID AFTER 180 DAYS I160000 511® '®0 F3 3114030CE013017, 3029206a® BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002985 VENDOR; DATE CHECK NO. 000000000047 05/23 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 32698 04/30/23 5/08/23 3, 477 . 50 3, 477 . 50 . 00 3, 477 . 50 C eck Total 3, 477 . 50 Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.V 4th Street Plantation,Florida 33317 Tel.(954)916-1202 wwwAlausnerkauftnan.com Tax I.D.:45-4083636 Fax(954)916-1232 BOYNTON BEACH GENERAL EMPLOYEES April 30, 2023 Attn:AMANDA KISH Bill#32698 4360 NORTHLAKE BOULEVARD ®SUITE 206 PALM BEACH GARDENS, FL 33410 CLIENT: BOYNTON BEACH GENERAL EMPLOYEES BBGE MATTER: BOYNTON EACH GENERAL EMPLOYEES' PENSION BOARD '150045 Professional Fees Date Attorney Description Hours Amount 04/04/23 BSJ REVIEW EMAIL FROM SARA 0.30 97.50 ANDERSON AT PENNANT PARK WITH SUBSCRIPTION DOCUMENTS; REVIEW EMAIL FROM JIM ROBERTSON FROM ATL WITH SUBSCRIPTION DOCUMENT 0.10 32.50 04105/23 BSJ REVIEW EMAILS FROM JACKIE TAYLOR AND AC LOVINGOOD; COORDINATE REVIEW OF POWER OF ATTORNEY 0.90 292,50 04/06/23 LG REVIEW PDA RE BQATENG; REVIEW TEXAS PDA STATUTE 1.90 617.50 04106/23 LG DRAFT SIDE LETTER AND SUBSCRIPTION AGREEMENT RE PENNANT PARK INVESTMENT 1.50 487.50 04/06/23 LG DRAFT SIDE LETTER AND SUBSCRIPTION AGREEMENT RE INVESTMENT INATEL 04/10/23 BSJ AGEPREPARE MEETING AAND FOR MEETING,BACK UREVIEW 0.50 16Z50 NDP, INCLUDING MINUTES 1,00 325,00 04/12/23 BSJ REVIEW AND REVISE SIDE LETTER AND SUBSCRIPTION AGREEMENT 04/13/23 LG REVIEW EDITS TO PENNANT PARK 0.70 227.50 SUB DOC; DRAFT EMAIL TO PENNANT PARK FOR REVIEW OF SIDE LETTER/SUB DOC QUESTIONS- DRAFT EMAIL TO ATEL WITH PROPOSED SIDE LETTER; DISCUSS DOCS WITH BSJ-, REVIEW/RESPOND TO EMAIL FROM PENNANTPARK Continued . . . Client, BOYNTON BEACH GENERAL EMPLOYEES April 30, 2023 Matter: 1150045 - BOYNTON EACH GENERAL EMPLOYEES' Page 2 Professional Fees Continued... Date Attorney Description Hours Amount 04/13/23 BSJ PEER REVIEW AND REVISE SIDE 0,50 162.50 LETTER AND SUBSCRIPTION AGREEMENT 04/18/23 LG REVIEW ITS TO ATEL SIDE LETTER; 0.20 65.00 EMAILATEL FOR EXECUTION OF SIDE LETTER 04/18/23 LG DRAFT EMAIL INSTBILICTIONS RE 0,50 162.50 BOARD'S EXECUTION OF ATEL SUBSCRIPTION DOCUMENTS 04/19/23 LG REVIEW/RESPOND TO EMAIL FROM 0.10 32.50 PLAN ADMINISTRATOR RE ATEL DOCUMENTS 04/21/23 LG CHECK IN WITH PENNANT PARK RE 0.50 162.50 STATUS OF SIDE LETTER; REVIEW PROPOSED CHANGES; DRAFT EMAIL TO PENNANT PARK 04/25/23 LG DRAFT REVISED E-VERIFY LANGUAGE 0.70 227.50 RE PENNANT PARK SIDE LETTER; EMAIL LANGUAGE TO PENNANT PARK COUNSEL; PHONE CALL WITH JEFF SI ON FROM PENNANT PARK TO DISCUSS DRAFT LANGUAGE 04/25123 BSJ REVIEW REVISED[WAFT INVESTMENT 0.50 162.50 POLICY GUIDELINES 04/26/23 LG REVISE E-VERIFY LANGUAGE RE 0.40 130.00 PENNANT PARK SIDE LETTER TO INCLUDE DEFINITIONS OF SUBCONTRACTOR AND UNAUTHORIZED PERSON; DISCUSS CHANGES WITH BSJ; SEND REVISED LANGUAGE TO PENNANT PARK 04127/23 LG REVIEW DODS PLAN ADMINISTRATOR 0.40 130,00 SENT RE ATEL INVESTMENT, EMAIL PLAN ADMINISTRATOR FOR MISSING DOCUMENTS; EMAIL ATEL Total for Services 10.70 $3,477.50 CURRENT BILL TOTAL AMOUNT DUE $ 3,477.50 BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002986 VENDOR: 000000000080 05/23 000000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NETAMOUNT MARCH 2023 5/08/23 4, 857 . 15 4, 857815 . 00 4, 857 . 15 Check Total 4, 857 . 15 BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 460 NORTH KE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens,FL 33410 a00-206-0116 63-12891670 CHECK NO. CHECK DATE VENDOR NO. 2986 05/08/23 000000000080 AMOUNT PAY FOUR THOUSAND EIGHT HUNDRED FIFTY—SEVEN AND 15/100 DOLLARS $4, 857015 AUTHORIZED SI RE TO THE PRINCIPAL CUSTODY SOLUTIONS ORDER REVENUE PROCESSING AUTHORIZED SIGNATURE OF PO BOX 10317 DES MOINES: IA 50306-0317 VOID AFTER 180 DAYS u@00002qJ3GIIm R.0 6 3 0 O'. 0 G30N1206 II® BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002986 VENDOR: DATE CHECK NO. 000000000080 05/23 000000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC, TAKEN NET AMOUNT MARCH 2023 5/08/23 4, 857 . 15 4, 857 ® 15 , 00 4, 857 . 15 C eck Total 4, 857 . 15 Fee Invoice: 13726372 Account Number., 4046002463 Principal' Custody For Period: 03/01/2023-03/31/2023 Sotutions Invoice Date: 04/06/2023 Return To: Boynton/City Mut Principal Custody Solutions Amanda Kish Revenue Processing P,O, Box 10317 4360 Northlake Blvd Ste 206 Des Moines, IA 50306-0317 Palm Beach Gardens FL 33410 Eiiii] PAYMENT DUE UPON RECEIPT Account Name: Boynton/City Mut Contact: Karl Hutchinson 515-878-6050 Fold Here Summary of Current Period Fees Charged Billed Total Administration $3,452.07 $3,452.07 Total Current Period Fees $3,452.07 $3,452.07 awk6-- Wire/ACH Instructions: Wells Fargo Bank,N.A ABA/Routing:121000248 Acct No:4543773808 Acct Name:Principal Bank PCS Fee DDA FFC/Customer ID:Revenue Processing Invoice# Custody and trust services are provided by Principal Bank@,member FDIC,and/or Principal Trust Company@. These services are provided under the trade name Principal(E)Custody Solutions.Principal Trust Company is a trade name of Delaware Charter Guarantee&Trust Company.Principal Bank and Principal Trust Company are members of the Principal Financial Group@,Des Moines,IA 50392. PLEASE RETURN THIS PAGE WITH PAYMENT Pagel Fee Invoice: 13727370 Custody Account Number 25876101 Pdnd ar For Period: 03/01/2023-03/31/2023 P Sotutions Invoice Date: 04/12/2023 Return To: Boynton Beach-Clearbridge LG Cap Principal Custody Solutions Amanda Kish Revenue Processing 360 Northlake Blvd Ste 206 Des Moines, IA P.O.PBox 10317 50306-0317 Palm Beach Gardens FL 33410 PAYMENT DUE UPON RECEIPT Account Name: Boynton Beach-Clearbridge LG Cap Contact: Karl Hutchinson 515-878-6050 Fold Here Summary of Current Period Fees Charged Billed Total Administration $432,60 $432,60 Total Current Period Fees $432,60 $432.60 Wire/ACH instructions: Wells Fargo Bank,N.A ABA/Routing:121000248 Acct No:4543773808 Acct Name:Principal Bank PCS Fee DDA FFC/Customer ID:Revenue Processing Invoice 4 .Custody and trust services are provided by Principal Bank®,member FDIC,and/or Principal Trust Company®. These services are provided under the trade name Principal®Custody solutions.Principal Trust company is a trade name of Delaware Charter Guarantee&Trust Company.Principal Bank and Principal Trust Company are members of the Principal Financial Group@),Des Moines,IA 50392. PLEASE RETURN THIS PAGE WITH PAYMENT Pagel Fee Invoice: 13727181 Principal' Custody Account Number. 4046000161 For Period: 03/0112023-03/31/2023 solutlol-Is Invoice Date: 04/06/2023 Return To: Boynton/DHJ Fxcl Principal Custody Solutions Amanda Kish Revenue Processing 4360 Northlake Blvd Ste 206 P.O. Box 10317 Palm Beach Gardens FL 33410 Des Moines, IA 50306-0317 $434.17 PAYMENT DUE UPON RECEIPT Account Name: Boynton/DHJ Fxcl Contact: Karl Hutchinson 515-878-6050 Fold Here Summary of Current Period Fees Charged Billed Total Administration $434.17 $434.17 Total Current Period Fees $434.17 $434.17 Wire/ACH Instructions: Wells Fargo Bank,N.A ABA/Routing:121000248 Acct No:4543773808 Acct Name:Principal Bank PCS Fee DDA FFC/Customer ID:Revenue Processing Invoice# Custody and trust services are provided by Principal Bank@,Member FDIC,and/or Principal Trust Company®. These services are provided under the trade name Principal@ Custody Solutions.Principal Trust Company is a trade name of Delaware Charter Guarantee&Trust Company.Principal Bank and Principal Trust Company are members of the Principal Financial Group@,Des Moines, IA 50392. PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 Fee Invoice: 13726105 Custody Account Number. 24102201 Principal' Solutions For Period: 03/01/2023-03/31/2023 Invoice Date: 04/06/2023 Return To: Boynton/S&P400 Principal Custody Solutions Amanda Kish Revenue Processing The Resource Centers, LLC P.O. Box 10317 4360 Northlake Blvd., Suite 206 Des Moines, IA 50306-0317 Palm Beach Gardens FL 33410 $53831 PAYMENT DUE UPON RECEIPT Account Name: Boynton/S&P400 Contact: Karl Hutchinson 515-878-6050 Fold Here Summary of Current Period Fees Charged Billed Total Administration $538.31 $538.31 Total Current Period Fees $538,31 $538.31 Wiro/ACH Instructions: Wells Fargo Bank,N.A ABA/Routing:121000248 Acct No:4543773808 Acct Name;Principal Bank PCs Fee DDA FFC/Custorner ID:Revenue Processing Invoice# Custody and trust services are provided by Principal Bank®,Member FDIC,and/or Principal Trust Company& These services are provided under the trade name Principal®Custody Solutions.Principal Trust Company is a trade name of Delaware Charter Guarantee&Trust Company.Principal Bank and Principal Trust Company are members of the Principal Financial Group®,Des Moines,JA 50392. PLEASE RETURN THIS PAGE WITH PAYMENT Page 1