Agenda 02-10-11
BOYNTON BEACH FIREFIGHTERS' PENSION FUND
QUARTERLY BOARD MEETING
Thursday, February 10,2011 @ 2:00 PM
Renaissance Commons Executive Suites
1500 Gateway Blvd., Suite 220
Boynton Beach, FL 33426
AGENDA
I. CALL TO ORDER - Luke Henderson, Chairman
I. A) Congratulations to Jon Raybuck for completing the course and earning his
CPPT designation. (Certified Public Pension Trustee)
B) Thank you and Congratulations to Robert Taylor on his reappointment as a
trustee, for another term, by the City Commission.
C) Welcome to new trustee Matthew Petty by the Firefighters election process.
D) Thank you to Bob Rehr for his valuable service on the Board.
E) Thank you to Larry Schone for his time and important service on the Board.
II. AGENDA APPROVAL -
III. APPROVAL OF MINUTES-
IV. FINANCIAL REPORTS:
A. Gabriel, Roeder, Smith & Co - Steve Palmquist, ASA,MAAA,FCA
1) Actuarial Valuation Report PYE 9-30-2010
B. Davidson, Jamieson & Cristini, PL - Richard Cristini, CPA, Auditor
1) Financial Statements PYE 9-30-2010
C. Bogdahn Consulting - Dave West
1) Investment Performance Review Quarter 12-31-2010.
2) Bonds - Alternative Investment - PIMCO
D. Attorney Report - Adam Levinson
1) Klausner & Kaufman, PA - 13th Annual Client Conference-
March 20th_ 23rd 2011.
2) House Bill 303 -
3) Ordinance change for trustee term to 4 years.
4) IRS 2011 Standard Mileage Rates
V. CORRESPONDENCE-
1) DSM Capital Partners - Annual Client Compliance Notice 1-5-2011
VI. OLD BUSINESS - Nt A
1) Credit Card application for Trustees - Sun Trust requirements
2) Ad Hoc Supplemental Benefit - Ord No. 10-016 - Discussion-
1
VII. NEW BUSINESS:
A. Invoices for review and approval:
1. STW Fixed Income Mgt- Qtry fee 3-31-2011- $10,906.18
2 Atalanta Sosnoff - Quarterly fee 12-31-2010 - $7,913.00
3. DSM Capital Partners LLC - Qtry fee 12-31-2010 - $12,374.70 & Qtry
fee 3-31-2011 - $13,407.48
4. Bogdahn Group - qtry fee 12-31-10 - $8,375
5. Tegrit Administration - Qtry fee 12-31-2010 - $500
6. DGHM - Management fee 12-31-2010 - $12,055.68
7. Klausner & Kaufman - Service Nov/Dec. 2010 - $2,700.00
9. GRS - Service November 2010 - $3,417
10. Anchor Capital Advisors - Quarterly fee -
11. Davidson, Jamieson & Cristini, PL - Progress audit billing PYE 9-2010 -
$4,000.
B. Retirement Benefit Verification - Board review and approval -
1) Michael Fitzpatrick - DROP retirement
C. Renewal of Fiduciary Liability - Renewal for Apr 2011/2012 - authorization
D. Quarterly Board Meeting - Time change for earlier start -
VIII. PENSION ADMINISTRATOR'S REPORT:
1. Benefits as of2-01-2011
IX. COMMENTS
X. ADJOURNMENT
Next Meeting Date - Thursday, May 12, 2011 @ 2:00PM-
Renaissance Commons Executive Suites
If you cannot attend, please call Barbara @ 561/739-7972.
NOTICE
IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE FIREFIGHTERS' PENSION BOARD WITH RESPECT TO ANY MATTER
CONSIDERED AT THIS MEETING, HE/SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, HE/SHE MAY NEED TO
ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON
WHICH THE APPEAL IS TO BE BASED. (F.s.286.0105)
THE CITY SHALL FURNISH APPROPRlATE 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 CITY CLERK'S OFFICE (561) 742-6060 AT LEAST TWENTY-FOUR HOURS PRIOR TO THE PROGRAM OR
ACTIVITY IN ORDER FOR THE CITY TO REASONABL Y ACCOMMODATE YOUR REQUEST.
S:\CC\ WP\JANET\F1REFIGHTERS' PENSION FUND.doc
2
CITY OF BOYNTON BEACH
FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
FINANCIAL STATEMENTS
September 30,20 I 0
DAVIDSON, JAMIESON & CRISTINI, P.L.
Certified Public Accountants
CITY OF BOYNTON BEACH
FIREFIGHTERS' PENSION PLAN
(a component unit ofthe City of Boynton Beach, Florida)
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITOR'S REPORT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FINANCIAL STATEMENTS
ST A TEMENTS OF PLAN NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
ST A TEMENTS OF CHANGES IN PLAN NET ASSETS ................... 4
NOTES TO FINANCIAL STATEMENTS ............................... 5
REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF FUNDING PROGRESS ................................ 20
SCHEDULE OF CONTRIBUTIONS FROM THE CITy.................... 21
NOTES TO THE ADDITIONAL SCHEDULES. . . . . . . . . . . . . . . . . . . . . . . . . . . 22
ADDITIONAL INFORMATION
SCHEDULES OF INVESTMENT AND ADMINISTRATIVE EXPENSES ..... 23
i
Davidson, Jamieson & Cristini, P.L.
Certified Public Accountants
1956 Bayshore Boulevard
Dunedin, Florida 34698-2503
(727)734-5437 or 736-0771
FAX (727) 733-3487
Member
American Institute of
Certified Public Accountants
Florida Institute of
Certified Public Accountants
Members of the Firm
John N. Davidson, CPA, CV A
Harry B. Jamieson, CPA
Richard A. Cristini, CPA, CPPT, CGFM
The Board of Trustees
City of Boynton Beach Firefighters' Pension Plan
(a component unit of the City of Boynton Beach, Florida)
Boynton Beach, Florida
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying statements of plan net assets of the City of Boynton Beach
Firefighters' Pension Plan (Plan), (a component unit of the City of Boynton Beach, Florida) as of
September 30,2010 and 2009 and the related statements of changes in plan net assets for the years
then ended. These financial statements are the responsibility of the Board of Trustees. Our
responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
plan net assets of the Boynton Beach Firefighters' Pension Plan as of September 30,20 I 0 and 2009
and the changes in plan net assets for the year then ended in conformity with accounting principles
generally accepted in the United States of America.
CITY OF BOYNTON BEACH
FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
STATEMENTS OF PLAN NET ASSETS
September 30, 20 I 0 and 2009
Assets
2010 2009
Cash $ 16,840 $ 7,890
Receivables:
Employer 3,098,347 2,790,613
Interest and dividends 156,055 153,757
Broker-dealers 124,411 258,398
Chapter 175, State Excise Tax Rebate Supplement 12,304
Total receivables 3,391,117 3,202,768
Investments at fair value:
U.S. Government and agency obligations 3,251,871 1,777,768
Municipal obligations 230,382
Domestic corporate bonds 9,997,374 12,083,536
Domestic stocks 19,756,178 16,188,341
Domestic equity mutual fund 3,271,761 3,804,520
Real estate investment fund 2,974,735
Foreign equity mutual fund 4,113,161 4,01 1,880
Temporary investments 2,285,001 2,935,048
Total investments 45,880,463 40,80 I ,093
Prepaid expenses 4,676 4,475
Total assets 49,293,096 44,016,226
Liabilities
Accounts payable 45,903 45,390
Accounts payable, broker-dealers 215,276
Total liabilities 45,903 260,666
Plan net assets held in trust for pension benefits $ 49.247.193 $ 43.755.560
3
CITY OF BOYNTON BEACH
FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
STATEMENTS OF CHANGES IN PLAN NET ASSETS
Years ended September 30, 2010 and 2009
Additions:
Contributions:
Employer
Plan members
Plan members, buy-back
Rollover to DROP
Total contributions
Intergovernmental revenue:
Chapter 175 state excise tax rebate
Chapter 175 state excise tax rebate supplement
Total intergovernmental revenue
Investment income (loss):
Net appreciation (depreciation) in fair value of investments
Interest
Dividends
Commission recapture
Litigation settlement
Other
Total investment income
Less investment expenses
Net investment income
Total additions
Deductions:
Benefits:
Age and service
Disability
Beneficiaries
Drop payments
Refunds
Administrative expenses
Total deductions
Net increase (decrease)
Plan net assets held in trust for pension benefits:
Beginning of year
2010 2009
$ 3, I 08,723 $ 2,790,613
1,275,667 1,250,43 I
20,720 125,444
148,037
4,553,147 4,166,488
978,455 930,274
12,304
990,759 930,274
2,949,516 (909,325)
571,411 660,709
492,109 337,063
4,591 2,311
13,367 7,835
2,772 2,271
4,033,766 100,864
256,343 181,050
3,777,423 (80, 186)
9,321,329 5,016,576
3,194,937
39,373
147,699
3 16,100
131,587
3,829,696
5,491,633
End of year
43,755,560
$ 49.247.193
See Notes to Financial Statements.
4
3,004,598
39,373
157,295
290,639
19,365
100,528
3,611,798
1,404,778
42,350,782
$ 43.755.560
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30, 2010 and 2009
1. Description of the Plan
The following brief description of the Boynton Beach Firefighters' Pension Plan (Plan)
is provided for general information purposes only. Participants should refer to the Plan
Agreement for more complete information.
General - The Plan was created in 1958 by Section 21-95 of an Ordinance adopted by the
City of Boynton Beach, Florida. This Ordinance was substantively amended in 1978, 1983, 1993,
2000 and 2002.
The Plan is a defined benefit pension plan covering all full-time firefighters of the City
of Boynton Beach, Florida (City). Participation in the Plan is required as a condition of
employment. The Plan provides for pension, death and disability benefits. In addition, the Plan
is a local law plan subject to provisions of Chapter 175 of the State of Florida Statutes.
The Plan, in accordance with the above statutes, is governed by a five member pension
board. Two firefighters, two City residents and a fifth member elected by the other four members
constitute the pension board. The Fire Chief occupies an exofficio, non-voting position on the
board of trustees. The Chief shall have the opportunity to participate in all board discussions and
activities but shall not be counted for the purpose of a quorum nor shall he be entitled to move
or second the adoption of any issue or vote on any matter before the board. The City and the
Plan participants are obligated to fund all Plan costs based upon actuarial valuations. The City
establishes benefit levels while the board establishes the actuarial methods followed by the Plan.
During the fiscal year ended September 30,2010 the Plan's
membership consisted of:
Retirees and beneficiaries:
Currently receiving benefits
Drop Retirees
Terminated employees entitled to benefits but
not yet receiving them
77
17
Total
94
Current employees:
Vested
Nonvested
52
74
Total 126
At September 30, 2009, the date of the most recent actuarial valuation, there were 82
retirees and beneficiaries receiving benefits.
5
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30, 20 I 0 and 2009
1. Description of Plan (Continued)
Pension Benefits - The pension plan provides retirement, death and disability benefits
for its participants. A participant may retire with normal benefits after reaching age 55 and
accumulating 10 or more years of credited service or at 20 years of service without regard to age.
Normal retirement benefits are based on 3.0% of the participant's final average salary times the
number of his or her credited years of service. The final average salary for purposes of
calculating benefits is the participant's average salary during the three highest years of the last
ten years of creditable service prior to retirement. Salary excludes bonuses and incentive pay
received by a firefighter during that three year period.
A participant with 10 or more years of credited service is eligible for deferred retirement.
These benefits begin upon application on or after reaching age 55 and are computed the same as
normal retirement, based upon the participant's final average salary and credited service at the
date of termination. Benefits are reduced 3% per year for each year by which the participant's
age at retirement preceded the participant's normal retirement age.
Cost of Living Adjustment - The Plan provides for a 2% annual cost-of-living adjustment
(COLA) commencing five years after retirement from the City or entry into the DROP Plan. This
becomes available effective December 1,2011 for all members who retire or enter into the DROP
on or after December 1,2006; eligible members also includes all retirees electing early retirement
and all disability retirees who enter pay status on or after December 1, 2006.
The actuarial cost of this benefit was financed by an increase in the participants
contribution rate from 7% to 12%.
Ad Hoc Suoolemental Benefits - Certain retirees are eligible to receive annual
distributions funded exclusively with available Chapter 175 premium tax revenue. Terms of the
benefit provide that each eligible retiree shall receive a distribution of available funds for up to
five hundred dollars per year of credited service for each year of credited service in the Plan not
to exceed twenty years.
Deferred Retirement Option Plan - Any Plan participant who is eligible to receive an
early or normal retirement pension may elect to participate in a deferred retirement option plan
(DROP) while continuing his or her active employment as a firefighter. Upon participation in
the DROP, the participant becomes a retiree for all Plan purposes so that he or she ceases to
accrue any further benefits under the pension plan. Normal retirement payments that would have
been payable to the participant as a result of retirement are accumulated and invested in the
DROP to be distributed to the participant upon his or her termination of employment.
Participation in the DROP ceases for a Plan participant after the earlier of 5 years or the
attainment of 30 years of service.
6
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30,2010 and 2009
1. Description of Plan (Continued)
An employee's account in the DROP program shall earn interest in one of two ways.
The selection of the earnings program shall be irrevocable and shall be made prior to the first
deposit into the DROP account. The options are summarized as follows:
A. Gain or loss interest at the same rate as the Plan; or,
B. At an annual fixed rate of seven percent (7%)
Supplemental Pension Distributions - The Board of Trustees each year may approve a
supplemental distribution from a net actuarial gain as calculated by the Plan's actuary. The
distribution shall be paid to the extent of the actuarial gains attributable to retirees and
beneficiaries which have been set aside in a supplemental pension reserve. In years in which the
Plan's actuarial gain is sufficient to support the payment of a thirteenth check, the payment shall
be made in December. The Board did not approve a supplemental distribution for the fiscal years
ended September 30,2010 and 2009.
Disability Benefits - Disability benefits for service related disabilities are paid to a
participant for life. Benefits are calculated as 66 2/3% of the participant's salary at the time of
retirement. This amount is reduced by any social security and workers' compensation benefits
received and will not be less than 42% of the participant's average monthly salary.
Disability benefits for non-service related disabilities are paid to a participant for life.
Benefits are calculated using a 2 1/2% accrual rate with a minimum of25% of the participant's
final average salary.
Death Benefits - Preretirement death benefits for participants with at least 10 years of
service are payable until the spouses death or remarriage. Benefits are calculated at 2 1/2% of the
participant's average final salary at the time of death. Beneficiaries of participants who die prior
to vesting will receive a refund of the participants accumulated contributions.
Post retirement death benefits are payable to the participant's eligible widow depending
on the survivor's benefit selected.
Refund of Participant Contributions - A participant who terminates employment and is
ineligible for pension benefits is refunded his or her contribution without interest.
7
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit ofthe City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30, 2010 and 2009
2. Summary of Si!!nificant Accountin!! Policies
Basis of Accounting - Basis of accounting is the method by which revenues and expenses
are recognized in the accounts and are reported in the financial statements. The accrual basis of
accounting is used for the Plan. Under the accrual basis of accounting, revenues are recognized
when they are earned and collection is reasonably assured, and expenses are recognized when the
liability is incurred. Plan member contributions are recognized in the period in which the
contributions are due. City contributions to the plan as calculated by the Plan's actuary, are
recognized as revenue when due and the City has made a formal commitment to provide the
contributions. Benefits and refunds are recognized when due and payable in accordance with the
terms of the plan.
Basis of Presentation - The accompanying financial statements are presented in
accordance with Governmental Accounting Standards Board (GASB) Statement 25, Financial
Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution
Plans and the Codification of Governmental Accounting and Financial Reporting Standards
which covers the reporting requirements for defined benefit pensions established by a
governmental employer. The accompanying financial statements include solely the accounts of
the Plan which include all programs, activities and functions relating to the accumulation and
investment of the assets and related income necessary to provide the service, disability and death
benefits required under the terms of the Plan Ordinance and the amendments thereto.
Valuation of Investments - Investments in common stock and bonds traded on a national
securities exchange are valued at the last reported sales price on the last business day of the year;
securities traded in the over-the-counter market and listed securities for which no sale was
reported on that date are valued at the mean between the past reported bid and asked prices;
investments in securities not having an established market value are valued at fair value as
determined by the Board of Trustees. The fair value of an investment is the amount that the Plan
could reasonably expect to receive for it in a current sale between a willing buyer and a willing
seller, other than in a forced or liquidation sale. Purchases and sales of investments are recorded
on a trade date basis.
The Plan's investments include an alternative investment in Manning & Napier Fund, Inc.
This fund is privately placed and operates in a manner comparable to a mutual fund in many
respects. The fund invests in a diverse portfolio of common stocks and certain other securities
of international issuers with varying market capitalizations.
8
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30, 2010 and 2009
2. Summary of Sienificant Accountine Policies (Continued)
The investments in the underlying fund are generally valued daily at fair value as
determined by the management of the fund by reference to the value ofthe underlying securities,
if available, or by the valuation of a security as provided by the general partner or investment
manager, if the securities are not publicly traded. While the fund manager use its best judgment
in estimating the fair values of underlying securities, there are inherent limitations in any
estimation technique. Therefore, the values of such securities are not necessarily indicative of
the amount that could be realized in a current transaction. The fair values may differ significantly
from the values that would have been used had a ready market for the underlying securities
existed, and the differences could be material. Future confirming events will also effect the
estimates of fair value, and the effect of such events on the estimates of fair value could be
material.
This alternative investment fund exposes the Plan to certain risks, including liquidity
risks, counterparty risks, foreign political, economic and governmental risks, and market risk.
In addition, these investments may have initial lock-up periods, as well as restrictions for
liquidating positions in these funds, that make the investments non-current and non-marketable.
Investment income is recognized on the accrual basis as earned. Unrealized appreciation
in fair value of investments includes the difference between cost and fair value of investments
held. The net realized and unrealized investment appreciation or depreciation for the year is
reflected in the Statement of Changes in Plan Net Assets.
Custodv of Assets - Custodial and investment services are provided to the Plan under
contract with a national trust company having trust powers. The Plan's investment policies are
governed by Florida State Statutes and ordinances of the City of Boynton Beach, Florida.
Authorized Plan Investments - The Board recognizes that the obligations of the Plan are
long-term and that its investment policy should be made with a view toward performance and
return over a number of years. The general investment objective is to obtain a reasonable total
rate of return defined as interest and dividend income plus realized and unrealized capital gains
or losses commensurate with the prudent investor rule and Chapter 175 ofthe Florida Statutes.
9
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30, 20 I 0 and 2009
2. Summary of Si~nificant Accountine Policies (Continued)
Permissible investments include obligations of the U.S. Treasury and U.S. agencies, high
capitalization common or preferred stocks, pooled equity funds, high quality bonds or notes,
foreign securities and fixed income funds. In addition, the Board requires that Plan assets be
invested with no more than 70% in stocks and convertible securities measured at cost at the end
of each reporting period. Further information regarding the permissible investments from the
Plan can be found in the Statement of Investment Policies and Objectives.
Actuarial Cost Method - The Plan changed its actuarial cost method from the Frozen
Entry Age to the Entry Age Normal Method for funding purposes as of October 1,2003. This
method allocates the actuarial present value of each participant's projected benefit on a level
basis over the participant's earnings from the date of entry into the Plan through the date of
retirement.
Reporting Entity - Governmental Accounting Standards Board Statement No. 14 requires
that this financial statement present the Boynton Beach Firefighters' Pension Fund (the
component unit) and disclose its primary government, the City of Boynton Beach, Florida.
Component units generally are legally separate entities for which a primary government is
financially accountable. In addition the primary government is able to impose its will upon the
component unit, or there is a possibility that the component unit may provide specific financial
benefits or impose specific financial burdens on the primary government. The Plan has
determined that it is a component unit of the City of Boynton Beach, Florida.
Funding Policy - Participants are required to contribute 12.0% of their annual earnings
to the Plan. Prior to 1986, contributions to the Plan were made on an after-tax basis. Subsequent
to this date, contributions are made on a pre-tax basis pursuant to an amendment to the Plan.
These contributions are designated as employee contributions under Section 414(h)(2) of the
Internal Revenue Code. Contribution requirements of the Plan's participants are established and
may be amended by the City of Boynton Beach, Florida.
A rehired member may buy back one or more years of continuous past service by paying
into the Plan the amount of contributions that the participant would otherwise have paid for such
continuous past service, plus the interest that would have been earned had such funds been
invested by the Plan during that time.
10
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30, 2010 and 2009
2. Summary of Sienificant Accountine Policies (Continued)
The City's funding policy is to make actuarially computed monthly contributions to the
Plan in amounts, such that when combined with participants' contributions and the State
insurance excise tax rebate, all participants' benefits will be fully provided for by the time that
they retire.
The City's actuarially determined contribution rate for the year ended September 30,
2010 and 2009 was 29.84% and 27.55%, respectively. This rate consists of 16.66% and
16.90% of member salaries to pay normal costs plus 13.18% and 10.65% to amortize the
unfunded actuarially accrued liability pursuant to the September 30,2009 actuarial valuation.
Administrative Costs - All administrative costs of the Plan are financed through employee
contributions and charges against the DROP accounts and supplemental distributions.
Cash - The Plan considers money market and demand account bank and broker-dealer
deposits as cash. Temporary investments, shown on the balance sheet are composed of
investments in short-term custodial proprietary money market funds.
Federal Income Taxes - A favorable determination letter indicating that the Plan is
qualified and exempt from Federal income taxes was not issued by the Internal Revenue Service.
The Board believes that the Plan is designed and continues to operate in compliance with the
applicable requirements of the Internal Revenue Code.
Use of Estimates - The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those estimates.
Subsequent Events - Management has adopted the provisions set forth in GASB
Statement No. 56 and F ASB ASU No. 2010-09, Subsequent Events and considered subsequent
events through the date of the audit report which is the date that the financial statements were
available to be issued. .
11
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30,2010 and 2009
3. Deposits and Investments
Deposits
At year end September 30,2010 the carrying amount of the Plan's deposits was $16,109
and the bank balance was $17,395. The bank balance was covered by federal depository
insurance and, for the amount in excess of such federal depository insurance, by the State of
Florida's Security for Public Deposits Act. Provisions of the Act require that public deposits may
only be held at qualified public depositories. The Act requires each qualified public depository
to deposit with the State Treasurer eligible collateral equal to or in excess of the required
collateral as determined by the provisions of the Act. In the event of a failure by a qualified public
depository, losses in excess of federal depository insurance and proceeds from the sale of the
securities pledged by the defaulting depository, are assessed against the other qualified public
depositories of the same type as the depository in default.
Salem Trust Company (Salem) periodically holds uninvested cash in its capacity as
custodian for the Plan. These funds exist temporarily as cash in the process of collection from
the sale of securities or mutual funds.
Investments
Investments that are not evidenced by securities that exist in physical or book-entry form
include investments in open-ended mutual or alternative investment funds.
The Plan's investments other than cash held by its administrative manager, are segregated
into a separate account and managed under separate investment agreements with STW Fixed
Income Management, Ltd., Dalton, Greiner, Hartman, Maher & Co., L.L.C., Anchor Capital
Advisors, L.L.C., DSM Capital Partners, L.L.C. and Atalanta, Sosnoff Capital, L.L.c. All of
these accounts give Salem the custodianship, but give STW Fixed Income Management, Ltd,
Dalton, Greiner, Hartman, Maher & Co., L.L.c., Anchor Capital Advisors, L.L.C., DSM Capital
Partners, and Atalanta, SosnoffCapital, L.L.c. the authority to manage the investments.
The Vanguard 500 Index Fund is an open-ended exchange traded fund and the Manning
and Napier Overseas Foreign Fund is a mutual fund.
These assets are invested in accordance with the specific investment guidelines as set
forth in the Statement of Investment Policies and Objectives. Investment management fees are
calculated quarterly as a percentage of the fair market value ofthe Plan's assets managed.
12
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30, 20 I 0 and 2009
3. Deposits and Investments (Continued)
The Plan's investments are uninsured and unregistered and are held in custodians' or the
Bank's accounts in the Plan's name. The foreign equity investment fund (Manning & Napier
Overseas Fund) is a privately placed fund, which operates as an alternative investment which
offers its shares at the net asset value (NA V) of the fund.
The exchange traded fund is commonly referred to as "ETF". ETFs are funds that trade
like other publicly-traded securities and are designed to track an index. Similar to shares of an
index mutual fund, each share of the Fund represents a partial ownership in an underlying
portfolio of securities intended to track a market index. Unlike shares of a mutual fund, which
can be bought and redeemed from the issuing fund by all shareholders at a price based on NA V,
only authorized participants may purchase or redeem shares directly from the Fund at NA V.
Also, unlike shares of a mutual fund, the shares of the Fund are listed on a national securities
exchange and trade in the secondary market at market prices that change throughout the day.
The Fund invests in a particular segment of the securities market and seeks to track the
performance of a securities index that generally is not representative of the market as a whole.
The Plan had no investments that individually represented 5% or more of the Plan's net
assets available for benefits as of September 30, 2010.
Further, the Plan has no instrument that, in whole or in part, is accounted for as a
derivative instrument under GASB statement No. 53, Accounting and Financial Reportingfor
Derivative Instruments during the current Plan year.
13
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30, 2010 and 2009
3. Deposits and Investments (Continued)
The Plan held the following fixed income investments as of September 30, 20 I 0:
Rating
Effective
Duration
jYears) _
Investment Type
Fair
Value
Standard
&
Poor's
U.S. Government and
agency obligations
Municipal obligations
Domestic corporate bonds
Temporary investment funds
Total
$ 3,251,871 AAA 2.9
230,382 A 5.1
9,997,374 BBB-AA 5.1
2,285,001 AAA Daily
--~._~-_.._.--
$ 15,764,628
Interest Rate Risk - Interest rate risk is the risk that changes in interest rates will
adversely affect the fair value of an investment in debt securities. Generally, the longer the time
to maturity, the greater the exposure to interest rate risk. Through its investment policies the Plan
manages its exposure to fair value losses arising from increasing interest rates. The Plan limits
the effective duration of its investment portfolio through the adoption of nationally accepted risk
measure bench marks.
Credit Risk - Credit risk is the risk that a debt issuer will not fulfill its obligations.
Consistent with state law the Plan's investment guidelines limit its fixed income investment to
a quality rating of ' A' or equivalent as rated by one ore more recognized bond rating service at
the time of purchase. The Plan's fixed income portfolio may not include more than 10% of its
investments in securities having a quality rating of Baa.
14
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30, 2010 and 2009
3. Deoosits and Investments (Continued)
Custodial Credit Risk - Custodial credit risk is defined as the risk that the Plan may not
recover cash and investments held by another party in the event of a financial failure. The Plan
requires all securities to be held by a third party custodian in the name of the Plan. Securities
transactions between a broker-dealer and the custodian involving the purchase or sale of
securities must be made on a "delivery vs. payment" basis to ensure that the custodian will have
the security or money, as appropriate, in hand at the conclusion of the transaction. The
investments in mutual funds and investment partnerships are considered unclassified pursuant to
the custodial credit risk categories ofGASB Statement No.3, because they are not evidenced by
securities that exist in physical or book-entry form.
Investing in Foreign Markets - Investing in foreign markets may involve special risks and
considerations not typically associated with investing in companies in the United States of
America. These risks include revaluation of currencies, high rates of inflation, repatriation
restrictions on income and capital, and future adverse political, social, and economic
developments. Moreover, securities of foreign governments may be less liquid, subject to
delayed settlements, taxation on realized or unrealized gains, and their prices are more volatile
than those of comparable securities in U.S. companies.
Foreign Tax Withholdings and Reclaims - Withholding taxes on dividends from foreign
securities are provided for based on rates established via treaty between the United States of
America and the applicable foreign jurisdiction, or where no treaty exists at the prevailing rate
established by the foreign country. Foreign tax withholdings are reflected as a reduction of
dividend income in the statement of operations. Where treaties allow for a reclaim of taxes, the
Fund will make a formal application for refund. Such reclaims are included as an addition to
dividend income.
15
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30,2010 and 2009
4. Plan's Funded Status
The Plan's funded status as of the September 30, 2009 actuarial valuation is presented
below:
Actuarial
Valuation
Date
September 30,
Actuarial
Value of
Assets
Actuarial
Accrued
Liability
Unfunded
Actuarial
Accrued
Liability
Actuarial
Value of
Assets as a
Percentage of the
Actuarial Accrued
Liability
Annual
Covered
Payroll
Ratio of the
Unfunded Actuarial
Liability to Covered
Payroll
2009
$ 46,446,813 $
72,211,379 $ 25,764,566
64.3%
$ 10,350,054
248.9%
The required schedule of funding progress immediately following the notes to the
financial statements presents multiyear trend information about whether the actuarial value of
plan assets is increasing or decreasing over time relative to the actuarial accrued liability for
benefits.
The actuarial methods and significant assumptions used are summarized as follows:
(a) Actuarial cost method - Entry Age Normal
(b) Asset valuation method - Five years smoothed market
(c) Actuarial assumptions:
Investment rate of return - 8.25%
Post retirement benefit increases - 2.0% starting 5 years after retirement
Projected salary increases - 4.0% per year, but limited to average
annual increase over most recent ten
years (4.0% this year)
Inflation rate - 4.0%
(d) Amortization method - Level percent of pay - closed
(e) Remaining amortization period - 30 years
16
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30,2010 and 2009
5. Net Increase (Decrease) in Realized and
Unrealized Appreciation (Depreciation) of Investments
The Plan's investments appreciated (depreciated) in value during the years ended
September 30,2010 and 2009 as follows:
2010 2009
Realized Unrealized Realized Unrealized
Appreciation Appreciation Appreciation Appreciation
(Depreciation) (Depreciation) Total (Depreciatio (Depreciation) Total
~--~
Investments at fair value as determined
by quoted market price:
U.S. Government oglibations
and agency obligations $ (4,367) $ 90,010 $ 85,643 $ (46,003) $ 189,572 $ 143,569
Municipal obligations 35,109 19,223 54,332
Domestic corporate bonds 337,528 93,720 431,248 (676,732) 1,799,841 1,123,109
Real estate investment fund (21,560) (21,560)
Domestic stock 862,221 1,138,965 2,001,186 (3,473,002) 1,758,896 (1,714,106)
Domestic equity mutual fund (536,797) 867,746 330,949 (164,114) (247,758) (411,872)
Foreign equity investment fund (503,905) (503,905)
Foreign equity mutual fund 67,718 67,718 453,880 453,880
~----~--- ~,----~-
Net increase (decrease) in realized
and unrealized appreciation
(depreciation) of investments $ 693,694 $ 2,255.822 $ 2.949.516 $(4.863.756) $ 3.954.431 $ (909.325)
The calculation of realized gains and losses is independent of the calculation of net
appreciation (depreciation) in the fair value of plan investments.
Unrealized gains and losses on investments sold in 2010 that had been held for more than
one year were included in net appreciation (depreciation) reported in the prior year.
17
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30, 2010 and 2009
6. Investments
The Plan's investments at both carrying value and cost or adjusted cost as of September 30,
2010 and 2009 are summarized as follows:
2010 2009
Market Market
Investment Cost Value Cost Value
--------- ------------- ----------
U.S. Government and agency obligations $ 3,167,407 $ 3,251,871 $ 1.783.315 $ 1,777,769
Municipal obligations 211,159 230,382
Domestic corporate bonds 9,107,691 9,997,374 11,287,572 12,083,536
Domestic stocks 17,217,663 19,756,178 14,429,445 16,188,341
Domestic equity mutual fund 3,848,630 3,271,761 5,249,135 3,804,520
Real estate investment fund 2,996,295 2,974,735
Foreign equity mutual fund 3,591,563 4,113,161 3,558,000 4,011,880
Temporary investments 2,285,00 I 2,285,00 I 2,935,048 2,935,048
Total investments $ 42.425.409 $ 45.880.463 $ 39,242.515 $ 40,801,094
7. Desil?:nations
A portion ofthe plan's net assets are designated for benefits that accrue in relation to the
DROP account as further described in Note I. Allocations to the DROP plan account for the years
ended September 30,2010 and 2009 are presented below as determined in the TPA's most recent
accounting and valuation available for the fiscal years ended September 30,2010 and 2009:
2010
2009
Designated for DROP accounts (fully funded)
$ 5,151,995 $ 4,518,288
Designated for the supplemental pension
distribution reserve (13th check)
Total designated plan net assets
5,151,995
4,5] 8,288
Undesignated plan net assets
44,095,198
39,237,272
Total plan net assets
$ 49.247.193 $ 43,755,560
18
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO FINANCIAL STATEMENTS
September 30, 20 I 0 and 2009
8. Plan Amendments
During the fiscal year ended September 30, 2010 the Plan was amended to provide annual
distributions to certain retirees. These distributions will be paid from excess Chapter 175 premium
tax revenues. The Plan's actuary has determined that the use of these funds does not impact the
funding requirements of the Plan.
There were no Plan amendments during the fiscal year ended September 30,2009.
9. Plan Termination
Although it has not expressed an intention to do so, the City may terminate the Plan at any
time by a written ordinance of the City Commission of Boynton Beach, duly certified by an official
of the City. In the event that the Plan is terminated or contributions to the Plan are permanently
discontinued, the benefits of each firefighter in the Plan at such termination date would be non-
forfeitable.
10. Commitments and Continl!encies
As described in Note I, certain members of the Plan are entitled to refunds of their
accumulated contributions, without interest, upon termination of employment with the City prior
to being eligible for pension benefits. At September 30,2010 and 2009, aggregate contributions
from active members of the Plan were approximately $6,370,233 and $6,922,000, respectively. The
portion of these contributions which are refundable to participants who may terminate with less
than ten years of service has not been determined.
11. Risk and Uncertainties
The Plan invests in a variety of investment funds. Investments in general are exposed to
various risks, such as interest rate, credit, and overall volatility risk. Due to the level of risk
associated with certain investments, it is reasonably possible that changes in the values of
investments will occur in the near term and that such changes could materially affect the amounts
reported in the statements of net assets available for benefits.
19
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
SCHEDULE OF FUNDING PROGRESS
September 30, 2000 through September 30, 2009
Actuarial
Accrued (Funded) Active lJAAL as
Actuarial Actuarial Liability Unfunded Participant Percentage of
Valuation Value (AAL) AAL Funded Covered Active Participant
Date of Assets Entry Age (UAAL) Ratio Payro II Covered Payroll
September 30 (al (b) ~-.ib.::.aL-- _--'!LlL_ __ (c) lb-a)/(c)
2000 31,629,211 $ 29,402,853 $ (2,226,358) 107.6% $ 5,305,002 (42.0) %
2001 33,397,848 34,916,820 1,518,972 95.6 5,20 I ,958 29.2
2002 33,877,028 39,432,154 5,555,126 85.9 5,143,446 108.0
2003 34,694,072 42,431,717 7,737,645 81.9 6,079,095 127.3
2004 35,118,847 47,240,329 12,121,482 74.3 6,135,813 197.6
2005 35,386,328 49,620,257 14,233,929 71.3 6,763,318 210.5
2006 36,863,141 55,565,182 18,702,041 66.3 8,152,400 229.4
2007 40,504,910 59,480,217 18,975,307 68.1 8,806,744 215.5
2008 45,330,615 67,141,898 21,811,283 67.5 10,130,185 215.3
2009 46,446,813 72,211,379 25.764.566 64.3 10,350,054 248.9
Analysis of the dollar of actuarial value of assets, actuarial accrued liability, or unfunded actuarial
accrued liability in isolation can be misleading. Expressing the actuarial value of assets as a percentage
ofthe actuarial accrued liability provides one indication ofthe system's funded status on a going-concern
basis. Analysis of this percentage over time indicates whether the system is becoming financially
stronger or weaker. Generally, the greater this percentage, the stronger the plan.
The unfunded actuarial accrued liability and annual covered payroll are both affected by inflation.
Expressing the unfunded actuarial accrued liability as a percentage of covered payroll approximately
adjusts for the effects of inflation and aids analysis of the progress being made in accumulating sufficient
assets to pay benefits when due. Generally, the smaller this percentage, the stronger the plan.
20
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
SCHEDULE OF CONTRIBUTIONS FROM THE CITY
September 30, 2001 through September 30,2010
City
Year
Ended
September 30
Actual
Required
Contribution
Percentage
Contributed
2001 $ 100.0%
2002 397,942 100.0
2003 886,659 100.0
2004 1,155,699 100.0
2005 1,439,048 100.0
2006 1,750,025 100.0
2007 2,074,830 100.0
2008 2,255,749 100.0
2009 2,790,613 100.0
2010 3,108,723 100.0
21
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
NOTES TO THE ADDITIONAL SCHEDULES
September 30,2000 through September 30,2010
The information presented in the supplementary schedules on pages 20 and 21 was
determined as part of the actuarial valuations at the dates indicated. Additional information as
of the latest actuarial valuation follows:
Valuation date
October 1, 2009
Actuarial cost method
Entry Age Normal
Amortization method
Level percent of payroll, closed
Remaining amortization period
30 years
Asset valuation method
Five year smoothed market
Actuarial assumptions:
Investment rate of return
Projected salary increases attributable to:
Inflation
4.0% per year, but limited to average
annual increase over the most recent
ten years (4.0% this year))
Cost of living adjustments
8.25%
4.0%
2.0% starting 5 years after
retirement.
The activities of the Pension Plan and its members generated an experience (net actuarial)
loss of $4,046,900 during the plan year ended September 30, 2008, which increased the City's
contribution requirements by 2.33% of covered payroll. The principal source of the loss was a
funding value return on investments less than 8.25% expected and salary increases greater than
the expected.
22
ADDITIONAL INFORMATION
Percentage of
plan net assets
0.52%
0.27%
23
0.79%
0.41%
0.23%
0.64%
GRS
Gabriel Roeder Smith & Company
Consultants & Actuaries
CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION TRUST FUND
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1,2010
ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE
FISCAL YEAR ENDING SEPTEMBER 30,2012
GRS
Gabriel Roeder Smith & Company
Consultants & Actuaries
One East Broward Blvd.
Suite 505
Pt. Lauderdale, FL 33301-1827
954.527.1616 phone
9 )4.525.0083 fax
www.gahrielroeder.com
February 9,2011
Board of Trustees
City of Boynton Beach Municipal
Firefighters Pension Fund
Boynton Beach, Florida
Dear Board Members:
Weare pleased to present our October 1, 2010 Actuarial Valuation Report for the Plan. The purpose of the
Report is to set forth required contribution levels, to disclose plan assets and actuarial liabilities, to comment
on funding progress and to provide supporting information regarding the operation of the Plan. This Report
is also designed to comply with requirements of the State.
The valuation was performed on the basis of employee, retiree and fmancial information supplied by the
Plan's Administrator. Although we did not audit this information, it was reviewed for reasonableness and
comparability to prior years.
The benefits valued are outlined at the end of the Report. Actuarial assumptions and the actuarial cost
method are also described herein. Any changes in benefits, assumptions or methods are described in the
first section.
As indicated below, the undersigned is a Member of the American Academy of Actuaries (MAAA) and
meets the Qualification Standards of the Academy of Actuaries to render the actuarial opinion herein.
This actuarial valuation and/or cost determination was prepared and completed by me or under my direct
supervision, and I acknowledge responsibility for the results. To the best of my knowledge, the results are
complete and accurate. In my 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 rates have been taken into account in the valuation.
We will be pleased to answer any questions pertaining to the valuation and to meet with you to review this
Report.
Respectfully submitted,
GABRIEL, ROEDER, SMITH AND COMPANY
~.
tp ,
!J,~~
Duane Howison, FSA
Enrolled Actuary No. 08-6169
J tephen Palmquist, ASA,IAAA, FCA
Enrolled Actuary No. 08-1560
TABLE OF CONTENTS
Section
Title
Pal!e
A
Discussion of Valuation Results
1. Comparison of Required Employer Contributions
2. Chapter Revenue
1
4
B
Valuation Results
1. Participant Data
2. Annual Required Contribution (ARC)
3. Actuarial Value of Benefits and Assets
4. Calculation of Employer Normal Cost
5. Liquidation of the Unfunded Actuarial
Accrued Liability
6. Actuarial Gains and Losses
7. Actual Compared to Expected Decrements
8. Cumulative Actuarial Gains (Losses)
9. Recent History of Valuation Results
10. Recent History of Required and
Actual Contributions
11. Actuarial Assumptions and Cost Method
12. Glossary of Terms
5
6
7
8
9
10
15
16
17
20
21
26
c
Pension Fund Information
1. Summary of Assets
2. Pension Fund Income and Disbursements
3. Actuarial Value of Assets
4. Reconciliation of DROP Accounts
5. Investment Rate of Return
29
30
31
32
33
D
Financial Accounting Information
1. F ASB No. 35
2. GASB No. 25
3. GASB No. 27
34
35
38
E
Miscellaneous Information
1. Reconciliation of Membership Data
2. Age/Service/Salary Distributions
40
41
F
Summary of Plan Provisions
43
GRS
SECTION A
DISCUSSION OF VALUATION RESULTS
GRS
DISCUSSION OF VALUATION RESULTS
Comparison of Required Employer Contributions
The following is a comparison of required contributions developed in this year's and last year's
actuarial valuations:
For FYE 9/30/12 For FYE 9/30/11
Based on Based on
10/1/2010 10/1/2009 Increase
Valuation Valuation (Decrease)
Required Employer/State
Contribution $ 4,115,918 $ 3,606,278 $ 509,640
As % of Covered Payroll 37.67 % 34.04 % 3.63 %
Estimated State
Contribution $ 589,543 $ 589,543 $ 0
As % of Covered Payroll 5.40 % 5.56 % (0.16) %
Required Employer
Contribution $ 3,526,375 $ 3,016,735 $ 509,640
As % of Covered Payroll 32.27 % 28.48 % 3.79 %
The required employer contribution has been computed under the assumption that the amount to be
received from the State this year will be at least $589,543. If the State revenue is less than this amount, the City
would have to make up the difference.
The employer contribution listed above is for the City's fiscal year ending September 30,2012. It has
been calculated as though payments would be made biweekly. The actual employer contribution for the fiscal
year ending September 30,2010 was $3,098,347.
Required Contributions in Later Years
The current calculated City contribution requirement is 32.27% of payroll starting October 1, 2011.
For long-term planning purposes, the City contribution rate would be expected to remain near this level if the
current actuarial assumptions are realized after September 30,2010.
GRS
It is important to keep m mind that under the asset smoothing method, gams and losses are recogmzcd
over five years. As of September 30, 20 I 0, the actuarial value of assets exceeded the market value
$6,335,751. Once all the losses through September 30, 2010 are fully recognized in the actuarial asset
values, the contribution rate will increase by roughly 3.9% of payroll unless there are offsetting gains.
Relationship to Market Value
If Market Value had been the basis for the valuation, the City contribution rate would have been
36.21 % and the funded ratio would have been 53.4%. In the absence of other gains and losses, the City
contribution rate should increase to that level over the next several years.
Revisions in Benefits
There have been no revisions in benefits since the last valuation.
Revisions in Actuarial Assumptions or Methods
The investment return assumption was reduced to 7.5% and the mortality table was changed to the RP-
2000 Generational Table. The assumption changes will be gradually phased in over a five year period. These
changes have caused the required contribution to increase by 2.33% of covered payroll.
Actuarial Experience
There was a net actuarial loss of $2,256,012 for the year which means that actual experience was less
favorable than expected. The loss is due to investment earnings below the assumed rate of 8.25%. This loss
was partial offset by salary increases that were below expectations.
The net actuarial loss for the year translates into an increase in annual employer contributions of 1.25%
of covered payroll.
13th Check Provision
The Plan provides for a 13th check if there is a net actuarial gain for the previous year. The Plan
experienced a loss during the plan year, therefore no 13th check is payable in 2011.
Funded Ratio
The funded ratio was 61.4% this year compared to 64.3% last year. The funded ratio is equal to the
actuarial value of assets divided by the actuarial accrued liability.
,..... ~ C"
3
Analvsis of Chaol!e in Emplover Contribution
The components of change in the required employer contribution are as follows:
Contribution rate last year
Revision in Benefits
Experience (Gains) or Losses
Revision in Assumptions/Methods
Amortization Payment on VAAL
Normal Cost Rate
Administrative Expense
State Contribution
Contribution rate this year
28.48 %
0.00
1.25
2.33
0.09
(0.10)
0.06
0.16
32.27
The remainder of this Report includes detailed actuarial valuation results, financial information,
miscellaneous information and statistics, and a summary of plan provisions.
GRS
CHAPTER REVENUE
Increments in Chapter revenue over that received m ] 998 must first be used to fund the cost of
compliance with minimum benefits. Once minimums are met, any subsequent additional Chapter revenue
must be used to provide extra benefits.
As of the valuation date, all minimum Chapter requirements have been met.
Actuarial Confirmation of the Use of State Chapter Money
1. Base Amount Previous Plan Year $ 589,543
2. Amount Received for Previous Plan Year 990,759
3. Benefit Improvements Made in Previous Plan Year 0
4. Excess Funds for Previous Plan Year 401,216
5. Accumulated Excess at Beginning of Previous Year 1,551,341
6. Prior Excess Used in Previous Plan Year 0
7. Accumulated Excess as of Valuation Date
(Available for Benefit Improvements) 1,952,557
8. Base Amount This Plan Year 589,543
,..., T"tl r-
SECTION B
VALUATION RESULTS
GRS
5
I PARTICIPANT DATA I
October 1,2010 October 1, 2009
ACTIVE MEMBERS
Number 125 118
Covered Annual Payroll $ 10,506,008 $ 10,350,054
Average Annual Payroll $ 84,048 $ 87,712
Average Age 36.8 37.0
Average Past Service 9.1 9.1
Average Age at Hire 27.7 27.9
RETIREES & BENEFICIARIES & DROP
Number 83 81
Annual Benefits $ 3,908,935 $ 3,651,517
Average Annual Benefit $ 47,096 $ 45,080
Average Age 59.6 59.3
DISABILITY RETIREES
Number 1 1
Annual Benefits $ 39,373 $ 39,373
Average Annual Benefit $ 39,373 $ 39,373
Average Age 45.3 44.3
TERMINATED VESTED MEMBERS
Number 0 0
Annual Benefits $ 0 $ 0
Average Annual Benefit $ 0 $ 0
Average Age 0.0 0.0
GRS
I ANNUAI~ REQUIRED CONTRmUTION (ARC) I
!
A. Valuation Date October 1, 2010 October 1. 2010 October I , 2010 October 1,2009
!iO-20 Blend of Old (;enerational Morlalilv Prior AssumptIOns
and New Assumptions 50% Il11eresl RaIl'
B. ARC to Be Paid During
Fiscal Year Ending 9/3012012 9/30/2012 9/30/2012 9/30/2011
C. Assumed Date of Employer Contrib. Biweekly Biweekly Biweekly Biweekly
D. Annual Payment to Amortize
Unfunded Actuarial Liability $ 1,914,482 $ 2,257,030 $ 1,819,692 $ 1,662,071
E. Employer Normal Cost 1.888,961 2,460,343 ] ,746,116 1,724,525
F. ARC if Paid on the Valuation
Date: D+E 3,803,443 4,717,373 3,565,808 3,386,596
G. ARC Adjusted for Frequency of
Payments 3,957,406 4,894,699 3,712,719 3,523,526
H. ARC as % of Covered Payroll 37.67 % 46.59 % 35.34 % 34.04 %
I. Assumed Rate of Increase in Covered I
I
Payroll to Contribution Year 4.00 % 4.00 % 4.00 % N/A %
J. Covered Payroll for Contribution Year 10,926,248 10,926,248 10,926,248 10,594.235 *
I
K. ARC for Contribution Year: H x J 4,1 15,918 5,090,539 3,861,336 3,606,278 I
L. Estimate of State Revenue in I
Contribution Year 589,543 589,543 589,543 589,543 I
I
M. Required Employer Contribution (REC) I
in Contribution Year 3,526,375 4,500,996 3,271,793 3,016.735
N. REC as % of Covered Payroll in
Contribution Year: M 7 J 32.27 % 41.19 % 29.94 % 28.48 %
*Estimated payroll from Finance Department for fiscal year ending 2011
r:R,
7
I ACTUARIAL VALUE OF BENEFITS AND ASSETS I
A. Valuation Date October 1, 2010 October 1, 2010 October 1, 2010 October 1, 2009
80-20 Blend olOld Generational Mortality Prior Assumptions
and New Assumptions 7.50% Interest Rate
B. Actuarial Present Value of All Projected
Benefits for
1. Active Members
a. Service Retirement Benefits $ 53,953,562 $ 63,598,207 $ 51,542,401 $ 49,898,920
b. Vesting Benefits 4,074,230 4,873,854 3,874,324 3,724,113
c. Disability Benefits 2,554,449 2,968,285 2,450,990 2,445,370
d. Preretirement Death Benefits 631,075 435,703 679,918 656,064
e. Return of Member Contributions 456,734 460,158 455,878 440,877
f. Total 61,670,050 72,336,207 59,003,511 57,165,344
2. Inactive Members
a. Service Retirees & Beneficiaries 42,455,475 46,172,226 41,526,287 38,574,484
b. Disability Retirees 604,226 658,226 590,726 583,628
c. Terminated Vested Members 0 0 - -
d. Total 43,059,701 46,830,452 42,117,013 39,158,112
3. Total for All Members 104,729,751 119,166,659 101,120,524 96,323,456
C. Actuarial Accrued (Past Service)
Liability per GASB No. 25 78,948,457 87,553,494 76,797,198 72,211,379
D. Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 71,991,184 79,748,306 70,051,904 64,832,282
E. Plan Assets
1. Market Value 42,142,641 42,142,641 42,142,641 37,695,701
2. Actuarial Value 48,478,392 48,478,392 48,478,392 46,448,767
F. Unfunded Actuarial Accrued Liability:
C-E2 30,470,065 39,075,102 28,318,806 25,762,612
G. Actuarial Present Value of Projected
Covered Payroll 89,444,037 92,414,635 88,701,388 87,699,195
H. Actuarial Present Value of Projected
Member Contributions 10,733,284 11,089,757 10,644,166 10,523,903
GRS
ENTRY AGE NORMAL METHOD
CALCULA TION OF EMPLOYER NORMAL COST
I
A. Valuation Date October I, 2010 I October 2010 October 1, 201 0 October I, 2009
i
80-20 Rlend of Old I Generational idortality Prior Assumptions I
~ II
and Nel\' Assumptions ~ )()% [merest Rate
B. Normal Cost for
l
l .I
1. Service Retirement Benefits $ 2,406,667 $ 2,906,061 $ 2,281,819 $ 2,255,361
2. Vesting Benefits 282,154 B8,297 268,118 263,231
3. Disability Benefits 217.808 248,462 210,144 211.779
4. Preretirement Death Benefits 35,947 23,237 39,124 37.743
5. Return of Member Contributions 91,049 88,949 91,574 _90,05~
-.-- --.----
6. Total for Future Benefits 3,033,624 3,605,006 2,890,779 2,858,164
7. Assumed Amount for Administrative
Expenses ___-.l16,058 116,058 116,058 ----.-- 108,367
8. Total Normal Cost 3,149,682 3,721,064 3,006,837 2.966,531
C. Expected Member Contribution 1,260,721 1,260,721 1,260,721 ! .242,006
D. Employer Normal Cost: B8-C 1,888,961 2.460,343 1,746,116 1.724,525
,
Employer Normal Cost as a % of , I
E.
Covered Payroll 17.98% 23.42% 16.62% 16.66%
i
GRS
9
LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY
I A. UAAL Amortization Period and Payments I
Original UAAL Current UAAL
Amortization
Date Period Years
Established (Years) Amount Remaining Amount Payment
10/1/1992 30 $ 415,550 12 $ 318,824 $ 32,574
10/1/1992 30 795,483 12 609,737 62,296
10/1/ 1996 26 807,234 12 706,757 72,208
10/1/1997 30 1,201,102 17 1,219,315 95,994
10/1/1999 30 613,865 19 667,338 48,644
10/1/2000 30 (1,240,378) 20 (1,319,809) (92,954)
10/1/2001 30 857,564 21 926,577 63,204
10/1/2003 30 4,337,161 23 4,788,210 308,298
10/1/2004 30 4,373,725 24 4,808,587 301,629
10/1 /2005 30 (1,004,416) 25 (1,098,620) (67,246)
10/1/2005 30 3,040,117 25 3,325,250 203,536
10/1/2006 30 2,426,747 26 2,621,635 156,817
10/1/2006 30 1,889,229 26 2,040,950 122,083
10/1/2007 30 (12,675) 27 (13,425) (786)
10/1/2007 30 (1,424,046) 27 (1,510,808) (88,436)
10/1/2008 30 4,046,900 28 4,214,131 241,695
10/1/2009 30 3,681,910 29 3,758,145 211,435
10/1/2010 30 2,256,012 30 2,256,012 124,639
10/1/2010 30 2.1 51.259 30 2.151.259 118,852
$ 29,212,343 $ 30,470,065 $ 1,914,482
B. Amortization Schedule
The VAAL is being amortized as a level percent of payroll over the number of years remaining in the
amortization period. The expected amortization schedule is as follows:
Amortization Schedule II
Year Expected U'" .... 11
2010 $ 30,470,065
2011 30,868,593
2012 31,216,613
2013 31,506,727
2014 31,730,805
2015 31,879,911
2020 31,123,258
2025 27,529,495
2030 19,899,730
2035 7,275,446
GRS
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 expenence
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:
I A. Derivation of the Current UAAL I
1. Last Year's VAAL $ 25,762,612
2. Last Year's Employer Normal Cost 1,724,525
3. Last Year's Contributions 3,688,496
4. Interest at the Assumed Rate on:
a. 1 and 2 for one year 2,267,689
b. 3 from dates paid 3,536
c. a-b 2,264,153
5. This Year's Expected UAAL:
1+2-3+4c 26,062,794
6. This Year's Actual UAAL (Before any
changes in benefits and/or assumptions) 28,318,806
7. Net Actuarial Gain (Loss): (5) - (6) (2,256,012)
8. Gain (Loss) due to investments (3,042,968)
9. Gain (Loss) due to other sources 786,956
GRS
11
Net actuarial gains in previous years have been as follows:
Change In EIDployer
Year Ended Cost Rate Gain (Loss)
12/31/83 0.77 % $ (111,129)
12/31/84 0.13 (20,619)
12/31/85 1.27 (227,011)
12/31/86 0.50 (99,006)
12/31/87 ( 1.18) 279,837
12/31/88 0.52 (128,401)
12/31/89 0.41 (106,588)
9/30/90 (1.42) 371,790
9/30/91 2.09 (638,650)
9/30/92 1.61 (476,505)
9/30/93 (1.07) 483,965
9/30/94 1.76 (800,443)
9/30/95 0.56 (270,698)
9/30/96 (1.95) 895,789
9/30/97 (3.08) 1,049,747
9/30/98 (2.78) 1,020,121
9/30/99 (1.89) 722,161
9/30/00 (2.21) 891,463
9/30/01 4.44 (1,682,484)
9/30/02 9.11 (3,495,525)
9/30/03 11.31 (5,238,993)
9/30/04 4.88 (4,373,725)
9/30/05 3.04 (3,040,117)
9/30/06 1.44 (1,889,229)
9/30/07 (0.01) 12,675
9/30/08 2.33 (4,056,993)
9/30/09 2.16 (3,681,910)
9/30/10 1.25 (2,256,012)
GRS
Actuarial Gain (+) or Loss H
$8
$6
$4
$2
$0
-$2
-$4
-$6
la -$8
~ -$]0
a -$12
~ -$]4
-$16
-$18
-$20
-$22
-$24
-$26
-$28
-$30
~
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$8
56
$4
$2
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-$6
-$8 la
-$10 0
-$12 ==
-$14 :E
-$16
-$18
-$20
-$22
524
-$26
-$28
$30
~ ~ ~ b ~ % ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ h b ~ ~ ~ ~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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Plan Year End
- Gain or Loss - Cumulative
Change in Employer Cost Rate
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-]5%
-20%
-25%
-30%
-35%
-40%
40%
35%
30%
25%
20%
15%
]0%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30'%
-35%
-40%
GRS
~ ~ ~ b ~ % ~ ~ '\. ~ ~ ~ h ~ ~ ~ ~ ~ ~ ~ ~ ~ h b ~ ~ ~ ~
~~~~~~\~~~~~~~~~~~~~~~~~~~~~~
Plan Year End
- Nonnal Cost Rate
---+- Cumulative
13
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 few years:
Investment Return Salary Increases
Year Ending Actual Assumed Actual Assumed
12/31/1977 7.6 % 7.0 % 10.3 %
12/31/1978 7.0 7.0 21.3 % (2 years)
12/31/1979 7.5 7.0 10.3
12/31/1980 7.9 7.0 19.0 (2 years)
12/31/1981 9.0 7.0 30.5 7.0
12/31/1982 11.9 7.0 11.0 7.0
12/31/1983 13.9 7.0 6.4 7.0
12/31/1984 11.1 10.0 8.8 10.0
12/31/1985 18.7 10.0 14.5 10.0
12/31/1986 13.4 10.0 11.4 10.0
12/31/1987 10.3 10.0 19.7 10.0
12/31/1988 9.8 10.0 6.1 10.0
12/31/1989 14.8 10.0 12.8 10.0
9/30/1990 (9 mos.) 1.4 7.5 6.7 7.5
9/30/1991 13.1 10.0 8.0 10.0
9/30/1992 11.2 10.0 4.9 10.0
9/30/1993 9.7 8.0 4.0 6.5
9/30/1994 3.1 8.0 2.0 6.5
9/30/1995 9.3 8.0 10.3 6.5
9/30/1996 9.8 8.0 (0.2) 6.5
9/30/1997 12.6 8.0 5.9 6.5
9/30/1998 12.4 8.0 6.1 6.5
9/30/1999 14.1 8.0 13.3 6.5
9/30/2000 13.3 8.5 10.3 6.5
9/30/2001 8.0 8.5 4.8 6.5
9/30/2002 2.3 8.5 12.1 6.5
9/30/2003 3.5 8.5 10.0 6.5
9/30/2004 2.2 8.5 11.0 6.5
9/30/2005 2.5 8.5 11.7 6.5
9/30/2006 5.3 8.5 13.3 9.2
9/30/2007 9.3 8.50 9.2 8.9
9/30/2008 3.0 8.25 13.6 8.9
9/30/2009 0.9 8.25 7.6 8.9
9/30/2010 2.5 8.25 1.8 8.9
Averages 8.6 % --- 9.5 % ---
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 valuations both at the beginning and the end of each year.
GRS
History of Investment Return Based on Actuarial Value of Assets
200/0
20%
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15%
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50'
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5%
0%
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GRS
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--. Actual --- Assumed I
History of Salary Increases
35%
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Plan Year End Compared to Previous Year
.---.- Actual --- Assumed I
15
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 1 10 6 5 0 0 0 0 1 3 4 3 83
9/30/2003 15 1 1 5 0 0 0 0 0 0 0 3 97
9/30/2004 22 14 13 4 0 0 0 0 0 1 1 3 105
9/30/2005 1 4 2 1 0 0 0 0 0 2 2 4 102
9/30/2006 19 3 0 2 0 0 0 0 1 2 3 4 118
9/30/2007 5 4 1 3 0 0 0 0 0 3 3 4 119
9/30/2008 5 1 0 5 1 0 0 0 0 0 0 4 123
9/30/2009 1 6 5 6 0 0 0 0 0 1 1 4 118
9/30/2010 11 4 3 3 0 0 0 0 0 1 1 4 125
9/30/2011 8 0 0 4
9 Yr Totals * 80 47 31 34 1 1 0 0 2 13 15 33
* Totals are through current Plan Year only.
GRS
13th Check Provision
The Plan provides for a 13th check if there is a net actuarial gain for the previous year. Since there
were losses during the prior plan year, no 13th check is payable in 2010. Additionally, there is a limitation on
13th checks tied to actuarial gains provided in Chapter 112.61, Florida Statutes. The cumulative amount used
to pay for 13th checks may not exceed the cumulative amount of actuarial gains.
I Cumulative Actuarial Gains (Losses) I
Balance at
Year Ending Beginning Gain (Loss) Balance at
9/30 of Year Interest for Year 13th Check End of Year
2001 0 0 (1,682,484) 0 (1,682,484)
2002 (1,682,484) (143,011) (3,495,525) 0 (5,321,020)
2003 (5,321,020) (452,287) (5,238,993) 0 (11,012,300)
2004 (11,012,300) (936,045) (4,373,725) 0 ( 16,322,070)
2005 (16,322,070) (1,387,376) (3,040,117) 0 (20,749,563)
2006 (20,749,563) (1,763,713) (1,889,229) 0 (24,402,505)
2007 (24,402,505) (2,074,213) 12,675 0 (26,464,043)
2008 (26,464,043) (2,183,284) ( 4,056,993) 0 (32,704,319)
2009 (32,704,319) (2,698,106) (3,681,910) 0 (39,084,336)
2010 (39,084,336) (3,224,458) (2,256,012 ) 0 ( 44,564,805)
GRS
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GRS
Recent History of N umber of Members
220
200
180
1611
140
120
100
80
60
40
20
II
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Actuarial Valuation Date
III Active Members
. Inactive Members
Recent History of Covered Annual Payroll
$12.0
$10.0
$8.0
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=
0 $6.0
....
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~o,~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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Actuarial Valuation Date
r:R~
RecentHistory of Employer Normal Cost
$2,000
$1,900
$1,800
$1,700
$1,600
$1,500
$1,400
$1,300
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Actuarial Valuation Date
- Employer NC Amount
-+- NC as % of Payroll
19
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38%
36%
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GRS
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GRS
ACTUARIAL ASSUMPTIONS AND COST METHOD
21
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 by level (principal & interest combined)
percent-of-payroll contributions over a reasonable period of future years.
Actuarial Value of Assets - The Actuarial Value of Assets phases in the difference between the actual
and expected investment earnings over a period of 5 years. 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 8.10% per year, compounded annually (net after
investment expenses). This rate is being reduced by 0.15% each year until 7.50% is attained.
The Wage Inflation Rate assumed in this valuation was 4% per year. The Wage Inflation Rate is
defined to be the portion of total pay increases for an individual that are due to macro economic forces
including productivity, price inflation, and labor market conditions. The wage inflation rate does not
include pay changes related to individual merit and seniority effects.
The assumed real rate of return over wage inflation is defined to be the portion of total investment
return that is more than the assumed wage inflation rate. Considering other economic assumptions, the
8.1 % investment return rate translates to an assumed real rate of return over wage inflation of 4.1 %.
The active member population is assumed to remain constant. For purposes of financing the unfunded
liabilities, total payroll is assumed to grow at 4% per year. The average increase over the most recent ten
years is 7.09%
Pay increase assumptions for individual active members are shown below. Part of the assumption for
each age is for merit and/or seniority increase, and the other 4% recognizes wage inflation, including
price inflation, productivity increases, and other macro economic forces.
GRS
The rates of salary increase used f()r individual members an~ It1 accordance with the following table.
This assumption is used to project a member's current salary to the salaries upon which benefits will be
based.
0/0 Increase in Salary
Years of Merit and Base Total
Service Seniority (Economic) Increase
10.7% 4.0% 14.7%
2 52% 4.0% 9.2%
3 10.70/0 4.()% 14.7~;0
4 5.2% 4,()% 9.2%
5 ]()7% 4,()% [4.7%
6 5.2% 4.0% 9.2%
7 5.2% 4.0% 9.2%
8 5.2~/(1 4.0%1 9.2%,
9 5.2% 4.()% 9.2%
10 14.4% 4.0% 18.4%
11 5.2% 4.0% 9.2%
12+ 0.0%, 4.0% 4.0%
Demographic Assumptions
The mortality table was a blend of 20% RP-2000 Generational Mortality Table and 80% 1983 Group
Annuity Mortality. Samples are shown below respectively.
Sample Probability of Future Life
Attained Dying Next Year Expectancy (years)
Ages (in 2010) Men Women Men Women
50 0.18 % 0.14 % 33.90 35.42
55 0.30 0.25 28.79 30.47
60 057 0.48 23.88 25.70
65 II 0.92 19.30 21.22
70 L91 1.59 15.14 17.12
75 3.29 2.59 11.43 13.41
80 5.82 4.28 8.28 10.14
Sample Probability of Future Life
Attained Dying Next Year Expectancy (years)
Ages Men Women Men Women
50 0.39 % 0.16 % 29.23 34.96
55 0.61 0.25 24.87 30.28
60 092 0.42 20.68 25.71
65 j56 071 16.73 21.33
70 275 i.24 13.22 17. ] 7
75 4.46 2.40 10.20 13.42
80 7.41 4.30 768 10.24
This assumption is used to measure the probabilities of each benefit payment being made after
retirement. For active members, the probabilities of dying before retirement were based upon the same
mortality table as members dying after retirement.
r:-u,
23
For disabled retirees, the regular mortality tables are set forward 5 years in ages to reflect impaired
longevity.
The rates of retirement used to measure the probability of eligible members retiring during the next year
were as follows:
Number of Years
After First Eligibility
for Normal Retirement
o
1
2
3
4
5
Probability of
Normal Retirement
80 %
40
40
40
40
100
The rate of retirement is 5% for each year of eligibility for early retirement.
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 or disability). This assumption
measures the probabilities of members remaining in employment.
Sample
Ages
20
25
30
35
40
45
50
55
% of Active Members
Separating Within Next Year
6.0 %
5.7
5.0
3.8
2.6
1.6
0.8
0.3
Rates of disability among active members (75% of disabilities are assumed to be service-connected).
Sample
Ages
20
25
30
35
40
45
50
55
% Becoming Disabled
within Next Year
0.14 %
0.15
0.18
0.23
0.30
0.51
1.00
1.55
GRS
Administrative & Investment
Expenses
Benefit Service
Cost of Living Increases
Decrement Operation
Decrement Timing
Eligibility Testing
Forfeitures
Incidence of Contributions
Liability Load
Marriage Assumption
Normal Form of Benefit
Miscellaneous and Technical Assumptions
The investment return assumption is intended to be the return net of
investment expenses. Annual administrative expenses are assumed to
be equal to the average of the prior two years' expenses. Assumed
administrative expenses are added to the Normal Cost.
Exact fractional service is used to determine the amount of benefit
payable.
Benefits are increased by 2% per year beginning five years after
benefit commencement.
Disability and mortality decrements operate during retirement
eligibility.
Decrements of all types are assumed to occur at the beginning of the
year.
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.
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.
Employer contributions are assumed to be made biweekly effective
October 1, 2010. 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.
Projected benefits are loaded by 11.1 % to recognize the effect of
unused leave pay on final average earnings.
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.
A ten year certain and life thereafter annuity is the Normal Form of
Benefit.
GRS
25
Pay Increase Timing
Beginning 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.
GRS
Actuarial Accrued Liability
(AAL)
Actuarial Assumptions
Actuarial Cost Method
Actuarial Equivalent
Actuarial Present Value
(APV)
Actuarial Present Value of
Future Benefits (APVFB)
Actuarial Valuation
Actuarial Value of Assets
GLOSSARY
The difference between the Actuarial Present Value of Future Benefits,
and the Actuarial Present Value of Future Normal Costs,
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.
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.
Of equal Actuarial Present Value, determined as of a given date and based
on a given set of Actuarial Asswnptions.
The amount of funds required to provide a payment or series of payments
in the future. It is determined by discounting the future payments with an
assumed interest rate and with the asswned probability each payment will
be made.
The Actuarial Present Value of amounts which are expected to be paid at
various future times to active members, retired members, beneficiaries
receiving benefits, and inactive, nonretired 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.
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 No. 25, such as the Funded Ratio and the Annual
Required Contribution (ARC).
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 required
contribution (ARC),
GRS
Amortization Method
Amortization Payment
Amortization Period
Annual Required
Contribution (ARC)
Closed Amortization Period
Employer Normal Cost
Equivalent Single
Amortization Period
Experience GainILoss
27
A method for detennining 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.
That portion of the plan contribution or ARC which is designed to pay
interest on and to amortize the Unfunded Actuarial Accrued Liability.
The period used in calculating the Amortization Payment.
The employer's periodic required contributions, expressed as a dollar
amount or a percentage of covered plan compensation, determined
under GASB No. 25. The ARC consists of the Employer Normal Cost
and Amortization Payment.
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.
The portion of the Normal Cost to be paid by the employer. This is
equal to the Normal Cost less expected member contributions.
For plans that do not establish separate amortization bases (separate
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.
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.
GRS
Funded Ratio
GASB
GASB No. 25 and
GASB No. 27
Normal Cost
Open Amortization Period
Unfunded Actuarial Accrued
Liability
Valuation Date
The ratiO oj' the Actuanal Value of Assets to the Actuariai Accmed
Lmbi lity
Governmental Accounting Standards Board.
These are the governmental accounting standards that set the accounting
rules for public retirement systems and the employers that sponsor or
contribute to them. Statement No. 27 sets the accounting rules for the
employers that sponsor or contribute to public retirement systems, while
Statement No. 25 sets the rules for the systems themselves.
The annual cost assigned, under the Actuarial Cost Method, to the current
plan year.
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.
The difference between the Actuarial Accrued Liability and Actuarial
Value of Assets.
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.
GRS
SECTION C
PENSION FUND INFORMATION
GRS
29
SUMMARY OF ASSETS
September 30
Item 2010 2009
A. Cash and Cash Equivalents (Operating Cash) $ 16,840 $ 7,890
B. Receivables:
l. Member Contributions $ $
2. Employer Contributions 3,098,347 2,800,384
3. State Contributions 12,304
4. Investment Income and Other Receivables 280,466 412,155
5. Prepaid Expenses 4,676 4,475
6. Total Receivables $ 3,395,793 $ 3,217,014
C. Investments
l. Short Term Investments $ 2,285,001 $ 2,935,048
2. Domestic Equities 23,027,939 19,992,861
3. International Equities 4,113,161 4,011,880
4. Domestic Fixed Income 13,479,627 13,861,304
5. International Fixed Income
6. Real Estate 2,974,735
7. Private Equity
8. Total Investments $ 45,880,463 $ 40,801,093
D. Liabilities
l. Benefits Payable $ $
2. Accrued Expenses and Other Payables (45,903) (260,667)
3. Total Liabilities $ (45,903) $ (260,667)
E. Total Market Value of Assets Available for Benefits $ 49,247,193 $ 43,765,330
F. Reserves
l. State Contribution Reserve $ (1,952,557) $ (1,551,341 )
2. DROP Accounts (5,151,995) (4,518,288)
3. Total Reserves $ (7,104,552) $ (6,069,629)
G. Market Value Net of Reserves $ 42,142,641 $ 37,695,701
F. Allocation of Investments
l. Short Term Investments 4.99% 7.20%
2. Domestic Equities 50.19% 49.00%
3. International Equities 8.96% 9.83%
4. Domestic Fixed Income 29.38% 33.97%
5. International Fixed Income 0.00% 0.00%
6. Real Estate 6.48% 0.00%
7. Private Equity 0.00% 0.00%
8. Total Investments 100.00% 100.00%
GRS
PENSION FUND INCOME & DISBURSEMENTS
September 30
Item 2010 2009
A. Market Value of Assets at Beginning of Year <I; 43,765,330 S 42,350.782
B. Revenues and Expenditures
1. Contributions
a. Employee Contributions $ 1,275,667 :); 1,250,43 j
b. Employer Contributions 3,098,953 2,800,384
c. State Contributions 990,759 930,274
d. Service Purchase 20,720 125,444
e. Rollover to DROP 148,037
f. Total $ 5,534,136 $ 5,106,533
2. Investment Income
a. Interest, Dividends, and Other Income $ 1,084,250 S ],010,188
b. Net Realized Gains/(Losses) 693,694 (4,863,756)
c. Net Unrealized Gains/(Losses) 2,255,822 3,954,43 ]
d. Investment Expenses (256,343) (181,050)
e. Net Investment Income $ 3,777,423 $ (80,187)
3. Benefits and Refunds
a. Refunds $ S (19,365)
b. Regular Monthly Benefits (3,382,009) (3,201,266 )
c. DROP Distributions (316,100) (290,639)
d. Total $ (3,698,109) $ (3,511.270)
4. Administrative and Miscellaneous Expenses $ (131,587) '5 (100,528)
5. Transfers $ S
C. Market Value of Assets at End of Year $ 49,247,193 $ 43,765,330
D. Reserves
1. State Contribution Reserve $ (1,952,557) '5 (1,551,341 )
2. DROP Accounts $ (5,151,995) :); (4,518,288)
3. Total Reserves
E Market Value Net of Reserves $ 42,142,64 1 $ 37,695,701
GRS
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I RECONCILIATION OF DROP ACCOUNTS I
Value at beginning of year '5 4.518,288 II
II
Payments credited to accounts 615.975
I
Investment Earnings credited ... 333.832
Withdrawals from accounts - 316,100
I
Value at end of year 5.151,995
~n ("
33
INVESTMENT RATE OF RETURN
The investment rate of return has been calculated on the following bases:
Basis 1 -
Interest, dividends, realized gains (losses) and unrealized appreciation
(depreciation) divided by the weighted average of the market value of the
fund during the year. This figure is normally called the Total Rate of
Return.
Basis 2 -
Investment earnings recognized in the Actuarial Value of Assets divided
by the weighted average ofthe Actuarial Value of Assets during the year.
Investment Rate of Return
Year Ended Basis 1 Basis 2
12/31/1982 NA % 11.9 %
12/31/1983 15.2 13.9
12/31/1984 11.7 11.1
12/31/1985 23.1 18.7
12/31/1986 11.8 13.4
12/31/1987 5.3 10.3
12/31/1988 10.9 9.8
12/31/1989 15.9 14.8
9/30/1990 (9 mos.) (1.6) 1.4
9/30/1991 19.6 13.1
9/30/1992 12.7 11.2
9/30/1993 13.1 9.7
9/30/1994 0.2 3.1
9/30/1995 18.8 9.3
9/30/1996 13.1 9.8
9/30/1997 24.5 12.6
9/30/1998 11.4 12.4
9/30/1999 11.8 14.1
9/30/2000 9.4 13.3
9/30/2001 (7.7) 8.0
9/30/2002 (5.6) 2.3
9/30/2003 15.3 3.5
9/30/2004 6.4 2.2
9/30/2005 7.9 2.5
9/30/2006 5.2 5.3
9/30/2007 12.3 9.3
9/30/2008 (17.1) 3.0
9/30/2009 (0.2) 0.9
9/30/2010 8.5 2.5
Average Compounded
Rate of Return for Number
of Years Shown 8.7 % 8.7 %
Average Compounded
Rate of Return for Last 5
Years 1.2 % 4.2 %
GRS
SECTION D
FINANCIAL ACCOUNTING INFORMATION
GRS
34
I FASB NO. 35 INFORMATION I
A. Valuation Date October 1,2010 October 1, 2009
B. Actuarial Present Value of Accumulated
Plan Benefits
1. Vested Benefits
a. Members Currently Receiving Payments $ 43,059,701 $ 39,158,112
b. Terminated Vested Members 0 0
c. Other Members 25,726,847 23,099,334
d. Total 68,786,547 62,257,446
2. Non-Vested Benefits 3,204,637 2,574,836
3. Total Actuarial Present Value of Accumulated
Plan Benefits: 1 d + 2 71,991,184 64,832,282
4. Accumulated Contributions of Active Members 6,590,977 5,722,788
C. Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1. Total Value at Beginning of Year 64,832,282 60,471,719
2. Increase (Decrease) During the Period
Attributable to:
a. Plan Amendment 0 0
b. Change in Actuarial Assumptions 1,939,280 0
c. Latest Member Data, Benefits Accumulated
and Decrease in the Discount Period 8,917,731 7,871,833
d. Benefits Paid (3,698,109) (3,511,270)
e. Net Increase 7,158,902 4,360,563
3. Total Value at End of Period 71,991,184 64,832,282
D. Market Value of Assets 42,142,641 37,695,701
E. Actuarial Assumptions - See page entitled
Actuarial Assumptions and Methods
GRS
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36
Schedule of Funding of Progress
GASB Statement No. 25
$85 ------...-------.---------------.---------..---.-_.__.....________._____
$75
$65
$55
'"
~ $45
~ $35
$25
$15
$5
-$5
$~~#~##~##~#~~~#####
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
140%
120%
100%
80%
60%
40%
20%
0%
Actuarial Valuation Date
- Value of Assets
- (AAL) Entry Age
-6- Funded Ratio
Schedule of Funding of Progress
GASB Statement No. 25
$36
$33
$30
$27
$24
'" $21
s::
~ $18
:E $15
$12
$9
$6
$3
$0
-$3
~##$~#$~##~~#~~#~~#~
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
~----------------------_._--~-----
350%
300%
250%
200%
150% ::tl
III
...
100% o'
50%
0%
-50%
-100%
Actuarial Valuation Date
- Unfunded AAL
- Covered Payroll
---.- UAAL as % of Payroll
GRS
SCHEDULE OF CONTRIBUTIONS FROM EMPLOYER
AND THE STATE OF FLORIDA
(GASB Statement No. 25)
Year Ended Annnal Required Actual Percentage
SeDtember 30 Contribution Contribution Contributed
1991 $ 671.784 $ 676,466 100.7 %
1992 634,614 I 634,614 100.0
I
1993 647,325 i 647.325 ]00.0
~
1994 626,697 I 626.697 \00.0
1995 737.247 7n .248 \00.0
1996 807,150 807.150 100.0
1997 776,723 776,724 100.0
1998 710,387 I 7] 0.387 \00.0
I
1999 597.198 ! '\97.198 100.0
2000 5] 2.235 I 446.493 872
I
2001 292,146 I 365,715 125.2
2002 825,167 825,167 100.0
2003 1,359,690 1,422,244 104.6
2004 1,655,219 I I. 705,503 103.0
2005 1,988,852 , 2.028,591 102.0
I
2006 2,339,568 I 2,339,568 100.0
2007 2,664,373 2,664,373 100.0
2008 2,845.292 2,845,292 100.0
2009 3,380,156 i 3,380,156 100.0
I
2010 3,678,119 I 3,688,496 100.3
GRS
38
ANNUAL PENSION COST AND NET PENSION OBLIGATION
(GASB STATEMENT NO. 27)
Employer FYE September 30 2011 2010 2009
Annual Required Contribution (ARC)* $ 3,606,278 $ 3,678,119 $ 3,380,156
Interest on Net Pension Obligation (NPO) (12,343) (11,910) (12,312)
Adjustment to ARC (17,656) (17,037) (17,185)
Annual Pension Cost (APC) 3,611,591 3,683,246 3,385,029
Contributions made ** 3,688,496 3,380,156
Increase (decrease) in NPO ** (5,250) 4,873
NPO at beginning of year (149,608) (144,358) (149,231)
NPO at end of year ** (149,608) (144,358)
* Includes expected State contribution.
* * To be determined.
THREE YEAR TREND INFORMATION
Fiscal Annual Pension Actual Percentage of Net Pension
Year Ending Cost (APC) Contribution APC Contributed Obligation
9/30/2008 $ 2,849,553 $ 2,845,292 99.9 % $ (149,231)
9/30/2009 3,385,029 3,380,156 99.9 (144,358)
9/30/2010 3,683,246 3,688,496 100.1 (149,608)
GRS
REQUIRED SUPPLEMENTARY INI<'ORMA nON
GASB Statement No. 25 and No. 27
The information presented in the required supplementary schedules was detennined as part of the actuarial
valuations at the dates indicated. Additional information as of the latest actuarial valuation:
Valuation date:
October 1 , 2010
Contribution Rates:
Employer (and State)
Plan members
37.67%
12.00%
Actuarial Cost Method
Entry Age Normal
Amortization Method
Level percent, Closed
Remaining Amortization Period
30 years
Asset Valuation Method
5-yr smoothed market
Actuarial Assumptions:
Investment rate of return
8.10%
Proj ected salary increases
See Table in Actuarial
Assumptions Section
Includes inflation and other general increases at
Cost of Living adjustments
4.0%
2.0% starting 5 years
after retirement.
GRS
SECTION E
MISCELLANEOUS INFORMATION
GRS
40
I RECONCILIATION OF MEMBERSHIP DATA I
From 10/1/09 From 10/1/08
To 10/1/10 To 10/1/09
A. Active Members
1. Number Included in Last Valuation 118 123
2. New Members Included in Current Valuation 11 1
3. Non-Vested Employment Terminations (1) (1)
4. Vested Employment Terminations 0 0
5. DROP Participation (3) (2)
6. Service Retirements 0 (3)
7. Disability Retirements 0 0
8. Deaths 0 0
9. Number Included in This Valuation 125 118
B. Terminated Vested Members
1. Number Included in Last Valuation 0 0
2. Additions from Active Members 0 0
3. Lump Sum Payments/Refund of Contributions 0 0
4. Payments Commenced 0 0
5. Deaths 0 0
6. Other 0 0
7. Number Included in This Valuation 0 0
C. DROP Plan Members
1. Number Included in Last Valuation 6 5
2. Additions from Active Members 3 2
3. Retirements (1) (1)
4. Deaths Resulting in No Further Payments 0 0
5. Other 0 0
6. Number Included in This Valuation 8 6
D. Service Retirees, Disability Retirees and Beneficiaries
1. Number Included in Last Valuation 76 72
2. Additions from Active Members 0 3
3. Additions from Terminated Vested Members 0 0
4. Additions from DROP Plan 1 1
5. Deaths Resulting in No Further Payments (1) 0
6. Deaths Resulting in New Survivor Benefits 0 0
7. End of Certain Period - No Further Payments 0 0
8. Other -- Lump Sum Distributions 0 0
9. Number Included in This Valuation 76 76
GRS
ACTIVE P ARTICIP ANT DISTRIBUTION
I Years of Service to Valuation Date !
Al!e GrouD 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25+ Totals
20-24 NO. 1 0 0 (} q (J " () 2
TOT PAY 38,382 0 () 64,044 (I () ! 02,426
AVGPAY 38,382 0 () 64,044 l! 0 ~ 1.213
25-29 NO. 4 0 4 7 4 \I (l () 20
TOT PAY 160,215 () 200,926 61,693 453,862 295,521 () u 0 l,I 72,21 7
AVGPAY 40,054 0 50,232 6],693 64,837 73,880 II ~ I 0 58,611
30-34 NO. 4 0 2 2 13 0 I) 0 28
TOT PAY 157,106 0 111,561 121,987 467,398 1,034,27/\ (I n ,} 0 ] .892.330
AVGPAY 39,277 () 55,781 60,994 66.771 79,560 (I 0 0 67.583
35-39 NO. I 0 () I () 16 [2 1 II 0 31
TOT PAY 40,447 0 0 63,499 0 1,278,552 1,146,688 116,543 I) 0 2,645,729
AVGPAY 40,447 0 () 63,499 () 79.91 () 95,557 116,543 0 85,346
40-44 NO. 0 0 () 1 9 6 0 25
TOT PAY 0 0 0 56,972 53,396 579,848 839,462 626,757 109,873 0 2,266,308
AVGPAY 0 0 () 56,972 53,396 82,835 93,274 ] 04,460 109,873 0 90,652
45-49 NO. 0 0 0 0 0 i 6 4 , () 14
TOT PAY () 0 0 0 () 92,055 596,904 406,708 372,028 0 1,467,695
AVGPAY 0 0 0 () () 92,055 99,484 101,677 124,009 0 104.835
50-54 NO. 0 0 0 () 0 () I i () 0 2
TOT PAY 0 0 0 () 0 0 102,325 118,440 0 () 220,765
AVGPAY 0 0 () 0 () () 102,325 118,440 () () j 10.383
55-59 NO. 0 0 0 () () 0 0 1 ] 2
TOT PAY 0 () () II 0 () 0 109,901 0 99,783 209,684
AVGPAY 0 0 () 0 lJ () 0 109,901 0 99,783 104,842
60-64 NO. 0 () 0 0 0 1 () 0 () I
TOT PAY 0 0 0 0 () 122,740 0 i.l 0 122,740
AVGPAY 0 0 () 0 0 In 740 () 0 0 0 122,740
- - - -.-- ~--- --.--- -.-- ---- -.---.-.- ---- -----
TOT NO. 10 0 6 5 16 42 28 13 4 I 125
TOT AMT 396,150 0 312,487 304,151 1,038,700 3,402,994 2,685,379 1,378,349 481,901 99,783 10,099,894
AVGAMT 39,615 0 52,081 60,830 64,919 81,024 95,906 106,027 120,475 99,783 80,799
GRS
42
INACTIVE P ARTICIP ANT DISTRIBUTION
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
30-34
35-39
40-44 1 99,293
45-49 39,373 9 579,407 29,935
50-54 19 882,604 57,724
55-59 21 990,196
60-64 12 668,270
65-69 6 278,429 15,695
70-74 4 119,038 14,517
75-79 1 43,884
80-84 4 116,257 1 6,496
85-89 1 7,190
90-94
95-99
100 & Over
Total 39,373 77 3,777,378 6 131,557
Average Age 45 58 68
Liability 658,226 45,060,796 1,111,434
GRS
SECTION F
SUMMARY OF PLAN PROVISIONS
GRS
43
SUMMARY OF PLAN PROVISIONS
A. Ordinances
Plan established under the Code of Ordinances for the City of Boynton Beach, Florida, Chapter 18,
Article IV, and was most recently amended under Ordinance No. 10-016 passed and adopted on its
second reading on August 3,2010. The Plan is also governed by certain provisions of Chapter 175,
Florida Statutes, Part VII, Chapter 112, Florida Statutes and the Internal Revenue Code.
B. Effective Date
Date was not provided.
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 full-time firefighters are eligible to participate.
F. Credited Service
Service is measured as the total length of employment for which the firefighter received
Compensation from the City and made Member Contributions to the plan. No service is credited for
any periods of employment for which the member received a refund of their contributions.
G. Compensation
Cash compensation exclusive of bonuses and incentive pay, but including lump sum payment of
unused leave.
H. Final Average Compensation (FAC)
The average of Compensation over the highest 3 years during the last 10 years of Credited Service.
I. Normal Retirement
Eligibility:
A member may retire on the first day of the month coincident with or next
following the earlier of:
(1) age 55 and 10 years of Credited Service, or
(2) 20 years of Credited Service regardless of age.
GRS
Benefit
Normal Foml
of Benefit:
COLA:
J. Early Retirement
Eligibility:
Benefit:
Normal Form
of Benefit:
COLA:
:I .00% of FAC multiplIed by years of C:redJted Service
10 Years Certain and Life thereafter: other options are also available.
Each retiree, beneficiary and disability retiree who retires or enters the DROP on or
after December I, 2006 will receive a 2.0% increase in benefits on October 151 of
each year beginning 5 years after retirement
A member may elect to retire earlier than the Normal Retirement Eligibility upon
attainment of age 50 and 10 years of Credited Service.
The Normal Retirement Benefit is reduced by 3.0% for each year by which the
Early Retirement date precedes the Normal Retirement date.
10 Years Certain and Life thereafter; other options are also available.
Each retiree, beneficiary and disability retiree who retires or enters the DROP on or
after December 1, 2006 will receive a 2.0% increase in benefits on October 151 of
each year beginning 5 years after retirement.
K. Delayed Retirement
Same as Normal Retirement taking into account compensation eamed and service credited until the
date of actual retirement.
L. Service Connected Disability
Eligibility:
Benefit:
Normal Form
of Benefit:
COLA:
Any member who becomes totally and permanently disabled as a result of an act
occurring in the performance of service for the City is immediately eligible for a
disability benefit.
662/3% of Compensation in effect on the date of disability, reduced by amounts
payable under Social Security PIA with a minimum benefit equal to 42% of F AC
Payable until death or recovery from disability; other options are also available.
Each disability retiree who retires on or after December 1, 2006 will receive a 2.0%
increase in benefits on October 151 of each year beginning 5 years after retirement.
M. Non-Service Connected Disability
Eligibility:
Benefit:
Any member with 10 years of Credited Service who becomes totally and
permanently disabled is immediately eligible for a disability benefit.
2.5% ofFAC multiplied by years of Credited Service with a minimum benefit equal
to 25% ofFAC.
Normal Form
of Benefit:
COLA:
45
Payable until death or recovery from disability; other options are also available.
Each disability retiree who retires on or after December 1, 2006 will receive a 2.0%
increase in benefits on October 1 sl of each year beginning 5 years after retirement.
N. Death in the Line of Duty
Eligibility:
Benefit:
Normal Form
of Benefit:
COLA:
Members are eligible for survivor benefits after the completion of 10 or more years
of Credited Service.
Spouse will receive 2.5% of the member's FAC multiplied by years of Credited
Service.
Paid until death or remarriage of spouse.
Each surviving spouse whose benefits began on or after December 1, 2006 will
receive a 2.0% increase in benefits on October 1 sl of each year beginning 5 years
after benefits began.
The beneficiary of a pIan member with less than 10 years of Credited Service at the time of death
will receive a refund of the member's accumulated contributions.
O. Other Pre-Retirement Death
Eligibility:
Benefit:
Normal Form
of Benefit:
COLA:
Members are eligible for survivor benefits after the completion of 10 or more years
of Credited Service.
Spouse will receive 2.5% of the member's FAC multiplied by years of Credited
Service.
Paid until death or remarriage of spouse.
Each surviving spouse whose benefits began on or after December 1, 2006 will
receive a 2.0% increase in benefits on October 1 sl of each year beginning 5 years
after benefits began.
The beneficiary of a plan member with less than 10 years of Credited Service at the time of death
will receive a refund of the member's accumulated contributions.
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 forms of benefits available to all retirees
are a Single Life Annuity or the 50%, 66 2/3%, 75% and 100% Joint and Survivor options. A Social
Security option is also available for members retiring prior to the time they are eligible for Social
Security retirement benefits.
(;RS
R. Vested Termination
Eligibility
Benefit:
Normal Form
of Benefit:
COLA:
A member has earned a non-forfeitable right to Plan benefits after the completion nJ
10 years of Credited Service.
The benefit is the member's accrued Normal Retirement Benefit as of the date of
termination. Benefit begins on the date that would have been the member's Normal
Retirement date had they continued employment. Alternatively, members can elect a
reduced Early Retirement benefit any time after age 50.
10 Years Certain and Life thereafter; other options are also available.
Each member who retires on or after December 1, 2006 will receive a 2.0%
increase in benefits on October 151 of each year beginning 5 years after retirement.
Members terminating employment with less than 10 years of Credited Service will receive a refund
of their own accumulated contributions.
S. Refunds
Eligibility:
Benefit:
All members terminating employment with less than 10 years of Credited Service
are eligible. Optionally, vested members (those with 10 or more years of Credited
Service) may elect a refund in lieu of the vested benefits otherwise due.
Refund of the member's contributions.
T. Member Contributions
12% of compensation
U. Employer Contributions
Chapter 175 Premium Tax Refunds and any additional amount determined by the actuary needed to
fund the plan properly according to State laws.
V. Cost of Living Increases
Each retiree, beneficiary and disability retiree who retires or enters the DROP on or after December
1, 2006 will receive a 2.0% increase in benefits on October 1 sl of each year beginning 5 years after
retirement.
w. Changes from Previous Valuation
Members may now purchase permissive service credits which allow for a multiplier enhancement
of 3.0% for each year purchased.
x. 13th Check
In years in which a cumulative net actuarial gain has been determined, there shall be payable an ad-
hoc thirteenth check paid in December.
47
Y. Deferred Retirement Option Plan
Eligibility:
Plan members who have less than 30 years of Credited Service but have met one of
the following criteria are eligible for the DROP:
(1) age 55 with 10 years of Credited Service, or
(2) 20 years of Credited Service regardless of age.
Members who meet eligibility must submit a written election to participate in the
DROP.
Benefit:
The member's Credited Service and FAC 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 F AC.
Maximum
DROP Period: The earlier of 5 years of participation in the DROP or 30 years of employment.
Interest
Credited:
The member's DROP account is credited at an interest rate based upon the option
chosen by the member. Members must elect from 1 ofthe 3 following options:
1. Gain or loss at the same rate earned by the Plan, or
2. Guaranteed rate of7%, or
3. The rate earned by a self-directed account utilizing mutual funds selected by
the Board.
Normal Form
of Benefit:
Options include a lump sum or equal periodic payments.
COLA:
Each member who enters the DROP on or after December 1, 2006 will receive a
2.0% increase in benefits on October 1 sl of each year beginning 5 years after
retirement.
Z. Other Ancillary Benefits
There are no ancillary retirement type benefits not required by statutes but which might be deemed
a City of Boynton Beach Municipal Firefighters' Pension Trust Fund liability if continued beyond
the availability of funding by the current funding source.
(;RS
Anchor Capital Advisors LtC
One Post Office Square
Boston, MA 02109-2103
617-33H-3800 FAX 617-426-6871
www.anchorcapital.com
-yj[ Jl~/ ~
~ V' ::Jt/tJ
;UI :jf~
$~
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.,
January 01, 2011
Barbara LaDue
3025 City of Boynton Beach Municipal Firefighters Pension Trust
1500 Gateway Boulevard, Suite 220
Boynton Beach, FL 33426
Regarding Account: 80106279
ANCHOR CAPITAL ADVISORS LLC
STATEMENT OF MANAGEMENT FEES
For The Period 09-30-10 To 12-31-10
Portfolio Valuation as of 12-31-10
$ 6,167,868.69
3,000,000 @ 0.750% per annum
3,167,869 @ 0.500% per annum
Management Fee
5,625.00
3,959.84
-------._-
$ 9,584.84
TOTALDU.E ANI)PA\'ABL~
$ 9,584.84
Member of Boston Private Wealtlr Management Group
1\ II H( ()\, l'\I1\},\I,
INTERCONTINENTAL/REAL ESTATE CORPORATION
~ 10
j)J- J1uV JJA.~31'
~i -- T~le~
iN
] 270 SOLDIERS FIELD ROAD
BOSTON, MASSACHUSETTS 02 I 35~ 1003
TELEPHONE 617-782-2600
FACSIMILE 617-782-9442
www.inlerenntinentaJ.l1et
PAUL]. NASSER
Chief Financwl Officer and
Chief operating Officn
February 4,201]
Ms. Barbara LaDue
Pension Administrator
City of Boynton Beach Firefighters' Pension Fund
1500 Gateway Boulevard, Suite 220
Renaissance Executive Suites
Boynton Beach, FL 33426
Re: U.S. REAL ESTATE INVESTMENT FUND, LLC (US REIF)
Net Asset Value Reporting & Performance
Dear Ms. LaDue:
Under this cover, please find your US RELF Pre-Audited Net Asset Value (NA V) repOli, and our
Fund Performance as of December 31,2010.
We will be sending you the US REIF December 31,2010 audited financial statements as soon as
they are completed. We are distributing the NA V reports and performance returns separately this
quarter in order to meet your reporting needs since the preparation of the year-end audited
financial statements requires additional time to complete.
As always, ] am happy to answer any additional questions you may have. Please do not hesitate
to contact me.
Sincerely,
?~-j rI~
Paul 1. Nasser
Encl.
cc: . Luke Henderson, City of Boynton Beach Firefighters' Pension Fund
0~202
u.s. REAL ESTATE INVESTMENT FUND, LLC
DECEMBER 31,2010
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION FUND
I NET ASSET VALUE OF FUND
NET ASSET VALUE IN REAL ESTATE INVESTMENTS $385 806 765
NET ASSET VALUE AT FUND LEVEL $] 3,276.829
TOTAL NET ASSET VALUE AT DECEMBER 31,2010 5399083 594
TOTAL OUTSTANDING CAPITAL SUBSCRlPTJONSAT DECEMBER 31,2010 $609.732,305
TOTAL CAPITAL CALLED FROM OUTSTA NDING SUBSCRIPTIONSAT DECEMBER 31, 2010 $580,540,008
TO TAL OU TST ANDING INTERES TS AT DECEMBER 31, 1010 657,540.1366
VALUE PER INTEREST ATDECEMBER 31, 1010 1>606.9341
I NET ASSET VALUE OF SUBSCRIPTION
SUBSCRIPTION: City of Boynton Beach Firefighters' Pension Fund
CAPITAL CALLED AT DECEMBER 31, 2010
NUMBER OF INTERESTS OWNED AT DECEMBER 31, 2010
$4,379,867
$4,379,867
7,350.4261
I MARKET VALUE OF SUBSCRIPTION
BEGINNING MARKET VALUE AT SEPTEMBER 30, 2010
CURRENT QUARTER CONTRIBUTIONS
DIVIDENDS REINVESTED
INVESTMENT INCOME BEFORE MANAGEMENT FEE
REALIZED GAIN/(LOSS)
UNREALIZED GAIN/(LOSS)
CURRENT QUARTER DISTRIBUTIONS
MANAGEMENT FEES
DISTRIBUTIONS WITHHELD FOR MANAGEMENT FEES
$2,974,735
$1,300,000
$39,731
$48,885
($235 )
$146,214
($48,107)
($12,103)
$12,103
$4,461,224
ENDING MARKET VALUE AT DECEMBER 31,2010
I CURRENT QUARTER PERFORMANCE (GROSS OF FEES)
INCOME RETURN
APPRECIATION RETURN
TOTAL RETURN
1.14%
3.42%
4.56%
NOTE REVISED AND PREPARED PRIOR TO ANNUAL AUDIT
INTEREST VALUES ARE BASED ON FUNDS OPERATING AGREEMENT
ASSET VALUES ARE BASED ON FUNDS VALUATION POLICY
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5 REGULAR MEMBERS
* Commission Appointed - Two-year Term
**Elected by Firefighters - Two-year Term
+ Board Appointed - Two-year Term
2011
MUNICIPAL FIREFIGHTERS' PENSION TRUST FUND
MEMBER
EXPIRES
PHONE
PROFESSION
**HENDERSON, LUKE, CHAIR
P.O. BOX 310
BOYNTON BEACH 33425-0310
12/11
B-742-6325 Firefighter
HendersonL@bbfl.us
**PETTY, Matthew
PO BOX 310
BOYNTON BEACH 33425-0310
12/12
B-
PettvM@bbfl.us
Firefighter
*OPEN
12/12
+ RAYBUCK, JONATHAN C.
PO BOX 310
BOYNTON BEACH 33425-0310
12/11
Appt'd 8/13/09
262-4815 Firefighter/
RavbuckJ@bbfl.us Paramedic
*TAYLOR, ROBERT B, JR.
4 Via Lago
BOYNTON BEACH 33435
12/12
Appt'd 12/16/08
737 -1960 Financial
Consultant
robert. tavlor@bethesdahealthcare.com
Ex-Officio Member-
Fire Chief Bill Bingham
2080 HIGH RIDGE ROAD
BOYNTON BEACH 33426
binohamb@bbfl.us
PENSION ADMINISTRATOR:
LA DUE, Barbara
Updated: 2/7/2011
c: \Users\Owner\AppData \Loca I\M icrosoft\ Windows\ Temporary Internet Files\Content. Outlook\C03F8BKO\FI REFIGHTERS
PENSION BD.doc
I RS AnnOlll1l;l;:~ 2011 St,md<lrd Mileage Rates
fj} IRS 'J
IRS Announces 2011 Standard Mileage Rates
IR-2010-119.Dec.3.2010
Corrected on Dec. 13. 2010, to reflect changes for 2011
WASHINGTON - The Internal Revenue Service today issued the 2011 optional standard mileage rates used to
calculate the deductible costs of operating an automobile for business. charitable, medical or moving purposes.
Beginning on Jan. 1, 2011, the standard mileage rales for the use of a car (also vans, pickups or panel trucks) will be:
. 51 cents per mile for business miles driven
. 19 cents per mile driven for medical or moving purposes
. 14 cents per mile driven in service of charitable organizations
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an
automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same
study. Independent contractor Runzheimer International conducted the study.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under
the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle.
In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously. The
IRS is requesting public comments on whether taxpayers should be allowed to use the business standard mileage rate
in this circurnstal'1ce.
Beginning in 2011. a taxpayer may use the business standard mileage rate for vehicles used for hire, such as
taxicabs.
Also beginning in 2011, the standard mileage rates are announced in a separate notice, which also provides the
amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard
mileage rate and the maximum standard automobile cost for automobiles under a FAVR allowance. The IRS plans to
discontinue publishing the standard mileage rate revenue procedure annually but will publish modifications as
required.
Taxpayers always have the option of calculating the actual costs of using their vehiele rather than using the standard
mileage rates.
Revenue Procedure201.o~51 and NQtjce_20.1.0~8.B contain add~ional details regarding the standard mileage rates.
Sub,s,cribe to IRS Newswire
Page Last Revitlwod or UpdClted: December 14, 2010
http://www.irs.gov/newsroomfarticle/O..id=232017.OO.html
Page 1 of 1
12/22/2010
'(1).. ((.,.. ..
..'). ..
"
CITY OF BOYNTON BEACH, FLORIDA
TRAVEL EXPENSE FORM
Date Submitted
Traveler's Name
Department
Travel Dates
Meeting Description
Travel Destination
Departure Time and Date
Return Time and Date
Expenses. Receipts must be attached for all expenses except for meals
Dates of Travel
Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Total
Hotel $ -
Breakfast $ -
Lunch $ -
Dinner $ -
Registration Fee $ -
Ground Fare $ -
Parking Fee $ -
Tolls $ -
Fuel $ -
Plane Fare $ -
Rental Car $ -
Books/Publications $ -
.. Mileage ($.51 /mileJ $ -
*Effective January 1,2010 (Travelers receiving a car allowance should refer to "Instructions for Completing Travel Authorization Form" as a mileage allowance is no longer allow Total Expense $ -
Beginning of Total
Mileage Breakdown Trip Ending of Trip Mileage
Beginning mileage 0
Ending mileage 0
Expense Recap
Total Exoenses $ -
Less payments made by direct
payment or City credit card
directly to vendor $ -
Less amount paid by traveler $ -
Less amount palo In aovance
to traveler $ -
Balance due $ - Account #
If balance due amount is in parenthesIs the traveler owes the City money. attach check to this form; If the balance due
amount does not have parenthesis the City owes the traveler money - this form must be in Finance by Tuesday at 5pm for
check to be issued the following Friday
Sianatures
I verify that the expenses listed above were incurred as necessary travel expenses in the performance of
official City business and that this request for reimbursement is true and correct as to every material matter.
Employee
Department Head or Designee
Finance Director or Designee
C:\Users\Owner\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\C03F8BKO\Travel Expense Form (Effective
January 1 2011).x/s
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TRAVEL AUTHORIZATION FORM
CITY OF BOYNTON BEACH, FLORIDA
Date Submitted:
2 Traveler Name:
3 Department:
4 Travel Dates:
5 Meeting Description:
7 Travel Destination
8 Means of Travel:
9 When personal car is authorized, provide estimated mileage & cost:
Estimated Mileage See Instructions (Item 14) if the Traveler receives a car allowance.
Estimated cost $ (Effective January 1, 2011, reimbursement is $.51 per mile)
10 Plane Fare $
11 Registration Fee
$
12 Hotel Cost $
Hotel Name
13 Meal Cost:
Breakfast - $8.
Lunch - $12.
Dinner - $20.
14 Other Cost:
Ground Transportation
Parking Fee
Tolls
Fuel
15 Rental Car:
Total Cost $
16 Advance Check Requested:
Amount requested:
Accl. # to be charged:
Traveler Signature:
Please note the City is tax exempt in the state only as long as the City sends a check for the hotel. Travelers will not be
reimbursed for sales tax for in-state hotels.
Sharing Room With:
If any meals are included in registration
fee or hotel rate please do not include in
this section.
Traveler must provide receipt for reimbursement
Traveler must provide receipt for reimbursement
Traveler must provide receipt for reimbursement
Traveler must provide receipt for reimbursement
Written justification Must be attached to this form as to why rental car is necessary and an insurance card must
be picked up from Risk Management prior to leaving.
(Type Yes or No) DO NOT send a separate 121 form for advance
(No advance will be issued for expenses less than $50. Only show amount to
be paid to Traveler - do not include amounts that were paid on separate 121
forms)
Note to Traveler - A Travel Expense Report must be completed within
15 days of return from your trip. Receipts must be kept for hotel, fuel,
ground transportation, tolls, parking fees, etc.
PLEASE NOTIFY FINANCE DEPT. AT EXT. 6320 IF TRIP IS CANCELED
A COpy OF THE CONFERENCE/MEETING BROCHURE MUST BE ATTACHED TO THIS FORM
17 Authorization:
Department Head:
Finance Department:
C:IUserslOwnerlAppDatalLocallMicrOSOftlWindowslTemporary Internet FileslContent.OutlooklC03FBBKOITravel Authorization Form (Effective January 1 2011).xls
Barbara Ladue
From:
Sent:
To:
Subject:
Attachments:
Henderson, Luke [HendersonL@bbfl.us]
Wednesday, December 22, 2010 8:43 PM
Barbara Ladue
FW: 2011 Mileage Reimbursement
Mileage2011.pdf; Travel Authorization Form (Effective January 1, 2011 ).xls; Travel Expense
Form (Effective January 1, 2011).xls
fyi
From: Howard, Tim
Sent: Wednesday, December 22, 20102:19 PM
To: Everyone
Subject: FW: 2011 Mileage Reimbursement
Everyone, effective January 1, 2011, IRS has increased the mileage reimbursement to 51 cents per mile. Attached is a
copy of the IRS notice and revised travel authorization and travel expense forms to incorporate the changes. Please use
them for any travel after January 1, 2011.
Thank you for your attention to this maUer.
Have a good holiday season.
Tim W Howard
Deputy Director of Financial Services
City of Boynton Beach
100 E Boynton Beach Blvd
Boynton Beach, FL 33425
(561)742-6312 Office
(561)742-6316 Fax
howardt@bbfl.us
DSM CAPITAL PARTNERS
320 EAST MAIN STREET
MOUNT KISCO, NEW YORK ] 0549
TELEPHONE (914) 242-1900 FACSIMILE (914) 242-1988
ANNUAL CLIENT COMPLIANCE NOTICE
January 5, 2011
This letter is an important annual notice required by an investment advisor such as
DSM Capital Partners, to its clients.
CHANGES IN YOUR SITUATION OR REQUIREMENTS
As part of our annual review of client accounts, we are required by the Investment
Company Act of 1940 as Amended (Rule 3a-4), to check with you to be certain that your
financial situation and investment objectives or restrictions are essentially unchanged
over the past year. If there are changes, please give us a call or e-mail us. We would be
more than pleased to discuss your requirements.
OFFER OF OUR DISCLOSURE DOCUMENT
In addition, investment advisors registered with the United States Securities and
Exchange Commission are required (Rule 204-3c) to annually offer their current
Disclosure Document to each advisory client. This Disclosure Document is called Form
ADV Part II, and a version was provided to you as part of the materials to be considered
prior to entering an advisory agreement with DSM Capital Partners.
Please note that a new SEC regulation requires that advisors re-publish their ADV Part II
in "plain English" during the early part of2011. As this will be an important change, we
will offer this revised document to you when it is available.
DSM PRIVACY POLICY
DSM Capital Partners regards the protection of our clients' privacy as a matter of utmost
importance. Registered Advisors, such as DSM, have certain responsibilities under SEC
Regulation S-P, effective November 13,2000. Among these responsibilities is the
provision of this notice both when a prospective client enters an advisory agreement with
DSM, and annually thereafter.
Information Sharing Policy
A related responsibility is to provide clients with an "opt-out" notice lithe firm intended
to share non-public personal information (such as information you provide on new-
account forms, or information concerning your transactions) with non-affiliated third
parties. We do not provide such an opt-out notice as it is specifically our policy not to
provide such information to anyone other than those entities involved with us in
performing our duties under the advisory agreement (such as broker dealers and
custodians), and regulators who may request such information.
Information Safeguarding
We will safeguard your non-public personal information in several ways. First, we
restrict access to only those employees who have a need to access your information in the
course of their work, or to regulatory personnel who specifically request client
information. In addition, we protect physical and electronic forms of non-public personal
information of clients as follows:
· All client-related documents are to be kept in locked files at all times when DSM's
offices are closed (evenings, weekends and holidays);
· Any such documents that are to be discarded are shredded first;
· Computers containing client names or information are programmed to automatically
lock after 7 minutes of inactivity;
· Any such information that is electronically maintained, other than client or potential
client e-mails, must be protected by suitable passwords; and
· E-mails containing non-public personal information of clients must be regularly
double-deleted from the firm's computers.
If you would like a copy of our current Form ADV Part II at this time, please let us know,
and we will promptly send it to you.
Please call or e-mail us if you have any questions on the above.
Best regards,
or' ,
-":'1- ''-,./\...../
/ '\ '''''
'\
, ,
i~ '
Steve Memishian
Daniel Strickberger
SunTrust Bank
Business Card Division
Post Office Box 4997
Orlando, FL 32802-4997
SUNTRlBf
August 25, 2010
BOYNTON BCH FIRE PENSION
1500 GATEWAY BLVD
C/O BARBARA LA DUE STE 2
BOYNTON BEACH, FL 33426
Dear Ms. LaDue:
Thank you for your recent application for a Business Credit Card. In our initial review, we discovered
missing information required for our evaluation. Please provide us with the following information.
Borrowing Resolution - Enclosed is a Corporate and an UNincorporated resolution. Please submit
the resolution that applies to this organization.
Current Board minutes indicating that this business credit card request was discussed and
approved by the board members. Resolution and Board minutes require the signature of 2 or more
board members.
2010 interim financials with 2009 and 2008 business financials stating revenues vs expenses
Most recent 3 months bank statements to verify liquidity
Current state filings showing organization is active with the State of Florida
What is the credit line amount you are requesting?
Please forward the information to the SunTrust address listed above or fax it to 1-407-762-5470. If we do not
receive the necessary information within 20 business days from the date of this letter, we will regrettably be
unable to give further consideration to your credit request.
Thank you for the opportunity to serve your business financial needs.
Sincerely,
Business Credit Card Team
ZDCO
ECOA Notice
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis ofrace, color, religion, national
origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract), because all or part of the applicant's income
derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The
federal agency that administers compliance with this law concerning this creditor is the Federal Reserve Bank of Atlanta. Any questions concerning this
creditor should be directed to the Federal Reserve Consumer Help Center, P.O. Box 1200, Minneapolis, MN 55480, toll-free number: (888) 851-1920, fax
number: (877) 888-2520, TDD number: (877) 766-8533.
\II~~ SUNTRUST'
Unincorporated Organization Certificate of Authority
(Commercial Credit Card Account)
I, the undersigned, hereby certify that I am the and custodian of the records of
(the "Organization"), that the following is a true and correct copy
of certain resolutions duly adopted by the board of trustees or other governing body of the Organization at a meeting
duly held on the day of at which a quorum was present and acting,
and that the following resolutions are in conformity with the charter and by-laws of the Organization and have not since
been rescinded or modified.
RESOLVED that the Organization enter into a commercial credit card account ("Card Account") relationship with
SunTrust Bank ("Bank") and that any (number required) of the individuals listed below:
Print Name
Title
Is (are) authorized to enter into, and execute and deliver on behalf of this Organization any agreements, documents, or
other instruments the Bank may require in order to establish and administer the Card Account, and that this Organization
shall be bound by the terms and conditions of said agreements, documents, or other instruments as the same may be
amended from time to time.
FURTHER RESOLVED, that the undersigned is (are) authorized and directed to furnish the Bank a certified copy of
these resolutions, which resolutions shall continue in full force and effect until written notice of modification or revocation
of the same has been received by the Bank and the Bank has had reasonable time to act on such notice, and to furnish
to the Bank the names and specimen signature of the authorized person(s) named herein, and those persons from time
to time holding such positions.
I hereby certify that the following are the names and specimen signatures of the authorized person(s) designated in the
foregoing resolutions and that each presently holds that title indicated and has full authority for all acts noted herein.
Print Name
Title
Signature
IN WITNESS WHEREOF I have hereunto subscribed my name and affixed the seal of said Organization this
day of
(Organization Seal)
Signature
Title
315092 (2/14/06)
SunTrusl Corporate Form;
Page 1 of 1
\IIIV~ SUNTRUST"
Corporate Resolution and Certificate of Incumbency
(Commercial Credit Card Account)
I, hereby certify that I am the and custodian of the records of
(legal name of corporation) a corporation duly organized and existing under the laws of
; that the following is a true and correct copy of certain resolutions duly adopted by the Board of Directors of
said
corporation at a meeting duly held on the day of at which a quorum was present; and
that the following resolutions are in conformity with the charter and by-laws of said corporation and have not since been
rescinded or modified.
RESOLVED, that this corporation enter into a commercial credit card account ("Card Account") relationship with SunTrust
Bank ("Bank"); that anyone of the officers of this corporation listed below be and is hereby authorized to enter into, execute
and deliver in the name of and on behalf of the corporation the agreements, documents, or other instruments deemed
reasonable or necessary to establish and administer the Card Account; and that this corporation shall be bound by the terms
and conditions of said agreements, documents, or other instruments as the same may be amended from time to time.
RESOLVED FURTHER, that the corporation shall fumish to the Bank a certified copy of these resolutions, which resolutions
shall continue in full force and effect until written notice of the rescission or modification of the same has been received by the
Bank, and the Bank has had reasonable time to act on such notice, and shall fumish to the Bank the names and specimen
signatures of the officer(s) named herein, and those persons from time to time holding such positions.
I hereby certify that the following are the names and specimen signatures of the officer(s) designated in the foregoing
resolutions and that each presently holds the title indicated therein:
Name
Title
Signature
The following individual(s) has been authorized to perform the duties of a program manager on behalf of the corporation and
is authorized to maintain the Card Account for the corporation:
Name
Position
Signature
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the seal of said corporation this
day of
Signed
By
Title
315093 (2/14106)
Sun Trust Corporate Forms
Page 1 of 1
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ORDINANCE NO. 10 - 01 '='
,
~fl11 1Y-,1'-<
v . TldM;J-.I) , -1/' '.0
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V
AN ORDINANCE OF THE CITY OF BOYNTON BEACH,
FLORIDA, CREATING SECTION 18-184.2 OF THE
FIREFIGHTERS' RETIREMENT PLAN PROVIDING
FOR THE PAYMENT OF A ONE TIME
SUPPLEMENTAL BENEFIT FOR RECENT RETIREES
AND AN AD HOC BENEFIT FOR FUTURE RETIREES,
TO BE FUNDED WITH AVAILABLE CHAPTER 175
PREMIUM TAX REVENUE; PROVIDING FOR
CONFLICTS; CODIFICA TION AND AN EFFECTIVE
DATE.
WHEREAS, the City of Boynton Beach Florida sponsors a retirement plan and trust
fund for firefighters pursuant to Chapter 175, Florida Statutes;
WHEREAS, the Board of Trustees of the Boynton Beach Firefighters' Retirement
Plan desires to amend the City Code to provide an annual ad hoc supplemental benefit for
future retirees and a lump sum supplemental benefit for recent retirees, funded exclusively
19 with available Chapter 175 premium tax revenue;
20 WHEREAS, the Board of Trustees of the Boynton Beach Firefighters' Retirement
21 Plan recognizes that Chapter 175 premium tax revenue can only be used for firefighter
22 pension benefits and cannot be used for any other purposes;
23 WHEREAS, payment of these supplemental payments will not create any actuarially
24 unfunded liabilities for the City; and
25 WHEREAS, the City Commission has determined this amendment will benefit the
26 citizens and firefighters of the City of Boynton Beach;
27 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF
28 THE CITY OF BOYNTON BEACH, FLORIDA:
29 Section 1: Section 18-184 is hereby created to read as follows:
Page 1 of 4
! I
I. Section 18-184.2 Ad Hoc Supplemental Benefit.
2 (a) Supplemental Benefit.
3 "Available funds" shall be used to pay an "extra benefit" as set forth in this Section. from
4 "additional premium tax revenues" as defined by Section 175.351 (1 )(a). Florida Statutes. An
5 Ad Hoc supplemental benefit shall be paid annually. following one full year of retirement
6 (disability. early or normal. DROP or deferred vested retirement), to eligible retirees who
7 have entered pay status. After the Board approves payment. the distribution shall be made by
8 the end of the second calendar quarter.
9 (b) Using available funds. an Ad Hoc supplemental benefit shall be paid to each eligible
10 retiree who retires after the adoption of this ordinance. provided that additional premium tax
11 revenue is available. For purposes of this section. eligible retiree shall mean any member who
12 is currently employed and future members who retire after earning ten or more years of actual
13 service, including DROP participants. Any Ad Hoc supplemental benefits payable under this
14 Section to active DROP participants shaH be paid into a member's DROP aecount, beginning
15 one year after entering DROP.
16 (c) Calculation of Ad Hoc Benefit.
17 Each eligible retiree shaH receive a distribution of available funds of up to five hundred
18 dollars ($500) per year of credited service. for each year of credited service in the plan. not to
19 exceed twenty years. The City delegates to the Pension Board the ability to adopt
20 administrative rules to implement this ordinance.
21 (d) Calculation of available funds:
22 On the date of adoption of this ordinance. the pension plan provides for a twelve percent
23 future increases in the member contribution rate over
Page 2 of 4
II
twelve percent (12%), including but not limited to COLA costs described in Section 18-180.2,
2 : I shall tirst be deducted from available funds. Prior to paying Ad Hoc supplemental benefits,
Ii
i I
3 the availability of additional premium tax revenues and available funds shall be confirmed in
4 writing by the Pension Board's actuary. From time to time, the Pension Board may
5 recommend adiustments to the calculation formula, based on the proiected status of available
6 funds.
7 (e) Lump Sum Supplemental Benefit for Eligible Recent Retirees.
8 Available funds shall. also be used by the Board to pay a lump sum supplemental benefit to
9 recent retirees who separated from service on or after October 1, 2005 but prior to the
10 adoption of this ordinance. The lump sum benefit shall be calculated based on the number of
11 years of service between October 1, 2005 and retirement. The lump sum shall be paid in
12 annual installments corresponding to the number of years of service worked subsequent to
13 October 1, 2005. Such retirees shall not be eligible for future Ad Hoc supplemental benefits.
14 (1)
Non-Guarantee of Benefits.
15 Prior to payment of any benefit under this Section, eligible retirees shall acknowledge in
16 writing that they have no right, title or interest in Ad Hoc supplemental benefits in anv future
17 vear. Eligible retirees shall further acknowledge that they have no expectation in any future
18 Ad Hoc supplemental benefits since there mav be years where no Ad Hoc supplemental
19 benefit is paid, based on the availability of additional premium tax revenue. Eligible retirees
20 shall specificallv acknowledge that available funds and additional premium tax revenues may
21 be used for other purposes in the future, as determined bv the collective bargaining process.
22
Section 2:
That all Ordinances or parts of Ordinances in conflict herewith be and
23 the same are hereby repealed.
Page 3 of 4
1
Section 3:
Should any section or provision of this Ordinance or portion hereof,
2 any paragraph, any sentence, or word be declared by a court of competent jurisdiction to be
3 invalid, such decision shall not affect the remainder of this Ordinanee.
4
Section 4:
Authority is hereby granted to codify this Ordinance.
5
Section 5: This Ordinance shall become effective immediately upon passage.
"'"
FIRST READING this ~O day of Ju.~)' ,2010.
SECOND, FINAL READING AND PASSAGE this ~B4 day of ~,
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2010.
ATTEST:
-~
Page 4 of 4
STW
FIXED INCOME MANAGEMENT
Ms. Barbara LaDue
Pension Administrator
City of Boynton Beach Municipal Firefighters' Pension Trust
Renaissance Executive Suites
1500 Gateway Boulevard, Suite #220
Boynton Beach, FL 33426
Invoice Number:
Invoice Date:
01113310
01/31/11
For Account: City of Boynton Beach Municipal Firefighters' Pension Trust Fund
Original Invoice Please Pay
Period Under Management 01/01/11 to 03/31/11
Assets Under Management:
Quarterly Fee Due:
11,633,256
$ 10,906.18
Fee Schedule
o to
30,000,001 to
100,000,001 to
500,000,001 to
1,000,000,001 and above
30,000,000
100,000,000
500,000,000
1,000,000,000
0.375%
0.250%
0.125%
0.100%
0.080%
Fee Breakdown
Account
City of Boynton Beach Municipal Firefighters' Pension Trust Fund
City of Boynton Beach Municipal Firefighters' Pension Trust Fund - TIPS
Assets Fee
11,633,256 10,906.18
1,921,621
13,554,877 10,906.18
Wire Instructions:
Wells Fargo Bank, N.A.
Ventura, CA
ABA Routing Number: 121000248
Account Number: 4945349280
Account Name: STW Fixed Income Management LLC
6185 Car'pinterl6 Avenue · Carpinteria, Califor'nia 93013
PH: (805) 745-2400 .. FAX: (805J 745-2401
stw@stw.com · WWW.stw.com
~~
Capital, LLC . 101 Park Avenue, New York, NY 10178-0008 (212) 867-5000 Fax (212) 922-1820 www.ataJantasosnoff.com
It) 1986 Andv Warhol
Invoice
Ms. Barbara LaDue
Administrator
Boynton Police & Fire Pension Funds
1500 Gateway Blvd., Suite 220
Boynton Beach, FL 33426
Invoice Number 143661
Invoice Date 12/14/2010
Billing Period 10/01/2010 - 12/31/2010
Account Number 49836
INVESTMENT MANAGEMENT FEE
For the period 10/01/2010 To 12/31/2010
Account Name:
Boynton Beach Firefighters' Pension Plan
Account# 80106443
Opening assets under advisement for the period ended as of December 31, 2010
$3,956,544
Gross Market Value
Balance
$3,956,544 @
$3,956,544
0.80% x 1/4
$7,913.00
$7,913.00
$7,913.00
Remit this amount
Please return the bottom portion with your payment and retain this portion for your records.
Please make check payable to: Atalanta Sosnoff Capital, LLC
Account Number 49836
Account Name: Boynton Beach Firefighters' Pension Plan
Account# 80106443
Remittance Amount
$
INVOICE
DSM CAPITAL PARTNERS LLC
320 East Main Street, Mt. Kisco, NY 10549 Tel: (914) 242 -1900
08-Dec-IO
Invoice No: 7063
Luke Henderson
City of Boynton Beach Municipal Firefighters Pension
Trust Fund
1500 Gateway Boulevard, Suite 220
Boynton Beach, FL 33426
Billing Period: FROM 10/01/2010 TO 12/31/2010
Account Name City of Boynton Beach Municipal Firefighters Pension Trust Fund
Portfolio Value. .
$4,949,881
Amount Due. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$12,374.70
FEE CALCULA nON
Annual Rate
I. 0000 %
%of
Rate
0.25
Assets Under Management
On the first: 4,949,881
Total
Fee
12,374.70
$12,374.70
**Please note new wiring instructions**
US Bank
ABA # 091 000022
Account Name: RBC Capital Markets Corp.
Account #: 160230097208
For Further Credit To: DSM Capital Partners
Account #: 982-99750
INVOICE
DSM CAPITAL PARTNERS LLC
320 East Main Street, Mt. Kisco, NY 10549 Tel: (914) 242 - 1900
13-Jan-11
Invoice No: 7728
Luke Henderson
City of Boynton Beach Municipal Firefighters Pension
Trust Fund
1500 Gateway Boulevard, Suite 220
Boynton Beach, FL 33426
Billing Period: FROM 01/01/2011 TO 03/31/2011
Account Name City of Boynton Beach Municipal Firefighters Pension Trust Fund
Portfolio Value ... . . . . . . . . . . . . . . . . . .. ..........................
$5,483,990
Amount Due. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$13,407.48
FEE CALCULATION
Annual Rate
1.0000 %
0.7500 %
% of
Rate
0.25
0.25
Assets Under Management
On the first: 5,000,000
On the next: 483,990
Total
Fee
12,500.00
907.48
$13,407.48
**Please note new wiring instructions**
US Bank
ABA # 091 000022
Account Name: RBC Capital Markets Corp.
Account#: 160230097208
For Further Credit To: DSM Capital Partners
Account #: 982-99750
-'"
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Invoice
Date Invoice #
12/20/2010 5713
4901 Yineland Rd Suite 600 Orlando, FL 32811
Bill To
Boyton Beach Firefighters' Pension Plan
Atln Barbara La Due
Description Amount
Performance Evaluation and Consulting Services 8,375.00
10/1/2010-12/31/2010
Balance Due $8,375.00
leg! it Administrators, LLC
~)6~ ,~~;ou1h Pirie Str8~:;: < lJnJl P-\~>G~
Spa~i;:jnLlul~l S(.: ;:~f~~02
F6/ -G9~!-.C9CC
1NVOICE
Number
201009-15
Date
December 31,2010
DROP Plan Services Please Remit To:
Ms. Barbara LaDue
Boynton Beach Municipal Fire Fighter's
Retirement Fund
Renaissance Executive Suites
1500 Gateway Blvd, Suite #220
Boynton Beach, Florida 33426
Check Made Payable & Mailed to:
Tegrit Administrators, LLC
364 South Pine Street Unit A-209
Spartanburg, SC 29302
OR ACH Payment to:
JP Morgan Chase Bank, NA
ABA #: 072000326
Account #: 862724655
Description Amount
Quarterly Invoice for December 31,2010
Total
RecordkeepinQ Administration
Drop Plan administration for Fixed portion of Plan
500.00
Includes the following:
Quarterly Statements Mailed and on CD
Quarterly Management Reports
Amount Due
500.001
We appreciate your business and thank you. If you have any questions, contact Jim Jameson, CEO
at 864-699-6914 or by email toJim.Jameson@Tegrit-tpa.com
January 18, 2011
Ms. Barbara LaDue
Administrator
City of Boynton Beach Firefighters Pension
1500 Gateway Boulvard, Suite 220
Boynton Beach, FL 33426
Email: Ladueb@bbpdpension.com
Invoice lD: 647
MANAGEMENT FEE:
BOYNTON BEACH FF
BOYNTON BEACH MUNICIPAL FIREFIRGHTERS PENSION
For the Period 10/1/2010 through 12/31/2010
12/31/2010 Portfolio Value:
$ 6,429,698.89
Quarterly Fee Based On:
0.75% on the first $25,000,000 ($6,429,699)
q'"",~ ..
M."..,,,
$ 12,055.68
S 1~68
PLEASE REMIT PAYMENT TO:
By Wire:
Wachovia Bank
ABA Number: 063000021
Account Name: Dalton, Greiner, Hartman, Maher & Co., LLC.
Account Number: 2090001865061
By ACH/EFT:
Wachovia Bank
ABA Number: 067006432
Account Name: Dalton, Greiner, Hartman, Maher & Co., LLC
Account Number: 2090001865061
By Check:
Dalton, Greiner, Hartman, Maher & Co
3001 Tamiami Trail North, Suite #206
Naples, FL 34103
Attn: Dolores Casaletto
Tel. (954) 916-1202
Fax (954) 916-1232
Klausner & Kaufman
PROFESSIONAL ASSOCIA nON
A TTORNEYS AT LAW
10059 Northwest 1 st Court
Plantation, Florida 33324
BOYNTON BEACH FIREFIGHTERS
Attn: MRS. BARBARA LA DUE, ADMIN.
1500 GATEWAY BOULEVARD, SUITE 220
BOYNTON BEACH, FL 33426
For Legal Services Rendered Through 12/28/10
CLIENT:
MA TIER:
Date
12/06/10
12/28/10
BOYNTON BEACH FIREFIGHTERS PENSION FUND
BOYNTON BEACH FIREFIGHTERS - GENERAL FILE
Professional Fees
Description
RECEIPT AND REVIEW EMAILS; REVIEW FILE
REGARDING DIVORCE REQUEST
RECEIPT AND REVIEW EMAILS; CALL TO
BOGDAHN CONSULTING; REVIEW FILE
Total for Services
CURRENT BILL TOTAL AMOUNT DUE
Past Due Balance
AMOUNT DUE
www.robertdk1ausner.com
Tax I.D.: 65-0774883
December 28, 2010
Bill # 12728
Hours
0.30
0.50
0.80
: BOYNTON
:900334
Amount
90.00
150.00
$240.00
$
240.00
2,460.00
$2,700.00 'Ji.
Tel. (954) 916-1202
Fax (954) 916-1232
Klausner & Kaufman
PROFESSIONAL ASSOCIA nON
A TTORNEYS AT LA W
10059 Northwest 1 st Court
Plantation, Florida 33324
BOYNTON BEACH FIREFIGHTERS
Attn: MRS. BARBARA LA DUE, ADMIN.
1500 GATEWAY BOULEVARD, SUITE 220
BOYNTON BEACH, FL 33426
For Legal Services Rendered Through 11/30/10
CLIENT:
MA TIER:
Date
11 /08/1 0
11/10/10
11/18/10
11/18/10
11/19/10
BOYNTON BEACH FIREFIGHTERS PENSION FUND
BOYNTON BEACH FIREFIGHTERS - GENERAL FILE
Professional Fees
Description
RECEIPT AND REVIEW EMAILS; REVIEW FILE
RECEIPT AND REVIEW EMAILS; REVIEW PLAN
PREPARATION FOR BOARD MEETING; REVIEW
FILE; CALL TO DIVISION OF RETIREMENT; CALL TO
LADUE; DRAFTED EMAIL
ATTENDED BOARD MEETING
RECEIPT AND REVIEW EMAILS; DRAFTED EMAIL
TO LADUE; REVIEW FILE AND PRESENTATION
REGARDING INTEREST RATE ASSUMPTION
Total for Services
CURRENT BILL TOTAL AMOUNT DUE
Past Due Balance
AMOUNT DUE
www.robertdklausner.com
Tax 1.0.: 65-0774883
November 30,2010
Bill # 12655
: BOYNTON
:900334
Hours Amount
0.50 150.00
0.50 150.00
1.50 450.00
5.00 1,500.00
0.70 21 0.00
8.20
$2,460.00
11::
2,460.00 Viii',.:'::
o {i -.
p~ I~ .1-;0 ~
~8.ml
$
GRS
Gabriel Roeder Smith & Company
Consultants & Actuaries
One East Broward Blvd.
Suite 505
Ft. Lauderdale, Florida 33301-1872
(954) 527-1616
Invoice
Dale
1.1 \ oirl ;,
12/13/2010
113627
Bill 10:
I'll .I'( Rlllll! 10:
BOARD OF TRUSTEES, BOYNTON BEACH
MUNICIPAL FIREFIGHTERS RETIREMENT FUND
Ms. Barbara La Due
City of Boynton Beach
Renaissance Executive Suites
1500 Gateway Blvd., Suite 220
Boynton Beach, FL 33426
Dept. # 78009
Gabriel Roeder Smith & Company
PO Box 78000
Detroit, Michigan 48278-0009
or
ACH Payment to:
Gabriel Roeder Smith & Company
JPMorgan Chase, ABA #: 072000326
Account #: 0486723
Ih\l,ipIIOIl 1'10 jll 1 . \ 1110 11111
For services rendered through 11/30/2010
1. Retirement Benefit Calculation: Fitzpatrick, Keister and Witt 100560-068 $675
2. Benefit Determination per Divorce: Carr 100560-068 $225
3. Charges to date for preparation of the 10/1 /2010 100560-068 $1 ,592
Actuarial Valuation Report; total charges to date
equal $1,592
4. Presentation of material related to proposed changes in 100560-068 $925
actuarial assumptions at 11/18/2010 Board Meeting
Invoice Total $3,417
Paid to Date
Client No. 100560 Amount Due $3,417
PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU.
Davidson, Jamieson & Cristini, P.L.
1956 Bayshore Blvd.
Dunedin, PI 34698
Phone # 727-734-5437
Fax # 727-733-3487
I Bill To
City of Boynton Beach Firefighters'
Pension Plan
1500 Gateway Blvd.
Suite 220
Boynton Beach, Florida 33426
Invoice
Date Invoice #
1/3/2011 R6568
Description Amount
Audit of Financial Statements for the year ended September 30, 2010
Progress Billing 4,000.00
Total $4,000.00
Payments/Credits $0.00
Balance Due $4,000.00
Terms: Invoices are due and payable upon receipt. Any
amounts remaining unpaid after 30 days will be assessed
a Service Charge equal to ] % per month (] 2% per
annum). Minimum monthly service charge is $5.00
GRS
Gabriel Roeder Smith & Company
Consultants & Actuaries
One East Broward Blvd.
Suite 505
Ft. Lauderdale, FL 33301-1827
9)4.527.1616 phone
954.525.0083 fax
www.gabrielroeder.com
November 17, 2010
CONFIDENTIAL
Ms. Barbara La Due
Pension Administrator
Renaissance Executive Suites
1500 Gateway Blvd. Suite 220
Boynton Beach, Florida 33426
Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund
Dear Barbara:
You have asked us to verify the retirement benefits for the following employee:
FITZPATRICK, Michael (DROP Retirement)
Based on the information provided, we have detennined that the retirement benefits that have been calculated
for the above participant are in accordance with plan provisions.
We welcome your questions and comments.
Sincerely yours,
r f~
. Stephen Palmquist, As!)..
Senior Consultant and Actuary
JSP/ib
Enclosures
Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this communication (or any
attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of
(i) avoiding tax-related penalties under the Internal Revenue Code or (ii) marketing or recommending to
another party any tax-related matter addressed within. Each taxpayer should seek advice based on the
individual's circumstances from an independent tax advisor.
This communication shall not be construed to provide tax advice or legal advice unless it contains one of the
following phrases, or substantially equivalent language: "This communication is intended to provide tax
advice." Or "This communication is intended to provide legal advice."
POLICE & FIRE PENSION FUNDS OF Boynton Beach
PENSION ADMINISTRATION MEMO
TO: Rion Broshears, GRS
FROM: Barbara La Due, Pension Administrator
DATE: November 11,2010
Subject: Boynton Fire - Verification of Benefits
Rion:
Firefighter Michael Fitzpatrick has retired into the DROP effective 9-26-2010.
Please verify the attached and provide the Fire Pension Board verification of his
benefits:
1) Michael Fitzpatrick, SS# 267-06-XXXX, retired into DROP 9-26-2010, initial
DROP deposit effective 10-01-2010, Joint & 100% Survivor - $6232.97
monthly benefit.
Thank you.
Barb La Due
(l~pS
BOYNTON BEACH FIREFIGHTERS' PENSION FUND
DROP ACCOUNT
NAME h11~Hft~L
(Print)
hT2.. PitT RiCK
ss# ~IE 7-t1~ - X )<)9<
Effective with the first benefit payment due, !)~ /1 C:?~ /0 , I direct the DROP Pension
.
Benefit to be invested in the Boynton Beach Firefighters' Pension Fund, as follows:
Investment Earnings of the Plan %
Guaranteed 7% Fixed J 00 %
The investment selection may be changed each year effective January 1 st .
(Signature'
Date-a b 4 u 6- aO/EJ
x
Witness:
t:k
CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM
FINAL STATEMENT OF RETIREMENT BENEFITS
November 3, 2010
h~t
~
Participant's Name: MICHAEL FITZPATRICK
Social Security #: 267-06-xxxx
You are eligible for a(n) NORMAL Retirement Benefit from
the Plan. Your benefit is payable at the beginning of each month com-
mencing October 1, 2010 The amount of your monthly benefit depends
on the optional form of annuity which you choose. Please indicate the
one optional form listed below which you elect to recieve:
1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay-
ments of $ 6998.40 to you as long as you live. If you should die before
you have received an amount equal to your own contributions to the Plan,
payments will continue to your beneficiary until your own contributions
have been used up.
2. TEN YEAR CERTAIN AND LIFE THEREAFTER: This option provides
monthly payments of ~ 6761.74 to you as long as you live. If you should
die before 120 monthly payments have been made, the monthly payment of
$ 6761.74 will continue to be made to your beneficiary until a total of
120 monthly payments have been made in all.
~~P3. 100% SURVIVOR ANNUITY: This option provides monthly payments
of $ 6232.97 to you as long as you live. Your beneficiary, if living at
the time of your death, will receive monthly payments of 6232.97 for
as long as he/she lives.
4. 66% SURVIVOR ANNUITY: This option provides monthly payments
of $ 6468.96 to you as long as you live. Your beneficiary, if living at
the time of your death, will receive monthly payments of 4312.86 for
as long as he/she lives.
5. 50% SURVIVOR ANNUITY: This option provides monthly payments
of $ 6594.05 to you as long as you live. Your beneficiary, if living at
the time of your death, will receive monthly payments of 3297.03 for
as long as he/she lives.
6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides
monthly payments of ~ 6683.98 to you as long as both you and your bene-
ficiary are living. After the death of either you or your beneficiary,
monthly payments of ~ 5012.99 will continue for the life of the remain-
ing person.
7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides
monthly payments of ~ 7204.63 to you as long as both you and your bene-
ficiary are living. After the death of either you or your beneficiary,
monthly payments of ~ 3602.32 will continue for the life of the remain-
ing person.
THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION:
Your Date of Birth: 06/27/1953
Date of Termination: 09/26/2010
Avg Final Monthly Comp:$11,296.32
Beneficiary Name: LISA HANLEY
Pension Hire Date: 01/03/1991
Adjusted Hire Date: 10/13/1990
Years of Credited Service: 19
Date of Birth: 09/06/1950
Page 2
Participant's Name: MICHAEL FITZPATRICK
Social Security #: 267-06-xxxx
Accumulated Contributions: $13,385.04
After-Tax Contributions:
$4,562.40 Pre-Tax Contributions: $8,822.64
Nontaxable Portion of Life
Annuity Monthly Benefit:
Number of Months Nontaxable
$14.72 Portion Continues:
310
Nontaxable Portion of Joint
Survivor Monthly Benefit:
Number of Months Nontaxable
$12.67 Portion Continues:
360
The Survivor Annuity benefit amounts shown above are based on the
beneficiary named above and are payable only to this beneficiary. If
you wish to change your beneficiary before your payments begin, new
amounts will have to be calculated.
BOARD OF TRUSTEES: By
DATE:
I accept the terms above, including my choice of annuity form, and
confirm the information shown above to be correct.
PARTICIPANT'S SIGNATURE:
DATE: lotJr;;v ilslCJ
BENEFICIARY'S SIGNATURE:
DATE:
\ 0-\ 0 -\ 0
Calculation Date:
CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM
FINAL WORKSHEET OF RETIREMENT BENEFITS
----- November 3, 2010
NAME FITZPATRICK, MICHAEL # 1073 SSN 267-06-xxxx DEPT 22
ADDRESS
CONTR(NTX) 4,562.40
PEN HIRE 01/03/1S91 BALANCE 113,385.04
ADJ HIRE 10/13/1990
RETIRE 09/26/2010 TYPE N D
LAST SERV o S/ 26/2010 * 36 MO EARN 406,667.58
ELIG NORM 06/27/2008 AVG MO EHN 11,296.32
ELIG EARLY 06/27/2003 SERV AT TERM 19 11 13
100% VEST 01/03/2001 AGE AT RETIRE 57 2 30
COMMENCE 10/01/2010 COJ ANB/DIFF 57 3
LAST EARN 00/00/0000 VESTED TDY/RET 100 100
BEN NAME LISA HANLEY SERV OVERRIDE
BEN BDAY PAY HIST FLAG IRREGULAR
VAC HRS/CD 138.46/N6 HOURLY RATE 38.612
SIC HRS/CD 131.08 F1 VAC SIC PAYOUT 83,433.03
ACCRUE PER .00 EARLY OPTION
LAST PAY 20101011-20101024
TERM-DATE 00000000 QDRO
BENEFIT 6,761.74
EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00
TEN YEAR CERTAIN & LIFE 6,761.74
LIFE ANNUITY FAC'IOR: 1.03500 MODIFIED LIFE ANNUITY 6,998.40
100% SURV. FACTOR: .92180 100% SURV. ANNUITY 6,232.97 ./
SURVIVOR BENEFIT 6,232.97
66 2/3% SURV. FACTOR: .95670 66 2/3% SURV. ANNUITY 6,468.96
SURVIVOR ENEFIT 4,312.86
50% SURV. FACTOR: .97520 50% SURV. ANNUITY 6,594.05
SURVIVOR BENEFIT 3,297.03
75% JOINT LAST FACTOR: .98850 75% ~INT & LAST ANNUITY 6,683.98
SURVIVOR BENEFIT 5,012.99
50% JOINT LAST FACTOR: 1.06550 50% JOINT & LAST ANNUITY 7,204.63
SURVIVOR BENEFIT 3,602.32
EXCLUSION RATIO USING SAFE HARBOR METHOD:
NUMBER OF EXPECTED PAYMENTS
TAX-FREE PORTION OF MON'IHLY BENEFIT
DATE WHEN BENEFIT BECOMES FULLY TAXABLE
ANNUITY
310
14.72
08/01/2036
JOINT SRV
360
12.67
10/01/240
Prepared by
* indicatEs manual override
fit. E-
PAGE 1
CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM
FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2
November 3, 200
MICHAEL FITZPATRICK
H I G H YEA R ONE o'f H I G H YEA R TWO
8~ ,7t --
PAY EFF WEEKS , WAGES PAY EFF WEEKS WAGES
09/13/10 2.0 ~,S34.~~ 09/14/09 2.0 5,076.:
08/30/10 2.0 4,390.15 08/31/09 2.0 5,525.28
08/16/10 2.0 5, (96 . 85 08/17/09 2.0 3,658.80
08/02/10 2.0 5,316.85 08/03/09 2.0 8452.30
07/19/10 2.0 3,706.81 07/20/09 2.0 3,658.80
07/05/10 2.0 4,795.58 07/06/09 2.0 5,894.00
06/21/10 2.0 3,706.80 06/22/09 2.0 7,289.02
06/07/10 2.0 3,926.80 06/08/09 2.0 3,924.54
OS/24/10 2.( 3,706.80 OS/25/09 2.0 4,316.24
05/10/10 2.0 4,239.56 05/11/09 2. 3,878.80
04/26/10 2.0 3,706.80 04/27/09 2.0 4,562.07
04/12/10 2.0 3,926.80 04/13/09 2.0 4,230.49
03/29/10 2.0 3,688.80 03/30/09 2.0 5,314.68
03/15/10 2.0 4,036.11 03/16/09 2.0 3,554.11
03/01/10 2.0 4,084.61 03/02/09 2.0 3,719.43
02/15/10 2.0 3,658.80 02/1/09 2.0 4,199.31
02/01/10 2.0 3,878.80 02/02/09 2.0 3,719.43
01/18/10 2.0 3,658.80 01/19/09 2.0 3,499.43
01/04/10 2.0 3,878.80 01/05/09 2.0 3,719.43
12/21/09 2.0 3,658.80 12/22/08 2.0 3,499.43
12/07/09 2.0 4,979.31 12/08/08 2.0 3,719.43
11/23/09 2.0 3,65~.80 11/24/08 2.0 3,950.53
11/09/09 2.0 5,250.85 11/10/08 2.0 3, 79 . 43
10/26/09 2.0 3,658.80 10/27/08 2.0 3,499.43
10/12/09 2.0 6,394.23 10/13/08 2.0 4,102.18
09/28/09 2.0 3,818.88 09/29/08 2.0 3,492.70
TOTAL 52.0 1 Q? , ~~'5 TOTAL 52.0 114,175.88
~<l
IfS,tJ~~ "".
CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMNT SYSTEM
FINAL WORKSHEET OF RETIREMENT BENEFITS
November 3, 2010
MICHAEL FITZPATRICK
H I G H YEA R T H R E E
PAY EFF WEEKS WAGES
09/01/08 2.0 4,103.87
08/18/08 2.0 3,495.48
08/04/08 2.0 7,987.73
07/21/08 2.0 3, 452 . :3
07/07/08 2.0 3,672.33
06/23/08 2.0 3,749.01
06/09/08 2.0 <,966.95
OS/26/08 2.0 3,473.91
05/12/08 2.0 3,672.33
04/28/08 2.0 4,061.88
04/14/08 2.0 3,762.50
03/31/08 2.0 3,661.72
03/17 /08 L.O 3,302.79
03/03/08 2.0 3,522.79
02/18/08 2.0 4,812.26
02/04/08 2.0 4,761.33
01/21/08 2.0 3,522.11
01/07/08 2.0 3,522.79
12/24/07 2.0 4,541.33
12/10/07 2.0 4,761.33
11/26/07 2.0 3,302.79
11/12/07 2.0 3,589.87
10/29/07 2.0 4,728.74
10/15/07 2.0 3,896.25
10/01/07 2.0 3,645.01
09/17/07 2.0 4 , /2 4 . 9 9
09/03/07 .6 1,095.00
TOTAL 52.6 107,489.42
PAGE 3
....1IIIlIII
-~
HCC
HCC Global
37 Radio Circle Drive, Mount Kisco, New York 10549
main 914 241 8900 facsimile 914 241 8098
January 17,2011
City of Boynton Beach
1500 Gateway Boulevard, Suite 220
Boynton Beach, FL 33426
~ ~ b/?-
r/~ 6~ 4/10/;
tf/IO /jfl
Insured:
Policy No:
Policy Period:
Insurer:
Coverage:
City of Boynton Beach
U710-50408
04/10/2010 - 04/10/2011
U.S. Specialty Insurance Company
Corporate Fiduciary Liability
In compliance with state insurance regulations, please be advised that the above captioned policy
may be subject to non-renewal, a change in coverage conditions, or an increase in premium at
expiration.
This notice is not intended to indicate an unfavorable renewal position by the carrier, but to
inform you that the renewal position is subject to the underwriting information we receive.
We appreciate your business. To ensure your renewal is reviewed on a timely basis, we
recommend that you contact your agent or broker to answer your questions and prepare a
renewal submission.
Sincerely,
HCC GLOBAL
CC: Benefits USA, Inc.
3810 Inverrary Blvd. Ste 303
Lauderhill, FL 33319
Attn: Carolyn Furlong
A Subsidiary of HeC Insurance Holdings, Inc
PROFESSIONAL INDEMNITY AGENCY, Inc.
P.O. BOX 5000
MOUNT KISCO, NY 10549-5000
March 8, 2010
TO: CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS TRUST FUND
RE: TRUSTEE FIDUCIARY LIABILITY POLICY
U.S. SPECIALTY INSURANCE CO.
POLICY #U709-50077
4/10/10-4/10/11 LIMIT OF LIABILITY $1,000,000.00
Deductible $15,000.00
Includes Waiver of Recourse
ANNUAL PREMIUM
Florida CAT Surcharge (1 %)
TOTAL
$7,700.00
77.00
$7,777.00
PLEASE MAKE CHECK PAY ABLE TO:
PROFESSIONAL INDEMNITY AGENCY, INC.
and mail to:
/1
vI/J
'Id
I '
}_ 1~.J{)/O
Benefits USA, Inc.
3810 Inverrary Blvd., Suite 303
Lauderhill, FL 33319
THANK YOU.
Feb 2, 2011 - 12:41pm
FIREFIGHTERS' PENSIon FUND
A I F
C H E C K
HIS TOR Y
R E P 0 R T
Range: All Checks Written Against Cash Account 001310-613 To Vendors PROF Thru PROF 10/01/2007 To 02/01/2011
Check
No
Check
Date
VendorNo Name Voucher PO-No
Void Date No
Inv-Date
Invoice
No
Amount
Paid
Discount
Taken
Page
Chec).
====================================================================================================================~============
Amour
00021012 04/10/2008 PROF
00/00/0000
00021112 03/26/2009 PROF
00/00/0000
00021203 03/09/2010 PROF
00/00/0000
3 Computer Checks
o Manual Checks
3 Checks Total
PROFESSIONAL INDEMNITY AGENCY, INC.
00000889
20080410 04/10/2008
Check Totals:
PROFESSIONAL INDEMNITY AGENCY, INC.
00001004
20090326 03/26/2009
Check Totals:
PROFESSIONAL INDEMNITY AGENCY, INC.
00001105
20100309 03/09/2010
Check Totals:
Cash Account Totals:
7,409.36
7,409.36
.00
.00
7,409.36
7,409.36
.00
.00
7,777.00
.00
.00
7,777.00
22,595.72
.00
7,409. ::
7, 409. ::
7,409.3
7,409.3
7,777.0
7,777.0
22,595.7
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Page 1 of 1
Cherry-Guberman, Catherine
From:
Cherry-Guberman, Catherine
Monday, February 07,2011 12:10 PM
Atwood, Barry; Bingham, William; Hay, Woodrow; Henderson, Luke; Holzman, Steven; Howison,
Duane; LaDue Barbara; Orlove, Bill; Palmquist, Steve; Petty, Matthew; Raybuck, Jon; Rodriguez,
Jose; Ross, Marlene; Taylor, Robert; West, Dave
Subject: November 18, 2011 Firefighters' Pension board
Attachments: FFPB 11-18-1 O.pdf
Greetings!
Sent:
To:
The attached minutes are for your records.
3Je:Jt
eatIieWte ~
Recording Secretary
City of Boynton Beach
City Clerk's Office
cherryc@bbfl.us
742-6763
Thought: You can do anything. You just can't do everything.
2/7/2011
Boynton Beach Police & Fire Pension Funds
October 28, 2010
Dear Boynton Beach Firefighter's Pension Board,
I am writing this letter to express my appreciation and to make a suggestion. First, I am
grateful for the wonderful pension benefits that we, as retired Boynton Beach Fire Rescue
Department members, aU enjoy. As I grow older and continue to meet people from different
walks of life, I realize every day how fortunate I am.
Second, I would like to express my appreciation to Mike Smollon, Battalion Chief (Ret.).
Approximately one year ago, I had several questions for the Fire Pension Board that could not
be answered with a simple "yes or no" answer. Fortunately for me (as someone living in
Colorado), I was able to ask Mike to take my questions directly to a Fire Pension Board meeting
for proper consideration. Through his advocacy, I was able to obtain a significant increase in my
monthly pension effective.on May 2010, with ill! adverse effect on the Fund's financial position.
I understand quite well that the priority is to keep the Fund fiscally sound, over and above any
individual interests.
I was lucky to have Mike advocate for me in this case, but over time, other retiree
pension issues and/or questions will certainly arise. Perhaps the next retiree won't have the
luxury of a friend to call upon if there is a problem or question. I feel that the answer is to have
a retired Boynton Beach Fire Rescue employee as a standing member of the Firefighter's
Pension Board.
I retired in 2004. Here is an opinion I have heard expressed both before and after my
separation from service: "When you're gone, you're gone - just be happy the check comes
every month". OK - True. However, I feel it is important to understand that retirees' past
contributions to the City and to the Fund remain valid. Why not utilize any experience and
insight available to help the Pension Fund take care of all of its members in an efficient and
respectful manner?
Sincerely,
~~~
"
J ../
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David D. Liu
Deputy Fire Chief (Ret.)
Cc.; Mike SmoIlon
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.! RE: Pension Question - Yahoo! Mail
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Page 1 of2
YAEOOff, t<1!~[L
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RE: Pension Question
Wednesday ~ Q.ecenber 9. 20,09 7 :27 PM.
From: "'Ilo,,Jit,.,,,,,,,I,, IUldlz'" ~t,W!S>
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Dave,
NDt to be shclrt, bull: l's. been a muglla dIIr-
You cam c:harve your jaR anoi.'Ils, but)lOU' ~ cIuiI!Ig& the "beneIiI 0Ii*m~ you chose when pi n!IliIed.
Sony. call wI8l get a d8tce" l.Uke oeII t561-e51-164Q
Ftam: DiNi1' L.B [maiItIT~]
S1I!Rt: FttiIIIt. ~ 27.2009 3:24 PM
To: HeIxfersa Ir l.1JIiae
SUbject; Pbl:Jbt Questi:ln
I
Hey Lute.,
HoW's evaydUng guing1 r hope you and yours are doing well Your kids mu:sl be pren:y
gm'lMl U[J by OO\V. Colomdn is truly &~ - fu.e peop[e and the ~ are gre.aL f'm. a
fidl time ~~ right DtJW getting my tJoJr~ license.. My ~ l~ine is in. some real
rough IlaIvcr scl1ooIs, but ["m emjoying it-
f ~ a question afxlut die pem;ioIL I smt a.bm. L.2Due a ~ a ~ ago with s:Jme
~~'lOr die ~ Boud but I don't ~w if she ~ it 10 anyocre. [S'plJIk to her
~ }"eSfa:day and ~ot her ~ bat [ \WIOt to be absolutely SllIre about this thing.
[ ~ the ld:rer [ sent her - oould you or ~ eIge on 1h.e Pensioo. Board lake a.look a:.
tb.e "':bm of ammity ~'" que:sti<m? [f Fiorid& law is: sikmt 0I:l. cbe issue. I think that in my
l.2!ile.. it ~ be a win -win if I c:ouid change. from 50% jomr. mid I.at surmoc lD modified
ca::dt refimcl Lisa. is the beallbie&t persoo 00. cmdl and will. live 10 be 100. I, on the ot':b:::r haM,
00IItin.ue m pcK.GIIld the btqtn and booze aM "\Wl1't live 1bat ic:Jog~
AD}~-ay, If I can't ~ tb: fcmI. of ~~ rm still real gWi [ can ~ M}' bca:Jiciary
fL.'), ~ besides tbe ex-wife.
Thmks: Luke. [ figure yoo're ~ busy as alwa.ys.. rm in no bmry - just let. me koo\F ,,_
you tbmk. ~iIat yoo get the time..
David till! I
~n II ZO?
Jk. I or;..s i"",{1 i e - ~,~J +h;~
,-f-(:) wro....,s ,.,~J~~; ,.(~.... L....k f.i. ..
http://us.mc356.mai1.yahoo.comlmclshowMessage?sMid 2&fi... 12/1012009
I
~I
Klausner ((.ij, Kaufman
!'I' li : . ...tl )', \l "....,,; l \ II' '",
'\I 11l1i"1 ~.... \1 I \\'
MEMORANDUM
TO:
PENSION CLIENTS
FROM:
KLAUSNER & KAUFMAN, P.A.
RE:
COSTELLO BILL - HB 303
DATE:
1/2112011
The purpose of this memo is to summarize recently proposed pension legislation, House Bill 303
(hereinafter "H.B. 303"), which would amend Chapter 112, Chapter 121 and Chapters 175 & 185,
Florida Statutes. While we are aware ofa range of proposals, H.B. 303 is the first specific pension
bill relating to municipal plans that has been pre-filed for the 2011 Legislative session. H.B. 303 was
filed by Representative Fred Costello. At the moment, there are no co-sponsors or companion bills
in the Senate.
H.B. 303 is titled, an act "relating to public retirement plans." As such, it contains fifty-seven pages
of detailed amendments relating in many instances to all public pension plans in Florida, including
sections regarding municipal plans, Chapter 175 and 185 plans, and separate sections amending the
Florida Retirement System ("FRS").
This memo, which is not exhaustive, is intended to highlight the provisions ofH.B. 303 relating to
municipal defined benefit plans. In other words this memo focuses on proposed amendments that
apply to municipal plans for general employees, as well as amendments applicable to police and fire
plans under Chapters 175 and 185. This memo will not focus in detail on FRS amendments. This
memo avoids editorializing or otherwise predicting the bill's chances of passage. Recognizing that
it is very early in the legislative process, it will be important for readers to follow the bill and other
proposed legislation for any subsequent amendments or future developments.
It is clear that multiple provisions will invite litigation and present unanswered implementation
questions raised by several of the proposed amendments. Many provisions also raise local autonomy
and control issues.
.__'_n'___,_,__~_W_'_ _._._u__ _______.__._._.__.__.___.__ ___._ ..__ _'____""_'_
I 0059 NORTHWEST I ST COURT, PLANTATION, FLORIDA 33324
PHONE: (954) 916-1202 · FAX: (954) 916-1232
www.robertdklausner.com
~
Because it is early in the legislative process, there are no staff summaries available. Likewise, the
Division of Retirement has not yet commented on the bills.
H.B. 303 would become effective immediately upon adoption, unless otherwise provided in the bill.
Various provisions, including benefit reductions and the DROP elimination provision described
below, have separate effective dates.
In its current form, H.B. 303 provides as follows:
Amendments applicable to all iovernmental retirement plans in Florida
· Hiaher normal retirement age of 55: Section I of H.B. 303 would add a new Section
112.65(3)(a), Florida Statutes, raising normal retirement eligibility for all public employees
to a minimum of age 55. This amendment would apply to all municipal plans along with
FRS. The age S5 provision would become effective immediately upon adoption, as would
all other provisions unless specifically provided otherwise.
. Lower benefit multiplier of 1.6% for future service: Section 1 ofH.B. 303 would add a new
Section 112.65(3)(b), Florida Statutes, lowering the plan multiplier (or benefit accrual rate)
for all public employees to 1.6% per year, for future years of service. This amendment
would apply to all municipal plans, along with FRS. Accrued benefits earned under higher
multipliers would not be retroactively reduced, The prospective benefit rate reduction would
apply to both current and new plan participants, effective for fiscal years beginning after June
30,2011.
. EQuivalent employer and member contributions for DC plans: Section 1 ofH.B. 303 would
add a new Section 112.65(3)(b), Florida Statutes, requiring member contributions to defined
contribution (DC) plans to equal or exceed the public employer's contributions to the DC
plan. The amendment also clarifies that public employers may offer a DC plan to plan
participants in a defined benefit (DB) plan.
· Maximum 15% enwloyer contribution: Section 1 of H.B. 303 would add a new Section
112.65(3)(c), Florida Statutes, prohibiting public employers from contributing more than
1 S% of collective payroll into a public retirement system. This amendment would apply to
all municipal plans along with FRS. Collective payroll is defined as all plan costs, including
administrative and other plan expenses. If the plan's actuarial valuation indicates that the
employer contribution exceeds 15%, the employer shall provide the membership 30 days
within which to agree, by majority vote, to increase the member contribution accordingly.
After the 30 day period, or upon a vote not to pay the excess costs, the employer shall
unilaterally decrease benefits so that the employer's contribution does not exceed 15%.
· Elimination of DROP plans: Section 1 ofH.B. 303 would add a new Section 112.65(3)(d),
Florida Statutes, prohibiting public employers from providing deferred retirement option
(DROP) plans. This amendment would apply to all municipal plans, along with FRS. The
2
amendment would be effective December 31, 2012, at which time participation in a DROP
plan shall cease. DROP balances shall be distributed on or before December 31, 2012.
. Leszislative declaration of important state interest: Section 35 of H.B. 303 sets forth the
Legislative finding that a proper and legitimate state purpose is served when employees and
retirees are extended "basic protections afforded by governmental retirement systems that
provide fair and adequate benefits that are managed, administered, and funded in an
actuarially sound manner," as required by Chapter 112 and Section 14, Article X of the
Florida Constitution.
Amendments to FRS
. Base pav used as comoensation for FRS: Section 2 of H.B. 303 would amend Section
121.021 (22) and (24), Florida Statutes, the FRS definitions of "compensation" and "average
final compensation," to exclude overtime, annual leave or other payments above an
employee's base hourly or annual salary. Similar amendments are discussed below
regarding Chapter 175 and 185 plans.
. Clarification of FRS benefit limitations: Section 3 ofH.B. 303 would create a new Section
121.024, Florida Statutes, explicitly clarifying that the benefit limitations in Section 112.65,
Florida Statutes, shall apply to Chapter 121 (which establishes and regulates the FRS). The
amendment states that notwithstanding anything to the contrary, the benefit limitations in
Section 112.65 shall apply to all of Chapter 121 and shall control over any conflicting
provisions.
. Past service buvback for FRS special risk service: Section 4 of H.B. 303 would amend
Section 121.0515, Florida Statutes, to allow FRS members to purchase past special risk
service at the 3% special risk rate. Contributions for upgrading the first 2% of the member's
average monthly compensation would be less expensive and calculated differently than the
cost of upgrading at the maximum 3% multiplier rate. The 3% rate would be actuarially
detennined in an account representing the actuarial accrued liability. The cost must be paid
by the member or employer immediately upon notification by FRS. .
Amendments to Chapters 175 and 185
. Legislative declaration in ChaJ'ters 175 and 185: Sections 5 and 20 ofH.B. 303 would amend
the legislative declaration provisions in Chapters 175 and 185, Sections 175.021 and 185.01,
Florida Statutes. The amendment would remove the cunent legislative declaration that
Chapters 175 and 185 are intended to operate as uniform retirement systems. The amendment
would also strike the current legislative declaration that Chapters 175 and 185 are intended
to establish "minimum benefits and minimum" standards, which may not be diminished by
law.
3
· Base pav as compensation under Ch_pters 175 and 185: Sections 6 and 21 ofH.B. 303 would
amend Chapter 175 and 185's definitions of "compensation" in Sections 175.032(3) and
185.02(4). Florida Statutes. The amendment would exclude overtime. unused leave or any
other fonn of compensation beyond "base hourly or annual salary" when calculating a
member's pensionable compensation.
. Revised definitions of "local law" and "sup,plemental" plans: Sections 6 and 21 ofH.B. 303
would amend Chapter 175 and 1851s definitions of "local law plan" and "supplemental plan"
in Sections 175.032(11) & (17) and 185.02(10) & (15). Florida Statutes. The amendment
would remove the requirement that local law plans meet required "minimum benefits and
minium standards". Supplemental plans would no longer be required to pay "extra" benefits
and could exist in conjunction with a defined benefit plan that does not meet minimum
benefits and standards.
· Clarification of benefit limitation under Chapters 175 and 185: Sections 7 and 22 ofH.B. 303
would create new Section 175.033 and 185.021. Florida Statutes, explicitly clarifying that
the benefit limitations in Section 112.65. Florida Statutes. shall apply to Chapters 175 and
185. The amendment states that notwithstanding anything to the contrary. the benefit
limitations in Section 112.65 shall apply to all of Chapters 175 and 185 and shall control
over any conflicting provisions.
· Ability to create multiole oublic safety plans: Sections 8 and 23 of H.B. 303 would amend
Sections 175.041 and 185.03. Florida Statutes. to remove the prohibition on establishing
more than one public safety plan supported by premium tax revenue under Chapters 175 or
185. The amendment also includes various housekeeping changes, including cross references
to new provisions in Chapters 175 and 185.
· Board col1lPOsition: Sections 9 and 24 of H.B. 303 would amend Sections 175.061 and
185.05, Florida Statutes, to pennit cities to change the municipal representation on the board
of trustees of a local law plan if the change does not reduce the membership percentage of
firefighters or police officers below that percentage on June 30. 1986. A majority of the
members of a board of trustees would be prohibited from being members or retirees of the
plan. Current provisions allowing retirees to serve in the active member seats for closed plans
with less than 10 active member would be deleted.
· Detailed accounting report and administrative expense budget: Sections 9 and 24 ofH.B. 303
would amend Sections 175.061 and 185.05, Florida Statutes. to require detailed accounting
reports of expenses which shall be made available to every member of the plan. The expense
report must include all administrative expenses. including legal counsel. actuary. plan
administrator, other consultants. and travel expenses. Boards of trustees would also be
required to submit proposed administrative expense budgets to the plan sponsor at least 120
days before the beginning of the fiscal year. The administrative expense budget would not
be effective until approved by the plan sponsor, and could not be amended without prior
approval by the plan sponsor.
4
· Board's power to retain independent advisors is subiect to plan Sl>Onsor ~,proval: Sections
10 and 25 ofH.B. 303 would amend Sections 175.071 and 185.06, Florida Statutes, to clarify
that the power of the pension board to hire independent legal counsel, independent actuaries
and other professionals is subject to the new budgeting and plan sponsor approval provisions
described above, in Sections 175.061 and 185.05.
· Removal of ability to provide greater benefits with increased member contributions: Sections
11 and 26 ofH.a. 303 would amend Sections 175.091 and 185.07, Florida Statutes, to delete
existing language pennitting the membership to vote to provide "greater benefits" funded
with additional member contributions.
· Lower nonna! retirement age: Sections 12 and 27 of H.B. 303 would amend Sections
175.162 and 185.16, Florida Statutes, to delete provisions pennitting nonnal retirement at
age 52 with 25 or more years of credited service. It is unclear whether this provision intends
to deny "local law plans" the ability to use different retirement ages for nonna! retirement
eligibility. The amendment also contains various housekeeping provisions, which delete
references to "minimum" benefit requirements.
· Less generous early retirement reduction factor: Sections 12 and 27 of H.B. 303 would
amend Sections 175.162 and 185.16, Florida Statutes, to remove the minimmn standard that
early retirement reduction factors shall not exceed 3%. The new actuarial reduction factor
would be 5%, making early retirement less attractive for members. It is unclear whether this
amendment intends to apply to "local law plan" or only 4'chapter plans".
· Emplover 1)8I1icipation in disability determinations: Sections 13 and 28 of H.B. 303 would
amend Sections 175.191 and 185.18, Florida Statutes, to require the pension board and the
employer to both agree that the member satisfies disability criteria. Likewise, the employer
would need to consent to the particular doctor selected for purposes of the disability
examination or reexamination. The employer would also be given the authority to
discontinue benefits for retirees that the employer determines have recovered from their
disability.
· Heiihtened disability standard: Sections 13 and 28 of H.B. 303 would amend Sections
175.191 and 185.18, Florida Statutes, to revise the job specific criteria to be considered
totally disabled. Under current law, disability criteria is based on the inability to render useful
and efficient service as a firefighter/police officer. The proposed amendment would tighten
the disability standard to require that the member be unable to render useful and efficient
service as "an employee".
· Removal of disability presumptions: Sections 14 and 29 ofH.B. 303 would delete Sections
175.231 and 185.34, Florida Statutes, setting forth disability presmnptions for heart disease
and tuberculosis for public safety officers.
· Deletion of "extra benefits" frees up "additional premium tax revenue": Sections 15 and 30
of H.B. 303 would amend Sections 175.351 and 185.35, Florida Statutes, to delete the
5
current requirement that "additional premium tax revenue" be used to fund "extra benefits".
The amendment would also remove the current requirement that premium tax revenue be
used to meet minimum benefits and standards. Rather than being required to provide benefits
greater than those provided to general employees, premium tax revenue could be used to
fund all existing benefits, which need only be equal to those for general employees. The 1997
base year requirement for calculating "additional premium tax revenue" would become
obsolete.
· Use of premium taxes for benefits that "in the lillrellate" exceed "minimum benefits":
Sections 15 and 300fH.B. 303 would amend Sections 175.351 and 185.35, Florida Statutes,
to allow 10ca11aw plans to use premium tax revenue to comply with the minimum benefit
provisions of Chapters 175 and 185 by providing benefits that "in the aggregate" exceed
minimum benefits. In other words, local law plans would no longer be required to
incrementally adopt all minimum benefits, as long as aggregate plan benefits exceed chapter
minimums. VariOllS other housekeeping amendments are also included.
· Ability to unilaterallv establish one or more plans with different benefit levels: Sections 15
and 30 ofH.B. 303 would create new Sections 175.351(5) and 185.35(5), Florida Statutes,
permitting municipalities to unilaterally establish one or more plans, or benefit levels within
a plan. Different benefit levels would be based on the member's date of hire. Municipalities
would also have the unilateral authority to maintain an existing plan and join FRS for
employees hired after a specified date. Premium tax revenue could be used to cover existing
benefits or to pay contributions to FRS.
· Control of plan tennination by the municipality: Sections 16 and 31 of H.B. 303 would
amend Sections 175.361 and 185.37, Florida Statutes, to substitute the municipality for the
pension board, in the role of administering plan tenninations. For example, the municipality
rather than the board, would detennine the date of distribution of assets and the method of
distribution of asset values.
· ReDeal of existing limitations on transfers to FRS: Sections 17 and 32 ofH.B. 303 would
repeal existing limitations in Sections 175.371 and 185.38, Florida Statutes, restricting
transfers to FRS. New Sections 175.372 and 185.381, Florida Statutes, discussed below,
would replace Sections 175.371 and 185.38.
· Continued receipt of oremium taxes after establishment of a DC plan or transfer to FRS:
Sections 18 and 33 ofH.B. 303 would create new Sections 175.372 and 185.381, Florida
Statutes, pennitting municipalities to unilaterally create or transfer to another retirement
system, including a defined contribution plan or FRS. Premium tax revenue would continue
to be paid to the municipality as long as the revenue is used to fund the preexisting Chapter
175 or 185 plan, or to reduce required contributions to the new retirement system. Any new
retirement plan shall be required to provide line of duty disability benefits, as determined by
the employer. Disability benefits shall be based on the accrued retirement benefit, but not less
than 42% of average monthly compensation. New Sections 175.372 and 185.381 would
replace fonner Sections 175.371 and 185.38.
6
· Repeal of protections for existinll ri~ts in Sections 175.381 and 185.39: Sections 19 and
34 ofH.B. 303 would repeal language in Sections 175.381 and 185.39, Florida Statutes,
preventing the reduction of existing rights or benefits.
7
CITY OF BOYNTON BEACH
FIREFIGHTERS' PENSION PLAN
(a component unit of the City of Boynton Beach, Florida)
MEMORANDUM ON REVIEW OF
mTERNALCONTROLSTRUCTURE
September 30,2010
DAVIDSON, JAMIESON & CRISTINI, P.L.
Certified Public Accountants
Davidson, Jamieson & Cristini, P.L.
Certified Public Accountants
1956 Bayshore Boulevard
Dunedin, Florida 34698-2503
(727)734-5437 or 736-0771
FAX (727) 733-3487
Member
American Institute of
Certified Public Accountants
Florida Institute of
Certified Public Accountants
Members of the Firm
John N. Davidson, CPA, CV A
Harry B. Jamieson, CPA
Richard A. Cristini, CPA, CPPT, CGFM
January 11,2011
Board of Trustees
City of Boynton Beach Firefighters'
Pension Plan
(a component unit of the City of Boynton Beach, Florida)
Boynton Beach, Florida
In planning and performing our audits of the financial statements of the City of Boynton Beach Firefighters'
Pension Plan (Plan) (a component unit of the City of Boynton Beach, Florida) for the years ended
September 30,2010 and 2009, we considered the Plan's internal control structure to determine our auditing
procedures for the purpose of expressing an opinion on the financial statements and not to provide assurance
on the internal control structure.
However, during our audit, we observed several matters that are opportunities for strengthening internal
controls and operating efficiency.
We present our observations and recommendations under the following captions for your consideration:
CURRENT YEAR
Lump Sum Payments
PRIOR YEAR
License (Lease) Agreement
R&D Custodial Account
CURRENT YEAR
Lump Sum Payments
During our audit tests of payments to participants and retirees we observed that the custodian
frequently used the term "lump-sum" to describe virtually any payment to Plan participants
or retirees. Our review ofthe Plan's letters of authorization to the custodian clearly describe
the nature of the approved payment. The custodian, however, consistently uses the term
"lump-sum" to describe a refund of contributions, a DROP payment or a one-time retirement
payment. We recommend that the Board require that the custodian provide the correct
description of the payments to participants and retirees as directed in the Plan's letters of
authorization.
2
PRIOR YEAR
License (Lease) Ae:reement
During our 2009 cash disbursement test procedures we observed that the Plan was paying Florida
sales tax on its monthly payments to the Renaissance Executive Suites, L.L.c.
The Plan is a political subdivision of the United States government. Political subdivisions are
exempt by statute from taxation under Internal Revenue Code section 50 I (c)( 1).
Florida Statutes section 212.08(6) states that political subdivisions are exempt from sales tax.
We recommended that the Plan stop paying sales taxes on the space and equipment rental invoices.
This recommendation has been implemented.
R&D Custodial Account
During our 2009 audit of the Plan's Receipts and Disbursements (R&D) custodial account we noted
that the custodian was recording purchases and sales of securities in this account. We understand
that the R&D custodial account was established and is restricted to record the Plan's operating
revenues and expenses and benefit payments.
We recommended that the Board issue a reminder to the custodian regarding the purpose and use
of the R&D custodial account.
This recommendation has been implemented.
3
*******
We will review the status of these comments during our next audit engagement. We have already discussed
many of these comments and suggestions with Plan personnel, and we will be pleased to discuss them in
further detail at your convenience, to perform any additional study of these matters, or to assist you in
implementing the recommendations.
DA VIDSON, JAMIESON & CRlSTlNI, P.L.
4
5 REGULAR MEMBERS
* Commission Appointed - Two-year Term
**Elected by Firefighters - Two-year Term
+ Board Appointed - Two-year Term
2011
MUNICIPAL FIREFIGHTERS' PENSION TRUST FUND
MEMBER
EXPIRES
PHONE
PROFESSION
**HENDERSON, LUKE, CHAIR
P.O. BOX 310
BOYNTON BEACH 33425-0310
12/11
B-742-6325 Firefighter
HendersonL@bbfl.us
**PETTY, Matthew
PO BOX 310
BOYNTON BEACH 33425-0310
12/12
B-
PettvM@bbfl.us
Firefighter
*OPEN
12/12
+ RAYBUCK, JONATHAN C.
PO BOX 310
BOYNTON BEACH 33425-0310
12/11
Appt'd 8/13/09
262-4815 Firefighter/
RavbuckJ@bbfl.us Paramedic
*TAYLOR, ROBERT B, JR.
4 Via Lago
BOYNTON BEACH 33435
12/12
Appt'd 12/16/08
737 -1960 Financial
Consultant
robert. tavlor@bethesdahealthcare.com
Ex-Officio Member-
Fire Chief Bill Bingham
2080 HIGH RIDGE ROAD
BOYNTON BEACH 33426
binQhamb@bbfl.us
PENSION ADMINISTRATOR:
LA DUE, Barbara
Updated: 2/7/2011
C: \Users\Owner\AppData \Local\Microsoft\ Wi ndows\ Temporary Internet Files\Content.Outlook\C03F8BKO\FIREFIGHTERS
PENSION BD.doc
,LJ-1-11
MINUTES OF THE BOYNTON BEACH FIREFIGHTERS' PENSION FUND
QUARTERLY BOARD MEETING HELD ON THURSDAY, NOVEMBER 18, 2010, AT
2:00 P.M. AT RENAISSANCE COMMONS EXECUTIVE SUITES
1500 GATEWAY BLVD., SUITE 220, BOYNTON BEACH, FLORIDA
PRESENT:
Luke Henderson, Chair
Robert Rehr, Secretary
Larry T. Schone
Robert Taylor, Jr.
Barbara LaDue, Pension Administrator
Adam Levinson, Board Attorney
ABSENT:
Jonathan Raybuck
I. CALL TO ORDER - Luke Henderson, Chairman
Chair Henderson called the meeting to order at 2: 11 p.m.
II. AGENDA APPROVAL
Chair Henderson advised that Steve Palmquist would not arrive until approximately 3:00
p.m. As such, he requested Item IV.B. be moved up to IV.A.
Chair Henderson provided handouts regarding the benefits to be discussed later in the
meeting. The packet would be added under the report of Gabriel, Roeder & Smith as
Items A and B.
As Mr. Smollen would be leaving early, he requested the letter from David Liu, Item 3
under V, Correspondence, be discussed at the next meeting. Mr. Smollen wished to
comment on the letter. Chair Henderson noted the item would be discussed, but would
also be added to the next agenda. There was no objection to Mr. Smollenls request.
Ms, LaDue provided an updated agenda.
Mr. Palmquist arrived timely, and as such, there was no need to amend that portion of
1
Meeting Minutes
Firefighters' Pension Board
Boynton Beach, FL
November 18, 2010
the agenda.
Motion
Mr. Schone moved to approve the agenda with the additions, but without the change
pertaining to Mr. Palmquist's report, leaving Items A and B as they were. Mr. Rehr
seconded the motion that passed unanimously.
111. APPROVAL OF MINUTES - Quarterly meeting of August 12, 2010
Motion
Mr. Schone moved to approve. Mr. Taylor seconded the motion that passed
unanimously.
IV. FINANCIAL REPORTS:
A. Gabriel, Roeder, Smith &. Co. - Steven Palmquist, ASA, MAAA,
FCA
1) Supplemental Actuarial Valuation Report of 3/18/10 - Changes in
certain assumptions
Mr. Palmquist noted the current trend was for the assumed rate of investment return to
be reduced. The State of New York Retirement System had recently elected to reduce
its assumed rate of return by half a point. The State of Virginia reduced its assumed
rate by half a point, San Diego County by a quarter of a point, and Pennsylvania by half
a point. For three consecutive years, the State of Missouri had explored changing its
assumed rate of return, but elected to remain at 8.5%. It was recommended the
California Teacher's Retirement System reduce its return from 8% to 7.5%. However,
the Board had resisted the change thus far. The california Public Employees Retirement
System's current assumed rate was 7.75%, but this figure could change. A number of
Florida plans were exploring reducing the assumed rate of return as well. The Plantation
Police Officers' Pension Fund's assumed rate is currently at 7.5%. However, the Board
Chair was attempting to reduce this to 6.5%. Changes of this nature could be made
over an extended period of time. Dania Beach, currently at 8.5%, elected to lower its
rate to 7.5% in two steps. Samples of analyses were provided, and Mr. Palmquist
recommended the Board rely on Dave West for the figures.
Mr. Palmquist had obtained forward-projected capital market assumptions for seven
consulting and investment firms, and he provided an illustration of the manner in which
the analyses should be viewed.
2
Meeting Minutes
Firefighters' Pension Board
Boynton Beach, FL
November 18, 2010
Included in the calculation of a pension was the unused leave payout. Some of the
recent benefit calculations reviewed by Mr. Palmquist indicated the unused leave payout
appeared to be escalating. If the Trust's pay plan were to be revamped, leave payout,
mortality rates and the assumed rate of retirement should be considered. Mr.
Palmquist would obtain a copy of the pay plan and determine whether any modification
was warranted in the salary increase assumption.
Four scenarios were presented in the March 18, 2010 report. Scenario 1 pertained to
the same assumption established in the October 1, 2009 valuation. Scenario 2 dealt
with the change in the assumed rate of return from 8.25% to 8,0%. Scenario 3 related
to the change in assumed mortality rates from 1983 to the year 2000 generational
mortality and Scenario 4 combined scenarios 2 and 3. The assumptions included the
investment rates of return the assets would achieve in the future and the life
expectancy of the members of the Plan. If the proposed assumption changes were
approved, the results would be closer to the Plan's actual cost.
Mr. West distributed the Bogdahn Group's return assumption review, a copy of which is
on file in the Office of the City Clerk. The data assumptions used are sensitive to time
periods. Additionally, the more "like-assets" behaved together, the more diversification
was lost. Mr. West spoke of two options available. The first dealt with leaving the
return assumption as is and moving the portfolio into riskier assets. The second option,
which he favored, sought additional diversification.
Mr, West recommended lowering the returned expectations for the current portfolio to
8% or 7.75%. The probabilities projected would suggest a 7.5% assumption, moving
gradually to achieve this return. He also recommended continued discussions regarding
portfolio alternatives including increasing the return and lowering the risk.
Mr. Taylor requested assurances from Mr. West that he could assign a high degree of
probability to achieve between 7.75% and 8%. Mr. West explained there was a 50%
probability of achieving those percentages without modifying the composition of the
investments. The figure would likely fall somewhere in the middle of the reduced
assumption result and the historic returns model for assumptions and results. Forward-
projected assumptions would result in a probability of approximately 48%, The reality
probability would be somewhere in between.
Mr, West's recommendation for a net investment return assumption going forward
would be to move to 7.5%, The net incremental expense change would be
approximately $700,000. Based on projections for the next 10 or 15 years, it would
appear that the Plan would have to move to a 6% or 6.5% assumption to improve the
probability up to above 60% or move to a much riskier asset investment.
3
Meeting Minutes
Firefighters' Pension Board
Boynton Beach, FL
November 18, 2010
Mr. West was in agreement with Mr. Palmquist that a change in the assumption,
whether in increments of a quarter or an eighth of a percent, should be achieved over a
period of timet so as not to create a sudden, mass liability. Discussion ensued as to
how quickly the assumption should be brought down, and how it could be
accomplished.
It was questioned whether the assumptions could be made by the Board or whether
Commission approval was required, Attorney Levinson explained the Board controlled
its assumptions and could not be mandated by the City.
Discussion ensued as to the manner in which a new mortality table could be adopted.
If a five-year period were to be used, an evaluation would be made with the old
assumptions and the new ultimate, taking 20% of the difference in year one, 40% in
year two and 60% in year three, etc. Discussion ensued as to whether to implement
the change over a three or five-year period.
The Trustees covered all the information available, and the actuary and investment
consultant proficiently compared historical returns back to 1978. Mr. Palmquist also
compared plans across the country and the State of Florida.
Motion
Mr. Taylor moved that starting with the fiscal year 2010/ to drop the net return
assumption rate from 8.25% down to 7.5% over a three-year timeframe and then
transition to the generational mortality table over five years, starting in the same
timeframe.
Discussion ensued and it was believed the same timeframe should be established for
the adoption of the assumption rate and the mortality table. As such, Mr. Taylor
agreed to amend his motion.
Motion
Mr. Taylor moved to adopt, over the next five years, starting with the 2010 actuarial
report, to lower the assumption rate from 8.25% to 7.5% and to adopt the RP 2000
Generational Mortality Table. Mr. Schone seconded the motion that passed
unanimously.
Mr. West would come back with specific recommendations regarding the composition of
the investment portfolio, specifically global bonds and managed futures.
4
Meeting Minutes
Firefighters' Pension Board
Boynton Beach, FL
November 18, 2010
Ms, LaDue would provide copies of the minutes of this meeting and Mr. Palmquist's
March 18th report to Messrs. Bressner and Atwood.
2) Ordinance #10-016 - Discussion - Administrative Rules
Chair Henderson had prepared a spreadsheet to determine when the money would
come in and what it was built to. He reviewed the interest earned, figures taken from
Mr, Palmquises actuarial report. The first figures included IIsmooth IIpercentages and
the actual amount earned that year. The figures were similar to those arrived at by the
consultant as well. There were a number of negatives evidenced under IIperforming
years. II
Discussion ensued with regard to questions prepared by Chair Henderson. The
questions pertained to the Ordinance and are as follows:
1, Should a beneficiary receive the benefit?
2. Should there be a minimum account balance maintained and should that
amount increase incrementally?
3. Should there be a maximum payout in any given year (the payout
exceeded the amount received/earned)?
4. Will members who retire with a service-incurred disability have their
benefit based on years of service? Are all non-service incurred disabilities
for members with less than 10 years ineligible?
5, What is the first year payout?
6, Can the payout exceed 10% of the IIreserve balancell of the fund?
7. In the event all the "excess moniesll are needed to support current
events, what happens to the Ordinance? What happens to the reserve
balance, assuming there is any left?
8. Is there a type of accounting system that will prevent members from
receiving larger payouts now and smaller payouts in the future -
smoothing, fixed payout for number of years?
9. Should the payout be stepped up incrementally after eligibility?
5
Meeting Minutes
Firefighters' Pension Board
Boynton Beach, FL
November 18, 2010
Attorney Levinson commended Chair Henderson for saving the Board attorney's fees
and offered the following observations. Regarding question 1, the Ordinance indicated
beneficiaries were not included. Payment would be made to eligible retirees. Unless
the Ordinance were amended, the answer to question 1 is "no."
As to question 3, unless the Ordinance was amended, the current formula provides for
a distribution of $500 per year for credited services, Chair Henderson noted he had not
been referring to a maximum per person, but rather a maximum overall in a certain
year. Attorney Levinson concurred, adding the Ordinance provided the Board with the
ability to make recommendations to the calculation formula based upon the projected
status of available funds. With regard to disability retirees, Paragraph "a" of the
Ordinance, the group of eligible retirees included disability, early, normal, DROP or
deferred vested retirement. Non-service-incurred disability retirees with less than 10
years would not receive a pension. It was agreed it would not be necessary for this to
be included in the Administrative Rules.
Chair Henderson included question 6 because the initial year payouts were small. He
felt that the calculations established by the Board should also be included in the
beginning years.
With regard to question 7, Chair Henderson felt the Ordinance supported the current
benefits for the Board to decide to use the additional monies where needed. In 2010, a
study was made on the COLA costs which had exceeded contributions. The options
included lowering the benefit, paying the monies out of the 175 monies or contributing
more out of payroll, Chair Henderson believed the funds should be paid out of the
excess 175 monies. Attorney Levinson noted the Ordinance required that any increase
in the member contributions above the current 12% would come from the available
funds first. Monies remaining would pay for the supplemental benefits. Chair
Henderson inquired as to what would occur if the member contribution had increased.
Attorney Levinson advised that pursuant to current State law, the Division of Retirement
would require growth money over last year's baseline of $589,000, or this year's
baseline of $633,000, would have to be used for extra benefits. It was questioned
whether increasing the membership contributions or holding level the membership
contribution at 12% constituted a benefit. Attorney Levinson advised currently, the
Division of Retirement's position was that it did not. One could not hold down and
maintain a level employee contribution and treat it as a benefit. Attorney Levinson had
no objection to using the State money to hold down the COLA costs.
Discussion also included payouts, smoothing, the use of a ratio system and a formula.
Attorney Levinson reiterated the formula included a distribution of $500 per year of
credited service, not to exceed 20 years, with a maximum benefit of $10,000 for
everyone eligible, provided a certification is obtained from the actuary that funds are
6
Meeting Minutes
Firefighters' Pension Board
Boynton Beach, FL
November 18, 2010
available. The available funds would have to be reviewed, however, in light of the
COLA changes.
Chair Henderson suggested the Trustees give thought to the discussion and come back
with suggestions at the next quarterly meeting. All agreed,
Attorney Levinson noted paragraph "a" of page 2 of the Ordinance contemplated the
distribution be made by the end of the second calendar quarter (June 30th).
B. Bogdahn Consulting - Dave West
Mr. West noted items that would impact the asset managers of the plan:
. The lowest quality areas of the market, particularly the bond market, were the
highest performing. The bond manager in place is a higher quality. While they
performed well, a bias existed towards managers in the lower-quality spectrum.
. There was a risk-on, risk-off for stocks this year which greatly impacted the
market.
1) Investment Performance Review Quarter - Period ending 9/30/10
ThefFund year opened with $49,997,973. Total contributions made during the year
were $5,295,819. Distributions totaled $3,715,322. The Plan still generated a surplus
versus the payout obligation. Manager and investment fees deducted on the custodial
level amounted to $156,803. Expenses including any line item, non-investment
manager expenses incurred totaled $288,202. The Plan earned $4,019,824 for the
return on investments. As of September 30th, the market value totaled $46,153,289.
The fund as of September 30, 2010 totaled 8.86%. Total equities finished ahead of the
benchmark at 11.41%. The domestic equity portion did well at 13.8%, outperforming
by 212 basis points, ending in the 26th percentile, The international equity lagged the
benchmark by 2.2%, and ended in the 84th percentile. STW Fixed Income Management
finished ahead of the benchmark, ending in the 54th percentile. Intercontinental, a real
estate fund utilizing a good deal of leverage, had been hurt by declining interest rates,
Mr. West expressed concerns relating to the Plan's current investments in the bond
market. The long-term expected return had been reduced, and a shorter-term issue
existed. If rates declined by 1% while bond prices increased, the Plan would earn
9.24% on a 10-year treasury. If rates increased by 1%, the Plan would experience a
negative 8.36% total return on a 10-year U,S. Treasury bond. A number of mitigating
factors existed with active management. However, methodologies were used to offset
7
Meeting Minutes
Firefighters' Pension Board
Boynton Beach, FL
November 18, 2010
these factors. Mr. West would offer recommendations at the next meeting including
alternative investments, diversifying away from the U.S, yield, possibly considering
high-quality sovereign debt, and moving into countries such as Portugal, Italy Spain,
Greece and Ireland.
(Mr. Schone left the meeting at 4:37 p.m.)
C. Financial Statements - Balance Sheet/Change Fund Reserve -
July, August and September 2010
This item pertained to information collected by Ms. LaDue and provided to the Trustees.
The item was not discussed individually.
D. Attorney's Report - Adam Levinson
1) Klausner & Kaufman, PA - 13th Annual Client Conference - March
20-23, 2011
Information was included with the meeting materials regarding the annual conference
which was scheduled to coincide with the Legislature's return, and a better
understanding would be offered regarding the actual pre-file bills. While there would
be no charge for the conference, there would be a charge for hotel accommodations.
2) Division of Retirement - Authorization for ACH Direct Deposit of
175 money
This item pertained to an email received by Attorney Levinson from the Office of Trish
Shoemaker, Division of Retirement. A letter dated October 29, 2010 had been sent to
Mayor Rodriguez, requesting his acknowledgement that the City had received and
deposited a check for $12,304.36, representing the City's share of surplus monies in the
firefighters Supplemental Compensation Trust Fund during 2009. Ms. LaDue noted
Chief Bingham was attending to this issue. Chair Henderson found the actual check in
his mailbox at the fire station a month after it had been issued. In order to avoid this
happening in the future, the Division of Retirement should be directed to deposit the
check through a direct deposit system. Ms. LaDue would follow up on this issue.
3) DGHM - Opt-out form. Clarification that the form encompasses all
situations
DGHM, one of the Plan's equity managers, offered a service to its clients, ensuring all
class actions were filed. However, there would be a fee for this service. It was noted
the service was currently provided by the custodian of the Plan. An opt-out was
8
Meeting Minutes
Firefighters' Pension Board
Boynton Beach, FL
November 18, 2010
required, or DGHM would charge for the service. As such, Chair Henderson executed
the opt-out form in August 2010.
Mr. West previously contacted DGHM's compliance Department. DGHM was not
compensated in any manner and was merely attempting to introduce the service for
clients who might not have had a custodian providing the service.
E. Intercontinental Real Estate Fund -
1) Financial Statement as of 9/30/10
This item was previously discussed. The information was provided with the meeting
materials.
2) Full quarterly report available in the Pension Office
This was an informational item and was not discussed individually.
V. CORRESPONDENCE
1) Atalanta Sosnoff - Letter of 9/15/10 - Changes on account description.
The correspondence pertained to the changes in the account description as well as
other clerical issues.
2) STW - Guidelines Exceptions Report - for the period ending 9/30/10.
The information was provided with the meeting materials and was not discussed
individually,
3) Letter of 10/28/10 - Retiree David Liu
A letter had been received from David Liu thanking Mike Smollen for his assistance
pertaining to beneficiary changes last year.
4) STW - Letter of 11/10/10 on scrutinized companies.
This issue was ongoing and will continue to be observed by the Board.
VI. OLD BUSINESS - N/A
9
Meeting Minutes
Firefighters' Pension Board
Boynton Beach, FL
November 18, 2010
VII. NEW BUSINESS
A. Invoices for review and approval
1, STW Fixed Income Management. - Quarterly fee - 9//30/10 -
$11/028.19
2. Atalanta Sosnoff - Quarterly fee - 9/30/10 - $7/330
3. DSM Capital Partners LLC - Quarterly fee - 12/31/10 - $
4. Bogdahn Group - Quarterly fee - 9/30/10 - $8/375
5. Tegrit Administration - Quarterly fee - 9/30/10 - $500
6. DGHM - Management fee - 9/30/10 - $11/109.67
7, Klausner & Kaufman - Services for August, September and
October, 2010 - $3/540
8. GRS - Services for August 31/ 2010 - $1/907
9. Anchor Capital Advisors - Quarterly fee - 9/30/10 - $8/952.31
10. Ellen Schaffer - Annual Support Fee - $1/500
11. FPPTA Annual Membership fee -$115.07
12. Micro Focus - Renewal support fee - $115.07
13. Intercontinental - quarterly investment fee - 9/30/10 - $8/347.87
withheld from distribution. Discussion on method of payment.
With regard to Item 13, Ms. LaDue questioned whether this fee should be paid
differently, other than allowing them to take the money out of the account. She noted
the monies were required to be included in the investment fees. Mr. West would get
together with Ms. LaDue on this issue.
Ms. LaDue commented the invoices appeared to be correct. An amount had not been
received for Item 3.
10
Meeting Minutes
Firefighters' Pension Board
Boynton Beach, FL
November 18, 2010
Motion
Mr. Rehr moved to pay the bills. Mr. Taylor seconded the motion that passed
unanimously,
B. Retirement Benefit Verification - Board review and approval -
1) James Witt - DROP Retirement
2) Ronald Keister - Normal Retirement
A third verification was pending for Mr, Fitzpatrick, There were no objections to the
verifications.
C. Trustee term expires for -
1. Commission Appointed/Election by Firefighters
This item affected Mr, Taylor, The Commission-appointments were all due in
December, for the Firefighter elections. Mr. Taylor and Chair Henderson rotated years.
Mr. Taylor's term would expire this year, and as such, a notice would be issued with
respect to nominations for the position. Mr. Taylor noted he had submitted the
necessary paperwork for his re-election,
Mr. Schone served on another Board which met on the same day every month and as
such, was forced to resign as a Trustee. He would continue to serve until a
replacement was found.
2, Proposed change of term from two years to four years
This item was not discussed.
D. Business Credit Card for Trustees - Discussion
Chair Henderson requested Ms. LaDue explore this issue in order to reserve and pay for
hotel accommodations for conferences, without having to pay the taxes, Board
approval was required.
Attorney Levinson cautioned the Board to keep the credit card under lock and key, if
the item were approved.
Chair Henderson felt the amount of the card should be limited to $3,000 or less. Ms.
LaDue noted the card would be used to pay for registration fees ,hotel rooms, travel
11
Meeting Minutes
Firefighters' Pension Board
Boynton Beach, FL
November 18, 2010
expenses and tolls. All invoices, while in the names of Trustees, would be sent to Ms.
LaDue as the contact person.
Motion
Mr. Taylor moved to provide a credit card for each Trustee member with a limit of
$2,500. Mr. Rehr seconded the motion that passed unanimously.
Ms. LaDue would apply for the credit card in January.
VIII. PENSION ADMINISTRATOR'S REPORT
1. Benefits and terminations for the period ending 9/30/10
The item was informational and not discussed separately.
2. Scheduled 2011 Quarterly Board meetings
There was no objection to the dates provided.
IX. COMMENTS
X. ADJOURNMENT
Mr. Taylor moved to adjourn. There was no objection, and the motion passed
unanimously. The meeting adjourned at 4:50 p.m.
Next meeting date - Thursday, February 10, 2011 at 2:00 p.m. - Renaissance
Commons Executive Suites.
Stephanie D. Kahn
Recording Secretary
20310
12
Tel. (954) 916-1202
Fax (954) 916-1232
----')' 1::...
JjJi f/~A/ 1:7U4~~tl'-4/"::1
Klausner & Kaufman QAAaAI" ~ /)
PR~~rr~~~t~~J~EoN ~YYV~~1:t~ ,frv
Plantat;on, Flodd, 33324 :::Ii 7~' , C}v- c9 t? / I
www.~~dk1ausner.com
Tax J.D.: 65-0774883
BOYNTON BEACH FIREFIGHTERS
Attn: MRS. BARBARA LA DUE, ADMIN.
1500 GATEWAY BOULEVARD, SUITE 220
BOYNTON BEACH, FL 33426
For Legal Services Rendered Through 01/31/11
January 31, 2011
Bill # 12802
CLIENT:
MATTER:
BOYNTON BEACH FIREFIGHTERS PENSION FUND
BOYNTON BEACH FIREFIGHTERS - GENERAL FILE
: BOYNTON
:900334
Professional Fees
Date Description Hours Amount
01/03/11 RECEIPT AND REVIEW EMAILSAND FILE 1.00 300.00
01/24/11 RECEIPT AND REVIEW DIVISION OF RETIREMENT 1.00 300.00
WEBSITE AND PENDING LEGISLATION
01/27/11 REVIEW LEGISLATIVE PACKET AND DIVISION OF 0.30 90.00
RETIREMENT MATERIALS
Total for Services 2.30 $690.00
CURRENT BILL TOTAL AMOUNT DUE $ 690.00 ~
Past Due Balance 2,700.00
AMOUNT DUE $3,390.00
Anchor Capital Advisors LtC
One Post Office Square
Boston, MA 02109-2103
617-33H-3800 FAX 617-426-687]
www.anchorcapital.com
fil-- ]l~/ ~
~ V' .::it/~
MI$~
$~
.,,--
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.,
January 01, 2011
Barbara LaDue
3025 City of Boynton Beach Municipal Firefighters Pension Trust
1500 Gateway Boulevard, Suite 220
Boynton Beach, FL 33426
Regarding Account: 80106279
ANCHOR CAPITAL ADVISORS LLC
STATEMENT OF MANAGEMENT FEES
For The Period 09-30-10 To 12-31-10
Portfolio Valuation as of 12-31-10
$ 6,167,868.69
3,000,000 @ 0.750% per annum
3,167,869 @0.500%perannum
Management Fee
5,625.00
3,959.84
----~-_._._--
$ 9,584.84
1'01'ALDUE ANDPA Y ABL~
$ 9,S84.84
Member of Bostoll Private Wealth Mallagemellt Group
1\'1 FB( OY11'\1 '\' L\L
INTERCONTINENTAL/REAL ESTATE CORPORATION
~ 10
jU- '7ltaJ JA.W31'
~ t -- fJeV-?
1270 SOLDIERS FIELD ROAD
BOSTON, MASSACHUSETTS 02 I 35-1 003
TELEPHONE 617-782-2600
FACSIMILE 6]7-782-9442
www.intercontmental.llet
PAUL]. NASSER
Chief Financwl Officer and
Chief operating Officer
February 4,201 I
Ms. Barbara LaDue
Pension Administrator
City of Boynton Beach Firefighters' Pension Fund
1500 Gateway Boulevard, Suite 220
Renaissance Executive Suites
Boynton Beach, FL 33426
Re: U.S. REAL ESTATE INVESTMENT FUND, LLC (US REIF)
Net Asset Value Reporting & Performance
Dear Ms. LaDue:
Onder this cover, please find your US REIF Pre-Audited Net Asset Value (NA V) report, and our
Fund Performance as of December 31, 20] O.
We will be sending you the US REIF December 31,2010 audited financial statements as soon as
they are completed. We are distributing the NA V reports and performance returns separately this
quarter in order to meet your reporting needs since the preparation ofthe year-end audited
financial statements requires additional time to complete.
As always, I am happy to answer any additional questions you may have. Please do not hesitate
to contact me.
Sincerely,
?~-:( rJ~
Paull. Nasser
Enc!.
cc: Luke Henderson, City of Boynton Beach Firefighters' Pension Fund
"~2D2
u.s. REAL ESTATE INVESTMENT FUND, LLC
DECEMBER 31,2010
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION FUND
I NET ASSET VALUE OF FUND
NET ASSET VALUE IN REAL ESTATE INVESTMENTS $385806765
NET ASSET VALUE AT FUND LEVEL $] 3,276829
TOTAL NET ASSET VALUE AT DECEMBER 3] 20]0 $399083 594
TOTAL OUTSTANDING CAPITAL SUBSCRlPTIONSAT DECEMBER 31. 2010 $609,732,305
TOTAL CAPITAL CALLED FROM OUTSTANDING SUBSCRIPTlONSAT DECEMBER 31, 2010 $580,540,008
TOTAL OUTSTANDING INTERESTS A TDECEMBER 31,2010 I 657,540.2366
VALUE PER INTEREST ATDECEMBER 31, 2010 I S606.9341
I NET ASSET VALUE OF SUBSCRIPTION
SUBSCRIPTION: City of Boynton Beach Firefighters' Pension Fund
CAPITAL CALLED AT DECEMBER 31, 2010
NUMBER OF INTERESTS OWNED AT DECEMBER 31,2010
$4,379,867
$4,379,867
7,350.4261
I MARKET VALUE OF SUBSCRIPTION
BEGINNING MARKET VALUE AT SEPTEMBER 30,2010
CURRENT QUARTER CONTRIBUTIONS
DIVIDENDS REINVESTED
INVESTMENT INCOME BEFORE MANAGEMENT FEE
REALIZED GAIN/(LOSS)
UNREALIZED GAIN/(LOSS)
CURRENT QUARTER DISTRIBUTIONS
MANAGEMENT FEES
DISTRIBUTIONS WITHHELD FOR MANAGEMENT FEES
$2,974,735
$1,300,000
$39,731
$48,885
($235 )
$146,214
($48,107)
($12,103)
$12,103
$4,461,224
ENDING MARKET VALUE AT DECEMBER 31, 2010
I CURRENT QUARTER PERFORMANCE (GROSS OF FEES)
INCOME RETURN
APPRECIATION RETURN
TOTAL RETURN
1.14%
3.42%
4.56%
NOTE: REVISED AND PREPARED PRIOR TO ANNUAL AUDIT
INTEREST VALUES ARE BASED ON FUNDS OPERATING AGREEMENT
ASSET VALUES ARE BASED ON FUNDS VALUATION POLICY
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