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Agenda 05-12-11 BOYNTON BEACH FIREFIGHTERS' PENSION FUND QUARTERLY BOARD MEETING Thursday, May 12,2011 @ 2:00 PM Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 AGENDA Revised 5-9-2011 I. CALL TO ORDER - Luke Henderson, Chairman II. AGENDA APPROVAL - III. APPROV AL OF MINUTES - IV. FINANCIAL REPORTS: A. GRS - Steve Palmquist - 1) Mortality Table discussion 2) New Pension Legislation as pertains to our Plan valuation. B. Bogdahn Consulting - Dave West 1) Investment Performance Review Quarter 3-31-2011. 2) Managed Futures - Overview C. Atalanta Sosnoff - Letter of 4-4-2011 with Portfolio Review - for your review. D. STW - Letter of 4-1-2011 with Summary Report - for your review. E. Attorney Report - Adam Levinson 1) New Pension Legislation - V. CORRESPONDENCE- 1) Salem Trust, Karen Russo, Sr. VP & Regional Mgr - Annual Relationship Review - Letter of 4-8-20 11. 2) DGHM - Annual Administrative Review - Letter of2-28-2011 and Personnel Changes - Letter of3-30-2011 3) Atalanta Sosnoff - 2010 Proxy Vote Summary dated 2-23-2011. 4) Intercontinental Report for quarter and calendar year end 2010. VI. OLD BUSINESS - 1) COLA Funding Level- E-Mail 4-27-2011 by Matthew Petty, Trustee (GRS letter of 4-5-2010, Ord No.10-016 & ltr of3-18-2010) 2) Trustee term - Extending term limit from two years to four years. 1 VII. NEW BUSINESS: A. Invoices for review and approval: 1. STW Fixed Income Mgt - Qtry fee 6-30-2011- $8,518.47 2 Atalanta Sosnoff - Quarterly fee 3-31-2011 - $8,684.00 3. DSM Capital Partners LLC - Qtry fee 6-30-2011 - $13,760.64 4. Bogdahn Group - qtry fee 3-31-2011 - $8,375 5. Tegrit Administration - Qtry fee 3-31-2011 - $500 6. DGHM - Management fee 3-31-2011 - $12,917.12 7. Klausner & Kaufman - Service Feb/Mar/Apr 2011 - $4,170 9. GRS - Service Jan 2011 - $3,079, Feb 2011 - $5,553 & Mar 2011 - $2,047 10. Anchor Capital Advisors - Quarterly fee 3-31-2011 - $10,013.81 11. Davidson, Jamieson & Cristini, PL - Final audit billing PYE 9-2010 - $5,200 12> Intercontinental- Management fee withheld $12,103.26 4th Quarter 2010. B. Retirement Benefit Verification - Board review and approval - 1) Allen Newman - DROP retirement 2) Elizabeth Rehr - DROP retirement 3) Michael Temperilli - DROP retirement C. Conferences/Seminars - Division of Retirement - 32nd Annual Police & Fire Trustee School May 16-18, 2011 and FPPT A -Summer Conference - Orlando June 26- June 29,2011. D. Appointment for position of Secretary for the Fire Pension Board. VIII. PENSION ADMINISTRATOR'S REPORT: 1. Benefits as of5-01-2011 IX. COMMENTS X. ADJOURNMENT Next Meeting Date - Thursday, August 11,2011 @ 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 MEETTNG, HE/SHE WILL NEED A RECORD OF THE PROCEEDTNGS 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 APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE TN 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. 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C: C:.:i=C V ~ 2 VJo... 0- '" --< .-r: x v; e, x UJ ~ 3 w.. ~ r- ~ ;a r- :2 VJ ~ "'i";;\Cc:r1 r 1 ('1 OC '-_ C '" ('-O'n"'1" ~ ~ If'1 ~ :g: ~ ~ ~ ~ C" ~~: ,.,,00' '-0 r"'; ("I ~ lr, i rt"', 00 rri "~O n C' ,..,..~ ('r, x x ~~ ,~ -g~ ~-o ~ G: ~_~ ;2 C -oc:J (j) - l::2 .D~ 6~~~- > ..... ;:; is ::0<:": ;:: 2 ~ ;:; ;:; 'J. ~ ~ (j) 0- ~ U f- .9- ~ ....... ~ ; B ~22 e <U - ,-,; ... 00 .~ =:S <U - e ~ <U~_ .!: ...- ti.Q~ ~ c;...; -r; .s ~ ~ .ra ~ .c = "" ~ ~ l:: = ~ <U ,~ ""-.... .. ~ 0 ~ (,I ,-,; .c.:;< ~< <U _ = <U = ~ .s< = ... o = 0'1 ..... 00 I tr) "1" IoC '0 = 1 '0 "1" 0 <') = Z~ 0'1 r- 'c: r'l = 0 r- '0 c: 'c: 'c: = ::c~ = N N '0 0 .;:; 0\ .;:; ~ N "1" 0 N = III ""l r'l = ~~ .... = r- N N I 00 0 .... M 1 '0 '0 r'l 00 ""l 8~ 0'1 "1" tr) N 0-. r- ""l r'l .... N 00 N r- ~ "'. '" '0. 00 0'. ~ 0\. 00 0 r- r- l"! = ... 00 0\ 00 r-: 00 .... ..; r-: r-: ..,; 00 ..; ...0 0'1 0 r- r'l 0 V) M N 0'1 tr) r'l r- 0- 00 r::t:Q .... "'!. r-. o. r- ..... .... IoC 00 00 N ..... ... ff'l tr) tr) r'l ..,; "1"' ..; ..,; ..c ..,; iii M .... ... 0 = 1 00 = .... IoC 0\ N '" 00 00 III tr) tr) tr) IT) IT) = III ~ V] ~ 'c: 0\ ... "'1: ... 0' "1" .... V] 00 = 0\ = N r- oo .;:; oC 00 N r--: ..,; r-: 0 0 = III III ""l N = .... = 0'1 0 ..... '0 tr) 00 0 .... 0'1 , 0\ 0 r- r- N III III r- r- '" '0 "1" r- r'l r- r- ... tr) '" 00 0\ r- III 00 IoC "! 00 0- r- ~ 0'. "':- ..... f"t '0 V) 00 00 r'l f"t ttO r: r'l 0\ 0 r-' r'l .... 0'1 00 0 N r'l 0\ ... M III '0 00 N '0 ..... r- r- oo 0 00 ""l r'l tr) ... Cl\ ~ o. l"! ..... '0, N III "'!. IoC 00 00 = N r'l f"t ..; .... tr) IT) r'l <') ..,; ff'l r'l ff'l ..... ff'l M M M .... ..... ... = 0\ III r-r-"1"r-r-N O'INooV]lT)r- =NN'OooO III ~ iii ~ r- M 0'1 ""l ... N M III ff'l M Nt'--OQ ~V)-v ~ ~~. r'l IT) O. 0-. r'l r'l 00 00 00 "1" 0- ..,; ..... IT) '0 N '0. "'. tr) tr) .... .... -.i IoC .... "1" tr) "1" "1" r'l 1Il00r'l"'1:~tr) 0\ N'OooO ... ..... ~ f"t .... 00 ~ ~ ~ r-o- ""l'O 0'1 00 =~ 00 '0 r- 1Ii~ M tr) "1" 00 tr) tr) N r'l '0 r-. N "1". ",' tr) N' tr) N IT) "1" 00 "1" "'l r'l "1". '0' r'l "1"' tr) ... 0'1 -.i IoC "'r'l r'lr-"1" 00 ....0r-tr)~"'1: =NN'OooO III ..... ... M = ff'l III .... iii ""l = N '0 r'l '0 rr, ~tr)r-r-r-tr) ~qoo;.l"!tr) ",""",-o\'Mlr)N "IIl!!!--OOV)-~ ;::~~~~~ M ,e. 'S c:r roil "; .... o r- Q VJ ~ ~ eii-B c ~ ..c ..c >. .~ 2 '> '> ,-:: <1) Q) VJ ,"" .,. .,. :s;::l;::l x'-' 0 0 c:r <<l <<l Q) 0.. .... , ':; roil>>"O <<s0,-, ,l:! 0.. 0.. ..: U go go -:;8 <<so ~UU ~ US;~Q)<1) =:::::-"O...:l OJ) OJ) o "-'., <t:: .... t\l ~ ~ QS=~c:~~ "; ..c 0 OJ) ~ ::E '0 c; g ~ ~ ~ VJ .~ r-<t::o><t::oc:.:: .... O'I~ oCOO .... ..... IoC '0 .... ..... ff'lr'l .... ..... .... ..... .,;-q: =0 1oC'c: -.i"1" .... 0'10- IoC '0 ~~ =0 IoC '0 r:r-: =0 00 00 -.i"'; .... "'''1" 0'10\ ~q .... .... =0 01000 ,e.~ .- Q) g.~ roil a "; = ~ :8 'i5.. c <<s E Z ~ad .... OJ) .s c -; "c .... c o <<s r-::E Q VJ o ;x: UJ ~ IoC IoC 0\ M 'o-r- ~..,; N 0'1 r- = c; 00 IoC ff'l .... 1 IT) "1" IT) N 00 N ..,;..,; '0 N r-. 0;. ... = ~ M 'IT)'" ("f') ~ N r'l N 00 III IoC c; III III ff'l .... '000 "1"..... "1". "! 00 r'l N ~o;. 00 M iii M MO-r'l ...r-'c: ='Or'l M III III M iii 00 IoC ff'l .... ""l'Or- r-oooo """1"~ :ig~ =O~ ":0: .... ~ = o u = - "Cl ~ l< ~ "; .... o r- ~ = o u = - "Cl ell l< Q) ~ E .5: 8 i~ ="OVJ o ~ i:l.. Qi.i:E= ]~~ Of-f- r-VJVJ IoCN"1" 00"'1:"1" -.iNN MO\N 00 '0 =IT)"'!. MoOM ~ON 1oCr'l"1 N -:-' Q =>< o<t:: i:l..CO :;0 ct.. ;::l ~"O ~ Q) C = E ;::l 8 8 ~ .s ~ g co "Cl"O ~ Q) l<t.::: fi: . Vi .... -; ~ .gB Go ,,;U c;::E r-O:: eii .D o <:5 c .8 Q) 0.. E Q) f- ""l ... ~ 0"1" ~ MO 0'1 III ~ IoC IoC 0'1 N "1"00 "1"0 "1". 00. o r'l r'l "1". "1" ... III oC '0 IT) C:l"J o .... M .... c; ... ... ..; o 00 tr) q o. IT) r'l IT) IoC III oC 00"1" 0\ N 00 ... .... ... ..; ""l IoC ..; "1"'0 "1""1" "1"0\ 00\ r'l N tr) "; .... = ~ ,5 .... = o l: ~ .... = - .... ~ Q) E Q) "'..c .... '" ;::l <<s -5lu Bog ad&; 0..(0 .c: "cv .a f#} U ::::; ~~::E = = = = .... 0'1 00 f"t ""l III .... ..c ... = = = = .... IoC .... .... N r- = N III = = = = .... ""l 00 = ff'l ""l .... ..; III "; .... o r- -", ... ~ .... ..c:: I:: ~ ... ~ ..c:: u c ~ = = oS = o = C'"l ~ >t; or. -.c , r~; N ..::: ~ ~ =' ..... "'l 00 ~ 00 <:: .". e-- .., "'l or, a- r--; =' ~ ~ =; on V- a; '" "; or, e ~ a II'l v;, "'7 l"",1 "7 "7 1': . , ~ - ~ '" >. - ell rJ1 Q - - = 0 - c- - ~ - Q I' I" a lo. ~ lf~ ~ ~ - - lo. lo. !'<'l ,- - ell .c ~ = (j ~ 01 lo. -", ell = ~ lo. ,~ , t~- ~ I' 1''' - - ell r, :1 " .c .~ ,5 0:: ell - "C - ~ t:: '~ ~ = = lo. 0 ~ ~ (j lo. ~ ~ .c ~ - (j lo. I,l:; '" or, -c r'-; ('< ~ .". ..,. I c g (', ell -; ell .., "'l 00 ~ 00 e-- ~ ...,. ..... "'l or> a- r- ~ <:: ~ r_j ~ ,- = on .r: a- ("oi I' Ir; ~ c: Q: (j 01 v- Ir. 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STW FIXED INCOME MANAGEMENT April 1, 2011 Ms. Barbara La Due Pension Administrator City of Boynton Beach Municipal Firefighters' Pension Trust 1500 Gateway Boulevard Renaissance Executive Suites Suite #220 Boynton Beach, FL 33426 Dear Barb, Years ago, I thought it would be a great idea each year to have an April Fools' paper in our first-quarter reports. The first paper got some real good chuckles but also got a couple of people mad. Another one written in 1994 was about the downgrade of United States Treasury debt. The lawyers, I think, wisely stopped that one-and eventually I learned that there were necessary limits. I was, however, able to publish a paper, part of which was written in bad Hemingway, on some adjustable rate mortgages that the clients owned. Even in today's stricter compliance environment, I still think it's important to preserve the use of hyperbole and humor, and deliver serious points with a wink, Heck, the more serious the points are, the more you need the wink. So happy April Fools' Day, and I hope you enjoy this report. Bonds should be fun. Best reg~ b William~. Willia s Principal Enclosure 6185 Carpinteria Avenue · Carpinteria, California 93013 PH: (805) 745-2400 · FAX: (805) 745-2401 stw@stw,com · www.stw.com ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ '1 7-, ? ? ? 7 7 '7 7' 7' I"'" !"" fi.n~:(JME MANAGEMENT City of Boynton Beach Municipal Firefighters' Pension Trust Fund Summary Report March 31, 2011 6185 Carpmterla Avenue e Carpinteria, California 93013 PH: (805) 745-2400 . FAX: (805) 745-2401 . stw@stwcom e wwwstw,com 2. fi' ~ .. ~ .. t", ~ ~ . ~ '- .. ~ ~ ~ ia\ " l'\ Long-Term Treasury Yields .....,."........., .... ..........., ....... ,.,...... '...", ....,..."....,., ",'....,.. ,...,..........,..1 Yield Spreads Since 1950,...".............,.....,.".....,.,......,.... ...,......,................,..."...,...,....,.... ... .....2 City of Boynton Beach Municipal Firefighters' Pension Trust Fund............. .............,........'.... ,...3 City of Boynton Beach Municipal Firefighters' Pension Trust Fund - TIPS ................................. 8 Governments and Credits ...,..... ,.......,.. ,.............'." .",. ,.".,.....,...,., .,... ."." ,....,. '.",...,.....,....." ".11 Tax-Exempt Bonds..,... ..........,......,..,..,...".,.,...."...,........,.....,.,..."....,.."...."."".,......,......... ..., " 16 Spread Risk Management..,...,.....,..,.....,.....,.,.....,.,......,.........,..,...,.,...,.....,......."..........,....,..... 22 The Last Word....."......................".,..,.......,.....,.,.,..".,....,....,.......,..." .,. 25 . ................................... Disclosure .. .:' ':.I .~ ~ ~ ~ .".;a ,:;) ',~ ~ ;a ~ ~ ~ ~ ~ ~ ~ ~ ':l ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ --- .<j " ~ ~ ~ ~ J, ~ ) l Long-Term Treasury Yields Year-End Data 1865-2010 16 Yields Long-Term 14 Median: 3.4% 12 10 ~ 'C ., >' 8 03/31/2011 Yield: 4.6% 6 _ __ _ _ _ u __ _ _ u__ h _ U~__ U U _ __ _U _ __ __ h 4 2 o 1865 1875 1885 1895 1905 1915 1925 1935 1945 1955 1965 1975 1985 1995 2005 50 Frequency of Observations 40 E 30 30 "T1 m >. .D " C C " III " " .Q C" ~ ~ u. 20 20 10 o <1 1-1,9 2-2,9 3-3,9 4-49 5-5,9 6-69 7-7,9 8-8,9 9-9,9 10-10,9 11-11,9 12-12,9 13-139 14-14,9 Yield (%j Source: From 1865 to 1952, Homer, Sidney, and Richard Sylla, A History of Interest Rates, 4th ed, Hoboken, NJ: John Wiley & Sons, Inc, 2005 is used, from 1953 to present, The Yield Book is used 1 STW 16 14 12 10 -< m 8 c: ~ 6 2 o 50 40 10 o 6lIO - - <CliO '*" I 350 3ClO 250 I 200 150 100 $I) STW Yield Spreads Since 1950 Broad Investment-Grade Credits vs, Treasuries December 31, 1949-March 31, 2011 Yield Spread Long-Tenn Median: 92 bps o o 1850 1954 1958 1962 1966 1970 1974 1978 1982 1986 1990 1994 1998 2002 1952 1956 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2006 2010 2008 Frequency of Observations 125 128 100 o 100 75 75 ." 03/31/2011 Spread: 131 bps <> D , c: " ::> () '< &0 50 ~ 2S 25 o 0-50 51-100 101-150 251-300 451-500 501,550 151-200 301-350 351-400 401-450 201-250 Yield Spread (bps) The Yield Spread graph illustrates the yield spreads between broad investment-grade credits and Treasuries, using quarter-end data; due ~ Increased spread volatility, each quarter's high and low spreads are also graphed from July " 2007 to September 30, ~. The long-term median is calculated using quarter-end data. The Frequency of Observations graph illustrates the yield spreads ~Je~~ro" investment-grade credits and Treasuries for the period indicated, uSing quarter-end data The source of the data ~ '_lhrough 1954 is the Salomon Brothers (formerly Salomon Brothers & Hutzler) Aa rated Utility Bond data, An adjustment ~'0I19 be$is points-the average difference between Aa and A spreads for the subsequent five years-is incorporated in the to account for the difference between the spreads of Aa and A rated utilities, From March 1955 through December 1988, others A rated Utility Bond data is used, From March 1989, the date thIS data was first available, to present, The Yield ~d Option Adjusted Spread for the Citigroup Broad Investment-Grade Credit Index is used Please see the Disclosure efinit.ons, ~ 8eDwll: re, Index 2 ill ., . .. ~ .. iii ~ ~' ~ . . . ~ ;;a ;;a ;I 4 4 ;;t ;a :;a. :;t ~ :;;t :;;t ~ ~ ~ A A A ;A A A A ;:;l ~ CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION TRUST FUND We continue to favor credits, We believe spreads are both historically attractive and supported by good fundamentals. Further, we see good potential demand for a limited supply of short credits. The income and roll that selected credits produce offers similar attraction. Your 22% holding in Treasuries is there primarily to meet your average rating requirement. Your interest rate duration is 4.1 years vs. 3.9 years for your benchmark, the Barclays Capital Intermediate Aggregate Bond Index. Our calculation of your spread duration is 3.1 years vs. 1.6 years for your benchmark. For each ten-basis-point change in spreads between single-As and Treasuries, we estimate your current portfolio to increase or decrease in value relative to the benchmark by about 15 basis points due to spread duration alone. We believe that spreads will narrow. What if they don't narrow? What if a piece of bad news frightens investors? We already have your portfolio enthusiastically invested, so even with its average rating of AA, the minimum required by your guidelines, we believe there is very little room to add spread risk. Billy Williams Rick Rezek April 2011 ~ ~ :A :A ~ ~ 3 .- 589 bps STW Yield Spread and Sector Allocation t various bond e invested in its The graphs The graphs illustrate the spreads between credits and Treasuries, and the allocatio sectors. You would expect that, in general, when spreads are wide the portfolio wo credits and when they are narrow it would have a smaller commitment to cre demonstrate this, Yield Spread Broad Investment-Grade Credits vs, Treasuries 300 300 250 200 I 'Ii i 150 ." 'ii :;: 100 50 0 6/92 250 200 -< n; c: C/l "C 150 " '" a. '- :g ,,~ 100 131 bps 50 o 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 007 2008 2009 2010 The graph illustrates the yield spreads between broad Investment-grade credits and Treasuries, using quarter-end data. Due to increased spread volatility, each quarter's hIgh and low spreads are also graphed from July 1, 2007 to September 30,2009, The source of the data is The Yield Book's published Option Adjusted Spread for the Citigroup Broad Investment-Grade Credit Index Please see the Disclosure for index definitions, Sector Allocation STW Aggregate Composite/City of Boynton Beach Municipal Firefighters' Pension Trust Fund 100 100 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 90 80 70 ~ 60 1j 50 ~ Q. 40 30 20 10 .... City of Boynton Beach Municipal Firefighters' Pension Trust Fund portfolio inception 'Treasuries and issues guaranteed by the US Government The graph illustrates the allocation to various bond sectors, excluding cash equivalents and short.term funds, using quarter-end data 4 STW of Boynton Beach .pal Firefighters' Pension Trust Fund benchmark is the Barclays Capital Intermediate Aggregate Bond 5 Performance Disclosure STW City of Boynto~ Beac~ . Municipal Firefighters Pension Trust Fund Gross of Fee Time-Weighted Total Rates of Return For Periods Ending March 31 , 2011 '0000 Time-weighted total rates of return adjust for contributions and withdrawals, They include both income and change in market value, Past performance is not indicative of future results, Future performance may be more or less than the performance shown, ! The management fee will reduce client returns for performance results that are presented gross of fees, ! STW's fees are determined quarterly and are described in Part II of STW's Form AOV. The following is a ! representative example of the effect management fees, compounded over time, could have on a client's "I portfolio. Assume a ,25% annual fee deducted quarterly from an account with 5% annualized growth will result in a return of 4,7%, while the same account with 15% annualized growth will have a return of , 14.7%, The benchmark is the Barclays Capital Intermediate Aggregate Bond Index, From inception through May 23,2007, the benchmark was the Barclays Capital Government/Credit Bond Index, Any index referenced herein is a fully invested index that includes income and does not include any transaction costs, management fees or other costs, Within the investment-grade universe, portfolios managed by STW differ substantially from the indices presented, including with respect to the number and type of issuers and issues held, sector allocation and material characteristics, It is not possible to invest directly in an index, 6 City of Boynton Beach Municipal Firefighters' Pension Trust Fund STW Characteristics 03/31/2011 ...' "tive Interest Rate Duration ....d Duration Iffective Convexity Rating '" 2.6% 2.7% 1.4% ,9% 4.1 Yrs 3.9 Yrs 3.1 Yrs 1.6 Yrs 2 2 ,15 Yrs -.45 Yrs AA AM · Excludes cash equivalents Distribution 03/31/2011 Type of Issuer (%) - Partfalle) Be 11 ell 111,11 k ..... frqurvalents US Govemments EIov't Sponsored Enterprises Corporates NOh..US Governments .~gages AM_ Backeds tallable Municipals 2 22 o 55 o o 20 2 o 33 7 16 4 40 <1 <1 . Ma~ not add to 100 due to rounding Tille benchmark is the Barclays Capital Intermediate Aggregate Bond Index, SfH'ead duration is an estimate of a portfolio's sensitivity to movements in credit spreads, We have devefoped a measure that combines interest rate duration and ratings with a subjective adjustment fadOr assigned by the portfolio management team to estimate the spread volatility of a bond, 7 :'.. ',~ (~ I........ .~ .~ ....,) ~' ~ ~ ~ ~ ~ ,~ ::A . ::;} :~ ;~ .,~ ,::;l ;::A ;:::l ~ ~ :::;Jl ::A ::::;l ~ ~ ::'::l ~ ~ ~ ~ ~ :? ::> :> :-> :? :-> :-> Performance ooooe Annualized Gross of Fee Time-WeIghted Total Rates of Return 00000 For Periods Ending March 31, 2011 STW City of Boynton Beach Municipal Firefighters' Pension Trust Fund - riPS h:llUU f~ortfo:IO BCflctJl1larl\ Inception (11/30/07) 4.9% 5,0% 2 Years 6.5% 6.7% The current benchmark is the Barclays Capital 1-1 0 Year TIPS Index. :-> Please see the Performance Disclosure for important information, " ... 8 Performance Disclosure STW City of Boynton Beach Municipal Firefighters' Pension Trust Fund - TIPS Gross of Fee TIme-Weighted Total Rates of Return For Periods Ending March 31 , 2011 GiiQOOO Tim&-weighted total rates of return adjust for contributions and withdrawals, They include both income and change in market value, Past performance is not indicative of future results, Future performance I1l8Y be more or less than the performance shown. The management fee will reduce client returns for performance results that are presented gross of fees, 8TW's fees are determined quarterly and are described in Part II of 8TW's Form AOV. The following is a representative example of the effect management fees, compounded over time, could have on a client's portfolio. Assume a .25% annual fee deducted quarterly from an account with 5% annualized growth will result in a return of 4.7%, while the same account with 15% annualized growth will have a return of 14.7%. The benchmark is the Barclays Capital 1-10 Year TIPS Index, This is a fully invested index that includes income and does not include any transaction costs, management fees or other costs, Within the investment-grade universe, portfolios managed by STW differ substantially from the indices presented, including with respect to the number and type of issuers and issues held, sector allocation and material characteristics. It is not possible to invest directly in an index, 9 City of Boynton Beach Municipal Firefighters' Pension Trust Fund - TIPS STW Characteristics 03/31/2011 -.2% -.4% t Rate Duration 5.0 Yrs 4.8 Yrs 2 2 ,18 Yrs .17 Yrs TSY TSY t'1""lValents t yield shown is the yield before adjusting for inflation, Distribution 03/31/2011 Type of Issuer (%) <1 100 o o o o o o 100 o o o o o o log .arelays Capital 1-10 Year TIPS Index. 10 .., ~' ~; ~; '.. '. '. '.. ,.oj . . ~ '~ ,...i -. "4 "4 "4 "4 -~ -.-. -..-.. -~ -.. -4 -.. -..l '.i, '4 -... -... -... -... -..... - .... :..i :... ::..l :;;, :;;, ~ ;::.i ~ . First, let me complain loudly about authors who carry on about the process of writing the paper they are producing. That's their problem, not mine, As a reader, I just care about style and content, not their travails. Now, allow me, this one time, to commit this same offense. A calendar quarter is the period for which custom and guidelines require a report of recent events and prognostication about the course ahead, In reality, the taxable fixed income market for the entire calendar years of 1996 and 2005 barely justified a single word, while for parts of 1981 and 2008, a week was too long to go without thoughtful comment. ONE REPORT, Two AUDIENCES I have already written about most of the subject matter in this quarter's report in one way or another. Heck, I'm even recycling one of the graphs, In the recent past: We have analyzed, hypothesized, strategized and, unfortunately, bowdlerized. For new clients, this recap may be useful in dealing with walking into the middle of the movie. For those who have been on board with STW for a while, the only thing in this paper that I think is the least bit clever is the last section. Those few paragraphs explain the meaning of "economics, the direction of interest rates and everything". You CAN'T HAVE ALL THE ANSWERS IF You DON'T KNOW THE QUESTION In fellow Santa Barbaran Douglas Adams' classic, The Hitchhiker's Guide to the Galaxy, it took a supercomputer 7]12 million years to come up with the "Answer to the Ultimate Question of 'Life, the Universe, and Everything''': It was "42". A simple answer, yet of no practical use whatsoever. The problem was that the question raised to the computer was not a practical one. An even more advanced computer was tasked with discovering the right question, Getting that right is a much tougher problem than coming up with an answer. Ferreting out the question was to take another 10 million years on the new, faster machine. If you ask the straightforward useful question in the first place, you do not need a futuristic supercomputer and 10 million years to come up with the answer. SUPPLY AND DEMAND Every schoolboy knows that runaway government spending, justified or not, has required substantial net issuance of government bonds in order to pay for it. Just five years ago, in 2006, net issuance of Treasuries was $177 billion.] Currently, net issuance in 2011 has been estimated to be $1,341 billion.2 Popular wisdom is that this will result in rises in the general level of interest rates. Not so fast. 1 Source: JP, Morgan, 2 Ibid, 11 I . . . . . , , , . . . . . . . . . . , Ne: ',,_ pp~y of Taxable Fixed IncomE 2004-F2012 2,200 2,200 2,000 Positive Issuance 2,000 1,800 1,800 1,600 1,600 1,400 1,400 Z lil 1,200 1,200 !!. ~ in ., 1,000 1,000 U> 0 C C .. '" ::> :::> 800 800 " '" '" '!2 tfi 1ii 600 600 ~ z 400 400 200 200 0 0 -200 Negative Issuance -200 -400 -400 2004 2005 2006 2007 2008 2009 2010 F2011 F2012 . Governments . Creldlts Net supply is total gross issuance less redemptions, The information provided for 2011 is partly and 2012 is entirely a forward-looking projection, Actual net supply may be higher or lower for these periods, Governments include: Treasuries, Agency Debt and Agency MBS Credits include: Investment-Grade Corporates, High Yield Corporates, Emerging Market Corporates, Build America Bonds, Non-Agency MBS, CMBS, ABS and CLOs Source: J,P, Morgan Corporations are cleaning up their balance sheets and exhibiting bondholder-friendly behavior, meaning reduced need to issue debt. Whole sectors are disappearing from the credit market-non-agency RMBS and credit card and auto ABS, for example. Net issuance of credits this year is expected to be just $250 billion.3 This compares with $1,232 billion in 2006.4 At the same time, there is plenty of potential demand for investment-grade credit, including: · In the long end, liability driven investors-with pressure toward narrowing of spreads and possible downward force on the long end of the corporate bond yield curve · In the short end, yield-starved investors-with likely continued compreSSIOn of spreads m short maturities 3 Ibid 4 Ibid. 12 .. ,~ .. .. ~ ~ ~ ~ 4 4 -i . ~ ~ ~ ~ ~ ~ .... 01 ili iit ~ it. it i& a , . . . ~ . . . WHAT'S THE NET RESULT? In aggregate, when you add up taxable credits and governments, total net issuance of taxable bonds hasn't changed much over the past several years. The net issuance story-lots of Treasuries, not much in credits-we see as more an argument for narrowing credit spreads than one for generally rising interest rates. Of course, we have no forecast for the direction of long-term interest rates. What could temporarily muck things up is that investors may still be gun-shy from their painful 2008 experience and react poorly to a confluence of bad news. If it happens, it will be a chance to dial up the risk a little and seize the opportunity to buy bonds at new wider spreads. There has been some bad news on which to focus, The recent events in Japan, revolutions in North Africa, continued fiscal stresses on the European periphery, large budget deficits and now S&P's negative outlook on the AAA rating of the United States of America. But so far we haven't seen that risk-averse behavior showing up in the markets at all: just spreads slowly but relentlessly grinding in. In two basis points yesterday, out one today, flat tomorrow, in one basis point YIELD SPREADS (BPS) 12/31/10 01/31/11 02/28/11 03/31/11 Merrill Lynch 1-3 Year Corporate Index, 100 94 82 81 A rated and above Citigroup Broad Investment-Grade 145 139 131 131 Credit Index Barclays Capital Long Corporate Index, 144 141 136 140 A rated and above Source: Merrill Lynch, The Yield Book and Barclays Capital Those great relative and absolute returns that were available in 2009 and that came from hundreds of basis points of narrowing can have a way of messing with your head. For example, 14 basis points of narrowing between the Citigroup Broad Investment-Grade Credit Index and Treasuries over the quarter, plus 200 basis points of extra annual yield to start off with, is nothing to sneeze at. 5 Over the quarter, the Citigroup Broad Investment-Grade Credit Index outperformed the Citigroup Broad Investment-Grade Treasury Index by 101 basis points. 6 5 Source: The Yield Book 6 Ibid, Please see the Disclosure at the end of this Summary Report for a full description of all indices referenced within this paper. 13 .. 'lII ~ .. .. .. . ... ... ... 4 ~ :.. :.. :.. .. .. ~ .. .. 4 :.ill .. :.. ~ .. .. 4 -.. ;;.t :.... :.... :.... :... :... :... ::... :;.., :;., :;;II J ;:,;, . . We continue to believe spreads between investment-grade credits and Treasuries are attractive. They aren't what they were two years ago, but they are still wide on a historical basis, with fundamentals and technicals on their side, A BOLT FROM THE BLUE OR, SHOULD WE SAY, OUT OF THE RED STATES I was surprised at how much the focus seemed to grow in the '80s on issues that could not be well- forecast, such as the level of inflation, the long-term growth of the economy, the direction of interest rates, outguessing the Fed and all the rest. What has been consistent over time is: and allow me to repeat, you know, dam it, you never know. After WWII, there was the scramble to buy long-term Treasuries because Treasury bonds were going to vanish. Why would the government issue long-term Treasuries if there weren't a war going on, right? The federal surplus that coincided with the Clinton administration sparked the popular forecast of the disappearance of Treasury bonds. How many believed the "new-paradigm" was a "new-illusion"? Now, as we are about to choke to death on Treasuries, here comes the Tea Party and Paul Ryan, We too often ask all the wrong questions. "ASSETS, THE LIABILITIES AND EVERYTHING" This is the question: What is the best use for investment-grade bonds in your portfolio? Ever since 1981, the question has not even been: "Which way are interest rates going?" In my experience, it's more often been the statement: "Since interest rates are going up . , ." The answer, oddly, has been to bundle economic and interest rate forecasts into the investment-grade bond allocation and check any thought of liabilities at the door. If that were not true, then why has the typical pension fund with known long-term liabilities, and foundations and endowments with spending budgets strung out as far as the eye can see, invested most of their fixed income using the Lehman, now Barclays, Aggregate or similar intermediate duration benchmark? Why for the past three decades have so many wealthy private investors gladly sacrificed income and protection against reinvesting at lower rates in long-term, perhaps even intergenerational funds because they "don't want to lose money"? The examples could go on. Each generation has its own special folly. My recollection of the '70s was that there was frequent extension of maturities beyond the investment problem at hand, to "pick up yield". Free money from going out the yield curve, Well, 1979 sure put a hitch in that get-along. It's rarely articulated in this way, but: Where did the idea come from that bond portfolios are there for the important purpose of living out and benefiting from interest rate and other economic forecasts? I propose the nai"ve strategy of separating fixed income investing from interest rate prediction. 14 .. . .. ~ .. 41 ~ ;) ~ ;a iii .. Ij ;it ;I ;it I) . I) Ii lit It it il fit ~ i.t ~ ~ i i i ~ ~ t it ~ ~ . ~ , . t A FINAL QUESTION How about investment-grade fixed income to payoff what is owed now and in the future and making Fed watching, economic and interest rate bets separately? This can easily be done in the derivatives markets. This way, the interest rate bettor can get full credit for getting it right. Since "everyone knows interest rates are certainly going to rise," what better time to follow this two-part strategy? How many would dare to make an acknowledged duration bet in the futures market anywhere near the size that is implicitly made when the Barclays Aggregate benchmark is used in a typical defined benefit pension plan? Do I need a supercomputer and millions of years to come up with that answer? Billy Williams April 2011 15 ".. ... .., .. .. ~ ~ ~ ~ ~ ~ '~ ~ '~ -~ -- -- - - .it .. .. .. d .. .. III it ..1 III i It , It I , . , . The municipal bond markets are currently in a state of torpor, Issuance is down from last year, and fund flows remain negative. However, this has been countered by some evidence of fundamental improvement and increased willingness from state and local governments to take the necessary steps to address budgetary problems, Over the quarter, tax-exempt municipals actually posted modest but positive excess returns relative to Treasuries. In our view, longer-dated tax-exempt valuations continue to look compelling. THE SKY Is NOT FALLING Meredith Whitney's dire prediction of hundreds of billions of dollars in defaults over this year has so far fallen quite short of its mark. According to Merrill Lynch, only $237 million in municipal bonds have defaulted on debt service payments in the first quarter of2011.1 To put it in context, this amounts to less than 0.01% of municipal bonds outstanding,2 Nothing like the terrifying prognosis that unnerved the markets late last year. In addition, if we scratch a little below the surface to examine the profiles of the issuers who actually defaulted, all are the types of issuers in which STW does not typically invest for its clients. Profile of Recent Munl Defaults Special Assessment Healthcare 48% 41% Economic Development Revenue Housing Leasing 7% 2% 2% Source: Bloomberg, Bank of America Merrill Lynch and STW Although we would not be surprised to see the volume of defaults for 2011 continue, we expect it to be significantly less than the record levels experienced in 2008.3 A long way from hundreds of billions. In addition, we believe the defaults will not be focused on the GO, essential service and revenue debt in which we typically invest. 1 Source: "Dearth of Supply", Bank of America Merrill Lynch, Apri/1, 2011. 2 Source: SIFMA, Q4 2010 3 Source: Bloomberg 16 ~ '.' '. '. .. ... .. .. .. .. .. ~ iI iI ia it it FEAR STILL TRUMPING FUNDAMENTALS It seems mom and pop are still spooked by what they read in the papers or hear on CNBC According to the Investment Company Institute, the withdrawals from municipal bond funds we saw in the fourth quarter of201O continued throughout the first quarter of2011, amounting to $19.8 billion.4 These outflows are somewhat mitigated by the continued negative net issuance within the tax-exempt market. According to Barc1ays Capital, net issuance for the first quarter was negative $36.3 billion. Barc1ays' projection for 2011, adjusted for STW's estimate of coupon payments, is negative $114.8 billion for the year. This would be the fourth consecutive year of negative net supply. - Net Supply (,t 1 dX' Exempt fIxed lnc.omp 1998-2011* 140 140 120 Positive Issuance 120 100 100 80 80 60 60 40 40 iD z ~ ~ 20 20 ;;; ., '" u c: c: 0 0 III '" => => (') '" '" !!! -20 -20 z; Q; z ~ -40 -40 -uO -60 -80 -80 -100 -100 -120 Negative Issuance E -120 -140 -140 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011. t, t tl t I Net supply is total gross issuance less redemptions, The information provided by Barclays Capital for 2011 is partly a forward-looking projection and has been adjusted by STW for its estimate of COupon payments, Actual net supply may be higher or lower for this period, "Estimate Source: Barclays Capital and STW The market is giving little credence to the tentative signs of fundamental improvement. According to the Census Bureau, state and local taxes continue to rebound, Although property taxes will impact revenue for the foreseeable future, an improving economy and labor markets will remain beneficial in the form of increasing personal income and sales taxes, Municipal tax revenues and finances tend to lag but are strongly correlated with the broader economy, 4 Source: Investment Company Institute, March 30, 2011, 17 II . I I it I I I It I I !' QU3t"U IV 'I d:> R('vcnue Cnanges. "ear over Year 2008-2010 6 4 6 4 2 2 It< ,., ~ 0 .. C> C ~ -2 u .. '" ~ -4 > .. ll:: x ~ -6 o o;i x ;lJ " -2 C'i " C <D (') -4 ~ " 10 <D -6 ~ ~ ! It "" It . It "" -8 t "j -12 -8 It W' It iiJI -10 It '" ~~ ~~ W~ ~~ ~~ ~~ W~ ~ 09 Q1 10 ~ 10 Q310 ~ 10 -12 t . if Source: The Census Bureau ~ ~ ~ t The political rhetoric appears to be moving toward some discipline on expenditures. It appears no entitlement benefit or program is sacrosanct any longer. Some may view the political battles taking place across state capitals from Madison to Columbus as indicative of the difficult times faced by our country, However, the fiscal prudence sweeping across state and local governments should be viewed as a positive. Unpopular measures such as the personal and corporate income tax increases in Illinois, or Wisconsin's controversial legislation to restrict collective bargaining power, are recent examples of this. As well as fiscal discipline, better disclosure is also becoming more prevalent. We think all will be ultimately beneficial for the market. RETAIL VS. INSTITUTIONAL - TELLING A DIFFERENT STORY The fear exhibited by muni bond fund shareholders was not a sentiment that was shared by the institutional market. This was exemplified in the taxable municipal BABs sector which, during the quarter, was the best-performing sector within the investment-grade credit market. We believe this dichotomy was partly due to the expiration of the Build America Bonds program, which altered the supply and demand dynamic in the two markets. However, our belief is that the institutional market is assessing municipal credit quality more rationally than the tax-exempt market. 18 ., '. of ~ 'f ... ~ ,~ ~ ~ ~ ~ ~ Below are yield changes for 30-year California state general obligation bonds in both the tax-exempt and taxable (BABs) markets. Based on fundamentals alone, these should move largely in unison as they are identical credit risks. As you can see, this was not the case in the first quarter. The much smaller, less liquid and more headline-driven tax-exempt market performed significantly worse. This is clearly an inconsistency. YIELDS OF 30-YEAR CALIFORNIA GENERAL OBLIGATIONS: TAX-EXEMPT AND BABs MARKETS "'\ ., 30 YE'dl CAGO 12/31/10 03/;1/11 ChcmgemVleld ~ Tax-Exempt 5.7% 5.8% + 10 bps -40 bps ~ BABs 7.2% 6.8% ~ ~ ~ ~ ~ ~ ~ ;, ~ ;, Source: Standard & Poor's Rather than reacting to every sensationalist media headline, institutional investors are looking at municipals in the light of their individual inherent strengths and gradually improving fundamentals. This is not a generic market. - ., IT'S VALUE THAT MATTERS, NOT HEADLINES So what about the valuations? We view the net implied tax rate as a useful number for describing the relationship between taxable and tax-exempt bonds. It tracks this relationship through history and incorporates changing tax rates. Based on this measure alone, current levels appear to be close to the cheapest valuations of municipals versus taxable bonds in over 20 years. - " - " .. " .. " .. '* .. " .. ", .. ", ,. " .. - .. ~ ", ~ ~ ~ " . . 19 I . I I I I I I . t I t t ~ ~ ~ ~ ~ t Maximum 1 Idlvldual Tax Rate it'~s I mpll..:d Tax Rat< 25 30-YEAR AAA MUNICIPALS VS. COMPARABLE CREDITS 25 20 Tax-Exempts Cheaper ... 22.7% 20 15 15 0 e:. :;: " '" ~ " ::> c: " '" " ~ '" ?f!. c5 10 10 Taxables Cheaper 5 5 o 0 3/88 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Data is through 03/31/2011, Please see the Disclosure for information regarding the calculation of the Maximum Individual Tax Rate less Implied Tax Rate graph, The yield curve is still extraordinarily steep, reinforcing our preference for longer maturity tax-exempt bonds where appropriate. At quarter end, the difference in yield between longer-dated municipal bonds and those at the one- to three-year maturities was about 430 basis points,5 We still consider the shortest maturity tax-exempt bonds to offer only ordinary value. At the end of the quarter, after 35% federal income tax where applicable, one- to three-year Treasuries yielded 0.5%, one- to three-year corporates 1.2% and one- to three-year munis 1.1 %.6 Our preference is for short corporates where fundamentals and technicals remain favorable. 5 Based on the yields of the Merrill Lynch 22+ Year Municipal Bond Index and the Merrill Lynch 1-3 Year Municipal Bond Index as of March 31, 2011, 6 Based on the yields of the Merrill Lynch 1-3 Year Treasury Bond Index, Merrill Lynch 1-3 Year Corporate Index and Merrill Lynch 1-3 Year Municipal Bond Index as of March 31, 2011, Please see the Disclosure at the end of this Summary Report for a full description of all indices referenced within this paper. 20 .) .) .} .. ~ .. ;j) ~ ~ iI ~ ~ ~ ~ , . . . . . . BEING A VALUE MANAGER RARELY MAKES You POPULAR It is likely that sentiment and headlines within the municipal market will remain a drag. In our experience, interesting investments rarely arise at times of overt optimism. Simply put, we are not subscribers to the pessimism expressed through the massive fund outflows. We view this as a great opportunity to invest in good-quality, longer-dated tax-exempt muni bonds. Julio Bonilla Neil Sutherland April 2011 21 STW's SPREAD DURATION Within our investment-grade universe, spread duration is central to the management of risk and opportunity, It is also a very good communication tool. In common parlance, "duration" typically refers to interest rate duration, which estimates a bond or portfolio's sensitivity to changes in interest rates. Spread duration is an estimate of a bond or portfolio's sensitivity to movements in credit spreads. We use spread duration to gauge the expected price return of a portfolio and its individual bonds relative to other bonds or benchmarks as spreads change. STW's spread duration calculation incorporates three factors: . Interest Rate Duration . Agency Ratings . Sensitivity Adjustment Factor (SAF) The SAF is a subjective factor assigned by STW's portfolio managers. We believe it provides more useful results than typical measures based on rating and duration alone. At times, certain individual bonds can predictably show very different spread volatility characteristics than others within the same rating category. Se(tHI~Y Spread DuratIOn Interest Rate Duration x Rating Coefficient x Sensitivity Adjustment Factor MANAGING SPREAD DURATION , During periods of significant spread volatility, our management of a portfolio's spread duration takes on increased importance relative to that of interest rate duration. The recent spread cycle shown below provides an example. As you may expect, during times of wide and volatile spreads, we extended spread duration relative to the benchmark. When spreads were narrow and stable, we reduced it. 22 .. it I It it it it it it it it I I I it it it it I . . , . , . . , , Jt ~ ~ " " -,' "i y ,f'l~ ~,pr E cld and Excess Spread Our atlOrl YIELD SPREAD: LONG-TERM CORPORATES VS. TREASURIES EXCESS SPREAD DURATION: STW LONG GOVERNMENT/CREDIT COMPOSITE VS. BENCHMARK 500 50 8 450 6 400 350 4 m )< n (\) '" '" U> -0 iil II> C. o c: ~ i5 => -=< ~ U> c. 300 e -0 IV l!! 250 c. Vl -0 'ii 200 >= 2 o 150 ~2 100 -4 ~6 o 12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 3/11 The benchmark for the Long GovernmenUCredit Composite is the Barclays Capital Long GovernmenUCredit Bond Index. Data is through 03/31/2011, Please see the Disclosure for important information, MIXING TAXABLE CREDITS AND TAX-ExEMPT BONDS Taxable bonds are the typical fixed income investment for investors not subject to income tax. Tax-exempt municipal bonds are home base for most US taxpayers. We, however, consider taxable bonds for tax-exempt investors and tax-exempt bonds for taxable investors when we believe they offer value. This is a defining characteristic of our total return management. '1 " 'J r! f ~ j<. Tax-exempt municipals exhibit a low level of correlation with taxable credits, Put another way, tax- exempt bonds often zig when taxables zag, and vice versa. This diversification effect results in the portfolio's return due to spread change being less volatile than predicted by the sum of the spread durations of the individual bonds. We, therefore, must adjust our spread duration estimate at the portfolio level by a diversification factor, allowing us to better estimate the price return sensitivity of a portfolio due to changes in municipal and corporate spreads. Ii ,. r> ~ ! Please see the Disclosure at the end of this Summary Report for a full description of all indices referenced within this paper. . 23 .' ... .. 4 ... 4 ,~ ,~ ~ 4 4 ~ d a a d The diversification factor for a portfolio is based on the relative contribution to spread duration of the tax-exempt municipal bonds and the taxable credits in the portfolio. The estimated reduction in spread duration due to this factor is greatest when the contribution to spread duration is equally split between tax-exempt munis and taxable credits. It is important to remember that spread duration is a powerful and useful portfolio management and communication tool. It is, however, imperfect. We believe accounting for the diversification effect of tax-exempt bonds is a practical step in improving the descriptive value of spread duration. Billy Williams April 2011 d d d ~ -. -. ~ ~ ;.- ;..c ;.- .. .. .. .. .. .. - 4 24 .. . .. .. .II ~ .. iii iii iii ;I ;I ~ a ~ ~ ~ ~, ~ ~ :! ~, ~ ~ ~ l l DOUGLAS ADAMS ON PORTFOLIO MANAGEMENT ON PORTFOLIO CONSTRUCTION: "A common mistake people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools. " ON HISTORICAL ALPHA: "He attacked everything in life with a mix of extraordinary genius and nai've incompetenceJ and it was often difficult to tell which was which." ON LEARNING FROM PAST MARKETS: "You live and learn. At any rateJ you live." ON MANAGING CORPORATE BONDS IN 2008: "Nothing travels faster than the speed of light with the possible exception of bad news, which obeys its own special laws. 1/ ! ~ i i , i i . , , ON DECLARATIONS THAT AAA RATED BONDS ARE SAFE: "Ah, this is obviously some strange usage of the word 'safe' that I wasn't previously aware of. 1/ 25 it ~ ~ ~ ~ ~ ~ ! ~ ! ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ I STW Disclosure The information contained herein is confidential and is intended only for the client referenced herein and the client's authorized representatives and advisors, If you are not the intended recipient of this report, please alert STW and disregard this presentation, There can be no assurance that any portfolio or strategy will meet its investment objective. Investing in the bond market is subject to certain risks including market, interest-rate, prepayment, issuer, credit and inflation risk, Past performance is not indicative of future results, Future performance may be more or less than the performance shown, The papers contained herein represent the opinions of the authors as of a certain point in time and are subject to change without notice, These papers are distributed for educational purposes only and do not represent a recommendation of any particular strategy, security or investment product. None of the information presented should be construed as forecasts of future events, guarantees of future results or investment advice, No part of the papers may be reproduced in any form or referred to in any other publication without the express written permission of STW, References to specific securities and their issuers are for illustrative purposes only, are not intended and should not be interpreted as recommendations to purchase or sell such securities, STW mayor may not have purchased the securities referenced on behalf of its clients and, if such securities are held by STW's clients, no representation is being made that such securities will continue to be held, Specific securities identified or described that may be held in portfolios managed by STW do not represent all of the securities purchased or sold by STW on behalf of its clients or otherwise recommended by STW, The reader should not assume that investments in such securities were or will be profitable, Certain information contained herein has been obtained from sources believed to be reliable or is based on proprietary research and is not guaranteed, For any estimates referenced, actual figures may be higher or lower than those presented, Maximum Individual Tax Rate less Implied Tax Rate The data for the Maximum Individual Tax Rate less Implied Tax Rate graph is calculated as follows: Maximum Federal Individual Tax Rate - (1 - (Municipal Bond Yield / Credit Bond Yield)), The Municipal Bond Yield is representative of the yield of a 3D-year AM non-callable state GO bond obtained from STW's High-Grade Scale, The STW High-Grade Scale uses data derived from the Municipal Market Data scale and adjusted for callable features, The Credit Bond Yield is equal to the sum of the yield on a 20-year Treasury bond obtained from The Yield Book and the spread of a comparable credit. From December 31, 1996 through present, the spread of the comparable credit is the option adjusted spread (OAS) of the Merrill Lynch 15+ Years AA-AM Rated Industrials Index, From inception through September 30, 1989, the spread of the comparable credit is equal to the difference in yield between the Citigroup 30 Year Long Term New AM Industrials Index and the Citigroup 30 Year Treasury Index as provided by The Yield Book, From December 31, 1989 through September 30, 1996, the spread of the comparable credit is equal to the OAS of the Barclays Capital Long AM Rated Credit Index, Spread Risk Management - Yield Spread and Excess Spread Duration Graph Yield Spread: The red line on the graph illustrates the yield spreads between long-term investment-grade credits and Treasuries, using quarter-end data, Due to increased spread volatility, each quarter's high and low spreads are graphed from July 1, 2007 to September 30, 2009, The source of the data is Barclays Capital's published Option Adjusted Spread for the Long Corporate Index, A rated and above, Excess Spread Duration: The bars on the graph illustrate the excess spread duration of the STW Long GovernmenUCredit Composite relative to its benchmark, the Barclays Capital Long GovernmenUCredit Bond Index, Spread duration is an estimate of a portfolio's sensitivity to movements in credit spreads, We have developed a measure that combines interest rate duration and ratings with a subjective adjustment factor assigned by the portfolio management team to estimate the spread volatility of a bond, STW uses effective duration in calculating excess spread duration, 26 I .. .. lit - fit lit . .. it . at at ;at .. .....' jII at a .... '" :ii :;, ;, ~ ~ ~ ~ D ill ~ STW Index Definitions Any index referenced herein is a fully invested index that includes income and does not include any transaction costs management fees or other costs, Within the investment-grade universe, portfolios managed by STW differ subs~ntiallY from the indices presented, including with respect to the number and type of issuers and issues held, sector allocation and material characteristics, It is not possible to invest directly in an index. Barclavs Capital Lona AAA Rated Credit Index The Barclays Capital Long AAA Rated Credit Index is a broad bond market index covering the US investment- grade fixed corporate bond market. The index consists of publicly issued credit and specified foreign debentures and secured notes. All securities must have at least ten years to maturity, have a minimum rating of AAA by at least two of the following ratings agencies: Moody's, S&P and Fitch and be dollar-denominated, fixed rate and nonconvertible. Barclavs Capital Lona Corporate Index. A rated and above The Barclays Capital Long Corporate Index, A rated and above, is a broad bond market index covering the US investment-grade fixed corporate bond market. The index consists of publicly issued corporate and specified foreign debentures and secured notes, All securities must have at least ten years to maturity, a rating of at least A3/A- by at least two of the following ratings agencies: Moody's, S&P and Fitch, and be dollar-denominated, fixed rate and nonconvertible, Barclavs Capital Lona GovernmenUCredit Bond Index The Barclays Capital Long GovernmenUCredit Bond Index is a bond market index covering the US investment- grade fixed corporate and government bond market. The index consists of publicly issued corporate, US government and specified foreign debentures and secured notes. All securities must have at least ten years to maturity and be rated investment-grade by at least two of the following ratings agencies: Moody's, S&P and Fitch, and be dollar-denominated, fixed rate and nonconvertible, Citiaroup 30 Year Lona Term New AAA Industrials Index The Citigroup 30 Year Long Term New AAA Industrials Index consists of US and non-US corporate industrial securities, All securities must be fixed rate, have at least 30 years to maturity and have a rating of AAA by either S&P or Moody's, CitiarouD 30 Year Treasury Index The Citigroup 30 Year Treasury Index consists of all public obligations of the US Treasury and all securities guaranteed by the US government. All securities must have at least 30 years to maturity, CitiarouD Broad Investment-Grade Credit Index The Citigroup Broad Investment-Grade Credit Index consists of US and non-US corporate securities, US government guaranteed securities, and non-US sovereign and provincial securities, All securities must be fixed rate, have at least one year to maturity and have a minimum rating of BBB-/Baa3 by either S&P or Moody's, CitiarouD Broad Investment-Grade Treasury Index The Citigroup Broad Investment-Grade Treasury Index consists of securities issued by the US Treasury and securities guaranteed by the US government (US agency and supranational). All securities must be fixed rate and have at least one year to maturity, 27 t ~ ~ ~ ~ ~ ~ :; ~ ~ ~ ~ ~ ~ I I l STW Merrill Lynch 1-3 Year Corporate Index The Merrill Lynch 1-3 Year Corporate Index is a market-capitalization-weighted index including all US-dollar- denominated investment-grade corporate debt publicly issued in the US domestic market with maturities greater than or equal to one year and less than three years, Qualifying securities must have an investment-grade rating (based on an average of Moody's, S&P and Fitch) and an investment-grade country of risk (based on an average of Moody's, S&P and Fitch foreign currency long-term sovereign debt rating), Merrill Lynch 1-3 Year Corporate Index, A rated and above The Merrill Lynch 1-3 Year Corporate Index, A rated and above, is a market-capitalization-weighted index that includes all US-dollar-denominated investment-grade corporate debt publicly issued in the US domestic market with maturities greater than or equal to one year and less than three years. Qualifying securities must have a rating of at least A3/A- (based on an average of Moody's, S&P and Fitch) and at least an A3/A- rated country of risk (based on an average of Moody's, S&P and Fitch foreign currency long-term sovereign debt rating). Merrill Lynch 1-3 Year Municipal Bond Index The Merrill Lynch 1-3 Year Municipal Bond Index is a market-capitalization-weighted index that includes all US- dollar-denominated investment-grade municipal debt publicly issued in the US domestic market with maturities greater than or equal to one year and less than three years, Qualifying securities must have an investment-grade rating (based on an average of Moody's, S&P and Fitch), Merrill Lynch 1-3 Year Treasury Bond Index The Merrill Lynch 1-3 Year Treasury Bond Index is a market-capitalization-weighted index including all US Treasury notes and bonds with maturities greater than or equal to one year and less than three years, Merrill Lynch 15+ Years AA-AAA Rated Industrials Index The Merrill Lynch 15+ Years AA-AAA Rated Industrials Index is a market-capitalization-weighted index that includes all US-dollar-denominated investment-grade industrial debt publicly issued in the US domestic market with maturities greater than or equal to 15 years, Qualifying securities must have at least a AA rating (based on an average of Moody's, S&P and Fitch) and a AA rated country of risk (based on an average of Moody's, S&P and Fitch foreign currency long-term sovereign debt rating), Merrill Lvnch 22+ Year Municipal Bond Index The Merrill Lynch 22+ Year Municipal Bond Index is a market-capitalization-weighted index that includes all US- dollar-denominated investment-grade municipal debt publicly issued in the US domestic market with maturities greater than 22 years. Qualifying securities must have an investment-grade rating (based on an average of Moody's, S&P and Fitch), 28 ~rWF Capital, LLC . 101 Park Avenue, New York, NY 10178-0008 (212) 867-5000 Fax (212) 922-1820 www.atalantasosnoficom if:) 7986 Andy Warhol April 4, 2011 Ms. Barbara LaDue Adminstrator Boynton Police & Fire Pension Funds 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Dear Ms. LaDue: Although we underperformed in the first quarter, it is important to understand the portfolio's progression over the months. Entering the year with the central theme of a self-sustaining economic expansion, the portfolio tilted towards a pro-economic growth construct. Performance was on track until political unrest spiked oil prices in mid-February, After the resulting setback, relative performance picked up in March. To be sure, there are plenty of negatives to worry about. Not the least is the spiking of spot oil quotes in the futures markets, Both housing starts and home prices are profoundly depressed, but haven't impacted consumer confidence. The latest employment statistics on new job creation are encouraging, rising even in the manufacturing sector. At its bubble top late in 2006, home construction accounted for 7 percent of GDP. Today it runs around 2 percent of GDP so it's questionable whether it can depress GDP much more. Home starts run under 300,000 units versus a normalized 1.2 million, which is where family formations stand currently. The automobile industry also supports our economic self generating thesis. Despite high unemployment and four dollar pricing on high octane gasoline, the March selling rate ran over 13 million. This is way above the early 2009 depression of under 9 million units, but still 3 million units below a normalized run rate for the industry of 16 million cars. This is based on the scrappage rate of the existing car population which currently is still below trend but rising. Other supportive leading indicators show the diffusion index from the Business Roundtable on the employment outlook with record stats going back to 2002, Their capital expenditures outlook also shows a notable pickup, which correlates with the positives on employment. We don't discount the inflationary impact of higher energy and agricultural commodities that will begin to work through the world economy in corning months, Central banks in Europe and the Far East, including China and Korea, are tightening. Meanwhile, the Bank of Japan is aggressive with liquidity injections. Their economic contraction could be considerable in the manufacturing sector this year. The government there is even considering a reconstruction tax, a big mistake in our judgment. Meantime, the internal debate for a change in Federal Reserve Board policy emphasis grows louder. We expect QE2 to run its course by June. Further, negative real interest rates in the money market could end sooner than expected, possibly by yearend. Our expectation is 10- Year Treasury yields, currently at 3.3 percent work higher, maybe reaching 4.5 percent over the next 12 months. We don't inventory any long term Treasury or agency paper, but do hold higher yielding corporates in balanced accounts. So far this year, their performance is positive. The country remains in a yield starved condition. Even 10- Year Treasuries at a 4.5 percent yield level is not a material negative for equities. Historically, over a 50-year time span the market has sold at a mid-teens price earnings ratio when Treasuries yielded 4.5 percent. Because we don't see any wage inflation in the country for years to come, the Core Consumer Price Index will work higher but not run off the charts, maybe reaching 2,5 percent over the next 12 months. The impact of the weak dollar will push imports prices higher and impact our balance of trade negatively, specifically from much higher prices on oil imports, These are negatives that we cannot ignore, but if oil peaks near the current level, its impact on consumer confidence and personal consumption expenditures won't be a serious negative. So far, consumers are spending and the savings rate seems to have peaked at 6 percent of personal income. If personal consumption expenditures maintain their run rate at 3 percent, GDP will grow in excess of 3 percent going forward from the snow depressed March quarter even with a higher negative balance of trade. The Fed has to think twice about removing the punch bowl of low interest rates. Even with the depressed housing sector, family wealth in the country has recovered meaningfully with the stock market nearly 100 percent above its March 2009 low, We never believed QE2's policy objective was to lower long term rates on Treasuries. The undisclosed agenda was to restore personal wealth and in this it was pre- eminently successful. The country, particularly the Federal government and households, remain alarmingly leveraged by historical comparisons. Low interest rates did keep debt service for the government very low despite what looks like trillion dollar deficit surges in 2010 and 2011. The administration needs rising tax revenues this year and next to at least contain the deficit before a long term policy construct is agreed upon by the Administration and Congress, The weak dollar certainly helps keep the country competItIve worldwide and is manna for our big capitalization multinational corporations, but sooner or later China and Euroland will blow the whistle and stop inventorying our external national debt. Our interest rates must soar then. Hopefully, this day never arrives. The Obama administration must corne up with a credible plan for deficit reduction within the next 12 months. We'll see! We all know the excesses in the past downturn rested in the hands of consumers and the financial sector. These negatives peaked last year and are accounted for. The U.S. banking system is brimming with excess liquidity and meets Basel III guidelines for capital adequacy. Corporations are flush with capital and excess cash flow. Deal activity is picking up, a plus factor for the market. Capital spending could show some life, too. We expect corporate earning power to grow at least 10 percent this year and in 2012 unless oil spikes well past $120 a barrel. Corporate profit margins already have fully recovered to their late 2006 level. Our portfolio construct evolves on several fronts. We've increased weightings in energy and natural resources, overweighted there-in relative to our benchmark indices, High secular growth properties like Amazon and Baidu perform well. We are taking some of our Apple position off the table due to its performance resulting in an outsized weighting and an anticipated lull in new product innovation. What we like about oil stocks is that they aren't as yet discounting more than a $95 barrel clearing price for oil this year. We're at $105. In summary, interest rates and inflation remain on the low side in their historical context. The consumer is back spending. Corporations gain in confidence, hire and consider investing in capital goods. The housing market bottoms out. The cash flow available for equities on the part of the public and institutional investors is considerable, possibly in excess of $3 trillion, enough to propel the market higher. Equities are the preferred investment sector in the foreseeable future. With all good wishes, ~.?~ Martin T. Sosnoff G-j S;t4 Craig B. 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N N -.l -.J 00 v..l ~'"+:.0\0\00 00 .j::.-O'INN -.J NVI.j::.\ov..l 010 - 0 0 ~IO\J1~OVl \0 O-.JNO\O 10 = ~ = - ... - '-< r.rJ ~ r') = ::3. - '-< I~ ~ r"':le " = [IJ ... - - ~::: ., ~ .., ., r') ~ ~ ~ - r"':li-3 " " [IJ S" -- <a: ~ ~ =* ~ ~ - ~e ~ = ... ., ?-~ " N [IJ ~ [IJ Q" 1-< Q i-3 ., ., I ~ g; - ~ n n o c:: Z i-3 ... \C QO ~ ~ 'i:l o :;0 .....J 'Tj o l' ...... o ::r: o l' o Z Cl C/l e=I o -< Z i-3 o Z e=I t'!'l > r"':l == ~ - ~ t'!'l ~ - ~ == ~ t'!'l ~ r.rJ ~ t'!'l Z rI.l - o z ~ t"" ~ Z ::: :.:I ., r') ::r ~ ~ N Q ~ ~ Boynton Beach Firefighters' Pension Plan Compliance with Guidelines 3/31/11 1. Securities must be traded on a National exchange or electronic network. YES 2, No more than 10% in foreign securities (including ADR's). YES 3. No more than 20% in cash and cash equivalents. YES 4. No more than 5% in any issuer at time of purchase. YES 5. No more than 5% of the outstanding shares of any company. YES 6. None of the following prohibited assets or transactions: YES Short Sales Future or Options Margin Purchases Direct Commodities Illiquid investments, as described in Chapter 215.47, Florida Statutes. Direct Investment in "Scrutinized Companies" identified in the periodic publication by the State Board of Administration. Conclusion: The portfolio is in compliance with all investment policy guidelines as of quarter-end, ""r ~~;. SALEM TRUST COMPANY April 8, 2011 Boynton Beach Firefighters Pension Plan c/o Barbara LaDue Atten: Luke Henderson 1500 Gateway Blvd., Suite #220 Boynton Beach, Florida 33426 Re: Annual Relationship Review Dear Chairman Henderson: It is important that I begin my letter with a sincere thank you to you and your fellow trustees for the opportunity to provide your pension plan with the important custodial products and services that are necessary to its' success. We hold your relationship with us in the highest regard and we remain committed to do everything possible to ensure the success of our relationship. It has been 11 years since we became your custodial services partner. It is amazing to me how the world of pension fund management has changed during this time. Today, successful pension plans require their service providers to deliver more and better quality products and services. We at Salem Trust are proud of our commitment and our performance in responding to the needs of your plan. On an annual basis, we review each client's relationship to determine the appropriateness of the service levels we are providing their plan and compensation we receive. Our recent review of the level of services being utilized by your plan is greater than what was contemplated in 2004, when we established the current fee arrangement. Weare proud to inform you that the increased costs in providing your plan with these higher levels services are being offset by a combination of increased efficiencies, the most significant of which is being generated by new technology. Accordingly, we are able to honor the existing fee arrangement for an additional year. Once again, thank you for your business and we look forward to our continued relationship and being apart of the success of your plan. "&.~ M. Russo, RP A Vice President & Regional Manager ]iEERFIELII ",EAU TAl\1I'A 4"'5 F.\IF\'i,\! I)RIVE, :-;lITE I;', < liLEliFlfLlI nL,,\( II. H .'441 < HL \."//\ i~2,Dit' ' FAA (')'54\ 72",44') , H 1Cl{' .'uit')11 r I'll \ r ('(nn Dalton, Grel.er, BartJBa., Maher" Co" LLC A Boston Private Wealth Management Company 565 Fifth Avenue Suite 2101 New York, NY 10017-2413 212-557-2445 Fax 212-557-4898 3001 Tamiami Trail North Suite 206 Naples, FL 34103-4) 72 239-261-3555 Fax 239-261-55) 2 website: WWW.d2hm.com "We are value investors, Wefocus on companies with improving fundamentals, priced at a discount to their peers, We believe these companies will deliver superior returns over a market cycle, " February 28, 2011 Ms, Barbara LaDue Administrator City of Boynton Beach Firefighters Pension 1500 Gateway Boulvard, Suite 220 Boynton Beach, FL 33426 Dear Ms, LaDue: As is our custom each year, we need to cover a few administrative matters, ADV Offer In accordance with the Investment Advisers Act of 1940, we are required to offer to deliver to our clients our current filing of Form ADV - Part II. Form ADV is a document filed with the SEC that outlines how an investment advisory firm carries on its business, If you would like to receive a copy of our Part II of our Form ADV, please call Dolores Casaletto at 239-261-3555 or email dcasaletto@dahm.com. Part I of our Form ADV is now available on line at the IAPD website (www.adviserinfo,sec.aov). Our SEC registration number is 801-62895. Code of Ethics Offer In accordance with Rule 204A-1 of the Investment Advisers Act of 1940, we are required to offer to deliver to our clients a copy of our Code of Ethics, Our Code of Ethics sets forth standards of conduct expected of our advisory personnel (including compliance with federal securities laws), If you would like to receive a copy of our Code of Ethics, please call Dolores Casaletto at 239-261-3555 or email dcasaletto@dahm.com. Votlne Guidelines In accordance with our investment management contract, we exercise voting authority over the security proxies we receive related to your account. Our current voting guidelines are attached for your information, Please call if you need an explanation of any item. Investment Guidelines Your account may have investment guidelines and/or restrictions, A summary of those guidelines as we understand them is attached, Please review them and let us know if any changes are desired, Contact Information A listing of the contacts on record for your account is enclosed. Please review this list for accuracy and notify us of any changes by email to Karen Schnetzer -Lamonge (kschnetzer@dahm.com), Account Information On-Line Our web site (www.dahm.com) can provide holdings, performance and transaction information on your account. If on-line access is useful to you, e- mail Mona Casey (mcasev@dahm.com) a request to activate your account. Sincerely, Thomas F, Gibson Chief Compliance Officer Enc. L .~ ~ i~ ~ I. · · '. . >2 >- ,>2 tl II , ~ ~ ~ . Z iPH ~~t~t I ~i ~ .1 - I~ ,,'~ ~ '.'~ ~ ii '" ii ~ ::- ::- ~ i::- ::- ++ + ,+ + >'J~ .~ ~ i~ .~ I~ 'It Li Iii 'tt I Ii J 811 '11 I I I ~i ,i1 f' ~ ,0: .~ f -Jlj~lhf~ d!h~iUH lU J I! tit Iii lu~ ~ i~ at 10,0 ~ I~ OJ ilL\. ,U 0 '0 0 ~ 8 .. J f . tttt tt dt tt . '" ". :!i x x x .0 x f J ~ ~ ~ .~ ~ II Iri i ii i Q 0 gg g .g g ~ l' I .5 ~.~ Iii jJ ! :I 0: ~td j ~ a.. " Lt'l ~ .;r ("') co .... o ("') to GJ Ol l'll a.. ~ C; N it; ~ N ..., c :s 0 y y II( >- .0 0 CI) U CU~ - :s ~ GI:: :r: CUl9 yO C Ia Vl' .- ~ - Q. ctl E .t:: c:: C/,) 0 ,!2l - Vl' ctl U ~ ~ ~ G: ~ <..l ctl q: .t:: + C/,) 0:: ~ ..:.... 'C c:: 0 c (0 ,0 Cl 0 .Q ::I ~ :S .1/) q: CO ~ II. (.) & 0:: g. g. c q: Cl ~ 0 ~. '$ e e Ol '; ~ ~ (!) (!) ,c:: C .Q Ol P P <: "5 CI) ~ ,S :::> l::: l::: (!) c:: Q. ~ C/,) I ~ a 0:: 0:: ~ CI) ~ ~ <..l ..l2 ... CI.l ~ Cl 0 u: g> ctl C/,) <:( lJ.. 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GJ C"') 0:: Dalton, Greiner, Hartman, Maher & Co., LLC A Boston Private Wealth Management Company 565 Fifth Avenue Suite 2101 New York, NY 10017-2413 212-557-2445 Fax 212-557-4898 3001 TamJami Trail North Suite 206 Napb, FL 34103 239-261-3555 Fax 239-261-5512 website: www.dghm.com "We are value investors, Wefoeus on companies with improving fundamentals, priced at a discount to their peers, We believe these companies will deliver superior returns over a market cvc/e, March 30, 2011 Dear Clients and Friends of DGHM, I'd like to take a moment of your time to note several personnel additions at DGHM, We're very pleased that Douglas A, Chudy, CFA has joined the DGHM investment team as a Vice President, and one of our ten Sector Specialists. Doug is a seasoned analyst, having spent four years at KeyBanc Capital Markets where he excelled at covering many companies in the Industrial arena, with particular emphasis on the Specialty Chemicals Group, Prior to KeyBanc, Doug spent a few years at both Sumitomo Mitsui Banking and JP Morgan Chase performing credit analysis on complex corporate finance transactions, Doug attended the Ohio University College of Business, where he earned a Bachelor of Business Administration degree, and further obtained his CFA in 2006, Doug's role within DGHM will be focused on the Basic Materials sector, where he will work in conjunction with Tim Dalton to transition over this coverage from Tim. This sector constitutes approximately 7% of our portfolios on average, Tim will continue to cover the asset management sector for our portfolios, and of course, will continue to write his market strategy letters, We are very confident that Doug's skill set will be a great fit at DGHM, and look forward to his contributions to the portfolios, Doug will officially start on April 18th. On the marketing front, we're very fortunate to announce the addition of Erin A. Gilroy as Vice President, Marketing and Client Service, Erin is an experienced marketing professional who has a successful background in fostering new and existing client relationships, and will further invigorate our efforts to raise assets under management. She will work in tandem with Michael Dunn, Director of Sales and Marketing to increase our outreach and build the DGHM brand, Erin obtained her Business/Economics degree from Bloomsburg University in Pennsylvania, and then helped raise assets for Stanfield Capital, a successful hedge fund, She went back to school and obtained her MBA from the University of Notre Dame, and most recently has worked in Institutional Sales at Third Avenue Management. It is a privilege to welcome a profeSSional of Erin's caliber to our team, As you may be aware, we have worked for the past three years with Ocotillo Capital (a third party marketing firm) to build our presence in the institutional channel. While that relationship will continue through June 30th, we plan to make a seamless transition to our in house staff at that time, We are confident that this will help us deliver the highest level of service and support in the industry, and believe that you'll enjoy working with Michael and Erin. Unfortunately, at this time of recognizing new additions to our team, I must also take a moment to recognize the tragic loss of our beloved Pamela 0, Douglas, DGHM's long-time, internal Marketing Manager, who passed away recently after battling cancer. Her contributions to DGHM over the past decade, both professionally and personally, will forever be cherished and valued by everyone that was fortunate enough to come into contact with her. Pam is always in our thoughts, and deeply missed by everyone. As you are aware by now, everything we do at DGHM is team oriented, While Pamela's loss will always be felt by the Firm, her colleagues Tricia Jones and Meagan Swiney have been there for DGHM every step of the way. Tricia (with DGHM for nine years) will be our primary contact for RFP's and database updates, while Meagan (four years) will be our primary contact for marketing materials and special requests, Their skills are complementary to each other, and either is available to service your request at any time, As a further bonus, Genevieve Griffiths has recently joined our team as a Marketing Assistant. Genny's background is in journalism and editing, which came out of her Bachelor of Arts degree from McGill University. Her skills are a further complement to our marketing support staff, Our overriding goal as always is to deliver highly competitive risk-adjusted returns for our clients, We remain intensely focused on this objective, and have the experienced and motivated personnel in place to continue delivering on it. By rounding this out with an effective marketing, client service, and operational support effort, we expect to offer all of our constituents a rewarding experience with DGHM, Please keep us in mind if we can assist you in any way. Contact information for everyone mentioned in this letter is as follows: Doug Chudy Erin Gilroy Michael Dunn Tricia Jones Meagan Swiney Genevieve Griffiths (212) 557 -- 2591 (212) 557 -- 4996 (917) 574 -- 5283 (212) 557 -- 3096 (212) 557 -- 2445 (212) 557 -- 3247 dchudy@dqhm,com (as of April 18th) eqilroY@dqhm.com mdunn@dqhm.com tiones@dqhm.com mswineY@dqhm.com qqriffiths@dqhm.com As always, please feel free to call me at (212) 557 -- 2596, or email me at bqeller@dqhm.com to relate any questions, comments, concerns, or suggestions, Best regards, p~ Bruce Geller, CFA Chief Executive Officer slJglrWP Capital, LLC . 101 Park Avenue, New York, NY 10178-0008 (212) 867-5000 Fax (212) 922-1820 www.ala/anlasosnoff.com il:! 1986 Andy Warhol February 23,2011 Ms. Barbara LaDue Administrator Boynton Police & Fire Pension Funds ] 500 Gateway Blvd" Suite 220 Boynton Beach, FL 33426 REo' 2010 Proxy Vote Summary Boynton Beach Firefighters' Pension Plan, Account#o' 49836 Dear Ms. LaDue: In accordance with your policy statement on file, enclosed please find your annual proxy vote summary covering the period June 25,2010 through December 31,2010 for the above-referenced account. Kindly note that your account's inception date with Atalanta is June 25, 2010 If you have any further questions, or inquiries please do not hesitate to call me at (212) 867-5000. Sincerely, ;JdU~1b William E. DiPietro Senior Vice President WED/tc Enclosure Vote Summary Report Report was run from: 1/1/10 to 12/31/10 Institution Account(s): Boynton Beach Firefighters' Pension Plan Oracle Corporation Ticker ORCL Meeting Date 06-0ct-1O Country USA Security ID 68389XI05 Meeting Type Record Date Annual 09-Aug-10 Shares Voted 5,300 Vote Mgmt Rec Instruction 1.1 Elect Director Jeffrey S, Berg For Withhold 1.2 Elect Director H, Raymond Bingham For For 1.3 Elect Director Michael J, Boskin For For 1.4 Elect Director Safra A, Catz For For 1.5 Elect Director Bruce R, Chizen For For 1.6 Elect Director George H, Conrades For For 1.7 Elect Director Lawrence J, Ellison For For 1.8 Elect Director Hector Garcia-Molina For Withhold 1.9 Elect Director Jeffrey 0, Henley For For 1.10 Elect Director Mark V, Hurd For For 1.11 Elect Director Donald L. Lucas For For 1.12 Elect Director Naomi 0, Seligman For Withhold 2 Approve Executive Incentive Bonus Plan For For 3 Amend Omnibus Stock Plan -For For 4 Ratify Aud itors For For 5 Establish Board Committee on Sustainability Against Against 6 Require a Majority Vote for the Election of Directors Against For 7 Stock Retention/Holding Period Against For Cisco Systems, Inc. Ticker CSCO Meeting Date 18-Nov-1O Cou ntry USA Security ID 17275RI02 Meeting Type Record Date Annual 20-Sep-1O Shares Voted 7,400 Mgmt Rec Vote Instruction Elect Director Carol A. Bartz For For 2 Elect Director M. Michele Burns For For 3 Elect Director Michael D, Capellas For For 4 Elect Director Larry R, Carter For For 5 Elect Director John T, Chambers For For Vote Summary Report Report was run from: 1/1/10 to 12/31/10 Institution Account(s): Boynton Beach Firefighters' Pension Plan 6 Elect Director Brian L. Halla For For 7 Elect Director John L. Hennessy For For 8 Elect Director Richard M, Kovacevich For For 9 Elect Director Roderick C. Mcgeary For For 10 Elect Director Michael K, Powell For For 11 Elect Director Arun Sarin For For 12 Elect Director Steven M, West For For 13 Elect Director Jerry Yang For For 14 Advisory Vote to Ratify Named Executive Officers' Compensation For For 15 Ratify Auditors For For 16 Amend Bylaws to Establish a Board Committee on Environmental Sustainability Against Against 17 Report on Internet Fragmentation Against For 18 Adopt Policy Prohibiting Sale of Products in China if they Contribute to Human Rights Abuses PARAMETERS Ballot Status(es): Sent, Confirmed Vote Against Filter: Include all votes Market(s): All markets Voting Policy(ies): All voting policies ADR Filter: All Markets Record date market filter: All Markets Share blocking market filter: All Markets Proponent Filter: Show all proposals Recommendation(s): All vote recommendations Location(s): Atalanta Sosnoff Capital, LLC. Account Group(s): All account groups Institution Account(s): Boynton Beach Firefighters' Pension Plan Custodian Account(s): All custodian accounts Against Against 1:\ 111\( 0\ 11\1,\ I \L I INTERCONTINENTAL REAL ESTATE CORPORATION 1270 SOLDIERS FIELD ROAD BOSTON, MASSACHUSETTS 02 I 35-1 003 'TELEPHONE 617-782-2600 FACSIMILE 617-782-9442 www.intercontinental.net PAULJ. NASSER Chief Financial Officer and Chief Operating Officer March 31, 2011 ~ U.S. REAL EST A TE INVESTMENT FUND, LLC (US REIF) __.... ~ ~ .~--- ,," i~~~ Under this cover, please find the US REIF Report for the Quart;r and Year Ended December 31, 2010 V f [ _ along with the accompanying audited financial statements and post-audit NA V statements. ~ ~t\.. L Also included herewith, please find Intercontinental Real Estate Corporation's Privacy Policy. Please ~ note that the Form ADV Part II will be available through the extranet and also available upon request in hard copy if desired. Re: Dear Ms, LaDue: Pie e feel free to contact me should you have any questions, Paul J. Nasser Ene!. cc: Luke Henderson, City of Boynton Beach Firefighters' Pension Fund (j)~'" u.s. REAL ESTATE INVESTMENT FUND, LLC DECEMBER 31,2010 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION FUND I NET ASSET VALUE OF FUND NE T AS SET VALUE IN REAL ES T A 1E INVE STMENTS $385,806,765 NET ASSET VALUE AT FUND LEVEL $13 276.829 TOTAL NET ASSET VALUE AT DECEMBER 31, 2010 5399,083,594 TOTAL OUTSTANDING CAPITAL SUBSCRIPJ'IONSAT DECEMBER 31 20/0 $609732305 TOTAL CAPITAL CALLED FROM OUTSTANDING SUBSCRIPTIONS AT DECEMBER 31, 2010 $580,540,008 TO TAL OUTSTANDING INTERESTS A T DECEMBER 31, 2010 I 657,540.2366 VALUE PER INTEREST AT DECEMBER 31, 2010 $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 MARtQ:T V ALtm 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 ENDING MARKET VALUE AT DECEMBER 31, 2010 $2,974,735 $1,300,000 $39,731 $48,885 ($235) $146,214 ($48,107) ($12,103) $12,103 $4,461,224 I CuRlBNTQIJARTER PERFORMANCE (GROSS OF FEES) INCOME RETURN APPRECIATION RETURN TOTAL RETURN 1,14% 3.42% 4,56% NOTE: REVISED AND PREPARED AFTER ANNUAL AUDIT INTEREST VALUES ARE BASED ON FUNDS OPERATING AGREEMENT ASSET VALUES ARE BASED ON FUNDS VALUATION POLICY Barbara Ladue From: Sent: To: Subject: Petty, Matthew [PettyM@bbfl.us] Wednesday, April 27, 2011 6:28 PM Barbara Ladue Agenda Item Barb, I would like the following item to be placed on the agenda for the May 12th, fire pension quarterly meeting: COLA Funding Level (reference = GRS letter March 18,2010 & AprilS, 2010 and assumption rate/ mortality table incremental change) Let me know if you have any questions, Thanks, Matt Petty GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd, Suite 505 Ft. Lauderdale, FL 33301-1827 954.527,1616 phone 954,525,0083 fax www.gabrielroeder.com April 5, 2010 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: According to Section 18-180.2 of the City's Code, the cost of the Cost of Living Adjustment (COLA) shall be analyzed every three years to see if any additional cost is being borne by the City because of its implementation. Originally, member contributions were increased from 7.0% of pay to 12.0% of pay to cover the cost of providing a 2.0% COLA with a five year delay to members retiring after December 1, 2006. Three possibilities were mentioned in the Ordinance to make up the deficiency in the event that the 12.0% member rate is not sufficient to cover the cost of the COLA. The three possibilities mentioned were increasing the allowable State money, increasing the active member contribution rate, and decreasing the COLA for the currently active members. We have shown three scenarios, where only one of the changes was made in each. For example, in scenario 1 of the attachment we show the increase necessary in the allowable State money to fund the COLA entirely. We have shown these costs under two different assumption sets. The first used the same assumption set as the October 1,2009 Valuation. The second lowered the assumed investment return from 8.25% per year to 8.00% per year. The mortality rates were also decreased to reflect increased longevity. Please refer to the supplemental study dated March 18, 2010 for further information. In order to keep the cost neutral, under scenario I the allowable State money would need to increase from $589,543 to $633,115 using the current assumption set. Under the new assumption set, this amount would need to increase to $795,306. In scenario 2, the employee contribution rate would need to increase to 12.41% (13.92% under the new assumption set). Finally, in scenario 3 the COLA for the active members would need to decrease to 1.88% with a five year delay (1.53% with a five year delay under the new assumption set). No retirees or members in the DROP would be affected by these changes. The calculations are based upon assumptions regarding future events, which mayor may not materialize. They are also based upon present and proposed plan provisions that are outlined in the report. If you have reason to believe that the assumptions that were used are unreasonable, that the plan provisions are incorrectly described, that important plan provisions relevant to this proposal are not described, or that conditions have changed since the calculations were made, you should contact the author of this report prior to relying on infonnation in the report. If you have reason to believe that the information provided in this report is inaccurate, or is in any way incomplete, or if you need further infonnation in order to make an informed decision on the subject matter of this report, please contact the author of the report prior to making such decision. As indicated below, the undersigned is a Member of the American Academy of Actuaries (MAAA) and meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion herein. We welcome your questions and comments. Sincerely yours, oO~~~ Duane Howison, FSA Enrolled Actuary No. 08-6169 JSP/te Enclosures Cc Adam Levinson Gabriel Roeder Smith & Company ANNUAL REQUIRED CONTRIBUTION (ARC) - CURRENT ASSUMPTIONS A. Valuation Date October 1, 2009 October 1, 2009 October ] , 2009 October 1,2009 October 1, 2009 Valualioll Valltalioll Valualioll Valualioll Valuolioll Il,{} % Member Wilhoul COLA Increase in IlIc/'ease Member Decrease ill Aclive COlI/ribuliOIl 7,{J"/o Member Slale MOlley COIllribuliolJ 10 12. ~ 1% Member COLA 10 J,RR% COII/ribulioll ScelJal'io I Scellario 1 ScelJario 3 B, ARC to Be Paid During Fiscal Year Ending 9/30/2010 9/30/2010 9/30/201 0 9/30/201 0 9/30/201 0 C. Assumed Date of Employer Contrib, 10/15/2010 10/1512010 10/151201 0 10/15/2010 10/1512010 D, Annual Payment to Amortize Unfunded Actuarial Liability $ 1,662,180 $ 1,480,195 $ 1,662,180 $ 1,661,061 $ 1,646,565 E, Employer Nonna) Cost 1,724,525 1,866,391 1,724,525 1,685,196 1,701,120 F. ARC if Paid on the Valuation Date: D+E 3,386,705 3,346,586 3,386,705 3,346,257 3,347,685 G, ARC Adjusted for Frequency of Payments 3,678,238 3,634,666 3,678,238 3,634,307 3,635,858 H, ARC as % of Covered Payroll 35.54 % 35,12 % 35.54 % 35,] 1 % 35,13 % I, Assumed Rate of Increase in Covered Payroll to Contribution Year 0,00 % 0.00 % 0,00 % 0,00 % 0,00 % 1. Covered Payroll for Contribution Year 10,350,054 10,350,054 10,350,054 10,350,054 ] 0,350,054 K, ARC for Contribution Year H x J 3,678,238 3,634,666 3,678,238 3,634,307 3,635,858 L Estimate of State Revenue in Contribution Year 589,543 589,543 633,115 589,543 589,543 M, Required Employee Contribution 3,088,695 3,045,123 3,045,123 3,044,764 3,046,3] 5 in Contribution Year N, REC as % of Covered Payroll in Contribution Year: M ""' J 29.84 % 29,42 % 29,42 % 29.42 % 29.43 % ACTUARIAL VALUE OF BENEFITS AND ASSETS. CURRENT ASSUMPTIONS ^, Valuation Date October I, 2009 October I, 2009 October 1, 2009 October I, 2009 October 1, 2009 Valuation Valuation Valuation Valuation Valuation 11,0 % Member Withour COU Increase in Increase Member Decrease in Active Contribution 7,0% Member State Money Contribution to 11.41% Member COU to 1,88% Conlribuaon Scenario 1 Scenario 1 Scenario 3 B, Actuarial Present Value of All Projected Benefits for I. Active Members a, Service Retirement Benefits $ 49,898,920 $ 43,877,670 $ 49,898,920 $ 49,898,920 $ 49,482,568 b, Vesting Benefits 3,724,113 3,249,330 3,724,113 3,724,273 3,691,203 c, Disability Benefits 2,445,370 2,161,910 2,445,370 2,445,370 2,425,832 d, Preretirement Death Benefits 656,064 562,373 656,064 656,064 649,425 e, Return of Member Contributions 440,877 364,654 440,877 447,130 440,877 f. Total 57,165,344 50,215,937 57,165,344 57,171,757 56,689,905 2, Inactive Members a, Service Retirees & Beneficiaries 38,574,484 37,933,736 38,574,484 38,574,484 38,574,484 b, Disability Retirees 583,628 484,166 583,628 583,628 583,628 c, Tenninated Vested Members - - - - - d, Total 39, I 58,112 38,417,902 39,158,112 39,158,112 39,158,112 3, Total for All Members 96,323,456 88,633,839 96,323,456 96,329,869 95,848,017 C. Actuarial Accrued (Past Service) Liability per GASB No, 25 72,211,379 67,691,292 72,211,379 72,191,445 71,933,251 D, Actuarial Value of Accumulated Plan Benefits per FASB No, 35 N/A N/A N/A N/A N/A E, Plan Assets I. Market Value 37,695,701 36,416,951 37,695,701 37,695,701 37,695,701 2, Actuarial Value 46,446,813 45,168,063 46,446,813 46,446,813 46,446,813 F Unfunded Actuarial Accrued Liability: 25,764,566 22,523,229 25,764,566 25,744,632 25,486,438 G, Actuarial Present Value of Projected Covered Payroll 87,699,195 87,699,195 87,699,195 87,699,195 87,699,195 H, Actuarial Present Value of Projected Member Contributions 10,523,903 6,138,944 10,523,903 10,883,470 10,523,903 I. Funded Ratio: E2/C 64.32 % 66,73 % 64.32 % 64,34 % 64,57 % CALCULA TION OF EMPLOYER NORMAL COST - CURRENT ASSUMPTIONS A, Valuation Date October I, 2009 October I, 2009 October 1, 2009 October 1, 2009 October 1, 2009 Va/uD/ion Valuation ValuDtion Valuation Va/ualion 12.0 % Member Wi/hoUl COLA Increase in Increau M~",ber Decr~ase in Active C onl,.ibution 7JI'A, Member SIOIt Money Contribution to 12.41% Member COLA to 1.88% ContribUlion Scenario J Scenan"o 2 Scenario 3 B. Nonnal Cost for I Service Retirement Benefits $ 2,255,361 $ 1,982,569 $ 2,255,361 $ 2,255,36 ] $ 2,236,494 2, Vesting Benefits 263,231 229,438 263,231 263,259 260,897 3, Disability Benefits 211,779 ] 85,692 211,779 211,779 209,963 4, Preretirement Death Benefits 37,743 32,301 37,743 37,743 37,355 5, Return of Member Contributions 90,050 52,528 90,050 93,129 90,050 6, Total for Future Benefits 2,858,] 64 2,482,528 2,858,] 64 2,861,271 2,834,759 7, Assumed Amount for Administrative Expenses 108,367 ] 08,367 108,367 108,367 108,367 8, Total Nonnal Cost 2,966,531 2,590,895 2,966,531 2,969,638 2,943,126 As % of Covered Payroll 28,66 % 25,03 % 28,66 % 28,69 % 28.44 % c. Expected Member Contribution 1,242,006 724,504 1,242,006 1,284,442 1,242,006 As % of Covered Payroll 12,00 % 7,00 % 12,00 % 12,4] % 12,00 % 0, Net Employer Nonnal Cost: B8-C 1,724,525 1,866,391 1,724,525 1,685,196 1,701,120 As % of Covered Payroll 16,66 % 18,03 0/. 16,66 % 16,28 % 16,44 % ANNUAL REQUIRED CONTRIBUTION (ARC) - NEW ASSUMPTIONS A, Valuation Date October I, 2009 October I, 2009 October I, 2009 October I, 2009 October 1,2009 Valllati01I Valllation Valllation Valuation Valuation 8% Rate of Rerum Withollt Cola 8% Rate of Rerum 8% Rate of Retllm 8% Rate of Retll11/ Generational Mortality 8% Rate of Retrl11l Generational Mortality Generational Mortality Generational Mortality 12,0 % Member Generational Mortality Incl'ease ;n Increase Member Decrease in Active Contriblltioll 7.()%Member State MOlley Contribution to /3,92% Member COLA to /.53% COlltribllt;on Scenario J Scenario 2 Scenario 3 B ARC to Be Paid During Fiscal Year Ending 9/30/2010 9/3012010 9/30/2010 9/30/2010 9/30/2010 C, Assumed Date of Employer Contrib, 10/15/2010 10/15/2010 10/15/2010 10/15/2010 10/15/2010 D. Annual Payment to Amortize Unfunded Actuarial Liability $ 1,916,245 $ 1,683,585 $ 1,916,245 $ 1,911,157 $ 1,844,491 E, Employer Nonnal Cost 2,075,075 2,117,823 2,075,075 1,890,591 1,958,014 F, ARC if Paid on the Valuation Date: D+E 3,991,320 3,801 ,408 3,991,320 3,801,748 3,802,505 G, ARC Adjusted for Frequency of Payments 4,324,471 4,118,707 4,324,470 4,119,075 4,119,895 H. ARC as % of Covered Payroll 41. 78 % 39,79 % 41. 78 % 39,80 % 39,81 % I. Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 % 0,00 % 0,00 % 0,00 % 0,00 % J, Covered Payroll for Contribution Year 10,350,054 10,350,054 10,350,054 10,350,054 10,350,054 K. ARC for Contribution Year: H x J 4,324,470 4,118,707 4,324,470 4,119,075 4,119,895 L. Estimate of State Revenue in Contribution Year 589,543 589,543 795,306 589,543 589,543 M, Required Employee Contribution 3,734,927 3,529,164 3,529,164 3,529,532 3,530,352 in Contribution Year N, REC as % of Covered Payroll in Contribution Year: M -;. J 36.09 % 34,10 % 34,10 % 34,10 % 34,11 % ACTUARIAL VALUE OF BENEFITS AND ASSETS - NEW ASSUMPTIONS A, Valuation Date October 1, 2009 October 1, 2009 October I, 2009 October I, 2009 October I, 2009 Valuation Valuation Va/walion Valuation Vahta/ion 8% Rate of Return Without Cola 8% Rate of R'tum 8% Rate of R'tum 8% Rat, af R,tum Genera/ional Mortality 8% Rat' of R'turn G,nerational MOr/Qlity Generational Mortality G,nerational Mortality 12.0 % M,mber Generational MorlQ/ity Increau in Increase Member Decrease in Active Contribution 7,O%M,mber State Mon,y ContnObution to 13.92% M,mberCOLA to J,53% Contribution Sunario I Sunario 2 Scenario 3 8, Actuarial Present Value of All Projected Benefits for I. Active Members a. Service Retirement Benefits $ 55,868,161 $ 48,207,317 $ 55,868,161 $ 55,868,161 $ 53,825,450 b, Vesting Benefits 4,179,023 3,575,863 4,179,023 4,179,477 4,017,527 c, Disability Benefits 2,714,292 2,357,380 2,714,292 2,714,292 2,619,476 d, Preretirement Death Benefits 387,941 329,440 387,941 387,941 372,113 e, Return of Member Contributions 439,464 363,411 439,464 468,674 439,464 f. Total 63,588,881 54,833,411 63,588,881 63,618,545 61,274,030 2, Inactive Members a, Service Retirees & Beneficiaries 40,824,022 40,084,934 40,824,022 40,824,022 40,824,022 b, Disability Retirees 607,809 499,715 607,809 607,809 607,809 c, Tenninated Vested Members - - - - - d, Total 41,431,831 40,584,649 41,431,831 41,431,831 41,431,831 3, Total for All Members 105,020,712 95,418,060 105,020,712 105,050,376 102,705,861 C Actuarial Accrued (Past Service) Liability per GASB No, 25 77,529,318 71,993,503 77,529,318 77,436,222 76,216,404 D Actuarial Value of Accumulated Plan Benefits per F ASB No, 35 NfA NfA NfA NfA NfA E, Plan Assets I. Market Value 37,695,701 36,416,951 37,695,701 37,695,701 37,695,701 2, Actuarial Value 46,446,813 45,168,063 46,446,813 46,446,813 46,446,813 F, Unfunded Actuarial Accrued Liability: 3] ,082,505 26,825,440 31,082,505 30,989,409 29,769,591 G, Actuarial Present Value of Projected Covered Payroll 89,055,134 89,055,] 34 89,055,134 89,055,134 89,055,134 H. Actuarial Present Value ofPro;ected Member Contributions 10,686,616 6,233,859 ] 0,686,616 12,396,475 10,686,616 I. Funded Ratio: E2/C 59,91 % 62,74 % 59,91 % 59,98 % 60,94 % CALCULATION OF EMPLOYER NORMAL COST. NEW ASSUMPTIONS A, Valuation Date October 1, 2009 October 1, 2009 October 1, 2009 October 1, 2009 October 1, 2009 Valuation Valuation Vahuzlion Valuation VaJuarion 8% ROlf of Renlm Without Cola 8% Ratt of Return 8% Rdlt of Return 8% Rdlt of Return Generational Mortality SO"" Ratt. of Return Genuational Mor/iJlity GO/trOMMI Morllllity Ge.nerational Mortality /2.0 % M....ber Generational Mortality /ncrt/Ju in IncnaJt Member Decrease in A.ctive Contribution 7.0% Member Statt Money Contribution to J 3.92% MembtrCOLA to /,53% Contribution Scenario I Scl!JUV'i<> 2 SU11Drio J B, Nonnal Cost for I Service Retirement Benefits S 2,569,883 S 2,211,223 S 2,569,883 S 2,569,883 S 2,474,053 2, Vesting Benefits 296,73 ] 253,230 296,731 296,792 285,074 3, Disability Benefits 232,777 200,294 232,777 232,777 224,074 4, Preretirement Death Benefits 20,740 17,541 20,740 20,740 19,869 5, Return of Member Contributions 88,583 51,672 88,583 102,759 88,583 6, Total for Future Benefits 3,208,7]4 2,733,960 3,208,714 3,222,951 3,091,653 7, Assumed Amount for Administrative Expenses 108,367 ] 08,367 108,367 ]08,367 108,367 8, Total Nonnal Cost 3.317,08] 2,842,327 3,317,081 3,331,318 3,200.020 As % of Covered Payroll 32,05 % 27.46 % 32,05 % 32,19 % 30,92 % C. Expected Member Contribution 1,242,006 724,504 ] ,242,006 1,440,727 1.242,006 As % of Covered Payroll 12,00 % 7,00 % 12,00 % 13,92 % 12,00 % D, Net Employer Nonna1 Cost: B8-C 2,075,075 2,117,823 2,075,075 1,890,591 1,958,0]4 As % of Covered Payroll 20,05 % 20,46 % 20,05 % 18,27 % 18,92 % , I fiRt '7~ ~ M~~ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 ORDINANCE NO. 10 - 0/ '=> 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 SUPPLEMENT AL BENEFIT FOR RECENT RETIREES AND AN AD HOC BENEFIT FOR FUTURE RETIREES, TO BE FUNDED WITH A V AILABLE 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 15 fund for firefighters pursuant to Chapter 175, Florida Statutes; 16 WHEREAS, the Board of Trustees of the Boynton Beach Firefighters' Retirement 17 Plan desires to amend the City Code to provide an annual ad hoc supplemental benefit for 18 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 1 Section 18-184.2 Ad Hoc Supplemental Benefit. 2 (a) Supplemental Benefit. 3 "A vailable 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 purooses 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 shall be paid into a member's DROP account. beginning 15 one year after entering DROP. 16 (c) Calculation of Ad Hoc Benefit. 17 Each eligible retiree shall 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 I! 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. I 3 the availability of additional premium tax revenues and available funds shall be confinned in 4 writing by the Pension Board's actuary. From time to time. the Pension Board may 5 recommend adiustments to the calculation fonnula. based on the proiected status of available 6 funds, 7 (e) Lump Sum Supplemental Benefit for Eligible Recent Retirees, 8 A vailable 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 (f) 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 any future 17 year. Eligible retirees shall further acknowledge that they have no expectation in any future 18 Ad Hoc supplemental benefits since there may be years where no Ad Hoc supplemental 19 benefit is paid. based on the availability of additional premium tax revenue. Eligible retirees 20 shall specifically acknowledge that available funds and additional premium tax revenues may 21 be used for other purposes in the future. as detennined by the collective bargaining process. Section 2: That all Ordinances or parts of Ordinances in conflict herewith be and 22 23 the same are hereby repealed. Page 3 of 4 II 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 Ordinance, 4 Section 4: Authority is hereby granted to codify this Ordinance. 5 Section 5: This Ordinance shall become effective immediately upon passage. ;h FIRST READING this ~O day of Ju.~1' ,2010. ~ SECOND, FINAL READING AND PASSAGE this ~ day of ~, 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 2010, CITY OF BOYNTON BEACH, FLORIDA ATTEST: .~ Page 4 of 4 GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, FL 33301.1827 954,527.1616 phone 954.525.0083 fax www.gabrielroeder.com May 12,2010 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: We have reviewed the proposed ordinance received on May 12,2010 pertaining to ad hoc supplemental benefits. In our opinion, this ordinance would have no significant actuarial impact on the Plan. Under the proposed ordinance, certain retirees would be eligible to receive 8IUlual distributions based on a non-discriminatory set of administrative procedures. The distnbutions would be paid from excess premiwn tax revenue. Since the excess premiwn tax revenue is designated for plan improvements and is therefore not considered as available to satisfy funding requirements, the use of these funds does not impact the funding requirements for the Plan. A copy of this letter along with the proposed ordinance should be sent to the Division of Retirement before second reading of the ordinance. We welcome your questions and conunents. Sincerely yours, {d. ~ ~ ~mqW~ Senior Consultant and Actuary JSP/dh Cc: Adam Levinson MAY 1 4 2010 s GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd, Suite 505 Ft. Lauderdale, FL 33301-1827 954,527,1616 phone 954,525,0083 fax www.gabrielroeder.com ,/ '" ..... March 18,2010 I../.c. ..~ 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: Enclosed is a Supplemental Actuarial Valuation Report illustrating the impact of changes in certain actuarial assumptions. The results are based on census and asset data as of October 1, 2009. After reviewing this letter, please let us know if you wish to adopt the new assumptions. The following scenarios were developed to illustrate the effect of the changes discussed above: ~ Scenario 1 - Same assumption set as the October 1, 2009 Valuation. ~ Scenario 2 - Change in the assumed rate of return from 8.25% to 8.0%. ~ Scenario 3 - Change in assumed mortality rates from 1983 Group Annuity Mortality to RP- 2000 Generational Mortality. ~ Scenario 4 - Combination of Scenarios 2 and 3. In an actuarial valuation it is necessary to evaluate key economic and demographic assumptions occasionally to keep cost projections as accurate as possible. These assumptions include the investment rate of return the assets will achieve in the future and the life expectancy of the members of the Plan. Adopting the proposed assumption changes would provide results more representative of the Plan's true cost. The calculations are based upon assumptions regarding future events, which mayor may not materialize. They are also based upon present and proposed plan provisions that are outlined in the report. If you have reason to believe that the assumptions that were used are unreasonable, that the plan provisions are incorrectly described, that important plan provisions relevant to this proposal are not described, or that conditions have changed since the calculations were made, you should contact the author of this report prior to relying on information in the report, If you have reason to believe that the information provided in this report is inaccurate, or is in any way incomplete, or if you need further information in order to make an informed decision on the subject matter of this report, please contact the author of the report prior to making such decision. Ms, Barbara La Due March 18,2010 Page 2 of2 We welcome your questions and comments. Sincerely yours, rt::~ Senior Consultant & Actuary .{)~~~ Duane Howison, FSA Consultant & Actuary JSP/rb Enclosures Gabriel Roeder Smith & Company SUPPLEMENTAL ACTUARIAL V ALUA nON REPORT Plan City of Boynton Beach Municipal Firefighters' Pension Trust Fund Valuation Date October 1, 2009 Date of Report March 18,2010 Report Requested by Pension Board Prepared by J. Stephen Palmquist Group Valued All active and inactive Firefighters Plan Assumptions and Methods Being Considered for Change ~ Assumed rate ofretum lowered from 8.25% to 8.00% (Scenario 2) ~ Change in assumed mortality rates from 1983 Group Annuity Mortality to RP-2000 Generational Mortality. (Scenario 3) ~ Combination of the changes made in Scenarios 2 and 3. (Scenario 4) Plan Provisions Being Considered for Change None Participants Affected None Actuarial Assumptions and Methods Same as October 1, 2009 Actuarial Valuation Report with exceptions as noted above. Some of the key assumptions/methods are: Investment Return - 8.25% (Scenarios 1 and 3), 8.0% (Scenario 2 and 4) Salary increase - 4.0% to 18.4% per year depending on service Cost Method - Entry Age Normal Amortization Period for Any Change in Actuarial Accrued Liability 30 years Summary of Data Used in Report See attached page Actuarial Impact of Proposal(s) See attached page(s). Special Risks Involved With the Proposal That the Plan Has Not Been Exposed to Previously None, Other Cost Considerations None. Possible Conflicts With ms Qualification Rules None. As indicated below, the undersigned is a Member of the American Academy of Actuaries (MAAA) and meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion herein, .. StepHen Palmquist, A , MAAA, FCA Enrolled Actuary No. 08-1560 .()~tr~ Duane Howison, FSA Enrolled Actuary No, 08-6169 I ANNUAL REQUIRED CONTRIBUTION (ARC) I A, Valuation Date October 1, 2009 October 1, 2009 October 1, 2009 October 1, 2009 Valuation Valuation Valuation Valuation Scenario I 8% Rate of Return Generational Mortality 8% Rate of Return Scenario 2 Scenario 3 Generational Mortality Scenario 4 B, ARC to Be Paid During Fiscal Year Ending 9/30/2010 9/30/2010 9/30/2010 9/30/2010 C. Assumed Date of Employer Contrib, 10/15/2010 10/15/2010 10115/2010 10/15/2010 D, Annual Payment to Amortize Unfunded Actuarial Liability $ 1,662,180 $ 1,733,708 $ 1,838,690 $ 1,916,245 E, Employer Normal Cost 1,724,525 1,865,763 1,916,128 2,075,075 F, ARC if Paid on the Valuation Date: D+E 3,386,705 3,599,471 3,754,818 3,991,320 G, ARC Adjusted for Frequency of Payments 3,678,238 3,899,915 4,078,038 4,324,470 H, ARC as % of Covered Payroll 35.54 % 37.68 % 39.40 % 41.78 % I. Assumed Rate of Increase in Covered Payroll to Contribution Year 0,00 % 0.00 % 0.00 % 0,00 % J, Covered Payroll for Contribution Year 10,350,054 10,350,054 10,350,054 10,350,054 K. ARC for Contribution Year: H x J 3,678,238 3,899,915 4,078,038 4,324,470 L. Estimate of State Revenue in Contribution Year 589,543 589,543 589,543 589,543 M, Required Employee Contribution 3,088,695 3,310,372 3,488,495 3,734,927 in Contribution Year N, REC as % of Covered Payroll in Contribution Year: M .;- J 29.84 % 31.98 % 33.71 % 36.09 % 0, Cost Increase Compared to Scenario I NA 2.14 % 3.87 % 6.25 % ACTUARIAL VALUE OF BENEFITS AND ASSETS A. Valuation Date October 1, 2009 October 1, 2009 October 1, 2009 October 1, 2009 Valuation Valuation Valuation Valuation Scenario I 8% Rate of Return Generational Mortality 8% Rate of Return Scenario 2 Scenario 3 Generational Mortality Scenario 4 B. Actuarial Present Value of All Projected Benefits for l. Active Members a. Service Retirement Benefits $ 49,898,920 $ 52,201,293 $ 53,281,756 $ 55,868,161 b. Vesting Benefits 3,724,113 3,929,764 3,951,085 4,179,023 c. Disability Benefits 2,445,370 2,543,839 2,603,538 2,714,292 d. Preretirement Death Benefits 656,064 687,087 370,555 387,941 e. Return of Member Contributions 440,877 443,389 436,981 439,464 f. Total 57,165,344 59,805,372 60,643,915 63,588,881 2. Inactive Members a. Service Retirees & Beneficiaries 38,574,484 39,411,429 39,919,511 40,824,022 b. Disability Retirees 583,628 602,595 588,368 607,809 c. Terminated Vested Members - - - - d. Total 39,158,112 40,014,024 40,507,879 41,431,831 3. Total for All Members 96,323,456 99,819,396 101,151,794 105,020,712 C. Actuarial Accrued (Past Service) Liability per GASB No. 25 72,211,379 74,189,387 75,355,204 77,529,318 D. Actuarial Value of Accumulated Plan Benefits per F ASB No. 35 N/A N/A N/A N/A E. Plan Assets I. Market Value 37,695,701 37,695,701 37,695,701 37,695,701 2. Actuarial Value 46,446,813 46,446,813 46,446,813 46,446,813 F. Unfunded Actuarial Accrued Liability: 25,764,566 27,742,574 28,908,391 31,082,505 G. Actuarial Present Value of Projected Covered Payroll 87,699,195 88,816,780 87,932,463 89,055,134 H. Actuarial Present Value of Projected Member Contributions 10,523,903 10,658,013 10,551,896 10,686,616 I. Funded Ratio: E2/C 64.32 % 62.61 % 61.64 % 59.91 % CALCULATION OF EMPLOYER NORMAL COST A. Valuation Date October 1, 2009 October 1, 2009 October 1, 2009 October 1,2009 Valuation Valuation Valuation Valuation 8% Investment Return Generational Mortality 8% Investment Return Generational Mortality B. Normal Cost for l. Service Retirement Benefits $ 2,255,361 $ 2,374,258 $ 2,435,090 $ 2,569,883 2. Vesting Benefits 263,231 277,436 280,829 296,731 3. Disability Benefits 211,779 218,702 224,863 232,777 4. Preretirement Death Benefits 37,743 39,549 19,799 20,740 5. Return of Member Contributions 90,050 89,457 89,186 88,583 6. Total for Future Benefits 2,858,164 2,999,402 3,049,767 3,208,714 7. Assumed Amount for Administrative Expenses 108,367 108,367 108,367 108,367 8. Total Normal Cost 2,966,531 3,107,769 3,158,134 3,317,081 As % of Covered Payroll 28.66 % 30.03 % 30.51 % 32.05 % c. Expected Member Contribution 1,242,006 1,242,006 1,242,006 1,242,006 As % of Covered Payroll 12.00 % 12.00 % 12.00 % 12.00 % D. Net Employer Normal Cost: B8-C 1,724,525 1,865,763 1,916,128 2,075,075 As % of Covered Payroll 16.66 % 18.03 % 18.51 % 20.05 % PARTICIPANT DATA October 1, 2009 October 1, 2009 Valuation Valuation with Assumption Changes ACTIVE MEMBERS Number 118 118 Covered Annual Payroll $ 10,350,054 $ 10,350,054 Average Annual Payroll $ 87,712 $ 87,712 Average Age 37.0 37.0 Average Past Service 9.1 9.1 Average Age at Hire 27.9 27.9 RETIREES, BENEFICIARIES & DROP Number 81 81 Annual Benefits $ 3,651,517 $ 3,651,517 Average Annual Benefit $ 45,080 $ 45,080 Average Age 59.3 59.3 DISABILITY RETIREES Number 1 1 Annual Benefits $ 39,373 $ 39,373 Average Annual Benefit $ 39,373 $ 39,373 Average Age 44.3 44.3 TERMINATED VESTED MEMBERS Number 0 0 Annual Benefits $ 0 $ 0 Average Annual Benefit $ 0 $ 0 Average Age 0.0 0.0 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 For Account: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Original Invoice Please Pay Period Under Management 04/01/11 to 06/30/11 Assets Under Management: Quarterly Fee Due: 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 Fee Breakdown Account City of Boynton Beach Municipal Firefighters' Pension Trust Fund City of Boynton Beach Municipal Firefighters' Pension Trust Fund - TIPS Wire Instructions: Wells Fargo Bank., N.A. Ventura, CA ABA Routing Number: 121000248 Account Number: 4945349280 Account Name: STW Fixed Income Management LLC 0.375% 0.250% 0.125% 0.100% 0.080% Invoice Number: Invoice Date: ~ Assets ~!~ 9086366 ~ ~ 1:963:269 11,049,635 04113310 04/15/11 9,086,366 $ 8,518.47 Fee 8,518.47 8,518.47 [3185 CC:H'pintel-12 Avenue" Car'pllltel'la. California 93013 F'H [DOS) 7L1~--240[J " F!~X. [805) 745-2401 stw@stw.com · WWW.stw.com ~rWP Capital, LLC. 101 Park Avenue, New York, NY 10178-0008 (212) 867-5000 Fax (2t2) 922.1820 www.atalantasosnoff.com ~ 1986 Andy Warhol Invoice Ms. Barbara LaDue Administrator Boynton Police & Fire Pension Funds 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Invoice Number 145104 Invoice Date 03/17/2011 Billing Period 01/0112011 - 03/3112011 Account Number 49836 INVESTMENT MANAGEMENT FEE For the period 01/01/2011 To 03/3112011 Account Name: Boynton Beach Firefighters' Pension Plan Account# 80106443 Gross Market Value Balance $4,342,225 .{: /;f-. Opening assets under advisement for the period ended as of March 31, 2011 $4,342,225 $4,342,225 @ 0.80% x 1/4 $8,684.00 $8,684.00 $8,684.00 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 04-May-ll Invoice No: 8265 Luke Henderson City of Boynton Beach Municipal Firefighters Pension Trust Fund 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Billing Period: FROM 04/01/2011 TO 06/30/2011 Account Name City of Boynton Beach Municipal Firefighters Pension Trust Fund $5'672'34~f/- Portfolio Value. . . . . . . . . . . . . . . . . . . . .. .......................... Amount Due. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,760.64 FEE CALCULA nON Annual Rate 1.0000 % 0.7500 % %of Rate 0.25 0.25 Assets Under Management On the first: 5,000,000 On the next: 672,340 Total Fee 12,500.00 1,260.64 $13,760.64 **Please note new wiring instructions** US Bank ABA # 091 000 022 Account Name: RBC Capital Markets Corp. Account#: 160230097208 For Further Credit To: DSM Capital Partners Account #: 982-99750 ~ ~,;It."'+"'" , 'rliL, BOGDAHN GROUP Invoice Date Invoice # 3/25/2011 6002 490 I Vineland Rd Suite 600 Orlando, FL 32811 Bill To Boyton Beach Firefighters' Pension Plan Attn Barbara La Due Description Amount Performance Evaluation and Consulting Services 8,375.00 1/1/2011-3/31/2011 Balance Due $8,375.00 rn ~. .legUL, Tegrit Administrators, LLC 364 South Pine Street, Unit A-209 Spartanburg, SC 29302 864-699-6900 Boynton Beach Municipal Firefighters Retirement Plan INVOICE No. 201103-08 Ms. Barbara LaDue Boynton Beach Municipal Fire Fighter's Retirement Fund Renaissance Executive Suites 1500 Gateway Blvd, Suite #220 Boynton Beach, Florida 33426 Invoice Date 31-Mar-11 Please Remit To: Check Made Payable To: Tegrit Administrators, LLC ACH Payment to: Westfield Bank ABA #: 041272279 Account #: 1513135 OR Mail Check To: Tegrit Administrators, LLC c/o Tegrit-Summit Retirement Plan Services 13680 Cleveland Ave. NW Uniontown, OH 44685 Attn: Accounts Receivable Description Amount Quarterly Invoice for March 31, 2011 Total RecordkeeDina 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 Jenee Gilfillan at 864-699-6922 or by email toJenee.Gilfillan@Tegrit-tpa.com April14, 2011 Ms. Barbara LaDue Administrator City of Boynton Beach Firefighters Pension 1500 Gateway Bou1vard, Suite 220 Boynton Beach, FL 33426 Email: Ladueb@bbpdpension.com Invoice ID: 921 MANAGEMENT FEE: BOYNTON BEACH FF BOYNTON BEACH MUNICIPAL F1REFIRGHTERS PENSION For the Period 1/1/2011 through 3/31/2011 3/31/2011 Portfolio Value: (/~. $6,889,129.44 ;<\ I \" Quarterly Fee Based On: 0.75% on the first $25,000,000 ($6,889,129) $12,917.12 PLEASE REMIT PAYMENT TO: By Wire: Wachovia Bank ABA Number: 063000021 Account Name: Dalton, Greiner, Hartman, Maher & Co., LLC. Account Number: 2090001865061 By ACHlEFT: 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 Klausner & Kaufman PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW 10059 Northwest 1st Court Plantation, Florida 33324 Tel. (954) 916-1202 Fax (954) 916-1232 www.robertdklausner.com Tax I.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 04/27/11 April 27,2011 Bill # 13017 CLIENT: MATTER: BOYNTON BEACH FIREFIGHTERS PENSION FUND BOYNTON BEACH FIREFIGHTERS - GENERAL FILE : BOYNTON :900334 Professional Fees Date Description Hours Amount 04/01/11 RECEIPT AND REVIEW EMAIL; DRAFTED EMAIL TO 1.00 300.00 TRISH; REVIEWED FILE 04/12/11 RECEIPT AND REVIEW EMAILS REGARDING INTER 0.20 60.00 LOCAL AGREEMENTS; REVIEW FILE 04/26/11 RECEIPT AND REVIEW EMAIL; REVIEW ADV 0.50 150.00 ATTACHMENTS AND FILE Total for Services 1.70 $510.00 CURRENT BILL TOTAL AMOUNT DUE $ 510.00 Past Due Balance 3,660.00 AMOUNT DUE $4,170.00 Klausner & Kaufman PROFESSIONAL ASSOCIA nON ATTORNEYS AT LAW 10059 Northwest 1st Court Plantation, Florida 33324 Tel. (954) 916-1202 Fax (954) 916-1232 www.robertdklausner.com Tax LD.: 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 03/30/11 March 30, 2011 Bill # 12946 CLIENT: MA TIER: BOYNTON BEACH FIREFIGHTERS PENSION FUND BOYNTON BEACH FIREFIGHTERS - GENERAL FILE : BOYNTON :900334 Professional Fees Date Description Hours Amount 03/01/11 REVIEW EMAIL AND FILE 0.20 60.00 03/09/11 RECEIPT AND REVIEW EMAILS; ATTENTION TO 0.50 150.00 FILE AND CUSTODY ISSUES 03/15/11 RECEIPT AND REVIEW EMAILS; REVIEW FILE 0.50 150.00 03/17/11 REVIEW COMMITTEE SUBSTITUTE 0.30 90.00 03/24/11 RECEIPT AND REVIEW EMAILS 0.20 60.00 Total for Services 1.70 $510.00 CURRENT BILL TOTAL AMOUNT DUE $ 510.00 Past Due Balance 3,150.00 AMOUNT DUE $3,660.00 Klausner & Kaufman PROFESSIONAL ASSOCIA nON A TTORNEYS AT LAW 10059 Northwest 1 st Court Plantation, Florida 33324 Tel. (954) 916-1202 Fax (954) 916-1232 www.robertdklausner.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 02/28/11 February 28, 2011 Bill # 12871 CLIENT: MATTER: BOYNTON BEACH FIREFIGHTERS PENSION FUND BOYNTON BEACH FIREFIGHTERS - GENERAL FILE : BOYNTON :900334 Professional Fees Date Description Hours Amount 02/04/11 PREPARATION FOR BOARD MEETING; REVIEW 0.50 150.00 EMAILS AND FILE 02/07/11 REVIEW EMAILS AND FILE; REVIEW AGENDA 1.50 450.00 PACKAGE 02/08/11 RECEIPT AND REVIEW EMAILS; AGENDAAND FILE 0.50 150.00 02/09/11 PREPARATION FOR BOARD MEETING 1.00 300.00 02/10/11 ATTENDED BOARD MEETING 5.00 1,500.00 02/10/11 REVIEW REVISED IPS; REVIEW PLAN 0.50 150.00 02/11/11 RECEIPT AND REVIEW FINALIZED GIUDELlNES 0.50 150.00 02/14/11 ATTENTION TO FILE; DRAFTED EMAIL REGARDING 0.50 150.00 SECURITIES MONITORING 02/15/11 RECEIPT AND REVIEW DIRECTION LETTER AND 0.50 150.00 EMAIL Total for Services 10.50 $3,150.00 CURRENT BILL TOTAL AMOUNT DUE $ 3,150.00 GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301-1872 (954) 527-1616 Invoice Dall' 1m oin' :; 2/11/2011 114270 Bill 10: Ph .I'l' Rl'lIlil 10: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL FIREFIGHTERS RETIREMENT FUND Dept. # 78009 Gabriel Roeder Smith & Company PO Box 78000 Detroit, Michigan 48278-0009 or ACH Payment to: Gabriel Roeder Smith & Company lPMorgan Chase, ABA #: 072000326 Account #: 0486723 Ms. Barbara La Due City of Boynton Beach Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Ih"niplioll I'roil'l I ; \111011111 F or services rendered through 1/31/2011 1. Buy back adjustment calculation: Brescia 100560-068 $225 3. Charges since 11/30/2010 for preparation of the 10/1 /20 10 100560-068 $2,854 Actuarial Valuation Report; total charges to date equal $4,446 Invoice Total $3,079 Paid to Date Client No. 100560 Amount Due $3,079 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301-1872 (954) 527-1616 Invoice I>ail' 111\ oin' ;:J 3/11/2011 114496 Bill 10: Plt:a'l'Rl'lIIit 10: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL FIREFIGHTERS RETIREMENT FUND Dept. # 78009 Gabriel Roeder Smith & Company PO Box 78000 Detroit, Michigan 48278-0009 or ACH Payment to: Ga~riel Roeder Smith & Company lPMorgan Chase, ABA #: 072000326 Account #: 0486723 Ms. Barbara La Due City of Boynton Beach Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 1>l',niptiolJ Projl'ct ;. \11I011111 For services rendered through 2/28/2011 Final charge for 10/1/2010 Actuarial Valuation Report 100560-068 $5,533 Total charges equal $9,979; prior year fee of $9,870 plus 1.1 % increase in CPI from September 2009 to September 2010 , less previous charges of $4,446 Invoice Total $5,533 Paid to Date Client No. 100560 Amount Due $5,533 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301-1872 (954) 527-1616 Invoice Dale 111\ oil'e ;:/ 4/11/2011 114702 Bill 10: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL FIREFIGHTERS RETIREMENT FUND I'lt',I'l'l{l'IIJil 10: 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 Ik,rriplioll I'roj ecl '" \ 111011111 For services rendered through 3/31/2011 1. Preparation of page 6a for inclusion in the 2010 State 100560-068 $550 Report 2. Buy back. calculation: Turey 100560-068 $450 3. Retirement benefit calculation: Newman, Rehr and Temperilli 100560-068 $675 4. Respond to questions posed by Finance Director regarding 100560-068 $372 the 10/1/20 10 Actuarial Valuation Report Invoice Total $2,047 Paid to Date Client No. 100560 Amount Due $2,047 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Anchor Capital Advisors liC One Post Office Square Boston,MA 02109-2103 617-338-3800 FAX 617-426-6871 www.anchorcapital.com '" April 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 12-31-10 To 03-31-11 Portfolio Valuation as of 03-31-11 3,000,000 @ 0.750% per annum 3,511,051 @0.500%perannum Management Fee TOTAL'DUE ANJ)PAYABLE Member of Boston Private Wealth Management Gmup $ 6,511,051.13 4~ 5,625.00 4,388.81 10,013.81 $ lO.013~81 Davidson, Jamieson & Cristini, P .L. 1956 Bayshore Blvd. Dunedin, FI 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 Description Audit of Financial Statements for the year ended September 30, 2010 Final Billing Invoice Date Invoice # 2/21/2011 R6594 Amount 8,000.00 Preparation of your 2010 Annual Report for the Florida Division of Retirement Less Amount Previously Billed Terms: Invoices are due and payable upon receipt. Any amounts remaining unpaid after 30 days will be assessed a Service Charge equal to I % per month (12% per annum). Minimum monthly service charge is $5.00 1,200.00 -4,000.00 Total $5,200.00 Payments/Credits $0.00 Balance Due $ 200 5, .00 I NTEHCONTI N ENT^L INTERCONTINENTAL REAL ESTATE CORPORATION 1270 SOLDIERS FIELD ROAD BOSTON, MASSACHUSETTS 02135-1003 TELEPHONE 617-782- 2600 FACSIMILE 617-782-9442 www.intercontinental.net PAULJ. NASSER Chief Financial Officer and Chief operating Officer February 24,2011 Ms. Barbara LaDue, Pension Administrator City of Boynton Beach Firefighters' Pension Fund Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 RE: U.S. Real Estate Investment Fund, LLC Dear Ms. LaDue: We are pleased to announce that U.S. Real Estate Investment Fund, LLC (US REIF) has made a distribution to you in the amount of$37,952.91, which constitutes your pro rata gross share of an overall distribution of $3,390,093.46. The Fund has withheld $12,103.26 for payment of management fees for the fourth quarter 2010, resulting in a net distribution to you of $25.849.65. As authorized by your executed Dividend Reinvestment Plan (DRIP) letter, Intercontinental has reinvested your net distribution of $25,849.65 into US REIF. Intercontinental will report the number of reinvested shares as part of the first quarter 2011 reporting. If you have any questions or wish to change your method of payment, please contact Thomas Mitchell at 617-779-0472. Sincerely, ~~ Paul J. Nasser cc via email: David West, Bogdahn Consulting (j)~202 GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd, Suite 505 Ft. Lauderdale, FL 33301-1827 954,527,1616 phone 954,525,0083 fax www.gabrielroeder.com March 17, 2011 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 ask.ed us to verify the retirement benefits for the following employees: ~NEWMAN, Allen P. (DROP Retirement) REHR,Elizabeth (DROP Retirement) TEMPERILLI, Michael (DROP Retirement) Based on the infonnation provided, we have determined 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, ~~~ 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) mark.eting 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: March 10,2011 Subject: Benefit Verification - Boynton Beach Fire Pension Rion: Please review and verify the retirement benefits for the Boynton Beach Fire Pension Board on the following: 1) Elizabeth Rehr, SS# 595-36-XXXX, retired into DROP 1-31-2011, initial DROP deposit 2-1-2011, Life & 10Yr C&C - $4,313.36. 0) Allen P. Newman, SS# 265-57-XXXX, retired into DROP 1-31-2011, initial DROP deposit 2-1-2011,66% Survivor Annuity- $5,075.49. 3) Michael Temperilli, SS# 148-60-XXXX, retired into DROP 1-31-2011, initial DROP deposit 2-1-2011, Life & 10 Yr C&C, - $5,628.83. Thank you. -ff LS- Barbara La Due . ' e~~.", :\..~ '".... . "'~ :i- t ./ "{: .. [j r F( BOYNTON BEACH FIREFIGHTERS' PENSION FUND APPLICA TION FOR DEFERRED RETIREMENT OPTION PROGRAM (DROP) PARTICIPATION AND TIME SERVICE RETIREMENT Name: /I I.L f. (I) fl /II~/()m II /U SS: ~ Home Address: ~(!)$ ofService: ,<t? ~Jtls ~;/.9J~ DROP Begin Date: c2-/- .:2.,tPl/ Maximum DROP Termination and Retirement Date: /-2/ -~tf)/~ U Entitled to: .3 % of average final compensation ( ~ I elect to participate in the DROP in accordance with the provisions of Chapter] 8, Article IV, Section] 8-222 of the City Code and concurrently retire from employment on the date I terminate my participation in the DROP. I understand that the earliest date my participation in the DROP can begin is the first day I reach my nonnal retirement date upon the attainment of 20 years of credited service and that my DROP participation cannot exceed a maximum of sixty (60) months from the date of DROP participation, although I may elect to participate in DROP for less than sixty (60) months. Participation in the DROP does not guarantee my employment for the DROP period. I understand that when my participation in the DROP begins, my DROP benefit will be based upon the years of service and compensation levels as of the date of DROP participation. Such DROP benefits shall be invested under my name for the duration of my DROP participation. Upon termination of my employment and DROP participation, I must elect one of the optional methods of payment within 90 days of termination. If! do not make an election of one of the optional methods of payment within the 90-day period, the Fire Pension Fund will pay directly to me the accrued DROP benefits in a lump sum, less IRS tax. I understand that I cannot add additional service or purchase additional service after my DROP begin date. I also understand that my election to participate in DROP is irrevocable and termination from employment with the City of Boynton Beach and DROP participation must occur on or prior to the specified DROP termination date. I also understand that this application, once fu]]y executed and approved by the Board of Pension Trustees, represents a binding agreement to participate in DROP and to terminate employment upon the completion of the DROP period. However, until such time as this application is approved by the Board of Pension Trustees, I may cancel the effectiveness of this application upon delivery of a written request for such cancellation. In addition to the foregoing representations and acknowledgments, I hereby acknowledge that I have read and understand the statements and materials contained in the following documents and agree to the provisions contained herein: I. Election to Participate in DROP and information checklist for review of DROP Program information. 2. Ordinance No. 00-]3. 3. Booklet on Frequently Asked Questions on the DROP. Date: //-5 -;<0/0 -1- CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS February 24, 2011 file $ Participant's Name: ALLEN P NEWMAN Social Security #: 265-57-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 February 1, 2011. 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 $ 5467.32 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 $ 5397.16 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 5397.16 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. 3. 100% SURVIVOR ANNUITY: This option provides monthly payments of $ 4900.08 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 4900.08 for as long as he/she lives. ~4. 66% SURVIVOR ANNUITY: This option provides monthly payments of $ 5075.49 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 3383.83 for as long as he/she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 5168.32 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 2584.16 for as long as he/she lives. 6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 5105.17 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 $ 3828.88 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 5328.08 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 $ 2664.04 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 11/09/1962 Date of Termination: 01/31/2011 Avg Final Monthly Comp: $8,960.51 Beneficiary Name: LISA P. NEWMAN Pension Hire Date: 01/03/1991 Adjusted Hire Date: 01/03/1991 Years of Credited Service: 20 Date of Birth: 03/23/1968 Page 2 Participant's Name: ALLEN P NEWMAN Social Security #: 265-57-xxxx Accumulated Contributions: $3,835.35 After-Tax Contributions: $4,555.31 Pre-Tax Contributions: $99,280.04 Nontaxable Portion of Life Annuity Monthly Benefit: Number of Months Nontaxable $12.65 Portion Continues: 360 Nontaxable Portion of Joint Survivor Monthly Benefit: Number of Months Nontaxable $11.11 Portion Continues: 410 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 orrect. DATE: 3-7-(/ vBENEFICIARY'S SIGNATURE DATE: ~ . /0 - I J . Calculation Date: r ! Lf4 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS :::: February 24, 2011 NAME ADDRESS NEWMAN, ALLEN P BIRTH PEN HIRE ADJ HIRE RETIRE LAST SERV ELIG NORM ELIG EARLY 100% VEST COMMENCE LAST EARN BEN NAME BEN BDAY VAC HRS/CD SIC HRS/CD ACCRUE PER LAST PAY TERM-DATE 36 MO EARN AVG MO EARN SERV AT TERM AGE AT RETIRE COM ANB/DIFF VESTED TDY/RET SERV OVERRIDE PAY HIST FLAG HOURLY RATE VAC SIC PAYOUT EARLY OPTION QDRO PAGE 1 DEPT 22 4,189.59 99,280.04 4,555.31 103,835.35 322,578.41 8,960.51 20 0 28 48 2 22 48 -5 100 100 IRREGULAR 32.920 .00 BENEFIT 5,397.16 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 5,397.16 LIFE ANNUITY FACTOR: 1.01300 MODIFIED LIFE ANNUITY 5,467.32 100% SURV. FACTOR: .90790 100% SURV. ANNUITY 4,900.08 SURVIVOR BENEFIT 4,900.08 66 2/3% SURV. FACTOR: .94040 66 2/3% SURV. ANNUITY 5,075.49 V SURVIVOR BENEFIT 3,383.83 50% SURV. FACTOR: .95760 50% SURV. ANNUITY 5,168.32 SURVIVOR BENEFIT 2,584.16 75% JOINT LAST FACTOR: .94590 75% JOINT & LAST ANNUITY 5,105.17 SURVIVOR BENEFIT 3,828.88 50% JOINT LAST FACTOR: .98720 50% JOINT & LAST ANNUITY 5,328.08 SURVIVOR BENEFIT 2,664.04 EXCLUSION RATIO USING SAFE HARBOR METHOD: NUMBER OF EXPECTED PAYMENTS TAX-FREE PORTION OF MONTHLY BENEFIT DATE WHEN BENEFIT BECOMES FULLY TAXABLE ANNUITY 360 12.65 02/01/2041 Prepared by * indicates manual override JOINT SRV 410 11.11 04/01/2045 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 February 24, 2011 ALLEN P NEWMAN H I G H Y EAR ONE H I G H YEA R TWO PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 01/31/11 .2 25,304.10 10/26/09 2.0 3,112.93 01/17/11 2.0 3,160.93 10/12/09 2.0 4,280.28 01/03/11 2.0 3,160.93 09/28/09 2.0 3,137.25 12/20/10 2.0 3,287.37 09/14/09 2.0 4,280.28 12/06/10 2.0 5,224.15 08/31/09 2.0 3,564.31 11/22/10 2.0 3,224.15 08/17/09 2.0 3,175.19 11/08/10 2.0 3,160.93 08/03/09 2.0 8,233.71 10/25/10 2.0 3,160.93 07/20/09 2.0 4,280.28 10/11/10 2.0 3,224.15 07/06/09 2.0 3,286.09 09/27/10 2.0 3,160.93 06/22/09 2.0 4,280.28 09/13/10 2.0 3,160.93 06/08/09 2.0 4,342.54 08/30/10 2.0 3,569.22 OS/25/09 2.0 3,237.45 08/16/10 2.0 3,350.59 05/11/09 2.0 3,175.19 08/02/10 2.0 7,112.10 04/27/09 2.0 3,112.93 07/19/10 2.0 3,160.93 04/13/09 2.0 3,237.45 07/05/10 2.0 3,287.37 03/30/09 2.0 8,108.27 06/21/10 2.0 3,224.15 03/16/09 2.0 3,175.19 06/07/10 2.0 3,224.15 03/02/09 2.0 3,660.13 OS/24/10 2.0 3,224.15 02/16/09 2.0 3,310.41 05/10/10 2.0 3,224.15 02/02/09 2.0 3,112.93 04/26/10 2.0 3,816.83 01/19/09 2.0 3,383.37 04/12/10 2.0 3,287.37 01/05/09 2.0 3,138.87 03/29/10 2.0 4,371.85 12/22/08 2.0 3 , 199 . 51 03/15/10 2.0 3,437.20 12/08/08 2.0 3,112.93 03/01/10 2.0 3,189.46 11/24/08 2.0 4,769.60 02/15/10 2.0 3,175.19 11/10/08 2.0 4,729.23 02/01/10 1.8 2,857.67 00/00/00 .0 .00 TOTAL 52.0 116,741.88 TOTAL 52.0 102,436.60 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS February 24, 2011 ALLEN P NEWMAN H I G H YEA R T H R E E PAY EFF WEEKS WAGES 05/12/08 2.0 3,255.83 04/28/08 2.0 4,490.20 04/14/08 2.0 3,266.39 03/31/08 2.0 6,879.22 03/17/08 2.0 3,083.06 03/03/08 2.0 3,194.40 02/18/08 2.0 4,418.22 02/04/08 2.0 3,132.97 01/21/08 2.0 4,469.09 01/07/08 2.0 3,255.83 12/24/07 2.0 4,223.37 12/10/07 2.0 4,284.80 11/26/07 2.0 3,699.93 11/12/07 2.0 3,378.69 10/29/07 2.0 4,346.23 10/15/07 2.0 3,194.40 10/01/07 2.0 4,020.84 09/17/07 2.0 4,414.04 09/03/07 2.0 4,481.23 08/20/07 2.0 2,984.14 08/06/07 2.0 7,656.93 07/23/07 2.0 3,042.65 07/09/07 2.0 2,880.79 06/25/07 2.0 3,850.04 06/11/07 2.0 3,850.04 OS/28/07 2.0 2,800.03 05/14/07 .6 846.57 TOTAL 52.6 103,399.93 PAGE 3 GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, FL 33301-1827 954.52:'.1616 phone 954.525.0083 fax www.gabrielroeder.com March 17, 2011 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 ask.ed us to verify the retirement benefits for the following employees: NEWMAN, Allen P. (DROP Retirement) V REIIR,Elizabeth (DROP Retirement) TEMPERILLI, Michael (DROP Retirement) Based on the infonnation provided, we have determined 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, ~u~ 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: March 10,2011 Subject: Benefit Verification - Boynton Beach Fire Pension Rion: Please review and verify the retirement benefits for the Boynton Beach Fire Pension Board on the following: J"1) Elizabeth Rehr, SS# 595-36-XXXX, retired into DROP 1-31-2011, initial DROP deposit 2-1-2011, Life & 10Yr C&C - $4,313.36. 2) Allen P. Newman, SS# 265-57-XXXX, retired into DROP 1-31-2011, initial DROP deposit 2-1-2011,66% Survivor Annuity- $5,075.49. 3) Michael Temperilli, SS# 148-60-XXXX, retired into DROP 1-31-2011, initial DROP deposit 2-1-2011, Life & 10 Yr C&C, - $5,628.83. Thank you. F{L~ Barbara La Due BOYNTON BEACH FIREFIGHTERS' PENSION FUND APPLICATION FOR DEFERRED RETIREMENT OPTION PROGRAM (DROP) P ARTICIP A TION AND TIME SERVICE RETIREMENT Name: ELr2./}$iT-I/ R.t14R ss: ... Home Address: . Employment Date: I-~ ..../<1 '7/ Pension Membership Date: 1'-~-111f Yrs. of Service: ~lA4. 018 ~"1Is DROP Begin Date: ,,2-1- ~(J)I( Maximum DROP Termination and Retirement Date: .r ~'~ I-.?/~PJ~ Entitled to:.3 % ofaverage final compensation (computed based on the highest ~e lastten years) Spouse's Name: RtJ1~~IlT R~.iI R SS#: Birth Date: +'_ / I elect to participate in the DROP in accordance with the provisions of Chapter 18, Article IV, Section 18-222 of the City Code and concurrently retire from employment on the date I terminate my participation in the DROP. I understand that the earliest date my participation in the DROP can begin is the first day I reach my nonnal retirement date upon the attainment of 20 years of credited service and that my DROP participation cannot exceed a maximum of sixty (60) months from the date of DROP participation, although I may elect to participate in DROP for less than sixty (60) months. Participation in the DROP does not guarantee my employment for the DROP period. I understand that when my participation in the DROP begins, my DROP benefit will be based upon the years of service and compensation levels as of the date of DROP participation. Such DROP benefits shall be invested under my name for the duration of my DROP participation. Upon termination of my employment and DROP participation, I must elect one of the optional methods of payment within 90 days of termination. If I do not make an election of one of the optional methods of payment within the 90-day period, the Fire Pension Fund will pay directly to me the accrued DROP benefits in a lump sum, less IRS tax. I understand that I cannot add additional service or purchase additional service after my DROP begin date. I also understand that my election to participate in DROP is irrevocable and termination from employment with the City of Boynton Beach and DROP participation must occur on or prior to the specified DROP termination date. I also understand that this application, once fully executed and approved by the Board of Pension Trustees, represents a binding agreement to participate in DROP and to terminate employment upon the completion of the DROP period. However, until such time as this application is approved by the Board of Pension Trustees, I may cancel the effectiveness of this application upon delivery of a written request for such cancellation. In addition. to the foregoing representations and acknowledgments, I hereby acknowledge that I have read and understand the statements and materials contained in the following documents and agree to the provisions contained herein: 1. Election to Participate in DROP and information checklist for review of DROP Program infonnation. 2. Ordinance No. 00-13. 3. Booklet on Frequently Asked Questions on the DROP. /~~~ Date: /-/dl-I/ -I. ~~ CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS ~ February 24, 2011 Participant's Name: ELIZABETH REHR Social Security #: 595-36-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 February 1, 2011. 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 $ 4346.14 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. ~ TEN YEAR CERTAIN AND LIFE THEREAFTER: This option provides monthly payments of $ 4313.36 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 4313.36 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. ______ 3. 100% SURVIVOR ANNUITY: This option provides monthly payments of $ 4065.77 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 4065.77 for as long as he/she lives. 4. 66% SURVIVOR ANNUITY: This option provides monthly payments of $ 4155.06 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 2770.18 for as long as he/she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 4201.21 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 2100.61 for as long as he/she lives. 6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 4220.19 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 $ 3165.14 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 4386.69 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 $ 2193.35 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 04/18/1968 Date of Termination: 01/31/2011 Avg Final Monthly Comp: $7,161.16 Beneficiary Name: BOB REHR Pension Hire Date: 01/03/1991 Adjusted Hire Date: 01/03/1991 Years of Credited Service: 20 Date of Birth: 04/18/1966 Page 2 Participant's Name: ELIZABETH REHR Social Security #: 595-36-xxxx Accumulated Contributions: $94,620.62 After-Tax Contributions: $5,184.75 Pre-Tax Contributions: $89,435.87 Nontaxable Portion of Life Annuity Monthly Benefit: Number of Months Nontaxable $14.40 Portion Continues: 360 Nontaxable Portion of Joint Survivor Monthly Benefit: Number of Months Nontaxable $12.65 Portion Continues: 410 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: 5- (/~.! I BENEFICIARY'S SIGNATURE: DATE: Calculation Date: NAME ADDRESS BIRTH PEN HIRE ADJ HIRE RETIRE LAST SERV ELIG NORM ELIG EARLY 100% VEST COMMENCE LAST EARN BEN NAME BEN BDAY VAC HRS/CD SIC HRS/CD ACCRUE PER LAST PAY TERM-DATE CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS February 24, 2011 REHR, ELIZABETH 01/03/1991 01/03/1991 01/31/2011 TYPE N 01/31/2011 01/03/2011 00/00/0000 01/03/2001 02/01/2011 00/00/0000 BOB REHR 42.64/N6 77.74 F1 .00 20110117-20110130 00000000 # DEPT 22 1,101.93 89 , 435 . 87 5,184.75 94,620.62 1080 SSN 595-36-xxxx YTD CONTR. CONTR (TAX) CONTR (NTX) BALANCE 36 MO EARN AVG MO EARN SERV AT TERM AGE AT RETIRE COM ANB/DIFF VESTED TDY/RET SERV OVERRIDE PAY HIST FLAG HOURLY RATE VAC SIC PAYOUT EARLY OPTION 257,801.58 7,161.16 20 0 28 42 9 13 43 2 100 100 31.537 .00 QDRO BENEFIT 4,313.36 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 4,313.36/ LIFE ANNUITY FACTOR: 1.00760 MODIFIED LIFE ANNUITY 4,346.14 100% SURV. FACTOR: .94260 100% SURV. ANNUITY 4,065.77 SURVIVOR BENEFIT 4,065.77 66 2/3% SURV. FACTOR: .96330 66 2/3% SURV. ANNUITY 4,155.06 SURVIVOR BENEFIT 2,770.18 50% SURV. FACTOR: .97400 50% SURV. ANNUITY 4,201.21 SURVIVOR BENEFIT 2,100.61 75% JOINT LAST FACTOR: .97840 75% JOINT & LAST ANNUITY 4,220.19 SURVIVOR BENEFIT 3,165.14 50% JOINT LAST FACTOR: 1. 01700 50% JOINT & LAST ANNUITY 4,386.69 SURVIVOR BENEFIT 2,193.35 EXCLUSION RATIO USING SAFE HARBOR METHOD: NUMBER OF EXPECTED PAYMENTS TAX-FREE PORTION OF MONTHLY BENEFIT DATE WHEN BENEFIT BECOMES FULLY TAXABLE Prepared by ANNUITY 360 14.40 02/01/2041 JOINT SRV 410 12.65 04 / 0 1 /2 04 5 * indicates manual override ( \ I :,'? PAGE 1 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 February 24, 2011 ELIZABETH REHR H I G H YEA R ONE H I G H YEA R TWO PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 01/17/11 2.0 3,027.55 08/17/09 2.0 2,979.59 01/03/11 2.0 3,127.55 08/03/09 2.0 6,655.04 12/20/10 2.0 3,027.55 07/20/09 2.0 2,979.60 12/06/10 2.0 5,127.55 07/06/09 2.0 3,079.60 11/22/10 2.0 3,027.55 06/22/09 2.0 2,979.60 11/08/10 2.0 3,127.55 06/08/09 2.0 3,079.60 10/25/10 2.0 3,027.55 OS/25/09 2.0 2,979.56 10/11/10 2.0 3,127.55 05/11/09 2.0 3,079.53 09/27/10 2.0 3,027.55 04/27/09 2.0 2,979.51 09/13/10 2.0 3,027.55 04/13/09 2.0 2,979.55 08/30/10 2.0 3,505.99 03/30/09 2.0 6,547.37 08/16/10 2.0 3,027.55 03/16/09 2.0 2,979.55 08/02/10 2.0 6,911.99 03/02/09 2.0 3,102.83 07/19/10 2.0 2,854.10 02/16/09 2.0 2,979.55 07/05/10 2.0 3,127.55 02/02/09 2.0 3,079.55 06/21/10 2.0 3,027.55 01/19/09 2.0 2,979.55 06/07/10 2.0 3,127.55 01/05/09 2.0 3,079.55 OS/24/10 2.0 3,027.55 12/22/08 2.0 2,979.55 05/10/10 2.0 3,127.55 12/08/08 2.0 3,079.55 04/26/10 2.0 3,027.55 11/24/08 2.0 2,979.55 04/12/10 2.0 3,127.55 11/10/08 2.0 3,079.55 03/29/10 2.0 3,015.55 10/27/08 2.0 2,979.55 03/15/10 2.0 2,979.55 10/13/08 2.0 3 , 126 . 11 03/01/10 2.0 3,079.55 09/29/08 2.0 2,973.91 02/15/10 2.0 2,979.55 09/15/08 2.0 2,940.13 02/01/10 2.0 3,079.55 09/01/08 2.0 3,744.54 TOTAL 52.0 85,701.73 TOTAL 52.0 86,401. 57 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS February 24, 2011 ELIZABETH REHR H I G H YEA R T H R E E PAY EFF WEEKS WAGES 08/18/08 2.0 2,940.13 08/04/08 2.0 6,715.30 07/21/08 2.0 2,940.13 07/07/08 2.0 3,097.55 06/23/08 2.0 2,940.13 06/09/08 2.0 3,040.13 OS/26/08 2.0 2,940.13 05/12/08 2.0 3,040.13 04/28/08 2.0 2,940.13 04/14/08 2.0 2,940.13 03/31/08 2.0 6,456.70 03/17/08 2.0 2,940.13 03/03/08 2.0 3,040.13 02/18/08 2.0 2,940.13 02/04/08 2.0 3,040.13 01/21/08 2.0 2,940.13 01/07/08 2.0 1,661.93 12/24/07 2.0 2,940.13 12/10/07 2.0 4,418.33 11/26/07 2.0 2,974.58 11/12/07 2.0 3,051.61 10/29/07 2.0 2,990.13 10/15/07 2.0 2,940.13 10/01/07 2.0 2,990.13 09/17/07 2.0 2,800.03 09/03/07 2.0 3,200.03 08/20/07 .6 840.01 TOTAL 52.6 85,698.28 PAGE 3 GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd, Suite 505 Ft. Lauderdale, FL 33301-1827 954.527.1616 phone 954.525.0083 fax www.gabrielroeder.com March 17, 2011 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 employees: NEWMAN, Allen P. (DROP Retirement) REHR,'Elizabeth (DROP Retirement) vl"TEMPERILLI, Michael (DROP Retirement) Based on the information provided, we have determined 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, ~u~ 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: March 10,2011 Subject: Benefit Verification - Boynton Beach Fire Pension Rion: Please review and verify the retirement benefits for the Boynton Beach Fire Pension Board on the following: 1) Elizabeth Rehr, SS# 595-36-XXXX, retired into DROP 1-31-2011, initial DROP deposit 2-1-2011, Life & 10Yr C&C - $4,313.36. 2) Allen P. Newman, SS# 265-57-XXXX, retired into DROP 1-31-2011, initial DROP deposit 2-1-2011, 66% Survivor Annuity- $5,075.49. (/3) Michael Temperilli, SS# 148-60-XXXX, retired into DROP 1-31-2011, initial DROP deposit 2-1-2011, Life & 10 Yr C&C, - $5,628.83. Thank you. f/ I- t~ Barbara La Due (~~,,:1I~~ . . ..;.;:, MJIii. ,: :,~..,: 11 t ~( .* BOYNTON BEACH FIREFIGHTERS' PENSION FUND APPLICA TION FOR DEFERRED RETIREMENT OPTION PROGRAM (DROP) PARTICIPATION AND TIME SERVICE RETIREMENT Name: 1fJ1t..IIMI nA/:1 ~R IL.L I. ss: Home Address: ''/ EmployrnentDate: ~L~ -/791 Pension Membership Date: /-;$-19'i/Yrs. ofService:...1t'fI4G.~-<iD~s DROP Begin Date: ~ - / - ~/ I Maximum DROP Termination and Retirement Dat~~ ~"h~' - /-3I-.::lt:J/~ Entitled to: . 1 % of average final compensation (computed based on the highest dIMe last ten years) Spouse'sName:/ZI,4IV~V ~mfJE..1.IL'-1 SS#: '/BirthDate: /; ':<' f I elect to participate in the DROP in accordance with the provisions of Chapter 18, Article IV, Section 18-222 of the City Code and concurrently retire from employment on the date I terminate my participation in the DROP. I understand that the earliest date my participation in the DROP can begin is the first day I reach my nonnal retirement date upon the attainment of 20 years of credited service and that my DROP participation cannot exceed a maximum of sixty (60) months from the date of DROP participation, although I may elect to participate in DROP for less than sixty (60) months. Participation in the DROP does not guarantee my employment for the DROP period. I understand that when my participation in the DROP begins, my DROP benefit will be based upon the years of service and compensation levels as of the date of DROP participation. Such DROP benefits shall be invested under my name for the duration of my DROP participation. Upon termination of my employment and DROP participation, I must elect one of the optional methods of payment within 90 days of termination. If! do not make an election of one of the optional methods of payment within the 90-day period, the Fire Pension Fund will pay directly to me the accrued DROP benefits in a lump sum, less IRS tax. I understand that I cannot add additional service or purchase additional service after my DROP begin date. I also understand that my election to participate in DROP is irrevocable and termination from employment with the City of Boynton Beach and DROP participation must occur on or prior to the specified DROP termination date. I also understand that this application, once fully executed and approved by the Board of Pension Trustees, represents a binding agreement to participate in DROP and to terminate employment upon the completion of the DROP period. However, until such time as this application is approved by the Board of Pension Trustees, I may cancel the effectiveness of this application upon delivery of a written request for such cancellation. In addition to the foregoing representations and acknowledgments, I hereby acknowledge that I have read and understand the statements and materials contained in the following documents and agree to the provisions contained herein: I. Election to Participate in DROP and information checklist for review of DROP Program information. 2. Ordinance No. 00-13. 3. Booklet on Frequently Asked Questions on the DROP. A-q Signature of Applic t Date: /- /1- /1 -1- CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS February 24, 2011 h~ ~ Participant's Name: MICHAEL TEMPERILLI Social Security #: 148-60-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 February 1, 2011. 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 $ 5710.45 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 $ 5628.83 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 5628.83 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. 3. 100% SURVIVOR ANNUITY: This option provides monthly payments of $ 5170.08 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 5170.08 for as long as he/she lives. 4. 66% SURVIVOR ANNUITY: This option provides monthly payments of $ 5338.38 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 3559.10 for as long as he/she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 5426.76 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 2713.38 for as long as he/she lives. 6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 5411.56 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 $ 4058.67 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 5676.68 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 $ 2838.34 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 09/27/1961 Date of Termination: 01/31/2011 Avg Final Monthly Comp: $9,345.15 Beneficiary Name: NANCY TEMPERILLI Pension Hire Date: 01/03/1991 Adjusted Hire Date: 01/03/1991 Years of Credited Service: 20 Date of Birth: 12/26/1962 Page 2 Participant's Name: MICHAEL TEMPERILLI Social Security #: 148-60-xxxx Accumulated Contributions: $1,736.63 After-Tax Contributions: $4,515.94 Pre-Tax Contributions: $97,220.69 Nontaxable Portion of Life Annuity Monthly Benefit: Number of Months Nontaxable $12.54 Portion Continues: 360 Nontaxable Portion of Joint Survivor Monthly Benefit: Number of Months Nontaxable $11.01 Portion Continues: 410 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 DATE: 3/7/11 ~h BENEFICIARY'S SIGNATURE: .. DATE: Calculation Date: . . (' I--/j...v CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS - ------ February 24, 2011 NAME ADDRESS BIRTH PEN HIRE ADJ HIRE RETIRE LAST SERV ELIG NORM ELIG EARLY 100% VEST COMMENCE LAST EARN BEN NAME BEN BDAY VAC HRS/CD SIC HRS/CD ACCRUE PER LAST PAY TERM-DATE TEMPERILLI, MICHAEL 01/03/1S91 01/03/1991 01/31/2011 TYPE N 01/31/2011 01/03/2011 00/00/0000 01/03/2001 02/01/2011 00/00/0000 NANCY TEMPERILLI 129.23/N6 125.54 F1 .00 20110131-20110213 20110131 # 1081 SSN 148-60-xxxx YTD CONTR. CONTR(TAX) CONTR(NTX) BALANCE PAGE 1 DEPT 22 6,943.93 97,20.69 4,515.94 101,736.63 336,425.36 9,345.15 20 0 28 49 4 4 49 -1 100 100 IRREGULAR 34.860 .00 BENEFIT 5,628.83 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 5,628.83 V'" LIFE ANNUITY FAC'IOR: 1.01450 MODIFIED LIFE ANNUITY 5,710.45 100% SURV. FACTOR: .91850 100% SURV. ANNUITY 5,170.08 SURVIVOR BENEFIT 5,170.08 66 2/3% SURV. FACTOR: .94840 66 2/3% SURV. ANNUITY 5,338.38 SURVIVOR ENEFIT 3,559.10 50% SURV. FACTOR: .96410 50% SURV. ANNUITY 5,426.76 SURVIVOR BENEFIT 2,713.38 75% JOINT LAST FACTOR: .96140 75% JlINT & LAST ANNUITY 5,411.56 SURVIVOR BENEFIT 4,058.67 50% JOINT LAST FACTOR: 1. 00850 50% JOINT & LAST ANNUITY 5,676.68 SURVIVOR BENEFIT 2,838.34 36 MO EARN AVG MO E.RN SERV AT TERM AGE AT RETIRE COI ANB/DIFF VESTED TDY/RET SERV OVERRIDE PAY HIST FLAG HOURLY RATE VAC SIC PAYOUT EARLY OPTION QDRO EXCLUSION RATIO USING SAFE HARBOR METHOD: NUMBER OF EXPECTED PAYMENTS TAX-FREE PORTION OF MON'IHLY BENEFIT DATE WHEN BENEFIT BECOMES FULLY TAXABLE Prepared by ANNUITY 360 12.54 02/01/2041 * indicatEs manual override JOINT SRV 410 11. 01 04/01/245 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS February 24, 201 H I G H EST MICHAEL TEMPERILLI PAY EFF 01/31/11 01/17/11 01/03/11 12/20/10 12/06/10 11/22/10 11/08/10 10/25/10 10/11/10 09/27/10 09/13/10 08/30/10 08/16/10 08/02/10 07/19/10 07/05/10 06/21/10 06/07/10 OS/24/10 05/10/10 04/26/10 04/12/10 03/29/10 03/15/10 03/01/10 02/15/10 02/01/10 01/18/10 01/04/10 12/21/09 12/07/09 11/23/09 11/09/09 10/26/09 10/12/09 09/28/09 09/14/09 08/31/09 08/17/09 08/03/09 T H R E WEEKS .2 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2. ( 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 EYE A R S -~, / ~WAGES 47,542.87 3,388.64 3, ~6 6.80 3,367.72 5,566.80 3,346.80 3,566.80 3,346.80 4,821.85 3,346.80 3,346.80 3,985.15 3,388.64 7,750.30 3,388.64 3,566.80 3,346.80 3,566.80 3,346.80 3,566.80 3,388.64 3,601.64 3,346.80 3,660.56 3,566.80 3,346.80 3,608.64 3,346.80 3,579.87 3,388.64 3,566.80 3,346.80 3,592.95 3,346.80 3,566.80 4,601.85 3,346.80 3,985.15 4,654.14 7,750.30 PAY EFF 07/20/09 07/06/09 06/22/09 06/08/09 OS/25/09 05/11/09 04/27/09 04/13/09 03/30/09 03/16/09 03/02/09 02/16/09 02/02/09 01/19/09 01/05/09 12/2./08 12/08/08 11/24/08 11/10/08 10/27/08 10/13/08 09/29/08 09/15/08 09/01/08 08/18/08 08/04/08 07/21/08 07/07/08 06/23/08 06/09/08 OS/26/08 05/12/08 04/28/08 04/14/08 03 /31/ '8 03/17/08 03/03/08 12 /1 8 / 0 8 02/04/08 01/21/08 WEEKS 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2. 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 .4 PAGE 2 WAGES 4,601.8 3,566.80 3,372.95 35 6 6 . 80 3,346.80 3,592.95 3,346.80 4,680.29 3,544.01 3,224.78 3,407.43 3,187.43 3,407.43 4,382.72 3,419.88 3,187.43 3,407.43 3,187.43 3,731.15 3,187.43 3,407.43 3,180.70 3, 10.33 4,112.70 3,925.41 7,324.98 3,140.33 3,360.33 3,140.33 3,360.33 3,140.33 3,409.40 3,140.33 3,164.86 3,349.72 2,990.79 3,234.16 3,028.17 3,210.79 598.16 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 February 24, 2011 MICHAEL TEMPERILLI H I G H EST T H R E E YEA R S PAY EFF WEEI<S WAGES PAY EFF WEEKS WAGES 00/00/00 .0 .00 00/00/00 0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/10/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .OC 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/0000 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 ,00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 00/00/00 .0 .00 TOTAL 156.6 336,425.36 "\....,\.;l......~...'.j.... '.'../' ~"" 'I" '. .~. ....-~'.'-I..';,.. ,L.'~,',:~ ~ . ';.'~"':." ,'" '.'i~ ~';;-'i! ~~' /i.... '~." , !1~~i"';'L "l'\':';> RICK SCOTT Governor J)EPARTMENT OF MANAGEMENT SERVICES JOHN P. MILES Secretary 4050 Esplanade Way I Tallahassee. Florida 32399-0950 I Tel: 850.488.2786 I Fax: 850.922.6149 INVITATION From: Division of Retirement, Municipal Police Officers' and Firefighters' Pension Office Re: 32nd Annual Police Officers' & Firefighters' Pension Trustees School- May 16-18,2011 You are cordially invited to attend the 32nd Annual Police Officers' & Firefighters' Pension Trustees' School scheduled for May 16-18, 2011, sponsored by the Department of Management Services' Division of Retirement in conjunction with The Florida State University's Academic & Professional Program Services. This program is uniquely designed for pension plans established under Chapters 175 & 185, Florida Statutes. Please note, to continue to maintain our consistently top-notch training programs in the most cost-effective manner, we are merging the Trustees' School and Pension Trustees' Conference into one program. This will be the only educational program offered by the state this year for police & fire pension trustees, so be sure you plan to attend this program in Tallahassee in May. The program will be jam-packed with speakers and topics of interest, including discussions regarding any legislation that passes affecting the Chapters 175 and 185 plans. Monday's program, on May 16, is designed specifically for new trustees, for those interested in becoming trustees, or for those that want a basic understanding of the operation of the pension plan. The program will offer a no-nonsense explanation of how the pension plan works and includes lectures from a plan attorney, actuary and the Division on the trustees' responsibilities. Participants will be encouraged to ask questions and participate in group discussions focusing on the fundamentals of pension fund management. If you are a new trustee on the pension board, we encourage you to participate in this special program. The registration fee for the one-day program is $85.00. Tuesday and Wednesday's programs, on May 17 and 18, are designed for both the new and seasoned trustee and will feature presentations on legislative, legal, investment, administrative, and ethics issues, as well as an update on the IPT database. There will be an opportunity for questions and answers after each speaker to provide you with a chance to address concerns specific to your plan. The registration fee for the two-day program is $170.00. If you wish to attend all three days, the registration fee is $250. Each day's registration fee covers the costs of materials, refreshment breaks and lunch. The program will be held at the Augustus B. Turnbull, III Florida State Conference Center, home of the Center for Professional Development. The Conference Center is located at 555 West Pensacola Street, Tallahassee, Florida, across from the Tallahassee-Leon County Civic Center. You may register with Florida State University (FSU) for the program by calling (850) 644-3801 or, check our website for a direct link to FSU's online registration site. FSU will award a Certificate of Completion at the closing of the school and Continuing Education Credits (CEUs) are available for each participant. Registration confirmation will be provided for Accountants and Attorneys wishing to apply for CPE and CLE credits. Page 2 The downtown Doubletree Hotel, located at 101 South Adams Street (on the comer of Park Avenue and South Adams), will provide the overnight accommodations for the program. The hotel is offering a special rate of $99.00 per night and the parking fee is waived for those staying at the hotel. Rooms are being held until April 22, 20 II at a special rate of $99 per night. The Doubletree's phone number is (850) 224-5000 or you may call toll free (800) 222-8733. To reserve rooms via the Internet, visit the Doubletree website at www.doubletree.com. a special discount code will be posted on our website as soon as it becomes available. The hotel has a restaurant, and there are also several downtown restaurants within walking distance. As an added bonus, the Doubletree Hotel is hosting a "Welcome Reception" for all participants on Tuesdav. Mav 17, from 6:30 p.m. to 7:30 p.m. in the Hotel Ballroom. You are encouraged to take advantage of this opportunity to meet the speakers and your fellow participants! All police officer and firefighter plan participants, board of trustee members, plan sponsors, administrators, accountants, actuaries, investment advisors, legal counselors, other advisors, and anyone interested in the administration and operation of the Chapters 175 and 185 pension plans should take advantage of this unique, insightful and informative program. You may access information and updates about the Trustees' School, including area maps, a copy of the program when completed, and links to register with FSU as well as the Doubletree on our website at www.mvflorida.com/frs/mpf. I look forward to meeting with you in Tallahassee in May! Sincerely, 6J~~.~ Patricia F. Shoemaker Benefits Administrator Municipal Police Officers' and Firefighters' Retirement Funds pfs Please direct return correspondence to: Division of Retirement Municipal Police Officers' & Firefighters' Retirement Trust Funds' Office PO Box 3010 Tallahassee, Florida 32315-3010 Toll Free: 877.738.6737 I Tel: 850.922.0667 I Fax: 850.921.2161 www.dms.MyFlorida.com r-"'OI.. IllQJ>- +-J> 0..... Vl I- QJ..... H H U..s:: H QJI- 0 0:: UJ N \.:1 ......... ~ H >'c:: 0.. 0 r- _ ......... ..s::..... U"l +-JVl 0 C::C:: OQJ 0 ::Eo.. I- 0 H 0 Vl+-J N c::o. ......... QJO H 0.. 0 ......... 0 H 4-..s:: QJ+-JQJ 0 C::I..+-J 0 QJ..... III H cocoa 0:: UJ 0.. \.:1 Z H >. ::E l- I.. UJ 0:: III I- 0 ..... Vl 0.. U >- UJ ..... Vl 0:: 4- QJ Z c:: 0 QJ H co Vl z~ 4- UJI- 0 o..~ 0 QJ Vl E O::Z III UJO Z I-H :I:Vl \.:1Z HUJ >. LLo.. +-J UJ ..... 0::- r-QJ HVl ....."'0 LLO:: ..co UJ IllU :I: I- Vl U:I: ..... ~\.:1 0 UJH COLL UJ ZO:: 4-......... OH OQJ..c I-LL I.. III Z QJ..... 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