Agenda 09-01-11 BOYNTON BEACH FIREFIGHTERS' PENSION FUND
Sub - Committee BOARD MEETING
Thursday, September 1, 2011 @ 8:30 A.M.
Renaissance Commons Executive Suites
1500 Gateway Blvd., Suite 220
Boynton Beach, FL 33426
AGENDA
I. CALL TO ORDER — Luke Henderson, Chairman
II. AGENDA APPROVAL -
III. APPROVAL OF MINUTES — N/A
IV. FINANCIAL REPORTS: N/A
V. CORRESPONDENCE — N/A
VI. OLD BUSINESS —
1) Ordinance 10 -016 - Administrative Rules Governing 175 Supplemental
Benefits - - Review and discussion.
VII. NEW BUSINESS: N/A
VIII. PENSION ADMINISTRATOR'S REPORT: N/A
IX. COMMENTS
X. ADJOURNMENT
Next Meeting Date — Thursday, November 10, 2011 @ 2:OOPM —
Renaissance Commons Executive Suites
If you cannot attend, please call Barbara @ 561/739 -7972.
NOTICE
IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE FIREFIGHTERS' PENSION BOARD WITH RESPECT TO ANY MATTER
CONSIDERED AT THIS MEETING, HE /SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, HE/SHE MAY NEED TO
ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING 1S 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 IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM, OR ACTIVITY CONDUCTED
BY THE CITY PLEASE CONTACT CITY CLERK'S OFFICE (561) 742 -6060 AT LEAST TWENTY -FOUR HOURS PRIOR TO THE PROGRAM OR
ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST.
THE BOARD (COMMITTEE) MAY ONLY CONDUCT PUBLIC BUSINESS AFTER A QUORUM HAS BEEN ESTABLISHED IF NO QUORUM IS
ESTABLISHED WITHIN TWENTY MINUTES OF THE NOTICED START TIME OF THE MEETING THE CITY CLERK OR DESIGNEE WILL SO NOTE
THE FAILURE TO ESTABLISH A QUORUM AND THE MEETING SHALL BE CONCLUDED. BOARD MEMBERS MAY NOT PARTICIPATE FURTHER
EVEN WHEN PURPORTEDLY ACTING IN AN INFORMAL CAPACITY
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Board of Trustees
Boynton Beach Firefighters Pension Plan
Administrative Rules Governing 175 Supplemental Benefit
1. The maximum annual distribution shall not exceed 50% of that years excess
monies after additional cost for that year, have been removed.
Example: 2010 Actuarial Report
Received 990,759
- 589,543 Base amount.
- 43,572 COLA cost increase.
- 19,715 Increase due to lowering the assumed rate.
Total= 337,929
x.5
Total= 168,964 this is the amount available for distribution.
* In any year that the distribution amount exceeds the available amount, the pay -out
will reduce accordingly.
2. The plan actuary will determine the annual distribution per retiree using the
Calculation Chart provided by the board of trustees. (See attached)
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INVESTMENT RATE OF RETURN i.
The investment rate of return has been calculated on the following bases.
Basis 1 - Interest, dividends, realized gains (losses) and unrealized appreciation
(depreciation) divided by the weighted average of the market value of the
fund during the year. This figure is normally called the Total Rate of
Return.
Basis 2 - Investment earnings recognized in the Actuarial Value of Assets divided
by the weighted average of the Actuanal Value of Assets during the year.
Investment Rate of Return
Year Ended Basis 1 I Basis 2
12/31 /1982 NA % 11.9 %
12/31/1983 15.2 13.9
12/31/1984 11.7 11.1
12/31/1985 23.1 18.7
12/31/1986 11.8 13.4
12/31/1987 5.3 10.3
12/31/1988 10 9 9.8
12/31/1989 15.9 14.8
9/30/1990 (9 mos.) (1.6) 1.4
9/30/1991 19.6 13.1
9/30/1992 12.7 11 2
9/30/1993 13.1 9.7
9/30/1994 0.2 3.1
9/30/1995 18.8 9.3
9/30/1996 13 1 9.8
9/30/1997 24.5 12.6
9/30/1998 11 4 12.4
9/30/1999 11.8 14.1
9/30/2000 9.4 13.3
9/30/2001 (7.7) 8.0
9/30/2002 (5.6) 2.3
9/30/2003 15.3 3.5
9/30/2004 6 4 2 2
9/30/2005 7 9 2.5
9/30/2006 5.2 5.3
9/30/2007 12.3 9.3
9/30/2008 (17 1) 3.0
9/30/2009 (0 2) 0.9
9/30/2010 8.5 2.5
Average Compounded
Rate of Return for Number
of Years Shown 8.7 % 8.7 %
Average Compounded
Rate of Return for Last 5
Years 1.2 % 4.2 %
GRS