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Agenda 02-14-12 BOYNTON BEACH POLICE OFFICERS’ PENSION FUND QUARTERLY BOARD MEETING Tuesday, February 14, 2012 @ 9:30 AM Renaissance Executive Suites – Conference Room #1 1500 Gateway Blvd., Suite # 220 Boynton Beach, FL 33426 AGENDA I.CALL TO ORDER – Lt. Gary Chapman, Chairman I A. Congratulations to Frank Ranzie for his nomination as trustee for a 4 year term II. AGENDA APPROVAL - III.APPROVAL OF MINUTES – Special Meeting January 17,2012 IV. FINANCIAL REPORTS: A) Davidson, Jamieson & Cristini, PL – Richard Cristini, CPA & Jeanine Bittinger, CPA – Audit Report/Financial Statements for PYE 9-30-2011 B) Gabriel Roeder Smith & Co – Steve Palmquist & Pete Strong Actuarial Valuation Report for PYE 9-30-2011 C) Quarterly Investment Review for December 31, 2012 1.)Russell Investment Group – Glenn Harris, Client Executive- 1) Portfolio review - 2.) Burgess Chambers & Associates (BCA) – Frank Wan, Head of Research 1) Fund Performance review – 3) Financial Statements – Oct, Nov & Dec 2011 For your review V. CORRESPONDENCE: N/A VI. OLD BUSINESS: N/A VII. NEW BUSINESS: A. Invoices for review and approval: 1) Russell Investment Gp – Quarter End 12-31-2011 $ 2)Russell Payment Services – Quarter End 12-31-2011 - $842.15 3)Burgess Chambers & Assoc – Fourth Quarter 2011 - $5,000 4)Gabriel Roeder Smith & Co, - Service 10-31-2011 - $9,223. 5)Perry & Jensen, LLC – Service Nov/Dec 2011& Jan 2012 - $1,626.03 6)Ellen Schaffer – Annual Maintenance Jan 2012 - $1,650.00 7)Davidson, Jamieson & Cristini – Audit Progress billing - $5,000 1 B . Fiduciary Liability Renewal 4-10-2012/4-10-2013 - Review and approval of payment C. Attorney Report – Bonni Jensen 1) Palm Beach County Ethics Opinion dated 12-12-2011 VIII. PENSION ADMINISTRATOR’S REPORT 1.Benefits as of February 1, 2012 IX. COMMENTS: X. ADJOURNMENT: Next Regular Meeting Date – Tuesday, May 8, 2012, @ 9:30 a.m. – Renaissance Commons If you cannot attend, please call Barbara @ 561-739-7972 NOTICE PO’PB IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE OLICE FFICERS ENSION OARD WITH RESPECT TO ANY MATTER ,/,,/ CONSIDERED AT THIS MEETING HESHE WILL NEED A RECORD OF THE PROCEEDINGS AND FOR SUCH PURPOSE HESHE MAY NEED TO , ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON .(..286.0105) WHICH THE APPEAL IS TO BE BASED FS 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 .CC’,(561)742-6060- BY THE CITY PLEASE CONTACT ITY LERKS OFFICE AT LEAST TWENTYFOUR HOURS PRIOR TO THE PROGRAM OR . ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST TB(C).I HE OARD OMMITTEE MAY ONLY CONDUCT PUBLIC BUSINESS AFTER A QUORUM HAS BEEN ESTABLISHED F NO QUORUM IS CC ESTABLISHED WITHIN TWENTY MINUTES OF THE NOTICED START TIME OF THE MEETING THE ITY LERK OR DESIGNEE WILL SO NOTE .B THE FAILURE TO ESTABLISH A QUORUM AND THE MEETING SHALL BE CONCLUDED OARD MEMBERS MAY NOT PARTICIPATE FURTHER . EVEN WHEN PURPORTEDLY ACTING IN AN INFORMAL CAPACITY S:\CC\WP\JANET\POLICE PENSION FUND.doc 2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB1499 2012 .. ,5 1 A bill to be entitled 2 An act relating to the actuarial soundness of 3 retirement systems; amending s. 112.63, F.S.; 4 providing the frequency of actuarial reports for 5 retirement systems and plans placed on the pension 6 watch list; creating s. 218.505, F.S.; defining the 7 term "funded ratio "; creating a pension watch list for 8 retirement and pension plans failing to achieve a 9 specified funded ratio; providing strategic 10 requirements for local governmental entities on the 11 pension watch list; providing when certain local 12 governmental entities must implement their strategies; 13 prohibiting plans on the pension watch list from _ 14 increasing plan benefit levels; requiring plans on the 15 pension watch list to use certain tax revenues for 16 certain purposes until the funded ratio the plan 17 • reaches a. certain percentage; providing for the 18 removal of plans from the pension watch list; amending . 19 s. 447.4095, F.S -.; providing that the sponsor of a 20 local governmental entity with a defined benefit 21 pension plan meeting specified requirements shall be 22 deemed to be in a financial urgency; providing an 23 effective date. 24 25 Be It Enacted by the Legislature of the State of Florida: 26 27 Section 1. Subsection (2) of section 112.63, Florida 28 Statutes, is amended to read: Page 1 of 6 CODING: Words stricken are deletions; words underlined are additions. hb1499 -00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S H B 1499 2012 29 112.63 Actuarial reports and statements of actuarial 30 impact; review. - 31• (2) The frequency of actuarial reports must be at least 32 every 3 years commencing from the last actuarial report of the 33 plan or system or October 1, 1980, if no actuarial report has 34 been issued within the 3 -year period prior to October 1, 1979. 35 However, the frequency of actuarial reports for a local 36 governmental entity on the pension watch list under s. 218.505 37 must be at least every 2 years commencing from the last 38 actuarial report of the plan. The results of each actuarial 39 report shall be filed with the plan administrator within 60 days 40 after e4 certification. Thereafter, the results of each 41 actuarial report shall be made available for inspection upon 42 request. Additionally, each retirement system or plan covered by 43 this act which is not administered directly by the Department of 44 Management Services shall furnish a copy of each actuarial 45 report to the Department of Management Services within 60 days • 46 after receipt from the actuary. The requirements of this section 47 are supplemental to actuarial valuations necessary to comply 48 with the requirements of s. 218.39. 49 Section 2. Section 218.505, Florida Statutes, is created 50 to read: 51 218.505 Pension watch list. - 52 (1) As used in this section, the term "funded ratio" means 53 the actuarial assets divided by the unfunded actuarial accrued 54 liability as of October 1 of each year using the entry age 55 method. Page 2 of 6 CODING: Words ttrickcn are deletions; words underlined are additions. hb1499 -00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HI3 1499 2012 56 (2) If a local governmental entity with a defined benefit 57 pension plan, including a defined benefit pension plan operated 58 under chapter 175 or chapter 185, has a funded ratio of 80 59 percent or less, the local governmental entity must notify the 60 Department of Management Services of the plan and its funded 61 ratio and the department shall place the local governmental 62 entity and the plan on a pension watch list. 63 (3)(a) Within 90 days after providing the notice required 64 under subsection (2) for its plan to be placed on the pension 65 watch list, the governing body of the affected local 66 governmental entity, in consultation with the directly affected • 67 employees or their representatives, must develop a strategy for 68 the plan to achieve a funded ratio of greater than 80 percent. 69 The strategy may include, but is not limited to, decreasing plan 70 benefit levels or requiring or increasing employee contributions 71 to the plan. 72 (b) If the governing body of the local governmental entity 73 and the directly affected employees or their representatives are 74 unable to agree on a strategy within the 90 -day period as 75 provided in this subsection, the governing. body of the local 76 governmental entity or the directly affected employees or their 77 representatives, or both parties acting jointly, may appoint or 78 secure the appointment of a mediator to assist in the resolution 79 of the impasse. Mediation proceedings must be conducted in 80 accordance with chapter 44 and rules and procedures developed by 81 the Supreme Court. 82 (c) If the parties fail to submit a reasonable strategy 83 within 180 days after being placed on the pension watch list, Page 3 of 6 CODING: Words ctrickcn are deletions; words underlined are additions. hb1499 -00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB1499 2012 84 the local governmental entity must immediately notify the 85 Department of Management Services and the plan sponsor shall be 86 deemed by the chief executive officer to be in a financial 87 urgency as described in s. 447.4095. 88 (4) For noncollectively bargained agreements, the local 89 governmental entity must immediately implement the strategy 90 required under subsection (3). For collectively bargained 91 agreements, the local governmental entity must implement the 92 strategy required under subsection (3) upon expiration of the 93 collectively bargained agreement entered into prior to the plan 94 being placed on the pension watch list. The local governmental 95 entity must notify the Department of Management Services of the 96 strategy upon its implementation. 97 (5) Notwithstanding any other provision of law, after a 98 local governmental entity provides the Department of Management 99 Services with the notice required under subsection (2) that 100 results in its plan being placed on the pension watch list, it • 101 may not increase a plan benefit level until the funded ratio for 102 the plan is greater than.80 percent. . 103 (6)(a) Notwithstanding any other provision of law, for a 104 plan operated under chapter 175 or chapter 185 that is on the 105 pension watch list and that is not collectively bargained, the 106 local governmental entity must use all tax revenues received 107 under chapter 175 or chapter 185, as applicable, to pay for the 108 current plan benefit levels or a lesser level of plan benefits 109 as may be established in the strategy developed pursuant to 110 subsection (3) until the funded ratio for the plan is greater 111 than 80 percent. Page 4 of 6 CODING: Words ctrickca are deletions; words underlined are additions. hb1499 -00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB 1499 2012 112 (b) Notwithstanding any other provision of law, for a plan 113 operated under chapter 175 or chapter 185 that is on the pension 114 watch list and that is collectively bargained, the local 115 governmental entity, upon expiration of the collectively 116 bargained agreement entered into prior to the plan being placed 117 on the pension watch list, must use all tax revenues received 118 under chapter 175 or chapter 185, as applicable, to pay for the 119 current plan benefit levels or a lesser level of plan benefits 120 as may be established in the strategy developed pursuant to 121 subsection (3) until the funded ratio for the plan is greater 122 than 80 percent. 123 (7) If a plan on the pension watch list achieves a funded 124 ratio of greater than 80 percent, the local governmental entity 125 must notify the Chief Financial Officer and, after consulting 126 with the Department of Management Services, the Chief Financial 127 Officer shall remove the local governmental entity and the plan 128 from the pension watch list and this section shall no longer . 129 apply unless' the plan returns to a funded ratio of 80 percent or 130 less. 131 Section 3. Section 447.4095, Florida Statutes, is amended 132 to read: 133 447.4095 Financial urgency. - 134 (1) In the event of a financial urgency requiring 135 modification of an agreement, the chief executive officer or his 136 or her representative and the bargaining agent or its 137 representative shall meet as soon as possible to negotiate the 138 impact of the financial urgency. If, after a reasonable period 139 of negotiation which shall not to exceed 14 days, a dispute Page 5 of 6 CODING: Words stricken are deletions; words underlined are additions. hb1499 -00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB1499 2012 140 exists between the public employer and the bargaining agent, an 141 impasse shall be deemed to have occurred, and one of the parties 142 shall so declare in writing to the other party and to the 143 commission. The parties shall then proceed pursuant to the 144 s. 447.403. An unfair labor practice charge may 145 ahall not be filed during the period 14 days during which 146 negotiations are authorized and occurring under pursuant to this 147 subsections. 148 (2) If a local governmental entity with a defined benefit 149 pension plan, including a defined benefit pension plan operated 150 under chapter 175 or chapter 185, remains on the pension watch 151 list under s. 218.505 for more than 36 months, the plan sponsor _152 may be deemed by the chief executive officer to be in a 153 financial urgency. 154 Section 4. This act shall take effect July 1, 2012. • Page 6 of 6 CODING: Words &tricken are deletions; words underlined are additions. hb1499 -00 Invoice Invoice for: Invoice Number Russell Client ID Billing Period Ending City of Boynton Beach Police Retire Fund 43441 C04616001 12/31/2011 Ms.Barbara S. LaDue Pension Administrator Invoice Date Payment Terms Total Amount Due ladueb ©bbpdpension.com 01/12/2012 Net 30 Days $ 105,307.00 1500 Gateway Blvd #220 Boynton Beach, FL 33426 Mail to: City of Boynton Beach Police Retire Fund Specify Remittance Information Ms.Barbara S. LaDue Pension Administrator _ Payment by check ladueb ©bbpdpension com Make check payable to Russell Investments 1500 Gateway Blvd #220 Check Amount $ Boynton Beach, FL 33426 11111111111111111111111111111111 ❑ Request payment by Direct Debit Authorized Signer See additional instructions on reverse side Please return upper portion with your check or direct debit request The following is a summary of your account(s) For more information, please review the enclosed detail Direct Debit per Description of Service Fee Amount Standing Instructions or Amount Due Payments Received Russell Investments Investment Management Fees $ 105,307 00 $ 0 00 $ 105,307 00 Current Period Fees $ 105,307.00 $ 0.00 $ 105,307.00 Balance Forward 96,095 00 (96,095 00) 0.00 Total Amount Due $ 105,307.00 Invoice Number Invoice Date Russell Client ID Payment Terms Billing Period Ending 43441 01/12/2012 C04616001 Net 30 Days 12/31/2011 Current Period Over 30 Days Over 60 Days Over 90 Days Total Amount Due $ 105,307.00 $ 0.00 $ 0.00 $ 0.00 $ 105,307.00 Invoice for: City of Boynton Beach Police Retire Fund Ms Barbara S LaDue Pension Administrator ladueb @bbpdpension com 1500 Gateway Blvd #220 Boynton Beach, FL 33426 (See reverse side for additional information) Invoice Invoice Number 43441 Billing Period Ending 12/31/2011 Russell Investments - FEE DETAIL Investment Management Fees City of Boynton Beach Police Retirement Fund Boynton Beach Police Officers Retirement Trust Funds Investment Account Account Number QU7W Fund Name Average Rate% Fee Amount Market Value Russell Concentrated Equity Fund 4,667,029 0 20250 9,451.00 Russell All International 5,731,935 0 20250 11,607.00 Markets Fund Russell Equity I Fund 9,929,789 0 20250 20,108 00 Russell Multi- Manager Bond Fund 20,451,021 0 20250 41,413 00 Russell Real Estate Equity Fund 2,463,513 0 20250 4,989 00 Russell Commodities Fund 1,110,714 0 20250 2,249 00 Russell Global Real Estate Securities 1,732,865 0 20250 3,509 00 Fund Russell Short -Term Investment Fund 7,230 0 20250 15 00 Russell Small Cap Fund 4,689,784 0 20250 9,497 00 Russell World Equity Fund 5,781,302 0 20250 11,707 00 Subtotal 56,565,182 $ 114,545 00 Russell Real Estate Equity Fund - Internal Fee Paid (9,238 00) Account Total $ 105,307.00 Total Investment Management Fees $ 105,307.00 Page 2 Barbara Ladue From: Delyanis, Peter [Pdelyani @RUSSELL.COM] Sent: Monday, February 13, 2012 11:35 AM To: Barbara Ladue; Harris, Glenn; Riley, Brianne Subject: RE: Boynton Beach Police - December 2011 Quarterly Investment Fee Attachments: City Of Boynton Beach Police - Drafted Invoice - 20111231 pdf; DocContent pdf Hi Barb, Here is a copy of the invoice. You'll also see one come through the normal channels, too. The invoice reflects the second rate table in the Fee Agreement that went into effect on 10/1/2011 and the new rates are shown on this 4 quarter invoice. 1 thought 1'd point that out in case any questions arose during the review. Attached is the Fee Agreement for reference, too. Let me know if you have any questions. Thanks, Peter Peter Delyanis, CEBS Senior Account Executive Russell Investments 1301 Second Avenue, 18th Floor Seattle, WA 98101 toll free 800 - 455 -3782 direct 206 - 505 -4554 fax 253 - 779 -1222 Securities products and services offered through Russell Financial Services, Inc. (formerly Russell Fund Distributors, Inc.), member FINRA, 1301 Second Ave, 18th Floor, Seattle, WA 98101, part of Russell Investments The information contained in this message is for the use of the intended recipient(s) named above. If you received this e -mail in error, please notify us immediately at (800) 787 -7354. Russell Investment Group is a Washington, USA Corporation which operates through subsidiaries worldwide, including Russell Investments, and is a subsidiary of The Northwestern Mutual Life Insurance Company du -X suK..5432200 From: Barbara Ladue f mailto:laduebObbpdpension.coml Sent: Monday, February 13, 2012 5:55 AM To: Harris, Glenn; Delyanis, Peter; Riley, Brianne Subject: Boynton Beach Police - December 2011 Quarterly Investement Fee Hi All: Please forward the 12 -31 -2011 quarterly investment fee for the Russell Investment Group so I may add the $ amount to the agenda. I have the invoice for the Russell Payment Services. Thanks. Barb La Due 1 AMENDMENT NO. 10 TO INVESTMENT MANAGEMENT AGREEMENT This Amendment No. 10 is made as of . 2011, between The Board of Trustees of the City of Boynton Beach Municipal Police Officers' Retirement Trust Funds ("Named Fiduciary") and Russell Trust Company ( "Investment Manager"). WITNESSETH: WHEREAS, the Named Fiduciary and Investment Manager have entered into an Investment Management Agreement for the Municipal Police Officers' Retirement Funds dated June 6, 2002 (the "Agreement'); and WHEREAS, Article Eighth of the Agreement provides that it may be amended bythe parties pursuant to a written instrument; NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the Named Fiduciary and the Investment Manager do hereby amend the Agreement as follows: Exhibit B is amended to read as attached hereto as of the effective date IN WITNESS WHEREOF, this Amendment No. 10 has been fully executed as of the day and year first above wntten BOARD OF TRUSTEES OF THE CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICERS' RETIREMENT TRUST FUNDS, ATTEST: Named • ^ Fiduciary, as aforesaid ,, Title: OI riNCt ATTEST RUSSELL TRUST tft,, ' Title: SV.t 1 EXHIBIT B TO INVESTMENT MANAGEMENT AGREEMENT Fee Schedule Boynton Beach Police Retirement Fund As required by the Agreement, a schedule outlining fees for services provided by Russell Trust Company is provided below. The net asset values of the Commingled Funds are expressed exclusive of fees, except for the Russell Real Estate Equity Fund (see below). Fees are invoiced quarterly based on the average daily market value of assets held during the period using one - fourth of the annual rates. The fee table below is in effect until September 30, 2011, or until the first day of the month following the month during which holdings in the Russell Commodities Fund first reach 2.0% of the portfolio, if sooner. Total assets Invested In $15 M - $25 M - $35 M - $75+ M In Target Allocation actively - managed Russell funds 525 M $35 M $75 M ! 1; Limits PI!•y "'III,+ U' I;!. ,,!III'' I „, ' III , ll,.I,.,, ,�'I,IIr:Ir'.i.,i;'ill,lllV,`ii� It I, •II I, , PI I, ,II I; ,'i'I''I 48 ',i'•' � rIIII! �'!J` III'�.l, " IG' I illlilI I II ,;.,I;:Ij ;. I ; I .,,a' '!ll'I'll•; •I I'' � I,', IiII,I;i.Ik'!,In 141 Inr nll�lL , ,ll, ;'�n�I „I,: „•, L' �.: 1,u, , hl r, Iii,' illl Ild�, a,. �!. li��I 11 �". L., �, I� AI , t.,�l .I�,II,LIIIIy #� �r,:!Iir. „.. �II�,•,, II!. II +I��' ;'! Fund Annual Fee (%) ',;11' Minimum Maximum ,,j Russell Equity 1 Fund 0.83% 0.81% 0.79% 0.77% Iii; 21 °r6 46% Russell Large Cap Structured Equity Fund 0.83% 0.81% 0.79% 0.77% ;i11, Russell Concentrated Equity Fund 0.83% 0.81% 0.79% 0.77% I I 1'!i 0% 10% Russell Equity 11 Fund 0.83% 0.81% 0.79% 0.77% ;Ii!I 5 °/0 10% Russell Small Cap Fund 0.83% 0.81% 0.79% 0.77% '11!1 ' " ' I I I JI'll i l ' " " I' I I I iii Russell International Fund 0.83% 0.81% 0,79% 0.77% Russell All International Markets Fund 0.83% 0.81% 0.79% 0.77% 5% 20% Russell World Equity Fund 0.83% 0.81% 0.79% 0.77% `I.' , 5% 15% 'I , Russell Fixed Income I Fund 0.83% 0.81% 0.79% 0.77% Russell Multi- Manager Bond Fund 0.83% 0.81% 0.79% 0.77% I!;, Russell Long Credit Fixed income Fund 0.83% 0,81 % 0.79% 0.77% i 30% 40% Russell Long Duration Fixed Income Fund 0.83% 0.81% 0.79% 0.77% ' Russell Fixed Income 11 Fund 0.83% 0.81% 0.79% 0.77% ;1 Russell Fixed Income 11 Fund 0.83% 0.81% 0.79% 0.77% ; li; 0% 1D% I' ;, ;�l l�iii ,'; i �� i o� iill!: , ,. , iY� ;•,'I,', '''I, ;�,i Russell Inflation - Protected Securities Fund* 0.83% 0.81% 0.79% 0.77% 'ij;, 0 5% Russell Short-Term Investment Fund * 0.83% 0.81% 0.79% 0.77% '!�aa 0% 5 % l L Russell Real Estate Equity Fund 0.83% 0.81% ' 0.79% 0.77% {,Ill 2% 5% Russell Global Real Estate Securities Fund 0.83% 0.81% ' 0.79% 0.77% 0% 5% * For purposes of determining the applicable fee breakpoint, assets actively- managed by Russell will exclude assets invested in these funds. The fee table below is effective on October 1, 2011, or on the first day of the month following the month during which holdings in the Russell Commodities Fund first reach 2.0% of the portfolio, if sooner. Total assets Invested In $15 M - $25 M - $35 M - $75+ M Target Allocation actively- managed Russell funds $25 M $35 M $75 M ,; i Limits 1! I I ,I`I'! I:. " y l I I !; ,'r 1' I ' .;, i ' dl !,' I ' ''I I I „ + ' li'I 'II' I I , ' I IJ, ,�: ',' Iii. ' I,�j�'., �� , • I'P 'i IN , .:.•I I I' II. i � L, ' li'I' '; I I , .'�' • !, !;li Minimum Maximum Annual Fee (%) j . Fund ;Iy.' Russell Equity I Fund 0.85% 0.83% 0.81% 0.79% j;'I i5 46% Russell Large Cap Structured Equity Fund 0.85% 0.83% 0.81% 0.79% !I;j Russell Concentrated Equity Fund 0.86% 0.83% 0.81% 0.79% ' '1 0% 10% ; 'j: ' 'ir,l. Russell Equity II Fund 0.85% 0.83% 0.81% 0.79% i 5% 10% Russell Small Cap Fund 0.85% 0.83% 0.81% 0.79% Russell International Fund 0.85% 0.83% 0.81% 0.79% j '' 5% 20% Russell All International Markets Fund 0.85% 0.83% 0.81% 0.79% ;'i;l, Russell World Equity Fund 0.85% 0.83% . 0.81% 0.79% ', 5% 15% 111•11 : Russell Fixed Income I Fund 0.85% 0.83% 0.81% 0.79% „I Russell Multi - Manager Bond Fund 0.85% 0.83% 0.81% 0.79% l■i ° 30 /0 40% Russell Long Credit Fixed Income Fund 0.85% 0,83% 0.81% 0.79% , 11.1d Russell Long Duration Fixed Income Fund 0.85% 0.83% 0.81% 0.79% 1 '; ,4j,ilj.I'.!. °I�.iillllli 1dl "! Russell Inflation-Protected Securities Fund' 0.85% 0.83% 0.81 % 0.79% 1i; 0% 5% l!' Russell Short-Term Investment Fund * 0.85% 0.83% 0.81 % 0.79% I! 0% 5% Russell Real Estate Equity Fund 0.85% 0.83% 0.81 % 0.79% '',;!' 2% 5% Russell Global Real Estate Securities Fund 0.85% 0.83% 0.81% 0.79% ''I' 0% 5% Russell Commodities Fund 0.85% 0.83% 0.81% 0.79% ii l I 0 % 5% * For purposes of determining the applicable fee breakpoint, assets actively - managed by Russell will exclude assets Invested in these funds. Should the aggregate average daily market value for any quarter fall below $15 million for actively- managed Russell funds, fees will be subject to re- negotiation. The Russell Real Estate Equity Fund is an internal fee fund, with a standard fee of 1.50 percent. The difference between the standard 1.50 percent and the City of Boynton Beach Police Retirement Fund negotiated rate will be credited to your quarterly invoice. Unless otherwise prohibited by law or regulation, the fees shown above generally include services related to conferences and seminars that the investment Manager may hold at its discretion from time to time for its clients and prospects. An asset aggregation methodology may be used to determine fees far some or ail assets governed by this Fee Agreement. In -no event does the asset aggregation result in a rebate or benefit to Russell. if asset aggregation is used, the fees for each asset pool(s) have been reviewed to determine that there is a neutral or positive fee impact to at least one Investor asset pool, but in no event is there a detrimental fee impact to any asset pool. If any asset pool Is held for the benefit of participants or beneficiaries, the Investor should make its own determination as to whether it should disclose this aspect of the Fee Agreement to those parties. Benefit Payment & Retiree Services Fees Check Processing Per Payment Issued on a Recurring Basis (Check or ACH) $1.25 Per Check for Lump -Sum Benefit Payments $10.00 Per Check for Lump -Sum Trustee to Trustee Transfers & Rollovers $15.00 Pass Through Charges: Postage & Handling (e.g. Recurring Check, ACH Advice, Lump -Sum Payment) At Cost Annual W4-P TEFRA Solicitation $.50 per item W4 -P TEFRA Solicitation Per New Adds to Pension Roll $.50 per item Express Mailings At Cost Federal Wire Transfers (Domestic) $25.00 Federal Wire Transfers (International) $50.00 Refund Requests for Tax Withheld Correctly (per instructions) $15.00 Telephone Charges for Toll Free Numbers At Cost Hardware/Usage Charge Per Minute Based on Current Tariffs At Cost State Tax Reporting State Tax Filing Per State/Per Month /Per Plan $25.00 State Tax Reconciliation, Including Recurring and Annual Filings Included Payment Conversion and Implementation * Per Retiree, Conversion $1.00 Per Retiree, Each Parallel Run $0.75 Minimum Fee, Per Conversion $1,000.00 `This fee would be applicable for clients with over 1,500 benefit payments per month. Optional Benefit Payment and Retiree Services Retiree Service Center Per Retiree, Per Year'* $8.00 Per new pensioner added $0.50 Additional Charges for Toll Free Transmission Line Costs At Cost **Does not include additional cost for toll free number transmission line pass through charges. Retiree On -line Website — Mypenpay.com Per Retiree, Per year (minimum fee of $2,500) $5.00 Per Retiree, One -Time Conversion fee (minimum fee of $2,500) $2.00 Additional pass through Charges for Announcement Letter & Mailing At Cost Query Plus — Plan Sponsor Has the Ability to Request Queries of Their Information from the PLUS System Query Development (Flat Fee) $30.00 Per Hour Charge $30.00 Extract Development (Flat Fee) $100.00 Per Hour Charge $30.00 For each subsequent extract $50.00 Query Labels (Flat Fee) $35.00 Per Hour Charge $30.00 Per Label Charge $0.05 Custom Programming Ad Hoc Request, Per Hour $100.00 Customized Letter Generation New Set Up Programming, Per Hour $100.00 Mass Mailing, Per Retiree $0.50 Individual Letters, Per Letter $1.50 File Maintenance (terminated vested, etc.) Per Participant, Per Month $0.05 Beneficiary Monitoring Included Special Projects Request, Per Hour $30.00 Premium Billing Operational Costs (Monthly Fee) $1,000.00 Per monthly invoice $3.00 Per quarterly invoice $5.00 Per semi - annual invoice $8.00 Per annual invoice $10.00 Per new add $5.00 Premium Billing Conversion Costs Minimum conversion fee (Premium Billing) $200.00 Per participant, per conversion $8.00 Per participant, per parallel $3.00 Premium remittance to carriersNEBAs No Charge iPayBenefits.com Direct access to participant information and check ledgers No Charge Robust reporting functionality No Charge Remote management of participant data changes and adds No Charge Continued data entry processing with no downtime No Charge Provides ability to complete stop /reissues No Charge In addition to the fees itemized in the fee schedules above, should an overdraft occur, overdraft fees will be calculated based on the amount of the overdraft and the prevailing fed funds rate. All daily overdraft fees in excess of $100 will be invoiced. In accordance with previous instructions, fees will continue to be invoiced for payment unless otherwise instructed. Invoice Invoice for: Invoice Number Russell Client ID Billing Period Ending City of Boynton Beach Police Retire Fund 43441 C04616001 12/31/2011 Ms.Barbara S. LaDue Pension Administrator Invoice Date Payment Terms Total Amount Due ladueb @bbpdpension.com 01/12/2012 Net 30 Days $ 105,307.00 1500 Gateway Blvd #220 Boynton Beach, FL 33426 Mail to: City of Boynton Beach Police Retire Fund Specify Remittance Information Ms.Barbara S. LaDue Pension Administrator ❑ Payment by check ladueb @bbpdpension com Make check payable to Russell Investments 1500 Gateway Blvd #220 Check Amount $ Boynton Beach, FL 33426 1111111111111111111111111 111 ❑ Request payment by Direct Debit Authorized Signer See additional instructions on reverse side Please return upper portion with your check or direct debit request The following is a summary of your account(s) For more information, please review the enclosed detail Direct Debit per Description of Service Fee Amount Standing Instructions or Amount Due Payments Received Russell Investments Investment Management Fees $ 105,307.00 $ 0 00 $ 105,307.00 Current Period Fees $ 105,307.00 $ 0.00 $ 105,307.00 Balance Forward 96,095.00 (96,095 00) 0.00 Total Amount Due $ 105,307.00 Invoice Number Invoice Date Russell Client ID Payment Terms Billing Period Ending 43441 01/12/2012 C04616001 Net 30 Days 12/31/2011 Current Period Over 30 Days Over 60 Days Over 90 Days Total Amount Due $ 105,307.00 $ 0.00 $ 0.00 $ 0.00 $ 105,307.00 Invoice for: City of Boynton Beach Police Retire Fund Ms Barbara S LaDue Pension Administrator ladueb @bbpdpension com 1500 Gateway Blvd #220 Boynton Beach, FL 33426 (See reverse side for additional information) Invoice Invoice Number 43441 Billing Period Ending 12/31/2011 Russell Investments - FEE DETAIL Investment Management Fees City of Boynton Beach Police Retirement Fund Boynton Beach Police Officers Retirement Trust Funds Investment Account Account Number QU7W Fund Name Average Rate% Fee Amount Market Value Russell Concentrated Equity Fund 4,667,029 0 20250 9,451 00 Russell All International 5,731,935 0 20250 11,607 00 Markets Fund Russell Equity I Fund 9,929,789 0 20250 20,108 00 Russell Multi- Manager Bond Fund 20,451,021 0 20250 41,413.00 Russell Real Estate Equity Fund 2,463,513 0 20250 4,989 00 Russell Commodities Fund 1,110,714 0 20250 2,249 00 Russell Global Real Estate Securities 1,732,865 0 20250 3,509 00 Fund Russell Short-Term Investment Fund 7,230 0 20250 15 00 Russell Small Cap Fund 4,689,784 0 20250 9,497 00 Russell World Equity Fund 5,781,302 0 20250 11,707 00 Subtotal 56,565,182 $ 114,545 00 Russell Real Estate Equity Fund - Internal Fee Paid (9,238 00) Account Total $ 105,307.00 Total Investment Management Fees $ 105,307.00 Page 2 Barbara Ladue From: Delyanis, Peter [Pdelyani @RUSSELL COM] Sent: Monday, February 13, 2012 11 AM To: Barbara Ladue, Harris, Glenn, Riley, Bnanne Subject: RE: Boynton Beach Police - December 2011 Quarterly Investment Fee Attachments: City Of Boynton Beach Police - Drafted Invoice - 20111231 pdf; DocContent pdf Hi Barb, Here is a copy of the invoice. You'll also see one come through the normal channels, too. The invoice reflects the second rate table in the Fee Agreement that went into effect on 10/1/2011 and the new rates are shown on this 4th quarter invoice. I thought I'd point that out in case any questions arose during the review. Attached is the Fee Agreement for reference, too. Let me know if you have any questions Thanks, Peter Peter Delyanis, CEBS Senior Account Executive Russell Investments 1301 Second Avenue, 18th Floor Seattle, WA 98101 toll free 800 - 455 -3782 direct 206 - 505 -4554 fax 253 - 779 -1222 Securities products and services offered through Russell Financial Services, Inc. (formerly Russell Fund Distributors, Inc ), member FINRA, 1301 Second Ave, 18th Floor, Seattle, WA 98101, part of Russell Investments The information contained in this message is for the use of the intended recipient(s) named above. If you received this e -mail in error, please notify us immediately at (800) 787 -7354 Russell Investment Group is a Washington, USA Corporation which operates through subsidiaries worldwide, including Russell Investments, and is a subsidiary of The Northwestern Mutual Life Insurance Company du -X suK..5432200 From: Barbara Ladue [ mailto:laduebftbbpdpension.coml Sent: Monday, February 13, 2012 5:55 AM To: Harris, Glenn; Delyanis, Peter; Riley, Brianne Subject: Boynton Beach Police - December 2011 Quarterly Investement Fee Hi All: Please forward the 12 -31 -2011 quarterly investment fee for the Russell Investment Group so I may add the $ amount to the agenda. 1 have the invoice for the Russell Payment Services. Thanks. Barb La Due 1 AMENDMENT NO. 10 TO INVESTMENT MANAGEMENT AGREEMENT This Amendment No. 10 is made as of ,0 . 2011, between The Board of Trustees of the City of Boynton Beach Municipal Police Officers' Retirement Trust Funds ("Named Fiduciary) and Russell Trust Company ( "Investment Manager"). WITNESSETH: WHEREAS, the Named Fiduciary and Investment Manager have entered into an Investment Management Agreement for the Municipal Police Officers' Retirement Funds dated June 6, 2002 (the "Agreement'); and WHEREAS, Article Eighth of the Agreement provides that it may be amended bythe parties pursuant to a written instrument; NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the Named Fiduciary and the Investment Manager do hereby amend the Agreement as follows. Exhibit B is amended to read as attached hereto as of the effective date IN WITNESS WHEREOF, this Amendment No. 10 has been fully executed as of the day and year first above written BOARD OF TRUSTEES OF THE CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICERS' RETIREMENT TRUST FUNDS, ATTEST: Named Fiduciary, as aforesaid By. Title: `.lrycjt"ri\Ci f1 ATTEST: RUSSELL TRUST COMPANY B C '► +' y: Title: :i � ' `* — 14 • EXHIBIT B TO INVESTMENT MANAGEMENT AGREEMENT Fee Schedule Boynton Beach Police Retirement Fund As required by the Agreement, a schedule outlining fees for services provided by Russell Trust Company is provided below. The net asset values of the Commingled Funds are expressed exclusive of fees, except for the Russell Real Estate Equity Fund (see below). Fees are invoiced quarterly based on the average daily market value of assets held during the period using one - fourth of the annual rates. The fee table below is in effect until September 30, 2011, or until the first day of the month following the month during which holdings in the Russell Commodities Fund first reach 2.0% of the portfolio, if sooner. Total assets invested In $15 M - $25 M - $35 M - $75+ M , 11; Target Allocation actively- managed Russell funds $25 M $35 M $75 M ; I. Limits .'!.i ln':'!I•'!P "II } "I,p. y }ni , }�� „� I,. f. �' 1 P'I'I 11 i�'14 .I :',j I'I ,��!' ill % ; 'I' ' :!I!'I'; 'I,I, '!hi�,I "'! �I'P ,1, i!� nji� •i }, }, I Ul.,�•L I "!�!! } li!' 1 6 illl�ilull ll;l l'!d'ii�ll',!o } I, �tltll•� I �IIlIi,t I,.II ! l ��'•, ,i'I '�!'�'i' � 161 !1�;�;�ll! ^: !! i'�II I�! 1111 Ill 'I' 'l' !!Ili n I'1 1 l!•� ll.', 'I i}I � L!',,; I! G I I. I I! fL L I I !:!� ��, 3'��1'(�; d!Q; II� III:J i':;!IIl� l ll; !� � I 3 11� 1 qil !l'I �;;II'!il ! ! }ll JI(, •!, Fund Annual Fee (%) ,,i� � Minimum Maximum Russell Equity 1 Fund 0.83% 0.81% 0.79% 0.77% 'Al Russell Large Cap Structured Equity Fund 0.83% 0.81% 0.79% 0.77% ;;II ;i 21% 48% Russell Concentrated Equity Fund 0.83% 0.81% 0.79% 0.77% 0% 10% j�IIIrI, l,TH,1 UI!� ih ; %` ;;rl':i�; q , „• Russell Equity Ii Fund 0.83% 0.81% 0.79% 0.77% 1!1',111 55 ;l 10% Russell Small Cap Fund 0.83% 0.81% 0.79% 0.77% 'l'I I! I�l�II: ��! I� lihi11 I' hil Russell International Fund 0.83% 0.81% 0,79% 0.77% ''!!' 5 % 20 °1° Russell All International Markets Fund 0.83% 0.81% 0.79% 0/7% Russell Worid Equity Fund 0.83% 0.81% 0.79% 0.77% 1 ; i; 5% 15% Russell Fixed Income I Fund 0.83% 0.81% 0.79% 0.77% 111' Russell Multi- Manager Bond Fund 0.83% 0.81 % 0.79% 0.77% I Russell Long Credit Fixed income Fund 0.83% 0.81% 0.79% 0.77% , 30% 40% Russell Long Duration Fixed Income Fund 0.83% 0.81% 0.79% 0.77% Russell Fixed Income (1 Fund 0.83% 0.81% 0.79% 0.77% Russell Fixed Income I1 Fund 0.83% 0.81% 0.79% 0.77% )1!11 ; 0% 10% Russell Inflation - Protected Securities Fund* 0.83% 0.81 % 0.79% 0.77% I;{;' 0% 5% Russell Short-Term Investment Fund * 0.83% 0.81% 0.79% 0.77% i,i' 0% 5% ^ •; y l,,l;,,l , ;C,, , ; l i,'r!,'j'j Russell Real Estate Equity Fund 0.83% 0.81% j 0.79% 0.77% ,1, 2% 5% Russell Global Real Estate Securities Fund 0.83% 0.81% ) 0.79% 0.77% 0% 5% * For purposes of determining the applicable fee breakpoint, assets actively- managed by Russell will exclude assets invested in these funds. The fee table below is effective on October 1, 2011, or on the first day of the month following the month during which holdings in the Russell Commodities Fund first reach 2.0% of the portfolio, if sooner. Total assets Invested in $15 M - $25 M - $35 M - $75+ M , Target Allocation actively- managed Russell funds $25 M $35 M $75 M i;,1 Limits �,, ., •,I ..I I.I I ,,, m ,; 1 , ',:I'! s' "! ��I,'' "�I;: .r I ii,' I ,I,. ,', ; , ,,, ' , i , 1 I , ,I ^, I 'I ,l I ;,i pp I, ''1� I , i •�h; : i I � ; I,;li'' I ; i, � I I i;' ! I. i'',� �; I 'I 'll i141. .i., ;I.�, I, ',I ifli ill '' 'ii 'I' ... a. � •i � � P; ,'i' ^II', 'i, ,I 1'1,x, ,q,,;,�, , ii �1'i'.I il ', ,•, •::', I,., ., , II l� �ll , i l it Fund Annual Fee (%) i {'!': Minimum Maximum Russell Equity I Fund 0.85% 0.83% 0.81% 0.79% Russell Large Cap Structured Equity Fund 0,85% 0.83% 0.81% 0.79% 11� 15% 46 °k Russell Concentrated Equity Fund 0.85% 0.83% 0.81% 0.79% ' ,1 0% 10% II % i ± l ' ��I r Russell Equity II Fund 0.85% 0.83% 0.81% 0.79% 5 °!0 10% Russell Small Cap Fund 0.85% 0.83% 0.81% 0.79% 1 1 •'I'' it <' i I'''I '''; Ili;.jli,''ii ,rl,i„ I , •, II! Russell international Fund 0.85% 0.83% 0.81% 0.79% Russell Ail International Markets Fund 0.85% 0.83% 0.81% 0.79% ,J;�''; 5% 20% Russell World Equity Fund 0.85% 0.83% : 0.81% 0.79% 1 1' • 1 5% 15% i;,'iJi r 1 • �'11 1 '�;j 1 i ' �i,1, �'�.j.u'. °j��'iil�'I i lij ii ;1:1;;�;illl Russell Fixed Income I Fund 0.85% 0.83% 0.81% 0.79% Russell Multi - Manager Bond Fund 0.85% 0.83% 0.81% 0.79% { l, l ,� 30% 40% Russell Long Credit Fixed Income Fund 0.85% 0.83% 0.81% 0.79% .! Russell Long Duration Fixed Income Fund 0.85% 0.83% 0.81% 0.79% ;j " r , 'I'•aIlll,l" •;'f Russell Inflation - Protected Securities Fund' 0.85% 0.83% 0.81% 0.79% 11 1 0% 5% ,l Russell Short -Term Investment Fund * 0.85% 0.83% 0.81% 0.79% II' 0°!0 5% ' I 'iij, Russell Real Estate Equity Fund 0.85% 0.83% 0.81% 0.79% j' 2% 5% Russell Global Real Estate Securities Fund 0.85% 0.83% 0.81% 0.79% 0% 5% Russell Commodities Fund 0.85% 0.83% 0.81% 0.79% ;', I j 0% 5% * For purposes of determining the applicable fee breakpoint, assets actively - managed by Russell will exclude assets Invested in these funds. Should the aggregate average daily market value for any quarter fall below $15 million for actively- managed Russell funds, fees will be subject to re- negotiation. The Russell Real Estate Equity Fund Is an internal fee fund, with a standard fee of 1.50 percent. The difference between the standard 1.50 percent and the City of Boynton Beach Police Retirement Fund negotiated rate will be credited to your quarterly invoice. Unless otherwise prohibited by law or regulation, the fees shown above generally include services related to conferences and seminars that the Investment Manager may hold at Its discretion from time to time for its clients and prospects. An asset aggregation methodology may be used to determine fees for some or all assets governed by this Fee Agreement. In no event does the asset aggregation result in a rebate or benefit to Russell. If asset aggregation is used, the fees for each asset pool(s) have been reviewed to determine that there is a neutral or positive fee impact to at least one Investor asset pool, but in no event is there a detrimental fee impact to any asset pool. If any asset pool Is held for the benefit of participants or beneficiaries, the Investor should make its own determination as to whether it should disclose this aspect of the Fee Agreement to those parties. Benefit Payment & Retiree Services Fees Check Processing Per Payment Issued on a Recurring Basle (Check or ACH) $1.25 Per Check for Lump -Sum Benefit Payments $10.00 Per Check for Lump-Sum Trustee to Trustee Transfers & Rollovers $15.00 Pass Through Charges: Postage & Handling (e.g. Recurring Check, ACH Advice, Lump -Sum Payment) At Cost Annual W4 -P TEFRA Solicitation $.50 per item W4 -P TEFRA Solicitation Per New Adds to Pension Roll 0.50 per item Express Mailings At Cost Federal Wire Transfers (Domestic) $25.00 Federal Wire Transfers (International) $50.00 Refund Requests for Tax Withheld Correctly (per instructions) $15.00 Telephone Chances for Toll Free Numbers At Cost Hardware/Usage Charge Per Minute Based on Current Tariffs At Cost State Tax Reporting State Tax Fling Per State/Per Month /Per Plan $25.00 State Tax Reconciliation, Including Recurring and Annual Filings Included Payment Conversion and Implementation * Per Retiree, Conversion $1.00 Per Retiree, Each Parallel Run $0.75 Minimum Fee, Per Conversion $1,000.00 *This fee would be applicable for clients with over 1,500 benefit payments per month. Optional Benefit Payment and Retiree Services Retiree Service Center Per Retiree, Per Year •; $8.00 Per new pensioner added $0.50 Additional Charges for Toll Free Transmission Line Costs At Cost "*Does not include additional cost for toll free number transmission line pass through charges. Retiree On -line Website — Mypenpay.com Per Retiree, Per year (minimum fee of $2,500) $5.00 Per Retiree, One -Time Conversion fee (minimum fee of $2,500) $2.00 Additional pass through Charges for Announcement Letter & Mailing At Cost Query Plus — Plan Sponsor Has the Ability to Request Queries of Their Information from the PLUS System Query Development (Flat Fee) $30.00 Per Hour Charge $30.00 Extract Development (Flat Fee) $100.00 Per Hour Charge $30.00 For each subsequent extract $50.00 Query Labels (Flat Fee) $35.00 Per Hour Charge $30.00 Per Label Charge $0.05 Custom Programming Ad Hoc Request, Per Hour $100.00 Customized Letter Generation New Set Up Programming, Per Hour $100.00 Mass Mailing, Per Retiree - $0.50 Individual Letters, Per Letter $1.50 File Maintenance (terminated vested, etc.) Per Participant, Per Month $0.05 Beneficiary Monitoring Included Special Projects Request, Per Hour $30.00 Premium Billing Operational Costs (Monthly Fee) $1,000.00 Per monthly invoice $3.00 Per quarterly invoice $5.00 Per semi - annual invoice $8.00 Per annual invoice $10.00 Per new add $5.00 Premium Billing Conversion Costs Minimum conversion fee (Premium Billing) $200.00 Per participant, per conversion $8.00 Per participant, per parallel $3.00 Premium remittance to carriersNEBAs No Charge iPayBenefits.com Direct access to participant information and check ledgers No Charge Robust reporting functionality No Charge Remote management of participant data changes and adds No Charge Continued data entry processing with no downtime No Charge Provides ability to complete stop /reissues No Charge In addition to the fees itemized in the fee schedules above, should an overdraft occur, overdraft fees will be calculated based on the amount of the overdraft and the prevailing fed funds rate. All daily overdraft fees in excess of $100 will be invoiced. In accordance with previous instructions, fees will continue to be invoiced for payment unless otherwise instructed. Barbara Ladue From: Barbara Ladue [ladueb @bbpdpension com] Sent: Monday, March 26, 2012 12 PM To: 'Chapman, Gary' Subject: RE. Pension Meeting conflict OK..got it. Barb La Due From: Chapman, Gary [mailto:ChapmanGObbfl.us] Sent: Monday, March 26, 2012 11:32 AM To: IaduebObbpdpension.com Cc: Athol, Toby; Caudell, Scott; Llopis, Jason; Ranzie, Frank; Bonni Subject: Pension Meeting conflict Hello Barb, please place on the special meeting agenda for April 10th to discuss a meeting conflict on May 8 2012, in order to reschedule. This is the same date as the Russell conference Thanks , Lieutenant Gary Chapman Investigative Services Boynton Beach Police Department 100 East Boynton Beach Blvd Boynton Beach FI. 33435 (561) 742 -6135 1 BOYNTON BEACH POLICE OFFICERS' PENSION FUND r ` f Investment Policy Statement 1. PURPOSE OF INVESTMENT POLICY STATEMENT The Pension Board of Trustees maintains that an important determinant of future investment returns is the expression and periodic review of the Fund's investment objectives. To that end, the Trustees have adopted this Statement of Investment Policy to apply to all of the assets of the fund. In fulfilling their fiduciary responsibility, the Trustees recognize that the retirement system is an essential vehicle for providing income benefits to retired participants or their beneficiaries. The Board also recognizes that the obligations of the Fund are long -term and that the investment policy should be made with a view toward performance and return over a number of years. The general investment objective then is to obtain a reasonable total rate of return — defined as interest and dividend income plus realized and unrealized capital gains and /or losses — that meets or exceeds the actuarial interest rate assumption net of fees to ensure the Fund is actuarially sound. This return is expected on a regular basis over rolling actuarial measurement periods. The Board, the Fund's investment manager(s), and investment monitor /consultant shall comply with the following fiduciary standard: A fiduciary shall discharge its duties with respect to the Plan solely in the interest of the participants and beneficiaries and a. for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the Plan; b. with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; c. by diversifying the investments of the Plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. Reasonable consistency of return and protection of assets against the inroads of inflation are paramount. However, the volatility of interest rates and securities markets make it necessary to judge results within the context of several years rather than over short periods of one- or two -years or less. 2. INVESTMENT PERFORMANCE OBJECTIVES The below listed performance measures will be used as objective criteria for evaluating effectiveness of the investment manager(s): 1 of 9 Pages 2/13/2012 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement penods. C. Fixed Income Performance The fixed income portion of the portfolio is expected to meet or exceed the return of the Barclays Capital US Aggregate Bond Index, and rank within the top 40th percentile of an appropriate fixed income universe over three- and five -year periods. D. International Equity Performance The international equity portion of the portfolio is expected to meet or exceed the return of the AIM Composite Index (90% Russell Developed ex -US Large Cap Index Net, 10% Russell Emerging Markets Large Cap Index Net), and rank within the top 40th percentile of an appropriate international equity universe over three- and five - year periods. E. Private Real Estate Performance The Private Real Estate portion of the portfolio is expected to meet or exceed the return of the NCREIF Index Open -End Diversified Core Equity -Equal Weight, and rank within the top 40th percentile of an appropriate Private Real Estate universe over three- and five -year periods. F. Public Real Estate (REIT) Performance The Public Real Estate (REIT) portion of the portfolio is expected to meet or exceed the return of the FTSE EPRA - NAREIT Developed Real Estate Net Index, and rank within the top 40th percentile of an appropriate Public Real Estate universe over three- and five -year periods. G. Listed Infrastructure Performance The Listed Infrastructure portion of the portfolio is expected to meet or exceed the return of the DJ Global Index or S &P Global Infrastructure Index. H. Active Commodities Performance The Active Commodities ( "Collateralized Commodities Futures ') portion of the portfolio is expected to meet or exceed the return of the DJ UBS Commodities Index. 3 of 9 Pages 2/13/2012 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement 5 The following investments are prohibited, unless authorized by the Board: a. Futures (exceptions are mutual and commingled funds) b. General obligations issued by a foreign government c.. Hedge funds d.. Insurance annuities e. Internally managed assets f. Limited partnerships g. Margin Accounts h. Options (exceptions are mutual and commingled funds) i. Private equity j. Private mortgages k. Securities lending (unless authorized by the Board) 6. The fund may use options and futures contracts on selected U.S. and international equity indexes to "equitize" advisor and liquidity reserve cash. Cash balances are monitored daily to ensure "market like" returns, without leveraging the funds. The use of options and futures in total will be limited to five percent (5 %) of the portfolio. Option and commodity purchases in aggregate shall be limited to a maximum of five percent (5 %) of the portfolio. 4. COMMUNICATIONS A. The custodian shall apprise the Trustees of all transactions and shall forward all proxies to the investment manager(s) within ten calendar days. On a monthly basis, the custodian shall supply an accounting statement that will include a summary of all receipts and disbursements and the cost and the market value of all assets. On a quarterly basis, the investment manager(s) or investment monitor shall provide a written report affirming compliance with the security restrictions and a summary of common stock diversification and attendant schedules. The investment manager(s) shall deliver each quarter a report detailing the Fund's performance, adherence to the investment policy, forecast of the market and economy, portfolio analysis and current assets of the Trust. Written reports and personal presentations shall be delivered to the Trustees within 60 days of the end of the quarter. The investment manager(s) will provide immediate written and /or telephone notice to the Trustees of any significant market related or non - market related event, specifically including, but not limited to, any deviation from the standards set forth in Section 3 above. B. The investment manager(s) will disclose any securities that are not in compliance with Section 3 in each quarterly report. C. The Trustees shall retain a monitonng service to evaluate and report on a quarterly basis the rate of return and relative performance of the fund. 5 of 9 Pages 2/13/2012 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement 7. CONTINUING EDUCATION The Fund acknowledges the importance of continuing education for the Trustees. Ongoing education will be provided by the Fund's actuary, attorney, custodian, investment manager(s), investment monitor /consultant, and administrator. In addition, the Trustees are encouraged to attend educational conferences in connection with their duties and responsibilities as Trustees. Each Trustee is encouraged to attend a minimum of two conferences or seminars per year. Additional conferences or seminars are also encouraged. Each Trustee may attend up to six conferences in state and two conferences out -of- state, every year, without additional Board approval. 8. FLORIDA STATUTES 112, 185 AND APPLICABLE CITY OF BOYNTON BEACH ORDINANCES If at any time, this document found to be in conflict with Chapter 112.661 or Chapter 185, Florida Statutes, or the applicable City of Boynton Beach Ordinances, the Statutes and Ordinances shall prevail. 9. PROXY VOTING In general, proxies shall be voted in accordance with the Trustees proxy policy, which is: "The Board of Trustees of the CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICER'S PENSION TRUST FUND recognizes that proxy voting powers are an asset of the Fund and must be exercised for the exclusive benefit of the participants in the Fund ". On a regular basis, no less frequently than annually, the investment manager(s) shall report a record of his or her proxy vote. 10. REVIEW AND AMENDMENTS It is the Trustees intention to review this document periodically and to amend this statement to reflect any changes in philosophy, objectives or guidelines. In this regard, the investment manager's interest in consistency in these matters is recognized and will be taken into account when changes are being considered. If at any time any investment manager feels that the specific objectives defined herein cannot be met, or the guidelines constrict performance, the Trustees should be notified in writing. By initial and continuing acceptance of this Investment Policy Statement, the investment manager(s) concurs with the provisions of this document. Once the Board has adopted the investment policy, the investment policy shall be promptly filed with the Department of Management Services, the plan sponsor, and the consulting actuary. The effective date of the Investment Policy Statement and any amendment thereto shall be the 31st calendar day following the filing date with the plan sponsor. 7 of 9 Pages 2/13/2012 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement 12. PROCEDURE FOR REBALANCING ASSET ALLOCATION At the end of each month, Russell Investments will compare the Fund's asset values and their relative allocation percentages, to the rebalancing policy targets and ranges. Based on this comparison, Russell Investments will determine what trades are necessary in order to bring the investments as close to target as practical. BOYNTON BEACH POLICE OFFICERS' RUSSELL INVESTMENTS PENSION FU �' 1 By: A V' By: �` 1/ As: C • . i `f rn, Board of Trustees As: Investment Manager Date: 2 f /ti /ZOO-- Date: Z (((V 11/ BURGESS CHAMBERS & ASSOCIATES, INC. By: gib As: Register d A. iso Date: 9 of 9 Pages 2/13/2012 Davidson, Jamieson & Cristini, P.L. Invoice 1956 Bayshore Blvd. Date Invoice # Dunedin, F134698 Phone # 727 - 734 -5437 2/13/2012 R6792 Fax # 727- 733 -3487 Bill To CITY OF BOYNTON BEACH POLICE PENSION PLAN 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Description Amount Audit of Financial Statements for the year ended September 30, 2011 Final billing 8,500.00 Preparation of your 2011 Annual Report for the Florida Division of Retirement 1,200.00 Less amount previously billed -5,000.00 Total $4,700.00 Payments /Credits $0.00 Balance Due $4,700.00 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 GRS Gabriel Roeder Smith & Company Consultants & Actuaries 1 Invoice One East Broward Blvd. Suite 505 Dale Im oicc Ft. Lauderdale, Florida 33301 -1804 (954) 527 - 1616 2/9/2012 117626 Bill In: I'Ic>i.c Ilcnnii hi: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL POLICE OFFICERS RETIREMENT FUND Dept. # 78009 Gabriel Roeder Smith & Company Ms. Barbara La Due PO Box 78000 City of Boynton Beach Detroit, Michigan 48278 -0009 Renaissance Executive Suites or 1500 Gateway Blvd., Suite 220 ACH Payment to: Boynton Beach, FL 33426 Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 I)c.c '∎tumuli For services rendered through 1/31/2012 Charges since 10/31/2011 for preparation of the 10/1/2011 Actuarial 100550 -052 $7,947 Valuation Report; total charges to date equal $11,028 Invoice Total $7,947 Paid to Date Client No. 100550 Amount Due $7,947 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. BOYNTON BEACH POLICE & FIRE PENSION FUNDS PENSION ADMINISTRATION MEMO TO: Rion Broshears, GRS FROM: Barbara La Due, Pension Administrator DATE: February 1, 2012 SUBJECT: Boynton Police Pension — Verification of Benefits Rion: Please review the attached vested deferred retirement benefit for Board review and approval: 1) Lisa K. Harrison — SS# 489 -88 -XXXX- termination date 12 -22 -2011- Deferred Vested benefit to begin 8 -01 -2019 — Life Only - $4,101.60. Thank you. Barb La Due it Lic CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS January 11, 2012 Participant's Name: LISA K HARRISON Social Security #: 489 -88 -xxxx You are eligible for a(n) VESTED Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing August 1, 2019 . 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 $ 4101.60 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 $ 4063.20 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 4063.20 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 $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ .00 for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ .00 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ .00 for as long as he /she lives. 6. 66 -2/3% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ .00 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 $ .00 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ .00 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 $ .00 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: Pension Hire Date: 07/07/1999 Date of Termination: 12/22/2011 Adjusted Hire Date: 07/07/1999 Avg Final Monthly Comp: $9,318.82 Years of Credited Service: 12 Beneficiary Name: Date of Birth: 00 /00 /0000 Page 2 Participant's Name: LISA K HARRISON Social Security #: 489 -88 -xxxx Accumulated Contributions: $67,787.81 After -Tax Contributions: $.00 Pre -Tax Contributions: $67,787.81 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $.00 Portion Continues: 0 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 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: 11(Q li 1-' BENEFICIARY'S SIGNATURE: DATE: Calculation Date: CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 • - January 11, 2012 NAME CONTR(NTX) .00 PEN HIRE 07/07/1999 BALANCE 67,787.81 ADJ HIRE 07/07/1999 RETIRE 12/22/2011 TYPE V LAST SERV 12/22/2011 60 MO EARN 559,129.09 ELIG NORM 07/07/2019 AVG MO EARN 9,318.82 ELIG EARLY 00 /00 /0000 SERV AT TERM 12 5 15 100% VEST 07/07/2004 AGE AT RETIRE 40 0 29 COMMENCE 08/01/2019 COM ANB /DIFF 48 0 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME SERV OVERRIDE BEN BDAY 00 /00 /0000 PAY HIST FLAG VAC HRS /CD .00 /EI HOURLY RATE 53.569 SIC HRS /CD .08 S3 VAC SIC PAYOUT 13,239.80 ACCRUE PER .00 EARLY OPTION DEFERRED LAST PAY 20111219 - 20120101 TERM -DATE 20111222 QDRO BENEFIT 4,063.20 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 4,063.20 LIFE ANNUITY FACTOR: 1.00945 MODIFIED LIFE ANNUITY 4,101.60 100% SURVIVOR FACTOR: .00000 100% SURVIVOR ANNUITY .00 SURVIVOR BENEFIT .00 75% SURVIVOR FACTOR: .00000 75% SURVIVOR ANNUITY .00 SURVIVOR BENEFIT .00 50% SURVIVOR FACTOR: .00000 50% SURVIVOR ANNUITY .00 SURVIVOR BENEFIT .00 66% JOINT & LAST FACTOR: .00000 66% JOINT & LAST ANNUITY .00 SURVIVOR BENEFIT .00 50% JOINT & LAST FACTOR: .00000 50% JOINT & LAST ANNUITY .00 SURVIVOR BENEFIT .00 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 0 0 TAX -FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00 /00 /0000 00 /00 /0000 Prepared by * indicates manual override CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 January 11, 2012 LISA K HARRISON H I G H E S T F I V E Y E A R S PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 12/19/11 .8 1,607.10 06/07/10 2.0 4,665.57 12/05/11 2.0 4,637.99 05/24/10 2.0 5,209.65 11/21/11 2.0 4,285.59 05/10/10 2.0 4,415.57 11/07/11 2.0 4,415.59 04/26/10 2.0 4,285.57 10/24/11 2.0 4,285.59 04/12/10 2.0 4,415.57 10 /10 /11 2.0 4,415.59 03/29/10 2.0 4,285.57 09/26/11 2.0 4,285.59 03/15/10 2.0 4,285.59 09/12/11 2.0 4,665.59 03/01/10 2.0 4,665.57 08/29/11 2.0 4,285.59 02/15/10 2.0 4,285.57 08/15/11 2.0 4,285.59 02/01/10 2.0 4,415.57 08/01/11 2.0 4,415.59 01/18/10 2.0 4,285.57 07/18/11 2.0 4,285.59 01/04/10 2.0 4,415.59 07/04/11 2.0 4,415.59 12/21/09 2.0 4,285.59 06/20/11 2.0 4,285.59 12/07/09 2.0 4,665.59 06/06/11 2.0 4,665.59 11/23/09 2.0 4,285.59 05/23/11 2.0 4,285.59 11/09/09 2.0 4,388.82 05/09/11 2.0 4,415.59 10/26/09 2.0 4,285.59 04/25/11 2.0 4,285.59 10/12/09 2.0 4,415.57 04/11/11 2.0 4,415.59 09/28/09 2.0 4,285.57 03/28/11 2.0 4,285.59 09/14/09 2.0 4,285.57 03/14/11 2.0 4,285.59 08/31/09 2.0 4,665.57 02/28/11 2.0 4,665.59 08/17/09 2.0 4,285.57 02/14/11 2.0 4,285.59 08/03/09 2.0 4,415.57 01/31/11 2.0 4,415.59 07/20/09 2.0 4,285.57 01/17/11 2.0 4,285.59 07/06/09 2.0 4,415.56 01/03/11 2.0 4,415.59 06/22/09 2.0 5,209.65 12/20/10 2.0 4,285.59 06/08/09 2.0 4,665.57 12/06/10 2.0 4,665.59 05/25/09 2.0 4,285.57 11/22/10 2.0 4,285.59 05/11/09 2.0 4,415.57 11/08/10 2.0 4,415.59 04/27/09 2.0 4,316.37 10/25/10 2.0 4,307.02 04/13/09 2.0 4,285.57 10/11/10 2.0 5,754.84 03/30/09 2.0 4,415.57 09/27/10 2.0 4,285.59 03/16/09 2.0 4,034.71 09/13/10 2.0 4,285.59 03/02/09 2.0 4,414.71 08/30/10 2.0 4,665.59 02/16/09 2.0 4,034.71 08/16/10 2.0 4,285.59 02/02/09 2.0 4,164.68 08/02/10 2.0 4,415.59 01/19/09 2.0 4,034.71 07/19/10 2.0 4,285.59 01/05/09 2.0 5,164.68 07/05/10 2.0 4,415.57 12/22/08 2.0 5,194.66 06/21/10 2.0 4,285.57 12/08/08 2.0 4,414.68 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 January 11, 2012 LISA K HARRISON H I G H E S T F I V E Y E A R S PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 11/24/08 2.0 3,921.24 05/14/07 2.0 3,374.40 11/10/08 2.0 4,278.16 04/30/07 2.0 3,504.40 10/27/08 2.0 4,034.68 04/16/07 2.0 3,374.40 10/13/08 2.0 4,164.71 04/02/07 2.0 3,504.40 09/29/08 2.0 4,034.71 03/19/07 2.0 3,225.01 09/15/08 2.0 4,035.44 03/05/07 2.0 3,343.63 09/01/08 2.0 4,297.17 02/19/07 2.0 3,213.60 08/18/08 2.0 3,917.16 02/05/07 2.0 3,343.60 08/04/08 2.0 4,047.18 01/22/07 2.0 3,534.96 07/21/08 2.0 3,917.18 01/08/07 2.0 4,036.56 07/07/08 2.0 4,047.16 12/25/06 2.0 3,906.53 06/23/08 2.0 4,761.80 12/11/06 .2 334.36 06/09/08 2.0 4,297.17 00 /00 /00 .0 .00 05/26/08 2.0 3,917.17 00 /00 /00 .0 .00 05/12/08 2.0 4,047.17 00 /00 /00 .0 .00 04/28/08 2.0 3,917.17 00 /00 /00 .0 .00 04/14/08 2.0 3,917.17 00 /00 /00 .0 .00 03/31/08 2.0 4,163.10 00 /00 /00 .0 .00 03/17/08 2.0 3,684.24 00 /00 /00 .0 .00 03/03/08 2.0 4,064.23 00 /00 /00 .0 .00 02/18/08 2.0 3,684.25 00 /00 /00 .0 .00 02/04/08 2.0 3,814.25 00 /00 /00 .0 .00 01/21/08 2.0 4,302.66 00 /00 /00 .0 .00 01/07/08 2.0 3,814.23 00 /00 /00 .0 .00 12/24/07 2.0 3,684.24 00 /00 /00 .0 .00 12/10/07 2.0 3,814.23 00 /00 /00 .0 .00 11/26/07 2.0 3,684.23 00 /00 /00 .0 .00 11/12/07 2.0 3,684.23 00 /00 /00 .0 .00 10/29/07 2.0 4,561.70 00 /00 /00 .0 .00 10/15/07 2.0 4,724.16 00 /00 /00 .0 .00 10/01/07 2.0 3,504.40 00 /00 /00 .0 .00 09/17/07 2.0 3,374.40 00 /00 /00 .0 .00 09/03/07 2.0 3,504.40 00 /00 /00 .0 .00 08/20/07 2.0 3,374.40 00 /00 /00 .0 .00 08/06/07 2.0 3,504.40 00 /00 /00 .0 .00 07/23/07 2.0 3,374.40 00 /00 /00 .0 .00 07/09/07 2.0 3,504.40 00 /00 /00 .0 .00 06/25/07 2.0 3,374.40 00 /00 /00 .0 .00 06/11/07 2.0 3,504.40 00 /00 /00 .0 .00 05/28/07 2.0 3,375.40 00 /00 /00 .0 .00 TOTAL 261.0 559,129.09 CITY OF BOYNTON BCH POLICE OFFICERS' PENSION FUND ° P le y '0Z BALANCE SHEET J 1 '` ∎a ! Ah ` - Year -To -Date As Of �}� 12/31/2011 ' `�^ * t- ASSETS CHECKING - SUNTRUST 13,897.25 RECEIVABLE -SOLD SECURITIES 266,766.11 DUE TO /FROM BROKER 15,415.04 PREPAID EXPENSES 5,432.00 a '. RUSSELL TRUST INVEST 57,172,747.844 TOTAL ASSETS 57,474,258.24 LIABILITIES AND FUND RESERVES POLICE PENSION RESERVE 51,363,498.99 NET CHANGE IN FUND RESERVE 6,110,759.25 RESERVE BALANCE 57,474,258.24 TOT. LIABILITY & FUND RESERVES 57,474,258.24 CITY OF BOYNTON BCH POLICE OFFICERS' PENSION FUND ANALYSIS OF CHANGE IN FUND RESERVE For The Period 12/01/2011 To 12/31/2011 Current YTD Amount Amount ADDITIONS TO RESERVE DROP LOAN REPAYS 3,189.41 10,792.01 UNREALIZED G/L RUSSELL (33,333.37) 3,236,265.43 RUSSELL REALIZED G/L 74,909.50 160,114.95 MISCELLANEOUS INCOME 2.25 8.83 CONTRIBUTIONS - MEMBERS 78,373.44 216,150.36 CONTRIBUTIONS - EMPLOYER .00 3,633,868.00 TOTAL ADDITIONS 123,141.23 7,257,199.58 DEDUCTIONS FROM RESERVE PAYMENT TO RETIREES 501,831.00 1,060,723.64 DROP WITHDRAWALS 14,596.52 52,039.56 REFUNDS TERM EMPLOYEES L ° 10,000.00 16,000.00 INVESTMENT FEES .00 2.00 OFFICE EXPENSES .00 1,173.08 COMPUTER /SUPPLY /SOFTWARE /MAINT 825.00 2,229.18 SUNTRUST /BANK CHGS .00 30.00 PENSION ADMINISTRATOR 1,754.56 5,263.68 BUSINESS MEETINGS 1,972.31 8,525.69 PENSION PROGRAM MAINT (ES) .00 153.50 MISCELLANEOUS .00 300.00 TOTAL DEDUCTIONS 530,979.39 1,146,440.33 NET CHANGE IN FUND RESERVE (407,838.16) 6,110,759.25 CITY OF BOYNTON BCH POLICE OFFICERS' PENSION FUND BALANCE SHEET Year -To -Date As Of 11/30/2011 ASSETS CHECKING - SUNTRUST 18,449.12 RECEIVABLE -SOLD SECURITIES 266,766.11 DUE TO /FROM BROKER 15,415.04 t,. Oct PREPAID EXPENSES 5,432.00 (go, RUSSELL TRUST INVEST 57,576,034.13 - TOTAL ASSETS 57,882,096.40 LIABILITIES AND FUND RESERVES POLICE PENSION RESERVE 51,363,498.99 NET CHANGE IN FUND RESERVE 6,518,597.41 RESERVE BALANCE 57,882,096.40 TOT. LIABILITY & FUND RESERVES 57,882,096.40 CITY OF BOYNTON BCH POLICE OFFICERS' PENSION FUND ANALYSIS OF CHANGE IN FUND RESERVE For The Period 11/01/2011 To 11/30/2011 Current YTD Amount Amount ADDITIONS TO RESERVE DROP LOAN REPAYS 3,801.30 7,602.60 UNREALIZED G/L RUSSELL (540,777.59) 3,269,598.80 RUSSELL REALIZED G/L 49,703.70 85,205.45 MISCELLANEOUS INCOME 4.42 6.58 CONTRIBUTIONS - MEMBERS 70,661.21 137,776.92 CONTRIBUTIONS - EMPLOYER .00 3,633,868.00 TOTAL ADDITIONS (416,606.96) 7,134,058.35 DEDUCTIONS FROM RESERVE PAYMENT TO RETIREES 279,446.32 558,892.64 DROP WITHDRAWALS 4,000.00 4,596.52 37,443.04 REFUNDS TERM EMPLOYEES rrn r.L 6,000.00 INVESTMENT FEES 2.00 2.00 OFFICE EXPENSES 1,173.08 1,173.08 COMPUTER /SUPPLY /SOFTWARE /MAINT 561.20 1,404.18 SUNTRUST /BANK CHGS 15.00 30.00 PROFESSIONAL SERVICES (1,424.38) .00 PENSION ADMINISTRATOR 1,754.56 3,509.12 BUSINESS MEETINGS .00 6,553.38 PENSION PROGRAM MAINT (ES) 48.50 153.50 MISCELLANEOUS 300.00 300.00 TOTAL DEDUCTIONS 292,472.80 615,460.94 NET CHANGE IN FUND RESERVE (709,079.76) 6,518,597.41 0 2.4 -/6Z CITY OF BOYNTON BCH POLICE OFFICERS' PENSION FUND BALANCE SHEET Year -To -Date As Of 10/31/2011 ASSETS CHECKING - SUNTRUST 21,742.72 RECEIVABLE -SOLD SECURITIES 266,766.11 DUE TO /FROM BROKER 15,415.04 L PREPAID EXPENSES 5,432.00 ga RUSSELL TRUST INVEST 58,387,683.93 - i TOTAL ASSETS 58,697,039.80 LIABILITIES AND FUND RESERVES ACCOUNTS PAYABLE 105,863.64 TOTAL LIABILITIES 105,863.64 POLICE PENSION RESERVE 51,363,498.99 NET CHANGE IN FUND RESERVE 7,227,677.17 RESERVE BALANCE 58,591,176.16 TOT. LIABILITY & FUND RESERVES 58,697,039.80 CITY OF BOYNTON BCH POLICE OFFICERS' PENSION FUND ANALYSIS OF CHANGE IN FUND RESERVE For The Period 10/01/2011 To 10/31/2011 Current YTD Amount Amount ADDITIONS TO RESERVE DROP LOAN REPAYS 3,801.30 3,801.30 UNREALIZED G/L RUSSELL 3,810,376.39 3,810,376.39 RUSSELL REALIZED G/L 35,501.75 35,501.75 MISCELLANEOUS INCOME 2.16 2.16 CONTRIBUTIONS - MEMBERS 67,115.71 67,115.71 CONTRIBUTIONS - EMPLOYER 3,633,868.00 3,633,868.00 TOTAL ADDITIONS 7,550,665.31 7,550,665.31 DEDUCTIONS FROM RESERVE PAYMENT TO RETIREES 279,446.32 279,446.32 DROP WITHDRAWALS 32,846.52 32,846.52 COMPUTER /SUPPLY /SOFTWARE /MAINT 842.98 842.98 SUNTRUST /BANK CHGS 15.00 15.00 PROFESSIONAL SERVICES 1,424.38 1,424.38 PENSION ADMINISTRATOR 1,754.56 1,754.56 BUSINESS MEETINGS 6,553.38 6,553.38 PENSION PROGRAM MAINT (ES) 105.00 105.00 TOTAL DEDUCTIONS 322,988.14 322,988.14 NET CHANGE IN FUND RESERVE 7,227,677.17 7,227,677.17 Russell Investment Group MANAGER 4525 - - INVOICE NO. 1112074706 -9997 #774098 DATE 2012/01/31 4098 Solutions Center PAGE 1 OF 1 Chicago, IL 60677 -4000 US TOTAL CHARGES CURRENT PERIOD USD 842.15 9BYM - Police Officer Retirement Trust Police Officer Retirement Trust FOR 3 MONTH PERIOD 10/01/11 to 12/31/11 City of Boynton Beach DB Boynton Police & Fire Pension Fnds, 1500 Gateway Blvd,Suite #220Account ID: BOYNTON POLICE Pension Administrator Pay Type 3 Boynton Beach, FL 33426 ATTENTION Barbara L. Ladue PLEASE DETACH THIS PORTION AND RETURN WITH YOUR PAYMENT CHARGES BENEFIT PAYMENT CHECK FEES ACH Benefit Payments 363 AT 1 25 453.75 Benefit Payments 16 AT 1.25 20.00 Lump Sum Payments 7 AT 10.00 70.00 BENEFIT PAYMENT: OTHER FEES State Tax Filing 3 AT 25.00 75.00 ** SUBTOTAL FEES ** 618.75 OUT OF POCKET CHARGES POSTAGE Advice of Deposit 188.76 Benefit Payment 8.32 Lump Sum 3.64 Confirmation Letters 0.52 UPS DELIVERY UPS CHARGES 10/28/2011 11.10 UPS CHARGES 12/01/2011 6.32 UPS CHARGES 12/01/2011 4 74 22.16 ** SUBTOTAL OUT OF POCKET ** 223.40 CURRENT CHARGES USD 842.15 INV.# 1112074706 -9997 9BYM - Police Officer Retirement Trust 2012/01/31 1261 /Float Disclosure Unless you have negotiated a higher per check charge in exchange for your plan's retention of float, Russell's paying agent, State Street Bank will receive float income on uninvested cash as part of its compensation for services provided to the Plan. The amounts generally earn the rates available on money market instruments. Circumstances where float income will be received on uninvested cash include: Russell's paying agent, State Street Bank will receive float income with respect to the processing of withdrawals, distributions and loans. Float is received from the time a withdrawal, distribution or loan check is processed until the check is cashed, or, with respect to uncashed checks, the date the underlying amounts are returned to the Trust. Checks are typically mailed a few days before funds are debited from the trust account, which is typically the business day following the date the transaction was effected in the participant's account. To limit the period of float on uncashed checks, at least once a year, uncashed checks are cancelled and the underlying amounts are returned to your trust. Additional background regarding check processing is available upon request, and is also contained with the business process flows accompanying the administrative services agreement. Deviations from these timelines are possible in light of administrative impracticability. Additional information is available to you upon request. X0185 rev 03/08 BURGESS CHAMBERS & ASSOCIATES, INC. InVO1Ce INVESTMENT ADVISORS S E C. REGISTERED Post Office Box 3316 Date Invoice # Winter Park, FL 32790 12/8/2011 11 -303 Bill To Boynton Beach Police Officers' Pension Barbara La Due, Administrator 1500 Gateway Blvd, Suite 220 Boynton Beach, Flo ida 33426 Description Amount Fourth Quarter 2011 investment and Performance Monitoring and Advisory Fee pei Contract 5,000 00 J y UIIliiti. at. Iltt JJ.�II II.IIitUI . L.U111 /W 2k 1.ti41 we'd1Jt wLud yUUi 11UIII pdy1IiC11 Total $5,000 00 Phone # Fax # (407) 644 -0111 (407) 644-0694 GRS Gabriel Roeder Smith & Company ,�/�� Invoice Consultants & Actuaries I One East Broward Blvd. Suite 505 Date 11Nnicc # Ft. Lauderdale, Florida 33301 -1804 (954) 527 - 1616 11/14/2011 116897 Bill l O: I'Ica'c 12c1ni1 1 u: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL POLICE OFFICERS RETIREMENT FUND Dept. # 78009 Gabriel Roeder Smith & Company Ms. Barbara La Due PO Box 78000 City of Boynton Beach Detroit, Michigan 48278 -0009 Renaissance Executive Suites or 1500 Gateway Blvd., Suite 220 ACH Payment to: Boynton Beach, FL 33426 Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 14 uriptii Project # \n►uunt For services rendered through 10/31/2011 1. Charges since 9/30/2011 for preparation of the 10/1/2011 Actuarial 100550 -052 $2,315 Valuation Report: total charges to date equal $3,081 2. Preparation of 11/1/2011 Supplemental Actuarial Valuation Report 100550 -052 $6,908 updating Actuarial Experience Study to take into account employment termination experience before 2001 (28.50 hours) Invoice Total $9,223 Paid to Date Client No. 100550 Amount Due $9,223 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com January 23, 2012 Via Email Boynton Beach Police Pension Fund Sgt Gary Chapman, Chairman 100 East Boynton Beach Boulevard Boynton Beach, FL 33425 Re: Legal Services Provided Invoice #70837 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 1/15/2012. Your current balance due is $1,626.03. v' f . , If you have any questions, please do not hesitate to contact me. ' U Sincerely yours, 6,__/ r Bonni S. Jensen BSJ /Ig Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207•: WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 •:• Fx: 561.686.2802 P.IAM leh.YS. THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Boynton Beach Police Pension ATTN: Gary Chapman, Chairman - via email 100 E. Boynton Beach Blvd. Boynton Beach, FL 33425 Copy to: Barbara LaDue - Via Email January 23, 2012 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #70837 Professional Services Hrs /Rate Amount Actuary - GRS Actuary - GRS 1/2/2012 BSJ Review and Respond to email from Steve Palmquist re: Fee for SB1128 0.25 50.00 Compliance 200.00 /hr Actuary - GRS SUBTOTAL: [ 0.25 50.00] Meeting Notices and Agendas Meeting Notices and Agendas 1/12/2012 PH Prepare Attorney Report, Handouts, and Notebook for special Meeting - 0.50 37.50 1/17/12 75.00 /hr Meeting Notices and Agendas SUBTOTAL: [ 0.50 37.50] Minutes of Trustee Meetings Minutes of Trustee Meetings 1/4/2012 BSJ Review and revise Minutes of 11/8/11 Meeting 0.35 70.00 Minutes of Trustee Meetings 200.00 /hr Boynton Beach Police Pension Page 2 Hrs /Rate Amount SUBTOTAL: [ 0.35 70.00] Summary Plan Description Summary Plan Description 1/13/2012 BSJ Draft Language for Supplemental Benefits & DROP Distributions 1.00 200.00 Summary Plan Description 200.00 /hr SUBTOTAL: [ 1.00 200.00] For professional services rendered 2.10 $357.50 Additional Charges : Bill File 1/15/2012 Copy Charges 7.50 SUBTOTAL: [ 7.50] Total additional charges $7.50 For professional services rendered 2.10 $365.00 Total amount of this bill $365.00 Previous balance $1,261.03 Balance due $1,626.03 THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONNI SPATARA JENSEN aperry @perryjensenlaw.com bslensen @perryjensenlaw.com December 21, 2011 Via Email Boynton Beach Police Pension Fund Sgt Gary Chapman, Chairman 100 East Boynton Beach Boulevard Boynton Beach, FL 33425 Re: Legal Services Provided Invoice #70798 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 12/15/2011. Your current balance due is $1,261.03. If you have any questions, please do not hesitate to contact me. Sincerely yours, /,( \n"'� U / Bonni S. Jensen BSJ /Ig Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207.: WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 •: Fx: 561.686.2802 p 4�. M1'...Kir Fr THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Boynton Beach Police Pension ATTN: Gary Chapman, Chairman - via email 100 E. Boynton Beach Blvd. Boynton Beach, FL 33425 Copy to: Barbara LaDue - Via Email December 21, 2011 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #70798 Professional Services Hrs /Rate Amount Commission on Ethics Commission on Ethics 12/6/2011 BSJ Draft Memorandum 0.25 50.00 Review Opinion 11 -089 200.00 /hr Commission on Ethics Commission on Ethics 12/12/2011 PH E -mail to Board of Trustees & Administrator re: Memorandum of RQO 0.06 4.50 11 -089 Gift 75.00 /hr Commission on Ethics SUBTOTAL: [ 0.31 54.50] Trustee Form 1 Trustee Form 1 11/17/2011 BSJ Correspondence with Palm Beach County Supervisor of Elections for 0.25 50.00 Scott Caudell Form 1 200.00 /hr Trustee Form 1 Boynton Beach Police Pension Page 2 Hrs /Rate Amount Trustee Form 1 11/17/2011 BSJ Correspondence with Palm Beach County Supervisor of Elections for 0.25 50.00 Gary Chapman Form 1 200.00 /hr Trustee Form 1 Trustee Form 1 BSJ Correspondence with Palm Beach County Supervisor of Elections for 0.25 50.00 Jason Llopis Form 1 200.00 /hr Trustee Form 1 Trustee Form 1 BSJ Correspondence with Palm Beach County Supervisor of Elections for 0.25 50.00 Toby Athol Form 1 200.00 /hr Trustee Form 1 Trustee Form 1 PH E -mail to Jason Llopis re: Form 1 0.25 18.75 Ship Form 1 to Palm Beach County Supervisor of Elections 75.00 /hr Trustee Form 1 Trustee Form 1 PH E -mail to Toby Athol re: Form 1 0.25 18.75 Ship Form 1 to Palm Beach County Supervisor of Elections 75.00 /hr Trustee Form 1 Trustee Form 1 PH E -mail to Gary Chapman re: Form 1 0.25 18.75 Ship Form 1 to Palm Beach County Supervisor of Elections 75.00 /hr Trustee Form 1 Trustee Form 1 PH E -mail to Scott Caudell re: Form 1 0.25 18.75 Ship Form 1 to Palm Beach County Supervisor of Elections 75.00 /hr Trustee Form 1 SUBTOTAL: [ 2.00 275.00) For professional services rendered 2.31 $329.50 Boynton Beach Police Pension Page 3 Additional Charges : Amount Auditor - DJC 11/15/2011 United Parcel Service Invoice No.: 0000F49280471 5.61 Tracking #1ZF492800398375663 to Richard Cristini re: Questionnaire United Parcel Service Invoice No.: 0000F49280471 6.51 Tracking #1ZF492800398375663 Pickup Request No.: 294B014CANQ Re: Questionnaire SUBTOTAL: [ 12.12] Bill File 12/14/2011 Copy Charges 10.35 SUBTOTAL: [ 10.35] Trustee Form 1 11/17/2011 United Parcel Service Invoice No.: 0000F49280471 5.61 Tracking #1 ZF492800394309107 to Susan Bucher re: Form 1 (4) SUBTOTAL: [ 5.61] Total additional charges $28.08 For professional services rendered 2.31 $357.58 Total amount of this bill $357.58 Previous balance $903.45 Balance due $1,261.03 THE LAW OFFICES OF PERRY & JENSEN, LLC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bslensen @perryjensenlaw com November 28, 2011 Via Email Boynton Beach Police Pension Fund Sgt Gary Chapman, Chairman 100 East Boynton Beach Boulevard Boynton Beach, FL 33425 Re: Legal Services Provided Invoice #70740 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 11/15/2011. Thank you for your payment of $2,963.64. Your current balance due is $903.45. If you have any questions, please do not hesitate to contact me. Sincerely yours, ,e7Th iii Bonni S. Jensen BSJ /tg Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207•: WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 •: Fx: 561.686.2802 a. r.- -nz THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Boynton Beach Police Pension ATTN: Gary Chapman, Chairman - via email 100 E. Boynton Beach Blvd. Boynton Beach, FL 33425 Copy to: Barbara LaDue - Via Email November 28, 2011 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #70740 Professional Services Hrs /Rate Amount Administrator Administrator 10/31/2011 BSJ Review email from Gary Chapman 0.50 100.00 Telephone call with Gary Chapman 200.00 /hr Review Other Administrator Contracts E -mail to Gary Chapman Administrator SUBTOTAL: [ 0.50 100.00] Attendance at Trustee Meetings Attendance at Trustee Meetings 11/8/2011 BSJ Attend Meeting 2.00 400.00 Attendance at Trustee Meetings 200.00 /hr SUBTOTAL: [ 2.00 400.00] Boynton Beach Police Pension Page 2 Hrs /Rate Amount Auditor's Inquiry Letter Auditor's Inquiry Letter 11/8/2011 BSJ Draft Response to Auditor's Inquiry Letter 0.75 150.00 Review Files 200.00/hr Auditor's Inquiry Letter Auditor's Inquiry Letter 11/9/2011 PH Revise Response letter per Bonni's mark up 0.10 7.50 Auditor's Inquiry Letter 75.00 /hr Auditor's Inquiry Letter 11/10/2011 PH E -mail to Richard Cristini re: Auditor's Inquiry Letter 0.20 15.00 Auditor's Inquiry Letter 75.00 /hr SUBTOTAL: [ 1.05 172.50] Commission on Ethics Commission on Ethics 11/3/2011 BSJ Conference with Commission on Ethics Staff re: Gift Reporting 0.25 50.00 Commission on Ethics 200.00 /hr SUBTOTAL: [ 0.25 50.00] Meeting Notices and Agendas Meeting Notices and Agendas 11/7/2011 LG Prepare Attorney Report, Handouts, and Folder for upcoming Meeting - 1.50 112.50 11/8/11 75.00 /hr Meeting Notices and Agendas SUBTOTAL: [ 1.50 112.50] Miscellaneous Matters Miscellaneous Matters 10/25/2011 BSJ Review HB 365 0.06 12.00 Miscellaneous Matters 200.00 /hr SUBTOTAL: [ 0.06 12.00] Boynton Beach Police Pension Page 3 Hrs /Rate Amount Trustee Form 1 Trustee Form 1 11/15/2011 BSJ Correspondence with Supervisor of Elections re: Filing Form 1x for 0.25 50.00 Caudell, Chapman, Llopis, & Athol 200.00 /hr Trustee Form 1 SUBTOTAL: [ 0.25 50.00] For professional services rendered 5.61 $897.00 Additional Charges : Bill File 11/15/2011 Copy Charges 6.45 SUBTOTAL: [ 6.45] Total additional charges $6.45 For professional services rendered 5.61 $903.45 Total amount of this bill $903.45 Previous balance $2,963.64 Accounts receivable transactions 11/21/2011 Payment - Thank You!. Check No. 053228 ($2,963.64) Total payments and adjustments ($2,963.64) Balance due $903.45 I N V O I C E ELLEN SCHAFFER INVOICE: 2473 339 N.W. 99 WAY DATE: 12/20/2011 CORAL SPRINGS, FL. 33071 REF.: Home: (954) 341 -5032 Fax: (954) 345 -0748 Public Pension Software Consultant SOLD TO: CITY OF BOYNTON BEACH PENSION OFFICE 1500 GATEWAY BLVD. SUITE 220 BOYNTON BEACH, FL. 33426 ATTN: BARBARA LADUE, ADMINISTRATOR QTY DESCRIPTION AMOUNT TOTAL 1.00 SOFTWARE SUPPORT CONTRACT FEE 3300.00 3300.00 FOR PC PENSION ACCOUNTING SYSTEM: TERM IS 1/23/2012 1/23/2013 FOR BOYTON BEACH POLICE OFFICERS AND FIREFIGHTERS This price reflects a 10% increase 0EJ /10 .50 K r A I : ... SUBTOTAL $ 3300.00 TAX $ .00 SHIP /HAND $ .00 TOTAL $ 3300.00 PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU To: My clients From: Ellen Schaffer Date: 11/28/2011 Re: Rate Increase Effective January 1st, my hourly rate will be $115.00. There will also be a 10% increase in your support and backup fees on your next support invoice. I have not increased my rate since January of 2008 in recognition of the dire economic conditions we all faced. I hope you agree that an increase is now appropriate. Thank you for your loyal and continued business. Have a wonderful holiday season. 1 J// Davidson, Jamieson & Cristini, P.L. Invoice 1956 Bayshore Blvd. Date Invoice # Dunedin, Fl 34698 Phone # 727 - 734 -5437 12/19/2011 R6757 Fax # 727- 733 -3487 Bill To CITY OF BOYNTON BEACH POLICE PENSION PLAN 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Description Amount Audit of Financial Statements for the year ended September 30, 2011 Progress Billing 5,000.00 Total $5,000.00 Payments /Credits $0.00 Balance Due $5,000.00 Terms Invoices are due and payable upon receipt Any amounts remaining unpaid after 30 days will be assessed a Service Charge equal to 1% per month (12% per annum) Minimum monthly service charge is $5 00 ♦ HCC HCC Global / 37 Radio Circle Drive, Mount Kisco, New York 10549 main 914 241 8900 facsimile 914 241 8098 January 16, 2012 f City of Boynton Beach 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Insured: City of Boynton Beach Policy No: U711-50709 Policy Period: 04/10/2011 - 04/10/2012 Insurer: U.S. Specialty Insurance Company Coverage: Corporate Fiduciary Liability In compliance with state insurance regulations, please be advised that the above captioned policy may be subject to non - renewal, a change in coverage conditions, or an increase in premium at expiration. This notice is not intended to indicate an unfavorable renewal position by the carrier, but to inform you that the renewal position is subject to the underwriting information we receive. We appreciate your business. To ensure your renewal is reviewed on a timely basis, we recommend that you contact your agent or broker to answer your questions and prepare a renewal submission. Sincerely, HCC GLOBAL CC: Trustee and Fiduciary Insurance Services, Inc ; 3810 Inverrary Blvd. • ;, Suite 303 Lauderhill, FL 33319 Attn Carolyn Furlong Phone: (800) 452 -2454 Email: CIFurlong @aol.com A Subsidiary of HCC Insurance Holdings, Inc THE LAW OFFICES OF PERRY & JENSEN LLC ANN H PERRY BONNI SPATARA JENSEN aperry @perryensenlaw com bsiensen @perryjensenlaw.com MEMORANDUM To. Board of Trustees • From: Bonni S Jensen Subject: Palm Beach County Ethics Opinion - RQO 11 -089 Date: December 12, 2011 Attached is the final Palm Beach County Commission ( "PBC Commission ") on Ethics Opinion regarding gift reporting and the 5th trustee. The PBC Commission on Ethics determined that the Trustees who are state reporters need to follow the State laws regarding filing under Florida Statutes §112.3148 and are not therefore subject to the requirements of §2- 244(f)(2)(b) under the Palm Beach County Ordinance. Additionally, the Commission confirmed that the 5th Trustee, who is appointed by the other 4 trustees, is considered an official for purposes of the Palm Beach County Ethics law because the 5th Trustees is ministerially appointed by the municipal legislative body Attached is the Form 9 Gift reporting form for the State of Florida. It requires quarterly reporting if the Trustee receives a reportable gift during the quarter. This form will need to be filed with both the State and the County. Please add this item for discussion to your next meeting agenda. If you have any questions in the meantime, please contact me. H \All Miscellaneous\ALL BOARDS\2011 \RQO 11 -089 memo wpd 400 EXECUTIVE CENTER DRIVE, SUITE 207:• WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 Fx: 561.686.2802 Commissioners • 0 N � Edward Rodgers, Chair �° `t_ �.� ,, t '' �� M anuel Farach, Vice Chair ' , ,�; Palm Beach Count Robin N. Fiore C1 j(1101:, c • • Ronald E. Harbison f�L ," Commission on Ethics Bruce E. Reinhart 4 Ot O Executive Director � C' Alan S. Johnson December 1, 2011 Bonni S. Jensen, Esquire Perry & Jensen, LLC 400 Executive Center Drive, Suite 207 . , ) ; - ., j West Palm Beach, FL 33401 -2922 Re: RQO 11-089 Gift Law /Retirement Boards Dear Ms. Jensen, The Palm Beach County Commission on Ethics (COE) considered your request for an advisory opinion on October 6, 2011, and on November 3, 2011, and again on November 30, 2011, and rendered its opinion at a public meeting on November 30, 2011. YOU ASKED in your letter dated September 22, 2011, whether Trustees of the Firefighter Board of Trustees, Town of Palm Beach Retirement System (FBT), who are subject to the Palm Beach County Commission on Ethics, must report "salary, benefits, services, fees, commissions, gifts or expenses associated primarily with the [Trustees] employment, business or service as an officer or director of a corporation or organization ?" You also asked if a Trustee nominated or selected by the other four (4) Trustees to this retirement board, but ultimately appointed by the governing body of the Town, is subject to the jurisdiction of the Palm Beach County Commission on Ethics. IN SUM, local officials and advisory board members who are state reporting individuals are required to report gifts quarterly, in accordance with state law, and are therefore not subject to the annual gift reporting requirements under §2- 444(f)(2)b. of the Palm Beach County Code of Ethics. A state reporting individual is responsible to comply with those reporting requirements as contained within state law. Although the FBT itself is a state created board and therefore not an advisory board as defined in the Palm Beach County Code of Ethics,' trustees who are appointed by the governing body of the Town of Palm Beach (the Town), are considered "officials" and subject to the code. The fact that one appointment is based on a selection by the existing Trustees does not negate the fact that the ultimate appointment is made by the governing body and the appointee is therefore subject to the Code of Ethics.' THE FACTS as we understand them are as follows: You are legal counsel for the Firefighters Board of Trustees (FBT), within the Town of Palm Beach Retirement System (RS). The RS was created by a Palm Beach Ordinance in accordance with Chapter 112, Florida Statutes. The FBT's authority was created pursuant to Chapter 175, Florida Statutes, and is contained within Section 82 -86 of the Town Code The FBT is comprised of five (5) members. Two (2) are chosen and appointed by the Town 1 §2 -442, RQO 11 -060 (Boca Raton Police and Firefighters' Retirement System established pursuant to chapters 175 and 185 of the Florida Statutes, is not an advisory board as defined in the PBC Code of Ethics, however, appointees of the Boca Raton governing body are considered "officials. ") 2 RQO 11 -035, RQO 11 -060, id. 2633 Vista Parkway, West Palm Beach, FL 33411 561.233.0724 FAX: 561.233.0735 Hotline: 877.766.5920 E -mail: ethics @palmbeachcountyethics.com Website: palmbeachcountyethics.com Council. Two (2) are employees of the Town and are elected by the members in the retirement fund. The fifth member is chosen by the other four Trustees, but is actually appointed by the Town Council, in what you refer to in your letter as, "a ministerial duty by the Town." The Town of Paim Beach (the Town) is ultimately responsible for funding the System. You also advise that it is the Town that actually appoints this fifth trustee to the Board. THE LEGAL BASIS for this opinion is found in the following relevant sections of the revised Palm Beach County Code of Ethics: Section 2 -442 defines Advisory board to mean "any advisory or quasi - judicial board created...by local municipal governing bodies, or by the mayors who serve as chief executive officers... of local municipal governing bodies." While the FBT is governed by local ordinance, the board is authorized by state statute. It is not "created by" the local municipal governing body and is, therefore, not an advisory board. However, §2 -442, defines "Official" as a member appointed by the local municipal governing body to serve on any advisory, quasi-judicial or any other board of the county, state, or any other regional, local, municipal, or corporate entity. The Code does not make a distinction as to whether the governing body is making such an appointment in any particular manner. The fact that one Trustee on the FBT is initially chosen as a candidate by the other four Trustees is immaterial to the manner in which that person formally becomes a Trustee on the Board when appointed by a vote of the governing body. The governing body, in particular one that is, "responsible to fund the benefits of the Plan," under state law can choose not to appoint a particular individual and require that another candidate be selected. Again, the relevant fact is that while the initial choice of a potential candidate is made by the other Trustees, the appointment itself is made by the governing body. A member of the FBT, appointed by the Boca Raton Council, is under the jurisdiction of the COE as to all sections of the Code of Ethics applicable to officials. Section 2- 444(f)(1) states, "Those persons required to report gifts pursuant to state law shall report those gifts in the manner provided by Florida Statutes, §112.3148, as may be amended. Under this section of the Code of Ethics, members of the FBT are "state reporting individuals" and must comply with all state requirements. The COE cannot opine as to any specific reporting requirements under state law. IN SUMMARY, regardless of who refers a candidate for FBT appointment, FBT Trustees who are appointed by the Boca Raton Council are subject to the PBC Code of Ethics and the jurisdiction of the COE as "officials." Those Trustees who are Boca Raton employees are subject to the code as "employees" as well. FBT Trustees are subject to state gift reporting requirements as listed under Chapter 112, Florida Statutes and must report as required by state law. This opinion construes the Palm Beach County Code of Ethics Ordinance, but is not applicable to any conflict under state law. Inquiries regarding possible conflicts under state law should be directed to the State of Florida Commission on Ethics. Please feel free to contact me at (561) 233 -0724 should you have any further questions in this matter. incer-�� Alan S. Johnson Executive Director ASJ /meb /gal 3 Pursuant to Sections 112.66 and 175.091, Florida Statutes (2011) 2633 Vista Parkway, West Palm Beach, FL 33411 561.233.0724 FAX: 561.233.0735 Hotline: 877.766.5920 E -mail: ethics @palmbeachcountyethics.com Website: palmbeachcountyethics.com Barbara Ladue From: Pat Holt [pat©perryjensenlaw com] Sent: Monday, December 12, 2011 12 15 PM To: ThePensionTeam @perryjensenlaw com Subject: Commission on Ethics -- RQO 11 -089 Gift Law Attachments: RQO 11 -089 memo pdf, PBCEthics Opinion RQO- 11- 089.pdf All. Attached please find memorandum from Attorney Bonni Jensen and the letter from the Palm Beach County Commission on Ethics regarding RQO 11 -089 Gift Law /Retirement Boards. Should you have any questions, please contact our office. Thanks, Pat Holt Legal Assistant - Pension Team of Bonni Jensen THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive, Suite 207 West Palm Beach, FL 33401 -2922 561 - 686 -6550 (Phone) 561- 686 -2802 (Fax) The Law Offices of Perry & Jensen, LLC is proud to be an ABA -EPA Law Office Climate Challenge Partner. Think before you print!! l .�! IRS 1 m v H Z(V H C n O X San m a -i- 3 m - m - sr-F- 1 Z `.< -i 2 x222222 GI CI G1 GI GI 11 mm0CD C70 7nn nn nn n000OCOWDD r 00HHDDDD7377oo>>>73o lCmmmMC00> DDC7ormzr W mrrr7o7oZ3m DrHGlmmzv -IrHD30ZCnm3r730CD -1< o z 7S rrr7aA w m ZHZxz-<00r OGlz3ZZ27ommzO3Z2D rt W 1-I H m rn H H H r H D - - V1 7o D 3 D 2- H m m- Hr- to 073 - a zimmo nz- Im3 P. 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A H m rt to n ui "< -m • O m O - I a V H 1 3 H H m z VI 0 cn 7 - h 0 - m D 7 3 D Z •-1 m N •. -h H F-+ n - z 0 J. o a 7 0 0 cn -1 -I -< `< H V) C z i m -i 3 O . m > o 73 r 0 ° 00 0o • a -+•m 0 o rt Z7 0 O m H. m v o s -n o • H 44 to 0 H rt 0 0 z in V1 u Cr 73 N D NNN ...11 r 4 VI 0 < `< N 3 IJ m INN N 3 0 V1 N 00 00 01 7 O 0 N01W V J rt 0 to 3.0 1 N O - O H tnW0 W 7`< 0 D ' tT N N N W 01 O m 01 0 W NJ to • VD -I m N to t o W - 7 n N 4a. N IV -D. 03 to H. CD -I N A O V 01 I-+ O to -/• O • • 01W. V < rt V V • • • 0 • < a lO N 00 NV NJ W - 7 a- W -P to V Please Post & Distribute BOYNTON BEACH POLICE & FIRE PENSION FUNDS PENSION ADMINISTRATION MEMO TO: All Members of the Boynton Beach Police Officers' Pension Fund FROM: Barbara La Due, Pension Administrator DATE: November 14, 2011 SUBJECT: Police Officers' Pension Board - Trustee Election At the close of the nomination period (Noon, November 14, 2011)), one nomination was received for the expired trustee position. A nomination for FRANK RANZIE was received for another term on the Pension Board. In the absent of any other nomination, FRANK RANZIE will continue to serve as a Trustee of the Plan for another term, from December 2011 to December 2015. (Four Year Term) CONGRATULATIONS!!!! Also, CONGRATULATIONS, for completing the courses and earning the CPPT designation. There being only one candidate, the election process is not necessary. The Board's certification of this position will be added to the quarterly agenda for the scheduled meeting on Tuesday, February 14, 2012 @ 9:30 AM., Renaissance Commons Executive Suites. Thank you. BOYNTON BEACH POLICE OFFICERS PENSION FUND FINANCIAL STATEMENTS September 30, 2011 DAVLDSON, JAMIESON & CRISTINI, P.L. Certified Public Accountants BOYNTON BEACH POLICE OFFICERS' PENSION FUND TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF PLAN NET ASSETS 3 STATEMENTS OF CHANGES IN PLAN NET ASSETS 4 NOTES TO FINANCIAL STATEMENTS 5 REOUIRED SUPPLEMENTAL INFORMATION SCHEDULE OF FUNDING PROGRESS 22 SCHEDULE OF CONTRIBUTIONS FROM THE CITY 23 NOTES TO THE ADDITIONAL SCHEDULES 24 ADDITIONAL INFORMATION SCHEDULES OF INVESTMENT AND ADMINISTRATIVE EXPENSES 25 i Davidson, Jamieson & Cristini, P.L. Certified Public Accountants 1956 Bayshore Boulevard Dunedin, Florida 34698 -2503 (727)734 -5437 or 736 -0771 FAX (727) 733 -3487 Member Members of the Firm Amencan Institute of John N Davidson, CPA, CVA Certified Public Accountants Harry B Jamieson, CPA Florida Institute of Richard A. Cnstini, CPA, CPPT, CGFM Certified Public Accountants The Board of Trustees Boynton Beach Police Officers' Pension Fund Boynton Beach, Florida INDEPENDENT AUDITOR'S REPORT We have audited the accompanying statements of plan net assets of the Boynton Beach Police Officers' Pension Fund (Plan) as of September 30, 2011 and the related statements of changes in plan net assets for the year then ended. These financial statements are the responsibility of the Board of Trustees. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the plan net assets of the Boynton Beach Police Officers' Pension Fund as of September 30, 2011 and the changes in plan net assets for the year then ended in conformity with accounting principles generally accepted in the United States of America. 1 The Board of Trustees Boynton Beach Police Officers' Pension Fund Boynton Beach, Florida Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying required supplementary information on pages 22 through 24 of the Boynton Beach Police Officers' Pension Fund is required by Governmental Accounting Standards Board Statement No. 25 and is not a required part of the basic financial statements. The additional information on page 25 is presented for purposes of additional analysis and is also not a required part of the basic financial statements. The above information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. The Boynton Beach Police Officers' Pension Fund has not presented the Management's Discussion and Analysis that the Governmental Accounting Standards Board under its Statement No. 34 has determined is necessary to supplement, although not required to be a part of the basic financial statements. C� 1 ' ei L January 19, 2012 2 BOYNTON BEACH POLICE OFFICERS' PENSION FUND STATEMENT OF PLAN NET ASSETS September 30, 2011 Assets Cash $ 7,438 Receivables: Employer 20,262 DROP loans 112,832 Broker - dealers 282,183 Total receivables 415,277 Investments at fair value: Domestic fixed income investment funds 18,935,632 Domestic equity investment funds 16,916,366 International equity investment funds 10,190,652 Real estate investment funds 3,943,939 Commodities fund 1,078,283 Temporary investments 5,853 Total investments 51,070,725 Prepaid expenses 5,432 Total assets 51,498,872 Liabilities Accounts payable 105,865 Total liabilities 105,865 Plan net assets held in trust for pension benefits $ 51,393,007 See Notes to Financial Statements. 3 BOYNTON BEACH POLICE OFFICERS' PENSION FUND STATEMENT OF CHANGES IN PLAN NET ASSETS Year ended September 30, 2011 Additions: Contributions: Employer $ 3,552,348 Plan members 1,052,976 Plan members, buy -back 12,875 Rollover to DROP 81,872 Total contributions 4,700,071 Intergovernmental revenue: Chapter 185 state excise tax rebate 623,168 Total intergovernmental revenue 623,168 Investment income (loss): Net appreciation (depreciation) in fair value of investments 5,610 Interest 4,046 Dividends 58 Litigation settlement 49 Other 5,334 Total investment income 15,097 Less investment expenses 414,217 Net investment income (loss) (399,120) Total additions 4,924,119 Deductions: Benefits: Age and service 3,054,560 Disability 326,162 Beneficiaries 52,919 Drop payments 339,770 Refunds 78,709 Administrative expenses 134,695 Total deductions 3,986,815 Net increase (decrease) 937,304 Plan net assets held in trust for pension benefits: Beginning of year 50,455,703 End of year $ 51,393,007 See Notes to Financial Statements. 4 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 1. Description of the Plan The following brief description of the Boynton Beach Police Officers' Pension Plan (Plan) is provided for general information purposes only. Participants should refer to the Plan Agreement for more complete information. General - The Plan was created in 1981 by Section 18 of an Ordinance adopted by the City of Boynton Beach, Florida. This Ordinance was substantively amended in 2001, 2002, 2006 and 2009. The Plan is a defined benefit pension plan covering all full -time police officers of the City of Boynton Beach, Florida (City). Participation in the Plan is required as a condition of employment. The Plan provides for pension, death and disability benefits. In addition, the Plan is a local law plan subject to provisions of Chapter 185 of the State of Florida Statutes. The Plan, in accordance with the above statutes, is governed by a five member pension board. Two police officers, two City residents and a fifth member elected by the other four members constitute the pension board. The City and the Plan participants are obligated to fund all Plan costs based upon actuarial valuations. The City establishes benefit levels while the board establishes the actuarial methods followed by the Plan. During the fiscal year ended September 30, 2011 the Plan's membership consisted of: Retirees and beneficiaries: Currently receiving benefits 98 Drop Retirees 48 Terminated employees entitled to benefits but not yet receiving them 3 Total 149 Current employees: Vested 99 Nonvested 55 Total 154 At September 30, 2010, the date of the most recent actuarial valuation, there were 94 retirees and beneficiaries receiving benefits. 5 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 1. Description of Plan (Continued) Pension Benefits - The pension plan provides retirement, death and disability benefits for its participants. A participant may retire with normal benefits after reaching age 55 and accumulating 10 or more years of credited service, at 20 years of service without regard to age, or at age 50 with 15 years of credited service. Normal retirement benefits are based on 3.5% of the participant's final average salary times the number of his or her credited years of service. The final average salary for purposes of calculating benefits is the participant's average salary during the five highest years of the last ten years of creditable service prior to retirement. A participant with 10 or more years of credited service is eligible for deferred retirement. These benefits begin upon application on or after reaching age 55 and are computed the same as normal retirement, based upon the participant's final average salary and credited service at the date of termination. Benefits are reduced 1.5% per year for each year by which the participant's age at retirement preceded the participant's normal retirement age. Monthly Supplemental Retirement Benefit - Effective October 1, 2006, any retiree or beneficiary receiving pension benefits is entitled to a monthly supplemental pension benefit. The benefit pool will be funded by 100% of the annual earnings and 10% of the principal created by the contributions received. The benefit pool shall be divided according to the total number of years of service rendered by all retirees, with a cap of 40 years. The shares will be divided on a pro -rata basis as defined in the ordinances. The supplemental benefits was to be funded by a 1% contribution from the Members and a 1% contribution by the City. Effective with the Chapter 185 monies received for calendar year 2001, the excess Chapter 185 dollars will be allocated to fund the City' s contributions until the Chapter 185 dollars are received for calendar year 2005 or, if earlier, until the entire 1% of the City contributions are covered by the increase in the Chapter 185 monies. Employees will contribute to this benefit through 20 years of service. The actuarial value of the monthly supplemental benefit reserve at September 30, 2010 was approximately $1,376,000. 6 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 1. Description of Plan (Continued) Deferred Retirement Option Plan - Any Plan participant who is eligible to receive a normal retirement pension may elect to participate in a deferred retirement option plan (DROP) while continuing his or her active employment as a police officer. Upon participation in the DROP, the participant becomes a retiree for all Plan purposes so that he or she ceases to accrue any further benefits under the pension plan. Normal retirement payments that would have been payable to the participant as a result of retirement are accumulated and invested in the DROP to be distributed to the participant upon his or her termination of employment. The Plan provides for a participant to elect a partial lump sum withdrawal. Participation in the DROP ceases for a Plan participant after the earlier of 5 years or the attainment of 30 years of service. An employee's account in the DROP program shall earn interest in one of two ways. The selection of the earnings program shall be irrevocable and shall be made prior to the first deposit into the DROP account. The options are summarized as follows: A. Gain or loss interest at the same rate as the Plan; or, B. At an annual fixed rate of seven percent (7 %); or, C. A combination of both A and B. Participants, (after separation from service) may borrow from their DROP accounts a minimum of $5,000 up to a maximum equal to the lesser of $50,000 or 50 percent of their DROP account balance. The loans are secured by the balance in the members' DROP account and bear interest at the lowest bank rate at the issue date for the loan. Principal and interest is paid ratably through monthly payments. Disability Benefits - Disability benefits for service related disabilities are paid to a participant for life. Benefits are calculated as 66 2/3% of the participant's salary at the time of disability. This amount is reduced by any social security and workers' compensation benefits received and will not be less than 42% of the participant's average final salary. Disability benefits for non - service related disabilities are paid to a participant for life. Benefits are calculated at a minimum of 25% of the participant's final average salary. Death Benefits - Preretirement death benefits for participants with at least 10 years of service are payable until the death of the spouse. The spouse will receive the accrued normal retirement benefit taking into account compensation earned and service credited as of the date of death with a minimum benefit equal to 30% of average final compensation. Beneficiaries of participants who die prior to vesting will receive a refund of the participants accumulated contributions. 7 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 1. Description of Plan (Continued) Post retirement death benefits are payable to the participant's eligible widow depending on the survivor's benefit selected. Refund of Participant Contributions - A participant who terminates employment and is ineligible for pension benefits is refunded his or her contribution without interest. 2. Summary of Significant Accounting Policies Basis of Accounting - Basis of accounting is the method by which revenues and expenses are recognized in the accounts and are reported in the financial statements. The accrual basis of accounting is used for the Plan. Under the accrual basis of accounting, revenues are recognized when they are earned and collection is reasonably assured, and expenses are recognized when the liability is incurred. Plan member contributions are recognized in the period in which the contributions are due. City contributions to the plan as calculated by the Plan's actuary, are recognized as revenue when due and the City has made a formal commitment to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Basis of Presentation - The accompanying financial statements are presented in accordance with Governmental Accounting Standards Board (GASB) Statement 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans and the Codification of Governmental Accounting and Financial Reporting Standards which covers the reporting requirements for defined benefit pensions established by a governmental employer. The accompanying financial statements include solely the accounts of the Plan which include all programs, activities and functions relating to the accumulation and investment of the assets and related income necessary to provide the service, disability and death benefits required under the terms of the Plan Ordinance and the amendments thereto. Valuation of Investments - Investments in investment funds common stock and bonds traded on a national securities exchange are valued at the last reported sales price on the last business day of the year; securities traded in the over - the - counter market and listed securities for which no sale was reported on that date are valued at the mean between the past reported bid and asked prices; investments in securities not having an established market value are valued at fair value as determined by the Board of Trustees. The fair value of an investment is the amount that the Plan could reasonably expect to receive for it in a current sale between market participants, other than in a forced or liquidation sale. Purchases and sales of investments are recorded on a trade date basis. 8 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 2. Summary of Significant Accounting Policies (Continued) Investment income is recognized on the accrual basis as earned. Unrealized appreciation in fair value of investments includes the difference between cost and fair value of investments held. The net realized and unrealized investment appreciation or depreciation for the year is reflected in the Statement of Changes in Plan Net Assets. Custody of Assets - Custodial and investment services are provided to the Plan under contract with the Russell Trust Company. The Plan's investment policies are governed by Florida State Statutes and ordinances of the City of Boynton Beach, Florida. Authorized Plan Investments - The Board recognizes that the obligations of the Plan are long -term and that its investment policy should be made with a view toward performance and return over a number of years. The general investment objective is to obtain a reasonable total rate of return defined as interest and dividend income plus realized and unrealized capital gains or losses commensurate with the prudent investor rule and Chapter 185 of the Florida Statutes. Permissible investments include obligations of the U.S. Treasury and U.S. agencies, high capitalization common or preferred stocks, pooled equity funds, high quality bonds or notes, foreign securities and fixed income funds. In addition, the Board requires that Plan assets be invested with no more than 65% in stocks and convertible securities measured at cost at the end of each reporting period. Further information regarding the permissible investments from the Plan can be found in the Statement of Investment Policies. Actuarial Cost Method - The Plan's actuarial cost method id the Entry Age Normal Method for funding purposes. This method allocates the actuarial present value of each participant's projected benefit on a level basis over the participant's earnings from the date of entry into the Plan through the date of retirement. Reporting Entity - The financial statements presented are only for the Plan and are not intended to present the basic financial statements of the City of Boynton Beach, Florida. The Plan is included in the City's Comprehensive Annual Financial Report (CAFR) for the year ended September 30, 2011, which are separately issued documents. Anyone wishing further information about the City is referred to the City's CAFR. The Plan is a pension trust fund (fiduciary fund type) of the City which accounts for the single employer defined benefit pension plan for all City Police Officers. The provisions of the Plan provide for retirement, disability, and survivor benefits. 9 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 2. Summary of Significant Accounting Policies (Continued) Funding Policy - Participants are required to contribute 7.0% of their annual earnings to the Plan. Prior to 1986, contributions to the Plan were made on an after -tax basis. Subsequent to this date, contributions are made on a pre -tax basis pursuant to an amendment to the Plan. These contributions are designated as employee contributions under Section 414(h)(2) of the Internal Revenue Code. Contribution requirements of the Plan's participants are established and may be amended by the City of Boynton Beach, Florida. A rehired member may buy back one or more years of continuous past service by paying into the Plan the amount of contributions that the participant would otherwise have paid for such continuous past service, plus the interest that would have been earned had such funds been invested by the Plan during that time. The City's funding policy is to make actuarially computed monthly contributions to the Plan in amounts, such that when combined with participants' contributions and the State insurance excise tax rebate, all participants' benefits will be fully provided for by the time that they retire. The City's actuarially determined contribution rate for the year ended September 30, 2011 was 28.08 %. This rate consists of 15.40% of member salaries to pay normal costs plus 12.68% to amortize the unfunded actuarially accrued liability pursuant to the September 30, 2010 actuarial valuation. Administrative Costs - All administrative costs of the Plan are financed through employee and City contributions. Cash - The Plan considers money market and demand account bank and broker - dealer deposits as cash. Temporary investments, shown on the balance sheet are composed of investments in short-term custodial proprietary money market funds. Federal Income Taxes - A favorable determination letter indicating that the Plan is qualified and exempt from Federal income taxes was not issued by the Internal Revenue Service. The Board believes that the Plan is designed and continues to operate in compliance with the applicable requirements of the Internal Revenue Code. 10 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 2. Summary of Significant Accounting Policies (Continued) Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Subsequent Events - Management has adopted the provisions set forth in GASB Statement No. 56 and FASB ASU No. 2010 -09, Subsequent Events and considered subsequent events through the date of the audit report which is the date that the financial statements were available to be issued. Restatement - Certain figures in the financial statements for the fiscal year ended September 30, 2010 have been restated to conform to the presentation used in the financial statements for the fiscal year ended September 30, 2011. The Plan net assets held in trust for pension benefits was increased by $76,157 as of October 1, 2010 to reflect the recordation of the Plan's DROP loans receivable. 3. Deposits and Investments Deposits At year end September 30, 2011 the carrying amount of the Plan's deposits was $7,438 and the bank balance was $8,926. The bank balance was covered by federal depository insurance and, for the amount in excess of such federal depository insurance, by the State of Florida's Security for Public Deposits Act. Provisions of the Act require that public deposits may only be held at qualified public depositories. The Act requires each qualified public depository to deposit with the State Treasurer eligible collateral equal to or in excess of the required collateral as determined by the provisions of the Act. In the event of a failure by a qualified public depository, losses in excess of federal depository insurance and proceeds from the sale of the securities pledged by the defaulting depository, are assessed against the other qualified public depositories of the same type as the depository in default. Russell Trust Company (Russell) periodically holds uninvested cash in its capacity as custodian for the Plan. These funds exist temporarily as cash in the process of collection from the sale of securities or investments. 11 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 3. Deposits and Investments (Continued) Investments Investments that are not evidenced by securities that exist in physical or book -entry form include investments in open -ended alternative investment funds. The Plan's investments other than cash held by its administrative manager, are segregated into a separate account and managed under a separate investment agreement with Russell Investment group. This agreement gives Russell custodianship and the authority to manage the investments. These assets are invested in accordance with the specific investment guidelines as set forth in the Plan's Investment Policy Statement. Investment management fees are calculated quarterly as a percentage of the fair market value of the Plan's assets managed. The Plan's investments are uninsured and unregistered and are held in custodians' or the Bank's accounts in the Plan's name. International, real estate and commodities investment funds are privately placed funds, which operates as alternative investments which offers their shares at the net asset value (NAV) of the funds. The alternative investment funds invest in international, real estate and commodities investments. The investments in the underlying funds are generally valued at fair value as determined by the management of the fund by reference to the value of the underlying fund's assets, if available, or by the valuation of a fund's underlying assets as provided by the general partner or investment manager, if the assets are not publicly traded. The fund may also hold certain investments which may be valued by a single market maker. While the fund managers use their best judgment in estimating the fair value of underlying funds, there are inherent limitations in any estimation technique. Accordingly the fair value of alternative investment funds have been estimated by the Plan's management in the absence of readily ascertainable market values. Therefore, the values of such funds are not necessarily indicative of the amount that could be realized in a current transaction. The fair values may differ significantly from the values that would have been used had a ready market for the underlying funds existed, and the difference could be material. Future confirming events will also affect the estimates of fair value, and the effect of such events on the estimates of fair value could be matenal. The alternative investment fund expose the Plan to certain risks, including liquidity risks, counterparty risks, foreign political economic, and governmental risks, and market risk. In addition, these investments may have initial lock -up periods, as well as restrictions for liquidating positions in these funds, that make the investment non - current and non - marketable. 12 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 3. Deposits and Investments (Continued) The alternative investments are valued using the net asset value (NAV) provided by the investment managers of these funds. The NAV is based on the value of the underlying assets owned by the fund minus its liabilities and then divided by the number of shares or percentage of ownership outstanding. The NAV's unit price is quoted on a private market that is not active; however, the unit price is based on underlying investments which are traded on an active market. The values of these alternative investments are not necessarily indicative of the amount that could be realized in a current transaction. The fair value may differ significantly from the value that would have been used had a ready market for the underlying funds existed, and the differences could be material. Future confirming events will also effect the estimates of fair value and the effect of such events on the estimated fair value could be material. The Plan had no investments that individually represented 5% or more of the Plan's net assets available for benefits as of September 30, 2011. Further, the Plan has 110 instrument that, in whole or in part, is accounted for as a derivative instrument under GASB statement No. 53, Accounting and Financial Reporting for Derivative Instruments during the current Plan year. The Plan held the following fixed income investments as of September 30, 2011: Rating Standard Effective Fair & Duration Investment Type Value Poor' s (Years) Domestic fixed income investment fund $ 18,935,632 AA 2.9 Temporary investment funds 5,853 AAA Daily Total $ 18,941,485 13 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 3. Deposits and Investments (Continued) Interest Rate Risk - Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment in debt securities. Generally, the longer the time to maturity, the greater the exposure to interest rate risk. Through its investment policies the Plan manages its exposure to fair value losses arising from increasing interest rates. The Plan limits the effective duration of its investment portfolio through the adoption of nationally accepted risk measure bench marks. Credit Risk - Credit risk is the risk that a debt issuer will not fulfill its obligations. Consistent with state law the Plan's investment guidelines limit its fixed income investment to a quality rating of `A' or equivalent as rated by one ore more recognized bond rating service at the time of purchase. The Plan's fixed income portfolio may not include more than 10% of its investments in securities having a quality rating of Baa. Custodial Credit Risk - Custodial credit risk is defined as the risk that the Plan may not recover cash and investments held by another party in the event of a financial failure. The Plan requires all securities to be held by a third party custodian in the name of the Plan. Securities transactions between a broker - dealer and the custodian involving the purchase or sale of securities must be made on a "delivery vs. payment" basis to ensure that the custodian will have the security or money, as appropriate, in hand at the conclusion of the transaction. The investments in mutual funds and investment partnerships are considered unclassified pursuant to the custodial credit risk categories of GASB Statement No. 3, because they are not evidenced by securities that exist in physical or book -entry form. Investing in Foreign Markets - Investing in foreign markets may involve special risks and considerations not typically associated with investing in companies in the United States of America. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and future adverse political, social, and economic developments. Moreover, securities of foreign governments may be less liquid, subject to delayed settlements, taxation on realized or unrealized gains, and their prices are more volatile than those of comparable securities in U.S. companies. 14 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 3. Deposits and Investments (Continued) Foreign Tax Withholdings and Reclaims - Withholding taxes on dividends from foreign securities are provided for based on rates established via treaty between the United States of America and the applicable foreign jurisdiction, or where no treaty exists at the prevailing rate established by the foreign country. Foreign tax withholdings are reflected as a reduction of dividend income in the statement of operations. Where treaties allow for a reclaim of taxes, the Fund will make a formal application for refund. Such reclaims are included as an addition to dividend income. Investing in Real Estate - The Plan is subject to risks inherent in the ownership and operation of real estate. These risks include, among others, those normally associated with changes in the general economic climate, trends in the industry including creditworthiness of tenants, competition for tenants, changes in tax laws, interest rate levels, the availability of financing and potential liability under environmental and other laws. 4. Plan's Funded Status The Plan's funded status as of the September 30, 2010 actuarial valuation is presented below: Actuarial Value of Actuarial Unfunded Assets as a Ratio of the Valuation Actuarial Actuarial Actuarial Percentage of the Annual Unfunded Actuanal Date Value of Accrued Accrued Actuarial Accrued Covered Liability to Covered September 30, Assets Liability Liability Liability Payroll Payroll 2010 $ 48,130 $ 81,957 $ 33,827 58.7% $ 12,135 278 8% Dollar amounts are In thousands. The required schedule of funding progress immediately following the notes to the financial statements presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. 15 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 4. Plan's Funded Status (Continued) The actuarial methods and significant assumptions used are summarized as follows: (a) Actuarial cost method - Entry Age Normal (b) Asset valuation method - Five years smoothed market (c) Actuarial assumptions: Investment rate of return - 8.00% Post retirement benefit increases - N/A Projected salary increases - 5.0% to 6.5% depending on age Inflation rate and other general increases - 4.0% (d) Amortization method - Level percent of pay - closed (e) Remaining amortization period - 30 years 5. Net Increase (Decrease) in Realized and Unrealized Appreciation (Depreciation) of Investments The Plan's investments appreciated (depreciated) in value during the years ended September 30, 2011: 2011 Realized Unrealized Appreciation Appreciation (Depreciation) (Depreciation) Total Investments at fair value as determined by quoted market price Domestic fixed income investment funds $ 547,076 $ 355,364 $ 902,440 Domestic equity investment funds 1,053,517 (1,283,757) (230,240) International equity investment funds 678,316 (1,388,046) (709,730) Real estate investment funds 12,377 180,481 192,858 Ciommodtties fund - (149,718) (149,718) Net increase (decrease) in realized and unrealized appreciation (depreciation) of investments $ 2,291,286 $ (2,285,676) $ 5,610 16 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 5. Net Increase (Decrease) in Realized and Unrealized Appreciation (Depreciation) of Investments (Continued) The calculation of realized gains and losses is independent of the calculation of net appreciation (depreciation) in the fair value of plan investments. Unrealized gains and losses on investments sold in 2011 that had been held for more than one year were included in net appreciation (depreciation) reported in the prior year. 6. Investments The Plan's investments at both carrying value and cost or adjusted cost as of September 30, 2011 are summarized as follows: 2011 Market Investment Cost Value Domestic fixed income investment funds $ 15,567,470 $ 18,935,632 Domestic equity investment funds 16,978,342 16,916,366 International equity investment funds 10,433,573 10,190,652 Real estate investment funds 4,291,206 3,943,939 Commodities fund 1,228,001 1,078,283 Temporary investments 5,853 5,853 Total investments $ 48,504,445 $ 51,070,725 17 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 7. Designations A portion of the plan's net assets are designated for benefits that accrue in relation to the DROP account as further described in Note 1. Allocations to the DROP plan account for the year ended September 30, 2011 are presented below as determined in the Plan's most recent accounting and valuation available for the fiscal year ended September 30, 2011: 2011 Designated for DROP accounts (fully funded) $ 5,684,214 Designated for the supplemental pension distribution reserve (13 check) 1,376,286 Total designated plan net assets 7,060,500 Undesignated plan net assets 44,332,507 Total plan net assets $ 51,393,007 8. Plan Amendments During the fiscal year ended September 30, 2011 the Plan was amended to provide annual distributions to certain retirees. These distributions will be paid from excess Chapter 185 premium tax revenues. The Plan's actuary has determined that the use of these funds does not impact the funding requirements of the Plan. 9. Plan Termination Although it has not expressed an intention to do so, the City may terminate the Plan at any time by a written ordinance of the City Commission of Boynton Beach, duly certified by an official of the City. In the event that the Plan is terminated or contributions to the Plan are permanently discontinued, the benefits of each firefighter in the Plan at such termination date would be non - forfeitable. 18 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 10. Commitments and Contingencies As described in Note 1, certain members of the Plan are entitled to refunds of their accumulated contributions, without interest, upon termination of employment with the City prior to being eligible for pension benefits. At September 30, 2011, aggregate contributions from active members of the Plan were approximately $6,260,000. The portion of these contributions which are refundable to participants who may terminate with less than ten years of service has not been determined. 11. Risk and Uncertainties The Plan invests in a variety of investment funds. Investments in general are exposed to various risks, such as interest rate, credit, and overall volatility risk. Due to the level of risk associated with certain investments, it is reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits. 12. DROP Loans During the fiscal year ended September 30, 2011, certain DROP participants borrowed from their respective DROP accounts. These loans require repayment in sixty months at interest rates based on the interest rate published by an established local bank at the time that the loan was issued. A schedule of the changes of these loans is summarized as follows: Balance Balance 9/30/10 Additions Repayments 9/30/11 DROP Loans Receivable September 30, 2011 $ 76,157 $ 80,000 $ 43,325 $ 112,832 19 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 12. DROP Loans (Continued) Future minimum annual principal payments on these loans are as follows: September 30 2012 $ 29,116 2013 23,665 2014 24,443 2015 25,254 2016 10,354 Total $ 112,832 Loan interest income for the year ended September 30, 2011 was $4,042. 13. Rent Expense The Fund and Boynton Beach Firefighters' Pension Fund are obligated under a joint rental operating lease for office space, which expired on September 30, 2010 and was subsequently renewed until September 30, 2011. The base rent of the lease is $925 per month plus applicable sales taxes and is prorated 50/50 for each plan, respectively. During the year ended September 30, 2011, rent expense for the Fund under the lease agreement was $5,712. Beginning October 1, 2011, the lease agreement was converted to a month -to -month status at the same rental rate. 20 BOYNTON BEACH POLICE OFFICERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS September 30, 2011 14. Plan Amendments During the fiscal year ended September 30, 2011 the Plan was amended as follows: A. Allow participants buying back previous service the option to make the payment over a period up to five years. B. Allow DROP participants the additional distribution option of a partial lump -sum withdrawal. The actuary indicated that the ordinance had no significant actuarial impact on the Plan. 21 REQUIRED SUPPLEMENTARY INFORMATION BOYNTON BEACH POLICE OFFICER' PENSION FUND SCHEDULE OF FUNDING PROGRESS September 30, 2001 through September 30, 2010 Actuarial Accrued (Funded) Active UAAL as Actuanal Actuarial Liability Unfunded Participant Percentage of Valuation Value (AAL) AAL Funded Covered Active Participant Date of Assets Entry Age (UAAL) Ratio Payroll Covered Payroll September 30 (a) (b) (b�a1 a/b (c) (b- a) /(c) 2001 $ 34,332 $ 37,716 $ 3,384 91.0% $ 6,555 51 6% 2002 32,133 40,604 8,471 79.1 7,382 114 7 2003 33,206 44,029 10,823 75 4 7,917 136 7 2004 34,496 48,154 13,658 71.6 7,207 189 5 2005 35,445 56,691 21,246 62.5 7,836 271.1 2006 37,692 61,468 23,776 61.3 9,302 255 6 2007 41,981 66,069 24,088 63.5 10,297 233 9 2008 44,278 72,350 28,072 61.2 11,533 243.4 2009 46,117 78,055 31,938 59.1 12,538 254.7 2010 48,130 81,957 33,828 58.7 12,136 278.8 Dollar amount are In thousands Analysis of the dollar of actuarial value of assets , actuarial accrued liability, or unfunded actuarial accrued liability in isolation can be misleading. Expressing the actuarial value of assets as a percentage ofthe actuarial accrued liability provides one indication ofthe system's funded status on a going- concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the plan. The unfunded actuarial accrued liability and annual covered payroll are both affected by inflation. Expressing the unfunded actuarial accrued liability as a percentage of covered payroll approximately adjusts for the effects of inflation and aids analysis of the progress being made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the plan. 22 BOYNTON BEACH POLICE OFFICER' PENSION FUND SCHEDULE OF CONTRIBUTIONS FROM THE CITY September 30, 2002 through September 30, 2011 City Year Actual Ended Required Percentage September 30 Contribution Contributed 2002 $ 1,053,863 100.0% 2003 1,929,458 100.0 2004 2,343,601 100.0 2005 2,571,109 100.0 2006 2,808,957 100.0 2007 3,030,547 100.0 2008 3,236,241 100.0 2009 3,245,082 100.0 2010 3,688,516 100.0 2011 3,552,348 100.0 23 BOYNTON BEACH POLICE OFFICER' PENSION FUND NOTES TO THE ADDITIONAL SCHEDULES September 30, 2001 through September 30, 2011 The information presented in the supplementary schedules on pages 22 and 23 was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation follows: Valuation date October 1, 2010 Actuarial cost method Entry Age Normal Amortization method Level percent of payroll, closed Remaining amortization period 30 years Asset valuation method Five year smoothed market Actuarial assumptions: Investment rate of return 8.00% Projected salary increases 5.0% to 6.5% depending on age Inflation and other general increases 4.0% Cost of living adjustments N/A The activities of the Pension Plan and its members generated an experience (net actuarial) loss of $1,404,570 during the plan year ended September 30, 2010, which increased the City's contribution requirements by 0.66% of covered payroll. The principal source of the loss was a lower than expected return on investments. Salary increases that were less than expected partially offset losses due to the investment returns. 24 ADDITIONAL INFORMATION BOYNTON BEACH POLICE OFFICERS' PENSION FUND SCHEDULES OF INVESTMENT AND ADMINISTRATIVE EXPENSES Year ended September 30, 2011 2011 Investment Administrative Expenses Expenses Expenses: Actuary fees $ - $ 31,648 Administrator's fees - 20,872 Audit fees - 15,750 Bank charges - 27 Computer service - 6,444 Directors' liability insurance - 5,432 Dues and subscriptions - 600 Investment managers' fees: Russell Trust Company 394,217 - Legal fees - 16,650 Office expenses - 26 Office rent - 5,712 Pension program maintenance - 2,019 Performance monitor 20,000 - Seminars and training - 26,817 Printing expense - 2,698 $ 414,217 $ 134,695 Percentage of plan net assets 0.81% 0.26% 25 BOYNTON BEACH POLICE OFFICERS' PENSION FUND MEMORANDUM ON REVIEW OF INTERNAL CONTROL STRUCTURE September 30, 2011 DAVIDSON, JAMIESON & CRISTINI, P.L. Certified Public Accountants Davidson, Jamieson & Cristini, P.L. Certified Public Accountants 1956 Bayshore Boulevard Dunedin, Florida 34698 -2503 (727)734 -5437 or 736 -0771 FAX (727) 733 -3487 Member Members of the Firm American Institute of John N. Davidson, CPA, CVA Certified Public Accountants Harry B. Jamieson, CPA Florida Institute of Richard A. Cristini, CPA, CPPT, CGFM Certified Public Accountants January 19, 2012 Board of Trustees Boynton Beach Police Officer' Pension Fund Boynton Beach, Florida In planning and performing our audits of the financial statements of the Boynton Beach Police Officers' Pension Fund (Fund) for the year ended September 30, 2011, we considered the Plan's internal control structure to determine our auditing procedures for the purpose of expressing an opinion on the financial statements and not to provide assurance on the internal control structure. However, during our audit, we observed certain matters that are opportunities for strengthening internal controls and operating efficiency. We present our observations and recommendations under the following captions for your consideration: Sales Tax 1 Sales Tax During our review of the Plan's terminated office lease agreement we observed that Florida sales tax was being collected from the Fund. It is our understanding that the Plan has not paid the sales tax since the February 2010 rent payment. Since the state's sales tax regulations provide for a refund of these taxes the Board may wish to pursue this refund. At a minimum, the Board should strike any reference to sales tax on any lease renewal. 2 We will review the status of these comments during our next audit engagement. We have already discussed many of these comments and suggestions with Plan personnel, and we will be pleased to discuss them in further detail at your convenience, to perform any additional study of these matters, or to assist you in implementing the recommendations. DAVIDSON, JAMIESON & CRISTINI, P.L. 3 CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICERS' RETIREMENT FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2011 ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE PLAN YEAR ENDING SEPTEMBER 30, 2013 GRS Gabriel Roeder Smith & Company One East Broward Blvd, 954 527 1616 phone Consultants & Actuaries Suite 505 954.525.0083 tax Ft 1 auderdale, F1 33301-1827 www gahnelroeder coin February 13, 2012 Board of Trustees City of Boynton Beach Municipal Police Officers' Retirement Fund Boynton Beach, Florida Dear Board Members: The results of the October 1, 2011 Annual Actuanal Valuation of the City of Boynton Beach Municipal Police Officers' Retirement Fund are presented in this report. This report was prepared at the request of the Board and is intended for use by the Retirement System and those designated or approved by the Board. This report may be provided to parties other than the System only in its entirety and only with the permission of the Board. The purpose of the valuation is to measure the System's funding progress, to determine the employer contribution rate for the fiscal year ending September 30, 2013, and to determine the actuarial information for Governmental Accounting Standards Board (GASB) Statement No. 25 and No. 27. This report should not be relied on for any purpose other than the purpose described above. The findings included in this report are based on data or other information through September 30, 2011. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period or additional cost or contribution requirements based on the plan's funded status); and changes in plan provisions or applicable law. The valuation was based upon information furnished by the Plan Administrator concerning Retirement System benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We checked for internal and year -to -year consistency, but did not otherwise audit the data. We are not responsible for the accuracy or completeness of the information provided by the Plan Administrator. This report was prepared using certain assumptions prescribed by the Board as described in Section B. The undersigned actuaries are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. The signing actuaries are independent of the plan sponsor. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Retirement System as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. This actuarial valuation and/or cost determination was prepared and completed by me or under my direct supervision, and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate. In my opinion, the techniques and assumptions used are reasonable, meet the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted actuarial principles and practices. There is no benefit or expense to be provided by the plan and/or paid from the plan's assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material increase in plan costs or required contribution rates have been taken into account in the valuation. Respectfully submitted, GABRIEL, ROEDER, SMITH AND COMPANY PAC J Steph n Palmquist, ASA, ' AAA, FCA ' ete N. Strong, ASA nrolled Actuary No. 11 -01 60 Enrolled Actuary No. 11 -175 Gabriel Roeder Smith & Compan TABLE OF CONTENTS Section Title Page A Discussion of Valuation Results 1 Chapter Revenue 4 B Valuation Results 1. Participant Data 5 2. Annual Required Contribution (ARC) 6 3. Actuarial Value of Benefits & Assets 7 4. Calculation of Employer Normal Cost 8 5. Liquidation of the Unfunded Frozen Actuarial Accrued Liability 9 6. Actuarial Gains and Losses 10 7. Actual Compared to Expected Decrements 16 8. Cost of Living Adjustment 17 9. Recent History of Valuation Results 18 10. Recent History of Required and Actual Contributions 19 11. Actuarial Assumptions and Cost Method 20 12. Glossary of Terms 24 C Pension Fund Information 1. Summary of Assets 28 2. Summary of Fund's Income and Disbursements 29 3. Calculation of Actuarial Value of Assets 30 4. Investment Rate of Return 32 D Financial Accounting Information 1. FASB No. 35 33 2. GASB No. 25 34 3. GASB No. 27 36 E Miscellaneous Information 1. Reconciliation of Membership Data 38 2. Age /Service /Salary Distributions 39 F Summary of Plan Provisions 41 GRS SECTION A DISCUSSION OF VALUATION RESULTS GRS 1 DISCUSSION OF VALUATION RESULTS Comparison of Required Employer Contributions A comparison of the required employer contribution developed in this and the last actuarial valuation is shown below. The required contribution dollar amounts shown below are estimates only. According to current rules of the Division of Retirement, the actual employer contribution may not be less than the indicated percentages multiplied by the actual pensionable payroll for the year. For FYE 9/30/13 For FYE 9/30/12 Based on Based on 10/1/2011 10/1/2010 Increase Valuation Valuation (Decrease) if contributed on if contributed on 10/1/2012 10/1/2011 Required Employer /State Contribution $ 4,701,572 $ 4,098,955 $ 602,617 As % of Covered Payroll 36.68 % 32.55 % 4.13 % Estimated State Contribution $ 465,087 $ 465,087 $ 0 As % of Covered Payroll 3.63 % 3.69 % (0.06) % Required Employer Contribution $ 4,236,485 $ 3,633,868 $ 602,617 As % of Covered Payroll 33.05 % 28.86 % 4.19 % The required employer contribution has been computed under the assumption that the amount to be received from the State next year will be at least $465,087. The City may not take credit for State revenue in excess of $465,087. If the next payment from the State falls below $465,087, the City must raise its contribution by the difference. The employer contribution listed above is for the City's fiscal year ending September 30, 2013 and has been calculated assuming the employer contribution is made on October 1, 2012. The actual employer contribution for the fiscal year ending September 30, 2011 was $3,552,348 an amount equal to the required contribution. Revisions in Benefits There have been no revisions in benefits since the last valuation. GRS Revisions in Actuarial Assumptions and Methods 1 he follownit revisions in actuarial assumptions k heern approved rn [3 al rrcorhi r.. into this report ➢ Fhe investment return assumption has been reduced in 7 75% o per year ➢ The retirement rates have been revised (please see the actuarial assumptions and methods section) ➢ The mortality table has been updated to the RP -2000 Combined Healthy Participant Mortality Tables for males and females; includes future improvements in mortality rates D The withdrawal rates have been updated (please see the actuarial assumptions and methods section) The revisions listed above in the mortality and withdrawal rates are being phased in gradually over five year penod. The Actuarial Standard of Practice (ASOP) with regard to the mortality assumption has recentl\ been revised. ASOP No 35 Section 4.1 1 now states - The disclosure of the mortality assumption should contain sufficient detail to permit another qualified actuary to understand the provision made for tutun mortality improvement If the actuary assumes zero rnortahty improvement after the measurement date, nu actuary should state that no provision was made for future rnortality improvement [he mortally., assumption currently reflects future mortality improvements. Detail on this assumption can be tound in the Actuarial Assumptions and Actuarial Cost Method section Actuarial Experience There was a net actuanal Loss of $4,476,765 for the year which means that actual experience was less favorable than expected. The actuarial loss is pnmanly due to a lower than expected return on investments Salary increases that were greater than expected also contributed to the loss The net actuarial loss for the year translates into an increase in annual employer contributions of of covered payroll 3 Funded Ratio The funded ratio was 54.8% this year compared to 58.7% last year. Before the change in assumptions descnbed above, the funded ratio was 55.8 %. The funded ratio is equal to the actuarial value of assets divided by the actuarial accrued liability. Analysis of Change in Employer Contribution The components of change in the required employer contnbution are as follows: Contribution Rate Last Year 28.86 % Actuarial Experience 1.98 Change in Administrative Expense 0.03 Amortization Payment on UAL 0.36 Change in State Contribution 0.06 Change in Normal Cost Rate 0.08 Change in Assumptions and Methods 1.68 Contribution Rate This Year 33.05 Required Contributions in Later Years The current calculated City contnbution requirement is 33.05% of payroll starting October 1, 2012. For long-term planning purposes, the City contribution rate would be expected to remain near this level if the current actuarial assumptions are realized after September 30, 2011. It is important to keep in mind that under the asset smoothing method, gains and losses are recognized over five years. As of September 30, 2011, the actuarial value of assets exceeded the market value by $4,984,446. Once all the losses through September 30, 2011 are fully recognized in the actuarial asset values, the contribution rate will increase by roughly 2.1% of payroll unless there are offsetting gains. Relationship to Market Value If Market Value had been the basis for the valuation, the City contribution rate would have been 35.19% for the fiscal year ending 2013 and the funded ratio would have been 49.2 %. In the absence of other gains and losses, the City contribution rate should increase to that level over the next several years. Conclusion The remainder of this Report includes detailed actuarial valuation results, financial information, miscellaneous information and statistics, and a summary of plan provisions. GRS CHAPTER REVENL I Increments in Chapter revenue over that received in I998 must first he used to n.md the cost 0 compliance with minimum benefits. Once rmmmums are met. any subsequent additional Chapter re'venuc must be used to provide extra benefits As of the valuation date, all minimum Chapter requirements have been met Actuarial Confirmation of the Use of State Chapter Money 1. Base Amount Previous Plan Year $ 465,087 2. Amount Received for Previous Plan Year 623,168 3. Benefit Improvements Made in Previous Plan Year 4. Excess Funds for Previous Plan Year (2) - (1) - (3) 158,081 5. Accumulated Excess at Beginning of Previous Year 55.032 6. Prior Excess Used in Previous Plan Year 181,446 7 Accumulated Excess as of Valuation Date (Available for Benefit Improvements) 3 1 ,667 8 Base Amount This Plan Year 465,087 In — - SECTION B VALUATION RESULTS GRS 5 PARTICIPANT DATA I October 1, 2011 I October 1, 2010 ACTIVE MEMBERS Number 144 148 Covered Annual Payroll $ 12,397,266 $ 12,134,525 Average Annual Payroll $ 86,092 $ 81,990 Average Age 36.8 36.4 Average Past Service 8.6 8.1 Average Age at Hire 28.2 28.2 RETIREES & BENEFICIARIES & DROP Number 95 91 Annual Benefits $ 4,191,530 $ 3,812,891 Average Annual Benefit $ 44,121 $ 41,900 Average Age 56.3 56.5 DISABILITY RETIREES Number 15 15 Annual Benefits $ 311,885 $ 311,885 Average Annual Benefit $ 20,792 $ 20,792 Average Age 61.0 60.0 TERMINATED VESTED MEMBERS Number 3 3 Annual Benefits $ 54,337 $ 56,783 Average Annual Benefit $ 18,112 $ 18,928 Average Age 39.1 42.6 GRS f! s.. 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GR S 9 LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY I A. UAAL Amortization Period and Payments Original UAAL Current UAAL Amortization Date Period Years Established (Years) Amount Remaining Amount Payment 10/1/98 30 $ 1,331,353 17 $ 1,458,907 $ 112,236 10/1/99 30 1,656,722 18 1,818,530 134,246 10 /1 /00 30 185,619 19 202,201 14,366 10 /1 /01 30 46,601 20 51,026 3,499 10/1/04 30 1,166,935 23 1,286,443 80,346 10/1/05 30 2,985,574 24 3,277,735 199,205 10/1/05 30 13,646,165 24 14,981,542 910,505 10/1/06 30 2,307,394 25 2,519,547 149,249 10/1/07 30 16,404 26 17,731 1,025 10/1/08 30 3,582,504 27 3,808,077 215,242 10/1/09 30 3,419,100 28 3,569,369 197,461 10/1/10 30 1,404,570 29 1,438,291 77,968 10/1/11 30 4,476,765 30 4,476,765 238,060 10/1/11 30 1,634,520 30 1,634,520 86,919 $ 37,860,226 $ 40,540,684 $ 2,420,327 B. Amortization Schedule The UAAL is being amortized as a level percent of payroll over the number of years remaining in the amortization period. The expected amortization schedule is as follows: Amortization Schedule Year Expected UAAL 2011 $ 40,540,684 2012 41,074,679 2013 41,545,748 2014 41,944,836 2015 42,262,026 2016 42,486,456 2021 41,760,512 2026 36,384,612 2031 24,764,213 2036 7,484,737 2040 - GRS A('TLARIAL GAINS AND LOSSES The assumptions used to anticipate mortality, employment turnoker, investment income expeitst_ salary increases. and other factors have been based on long range trends and expectation~ \ '!ua experience can vary from these expectations. fhe k anance is measured by the gain and loss for She perloo involved If significant long term experience reveals consistent deviation from what has been expected and that deviation is expected to continue, the assumptions should be modified The net actuarial gam (loss) it the past year is computed as follows A. Derivation of the Current UAAL 1 Last Year's UAAL $ 33,827,611 2 Last Year's Employer Normal Cost 1,895,893 3. Last Year's Contributions 4,017,435 4. Interest at the Assumed Rate on a. 1 and 2 for one year 2.857.880 b. 3 from dates paid _ 134,550 c a - h 2.723,330 5 This Year's Expected UAAL I� 1 2 - 3 - 4c 34,429.399 6 This Year's Actual UAAL (Before any i , changes in benefits and assumptions) 38,906,164 7 Net Actuarial Gain (Loss): (5) - (6) (4,476,765) 8 Gain (Loss) due to investments (3.492.375) 9. Gain (Loss) due to other sources (984,390) I# Net actuanal gains in previous years are detailed in the table on the next page GRS 11 Change in Employer Year Ended Cost Rate * Gain (Loss) 12/31/82 (0.46) % $ (56,551) 12/31/83 (1.92) (265,213) 12/31/84 0.04 6,977 12/31/85 0.85 185,443 12/31/86 0.59 158,678 12/31/87 (1.67) (516,444) 12/31/88 (0.74) (254,892) 12/31/89 0.52 206,590 9/30/90 (0.24) (94,609) 9/30/91 0.74 286,744 9/30/92 (0.35) (142,237) 9/30/93 1.34 564,365 9/30/94 (2.57) (1,370,604) 9/30/95 1.01 574,379 9/30/96 1.56 938,153 9/30/97 1.60 1,008,362 9/30/98 2.85 1,694,077 9/30/99 0.88 568,386 9/30/00 3.16 1,596,887 9/30/01 (3.92) (1,978,307) 9/30/02 (9.58) (5,069,210) 9/30/03 (3.22) (1,870,014) 9/30/04 (2.75) (1,615,637) 9/30/05 (1.85) (1,083,369) 9/30/06 (1.46) (2,307,394) 9/30/07 (0.02) (16,404) 9/30/08 (1.84) (3,582,504) 9/30/09 (1.54) (3,419,100) 9/30/10 (0.66) (1,404,570) 9/30/11 (1.98) (4,476,765) * Before 9/30/06, change in Employer Normal Cost. GRS ,Actuarial Gain ( ±) or Loss ( -) $10 4 r $1 i $5 ; $� 1 a ($5) - ($5) 4' 0 ($10) : ($10) ($15) t$15! ($20) (- ($20) T - ($25'r b ) Si" 4� 1; ' e tA qua etAq q1A 0 et'' aV° qu qq qq e eta qA0 010 cN�O 0 e qA0 q a 0 A e 0 a � Plan Year End M Gain or Lobe - - --4— ( umulau<< GRS 13 Change in Employer Cost Rate 22% ' 22% 20% 20% 18% 18% 16% - 16% 14% = 14% 12% - 12% 10% _ 10% 8% 8% 6% = 6% 4% - 4% I I II I 0% • r. • • . 0% -2% • • ' -2% -4% - -4% -6% - -6% -8% ti� ti ti ti 1� \ �titi�titi g 9 q q q A q q g q q q q q q Plan Year End Change in Erryloya Cost Rate —4— Conulatrve Change The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is important that they are in lme with the actual experience. The following table shows the actual fund earnings and salary increase rates compared to the assumed rates for the last few years: GRS Investment Return _ Salary Increases Year Ending Actual I Assumed Actual I Assumed 1; 12/31/197 1 _ , f : , 1 i ,,,..i 12/31/1978 1? ,, , 12/31/1979 12/31 /1980 to 71 2 is : ;,..1 \,1 12/31 /1981 , .` , . ?? t �s 12/31/1982 tt - , 4 i4 h r 12/31/1983 Ott s s48 rr 12/31 /1984 11 10.0 /= 8 o lf ' 12/31/1985 16 8 10 t ; H 6 9 9 12/31/1986 17.6 10 t� 16 > , iii , 12/31/1987 44 j 10 u ) 1-, H;t; 12/31/1988 90 ; 19 t1 ,,- , /1E 12/31/1989 15 4 10 0 1.',4 19 0 9/30/1990 (9 Enos) 1 " t, ; 1, r i $ 9/30/1991 11 6 10 as 9/30/1992 9 7 l 0 ,, F ° -t E 9/30/1993 1 1 9 10 9 ;, , 9/30/1994 3 3 Y 9 , 9/30/1995 12 9 8 0 9/30/1996 10 8 ' ;, 4 9/30/1997 13 1 ; t` ! u ` 9/30/1998 12 9 - ; , 4 6 , 9/30/1999 13 5 8 • 10 t; ,. , 9/30/2000 12.1 ! ti 9/30/2001 - 7 • , , r,') - 9/30/2002 (4 7) , t - 9/30/2003 2 8 r, ; 9 5 ! 4 6 i t 9/30/2004 2 6 8 11 9/30/2005 ; 0 ' 4 8 , 4 ra ‘ , 9/30/2006 5 - 3 . t, 1-t -; , 9/30/2007 9 9 t} , , ,, 9/30/2008 4.2 8 t, i 3 r 9/30/2009 2 8 8 9 , 9/30/2010 3 t) , o t i) e 9/30/2011 1 6 8, , r Averages I 8.0 % -- 9 6 % - The actual investment return rates shown above are based on the actuarial value of assets. the actual ,alar\ increase rates shown above are the increases received by those active members who were included in the actuarial valuations both at the beginning and the end of each year. CRS 15 History of Investment Return Based on Actuarial Value of Assets -- 18% 18% 13% - A A 13% 8% 8% o v - 3% 3/° l l 1 l l l l l l l l l 1 l l l l l l l l l l l 1[ 1 1[ 1 1 1- 2% _ -2% 0 ^ ^ \ ^ g \ ^ o \gy \t 1 \g rl, \c n > \g p \�� \ � { p \� 1` g ft o) D p f) . 41' \ ) bs \ 0 e) C)\ \q ^ \fi �pq a pp � p1 \ p `L� p) �pD \ p h \ p (o \ p ^ � p � O p el X 10 \ �1 Plan Year End —U— Actual —4-- Assumed History of Salary Increases 25% - _---- -___ -- - -- __ _� —__ 25% 20% — - 20% 15% = ilk - 15% 10% . r^ Ai10% ~. � r 5% r 5% 0% 1 1 0% <1 , < \ <1'\\ rI\ \ \71 \7\ 7.< � 01rIT et\q q et." et " q � q er e\ q \p q \p q \p q \p e \p q \ et\ el\ q \ ZRD e ~ et \ Plan Year End Compared to Previous Year —o— Actual Assumed GRS Actual (A) Compared to Expected (E) Decrements Among Active Employees ! 1 1 I 1 Number i Added Service & 1 lielIN e , During DROP Disability ' Terminations Members , Year Year Retirement Retirement Death Vested Other Totals End of ' Ended A E A E A E A E A 1 A A i E Year I 9/30/2002 14 17 1 1 /, 0 1 0 0 ' ' 15 16 8 ' 119 9/30/2003 14 9 6 4 0 0 1 0 0 , 1, 9 124 9/30/2004 8 23 14 0 0 ( / i 0 0 ' , 9/30/2005 21 14 1 1 0 i 9/30/2006 25 10 3 1 _ 0 0 i :) 0 , , 1, 11 111 , 9/30/2007 17 4 3 1 0 0 '1 () H 1 144 9/30/2008 14 0 2 _ - I 0 0 / 0 0 / . L 149 9/30/2009 8 / 3 '7 _ ., ? 0 0 , 1 i L1 1 : 9/30/2010 5 8 4 ' 0 0 0 0 , ,, 4 I . ' 148 , 9/30/2011 5 0 5 4 0 ' 0 ) 0 , 4 14 9/30/2012 1 1 1 r 1 4 10 Yr Totals * 131 109 42 25 1 0 i i1 0 0 11 50 i * Totals are through current Plan Year only GRS 17 SUPPLEMENTAL PENSION DISTRIBUTION Cumulative Actuarial Gains (Losses) Balance at Year Ending Beginning Gain (Loss) Supplemental Balance at 9/30 of Year Interest for Year Payment End of Year 2000 $ 0 $ 0 $ 1,596,887 $ 0 $ 1,596,887 2001 1,596,887 135,735 (1,978,307) 0 (245,685) 2002 (245,685) (20,883) (5,069,210) 0 (5,335,778) 2003 (5,335,778) (453,541) (1,870,014) 0 (7,659,333) 2004 (7,659,333) (651,043) (1,615,637) 0 (9,926,013) 2005 (9,926,013) (843,711) (1,083,369) 0 (11,853,093) 2006 (11,853,093) (948,247) (2,307,394) 0 (15,108,735) 2007 (15,108,735) (1,208,699) (16,404) 0 (16,333,838) 2008 (16,333,838) (1,306,707) (3,582,504) 0 (21,223,049) 2009 (21,223,049) (1,697,844) (3,419,100) 0 (26,339,992) 2010 (26,339,992) (2,107,199) (1,404,570) 0 (29,851,762) 2011 (29,851,762) (2,388,141) (4,476,765) 0 (36,716,668) Under certain conditions, participants in payment status can receive a supplemental distribution per Section 18 -177 of the Plan. The cumulative actuarial gain for plan years beginning after 9/30/1999 must be a positive amount for a supplemental payment to occur. GRS RECENT HISTOR\ OF `AI_,UATION RESULTS ri Number of 1 1 1 ; Employer Normal Cost I Valuation Active Inactive ( overed P ketuarIal \ afue 1 Date Members Members Annual Payroll I of Assets 1 UFAAL 6 Amount i Payi oil 1 r 1'1/77 6 - 1 I5 001 141 ti, - 14 98x ,, 1 f ,, 8(6 , , 1'1/79 6,i 935 53.' 16 __ +41 916 �,, 36_' 1/1/81 6 "' 2 1 1.166 51' ; , 2t2: 1' ' 679,836 1/1/82 4 1 54 51., , 8 31 1 ;F 8.- , 1/1/83 -, 4 1 7 68 41 , ,06 i 11 - " 1 , 1/1/84 76 6 2,000.834 1.992?44 75,269 1' 5 , - 1 ' i '! 1 'I/85 7u 8 2.109.424 ` 2,506 69,84' 2' 451 1 L. , 1/1/86 88 8 2.700. 3 219-052 63,709 — 5� , _ ` 1/1/87 9"` 10 3,306,1 : 4,191 '66 55,706 } ;) z 416 ; 1, 1/1/88 101 12 x,830624 4' '36 376 4'8 1'2 - ! 1_1 -. 111/89 11s 14 4.394 16n 5 806 22 c , 15,679 'r "4 16 : ; ; 1/1/90 121 15 5.111917 - ,344 224 ; 26, 6 '2.249 10/1/90 119 15 5,214.164 1 8.160.441 , , 696.6 , , —4 ; 10/1/91 118 16 5,288.71` 1 4,961 491 , 659 51 ` ' " 10/1/92 121 19 5,627956 11.619.301 r "F 1 '" ■ 10/1/93 124 25 5,493,434 1; 670.651 , 6 fs 0 s ' _ ` 1 10/1/94 114 29 5,430.866 14,629,04 j 8; '4', i i': , ,f( I! 10/1/95 121 30 5,957,1'5 1 1696 61- t 841. 4 7, 10/1/96 12' 34 6.298,250 19,439.1174 1 8 /0,603 1 1 { , 10/1/97 1 1() 1 4 6 129 651 ' 2 89%.11(, I x 6{H. , 1 ' ■ ; 10/1/98 121 48 6.225,41 1 I 2 2.061 1,331,353 ' , 944 1 ,, 10/1/99 128 49 7.121,387 I 28.956,651 1 1,358,222 '6,_.1_24 j lit 10 /1 /00 124 56 6,907 740 12.559,614 i 3,279.968 1 464, 164 10 /1 /01 122 75 6,555.316 34,331 760 1 3,358,086 ' 11 10/1/02 119 75 7 382.088 , 47 1 1-"• , 3,371. 9 51X,89 20 , j; 10/1/03 124 81 7 ,91 7 ,021 1 3,206,438 ' 3,374.199 1 "935.704 24 - 10/1/04 109 94 7 ,207,008 14,495, 4,580,926 2.043,434 1 8 , 10/1 , 116 96 7 836 390 15 445 474 21,245,873 1 1 218,33 ' ` '�, ;, 10/1/06 131 100 9,302.408 37 .691 909 s 21776,358 , 15 -1' 10/1/07 144 103 10.296.81 ' 41.981 125 I 24,087,631 1 58' c 5 , 1, 10/1/08 149 104 11,532,888 44,27 7 8,071,01' t ' 4 03: 1 ' ° 1 10/1/09 151 107 12,537.968 46.1 16.985 ; 1 1,938,418 1 E1; 1.19 15 4 1 10/1/10 148 109 12.134,52S 48,129.59 , 33,827.61 1 1.8')589 15 1, 1 10 /1 /11 144 113 12.397.266 49,11 ; 40,540,684 1 2 t 2692(+ ' ". GRS 19 C O M O \0 0 N co Tr 00 vD v7 TT 00 N M O M M .-• •• Q\ t- 00 T. O\ M m O 00 N — 00 O on r1 N O N N N Tr O on 0 r- N \0 Cr) O O V) N T' VD O M O O T r VD Tr O\ M \D VD N O N oo d N O M Cl 00 O VD •- co co N T. no 'C O\ oo ,r ,. � ON • N • •-• N O\ \D O O M t+i •-• en T. o66.6 O M r- 0 \0 00 \0 O M en V'1 Q\ M M Q\ 'r M t- Vl N Tr ken V7 d' t- O Vl M T. kin O N N M d' V'� \0 N t` t` t` t- o0 C\ CT 00 00 co t` O Oh M V'1 00 .-• N t` •• O .. .-• N N • N • M • M • M 7 1 y EA O 7 N ,r T. Tr N 00 co Co Co O M R Tr Tr Tr V'1 N 7 r- r- r- N- t- r- r- t- t- cC CC 0 o0 Q\ 00 Co 00 eY M M N on -. t- M r- r- t- v7 00 00 00 00 00 00 00 00 00 0 0 O O\ \D VD O Q\ t w O N t- M,. o0 o0 On on O O O O O O O O O 0 tel \D OT \D t: v TI O N 00 vei co M t` Co O M • V•i Vl vi h V'. V'f V1 Vl C.) E.15 on O M t - co N Tr on on vD t- T. d co N N N M Tr vD VD vD \D \D \0 \D \D \D TT .-+ .. .-. N N N N N N M M Tr Tr Tr V' V T' Tr d' Tr Tr Tr Tr Tr Tr Tr CE E. 69 O 00 O\ U N 00 Tr O on CT \O M r- T - 00 O\ Vn .-. O\ Tr N O •-. ' t N \0 00 m m Un L 00 M ^• co TT \D o0 O\ \0 O\ N .T \D r- N N O O O TT N r- Tr Vn 00 .• Tt 0 0 0 �a M t - \ O r N o0 V) .-• O1 O •• O N M .-• 1..., t o O O O o0 00 •• O V) M 00 00 V1 M M M O N 00 r - Q\ 00 N ^• \0 • \D 00 \0 M V'1 TT V't 00 N t- t- N N M TT Tr t- Q\ on 00 O N V1 N O\ . - . r• 00 r - O , 00 N 00 'r 0 . - . • - • N N M d' on u1 7 V') ‘..0 on ' Tr 7 M \O '7 00 .-• M \D r N \D on — N N • N • N • _�_r�M W 6A - o F p N M O v1 en N N t` 0 \D 0 N ON N r• N TT en cn N O 00 ON .- • cv O 00 O kr, O O O O\ O\ 00 O\ O O O a\ Q. oo .- -. O 00 t` r \D d' a, O M a, Q t` \O o0 O\ 00 00 on U O Pm ,. .-. .-. . .. N N N N N N N N N N M O. W t- \D T. N to \O Tr O Tr O\ t- 00 N V) CO Cl 00 .-• Q\ Tr Tr N 0 co Tr o N 0 VD 0�0 00 o n TT +... \0 .-• •-• 00 N •n 00 O\ [ - 00 Tr M \0 N TT N Q\ O O O o n 00 V) 00 0O 00 tie F 15 T \0 O\ N \D TT Tt TT t- N N t- O \D TT .-• t- Tr O on O 00 Tr D O N M 0**) M O 00 M • O \ \0 O O. O\ O \D \D N N O \D 00 \0 M on r• V1 00 N • M \D Z• ? O, O\ N \O on Tt .-. T' t` O t` N O et t` M O\ -. •--• oO t- O Tr \D t` Tr oo M M M a E •-. •-• N N M T r un •n Tr Vn 7 \O \O on Tf 'r Tr M \D Tr 00 .-. M on t-- N lD on \O N A TT TT N N N N M M M • M EA A 0 O C 0 W �.:.. y L Vl V7 t- M cf on 00 N t- N \0 t- N M t- t- O N [- t- on M O N M TT O O\ M a y t M \ Q\ on O \D V M \0 t` •n 00 Q` M •n M 0 0 0 N 0 00 Tr Co O on O t` t` \O \O y .i V] O. Ti Ti ei Ti V Ti r V Ti Tt Ti rf ) vi \O \D \0 \D \D \D V N M M M 1 \O on Ti V' Ti C 0 [_] t- Tr Tr Tr Tr Tr Tr 0 N O\ 00 d' 00 o0 O O\ D\ 000 M V et N et V') 't d' 00 00 00 t0 00 t0 00 r- 00 00 r- t0 .. C� 1 5 •-• O 00 O\ 00 CO 00 7h M M N 00 ,. l- M t- I- T' to vn o0 00 00 00 00 00 00 00 00 00 ��r G'i O O O\ \0 \D 7 O O\ T t^ O O t- M T. oo oo Q et \ - O O O O O O O O O O 17 5 O Q\ \D Q\ \O t� O N d' O \O 00 M N r: O\ M M v'1 V ) V ) V) V7 tr V '1 vl 0 y 0 t- O\ O M t- O, N 7h V) on \O t- .-• Tr co N N N Tt d' \O \D \D \D \D \0 \0 \D \D \D .� .-• •-• N N N N N N M M Tr ct Tr Tr Tr d' 'a' 7 d' d' x w d C) w' CA ci) y O L t- OO Oo OO t- t- M Tr d' N N 'C t� • N N O\ 00 V'1 00 Tr O t- n M N M oo 00 V'1 00 I∎I 0 ' '. 0 N 0 0 0 Tr vn O 00 V'1 Tt Vl V1 T. 00 00 O\ t- O T. \0 \O 0O V7 Tr T. -. t- V) .0 W m M M M N M Ti Tr .n M M M \D V7 Ti M M N O \D \0 O\ on on N* N M TT N \D A. T. TT T. — N N M M M M M M M M M z °4 >~ W c y 00 O M O\ \D O \D Oo et oo \D \D O CO N \D N \D M o0 .0 on t- t` -• O\ M M .n N U 00 N O\ t- O V1 \D M O N t - N oo O1 Q\ t- \D to O CD to 7 V' t .O O t- �n tr p 0 Tr \O o0 O\ M \O to T. N O N N o0 t- O\ N Oh M oo V \O .-• O\ to N T. \D .-• O ^ to 5 O\ 00 M V1 .■• V1 N • N • .-• r- O\ on 00 ON M O N M O\ M .-- 00 O \O O M N • OO —. r. r. \O 00 \O O M M of 00 M \O M CO N 00 r \O N V) N t- O M M * Vn O\ O\ O N N M Tr V1 \0 t- t- t- l t- oo on oo o0 00 ON N \ M O O V') 00 O N t •-• O\ O I W Q . .-• N N • N • M • M • M M .- 6A 0 O O H 0 00 0 0 00 0 0 00 0 0 00 0 0 0 0 00 0 C D1 O O M \ " r v - ) \O t - 00 O\ O o N M d' to \ D t � OO D\ ON M 10 q .47. D LL T. T. O O O O O O O O O O O O O O O O O O O O O O r CL M M M M M M M M M M W ',12, 3 M M M M M M M M M M M M M M M M M M M M Q N N N N N N N O co O O O\ O\ O \ O\ O\ O\ O O O O\ O\ O\ O\ O\ O\ O, co co O\ 0 O ■-■ N M V V) \0 r 00 Q • N M 7 V \ O •-7 ■0 t` 00 ON ON O •--• 1 4 00 0 00 00 00 O\ O O\ Co O\ Co O\ co on co co O\ O O O O O O O O O O O •-• TT f# __, ,_, O O O O O O O O O O O O O O O O O O O O O O O GRS '■C TUARIAL N.SSUMPTIONS AND COST METHOD aluation Methods Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered before and after the valuation date were deterniined using an Individual Entry -Age Actuarial Cost Method having the following characteristics, (i) the annual normal cost for each individual active member, payable from the date of employment to the date of retirement. is sufficient to accumulate the value of the members, benefit at the time of retirement, (n) each annual normal cost is a constant percentage of the member's year by year projected covered pay Actuarial gains/(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial Accrued Liabilities (full funding credit if assets exceed liabilities) were amortized by level (principal & interest combined) percent -of- payroll contributions over a reasonable period of future years Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected actuanal value and actual market value of assets at the rate of 20% per year. The Actuarial Value oi Assets will be further adjusted to the extent necessary to fall within the corridor whose lower hnut is 80° of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan assets During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than assumed rate, Actuanal Value of Assets will tend to be greater than Market Value Valuation Assumptions The actuarial assumptions used in the valuation are shown in this Section Economic Assumptions The investment return rate assumed in the valuation is 7 75% per year, compounded annually (net aftei investment expenses). The Wage Inflation Rate assumed in this valuation was 4% per year. The Wage Inflation Rate is defined to be the portion of total pay increases for an individual that are due to macro economic forces including productivity, price inflation, and labor market conditions The wage inflation rate does not include pay changes related to individual merit and seniority effects. The assumed real rate of return over wage inflation is defined to be the portion of total investment return that is more than the assumed wage inflation rate. Considenng other economic assumptions, the 8% investment return rate translates to an assumed real rate of return over wage inflation of 4% The rates of salary increase are as follows C TR � 21 Increase in Salary Age Merit and Base Total Seniority (Economic) Increase 20 2.5% 4.0% 6.5% 25 2.5% 4.0% 6.5% 30 2.5% 4.0% 6.5% 35 2.5% 4.0% 6.5% 40 1.5% 4.0% 5.5% 45 1.0% 4.0% 5.0% 50 1.0% 4.0% 5.0% 55 1.0% 4.0% 5.0% Projected service retirement benefits are increased by 7% to allow for for the inclusion of unused sick and vacation pay in average final earnings. For purposes of financing the unfunded liabilities, total payroll is assumed to grow at 4% per year. The most recent ten -year average is over 4.0 %. Demographic Assumptions The mortality table was the RP -2000 Combined Healthy Participant Mortality Tables for males and females reflecting future improvements in mortality using Scale AA. These rates are being phased in from the table used in the previous report (1983 Group Annuity Mortality table - rates shown below) over a five year period, beginning October 1, 2011. Sample Probability of Future Life Attained Dying Next Year Expectancy (years) Ages (in 2011) Men Women Men Women 50 0.18 % 0.14 % 33.99 35.47 55 0.29 % 0.25 % 28.88 30.52 60 0.57 % 0.48 % 23.96 25.75 65 1.09 % 0.92 % 19.37 21.27 70 1.88 % 1.58 % 15.21 17.16 75 3.24 % 2.57 % 11.48 13.45 80 5.76 % 4.25 % 8.31 10.17 1983 GAM - Table used in Previous Report Sample Probability of Future Life Attained Dying Next Year Expectancy (years) Ages Men Women Men Women 50 0.39 % 0.16 % 29.23 34.96 55 0.61 % 0.25 % 24.87 30.28 60 0.92 % 0.42 % 20.68 25.71 65 1.56 % 0.71 % 16.73 21.33 70 2.75 % 1.24 % 13.22 17.17 75 4.46 % 2.40 % 10.20 13.42 80 7.41 % 4.30 % 7.68 10.24 GRS 1 ius assumption ,s used To measure the ),@ , i" �e41eh 1) 1yEkCir rig r +1;k1' ;I`, tit, N For active members, the probabilities of dying hetoie retirement #ei; haseu ,ipoti as members dying after retirement i - c ",, o r death, at(. assumed t, , ter , ,t i ,_ e)(me( le. For disabled retirees, the regular mortality , abler Arc ' for -Aare peat t, ages 9etlet_i Longevity The rate of retirement used to measure the probability of eligible members retiring under earl., retirenit is 5% per year For normal retirement these rates are as folloy'4 Number of Years After First Eligibility Probability of for Normal Retirement Normal Retirement r1 40 % ?U "o 11) ° ) 0 4 11) °° 10 0 / 6 tit "o 100 °13 These rates have been updated since the previous valuation. The probability of retirement in the tirst year of eligibility for Normal Retirement has been reduced from 80% to 40 %. Rates of separation from active membership were as shown below (rates do not apply to members eligible to retire and do not include separation on account of death or disability) These rates are being phased in from the table used in the previous report (rates shown below) over a five year period This assumption measures the probabilities of members remaining in employment Years Sample % of Active Members of Service Ages Separating Within Next Year 0 - 1 AI I 15 0% 1 -2 100° 2 -3 ' ° t, 3 -4 500 4 -5 40 °) At least 5 35 4 00, 30 3 0"0 35 2 0% 40 1 0% 0 GRS 23 Rates used in Previous Report Sample % of Active Members Ages Separating Within Next Year 20 20.0% 25 17.0% 30 13.2% 35 8.0% 40 0.0% 45 0 0% 50 0.0% 55 0.0% Rates of disability among active members (90% of disabilities are assumed to be service connected). Sample % Becoming Disabled Ages within Next Year 20 0.14 % 25 0.15 % 30 0.18 % 35 0.23 % 40 0.30 % 45 0.51 % 50 1.00 % 55 1.55 % GRS Miscellaneous and ethnical lssumptions Administrative & the anti estnnem r cturn assumption tnte,ntietl Investment Expenses inkestmeni (Apenses \nnual adinnnstrative expense „t4_ a equal ,t1-eragc ti ?lit' t rir tv,s` ears ,Apensc , admnmstratiN e expenses are added i {t the Normal t test Benefit Service Exact fractional service is used to determine the amount of benefit payahtt_ Decrement Operation Disability and mortality decrements operate dunng retirement ehgibiht� Decrement Timing Decrements of all types are assumed to occur at the beginning of the year Eligibility Testing Eligibility for benefits is determined based upon the age nearest birthday and service nearest whole year on the date the decrement is assumed to occur Forfeitures For vested separations from service, it is assumed that 0% of members separating will withdraw their contributions and forfeit an employei financed benefit It was further assumed that the liability at termination is the greater of the vested deferred benefit (if any) or the member's accumulated contributions. Incidence of Employer contnbutions are assumed to be made biweekly effective Octobei Contributions 1, 2010, Member contnbutions are assumed to be received continuously throughout the year based upon the computed percent of payroll shown in this report, and the actual payroll payable at the time contnbutions are made Liability Load Projected normal and early retirement benefits are loaded by 7% to allow tor the inclusion of unused sick and vacation pay in final average earnings Marriage Assumption 100% of males and 100% of females are assumed to be married for purposes. of death -in- service benefits. Male spouses are assumed to be three years older than female spouses for active member valuation purposes Normal Form of Benefit A 10 -year certain and life annuity is the normal form of benefit Pay Increase Timing Middle of fiscal year. This is equivalent to assuming that reported pays represent amounts paid to members during the year ended on the valuation date GRS 25 GLOSSARY Actuarial Accrued Liability The difference between the Actuarial Present Value of Future Benefits, (AAL) and the Actuanal Present Value of Future Normal Costs. Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal, disablement, and retirement; future increases in salary; future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members; and other items. Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability. Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. Actuarial Present Value The amount of funds required to provide a payment or series of payments (APO in the future. It is determined by discounting the future payments with an assumed interest rate and with the assumed probability each payment will be made. Actuarial Present Value of The Actuarial Present Value of amounts which are expected to be paid at Future Benefits (APVFB) various future times to active members, retired members, beneficiaries receiving benefits, and inactive, nonretired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. Actuarial Valuation The determination, as of a valuation date, of the Normal Cost, Actuanal Accrued Liability, Actuarial Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation for a governmental retirement system typically also includes calculations of items needed for compliance with GASB No. 25, such as the Funded Ratio and the Annual Required Contribution (ARC). Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year -to -year volatility of calculated results, such as the funded ratio and the actuarially required contribution (ARC). Amortization Method A method for determining the Amortization Payment. The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization Payment is one of a stream of payments, all equal, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the Amortization Payment is GRS ,'n< or .; stream ot ,ncreasing pa'aments whose Actuarial Fie,erit `t .a €� equal <„ C \ 1� *idei ,he. 1 ore! Percentage :riethe >e; stream in paNineIirs increases at the rate di ,'hic11 re tat . as \eit'e omv all acme members fs assumed to riie.•rease Amortization Payment That portion of the plan contribution or ARC' which is designed to interest on and to amortize the Chi funded Actuanal Accrued Liability Amortization Period The penod used in calculating the Amortization Pavmeni Annual Required The employer's periodic required contributions, expressed as a dollar Contribution (ARC) amount or a percentage of covered plan compensation, determined under GASB No. 25 The ARC consists of the Employer Normal Cosi and Amortization Payment Closed Amortization Period A specific number of years that is reduced by one each year, and declines. to zero with the passage of time For example if the amortization period Is initially set at 30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is equal to the Normal Cost less expected member contributions Equivalent Single For plans that do not establish separate amortization bases (separate Amortization Period components of the UAAL), this is the same as the Amortization Penod For plans that do establish separate amortization bases, this is the period over which the UAAL would be amortized if all amortization bases were combined upon the current UAAL payment Experience Gain /Loss A measure of the difference between actual expenence and that expected based upon a set of Actuanal Assumptions, dunng the period between two 0 actuanal valuations To the extent that actual experience differs from that assumed, Unfunded Actuanal Accrued Liabilities emerge which may be larger or smaller than projected. Gains are due to favorable expenence e.g , the assets earn more than projected, salaries do not increase as fast as assumed, members retire later than assumed, etc. Favorable experience means actual results produce actuarial liabilities not as large as projected by the actuarial assumptions. On the other hand, losses are the result ot unfavorable experience, 1 e., actual results that produce Unfunded Actuanal Accrued Liabilities which are larger than projected Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability GASB Governmental Accounting Standards Board GASB No. 25 and These are the governmental accounting standards that set the accounting GASB No. 27 rules for public retirement systems and the employers that sponsor or contribute to them. Statement No 27 sets the accounting rules for the employers that sponsor or contribute to public retirement systems, while Statement No. 25 sets the rules for the systems themselves GRS 27 Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current plan year. Open Amortization Period An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years, the same 30 -year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability, the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. Unfunded Actuarial Accrued The difference between the Actuarial Accrued Liability and Actuarial Liability Value of Assets. Valuation Date The date as of which the Actuarial Present Value of Future Benefits are determined. The benefits expected to be paid in the future are discounted to this date. GRS SECTION C PENSION FUND INFORMATION GRS 28 SUMMARY OF ASSETS September 30 Item 2011 2010 A. Cash and Cash Equivalents (Operating Cash) $ 7,438 $ 81,380 B. Receivables: 1. Member Contributions $ - $ - 2. Employer Contributions 20,262 3,688,516 3. State Contributions - - 4. Buy -Backs 38,968 18,398 5. Receivable for Securities Sold 287,615 281,119 6. DROP Loans 112,832 - 7. Total Receivables $ 459,677 $ 3,988,033 C. Investments 1. Short-Term Investments $ 5,853 $ - 2. Domestic Equities 16,916,366 15,784,213 3. International Equities 10,190,652 12,008,954 4. Domestic Fixed Income 18,935,632 15,631,912 5. Commodities Fund 1,078,283 - 6. Alternative Investments 3,943,939 3,078,053 7. Private Equity - - 8. Total Investments $ 51,070,725 $ 46,503,132 D. Liabilities and Reserves 1. Benefits Payable $ - $ - 2. Accrued Expenses and Other Payables (105,865) (174,601) 3. Total Liabilities and Reserves $ (105,865) $ (174,601) E. Total Market Value of Assets Available for Benefits $ 51,431,975 $ 50,397,944 F. Reserves 1. State Contribution Reserve $ (31,667) $ (55,032) 2. DROP Accounts (5,684,214) (4,603,461) 3. Supplemental Benefit Reserve (1,584,812) (1,376,286) $ (7,300,693) $ (6,034,779) G Market Value Net of Reserves $ 44,131,282 $ 44,363,165 H. Allocation of Investments 1. Short-Term Investments 0.01% 0.00% 2. Domestic Equities 33.13% 33.95% 3. International Equities 19.95% 25.82% 4. Domestic Fixed Income 37.08% 33.61% 5 Commodities Fund 2.11% 0.00% 6. Alternative Investments 7.72% 6.62% 7. Private Equity 0.00% 0.00% 8. Total Investments 100.00% 100.00% GRS PENSION H 1 ti U DISBt RSEMFN 1 s& E'4( OM t September 30 Item 2011 2010 A Market Value of Assets at Beginning of Veal 0,474 it-. µ4 � =1 9(r- B. Revenues and Expenditures 1 Contributions a. Employee Contributions s 884,898 S ' i R , 4,693 b Employee Contributions (Back Pay Settlement) 41,664 c Employer Contributions 1 .552,348 x.688.516 d State Contributions 623,168 ( )4 i.483 e Buy Back Contributions 12.875 1.0, l 24 f Health Subsidy Contributions 1 26,414 ; '1 164 g. DROP Rollover 81,872 h Increase in Value of Future Buy Backs 20,570 (20,233) 1 Total 8 5,343,809 8 c 485.94 2. Investment Income a. Interest, Dividends, and Other Income 8 9,487 8 69 b Net Realized and Unrealized Gains/(Losses) 5,610 4 923.2 c. Investment Expenses (414,217) _(344,259) d Net Investment Income 8 (399,120) 8 4,5 3 Benefits and Refunds a. Refunds 8 (78,709) 8 ;8.6201 b Regular Monthly Benefits (3,433,641) (3.3 5 5,163 c DROP Distributions (339,770) (552,787) d Total 8 (3.852,120) 8 (3.946.5701 4. Administrative and Miscellaneous Expenses 8 (134,695) 8 r 122.482 5. Transfers S 8 C. Market Value of Assets at End of Year 8 51.431,975 5 50,197,944 D. Reserves 1. Supplemental Benefit Reserve 8 (1,584,812) 5 (1.376,286) 2. State Contribution Reserve (31,667) 155,032) 3. DROP Accounts (5,684,214) (4,603,461) 4. Total Reserves 8 (7,300,693) S (6.034,779) E. Market Value Net of Reserves S 44,131,282 8 44,36U65 *Beginning balance adjusted to match financial statements (increased by 876.157 to reflect the recording of the Plan's DROP loans receivable) 30 i , , 1 c i . , , .-, ,---. , , , , , . , , 0 0 h O N 0) h O O O ,-1 M (� N v) v) N 6 O O O C 0 h N .,-. '- 69 69 69 , 1 1 1 c 1 1 1 CA \p r- en h 1 1 1 1 1 1 1 , 0 0 0 N h 0 N ON c Oh O 0 0 ,- h N v1 v) v 00 0 0 0 O o0 000 N N'- 0 en .-. .-. - -. .-■ .-. �..-. .• . 0 0 0 N v7 •:1 't M O M o\ V.') ---4 M N v) •-. 0 0 •-+ S N 00 1p h h '71 o\ VD> 0 M 01 h 011 M 01 M h N h 00 N )0 .-+ •-•. N d' M M o1 M O\ 01 01 01 O M O N Q\ o n M M d' M v) d• V0 N 00 t d v:, ∎O v., .-, —, h �O N o0 h O N v1 ■0' N %.O oo ■0 ., v) cr —, O 0 1 '--4 10 M C■ in N 00 .--, d• 00 v) h 01 01 - . -- ■ .■. M 00 00 . 00 I O N ,. M M M M t ^ 01 00 N 71 d t .. •.. 'd^ ,", S kn •--, p1 r•" v) v) •..• '- v') 40 N � '... 4 �... 69 69 69 ,--. o .---, .-. /..... .....• 0 0 ■0 00 00 v1 •--1 •-+ 0 ■C •-, M N 0 N N M in N N , - , 10 M 00 o F 10 et VD 01 00 0 0 00 6■ M 01 M 01 0■ h M V1 h M 10 00 01 N 00 v) C" 0 01 0\ 00 0 0 N 0^ 01 M 00 - M v) M M O N v1 V 0\ .--, W4 a1 h - 1D o1 o0 N 10 in - kr VD M e• h 00 v) M kc a; .0 N 6 h 01 0■ 0 •-- h k) N oo v) h o■ n O %.0 h •-. V0 v) 0 h N 10 •-- O V) O •--, M 1 v't •--■ '1' 00 N 1 " VD •--∎ .7 - m -, ■.. , .0 M e- N •--, Q O d N N r1 O O' •01= •- + oo M v) v') d• u ‘.. v) 10 v) ........ ... O 69 69 69 .-. ,••-• ,•-••, , .-. , .-� i-.T.', .� 0 0 W 0\ 00 M U • h '.0 M N '.0 h •--- 00 N d• 00 4 O v7 O - .0 h 0■ 01 O v) in M a\ M o1 0o O 10 ' h 10 in h ir 00 O M h •--. --. 0, -, •-+ M co N %.0 O M 00 O\ v) O M v) O M 00 00 a\ co h m 01 kr w ••- •-- O o0 0 v) v) �O M N �O D\ N , --+ Q; [z C r-:' N O V ) co h O- M 4 M h v) h 01 v) d D, 00 N a\ 0 v) - 0 ' •--� > © '.0 r � ,-4 M o� N o0 N .4. `-' •-- v) -+ el v7 w -4 o 0 •- t � . N o el M -- `� M v N Cl M •--• v M •--, 10 10 69 69 69 d H d 1.. _O = a) w > = o U I W 0 I. > at ° ,-Js~ d Q a.) a� I., 4. 00 1. W �' > 4., pa w O* w rn y 0 et a) a) o ›+ 0 t s s Q E 4. Eu b cz 0 (0, 0 ax c9 o d 3. a 0:) >" . iii N b 7~ D a P . a) 0 •0 RI / O a 4. x v � i. O D 0 �„ �" P � C 0 0 (-1 s, y CS . 0 O �. i ++ a C d o ° o v . � ° y � o V o o a •-• a - , I o d p^ •• a' >, S d b b 0 U °u 0 a) c e T. • .� U v, y � 0 ' a O O .i. s ¢+ a) U a) C y I. y o es y d d d U u .. v) H w H 4 a a w aaa w w ° 1 U cti ct O > —: N M d' A -4 N M 4 v) v::, U •-+ N M vi v0 t-: 00 U > e° II d Z 4wwww a4. wwwwwd(.7C70C7C7000 G1 d a; d CG U a:1 W cT. 0 x a ti GRS RECONCILIATION OF DROP A( COUNT'S Value at beginning or eat 4 0)3,461 1I Payments credited to accounts 105191 Investment Earnings credited X47,965 ' Withdrawals from accounts 372,403 P Value at end of year 5,684,214 GRS j i , 32 INVESTMENT RATE OF RETURN The investment rate of return has been calculated on the following bases: Basis 1 - Interest, dividends, realized gains (losses) and unrealized appreciation (depreciation) divided by the weighted average of the market value of the fund during the year. This figure is normally called the Total Rate of Return. Basis 2 - Investment earnings recognized in the Actuarial Value of Assets divided by the weighted average of the Actuarial Value of Assets during the year. Investment Rate of Return Year Ended Basis 1 1 Basis 2 12/31/82 16.4 % 9.3 % 12/31/83 12.3 9.0 12/31/84 11.9 11.5 12/31/85 23.0 16.8 12/31/86 19.0 17.6 12/31 /87 0 3 4.4 12/31/88 10.4 9.0 12/31/89 20.6 15.4 9/30/90 (9 mos.) (1.9) 1.7 9/30/91 14.4 11.6 9/30/92 10.0 9.7 9/30/93 12.6 11.9 9/30/94 1.1 3.5 9/30/95 19.1 12.9 9/30/96 12 8 10.8 9/30/97 20 2 13.1 9/30/98 10 1 12.9 9/30/99 10.5 13.5 9/30/00 9.8 12.1 9/30/01 (9.1) 7.5 9/30/02 (9.2) (4.7) 9/30/03 16.1 2.8 9/30/04 8.3 2.6 9/30/05 10.6 3.0 9/30/06 6.9 5.7 9/30/07 13.1 9.9 9/30/08 (15.1) 4.2 9/30/09 (0.8) 2.8 9/30/10 10.2 3.0 9/30/11 (0.6) 1.6 Average Compounded Rate of Return for Number of Years Shown 8 4 % 8.1 % Average Compounded Rate of Return for Last 5 Years 0.9 % 4.3 % GRS SECTION D FINANCIAL ACCOUNTING INFORMATION GRS 33 FASB NO. 35 INFORMATION A. Valuation Date October 1, 2011 October 1, 2010 B. Actuarial Present Value of Accumulated Plan Benefits 1. Vested Benefits a. Members Currently Receiving Payments $ 49,952,545 $ 44,052,923 b. Terminated Vested Members 429,562 514,713 c. Other Members 23,357,624 24,719,841 d. Total 73,739,731 69,287,477 2. Non - Vested Benefits 757,326 1,383,021 3. Total Actuarial Present Value of Accumulated Plan Benefits: ld + 2 74,497,057 70,670,498 4. Accumulated Contributions of Active Members 5,609,965 5,299,542 C. Changes in the Actuarial Present Value of Accumulated Plan Benefits 1. Total Value at Beginning of Year 70,670,498 65,849,052 2. Increase (Decrease) During the Period Attributable to: a. Plan Amendment 0 0 b. Change in Actuarial Assumptions 207,299 0 c. Latest Member Data, Benefits Accumulated and Decrease in the Discount Period 8,236,801 8,768,016 d. Benefits Paid (4,617,541) (3,946,570) e. Net Increase 3,826,559 4,821,446 3. Total Value at End of Period 74,497,057 70,670,498 4. Total Value at End of Period at FRS interest Rate 74,497,057 N/A D. Market Value of Assets 44,131,282 44,363,165 E. Actuarial Assumptions - See page entitled Actuarial Assumptions and Methods GRS 4 i , Lam.. r 1 1 �' F , r e! a O 1 tr, r : __. 2., , cd i L ^1 £ 1 r Y _ ,. .M_ r r r fi ..i O >. E p _ ;, r' _ O , v-) •O d' ,c v i qr, r 1 a , i , �, f r r" •0 r•-• , r, trl -- Do -I -- c.* N O 0 — Do .0 ^7 ' [ M I r c oc N .0 , t f- r- r o 0 o r', . �r c oc 0 tr. , 1 (d r GO N r) O r i0 C fir, C kin N t r '.0 N'0 N r `t 7. 00 N r t - 01 r Z N N N^ t r oc — O M O :S en N se 71 7 r 1 rr, N 7 tr) M^ N OC rr; N t✓1 tr , L Y Ir, tr7 tr er v w r ' .C' t r r - - i .7,' . I , - ! (y r Q f, Cki � 01 N V) r t- r 1 00 Cl r; 'r. . , .^ — 7r se kr) en try r r -- r �I a' r- 00 01 —. V', N r 00 r- •C - 0` i .--. N * M •--- lT OC --1- cA O s--, oo 00 00 00 00 7 T 0' 7 0' 0' r r r- e .O .0 '0 tr, tr tr pN w ! gt N , V Z 'i = , . . . . 1 , c ) '0 r r` v O . ‘ , 1 - tr er) in O 00 r o0 —, N OC °t A y d d 01 .O O .O 00 OC O .0 .0 O r` r> � r r; Cr, .- -- x ,. N 71 O M 0■ M tr) M .-+ N r ry r rr) 00 M .O C Cf '0 .S e 00 O • 0 1 - O0 7 O N V O N 00 tr s -- oo r + y IC \O V1 --4 tr N N •--• .0 . 4 1 - 41- s 00 r` M N tf ! m M oo O Do M DO .O N O O a1 co 0 cn N en oo O r 00 r^ C) g1 :1 w .. N N N Nr` W II W ^o CO = N r` - 'O 'mot r O tr 0• C` rn o0 00 N r` r- .0 re, r, rt r , ! CA L 0 OO 't .--- 71 Oc .O .0 r .0 1 .0 .O 7r .0 tr, t O O r^ r- r` r cr r o0 00 01 — —4 en N s .0 N , -t d d d s r-- 0 • 0 0 0' r- r C' o .6 v--, t cr v 00 00 0 ; tr; r` .c N r` 00 00 00 00 r t— N —4 O N V1 O• .0 .0 7t v) V) v-) y, 6, .S en .4 N a1 s O d' 7 r_ N r`- .0 O— e . .7r . 0 r O 7 ' -• rn tr h 01 -- r1 kr) 0'. r r , r- O oo .O — .O N oo ^ :a Ca r-■ --. -. N N ("1 r i r, r < 7-t• c v') .0 .O N N X) Cr, • U w w d a I kmo O ■--• ,--. (r) r` �t O — d' O r) 0C 7r Ct 0' tr .0 tr r) OC 0 C O v1 r` en .0 v) — .O r` en 01 N o N N o0 01 N et z rt M •O O '.0 O 00 O .O .O_ 3-, M -1- 3 �1- 7 , - 3 a, tr r I �--t O • 0 1 [ O oo N .O O• re. .O k) L.-) - --• r-- .O 7 v', .O •--■ s N .0 M 7 .O tr t ; r1 M o 0' 01 00 s — N — • z ct (7v .O .0 ■.O 01 00 O, 1r r) N V .O O1 N • 0 —4 M �t .D 01 N k) 00 N 7r N e 71 r- .-. •::r .0 o0 7 . - . .--. ^. _. N N N t r, rO rO rr`, M M r`, `"1 r1 7r r3 - i I 1 U 1 d 11 1 I ER , A N M ct tr .0 r` 00 C, _ O N r!, c V) .0 r` co Q O - T. O 0, c1 0■ 01 01 0 a\ 0 D\ 0 0 0 0 0 0 0 0 0 0— Yr y,, e 01 01 01 0 0 01 a\ as 01 O O O O O O 0 0 0 0 ^ O et .. ., -+ -. N N N N N N N N N N ri N d 0 0 0 0 0 ^ 0 0 0 0 8 8 0 0 0 0 0 o o c o GRS 35 Year Ended Annual Required Actual Percentage September 30 Contribution Contribution Contributed 1990 $ 742,566 $ 759,432 102.3 % 1991 784,138 795,620 101.5 1992 732,204 732,204 100.0 1993 761,028 761,028 100.0 1994 737,276 737,276 100.0 1995 899,826 899,826 100.0 1996 925,780 956,441 103.3 1997 888,999 930,408 104.7 1998 879,252 879,252 100.0 1999 863,996 854,003 98.8 2000 920,372 920,370 100.0 2001 742,646 743,273 100.1 2002 1,053,863 1,053,863 100.0 2003 1,929,458 1,951,091 101.1 2004 2,343,601 2,343,601 100.0 2005 2,571,109 2,571,109 100.0 2006 2,808,957 2,808,957 100.0 2007 3,030,547 3,150,928 104.0 2008 3,236,241 3,236,241 100.0 2009 3,710,169 3,710,169 100.0 2010 4,153,603 4,153,603 100.0 2011 4,017,435 4,017,435 100.0 GRS kNNUAL PENSION COST AND NET PENSION OBLIGA I 1 t:ASB STA LENIENT NO ?"7 Employer FYE September 30 _'0�1 _ 201 'Op) Annual Required Contnbution (ARC)* 4,098.955 8 4.017,43 4 181.6w Interest on Net Pension Obligation (NPO) { 12,278) , 13.316) ' ; 991s Adjustment to ARC (20,116) 21.3401 , i2,421 Annual Pension Cost (APC) 4,106,793 4,025,459 4,16?,0 ), ti Contnbutions made ** 4.017,435 4 : 60; Increase (decrease) in NPO '-* 8.024 , .430 NPO at beginning of year (158,429) 1166,4531 , 1 NPO at end of year * a 158,429) (166.453) * Includes expected State contribution ** To be determined THREE YEAR TREND INFORMATION Fiscal Annual Pension Actual Percentage of Net Pension Year Ending Cost (APC) Contribution APC Contributed Obligation I 9/30/2009 $ 3,719,283 $ 3,710,169 99.8% $ ( 174,883) 9/30/2010 4,162,033 4, 153,603 99.8% (166,453) 9/30/2011 4,025,459 4,017,435 99.8% (158,429) 37 REQUIRED SUPPLEMENTARY INFORMATION GASB Statement No. 25 and No. 27 The information presented in the required supplementary schedules was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation: Valuation Date October 1, 2011 Contribution Rates: Employer (and State) 36.68% Plan Members 7.00% Actuarial Cost Method Entry Age Normal Amortization Method Level percent of payroll, closed Remaining Amortization Period 30 years Asset Valuation Method 5 -year smoothed market Actuarial Assumptions: Investment rate of return 7.75% Projected salary increases 5.0% to 6.5% depending on age Includes inflation and other general increases at 4.0% Cost of Living adjustments NA GRS SECTION E MISCELLANEOUS INFORMATION GRS 38 RECONCILIATION OF MEMBERSHIP DATA From 10 /1 /10 From 10/1/09 To 10 /1 /11 To 10 /1 /10 I A. Active Members 1. Number Included in Last Valuation 148 151 2. New Members Included in Current Valuation 5 5 3. Non - Vested Employment Terminations (2) (3) 4. Vested Employment Terminations (2) (1) 5. DROP Participation (5) (4) 6. Service Retirements 0 0 7. Disability Retirements 0 0 8. Deaths 0 0 9. Number Included in This Valuation 144 148 I B. Terminated Vested Members I 1. Number Included in Last Valuation 3 4 2. Additions from Active Members 2 1 3. Lump Sum Payments/Refund of Contributions (1) (1) 4. Payments Commenced (1) (1) 5. Deaths 0 0 6. Other - -Return to Actives 0 0 7. Number Included in This Valuation 3 3 I C. DROP Plan Members I 1. Number Included in Last Valuation 12 11 2. Additions from Active Members 5 4 3. Retirements (2) (3) 4. Deaths Resulting in No Further Payments 0 0 5. Other 0 0 6. Number Included in This Valuation 15 12 I D. Service Retirees, Disability Retirees and Beneficiaries I 1. Number Included in Last Valuation 94 92 2. Additions from Active Members 0 0 3. Additions from Terminated Vested Members 1 1 4. Additions from DROP Plan 2 3 5. Deaths Resulting in No Further Payments (2) (2) 6. Deaths Resulting in New Survivor Benefits 0 0 7. End of Certain Period - No Further Payments 0 0 8. Other -- Lump Sum Distributions 0 0 9. Number Included in This Valuation 95 94 GRS %.(' ilk E. PAR I'I(`IPAV'1 S( A I TER Years of Service to Valuation Date Age Group 1 0 -1 1 -2 2 -3 7 -4 4 -5 5 -9 10 -14 15 -19 20 -24 25' Totals 1 20 -24 NO , (r it TOT PAY 157,011 58,881 0 63,825 11 ' 1 - AVG PAY 52,31 5 8,881 0 63 82 '2 25 -29 NO 9 _' 4 q , i TOT PAY 0 114,697 248,255 379,818 156,905 7(11,26' tl H t (+1)0 9i AVG PAY n 57,349 62,064 63 30 - '8 45' ' „, 90 30 -34 NO 1 u 11 _f, t, ' TOT PAY 52,33 0 O f 263,853 1,990,546 212,12 ' i 2 - ' V61 AVG PAY 52,337 9 it 95,99 7 6,559 1116,064 291 35 -39 NO 0 i O 0 ',5 TOT PAY 0 61,312 0 65,80 63,667 916,562 1,278,478 91,364 1 2 2 4'" , 90 AVG PAY 0 61,312 0 65,80 63,66 83 324 98 344 91,364 1'1 1 40 -44 NO 0 1 0 ,, 11 TOT PAY 0 55,906 0 63.993 ii 827,073 1,675,751 551,617 9 s , 1,,40 AVG PAY 0 55,906 0 63,993 99 82.70 98,574 110,323 1 ?63 45 -49 NO 0 O 1 ,, 1 . TOT PAY 0 0 62,350 113,452 1i 119,368 339,378 233,152 241,456 :1 1 2135-1 l AVG PAY 0 0 62,350 56,726 ,. " 113.126 11 6,576 120,728 1 , , 12 1 50 -54 NO 0 (1 (1 91 ' 1 ,' , i (,ii TOT PAY 0 0 0 0 69,955 (1 259.488 91,962 128,106 9 ' ft AVG PAY (2 0 0 r9 69,955 I, 86,496 91 962 128.106 lit % 5 85 1 55 -59 NO 0 0 I) 1, ++ ,' TOT PAY 0 0 0 0 1 ) 9 145,649 99,317 (1 244,966 AVG PAY (1 0 0 11 9 0 145,649 99,317 111 22,483 1 1 TOT NO 4 5 5 I i , 9 39 10 '° 44 TOT AMT 209,348 290,796 310,605 686,895 554,38(1 4,654,811 3,910,871 1,067,412 369,562 1 12,1154,680 AVG AMT 52,337 58,159 62,121 62,445 69,298 78,895 100,279 106,741 123,187 0 83,713 GRS 40 INACTIVE PARTICIPANT SCATTER Deceased with Terminated Vested Disabled Retired Beneficiary Total Total Total Total Age Group Number Benefits Number Benefits Number Benefits Number Benefits Under 20 - - - - - - - - 20 -24 - - - - - - - - 25 -29 - - - - - - - - 30 -34 1 13,368 - - - - - - 35 -39 - - - - - - - - 40 -44 2 40,969 - - 4 253,078 - - 45 -49 - - - - 17 784,616 1 23,843 50 -54 - - 4 83,217 27 1,496,957 - - 55 -59 - - 3 61,035 17 675,011 - - 60 -64 - - 4 101,599 12 493,211 1 9,397 65 -69 - - 2 28,399 10 300,233 - - 70 -74 - - 2 37,635 4 100,876 - - 75 -79 - - - - 1 27,637 1 26,671 80 -84 - - - - - - - - 85 -89 - - - - - - - - 90 -94 - - - - - - - - 95 -99 - - - - - - - - 100 & Over - - - - - - - - Total 3 54,337 15 311,885 92 4,131,619 3 59,911 Average Age 39 61 56 63 GRS SECTION F SUMMARY OF PLAN PROVISIONS GRS 41 SUMMARY OF PLAN PROVISIONS A. Ordinances Plan established under the Code of Ordinances for the City of Boynton Beach, Florida, Chapter 18, Article III, and was most recently amended under Ordinance No.09 -021 passed and adopted on its second reading on April 21, 2009. The Plan is also governed by certain provisions of Chapter 185, Florida Statutes, Part VII, Chapter 112, Florida Statutes and the Internal Revenue Code. B. Effective Date August 15, 1981 C. Plan Year October 1 through September 30 D. Type of Plan Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer plan. E. Eligibility Requirements All full -time police officers are eligible to participate on the first day of employment. F. Credited Service Service is measured as the aggregate numbers of years and fractional parts of years of service for which a police officer made Member Contributions to the plan. No service is credited for any periods of employment for which the member received a refund of their contributions. G. Compensation Total cash remuneration including overtime and lump sum payments for accumulated sick and vacation leave, but exclusive of any payments for extra duty or special detail work. II. Average Final Compensation (AFC) The average of Compensation over the highest 5 years during the last 10 years of Credited Service. I. Normal Retirement Eligibility: A member may retire on the first day of the month coincident with or next following the earliest of: (1) age 55 and 10 years of Credited Service, or (2) age 50 and 15 years of Credited Service, or (3) 20 years of Credited Service regardless of age. GRS 13eneiiio of AF( multiplied b} year art t'redifed Ser'uc 13eneht {9a AFC" and the prop r,u)n, +,d hnternai lt cnue r aide Section t' - Normal Forth of Benefit 10 Years Certain and Life thereafter, other options are also available COLA None Supplemental Benefit All retirees in pay status are entitled to a monthly supplemental pension benefit paid in a lump sum on October I of each year The supplemental benefit is funded by a 1% of pay contnbution from the members and a 1% of pay contnbution from the Chapter 185 money. The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis The number of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 2(i years). An individual retiree's distnbution is the number of shares multiplied by the share value. The benefit ceases upon the later of the death of the retired member or beneficiary J. Early Retirement Eligibility A member may elect to retire earlier than the Normal Retirement Eligibility upon attainment of age 50 and 10 years of Credited Service Benefit. The Normal Retirement Benefit is reduced by 1 5% for each year by which the Early Retirement date precedes the Normal Retirement date. For this purpose, the Normal Retirement date is the earlier of the date the member would have attained age 55 or completed 20 years of Credited Service had the member continued employment as a police officer Normal Form of Benefit: 10 Years Certain and Life thereafter; other options are also available. COLA: None Supplemental Benefit: All retirees in pay status are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year. The supplemental benefit is funded by a 1% of pay contribution from the members and a 1% of pay contribution from the Chapter 185 money. The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis. The number of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years). An individual retiree's distnbution is the number of shares multiplied by the share value. The benefit ceases upon the later of the death of the retired member or beneficiary K. Delayed Retirement Same as Normal Retirement taking into account compensation earned and service credited until the date of actual retirement GRS 43 L. Service Connected Disability Eligibility: Any member who becomes totally and permanently disabled and unable to render useful and efficient service as a police officer as a result of an act occurring in the performance of service for the City is immediately eligible for a disability benefit. Benefit: 66 2/3% of the member's basic rate of earnings in effect on the date of disability, reduced by amounts payable under Worker's Compensation and Social Security PIA with a minimum benefit being the greater of the accrued Normal Retirement benefit on the date of disability or 42% of AFC. Normal Form of Benefit: 10 Years Certain and Life thereafter; other options are also available. COLA: None Supplemental Benefit: All retirees m pay status are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year. The supplemental benefit is funded by a 1% of pay contribution from the members and a 1% of pay contribution from the Chapter 185 money. The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis. The number of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years). An individual retiree's distribution is the number of shares multiplied by the share value. The benefit ceases upon the later of the death of the retired member or beneficiary. M. Non - Service Connected Disability Eligibility: Any member with 10 years of Credited Service who becomes totally and permanently disabled and unable to render useful and efficient service as a police officer is eligible for a disability benefit. Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of disability with a minimum benefit equal to 25% of AFC and a maximum benefit equal to 60% of AFC. Normal Form of Benefit: 10 years Certain and Life thereafter; other options are also available. COLA: None Supplemental Benefit: All retirees in pay status are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year. The supplemental benefit is funded by a 1% of pay contribution from the members and a 1% of pay contribution from the Chapter 185 money. The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis. The number of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years). An individual retiree's distribution is the number of shares multiplied by the GRS ,hare , , , attic Ala 1 'l , 'il rii, ds ", '11, tx'atl' ,' s , , ) r beneficial N. Death in the Line of Dut■ Eligibilit. Any member whose death is determined to he the result of a serN ice incurred 11161 is eligible for survivor benefits regardless of Credited Service Benefit Spouse will receive the accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of death with a minimum benefit equal to 30Q0 of AFC If there is no spouse. benefits will be paid to Ilk deceased member's estate Normal Form of Benefit Paid until death ot spouse COLA. None Supplemental Benefit All retirees and beneficianes in pay status are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year The supplemental benefit is funded by a 1% of pay contribution from the members and a 1% of pav contribution from the Chapter 185 money. The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis. The number ot shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years). An individual retiree's distribution is the number of shares multiplied by the share value. The benefit ceases upon the later of the death of the retired member or beneficiary O. Other Pre - Retirement Death Eligibility: Members are eligible for survivor benefits after the completion of 10 or more years of Credited Service Benefit: Spouse will receive the accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of death. If there is no spouse, benefits will be paid to the deceased member's estate Normal Form of Benefit: Paid until death or remamage of spouse; or 10 years to the member's estate COLA: None Supplemental Benefit: All retirees and beneficianes in pay status are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year The supplemental benefit is funded by a 1% of pay contribution from the members and a 1% of pav contribution from the Chapter 185 money. The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis. The number of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years). An individual retiree's distribution is the number of shares multiplied by the share value. The benefit ceases upon the later of the death of the retired member or beneficiary. GRS -- - - - -- 45 The beneficiary of a plan member with less than 10 years of Credited Service at the time of death will receive a refund of the member's accumulated contributions. P. Post Retirement Death Benefit determined by the form of benefit elected upon retirement. Q. Optional Forms In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees are a Single Life Annuity, the 50 %, 66 2/3 %, 75% and 100% Contingent Annuitant options and the 50 %, 66 2/3 %, 75% and 100% Survivor Annuity options. R. Vested Termination Eligibility: A member has earned a non - forfeitable right to Plan benefits after the completion of 5 years of Credited Service if they elect to leave their accumulated contributions in the fund. Benefit: The benefit is the member's accrued Normal Retirement Benefit as of the date of termination. For members with at least 5 years of Credited Service, the benefit begins on the date that would have been the member's Normal Retirement date had they continued employment until attaining age 55 with 10 years of Credited Service or upon reaching what would have been 20 years of Credited Service. Alternatively, members with at least 10 years of Credited Service can elect a reduced Early Retirement benefit any time after age 50. Normal Form of Benefit: 10 Years Certain and Life thereafter; other options are also available. COLA: None Supplemental Benefit: Once in pay status, all retirees are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year. The supplemental benefit is funded by a 1% of pay contribution from the members and a 1% of pay contribution from the Chapter 185 money. The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis. The number of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years). An individual retiree's distribution is the number of shares multiplied by the share value. The benefit ceases upon the later of the death of the retired member or beneficiary. Members terminating employment with less than 5 years of Credited Service will receive a refund of their own accumulated contributions. GRS S. Refunds 1,ligibrlit�. All members terminating employment with fess than "carp, edrten `5er eligible. Optionally ested members ( ith lot car Service) may elect ,refund rr: dell :,t c benefits otherwr tttl Benefit Refund of the member's contnhutions T. Member Contributions 7% of Compensation U. Employer Contributions Chapter 185 Premium Tax Refunds and any additional amount determined by the actuary needed ;C fund the plan properly according to State laws V. Changes from Previous Valuation There have been no changes since the last valuation W. 13 Check As descnbed under the Supplemental Benefit subsections, a thirteenth check will be paid to retirees on each October 1 of each year following December 1, 2006 X. Deferred Retirement Option Plan Eligibility: Plan members who have less than 30 years of Credited Service but have met one of the following cntena are eligible for the DROP° (1) age 55 and 10 years of Credited Service, or (2) age 50 and 15 years of Credited Service, or (3) 20 years of Credited Service regardless of age. Members who meet eligibility must submit a wntten election to participate in the DROP Benefit: The member's Credited Service and FAC are frozen upon entry into the DROP The monthly retirement benefit as described under Normal Retirement is calculated based upon the frozen Credited Service and FAC Maximum DROP Period: The earlier of 5 years of participation in the DROP or 30 years of employment Interest Credited The member's DROP account is credited at an interest rate based upon the option chosen by the member. Members must elect from 1 of the 3 following options 1 Gain or loss at the same rate earned by the Plan, or 2 Guaranteed rate of 7 %, or 3 A percentage of the DROP credited at the same rate earned by the Plan and the remaining percentage credited with earnings at a guaranteed rate of 7 ° °0 GRS 47 Normal Form of Benefit: Options include a lump sum, equal annual payments over 5 years, or monthly installments based upon actuarial tables until the balance is paid out. COLA: None Supplemental Benefit: DROP retirees are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year. The supplemental benefit is funded by a 1% of pay contribution from the members and a 1% of pay contribution from the Chapter 185 money. The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis. The number of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years). An individual retiree's distribution is the number of shares multiplied by the share value. The benefit ceases upon the later of the death of the retired member or beneficiary. Y. Other Ancillary Benefits There are no ancillary benefits not required by statutes but which might be deemed a City of Boynton Beach Municipal Police Officers' Retirement Fund liability if continued beyond the availability of funding by the current funding source. GRS cn c . ^^ CD L i - E W O � � o ry N a) O it W t Q p M 1� O U 2. y X ti/ p f p LL. C„ . E - 51 OU z N y = '0 z v y ti o c , c o ," . -a go c lo - - a.) . cQv; I) c Q ' r aa) 0. p u P. p. M O ti .. y 7 v O G C z �1 3G • CJ • °° N .x g ▪ o cz Li y g W � e • y c> W v, h ,.. M O p °O t p i M p, a — Q r 0 63 � Q LL ,c^.' C p ' y O `'� 0, = os ' too ti CL rt o o,S c�, c c a O m E x ■}■J Ti o w �. y E = 0 k _ 1.) V 1 o s . E ' °o • V J 4-) n °° v Q i v '. O M 7 C O a4 �, �_ v O N ' • O v Q) . • •- ,r; > 4' y O 4 O T , Z S c p v = r52, is g ▪ Q II . � O. �i V7 L.L. 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E • M w m o is n ¢ m TS ¢ o ) I - - - - - U- I- F i ISSE Russell Global Listed Infrastructure Fund The Russell Global Listed Infrastructure Sector weightings (%) Fund seeks to outperform its benchmark with above - average consistency and with lower tracking error relative to other funds S &P Global Infrastructure Index Strategy The fund aims to provide investors with exposure to a diversified portfolio of listed Airport Services - companies involved in providing services that are essential fora functioning modern economy, including roads, utilities, hospi- Utihtes tats, schools and airports To help achieve its objectives, multiple advisors with com- plementary strategies are employed in the Highways & Raiitracks approach to portfolio construction Each of these advisors takes an active manage- Independent Power ment approach with a 'pure play' bias - Producers & Energy meaning they select companies with Traders assets that tend to be monopolistic, highly regulated, long-lived, with steady cash Menne Ports & flows As a real asset category, infrastruc- Services ture offers a distinct risk, return and diversification profile relative to other Muiti- Utilities �,� asset classes The Russell Global Listed Infrastructure Fund is designed to provide a reliable Oil &Gas Storage& means of excess return generation while Transportation • managing risks Risk management structure water uhl�t�es The fund seeks to outperform its bench- mark with above - average consistency by ;,; combining strategies with different payoff patterns over different phases of eco- nomic and market cycles The goal is to There is no restriction on the number of reduce dependency on a particular eco- underlying funds or advisors the fund may nomic or market scenario by creating an employ - this number represents Russell's aggregate portfolio of underlying advisors desire to achieve adequate diversification (see descriptions on reverse) that pro- Allocations to underlying advisors reflect vides opportunities to outperform the their structural importance and Russell's benchmark in many market confidence in their ability to add value environments ChilW10 01I 11 Total net assets $56 6M Inception date 10/31/2011 Number of Advisors Il Russell www russell com /institutiona L#4l Investments Russell Global Listed Infrastructure Fund December 31, 2011 V MOW/ AY Russell Global Listed Infrastructure Fund advisors Macquarie Capital Investment Management Nuveen Asset Management, LLC Cohen & Steers Capital Management, Inc. LLC Target weighting 40% Target weighting 20% Target weighting 40% Advisor since 2011 Advisor since 2011 Advisor since 2010 • Will focus on companies that own or operate • Employs an investment process featunng • Has historically had a lower tracking error tangible, long -lived assets offering steady, bottom -up and top -down components portfolio than the other advisors in the fund predictable cash flows with minimal ongoing designed to integrate company, sector, • Features a bottom -up, fundamentals -based capital expenditures and macro -level analysis investment style, with robust proprietary • Invests in a universe that is considerably larger • Aims to provide income generation, low valuation models than that represented by any of the volatility and low correlations to broader • The investment team is among the largest and infrastructure indexes, including the S &P equities most experienced in the peer group Global Infrastructure Index • Invests in companies that own long -lived • Tends to feature positions in emerging assets that have monopolistic markets, and in a vanety of sectors outside the characteristics, a universe largely benchmark, including natural gas and consisting of regulated entities alternative energy Advisors listed are current as of 12/31/2011 Russell Diversification does not assure a profit and does not Russell Investments and Standard & Poor Corpora- has the rughtto engage or terminate an advisor at any protect against loss in declining markets tion are owners of the trademark, service marks, and time and without notice Advisors and target weights Investments in infrastructure- related companies copyrights relating to the Russell Indexes and the may be changed by Russell at any time in its sole dis- have greater exposure to the potential adverse eco- S &P 500, respectively cretion The investment strategies are the goals of nomic, regulatory, political and other changes Copyright Russell Investments 2012 All rights the individual advisors, there is no assurance that the affecting such entities Investment in infrastructure- reserved This matenal is propnetary and may not be exact objective will always be met Target weight related companies are subject to various risks reproduced, transferred, or distributed in any form totals may exceed or fall below 100 percent due to including governmental regulations, high interest without pnor wntten permission from Russell Invest - rounding costs associated with capital construction programs, ments It is delivered on an "as is basis without The Russell Global Listed Infrastructure Fund is an costs associated with compliance and changes in warranty investment fund of the Commingled Employee Ben- environmental regulation, economic slowdown and Indexes and benchmarks used in this material are efit Funds Trust established by Russell Trust surplus capacity, competition from other providers of unmanaged and provided for general comparison Company It is not a fund of Russell lnvestment Com- services and other factors Investment in non -U S only They cannot be invested in directly pa ny, nor a mutual fund registered under the and emerging market securities is subject to the risk Russell Investments, a Washington USA corpora- Investment Company Act of 1940 These funds are of currency fluctuations and to economic and political tion, operates through subsidiaries worldwide, available to certain tax- qualified plans only risks associated with such foreign countnes including Russell Investments and is a subsidiary of Please remember that all investments carry some The S &P Global Infrastructure Index (Net) provides The Northwestern Mutual Life Insurance Company level of risk, including the potential loss of principal liquid and tradable exposure to 75 companies from The Russell logo is a trademark and service mark of invested They do not typically grow at an even rate of around the world that represent the listed infrastruc- Russell lnvestments retum and may experience negative growth As with ture universe To create diversified exposure across any type of portfolio structunng, attempting to reduce the global listed infrastructure market, the index has First used February 2012 risk and increase return could, at certain times, unin- balanced weights across three distinct infrastructure USI- 12114 -04 -12 tentionally reduce returns clusters Utilities, Transportation, and Energy in I ] Investtments cu L ■— — c/, cr ■1 1 11 1 1 i ,� 0 . 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