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Agenda 04-10-12 BOYNTON BEACH POLICE OFFICERS’ PENSION FUND SPECIAL BOARD MEETING Tuesday, April 10, 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 II.AGENDA APPROVAL - APPROVAL OF MINUTES – III. IV.FINANCIAL REPORTS: N/A V.CORRESPONDENCE: N/A VI.OLD BUSINESS: 1) Review asset allocation – Fixed Bond substitution - Defensive Equity – Russell Research June 2011 Investment Policy Stmt- Dated 2-12-12 for reference VII.NEW BUSINESS: A) Invoices for review and approval: 1) Davidson, Jamieson & Cristini – Final Audit billing - $4,700 2) GRS – Services for Act Val Report - $7,947 & Service thru 2-29-12 $4,223 3) Perry & Jensen – Service thru 3-15-12 - $1,433.70 4) Burgess Chambers – Investment/Performance Fee 3-31-12 - $5,000 B) Retirement Benefit for Review & Approval – 1) Lisa Harrison – Vested Deferred Benefit C) Quarterly Meeting of May 8th Conflict - VIII.PENSION ADMINISTRATOR’S REPORT: N/A IX.COMMENTS: X. ADJOURNMENT: Next Regular Meeting Date – Tuesday, May ??, 2012 @ 9:30 a.m. – 1500 Gateway Blvd. Suite 220, Boynton Beach, FL 33426 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 .PW,(561)742-6013- BY THE CITY PLEASE CONTACT AM ELSH AT LEAST TWENTYFOUR HOURS PRIOR TO THE PROGRAM OR ACTIVITY . IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST 1 THEBOARD(COMMITTEE)MAYONLYCONDUCTPUBLICBUSINESSAFTERAQUORUMHASBEEN ESTABLISHED.IFNOQUORUMISESTABLISHEDWITHINTWENTYMINUTESOFTHENOTICEDSTARTTIMEOF THEMEETINGTHECITYCLERKORDESIGNEEWILLSONOTETHEFAILURETOESTABLISHAQUORUMAND THEMEETINGSHALLBECONCULDED.BOARDMEMBERSMAYNOTPARTICIPATEFURTHEREVENWHEN PURPORTEDLYACTINGINANINFORMALCAPACITY. S:\CC\WP\JANET\POLICE PENSION FUND.doc 2 IW Barbara Ladue From: Chapman, Gary [ChapmanG @bbfl.us] � ici. l6'✓�- Sent: Thursday, February 09, 2012 1:48 PM To: ladueb@bbpdpension.com 64 2,LeAm ___ e___ Subject: FW: 10th Annual Harvard Pensions Conference Attachments: 2012 Hotel Form.doc, 2012 Invitation Response Form 020712 doc; 2012 Agenda Net 020712.doc Opps, Try these, From: Larry Beeferman Jmailto:lwb(alaw.harvard.edu] Sent: Wednesday, February 08, 2012 3:26 PM To: Larry Beeferman Subject: 10th Annual Harvard Pensions Conference We are pleased to share with you the latest draft of the agenda for our upcoming tenth annual conference here on March 28 to 30 A final version will be available shortly. It reflects a mix of academic and practical learning relevant to issues of concern for trustees, others who have an important stake in how pension fund assets are invested, and those about the ongoing challenge of security in retirement for all households. We hope you will be able to join participants from across the U.S., Canada, the UK, Germany, and France at the conference. Attached is other relevant information should you be able to attend. If you have any questions please let me know. Regards, Larry Larry W. Beeferman, Director Pensions and Capital Stewardship Project Labor and Worklife Program Harvard Law School 125 Mt. Auburn St., 3rd Floor Cambridge, Massachusetts 02138 Tel.: 617- 495 -9265 FAX: 617- 496 -7359 E -mail: Iwb law.harvard.edu 1 Presenters: Michael Greenberger, Professor, University of Maryland, Francis Carey School of Law Wallace C. Turbeville, formerly with Better Markets [tbd] noon — 1:10 pm Lunch and Session #4: "Infrastructure Investments by New York City Unions' Pension Funds: A Promising Plan? Reasons, Risks, Recommendations" Speaker: Gregory Floyd, President, Teamster Local 237 and Trustee, New York City Employees' Retirement System 1:20 pm —1:30 pm Break 1:30 pm — 3:00 pm Session #5: "Investment in Private Markets: Rewards, Risks, and Implications for Economic Growth and Jobs — Good Jobs? — Creation" Chair: Presenters: Tom Rotherham, Director, Hermes Equity Ownership Services, Ltd. Stephen Sleigh, Fund Director, International Association of Machinists and Aerospace Workers National Pension Fund Michael Swack, Professor, University of New Hampshire and Research Faculty, Carsey Institute 3:00 pm — 3:20 pm Break 3:20 pm — 4:50 pm Session #6: "European Perspectives on Pensions and Capital Stewardship" Chair: Presenters: Sigurt Vitols, Senior Research Fellow in the Research Unit Internationalization and Organization, Social Science Research Center Berlin, Germany Janice Turner, Founding Co- Chair, Association of Member - Nominated Trustees, United Kingdom [the] Najat El Mekkaoui de Freitas, Assistant Professor of Economics, University Paris - Dauphine, France Friday, March30, 2012 2036 Millstein East B/C Wasserstein Building, Harvard Law School 8:00 am — 8:45 am Continental Breakfast 8:45 am — 10:15 am Session #8: "Is It Time for a New Understanding of What Fiduciary Duty Requires ?" Chair: David H. Webber, Associate Professor of Law, Boston University Law School Presenters: James Hawley, Professor and Director, Elfenworks Center for the Study of Fiduciary Capitalism, Saint Mary's College of California Keith L. Johnson, Program Director for the International Corporate Governance Initiative, University of Wisconsin Law School Edward J. Waitzer, Professor, Osgoode Hall Law School, Toronto, Canada Larry Beeferman, Director, Pensions and Capital Stewardship Program, Labor and Worklife Program, Harvard Law School 10:15 am — 10:30 am Break 10:30 am — 11:45 pm Session #8: "Putting Sustainable Investment in Practice: Making Sense of the "S" in "ESG" and Applying It" Chair: Presenters: John Aaron Bernstein, Senior Research Fellow, Labor and Worklife Program, Harvard Law School Pat Doherty. Director — Corporate Governance, Office of the State Controller (New York) Jan Vandenhove, Senior Analyst, Vigeo (Belgium/France) [tin] 11:45 pm — 12:00 pm Break 12:00 pm — 1:20 pm Lunch and Session #9: Doing Well by Doing Good? The Public Sector Plan a Role in EnablingPrivate Sector Worker Participation in Retirement Plans Chair: Presenters: Hank Kim, Executive Director, National Conference on Public Employee Retirement Systems Ellen Bruce, Director, Gerontology Institute, McCormack Graduate School Associate Professor, Gerontology PhD Program, University of Massachusetts (Boston) 1:20 pm - 1:30 pm Break 1:30 pm — 2:15 pm Session #10: "A New Voice for Pensions in Challenging Times" Speaker: Jacques Loveall, President, UFCW Local 8 and Trustee, UFCW Northern California Pension Fund and UFCW Northern California Health and Welfare Fund 2:15 pm Adjourn GRS Gabriel Roeder Smith & Company Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 Dale l in ()ice r. Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 3/9/2012 117866 Bill 10: I'Ica.c Remit 10: 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 Description I'rujcct ! N. mount For services rendered through 2/29/2012 1. Final charge for 10/1/2011 Actuarial Valuation Report 100550 -052 $2,228 Total charges equal $13,256; prior year fee of $12,040 plus 3.87% increase in CPI from 9/2010 to 9/2011, plus $750 for required disclosure at 7.75% (state requirement), less previous charges of $11,028 2. Attendance at Pension Board Meeting on January 17, 2012 100550 -052 $1,320 (to discuss revised experience study term rates) 3. Vested Termination Benefit Calculation for Harrison 100550 -052 $225 4. Buyback Calculation for Gilbert 100550 -052 $450 Invoice Total $4,223 Paid to Date Client No. 100550 Amount Due $4,223 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. THE LAW OFFICES OF PERRY & JENSEN, LLC ANN H. PERRY BONN! SPATARA JENSEN aperry@perrytensenlaw.com bsjensen @perryjensenlaw.com March 16, 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 #70947 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 3/15/2012. Thank you for your payment of $1,626.03. Your current balance due is $1,433.70. t If you have any questions, please do not hesitate to contact me. Sincerely yours, 6 69-/v2,( - )iftd-e-ii--/ ,- Bonni S. Jensen Signed in Ms Jensen's absence to expedite delivery BSJIIg 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 vil.at ,.son 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 March 16, 2012 In Reference To. FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #70947 Professional Services Hrs /Rate Amount Attendance at Trustee Meetings Attendance at Trustee Meetings 2/16/2012 PH Review Post Meeting Folder 0.50 37.50 Attendance at Trustee Meetings 75.00 /hr SUBTOTAL: [ 0.50 37.50] Miscellaneous Matters Miscellaneous Matters 3/13/2012 BSJ Review Rehire After Retirement Provisions 0.10 20.00 Miscellaneous Matters 200.00 /hr SUBTOTAL: [ 0.10 20.00] Plan Document Plan Document 3/8/2012 BSJ Review email from Barbara LaDue re Change of Joint Annuitant after 0.50 100.00 Retirement 200.00 /hr Research Plan Document E -mail to Barbara LaDue Plan Document Boynton Beach Police Pension Page 2 Hrs /Rate Amount SUBTOTAL: [ 0.50 100.00] Summary Plan Description Summary Plan Description 2/27/2012 BSJ E -mail to Steve Palmquist re: Status 0.35 70.00 Research Language on Monthly Supplement & DROP 200.00 /hr Summary Plan Description SUBTOTAL: [ 0.35 70.00] For professional services rendered 1.45 $227.50 For professional services rendered 1.45 $227.50 Previous balance $2,832.23 Accounts receivable transactions 3/8/2012 Payment - Thank You!. Check No. 053251 ($1,626.03) Total payments and adjustments ($1,626.03) Balance due $1,433.70 THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONN! SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com February 24, 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 #70905 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 2/15/2012. Your current balance due is $3 2 . GC' gO If you have any questions, please do not hesitate to contact me. Sincerely yours, r n l 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 e• Fx: 561.686.2802 u: PINatNb.nM 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 February 24, 2012 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #70905 Professional Services Hrs /Rate Amount Attendance at Trustee Meetings Attendance at Trustee Meetings 1/17/2012 PH Review Post Meeting Folder for Special Meeting 0.10 7.50 Attendance at Trustee Meetings 75.00 /hr Attendance at Trustee Meetings BSJ Attend Meeting 1.25 250.00 Attendance at Trustee Meetings 200.00 /hr Attendance at Trustee Meetings 2/14/2012 BSJ Attend meeting 3.00 600.00 Attendance at Trustee Meetings 200.00 /hr SUBTOTAL: [ 4.35 857.50] Investment Policy Guidelines Investment Policy Guidelines 2/13/2012 BSJ Review Investment Policy Guidelines as revised by Russell 0.25 50.00 Investment Policy Guidelines 200.00 /hr SUBTOTAL: [ 0.25 50.00] Boynton Beach Police Pension Page 2 Hrs /Rate Amount Meeting Notices and Agendas Meeting Notices and Agendas 2/13/2012 LG Prepare Attorney Report, Handouts, and Folder for upcoming Meeting - 1.50 112.50 2/14/12 75.00 /hr Meeting Notices and Agendas SUBTOTAL: [ 1.50 112.50] Miscellaneous Matters Miscellaneous Matters 1/23/2012 BSJ Draft Memorandum re: HB 1499 - Actuarial Soundness of Retirement 0.25 50.00 Systems 200.00 /hr Miscellaneous Matters Miscellaneous Matters BSJ Draft Memorandum re: Disability Presumption Task Force 0.35 70.00 Miscellaneous Matters 200.00 /hr Miscellaneous Matters 2/10/2012 BSJ Research Status of HB 1499 0.06 12.00 Miscellaneous Matters 200.00 /hr Miscellaneous Matters BSJ Research Status of HB 365, SB 910 & SB 2088 0.10 20.00 Miscellaneous Matters 200.00 /hr SUBTOTAL: [ 0.76 152.00] For professional services rendered 6.86 $1,172.00 Additional Charges : Bill File 2/15/2012 Copy Charges 34.20 SUBTOTAL: [ 34.20] Total additional charges $34.20 Boynton Beach Police Pension Page 3 Amount For professional services rendered 6.86 $1,206.20 Total amount of this bill $1,206.20 Previous balanc $1,626.03 cvr-‘ti t)A Balance due —$2756‘3 BURGESS CHAMBERS & ASSOCIATES, INC. In voice INVESTMENT ADVISORS SEC REGISTERED Post Office Box 3316 Date Invoice # Winter Park, FL 32790 3/13/2012 12 -58 Bill To Boynton Beach Police Officers' Pension Barbara La Due, Administrator 1500 Gateway Blvd, Suite 220 Boynton Beach. Florida 33426 Description Amount First Quarter 2012 Investment and Performance Monitoring and Advisory Fee per Contract 5,000 00 We appreciate your prompt payment Total $5,000 00 Phone # Fax # (407) 644-0111 (407) 644-0694 GRS Gabriel Roeder Smith & Company One East Broward Blvd 954 527 1616 phone Consultants & Actuaries Suite 505 954.525 0083 fax Ft Lauderdale, FL 33301 -1804 www gabnelroeder com February 20, 2012 CONFIDENTIAL Ms. Barbara LaDue Pension Administrator Boynton Police & Fire Pension Funds Renaissance Executive Suites 1500 Gateway Blvd., #220 Boynton Beach, Florida 33426 Re: Boynton Beach Police Retirement System Dear Barbara: You have asked us to verify the retirement benefits for the following participant: HARRISON, Lisa K. (Vested Termination) Based on the information provided, we have determined that the retirement benefits that have been calculated for the above participant are in accordance with plan provisions. The actuarial equivalence assumptions used to compute optional forms were an 8.0% annual rate of return, and the 1983 Group Annuity Mortality Table blending 80% male rates and 20% female rates. We welcome your questions and comments. Sincerely yours, J. Stephen Palmquist, ASA Senior Consultant and Actuary JSP /cw Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax - related penalties under the Internal Revenue Code or (ii) marketing or recommending to another party any tax - related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. This communication shall not be construed to provide tax advice, legal advice or investment advice. 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. 11. ASSET ALLOCATION Deliberate management of the asset mix among classes of investments is both a necessary 7 of 8 Pages 8/8/2011 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 B • CH POLICE OFFICERS' RUSSELL INVESTMENTS PENSION F - ► By: ,A r k ` As: C ai `��i : oard of Trustees By: /,, As: Investment Man er Date: �-' / Z t Date: ( / BURGESS CHAMBERS & ASSOCIATES, INC. By: As: Registe - d Advisor Date: 619/f 9 of 8 Pages 8/8/2011 , Barbara Ladue 6 From: Athol, Toby [AtholT @bbfl.us] Sent: Wednesday, April 04, 2012 10 AM To: Barbara Ladue Barb Please add this to the agenda for the upcoming special meeting Add to LEGAL for Bonnie FOR DISCUSION 1. 300 HR CAP ON OVERTIME FOR PENSIONABLE FUNDS 2. SICK & SELL BACK TOWARDS PENSION ACCRUAL 3. METHODS OF ENUMERATION AND IMPLIMENTATION UPON SIGNING OF NEW CBA THANKS Detective Toby Athol Boynton Beach Police Department 561.742 6152 - 'c e 1 Definition of Compensation amended per Chapter 2011 -216 (SB 1128) Excerpt from Plan at Section 18 -165 Definitions (a) The following words or phrases, as used in this article, shall have the following meaning: * * * Compensation or salary. The total cash remuneration including lump sum payments for accumulated sick and vacation leave and "overtime" paid by the primary employer to a police officer for services rendered, but not including any payments for extra duty or a special detail work performed on behalf of a second party employer paid directly to the police officer by the second party employer and amounts paid to a police officer after December 31, 2008 as differential wages during any period of active duty military service lasting more than 30 days. This definition also excludes severance pay and other similar payments which are not for services rendered. The member's compensation or salary contributed as employee - elective salary reductions or deferrals to any salary reduction, deferred compensation, or tax - sheltered annuity program authorized under the Internal Revenue Code shall be deemed to be the compensation or salary the member would receive if he or she were not participating in such program and shall be treated as compensation for retirement purposes under this article. Effective [insert effective date] overtime included in earnable compensation is limited to 300 hours per Member per year. Prior to !insert effective datel all overtime is included in the definition of earnable compensation [can be salary or compensation or earnings]. No hours of unused accumulated sick and vacation leave earned after [insert effective date] shall be considered earnable compensation, however. members may include all hours earned as of [insert day before effective date] provided that amount of hours is cashed in at retirement. For any person who first becomes a member in any Plan year beginning on or after January 1, 1996, compensation for any Plan year shall not include any amounts in excess of section 401(a)(17) of the Internal Revenue Code limitation (as amended by the Omnibus Budget Reconciliation Act of 1993), which limitation of $150,000 shall be adjusted as required by federal law for qualified government plans and shall be further adjusted for changes in the cost of living in the manner provided by section 401(a)(17)(B) of the Internal Revenue Code. For any person who first became a member prior to the first plan year beginning on or after January 1, 1996, the limitation on compensation shall be not less than the maximum compensation amount that was allowed to be taken into account under the plan as in effect on July 1, 1993, which limitation shall be adjusted for changes in the cost of living since 1989 in the manner provided by section 401(a)(17) of the Internal Revenue Code. F S. Ch. 185. H : \BB Police 0188 \Plan Doc\Amend \2012 \Definition of Compensation or salary.wpd g Barbara Ladue From: Chapman, Gary [ChapmanG @bbfl.us] Sent: Tuesday, April 03, 2012 3 PM To: Iadueb @bbpdpension.com Subject: Additonal Item for the Agenda - New Business Item to add. New Business Discussion Can an existing drop loan taken by a retiree be satisfied by a direct rollover from a 457 program? Or must there be a withdrawal from the 457 and post taxes used to pay off the drop loan'? Thank you, Lieutenant Gary Chapman Investigative Services Boynton Beach Police Department 100 East Boynton Beach Blvd Boynton Beach FI. 33435 (561) 742 -6135 1 I N V O I C E Y�� t, -+b V , pJN 9t YM+35 ', �' ELLEN SCHAFFER INVOICE 2514 339 N.W. 99 WAY DATE: 4/5/2012 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 1.0 HOUR(S) PROGRAMMING & CONSULTING SERVICES 115.00 115.00 TO ADD P9 ELECTIVE BENEFIT TO FUNCTION THE SAME AS P2. FOR POLICE OFFICERS SUBTOTAL $ 115.00 TAX $ .00 SHIP /HAND $ .00 TOTAL $ 115.00 PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU Barbara Ladue From: Lori Guild [lori @perryjensenlaw com] Sent: Wednesday, February 08, 2012 1204 PM To: Barbara Ladue Cc: ThePensionTeam @perryjensenlaw.com Subject: Re: Police Pension Agenda 2 -14 -2012 Attachments: 2012 Ethics Opinion RQO 11- 089.pdf, Disability Presumptions - -Task Force Report.pdf; HOUSE BILL 1499.pdf; Memo HB 1499 pdf; Memo Task Force on Public Employee Disability Presumptions.pdf Barb, Please add the following items to the Bonni's section of the Agenda: Disability Presumptions - Memo /9//1, - Task Force Report Legislative Update - Memo re: HB 1499 - HB 1499 The revised Ethics Opinion RQO 11 -089 letter is attached. Thank you, Lori On 2/8/2012 10:06 AM, Barbara Ladue wrote: Attached is the agenda for next Tuesday's meeting, 2 -14 -2012, @ 9:30 AM Renaissance Commons Conference Room. Agenda package in the mail today. Thank you. Barb La Due 1 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 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 for 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 HB1499 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 a€ 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 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 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 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 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 :Thicken 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 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 ohall not to exceed 14 days, a dispute Page 5 of 6 CODING: Words strickcn 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 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 provision of s. 447.403. An unfair labor practice charge may 145 shall not be filed during the period 11 days during which 146 negotiations are authorized and occurring under pursuant to this 147 subsection .se- on. 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 stricken 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 C046160O1 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 Inlln1llnlnlnl1IILrnlrll ❑ 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 AU 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, 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 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 f mailto:Iadueb@ bbpdpension.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 AII: 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 written BOARD OF TRUSTEES OF THE CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICERS' RETIREMENT TRUST FUNDS, ATTEST: Named Fiduciary, as aforesaid f •• ��.� By. _ Title: 0t! ATTEST. RUSSELL TRUST COMPANY /1 , 1 1 14 11 Title: .;f F _' 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 dally 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 1 1 1 11 Target Allocation actively - managed Russell funds $25 M $35 M $75 M 1 11 11 Limits Ini} •.I ,I "i .d' ;'s I. 1'''Ir '! .1''i, n, I ••,�, I'I'' h1 'I'�i' 'L, 11 ti r', r'r, .I 'I'r' 1, sir!. 'r r' l� i' TT -�il; 1•,i '; r r'II': 1 "1 1 . : .'ll' I,..' }�' .I "II "I i {I,II', r�.il;l� ;i!l�l 6, �(I 'i'' L I! � �'��I!'r,•I�.IgI• Ikl' rl ;jr� I ,.,I ;�II I'I�I I i .l:'! II' i l" 'hi); pi r'. i. rlUd rei!l�ll �r rl;l ' Id:irglid,JJ,� ll � .I .r r rl� LLI • � rill,,.11 ',' i', i'I'I' i I,r, .'lY. i. : kl��l, ,! ,.,1V A I ..I rdihq,.�,ls1 I ,� 1'r i .. �!, i.;l'rr Ilr l.,i� 'J,jl,l.lill.;lt 1 1 fdllll;; Fund 1 Annual Fee (%) •, ; �I� Minimum Maximum Russell Equity t Fund 0.83% 0.81% 0.79% 0.77% ;:111. 21% 46% Russell Large Cap Structured Equity Fund 0.83% 0.81% 0.79% 0.77% ,1 / 1 Russell Concentrated Equity Fund 0.83% 0.81% 0.79% 0.77% I 0% 10% ( i � lill � iii ;�� {II ; :`IFI� I ; , ; � • ! I I'iJi l ; Russell Equbty II Fund 0.83% 0.81% 0.79% 0.77% .1 1!:11:1 5 % 10% Russell Small Cap Fund 0.83% 0.81% 0.79% 0.77 °!0 ilhilj ;hilii' hl III rli i� ri �r'r!j�irr ;l i�!Lfii�; Russell International Fund 0.83% 0.81% 0,79% 0.77% ii1111 Russell All International Markets Fund 0.83% 0.81% 0.79% 0.77% , 11 1 1 S% 20% rll, Russell World Equity Fund 0.83% 0.81% 0.79% 0.77% ! !Ij' 5% 15% '', i i1 . l i , ! , l , i •; s,., r Y'i I II ,11 i ; i it Lr •,,;,1 l,r'j! r rr�i;,. , ,ii 'ai� I' , ;, L ,! !'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 ri Russell Long Credit Fixed Income Fund 0.83% 0.81% 0.79% 0.77% i 'si 30% 40% 1 ,i1 Russell Long Duration Fixed Income Fund 0.83% 0.81% 0.79% 0.77% I m .1 Russell Fixed Income 11 Fund 0.83% 0.81% 0.79% 0.77% Ii 1 Russell Fixed Income II Fund 0.83% 0.81% 0.79% 0.77% 1{I 1 0% 10% !j11 I'll °,r � I . 1' ICI „I'i , ;ii (i,1 p • �• I ;I� .' ,I' d'; I ; i r �i1i; 1, � r' I r' Russell Inflation - Protected Securities Fund* 0.83% 0.81% 0.79% 0.77% i ;; 0% 59'0 Russell Short -Term Investment Fund * 0.83% 0.81% 0.79% 0.77% ;;li' 0% J 5% ill�lyii ;,y 11h!411' ;.1.0 Russell Real Estate Equity Fund 0.83% 0.81% 0.79% 0.77% .1I'1 2% 5% Russell Global Real Estate Securities Fund 0.83% 0.81% 0.79% 0.77% '1" 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 (I, i Target Allocation actively - managed Russell funds $25 M $35 M $75 M I,.1, Limits 11 ,1 , 1 . , illl ,1 1 P All!! pl I I , '1 n' , i ! ,I ` i •' ": • I : , n ' L' 1 ' , . I• ! I '1x ,11 ; ; � q •, 1 ' i ! I , 'i I' i,' I 'I Itll!i''9,1. 11 , � , h , ' 1 ..•'1�1, :�'�'I�''li � I!i . ,�II;I! �� i 1 ' . ' , � 'i'•'lli. 'tl�!L1i I'jl,l,,. 9'..0 � 11'1' !1',l'll !1111!!.i:j, I,r i }' 1 ��•' I,'.� "1�' ,11, ,Ila III•''il Fund Annual Fee (%) ;i' :' Minimum Maximum Russell Equity I Fund 0.85% 0.83% 0.81% 0.79% I�I 15% 48% Russell Large Cap Structured Equity Fund 0.85% 0.83% 0.81% 0.79% , ';i; Russell Concentrated Equity Fund 0.86% 0.83% 0.81% 0.79% '! 0% 10% Ilil 'J�'iINli'I !•'iI!1„ !: ' „,1 Russell Equity II Fund 0.85% 0.83% 0.81% 0.79% �!!`,: 5% 10% Russell Small Cap Fund 0.85% 0.83% 0.81% 0.79% , 1'� . "11Ljll •I ii Ijd•I } ,;l i ! ' I !i Ili�'`111 i,!,�il ,ljl4 III, Russell International Fund 0.85% 0.83% 0.81% 0.79% !.1, 5% 20% Russell All International Markets Fund 0.85% 0.83% 0.81% 0.79% Russell World Equity Fund 0.85% 0.83% . 0.81% 0.79% l; ; 5% 15% : !11 1 1 ,1 ,;1 1 ] !!11'P ?f'ial ;111 1111;1:1::i 11 Russell Fixed Income I Fund 0.85% 0.83% 0.81% 0.79% �I!iill Russell Multi- Manager Bond Fund 0.85% 0.83% 0.81% 0.79% Ill!, 30% 40% Russell Long Credit Fixed Income Fund 0.85% 0.83% 0.81% 0.79% 1.1 Russell Long Duration Fixed Income Fund 0.85% 0.83% 0.81% 0.79% li,;11 q. "r " , 1;11 I ,riIJ',;,i -;� ill•1il''a!11; 1'I Russell Inflation- Protected Securities Fund* 0.85% 0.83% 0.81% 0.79% 111:!1 0% s 5% Russell Short-Term Investment Fund * 0.85% 0.83% 0.81% 0.79% '1 :;,; 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% jl 0% 5% Russell Commodities Fund 0.85% 0.83% 0.81% 0.79% il 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. tf 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 & Rolbvers $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 Protects 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 iPayBeneffts.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 Iadueb @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 Iadueb @bbpdpension.com Make check payable to Russell Investments 1500 Gateway Blvd #220 Check Amount $ Boynton Beach, FL 33426 _ InIInIIInIIIInIIIuIInnIIII _ 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 Penod Ending 43441 01/12/2012 D04616001 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 Iadueb @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 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 f mailto:IaduebObbpdpension.comj 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 N o. 10 is made as of ‘1711 . 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 wntten 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 • Title: QA- ^riNc;n ATTEST: RUSSELL TRUST COMPANY Co( 1 By ,p Title: CJd 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 ' !! Target Allocation actively - managed Russell funds $25 M $35 M $75 M ; Limits 3' '!'I!! � `l,''' I,il '61 ,i1rS,',,Ia!,lj L 'I ,ll!In.'j I s '! '! "t, ,II, dl '! "1 I,11. •I ;'!'IRI'r ,3 1 'i, .I'; " i� Il ,h i'hlil ", 1� '1 i I (! ' ',Il''� II i :{ ,.I. 'I!II•� it "L'n' '{ � 1.. , � MLA i .,, n. till`t;f fi,�li =I,��li!' i,,, 1, `Y +II. o�ll 1 111. ,, (ii•lfltf:' �' ?;; fl ll,,,lj,a : (;�1.`l {I ill I l4la'i ,•I �" � 11:1. 11, Fund Annual Fee (%) ,Id Minimum Maximum 1. Russell Equity I Fund 0.83% 0.81% 0.79% 0.77% j 21% 469'0 Russell Large Cap Structured Equity Fund 0.83% 0.81% 0.79% 0.77% j`� Russell Concentrated Equity Fund 0.83% 0.81% 0.79% 0.77% I 0% 1O% I Il;il�i, „ � „! ; ^I'�a;n, Russell Equity!! Fund 0.83% 0.81% 0.79% 0.77% 1;, I 0 0.81% 0 ° l;•j ' 1 5 % 10% Russell Small Cap Fund 0.83% 0.81 /0 0.79 /0 0.77 /o ill;i1I li�,lll,I , lji'�,i6�11 t I(I Jlht ryil !i;liblh'nl,jll'.�ilil ;raj! Russell International Fund 0.83% 0.81% 0.79% 0.77% ll.l 5% 20% Russell All International Markets Fund 0.83% 0.81% 0.79% 0.77% I I I ! , Russell World Equity Fund 0.83% 0.81% 0.79% 0.77% I "I'' ' 5% 15% iii 1 1 1 111kl ''iii!l,''ii !;' 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% 1 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 11 Fund 0.83% 0.81% 0.79% 0.77% Russell Fixed Income II Fund 0.83% 0.81% 0.79% 0.77% ;1'II; 0% 10% Russell Inflation - Protected Securities Fund* 0.83% 0.81 % 0.79% 0,77% lj; 0% 5% Russell Short-Term Investment Fund * 0.83% 0.81 % 0.79% 0.77% is j? 0% 5% ;I!, Russell Real Estate Equity Fund 0.83% 0.81 % 0.79% 0.77% ;ij�l 2% 5% Russell Global Real Estate Securities Fund 0.83% 0.81% 1 0.79% 0.77% ' ;I! 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 1 ,1 Target Allocation actively - managed Russell funds $25 M $35 M $75 M Limits ,I • ',Ir I'I' I II !I I �j �� ,;��. !;,, ;�; .i " o' I: � I �{' •. � l; 1i r• I I� I , .I.! ,I' 'I',11. 1 ,irl l,. I�bli it ' I. I li ,; ,•' : ,� � ' !'ll ' L'. 'il'�. I lilllaq, I , ��'� L''.. i Fund Annual Fee (%) ' }' I �1 1�, '�I';' I I ' i`: ,' . 1 i,ll, III '•1 ' ;�;'' Minimum Maximum Russell Equity I Fund 0.85% 0.83% 0.81% 0.79% 1,l; 15% 46% Russell Large Cap Structured Equity Fund 0.85% 0.83% 0.81% 0.79% !I;i,; Russell Concentrated Equity Fund 0.85% 0.83% 0.81% 0.79% Il 0% 10% I �l�l�•,li�';il • �'I!'�� ` i •' � 'io'i�i iii I, ''!tai' .i:, ' i t i 1 Russell Equity II Fund 0.85% 0.83% 0.81% 0.79% III' 5% 10% Russell Small Cap Fund 0.85% 0.83% 0.81% 0.79% ! I I ,.{ I,i, I. ,,.1 L I,' I ;' � nlil�''�I,ii • �• 1;,6,IIl�I'i Russell International Fund 0.85% 0.83% 0.81% 0.79% I I 5% 20% Russell All International Markets Fund 0.85% 0.83% 0.81% 0.79% l ' , Russell World Equity Fund 0.85% 0.83% • 0.81% 0.79% 5% 15% 11,IlIi ;I•�'!II',' �l��l ��' �'l'l'i��l'lilll� t i i}l 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% ! �. 30% 40% Russell Long Credit Fixed income Fund 0.85% 0.83% 0.81% 0.79% l!q Russell Long Duration Fixed Income Fund 0.85% 0.83% 0.81% 0.79% I,;, ;,' �h l y ,' ;all lilld' l i P �,iilllill :0 11 Russell Inflation- Protected Securities Fund* 0.85% 0.83% 0.81% 0.79% 11 0% 5% Russell Short -Term Investment Fund * 0.85% 0.83% 0.81 % 0.79% I' :;,; 0% 5% I!, i Ih'y Il1i " 111:';i ,l:1:141 Russell Real Estate Equity Fund 0.85% 0.83% 0.81 % 0.79% 1 ; II 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% '! 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 intemal 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 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 Reti ree 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 $ 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 $6.00 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 [Iadueb @bbpdpension com] Sent: Monday, March 26, 2012 12 34 PM To: 'Chapman, Gary' Subject: RE: Pension Meeting conflict OK..got it. Barb La Due From Chapman, Gary [mailto:ChapmanG @bbfl.us] Sent: Monday, March 26, 2012 11:32 AM To: Iadueb @bbpdpension.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 Apni 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 r OA BOYNTON BEACH POLICE OFFICERS' PENSION FUND 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 faxed income universe over three- and five -year periods. D. International Equity Performance The international equity portion of the portfoho 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 appropnate Private Real Estate universe over three - and five -year penods. 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 monitoring 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 P' 1 By: A / By: As: C - . i 'fin Board of Trustees As: Investment Manager Date: 2 //y 424 Date: Z (((f' 1/ BURGESS CHAMBERS & ASSOCIATES, INC. By: r► As: Register d A A. iso Date: 9 of 9 Pages 2/13/2012 Davidson, Jamieson & Cristini, P.L. Invoice 1956 Bayshore Blvd. Date Invoice # Dunedin, Fl 34698 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 1% per month (12% per annum) Minimum monthly service charge is $5 00 -*) GRS Gabriel Roeder Smith & Company � � � � Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 bate 111N Iric Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 2/9/2012 117626 hill 10: I'lea'c wind 1 n: 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 W.crilrlirur I' - X1111111111 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 L ,. 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: a 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. d t PARTICIPANT' S SIGNATURE : / '� j, � ., � DATE : I ` a 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 HARRISON, LISA K # 2278 SSN 489 -88 -xxxx DEPT 21 ADDRESS 122 BROOKFIELD BLVD YTD CONTR. 1,039.29 WENTZVILLE, MO 63385 CONTR(TAX) 67,787.81 BIRTH 11/23/1971 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 a - � '` BALANCE SHEET fovevy,44/0 r Year -To -Date As Of r j� 12/31/2011 ASSETS CHECKING - SUNTRUST 13,897.25 RECEIVABLE -SOLD SECURITIES 266,766.11 DUE TO /FROM BROKER 15,415.04 ,54( PREPAID EXPENSES 5,432.00 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. 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