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Agenda 08-14-12 BOYNTON BEACH POLICE OFFICERS’ PENSION FUND QUARTERLY BOARD MEETING Tuesday, August 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 II. AGENDA APPROVAL - III.APPROVAL OF MINUTES – Quarterly Meeting 5-22-2012 Special Meeting 06-11-2012 IV. FINANCIAL REPORTS: A) Quarterly Investment Review for June 30, 2012 1.)Russell Investment Group – Glenn Harris, Client Executive- 1) Portfolio review - 2) Status Asset Allocation/Core Plus Product/Basis Points 2.) Burgess Chambers & Associates (BCA) – Frank Wan, Head of Research & Burgess Chambers, Pres. 1) Fund Performance review – 2) Services & Compensation for the Plan (received 6-28-12) 3.) Gabriel, Roeder, Smith & Co. – Supplemental Actuarial Study Dated 6-28-2012 V. CORRESPONDENCE: N/A VI. OLD BUSINESS: th 1) 5 Annual Reunion – Saturday, November 3, 2012 @ 6:00 PM VII. NEW BUSINESS: A. Invoices for review and approval: 1) Russell Investment Gp – Quarter End 6-30-2012 $109,589 2)Russell Payment Services – Quarter End 6-30-2012 - $972.64 3)Burgess Chambers & Assoc – Second Quarter 2012 - $5,000 4)Perry & Jensen, LLC – Service May, Jun & July 2012 - $3,992.02 5)Ellen Schaffer – Modification State Reports - $201.25 6)GRS – Service May 2012 - $1,980 Service June 2012 - $13,645 B. Restoration of Benefit – Craig Hanning – Rehire March 2012 1) Background info with Final Worksheet of June 9, 2006 on Def Vested Benefit 1 C. Updated SPD – July 2012 – Review and approval for distribution D. Attorney Report – Bonni Jensen 1) Div Of Retirement 5-29-2012 Local Retirement Plan – Minimum Funding 2) Flordia Statute 732.703/HB 401 – Beneficiary Designations 7-23-2012 VIII. PENSION ADMINISTRATOR’S REPORT 1.Benefits as of August 1, 2012 2. Annual “Alive & Well” Statements – 13 Statements outstanding 3. Updated Buy-Back Table received June 2012 IX. COMMENTS: X. ADJOURNMENT: Next Regular Meeting Date – Tuesday, November 13, 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 Barbara Ladue From: DivisionOfRetirement @roI frs state.fl us Sent: Tuesday, May 29, 2012 5 01 PM To: ladueb©bbpdpension com Subject: Local government retirement plans - contribution method Attachments: 2012 -05 -29 - Local retirement plans percentage of payroll docx May 29, 2012 MEMORANDUM TO: Florida Local Government Retirement Systems or Plans FROM: Division of Retirement Bureau of Local Retirement Systems SUBJECT: Local Retirement Plans Minimum Funding Basis: Percentage of Payroll Versus Fixed - Dollar Contributions The Division of Retirement performs actuarial reviews of Florida's local government retirement plans to ensure that they are being funded in an actuarially sound manner in accordance with Part VII of Chapter 112, Florida Statutes. The provisions of section 112.61, Florida Statutes, require in part that, "such retirement systems or plans be managed, administered, operated, and funded in such a manner as to maximize the protection of public employee retirement benefits" and "it is the intent of this act to prohibit the use of any procedure, methodology, or assumptions the effect of which is to transfer to future taxpayers any portion of the costs which may reasonably have been expected to be paid by the current taxpayers." In 2009, in an effort to ensure compliance with these provisions, the division began requiring that local retirement plan contributions must minimally equal the amount of contributions determined using the percentage -of- payroll method. This was intended to eliminate recurring actuarial losses due to payroll growth underestimation. However, economic conditions since then have led to substantial changes in the allocation of local government resources and the causes of the prior actuarial losses attributable to this issue have largely abated. With several years of experience accumulated to evaluate the effectiveness of the percentage -of- payroll contribution requirement, the division has determined that use of this method is not required for compliance with Part VII of Chapter 112, Florida Statutes. Accordingly, effective immediately, local governments should confer with the retirement board actuary to select and maintain a contribution method (percentage of payroll or fixed dollar contributions) that best fits the funding requirements of the plan and satisfies the legislative intent found in section 112.61, Florida Statutes. The division will continue to monitor all plans for compliance with these provisions. If you have any questions or wish to discuss further, please contact our office and speak to Doug Beckendorf, Joe Edmonds, or Keith Brinkman at (877) 738 -5622 or (850) 488 -2784. SS: kb 1 Barbara Ladue From: Bonni S Jensen [bsiensen @perryiensenlaw com] Sent: Saturday, August 11, 2012 4 13 PM To: Gary Chapman, Athol, Toby; Jason Brough, Scott Baur, 'Ranzie, Frank' Cc: Barbara LaDue; Thepensionteam @perryjensenlaw com, Burgess Chambers Subject: Boynton Beach Police Officers Pension Fund - Chapter 185 money Trustees, The Municipal Police Officers and Firefighters Pension Office released the amounts of the Chapter 175/185 money on Friday afternoon. Your expected 185 money this year is $595,918.78 which is down from the $623,167.98 received last year. Please contact me if you have any questions. TO SEND MAIL TO MY ENTIRE TEAM, PLEASE RESPOND TO THEPENSIONTEAM (a)PERRYJENSENLAW.COM Bonni S. Jensen <bsjensenPperryjensenlaw.com> Law Offices of Perry & Jensen, LLC 400 Executive Center Drive, Suite 207 West Palm Beach, Florida 33401 Telephone: (561)686 -6550 Facsimile: (561)686 -2802 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 1 BCA Guide to Services and Compensation for the Boynton Beach Police Pension Fund The following is a guide to important information you should consider in connection with the services provided by BCA to your Plan. Should you have any questions concerning this guide or the information provided to you concerning our services or compensation, please contact our office at 407 - 644 -0111. Required Information Location Description of the services BCA will provide Investment Performance Monitoring Agreement to your Plan. Section 1 Services of Advisor A statement that BCA will provide the services BCA acknowledges that it is registered as an as an ERISA fiduciary and registered investment adviser under the Investment investment adviser. Advisers Act of 1940, as amended. BCA acknowledges that in performing our fiduciary services, we are acting as a non - discretionary fiduciary investment advisor of the Plan as defined in section 3(21) (A) (ii) of ERISA but only with respect to plan assets under our review. Compensation BCA will receive from your Investment Performance Monitoring Agreement Plan ( "direct" compensation). Section 1- "Fees" BCA does not receive any "indirect" Fee Addendum dated April 1, 2009 compensation. Manner in which compensation will be Investment Performance Monitoring Agreement received. Section 8- "Fees" • lio,t(ttut?,)tld( in\(Stineni Ad\ik(it • 315 East Robinson Stre ^t, Svote 690 0 lando, 0 1 _.80 Phcune (107) 644 01 F. x (407) 614 0691 GI6 Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.161 phone Consultants & Actuaries Suite 505 954.525.0083 fax Et Lauderdale, Fl 13301 -1804 www.gahriclrocdcr.com June 28, 2012 Ms. Barbara LaDue Pension Administrator Boynton Police & Fire Pension Funds Renaissance Executive Suites 1500 Gateway Blvd., #220 Boynton Beach, Flonda 33426 Re: City of Boynton Beach Municipal Police Officers' Retirement Fund Supplemental Actuarial Study Dear Barbara: As requested, we have prepared a supplemental actuarial study which illustrates the impact of changes in the method of financing pension benefits. Except as indicated below, all remaining assumptions and benefits are the same as indicated in our October 1, 2011 Actuanal Valuation Report. Please refer to the enclosed exhibits for details. We studied a number of potential Retirement Fund closing scenarios. Below is a description of each of the scenarios we modeled. Our illustrations show the projected City contribution over a 30 -year period. - In Scenario A, we show a baseline projection of City contributions assuming no changes — current and future members continue to accrue benefits under the current provisions of the Retirement Fund. - In Scenario B, we assume the Retirement Fund is closed to new entrants and Police services are transferred to the Palm Beach County Sheriff's Office. We also assume that members not vested in the Plan (i.e., members who have less than five years of service) as of October 1, 2012 will receive a refund of their accumulated Retirement Fund contributions and enter the Flonda Retirement System (FRS) Active members who are vested as of October 1, 2012 are assumed to elect to remain in the Retirement Fund and continue accruing benefits under the current provisions of the Retirement Fund. - Scenario C is the same as Scenario B, except that a 6.0% discount rate and the Aggregate funding method are used to reflect the shorter-term nature of the Retirement Fund after it is closed to new members. The Aggregate funding method targets full funding of benefits by the time the last active member is expected to retire. - In Scenario D, we estimated the impact of terminating the Retirement Fund and either distnbuting all assets to plan members, purchasing annuities through an insurance company, or establishing and maintaining a substitute trust. The shortfall between the present value of accrued benefits and the market value of assets would need to be funded, and the City of Boynton Beach would be responsible for continuing to financially support the Retirement Fund until all accrued benefits have been fully funded. It is important to note that under this scenano, all current and future active members are assumed to enter FRS. - In Scenario E, the Retirement Fund is assumed to be closed to new entrants and all benefits are frozen as of October 1, 2012 (no future accruals). All current and future members are assumed to enter FRS. The frozen benefits are then valued and funded over time using a 6.0% discount rate and the Aggregate funding method. Ms. Barbara LaDue June 28, 2012 Page 2 Scenarios B through E are closed group projections (no new entrants are assumed). However, Scenario A is an open group projection of the current Retirement Fund. Throughout the 30 -year projection period in Scenano A, new Police Officers are assumed to be hired each year at a rate sufficient to maintain a constant active member headcount. Future Police Officers are assumed to have the same average demographic characteristics at their hire dates (age, gender, salary — adjusted each year for inflation) as those of Police Officers hired from October 1, 2001 through September 30, 2011 We have provided 30 -year projections of the City contribution requirements under each scenario. We have also provided a graph for illustration purposes. The purpose of this report is to describe the financial effect of the changes summarized above. This report should not be relied on for any purpose other than the purpose described above. The calculations are based upon assumptions regarding future events, which may or may not matenahze Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan expenence 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 additional cost or contribution requirements based on the plan's funded status); and changes in plan provisions or applicable law. If you have reason to believe the assumptions used are unreasonable, that the plan provisions are incorrectly described, or that conditions have changed since the calculations were made, you should contact the author of the report prior to relying on information in the report. The calculations in this report are based upon information furnished by the Plan Administrator for the October 1, 2011 Actuarial Valuation concerning Plan benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We reviewed this information 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. The undersigned 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 undersigned actuaries are independent of the plan sponsor This report has been prepared by actuaries who have substantial expenence 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 Plan as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, and with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. Respectfully submitted, i)' )-12-1-.A.--- 14624-/L411- ga.. ...jerysic J. Stephen Palmquist, ASA Peter N. Strong, ASA Senior Consultant and Actuary Consultant and Actuary JSP /te Enclosures City of Boynton Beach Municipal Police Officers' Retirement Fund Table 1: 30 -Year Projection of Required City Contributions Scenario A (Baseline Projection - No Changes) - Current Funding Method Fiscal Est. Total Normal Cost Required Year Pensionable (Net of Employee Amortization Expected State City Ending Pay Contributions) of UAAL Contribution Contribution % of Pay 2013 12,817,809 2,199,103 2,502,469 465,087 4,236,485 33.05% 2014 13,514,045 2,458,362 2,871,569 465,087 4,864,844 36.00% 2015 14,149,280 2,714,571 3,132,772 465,087 5,382,256 38.04% 2016 14,805,508 2,986,581 3,360,555 465,087 5,882,049 39 73% 2017 15,405,137 3,261,587 3,612,577 465,087 6,409,077 41.60% 2018 15,974,720 3,382,929 3,759,196 465,087 6,677,038 41.80% 2019 16,508,414 3,492,842 1887,344 465,087 6,915,099 41 89% 2020 16,988,469 3,593,577 4,167,672 465,087 7,296,162 42 95% 2021 17,585,923 3,717,733 4,486,235 465,087 7,738,881 44.01% 2022 18,076,404 3,820,135 4,454,299 465,087 7,809,347 43.20% 2023 18,606,435 3,934,889 4,581,673 465,087 8,051,475 43.27% 2024 19,061,734 4,033,175 4,842,756 465,087 8,410,844 44.12% 2025 19,565,836 4,141,111 5,082,766 465,087 8,758.790 44.77% 2026 20,040,044 4,242,356 5,319,675 465,087 9,096,944 45.39% 2027 20,293,504 4,298,462 5,564,450 465,087 9,397,825 46.31% 2028 20,718,156 4,391,986 5,761,535 465,087 9,688,434 46.76% 2029 21,007,179 4,457,267 5,956,774 465,087 9,948,954 47.36% 2030 21,546,134 4,577,010 5,874,836 465,087 9,986,759 46.35% 2031 22,037,366 4,683,153 5,720,129 465,087 9,938,195 45.10% 2032 22,639,981 4,810,765 5,757,481 465,087 10,103,159 44.63% 2033 23,424,832 4,977,037 5,843,328 465,087 10,355,278 44.21% 2034 24,044,351 5,107,473 5,960,130 465,087 10,602,516 44 10% 2035 24,735,313 5,256,478 6,074,278 465,087 10,865,668 43.93% 2036 25,468,954 5,412,438 5,998,538 465,087 10,945,890 42,98% 2037 26,455,633 5,619,354 3,391,778 465,087 8,546,045 32,30% 2038 27,366,953 5,809,895 2,409,072 465,087 7,753,880 28.33% 2039 28,382,945 6,021,764 2,128,111 465,087 7,684,787 27.08% 2040 29,442,927 6,243,910 1,701,892 465,087 7,480,715 25.41% 2041 30,504,561 6,466,733 1,234,691 465,087 7,236,336 23.72% 2042 31,565,369 6,689,655 875,841 465,087 7,100,409 22.49% Total 245,164,139 Ass umptions No future non - investment gains or losses 7 75% Annual Investment Return Normal Cost amounts shown above are net of employees' contributions and includes projected admmstrative cost The minimum employer contribution is equal to the employer normal cost Prepared by Gabriel, Roeder, Smith and Company June 28, 2012 City of Boynton Beach Municipal Police Officers' Retirement Fund Table 2: 30 -Year Projection of Required City Contributions Scenario B (Close Plan; Non - Vested Members and New Members Enter FRS) Closed Group; Current Funding Method with 7.75% Interest Rate Normal Cost Fiscal Est. Total (Net of FRS Contribution Expected Net Required Year Pensionable Employee Amortization (For Current State City Ending Pay Contributions) of UAAL Members Only) Contribution Contribution % of Pay 2013 12,397,266 1,878,821 3,405,958 278,253 465,087 5,097,945 41 12% 2014 12,600,500 1,989,322 3,839,261 307,599 465,087 5,671,095 45 01% 2015 12,866,528 2,144,186 4,053,224 295,155 465,087 6,027,478 46 85% 2016 13,129,505 2,321,459 4,199,081 288,084 465,087 6,343,537 48 32% 2017 13,216,873 2,482,171 4,367,446 284,708 465,087 6,669,238 50.46% 2018 13,316,193 2,498,309 4,367,014 283,557 465,087 6,683,793 50 19% 2019 13,164,568 2,458,926 4,327,782 284,149 465,087 6,605,770 50 18% 2020 12,841,829 2,388,118 4,321,130 284,465 465,087 6,528,626 50 84% 2021 12,783,281 2,370,628 4,314,124 285,490 465,087 6,505,155 50.89% 2022 12,343,950 2,286,174 4,312,710 279,843 465,087 6,413,640 51 96% 2023 11,949,130 2205,168 4,305,495 282,128 465,087 6,327,704 52.96% 2024 11,365,272 2,089,068 4,298,060 281,791 465,087 6,203,832 54.59% 2025 10,838,096 1,989,313 4,285,831 278,329 465,087 6,088,386 56 18% 2026 10,158.776 1,847,925 4,273,953 282,666 465,087 5,939,457 58 47% 2027 8,912,499 1,589,510 4,255,057 288,689 465,087 5,668,169 63.60% 2028 8,004,922 1,402,154 4,216,282 295,048 465,087 5,448,397 68 06% 2029 6,581,990 1,138,474 4,181.643 281,331 465,087 5,136,361 78 04% 2030 5,833,564 987,493 3,983,349 287,411 465,087 4,793,166 82 17% 2031 4,735,114 858,720 3,744,217 225,047 465,087 4,362,897 92 14% 2032 3,851,983 741,193 3,655,468 188,593 465,087 4,120,167 106 96% 2033 3,287,070 667,168 3,605,527 157,102 465,087 3,964,710 120 62% 2034 2,421,875 512,321 3,572,164 146,778 465,087 3.766,176 155.51% 2035 1,688,637 387,501 3,513,648 137,011 465,087 3,573,073 211 60% 2036 938,226 272,436 3,336,976 117,212 465,087 3,261,537 347 63% 2037 788,273 253,778 1,801,981 118,435 465,087 1,709,107 216 82% 2038 304,449 253,778 1,168,039 45,701 465,087 1.002,431 329.26% 2039 107,526 253,778 933,623 16,129 465,087 738,443 686 76% 2040 0 253,778 668,265 0 465,087 456.956 N/A 2041 0 253,778 397,856 0 0 651,634 N/A 2042 0 253,778 134,360 0 0 388,138 N/A Total 136,147,018 Assumptions No future non - investment gains or losses 7 75% Annual Investment Return Normal Cost amounts shown above are net of employees' contributions and includes projected administrative cost The minimum employer contribution is equal to the employer normal cost The projected FRS contributions are estimated based on the information provided in the July 1, 2011 Florida Retirement System actuarial valuation report In our projections, the estimated annual required contribution rate varies from 20 18% down to 5 99% of FRS covered payroll during the 30 -year projection period Prepared by Gabriel, Roeder, Smith and Company June 28, 2012 City of Boynton Beach Municipal Police Officers' Retirement Fund Table 3: 30 -Year Projection of Required City Contributions Scenario C (Close Plan; Non - Vested Members and New Members Enter FRS) Closed Group; Aggregate Funding Method with 6.0% Interest Rate Normal Cost FRS Fiscal Est. Total (Net of Contribution Expected Net Required Year Pensionable Employee Amortization (For Current State City Ending Pay Contributions) ofUAAL Members Only) Contribution Contribution %ofPay 2013 12,397,266 8,587,742 0 278,253 465,087 8,400,908 67 76% 2014 12,600,500 9,813,511 0 307,599 465,087 9,656,023 76.63% 2015 12,866,528 10,398,228 0 295,155 465,087 10,228,296 79 50% 2016 13,129,505 10,818,958 0 288,084 465,087 10,641,955 81 05% 2017 13,216,873 11,090,181 0 284,708 465,087 10,909,802 82 54% 2018 13,316,193 11,128,974 0 283,557 465,087 10,947,444 82 21% 2019 13,164,568 10,872,257 0 284.149 465,087 10,691,319 81 21% 2020 12,841,829 10,478,971 0 284,465 465,087 10,298,349 80 19% 2021 12,783,281 10,319,202 0 285,490 465,087 10,139,605 79.32% 2022 12,343,950 9,874,369 0 279,843 465,087 9,689,125 78 49% 2023 11,949,130 9,374,016 0 282.128 465,087 9,191,057 76 92% 2024 11,365,272 8,698,950 0 281,791 465,087 8,515,654 74 93% 2025 10,838,096 8,054,318 0 278,329 465,087 7,867,560 72 59% 2026 10,158,776 7,223,363 0 282,666 465,087 7,040,942 69.31% 2027 8,912,499 5,823,439 0 288,689 465,087 5,647,041 63 36% 2028 8,004,922 4,572,677 0 295,048 465,087 4,402,638 55 00% 2029 6,581,990 3,122,635 0 281,331 465,087 2,938,879 44 65% 2030 5,833,564 2,074,257 0 287,411 465,087 1,896.581 32 51% 2031 4,735,114 1,285,772 0 225,047 465,087 1,045,732 22.08% 2032 3,851,983 1,120,139 0 188,593 0 1.308,732 33 98% 2033 3,287,070 623,681 0 157,102 0 780,783 23 75% 2034 2,421,875 239,210 0 146,778 0 385,988 15 94% 2035 1,688,637 246,386 0 137,011 0 383,397 22 70% 2036 938,226 253,778 0 117,212 0 370,990 39 54% 2037 788,273 253,778 0 118,435 0 372,213 47 22% 2038 304,449 253,778 0 45,701 0 299,479 98 37% 2039 107,526 253,778 0 16,129 0 269,907 251 02% 2040 0 253,778 0 0 0 253.778 N/A 2041 0 253,778 0 0 0 253,778 N/A 2042 0 253,778 0 0 0 253,778 N/A Total 155,081,733 Assumptions No future non - investment gains or losses 6 00% Annual Investment Return Normal Cost amounts shown above are net of employees' contributions and includes projected adminstrative cost The minimum employer contribution is equal to the employer normal cost The projected FRS contributions are estimated based on the information provided in the July 1, 2011 Florida Retirement System actuarial valuation report In our projections, the estimated annual required contribution rate varies from 20 18% down to 5 99% of FRS covered payroll during the 30 -year projection period Prepared by Gabriel, Roeder, Smith and Company June 28, 2012 City of Boynton Beach Municipal Police Officers' Retirement Fund Scenario D - Estimated Settlement Shortfall as of October 1, 2012 Discount Rate used in Valuing Liabilities 3.00% 4.00% 5.00% 6.00% 7.00% 7.75% Present Value of Accrued Benefits $162,807.345 $ 138,230,359 $ 119,058,135 $103,870,894 $ 91,667,628 $ 84,034,340 Estimated Market Value of Assets* $ 48,185,153 $ 48,185,153 $ 48,185,153 $ 48,185,153 $48,185,153 $48,185,153 Estimated Shortfall Requiring Immediate City Funding $114,622,192 $ 90,045,206 $ 70,872,982 $ 55,685,741 $ 43,482,475 $ 35,849,187 *Estimated value In developing this estimate, it was assumed that Plan assets would return 7 75% in fiscal year ending September 30, 2012. All other actuarial assumptions were assumed to be exactly realized during fiscal year ending September 30, 2012. City of Boynton Beach Municipal Police Officers' Retirement Fund Table 4: 30 -Year Projection of Required City Contributions Scenario E (All Benefits Frozen 10/1/2012) - 6.0% and Aggregate Funding Method Normal Cost FRS Fiscal Total (Net of Contribution Expected Net Required Year Pensionable Employee Amortization (For Current State City Ending Pay Contributions) of UAAL Members Only) Contribution Contribution % of Pay 2013 12,397,266 4,805,260 0 2,543,383 0 7,348,643 59 28% 2014 12,600,500 5,425,946 0 2,467,128 0 7,893,074 62.64% 2015 12,866,528 5,737,740 0 2,407,599 0 8,145,339 63.31% 2016 13,129,505 5,916,286 0 2,331,844 0 8,248,130 62.82% 2017 13,216,873 6,007,801 0 2,272,697 0 8,280,498 62.65% 2018 13,316,193 5,992,775 0 2,183,970 0 8,176,745 61 40% 2019 13,164,568 5,821,024 0 2,079,595 0 7,900,619 60 01% 2020 12,841,829 5,612,072 0 2,028,156 0 7,640,228 59.49% 2021 12,783,281 5,525,215 0 1,924,859 0 7,450,074 58.28% 2022 12,343,950 5,295,815 0 1,836,328 0 7,132,143 57.78% 2023 11,949,130 5,039,331 0 1,725,337 0 6,764,668 56.61% 2024 11,365,272 4,695,740 0 1,628,493 0 6,324,233 55 65% 2025 10,838,096 4,367,994 0 1,513,352 0 5,881,346 54.27% 2026 10,158,776 3,946,904 0 1,318,188 0 5,265,092 51 83% 2027 8,912,499 3,240,469 0 1,176,875 0 4,417,344 49.56% 2028 8,004,922 2,610,953 0 962,850 0 3,571803 44 65% 2029 6,581,990 1,883,523 0 849,819 0 2,733,342 41 53% 2030 5,833,564 1,358,760 0 687,412 0 2,046,172 35.08% 2031 4,735,114 965,139 0 565,420 0 1,530,559 32.32% 2032 3.851,983 651,373 0 458,772 0 1,110,145 28 82% 2033 3,287,070 403,862 0 337,322 0 741,184 22.55% 2034 2,421,875 239,210 0 234,793 0 474,003 19 57% 2035 1,688,637 246,386 0 130,268 0 376,654 22 31% 2036 938,226 253,778 0 118,435 0 372,213 39.67% 2037 788,273 253,778 0 45,701 0 299,479 37.99% 2038 304,449 253,778 0 16,129 0 269,907 88 65% 2039 107,526 253,778 0 0 0 253,778 236.02% 2040 0 253,778 0 0 0 253,778 N/A 2041 0 253,778 0 0 0 253,778 N/A 2042 0 253,778 0 0 0 253,778 N/A Total 121,410,749 Assumptions No future non - investment gains or losses 6.00% Annual Investment Return Normal Cost amounts shown above are net of employees' contributions and includes projected administrative cost The minimum employer contribution is equal to the employer normal cost The protected FRS contributions are estimated based on the information provided in the July 1, 2011 Florida Retirement System actuarial valuation report. In our projections, the estimated annual required contribution rate varies from 20 18% down to 5 99% of FRS covered payroll during the 30 -year projection period Prepared by Gabriel, Roeder, Smith and Company June 28, 2012 City of Boynton Beach Municipal Police Officers' Retirement Fund Table 5: Summary of Projection Results Projected Annual Required City Contributions Under Each Scenario Scenario A (Baseline) Scenario B Scenario C Scenario E Fiscal Net Required Net Required Net Required Net Required Year City City City City Ending Contribution % of Pay Contribution % of Pay Contribution % of Pay Contribution % of Pay 2013 4,236,485 33.05% 5,097,945 41 12% 8,400,908 67 76% 7,348,643 59.28% 2014 4,864,844 36.00% 5,671.095 45.01% 9,656,023 76.63% 7,893,074 62.64% 2015 5,382,256 38.04% 6,027,478 46.85% 10,228,296 79 50% 8,145,339 63 31% 2016 5,882,049 39.73% 6,343,537 48.32% 10,641,955 81 05% 8,248,130 62.82% 2017 6,409,077 41 60% 6,669,238 50 46% 10,909,802 82 54% 8,280,498 62 65% 2018 6,677,038 41 80% 6,683,793 50 19% 10,947,444 82 21% 8,176,745 61.40% 2019 6,915,099 41.89% 6,605,770 50.18% 10,691,319 81 21% 7,900,619 60.01% 2020 7,296,162 42.95% 6,528,626 50.84% 10,298,349 80.19% 7,640,228 59.49% 2021 7,738,881 44 01% 6,505,155 50 89% 10,139,605 79.32% 7,450,074 58.28% 2022 7,809,347 43.20% 6,413,640 51 96% 9,689,125 78.49% 7,132,143 57 78% 2023 8,051,475 43.27% 6,327,704 52.96% 9,191,057 76.92% 6,764,668 56.61% 2024 8,410,844 44.12% 6,203,832 54 59% 8,515,654 74.93% 6,324,233 55 65% 2025 8,758,790 44.77% 6,088,386 56 18% 7,867,560 72.59% 5,881,346 54 27% 2026 9,096,944 45.39% 5,939,457 58.47% 7,040,942 69 31% 5,265,092 51 83% 2027 9,397,825 46.31% 5,668,169 63.60% 5,647,041 63.36% 4,417,344 49.56% 2028 9,688,434 46.76% 5,448,397 68.06% 4,402,638 55 00% 3,573,803 44 65% 2029 9,948,954 47 36% 5,136,361 78 04% 2,938,879 44.65% 2,733,342 41 53% 2030 9,986,759 46.35% 4,793,166 82.17% 1,896,581 32.51% 2,046,172 35.08% 2031 9,938,195 45.10% 4,362,897 92 14% 1,045,732 22 08% 1,530,559 32.32% 2032 10,103,159 44.63% 4,120,167 106 96% 1,308,732 33.98% 1,110,145 28.82% 2033 10,355,278 44 21% 3,964,710 120 62% 780,783 23 75% 741,184 22.55% 2034 10,602,516 44 10% 3,766,176 155.51% 385,988 15.94% 474,003 19 57% 2035 10,865,668 43.93% 3,573,073 211.60% 383,397 22 70% 376,654 22 31% 2036 10,945,890 42.98% 3,261,537 347.63% 370,990 39 54% 372,213 39 67% 2037 8,546,045 32.30% 1,709,107 216.82% 372,213 47 22% 299,479 37.99% 2038 7,753,880 28.33% 1,002,431 329.26% 299,479 98 37% 269,907 88.65% 2039 7,684,787 27.08% 738.443 686 76% 269,907 251.02% 253,778 236.02% 2040 7,480,715 25 41% 456,956 N/A 253,778 N/A 253,778 N/A 2041 7,236,336 23 72% 651,634 N/A 253,778 N/A 253,778 N/A 2042 7,100,409 22 49% 388,138 N/A 253,778 N/A 253,778 N/A Totals 245,164,139 136,147,018 155,081,733 121,410,749 Prepared by Gabriel, Roeder, Smith and Company June 28, 2012 City of Boynton Beach Municipal Police Officers' Retirement Fund Table 6: Projected Funded Ratios Under Each Scenario Scenario A (Baseline) Scenario B Scenario C Scenario E Valuation Projected Projected Projected Projected Ye ar Funded Ratio Funded Ratio Funded Ratio Funded Ratio 2011 54.8% 54.8% 44.7% 56.9% 2012 51.9% 52.3% 41.6% 53.0% 2013 51.9% 53.2% 45.0% 53.2% 2014 53.1% 55.2% 49.5% 55.0% 2015 54.3% 57 0% 53.8% 56.8% 2016 56.8% 60.2% 59.2% 60.3% 2017 59.6% 63.5% 64.4% 64.0% 2018 61.9% 66.1% 69.1% 67.3% 2019 64.1% 68.6% 73.4% 70.6% 2020 66.3% 70.9% 77.3% 73.7% 2021 68.5% 73.0% 81.0% 77.0% 2022 70.5% 75.0% 84.4% 80.1% 2023 72.5% 76.9% 87.5% 83.3% 2024 74.4% 78.7% 90.2% 86.3% 2025 76.3% 80.3% 92.7% 89.3% 2026 78.2% 81 9% 95.1% 92.1% 2027 80.1% 83 4% 96.9% 94 5% 2028 82.0% 84.9% 98.4% 96 5% 2029 83.9% 86.3% 99.3% 98.0% 2030 85.7% 87.7% 99.9% 99.0% 2031 87.5% 89.0% 100.3% 99.8% 2032 89.3% 90.3% 100.4% 100.2% 2033 91.1% 91.8% 100.5% 100.4% 2034 92.9% 93 3% 100.4% 100.5% 2035 94.9% 95 0% 100.4% 100.5% 2036 96.7% 96.8% 100.5% 100.6% 2037 97 8% 97 7% 100.6% 100 7% 2038 98.5% 98 3% 100.7% 100.8% 2039 99 1% 98 9% 100.7% 101.0% 2040 99.5% 99.3% 100.8% 101 1% The Funded Ratio is calculatated as the Actuarial Value of Assets divided by the Entry Age Actuanal Accrued Liability. Prepared by Gabriel, Roeder, Smith and Company June 28, 2012 1 170Z 6£OZ L O L£OZ _ S£OZ o 0 0 _ U : C ££0Z 1 G.) U 44 "Ls , r » Eoz U ;m* 4.4 PM o 00 pc, 5 6ZOZ czt U Cse � � LZOZ v a °*'" SzoZ o o O = .; c . £ ZOZ C1 o 0" ' P4 p ^ , Izoz O et Q tm• 1_ 0 Ti 0 61 2 C O CO ( 1r4 L IOZ \\*N. ' O S10Z - £IOZ 1 1 1 1 a O a a a a 64 O d O O O O a O a a a a O O a C a O N O oo 7r' N b9 b9 64 48 6A 6A Invoice Invoice for: Invoice Number Russell Client ID Billing Period Ending City of Boynton Beach Police Retire Fund 23845 C04616001 06/30/2012 Ms Barbara S. LaDue Pension Administrator Invoice Date Payment Terms Total Amount Due ladueb@bbpdpension com 07/12/2012 Net 30 Days $ 109,589.00 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 IIIIIIIIIIIIIIIIIIIIIIIImilill ❑ 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 $ 109,589 00 $ 0 00 $ 109,589 00 Current Period Fees $ 109,589.00 $ 0.00 $ 109,589.00 Balance Forward ° 112,050 00 (112,050.00) 0.00 Total Amount Due $ 109,589.00 ° See STATEMENT OF ACCOUNTS page for additional information. Invoice Number Invoice Date Russell Client ID Payment Terms Billing Period Ending 23845 07112/2012 C04616001 Net 30 Days 06130/2012 Current Period Over 30 Days Over 60 Days Over 90 Days Total Amount Due $ 109,589.00 $ 0.00 $ 754.30 $ 0.00 $ 109,589.00 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 23845 Billing Period Ending 06/30/2012 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 4,858,006 0 20250 9,837 00 Russell All International 5,895,716 0 20250 11,939 00 Markets Fund Russell Equity I Fund 10,376,691 0 20250 21,013 00 Russell Multi- Manager Bond Fund 21,478,966 0 20250 43,495.00 Russell Real Estate Equity Fund 2,591,872 0 20250 5,249 00 Russell Commodities Fund 1,039,681 0 20250 2,105 00 Russell Global Real Estate Securities 1,846,943 0 20250 3,740 00 Fund Russell Short-Term Investment Fund 5,869 0 20250 12 00 Russell Small Cap Fund 4,839,593 0 20250 9,800 00 Russell World Equity Fund 5,984,605 0 20250 12,119.00 Subtotal 58,917,942 $ 119,309 00 Russell Real Estate Equity Fund - Internal Fee Paid (9,720 00) Account Total $ 109,589.00 Total Investment Management Fees $ 109,589.00 Page 2 Statement City of Boynton Beach Police Retire Fund Statement Date 07/12/2012 Russell Client ID C04616001 STATEMENT OF ACCOUNTS Invoice Number Billing Period Current Period Payments Credits Balance Due Ending Amount 21604 03/31/2012 $ 112,050 00 $ 111,295 70 $ 754 30 Total Balance Due $ 754.30 Russell lb Invest vents Russell Trust Company Payment Instructions EIN 91- 1116938 Instructions to request payment by direct debit Instructions for payment by check 1 Make check payable to Russell Investments TO HAVE FEES DEDUCTED FROM THE 2 Return check and remittance stub to ACCOUNT THAT GENERATED THE FEES. Russell Investments 1. Check the box labelled "Requested payment by #774098 CAI N r , 104 Direct Debit" on the front of the remittance 4098 Solutions Center 7.- 16_ stub Chicago, IL 60677 -4000 2 Sign on the "Authorized Signer" line on the front of the remittance stub Instructions for payment by wire 3. Return the remittance stub to Russell • Currency USD Investments via fax to 800 - 253 -2929 • Bank Wells Fargo, WA • TO HAVE FEES DEDUCTED FROM OTHER Bank #. WFBIUS6S / 121000248 ACCOUNTS: • Account Name Russell Trust Company • 1 Check the box labeled "Request payment by Account # 4122004021 Direct Debit" on the front of the remittance Please reference Client name and invoice number. stub 2. Sign on the "Authorized Signer" line on the For billing inquiries regarding Russell front of the remittance stub Investments services, 3. Complete the table (below) indicating the Call Your Account Executive at 800 - 455 -3782 account numbers and applicable deduction amounts Write Your Account Executive 4 Return the remittance stub and table to Russell 1301 Second Ave, 18th Floor Investments via fax to 253 -439 -2929 Seattle, WA 98101 -3800 Account Number Amount L'l- i , i, F;ot,sc fac it f , f f rent C'ompi y r, t' a4tnuc�tcr. tSX - v oridwiloc 'ate I; ,,.11 ., hlf" >C .uf a4 Uf -• A■■E rt { c: ci,v (,` 'Cry .,`(?(' ",! ./ 1,'r(E- Ate u- Russell Investments MANAGER 4525 - KEVIN P. DAY JQB /8N INVOICE NO. 1206074706 -9997 NW 6327 DATE 2012/07/30 PO BOX 1450 PAGE 1 OF 1 Minneapolis, MN 55485 -6327 US TOTAL CHARGES CURRENT PERIOD USD 972.64 9BYM - Police Officer Retirement Trust Police Officer Retirement Trust FOR 3 MONTH PERIOD 4/01/12 to 6/30/12 City of Boynton Beach DB Boynton Police 6 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 375 AT 1 25 468.75 Benefit Payments 16 AT 1.25 20.00 Lump Sum Payments 3 AT 10.00 30.00 BENEFIT PAYMENT: OTHER FEES Pensioners Added 2 AT 0.50 1.00 State Tax Filing 6 AT 25.00 150.00 ** SUBTOTAL FEES ** 669.75 OUT OF POCKET CHARGES POSTAGE 101 -2011 Tax Form 1099R Postage 52.52 11 -2011 Tax Form 1099R Postage 5.72 58.24 Advice of Deposit 198.75 Benefit Payment 8.48 Lump Sum 1.59 Confirmation Letters 1.04 UPS DELIVERY UPS charges 03/28/2012 11.51 UPS charges 04/27/2012 11.62 UPS Charges 05/29/2012 11 66 34.79 ** SUBTOTAL OUT OF POCKET ** 302.89 CURRENT CHARGES USD 972.64 INV.# 1206074706 -9997 9BYM - Police Officer Retirement Trust 2012/07/30 2011 Compensation Disclosure Report DDA Interest Estimate 2011 Barbara L. Ladue City of Boynton Beach Boynton Police & Fire Pension Fnds, 1500 Gateway BIvd,Suite Pension Administrator Boynton Beach, FL 33426 Dear Customer, Following is the annual estimated 2011 benefit payment float income for your plan(s). If you have any questions, please don't hesitate to contact your State Street Retiree Services client service manager. Sincerely, State Street Retiree Services Client Invoice Payment Type Interest Earned 9BYM City of Boynton Beach PENSION $3.57 LUMP SUM $7.21 Total 2011 Estimated DDA Interest $10 78 * This report discloses variable compensation paid directly or indirectly to State Street Bank and Trust Company (or its affiliates) in connection with recordkeeping, benefit payment or other services provided to your plan(s) The amounts indicated may be based upon average balances, allocated shares and/or a reasonable estimate of the revenue generated by your plan(s) To the extent State Street Affiliates perform services for your plan(s), such affiliates may share revenue received with State Street Bank and Trust Company or may credit State Street for such revenue against amounts due from State Street to such affiliate 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. Invoice INVESTMENT ADVISORS S.E.C. REGISTERED 315 E. Robinson Street, Suite 690 Date Invoice # Orlando, Florida 32801 6/11/2012 12 -132 Bill To Boynton Beach Police Officers' Pension Barbara La Due, Administrator 1500 Gateway Blvd, Suite 220 Boynton Beach, Florida 33426 Description Amount Second Quarter 2012 Investment and Performance Monitoring and Advisory Fee per Contract 5,000.00 • Viil1c V at. la J. / /t 11.111tu1 ...Aim /2 L• Total $5,000.00 Phone # Fax # (407) 644-0111 (407) 644-0694 THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com July 18, 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 #71183 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 7/15/2012. Your current balance due is $3,992.02.../l. � c If you have any questions, please do not hesitate to contact me. Sincerely yours, )P 9/ 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 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 July 17, 2012 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #71183 Professional Services Hrs /Rate Amount Commission on Ethics Commission on Ethics 6/20/2012 BSJ Telephone call with Megan Rogers 0.15 30.00 Research Commission on Ethics Opinions RQO 12 -047, RQO 12 -011, 200.00 /hr RQO 12 -016, RQO 12 -018 Commission on Ethics SUBTOTAL: [ 0.15 30.00] Inv Mqr - Frank Russell Inv Mgr - Frank Russell 6/18/2012 BSJ Review email from Glenn Harris 0.10 20.00 E -mail to Gary Chapman 200.00 /hr Inv Mgr - Frank Russell SUBTOTAL: [ 0.10 20.00] Boynton Beach Police Pension Page 2 Hrs /Rate Amount Merger with Sheriffs Office Merger with Sheriffs Office 6/20/2012 BSJ Research Post Article 0.25 50.00 E -mail to Gary Chapman 200.00 /hr Merger with Sheriffs Office SUBTOTAL: [ 0.25 50.00] Participant - Hanning Participant - Hanning 6/18/2012 BSJ Review & Respond to email from Steve Palmquist 0.06 12.00 Participant - Hanning 200.00 /hr SUBTOTAL: [ 0.06 12.00] Trustee Information Trustee Information 6/26/2012 BSJ Review & Respond to emails from Frank Ranzie re: Trustee Positions 0.50 100.00 Trustee Information 200.00 /hr Trustee Information 7/2/2012 BSJ Telephone call with Toby Athol 0.25 50.00 Trustee Information 200.00 /hr SUBTOTAL: [ 0.75 150.00] For professional services rendered 1.31 $262.00 Additional Charges : Bill File 7/15/2012 Copy Charges 10.05 SUBTOTAL: [ 10.05] Total additional charges $10.05 Boynton Beach Police Pension Page 3 Amount 1.31 $272.05 For professional services rendered $272.05 Total amount of this bill $3,719.97 Previous balance t ��. r $3,992.02 Balance due a THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONN! SPATARA JENSEN aperry@perryjensenlaw com bsjensen @penyjensenlaw.com June 19, 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 #71120 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 6/15/2012. Thank you for your payment of $1,258.00. Your current balance due is $3,719.97. If you have any questions, please do not hesitate to contact me. Sincerely yours, _. A 0 _. Bonni S. Jensen BSJ/lg 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 J�IRO+6bbxW. 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 June 18, 2012 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #71120 Professional Services Hrs /Rate Amount Attendance at Trustee Meetinqs Attendance at Trustee Meetings 5/22/2012 PH Review Post Meeting Folder 0.10 7.50 Attendance at Trustee Meetings 75.00 /hr Attendance at Trustee Meetings BSJ Attend Meeting 2.50 500.00 Attendance at Trustee Meetings 200.00 /hr Attendance at Trustee Meetings 6/11/2012 BSJ Attend Meeting 2.00 400.00 Attendance at Trustee Meetings 200.00 /hr SUBTOTAL: [ 4.60 907.50] Inv Mar - Frank Russell Inv Mgr - Frank Russell 5/16/2012 BSJ Review email from Glenn Harris re: Income & Dividends 0.50 100.00 Review Attachment - Annual Report & Net Assets 200.00/hr Review Response from Peter Delyanis to questions re: Allocation E -mail to Burgess Chambers Inv Mgr - Frank Russell Boynton Beach Police Pension Page 2 Hrs /Rate Amount Inv Mgr - Frank Russell 6/1/2012 BSJ E -mail to Burgess Chambers re: Interest & Dividends on Funds 0.25 50.00 Inv Mgr - Frank Russell 200.00/hr Inv Mgr - Frank Russell BSJ E -mail to Glenn Harris re: Status of Fees & Asset Allocation 0.25 50.00 Review & Respond to email from Glenn Harris re: Status 200.00/hr Inv Mgr - Frank Russell Inv Mgr - Frank Russell 6/4/2012 BSJ Review email from Glenn Harris re: Core Plus Product 0.50 100.00 E -mail to Trustees 200.00 /hr Review Attachment from Glenn Harris Inv Mgr - Frank Russell SUBTOTAL: [ 1.50 300.00] Meeting Notices and Agendas Meeting Notices and Agendas 5/18/2012 PH Prepare Attorney Report, Handouts, and Notebook for upcoming 1.50 112.50 Meeting - 5/22/12 75.00 /hr Meeting Notices and Agendas Meeting Notices and Agendas 6/6/2012 PH Prepare Attorney Report, Handouts, and Notebook for upcoming Special 0.20 15.00 Meeting - 6/11/12 75.00 /hr Meeting Notices and Agendas SUBTOTAL: [ 1.70 127.50] Mercier with Sheriffs Office Merger with Sheriffs Office 5/18/2012 BSJ Draft Spreadsheet re: Termination v. Transfer 1.50 300.00 Research Florida Statutes § 185.38 & 185.37 200.00/hr Merger with Sheriffs Office Merger with Sheriffs Office 5/29/2012 BSJ Review Lake Worth Agreement with County re: Firefighters Transfer 0.75 150.00 E -mail to Gary Chapman re: Interlocal Agreement with Lake Worth 200.00 /hr Merger with Sheriffs Office Boynton Beach Police Pension Page 3 Hrs /Rate Amount SUBTOTAL: [ 2.25 450.00] Miscellaneous Matters Miscellaneous Matters 5/29/2012 BSJ Review Letter from State re: Employer ARC 0.06 12.00 Miscellaneous Matters 200.00/hr Miscellaneous Matters 5/30/2012 LG E -Mail to Board of Trustees, Administrators, & Actuaries re: 0.06 4.50 Memorandum on Local Government Retirement Plans - Contribution 75.00 /hr Method Miscellaneous Matters Miscellaneous Matters 6/12/2012 BSJ Research Implementation of § 732.703 0.06 12.00 Miscellaneous Matters 200.00/hr SUBTOTAL: [ 0.18 28.50] Participant - Hanning Participant - Hanning 6/15/2012 BSJ Review email from Barbara LaDue re: Patrick Hanning & Attachments 0.50 100.00 Review Plan Document 200.00 /hr Telephone call with Steve Palmquist (UM) E -mail to Barbara LaDue Participant - Hanning SUBTOTAL: [ 0.50 100.00] Summary Plan Description Summary Plan Description 5/30/2012 BSJ E -mail to Steve Palmquist re: Status of Summary Plan Description 0.06 12.00 Summary Plan Description 200.00/hr SUBTOTAL: [ 0.06 12.00] Boynton Beach Police Pension Page 4 Hrs /Rate Amount Trustee Form 1 Trustee Form 1 5/22/2012 BSJ Correspondence with Palm Beach County Supervisor of Elections for 0.50 100.00 Jason Llopis' Form 1 200.00 /hr Trustee Form 1 Trustee Form 1 PH E -mail to Jason Llopis re: Form 1 0.10 7.50 Ship Form 1 to Palm Beach County Supervisor of Elections 75.00 /hr Trustee Form 1 Trustee Form 1 BSJ Correspondence with Palm Beach County Supervisor of Elections for 0.50 100.00 Gary Chapman re: Form 1 200.00/hr Trustee Form 1 Trustee Form 1 PH E -mail to Gary Chapman re: Form 1 0.10 7.50 Ship Form 1 to Palm Beach County Supervisor of Elections 75.00 /hr Trustee Form 1 SUBTOTAL: [ 1.20 215.00] For professional services rendered 11.99 $2,140.50 Additional Charges : Bill File 6/15/2012 Copy Charges 22.05 SUBTOTAL: [ 22.05] Trustee Form 1 5/22/2012 United Parcel Service invoice No.: 0000F49280212 9.46 Tracking #1ZF492804296988888 to Palm Beach County Supervisor of Elections re: Chapman's Form 1 Filing United Parcel Service Invoice No.: 0000F49280212 9.46 Tracking #1 ZF492804298728879 to Palm Beach County Supervisor of Elections re: Llopis' Form 1 Filing Boynton Beach Police Pension Page 5 Amount SUBTOTAL: [ 18.92] Total additional charges $40.97 For professional services rendered 11.99 $2,181.47 Total amount of this bill $2,181.47 Previous balance $2,796.50 Accounts receivable transactions 5/25/2012 Payment - Thank Youl. Check No. 053275 ($1,258.00) Total payments and adjustments ($1,258.00) Balance due 17 $3,719.97 THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw com bsjensen @perryjensenlaw.com May 21,2012 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 #71063 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 5/15/2012. Thk you for your payment of $1,433.70. Your current balance due is $2,7 &66- /,(3e. 5 p k g If you have any questions, please do not hesitate to contact me. Sincerely yours, 1 Bonni S. Jensen 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 OilY�binYn 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 May 21, 2012 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #71063 Professional Services Hrs /Rate Amount Buyback Buyback 5/3/2012 BSJ Review and Respond to email from Rion Broshears re: Vesting 0.25 50.00 Review Pension Plan Document 200.00 /hr Buyback SUBTOTAL: [ 0.25 50.00] Class Action Litigation Class Action Litigation 4/19/2012 BSJ Review email from Gary Chapman re: Losses on Apollo Stock Holdings 0.10 20.00 Class Action Litigation 200.00 /hr Class Action Litigation 5/10/2012 BSJ Review email from Karen Russo re: Class Action Reporting 0.10 20.00 Class Action Litigation 200.00 /hr SUBTOTAL: [ 0.20 40.00] Boynton Beach Police Pension Page 2 Hrs /Rate Amount DROP DROP 4/23/2012 BSJ Research Loan Pay Off 1.00 200.00 DROP 200.00 /hr DROP 4/24/2012 BSJ E -mail to Jeanine Bittinger re: DROP Distribution & Loan Offset 2.00 400.00 DROP 200.00 /hr DROP BSJ Telephone call with Jeanine Bittinger re: DROP Distribution & Loan 0.25 50.00 Offset 200.00 /hr DROP DROP BSJ Telephone call with Gary Chapman 0.35 70.00 Review Internal Revenue Service Regulation § 1.402(c) -2 Q &A 9 200.00 /hr Examples DROP SUBTOTAL: [ 3.60 720.00] Inv Mgr - Frank Russell Inv Mgr - Frank Russell 4/16/2012 BSJ E -mail to Glenn Harris re: Dividends & Interest 0.25 50.00 Inv Mgr - Frank Russell 200.00 /hr SUBTOTAL: [ 0.25 50.00] Merger with Sheriffs Office Merger with Sheriffs Office 4/16/2012 BSJ Telephone call with Gary Chapman 0.60 120.00 Telephone call with Todd Baer 200.00 /hr Merger with Sheriffs Office Merger with Sheriffs Office 5/3/2012 BSJ Telephone call with Barry Atwood 0.50 100.00 Merger with Sheriffs Office 200.00 /hr Boynton Beach Police Pension Page 3 Hrs /Rate Amount Merger with Sheriffs Office 5/3/2012 BSJ E -mail to Gary Chapman 0.10 20.00 Merger with Sheriffs Office 200.00 /hr Merger with Sheriffs Office 5/4/2012 BSJ Telephone call with Gary Chapman 0.75 150.00 Merger with Sheriffs Office 200.00 /hr Merger with Sheriffs Office 5/14/2012 BSJ Telephone call with Gary Chapman re: Article for Newsletter 0.35 70.00 Merger with Sheriffs Office 200.00 /hr SUBTOTAL: [ 2.30 460.00] Minutes of Trustee Meetings Minutes of Trustee Meetings 4/16/2012 BSJ Review Minutes of 2/14/12 Meeting 0.25 50.00 Minutes of Trustee Meetings 200.00 /hr SUBTOTAL: [ 0.25 50.00] Miscellaneous Matters Miscellaneous Matters 4/30/2012 BSJ Research Internal Revenue Service Private Letter Ruling 2011 47038 0.60 120.00 Research Internal Revenue Service Notice 2012 -29 200.00 /hr Research HB 401 Draft Memorandum to Trustees Telephone call with Keith Brinkman Review Bill Analysis of HB 401 Miscellaneous Matters Miscellaneous Matters 5/2/2012 LG E -mail to Trustees and Administrator re: State and Tax Law Updates 0.10 7.50 Miscellaneous Matters 75.00 /hr SUBTOTAL: [ 0.70 127.50] Boynton Beach Police Pension Page 4 Hrs /Rate Amount Trustee Form 1 Trustee Form 1 5/1/2012 BSJ Draft Memorandum to Trustees 0.10 20.00 Trustee Form 1 200.00 /hr Trustee Form 1 5/2/2012 LG E -Mail to Trustees and Administrator re: Memorandum on Form 1 Filing 0.10 7.50 Trustee Form 1 75.00 /hr SUBTOTAL: [ 0.20 27.50] For professional services rendered 7 75 $1,525.00 Additional Charges : Bill File 5/15/2012 Copy Charges 13.50 SUBTOTAL: [ 13.50] Total additional charges $13.50 For professional services rendered 7.75 $1,538.50 Total amount of this bill t iA/ 4 ..) �--�j $1,538.50 P vious balance / 2 Previous 691.70 $ , Accounts receivable transactions 4/20/2012 Payment - Thank You!. Check No. 053269 ($1,433.70) Total payments and adjustments ($1,433.70) Balance due $2,796.50 . I N V O I C E ELLEN SCHAFFER INVOICE: 2533 339 N.W. 99 WAY DATE: 6/18/2012 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 3.5 HOUR(S) PROGRAMMING & CONSULTING SERVICE 115.00 402.50 TO MODIFY STATE REPORT FORMATS `\ FOR POLICE & FIREFIGHTERS �I r / 01� a E /A:A.t 0° DI SUBTOTAL $ 402.50 TAX $ .00 SHIP /HAND $ .00 TOTAL $ 402.50 PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU GRS Gabriel Roeder Smith & Company Invoice & Actuaries One East Broward Blvd. Suite 505 Date I m oicc # Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 6/13/2012 118724 Bill To: I'Icasc Remit 'fo: 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 Project # it mount For services rendered through 5/31/2012 1. Preparation of page 6a for inclusion in the 2011 State Report 100550 -052 $550 2. Beneficiary Replacement Calculations for Blum and Davis 100550 -052 $450 3. Consulting charges related to possible transition to PBSO 100550 -052 $980 Invoice Total $1,980 Paid to Date Client No. 100550 Amount Due $1,980 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. G II5; Gabriel Roeder Smith & Company Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 Uatc I nv oicc # Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 7/5/2012 119040 Bill I'o: Please Remit I'o: 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)cscription I'rojcci # \mount For services rendered through 6/30/2012 1. Buyback calculation for Dailey 100550 -052 $450 2. Preparation of updated buy back table for use in estimating 100550 -052 $2,415 the cost of purchasing one to five years of service 3. Updates to the Summary Plan Description 100550 -052 $1,830 4 Supplemental Actuarial Study with 30 -year projections 100550 -052 $8,950 illustrating the impact of several plan closing scenarios (actual time charges were $9,615) Invoice Total $13,645 Paid to Date Client No. 100550 Amount Due $13,645 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Telephone 954 - 527 -1616 Fax 954 - 525 -0083 steve aalmqurstAtabrielroeder.com The above communication shall not be construed to provide tax advice legal advice or investment advice Notice of Confidentiality This transmission contains information that may be confidential and that may also be privileged Unless you ate the intended recipient of the message (or authorized to receive rt for the intended recipient). you may not copy, forward, or otherwise use it or disclose its contents to anyone else If you have received this transmission in error, please notify the sender immediately and delete it from your system From: Bonni S. Jensen [mailto:bsjenser aperrvjensenlaw.com] Sent: Friday, June 15, 2012 1:48 PM To: Barbara Ladue Cc: ThePensionTeam (aperrvjensenlaw.com; 'Gary Chapman'; Palmquist, Steve (FLP1) Subject: Re: Boynton Police - Rehire Officer Craig Hanning Barbara, It looks like Officer Hanning would just add to his years of service. Additionally, I think that his years of service earned at 3% would remain at 3% with his future accruals eligible for the 3.5% multiplier. I have a call into Steve Palmquist's office to discuss. I have not encountered this type of situation before. I think that the multiplier should be split because he was not considered in the group of actives to receive the 3.55 multiplier on his past service. The second question is whether he could increase his multiplier on the prior 3% service to the 3.5 %. Additionally, under the plan as written, there is no ability for him to work and receive a benefit, so if he is still working in 2017 he will need quit to get his pension. I will check around and get back with you. TO SEND MAIL TO MY ENTIRE TEAM, PLEASE RESPOND TO THEPENSIONTEAM( PERRYJEN SENLAW.COM Bonni S. Jensen <bsjensen@perrviensenlaw.com> Law Offices of Perry & Jensen, LLC 400 Executive Center Drive, Suite 207 West Palm Beach, Florida 33401 Telephone: (561)686 -6550 Facsimile: (561)686 -2802 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. On 6/14/2012 11:29 AM, Barbara Ladue wrote: Bonni: — I spoke with Gary and he suggested we get your review and advice on this rehire situation before I discuss with Officer Hanning. 2 Background: Craig Hanning had an original hire date of 6 -5 -1997 and he terminated on 5 -27 -2006 (Detective) with 8 yrs 11 mos and 22 days of service. He left his money in the Plan for a deferred vested benefit of $1725.92, Life 10C &C, set to begin 7 -1 -2017. (This benefit is based on a 3% multiplier) He has been rehired as of 3 -26 -2012 as a Police Officer. Since he did not withdraw his money (EE contributions) the 6 month re- employment rule for action does not appear to apply in his case. See attachments. Since we are in uncertain times, would an option be for Officer Hanning to leave his Deferred vested benefit as is and when July 2017 approaches and he is still an active participant of the Plan, then decide to activate the monthly benefit or add these years of service to his current rehire date? Thanks. Barb La Due From: fax@compson.com [mailto:fax(acompson.com] Sent: Thursday, June 14, 2012 11:05 AM To: Iadueb(abbpdpension.com Subject: Message from KMBT_C550 3 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 June 9, 2006 NAME HANNING, CRAIG # 1950 SSN 592 -28 -xxxx DEPT 21 ADDRESS CONTR(TAX) 39,837.80 BIRTH 04/25/1970 CONTR(NTX) .00 PEN HIRE 06/05/1997 BALANCE 39,837.80 ADJ HIRE 06/05/1997 RETIRE 05/27/2006 TYPE V LAST SERV 05/27/2006 60 MO EARN 384,523.33 ELIG NORM 06/05/2017 AVG MO EARN 6,408.72 ELIG EARLY 00 /00 /0000 SERV AT TERM 8 11 22 100% VEST 06/05/2002 AGE AT RETIRE 36 1 2 COMMENCE 07/01/2017 COM ANB /DIFF 47 -3 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME PAY HIST FLAG VAC HRS /CD .00 /EH HOURLY RATE 31.100 SIC HRS /CD .00 S2 VAC SIC PAYOUT .00 ACCRUE PER .00 EARLY OPTION DEFERRED LAST PAY 20060515 - 20060528 TERM -DATE 20060527 QDRO BENEFIT 1,725.92 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 1,725.92 V LIFE ANNUITY FACTOR: 1.01170 MODIFIED LIFE ANNUITY 1,746.11 100% SURV. FACTOR: .90710 100% SURV. ANNUITY 1,583.90 SURVIVOR BENEFIT 1,583.90 66 2/3% SURV. FACTOR: .95743 66 2/3% SURV. ANNUITY 1,671.78 SURVIVOR BENEFIT 1,114.51 50% SURV. FACTOR: .98475 50% SURV. ANNUITY 1,719.48 SURVIVOR BENEFIT 859.74 75% JOINT & LAST FACTOR: .92870 75% JOINT & LAST ANNUITY 1,621.61 SURVIVOR BENEFIT 1,216.21 50% JOINT & LAST FACTOR: .95130 50% JOINT & LAST ANNUITY 1,661.07 SURVIVOR BENEFIT 830.54 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 F g3 Prepared by * i IT' f; t: i1a indicates manual override Y`.�� CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 June 9, 2006 CRAIG HANNING H I G H Y E A R O N E H I G H Y E A R T W O PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 05/15/06 2.0 24,086.21 05/16/05 2.0 7,440.44 05/01/06 2.0 2,747.95 05/02/05 2.0 2,896.06 04/17/06 2.0 8,081.06 04/18/05 2.0 2,173.48 04/03/06 2.0 2,887.90 04/04/05 2.0 2,517.06 03/20/06 2.0 2,759.10 03/21/05 2.0 2,581.47 03/06/06 2.0 2,726.56 03/07/05 2.0 3,322.17 02/20/06 2.0 2,725.04 02/21/05 2.0 2,355.27 02/06/06 2.0 2,489.60 02/07/05 2.0 2,912.19 01/23/06 2.0 2,418.47 01/24/05 2.0 2,409.22 01/09/06 2.0 3,505.35 01/10/05 2.0 2,274.39 12/26/05 2.0 3,551.74 12/27/04 2.0 2,270.46 12/12/05 2.0 3,314.08 12/13/04 2.0 2,380.28 11/28/05 2.0 2,503.63 11/29/04 2.0 2,119.42 11/14/05 2.0 3,537.74 11/15/04 2.0 2,398.78 10/31/05 2.0 7,109.96 11/01/04 2.0 2,637.03 10/17/05 2.0 2,596.93 10/18/04 2.0 2,748.40 10/03/05 2.0 2,777.58 10/04/04 2.0 3,530.77 09/19/05 2.0 6,015.07 09/20/04 2.0 5,910.54 09/05/05 2.0 2,932.73 09/06/04 2.0 6,031.15 08/22/05 2.0 3,316.88 08/23/04 2.0 2,287.98 08/08/05 2.0 2,822.72 08/09/04 2.0 2,492.54 07/25/05 2.0 2,747.67 07/26/04 2.0 2,553.08 07/11/05 2.0 2,680.36 07/12/04 2.0 2,293.48 06/27/05 2.0 2,491.35 06/28/04 2.0 2,178.79 06/13/05 2.0 2,681.87 06/14/04 2.0 2,168.19 05/30/05 2.0 2,977.39 05/31/04 2.0 2,823.43 TOTAL 52.0 108,484.94 TOTAL 52.0 77,706.07 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 June 9, 2006 CRAIG HANNING H I G H Y E A R T H R E E H I G H Y E A R F O U R PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 04/19/04 2.0 2,095.39 04/21/03 2.0 1,719.17 04/05/04 2.0 3,075.32 04/07/03 2.0 1,887.78 03/22/04 2.0 3,835.88 03/24/03 2.0 1,719.17 03/08/04 2.0 2,530.43 03/10/03 2.0 2,625.41 02/23/04 2.0 2,213.24 02/24/03 2.0 2,766.80 02/09/04 2.0 3,820.72 02/10/03 2.0 3,418.43 01/26/04 2.0 3,274.57 01/27/03 2.0 2,753.65 01/12/04 2.0 3,698.10 01/13/03 2.0 2,650.67 12/29/03 2.0 1,940.19 12/30/02 2.0 3,011.12 12/15/03 2.0 4,760.90 12/16/02 2.0 2,074.77 12/01/03 2.0 2,862.54 12/02/02 2.0 2,478.47 11/17/03 2.0 2,159.67 11/18/02 2.0 2,158.64 11/03/03 2.0 2,497.78 11/04/02 2.0 1,835.13 10/20/03 2.0 5,119.38 10/21/02 2.0 2,568.16 10/06/03 2.0 2,255.77 10/07/02 2.0 2,009.19 09/22/03 2.0 2,256.71 09/23/02 2.0 2,238.12 09/08/03 2.0 2,736.89 09/09/02 2.0 2,067.63 08/25/03 2.0 2,397.33 08/26/02 2.0 5,839.28 08/11/03 2.0 2,151.32 08/12/02 2.0 2,671.07 07/28/03 2.0 2,064.52 07/29/02 2.0 2,129.00 07/14/03 2.0 2,063.42 07/15/02 2.0 2,574.04 06/30/03 2.0 2,660.89 07/01/02 2.0 1,601.96 06/16/03 2.0 2,355.39 06/17/02 2.0 2,602.04 06/02/03 2.0 2,558.42 06/03/02 2.0 2,332.89 05/19/03 2.0 2,314.74 05/20/02 2.0 2,161.43 05/05/03 2.0 1,873.26 05/06/02 2.0 2,073.53 TOTAL 52.0 71,572.77 TOTAL 52.0 63,967.55 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 4 June 9, 2006 CRAIG HANNING H I G H Y E A R F I V E PAY EFF WEEKS WAGES 04/22/02 2.0 2,235.10 04/08/02 2.0 2,677.72 03/25/02 2.0 2,745.96 03/11/02 2.0 2,545.10 02/25/02 2.0 2,370.40 02/11/02 2.0 2,485.62 01/28/02 2.0 2,265.10 01/14/02 2.0 1,881.42 12/31/01 2.0 3,178.78 12/17/01 2.0 1,571.96 12/03/01 2.0 2,088.93 11/19/01 2.0 2,599.53 11/05/01 2.0 1,798.61 10/22/01 2.0 2,453.05 10/08/01 2.0 2,514.49 09/24/01 2.0 2,424.72 09/10/01 2.0 3,395.82 08/27/01 2.0 2,226.00 08/13/01 2.0 2,559.90 07/30/01 2.0 2,559.90 07/16/01 2.0 2,251.38 07/02/01 2.0 2,132.51 06/18/01 2.0 1,945.52 06/04/01 2.0 2,079.08 05/21/01 2.0 2,386.27 05/07/01 2.0 2,412.98 04/23/01 1.0 1,006.15 TOTAL 53.0 62,792.00 # PAY EFF WAGES CONTR 1950 20051003 2,777.58 194.43 1950 20051017 2,596.93 181.79 i ,, ,, 1950 20051031 7,109.96 497.70 : i ' `.� - 1950 20051114 3,537.74 247.64 :J 1950 20051128 2,503.63 175.25 1950 20051212 3,314.08 231.99 1950 20051226 3,551.74 248.62 1950 20060109 3,505.35 245.37 1950 20060123 2,418.47 169.29 1950 20060206 2,489.60 174.27 1950 20060220 2,725.04 190.75 °1 1950 20060306 2,726.56 190.86 ° • 1950 20060320 2,759.10 193.14 ' 3 €''� 1950 20060403 2,887.90 202.15 ,,1 t�,' 1950 20060417 8,081.06 565.67 - E 1950 20060501 2,747.95 1950 20060515 11,542.92k 808.00 ,�' R. oc- 1950 20060515 12,543.29 878.03 r 18 79,818.90 5,587.31 A .1•(` � :r CITY OF BOYNTON BEACH PENSION ADMINISTRATION MEMO TO: Rion Broshears, Gabriel, Roeder, Smith & Co. FROM: Barbara La Due, Pension Administrator DATE: June 20, 2006 SUBJECT: Verification of Retirement Benefit Calculation- Police Pension Please verify the retirement benefit on the following employee retired under the Boynton Beach Police Officers' Pension Plan. Craig Hanning Social Security # 592-28-'000C Date of Hire: 06 -05 -1997 Retirement Date: 05 -27 -2006 First Benefit Check: Vested Deferred to NRD 07 -01 -2017 — Life 10C &C - $1,725 92 Final worksheet of retirement benefits enclosed for your review Thank you. CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICERS' RETIREMENT FUND SUMMARY PLAN DESCRIPTION Prepared July 2012 GENERAL INFORMATION ABOUT YOUR PLAN There is certain general information you may need to know about the Plan This general information is summanzed below. Name of Plan City of Boynton Beach Municipal Police Officers' Retirement Fund Employer City of Boynton Beach Plan Administrator Board of Trustees of the City of Boynton Beach Municipal Police Officers' Retirement Fund 1500 Gateway Blvd. Suite 220 Boynton Beach, Flonda 33426 Telephone: (561) 739 -7972 Trustee Plan Administrator Designated Agent for Service of Legal Process Bonin S. Jensen, Esquire Hanson, Perry & Jensen, P.A. 400 Executive Center Dnve, Suite 207 West Palm Beach, FL 33401 -2922 Type of Administration The Plan Administrator is responsible for the overall administration of the Plan It has discretionary authonty to construe the terms of the Plan and make determinations on questions which may affect your eligibility for benefits. The Plan Administrator may also retain the services of attorneys, accountants, actuanes, investment advisors and other professionals. Plan Year Each 12 month penod beginning on October 1st and ending on September 30th. The Plan's fiscal records are maintained on this basis Relevant Provisions of Local and State Laws The Plan is set forth in Section 18 of the Code of Ordinances of the City of Boynton Beach The most recent amendment to the Plan reflected in this Summary Plan Description is Ordinance No. 11 -011. The Plan is also governed by certain provisions of Part VIl, Chapter 112, Flonda Statutes (F.S.), Chapter 185 F.S., and vanous federal laws. Relevant Provisions of Collective Bargaining Agreements Certain employees covered by the Plan are members of the Palm Beach County Police Benevolent Association. There are separate contracts for Officers and Detectives, Sergeants, and Lieutenants. The current collective bargaining agreements between the units and the Employer cover the penod from October 1, 2007 through September 30, 2010, extended through September 30, 2012. No sections of the agreements refer to pension matters. Custodian The custodian of the Plan is responsible for the safe - keeping of secunties owned by the Pension Fund. The custodian is: Russell Investment Group Tacoma, WA Investment Managers The investment manager is responsible for selecting the securities to be bought and sold by the Pension Fund, in accordance with guidelines established by the Plan Administrator. The investment manager is: Russell Investment Group New York, NY Member You are a Member of the Plan if you fulfill the prescribed eligibility requirements (see Eligibility and Credited Service section). Beneficiary Your Beneficiary is each person designated by you to the Plan Administrator to receive any payments that may become payable by the Plan upon your death. You should designate a Beneficiary when you become a Member of the Plan. Prior to retirement, you may change your designation at any time upon written notification to the Plan Administrator. Upon retirement, if you have elected a point and survivor option you may change beneficianes up to twice without the approval of the Board of Trustees or the current point annuitant or beneficiary. You are not required to show proof of good health for the beneficiary being removed and the pnor beneficiary need not be living. IT IS IMPORTANT TO KEEP YOUR BENEFICIARY INFORMATION UP TO DATE CONTRIBUTIONS TO THE PLAN Benefits of the Plan are financed by contributions that are paid into the pension fund and by investment earnings generated by investments of the pension fund. Contributions to the fund are made by You Your regular contnbution rate is 7% of your Covered Salary (see later page for definition of Covered Salary). Your contributions will cease upon your retirement, death or employment termination. Interest is not credited to your contributions. You are also required to contribute an additional 1% of Covered Salary until you complete 20 years of service This additional contnbution along with a matching amount from the Employer is being accumulated within the Fund. Starting October 1, 2006, retirees and beneficianes will receive monthly supplemental payments from this pool of money. State of Florida Monies are paid each year by the State pursuant to Chapter 185, F.S. Said monies are used for the benefit of police officers. Your Employer The City of Boynton Beach must contribute an amount determined by the Plan's actuary to be sufficient, along with your contribution and the State contnbution, to fund systematically the benefits under the Plan The Employer's contribution will vary depending on the expenence of the Plan. ELIGIBILITY AND CREDITED SERVICE Eligibility You are eligible to be a Member of the Plan if you are a sworn police officer for the Employer. Your employment must be full -time, as determined by the Employer. You become a Member of the Plan on the day you become a full -time police officer Credited Service Credited Service is used to compute the amount of pension benefit when you retire, to determine whether you are eligible for certain benefits and to determine whether you are vested. Your Credited Service is equal to your total length of service with the Employer omitting periods when you were not employed by the Employer. Vacations and other paid leaves of absence are included Unpaid leaves of absence are not included. Also not included in Credited Service is any period during which you could have but did not contribute to the Plan or any period for which you have withdrawn your own contnbutions Break in Service If you terminate employment, receive a refund of contributions, and later return to work for the Employer, you will lose credit for previous service unless you repay the contributions you withdrew from the fund. You can either repay the refund with interest in a lump sum within six months of re- employment, or you may choose to repay the contributions in installment payments over a penod of up to five years provided that payments begin within six months of re- employment. If the installment payment option is chosen, additional interest will need to be paid during the penod of repayment. No credit will be given for any service until all years which are to be repurchased have been paid in full. Military Service and Prior Police Officer Service Should you be called to active duty from employment in order to enter the military, your period of leave may be included in your Credited Service if you return to work for the Employer within one year after your discharge. If you die or become disabled while on military leave, you will be eligible to receive a death or disability benefit as if you had been rehired as a police officer the day before the death or disability occurred with the period of leave included in your Credited Service. You may purchase up to five years of service as a police officer employed by a city, county, state or federal police department or your military service. You will receive this Credited Service once you pay the Fund the full actuarial cost of such service. You will be allowed to purchase the service via biweekly payroll deductions over a penod equal to the length of time being purchased or five years, whichever is greater, or in one lump sum payment. Purchased service will count for benefit computation purposes, but not vesting. Please note that no service credit may be purchased if you are receiving or will receive any other retirement benefit based on such service, excluding military service. Family and Medical Leave Act Should you take a leave of absence under the Family and Medical Leave Act, your service will remain continuous even if you are not in a pay status. Use of accumulated leave time will be treated as Credited Service. A contribution will be picked up from paid leave. Use of unpaid leave, however, will not be treated as Credited Service. RETIREMENT DATES Normal Retirement Date The Normal Retirement Date is the earliest date when unreduced retirement benefits may be paid to you. Your Normal Retirement Date is the first day of the month coincident with or next following the earliest of (a) completion of 20 years of Credited Service regardless of age, (b) age 55 with completion of ten years of Credited Service, or (c) age 50 with completion of 15 years of Credited Service Early Retirement Date Your Early Retirement Date is the first day of any month coincident with or next following the date when you reach age 50 and complete ten years of Credited Service. You may then retire at any time with reduced benefits as described later. RETIREMENT BENEFITS Normal Retirement Benefit The monthly benefit that you will receive if you continue in employment until your Normal Retirement Date is called your Normal Retirement Benefit The amount of your Normal Retirement Benefit is based on the following factors: I Your Covered Salary - This is the amount of your total cash remuneration including lump sum payment of unused vacation, overtime and sick pay This definition excludes severance pay and other similar payments which are not for services rendered as well as amounts paid to you as differential wages during any period of active duty military service lasting more than 30 days. 2. Your Average Monthly Salary - This is the average of your Covered Salary dunng the best five years during the final ten years of employment. 3. Your years of Credited Service at your Normal Retirement Date. The calculation of your Normal Retirement Benefit is as follows: 3.5% of your Average Monthly Salary multiplied by your years of Credited Service As an example, if your Average Monthly Salary at your Normal Retirement Date is $4,000 and your Credited Service is 20 years, then the calculation would be as follows: 3.5% x $4,000 x 20 years = $2,800 which would be your Normal Retirement Benefit payable each month. The retirement benefit is paid to you for the rest of your life in accordance with the Normal Fonn of Benefit Payment as described later. (However, see the sections on Death Benefits after Retirement and Election of Optional Forms of Benefit Payments) Your benefits from this Plan are paid in addition to any benefits you may receive from Social Security. Retirees receiving benefits under the Plan are required to complete an annual "Alive & Well" statement certifying that the retiree is alive. Failure to complete this statement could result in cessation of your pension benefits Accrued Benefit The portion of your Normal Retirement Benefit that you have earned at any point in time is your Accrued Benefit. Your Accrued Benefit is computed in the same way as the Norval Retirement Benefit, except you use your present Average Monthly Salary and Credited Service in the calculation. The Accrued Benefit is a monthly amount which starts on your Norval Retirement Date Early Retirement Benefit If you decide to retire early, you may receive an immediate Early Retirement Benefit payable for the rest of your life. The benefit is equal to your Accrued Benefit but reduced for the number of months by which the starting date of the benefit precedes the date when you would have completed 20 years of Credited Service or, if earlier, age 55 had you continued in full -time employment. The benefit is reduced to take into account the younger age and earlier commencement of benefit payments. The following table shows how much your benefit will be reduced if payments begin before your Normal Retirement Date: Number of Percentage Years Early Reduction 1 1.5% 2 3.0 3 4.5 4 6.0 5 7.5 Deferred Retirement Option Plan (DROP) If you have reached your Normal Retirement Date but have less than 25 years of Credited Service, you are eligible to enter the DROP Plan. Election into the DROP Plan is voluntary, but it is irrevocable once DROP payments begin. The maximum period of participation is five years, or, if earlier, until you have a total of 30 years of service If you enter the DROP Plan, your contributions will stop, you will cease to accrue a benefit in the Plan, you will no longer be eligible for disability or preretirement death benefits, and you will never have the right to be a contributing member of the Plan again. Your Credited Service and Average Monthly Salary as of the first date of participation in the DROP Plan will be used to calculate your retirement benefit. If you enter the DROP Plan, the monthly benefit that you would have received if you had retired on your election date will be paid into a DROP account This account less any outstanding loan balance will earn interest in one of three ways: 1. Gain or loss at the same rate earned by the Plan, or 2. Guaranteed rate of 7 %, or 3. You may choose to have a percentage of your DROP account credited at the same rate earned by the Plan with the remainder credited at a guaranteed 7% rate You may change the method on a yearly basis The selection for the following year must be made pnor to January 1 and will become effective on January 1 Upon retirement, the balance in your DROP will become payable. You will have the following options of payment: 1. A single lump sum payment 2. Five equal annual payments 3. Monthly installments until the balance is paid out with the monthly amount determined by actuarial tables. 4 Partial lump sum withdrawals. Part of the account balance will be paid upon approval of the Board of Trustees. Should you pass away during your participation in the DROP Plan, your Beneficiary will have the same DROP account payment options as you would have had DROP payments to your Beneficiary will be in addition to any survivor benefits payable by the Plan. Loans from the DROP will be available to Members only after termination of employment, provided the member had participated in the DROP for a penod of 12 months. Please contact the Plan Administrator for details regarding the limitations on such loans. Supplemental Pension Distribution If certain conditions are met and you have been retired (normal, early, disability, or DROP) for at least one year as of the preceding September 30th, on the next July l st a Supplemental Pension Distribution will be paid to you. The distribution will be allocated among eligible members on a pro -rata basis as described below. Monthly Supplemental Benefits Beginning October 1, 2006, each Member or Beneficiary receiving pension benefits is entitled to a monthly supplemental pension benefit. The monthly supplemental benefit will be funded by a 1% of pay contribution from the Members and a 1% of pay contribution from the Chapter 185 money. Members will contribute to this benefit through 20 years of service. The benefit will cease upon the later of the death of the retired Member or Beneficiary. A benefit pool has been established with the contributions described above. The distnbution pool represents 100% of the investment earnings of the benefit pool plus 10% of the pnncipal. Starting in 2006, it will be 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 credit is 20 years) and the number of years the participant has been retired (maximum credit is 20 years). An individual retiree's diltribution is the number of shares multiplied by share value. The benefit is payable as a Lump sum on , #ob r 1 each year. Additionally, beginning October 1, 2003, there is a second distnbution pool which is 100% of the Chapter 185 money received that is in excess of the base amount of $465,087, plus I% of payroll. This distnbution pool is divided into shares similar to the first supplemental distnbution. Retirees receive a full share; allocations for surviving spouses and surviving dependent children shall be adjusted by the percentage of the optional form of benefit selected The second distribution is payable annually in a lump sum as of June 1 of each year, beginning June 1, 2004. Transfer of Accumulated Leave If you are eligible to receive accumulated sick leave, vacation leave or other accumulated leave payable upon retirement or entry into the DROP, your accumulated leave shall be transferred to the Plan. Within 30 days of retirement or DROP entry, you may elect one of the following distribution options. 1) Receive a lump sum equal to the transferred leave balance. 2) Transfer the entire amount of the leave balance directly to any eligible retirement plan. 3) Purchase additional service credit as permitted by the Plan. If the cost exceeds the leave balance, the remainder must be paid in a lump sum. 4) Transfer the entire amount of the leave balance into your DROP account. 5) Maintain the entire leave balance in the Plan. If you fail to elect a distribution option within 30 days, you will be deemed to have elected option 1) from above. If you die after retirement or other termination of employment but pnor to making an election or after making an election but before the distnbution is made, the choice will be void. In such an event, your Beneficiary shall be entitled to receive the leave balance in a lump sum. If the Beneficiary is a spouse or former spouse, they may elect to transfer the leave balance into an eligible retirement plan within 60 days. If an election is not made within 60 days, the payment will be made in a lump sum DISABILITY RETIREMENT If you become totally and permanently disabled as provided by the Plan, you may be eligible for a disability benefit. Disability eligibility determinations are made by the Board of Trustees. In the case of a disability incurred in the line of duty, you will be eligible for a benefit regardless of your length of service. In the case of a disability that is not incurred in the line of duty, you will only be eligible for a benefit if you have at least ten years of Credited Service The amount of your benefit due to line of duty disability is 66 2/3% of your basic monthly rate of earnings in effect at the time of disability. This amount is reduced by any Social Secunty benefits you may receive. The amount of your benefit may only be reduced to the extent that the total of the benefit from this Plan. Workers' Compensation and Social Security exceeds 100% of your basic rate of earnings on your date of disability In no event shall the amount of your benefit be less than the greater of your Accrued Benefit or 42% of your Average Monthly Salary. This benefit is payable until your death or recovery. The amount of your benefit due to non -line of duty disability is equal to your Accrued Benefit at the time of the disability, with the total not to exceed 60% of your Average Monthly Salary In no event shall the amount of your benefit be less than 25% of your Average Monthly Salary. This benefit is payable until your death or recovery. SURVIVOR BENEFITS Before Retirement If you die in the line of duty, regardless of your years of service, your spouse will receive a death benefit. The amount of your line of duty death benefit is your Accrued Benefit at the time of your death, but not less than 30% of your Average Monthly Salary. This benefit is payable until your spouse's death If you have no spouse, the benefit will be paid to your estate If you die before you attain ten years of continuous service and not in the line of duty, your Beneficiary will receive a refund of your accumulated contributions If you pass away after you attain ten years of continuous service, your spouse will receive your Accrued Benefit as of the date of your death. Payment will continue until your spouse's death or remamage After Retirement If you were receiving a form of retirement payment which provided for a survivor's benefit to be paid after your death, your Beneficiary will receive payments following your death. A later page describes the various forms of retirement payments. VESTED RETIREMENT BENEFIT If you terminate employment, other than by reason of retirement, disability or death, you may be entitled to a deferred Vested Retirement Benefit This benefit is equal to your Accrued Benefit on your termination date multiplied by your vested interest The following chart shows your vested interest in your Accrued Benefit. Vesting Schedule Completed Years Vested of Credited Service Interest Less than 5 0% 5 or more 100 The vested benefit is payable on the earlier date which you would have attained age 55 with ten years of service or reaching what would have been 20 years of service had you continued working. If earlier, you may receive your vested benefit, reduced as for Early Retirement, any time after your 50th birthday. If you terminate employment with less than five years of Credited Service, you will receive a refund of your own contributions without interest. The taxable portion of any refund you receive is subject to an automatic 20% withholding for federal income tax purposes. This tax can be avoided, however, if you roll the taxable portion over to an Individual Retirement Account (IRA) or another qualified employer plan. This rollover will result in no tax being due until you begin withdrawing funds from the IRA or other qualified employer plan. The rollover of the distribution, however, must be made directly by the Plan to your chosen IRA or other qualified employer plan. FORMS OF BENEFIT PAYMENTS Normal Form of Benefit Payment Unless you elect otherwise before retirement, your pension is payable as a Ten Year Certain and Life Annuity. This is a series of monthly payments for your life. If you should pass away before benefits have been paid for ten years, your Beneficiary will receive the same monthly amount for the balance of the ten years. Election of Optional Forms of Benefit Payments You have the nght at any time pnor to your actual retirement date to elect not to have your retirement benefit paid in the Normal Form. Your benefit would then be paid in the form which you choose. You may choose among the options described below and revoke any such elections and make a new election at any time before your actual retirement. You must make such an election by written request to the Plan Administrator. Such an election shall be subject to the approval of the Plan Administrator. This election also applies to disability retirees and to terminated members who are eligible for payment of deferred Vested Retirement Benefits. The options available are as follows: 1. Option 1 - Single Life Annuity You may elect to receive an increased monthly retirement benefit with payments for your life, ceasing upon your death. 2. Option 2 - Contingent Annuitant You may elect to receive a decreased monthly retirement benefit dunng your lifetime and have such decreased retirement benefit (or a designated fraction thereof) continued after the death of either you or your Beneficiary during the remaining lifetime of you or your Beneficiary. 3. Option 3 - Survivor Annuity You may elect to receive a decreased monthly retirement benefit during your lifetime and have such decreased retirement benefit (or a designated fraction thereof) continued after your death. Your benefit will remain unchanged if your Beneficiary's death proceeds your own. In no event may the total of benefit payments to you and your Beneficiary be less than your own accumulated contributions. AMENDMENT OR TERMINATION OF THE PLAN The Plan may be amended or terminated at any time by the Employer If the Plan were terminated, you would immediately become fully vested in the benefit you had earned so far. All of the assets of the Plan would be allocated to the Members according to certain classes of priority Only after all accrued benefits have been paid and any other liabilities have been satisfied could any remaining money be returned to the Employer. IMPORTANT NOTICE There are certain circumstances which may result in the disqualification, ineligibility, denial, loss, forfeiture, suspension or deferral of your benefits in this Plan. The following is a list of these circumstances: 1. If you terminate employment before you have enough Credited Service to have earned a vested interest, no benefits will be payable except for a return of your own contributions without interest. 2 If you die before attaining a vested interest, but not in the line of duty, no benefits will be payable except for a return of your own contnbutions without interest. 3. No credit is allowed either for benefit accrual or vesting purposes for any penod in which you are not considered a full -time employee. 4 Your retirement benefit will not be payable until your actual retirement date, even if you continue to work beyond the Normal Retirement Date. 5. Your Accrued Benefit may be forfeited if you are convicted of certain felonies as provided by State law (Chapter 1 12.3173 F.S.). 6. Payment of your benefits may be made subject to an income deduction order made pursuant to a state domestic relations law. YOUR RESPONSIBILITIES 1. Retain this Summary Plan Descnption with your other important papers for later reference or for replacement by updated versions and supplemental notices, if any 2. Upon completing eligibility requirements, sign a Membership Form, including a Beneficiary designation. 3 Keep your Beneficiary designation form updated to express your wishes. 4 If you terminate employment, check to see if you are entitled to a Vested Retirement Benefit and the date payable. 5. If you should terminate employment with nghts to a deferred Vested Retirement Benefit, then, shortly before the date on which it is to begin, you should contact and notify the Employer to begin such payments. 6. Upon your retirement under Early or Norval Retirement, complete the form necessary to indicate which Optional Form of Benefit you desire. CLAIMS AND PROCEDURES The Plan Administrator has adopted rules to follow when a member applies for a benefit. These rules may be obtained from the Office of the Pension Administrator. PERTINENT ACTUARIAL INFORMATION October 1, 2011 October 1, 2010 Number of Members of the Plan Active Employees 144 148 Those Receiving or Due to Receive Benefits 113 109 Annual Payroll of Active Members $ 12,817,809 $ 12,592,795 Annual Rate of Benefits in Pay Status 4,503,415 4,124,776 Actuarial Accrued Liability 89,656,412 81,957,204 Net Assets Available for Benefits (Actuanal Value) 49,115,728 48,129,593 Unfunded Actuanal Accrued Liability 40,540,684 33,827,611 Required Contribution to be Made to the Plan Over and Above Contributions by Members of the Plan 4,701,572 4,098,955 Required Contribution as % of Payroll of Active Members 33.05% 28.86% Required Contnbution to be Paid Dunng Year Ending 9/30/2013 9/30/2012 PENSION FUND DISBURSEMENTS & INCOME September 30 Item 2011 2010 A Market Value of Assets at Beginning of Year $ 50.474.101 * $ 44.401,968 B. Revenues and Expenditures I Contributions a. Employee Contributions $ 884,898 $ 1,014,693 b Employee Contributions (Back Pay Settlement) 41,664 - c. Employer Contributions 1552.348 3.688.516 d State Contributions 623,168 641 ,483 e. Buy Back Contributions 12.875 40.124 f. Health Subsidy Contributions 126.414 121,364 g DROP Rollover 81,872 - h Increase in Value of Future Buy Backs 20,570 (20,233) i Total $ 5,343,809 $ 5,485,947 2 Investment Income a Interest, Dividends, and Other Income $ 9,487 $ 69 b. Net Realized and Unrealized Gains /(Losses) 5,610 4,923,271 c. Investment Expenses (414,217) (344,259) d Net Investment Income $ (399,120) $ 4,579,081 3 Benefits and Refunds a Refunds $ (78,709) $ (38,620) b Regular Monthly Benefits (3,433,641) (3,355,163) c DROP Distributions (339,770) (552,787) d Total $ (3,852,120) $ (3,946,570) 4. Administrative and Miscellaneous Expenses $ (134,695) $ (122,482) 5 Transfers $ - $ - C Market Value of Assets at End of Year $ 51.431,975 $ 50,397,944 D Reserves 1 Supplemental Benefit Reserve $ (1,584.812) $ (1,376,286) 2. State Contribution Reserve (31,667) (55,032) 3 DROP Accounts (5,684,214) (4,603,461) 4 Total Reserves $ (7,300,693) $ (6,034,779) E. Market Value Net of Reserves $ 44,131,282 $ 44,363,165 *Beginning balance adjusted to match financial statements (increased by $76,157 to reflect the recording of the Plan's DROP loans receivable). ADDENDUM It is the policy of the Pension Fund to collect and maintain Social Security Numbers of Plan members, retirees and beneficiaries for purposes of data collection, benefits processing, tax reporting and identity verification which would include death record searches. If you have any questions about this policy, please contact the Fund's Administrator. Barbara Ladue From: Pete.Strong @gabrielroeder.com Sent: Monday, July 09, 2012 10:21 AM To: Iadueb @bbpdpension com Cc: bsjensen @perryjensenlaw com, Steve Palmquist @gabrielroeder com Subject: Boynton Beach Police Officers - updated SPD as of 7 -2012 Attachments: SPD 07 -12 pdf Good morning Barbara! Attached is a pdf copy of the updated SPD for the Police Officers' Retirement Fund. A hard copy is being mailed to you today. Please let us know if you have any questions! ./d' '` Best regards, S. - -Pete Strong �� I y Peter N. Strong, ASA, EA, FCA, MAAA Consultant and Actuary Gabriel Roeder Smith & Company One East Broward Blvd., Suite 505 Fort Lauderdale, FL 33301 -1804 Main: (954) 527 -1616 (Ext. 2102) Direct: (954) 713 -2102 Fax: (954) 525 -0083 Email: pete.s•trowz .gabrielroeder.com Website: www.gabrielroeder. com 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 The above communication shall not be construed to provide tax advice, legal advice or investment advice Notice of Confidentiality This transmission contains information that may be confidential and that may also be privileged Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), you may not copy, forward, or otherwise use it, or disclose its contents to anyone else If you have received this transmission in error, please notify the sender immediately and delete it from your system 1 Barbara Ladue From: Gary Chapman [chairman ©bbpdpension com] Sent: Thursday, July 12, 2012 10 35 PM To: 'Barbara Ladue' Subject: RE. Boynton Beach Police Officers - updated SPD as of 7 -2012 Hello Barb, place this on the next agenda for review and approval for distribution Thanks, gary From: Barbara Ladue [mailto:ladueb @bbpdpension.com] Sent: Monday, July 09, 2012 10:42 AM To: 'Gary Chapman'; 'Athol, Toby'; 'Caudell, Scott'; 'Llopis, Jason'; 'Ranzie, Frank' Subject: FW: Boynton Beach Police Officers - updated SPD as of 7 -2012 Here is the updated SPD for your review. Thanks. Barb La Due From: Pete. Strong @gabrielroeder. com [ mailto :Pete.Strong @gabrielroeder.com] Sent: Monday, July 09, 2012 10:21 AM To: Iadueb @bbpdpension.com Cc: bsjenser aperrvjensenlaw.com; Steve .Palmquist gabrielroeder.com Subject: Boynton Beach Police Officers - updated SPD as of 7 -2012 Good morning Barbara! Attached is a pdf copy of the updated SPD for the Police Officers' Retirement Fund. A hard copy is being mailed to you today. Please let us know if you have any questions! Best regards, -Pete Strong Peter N Strong, ASA, EA, FCA, MAAA Consultant and Actuary Gabriel Roeder Smith & Company One East Broward Blvd., Suite 505 Fort Lauderdale, FL 33301 -1804 Main: (954) 527 -1616 (Ext. 2102) Direct: (954) 713 -2102 Fax: (954) 525 -0083 Email: pete.stronga,abrielroeder.com Website: www.gabrielroeder.com 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 10 be used, and cannot be used, for the purpose of (i) avoiding tax- related penalties under the Internal Revenue Code or (ii) 1 Barbara Ladue From: Pat Holt [pat @perryjensenlaw com] Sent: Monday, July 23, 2012 1 41 PM To: Julie Oldbury Cc: ThePensionTeam @perryjensenlaw com, Dixie Martinez; Barbara Ladue; Woodrow Hay, Mayor; Cathy McDeavitt, Gary Chapman; Toby Athol Subject: Boynton Beach Police Officers' Pension Fund and Employees' Pension Plan of the city of Boynton Beach, FL (F S §732 703) Attachments: 2012 -07 -23 (BB) HR Itr re designation pdf, 2012 - Desig of Beneficiary with Contingent Beneficiary pdf, 2012 FS 732 703 pdf; 2012 - Desig of Beneficiary with Contingent Beneficiary. pdf Julie: Please find attached correspondence from Bonni Jensen, as attorney for the above Funds, F S. §732.703 regarding spouses as beneficiaries, and Designation of Beneficiary form. If you have any questions, please contact us. Thanks, 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!! Is . 1 I;- r ■∎Cu.SC 06: . 1 - ,1U ,i CHI: tl i� - I, m j' ' ,''( IRS CIRCULAR 230 NOTirj t 1 , i .,I _ L i1 }., ( r tlr 't nor,: I'I' i,, , . t�, -ht 1 THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONN] SPATARA JENSEN aperry @perryjensenlaw com bsjensen @perryjensenlaw,com July 23, 2012 VIA EMAIL Julie Oldbury City of Boynton Beach 100 East Boynton Beach Boulevard Boynton Beach, FL 33435 odbury@bbfl.us Re: Employees' Pension Plan of the City of Boynton Beach, Florida and Boynton Beach Police Officers' Pension Fund Florida Statute §732.703/HB 401 Our File No. 1297 and 0188 Dear Julie: This office is the legal counsel for the Employees' Pension Plan of the City of Boynton Beach, Florida and Boynton Beach Police Officers' Pension Fund ( "Fund "). We are contacting you about a new statutory provision which was passed this year - Florida Statutes §732.703 (copy enclosed). This section voids the designation of the former spouse as the death beneficiary/ joint annuitant ( "beneficiary") as of the date of divorce and applies to all deaths occurring on or after July 1, 2012 regardless of when the designation was made. The purpose of this letter is to make sure that you are aware of the law and to try to join together to ensure that the beneficiary designations are up to date. The new law applies as follows: 1. Employee benefit plans (except the Florida Retirement System); 2. Life insurance policies or annuities within an employee benefit plan; 3. IRAs; 4. Payable on death accounts; 5. Security accounts registered in a transfer on death form; or 6. Life insurance policies or annuities held outside an employee benefit plan. And does not apply: 1. To the extent federal law provides otherwise; 2. If the designation of beneficiary is signed after the dissolution or annulment and expressly provides that benefit will be paid to the former spouse; 400 EXECUTIVE CENTER DRIVE, SUITE 207:. WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 -: Fx: 561.686.2802 Julie Oldbury Florida Statutes §732.703/HB401 July 23, 2012 Page 2 3. To a will or trust; 4. If the order of dissolution or annulment requires the former spouse to remain the beneficiary; 5. If under the order of dissolution or annulment the decedent could not have unilaterally terminated the ownership of the asset; 6. If the designation of the spouse as beneficiary is irrevocable; 7. If the instrument directing the disposition of the assets is governed by the laws of another state; 8. To an asset in two or more names where the death of one co -owner vests ownership in the survivor; 9. If the decedent remarries the former spouse; or 10. To state administered retirement plans. As you can see, the law applies broadly, but has many potentially difficult to administer exceptions. To try to avoid any adverse operation of this law, I have recommended that the Fund make a renewed effort to ensure that all member and retiree designations are kept up to date. Additionally, the Fund should ensure if the retiree has been divorced, the benefits are adjusted per the plan document to take into account any new joint annuitant. These projects will be completed through the Fund itself. It would be helpful if when your office is notified of a divorce (for example, when a member makes a change in their health insurance benefits), if your office would be able to remind the employee to complete a new designation of beneficiary form which is also enclosed. Further, if you have any municipal -wide employee benefit meetings, please add the Fund to the agenda to remind the active employees to complete a designation of beneficiary form. Hopefully, through these measures we can avoid any unintended consequences to the members and to the Fund. Please contact me at your convenience if you want to discuss this matter further. Sincerely yours, 7 - L.z t Bonni S. Jensen Encl. E -Copy to. Chairman and Secretary Administrator BOYNTON BEACH POLICE OFFICERS' PENSION FUND DESIGNATION OF BENEFICIARY PLEASE PRINT OR TYPE Participant's Info Participant's Name: Social Security Number *: *In accordance with the provisions of §119 071(5)(a)6g, Florida Statutes, the collection and use of social security numbers is authorized for the purpose of the administration of the pension fund. Date of Birth: 1. Primary Beneficiary I hereby designate the following person as my beneficiary entitled to receive any benefit due in the event of my death: a. Name Beneficiary: b. Relationship to Participant: c. Beneficiary's Social Security Number *: *In accordance with the provisions of §119 071(5)(a)6g, Florida Statutes, the collection and use of social security numbers is authorized for the purpose of the administration of the pension fund d. Date of Birth of Beneficiary: e. Sex of Beneficiary: Male Female f. Home Address of Beneficiary: g. Telephone Number of Beneficiary: Page 1 of 3 2. Contingent Beneficiary If the above -named primary beneficiary dies before me, or is not available to receive any benefit due, I designate the following person as the contingent beneficiary entitled to receive any benefit due in the event of my death: a. Name of Contingent Beneficiary: b. Relationship to Participant: c. Beneficiary's Social Security Number *: *In accordance with the provisions of §119 071(5)(a)6g, Florida Statutes, the collection and use of social security numbers is authorized for the purpose of the administration of the pension fund. d. Date of Birth of Beneficiary: e. Sex of Beneficiary: Male Female f. Home Address of Beneficiary: g. Telephone Number of Beneficiary: Include Area Code The above designation of beneficiary revokes any and all prior designations of beneficiaries. I understand that the beneficiary I select may affect the amount of benefits to be paid to me. NOTE: A change in family status (marriage, divorce, etc.) may not effectively change a designation of beneficiary. However, pursuant to Florida Statutes §732, 703, divorce or annulment may void the election of a former spouse as a designated beneficiary. To ensure that your assets are paid as you want them to be, keep your beneficiary updated. BE SURE TO KEEP YOUR BENEFICIARY AND CONTACT INFORMATION UPDATED WITH THE FUND Page 2 of 3 THIS FORM MUST BE SIGNED IN THE PRESENCE OF A NOTARY PUBLIC WHO WILL THEN BE ABLE TO NOTARIZE THE FORM Participant's Signature Date STATE OF COUNTY OF SWORN TO (or AFFIRMED) AND SUBSCRIBED before me this day of , 20 , by . Personally known OR Produced identification Type of identification produced: Signature, Notary Public Printed Name of Notary* *In accordance with the provisions of 5C117.04(4)(I), below the signature, the name of notary must be printed, typed or stamped. The Notary seal must be affixed to the side of the signature or below the printed name Apnl 3, 2012 H \BB Police 0188 \FORMS- Standard\2012 - Desig of Beneficiary with Contingent Beneficiary wpd Page 3 of 3 Select Year: 2012 [ Go The 2012 Florida Statutes Title XLII Chapter 732 View Entire ESTATES AND PROBATE CODE: INTESTATE SUCCESSION AND Chapter TRUSTS WILLS 732.703 Effect of divorce, dissolution, or invalidity of marriage on disposition of certain assets at death. — (1) As used in this section, unless the context requires otherwise, the term: (a) "Asset," when not modified by other words or phrases, means an asset described in subsection (3), except as provided in paragraph (4)(j). (b) "Beneficiary" means any person designated in a governing instrument to receive an interest in an asset upon the death of the decedent. (c) "Death certificate" means a certified copy of a death certificate issued by an official or agency for the place where the decedent's death occurred. (d) "Employee benefit plan" means any funded or unfunded plan, program, or fund established by an employer to provide an employee's beneficiaries with benefits that may be payable on the employee's death. (e) "Governing instrument" means any writing or contract governing the disposition of all or any part of an asset upon the death of the decedent. (f) "Payor" means any person obligated to make payment of the decedent's interest in an asset upon the death of the decedent, and any other person who is in control or possession of an asset. (g) "Primary beneficiary" means a beneficiary designated under the governing instrument to receive an interest in an asset upon the death of the decedent who is not a secondary beneficiary. A person who receives an interest in the asset upon the death of the decedent due to the death of another beneficiary prior to the decedent's death is also a primary beneficiary. (h) "Secondary beneficiary" means a beneficiary designated under the governing instrument who will receive an interest in an asset if the designation of the primary beneficiary is revoked or otherwise cannot be given effect. (2) A designation made by or on behalf of the decedent providing for the payment or transfer at death of an interest in an asset to or for the benefit of the decedent's former spouse is void as of the time the decedent's marriage was judicially dissolved or declared invalid by court order prior to the decedent's death, if the designation was made prior to the dissolution or court order. The decedent's interest in the asset shall pass as if the decedent's former spouse predeceased the decedent. An individual retirement account described in s. 408 or s. 408A of the Internal Revenue Code of 1986, or an employee benefit plan, may not be treated as a trust for purposes of this section. (3) Subsection (2) applies to the following assets in which a resident of this state has an interest at the time of the resident's death: (a) A life insurance policy, qualified annuity, or other similar tax - deferred contract held within an employee benefit plan. http: / /www. leg. state. fl. us /Statutes /index.cfm ?App_mode= Display_ Statute &Search Strine... 7/20/2012 (b) An employee benefit plan. (c) An individual retirement account described in s. 408 or s. 408A of the Internal Revenue Code of 1986, including an individual retirement annuity described in s. 408(b) of the Internal Revenue Code of 1986. (d) A payable -on -death account. (e) A security or other account registered in a transfer -on -death form. (f) A life insurance policy, annuity, or other similar contract that is not held within an employee benefit plan or a tax - qualified retirement account. (4) Subsection (2) does not apply: (a) To the extent that controlling federal law provides otherwise; (b) If the governing instrument is signed by the decedent, or on behalf of the decedent, after the order of dissolution or order declaring the marriage invalid and such governing instrument expressly provides that benefits will be payable to the decedent's former spouse; (c) To the extent a will or trust governs the disposition of the assets and s. 732.507(2) or s. 736.1005 applies; (d) If the order of dissolution or order declaring the marriage invalid requires that the decedent acquire or maintain the asset for the benefit of a former spouse or children of the marriage, payable upon the death of the decedent either outright or in trust, only if other assets of the decedent fulfilling such a requirement for the benefit of the former spouse or children of the marriage do not exist upon the death of the decedent; (e) If, under the terms of the order of dissolution or order declaring the marriage invalid, the decedent could not have unilaterally terminated or modified the ownership of the asset, or its disposition upon the death of the decedent; (f) If the designation of the decedent's former spouse as a beneficiary is irrevocable under applicable law; (g) If the instrument directing the disposition of the asset at death is governed by the laws of a state other than this state; (h) To an asset held in two or more names as to which the death of one coowner vests ownership of the asset in the surviving coowner or coowners; (i) If the decedent remarries the person whose interest would otherwise have been revoked under this section and the decedent and that person are married to one another at the time of the decedent's death; or (j) To state - administered retirement plans under chapter 121. (5) In the case of an asset described in paragraph (3)(a), paragraph (3)(b), or paragraph (3)(c), unless payment or transfer would violate a court order directed to, and served as required by law on, the payor: (a) If the governing instrument does not explicitly specify the relationship of the beneficiary to the decedent or if the governing instrument explicitly provides that the beneficiary is not the decedent's spouse, the payor is not liable for making any payment on account of, or transferring any interest in, the asset to the beneficiary. (b) As to any portion of the asset required by the governing instrument to be paid after the decedent's death to a primary beneficiary explicitly designated in the governing instrument as the decedent's spouse: http: / /www.Ieg. state .fl.us /Statutes /index.cfm ?App mode = Display Statute &Search Stringy... 7/20/2012 1. If the death certificate states that the decedent was married at the time of his or her death to that spouse, the payor is not liable for making a payment on account of, or for transferring an interest in, that portion of the asset to such primary beneficiary. 2. if the death certificate states that the decedent was not married at the time of his or her death, or if the death certificate states that the decedent was married to a person other than the spouse designated as the primary beneficiary at the time of his or her death, the payor is not liable for making a payment on account of, or for transferring an interest in, that portion of the asset to a secondary beneficiary under the governing instrument. 3. If the death certificate is silent as to the decedent's marital status at the time of his or her death, the payor is not liable for making a payment on account of, or for transferring an interest in, that portion of the asset to the primary beneficiary upon delivery to the payor of an affidavit validly executed by the primary beneficiary in substantially the following form: STATE OF COUNTY OF Before me, the undersigned authority, personally appeared (type or pnnt Affiant's name) ( "Affiant "), who swore or affirmed that: 1. (Type or pnnt name of Decedent) ( "Decedent ") died on (type or print the date of the Decedent's death) . 2. Affiant is a "primary beneficiary" as that term is defined in Section 732.703, Florida Statutes. Affiant and Decedent were married on (type or print the date of marriage) , and were legally married to one another on the date of the Decedent's death. (Affiant) Sworn to or affirmed before me by the affiant who is personalty known to me or who has produced (state type of identification) as identification this day of (month) ,... (year).... (Signature of Officer) (Print, Type, or Stamp Commissioned name of Notary Public) 4. If the death certificate is silent as to the decedent's marital status at the time of his or her death, the payor is not liable for making a payment on account of, or for transferring an interest in, that portion of the asset to the secondary beneficiary upon delivery to the payor of an affidavit validly executed by the secondary beneficiary affidavit in substantially the following form: STATE OF COUNTY OF Before me, the undersigned authority, personally appeared (type or print Affiant's name) ( "Affiant "), who swore or affirmed that: 1. (Type or print name of Decedent) ( "Decedent ") died on (type or print the date of the Decedent's death) . 2. Affiant is a "secondary beneficiary" as that term is defined in Section 732.703, Florida Statutes. On the date of the Decedent's death, the Decedent was not legally married to the spouse designated as the "primary beneficiary" as that term is defined in Section 732.703, Florida Statutes. Sworn to or affirmed before me by the affiant who is personalty known to me or who has produced (state type of identification) as identification this day of (month) , (year) . (Signature of Officer) (Print, Type, or Stamp Commissioned name of Notary Public) )ittn•/ /unxnx, )Pr, c+atc. f( nc /Q +ai-i.toolinriPV nf,- -.') A,,. »,nAn =T' ,, 1n., Qfn+.,*nQ.Qo.,.-..1. Q +..:...,. 1i',nihA � (6) In the case of an asset described in paragraph (3)(d), paragraph (3)(e), or paragraph (3)(f), the payor is not liable for making any payment on account of, or transferring any interest in, the asset to any beneficiary. (7) Subsections (5) and (6) apply notwithstanding the payor's knowledge that the person to whom the asset is transferred is different from the person who would own the interest pursuant to subsection (2). (8) This section does not affect the ownership of an interest in an asset as between the former spouse and any other person entitled to such interest by operation of this section, the rights of any purchaser for value of any such interest, the rights of any creditor of the former spouse or any other person entitled to such interest, or the rights and duties of any insurance company, financial institution, trustee, administrator, or other third party. (9) This section applies to all designations made by or on behalf of decedents dying on or after July 1, 2012, regardless of when the designation was made. History. —s. 1, ch. 2012 -148. 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OOV 000N J rt -< CO ?O M - h 0 73 m 0000 0 11 \ \ \\ ° (�D N° Co 0000 -,• rh rt { 7o I— I- I--a 1--I Vi —I•(D Z m H 0 Co Co 0o 0 (D O 0 0 0001-kl0 • \-h r Z A H m n o, 0 0 m D m -'. 3 rrrr of rl = r 0 0 0 H"0 0 mJ no m J m r m rt V) n 0 `< -m 0 z m o Z z-n _ 3 H n H rfl O m in 73 70 -11 0 - MI -0 w 0 0 D z (D in - t1 70 H 0 n v z w -1, 0 w 7o in `< -4 In Z n m o v -1 0 0 0 0 m r 0000 00007 H •••\ su -•(D 0 rn 0 0 ( rt ( ° Z (D j . 0 0 0 0 0— • h o V1 A) In H rt Al 0 Z w wwN NN '0 0 1 1 1 --J N N 0 (D . D nD w rt r VV) 0 3 • • N z N N N F- i NF -- -I N t0 V A i431- co (D 3 O (n (V 00 00 C1 .P 4 -+ C1 = 0 N 01w V 1 NJ I-+ V1 rt 0 00 tnl01 - +0 N N 00 C1 0 --, \ w tnwo0 w N0t0 = `< O D -A. w IV n ? C1 N 0 m 0 NJ N N 1--' l0 N NJ I--1 NJ ,0 F- C1 A 0 1 --� • co - to w — 1 n N p. 0 0 UJ N 00 A w w 01 to A l0 N - -I N 00 0 1OC101 -.4 001 -+ vs _•O 00 N 0 01 • V A N Co < rt w N 01 44J V1 00 ° • • • • - s - 0, -1 1- -' 1'+V0 tn PENSION FUNDS OF Boynton Beach 02 Boynton Beach Police & Fire Pension Funds 1500 Gateway Blvd., Suite # 220 a Boynton Beach, FL 33426 i " Pension Administration (1 \Ji 561/739 -7972 FAX: 561/731 -2997 Email ladueb @bbpdpension.com June 2012 Retirees of the Boynton Beach Police Officers' Pension Plan: It is that time of the year again Enclosed is "ALIVE AND WELL STATEMENT" for your completion, notary and return to the Pension Administrator. The Police Officers' Pension Board requires the statement be returned as soon as possible so as to not disrupt your monthly pension benefit. Please return the completed statement prior to August 7, 2012 so that your September 1 benefit will be processed in a timely manner. Please complete with Notary Public and mail to: Barbara La Due Pension Administrator Boynton Beach Police Officers' Pension Fund 1500 Gateway Blvd., Suite #220 Boynton Beach, FL 33426 Please call me at 561 /739 -7972 if you have any questions or concerns. Thank you. Barbara La Due Pension Administrator ALIVE DOC ,; i 1,1, r Y ' / GRS Gabriel Roeder Smith & Company One East Broward Bled 954 527 1616 phone Consultants & Actuaries Suite 505 954 525 0083 fax Ft Lauderdale, FL 33301-1804 www gabrielroeder com June 27, 2012 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 Officers Retirement Trust Fund Dear Barbara: Please find enclosed an updated table that may be used to estimate the full actuarial cost of buying one through five years of service. The amounts shown are based on annual compensation of $10,000. For a person whose compensation is, for example, $60,000, the table amount should be multiplied by six. Please be aware that the table is not very accurate in certain cases where the number of years being purchased is not a whole number. For example, if a member wants to buy 2 years and 8 months, the table may not produce a figure that is very close to the final calculation that we perform The key actuarial assumptions used were the RP -2000 Combined Healthy Participant Mortality Tables for males and females with projected mortality improvements using Scale AA and a 7.75% discount rate. We welcome your questions and comments. Sincerely yours, 9 ,11Juvu-- edl.,...---A*, J. Stephen Palmquist, ASA Senior Consultant and Actuary JSP /ib Enclosure 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. CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT FUND BUY -BACK TABLE Buy -Back Cost for Each Age at Age at Service at $10,000 of Annual Compensation Hire Buy -Back Date * Buy -Back Date * One Year Two Years Three Years Four Years Five Years 21 21 0 4,908 10,163 14,920 19,283 23,538 21 24 3 2,653 6,762 9,205 11,681 14,206 21 27 6 2,584 5,242 7,917 10,614 13,343 21 30 9 2,726 5,489 8,217 10,920 13,611 21 33 12 2,766 5,540 8,228 10,977 13,975 21 36 15 2,856 5,992 9,362 13,033 17,499 21 39 18 3,723 8,141 12,323 16,505 20,688 21 42 21 4,126 8,253 12,381 16,507 20,634 21 45 24 4,059 8,117 12,175 14,505 14,517 21 48 27 2,284 2,304 2,304 2,304 2,304 21 51 30 0 0 0 0 0 24 24 0 5,010 8,931 12,028 14,458 18,275 24 27 3 2,722 5,078 7,461 9,864 12,314 24 30 6 2,658 5,352 8,069 10,795 13,558 24 33 9 2,809 5,620 8,417 11,183 13,957 24 36 12 2,873 5,716 8,505 11,361 14,497 24 39 15 3,014 6,225 9,668 13,391 17,809 24 42 18 3,795 8,037 12,164 16,290 20,417 24 45 21 4,058 8,116 12,175 16,234 20,292 24 48 24 3,976 7,953 11,930 14,214 14,234 24 51 27 2,235 2,259 2,259 2,259 2,259 27 27 0 5,272 9,571 12,780 15,319 17,472 27 30 3 3,096 5,916 8,411 10,934 13,473 27 33 6 2,590 5,264 8,049 10,858 13,669 27 36 9 2,735 5,523 8,406 11,279 14,122 27 39 12 2,833 5,709 8,657 11,671 14,882 27 42 15 3,043 6,299 9,856 13,651 17,893 27 45 18 3,747 7,806 11,864 15,922 19,980 27 48 21 3,978 7,953 11,930 15,906 19,883 27 51 24 3,877 7,756 11,633 13,868 13,892 30 30 0 5,184 9,395 12,891 15,815 18,441 30 33 3 3,004 5,744 8,131 10,588 13,109 30 36 6 2,494 5,072 7,739 10,474 13,262 30 39 9 2,651 5,366 8,147 10,980 13,856 30 42 12 2,803 5,672 8,594 11,637 14,893 30 45 15 3,042 6,296 9,783 13,530 17,589 30 48 18 3,813 7,789 11,765 15,743 19,718 30 51 21 3,878 7,757 11,634 15,511 19,390 33 33 0 5,507 10,179 14,213 17,104 19,715 33 36 3 3,667 7,086 9,683 12,088 14,565 33 39 6 2,875 5,749 8,634 11,285 14,000 33 42 9 3,138 6,261 9,390 12,193 15,062 33 45 12 3,416 6,829 10,248 13,290 16,544 33 48 15 3,770 7,537 11,318 15,131 19,107 33 51 18 3,868 7,746 11,622 15,500 19,379 36 36 0 5,006 9,640 13,713 17,301 20,639 36 39 3 3,331 6,926 9,746 12,569 15,394 36 42 6 2,166 5,297 8,435 11,573 14,696 36 45 9 2,320 5,737 9,152 12,568 15,981 36 48 12 2,771 6,541 10,313 14,083 17,850 36 51 15 3,845 7,691 11,535 15,403 19,281 39 39 0 4,883 9,085 12,767 16,010 19,542 39 42 3 3,402 6,640 8,747 10,849 13,939 39 45 6 2,332 4,671 7,008 9,328 12,745 39 48 9 2,576 5,163 7,837 10,608 14,378 39 51 12 2,942 6,014 9,945 13,790 17,636 42 42 0 5,024 9,518 13,275 16,652 19,859 42 45 3 3,899 7,691 10,006 12,338 14,677 42 48 6 2,659 5,267 7,825 10,401 12,988 42 51 9 2,996 6,349 9,178 12,120 15,192 45 45 0 4,872 9,379 13,574 17,473 21,265 45 48 3 4,148 8,232 10,956 13,615 16,223 45 51 6 3,214 6,340 9,394 12,390 15,743 * C alculations are based on integi al age and service. 1,actional dui anons can yield different,esults Based on Plan benefits and actuarial assumptions in effect in Septembei 2011 -' fl BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement 1. PIKE I 3+ 3 PQI CY STAII INT 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. I 1VVES1.I%} VT PER E IBJI CII VES 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 periods. C H xed I none Perf ornance 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. II Int ernat i onal Tsui t y Performance The international equity portion of the portfolio is expected to meet or exceed the return of the AIM Composite Index (909' 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 Pri vat a *al t at a Perf ornance 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. Publi Real Bit ata (R IT) Perfornance 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 li sted Infrastructure Perfornance 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 Cbnnodi t i es Perfornance The Active Commodities ( "Collateralized Connnodities 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 (except i ons are nut ual and conni ngl ed 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 (except ions are nut ual and conni ngl ed 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. CCM11■1 CATI CPS 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. Q II I43 III)CAH QV 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. I+ILB IIt STA1U1ES 112, 185 AND AMICABLE Q'IY BOMCN BEACH QU NAMES 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. PIICKY MUII 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. I M EWAND AIl1T'111}NIS 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. PARE F(R IIEBALANQ NG ASSET ALLAC'AII IN 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 FUND B B 01 As: Chair; j,�+ , : oard of Trustees As: Investment Manager Date: � , Q _ ) c ` Date: ti ( v'(t' BURGESS CHAMBERS & ASSOCIATES, INC. As: Registered dvisor Date: 2. 9 of 9 Pages 2/13/2012 m 0 0 .� c jz° z = 2 Q c D � CD rn 0 co N n ( -- 1 k N ET ri-4- = 3 a) V 0 1 4 CD ‘ft< m— V O revi- CD CD X ( ,-Pf- CD , � 'y -t C 3 ,..,.. . S CD - n o 5g 1 g .0 rq cn I m m roc -0C�a7 0 -‹ IIIIIMMIIMIII w x ? m vo � ? c `, - 0 .c ct) cD yy N � k � 0 r V c 3 ` V O n 3 • o-< cp A cDCTz a, =. O m h � � � < C 3 `° 0 0 a o ...+ o h �D rn > Fn o c 3 c CC/ (1) 0 cu cD cn it) 0 CIII) Non 2 1Iw — X NOOK 0 X .-. H 2- O) O o co r..4., 0 Ut A 8 CI n CD f p . a 01 n C D = < w a o a c cn c mosis O D, ." 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