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Agenda 11-13-12BOYNTON BEACH POLICE OFFICERS' PENSION FUND QUARTERLY BOARD MEETING Tuesday, November 13, 2012x& 9 :30 AM Renaissance Executive Suites — Conference Room #1 1500 Gateway Blvd., Suite # 220 Boynton Beach, FL 33426 AGENDA L CALL TO ORDER — Lt. Gary Chapman, Chairman II. AGENDA APPROVAL III. APPROVAL OF MINUTES — Quarterly Meeting 08 -14 -2012 IV. FINANCIAL REPORTS: A) Quarterly /Annual Investment Review — PYE 9 -30 -2012 1.) Russell Investment Group — Glenn Harris, Client Executive - 1) Portfolio review - Multi -Asset Core Fund 2.) Burgess Chambers & Associates (BCA) — Burgess Chambers, President Frank Wan, Head of Research 1) Fund Performance review — V. CORRESPONDENCE: VI. OLD BUSINESS: 1) Restoration of Benefits — Craig Hanning — Rehire March 2012 VII. NEW BUSINESS: A. Invoices for review and approval: 1. Russell Investment Gp. — Quarter End 9 -30 -2012 - $ 2. Russell Payment Services — Quarter End 9 -30 -2012 - $868.17 3. Perry & Jensen — Service Aug, Sept & Oct.2012 — $1729.75 4. Burgess Chambers & Assoc — 3rd Qtr 2012 fee - $5,000 5. Gabriel, Roeder, Smith & Co- Service Aug 2012 - $1,293 6. Ellen Schaffer — Programming & Consult — 10 -2012 - $920 7. Micro Focus annual renewal - $133.62 8. FPPTA — Annual Membership 2012 - $600.00 9. Exact /Macola — Annual Support - $463.75 B) Verification of Retirement Benefits: 1) Thomas Wallace retirement into DROP 6- 30 -2012 2) David Wier retirement into DROP 6 -30 -2012 1 C) Review of Military Service — Active participant in Pension Plan D) CPPT Certification - Trustee educational requirements E) Application for Disability Pension Benefits — Robert Epstein F) NCPERS 2013 Trustee Seminar & Conference — Two trustees interested in attending. F.) Attorney Report — Bouni Jensen 1) Klausner Kaufman Jensen & Levinson — Memo 10 -5 -2012 — LeRoy Collins Institute September 2012 Report VIII. PENSION ADMINISTRATOR'S REPORT 1. Benefits as of Nov 2012. 2. Scheduled Meetings for 2013. 3. Retirement of Steve Palmquist, GRS 12 -31 -2012. 4. "Dead — but Still Getting a Pension" article. 5. Program to capture Vac /Sic accumulation — Sample attached L1. COMMENTS: X. ADJOURNMENT: Next Regular Meeting Date — Tuesday, February 12, 2013 n 9:30 a.m. — Renaissance Commons If you cannot attend, please call Barbara n 561- 739 -7972 NOTICE IF A PERSON DE -IDES TO _ IIPEAL ANY DE MADE BY THE PC OFFI PENSION B , ARD WITH RESPE TC ANY MATTER , "ONSIDERED AT THIS EIEETIN�T, HE /SHE WILL NEED A RE IF THE PRC _AND, FIR SU PURPC HE /SHE MAY NEED TC ENSURE THAT A VERBATIM RE IF THE PRC IS MADE, WHI RE IN THE TESTIIDP = AND E\IDEWE TTC N WHI THE APPEAL ISTOBEBASED. (F.s.286.UIU5) THE -ITY SHALL FURNISH APPROPRLATE AUSILLARY _SIDS AND SER\I WHERE NE TC AFFIRD AN INDI\IDUAL WITH A DISABILITY AN E ' VAL OPPORTUNITY TO PARTI IPATE INANE) INN , Y THE BENEFITS F A SER\I PRI � TR M, I R _ , 'TI\ITY ," NDU BY THE , -ITY. PLEASE , "ONT , 'T CITY CLERKS C ( 561) 742 -6060 AT LEAST TR ENTY -FOUR HOURS PRIC TC THE PRI , QTR M OR , 'TI\ITY IN ORDER FOR THE , -ITY TO REASC A fl\IC YC RE S: \CC \wP \TANET\P( PENSION FUND.doc 2 MINUTES OF THE BOYNTON BEACH POLICE OFFICERS' PENSION FUND BOARD MEETING HELD ON TUESDAY, AUGUST 14, 2012, AT 9 :30 A.M. AT RENAISSANCE EXECUTIVE SUITES, SUITE 220, CONFERENCE ROOM 1 1500 GATEWAY BOULEVARD, BOYNTON BEACH, FLORIDA PRESENT: Gary Chapman, Chair Bonni Jensen, Board Attorney Toby Athol, Secretary Barbara LaDue, Pension Administrator Scott Caudell Jason Llopis Frank Ranzie I. CALL TO ORDER — Gary Chapman, Chairman Chair Chapman called the meeting to order at 9:31 a.m. II. AGENDA APPROVAL Under Financial Reports, Item 3, Gabriel, Roeder, Smith & Co, Supplemental Actuarial Study was removed. Motion Mr. Athol moved to approve the agenda as amended. Mr. Ranzie seconded the motion that unanimously passed. III. APPROVAL OF MINUTES : Quarterly Meeting 05 -22 -2012 Quarterly Meeting 06 -11 -2012 Motion Mr. Athol moved to approve the minutes of May 22, 2012. Mr. Caudell seconded the motion that unanimously passed. Motion Mr. Athol moved to approve the minutes of June 11, 2012. Mr. Caudell seconded the motion that unanimously passed. Meeting Minutes Police Pension Meeting Boynton Beach, FL August 14, 2012 IV, FINANCIAL REPORTS: A) Quarterly Investment Review for June 30. 2012 Russell Investment Group — Glenn Harris, Client Executive a) Portfolio review b) Status Asset Allocation /Core Plus Product/Basis Points Glenn Harris, Russell Investment Group, advised that Brian Mead would join the discussion via telephone conference call later in the presentation further discussing the markets and the portfolio. Mr Harris commented that the quarter was a tough one July and August picked up and the outlook was a little better. June was a strong month but was not enough to carry the quarter. He advised the positive outlook in the economy was the unemployment rate was slightly down, but employment growth was still not great. The tax cuts were expiring this year which would be very important ire terms of the financial markets, economy and jobs. Some of the global markets were picking up. There had also been some pick up in the housing markets globally which had boosted consumer confidence. There were expectations for growth with China, followed by the United States and Canada. Mr. Harris reviewed the fixed income markets and equities. Fixed income markets were positive but equities because of the income component, were negative in emerging markets. Investments and returns on utilities increased This was opposite than in the first quarter where the highs were in technology. On the non -U.S. equity side, currency returns impacted the results. Foreign investors seek U.S. treasuries as a "safe haven" investment and drive treasury yields lower It was a tough quarter for many commodities as global economic slowdown impacted demand. Mr. Harris discussed bond fund investments as a way of better maximizing liabilities to the fixed income investments. A lot of funds were spent along that line in the last year, and that trend would continue Listed real assets were reviewed for the second quarter. Mr. Harris discussed the commodity highlights, listed real estate highlights and the listed infrastructure highlights The infrastructure was one of the best performing asset classes because of the high yields of utilities. Inflation remains low over the long -term trend, although the employment growth was disappointing. Attorney Jenson inquired what Russell felt about the indicators. Mr. Harris commented corporations are learning to do more with less. Companies would not have to hire additional employees. The profits could be better, for example, if they wanted to increase their prices or maintain their margins Many U.S. companies are still struggling with higher rates for insurance for their existing employee base. There was a small d Meeting Minutes Police Pension Meeting Boynton Beach, FL August 14, 2012 outlook for job creation, but wage growth has been flat over the last five years. It will be a long haul and years before unemployment rates fall below 5 %. Mr. Harris reviewed the Asset Summary Report. Total assets were $58.7 million which do not include real estate being updated through June 30. The retum was a little over 2% during the quarter. The Market Value Reconciliation Report shows slight value lost of $1.6 million during the quarter. The Performance Report indicated approximately $2.7 million during the quarter. However, during the fiscal year period, it is up by $12.55 million with everything factored in. All the funds, approximately 98 %, were contributing positively, Commodities was the exception. Seven of the nine funds are ahead of benchmark. In the small -cap fund, returns were quite positive for the year -to -date. Some managers were added and some deleted from the portfolio in order to get more micro -cap exposure. Multi -asset funds with bonds compared to the overall portfolio with bonds were discussed. Overall, about 50 basis points were added. Brian Mead joined the discussion via teleconference call. He mentioned the important thing to understand in building out the Multi -asset Core Fund, it was an evolution from the way the multi- manager portfolios had been managed. Over the last few years, new capabilities had been developed. In order to capture those new capabilities, a new product was designed that did not have some of the constraints as in the old way of doing things. This would allow some of the things witnessed in the marketplace to be taken advantage of. The intention was to build a portfolio that would capture all the liquid retum seeking assets into a single portfolio. Also included was a small amount of fixed income. One of the big advantages of moving to core fund was to take advantage of tax signals. One of the critical features of having everything in a single vehicle as opposed to the historical way of having the client purchase each individual multi - manager fund is the risk of the total portfolio looked at simultaneously, as opposed to the risks coming from each individual asset class. Mr. Mead provided a lengthy description of his role in portfolio management. He described the use of a research process to create the hierarchy of where the most "bang" for the dollar in terms of active management space and where it would be the least. He explained where to be passive first and where to be active first would be what created the hierarchies. For example, Large Cap would be an area where one would tend to go passive relatively early in the game. Mr. Mead described that taking the total portfolio approach enables contact with the individual managers and a more careful review due to the amount of tools available to oversee the aggregate risk to the portfolio. Attorney Jensen commented on comparing this presentation to the one in June. It appeared to be a new aspect to the funds of the 50% currency hedge. Mr. Mead advised that the hedge had been in the fund from the launch of the fund. If it was not 3 Meeting Minutes Police Pension Meeting Boynton Beach, FL August 14, 2012 included in the earlier version, it was merely an oversight. There was discussion and explanation on the meaning of hedging and examples provided. A very strategically neutral portfolio was designed with many active managers Many are very diversified and not very large. Previously, all the active managers were overweighting highly volatile stocks Mr. Mead explained the charts in the handout and advised that futures that represented Continental Europe were sold in order to take the overweight out of Europe and put it back in the U,S. equities. Historically, the only way to accomplish this would have been to sell the International or Global Fund, cause those managers to sell their stocks and do transactions and then regain the cash out of there and put the cash into a U.S. fund It generates a lot of turnover, but more importantly, it was not something that was readily easy to do in a structure where clients had to put in the buys themselves, Mr Mead continued to explain the figures on the handout. Mr. Mead commented on cash and fixed incomes since that represented a small portion of the portfolio. One of the things attempted in the portfolio was to try and avoid the negative problems. Risk is thought about all the time. The cash would give the ability to do things like changing equity basis into cash. When the market is benign, cash might be equitized or if the markets were going up, it might be equitized. Chair Chapman requested a simple definition of style in country versus currency in country Mr. Mead replied that in this particular axiom tool, it demonstrated stock specific data and volatility, as well as the magnitude of broken value. There was continued discussion on the strategies used and a summary provided on strategic decisions made. Frank Wan, Burgess, Chambers, & Associates, Inc., began by stating Liability Driven Investments (LDI) are good news. This means matching the long term liabilities with long term bonds. Long terms bonds had done so well that private plans got lucky. AB the market risks associated with the capital markets were in bonds. When that falls apart, the LDI strategies would not work out as perfectly as expected. For the most part, plans across the country remained to have an average rate of 8 %. It could be achieved with the current plan structure, but the trend over the past ten years was volatility. The most important decision that should be made as a Board was the asset allocation process. Chair Chapman called a recess at 10:59 a.m Chair Chapman reconvened the meeting at 11:07 a.m Mr. Wan continued to review the quarter. He advised there was a great return for the quarter. It was the opinion that media had a lot to do with overall performance and volatility. The media had been focused on what had been happened across Europe and the Spanish crisis was the center of attention and the market feeds off what the media reports. With the elections getting so much attention, the European news was not getting as much, so the market shot up directly even though things there were the Meeting Minutes Police Pension Meeting Boynton Beach, FL August 14, 2012 same. In addition, in a highlighted IR market summary, the Fed Chairman was supporting the U.S. market. Anytime there was a heightened crisis, on a global scale, the Fed or Open Market Committee was the first to step in and inject more stimulus. Those were things that were done within the last six months. The market was supported by government interventions in general. Mr. Wan advised JP Morgan released a study on the valuations for international companies. Not only are the blue chip companies at very attractive levels, across the globe, international and developing markets, but also seven out of 10 stocks are selling at almost historical lows. There are different pockets on a global scale that are growing very strong. It was a contagion factor on an international level. What affects one country, affects, another, and another and so on. Some companies do not deserve to be contaminated by this as Germany still had strong growth, as well as, Asia and Brazil. The stock market would be the leading indicator on outcomes. Mr. Athol commented even though the Euro was the common European currency, one could not go country to country and accomplish the same things as done state to state in the United States, such as employment. He inquired what the opinion was how the countries would handle the situation. Mr. Wan responded it was a struggle those countries face. They have less mobility, but the plan for Europe was to create more mobility. Some French are starting to open businesses in Germany to take advantage of the tax savings, and the U.S. was beginning to do same. In Europe, profits were being generated from Asia and South America. Not all revenues are derived from the continent of Europe; a lot of it was derived from the emerging markets and other components of the world. There was not only a need for job growth there, but here as well. Europe needs continued support from the govemment. The emerging market debt for bonds was up 8% in the past quarter. In the U.S., the corporate bonds are up approximately 3% just in one quarter. Those were opportunities that could be captured in between the markets. Real estate equities were discussed. This was an asset class that was managed by Russell Investments. What was seen globally was a lot of volatility in real estate. The A -class properties around the country were selling at a huge premium. The benchmark had a 25% leverage in the private real estate universe, but at the same time, whether opportunities would want to be taken advantage of would have to be addressed. Mr. Wan continued to advise that in the private world there were only 14 or 15 different managers. JP Morgan and UBS make up one quarter of the entire market in total universe. Therefore, it was difficult to find a good comparison and as a result, the benchmark would be more relevant in this case. The benchmark was slightly shy but as previously discussed, if money was going to be put in UBS or JP Morgan, there would be a long wait. The differences were what was available to invest in, what it could be used for, and how to get it into the market in the fastest way. Mr. Wan discussed in length the investment performances included in the handout booklet. For the quarter, 5 Meeting Minutes Police Pension Meeting Boynton Beach, FL August 14, 2012 2% in gross of fees were lost. He advised, however, the public pension plan in the country lost about 1.6 %. Fiscal year to date was 13 %. The one -year period was at 1,1 %, which actually ranked in the middle. The highest value for the quarter was 2 77 and the lowest, was —8.72. In the five -year period, the highest value was 7,4 and the lowest was -0.57 In the last few years, equities were what drove the market and in the last three years, on a national scale, the outcome was good There was continued discussion and review of the handouts There was a motion passed previously for the Core Plan that was the 65/30/5 with the fees as the issue. The motion previously passed was read into the record. "To transition into the multi -asset core option program with the asset allocation at 65 %, 40% to the aggregate and 5% to the real estate, contingent upon the fees.'' The only change was to protect the 80 basis point. Motion Mr. Athol moved to accept the plan. Mr. Ranzie seconded the motion that unanimously passed. CORRESPONDENCE: N/A V. OLD BUSINESS: 1) 5 Annual Reunion — Saturday, November 3, 2012 @ 6:00 PM Chair Chapman announced the 5 annual reunion would take place on Saturday November 3, 2012, VI. NEW BUSINESS: A. Invoices for review and approval: 1) Russell Investment Group — Quarter End 6 -30 -12 $109,589 2) Russell Payment Services — Quarter End 6 -30 -12 $ 972.64 3) Burgess Chambers & Assoc. — Second Quarter 2012 $5,000 4) Perry & Jensen, LLC — Service May, June & 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 Motion Mr. Athol moved to pay the bills. The motion was seconded by Mr Ranzie and unanimously passed. r Meeting Minutes Police Pension Meeting Boynton Beach, FL August 14, 2012 B. Restoration of Benefit — Craig Hanning — Rehire March 2012 There was lengthy discussion regarding Mr. Hanning's pension benefit. Ms. LaDue advised it was decided his vested benefit would be based on 3 %. She commented that she felt his high five year average should be kept for those particular nine years. Attorney Jensen summarized the interpretation of the policy. Chair Chapman opined to go with the best five out of the last 10 years and there was discussion on this opinion. It was consensus Mr. Hanning could not collect two pensions but a new retirement date would have to be calculated because he returned to work. It was noted he was rolling over a pension plan he had for his employment in South Carolina. Attorney Jensen stated if he had a defined contribution plan, he could not roll over. After discussion, it was decided to table the issue until the next meeting after obtaining more information. C. Updated SPD — July 2012 — Review and approval for distribution Chair Chapman suggested tabling this item in order to provide the members time for review. D. Attorney Report — Bonni Jensen 1) Div of Retirement 05 -29 -2012 Local Retirement Plan — Min Funding Attorney Jensen advised the State Actuaries had taken the position in 2009 that local retirement plans contributions must minimally equal the amount of contributions using the percentage -of- payroll method. It caused less money to go into the pension plan than was actually needed. They now decided that Boards of Trustees, in conjunction with their actuary, should decide the best contribution method that best fits the funding requirements of the plan to contribute on percentage -of- payroll or use fixed dollar contribution. Chair Chapman suggested contributing on a fixed dollar contribution. 2) Florida Statute 732.703/HB 401 — Beneficiary Designations 07 -23- 2012 This was a follow -up to the State law change that was made to the Florida Statute that provided that divorce voids the designation of the former spouse of beneficiary. There are forms to be filled out, if applicable, that should be returned to Ms. LaDue. Attorney Jensen also suggested the Board set out to get and correct updated designation of beneficiary forms to ensure they are the most up -to -date and send a letter to retirees fielding any corrections. VII. PENSION ADMINISTRATOR'S REPORT 1. Benefits as of August 1, 2012 2. Annual "Alive & Well" Statements —13 statements outstanding 7 Meeting Minutes Police Pension Meeting Boynton Beach, FL August 14, 2012 Ms. LaDue updated there were currently 10 forms outstanding 3 Updated Buy -Back Table received June 2012 Ms. LaDue advised there was a new table for calculating buy -backs and a significant increase because of the assumption changes VIII. COMMENTS None. X. 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(/) (,) 0 0 ui - 5 Cl) u o c0 co (I) 0 •-• ..., a) = _ CI C•I ru c C -0 _C co = M (I) 14?, (1 ) G) 0 1 - 1 - c z .... 2 , - 0 = 45 a (11 cy) (f) _ x a) u) 73 c "" :.,..- w Ow 7 9 .415 — ‘.0- p .,.. v . — , ....■• 92 (/) 0 a) ch >, TD 0 2 %-i ( 7 5 0 = - 15 1= 1 '7% CD = — a) "E 9) E ---I = " 4 V-- — = a) >s a) ....., 03 °) 1? U) CT , S P E 2 92 8 Ei 0 5 • E (%) cn -,...- 0 F.., co 0 —, = 2 2 (0, CO lj = • I= Ce Ce ii. Ce W .0 .0 I... ...0 1 .... 1 ... I .... imC Et H tO (5) CI. BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement 1. PIRPCSE CF I D+ 3 PCII CY STATEMENT The Pension Board of Trustees maintains that an important determinant of future investment returns is the expression and periodic review of the Fund's investment objectives. To that end, the Trustees have adopted this Statement of Investment Policy to apply to all of the assets of the fund. In fulfilling their fiduciary responsibility, the Trustees recognize that the retirement system is an essential vehicle for providing income benefits to retired participants or their beneficiaries. The Board also recognizes that the obligations of the Fund are long -term and that the investment policy should be made with a view toward performance and return over a number of years. The general investment objective then is to obtain a reasonable total rate of return — defined as interest and dividend income plus realized and unrealized capital gains and /or losses — that meets or exceeds the actuarial interest rate assumption net of fees to ensure the Fund is actuarially sound. This return is expected on a regular basis over rolling actuarial measurement periods. The Board, the Fund's investment manager(s), and investment monitor /consultant shall comply with the following fiduciary standard: A fiduciary shall discharge its duties with respect to the Plan solely in the interest of the participants and beneficiaries and a. for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the Plan; b. with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; c. by diversifying the investments of the Plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. Reasonable consistency of return and protection of assets against the inroads of inflation are paramount. However, the volatility of interest rates and securities markets make it necessary to judge results within the context of several years rather than over short periods of one- or two -years or less. 2. I NVES»Nf Pk :MI E CBJECEEWS 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 A Total Fund Perf ornance 1. The performance of the total Fund will be measured net of fees for rolling three- and five -year periods. These periods are considered sufficient to accommodate the market cycles experienced with investments. The performance of the total Fund will be compared to both the Russell Policy Benchmark and the Consultant Benchmark. The Russell Policy Benchmark is comprised currently of: 26% Russell 1000 Index, 8% Russell 2000 Index, 10% AIM Composite (90% Resell Developed ex -US Large Cap Index Net, 10% Russell Errs Markets Large Cap Net Index), 10% Russell Developed Large Cap Index Net, 36% Barclays Camel US Aggregate Bond Index, 5% NCREWI+ Index Open - End Diversified Core Equity- Equal Weight, 3% FTSE EPRANAREIT Developed Real Estate Index Net and 2% Dow Jones UBS Commodities Index. The Consultant Benchmark is comprised currently of: 34% Russell 1000 Index, 11% Russell Mid -Cap Index, 11% MSCI EAFE Net Index, 4% MSCI Emerging Markets Net Index, 5% FTSE/NAREIT Index, 30% Barclays Capital IIS Aggregate Bond Index and 5% Barclays Capital US TIPS Index. 2. On a relative basis, it is expected that the investment manager's performance with regard to the total return of combined equity, fixed income, cash and alternatives portfolio, will be in the top 40th percentile of an appropriate balanced universe over three- to five -year periods. 3. On an absolute basis, it is expected that the total return of the combined equity, fixed income, cash and alternatives portfolio, will equal or exceed the actuarial earnings assumption rate (7.75 %). For each actuarial valuation, the Board will determine the total expected annual rate of return for the current year, for each of the next several years, and for the long -term thereafter. 13 U S. Equity Perf orance 1. The U.S. large- cap equity portion of the portfolio is expected to meet or exceed the return of the Russell 1000 large -cap equity index, and rank within the top 40th percentile of an appropriate core large cap equity universe over three- and five -year periods. 2. The small -cap equity portion of the portfolio is expected to meet or exceed the return of the Russell 2000 small -cap equity index, and rank within the top 40th percentile of an appropriate small -cap equity universe over three- and five -yea] 2 of 9 Pages 2/13/2012 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement periods. C Fixed Incone Performance The fixed income portion of the portfolio is expected to meet or exceed the return of the Barclays Capital US Aggregate Bond Index, and rank within the top 40th percentile of an appropriate fixed income universe over three- and five -year periods. II I nt ernat i onal Eaui t v Perf ornance The international equity portion of the portfolio is expected to meet or exceed the return of the AIM Composite Index (90% Russell Developed ex-US Large Cap Index Net, 10% Russell Emerging Markets Large Cap Index Net), and rank within the top 40th percentile of an appropriate international equity universe over three- and five - year periods. E Pri vat a Peal Fa 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 . Public Peal J t at a (IU141) Perf ornance 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 II s t ed Infrastructure Performance The Listed Infrastructure portion of the portfolio is expected to meet or exceed the return of the DJ Global Index or S &P Global Infrastructure Index. II Acti Cbnnedi t i es Perf ornunce The Active Commodities ( "Collateralized Commodities Futures') portion of the portfolio is expected to meet or exceed the return of the DJ UBS Commodities Index. 3 of 9 Pages 2/13/2012 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement 3. I M4 S1IV NT STAID AlsD al DELI hES Liquidity: The Fund's investment manager(s) shall be kept informed of the liquidity requirements of the Fund. The investment portfolio shall be structured in such a manner as to provide sufficient liquidity to pay obligations as they come due. To the extent possible, an attempt will be made to match investment maturities with known cash needs and anticipated cash -flow requirements. Custodian: The Board has a retained and will continue to retain a third party to be custodian of the Fund's assets. All securities shall be designated as an asset of the Fund, and no withdrawal of securities -in whole or part -shall be made from safekeeping except by an authorized member of the Board or the Board's designee. Security transactions between a broker dealer and a custodian involving the purchase or sale of securities by transfer of money or securities must be made on a "delivery vs. payment" basis, if applicable, to ensure that the custodian will have the money or security, as appropriate, in hand at the conclusion of the transaction. Bid requirement: The Board shall determine the approximate maturity date based on cash flow needs and market conditions, analyze and select one or more optimal types of investment, and competitively bid the security in question when feasible and appropriate. Except as otherwise required by law, the most economically advantageous bid must be selected. Risk and Diversification: The investments held by the Fund shall be diversified to the extent practical to control the risk of loss resulting from over - concentration of assets in a specific maturity, issuer, issuer, instrument, dealer, or bank which financial instruments are bought and sold. A Aut horized Investments: 1. Commingled equity, fixed income, money market, and alternative (real estate, listed infrastructure, commodities) funds and institutional mutual funds whose investments are restricted to securities meeting the criteria outlined in Section 3. R lLimtations 1. Illiquid investments, as described in Chapter 215.47, Florida Statutes, ate prohibited. 2. Foreign investments are limited to 25% of the total Pension Fund, at market. 3. All repurchase agreement transactions shall adhere to the requirements of the Master Repurchase Agreement. 4. Under Protecting Florida's Investment Act ( "PFIA "), scrutinized companies published by the State Board of Administration are prohibited, unless an indirect investment is unable to divest, as provided for in Florida Statutes section 215.473. 4 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 cotmi 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 i ons 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. COWAN CAIIQS 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 D. The Trustees will meet quarterly with the investment monitor to review the Performance Report. The Trustees will meet with the investment manager(s) and investment monitor to discuss performance results, economic outlook, investment strategy and tactics and other pertinent matters affecting the Fund on a quarterly basis, E. The equity investment manager shall report to the Trustees on an annual basis with respect to proxies, the issues, votes and dates, and if not voted, a written explanation. 5. CM im A FIR I o-. 3 MMISER PEW EW The board wishes to adopt standards by which judgments of the ongoing performance of an investment manager may be made. With this in mind, the following are adopted: If, at any time, any one of the following is breached, the investment manager(s) will he warned of the Board's serious concern for the Fund's continued safety and performance. A. Four consecutive quarters of the investment manager's performance below the 40 percentile in appropriate performance rankings. B. Standard deviation for the Fund in excess of 120% of the market. C. Loss by the investment manager(s) of any senior investment personnel. D. Any change in basic investment philosophy by the investment manager(s). E. Failure to attain a majority vote of confidence by the Board of Trustees. F. Failure to observe the security quality restrictions in Section 3. 6. I NIIR 4AL CUVIP[IS The Fund shall be governed by a set of written internal controls and operational procedures, which shall be periodically reviewed by the Fund's certified public accountant (CPA). At the time of every financial audit, the CPA shall review the controls that should be designed to prevent loss of funds that might arise from fraud, error, or misrepresentation by third parties or imprudent actions by the Board or the employees of the City of Boynton Beach. 6 of 9 Pages 2/13/2012 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement 7. 0:NIIMIN13 i1tC4H 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. Find III STATUES 112, 185 A11D APPII CABIEE Q'IY F BOlNPQN PEACH Qa1 NAlTS 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. PINY k3II NU 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. WM EVVAM AANIlNIS 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 11. ASSN AIIIJCATI ON Deliberate management of the asset mix among classes of investments is both a necessary and desirable responsibility. In the allocation of assets, diversification of investments among asset classes that are not similarly affected by economic, political, or social developments is a highly desirable objective. The Fund's general policy shall be to diversify investments within both equity and fixed income securities so as to provide a balance that will enhance total return, while avoiding undue risk concentrations in any single asset class or investment category. The addition of real assets, such as real estate, commodities and infrastructure, to the equity /fixed income portfolio may materially improve the ability of the portfolio to dominate inflation over the long -term. As a collection, real assets diversify each other and to equities and fixed income. Real assets may offer the potential for attractive levels of return In making asset allocation judgments, it is not expected that the Board will necessarily seek to "time" subtle changes in financial markets, or that frequent or minor adjustments would be needed. Instead, it is expected to develop and adopt expressed guidelines for broad allocations on a long -term basis, in light of current and projected investment environments. To insure broad diversification in the long -term investment portfolios among the major categories of investments, asset allocation, as a percent of the total market value of the total long- term portfolio, will be set with the following target percentage: Strategic Allocation Policy Range Allocation Asset Class /Strategy ( %) ( %) US Equities 35 26 - 66 Non -US Equities 15 5 - 25 Fixed Income 35 30 - 40 — - - - ----1 Cash/Money Market - - 0 _ _ - 0 5 Alternatives: 15 2 - 20 Private Real Estate 5 2 - 5 Public Real Estate (REITs) 3 0 - 5 Listed Infrastructure* 3 0 - 5 Commodities (CCFs) 4 0 - 5 *Under consideration as of February 2012. 8 of 9 Pages 2/13/2012 BOYNTON BEACH POLICE OFFICERS' PENSION HIND Investment Policy Statement 12. PROCEDLRE F(R REDM AN I NU ASSET MIME ME Q■1 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 y: �!1 B " 011 As: Chair" ; : oard of Trustees As: Investment Manager Date: � _ o _ )G Date: ti N 'V' t �' BURGESS CHAMBERS & ASSOCIATES, INC. By: # g As: Registered dvisor Date: AK 2_ 9 of 9 Pages 2/13/2012 F Minutes Police Pension Meeting Boynton Beach, FL Au ust 14, 2012 B. Restoration of Benefit — Craig Nanning — Rehire March 2012 There was lengthy discussion regarding Mr. Hanning's pension benefit. Ms. LaDue advised it was decided his vested benefit would be based on 3 %. She commented that she felt his high five year average should be kept for those particular nine years. Attorney Jensen summarized the interpretation of the policy. Chair Chapman opined to go with the best five out of the last 10 years and there was discussion on this opinion. It was consensus Mr. Nanning could not collect two pensions but a new retirement date would have to be calculated because he returned to work. It was noted he was rolling over a pension plan he had for his employment in South Carolina. Attorney Jensen stated if he had a defined contribution plan, he could not roll over. After discussion, it was decided to table the issue until the next meeting after obtaining more information. City of Boynton Beach Employee Activity Report lro I Please type In your nput sr select from the drop down menus where applicable kxy _, ' l , r 4 i f s f Employee: Craig Henning Employee # / q 3 v" t ` Hequest Ij 03/08/12 Department: Police Division: , Account# 001 - 2110 -521 1 EMPLOYMENT REOUISITION Requestor: IHRUSE. AUTHORIZATION N Replacement Internal Applicants Will Dept. Share Background for : Only Advertising Costs? Check Level Hourly Annual Job Title Pay Grade : Salary • Salary : Bargaining Supervisor's Job # : Unit : Name : Position Hiring Mgr.'s Type : Location Name : Department Head Date Human Resources Director Date City Manager Date n EMPLOYEE ACTIVITY Effective (Please select one from dropdown) : INEW HIRE (Please_comolete hiahiiahted areas) - i Date: 03/26/12 Current Job c New Job Title: S. Title: Police Officer Current New New Department: Dept: Police Current Curr. Shift/ Ne New Shift/ Dept. # Schedule: Dept, # 001- 2110 -521 Schedule: Current Current FLSA = New New FLSA Job # Step: Status : [ New Job # 11234 Step - Status : Current New Emergency A Location : Location . Designation 1 I New Sarualnina Unit: Current New 1 Supervisor: I Supervisor: l FROM : Current Salary !! l TO: New Sala i ' (Annually) /(Hourly)(A) —» (H Gradej— ] (Annually) /(Hourly) (A) I $48,241.24 (H) 23.1900 Grade New Employee Info Or Change Of Name/Address/Phone To: Name .. (New): Craig W. Henning Phone # ( Address: Ci t y . Boynton Beach State FL Zlp Code 33437 E -Mail: Add lonal i - REQUIRED FOR TERMINATIONS 9l h Date/. Last Dav Worked HTE End Date Comments (Justification for action or additional information) :, ,- , ; ti _ — { s __ _ _ ____ __ i I __ __ rit - Hired as probationary Police Officer effective 03/26/12 r J i c r ` ' 3 ' ' ' 1 1 - - - - -- -- - - - - - - -- - - -- - - -- - - - - - - - -- --- -- - - - - -- - For Resl gnaHon --- or - - R - • - remen - , , ch letter/documentation. For all other, please attach justiflcatlon for — th f request and forward too Human Resources _I ; f .� - #0 VI 1, `, I) ` a Depa t DI - r a � - 4,0man Resources Director Date r N City n er Date Employee of ye \ 3 Dat Conditional Offer Approved - City Manager Rev C70917 Request for Conditional Offer - HR Director 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 YTD CONTR. 4,058.51 BOYNTON BEACH, FL 33436 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' r t 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 KELLY HANNING SERV OVERRIDE BEN BDAY 06/18/1973 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 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 Prepared by * indicates manual override GRs Gabriel Roeder Smith & Company One East Broward Blvd 954 527.1616 phone Consultants & Actuaries Suite 505 954 525.0083 fax Ft Lauderdale, FL 33301 -1804 www gabrielroeder com \ (1) L'," July 9, 2012 Ms. Barbara LaDue, Pension Administrator Boynton Beach Police Officers' Pension Board Renaissance Executive Suites 1500 Gateway Blvd Suite 220 Boynton Beach, Florida 33426 Re: Police Officers' Retirement Fund Summary Plan Description Dear Barbara: Enclosed is the updated Summary Plan Description as of July 2012 reflecting all changes through Ordinance 11 -011. We welcome your questions and comments. Sincerely yours, i�R1C J. Stephen Palmquist, ASA Senior Consultant and Actuary JSP /cw Enclosure cc. Bonin Jensen, Attomey CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICERS' RETIREMENT FUND SUMMARY PLAN DESCRIPTION Prepared July 2012 INTRODUCTION TO YOUR PLAN The City of Boynton Beach has established a defined benefit pension plan to provide eligible employees with retirement and related benefits. This Summary Plan Description is a brief description of that Plan and your nghts, obligations and benefits under it. This Summary Plan Description is not meant to interpret, extend or change the provisions of the Plan in any way. The provisions of the Plan may only be determined accurately by reading the actual Plan documents. These documents include appropriate City ordinances, Chapters 112 and 185, Florida Statutes, and any rules and regulations adopted by the Board of Trustees. A copy of these documents is on file at the Office of the Pension Administrator and may be read by you, your beneficiaries or your legal representatives at any reasonable time. If you have any questions regarding the Summary Plan Descnption or the Plan documents, you should direct them, in writing, to the Plan's Administrator. In the event of any conflict between this Summary Plan Description and the actual provisions of the Plan documents, the Plan documents control. This Summary Plan Description is solely intended as a guide to your benefits and is not intended to create a contract or promise of any specific benefit. Any examples used in this Summary Plan Description are for illustration purposes only and do not represent the actual benefit to be received by any specific person. GENERAL INFORMATION ABOU 1 lir OUR PI AN There is certain general information you ma' need rte know abous the flail 3'lu:, gener, information is summarized below Name of Plan City of Boynton Beach Municipal Police Officers' Retirement 1 -und 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, Florida 33426 Telephone (561) 739 -7972 Trustee Plan Administrator Designated Agent for Service of Legal Process Bonni S Jensen, Esquire Hanson, Perry & Jensen, P A 400 Executive Center Dnve, Suite 207 West Palm Beach, FL 33401 -2922 Type of Administration Fhe Plan Administrator is responsible for the overall administration of the Plan It has discretionar, authority 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 accountant, actuaries, investment advisors and other professionals Plan Year Each 12 month period 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 Descnption is Ordinance No. 11 -011 The Plan is also governed by certain provisions of Part VII, Chapter 112, Florida Statutes (F.S.), Chapter 185 F S., and various 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 securities 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). Beneficiar t Your Beneficiary is each person designated h\ you to the Plan Administrator lo receive an payments that may become payable by the Plan upon your death You should designate a Beneficiary who , you become a Member of the Plan Prior to retirement, you may change your designation at any time up: written notification to the Plan Administrator Upon retirement, it you have elected a mint and surf k. c, option you may change beneficiaries up to twice without the approval of the Board of Trustees or !II,. current joint annuitant or beneficiary You are not required to show proof of good health for the beneficiar' being removed and the prior 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 contribution 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 contribution along with a matching amount from the Employer is being accumulated within the Fund. Starting October 1, 2006, retirees and beneficiaries 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 contnbute 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 experience of the Plan. kl-IGIBILI"I'\ AND CREDITED SERV Ii. 'l- Eligibilit' You are eligible to be a Member of the Plan it you are a sworn police officei tor the F,mplo c Your employment must be full -time, as determined by the Employer you become a Member 01 the Plaii ,,, the day you become a full -time police offices 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 »«- employed by the Employer Vacations and other paid leaves of absence are included I )npaid leaves o; absence are not included Also not included in Credited Service is any period dunng which you could have but did not contribute to the Plan or any period for which you have withdrawn your own contributions 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 ot re-- employmew or you may choose to repay the contributions in installment payments over a period ot up to five year provided that payments begin within six months of re- employment If the installment payment option iti chosen, additional interest will need to be paid dunng the period ot repayment No credit will be Liven t 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 , c leave may be included in your Credited Service if you return to work for the Employer within one year ate your discharge It you die or become disabled while on military leave, you will he eligible to receive death or disability benefit as if you had been rehired as a police officer the day before the death or disabibity 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 actuanal cost of such service. You will be allowed to purchase the service via biweekly payroll deductions over a period 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. RE;TTREMEN 1 OA] F Normal Retirement Date "The Normal Retirement Date is the earliest date when unreduced retirement benefits may be paid you Your Normal Retirement Date is the first day of the month coincident with or next following Tilt earliest of (a) completion of 20 years of Credited Service regardless of age, (h) age 55 with completion 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 1. 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 Form 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 Secunty 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 ill porno, u t y iu Nolllla u Retiielnent tBenetii Mai YOU ;)(tine, , r■ ) Accrued Benefit 1 our Accrued Benefit computed ,i' Inc iaine the Nornlal Retirement Rent ' ! except you use your present Average Monthly Salary and ( redited Service the calcwatiot, A cci,: Benefit is a monthly amount which starts 011 youi Normal Retirement Date Early Retirement Benefit 1f you decide to retire early, you may receive an immediate Early Retirement Benefit payable the rest of your lice The benefit is equal to your Accrued Benefit but reduced for the numhei ot -nonth which the starting date of the benefit precedes the date when you would have completed ?t, . Credited Service or, if earlier, age 55 had you continued in full -time employment The benefit l reduced take into account the younger age and earlier commencement of benefit payments The tollowing tabh- shows how much your benefit will be reduced if payments begin before your Normal Retirement 1)ate i � Number of Percentage i Years Early Reduction - 1 i 4 t, , �I 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 prior 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 v pass away duii,r <rrrs :jai'icipatt Err !lie DR( )1 1'h,r. Ei same DROP account payment option, as you ;would have had DROP payments it vow Beneficiary in addition to any survivor benefits payablc by the flan Loans from the DROP will he available to Members orris after termination ,° nrnplovmer' provided the member had participated in the DROP tot a period to 12 months Please contact the P[a 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 least one year as of the preceding September 30th, on the next July 1' a Supplemental Pension Distnbutiot will be paid to you The distnbution will be allocated among eligible members on a pro -rata basis described below Monthly Supplemental Benefits Beginning October 1. 2006. each Member or Beneficiary receiving pension benefits JS entitled to <1 monthly supplemental pension benefit The monthly supplemental benefit will be funded by of pa' contribution from the Members and a 1% of pay contribution from the Chapter 185 money Members contribute to this benefit through 20 years of service The benefit will cease upon the latei of the death the retired Member or Beneficiary A benefit pool has been established with the contributions descnbed above The distnbution poo' represents 100% of the investment earnings of the benefit pool plus 10% of the principal Starting in 2006 it will be divided according to the total number of shares of all eligible retirees on a pro -rata basis fig number of shares allotted to each eligible retiree is the sum of Credited Service at retirement t maximun, credit is 20 years) and the number of years the participant has been retired (maximum credit e- ?() vear An individual retiree's distnbution is the number of shares multiplied by share value The benefit is payahit as a Lump sum on October 1 each year Additionally. beginning October 1 2003, there is a second distnbution pool which is 10O°% of tit,' Chapter 185 money received that is in excess of the base amount of 5465,08 plug pavioh t iii distribution pool is divided into shares similar to the first supplemental distribution. 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 prior to making an election or after making an election but before the distribution 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. DISAB11,IT\ RET1REMirs; If you become totally and permanently disabled as provided by the Plan. you may ne eligible to; disability benefit Disability eligibility determinations are made by the Board of Trustees In the case :r1 . disability incurred in the line of duty, you will be eligible for a henefit regardless of your length of seine; In the case of a disability that is not incurred in the line of duty, you will only he eligible fora henetrt it yo., have at least ten years of Credited Service The amount of your benefit due to line of duty disability is 66 2 /3 °/o of your basic monthly rate earnings in effect at the time of disability This amount is reduced by any Social Security benefits you ma' receive The amount of your benefit may only be reduced to the extent that the total of the henefit from ihr'• Plan, Workers' Compensation and Social Security exceeds 100% of your basic rate of earnings on your daiL of disability In no event shall the amount of your benefit he less than the greater of your Accrued Bench or 42% of your Average Monthly Salary 'This benefit is payable until your death or recd\ erti The amount of your benefit due to non -line of duty disability is equal to your Accrued Benefit at AK time of the disability, with the total not to exceed 60% of your Average Monthly Satan n no event shalt the amount of your benefit be less than 25% of your Average Monthly Salary This henefit is payable unt.° 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 remarriage. 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. ESTED RE'i'IREMEN'I BEN le: i if you terminate employment. other than by reason of retirement, disability of death. ' may h entitled to a deferred Vested Retirement Benefit This benefit is equal to your Accrued Benefit on ..�� termination date multiplied by your vested interest The following chart shows your vested interest in tioir Accrued Benefit Vesting Schedule Completed Years Vested of Credited Service � Interest 1 � Less than s 0 5 or more 00 d � The vested benefit is payable on the earlier date which you would have attained age 55 with lei years of service or reaching what would have been 20 years of service had you continued working f a earlier, you may receive your vested benefit reduced as for Farly Retirement, any time atte~ :our 50n birthday If you terminate employment with less than five years of Credited Service, you will receive a retuno of your own contributions without interest The taxable portion of any refund you receive is subject to an automatic 20 ° %,, withholding k federal income tax purposes. This tax can be avoided. however. ii you roll the taxable portion over io ,ri Individual Retirement Account (IRA) or another qualified employer plan This rollover will result in no being due until you begin withdrawing funds from the iRA or other qualified employer plan t he rol love- of the distribution. however, must he made directly by the Plan to your chosen IRA o othei yualiiic 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 senes 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 right 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 during 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. Option .' survivor Annum dv. ',itch de(reased retirement henetn for d designated traction Ine , „ ;s.iel „ , our ueath Nr,)u, hencin H dl reindir 11nchat[gel l ' , ,ur f3enef.r!ai ,, , ]cdu r.+, ,cd ow, In no event may the total of benefit payments to you and your Beneficiary he Bess than \.out accumulated contnbuttons 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 retumed to the Employer Al AN'll NO Fit (here are certain circumstances which inav result in the disqualification ineligibility denial, forfeiture, suspension or deferral of your benefits in this Plan The following is a list ot these circumstance - 1 If you terminate employment before you have enough Credited Service to have earned vested interest, no benefits will be payable except for a return of your own contribution- without interest 2 It you die before attaining a vested interest, hut not in the line ot duty no benefits will I,. payable except for a return of your own contnbutions without interest z No credit is allowed either for benefit accrual or vesting purposes for any period in whicr you are not considered a full -tinge employee 4 Your retirement benefit will not he payable until your actual retirement date, e% en it \ ., continue to work beyond the Normal Retirement Date 5 Your Accrued Benefit may he 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 he made subject to an income deduction order rnaoe pursuant to a state domestic relations lay, YOUR RESPONSIBILITIES 1. Retain this Summary Plan Description 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 rights 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 Normal Retirement, complete the form necessary to indicate which Optional Form of Benefit you desire. .AIMS, AND PRO( H;r)i!Iuf Ile Plan Administrator has adopted rules ti tolk)y whei< <, member applies poi rienetii 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 Actuanal Accrued Liability 89,656,412 81,957,204 Net Assets Available for Benefits (Actuarial Value) 49,115,728 48,129,593 Unfunded Actuarial 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 Contribution to be Paid During Year Ending 9/30/2013 9/30/2012 0 1 , \SION 1 H 'N1) !)ISBtIRSt MI-N l■ t\, i N (G)i September 30 Item 2011 2010 A Market Value of Assets at Beginning of Year ; 4 ' .. 41 10,, B Revenues and Expenditures 1 Contributions Employee C'ontribut(ons -N- -i,�s' , ,-1 r,L+3 b- Employee Contributions (Back Pay Settlement) 41,664 c Employer Contributions - ' `< '0.' 1 ^ d State Contributions , .2 1 , ,4 ,4' e Buy Back Contributions ' ;-:" - 40 f Health Subsidy Contributions ' 2h 4 , - = , if. g DROP Rollover i h Increase in Value of Future Buy Backs 20,57 , ,20,2;i, I ()fa; 1- 8()(, -, ;85 94 2 Investment Income a Interest, Dividends, and Other Income ' 4r b Net Realized and Unrealized Gains /(Losses) 61 f , + - )22.. . c Investment Expenses (414,21 X344,259) d Net investment Income ' (309 1201 1 c79,991 3 Benefits and Refunds a Refunds ;78.7()(-)( i8 too b Regular Monthly Benefits , 1 ,433,64: ' +55.162. DROP Distributions 1339,770) 052,78 d i otal c (1, %52 1 < 1 (146 579 4 Administrative and Miscellaneous Expenses , iw_hi.) ' 48 5 Transfers C Market Value of Assets at End of Yea] s 1 4 11 _v"' ` t, o4.; D Reserves 1 Supplemental Benefit Reserve ' ,84,81 ' - "() 286 2 State Contribution Reserve ;.31,66 ' _` 5,+) 3 3 DROP Accounts (5,684,214) - t 4,603,46 t_; 4 Total Reserves S ,'' Z00,69 . '; - +" O14779, E Market Value Net of Reserves -. 44.1 11 2 8 ; �.:4 «; 1 h' *Beginning balance adjusted to match financial statements (increased by $76,157 to reflect the recording the Plan's DROP loans receivable) ADDENDUM It is the policy of the Pension Fund to collect and maintain Social Secunty 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. i �,� �f' Invoice ; I ° i C -- Invoice for: t l Invoice umber Russell Client ID Billing Period Ending ce 9 9 City of Boynton Beach Police Retire Fund 56479 C04616001 09/30/2012 Ms.Barbara S. LaDue Pension Administrator °� ' t 1 Invoice Date Payment Terms Total Amount Due ladueb ©bbpdpension.com 10/31/2012 Net 30 Days $ 110,357.00 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 hillIIIIIIIIIIIIIII111111111111 ❑ 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 $ 110,357 00 $ 0.00 $ 110,357.00 Current Period Fees $ 110,357.00 $ 0.00 $ 110,357.00 Balance Forward 109,589 00 (109,589.00) 0.00 Total Amount Due $ 110,357.00 Invoice Number Invoice Date Russell Client ID Payment Terms Billing Penod Ending 56479 10/31/2012 C04616001 Net 30 Days 09/3012012 Current Penod Over 30 Days Over 60 Days Over 90 Days Total Amount Due $ 110,357.00 $ 0.00 $ 0.00 $ 0.00 $ 110,357.00 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 56479 Billing Period Ending 09/30/2012 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 3,238,904 0 20250 6,559 00 Russell All International 4,003,316 0 20250 8,107.00 Markets Fund Russell Equity 1 Fund 6,897,470 0 20250 13,967 00 Russell Multi -Asset Core Fund 13,599,429 0 20000 27,199.00 Russell Multi- Manager Bond Fund 20,260,341 0 20000 40,521.00 Russell Real Estate Equity Fund 2,645,452 0 20000 5,291.00 Russell Commodities Fund 727,684 0 20250 1,474 00 Russell Global Real Estate Securities 1,226,441 0.20250 2,484 00 Fund Russell Short-Term Investment Fund 7,291 0 20000 15.00 Russell Small Cap Fund 3,219,134 0 20250 6,519 00 Russell World Equity Fund 4,020,471 0 20250 8,141.00 Subtotal 59,845,933 $ 120,277 00 Russell Real Estate Equity Fund - Internal Fee Paid (9,920 00) Account Total $ 110,357.00 Total Investment Management Fees $ 110,357.00 Page 2 Russell Investments MANAGER 4525 - - INVOICE NO. 1209074706 -9997 NW 6327 DATE 2012/10/25 PO BOX 1450 PAGE 1 OF 1 Minneapolis, MN 55485 -6327 US TOTAL CHARGES CURRENT PERIOD USD 868 17 9BYM - Police Officer Retirement Trust Police Officer Retirement Trust FOR 3 MONTH PERIOD 7/01/12 to 9/30/12 City of Boynton Beach DB Boynton Police & Fire Pension Fnds, 1500 Gateway Blvd,Suite #220kccount 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 282 AT 1.25 352.50 Benefit Payments 12 AT 1.25 15.00 Lump Sum Payments 6 AT 10.00 60.00 BENEFIT PAYMENT: OTHER FEES Annual TEFRA Form 195 AT 0 50 97.50 State Tax Filing 6 AT 25.00 150.00 ** SUBTOTAL FEES ** 675.00 OUT OF POCKET CHARGES POSTAGE Advice of Deposit 149.46 Benefit Payment 6.36 Lump Sum 3.18 UPS DELIVERY UPS Charges 06/27/2012 11.66 UPS Charges 07/27/2012 11.39 UPS Charges 08/31/2012 11.12 34.17 ** SUBTOTAL OUT OF POCKET ** 193.17 CURRENT CHARGES USD 868.17 INV.# 1209074706 -9997 9BYM- Police Officer Retirement Trust 2012/10/25 THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONN! SPATARA JENSEN aperry@perryjensenlaw.com bsjensen@perryjensenlaw.com October 19, 2012 Via Email Boynton Beach Police Officers' Pension Fund Gary Chapman, Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #71373 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 10/15/2012. Your current balance due is $1,729.75. If you have any questions, please do not hesitate to contact me. Sincerely yours, / 7 •� 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 ..wr 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 Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email October 19, 2012 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #71373 Professional Services Hrs /Rate Amount Auditor's Inquiry Letter Auditor's Inquiry Letter 10/1/2012 BSJ Correspondence with Richard Cristini re: Response to Auditor's Inquiry 0.50 100.00 Letter 200.00 /hr Auditor's Inquiry Letter Auditor's Inquiry Letter LG E -mail to Richard Cristini, Gary Chapman, Toby Athol, & Barbara LaDue 0.10 7.50 re: Response to Auditor's Inquiry Letter 75.00 /hr Mail to Richard Cristini Auditor's Inquiry Letter SUBTOTAL: [ 0.60 107.50] Summary Plan Description Summary Plan Description 9/25/2012 LG E -mail to Barbara LaDue re: Status on the Approval of Final Summary 0.10 7.50 Plan Description 75.00 /hr Summary Plan Description SUBTOTAL: 1 0.10 7.50] Boynton Beach Police Officers' Pension Fund Page 2 Hours Amount For professional services rendered 0.70 $115.00 Additional Charges : Bill File 10/15/2012 Copy Charges 1.20 SUBTOTAL: [ 1.20] Total additional charges $1.20 Amount For professional services rendered 0.70 $116.20 Total amount of this bill $116.20 Previous balance $1,613.55 Balance due $1,729.75 THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONNI SPATARA JENSEN aperry©perryjensenlaw.com bsjensen ©perryjensenlaw.com September 24, 2012 Via Email Boynton Beach Police Officers' Pension Fund Gary Chapman, Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #71312 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 9/15/2012. Your current balance due is $1,613.55. If you have any questions, please do not hesitate to contact me. Sincerely yours, 411 i 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 04a tob 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 Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email September 24, 2012 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #71312 Professional Services Hrs /Rate Amount Attendance at Trustee Meetings Attendance at Trustee Meetings 8/28/2012 PH Review Post Meeting Folder 0.30 22.50 Attendance at Trustee Meetings 75.00 /hr SUBTOTAL: [ 0.30 22.50] Designation of Beneficiary Designation of Beneficiary 9/4/2012 BSJ Review and revise Letters re: F.S. 732.703 0.25 50.00 Designation of Beneficiary 200.00 /hr Designation of Beneficiary 9/5/2012 PH E -mails to Barbara LaDue & Gary Chapman re: Draft Letters to Retirees 0.10 7.50 & Participants 75.00 /hr Designation of Beneficiary Designation of Beneficiary BSJ Correspondence with Barbara LaDue re: Draft Letters to Retirees & 0.50 100.00 Participants 200.00 /hr Designation of Beneficiary Boynton Beach Police Officers' Pension Fund Page 2 Hrs /Rate Amount SUBTOTAL: [ 0.85 157.50] Inv Mgr - Frank Russell Inv Mgr - Frank Russell 8/24/2012 BSJ Review Amendment 11, Exhibit B & Asset Allocation 0.75 150.00 Review Prior Amendments & Exhibits 200.00 /hr E -mail to Burgess Chambers E -mail to Glenn Harris re: Corrupted Document Inv Mgr - Frank Russell SUBTOTAL: [ 0.75 150.00] State Monies State Monies 8/20/2012 BSJ Review Letter to Naples re: March 12, 1999 0.35 70.00 Review League of Cities Analysis 200.00 /hr State Monies State Monies 8/24/2012 BSJ Conference with Florida Pension Fund Attorney's re: State Letter on 0.15 30.00 Naples & Hollywood 200.00 /hr Review Notes from Meeting Review Hollywood Letter State Monies State Monies 9/4/2012 BSJ Research Hollywood Letter 0.10 20.00 State Monies 200.00 /hr SUBTOTAL: [ 0.60 120.00] Summary Plan Description Summary Plan Description 8/29/2012 BSJ Telephone call with Gary Chapman 0.10 20.00 Summary Plan Description 200.00 /hr SUBTOTAL: [ 0.10 20.00] Boynton Beach Police Officers' Pension Fund Page 3 Hours Amount For professional services rendered 2.60 $470.00 Amount For professional services rendered 2.60 $470.00 Previous balance $1,143.55 Balance due $1,613.55 THE LAW OFFICES OF PERRY & JENSEN, LLC ANN H. PERRY BONN] SPATARA JENSEN aperry©perryjensenlaw.com bsjensen@perryjensenlaw.com August 20, 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 #71239 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 8/15/2012. Thank you for your payment of $3,992.02. Your current balance due is $1,143.55. If you have any questions, please do not hesitate to contact me. Sincerely yours, 6 1/4-1 . .4 Bonni S. Jensen Signed in Ms. Jensen's absence to expedite delivery BSJ /Ig Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 2074. WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 •:• Fx: 561.686.2802 17 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 August 20, 2012 In Reference To. FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #71239 Professional Services Hrs /Rate Amount Attendance at Trustee Meetings Attendance at Trustee Meetings 8/14/2012 BSJ Attend Meeting 3.00 600.00 Attendance at Trustee Meetings 200.00 /hr SUBTOTAL: [ 3.00 600.00] Forms Forms 7/20/2012 BSJ Draft Revised Designation of Beneficiary Forms in Compliance with 0.25 50.00 Florida Statutes § 732.703 200.00 /hr Forms SUBTOTAL: [ 0.25 50.00] Meeting Notices and Agendas Meeting Notices and Agendas 8/10/2012 PH Prepare Attorney Report, Handouts, and Notebook for upcoming 1.50 112.50 Meeting - 8/14/12 75.00 /hr Meeting Notices and Agendas Boynton Beach Police Pension Page 2 Hrs /Rate Amount Meeting Notices and Agendas 8/14/2012 BSJ Review Agenda & Back up 0.25 50.00 Meeting Notices and Agendas 200.00 /hr SUBTOTAL: [ 1.75 162.50] Miscellaneous Matters Miscellaneous Matters 7/18/2012 BSJ Correspondence with Human Resources Director re: F.S. 732.703 0.25 50.00 Miscellaneous Matters 200.00 /hr Miscellaneous Matters 7/23/2012 PH E -mail to Human Resources Director, Administrator, Chairman & 0.10 7.50 Secretary re: F.S. 732.703 & Designation of Beneficiary Form 75.00 /hr Miscellaneous Matters SUBTOTAL: [ 0.35 57.50] State Monies State Monies 8/11/2012 BSJ Review 2011 State Money 0.25 50.00 Review 2010 State Money 200.00 /hr E -mail to Trustees and Administrators re: Amounts of Money and Comparison State Monies SUBTOTAL: [ 0.25 50.00] Summary Plan Description Summary Plan Description 7/20/2012 BSJ Review Summary Plan Description 1.00 200.00 Review Plan Document 200.00 /hr Summary Plan Description SUBTOTAL: [ 1.00 200.00] For professional services rendered 6 60 $1,120.00 Boynton Beach Police Pension Page 3 Additional Charges : Amount Bill File 8/15/2012 Copy Charges 23.55 SUBTOTAL: [ 23.55] Total additional charges $23.55 For professional services rendered 6.60 $1,143.55 Total amount of this bill $1,143.55 Previous balance $3,992.02 Accounts receivable transactions 8/20/2012 Payment - Thank You!. Check No. 053299 ($3,992.02) Total payments and adjustments ($3,992.02) Balance due $1,143.55 BURGESS CHAMBERS & ASSOCIATES, INC. Invoice INVESTMENT ADVISORS S.E C REGISTERED 315 E Robinson Street, Suite 690 Date Invoice # Orlando, Florida 32801 9/6/2012 12 -219 Bill To Boynton Beach Police Officers' Pension Barbara La Due, Administrator 1500 Gateway Blvd, Suite 220 Boynton Beach, Florida 33426 Description Amount Third Quarter 2012 Investment and Performance Monitoring and Advisory Fee per Contract 5,000.00 We appreciate your prompt payment Total $5,000 00 Phone # Fax # (407) 644-0111 (407) 644-0694 GRS Gabriel Roeder Smith & Company Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 Date oicc # Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 9/13/2012 119579 Bill "I u: Please Remit l u: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL POLICE OFFICERS RETIREMENT FUND Dept. # 78009 Gabriel Roeder Smith & Company Ms. Barbara La Due PO Box 78000 City of Boynton Beach Detroit, Michigan 48278 -0009 Renaissance Executive Suites or 1500 Gateway Blvd , Suite 220 ACH Payment to: Boynton Beach, FL 33426 Gabriel Roeder Smith & Company JPMorgan Chase, ABA #• 072000326 Account #: 0486723 Ucscriptiun ('roicct For services rendered through 8/31/2012 1. Retirement benefit calculations for: Wallace and Weir 100550 -052 $450 2. Special benefit calculation: lump sum present value of remaining 100550 -052 $225 payments for Douglas Gilbert's service buy -back 3 Charges to date for preparation of the 10/1/2012 Actuarial Valuation 100550 -052 $618 Report; total charges to date equal $618 Invoice Total $1,293 Paid to Date Client No. 100550 Amount Due $1,293 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. I N V O I C E ELLEN SCHAFFER INVOICE: 2565 339 N.W. 99 WAY DATE: 10/31/2012 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 16.0 HOUR (S) PROGRAMMING & CONSULTING SERVICE 115.00 1,840.00 TO CAPTURE FISCAL - YEAR -END VALUES OF VACATION & SICK ACCRUED HOURS AND HOURLY RATE; EXPAND SYSTEM TO ACCOMODATE 100,000.00 WAGE ITEM 0 FOR POLICE & FIREFIGHTERS 6/ d y ,r SUBTOTAL $ 1,840.00 TAX $ .00 SHIP /HAND $ .00 TOTAL $ 1,840.00 PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU O MICRO FOCUS SUPPORTLINE RENEWAL NOTICE Quote Date. 10/24/2012 Reference Number: 443141 Renewal Due By: 12/30/2012 Invoice: Police and Fire Pension Funds For the Police and Fire Pension Funds 1500 Gateway Blvd , Suite #220 Attention of: of Boynton Beach Renaissance Executive Suites 1500 Gateway Blvd , Suite #220 Boynton Beach, FL 33426 Renaissance Executive Suites Attn Barbara Ladue Boynton Beach, FL 33426 Tel : 561 739 7972 Attn Barbara Ladue Email ladueb ©bbpdpension.com Tel . 561.739 7972 Email: ladueb @bbpdpension com Please see the pricing below for your Support & Maintenance Renewal Tel (800) 632 -6265, Opt 2 x5063 Your SupportLine Sales Representative is Teresa Gray, contact details. Email teresa.gray ©microfocus com Fax 301 838 5314 Contract Renewal Contract Period (Please see supporting documentation for details) Contract Period 2 x Contract 3 x Contract Price Period Period Support & Maintenance renewal $ 252 10 $ 504 20 $ 756.30 Tax (the tax amount is approximate until invoiced) $ 15 13 $ 30.25 $ 45.38 TOTAL (Currency: USD) $ 267.23 $ 534.45 $ 801.68 Select Appropriate Box for Contract Period 4 4 4 4 4 4 If the renewal meets your requirements, please select the appropriate contract period box above and one of the payment options below Should you have any questions about your Support & Maintenance renewal, please contact your SupportLine Sales Representative (please see details above) PLEASE NOTE: Renewals received after 1/29/2013 may be subject to a 20% re- instatement fee. 1 3 ✓ "7 - (_ Select Payment Option 13 3 6 ❑ Online: Secure E- Approval and credit cards. https:// supportline .microfocus.com /eapproval.asp ❑ Purchase Order (PO): Send complete PO with all referenced terms & conditions ❑ Checks: Make Checks Payable to. 'Micro Focus (US), Inc.', and send to 'Micro Focus (US), Inc., PO Box 19224, Palatine, IL 60055 -9224' ❑ Invoice Me: Complete and sign this page and e-mail to teresa.gray @microfocus.com or fax to 301 838 5314 By signing below you represent that you have the authority to bind the company to whom this Notice is addressed above to the terms of this Notice and the User Agreement Authorized Signature Printed Name and Title Terms: Customer Irrevocably commits to make the payments speed above and such payments will be due and payable Net 30 Days from the date of invoice Any amounts not paid when due will accrue interest at a rate of 1 5% per month until paid Sales Tax: The Customer is responsible for any applicable tax (including VAT), unless the Customer provides Micro Focus with a copy of its tax exemption certificate. if a Purchase Order is required, please provide the information to your Micro Focus Sales Representative before the Renewal Due Date shown above Except as otherwise specified above or agreed in writing by the parties, the standard Micro Focus support (silver level) terms and conditions shall apply to this order Those terms supersede any terms on a subsequent Purchase Order or other document issued by Police and Fire Pension Funds in relation to this order All terms contained in any Police and Fire Pension Funds provided documents are hereby rejected in full by Micro Focus Customer shall pay to Micro Focus an additional fee equal to 2 5% of any amount in excess of $2,500 paid by credit card Tel (800) 632 - 6265, Opt 2 x5063 THANK YOU FOR BEING A MICRO FOCUS CUSTOMER Fax 301 838 5314 HTTPS / /SupportLine MlcroFocus Com/EApproval.ASP Reference No 443141 Page 2 of 2 Police and Fire Pension Funds Product, Hardware, OS, Version and Serial Number Contract Qty Single Contract Period Unit Price Application Server for Net Express with .NET Support Jan -30 -2013 10 25 21 252 10 Jan -29 -2014 Platform x86 running Win NT, 98, 2000, XP, Server 2003 32 Bit Version 4.0.00 Version Status End of Service' - Advice and avoidance support only License Location • Police and Fire Pension Funds, Boynton Beach, Florida Serial Number 600000039587 Subtotal 252.10 Tax (Please note that taxes are approximate until invoiced) 15 13 TOTAL (Currency: USD): 267.23 The transaction or transactions descnbed in this renewal notice are without prejudice to any nghts of Micro Focus ansing from, inter alia, breach of any pertinent Micro Focus End User License Agreement and /or breach of Micro Focus's copyrights. For full information on supported product versions and details of Sundown and End of service process, please visit htto:// suaaortline .microfocus.com/Drodavail.asax. Products listed as Sundown or End of Service are subject to limited support services and restrictions on new corrective fixes. Your maintenance entitles you to favorable terms on available updates or upgrades and it is highly recommended that you use the latest versions Please contact your sales representative for details. Support http / /www microfocus.com/ ex/External /files /Legal/en/ Support /SdverSupportAgreement/ Silver _Support_Terms_EN_050911.pdf Tel (800) 632 -6265, Opt 2 x5063 THANK YOU FOR BEING A MICRO FOCUS CUSTOMER Fax 301 838 5314 HTTPS / /SupportLine MicroFocus Com/EApproval ASP Barbara Ladue From: Teresa Gray [teresa.gray @microfocus.com] Sent: Wednesday, October 24, 2012 10:27 AM To: ladueb @bbpdpension.com Subject: Micro Focus Support Line Renewal Attachments: Police and Fire Pension Funds - 443141.doc Hi Bob, The support for your Micro Focus licenses will expire on 1/29/13. I have attached a copy of the renewal quote for your reference. If you have any questions or concerns please do not hesitate to contact me. I will be happy to assist you. Thank you for your continued business with Micro Focus! Warmest Regards, Teresa Gray Account Manager - Supportline Sales MICRO FOCUS teresa.arav(aamicrofocus.com One Irvington Centre 700 King Farm Boulevard, Suite 400 Rockville, MD 20850 Phone: 800.632.6265, Opt. 2 Ext. 5063 Direct: 301.838.5063 Fax: 301.838.5314 Please consider the environment before printing this e-mail. This message has been scanned by MailController. 1 ASSOCIATION. TRl'STTsES FPPTA Membership Renewal Receipt P P ENSION UBLIC FLORIOA Membership Year 2013 Membership Type Pension Boards Renewal Status Confirmed Renewal Fee $600.00 Organization Name Boynton Beach Police Pension Fund Address 1500 Gateway Blvd Suite 220 Renaisance Executive Suites Boynton Beach, FL 33426 Phone (561) 739-7972 Fax (561) 731 -2997 E -mail chapmang @bbfl.us Website bbpdpension.com Confirmed On 10/30/2012 9:31 53 AM By Barbara LaDue Paid On By Payment Method Check To Follow If you have paid for the renewal online at FPPTA Org, you only need to keep this as your copy. If you are paying by check, please make your check payable to Florida Public Pension Trustees Association (FPPTA) and then mail a copy of this receipt and your check to the address below FPPTA 2946 Wellington Circle East Tallahassee, FL 32309 Phone 800 - 842 -4064 Fax 850 - 668 -8514 Printed on 10/30/2012 9 32 AM Date Printed 10/30/2012 9 38 20 AM FPPTA Organization Contact Sheet Org Name Boynton Beach Police Pension Fund Type Pension Board Address 1500 Gateway Blvd Suite 220 Renaisance Executive Suites Boynton Beach, FL 33426 Phone 5617397972 Fax 5617312997 EMail chapmang @bbfl us WWW http / /bbpdpension com Role First Name Last Name Phone Email Admin Barbara LaDue (561) 739 -7972 ladueb @bbpdpension.com Address 1500 Gateway Boulevard #220 Boynton Beach, FL 33426 Contact Gary Chapman (561) 739 -7972 ChapmanG @bbfl.us Address 1500 Gateway Blvd Suite 220 Boynton Beach, FL 33426 Trustee Frank Ranzie ranzief @bbfl.us Address 1500 Gateway Boulevard Suite 220, Renaissance Executive Suites Boynton Beach, FL 33426 Trustee Jason Llopis Ilopisj @bbfl.us Address Post Office Box 310 Boynton Beach, FL 33425 -0310 Trustee Scott Caudell caudells @bbfl.us Address Post Office Box 310 Boynton Beach, FL 33435 -0310 Trustee Toby Athol thepope @bellsouth.net Address Post Office Box 310 Boynton Beach, FL 33425 -0310 ME& exac And it all comes together INVOICE Exact Americas 8800 Lyra Drive, Suite 220 Columbus, OH 43240 The City of Boynton Beach T 800 468 0834 Barbara La Due F 866 544 5456 1500 Gateway Blvd. Suite 220 www.exact.com Boynton Beach FL 33426 United States of America INVOICE REFERENCES REFERENCES No. 79025019 Prolongation P -12 Ordered By: The City of Boynton Beach Date 12/01/2012 Customer No 8960 Your Ref P:006137:101:001 ITEM Qty AMOUNT MN1044 Maintenance for Designer 1.00 $ 125 00 MN1060 Maintenance for SQL Server System Man (SQLS) 1.00 $ 500 00 MN1101 Maintenance for General Ledger 1.00 $ 125.00 MN1103 Maintenance for Accounts Payable 1.00 $ 125.00 g - r A � ! `d •_ ' t, ," , '. f A V ' PAYMENT INFORMATION Total amount excl. Tax $ 875.00 Net 30 Days PLEASE REMIT PAYMENT TO: DUE DATE AMOUNT Tax $ 52.50 12/31/2012 USD 927.50 EXACT SOFTWARE NORTH AMERICA LLC S-�� 1136 PAYSPHERE CIRCLE � CHICAGO, IL 60674 0 www.exact.com Total amount incl. Tax $ 927.50 ; 0 .3. Page 1 Subsidiary of Exact Holding N.V. On all deliveries, transactions, services and user nghts the Exact terms are applicable, which are put down at the Chamber of Commerce Haaglanden and which will be sent to you on request. The Exact terms can also be downloaded through the website www.exact.com. Illiagifina exact And it all comes together Exact Americas 8800 Lyra Drive, Suite 220 Columbus, OH 43240 T 800 468 0834 F 866 544 5456 www.exact.com Dear Valued Exact Customer, Enclosed is an invoice for your annual service renewal fees. It is important to note that in order to prevent any lapse in service we must receive full payment by the due date listed on the invoice. Payment of service renewal fees ensures that your company continues to receive on -going software updates & upgrades with product enhancements, and access to our Customer Portal for Exact's knowledgebase, product documentation and user guides and much more. If you have any questions please contact your Customer Advocate who will be happy to assist you You can reach them at 1- 800 -468 -0834, and enter their extension, or dial 0, and our operator can direct you to your Customer Advocate You can view your account and contract information via the Customer Portal at https: / /customers.exact.com. We appreciate your business and your trust in Exact. We look forward to continuing to provide you with the products and service you and your business needs! Sincerely, The Finance and Administration Team Exact Software North America, LLC. Please reference your invoice number with payment Remit to: Exact Software North America, LLC. -; 1136 Paysphere Circle to Chicago, IL 60674 �7' United States of America T rtl 0 GRS Gabriel Roeder Smith & Company One East Broward Blvd 954 527 1616 phone Consultants & Actuaries Suite 505 954 525 0083 fax Ft Lauderdale, FL 33301 -1804 www gabnelroeder com August 24, 2012 CONFIDENTIAL Ms. Barbara LaDue Pension Administrator Boynton Police & Fire Pension Funds Renaissance Executive Suites 1500 Gateway Blvd., #220 Boynton Beach, Florida 33426 Re: Boynton Beach Police Retirement System Dear Barbara: You have asked us to verify the retirement benefits for the following participant: WALLACE, Thomas (DROP Retirement) Based on the information provided, we have determined that the retirement benefits that have been calculated for the above participant are in accordance with plan provisions. The actuarial equivalence assumptions used to compute optional forms were an 8.0% annual rate of return, and the 1983 GA Mortality Table blending 80% male rates and 20% female rates. We welcome your questions and comments. Sincerely yours, J. Stephen Palmquist, AS Senior Consultant and Actuary JSP /ib 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. td• Barbara Ladue f i From: Barbara Ladue [Iadueb @bbpdpension com] Sent: Wednesday, August 22, 2012 11:48 AM To: 'Pete. Strong @gabrielroeder.com' Subject: Boynton Police - Thomas Wallace - Verification of Benefits Attachments: SKMBT_C55012082211080 pdf Pete. Sorry to hear that Rion is no longer with your firm. Attached is the benefit calculation on Thomas Wallace, retired into the DROP 6 -30 -2012, choose 100% Survivor option in the amount of $8615.64, effective 7 -1 -2012 Please review and provide the Police Pension Board with verification of his benefit. I will have a few more people retiring into the DROP between now and the end of September Thanks Barb La Due From: fax @compson.com [mailto:fax @compson.com] Sent: Wednesday, August 22, 2012 11:09 AM To: Iadueb bbpdpension.com Subject: Message from KMBT_C550 D.R.O.P. DEFERRED RETIREMENT OPTION PLAN for THE BOYNTON BEACH POLICE PENSION FUND I have received a copy of the provisions of the DROP contained in the Pension Plan. I am in full agreement with the terms set forth. I have been advised to seek the counsel of a qualified tax advisor regarding the tax consequences to me of entering the DROP. I fully understand that my participation in the DROP shall terminate at the end of five (5) years or thirty (30) years of service, whichever comes first. Failure to end DROP participation may result in penalties at the discretion of the Trustees, up to and including forfeiture of the DROP account. I, m/y,g,5' S. Zeli< , have entered the Boynton (Print Name) Beach Police Officers' Pension Fund DROP on 41,N .��'' c2c' /� . My pension (Enter Date) benefit and DROP participation is based on 2V Years .2 Months 1 Days of service. In compliance with Ordinance No. 08 -008, Sec. 18 -175 (passed 05- 06 -08) this will establish twe 30) 02e'/7 as my irrevocable resignation date with the City of (Enter Date) Boynton Beach. #0,1te jlN �j 'v o n a'- a . �� $'�.+! +ka �' u Y _ � .:;?r ,;,:.,, r 't•.:. +vt.t #YtaS ;..,, ; .,. �K tE 'y x�a Ii S`? ';. .. .,i�:X,n� ", �., �aa� .+�,'.s.a,Es.A�..F..�ei� .fi • s� .An .. . (Signature) loan ff 5 6 , LLfeicE Witness: (Print Name) 1/ ti �, i ► , � Date: o - (Signature) CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS August 15, 2012 Participant's Name: THOMAS S WALLACE Social Security #: 061 -54 -xxxx You are eligible for a(n) NORMAL Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing July 1, 2012 . The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to recieve: 1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay- ments of $ 9463.11 to you as long as you live. If you should die before you have received an amount equal to your own contributions to the Plan, payments will continue to your beneficiary until your own contributions have been used up. 2. TEN YEAR CERTAIN AND LIFE THEREAFTER: This option provides monthly payments of 9331.35 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 9331.35 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. IS 3. 100% SURVIVOR ANNUITY: This option provides monthly payments o' 8615.64 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 8615.64 for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 8813.46 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 6610.10 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 9019.68 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 4509.84 for as long as he /she lives. 6. 66 -2/3% JOINT AND LAST SURVIVOR ANNUITY This option provides monthly payments of 4 9074.74 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of 6049.77 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of 9322.95 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of 4661.48 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 04/04/1960 Pension Hire Date: 04/28/1988 Date of Termination: 06/30/2012 Adjusted Hire Date: 04/28/1988 Avg Final Monthly Comp:$11,029.64 Years of Credited Service: 24 Beneficiary Name: MIGDALIA WALLACE Date of Birth: 10/08/1962 • Page 2 Participant's Name: THOMAS S WALLACE Social Security #: 061 -54 -xxxx Accumulated Contributions: $27,652.63 After -Tax Contributions: $13,200.77 Pre -Tax Contributions: $14,451.86 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $36.67 Portion Continues: 360 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $32.20 Portion Continues: 410 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, including my choice of annuity form, and confirm the information shown above to be correct. PARTICIPANT'S SIGNATUR / L'II ��..r / � _ /. ef��.,,Z /()_ BENEFICIARY' S S IGNATUR`E �.i? DATE: e l/2,.,4,A2 Calculation Date: CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF R]TIREMENT BENEFITS PAGE 1 August 15, 2012 NAME WALLACE, THOMAS S # 652 SSN 061 -54 -xxxx DEPT 21 ADDRESS CONTR(TAX) 114,451.86 BIRTH CONTR(NTX) 13,200.77 PEN HIRE 04/28/1988 BALANCE 127,652.63 ADJ HIRE 04/28/1988 RETIRE 06/30/2012 TYPE N LAST SERV 06/30/2012 60 MO EARN 661778.69 ELIG NORM 04/28/2008 AVG MO EARN 11,029.64 ELIG EARLY 00 /00 /0000 SERV AT TERM 24 2 2 100% VEST 04/28/1993 AGE AT RETIRE 52 2 26 COMMENCE 07/01/2012 COM ANB /DIFF 52 -3 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME MIGDALIA WALLACE SERV OVERRIDE BEN BDAY PAY HIST FLAG IRREGULAR VAC HRS /CD 133.88/EK HOURY RATE 43.960 SIC HRS /CD 127.38 S5 VAC SIC PAYOUT 23,078.18 ACCRUE PER .00 EARLY OPTION LAST PAY 20120716- 20120729 TERM -DATE 00000000 QDRO BENEFIT 9,331.35 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 9,331.35 LIFE ANNUITY FACTOR: 1.(1412 MODIFIED LIFE ANNUITY 9,463.11 100% SURVIVOR FACTOR: .92330 100% SURVIVOR ANNUITY 8,615.64 SURVIVOR BENEFIT 8,615.64 75% SURVIVOR FACTOR: .94450 '5% SURVIVOR ANNUITY 8,813.46 SURVIVOR BENEFIT 6,610.10 50% SURVIVOR FACTOR: .96660 50% SURVIVOR ANNUITY 9,019.68 SURVVOR BENEFIT 4,509.84 66% JOINT & LAST FACTOR: .97250 66% JOINT & LAST ANNUITY 9,074.74 SURVIVOR BENEFIT 6,049.77 50% JOINT & LAST FACTOR: .99910 50% JOINT & LAS ANNUITY 9,322.95 SURVIVOR BENEFIT 4,661.48 EXCLUSION RAZI) USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 360 410 TAX -FREE PORTION OF MONTHLY BENEFIT 36.67 32.20 DATE WHEN BENEFIT BECQ1ES FULLY TAXABLE 07/01/2042 09/01/2046 Prepared by * indicates manual override CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 Au<ust 15, 2012 THOMAS S WALLACE 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 ]FF WEEKS WAGES 04/09/12 2.0 5,664.16 02/28/11 2.0 4,654.83 03/26/12 2.0 5,001.16 02/14/11 2.0 5,462.80 03/12/12 2.0 4,473.47 01/31/11 2.0 4,823.30 02/27/12 2.0 4,374.63 01/17/11 2.0 4,451.57 02/13/12 2.0 5,578.21 01/03/11 2.0 3,932.99 01/30/12 2.0 4,394.63 12/20/10 2.0 5,718.96 01/16/12 2.0 4,176.78 12/06/10 2.0 4,259.13 01/02/12 2.0 1,414.66 11/22/10 2.0 5,147.42 12/19/11 2.0 4,018.50 11/08/10 2.0 4,658.43 12/05/11 2.0 6,056.27 10/25/10 2.0 7,177.48 11/21/11 2.0 5,270.45 10/11/10 2.0 4,526.53 11/07/11 2.0 9,728.66 09/27/10 2.0 4,869.25 10/24/11 2.0 4,582.58 09/13/10 2.0 4,308.68 10/10/11 2.0 4,394.63 08/30/0 2.0 5,358.29 09/26/11 2.0 4,391.12 08/16/10 2.0 5,297.93 09/12/11 2.0 6,303.58 08/02/10 2.0 3,932.98 08/29/11 2.0 4,702.18 07/19/10 20 4,238.34 08/15/11 2.0 4,242.73 07/05/10 2.0 4,298.23 08/01/11 2.0 4,691.40 06/21/10 2.0 3,748.11 07/18/11 2.0 3,715.13 06/07/10 2.0 5116.48 07/04/11 2.0 5,204.60 05/24/10 2.0 4,713.17 06/20/11 2.0 4,376.78 05/10/10 2.0 4,394.63 06/06/11 2.0 4,918.63 04/26/10 2.0 4,704.38 05/23/11 2.0 4,473.55 04/12/10 2.0 4,623.26 05/09/11 2.0 4,563.71 03/29/10 2.0 4,504.33 04/25/11 2.0 4,176.78 03/15/10 2.0 4,650.75 TOTAL 52.0 128,688.98 TOTAL 52.0 123,572.25 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 August 15, 2012 THOMAS S WALLACE 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 03/01/10 2.0 4,720.78 03/02/09 2.0 5,253.13 02/15/10 2.0 4,968.18 02/16/09 2.0 3,900.94 02/01/10 2.0 5,265.19 02/02/09 2.0 4,416.2 01/18/10 2.0 5,166.03 01/19/09 2.0 3,836.27 01/04/10 2.0 4,361.6` 01/05/09 2.0 4,114.90 12/21/09 2.0 5,500.16 12/22/08 2.0 4,913.90 12/07/09 2.0 4,193.18 12/08/08 2.0 4,380.26 11/23/09 2.0 5,341.89 11/2/08 2.0 6,918.24 11/09/09 2.0 9,665.10 11/10/08 2.0 4,115.94 10/26/09 2.0 4,301.86 10/27/08 2.0 5,668.20 10/12/09 2.0 4,812.31 10/13/08 2.0 7,466.12 09/28/09 2.0 3,517.28 09/29/08 2.0 5,854.79 09/14/09 2.0 6,682.87 09/15/08 2.0 4,585.10 08/31/09 2.0 5,907.87 09/01/08 2.0 6,301.81 08/17/09 2.0 4,352.66 08/18/08 2.0 4,183.65 08/03/09 2.0 (,307.17 08/04/08 2.0 4,161.38 07/20/09 2.0 5,517.76 07/21/08 2.0 5,219.00 07/06/09 2.0 4,142.16 07/07/08 2.0 4,922.06 06/22/09 2.0 5,275.94 06/23/08 2.0 4,183.64 06/08/09 2.0 5,973.83 06/09/08 2.0 6,098.19 05/25/09 2.0 4,638.43 05/26/08 2.0 5,044.67 05/11/09 2.0 3,998.94 05/12/8 2.0 3,530.86 04/27/09 2.0 4,440.58 04/28/08 2.0 5,282.38 04/13/09 2.0 3,956.96 04/14/08 2.0 3,824.44 03/30/09 2.0 5,036.89 03/31/08 20 4,405.90 03/16/09 2.0 5,064.77 03/17/08 2.0 4,048.99 TOTAL 52.0 133,110.44 TOTAL 52.0 126,631.38 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL GORKSHEET OF RETIREMENT BENEFITS PAGE 4 August 15, 2012 THOMAS S WALLACE H I G H Y E A R F I V E PAY EFF WEEKS WAGES 03/03/08 2.0 6,686.68 02/18/08 2.0 4,272.36 02/04/08 2.0 3,350.79 01/21/08 2.0 5,589.50 01/07/08 2.0 3,787.97 12/24/07 2.0 4,767.19 12/10/07 2.0 4,318.71 11/26/07 2.0 6,233.96 11/12/07 2.0 5,402.13 10/29/07 2.0 8,615.49 10/15/07 2.0 4,822.92 10/01/07 2.0 3,799.15 09/17/07 2.0 4,061.6: 09/03/07 2.0 5,552.83 08/20/07 2.0 3,484.15 08/06/07 2.0 3,966.13 07/23/07 2.0 3,079.92 07/09/07 2.0 3,908.38 06/25/07 2.0 3,888.38 06/11/07 2.0 4,282.38 05/28/07 2.0 4,292.63 05/14/07 2.0 3,628.53 04/30/07 2.0 3,908.38 04/16/07 2.0 (,073.83 04/02/07 2.0 4,485.86 03/19/07 2.0 8,296.40 03/05/07 1.0 2,141.19 TOTAL 53.0 126,697.46 Gabriel Roeder Smith Sc Company One East Broward Blvd 954 527 1616 phone . GRS Consultants & Actuaries Suite 505 954 525 0083 fax Ft Lauderdale, FL 33301 -1804 www gabrielroeder com August 31, 2012 CONFIDENTIAL Ms. Barbara LaDue Pension Administrator Boynton Police & Fire Pension Funds Renaissance Executive Suites 1500 Gateway Blvd., #220 Boynton Beach, Florida 33426 Re Boynton Beach Police Retirement System Dear Barbara: You have asked us to verify the retirement benefits for the following participant: WIER, David S. (DROP Retirement) Based on the information provided, we have determined that the retirement benefits that have been calculated for the above participant are in accordance with plan provisions. The actuarial equivalence assumptions used to compute optional forms were an 8.0% annual rate of return, and the 1983 GA Mortality Table blending 80% male rates and 20% female rates. We welcome your questions and comments. Sincerely yours, ) 41Lid1/41414j2l1 J. Stephen Palmquist, ASA Senior Consultant and Actuary JSP /ib 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 wntten 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. Barbara Ladue From: Barbara Ladue [ladueb @bbpdpension corn] Sent: Tuesday, August 28, 2012 10:15 AM To: 'Pete.Strong @gabrielroeder.com' Subject: FW: Boynton Police - David Weir - Retirement Verification Attachments: SKMBT_C55012080610570.pdf Pete. Thanks for the verification of retirement benefit on Tom Wallace. This benefit verification I sent in early August. Please check on the status. Thanks. Barb La Due From: Barbara Ladue [mailto:ladueb @bbpdpension.com] Sent: Monday, August 06, 2012 11:24 AM To: 'Rion.Broshears @gabrielroeder.com' Subject: Boynton Police - David Weir - Retirement Verification Rion: David S. Weir, SS# 590 -28 -XXXX, has retired into the DROP 6 -30 -2012. First DROP deposit of $6700.01 effective 7 -1- 2012. He selected the Life 10 C &C option in the amount of $6700.01. Please review and verify retirement benefit for the Police Pension Board. Thank you. Barb La Due From: fax @compson.com [mailto:fax @compson.com] Sent: Monday, August 06, 2012 10:58 AM To: ladueb @bbpdpension.com Subject: Message from KMBT_C550 1 Barbara Ladue 4 , From: Barbara Ladue [ladueb @bbpdpension com] Sent: Monday, August 06, 2012 11:24 AM To: 'Rion.Broshears @gabrielroeder com' Subject: Boynton Police - David Weir - Retirement Verification Attachments: SKMBT_C55012080610570 pdf Rion: David S. Weir, SS# 590 -28 -XXXX, has retired into the DROP 6 -30 -2012. First DROP deposit of $6700.01 effective 7 -1- 2012. He selected the Life 10 C &C option in the amount of $6700.01. Please review and verify retirement benefit for the Police Pension Board. Thank you Barb La Due From: fax@ compson.com [mailto:fax@ compson.com] Sent: Monday, August 06, 2012 10:58 AM To: IaduebObbpdpension.com Subject: Message from KMBT_C550 D.R.O.P. DEFERRED RETIREMENT OPTION PLAN for THE BOYNTON BEACH POLICE PENSION FUND I have received a copy of the provisions of the DROP contained in the Pension Plan. I am in full agreement with the terms set forth. I have been advised to seek the counsel of a qualified tax advisor regarding the tax consequences to me of entering the DROP. I fully understand that my participation in the DROP shall terminate at the end of five (5) years or thirty (30) years of service, whichever comes first. Failure to end DROP participation may result in penalties at the discretion of the Trustees, up to and including forfeiture of the DROP account. I, M t''fh � /'('/E, , have entered the Boynton (Print Name) Beach Police Officers' Pension Fund DROP on ,2'' /,Z. My pension (Enter Date) benefit and DROP participation is based on o?© Years / Months � Days of service. In compliance with Ordinance No. 08 -008, Sec. 18 -175 (passed 05- 06 -08) this will establish 6' - 0/ - d/ 7 as my irrevocable resignation date with the City of (Enter Date) Boynton Beach. .k , ` .. ! :' :11 t$; 4 • fii*** ►#.'�`4 li# .01.1 JJ: 9 rt •• >O: ` i ` . t ' 04. .. .. / •• ;ty• • YyN��[y.* j�j 4 'fir• v x > •to. 0 4 f }• i S •pY!R�Y!!�, ',,��ii,.;•.;M1r r'••�••l 1 ,t r ✓- i r t � o , � , .�yyy-} {} ....., 'r::l:: r .'� • - •.•'• yy4�}:y' : '. ti ` .. { .F ♦ A O F . < � .. • • S ..' •r r• 1!• F(G: r,.&..;�.: �1 .bt.rT"- .5,•.�n 0.i...M. , :os.wdbt.an.A y�. <•zSlbAAn... :" \ ( ignature) DRi'IO -5 wlaR Witness: (Print Name) e 4"-e Date: • ,2 /n o2 C' l �o (Signature) CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS July 31, 2012 Participant's Name: DAVID S WIER Social Security #: 590 -28 -xxxx You are eligible for a(n) NORMAL Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing July 1, 2012 . The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to recieve: 1. MODIFIED CASH REFUND ANNUITY:This option provides monthly pay- ments of $ 6739.67 to you as long as you live. If you should die before you have received an amount equal to your own contributions to the Plan, payments will continue to your beneficiary until your own contributions have en YEAR CERTAIN AND LIFE THEREAFTER: This option provides mo y payments of 6700.01 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 6700.01 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. 3. 100% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of .00 for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of .00 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of .00 for as long as he /she lives. 6. 66 -2/3% JOINT AND LAST SURVIVOR ANNUITY This option provides monthly payments of .00 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of ; .00 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of .00 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: Pension Hire Date: 05/14/1992 Date of Termination: 06/30/2012 Adjusted Hire Date: 05/14/1992 Avg Final Monthly Comp: $9,510.97 Years of Credited Service: 20 Beneficiary Name: Date of Birth: 00 /00 /0000 Page 2 Participant's Name: DAVID S WIER Social Security #: 590 -28 -xxxx Accumulated Contributions: $2,219.09 After -Tax Contributions: $3,685.59 Pre -Tax Contributions: $98,533.50 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $10.24 Portion Continues: 360 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, inclu ; g my choice of annuity f m, and confirm the information sh. • : -.ve . .- correc . PARTICIPANT'S SIGNATURE: `ti D' ' : A 60, 9.01 --- BENEFICIARY'S SIGNATURE: DATE: Calculation Date: 0 4 Ft CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RITIREMENT BENEFITS PAGE 1 July 31, 2012 NAME WIER, DAVID S # 1218 SSN 590 -28 -xxxx DEPT 21 ADDRESS CONTR(TAX) 98,533.50 BIRTH CONTR(NTX) 3,685.59 PEN HIRE 05/14/1992 BALANCE 102,219.09 ADJ HIRE 05/14/1992 RETIRE 06/30/2012 TYPE N LAST SERV 06/30/2012 60 MO EARN 570,58.30 ELIG NORM 05/14/2012 AVG MO EARN 9,510.97 ELIG EARLY 00 /00 /0000 SERV AT TERM 20 1 16 100% VEST 05/14/1997 AGE AT RETIRE 43 11 7 COMMENCE 07/01/2012 COM ANB /DIFF 44 0 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME SERV OVERRIDE BEN BDAY 00 /00 /0000 PAY HIST FLAG IRREGULAR VAC HRS /CD 41.74/EK HOURY RATE 48.690 SIC HRS /CD 123.69 S5 VAC SIC PAYOUT 605.34 ACCRUE PER .00 EARLY OPTION LAST PAY 20120702- 20120715 TERM -DATE 20120630 QDRO BENEFIT 6,700.01 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 6,700.01 LIFE ANNUITY FACTOR: 1.(0592 MODIFIED LIFE ANNUITY 6,739.67 100% SURVIVOR FACTOR: .00000 100% SURVIVOR ANNUITY .00 SURVIVOR BENEFIT .00 75% SURVIVOR FACTOR: .00000 '5% SURVIVOR ANNUITY .00 SURVIVOR BENEFIT .00 50% SURVIVOR FACTOR: .00000 50% SURVIVOR ANNUITY .00 SURVVOR BENEFIT .00 66% JOINT & LAST FACTOR: .00000 66% JOINT & LAST ANNUITY .00 SURVIVOR BENEFIT .00 50% JOINT & LAST FACTOR: .00000 50% JOINT & LAS ANNUITY .00 SURVIVOR BENEFIT .00 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 360 0 TAX -FREE PORTION OF MONTHLY BENEFIT 10.24 .00 DATE WHEN BENEFIT BEC NES FULLY TAXABLE 07/01/2042 00 /00 /0000 Prepared by * indicates manual override CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 Ju_y 31, 2012 DAVID S WIER 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 1FF WEEKS WAGES 06/04/12 2.0 4,265.99 03/28/11 2.0 3,895.99 05/21/12 2.0 3,895.99 03/14/11 2.0 3,895.99 05/07/12 2.0 4,015.99 02/28/11 2.0 4,265.99 04/23/12 2.0 3,895.99 02/14/11 2.0 3,895.99 04/09/12 2.0 6,015.99 01/31/11 2.0 4,015.99 03/26/12 2.0 3,895.99 01/17/11 2.0 3,895.99 03/12/12 2.0 4,265.99 01/03/11 2.0 4,015.99 02/27/12 2.0 :,895.99 12/20/10 2.0 6,087.49 02/13/12 2.0 3,895.99 12/06/10 2.0 4,265.99 01/30/12 2.0 4,015.99 11/22/10 2.0 5,356.99 01/16/12 2.0 3,895.99 11/08/10 2.0 4,746.49 01/02/12 2.0 4,015.99 10/25/10 2.0 3,895.99 12/19/11 2.0 3,895.99 10 /11 /10 2.0 10,736.58 12/05/11 2.0 4,265.99 09/27/0 2.0 3,895.99 11/21/11 2.0 4,382.99 09/13/10 2.0 3,896.00 11/07/11 2.0 4,015.99 08/30/10 2.0 4,266.00 10/24/11 2.0 3,895.99 08/16/10 20 3,895.99 10/10/11 2.0 4,015.99 08/02/10 2.0 4,016.00 09/26/11 2.0 3,895.99 07/19/10 2.0 3,896.00 09/12/11 2.0 4,265.99 07/05/10 2.0 4856.07 08/29/11 2.0 7,791.98 06/21/10 2.0 3,896.00 08/15/11 2.0 3,E95.99 06/07/10 2.0 4,266.00 08/01/11 2.0 4,015.99 05/24/10 2.0 3,895.99 07/18/11 2.0 3,895.99 05/10/10 2.0 4,015.99 07/04/11 2.0 4,015.99 04/26/10 2.0 3,895.99 06/20/11 2.0 3,895.99 04/12/10 2.0 7,911.99 TOTAL 52.0 110,118.73 TOTAL 52.0 119,575.47 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 July 31, 2012 DAVID S WIER 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 03/01/10 2.0 4,266.00 03/02/09 2.0 3,902.52 02/15/10 2.0 4,736.07 02/16/09 2.0 4,598.13 02/01/10 2.0 4,015.99 02/02/09 2.0 3,902.2 01/18/10 2.0 4,736.07 01/19/09 2.0 4,598.13 01/04/10 2.0 4,015.9! 01/05/09 2.0 3,902.52 12/21/09 2.0 4,736.07 12/22/08 2.0 5,413.74 12/07/09 2.0 4,266.00 12/08/08 2.0 3,902.52 11/23/09 2.0 4,736.06 11/2•/08 2.0 4,598.13 11/09/09 2.0 4,015.99 11 /10 /08 2.0 8,500.65 10/26/09 2.0 3,895.99 10/27/08 2.0 3,782.52 10/12/09 2.0 5,242.25 10/13/08 2.0 3,902.52 09/28/09 2.0 3,896.00 09/29/08 2.0 3,709.04 09/14/09 2.0 6,172.71 09/15/08 2.0 3,762.62 08/31/09 2.0 4,265.99 09/01/08 2.0 5,268.53 08/17/09 2.0 3,897.00 08/18/08 2.0 4,426.14 08/03/09 2.0 1 ,016.00 08/04/08 2.0 3,917.13 07/20/09 2.0 3,896.00 07/21/08 2.0 3,531.17 07/06/09 2.0 4,015.99 07/07/08 2.0 4,207.64 06/22/09 2.0 3,895.99 06/23/08 2.0 4,604.71 06/08/09 2.0 4,265.99 06/09/08 2.0 5,624.20 05/25/09 2.0 4,736.07 05/26/08 2.0 5,281.92 05/11/09 2.0 7,911.98 05/12/8 2.0 4,559.41 04/27/09 2.0 3,896.00 04/28/08 2.0 3,687.44 04/13/09 2.0 3,895.99 04/14/08 2.0 4,245.16 03/30/09 2.0 3,999.76 03/31/08 20 4,496.03 03/16/09 2.0 3,782.52 03/17/08 2.0 3,129.35 TOTAL 52.0 115,206.47 TOTAL 52.0 115,454.39 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL VORKSHEET OF RETIREMENT BENEFITS PAGE 4 July 31, 2012 DAVID S WIER H I G H Y E A R F I V E PAY EFF WEEKS WAGES 03/03/08 2.0 3,972.78 02/18/08 2.0 4,095.35 02/04/08 2.0 3,770.84 01/21/08 2.0 4,979.73 01/07/08 2.0 3,249.35 12/24/07 2.0 5,009.28 12/10/07 2.0 3,535.63 11/26/07 2.0 3,129.35 11/12/07 2.0 4,523.36 10/29/07 2.0 3,852.65 10/15/07 2.0 3,485.05 10/01/07 2.0 3,762.92 09/17/07 2.0 3,823.8 09/03/07 2.0 3,817.76 08/20/07 2.0 3,613.06 08/06/07 2.0 3,696.50 07/23/07 2.0 3,391.70 07/09/07 2.0 3,638.75 06/25/07 2.0 4,102.96 06/11/07 2.0 4,360.58 05/28/07 2.0 5,068.33 05/14/07 2.0 3,387.86 04/30/07 2.0 4,322.12 04/16/07 2.0 L,985.05 04/02/07 2.0 5,093.03 03/19/07 2.0 7,420.51 03/05/07 1.0 1,609.56 TOTAL 53.0 109,697.90 Barbara Ladue From: Llopis, Jason [LlopisJ @bbfl.us] Sent: Monday, September 10, 2012 1213 PM To: Barbara Ladue; Chappy, Toby Athol; Scott Caudell; Frank Ranzie Subject: Re Military Service Barb Okay. I believe that if his military pay actually exceeds his PD salary in amount, the calculations in the future for that year that he is serving would be based off of his flat accrued annual salary. If anyone has information to the contrary, please advise or if necessary we can put in on the agenda for next meeting. Jason Sent from my iPhone On Sep 10, 2012, at 11 AM, "Barbara Ladue" <ladueb @bbpdpension.com> wrote: Jason: I looked through the ordinance and have highlighted some items that would apply to military service There is definitely no "break in service ". As to compensation, not sure of that interpretation. Barb La Due From: fax @compson.com [mailto:fax@compson.com] Sent: Monday, September 10, 2012 10:55 AM To: ladueb @bbpdpension.com Subject: Message from KMBT C550 <SKMBT_C55012091010540.pdf> 1 Page 2 of 26 (c) Under no circumstances may the City of Boynton Beach reduce the member contribution to less than 0.5% of salary. (Ord. 10 -005, § 2, 2 -2 -10) Sec. 18 -165. Definitions. (a) The following words or phrases, as used in this article, shall have the following meaning: Actuarial equivalence or actuarially equivalent. Any benefit payable under the terms of this plan in a form other than the normal form of benefit shall have the same actuarial present value on the date payment commences as the normal form of benefit. For purposes of establishing the actuarial present value of any form of payment, all future payments shall be discounted for interest and mortality by using 8% interest and the 1983 Group Annuity Mortality Table, blending 80% males and 20% females, with ages set ahead five years in the case of disability retirees. Average final compensation The average total remuneration received by a police officer during the best five years of service with the city within the last ten. F.S. Ch. 185, Boynton Beach Code of Ordinances Section 18 -168, as amended by Ord. No. 0 00 -18 and 00 -004. 44 " Compensation or salary. The total cash remuneration including lump sum payments for accumulated sick and vacation leave and "overtime" paid by the primary employer to a police officer for services rendered, but not including any payments for extra duty or a special detail work performed on behalf of a second party employer paid directly to the police officer by the second party employer and amounts paid to a police officer after December 31, 2008 as differential wages during any period of active duty military service lasting more than 30 days. This definition also excludes severance pay and other similar payments which are not for services rendered. The member's compensation or salary contributed as employee- elective salary reductions or deferrals to any salary reduction, deferred compensation, or tax - sheltered annuity program authorized under the Internal Revenue Code shall be deemed to be the compensation or salary the member would receive if he or she were not participating in such program and shall be treated as compensation for retirement purposes under this article. For any person who first becomes a member in any Plan year beginning on or after January 1, 1996, compensation for any Plan year shall not include any amounts in excess of section 401(a)(17) of the Internal Revenue Code limitation (as amended by the Omnibus Budget Reconciliation Act of 1993), which limitation of $150,000 shall be adjusted as required by federal law for qualified government plans and shall be further adjusted for changes in the cost of living in the manner provided by section 401(a)(17)(B) of the Internal Revenue Code. For any person who first became a member prior to the first plan year beginning on or after January 1, 1996, the limitation on compensation shall be not less than the maximum compensation amount that was allowed to be taken into account under the plan as in effect on July 1, 1993, which limitation shall be adjusted for changes in the cost of living since 1989 in the manner provided by section 401(a)(17) of the Internal Revenue Code. F.S. Ch. 185. Creditable service or credited service. The aggregate number of years of service and fractional parts of years of service of any police officer, omitting intervening years and fractional parts of years when such police officer may not have been employed by the municipality subject to the following conditions: (1) No police officer will receive credit for years or fractional parts of years of service if he or she has withdrawn his or her contributions to the fund for those years or fractional parts of years of service, unless the police officer repays into the Fund the amount he or she has withdrawn, plus interest as determined by the board in accordance with Section 18 -172. http . / /www.amlegal.com /alpscripts /get - content.aspx 12/14/2011 Page 3 of 26 (2) A police officer may voluntarily leave his or her contributions in the fund for a period of five years after leaving the employ of the police department, pending the possibility of his or her being rehired by the same department, without losing credit for the time he or she has participated actively as a police officer. If he or she is not reemployed as a police officer with the same department within five years, his or her contributions shall be returned to him or her without interest. (3) In determining the creditable service of any police officer, credit for up to five years of the time spent in the military service of the Armed Forces of the United States shall be added to the years of actual service, if: a. The police officer is in the active employ of the municipality prior to such service and leaves a position, other than a temporary position, for the purpose of voluntary or involuntary service in the Armed Forces of the United States. b. The police officer is entitled to reemployment under the provisions of the Uniformed Services Employment and Reemployment Rights Act. c. The police officer returns to his or her employment as a police officer of the municipality within one year from the date of his or her release from such active service except that effective January 1, 2007, police officers who die or become disabled while serving on active duty military service shall be entitled to the rights of this section even though such member was not re- employed by the city as a policy officer. Members who die or become disabled while on active duty military service shall be treated as through re- employed as a police officer the day before the member became disabled or died, and then considered for entitlement for a death or disability benefit. If the member's death or disability arises out of the member's active service in the military, then the member is entitled to a duty death or duty disability benefit. If the death or disability occurs while the member is serving on active duty military service but does not arise out of such service, then the member, if vested, is entitled to a non - duty disability benefit. (4) Continuous service with the employer shall not be broken in the event of: a. Absence on an approved leave of absence; b. Absence from work because of occupational injury or disease incurred in employment for which a police officer is entitled to Workers' Compensation payments; c. Absence due to service in the Armed Forces of the United States provided the officer shall re -enter employment with the city within one year of discharge. Beneficiary Any person, including the estate of the member, who is entitled to receive a pension benefit payable from the Boynton Beach Police Officers' Pension Fund upon the death of a member or participant. F.S. Ch. 185. Fund or Police Officers' Pension Fund The Boynton Beach Police Officers' Pension Fund. F.S. Ch. 185. Plan year The fiscal year commencing October 1 and ending the following September 30. Boynton Beach Code of Ordinances Section 18 -171, Ord. No. 90 -23, § 1, 8 -7 -90. Police officer Any person who is elected, appointed or employed full time by the City of Boynton http: / /www amlegal.com /alpscripts /get- content.aspx 12/14/2011 Page 9 of 26 service who receives a nonservice incurred injury, illness, disease or disability, and which illness, injury, disease or disability totally and permanently disables him or her to the extent that, in the opinion of the Board of Trustees, he or she is wholly prevented from rendering useful and efficient service as a police officer, shall receive from the fund in equal monthly installments an amount equal to 3.5% of his or her average final compensation for each year of continuous service until death or recovery from disability whichever shall first occur, provided, however, the maximum benefit to which a member may become entitled under this paragraph shall not exceed 60% of his or her average final compensation during said period, but in all cases the benefit will be at least 25% of average final compensation during said period. Such benefit shall be payable on the first day of each month, commencing on the first day of the month following the latter to occur of the date on which the disability has existed for three months and the date the Board of Trustees approved the payment of such retirement income. (3) Medical Board Whenever it becomes necessary for the Board to avail itself of the services of physicians in the case of an application for disability retirement, the Board shall designate a Medical Board to be composed of competent medical authorities and /or specialists, as needed. The Medical Board shall arrange for and pass upon the medical examinations required under the provisions of this section, shall investigate all essential statements or certificates made by or on behalf of a member in connection with an application for disability retirement and shall report in writing to the Board its conclusions and recommendations upon all matters referred to it. The payment for such services shall be determined by the Board. (4) Return to active duty from disability retirement In the event a member who has been retired on a pension on account of permanent and total incapacity regains his or her health and is found by the Medical Board designated by the Board to be in such physical and mental condition as to meet the requirements of the personnel department for service as a police officer of the city, the Board shall order his or her pension discontinued, and he or she shall be ordered to resume active duty in the city at the same rate of compensation currently in effect for his or her pay grade. The Board shall review periodically, in its discretion, the condition of any member receiving a pension for disability and if there is substantial evidence that the retired member is capable of performing service acceptable to the city as a police officer, he or she shall be ordered to resume active duty and his or her pension shall be discontinued. (5) Disability exclusions No member shall be granted a disability pension upon a showing to the satisfaction of the Board: a. That the disability resulted from an intentionally self - inflicted wound, injury or ailment, or b. That the disability resulted from excessive and habitual use of narcotics, drugs, or intoxicants (alcoholic beverages); c. That the disability resulted from an injury or disease sustained by the police officer while willfully and illegally participating in fights, riots, civil insurrections or while committing a crime; d. That the disability resulted from an injury or disease sustained by the police officer while serving in any armed forces. This exclusion does not affect members who have become disabled as a result of intervening military service under the federal Heroes Earnings Assistance and Relief Tax Act of 2008 (H.R. 6081; P.L. 100 -245); e That the disability resulted from an injury or disease sustained by the police officer after employment has been terminated; or http . / /www.amlegal.com /alpscripts /get- content.aspx 12/14/2011 Barbara Ladue From: Llopis, Jason [LlopisJ @bbfl us] Sent: Thursday, September 06, 2012 3 52 PM To: Barbara Ladue Barbara Tom Haas is scheduled to serve a year military time next year How will his pension time / accrual work if he receives no compensation from BBPD because he'll be earning more from his military pay'? Cason 1 Barbara Ladue From: Gary Chapman [chairman @bbpdpension corn] Sent: Saturday, September 22, 2012 2.01 PM To: 'Barbara Ladue' Subject: RE CPPT Certification Also Barb, place this on the next agenda do the board is aware my CPPT status for discussion. Also if you could find any educational requirements we may have pertaining to the trustees serving on our board. I am not sure if we mandated that our trustees become and maintain CPPT certification in order to serve on the board. Thanks, Gary From: Barbara Ladue [ mailto :Iadueb Sent: Tuesday, September 18, 2012 1:59 PM To: 'Gary Chapman' Subject: CPPT Certification Gary: I am going to mail the attached tomorrow morning. Let me know if you want any changes. Thanks. Barb La Due From: fax(acompson.com [mailto:fax©compson.com] Sent: Tuesday, September 18, 2012 1:56 PM � To: IaduebCct�bbpdpension.com e i t Subject: Message from KMBT C550 f e. 6 EE 1 Main Norm Page 1 of 3 �r-M BOYNTON BEACH POLICE DEPT © I BOYNTON BEACH, FL INCIDENT DATA INCIDENT # DATE /TIME REPORTED CLASSIFICATION TYPE 12000928 01/07/2012 13:36 GENERAL INCIDENT BASIC INFORMATION As Of 01/08/2012 09:57:49 IDENTIFYING INFORMATION AGENCY INCIDENT # CLASSIFICATION TYPE BOY - PD 12000928 GENERAL INCIDENT CASE TITLE /VICTIM INCIDENT TYPE /OFFENSE STANDBY FOR FD DATE /TIME INCIDENT REPORTED OCCURRED BETWEEN 01/07/2012 13:36 10 01/07/2012 13:36:00 and 01/07/2012 13:36:00 LOCATION INFORMATION ADDRESS 824 NW 4TH AVE CITY STATE ZIP REPORTING AREA BOYNTON BEACH FL 702 BUSINESS NAME BUSINESS PHONE MAP LAYER MAP AREA REPORTING AREA 702 SECTOR D2 UNITS UNIT ID DISPATCHED ON- LOCATION CLEARED OFFICER(S) A22 01/07/2012 13:36:48 01/07/2012 1 3 :39 :39 01/07/2012 1 4:24 :45 EPSTEINR (847) A28 01/07/2012 13:36:56 01/07/2012 13:43:47 01/07/2012 14:24:40 PRINCEN (915) A24 01/07/2012 13:55 :45 01/07/2012 13:58:48 01/07/2012 14:19:52 ZAVATTAROR (808) A36 01/07/2012 13:56:12 01/07/2012 1 4 :24 :54 VARGASJ (906) A26 01/07/2012 13:59:58 01/07/2012 14:23:36 REINHOLDC (804) NON -CRIME #: 1 CODE DESCRIPTION PASG STANDBY FOR FD PERSONS / ORGANIZATIONS http: / /webpartner7v /QED / /policepartner/ common /crimeweb /mcview /m am.j sp ?agency =B ... 11 /1 3 /2012 Main F orm Page 2 of 3 PERSON / ORGANIZATION #1: INVOLVED PARTY MNI # LAST NAME FIRST NAME MIDDLE NAME SUFFIX SSN 27166 FRANKLIN AARON ANTHONY 594217329 PERSON / ORGANIZATION TYPE INDIVIDUAL HOME ADDRESS ADDRESS STREET NAME APT. # 824 NW 4TH AVE CITY STATE ZIP CODE BOYNTON BEACH FL 334 HOME PHONE WORK PHONE CELL PHONE 561 634 - 5196 561 572 - 6776 561 - 572 - 1128 LICENSE STATE LICENSE NUMBER EMAIL FLORIDA F652001920540 WORK ADDRESS EMPLOYER ADDRESS STREET NAME CITY STATE ZIP CODE BUSINESS PHONE PERSON DETAILS DOB AGE: YEARS MONTHS IS JUVENILE? SEX 02/14/1992 19 10 M RACE ETHNICITY RESIDENCY WHITE NOT OF HISPANIC ORIGIN RESIDENT HEIGHT WEIGHT BUILD EYE COLOR HAIR COLOR COMPLEXION 510 250 HEAVY BROWN RED /AUBURN MEDIUM � + 1 , BOYNTON BEACH POLICE DEPT ,� ;, BOYNTON BEACH, FL OFFICER REPORT INCIDENT # REPORT DATE REPORT TYPE OFFICER RANK REVIEW STATUS 12000928 / 1 01/07/2012 13:36:10 INCIDENT PRINCEN OFF APPROVED OFFICER REPORT As Of 01/07/2012 1 4:43 :41 NARRATIVE http: / /webpartner7v /QED / /policepartner /common /crlmeweb /incview /main. j sp ?agency =B... 11 /13/2012 Main r orm Page 3 of 3 On 01/07/2012 at approx. 1443 hours, I responded to 824 NW 4th Ave in reference to a house fire. Upon arrival, I observed Ofc. Epstein leaning against a fence vomitting BBFR arrived on scene and transported Ofc. Epstein to Bethesda Hospital for treatment Upon further investigation, it was determined that Ofc Epstein inhaled fumes from burnt plastic caused by a possible cigarette left on a washer/ dryer The resident of this home, W/M Aaron Franklin (DOB 02/14/1992) stated he possible left the lit cigarette on the dryer and then left the room The cigarette more than likely fell onto a plastic dog food container resulting in the burnt plastic fumes Ofc. Epstein inhaled upon his arrival BBFR advised that there was no other indications of another fire any wherein the home BBFR cleared the residence and allowed Franklin to reenter the residence AUTHORIZATION REPORT TYPE DATE /TIME REPORTED REPORT STATUS INCIDENT 01/07/2012 13:36:10 APPROVED REPORTING OFFICER SIGNATURE DATE /TIME ENTERED PRINCEN(915) 01/07/2012 14 :43:41 APPROVED BY SIGNATURE DATE /TIME APPROVED WESSENDORFS(676) 01/08/2012 10:01:13 OTHER SIGNATURES PATROL SUPERVISOR SHIFT COMMANDER http: / /webpartner7v /QED / /policepartner /common /crimeweb /incview /main.j sp ?agency =B... 11 /1 3/2012 Main Form Page 1 of 3 $ - 4 1: - :';'; k BOYNTON BEACH POLICE DEPT Y< BOYNTON BEACH, FL CAD Incident Report #12001519 Incident Information Incident # Incident Date Call Taker 12001519 01/07/2012 13:36:10 lubinj Incident Type Description Priority FIRE FIRE Ems Level Alarm Level Modified By Modified Date 1 lubinj 01/07/2012 13:37:55 Event Information Municipality Business Name 1 BOYNTON BEACH Fire Box RA 12 702 Correct Location 824 NW 4TH AVE Street # Street Name Apartment # Cross Street 824 NW 4TH AVE Near Landmarks Additional SEGMENT ADDRESSES RANGE FROM 800 TO 834 Reporting Person RP Name RP Phone How Received AARON FRANKLIN 294 -2990 911 RP Address Closed By Date Closed yanesl 01/07/2012 14:33:20 Incidents Agency Name Incident Number BOY -FD 12000217 BOY -PD 12000928 Incident Types Dispatch Class Incident Type AMBULANCE FIRE/RESCUE FIRE POLICE AODFD http: / /webpartner7v/ QED // cadpartner /cad97 /cadincview /main. sp ?agency= BOY- PD &mc... 11/13/2012 Main Form Page 2 of 3 Note(s) Note Type 'Entered By 'User ID Note CALL -TKR 101/07/2012 13:36:26 Ilubinj LAUDRY ROOM INSIDE OF THE HOUSE CALL -TKR 101/07/2012 13:36:39 Ilubinj SMOKE AND FLAMES SEEN, CALL -TKR 101/07/2012 13:36:56 Ilubinj POSS ELECTRICAL FIRE, INFO 101/07/2012 13:37:07 Ibeanr D19 10 -48 CALL -TKR 101/07/2012 13:37:07 I lubinj COMPL EVACUATED, NO ONE ELSE IN THE HOUSE CALL -TKR 101/07/2012 13:37:25 I lubinj COMPL JUST GOT HOME AND SAW FLAMES, CALL -TKR 101/07/2012 13:37:43 Ilubinj LAUNDRY RM LOCATED TO THE REAR OF THE HOUSE INFO 101 /07/2012 13:38:08 Iyanesl TAC A -3 INFO 101/07/2012 13:38:35 Ilubinj INFO 101/07/2012 13:38:35 Ilubinj COMPL WAITING IN THE RDWAY INFO 101/07/2012 13:38:42 I lubinj COMPL HAS VISUAL INFO 101/07/2012 13:42:04 Ibeanr A22 DOG AND ONE PERSON OUT - -- TRYING TO PUT THE INFO 101/07/2012 13:42:04 Ibeanr FIRE OUT INFO 101/07/2012 13:53:06 Ibeanr A28 TO D18 INFO 101 /07/2012 13:56:07 Ibeanr A28 FD IS 51 TO BMH - - -- NEED A UNIT TO COME INFO 101/07/2012 13:56:07 Ibeanr 10 -14 Unit Statuses http: / /webpartner7v/ QED // cadpartner /cad97 /cadincview /main.jsp ?agency= BOY- PD &inc... 11/13/2012 Main Form Page 3 of 3 CAD Units Unit ID Status Date /Time Avail? Location Disp ID A22 RESP 13:36:48 N beanr A28 RESP 13:36:56 N beanr A22 ONLOC 13:39:39 N beanr A28 ONLOC 13:43:47 N beanr A24 RESP 13:55:45 N beanr A36 RESP 13:56:12 N beanr A36 RESP 13:56:16 N 51 BMH beanr A28 ONLOC 13:56:25 N 51 BMH W /FD beanr A24 ONLOC 13:58:48 N beanr A22 ONLOC 13:59:31 N 97 BMH beanr A26 RESP 13:59:58 N beanr A26 RESP 14:00:06 N 51 BMH 4/A36 beanr A26 RESP 14:00:20 N 51 BMH 4/A28 beanr A28 ONLOC 14:10:13 N 97 BMH beanr A24 CLEAR 14:19:52 Y beanr A36 RESP 14:23:14 N RM 9 lubinj A26 CLEAR 14:23:36 Y lubinj A28 CLEAR 14:24:40 Y lubinj A22 CLEAR 14:24:45 Y lubinj A36 CLEAR 14:24:54 Y lubinj Dispositions Dispositions Type Disposition Incident Report? Accident Report? Due By POLICE (PASG) STANDBY FOR FD Y PRINCEN FIRE /RESCUE (5) RTQ TRUCKS http: / /webpartner7v/ QED // cadpartner /cad97 /cadincview /main.jsp ?agency= BOY- PD &inc... 11/13/2012 BOYNTON BEACH POLICE PENSION FUND APPLICATION FOR DISABILITY/PENSION BENEFITS PLEASE PRINT OR TYPE 1. a. Name of Employee: EPSTE IN • Ro?E R-'T E. (Last) (First) (MI) b. Social Security Number: 06 O -'7 6 - ONO c. Date of Birth: ICI -MI- 1911 (Attach proof) Month -Day -Year d. Horne Telephone Number: . A1 (Area Code) Number e. Home Address: ii Address Street f. Permanent address to which check and /or correspondence should be sent: Street Address City State Zip Code 2. a. Are you currently married: X Yes No If yes, please complete the following: I. Name of Spouse: EPSTEIN _Ketty E. (Last) (First) (MI) ii. Spouse's Social Security Number: 592- 22- iii. Spouse's Date of Birth: 02 1 982 (Attach proof) Month - Day -Year iv. Date of Marriage: 01-1111-203S (Attach proof) Month - Day -Year Page 1 of 4 3. Names and Dates of Birth of Child(ren): Name Date of Birth No we ‘ 1 (Attach additional page if needed) 4. Names of Your Living Parents: a. Mother: Lc& G'pci- 6►N b. Father: STf■Je EPSTF►AJ 5. a. Date of Hire by the City of Boynton Beach, Florida, as a Sworn Police Officer: Oil - 23- 2o0S Month - Day -Year b. Current Position: ?o c t c OM t :12,.. 6. I plan to retire on: 10- 02- 20)2. Month -Day -Year 7. Type of retirement for which you are applying (check one): Normal Retirement Early Retirement 1C Line -of -Duty Disability Non- Line -of -Duty Disability 8. If you are applying for a disability retirement, please complete the following: a. Date disability commenced: ti i - Q'1- 20 ► 2 Month- Day -Year b. Nature and cause of disability: Lu 44_ Orhet oe Doe Th ta, %.pflv filLE 1S(iKe . Page 2 of 4 c. Did your disability result from any of the following: Yes No (1) Use of drugs, intoxicants or narcotics? (2) Due to a fight, riot, civil insurrection, or crime? (3) From an injury or disease sustained while you were serving in any armed forces? (4) After your employment with the City of Boynton Beach terminated? __ (5) While working for anyone other than the City of Boynton Beach and arising out of such employment? d. A copy of my doctor's medical opinion is attached. ._ e. Please list any doctor's that have treated you within the last five years and their address and phone number on a separate sheet of paper. SFr 1ocvrb (N f. Please indicate the name and address of your designated member of the medical committee: NOTE: If you are applying for a disability benefit, records must be filed to show that the disability is total and permanent. If application is made for a line -of -duty disability, copies of workers' compensation records must also be filed to show that the disability occurred in the line -of -duty. Also, the Board of Trustees may require you to be examined by a doctor selected by the Board. NOTICE: It is a first degree misdemeanor to make a false or misleading statements to obtain retirement benefits. In addition to any applicable criminal penalty, upon conviction a participant or beneficiary of this plan may, in the discretion of the board of trustees, be required to forfeit the right to receive any or an benefits to which the person would otherwise be entitled under this plan. Page 3 of 4 Acknowledgments I hereby certify that the above statements are true and correct to the best of my knowledge. 1 understand that a false statement may disqualify me for benefits. I have reviewed the Designation of Beneficiary Form filed with the Board of Trustees and I hereby certify its accuracy. If I desire to change my designated beneficiary(ies),1 will file a new Designation of Beneficiary Form with this Application. I hereby authorize the release of any and all medical records including but not limited to the complete history records in possession of all doctors listed below concerning my illness and/or treatment. A copy of this document will be treated in the same manner and have the same effect as an original. I hereby waive my right of confidentiality of my medical records and other medical evidence in order that my application for disability benefits may be properly processed. I understand that in so doing, such records will be discussed during one or more public meetings and will become public record. I understand that the Board(s) will rely upon this waiver and that I will not be able to withdraw same at a later date. I agree to cooperate fully with the Board of Trustees of the Boynton Beach Police Pension Fund in making available to the Board, or authorized agents of the Board, information which reasonably relates to the initial payment of or continuing eligibility for payment of benefits from the Fund. I hereby agree to indemnify and hold harmless the City of Boynton Beach and the Pension Plan from and against any and all claims, demands, or causes of action of any kind or nature resulting from or in connection with the City of Boynton Beach's release of the results of the undersigned's annual physical to the Pension Plan and from and against any resulting losses, costs, expenses, reasonable attomeys' fees, liabilities, damages, orders, judgments, or decrees in connection therewith. Dated this 10 day of, Qt to 20 12 Witness Signature of Participant I�ot aT t -Q Al Witness Printed name of Participant STATE OF FLORIDA COUNTY OF PALM BEACH S MI TO or affirmed) and subscribed before me this a da (0 ,20 12 by who is onally known to m - who produced the following i entification: &P %khll SABRINA BARRETO Notary ubiic NOTARY PUBLIC Print, type or stamp name of Notary in addition to seal: STATE OF FLORIDA C� ; 1141 " • ' - Conn.DD961482 -- 4B atkU1 izIPS. tO Expires 2J15/2O14 Page 4 of 4 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM * * ESTIMATED WORKSFEET OF DISABILITY BENEFITS * * PAGE 1 JOMMONi. October 4, 2012 NAME ROBERT E EPSTEIN # 3181 SSN S 7611111. dept 21 ADDRESS CONTR(TAX) 28,656.07 JUPITER, FL 33478 (ONTR(NTX) .00 BIRTH 1O/01/1974 BALANCE 28,656.07 PEN HIRE 08/23/2005 ADJ HIRE 08/23/2005 RETIRE 10/02/2012 TYPE D ELIG EARLY 00 /00 /0000 60 MO EARN 304,912.84 ELIG NORM 10/22/2024 AVG MO EARN 5,081.88 INJURY DTE 01/07/2012 SERV INCUR Y BASIC MO EARN 4,612.23/ DISABILITY 10/02/2012 LAST SERV 10/02/2012 RET SERV Y M D 7 1 9 100% VEST 08/23/2010 AGE AT RETIRE 37 11 10 COM ANB /DIFF 38 -7 VESTED TDY /RET 100 100 SERV OVERR PAY HIST FLAG IRREGULAR VAC HRS /CD 25.54/EG HOURLY RATE 26.609 SIC HRS /CD 9.64 S2 VAC SIC PAYOUT 807.84 ACCRUE WKS .00 BIWEEKLY WC .00 BENEFICARY KELLY EPSTEIN MONTHLY SOCSC .00 BENEF BDAY 02//1982 QDRO 66 2/3% BASIC EARNING 3,074.79 RETIRE BENEFIT 3,074.79 WC OVERAGE .00 NET BENEFIT 3,074.79 TEN YEAR CERTAIN & LIFE 3,074.79 LIFE ANNUITY FACTOR: 1.00281 MODIFIED LIFE .NNUITY 3,083.43 100% SURV. FACTOR: .00000 100% SURV. ANNUITY .00 SURVIVOR BENEFIT .00 66 2/3% SURV. FACTOR: .0(000 66 2/3% SURV. ANNUITY .00 SURVIVOR BENEFIT .00 50% SURV. FACTOR: .00000 50% SURV. ANNUITY .00 SURVIVOR BENEFIT .00 75% JOINT & LAST FACTOR: .00000 75% JOIN' & LAST ANNUITY .00 SURVIVOR BENEFIT .00 50% JOINT & LAST FACTOR: .00000 50% JOINT & LAST ANNUITY .00 SURVIVOR BENEFIT .00 Prepared by August 10, 2009 October 1, 2009 B. Early Retirement. 1. Early Retirement Date An employee who has attained age fifty (50) and completed at least ten (10) years of credited service may elect to terminate employment and retire on an Early Retirement Date which may be the first day of any month after ten (10) years of service and attainment of age fifty (50). 2. Early Retirement Benefit. The monthly amount of early retirement benefits payable to a police officer who retires on the Early Retirement date shall be determined in accordance with Sec. 18- 169(A) based on credited service to the early retirement date subject to an actuarial reduction of one and one -half percent (1.5 %) per year of service to take into account the police officer's younger age and the earlier commencement of retirement benefits. The early retirement benefit shall be paid in accordance with §18- 169.(A) . Aresom>, C. Disability Retirement. 1. Service Incurred. Any member who receives a medically substantiated service connected injury, disease or disability which injury, disease or disability totally and permanently disabled him or her to the extent that in the opinion of the Board of Trustees, he or she is wholly prevented from rendering useful and efficient service as a police officer shall receive a monthly benefit equal to sixty -six and Page 21 of 71 August 10, 2009 October 1, 2009 two- thirds percent 66 2/3% of his basic rate of earnings in effect on the date of disability. Such benefit shall be payable on the first day of each month, commencing on the first day of the month following the latter to occur of the date on which the disability has existed for three (3) months and the date the Board of Trustees approved the payment of such retirement income. A disability retiree may select from the optional forms of benefits available to service retirees in accordance with section 18 -170. In the event of recovery prior to the otherwise normal retirement date, credit for service during the period of disability shall be granted for purposes of subsequent retirement benefits. Subsequent retirement benefits will be actuarially reduced to account for the benefits that were paid during the period of disability. The amount of the disability benefit payment from the fund shall be reduced by any amounts paid from worker's compensation and the federal social security system. The reduction for social security benefits shall be in the amount of the primary insurance amount (PIA) only, and future increases, if any, in the disabled member's social security disability benefits shall not serve to reduce any further the disability benefit from the fund. The reduction for social security shall terminate upon the attainment of age sixty -five (65). The pension benefit may only be reduced to the extent that the total of the benefits Page 22 of 71 August 10, 2009 October 1, 2009 from this Fund, workers' compensation and social security benefits exceed one hundred percent 100% of the disabled member's basic rate of earnings on the date of disability. However, in all cases the benefit will be at least forty -two percent (42 %) of average final compensation. Any condition or impairment of health of a member caused by tuberculosis, hypertension, heart disease, hardening of the arteries, hepatitis, or meningococcal meningitis resulting in total or partial disability or death, shall be presumed to be accidental and suffered in the line of duty unless the contrary be shown by competent evidence. Any condition or impairment of health caused directly or proximately by exposure, which exposure occurred in the active performance of duty at some definite time or place without willful negligence on the part of the member, resulting in total or partial disability, shall be presumed to be accidental and suffered in the line of duty, provided that such member shall have successfully passed a physical examination upon entering such service, which physical examination including electrocardiogram failed to reveal any evidence of such condition. In order to be entitled to presumption in the case of hepatitis, meningococcal meningitis, or tuberculosis, the member must meet the requirements of §112.181, Florida Statutes. The final decision whether a member meets the requirements for duty disability Page 23 of 71 August 10, 2009 October 1, 2009 pension rests with the Board and shall be based on substantial competent evidence on the record as a whole. 2. Nonservice incurred. Effective October 1, 2000, any member with ten (10) years of continuous service who receives a nonservice incurred injury, illness, disease or disability, and which illness, injury, disease or disability totally and permanently disables him to the extent that, in the opinion of the Board of Trustees, he is wholly prevented from rendering useful and efficient service as a police officer, shall receive from the fund in equal monthly installments an amount equal to three and one half percent (3.5 %) of his average final compensation for each year of continuous service until death or recovery from disability whichever shall first occur, provided, however, the maximum benefit to which a member may become entitled under this paragraph shall not exceed sixty percent (60 %) of his average final compensation during said period, but in all cases the benefit will be at least twenty - five percent (25 %) of average final compensation during said period. Such benefit shall be payable on the first day of each month, commencing on the fi rst day of the month following the latter to occur of the date on which the disability has existed for three (3) months and the date the Board of Trustees approved the payment of such retirement income. Page24of 71 August 10, 2009 October 1, 2009 3. Medical Board. Whenever it becomes necessary for the board to avail itself of the services of physicians in the case of an application for disability retirement, the board shall designate a medical board to be composed of competent medical authorities and /or specialists, as needed. The medical board shall arrange for and pass upon the medical examinations required under the provisions of this section, shall investigate all essential statements or certificates made by or on behalf of a member in connection with an application for disability retirement and shall report in writing to the Board its conclusions and recommendations upon all matters referred to it. The payment for such services shall be determined by the Board. 4. Return to active duty from disability retirement. In the event a member who has been retired on a pension on account of permanent and total incapacity regains his health and is found by the medical board designated by the Board to be in such physical and mental condition as to meet the requirements of the personnel department for service as a police officer of the city, the Board shall order his pension discontinued, and he shall be ordered to resume active duty in the city at the same rate of compensation currently in effect for his pay grade. The Board shall review periodically, in its discretion, the condition of any member receiving a pension for disability and if there is Page 25 of 71 August 10, 2009 October 1, 2009 substantial evidence that the retired member is capable of performing service acceptable to the city as a police officer, he shall be ordered to resume active duty and his pension shall be discontinued. 5. Disability Exclusions. No member shall be granted a disability pension upon a showing to the satisfaction of the Board: a. That the disability resulted from an intentionally self - inflicted wound, injury or ailment, or b. That the disability resulted from excessive and habitual use of narcotics, drugs, or intoxicants (alcoholic beverages); c. That the disability resulted from an injury or disease sustained by the police officer while willfully and illegally participating in fights, riots, civil insurrections or while committing a crime; d. That the disability resulted from an injury or disease sustained by the police officer while serving in any armed forces.. Tel isis exclusion does not affect members who have become disabled as a result of Intervening military service under the federal Heroes Earnings Assistance and Relief Tax Act of 2008 (H.R. 6081: P.L. 110 - 2451 e. That the disability resulted from an injury or disease sustained by the police officer after employment has been terminated; or Page 26 of 71 August 10, 2009 October 1, 2009 f. That, in the case of a duty disability only, the disability resulted from an injury or disease sustained by the police officer while working for anyone other than the City and arising out of such other employment. 6. Further disability provisions. Each member applying for a service incurred disability benefit from this fund shall be required to apply for disability benefits under social security, and, if applicable, workers' compensation. Furthermore, each person granted a service incurred disability shall be required to submit to the bBoard , no later than March le of each year, a statement showing the monthly amount of social security (PIA only) and workers' compensation benefits received by him or her as of March 1". Willful refusal by such persons to comply with these regulations shall be grounds for the termination of or nonapproval of disability benefits from this system. However, the Board shall exercise its discretion in each case. D. Death benefit. 1. If any member shall die prior to retirement or other termination of employment with the city and that death is found by the Board of Trustees to have occurred in the line of duty regardless of the years of service, a death benefit shall be payable to the deceased member's spouse. The benefit shall equal three and one half percent (3.5 %) of Page 27 of 71 Barbara Ladue From: Ranzie, Frank [RanzieF @bbfl.us] Sent: Monday, October 29, 2012 8 AM To: ladueb @bbpdpension.com Subject: 2013 NCPERS Trustee Seminar and Conference Importance: High Barbara, I would like to attend the NCPERS TRUSTEE Educational Seminar and the Annual Conference May 18 thru May 23 2013 The Early Bird registration starts in January 2013 and all information regarding registration fees are listed below on the links provided. Please let me know if I can attend this training event Thank you Trustee Educational Two day Seminar 05 -18 and 05 -19 http / /www ncpers orq /Conferences/TEDS.php Annual Trustee Conference 05 -19 thru 05 -23 http / /www.ncpers. orq /Conferences /AnnualConference php Facts and Questions http: / /www ncpers.orq /Files /2012 annual conference fags pdf Registration Fees http / /www.ncpers orq /Files /2012 annual conference fees pdf 1 1NLrLKJ: National Lonterence on Public Employee Ketirement Systems Page 1 of 2 .> 11 ,, M r. Search 1 .10I- . r,' M .1 ONLY 1.'E3y 3E3*/ -IP EDUCATIONAL NLE e.Nr,FS ArInu:aI Cont f rence NEWS VJ,ien 11 ciemesto eduction r,,. of er cent elenct compares tc the N;;RL SP iituol Con crone, 1nat's .;ny more than NC;PiPSE_cc 1 IY adtnm.c SG10 „it : loc.. off icia.1s mvcsr,cnt T.narioial and utno , of is per'scn staff and ,eauleto15attono cal. vc'Tr H1 OUR CE CEN 1 EH Attendees benef,t f, oin the com�rklte -sve 811I21 0 , alp 0 m.tiru10 dynamic s,edte. s 8 .d •I,-:o orhir vItTOS open, i unit lesw.tii rconcv u,0i. iny 11 s wine nrovidcys2.'.J 1..„n rued °clIcr g..cs`rem arrers rho nct (4)v RnrvEM Ar FAIRS Thank you for attending the NCPERSAnnual Conference & Exhubition In Nev, York City 10 view the Cktsfe tvt31IA R oarem took di rihu 01 to membn,sc „s teat tIrc cerfc once or rrvieo. self ^t Prper thegt nerai NCPFRS INSJRON s s�onS, dick the links eIO v CHART ABLE rOUNDAT I ARCHIVES Onto Program Book 2012 Photo Gallo y ABOUT NC:PFRRS 2012 Videos CONTACT Us fi nal Conference Agenca 2012 Charitable Endeavour itt Follow Us TFOS Informatrot C t.: found on the Trustee Educatlona' Skimmer page * on Facebook Follow Us Ge''cruI Sermon feat e, Handouts on Twitter Investing In Infrastructure tR Follow Us Rot nement ran Changes Putting ng Corporate Aerica -s Experience to AAbrk for Public Plans lk on Google+ The Global Economic CO look Actuarial Aitmptions Funoino Policies Illa Connect Actuarial Assumptions Inve Returns on Linkedln National Case Law Update y Connect Are Public Pension invest Trent Return Aksumpt ions Achievable') l%a on Youtube the Criss of Futi Income S::cunty Retirement Security for All - Olt, 2013 Annual Ger (-n ; R '&11,01 1cl - hr I, A _, 10 —22 m 1'onolu'u, 1,m '0 1 R.78 atlr r. 'Mel matron will bo availahle in Januaty 013 Annual Conference FACT Registration Fees Past Conferences SPOTLIGhl MORE NEWS EC3tICAT1ONAL CONFERENCES S _ 2013 Legrrlatrvc . , :,. n,-S irv4r',,;- 1 de • • r ,'w, 2E 2 Conference 1 1,', , < , n2puldre; 'n,c,'I, °, Legs8iveCor,t rcr.c � � 1„ q0. � rrea)r , t' - hl; t1 'o -_ i � 2 4 IF, tr- r +last - u0; - ' II 11 the 20.3 r, http: / /www.ncpers.org/ Conferences /AnnualConference.php 10/29/2012 14 ...t L,'J. INaLIUtICtt k.Utlleieliee on ruonc tmpioyee Ketirement Nystems Page 1 of 2 ^ A. r t' "_ (r. n : Search 1 HOf,F Ann !FRS ONI Y r, Nuiems 1 P alxicAt!owi t vr- ;;o;ai -s Itt 1st e6 Educational tpm1r. , sr NF O - Inc 1ru5eeLducaf,c , IVI a mi la (1LjX se ore ocrere.i0r!pro?'ar, held inC 0" ur„,t the Nmual Conference N;3'EFSBL(X3 and Exhibition 1FDSis in ter nc a c,fo novice t ✓lio u e e et ing e better e ' noe�'ending of 11,5,1 role ano ' esnogsbilities r 0 tiectc0 ef Ihc,rrcn?o rind It P∎sc o..rJco5' arc'iesho, for exe'ricncldirn• c.s interested in FZESOUReE CiNIFit staying uptodate Vlfros This two-day grog, 0111 p!ovldes a i niiraucilon io fici,rlary rc ^c, "meting a veld fnungahon of knovlrogc (y0VERJf/EM AFFAIRS fcr those who have limited exreriE,ica In person plan trwr-eosep Hog air content is deb led to adoress the critic: e'ententsof irus, ft' d ma^a><,rre it mr.ludi , nr,r.'ternt to , Ic,",„such a;:;nveimc legal rr;lll omEnts fy5 -DIA trust cc 0111100 Na'FRS INSURANCE 1 P13 r,tter,r+ec.s'.l , ll ea, it eic'1t (81 hour„ 01 c.`mt,nunlo edut at 101 (CF) el edit CHARITABLE FOUNDATION l hank you for attending the NCPERS 2u12 Trustee Educational Seminar (TEDS1 in New York City To view course A r HIVES material from this year -s proryam click the links below' ArfouT N(X -f-RS Final TEDSAgenda CONTACT US Pt aJr am 1 landoul s Follow Us His :Cry and Evolution of Riblic Persons 1 on Faceboof. 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D �2 Con ference ix_mm 11 ■ ,r,d''qc p, 0s1 n ;00(1 Ley�shatfvc Gontr,rriire '' mIsi.un_: rr„ <, ,, -`,Ir ! «tc'r rf v1,1,.• 011 ,, D R. ^R'rNnrril, ; + t'Il ;n; • ( �� 0; 1 rr r.G° cyt 7° rc Tru e E [1u dt, OnPl 111 utAl �.� i l , clr , ',4c 1",n'e 11 ef:._dl.ceu 14. n ,: o 1 - I (i�i ,_.,. (tko l if, 2',,27 • 1.1ry1' 3 '2013 f4,AD • r"'- 351,o■7,i 3 , ,I I .i Ai i1 , 'w, Annual C.onb'renur ' EYlnb'ti;.'i 7,, , 'N �:C'' 1,c),IoL rb 7,1 ' ,,or. ',nu ',I http: / /www.ncpers.org /Conferences/TEDS.php 10/29/2012 I 9 NO t 1$* I (.1(f fret Vali [('!'f{ ;(p TRUSTEE EDUCATIONAL SEMINAR (TEDS) REGISTRATION FEES Registration Early Bird Late Registration Fee Category Registration Fee Trustee Educational Seminar $350 $450 (TEDS) Guest* $50 $75 ANNUAL CONFERENCE & EXHIBITION REGISTRATION FEES Registration Early Bird Late Registration Fee Category Registration Fee Fund Member $650 $750 Corporate Member $795 $895 Corporate Member $1,000 $1,000 Exhibit Booth (8x10) Corporate Member $1,500 $1,500 Exhibit Booth (8x20) Guest* $150 $175 Children 12 and under $75 $100 *Guest refers to a spouse or personal friend, not a business associate or staff colleague. All guests must be registered to attend the conference events. No admittance without a registration badge. The registration fee covers breakfast, lunch and the receptions. { I 1 To: All Florida Pension Plans From: Klausner Kaufman Jensen & Levinson Re: LeRoy Collins Institute September 2012 Report Date: October 5, 2012 On September 25, the LeRoy Collins Institute released a new white paper entitled Years in the Making: Florida's Municipal Pension Plans (hereinafter the 2012 "Study "), a continuation of their earlier 2011 report regarding municipal pension plans in Florida. The purpose of this memo is to share our thoughts with clients about the important role of defined benefit ( "DB ") plans in the public sector. We will use the 2012 Study as a foil to discuss retirement security and the advantages provided by DB plans. We also encourage clients to discuss the "trends" described by the 2012 Study with their actuary, so as to compare whether and how the new Study's conclusions have any bearing on their plan. This memo begins with an overview of the 2012 Study. The second half of the memo addresses the underappreciated lifetime security and retirement income provided by DB plans and what some have described as the failure of the 401(k) experiment. In summary, the underlying purpose of this memo is to provide a broader and longer term perspective than the Collins Study, that is less hostile to public employee benefits. 2012 Collins Study By way of background, the 2012 Study uses Annual Reports from the Department of Management Services ( "DMS ") from 2005 to 2011 to answer the following question posed by the Study's authors: whether Florida's municipal pension plans are fundamentally healthy and just need time to weather the current financial storm or have structural problems that require significant repair. The Study doesn't justify, explain or define what would constitute a structural problem. Nor does the Study hint at any constructive "structural repairs" to the self identified problematic trends. With that said, as set forth below, the Study's findings are generally unremarkable for trustees who are 10059 NORTHWEST 1ST COURT. P1 ANTATION FI ORIDA 33324 PHONE (954) 916 -1202 • FAX (954) 916-1232 www.robcrtdklausner.com w r familiar with DB plan funding and the undeniable poor investment experience over the past decade. More remarkable, however, and potentially suggestive of the Study's agenda, is the concluding sentence that plan costs are "adding insult to injury for many cities struggling to make ends meet." Yet, no mention is made of the hundreds of thousands of Floridians who earned their DB pensions during a lifetime of public service, or the advantages of DB plans compared to their inferior alternatives.' According to the Study's introductory notes, the LeRoy Collins Institute attempts to report on the "typical" pension plan. It uses median values to do so, excluding variations which are deemed to be outliers. The number of outliers excluded from the universe of 492 plans is not identified. Interestingly, in comparing plan data from 2001 to 2010, the 2012 Study fails to mention that a not insignificant number of plans were closed during this time period. We understand from the Division of Retirement that at least 67 of the municipal plans in Florida are currently closed to new participants. This fact may skew the Study's results, particularly with regard to the ratio of retirees to active participants. A closed plan, by definition, does not add any new members. Similarly, future payroll growth assumptions are irrelevant for a closed plan with no remaining active members. The distinction between open and closed plans is not addressed m the 2012 study. Moreover, the growth of pension contributions, as a percentage of covered payroll, becomes increasingly meaningless in the context of a closed plan. The Study concludes with the following summary of its findings: (i) concerns about underfunded municipal pension plans were not caused by the downturn in the stock market, but rather under funding that began before the market fell; (ii) pension contributions have substantially increased from 2005 - 2011; (iii) local governments are picking up more of the pension cost; (iv) the number of retirees is growing and is "outstripping" the growth of active participants; (v) plans tend to overestimate assumed salary growth and investment earnings; (vi) payments for unfunded liabilities represent a growing proportion of annual pension contributions. The Study's first finding announces that funding levels have declined nearly every year since 2001. According to the Study, "the problems facing many municipal pension plans are long - standing ", yet the Study acknowledges that in 2001 the typical municipal plan was nearly 100% funded. In other words, the Study effectively minimizes the downturn in the stock market over the past decade, when the past ten years were book - marked by some of the most severe market dislocations in modem history. It is therefore puzzling why the Study concludes on page 12 by stating that the "underfunding began before the stock market fell." Moreover, the underlying resiliency of the plans' investment portfolios is too easily dismissed by the Study. Favorable market returns for the fiscal year that just ended on September 30 are of course omitted. ' Readers are referred to the NCPERS website, www.ncpers.org for materials and fact sheets regarding defined benefit pensions and the retirement security they provide. 2 Figure 1 on page 2 of the Study compares funding ratios from 2001 to 2010. We remind readers of two bear markets in equities, the bursting of the tech and dot.com bubble, Enron, WorldCom, the 9/11 tragedy, two wars, the housing bubble, the subprime mess, the Lehman bankruptcy, the government takeover of Fannie Mae and Freddie Mac, AIG, and the new vocabulary of the Great Recession, the worst recession in seven decades. Indeed, as measured by the S &P 500, the calendar decade studied by the Collins Institute ended with a negative total return. Had an unlucky individual investor bought the S &P 500 on the last day of 1999 @ 1469, on a pure price basis they would have lost 24% as the index closed 2009 at 1115. Including dividends, the S &P lost 10% from January 1, 2000 to December 31, 2009. As a consequence, even well diversified portfolios were not immune from losses. During this period, many individual investors in defined contribution ( "DC ") plans have had to postpone retirement as their DC and 401(k) balances were decimated. By not acting in accordance with a long -term investment policy, too many individual investors reacted emotionally and sold equities during market lows, prior to the current rebound. By contrast, investment decisions in DB plans are made by professional money managers overseen by fiduciaries. As a result, DB plans were regularly investing and rebalancing their portfolios during market downturns. This is one of the reasons why over the long term DB plans consistently outperform their assumed investment rate of return.' This also illustrates the wisdom of Florida statutory requirements which mandate payment of actuarially determined contributions on an annual basis. By preventing plan sponsors from taking "funding holidays ", DB plans are empowered to stick with their long term investment strategies.' As for its second and third findings, the Study observes that over the past seven years "local governments are picking up more of the pension costs, especially for public safety plans." "While employee and state contributions are fairly stable," the Study expresses concem that the costs for municipalities are growing. This should not be a surprise, however, in light of the underlying investment and actuarial experience. Trustees understand that increasing employer funding obligations, by design, is what happens in a DB plan when investment risk rests with the plan sponsor." This fact illustrates why the 401(k) experiment is considered by many to be a failure, as investment risk lies entirely with the individual investor. Increasing employer contributions 2 www • _1 u e • _I 6. • It is unfortunate that for the past several years, the Florida Legislature has only contributed the normal cost into the Florida Retirement System ( "FRS "). By not making contributions to fund the growing FRS unfunded actuarial liability, the FRS funded ratio is projected to continually decline over the next two decades. Municipal plans in Florida annually fund both their normal cost and UAL, and accordingly are improving their funded ratios. 4 At the same time, however, anecdotal evidence already suggests a meaningful trend of increased employee contributions and lower benefit packages for newly hired workers. 3 following adverse experience is the appropriate and necessary result to gradually restore DB plan funding, about which the Study otherwise seemingly complains. No surprise for trustees, the Study illustrates the consistency by which Florida municipal DB plans have invested by employing long-term investment strategies. Unlike individual investors, the 2012 Study necessarily concedes that Florida municipal DB plans maintained "a consistent asset allocation strategy" during this challenging market environment and were not "chasing" returns or market timing. The Study describes an =attributed but "widely held concern that pension investors will seek to recover `losses' by shifting to riskier stocks," but the Study's analysis actually provides proof to the contrary for Florida municipal DB plans. Unlike DB plans, DC plan participants are generally required to reduce their exposure to market risk and thereby lower their expected returns as they age. By contrast, DB plans, through pooling market and longevity risk, are able to invest more cost effectively and obtain better long term investment returns. For any given level of retirement benefits, DB plans are less expensive than DC plans? The Study's fourth finding discovers that the number of retirees is growing and is "outstripping" the growth of active participants. In dramatic fashion, the Study is troubled by the fact that payouts may have exceeded contributions in 2010. Yet, actuaries and trustees are generally not concerned, as this merely reflects the maturation of the average DB plan. After all, the purpose for accumulating pension assets is not to store them up for perpetuity, but to pay them out. One should not be surprised or necessarily concerned when a pension plan distributes pension benefits. Additionally, the Study's analysis is potentially flawed as it does not adjust for the fact that approximately 13% of the plans in the Study are closed and have no new active members. On page 5, the Study attributes the increase in the number of retirees to "several factors, including demographic shifts and concerns that retirement incentives were going to become less generous ". Left entirely unmentioned is the downsizing, hiring freezes, and layoffs that have been implemented in recent years. Again, thankfully, many of these retirees have secure income from their DB pensions. Ironically, to the extent that the Collins Institute or some of its supporters may be seeking to replace DB plans with DC plans, the net result would be to accelerate the replacement of participants with retirees. Actuarial studies have shown that closing a plan is likely to cost more over the short term. Any long -term cost savings of switching to a DC plan are uncertain.' We would argue that closing 5 Beth Almeida and William B. Fornia, "A Better Bang for the Buck" (Washington, National Institute on Retirement Security, 2008). www.nirsonline.org/index.php? option =com content&task= view &id =121 &Itemid=48 6 The Top 10 Advantages of Maintaining Defined Benefit Pension Plans (NCPERS, January 2011) at page 6. www. ncpers .org/Files/2011jicpers_research series top ten.pdf 4 or terminating a DB plan after adverse actuarial experience is analogous to selling out of the market after a major correction. In hindsight, this often turns out to be a regrettable decision. The Study's final findings express concern about plans overestimating assumed salary growth and investment earnings. Here too, one might question the Study's analysis. On page 7 the Study stresses the "consistent underestimation" of salary growth during 2004-2007. Less attention is paid to the more pronounced reverse trend in salary data starting in 2008. We understand that the deceleration of wage growth has generally continued into 2012, which will contribute to future actuarial gains.' In fact, some actuaries are recommending reductions in the salary assumption as an offset to the impact of lowering the investment assumption. Accordingly, the setting of assumptions is a dynamic process which should self correct over time with actuarial experience. As described by the Study, it was "unexpected" that plans did not meet their investment assumptions in 2004 or 2005. We invite the Study's authors to revisit the data. The Study fails to explicitly recognize that plan data is generally reported on a fiscal year basis. Notwithstanding the introductory notes, to a casual reader figure 7 appears to treat the investment assumptions and investment returns on a calendar year basis. Moreover, not all plans submit annual actuarial valuations. Accordingly, greater transparency would result lithe Study disclosed how many plans are measured by each statistic. For example, the Study, which relies on the Division of Retirement's Annual Reports, does not disclose that valuations for the plan year ending 2010 were only available for at most 344 plans, not the full universe of 492 plans. Therefore, if the Study exclusively relies on the Division of Retirement's annual reports, at best 70% of the universe was analyzed in 2010 (before removing outliers, which are also not quantified). Making a larger point, we invite the Collins Institute to objectively examine longer term data and trends, without seizing on market turmoil to undermine a fundamentally sound and resilient retirement structure. In Defense of DB Plans: Disclaimer: In the opinion of Klausner, Kau&nan, Jensen and Levinson, there is no better tool to attract, retain, and provide employees with a secure retirement than a DB plan. Since the severe market dislocation of 2008, it has become increasingly clear to many that relying solely on a DC plan will result in inadequate retirement benefits for the vast majority of participants. This is our perspective, which we openly admit. ' Recent national data indicates that public sector wages have been below 1.5% for more than two years, and below two percent since the middle of 2009. http: / /wikipension.com/ j ndex. php?titleompenation 5 As counsel for the National Conference on Public Employee Retirement Systems ("NCPERS "), we share NCPERS' philosophy that in a perfect world retirement income should be based on a three legged stool of Social Security, an employer sponsored DB plan, and personal savings (including supplemental DC accounts). The following discussion will summarize the critical role of DB plans for public employees. In a political environment when Washington can agree on very little, it is noteworthy that this summer, Congress adopted and President Obama signed into law H.R. 4348. The Moving Ahead for Progress in the 21' Century Act ( "MAP -21 ") was included in a two -year omnibus highway transportation bill. We mention the legislation, which provides funding relief for private sector DB plans, not because it has any direct application for public plans. Rather, MAP -21 illustrates that Congress understands the importance of defined benefit pension plans. As critics of DB plans cannot deny, one of the major differences between a DB and DC plan is investment risk. When a DB plan is closed, investment risk is off - loaded to future hires. Increasingly, retirement professionals and academics are acknowledging that 401(k) plans were never intended or designed to replace DB plans. They cannot. DC plans at best provide a complement to DB benefits, particularly for public sector employees. Serious observers are increasingly recognizing that all too often, employees who are permitted access to their DC or 457 balances withdraw from their plans to pay for college education, medical expenses, home improvement, home ownership, and other non - retirement related expenses. When "leakage" of DC assets is coupled with the fact that DC plans place all of the investment risk on employees, it is not hard to understand how DB plans are far superior options, especially for long- term employees. We leave for the investment professionals to explain the common mistakes that are made by individual investors, who are asked by DC plans to shoulder the responsibility for their own retirement. Another disadvantage of DC plans is that they force participants to serve in the role of professional money manager. The story continues after a retiree separates from service. A DC plan retiree must budget their withdrawals over time and gradually reduce their exposure to riskier asset classes. DB retirees, by contrast, know in advance of the decision to retire that they will enjoy monthly retirement income, invested and overseen by fiduciaries. Thus, a DB plans allows retirees to maintain a stable portion of their pre- retirement standard of living. 6 In summary, the benefits of DB plans include: • predictable, secure retirement income that retirees cannot outlive; • pooling of longevity and investment risk; • superior investment returns compared to DC plans; • balanced and professional portfolio diversification by professional money managers and consultants to maximize returns over a long time horizon; • more efficient with lower investment management fees and administrative costs than DC plans; • reduced employee turnover, employee training and recruitment costs; • disability and survivor benefits, which are critical for public safety employees; • flexibility and the ability to facilitate orderly retirement succession by providing employees with the ability to retiree even in difficult market environments; • higher standard of living with less likelihood of retirees living in poverty; • economic benefits for local economies if retirees remain in their local communities`. Klausner Kaufman Jensen and Levinson welcomes questions and invites you to visit our website, along with the following resources: www.robertdklausner.com; ncpers.org; nasra.org; nirsonline.org. $ According to the Pensionomics 2012 study by the National Institute on Retirement Security, 360,065 residents of Florida received a total of $7.2 billion in pension benefits from state and local pension plans in 2009. http : / /www.nirsonline.org/index.php ?option =com content &task= view&id=6848tltemid =48 7 V` -. 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H 3 N .A co 0 00 N V t ' r m 07 S o rn -tl 0 7o m 0000 O FJtDNN1 730 00 T -1 m 0000` r+rrt 0 J P J. H 0 0 I-I CO R •\ -t1 r z 0 73 H m mm m �• 0n 000 n a 7 r 000 a0' no J. -< m — m r m ... 73 H M r+ V1 n -m O v0 mm -I Ai (n H H 3 H n 1 n z 73 0 V1 A -1, 0 - m D 70 m D z -4 m 1n - tl 73 H F - ■ n - z LAJ w 0 cn - 1 - I -< t< H V1 Z - 4 n m -4 3 O ' D 0 0 0 O xi r 0000 0 0o 00 H \ \ \\ AI - m 0 0000 rt C 0 0000 m rt m rn m v 00000 S -h O 1/1 f at (A zm \ H el 0.1 0 Z S W WW -. NN NN om \ D n D o rt rt in 0 3 K • • I-1 N m N 1--` F•` F•` F• F• z - - - - - 3 O v) N 03 co 01 A N 01 = 0 1--1 N 01 W -1V N N J rF 1-1 tn 'OF - N 0 — O tnw0 wF - 7`.< 0 D 01 v n 0 v, 0 rn to t0 N 73 N wF-1 - N W NJ W --I CD N . 00 t0 tO - S n 0 00 43. tOv1 .D. t000NV - - I tD vl - V 01 t0 tN (.0 N N to -'• 0 Vl w 0) • .A 41. ut W < rt •A 01 I-' 00 NJ 0 4 43. 01 W > >Z - 1 0 010 01NOOo GRS Gabriel Roeder Smith & Company One East Broward Blvd 954 527 1616 phone Consultants 8c Actuaries Suite 505 954 525 0083 fax Ft Lauderdale, FL 33301 -1804 w ww gabnelroeder coin October 15, 2012 Mr. Gary Chapman Board Chairman, Board of Trustees City of Boynton Beach Municipal Police Officers' Retirement Fund Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re My Retirement Dear Gary The purpose of this letter is to let you know that I will be retiring on December 31, 2012. After carefully considering your specific needs and the background of the other GRS Florida consultants, I suggest that Pete Strong serve as the lead Consultant for your Plan effective January 1, 2013 Pete has over 16 years of actuarial experience including nearly five years with GRS. His bio is enclosed. As you know, we have had two Consultants and one Senior Analyst assigned to your Plan for the past several years, this process will continue after my retirement. I am confident that these individuals will meet your needs and exceed your expectations. The team in our Fort Lauderdale office that is responsible for your Plan consists of 13 people besides me. Seven of the 13 are credentialed actuaries, and four others are seeking credentials by way of the actuarial exam process. Our office also includes five more credentialed actuaries who are not on my team. GRS in total has about 120 employees, over 40 of whom are credentialed actuaries. In all, there are over 80 individuals at GRS who provide services to public retirement systems. There is plenty of backup and public sector expertise for the services we provide to your Plan. Please be assured that GRS will make every effort to accomplish a seamless transition following my retirement. You are encouraged to speak with Theora Braccialarghe, our Southeast Regional Director, in case you have any questions or concerns. I have been serving retirement systems in Florida for 40 years. It has been an honor and a privilege for me to have been of service to you and your Retirement System. The best part of this career has been dealing with so many outstanding trustees who take their duties and responsibilities very seriously. I wish you continued success in fulfilling your role as fiduciary. We welcome your questions and coininents ya J. Stephen Palmquist, ASA Senior Consultant & Actuary Enclosure CC Theora Braccialarghe Pete Strong Peter N. Strong, ASA, EA, FCA, MAAA Consultant pete strong @gabrielroeder.com Present Responsibility Pete Strong is a Consultant with Gabriel, Roeder, Smith & Company (GRS). He works in the Fort Lauderdale, Florida office, where he provides actuarial and consulting services for public employee retirement systems and OPEB plans. He is responsible for the preparation and presentation of valuations, plan design studies, experience studies and cash flow projections. Professional Experience Pete has over 16 years of actuarial and benefits consulting experience, including almost 5 years with GRS. He has worked with both public sector and private sector pension systems over the course of his career. His pension plan experience includes significant involvement with defined benefit and hybrid plan designs, deterministic and stochastic projection studies, early retirement windows, benefit tier design studies, and pension plan redesign studies. Pete is very interested in and dedicated to the long- term sustainability of public pension plans. Professional Designations ➢ Associate, Society of Actuaries ➢ Enrolled Actuary, ERISA ➢ Fellow, Conference of Consulting Actuaries ➢ Member, American Academy of Actuaries Presentations Pete has served as a speaker at the Florida Public Pension Trustees Association (FPPTA) Trustees School. Education Bachelor of Science, Mathematical Sciences, University of North Carolina at Chapel Hill - '.' '' ' O'�. 5d$ ' f - ,�, k,. �.. . + d . ,,... ',ACS : '` 4 ..,...;;,„ r...,.,.i._ ; ...:0.,.... ..,..,...1„.4,.y.,..,.,......x.:.„,,,,.1,;p:„..i.„,;?„,•*,i, -,,,,-,.. ,, , 4-#.1 ^ .. r( ; ( o-r/i // (ieiA (It ( , - . / A , 1 ! * * * PENSION STATUS REPORT * * * CITY OF BOYNTON BEACH POLICE PENSION SYSTEM / l" DATE PREPARED: November 6, 2012 t(A'' j ti (14:44/- FOR: immi, S SSN: - 56 -xxxx EMP NO: Jim BIRTH DATE: 11//1973 AGE: 38 PLAN: PP DEPT: 21 HIRE DATE: 07/29/2002 PENSION HIRE DATE: 02/01/2004 VEST DATE: 02/01/2009 ADJUSTED HIRE DATE: 02/01/2004 EARLY RETIRE DATE: 00 /00 /0000 LENGTH OF SERVICE: 8 YR 9 MO NORMAL RETIRE DATE: 11/15/2023 TERMINATION DATE: 00 /C0/0000 BENEFICIARY: BENEFICIARY BIRTH DATE: 00 /00 /0000 VACATION ACCRUED: 320.95 RATE OF PAY: 28.88 SICK TIME ACCRUED: 261.63 * * 9/30/12 ACCRUALS * * VACATION ACCRUED: 314.18 RATE OF PAY: 28.88 SICK TIME ACCRUED: 257.94 * * ACCOUNT BALANCE * * POST -TAX CONTRIBUTIONS: $ .00 PRE -TAX CONTRIBUTIONS: $ 38,906.76 CONTRIBUTION BALANCE: $ 38,906.76 * * ELECTIVE BENEFITS * * PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME PLAN YEAR CODE START END YY -MM -DD CONTRIBUTION CONTRIBUTION REFUNDS P1 02/01/2004 00 /00 /0000 0 0 0 738.58 5,506.02 .00 M1 02/01/2004 00 /00 /0000 0 0 0 738.58 5,506.02 .00 P1 - 1% HEALTH INSURANCE SUBSIDY Ml - 1% MATCHING FUNDS P2 - SERVICE BUY BACK PAYROLL DEDUCTION P9 - SERVICE BUY BACK PAYROLL DEDUCTION 1P - ARREARAGE 1% PA - ARREARAGE 7% Ll - SERVICE BUY BACK LUMP SUM - PRE -TAX L2 - SERVICE BUY BACK LUMP SUM - POST -TAX UL - UNPAID LEAVE SERVICE REDUCTION