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Agenda 05-14-13 BOYNTON BEACH POLICE OFFICERS’ PENSION FUND QUARTERLY BOARD MEETING Tuesday, May 14, 2013 @ 9:30 AM COMMISSION CHAMBERS, CITY HALL 100 E. Boynton Beach Blvd. Boynton Beach, FL 33425 AGENDA I.CALL TO ORDER – Toby Athol, Secretary, Acting Chair II. AGENDA APPROVAL III. APPROVAL OF MINUTES – Quarterly Meeting 02-12-2013 IV. FINANCIAL REPORTS: A) Quarterly/Annual Investment Review – PYE 03-31-2013 1)Russell Investment Group – Mary Jean (MJ) Candioto, CFA, Client Executive Portfolio Review 2.) Burgess Chambers & Associates (BCA) – Burgess Chambers, President Frank Wan, Head of Research 1) Fund Performance review – V. CORRESPONDENCE: VI. OLD BUSINESS: 1) - Disability app pending on Robert Epstein – Status 2) Gary Chapman – Form 1 F – Final Statement mailed 3-13-13 and Form 1 for 2012 pending. 3) - Fifth Trustee position VII. NEW BUSINESS: A. Invoices for review and approval: 1.Russell Investment Gp. – Quarter End 3-31-2013 - $124,775 2.Russell Payment Services – Quarter End 3-31-2013 - $877.41 3.Perry & Jensen – Service Feb, Mar & Apr 2013 - $4,096.20 st 4.Burgess Chambers & Assoc – 1 Qtr 2013 fee - $5,000 5.Gabriel, Roeder, Smith & Co- Service Jan/Feb 2013 - $3,637 & $5,676 B) Verification of Retirement Benefits: 1) Daniel R. Harvey – Vested Deferred Benefit D) Attorney Report - Bonni Jensen 1) Senate Bill 458/HB 1399 – Update of 4-18-2013 2) Reemployment of Vested Terminated Members – discussion 1 E. Form 1 – Financial Statement 2012 – Filing date July 2013 VIII. PENSION ADMINISTRATOR’S REPORT 1.Benefits as of May 1, 2013. IX. COMMENTS: X. ADJOURNMENT: Next Regular Meeting Date – Tuesday, August 13, 2013 @ 9:30 a.m. – Renaissance Commons If you cannot attend, please call Barbara @ 561-739-7972 NOTICE PO’PB IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE OLICE FFICERS ENSION OARD WITH RESPECT TO ANY MATTER ,/,,/ CONSIDERED AT THIS MEETING HESHE WILL NEED A RECORD OF THE PROCEEDINGS AND FOR SUCH PURPOSE HESHE MAY NEED TO , ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON .(..286.0105) WHICH THE APPEAL IS TO BE BASED FS THE CITY SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A ,, DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE PROGRAM OR ACTIVITY CONDUCTED .CC’,(561)742-6060- BY THE CITY PLEASE CONTACT ITY LERKS OFFICE AT LEAST TWENTYFOUR HOURS PRIOR TO THE PROGRAM OR . ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST S:\CC\WP\JANET\POLICE PENSION FUND.doc 2 Mt,' I MINUTES OF THE BOYNTON BEACH POLICE OFFICERS' PENSION FUND BOARD MEETING HELD ON TUESDAY, FEBRUARY 12, 2013, 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 Jason Llopis Frank Ranzie ABSENT: Scott Caudell 1. CALL TO ORDER — Gary Chapman, Chairman Chair Chapman called the meeting to order at 9:34 a.m. 11. AGENDA APPROVAL There were no changes to the Agenda. Motion Mr. Athol moved to approve the agenda. Mr. Ranzie seconded the motion that unanimously passed. 111. APPROVAL OF MINUTES : Quarterly Meeting November 13, 2012 Special Meeting December 12, 2012 Motion Mr. Athol moved to approve the minutes of November 13, 2012. Mr. Llopis seconded the motion that unanimously passed. There was one change to the minutes of December 12, 2012. On page four, second paragraph, first line, "The members wanted background information...." should be "The trustees wanted background information " Meeting Minutes Police Pension Meeting Boynton Beach, FL February 12, 2013 Motion Mr. Athol moved to approve the minutes of December 12, 2012, as amended Mr Llopis seconded the motion that unanimously passed IV. FINANCIAL REPORTS: A) Quarterly Annual Investment Review for December 31, 2012 1) Russell Investment Group - Paul Gillis, CFA Sr. Client Exec a) Introduction — Mary Jean (MJ) Candioto, CFA, Client Exec Paul Gillis, Russell Investment Group, began by introducing Mary Jean Candioto (MJ) and provided her background information and qualifications b) Portfolio review — Multi -Asset Core Fund Mary Jean (MJ) Candioto, Russell Investment Group, provided a review of what occurred during 2012 and what might be expected for 2013. The equity market and other asset returns for the year were extremely strong. The key thing in 2012 was there had been a lot of noise from a policy and politics perspective. Despite all of that and in many cases because of it, there were strong returns that benefitted the plan for the year. In terms of what drove that, from a domestic perspective, the key message was that no one wanted to fight the Fed, which was to keep interest rates low in order to promote the continued economic growth. As a result of that, cash was yielding negative real returns. Corporations were penalized for holding cash on their balance sheets. This Board was penalized for the same, giving reason to put the money back into equity markets. It helped drive the returns, causing the government to hold interest rates low. Similarly, in Europe, the ECB came out with a statement saying that they will do whatever it took to ensure the Euro continued to stay in place and as a result helped give confidence to the market. Important to note was the strong returns in the real estate space were strongly driven by the improvement in the real estate market and also a search for yield as investors were starting to realize they could not find that in the fixed income space any longer. With the real estate allocation, there was some exposure to the public REITS in the multi -asset core fund There was also some dedicated exposure to private real estate. There was not the same type of large rebound. Public real estate has more volatility so it would go up and down more quickly. What might be expected for the coming year, were three main things On a domestic basis, it was expected the Federal monetary policy would continue to stay very accommodating and while the big risk at the end of 2012 was fiscal tightening, it was 2 Meeting Minutes Police Pension Meeting Boynton Beach, FL February 12, 2013 not enough to put the U.S. back into a recession, which was a concem. It was believed the gap would be filled because of the rebound in the housing market and would be a continued catalyst for economic growth. This year, it was expected economic expansion would be moderate, with approximately 160,000 jobs being added on a monthly basis, which would leave unemployment at approximately 7.5% at year end. On a real basis, about 2.1% growth in U.S. GDP was expected. Mr. Gillis added that regarding inflation, the short term view was 2 %, but there was longer term concem on inflation which was one reason there was a lot of real assets in the multi -asset class. This was done to hedge against future inflation that could occur. Chair Chapman asked about the commodities and what could happen if there was a bump in the inflation. Mr. Gillis advised commodities were good when there was inflation so they tend to provide some hedge against higher inflation. Ms. Candioto added there was a slight struggle and there was a lot of volatility in the commodity space. In the emerging market space, a turning point was emerging with a reacceleration of growth. That should be good for commodities and general real assets. A 7 -8% growth in GDP was expected in this area. Another piece was what was happening in Europe. The ECB had made a strong commitment to stabilize the region which helps markets. In 2012, Europe was an area that had a lot of retum and a lot of alpha opportunity as managers selectively invested in companies, particularly in northern Europe. It was projected that although continued volatility was coming out of that region, and not particularly favorable growth in GDP, any kind of collapse in the Euro was not expected. Lower equity valuations were still being seen in that space as compared to others, such as the U.S. One of the biggest challenges in Europe currently was that, the employment laws favor the employee. It was very hard to cut back in this way so there was less flexibility of cutting and adding, so they were stuck with the heavy allocation of salaries and benefits. The outlook is single digit, but positive equity returns. Relatively speaking in the aggregate fixed income space, probably flat to +1 or 2% in terms of an index perspective. A slightly higher return of this fixed income portfolio was expected due to some of the other benchmark bets and the overweight to higher yielding securities. Ms. Candioto continued to explain why it was felt the housing would help fill the gap created by the fiscal tightening. The housing starts are still below the long term average. Normally, housing growth flows in the same direction as population growth, so there was quite a bit of upside in this market because of that. Builders are starting to build again as the short sales and foreclosures are slowly being flushed out of the system to create more inventory. As a result, the market is better. Housing starts include apartments, townhomes, etc. As the housing market improves, jobs are created. 3 Meeting Minutes Police Pension Meeting Boynton Beach, FL February 12, 2013 U.S. Equity makes up the minority from a US /non -US perspective of the global investable space. Typically non -US markets come with higher volatility, but when the U.S. was combined with developed non -US and emerging markets exposure, long term risk could be lowered because of diversification benefits. Similarly, when some indicators of valuation and benefit from investing in these spaces are looked at, there are strong reasons not to be in that non -U.S. space. In the current portfolio, where a large allocation was to the multi -asset core fund, it was based on the idea that a global market cap exposure from a long term strategic standpoint was desired Ms. Candioto advised that last week they met with Burgess Chambers regarding the investment policy statement and together it was reviewed and discussed to determine if there was anything to be brought to the attention of the Board. One item, from a long- term perspective was that there was a maximum foreign exposure of 25 %. Given the nature of the fund, it had quite a bit of flexibility in terms of making underweights and overweights, equities as opposed to fixed income, and also U.S. to non -U.S. equities Some exposure of the real asset portfolio is also foreign in addition to having the global equity component. It was discussed to add a dedicated strategic exposure to U.S equities to the portfolio just to ensure there was no risk of crossing the 25% threshold. There should be a 20% weight in the pure U.S. equity fund to make sure the 25% was not exceeded, This was a recommendation to be put forth at this meeting. There was brief discussion on different products and funds suggested. Ms. Candioto suggested keeping a 45% strategic fund and possibly a 20% allocation to a pure U.S. equity fund to ensure it stayed under the 25% regardless of movement. There was some discussion on the defensive equity fund The recommendation would be to invest in a broad equity market fund. Ms. Candioto reviewed the performance of the investments. She pointed out that at the total portfolio level, the fund was up against benchmark by approximately 1% on a netted fee basis for 2012 with a return of just over 15% relative to a benchmark return of just over 12% Those were strong retums not only on an absolute basis but also a relative basis For the multi -asset core fund, the return would only be for 4 months since investment, so it had a 6.2% return relative to a 5% benchmark return. The fund was up an additional 4% year to date which was the month of January and the first week of February. Similarly, there were exceptionally good benchmark relative returns and absolute returns in a fixed income space. The return for the year for the fund was almost at 8 %, which was not something expected. Even though fixed income markets were down year to date, this fixed income portfolio is flat. One of the reasons that drive that was that there was a modest underweight duration in the fund, which helps when interest rates go up. More importantly, there was an overweight to credit and non - indexed exposures to get some of that additional yield 4 Meeting Minutes Police Pension Meeting Boynton Beach, FL February 12, 2013 Mr. Chambers inquired about what the multi -asset program was comprised of, what its limitations are, and what it cannot and can invest in. Ms. Candioto reviewed the information in the charts provided and explained the different investments which made up 75% of the fund. There was an additional 15% in infrastructures and commodities, and global real estate. There was also a 10% strategic weight to fixed income. It helped dampen the volatility of the product, with the long term goal of having a slightly enhanced return from what one might experience from having a risk and portfolio management at a total level. Mr. Gillis added that in the past, they would go out and talk to every client about each asset class and suggest different things in the portfolio. There is now a new way to dynamically manage the portfolios to take advantage of the insights they have in an efficient and timely way, rather than wait for committees to make decisions. There were remarks that many U.S. companies are moving off- shore. The 25% limitation may become a dinosaur and it would have to be increased. Attorney Jensen commented that if the 25% rule were violated and compliance was refused, all the State unallocated dedicated assets could be taken from the City. It is an issue and caution has to be exercised. Ms. Candioto added that from a long -term strategic perspective, a conversation could be initiated about whether the 25% limitation is outdated and whether or not lobbying for change would be desired. But until it gets changed, it was an important thing to make sure that together it stays below that. For the interim, it makes sense to have the 20% allocation to U.S. Mr. Gillis explained the three multi -asset funds. The first one is the multi -asset core fund, second one is multi -asset core plus, which is going to have the same problem, but the fixed income portion was a little more aggressive. The third one was a downside protection fund, which would only have U.S. equities. It was a combination of three different strategies. One -third was the defensive equity approach, one -third was a buy right strategy where you buy stocks and write options. This gives extra income, but you lose a little if the market really rallies but obviously cushions the downside by the amount of income received. The other third was a dynamic volatility driven asset allocation. It moves between stocks and bonds to try to capture when one is under value. The primary objectives to be accomplished this year with the entire program, was trying to provide diversified returns, multi- manager with security diversification, asset class and active management, which is the multi- manager approach. Mr. Gillis added they are trying to add excess return for active management to help the funding cost. 5 Meeting Minutes Police Pension Meeting Boynton Beach, FL February 12, 2013 The best way of optimizing the fund was having long term strategic targets for asset classes that are largely driven by a global, investable space, and being able to make changes with ease and efficiency as there are opportunities. Mr. Gillis continued by saying this was not a strategy to avoid a big down market. This was not being done to get significantly out of stocks. The end result is plus or minus 3% The fund was intended to give market retums over time plus some alpha with less risk than the asset class structure that was used Ms. Candioto interjected that positive single digit equity returns had already been seen just through January and a little of February. If single positive equity returns are expected by the end of the year, the likelihood of there being some volatility between now and then, particularly with things like Europe, is somewhat likely To avoid volatility and have the downside protection, the options are fixed income and other funds that would create balance. There was continued discussion on the risk factor and expected results. Mr. Athol inquired with the current allocation getting close to the 25% international, how far over does this potentially take the fund? Ms. Candioto was focused on just that. Given the current allocation, where could it end up? She indicated it could definitely probably end up closer to 30% and that was what was being avoided. The 20% recommendation would give plenty of cushion, In summary, Ms Candioto will bang to the Board a long term return and risk assumptions for not only the current portfolio, but also based on a revised portfolio that would safely keep it under 25 %, which will include a 20% allocation to a pure U.S equity product solution. In terms of what those options are, there is a classic U.S equity product that could be recommended if looking for something more from a defensive perspective, or there was a solution that had a high quality bias that was expected to have market -like returns, but slightly lower volatility. A study would be put together along with a comparison and coordinated with Burgess Chambers and Associates for a special presentation. Ms. Candioto brought to the attention of the Board discussions that took place with Burgess Chambers with respect to the foreign exposure max and the security lending One of the things in the investment policy was that the securities lending was not allowed unless the Board approves it. It gives the flexibility to allow it, but it must be approved. To take a step back, securities lending was something that Russell's funds participates in. The securities lending program that Russell operates as part of its funds is the fund and therefore the investors in the fund benefit from any additional return. Russell was not the one collecting the fees by having securities lending as a part of the fund. Mr. Gillis added that Russell has an extremely conservative securities funding program. For example, if someone wants to borrow their shares, the shares would be lent out and collateral taken back with a margin If the securities are not retumed. the 6 Meeting Minutes Police Pension Meeting Boynton Beach, FL February 12, 2013 collateral is kept and securities repurchased. The collateral is adjusted every day. There was discussion regarding the securities lending program and other examples of scenarios. Mr. Chambers added that it has been an investment policy of this Board for years not to allow securities lending. This was done to protect the assets because of the uncompensated risk. At this time, it would have to be removed from the investment policy or the Board would have to approve it. Motion Mr. Athol moved to strike from the policy. Mr. Ranzie seconded the motion that unanimously passed. Mr. Chambers reviewed the investment policy statement. The idea was to have accountability and to understand what the expectations were. This version was simplified from the previous version. All the individual equity classes are not broken down and the peer review would not be done. Because the preponderance of money was in the multi- asset, that would be left alone. There was a total hybrid benchmark defined under Al, Total Performance. The private equity and the fixed income are going to be benchmarked and would be compared to peers. Under limitations, there was discussion about the 25% in foreign investments in detail. As a note, Russell should be aware of the Protecting Florida Investments Act and what it means. To help the Board to be in compliance, Attorney Jensen would write Russell a letter to respond to the Board indicating they were aware of the PFIA and advising they would divest from any non - qualifying investments. Continuing with the policy, Mr. Chambers advised there was no differentiating between foreign equities, but there was a note stating it was limited to 25 %. If the Board approves this policy subject to the change that was previously approved, it would go into effect 31 days after it was signed. Motion Mr. Athol moved to sign the new Investment Policy Statement, with the change on page four striking out the portion on securities lending (Item K). The motion was seconded by Mr. Llopis and unanimously approved. All parties signed the new statement. 2) Burgess Chambers & Associates (BCA) — Burgess Chambers President 1) Fund Performance Review Mr. Chambers advised the returns have been great during the last three years. He reviewed the infrastructure item and commented that over the next three to four years, the U.S. was going to become the third largest exporter of liquified natural gas in the world behind Cotter and Australia. This was a huge deal from an employment standpoint, job creation, and investment opportunity for pension funds. There were currently 15 pending license permits at the Department of Energy. Fifteen facilities 7 Meeting Minutes Police Pension Meeting Boynton Beach, FL February 12, 2013 would be built, with one currently being built on the Texas /Louisiana border China was going to be buying liquid natural gas and would ship it through the Panama Canal which was being widened with their funding. He advised clients were being put into managed programs that participate in mid - stream transportation of gas and oil and storage It was stable, has a low correlation to equities, and the income currently was about 6%. Chair Chapman called a recess at 11 a.m. Chair Chapman reconvened the meeting at 11 :41 a.m 3) Davidson, Jamieson & Cristini, PL — Richard Cristini, CPA & Jeanine Bittinger, CPA - Audit Report/Financial Statements for PYE September 30, 2012 Jeanine Bittinger, CPA, Davidson, Jamieson & Cristini began by reviewing the Auditor's Opinion Letter at the beginning of the report. This was an unqualified opinion which was the highest opinion that could be rendered. On the comparable report, there were increases and changes for the positive. She reviewed the changed net assets and how the final valuation was determined. The employer contributions were higher from the City this year from the prior year by approximately $100,000. The plan member contributions were slightly lower and had some buy - backs, as well. The Chapter 185 money was lower than the prior year. The key number was the net appreciation fair value, which was $9,660,000 compared to $5,610 prior. There were quite a few drop payments made but it was still a good year. In the end, there was still a net increase of over $10M. She reviewed the financial highlights and shared that it was a very good year. She also indicated there were no plan amendments this year. Chair Chapman inquired about the figures for the retirees. Ms. Bittinger indicated that all the information was in the handout on page four which included disability payments, drop payments, agent service and refund of contributions. The plan met all the expenses and still had $10 million in its balance Richard Cristini, CPA, Davidson, Jamieson & Cristini added there were two accounting standards. There were cost changes in the reporting which would cause larger reporting changes in the reporting of this plan in the City's report If the City implements the changes early, the plan would have to implement early. It was not expected, though. One of the new requirements was the actuary had to disclose that the rate of return (discount rate) would be sufficient to provide enough money to pay all the benefits in the plan as assigned to the last beneficiary Motion Mr. Athol moved to approve the financial statement Mr Ranzie seconded the motion that unanimously passed 8 Meeting Minutes Police Pension Meeting Boynton Beach, FL February 12, 2013 4) Gabriel Roeder Smith & Co. — Pete Strong, Consultant & Actuary — Actuarial Valuation for PYE September 30, 2012 Pete Strong, Consultant & Actuary, Gabriel, Roeder, Smith & Co., advised the contribution requirement was done for the first time from the prior year and there was an actuarial gain. Payroll contributions also declined, so even though the contribution was down, pay was up a little due to the decline. The actual contribution for FY12 was $4.98 million and that was the actual contribution when you factor in the City's share. Changes in actuarial assumptions are continually being phased in that were agreed to last year. Last year it was at a 20% rate. Those changes were going to the mortality table with projections for future improvements and also changing the withdrawal rates to more conservative rates, based on what actual experience has shown. This year it was at a 40% rate. It would be fully phased in by October 1, 2015. There was a net actuarial gain of $2.2 million. This was the first time there was a net actuarial gain since September 30, 2000. It was mainly due to salary increases that were dramatically lower than expected, which was -3.1% and 5.9% was expected. This was assisted by a decrease in overtime work, as well. The gain resulted in roughly $2.7 million from those salary increases. There was a slight loss on the asset side because the full 18% return on market value was not immediately recognizable. It recognized what was expected to be earned, 7.75 %. Losses from the prior years were also being phased in so that leads to an actuarial return of 6.88% versus the 7.75 %. The gain for the year led to a reduction in the contribution rate of 1 %. The funded ratio was 57% this year compared to 54.8% last year. Last years value was on an actuarial value basis. This year was on a market value basis. Mr. Strong continued to review the figures in the handouts, explaining the percentages in areas such as cost of benefits earned, actuarial gain, loss of investments. He pointed out the requirements from the State Division of Retirement now requires plans to provide liabilities of present accrued benefits, not an ongoing accrued liability calculation, but just that if benefits stopped accumulating now, what was the value of those benefits. They also want the same interest rate that FRS uses now. Attorney Jensen advised there was a proposed bill that will be looked at to get dollars into the pension fund, both from employer and employee. What they have done to 185 was that they are looking to get rid of that overtime minimum. They are creating for every single pension plan a share account. They are now adding a hybrid component to all the 175 and 185 plans. This would be funded by State dollars. They are asking the municipality to put in additional money to the pension accounts so creating another floor of contributions to be put in the plan. Once an 80% funded benefit was received, that additional amount of money stops for the State dollars. Attorney Jensen believes they are attempting to go back to the original structure which looks at the contributions, 9 Meeting Minutes Police Pension Meeting Boynton Beach, FL February 12, 2013 earnings, and employee contributions and fund the plan. Seventy -five percent of the dollars that come in would be extra money and would be applied to the unfunded liability with 25% to a defined benefit account. If the plan had a long -term funded ratio of 80% then 100% would go to the shared fund. The amount coming in for August would be for 2012 Chair Chapman reviewed the past ruling and Ordinance He and Attorney Jensen discussed the Ordinance with the Board. Mr. Strong mentioned as a follow up to the auditors some changes were coming September 30, 2014. He distributed a memo outlining the changes which included discount rate changes. He reviewed the handout line by line and indicated it would be more complicated than what is currently used. Motion Mr. Athol moved to accept the evaluation report Mr Llopis seconded the motion that unanimously passed. Motion Mr. Athol moved to accept adopting the 7.75% short term rate. Mr. Llopis seconded the motion that unanimously passed. V. CORRESPONDENCE A) FPPTA Announcement — the Public Pension Institute Web Site — January 31, 2013 VI. OLD BUSINESS: A) Disability app pending on Robert Epstein — For Review - Listing of prior Dis Applications with Date of Initial Dis Benefit/Termination Date with City. — Update Bonni Jensen Attorney Jensen advised she received copies of the pleadings that were filed in the other cases mentioned at the last meeting. One of them was involving the City of Ft Myers and one for Seminole Municipal Firefighters. The situations are not the same, but one of them was decided as to whether the case could proceed. The Court has to be asked from an administrative standpoint to please hear the matter. The Court in the Ft. Myers case has decided that the matter should go forward. They indicated they did not like the language in the pension plan. In this particular case, they had a provision where if you get terminated, you can file an application within 30 days of the termination. This particular person filed before termination for a disability, but was 10 Meeting Minutes Police Pension Meeting Boynton Beach, FL February 12, 2013 terminated on other grounds. The Board took the position that they did not have to process his benefit because he was terminated for non - medical reasons. There may not be applicability to this particular Board's situation, but she was referred to the position because the language simply provides that in the event that a member's employment is terminated, he would no longer be eligible for disability benefits. The language in the plan, however, does recognize the one exception to this rule and states that in the event the person is terminated by the City for medical reasons, there is an addition 30 days to file their application. The second case the person was terminated, not for medical reasons, but two years later filed for a disability application. Attorney Jensen indicated this case concerned her as she has not yet received the revised release document that had been requested from the claimant. There was discussion regarding the disability case the Board was involved in. VII. NEW BUSINESS: A. Invoices for review and approval: 1) Russell Investment Group — Quarter End 12 -31 -12 $119,535 2) Russell Payment Services — Quarter End 12 -31 -12 $ 801.55 3) Burgess Chambers & Assoc. — Fourth Quarter 2012 $5,000 4) Perry & Jensen, LLC — Service Dec 2012 /Jan 2013 - $2,368.85 5) Ellen Schaffer — Programming & Consult - $345 and $690 6) GRS — Service May 2012 - $1,980; Service Oct/Dec 2012 $3,042 & $2,272 7) Davidson, Jamieson & Cristini, PL — Audit Progress Fee - $5,000 Motion Mr. Athol moved to pay the bills. The motion was seconded by Mr. Ranzie and unanimously passed. B. Verification of Retirement Benefits: 1) Toby Athol retirement into DROP 10 -01 -2012 Mr. Liopis moved to accept the verification of retirement benefits. Mr. Ranzie seconded the motion that passed 3 -1 (Mr. Athol dissenting). 2) Frank Ranzie retirement into DROP 09 -01 -2012 Mr. Athol moved to accept the verification of retirement benefits. Mr. Liopis seconded the motion that passed 3 -1 (Mr. Ranzie dissenting). 11 Meeting Minutes Police Pension Meeting Boynton Beach, FL February 12, 2013 C. Renewal Fiduciary Liability Coverage /Payment of Premium April 2013 Ms. LaDue indicated this was due in April, but since there was not a meeting until May she wanted the Board's approval to renew it and pay the premium. Motion Mr. Athol moved to renew and pay the premium The motion was seconded by Mr Liopis and was unanimously passed D. Attorney Report — Bonni Jensen 1) IRS Mileage Rate for 2013 Attorney Jenson advised the IRS revised the mileage reimbursement rate to 56.5 cents. 2) 2013 Tax Issues Attorney Jensen advised the IRS in South Florida has been contacting people who are normal retirement age who are less than 50 and accessing them a 10% penalty Other plans have sent letters indicating that the normal retirement age under this plan can result in a penalty if age is less than 50. She has not had a response from the IRS yet as to what they were going to do. VIII. PENSION ADMINISTRATOR'S REPORT 1. Benefits as of February 1, 2013 IV. COMMENTS Mr. Athol inquired about the medical insurance for people that have left the City's plan and if the plan was making payments to their insurance. Ms. Ladue indicated for Fire, she does make payments to other insurance companies if they do not have the City insurance. She did not realize she did not do it for Police except for people that have reached Medicare age and it was for Medicare supplements. Attorney Jensen recited the rule. There was discussion on the deduction issue. The person should be claiming it on their side and the adjustment should not be made on this side of it. The 1099 should be for the full amount of distribution with an amount on a line for their deduction. Their income should not be reduced by the amount of the distribution. Ms. LaDue will change her records as of April and will notify State Street. She will do all the adjustments in April as it was confusing to stop in the middle of the quarter 12 Meeting Minutes Police Pension Meeting Boynton Beach, FL February 12, 2013 X. ADJOURNMENT Next Regular Meeting Date — Tuesday, May 14, 2013 @9:30 a.m. Renaissance Commons There being no further business to discuss, Chair Chapman properly adjourned the meeting at 1:28 p.m. c aw, _ v .._ Ellie Caruso Recording Secretary 13 • MINUTES OF THE BOYNTON BEACH POLICE OFFICERS' PENSION FUND BOARD SPECIAL MEETING HELD ON TUESDAY, DECEMBER 12, 2012, AT 9:30 A.M. AT RENAISSANCE EXECUTIVE SUITES, SUITE 220, CONFERENCE ROOM 1 1500 GATEWAY BOULEVARD, BOYNTON BEACH, FLORIDA PRESENT: Toby Athol, Secretary Bonni Jensen, Board Attorney Scott Caudell Barbara LaDue, Pension Administrator Jason Llopis ABSENT: Gary Chapman, Chair Frank Ranzie I. CALL TO ORDER Toby Athol acted as Chair and called the meeting to order at 9:39 a.m. 1L AGENDA APPROVAL There were no changes to the agenda. 11I. APPROVAL OF MINUTES - N/A IV. FINANCIAL REPORTS: N/A V. CORRESPONDENCE: N/A VI. OLD BUSINESS: 1) Pending Disability Application — Robert Epstein — a) Update - review — Termination documents Bonni Jensen, Board Attorney, reviewed the documentation for Mr. Epstein's disability application and had received a copy of the termination documents from the City. She noted medical records were attached that had nearly all the information redacted which did not add any value. She also sent an email relating to the Pension Plan document indicating that a member who sustains a medically substantiated service connected injury, disease or disability is entitled to a disability in the event the Board finds that entitlement. A member is a Police Officer and was defined as elected, 1 Meeting Minutes Police Officers' Pension Fund Boynton Beach, FL December 12, 2012 appointed or employed full -time by the City. When Mr. Epstein applied, he was no employed by the City as an officer and therefore was not a member. She provided copy of two similar cases; the Granger and Raines cases and noted of the two, Mr Epstein's application more closely resembled the Raines case. Both cases found one had to be a member in order to apply and she asked for a meeting so she could receive direction She spoke with Mr Epstein's Counsel who asked to make a presentation Attorney Kelley, Mr. Epstein's attorney, pointed out those cases were older cases, but there were differences. In the Granger case, the Officer was not medically terminated. He voluntarily resigned in May 1995, submitted his first application for disability in 2000 and then re -filed again in 2007, well after the time he voluntarily resigned The Raines case was different in that the individual applied for normal retirement benefits and after a month and a half, he wanted to change it and apply for a line of duty disability benefit. It did speak to full -time employees and one issue was the court could not address whether it was appropriate for the Board to take the action it did, mainly because the petition failed to provide a transcript of what occurred at the Board meeting. Part of that meant because of the arguments that were made, they could not listen to new evidence, only whatever legal arguments there were. Attorney Kelly spoke to several attorneys about this matter and spoke to the law firm of Christiansen and Dehner, who represent similar type Boards throughout the State. He noted they thought there was some ambiguity as the term member is used throughout the plan. The document speaks to prospective employees before hire as, Ga member must have a pre- employment physical" After retiring, they are referenced as members and not retirees. Attorney Kelley's concern with the document was Mr. Epstein had no idea the City would terminate him. The termination documents had not been provided to him and were only recently received from Attomey Jensen. They were originally dated in September and according to them, Mr. Epstein was called into the Police Chief's office and was told he was terminated. The problem with that action was it gave him no opportunity to file for disability. Even if he went later in the day, he was effectively terminated and he would not have due process. Attorney Kelley did not think it was the intent of the plan to deny benefits to someone who paid into it. Some plans put in a termination clause for situations like this specifying if one was terminated for cause and if upheld, one was not eligible to apply for a disability retirement mainly because it was not for a medically - related reason. Conversely, if one was terminated for a medically - related cause, one would have 30 days from the date of termination to file for an in -line of duty or non -line duty disability. They did this because they encountered issues with the court. The court indicated the individual had to be given a reasonable time to apply and 30 days was thought to be a reasonable period. There are two cases pending based on this premise. 2 Meeting Minutes Police Officers' Pension Fund Boynton Beach, FL December 12, 2012 It was Attorney Kelley's position the Board could read the plan as Attorney Jensen indicated, and in reviewing it, the Board could take the position one had to be an active Police Officer, but he did not think it was the intent of the plan to bar someone from their benefits. The Board could look at intent and determine cause and effect. It would be unfair for one with a medical condition to be terminated and not be eligible to move forward. Officer Epstein was working Tight duty with the City and his intent was to either continue light duty or eventually come back as a full -duty Officer. Workers compensation indicated he had two years to achieve maximum medical improvement (MMI) and retum to full duty, but then he was terminated. It was their position the Board could still allow him to apply because of the timing. The documents from Attorney Jensen indicated he was terminated October 3 and his application was dated October 22nd, which was within 30 days. Discussion followed that if interpreting the request within a,30 or 10-day window and the application was accepted without having the documentation, whether someone with 15 years of service who left could come back and whether doing so opened the window for others to do so. Attomey Jensen responded that was the dilemma and it was a slippery slope. Some of the other plans she handles have language that provides a certain window to apply in the application section, but such language was not in the Boynton pension plan. As an aside, Mr. Epstein would be entitled to a benefit as he has five years of service and had paid into the plan. Attorney Kelley pointed out pages 16 and 26 of the Plan addressed the transfer of accumulated leave. The plan specified accumulated sick and vacation leave that was payable upon retirement, entering the DROP, or termination shall be transferred to the plan within 30 days. If not within that time, it was presumed to be waived. He suggested using that same 30-day provision would prevent one from coming back 12 years later wanting to transfer. He thought the reasonable person standard applied. in this instance, the individual had no opportunity to file and it was a lot different than having a 30 -day window to file. Discussion followed about setting a precedent. Attorney Jensen explained, recognizing there was an issue in the pension plan document and allowing this request, with this particular case, without making a later change in the Plan, opened it up for other claims. If a clause was added, it was preferable to do it going forward and not retroactively. The two cases referenced by Attomey Kelley were in the process of being argued. The members requested receiving documentation about what was being reviewed as it would help the Board understand the circumstances. Mr. Kelley agreed to consult his colleague. The information would be sent to Attorney Jensen and forwarded to the Board. It was confirmed the referenced cases had to do with when applicants were denied on the basis of not being a member and the member appealed. Discussion followed that around the end of July, Mr. Epstein came to Ms. LaDue's office inquiring about the availability of disability retirement under the plan and to see what his 3 Meeting Minutes Police Officers' Pension Fund Boynton Beach, FL December 12, 2012 options were. He intended to stay on Tight duty and hopefully get better, but he had concerns, if he did not improve, what his future would be. At his last visit to the pulmonologist, he was told his injuries were permanent and that he could not perform his function. He still hoped he would improve. She gave him an estimated worksheet of disability benefits and a copy of the document pertaining to disability retirements. Mr Epstein again went to Ms. LaDue's office in October, as he was terminated and she re ran the estimates Ms. LaDue had copies of what she provided to him in July and indicated she did not talk about the timing of the application nor was it listed on the application. She agreed to research if there were any past directives by the City on anything like this. It was noted there were very few disability applications. The last one was about 15 years ago. Ms LaDue did not recall in past disability cases if the employees terminated prior to disability The members wanted the background information from a legal standpoint. The intent was there, but legal aspects do not always conform to logic. It was thought the Board would be taking on a large liability if it denied the application. Attorney Jensen explained the West Palm Beach Firefighters just did the exact same thing. An employee was terminated and then came back 30 days later and applied. The request was denied. The Chief testified part of the reason was the employee had a psychological condition, so there was testimony on the basis which the Board could find the applicant was not able to make the application at the time. Although the Board initially denied the appeal, they decided, based on that issue and for that particular case, they could allow it. Mr. Athol inquired if anyone from the City spoke to Mr. Epstein about this prior to termination and Mr. Epstein responded no. Attorney Kelley also pointed out prior to this meeting, they had not received any formal writing from the City about this issue. He had staff go through the workers' compensation case to see if there was anything with the termination letter because normally they send a COBRA letter, but they received nothing. Mr. Epstein explained he was at work and Major Briganti came to him and asked him to accompany him to the Chief's office and then was terminated. He explained he had no idea it was forthcoming. Ms. LaDue agreed to check with Human Resources to see if they had records and if and when they issued the EAR. She would then look at her files as to the disability process. Attorney Jensen explained once they received the information on those two cases from Attorney Kelley, they would review it and set up a meeting, otherwise she had everything else that was needed. The members agreed to review all the documentation and try to hold another special meeting, hopefully before the quarterly meeting. 4 Meeting Minutes Police Officers' Pension Fund Boynton Beach, FL December 12, 2012 b) HIPPA Authorization to Disclose Health Info The HIPPA authorization and disclosure was needed to obtain Mr. Epstein's medical records. Attorney Jensen would follow up with the Clerk's office and get a copy of his City records. Mr. Caudell left the meeting at 10:04 a.m. Another authorization was signed which would work fine for processing purposes; however, prior records were restricted to just the lung condition. The Board had to obtain all past medical records and a clean, full release was needed. There was agreement the release would be forthcoming. Mr. Caudell returned to the meeting at 10:05 a.m. Discussion followed the cut -off date was an issue and the need to find out about the documentation of the termination and if there was any indication it was forthcoming or not. This situation had not occurred before. When Mr. Epstein saw Ms. LaDue in July, he told her he was having trouble breathing and was curious what was available if he was no longer healthy enough to work. Ms. LaDue showed him the information. He then came to the office the day he was terminated October 4. He had not made contact with her between those two dates. When she ran the calculations for him again in October, it was basically the same as July's. She provided him with the disability benefit. She did not remember W he asked about regular retirement. She had nothing printed out about regular retirement. She had provided him with a document about disability terminations so he could read it through, but she never provided information about dates. Attorney Jensen explained according to an email to Julie Oldury, Human Resource Director, from Pam Webb from Risk Management, Mr. Epstein had permanent restrictions rendering him unable to resume his duties as a Police Officer. It did not show the information was provided to him and it was dated September 25. Mr. Epstein came in July 26th. Attomey Jensen agreed to circulate the information to the Trustees. In summary, Mr. Epstein was Injured in January, the doctor said in May he reached MMI. In July, he inquired about benefits for disability which was six months from the date of injury. Ms. LaDue gave him his calculations and the pension plan explaining what he needed to do. She had provided him with a copy of the plan document, and the part that discussed disability retirement. The information contained the criteria for filing; however, Ms. LaDue never mentioned the date. VII. NEW BUSINESS: None. 5 Meeting Minutes Police Officers' Pension Func Boynton Beach, FL December 12, 2012 VIII. PENSION ADMINISTRATOR'S REPORT: N/A None. IX. COMMENTS: None. X. ADJOURNMENT: There being no further business to discuss, the meeting was properly adjourned at 10:12 a.m. aLitifto&t. (±/ILLAJ ujr Catherine Cherry Recording Secretary 121220 6 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 www.gabnelroeder.com March 13, 2013 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: HARVEY, Daniel R. (Vested Termination) Based on the information provided, we have determined that the retirement benefits that have been calculated for the above participant are in accordance with plan provisions. Please note that we did not perform a review of the average monthly salary. 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. S ly yours, I M A 4 % Peter N. Strong, ASA / Consultant and Actuary PS /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. Barbara Ladue givi l From: Barbara Ladue [Iadueb @bbpdpension.com] Sent: Thursday, March 07, 2013 1:46 PM To: ' Travis .Robinson @gabrielroeder.com' Subject: Boynton Police - Def Vested Benefit - Daniel Harvey Attachments: D00O30713. pdf Travis: Please review the following for verification of retirement benefit for the Board: 1) Daniel Harvey, SS# 286- 74 -XXX, resigned 10 -19 -2012, with a deferred vested benefit of $1409.86 Life Only to begin June 1, 2025. Thank you. Barb La Due Original Message From: Scanner [mailto:fax0compson.com] Sent: Thursday, March 07, 2013 1:33 PM To: police and fire Subject: Send data from MFP07580425 03/07/2013 13:32 Scanned from MFP07580425 Date: 03/07/2013 13:32 Pages: 7 Resolution: 200x200 DPI 1 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM j ;:*° FINAL STATEMENT OF RETIREMENT BENEFITS November 14, 2012 Participant's Name: DANIEL R HARVEY Social Security #: 286- 74 -xxxx You are eligible for a(n) VESTED Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing June 1, 2025 . The amount of your monthly benefit depends on —trA a1 form of one optional form listed below which you elect to recieve: - M A 1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay- ments of $ 1409.86 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 $ 1399.31 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 1399.31 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: 02/15/1979 Pension Hire Date: 05/31/2005 Date of Termination: 10/19/2012 Adjusted Hire Date: 05/31/2005 Avg Final Monthly Comp: $5,415.43 Years of Credited Service: 7 Beneficiary Name: Date of Birth: 00 /00 /0000 Page 2 Participant's Name: DANIEL R HARVEY Social Security #: 286- 74 -xxxx Accumulated Contributions: $31,597.17 After -Tax Contributions: $.00 Pre -Tax Contributions: $31,597.17 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $.00 Portion Continues: 0 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, including my choice of annuity form, and confirm the information shown above to be correct. PARTICIPANT'S SIGNATURE: A DATE: 1(15111y BENEFICIARY'S SIGNATURE: DATE: Calculation Date: CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 November 14, 2012 NAME HARVEY, DANIEL R # 3184 SSN 286 -74 -xxxx DEPT 21 ADDRESS YTD CONTR. 3,905.94 CONTR(NTX) .00 PEN HIRE 05/31/2005 BALANCE 31,597.17 ADJ HIRE 05/31/2005 RETIRE- 1a/1,9J-2012-TYPE V = LAST SERV 10/19/2012 60 MO EARN 324,925.60 ELIG NORM 05/31/2025 AVG MO EARN 5,415.43 ELIG EARLY 00 /00 /0000 SERV AT TERM 7 4 18 100% VEST 05/31/2010 AGE AT RETIRE 33 8 4 COMMENCE 06/01/2025 COM ANB /DIFF 46 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 .00 /EG HOURLY RATE 26.609 SIC HRS /CD .00 S2 VAC SIC PAYOUT .00 ACCRUE PER .00 EARLY OPTION DEFERRED LAST PAY 20121022- 20121104 TERM -DATE 20121019 QDRO BENEFIT 1,399.31 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 1,399.31 LIFE ANNUITY FACTOR: 1.00754 MODIFIED LIFE ANNUITY 1,409.86 100% SURVIVOR FACTOR: .00000 100% SURVIVOR ANNUITY .00 SURVIVOR BENEFIT .00 75% SURVIVOR FACTOR: .00000 75% SURVIVOR ANNUITY .00 SURVIVOR BENEFIT .00 50% SURVIVOR FACTOR: .00000 50% SURVIVOR ANNUITY .00 SURVIVOR BENEFIT .00 66% JOINT & LAST FACTOR: .00000 66% JOINT & LAST ANNUITY .00 SURVIVOR BENEFIT .00 50% JOINT & LAST FACTOR: .00000 50% JOINT & LAST ANNUITY .00 SURVIVOR BENEFIT .00 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 0 0 TAX -FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00 /00 /0000 00 /00 /0000 Prepared by * indicates manual override CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 November 14, 2012 DANIEL R HARVEY H I G H E S T F I V E Y E A R S PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 10/22/12 .4 6,134.99 04/11/11 2.0 3,116.76 10-/08/12 -- 2.0 - - -- 1r254• 04 - -- 03/-28/11 - 2. 0 - --2_,-8-0.7.35- 09/24/12 2.0 2,142.07 03/14/11 2.0 3,366.16 09/10/12 2.0 4,330.91 02/28/11 2.0 3,715.46 08/27/12 2.0 2,142.07 02/14/11 2.0 3,539.12 08/13/12 2.0 2,172.07 01/31/11 2.0 2,957.08 07/30/12 2.0 2,142.07 01/17/11 2.0 3,033.51 07/16/12 2.0 2,168.68 01/03/11 2.0 2,384.98 07/02/12 2.0 2,172.07 12/20/10 2.0 2,794.05 06/18/12 2.0 2,128.80 12/06/10 2.0 2,158.80 06/04/12 2.0 2,158.80 11/22/10 2.0 3,213.14 05/21/12 2.0 2,128.80 11/08/10 2.0 2,544.64 05/07/12 2.0 3,055.57 10/25/10 2.0 2,128.80 04/23/12 2.0 2,128.80 10/11/10 2.0 2,158.79 04/09/12 2.0 2,158.80 09/27/10 2.0 2,128.80 03/26/12 2.0 2,248.54 09/13/10 2.0 4,177.75 03/12/12 2.0 2,239.15 08/30/10 2.0 2,557.95 02/27/12 2.0 2,188.67 08/16/10 2.0 2,128.80 02/13/12 2.0 2,128.80 08/02/10 2.0 2,158.80 01/30/12 2.0 2,158.80 07/19/10 2.0 2,128.80 01/16/12 2.0 2,128.80 07/05/10 2.0 2,917.17 01/02/12 2.0 2,158.80 06/21/10 2.0 2,128.80 12/19/11 2.0 2,128.80 06/07/10 2.0 2,158.80 12/05/11 2.0 2,278.54 05/24/10 2.0 2,527.95 11/21/11 2.0 2,128.80 05/10/10 2.0 2,398.28 11/07/11 2.0 2,158.80 04/26/10 2.0 2,258.52 10/24/11 2.0 2,128.80 04/12/10 2.0 3,217.59 10 /10 /11 2.0 2,158.80 03/29/10 2.0 2,215.28 09/26/11 2.0 2,128.80 03/15/10 2.0 2,128.80 09/12/11 2.0 4,287.58 03/01/10 2.0 2,158.80 08/29/11 2.0 2,354.98 02/15/10 2.0 2,950.43 08/15/11 2.0 2,565.05 02/01/10 2.0 2,158.80 08/01/11 2.0 2,158.80 01/18/10 2.0 2,807.35 07/18/11 2.0 2,128.80 01/04/10 2.0 2,158.80 07/04/11 2.0 2,484.77 12/21/09 2.0 2,527.94 06/20/11 2.0 2,128.80 12/07/09 2.0 2,331.76 06/06/11 2.0 2,158.80 11/23/09 2.0 2,754.13 05/23/11 2.0 2,235.24 11/09/09 2.0 2,531.33 05/09/11 2.0 2,158.80 10/26/09 2.0 2,328.37 04/25/11 2.0 2,767.44 10/12/09 2.0 2,158.80 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 November 14, 2012 DANIEL R HARVEY H I G H E S T F I V E Y E A R S PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 09/28/09 2.0 2,328.37 03/17/08 2.0 1,892.32 09/14/09 2 -0 5,23 03/03/08 2.0 2,567. - 89 08/31/09 2.0 2,557.95 02/18/08 2.0 2,687.17 08/17/09 2.0 2,321.72 02/04/08 2.0 2,129.14 08/03/09 2.0 2,158.80 01/21/08 2.0 2,040.15 07/20/09 2.0 2,368.28 01/07/08 2.0 1,934.14 07/06/09 2.0 2,158.80 12/24/07 2.0 3,128.23 06/22/09 2.0 2,261.85 12/10/07 2.0 2,147.02 06/08/09 2.0 2,158.80 11/26/07 2.0 1,904.14 05/25/09 2.0 2,527.95 11/12/07 2.0 3,578.23 05/11/09 2.0 2,278.54 10/29/07 2.0 2,121.51 04/27/09 2.0 2,128.79 10/15/07 .6 570.14 04/13/09 2.0 2,527.94 00 /00 /00 .0 .00 03/30/09 2.0 2,278.54 00 /00 /00 .0 .00 03/16/09 2.0 2,183.06 00 /00 /00 .0 .00 03/02/09 2.0 2,096.80 00 /00 /00 .0 .00 02/16/09 2.0 2,686.84 00/00/00 .0 .00 02/02/09 2.0 2,213.06 00 /00 /00 .0 .00 01/19/09 2.0 2,544.32 00 /00 /00 .0 .00 01/05/09 2.0 2,677.25 00 /00 /00 .0 .00 12/22/08 2.0 2,454.31 00 /00 /00 .0 .00 12/08/08 2.0 2,251.81 00/00/00 .0 .00 11/24/08 2.0 2,609.43 00 /00 /00 .0 .00 11/10/08 2.0 3,168.10 00/00/00 .0 .00 10/27/08 2.0 2,066.80 00/00/00 .0 .00 10/13/08 2.0 2,366.80 00 /00 /00 .0 .00 09/29/08 2.0 2,066.80 00 /00 /00 .0 .00 09/15/08 2.0 3,841.39 00 /00 /00 .0 .00 09/01/08 2.0 2,773.02 00/00/00 .0 .00 08/18/08 2.0 1,920.72 00/00/00 .0 .00 08/04/08 2.0 2,058.76 00 /00 /00 .0 .00 07/21/08 2.0 2,604.98 00 /00 /00 .0 .00 07/07/08 2.0 1,950.72 00/00/00 .0 .00 06/23/08 2.0 2,580.89 00 /00 /00 .0 .00 06/09/08 2.0 2,256.80 00 /00 /00 .0 .00 05/26/08 2.0 2,280.85 00 /00 /00 .0 .00 05/12/08 2.0 2,312.08 00 /00 /00 .0 .00 04/28/08 2.0 2,454.89 00 /00 /00 .0 .00 04/14/08 2.0 2,244.77 00 /00 /00 .0 .00 03/31/08 2.0 2,040.72 00 /00 /00 .0 .00 VAC /SICK .00 TOTAL 261.0 324,925.60 Barbara Ladue From: Harvey, Daniel [HarveyD ©bbfl.usj Sent: Monday, October 15, 2012 7:33 AM To: Peguero, Daysi; Mack, Dorothy Cc: Iadueb©bbpdpension.com Subject: Resignation Good morning. As most of you may know, my last day as an employee for the city is October 18 I wanted to leave you • ■ P. ; ■ IA . ..- - - - _. .. - . need to take care of before leaving. Thanks. _ Dan Harvey #840 1 . • ` — i6Act f e� 7cn.A, a>ti ' :lo 1 `5//� _ ,,, � 4 i Print Form , it0j Please type fn your input et select front the drop down menus where applicable Employee: Daniel Harvey 2012 OCT — 8 ri,pjy et# 3184 Request Date: 10/05/12 Department: Police Division: Uniform Services Account # 001 -2110 -521 - _ t - r EMPLOYMENTREQUISmON Requestor. HR USE: AUTHORIZATION # Replacement Internal Applicants -- WIUDept =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 EMPLOYEE ACTIVITY Effective r ACTIVITY (Please select one from dropdown): I Resianation Date: 10 /191,2012 Current Job c NewJob Title: = Title: -- - - -- - - - - -- - -- - - - -- Current New New Department: c Dept.: Current Curr. Shift/ v New New Shift/ Dept. # Schedule: a Dept. # Schedule: Current Current FLSA = New New FLSA Job # Step: Status : z New Job # Step : Status : sd Current New Emergency Location : Location : Designation : Curr.Baraalnina Unit N w ini Unit Current I New Supervisor: Supervisor: Salary Change From: I TO: (Annually) /(Hourly) (A) (HI Gra (A) I (H)I Gradel (-- New Employee Info Or Change Of Name /Address / //Phone To: Name Phone # Cell # (New): Address: City: State Zip Code E -Mail: Add itipnai (I nformation: REQUIRE) FOR7ERM/NAiRONS RItID_4L� Last Day Worked HTE:En Date Comments (Justification for action or additional information); 1 (10/18/2012 110/19/2012 See attached letter of resignation. For Resignation or • % enrent: Attac # . - F./documentation. For ail others, please Mindy justification for this request and forward to Human Resources �j . /1�— 1 cEBIED 0(d r 06! 1 0141 )p • Depart` ent Dir / r Date OCT Q! H Resources hec Date City Ma Date city Manager's Employee Date Conditional Offer Approved - City Manager Rev 01261: Request for Conditional Offer - HR Director Barbara Ladue From: Barbara Ladue [ladueb ©bbpdpension.com] Sent: Thursday, April 25, 2013 8:33 AM To: 'Athol, Toby' Subject: Gary Chapman Form 1 F Attachments: D00042513.pdf Toby: I received and mailed, certified, Gary's Form 1 F..all OK. However, I did not receive his Form 1 for 2012..did he send to Bonni Jensen or mailed it himself? Thanks. Barb La Due Original Message From: Scanner [mailto:fax((compson.com] Sent: Thursday, April 25, 2013 7:20 AM To: police and fire Subject: Send data from MFP07580425 04/25/2013 07:19 Scanned from MFP07580425 Date: 04/25/2013 07:19 Pages: 4 Resolution: 200x200 DPI 1 Barbara Ladue From: Athol, Toby [AtholT @bbfl.us] Sent: Thursday, April 25, 2013 7:51 AM To: Iadueb @bbpdpension.com Subject: FW: Statement of Financial Interest Barb Plase see Gary's email below and add that to the agenda Thanks Det Toby Athol Boynton Beach Police Department 561.742.6152 Original Message From: Gary Chapman [mailto:chappy(omicrochap.com] Sent: Thursday, April 25, 2013 7:13 AM To: Athol, Toby Subject: Statement of Financial Interest Good morning Toby, please have Barbara place Statement off financial interest on the agenda for record that She has mailed the two statements for Gary Chapman and that this meets the reporting requirements. Thanks Gary Sent from my iPhone 1 Barbara Ladue , From: Barbara Ladue [ladueb @bbpdpension.com] Sent: Monday, March 11, 2013 9:16 AM To: 'Gary Chapman' Cc: ' thepensionteam @perryjensenlaw.com' Subject: Boynton Police - Gary Chapman Form 1 F Attachments: D00O31113.pdf Gary: I will be mailing your Form 1 F by Certified Mail tomorrow. I did notice that you will also need to file Form 1 for 2012...see second page of attachment bottom right the NOTE. As you requested, I will also notify Sun Trust regarding the cancellation of your credit card under the Pension Fund. Thanks. Barb La Due Original Message From: Scanner [mailto:faxicompson.com] Sent: Monday, March 11, 2013 7:47 AM To: police and fire Subject: Send data from MFP07580425 03/11/2013 07:46 Scanned from MFP07580425 Date: 03/11/2013 07:46 Pages: 2 Resolution: 200x200 DPI 1 SENDER r- " Hs Complete Items 1, 2, and & Also complete cl A , item 4 if Restricted DefIvery is desired. I • Print your name and address on the reverse X / ai/�.,c.r /4.! Yll/ Addressee 1 so that we can return the card to you. B. BAcgived b ( per Nrrrre) / -D INIA bF My : • Attach this curd to the back of the mailpiece, r`i �n �Alf'1 i fe or on the front if space permits. L of �j/ D. Is delivery address d loom item 1? Yes i egtfi€44 At 1. Article Addressed to: If YES, enter delivery address below: ❑ No s P 1 I p© .. d a servke Type 14).14- P eQ &t Fe ,b� 3g q/� ,2 ? C] , red Mait ' 4. Reid DeIvery? (Extra Fee) tp Ytjs 1 2. Article Number , 1 (li rfromse 7012 1010 0000 7210 1313 PS Form 3811, February 2004 Domestic Return Rece40 10e5e5.02 - 1540 1 U.S Post l Ser.'ic m CERTIFIED MAIL RECEIPT r.3 I Domesti. P.7. J(73. 'ic inc;ir, ' - L .,d ,j; MI r q For deiive ; in{ ;, .,:,,Jr . o ur ;.. i . l a] OFFICIAL USE ru /� G� t` C S I $ ` f / ( Q ° Carrefted Fee X1/4 0 0 Retum Receipt Fee Postmark CI (End°131Thent Re e'er ,5',f Hers Restricted Delivery CI (Endowment Remd r CI Total Posfage & Fees $ 6 it 3 ru sent " ( 1 I o Apt P Q ._._... IN- orio�No 4 ,/� q au State, «s + 3 ,' —A 0 Ce _eeNG ifrktiof 3-13—/3 • . T O • FORM 1 F FINAL STATEMEN 2013 FINANCIAL INTERESTS (TO BE FILED WITHIN 60 DAYS OF LEAVING PUBLIC OFFICE OR EMPLOYMENT) LAST NAME — FIRST NAME — MIDDLE NAME: NAME OF REPORTING PERSON'S AGENCY: Chapman, Gary Alan City ity of Boynton Beach Police Officers Retirement Fund Invoice Invoice for: Invoice Number Russell Client ID Billing Period Ending City of Boynton Beach Police Retirement 32219 C04616001 03131/2013 Fund Ms.Barbara S. LaDue Invoice Date Payment Terms Total Amount Due Pension Administrator 04/24/2013 Net 30 Days $ 124,775.00 ladueb@bbpdpension.com 1500 Gateway Blvd #220 Boynton Beach, FL 33426 Mail to: City of Boynton Beach Police Retirement Specify Remittance Information Fund Ms.Barbara S. LaDue ❑ Payment by check Pension Administrator Make check payable to Russell Investments ladueb @bbpdpension.com Check Amount $ 1500 Gateway Blvd #220 IAXAtifibiftafralf6 ❑ Request payment by Direct Debit Authorized Signer See additional instructions on reverse side Please retum 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 $ 124,775.00 $ 0.00 $ 124,775.00 Current Period Fees $ 124,775.00 $ 0.00 $ 124,775.00 Balance Forward 119,535.00 (119,535.00) 0.00 Total Amount Due $ 124,775.00 Invoice Number Invoice Date Russell Client ID Payment Terms Billing Period Ending 32219 04/24/2013 C04616001 Net 30 Days 03/31/2013 Current Period Over 30 Days Over 60 Days Over 90 Days Total Amount Due $ 124,775.00 $ 0.00 $ 0.00 $ 0.00 $ 124,775.00 Invoice for: City of Boynton Beach Police Retirement Fund Ms.Barbara S. LaDue Pension Administrator ladueb©bbpdpension.com 1500 Gateway Blvd #220 (See reverse side for additional information) Boynton Beach, FL 33426 Invoice Invoice Number: 32219 Billing Period Ending 03/31/2013 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 Multi -Asset Core Fund 44,977,271 0 20000 89,955.00 Russell Multi- Manager Bond Fund 19,824,929 0.20000 39,650.00 Russell Real Estate Equity Fund 2,766,917 0 20000 5,534.00 Russell Short -Term Investment Fund ✓ 5,875 0.20000 12.00 Subtotal 67,574,992 $ 135,151.00 Russell Real Estate Equity Fund - Internal Fee Paid (10,376.00) Account Total $ 124,775.00 Total Investment Management Fees $ 124,775.00 Page 2 El Russell V4 Investments Russell Trust Company Payment Instructions EIN 91- 1116938 Instructions to request payment by direct debit Instructions for payment by check 1. Make check payable to Russell Investments. TO HAVE FEES DEDUCTED FROM THE Please include your Russell Client ID and ACCOUNT THAT GENERATED THE FEES: Invoice Number with your payment 1 Check the box labelled "Requested payment by 2. Return check and remittance stub to: Direct Debit" on the front of the remittance Russell Investments stub. NW 6327 2 Sign on the "Authorized Signer" line on the PO BOX 1450 front of the remittance stub. Minneapolis, MN 55485 -6327 3. Return the remittance stub to Russell Investments via fax to 855 - 886 -9869. Instructions for payment by wire 4. Instructions can be sent by email at • Currency USD russelltrust @bostonfinancial.com • Bank: Wells Fargo, WA • Bank #: WFBIUS6S / 121000248 • Account Name: Russell Trust Company TO HAVE FEES DEDUCTED FROM OTHER • Account #: 4122004021 ACCOUNTS: 1. Check the box labeled "Request payment by Please reference Russell Client ID and invoice number. Direct Debit" on the front of the remittance stub. 2. Sign on the "Authorized Signer" line on the For billing inquiries regarding Russell front of the remittance stub. Investments services, 3 Complete the table (below) indicating the Call Your Account Executive at 800 -455 -3782 account numbers and applicable deduction Write: Your Account Executive amounts. 4. Return the remittance stub and table to Russell 1301 Second Ave, 18th Floor Investments via fax to 855 - 886 -9869. Seattle, WA 98101 -3800 5 Instructions can be sent by email at russelltrust @bostonfinancial.com DEFINITIONS Account Number Amount DIREC 1 DEBIT PER S1ANDING INS FRUC T IONS VVntten instructions are on file authonzi ng the deduction of fees from the funds and /or account(s) Direct debited fees have already been subtracted from the Total Amount Due on your invoice REQUEST PAYMENT BY DIRECT DEBIT ✓ Vntteri instructions to deduct fees from the funds and/ or account(sl must he provided by an authorized signer Absent standing instructions, this request must be submitted each time you wish to use this service Please use the remittance stub to Request Payment by Direct Debit Russell Investments is a registered Trade Name for Frank Russell Company. Frank Russell Company, a Washington, USA, corporation. operates through subsidiaries worldwide and is authorized to act as paying /receiving agent for any of its worldwide subsidianes Revised 1/512411 Russell Investments MANAGER 4525 - - INVOICE NO. 1303074706 -9997 NW 6327 DATE 2013/04/29 PO BOX 1450 PAGE 1 OF 1 Minneapolis, MN 55485 -6327 US TOTAL CHARGES CURRENT PERIOD USD 877.41 9BYM- Police Officer Retirement Trust Police Officer Retirement Trust FOR 3 MONTH PERIOD 1/01/13 to 3/31/13 City of Boynton Beach DB Boynton Police & Fire Pension Fnds, 1500 Gateway Blvd,Suite #220Account ID: BOYNTON POLICE Pension Administrator Pay Type 3 Boynton Beach, FL 33426 ATTENTION Barbara L. Ladue PLEASE DETACH THIS PORTION AND RETURN WITH YOUR PAYMENT CHARGES BENEFIT PAYMENT CHECK FEES ACH Benefit Payments 286 AT 1.25 357.50 Benefit Payments 9 AT 1.25 11.25 Lump Sum Payments 4 AT 10.00 40.00 BENEFIT PAYMENT: OTHER FEES Pensioners Added 1 AT 0.50 0.50 State Tax Filing 6 AT 25.00 150.00 Oct &Nov 2012 State Tax Filing 4 AT 25.00 100.00 ** SUBTOTAL FEES ** 659.25 OUT OF POCKET CHARGES POSTAGE Advice of Deposit 153.49 Benefit Payment 4.83 Lump Sum 2.14 Confirmation Letters 1.06 UPS DELIVERY UPS Charges 12/28/2012 11.54 UPS Charges 12/31/2012 15.81 UPS Charges 01/07/2013 6.51 UPS Charges 01/30/2013 11.39 UPS Charges 02/28/2013 4.88 UPS Charges 02/28/2013 6.51 56.64 ** SUBTOTAL OUT OF POCKET ** 218.16 CURRENT CHARGES USD 877.41 INV.# 1303074706 -9997 9BYM - Police Officer Retirement Trust 2013/04/29 STATE STREET, PO BOX 5149 BOSTON, MA 02206 -5149 April 30, 2013 Dear Client, When preparing your fourth quarter 2012 invoice, we inadvertently did not include state tax filing fees for the months of October and November. These amounts are reflected on the enclosed invoice. Please accept my apologies for any confusion this error may have caused. If you have any questions, please feel free to contact me at 617 - 985 -2251. Sincerely, Kevin P. Day State Street Retiree Services THE LAW OFFICES OF PERRY & JENSEN, LLC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com April 19, 2013 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #71688 Dear Toby: Enclosed please find the Firm's invoice for services rendered for the period that ended 4/15/2013. Your current balance due is $4,096.20. If you have any questions, please do not hesitate to contact me. Sincerely yours, ., ., 9________ i `- 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 U r, 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 April 19, 2013 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #71688 Professional Services Hrs/Rate Amount Attendance at Trustee Meetings Attendance at Trustee Meetings 4/15/2013 BSJ Prepare for Meeting 1.00 200.00 Review Agenda & Back Up Material 200.00 /hr Review Granger & Raines cases Attendance at Trustee Meetings Attendance at Trustee Meetings BSJ Attend Special Meeting 2.00 400.00 Attendance at Trustee Meetings 200.00 /hr SUBTOTAL: [ 3.00 600.001 Definition of Compensation Definition of Compensation 3/26/2013 BSJ Telephone call with Toby Athol 1.00 200.00 Draft Charges to Plan Document re: Definition of Compensation & DROP 200.00 /hr E -mail to Toby Athol Definition of Compensation Boynton Beach Police Officers' Pension Fund Page 2 Hrs/Rate Amount Definition of Compensation 3/27/2013 BSJ Review & Respond to emails from Toby Athol 0.25 50.00 Definition of Compensation 200.00 /hr Definition of Compensation 4/1/2013 BSJ Review email from Toby Athol 0.25 50.00 Definition of Compensation 200.00 /hr Definition of Compensation 4/2/2013 BSJ E -Mail to Toby Athol 0.75 150.00 Research 185.02 200.00 /hr Telephone call with Toby Athol Review email re: Definition of Compensation Definition of Compensation Definition of Compensation BSJ Telephone call with Julie Oldbury re: SB1128 0.50 100.00 Research 185.02 & History 200.00 /hr Definition of Compensation Definition of Compensation 4/4/2013 BSJ Telephone call with Jim Cherof 0.25 50.00 Definition of Compensation 200.00 /hr Definition of Compensation 4/5/2013 BSJ Telephone call with Toby Athol 0.10 20.00 Definition of Compensation 200.00 /hr SUBTOTAL: [ 3.10 620.00] Investment Policy Guidelines Investment Policy Guidelines 3/25/2013 BSJ E -mail to Burgess Chambers re: Securities Lending 0.10 20.00 Investment Policy Guidelines 200.00 /hr SUBTOTAL: [ 0.10 20.00] Miscellaneous Matters Miscellaneous Matters 3/19/2013 BSJ Review Bill Analysis 0.75 150.00 Boynton Beach Police Officers' Pension Fund Page 3 Hrs /Rate Amount Review SB458 200.00 /hr Telephone call with Trish Shoemaker Draft Memorandum re: Summary Review Summary of Bills Miscellaneous Matters Miscellaneous Matters 3/27/2013 BSJ Review and revise Memorandum with Committee Substitute for 0.20 40.00 Appropriation Committee 200.00 /hr Telephone call with Trish Shoemaker re: "Naples" Letter Miscellaneous Matters Miscellaneous Matters 3/28/2013 LG E -Mail to Board of Trustees & Administrator re: Memorandum with 0.10 7.50 SB458 Language & Committee Substitute Amendment 75.00 /hr Miscellaneous Matters Miscellaneous Matters 4/10/2013 BSJ Review SB458 & Amendments 0.25 50.00 Miscellaneous Matters 200.00/hr SUBTOTAL: [ 1.30 247.50] Participant - Epstein Participant - Epstein 4/11/2013 PH E -mail to Agenda & 5 legal cases to Teri Norris, Paul Kelley, & Barb 0.20 15.00 LaDue for Hearing on 4/15/13 75.00/hr Participant - Epstein Participant - Epstein PH Prepare Attorney Report, Handouts, and Notebook for upcoming Special 1.00 75.00 Meeting - 4/15/13 75.00 /hr Participant - Epstein SUBTOTAL: [ 1.20 90.00] Participant - General Correspondence Participant - General Correspondence 3/22/2013 BSJ Telephone call with Gary Lippman re: Disability Application 0.25 50.00 Participant - General Correspondence 200.00 /hr Boynton Beach Police Officers' Pension Fund Page 4 Hrs /Rate Amount SUBTOTAL: [ 0.25 50.00] For professional services rendered 8.95 $1,627.50 Additional Charges : Bill File 4/15/2013 Copy Charges 24.15 SUBTOTAL: [ 24.15] Total additional charges $24.15 For professional services rendered 8.95 $1,651.65 Total amount of this bill $1,651.65 Previous balance $2,444.55 Balance due $4,096.20 THE LAW OFFICES OF PERRY & JENSEN, LLC ANN H. PERRY BONN! SPATARA JENSEN aperry @perryjensenlaw.com bsjensen @perryJensenlaw.com March 22, 2013 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #71634 Dear Toby: Enclosed please find the Firm's invoice for services rendered for the period that ended 3/15/2013. Thank you for your payment of $2,368.85. Your current balance due is $2,444.55. If you have any questions, please do not hesitate to contact me. Sincerely yours, , 1 Bonni S. Jensen 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 O 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 March 21, 2013 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #71634 Professional Services Hrs /Rate Amount Attendance at Trustee Meetings Attendance at Trustee Meetings 2/25/2013 PH Review Post Meeting Folder 1.00 75.00 Scan Financial Statements 75.00 /hr Attendance at Trustee Meetings SUBTOTAL: [ 1.00 75.00] Buyback Buyback 3/8/2013 BSJ Review and revise Discussion Draft for Buyback 0.25 50.00 Buyback 200.00 /hr SUBTOTAL: [ 0.25 50.00] Forms Forms 2/27/2013 BSJ Correspondence with Palm Beach County Commission on Ethics re: 0.50 100.00 Toby Athol's Form 8b 200.00 /hr Forms Boynton Beach Police Officers' Pension Fund Page 2 Hrs /Rate Amount Forms 2/27/2013 PH E -mail to Palm Beach County Commission on Ethics, Barbara LaDue, & 0.10 7.50 Toby Athol re: Toby Athol's Form 8b 75.00 /hr Forms SUBTOTAL: [ 0,60 107.50] Miscellaneous Matters Miscellaneous Matters 2/28/2013 BSJ Review League of Cities Opinion on 458 & Hypothetical 185 Allocation 0.25 50.00 under 458 200.00 /hr Telephone call with Trish Shoemaker Miscellaneous Matters Miscellaneous Matters 3/4/2013 BSJ Correspondence with Retirees re: HELPs 0.50 100.00 Miscellaneous Matters 200.00 /hr Miscellaneous Matters 3/8/2013 BSJ Draft Letter to Participants re: HELPs Exclusion 0.50 100.00 Miscellaneous Matters 200.00 /hr Miscellaneous Matters 3/11/2013 PH E -mail to Barbara LaDue re: Draft Letter to Retirees 0.20 15.00 Miscellaneous Matters 75.00 /hr SUBTOTAL: [ 1.45 265.00] Participant - Epstein Participant - Epstein 2/20/2013 BSJ Research Cases for Distribution to Trustees 0.25 50.00 Participant - Epstein 200.00 /hr Participant - Epstein PH E -mail to Barbara LaDue, Gary Chapman, Toby Athol, Scott Caudell, 0.50 37.50 Jason Llopis, & Frank Ranzie re: Legal Research Cases 75.00 /hr Participant - Epstein Boynton Beach Police Officers' Pension Fund Page 3 Hrs/Rate Amount Participant - Epstein 2/20/2013 PH E -mail to Paul Kelly re: HIPPA form & dates for Special Meeting 0.20 15.00 Participant - Epstein 75.00 /hr Participant - Epstein 2/25/2013 BSJ Telephone call with Toby Athol re: Cases 0.10 20.00 Participant - Epstein 200.00 /hr Participant - Epstein 3/4/2013 PH E -mails to Barbara LaDue & Teri Norris with Paul Kelley re: Scheduling 0.30 22.50 Meeting 75.00 /hr Participant - Epstein SUBTOTAL: [ 1.35 145.00] State State 2/26/2013 BSJ Correspondence with Trish Shoemaker re: Expected Rate of Retum 0.50 100.00 State 200.00/hr State PH E -mail to Trish Shoemaker, Barbara LaDue, Gary Chapman, & Toby 0.30 22.50 Athol re: Expected Rate of Return 75.00 /hr State SUBTOTAL: [ 0.80 122.50] Trustee Election Trustee Election 3/11/2013 BSJ Review emaiis from Barbara LaDue 0.25 50.00 E -mail to Gary Chapman 200.00 /hr Trustee Election SUBTOTAL: [ 0.25 50.00] Boynton Beach Police Officers' Pension Fund Page 4 Hrs /Rate - Amount Trustee information Trustee Information 3/11/2013 PH E -mail to Barbara LaDue, Toby Athol, Scott Caudell, Jason Llopis, & 0.30 22.50 Frank Ranzie re: Re- Employment of Vested Terminated Members 75.00 /hr Trustee Information SUBTOTAL: [ 0.30 22.50] For professional services rendered 6.00 $837.50 Additional Charges : Bill File 3/15/2013 Copy Charges 6.60 SUBTOTAL: [ 6.60] Total additional charges $6.60 For professional services rendered 6.00 $844.10 Total amount of this bill $844.10 Previous balance $3,969.30 Accounts receivable transactions 3/4/2013 Payment - Thank You!. Check No. 053341 ($2,368.85) Total payments and adjustments ($2,368.85) Balance due $2,444.55 THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen@perryjensenlaw.com February 22, 2013 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 #71579 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 2/15/2013. Your current balance due is $3,969.30. If you have any questions, please do not hesitate to contact me. Sincerely yours, Bonni S. Jens n BSJIIg Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207❖ WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 •:• Fx: 561.686.2802 13 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 February 22, 2013 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #71579 Professional Services Hrs /Rate Amount Attendance at Trustee Meetings Attendance at Trustee Meetings 2/12/2013 BSJ Attend Meeting 3.50 700.00 Attendance at Trustee Meetings 200.00 /hr SUBTOTAL: [ 3.50 700.00] Meeting Notices and Agendas Meeting Notices and Agendas 2/7/2013 PH Prepare Attorney Report, Handouts, and Notebook for upcoming 1.50 112.50 Meeting - 2/12/13 75.00 /hr Meeting Notices and Agendas SUBTOTAL: [ 1.50 112.50] Minutes of Trustee Meetings Minutes of Trustee Meetings 2/11/2013 BSJ Review Minutes of 11/13/12 Meeting 0.25 50.00 Minutes of Trustee Meetings 200.00 /hr Boynton Beach Police Officers` Pension Fund Page 2 Hrs /Rate Amount SUBTOTAL: [ 0.25 50.00] Participant - Epstein Participant - Epstein 1/18/2013 BSJ Follow up with Paul Kelley re: Cases 0.10 20.00 Participant - Epstein 200.00 /hr Participant - Epstein 1/23/2013 BSJ Telephone call with Terry Norris at Paul Kelley's Office 0.25 50.00 E -mail to Terry Norris 200.00 /hr Participant - Epstein Participant - Epstein 2/5/2013 BSJ Review & Respond to email from Paul Kelley 0.06 12.00 Participant - Epstein 200.00/hr Participant - Epstein 2/8/2013 BSJ Review & Respond to email from Paul Kelley re: Eligibility to file for 0.25 50.00 Disability by Non- Member 200.00 /hr Participant - Epstein Participant - Epstein 2/12/2013 BSJ Review Minutes of 12/12/12 Meeting 1.00 200.00 Review Pleadings from Paul Kelley re: Disabilities 200.00 /hr Review Order Research § 185.18 Participant - Epstein SUBTOTAL: [ 1.66 332.00] Policies - General Policies - General 2/11/2013 BSJ Draft Proposed Policy on Vested Terminated Members 0.75 150.00 Review Plan Document 200.00 /hr Policies - General SUBTOTAL: [ 0.75 150.00] Boynton Beach Police Officers' Pension Fund Page 3 Hrs /Rate Amount Trustee Information Trustee Information 2/13/2013 BSJ Correspondence with Frank Ranzie re: Filing Form 8b with Commission 0.50 100.00 on Ethics 200.00 /hr Trustee Information Trustee Information PH E -mail to Frank Ranzie & Barbara LaDue re: Filing Form 8b with 0.10 7.50 Commission on Ethics 75.00 /hr Trustee Information Trustee Information PH E -mail to Toby Athol & Barbara LaDue re: Filing Form 8b with 0.10 7.50 Commission on Ethics 75.00 /hr Trustee Information Trustee Information BSJ Correspondence with Toby Athol re: Filing Form 8b with Commission on 0.50 100.00 Ethics 200.00 /hr Trustee Information SUBTOTAL: [ 1.20 215.00] For professional services rendered 8.86 $1,559.50 Additional Charges : Bill File 2/15/2013 Copy Charges 40.95 SUBTOTAL: [ 40.95] Total additional charges $40.95 For professional services rendered 8.86 $1,600.45 Total amount of this bill $1,600.45 Previous balance $2,368.85 Boynton Beach Police Officers' Pension Fund Page 4 Amount Balance due $3,969.30 GRS Gabriel Roeder Smith & Company Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 Uatc Inr Dice Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 2/7/2013 120740 Bill I u: ''lease Remit To: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL POLICE OFFICERS RETIREMENT FUND Dept. # 78009 Gabriel Roeder Smith & Company Ms. Barbara La Due PO Box 78000 City of Boynton Beach Detroit, Michigan 48278 -0009 Renaissance Executive Suites or 1500 Gateway Blvd., Suite 220 ACH Payment to: Boynton Beach, FL 33426 Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 Description Project r kmuunt For services rendered through 1/31/2013 Charges since 12/31/2012 for preparation of the 10/1/2012 Actuarial 100550 -052 $3,637 Valuation Report; total charges to date equal $8,669 Invoice Total $3,637 Paid to Date Client No. 100550 Amount Due $3,637 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. GRS Gabriel Roeder Smith & Company Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 D In. Dice Ft. Lauderdale, Florida 33301 -1804 (954) 527 - 1616 3/13/2013 121073 Bill Tu: 1'Icase 1Z emit 1 u: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL POLICE OFFICERS RETIREMENT FUND Dept. # 78009 Gabriel Roeder Smith & Company Ms. Barbara La Due PO Box 78000 City of Boynton Beach Detroit, Michigan 48278 -0009 Renaissance Executive Suites or 1500 Gateway Blvd., Suite 220 ACH Payment to: Boynton Beach, FL 33426 Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 De ■etil)tion Project \mount For services rendered through 2/28/2013 1. Final Charge for 10/1/2012 Actuarial Valuation Report 100550 -052 $5,126 Total charges equal $13,795; prior year fee of $13,256 (including $750 fee for required state disclosure at 7.75 %) plus 1.99% increase in CPI from 9/2011 to 9/2012, less previous charges of $8,669 2. Preparation of page 6a for inclusion in the 2012 State Report 100550 -052 $550 Invoice Total $5,676 Paid to Date Client No. 100550 Amount Due $5,676 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. BURGESS CHAMBERS & ASSOCIATES, INC. Invoice INVESTMENT ADVISORS S.E.C. REGISTERED 315 E. Robinson Street, Suite 690 Date Invoice # Orlando, Florida 32801 3/5/2013 13 -49 Bill To Boynton Beach Police Officers' Pension Barbara La Due, Administrator 1500 Gateway Blvd, Suite 220 Boynton Beach, Florida 33426 Descnption Amount First Quarter 2013 Investment and Performance Monitoring and Advisory Fee per Contract 5,000.00 W y iilr.0 at. Irtt pit o' r .rrturt. r r/fLi 597911 ur e� dp your �irurn pdyrt l rr . Total $5,000.00 Phone # Fax # (407) 644-0111 (407) 644-0694 THE LAW OFFICES OF PERRY & JENSEN, LLC ANN H. PERRY BONNI SPATARA JENSEN apex y ©per yjensenlaw.com bsjensen@perryjensenlaw.com MEMORANDUM To: Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund From: Bonni S. Jensen Subject: Senate Bill 458/HB 1399 Date: April 18, 2013 This is an update to my March 2013 memorandum regarding Senate Bill 458 dealing with Fire and Police pension funds under Chapter 175/185 of the Florida Statutes. Senate Bill 458 has passed and had two (3) readings on the Senate floor and is currently in "Messages." House Bill 1399 passed the House Government Operations Subcommittee and is now in the House Appropriations Committee. In essence, the Bill provides for the use of future Chapter money (including currently accumulated unallocated dollars) to pay down the unfunded actuarial liability, to offset municipal contributions and to establish share account plans for the members. The specific changes are described below. 1. 175.021 and 185.01 Legislative declaration — Amends provisions to establish that all municipal and special district pension plans must meet both required benefits and minimum standards of 175/185 to be eligible to receive a distribution of insurance premium tax revenues under the law. 2. 175.032 and 185.02 Definitions — Amends definitions as follows: a. Adds definition of "Additional premium tax revenues" which means revenues received by a municipality or special fire control district pursuant to s. 175.121/185.10 which exceed base premium tax revenues. b. Adds definition of "Base benefits" which means the level of benefits in existence for firefighters /police officers on March 12, 1999. c. Adds definition of "Base premium tax revenues" which means revenues received by a municipality or special fire control district pursuant to s. 175.121/185.10 equal to the amount of such revenues received for calendar year 1997. This is the original "frozen chapter money." 400 EXECUTIVE CENTER DRIVE, SUITE 207❖ WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 ❖ Fx: 561.686.2802 L IMP 13 Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund Senate Bill 458 /HB '1399 April 18, 2013 Page 2 of 5 d. For police only, eliminating the 300 hour minimum for overtime to be included in the definition of Compensation" or "salary." e. Adds a definition of "Defined contribution plan" which means a component of a local law defined benefit plan to which deposits are made to provide benefits for firefighters and police officers. The defined benefit plan must meet the base benefits and minimum standards of the chapter. f. Redefines "Local law plan" to require both a defined benefit plan component and a defined contribution plan component. g. Adds a definition of "Long -term funded ratio" or "funded ratio" which "means the ratio of the actuarial value of assets of the plan to the actuarial accrued liabilities of the plan, as reported in the most recent actuarial valuation of the plan, deemed to be in compliance with chapter 112 by the Department of Management Services." h. Adds a definition of minimum benefits as benefits in 175.021- 175.341 and 175.361- 175.401/185.01- 185.341 and 185.37- 185.50. i. Adds a definition of minimum standards in 175.021- 175.341 and 175.361- 175.401/185.01- 185.341 and 185.37 - 185.50. j. Adds a definition of "Required Benefits" which means the base benefits of the Plan (level of benefits in effect on March 12, 1999). For Plans created after March 1, 2013 "required benefits" equals the minimum benefits of Chapter 175/185. k. Adds a definition of "Special benefits" which means benefits provided in a defined contribution plan for firefighters /police officers. I. Amends definition of "Supplemental plan" to provide that any supplemental plan in existence on March 1, 2013 shall be deemed a defined contribution plan. 3. 175.071(7)/185.06(6) General powers and duties of board of trustees is amended to provide that the actuary used by the Board must be an "enrolled" actuary as defined by the law. 4. 175.091/185.07 Creation and maintenance of fund. Amendment provides for the Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund Senate Bill 458/HB 1399 April 18, 2013 Page 3 of 5 funding of the Plans as follows: (1) The firefighters' /police officers' pension trust fund in each municipality and in each special fire control district shall be created and maintained in the following manner: (d) By mandatory payment by the municipality or special fire control district of a sum equal to the normal cost of and the amount required to fund any actuarial deficiency shown by an actuarial valuation as provided in part VII of chapter 112 after taking into account the amounts described in paragraphs (b), (c), (D, (a), and (h) and the amounts of the tax proceeds described in paragraph (a) that must be used to fund defined benefit plan benefits, except as otherwise excluded from consideration in determining the mandatory payment. Note: Paragraph (b) is member contributions; Paragraph (c) is fines and forfeitures of the members for rule violations; Paragraph (f) is gifts, bequests, and devises donated to the fund; Paragraph (g) is "accretions" to the fund by way of interest or dividends; Paragraph (h) is all other sources. Lel For local law plans, and in addition to the mandatory payment described in paragraph (d), by mandatory payment by the municipality, or special fire control district of the amount specified in s. 175.351(3)/185.35(3) if the longterm funded ratio of the plan is Tess than 80 percent. 5. 175.162(2)(a)1185.16(2) Requirements for retirement. Amendment deletes: • • 6. 175.351/185.35 Municipalities and special fire control districts that have their own pension plans for firefighters /police officers. The new language: • Clarifies that if the municipality /special district meets the required benefits and minimum standards, it is entitled to participate in the shares of the 175/185 money. • Explains how the 175/185 dollars are to be allocated. 0 the premium tax income must be placed into the plan as an integral Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund Senate Bill 458/HB 1399 April 18, 2013 Page 4 of 5 part to fund benefits exclusively for firefighters /police officers. o base premium tax revenues (amount of revenues received in 1997) are to be used to fund required benefits (level of benefits in existence on March 12, 1999). If the base premium tax revenues are more than the cost of the required benefits, then the excess of the base premium tax revenues will be used as provided below for premium taxes in excess of the amount received in 2012. o Otherwise, premium tax revenues in excess of that received in calendar year 2012 and any accumulations that have not been applied to extra benefits will be used as follows: - If plan is a supplemental plan as of September 30, 2012 and all premium tax revenues received in excess of the amount received for 2012 calendar year are scheduled to be used to fund a defined contribution plan benefit, then • If less than 70 percent long -term funded ratio then 50 percent of additional premium tax revenues will be used to pay actuarial deficiency (which is not to be used to determine employer contribution) and the rest is to be used to fund special benefits; • If more than 70 percent funded additional premium tax revenues must be used to fund special benefits. - If plan is not a supplemental plan and if funded ratio of Tess than 80 percent: • 50 percent to be paid towards actuarial deficiency and is not to be used to determine employer contribution; • 25 percent to fund required benefits (will offset employer contributions); and • 25 percent to fund defined contribution plan "special benefits." - If plan is not a supplemental plan and if funded ratio is 80 percent or greater: • 50 percent used to fund required benefits (will offset employer contributions); and • 50 percent to fund defined contribution plan "special benefits." • Additional premium tax revenues not allocated as above are to be used to fund benefits not included in required benefits. This language refers to increases in premium tax dollars received between 1997 and 2012 which are to be allocated to benefits passed after March 12, 1999. • Premium tax revenues may not be used to fund defined benefit Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund Senate Bill 458/HB 1399 April 18, 2013 Page 5 of 5 improvements after March 1, 2013. However local law plans created after March 1, 2013 may use up to 50% to fund the defined benefit components of the new plan. • Benefits offered in excess of base benefits may be reduced if the plan meets the required benefits and minimum standards. o The premium tax dollars that had been used to fund the now reduced benefit improvements are to be allocated like the post calendar year 2012 premium taxes; and o 25% of the employer contribution savings must be used to fund the plan's actuarial deficiency if the plan is Tess an 80% funded. • Definition of "Additional Premium Tax Revenue" and "Extra Benefits" are deleted. • Definition of "Supplemental Plans" is maintained as are the exceptions for salary or compensation and the board make up. • Requires creation of the defined contribution plan component by October 1, 2013 for local plans or by July 1, 2014 for Special Act Plans. • A municipality or special district that has implemented or proposed changes based on reliance on a "Naples letter" after August 14, 2012 but before February 1, 2013 may continue with such changes. "Reliance" must be evidenced by formal correspondence written Collective Bargaining Agreement proposal or Collective Bargaining Agreement between the municipality /special district and the department which "describes the specific changes to the local law plan" dated before February 1, 2013. These changes which are contrary to Chapters 175/185 can remain in effect until the earlier of October 1, 2016 or the effective date of the next collective bargaining agreement. 7. "The Legislature finds that a proper and legitimate state purpose is served when employees and retirees of the state and its political subdivisions, and the dependents, survivors, and beneficiaries of such employees and retirees, are extended the basic protections afforded by governmental retirement systems that provide fair and adequate benefits and that are managed, administered, and funded in an actuarially sound manner as required by s. 14, Article X of the State Constitution and part VII of chapter 112, Florida Statutes. Therefore, the Legislature determines and declares that this act fulfills an important state interest. 8. A July 1, 2013 effective date is proposed. This bill will continue to be monitored and the status will be reported. BOYNTON BEACH POLICE PENSION FUND Follow up to November 2012 Meeting discussion Discussion regarding reemployment of Vested Terminated Members Re- employment of terminated vested persons (Sec. 18- 169(e)(2) or (3)). Re- employed terminated vested persons shall have the years of service for the second period of employment added to the first period of service and benefits shall be calculated based upon Sec. 18- 169(a)(2) using the total number of years of service for all periods, average final compensation at time of termination of the second period of service for all years of service. Additionally, the multiplier used shall be the multiplier in effect for each year of service. OR Re- employment of terminated vested persons (Sec. 18- 169(e)(2) or (3)). Re- employed terminated vested persons shall be deemed a new employee subject to any vesting and contribution requirements and the additional credited service accrued during the subsequent employment period shall be used in computing a second benefit amount attributable to the subsequent employment period, which benefit amount shall be added to the benefit determined upon the initial termination to determine the total benefit payable upon final retirement. H. \BB Police 0188 \Policies \Board reemployment after vested termination wpd FORM 1 STATEMENT OF 2012 Please print or type your name, mailing FINANCIAL INTERESTS I address, agency name, and position below: FOR OFFICE USE ONLY: LAST NAME -- FIRST NAME -- MIDDLE NAME MAILING ADDRESS CITY ZIP COUNTY NAME OF AGENCY NAME OF OFFICE OR POSITION HELD OR SOUGHT You are not limited to the space on the lines on this form. Attach additional sheets, if necessary. CHECK ONLY IF ❑ CANDIDATE OR ❑ NEW EMPLOYEE OR APPOINTEE * * ** BOTH PARTS OF THIS SECTION MUST BE COMPLETED * * ** DISCLOSURE PERIOD: THIS STATEMENT REFLECTS YOUR FINANCIAL INTERESTS FOR THE PRECEDING TAX YEAR, WHETHER BASED ON A CALENDAR YEAR OR ON A FISCAL YEAR PLEASE STATE BELOW WHETHER THIS STATEMENT IS FOR THE PRECEDING TAX YEAR ENDING EITHER (must check one) ❑ DECEMBER 31, 2012 OR ❑ SPECIFY TAX YEAR IF OTHER THAN THE CALENDAR YEAR MANNER OF CALCULATING REPORTABLE INTERESTS: THE LEGISLATURE ALLOWS FILERS THE OPTION OF USING REPORTING THRESHOLDS THAT ARE ABSOLUTE DOLLAR VALUES, WHICH REQUIRES FEWER CALCULATIONS, OR USING COMPARATIVE THRESHOLDS, WHICH ARE USUALLY BASED ON PERCENTAGE VALUES (see instructions for further details) CHECK THE ONE YOU ARE USING ❑ COMPARATIVE (PERCENTAGE) THRESHOLDS OR ❑ DOLLAR VALUE THRESHOLDS PART A -- PRIMARY SOURCES OF INCOME [Major sources of income to the reporting person - See instructions] (If you have nothing to report, you must write "none" or "n/a") NAME OF SOURCE SOURCE'S DESCRIPTION OF THE SOURCES OF INCOME ADDRESS PRINCIPAL BUSINESS ACTIVITY PART B -- SECONDARY SOURCES OF INCOME [Major customers, clients, and other sources of income to businesses owned by the reporting person - See instructions] (If you have nothing to report, write "none" or "n /a ") NAME OF NAME OF MAJOR SOURCES ADDRESS PRINCIPAL BUSINESS BUSINESS ENTITY OF BUSINESS' INCOME OF SOURCE ACTIVITY OF SOURCE PART C -- REAL PROPERTY [Land, buildings owned by the reporting person - See instructions] FILING INSTRUCTIONS for (If you have nothing to report, you must write "none" or "n /a ") when and where to file this form are located at the bottom of page 2. INSTRUCTIONS on who must file this form and how to fill it out begin on page 3. CE FORM 1 - Effective January 1, 2013 Refer to Rule 34-8 202(1), FA C (Continued on reverse side) PAGE 1 PART D — INTANGIBLE PERSONAL PROPERTY [Stocks, bonds, certificates of deposit, etc - See instructions] (If you have nothing to report, you must write "none" or "n /a ") TYPE OF INTANGIBLE BUSINESS ENTITY TO WHICH THE PROPERTY RELATES PART E — LIABILITIES [Major debts - See instructions] (If you have nothing to report, you must write "none" or "n/a") NAME OF CREDITOR ADDRESS OF CREDITOR PART F — INTERESTS IN SPECIFIED BUSINESSES [Ownership or positions in certain types of businesses - See instructions] (If you have nothing to report, you must write "none" or "n /a ") BUSINESS ENTITY # 1 BUSINESS ENTITY # 2 BUSINESS ENTITY # 3 NAME OF BUSINESS ENTITY ADDRESS OF BUSINESS ENTITY PRINCIPAL BUSINESS ACTIVITY POSITION HELD WITH ENTITY I OWN MORE THAN A 5% INTEREST IN THE BUSINESS NATURE OF MY OWNERSHIP INTEREST IF ANY OF PARTS A THROUGH F ARE CONTINUED ON A SEPARATE SHEET, PLEASE CHECK HERE ❑ SIGNATURE (required): DATE SIGNED (required): FILING INSTRUCTIONS: WHAT TO FILE: WHERE TO FILE: WHEN TO FILE: After completing all parts of this form, If you were mailed the form by the Commission Initially, each local officer /employee, including sianing and dating it, send back on Ethics or a County Supervisor of Elections state officer, and specified state employee only the first sheet (pages 1 and 2) for filing for your annual disclosure filing, return the must file within 30 days of the date of form to that location his or her appointment or of the beginning If you have nothing to report in a particular Local officers/employees file with the of employment Appointees who must be section, you must write "none" or "n /a" in that Supervisor of Elections of the county in confirmed by the Senate must file prior to section(s) which they permanently reside (If you do not confirmation, even if that is less than 30 permanently reside in Florida, file with the days from the date of their appointment NOTE: Supervisor of the county where your agency Candidates for publicly- elected local office MULTIPLE FILING UNNECESSARY: has its headquarters) must file at the same time they file their Generally, a person who has filed Form 1 State officers or spec state employees qualifying papers for a calendar or fiscal year is not required file with the Commission on Ethics, PO Thereafter, local officers /employees, state to file a second Form 1 for the same year Drawer 15709, Tallahassee, FL 32317 -5709 officers, and specified state employees However, a candidate who previously filed Candidates file this form together with their are required to file by July 1st following Form 1 because of another public position qualifying papers each calendar year in which they hold their must at least file a copy of his or her original positions Form 1 when qualifying To determine what category your position falls F at the end of office or employment, under, see the "Who Must File" Instructions on each local officer /employee, state officer, and page 3 specified state employee is required to file a final disclosure form (Form 1 F) within 60 days Facsimiles will not be accepted. of leaving office or employment However, filing a CE Form 1F (Final Statement of Financial Interests) does n�,.t relieve the filer of filing a CE Form 1 if he or she was in their position on December 31, 2012. CE FORM 1 - Effective January 1, 2013 Refer to Rule 34 -8202 (1), FA C PAGE 2 NOTICE, Annual Statements of Financial Interests are due July 1. If the annual form is not filed or postmarked by September 3, an automatic fine of $25 for each day late will be imposed, up to a maximum penalty of $1,500. [Sec. 112.3145, Florida Statutes - applicable to non -judicial officials] In addition, failure to make any required disclosure constitutes grounds for and may be punished by one or more of the following: disqualification from being on the ballot, impeachment, removal, or suspension from office or employment, demotion, reduction in salary, reprimand, or a civil penalty not exceeding $10,000. [Sec. 112.317, Florida Statutes] WHO MUST FILE FORM 1 All persons who fall within the categories of "state officers," "local officers /employees," or "specified state employees," as well as candidates for elective local office, are required to file Form 1. Positions within these categories are listed below. Persons required to file full financial disclosure (Form 6) and officers of the judicial branch do not file Form 1 (see Form 6 for a list of persons who must file that form). STATE OFFICERS include coordinator; county or municipal pollution control director; county or 1) Elected public officials not serving in a political subdivision of the municipal environmental control director; county or municipal administrator state and any person appointed to fill a vacancy in such office, unless with power to grant or deny a land development permit; chief of police; fire required to file full disclosure on Form 6 chief; municipal clerk; appointed district school superintendent; community 2) Appointed members of each board, commission, authonty, or college president; district medical examiner; purchasing agent (regardless council having statewide lunsdiction, excluding members of solely advisory of title) having the authority to make any purchase exceeding $20,000 for bodies, but including judicial nominating commission members; Directors the local govemmental unit. of Enterpnse Florida, Scripps Florida Funding Corporation, and Workforce 5) Officers and employees of entities serving as chief administrative Florida, and members of the Council on the Social Status of Black Men and officer of a political subdivision Boys; and Govemors and senior managers of Citizens Property Insurance 6) Members of goveming boards of charter schools operated by a Corporation and Flonda Workers' Compensation Joint Underwriting city or other public entity. Association SPECIFIED STATE EMPLOYEES include: 3) The Commissioner of Education, members of the State Board of 1) Employees in the office of the Govemor or of a Cabinet member Education, the Board of Govemors, and the local Boards of Trustees and who are exempt from the Career Service System, excluding secretarial, Presidents of state universities. clencal, and similar positions. LOCAL OFFICERS /EMPLOYEES include 2) The following positions in each state department, commission, 1) Persons elected to office in any political subdivision (such as board, or council: Secretary, Assistant or Deputy Secretary, Executive municipalities, counties, and special districts) and any person appointed to Director, Assistant or Deputy Executive Director, and anyone having the fill a vacancy in such office, unless required to file Form 6. power normally conferred upon such persons, regardless of title 2) Appointed members of the following boards, councils, commissions, 3) The following positions in each state department or division. authorities, or other bodies of county, municipality, school district, Director, Assistant or Deputy Director, Bureau Chief, Assistant Bureau independent special district, or other political subdivision the governing Chief, and any person having the power normally conferred upon such body of the subdivision; community college or junior college district boards persons, regardless of title. of trustees; boards having the power to enforce local code provisions, 4) Assistant State Attorneys, Assistant Public Defenders, Public boards of adjustment, planning or zoning boards having the power to Counsel, full -time state employees serving as counsel or assistant counsel recommend, create, or modify land planning or zoning within a political to a state agency, administrative law judges, and hearing officers subdivision, except for citizen advisory committees, technical coordinating 5) The Supenntendent or Director of a state mental health institute committees, and similar groups who only have the power to make established for training and research in the mental health field, or any major recommendations to planning or zoning boards; pension or retirement state institution or facility established for corrections, training, treatment, or boards empowered to invest pension or retirement funds or determine rehabilitation. entitlement to or amount of pensions or other retirement benefits 6) State agency Business Managers, Finance and Accounting 3) Any appointed member of a local govemment board who is Directors, Personnel Officers, Grant Coordinators, and purchasing agents required to file a statement of financial interests by the appointing authority (regardless of title) with power to make a purchase exceeding $20,000. or the enabling legislation, ordinance, or resolution creating the board. 7) The following positions in legislative branch agencies: each 4) Persons holding any of these positions in local government employee (other than those employed in maintenance, clerical, secretarial, mayor, county or city manager, chief administrative employee of a county, or similar positions and legislative assistants exempted by the presiding municipality, or other political subdivision; county or municipal attorney, chief officer of their house), and each employee of the Commission on Ethics. county or municipal building inspector, county or municipal water resources INSTRUCTIONS FOR COMPLETING FORM l: INTRODUCTORY INFORMATION (At Top of Form) PUBLIC RECORD: The disclosure form and everything attached to it is a public record. Your Social Security Number is not reauired and you If your name, mailing address, public agency, and position are already should redact it from any documents you file. If you are an active or printed on the form, you do not need to provide this information unless it former officer or employee listed in Section 119.071(4)(d), F.S., whose should be changed. To change any of this information, write the correct home address is exempt from disclosure, the Commission is required information on the form, and contact your agency's financial disclosure to maintain the confidentiality of your home address if you submit coordinator Your coordinator is identified in the financial disclosure a written reauest for confidentiality. Persons listed in Section portal on the Commission on Ethics website: www ethics.state fl us 119 071(4)(d), F S , are encouraged to provide an address other than NAME OF AGENCY: This should be the name of the governmental unit their home address which you serve or served, by which you are or were employed, or for DISCLOSURE PERIOD: The tax year for most individuals is the calen- which you are a candidate dar year (January 1 through December 31). If that is the case for you, OFFICE OR POSITION HELD OR SOUGHT: Use the title of the office then your financial interests should be reported for the calendar year 2012; just check the box and you do not need to add any information in or position you hold, are seeking, or held during the disclosure period this part of the form However, if you file your IRS tax return based on even if you have since left that position If you are a candidate for office a tax year that is not the calendar year, you should specify the dates of or are a new employee or appointee, check the appropriate box your tax year in this portion of the form and check the appropriate box This is the time frame or "disclosure period" for your report. CE FORM 1 - Effective January 1, 2013 Refer to Rule 34 -8 202(1) FA C PAGE 3 MANNER OF CALCULATING REPORTABLE INTEREST As noted on the form, the Legislature has given filers the option of reporting based on either thresholds that are comparative (usually, based on percentage values) or thresholds that are based on absolute dollar values. The instructions on the following pages specifically describe the different thresholds. Check the box that reflects the choice you have made. You must use the type of threshold you have chosen for each Dart of the form. In other words, if you choose to report based on absolute dollar value thresholds, you cannot use a percentage threshold on any part of the form. II: VOL HAVE CHOSEN~ DOLLAR V'ALLJE THRESHOLDS THE I: OLLOw "INC 1 N $ FRL (TIONS APP1.V PART A - PRIMARY SOURCES OF INCOME reporting threshold. You will not have anything to report unless, during the disclosure period: [Required by Sec. 112.3145(3)(a)1 or (b)1, F.S ] (1) You owned (either directly or indirectly in the form of an equitable Part A is intended to require the disclosure of your principal sources or beneficial interest) during the disclosure period more than 5% of of income during the disclosure period You do not have to disclose the the total assets or capital stock of a business entity (a corporation, amount of income received, and you need not list your public salary from partnership, LLC, limited partnership, propnetorship, joint venture, serving in the position(s) which reauires you to file this form, but this trust, firm, etc , doing business in Florida); and amount should be included when calculating your gross income for the (2) You received more than $5,000 of your gross income during the disclosure period The income of your spouse need not be disclosed, disclosure period from that business entity however, if there is joint income to you and your spouse from property you own jointly (such as interest or dividends from a bank account or stocks), If your interests and gross income exceeded these thresholds, then for that you should include all of that income when calculating your gross income business entity you must list every source of income to the business entity and disclose the source of that income if it exceeded the threshold. which exceeded 10% of the business entity's gross income (computed on Please list in this part of the form the name, address, and principal the basis of the business entity's most recently completed fiscal year), the business activity of each source of your income which exceeded $2,500 of source's address, and the source's principal business activity gross income received by you in your own name or by any other person Examples for your use or benefit. — You are the sole proprietor of a dry cleaning business, from which "Gross income" means the same as it does for income tax purposes, you received more than $5,000. If only one customer, a uniform rental even if the income is not actually taxable, such as interest on tax -free bonds company, provided more than 10% of your dry cleaning business, you Examples include. compensation for services, income from business, must list the name of the uniform rental company, its address, and its gains from property dealings, interest, rents, dividends, pensions, IRA principal business activity (uniform rentals) distributions, social security, distributive share of partnership gross income, — You are a 20% partner in a partnership that owns a shopping and alimony, but not child support mall and your partnership income exceeded the thresholds listed Examples above You should list each tenant of the mall that provided more — If you were employed by a company that manufactures computers than 10% of the partnership's gross income, the tenant's address and received more than $2,500, then you should list the name of the and principal business activity company, its address, and its principal business activity (computer PART C - REAL PROPERTY manufacturing) — If you were a partner in a law firm and your distnbutive share [Required by Sec. 112.3145(3)(a)3 or (b)3, F.S.] of partnership gross income exceeded $2,500, then you should list In this part, list the location or description of all real property in Florida the name of the firm, its address, and its principal business activity in which you owned directly or indirectly at any time during the previous (practice of law). tax year in excess of 5% of the property's value You are not reauired to list — If you were the sole proprietor of a retail gift business and your your residences and vacation homes. gross income from the business exceeded $2,500, then you should Indirect ownership includes situations where you are a beneficiary of list the name of the business, its address, and its principal business a trust that owns the property, as well as situations where you are more activity (retail gift sales) than a 5% partner in a partnership or stockholder in a corporation that — If you received income from investments in stocks and bonds, owns the property The value of the property may be determined by the you are required to list on y each individual company from which most recently assessed value for tax purposes, in the absence of a more you derived more than $2,500, rather than aggregating all of your current appraisal. investment income The location or descnption of the property should be sufficient to enable — If more than $2,500 of your gross income was gain from the sale anyone who looks at the form to identify the property. A legal description of of property (not just the selling price), then you should list as a source the property may be used, but is not required. Simpler descriptions, such as "duplex, 115 Terrace Avenue, Tallahassee" or "40 acres located at the of income the name of the purchaser, the purchaser's address, and the purchaser's pnncipal business activity. If the purchaser's identity intersection of Hwy. 60 and 1-95, Lake County" are sufficient. is unknown, such as where securities listed on an exchange are PART D - INTANGIBLE PERSONAL PROPERTY sold through a brokerage firm, the source of income should be listed [Required by Sec. 112.3145(3)(a)3 or (b)3, F.S.] simply as "sale of (name of company) stock," for example — If more than $2,500 of your gross income was in the form of Provide a general description of any intangible personal property interest from one particular financial institution (aggregating interest that, at any time during the disclosure period, was worth more than from all CD's, accounts, etc , at that institution), list the name of the $10,000 and state the business entity to which the property related. institution, its address, and its principal business activity. Intangible personal property includes such things as money, stocks, bonds, certificates of deposit, interests in partnerships, beneficial PART B - SECONDARY SOURCES OF INCOME interests in a trust, promissory notes owed to you, accounts receivable by you, assets held in IRAs, Deferred Retirement Option accounts, [Required by Sec 112 3145(3)(a)2 or (b)2, F S ] Florida Prepaid College Plan accounts and bank accounts Things This part is intended to require the disclosure of major customers, like automobiles, houses, jewelry, and paintings are not intangible clients, and other sources of income to businesses in which you own an property. Intangibles relating to the same business entity may be interest It is not for reporting income from second jobs, etc. That kind of aggregated; for example, certificates of deposit and savings accounts with the same bank Property owned as tenants by the entirety or as income should be reported as "Primary Sources of Income," if it meets the joint tenants with right of surviorship should be valued at 100 /o CE FORM 1 - Effective January 1, 2013 Refer to Rule 34-8 202(1), FA C PAGE 4 PART E — LIABILITIES companies; credit unions; small loan companies; alcoholic beverage licensees; pari - mutuel wagering companies, utility companies, entities [Required by Sec 112 3145(3)(a)4 or (b)4, F.S ] controlled by the Public Service Commission; and entities granted a In this part of the form, list the name and address of each franchise to operate by either a city or a county govemment creditor to whom you owed more than $10,000, at any time during the You are required to disclose in this part of the form the fact that disclosure period you owned during the disclosure period an interest in, or held any You are not required to list the amount of any indebtedness You of certain positions with, particular types of businesses listed above do not have to disclose any of the following: credit card and retail You are required to make this disclosure if you own or owned (either installment accounts, taxes owed (unless reduced to a judgment), directly or Indirectly in the form of an equitable or beneficial interest) at Indebtedness on a life Insurance policy owed to the company of any time during the disclosure period more than 5% of the total assets issuance, or contingent liabilities. A "contingent liability" is one that or capital stock of one of the types of business entities listed above will become an actual liability only when one or more future events You also must complete this part of the form for each of these types of occur or fail to occur, such as where you are liable only as a guarantor, businesses for which you are, or were at any time during the disclosure surety, or endorser on a promissory note. If you are a "co- maker" and period, an officer, director, partner, proprietor, or agent (other than a have signed as being jointly liable or jointly and severally liable, then resident agent solely for service of process) this is not a contingent liability; if the total amount of the debt exceeds If you have or held such a position or ownership Interest in one of $10,000 it should be reported. these types of businesses, list the name of the business, its address PART F — INTERESTS IN SPECIFIED BUSINESSES and pnncipal business activity, and the position held with the business (if any) If you own(ed) more than a 5% interest in the business, you [Required by Sec 112 3145(5), F S.] must indicate that fact and describe the nature of your interest. The types of businesses covered in this disclosure include: state and federally chartered banks; state and federal savings and loan (End of Dollar Value Thresholds Instructions.) associations; cemetery companies; insurance companies; mortgage IF )'OU HAW C COM (PERCENTAGE) THR THE FOLLOWING INSTRUCTIONS APPLY PART A — PRIMARY SOURCES OF INCOME of property (not just the selling pnce), then you should list as a source of income the name of the purchaser, the purchaser's [Required by Sec 112 3145(3)(a)1 or (b)1, FS ] address, and the purchaser's principal business activity. If the Part A is intended to require the disclosure of your principal sources purchaser's identity is unknown, such as where securities listed of income during the disclosure period. You do not have to disclose the on an exchange are sold through a brokerage firm, the source of amount of income received, and you need not list your public salary Income should be listed as "sale of (name of company) stock," for received from serving in the position(s) which requires you to file this example form, but this amount should be included when calculating your gross — If more than 5% of your gross income (or, alternatively, income for the disclosure period. The Income of your spouse need not $2,500) was in the form of Interest from one particular financial be disclosed; however, if there is joint income to you and your spouse institution (aggregating interest from all CD's, accounts, etc., at from property you own jointly (such as interest or dividends from a that institution), list the name of the institution, its address, and its bank account or stocks), you should include all of that income when principal business activity calculating your gross income and disclose the source of that income If it exceeded the threshold PART B — SECONDARY SOURCES OF INCOME Please list in this part of the form the name, address, and principal [Required by Sec. 112 3145(3)(a)2 or (b)2, F S.] business activity of each source of your income which exceeded 5% of the gross income received by you in your own name or by any other This part is intended to require the disclosure of major customers, person for your benefit or use dunng the disclosure period clients, and other sources of income to businesses in which you own an interest. It is not for reporting income from second jobs. etc. That "Gross income" means the same as it does for income tax kind of income should be reported as a "Primary Source of Income," purposes, even if the income is not actually taxable, such as interest if it meets the reporting threshold. You will not have anything to report on tax -free bonds Examples include: compensation for services, unless during the disclosure period: income from business, gains from property dealings, interest, rents, dividends, pensions, IRA distributions, social security, distributive share (1) You owned (either directly or indirectly in the form of an of partnership gross income, and alimony, but not child support equitable or beneficial interest) more than 5% of the total assets or Examples capital stock of a business entity (a corporation, partnership, LLC, P limited partnership, proprietorship, joint venture, trust, firm, etc., — If you were employed by a company that manufactures doing business in Florida); and computers and received more than 5% of your gross income (2) You received more than 10% of your gross income from that (salary, commissions, etc.) from the company, you should list business entity, and the name of the company, its address, and its principal business activity (computer manufacturing) (3) You received more than $1,500 in gross income from that business entity. — If you were a partner in a law firm and your distributive share of partnership gross Income exceeded 5% of your gross income, If your interests and gross income exceeded these thresholds, then then you should list the name of the firm, its address, and its for that business entity you must list every source of income to the principal business activity (practice of law) business entity which exceeded 10% of the business entity's gross income (computed on the basis of the business entity's most recently — If you were the sole propnetor of a retail gift business and completed fiscal year), the source's address, and the source's principal your gross income from the business exceeded 5% of your total business activity gross income, then you should list the name of the business, its address, and its pnncipal business activity (retail gift sales). Examples: — If you received income from investments in stocks and — You are the sole proprietor of a dry cleaning business, from bonds, you are required to list only each individual company from which you received more than 10% of your gross income —an which you derived more than 5% of your gross income, rather amount that was more than $1,500 If only one customer, a uniform than aggregating all of your investment income rental company, provided more than 10% of your dry cleaning business, you must list the name of the uniform rental company, — If more than 5% of your gross income was gain from the sale its address, and its principal business activity (uniform rentals). CE FORM 1 - Effective January 1, 2013 Refer to Rule 34-8 202(1), FA C PAGE 5 — You are a 20% partner in a partnership that owns a shopping PART E — LIABILITIES mall and your partnership income exceeded the thresholds listed above. You should list each tenant of the mall that provided more [Required by Sec. 112 3145(3)(a)4 or (b)4, F.S ] than 10% of the partnership's gross income, the tenant's address In this part of the form, list the name and address of each creditor and principal business activity to whom you owed any amount that, at any time during the disclosure period, exceeded your net worth. PART C — REAL PROPERTY You are not required to list the amount of any indebtedness or [Required by Sec 112 3145(3)(a)3 or (b)3, F.S ] your net worth You do not have to disclose any of the following: credit In this part, list the location or description of all real property in card and retail installment accounts, taxes owed (unless reduced to Florida in which you owned directly or indirectly at any time during c of issuance, company seanc or contingent act ti a life insurance "contingent liability" owed to the the previous tax year in excess of 5% of the property's value. You is one t hat t will an actual liability liabilities. only A whemore are not required to list your residences and vacation homes future an to occur, such as where when n one t ne or or futurr one that events s of l ccc ur r become or fail you are liable only Indirect ownership includes situations where you are a as a guarantor, surety, or endorser on a promissory note If you are beneficiary of a trust that owns the property, as well as situations a "co- maker" and have signed as being jointly liable or jointly and where you are more than a 5% partner in a partnership or severally liable, then this is not a contingent liability stockholder in a corporation that owns the property The value of the Calculations: In order to decide whether the debt exceeds property may be determined by the most recently assessed value your net worth, you will need to total all of your liabilities (including for tax purposes, in the absence of a more current appraisal. promissory notes, mortgages, credit card debts, judgments against The location or description of the property should be sufficient to you, etc) Subtract this amount from the value of all your assets as enable anyone who looks at the form to identify the property A legal calculated above for Part D. This is your "net worth." You must list description of the property may be used, but is not required. Simpler on the form each creditor to whom your debt exceeded this amount descriptions, such as "duplex, 115 Terrace Avenue, Tallahassee" unless it is one of the types of indebtedness listed in the paragraph or "40 acres located at the intersection of Hwy. 60 and 1 -95, Lake above (credit card and retail installment accounts, etc.). Joint County" are sufficient. liabilities with others for which you are "jointly and severally liable," PART D — INTANGIBLE PERSONAL PROPERTY meaning that you may be liable for either your part or the whole of the obligation, should be included in your calculations at 100% of [Required by Sec. 112 3145(3)(a)3 or (b)3, F.S.] the amount owed. Provide a general description of any intangible personal property Examples: that, at any time during the disclosure period, was worth more than — You owe $15,000 to a bank for student loans, $5,000 for credit 10% of your total assets, and state the business entity to which card debts, and $60,000 (with spouse) to a savings and loan for the property related. Intangible personal property includes such a home mortgage. Your home (owned by you and your spouse) things as money, stocks, bonds, certificates of deposit, interests in is worth $80,000 and your other property is worth $20,000. Since partnerships, beneficial interests in a trust, promissory notes owed your net worth is $20,000 ($100,000 minus $80,000), you must to you, accounts receivable by you, assets held in IRA's, Deferred report only the name and address of the savings and loan Retirement Option accounts, Florida Prepaid College Plan accounts and bank accounts Things like automobiles, houses, jewelry, and PART F — INTERESTS IN SPECIFIED BUSINESSES paintings are not intangible property. Intangibles relating to the same business entity may be aggregated; for example, CD's and [Required by Sec 112 3145(5), F.S ] savings accounts with the same bank. Property owned as tenants The types of businesses covered in this disclosure include: state by the entirety or as joint tenants with right of survivorship should be valued at 100% and federally chartered banks; state and federal savings and loan associations, cemetery companies; insurance companies, mortgage Calculations: In order to decide whether the intangible property companies; credit unions; small loan companies; alcoholic beverage exceeds 10% of your total assets, you will need to total the value licensees; pari - mutuel wagering companies, utility companies, entities of all of your assets (including real property, intangible property, controlled by the Public Service Commission; and entities granted a and tangible personal property such as automobiles, jewelry, franchise to operate by either a city or a county government. furniture, etc ). When making this calculation, do not subtract any You are required to disclose in this part of the form the fact that liabilities (debts) that may relate to the property—add only the fair market value of the property Multiply the total figure by 10% you owned during the disclosure period an interest in, or held any to arrive at the disclosure threshold. List only the intangibles that of certain positions with, particular types of businesses listed above. exceed this threshold amount. Property that is only jointly owned You are required to make this disclosure if you own or owned (either property should be valued according to the percentage of your joint directly or indirectly in the form of an equitable or beneficial interest) ownership Property owned as tenants by the entirety or as point at any time during the disclosure period more than 5% of the total tenants with right of survivorship should be valued at 100 %. None assets or capital stock of one of the types of business entities listed of your calculations or the value of the property have to be disclosed above You also must complete this part of the form for each of these on the form types of businesses for which you are, or were at any time during the disclosure period, an officer, director, partner, proprietor, or agent Example (other than a resident agent solely for service of process). — You own 50% of the stock of a small corporation that is If you have or held such a position or ownership interest in worth $100,000, the estimated fair market value of your home one of these types of businesses, list the name of the business, its and other property (bank accounts, automobile, furniture, etc) address and principal business activity, and the position held with is $200,000 As your total assets are worth $250,000, you must the business (if any) If you owned) more than a 5% interest in the disclose intangibles worth over $25,000. Since the value of the business, you must indicate that fact and describe the nature of your stock exceeds this threshold, you should list "stock" and the interest name of the corporation If your accounts with a particular bank exceed $25,000, you should list "bank accounts" and bank's name (End of Percentage Thresholds Instructions.) 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B & .) co cn 0 0 P a V/ M M V co C O O N C Cr) O a 0 0 o _ O ,A N to O I Q N CL — 1 o ■ E o co S oo 2* co C � ' o O - 0 L Q � _ CD O 0 0 J 0 o m r • — T O ^ �' m _MI ■ II III ■ .I. is ■ 111 c/ / CO cn a o HIP. w n co VJ }�� O o moo, V/ N c E w m U E a c N a Y x o x E o ▪ � = w co ! m • • C M i n = O - = U m a Immo= Q CD N ! F U ce a y o V / CO o tit O. CO c Cll ^' NN N E -1t Q. 1 y M = 0 I 0 CI) 7D �u N 1 n 0 • x • 1 0 E cu 0 i --i . 0 = an w .7) j Y > E 0 > > > Lt) a a a 0. . N •n E a 0.. n 0 Q. N 0 O-,cn _C O N ' N - 'CD ci) 4.1 0 0 'L N 4) O m V3 U a) .Y E RS O C E O ._ 0 O ' > U O = co O O O - O O O o r a m N a. 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N `) . n cd 0 a) 0 U � �+•+ y W .. • PCI 12:1 7 4, . o 0 Cr a) a � � -0 •-4 0� >a) a)U� ay�..� U a) y U o , o cs m s•, m '8 }? 0 es cd -c) >° co $.4 0 c O a) co) bA 8 an vi O }' +... 0 +-, : O O 2 2 ti, 0 -0 ..-. r bA L., yy - a) m 8 + 0 v 0 v) 0 v, 2 �", . 5 U a) -0 . -. . cd U wo U U o cd o '� ,� a) a) cu 0 U" v 4 m 6 U > > cd t.•, U 5 ' yU, • 2 to .-o O ° �� 0 rn cd ed 0 ,..., • as — ,.0 0 "g . 5 .;,) as ,4 u. 0 -, .-... • •-■ - 8 En c..) 0 -0 - 0 ca p L9., �, a, cd a 0 0 0 0 0 0 C.)..-4,,,. a eu u •0 0 0 • O cn ▪ > - d cS U O-8 0- '" > O A cn U Ed cu • 2 c 2 ,� • , " ,, O a) E , cd cd -0 . 0 . • O O id a) O U ., . cd O . a) a) cd U - 0 y U H .c..,,.. -.1.-J 0 � U - y a P F a a 0 U 0� - . o -‹ Q. .--; U c A cn'f m ,.., o ..n ,-5. qo 04 o r -0.5 oo ,5 o H . • • BOYNTON* BRACH POLICE OFFICERS' PENSION FUND Investment Policy Statement 1, PURPOSE OIL INVESTMENT IOLICY 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 hivestment Policy Statement to apply to all of the assets of the fund. In fulfilling their fiduciary responsibility, the Trustees recognize that the pension. fund is an essential vehicle for providing income benefits to retired participants or their beneficiaries. The Trustees also recognize that the obligations of the Fund are long -term and that the • • investment policy statement should be made with a view toward perfonnnnce 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 Josses -- that meets or exceeds the actuarial interest rate asstnnption net of fees to ensure the Fund is actuarially sound. This return is expected on a regular basis over rolling actuarial measurement periods. The Tntstees, 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 Fund 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 pension Fund; b. with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar wlth such matters would use in the conduct of an enterprise of a like character and with likes alms; e. by diversifying the investments of the Fund so as to minimize the risk of Inrge 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 rotes and securities markets make it necessary to judge results within the context of several years rather than over short periods of one or two - years or less, 2. INVESTMENT PERFORMANCE OBJECTIVES The below listed performance measures will be used as objective criteria for evaluating • I 2113/2W3 • l BOYNTON BEACH POLICE OFFICERS' PENSION FUND investment Polley Statement effectiveness of the investment manager(s): A. Total Fund Performance I, 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 accormnodate the market cycles experienced with investments. The performance of the total Fund will be compared to a Benchmark comprised currently of: 48% MSCI ACW1 Equity Index, 35% Barclays Capital US Aggregate Bond Index, 5% NAREIT Index, 5% NCRBIF Index Open -Bnd Diversified Core Equity -Equal Weight, 5% DI-UBS Commodities Index, and 2% Treasury, 2, On a relative basis, it is expected that the investment manager's performance will rank In the top 40th percentile of an appropriate balanced universe over three- to five -year periods, 3. On an absolute basis, It is expected the total Fund return will equal or exceed the actuarial earnings assumption rate (7.75%) over rolling five -year periods. For each actuarial valuation, the Trustees will dettennine the total expected annual rate of return for the currectt year, for each of the next several years, and for the tong -term thereafter. 8, Fixed Income Performance The fixed Income portion of the portfolio is expected to rneet 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, C. Private Real Estate Perforrnquce The Private Real Estate portion of the portfolio is expected to meet or exceed the return of the - NCRBIF Index Open-End Diversified Core Equity -Equal Weight, and rank within the top 40th percentile of air appropriate Rea! Estate universe over three- and five -year periods. 3. INVESTMENT STANDARDS AND GUIDELINES 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 thatch investment maturities with known cash needs and anticipated cash -flow requirements. 2/13/2013 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement Custodian: The Board of Trustees has a retained and will continue to retain a third party to be custodian of the Fund's assets. Ail 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 13onrd of Trustees or the Board of Trustee's designee. Security transactions between a broker dealer and acustodian involving the purchase or sate 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 Trustees shall determine the approximate maturity date based on cash flow . needs and market conditions, analyze and select one or more optimal types of investment, awl competitively bid the security in question when feasible and appropriate. Except as otherwise required by taw, 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. Authorized Tuvestments:. 1. Commingled equity, fixed income, money market, and alternative (real estate, • listed infrastructure, commodities) funds and institutional mutual funds whose investments aro restricted to securities meeting the criteria outlined in Section 3D, . 13. Limitations I. illiquid Investments, as described in Chapter 215.47, ' Florida Statutes, are 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 prolttbited, unless an indirect investment is unable to divest, as provided for its Florida Statutes section 215.473. 5. The following investments are prohibited, unless authorized by the Trustees: a. Futures (exceptions are mutual and commingled funds) b. General obligations issued by a foreign government 0. fledge funds d. Insurance annuities 3 2/13/2013 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Jnves(n e11tPolicyStatement e. Menially managed asset,. f. United partnerships g. Margin Accounts h. Options (exceptions are mutual and cormningled funds) i, Private equity j. Private mortgages 4. COMMUNICATIONS A. The custodian shall Apprise the Trustees of all transactions and shall forward all proxies to the investment manager(s) within tern 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 ail assets. On a quarterly basis, the investment tnanager(s) or investment monitor /consultant 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 statement, 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 itnrnediate written and/or telephone notice to the Trustees of any significant market related or non- rnarket related event, specifically including, but not limited to, any deviation from the standards set forth in Section 3B above. H. The investment manager(s) will disclose any securities that are not in compliance with Section 313 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, 13, The Tmstees will meet quarterly with the investment monitor /consultant to review the Performance Report, The Trustees will meet with the investment manager(s) and investment monitor /consultant to discuss performance results, economic outlook, investnrcttt strategy and tactics and other pertinent matters affecting the Trued 011 a quarterly basis. 13, 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. CRITERIA FOR INVESTMENT MANAGER REVIEW The Board of Trustees wish to adopt standards by which judgments of the ongoing performance of an investment manager may be made. With thls in mind, the following me adopted: 2!1312013 • • f • • BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement If, at any dine, any one of the following is breached, the Investment manager(s) will be warned of the Intstee'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 %a of the market. C. Loss by the investment managers) of any senior investment personnel. • D. Any change in basic investment philosophy by the investment tanager(s). E. Failure to attain a tnaJority vote of confidence by the Board of Trustees. R Failure to observe the security quality restrictions in Section 3B. 6. INTERNAL CONTROLS 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 finanolal audit, the CPA shall review the controls that should be designed to prevent loss of funds that night arise from fraud, error, or misrepresentation by third panties or imprudent actions by the Trustees or the employees of the City of Boynton Beach. 1. CONTINUING EDUCATION The Fund acknowledges the importance of continuing education for the TniStees, 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, Bach Trustee Is encouraged to attend a minimum of two conferences or seminars per year. Additional conferences or seminars are also encouraged. Bach Trustee may attend up to six conferences itt state and two conferences out -of- state, every year, without additional Board approval, ft. FLORIDA STATUTES 112, 185 AND APPLICABLE CITY OF BOYNTON BEACH ORDINANCES If at any time, this document found to be in conflict with Chapter 112,661 or Chapter 185, Florida Statutes, or the applicable City of Boynton Beach Ordinances, the Statutes and Ordinances shall prevail, 9. PROXY VOTING In general, proxies shall be voted in accordance with the Ttttsteas proxy policy, which is: • 5 2/t3/2013 BOYNTON BRACE POLICE OFFICERS' PENSION FUND Investment Palley Statement "The Board of Trustees of the CITY OF BOYNTON I3BACH POLICE OH ICER'S PENSION 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 managers) shall report a record of his or her proxy vote, 10. REVIEW AND AMENDMENTS It is the Trustees intention to review this document periodically and to amend this statement to reflect any changes in philosophy, objectives or guidelines. In this regard, the investment manager's interest in consistency in these matters is recognized and wilt be taken into account when changes are being considered. If at any [lino any investment manager feels that tire specific objectives defined heroin cannot be met, or the guidelines constrict performance, the Trustees should be notified in writing. By initial and contintdrig acceptance of this Investment Polley Statement, the investment manager(s) concurs with the provisions of this document. Once the Trustees have adopted the investment policy statement, the investment policy statement shall be promptly filed with the Department of Management Services, the Fund sponsor, and the consulting actuary. The effective date of the Investment Policy Statement and any amendment thereto shall be the 3 tst calendar day fallowing the filing date with the plan sponsor. 11. ASSET ALLOCATION 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 econotnia, 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. Iti snaking asset allocation judgments, It is uo expected that the Trustees 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: 2/13/2013 IBOYNTONBL POLICE OFFICERS' PENSION FUND Investment Policy Statement • Strategic Allocation Polley Range Allocation Asset Class/Strategy ( %) (`9o) Equities 48 30 — 70 Plod tnconte 35 30 40 Cash/Money Market 2 0 -- 5 Alternatives: 15 2 —20 Total 100 ALTERNATIVES Private Real Estate 5 0 —7 Public Real Estate (RBITs) 5 0 —7 Listed InfrasUactare 0 0--5 Commodities (CCFs) 5 0--7 NOTE: Foreign securities are limited to 24% of Hui pension bind at market rotor, 12. PROCEDURE FOR REBAI,ANCJNG ASSET ALLOCATION At the end of each month, Russell Investments wilt 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 INYBSTIvNTS FUND P�It) lose krec By: As: Chairman, Board of Trustees As: Invegment Manager Date: 3 • Zts I � Date : VA /% l BURGESS CHAMBERS. & ASSOCIATES, INC. y�� / As: Re gi tere visor Date; h /, Ad // 3 7 2/13/2013