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Agenda 11-12-13BOYNTON BEACH POLICE OFFICERS' PENSION FUND QUARTERLY BOARD MEETING Tuesday, November 12, 2013 @ 9:30 AM Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite #220 Boynton Beach, FL 33426 AGENDA L CALL TO ORDER — Toby Athol, Chair II. AGENDA APPROVAL III. APPROVAL OF MINUTES — Special Meeting 7-22-2013 IV. DISABILITY APPLICATIONS: A) Gregory Kenny — Rescinds disability application October 29, 2013 B) Robert Epstein — Entry of Final Order in accordance with Hearing Appeal Policy. V. FINANCIAL REPORTS: A) Quarterly Investment Review/ PYE 9-30-2013 Review 1) Russell Investment Group — Mary Jean (MJ) Candioto, CFA a) Investment Review 2.) Burgess Chambers & Associates (BCA) — Burgess Chambers, President Frank Wan, Head of Research 1) Fund Performance review — B) GASB No. 67 Implementation Package — Pete Strong, Consultant & Actuary Gabriel, Roeder, Smith & Co. VI. CORRESPONDENCE: 1) 2014 IRS Contribution Limits (provided by Tegrit Group Fire DROP Admin) VII. OLD BUSINESS: VIII. NEW BUSINESS: A. Invoices for review and approval: 1. Russell Investment Gp. — Quarter End 9-30-2013 - $ 2. Russell Payment Services — Quarter End 9-30-2013 - $902.52 3. Perry & Jensen — Service Aug, Sept, Oct 2013 - $6266.96 4. Burgess Chambers & Assoc — 34 Qtr 2013 fee - $5,000 5. Gabriel, Roeder, Smith & Co- Service Aug -$1445 & Sept 2013 - $4742 1 6. Ellen Schaffer — Programming Vac/Sic CAPS - $460 7. Annual Renewal Macola/Exact - $437.50 8. Micro Focus — SupportLine Renewal - $144.32 B) Attorney Report - Bonni Jensen 1) Definition of Compensation & Proposed Ordinance - status. 2) Attorney Fee Increase — Letter of 10-29-2013 C. Verification of Retirement Benefits: 1) George Immler — Normal Retirement 2) Scott Caudell — DROP Retirement 3) Michael Mulcahy — Vested Termination IX. PENSION ADMINISTRATOR'S REPORT 1. Pension Administrator — Salary Review 2. Schedule 2014 Quarterly Board Meetings - Review 3. Benefits as of PYE 9-30-2013 X. COMMENTS: XI. ADJOURNMENT: Next Regular Meeting Date — Tuesday, February 11, 2014@ 9:30 a.m. — Renaissance Commons If you cannot attend, please call Barbara @ 561-739-7972 NOTICE IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE POLICE OFFICERS' PENSION BOARD WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING, HE/SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, HE/SHE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. (F. S. 286.0105) 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 BY THE CITY. PLEASE CONTACT CITY CLERK'S OFFICE, (561) 742.-6060 AT LEAST TWENTY-FOUR HOURS PRIOR TO THE PROGRAM OR ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST. S:ACC\WP\JANET\POLICE PENSION FUND.doc 2 ,MINUTES OF THE BOYNTON BEACH POLICE OFFICERS' PENSION FUND r►L MEETING HELD ON MONDAY, AUGUST 13, 2013, AT 9:30 A.M. RENAISSANCE EXECUTIVE SUITES, SUITE 220, CONFERENCE ROOM 1 1500 GATEWAY BOULEVARD, BOYNTON BEACH, FLORIDA PRESENT: Toby Athol, Chair Jason Liopis, Secretary Joe DeGiulio John Huntington ABSENT: Scott Caudell I. CALL TO ORDER - Toby Athol, Chair Bonni Jensen, Board Counsel Barbara LaDue, Pension Administrator Chair Athol called the meeting to order at 9:30 a.m. He announced Mr. Caudell was unable to attend the meeting. II. AGENDA APPROVAL Ms. LaDue added the following: • Trustee expenses as Item VII, D. 6.. • Retiree Insurance Premiums 2013/2014 as Item VIII. 4. III. APPROVAL OF MINUTES — Special Meeting April 14, 2013 Quarterly Meeting May14, 2013 Motion Mr. Huntington moved to approve the minutes. Mr. Llopis seconded the motion that unanimously passed. IV. FINANCIAL REPORTS: A) Quarterly Investment Review — June 30, 2013 1) Russell Investment Group — Mary Jean (MJ) Candioto, CFA a) Economic & Financial Markets Review & Outlook b) Investment Review MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 Ms. Candioto explained there were negative numbers for the second quarter caused by the market having a "taper tantrum." The Federal Reserve gave an indication quantitative easing may slow, hence the term tapering. U.S. equity market asset classes were the only classes ending positively and economic sluggishness continued in Europe. She explained equities were still an important position to hold and the last time they spoke, they anticipated equity markets would post modest gains before the year end with short-term volatility, and they experienced a pull-back in the second quarter. In the third quarter, to -date, global markets were up another 6%; US equity markets were up over 20%; global equity markets increased as well; and the market had calmed down from a fixed-income perspective after the second quarter. They were not expecting much upside capture before the end of the year and continued volatility was anticipated to remain. Ms. Candioto explained the market had confusion from the term "tapering" which they equated with tightening. She explained the Federal Reserve decided to reduce the funds going into the market due to quantitative easing by 10% or 20%. That did not mean they were moving to a tightened environment. They were still in an easy money period, but less than in the past. The Federal Reserve has a clear target to reduce unemployment to 6.5%. They anticipate that would occur in the second half of 2015, and that was when Russell Investments anticipated moves in the Federal Reserve fund rates. Tapering was not connected to short-term interest rates. Discussion followed about the job market. With unemployment rates down, many job openings were part-time. Chair Athol inquired if full-time jobs were included in the data. Ms. Candioto commented the Federal Reserve takes that into account, but 6.5% is the broad target. Small businesses do not seem to get any breaks. She also commented the 6.5% does not take into account individuals who have given up looking for jobs for a while. There could be some fluctuation due to the part-time factor and volatility there. It was noted many unemployed individuals were running out of benefits. A question was posed if unemployment benefits would be extended and if that would affect the economy. Ms. Candioto thought it would depend on other factors. The target takes into account individuals may aggressively seek unemployment again. Ms. Candioto discussed bonds and explained future bond returns have tracked fairly close to the yield level at the time of purchase. The 10 -year treasury is at 2.6% and at the end of June, was at 2.5%. That was a fair indication of what one would receive from a fixed-income portfolio with that type of maturity over the next 10 years. This is different from past decades when it was at 5% to 6%, and she thought the market was returning to a more ordinary market on the fixed side. She did not anticipate much more than 5% or 6% beyond that and active management plays an important role for exposure and diversification. 2 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 Ms. Candioto cautioned just because they are in an environment where rates will increase, the 10 -year Treasury was expected to be around 3% by 2014. There will be some volatility, but she did not anticipate any drastic movement. Even during the worst year in fixed income, with a -4.5% return, equities were up 33%. This year, the fund was down 2% from a fixed-income perspective, and equity markets were up 20%. Fixed income is held to decrease volatility and preservation. Russell Investments anticipated short-term pull back. There was a 6% correction in U.S. large -cap stocks between mid-May and mid-June, and they already rebounded. A 6% correction is modest compared to what was historically seen. Emerging markets were down over 7.5% for the quarter, and increased about 2% in the third quarter so the drop slowed. From a growth, GDP, and valuation perspective, emerging markets is an important place to be. There could be a continued struggled as they figure out global growth. There are some large key economies comprising a large percentage of the index. Over a third was coming from countries that saw negative returns during the period. The GDP projections were negative to flat from key developed countries. Emerging markets have value in growing parts of the world and the Board would want to be in that arena despite short-term negative results. The largest driver was inflationary pressure. Ms. Candioto thought the numbers from China were already priced into the market and thought over time, they would improve. A snapshot of the target allocations reflected the Plan has a 65% allocation target to the Mufti -Asset Core (MAC) fund, a 30% allocation to fixed income or multi -manager bond funds and a 5% allocation to private real estate. She commented real estate has been a good place while searching for other sources of yield outside of fixed income. Ms. Candioto advised the account, at the close of last fiscal year, started with $61.4 million and as of June 30, 2013, the fund had $66.9 million, which was not high given the pull back. As of yesterday, the fund had $68.3 million, an increase of 1.4 million since the report and almost $7 million since the last fiscal -year end. Fiscal year-to-date, net of fees, the fund had a 6% return, which was 1.40% over the benchmark. For the trailing one-year period, the fund was up nearly 11 % or 1.6% over the benchmark. July added about 2.5% to the return, bringing the fund to 8.5% fiscal - year -to -date net of fees. Despite it being a challenging quarter, the MAC product added .6% of excess return, which was encouraging given the down months hurting more than the up months. It was critical the fund does not decline when the markets are down. Private real estate did well for the quarter and was up 4.5%, nearly 1 % over the benchmark and this investment had good long-term numbers with solid returns. 3 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 The current equity return -seeking portfolio, which is represented as a single fund with a multi -manager approach, underperformed compared to the prior return -seeking portfolio they previously held. Over the next 10 years, there would be periods when the new portfolio outperforms and underperforms, but over the longer term, the allocations made sense as it provides better exposure to a larger part of the world and gives more diversification, which will play an important role when inflationary pressures are felt, The excess returns that the strategy added reflected the MAC fund was good at adding value above the benchmark. The Trustees will feel the value of the strategy when pull backs occur. Since inception, the strategy added over 2.7% in alpha, and year-to-date was 1.4%. Compared to the legacy portfolio, it was in both cases more modest. Mr. Athol inquired about the Plan over the next year or two going forward with these kinds of funds, or going in and out of funds. There are no major changes with the strategic perspective. Ms. Candioto thought the exposures and targets were, for the most part, appropriate, but when the portfolio was launched, the only two real -asset classes in the benchmark were global REITS and commodities. Since then, within the real -asset class, the manager has started to make bets and gain exposure to infrastructure. Even though infrastructure was down, it was down less than REITS and commodities, which was a value add. There is talk of adding that to the benchmark bet and it was not a major change to the portfolio, just a change in the strategic weight. They also analyzed up -capture, which was when the market rose and how much the portfolio gained. The portfolio would increase slightly above the market. From a down capture perspective, the portfolio was positioned such that if the market dropped 1%, the portfolio would drop 100 basis points. As to positioning well, they added manager Perkins to focus on defensive value exposure in the global equity space. They adjusted the portfolio so it would feel less than the down move in the market. During the second quarter, this led to a benefit. The impact on the upside was less. During the second quarter, the portfolio was positioned to outperform the benchmark on the downside by 58.85% of the time and up by 54.05% of the time. It was a small sample size, but it did not take magnitude into account. This would be measured monthly. Risk management is a key part of the strategy as opposed to the fund being strictly alpha generating and Ms. Candioto agreed to provide more information. Frank Wan, Head of Research, Burgess Chambers & Associates (BCA), wanted to address the trade-off between being positioned for beta exposure as beta does not take into account the alpha perspective. Mr. Wan thought if losing equally on the downside, the portfolio may be better off buying on the index. The idea was to be unlike the index and capture a little less of the downside, not 100%. Ms. Candioto agreed and explained this was reflected in the second quarter when the markets were down. The benchmark was down and the fund was down 60 basis points. When annualized out, there was a meaningful differentiation versus the benchmark. 4 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 Chair Athol inquired if more clients were interested in the MAC product. Ms. Candioto explained no clients exited, and she personally had two new clients. She was aware other clients were added and agreed to follow up with that and provide a comparison from when the fund entered the product until the meeting. They were also launching a sister strategy with opportunistic exposures. Chair Athol requested a review of the fund since inception, how many clients were entering the product, performance and compared to the core -plus program, its size, performance, and number of clients for the next quarterly meeting. c) Impact of implementing Multi -Asset Core Fund (performance versus legacy portfolio) Mr. Huntington inquired if the legacy asset was what the Plan had prior to changing to the MAC product. It was explained prior to entering the product, the fund held the liquid return -seeking assets as a number of funds. The MAC product was the most comparable transition from one to the other and it gave Russell Investments more discretion. The difference between the former strategy and the current strategy is currently, the Board controls how much to allocate to strategies and everything in the MAC product has bands to adhere to. The prior line-up was a fund -by -fund solution for each asset class. Periodically, the consultant would make recommendations to make adjustments and there was a lag in making the change between the meetings and the transaction. There was interest in having a strategy to make a change with a discretionary component. It was more of a change in mentality about how to manage return -seeking liquid assets, not so much to make a change in the current asset allocation. d) Upcoming Russell Conference in NYC Oct 16th. Ms. Candioto announced the upcoming one -day conference in New York and that about a week ago, Russell Investments named Jeff Hussey as their new Global Chief Investment Officer. Mr. Hussey has been with Russell Investments for over 20 years and was an exceptionally good partner and fund manager during the credit crisis and he has a solid performance history. Gerard Fitzpatrick has been named the new fixed- income Chief Investment Officer. He may take over direct management of institutional funds or a co -portfolio manager may do so, as it has yet to be determined. The change will be effective in October. It was noted none of these individuals had any direct management over the MAC fund. As to the fixed-income fund the Board had, Mr. Hussey had been managing it with a co -portfolio manager. He was putting together a plan of action as to how it will play out with his team. e) Authorized Signers — To update signers Ms. Candioto explained when Chair Chapman left the Board, per the Board's direction, they updated the signature page. If other signatures are authorized they can add them. Ms. LaDue had the official copy and it was all set to sign. One signature is needed for 5 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 deposits and two for withdrawals. One Trustee will have to sign at the bottom of both pages. f) Amendment 12 — Fee Exhibit — for signature and review to include the Russell LC Defensive Equity Fund. Ms. Candioto commented, there was consensus at the last meeting to add a pure U.S. equity strategy as an option. Should there be a decision to adjust the U.S./non-U.S. equity split, there would be a pure U.S. equity fund to do so. With the current structure, the fees are the same for all funds, which was requested at the beginning of the relationship. The account was currently paying 80 basis points. Adding the pure U.S. equity fund would keep the fees at 80 basis points. Under the current structure there are no minimum or maximum splits between the pure U.S. equity fund and the multi - asset strategy. if there is an unknown allocation of how much pure U.S. equity funds the portfolio holds, the structure makes sense. To the extent of never having less than a certain percentage in the pure U.S. equity fund, she could request the pricing manager tweak the price to reflect there would always be a minimum allocation to a pure U.S. fund, which would favorably impact the pricing. To the extent the Board would not set a floor, the manager would not agree to adjust the fees downward without a guarantee that that funds would move from the MAC to U.S. equities. If the Board wanted Ms. Candioto to pursue this, she would do so. Previously, the Board had paid 79 basis points, added the MAC product and went to 80 basis points. As to the allocation, Mr. Wan suggested $10 million be taken from the MAC product and moved to the defensive equity. To move into the defensive strategy, the Board needed to sign the document and negotiate the fees. Ms. Candioto explained in addition to signing the agreement, they would still need to sign the new asset allocation certificate. They could send a new fee agreement at the same time. if the Board went from 79 to 80 basis points in fees when entering the MAC, it was unlikely the fee would be reduced to 79 basis points because it was still less than half the allocation to U.S. equity. She could request reducing the fees to 79 basis points. She would also need to know what the floor is. Attorney Jensen understood the agreement needed to be signed today. The fees were on the agreement, and Ms. Candioto explained the asset allocation certificate would specify that 20% was allocated into a new fund. Paperwork would be sent at which time she could notify the Board of the new fee agreement. 2.) Burgess Chambers $ Associates (BCA) — Burgess Chambers, President - Frank Wan, Head of Research 1) Fund Performance review — Mr. Wan explained at the last meeting, he was directed to ensure the Plan was in compliance before the September 30"' report. Attorney Jensen explained the portfolio 6 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 has a 25% allocation to foreign investments. Most of the investments they have were under the maximum and they were global. The Board has the opportunity to exceed the 25% limitation and their report to the State is as of September 30' The thought was at this time of year, they will try to manage the number down to the 25%. Mr. Wan explained the problem with Russell was even though they manage money worldwide, they do not necessarily follow the Plan's guidelines, so they review it. There are good international opportunities, and the fund has drifted in emerging markets, so the overweight, over time, has carried the allocation beyond 25% to 31%. At the last meeting there was discussion to add a pure U.S. only allocation so the Board could effect a tactical rebalance back to the position at this time of the year. This was favorable because when they looked at the global economy, they had an overweight towards emerging markets, but they also have 7.5% in commodities and they work in tandem. When emerging markets and commodities go down, 15% of the portfolio is expected to go down equally as much. That was the risk factor with the MAC fund. Opportunistically, it is a very good fund, but in terms of risk awareness, Mr. Wan thought it was a bit aggressive. It made more sense to taper back to the 25%, but in terms of dialing back risk in the portfolio, there is tumultuous movement worldwide. The only stable economy at this point was the U.S. economy. When U.S. dollars go up, emerging markets tend to fall. He thought dialing back emerging markets associated with commodities would be a good move to reduce risk. As the American dollar strengthens, commodity prices go down. The Board has worked hard to have a discretionary fund and this was a step back. From a liability standpoint, if the State reviews the report, they may withhold the State monies and if the Board allows the fund to persist with an overweight to international knowing they were over the allocation, they could be monetarily liable. Of the total portfolio, about 31% is in international and the aim should be between 15% and 20% of the total portfolio in U.S. defensive large caps so if the MAC manager drifts further, there is a cushion. The difference in dollars can be used anywhere, as long as they are not in in the international allocation. The MAC fund is global REITS and they are liquid and daily traded. That is different than the private real estate exposure which is U.S. real estate. As a part of increasing the U.S. allocation, it should be done in the private U.S. strategy, not global. Ms. Candioto explained if the Board wants to go in and out of funds, in the long-term, they should be cautious. There is no fee each time this is done. The way the funds work are specific to institutional funds, so there is no transaction fee to the client when they move from one fund to the other. The fund does bear a cost of transactions so it impacts the clients in an indirect way. For institutional clients, the managers make strategic changes once in a while, but usually buy and hold, so the transaction costs are managed well. Also on any given day, there are many clients in the funds that have cash flows and pension payments, etc. and they are net out across multiple funds with similar positions. The fees take into account the cost to transact and the fund absorbed. Chair Athol inquired about the pros and cons if the funds remained in the allocation. Mr. 7 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 Wan agreed U.S. equities have outperformed internationals. A reversal may occur during the next few months. Wall Street anticipates a tapering in September or early October. When the threat occurred in June, there was a sell-off and the recovery from international was a concern. Over the longer term, he was confident in the U.S. economy. In the short term, he anticipated whip lash. Ms. Candioto explained the large cap defensive strategy was proposed as a pure U.S. strategy and a large cap strategy that focused on high-quality, low -volatility stocks. (Mr. Llopis left the meeting at 10:36 a.m.) They divide the index to defensive and dynamic stocks. By holding a portfolio and requesting managers to manage actively against a defensive strategy, they reduce volatility. Historical research on defensive stocks showed they outperformed the riskier securities in a given benchmark. They anticipate a return comparable to what one would receive from a broad U.S. large -cap strategy, but with lower risk. They hire managers to add value on top of the benchmark. To keep things in line with the pure strategy approach towards discretionary, this would be a single fund and a first step to obtain that exposure. Mr. Wan's recommendation was to allocate 20% of the portfolio to the strategy. This would leave 22% of the fund exposed to internationals. (Mr. Liopis retumed at 10: 39 a.m.) Russell Investments would have the flexibility to manage the MAC fund, which was 45% of the portfolio. Mr. Wan inquired if Ms. Candioto would be willing to have a target of zero in U.S. large cap with a range of zero to $15 million and use the discretion to go in and out and swap back and forth with the MAC fund. Ms. Candioto commented that would be unique as they do not do manage those funds for other clients. She agreed to discuss the matter with Russell Investments and receive feedback. The discretion offered most of Russell's clients is via the MAC product. it would have to be a fairly unique arrangement for Russell Investments to take discretion between the discretionary product and the U.S. Core. Chair Athol inquired if they made the change and the market stayed the same for a year, if there were anything that would be detrimental to the fund. Mr. Wan responded there was not. Funds would come from the MAC fund and go to the U.S. defensive large cap at about a 20% allocation. Attorney Jensen recommended a motion to execute Investment Management Agreement No. 12 allowing the investment in the large cap defensive equity fund and add it to the line-up of investment options. Motion Mr. Llopis so moved. Mr. DeGiulio seconded the motion that unanimously passed. E? MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 The next issue to discuss was whether there would be a floor amount that is invested in the product or not. Ms. Candioto explained the agreement laid out a 60% to 70% allocation for the combined MAC and U.S. equity fund. If they want to have a minimum allocation remain in U.S. equities, Ms. Candioto would have to research if it would impact the fees. She noted the fund paid less in fees before the MAC, and if funds were moved out, there would likely be a fee impact; however, there was only a I% difference in them. Discussion followed they can explore the possibility of having a floor. The focus was to enter the fund and be in compliance. Attorney Jensen explained a motion was needed to rebalance down to a 22% allocation in foreign. Ms. Candioto and Mr. Wan would work on that and there would be one more document to transfer from one fund to another. Motion Mr. Llopis so moved. Mr. DeGiulio seconded the motion that unanimously passed. Mr. Wan commented real estate was coming back strong and there were 19 managers listed. Prudential was the worst of them as they were liquidating properties to meet investor demand. Since real estate is a liquid asset class, he noted the Russell RTC real estate equity was at 4.6% and the NCREIF OEC Odyssey benchmark was 3.9%, outperforming handsomely. He inquired if any feedback was received on Prudential or clients regarding their redemption requests. Ms. Candioto had not heard anything, but agreed to speak to the Russell managers to see if they received any comments. She agreed the one thing to note about the benchmark is most benchmarks are entirely passive and there are no fees. The benchmark used for private real estate is a composite of a universe, so it is not compared to a passive benchmark; it is compared to a peer universe which was harder to beat and is made up of investors. If the Russell products meet the benchmark, it is average performance. If exceeding the benchmark, it is above the peer group average. Russell Investments has a lower -leveraged portfolio than other components. On the upside, it is likely they would not perform, so having a strong quarter during a low -leverage period is good for the Plan. On the downtown, it would be expected they would not lose nearly as much as the benchmark. They have a very small allocation to Prudential. Ms. Candioto agreed to provide feedback. Mr. Wan explained for the quarter, net of fees, the portfolio was minus .9% which was typical of what is seen in Florida. Florida has a range of -1 % to +1 %. He commented if the fund can lock in a good rate this year, the next two years will be worry free. They will see better numbers in pension system than how they were. Attorney Jensen explained the Trustees' job is not to hit a home run each year; it is to beat the benchmark. Russell Investments has a diversified retum-seeking portfolio with measures in place to lessen volatility and having 30% in fixed income to reach the target will be difficult. As to 7 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 moving it to private real estate as opposed to public real estate, private real estate has a more consistent yield. The fee sheet has a 5% cap. Attorney Jensen commented she has many clients interested in real estate who made an allocation, but they are stuck in a queue. Ms. Candioto explained a queue can form on the way in and way out of a fund. Currently, Russell Investments did not have a queue and could add clients. They negotiated flexibility with the underlying managers so there is no queue. The real estate is Class -A real estate divided into four sectors. Mr. Wan explained they look for yield and for this portfolio, the yield would be around 90%, and this helps offset bonds. There is a huge spread between what the portfolio would receive from real estate as opposed to bonds. Mr. Llopis inquired if there was a vehicle to go directly into it and if there was anything that was more secure. Mr. Wan explained the MAC has listed infrastructure. The private infrastructure is the ideal vehicle to use to offset bonds. The exposure to them in the MAC is external which is the listed infrastructure and global infrastructure managers. It did not have a strategic weight in the benchmark, but they have about a 3% weight as part of a diversification strategy because the managers like global infrastructure more than global REITS and commodities. The RTC can be held outside of the MAC as a standalone, but Ms. Candioto did not think that would be best. Attorney Jensen commented a significant strategic call was made towards infrastructure, and one is in the product. It was more for a bond substitute. Ms. LaDue noted the State monies were forthcoming in the amount of $619K. After discussion, there was consensus Ms. LaDue would deposit the funds as normal into the regular fund and will advise when the funds are received. Attorney Jensen thought some indication of how they would allocate the Chapter monies should be given to Ms. Candioto as it pertained to fees. Ms. Candioto commented she will advise the impact the funds would have on the fees, and provide illustrations of what they anticipate long- term returns would be based on their capital market assumptions at the next meeting. V. CORRESPONDENCE None. VI. OLD BUSINESS: 2) Discussion on law changes regarding "snap shots" of vactsic accruals. (Heard out of order) Chair Athol explained there was a statute change limiting accruals that indicated the change would be effective with the next contract. The current contract was signed in July so it goes into effect upon ratification of the contract. It specked a maximum of 300 hours overtime can be used towards one's pension and anything over that could not. General pension law is one cannot take away something that is already accrued. MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 A snapshot of sick and vacation time accrued when the contract was ratified would be taken. Attorney Jensen sent an email to Julie Klar, the City Attorney, last week but she was on vacation and she had no update. The City has taken the position with General Employees they would not take a snapshot, but they would guarantee the accrued benefit so their pension benefit will be at least that amount including whatever hours they have on that day at their current rate of pay would be the minimum of what they would receive. The further away from retirement the employee was, the less effect it would have. It was noted employees can cash in sick and vacation every year. Chair Athol explained the Statute only gives the maximum you can cash in towards the pension. Anything over it is not pensionable as it is unused time. Discussion followed future sellbacks would not be included and the benefit is the time one accrued. An amendment is drafted that whatever one had accrued on the day before the law goes into effect can be cashed in at the time of retirement and be included in the pension. The other question was which 300 hours to use if one was over the 300 hours. Attorney Jensen explained in the absence of some direction, it would be the first 300 hours. It was likely no one would pay attention to turning off the pension contributions at 300 hours. Ms. LaDue explained the Finance Department ran a query and no one had over 300 hours in the Plan year ending 2012. Chair Athol explained the wording was sent in conjunction with the contract to be signed, but somehow the second half was not signed. West Palm Beach has a similar system. They have a rolling contribution with a true -up at the end. Attorney Jensen reiterated in the absence of them setting something up, it would be the first 300 hours. Payroll would turn off the pension contributions at 300 hours each year and not collect any contributions and then tum it back on October 1 st, and begin collecting 300 hours until reached and tum it off again which is the most logical way to do this. Chair Athol inquired about their fiduciary responsibility to properly meet the provisions. Attorney Jensen recommended following up on the matter to ensure it was passed and she thought they should do some sort of a check. It will take effect upon entrance into the new Collective Bargaining agreement. One would take the snapshot on the day before it was entered into even if it was ratified months later. Mr. Huntington left the meeting at 11.35 a.m. The language was sent to Human Resources and it was Chair Athol's understanding it would be ratified by the City Commission along with the contract, so they would understand it was in compliance. The Statute specified it was effective on ratification of 11 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 the contract, and it did not need to be in the contract as it was in the Statute and Ordinance. Attorney Jensen had not heard a response. Mr. Huntington returned to the meeting at 11:37 a.m. Attorney Jensen explained if the City Commission wants to implement the change, they need to pass the Ordinance because they cannot administer something that is not the law. West Palm Beach Police and Fire did not include accumulated sick and vacation, some smaller plans have had savings implementing the change, and others are in the same situation as the Boynton Beach Plan. She sent the information to the actuary and the ratification date would not change. Attorney Jensen will take the snapshot of payroll. Some people were coming up on DROP. There was agreement to go forward with it from the ratification date. Attorney Jensen can have the cost impact calculated and it was thought it would be good to include it in the actuarial evaluation. VII. NEW BUSINESS: (Heard out of order) A. Invoices for review and approval: 1. Russell Investment Gp. — Quarter End 6-30-2013 - $126,061 2. Russell Payment Services — Quarter End 6-30-2013 - $1,015.34 3. Pert' & Jensen — Service May, Jun & Jul 2013 - $2,382.95 4. Burgess Chambers & Assoc — 2nd'Qtr 2013 fee - $5,000 5. Gabriel, Roeder, Smith & Co- Service June 2013 - $900.00 Motion Mr. Llopis so moved. Mr. Hungtinton seconded the motion that unanimously passed. The Board recessed at 11:40 a.m. and reconvened at 12:10 p.m. 1) Disability app pending on Robert Epstein — Outline of documents 8-6- 2013 via Email by Bonni Jensen AND Hearing presentation by Paul Kelley of Birchler, Kelley, Oliver & Longo, PLLC Chair Athol explained there were Trustee changes and the Board was in the process of addressing the application process. Paul Kelley, Attorney for Robert Epstein and Gregory B. Kenney, explained Mr. Epstein filed for a line of duty disability application. The issue before the Board is whether he meets the criteria to file based on the speck way the language in the plan is written. The Plan says a person has to be member to file the application. There is a question regarding the term °member' as it is used interchangeably in the Plan. In some sections it discusses retirees as members, and in other parts, it stated they are not a member. The problem is Mr. Epstein was terminated without any warning. 12 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 Previously, he went to Ms. LaDue and inquired about a line -of -duty disability in July and got an application. He then was on light duty, was doing well and thought he would continue on in the job and retire with regular years of service. He was aware of other opportunities coming up and thought he would continue working. Mr. Epstein was called to the Chiefs office and terminated that day without warning. Because the termination was effective that day, it did not allow him time to file the application indicating he could not perform the whole and useful work as a police officer. In order to file the application, one had to have paperwork from a physician accompany the application. Within 10 days of termination, (termed not for cause), he completed his application and submitted it with medical statements of disability from two doctors and proceeded. The concern is if the Board says once one is terminated they can no longer apply, then they are not allowing due process. Plenty of pension boards in Florida have 30 -day provisions in the Plan. Florida State workers, if terminated, can apply for a line - of -duty disability benefit within 30 days as long it was for medical reasons. In Mr. Epstein's situation, it was for medical reasons. The case law is all over the place. Some support a reasonable time to apply, such as within 30 days; some case law discusses the term member; and some supports the position that if terminated, one was no longer a member, while others support consideration that one should be a member because of the reasonableness term It was his position that for the purpose of the application, Mr. Epstein should have been considered as a member. Ms. LaDue had indicated Mr. Epstein inquired about the benefit and she gave an application, but did not give time requirements when he had to file and whether he had to be a member. No written plan was provided to him other than the application and no written instructions were provided to him that indicated when his application had to be submitted. Attorney Kelley had provided case laws to the Board prior to the meeting. Attorney Jensen stated for the record, a week ago she provided all with a copy of the application, the HIPPA release, the documentation of the date of termination the Board received from the City, the pertinent plan provisions they previously discussed, the Raines and Granger cases she provided, the Thompson and Martinez cases that Attorney Kelley provided and she added after discussion, the subsequent order on the Martinez case. The concern is the Board has not had a disability application in 15 years and if they allow Mr. Epstein to apply, it opens the door for others. Attorney Kelley had spoken with his client and looked within the City and cannot think of anyone, in the last 15 years, who was terminated for medical reasons so he did not think it would open the door. He requested the Board grant him the ability to proceed with the application and prove the line of disability issue. If there is any ambiguity in the language, it should be addressed and reasonable measures added, such as the ability to apply within 30 days after termination. 13 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 The issue is an interpretation of the word "member." The Plan says one has to be a member and be elected, appointed, or employed as a full-time police member. When it refers to a member later on it speaks to a retired member or has some caveat in front of the word. The issue has nothing to do with the injury, only the language and whether it is correctly written. It is the actual wording in the Plan. If they interpret the language based on Attorney Jensen's email, using the term member, he was not a member at the time he applied, and according to the Plan, he is not eligible. If they use that interpretation and deny the application, Mr. Epstein is afforded a hearing to explain the circumstances surrounding the application which would negate the language or interpret it in a different way. Attorney Jensen explained one concern in the Thompson case was someone later on, outside of being a member, would make an application and interpreting the Plan that one is a member when one applies could have other implications. The issue is if one is in an appeal process, they can consider the circumstances and make a decision surrounding that, which may be different from the decision they would make on the Plan document. The Trustees could seek to amend the Plan to add a 30 -day provision or not. Whatever resolution is made could be made clear In the Plan, but right now, they must use the language in the Plan. It is a bright line. Currently, the line is one has to be employed if they interpret a member that way. The only way to afford Mr. Epstein an appeal is to deny the application and present the entirety of the case how this came about and how it might be an odd circumstance or that they had no way to know termination was forthcoming. Officer Huntington inquired if they go through the process, and three weeks from now the Plan is amended what effect it would have on their appeal. Chair Athol explained the only way to deal with this case is to interpret the word member as ambiguous. If that determination is made, it opens the door for others to come and apply. If they say they are a member and the application is denied, it affords them a hearing, and the Board can deal with the application on its own and the facts of that particular case. Chair Athol commented there is a deadline and missing it by one day is the same as missing it by a month or a year. Mr. Huntington inquired what would occur if the Plan was amended to 30 days. Attorney Jensen explained they are waiting for the amendment to be passed that was already drafted and presented. They have no control over when it would be signed. Attorney Kelley explained the Board has options, and he suggested the Board avoid terminology about terminating a member because Mr. Epstein did speak with Ms. LaDue and she provided him with the application. The Board could say the process had started prior to termination and he submitted the paperwork from the doctors just after 14 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 termination. As to one day is same as a month or a year, some case law agrees, but it explained it cannot be interpreted that way. It must be a reasonable time period and the reasonable man standard has to apply. What was consistently upheld was 30 days is a reasonable time period to apply if blindly terminated for cause. He thought the Board could accept the application and move on by making a determination under this specific set of circumstances, in this case with steps laid out and the Board would avoid concerns regarding an open-ended policy. Attorney Kelley explained the Board must look at the matter on a case-by-case basis. What surfaces is dealing with what is here, what is appropriate and what has future implications. The Board was concerned about individuals from the past applying and pointed out first, they would have to prove they were disabled before termination, which they cannot, and they have to show their time and delay in filing is reasonable, and that cannot be done. Attorney Jensen explained that is the concern. If they allow it to happen without a hearing, they cannot get to those issues. They do not have the opportunity to flush out or enter an Order outside of the order process giving due process. The true concern is if they allow it without a process, then they cannot make a process for anyone else. Chair Athol explained they are all concerned with the process and they should deny the application and go to the hearing at which time they can make a decision that is best for all. Attorney Kelley expressed concern about how long the matter was taking. Motion Mr. Llopis moved to deny based on fact he was not a member at time he applied. Mr. DeGiulio seconded the motion that unanimously passed. Attorney Jensen will draft an Order and cover letter with an appeal date by next Wednesday or earlier. B) Application for Pension Disability Benefits — 1) Officer Gregory B. Kenny — Injury date 10-22-2011 — Disability app with medical documentation. Attorney Kelley introduced Officer Kenny who was assigned to road patrol. He was involved in an accident on 1-95 at Gateway Boulevard. He swerved to avoid a vehicle and hit a retaining wall head on. He sustained multiple injuries from the accident which occurred on October 22, 2012. Attorney Kelley reviewed his injuries and treatment as well as any prior issues. It was Attorney Kelley's position Mr. Kenney is eligible and entitled to the line -of -duty benefit. Chair Athol reviewed medical documents which a personal injury attorney had to establish a baseline from the motor vehicle accident, which were part of his application. 15 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 Attorney Jensen explained the Board will accept the application and gather all the medical records the doctors disclosed, and they will provide Attorney Kelley with the information. She explained it takes a lot of time to obtain all the information. They have the HIPPA release for a full release of information and Attorney Jensen sent interrogatories to them. Officer Kenny explained they would have a problem with the neurologist as he was participating in a study and would not release records even to Attorney Kelley. Attorney Kelley explained in theory, he is at Maximum Medical Improvement (MMI). Once they gathered the records and there are no pending issues with the neurologist, they will set up an examination by a physician of the Board's choosing and then come back to the Board for their initial determination. Officer Kenney thanked the Board and left. Mr. Huntington inquired if a civilian position became available, if it would negate the application if the job was offered to him. Attorney Jensen explained disability in the Ordinance is defined as an issue that prevents one from performing the functions of a police officer. Part of the process is to ask the department if they have a job with or without a reasonable accommodation for that person and provide information the doctor gave to explain the limitations and they will receive police officer pay. In most descriptions of police officer, you either can or cannot be an officer. Attorney Jensen explained the FPPTA has information about the disability process she will forward. Attorney Jensen explained with the Epstein case, they will appeal the Board's decision and it will come back to the Board of Trustees. All decisions the Board makes are initial and informal and if no one appeals, then it is a formal decision which will go through a hearing process. Attorney Jensen asked how the Board wanted her to proceed and explained she either has to fill the advocate role or advise the Board. The Trustees can hire another attorney if they want and she pointed out the Board does not have to have an adversarial process in order to have a hearing. Attorney Kelley can present the materials to the Board and can ask questions and take testimony. The Board does not have to have an advocate and Attorney Jensen can work with the Board and it would just be with Attorney Kelley. Chair Athol commented this would be a reactionary hearing. If they want a proactive hearing, the Board would find an attorney to uphold the Board's decision or hire a hearing officer to hear the case and make a recommendation to the Board. In a formal hearing process, the Trustees are the judges. If the Board opts for a reactionary hearing, they react to what they present. If there is someone the Board wants to talk to, they have to have an attorney for the Board or table the decision and bring that individual in for testimony. If a hearing officer is hired, all the preparatory work she provided could be used and she can represent the case, but the Board will not decide the case and enter the Order. 16 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 There can be exceptions to the Order and there is the opportunity to enter challenges to it. Attorney Jensen reviewed the various alternatives and commented in all of the case laws provided, the court upheld the denials. If the Board has a hearing and denied the application, Mr. Epstein can appeal to the court. If the court upholds the Board's ruling, they can amend the language if they want to add a 30 -day provision to apply, but he cannot reapply then. Mr. Epstein has a deferred vested benefit. A motion was needed if the Board wanted a separate attorney or hearing officer. A hearing officer would listen to the issue and render a decision. The other option is to hire an attorney who would present a case or represent the Board. The State has a pool of hearing officers the Board could retain. Attorney Jensen explained the different alternatives and discussed the Board can have an attorney come in to represent the Board, help with the decision and draft the Order. Attorney Jensen could then argue the case. This was the least expensive option. Motion Mr. Llopis moved to hire an attorney to help the Board in their decision making and to draft the Order in the Epstein case. Mr. DeGlulio seconded the motion that unanimously passed. D) Attomey Report - Bonni Jensen 1) Pension Disclosure Amendments to Chapter 112 (SB534) June 2013 Attorney Jensen explained the actuary will have to do more actuarial valuations and they will get back to the Board about the cost. The new provisions will apply to next year's valuations. The report will include valuations 2% below the actuarial assumptions, which was 5.75%. Some Boards are requesting to show a range of 2% more as well. The report will have to report a run -out date, taking all the assets and paying all the liabilities and reporting what date the fund will be exhausted. It was also anticipated there would be a cost between $8K and $10K more to include the data. There is some controversy among actuaries regarding the run -out date and whether they need to report it because there is a State law that requires municipalities to contribute to the Plan. If the municipalities are making the contribution, there is no run- out date. The question was posed to the State, but Attorney Jensen did not know who determines whether they have to report it or not. 2) Annual Report 2012 - additional info / Annual Report approved August 1, 2013, Per Jeanine Bittinger, Plan auditor, Davidson, Jamieson & Cristini, PL 17 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 Attorney Jensen explained a letter from the State of Florida was questioning the report. Included on that list of questions were: Are you a supplemental plan? Attorney Jensen explained when legislation came through, there was a carve -out for supplemental plans and she had asked Trish Shoemaker if the Boynton Plan was supplemental. Attorney Jensen advised the Chapter monies would not be held back, but the State would like the Board to follow-up on whether they were. She explained there may be an advantage to being a supplemental plan as it had to do with how money is allocated and share account plans were considered supplemental. There were dedicated portions of the State monies that were divided and not spent on defined benefits. The Boynton Beach plan meets that criteria, but they were never put into the category, so there may be some benefit to argue the plan is a supplemental. She did know if either one, under the current law, made a difference for the Board in the present day, but there could be a difference if legislation is passed. Under the old law, it would have been beneficial because the hurdle rate is lower to run the plan. It was at a 70% actuarial rate of return as opposed to 80% because of the 185 monies. Attorney Jensen explained there are plans with share accounts that pay monies to retirees. After further brief discussion, Attorney Jensen agreed to send an analysis of whether they are a supplemental plan to the State. 3) Rehired Officer with existing Deferred Vested Benefit Attorney Jensen noted correspondence in the meeting materials from Pete Strong, Plan Actuary, pertained to different methodologies to determine pension benefits when an officer leaves employ and is rehired. Mr. Strong preferred the "re-employed terminated vested persons shall have their years of service for the second period of employment added to the first period of service, and benefits shall be calculated using all periods of service, and average final compensation at the time of termination of the second period of service for all years of service. Additionally, the multiplier shall be the multiplier in effect for each year of service." Three percent service will remain three percent. The normal retirement date would combine the service and in this instance, the rehired employee would have 10.3 years of service with two different multipliers. It was agreed the employee would be apprised of the interpretation. 4) Definition of Compensation/ Collective Bargaining Agreement status. This item was previously discussed. 5) Renewal of Consumer's Certificate of Exemption — Expires 9-30-2013 Ms. LaDue would renew the exemption. Attorney Jensen explained she has had some issues with it, but the State has been approving them. She requested the Board stand by. 18 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 E. NCPERS Outline - Annual Conference May 2013 by Jason Llopis — Review of highlighted items. There had been discussion about adding the OPAL financial conferences to the approved list of schools to attend and there was agreement to add the conference to the Boynton Beach Police Officers' Pension Fund Statement of Policy for Trustee Expenses. All the Board members present were requested to sign the change. Mr. Llopis attended the NCPERS conference and explained it was very good as it included a nationwide snapshot and much information from the West Coast. He drafted an outline of the conference which touched on infrastructure. The economic forecast indicated they are supposed to be in an age of prosperity and anticipate a favorable market in the next 10 to 15 years. The only item he wanted to touch on was disaster planning. A representative from the New Jersey's Teacher's Union reviewed what occurred with Hurricane Sandy. Their building was destroyed, condemned and flooded. The representative explained what they had to endure to ensure retirees received their checks. Mr. Llopis had some knowledge of what Ms. LaDue does, but inquired how business would proceed if something occurred and Ms. LaDue was not available. He thought it was prudent the Board contemplate how to proceed if such an instance occurred. It was also important that if Ms. LaDue did not plan to remain in service, she give plenty of notice to allow a replacement to be hired before she separated from service so operations would not be disrupted. Ms. LaDue explained she uploads the benefit information to State Street each month, and she runs a shadow run on her pension software. She also handles much of the trust accounting and she agreed to draft a checklist within the next few months, so the Board would know what to do to keep operations moving. Ms. LaDue expressed she may stay another two years, and she spoke to Fire about it. She agreed it was a good idea, within six months of leaving, to have hired someone. It was also suggested that process should start a year out and then have Ms. LaDue's successor shadow her for six months. Mr. Llopis inquired what needed to be done to ensure Ms. LaDue could cant' on business remotely should there be a disaster. Ms. LaDue explained her information is stored at a remote site. She only needed a computer and someone to set it up for her up to access. Chair Athol had spoken with Rackspace and forwarded the new email from them to Ms. LaDue. As to passwords, that information could be provided to Attorney Jensen and others. According to Chair Athol, everything was under former Chair Chapman's name as administrator which needed to be changed. Chair Athol commented Rackspace has the information now. It was suggested consolidating information such as the quarterly report and look at having a web page and having a web -based address. The computer they had before to check the DROP Accounts was run by Mr. Chapman. The individual who compiles the quarterly report has contacts for websites so the Board needs to do some work. 19 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 Applications for loans could be handled on-line. It was also important to do some work for verification purposes along with an ITS person. It was noted Ms. Schaffer keeps redundancies of the system that she works on. She can download the program if there is a problem. The Firefighters DROP administration was done by GRS, then Tegrit and now Alerus. They have a website for DROP administration, which Fire has used since 2000. The closer one gets to retirement, one is almost to the point where one does not need an office. A discussion ensued about source codes and it was noted someone was needed to come in, as the administrator, and reset it. Attorney Jensen explained the IRS wants all the DROP accounts to have a fixed rate or a collared variable rate with no losses. Ms. LaDue explained the Plan has gains and losses. She received one letter for a client and the IRS believes a variable rate makes one a defined contribution plan, which would limit one to the amount of money one can make to the DROP to $51K. It complicates how they run the DROP program. It is still in controversy with plans around the country. Attorney Jensen commented, in reference to disaster planning, the paper records would be eliminated. The New Jersey Teachers Union issues about 100K checks. They had a remote off-site trailer they worked out of for months. Attorney Jensen explained the Plan could run the program remotely. It was recommended at least three individuals have the passwords. Mr. Llopis inquired about disability insurance. Attorney Jensen explained it is fairly expensive to have because the Plan would be ensuring these types of risks and there would be some. The cost of it stopped the State of California from moving to a defined contribution plan. They raised the issue when they went to the defined contribution plan that police officers and fire firefighters have no disability insurance and would only have what they saved if they were injured. California tried to purchase the insurance and it exceeded their ability to pay. Attorney Jensen was unsure if it held true in the current day as this was five years back. Ms. LaDue explained general employees have long- term disability insurance with the City, but police and fire do not because they have it through their pension. The outline was distributed to the members F. Web based accounting for DROP accounts - Discussion 1) Alerus Financial Group (AFG) — Information pieces for review — (Boynton Fire Pension DROP Administrators — GRS/Tegrit/Alerus) This item was previously discussed. VIII. PENSION ADMINISTRATOR'S REPORT 1. Benefits as of August 1, 2013. 2. 2013 Board Members 20 MEETING MINUTES POLICE PENSION BOARD BOYNTON BEACH, FL AUGUST 13, 2013 3. Alive & Well statements — 25 outstanding — Follow-up sent August 2013 Ms. LaDue advised as of Monday, there were 23 statements outstanding. She mailed out the second round of letters advising retirees if they do not submit the statements, their October check will not be issued. IX. COMMENTS: None. X. ADJOURNMENT: There being no further business to discuss, Chair Athol adjourned the meeting at 1:44 p.m. 00� Catherine Chert' Minutes Specialist 102913 21 BOYNTON DRACH POM CF. OTNICERS' ,l ENSION iF UND dttveshnenI PolicySlatentent i, PURPOSE OF D"STME, NT POLICY, STATEMENT.` Tile Pension Board of Trustees maintains that an Important determinant of Aiture investment returns is tine expression and periodic review of the F'und's investment objectives. To that end, the Trustees have adopted this Investment 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 parlicipwits or their beneficiaries. The Trustees also recognize that tine obligations of the Fund air. long-term and that the Investment policy statement should be made will% a view toward performance and return over a number of years. The general investment objective then is to obtain a reasonable. total rate of return — defined as interest and dividend income plus realized and unrealized capital gains andlor losses — that meets or exceeds tine actuarial interest rate assumption net of fees to ensure the Fund Is actuarially sound. This return is expected on a regular basis over rolling actuarial measurement periods. The Trustees, the Fund's investment inmager(s), and investment monitor/consultant shall comply with the following fiduciary standard: A fiduciary shall discharge Its duties with respect io Ilre Fmild solely in the luterest of the participants and beneficiaries and a. for the exclusive purpose of providing benefits to participants and thcir beneficiaries and defraying reasonable expenses of administering the pension Fund; b. with the came, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a ae capacity and familiar with such matters would use in the conduct of an enterprise of alike character and with like alms; c. by diverstfying the investments of the Fund so as to minimize the risk of large losses, unless under the circumstances It is clearly prudent not to do so. Reasonable consistency of return and protection of assets against the Inroads of inflation are paramount, However, the volatility of Interest rates and securities markets make it necessary to judge results within the contoxt of several years rather than over short periods of one- or two - years or less, 2. INMTMENT PERFORMANCE OBJECTIVE'S The below listed performance measures will be used as objective criteria for evaluating 2!13/2013 �{ 1115 MUM I M 'sluoutaxlnbaa molygsun palsdioiluu Ime spaau gsLo umniq x1ilm sallpmeul luautlsanul 1401818 of opuut oq lllm ldtttollu Ise 'alglssod lualxa otll ol, 'onp autoa Karl) su suollsI?jjgo 1C8d of r liplrlbll lualalans epiwad of au .armour 8 Bans ul pamlowls oq liutis oilo3vod luoutlsanul a11,I, 'purl atll jo sluautallnbax Aj!pinbll aql 3o pamo3ul kiwi aq llags (s)xa uuutu luatulsanui s,pun11 -pgj, ldllpInblI S3MIffC[ff1`J QNV SQ?zVCWVJg IN341 MANN '£ 'spolxad aea9-an13 pun -aanll aaa►o asaantvn alugH pag olulsdoxddu tit 30 olllumad tllop dol Aril altlllM 31mi pug 111,210A& ltinba-611nbg aaoD pai3lsxanl(I pug-uado xopul tngHC)jq. aql 3o umim 0111 paaoxa ao laaut o) paloadxo s101103pod o1113o ttopaod alralsH lvay amilyd aq,l, can utaodaa110181$31 0110 triad ';) -spoixad auojC-anti putt -aNxtil nano as omn atwoul paxY alaladoxdde uu 3o alquaaaad idol' do3 oql ulglinl )jum pug'xapiq pang olugal28V Sjj julldeD sAaloxug 01113o 10111w oil) paaaxia ao leaut 01 poloodxa sl 0110jlaod aill 3o uoluod 01110.1111 paxf otly as etw03xad autoaul paxf off 'xalluaaatll tura)-*101 aq1 ao3 pug `814aX Igaanas lXeu 91113o gaua J0j',1gos lttaalm oil] X03 uaniaa 30 sl8•1 lunutla palaadxa Julio) atll olquuclap flim saalsluy ot{l 'uo1l8n1un julatttya8 x1nm 1011 IsPoirad aga6-ani;'S81110.T aano (61WL'L) 0181 ttolldtunssg O-1nu3130 IuiaunlDIJ 0111 0000x0 ao 18-1-160 111 utnlox pttnrl 10101 aql palaadxa sl 11 `sisuq alnlosgu ug up 'l; 'spolxad,+ga�C-ani301 -aan11 aero asxanlun paouvjvq olupdo.tddu un jo ollluamod tpov dol 0111 ui 7lum 111m a3ugurx03aad s,tNxuent ltlaurlsanul atil lag) palaadxlo 0131 'slsug anilulaa u up 'z 'dxnsuail Toz pun'xopul sal)lpounuoD Sgfl-rQ %5 `lg'jlaM lgnitg-Alinbg aao] palllsxanlq pug -U060 xapul MUNDN 016.9 'XaPuI .L HUVN %9 'XOPuI Puog al920322V Sn lglldvo skeloasg 0105£ 'xapul 1411,b13 IMOV IDSW IMP :30 lfjluaxtna paspiltuoa 31iauulouag a 01 paaudmoa 0q HIM puna 18101011130 0au81=11ad 911,1, 'sluazulsanui illlnn poDualaadxa salah 19,41um aq1 alttporuKaOaaa 01 1110101 ns paaaplslroa aau spopad osalll, 'spopad auaA-anf3 Pae -00110 `at"11ox a03 saa3 3o loll paansgalu aq lltnt punrl 1010) 011130 03118tu103a0d 0113, '1 a 118u510laaaptttt3l mol 'V :(s)la2eu8tu luautlsenul all) jo ssauaniloa33a 1110u1ap))g 011011 I11a1u1sadIII fINIld N019NJU (8119019450 90170d,xOW111 M0,11VA09 BOYNTON B.CACH POLICE OFFICERS' PENSION FUND hiveshnent Policy Stalenment Custodian; The Board of Tizestees has a retained and wilt continue to retain a third party to be custodian of the Fund's assets. All securitles 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 niember of they Board of Trustees or the Board of Tnnste.e's designee. Security transactions bct%veen a broker dealer and a•custodian Involving the purchase or sate of securities by transfer of money or securities must be made on a "delivery vs, payinent" basis, if applicable, to ensure that the custodian will have the money or security, as appropriate, hi hand at the conclusion of the transaction. Birt requirement; Tile Trustees shall determine the approximate maturity date based on cash flow needs and market conditions, analyze and select one or more optimal types of bivestment, aad competitively bid the security in question when feasible and appropriate. Except as Otherwise required by law, the most economically advantageous bid must be. selected, Risk and Divers(fleatimn . The investments held by the Pond shall be diversified to the extent practical to control the risk` of loss resulting from over concentration of assets to a specific maturity, issuer, Issuer, Insinunent, dealer, or bank which financial bistrumeats are bought and sold. A. Authorized YnvestWgi&: 1. Commingled equity, fixed income, money market, and alternative (real estate, listed infrastmoi ture, commodities) funds and Institutional mutual funds whose hivestments are restricted to securities meeting the criteria outlined in Sectiolt 313. B. Z,imitations 1. illiquid investments, as described is Chapter 215.47,' Florida Statutes, air - 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 bivestment•Act ("PFXA"), scmtinlxed companies published by the State Board of Administration are prohibited, unless an Indirect investment is miable to divest, as provided for in Florida Statutes section 215.473. 5. The following investments are prolitbkted, unless authorized by the Tiustees: a. Futures (exceptions are mutual and cormningled funds) b. General obligations issued by a foreign government C., Hedge funds d. biselrance Annuities 2/13/2013 ROyNTON REACH POLICE OFFICERS' PENSION FUND Investment Policy Statement e. Internally managed assets f. United partnerships g. Marghh Accounts 1r. Options (exceptions are mutual and coni mbigled funds) I, Private equity j. Private mortgages Q. COMMUNICATIONS A. The custodian shall Apprise die Trustees of all transactions and shall forward all proxies to the h►vesttnelit n►atrager(s) within tern calendar days. On. a monthly basis, the custodian shall supply an accounting statement that will include a surrunary of all receipts and disbursements and the cost and the ma►ket value of all assets. On a quarterly basis, the investment manager(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 lnvestniet►t manager(s) shall deliver each quarter a report detallhig the Fund's performance, adherence to the Investment policy statement, forecast of the market and economy, portfolio analysis and current assets of tie Trost, Written reports and personal presentations shall be delivered to the Mustees within 60 days of the end of d►e quarter. The Investment nianager(s) will provide immediate written and/or telephone notice to the Trustees of any significant market related or non -market related event, specifically including, but not limited to, any deviation frons the standards set forth in Section 3B above. B. The investment manager(s) will disclose any securities that are not in compliance with Section 3A in each quarterly report, C, The Trustees snail retain a monitoring service to evaluate and report on a quarterly basis the rate of retum and relative performance of the Fund. D, The Thistees will meet quarterly with the investment tnonitorlconsultaut to review the Performance Report, The Trustees will meet.with the investment manager(s) and investment monitor/consultant to discuss poiformance results, economic outlook, investment strategy and tactics and other pertinent matters affecting the Nand on a quarterly basis. B. 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. S. CWTE RIA FOR IN VCSTMBNT MANAGER REVIEW The Board of Tntstees wish to adopt standards by which judgments of the ongoing performance of an investment ninnager may be made. With this In mind, the following are adopted: 2113/2013 BOYNTON BEACH POLICE, OFFICERS' PENSION FUND Investment Policy statement If, at any tune, any one of the following is breached, file lavestalent lnanager(s) will be warned of the Thistee's serious coltceali for the Fund's continued safety and performance. A. Four consecutive quarters of the Investment manager's performance below the 40h percentile in appropriate performance rankings. B. Standard deviation for die Lund in excess of 120% of the market. C. Loss by the investment ittanager(s) of any senior investment personnel. D. Any change in basic investment philosophy by the investment tnanager(s), E, Failure to attain a majority vote of confidence by tho Board of Trustees. F. Failure to observe the security quality restrictions in Section 3B. 6. INTERNAL CONTROLS The kind 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 file (line of every financial audit, the CPA shall review the controls that should be - designed to prevent loss of funds that might arise from fraud, error, or misrepresentation by third parties or imprudent actions by the Trustees or (lie employees of the City of Boynton Beach. 7. CONTINUING EDUCATION The Fund acknowledges the importanco of continuing education for the Trustees. Ongoing education will be provided by the lAind's actuary, attorney, custodian, investment martager(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. Lach Trustee is encouraged to attend a minlntunt of two conferences or seminars per year. Additional conferences or seminars are also encouraged. Bach Trustee tufty attend up to six conferences fit state and two conferences out-of-state, every year, without additional Board approval. 8. CLORIDA STATUTES 1.12, 185 AND APPLICABLE CITY OF BOYNTON BE, ACH ORDINANCES If at any time, this document found to be in conflict with Chapter 112,661 or Chapter 185, Florida Statutes, or the applicable City of Boynton Beach Ordinances, the Statutes and Ordinances shall prevail, 9. PROXY VOTING In general, proxies shall be, voted in accordance with the Trustees proxy policy, which is: 2/13/2013 BOYNTON BRACHPOLICB OFFICBItb" PWVSION FUND III veslrrrertl Fd1lay Statement "'Pito l3oncd of Trustees of tie M"? OF BOYNTON BBAC14 POLICE OFFICBR'S PENSION FUM recognizes that proxy voting powers are an asses of the Fund and must be exerelsed for the exclusive benefit of the participants in ilia Fund", On a regular basis, no less frequently thatl annually, tha investment manager(s) shall report a record of his or her proxy vote. 10, REVIEW AND AIVIENDM+NTS It is the Trustees intention to revie%v this document periodically and to amend this statement to reflect any cha+tges fit philosophy, objectives or guidelines. Irl this regard, the investment manager's Interest fit consistency lit these matters is recognized and wilt be taken into account when changes are being considered. If at any time any investment manager feels that the specific objectives defined herein cannot be met, or the guidelines constrict perfornlance, the Trustees should be, notified in writing. By initial and continidtig acceptance of this Itivestrnctlt Polley Statement, the investment tnanager(s) concurs wiklt tho provisions of this document. Once the Trustees have adopted tits investment policy statenient, 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 tits investment Policy Statement and any amendment thereto shall be the 3 t st calendar day following the filing date with tile. plan sponsor. ill. ASSIi1T ALLOCATION Deliberate management of the asset mix among classes of investments is both a necessary and desirable responsibility. It the allocation of assets, diversification of investments among asset classes that are not sindiarly affected by economic, political, or social developments is a highly desirable objective. The Fund's general policy shall be to diversify investments within bath 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, commoditles and Infrastructure, to the equity/fixed hlcome portfolio may materially iinprove the ability of the portfolio to dotnitlate 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, lit making asset allocation judgments, It is no expected that the Trustees will necessarlly 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 tong -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 (argot percentage; 2/13/2013 BOYNTON BEACH POLICE OI�',i�.ICERS' PENSION Zs UND Investment Policy Statement I Asset Class/Slrategy Stralegle Allocation 001) Polley Range Allocation NO) L�dulites 48 30-70 Plxcd kcame 35 30-40 Cash/Money Market 2 0-5 Alternatives: 15 2-20 Total 100 ALTHRNATIM Private Real Estate 5 0-7 Public Reel Estate (RBITs) 5 0-7 Listed Infrastructure 0 0-5 Conunadities(W s) 5 0--7 NOTE Fo coign seeurllles are limited to 2$%u of tho penslon fltnd at market vniue, 12. FROCEDOPW FOR REDALANO,ING ASSET ALLOCATION At the end of each month, Russell investments wilt compare the land's asset values and their relative allocation percentages, to die rebalancing policy targets and ranges. Based on this comparison, Russell Investments will determine what trades are necessary ht order to bring the investments as close to target its practical. BOY14TON BRACH )POLICE OFFICRRS' PL11SINnU" As: Citalrntau, Board ofTrustees Date S, 2$ . 13 BURGESS CRAMBBRS,& ASSOCIATES, INC. Bl,,�,r• ..� As: Regi ;7, Advisor Date; ! 2/13/2013 RUSSELL INYL,STtV NTS BY. !' — As: roveAniont Manager Date, `r/1L90 l 13 Gabriel Roeder Smith & Company One East Broward Blvd 954.527.1616 phone GRS Consultants & Actuaries Suite 505 954.525.0083 fax Ft Lauderdale, FL 33301-1804 www gabnelroeder com August 19, 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: MULCAHY, Michael I (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. Sincerely yours, 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 From: Barbara Ladue [ladueb@bbpdpension.com] Sent: Thursday, August 15, 2013 11:45 AM To: 'Pete. Strong@gabdelroeder.com' Subject: Boynton Police - Def Vested Benefit Verification - Michael Mulcahy Attachments: D00081513.pdf Pete: Please review the attached for verification to the Police Pension Board: Michael Mulcahy terminated employment 1-17-2013, with a Deferred Vested Benefit to begin 02-01-2026. He selected 100% Survivor Annuity in the amount of $1,242.57. Thank you. Barb La Due -----Original Message ----- From: Scanner [mailto:fag@compson.com] Sent: Thursday, August 15, 2013 11:32 AM To: police and fire Subject: Send data from MFP07580425 08/15/2013 11:31 Scanned from MFP07580425 Date: 08/15/2013 11:31 Pages: 6 Resolution: 200x200 DPI CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETI7JFd4ENT BENEFITS April 23, 2013 Participant's Name: MICHAEL J MTLCAHY Social Security #: You are eligible for a{n} VESTED Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing February 1, 202E. The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to recieve: 1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay- ments of $ 1320.57 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 ; 1312.80 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 1312.80 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 o $ 1242.51 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 1242.57 for as long as he/she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 1261.21 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 945.91 for as long as he/she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 1280.37 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 640.19 for as long as he/she lives. 6. 66-2/3% JOINT AND LAST SURVIVOR ANNUITY This option provides monthly payments of ; 1285.36 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 Y 856.90 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 1307.94 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 ; 653.97 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 07/12/1982 Pension Hire Date: 01/23/2006 Date of Termination: 01/17/2013 Adjusted Hire Date: 01./23/2006 Avg Final Monthly Comp: $5,369.77 Years of Credited Service: 6 Beneficiary Name: SAMANTHA MULCAHY Date of Birth: 11/07/1985 Participant's Name: MICHAEL J MULCAHY Page 2 Social Security #: xxxx Accumulated Contributions: $30,231.19 After -Tax Contributions: $.00 Pre -Tax Contributions: $30,231.19 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $.00 Portion Continues:_ _______. _ _ _ _ _ 0_ Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, including my choice of annuity form, and confirm the information shown above to be correct. PARTICIPANT'S SIGNATURE: DATE: BENEFICIARY'S SIGNATUR : DATE: Calculation Date: CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RITIREMENT BENEFITS PAGE 1 '--" April 23, 2013 NAME MULCAHY, MICHAEL J # ADDRESS BIRTH PEN HIRE 01/23/2006 ADJ HIRE 01/23/2006 RETIRE 01/17/2013 TYPE V LAST SERV 01/17/2013 ELIG NORM 01/23/2026 ELIG EARLY 00/00/0000 100% VEST 01/23/2011 COMMENCE 02/01/2026 LAST EARN 00/00/0000 BEN NAME VAC HRS/CD .00/EG SIC HRS/CD .00 S2 ACCRUE PER .00 LAST PAY 20130128-20130210 TERM -DATE 20130117 3292 SSN YT CONTR. CONTR(TAX) CONTR(NTX) BALANCE BENEFIT 60 MO EARN AVG MO EARN SERV AT TERM AGE AT RETIRE COM ANB/DIFF VESTED TDY/RET SERV OVERRIDE PAY HIST FLAG HOURY RATE VAC SIC PAYOUT EARLY OPTION QDRO EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT DEPT 21 492.13 30,231.19 .00 30,231.19 322,86.19 5,369.77 6 11 25 30 6 5 44 -3 100 100 IRREGULAR 26.600 .00 DEFERRED 1,312.80 ws TEN YEAR CERTAIN & LIFE 1,312.80 LIFE ANNUITY FACTOR: 1.(0592 MODIFIED LIFE ANNUITY 100% SURVIVOR FACTOR: 75% SURVIVOR FACTOR: 50% SURVIVOR FACTOR: .94650 100% SURVIVOR ANNUITY SURVIVOR BENEFIT .96070 'S% SURVIVOR ANNUITY SURVIVOR BENEFIT .97530 50% SURVIVOR ANNUITY SURVVOR BENEFIT 1,320.57 1,242.57 1,242.57 1,261.21 945.91 1,280.37 640.19 66% JOINT & LAST FACTOR: .97910 66°% JOINT & LAST ANNUITY 1,285.36 SURVIVOR BENEFIT 856.90 50% JOINT & LAST FACTOR: .99630 50% JOINT & LAS ANNUITY 1,307.94 SURVIVOR BENEFIT 653.97 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 April 23, 2013 MICHAEL J MULCAHY H I G H Y E A R O N E H I G H Y E A R T W 0 PAY EFF WEEKS WAGES PAY ]FF WEEKS WAGES 12/31/12 2.0 2,301.85 04/11/11 2.0 2,168.80 12/17/12 2.0 2,394.90 03/28/11 2.0 2,142.07 12/03/12 2.0 2,168.80 03/14/11 2.0 2,142.07 11/19/12 2.0 2,661.00 02/28/11 2.0 2,182.07 11/05/12 2.0 2,301.85 02/14/11 2.0 2,601.10 10/22/12 2.0 2,128.80 01/31/11 2.0 2,301.81 10/08/12 2.0 2,168.80 01/17/11 2.0 2,680.91 09/24/12 2.0 ,128.80 01/03/11 2.0 2,301.81 09/10/12 2.0 2,168.80 12/20/10 2.0 4,171.05 08/27/12 2.0 2,261.85 12/06/10 2.0 2,801.81 08/13/12 2.0 2,168.80 11/22/10 2.0 3,759.24 07/30/12 2.0 2,128.80 11/08/10 2.0 2,760.83 07/16/12 2.0 2,128.80 10/25/10 2.0 2,261.81 07/02/12 2.0 2,301.85 10/11/0 2.0 2,182.07 06/18/12 2.0 2,128.80 09/27/10 2.0 2,248.51 06/04/12 2.0 2,168.80 09/13/10 2.0 2,758.06 05/21/12 2.0 2,261.85 08/30/10 20 2,641.09 05/07/12 2.0 2,537.57 08/16/10 2.0 2,142.07 04/23/12 2.0 2,128.79 08/02/10 2.0 2,422.07 04/09/12 2.0 2,168.80 07/19/10 2.0 2501.81 03/26/12 2.0 2,128.80 07/05/10 2.0 2,641.09 03/12/12 2.0 2,168.79 06/21/10 2.0 2,588.29 02/27/12 2.0 2,128.80 06/07/10 2.0 2,674.59 02/13/12 2.0 2,261.85 05/24/10 2.0 2,960.83 01/30/12 2.0 2,168.79 05/10/10 2.0 2,421.55 01/16/12 2.0 2,235.23 04/26/10 2.0 2,381.55 TOTAL 52.0 57,900.57 TOTAL 52.0 66,838.96 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 April 23, 2013 MICHAEL J MULCAHY H I G H Y E A R T H R E E H I G H Y E A R F 0 U R PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 03/29/10 2.0 2,016.06 03/30/09 2.0 2,342.07 03/15/10 2.0 2,261.81 03/16/09 2.0 2,363.04 03/01/10 2.0 2,482.07 03/02/09 2.0 2,499.8 02/15/10 2.0 2,900.83 02/16/09 2.0 2,819.79 02/01/10 2.0 2,301.8_ 02/02/09 2.0 2,121.95 01/18/10 2.0 2,961.09 01/19/09 2.0 3,167.23 01/04/10 2.0 2,474.77 01/05/09 2.0 2,010.66 12/21/09 2.0 3,718.70 12/2;/08 2.0 3,900.37 12/07/09 2.0 2,452.07 12/08/08 2.0 2,100.66 11/23/09 2.0 3,060.11 11/24/08 2.0 3,540.89 11/09/09 2.0 2,834.01 11/10/08 2.0 2,437.23 10/26/09 2.0 2,322.07 10/27/08 2.0 2,311.94 10/12/09 2.0 2,481.81 10/13/08 2.0 2,250.66 09/28/09 2.0 2,142.07 09/29/08 2.0 2,710.66 09/14/09 2.0 2,441.81 09/15/08 2.0 2,157.73 08/31/09 2.0 2,821.09 09/01/08 2.0 2,366.85 08/17/09 2.0 2,441.81 08/18/08 2.0 2,502.70 08/03/09 2.0 2,182.07 08/04/08 2.0 2,072.70 07/20/09 2.0 2,352.07 07/21/08 2.0 2,610.74 07/06/09 2.0 2,481.81 07/07/08 2.0 2,492.70 06/22/09 2.0 3,014.31 06/23/08 2.0 2,928.79 06/08/09 2.0 2,621.94 06/09/i8 2.0 2,132.70 05/25/09 2.0 2,781.09 05/26/08 2.0 2,706.85 05/11/09 2.0 2,791.81 05/12/08 2.0 2,204.75 04/27/09 2.0 2,861.29 04/28/08 20 2,568.76 04/13/09 2.0 2,768.16 04/14/08 2.0 2,130.74 TOTAL 52.0 67,968.54 TOTAL 52.0 65,452.94 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL KRKSHEET OF RETIREMENT BENEFITS PAGE 4 April 23, 2013 MICHAEL J MULCAHY H I G H Y E A R F I VE PAY EFF WEEKS WAGES 03/31/08 2.0 2,597.70 03/17/08 2.0 2,265.70 03/03/08 2.0 1,839.02 02/18/08 2.0 3,060.47 02/04/08 2.0 1,839.02 01/21/08 2.0 2,652.16 01/07/08 2.0 1,940.70 12/24/07 2.0 3,540.04 12/10/07 2.0 2,199.02 11/26/07 2.0 1,909.01 11/12/07 2.0 3,348.36 10/29/07 2.0 2,375.54 10/15/07 2.0 2,580.8`. 10/01/07 2.0 2,437.84 09/17/07 2.0 2,818.97 09/03/07 2.0 2,653.37 08/20/07 2.0 2,136.60 08/06/07 2.0 1,830.48 07/23/07 2.0 2,140.48 07/09/07 2.0 2,289.76 06/25/07 2.0 3,409.64 06/11/07 2.0 1,990.48 05/28/07 2.0 2,502.17 05/14/07 2.0 ,136.60 04/30/07 2.0 2,635.48 04/16/07 2.0 1,900.48 04/02/07 1.0 995.24 TOTAL 53.0 64,025.18 Gabriel Roeder Smith & Company One East Broward Blvd 954 527.1616 phone GRS Consultants & Actuaries Suite 505 954 525.0083 fax Ft. Lauderdale, FL 33301-1804 www.gabrielroeder.com August 19, 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: CAUDELL, Scott B. (DROP Retirement) Based on the information provided, we have determined that the retirement benefits that have been calculated for the above participant are in accordance with plan provisions. 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. Sincerely yours, 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 From: Barbara Ladue [ladueb@bbpdpension.com] Sent: Tuesday, July 23, 2013 1:55 PM To: 'Rion.Broshears@gabrielroeder.com' Cc: 'Pete.Strong@gabdeiroeder.com' Subject: Boynton Police - Scott Caudell Retirement into DROP - Verification Attachments: D00072313.pdf Rion: Please review the attached retirement benefit for verification to the Police Pension Board: 1) Scott Caudell, SS # 400 -86 -XXX, retired into DROP 6-30-2013, initial DROP deposit effective 7-1-2013, $3306.90 100% Survivor Annuity. Thank you. Barb La Due -----Original Message ----- From: Scanner [mailto:fax0compson.com] Sent: Tuesday, July 23, 2013 1:31 PM To: police and fire Subject: Send data from MFP07580425 07/23/2013 13:31 Scanned from MFP07580425 Date: 07/23/2013 13:31 Pages: 7 Resolution: 200x200 DPI ---------------------------------------- 1 D.R.O.P. DEFERRED RETIREMENT OPTION PLAN - - -- ----- - -- - —mor - -- - -- -- - - -- - THE BOYNTON BEACH POLICE PENSION FUND I have received a copy of the provisions of the DROP contained in the Pension Plan. I am in full agreement with the terms set forth. I have been advised to seek the counsel of a qualified tax advisor regarding the tax consequences to me of entering the DROP. I fully understand that my participation in the DROP shall terminate at the end of five (5) years or thirty (30) years of service, whichever comes first. Failure to end DROP participation may result in penalties at the discretion of the Trustees, up to and including forfeiture of the DROP account. I, cJ Co -/T %,5 CA& 0 t LL , have entered the Boynton (Print Nome) Beach Police Officers' Pension Fund DROP on � - J0 -o?O/_ My pension (Bttter Date) benefit and DROP participation is based on 4� Years © Months Days of service. In compliance with Ordinance No. 08-008, Sec. 18-175 (passed 05-06-08) this will establish - 30?© /S as my irrevocable resignation date with the City of (Enter Dote) Boynton Beach. Witness: (Signature) (Signature) cS�oT' t6. (Print Name) Date: - ;z o 13 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREIlGNT SYSTEM FINAL STATSiOM OF RBTIREENT BENEFITS July 11, 2013 Participant's Name: SCOTT B CAUDELL Social Security #: - You are eligible for a(n) NORMAL Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing July 1, 2013 The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to recieve: 1. MODIFIED CASE REFUND ANNUITY: This option provides monthly pay- ments of $ 3636.87 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. TSN YEAR CERTAIN AND LIFE THEREAFTER: This option provides monthly payments of ; 3581.22 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 3581.22 will continue to be made to your beneficiary until a total of nPmonthly payments have been made in all. 3. 100$ SURVIVOR ANNUITY; This option provides monthly payments of $ 3306.90 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 3306.90 for as long as he/she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 3383.54 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 2537.66 for as long as he/she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 3463.76 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 1731.88 for as long as he/she lives. 6. 66-2/3% JOINT AND LAST SURVIVOR ANNUITY This option provides monthly payments of y 3495.27 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 2330.16 will continue for the life of the remain= ing person. ► 7. 50& JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of ; 3598.05 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 ; 1799.03 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 03/09/1960 Pension Hire Date: 06/04/1998 Date of Termination: 06/30/2013 Adjusted Hire Date: 06/04/1998 Avg Final Monthly Comp: $6,789.13 Years of Credited Service: 15 Beneficiary Name: SUSAN CAUDELL Date of Birth: 10/18/1961% Participant's Name: SCOTT B CAUDELL Page 2 Social Security #: Accumulated Contributions: $68,326.36 After -Tax Contributions: $.00 Pre -Tax Contributions: $68,326.36 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $.00 Portion Continues: _-- - - 0 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, including my choice of annuity form, and confirm the information shown above to be correct. PARTICIPANT'S SIGNATURE. - DATE: l BENEFICIARY'S SIGNATURE: Calculation Date: CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RITIREMENT BENEFITS PAGE 1 July 11, 2013 NAME CAUDELL, SCOTT B # 2120 SSN DEPT 21 ADDRESS CONTR(TAX) 68,326.36 BIRTH CONTR(NTX) .00 PEN HIRE 06/04/1998 BALANCE 68,326.36 ADJ HIRE 0670471998 — - -- - -- RETIRE 06/30/2013 TYPE N LAST SERV 06/30/2013 60 MO EARN 407,47.61 ELIG NORM 06/04/2013 AVG NO EARN 6,789.13 ELIG EARLY 03/09/2010 SERV AT TERM 15 0 26 100% VEST 06/04/2003 AGE AT RETIRE 53 3 21 COMMENCE 07/01/2013 COM ANB/DIFF 53 -2 LAST EARN 00/00/0000 VESTED TDY/RET 100 100 BEN NAME SERV OVERRIDE BEN BDAY ✓ PAY HIST FLAG IRREGULAR VAC HRS/CD 15.25/EJ HOURY RATE 38.970 SIC HRS/CD 37.15 S4 VAC SIC PAYOUT .00 ACCRUE PER .00 EARLY OPTION LAST PAY 20130617-20130630 TERM -DATE 00000000 QDRO BENEFIT 3,581.22 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 3,581.22 LIFE ANNUITY FACTOR: 1.(1554 MODIFIED LIFE ANNUITY 3,636.87 100% SURVIVOR FACTOR: .92340 100% SURVIVOR ANNUITY 3,306.90 SURVIVOR BENEFIT 3,306.90 75% SURVIVOR FACTOR: .94480 '5% SURVIVOR ANNUITY 3,383.54 SURVIVOR BENEFIT 2,537.66 50% SURVIVOR FACTOR: .96720 50% SURVIVOR ANNUITY 3,463.76 SURVVOR BENEFIT 1,731.88 66% JOINT & LAST FACTOR: .97600 66% JOINT & LAST ANNUITY 3,495.27 SURVIVOR BENEFIT 2,330.16 50% JOINT & LAST FACTOR:1.00470 50% JOINT & LAS ANNUITY 3,598.05 SURVIVOR BENEFIT 1,799.03 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 BEC(MES 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 Jury 11, 2013 SCOTT B CAUDELL H I G H Y E A R O N E H I G H Y E A R T W 0 PAY EFF WEEKS WAGES PAY )FF WEEKS WAGES 06%17/13 2-0 3,- 381.-3-5 -06/18/12-- 2.0 - 21-8-2:8- 43 06/03/13 2.0 3,750.71 06/04/12 2.0 3,444.30 05/20/13 2.0 4,813.14 05/21/12 2.0 2,939.47 05/06/13 2.0 3,168.24 05/07/12 2.0 2,868.44 04/22/13 2.0 3,556.75 04/23/12 2.0 3,077.80 04/08/13 2.0 3,460.58 04/09/12 2.0 2,868.43 03/25/13 2.0 3,863.70 03/26/12 2.0 2,974.05 03/11/13 2.0 ;,809.18 03/12/12 2.0 3,392.43 02/25/13 2.0 31118.24 02/27/12 2.0 2,766.56 02/11/13 2.0 3,313.14 02/13/12 2.0 2,939.47 01/28/13 2.0 3,460.58 01/30/12 2.0 3,041.34 01/14/13 2.0 3,313.13 01/16/12 2.0 2,939.47 12/31/12 2.0 3,407.11 01/02/12 2.0 3,728.66 12/17/12 2.0 31164.25 12/19/.1 2.0 3,510.07 12/03/12 2.0 3,599.92 12/05/11 2.0 3,392.43 11/19/12 2.0 3,458.20 11/21/11 2.0 3,510.07 11/05/12 2.0 3,145.09 11/07/11 20 3,776.21 10/22/12 2.0 3,077.80 10/24/11 2.0 2,818.43 10/08/12 2.0 2,868.43 10/10/11 2.0 2,868.43 09/24/12 2.0 2,766.56 09/26/11 2.0 2818.43 09/10/12 2.0 31599.92 09/12/11 2.0 3,625.86 08/27/12 2.0 3,03.21 08/29/11 2.0 2,939.47 08/13/12 2.0 21870.38 08/15/11 2.0 2,818.43 07/30/12 2.0 3,181.54 08/01/11 2.0 2,868.43 07/16/12 2.0 2,818.43 07/18/11 2.0 3,077.80 07/02/12 2.0 2,989.47 07/04/11 2.0 2,989.47 TOTAL 52.0 86,999.05 TOTAL 52.0 80,812.38 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 July 11, 2013 SCOTT B CAUDELL H I G H Y E A R T H R E E H I G H Y E A R F 0 U R PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 04/25/11 2.-0- -2;-818.43 -04/26/10 2.0 3,557.63 04/11/11 2.0 2,868.43 04/12/10 2.0 2,868.43 03/28/11 2.0 2,818.43 03/29/10 2.0 2,818.3 03/14/11 2.0 2,818.43 03/15/10 2.0 2,818.43 02/28/11 2.0 3,392.4: 03/01/10 2.0 3,340.56 02/14/11 2.0 2,991.34 02/15/10 2.0 3,198.83 01/31/11 2.0 2,816.56 02/01/10 2.0 2,868.43 01/17/11 2.0 2,904.89 01/11/10 2.0 3,243.37 01/03/11 2.0 2,920.30 01/04/10 2.0 2,868.43 12/20/10 2.0 4,236.29 12/21/09 2.0 3,976.93 12/06/10 2.0 3,392.43 12/07/09 2.0 3,340.56 11/22/10 2.0 3,458.20 11/23/09 2.0 3,510.07 11/08/10 2.0 2,989.47 11/09/09 2.0 3,196.96 10/25/10 2.0 2,987.02 10/26/09 2.0 2,766.56 10/11/10 2.0 2,816.56 10/12/09 2.0 2,868.43 09/27/10 2.0 -,,818.43 09/28/09 2.0 2,766.56 09/13/10 2.0 2,818.43 09/14/09 2.0 3,786.74 08/30/10 2.0 3,859.29 08/31/09 2.0 3,565.34 08/16/10 2.0 2,766.56 08/17/09 2.0 2,806.56 08/02/10 2.0 2,816.56 08/03/09 2.0 2,796.56 07/19/10 2.0 2,766.56 07/20/09 2.0 2,766.56 07/05/10 2.0 3,041.34 07/06/0 2.0 2,848.43 06/21/10 2.0 2,766.56 06/22/09 2.0 3,446.22 06/07/10 2.0 3,340.56 06/08/09 2.0 3,320.56 05/24/10 2.0 3,285.29 05/25/09 20 2,939.47 05/10/10 2.0 2,868.43 05/11/09 2.0 2,796.56 TOTAL 52.0 79,377.22 TOTAL 52.0 81,081.61 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL ?ORKSHEET OF RETIREMENT BENEFITS PAGE 4 July 11, 2013 SCOTT B CAUDELL H I G H Y E A R F I V E PAY EFF WEEKS WAGES 04/27/09 2:-0 21766.56 04/13/09 2.0 2,766.56 03/30/09 2.0 2,776.42 03/16/09 2.0 2,686.00 03/02/09 2.0 3,240.00 02/16/09 2.0 2,853.88 02/02/09 2.0 2,716.00 01/19/09 2.0 2,853.88 01/05/09 2.0 2,766.36 12/22/08 2.0 3,752.02 12/08/08 2.0 3,290.36 11/24/08 2.0 3,508.60 11/10/08 2.0 3,362.3: 10/27/08 2.0 2,686.00 10/13/08 2.0 2,716.00 09/29/08 2.0 2,644.98 09/15/08 2.0 4,429.10 09/01/08 2.0 3,233.53 08/18/08 2.0 2,521.92 08/04/08 2.0 2,846.26 07/21/08 2.0 2,521.92 07/07/08 2.0 2,551.92 06/23/08 2.0 2,994.77 06/09/08 2.0 :,075.92 05/26/08 2.0 2,679.53 05/12/08 2.0 3,551.92 04/28/08 1.0 1,284.61 TOTAL 53.0 79,077.35 Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone GRS Consultants & Actuaries Suite 505 954.525.0083 fax Ft Lauderdale, FL 33301-1804 www.gabrielroedercom August 19, 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: IMMLER, George M. (Normal Retirement) Based on the information provided, we have determined that the retirement benefits that have been calculated for the above participant are in accordance with plan provisions. 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. Sincer ly yours, Peter N. Strong, ASA Consultant and Actuary IS3A7 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 From: Barbara Ladue (lad ueb@bbpdpension. corn] Sent: Wednesday, August 07, 2013 1:32 PM To: 'Pete.Strong@gabrieiroeder.com' Subject: Boynton Police - Reirement Verification - George M. Immler Attachments: D00080713 pdf Pete: Please review the attached retirement calculations for Chief Immler for verification to the Board: George (Matt) Immler, SS# 213-58-XXXX, retirement date 7-12-2013, initial benefit due August 1, 2013, 50% Survivor annuity option - $6110.45. Thank you. Barb La Due -----Original Message ----- From: Scanner [mailto:fax@compson.com] Sent: Wednesday, August 07, 2013 11:14 AM To: police and fire Subject: Send data from MFP07580425 08/07/2013 11:14 Scanned from MFP07580425 Date: 08/07/2013 11:14 Pages: 6 Resolution: 200x200 DPI 1 16 � L^ CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS August 5, 2013 Participant's Name: GEORGE M IMMLER Social Security #: - You are eligible for a(n) NORMAL Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing August 1, 2013 The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to recieve: 1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay- ments of $ 6668.38 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 Y 6399.72 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 6399.72 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 $ 5638.79 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 5638.79 for as long as he/she lives. 6. 66-2/3% JOINT AND LAST SURVIVOR ANNUITY This option provides monthly payments of 6114.29 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 4076.15 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of 6384.36 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 3192. IS wiII continue for the life o the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 12/23/1951 Pension Hire Date: 05/02/1999 Date of Termination: 07/12/2013 Adjusted Hire Date: 05/02/1999 Avg Final Monthly Comp:$12,882.09 Years of Credited Service: 14 Beneficiary Name: CARYN IMMLER Date of Birth: 10/28/1956 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 5865.34 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 4399.01 for as long as he/she lives. i. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 6110.45 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 3055.23 for as long as he/she lives. 6. 66-2/3% JOINT AND LAST SURVIVOR ANNUITY This option provides monthly payments of 6114.29 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 4076.15 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of 6384.36 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 3192. IS wiII continue for the life o the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 12/23/1951 Pension Hire Date: 05/02/1999 Date of Termination: 07/12/2013 Adjusted Hire Date: 05/02/1999 Avg Final Monthly Comp:$12,882.09 Years of Credited Service: 14 Beneficiary Name: CARYN IMMLER Date of Birth: 10/28/1956 Participant's Name: GEORGE M IMMLER Page 2 Social Security #: Accumulated Contributions: $19,610.19 After -Tax Contributions: $.00 Pre -Tax Contributions: $19,610.19 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 y choice of annuity form, and confirm the information shown above to b correct. PARTICIPANT'S SIGNATURE: DATE: 0 BENEFICIARY'S SIGNATURE: DATE: Calculation Date: CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RITIREMENT BENEFITS PAGE 1 August 5, 2013 NAME IMMLER, GEORGE M ADDRESS BIRTH PEN HIRE 05/02/1999 ADJ HIRE 05/02/1999 RETIRE 07/12/2013 TYPE N LAST SERV 07/12/2013 ELIG NORM 05/02/2009 ELIG EARLY 00/00/0000 100% VEST 05/02/2004 COMMENCE 08/01/2013x"" LAST EARN 00/00/0000 BEN NAME BEN BDAY VAC HRS/CD .00/EI SIC HRS/CD .00 S3 ACCRUE PER .00 LAST PAY 20130715-20130728 TERM -DATE 20130712 # 2311 SSN DEPT 21 YT CONTR. 9,124.30 CONTR(TAX) 119,610.19 CONTR(NTX) .00 BALANCE 119,610.19 BENEFIT 60 MO EARN AVG MO EARN SERV AT TERM AGE AT RETIRE COM ANB/DIFF VESTED TDY/RET SERV OVERRIDE PAY HIST FLAG HOURY RATE VAC SIC PAYOUT EARLY OPTION QDRO EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT TEN YEAR CERTAIN & LIFE LIFE ANNUITY FACTOR: 1.(4198 MODIFIED LIFE ANNUITY 100% SURVIVOR FACTOR: .88110 100% SURVIVOR ANNUITY SURVIVOR BENEFIT 75% SURVIVOR FACTOR: .91650 ?5% SURVIVOR ANNUITY SURVIVOR BENEFIT 50% SURVIVOR FACTOR: .95480 50% SURVIVOR ANNUITY SURVVOR BENEFIT 66% JOINT & LAST FACTOR: .95540 66% JOINT & LAST ANNUITY SURVIVOR BENEFIT 772125.14 12,882.09 14 2 10 61 6 19 62 -5 100 100 IRREGULAR 64.746 .00 6,399.72 6,399.72 6,668.38 5,638.79 5,638.79 5,865.34 4,399.01 6, 110.45 3,055.23 6,114.29 4,076.15 50% JOINT & LAST FACTOR: .99760 50% JOINT & LAS ANNUITY 6,384.36 SURVIVOR BENEFIT 3,192.18 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 BEC(MES FULLY TAXABLE 00/00/0000 00/00/0000 Prepared by * indicates manual override '54,t 7 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 Aucust 5, 2013 GEORGE M IMMLER H I G H Y E A R O N E H I G H Y E A R T W 0 PAY EFF WEEKS WAGES PAY ]FF WEEKS WAGES 07/15/13 .4 51,291.45 07/02/12 2.0 5,259.70 07/01/13 2.0 5,259.70 06/18/12 2.0 5,179.70 06/17/13 2.0 5,179.70 06/04/12 2.0 5,659.70 06/03/13 2.0 5,659.70 05/21/12 2.0 5,179.70 05/20/13 2.0 5,179.70 05/07/12 2.0 5,259.70 05/06/13 2.0 5,259.70 04/23/12 2.0 5,179.70 04/22/13 2.0 5,179.70 04/09/12 2.0 5,259.70 04/08/13 2.0 x,259.70 03/26/12 2.0 5,179.70 03/25/13 2.0 5,179.70 03/12/12 2.0 5,659.70 03/11/13 2.0 5,659.70 02/27/12 2.0 5,179.70 02/25/13 2.0 5,179.70 02/13/12 2.0 5,179.70 02/11/13 2.0 5,179.70 01/30/12 2.0 5,259.70 01/28/13 2.0 5,259.70 01/16/12 2.0 5,179.70 01/14/13 2.0 5,179.70 01/02/2 2.0 5,259.70 12/31/12 2.0 5,259.70 12/19/11 2.0 5,179.70 12/17/12 2.0 5,179.70 12/05/11 2.0 5,659.70 12/03/12 2.0 5,659.70 11/21/11 20 5,179.70 11/19/12 2.0 5,179.70 11/07/11 2.0 5,259.70 11/05/12 2.0 5,259.70 10/24/11 2.0 5,179.70 10/22/12 2.0 5,179.70 10/10/11 2.0 8497.00 10/08/12 2.0 8,497.00 09/26/11 2.0 5,179.70 09/24/12 2.0 5,179.70 09/12/11 2.0 5,659.70 09/10/12 2.0 5,659.70 08/29/11 2.0 5,179.70 08/27/12 2.0 5,179.70 08/15/11 2.0 5,179.70 08/13/12 2.0 5,259.70 08/01/11 2.0 5,259.70 07/30/12 2.0 5,179.70 07/18/11 2.0 5,179.70 07/16/12 1.6 4,143.76 00/00/00 .0 .00 TOTAL 52.0 190,725.01 TOTAL 52.0 140,469.50 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENFITS PAGE 3 August 5, 2013 GEORGE M IMNLER H I G H Y E A R T H R E E H I G H Y E AR F 0 U R PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 04/25/11 2.0 5,179.70 04/26/10 2.0 5,179.70 04/11/11 2.0 5,259.70 04/12/10 2.0 5,259.0 03/28/11 2.0 5,179.70 03/29/10 2.0 5,179.70 03/14/11 2.0 5,179.7( 03/15/10 2.0 5,179.70 02/28/11 2.0 5,659.70 03/01/10 2.0 5,659.70 02/14/11 2.0 5,179.70 02/15/10 2.0 5,179.70 01/31/11 2.0 5,259.70 02/0/10 2.0 5,259.70 01/17/11 2.0 5,179.70 01/18/10 2.0 5,179.70 01/03/11 2.0 5,259.70 01/04/10 2.0 5,259.70 12/20/10 2.0 5,179.70 12/21/09 2.0 5,179.70 12/06/10 2.0 5,659.70 12/07/09 2.0 5,659.70 11/22/10 2.0 5,179.70 11/23/09 2.0 5,179.70 11/08/10 2.0 5,259.70 11/09/09 2.0 5,259.70 10/25/10 2.0 5,179.70 10/26/09 2.0 5,179.70 10/11/10 2.0 E,497.00 10/12/09 2.0 8,497.00 09/27/10 2.0 5,179.70 09/28/09 2.0 5,179.70 09/13/10 2.0 5,179.70 09/14/09 2.0 5,179.70 08/30/10 2.0 5,659.70 08/31/09 2.0 5,659.70 08/16/10 2.0 5,179.70 08/17/09 2.0 10,095.16 08/02/10 2.0 5,259.70 08/03/09 2.0 5,259.70 07/19/10 2.0 5,179.70 07/20/(9 2.0 5,179.70 07/05/10 2.0 5,259.70 07/06/09 2.0 5,259.70 06/21/10 2.0 5,179.70 06/22/09 2.0 5,179.70 06/07/10 2.0 5,659.70 06/08/09 20 5,659.70 05/24/10 2.0 5,179.70 05/25/09 2.0 5,179.70 05/10/10 2.0 5,259.70 05/11/09 2.0 10,439.38 TOTAL 52.0 140,469.50 TOTAL 52.0 150564.64 CITY OF BOYDTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE August 5, 2013 GEORGE M IMMLER H I G H Y E A R F I V E PAY EFF WEEKS WAGES 04/27/09 2.0 5,179.70 04/13/09 2.0 6,179.70 03/30/09 2.0 5,259.70 03/16/09 2.0 5,179.70 03/02/09 2.0 5,659.70 02/16/09 2.0 5,179.70 02/02/09 2.0 5,259.70 01/19/09 2.0 5,179.70 01/05/09 2.0 5,259.70 12/22/08 2.0 5,179.70 12/08/08 2.0 5,659.70 11/24/08 2.0 5,179.7( 11/10/08 2.0 5,259.70 10/27/08 2.0 5,179.70 10/13/08 2.0 10,568.87 09/29/08 2.0 5,159.38 09/15/08 2.0 5,078.10 09/01/08 2.0 5,558.10 08/18/08 2.0 5,078.10 08/04/08 2.0 5,158.10 07/21/08 2.0 5,078.10 07/07/08 2.0 6,654.74 06/23/08 2.0 1,910.40 06/09/08 2.0 5,390.40 05/26/08 2.0 4,910.40 05/12/08 2.0 9,900.80 04/28/08 1.0 2,455.20 TOTAL 53.0 150,696.49 rx POLICE & FIRE PENSION FUNDS OF Boynton Beach PENSION ADMINISTRATION MEMO TO: Boynton Beach Police Officer's Pension Board FROM: Barbara La Due, Pension Administrator DATE: November 6, 2013 Subject: Pension Administrator Salary Review I am the Pension Administrator for both the Firefighters' and Police Officers' Pension Funds with expenses paid on a split 50/50 basis. My compensation is on a monthly basis. I provide my own benefits such as health insurance, dental, vision, disability insurance, vacation, sick days and retirement savings. Effective October 1, 2013 my monthly compensation from the Firefighters' Pension Fund is $2,282.79.... Recap as follows: October 2007 monthly compensation $1,703.46 October 2008, 2009, 2010 & 2011 @ 5% increase each year October 2011 monthly compensation $2,070.56 October 2012 monthly compensation $2,174.09 October 2013 monthly compensation $2,282.79 (Each October a 5% increase is effective) As of October 2013 my monthly compensation from the Police Officers' Pension Fund is $1,754.56 ......Recap as follows: October 2007 monthly compensation $1,671.01 October 2008, 2009 monthly compensation $1,671.01 December 2010 monthly compensation $1,754.56 I request my monthly compensation be raised to $2,282.79 effective October 2013 with scheduled automatic 5% increases thereafter for review each October. 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O 1 -I W (f) W ry LL_ U) U) (^ 3 ry 7 c Q LL 2 o c as a) W U) E 0 LIIV CE E C 0 v cn 1 �, cy6 c l U L) Jaz ( C O M V o C IL co CG 0 U) L _pNp � S 0 v co sz IR l Hl 6.9 c�y F= m =yc y� N (Li Q 0�C U � a) U L N a1 CDD C Ico of N C VE >''0iCD 7 7 a NLL N 2=o ccIDm N c1 kc COQ EE www 0 0.0 a>m0 mac C0.9 cc aEE �Eo �)m r0a o.r-R a1 O j �c O M2= - C m h m o=� N � pNLL (h c N did jLLd O QN Ww O N m -a) � C 7w O V - 0 a7 N (D .LA - y yNr y c m'C LL H u F�1 N N d ZZ -o rnC ma)R o 0=c mcoLu 0 cC�ac > N 0 7 C O a C_Yo n`� E� o L Y m IIOc3 R 3 0 ur a' 3a) y o 0_c f 0 o o �ma' � =0- O. a1a) E go o > > 70 cO ca E E 2 N co q2mT In m y m C N N> u! m CD Cl _ N 0j, O C c6 O C �o O a r O 0)0 p 0 c 0 E O O Q as of y M cyCD wE�> T y w �0 cru ca 7 00 F 7 N L. a U a1 - O N O C O M V o C IL co CG 0 U) L _pNp � S 0 v co sz IR l Hl 6.9 c�y F= m =yc y� N (Li Q 0�C U � a) U L N a1 CDD C Ico of N C VE >''0iCD 7 7 a NLL N 2=o ccIDm N c1 kc COQ EE www 0 0.0 a>m0 mac C0.9 cc aEE �Eo �)m r0a o.r-R a1 O j �c O M2= - C m h m o=� N � pNLL (h c N did jLLd O QN Ww O N m -a) � C 7w O V - 0 a7 N (D .LA - y yNr y c m'C LL H u F�1 N N d BOYNTON BEACH POLICE OFFICERS' PENSION FUND Scheduled 2014 Quarterly Board Meetings February 11, 2014, Tuesday, @ 9:30 AM May 13, 2014, Tuesday, @ 9:30 AM August 12, 2014, Tuesday, @ 9:30 AM November 11, 2014, Tuesday, @ 9:30 AM Meeting Location: Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 November 12, 2013 CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION SYSTEM POLICE OFFICERS' PENSION DATA PAGE 1 REPORTING PERIOD 10/01/2012 TO 09/30/2013 Social Names Date Of Date Of Benef. Total security Birth Retire/ Disability Birth Pens. Monthly Received Number Last, First, I. Disab. Code Name of Beneficiary Date opt. Pensicn This Yr ',FIIKFMFN1 2399 ANTHONY,CRAIG 06/1969 02/01/11 DONNA MARIE ANTHONY 03/1970 3-A 4906.51 84,026.49 4212 BE:AN,GREGORY 07/1960 08/01/02 SHELLY BEAN 03/1963 3-A 3,585.80 44,603.70 6494 BLUM JR.,WARREN 07/1951 08/01/01 LAUREEN BLUM EFF 6-1-20 05/1956 3-/ 714.47 9,695.49 0654 BRIGANTI,FRANK 01/1959 05/01/10 MICHELE BRIGANTI 06/1963 D 8,392.12 25,176.36 2191 BROOKS,JAMES 03/1956 12/01/97 SUSAN BROOKS 02/1964 3-A 2,503.30 31,886.21 8218 BURNS,DAVID 12/1942 09/01/97 LYDIA BURNS 09/195: 3-A 983.12 13,203.47 8787 CALE,STANLEY 06/1946 04/01/01 SHIRLEY CALE 09/1!47 3-A 3,994.00 49,598.06 9571 CAMEL,LIONEL 05/1967 05/01/13 PAMELA CAMEL 08,1966 1 1,602.61 8,013.05 5110 CARRION,SANTOS 04/1954 10/01/97 MARIA IRIS CARRION :1/1954 3-A 3,055.37 38,520.07 2845 CASH,ROGER 05/1950 02/01/01 00/0000 1 2,720.84 34,328.62 9205 CHAPMAN,GARY 04/1952 01/01/08 JANET CHAPMAN 03/1953 3-A 6,145.82 75,062.03 5507 CONNELLY JR,RICHARD 07/1958 04/01/01 00/0000 2 3,008.48 37,771.82 6444 COONEY,JAMES 04/1980 05/01/26 00/0000 1 1,113.97 .00 2274 CUMMINGS,JAMES 05/1959 02/01/01 JEAN CUMMINGS EFF 12-20 08/1960 3-D 3,948.66 49,062.46 5540 DEAN,SCOTT 01/1962 06/01/04 TINA DEAN 01/1965 3-A 3,935.32 48,725.84 2200 DEIGHAN,JEFFREY 05/1941 08/01/97 BARBARA DE]GHAN 08/1943 3-A 1,109.89 14,838.17 0415 DELOACH,JOHN 09/1943 10/01/93 KATHLEEN DELOACH,WIFE 04/1957 2 3,417.58 43,078.65 6865 DETTMAN,THOMAS 08/1949 03/01/96 00/0000 2 4,052.57 50,570.23 0099 DUPLANTIS,RUSSELL 08/1944 01/01/00 VIOLET DUPLANTIS 11/1951 1 1,139.72 14,882.79 6630 EGNOR,DAVID 12/1946 10/01/02 CONNIE CHRISTENSEN 04/1958 1 3,762.51 46,740.66 4013 ESPOSITO,RONALD 06/1947 04/01/01 ANNA E. ESPOSITO 12/1949 2 6,088.07 74,726.90 9084 FREY,CHRIS 10/1965 05/01/04 THERESE FREY 07/1967 3-A 4,209.40 52,019.04 5260 GAGE,MARSHALL 03/1950 08/01/05 DONNA GAGE 10/1950 3-A 3,155.53 38,957.47 9798 GAINSBORG,DAVID 05/1960 02/01/01 MONICA GAINSBORG 05/1962 2 3,999.02 49,666.78 3132 GALBRAITH II,WILLIA 12/1945 02/01/96 PATRICIA C. GALBRAITH 07/1946 3-B 2,727.52 34,673.87 0354 GRAHAM,STEPHEN 07/1957 01/01/01 00/0000 1 4,867.36 60,091.64 3127 GRENIER,STEVEN 01/1956 01/01/98 MAR30 GRENIER 09/1969 1 2,908.01 36,738.48 1172 HAMILTON,WILLIAM 05/1934 11/01/84 MADALINE HAMILTON, WIFE 08/1943 3-B 2,303.05 29,757.32 3299 HANNING,CRAIG 04/1970 07/01/17 KELLY HANNING 06/1973 1 1,725.92 .00 3807 HARRIS,MARLON 04/1956 01/01/98 TAMMIE HARRIS 02/1958 3-A 2,854.50 36,096.36 5904 HARRISON,LISA 11/1971 08/01/19 00/0000 1 4,063.20 .00 6084 HARVEY,DANIEL 02/1979 06/01/25 00/0000 2 1,409.86 .00 0799 HILLERY,EDWARD 04/1940 C4/01/93 ROSEMARY C. HILLERY,WIF 05/1943 3-D 1,975.03 25,794.56 7645 HILLERY,ROSEMARY 05/1943 03/01/96 00/0000 3-D 1,975.02 23,700.24 CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION SYSTEM POLICE OFFICERS' PENSION DATA PAGE 2 REPORTING PERIOD 10/01/2012 TO 09/30/2013 Social Names Date of Date of Benef. Total Security Birth Retire/ Disability Birth Pens. Monthly Received Number Last, First, I. Disab. Code Name of Beneficiary Date opt. Pension This Yr 5164 HOLLIHAN,JOHN 08/1937 01/01/98 MARY L. HOLLIHAN 02/1947 3-A 4,307.65 53,534.16 5329 HOPKINS,STEPHEN 04/1963 05/01/04 ELISSA A HOPKINS 10/1972 2 3,580.55 44,472.84 6076 HUNTINGTON,JOHN 12/1950 02/01/09 MARILYN HUNTINGTON 09/1955 2 4,841.37 33,984.96 2429 IMMLER,GEORGE 12/1951 08/01/13 CARYN IMMLER 10/1956 3-D 6,110.45 12,220.90 9042 JENSEN,ERIC 07/1959 10/01/02 SHERYL JENSEN 04/1963 2 3,982.84 49,384.62 8026 KALIN,ANDREW 06/1957 02/01/01 ILONA KALIN 08/1957 1 3,519.74 43,915.42 5032 KING,CHARLES 02/1963 08/01/06 MINERVA KING 06/1969 1 5,647.22 69,153.59 9433 KIRRMAN,MICHAEL 03/1951 09/01/94 LISA MARIE KIRRMAN, WIF 04/1958 1 2,259.89 29,137.60 4466 KUSS,CHARLES 11/1957 04/01/01 ANN MARIE KUSS 01/1958 3-A 4,383.77 54,275.30 7346 LAAKSO,J. 11/1963 10/01/05 00/0000 1 1,220.58 15,654.30 9988 LANE,MICHAEL 02/1960 06/01/07 JODY BARNETT 12/1959 3-A 5,475.37 67,047.38 6385 LANIER,MARSHALL 02/1957 10/01/07 JAMIE LANIER 11/1958 3-D 6,008.60 73,428.64 5110 LEAL,DAVID 12/1962 05/01/10 00/0000 1 2,536.15 31,334.15 2073 LEE,GARY 03/1953 03/01/01 MRS. LEE 07/1950 2 3,146.86 39,431.63 2043 LEONARD,PATRICK 05/1956 02/01/03 MARIA BEATRIZ CURRIER 11/1959 2 4,015.97 49,;64.15 8078 LEWIS,CLIFFORD 08/1944 05/01/91 DELORES A. LEWIS, WIFE 12/1960 3-D 2,479.04 3:,869.20 5288 MAHONEY,JAMES 02/1948 03/01/01 SUSAN MAHONEY 11/1958 2 3,076.27 38,589.55 2571 MATSON,JEFFREY 11/1966 11/01/10 CARYANN MATSON - SPOUSE 06/1971 3-A 1,235.87 15,489.98 6038 MCCABE,DEBRA 12/1962 04/01/06 TOM MCCABE 01/1959 3-A 1,065.(8 13,815.33 8766 MILLER,CARLTON 11/1960 05/01/04 IRMA MILLER 07/1960 1 5,15.49 63,360.12 5542 MULCAHY,MICHAEL 07/1982 02/01/26 SAMANTHA MULCAHY 11/1985 3-A 1,;42.57 .00 8989 NISSENSOHN,DAVIDi 09/1954 12/01/97 00/0000 2 :,913.64 36,810.29 6756 O'CONNOR,RICHARDI 03/1959 08/01/04 ROBIN O'CONNOR 08/1961 3-A 4,279.42 52,846.02 9270 ORTMAN,CRAIG 11/1964 04/01/08 TALAINA ORTMAN 05/1982 1 1,271.97 16,131.02 3698 OSTASZEWSKI,HENRY 07/1946 12/01/92 JUDITH OSTASZEWSKI, WIF 11/1948 *-A 2,202.85 28,545.90 3513 PADICH,THEODORE 11/1957 11/01/97 BONNIE PADICH 06/1955 3-A 2,932.74 37,043.73 8413 PANUCCI,RONALD 02/1956 09/01/02 RONDA L. PANUCCI 05/195; 3-A 1,682.21 21,589.37 6384 PASSALAQUA,PETER 04/1948 09/01/04 MARGUERITE WILFONG 11/153 2 3,949.41 48,761.84 4173 PETERS,JOHN 05/1965 10/01/04 00j0000 2 3,826.82 47,406.34 7453 PRESTINARI,JAMESj 02/1959 06/01/04 LOIS R. PRESTINARI (4/1963 1 5,352.71 65,734.52 2956 PRINCIPE JR,ANTHONY 09/1957 02/01/04 00/0000 1 983.16 12,826.47 4983 CUMMINGS,GERALD 12/1944 08/01/00 00/0000 2 1,691.75 21,678.94 3584 RANZIE,FRANK 03/1964 09/01/12 CORINNE RANZIE 08/1967 3-A 9,421.08 37,684.32 9280 RIGGLE,ROBERT 08/1966 07/01/04 00/0000 1 3,504.77 43,554.99 1787 RITACCO,ERIK 03/1966 06/01/07 BOBBIE RITACCO 03/1969 3-A 5,426.73 66,463.70 CITY OF BOYNTON BEACH POLICE OFFICERS' PEPSION SYSTEM POLICE OFFICERS' PENSION DATA PAGE 3 REPORTING PERIOD 10/01/2012 TO 09/30/2013 social Names Date of Date of Benef. Total Security Birth Retire/ Disability Birth Pens. Monthly Received Number Last, First, 1. Disab. Code Name of Beneficiary Date Opt. Pension This Yr 0244 11/1963 08/01/06 DIANN ROOT 12/1962 3-A 5,138.28 63,046.31 ROOT,RICHARD 2275 ROSENBERG,ANDREW 10/1958 03/01/05 DENICE ROSENBERG 05/1962 2 4,716.85 58,066.55 9178 ROSS,RICHARD 08/1953 02/01/01 00/0000 1 2,847.00 35,842.54 2829 SCHILKE,RAYMOND 04/1961 10/01/02 LYNDA SCHILKE 11/1962 1 3,137.51 39,240.66 5857 SHORTLEY III,WILLIA 08/1957 11/01/01 ELIZABETH A. SHORTLEY 10/1965 2 3,429.84 42,796.86 9558 SMITH,DANIEL 02/1953 03/01/01 MRS. SMITH 01/1961 1 2,874.59 36,169.39 0829 SMITH,JOHN 09/1956 07/01/C3 NANCY SMITH 12/1962 1 4,032.92 49,945.81 0094 SMITH,PATRICK 06/1943 01/01/98 GAIL SMITH 12/1943 1 4,408.93 54,749.52 3053 THOMAS,ROBERT 04/1959 05/01/07 00/0000 1 5,796.70 70,907.58 3981 THOMPSON,LEE 03/1952 C7/0 /04 ANGELA C. THOMPSON 12/1948 3-A 2,820.13 35,234.86 2145 THRASHER JR.,DONALD 03/1949 10/01/97 MARGARET THRASHER 05/1954 2 3,594.27 44,986.87 7904 TOME,WILLIAM 1 12/1958 11/01/05 LINDA P TOME 11/1960 3-A 3,292.19 40,932.99 2185 TRAYLOR,EVERETT 12/1946 03/01/01 MARIE TRAYLOR 07/1954 2 2,897.87 36,448.75 9252 TRAYLOR,MARIE 07/1954 04/01/01 LEON TRAYLOR 12/1946 2 3,104.84 38,928.14 2425 TURNER,TERRENCE 08/1958 08/01/04 LISA TURNER 02/1963 3-A 3,047.61 38,064.30 0631 UNGER,WENDY 07/1961 12/01/10 00/0000 2 8,914.19 26,742.57 1569 VALERIO JR.,PAUL 06/1953 08/01/00 00/0000 2 4,209.44 52,218.33 3861 VARGAS,DANIEL 11/1961 10/01/02 MICHELL VARGAS 11/1961 1 3,367.64 42,002.22 7052 WALKER,GARY 1 08/1959 05/01/04 DIANE WALKER 08/1963 2 3,624.05 44,994.84 0028 WISNIEWSKI,KATHRYN 06/1962 05/01/04 00/0000 2 3,299.75 41,103.24 5037 YANNUZZI,CHRIS j 03/1955 08/01/00 SONS EQUALLY 2-9-09 00/0000 2 4,126.68 51,225.21 4732 ZEITINGER,LOUIS 10/1953 02/01/01 JANE A. ZEITINGER 07/1955 1 3,009.56 37,793.26 Total Retirement 3,530,393.80 ISABILITY 0403 BAXLEY,BRADFORD 08/1945 04/01/81 LOD 00/0000 2 1,253.78 17,166.08 7621 CELESTINO,WILLIAM 08/1960 05/01/92 LOD 00/0000 2 1,936.81 24,700.24 0970 DAVIS,JEFFERY j 03/1958 08/01/01 NLOD ALICE COKEFAIR DAVIS EF 07/1956 3-A 1,415.14 18,259.41 5969 DWYER,KAREN 09/1960 04/01/92 LOD 00/0000 2 1,705.69 21,790.54 4938 GARDNER,30HN 12/1936 03/01/83 LOD 00/0000 2 2,090.50 27,206.72 2317 GONZALEZ,JOHN 12/1953 03/01/01 LOD JACOB ANTHONY GONZALEZ 02/1985 1 1,992.64 25,276.36 7940 HAMMACK,DALE 07/1949 10/01/94 LOD 00/0000 2 3,879.16 48,636.17 8498 JUNNIER,GEORGE 07/1941 04/01/80 LOD 00/0000 2 1,045.78 14,670 08 iocial Names acurity dumber Last, First, I. 1755 KUCER,ALEX 7316 LINKOUS,RONALD 6352 MOTTL,DAN 9667 RYAN,MICHAEL 9200 SORG,THEODORE 8315 SWAIN, 3R CLAYTON 9702 TORTORICI,]OHN .NEEICIARY 1815 PARKER-POOLE,LINDA 2665 7ACOBSON,CINDY 4076 REMCHUK,RUTH CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION SYSTEM POLICE OFFICERS' PENSION DATA PAGE 4 REPORTING PERIOD 10/01/2012 TO 09/30,2013 Date Of Date of Benef. Total Birth Retire/ Disability Birth Pens. Moithly Received Disab. Code Name of Beneficiary Date opt. tension, This Yr 01/1947 04/01/86 LOD 00/0000 2 1,172.89 15,607.96 06/1955 03/01/87 LOD 00/0000 2 1,291.98 16,963.87 03/1952 04/01/88 LOD CATHY MOTTL - WIFE 00/0000 2 1,801.60 23,404.84 04/1957 02/01/89 LOD 00/0000 2 1,861.69 23,985.95 10/1942 02/01/81 LOD 00/00(0 2 1,112.80 15,474.32 08/1948 09/01/88 LOD 00/(000 2 1,947.21 25,154.28 03/1950 01/01/00 LOD 0(/0000 2 1,467.23 19,077.48 Disability 337,374.30 04/1948 04/1964 05/1932 NUMBER OF RETIRED EMPLOYEES ON THIS FEPORT: 106 3-8 783.10 10,448.54 3-A 1,986.93 25,423.09 3-C 2,222.55 28,073.45 Death 63,945.08 TOTAL PENSION PAYMENTS 3,931,713.18 MINUTES OF THE BOYNTON BEACH POLICE OFFICERS' PENSION FUND SPECIAL MEETING HELD ON MONDAY, JULY 22, 2013, AT 9:30 A.M. RENAISSANCE EXECUTIVE SUITES, SUITE 220, CONFERENCE ROOM 1 1500 GATEWAY BOULEVARD, BOYNTON BEACH, FLORIDA PRESENT: Toby Athol, Secretary Scott Caudell John Huntington Joe DeGiulio ABSENT: Jason Llopis Bonni Jansen, Board Counsel Barbara LaDue, Pension Administrator 1. CALL TO ORDER — Secretary — Toby Athol — Acting Chair The meeting was called to order at 9:30 a.m. A) Welcome to John Huntington — Fifth Trustee — Appointment approved on July 2, 2013, by City Commission for four-year term. B) Joe DeGiulio — Elected by the members to complete Ranzie Trustee term to December 2015. All welcomed new Trustees, John Huntington and Joe DeGiulio to the Board. Chair Athol spoke about the function of a Trustee and explained Trustees are certified through the Florida Public Pension Trustee's Association (FPPTA). They hold beginning, intermediate and advanced classes throughout the State and it usually takes about two years to become a Certified Pension Trustee. Trustees learn about the investment and pension worlds, the responsibilities of being a Trustee and the fiduciary and general rules of being a Board member. Schooling will help Trustees understand the reports and jargon used at the meeting and in the pension arena. The Board has quarterly meetings which can last for hours. The investment consultant makes a presentation detailing the progress of the funds and what they anticipate in the market. They also discuss strategies the Board is working on. The Board has a monitor that reviews the investment consultant's actions. They make suggestions and ensure all is in compliance. Frank Russell Investments handles all the Board's investments and they are a one-stop shop that can allocate assets. They attend the meetings and outline possible opportunities. The Board has worked hard and pushed Russell Investments to create products which allow the consultant to make investment decisions to take advantage of opportunities within a band of investments. MEETING MINUTES SPECIAL POLICE PENSION MEETING BOYNTON BEACH, FL JULY 22, 2013 As to how the Board decided to use Russell Investments, former Chairman, Gary Chapman, met a representative from Russell Investments at one of the Trustee schools. Russell Investments is a multi -billion -dollar company with tremendous research capabilities. Many Pension Boards, at their quarterly meetings, have several investment managers make a presentation about the portion of the Fund they manage. With the Police Plan, the thought was the Trustees were not investors; they are law enforcement personnel and they wanted someone who knew what they were doing that could transition quickly if problems arose. Because the Board was set up for quarterly meetings, they would learn about problems at one meeting, and it could take two more meetings over six months before a change would be made. There was a time Russell Investments' portfolio was not performing well, even against their own benchmarks and other clients had better performance based on individual managers. At that time, the Board considered returning to the individual account managers, but ultimately opted to remain with Russell Investments. Presently, the Russell product combined several equity products, including international equities, small, mid and large cap, and commodities. It is a portfolio within a portfolio and Russell Investments can make opportunistic investments in certain asset classes without having to come back to the Board. Russell Investments has investment managers, and they have the authority to hire and fire managers and make changes as appropriate. The Board gives Russell Investments the State's and the Plan's parameters to abide by and they are free to move around as appropriate, as long as they stay within the guidelines. Burgess Chambers & Associates is the monitor who also attends the meetings. Russell Investments sends them their reports for review and the monitor makes recommendations. Russell Investments and the monitor are in communication on a fairly regular basis. The monitor has access to the custodian statements and can serve as a reactive advisor to significant changes in the market or investment firms. Attorney Jensen is involved in several other plans and provides legal guidance to the Board. She is aware of legislative changes and procedures. Barbara LaDue is the Pension Administrator. Ms. LaDue pays the bills, puts the agendas together and handles the various retirement calculations for the employees, as well as administrative tasks, travel arrangements and more. The Plan's administrative expenses are way under 1 % of the Fund which is good and its expected expense ratio is 1 % of the Fund or less. When members attend school, they use a Boynton Beach Police Pension credit card. Some schools, such as the Florida Public Pension Trustee Association schools and Russell Investment functions, are preapproved; however, Chair Athol wanted to add the OPAL school to that list. If there is an outside school that may be of benefit, it is brought before the Board. The Board tries to send at least two people to school 2 MEETING MINUTES SPECIAL POLICE PENSION MEETING BOYNTON BEACH, FL JULY 22, 2013 Attorney Jensen explained the State may return to holding two conferences per year and some conferences run in conjunction with schools. After Trustees receive advanced certification, they sign up on a first-come, first-served basis to travel to the Financial District in New York to see the investment process in action. Attorney Jensen also spoke about State Street, the Fund's custodian. The custodian holds all the stocks that Russell Investment has, and makes the benefit payments to the retirees. Trustees have no access to the money and there are many checks and balances incorporated in the Plan. The Plan undergoes an annual audit and due to more recent legislative changes, may be audited up to three times per year. The fine of Davidson, Jamieson & Cristini, PL, compiles the audit. They review the books, and send letters to the custodian, vendors and retirees and gather information from many sources. They send letters to the Trustees so they can say with authority that the Plan's financial statements accurately represent information about the pension fund. The Plan's actuary also provides checks and balances. The firm calculates financial projections. The actuary and auditor work hand-in-hand as the actuary needs the auditor's financial statements to compile its information. The Trustees decide the Fund's future rate of return and the actuary provides a comprehensive overview of the Fund including, demographical data and pending retirements. They also determine how much money the City needs to contribute to the Pension Plan. The City's plans operate similarly except for the investment managers. The Police Pension Plan is a Fund -of -Funds that has one point of contact with one manager that handles underlying managers. The Firefighters' Plan has seven or eight managers and uses Bogdahn Consulting to oversee their investment managers, similar to what Burgess Chambers & Associates does for the Police Plan. If a manager does not perform, they research appropriate replacement managers and make a presentation to the Board. The Board is subject to the Sunshine Law. Trustees cannot discuss an issue that will come before the Board outside of a public meeting. Gift disclosures over $100 must be disclosed and forms are sent quarterly. If the Trustees do not receive any gifts during the quarter, they do not have to submit the form. Attorney Jensen also explained Form 1 must be submitted every year. It is a financial disclosure used for conflict of interest purposes. Ms. LaDue has the forms and when completed, she mails them via certified mail to the Supervisor of Elections and to Tallahassee. The instructions can be confusing and Attorney Jensen was available to assist Trustees in completing them. Form 1 is due annually on July 1St. The late fine is $25 per day and up to $1,500. Generally, the Trustee is not informed of the fine until it reaches $1,500. Attorney Jensen tries to check the names of Trustees who have not filed theirs and contacts them. As employees, Trustees should have already reviewed the County Ethics regulations. Attorney Jensen sends the Trustees updates regarding state and federal issues, and it 3 MEETING MINUTES SPECIAL POLICE PENSION MEETING BOYNTON BEACH, FL JULY 22, 2013 is important members keep their contact information current. As to the composition of the Board, there are two elected Trustees, two appointed Trustees and together, the four Trustees pick the fifth Trustee. The two Trustees elected by the Trustees have to be active Police Officers. The two Trustees approved by the Commission have to be City residents. Once all five Trustees are in place, a Chairman and a Secretary is selected. Previously, Mr. Chapman was the Chair and Mr. Athol was the Secretary, and in the absence of the Chair, the Secretary runs the meetings. With Mr. Chapman's resignation, the Trustees have to appoint a Chair and Secretary. They try to schedule meetings in advance so members can make arrangements to attend, and three Trustees are needed to constitute a quorum. C) Board to appoint Chairman and Secretary. Motion Mr. Caudell moved for Mr. Athol as Chair. Mr. Huntington seconded the motion that unanimously passed. Chair Athol explained the Secretary basically signs documents along with the Chair. Minutes are taken at the meeting and create a record of the proceedings. If there are any corrections needed, they are made at the meetings. Chair Athol nominated Mr. Caudell as Secretary; however, Mr. Caudell declined the nomination. Motion Chair Athol nominated Jason Llopis as Secretary. Mr. Caudell seconded the motion that unanimously passed. 11. AGENDA APPROVAL Attorney Jensen requested to add: Discussion of Plan Document to the agenda under Old Business. Chair Athol wanted to add: Discussion of Opal School and National Association of Police Officers (NAPO) School to New Business. There were no objections to the requests. Ill. APPROVAL OF MINUTES — NIA IV. FINANCIAL REPORTS: N/A V. CORRESPONDENCE: N/A 4 MEETING MINUTES SPECIAL POLICE PENSION MEETING BOYNTON BEACH, FL JULY 22, 2013 VI. OLD BUSINESS: 1) Pending Disability Application — Robert Epstein — Chair Athol explained there was a procedural issue in accepting Mr. Epstein's disability application. Mr. Epstein was terminated October 2nd* His application was signed on October 10th and was notarized on October 22nd. The discrepancy was in the Plan language regarding members. Once terminated, one could not apply, because they were no longer an employee. If the Board accepted the application, in theory, someone from 15 years ago could apply for disability. Mr. Epstein's claim was he had no idea he would be terminated so he could not apply; he was escorted to the Chiefs office, terminated and left. Mr. Huntington relayed a situation where he had sustained a motorcycle injury while on duty and once the doctor gave him his disability reading, Risk Management contacted him and asked him to resign. He knew that something would occur, and he obtained a Workers' Compensation attorney. The Board has not had a disability application in 15 years. The Trustees recognized there were extenuating circumstances with Mr. Epstein. While they did not want to deny anyone of their pension, they did not want to open the door for individuals to apply after the fact. There is a process that takes place. Ideally, the Trustees would like to get to the hearing portion of the request, but the only way to hear the extenuating circumstances was to turn down the application. This would preserve the integrity of the Plan and alleviate concerns the door would be opened to former employees to file disability applications. Attorney Jensen explained the Board of Trustees is in a unique position as they are a quasi-judicial body. In Mr. Epstein's case, if the Board determines he cannot file an application, he has the right to give notice and be given an opportunity to state why the Board should reconsider its decision. This is the way the Plan is fashioned and the way grievances are heard in the City before an outside arbitrator is used. First an informal decision is made, and then a formal decision after a hearing. This allows the Board to subpoena documents and listen to both sides. All testimony is given under oath. Presentations made by Attorney Jensen and Paul Kelley, who represents Mr. Epstein in his Workers' Compensation case and before the Board of Trustees, would be provided to the new Trustees, along with excerpts of the minutes and the application as background information. At the hearing, she will present any other documents and her arguments about the Plan document interpretations and why the Trustees should deny or grant the ability to file an application. The Trustees cannot amend the wording in the Plan, as the wording was in place at the time of the application. It was noted other plans have a 30 -day window to apply after termination. When a decision is made, the language would be amended as needed and 5 MEETING MINUTES SPECIAL POLICE PENSION MEETING BOYNTON BEACH, FL JULY 22, 2013 any changes would be effective from that point forward. A cut-off date would be established and no one would be grandfathered in. The matter was delayed because there were changes in Trustees. Mr. Epstein and his attorney appeared before the Board, but three affirmative or three negative votes were needed to make a decision and the vote was two to one. The Trustees thought Mr. Epstein would attend the following meeting, but he did not. Trustees cannot vote by email, but they can appear by telephone as long as three Trustees were physically present at the meeting. Mr. Huntington inquired if they could discuss the matter at this meeting. Attorney Jensen suggested it would be better to wait until the August meeting when Mr. Epstein and his counsel would be present. Mr. Kenny also submitted a disability application that would be considered at the meeting, but his application was submitted prior to termination. The Board would collect the application and Attorney Jensen will send interrogatories to the appropriate parties. Attorney Jensen's job is to gather medical records from as many physicians as possible to provide the broadest picture of the individual as it related to the matter. When that occurs, and it takes a substantial amount of time, the Board's doctor will do an evaluation, provide a narrative and answer the questions of whether the applicant is disabled and/or if something can be done with reasonable accommodations; did the injury occur in the line of duty; and are they likely to remain injured permanently and continuously. The information will be brought to the Board for an informal decision and the applicant will be present to answer questions. If additional information is needed, Attorney Jensen could obtain it and bring it back to the Board. If the application is denied, it is usually appealed. If the second decision is denied, it can be appealed in court. A question was posed whether an award would be retroactive and Attorney Jensen agreed to research the matter. Attorney Jensen explained many doctors do not like to get involved in the process, and do not differentiate between the Pension Board's process, the Worker's Compensation process and personal injury -type cases. If the Board can find a doctor that deals with pensions, it was better for the Board. The doctor will interpret the medical records for the Board and compare the records to the injury. A question was posed whether disability pay is calculated the same as retirement and it was explained it is 66 2/3% of one's base annual salary. It was explained the information is contained under Chapter 18 of the Municipal Code. 2) Discussion of Plan Document Attorney Jensen explained a pending change to the Florida Statutes since 2010 became law. The law changed the definition of compensation, and as a result of collective bargaining this year, the change had to be implemented in the Pension Plan. 0 MEETING MINUTES SPECIAL POLICE PENSION MEETING BOYNTON BEACH, FL JULY 22, 2013 The definition of compensation now excluded accrued vacation time and limited the amount of overtime to 300 hours as of the effective date of the approved Collective Bargaining Agreement (CBA). At the time the contract is signed, a snapshot of the employee's time is taken. The amount of time to sell -back when one cashed out, at the time of retirement, was up to that amount. The employee had to have at least that much in his bank to get the benefit because it is a benefit he/she already accrued. Attorney Jensen drafted the language to make the Pension Plan coincide with the provision and provided it to the City, but she had no update. Chair Athol is involved in contract negotiations and commented the documents were given to the City. In 2010, there was a Memorandum of Understanding, and then another Memorandum of Understanding, so the next ratified contract date was going to be October 1, 2012; however, the contract was signed in June 2013. When the contract is signed, the provision will take effect. Prior to that, one would receive total remuneration. Now, when one left, the sick and sell back time would no longer be calculated into the highest 60 months of pay. Ms. LaDue conducted a survey of overtime to send to the Plan Actuary and advised no one had over 300 hours. She noted implementation of the 300 hours was difficult to calculate. It was believed the rate the hours would be cashed in at would be the rate of pay at the time the employee left service; however, Chair Athol agreed to double check that provision. VII. NEW BUSINESS: 1) Discussion of Opal School and National Association of Police Officers (NAPO) School Chair Athol explained the last few OPAL Schools were intertwined with the NAPO Schools and he suggested adding the OPAL School to the list of approved schools for the members to attend without preapproval from the Board. Motion Mr. Caudell so moved. Chair Athol seconded the motion that unanimously passed. VIII. PENSION ADMINISTRATOR'S REPORT: N/A IX. COMMENTS: The next meeting on August 13th will be lengthy, as it is a quarterly meeting and the Board will hear the Epstein and Kenny disability requests. 7 MEETING MINUTES SPECIAL POLICE PENSION MEETING BOYNTON BEACH, FL JULY 22, 2013 X. ADJOURNMENT: There being no further business to discuss, the meeting was properly adjourned at 10:41 a.m. Catherine Cherry Minutes Specialist 080613 F." Barbara Ladue From: Athol, Toby [AtholT@bbfl.us] Sent: Tuesday, October 29, 2013 7:37 AM To: 'Bonni S. Jensen' Cc: 'Barbara Ladue' Subject: FW: FYI Det Toby Athol Boynton Beach Police Department 561t.742..6i52 From: Kenny, Greg Sent: Tuesday, October 29, 2013 7:20 AM To: Athol, Toby Cc: 'Barbara Ladue' Subject: RE: Mrs. Ladue and Toby Athol I am rescinding my application. G.Kenny 799 From: Athol, Toby Sent: Monday, October 28, 2013 1:17 PM To: Kenny, Greg Cc: 'Barbara Ladue' Subject: Greg Can you please send an email to Barb and let her know that your rescinding your application for a disability today We need to have notice from you so we can update out end and stop the process from going through Thanks Det Toby Athol I Barbara Ladue From: Bonni S. Jensen [bsjensen@perrylensenlaw.com] Sent: Wednesday, October 30, 2013 7:20 PM To: Paul Kelley Cc: Barbara Ladue; Pension Team; Athol, Toby; Laura Smith Subject: Re: Epstein, Robert v. Boynton Beach Police Department - Pension- RE: Boynton Beach Police Pension Fund - Epstein Paul, It is not a hearing. It is the entry of the final order. There will be minutes and the meeting is recorded. Sent from my iPhone On Oct 30, 2013, at 6:34 PM, Paul Kelley <Paulrabichleriaw.com> wrote: Bonni: As it is a public meeting, we will be able to address the board on the record? Will there be a record? Or, do I need to arrange a court reporter? aul,L Kelley <image001.png> Bichler, Kelley, Oliver & Longo, PLLC 541 South Orlando Avenue, Suite 310 Maitland, Florida 32759 866-245-8977 loll free 407-599-3777 office Paralegal, Laura Smith; Ext. 106 407-599-3780 fax Patilhichlcrlaw,coin <image003.png> This communication, together with any attachment., may contain legally privileged and confiden tial informa tion. It is in tended onl y %r the use of the above person or persons If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution,orduplicationofthiscommunication isstrictlyprohibited ifyouleave received this communication in error, please notify the senderimmecliately eitherby telephone, 407--'W-,5=, or reply e-mail, and immedia telt' destroy all copies of this communication and any attachments From: Bonni S. Jensen[majIto: bsjensen4)perrylensenlaw .com] Sent: Wednesday, October 30, 2013 5:53 PM To: 'Barbara Lague' Cc: Pension Team; 'Athol, Toby'; Paul Kelley; Laura Smith Subject: FW: Epstein, Robert v. Boynton Beach Police Department - Pension: RE: Boynton Beach Police Pension Fund - Epstein Barbara, Please send Paul Kelley a copy of the agenda for the November 12, 2013 meeting when it is ready. Thanks! To make sure that your email is handled in a timely manner, please copy thepensionteam(cD-perryiensenlaw.com Bonni S. Jensen The Law Offices of Perry & Jensen 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone: 561-686-6550 Fax: 561-686-2802 bsjensen{a.perryiensenlaw corn CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. From: Bonni S. Jensen[mailto:bsjensenCaperryjensenlaw.com] Sent: Wednesday, October 30, 2013 5:48 PM To: 'Paul Kelley' Cc: 'Barbara Ladue'; 'Pension Team'; 'Laura Smith'; 'Athol, Toby'; robertepstein847CcOgjWil.com; 'Dan R'; Pension Team Subject: RE: Epstein, Robert v. Boynton Beach Police Department - Pension: RE: Boynton Beach Police Pension Fund - Epstein Paul, The Epstein matter will be on the agenda for the November 12, 2013 meeting (which is scheduled for 9:30am) for entry of the final order. As you know, this is a public meeting and you may attend. I will ask Barbara to provide you with a copy of the agenda when it is sent out. To make sure that your email is handled in a timely manner, please copy thepensionteamCct)perryiensenlaw com Bonni S. Jensen The Law Offices of Perry & Jensen 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone: 561-686-6550 Fax 561-686-2802 bsiensen(a)perryiensenlaw cam CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. From: Paul Kelley [mai1to•Pau1f,&bich1er1aw.com] Sent: Wednesday, October 30, 2013 3:28 PM To: Bonni S. Jensen Cc: Barbara Ladue; Pension Team; Laura Smith; 'Athol, Toby'; robertgpstain847 maii.com; Dan R Subject: Epstein, Robert v. Boynton Beach Police Department - Pension: RE: Boynton Beach Police Pension Fund - Epstein 1; • Thanks for your email in response to my telephone call to Barbara Ladue yesterday. I previously received your letter dated September 17, 2013 indicating that, as the Notice of Appeal was late, in accordance with the Hearing Appeal Policy, the decision of the Board at the informal hearing becomes final. Your letter indicated you would be referring the matter back to the Board to consider entering the final order at their next meeting. In response, 1 asked for the opportunity to address the board before they finalize this determination. Accordingly, I am again requesting opportunity to address the board at their next meeting on November 12, 2013. Would you please let me know if the board is agreeable to placing this matter on their agenda for the November 12, 2013 meeting? I will make myself available for whatever time is convenient for the board. Thank you in advance for your anticipated cooperation and continued professional courtesy. 1 look forward to hearing back from you in the very near future in this matter. In the meantime, should there be any questions, or if I can be of any assistance, please don't hesitate to contact me. Sincerely, PaC I A( 0- <image001.png> Bichler, Kelley, Oliver & Longo, PLLC 541 South Orlando Avenue, Suite 310 Maitland, Florida 32759 866-245-8977 toll free 407-599-3777 office Paralegal, Laura Smith, Ext. 106 407-599-3780 fax t'aul.'y�bichlerla« .cum <image004.png> This communication, to$etl:er with any attachments may contain legally pi le6ed and confidential ialormation. Itis intended only for the use of the above person orpersons If you are not the intended recipient, you arehereby notified that any review, dissemination, distribution, or duplication ofthiscommunication isstnctlyprohibited Ilyouhave received this communication in error, please notily the senderimmediately eitherby telephone, 407--5W--3=, orreply e-mail, and immediately destroy all copies of this communication and any attachments- From: ttachments From: Bonni S. Jensen[mailto_bsjensenperryjensenlaw.com] Sent: Wednesday, October 30, 2013 2:35 PM To: Paul Kelley Cc: Barbara Ladue; Pension Team; Laura Smith; 'Athol, Toby' Subject: Boynton Beach Police Pension Fund - Epstein Paul, This is in response to your telephone message to Barbara LaDue from yesterday. Attached is my letter dated September 17, 2013. The Notice of Appeal was late and so in accordance with the Hearing Appeal Policy, the decision of the Board at the informal hearing becomes final. The Board will be considering the final order at their meeting on November 12, 2013. Please contact me if you have any questions. To make sure that your email is handled in a timely manner, please copy thepensionteam(fterryiensenlaw corn Bonni S. Jensen The Law Offices of Perry & Jensen 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone: 561-686-6550 Fax: 561-686-2802 bsiensen@perryiensenlaw.com CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Barbara Ladue From: Barbara Ladue [ladueb@bbpdpension.com] Sent: Wednesday, October 30, 2013 8:59 AM To: 'Bonni S. Jensen' Cc: 'Athol, Toby'; 'Llopis, Jason';'ThePensionTeam@perryjensenlaw.com' Subject: Robert Epstein - Disability Applicant Bonni: I received a voice mail, yesterday, October 29, 2013 @ 3:09PM, from attorney Robert Kelley. Mr. Kelley inquired as to the hearing date set for Robert Epstein's disability application. I thought this was closed since there was no response in the time frame for the "Notice of Appeal". Your guidance and advice will be appreciated. Thanks. Barb La Due THE LAW OFFICES OF PERRY &JENSEN, LLC ANN H. PERRY apeny@perryjensenlaw.com September 17, 2013 VIA EMAIL AND UPS OVERNIGHT DELIVERY Paul Kelley, Esq. Bichler, Kelley, Oliver & Longo, PLLC 541 South Orlando Avenue, Suite 310 Maitland, FL 32751 Dear Paul: BONNI SPATARA JENSEN bsjensen@perryjensenlaw.com Re: Boynton Beach Police Officers' Pension Fund Disability Application - Epstein File No.: 0188 This is to acknowledge the receipt on September 16, 2013 at 5:44pm of your emailed letter dated September 16, 2013 entitled "Notice of Appeal." This notice is untimely and was not received within the 20 day time frame set forth in the Hearing Review Procedures set forth by the Board of Trustees. See Exhibit A attached. In accordance with paragraph (a) of the procedures, you were provided the formal notice of the denial dated August 21, 2013 by UPS overnight delivery on August 22, 2013. See the attached Exhibit B which is the confirmation of delivery of the denial letter to your office on August 22, 2013. Both you and your client were present at the Board of Trustees meeting on August 13, 2013, in which the Board of Trustees decided that because you are not a member of the Fund and that at the time you applied you were no longer employed by the City of Boynton Beach Police Department, you cannot apply for a disability benefit. The letter that you were provided on August 22, 2013 informed you in writing that the Board's decision could be appealed within 20 days of the receipt of the notice. To be timely, the appeal notice would have to be received on or before September 11, 2013. Your email was received 26 days after you were provided notice. The procedure provides: "If no appeal is filed within the time period specified, then the denial shall be final." Since the appeal was not received within the 20 day time period, the denial becomes final under the procedure. You indicated that Officer Epstein never received a copy of the Order (referring to the August 21, 2013 notice of denial letter). However, your office was the attorney of record. "[N]otice to an attorney acting within the scope of his authority is imputed to his 400 EXECUTIVE CENTER DRIVE, SUITE 207❖ WEST PALM BEACH, FLORIDA 33401-2922 PH: 561.686.6550 •., FX: 561.686.2802 Paul Kelley, Esquire Disability Application - Epstein September 17, 2013 Page 2 of 2 client." In re Brugh's Estate, 306 So. 2d 599, 600 (Fla. Dist. Ct. App. 1975). Additionally, the Florida Bar Rules require communication with the attorney of a represented party. RULE 4-4.2 COMMUNICATION WITH PERSON REPRESENTED BY COUNSEL (a) In representing a client, a lawyer shall not communicate about the subject of the representation with a person the lawyer knows to be represented by another lawyer in the matter, unless the lawyer has the consent of the other lawyer. Notwithstanding the foregoing, an attorney may, without such prior consent, communicate with another's client in orderto meetthe requirements of any court rule, statute or contract requiring notice or service of process directly on an adverse party, in which event the communication shall be strictly restricted to that required by the court rule, statute or contract, and a copy shall be provided to the adverse party's attorney. This communication does not fall within the stated discretionary exception to Rule 4-4.2 for notice in accordance with a court rule, statute, or contract requiring service directly on an adverse party. The language of Paragraph (a) of the Board's Hearing Review Procedure provides that the applicant will be informed. This is different than the language used on paragraph (b) which requires "[w]ritten notice of said hearing shall be sent by certified mail to the applicant 10 days prior to the hearing, at the address listed on the application." (Emphasis added). Paragraph (a) has no mandatory language regarding direct notice to the applicant which could fit into the exception. This matter will need to be referred back to the Board for entry of the final Order, providing an opportunity to appeal to the circuit court. Sincerely yours, 1&-Y \ Bonni S. Jensen BSJ:pah Enclosure E -copy to: Chair and Secretary Barbara LaDue, Administrator H:\BB Police 0188\Participants\Epstein - Line of Duty Disability\Corrrespondence\Untimely appeal September 17.wpd Barbara Ladue From: Pat Holt [Pat@perryjensenlaw.com] Sent: Tuesday, September 17, 2013 12:58 PM To: Paul Kelley Cc: ThePensionTeam; Barbara LaDue; Toby Athol; Scott Caudell; Jason Llopis; John Huntington; Joseph DeGiulio Subject: Boynton Beach Police Officers' Pension Fund (Epstein) Attachments: Untimely appeal September 17 (signed).pdf Paul: Attached please find correspondence from Bonni Jensen regarding the Robert Epstein appeal. The original of this letter is being sent to you via UPS today. If you have any questions, please let us know. Thanks, Legal Assistant - Pension Team of Bonni Jensen THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive, Suite 207 West Palm Beach, FL 33401-2922 561-686-6550 (Phone) 561-686-2802 (Fax) The Law Offices of Perry & Jensen, LLC is proud to be an ABA -EPA Law Office Climate Challenge Partner. Think before you print!! CONFIDENTIALITY NOTICE: This communication is confidential, may he privileges{ and is meant only 1M the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your s} stem. IRS CIRCULAR 230 NOTICE: To the extent that this message (or any portion thereol) concerns tax matters; it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone GRS Consultants & Actuaries Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301-1804 www.gabrielroeder.com October 9, 2013 Ms. Barbara LaDue City of Boynton Beach Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: City of Boynton Beach Municipal Police Officers' Retirement Fund GASB No. 67 Implementation Package Dear Barbara: , I "'c"s, In 2012, the Government Accounting Standards Board (GASB) approved new accounting and reporting standards for pension plans provided by state and local governments. We would like to offer our assistance in providing you with some of the information that will be required under these new accounting standards. We recommend providing you with this additional information immediately after preparing our Actuarial Valuation Report and then updating it in a Year -End Disclosure Report just after the end of the plan year. Background GASB No. 67 applies to any standalone GAAP -compliant financial statement prepared for the Plan and is effective for plan fiscal years beginning after June 15, 2013. For the City of Boynton Beach Municipal Police Officers' Retirement Fund the disclosure of certain asset and liability amounts, along with other information, would need to be included in the financial statement for the plan year ending September 30, 2014. The disclosure is similar to the information shown about the fund, including a schedule showing how the liability has changed from the beginning of the year to the end of the year. The market value of the assets must be determined as of the measurement date, which would presumably be September 30, 2014, for this first year. However, the actuarial valuation of the liabilities can be determined as of the beginning of that year, i.e. October 1, 2013, and "rolled forward" to the measurement date. Using the beginning of the year valuation of liabilities will allow for more timely reporting at the end of the year, so we recommend this approach. If significant changes occur during the year, such as benefit changes or changes in assumptions or methods, that may need to be reflected in the process. For Plans which are not subject to statement, the information will be shown in the plan sponsor's (i.e. the City's) financial statement the following year as required by GASB 68. What Needs to be Done In order to accomplish this, we would provide you with the following information that is required under the new GASB standards: ■ Calculation of the Single Discount Rate based on a full projection of benefit payments, expected contributions and investment returns (See Attachment 1) Ms. Barbara LaDue October 9, 2013 Page 2 ■ Statement of Changes in the Net Pension Liability and Ratios, using the Single Discount Rate as determined above (See Attachment 2) ■ Schedule of Contributions (See Attachment 3) The accounting figures we provide at the time we are preparing the Actuarial Valuation Report will then need to be updated to reflect actual benefit payments, actual employer and employee contributions, and actual year-end assets before they are used in the Plan's financial statements. Upon receipt of the year-end financial information, we can prepare the updated Year -End Disclosure Report. Please note that there is still other information not listed above that will be required in the Plan's financial statements and/or the City's Comprehensive Annual Financial Report (CAFR) to fully comply with the new GASB standards. This additional information will need to be provided by the Plan's investment consultant and its accountants or other financial statement preparers. Timing There may be an advantage to determining the Single Discount Rate ahead of time. The process involves a long term projection to determine whether at any point in the future the fund could have insufficient assets to pay benefits. The point when this occurs is known as the "cross-over" date. If there is a "cross-over" date, the discount rate must be reduced and the liability reported on the financial statement will increase. Although the present value of assets and future contributions are sufficient to pay all the expected benefits, the assets could be insufficient to pay benefits at certain points in time if the amortization schedule does not line up with expected benefit payments. Doing this calculation ahead of time will allow the Board time to consider making changes to avoid a "cross-over" date. There is no extra fee for doing this step early. Fees We recommend that the Board authorize us to provide the above information needed to satisfy these accounting requirements. Our fee to include the initial accounting information summarized above will be $1,500 to $2,500 depending on the complexity of the projections for your Plan. The additional fee to do the update and disclosures at year end would be $450, assuming no significant changes, and would be available within three weeks of our receipt of complete and correct year-end financial data. Our total fee including both parts would be $1,950 to $2,950. In considering our fee please keep in mind that our $750 charge for the additional disclosures required under Senate Bill 1128 has been eliminated by Senate Bill 534 which was passed into law earlier this year. Senate Bill 534 has also added disclosure requirements which, based on our preliminary conversations with the State, will not be required as part of the October 1, 2013 Actuarial Valuation Report. If the law is not repealed, there may be additional charges for these disclosure requirements in connection with our October 1, 2014 Actuarial Valuation Report. We will send you a letter regarding this as the requirements of this law are further clarified. However, at this point the net increase for adding the GASB 67 information and eliminating the SB 1 128 disclosure will be $1,200 to $2,200. Gabriel Roeder Smith & Company Ms. Barbara LaDue October 9, 2013 Page 3 Special Situations and Additional Services Available We are fully prepared to assist in all of the following areas, at your request: 1. Attending meetings with or providing educational sessions for decision makers. 2. Preparing 10 -year schedules reflecting past experience. 3. Preparing required narratives and other Note Disclosures. 4. Helping determine the number of plans and types of plans. For example, county involvement with a plan could make that plan a multi-employer cost-sharing plan, depending on how the arrangement with the county is structured. 5. Automatic or substantively automatic post-retirement benefit increases. 6. Funding policy preparation or issues. 7. Issues arising from actuarial valuations prepared every two or three years rather than annually. 8. Other If you or the plan sponsor are interested in any of these services, please contact us to discuss. Please let us know if the Board approves our fee for the inclusion of the GASB No. 67 information described above. If this is approved, we will begin working on the determination of the Single Discount Rate ahead of time. Please contact us if you would like us to provide any additional information. We welcome your questions and comments. Sincerely yours, � . f;&S trong,ASA, E , AAA Consultant and Actuary Gabriel Roeder Smith & Company ATTACHMENT 1 Illustration 2 --Calculation of the Discount Rate The following illustration is an example of the projections and calculations used to determine the discount rate as required by paragraphs 40-45 of this State- ment. The discount rate is the single rate that reflects (1) the long-term expected rate of return on pension plan investments that are expected to be used to finance the payment of benefits, to the extent that the pension plan's fiduciary net position is projected to be sufficient to make projected benefit payments and pension plan assets are expected to be invested using a strategy to achieve that return, and (2) a yield or index rate for 20 -year, tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher (or equivalent quality on another scale), to the extent that the conditions for use of the long-term expected rate of return are not met. In this illustration, projected cash flows into and out of the pension plan are assumed to be contributions to the pension plan (Table 1), benefit payments (Table 2), pension plan administrative expense (Table 2), and pension plan investment earnings (Table 2). These projected cash flows are used to project the pension plan's fiduciary net position at the beginning of each period (Table 2). The pension plan's projected fiduciary net position at the beginning of each period is compared to the amount of benefit payments projected to occur in that period (Table 3). In this illustration, it is assumed that the pension plan's fiduciary net position is expectea to always be invested using a strategy to achieve the long-term expected rate of return on pension plan investments. Consequently, in this illustration, the benefit payments that are projected to occur in a period are discounted using the long-term expected rate of return on pension plan investments if the amount of the pension plan's beginning fidu- ciary net position is projected to be sufficient to make the benefit payments in that period (Table 3, column (f)). in periods in which benefit payments are projected to be greater than the amount of the pension plan's fiduciary net position. they are discounted using a municipal bond rate as required by paragraph 40 of this Statement (Table 3, column (g)). Determining the single rate that is the discount rate for purposes of this Statement is an iterative process that involves the following steps: I A single rate that is between the long-term expected rate of return on pension plan investments and the municipal bond rate used to calculate amounts in Table 3, column (g), is selected. 67 2. The selected rate is used to calculate the total actuarial present value of all projected benefit payments. 3 The total actuarial present value resulting from step 2 is compared to the sum of the actuarial present values determined in Table 3, columns (f) and (g). 4. if the selected rate results in a total actuarial present value greater than the sum of the actuarial present values determined in columns (f) and (g) in Table 3, a new higher rate is selected. If the total actuarial present value is less than the sum of the actuarial present values determined in columns (f) and (g) in Table 3, a new lower rate is selected i. Steps 2-4 are repeated until the single rate that results in a total actuarial present value of all projected benefit payments equal to the sum of the actuarial present values determined in Table 3, columns (f) and (g), is determined. In this illustration, solving for the single rate that satisfies the condition of step 5 results in a discount rate of 5.29 percent (rounded). The proof of this calculation is shown in Table 3, column (h). Facts and Assumptions The following facts are assumed in this illustration_ a_ Total covered -employee payroll increases 4.25 percent per year_ b. Active employees (active plan members) are required by statute to contrib- ute 5.00 percent of pay to the pension plan. c. The employer is required by statute to contribute 10.00 percent of covered - employee payroll to the pension plan. d. Benefit payments are projected as required by paragraph 39 of this Statement. e. The service cost is 12.00 percent of covered -employee payroll. f The pension plan's initial fiduciary net position is $1,431,956. g. initial pension plan administrative expense is $1,000. h. Pension pian administrative expense increases 3.00 percent per year. i. Contributions, benefit payments, and pension plan administrative expense occur halfway through the year for purposes of projecting pension plan investment earnings. j. The long-term expected rate of return on pension plan investments is 7 50 percent. k. The tax-exempt, high-quality general obligation municipal bond index rate is 4 00 percent 6$ Nol f{ ƒ K\ 7\ f k 7 K\ g0 g (�r1l; / 2 * Oct �q Ci LL w w kkƒ }�\ ƒ { ® 7 74 f!� f }to a_ ,.......,. . , { { _ •f �--- !\kT ! CL va - Ka�2;■!a@( " ,.. .,..., . �• l��a {{\ _ -__ „ ta _ -,- ` &�} =}22\ 41 £!!�$ \kk«§ 2i Lk ;aIL klZea M� w21 74 ATTACHMENT 2 Schedules of Required Supplementary Information SCHEDULE OF CHANGES IN THE COUNTY'S NET PENSION LIABILITY AND RELATED RATIOS Last 10 Fiscal Years (Dollar amounts in thousands) 26X9 28X8 28X7 20X6 Total pension Ilatdlfty Sella Cost S 75,864 S 74,275 $ 71,157 S 69 344 Interest 216,515 205,038 188,845 174694 Changes of benefit terms - - - - Diferansesbetween expected and actual expenence (37539) (15.211) (3,562) 38438 Changes of assumptnne - - 81,011 - 8snafil payments, Including refunds of member cenlnbullons (119,434) (112,603) (104 403) (95,376) Not change in total pension liability 135,406 151500 213 048 187 100 Total panslon flob91ty—beginning 2853.455 2,701,955 2,488,907 2,301,807 Total pension thb0ity—adding (a) S 2,969,861 S i,B53,455 S Z.IOf,955 $ 2,489907 Plan fiduciary net position Contidrulions--employer S 79713 S 06,607 S 89,629 $ 91,963 ComnWAfons--member 31,451 30,550 29137 2$547 Net Investment income 196,154 (44 098) (16138) 296.260 Benefit payments IncWNng refunds Of member coninbubons (119434) (112603) (104403) (95,370) Admtmstrattvs expense (3373) (3,2871 (2.7741 (2 Sal Other 8 183) 173 (175) Net change In plan fiduciary net position 184,519 (42 9151 (4177) 320,637 Plan gduclarynetpoittlon—be"inMg 2.052,589 2096,504 2,099,681 1,779,044 Plan fiduciary net poelUon--andfn9(b) S-2.2 S 2,052,589 S 2,065,504 S 2,099,681 County's net pension lbbll)ty--andfng(a)-(b) S 751,753 S 800 Bee S 605451 S 389,226 Plan fiduciary net position as • pomantsge Of the 101.1 pension liability 7495% 7193% 77 50% 84 38% Covemil.mployae payroll S 449,293 S 436424 S 416243 S 407,812 Counts net pension liability as . percentage of covered - employ** payroll 16732% 18351% 145 70% 9544% NOW. to Schedule Bedard changes; In 201<1 bensfd terms were modified to base public safely member pensions on a final three-year average salary Instead of a final five-year average salary Changes olassumprons In 20X7 amounts reported as changes or assumptions resulted primarily from sontmenis to expected releement ages ofganeral plan mambas In 20X4, amounts reported in, changes of assumptions mowed pmnsft from adjustments to expected retirement ages of public safety members In 20X1, amounts reported as changes of assumptions resulted pftwfly from a4ustments to assumed Ore expeclondas a a result or adopting the RP -2000 Healthy AnmxiaM Mortality Table for purposes of devetoping nwnafity, miss. This schedule is presented to Illustrate the requirement to show mfomrslran for 10 years However, until a fun fit -yeti trend rs d m rampilad pension piano should 0163srfomrallon for Qvise years forwhich Information Is evarable 82 ATTACHMENT 3 SCHEDULE OF COUNTY CONTRIBUTIONS Last 10 Fiscal Years (Dollar amounts in thousands) Other information In 20X1, benefit terms were modified to base public safety member pensions on a final three-year average salary instead of a final five-year average salary. 84 20X9 20X8 20X7 20X6 Actuarially determined contribution $ 79,713 S 88,807 S 89,828 S 91,963 Contributions in relation to the actuanaliy determined contribution 79,713 86,607 89,828 91,963 Contribution deficiency (excess) $ $ g $ Covered -employee payroll $ 449,293 $ 438 424 S 416,243 $ 407,812 Contributions as a percentage of covered - employee payroll 1774% 1984% 2158% 22550/6 Notes to Schedule Valuation date' Actuarially determined contribution rates are calculated as of June 30, two years prior to the end of the fiscal year in which contributions are reported Methods and assumphons used to deierrntne contribution rates Actuarial cost method Fury age Amortization method Level percentage of payroll, closed Remaining amortization period 15 years Asset valuation metno0 5 -year smoothed marxet Intation 35% Salary increases 4 5%, average, including inflation Investment rate of return 7 75%, net of pension plan investment expense, including inflation Retirement age In the 20X7 actuarial valuation, expected retirement ages of general plan members were adjusted to more closely reflect actual experience In the 20X4 actuarial valuation, expected retirement ages of public safety members were adjusted to more closely reflect actual experience Mortality in the 20X1 actuarial valuation, assumed life expectancies were adjusted as a result of adopting the RP -2000 Has" Annuitant Mortality Table In prior years, those assumptions were based on the 1994 Group Annuity Mortality Table Other information In 20X1, benefit terms were modified to base public safety member pensions on a final three-year average salary instead of a final five-year average salary. 84 TEGRIT GROUP Actuarial Consulting) Retirement Plan Services I Technologies On October 31, 2013 the IRS announced cost -of -living adjustments (COLAs) affecting dollar limits for defined contribution and defined benefit retirement plans and other retirement -related items for tax year 2014. Tegrit Group is pleased to provide this helpful chart for the 2014 limits. Please feel free to call your plan administrator if you have any questions about these limits. CONTRIBUTION LIMITS 2014 2013 Elective Deferral Limit - 401(k), 403(b) and 457(b) Plans $17,500 $17,500 Catch -Up Contribution Limit $5,500 $5,500 Elective Deferral Limit - SIMPLE Retirement Plan $12,000 $12,000 Catch -Up Contribution Limit - SIMPLE Retirement Plan $2,500 $2,500 Contribution Limit - IRA $5,500 $5,500 Catch -Up Contribution Limit - IRA $1,000 $1,000 BENEFITS AND COMPENSATION Defined Contribution Plan Annual Addition Limit $52,000 $51,000 Defined Benefit Plan Annual Benefit Limit $210,000 $205,000 Annual Compensation Limit $260,000 $255,000 Highly Compensated Employee Limit $115,000 $115,000 Key Employee Compensation Limit $170,000 $165,000 SOCIAL SECURITY/MEDICARE Social Security Wage Base $117,000 $113,700 Medicare Wage Base no limit no limit www�t .r,,,v t"P/e e pstqs/ary .tegritgroup.com Russell Investments NW 6327 PO BOX 1450 Minneapolis, MN 55485-6327 us MANAGER 4525 - - TOTAL CHARGES CURRENT PERIOD INVOICE NO. 1309074706-9997 DATE 2013/10/25 PAGE 1 OF 1 USD 902.52 9BYM-Police Officer Retirement Trust Police Officer Retirement Trust FOR 3 MONTH PERIOD 7/01/13 to 9/30/13 City of Boynton Beach DB Boynton Police & Fire Pension Fnds, 1500 Gateway B1vd,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 BENEFIT PAYMENT CHECK FEES ACH Benefit Payments Benefit Payments Lump Sum Payments BENEFIT PAYMENT. OTHER FEES Annual TEFRA Form Federal Tax Refunds Pensioners Added State Tax Filing ** SUBTOTAL FEES ** OUT OF POCKET CHARGES POSTAGE Advice of Deposit Benefit Payment Lump Sum Confirmation Letters UPS DELIVERY UPS Charges 07/05/2013 UPS Charges 06/25/2013 UPS Charges 07/26/2013 UPS Charges 08/28/2013 ** SUBTOTAL OUT OF POCKET ** I CHARGES I 302 AT 1.25 377.50 9 AT 1.25 11.25 5 AT 10.00 50.00 199 AT 0.50 99.50 1 AT 15.00 15.00 3 AT 0.50 1.50 6 AT 25.00 150.00 704.75 197.77 INV.# 1309074706-9997 9BYM-Police Officer Retirement Trust 2013/10/25 6.49 6.55 6.49 6.52 CURRENT CHARGES USD 162.54 4.86 2.70 1.62 26.05 12B1/Float Disclosure Unless you have negotiated a higher per check charge in exchange for your plan's retention of float, Russell's paying agent, State Street Bank will receive float income on uninvested cash as part of its compensation for services provided to the Plan. The amounts generally earn the rates available on money market instruments. Circumstances where float income will be received on uninvested cash include: Russell's paying agent, State Street Bank will receive float income with respect to the processing of withdrawals, distributions and loans. Float is received from the time a withdrawal, distribution or loan check is processed until the check is cashed, or, with respect to uncashed checks, the date the underlying amounts are returned to the Trust. Checks are typically mailed a few days before funds are debited from the trust account, which is typically the business day following the date the transaction was effected in the participant's account. To limit the period of float on uncashed checks, at least once a year, uncashed checks are cancelled and the underlying amounts are returned to your trust. Additional background regarding check processing is available upon request, and is also contained with the business process flows accompanying the administrative services agreement. Deviations from these timelines are possible in light of administrative impracticability. Additional information is available to you upon request. X0185 rev 03/08 THE LAW OFFICES OF PERRY &JENSEN, LLC ANN H. PERRY aperry@perryjensenlaw.com October 24, 2013 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Dear Toby: BONNI SPATARA JENSEN bsiensen@perryjensenlaw.com Re: Legal Services Provided Invoice #72024 Enclosed please find the Firm's invoice for services rendered�for the period that ended 10/15/2013. Your current balance due is $6,266.96. V ©� Ifou have an questions,lease do not hesitate to contact me. Y Yp Sincerely yours, Bonni S. Jensen BSJAg Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 2075• WEST PALM BEACH, FLORIDA 33401-2922 PH: 561.686.6550 ❖ Fx: 561.686.2802 Opp, THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401-2922 Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email October 24, 2013 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client/ File No.: 0188 Invoice #72024 Professional Services Disability Application Forms Disability Application Forms 9/23/2013 BSJ Telephone call with Toby Athol Disability Application Forms SUBTOTAL: Participant - Epstein Participant - Epstein 9/16/2013 BSJ Telephone call with Paul Kelley E-mail to Paul Kelley Denial Letter, Hearing Procedure & UPS Delivery Confirmation Participant - Epstein Participant - Epstein BSJ Telephone call with Paul Kelley Review Appeal Letter E-mail to Paul Kelley re: Denial Letter, Hearing Procedure & UPS Delivery Documents E-mail to Toby Athol Participant - Epstein Hrs/Rate Amount 0.15 30.00 200.00/hr [ 0.15 30.001 0.50 100.00 200.00/hr 1.00 200.00 200.00/hr Boynton Beach Police Officers' Pension Fund Page 2 Hrs/Rate Amount Participant - Epstein 9/17/2013 BSJ Draft Letter re: Untimely Appeal 1.50 300.00 Participant - Epstein 200.00/hr Participant - Epstein BSJ Telephone call with Toby Athol 0.20 40.00 Participant - Epstein 200.00/hr Participant - Epstein BSJ Research Final Order Process 0.50 100.00 Participant - Epstein 200.00/hr Participant - Epstein PH E-mail to Paul Kelley, Barbara LaDue, Toby Athol, Scott Caudell, Jason 0.30 22.50 Llopis, John Huntington, & Joe Degiulio re: Appeal of Epstein not Timely 75.00/hr Filed Participant - Epstein SUBTOTAL: [ 4.00 762.501 Participant - Kenny Participant - Kenny 9/16/2013 PH Scan Medical Records received from Lake Worth Surgical Center 0.20 15.00 E-mail to Barbara LaDue re: Invoice for Records 75.00/hr Participant - Kenny Participant - Kenny 9/18/2013 BSJ Review and revise HIPAA Form per request of Med Express 0.25 50.00 Participant - Kenny 200.00/hr Participant - Kenny PH Scan Medical Records received from Mariner's Hospital & Cora 0.50 37.50 Rehabilitation Clinic 75.00/hr Participant - Kenny Participant - Kenny PH E-mail to Barbara LaDue re: Invoice from Mariner's Hospital & Cora 0.10 7.50 Rehabilitation Clinic 75.00/hr Participant - Kenny Boynton Beach Police Officers' Pension Fund Page 3 Hrs/Rate Amount Participant - Kenny 9/18/2013 PH Revise HIPAA form for Request of Medical Records from Sheryl 0.20 15.00 Thompson with Med Express per Bonni's mark up 75.00/hr E-mail to Paul Kelley re: Revised HIPAA form to be signed by Gregory Kenny Participant - Kenny Participant - Kenny 9/23/2013 PH E-mail to Laura with Paul Kelley's Office to Follow up on New HIPAA 0.10 7.50 Form to be Signed by Mr. Kenny 75.00/hr Participant - Kenny Participant - Kenny 9/25/2013 BSJ Review email re: Release 0.10 20.00 Participant - Kenny 200.00/hr Participant - Kenny PH Print Medical Records from City 0.20 15.00 Redact records for Disability Notebook 75.00/hr Participant - Kenny Participant - Kenny 10/1/2013 PH E-mail to Tammy Stanzione re: Follow up on HIPAA form 0.10 7.50 Participant - Kenny 75.00/hr Participant - Kenny 10/2/2013 PH E-mail to Tammy Stanzione re: HIPAA form needs to be Revised for 0.50 37.50 Workers Compensation Records 75.00/hr Revise HIPAA form E-mail to Paul Kelley re: Revised HIPAA form needs to be Signed by Mr. Kenny Participant - Kenny Participant - Kenny 10/14/2013 BSJ Review email from Toby Athol 0.35 70.00 Telephone call with Toby Athol re: Kenny Status 200.00/hr E-mail to Toby Athol Participant - Kenny SUBTOTAL: [ 2.60 282.501 Boynton Beach Police Officers' Pension Fund Page 4 Hrs/Rate Amount Plan Document Plan Document 9/20/2013 BSJ Review and revise Amendment for SBI 128 0.50 100.00 Plan Document 200.00/hr Plan Document 9/23/2013 BSJ Review Actuarial Impact Statement 0.75 150.00 Review and revise Amendment 200.001hr E-mail to Julie Klahr re: Copy of Impact Statement Plan Document SUBTOTAL: [ 1.25 250.00] State Monies State Monies 10/10/2013 BSJ Review & Respond to email from Melody Mitchell at State of Florida 0.35 70.00 Division of Retirement re: Supplemental Plan 200.00/hr State Monies SUBTOTAL: [ 0.35 70.00] For professional services rendered 8.35 $1,395.00 Additional Charges: Bill File 10/15/2013 Westlaw Research 25.00 Dates - September 1 - 30, 2013 Copy Charges 21.90 SUBTOTAL: ( 46.901 Participant - Epstein 9/17/2013 United Parcel Service Invoice No.: OOOOF49280383 6.25 Tracking #1 ZF492800393884630 to Paul Kelley, Esquire re: Notice of Appeal Boynton Beach Police Officers' Pension Fund Page Amount 9/17/2013 United Parcel Service Invoice No.: OOOOF49280383 6.96 Tracking #1ZF492800393884630 Pickup Request No.: 293851 FDBOF Re: Notice of Appeal SUBTOTAL: [ 13.211 Total additional charges $60.11 For professional services rendered 8.35 $1,455.11 Total amount of this bill $1,455.11 Previous balance $4,811.85 Balance due $6,266.96 THE LAW OFFICES OF PERRY &JENSEN, LLC ANN H. PERRY aperry@perryjensenlaw.com September 23, 2013 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 BONNI SPATARA JENSEN bsjensen@penyjensenlaw.com Re: Legal Services Provided Invoice #71959 Dear Toby: Enclosed please find the Firm's invoice for services rendered for the period that ended 9/15/2013. Thank you for y ur payment of $2,382.95. Your current balance due is $4,811.85. ✓1' If you have any questions, please do not hesitate to contact me. Sincerely yours, 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 ® rrar THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401-2922 Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email September 23, 2013 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #71959 Professional Services DOR - Tax Exempt Certificate DOR - Tax Exempt Certificate 8/16/2013 PH Prepare Form DR -5 to Renew Certificate of Exemption DOR - Tax Exempt Certificate DOR - Tax Exempt Certificate BSJ Correspondence with Department of Revenue re: Form DR -5 to Renew Certificate of Exemption DOR - Tax Exempt Certificate DOR - Tax Exempt Certificate 8/23/2013 BSJ Review Form DR5 & Instructions re: Tax Exemption Renewal DOR - Tax Exempt Certificate DOR - Tax Exempt Certificate 8/26/2013 PH Revise Letter & Form DR -5 to State re: Renewal Certificate of Exemption per Bonni's mark up DOR - Tax Exempt Certificate DOR - Tax Exempt Certificate PH E-mail to Barbara LaDue, Toby Athol, & Jason Llopis re: Renewal Certificate of Exemption Letter to State & Form DR -5 Fax to Florida Department of Revenue for Renewal Certificate of Hrs/Rate Amount 0.30 22.50 75.00/hr 0.50 100.00 200.00/hr 0.35 70.00 200.00/hr 0.50 37.50 75.00/hr 0.30 22.50 75.00/hr Boynton Beach Police Officers' Pension Fund Exemption DOR - Tax Exempt Certificate DOR - Tax Exempt Certificate 8/26/2013 BSJ Correspondence with Trustees re: Renewal Certificate DOR - Tax Exempt Certificate SUBTOTAL: Investment Policy Guidelines Investment Policy Guidelines 8/22/2013 LG E-mail to Burgess Chambers & Barbara LaDue re: Current Investment Policy Statement Investment Policy Guidelines SUBTOTAL: Minutes of Trustee Meetings Minutes of Trustee Meetings 8/20/2013 BSJ Review Minutes of 7/22/13 Meeting Minutes of Trustee Meetings SUBTOTAL: Participant - Epstein Participant - Epstein 8/16/2013 PH Draft Denial Letter Participant - Epstein Participant - Epstein 8/21/2013 BSJ Review and revise Denial Letter Research Hearing Procedure Participant - Epstein Participant - Epstein BSJ E-mail to Barbara LaDue re: Application Submission Date Participant - Epstein Page 2 Hrs/Rate Amount 0.25 50.00 200.00/hr j 2.20 302.501 0.10 7.50 75.00/hr 7.501 [ 0.10 0.25 50.00 200.00/hr [ 0.25 50.00] 0.30 22.50 75.00/hr 0.50 100.00 200.00/hr 0.10 20.00 200.00/hr Boynton Beach Police Officers' Pension Fund Page 3 Hrs/Rate Amount Participant - Epstein 8/21/2013 PH Revise Letter to Paul Kelley re: Denial of Epstein Disability per Bonni's 0.50 37.50 mark up 75.00/hr E-mail to Barbara LaDue, Toby Athol, & Jason Llopis re: Denial letter & Hearing Review Procedures Ship via UPS to Paul Kelley Participant - Epstein Participant - Epstein 9/9/2013 BSJ Telephone call with Toby Athol re: Status of Appeal 0.25 50.00 Participant - Epstein 200.00/hr Participant - Epstein 9/10/2013 BSJ E-mail to Toby Athol re: UPS Delivery Notification 0.10 20.00 Participant - Epstein 200.00/hr Participant - Epstein 9/12/2013 PH E-mail to Barbara LaDue re: Status 0.10 7.50 Participant - Epstein 75.00/hr SUBTOTAL: [ 1.85 257.50] Participant - Kenny Participant - Kenny 8/28/2013 BSJ Review Disability Application 0.35 70.00 Catalogue Doctors 200.00/hr Participant - Kenny Participant - Kenny PH Telephone calls with Several Doctors re: Medical Records Request 2.50 187.50 Prepare Requests 75.00/hr Fax 17 Medical Records Request Forms for Records Participant - Kenny Participant - Kenny BSJ Correspondence with 17 Doctors 0.75 150.00 Participant - Kenny 200.00/hr Boynton Beach Police Officers' Pension Fund Page 4 Hrs/Rate Amount Participant - Kenny 8/28/2013 BSJ E-mail to Toby Athol & Scott Caudell re: Status of Kenny matter 0.25 50.00 Participant - Kenny 200.00/hr Participant - Kenny 8/29/2013 BSJ Review Letter from Dr. Bruce Rodan 0.10 20.00 Participant - Kenny 200.00/hr Participant - Kenny PH Fax 5 Medical Records Request Forms for Records 1.00 75.00 Participant - Kenny 75.00/hr Participant - Kenny PH E-mail to Barbara LaDue re: Invoice for Dr. Eastridge's Medical Records 0.10 7.50 Charge 75.001hr Participant - Kenny Participant - Kenny PH Prepare Disability Notebook & Redact Record's from Dr. Thompson 1.00 75.00 Participant - Kenny 75.00/hr Participant - Kenny BSJ Correspondence with 5 Doctors 0.25 50.00 Participant - Kenny 200.00/hr Participant - Kenny 8/30/2013 PH Scan Medical Records received from Dr. Richmond 0.30 22.50 Participant - Kenny 75.00/hr Participant - Kenny PH E-mail to Barbara LaDue re: Invoice from Jupiter Medical Center for 0.10 7.50 Medical Records 75.00/hr Participant - Kenny Participant - Kenny 9/3/2013 PH Scan & Redact Medical Records from Dr. D'Ariano for Disability 0.30 22.50 Notebook 75.00/hr Participant - Kenny Participant - Kenny 9/5/2013 PH Scan Medical Records from Jupiter Medical Center 0.20 15.00 E-mail to Barbara LaDue re: Invoice from Jupiter Medical Center for 75.00/hr Boynton Beach Police Officers' Pension Fund Page 5 Hrs/Rate Amount Medical Records Participant - Kenny Participant - Kenny 9/5/2013 PH Scan invoice faxed from Cora Rehabilitation 0.20 15.00 E-mail to Barbara LaDue re: Invoice for Medical Records 75.00/hr Participant - Kenny Participant - Kenny 9/9/2013 PH Scan Medical Records received from Palm Beach Gardens Medical 0.80 60.00 Center & Dr. Pomerantz 75.00/hr Participant - Kenny Participant - Kenny PH Redact Medical Records from Jupiter Medical Center 0.30 22.50 Participant - Kenny 75.00/hr Participant - Kenny 9/12/2013 PH Scan Medical Records received from Dr. Eastridge 0.20 15.00 Participant - Kenny 75.00/hr Participant - Kenny 9/13/2013 PH Download from Disk Medical Records received from Dr. Bansal & Print 0.80 60.00 Copy for Notebook 75.00/hr Participant - Kenny SUBTOTAL: [ 9.50 925.001 Plan Document Plan Document 8/19/2013 BSJ Review email from Lori LaVerriere re: Effective Date of Collective 0.35 70.00 Bargaining Agreement for SB1128 Impact Statement 200.00/hr E-mail to Pete Strong re: S131 128 Impact Statement Plan Document SUBTOTAL: [ 0.35 70.00] Boynton Beach Police Officers' Pension Fund Page 6 Hrs/Rate Amount Trustee Expense Policy & Forms Trustee Expense Policy & Forms 8/16/2013 BSJ Correspondence with Barbara LaDue re: Trustee Expense Policy 0.50 100.00 Trustee Expense Policy & Forms 200.00/hr Trustee Expense Policy & Forms LG E-mail to Barbara LaDue, Chairman, & Secretary re: Trustee Expense 0.30 22.50 Policy 75.00/hr Ship via UPS to Barbara LaDue Trustee Expense Policy & Forms SUBTOTAL: [ 0.80 122.50] For professional services rendered 15.05 $1,735.00 Additional Charges: Bill File 9/15/2013 Copy Charges 208.05 Fax Charges 38.50 SUBTOTAL: [ 246.551 Participant - Epstein 8/21/2013 United Parcel Service Invoice No.: OOOOF49280343 22.63 Tracking #1ZF492802995103403 to Robert E. Epstein re: Denial Letter United Parcel Service Invoice No.: OOOOF49280343 6.96 Tracking #1ZF492802995103403 Pickup Request No.: 2958136NJJ1 Re: Denial Letter SUBTOTAL: [ 29.59] Trustee Expense Policy & Forms 8/16/2013 United Parcel Service Invoice No.: OOOOF49280333 6.96 Tracking #1 ZF492800391973190 Pickup Request No.: 292713217957E Re: Trustee Expense Policy Boynton Beach Police Officers' Pension Fund 8/16/2013 United Parcel Service Invoice No.: OOOOF49280343 Tracking #1ZF492800391973190 to Barbara LaDue re: Trustee Expense Policy SUBTOTAL: Total additional charges For professional services rendered Total amount of this bill Previous balance Accounts receivable transactions 8/26/2013 Payment - Thank YouL Check No. 053378 Total payments and adjustments Balance due Page 7 Amount 6.25 [ 13.21] $289.35 15.05 $2,024.35 $2,024.35 $5,170.45 ($2,382.95) ($2,382.95) $4,811.85 f THE LAW OFFICES OF PERRY &JENSEN, LLC ANN H. PERRY aperry@perryjansenlaw.com August 23, 2013 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Dear Toby: BONN[ SPATARA JENSEN bsiensen@perryjensenlaw.com Re: Le -gal Services Provided Invoice #71918 Enclosed please find the Firm's invoice for services rendered for the period that ended 8/15/2013. Your current balance due is a� If you have any questions, please do not hesitate to contact me. �..,...,, �f Sincerely yours, Bonni S. Jensen BSJ/Ig Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207•:• WEST PALM BEACH, FLORIDA 33401-2922 PH: 561.686.6550 ❖ Fx: 561.686.2802 THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401-2922 Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email August 22, 2013 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client/ File No.: 0188 Invoice #71918 Professional Services Annual Audits Annual Audits 7/29/2013 BSJ Telephone call with Jeanine Bittinger Telephone call with Julie Browning Telephone call with Pete Strong Annual Audits Annual Audits 8/1/2013 BSJ Review email from Julie Browning re: Determination of Supplemental Plan Classification E-mail to Jeanine Bittinger Annual Audits SUBTOTAL: Attendance at Trustee Meetings Attendance at Trustee Meetings 7/22/2013 BSJ Attend Meeting Attendance at Trustee Meetings Hrs/Rate Amount 0.75 150.00 200.00/hr 0.35 70.00 200.00/hr [ 1.10 220.001 1.75 350.00 200.00/hr Boynton Beach Police Officers' Pension Fund Attendance at Trustee Meetings 8/13/2013 BSJ Attend Meeting Attendance at Trustee Meetings Attendance at Trustee Meetings 8/15/2013 LG Review Post Meeting Folder Attendance at Trustee Meetings SUBTOTAL: Meeting Notices and Agendas Meeting Notices and Agendas 7/16/2013 PH Prepare Attorney Report, Handouts, and Folder for upcoming Meeting - 7/22/13 Meeting Notices and Agendas Meeting Notices and Agendas 8/9/2013 PH Prepare Attorney Report, Handouts, and Notebook for upcoming Meeting - 8/13/13 Meeting Notices and Agendas SUBTOTAL: Minutes of Trustee Meetings Minutes of Trustee Meetings 7/15/2013 BSJ Review Minutes of 4/15/13 Meeting Minutes of Trustee Meetings Minutes of Trustee Meetings 7/16/2013 BSJ Review Minutes of 5/14/13 Meeting Minutes of Trustee Meetings SUBTOTAL: Page 2 Hrs/Rate Amount 4.25 850.00 200.00/hr 0.30 22.50 75.00/hr [ 6.30 1,222.501 0.10 7.50 75.00/hr 1.50 112.50 75.00/hr [ 1.60 120.001 0.25 50.00 200.00/hr 0.25 50.00 200.00/hr 1 0.50 100.00] Boynton Beach Police Officers' Pension Fund Page 3 Hrs/Rate Amount Particinant - Epstein Participant - Epstein 8/1/2013 BSJ Telephone call with Toby Athol re: Time Certain 0.10 20.00 Participant - Epstein 200.00/hr Participant - Epstein BSJ Research Outcome of Martinez & Thompson cases 0.75 150.00 Participant - Epstein 200.00/hr Participant - Epstein BSJ Review Order in Martinez Case 0.25 50.00 Participant - Epstein 200.00/hr Participant - Epstein BSJ Draft email to Trustees 0.75 150.00 Prepare Documents to Send as Backup 200.00/hr Participant - Epstein Participant - Epstein 8/5/2013 BSJ E-mail to Toby Athol re: Time for Epstein Hearing 0.10 20.00 Participant - Epstein 200.00/hr Participant - Epstein 8/6/2013 PH Prepare Excerpts of Section 168 & 169 of Plan Document for Epstein 0.20 15.00 Hearing 75.00/hr Participant - Epstein Participant - Epstein BSJ E-mail to Barbara LaDue 0.25 50.00 Review email from Toby Athol 200.00/hr Participant - Epstein Participant - Epstein BSJ E-mail to Trustees with copy to Paul Kelley of Documents for Informal 0.50 100.00 Hearing 200.00/hr Participant - Epstein Participant - Epstein 8/8/2013 PH E-mail to Paul Kelley re: Interrogatories Form for Disability 0.10 7.50 Participant - Epstein 75.00/hr Boynton Beach Police Officers' Pension Fund Page 4 Hrs/Rate Amount Participant - Epstein 8/8/2013 BSJ Telephone call with Paul Kelley 0.25 50.00 Participant - Epstein 200.00/hr SUBTOTAL: [ 3.25 612.50] Participant - Kenny Participant - Kenny 8/1/2013 BSJ E-mail to Barbara LaDue re: Status 0.10 20.00 Participant - Kenny 200.00/hr Participant - Kenny 8/8/2013 PH E-mail to Paul Kelley re: Interrogatories Form for Disability 0.10 7.50 Participant - Kenny 75.00/hr SUBTOTAL: [ 0.20 27.50] Plan Document Plan Document 7/22/2013 PH E-mail to Board of Trustees & Administrator re: AmLegal Link 0.30 22.50 Plan Document 75.00/hr Plan Document 8/1/2013 BSJ E-mail to Julie Klahr re: Amendment Status 0.10 20.00 Plan Document 200.00/hr Plan Document 8/15/2013 BSJ E-mails re: Effective Date for SB1128 purposes 0.50 100.00 Review Response from City 200.00/hr E-mail to Pete Strong Plan Document SUBTOTAL: 1 0.90 142.501 Boynton Beach Police Officers' Pension Fund Policies - General Policies - General 8/1/2013 BSJ E-mail to Pete Strong re: Vested Termed Member who was Rehired Review Responses from Pete Strong Policies - General SUBTOTAL: State Monies State Monies 8/12/2013 BSJ Review Website & Spreadsheets for 2012 & 2011 Distributions E-mail to Trustees & Administrator State Monies SUBTOTAL: Trustee Expense Policy & Forms Trustee Expense Policy & Forms 8/9/2013 PH Revise Expense Policy per Bonni's mark up to include Attendance at Training with Opal Finance E-mail to Board of Trustees & Administrator Trustee Expense Policy & Forms Trustee Expense Policy & Forms BSJ Review and revise Expense Policy Trustee Expense Policy & Forms SUBTOTAL: Trustee Form 1 Trustee Form 1 7/22/2013 BSJ Conference with John Huntington & Joe Degiulio re: Completion of Form 1 Trustee Form 1 Page 5 Hrs/Rate Amount 0.75 150.00 200.00/hr [ 0.75 150.001 0.25 50.00 200.00/hr [ 0.25 50.00] 0.30 22.50 75.00/hr 0.25 50.00 200.00/hr [ 0.55 72.50] 0.35 70.00 200.00/hr SUBTOTAL: 1 0.35 70.00] Boynton Beach Police Officers' Pension Fund Page 6 For professional services rendered For professional services rendered Previous balance Balance due All Hours Amount 15.75 $2,787.50 Amount 15.75 $2,787.50 $2,382.95 BURGESS CHAMBERS & ASSOCIATES, INC. INVESTMENT ADVISORS S.E.C. REGISTERED 315 E. Robinson Street, Suite 690 Orlando, Florida 32801 Bill To Boynton Beach Police Officers' Pension Barbara La Due, Administrator 1500 Gateway Blvd, Suite 220 Boynton Beach, Florida 33426 Invoice Date Invoice # 9/6/2013 13-226 Phone # Fax # (407)644-0111 (407)644-0694 PDCGabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301-1872 (954)527-1616 Attention: Ms. Barbara La Due City of Boynton Beach Boynton Beach Municipal Police Officers Retirement Fund Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, Florida 33426 For services rendered for the Boynton Beach Municipal Police Officers Retirement Fund through 9/30/2013 Completion of Actuarial Impact Statement for the ordinance amending the definition of pensionable compensation to limit overtime to 300 hours and accumulated sick and vacation leave to no more than the amount accumulated as of the effective date of the ordinance, as required under Senate Bill 1128 Charges to date for preparation of the 10/1/2013 Actuarial Valuation Report; total charges to date equal $475 Amount Due Invoice 10/8/2013 403490 Dept. # 78009 Gabriel Roeder Smith & Company PO Box 78000 Detroit, Michigan 48278-0009 Federal Tax ID PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU, Page 1 of 1 Amount 4,267.00 475.00 $4,742.00 PD Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301-1872 (954) 527-1616 Attention: Ms. Barbara La Due City of Boynton Beach Boynton Beach Municipal Police Officers Retirement Fund Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, Florida 33426 Client 100550, Pension Valuation Work, Project 100550-052 For services rendered for the Boynton Beach Municipal Police Officers Retirement Fund through 8/31/2013 Retirement Benefit Calculations for: Caudell, Immler and Mulcahy Initial work and correspondence for Actuarial Impact Statement of freezing accrued leave time, as required under Senate Bill 1128 Amount Due Invoice 9/13/2013 402965 Dept. # 78009 Gabriel Roeder Smith & Company PO Box 78000 Detroit, Michigan 48278-0009 38-1691268 3.00 225.00 675.00 770.00 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page 1 of 1 $1,445.00 NVOI CE ELLEN SCHAFFER INVOICE: 2666 339 N.W. 99 WAY DATE: 10/13/2013 CORAL SPRINGS, FL. 33071' REF.: Home: (954) 341-5032 Fax: (954) 345-0748 Public Pension Software Consultant Sold to CITY OF BOYNTON BEACH PENSION OFFICE 1500 GATEWAY BLVD. SUITE 220 BOYNTON BEACH, FL. 3:426 ATTN: BARBARA LADUE, ADMINISTRATOR QTY DESCRIPTION AMOUNT TOTAL 8.00 HOUR(S) PROGRAMMING & CONSULTING SERVICE 115.00 TO STORE VACATION & SICK TIME ACCRUALS AS CAPS FOR POLICE OFFICERS AS OF 6/18/2013, FOR FIREFIGHTERS AS OF 9/30/2013; TO PROGRAM BENEFIT CALCULATE SYSTEMS TO APPLY CAPS WHEN ESTIMATING VACATION/SICK PAYOUTS. SUBTOTAL $ TAX $ SHIP/HAND $ TOTAL $ PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU 920.00 920.00 .00 .00 920.00 INVOICE The City of Boynton Beach Barbara La Due 1500 Gateway Blvd. Suite 220 Boynton Beach FL 33426 United States of America INVOICE REFERENCES No. 80024278 Prolongation P-12 Date 12/01/2013 Customer No 8960 Your -Ref P:006137:101:001 - Exact And it all comes together. Exact Americas 8800 Lyra Drive, Suite 220 Columbus, OH 43240 T: 800 468 0834 F. 866 544 5456 www.exact.com REFERENCES Ordered By: The City of Boynton Beach ITEM Qty AMOUNT MN1044 Maintenance for Designer 1.00 $ 125.00 MN1060 SQL License Registration 1.00 $ MN1060A Maintenance for System Manager SQL 1.00 $ 500.00 MN1101 Maintenance for General Ledger 1.00 $ 125.00 MN1103 Maintenance for Accounts Payable 1.00 $ 125.00 PAYMENT INFORMATION Net 30 Days PLEASE REMIT PAYMENT TO: DUE DATE AMOUNT 12/31j2013 USD 875.00 EXACT SOFTWARE NORTH AMERICA LLC 1136 PAYSPHERE CIRCLE CHICAGO, IL 60674 www.exact.com Total amount excl. Tax $ 875.00 Tax $ Total amount ind. Tax $ 875.00 Page i Subsidiary of Exact Holding N.V. On all deliveries, transactions, services and user rights the Exact terms are applicable, which are put down at the Chamber of Commerce Haaglanden and which will be sent to you on request The Exact terms can also be downloaded through the website www.exactcom. Exact And it all comes together. Exact Americas 8800 Lyra Drive, Suite 220 Columbus, OH 43240 T• 800 468 0834 F• 866 544 5456 www.exact.com Dear Valued Exact Customer, prevent any lapse in service we must receive full payment by the due date listed on the invoice. Payment of service renewal fees ensures that your company continues to receive on-going software updates & upgrades with product enhancements, and access to our Customer Portal for Exact's knowledgebase, product documentation and user guides and much more. If you have any questions please contact your Customer Advocate who will be happy to assist you. You can reach them at 1-800-468-0834, and enter their extension, or dial 0, and our operator can direct you to your Customer Advocate. You can view your account and contract information via the Customer Portal at https:/Icustomers.exact.com. We appreciate your business and your trust in Exact. We look forward to continuing to provide you with the products and service you and your business needs! Sincerely, The Finance and Administration Team Exact Software North America, LLC. Please reference your invoice number with payment Remit to: Exact Software North America, LLC. 1136 Paysphere Circle Chicago, IL 60674 United States of America SUPPORTLINE RENEWAL NOTICE Invoice: Police and Fire Pension Funds 1500 Gateway Blvd., Suite #220 Renaissance Executive Suites Boynton Beach, FL 33426 Attn: Barbara Ladue Tel.: 561.739.7972 Email: ladueb@bbpdpension.com ■ Quote Date: 10/23/2013 Reference Number: 498484 Renewal Due By: 12/30/2013 For the Police and Fire Pension Funds Attention of: of Boynton Beach 1500 Gateway Blvd., Suite #220 Renaissance Executive Suites Boynton Beach, FL 33426 Attn: Barbara Ladue Tel.: 561.739.7972 Email: ladueb@bbpdpension.com Please see the pricing below for your Support & Maintenance Renewal Your SupportLine Sales Representative is Teresa Gray, contact details Tel: (800) 632-6265, Opt 2 x5063 Email: teresa.gray@microfocus.com Fax: 301 838 5314 Contract Renewal Contract Period (Please see supporting documentation for details) Contract Period 2 x Contract 3 x Contract Price Period Period Support & Maintenance renewal $ 272.30 $ 544.60 $ 816.90 Tax (the tax amount is approximate until invoiced) $ 16.34 $ 32.68 $ 49.02 TOTAL (Currency: USD) $ 288.64 $ 577.28 $ 865.92 Select Appropriate Box for Contract Period + 4 4 + 4 4 ❑ ❑ ❑ If the renewal meets your requirements, please select the appropriate contract period box above and one of the payment options below. Should you have any questions about your Support & Maintenance renewal, please contact your SupportLine Sales Representative (please see details above). PLEASE NOTE: Renewals received after 1/29/2014 may be subject to a 20% re -instatement fee. (, =' A Select Payment Option ❑ Online: Secure E -Approval and credit cards. hftps://supportline.microfocus.com/eapproval.asp ❑ Purchase Order (PO): Send complete PO with all referenced terms & conditions ❑ Checks: Make Checks Payable to: 'Micro Focus (US), Inc.', and send to: 'Micro Focus (US), Inc., PO Box 19224, Palatine, IL 60055-9224' ❑ Invoice Me: Complete and sign this page and e-mail to teresa.gray@microfocus.com or fax to 301 838 5314. By signing below you represent that you have the authority to bind the company to whom this Notice is addressed above to the terms of this Notice and the User Agreement Authorized Signature Printed Name and Title Terms: Customer irrevocably commits to make the payments specified above and such payments will be due and payable Net 30 Days from the date of invoice Any amounts not paid when due will accrue interest at a rate of 15% per month until paid. Sales Tax: The Customer is responsible for any applicable tax (including VAT), unless the Customer provides Micro Focus with a copy of its tax exemption certificate If a Purchase Order is required, please provide the information to your Micro Focus Sales Representative before the Renewal Due Date shown above Except as otherwise specified above or agreed in writing by the parties, the standard Micro Focus support (silver level) terms and conditions shall apply to this order Those terms supersede any terms on a subsequent Purchase Order or other document issued by Police and Fire Pension Funds in relation to this order All terms contained in any Police and Fire Pension Funds provided documents are hereby rejected in full by Micro Focus Customer shall pay to Micro Focus an additional fee equal to 2 5% of any amount in excess of $2,500 paid by credit card. Tel (800) 632-6265, Opt 2 x5063 THANK YOU FOR BEING A MICRO FOCUS CUSTOMER Fax: 301 838 5314 HTTPS /!SupportLine MicroFocus Com/EApproval ASP Reference No. 498484 Page 2 of 2 Police and Fire Pension Funds Product, Hardware, OS, Version and Serial Number Contract Qty Single Contract Period Unit Price Application Server for Net Express with .NET Support Jan -30-2014 10 27.23 272.30 Jan -29-2015 Platform: x86 running Win NT, 98, 2000, XP, Server 2003 32 Bit Version. 4 0.00 Version Status: End of Service' - Advice and avoidance support only License Location: Police and Fire Pension Funds, Boynton Beach, Florida Serial Number: 600000039587 Subtotal 27230 Tax (Please note that taxes are approximate until invoiced) 16.34 TOTAL (Currency: USD): 288.64 The transaction or transactions described in this renewal notice are without prejudice to any rights of Micro Focus arising from, inter alfa, breach of any pertinent Micro Focus End User License Agreement and/or breach of Micro Focus's copyrights. For full information on supported product versions and details of Sundown and End of service process, please visit htta://sunaordine.microfocus.com/prodavail.asax. Products listed as Sundown or End of Service are subject to limited support services and restrictions on new corrective fixes. Your maintenance entitles you to favorable terms on available updates or upgrades and it is highly recommended that you use the latest versions Please contact your sales representative for details. Support: http://www.microfocus.com/_ex/Extemal/files/Legal/en/Support/SilverSupportAgreemenVSilver_Support_Terms_EN_200613.pdf Tel- (800) 632-6265, Opt 2 x5063 THANK YOU FOR BEING A MICRO FOCUS CUSTOMER Fax: 301 838 5314 HTTPS //SupportLine Micro Focus Com/EApproval ASP October 23, 2013 SupportLine Renewal Notice (Reference No. 498484) Dear Barbara. Police and Fire Pension Funds of Boynton Beach 1500 Gateway Blvd., Suite #220 Renaissance Executive Suites Boynton Beach, FL 33426 Attn: Barbara Ladue r I! I am writing to alert you that it's time to renew your Supportlme maintenance coverage. We at Micro Focus look forward to continuing support of your mission -critical software with our award-winning technical support services and comprehensive software updates. I have attached your renewal notice for your convenience Please inform us before 1213012013 that you would like to renew your support. You can renew online, over the phone, or with the attached renewal quote/order letter. If you would like to use a purchase order (PO), please let me know before 12/30/2013. If you would like to take advantage of Automatic Renewals in the future please contact Teresa Gray on (800) 632-6265, Opt 2 x5063 to arrange this for your renewal. Many customers move to the automatic renewal option - its fast, easy, and ensures continuous coverage. Multi -Year Renewal Options - Lock in prices and reduce overhead costs! Simplify your financial management by taking advantage of a predictable payment stream for ease of budgeting, lock in your pricing for up to 3 years and avoid annual increases. New Value-added Service Options - Maximize your protection with new Production -Level support plans: SupportLine Plan Description Silver (Standard) Our traditional award-winning plan, includes tech support and all software updates Gold Silver plan plus Service Level Agreement (SLA) and Production Support options Platinum Silver plan, plus SLA and complete Production Support for critical applications Extended Custom Oans for "End ofService" products Please call to learn more about your options. As always, I will be happy to help you explore your options and to provide additional services, including: • Updating information on your organization, your team members and your installation of Micro Focus products • Synchronizing multiple contracts • Reinstating lapsed agreements I look forward to hearing from you soon. Thank you for your continued business with Micro Focus Sincerely, Teresa Gray Maintenance Renewal Rep (800) 632-6265, Opt 2 x5063 teresa.grayCcD-m icrofocus.com PS Please contact me before 12/30/2013 to confirm your renewal. It always costs less to renew on time! Barbara Ladue From: Bonni S. Jensen [bsjensen@perryjensenlaw.com] Sent: Monday, September 23, 2013 5:06 PM To: 'Julie Klahr'; 'LaVerriere, Lori' Cc: 'Barbara LaDue'; 'Athol, Toby'; 'Caudell, Scott'; Pension Team Subject: FW: Boynton Beach Police - Actuarial Impact Statement (for SB 1128 compliance) Attachments: Boynton Beach Police AIS for SB 1128 9-20-2013.pdf; Definition of Compensation or salary.doc; Definition of Compensation or salary.pdf Julie and Lori, Attached is the actuarial impact statement for the Boynton Beach Police Pension Fund amendment pursuant to SB 1128. 1 have also included the revised pension amendment containing the new effective date language as requested by the City attorney. Please let me know when this will be on the agenda. I will be on vacation from September 24 to October 9, 2013. Please remember to copy my staff thepensionteam@perryiensenlaw.com so that they can assist you in my absence. To make sure that your email is handled in a timely manner, please copy thepensionteam(aD-perryiensenlaw. com Bonni S. Jensen The Law Offices of Perry & Jensen 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone- 561-686-6550 Fax: 561-686-2802 bsiensen(cD-perryiensenlaw. com CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. From: Pete.Strong0gabrielroeder.com [mailto:Pete.Strongagabrielroeder.com] Sent: Monday, September 23, 2013 3:57 PM To: IaduebObbpdpension.com Cc: bsjensen(&Wrryjensenlaw.com; Thepensionteam(dMrryjensenlaw.com; AtholT@bbfl.us; HowardTftbfl.us Subject: Boynton Beach Police - Actuarial Impact Statement (for SB 1128 compliance) Good afternoon Barbara, Attached is PDF electronic copy of our actuarial impact statement dated September 20, 2013 showing the impact of the proposed ordinance which limits overtime to 300 hours and limits the amount of unused accumulated sick and vacation leave that may be included in pensionable earnings, as required under Senate Bill 1128. Please let me know if you have any questions. Best regards, Pete Strong Peter N. Strong, ASA, EA, FCA, MAAA Consultant and Actuary Gabriel, Roeder, Smith & Company One East Broward Boulevard Suite 505 Fort Lauderdale, FL 33301-1804 Telephone: (954) 527-1616 (ext. 2102) •'`�• •'` Direct: (954) 713-2102 Fax: (954)525-0083 pete.strong@gabrielroeder.com Circular 230 Nonce 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 (u) marketing or recommending to another party any tax -related matter addressed within Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. The above communication shall not be construed to provide tax advice, legal advice or investment advice Notice of Confidentiality - This transmission contains information that may be confidential and that may also be privileged Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), you may not copy, forward, or otherwise use it, or disclose its contents to anyone else If you have received this transmission in error, please notes the sender immediately and delete it from your system APlease consider the environment before printing this e-mail Barbara Ladue From: Pete.Strong@gabrietroeder.com Sent: Monday, September 23, 2013 3:57 PM To: ladueb@bbpdpension.com Cc: bsjensen@perryjensenlaw.com; Thepensionteam@perryjensenlaw.com; AtholT@bbfl.us; HowardT@bbfl.us Subject: Boynton Beach Police - Actuarial Impact Statement (for SB 1128 compliance) Attachments: Boynton Beach Police AIS for SB 1128 9-20-2013.pdf Good afternoon Barbara, Attached is PDF electronic copy of our actuarial impact statement dated September 20, 2013 showing the impact of the proposed ordinance which limits overtime to 300 hours and limits the amount of unused accumulated sick and vacation leave that may be included in pensionable earnings, as required under Senate Bill 1128. Please let me know if you have any questions. Best regards, Pete Strong Peter N. Strong, ASA, EA, FCA, MAAA Consultant and Actuary Gabriel, Roeder, Smith & Company One East Broward Boulevard Suite 505 Fort Lauderdale, FL 33301-1804 Telephone: (954) 527-1616 (ext. 2102) ``'« •'• Direct: (954) 713-2102 Fax: (954) 525-0083 pete.stron.e@zabrielroeder.com Circular 230 Notice Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax -related penalties under the Internal Revenue Code or (u) marketing or recommending to another party any tax -related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor The above communication shall not be construed to provide tax advice, legal advice or investment advice Notice of Confidentiality This transmission contains information that may be confidential and that may also be privileged Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), you may not copy, forward or otherwise use it, or disclose its contents to anyone else. If you have received this transmission in error, please note the sender immediately and delete it from your system APlease consider the environment before printing this e-mail. RS Gabriel Roeder Smith & Company One East froward Blvd 954.527.1616 phone C onsu.tants & Acruanes Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301-1804 www gabrielroeder.com September 20, 2013 Ms. Barbara L,aDue Pension Administrator Boynton Beach Police Officers' Pension Board Renaissance Executive Suites 1500 Gateway Blvd Suite 220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Police Officers' Retirement Fuad Dear Barbara: As requested, we have prepared the enclosed Actuarial impact Statement for the proposed ordinance which would amend the Plan as follows: The amount of overtime pay that is included in pensionable salary would be limited to 300 hours per year effective June 18, 2013. The amount of accumulated unused sick and vacation pay included in pensionable salary would be limited to the lesser of the amount as of June 18, 2013 or the amount paid at retirement. The Statement must be filed with the Division of Retirement before the final public hearing on the ordinance. Please have a member of the Board of Trustees sign the Statement. 'Then send the Statement along with a copy of the proposed ordinance to Tallahassee. Summary of Findings The required City contribution as a percentage of covered pay would decrease by 0.541/6 of covered payroll, from 35.15% to 34.61°!0, assuming the City contribution is contributed on October 1, 2013. The Plan's funded ratio (assets divided by actuarial accrued liability) would rise to 57.2°lo from 57.0%. The present value of benefit payments to current active members is expected to decrease by $850,630. Other Cost Considerations ■ As of October 1, 2012 the Market Value of Assets exceeds the Actuarial Value of Assets by $411,668. This difference will be gradually recognized over the next several years. In turn, the computed employer contribution rate will decrease by approximately 0.2% of covered payroll in the absence of offsetting losses. Additional Disclosures This report was prepared at the request of the Board and is intended for use by the Retirement System and those designated or approved by the Board. This report may be provided to parties other than the Board only in its entirety and only with the permission of the Board. Barbara LaDue September 20, 2013 Page 2 The purpose of this report is to describe the financial effect of the proposed plan changes. This report should not be relied on for any purpose other than the purpose described above. The calculations in this report are based upon accumulated unused sick and vacation hours as of June 18, 2013, as provided by the City, and upon information furnished by the Plan Administrator for the October 1, 2012 Actuarial Valuation concerning Plan benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We reviewed this information for internal and year-to-year consistency, but did not otherwise audit the data. We are not responsible for the accuracy or completeness of the information provided by the City or Plan Administrator. The calculations are based upon assumptions regarding future events, which may or may not materialize. They are also based on the assumptions, methods, and plan provisions outlined in this report. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following- plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period or additional cost or contribution requirements based on the plan's funded status); and changes in pian provisions or applicable law. If you have reason to believe that the assumptions that were used are unreasonable, that the plan provisions ace incorrectly described, that important plan provisions relevant to this proposal are not described, or that conditions have changed since the calculations were made, you should contact the author of the report prior to relying on information in the report. The undersigned actuaries are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. The undersigned actuaries are independent of the plan sponsor. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Plan as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, and with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. Respectfully submitted, fA X, :� Z— /jj ltsw-- Peter N. Strong, ASA, MA A JAR10mrose, MAAA Enrolled Actuary No. 11-069 nrolled Actuary No. 11-06599 Enclosures Gabriel Roeder Smith & Compan} CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICERS' RETIREMENT FUND Impact Statement — October 1, 2013 Description of Amendments The proposed ordinance would amend the Plan as follows: ■ The amount of overtime pay that is included in pensionable salary would be limited to 300 hours per year effective June 18, 2013. ■ The amount of accumulated unused sick and vacation pay included in pensionable salary would be limited to the lesser of the amount as of June 18, 2013 or the amount paid at retirement. Funding Implications of Amendment An actuarial cost estimate is attached. Certification of Administrator I believe the amendment to be in compliance with Part VII, Chapter 112, Florida Statutes and Section 14, Article X of the Constitution of the State of Florida. For the Board of Trustees as Plan Administrator Plan SUPPLEMENTAL ACTUARIAL VALUATION REPORT City of Boynton Beach Municipal Police Officers' Retirement Fund Valuation Date October 1, 2012 Date of Report September 20, 2013 Report Requested by Board of Trustees Prepared by Peter N. Strong Group Valued All active and inactive members of the Plan. Benefit Provisions Being Considered for Change Present Provision Before Change ■ Pensionable salary is equal to total compensation including overtime pay and payments for unused sick and vacation leave. Proposed Change ■ The amount of overtime pay that is included in pensionable salary would be limited to 300 hours per year effective June 18, 2013. ■ The amount of accumulated unused sick and vacation pay included in pensionable salary would be limited to the lesser of the amount as of June 18, 2013 or the amount paid at retirement. Participants Affected Current active members as of the effective date of the ordinance and future members who join the Plan after the effective date of the ordinance. Actuarial Assumptions and Methods Same as October 1, 2012 Actuarial Valuation Report with no exceptions. Some of the key assumptions/methods are: Investment Return 7.75% Salary increase 5.0% to 6.5% per year, depending on age Cost Method Entry Age Normal Cost Amortization Period for Any Change in Actuarial Accrued Liability 30 years Summary of Data Used in Report See attached page Actuarial Impact of Proposal(s) See attached page(s) Special Risks Involved with the Proposal That the Plan Has Not Been Exposed to Previously None Other Cost Considerations As of October 1, 2012 the Market Value of Assets exceeds the Actuarial Value of Assets by $411,668. This difference will be gradually recognized over the next several years. In turn, the computed employer contribution rate will decrease by 0.2% of covered payroll in the absence of offsetting losses. ANNUAL REQUIRED CONTRIBUTION (ARC) A. Valuation Date October 1, 2012 October 1, 2012 Change Increase / Valuation (1) Proposed Ordinance (Decrease) B. ARC to Be Paid During Fiscal Year Ending 9/30/2014 9/30/2014 C. Assumed Dates of Employer Contrib. 10/1/2013 10/1/2013 D. Annual Payment to Amortize Unfunded Actuarial Liability $ 2,451,563 $ 2,428,878 $ (22,685) E. Employer Normal Cost 2,155,264 2,114,509 (40,755) F. ARC as of the Valuation Date: D+E 4,606,827 4,543,387 (63,440) G. ARC Adjusted for Frequency of Payments 4,606,827 4,543,387 (63,440) H. ARC as % of Covered Payroll 39.08 % 38.54 % (0.54) % I. Assumed Rate of Increase in Covered Payroll to Contribution Year N/A N/A N/A J. Covered Payroll for Contribution Year 11,834,246 11,834,246 11,834,246 0 K ARC for Contribution Year: HxJ 4,624,823 4,560,918 (63,905) L. Estimate of State Revenue in Contribution Year 465,087 465,087 - M. Required Employer Contribution (REC) in Contribution Year: K- L 4,159,736 4,095,831 (63,905) N. REC as % of Covered Payroll in Contribution Year: M _ J 35.15 % 34.61 % (0.54) % �Il Reflects two-fifths of the effect of using the new assumptions (new mortality and termination rates were adopted and elected to be phased in beginning with the October 1, 2011 actuarial valuation). (2) Estimate provided by City ACTUARIAL VALUE OF BENEFITS AND ASSETS A. Valuation Date October 1, 2012 October 1, 2012 Change Increase / Valuation (1) Proposed Ordinance (Decrease) B. Actuarial Present Value of All Projected Benefits for 1. Active Members a. Service Retirement Benefits $ 56,812,954 $ 55,962,324 $ (850,630) b. Vesting Benefits 2,850,194 2,850,194 0 c. Disability Benefits 3,886,035 3,886,035 0 d. Preretirement Death Benefits 1,125,559 1,125,559 0 e. Return of Member Contributions 62,996 62,996 0 f. Total 64,737,738 63,887,108 (850,630) 2. Inactive Members a. Service Retirees & Beneficiaries 50,628,067 50,628,067 0 b. Disability Retirees 2,678,085 2,678,085 0 c. Terminated Vested Members 816,351 816,351 0 d. Total 54,122,503 54,122,503 0 3. Total for All Members 118,860,241 118,009,611 (850,630) C. Actuarial Accrued (Past Service) Liability per GASB No. 25 92,351,033 91,924,429 (426,604) D. Plan Assets 1. Market Value 53,006,321 53,006,321 0 2. Actuarial Value 52,594,653 52,594,653 0 E. Unfunded Actuarial Accured Liability 39,756,380 39,329,776 (426,604) F. Actuarial Present Value of Projected Covered Payroll 108,720,594 108,720,594 0 G. Actuarial Present Value of Projected Member Contributions 7,610,441 7,610,441 0 H. Funded Ratio: D2 _ C 57.0 % 57.2 % 0.2 (b Reflects two-fifths of the effect of using the new assumptions (new mortality and termination rates were adopted and elected to be phased in beginning with the October 1, 2011 actuarial valuation). CALCULATION OF EMPLOYER NORMAL COST A. Valuation Date October 1, 2012 October 1, 2012 Change Proposed Increase / Valuation (t) Ordinance (Decrease) B. Normal Cost for 1. Service Retirement Benefits $ 2,227,724 $ 2,186,969 $ (40,755) 2. Vesting Benefits 238,021 238,021 0 3. Disability Benefits 277,132 277,132 0 4. Preretirement Death Benefits 59,169 59,169 0 5. Return of Member Contributions 49,739 49,739 0 6. Total for Future Benefits 2,851,785 2,811,030 (40,755) 7. Assumed Amount for Administrative Expenses 128,726 128,726 0 8. Total Normal Cost 2,980,511 2,939,756 (40,755) 9. Total as a % of Covered Payroll 25.28 % 24.94 % (0.34) % C. Expected Member Contribution 825,247 825,247 0 D. Employer Normal Cost: B&C 2,155,264 2,114,509 (40,755) E. Employer Normal Cost as a % of Covered Payroll 18.28 % 17.94 % (0.34) % Refects two-fifths of the effect of using the new assumptions (new mortality and termination rates were adopted and elected to be phased in beginning with the October 1, 2011 actuarial valuation). PARTICIPANT DATA October 1, 2012 October 1, 2012 Valuation Proposed Ordinance ACTIVE MEMBERS Number 146 146 Covered Annual Payroll $ 11,789,237 $ 11,789,237 Average Annual Payroll $ 80,748 $ 80,748 Average Age 37.4 37.4 Average Past Service 8.8 8.8 Average Age at Hire 28.6 28.6 RETIREES & BENEFICIARIES Number 97 97 Annual Benefits $ 4,476,206 $ 4,476,206 Average Annual Benefit $ 46,146 $ 46,146 Average Age 56.9 56.9 DISABILITY RETIREES Number 15 15 Annual Benefits $ 311,885 $ 311,885 Average Annual Benefit $ 20,792 $ 20,792 Average Age 62.0 62.0 TERMINATED VESTED MEMBERS Number 4 4 Annual Benefits $ 103,095 $ 103,095 Average Annual Benefit $ 25,774 $ 25,774 Average Age 40.3 40.3 ORDINANCE , 2013 AN ORDINANCE OF THE CITY OF BOYNTON BEACH, FLORIDA, AMENDING ARTICLE III, OF CHAPTER 18 OF THE BOYNTON BEACH CODE OF ORDINANCES, ENTITLED 'M,rmiCIPAL POLICE OFFICERS' RETIREMENT TRUST FUND;" AMENDING SECTION 18-172 PROVIDING FOR BUY BACK OF SERVICE; AMENDING SECTION 18- 175 PROVIDING FOR DEFERRED RETIREMENT OPTION PLAN; PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICT; PROVIDING FOR SEVERABILITY; AND, PROVIDING FOR AN EFFECTIVE DATE HEREOF. WHEREAS, the Boynton Beach Police Officers' Pension Fund Plan Document ("Plan) permits members to purchase years of service in the Plan for which the member was previously employed as a police officer with the City of Boynton Beach ("City") and withdrew those contributions by repaying the Fund for the contributions that were withdrawn in a lump sum; WHEREAS, the Board of Trustees of the Boynton Beach Police Officers Pension Fund ("Fund") recommends an amendment to the Plan to allow members to repay the withdrawn contributions over time with interest rather than in a lump sum; and fied pension plans to provide certain benefits; and WHEREAS, the City Commission of the City of Boynton Beach, Florida, desires to revise its Police Officers' Plan in order to provide this administrative change; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA: Section 1. The foregoing "WHEREAS" clauses are hereby certified as being true and correct and are incorporated herein by this reference. Page 1 of 6 Section 2. The definition of "Compensation or Salary' contained in Section 18- 165 of Article III of Chapter 18 of the Boynton Beach Code of Ordinances is hereby amended as follows: Sec. 18-165. Definitions. (a) The following words or phrases, as used in this article, shall have the following meaning: Compensation or salary. The total cash remuneration including lump sum payments for accumulated sick and vacation leave and "overtime" paid by the primary employer to a police officer for services rendered, but not including any payments for extra duty or a special detail work performed on behalf of a second party employer paid directly to the police officer by the second party employer and amounts paid to a police officer after December 31, 2008 as differential wages during any period of active duty military service lasting more than 30 days. This definition also excludes severance pay and other similar payments which are not for services rendered. The member's compensation or salary contributed as employee -elective salary reductions or deferrals to any salary reduction, deferred compensation, or tax-sheltered annuity program authorized under the Internal Revenue Code shall be deemed to be the compensation or salary the member would receive if he or she were not participating in such program and shall be treated as compensation for retirement purposes under this article. Page 2of6 L 1 1 . L l !1 " 1 •..z. ! :_ 1 :_ . . It •: 1 T • MM ll . • 01 l • •: 1/ r •j •: . • 116.1 Po - ]I[ mli- "I "I - "I": 'M L rl'i -0 U77-RE-U-1 •: •1 •- ti• 1= • - •11�.-1=_ ' 1 1• . LL"11'.: 11= include all hours earned as • June 17.2013D-roVOwWrat aTtouTt • 1• I • ! - l"!1 "1 For any person who first becomes a member in any Plan year beginning on or after January 1, 1996, compensation for any Plan year shall not include any amounts in excess of section 401(a)(17) of the Internal Revenue Code limitation (as amended by the Omnibus Budget Reconciliation Act of 1993), which limitation of $150,000 shall be adjusted as required by federal law for qualified government plans and shall be further adjusted for changes in the cost of living in the manner provided by section 401 (a)(1 7)(B) of the Internal Revenue Code. For any person who first became a member prior to the first plan year beginning on or after January 1, 1996, the limitation on compensation shall be not less than the maximum compensation amount that was allowed to be taken into account under the plan as in effect on July 1, 1993, which limitation shall be adjusted for changes in the cost of living since 1989 in the manner provided by section 401(a)(17) of the Internal Revenue Code. F.S. Ch. 185. Page 3 of 6 Section 3. It is the intention of the City Commission of the City of Boynton Beach that the provisions of this Ordinance shall become and be made a part of the Code of Ordinances of the City of Boynton Beach, Florida. The Sections of this ordinance may be renumbered, re -lettered and the word "Ordinance" may be changed to "Section," "Article" or such other word or phrase in order to accomplish such intention. Section 4. All Ordinances or parts of Ordinances, Resolutions or parts of Resolutions in conflict herewith be and the same are hereby repealed to the extent of such conflict. Section 5. If any clause, section, or other part or application of this Ordinance shall be held by any court of competent jurisdiction to be unconstitutional or invalid, such unconstitutional or invalid part or application shall be considered as eliminated and so not effecting the validity of the remaining portions or applications remaining in full force and effect. Section 6. This Ordinance shall become effective when the following have occurred: (a) the City Commission has received and has accepted a report establishing the actuarial soundness of these amendments; (b) a copy of this Ordinance has been sent to the Florida Division of Retirement; and (c) when a collective bargaining agreement ratifying the foregoing changes to pension benefits has been ratified by the City Commission and the General Employees' Pension Board of Trustees, or their successor Page 4 of 6 organization, or a letter from such union stating it accepts the terms of this Ordinance or otherwise does not object to its contents. Upon satisfaction of all of the above requirements, then in that event, the terms and provisions of this Ordinance shall become effective. FIRST READING THIS DAY OF , 2013. SECOND, FINAL READING and PASSAGE THIS DAY OF , 2013. PASSED AND ADOPTED THIS DAY OF , 2013. CITY OF BOYNTON BEACH, FLORIDA Mayor Vice Mayor Commissioner Commissioner Commissioner Page 5 of 6 ATTEST: CITY CLERK HABB Police 0188\Plan DocWmend\2013\Def1nbon of Compensation or salary.wpd Page 6 of 6 THE LAW OFFICES OF PERRY &JENSEN, LLC ANN H. PERRY aperry@perryjensenlaw.com October 29, 2013 Boynton Beach Police Officers' Pension Fund Board of Trustees 100 East Boynton Beach Boulevard Boynton Beach, FL 33435-3838 Dear Trustees: BONNI SPATARA JENSEN bsiensen@perryiensonlaw.com Re: Boynton Beach Police Officers' Pension Fund Fee Increase Our File Number 0188 Over the past several years, our firm has faced increased expenses in significant areas of our operation such as office supplies, office space, utilities, employee benefits, travel expenses, etc. We have avoided passing these increased costs to our clients by economizing in ways not affecting our quality of service or our ability to respond to your needs. At this time, we must make an adjustment to our fees. Beginning December 16, 2013, your new rate will be $225 per hour. Please note that our last fee increase was in June of 2008. Attached is a breakdown of past fees and proposed fees. We greatly appreciate your business and the opportunity to continue serving you. If you have questions regarding this increase, please contact me. Sincerely yours, Bonni S. Jensen BSJ/lg Enclosure E -Copy: Administrator KkAII Miscellaneous\ALL BOARDS120131Atty Fees12013-10-29 Fee Increase Ltr.wpd 400 EXECUTIVE CENTER DRIVE, SUITE 207•:• WEST PALM BEACH, FLORIDA 33401-2922 PH: 561.686.6550 ❖ Fx: 561.686.2802 :ft, 11 The Law Offices of Perry & Hensen, LLC 400 Executive Center Drive, Suite 207 West Palm Beach, Florida 33401 2008 FEE SCHEDULE (Current) COSTS/FEES AMOUNT PER Attorney Fees $ 200 Hour Legal Assistant $ 75 Hour Office Assistant $ 25 Hour Travel Time* $ 100 Hour Photocopies $0.15 Page Faxes $0.50 Page Postage is billed at the current rate as posted by the U.S. Postal Service. Other shipping charges are billed at the current rates set by the service provider. 2013 FEE SCHEDULE (Proposed) COSTS/FEES AMOUNT PER Attorney Fees $ 225 Hour Legal Assistant $ 75 Hour Office Assistant $ 25 Hour Travel Time* $ 110 Hour Photocopies $0.15 Page Faxes $0.50 Page Postage and Shipping charges will continue to be billed at the current rates set by the service providers. *Travel time is billed only when traveling on behalf of the Fund outside of Palm Beach County. HAAll MiscellaneouslALL BOARDS\2013\Atty Fees\FEE Schedule Comparison 2008-2013 wpd