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Agenda 11-14-13 BOYNTON BEACH FIREFIGHTERS’ PENSION FUND QUARTERLY BOARD MEETING Thursday, November 14, 2013 @ 2:00 PM Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 AGENDA I. CALL TO ORDER – Luke Henderson, Chairman II. AGENDA APPROVAL - III. APPROVAL OF MINUTES –Quarterly meeting August 8, 2013 IV. FINANCIAL REPORTS: A). Bogdahn Consulting – Dave West, Consultant 1) InvestmentPerformance Review for Quarter 09-30-2013 & PYE 9-30-2013 B) Gabriel, Roeder, Smith & Co – Pete Strong, Consultant & Actuary 1) Response of 9-23-2013 to letter of 9-13-2013 from Keith Brinkman, Chief, Florida Division of Retirement, on items of interest. 2) GASB No. 67 Implementation Package C) Attorney Report – Adam Levinson 1) Four Year Terms for Trustees - Status 2) Dell case with Boynton co-lead plaintiff – Update 3) Pending Plan change on Vac/Sic accruals as of 9-27-13 & limit on overtime. V. CORRESPONDENCE – 1) – Salem Trust transition to new trust system Letter of Oct 23,2013 has given discount on quarterly fees 2) Schroder Investment Mgt – August 2013 update on STW 3) Schroder Biographies- from Erin Chrislock, General Counsel of STW. VI. OLD BUSINESS – N/A . VII. NEW BUSINESS : A.Invoices for review and approval: 1. STW Fixed Income Mgt – Qtry fee 12-31-13 - $7,627.54 2. DSM Capital Partners LLC – Qtry fee 12-31-2013 - $18,059.76 1 3. Bogdahn Group – Qtry fee 9-30-13-2013 - $8,375 5. Tegrit Administration – Qtry fee 9-30-2013 - $500 6. Klausner, Kaufman, Jensen & Levinson – Service Aug/Sept 2013 - $3,510 7. Anchor Capital Advisors – Quarterly fee – 2013 - $ 8. GRS Service September 2013- $2,524 9. Ellen Schaffer – Vac/Sic Accruals programming - $460 10. Exact/Macola – Annual Renewal - $437.50 11. Micro Focus Support Line Renewal - $144.32 10.Intercontinental- Management Quarterly fee 6-30-2013 - $8,098.55 withheld from dividend reinvestment plan. B. Verification of Retirement Benefits: 1) Dean Kinser – DROP Retirement 2) Robert Kruse – DROP Retirement 3) Robert Rehr – DROP Retirement VIII. PENSION ADMINISTRATOR’S REPORT: 1.Benefits as of PYE 9-30-2013 2. Schedule of 2014 Quarterly Meetings for review 3. 2014 IRS Contribution Limits – Information only from Tegrit Group IX. COMMENTS X. ADJOURNMENT Next Meeting Date – Thursday, February 13, 2014 @ 2:00PM – Renaissance Commons Executive Suites If you cannot attend, please call Barbara @ 561/739-7972. NOTICE F’PB IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE IREFIGHTERS ENSION OARD WITH RESPECT TO ANY MATTER ,/,,/ CONSIDERED AT THIS MEETING HESHE WILL NEED A RECORD OF THE PROCEEDINGS AND FOR SUCH PURPOSE HESHE MAY NEED TO , ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON .(..286.0105) WHICH THE APPEAL IS TO BE BASED FS THE CITY SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A ,, DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE PROGRAM OR ACTIVITY CONDUCTED .CC’(561)742-6060- BY THE CITY PLEASE CONTACT ITY LERKS OFFICE AT LEAST TWENTYFOUR HOURS PRIOR TO THE PROGRAM OR . ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST TB(C).I HE OARD OMMITTEE MAY ONLY CONDUCT PUBLIC BUSINESS AFTER A QUORUM HAS BEEN ESTABLISHED F NO QUORUM IS CC ESTABLISHED WITHIN TWENTY MINUTES OF THE NOTICED START TIME OF THE MEETING THE ITY LERK OR DESIGNEE WILL SO NOTE .B THE FAILURE TO ESTABLISH A QUORUM AND THE MEETING SHALL BE CONCLUDED OARD MEMBERS MAY NOT PARTICIPATE FURTHER . EVEN WHEN PURPORTEDLY ACTING IN AN INFORMAL CAPACITY S:\CC\WP\JANET\FIREFIGHTERS' PENSION FUND.doc 2 /at— //-q-/3 MINUTES OF THE BOYNTON BEACH FIREFIGHTERS' PENSION FUND QUARTERLY BOARD MEETING HELD ON THURSDAY, AUGUST 8, 2013, AT 2:00 P.M. AT RENAISSANCE COMMONS EXECUTIVE SUITES, CONFERENCE ROOM 1, 1500 GATEWAY BLVD., SUITE 220, BOYNTON BEACH, FLORIDA PRESENT: Luke Henderson, Chair Barbara LaDue, Pension Administrator Helen (Ginger) Bush Adam Levinson, Board Attorney Matthew Petty Jonathan Raybuck ABSENT: Robert Taylor, Jr. I. CALL TO ORDER — Luke Henderson, Chairman Chair Henderson called the meeting to order at approximately 2:23 p.m. II. AGENDA APPROVAL The following items were added to the agenda: • Item VII, A — Invoices to be paid, Klausner invoice for July for $870 ➢ Item VII, C — DROP Administration Tegrit Alerus > Item VIII, 3 — Health, Dental and Vision new rates • Item IV, B2 for FYI 2013 -154 Florida Statutes, Amended Compliant regarding Dell Motion Mr. Petty moved to approve the agenda as amended. Ms. Bush seconded the motion that unanimously passed. III. APPROVAL OF MINUTES — Quarterly Meeting of May 2, 2013 Motion Mr. Petty moved to approve the minutes. Mr. Raybuck seconded the motion that unanimously passed. IV. FINANCIAL REPORTS: A). Bogdahn Consulting — Dave West, Consultant Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida August 8, 2013 1. Investment Performance Review for Quarter 06 -30 -2013 Dave West, CFA, advised they did what they were supposed to do. There was a net transfer made between asset managers. They terminated Dalton and moved the allocation to the Vanguard S &P 400 Index and a smooth transition was effected. They reduced the allocation to the S &P 500 to rebalance the portfolio. There was a change in Domestic Fixed Income. They reduced the allocation to the core product with the bulk coming from TIPs, $500,000 from Diversified PIMCO and $500,000 from Templeton. He commented Salem Trust upgraded their computer system so it was important to review statements carefully. The current asset printout was different. The pricing was daily and now it is less frequent. The fund started with $66,720,159. Contributions were $337,433; distributions were $1,155,669; and Investment Management Fees paid by the custodian were $50,824. Other line item and management expenses for the administration of the plan were $84,763. The return on investment, aggregating the income with depreciation was $139,369, leaving a balance of $65,905,704. Fiscal year -to -date, the return was $5,561,616. It was a challenging quarter with the transition and it made money, but on a more subdued pace than was seen before. As of August 8, assets were $67,906,529. The big news was the Federal Reserve announced they were tapering their buybacks of U.S. securities. He noted the equity market corrected 6 %, and the 10 -year treasuries sold off. The rate rise was usually high -yield securities, but it gave protection. U.S. treasuries outperformed. Borrowing costs will go up, the U.S. economy was leading, and the dollar was strong. The bond index declined 2.3 %. TIPS were down 7% and the Barclay Corporate IG Index was down 3.3 %; however, they structured the portfolio in anticipation of this occurring. The total fund, net of investment management fees was .13 %. Fiscal year —to -date, they were at 7.8 %. The three -year rate of return was annualizing at 10.57 %, 1.965% under the benchmark, and five years annualized at slightly under 5 %, 1% under the benchmark. They took measures to address the performance gaps due to the lack of active management on the part of some of the equity managers which were terminated. On a peer -group basis, the fund, for the quarter, finished in the 38 percentile. The median for the public plan universe was flat and down .01%. Fiscal year -to -date, the fund annualized at gross, was at 8.1 % in the top 26 percentile. For the three -year period, it averaged 11.07% in the 58 percentile, and for the five -year period was at 5.38% in the 56 percentile. Anchor Capital underperformed for the quarter and was down, fiscal year -to -date, 1.58% and came in at 16.11 %. Anchor continues to maintain a very conservative portfolio and investment approach. Their three -year figures were 18.59% and in the 42 percentile. Since inception, they were at 16.4% and in the 39 percentile. There were no issues with Anchor, but their approach was the reason for the slight underperformance. 2 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida August 8, 2013 The Vanguard S &P 500 was up 2.9% for the quarter and fiscal year -to -date was at 13.38% achieving a high peer -group ranking. Because the fees for that fund were so low, it was one of the highest- ranked performing index fund in the peer group, and the Vanguard Midcap Index fund was just funded with $9 million so they had no news to report. DSM did well last quarter. With the reversal in June, they were at .2% versus 2.06 %. Fiscal year -to -date, they dropped to 9.55% versus 10.3% and were in the 66 percentile. The three -year numbers were annualized at 20% ahead of the benchmark in the 13 percentile. Manning and Napier struggled in the past. They did fairly well in a tough intemational environment and only declined .9% versus the benchmark of 1.37 %. Fiscal year -to- date, they are ahead at 10.35% versus 9.5 %, ranking in the 48 percentile in their peer group. For the three -year period, they annualized at 8.86 %, slightly below their peers in the 63 percentile. Since inception, they were still marginally ahead in the 41 percentile. STW was down 1.9 %. Fiscal year -to -date, the investment - grade, fixed- income portfolio, did not help and detracted 1% from the total return. The three -year numbers reflected they were ahead at 3.53% and the five -year number was ahead at 5.19% ahead of their peer group rankings. TIPS got crushed during the quarter and had a slight rebound resulting in the funds bring down 6 %. He commented they had a reduced weighting because they took $1 million from the TIPS portfolio to fund global bonds. The timing, in addition to global bonds and bonds to bonds, was okay. The PIMCO Diversified Income fund declined 4.2 %, but despite a tough quarter, fiscal year -to -date, they were ahead and only down 1% versus their benchmark which was down 5 %. Since inception, the funds were at 5.8% versus 1.9 %. The Templeton Global Bond fund fared better, getting more of the retum from the currency, but they declined 2.73 %. Fiscal year -to -date, they were at 7.95% and in the top third percentile of global bond managers. Real estate investments are steady. Intercontinental reported a higher than normal quarter due to higher property valuation write -ups. Each property is reviewed and valued and they are highly leveraged. When interest rates go up, the value of their being in debt improves because most of their debt is secured at a low -fixed rate. They received positive appreciation from it. One reason to use this fund was to offset appreciation from the bond portfolio because interest rates increased. Fiscal year -to- date, Intercontinental yielded just under 14% and for the three -year period, they were at 13.48 %. ASB yielded 2.38% and fiscal year- to -date ASB yielded just under 8 %. 3 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida August 8, 2013 Attorney Levinson commented in regard to the Intercontinental return of 13.49 %, if it were not with Intercontinental, it would have been in fixed income and fixed income was at 3.5 %. This asset allocation had the most significant impact on the portfolio. The strategy has greatly helped the stable side of the asset allocation. The Princeton Futures Fund was down 4.17 %, and fiscal year -to -date, they were down 6.25 %. Each time the fund is ahead 4% to 5 %, they trend follow and the trends reverse. Mr. West explained they have significantly reduced the TIPS portfolio, which provided double -digit returns, when all else was declining. Looking forward, they have to determine which asset was likely to give the lowest return, and they used funds from TIPS for the Global Bond Strategy. They have the managed futures also to protect on the downside. They are reducing the safety value with the TIPS and want to maintain the managed futures. He commented they should stay the course with the Princeton Managed Futures. Mr. West explained they use two managers for the managed futures. The issue was the Barclay top 50 commodity firms and managed futures have several funds with a specific focus. A manager of manager's approach would be mediocre because there would always be individual managers that perform and managers that do not. The idea of using a manager of managers is to smooth, and the return would be mediocre compared to the universe, but one would obtain the benefit of participating in that area. The decisions and allocations made by the Board will be beneficial moving forward as they have significant representation in indexing. They lowered investment manager costs and using the past as a precedent, have increased allocations to the mid -cap area through an index fund that has been a benefit. The fund had about 60% equities where others have 65 %. Compared to the peer group, the fund was on the conservative end of the equity allocation. They will look to other areas to provide opportunities and they can revisit the approach if needed and reallocate. 1) Investment Policy modification along with asset allocation & target allocation Mr. West will provide revised guidelines and they changed the target allocation. He will provide those revisions for signature. B) Attorney Report — Adam Levinson 1) Four -Year Terms for Trustees — Status Attorney Levinson explained the Ordinance was revised. He contacted Attorney Bonni Jensen who referred him to Attorney Klar. Since Police and General Employees have similar Ordinance revisions, the goal was to have all three Ordinances approved by the City Commission together. He will follow up with the City Attomey's office and continue to inquire about the matter. 4 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida August 8, 2013 2) Dell case with Boynton co -lead plaintiff — Update Attorney Levinson reviewed Dell stock has not done well. Mr. Dell proposed to buy back the company and take it private. When a CEO or President wants to buy back their company, the issue of how do you price the stocks arises. Mr. Dell proposed $13.65 a share. A special shareholder meeting was scheduled for July 18 but the Board of Director's pulled the plug, realizing they would not get enough votes for the offer of $13.65 and adjoumed the meeting without a vote being taken. The Firefighters' Pension Board wanted the process to be fair. The last page of the case listed the other plaintiffs involved in the suit. This is a corporate governance case and they can follow more precisely and fairly, a procedure for coming up with a fair price. • On July 24 a second shareholder meeting was held. Prior to the meeting, Mr. Dell came to the Board with an offer of $13.75, but as a condition, he wanted all no vote shares to be counted as favorable votes, but no vote was held at the meeting. The meeting was rescheduled for August 2nd and it was announced they were increasing the price of the offer to $13.75 plus a special dividend of 13 cents and no vote was taken. There is a special meeting scheduled for October 17th. Carl Icahn, a major shareholder in Dell, agreed the offer should be closer to $14 a share. Attorney Levinson explained the Firefighters Pension Board filed their suit before Mr. Icahn did. He agreed corporations are supposed to have an annual meeting, but they were delaying the annual meeting of the Board of Directors. They set the meeting for October 17 but the complaint asserts this is problematic because normally they meet in July and meeting on October 17th would be more than 13 months from when the Board meeting would have been. The Board's position is the shareholders should be able to have a meaningful vote about going private rather than rubber stamping what Mr. Dell wants to do. There is a hearing on Monday and documents need to be filed prior to the emergency hearing. The Chair signed off on the verified complaint. Attorney Levinson explained a verified complaint is that the information is accurate based on the SEC disclosures and the corporate documents. The Board is teaming up with Mr. Icahn to have the court expedite the matter to force a shareholder meeting on September 12 as opposed to October 17 The good news is the share price keeps going up because of pressure on Dell. At the next meeting, if the case is not resolved, Attorney Levinson would check with the Chair and have one of the attorneys actively litigating the case discuss the hearing that will have taken place. Attorney Levinson explained the Chair already signed the documents and the Board already delegated to his firm the ability to move forward with the case, but it was appropriate for the Board to ratify the Board is comfortable with the filing of the verified amended complaint. 5 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida August 8, 2013 Motion Mr. Raybuck moved to ratify the filing of the amended complaint as stated by Attorney Levinson. Mr. Petty seconded the motion that unanimously passed. 3) Memo 6 -19 -2013 — Pension Disclosure Amendments to Chapter 112 (SB 534) Attorney Levinson explained a bill adopted in the Florida Legislature pertained to changes to Chapter 112 which has general provisions regarding pensions. The changes will take effect this year and it requires, for reporting purposes, plans to show whatever the plan's rate is and to show 7.8% minus 200 basis points, which is 5.8 %. The actuary will have to show the funded ratio at 5.8% and the City contribution of 5.8% using the lower number. They can also have Steve Palmquist, the plan's actuary show not just 200 basis points lower, but also 200 basis points higher. Another reason to do this is to show both sides. It will give a more accurate representation. Another issue with the legislation is the run -out date. Plans will have to show when the plan runs out of money, but assumes there will be no employee or City contributions, state money or investment earnings. Actuaries think it is not a meaningful exercise or a meaningful number. The League of Cities and unions disagree with it, but the requirement was passed into law. If cities do not comply, the State will discontinue the pension money and the City would not be able to receive any revenue sharing funds. There are different theories how the law was enacted. One was because the Legislature could not institute 175 and 185 reform or FRS reform, but they had to do something. There is much hostility in public employee pensions over the concept of defined benefit plans. The legislation is couched in transparency. Transparency should be based on accurate and meaningful disclosure, as opposed to controversial disclosure or transparency. Attorney Levinson distributed information on Chapter 2013 -154, House Bill 1309, which had new provisions dealing with public records in Section 119.07.01. This pertained to all records being public, with some exceptions, and service providers. Many attorneys have questions with the provision. All contracts entered into have to contain certain language requiring the contractor to comply with public records law. The contractor has to keep and maintain public records that would ordinarily be required. In theory, instead of having to go to Ms. LaDue to view records, they could go to a manager instead. It raises questions if the vendor could charge more for the records and he anticipated in the coming months, there would be a memorandum or addendum that contractors or vendors would be asked to sign that would add this language into the contract. When a 6 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida August 8, 2013 vendor or contractor is terminated there are procedures how their records have to be transferred to a public agency. Attorney Levinson explained at this time of year, they usually find out how much Chapter 175 funds would be received. The amount would be updated on the website on Monday. Statewide, the funds are up about 5% for police and for fire, the funds are up about .5 %. There had been questions in the past about unspent 175 funds which were to be used for the variable ad hoc benefit and the Naples letter. Attorney Levinson advised the prior monies from the 175 funds are committed for that program. No one could raid the program's accumulated reserves which were about $2.5 million to be paid for extra benefits. Discussion followed the program was calculated based on the fact funds would continue to go to the program and a question was posed if they had to recalculate the payout. Attorney Levinson explained that has not happened yet. Tallahassee clarified the funds in reserve cannot be used for other purposes. IV. CORRESPONDENCE — 1) Salem Trust transition to new trust system — Various updates June 14 thru July 31, 2013. Mr. West cautioned they have to reconstruct all reports to ensure the statements go through the normal process. The custodial statement is the record and when the statements are available they will review them to ensure the information is still the same. VI. OLD BUSINESS — N/A VII. NEW BUSINESS: Ms. LaDue advised the bills are in order, but she does not have the June statements for some, and she had to verify the assets under management, before they would be paid. She noted Anchor submitted an invoice after the Board's last meeting. A. Invoices for review and approval: 1. STW Fixed Income Mgt — Qtry fee 9 -30 -13 - $7,962.81 2. DSM Capital Partners LLC — Qtry fee 9 -30 -2013 - $16,788.22 3. Bogdahn Group — Qtry fee 6 -30 -13 -2013 - $8,375 5. Tegrit Administration — Qtry fee 6 -30 -2013 - $500 6. DGHM — Management final fee 5-31 -2013 - $11,339.81 7. Klausner, Kaufman, Jensen & Levinson — Service April, May, June 2013 - $4,710 7 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida August 8, 2013 8. Anchor Capital Advisors — Quarterly fee — Mar 2013 - $12,234.49 & June 2013 $12,405.63 9. GRS Service June 2013 $675.00 10. Intercontinental - Management Quarterly fee 3 -31 -2013 - $7,924.30 withheld from dividend reinvestment plan. Motion Mr. Raybuck moved to pay the bills. Ms. Bush seconded the motion that unanimously passed. B. State Report for 2012 has been approved — Phone call August 1, 2013 Jeanine Bittinger, Plan auditor, Davidson, Jamieson & Cristini, PL Ms. LaDue explained Jeanine Bittinger, the plan auditor, advised the State approved the Firefighters' State Report. Chair Henderson commented usually they receive a letter with questions and they pick up different items each year. It has never passed without questions. This was the first year it did so. VIII. PENSION ADMINISTRATOR'S REPORT: 1. Benefits as of August 1, 2013 This was for information only. 2. Alive & Well Statements — Nine outstanding — Follow up sent August. 2013. Ms. LaDue explained she received two and they were waiting on seven more. Ms. LaDue sends a letter advising if the statements are not received by September 10 they will not receive their October check. 3. Health, Dental and Vision new rates. Ms. LaDue advised the rates were going through the roof. The cost for family health insurance coverage was over $19K a year. This would be significantly high for some retirees. Chair Henderson explained Tegrit monitors the DROP accounts, and they advised Ms. LaDue the fee would continue as it was. The quarterly fee was $500 and it has been that way since 2000. Now, Alerus Financial will monitor. IX. COMMENTS Mr. West inquired about the allocation of State monies. He suggested, given the fund's Tight equity allocation to the target, they allocate the funds to the domestic equity Vanguard Midcap Index. Chair Henderson anticipated the allocation would be about 8 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida August 8, 2013 $900K. Ms. LaDue agreed to contact Mr. West when the allocation was received and he would authorize the investment. Chair Henderson requested a motion to invest the Chapter 175 funds. Motion Mr. Raybuck so moved. Mr. Petty seconded the motion that unanimously passed. Chair Henderson commented they should expect the Policy statement within the next few weeks and if Attorney Levinson has not heard from the City regarding the four -year terms for trustees, he would contact the City Manager. Ms. LaDue requested clarification the Board had no objections to transferring the funds to Alerus Retirement Solutions. She explained Tegrit is a big operation and they were moving toward the actuarial business as opposed to the record keeping. Alerus has the latest software to handle this. Ms. LaDue would scan the information and email it to the DROP members and retirees so they would be aware of the change. Mr. West inquired if they were complying with the required disclosures regarding the participant statements on the fees. Last year, the Department of Labor required, due to ERISSA, the record keepers to disclose the various levels of fees they earn. They wanted extensive disclosure. Ms. LaDue explained the DROP accounts are mainly invested in the 7% fixed pool and there are no additional fees except what they pay for the DROP administration and the pension fund pays that fee. Ms. Bush inquired about a letter in response to an article about firefighter retirement benefits. A request was also made to change the next meeting date; however, after brief discussion, no change was made. X. ADJOURNMENT Motion There being no further business to discuss, Mr. Raybuck moved to adjoum. The motion was duly seconded and unanimously passed. The meeting was adjourned at 3:44 p.m. r Catherine Cherry Minutes Specialist 091013 9 20141R5 GROUP E RIT T G CO Actuarial Consulting I Retirement Plan Services I Technologies LIMITS \\\\\\\\\\\\\\\,\\\t\\\\\\\\\\\\\\ \\\\\\\\\\\\\\\\\\\\\\\\\\\,\\\ 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 i , ivT �' 4€ f,i/S,6f1' vwuw Klausner, Kaufman, Jensen & Levinson • A Partnership of Professional Associations Attorneys At Law /OW -seed 10059 Northwest 1st Court / Plantation, Florida 33324 / ■ Tel. (954) 916 -1202 www.r•'•ertdklausner.com Fax (954) 916 -1232 Tax I.D.: 45- 4083636 BOYNTON BEACH FIREFIGHTERS October 31, 2013 Attn: MRS. BARBARA LA DUE, ADMIN Bill # 15138 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 10/31/13 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND : BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE : 900334 Professional Fees Date Description Hours Amount 10/01/13 REVIEW EMAILS AND FORM; REVIEW FILE 0.30 90.00 10/09/13 REVIEW SB 246 0.50 150.00 10/16/13 RECEIPT AND REVIEW EMAILS FROM LADUEAND 0.70 210.00 HENDERSON; DRAFTED EMAIL RE SICK LEAVE ACCRUALS; REVIEW FILE 10/28/13 CALL FROM LUKE; REVIEW EMAIL 0.20 60.00 10/29/13 REVIEW FILE RE HIGH WATERMARK ISSUE; 0.50 150.00 CONFERRED WITH RDK Total for Services 2.20 $660.00 CURRENT BILL TOTAL AMOUNT DUE $ 660.00 Past Due Balance 3,510.00 AMOUNT DUE $4,170.00 Anchor Capital Advisors LLC One Post Office Square Boston, MA 02109 -2103 617-338-3800 FAX 617-426-6871 --2 www anchorcapital. com . A 7- aeolit 19 ... maim 0 October 01, 2013 Barbara LaDue 3025 City of Boynton Beach Municipal Firefighters Pension Trust 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Regarding Account: 3040062794 Anchor Capital Advisors LLC STATEMENT OF MANAGEMENT FEES For The Period 06 -30-13 To 09 -30-13 Portfolio Valuation as of 09 -30 -13 $ 8,921,593.03 3,000,000 @ 0.750% per annum 5,625.00 5,921,593 @ 0.500% per annum 7,401.99 Management Fee $ 13,026.99 TOTAL DUE AND PAYABLE $ 13,026.99 Member of Boston Private Wealth Management Group GRS Gabriel Roeder Smith Sc Company One East Broward Blvd. 954 527 1616 phone Consultants & Actuaries Suite 505 954 525.0083 fax Ft. Lauderdale, FL 33301-1804 www.gabrielroeder.com October 25, 2013 CONFIDENTIAL Ms. Barbara La Due Pension Administrator Renaissance Executive Suites 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Dear Barbara: You have asked us to verify the retirement benefits for the following employee: REHR, Robert (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. We welcome your questions and comments. Sincerely yours, 4i. Peter N. Strong, ASA Consultant and Actuary PS /tnr Enclosures 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 or legal advice unless it contains one of the following phrases, or substantially equivalent language: "This communication is intended to provide tax advice." Or "This communication is intended to provide legal advice." Barbara Ladue From: Barbara Ladue [Iadueb ©bbpdpension.com] Sent: Thursday, October 24, 2013 9:19 AM To: ' Travis. Robinson©gabrielroeder.com' Cc: 'Pete.Strong©gabrielroeder.com' Subject: Boynton Fire - Robert Rehr Retirement - Verfication of Benefit Attachments: D0C102413. pdf Travis: Please review the attached on Robert Rehr retirement into the DROP for verification to the Fire Pension Board. Robert Rehr retired into the DROP 9 -30 -2013. He selected the Life only annuity option for $7387.18 a month, effective 10 -01 -2013. Thank you. Barb La Due Original Message From: Scanner [mailto:fax @compson.com] Sent: Thursday, October 24, 2013 9:06 AM To: police and fire Subject: Send data from MFP07580425 10/24/2013 09:05 Scanned from MFP07580425 Date: 10/24/2013 09:05 Pages: 7 Resolution: 200x200 DPI 1 fig. g' CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS =— October 17, 2013 Participant's Name: ROBERT M REHR 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 October 1, 2013 . The amount of your monthly benefit depends on the form of annuity which you choose. Please indicate the one ptional form listed below which you elect to recieve: IcIll 1. MODIFIED CASH REFUND ANNUITY:This option provides monthly pay- ments of $ 7387.18 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 , to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 7301.75 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. 3. 100% SURVIVOR ANNUITY; This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of .00 for as long as he /she lives. 4. 66% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of .00 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of .00 for as long as he /she lives. 6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of Y .00 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of $ .00 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: Pension Hire Date: 01/31/1991 Date of Termination: 09/30/2013 Adjusted Hire Date: 01/31/1991 Avg Final Monthly Comp:$10,737.99 Years of Credited Service: 22 Beneficiary Name: Date of Birth: 00 /00 /0000 TacTO 2 Participant's Name: ROBERT M REHR Social Security #: Accumulated Contributions:$144,381.59 After -Tax Contributions: $4,410.26 Pre -Tax Contributions:$139,971.33 Nontaxable Ption of - Lite Number of Months Nontaxable Annuity Monthly Benefit: $12.25 Portion Continues: 360 Nontaxable Portion of Join 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 sho above to b correct. PARTICIPANT'S SIGNATURE: DATE: 10 [ BENEFICIARY'S SIGNATURE: DATE: Calculation Date: CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 October 17, 2013 NAME REHR, ROBERT M # 1090 SSN -xxxx DEPT 22 ADDRESS CONTR(TAX) 139,71.33 BIRTH CONTR(NTX) 4,410.26 PEN - HIRE - 01/3 - - BALANCE 144,381 ADJ HIRE 01/31/1991 RETIRE 09/30/2013 TYPE N LAST SERV 09/30/2013 * 36 MO EARN 386,567.78 ELIG NORM 01/31/2011 AVG MO ERN 10,737.99 ELIG EARLY 00 /00 /0000 SERV AT TERM 22 7 30 100% VEST 01/31/2001 AGE AT RETIRE 47 5 12 COMMENCE 10/01/2013 COI ANB /DIFF 47 0 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME SERV OVERRIDE BEN BDAY 00 /00 /0000 PAY HIST FLAG IRREGULAR VAC HRS /CD 129.23/N6 HOURLY RATE 38.610 SIC HRS /CD 125.54 F1 VAC SIC PAYOUT .00 ACCRUE PER .00 EARLY OPTION LAST PAY 20130923- 20131006 TERM -DATE 20130930 QDRO BENEFIT 7,301.75 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 7,301.75 LIFE ANNUITY FACTOR: 1.01170 MODIFIED LIFE ANNUITY 7,387.18 100% SURV. FACTOR: - .00000 100% SURV. ANNUITY .00 SURVIVOR BENEFIT .00 66 2/3% SURV. FACTOR: .00000 66 2/3% SURV. ANNUITY .00 SURVIVOR ENEFIT .00 50% SURV. FACTOR: .00000 50% SURV. ANNUITY .00 SURVIVOR BENEFIT .00 75% JOINT LAST FACTOR: .00000 75% J(INT & LAST ANNUITY .00 SURVIVOR BENEFIT .00 50% JOINT LAST FACTOR: .00000 50% JOINT & LAST ANNUITY .00 SURVIVOR BENEFIT .00 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 360 0 TAX -FREE PORTION OF MONTHLY BENEFIT 12.25 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 10/01/2043 00 /00 /000 Prepared by * indicates manual override CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 October 17, 201 ROBERT M REHR H I G H Y E A R ONE ,1 H I G H Y E A R T W O PAY EFF WEEKS -44 "t PAY EFF WEEKS - WAGES 09/23/13 1.2 6 12/19/11 2.0 5,096.E 09/09/13 2.0 4,216.49 12/05/11 2.0 5,096.85 08/26/13 2.0 8,(80.82 11/21/11 2.0 5,128.71 08/12/13 2.0 7,037.13 11/07/11 2.0 3706.80 07/29/13 2.0 5,038.93 10/24/11 2.0 5,009.97 07/15/13 2.0 3,706.80 10/10/11 2.0 5,838.22 07/01/13 2.0 5,067.89 09/26/11 2.0 4,390.25 06/17/13 2.0 3,706.80 09/12/11 2.0 4,416.30 06/03/13 2.0 5,083.33 08/29/11 2.0 4,228.07 05/20/13 2.0 3,753.14 08/15/11 2. 3,706.80 05/06/13 2.0 3,735.76 08/01/11 2.0 9,643.47 04/22/13 2.0 3,706.80 07/18/11 2.0 3,706.80 04/08/13 2.0 3,706.80 07/04/11 2.0 3,706.80 03/25/13 2.0 3,706.80 06/20/11 2.0 3,706.80 03/11/13 2.0 5,096.85 06/06/11 2.0 3,706.80 02/25/13 2.0 3,706.80 05/2/11 2.0 3,706.80 02/11/13 2.0 3,706.80 05/09/11 2.0 3,782.10 01/28/13 2.0 3,753.14 04/25/11 2.0 5,111.33 01/14/13 2.0 6,457.94 04/11/11 2.0 3,706.80 12/31/12 2.0 5,044.73 03/28/11 2.0 4,343.91 12/17/12 2.0 5,004.18 03/14/11 2.0 3,706.80 12/03/12 2.0 3,70(.80 02/28/11 2.0 3,793.68 11/19/12 2.0 3,706.80 02/14/11 2.0 3,71.55 11/05/12 2.0 3,706.80 01/31/11 2.0 3,706.80 10/22/12 2.0 3,706.80 01/17/11 2.0 3,706.80 10/08/12 2.0 3,706.80 01/03/11 2.0 3,753.14 09/24/12 .8 1,482.72 00 /00 /00 .0 .00 TOTAL 52.0 1 TOTAL 52.0 114,149.20 /API neg CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 October 17, 2013 ROBERT M REHR H I G H Y E A R T H R E E PAY EFF WEEKS 01/04/10 2.0 3,658.80 12/21/09 2.0 3,658.80 12/07/09 2.0 3,658.M 11/23/09 2.0 3,681.67 11/09/09 2.0 6,448.64 10/26/09 2.0 :,658.80 10/12/09 2.0 3,658.80 09/28/09 2.0 6,402.90 09/14/09 2.0 3,658.80 08/31/09 2.0 5,533.94 08/17/09 2.0 5,088.02 08/03/09 2.0 8,232.30 07/20/09 2.0 3,658.80 07/06/09 2.0 3,658.80 06/22/09 2.0 5,030.85 06/08/09 2.0 5,076.59 05/25/09 2.0 5,030.85 05/11/09 2.0 3,658.80 04/27/09 2.0 5,716.88 04/13/09 2.0 3,658.80 03/30/09 2.0 5,008.06 03/16/09 2.0 3,526.77 03/02/09 2.0 4,811.72 02/16/09 2.0 4,899.20 02/02/09 2.0 3,54.11 01/19/09 2.0 4,798.05 01/05/09 .6 1,062.95 TOTAL 52.6 120,491.50 BOYNTON BEACH FIREFIGHTERS' PENSION FUND DROP ACCOUNT NAME Ro7 ° ) ?- (Print) SS# 024a2 XX)9( Effective with the first benefit payment due, l0 -/-- , I direct the DROP Pension Benefit to be invested in the Boynton Beach Firefighters' Pension Fund, as follows: Investment Earnings of the Plan k( ------. Guaranteed 7% Fixed (t20 % The investment selection may be changed each year effective January lsc X (Signature) Date MI ( [i3 Witness: i/lita/VA., 4 1044-€___, GRS Gabriel Roeder Smith & Company One East Broward Blvd 954.527.1616 phone Consultants & Actuaries Suite 505 954.525 0083 fax Ft Lauderdale, FL 33301-1804 www.gabrielroeder.com November 8, 2013 .. CONFIDENTIAL ; Ms. Barbara La Due Pension Administrator Renaissance Executive Suites 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Dear Barbara: You have asked us to verify the retirement benefits for the following employee: JULIA, Juan Carlos (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. We welcome your questions and comments. Sincerely yours, /1- s 0, ; eter N. Strong, ASA / Consultant and Actuary PS /cw Enclosures 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 or legal advice unless it contains one of the following phrases, or substantially equivalent language: "This communication is intended to provide tax advice." Or "This communication is intended to provide legal advice." Barbara Ladue From: Barbara Ladue [ladueb @bbpdpension.com] Sent: Monday, November 04, 2013 10:18 AM To: ' Travis .Robinson @gabrielroeder.com' Cc: 'Pete.Strong @gabrielroeder.com' Subject: Boynton Fire - JC (Juan Carlos) Julia - Benefit Verification Attachments: DOC110413.pdf Travis: Another Firefighter retirement into the DROP for your review and verification for the Fire Pension Board. JC (Juan Carlos) Julia retired into the DROP 9 -30 -2013. He selected the Life Only amount for $8887.15 a month, effective October 1, 2013. Please note he purchased some service buy -back of 2 yrs 5 months. Thanks. Barb La Due Original Message From: Scanner [mailto:fax(dcompson.com] Sent: Monday, November 04, 2013 11:05 AM To: police and fire Subject: Send data from MFP07580425 11/04/2013 11:04 Scanned from MFP07580425 Date: 11/04/2013 11:04 Pages: 6 Resolution: 200x200 DPI 1 w CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS = October 15, 2013 Participant's Name: JUAN CARLOS JULIA 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 October 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 - men s of $ 8887.15 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 8794.80 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 8794.80 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 of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of .00 for as long as he /she lives. 4. 66% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of .00 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of .00 for as long as he /she lives. 6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of .00 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of ; .00 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of .00 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of .00 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: Pension Hire Date: 10/29/1992 Date of Termination: 09/30/2013 Adjusted Hire Date: 05/29/1990 Avg Final Monthly Comp:$12,562.52 Years of Credited Service: 23 Beneficiary Name: Date of Birth: 00 /00 /0000 page 2 Participant's Name: JUAN CARLOS JULIA Social Security #: Accumulated Contributions:$152,969.22 After -Tax Contributions: $1,100.35 Pre -Tax Contributions:$151,868.87 - Nontaxable- Por-tionof - -Life - - -- - -- - - -- -- Number - of- Months- Nontaxable Annuity Monthly Benefit: $3.06 Portion Continues: 360 Nontaxable Portion of Join 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: Oa DATE: C BENEFICIARY'S SIGNATURE: DATE: Calculation Date: CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 October 15, 2013 NAME JULIA, JUAN CARLOS # 1299 SSN -xxxx DEPT 22 * ADDRESS CONTR(TAX) 151,68.87 BIRTH 04/15/1967 CONTR(NTX) 1,100.35 PEN HIRE _ 10/29_/_1592 BALANCE _ 152, 9.69.22_ ADJ HIRE 05/29/1990 RETIRE 09/30/2013 TYPE N LAST SERV 05/30/2013 * 36 MO EARN 452,250.71 ELIG NORM 05/29/2010 AVG MO ERN 12,562.52 ELIG EARLY 00 /00 /0000 SERV AT TERM 23 4 1 100% VEST 10/29/2002 AGE AT RETIRE 46 5 15 COMMENCE 10/01/2013 CO1 ANB /DIFF 46 0 LAST EARN 00/00/0000 VESTED TDY /RET 100 100 BEN NAME SERV OVERRIDE BEN BDAY 00 /00 /0000 PAY HIST FLAG IRREGULAR VAC HRS /CD 129.23/N6 HOURLY RATE 38.610 SIC HRS /CD 125.54 Fl VAC SIC PAYOUT .00 ACCRUE PER .00 EARLY OPTION LAST PAY 20130923 - 20131006 TERM -DATE 20130930 QDRO BENEFIT 8,794.80 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 8,794.80 LIFE ANNUITY FACZOR: 1.01050 MODIFIED LIFE ANNUITY 8,887.15 V 100% SURV. FACTOR: .00000 100% SURV. ANNUITY .00 SURVIVOR BENEFIT .00 66 2/3% SURV. FACTOR: .00000 66 2/3% SURV. ANNUITY .00 SURVIVOR ENEFIT .00 50% SURV. FACTOR: .00000 50% SURV. ANNUITY .00 SURVIVOR BENEFIT .00 75% JOINT LAST FACTOR: .00000 75% JOINT & LAST ANNUITY .00 SURVIVOR BENEFIT .00 50% JOINT LAST FACTOR: .00000 50% JOINT & LAST ANNUITY .00 SURVIVOR BENEFIT .00 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 360 0 TAX -FREE PORTION OF MON HLY BENEFIT 3.06 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 10/01/2043 00 /00 /000 Prepared by * indicates manual override CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 October 15, 201 JUAN CARLOS JULIA HIGH YEAR O Q if HIGH YEAR TWO PAY EFF WEEKS -- _ f6' ) AGES _ ___ PAY EFF _ _ WEEKS WAGES 09/23/13 1.2 -9..7,-1.7.20,4* 06/20/11 2.0 3,753.1 09/09/13 2.0 4,284.63 06/06/11 2.0 5,196.85 08/26/13 2.0 8,(57.65 05/23/11 2.0 3,753.14 08/12/13 2.0 8,486.64 05/09/11 2.0 5196.85 07/29/13 2.0 3,706.80 04/25/11 2.0 5,172.15 07/15/13 2.0 3,706.80 04/11/11 2.0 3,806.80 07/01/13 2.0 3,853.14 03/28/11 2.0 4,448.17 06/17/13 2.0 3,753.14 03/14/11 2.0 4,086.17 06/03/13 2.0 5,909.26 02/28/11 2.0 3,974.78 05/20/13 2.0 3,706.80 02/14/11 2. 3,813.96 05/06/13 2.0 3,899.48 01/31/11 2.0 3,838.66 04/22/13 2.0 3,721.28 01/17/11 2.0 4,810.16 04/08/13 2.0 3,806.80 01/03/11 2.0 3,853.14 03/25/13 2.0 3,753.14 12/20/10 2.0 3,753.14 03/11/13 2.0 5,069.44 12/06/10 2.0 3,925.54 02/25/13 2.0 3,706.80 11/2:/10 2.0 4,204.91 02/11/13 2.0 3,782.10 11/08/10 2.0 5,301.11 01/28/13 2.0 3,806.80 10/25/10 2.0 3,799.48 01/14/13 2.0 3,811.06 10 /11 /10 2.0 5,866.78 12/31/12 2.0 5,196.85 09/27/10 2.0 4,358.39 12/17/12 2.0 5,143.19 09/13/10 2.0 4,242.55 12/03/12 2.0 3,84`.41 08/30/10 2.0 6,821.48 11/19/12 2.0 6,562.20 08/16/10 2.0 3,76.80 11/05/12 2.0 3,806.80 08/02/10 2.0 8,486.64 10/22/12 2.0 3,753.14 07/19/10 2.0 5,096.85 10/08/12 2.0 5,793.42 07/05/10 2.0 3,899.48 09/24/12 .8 1,482.72 00 /00 /00 .0 .00 TOTAL 52.0 24-31-8q4831 TOTAL 52.0 119, 167.12 07/2,0 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 October 15, 2013 JUAN CARLOS JULIA H I G H YEAR T H R E E PAY EFF- WEEKS - -- __WAGES- - - -_ - 10/12/09 2.0 5,130.85 09/28/09 2.0 3,658.80 09/14/09 2.0 3,681.E7 08/31/09 2.0 4,216.15 08/17/09 2.0 4,249.55 08/03/09 2.0 E,423.78 07/20/09 2.0 4,364.84 07/06/09 2.0 6,548.64 06/22/09 2.0 4,276.23 06/08/09 2.0 5,851.19 05/25/09 2.0 5,076.59 05/11/09 2.0 3,758.80 04/27/09 2.0 4,805.04 04/13/09 2.0 5,762.62 03/30/09 2.0 3,796.04 03/16/09 2.0 4,118.66 03/02/09 2.0 3,599.43 02/16/09 2.0 4,896.47 02/02/09 2.0 4,177.21 01/19/09 2.0 4,917.43 01/05/09 2.0 3,656.84 12/22/08 2.0 3,630.65 12/08/08 2.0 4,091.54 11/24/08 2.0 5,312.01 11/10/08 2.0 4,(25.92 10/27/08 2.0 3,953.26 10/13/08 .6 1,092.95 TOTAL 52.6 121,073.16 * * * PENSION STATUS REPORT * * * CITY OF BOYNTON BEACH FIREFIGHTERS PENSION SYSTEM DATE PREPARED: October 15, 2013 FOR: JULIA, JUAN CARLOS SSN: EMP NO: 1299 BIRTH_ DATE: AGE: 4 PLAN: —FP DEPT : - - -- - HIRE DATE: 10/29/1992 PENSION HIRE DATE: 10/294992 VEST DATE: 10/29/2002 ADJUSTED HIRE DATE: 05/29/1990 EARLY RETIRE DATE: 00 /0( /0000 LENGTH OF SERVICE: 23 YR 4 MO NORMAL RETIRE DATE: 05/29/2010 TERMINATION DATE: 0930/2013 BENEFICIARY: BENEFICIARY BIRTH DATE: 00 /00 /0000 * * VACATION /SICK ACCRUALS * * CURRENT: HOULY RATE: 38.61 VAC HOURS: 129.23 SIC HOURS: 125.54 2013 CAP: HOULY RATE: 38.61 VAC HOURS: 1227.96 SIC HORS: 2576.76 * * ACCOUNT BALANCE * * POST -TAX CONTRIBUTIONS: $ 1,100.35 PRE -TAX CONTRIBUTIONS: $ 151,868.87 CONTRIBUTION BALANCE: $ 152,969.22 * * ELECTIVE BENEFITS * * PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME CODE START END YY -MM -DD CONTRIBUTION COTRIBUTION RATE L1 09/08/2003 09/08/2003 0 11 0 .00 16,000.00 L1 07/08/2C08 07/08/2008 1 6 0 .00 54,293.79 F1 - SERVICE BUY BACK PAYROLL DEDUCION F5 - AIRTIME PURCHASE PAYROLL DEDUCTION L1 - SERVICE BUY BACK LUMP SUM - PRE -TAX L2 - SERVICE BUY BACK LUMP SUM - POT -TAX UL - UNPAID LEAVE SERVICE REDUCTION L3 - AIRTIME PURCH. LUMP SUM - PRE -TAX L4 - AIRTIME PURCH. LUMP SUM - POSTTAX GRS Gabriel Roeder Smith & Company One East Broward Blvd 954.527.1616 phone Consultants & Actuaries Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301-1804 www.gabrielroeder com October 25, 2013 CONFIDENTIAL Ms. Barbara La Due Pension Administrator Renaissance Executive Suites 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Dear Barbara: You have asked us to verify the retirement benefits for the following employee: KRUSE, Robert A. (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. We welcome your questions and comments. Sincerely yours, IA, 71 , er N. Strong, ASA / Consultant and Actuary PS /tnr Enclosures 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 or legal advice unless it contains one of the following phrases, or substantially equivalent language: "This communication is intended to provide tax advice." Or "This communication is intended to provide legal advice." Barbara Ladue From: Barbara Ladue [Iadueb ©bbpdpension.com] Sent: Wednesday, October 23, 2013 9:25 AM To: Travis. Robinson ©gabrielroeder.com' Cc: 'Pete.Strong ©gabrielroeder.com' Subject: Boynton Fire - Robert Kruse - Retirement Benefit Viification Attachments: DOC102313.pdf Travis: Please review the attached for verification to the Fire Pension Board: Robert Kruse, retired into the DROP 9 -30 -2013 with the Life Only option for $7535.48 a month effective 10 -01 -2013. Thank you. Barb La Due Original Message From: Scanner [mailto:fax(icompson.com] Sent: Wednesday, October 23, 2013 9:03 AM To: police and fire Subject: Send data from MFP07580425 10/23/2013 09:03 Scanned from MFP07580425 Date: 10/23/2013 09:03 Pages: 6 Resolution: 200x200 DPI 1 * * * PENSION STATUS REPORT * * * CITY OF BOYNTON BEACH FIREFIGHTERS PENSION SYSTEM DATE PREPARED: October 16, 2013 FOR: KRUSE, ROBERT A SSN: EMP NO: 1677 BIRTH - DATE: - - — AGE =: 41 PLAN :_FP_ - _DEPT - : 22 HIRE DATE: 09/14/1995 PENSION HIRE DATE: 09/141'995 VEST DATE: 09/14/2005 ADJUSTED HIRE DATE: 09/14/1993 EARLY RETIRE DATE: 00/0( /0000 LENGTH OF SERVICE: 20 YR�� 0 MO NORMAL RETIRE DATE: 09/14/2013 TERMINATION DATE: 09/�d /2013 BENEFICIARY: BENEFICIARY BIRTH DATE: * * VACATION /SICK ACCRUALS * * CURRENT: HOULY RATE: 41.10 VAC HOURS: 129.23 SIC HOURS: 125.54 2013 CAP: HOULY RATE: 41.10 VAC HOURS: 1243.56 SIC HORS: 2539.71 -1.20 * * ACCOUNT BALANCE * * POST -TAX CONTRIBUTIONS: $ .00 PRE -TAX CONTRIBUTIONS: $ 146,733.41 CONTRIBUTION BALANCE: $ 146,733.41 * * ELECTIVE BENEFITS * * PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME CODE START END YY -MM -DD CONTRIBUTION COTRIBUTION RATE L1 06/01/2006 06/01/2006 1 7 0 .00 37,455.79 L2 06/01/2C06 06/01/2006 0 2 0 .00 2,544.21 L1 11/13/2007 11/13/2007 0 3 0 .00 7,179.00 F1 - SERVICE BUY BACK PAYROLL DEDUCTION F5 - AIRTIME PURCHASE PAYROLL DEDUCTION L1 - SERVICE BUY BACK LUMP SUM - PR -TAX L2 - SERVICE BUY BACK LUMP SUM - POST -TAX UL - UNPAID LEAVE SERVICE REDUCTION L3 - AIRTIME PURCH. LUMP SUM - PRE -AX L4 - AIRTIME PURCH. LUMP SUM - POST -TAX 7 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS October 16, 2013 Participant's Name: ROBERT A KRUSE Social Security #: -xxxx You are eligible for a(n) NORMAL Retirement Benefit from the _ Plan. __Your_benefit_-is__payable at the beginning of each month com- mencing October 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: d liLX 1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay- ments of $ 7535.48 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 7484.58 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 7484.58 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 $ 6950.18 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 6950.18 for as long as he /she lives. 4. 66% SURVIVOR ANNUITY: This option provides monthly payments of $ 7135.05 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 4756.94 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 7231.60 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 3615.80 for as long as he /she lives. 6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of 7166.49 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 5374.87 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of 4 7397.01 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 $ 3698.51 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: Pension Hire Date: 09/14/1995 Date of Termination: 09/30/2013 Adjusted Hire Date: 09/14/1993 Avg Final Monthly Comp:$12,446.72 Years of Credited Service: 20 Beneficiary Name: Date of Birth: ?age z Participant's Name: ROBERT A KRUSE Social Security #: Accumulated Contributions:$146,733.41 After -Tax Contributions: $.00 Pre -Tax Contributions:$146,733.41 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $.00 Portion Continues: 0 Nontaxable Portion of Join 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 "Z- ------- C: 57.'2 4 DATE: O L3 BENEFICIARY'S SIGNATURE: DATE: Calculation Date: r 11_67 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 October 16, 2013 NAME KRUSE, ROBERT A # 1677 SSN DEPT 22 ADDRESS CONTR(TAX) 146733.41 BIRTH CONTR(NTX) .00 PEN HIRE 09/14/1595 BALANCE 146,733.41 ADJ HIRE 09/14/1993 RETIRE 09/30/2013 TYPE N LAST SERV OS/30/2013 * 36 MO EARN 448,082.03 ELIG NORM 09/14/2013 AVG MO ERN 12,446.72 ELIG EARLY 00 /00 /0000 SERV AT TERM 20 0 16 100% VEST 09/14/2005 AGE AT RETIRE 41 8 16 COMMENCE 10/01/2013 CO] ANB /DIFF 42 -5 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME PAY HIST FLAG IRREGULAR VAC HRS /CD 129.23/N6 HOURLY RATE 41.100 SIC HRS /CD 125.54 F1 VAC SIC PAYOUT .00 ACCRUE PER .00 EARLY OPTION LAST PAY 20130923 - 20131006 TERM -DATE 20130930 QDRO BENEFIT 7,484.58 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 7,484.58 rr�� � /4 LIFE ANNUITY FACTOR: 1.00680 MODIFIED LIFE ANNUITY 7 ,535.48 V '' kg -- 100% SURV. FACTOR: .92860 100% SURV. ANNUITY 6,950.18 SURVIVOR BENEFIT 6,950.18 66 2/3% SURV. FACTOR: .95330 66 2/3% SURV. ANNUITY 7,135.05 SURVIVOR ENEFIT 4,756.94 50% SURV. FACTOR: .96620 50% SURV. ANNUITY 7,231.60 SURVIVOR BENEFIT 3,615.80 75% JOINT LAST FACTOR: .95750 75% J(INT & LAST ANNUITY 7,166.49 SURVIVOR BENEFIT 5,374.87 50% JOINT LAST FACTOR: .98830 50% JOINT & LAST ANNUITY 7,397.01 SURVIVOR BENEFIT 3,698.51 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 /000 Prepared by * indicates manual override CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 October 16, 201 ROBERT A KRUSE H I G H Y E A R / a � N H I G H Y E A R T W O PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 09/23/13 1.2 ;"` 5=5-: 6 06/04/12 2.0 3,998.6 09/09/13 2.0 4,215.47 05/21/12 2.0 4,251.15 08/26/13 2.0 4,16.95 05/07/12 2.0 3,998.80 08/12/13 2.0 3,998.80 04/23/12 2.0 4457.80 07/29/13 2.0 4,977.40 04/09/12 2.0 3,998.80 07/15/13 2.0 5,195.85 03/26/12 2.0 3,778.80 07/01/13 2.0 5,911.82 03/12/12 2.0 3,998.80 06/17/13 2.0 3,823.08 02/27/12 2.0 3,778.80 06/03/13 2.0 3,998.80 02/13/12 2.0 4,251.15 05/20/13 2.0 4,251.15 01/30/12 2. 6,508.17 05/06/13 2.0 4,013.56 01/16/12 2.0 4,324.95 04/22/13 2.0 5,151.57 01/02/12 2.0 4,471.15 04/08/13 2.0 3,998.80 12/19/11 2.0 4,723.50 03/25/13 2.0 4,339.72 12/05/11 2.0 3,998.80 03/11/13 2.0 4,589.24 11/21/11 2.0 4,770.74 02/25/13 2.0 3,778.80 11/0/11 2.0 4,471.15 02/11/13 2.0 4,251.15 10/24/11 2.0 3,778.80 01/28/13 2.0 3,998.80 10 /10 /11 2.0 3,998.80 01/14/13 2.0 4,265.91 09/26/11 2.0 3,837.84 12/31/12 2.0 4,471.15 09/12/11 2.0 3,998.80 12/17/12 2.0 6,317.68 08/29/11 2.0 4,251.15 12/03/12 2.0 4,02.42 08/15/11 2.0 3,778.80 11/19/12 2.0 4,817.98 08/01/11 2.0 8,72.30 11/05/12 2.0 4,766.37 07/18/11 2.0 3,826.04 10/22/12 2.0 4,209.82 07/04/11 2.0 3,998.80 10/08/12 2.0 4,131.65 06/20/11 2.0 4,487.33 09/24/12 .8 1,523.33 00 /00 /00 .0 .00 TOTAL 52.0 248-r&9-2.74 TOTAL 52.0 114, 460.02 2 /4 43#2 $ CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 October 16, 2013 ROBERT A KRUSE H I G H Y E A R T H R E E PAY EFF WEEKS WAGES 10/11/10 2.0 3,998.80 09/27/10 2.0 3,778.80 09/13/10 2.0 3,826.(4 08/30/10 2.0 4,471.15 08/16/10 2.0 3,778.80 08/02/10 2.0 E,722.30 07/19/10 2.0 3,778.80 07/05/10 2.0 4,028.32 06/21/10 2.0 3,778.80 06/07/10 2.0 5,415.85 05/24/10 2.0 3,826.04 05/10/10 2.0 5,297.77 04/26/10 2.0 3,778.80 04/12/10 2.0 4,234.98 03/29/10 2.0 3,996.50 03/15/10 2.0 3,936.44 03/01/10 2.0 4,199.86 02/15/10 2.0 4,489.27 02/01/10 2.0 4,388.00 01/18/10 2.0 5,065.27 01/04/10 2.0 3,924.88 12/21/09 2.0 3,751.19 12/07/09 2.0 4,966.88 11/23/09 2.0 5,114.47 11/09/09 2.0 6,(37.83 10/26/09 2.0 4,225.88 10/12/09 .6 1,177.46 TOTAL 52.6 117,989.18 GRS Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone Consultants 8c Actuaries Suite 505 954.525 0083 fax Ft. Lauderdale, FL 33301-1804 www.gabnelroeder.com October 25, 2013 CONFIDENTIAL Ms. Barbara La Due Pension Administrator Renaissance Executive Suites 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Dear Barbara: You have asked us to verify the retirement benefits for the following employee: KINSER, Dean R. (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. We welcome your questions and comments. Sincerely yours, / 1 Peter N. Strong, ASA Consultant and Actuary PS /tnr Enclosures 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 or legal advice unless it contains one of the following phrases, or substantially equivalent language: "This communication is intended to provide tax advice." 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V7 0 00 W OIVOOAAN - 3 0.- 0100100100001 0 A ~00000000 Barbara Ladue From: Barbara Ladue [Iadueb@bbpdpension.com] Sent: Wednesday, October 23, 2013 8:55 AM To: ' Travis .Robinson @gabrielroeder.com' Cc: 'Pete.Strong @gabrielroeder.com' Subject: Boynton Fire - Dean Kinser Retirement Benefit - Verification Attachments: D0C102313.pdf Travis: This is the first of 5 firefighters that retired into the DROP effective 10 -01 -2013. Please review and provide verification to the Fire Pension Board: Dean Kinser, retired 9 -30 -2013 into the DROP, Life Only annuity monthly amount of $8181.12 effective 10 -01 -2013. Thank you. Barb La Due Original Message From: Scanner [mailto:fax(compson.cool] Sent: Wednesday, October 23, 2013 8:28 AM To: police and fire Subject: Send data from MFP07580425 10/23/2013 08:28 Scanned from MFP07580425 Date: 10/23/2013 08:28 Pages: 6 Resolution: 200x200 DPI 1 I L8 * * * PENSION STATUS REPORT * * * CITY OF BOYNTON BEACH FIREFIGHTERS PENSION SYSTEM DATE PREPARED: October 15, 2013 FOR: KINSER, DEAN R SSN: EMP NO: 1467 BIRTH DATE: AGE: 45 PLAN: FP DEPT: 22 HIRE DATE: 12/27/1993 PENSION HIRE DATE: 12/274993 VEST DATE: 12/27/2003 ADJUSTED HIRE DATE: 03/27/1992 EARLY RETIRE DATE: 00 /0( /0000 LENGTH OF SERVICE: 21 YR 6 MO NORMAL RETIRE DATE: 03/27/2012 TERMINATION DATE: 09/0/2013 BENEFICIARY: BENEFICIARY BIRTH DATE: * * VACATION /SICK ACCRUALS * * CURRENT: HOULY RATE: 41.10 VAC HOURS: 139.23 SIC HOURS: 125.54 2013 CAP: HOULY RATE: 41.10 VAC HOURS: 1209.70 SIC HORS: 2295.66 Igo * * ACCOUNT BALANCE * * POST -TAX CONTRIBUTIONS: $ .00 PRE -TAX CONTRIBUTIONS: $ 155,643.89 CONTRIBUTION BALANCE: $ 155,643.89 * * ELECTIVE BENEFITS * * PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME CODE START END YY -MM -DD CONTRIBUTION COTRIBUTION RATE F1 06/20/2011 08/30/2013 0 2 0 .00 5,814.00 Ll 07/15/2C11 07/15/2011 1 4 0 .00 74,000.00 L2 08/30/2013 08/30/2013 0 3 0 6,729.00 „729.00 F1 - SERVICE BUY BACK PAYROLL DEDUCTION F5 - AIRTIME PURCHASE PAYROLL DEDUCTION L1 - SERVICE BUY BACK LUMP SUM - PR -TAX L2 - SERVICE BUY BACK LUMP SUM - POST -TAX UL - UNPAID LEAVE SERVICE REDUCTION L3 - AIRTIME PURCH. LUMP SUM - PRE -AX L4 - AIRTIME PURCH. LUMP SUM - POST -TAX igf CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS October 15, 2013 Participant's Name: DEAN R KINSER Social Security #: -xxxx You are eligible for a(n) NORMAL Retirement Benefit from the_Rlan. Your benefit -is pay_ab- 1 -e at__ the _begi nn ng of _teach_ -month eom- mencing October 1, 2013 . The amount of your monthly benefit depends on optional form of annuity which you choose. Please indicate the o•- •pt.onal form listed below which you elect to recieve: _...r 1. •DIFIED CASH REFUND ANNUITY:This option provides monthly pay - merits •" $ 8181.12 to you as long as you live. If you should die before ave 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 8104.93 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 8104.93 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 $ 7535.15 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 7535.15 for as long as he /she lives. 4. 66% SURVIVOR ANNUITY: This option provides monthly payments of $ 7738.59 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 5159.32 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 7844.76 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 3922.38 for as long as he /she lives. 6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of 7826.93 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 $ 5870.20 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of Y 8142.21 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 4071.11 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 08/20/1968 Pension Hire Date: 12/27/1993 Date of Termination: 09/30/2013 Adjusted Hire Date: 03/27/1992 Avg Final Monthly Comp:$12,560.94 Years of Credited Service: 21 Beneficiary Name: MICHELLE KINSER Date of Birth: 05/01/1969 Pe ^e 2 Participant's Name: DEAN R KINSER Social Security #: Accumulated Contributions:$155,643.89 After -Tax Contributions: $.00 Pre -Tax Contributions:$155,643.89 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $.00 Portion Continues: 0 Nontaxable Portion of Join 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: k DATE: 161 Z1/0 -0 - BENEFICIARY'S SIGNATURE: DATE: Calculation Date: Fey CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 October 15, 2013 NAME KINSER, DEAN R # 1467 SSN DEPT 22 * ADDRESS CONTR(NTX) .00 PEN HIRE 12/27/1593 BALANCE 155,643.89 ADJ HIRE 03/27/1992 RETIRE 09/30/2013 TYPE N LAST SERV 09/30/2013 * 36 MO EARN 452,193.93 ELIG NORM 03/27/2012 AVG MO ERN 12,560.94 ELIG EARLY 00 /00 /0000 SERV AT TERM 21 6 3 100% VEST 12/27/2003 AGE AT RETIRE 45 1 10 COMMENCE 10/01/2013 CO1 ANB /DIFF 45 -1 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME PAY HIST FLAG IRREGULAR VAC HRS /CD 139.23/N6 HOURLY RATE 41.100 SIC HRS /CD 125.54 F1 VAC SIC PAYOUT .00 ACCRUE PER .00 EARLY OPTION LAST PAY 20130923- 20131006 TERM -DATE 20130930 QDRO BENEFIT 8,104.93 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 8,104.93 LIFE ANNUITY FACTOR: 1.00940 MODIFIED LIFE ANNUITY 8,181.12 100% SURV. FACTOR: .92970 100% SURV. ANNUITY 7,535.15 SURVIVOR BENEFIT 7,535.15 66 2/3% SURV. FACTOR: .95480 66 2/3% SURV. ANNUITY 7,738.59 SURVIVOR ENEFIT 5,159.32 50% SURV. FACTOR: .96790 50% SURV. ANNUITY 7,844.76 SURVIVOR BENEFIT 3,922.38 75% JOINT LAST FACTOR: .96570 75% J(INT & LAST ANNUITY 7,826.93 SURVIVOR BENEFIT 5,870.20 50% JOINT LAST FACTOR: 1.00460 50% JOINT & LAST ANNUITY 8,142.21 SURVIVOR BENEFIT 4,071.11 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 /000 Prepared by * indicates manual override CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 October 15, 201 DEAN R KINSER H I G H Y E A R O N E 69 H I G H Y E A R T W O 1 PAY EFF WEEKS 'WAGES PAY EFF WEEKS WAGES 09/23/13 1.2 9 9T`2"? 5 03/12/12 2.0 5,710.6 09/09/13 2.0 4,733.40 02/27/12 2.0 3,946.14 08/26/13 2.0 8,`14.53 02/13/12 2.0 3,995.47 08/12/13 2.0 9,148.15 01/30/12 2.0 4215.47 07/29/13 2.0 4,020.13 01/16/12 2.0 3,995.47 07/15/13 2.0 3,946.14 01/02/12 2.0 4,215.47 07/01/13 2.0 4,314.13 12/19/11 2.0 4,044.80 06/17/13 2.0 4,044.80 12/05/11 2.0 4,166.14 06/03/13 2.0 4,166.14 11/21/11 2.0 3,995.47 05/20/13 2.0 3,995.47 11/07/11 2. 4,215.47 05/06/13 2.0 4,295.63 10/24/11 2.0 5,425.95 04/22/13 2.0 3,946.14 10/10/11 2.0 4,215.47 04/08/13 2.0 4,215.47 09/26/11 2.0 3,995.47 03/25/13 2.0 3,946.14 09/12/11 2.0 4,166.14 03/11/13 2.0 4,166.14 08/29/11 2.0 5,919.22 02/25/13 2.0 3,995.47 08/1/11 2.0 3,995.47 02/11/13 2.0 3,995.47 08/01/11 2.0 9,098.82 01/28/13 2.0 4,690.24 07/18/11 2.0 3,946.14 01/14/13 2.0 4,026.30 07/04/11 2.0 4,166.14 12/31/12 2.0 4,215.47 06/20/11 2.0 4,044.80 12/17/12 2.0 5,425.95 06/06/11 2.0 4,166.14 12/03/12 2.0 5,09`.13 05/23/11 2.0 4,044.80 11/19/12 2.0 4,087.96 05/09/11 2.0 4,16.14 11/05/12 2.0 4,166.14 04/25/11 2.0 3,967.72 10/22/12 2.0 3,946.14 04/11/11 2.0 4,166.14 10/08/12 2.0 4,240.13 03/28/11 2.0 4,686.04 09/24/12 .8 1,578.46 00 /00 /00 .0 .00 TOTAL 52.0 2417876772 TOTAL 52.0 116, 671.19 ite CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 October 15, 2013 DEAN R KINSER H I G H Y E A R T H R E E PAY EFF WEEKS WAGES 04/26/10 2.0 3,946.14 04/12/10 2.0 4,215.47 03/29/10 2 . 0 3,976.9 03/15/10 2.0 3,917.60 03/01/10 2.0 4,120.45 02/15/10 2.0 `.,052.04 02/01/10 2.0 4,092.22 01/18/10 2.0 5,360.60 01/04/10 2.0 4,140.62 12/21/09 2.0 3,872.22 12/07/09 2.0 4,092.22 11/23/09 2.0 3,920.62 11/09/09 2.0 4,092.22 10/26/09 2.0 4,613.39 10/12/09 2.0 4,140.62 09/28/09 2.0 5,324.31 09/14/09 2.0 3,903.48 08/31/09 2.0 4,624.65 08/17/09 2.0 4,613.39 08/03/09 2.0 10,432.99 07/20/09 2.0 3,872.22 07/06/09 2.0 5,574.56 06/22/09 2.0 4,676.91 06/08/09 2.0 4,092.22 05/25/09 2.0 5,78.93 05/11/09 2.0 5,544.31 04/27/09 .6 1,176.19 TOTAL 52.6 122,667.58 GlkS Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone Consultants & Actuaries Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301-1804 www.gabrielroeder.com September 23, 2013 Mr. Keith Brinkman, Chief Bureau of Local Retirement Systems Florida Division of Retirement Local Retirement Section P.O. Box 9000 Tallahassee, FL 32315 -9000 Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Dear Mr. Brinkman: This letter is in response to your letter dated September 13, 2013 addressed to Mr. Tim W. Howard regarding the October 1, 2011 actuarial valuation for the City of Boynton Beach Municipal Firefighters' Pension Trust Fund. A copy of this letter is attached for your reference. Specifically, we would like to provide clarification with regard to items three and four in Attachment A of this letter. Item one is being considered by the Pension Board, and item two will be added to future actuarial valuation reports. Regarding item three, the liability reconciliation shown on page 34 is developed on a net basis (net of DROP accounts), since that is how liabilities and assets are valued and displayed throughout the report. The "Benefits Paid" amount on page 34 includes payments credited to active members' DROP accounts, but does not include distributions from DROP accounts (as DROP account assets are segregated from the net assets available for benefits). On page 30, assets are reconciled on a gross basis, since that is how assets are reported in the Plan's financials, so benefit payments on this page include DROP distributions, but do not reflect benefit payment additions to DROP accounts, since these are like inter -fund transfers). DROP account balances are then netted out from gross assets at the end of the reconciliation. Therefore, the net benefit payments shown on page 34 = $1,215 (refunds) + $3,660,412 (regular monthly benefits) + $1,260,824 (payments credited to active members DROP accounts) _ $4,922,451. And the benefit payments shown on page 30 are on a gross basis (actual payments leaving the pension fund) = $1,215 (refunds) + $3,660,412 (regular monthly benefits) + $624,000 (distributions from the DROP accounts) _ $4,285,627. Regarding item #4, Regular Chapter 175 funds and Supplemental Chapter 175 funds are tracked separately and have their own separate base amounts. The base amount for Regular Chapter 175 funds is $623,344 and the base amount for the Supplemental Chapter 175 funds is $9,771. The total funds received in 2011 were $944,530 in Regular Chapter 175 funds and $0 in Supplemental Chapter 175 funds. Therefore, $944,530 is compared against the $623,344 Regular base amount to determine the excess Regular Chapter 175 funds of $321,186. There were no Supplemental Chapter 175 funds received, so nothing was credited against the $9,771 Supplemental Chapter 175 base amount. Mr. Keith Brinkman September 23, 2013 Page Two We welcome your questions and comments. Sincerely yours, C ' Strong, ASA, El MAAA Consultant & Actuary Enclosures cc: Mr. Tim W. Howard, City of Boynton Beach Finance Director Mr. Luke Henderson, Pension Board Chairman Mr. Adam Levinson, Plan Attorney Ms. Barbara LaDue, Plan Administrator Gabriel Roeder Smith & Company n FLORIDA DEPARTMENT OF MANAGEMENT SERVICES Bureau of Local Retirement Systems retirement Local Retirement Section $, retirement �i �v✓✓ a i P.o. Box 9000 We serve than wfw serve Flor4do Tallahassee, Florida 32$15.9000 TeL 850.488,2874 1 Fax: 850. 921.2161 ( Tell -Free: 877.738,5622 Rick Scott, Governor Craig J. Nichols, Agency Secretary September 13, 2013 Mr. Tim W. Howard City of Boynton Beach Finance Director PO Box 310 Boynton Beach, FL 33425 -0310 RE: City of Boynton Beach Municipal Firefighters' Pension Trust Fund 10/1/2011 Actuarial Valuation Dear Mr. Howard, This is to notify you that the above referenced actuarial report has been reviewed by a contract Enrolled Actuary for compliance with Part VII. of Chapter 112, F.S. and Chapter 60T, F.A.C. Based upon the results of that we have determined the report to be state accepted. By this letter, all prior reports and actuarial impact statements may likewise be considered to be state accepted. Although the report has been approved, there were items of interest noted during the review that should be addressed by your plan actuary for future reports. These items include the additional required information and clarifications listed on the. attached page. Please do not hesitate to contact our office if you have any questions. Sincerely, Keith Brinkman, Chief Bureau of Local Retirement Systems Florida Division of Retirement Cc: Barbara La Due, Plan Administrator J. Stephen Palmquist, Plan Actuary Sarah Carr, Division of Retirement attachment Attachment A City of Boynton Beach Municipal Firefighters' Pension Trust Fund Items to Address in Future Valuation Reports We recommend that the actuary improve future valuation reports as described below so that the reports meet all the requirements of Part VIi, Chapter 112, Florida Statutes and related regulations. 1. The mortality assumption used in the October 1, 2011 valuation was the 1983 Group Annuity Mortality Table (with ages set forward 5 years for disabled lives). As Gabriel Roeder Smith & Company mentions on page 2 of the October 1, 2011 valuation report, in keeping with current Actuarial Standards of Practice, we recommend updating the mortality assumption in future valuations to a more recently published table, such as the RP2000 Combined Healthy mortality table. The mortality assumption should also include a mortality projection to at least the valuation year. 2. Future actuarial valuation reports should include the balance of accumulated employee contributions with interest. {Regulation Section 1.003(4)(k» 3. In the Present Value of Accumulated Plan Benefits reconciliation shown on page 34 of the October 1, 2011 actuarial valuation report, the "Benefits Paid" amount of $4,922,451 is not consistent with the amount shown in the asset reconciliation on page 30 of the same report ($4,285,627). These amounts should be consistent in future actuarial valuation reports. 4. On page 4 of the October 1, 2011 actuarial valuation report, the "Excess Funds for Previous Plan Year" item is shown to be $321,186. However, it appears it should be calculated as $944,530 - $633,115 = $311,415. This calculation should be reviewed and confirmed in future actuarial valuation reports. • This work product was prepared solely for the Florida Department of Management Services for the purposes descn'bed herein and may not be appropriate to use for other purposes. Milkman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Miiliman Klausner Kaufman MEMORANDUM TO: ALL FLORIDA PENSION PLANS FROM: KLAUSNER & KAUFMAN, P.A. RE: UPDATED GUIDANCE REGARDING SB 1128 DATE: JUNE 1, 2011 The purpose of this memo is to provide a continuing update regarding Senate Bill 1128 (hereinafter "SB 1128 ") which is currently awaiting signature by the Governor. Not to be confused with SB 2100 which amends the Florida Retirement System, SB 1128 applies to municipal and local retirement systems. In a memo from our office dated May 18, we summarized the primary provisions of SB 1128. This follow -up memo describes additional guidance about SB 1128 received this week from the Division of Retirement. Attached to this memo is an update from Trish Shoemaker at the Division of Retirement. along with emails between our office and Ms. Shoemaker. In light of the July 1 effective date of SB 1128, our office has been flooded with calls about whether and how clients should interpret the new legislation. In particular, the treatment of accumulated and annual leave has been questioned: As described in our May 18 memo, SB 1128 amends Sections 112.66, 175.032(3) and 185.02(4), Florida Statutes, to restrict the pensionable earnings used to calculate pension benefits. For non - collectively bargained service earned after July 1, 2011 and for service earned under a collectively bargained agreement ("CBA ") entered into after July 1, 2011, only 300 hours of overtime may be treated as pensionable. Similarly, payments for accrued unused sick leave or annual leave earned after the effective may not be treated as pensionable earnings. For collectively bargained plans. these limitations will not apply until the first CBA entered into on or after July 1, 2011. In other words, these restrictions on accumulated leave and overtime do not take effect until the expiration of your current CBA. 10059 NI)Rlt; V.!.ST 1>r ('O1 RI. l'i VA7 \11(1`.. H ORIDV 333'4 P(1))v0 -. (954) 9l()-1202 9 F,Ax. (954) 91h -1232 wvv vv 1obertdlcl.iusner coin Adam Levinson From: Shoemaker, Trish [Trish .Shoemaker @dms.myflorida.com] Sent: Tuesday, May 31, 2011 9:47 AM To: Adam Levinson; abieler©cypen.com; Robert Klausner; Bob Sugarman; Bonni S. Jensen; Ken Harrison; lee©cdpension.com; rcohen @roncohenlaw.com; scott@cdpension.com; Steve Cypen; Stuart Kaufman Cc: Brinkman, Keith; Browning, Julie; Mitchell, Melody Subject: RE: SB 1128 Good morning to all! We concur with your comments in paragraphs 1 & 2, and while we are unable to give retirement advice to employees, SB 1128 does not change anything with regard to the treatment of AL and SL earned prior to the effective date, and plans may continue to treat as pensionable AL & SL earned prior to the effective date even if paid on or after July 1, 2011. I checked this morning and I don't see where SB 1128 has been presented to the Governor yet, but it may be that the website has not been updated. You can check the website at: http: / /www.flgov.com /bill- action /. I will be out of the office the rest of the week and returning on Tuesday, June 6. If you have any questions or need assistance you can contact Melody or Julie in the MPF office. If you have questions about the legislation, you are welcome to contact Keith Brinkman. His toll free phone number is (877) 738 -5622. Thank you for your cooperation and assistance. Trish Patricia F. Shoemaker Benefits Administrator Municipal Police Officers' and Firefighters' Retirement Funds Division of Retirement E -Mail: trish.shoemakeradms.mvflorida.com Website: http: / /www.mvflorida.com /frs /mpf Phone Number: 850- 414 -6320 Fax Number: 850 -921 -2161 Toll Free Number: 877 - 738 -6737 We Serve Those Who Serve Florida DISCLAIMER NOTICE: This email, along with any included attachment(s), is intended for use only by the person(s) or entity to which it is addressed. This message may contain confidential, proprietary, and/or legally privileged information. If you are not the intended recipient of this message, we apologize for any inconvenience this may have caused. You are hereby notified that you are prohibited from printing, copying, storing, disseminating or distributing this communication. If you received this communication in error, please notify the sender by email or by telephone at (850) 488 -5540 or toll -free at (866) 738 -2366 if Tallahassee is not a local call for you. All record of the communication you received in error (electronic or otherwise) should be destroyed in its entirety. Thank you for your cooperation and assistance in this matter. 1 Senate Bill 1128 made several changes to all Florida's local government defined benefit retirement plans with amendments to chapter 112, as well as the Municipal Police Officers' and Firefighters' Retirement Trust Fund plans operating under chapters 175 and 185. Though this bill has not vet become law, we know you have many questions and want to present information to help you understand these changes. Listed below are the key changes made in this legislation: Overtime, accrued vacation and sick leave payments for pension purposes Change applies to: all local plans — Chapter 112 • For service earned on or after the "effective date" (July 1, 2011, for non - collectively bargained service; or the date of entry into the first collective bargaining agreement (CBA) entered into on or after July 1, 2011, for collectively bargained service), a defined benefit plan may include up to 300 hours per year of overtime compensation, as specified in the plan or CBA, but may not include any payments for accrued unused sick or annual leave in the retirement calculation. Payments for overtime greater than 300 hours per year or accrued unused annual or sick leave accrued with service earned before the "effective date" may still be included in compensation for pension purposes, as provided in the plan document or CBA, even if the payment is not actually made until on or after the "effective date ". Plan sponsor contributions relating to normal cost Change applies to: all local plans — Chapter 112 • Effective July 1, 2011, a local government sponsor of a defined benefit plan may not reduce contributions required to fund the normal cost of the plan. If the Actuarially Required Contribution is less than the normal cost, employer contributions must at least equal the normal cost. This change in funding will require actuarial review and must be funded in accordance with chapter 60T- 1.004(4), F.A.C. The minimum funding requirement must begin no later than the first day of the next fiscal year for the plan. Overtime, accrued vacation and sick leave payments for pension purposes (175/185 specific) Change applies to: local Police Officer and Firefighter pension plans — Chapters 175 & 185 • There are no changes to the definition of "compensation" or "salary" for service earned prior to the "effective date ". • For Chapters 175 & 185 plans, if some of the police and firefighters are represented by a collective bargaining agent, then the effective date is the date of entry into the first CBA entered into on or after July 1, 2011 for all police and firefighters regardless of whether they are members of the collective bargaining unit or not. • In cities /districts where the members are not represented by a collective bargaining agent, the effective date shall be July 1, 2011. If you have questions regarding these changes, please call the Municipal Police Officers' and Firefighters' Retirement Fund Office at (850) 922 -0667 or toll free (877) 738 -6737. May 31, 2011 OCTOBER 2013 4 GOVERNMENTAL ACCOUNTING STANDARDS BOARD REPORTING BY PENSION PLANS WHAT NEW REQUIREMENTS REGARDING requirements The GASB is currently deliberating FINANCIAL REPORTING WILL STATE AND proposals regarding pensions that are outside scope of LOCAL GOVERNMENT PENSION PLANS BE these Statements IMPLEMENTING? The new Statement applies primarily to defined The Governmental Accounting Standards Board benefit pension plans, which are used to administer (GASB) approved Statement No 67, Finannal pensions that specify the benefits to be provided to Reporting for Pension Plans, in June 2012 The the employees after the end of their employment Statement is available free of charge at www garb org By contrast, defined contribution plans administer (Separate fact sheets describe the GASB's new pension benefits that stipulate only the contributions to an standards for government employers that provide active employee's account each year Statement 67 pension benefits to their employees) Statement 67 applies to both single - employer defined benefit plans contains guidance for pension plans that prepare and and multiple - employer defined benefit plans issue then own financial reports, as well as for plans that are reported as a fiduciary fund by a government The assets administered by an agent multiple - employer plan are pooled for investment purposes but 2 WHICH PENSION PLANS WILL BE REQUIRED separate accounts are maintained for each individual TO IMPLEMENT THE NEW STATEMENT? participating employer As a result, each participating employer's share of the pooled assets is legally available The new Statement specifically applies to pension plans that administer benefits through trusts that meet to pay the defined benetit pensions of only its retirees all three of the following criteria In a cost - sharing multiple- employer plan, on the • Contributions from employers (and by other other hand, the participating employers pool both governments and entities on behalf of the their assets and their obligations to provide pension employers) are irrevocable benefits — meaning that plan assets can be used to pay the defined benefit pensions of the retirees of any • Assets in the trust are dedicated to providing participating employer pension benefits to the plan members • Assets in the trust are protected from the 3 WHAT FINANCIAL STATEMENTS WILL creditors of the employers (and other contributing A DEFINED BENEFIT PENSION PLAN governments and entities), the plan administrator, PRESENT? and the plan members (for defined benefit In most respects, the requirements for pension plan pensions) financial statements remain unchanged from the prioi standards A defined benefit pension plan will present two The vast majority of government pensions are financial statements —a statement of fiduciary net position administered through trusts meeting these and a statement of changes in fiduciary net position OCTOBER 2013 Q &A REPORTING BY PENSION PLANS All defined benefit pension plans will present a 10- 11. WHEN WILL PENSION PLANS BEGIN year schedule containing the annual money - weighted i REPORTING UNDER THE NEW STANDARDS? rate of return on pension plan investments for each Pension plans are required to put the new standards year into effect beginning in fiscal years ending June 30, 2014, and later The GASB does, however, encourage 6 WHAT DOES STATEMENT 67 REQUIRE plans to implement the new standards sooner DEFINED CONTRIBUTION PENSION PLANS TO DISCLOSE? Statement 67 requires defined contribution plans to present a less extensive set of note disclosures containing the classes of plan members covered, the number of plan members, participating employers, and nonemployer contributing entities, and the authority under which the pension plan is established and may be amended GOVERNMENTAL GASB ACCOUNTING / STANDARDS BOARD 401 Merritt 7, PO Box 5116 Norwalk, Connecticut 06856 -5116 T 203 847 0700 I F 203 849 9714 www.gasb.orq PAGE 3 GRS Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone Consultants & Actuaries Suite 505 954 525.0083 fax Ft. Lauderdale, FL 33301-1804 www gabnelroeder.com October 9, 2013 rig 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 Firefighters' Pension Trust Fund GASB No. 67 Implementation Package Dear Barbara: 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 Firefighters' Pension Trust 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 1128 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, I e ter N. Strong, ASA, C, MAAA 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 tong -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 expected 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: 1 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 5. 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. initiaf pension plan administrative expense is $1,000. h Pension plan 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 68 �Z�PSJr�P. £ ) ^` j } 3 - \ §\ § \( / -_ e ( \E6 k E B u to j\ o it g � ��® ( 40 . » 00 0 00 k{ / / �\ _ 0 �� \ 0 0 33 31 § } ((\ ,���� /i E. k\} k { 7 0 F. - { fm ` k § ® 2; ) k{ � _ , ( co2 / f$ k , k \( /£f `° ff « e 5 " _ } )$? a. t:,' ; k © 7 ]\ . . ® 7 ii$$k$ l ; 2 e ) ) 2. a }/ «f ¥ #R 2k \$2 -0 ! £ ƒ ;[ I i .. a© / /N3 � ��'� /}LO ƒ$ J{ ƒ CO e 30 . - .6 _, � - )kk 0/ / - C.4 4,4,r 2, 11, 69 \ § \ \ \ \ \ \ \ \ \ \ \ \ \/ ƒ { - ) k -E £ \ \ \ , — . \ / \ \ j � \ { 00 \ \ / * f & Q. / w z = w w > l• 0 � § 2 to § ( o a. o $ ® / § § } f / } % } & 2 — _ 0 w co CI 0 / / • — — — .— — ) \ \ 7.; { a $ aE j • j \ \ \ / \ \ N co } - / } E Iv \ ƒ \ \ /k 64 { { / / A 2 a / b @ Q / 7 \ \ 7 > \ ) 2 = 4 \ r f $ f s 0 0 § a » < , < < _ < w < — { E j g if a ; » f 0 # f a. Le, / $`2? f § § > - w r n• (0» 0- , » a } \ / \ / 70 !k} { 8,13,8 ' " { ; } i( 2 f ! 0 ( ! k ) k § - E � 1 } £ " - - k k -t `_ : \ \ }|\ \ \ \\ \I } � a l. a } ! > - - i § ) .. f ;; TO a } « /(\ § 7 3 .1 ) / "" § .Y _ \ "6 L- _ - | ii ; 2 ! ! 0, 4 . 2 ggC°E . \ # Si } a } \\ / ` . !_ _. 8 8gG8 22 r 8. A \ .� ,� -� ,�. F4 \)k k} ` )� §k !,ig ° §F■n § ■«k § 6- Em | ; ■§� CI / t |I / f#{ /f # #t# \ /, |i f !) ` I - !! §•g a2 ■K# /## ## #$ ` k k a \ { k_ 7 � ; kz l e a $ &] , a $k $Kk\4#Q# 9 9 w ! I &!z .. k !- & §k) /\ , "'�.'�',, ,w,., ! ®ƒ / /\- 71 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) 20X9 20X9 2057 2056 Total pension IlebiIfty Seneca cost E 75 864 5 74 276 5 71 157 $ 69 344 Interest 216,515 205,038 188 845 174 694 Changes of befit terms - - benefit - Differences between expected and acme! experience (37 539) (15,211) (3,562) 38 438 Changes of asarmp - - 81,011 - Sandi payments, Including refunds of member conlnbullons (119,434) (112 603) (104,403) (95,376) Net change in total pension liability 135406 151.500 213 048 187 100 Total pension IfabUlty— beginning 2,853,455 2,701,955 2,488,907 2,301 Tots pension tiabidy— ending (a) 0 2,968,861 S 2,853,455 5 2,701,955 $ 2,488907 Plan fiduciary net position Conbbutions— employer $ 79713 6 86,507 S 89,828 $ 81,963 Comdbullons— member 31,451 30,550 29 137 28,547 Net 640966e01 income 196.154 (44 099) (16,138) 296,260 Benefit payments Includng refunds of member conlmlutions (119 434) (112 803) (104 403) (95,378) admimslrat(e expense (3373) (3,287) (2.774) (2582) Other 8 (83) 173 (175) Net change In plan fiduciary not poeOlon 184,519 (42 915) (4 177) 320,637 Man fiduciary net pos8lon— beginning 2052,580 2085,504 2,099,681 1,779,044 Plan fiduciary net poaWon— ending lb) $ 2,237,108 5 2,052,589 S 2,085,504 S 2,098,561 e•¢ County's net pension ilablitty— ending (a) — (o) 6 751 753 S 800888 5 806491 3 389,226 Alen flductery net position as a percentage of the fotsi pension liability 74 85% 71 93% 77 56% 84 38% Coveredamployeepeyro8 4 449,293 9 436424 5 416243 3 407,812 County's net pension 14a5111ty as a percentage of covered - employee payroll 167 3296 183 51% 145 70% 95 44% Nolo. to Schedule. Benefit charges. In 2051 benefit terms were modified l0 base public safely member pensions one final three -year average salary instead of a find five - year average salary Changes of assumpnwo In 2057 amounts reported as charges of assumptions resulted prmerly from ad)ustmenls to expected retirement ages of general plan members In 2054, amounts repotted es charges of assumptions metaled mime* Irem adiu91ments to expected retirement ages of pubae salary members In 20X1, amounts reported se changes of assumptions resulted primarily from adjustments lo assumed Ole expectancies as a result of adopting the RP•2000 Healthy Annuitant Mortal), Table for purposes of developing mortally rates This schedule ',presented to 1(luarate the requirement to show mfomrelrcn for 10 years However until a full 10 year trend Is cofnpled pension plans should present 44omta9an for those years for which information Is evadable 82 ATTACHMENT 3 SCHEDULE OF COUNTY CONTRIBUTIONS Last 10 Fiscal Years (Dollar amounts in thousands) 20X9 20X6 20X7 20X6 Actuanafy determined contribution $ 79,713 $ 88,807 $ 89 828 $ 91,963 Contributions m relation to the actuanaity determined contribution 79,713 86,607 89,828 91,963 Contribution deficiency (excess) g $ $ $ Covered - employee payroll $ 449,293 $ 436,424 6 416,243 $407,812 Contnbutions as a percentage of covered - employee payroll 17 74% 19 84% 21 58% 22 55% Notes to Schedule Valuation date Actuanaly determined contnbubon rates are calculated as of June 30, two years pnor to the end of the fiscal year in which contributions are reported Methods and assumptions used to determine contnbubon rates Actuanai cost method Entry age Amortization method level percentage of payroll, closed Remaining amortization period 15 years Asset valuation methoo 5 - year smoothed market Inflation 3 5% Salary increases 4.5 %, average, Including in8abon Investment rate of return 7 75 %, net of pension plan investment expense, including inflation Retrement age In the 20X7 eduanal valuation, expected retirement ages of general plan members were adjusted to more closely reflect actual expenence In the 20X4 actuanat valuation, expected retirement ages of public safety members were adjusted to more closely reflect actual expenence , Mortality In the 20X1 eotuanal valuabon, assumed life expectancies were adjusted as a result of adopting the RP -2000 Healthy Annuitant Mortally 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 • Barbara Ladue From: Barbara Ladue [Iadueb @bbpdpension.com] Sent: Wednesday, October 16, 2013 9:11 AM To: 'Henderson, Luke'; 'Adam Levinson' Subject: FW: Fire Vacation Accrual Hours Balances Effective as of 9.27.13 ck(1).xls Luke & Adam: We have captured the Vac /SIC accruals as of 9 -27 -2013. We need to proceed with the ordinance for this and the max limit of 300 hours overtime for pensionable wages so that Pete may complete the impact statement and get this before the City Commission. Thanks. Barb La Due From: Pete.Strong(@gabrielroeder.com [mailto: Pete .Strongftgabrielroeder.com] Sent: Tuesday, October 15, 2013 1:30 PM To: Iadueb bbpdpension.com Subject: RE: Fire Vacation Accrual Hours Balances Effective as of 9.27.13 ck(1).xls Thanks Barbara! Has a Senate Bill 1128 ordinance been drafted (limiting the use of accrued leave and overtime in pensionable compensation)? If so, could you send us a copy of the ordinance? Is 9/27/2013 going to be the effective date? Thanks! -Pete Strong From: Barbara Ladue f mailto :iadueb Sent: Tuesday, October 15, 2013 1:27 PM To: Strong, Pete (FLP1) Subject: FW: Fire Vacation Accrual Hours Balances Effective as of 9.27.13 ck(1).xls Pete: I neglected to forward to you. 1 of 2 .... Barb La Due From: Barbara Ladue [ mailto:laduebObbpdpension.com] Sent: Monday, October 14, 2013 9:58 AM To: 'Ellen Schaffer' Subject: FW: Fire Vacation Accrual Hours Balances Effective as of 9.27.13 ck(1).xls Here is vac accruals.... From: Brown, Tobey [mailto:BrownT(abbfl.us) Sent: Thursday, October 10, 2013 2:56 PM To: 'Barbara Ladue' Subject: Fire Vacation Accrual Hours Balances Effective as of 9.27.13 ck(1).xls Hi Barb 1 As per your request attached is the spreadsheet reflecting vacation accrual hours balances for Fire Pension participants. The balances are effective as of 9/27/13. Should you have any questions please feel free to contact me.. Tobey Brown, Payroll Administrator Financial Services City of Boynton Beach 100 E. Boynton Beach Blvd. 1 Boynton Beach, Florida 33435 o: 561 - 742 -6319 BrownT®bbfl.us 1 www.bovnton- beach.org America's Gateway to the Gulfstream Please be advised that Florida has a broad public records taw and all correspondence to me via email may be subject to drsclosure.Under Florida records law, email addresses are public records Therefore, your e -mail communication and your e -mail address may be subject to public disclosure. 2 Barbara Ladue From: Schroder Investment Management North America Inc. [karl.dasher @schroders.com] Sent: Tuesday, August 13, 2013 1:01 PM To: Iadueb @bbpdpension.com Subject: Schroders STW Business Update If you are having trouble reading this email, read the online version. STW Update August 2013 Dear Barbara, I wanted to take a few moments to thank you for the trust you have placed in the Schroders- STW transaction thus far and to update you on our progress. When we decided to partner with STW to deepen our US fixed income capabilities, we did so because we were attracted to the quality of the Investment team and process, the commitment to exceptional client service and the very high quality of the STW client base Billy and his team have built a wonderful institutional business and we are very proud to have been chosen by them to extend this forward as part of Schroders. Transitions of this nature always entail a degree of disruption While we will try to make it as smooth and invisible as possible, we know that any change of this nature elevates the need by a client to engage. We greatly appreciate the positive manner in which STW clients have communicated with us in this process thus far We are excited to welcome our STW investment colleagues to our New York office in September. The STW portfolio managers will work together at our office in midtown Manhattan effective September 3, 2013. Schroders and STW technology, compliance and operational professionals have worked diligently for the past several months to enable execution from the New York base In order to ensure you have access to your portfolio managers as you always have, please click here for their new email addresses You can also continue to call the main STW number, (805) 745 -2400, and your call will be directed to the team In addition to the portfolio management team, we want to extend to you our relationship management team as additional support to enhance your client experience. Our team is located in New York and is here to help in any way possible to ensure that all of your questions or concerns are addressed We don't want to remove the level of interaction with the investment decision makers who you have come to know, but we do want to support them and our clients to ensure that as much attention as possible is focused on continuing to deliver the high quality investment results that you expect from the STW team The client service team is led by Jenny Horne and her contact details are included as well. The addition of the STW team brings our staff of US based fixed income professionals to 33 who collectively manage $34 5 Billion of our $84 4 Billion in fixed income assets globally We look forward to the opportunity to be of service to you for years to come, and thank you for your 1 commitment to our team thus far Sincerely, Karl Dasher CEO, North America & Co -Head of Fixed Income To unsubscribe click here Schroder Investment Management North America Inc 875 Third Avenue New York, NY 10022 -6225 Schroders tracks activity from this email and across our online channels, using cookies, in order to provide you with a better online expenence and a ncher, more personalised client service. You can choose not to accept certain cookies by turning this feature off within the browser settings, however doing this may detract from your user experience and even prevent access to some of our websites This email was intended for the person to whom it was originally sent If you have been forwarded this email and do not wish to receive any more, please contact the person who forwarded it to you. Privacy statement 2 SALEM TRUST C O M P A N Y A S L ) October, 2013 To our clients, This past summer, several clients called asking why they had not received their 2 quarter, 2013 invoice from us. We responded to them that this was intentional. We decided to postpone the delivery of the 2°dquarter invoices until now, because Salem Trust Company's accounting system transition led to issues that delayed our clients' statements Our dedication to client satisfaction is known as the SALEM TRUST SERVICE PLEDGE, and is an explicit component of our service agreement with all clients: Our goal is to earn your business by achieving client satisfaction, and in the event we fail to fulfill our promise in any quarter, as determined solely by you in good faith, we will discount that quarter's fee. We are not waiting for clients to invoke their customer service pledge. We have discounted your quarterly invoice for services ending on June 30, 2013, first by waiving all fees for June security transactions, and then in some cases by reducing part of the asset custody fee if there were too few transactions to make up at least 10% of the total cost. You can also be assured that the SALEM TRUST SERVICE PLEDGE will continue guiding our approach to the 3rd quarter invoices. The good news is that we are on track to meet our customary delivery date for the September 30, 2013 statements. We are as concerned as you are about on-time statements, but we also know that all agree that accuracy must always take precedent. While we finish reviewing and making the final necessary adjustments to the September 30, 2013 statements, we remain focused on the importance of releasing them as quickly as possible. Looking forward into the 4 quarter, 2013, and beyond, I am confident that Salem Trust is again able to serve the needs of our community with more diligence and care than any other custodian. Regards, Bradley K. Rmsem, President & Chief Executive Officer DEERFIELD BEACH TAMPA 455 FAIRWAY DRIVE, SUITE 103 • DEERFIELD BEACH, FL 33441 • TEL (877) 382 -5268 • FAX (954) 725 -4493 www.salemtrust com SALEM TRUST COMPANY IS A SUBSIDIARY OF U S FIDUCIARY SERVICES, INC , AN EMPLOYEE -OWNED COMPANY ti . SALEM TRUST C O M P A N Y Boynton Beach Firefighters Penson October 10, 2013 Barbara LaDue Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Fee Advice for Period April 1, 2013 to June 30, 2013 Total Market Value for Fund: $ 57,435,755.25 Detail of Calculation: Market Value Basis Point Rate Annual Fee Quarterly Fee Total Market Value 0.0004 $ 22,974.30 $ 5,743 59 Monthly Benefit Payments 279 $ 3.00 $ 837.00 Lump Sum Payments 1 $ 15 00 $ 15.00 Invoice Payments 0 $ 10 00 $ - FEE FOR QUARTER $ 6,595 59 Less Fee Discount $ (659.56) TOTAL FEE DUE $ 5,936 03 Breakdown of Fee by Account Account # Name NC Market Value MV Fee Activity Fee Amount 3040037590 Receipt & Disbursement $ 101,983.48 $ 9.18 $ 766.80 $ 775.98 3040055178 STAN Fixed Income Mgmt $ 8,423,410.25 $ 758.11 $ - $ 758 11 3040057416 Mutual Funds $ 22,140,890.23 $ 1,992.68 $ - $ 1,99268 3040057425 STW TIPS $ 1,132,596.39 $ 101.93 $ - $ 101 93 3040060652 DSM $ 7,281,754.16 $ 655.36 $ - $ 65536 3040062785 Dalton Grenier $ 11,383.76 $ 1.02 $ - $ 1 02 3040062794 Anchor Capital $ 8,424,816.43 $ 758.24 $ - $ 758.24 3040062838 Manning & Napier $ 9,918,920.55 $ 892 70 $ - $ 892 70 $ 57,435,755.25 $ 5,169 23 $ 766.80 $ 5,936 03 These fees will automatically be charged to your accounts If you have any questios, please contact Karen Russo at (954) 426 -5770 DEERFIELD BEACH TANI \ 455 FAIR \V\l PRI\E, tiUITE Ihi . [)EERHELD BEA(I I FL 3i4-+I . TEL u77) it'-52(,R E FAX (h4) 725 -4493 01111 ,cUILm00 t crnn � 1 JE Barbara Ladue From: Erin K. Chrislock [erin @STW.COM] Sent: Friday, November 01, 2013 12:54 PM To: Ladueb @bbpdpension.com Subject: Schroder STW Update Attachments: Schroders Biographies.pdf As you are aware, we have been working closely with Schroders to ensure a smooth integration of STW's business into Schroders' US business. The portfolio management team has been successfully operating out of the New York office since September, and the transition has progressed to the point that it is time to transfer my responsibilities to Schroders. Friday, November 15 will be my last day with the firm. I wanted to take this opportunity to introduce you to Schroders' Chief Compliance Officer for the US, Stephen DeTore, and General Counsel for the Americas, Carin Muhlbaum. Their biographies are attached. It has been my pleasure working with you over the years. If you have any questions or concerns before I leave, please do not hesitate to contact me at (805) 745 -2400 or by email to erin @stw.com. Many of you have already had communication from Schroders' Head of Relationship Management in the US, Jenny Home. Her biography is also attached. If you have any questions at any time, please feel free to contact her at (212) 632 -2965 or by email to iennifer.horne @schroders.com. Very truly yours, Erin Erin K. Chrislock General Counsel STW FIXED INCOME MANAGEMENT LLC A i q":;DER R: Office: (805) 745 -2400 enn @stw.com IRS Circular 230 Disclaimer To ensure compliance wrth IRS Circular 230��^ d_ _ (incl ud. h, - . 230, any tax advice provided in this communication (including any attachments) is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer, or (n) in promoting, marketing or recommending to another party a partnership or other entity, investment plan arrangement or other transaction addressed herein This electronic mad message and any attachments transmitted with rt contain confidential information intended only for the named addressee If you are not the intended recipient or the person responsible for delrvenng this e-mail to the intended recipient, you are hereby notified that any use, distnbution, copying or disclosure of this communication is strictly prohibited If you have received this e-mail in error, please immediately notify the sender by reply e-mail and delete all copies of this communication from your computer and network Thank you 1 Schroders Biographies Stephen DeTore Chief Compliance Officer for the US and Regional Head of Compliance, Americas 875 Third Avenue, New York, NY 10022 -6225 Phone. (212) 641 -3888 Email: stephen.detore @schroders com Stephen DeTore is the Chief Compliance Officer for the US -based adviser, distributor and mutual funds He is responsible for establishing and maintaining effective compliance programs for the US business. As regional head of compliance, he also oversees and advises on compliance issues elsewhere in the Americas. Stephen joined Schroders in 2005 and is based in New York. Pnor to joining Schroders, Stephen worked as Deputy General Counsel for another asset manager and for the US Securities and Exchange Commission in the Office of Compliance Inspections and Examinations, the Division of Enforcement and the Office of the General Counsel. Before joining the Commission, he worked for both the US Court of Appeals for the Fifth Circuit and the US Distnct Court for the Middle Distnct of Pennsylvania Stephen has a Juns Doctor degree cum laude from Suffolk University Law School and a Bachelor of Arts degree with highest honors from Northeastern University Association & Licensing. Massachusetts Bar. FINRA Senes 24 registered. Carin Muhlbaum General Counsel, Americas 875 Third Avenue, New York, NY 10022 -6225 Phone: (212) 641 -3890 Email: cann.muhlbaum @schroders.com Carin Muhlbaum is the General Counsel for Schroders in the Amencas In this role she is responsible for overseeing the provision of legal advice and services to the Americas She is a member of the North America and Latin America Executive Committees and the Corporate Responsibility Commrttee. She joined Schroders in 1998 and is based in New York. Pnor to Schroders, she practiced law in private law firms in the US, representing, among other clients, financial services firms, including registered investment companies, private investment vehicles, investment advisers and broker - dealers. Cann earned a J D. from Yeshiva Universrty, Cardozo School of Law, and a B.S. in History from Brandeis University Association & Licensing: New York State Bar. Institutional Investor Legal Forum — Member. Jennifer Home, CFA Head of Relationship Management 875 Third Avenue, New York, NY 10022 -6225 Phone (212) 632 -2965 Mobile: (347) 749 -1047 Email: jennifer.horne @schroders.com Jennifer Horne is the Head of Relationship Management for our Institutional client base in the US and is based in New York. Jenny has spent over twenty years working closely with Institutional clients in several capacities, including portfolio management, consultant relations and distnbution Pnor to joining Schroders, Jenny was a Managing Director in the Wealth Management Group at BlackRock for five years where she was integral to expanding the business throughout the US and developing relationships with large family offices She spent seven years with Evaluation Associates, working wrth consultant teams and conducting equity manager research. Over the first decade of her career, Jenny managed equity portfolios for Bankers Trust and Oppenheimer Capital Jenny graduated from Duke University with a BA in Economics. Association & Licensing. Series 7 and 63 CFA designation in 1986 S c h roders STW FIXED INCOME MANAGEMENT - - - - Ms. Barbara LaDue Invoice Number: 10133310 Pension Administrator Invoice Date: 10/17/13 City of Boynton Beach Municipal Firefighters' Pension Trust Renaissance Executive Suites 1500 Gateway Boulevard, Suite #220 Boynton Beach, FL 33426 For Account: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Original Invoice Please Pay Period Under Management 10/01/13 to 12/31/13 Assets Under Management: 8,136,037 Quarterly Fee Due: $ 7,627.54 Fee Schedule 0 to 30,000,000 0.375% 30,000,001 to 100,000,000 0.250% 100,000,001 to 500,000,000 0.125% 500,000,001 to 1,000,000,000 0.100% 1,000,000,001 and above 0.080% Fee Breakdown Account Assets Fee City of Boynton Beach Municipal Firefighters' Pension Trust Fund 8,136,037 7,627.54 City of Boynton Beach Municipal Firefighters' Pension Trust Fund - TIPS 1,149,985 - 9,286,022 7,627.54 Wire Instructions: Wells Fargo Bank, N.A. Ventura, CA ABA Routing Number: 121000248 Account Number: 4945349280 Account Name: STW Fixed Income Management LLC at Schroders STW, a Schroder Group Company 6185 Carpinteria Avenue • Carpinteria, California 93013 PH (805) 745 -2400 • FAX (805) 745 -2401 stw @stw.com • www.stw.com INVOICE DSM CAPITAL PARTNERS LLC 116 Radio Circle Drive, Suite 200, Mt. Kisco, NY 10549 Tel: (914) 242 - 1900 31- Oct -13 Invoice No: 12250 Luke Henderson City of Boynton Beach Municipal Firefighters Pension Trust Fund 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Billing Period: FROM 10/01/2013 TO 12/31/2013 Account Name City of Boynton Beach Municipal Firefighters Pension Trust Fund 1/7t Portfolio Value $7,965,206 Amount Due $18,059.76 FEE CALCULATION % of Annual Rate Rate Assets Under Management Fee 1.0000 % 0.25 On the first: 5,000,000 12,500.00 0.7500 % 0.25 On the next: 2,965,206 5,559.76 Total $18,059.76 To wire payment: JP Morgan Chase ABA #: 021000021 A/C Name: DSM Capital Partners LLC A/C #: 3241067005 THE BOGDAHN Invoice GROUP V Date Invoice # 9 /13/2013 9339 4901 Vineland Rd Suite 600 Orlando, FL 3281 - Bill To Boynton Beach Firefighters' Pension Plan Attn Barbara La Due Description Amount Performance Evaluation and Consulting Services 8,375.00 7/1/13 - 9/30/13 Balance Due $8,375.00 Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 10059 Northwest 1st Court Plantation, Florida 33324 Tel. (954) 916 -1202 www.robertdklausner.com Fax (954) 916 -1232 Tax I.D.: 45- 4083636 BOYNTON BEACH FIREFIGHTERS September 30, 2013 Attn: MRS. BARBARA LA DUE, ADMIN Bill # 15059 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 09/30/13 CLIENT BOYNTON BEACH FIREFIGHTERS PENSION FUND . BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE : 900334 Professional Fees Date Description Hours Amount 09/12/13 RECEIPT AND REVIEW EMAIL FROM LADUE 0.10 30.00 09/23/13 CALL TO STRONG AND CHAIR; DRAFTED EMAILS; 1.00 300 00 REVIEWED EMAILS RE CORRESPONDENCE WITH STATE; REVIEWED CORRESPONDENCE FROM ALERUS 09/25/13 CALL FROM CHAIR; REVIEW FILE AND EMAILS 0.50 150.00 09/26/13 DRAFTED EMAIL TO LUKE RE SB 1128; REVIEW 1.50 450.00 CHAPTER 2011 -216; REVIEW FILE; CALL TO CHAIR 09/30/13 RECEIPT AND REVIEW EMAIL FROM LADUE, 0.10 30.00 DRAFTED EMAIL RE ALERUS ACCESS Total for Services 3.20 $960.00 CURRENT BILL TOTAL AMOUNT DUE $ 960.00 Past Due Balance 2,550.00 AMOUNT DUE $3,510.00 Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 10059 Northwest 1st Court Plantation, Florida 33324 Tel. (954) 916 -1202 www.robertdklausner.com Fax (954) 916 -1232 Tax I.D.: 45- 4083636 BOYNTON BEACH FIREFIGHTERS August 29, 2013 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 14985 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 08/29/13 CLIENT BOYNTON BEACH FIREFIGHTERS PENSION FUND : BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE . 900334 Professional Fees Date Description Hours Amount 08/05/13 RECEIPT AND REVIEW AGENDA AND EAILS; 0.50 150.00 REVIEW FILE 08/07/13 REVIEW ACCUMULATED RESERVE ISSUE; CALL TO 0 50 150.00 SARAH CARR; REVIEW FILE 08/08/13 ATTENDED BOARD MEETING 4.50 1,350.00 08/08/13 DRAFTED EMAIL TO CITY ATTORNEY; REVIEW 1.00 300.00 FILE; PREPARATION FOR BOARD MEETING 08/12/13 RECEIPT AND REVIEW PREMIUM TAX 0.10 30.00 DISTRIBUTION; DRAFTED EMAIL TO DIVISION OF RETIREMENT 08/22/13 DRAFTED EMAIL REGARDING PREMIUM TAXES TO 1.00 300.00 CHAIR AND KINSER; DISCUSSION RE SB 1128; REVIEW FILE 08/22/13 ANALYSIS RE HB 1309 0.20 60.00 08/26/13 RECEIPT AND REVIEW SB 1128 ADDENDUM; 0.50 150.00 DRAFTED EMAIL; CONFERRED WITH RDK 08/28/13 RECEIPT AND REVIEW EMAILS; REVIEW FILE RE 0.20 60.00 SALEM AND CUSTODY STATEMENTS Total for Services 8.50 $2,550.00 CURRENT BILL TOTAL AMOUNT DUE $ 2,550.00 GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Invoice Ft. Lauderdale, Florida 33301 -1872 (954) 5274616 _ Date Invoice 10/8/2013 403502 Bill To: Please Remit To: Attention: Ms. Barbara La Due Dept. # 78009 City of Boynton Beach Gabriel Roeder Smith & Company Boynton Beach Municipal Firefighters Retirement Fund PO Box 78000 Renaissance Executive Suites Detroit, Michigan 48278 -0009 1500 Gateway Blvd., Suite 220 Boynton Beach, Flonda 33426 Federal Tax ID 38- 1691268 Client 100560, Pension Valuation Work, Project 100560 -068 Amount For services rendered for the Boynton Beach Municipal Firefighters Retirement Fund through 9/30/2013 Calculation of the lump sum value of remaining service purchase payments remaining for 225.00 Brescia Preparation of updated tables for use in estimating the cost of purchasing both 1,824.00 permissive service and prior military /government service Charges to date for preparation of the 10/1/2013 Actuarial Valuation Report; total 475.00 charges to date equal $475 Amount Due $2,524.00 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page 1 of 1 I N V O I C E 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. 33426 ATTN: BARBARA LADUE, ADMINISTRATOR QTY DESCRIPTION AMOUNT TOTAL 8.00 HOUR(S) PROGRAMMING & CONSULTING SERVICE 115.00 920.00 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. /0 0 „ p6 qv) C SUBTOTAL $ 920.00 TAX $ .00 SHIP /HAND $ .00 TOTAL $ 920.00 PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU = Exa And it all comes together. I i INVOICE ExactAmerieas - 8800 Lyra Drive, Suite 220 Columbus, OH 43240 The City of Boynton Beach T 800 468 0834 Barbara La Due F 866 544 5456 1500 Gateway Blvd. Suite 220 www.exact.com Boynton Beach FL 33426 United States of America INVOICE REFERENCES REFERENCES No. 80024278 Prolongation P -12 Ordered By: The City of Boynton Beach Date 12/01/2013 Customer No 8960 Your Ref P:006137:101:001 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 SO 4 ��s ' 7,... 0° " ik ‘4" PAYMENT INFORMATION Total amount excl. Tax $ 875.00 Net 30 Days PLEASE REMIT PAYMENT TO: DUE DATE AMOUNT Tax $ 12/31/2013 USD 875.00 EXACT SOFTWARE NORTH AMERICA LLC 1136 PAYSPHERE CIRCLE CHICAGO, IL 60674 r, www.exact.com Total amount incl. Tax $ 875.00 ra� A eli 0 , Page 1 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.exact.com. = Exact And it all comes together. - - - - -- Frart Americas 8800 Lyra Drive, Suite 220 Columbus, OH 43240 T 800 468 0834 F 866 544 5456 www.exact.com Dear Valued Exact Customer, Enclosed is an invoice for your annual service renewal fees. It is important to note that in order to prevent any lapse in service we must receive full payment by the due date listed on the invoice. Payment of service renewal fees ensures that your company continues to receive on -going software updates & upgrades with product enhancements, and access to our Customer Portal for Exact's knowledgebase, product documentation and user guides and much more. If you have any questions please contact your Customer Advocate who will be happy to assist you You can reach them at 1- 800 -468 -0834, and enter their extension, or dial 0, and our operator can direct you to your Customer Advocate You can view your account and contract information via the Customer Portal at https: / /customers.exact.com. We appreciate your business and your trust in Exact. We look forward to continuing to provide you with the products and service you and your business needs! Sincerely, The Finance and Administration Team Exact Software North America, LLC. Please reference your invoice number with payment Remit to: Exact Software North America, LLC. 1136 Paysphere Circle Chicago, IL 60674 United States of America $ MICRO FOCUS SUPPORTLINE RENEWAL NOTICE Quote Date: 10/23/2013 Reference Number: 498484 - Renewal - Duey: - 12/3912013 - Invoice: Police and Fire Pension Funds For the Police and Fire Pension Funds 1500 Gateway Blvd., Suite #220 Attention of: of Boynton Beach Renaissance Executive Suites 1500 Gateway Blvd., Suite #220 Boynton Beach, FL 33426 Renaissance Executive Suites Attn: Barbara Ladue Boynton Beach, FL 33426 Tel.: 561.739.7972 Attn: Barbara Ladue Email: ladueb @bbpdpension.com Tel.: 561.739.7972 Email: ladueb @bbpdpension.com Please see the pricing below for your Support & Maintenance Renewal. Tel: (800) 632 -6265, Opt 2 x5063 Your Support Line Sales Representative is Teresa Gray, contact details: Email: teresa.gray @microfocus.com Fax: 301 838 5314 Contract Renewal Contract Period (Please see supporting documentation for details) Contract Period 2 x Contract 3 x Contract Price Period Period Support & Maintenance renewal $ 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 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 Support Line Sales Representative (please see details above). PLEASE NOTE: Renewals received after 1/29/2014 may be subject to a 20% re- instatement fee. E Select Payment Option 41 � a ❑ Online: Secure E-Approval and credit cards. h pp pp p , pp ttpsa /su ortline.microfocus.comlea roval.as Cl 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 1.5% per month until paid Sales Tax: The Customer is responsible for any applicable tax (including VAT), unless the Customer provides Micro Focus with a copy of its tax exemption certificate. If a Purchase Order is required, please provide the information to your Micro Focus Sales Representative before the Renewal Due Date shown above. Except as otherwise specified above or agreed in writing by the parties, the standard Micro Focus support (silver level) terns 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 Pla form x se=running \A/in om ,__. N t1A� 000, — enier2003 2 -- - - - -- - -- - 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 272.30 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 alia, breach of any pertinent Micro Focus End User License Agreement and /or breach of Micro Focus's copyrights. For full information on supported product versions and details of Sundown and End of service process, please visit htto:// supoortline .microfocus.com/arodavail.aspx. 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 /SilverSupportAgreement/ Silver _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 .MicroFocus.Com /EApproval.ASP MICRO FOCUS —October - 23,-201 -3 - - Police and Fire Pension Funds Support Line Renewal Notice of Boynton Beach (Reference No. 498484) 1500 Gateway Blvd., Suite #220 Renaissance Executive Suites Boynton Beach, FL 33426 Attn: Barbara Ladue Dear Barbara: I am writing to alert you that it's time to renew your Supportline 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 12/30/2013 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 - it's 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 plans for "End of Service" 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.oray(microfocus.com r PS Please contact me before 12/30/2013 to confirm your renewal. It always costs less to renew on time! 3F' `�r 0 i g �` } // INTERCONTINENTAL REAL ESTATE CORPORATION I\ II lI ( � , ()N I I \ E I i, I.. 1270 SOLDIERS FIELD ROAD BOSTON, MASSACHUSETTS 02135-1003 TELEPHONE 617 -782 -2600 FACSIMILE 617 -782 -9442 www intercontinental net PAUL J. NASSER Chief Financial Officer and Chief Operating Officer August 13, 2013 Ms. Barbara LaDue, Pension Administrator City of Boynton Beach Firefighters' Pension Fund Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 RE: U.S. Real Estate Investment Fund, LLC Dear Ms. LaDue: We are pleased to announce that U.S. Real Estate Investment Fund, LLC (US REIF) has made a distribution to you in the amount of $50,752.75, which constitutes your pro rata gross share of an overall distribution of $8,953,142.79. The Fund has withheld $8,098.55 for payment of asset management fees for the second quarter 2013, resulting in a net distribution to you of $42,654.20. As authorized by your executed Dividend Reinvestment Plan (DRIP) letter, Intercontinental has reinvested your net distribution of $42,654.20 into US REIF. Intercontinental will report the number of reinvested shares as part of the second quarter 2013 reporting. If you have any questions or wish to change your method of payment, please contact Bart Weinstein at 617 - 779 -0440. Sincerely, P ailt A/04 cc via email: David West, Bogdahn Consulting p cragpc 202 • Barbara Ladue From: Adam Levinson [adam @robertdklausner.com] Sent: Monday, September 23, 2013 1:44 PM To: Pete.Strong@gabrielroeder.com Cc: ladueb @bbpdpension.com; LUKE HENDERSON (hendersonluke @bellsouth.net); Robert Klausner Subject: RE: Boynton Fire -Actuarial Reports - Comments by State Attachments: D00092313.pdf Pete, I defer to your judgment as to whether a response to the Division /Milliman is useful on items 3 and 4. My thinking is that the Division would likely appreciate the clarification, particularly where Milliman is confused. Seems to me that we wouldn't need your attendance at the next Board meeting, unless you want to attend. I would like to have you available by phone in case trustees have any questions, unless Luke wants to ask you to attend in person. Thanks, Adam Levinson Klausner, Kaufman, Jensen & Levinson 10059 N.W. 1st Court Plantation, FL 33324 ph. (954) 916 -1202 fax. (954) 916 -1232 Website: www.robertdklausner.com Disclaimer: This e-mail is intended only for the individual(s) or entity(s) named within the message. This e-mail might contain legally privileged and confidential information. If you properly received this e-mail as a client or retained expert, please hold it in confidence to protect the attorney - client or work product privileges. Should the intended recipient forward or disclose this message to another person or party, that action could constitute a waiver of the attorney - client privilege. If the reader of this message is not the intended recipient, or the agent responsible to deliver it to the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this communication is prohibited by the sender and to do so might constitute a violation of the Electronic Communications Privacy Act, 18 U.S.C. section 2510 -2521. If this communication was received in error we apologize for the intrusion. Please notify us by reply e-mail and delete the original message. Nothing in this e-mail message shall, in and of itself, create an attorney - client relationship with the sender. 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. Original Message From: Pete.Strong@gabrielroeder.com [ mailto :Pete.Strong @gabrielroeder.com] Sent: Monday, September 23, 2013 1:23 PM To: Adam Levinson Cc: ladueb@bbpdpension.com Subject: RE: Boynton Fire - Actuarial Reports - Comments by State Hi Adam, I agree with item #1, but this is up to the Board to change. We have been recommending an update to the mortality assumption, but the Board has expressed a desire to hold off on updating this assumption until the phase -in of the change in the investment return assumption has been completed. We will add item #2 (the balance of accumulated employee contributions with interest) to future reports. Milliman is confused with regard to item #3. The liability reconciliation on page 34 was done on a net basis (net of DROP activity), as that is how liabilities and assets are valued throughout the report. The "Benefits Paid" amount on page 34 includes benefit payments credited /transferred to DROP accounts, but does not include DROP distributions, as DROP members are already considered retirees for actuarial valuation purposes. Assets are reconciled on page 30 on a gross basis, including DROP distributions (but not reflecting additions /transfers to DROP accounts, since these are like inter -fund transfers), and then DROP account balances are netted out at the end. The difference between $4,922,451 and $4,285,627 is equal to the difference between the payments credited to the DROP accounts ($1,260,824) and the distributions from the DROP accounts ($624,000). In summary, the benefit payments on page 34 were developed on a net basis (net of DROP account balances) = $1,215 (refunds) + $3,660,412 (regular monthly benefits) + $1,260,824 (payments credited /transferred to DROP accounts) = $4,922,451. The benefit payments shown on page 30 are shown on a gross (total asset) basis = $1,215 (refunds) + $3,660,412 (regular monthly benefits) + $624,000 (distributions from the DROP accounts) = $4,285,627. Regarding item #4, Regular Chapter 175 funds and Supplemental Chapter 175 funds are tracked separately and have their own separate base amounts. The base amount for regular Chapter 175 funds is $623,344 and the base amount for the Supplemental Chapter 175 funds is $9,771. The total amounts received were $944,530 in regular Chapter 175 funds and $0 in Supplemental Chapter 175 funds. $944,530 is then compared against the $623,344 regular base amount to get excess regular Chapter 175 funds of $321,186. There were no Supplemental Chapter 175 funds received, so nothing is credited against the $9,771 Supplemental Chapter 175 base amount. Hope this clears everything up. Do you think a response to Milliman and the Division of Retirement explaining items 3 and 4 would be appropriate? Thanks! -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 2 • Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this " communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax - related penalties under the Internal Revenue Code or (ii) marketing or recommending to another party any tax- related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. The above communication shall not be construed to provide tax advice, legal advice or investment advice. Notice of Confidentiality: This transmission contains information that may be confidential and that may also be privileged. Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), you may not copy, forward, or otherwise use it, or disclose its contents to anyone else. If you have received this transmission in error, please notify the sender immediately and delete it from your system. Original Message From: Adam Levinson [ mailto :adam@robertdklausner.com] Sent: Monday, September 23, 2013 12:39 PM To: Strong, Pete (FLP1) Cc: Barbara Ladue (ladueb@bbpdpension.com) Subject: FW: Boynton Fire - Actuarial Reports - Comments by State Pete, See attached. Please reply at your convenience with any thoughts. Alternatively, we could invite you to discuss same (by phone or in person) at the November 14th meeting. Thanks, Adam Levinson Klausner, Kaufman, Jensen & Levinson 10059 N.W. 1st Court Plantation, FL 33324 ph. (954) 916 -1202 fax. (954) 916 -1232 Website: www.robertdklausner.com Disclaimer: This e-mail is intended only for the individual(s) or entity(s) named within the message. This e-mail might contain legally privileged and confidential information. If you properly received this e-mail as a client or retained expert, please hold it in confidence to protect the attorney - client or work product privileges. Should the intended recipient forward or disclose this message to another person or party, that action could constitute a waiver of the attorney - client privilege. If the reader of this message is not the intended recipient, or the agent responsible to deliver it to the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this communication is prohibited by the sender and to do so might constitute a violation of the Electronic Communications Privacy Act, 18 U.S.C. section 2510 -2521. If this communication was received in error we apologize for the intrusion. Please notify us by reply e-mail and delete the original message. Nothing in this e-mail message shall, in and of itself, create an attorney - client relationship with the sender. 3 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. Original Message From: Barbara Ladue [mailto:ladueb@bbpdpension.com] Sent: Monday, September 23, 2013 10:44 AM To: 'Henderson, Luke'; Adam Levinson Cc: 'Jeanine Bittinger'; 'Richard Cristini' Subject: Boynton Fire - Actuarial Reports - Comments by State Today I received the attached letter of 9 -13 -2013, from Keith Brinkman, in reference to the Plan's actuarial reports and compliance with the State's rules and regulations. Please review and I will place as an agenda item for our November 14th quarterly meeting. Thanks. Barb La Due Original Message From: Scanner [mailto:fax @compson.com] Sent: Monday, September 23, 2013 10:30 AM To: police and fire Subject: Send data from MFP07580425 09/23/2013 10:29 Scanned from MFP07580425 Date: 09/23/2013 10:29 Pages: 2 Resolution: 200x200 DPI 4 Below is an excerpt from Morningstar's "The State of City Pension Plans 2013" report. To obtain a copy of the full report, please click here. If you are a journalist, please contact Nadine Youssef at Nadine.Youssef @morningstar.com for a copy of the report. The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Rachel Barkley Municipal pension liabilities have gained prominence in recent years, representing a significant Municipal Credit Analyst +1 312696 -6256 financial challenge to governments Morningstar continues to address this Issue through Its ongoing rachel barkley@morningstar com pension research 12 November 2013 We previously concentrated on state pension plans, as they constitute many of the nation's largest plans and often cover local governments along with the state and Its related entities However, the nation's largest cities often maintain their own pension plans, separate from those administered by the states Key Takeaways Therefore, in order to bring further clarity to the pension burden facing these entities, we have analyzed • Pension funded levels and UAAL vary widely among cities the pension plans and liabilities for the 25 most populous U S cities • More than 30% of selected cities fat below Morningstars We believe the pension plans for these cities are of particular importance The selected cities tend fiscally sound threshold of a 70% funded ratio to administer their own pension plans, in which they are either the sole or majority employer • UAAL per capita is a major Overall, 22 of the largest 25 cities have the majority of their pension liabilities tied to single employer, Indicator, as it represents how much each resident would agent multiple- employer, or cost - sharing multi- employer (CSME) plans in which the city is the need to pay to fund the liability majority participant This means that the pension liability will have to be funded either solely or mainly and can vary compared with funded ratio by the city Large cities also tend to have greater autonomy in terms of pension benefits and, • Annual contributions should be in many cases, funding decisions analyzed as a percentage of the ARC as well as the percent- age of total spending Funding these plans can be a substantial burden to these governments, often accounting for a larger • Average contributions equal 12% of general fund spending portion of annual spending than debt service In rare cases, this has even led to municipalities filing levels for bankruptcy • Ongoing municipal bankruptcy proceedings may have wide - ranging impacts on government We also focus on the most populous 25 cities because of their role in the economy and the municipal bond pension plans market. These cities are economic centers regionally, and in some cases, nationally They are also • Upcoming GASB requirements will change pension standards large issuers of debt, with more than $132 billion of outstanding direct debt As pensions continue to be and accounting significantly a key driver of city credit quality, the fiscal health of pension plans for these 25 cities will be critical in the overall credit quality for a significant portion of the market. ©2013 Morningstar All rights reserved Morningstars Credit Research is produced and offered by Morningstar Inc which is not registered with the U S Securities and Exchange Comm stop as a Nationally MnRNIN6 S ., Recognized Statistical cal Rating Organization I "I The information contained herein Inc proprietary property of Morningstar and may not be reproduced in whale or in part or used in any manner without the prior written consent of Morningstar To order reprints call +1 312 696-6100 To license the research call +1 312 696 6869 From: Adam Levinson Sent: Thursday, November 14, 2013 10.51 AM To: Robert Klausner; Stuart Kaufman, Bonni Jensen (bonni @robertdklausner com), Paul Daragjati Subject: RE. NASRA News Clips - Morningstar Report on Municipal Plans All, I am contemplating bringing copies of the Morningstar report to board meetings. I may also entertain the idea of a quick client memo describing the report which focuses on the 25 largest cities (by population) Highlights include 1) Morningstar treats a 70% funded ratio as a fiscally sound threshold. More than 30% of selected cities fall below Morningstar's 70% threshold; 2) Approximately half of the cities evaluated in Morningstar's report contributed the full ARC. Of course in Florida the ARC is contributed every year; "Annual contributions in relation to the ARC is an essential factor in pension analysis, as it is the level of annual funding necessary for projected assets to meet projected liabilities over time. All else equal, failure to pay the full ARC, especially on a perennial basis, leads to a higher unfunded liability the city will need to manage. Only slightly greater than half of the top 25 cities funded the full ARC for fiscal 2012, which we find to be a troubling trend and potential red flag." 3) "Annual contributions should be analyzed as a percentage of the ARC as well as the percentage of total spending." 4) For fiscal 2012, pension contributions accounted for an average of 12% of general fund spending among the nation's largest cities 5) "Of greater concern is a city like Philadelphia, which has the trifecta of not fully funding the ARC coupled with a low funded ratio and a reasonably high portion of the budget consisting of pension payments." Adam Levinson Klausner, Kaufman, Jensen & Levinson 10059 N W 1st Court Plantation, FL 33324 ph (954) 916 -1202 fax (954) 916 -1232 Website www robertdklausner com Disclaimer This e -mail is intended only for the individuals) or entity(s) named within the message This e -mail might contain legally privileged and confidential information If you properly received this e-mail as a client or retained expert, please hold it in confidence to protect the attorney - client or work product privileges. Should the intended recipient forward or disclose this message to another person or party, that action could constitute a waiver of the attorney - client privilege If the reader of this message is not the intended recipient, or the agent responsible to deliver it to the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this communication is prohibited by the sender and to do so might constitute a violation of the Electronic Communications Privacy Act, 18 U S C section 2510 -2521 If this communication was received in error we apologize for the intrusion. Please notify us by reply e -mail and delete the original message. Nothing in this e -mail message shall, in and of itself, create an attorney - client relationship with the sender. IRS CIRCULAR 230 NOTICE To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law 1 From: Adam Levinson Sent: Wednesday, November 13, 2013 4:59 PM To: Robert Klausner; Stuart Kaufman; Bonni Jensen (bonni ©robertdklausner.com); Paul Daragjati Subject: FW: NASRA News Clips - Morningstar Report on Municipal Plans I expect that the recent Morningstar report on municipal plans may be worth a quick review: It appears that only a few dozen big plans were mentioned. I only saw one Florida plan on the list, Jacksonville. http: / /www.nasra.org /Files /Topical %20Reports / Credit% 20Effects /Morningstarcities1311.pdf Adam Levinson Klausner, Kaufman, Jensen & Levinson 10059 N W. 1st Court Plantation, FL 33324 ph (954) 916 -1202 fax (954) 916 -1232 Website www robertdklausner com 'hit • Disclaimer This e -mail is intended only for the individual(s) or entity(s) named within the message This e -mail might contain legally privileged and confidential information if you properly received this e -mail as a client or retained expert, please hold it in confidence to protect the attorney - client or work product privileges Should the intended recipient forward or disclose this message to another person or party, that action could constitute a waiver of the attorney - client privilege. If the reader of this message is not the intended recipient, or the agent responsible to deliver it to the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this communication is prohibited by the sender and to do so might constitute a violation of the Electronic Communications Privacy Act, 18 U S.0 section 2510 -2521 If this communication was received in error we apologize for the intrusion. Please notify us by reply e -mail and delete the original message Nothing in this e -mail message shall, in and of itself, create an attorney - client relationship with the sender 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: keith(anasra.orq [mailto:keith@nasra.org] Sent: Wednesday, November 13, 2013 11:17 AM To: Adam Levinson Subject: NASRA News Clips Improve the view (especially for a mobile device) Click here NASRA NASRA News Clips November 13, 2013 In the Media Federal Focus Review of Nevada PERS finds the plan is SEC names new chief to lead sound, provides multiple comparisons enforcement unit on municipal 2 with other public plans finance and public pensions An independent assessment of Nevada's public The [SEC] today announced the appointment of employee pension plan set for review Wednesday gives LeeAnn Ghazil Gaunt as chief of the Enforcement the retirement program good marks, suggesting its Division's Municipal Securities and Public unfunded liability will decline over the next 30 years, Pensions Unit . Prior to joining the SEC requiring lower taxpayer- backed contributions to keep enforcement staff, Ms. Gaunt was in private fiscally healthy From the report The report details practice in Boston .. She earned her bachelor's how NVPERS compares with other large public degree from Fairfield University and her law retirement systems in the United States. NVPERS' degree from the Northeastern University School of funded status, retirement eligibility, actuarial funding Law method, and discount rate are similar to the averages and medians of other large systems, showing that Read the press release NVPERS is akin to most other large systems in many ways NVPERS, however, is quite different and more Recent ruling by US Supreme Court conservative m other material ways. highlights importance of updating beneficiary form • Las Vegas Review - Journal The high court unanimously determined that a • Read the report decedent's failure to remove an ex- spouse from a beneficiary form for federal life insurance benefits overrides applicable state law that says a divorce Auditor of New, York state pension funds removes an ex- spouse as the beneficiary of a establishes fraud hotline decedent's various death benefits [The] hotline comes on the heels of letters sent last month by DFS Superintendent Ben Lawsky to alert the LifeHealthPro heads of the various multibillion- dollar public pension Federal government struggles funds, valued at some $350 billion, that he plans to flex his office's authority to audit them. The letters went to with Death Master File state Comptroller Tom DiNapoh, who oversees the Because of a jury - rigged and outdated system state's retirement fund, the trustees of the Teachers meant to track deaths, the government has trouble Retirement System and the New York City comptroller determining exactly which Americans are deceased... The task of tracking deaths for the Albany Times -Union federal bureaucracy is an enormous one, about 2 5 million Americans die each year Virginia Retirement System board considering managing assets of other Washington Post groups, including individuals Congress will consider allowing The board of trustees voted 7 -1 last month to allow VRS union pension funds to cut benefits to look for legislative sponsors of a draft bill to authorize the $59 billion retirement system to manage outside to remain solvent assets through a new subsidiary to generate additional A trade group representing union benefit plans revenue from its expandmg internal investment staff.. [has proposed] the formerly unthinkable. a bill m But the idea, known as Project Frontier, already has Congress to let distressed pension plans reduce come under the scrutiny of the assembly's watchdog benefits for all participants - even current retirees - agency, and has drawn fire from the longest - serving in order to prevent the plans from going under member of the VRS board, Edwin T Burton III, who cast the sole vote against the proposal Northwest Labor Press Richmond Times - Dispatch Studies & Reports Louisiana SERS finds lavoffs actually LASS unveils nctiv toolkit to comply have positive effect on plan's finances with Statement 67 "What we have actually seen is a positive financial GASB's pension plan toolkit assists pensions plans 3 impact upon LASERS," [said LASERS executive director in implementation on Statement No 67 Cindy Rougeou.] LASERS has about 45,000 retirees, Additional resources will be added as they people collecting pensions, and 46,000 active members, become available she said. "We actually have approximately 8,000 fewer members than we had last year," Rougeou said.... "What ▪ Access the toolkit were seeing are folks retiring earlier than they • GASB Implementation Resources @ anticipated." NASRA.org The Advocate (Baton Rouge) Morningstar publishes report on municipal pension plans Similar to Morningstar's annual report about the fiscal health of state pensions systems, the company's evaluation of city pension plans found great disparity in funding among the 25 most populous U S. cities, though U.S states are slightly better funded than cities on a median basis... Additional key conclusions from Morningstar's research report about city pension plans include .. Three cities have a funded ratio -the pension plan's assets divided by its liabilities -of more than 90 percent: Detroit, Mich., San Antonio, Texas, and Washington, D C. • Read the press release • Read the report Book praises Rhode Island state treasurer's pension reforms Released on Oct. 29, "The Third Rail: Confronting Our Pension Failures," was co- authored by Jim Leech, president and CEO of the Ontario Teachers' Pension Plan, and Globe and Mail business reporter Jacquie McNish. "This book was Jim's idea," McNish said m an email "He is about to retire at end of year and he wanted to write a book to inspire a more intelligent, better informed conversation and debate about the need to reform pensions to ensure long term sustainability Providence Journal Survey finds size matters in the future of private DB plans Larger DB sponsors were more inclined to have an open plan than their smaller counterparts Of those companies whose plans are still open, more than 70% say they expect to offer a DB plan to new employees five years from now, with sponsors of plans that have over $1 billion in assets more likely to keep their plans open Comparatively, more than one -third of respondents that sponsor a fully frozen DB plan today expect to terminate their DB plan within five years One out of six survey respondents expect that their DB plan will 4 be fully terminated by 2018. Towers Watson Job Postings No new listings For details on open positions, visit Careers @ NASRA.org National Association of State Retirement Administrators www.nasra.org 202.624.1419 EICL s,...., . c nst 'lt itact' This email was sent to adam(@robertdklausner.com by keithOnasra.orq Update Profile /Email Address 1 Instant removal with SafeUnsubscribeTM 1 Privacy Policy. NASRA 1 449 Lewis Hargett Circle 1 Suite 290 1 Lexington 1 KY 1 40503 -3590 5 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Rachel Barkley Municipal pension liabilities have gained prominence in recent years, representing a significant Municipal Credit Analyst +1 312696 -6256 financial challenge to governments Morningstar continues to address this Issue through its ongoing rachel barkley@morningstar com pension research. 12 November 2013 We previously concentrated on state pension plans, as they constitute many of the nation's largest plans and often cover local governments along with the state and its related entities However, the nation's largest cities often maintain their own pension plans, separate from those administered by the states Key Takeaways Therefore, in order to bring further clarity to the pension burden facing these entities, we have analyzed • Pension funded levels and UAAL vary widely among titles the pension plans and liabilities for the 25 most populous U S cities ► More than 30% of selected cities fall below M°`ningstars W believe the pension plans for these cities are of particular importance The selected cities tend fiscally sound threshold of a 70% funded ratio to administer their own pension plans, in which they are either the sole or majority employer • UAAL per capita is a maior Overall, 22 of the largest 25 cities have the majority of their pension liabilities tied to single employer, indicator, as it represents how much each resident would agent multiple- employer, or cost - sharing multi- employer (CSME) plans in which the city is the need to pay to fund the liability majority participant This means that the pension liability will have to be funded either solely or mainly and can vary compared with funded ratio by the city Large cities also tend to have greater autonomy in terms of pension benefits and, • Annual contributions should be in many cases, funding decisions analyzed as a percentage of the ARC as well as the percent- age of total spending Funding these plans can be a substantial burden to these governments, often accounting for a larger • Average contributions equal 12% of general fund spending portion of annual spending than debt service In rare cases, this has even led to municipalities filing levels for bankruptcy • Ongoing municipal bankruptcy proceedings may have wide - ranging impacts on governmert We also focus on the most populous 25 cities because of their role in the economy and the municipal bond pension plans market These cities are economic centers regionally, and in some cases, nationally They are also • Upcoming GASB requirements will change pension standards large issuers of debt, with more than $132 billion of outstanding direct debt As pensions continue to be and accounting significantly a key driver of city credit quality, the fiscal health of pension plans for these 25 cities will be critical in the overall credit quality for a significant portion of the market Recognized n M All tints reserved Morningstar i c produced and offered by Morningstar Inc which is may not not renday 101 the U Securities and Exchange Commission as a Nationally wih mnRNINosTAR Aecogmzed Statistical Rating Organization intonation i"NPSRO ") The on containeined herein is the proprietary property of Marnmgslar and may be reproduced w duced in whale or in parr rt or r used used in any manner r without the prior written consent of Morningstar To older reprints c a l l - , 1 312 696-6100 To license the research call +1 312 696.6669 2 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Overview While some cities are adequately managing their aggregate pension liabilities, many municipal pension systems are coming under duress The fiscal solvency and management of these plans vary greatly, according to two key drivers of Morningstar's pension analysis the funded ratio and the unfunded actuarial accrued liability lUAAL, or unfunded liability) per capita The funded ratio, which is calculated by dividing the pension plan's assets by its liabilities, serves as a good measure of the plan's ability to meet its obligations In addition, Morningstar would like to highlight the UAAL per capita, which in our opinion is a useful metric not commonly applied to current pension analysis Similar to the debt per capita calculation in municipal credit analysis, the UAAL per capita represents the amount each person in the city would need to pay to fully fund this liability For the funded ratio and UAAL calculations, we looked at all defined - benefit plans in which the city contributes that are either single employer, agent multi- employer, or cost - sharing multi- employer plans in which the city is the majority participant Indianapolis, Columbus, and Charlotte have been excluded from the funded ratio and UAAL portion of this analysis because the majority of their annual pension contributions are to state CSME plans We do note that other cities have a portion of their pension liabilities included under CSME plans, although to a lesser extent All cities and plans are included in the contributions portion of analysis In aggregate, the cities' pensions are 66 4% funded, with an unfunded liability of $3,776 per capita However, the median ratios are markedly better, at 76 0% and $1,556 unfunded liability per capita Some of the largest cities, most notably New York City and Chicago, are poorly funded, with large unfunded liabilities, skewing the overall data. For comparison, Morningstar's most recent data, found in our recent report, State of the State Pension Plans 2013, shows state pension plans currently have an aggregate funded level of 72 6 %, with a UAAL per capita of roughly $2,600 Funded percentages and UAAL per capita vary dramatically among the cities Three cities have funded levels of more than 90 %, and eight have UAAL per capita of less than $1,000 Washington, 0 C , is the strongest among the selected cities, with its pension plans funded at over 100 %, leading to a negative unfunded liability Seven cities have funded ratios of at least 80 %, which is considered to be strong by Morningstar and recommended by the Government Finance Officers Association On the other side of the spectrum, seven cities fall below Morningstar's fiscally sound threshold of a 70% funded ratio Long - Term Liabilities The cities featured in this analysis have more than $125 billion in unfunded liabilities, which is slightly less than their amount of direct debt outstanding This is important because pensions are considered under the debt and long -term liabilities analysis of a credit, which accounts for one of Morningstar's four MCRNINSTI\B 3 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses pillars that drive the assessment for all sectors under U S public finance By including the unfunded pension liability when looking at total long -term liabilities for these governments, the burden for many increases dramatically However, we would like to point out that pensions are considered to be a "soft liability " Unlike bond payments, which are considered to be hard liabilities with set payment schedules, future pension liabilities can be affected by many variables, including investment returns, future funding decisions, retirement and death rates, as well as pension reforms In short, pension liabilities and funded ratios are estimates based on a set of assumptions that can vary widely among plans, and the debate as to what the "right" assumptions are is far from over Annual Budgetary Pressures When looking at a city's annual pension contributions, we want to focus on a few areas Are they fully funding the annually required contribution, or ARC, is the contribution escalating rapidly, and Is the pension cost pressuring the government's financial profile? Annual contributions in relation to the ARC is an essential factor in pension analysis, as it is the level of annual funding necessary for projected assets to meet projected liabilities over time All else equal, failure to pay the full ARC, especially on a perennial basis, leads to a higher unfunded liability the city will need to manage Only slightly greater than half of the top 25 cities funded the full ARC for fiscal 2012, which we find to be a troubling trend and potential red flag While contributions as a percentage of the ARC is important in determining a pension plan's long -term fiscal health, the entity's current fiscal position also may be affected by Its contributions In the wake of the recent recession, local governments are balancing funding basic services and employee benefits in a constrained revenue environment Investment losses during the recession have often forced localities to Increase their annual pension spending significantly in order to keep pace with expanding liabilities In some cases, this has become a notable budgetary pressure, limiting the city's overall financial flexibility For this report, we compared city pension contributions to overall spending, including expenditures and transfers out, in each city's general fund As the general fund serves as the major operating fund for each city, it allows an apples -to- apples comparison However, a portion of pension contributions are paid out of other funds to varying degrees When possible, we Included only pension costs that could be attributed to governmental funds, excluding contributions from enterprise funds For fiscal 2012, pension contributions accounted for an average of 12% of general fund spending among the nation's largest cities Much like other aspects of pension analysis, there is a wide range among cities for budgetary pressure stemming from pensions Annual pension contributions account for less than MCRWINO3TAR R 1 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses 10% of spending for nine cities, led by Memphis, Tenn , and Washington, D C , at 3 1% and 3 8 %, respectively San Jose, Calif , and San Diego each made fiscal 2012 pension contributions equal to at least 20% of general fund spending, with San Jose's contributions equal to an exceptionally high 29 7% Annual pension contributions for cities can be influenced by a number of factors Washington, D C 's low percentage of spending can be tied back to the system's high funded levels However, in other circum- stances, annual pension contributions are not determined by actuarially determined contribution rates but by legal statutes or political decisions Philadelphia's pension contributions in recent years have been below the annual required contribution level, weakening the already - below- average funded levels The city deferred $150 million of pension payments in fiscal 2010 and $80 million in fiscal 2011, in accordance with Pennsylvania's Act 44 These deferrals are required to be paid back by fiscal 2014 Employer contribu- tions for fiscal 2012 accounted for 77% of the annual pension cost, yet still were equal to a high 15 5% of spending Chicago contributed an amount equal to 14 2% of general fund spending for fiscal 2012 despite having a funded ratio of only 35% The city annually contributes its legally required amount, as determined by state statute Unfortunately, this is web below the actuarially determined annual required contribution, which has contributed to the city's low funded level While San Diego and San Jose are experiencing a greater degree of fiscal constraint currently because of high pension contributions, they are each contributing the full ARC While their current funding decisions may lead to budgetary pressure now, it will likely put them in a better position in future years than if they had not funded the ARC Each city has also passed pension reforms recently, as discussed later in the report Of greater concern is a city like Philadelphia, which has the trifecta of not fully funding the ARC coupled with a low funded ratio and a reasonably high portion of the budget consisting of pension payments Pension Reform Much like what we've seen with states, many local governments have also implemented some level of pension reforms in recent years to lessen their liabilities The majority of these changes have been mandated increases or implementation of employee contributions, adjusted formula calculations, and extended vesting periods Changes typically apply to new hires but may also apply to current employees Pension benefits are generally protected by the contract clause under the U S Constitution Forty -eight I Munnell Aliaiaetal LegalCenstramts states have additional protections in their provided under their respective state constitutions', which can on Changes in State and Local Pensions Banter for Bet Augu Research vary between protecting benefits expected at the time of employment to ment to applying I in onl to benefits Boston College a�9n5t zo,z Y P 9 P P Y PP Y 9 Y accrued before the passage of pension reforms These provisions can have a substantial impact on an entity's ability to pass pension reforms Some cities have been proactive, historically enacting moderate reforms periodically Most notably, New York City has implemented multiple rounds of pension reforms through the creation of additional tiers MCRNIW8TR 5 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Members are assigned to one of six tiers based on date of enrollment and service designation The latest tier, tier 6, was created in 2012 for employees who establish membership on or after April 1, 2012 Other cities, such as San Jose and San Diego, have attempted reforms less frequently but have made more significant changes In San Jose, Measure B was approved in June 2012 The plan allowed current employees to switch to a lower pension benefit or to make greater contributions to the current plan New employees would automatically be enrolled in the new lower -cost plan Implementing the reforms has been delayed because of an ongoing lawsuit by the city's unions, which claim the initiative impairs the workers' rights as protected by the California Constitution as well as the unions' collective bargaining agreements San Diego voters approved pension reform Initiative Proposition B through a June 2012 referendum New employees would be enrolled in a defined- contribution pension plan, with the exception of police officers Additionally, the city charter would be revised to eliminate a provision requiring a majority vote of city employees in order for retirement benefits to be modified Much like in San Jose, the Initiative is being challenged in court by several of the city's labor organiza- tions as well as the California Public Employment Relations Board However, unlike in San Jose, the San Diego Superior Court has ruled that the city can begin to implement the pension reforms while the case is litigated The city has come to an interim agreement on the defined - contribution plan with its labor unions that has been approved by City Council Final details of the plan will depend on the resolution of this litigation Potential Effects of Municipal Bankruptcies Municipal bankruptcies, while still quite rare for local governments, have been in the news in the past few years as local governments such as Jefferson County, Ala , and the cities of Stockton and San Bernardino, Calif , and Detroit have filed for Chapter 9 bankruptcy protection Of the municipal bankruptcy filings, Morningstar believes the cases of San Bernardino and Detroit especially may have significant impacts on their pension plans as well as on pension liabilities on a national level Detroit offers pension benefits through two single- employer plans As part of the bankruptcy proceedings, the city's emergency manager has proposed a plan that would exchange roughly $11 billion of the city's $19 billion in debt and liabilities for $2 billion of limited- recourse notes on a pro rata basis Included in the $11 billion to be exchanged is the manager's estimated $3 5 billion of unfunded pension liabilities Pension beneficiaries are challenging this plan as being unconstitutional In Michigan, pension benefits are protected by the state constitution, which states that these pension benefits repre- sent contractual obligations that are not allowed to be impaired or diminished By offering retirees pennies on the dollar for their pension benefits, this seems to be a clear case of impairment It remains unclear how this state constitutional protection will be viewed in a federal bankruptcy court, however The big question here —and what could have far - reaching effects on pension plans across the nation — is whether a federal judge can override a state constitution during the bankruptcy process M(RWIMSTAR R R The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses For employees of San Bernardino, pension benefits are provided through California Public Employees' Retirement System, or CaIPERS, a cost - sharing multiple- employer plan San Bernardino has missed approximately $13 million of its required contributions to the plan since it declared bankruptcy, which it may not make up and would therefore be considered an impairment to CaIPERS Similar to Detroit, California pensions are also protected by the state constitution and statute According to the National Conference on Public Employee Retirement Systems, California case law has found that "a public employee's pension constitutes an element of compensation, and a vested contractual right to pension benefits accrues upon acceptance of employment Such a pension right may not be destroyed, once 2 National Conference onRutakEmployee vested, without impairing a contractual obligation of the employing public entity " San Bernardino is the Retirement Systems State Constitutional Protections for Public Sector Retirement Benefits 2007 only city payments cit to have ever halted a ments to the fund Stockton, which is also undergoing bankruptcy proceedings, has continued to make timely and full payments to CaIPERS during the process CaIPERS has filed an objection to San Bernardino's bankruptcy filing, which is currently being litigated The bankruptcies of Detroit and San Bernardino have potentially far - reaching implications on how pension liabilities and state protection of benefits are viewed in bankruptcy proceedings If they are successful in trimming these liabilities, other entities that cannot afford to support operations, debt payments, and retiree costs at the same time may look to emulate their actions Red Flags The upside for investors is that, with the exception of sweeping plan changes, the fiscal health of pension plans tends to shift gradually over time Pressured plans can often be identified years before substantial stress is placed on the applicable government Investors should look for red flags that Indicate the solvency of a pension plan is deteriorating Potential red flags include a substantial unfunded pension liability, a low and /or declining funded ratio, a high UAAL per capita, annual contributions less than the ARC, rapid increases in annual contributions, and pension costs accounting for a significant portion of general government spending What to Watch For On a national level, upcoming regulatory changes are expected to shake up pension reporting and accounting dramatically The Governmental Accounting Standards Board (GASB), which establishes government accounting standards, approved new accounting and reporting standards for state and local government pension plans in June 2012, with the goal of improving the accounting and financial reporting for affected plans GASB standards are nonbinding, but compliance is required to receive a clean audit The new pension standards become effective in fiscal years beginning after June 15, 2013, and for employers in fiscal years beginning after June 15, 2014 While it will be a few years until all applicable governments fully incorporate these standards, some states are likely to move toward early adoption and compliance M(RW1W03TR2 7 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Overall, the new standards aim to focus pension disclosure on liabilities as opposed to the annual required contribution For defined - benefit plans, disclosure of the ARC will no longer be required Instead, annual change in the net pension liability (NPL) will serve as the primary pension expense reported Analysts will need to judge movement of the NPL to determine whether an entity is making adequate contributions to the plan Defined - benefit plans will be required to report the NPL on their balance sheets In many cases, this will cause a drastic change in the balance sheet presentation, particularly in terms of total liabilities This number is expected to be relatively volatile, as asset smoothing won't be allowed for accounting purposes The NPL will be measured at market value, with annual changes immediately recognized Despite its expected volatility, the implementation of the NPL will allow investors and constituents to gain a clearer picture of actual projected liabilities Cost - sharing multiemployer plan participants will record a liability and expense equal to their propor- tionate share of the total plan liability and expenses, allowing analysts to accurately incorporate pension liabilities into analysis of credits that participate in a CSME plan This is particularly important for cities that may not be able to identify their pension liability under the current accounting system Additionally, the GASB regulations change allowable accounting methods, which will create a disconnect between pension funding and accounting while leading to greater volatility for pension accounting The impending change expected to have the greatest impact will be the prohibition on using smoothing methods for accounting, although it will still be allowed for funding purposes The discount rate of liabilities will change for accounting purposes but will remain unchanged for funding calculations For accounting purposes, the allowable assumed discount rate will depend on whether the plan's net position is projected to be sufficient to pay benefits of current employees and retirees If that condition is met, the regular discount rate may be used An index rate on tax - exempt 20 -year municipal bonds rated AA or higher will be used to the extent that projected assets are not anticipated to meet projected liabilities Morningstar contends that this additional pension disclosure, especially the disclosure of individual government liabilities, will be positive for the municipal market as a whole However, the change in accounting standards is expected to lower the overall funded levels A recent report by the Center for Retirement Research at Boston College indicates that the aggregate funded level for the sampled 3 Mennen Alicia et al Legal Constraints 126 large pension plans across the country would decline from 73% to a low 60 % as a result of the new on Changes in State and Local Pensions Center ter l enrementtese 2 at accounting methodology This decline in funding, coupled with the emphasis on the NPL, is like) Boston College August 2012 9 9Y g p p Y to increase the debate regarding pension benefits and their impact on governments MCANINGSTAR ' 8 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Parting Thoughts Morningstar believes pensions will play an integral role in determining a city's fiscal health and overall credit quality The fiscal health of city pension plans varies drastically, and we expect this differentiation to continue The main driver of long -term pension health for each city will, in our opinion, be driven by its management practices Entities that fully fund their ARC, actively seek to manage pension liabilities, and periodically review their actuarial assumptions and Investment portfolio are likely to maintain adequate pension funded levels in the long run Governments' treatment of pension funding and benefits in times of positive market returns and overall economic growth will also be a key Indicator of whether plans will experience significant stress in future recessions IJII Please see the attached appendixes, which discuss our methodology for the research, include a glossary of terms, and provide the data used for our analysis. 12 Methodology 12 -13 Glossary 13 -20 Aggregate Pension Data by City 20 -36 Individual Pension Plan Data by City MflRNINt8TAR 9 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Methodology Data for this analysis was gathered from publicly available plans have a new actuarial valuation on an annual basis, government comprehensive annual financial reports some plans are revalued every two years For cities ( CAFRs), pension plan CAFRs, and actuarial valuations that had a combination of plans that were revalued The most recent available data was used from the annually and biannually, the biannual plan data points available sources Since pension data reported in city were held constant from the year prior in nonvaluation CAFRs is often dated, current actuarial reports were used, years when available In certain instances, phone calls were made to specific cities and /or plans to clarify data. Aggregate data for funded ratios, liability, and UAAL per capita was compiled for defined- benefit plans, or those that have a defined- benefit component, to which the city contributes and /or is legally liable for benefits While most Glossary Actuarial Accrued Liability (AAL) Cost Sharing Multiple Employer Plan (CSME) The present value of future benefits earned by employees In CSME plans, the participating employers pool their to date obligations and assets Assets of the plan can be used to pay pension obligations of any participating employer Actuarial Cost Method The actuarial cost method is the process used by the Defined Benefit Plan (DB) actuary to allocate the projected liabilities of the For defined- benefit (DB) plans, pension payments plan to prior years (the actuarial accrued liability), the operate as an annuity, with each employee entitled to a current year (the normal cost), and future years specific annual payment based on a benefit formula These formulas generally Incorporate years of service, Actuarial Value of Assets (AVA) salary, and a multiplier variable Specific benefit The actuarial value of the plan's assets This amount formulas vary among plans and often within plans, Incorporates investment gains and losses dependent upon dependent on an employee's start date and /or employee the asset valuation method classification (public safety, general, management, and so on) Defined - benefit payments can either be Agent Multiple Employer Plan constant for the life of the payment, adjusted annually for In agent multiemployer plans, assets are pooled but cost of living, or adjusted occasionally for cost of legally restricted to pay pension obligations of their living increases as seen fit by the overseeing party specific employer The government is responsible for funding this liability no matter what return it achieves on its investments Annual Required Contribution (ARC) The ARC is determined by the actuary during the valuation Defined Contribution Plan (DC) of the plan and equals the amount that would need to be Defined - contribution plans are similar to 401 ks found in the paid during the current fiscal year to fund benefits earned private sector The government is obligated to contribute in that year (the normal cost) plus a portion of any a certain amount annually until retirement, while the unfunded liability from past years actual benefit is subject to market returns The government has no liability to make up for investment losses Asset Valuation Method The actuarial value of the plan recognizes gains and losses in the market value of plan assets dependent on the asset valuation method M(RNIWI33TAR a 0 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Entry Age Normal Actuarial Cost Method Net Pension Liability (NPL) This allocates the cost of benefits from the time an The NPL is the total pension liability (actuarially deter - employee is hired (the entry age) to the date of mined present value of future benefits that are due to work expected retirement either as a level dollar amount or already completed by plan participants) less the plan as a percentage of payroll net position (plan assets set aside in a trust or restricted for benefit payments) Funded Ratio The percentage of the AAL that is currently funded through Smoothing Method of Asset Valuation the AVA This is calculated by dividing AVA by the UAAL Smoothing incorporates any deviation between expected returns and actual results over a period of years Market Value Method of Asset Valuation Assuming a five -year smoothing period, which is common, Under the market value method, plans recognize the 20% of any variation between expected and actual full amount of actual gains or losses at the end of each results for a given year would be incorporated into the AVA fiscal year for each of the next five years Unfunded Actuarial Accrued Liability The difference between the AVA and the AAL Aggregate Pension Data by City Actuarial Actuarial UAAL Funded UAAL City Annual Pension Net Assets Accrued $000s Ratio Per Contributions Contributions as Outstanding $000s Liability % Capita (2012) % of Spending Direct Debt $000s SDC0s New York NY 105,268,700 175,116,000 69,847,300 60 1 8,472 7,529,600 11 3 77,318,459 Los Angeles CA 24,186,873 31,424,873 7,238,000 77 0 1,895 630,133 14 3 3,242,870 Chicago IL 10,531,448 29,883,531 19,352,083 35 2 7,149 440,120 14 2 7,939,682 Houston TX 9,269,200 11,836,600 2,567,400 78 3 1,196 225,704 11 7 3,513,299 Philadelphia PA 4,716,793 9,799,852 5,083,059 48 1 3,308 539,500 15 5 4,132,800 Phoenix AZ 3,784,429 6,207,954 2,423,525 61 0 1,649 196,220 19 3 2,321,945 San Antonio TX 3,362,269 3,700,138 337,869 90 9 248 98,560 10 6 1,940,298 San Diego CA 4,739,399 6,917,175 2,177,776 68 5 1,642 232,847 20 0 606,573 Dallas TX 6,317,000 7,997,000 1,680,000 79 0 1,373 132,892 13 5 1,600,107 San Jose CA 4,474,381 5,966,234 1,491,853 75 0 1,542 208,091 29 7 1,284,371 Austin TX 2,996,159 4,285,202 1,289,043 69 9 1,571 116,208 16 2 1,017,965 Jacksonville FL 2,727,437 4,868,158 2,140,721 56 0 2,586 149,564 15 8 2,477,974 Indianapolis IN NA NA NA NA NA 33,603 5 6 1,108,060 M(RW1W3TAR a „ _ _ _ _ 11 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Actuarial Actuarial UAAL Funded UAAL City Annual Pension Net Assets Accrued $000s Ratio Per Contributions Contributions as Outstanding $000s Liability % Capita (2012) % of Spending Direct Debt $000s $000s San Francisco CA 17,056,308 19,385,914 2,329,606 88 0 2,866 434,685 13 8 2,347,922 Columbus OH NA NA NA NA NA 127,006 17 4 1,113,822 Fort Worth TX 1,869,700 2,617,900 748,200 71 4 986 65,573 11 9 857,228 Charlotte NC NA NA NA NA NA 32,697 6 1 1,332,703 Detroit MI 6,885,056 7,528,810 643,754 91 4 911 68,075 5 5 2,546,251 El Paso TX 1,639,281 2,128,857 489,576 77 0 736 29,234 6 8 873,776 Memphis TN 1,867,934 2,509,930 206,479 73 8 317 20,107 3 1 1,286,229 Boston MA 4,592,675 7,382,907 2,790,232 62 2 4,465 123,600 5 0 1,143,608 Seattle WA 1,968,923 3,109,369 1,140,446 79 6 1,837 82,220 8 3 911,961 Denver CO 1,946,844 2,386,530 439,686 81 6 709 62,621 6 8 1,370,763 Washington DC 5,390,479 5,137,525 — 252,954 104 9 —409 239,419 3 8 8,128,799 Nashville TN 2,260,720 2,794,556 533,836 80 9 876 115,157 141 2,045,529 Aggregate 227,852,008 352,985,014 125,133,007 64.6 3,776 11,933,436 12.0 132,462,994 MCRNJNG8TAft 12 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Individual Pension Plan Data by City Plans Most City Role Benefit Plan Actuarial Actuarial UAAL Funded UAAL City % City Recent Type Structure Assets Accrued $000s Ratio Per Contributions Spending Actuarial $000s Liability % Capita (2012) Valuation $000s New York NY 105,268,700 175,116,000 69,847,300 60.1 8,472 7,529,600 11 3 New York City 06/2010 Administrator/ Defined CSME 40,433,300 62,935,300 22,502,000 64 2 1,668,000 Employees' (Lag) Contributor Benefit Retirement System New York City 06/2010 Administrator/ Defined CSME 32,477,500 55,138,400 22,660,900 58 9 1,320,400 Teachers' Retirement (Lag) Contributor Benefit System New York Board of 06/2010 Administrator/ Defined CSME 2,056,500 3,558,300 1,501,800 57 8 1,205,600 Education Retirement (Lag) Contributor Benefit System - Qualified Pension Plan New York Police 06/2010 Administrator/ Defined Single 22,908,700 38,134,400 15,225,700 60 1 2,358,700 Pension Fund (Lag) Contributor Benefit Employer New York Fire 06/2010 Administrator/ Defined Single 7,392,700 15,349,600 7,956,900 48 2 976,900 Department Pension (Lag) Contributor Benefit Employer Fund Los Angeles CA 24,186,873 31,424,873 7,238,000 77 0 1,895 630,133 14.3 Fire and Police 06/2012 Administrator/ Defined Single 14,251,914 17,030,914 2,779,000 83 7 321,593 Pension Plan Contributor Benefit Employer Los Angeles City 06/2012 Administrator/ Defined Single 9,934,959 14,393,959 4,459,000 69 0 308,540 Employees Contributor Benefit Employer Retirement Plan Water and Power 06/2012 Administrator/ Defined Single 7,573,886 9,692,603 2,118,717 781 326,200 Employees' Contributor Benefit Employer Retirement' hPE clan not ncluded in .,i.y totals as it supports enterprise workers MCRNIWtSTR° 13 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Plans Most City Role Benefit Plan Actuarial Actuarial UAAL Funded UAAL City a/o City Recent Type Structure Assets Accrued $000s Ratio Per Contributions Spending Actuarial $000s Liability % Capita (2012) Valuation $000s Chicago IL 10,531,448 29,883,531 19,352,083 35.2 7,149 440,120 14.2 Municipal 12/2012 Administrator/ Defined Single 5,073,320 13,475,377 8,402,057 37 6 148,859 Employees' Plan Contributor Benefit Employer Laborers' and 12/2012 Administrator/ Defined Single 1,315,914 2,336,189 1,020,275 56 3 11,853 Retirement Board Contributor Benefit Employer Employees' Plan Policemen's Plan 12/2012 Administrator/ Defined Single 3,148,930 10,051,827 6,902,897 31 3 197,886 Contributor Benefit Employer Firemen's Annuity 12/2012 Administrator/ Defined Single 993,284 4,020,138 3,026,854 24 7 81,522 and Benefit Funds Contributor Benefit Employer of Chicago Houston TX 9,269,200 11,836,600 2,567,400 78.3 1,196 225,704 11.7 Houston Firefighters' 07/2011 Administrator/ Defined Single 3,222,300 3,558,200 335,900 90 6 61,204 Pension System Contributor Benefit Employer Houston Municipal 07/2011 Administrator/ Defined Single 2,328,800 3,790,300 1,461,500 61 4 98,500 Pension System Contributor Benefit Employer Houston Police 07/2011 Administrator/ Defined Single 3,718,100 4,488,100 770,000 82 8 66,000 Officers' Pension Contributor Benefit Employer System Philadelphia PA 4,716,793 9,799,852 5,083,059 48.1 3,308 539,500 15.5 Municipal Pension 07/2012 Administrator/ Defined Single 4,716,793 9,799,852 5,083,059 48 1 539,500 Plan Contributor Benefit Employer MCDNIND8TAR 14 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Plans Most City Role Benefit Plan Actuarial Actuarial UAAL Funded UAAL City 0 /0 City Recent Type Structure Assets Accrued S0o0s Ratio Per Contributions Spending Actuarial $000s Liability % Capita (2012) Valuation $000s Phoenix AZ 3,784,429 6,207,954 2,423,525 61 0 1,649 196,220 19 3 City of Phoenix 06/2012 Administrator/ Defined Single 1,827,528 2,939,374 1,111,846 62 2 106,483 Employees Contributor Benefit Employer Retirement Plan Arizona Public Safety 06/2012 Contributor Defined Agent 1,956,901 3,268,580 1,311,679 59 9 89,567 Personnel Retirement Benefit Multi- System Employer Elected Officials' 06/2012 Contributor Defined CSME 356,346 610,229 253,883 58 4 170 Retirement Plan of Benefit Arizona San Antonio TX 3,362,269 3,700,138 337,869 90.9 248 98,560 10 6 Fire and Police 10/2011 Administrator/ Defined Single 2,330,520 2,573,262 242,742 90 6 70,389 Pension Plan Contributor Benefit Employer Texas Municipal 12/2011 Contributor Non- Agent 1,031,749 1,126,876 95,127 91 6 28,171 Retirement System traditional Multi - Hybrid Employer Defined Benefit San Diego CA 4,739,399 6,917,175 2,177,776 68 5 1,642 232,847 20 0 San Diego City 06/2011 Administrator/ Defined Single 4,739,399 6,917,175 2,177,776 68 5 232,828 Employees" Contributor Benefit Employer Retirement System Supplemental NA Defined Single NA NA NA NA 191 Pension Savings Han Contribution Employer 401a NA Defined Single NA NA NA NA 0 2 Contribution Employer 401'/ NA Defined Single NA NA NA NA 0 Contribution Employer MCRNINI8TR' 15 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Plans Most City Role Benefit Plan Actuarial Actuarial UAAL Funded UAAL City °A° City Recent Type Structure Assets Accrued $000s Ratio Per Contributions Spending Actuarial $000s Liability °1° Capita 129121 Valuation $000s Dallas TX 6,317,000 7,997,000 1,680,000 79.0 1,373 132,892 13 5 Employees' 12/2011 Administrator/ Defined Single 2,917,000 3,392,000 475,000 86 0 28,917 Retirement Fund Contributor Benefit Employer Dallas Police and 01/2012 Administrator/ Defined Single 3,379,000 4,569,000 1,190,000 74 0 102,431 Fire Pension System Contributor Benefit Employer Supplemental Police 01/2012 Administrator/ Defined Single 21,000 36,000 15,000 58 3 1,544 and Fire Pension Plan Contributor Benefit Employer San Jose CA 4,474,381 5,966,234 1,491,853 75 0 1,542 208,091 29.7 Police and Fire 06/2011 Administrator/ Defined Single 2,685,721 3,196,007 510,286 84 0 121,009 Department Contributor Benefit Employer Retirement Plan Federated City 06/2011 Administrator/ Defined Single 1,788,660 2,770,227 981,567 64 6 87,082 Employees' Contributor Benefit Employer Retirement System Austin TX 2,996,159 4,285,202 1,289,043 69.9 1,571 116,208 16.2 City of Austin 12/2011 Administrator/ Defined Single 1,790,900 2,723,800 932,900 65 8 72,772 Employees' Contributor Benefit Employer Retirement and Pension Fund City of Austin Police 12/2011 Administrator/ Defined Single 553,702 815,259 261,557 67 9 27,809 Officers' Retirement Contributor Benefit Employer and Pension Fund Fire Fighters' Relief 12/2011 Administrator/ Defined Single 651,557 746,143 94,586 87 3 15,627 and Retirement Fund Contributor Benefit Employer of Austin, Texas M(RN(WO8TARt 16 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Plans Most City Role Benefit Plan Actuarial Actuarial UAAL Funded UAAL City % City Recent Type Structure Assets Accrued $000s Ratio Per Contributions Spending Actuarial $000s Liability % Capita (20121 Valuation $000s Jacksonville FL 2,727,437 4,868,158 2,140,721 56.0 2,586 149,564 15 8 City of Jacksonville 09/2011 Administrator/ Defined CSME 1,685,196 2,440,960 755,764 69 0 58,965 Retirement System Contributor Benefit and Defined Contribution Police and Fire 10/2011 Administrator/ Defined Single 1,042,241 2,427,198 1,384,957 42 9 90,278 Pension Plan Contributor Benefit Employer Honda Retirement 07/2012 Contributor Defined CSME 148,049,596 20,157,815 86 4 321 System' Benefit and Defined Contribution Indianapolis IN NA NA NA NA NA 33,603 56% Police and NA Contributor Defined CSME NA NA NA NA 30,593 Firefighters' Benefit Statutory PIan Police and 01/2012 Administrator/ Defined Single 0 NA NA NA NA Firefighters' Contributor Benefit Employer Pre -1977 Plans Public Employees' 06/2012 Contributor Defined Agent 66,005 135,810 69,805 48 6 3,010 Retirement Fund Benefit Multi- of Indiana Employer San Francisco CA 17,056,308 19,385,914 2,329,606 88 0 2,866 434,685 13 8 Employees' 07/2011 Administrator/ Defined CSME 16,313,120 18,598,728 2,285,608 87 7 410,797 Retirement System Contributor Benefit CaIPERS Public 06/2010 Contributor Defined Agent 743,188 787,186 43,998 944 23,888 Safety Benefit Multi - Employer 2 Not incivaeo in city tctais as less than 1 % of city employees are members 3 Not included in coy totals 'or hab6t0 as t is a state plan covering multiple entities MflRWINI3STAR0 17 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Plans Most City Role Benefit Plan Actuarial Actuarial UAAL Funded UAAL City % City Recent Type Structure Assets Accrued $000s Ratio Per Contributions Spending Actuarial $000s Liability % Capita (2012) Valuation $000s Columbus OH NA NA NA NA NA 127,006 17 4 Ohio Police and Fire 12/2011 Contributor Defined CSME 65,436,000 84,530,000 19,094,000 77 4 72,608 Pension Fund Benefit and Defined Contribution Ohio Public 01/2012 Contributor Defined CSME 10,308,959 16,346,699 6,037,740 63 1 54,398 Employees Benefit Retirement System Fort Worth TX 1,869,700 2,617,900 748,200 71.4 986 65,573 11 9 Employees' 01/2012 Administrator/ Defined Single 1,869,700 2,617,900 748,200 714 65,573 Retirement Plan Contributor Benefit Employer of the City of Fort Worth Charlotte NC NA NA NA NA NA 32,697 6.13 North Carolina Local 12/2011 Contributor Defined CSME 19,326,359 19,373,800 47,440 99 8 21,400 Governmental Benefit Employees' Retirement System' Charlotte Flrfighters' 07/2012 Administrator/ Defined Single 367,183 431,942 64,759 85 0 7,720 Retirement System Contnbutor Benefit Employer Law Enforcement 12/2011 Administrator/ Defined Single 0 58,552 58,552 0 0 3,577 Officers' Contributor Benefit Employer Seperatation Allowance Detroit MI 6,885,056 7,528,810 643,754 914 911 68,075 5.5 General Retirement 06/2010 Administrator/ Defined Single 3,080,296 3,720,167 639,871 82 8 18,315 Systems Contributor Benefit Employer Police and Fire 06/2010 Administrator/ Defined Single 3,804,760 3,808,643 3,883 99 9 49,760 Retirement System Contributor Benefit Employer 4 Not included in wry totals for liability as 1 is a state plan covering multiple entities 5 Total city contribution to GRS for fiscal 7017 was higher at $64 1 million although the ddfetpnce is paid by Pnterpnse systems and not mcluded for this analysis MCRN(N8TARa 18 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Plans Most City Role Benefit Plan Actuarial Actuarial UAAL Funded UAAL City 0 /0 City Recent Type Structure Assets Accrued $000s Ratio Per Contributions Spending Actuarial $000s Liability % Capita (2012) Valuation $000s El Paso TX 1,639281 2,128,857 489,576 77.0 736 29,234 6.8 City Employees' 08/2012 Administrator/ Defined Single 581,725 788,204 206,479 73 8 19,078 Pension Fund Contributor Benefit Employer Firemen and 08/2012 Administrator/ Defined Single 1,057,556 1,340,653 283,097 78 9 10,156 Policemen's Pension Contributor Benefit Employer Funds Memphis TN 1,867,934 2,509,930 206,479 73 8 317 20,107 31 City of Memphis 07/2012 Administrator/ Defined Single 1,867,934 2,509,930 206,479 73 8 20,107 Retirement System Contributor Benefit Employer Boston MA 4,592,675 7,382,907 2,790,232 62 2 4,465 123,600 5 0 State - Boston 0 Administrator/ Defined CSME 4,592,675 7,382,907 2,790,232 62 2 123,600 Retirement System Contributor Benefit Seattle WA 1,968,923 3,109,369 1,140,446 79.6 1,837 82,220 8 3 Seattle City 01/2012 Administrator/ Defined Single 1,954,300 2,859,300 905,000 68 3 50,301 Employees' Contributor Benefit Employer Retirement System Firemen's Pension 01/2012 Administrator/ Defined Single 10,877 138,611 127,734 7 8 8,262 Fund Contributor Benefit Employer Police Relief and 01/2012 Administrator/ Defined Single 3,746 111,458 107,712 3 4 11,195 Pension Fund Contributor Benefit Employer Law Enforcement 06/2011 Contributor Defined CSME 5,565,000 4,135,000 — 1,430,000 134 6 10 Officers' and Fire Benefit Fighters' Retirement System Plan 1 Law Enforcement 06 /2011 Contributor Defined CSME 6,621,000 5,576,000 — 1,045,000 118 7 12,452 Otficers' and Fire Benefit Fighters' Retirement System Plan 2' Vat included n city toials too liahcity as it is a state plan coveting multiple entities M(RNINtSTR - ._ 19 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Plans Most City Role Benefit Plan Actuarial Actuarial UAAL Funded UAAL City 0 /0 City Recent Type Structure Assets Accrued $000s Ratio Per Contributions Spending Actuarial $000s Liability % Capita (2012) Valuation $000s Denver CO 1,946,844 2,386,530 439,686 81.6 709 62,621 6 8 Denver Employees 01/2012 Administrator/ Defined CSME 1,946,844 2,386,530 439,686 81 6 47,176 Retirement Plan Contributor Benefit State of Colorado- 01/2012 Contributor Defined CSME NA NA NA NA 15,445 Fire and Police Benefit Pension Plan Washington DC 5,390,479 5,137,525 — 252,954 104.9 — 409 239,419 3 8 Civil Service NA Contributor Defined CSME NA NA NA NA 12,319 Retirement System Benefit Social Security NA Contributor Defined CSME NA NA NA NA 66,261 Benefit Policemen and 10/2012 Administrator/ Defined Single 3,804,853 3,456,977 — 347,876 110 1 116,644 Firemen's Retirement Contributor Benefit Employer Program Teachers' Retirement 10/2012 Administrator/ Defined Single 1,585,626 1,680,548 94,922 944 0 Program Contributor Benefit Employer Defined Contribution NA Administrator/ Defined Single NA NA NA NA 44,195 Pension Plan Contributor Contribution Employer Nashville TN 2,260,720 2,794,556 533,836 80 9 876 115,157 141 Metropolitan 07/2011 Administrator/ Defined Single 2,188,868 2,468,971 280,103 887 81,637 Employees Benefit Contributor Benefit Employer Trust (Metro Plan) Closed City Plan 07/2011 Administrator/ Defined Single 7,275 55,674 48,399 13 1 7,966 Fund Contributor Benefit Employer Davidson County 07/2011 Administrator/ Defined Single 1,557 11,786 10,230 13 2 1,724 Employees' Contributor Benefit Employer Retirement Fund (County Plan) Teachers' Retirement 07/2011 Administrator/ Defined Single 53,321 207,805 154,484 257 17,472 Plan Fund (Metro Contributor Benefit Employer Education) MflRWIMO3TAR H 20 The State of City Pension Plans 2013 A Deep Dive Into Shortfalls and Surpluses Plans Most City Role Benefit Plan Actuarial Actuarial UAAL Funded UAAL City % City Recent Type Structure Assets Accrued $000s Ratio Per Contributions Spending Actuarial $000s Liability % Capita (2012) Valuation $000s Teachers' Retirement 07/2011 Administrator/ Defined Single 53,321 207,805 154,484 25 7 17,472 Plan Fund (Metro Contributor Benefit Employer Education) Teachers' Civil 07/2011 Administrator/ Defined Single 3,769 17,809 14,040 21 2 2,132 Service and Pension Contributor Benefit Employer Fund (City Education) Employees' Pension 07/2011 Administrator/ Defined Single 5,930 32,510 26,580 18 2 4,227 and Insurance Fund Contributor Benefit Employer (County Education) M ( RN 1 N I STAR' 00 00 .H 0 Cr 00 N 0 0 0 u1 tD lD 1\ to 0 .1 N N NI 0 7 10 O Cr Cr 1.0 O Cr CO t0 O O 00 l0 O O to O O N N 10 n t0 V to O N 10 l0 N 01 1!1 . 1 N N .-I N N Cr M .-1 0 O Cr Cr N N Cr CO .-1 .--I N C CT M Ot 00 01 00 to tl1 n N V t0 n N t0 t0 t0 N CO M Q1 V1 Lc, M M l0 O f� .-I O _ M to 00 co 4 M M N N V? tR V? ? 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N p O O_ CO W ((0 A O O 7 W O O7 O • > N > ( m D CO >v> (0 O N O O O co 0 co (O W W W W Z N Z W Z Z w Z • Z U) > (n > 0) > CO > 0) > CO > m 13 rso. o 0 o ii ID N N CO CO 0 0 3 v SU z `' z w z"z `' z �' z 0 D D o D (0 D o D ( D v g. r. 0 0 (DD A A 00 o v co O O co co CO CO 3 • • N D) • �� D o D w D N D w D j D n D. N O - N CD 00 n O T -' TI N 0 t y .1 (D D) W (D n D c o D rn D OD D 0) D a O m 0 - + Q > o h - o 0 - cc' E XI ( C m Vn N C C M z > � N N (� 0 > O N d O N 0 m N `) ^ Ce M 7 _M 7 7,-, M 1....1 V • � CC N C m N ` Or,- N CO C E M O i CO C N W (Q Q7 CO p l0 0 (� ..- Z a • W 1 CL co 8 `J j 0, a U • • O U V a) o y d r i d 0) O LL • { M 7. a) c0 O N aO Q° a !o- V' r � N � 8 c 0 CO M.. C O a CI ii N W' N S 2 , e 0 E CO N 0 , M 0 co O j C C d 0 ar > o a CA E 8 0 0 0 0 8 8 CC N N a) G 8 8 0 0 R N O N C O t C L C r V Z,4 <» E» sA d C O. N x O K N W N 4 -a W W fh N CO M C C O 0 0 CO N 0 O h N co 47 o E A C W O O CO O y d O) C CO u. 01 d N 0LL N m t` E 2 C O O CO N 5LB } ,- Wa�,°°n ao < ro co 0 N • o) 0 0 w w C c o _ o 0 7 Lo a a 1. IA N M O N O D • o .- of ( c 0 c_ O or 02 o N O z N c W R' c CO N m V i O O 0 Y O a) r•- W 2 a7 LO 7 uo N 7 O N h O W 1 2a d • ui ai r C r N o O U p" o 0 o M 2- a! m O > M .- r` r un M E • 6 6 csi j w . w i ,. r of 0 w a 7 of d CO i O ar N LL C N ZC N Z h O c� O E 4s D M W 7 N 0 o O 1- I- 1- O 0 h -/ 0 0 0 N H >- M n LL n u1 M O C ti • - .M- N m E d as 7 M ea 7 N Q V of 2 To > N CD V > N O d © 47 "Cr n O C i O C � Q • ,. u7 0 V C - O N cD O 10 O ' CS c r 2 to E ti to 173' 0 To as co • • C C t 8 8 8 8 O 8 8 8 8 8 O` p O T H' O N O y N O O Q) L O d c • 0 p' (.7 d uJn 7 7 0 w a LL IX _ O LL LL .= U c U 0 TO -0 a3 C a1 'O LL c «� 7 • LL v LL F H G LL o d c t o c o a) •• E o1- W 1m -{ 2 -1 2 - w o 'y' o 0 • Return (%) N Total Fund (Gross) ( %) F.) O O •• o o f. ' S 0 — Cn O N T T 1 O (r O N O T (� T j r O O O N O 0 O o O O o 0 a 0) j a 0' n iv w O . "� � ". 0 co 0 N . N a s c • co C w � 0 _ D?. cp P, O 7 a. N 0 v 0 < n w 0 O ' m a 0 -i -< -i -< 3 3 0 m o O N m n a °' mr.) O W N 0 0 0 O N e_. O= N -< a. to {o co ca w e • O O O T 3 y + D' • 7 m • m X1 A m 0 • W co -, O O of !D O • O N O _c F . N. - 01 • CO CJ J 7 y o O O 7 m m 3D a T W Su N - _, 01 7 O C 00 m 'O Ds .- 0 0 . d C 4 9 O (n C O J C T D 0 O O co 3 A. 0 (n a ... <. O n Pi , e cn p v i O 7 ^ at 1- oat 0 O 9° 0 N N O 3D _ N 0 m m 3 v m 3 v 0 i cF c x f 8 W N ;: 7 0 0 0 a : : 7 co w m MC in in e' a o N W O A •! e) 0 7 a • CD O 0 0 3 a m o s 11 o N O O o — 0 D • N — N 0 ) y 2 0 0)) y CO il W Return (%) m • • Return Percentile Rank _ I • • m o A O o 0 o 8 p o 5.11 o XI 2 0 0 0 01 D) 0 0 8 8 0 0 0 0 O a U d _ O T T 7 ' O C C 0 0 N C7 _ a n O 0 o a s k y 0 0 Z o ?3,-. o f o 8 <o n co IV ^ ! 3 Z i 0 ^ O fD ..< .c ID 5: OO > oO r V - O M 7 7 8 co 3 0 N N a O 6 O O 7 N -. in CD 7 co m ° 0 0 O O N CO = DD co al W M 0 0 a) • J W -. .y , N J O C N A 0 0 N 0 N O o -0 0 N o D W O O cn 0 A N 7 a _ _ .7i 7 _, N 0 tJ O O d N ....2. v 0 o 0 m N e • O 7 A O-• O E co Os •.. y 1 0 . 7 N • O O) S O O) C J • 0 IN) V T O co O O N 0 /// co 0 d (.71 4b. O I y � ' 7 0 o V• 0 CD ✓ t j N . O. N O U) Q O co O • V N O v v 7 • 7 -I O -.10, q • a a N c O W • • 1 t U II w X/ rvc >c0 z �=� d W o m m Cr M 7 c7 7 Of N CA r 0 1: G n W ,T, r r O) 0. o C O 2 O r v W ii CI LW 0 q 0 coo �� CO 0 N N r) CL 0 a \\ 1— • o ci u o ' 6 m p QQ N Q0 n O rn N O co �, . rn U C co Co O N a Q C C c0 LO N N CC W = C. C' I' Q C y ..$.. W W m 0 0 U .2 E 0 E N. c 0 m U U C C tp ❑ ❑ O Q 1 m t oo o 0 f- H i r t t t i t t or s a CO C5 N CA 7 8 o 8 p 8 8 8 8 8 8 8 8 8 5 N a) N E ? t+� N O 8 pg O a pp ._ C G co Ch CO L N L d c0 = ur9 z; CA rM y� - CA M M C9 W u) CO CO u7 o oa U x x W 111 c co co _ a c c O } • mm E a • •` O i CO CO v Co m Yl fU y N C CD C .. C O . N LL ` C C nl cel • 2 c v ‘- La C �1 N N © > O • V u � ] N M M V u) 4 m N C C _ 0 0 n 7 7 w v M a a •C O } pro m O O 19 n N co a 8 9 W CA O CO �. C L 0 W • o re O O N CO co O 7 7 N N N N a N D U C7 0 CO O K N > M LL • • - N CO • ...,: N .- M O CO 4 1 N N N C), 0 LL ' C O 15 0 C'7 (P Q W 7 N N N cs Z y Z rn (1) O (/) u. N C N- lt o I - • - N N N N Cr ° O CO N.. C N 0 Q . t0 U O " 'O w ) - 0 N — O CC) M co 7 t 7 N 0 > N • • h C O N- C LL d ..c p O O -Id Ill N = p p p p p p p p p V d LL 0 2 ° O m ' 2 C � 8 8 8 8 8 8 8 o 8 a C V v H g C� C N N N u5 C4 m V O O (n w a C0 CO 5 ' w :� _ >. : � y, j , uwn�em W W 't 4' Z. 5 C . C 5 co 0 U 0 W W 0 w O W C N co d t U ❑- a EE 0 =. Et a N 0. CO CI C w. m E Q to co Ts o To o S° v ` oo c o c CI t7 r I-- 2 a CI 76 c o C o y •• E o H - ii i~ 1 i- a 0 i- I w H o_ - , o_ iii. Return (%) CD Total Domesic Equity ( %) o 0 y ° — ' 0 I • • u, Er'. o) o) -1 0 0 o m x, 0 3 n o o 0 m o o g 8 o o C o 0 0 o M O a w iu m � . N m �. N O O - + 0 o v CO wo. 0 0 F'm ° 0 m -. 3 3 ? 0 m C 9 c M 9 0 . cn o . . y , m m 3 m d , 7 a i s a i m m • m m - o 0 z CD m o 2 O c c m o < o o m b CD 0 Le La o CD CO -1 w to X • 0 O °' M n o_, m a O r C i n o (O O -. O N O ' - m O <D y W m to fC x A (11 y8 p 1, I 0 0) m W W 6 0 w co in -1 o c m m ° o) o) cn 3 a $ a m O C o - 0 y j i7 N O CO C O 0 CO W' 2 C a °. O O c FV O A C 9 3`: O J ' O N ,.. m N m O O N O m O v in o . m m y f w..0 rn cn a S.0 O (p 0 0 O (O . 0 ^, O . N O Co C o C x- 01 N c O o N • o co N 3 c cn a, 7 c a _ O N 7. o 0 3 a m Sq o J 0 A W O D D o O D (4 o a g o 0 S Return (° /) 1D • • Return Percentile Rank _< o co y O N d •• CD (p O o o ^ O O S 5, p O p, O 0 XI • m 0 O O O co 0 61 61 o O O 8 °0 0 0 N N _ O O O O O 3 3 N g A » N 8 0 fD CA CA o m m m m C m m • c c rn ,O. Z O m � Z y3 c c o y •' '7 r - 0 47 D— O d.. D OV O w ° 3 o Q XI 0 0 O 0 7 sa ri 01 N o W • o O O co M fQ CU A O ° N co W o 0 CD _. a N O. O cm o o m S ti m m — o y • o O X W O O O p 0 0 t0 A 3 CI N 0 `' O Co io in C a N O O f0 A DD 3 a .. C N N . p » N ti ✓ O c < 8 a 8 ® N cn ' 0 N o W 3 G O - (O O O O M O A d O 0) m • 0 \ fila) 0 C j 3 R, • O • r A O 144/ 0 Ca N cn N ". L r` O N tD • 0 ° m a N N p O 0 N - N '�. f " y '� F O O O CD • O 2 N (►(►//��t��JJ�� N N (p P CO 7C fA . N C i0 (S �„' a n F a Q N O O . se 0 1 A N r1 M l' W m p o o W W N rri x N_ < � W'< 2 3 aM x N O N W M 7 M 7 M O F +r M) I.L , R O O d 0 O a m N O 61 V Q� d N N N N V ? O' p O) QI" o C (d ` M 0 ` M 0 C o O 0 0 CO - n U w / a a w `J N . co Li W co C> O, a Cis-1 as `? Cv C Q� Q ° Q T co W o d C C �' Q N C W' O T3 N (0 � w d y p > m _ Q J 0 E 0 0 N L N U O C C co Q 2 O (� N 41 c a > I ( N O N i+ ° L Cf� C CO L d d O O O O O O O 5 s N d , y w 7 C G` sT O E d ' t d N O m ( V N O W d V 0 O W O l L V Ca e es e> in in (» N (0 o 0-5 N C C a a) d d >- 0 E y 0 M H Q 0 N Z (n 60 90 LL 0 r L cm ,- CO CO CO LL C C O l6 d (7 N C N N (7 N ( 0 O .- N Y N u7 0 O -7- O O M O O ,_ ci 3 J] JZ (n n C L ix v V ~ y Y W C C ("> O N ( (O (O (O L OI .- ._. co + C o N o 0 lO to an e- W ( p h N (O C C V v O O 0 Y 7 7 N N CO 03 N a a 'C N M (O C u C C N N N O 0 O 0 M p tY CO CD N Li ® } O I- O M U CO CO O < o + N N (O L m . co L M N a N N N C O d N d CS '23 N d a d o ■ v __ C C co' Z L Z co r 0 W -, ,- M co w L C CO CO H Q H 7 CT %� W LL O m ( 0 0 d • N N N 7 N f6 h 7 M N 7 N Q v 0 . C CC ; ' O . N 0 (O R it d L N M r N (O U 0 I - M M v 2 d K L N.- N o n N N t y O OD ` O R Q • 0 v co L 7 as 0 • 2 w 2� N Q O 2 O O L' 8 8 8 8 8 8 8 po po W v O 4' x d O N O O 0) O C 0 d *.= 0 = 7� H 7 M M N N j E Q U W 0 L W d N o N A uJ nmem > N 't d d f.1 3 . 7 O. > 7 7 O m 0 m c co O d » n d m o. ¢° > mom ce as as U EZ U 7 o z m R U u Q 1 (E Q (C Q U y a = (/) C p C o Q ce 2 co 0 O. O y 7 c c c c °' •• E a L.L. Q j Q a U I N D 2 D 2 - 0 to O y A 7 y Return (%) CD nchor NI Cap Value Equity (% -< co o o N O •• a O> ' o N CO T CO CO T c D D f i a > C1 3 A D o o , la 0 0 0 0 0 O O 0 o m t 'n o 0 cu ,,,CO N m o V • ° 0 . v c C ov v oa m C << « = 0.1 co oo D n O o p E c N c y 0 n C0 ` t 1 0. m m o m m 0 < 0 m m as N a s y C, O ® to 0 0 \41 N CD C 1 m e m e O X Z to x 7 W 5 m C1 m C) C) x C Ca Co y -‹ gg 0 -I 1 W m T • 3 0 Z m0 o w m0 0 y 3 m o D o o A m n IC c0 M N c fD x o a \` cn A N w A \ m O) O) O) 0 7 8 0 C) C 8 A 0 m 0 3 a 8 d o S. X U mhfP 3 o ao o m C eo o o 'm ' p e - U1 0 O O 0 O 9 N V o T _ _ O co O O CI d O O C1 (7 _, _, _, < y O OJ O 'O O 0 01 O O C11 N 7 0 0 Z c x F 0 �I C is F 01 c o ° c m 7 m 7 A C° y o D o N 0, p a m 7 o c m 8 2 m ro W D D Ca ° o Z o 00 7. - 0 W 0 ■ y 0 a m Return (%) • Return Percentile Rank • m m 0 ' • > $ o u o K c ° ° o H? 8 8 8 8 8 ° a y 0 = m o N m 'O w D t C N O = N co 0 0 0 0 0 °m 0 m o C7 0 o v w� g 7 7 <v co < 0 co .„ ° � O °) < • '' m m a, Z z ?; 3 z ° a1 7 3 m m m: co O D D 5. ca Dc o'm m N to a m o > CD_0 N 3 x � a XI X c o •7 M 0 so w o 01 - cn N m a N o p o 0 m d C) o x = _,_, A s w @ w D m o o " ' m A in' • O A O • m m f Co Z C d O 0 — 0 ao D 3 a 1:3 ...... c N o 8 . C1 w to 0 �� d 0 a. N 0 U A w o 3 N C D) N 0 N o 7 a 03 O co 00 O 0 ^ CT) D W O t 0 0 7 3 O 7 g2 C0 N A, oa � y, N = O• y D LI%) N y o p p . 7 . tD N N �. j o ...1... N K,' ©• Z ...• N .. rn 0 D • d C C�i� o o o � a � 0 • ▪ to O m A 7, F J .Z1 F N N O O N �1 n n y x a rn n x a o o » N 0 0• • C co cp cD � � m m ........ -% X1 O � 0 co 1. cc/ • x x � M LL N m ��// CD — C i y w o W IX ` CO 7M 7M O (1''�� �' (,� G) 0 0 N O O uri .F73 ` O) 01 C 0 �� AO1 d �NF+1 E fn 0 2 2 ° N c R v n v 0 d O w N (1) c atItt CI. a e4 0 ` i y 0 ` y N a (1/4101.-.011, al in 1:1 1 0.Q a N 0• DJ a Q Of LL 01 0 0 C m ` 0 ,_ N 0 ) C O n O -oav O CO C C CO m m 0 D E E r d O w 7 ' N N N O N 0 (.) 8 a ✓ C 8 a C C CO V o 't m j y m a y , 7 N o a=+ m g m 3 8 8 8 8 O 8 8 8 8 8 N O v 0 a E o o O O 8 $ $ n p x 0 a x ? M N fA f9 1A C N w w ,, es (0 (0 00 c y M m N w N (o6 6 M C C N 0 co £ v 4 N 0 0 O r' and COM V7 O C C fa LL 0 O) O O) 2 • O 4 Y C (O I� C V O O CO O T 0 w Q O O O CO 7 + .5 N p M ar Q 0 0 () N (O (O LO C C O G O a . a+ a > .0 N co ,,, Cr) '- O)r .M.. C 0 N N N 5 ' (.1, O CO O () W O CO Cr O O O O N e ` I • O i a a « w v a) c c ) 0 m m c K M Z c cO en IC :31 it E .0 1 i ® ' y Y v 0 4) • :: LL CO P) CO Y O) 0 O Q O .N.. N N V1 y 4.. C O CD LL _ a9N 7 M N 0 0 — W = O O) W N O O N N N N N N > N • • a0 r <? x Q N el N • - O Y O O C) Y O O • )[i u) O n N R O C ea 2 o m 0 o. zn 8 8 8 8 8 8 8 8 8 8 8 LL r X ea m (O ni O C m O N X C N V (n N N N N r' _ 47 a (4 C Z C Z 2 ujniaa y m O O CC c ..a: C a+ C N E LL m O fn 2 N = N j 8 x x C v p v C 0 a c c ✓ c _ -33 N • O C 8 0. c0 0 0 C ' ( c . To o io 2 2 °c' a LO CO 0 m ( as o a C m • cn C = cn O > y 2 a. ' m a (f) c m c m o •• o ;`n- LL LL > a 0 cn d N N N y Return (%) Signal (VIF: < < _ < _ an 500 Index Si nal VIF: .re U o o o 0 O 01 N m A -. xi oa oa KON 8 .8 (J W O O O O O O O e/ O tu 0) Go ] O O (J� O n -a O. 0 a 0 co 00 O N • p m o CO 0. C a. x a x a 3 u , n m c o O 7 x x H, m a 0 O ^' = a. m g a N 0 (n 0 x N (0 3 al `a to o (o D) 5 m v o (0 O a IC d O1 � d j W x a) to al 2 -< G -< N 3 O y d 0) a N C. W p CD x y x v, 2 0 -< o 71 o Y 3 (n N -I / \ • • p co x N 7 ( i i 72 a ,3„. 0) 0 o mm m e, i O O 0) N m a. yy O -< B. 7 y m Q P (O co 7 v 3 y d § ,D XI a. 2 0 O 0) » S p N 7 . V W 3 = O X f 3 . N a a t N O c0 d C O a CO co v 01 C v A O e� O . co c m' o v c at* O t0 N ,. O N a ti R..> O] 0 _ N N O v 00 N < C CAD N N N - 7 • 0 0- 0 O ' O d 0 W W (li O D) • A 1 • :] A c, A 7 3 •4 N O 0 C O O N j m N 2 V N O N N A W 01 W 0 o D 0 o D Return (%) (0 • • Return Percentile Rank .< I T 0 0 CT y o A y 7• •• a `° o o , oa d g U . . 0 3 1n< 8 8 0(0 o v7 • 8 8 8 8 8 o . c o o 3 • 0 V N o 0 F m 0) x o i.: x a 0 n 7 ', (D M 3 5 a tQ x _ _ 77 0 0 x DI (n O (D CO - 0 XI a O D A O% 7 a Gil 1-.3 7 7 - < N 7C" 71 tb co cn X @ x 0 , 1 v, -< N N J O O M . Xi O N su S' Ti O (A _. _ fn a1 Of N N 01 °a al 1 6 • N o 3 (0 03 G 3 m CO Xi aN • A t0 O t0 v (T O (0 C g O c N e W N V • 3 Q 0 0 » `" 0 0 0 V 0 0 • 0) 2E (44 N 3 m o o O - • O to c © co O O a O O D .'. i O O .7. m C . 0 0 7 n J N ro N o ro c I ooc _ N �' v m O (n 7 7 i••' • 0 m Ns, V J V- 7 e •o N N x C CO W. 2 t7 C, N W W d CO O N N g O] Cn f (7 V �( 3 3 3 /� 7 O O O N �.J 4 N N ~ O N ti co (D - ((1 vr yy 0 m V a N w • W .X/ / o< O N N Zl < O CD - Z W x c p s � Za N O O L. p N a) an N N. > N _ ( n o o. I > 0 N CD N I ' 7 � () O O 0) C O `. O �I co ` n 1p V d A 2 ._ O C o O) O E � � N • W � � a 1 --"" 't J 0 CD 0. 2 a ir • d N d N N N a ao N O O) re; NI N x 5 z N Of N O L ,- C C o C W ' o f v u� I r _ m C7 • O 0 c ( � o o a' O m CO °i 0 0 U V o Cn - C ' C Q J m O (C m V) J Cu o K a j > N cab- R r 0klN al ayi 3 8 g 8 p o g $ $ g p 8 g W 00 c a) N N y E N O ON O 2 2 V N S g (n t� co u) O G ' O O. N 0 69 69 C a M 69 69 M 99 N W W n P, C C Q } y y Q a � h O oe ` cob- co O y N N Z n j C O 01N co L . v ^ 0 + N O N f` ° LL (0 LL W U °I M N- M to c) O ,T O r C7 0 i V M m T M • "t h 6 u) m a c c 0 0 7 0 C V0 .. c . .... 0 p._ aa (o te rn.- Ma N 0) N C 0 0 • • n O (0 QiTS W Oi or or N a. C C C >- O o n ea w N V a a N N Ni N C C O M 0 LL U O 0 ^ ^ N + ((0 )0 0 N C N Of M •_ O) 0) O C C N O O N y m = ... W ) O N N d E d c m w ZC a Z� r {} co m ~ co ~ 0 0 {L co N V o • W W O 0 N C CO N G a CO 0 0 2 N d v LL 0 d p a- 7 M a- 3 N Q) Q f F 0 CD To t > N O > N J 3 0 0) ) - 0) < CIS N cD • O) OD O a • O r r N O 6 fn V 0 O o O = x . CD cr 0 Ci W O o (0 8 8 8 8 8 8 8 8 0 0 ! -0'5 +:+ w+ H (n N co O O (6 c 0) 'C O O c C O (a L (0 L M (O N N N } i�. L o C o R ui n�ea o S a O • 0 O 0 C U o d 0 " U I C.) a C a Q y N O d co O N CC 0 CL U d co _ > U o 7 J 0 w CO l 0 m l0 2' O G1 N ` 0 ,- J C) N C) m 7 N to N N W 7 c u) C up Zr) • • • p u) IX - it I 0 ii o a 0 W A Cn N M y y Return (%) C G SM Large Cap Growth (% . N r- 0 N 3 0 • • 8 8 V -1 ' R.I 0) 0 A m m 8 S 0 0 . 0 0 0 0 0 0 - m d m d (D y 0 O ca N O N (n O W r 03 9 • m (0 - 10 ° 03 v 03 0 m O o 0 C O D7 O V! to m m 0 3 m C K 1 o _ 7 7 S. 0 -o (l, 0 N m 2 7 p! 7 3 O (n o o _ • Q N co V N WJ m < ai X -< X 1 ? 3 2 O CD CD 0 D) D) co N W • • N @ o - z O a O 1 -1 Y O Z LT °' O W mo A to � \ • • ° O 2_ O U) F O r C O D 9, 7 O O 7 i a 7 (D CO (C D N 5 0) U y 0 m o -‹ o) 0) V co . ° 3 8 0 c O A . 3 a a 0 m T - 41 0, o p vre c k 0 ° o D a a v ° o m a A - 8 a° ° N co O O N O N O ? 0 co , c) - _. n CD $ o � m � o o � m p rn 0 CD < 3 o z L * f o CO c f N o in �a • • O D A 9. O W (D.. 3 0) O W 7 0 8 Oi N ° O C 3 a g m n � n 8 N m 0 0 O O V o Z D O O D 'O W ° o D m ° O 0 d Return (%) m 0 • Return Percentile Rank < p N N C z O 8 O N T O XI m C 0 ° ° m y 3 ° 0 8 8 8 8 0 0 c m a = m u g 0 CI 0 °o m o °) 0 m 3 D 0 (0 0 o 0 N co 0 _ �o Z Z 0 °O O 1 i 7 ° S p ' D D C o D N Q m = ° N CO 5 .Z O 0 <D O Q 7 7 N O co O D1 X al N O 7C D) N p1 0 co o y o ao A co to O �, � _ Po' 0 O CD -< A a to to a 0 A x O V Z . m w N . m . 01 7) y N • W D co N -• N 0 S 0 CD O N 0 Q Al W O Z C 7 O O U c) ° vt V D 7 a C N oo) a ") 0 o W o Q 11 0 o 8 14 0 de (n N O 'T. V N ` a • 0 CO - N '- OA w 0 -• O Z O O O o O D bt O 03 01 O OD M 2 0. OS o N co -, o C N CO O H 0 Co N X. ? 0 0 a °° o A D "d N © • 1D d 0 0 0 5. a N o• 0 Q �f m� zf g oo • 3 N D �� o N �a c(o • 6 A n a a o 0 0 ' 'o CD V CD X i w co D3 O C O < I�1 N Z W R. in x � ' N d LL w N a ¢ 0 • i_ a 124 N \ M 7 in NI p N m _ Le c C m O N O N O N E E ` M y M M �� 0 C O R 0) O u E w �O aO a �N (O a) M L r 2 N C l0 In V `I"' = O X N W 0 . . ...- (I) ( • w jj O N • a) 0 N N G d N G d m I a s a o O 3 - co 0 LL 5 C a OS O it y 0)� N W ' t+) o) C_ N O LO U) m u� to d N m C C N - co W 2 W N N N 0 • N V 1- 6,) 0 O N C C 0 u) '2 8 a 8 O W od CL d a ; > cv d2 d� L N L d c s 8 8 8 8 8 8 8 8 Q 8 8 N O v x x E R M N O (O t C O W W 7 (9 fA fA E9 f9 fA 5 'O N i..) 69 69 49 r W N C) M N C c a) N E y E N (O et IX N a) N N } 0) 0) 0) N N th co LL CO LL N 0) O 7 ) (o (0 0) O 0) 2 2 co N ° re —. L 0) .- `-. N r C O x (0 • r 0) ( N C C O n r . C 0 c0 c7 OD CO V co O W d M « �0�0 Cl Si ° O N (A n re 0 0 M 7) N r (0 (0 ui w M _ O O ° '� 3 ' W a } M 0) C N N in O O ` co,- C c a V C O O O N N N 0 . (;) O) 03 U U _ c m LO m v ° 0 0 rg p } C t 7 M a e N u) • 1 0) 0) co N c v c") Z c Z C R a) o E O LL M 0 ver C ++ • 0i 0i eo O. 0) 6- N a) LL 7" 0 c C .- O N ' N 2 CD C C m 0) A O (0 v W 7 LO > N N N > N V x 0 ~ M V N n N N N N co a- co y a y 0 O O ` O (0 -0 • N N n N (0 ui ui xi iii 6. 2 ° 2 0 y i X co 8 8 8 8 u_ ry Q. (o e O O O e LL V V y N N N N f0 u) N Z VJ C r LL 0 LL 0 m 0) 0 N co cc 0, T ° p to 2 CO — CO x 0 a) O a) C o v ) v x 'O ✓ c V c Q (n c C O c a' 1 • ° ° () a' a) a co = ? LO ° C ° t 0 a f6 '2 2 c 0 a ° O d CO �a ai c E g 9 co CO • co C co d •• O >co it > it > a 0 < 1 < 1 13 W cn m y cn m y Return (%) <D and 500 Index Signal (VIF: ,< r .). - c 0 c 0 ®• N m rn a> ' en o a, N m a m .xj C, m � • co , m n• m (A < 8 8 o 0 o o o 0 0 0 o a. ° <r Dl ° cn So a v j 0 n ° o CO n ° o N a o oo) c • o t x a x a - ° 0. m o o p C x , x . n o It m m 2, m G . ki, cn. 0 co y 3 y n m <G 0 o 0 m Q m 01 W x m D m N 2 -< 2 -< N 3 0 o T T A (1) Cl) N W o m X e1 X CO) 2 O C T y v • w X N 7 W c n 0o mm o rn A m m 0) m 0 0 0 0 7 (j m m ° al O 0) O (O O O O cr. <O a a. co R O <D 0 N 0 �� O (p CD O XI a. N m G (0( 0 rn X. o 0 C • a. A J W 3 d o x N 0 - C1 n 2E N O fl c O 1 - m C w O O O C � O �1 C m..... O (o , . O N W F...) m W O _ N_ N O N (n N N N N 7 O - n _, _, n3 - O O m 0 O O ' O m 0 CO CO <T m • ? O O@ W 7 0 j N^ 7 0 6 N 0 o 7 co j CD V N 0 N CT A CJ (0 0 o D 0 o D Return 1%) c • • Return Percentile Rank < O CT S O A • • p a c O O -I </> G - CT N ' co m m C cn < O O O (00 GI go 7 p O O p O CT 8 O m Q. m 0 a] O O O O 8 la a v C o m 7 (n C (t t YS o 0 m a 0 o n o 5 CT m m m 0 g , m O. ° O # x 0 n CD > > _ x n i0 co e 0 c 73 E z x °' 0 (o Z m 3 z m g ( - 3 (0 D a O m D A o m ° m 0 no 0 0 O 01 < N O < T 3 X co T O (0 X @ N X N O N ; ° ' cD 7c 0 y lo o ° XI 7 03 y a O 01 l am N N m• a 94 i- N . • N 0 m CO O as ( • o 0 (0 m 0 Na -. 0 CT O (0 C m O . -. C N W N V 3 Y — . 7 i 0, • c.. o 0 • at S. C tY N N 7 N IQ ca o o 0 s • C 6 m 0 0 a 7 O. © ill ° ° o o ° o ° o m a ^' m C co 00 (n LIIIIIII m a) N O d y m 0 a y O O > > N ∎ (D � V V V R 7 v e o ~ 0 1 N y •O N k O W T O t7 N W W m O ,-. /A O m N - N W 7 Oo e! 7 7 a. O O O N 3 = 3 o. C/ m m e e w W 2 7J O N CO • x oCn ( °... z ,Wx* ,M z . x � N O W M 7M nth N el 69 a CD c4 m >N >N 0 Q � C O E `M `N o ` �c ° V E o W _ zM o r w 3- 7. , 11 ) d C s, _ r a 0 O G d Q 0 Q 0 O 0 C O N a W = o cq co W W To To 0 0 V CD 8' 0 0 £ E o c c E E d o c c O TO m a d — n N fD i ` C M. N ... V C O N m 0 0 0 ) °0 8 8 8 8 8 8 8 d c a ") '� °' pO p W a) CD cO v ca C d 0 E o e O) 8 CO O r 0 b9 ea o x 51. o W W 0) 0 CO a a 0 Y E £ H n a N. N � m m m a m d rn a 0) N • M V7 to Q D N cLL ALL !' j d ro 0) 0 g 0 16 m c0 N 0 d' } co co 0) V c0 sr 0 • ri n n a w c c o 0 0) o c c co a a H N © } I� O Q el n V t0 i C 0 co as r aLN O N W CO 0) 4 c+i N :T- N a! C C } LL] co N M .- f` L% U U d' a M O 0 '- O) O Cr L W • N N N C C O n c. d 6f W 7 01 M O • ` a) -a N ` - 7 O E O m O N . 0 0 y) . U 0 ` ZF N Z A 0 U. CO 00 v CO U • O N O 0 a+ N N N N C N OD 'O O To 0 F co - g _ N 7 M r ? N O d LD M 3- LL t > N rn d > N 0 CO • rn .-' • O ° m c : 0 as Y O O> 0 . O c0 y T Q d a7c u m 0 - c3 W r 0 o O 0 0 O 0 0 0 0 8 0 0 0 a) 8 a m `' a 0 0 - 8 M N N N cO ad v o r C a U f /- co T N UJ m�a8 Q v �' c W W L ' 5 U • 0 W 0 •C W l6 O O W W I— 0) m O i6 0 m C 'c ' (a a C.1 c 0 c o d o Q c E d o :— c a d a� co — C = C C C 4 > Ili C a) C — c6 y c6 O co .0— C C , C 0 O O 5 C C V a _ c raa 0 .a f ° - LL F Cr) C 1 F U —I 2 —I 2 13 w _ o y -I O W Return (%) tD Total International Equity ( %) -< o- C o m o •• a) V vl CO CO m ' /� o O o 0 0 .T) 7 fD 0 7 N 0 M O O O O CO O J y/ O O O O O O N 3 O1 N 3 d a C 7 7 .. N 7 �' N > > > • N o to o hi o m m m N ° 4 C d (a 0 C o N m M m ,.. 00 O. 3 O 0 - m� 0 me o CO. o m `° C c .Q y c .7 to d d • (3 m o ti .at O p 0 < w m m y CD v 0 a s CO o o c c d S . 0 o 7 w o co a 0 J O-‘ g + 3 a m p A m A • t) M c tD O CT 0 O N m 7 b CO 113 Y d m 0 V CO d1 E. 0 � I W j A N C O • o 3 g a o e x • o ° o C"13 ) C ° o m 2°o C 2 O A C � 0 ° g m N O 0 vtn O fO 3 a) 0 O O N y V V- , d.. a • O A O o 0) O A A O) G O V O f0 a 7 0 0 A A 7 7 d O N O J 0 30. o S' R ::: o w N A Col 0 -, > 0 -1 .o Return (%) t • • Return Percentile Rank -< CD _ •• O V m O V ? W A m v 1 p O CO y O OD y O CO O o 0 O O 8 Co o 01 O ( O O N O O O O O O n N 6 C 5 7 v a to m to 7 7 7 N if 5 ' 0 d d g 0 CD 3 3 ID CU _ _ O O O A co N 0 0 7 J 7 3 p II) t m m W �' C! O a 0 te ) O O a) 73 O m m no a) c C ; O E. Z e► Z at 0 >o o� Da 0 o v� 0 n 3 7 O m O 7 N o 0 O o W m 0 o M O CD Vc- O • y CA 0 0 m m 0 0 m 0 11 6 N 0. . O A N (n A 3 . -Y. • 0 O O) 52 0 ) 01 0 1 z G cr. tr to w at m a • 0 V A C 7 O O O V 3 3 N S N O O er e 0 0 s o f. •,: 0 O 3 e N 0 N 0 0 0 3 Q .- 0 co C • O —I gz N 3 N O a raj o w � _ l `� N N N C o ° 0 0 • m N W N i.• V O) w G N fD -• 7 � m ' E 3 0 O O A A O? O. co • • 0 2 f B CP O t o v ? f - -, N f o V O a • 0 3 0 3 /'� N m 53. u',.. p y y C Cr n { J co fn W F a O to a. at N CD A W • O w rra XI O 8 NQ `° • �Z w< < M zP. • a N d d M O O Ce X O 7 M 7 Cc) M �/ (, il O Y M O r _ i co O .M... (O V �/ CO N d to �O d�N .- O co O • d 0 r 2 O O- w cr) . li a L H a ilea, d`n `� to o, m a fl, m 0) o!S <0 < 0 X co 01 sZ 0 C rn w 8 cc rn co to co C M co —=c g,' N m m W -3 of (o (o 2 a) d O w E E o ffi m C C c as C Z c ea 0 E o 0, 2 .G 0 2 H � � � M� CD IC) CL d d a c N L N ' L 4) O 8 O O O O 8 8 8 C O. M n W O a D O. 0 c O O O O O O O O O 8 8 8 W m m M V W W G Q M M N N O O O C N (O n (O d! 09 (9 V E9 H 19 fA H al 69 69 49 C C N d O W W O n co I� � W � W Z n n ` tn.- (O (O co . ( C O 5 •p (4 2. ( L ° GD O O M N 0 (() (() (O re . C w ).- o o o) ' o c c )o r; N. v a a • 'C 'C b W K o v- o ! } n n m n r•-, rn,- N CO ., c o III c M O 9 N C C O o o v � (a - co m a a a • v CO C C 0 N 0 N n U V • ro ro ii .0- F-7 () C C) 5 0 M o o co o v O • O N O p� I O Via NI N H � •= `. C O N N N � (O Z E M Z m. Q n co Os O F' W O w= rn M o CD CI) 0 o E 0 . rn 0 0 - 0 ® O N O O . 0. N N Cl 7 M 6) 7 N ' 6 N CO OD I— _ 0) C 7 O 1- O) n � 5 Y O) ` Y c0 5 C7 (n M N F..- O O 2 N 2 co u_ d L W co C ( O O O O O O 8 8 O O 7 (n 0 (n a) (h PI N N N . W O W T O' CI o v 0 c m o O >, a) Lu X 0 w (,J m a m w" o a ) ) 2 C o U O @ 0 m 6) 'S (v co a s la e l0 Lb O W N 7 U T . = O C O N N O o m 0 46 c N C Z N 0. N o o v a V n Q oD E y n c IX Z a) f) m m 0. 8 a? > m e , o 7 c m as Ta r a O ` c o = o c -.E* 0 C 0) 0 m a a) ca c a) C 'c C c ,- 2 H 2 fl. ' m C m C c d •• E m H_ LL 2 U 2 0. 0 2 3 = 3 ? -o w Return (%) CD ing & Napier Overseas (EXOS. o O w O •• o 6 CO CO X o a m m o - — = 0 0 0 0 0 0 c o 0 0 0, O m oe 41 co Q0 d a 7 C __ 3 Z y 3 Z w of ? 3 7 m C1 m 7 2 a1 7 N t o 'O to W m g N 3 4o rn 0 n 3 O 7 m CD- CD c m !n c !n m m 2, a, 0 y f7 3 N co .0 $ 01 m C CD 3 N N co x x D 1 N W 0 CD y y y O m o 4. x X ,n m g to w + 3 CA co -I O 7 m X , m — 1. ( ( D Do i m g a O ij O A ij x O , o rn TA m a; O V > v m p to A O 9 ' a ° v a V co V N < C VI j O c d v 2 O a � � X _ d C m C ° P Z R"V o 0 R..43 R. O D A . O O 6 . CD P m o x >0 D N m 0 m N O m m 0 0 0 m m t7 A A a � m • o • -� 3 O O o (0 B. O j a °. • 0 0 D N r 7 o A 6 A A ° j N o g m N o A A W W D_ D Return (%) tD • • • Return Percentile Rank _< o _ M O _ '13 Z O f 'O •• a o7 ' _, g J N N O D i 0 0 - tv S O o O O G) O w to O (T O O N O y p ° j 0 S S S S t1 p.°1 7 c 7 7 3 iv = a to (o to 3 Q, 3 w 0 ' m Z 8 m 9't 0 °' O - C1 x 7� O v to co m O O_ � �$ J m O i to c m g o Z Z m Z O . 3 C N o ' N O 6 D D o» D o °: m o m 7 o. 61 tr N 7 7 O M � `< x t0 O 7 m o y p CO cc, x N m 0 -< 71 iv 0 y o O 'I o N O o Z o o m y . o N a— N .. 0 o. o D p 13 co rn p 7 N N Is to 0 CD co a o O v (n rn Z m <, 0 0 0 N Iv V-. D c S r..) ctV 0 3 3 g 0 N 0 = V' to ° o o .. 0 7 3 iv N 7 to 0 LO Z co c 0 ° c 0 ° 0 O D a 0 to co 0 \' N W z 7 T. 0 to o )11 N \ V N XI { / O A O 0 m 0 g. N o o ti 7 N 5' < 4' N j < a c e c N tri N ® O O Z ... ° 3 td 'X v o N A � D oe m to to O m o — _. O /� Z a -. iv a N O-s O N C' N n � V� J O D � a A iv co 74- a 1 O N � � SD (� X/ 1D W o O Z ® O W xi Q > KJ Z WX dT Z > £O _ x o O N _ d V O u w ° v C M 7 M 7 M ` M a) d > O V ea To > N C E A t o V CI 1:14 U V d N N D ` Of ,- v C X E ` t-) M, C O os E LL a a° 2° a r ° CO m m r` �,/ L ep d E w 2 cNi o r F M co O 4+ M N d F- O a a LL C a a LO a QO QC to Cal M t. ......... c O O N o .p N `t Cs1 r W 7 0 W a n r r to d 8 i 0) 0) V C M c E E 'v m a ✓ • r O O E c C O LL $ O d H d O to 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fs C I 0 0 0 0 0 0 0 0 0 0 0 8 ,- c W CO v o Atp N td v 0 CD o r W 0 CO v 0) d E V V to M N N N O CO N s- t-- to t9 69 69 t9 to to f0 09 t9 .Cy . .Cy CO 0 EA O K O K w w N O re C C N O O • A M O CO 0 0) d O M . C) O) N N d C N O) 0) 07N N a W u_ tOLL r C t) O O c C W �? N O 0 t- C) G r 0 0 2 2 NI CD } CO If) O Nr V • t0 O N v- O 0 c c O o O tq 7 = ® y v v M N N C O O D O ;o N r j ttO o CO O O 0 N C C N CO O) N- M CD t0 O O 0 , of r N 7 3 V d ' P N 'C M C r V N U LL C v W M + r , t0 N CD 9 ° 0) • o t7 � " + C N .r_. C1.) 5 'O .0 E c O w ' M N y N w 0 to N 0 ) d 0 - 7 L. Z` o Z 0' 0 t ' ® LL .- CO N f F" F w • O r O N t0 O d 13 N E p '- N 0 L_ 1- t 0 N 0 c M t0 N U co 3M 7 N O N + 0 r e r r-- V •- V r' tO O ` ° tp 6' V O C o C - . � . 0 - _ �r w 0 0 8 8 8 0 0 a 0 t? co 0 m m tD v N 0 CI L . O 0 �. o E 0 E = wniaa c c d co E 0 co m d 8 d Q a�i a°i d 8 c E • C C 0. X X > C, N _ 0 u. u.. C i+ t0 t0 N f0 d 2 t0 l0 -0 t0 X X X X LL CO C LL C LL (7 H H 2 a " m n 1 cc it To C o c o it a. ANIIIMM 1 ? 1 ? '0 w o H _, 0 N Return ( %) CD Total Fixed Income( % o 6 C o N C •• w w w 1 A m m 0o T N T • 0 0 0 O O o c A f) .-.4 73 (D D) X (D a, C C • a CD a O. m o, C • 7 CD 0. In a� N _T _T a N a 42 5 g 5 8 4)i 5i x x N N O N . O c O 3 = 8 3 ^' a 0. o o g 3 m 7 m Pt m m e. .. 88 0 o H o y 3 3 N (0 3 • 0 (D (D . 1 .< N ,< W o ° n) co co co u, 0 N • o -C O o .1 -t o + 3 O W mil 0 N !u N in • G i m - O co 0 O W 1 7 ° (V � (D (O , 1 a a N CD N D) in.. ° O1 o m o N N W I • G N • (D (O W CA ? Y 7 N (, a) a N o • m S i o ° W - ' m C m C o d C = o m `c m• O O C 9 O N C W �` ° y • O co a '. O N a — O P m o o 0 V • N W O m O co) O - ' m m � O co a, 0 ) N 0 ) < = 0 O, O 0 a 7 ° O V a 3 0) A V 0 N N m 0 a 8 eD o c ° ] a mgr w cy, 8 A O A (n O O o O , 0 W O d o o m Return (°k) 0 ®• Return Percentile Rank e• O O O O C) o O _ 8 ( O CT na N OO O ( 3 �p O O 1 5 N O O 8 O 8 G N N T T j 7 T T N R ( x D G la N 0 v a a 0 5 5 n co > > N 0 (D O O O o N N -g rn 0 Z (, a Z N .e : (D (D O� 0 ( D 5") p g D --I o „m. v 0 0 0 3 : 0 m 0 0 2 W 0 01 c N 0 A- =. _, ct N — m c0 o m 0 w w m cr. m. N o o 0 i a ° a, cn m R 0 • y - z= - a M� rn � c� rn w o � h O) O o w c 72 a o CA o °I N _. 0 1 m W C N ° 7 a 0 O W .�. V1 0 o • O u 5. rn O N c 0 ' N 0 • N N O A -- co O W " 1 0 0 O 0 co - . O (a O • O ; 0 �(� 0• _ .w "` W a A cn (D F. V 0 O a al W N A< 8 e e N �= v v � 3 • O • ° „ O" 3 �w �f -cm ME _ y (n ° O t 0 • X 3 a m a 4 _ c uD Q M 0 4 �y J rn cnn x a � Ic a o • 0 3 u( P O 0 W (.,` O • w 3 xi ° t., 0 <. � • x o 3 to J Z w CD c W M z a N O CD O m V p d d CO. C v Q / = M 7 M _ 7 co) PI c 10 10 0 o m � d - a d O) > - 0 cD N N O) 1A tV t0 1b `.) U d a O N O N 6 ,- N CO CD M m d M C O C O r go R Q' O) ' N O C o 2 O a O * - W 10 V' CO O Z M L c) d o [- ■ wl O u) C5 ).1 aE ° 1 a - ` CO O. CO N O. 0. d ! 0 aQ aQ a o � o'er rn co a :cc d eD CJ a E E c a m ° W c N a 3 E cd X E m E (O (,) O_ U U u n 0 0 c C c E E m 0 0 T4 1 d N co 'n d 0 I c 0 av SO f9 f» 69 1A 19 fA ui a » - c m rn v'- d d t0 0 0 0 0 0 0 0 0 0 o W M ,- c.i L C 1 a) C 0 0 0 0 0 0 0 0 0 o g D a O Q C) = C R 2 cc. N N us 0 0 O O 8 W W V to c» C C ;a5 al O N N 1!) o 0 0 E co E co } 6 C O N O O CO CO OS O M C N O O O co LL co ' 1 LL • 10 cn 1D y) g 4) N V c c Q O O O d d co 0 0 • O) 60 • N O O' CA co ▪ R V Nr c c O O 7 7 LO N C ' C ' x to W 6. O 9- s LO W _ ) 0 > C O Q Q M O OD V C (- 0 f- 0 • M N M W 2 0 0 0 M re Is U) co V O O } 47 W co ' = _ N 10 . 10 Q .0 N LL N N c U 0 o Q co c O 1 0 `. ' N 0) OTi N N 0 0 g 0 0 10 N r W ' v C N N N M N e . . 0 CA N .a .... CO CO K 'w Q N �- Z A Z E LL u ^ . } r-- N w F 0 LL 10 (O N O. L • O 10 V) 0 d o d es N 2 N ` a . . LL 7 o 7 2 o m. ( U A 0 N m 0 v 0 o 0 o c4 N M _ > N N CU CD co d • Y O O' 0 0 0 0 E c m p p 8 _ °U 7 ca co 2 O 2 O 8 8 8 O 8 O O ° U C ✓ N O 1b O Ti N 0 N Tr d d ° N A- 1:1- X E cu C w c N UJ 11� V ° C w N O c to A ° N E c U C C 0 X cu w X 0 C .0 •0 • (j "o A LL U 't a N Y x CO 0 x LL � V LL V ! LL C N .N d LL 0 U Q d d Ct N N 0. O O w y d 0 — t6 o r — ° o O m m E Q co O co 0 11 c l0 •c O F 1- 2 G Q y0 O c o '. 16 O LL LL 1- d • E F F U -1 _ -1 x - o W - O 7 _ 0 j Return (%) CD d Domestic Fixed Income ..< CD o _ W' C o _ U C O® w w w A 07 m <D °—� w O 0 CO . G) 0 0 0 ‘o 0 3 N s) 3 N - a Q I) G • 7 CD w (/) (D . 0) 7 0 0 17 N cDD CO 0 c F ^° V. o 0 N m o u ° O C 3 c' T - 3 3 T R to T X y N N D) m v m O X = X a M N - . w . O. co o . N o' 0 a n . O 3 O D ' - O. 7 w O. 7 co m T O 1 O) O 7 8 7 8 R R i m 3 < 0 3 01 0 3 W a O. °t U CD m m o m m O C) 3 m ,o o m o 0 8 so N W A 3. � to N N -< O 0 o so , • -A 3 y d c g `" 3 A N m O N O 7 a• ND D ( D O O o N m CO 0 0 m ID y o o :: O O ?� O ( d 3 7) u CD a g 8 H xi m • co o N W a 0 0 O N 0 m 'co 0 0 3 w • 8 3 rn • 3 o • 0 0 - . 0 a otvC - ii 0 0 0 c 6� o 0 c . 8 O N a — O O a . . v u, 0 0 w 0 O 0 o On CO CD N N <. , n 3 - 0 a a - go m 0 o p 9 m 0 o m v d o 7 7 0 o c O Co a 7 0 O) N 7 CO m _ j m 0 0) g w m A O A V 'V W D D Return (%) 0 • • Return Percentile Rank i O O O A S ®• O N 0 Ul 1 » 8 J U N to orn m 3-i 0 0 0 o t7 iv' o 0 0 0o p o c o 0 0 3 8 0 8 0 0 = 0) N 0 0 O 0 3 3 N 3 N 0 o N N ce a 0 (D g o ` 0 O 0 N T T tD 0 0 OD re _T T O N N OW 0 M M ( x p N • a s f0 (D O 23 5 O x, O n a N 3 0 0 > (W)) p K > w p o) 8 8 $ a+ 3 3 0 m N F 7 7 N W o - o co O t 0 O o 0 O O w O m .. -< XI o N-• ID o O SD 'r = w E O• 0 • to (A w a - .'0 CO -- .73 s c o a N o. A N w m O j .- m 7 W N 02 U) C.2 m o A A a w O U) ) (' O w O N W O O c < o o O o N (0 O) CO O O M N g o o e xe g N (n N W 0 0) 0 N N O 0 -I - A - 0 W - — C 0 co cc O (00 w O ° . 3 W • fy w m W O a _. y • IV O CD ce o to ID A y O V7 W N= N 0 4, co N W< o o N N � K O Om w � f �f � 8 -. C) 3 X 7 /') ^ �1 . to 7 O) - A W 7 co °D O N Q (D O ( I \ 4 J 6) m 7C a - A 7C W ( gi p co 01 • (° 0 Q- O yy D 0 O (T N • • o w W 3 X C n ID � Z o 3 < • Z co CD Q ) M > EO x 0 V 7 M a- m �F� re C M O M chi V V R G O R O O ` � N CO d 'O �N V O C tid / O � OI d E O d O ' 1 C X ` M CO L co a0 , C sp 6, CO CO r OI LL, A O AO � _ 0 o W r 2 O .- O E V y U 0 I— r CO - (-01 a a O N d ` co )- i r d N a s a m <0 a 0 O N CO 0 I , - f� \ h C C C co N c0 0 0 W 0 M M V 01 E m $ 8 V E E m m E W X O • r 0 N E ■ O i c c p Q O I N N 0 C O O O O O 0 O 0 0 0 N 0 0 0 0 S 0 0 0 0 o 0 C a dr O d N 0 LO 0 N O ■[1 �y. 0) OD M I's' 0 0 V O to VI N N O O co f9 /9 f9 f9 f9 f9 t9 d) di 09 V L 0 . .0 m N U % 0 k W W N OD 0 i i re } _ N O) (O N M O O ... C N • co V' u7 L Cr) N E N m O) a) N O W d os co : !! M a0 W co N a c , M O) Lc, a rn0 v rn C • N N N C 0 en 0 0 W R ,.O ,- Cl Cl 2 O O O f0 dr CO N = N O D r LO C 0 • N ,- N O a_ 1 M C N O Co C M O O o N M + O h N I- Q • O O 9 Q 'O N co co co N — W = )` r- N- E 0 , e 0 ` #'. r Z 0 q N a) .- 7 0 v t- Z C O Q {L O f- N 1- - 47 • O O O 1- Y • C N .01 co 0 0 N 0 F-- v 2 0) m 0 IX .. O m .0 0 m N- r U 0 cy 2 3 N • O O O < O R (n �y � OS O O y r„ — co 0 11 N n M >. 0 0 _ O C _ • O ■ aD O ` O a — O C ], N O O CO O O n7 O O o o o o 0 0 d E O + .a H C; m N V N O N N O O d N c C U) RI U.111101,1 8 ° C a) E U a 0 E E .2) E o u E Q a) a1) > m CC C C 7 LL LL �O 0 0 x C 'O V 0 ' co x LL > N t6 N W X 0 F r 0 co u_ RI c 0 �® ( y � LL LL Q. U) = Cn 1 -v w Cn y --5{{ y Return (%) STW Fixed Income (%) CD O T O 0 m 1 N a m 0 o N y 0 0 w C) o o 0 0 0 C -< R - n Fc a a) R a a) a 3 _ — C • N 7 O. z CA ° - 7 CD j T T � 0 (C 3 m C0 m y n CD CD n m y , m I m a co -• D = > > v 8 8 • q a o Of o Cr) 3 3 N (Q o w co cD 1.3 0 \41/ < ` OI ` W O 0 d ( D -< -‹ 71 co co 2 • tu co N CO n) A n O 1 1 D) D O (4 ma 0 0 m@ (4) 0) 0 0 x 0 C a g N W 0 • ,0 �CO A 1:" N (D x o .r 01 y T Xi c N N Na co g N %o m -< (0 0 0 3 W , p p a 7 L 3 W a o • , r • v N 0 m o 0 0 - V C oo w l e 1 C '< a amv a m O N * 0 N a - N q 2 W v O O p • • m p . N W N CO 0 ID to N O A p O O D O v N N N < A 0 O C A G W C a 7 W ' ...r. d 0 0 d o C 3 a S q N 8 W 0 co A ' D O O > (o O O S 0 W 0 o rn y 0 y R eturn (%) (D ®• Return Percentile Rank -< • • p � ' N O (T ^^ n O -4 O N O p XI K rn Cn O O p O -, D O O $ O O ° _— C 7 ,mm -0 7 T T ID ID N X R 0 O. N d CD A 0 g g 8 Q 71 (o 0 D) 0 o Q C ' 9 > > o 0 Z 0 A O Z e1 0 0) N !� ( D N _ � p M o O cD 0 0 00 3 O o 7 7 . 0 01 1 N 0 x N -< O O o ( D N N co a O CJ Q W7 CM ("3 O 0 O a) to = Q ® ZI3 0) - N 0 ' N . (n A 0) (R Si A ✓ Of O O V p o O) co N C 7 • w O W O 91 N Q• U1 co 7 b 0 _ w o o. ° N Q O O q o m w 3 OD 0. A O o N cn N W o3 0 � � 0 • W o N 7 0 o Q • O ( W T S1 O -. C 1 w ; m 1 � p 0 N 0 0 C m -. o I vy V » m r O O .� V N CO W N A< o A e •o N `, Q1 W L! y 0 • N g + 5 o S"3 O O 3a t7V ® W ` -n 3 ID 0 - W .Z I F J' C I F A A O O 01 k 3 co W N x Q N co N 7 O. O O • N N N Q 0 n ID (D o A o �- z Q • w 3 XI A o 3 < z 0 > F- N o 0 . C co d ; O O > to N N co 0 M N a E 1 TO a) c:, L 1' O ` f r M CN y fl � r20 • N ,lL o N coo • O eyfti a7 . O 0 CO O d 0 CL co (on 4 a) 4 / e' o m a m 0. a o a 1- a 0 0 ,_ 0),, C o Z N d r 3 C C N W J ., j N` 7 M m 0 v C rn y o ca a £ E u, E $ 1- 0. V V N F W C C O N m O. n m Q w g E 0 0 0 0 0 0 0 0 0 p 0 N G V O M M N N ,- O 0 0 C O 01,, q = 0 69 69 69 69 t9 19 t9 19 e9 . 111 C O. N N r_ m a, 0 W m �! . y p a/ C co N N C O K 1 O X W W v rn 0 1n or > n O N M 4 6 O C C d ai E 0 `n co CD 43 0 10 CO CO CI N LL W LL Y N O C N 1 N V M N N 8 V ` O 2 V LL J 0 O co co O O CO . . O te > d' N r- co 1q Nf No O C G M 4 V O 7 . a a C co co co a co N. - 1 CO ` �� N . 0 N C 71 : 3 1_ r „_01 a N '- C V t0 M W E O O N tO C O C N CO C C7 O > • o v O w a N .0 ' e V CO LL.. o .: C M C U U O N CO E o > t o co y . LL • r Ct. . i a) C O _ a N O E LL co N A CC , o F" 0 0 0 n W' CO I� d /A N d N 0 + Z ... Z C a Z C .,_" 4 O 1- F- N y ® 0 0 r a) o (6 2 H CO ca p pp p p p p & . N r 8 O 8 S 8 8 8 r 8 . 8 ~ d _ d 4.) of m to v N 0 N q T co CO V F- C 7 M C 3 N = C 0 la O A UJ not! Z G n cc 'AZ >N M P > N N N N ` Z' to .c Y O .- YO N T N `t rn 10 ^ • m -,5 co r d 2 V O o ,_ Q N 7 to as a > P m m R u) N C Q v ~ F U c ~F c r (7 cn m 2 a co ~ co a) o m m it co ._ a U l. N = N = 'V W W fN W V) Return (%) CD STW TIPS (%) .5 w (4 w a - 0 0 0 CD (I) -: D 0 0 o a xl C Cl) 0) C V) 0) CD co U' A O O 0, a (n U) V) V1 d v o - 0 • • t0 H V _, C C = w o C cn 0 0 7 N 0 m N ., 0) a o 3 O. co Mt N cD C 0 C n ,2 N Q N w t. • � a) 1, O N O o t71 W 01 t.0 M 3 w X —I m m C 2 CA N W 0 1 ' W • O V 0 a) q :n _ CA Cu co m v • 7 d 0 ; -711 A ID O N m 0 O N m C OOi C 0 A , 0 0 U 7 y o N N CO CO 7 ' 1 ID CU 0 . D m A A ca e a c E* o O V N A 3 < N 0 Ft O Y 0, 3. 7 /\ -=' r N so ai it O A m C O O m C 0 N ° O CO C W o m C N O • 0 0 a l ;ti. O m ,4 o m •• ID • O 0, • vv) • N 01 A < , o V V in e) n 0 o j v 0 0 w 74 0 rn A m 0 , m • o f Ci* o� C x 1 7a 0 g, C o �l N .mss 7 o co A ,.. . 7 co 3 N m o N f0 W Cn 0 o D o o D Return (°h) • • Return Percentile Rank _< o o ° W s o o o • • a 0 0. e/ e 0 o o G) d y 8 01 0 U 0 0 CO d 0 n ° o 0 ° o °o o C a n A c 7 - d ° -1 0 C (O c N 0 cD n cD 7 5 D o • c Q c ° . Flo X ° ° 0) '� to Z ° °» Z w °:3 'z 3 c O c D 0 ,d. D co O , r 7 C A N µ' 3 7 0 —1 N , e O x 1 -< - 71 ° m :: 7 cD Cr) a7 VI co a cn o 0 N, m - ' O -< x - 13 al 7. Q N co y 0 o W 3 0 0 A3 = y co 0. N 0 O - N O -0 m F O c)) co A N a 0 O A(9 P) C 0 O 0 0 3 I `" 0 0 Q) N r 0 O — o 0 N 0 01 w -. 0 0 3 N °: O o 03 - o W ° = O. J o 0 /D it o co a i o V a o o .r 7 c"-LII 1 0 S. N v� o o >> o 0 N. c n cn A < N o O o " V Z .7 0 01 N O rn 0 N CT co ti G o a 1 tiZ '� co N O C. y 0 0 a 3 3 d O T ( T A .Z) f W N .Zl f -+ 0 V ... 7 3 j N 0 0 1 ® 0 CD y�� N W ]NC a co A 7C 4 0 r• w j p -' N t7 XJ V cD ID 0 0 0 0 1 o w to * 73 O c N _ CD 0 t D '74 z Wcn * N I) l Sp a 3 co 0 D 0 a g o o O G) G) c ° o ° D m C ° v ° DI v • m < ° m o a T m T Z • • m . < m m = m D R 0 x 0 n 00 0 ' (D -n 07 ° 7 �" 7 o 0 o O , a y o - o - m m 3 o 0 �+ m co D . : a> Q o 0 0 V Co 7 d 3 3 7 7 v co -•• °- y m M oa A n M a O o p C d co Q rn o R. O' -4 o x D) ° is g Return d :° n) . 0. co co x 17 co N A O, cD O iii p ^�" �+ N N O o — w N C N W C x a ° o $ oo ° o 8 8 8 `8 a tD c o O o 0 7 tV 0 —I O N -.. • 3 0 7 y co (T N A p O -1 ° —I w iv w f— z _. @ .. 3 Z (D 7 Z Na o (o cr co 07� N --• a (D a CO W W : CO 01 0) • (n CO .r S. mic 7. O O 0-• 0 3 M ce 0 (O D1 m N -' W • v (O1 C 7 p CO 0 O j ct 5 c, co W co CO 0 0 E N N Z 7. 7. W Q O' O fn cn D 0 ' 7 7 m co co v, W W W Z j A co 0 m W (n D- N c0 N n - 73 3 m p 7 , 71 C71 �Im 0 co . O � N • cn co N 0 (D _ Z _ w 0 co N D' 0 7 co to 7 Ot m m W W . w (n (n e+ (n e» (» C . O O A -+ Co co W m _ (n (» 0 0 0 -• CO 3 3 A ' (n m -. 0 -. (� N cn m a v o N M 1 = s�co I I co co —I et D ° O 3 0 CD 5 ,,.., 3 7 7 = o 4 et c o O m O T E co 4' n (D Ql eD 0 0 o L 0 }t co c o 7 7 — R i3 a9 c m -' A A O r , ' p N no 0 N a E 0 D O D R- N 'D co a N () n N n n ,-t. 1 x W °o� Gdz VV;_ — Co �� O tr _ Na� m m m� N d O 7 V W V W 3 7 7 ^ /� Q N� 0 b ( N 'y r 3 N r+ N Q o I„) J{•� W 01 8 co j . co p d 1 � T N Oi W W W co 0 7 N N O <. x O � w � � �z X r 4 ii o al N a) d a M 7 M 7 M 8 � B CC 1.. 'N O > N O 8 V C 3 a v 15 0 c° M M L M Zvi M �. i OI --- m O OS LL, d � p O C N d D — C N O I` 4 z / e ^ , Q O / , W O N E ." Fib L J M a C a (---or as N $a , _ c CO Q 0 Q 0 w X m L > a W _ o N N N 2 O ` O) CO N _. o m _ O U M E 0 d.aN m a) �w 7��In 2 E E � c 0 -) N o 0 a 0 N d C C C y • J @ 0) 2 EO t • < 0 0 Q d a m ° a m a' O .- 1 `� g o0 t o . .c . 1 � rn .- x 6 C N W W E • N 8 '- 8 O O W 83 e- C Q. el CO V W U fl 09 69 us .n `» fn 69 r9 N v i co c c O 0 E 0 d 0 m m A W I L 2 co az 2 Io Z )[) In c0 Co' CO M 10 N CO < T O p V a W Q N O .- 7 Z M f7 a , ) v in in °) D p Y M Q Lo 0 Z v N N M en . C C .. c7 O O re M M LO O 7 >' O u7 " CO O C • C ' • N O - N d W N u 0 V 0 o 0 0 0 0 o n W CO m ct, CO 01 O N L P7 N , r N N N G) N p M 0 Z C Z C Q R '5 ~ M it O W M tO M n co y • O N O) � a _C O G Q N CD LL .M.. W O N N 2 Q re 7 v N M _ 7 en M 0. O N' 1- 0) N 10 R (n i0 d d M CD 0) > N O o > N pp E • N 0 O 2 0 M ~ Y O co 4.) N C O N c) 2 O 8 O 8 8 8 0 o D N X _ o q r X u- a d � LL p t X x w n�ea a 2 X i c a C7 a 0 a ° o a 0 c O m a) c o M p U. c U_ E n ° Ii m g O o R E y c 0 E o E Ch O 4 $ o • C CC C w C L C L C U o y o C y J a N C V w V is p ii p 2 m ` y i 0 Q o = 0 0 ° o C` am 2 _ .C1 $c� ° a ° a • • o f m 2 LL LL a o a AMU — -I W a O •• M co j a j O D ' 3 W- ' v 7 -0 3 CD m n o a) 0 a 2 co 0 m CD o m w - 3 g ti = ET T < 7 c 3 D 2 ' O 0 .Z7 0 R r O Q m =. 7 D 0 0 c 0 a o d _ � 3 m O 0.1 O 7 0 0 '< O • W W o 0 0 p s d W 7 = 7 n a a N 5- CT T 3 o y T � , T N y 0 7 c c o g CO a 3 m T 3 a 7 n O `a 3 • a. W co a G co C W c 5 co u v D a —1 CT CO 7 W Return �! X c x m x _ _ _-. m a J N N 0) (J x 0 0 0 0 0 o g 81 a -• 0 0 3 X 7 a o 0 0 0 0 o c °1 d co 7 co co F N co 0 7 k- .a a 0 p (n O N ." 0 C y y c0 O) O • co N C N W e CA N CD A O cD CD W N N L 0, W co 7 7 ` 3 ��' -4 N CO cD v v CA W . co (I, T • -, W co Co N- 0 7 Z 0 7 el Z rn A 0 O . N N . � . V a O FP a w y N W • W O) in c0 CA N ."0 W A -4 0 O O O 3 7 7 0 A CO A a) 3 N O = i 0= cr - v • i a• G N co ▪ Cn N . C . .c. Oo i0 W _,(0 ' m y x, 7 7 CO to CO N N Z O 01 > { 0 73 D1 1 H CO 0 ri cr. ' I O Q W w Z O O - O W v m CO Cr > N N 1 0 If34 Co N c0 n 7 XI Na0 O • . N� CI' N Z 0 3 1 0 3 i Co ▪ N D N CD CD N N CA a N 3 m co 7 7 co co to 0 t 0 EA fA in C 0 69 40 c m o v w ` 8i S 8 8 8 a. A , 3 m 1 m N a A 8 8 8 8 8 8 8 8 o C • � O �' x p O 0 7 01 . S O S 0 CO .+ H CD m m 1 O Co N W C N N I O N CD 1 D 3 m O 3. o to t a) I o 't 0 7 7 rf n ' n J 2 CD o c O CD 0 0 0 L O o m m m c co 7 7' a v N a A T W O 7 or co j N W C4 O a .•' ` • • ^t O 3 G) 3 to co R m 0> 0> '— m 'a m •a O a x A � � � � ; D 7 S A n v 0 i 7 co O O. O 0 T1 3 0 =p 0. `° m 7 3 W W.- W W x Co N CO N 0 W 8 N 0) O y CD co d / - I O Co W W W m 0 /'1 a) co x °°` oD � P. Wxf Qp LL yo F r (D 4 O O p T O T 3 O m 3 •• co 0 m C . co x CD , d N N N CDD CD N a v O m D) v d O m m ,± D X A C m m u) < m m - 0 y . 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