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Agenda 02-24-14 CITY OF BOYNTON BEACH BOARD OF TRUSTEES GENERAL EMPLOYEES' PENSION PLAN Quarterly Board Meeting Monday February 24, 2014 Location: Commission Chambers, City Hall 100 E. Boynton Beach Blvd. Boynton Beach, FL 33435 Plan Administrator: (561) 624 -3277 Time: 1:30 PM AGENDA I. Call to Order II. Approval of Agenda III. Approval of Minutes A. Regular November 25, 2013 IV. Presentations A. Cherry, Bekaert & Holland L.L.P: James Burdick, 1. Audited Financial Statement Report as of October 1, 2013 B. Gabriel Roeder Smith & Company: Peter Strong 1. Actuarial Valuation Report of as on October 1, 2013 2. Discussion re: actuarial equivalents used to convert optional form of payment. V. Investment Report A. Southeastern Advisory Services: Jeff Swanson (Investment Consultant) 1. Quarterly Investment Performance Report 2. JPMCB Strategic Property Fund Capital Call VI. Correspondence No Correspondence VII. Old Business No Old Business VIII. New Business A. Attorney Report 1. PRC Agreement Renewal & Fee Increase 2. 2014 IRS Mileage Memorandum 3. Discussion re: Ordinance Sec 18 -127 (1) 4. Ordinance 13 -035 5. Policy re: Administration of Sick & Vacation Payout B. Administrative Report 1. Warrant for Invoices 2. Fiduciary Liability Insurance Renewal C. Board Issues IX. Public Comments X. Adjournment ❖ NEXT QUARTERLY MEETING DATE: Tuesday May 27 at 1:30 p.m. If a person decides to appeal any decision made by this Board with respect to any matter considered at this meeting, he /she will need a record of the proceedings, and that, for such purpose, he /she may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. (F.S. 286.0105) Notice: The City shall furnish appropriate auxiliary aids and services where necessary to afford an individual with a disability an equal opportunity to participate in and enjoy the benefits of a service, program, or activity conducted by the City. Please contact the City Clerk's office at (561) 742 -6060 at least 24 hours prior to the program or activity in order for the City to reasonably accommodate your request. Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida NOVEMBER 25, 2013 MINUTES OF THE GENERAL EMPLOYEES' PENSION PLAN QUARTERLY BOARD MEETING HELD ON MONDAY NOVEMBER 25 AT 1:30 PM IN COMMISSION CHAMBERS, CITY HALL, BOYNTON BEACH, FLORIDA Trustees - Jerry Taylor, Chair Others: Jeff Swanson, Southeastern Advisory (1:40 p.m) Michael Low Bonni Jensen, Perry & Jensen, LLC Laurie Fasolo Dixie Martinez, Resource Centers Lori Laverriere Pete Strong, GRS Matthew Graham Members of Public I. OPENINGS: A. Call to Order— Chair Jerry Taylor. Chair Jerry Taylor called the meeting to order at 1:30 p.m. II. AGENDA APPROVAL: A. Additions, Deletions, Corrections No additions, deletions, or corrections to the Agenda. Motion Ms. Fasolo moved to approve the Agenda. Mr. Low seconded the motion that unanimously passed 5 -0. III. APPROVAL OF MINUTES A. Regular Meeting August 26, 2013 Motion Mr. Low moved to approve the minutes of the regular meeting on August 26, 2013 as presented. Ms. Laverriere seconded the motion that unanimously passed 5 -0. IV. INVESTMENT REPORT A. Southeastern Advisory Services: Jeff Swanson (Investment Consultant). 1. Quarterly Investment Performance Report 1 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida November 25, 2013 Mr. Swanson briefly reviewed the performance of the market environment for major market indexes as of September 30, 2013. Mr. Swanson reported that for Fiscal Year End the Plan earned a return of 13.7% and for quarter ending September 30, 2013 the Plan's return was 4.9 %. He reviewed the allocation of assets for the quarter; Domestic Equity 52.8 %, International Equity 13.9 %, Real Estate 7.8 %, Fixed Income 22.6% and Cash 2.9 %. He reported that the total value of the plan as of September 30, 2013 including the R &D account was $119,040,611. He reported that for the quarter the Total Fund -Gross of Fees was 4.9% versus the index at 5.8 %; Total Domestic Equity was at 6.2% versus the index at 6.6 %; Total International Equities were at 10.0% versus the index at 11.6 %; Total Real Estate was at 4.1 % versus the index at 3.6% and Total Fixed Income was at 0.3% versus the index at 0.6 %. Mr. Swanson reviewed each manager individually. He reported that it has been a very good year. He reported that Garcia Hamilton is still under review. He reported that he expects for JP Morgan to be calling in the $1 million in queue during the first quarter in 2014. Mr. Swanson reported that he will be addressing at the next Pension Board meeting the Plan assets to Real Estate. He asked that the following item be added to the February 2014 Agenda; Review of Real Estate. Mr. Swanson recommended a rebalance of $2 million from the Garcia Hamilton Equity account and into the DePrince Race Zollo Equity account. Motion Mr. Low moved to do a rebalance of $2 million from the Garcia Hamilton Equity account and into the DePrince Race Zollo Equity account. Ms. Fasolo seconded the motion that unanimously passed 5 -0. Mr. Swanson reported that in the past the investment managers have been scheduled to present on an annual rotation. However since the Plan now has a lot more investment managers he recommends that the Board decide on a quarterly basis which manager to invite to the next quarterly meeting. Mr. Swanson does not recommend any manager presentations at the February 2014 meeting because the valuation as well as the audit will be presented during the February 2014 meeting. The Board agreed with Mr. Swanson's recommendations in regards to the managers presentations. V. PRESENTATIONS A. Gabriel, Roeder Smith & Company: Peter Strong. 2. Letter from State re; Actuarial Valuation Report Mr. Strong reviewed the letter from the State of Florida Bureau of Local Retirement Systems dated September 13, 2013. He reported that he had responded to this letter and had noted that the Pension Board has been reviewing the interest rate assumption and the mortality assumptions over the last few months and the changes are being considered. He also explained 2 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida NOVEMBER 25, 2013 the other items addressed in his letter dated November 20, 2013. 1. Actuarial Assumptions Study as of 10 -01 -12 with Impact of SB1128 Ordinance. Mr. Strong presented to the Board the Actuarial Impact Statement dated October 4, 2013 for the City of Boynton Beach Pension Plan General Employees showing the impact of the proposed ordinance which limits overtime to 300 hours and eliminates the inclusion of accumulated sick and vacation leave from pensionable compensation (but protects the accrued benefit priorto the effective date of the change including the balance of accumulated sick and vacation leave as of that date). He reported that an additional column had been included in the Actuarial Impact Statement showing the impact of adopting the recommended assumption changes at the same time the proposed ordinance is adopted. He also reviewed an updated Assumptions Study with projections. He reported that he had included a proposed change in the salary increase assumption in addition to the previous recommended changes in the investment return and mortality assumptions. The proposed change in the salary increase assumption is based on their analysis of the past eight years of actual salary increase experience as well as input from the City regarding expected salary increases over the next 2 to 3 years. He reviewed the proposed salary increase assumption shown in detail on page 7 of the updated assumptions study report. He noted that the updated study also includes the impact of the proposed Ordinance. He reported that based on the current asset allocation and the current capital market forecasts, he recommends lowering the investment return assumption to better reflect anticipated future investment experience and to reduce the probability of incurring future investment experience losses. He also recommends updating the Plan's assumed rates of mortality from the 1983 Group Annuity Mortality Table to the RP 2000 Combined Health Mortality Tables for males and females and to include a provision to reflect future mortality improvements using Scale AA. He explained that the following Scenarios were developed to illustrate the effect of the assumption changes: r Scenario I tme assurlipti(m set as the t tctobcr 1, 201 2 VdrltrruiOrl. ccnarir ) t1r`r1c r,S Sccn lric) I but rcllecting the proposed ordillancc dQ ailed ill Our Ocloh r° -I„ 2013 Acluaritrl hni act Statement. Under tllc proposed ordinance, [lie Plan would lac anlcndcd as he allIOU111 01 JmN 111;11 is rrlclt ill pCII- iowlWA::lklr \wutd lac li111i1ed toy 100 hours per \ecar° effiective June 18. 201 3, 1. "l`i'ectiv altrrle 18, 201 )� unused accunitilttt.Qd sick rind va"it1017 leaVC WoUlcl not be incltrtlecl ill pcnsiolla srllttr , "kenarlo 3 ` ainc its Sccn rr lO 2 but rC11CCtirl+! thi lbll(M 11111 lsstrrl1l)ti0tt cll;rr —les: 1,0\e Cr tilt:: ill\estnlcrlt rctnrn ass,urnl)hon Crow 8.0% it) 7.5"'0. 3 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida November 25, 2013 • Update (lie assumed mortality rates from the 1983 Group Annuity Mortality table to the RP 1 .000 Combined Healthy Generational Mortality table, using Scale AA for future mortality improvements after the year 2000. Please see the enclosed table for a comparison of future life expectancies at various ages to the current mortality assumption. • Change the salary scale assumption to reflect 2.8% increases for each of the next three years and a new service -based table going forward. Please see the enclosed exhibit showing the proposed new salary increase assumption rates. • Lower the payroll growth assumption used to amortize the Unfunded Actuarial Accrued Liability from 3.5% to 2.8 %. Under the Florida Statutes, this assumption is limited each year to the actual 10 -year average payroll growth. Mr. Strong recommends Scenario 3. Motion Mr. Low moved to accept the recommendation of Mr. Strong as noted on Scenario 3. Ms. Laverriere seconded the motion that unanimously passed 5 -0. 3. GASB No.67 Implementation Package Mr. Strong reviewed with the Board the GASB No. 67 Implementation package. Mr. reviewed the fees as outlined on the implementation package. Mr. Strong recommends the implementation for FYE 2013. Motion Mr. Low moved to accept the GASB No. 67 Implementation package from GRS. Ms. Laverriere seconded the motion that unanimously passed 5 -0. VI. CORRESPONDENCE 1. Cherry Bekaert LLP- Engagement Letter (Audit FY2013) The Board reviewed the Cherry, Bekaert & Holland engagement letter presented for approval by the administrator. Ms. Martinez noted that there was a $250 fee increase. Motion Ms. Laverriere moved to approve the Cherry, Bekaert & Holland engagement letter. Ms. Fasolo 4 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida NOVEMBER 25, 2013 seconded the motion that unanimously passed 5 -0. VII. OLD BUSINESS There was no old business. VIII. NEW BUSINESS A. Attorney Report: 1. DROP and SB 1128 Ordinance Amendment Attorney Bonni Jensen reviewed the most up to date version of the Ordinance Amendment as it passed on first reading. She reported that a copy of the Ordinance and the impact statement have been forwarded to the State of Florida. She reviewed the changes made to the Ordinance Amendment. She reported that the Plan has been administered as it has been in place coming up to the first and second reading of the Ordinance Amendment. She reported that the accumulated sick and vacation leave as of June 17, 2013 has been included for purposes of the calculation of the actuarial valuation or actuarial impact statement. Therefore the Plan will always be looking to the June 17, 2013 date for the value of accumulated sick and vacation leave. She reported that as a Pension Plan we have a requirement not to retroactively change benefits therefore we will have to ensure that the accrued benefits on that particular date are surpassed when a pension is paid. She explained that we have locked everybody into the value of what they had in their accrued benefit provided that they cash in that number of hours upon retirement. Until their normal retirement calculation will surpass what was in effect as of the day before retirement. It is only guaranteed until the members' accumulated sick and vacation leave are surpassed by the years of credit service or salary increase. Provided that the member still has in their sick and vacation bank the accumulated sick and vacation hours as of June 17, 2013 and provided that they still cash in that amount because the employee contribution will need to still be collected from that. Once the members credited service or salary increase surpasses the accrued benefit as of June 17, 2013 we will use the calculated benefit and we will no longer rely on the accrued benefit as of June 17, 2013. Mr. Strong reported that once the calculated value of the ongoing service does exceed the frozen benefit calculated as of June 17, 2013 there would no longer be a need to withhold employee contributions from the accrued paid leave, because then the ongoing benefit using regular pay and service exceeds the frozen benefit as of June 17, 2013. Ms. Jensen suggested developing a Policy of how the Plan should administer this until it goes away. Mr. Steve Evans (active member of the Plan) introduced himself to the Board. He reported that he qualified for retirement on October 15, 2013 and he entered the DROP at that time. He explained that he has a significant amount of accumulated sick and vacation leave and he wants to know if the accumulated sick and vacation will be included when calculating his final average salary. Ms. Jensen reported that the way the Plan has been administered so far is that because 5 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida November 25, 2013 it is not yet law we have been administering the Plan as it is in place. Mr. Stevens entered the DROP even before the Ordinance Amendment passed first reading. Therefore his benefit was calculated including the sick and vacation payout in his final average salary to determine his monthly benefit. Once the Ordinance passes second reading and it is part of the Ordinance and our marching orders going forward then we will revert back to what was in effect as of June 17, 2013. Mr. Evans noted that his understanding now is that the sick and vacation payout will be included in his final average salary to calculate his benefit. Ms. Martinez reported that Mr. Evans' calculation is in process currently. She reported that she had spoken to the Finance Department and they had confirmed that his sick and vacation had been paid out and that employee contributions had been withheld. Therefore she will be able to finalize his calculation beginning as of December. Ms. Martinez reported that there are about 8 members who have either retired or entered the DROP since June18, 2013. She explained that at this point some of the members have received or are about to receive theirfinal calculation of retirement benefits. She also has three other members who have submitted retirement or DROP applications effective in December 2013. She reported that for the members who have already retired or entered the DROP as she understands it we will continue to administer their benefit the same way that we have been doing it in the past. However for the members that have submitted applications to retire or enter the DROP for December 2013, she is not sure when the second reading of this Ordinance will be effective and she is not certain how to proceed with the benefit calculations. Ms. Laverriere noted that she believes the second reading of the Ordinance will be on December 3 2013. Ms. Martinez asked if she is to look at the members retirement dates and anyone who retires or enters the DROP before the second reading of the Ordinance estimated to be on December 3, 2013 the benefit needs to be calculated as it has been in the past and anyone retiring afterthe second reading of the Ordinance their benefit will need to be calculated according to the new Ordinance in compliance with SB1128. The Board agreed. Ms. Jensen will provide the Board with a Policy on how to administer the changes. 2. Proposed Ordinance Amendment re: Change of Primary Beneficiary after Retirement. Attorney Bonni Jensen reported that at the last Pension Board meeting the Board had authorized her to draft an ordinance amendment which would allow retired members to change primary beneficiary after retirement. Ms. Jensen reviewed the proposed Ordinance Amendment. Motion Mr. Low moved to direct Attorney Jensen to forward the proposed Ordinance amendment as presented to the actuary for an impact statement and to the City. Ms. Fasolo seconded the motion that unanimously passed 5 -0. 3. Fee Increase Attorney Bonni Jensen requested this item be deleted from the Agenda. The Board agreed to delete this item from the Agenda 6 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida NOVEMBER 25, 2013 4. General Rules & Procedures for Public Comments Attorney Bonni Jensen reviewed the General Rules and Procedures for Public Comments. She explained that it is based on the Commission's Rules and Procedures. The Board reviewed and agreed with the General Rules and Procedures for Public Comments. B. Administrator Report 1. PRC Agreement Renewal & Fee Increase Ms. Martinez reported that PRC's 5 year contract with the Pension Plan expires December 2013. Ms. Jensen reported that she had spoken to Ms. Laverriere in regards to this matter. She explained that many times her contracts with the service providers are ongoing until the plan decides that they are unhappy with the services, however this is not the way that PRC's contract has been written. She explained that she has been in communication with the City in regards to the expiration of this contract to see how the City handles this and to see if the Plan will need to go out for an RFQ because the actual contract does not allow for an annual renewal. Ms. Laverriere reported that she needs to speak to the City's Finance Department to see if the renewal can be added to the new contract without having to go through an RFQ. She reported that the City is very happy with PRC's administrative services and wants to continue to have them engaged. The Board deferred this item until the February Agenda so that the information can be confirmed with the City's Finance Department. 2. Warrant for Invoices The Board reviewed the Disbursements presented for approval by the administrator. Motion Ms. Fasolo moved to approve the invoices that were presented by the administrator. Mr. Low seconded the motion that unanimously passed 5 -0. 3. Benefit Approvals (08 -26 -13 & 11- 25 -13) Ms. Martinez presented to the Board the Benefit Approvals for August 26, 2013 and November 25, 2013. Motion 7 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida November 25, 2013 Mr. Low moved to approve the August 26, 2013 and the November 25, 2013 Benefit Approval as presented. Mr. Graham seconded the motion that unanimously passed 5 -0. 4. 2014 Meeting Schedule Ms. Martinez presented to the Board the 2014 Quarterly Meeting Schedule. Ms. Martinez reported that the May meeting has been scheduled for Tuesday May 27 because Monday is Memorial Day. Mr. Swanson has a conflict on that day and he has requested as he has done in the past to attend this meeting via teleconference. The Board approved Mr. Swanson's attendance to the May 27, 2014 via teleconference. The Board approved the 2014 meeting scheduled as presented. 5. Alliance Bernstein — update signature card Ms. Martinez reported that the Alliance Bernstein signature card needs to be updated. She asked the Board members to sign the updated signature card before they leave the meeting. C. Board Issues There were no Board Issues. VIII. PUBLIC COMMENTS There were no public comments. IX. ADJOURNMENT There being no other business and the next meeting having been previously scheduled for Monday, February 24 at 1:30 p.m., the Trustees adjourned the meeting at 2:32 p.m. MINUTES APPROVED: February 24, 2014 Jerry Taylor, Chair Boynton Beach General Employees' Pension Board Dixie Martinez, Administrator Boynton Beach General Employees' Pension Board 8 "O�RS Gabriel R oeder Sm ith & Company Consultants Actuaries CITY OF BOYNTON BEACH PENSION PLAN FOR GENERAL EMPLOYEES ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2013 ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE PLAN YEAR ENDING SEPTEMBER 30, 2015 GRS Gabriel Roeder Smith &( One East Brnwaod Blvd 954.527J616 phone Iousob�ns &" Acm",azies Suite 505 954.525.0083 fax GRS Ft. Lauderdale, FL 33301-1804 www. February 18, 2014 Board nfTrustees City of Boynton Beach Pension Plan for General Employees Boynton Beach, Florida Dear Board Members: The results of the October 1, 2013 Annual Actuarial Valuation of the City of Boynton Beach Pension Plan for General Employees are presented in this report. This report was prepared at the request ofthe Board and is intended for use by the Retirement System and those designated or approved 6v the Board. This report may he provided 1n parties other than the System only in its entirety and only with the permission of the Board. The purpose of the valuation is to measure the Systern's funding progress, to determine the employer contribution rate for the fiscal year ending September 30,20l5, and to determine the actuar information for Governmental Accounting Standards Board (GASB) Statement No. 25 and No. 27. This report also includes estimated G}\S|0 Statement No. h7 information for the fiscal year ending September 3O,2Ol4. This report should not be relied on for any purpose other than the purpose descr above. The findings included in this report are based on data or other information through September 30, 2013. Future actuarial measurements inay differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or dernographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such ay the end ofau amortization period o, additional cost nr contribution requirements based oo the plan's funded yta1us); and changes in plan provisions or applicable law. The valuation was based upon information furnished by the Plan Administrator concerning Retirement System benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We checked for internal and year-to-year consistency, but did not otherwise audit the dub/. We are not responsible for the accuracy Vc completeness of the information provided bv the Plan Administrator. This report was prepared using certain assumptions prescribed by the Board as descr in Section B. The undersigned actuaries are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. The signing actuaries are independent of the plan sponsor. This report has been prepared by actuaries who have substantial experience va public employee retirement systems. To the best of our knowledge the information conta in this report is accurate and fairly presents the actuarial position of the Retirement System umof the valuation date. All calculations have been rnade in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued bvthe Actuarial Standards Board and with applicable statutes. Board of Trustees City of Boynton Beach Pension Plan for General Employees Page 2 This actuarial valuation and /or cost determination was prepared and completed by me or under my direct supervision, and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate. In my opinion, the techniques and assumptions used are reasonable, meet the requirements and intent of Part VI1, Chapter 112, Florida Statutes, and are based on generally accepted actuarial principles and practices. There is no benefit or expense to be provided by the plan and/or paid from the plan's assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material increase in plan costs or required contribution rates have been taken into account in the valuation. Respectfully submitted, GABRIEL, ROEDER, SMITH AND COMPANY r 6 R eter N. Strong, ASA, MA , FCA J fi S. Amrose, MAAA Enrolled Actuary No. 11- 6 75 nrolled Actuary No. 11 -06599 Gabriel Roeder Smith & Company TABLE OF CONTENTS Section Title Page A Discussion of Valuation Results 1 B Valuation Results 1. Participant Data 4 2. Annual Required Contribution 5 3. Actuarial Value of Benefits and Assets 6 4. Calculation of Employer Normal Costs 7 5. Liquidation of the Unfunded Actuarial Accrued Liability 8 6. Actuarial Gains and Losses 9 7. Actual Compared to Expected Decrements 13 8. Cumulative Gains and Losses (13` check) 14 9. Recent History of Valuation Results 15 10. Recent History of Required Contributions 16 11. Actuarial Assumptions and Cost Method 17 12. Glossary of Terms 21 C Pension Fund Information 1. Summary of Assets 24 2. Summary of Fund's Income and Disbursements 25 3. Actuarial Value of Assets 27 4. Investment Rate of Return 28 D Financial Accounting Information 1. FASB No. 35 29 2. GASB No. 25 30 3. GASB No. 27 32 4. GASB No. 67 34 E Miscellaneous Information 1. Reconciliation of Membership Data 45 2. Age and Service Distribution 46 F Summary of Plan Provisions 48 GRS SECTION A DISCUSSION OF VALUATION RESULTS GRS 1 DISCUSSION OF VALUATION RESULTS Comparison of Required Employer Contributions A comparison of the required employer contribution developed in this and the last actuarial valuation is shown below. The contribution policy of the City is to contribute the dollar amount determined by multiplying the required percentage of payroll determined as of the valuation date by the projected pensionable payroll for the year. For FYE 9/30/15 For FYE 9/30/14 Based On Based On 10/01/2013 10/1/2012 Increase Valuation Valuation (Decrease) if contributed on if contributed on 10/1/2014 10/1/2013 Required Employer Contribution S 7,273,067 S 6,780,773 S 492,294 As % of Covered Payroll 33.43 % 31.35 % 2.08 % The employer contribution listed above is for the City's fiscal year ending September 30, 2015 and has been calculated as though payment is made in a single lump sum on October 1, 2014. The actual City contribution for 2013 was $6,630,714, an amount which met the minimum required payment of $6,630,714. Revisions in Benefits Ordinance No. 13 -035, adopted on December 3 d , 2013, changed the definition of Annual Earnings to limit the amount of overtime pay to no more than 300 hours per year and exclude unused accumulated sick and vacation leave from Final Average Compensation, effective June 18, 2013. The minimum benefit is the accrued benefit as of June 18, 2013, including the amount of unused accumulated sick and vacation leave in existence as of June 18, 2013. To reflect this change, the 10% load on projected retirement benefits for future normal and early retirements has been removed. Also, actual unused accumulated sick and vacation leave balances as of June 21, 2013 were provided by the City and used to determine the minimum accrued benefits. This change caused the annual required contribution to decrease by 2.97% of covered payroll. GRS 2 Revisions in Actuarial Assumptions and Methods The investment return assumption has been changed from 8.0% to 7.5 %. The mortality table has been changed from the 1983 Group Annuity Mortality table for males and females to the RP -2000 Combined Healthy Participant Mortality table for males and females, with mortality improvement projected from the year 2000 to all future years using Scale AA. In addition, the salary increase rate assumption has been changed from a table of rates that vary by age (from 4.2% to 7.8 %) to 2.8% for each of the next three years, followed by a service -based table of rates (varying from 3.5% to 8.6 %), reflecting actual experience observed over the eight -year period ending September 30, 2012. These changes caused the annual required contribution to increase by 4.97% of covered payroll. Actuarial Experience There was a net actuarial experience gain of $321,148 for the year, which means actual experience was slightly more favorable than expected. This gain was primarily due to a gain on liabilities, which was mostly due to actual salary increases being lower than expected (2.0% versus 5.3% expected). The gain was offset somewhat by a lower than expected investment return on the actuarial value of assets (6.9% actual versus 8.0% expected). The investment return on the market value of assets was 13.7 %, but prior losses continue to be phased in and recent gains are being recognized over 5 years. The actuarial experience loss resulted in a decrease in the required employer contributions of 0.16% of covered payroll. Funded Ratio The funded ratio this year is 74.6% compared to 74.5% last year. The funded ratio this year before any changes were recognized was 77.2 %, and it was 80.1% after the plan changes but prior to recognizing the assumption changes. The funded ratio is equal to the actuarial value of assets divided by the actuarial accrued (past service) liability. Relationship to Market Value If Market Value had been the basis for the valuation, the City contribution rate for the fiscal year ending September 30, 2015 would have been 31.19% and the funded ratio would have been 77.7 %. This f u n ded r at i o (o a m a rk et va bas i s up fr 72.6% l ast yea In t abse o ot g a l osses, GRS 3 the City contribution rate should decrease to that level over the next few years. Analysis of Chance in Employer Contribution The components of change in the required contribution as a percent of payroll are as follows: Contribution rate last year 31.35 % Experience (Gain) / Loss (0.16) Change in Plan Benefits (2.97) Change is Assumptions and Methods 4.97 Change in Normal Cost Rate 0.02 Change in Payment on UAAL 0.20 Change in Administrative Expense 0.02 Contribution rate this year 33.43 % According to the Florida Administrative Code, the payroll growth assumption may not exceed the average payroll growth over the last ten years. The ten year average rate this year was equal to (0.58 %) compared to the assumed rate of 2.8 %. Since the actual ten year average is less than 0 %, there is no payroll growth assumption applied, and the unfunded actuarial liability is now being amortized as a level dollar amount. This had a negligible impact on the contribution requirement this year, as the ten - year average payroll growth rate was only 0.01% for the previous valuation. Required Contributions in Later Years It is important to keep in mind that under the asset smoothing methods, asset gains and losses are recognized over five years. As of September 30, 2013, the market value of assets exceeded the actuarial value by $4,366,890. Once all the gains through September 30, 2013 are fully recognized in the actuarial asset values, the contribution rate will decrease by roughly 2.2% of payroll unless there are offsetting losses. Also, since the unfunded actuarial liability is now being amortized as a level dollar amount, the contribution rate will tend to decrease over time if covered payroll increases in future years. Conclusion The remainder of this Report includes detailed actuarial valuation results, financial information, miscellaneous information and statistics, and a summary of plan provisions. GRS SECTION B VALUATION RESULTS GRS 4 PARTICIPANT DATA October 1, 2013 October 1, 2013 October 1, 2012 After Changes Before Changes ACTIVE MEMBERS Number 386 386 387 Covered Annual Payroll $ 20,496,419 $ 20,746,003 $ 20,956,556 Average Annual Payroll $ 53,100 $ 53,746 $ 54,151 Average Age 47.5 47.5 47.3 Average Past Service 10.8 10.8 11.1 Average Age at Hire 36.7 36.7 36.2 RETIREES & BENEFICIARIES & DROP Number 345 345 327 Annual Benefits $ 8,064,467 $ 8,064,467 $ 7,498,867 Average Annual Benefit $ 23,375 $ 23,375 $ 22,932 Average Age 68.4 68.4 68.5 DISABILITY RETIREES Number 2 2 2 Annual Benefits $ 23,645 $ 23,645 $ 23,645 Average Annual Benefit $ 11,823 $ 11,823 $ 11,823 Average Age 70.9 70.9 69.9 TERMINATED VESTED MEMBERS Number 40 40 42 Annual Benefits $ 630,253 $ 630,253 $ 690,051 Average Annual Benefit $ 15,756 $ 15,756 $ 16,430 Average Age 50.0 50.0 51.3 GRS 5 ANNUAL REQUIRED CONTRIBUTION (ARC) A. Valuation Date October 1, 2013 October 1, 2013 October 1, 2013 October 1, 2012 After Plan and After Plan Changes Before Changes Assumption Changes B. ARC to Be Paid During Fiscal Year Ending 9/30/2015 9/30/2015 9/30/2015 9/30/2014 C. Assumed Date of Employer Contrib. 10/1/2014 10/1/2014 10/1/2014 10/1/2013 D. Annual Payment to Amortize Unfunded Actuarial Liability $ 5,180,427 $ 4,458,593 $ 4,870,664 $ 4,913,085 E. Employer Normal Cost 1,671,937 1,446,701 1,649,111 1,657,079 F. ARC if Paid on the Valuation Date: D +E 6,852,364 5,905,294 6,519,775 6,570,164 G. ARC Adjusted for Frequency of 6,852,364 5,905,294 6,519,775 6,570,164 Payments H. ARC as % of Covered Payroll 33.43 % 28.46 % 31.43 % 31.35 % I. Assumed Rate of Increase in Covered Payroll to Contribution Year N/A % N/A % N/A % N/A % J. Covered Payroll for Contribution Year 21,756,107 * 21,756,107 * 21,756,107 * 21,629,261 K. ARC for Contribution Year: H x J 7,273,067 6,191,788 6,837,944 6,780,773 L. ARC as % of Covered Payroll in Contribution Year: K - J 33.43 % 28.46 % 31.43 % 31.35 % *Estimated payroll for the contribution year, per the City's Finance Department. GRS 6 ACTUARIAL VALUE OF BENEFITS AND ASSETS A. Valuation Date October 1, 2013 October 1, 2013 October 1, 2013 October 1, 2012 After Plan and After Plan Changes Before Changes Assumption Changes B. Actuarial Present Value of All Projected Benefits for 1. Active Members a. Service Retirement Benefits $ 72,344,776 $ 68,015,849 $ 74,614,688 $ 76,136,358 b. Vesting Benefits 4,823,294 4,411,189 4,411,189 4,773,084 c. Disability Benefits - - - - d. Preretirement Death Benefits 1,373,575 2,404,188 2,404,188 2,502,109 e. Return of Member Contributions 150,987 153,597 153,597 93,482 f. Total 78,692,632 74,984,823 81,583,662 83,505,033 2. Inactive Members a. Service Retirees & Beneficiaries 80,954,554 75,177,981 75,177,981 69,966,886 b. Disability Retirees 239,230 221,616 221,616 226,036 c. Terminated Vested Members 4,473,858 3,928,284 3,928,284 4,653,885 d. Total 85,667,642 79,327,881 79,327,881 74,846,807 3. Total for All Members 164,360,274 154,312,704 160,911,543 158,351,840 C. Actuarial Accrued (Past Service) Liability per GASB No. 25 143,759,601 133,866,574 138,876,697 135,449,481 D. Actuarial Value of Accumulated Plan Benefits per FASB No. 35 1. Based on Plan's Interest Rate 135,554,496 123,493,874 125,610,608 121,199,854 E. Plan Assets 1. Market Value 111,629,480 111,629,480 111,629,480 98,308,638 2. Actuarial Value 107,262,590 107,262,590 107,262,590 100,907,564 F. Unfunded Actuarial Accrued Liability 36,497,011 26,603,984 31,614,107 34,541,917 G. Actuarial Present Value of Projected Covered Payroll 146,336,001 156,755,454 156,755,454 162,969,342 IT. Actuarial Present Value of Projected Member Contributions 10,243,521 10,972,881 10,972,881 11,407,853 L Accumulated Contributions of Active 12,360,805 12,360,805 12,360,805 12,450,870 Members J. Funded Ratio: E2 /C 74.6% 80.1% 77.2% 74.5% GRS 7 CALCULATION OF EMPLOYER NORMAL COST A. Valuation Date October 1, 2013 October 1, 2013 October 1, 2013 October 1, 2012 After Plan and After Plan Changes Before Changes Assumption Changes B. Normal Cost for 1. Service Retirement Benefits $ 2,479,529 $ 2,264,086 $ 2,466,496 $ 2,483,488 2. Vesting Benefits 337,014 293,708 293,708 302,125 3. Disability Benefits - - - - 4. Preretirement Death Benefits 55,201 105,073 105,073 105,871 5. Return of Member Contributions 96,470 97,582 97,582 97,382 6. Total for Future Benefits 2,968,214 2,760,449 2,962,859 2,988,866 7. Assumed Amount for Administrative Expenses 138,472 138,472 138,472 135,172 8. Total Normal Cost 3,106,686 2,898,921 3,101,331 3,124,038 C. Expected Member Contribution 1,434,749 1,452,220 1,452,220 1,466,959 D. Employer Normal Cost: B8 -C 1,671,937 1,446,701 1,649,111 1,657,079 E. Employer Normal Cost as % of Covered Payroll 8.16 % 6.97 % 7.95 % 7.91 % GRS 8 LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY Original UAAL Current UAAL Date Years Established Source Amount Remaining Amount Payment 10 /1 /11 Method Change; All Bases Combined 29,268,350 8 26,542,229 4,215,326 10 /1 /11 Exp. Loss 4,879,520 13 4,773,181 546,426 10/1/12 Exp. Loss 644,791 14 619,845 67,922 10/1/13 Exp. Gain (321,148) 15 (321,148) (33,844) 10/1/13 Plan Change Base (5,010,123) 30 (5,010,123) (394,617) 10/1/13 Assumption Change 9,893,027 30 9,893,027 779,214 $ 39,354,417 $ 36,497,011 $ 5,180,427 Amortization Schedule The UAAL is being amortized as a level percent of payroll over the number of years remaining in the amortization period. The expected amortization schedule is as follows: Amortization Schedule Year Expected UAAL 2013 $ 36,497,011 2014 33,665,329 2015 30,621,269 2016 27,348,906 2017 23,831,114 2018 20,049,489 2023 5,839,754 2028 3,649,500 2033 2,837,898 2038 1,672,738 2043 - GRS 9 ACTUARIAL GAINS AND LOSSES The assumptions used to anticipate mortality, employment turnover, investment income, expenses, salary increases, and other factors have been based on long range trends and expectations. Actual experience can vary from these expectations. The variance is measured by the gain and loss for the period involved. If significant long term experience reveals consistent deviation from what has been expected and that deviation is expected to continue, the assumptions should be modified. The net actuarial gain (loss) for the past year is computed as follows: 1. Last Year's UAAL $ 34,541,917 2. Last Year's Employer Normal Cost 1,657,079 3. Last Year's Contributions 6,630,714 4. Interest at the Assumed Rate on: a. 1 and 2 for one year 2,895,920 b. 3 from dates paid 528,947 c. a - b 2,366,973 5. This Year's Expected UAAL 1 + 2 - 3 + 4c 31,935,255 6. This Year's Actual UAAL (Before any changes in benefits or assumptions) 31,614,107 7. Net Actuarial Gain (Loss): (5) - (6) 321,148 8. Gain (Loss) due to investments (1,224,707) 9. Gain (Loss) due to other sources 1,545,855 GRS 10 Actuarial Gain ( +) or Loss ( -) $20 $20 $15 $15 $10 $10 $5 $5 $0 $0 -$5 -$5 ,o -$10 $10 -$15 -$15 -$20 -$20 -$25 -$25 -$30 -$30 fo �° 4 a 4 a� a� a 4 C) 0 o 0� oti N o� o 0 0� 4 o 4 1 o� o oa � �ti �^ 1 ) 0 4 1 1? 1 1 �� A 4 �� a� 4 1 �� Plan Year End Gain or Loss t Cumulative GRS 11 The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is important that they are in line with the actual experience. The following table shows the actual fund earnings and salary increase rates compared to the assumed rates for the last several years: Investment Return Salary Increases Year Ending Actual Assumed Actual Assumed 12/31/1988 10.8 % 8.0 % 6.7 % 6.5 % 12/31/1989 17.4 8.0 8.8 6.5 9/30/1990 * (2.3) 8.0 11.0 6.5 9/30/1991 9.9 8.0 10.3 7.5 9/30/1992 9.5 8.0 5.3 7.9 9/30/1993 11.0 8.0 2.5 7.9 9/30/1994 8.0 8.0 5.8 7.9 9/30/1995 9.3 8.0 3.6 7.9 9/30/1996 9.4 8.0 2.4 7.4 9/30/1997 13.3 8.0 4.3 7.4 9/30/1998 14.5 8.0 8.0 7.4 9/30/1999 13.2 8.0 4.8 7.4 9/30/2000 12.3 8.0 10.8 7.3 9/30/2001 3.9 8.0 8.0 5.6 9/30/2002 0.2 8.0 4.4 5.6 9/30/2003 0.8 8.0 7.1 5.6 9/30/2004 0.5 8.0 8.1 5.6 9/30/2005 6.2 8.0 4.5 5.6 9/30/2006 9.7 8.0 14.8 5.6 9/30/2007 9.3 8.0 5.8 5.6 9/30/2008 4.6 8.0 5.7 5.4 9/30/2009 0.1 8.0 4.8 5.4 9/30/2010 4.3 8.0 (0.7) 5.4 9/30/2011 2.8 8.0 3.9 5.3 9/30/2012 4.5 8.0 (2.0) 5.3 9/30/2013 6.9 8.0 2.0 5.3 Averages 7.3 % - -- 5.8 % - -- * 9 months The actual investment return rates shown above are based on the actuarial value of assets. The actual salary increase rates shown above are the increases received by those active members who were included in the actuarial valuation both at the beginning and the end of each period. GRS 12 History of Investment Return Based on Actuarial Value of Assets 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% -5% -5% Plan Year End Actual t Assumed History of Salary Increases 16% 16% 14% 14% 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% -2% -2% -4% -4% Plan Year End Compared to Previous Year Actual Assumed "-D-L-3 13 Actual (A) Compared to Expected (E) Decrements Among Active Employees Number Added Service & Active During DROP Disability Terminations Members Year Year Retirement Retirement Death Vested Other Totals End of Ended A E A E A E A E A A A E Year 9/30/2002 41 48 15 8 0 0 1 0 6 26 32 53 542 9/30/2003 40 45 11 11 0 0 0 1 9 25 34 44 537 9/30/2004 50 77 39 10 0 0 1 1 7 30 37 39 510 9/30/2005 54 53 12 9 0 0 1 1 11 29 40 37 511 9/30/2006 70 56 9 11 0 0 1 1 17 29 46 36 525 9/30/2007 65 50 10 11 0 0 2 1 15 23 38 40 540 9/30/2008 35 49 10 11 0 0 1 1 14 24 38 41 526 9/30/2009 18 34 13 15 0 0 1 1 3 17 20 34 510 9/30/2010 10 41 21 21 0 0 2 1 7 11 18 34 479 9/30/2011 8 92 34 15 0 0 3 1 33 22 55 20 395 9/30/2012 36 44 16 14 0 0 1 1 9 18 27 14 387 9/30/2013 52 53 19 13 0 0 1 1 14 19 33 20 386 9/30/2014 15 1 26 12 Yr Totals * 479 642 209 149 0 0 15 11 145 273 418 412 * Totals are through current Plan Year only GRS 14 Cumulative Gains and Losses (13 Check) Cumulative Actuarial Gains (Losses) Balance at Year Ending Beginning Gain (Loss) Balance at 9/30 of Year Interest for Year 13th Check End of Year 2001 (5,127,867) 0 (5,127,867) 2002 (5,127,867) (410,229) (4,227,408) 0 (9,765,504) 2003 (9,765,504) (781,240) (5,398,187) 0 (15,944,932) 2004 (15,944,932) (1,275,595) (4,994,196) 229,585 (22,444,306) 2005 (22,444,306) (1,795,544) (1,174,319) 0 (25,414,170) 2006 (25,414,170) (2,033,134) (2,594,867) 0 (30,042,170) 2007 (30,042,170) (2,403,374) 1,095,313 0 (31,350,231) 2008 (31,350,231) (2,508,018) (4,187,334) 0 (38,045,583) 2009 (38,045,583) (3,043,647) (7,545,634) 0 (48,634,864) 2010 (48,634,864) (3,890,789) 390,808 0 (52,134,845) 2011 (52,134,845) (4,170,788) (4,879,520) 0 (61,185,153) 2012 (61,185,153) (4,894,812) (644,791) 0 (66,724,756) 2013 (66,724,756) (5,337,980) 321,148 0 (71,741,588) Note: The 13` check provision was enacted by Ordinance No. 02 -026. The first year that the 13` check was based on is the year ended 9/30/2001. GRS 15 o �+ l� N \O 't � — 7t C1 M O 01 01 01 -- N 7t `O N Vl M l� O 00 V') C1 •--i V') l� M 7t 00 00 •--� N — •--i M M V') 7 t 00 C1 •--� o0 o0 o0 oo C� C� 00 00 l� \c \c l� l� l� l� l� l� l� l� l� l� o0 � V W -- 00 C1 Ac 00 M 7t � 7t \O C1 00 O M N O C1 �n �n � 00 N � 01 -- M l� '!t C1 '!t O 00 � C1 C1 I!t N I!t vn — N vn — \c — \c I!t I!t C1 O N O \O M M 00 00 M 00 O M M 7t O N Vn 00 l� \O 7 t M N N M M O N V lzt 00 O C1 AO •--� N N N N N M N M M M I� � O l� \O O 7t M O N 00 r-- r-- -- M N 7t 00 \c 00 M 'Z CC O N W M O vl� O M N N 7t vn C� N C� 7t � CIA 7t N 7t O `O O ll O o0 �r- O M OC N C � lzt --� N ll 00 ll O o0 OC� --� N C� N �y v� M \c C1 N \O C1 M \O N l� M O N N N N \c M C1 � O \c 00 O N N N M M 7t 7t �n \O \O \O \O \O \O � � o0 01 01 01 O O w O � �y N O N — C1 7t N `O vn \c 7t 7t 00 � M N C1 M r-- \O 00 7t N O 7t N •--� — 00 7t C1 00 7t M M 7t O V') 00 7 t 00 V') C1 N 6 4 — C1 O Ac 01 N 7t 01 O 01 v 01 01 N C1 AO o0 — — — 01 7t O N N M N M M M t V l� 00 O O � vO � 00 AO N O O — — — — — — — — — — — — — N N N N N N N N N N N N N x � O +� O� N W l� O� N 7t O M v� oo oc O 7t 7t \O o \O 00 C � O -� l� C�O�O -�N �nv��n O �n \O l O� m m r-I m 4•w CC � •--� •--� •--� •--� •--� •--� •--� •--� N N N N N N N N M M M � O Z o0 oo N -- O O 7t C� v `O O C� `O C� N O_ �_ O_ v `p N O O O N M 7t wl� AO � 00 Cl' O N M 7t wl� Ac � 00 01 O Cq m 00 C� O O O O O O O O O O A 0 0 O O O O O O O O O O O O O O O O O O O O O O — — — — — — — — — — — — — — — — — — — — — — — — GRS 16 RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS Required Employer Contribution Valuation Applies to Fiscal Year Ending of Actual Amount Payroll Contribution 1/1/89 9/30/90 $ 1,184,478 10.50 % $ 1,184,478 1/1/90 9/30/91 1,249,624 10.50 1,291,072 10/1/90 9/30/91 1,503,350 11.17 1,503,350 10/1/91 9/30/92 1,551,773 10.93 1,551,773 10/1/92 9/30/93 1,611,251 11.49 1,611,251 10/1/93 9/30/94 1,539,169 10.91 1,539,169 10/1/94 9/30/95 1,505,804 10.20 1,505,804 10/1/95 9/30/96 1,339,622 8.95 1,339,622 10/1/96 9/30/97 1,168,158 7.81 1,180,810 10/1/97 9/30/98 1,069,863 7.02 1,069,863 10/1/98 9/30/99 952,994 5.68 952,994 10/1/99 9/30/00 686,732 3.82 686,732 10 /1 /00 9/30/01 595,970 3.03 595,970 10 /1 /01 9/30/02 1,039,900 4.88 1,039,900 10/1/02 9/30/03 1,542,574 7.37 1,542,574 10/1/03 9/30/04 2,243,356 10.20 2,243,356 10/1/04 9/30/05 2,851,454 13.44 2,851,454 1011105 9/30/06 2,805,595 12.91 2,805,595 10/1/06 9/30/07 3,584,452 14.37 3,584,452 10/1/07 9/30/08 3,909,961 14.70 3,909,961 10/1/08 9/30/09 4,800,411 17.24 4,800,411 10/1/09 9/30/10 5,415,919 19.22 5,415,919 10/1/09 9/30/11 4,694,544 18.43 4,694,545 10 /1 /10 9/30/12 4,502,590 19.40 4,502,590 10 /1 /11 9/30/13 6,630,714 27.80 6,630,714 10/1/12 9/30/14 6,780,773 31.35 na 10/1/13 9/30/15 7,273,067 33.43 na GRS 17 ACTUARIAL ASSUMPTIONS AND COST METHOD Valuation Methods Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered before and after the valuation date were determined using an Individual Entry -Age Actuarial Cost Method having the following characteristics: (i) the annual normal cost for each individual active member, payable from the date of employment to the date of retirement, is sufficient to accumulate the value of the member's benefit at the time of retirement; (ii) each annual normal cost is a constant percentage of the member's year by year projected covered pay. Actuarial gains /(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability. Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial Accrued Liabilities (full funding credit if assets exceed liabilities) were amortized as a level (principal & interest combined) percent of payroll. The actual payroll growth average over the last 10 years was (0.58 %) compared to the assumed rate of 2.8 %. Florida administrative code requires using the lesser of the two rates for purposes of amortizing unfunded liabilities as a level percent of pay, but not less than zero. Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected investment earnings and actual investment earnings at the rate of 20% per year. The Actuarial Value of Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80% of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan assets. During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than assumed rate, Actuarial Value of Assets will tend to be greater than Market Value. Valuation Assumptions The actuarial assumptions used in the valuation are shown in this Section. Economic Assumptions The investment return rate assumed in the valuation is 7.5% per year, compounded annually (net after investment expenses). This assumed rate has been changed from 8.0% per year in the previous valuation. The Wage Inflation Rate assumed in this valuation was 2.8% per year. The Wage Inflation Rate is defined to be the portion of total pay increases for an individual that are due to macroeconomic forces including productivity, price inflation, and labor market conditions. The wage inflation rate does not include pay changes related to individual merit and seniority effects. This assumed rate has been changed from 3.5% per year in the previous valuation. The assumed real rate of return over wage inflation is defined to be the portion of total investment return that is more than the assumed wage inflation rate. Considering other economic assumptions, the 7.5% investment return rate translates to an assumed real rate of return over wage inflation of 4.7 %. GRS 18 The assumed rates of salary increases are 2.8% per year for each of the next three years, then they are based on years of service as shown in the table below. Part of the assumption is for merit and /or seniority increase, and 2.8% recognizes wage inflation, including price inflation, productivity increases, and other macroeconomic forces. This assumption is used to project a member's current salary to the salaries upon which benefits will be based. This assumption was changed this year from age -based rates which varied by age from 4.2% to 7.8% in the previous valuation. % Increase in Salary Years of Merit and Base Total Service Seniority (Economic) Increase 1 -2 5.8% 2.8% 8.6% 3 -9 3.0% 2.8% 5.8% 10 -14 1.7% 2.8% 4.5% 15 -19 1.2% 2.8% 4.0% 20+ 0.7% 2.8% 3.5% Projected retirement benefits are no longer increased by 10% to allow for the inclusion in average final compensation of lump sum payments of unused leave. Instead, the accrued benefits as of June 18, 2013, including the balance of unused leave as of that date, are held as a minimum benefit. Demographic Assumptions The mortality table was the RP -2000 Combined Healthy Participant Mortality Tables for males and females. A provision is included to project future mortality improvements to the current year and to all future years from the year 2000 using Scale AA. Sample Probability of Future Life Attained Dying Next Year Expectancy (years) Ages (in 2013) Men Women Men Women 50 0.17% 0.13 % 34.17 35.58 55 0.28 0.24 29.05 30.61 60 0.55 0.47 24.13 25.84 65 1.06 0.91 19.53 21.35 70 1.82 1.57 15.35 17.24 75 3.15 2.53 11.58 13.52 80 5.65 4.19 8.38 10.22 This assumption is used to measure the probabilities of each benefit payment being made after retirement. For active members, the probabilities of dying before retirement were based upon the same mortality table as members dying after retirement. GRS 19 The rates of retirement used to measure the probability of eligible members retiring during the next year are shown below. Year of Rate Attainment of NRD 80% NRD + 1 30 NRD + 2 30 NRD +3 30 NRD + 4 30 NRD + 5 100 Assumed rate is 5% for each year eligible for Early Retirement. Rates of separation from active membership were as shown below (rates do not apply to members eligible to retire and do not include separation on account of death or disability). This assumption measures the probabilities of members remaining in employment. Sample Years of Percent Separating within Ages Service Next Year ALL 0 34.0% 1 21.3 2 12.8 3 8.5 4 6.0 25 5 & Over 5.1 30 5.1 35 5.1 40 5.1 45 3.0 50 1.3 55 1.3 60 1.3 GRS 20 Miscellaneous and Technical Assumptions Administrative & Investment The investment return assumption is intended to be the return net of Expenses investment expenses. Annual administrative expenses are assumed to be the same as last year's actual non - investment expenses. Assumed administrative expenses are added to the Normal Cost. Benefit Service Exact fractional service is used to determine the amount of benefit payable. Decrement Operation Mortality decrements operate during retirement eligibility. Decrement Timing Decrements of all types are assumed to occur at the beginning of the year. Eligibility Testing Eligibility for benefits is determined based upon the age nearest birthday and service nearest whole year on the date the decrement is assumed to occur. Forfeitures For vested separations from service, it is assumed that 0% of members separating will withdraw their contributions and forfeit an employer financed benefit. It was further assumed that the liability at termination is the greater of the vested deferred benefit (if any) or the member's accumulated contributions. Incidence of Contributions Employer contributions are assumed to be made at the beginning of the fiscal year. Member contributions are assumed to be received continuously throughout the year based upon the computed percent of payroll shown in this report, and the actual payroll payable at the time contributions are made. Normal Form of Benefit A life annuity is the normal form of benefit. Pay Increase Timing Beginning of fiscal year. This is equivalent to assuming that reported pays represent amounts paid to members during the year ended on the valuation date. Service Credit Accruals It is assumed that members accrue one year of service credit per year. GRS 21 GLOSSARY Actuarial Accrued Liability The difference between the Actuarial Present Value of Future Benefits, (AAL) and the Actuarial Present Value of Future Normal Costs. Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal, disablement, and retirement; future increases in salary; future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members; and other items. Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability. Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. Actuarial Present Value The amount of funds required to provide a payment or series of payments (APV) in the future. It is determined by discounting the future payments with an assumed interest rate and with the assumed probability each payment will be made. Actuarial Present Value of The Actuarial Present Value of amounts which are expected to be paid at Future Benefits (APVFB) various future times to active members, retired members, beneficiaries receiving benefits, and inactive, non retired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. Actuarial Valuation The determination, as of a valuation date, of the Normal Cost, Actuarial Accrued Liability, Actuarial Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation for a governmental retirement system typically also includes calculations of items needed for compliance with GASB No. 25, such as the Funded Ratio and the Annual Required Contribution (ARC). Actuarial Value ofAssets The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year -to -year volatility of calculated results, such as the funded ratio and the actuarially required contribution (ARC). Amortization Method A method for determining the Amortization Payment. The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization Payment is one of a stream of payments, all equal, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the Amortization Payment is one of a stream of increasing payments, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the stream of payments increases at the rate at which total covered payroll of all active members is assumed to increase. GRS 22 Amortization Payment That portion of the plan contribution or ARC which is designed to pay interest on and to amortize the Unfunded Actuarial Accrued Liability. Amortization Period The period used in calculating the Amortization Payment. Annual Required The employer's periodic required contributions, expressed as a dollar Contribution (ARC) amount or a percentage of covered plan compensation, determined under GASB No. 25. The ARC consists of the Employer Normal Cost and Amortization Payment. Closed Amortization Period A specific number of years that is reduced by one each year, and declines to zero with the passage of time. For example if the amortization period is initially set at 30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc. Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is equal to the Normal Cost less expected member contributions. Equivalent Single For plans that do not establish separate amortization bases (separate Amortization Period components of the UAAL), this is the same as the Amortization Period. For plans that do establish separate amortization bases, this is the period over which the UAAL would be amortized if all amortization bases were combined upon the current UAAL payment. Experience Gain/Toss A measure of the difference between actual experience and that expected based upon a set of Actuarial Assumptions, during the period between two actuarial valuations. To the extent that actual experience differs from that assumed, Unfunded Actuarial Accrued Liabilities emerge which may be larger or smaller than projected. Gains are due to favorable experience, e.g., the assets earn more than projected, salaries do not increase as fast as assumed, members retire later than assumed, etc. Favorable experience means actual results produce actuarial liabilities not as large as projected by the actuarial assumptions. On the other hand, losses are the result of unfavorable experience, i.e., actual results that produce Unfunded Actuarial Accrued Liabilities which are larger than projected. Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability. GASB Governmental Accounting Standards Board. GASB No. 25 and These are the governmental accounting standards that set the accounting GASB No. 27 rules for public retirement systems and the employers that sponsor or contribute to them. Statement No. 27 sets the accounting rules for the employers that sponsor or contribute to public retirement systems, while Statement No. 25 sets the rules for the systems themselves. Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current plan year. GRS 23 Open Amortization Period An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years, the same 30 -year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability, the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. Unfunded Actuarial Accrued The difference between the Actuarial Accrued Liability and Actuarial Liability Value of Assets. Valuation Date The date as of which the Actuarial Present Value of Future Benefits are determined. The benefits expected to be paid in the future are discounted to this date. GRS SECTION C PENSION FUND INFORMATION GRS 24 STATEMENT OF PLAN ASSETS September 30 Item 2013 2012 A. Cash and Cash Equivalents (Operating Cash) B. Receivables: 1. Member Contributions $ 55,783 $ 55,901 2. Employer Contributions - - 3. Investment Income and Other Receivables 235,975 477,074 4. Prepaid Expenses 5,330 5,192 5. Total Receivables $ 297,088 $ 538,167 C. Investments 1. Short Term Investments $ 5,085,391 $ 2,296,451 2. Domestic Equities 78,434,644 65,695,660 3. International Equities - - 4. Domestic Fixed Income 26,323,411 27,503,908 5. International Fixed Income 104,789 63,414 6. Real Estate 9,114,744 8,007,371 7. Private Equity - - 8. Total Investments $ 119,062,979 $ 103,566,804 D. Liabilities 1. Benefits Payable - 2. Accrued Expenses and Other Payables - - 3. Accounts Payable (95,013) (43,509) 4. Due to Brokers (770,472) - 5. Total Liabilities $ (865,485) $ (43,509) E. Total Market Value of Assets Available for Benefits $ 118,494,582 $ 104,061,462 F. Reserves 1. Elective Benefits (370,842) (392,521) 2. DROP Accounts (6,494,260) (5,360,303) 3. Total Reserves $ (6,865,102) $ (5,752,824) G. Market Value Net of Reserves $ 111,629,480 $ 98,308,638 H. Allocation of Investments 1. Short Term Investments 4.3% 2.2% 2. Domestic Equities 65.8% 63.4% 3. International Equities 0.0% 0.0% 4. Domestic Fixed Income 22.1% 26.6% 5. International Fixed Income 0.1% 0.1% 6. Real Estate 7.7% 7.7% 7. Private Equity 0.0% 0.0% 8. Total Investments 100.0% 100.0% GRS 25 RECONCILIATION OF PLAN ASSETS September 30 Item 2013 2012 A. Market Value of Assets at Beginning of Year $ 104,061,462 $ 88,849,772 B. Revenues and Expenditures 1. Contributions a. Employee Contributions $ 1,491,371 $ 1,511,257 b. Employer Contributions 6,630,714 4,502,590 c. State Contributions - - d. Other Income - - e. Total $ 8,122,085 $ 6,013,847 2. Investment Income a. Interest, Dividends, and Other Income $ 3,301,004 $ 2,811,371 b. Realized Gains (Losses) 4,898,175 13,392,219 c. Unrealized Gains (Losses) 6,616,147 N/A d. Investment Expenses (535,264) (465,689) e. Net Investment Income $ 14,280,062 $ 15,737,901 3. Benefits and Refunds a. Refunds $ (384,972) $ (410,291) b. Regular Monthly Benefits (6,709,902) (5,760,421) c. DROP Distribution (735,681) (234,174) d. Total $ (7,830,555) $ (6,404,886) 4. Administrative and Miscellaneous Expenses $ (138,472) $ (135,172) C. Market Value of Assets at End of Year $ 118,494,582 $ 104,061,462 D. Reserves 1. Elective Benefits $ (370,842) $ (392,521) 2. DROP Accounts (6,494,260) (5,360,303) 3. Total Reserves $ (6,865,102) $ (5,752,824) E Market Value Net of Reserves $ 111,629,480 $ 98,308,638 * Breakdown between realized and unrealized gains was not available for 2012. GRS 26 RECONCILIATION OF DROP ACCOUNTS Value at beginning of year $ 5,360,303 Payments credited to accounts + 1,437,172 Investment Earnings credited + 432,466 Withdrawals from accounts - 735,681 Value at end of year 6,494,260 GRS 27 cz c c o 0 0 � 0 cz O N M O O O l� 00 C1 00 O O O N � 69 69 69 � -- l— Oo C1 v) M C1 O O O p � O 00 N 't � 69 � 69 69 o N M l— l— M Co o ccz l� 00 C1 v) Oo M O O O 't O CO M N --� ll — I N U O 69 69 69 O o r r W M—� 0 0 0 cz W CO N N CO N� M 01 N M l� l� v'� M l— N CO �O N O N O O�� c� Oo Oo IO v) IO O v) O N v') M O 't O C� C� � C� Ic 't C� C� v') O O C1 — N CT v') — CT N r- "o N CO v') Oo Oo l — M ° O CO CO �--1 CO CT v') oo v) M t l� M kr l� � O N �O IO M llO O Co M 't O Co M M N N N CT CT N CT r— CT 't I N r— 't M N M O N IC Oo t 't Co v') r-i — — Ic r— ' N N 69 69 69 69 � � o � � O �O N N �--� --� � � l� M l� l� v') � v� � CO 't O CO M �--� t � � � � U l— �O r— O O M� v') M O N Co v') l— Oo O N �O N �O l— O O [� N ` r-� N CT O M lr 01 lr ---i CT M O M r —� C � , - t r — - t{.y U N r— — C1 �O l— Co Co C1 C1 V) Co V) C1 C1 O M C1 O O N l— Co 't r— N ° --� "O N M Oo O Oo M M "O �--� "O l— t "o "o CT O CT O CO W cz � �--� v' N O O Oo W) Co O � � O � Co O O y.., cz O 69 69 69 69 A c ° ° u ° w + cC o�� IX Ln to o 0. W ro W o CZ u to IX C t CZ A � � � � � � � � + � �-' o a • � � Z ,� `� � V V bA � °� by ? � � � Z co cj �, �' a� � '� . p� P� � ' �, �. �' Q W �' � � eC `, P••. sus cScn o� v e� p ��z�wwwwwwwwwwww�c7c7c7c7c7c7c7 Q�� GRS 28 INVESTMENT RATE OF RETURN Investment Rate of Return Year Ended Market Value Actuarial Value 12/31/88 NA 10.8 % 12/31/89 NA 17.4 9/30/90 (9 mos.) NA (2.3) 9/30/91 NA 9.9 9/30/92 NA 9.5 9/30/93 NA 11.0 9/30/94 NA 8.0 9/30/95 NA 9.3 9/30/96 NA 9.4 9/30/97 24.6 % 13.3 9/30/98 8.6 14.5 9/30/99 11.5 13.2 9/30/00 9.8 12.3 9/30/01 (9.4) 3.9 9/30/02 (6.4) 0.2 9/30/03 14.8 0.8 9/30/04 6.9 0.5 9/30/05 10.5 6.2 9/30/06 6.8 9.7 9/30/07 14.3 9.3 9/30/08 (15.0) 4.6 9/30/09 (0.3) 0.1 9/30/10 8.5 4.3 9/30/11 (0.5) 2.8 9/30/12 17.8 4.5 9/30/13 13.7 6.9 Average Returns: Last Five Years 7.6 % 3.7 % Last Ten Years 5.9 % 4.8 % All Years 6.4 % 7.3 GRS SECTION D FINANCIAL ACCOUNTING INFORMATION GRS 29 FASB NO. 35 INFORMATION A. Valuation Date October 1, 2013 October 1, 2012 B. Actuarial Present Value of Accumulated Plan Benefits 1. Vested Benefits a. Members Currently Receiving Payments $ 81,193,784 $ 70,192,922 b. Terminated Vested Members 4,473,858 4,653,885 c. Other Members 48,750,832 45,326,494 d. Total 134,418,474 120,173,301 2. Non - Vested Benefits 1,136,022 1,026,553 3. Total Actuarial Present Value of Accumulated Plan Benefits: Id + 2 135,554,496 121,199,854 4. Accumulated Contributions of Active Members 12,360,805 12,450,870 C. Changes in the Actuarial Present Value of Accumulated Plan Benefits 1. Total Value at Beginning of Year 121,199,854 114,654,060 2. Increase (Decrease) During the Period Attributable to: a. Plan Amendment (2,116,734) 0 b. Change in Actuarial Assumptions 12,060,622 0 c. Latest Member Data, Benefits Accumulated and Decrease in the Discount Period 12,942,800 14,056,294 d. Benefits Paid (Net basis) (8,532,046) (7,510,500) e. Net Increase 14,354,642 6,545,794 3. Total Value at End of Period 135,554,496 121,199,854 D. Market Value of Assets 111,629,480 98,308,638 E. Funded Ratio: D / C3 82.4 % 81.1 % F. Actuarial Assumptions - See page entitled Actuarial Assumptions and Methods GRS o 30 Wn 't oo AO O a r C r- —. r- N M N N� O v 01 00 y O ^ � — \O AO N \c -- �n �n 't W� O AO -- -- N M al M M 7t 00 O 7t N \O v \O 7t 7t 00 v -- d N -- N N Ol M � \O 7t — — 00 7t Ol 00 7t 7t O V') 00 7 t 00 V') all e�C al O AO al N 7t al O al vn al al N � al AO 00 — — — al 7t ^ N M M M 7t 7t v� r— Oo O O r- r- r- 7t \O r— Oo AO N O O U - - - -- — — — — N N N N N N N N N N N N N s, O V b9 0 O O - t al vn O a a t v M v� !t oo !t N v� AO a oo `0 0o m 0\ N 00 �n 0\ N �n vi 4 ,6 4 4,6 4 4 4 l� o0 oo a\ a\ O O O O a\ o0 oo � � � � � � � � � r— w � 00 M 7t l� 7t v'� v'� l� l� 01 00 O M_ N O 01 vn vn l� 00 N l� F- � O a 7t \O O M M 00 00 m 00 O M M -!t O r �n 1 1C 7 t 7 t a N W o0 l— \O V'� -!t � eC \O 4 l M O N K ll oo O 0V AO U � w � � w � W W � \O \O vl o0 0o a\ N O � O vn 7t O O S, v 7t 7t 7t 7t O N � 7t wl� Ol � \O O Ol Ol Ol v \O Cl M lr 00 N `t� N M Cl \O r- M l� V 00 O N Vn ll - �--� \O d\ V') 0\ Vl M 00 00 7 t N — V') N Vl M 7 t 7 t 7 t V') AO AO l� 00 00 Ol O N N M M 7t � � W U a O y M O N 00 l� l� M N 7 t � 0\ Vl l� N N Vn 00 \O 00 M O wl� O M N N l� 7t wl� Ol N Ol 7t � N 7t � N 7t O \O l� O M O a N a a\ 7t -- N 7t 00 1 O 00 O a\ — N a\ N O N \O 0\ M M O N N N N \O M 0\ ll O \O 06 O l N N N M M 7t 7t vn \O \O \O \O \O \O � � oo al al al O O o � U � b9 � �. N M 7t wl� \O l� 00 01 O -- N M 7 t vn \O l� 00 01 O -- N M O dl dl dl dl dl dl dl dl O O O O O O O O O O�� eC eC N N N N N N N N N N N N N N cz L O O O O O O O O O O O O O O O O O O O O O O O GRS 31 SCHEDULE OF EMPLOYER CONTRIBUTIONS (GASB Statement No. 25) Year Ended Annual Required Actual Percentage __September 30 Contribution Contribution Contributed 1991 $ 1,503,350 $ 1,503,350 100.0 % 1992 1,551,773 1,551,773 100.0 1993 1,611,251 1,611,251 100.0 1994 1,539,169 1,539,169 100.0 1995 1,505,804 1,505,804 100.0 1996 1,339,622 1,339,622 100.0 1997 1,168,158 1,180,810 101.1 1998 1,069,863 1,069,863 100.0 1999 952,994 952,994 100.0 2000 686,732 686,732 100.0 2001 595,970 595,970 100.0 2002 1,039,900 1,039,900 100.0 2003 1,542,574 1,542,574 100.0 2004 2,243,356 2,243,256 100.0 2005 2,851,454 2,851,454 100.0 2006 2,805,595 2,805,595 100.0 2007 3,584,452 3,584,452 100.0 2008 3,909,961 3,909,961 100.0 2009 4,800,411 4,800,411 100.0 2010 5,415,919 5,415,919 100.0 2011 4,694,544 4,694,545 100.0 2012 4,502,590 4,502,590 100.0 2013 6,630,714 6,630,714 100.0 GRS 32 ANNUAL PENSION COST AND NET PENSION OBLIGATION (GASB STATEMENT NO. 27) Employer FYE September 30 2014 2013 2012 Annual Required Contribution (ARC)* $ 6,780,773 $ 6,630,714 $ 4,502,590 Interest on Net Pension Obligation (NPO) (229) (271) (299) Adjustment to ARC (569) (602) (648) Annual Pension Cost (APC) 6,781,113 6,631,045 4,502,939 Contributions made ** 6,630,714 4,502,590 Increase (decrease) in NPO ** 331 349 NPO at beginning of year (3,059) (3,390) (3,739) NPO at end of year ** (3,059) (3,390) ** To be determined THREE YEAR TREND INFORMATION Fiscal Annual Pension Actual Percentage of Net Pension Year Ending Cost (APC) Contribution APC Contributed Obligation 9/30/2011 $ 4,694,935 $ 4,694,545 100.0 % $ (3,739) 9/30/2012 4,502,939 4,502,590 100.0 (3,390) 9/30/2013 6,631,045 6,630,714 100.0 (3,059) GRS 33 REQUIRED SUPPLEMENTARY INFORMATION GASB Statement No. 25 and No. 27 The information presented in the required supplementary schedules was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation: Valuation date October 1, 2013 Contribution Rates: Employer 33.43% Plan Members 7.00% of compensation Actuarial Cost Method Entry Age Amortization Method Level percent, closed Remaining amortization period 30 years Asset valuation method 5 year smoothed market Actuarial assumptions: Investment rate of return 7.5% Projected salary increases 3.5% to 8.6 %, depending on service Includes inflation and other general increases at 2.8% Cost -of -living adjustments NA GRS 34 SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS GASB Statement No. 67 Fiscal year ending September 30, 2014* Total pension liability Service Cost $ 3,106,686 Interest 11,208,762 Benefit Changes - Difference between actual & expected experience - Assumption Changes Benefit Payments (8,520,301) Refunds (42,167) Net Change in Total Pension Liability 5,752,980 Total Pension Liability - Beginning 150,624,703 Total Pension Liability - Ending (a) $ 156,377,683 Plan Fiduciary Net Position Contributions - Employer $ 6,780,773 Contributions - Member 1,434,749 Net Investment Income 9,122,978 Benefit Payments (8,520,301) Refunds (42,167) Administrative Expense (143,573) Other - Net Change in Plan Fiduciary Net Position 8,632,459 Plan Fiduciary Net Position - Beginning 118,494,582 Plan Fiduciary Net Position - Ending (b) $ 127,127,041 Net Pension Liability - Ending (a) - (b) 29,250,642 Plan Fiduciary Net Position as a Percentage of Total Pension Liability 81.29% Covered Employee Payroll $ 20,496,419 Net Pension Liability as a Percentage of Covered Employee Payroll 142.71 % *These figures are estimates only. Actual figures will be provided after the end of the fiscal year. GRS 35 SCHEDULE OF THE EMPLOYER'S NET PENSION LIABILITY GASB Statement No. 67 Total Plan Net Position Net Pension Liability FY Ending Pension Plan Net Net Pension as a % of Total Covered as a % of September 30, Liability Position Liability Pension Liability Payroll Covered Payroll 2014* $ 156,377,683 $ 127,127,041 $ 29,250,642 81.29% $20,496,419 142.71% * These figures are estimates only. Actual figures will be provided after the end of the fiscal year. GRS 36 SCHEDULE OF CONTRIBUTIONS GASB Statement No. 67 Actuarially Contribution Actual Contribution FY Ending Determined Actual Deficiency Covered as a % of September 30, Contribution Contribution (Excess) Payroll Covered Payroll 2014* S 6,780,773 S 6,780,773 S - S 20,496,419 33.08% * These figures are estimates only. Actual figures will be provided after the end of the fiscal year. GRS 37 NOTES TO SCHEDULE OF CONTRIBUTIONS GASB Statement No. 67 Valuation Date: October 1, 2013 Notes Actuarially determined contribution rates are calculated as of October 1, which is two year(s) prior to the end of the fiscal year in which contributions are reported. Methods and Assumptions Used to Determine Contribution Rates: Actuarial Cost Method Entry Age Normal Amortization Method Level Dollar, Closed Remaining Amortization Period 10 years Asset Valuation Method 5 -year smoothed market Inflation 2.8% Salary Increases 3.5% to 8.6% depending on age, including inflation Investment Rate of Return 7.50% Retirement Age Experience -based table of rates that are specific to the type of eligibility condition Mortality RP -2000 Combined Healthy Participant Mortality Table for males and females with mortality improvement projected to all future years after 2000 using Scale AA Other Information: Notes See Discussion of Valuation Results on Page 1 GRS 38 SINGLE DISCOUNT RATE GASB Statement No. 67 A single discount rate of 7.5% was used to measure the total pension liability. This single discount rate was based on the expected rate of return on pension plan investments of 7.5 %. The projection of cash flows used to determine this single discount rate assumed that plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between the total actuarially determined contribution rates and the member rate. Based on these assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long -term expected rate of return on pension plan investments (7.5 %) was applied to all periods of projected benefit payments to determine the total pension liability. Regarding the sensitivity of the net pension liability to changes in the single discount rate, the following presents the plan's net pension liability, calculated using a single discount rate of 7.5 %, as well as what the plan's net pension liability would be if it were calculated using a single discount rate that is 1- percentage -point lower or 1- percentage -point higher: Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption* Current Single Discount 1% Decrease Rate Assumption 1% Increase 6.50% 7.50% 8.50% $ 45,537,350 $ 29,250,642 $ 15,401,905 * These figures are estimates only. Actual figures will be provided after the end of the fiscal year. GRS 39 GASB 67 - Projection of Contributions Single Discount Rate Determination: 50 -Year Service Cost and Payroll for Contributions from Expense UAL Total Year Current Employees Current Employees Contributions Contributions Contributions (a) (b) (c) (d) (e)= (b) +(c) +(d) 0 $ 20,299,760 1 20,496,419 $ 1,434,749 $ 1,786,272 $ 5,014,561 $ 8,235,583 2 19,030,616 1,332,143 1,639,871 5,014,563 7,986,576 3 17,726,416 1,240,849 1,511,012 5,014,563 7,766,424 4 16,946,755 1,186,273 1,435,848 5,014,563 7,636,683 5 15,760,620 1,103,243 1,326,712 5,014,563 7,444,518 6 14,889,520 1,042,266 1,245,760 5,014,563 7,302,589 7 13,936,566 975,560 1,159,031 5,014,563 7,149,153 8 13,138,260 919,678 1,080,214 5,014,563 7,014,455 9 12,398,208 867,875 1,009,161 644,019 2,521,055 10 11,045,613 773,193 893,231 644,019 2,310,443 11 10,336,679 723,568 833,030 644,019 2,200,617 12 9,205,715 644,400 727,003 644,019 2,015,423 13 8,539,248 597,747 662,645 644,019 1,904,412 14 7,447,566 521,330 567,103 77,473 1,165,906 15 6,514,521 456,016 481,508 7,050 944,575 16 5,814,347 407,004 426,449 42,140 875,594 17 4,968,698 347,809 362,347 42,140 752,296 18 4,494,162 314,591 327,450 42,140 684,182 19 4,060,817 284,257 296,679 42,140 623,077 20 3,348,061 234,364 241,831 42,140 518,336 21 2,786,751 195,073 196,901 42,140 434,114 22 2,330,166 163,112 161,051 42,140 366,302 23 1,989,660 139,276 138,286 42,140 319,703 24 1,645,341 115,174 111,523 42,140 268,837 25 1,252,646 87,685 82,757 42,140 212,583 26 808,321 56,582 50,854 42,140 149,577 27 579,331 40,553 33,375 42,140 116,068 28 513,630 35,954 28,760 42,140 106,855 29 365,142 25,560 18,945 42,140 86,645 30 223,513 15,646 11,298 42,140 69,084 31 101,342 7,094 5,044 (0) 12,138 32 45,850 3,210 2,224 - 5,433 33 33,112 2,318 1,589 3,907 34 18,844 1,319 842 2,161 35 8,683 608 375 983 36 2,153 151 93 244 37 - - - - 38 39 40 41 42 43 44 45 46 47 48 49 50 GRS 40 GASB 67 Single Discount Rate Determination: 100 -Year Projection of Cash Flows Projected Projected Projected Beginning Projected Total Projected Benefit Administrative Investment Projected Ending Plan Year Plan Net Position Contributions Payments Expenses Earnings at 7.50% Net Position (a) (b) (c) (d) (e) (f)= (a) +(b)- (c)- (d) +(e) 1 $ 111,629,480 $ 8,235,583 $ 8,562,468 $ 143,573 $ 8,354,888 $ 119,513,910 2 119,513,910 7,986,576 9,026,789 133,305 8,920,332 127,260,724 3 127,260,724 7,766,424 9,429,613 124,170 9,478,740 134,952,105 4 134,952,105 7,636,683 10,064,015 118,708 10,027,657 142,433,723 5 142,433,723 7,444,518 10,481,528 110,400 10,566,635 149,852,948 6 149,852,948 7,302,589 11,064,072 104,298 11,096,625 157,083,792 7 157,083,792 7,149,153 11,492,385 97,622 11,617,763 164,260,702 8 164,260,702 7,014,455 11,860,065 92,030 12,137,738 171,460,800 9 171,460,800 2,521,055 12,692,320 86,846 12,481,835 173,684,524 10 173,684,524 2,310,443 13,068,386 77,372 12,627,361 175,476,570 11 175,476,570 2,200,617 13,652,628 72,406 12,736,390 176,688,543 12 176,688,543 2,015,423 13,923,982 64,484 12,810,769 177,526,269 13 177,526,269 1,904,412 14,519,056 59,815 12,847,770 177,699,580 14 177,699,580 1,165,906 14,944,096 52,169 12,818,206 176,687,427 15 176,687,427 944,575 15,257,131 45,633 12,722,859 175,052,097 16 175,052,097 875,594 15,690,205 40,728 12,581,903 172,778,659 17 172,778,659 752,296 15,810,784 34,805 12,402,633 170,087,999 18 170,087,999 684,182 15,866,288 31,481 12,196,404 167,070,816 19 167,070,816 623,077 16,142,390 28,445 11,957,811 163,480,868 20 163,480,868 518,336 16,238,710 23,452 11,681,345 159,418,386 21 159,418,386 434,114 16,221,382 19,520 11,374,340 154,985,938 22 154,985,938 366,302 16,155,308 16,323 11,041,960 150,222,569 23 150,222,569 319,703 16,028,617 13,937 10,687,745 145,187,463 24 145,187,463 268,837 15,939,075 11,525 10,311,625 139,817,324 25 139,817,324 212,583 15,879,698 8,775 9,909,081 134,050,515 26 134,050,515 149,577 15,588,670 5,662 9,485,081 128,090,841 27 128,090,841 116,068 15,143,703 4,058 9,053,315 122,112,462 28 122,112,462 106,855 14,768,718 3,598 8,618,422 116,065,424 29 116,065,424 86,645 14,383,747 2,558 8,178,364 109,944,127 30 109,944,127 69,084 13,962,413 1,566 7,734,171 103,783,403 31 103,783,403 12,138 13,462,539 710 7,288,457 97,620,749 32 97,620,749 5,433 12,909,279 321 6,846,398 91,562,980 33 91,562,980 3,907 12,347,631 232 6,412,694 85,631,718 34 85,631,718 2,161 11,775,360 132 5,988,860 79,847,248 35 79,847,248 983 11,195,059 61 5,576,352 74,229,463 36 74,229,463 244 10,608,540 16 5,176,590 68,797,741 37 68,797,741 - 10,019,683 - 4,790,885 63,568,943 38 63,568,943 9,432,535 4,420,345 58,556,753 39 58,556,753 8,850,432 4,065,865 53,772,187 40 53,772,187 8,276,377 3,728,161 49,223,971 41 49,223,971 7,713,462 3,407,772 44,918,281 42 44,918,281 7,164,636 3,105,054 40,858,700 43 40,858,700 6,632,697 2,820,173 37,046,175 44 37,046,175 6,120,721 2,553,086 33,478,540 45 33,478,540 5,630,323 2,303,570 30,151,787 46 30,151,787 5,161,952 2,071,310 27,061,146 47 27,061,146 4,717,448 1,855,880 24,199,578 48 24,199,578 4,296,897 1,656,748 21,559,429 49 21,559,429 3,900,077 1,473,348 19,132,700 50 19,132,700 3,526,955 1,305,083 16,910,828 GRS 41 GASB 67 Single Discount Rate Determination: 100 -Year Projection of Cash Flows (cont'd) 51 16,910, 828 3,176,739 1,151,338 14, 885,427 52 14,885,427 2,850,201 1,011,457 13, 046,682 53 13,046,682 2,547,200 8 84, 708 11,384,190 54 11,3 84,190 2,266,431 770,360 9,888,118 55 9,888,118 2,008,654 667,646 8,547,110 56 8,547,110 1,772,599 5 75, 762 7,3 50,274 57 7,350,274 1,557,350 493,926 6,286, 849 58 6,286,849 1,362,320 421,350 5,345,880 59 5,345,880 1,185,733 357,280 4,517,427 60 4,517,427 1,026,279 301,017 3,792,165 61 3,792,165 883,490 251,880 3,160,555 62 3,160,555 756,187 209,197 2,613,566 63 2,613,566 642,780 172,349 2,143,134 64 2,143,134 542,078 140,775 1,741,831 65 1,741,831 453,573 113,936 1,402,194 66 1,402,194 376,294 91,309 1,117,209 67 1,117,209 309,038 72,411 880,582 68 880,582 250,901 56,805 686,485 69 686,485 201,533 44,066 529,017 70 529,017 160,135 33,780 402,662 71 402,662 125,589 25,575 302,649 72 302,649 97,112 19,123 224,660 73 224,660 74,175 14,118 164,603 74 164,603 55,959 10,285 118,928 75 118,928 41,573 7,389 84,744 76 84,744 30,405 5,236 59,576 77 59,576 21,920 3,661 41,317 78 41,317 15,574 2,525 28,269 79 28,269 10,913 1,718 19,074 80 19,074 7,528 1,153 12,700 81 12,700 5,117 764 8,347 82 8,347 3,434 500 5,413 83 5,413 2,273 322 3,462 84 3,462 1,485 205 2,182 85 2,182 956 128 1,355 86 1,355 603 79 831 87 831 376 49 504 88 504 233 29 300 89 300 142 17 175 90 175 85 10 100 91 100 50 6 56 92 56 30 3 29 93 29 16 2 14 94 14 8 1 7 95 7 4 0 3 96 3 2 0 1 97 1 1 0 0 98 0 0 0 0 99 0 0 0 0 100 0 0 0 0 GRS 42 GASB 67 Single Discount Rate Determination: 100 -Year Projection to Determine Cross -over Date Present Value of Present Value of Present Value of Funded Benefit Unfunded Benefit Benefit Projected Unfunded Portion Payments using Payments using Payments using Beginning Plan Net Projected Benefit Funded Portion of of Benefit Expected Return Municipal Bond Single Discount Year Position Payments Benefit Payments Payments Rate (v) Rate (vf) Rate (sdr) (a) (b) (c) (d) (e) (f)-(d) *v ^((a) -.5) (g) - (e) *vf ^((a) -.5) (h) - ((c) /(1 +sdr) ^(a -.5) 1 $ 111,629,480 $ 8,562,468 $ 8,562,468 $ $ 8,258,377 $ $ 8,258,377 2 119,513,910 9,026,789 9,026,789 8,098,799 8,098,799 3 127,260,724 9,429,613 9,429,613 7,869,964 7,869,964 4 134,952,105 10,064,015 10,064,015 7,813,429 7,813,429 5 142,433,723 10,481,528 10,481,528 7,569,836 7,569,836 6 149,852,948 11,064,072 11,064,072 7,433,074 7,433,074 7 157,083, 792 11,492,3 85 11,492,3 85 7,182,161 7,182,161 8 164,260,702 11,860,065 11,860,065 6,894,830 6,894,830 9 171,460,800 12,692,320 12,692,320 6,863,870 6,863,870 10 173,684,524 13,068,3 86 13,068,3 86 6,5 74,179 6,574,179 11 175,476,5 70 13,652,628 13,652,628 6,3 88,919 6,388,919 12 176,688,543 13,923,982 13,923,982 6,061,305 6,061,305 13 177,526,269 14,519,056 14,519,056 5,879,394 5,879,394 14 177,699,580 14,944,096 14,944,096 5,629,313 5,629,313 15 176,687,427 15,257,131 15,257,131 5,346,261 5,346,261 16 175,052,097 15,690,205 15,690,205 5,114,432 5,114,432 17 172,778,659 15,810,784 15,810,784 4,794,174 4,794,174 18 170,087,999 15,866,288 15,866,288 4,475,352 4,475,352 19 167,070,816 16,142,390 16,142,390 4,235, 564 4,23 5,564 20 163,480,868 16,23 8,710 16,23 8,710 3,963, 570 3,963,570 21 159,418,3 86 16,221,3 82 16,221,3 82 3,683,107 3,683,107 22 154,98 5,93 8 16,15 5,308 16,155,308 3,412,191 3,412,191 23 150,222,569 16,028,617 16,028,617 3,149,239 3,149,239 24 145,18 7,463 15,93 9,075 15,939,075 2,913,159 2,913,159 25 139,817,324 15,879,698 15,879,698 2,699,820 2,699,820 26 134,050,515 15,588,670 15,588,670 2,465,433 2,465,433 27 128,090,841 15,143,703 15,143,703 2,227,962 2,227,962 28 122,112,462 14,768,718 14,768,718 2,021,203 2,021,203 29 116,065,424 14,3 83,747 14,3 83,747 1,831,179 1,831,179 30 109,944,127 13,962,413 13,962,413 1,653,525 1,653,525 31 103,783,403 13,462,539 13,462,539 1,483,094 1,483,094 32 97,620,749 12,909,279 12,909,279 1,322,925 1,322,925 33 91,562,980 12,347,631 12,347,631 1,177,087 1,177,087 34 85,631,718 11,775,360 11,775,360 1,044,217 1,044,217 35 79,847,248 11,195,059 11,195,059 923,495 923,495 36 74,229,463 10,608,540 10,608,540 814,058 814,058 37 68,797,741 10,019,683 10,019,683 715,229 715,229 38 63,568,943 9,432,535 9,432,535 626,341 626,341 39 58,556,753 8,850,432 8,850,432 546,687 546,687 40 53,772,187 8,276,377 8,276,377 475,561 475,561 41 49,223,971 7,713,462 7,713,462 412,294 412,294 42 44,918,281 7,164,636 7,164,636 356,240 356,240 43 40,858,700 6,632,697 6,632,697 306,782 306,782 44 37,046,175 6,120,721 6,120,721 263,351 263,351 45 33,478,540 5,630,323 5,630,323 225,350 225,350 46 30,151,787 5,161,952 5,161,952 192,189 192,189 47 27,061,146 4,717,448 4,717,448 163,385 163,385 48 24,199,578 4,296,897 4,296,897 138,437 138,437 49 21,559,429 3,900,077 3,900,077 116,886 116,886 50 19,132,700 3,526,955 3,526,955 98,329 98,329 GRS 43 GASB 67 Single Discount Rate Determination: 100 -Year Projection to Determine Cross -over Date (cont'd) Present Value of Present Value of Present Value of Funded Benefit Unfunded Benefit Benefit Projected Unfunded Portion Payments using Payments using Payments using Beginning Plan Net Projected Benefit Funded Portion of of Benefit Expected Return Municipal Bond Single Discount Year Position Payments Benefit Payments Payments Rate (v) Rate (vf) Rate (sdr) (a) (b) (c) (d) (e) (f) - (d) *v ^((a) -.5) (g) - (e) *vf ^((a) -.5) (h) - ((c) /(1 +sdr) ^(a -.5) 51 $ 16,910,828 $ 3,176,739 $ 3,176,739 $ $ 82,386 $ $ 82,386 52 14,885,427 2,850,201 2,850,201 68,761 68,761 53 13,046,682 2,547,200 2,547,200 57,163 57,163 54 11,384,190 2,266,431 2,266,431 47,314 47,314 55 9,888,118 2,008,654 2,008,654 39,007 39,007 56 8,547,110 1,772,599 1,772,599 32,021 32,021 57 7,350,274 1,557,350 1,557,350 26,170 26,170 58 6,286,849 1,362,320 1,362,320 21,296 21,296 59 5,345,880 1,185,733 1,185,733 17,242 17,242 60 4,517,427 1,026,279 1,026,279 13,882 13,882 61 3,792,165 883,490 883,490 11,117 11,117 62 3,160,555 756,187 756,187 8,851 8,851 63 2,613,566 642,780 642,780 6,999 6,999 64 2,143,134 542,078 542,078 5,491 5,491 65 1,741,831 453,573 453,573 4,274 4,274 66 1,402,194 376,294 376,294 3,298 3,298 67 1,117,209 309,038 309,038 2,520 2,520 68 880,582 250,901 250,901 1,903 1,903 69 686,485 201,533 201,533 1,422 1,422 70 529,017 160,135 160,135 1,051 1,051 71 402,662 125,589 125,589 767 767 72 302,649 97,112 97,112 552 552 73 224,660 74,175 74,175 392 392 74 164,603 55,959 55,959 275 275 75 118,928 41,573 41,573 190 190 76 84,744 30,405 30,405 129 129 77 59,576 21,920 21,920 87 87 78 41,317 15,574 15,574 57 57 79 28,269 10,913 10,913 37 37 80 19,074 7,528 7,528 24 24 81 12,700 5,117 5,117 15 15 82 8,347 3,434 3,434 9 9 83 5,413 2,273 2,273 6 6 84 3,462 1,485 1,485 4 4 85 2,182 956 956 2 2 86 1,355 603 603 1 1 87 831 376 376 1 1 88 504 233 233 0 0 89 300 142 142 0 0 90 175 85 85 0 0 91 100 50 50 0 0 92 56 30 30 0 0 93 29 16 16 0 0 94 14 8 8 0 0 95 7 4 4 0 0 96 3 2 2 0 0 97 1 1 1 0 0 98 0 0 0 0 0 99 0 0 0 0 0 100 0 0 0 0 0 0 0 Totals $ 164,360,274 $ $ 164,360,274 GRS 44 [thousands] Projection of Plan Net Position and Benefit Payments $ 200,000 180,000 160,000 ��..m, m, m, m, m, m, m, m, �o 140,000 ,., m, m, m..m. m, m, m, m, m, m, m, m, m, m, m, m, m, m, m, m, m. m, m, m, m, m, m, m, m, m, m, m, m, m, m, m, m, m. m, m, m, m, m, m, m, m, m, m, m, m, m, m, m, m, m.m, m, m, m, m, m, m, m, m, m, m, m, m, m, m, m, m.m, m, m, m, m, m, m, m, m..m..m... 120,000 �a �a 100,000 80,000 60,000, .... ..... .... ..... ..... .... ..... .... ..... 40,000 s� 20,000 w,, , m.. m, m, m, m, m, m, m, m, m. m, m, m, m, m, m, m, m, m, m, m, m, m, m, m, m, m. m, m ,m,m,m,m,m,m,m,m,m,m,m,m,m,m,m. ..m..m..m..m..m... „ ... .... ,,, 0 ti - -- Projected Plan Net Position Projected Benefit Payments for Current Members Year GRS SECTION E MISCELLANEOUS INFORMATION GRS 45 RECONCILIATION OF MEMBERSHIP DATA From 10/1/12 From 10 /1 /11 To 1011113 To 10/1/12 A. Active Members 1. Number Included in Last Valuation 387 395 2. New Members Included in Current Valuation 52 36 3. Non - Vested Employment Terminations (19) (18) 4. Vested Employment Terminations (14) (9) 5. DROP Participation (9) (8) 6. Service Retirements (10) (8) 7. Disability Retirements 0 0 8. Deaths (1) (1) 9. Number Included in This Valuation 386 387 B. Terminated Vested Members 1. Number Included in Last Valuation 42 43 2. Additions from Active Members 14 10 3. Lump Sum Payments /Refund of Contributions (8) (6) 4. Payments Commenced (7) (8) 5. Deaths 0 (1) 6. Other -- Rehired Vested Member (1) 4 7. Number Included in This Valuation 40 42 C. DROP Plan Members 1. Number Included in Last Valuation 36 43 2. Additions from Active Members 9 8 3. Retirements (3) (6) 4. Deaths Resulting in No Further Payments 0 0 5. Other - -Prior Omissions 3 (9) 6. Number Included in This Valuation 45 36 D. Service Retirees, Disability Retirees and Beneficiaries 1. Number Included in Last Valuation 293 264 2. Additions from Active Members 10 8 3. Additions from Terminated Vested Members 7 8 4. Additions from DROP Plan 3 6 5. Deaths Resulting in No Further Payments (7) (2) 6. Deaths Resulting in New Survivor Benefits 0 0 7. End of Certain Period - No Further Payments 0 0 8. Other - -Prior Omissions (4) 9 9. Number Included in This Valuation 302 293 GRS 46 ACTIVES - DISTRIBUTION OF SERVICE & SALARY Years of Service to Valuation Date A ge Group 0 -1 1 -2 2 -3 3 -4 4 -5 5 -9 10 -14 15 -19 20 -24 25 -29 35 & Up Totals 15 -19 NO. 0 0 0 0 0 0 0 0 0 0 0 0 TOTPAY 0 0 0 0 0 0 0 0 0 0 0 0 VG PAY 0 0 0 0 0 0 0 0 0 0 0 0 20 -24 NO. 2 1 1 0 0 0 0 0 0 0 0 4 TOTPAY 80,590 26,588 46,051 0 0 0 0 0 0 0 0 153,229 VG PAY 40,295 26,588 46,051 0 0 0 0 0 0 0 0 38,307 25 -29 NO. 9 2 1 0 0 6 0 0 0 0 0 18 TOTPAY 306,893 100,185 39,049 0 0 254,864 0 0 0 0 0 700,991 VG PAY 34,099 50,092 39,049 0 0 42,477 0 0 0 0 0 38,944 30 -34 NO. 9 4 0 0 0 10 3 1 0 0 0 27 TOTPAY 316,038 173,427 0 0 0 429,795 156,524 52,429 0 0 0 1,128,213 VGPAY 35,115 43,357 0 0 0 42,980 52,175 52,429 0 0 0 41,786 35 -39 NO. 6 2 1 1 1 11 14 5 0 0 0 41 TOTPAY 222,321 129,846 90,366 35,547 27,674 512,890 654,566 253,150 0 0 0 1,926,360 VG PAY 37,054 64,923 90,366 35,547 27,674 46,626 46,755 50,630 0 0 0 46,984 40 -44 NO. 6 2 0 1 3 16 12 8 4 0 0 52 TOT PAY 319,711 92,692 0 44,549 219,602 740,348 692,095 439,062 302,596 0 0 2,850,655 VG PAY 53,285 46,346 0 44,549 73,201 46,272 57,675 54,883 75,649 0 0 54,820 45 -49 NO. 3 5 1 0 0 13 11 16 6 4 0 59 TOTPAY 134,999 220,074 50,444 0 0 742,471 622,658 1,006,241 345,794 240,903 0 3,363,584 VGPAY 45,000 44,015 50,444 0 0 57,113 56,605 62,890 57,632 60,226 0 57,010 50 -54 NO. 5 3 0 0 2 18 17 15 13 9 0 82 TOTPAY 301,550 139,272 0 0 155,936 818,325 935,868 897,543 759,148 659,970 0 4,667,612 VG PAY 60,310 46,424 0 0 77,968 45,462 55,051 59,836 58,396 73,330 0 56,922 55 -59 NO. 6 2 0 0 1 15 20 10 6 1 0 61 TOTPAY 275,297 92,439 0 0 26,666 854,725 1,098,976 598,493 374,165 86,840 0 3,407,601 VG PAY 45,883 46,220 0 0 26,666 56,982 54,949 59,849 62,361 86,840 0 55,862 60 -64 NO. 5 1 0 0 0 9 8 3 5 1 0 32 TOTPAY 207,505 65,000 0 0 0 352,069 441,965 211,550 281,280 79,772 0 1,639,141 VGPAY 41,501 65,000 0 0 0 39,119 55,246 70,517 56,256 79,772 0 51,223 65 -99 NO. 0 1 0 0 0 7 2 0 0 0 0 10 TOTPAY 0 33,568 0 0 0 343,586 85,219 0 0 0 0 462,373 VG PAY 0 33,568 0 0 0 49,084 42,610 0 0 0 0 46,237 TOT NO. 51 23 4 2 7 105 87 58 34 15 0 386 TOT AMT 2,164,904 1,073,091 225,910 80,096 429,878 5,049,073 4,687,871 3,458,468 2,062,983 1,067,485 0 20,299,759 VG AMT 42,449 46,656 56,478 40,048 61,411 48,086 53,884 59,629 60,676 71,166 0 52,590 GRS 47 INACTIVES — DISTRIBUTION OF AGES & ANNUAL BENEFITS Deceased with Terminated Vested Disabled Retired Beneficiary Total Total Total Total Age Nmnber Benefits Number Benefits Number Benefits Number Benefits Under 20 - - - - - - - - 20 -24 - - - - - - - - 25 -29 - - - - - - - - 30 -34 2 19,375 - - - - - - 35 -39 4 57,368 - - - - - - 40 -44 3 46,300 - - 2 87,747 - - 45 -49 5 97,643 - - 7 312,620 1 14,056 50 -54 16 310,647 - - 12 461,312 3 54,246 55 -59 9 94,327 - - 43 1,421,424 2 39,295 60 -64 1 4,593 - - 57 1,676,979 1 7,016 65 -69 - - 1 17,928 68 1,616,803 2 39,391 70 -74 - - 1 5,717 59 1,151,394 4 22,324 75 -79 - - - - 28 443,165 3 40,913 80 -84 - - - - 30 401,887 3 42,656 85 -89 - - - - 14 182,575 1 6,541 90 -94 - - - - 4 35,290 - - 95 -99 - - - - 1 6,833 - - 100 & Over - - - - - - - - Total 40 630,253 2 23,645 325 7,798,029 20 266,438 Average Age 50 71 68 69 Liability 4,473,858 239,230 78,473,402 2,481,152 GRS SECTION F SUMMARY OF PLAN PROVISIONS GRS 48 SUMMARY OF PLAN PROVISIONS A. Ordinances Plan established under the Code of Ordinances for the City of Boynton Beach, Florida, Chapter 18, Article II, and was most recently amended under Ordinance No. 13-035 passed and adopted on its second reading on December 3, 2013. The Plan is also governed by certain provisions of Part VII, Chapter 112, Florida Statutes and the Internal Revenue Code. B. Effective Date April 1, 1968 C. Plan Year October 1 through September 30 D. Type of Plan Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer plan. E. Eligibility Requirements All general employees who work at least 30 hours per week are eligible to participate on the first day of employment. F. Credited Service Service in the employment of the City is measured as years and months and is computed to the nearest whole month. No service is credited for any periods of employment for which the member received a refund of their contributions. G. Compensation Gross earnings including overtime, but excluding bonuses and flexible benefits, less payments for accumulated sick and vacation pay, and overtime in excess of 300 hours per year. Prior to June 18, 2013, Compensation included lump sum payouts of accumulated leave pay. H. Final Average Monthly Compensation (FAMC) The average of Compensation over the highest 60 consecutive months during the last 120 months of Credited Service; does not include lump sum payouts of accumulated sick pay after June 18, 2013. Benefits will never be less than accrued benefits were as of June 18, 2013, including the amount of unused leave that existed as of June 18, 2013. GRS 49 L Normal Retirement Eligibility: A member may retire on the first day of the month coincident with or next following the earliest of: (1) age 62 and 5 years of Credited Service, or (2) age 55 and 25 years of Credited Service, or (3) 30 years of Credited Service regardless of age. Benefit: 3% of FAMC multiplied by years of Credited Service with a maximum equal to 75% of FAMC. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. J. Early Retirement Eligibility: A member who has less than 30 years of Credited Service may elect to retire earlier than the Normal Retirement Eligibility upon the earlier of: (1) age 55 and 10 years of Credited Service, or (2) age 52 and 25 years of Credited Service. Benefit: The Normal Retirement Benefit is reduced by 3% for each year by which the Early Retirement date precedes the Normal Retirement date. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. K Delayed Retirement Same as Normal Retirement taking into account compensation earned and service credited until the date of actual retirement. L. Service Connected Disability Eligibility: Any member who becomes totally and permanently disabled and is unable to perform all the material duties of their occupation as a result from an act occurring in the performance of service for the City is eligible for a disability benefit. Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of disability. The benefit is payable on the member's Normal Retirement date. GRS 50 Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. M. Non - Service Connected Disability Eligibility: Any member who becomes totally and permanently disabled and is unable to perform all the material duties of their occupation is eligible for a disability benefit. Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of disability. The benefit is payable on the member's Normal Retirement date. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. N. Death in the Line of Duty Eligibility: Any member with 5 or more years of Credited Service whose death is determined to be the result of a service incurred injury is eligible for survivor benefits. Benefit: Beneficiary will have the choice of receiving either an immediate lump sum payment or a monthly survivor benefit. The immediate lump sum payment will be the greater of a refund of the member's contributions with interest at the annual rate of 5 %, or the lump sum value of the member's accrued Normal Retirement Benefit payable at the earliest retirement date. The monthly survivor benefit will be equal to the accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of death with payments starting at the earliest retirement date. If the "earliest date" precedes the member's Normal Retirement Date, then the accrued benefit will be subject to the Early Retirement reduction. Normal Form of Benefit: Optional lump sum or a monthly benefit payable for the life of the beneficiary. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. GRS 51 The beneficiary of a plan member with less than 5 years of Credited Service at the time of death will receive a refund of the member's accumulated contributions with interest at 5.0 %. O. Other Pre - Retirement Death Eligibility: Members are eligible for survivor benefits after the completion of 5 or more years of Credited Service. Benefit: Beneficiary will have the choice of receiving either an immediate lump sum payment or a monthly survivor benefit. The immediate lump sum payment will be the greater of a refund of the member's contributions with interest at the annual rate of 5 %, or the lump sum value of the member's accrued Normal Retirement Benefit payable at the earliest retirement date. The monthly survivor benefit will be equal to the accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of death with payments starting at the earliest retirement date. If the "earliest date" precedes the member's Normal Retirement Date, then the accrued benefit will be subject to the Early Retirement reduction. Normal Form of Benefit: Optional lump sum or a monthly benefit payable for the life of the beneficiary. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. The beneficiary of a plan member with less than 5 years of Credited Service at the time of death will receive a refund of the member's accumulated contributions with interest. P. Post Retirement Death Benefit determined by the form of benefit elected upon retirement. Q. Optional Forms In lieu of electing the Normal Form of benefit, the optional form of benefit available to all retirees is the 66 2/3% Joint and Survivor Annuity option. A Social Security option is also available for members retiring prior to the time they are eligible for Social Security retirement benefits. Upon approval of the Plan Administrator, other options are also available as long as actuarial equivalence is maintained. R. Vested Termination Eligi A m e m be r h as ea a n - f o rf e i tab l e righ to Pl be afte t co GRS 52 of 5 years of Credited Service if they elect to leave their accumulated contributions in the fund. Benefit: The benefit is the member's accrued Normal Retirement Benefit as of the date of termination. The benefit begins at either age 62, at age 55 if the member had or would have had 25 or more years of Credited Service on or before attaining age 55, or at the age at which the member would have had 25 years of Credited Service (had employment continued) if this age is between ages 55 and 62. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. Members terminating employment with less than 5 years of Credited Service will receive a refund of their own accumulated contributions with interest. S. Refunds Eligibility: All members terminating employment with less than 5 years of Credited Service are eligible. Optionally, vested members (those with 5 or more years of Credited Service) may elect a refund in lieu of the vested benefits otherwise due. Benefit: Refund of the member's contributions with interest. Interest is currently credited at 5% per annum. T. Member Contributions 7% of Compensation U. Employer Contributions The amount determined by the actuary needed to fund the plan properly according to State laws. V. Cost of Living Increases In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. W. Changes from Previous Valuation Under Ordinance No. 13 -035, adopted on December 3, 2013, the definition of pensionable earnings was changed by excluding overtime pay for hours earned after June 18, 2013 in excess of 300 hours of overtime per year. Also, after June 18, 2013, payments for unused leave are excluded from pensionable compensation. Benefits will never be less than accrued benefits were as of June 18, 2013, including the amount of unused leave that existed as of June 18, 2013. X. 13` C h ec k GRS 53 As described under the COLA subsections, in lieu of COLA increases a thirteenth check will be paid to retirees on each July IS` following a fiscal year in which the net investment return exceeds the assumed rate of investment return and the Plan has experienced a cumulative gain. Y. Deferred Retirement Option Plan Eligibility: Plan members who have met one of the following criteria are eligible for the DROP: (1) age 62 and 5 years of Credited Service, or (2) age 55 and 25 years of Credited Service, or (3) 30 years of Credited Service regardless of age. Members must make a written election to participate in the DROP within the first 30 years of employment. Benefit: The member's Credited Service and FAMC are frozen upon entry into the DROP. The monthly retirement benefit as described under Normal Retirement is calculated based upon the frozen Credited Service and FAMC. Maximum DROP Period: 5 years Interest Credited: The member's DROP account is credited at an interest rate based upon the option chosen by the member. Members must elect from 1 of the 3 following options: 1. Gain or loss at the same rate earned by the Plan, or 2. Guaranteed rate of 7 %, or 3. A percentage of the DROP credited at the same rate earned by the Plan and the remaining percentage credited with earnings at a guaranteed rate of 7 %. Normal Form of Benefit: Options include a lump sum or an annuity. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. Z. Other Ancillary Benefits There are no ancillary retirement type benefits not required by statutes but which might be deemed a City of Boynton Beach Employees' Pension Plan liability if continued beyond the availability of funding by the current funding source. GRS JTMo to- Asset Management Kim Adams Managing Director Global Real Assets Ann Cole Managing Director Global Real Assets February 10, 2014 Sent via email to dixie(a�resourcecenters.com Ms. Dixie Martinez Pension Administrator City of Boynton Beach General Employees' Pension Plan Pension Resource Center, LLC 4360 Northlake Blvd, Suite 206 Palm Beach Gardens, FL 33410 RE: JPMCB Strategic Property Fund - Funding Notice Dear Dixie: Reference is made to the Contribution Policy for the JPMCB Strategic Property Fund as Schedule 1 to the amended and restated Declaration of Trust of the Commingled Pension Trust Fund (Strategic Property) of JPMorgan Chase Bank, N.A., dated as of February 16, 2007, as amended. All defined terms used herein shall have the meaning ascribed to such terms in the Contribution Policy. In accordance with the terms of the Policy, JPMorgan Chase Bank, N.A., as trustee for the Fund (the "Pooled Fund Trustee "), is hereby calling for the 100% funding of the applicable contribution amount included within the Fund's August 2012 tranche. Please note that in accordance with the terms of the Policy, if a participant shall fail to wire the full amount of a called contribution by the required contribution date, that participant shall be removed from the applicable tranche and the Pooled Fund Trustee shall have no further obligation to accept any future contributions from that participant. Accordingly, Employees' Pension Plan of the City of Boynton Beach is requested to wire the amount of $1,000,000 to the Fund on March 5, 2014, pursuant to the wiring directions provided by your Client Service Manager, Jeff McDaniel. Jeff will follow up with you to coordinate your written authorization. Thank you. Best regards, Kim Adams Ann Cole Portfolio Manager Portfolio Manager cc: Jeff McDaniel, Client Account Manager Ari David, Client Advisor JD Sitton, Client Portfolio Manager J.Y. Morgan Investment Management Inc. • 270 Park Avenue, 7th Floor, New York, NY 10017 The City of Boynton Beach Procurement Serpices 100 E. Boynton olevar P. O. Box 310 Boynton Beach, Florida 33425 -0310 Telephone: (561) 742 -6320 F . (561) 742 -6306 REQUEST FOR PROPOSALS (RFP) "FIVE FOR A PENSION ADMINISTRATOR/FIRM FOR GENERAL EMPLOYEES PENSION PLAN AT THE CITY OF BOYNTON 17 Sealed 's will be received in Procurement Services, General Employees Pension Board of Boynton Beach, 100 E. Boynton Beach Boulevard, Boynton Beach, Florida 33435 -3838 or mail to P.O. Box 310, Boynton Beach, Florida 33425 -0310 on or y: August 28, 2008. No Later Than 2:30 P.M. ( c i e). RFP's will be opened is PROCUREMENT SERVICES-CITY 2ND FLOOR less otherwise designated All 's received will be publicly opened and read aloud. 's received after the assigned date and time will not be considered. The Procurement Services time stamp shall be conclusive as to the timeliness of filing. The General Employees Pension Board of Boynton Beach is not responsible for the U.S. Mail or private couriers in regard to mail being delivered by a specified time so that an RFP can e considered. The General Employees Pension Board reserves the right to consider 's that have been determined by the General Employees Pension Board to be received late due to mishandling y the Employees General Pension Board after receipt of the RFP and no award has been made. Any questions relative to any it (s) or portion of this RFP should be directed to Carol Doppler, CPPB, Purchasing Agent (561) 742 -6323. SCOPE OF SERVICES: The City of Boynton each General Employees Pension Plan (the Plan), a defined benefit public employees retirement system, is seeking proposals from qualified proposers to provide administrative services to the General Employees Pension Plan. ATTENTION ALL INTERESTED PROPOSERS: Due to the expense in mailing, complete sets of specifications are available for pick-up or will be mailed to your office upon request. Contact: CITY OF BOYNTON BEACH PROCUREMENT SERVICES 100 East Boynton Beach Boulevard Boynton Beach, Florida 33435-3838 (561) 742-6323 — Carol Doppler Office Hours: MONDAY — FRIDAY, 8:00 A.M. TO 5:00 P.M. REQUEST FOR PROPOSAL FOR "FIVE YEAR CONTRACT FOR A PENSION ADMINISTRATOR/FIRM FOR THE GENERAL EMPLOYEES PENSION PLAN RFP #068-1410-08/CJD Section I - Submittal Information A. The General Employees Pension Board of Boynton Beach will receive RFP responses until August 28,2008. at 2:30,P.M. (LOCAL TINW1 in Procurement Services located on the second floor of City Hall, 100E t Boynton each Boulevard, Boynton, Beach, Florida to provide the General Employees Pension Board with professional Administrator services for the General Employees Pension Plan. B. Any responses received after the above stated time and date will not be considered. It shall be the sole responsibility of the proposer to have their RFP response delivered to Procurement Services for receipt on or before the above stated time and date. It is recommended that responses be sent by an overnight air courier service or some other method that creates proof of submittal. RFP responses which arrive after the above stated deadline as a result of delay by the mail service shall not be considered, shall not be opened at the public opening, and arrangements shall be made for their return at the proposer's request and expense. The General Employees Pension Board reserves the right to consider submittals that have been determined by the General Employees Pension Board to be received late due solely to mishandling by the General Employees Pension Board after receipt of the RFP and prior to the award being made. C. These RFP's will be publicly opened and read aloud in Procurement Services after the designated due date, on August 28, 2008. at 2:30 P.M. (local time). All proposers or their representatives are invited to be present. Procurement Services is located on the second floor of City Hall, 100E t Boynton each Boulevard. D. If any addendum(s) are issued to this REQUEST FOR PROPOSAL, the General Employees Pension Board will attempt to notify all prospective proposers who have secured same, however, its 1 be the responsibility of each proposer prior to submitting the RFP response, to contact Procurement Services at (561) 742-6323 to determine if any add (s) were issued and to make any addendum acknowledgements asp of their RFP response. 4 E. One AR (1) original, so marked, and t (10) c2 ies,, of the RFP response shall be submitted in one sealed package clearly marked on the outside "RFP FO& "ADNHNISTRATOR/FIRM FOR THE GENERAL EMPLOYEES PENSION PLAN AT THE CITY OF BOYNTON BEACH." and addressed to: City of Boynton Beach, Procurement Services, P.O. Box 310, Boynton Beach, FL 33425-0310. F. Responses shall clearly indicate the legal name, address and telephone number of the proposer (firm, corporation, partnership or individual). Responses shall be gsigaed above the tMed or printed name and title of the signer. The signer shall have the authority to bind the proposer to the submitted RFP. Proposers must note their Federal I. D. number on their RFP submittal. G. All expenses for making RFP responses to the General Employees Pension Board are to be bo by the proposer. H. The successful proposer will be asked to sign a written Agreement setting forth the terms of the parties' relationship. The Agreement will be subject to cancellation by the proposer with 90 days written notice to the General Employees Pension Board and on 30 days written notice by the General Employees Pension Board to the proposer. I. A sample draft Agreement that the General Employees Pension Board intends to execute with the successful administrator/firm is contained in this REQUEST FOR PROPOSAL for review. The General Employees Pension Board reserves the right to modify the Agreement language prior to execution. The actual scope of services and the Agreement price will be negotiated following selection of the top administrator/firm(s). The scope of services will closely track the scope of services detailed in Section III of this REQUEST FOR PROPOSAL. Section 11 -General Information and Selection Criteria The RFP response should be designed to portray to the General Employees Pension Board how the proposer's range of services can best assist with the ADNHNISTRATION OF THE GENERAL EMPLOYEES PENSION PLAN. In order to evaluate the capabilities of all administrators/ firms, each RFP shall include, at a minimum, the following information: A. The contents of the Proposal should include: 1. A cover page. 2. A table of contents. All pages should be clearly and consecutively numbered and correspond to the table of contents. 3. An Executive Summary. Include a briefs describing the Respondent's ability to perform Work requested in this RFP, a history of the Respondent's background and experience providing services, the qualifications of the Respondent's personnel to be 5 assigned to this project, subcontractors, sub Administrators, and/or suppliers and a brief history of their background and experience, and any other information cal led for by this RFP which the Respondent deems relevant, including restating any exceptions to this RFP. This summary should be brief and concise to apprise the reader of the basic'services offered, experience and qualifications of the Respondent and their subcontractors, sub consultants, and/or suppliers. 4. Respondents shall provide documentation that demonstrates their ability to satisfy any of required information contained herein. Respondents who do not satisfy the requirements or who fail to provide supporting documentation and/or affidavits as specified herein may be deemed non-responsive. If a prescribed format or required documentation for the response to information requirements is listed below, Respondents should use said fo and supply said documentation to be considered responsive. 5. Technical information. Describe the Respondent's approach to organization/management and the responsibilities of Respondent's management and personnel that will perform work on the Contract. Describe methode loye to ensure safety, prompt service, customer satisfaction, prompt complaint resolution, effective employee performance and training, and timely initiation and completion of all work. Describe the organization's quality initiative program and the type of measuring (or benchmarking) system used to ensure continuous improvement. 6. Respondents must provide a list of at least three references of either existing or former clients. Provide contact names, phone numbers on with pension names and type of pension plan. 7. Respondents must provide a list of additional services that will be provided if selected by the General Employees Pension Board that has not been stated in this RFP. 8. Respondents must include an organization chart and estimate the amount of involvement expressed as a percentage of time, of each of the staff members. 9. Personnel and qualifications (particularly of the agent who will serve the General Employees Pension Board). Provide resumes of academic training and employment in the applicable fields. 10. Respondents must provide a list of all lawsuits in which the firm has been named as a party in the past four (4) years along with the status of the lawsuit. 11. Respondent must provide a sample of minutes, agenda(s), produced for a client in the State of Florida. B. The following items are attached with the RFP in Appendix A and must be completed and submitted with any RFP response in order to have a valid submittal. They are: 6 1. Proposer's Acknowledgement 2. Addend (s) 3. Statement of Proposer's Qualifications 4. Anti-Kickback Affidavit 5. Non-collusion Affidavit of Prime Proposer 6. Minority Owned Business Statement 7. Confirmation of a Drug Free Workplace 8. Statement of No Proposal (if applicable) C. The General Employees Pension Board will provide an interview panel which will review all RF? responses, formally interview eligible and top ranking proposers and recommend the top Administrators/ firms. 1. These recommended finalists may be requested to give a formal presentation prior to the final selection of the General Employees Pension Administrator/Firm. 2. General Employees Pension Board reviews will be conducted pursuant to the provisions of the Sunshine Law. 3. After ranking is completed, the General Employees Pension Board will negotiate an Agreement substantially based on the attached Agreement and the final scope of services to be developed from this Request for Proposals. The General Employees Pension Board reserves the right to include additional provisions if the inclusion is in the best interest of the General Employees Pension Board, as deterniined solely by the General Employees Pension Board. Assuming the successful negotiation of an agreement, the final Agreement will be formalized by the General Employees Pension Board Attorney and submitted to the General Employees Pension Board for their consideration. 4. Each entity, by submission of an RFP response, ackriowledges that in the event of any legal action challenging the award of the project, damages, if any, shall be limited to the actual cost of the preparation of the RFP. 5. Each respondent is deemed to have knowledge of all applicable federal, state and local laws, rules, ordinances and regulations of all authorities having jurisdiction over all aspects of the project. Section III - SCOPE OF SERVICES The General Employees Pension Plan is a defined benefit retirement system serving approximately 260 active and retired employees of the City of Boynton Beach. The General Employees Pension Plan ism e y a Board of Trustees consisting of elected and appointed members. Administrative duties have historically been performed by a third party administrator who provides in-house office hours at City Hall. In order to be considered a qualified proposer, an applicant must be able to provide the following services: 7 1. Preparation of meeting agenda, with all relevant back-up material and provide sufficient copies for all trustees, the General Employees Pension Board's legal counsel, and the City Clerk's office not less than ten (10) days prior to the scheduled meetings. 2. Provide a designated employee to attend all regular and special meetings of the Employees Pension Board. 3. Take detailed notes and prepare minutes for all regular and special meetings of the General Employees Pension Board which shall accurately reflect all actions taken by the General Employees Pension Board in the format required under Florida State Statute. 4. Prepare and process all resolutions authorizing payment to retirees, beneficiaries and separated employees. 5. Coordinate with City payroll officials and accurately calculate the amount of payments to retirees and beneficiaries. 6. Confirm data regarding survivorship benefits. 7. Coordinate with the General Employees Pension Board's legal counsel on such matters as litigation, domestic relations orders, disability hearings and legal opinions. 8. Schedule medical appointments for disability benefit applicants; coordinate gathering of relevant information from Risk Management officials; schedule hearings on disability applications. 9, Coordinate with investment advisors, compare custodial trading confirmations with reports from the investment manager; arrange for quarterly reporting by the investment manager. 10. Assist active employees in the processing of applicants for retirement; review options; and provide general pre-retirement counseling. 11. Assist the actuary in the timely gathering of data for the required actuarial valuation. 12. Provide timely assistance to outside auditors for preparation of the annual financial statement. 13. Perform such other duties as the trustees may require. Your response to the RFP should be in writing and provide the following information: 1. Corporate name 2. Name of any parent or subsidiary company (if any). 3. Names and experience of the person(s) to be assigned to this account. 4. A description of your organization including t h e n umber of employees; relevant pension experience; and your plan for implementing administrative services. 5. A list of references containing a brief description of the service provided and t h e n ame, address, and phone number of a contact person. 6. Attach the declarations page for any fidelity bond and professional liability insurance. The General Employees Pension Board requires a $250,000 minimum fidelity bond and a $1 million minimum professional liability policy. If no such bond and insurance arc maintained, provide an explanation of your ability to protect the General Employees Pension Plan from any act or omission on your part. 7. The City will provide availability of an office for on-site services. Please provide suggested hours of availability that you believe are cost-beneficial toe ployees. 8. Advise the General Employees Pension Board of any legal action taken against your organization within the last (4) years for any reason and the outcome of that litigation. The to "litigation" includes any claim made and settled, whether or not suit was filed. 9. Advise the General Employees Pension Board whether any employee or officer of your organization has been charged (whether or not convicted) with any offense involving errors, omissions, fraud, theft or dishonesty. 10. Provide a detailed fee schedule. Original (so marked) and to (10) sealed, copies oft a response tote RFP should be sent to: Carol Doppler, Purchasing Dept. City of Boynton each 100 East Boynton each Boulevard Boynton Beach, FL 33435 The envelope should be clearly marked "Response to RFP — CITY OF BOYNTON BEACH GENRAL EM[PLOYEES PENSION PLAN." No telephonic communication should be made with any member of the Board. All inquiries concerning the RFP should be sent to: Carol Doppler, Purchasing Dept. City of Boynton each 9 100E t Boynton each Boulevard P.O. Box 310 Boynton Beach, FL 33435 561-742-6323 e-mail: dopplerc@ci.boynton-beach.fl.us The Plan reserves the right to reject any or all responses tote RFP in its sole and exclusive discretion. Submission of the lowest cost proposal is no guarantee of selection. By submitting a response, a service provider agrees to be bound by the Plan's determination in this matter and waives any claim against the Plan, its trustees and their agents for any matter connected with this request. IV. EVALUATION OF PROPOSALS The Board will first evaluate and rank responsive proposals on evaluation criteria Items 1 — 5 t including qualifications and technical approach listed below. The criteria are itemized with their respective weights fora maximum total of seventy (70) percent for evaluation criteria in Items 1 through 5. Evaluation criteria It 6, Cost of Services has a weight of a maximum of 30 percent. Total maximum points for Items 1 through 6 are 100 percent. A proposer may receive the maximum percent, a portion of this score, or no percent at all, depending upon the merit of its proposal, as judged by the Board. Evaluation Criteria Percent 1. Qualification of Finn: including references, financial stability and experience with "defined benefit" Pension Fund Plans. 15 2. Qualifications of Staff including professional background and experience of firm's staff members assigned to the project. 10 3. A description of the approach to the project and services outlined in the Scope of Work. Services not stated in RFP and alternative proposals recommended to include a description of recommended services and methodology. 20 4. Estimate of the amount of involvement expressed asp c tae of time, of each of the staff members and state hours of availability. 20 5. Client reference listing, including information on annual total billing and hours per client. 5 6. Cost of services - Board responsive proposals 30 of Maximum Points: 100 10 GENERAL CONDITIONS FOR PROPOSERS FAMILIARITY WITH LAWS: The proposer is assumed to be familiar with all Federal, State and Local laws, ordinances, rules and regulations that in any manner affect the scope of services. Ignorance on the part of the proposer will in no way relieve them from responsibility. RFP FORMS: The proposer will submit an RFP on the forms provided. All descriptive information must be legibly entered. The proposer IS required to be licensed to do business as an individual, partnership or corporation in the State of Florida. All RFP forins must be executed and submitted in the envelope (generally "yellow') provided by the Board f o r e asy identification. The RFP submittal envelope is provided in each RFP package and is attached to the "Statement of No Submittal" form. The face of the envelope shall contain the proposer's name and address, RFP title, number, RFP date and time. When the RFP submitted is larger than the envelope provided, insert requested information and material into a large envelope, affix the RFP envelope to the outside and fill in all requested information. RFP's not submitted on attached RFP forms may be rejected. All RFP's are subject to the conditions specified herein. Those which do not comply with these conditions are subject to rejection. EXECUTION OF RFP: RFP must contain a manual signature of an authorized representative in the space provided on all affidavits and RFP sheets. NO SUBMITTAL: If not submitting an RFP, respond by returning one copy of the "STATEMENT OF NO SUBMITTAL" in the envelope provided (generally "yellow'), and explain the reason by indicating one of the reasons listed or in the space provided. Repeated failure to quote without sufficient justification shall be cause for removal of the vendor's name from the mailing list. NOTE: To qualify as a respondent, proposer must submit a "NO SUBMITTAL" and it must be received no later than the stated RFP receiving date and hour. RFP OPENING: Shall be public, on the date as specified on the RF? form. It is the proposer's responsibility to assure that the RFP is delivered at the proper time and place prior to the RFP opening. The General Employees Pension Board of Boynton Beach is not responsible for the U.S. Mail or private couriers in regards to mail being delivered by a specified time so that an RFP can be considered. RF?'s which for any reason are not so delivered, will not be considered. The Board reserves the right to consider RF?'s that have been determined by the Board to be received late due to mishandling by the Board after receipt of the RFP and no award has been made. Offers by telephone are not acceptable. RIGHT TO REJECT RFP: Right is reserved to reject any or all RFP's and to waive technical errors, or to accept any RFP's that are in part deemed as the best responsible proposer which represents the most advantageous RFP to the Board. In determining the "most advantageous RFP", price, quantifiable factors, and other factors are considered. This would include operating efficiency, training requirements, and service delivery. Consideration may be given, but not necessarily limited to conformity to the specifications, including timely delivery, the proposed service, ability to supply and provide service, delivery to 11 required schedules and past performances with other government entities. RIGHTS OF THE BOARD: The Board expressly reserves the right to: A. Waive as an informality, or deviations from specifications at a lower price than the best responsible proposer meeting all aspects of the specifications and consider it, if it is determined that total cost is lower and the overall function is improved or. not impaired; B. Waive any defect, irregularity or informality in any RFP or qualifying procedure; C. Reject or cancel any or all RFP's; D. Reissue REQUEST FOR PROPOSAL; E. Extend the RFP opening time and date; F. Consider and accept an alternate RFP as provided herein when most advantageous to the Board. STANDARDS: Factors to be considered in deterinining whether the standard of responsibility has been met include whether a prospective proposer has: A. Available the appropriate financial, material, equipment, facility and personnel resources and expertise, or the ability to obtain them, necessary to indicate its capability to meet all contractual requirements; B. A satisfactory record of performances; C. A satisfactory record of integrity; D. Qualified legally to Contract within the State of Florida and the General Employee Pension Board of Boynton Beach; E. Supplied all necessary information in connection with the inquiry conerning responsibility. INFORMATION AND DESCRIPTIVE LITERATURE: Proposers must fin all information requested in the spaces provided on the RFP form. Further, as may be specified elsewhere, each proposer must submit for RFP evaluation, descriptive literature and technical specifications covering the services offered. Reference to literature submitted with a previous RFP or on file with the City of Boynton Beach will not satisfy this provision. INTERPRETATIONS: Any questions concerning conditions and specifications should be directed to this office in writing no later than ten (10) days prior to the RFP opening. Inquiries must reference the date by which the RFP is to be received. 12 CONFLICT OF INTEREST: The award hereunder is subject to all conflict of interest provisions of the General Employees Pension Board of Boynton Beach, Palm each County, of the State of Florida. SUBCONTRACTING: If a proposer subcontracts any portion of a Contract for any reason, they must state t h e n ame and address of the subcontractor and t h e n ame of the person to be contacted on the attached "Schedule of Subcontractors". `Ihe General Employees Pension Board of Boynton each reserves the right to accept or reject any or all RFP's wherein a subcontractor is named and tom e the award to the proposer, who, in the opinion of the Board, will be in the best interest of and/or most advantageous to the Board. The Board also reserves the right to reject the RFP of any proposer if the RFP names a subcontractor who has previously failed in the proper performance of an award or failed to deliver on time Contracts of a similar nature, or who is not in a position to perform properly under this award. The Board reserves all rights in order to make a determination as to the foregoing. ADDENDA: From time to time, the Board may issue an addendum to change the intent or to clarify the meaning of the Contract documents. Since all addenda are available to proposers at the Office of Procurement Services, it is each proposer's responsibility to check with the issuing office and immediately secure all addenda before submitting RFP's. It is the usual practice for the Board to mail an addendum to known proposers, but it cannot be guaranteed that all proposers will receive ALL addend (s) in this manner. Each proposer shall acknowledge receipt of ALL addenda by notation on the RFP. ESCALATOR CLAUSE: Any RFP which is submitted subject to an escalator clause will be rejected. EXCEPTIONS: Incorporation in an RFP of exceptions to any portion(s), of the Contract documents may invalidate the RFP. Exceptions to the Technical and Special Provisions shall be clearly and specifically noted in the proposer's RFP on a separate sheet marked "EXCEPTIONS TO THE SPECIFICATIONS" and this sheet shall be attached to the RFP. The use of proposer's standard forms, or the inclusion of printed documents shall not be construed as constituting an exception within the intent of the Contract documents. DISPUTES: Inc e of any doubt or difference of opinion as to the items to be furnished hereunder, the decision of the General Employees Pension Board shall be final and binding on both parties. ANTITRUST CAUSE OF ACTION: In submitting an RFP to the General Employees Pension Board of Boynton Beach, the respondent offers and agrees that if the RFP is accepted, the respondent will convey, sell, assign or transfer to the Board all rights, title and interest in and to all causes of action it may now or hereafter acquire under the antitrust laws of the United States and State of Florida for price fixing relating to the particular commodities or services purchased or acquired by the Board. At the Board's discretion, such assignment shall be made and become effective at the time the purchasing agency tenders final payment to the respondent. 13 GOVERNMENTAL RESTRICTIONS: In the event any governmental restrictions may be imposed which would necessitate alteration of the material, quality, workmanship or performance of the items offered on this RFP prior to their delivery, it shall be the responsibility of the successful proposer to notify the Board once, indicating in a letter the specific regulation which required an alteration. The Board reserves the right to accept any such alterations, including any price adjustments occasioned thereby, or to cancel the Contract at no expense to the Board. LEGAL REQUIREMENTS: Federal, State, County, and City laws, ordinances, rules, and regulations that in any manner affect the items covered herein apply. Lack of knowledge by the proposer will in no way be a cause for relief from responsibility. ON PUBLIC ENTITY CRIMES - All REQUEST FOR PROPOSALS as defined by Section 287.012(l 1), Florida Statutes, Requests for Qualifications as defined by Section 287.012(16), Florida Statutes, and any contract document described by Section 287.058, Florida Statutes, shall contain a statement informing persons of the provisions of paragraph (2)(a) of Section 287.133, Florida Statutes, which reads as follows: "A person or affiliate who has been placed on the convicted vendor list following a conviction for public entity crime may not submit an RFP on a contract or provide any goods or services to a public entity, may not submit an RFP on a contract with a public entity for the construction or repair of a public building or public work, may not submit RFP's on leases of real property to a public entity, may not be awarded or perform work as a contractor, supplier, subcontractor, or Administrator under a contract with any public entity, and may not transact business with any public entity in excess of the threshold amount provided in Section 287.017, for CATEGORY TWO for a period of 36 months from the date of being placed on the convicted vendor list". ADVERTISING: In submitting an RFP, the proposer agrees not to use the results therefrom as a part of any commercial advertising. Violation of this stipulation may be subject to action covered under "NONCONFORNL4,NCE TO CONTRACT CONDITIONS". ASSIGNMENT: Any Purchase Order issued pursuant to this RFP invitation and the monies which may become due hereunder are not assignable except with the prior written approval of the General Employees Pension Board. LL&BILITY: The supplier holds and saves the General Employees Pension Board of Boynton Beach, Florida its officers, agents, volunteers and employees harmless from liability of any kind in the performance of this Agreement. AWARD OF AGREEMENT: Agreements or Purchase Orders will be awarded by the General Employees Pension Board to the most responsive, responsible proposer whose RFP represents the most advantageous RFP to the Board. Evaluation of RFPs will be made based upon the evaluation factors and standards heretofore set forth. The Board reserves the right to reject any and all RFP's and to waive technical errors as heretofore set forth. In the event of a Court challenge to an award by any proposer, damages, if any, resulting from an improper award shall 14 be limited to actual RFP preparation costs incurred by the challenging proposer. In no case will the award be made until all necessary investigations have been made into the responsibility of the proposer and the Board is satisfied that the best responsible proposer is qualified to do the work and has the necessary organization, capital and equipment to carry out the required work within the time specified. LICENSE AND PERMITS: It shall be the responsibility of the successful proposer to obtain all licenses and permits, if required, to complete this service at no additional cost to the Board. COMPLMNCE WITH OCCUPATIONAL SAFETY AND HEALTH: Proposer certifies that all material, equipment, etc., contained in this RFP meets all O.S.H.A. requirements. Proposer certifies that all employees, subcontractors, agents, etc. shall comply with all O.S.H.A. and State safety regulations and requirements. QUESTIONS:, Any questions relative to any item(s) or portion of this RFP or REQUEST FOR PROPOS A , Invitation should be directed to: ce BarKK Atwood Finan D irec tor, Monda in through FELda -00 — 5: - ,00 m. at 561 -742-6311 or e- ma il: AtwoodB@ ci. boynton y,9. p beach.fl.us RENEWAL: The General Employees Pension Board may renew the contract, at the same terms, conditions, and prices, for three (3) additional one (1) year periods subject to Administrator/Finn acceptance, satisfactory performance and determination that renewal will be in the best interest of the General Employees Pension Board. 15 ADMINISTRATIVE SERVICES AGREEMENT BETWEEN CITY OF BOYNTON BEACH EMPLOYEES' PENSION PLAN AND RESOURCE CENTERS, LLC, This agreement made as of this day of 2013, by and between the City of Boynton Beach Employees' Pension Plan (hereinafter referred to as "Pension Fund's and Resource Centers, LLC, a Florida Corporation (hereinafter referred to as "'Administrator'. WITNESSETH: WHEREAS, the Code of Ordinances of the City of Boynton Beach authorizes the Pension Fund's Board of Trustees to engage the services of an Administrator to administer the Pension Fund's operations; and WHEREAS, the Administrator is engaged in the business of rendering administrative management services to employee benefit plans; and WHEREAS, the Pension Fund is familiar with the experience and reputation of the Administrator in rendering these services; and WHEREAS, the Pension Fund has determined that it is in the best interest of the participants and beneficiaries of the fund to engage the services of the Administrator upon the terms and conditions hereinafter set forth. NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties agree as follows: Section 1 Administrator A. Engagement — The Pension Fund hereby engages and retains the Administrator who hereby accepts the engagement and retainer by the Pension Fund to serve as Administrator of the Pension Fund. B. Duties and Responsibilities — Without limiting the generality of the foregoing, it is mutually acknowledged and agreed that the Administrator is engaged to perform those duties and responsibilities of the Pension Fund as Administrator which are delegated to it in accordance with the express terms of this agreement. C. Limitation of Authority — The Administrator shall not: 1. Exercise any discretionary authority or discretionary control respecting the management of administration of the Pension Fund; or 2. Exercise any independent authority or control with respect to the management or disposition of the assets of the Pension Fund; or 3. Render investment advice with respect to any monies or property of the Pension Fund. Section 2 Duration This agreement shall become effective on the 15t day of , 2013 and shall continue until otherwise terminated in accordance with the terms of this agreement. Section 3 Fees A. Basic Fee — In consideration of the administrative services to be performed as agreed above, the Pension Fund agrees to pay the Administrator such fees as are provided in Exhibit A of this agreement. B. Expenses — All extraordinary expenses such as printing charges, postage for mass mailings, overnight delivery charges, and special travel expenses reasonably and necessarily incurred by the Administrator shall be reimbursed by the fund. Section 4 Services The Administrator shall be responsible for and in charge of all administrative services required of it by the Pension Fund for the proper and complete administration of the fund. Without limiting the generality of the foregoing, the Administrator shall perform the specific services listed in Exhibit B of this agreement. 2 Section 5 Obligations of Administrator It is mutually covenanted and agreed that all services rendered by the Administrator to or on behalf of the Pension Fund shall be performed with reasonable dispatch and shall be performed in a manner which is adequate and convenient to the Pension Fund and the participants and beneficiaries of the Pension Fund. The Administrator shall familiarize itself with the basic documents under which the Pension Fund is established and render all services in accordance with said documents. The Administrator shall perform all obligations under this agreement in accordance with the provisions of and pursuant to Florida Statutes, Section 112.656(2). By execution of this agreement, the Administrator acknowledges that it is a fiduciary of the Pension Fund within the meaning of the Employee Retirement Income Security Act of 1974 (ERISA) and §112.656, Florida Statutes. Section 6 Records A. The Pension Fund will turn over to the Administrator true copies of all records, reports, information and other data pertaining to this Pension Fund. The Administrator may rely upon the completeness and accuracy of the records, reports, and data delivered to it. B. The Administrator shall be responsible for assisting in the maintenance of records of the fund in the computer system of the Pension Fund. C. In the course of performing its administrative services hereunder, the Administrator shall notify the Pension Fund of any information, records or reports which are necessary to maintain the business of the Pension Fund and shall assist the Pension Fund in obtaining said information. Section 7 Reports The Administrator shall work with and assist the Pension Fund and their professional advisors in the preparation of records and reports to be filed with government departments or agencies or which are necessary to be disclosed and distributed to participants and beneficiaries. 3 Section 8 Disclosure of Records All information, including records and other data, which may come into the possession of the Administrator shall be subject to disclosure and production to the extent required by the Public Records Act, Chapter 119, Florida Statutes, or upon compulsion of a subpoena issued by a court of competent jurisdiction, as approved by the Pension Fund. Section 9 Excluded Items It is understood and agreed by the parties that the Administrator shall not be responsible for the performance of auditing, legal or financial advisory services. Section 10 Fidelity Bond and Insurance The Administrator agrees to maintain an appropriate fidelity bond and errors and omissions insurance policy during the term of this agreement. The Administrator shall provide copies of the proof of said bond and insurance to the Pension Fund. Section 11 Damages The Administrator agrees it shall be liable to the Pension Fund for any damages or losses, which the Pension Fund or the fund may occur as the result of negligent or intentional acts or omissions of the Administrator or breach of this agreement. Section 12 Governing Law This agreement has since been executed in Boynton Beach, Florida, and shall be governed and construed in accordance with the laws of the State of Florida. Venue for any dispute shall be in Boynton Beach, Florida. In the event that any action shall be necessary for the enforcement of this agreement, the prevailing party shall recover its court costs, including reasonable attorney's fees. 4 Section 13 Entire Agreement This agreement constitutes the entire understanding and agreement by the parties hereto and shall not be modified, amended or revoked except by the express written consent of the parties. Section 14 Termination This agreement may be terminated by the Pension Fund on thirty (30) days' written notice, or by the Administrator on ninety (90) days written notice, with or without cause. In the event of a termination, the Administrator agrees to promptly (not to exceed 30 days) turn over to the successor administrator or such other party designated by the Pension Fund, all records, reports or documents belonging to the Pension Fund and in possession of the Administrator. IN WITNESS WHEREOF, the parties who caused this agreement to be executed on the date set forth. DATED at Boynton Beach, FL this _ day of , 2013. CITY OF BOYNTON BEACH EMPLOYEES' PENSION PLAN By: Chairperson RESOURCE CENTERS, LLC BY: CEO Print Name: 5 ADMINISTRATIVE SERVICES AGREEMENT CITY OF BOYNTON BEACH EMPLOYEES' PENSION PLAN AND RESOURCE CENTERS, LLC, EXHIBIT A FEE SCHEDULE In consideration of the administrative services to be performed as agreed in the foregoing agreement, the Pension Fund shall pay the Administrator a monthly retainer fee. The monthly fee shall be Four Thousand Six Hundred Seventy Five Dollars ($4,675.00), and shall include normal travel, copying and postage cost and attendance at up to twelve (12) meetings; additional meetings shall be billed at the rate of Three Hundred Fifty Dollars ($350.00) per meeting. Such fees shall be as indicated below. Fee Structure A monthly fee of Four Thousand Six Hundred Seventy Five Dollars ($4,675.00) with a 3% adjustment on January 1 each year starting in 2015. A fee for each additional meeting of Three Hundred Fifty Dollars ($350.00) A set -up fee per disability or retirement application of One Hundred Dollars ($100.00) A medical records request fee per disability application of Fifty Dollars ($50.00) The fee shall exclude any system programming changes or maintenance fees paid to Ellen Schaeffer. Ellen Schaeffer shall continue to provide services to the Pension Plan by separate prior agreement. The Administrator shall notify the Pension Fund at least ninety (90) days in advance of any proposed changes in this fee structure. 6 ADMINISTRATIVE SERVICES AGREEMENT CITY OF BOYNTON BEACH EMPLOYEES' PENSION PLAN AND RESOURCE CENTERS, LLC, EXHIBIT B SERVICES The fee paid by the Pension Fund shall include the following basic services for the administration of the plan: Services Related To Meetings Of Trustees: ♦ Schedule Meetings ♦ Attendance At Public Pension Fund Meetings, Including: Notice Agenda Minutes Services Related To Administration Of Board: ♦ Plan Organization Contact Lists (Trustees and Service Providers) Summary of Plan Provisions Pending Matter List ♦ Trustee Elections Notice of Election and Nominations Ballot Procedures ♦ Trustee Travel, Conference Arrangements and Reimbursements Reservations and Arrangements Documentation Reimbursements ♦ Maintain Membership in Professional Organizations ♦ Obtain Quotes For Plan Liability Insurance And Fidelity Bond Coverage Plan and Policy Changes: ♦ Ordinance Changes Assist with Cost Estimates and Impact Statements File Ordinance and Impact Statement to Division ♦ Assist with Policy Changes and Implementation ♦ Summary Plan Description Review Changes and Updates Assist with Distribution of SPD Coordination of Service Providers: ♦ Projects and Pending Issues 7 ♦ Coordination for Meetings as Necessary ♦ Implementation of Investment Changes Funding of New Managers Replacement of Existing Managers Direction to Rebalance Assets ♦ Requests For Proposals For Service Providers Basic Communication: ♦ Prepare Fund Correspondence To Providers And Participants ♦ Respond To Inquires By Trustees, Participants, And Service Providers ♦ Advise And Educate Trustees On Various Pension Matters ♦ Act As Liaison For Plan To Florida Division Of Retirement ♦ Internet Access to Basic Plan Information Review Of Statements And Documents: ♦ Review All Statements And Documents Received From; Money Managers Performance Monitors Attorneys Actuaries Accountants Others ♦ Review Bank Statements ♦ Review Custodial Statements Benefit Processing: ♦ Provide Benefit Calculations and Estimates to Members Communication with Members Provide to Actuary for Certification Prepare for Approval by Board ♦ Process Member Applications for Other Benefits and Changes Active Members Retired Members ♦ Assist In Processing Benefit Claims And Appeals ♦ Online Benefit Calculation System Public Records Custodian: ♦ Maintain All Plan Records As Records Custodian ♦ Maintain Current Beneficiary Designations ♦ Assure Compliance With The Government In The Sunshine Law ♦ Assure Compliance With The Public Records Act ♦ Provide Access to Plan Records and Information 8 Electronic Plan Records: ♦ Maintain Data For Benefit Eligibility Of Participants ♦ Maintain Participant Service, Payroll, and Contribution Data ♦ Assist With Preparation Of Member Schedules For Annual State & Actuarial Reports Auditor Annual Report Actuarial Valuation DROP Accounts Statements: ♦ Provide Quarterly DROP Account Statements to Members o Record DROP Contributions and Additions o Process DROP Account Distributions o Maintain Investment Elections by Participants o Post Earnings and Expenses to Accounts ♦ Provide Online Account Access Plan Financials: ♦ Local Checking Account o Maintain Local Checking Account for Plan o Reconcile Checking Account ♦ Accounts Payable Review Invoices Prepare Expenses for Approval by Board Pay Invoices from Local Checking Account ♦ Monitor and Reconcile Contributions and Deposits ♦ Review and Reconcile Basic Investment Activity ♦ Interim Financial Statements o Maintain General Ledger of Transactions o Provide Interim Financial Statement Benefit Payments and Distributions: ♦ Process Benefit Payments and Distributions o Periodic Benefit Payments O Non - Periodic Distributions ♦ Track Changes to Payments o New Benefits o Deceased Members and Beneficiaries o Supplemental Distributions o Scheduled Changes or Cola Increases ♦ Generate Benefit Payments o Check o Direct Deposit (EFT) o Authorized Deductions from Checks ♦ Tax Withholding and Reporting o Deduct Tax Withholding from Payments o Make Tax Deposits o Issue 1099Rs Reports o File Annual Form 945 ♦ Complete Periodic Death Searches of Plan Beneficiaries 9 THE RESOURCE CENTERS, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone (561) 624 -3277 Fax (561) 624 -3278 WWW.RESOURCECENTERS.COM November 6, 2013 TO: Board of Trustees Boynton Beach General Employees' Pension Fund FROM: Dixie Martinez, Administrator Resource Centers, LLC RE: Proposed Retainer Fee Increase Dear Trustees: As you know, we recently provided counsel for the Board with an updated agreement following expiration of the initial five year contract period. As time passes, we must also periodically review the fee that we charge to each plan in relation to our operating costs and the services we provide. We do our best to deliver value back to you and to the members of your plan through the services that we provide. Furthermore, we invest substantially in our organization and our personnel, through such items as our systems and our annual SSAE -16 Audit, to insure that we continue to deliver the highest level of competence and experience through the work that we do. At the same time, our overhead for such items as insurance, rent, and simple employee compensation and benefits continues to rise. Finally, we work primarily in the public sector where fees become part of the public record; we must therefore charge all of our clients equitably for our services. We respectfully ask the Board to approve a nominal increase to our retainer fee with the new Agreement. We have remained true to our commitment to deliver value to the Board since 2008; our initial agreement with the plan included a five year rate guarantee. We found more recently that our clients would rather consider smaller annual increases than larger increases every several years. We therefore ask the Board to grant a one -time adjustment to our current fee from $4,250 to $4,675, less than a 2% annual increase for the period. Thereafter, we propose an annual cola increase on the basic retainer fee each January 1 of 3 %. We do not anticipate any additional adjustments or changes to our fees unless inflation should dramatically increase, we substantially modify or increase the services we provide to your Board as we might mutually agree, or legislative mandates or accounting standards dramatically impact our workload. As we noted previously, we have maintained our commitment to charge reasonable fees now for 5 years. We truly appreciate the relationship that we have developed with you and the members of your plan during this time. We will be happy to answer any questions that you might have regarding the proposed increase. We also look forward to continuing to demonstrate to you our commitment to excellence and service for many years to come. l Sincerely, faur, 4U_ ico_t_t�anaging Partner Denise McNeill, Partner Resource Centers, LLC Resource Centers, LLC Resource Centers LLC — Pension Resource Center LLC — Financial Resource Center LLC THE LAW OFFICES OF FERRY JENSEN, LLC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com MEMORANDUM TO: Board of Trustees FROM: Bonni S. Jensen , Fund Legal Counsel DATE: December, 2013 SUBJECT: IRS Mileage Rate for 2014 This is to inform you that the Internal Revenue Service ( "IRS ") released its updated Standard Mileage Rate for 2014. The new rate is 56 cents per mile as of January 1, 2014. As you know from previous years, the mileage rate can fluctuate within the same year. We will do our best to keep you and the administrator informed. You can find the current rate at the link below. http: / /www.irs.gov /pub /irs- drop /n- 13- 80.pdf If you have any questions, please do not hesitate to contact us. BSJ /pah H:\AII Miscellaneous\ALL BOARDS\2014\2014 Mileage Rate Memo.wpd 400 EXECUTIVE CENTER DRIVE, SUITE 207-% WEST PALM BEACH FLORIDA 33401 -2922 PH: 561.686.6550 :• Fx: 561.686.2802 a¢�wreavneu ARTICLE 11. EMPLOYEES' PENSION PLAN Page 1 of 2 Print Boynton Beach, FL Code of Ordinances Sec. 18 -127. Deferred retirement option plan. (a) A deferred retirement option plan ( "DROP ") is hereby created. (b) Eligibility to participate in the DROP is based upon eligibility for normal service retirement in the plan. (c) Participation in the DROP must be exercised within the first 30 years of employment; provided, however, that participation in the DROP, when combined with participation in the retirement plan as an active member may not exceed 35 years. The maximum period of participation in the DROP is five years. An employee's election to participate in the DROP plan shall be irrevocable and shall be made by executing a resignation notice on a form prescribed by the city. (d) Upon exercising the right to participate in the DROP, an employee's creditable service, accrued benefits and compensation calculation shall be frozen and shall utilize the average of the five highest of the ten years immediately preceding participation in the DROP as the compensation basis. Accumulated, unused sick and vacation leave shall be included in the compensation calculation; provided, however, that a minimum balance of 120 hours of sick leave and 120 hours of vacation leave shall be maintained by the employee and excluded from this calculation. The retained leave balance, including any additions, shall be distributed at the conclusion of DROP participation and separation from service. (e) Payment shall be made into the employee's DROP account as if the employee had terminated employment in the city in an amount determined by the employee's selection of the payment option. (f) An employee's account in the DROP program shall earn interest in one of three ways. The selection of the earnings program shall be made prior to the first deposit in the DROP account and may be modified once each year by the participant during their participation in the DROP. The investment method may be changed each year effective January 1, however, the method must be elected prior to January 1 on a form provided by the Board of Trustees. The options are: (1) Gain or lose interest at the same rate as the plan; (2) At an annual fixed rate of 7 %; or (3) A percentage of the DROP account will be credited with interest gains or losses at the same rate earned by the pension plan and the remaining percentage will be credited with earnings at a guaranteed rate of 7 %. The actual percentage shall be selected by the member on a form provided by the Board of Trustees. The total of the two percentages must equal 100 %. The participant's DROP accounts will be assessed an administrative fee that is based upon the ratio that the participant's DROP account bears to the fund as a whole. (g) An employee shall terminate service with the city at the conclusion of five years in the DROP. http : / /www.amlegal.com /alpscripts /get- content.aspx 2/19/2014 ARTICLE 11. EMPLOYEES' PENSION PLAN Page 2 of 2 (h) All interest shall be credited to the employee's DROP account on the last day of the month in which the member separates from service. In the event that a member dies while in the DROP, interest shall be prorated to the last business day of the month preceding the death of the member. (i) Upon termination with the city, an employee may receive payment within 45 days of the member requesting payment or may defer payment until a time not later than the latest date authorized by Section 401(a)(9) of the Internal Revenue Code at the option of the member. 0) Payments from the DROP may be received as a lump sum installment payment or annuity, provided, however, that at all times, the DROP shall be subject to the provisions of the Internal Revenue Code. (k) No payment may be made from the DROP until the employee actually separates from service with the city. (1) If an employee shall die during participation in the DROP, a survivor benefit shall be payable in accordance with the form of benefit chosen at the time of entry into the DROP. (m) Upon commencement of participation in the DROP, the member shall no longer be eligible for disability retirement from the pension plan. If a member becomes disabled during the DROP period, the member shall be treated as if he or she retired on the day prior to the date of disability. (Ord. No. 00 -75, § 8, 1 -2 -01; Ord. No. 02 -028, § 2, 6- 18 -02; Ord. No. 04 -053, § 2, 8 -3 -04) http : / /www.amlegal.com /alpscripts /get- content.aspx 2/19/2014 Dixie Martinez From: 8onniS.Jensen <b jensen@per jensen|aw.com> Sent: Monday, January l3 To: Dixie Martinez; thependonteam@per jensen|avv.com Subject: RE: Boynton Beach General Employees' Pension Plan- Kenneth Hall Follow 0pFlag: Follow up Flag Status: Completed Dixie, The Pension Plan states: If an employee shall die during participation in the DROP, a survivor benefit shall be payable in accordance with the form of benefit chosen at the time of entry into the DROP. There is not a provision for a separate designation of beneficiary for the DROP. The language of the Plan does not take into account the person who is being paid benefits in accordance with the normal form of benefit. This is something that will need to be addressed with the Trustees and may require change ofthe Plan document. Maybe we can interpret the document because it does not address this situation. Will you add this item to the agenda for the next meeting and attach a copy of Section 18-1Z7U\. To make sure that your email iS handled in8 timely manner, please copy BOnni 8. JenSen The Law Offices Of Perry &Jensen 400 Executive Center Drive, #2O7 West Palm Beach, Florida 33401 Telephone: 561-686-6550 Fax: 561-686-2802 CONFIDENTIALITY NOTICE: This COD1D1uniC8tiOn is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this D1eSS8ge from your system. IRS CIRCULAR 230 NOTICE: TO the extent that this D1eSS8ge or any attachment concerns tax matters, itiS not intended tObe used and cannot be used by8 taxpayer for the purpose Of avoiding penalties that may be imposed bylaw. From: Dixie Martinez [ ] Sent: Monday, January 13,Z014Z:30PM To: Subject: Boynton Beach General Employees Pension Plan- Kenneth Hall Good afternoon, Kenneth Hall, Boynton Beach General retiree elected a life annuity at the time of retirement therefore upon his death his benefit will stop. However he does have a DROP account with the Pension Plan and he wants to make sure that upon his death the money in his DROP account will be paid to the attached trust fund. Can this be done? If yes, what documents does he have to complete? Thankyou A;'_ wrwrwr.resourcecenters.com z January 15, 2013 February 18, 2013 February 27, 2013 March 12, 2013 May 15, 2013 May 28, 2013 ORDINANCE NO. 13 -035 AN ORDINANCE OF THE CITY OF BOYNTON BEACH, FLORIDA, AMENDING ARTICLE III, OF CHAPTER 18 OF THE BOYNTON BEACH CODE OF ORDINANCES, ENTITLED "EMPLOYEES' PENSION PLAN;" AMENDING SECTION 18 -55 THE DEFINITION OF ANNUAL EARNINGS TO EXCLUDE ELEMENTS OF PAY PER FLORIDA STATUTES §112.66(11); AMENDING SECTION 18 -117 TERMINATION OF SERVICES PRIOR TO ELIGIBILITY FOR RETIREMENT TO CLARIFY PAYMENT START DATE; AMENDING SECTION 18 -120 MEMBER RECORDS; STATUS STATEMENTS; BENEFICIARY DESIGNATIONS TO EXPAND CLASSES OF INDIVIDUALS TO WHOM PAYMENTS MAY BE MADE AT DEATH IN THE ABSENCE OF A DESIGNATED BENEFICIARY; AMENDING SECTION 18 -127 TO INCORPORATE PROVISIONS OF FLORIDA STATUTES §112.66(11) AND TO CLARIFY THAT DROP MEMBERS MUST TERMINATE EMPLOYMENT AT THE END OF THE DROP TERM; PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICT; PROVIDING FOR SEVERABILITY; AND, PROVIDING FOR AN EFFECTIVE DATE HEREOF. WHEREAS, the Board of Trustees ( "Trustees ") of the Employees' Pension Plan of the City of Boynton Beach, Florida ( "Pension Plan ") recommends amendment of the Ordinance regarding Florida Statutes §112.66(l1) and the required law changes to the definition of Annual Earnings and a corresponding change to the transfers of accumulated sick and vacation leave; WHEREAS, the Trustees of the Plan recommended clarification of the pension start date for vested terminated employees; WHEREAS, the Trustees of the Plan recommend clarification of the DROP providing that DROP members must terminate employment at the end of the DROP term; Page 1 of 9 WHEREAS, the Trustees of the Plan recommend expanding the individuals to whom payment may be made when a member dies and there is no designated beneficiary; and WHEREAS, the City Commission of the City of Boynton Beach, Florida, desires to so amend the Employees' Pension Plan of the City of Boynton Beach, Florida; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA: Section 1. The foregoing "WHEREAS" clauses are hereby certified as being true and correct and are incorporated herein by this reference. Section 2. The definition of Annual Earnings of Section 18 -55 of Article 11 of Chapter 18 of the Boynton Beach Code of Ordinances is hereby amended as follows: Sec. 18 -55. Definitions. The following words and phrases, as used in this article, unless a different meaning is plainly required by the context, shall have the following meanings, and the same and similar terms when used in connection with any civil service system or any other ordinance of the city shall not necessarily apply to the members of the retirement system hereby created except when specifically adopted: Annual earnings. Gross earnings received by the employee as compensation for services to the city, including overtime pay. Bonuses shall be excluded. Flexible benefits shall be Page 2 of 9 excluded. Effective June 18, 2013 overtime included in pensionable compensation is limited to 300 hours per Member per year. Prior to [insert effective datel all overtime is included in the definition of pensionable compensation Effective June 18, 2013 Nno hours of unused accumulated sick and vacation leave earned afte 't .-°° -* ..m e fiv.1 fhj!t' shall be considered Annual EarninQS,. 13However. prior to June 18, 2013 members may include all hours earned prior to [insert day before effective date] provided that the amount of hour0s- -were cashed in at retirement. Beginning with annual earnings after December 31, 2008, and pursuant to Internal Revenue Code Section 414(u)(7), the definition of annual earnings includes amounts paid by the city as differential wages to members who are absent from employment while in qualified military service. Section 3. The definition of Final average monthly earnings of Section 18 -111 of Article II of Chapter 18 of the Boynton Beach Code of Ordinances is hereby amended as follows: (4) "Final average monthly compensation," for the purposes of this section, shall mean the monthly average of the employee's Annual earnings during the highest 60 consecutive calendar months occurring in the 120 calendar months immediately preceding his or her normal retirement date if such date falls on or after January 1, 1979, and based upon compensation immediately preceding actual retirement date if normal retirement date preceded January 1, 1979, or he or she elected to continue to contribute after normal retirement date as provided in section 18 -95. " Annual Earnings" as used in the above sentence shall mean gross earnings received by the employee as compensation for service to the city as provide for in Section 18- 55 ineluding eveftime pay and siek pay paid in the lump sum at termination E)Y- r-etifement btA Page 3 of 9 exeltidi ., ba Section 4. Section 18 -117 is hereby amended as follows: Sec. 18 -117. Termination of services prior to eligibility for retirement. In the case of voluntary resignation or discharge of any member of the plan, the total amount contributed by said employee to the fund up to the time of his resignation or discharge (together with interest at the rate of three per cent (3 %) per annum to January 1, 1977, and five per cent (5 %) per annum thereafter compounded from the end of the year in which contributions are made to the date of termination of service) shall be returned and said employee shall immediately cease to be a member of the plan and shall not be entitled to any other benefits from the plan unless the member has completed five (5) years of credited service under the plan or is totally and permanently disabled. If he has completed five (5) or more years of credited service or is totally and permanently disabled he shall be fully vested and entitled to a deferred annuity commencing at his or her otherwise expected early or normal retirement date. The monthly amount of such deferred annuity shall be an amount computed in the same manner as the deferred annuity described for early retirement in section 18 -114. For the purpose of such calculation, the member's date of termination of employment shall be considered as his early retirement date. An employee who is entitled to a deferred annuity under the provisions of this section 18- 117 may waive his right to such deferred annuity and accept in lieu thereof the total amount he has contributed to the pension fund (together with interest thereon as described above) up to the time of his resignation or discharge. Page 4 of 9 In the event of resignation or discharge of any member as described in this section 18- 117, any contributions theretofore made by the city relating to such member, with accruals thereon, which have not vested in accordance with the provisions of this section 18 -117, shall be used to reduce contributions to be made thereafter by the city and shall not be used to increase the benefits of any member. Section 5. Section 18 -120 is hereby amended as follows: Sec. 18 -120. Member records; status statements; beneficiary designations. A. A separate record of account shall be maintained for each member and among other things shall show his service record, his accumulated contributions to the plan, his exact age, his designation of beneficiary, together with any such information as is necessary for an active and comprehensive determination of his status under this plan. $_ A member of the plan shall complete and file with the board a designation of beneficiary which names the person who is to receive any death benefits that may become payable under sections 18 -115 and 18 -116 other than benefits paid to a surviving spouse. Such designation of beneficiary is to be completed by the employee at the time he initially becomes a member of this plan. An employee who has failed to designate a beneficiary at the time of his initial membership in this plan may file a designation of beneficiary at any time thereafter. A member may change his designation of beneficiary at any time by filing a new designation of beneficiary form. If a member has failed to file a designation of beneficiary, Page 5 of 9 any death benefits which would normally be paid to a designated beneficiary shall be paid to in full to the first class of the following relative which has a member(s) (on a pro rata basis. if there is more than one memberl: 1. the spouse married to the member on slate of death: 2. dependent children of the member: 3. the living parents of the member: or 4. the estate of the member. This payment operates as a complete discharge of all obligations of the Fund under the Plan and shall not be subiect to review but shall be final, binding and conclusive on all persons ever interested hereunder Section 6: Section 18 -127 is hereby amended as follows: Sec. 18 -127. Deferred retirement option plan. (d) Upon exercising the right to participate in the DROP, an employee's creditable service, accrued benefits and compensation calculation shall be frozen and shall utilize the average of the five highest of the ten years immediately preceding participation in the DROP as the compensation basis. Accumulated, unused sick and vacation leave shall be included in the compensation calculation s provided for and limited by the definition of Annual Earning. - No Page 6 of 9 ....t: of hours is ear ed in at retirement. — ; provided, however, a minimum balance of 120 hours of sick leave and 120 hours of vacation leave shall be maintained by the employee and excluded from this calculation. The retained leave balance, including any additions, shall be distributed at the conclusion of DROP participation and separation from service. In accordance with the definition of Annual Earnim& the accumulated sick and vacation leave that is includable in the compensation calculation will phase out but hours may still be transferred up to the maximum permitted by the Code, provided the minimum number of sick and vacation leave remains on the books. Section 7: A new subsection (n) is hereby added to Section 18 -127 as follows: Sec. 18 -127. Deferred retirement option plan. (n) Notwithstanding the provisions of Section 18 -125 of this Plan. Participants in the DROP must terminate employment and participation in the DROP before any re- employment may occur. Section 8. It is the intention of the City Commission of the City of Boynton Beach Page 7 of 9 that the provisions of this Ordinance shall become and be made a part of the Code of Ordinances of the City of Boynton Beach, Florida. The Sections of this ordinance may be renumbered, re- lettered and the word "Ordinance" may be changed to "Section," "Article" or such other word or phrase in order to accomplish such intention. Section 9. All Ordinances or parts of Ordinances, Resolutions or parts of Resolutions in conflict herewith be and the same are hereby repealed to the extent of such conflict. Section 10. If any clause, section, or other part or application of this Ordinance shall be held by any court of competent jurisdiction to be unconstitutional or invalid, such unconstitutional or invalid part or application shall be considered as eliminated and so not effecting the validity of the remaining portions or applications remaining in full force and effect. Section 11. Ibi O -di ee- ..t h rrcrR - �ccc t�tttj� Uf)0 PRSSa! ?e. Hrrie,; ,,, Y crc eF proN ided t4- !Hi 1' - 1 This Ordinance shall become effective when the following have occurred: LZ the Citv Commission has received and has accepted a report establishing the actuarial soundness of these amendments (b) a copy of this Ordinance has been sent to the Florida Division of Retirement; and (c) when a collective bargaining agreement ratifNing the foregoing, changes to pension benefits has been ratified bN the Cit Commission and the General Employees' Pension Board of Trustees, or their successor organization, or a letter from such union stating it accepts the terms of this Ordinance or otherwise does not object to its contents. Upon satisfaction of all of the above requirements, then in that event, the terms and Page 8 of 9 provisions of this Ordinance shall become effectIN e FIRST READING THIS 19" DAY OF NOVEMBER, 2013. SECOND, FINAL READING and PASSAGE THIS Z DAY OF Pecem her , 2013. r PASSED AND ADOPTED THIS DAY OF ' Dece M her .2013. CITY OF BOYNTON BEACH, FLORIDA yor — J ay Vice Mayor — Woodrow L. Hay 8'' , �% E��' Commissi er — David T. Merker Co mission — Michael M. Fitzpatric Co issioner — Joe Casello ATTEST: yn� Jan M. Prainito, MMC Clerk ( to Page 9 of 9 PENSION RESOURCE CENTER 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 CHECK SIGNING REGISTER FOR: CITY OF BOYNTON BEACH BOARD OF TRUSTEES GENERAL EMPLOYEES PENSION FUND WARRANT FOR February 24, 2014 Check # Date I Payee and Description I Amount 1868 November 29, 2013 City of Boynton Beach $30,515.68 Retirees Insurance for November 29, 2013 1869 December 4, 2013 Pension Resource Center $4,398.26 December 2013 Administrative Fee 1870 December 11, 2013 City of Boynton Beach $2,379.25 Retirees Insurance for December 11, 2013 1871 December 11, 2013 Gabriel, Roeder, Smith & Co $1,050.00 Actuarial Services Rendered through 10/31/2013 1872 December 11, 2013 Ellen Schaffer $3,536.00 Software Support Contract Fee 1873 December 11, 2013 Perry & Jensen, LLC $842.50 Legal Fees Rendered through 11/15/13 1874 December 11, 2013 FPPTA $600.00 2014 Membership Renewal 1875 December 11, 2013 Wells Fargo $891.38 Custodial Fees for DHJ Eq October 2013 1876 December 11, 2013 Wells Fargo $732.50 Custodial Fees for City Mut October 2013 1877 December 11, 2013 Wells Fargo $474.18 Custodial Fees for San Fx for October 2013 1878 December 11, 2013 Wells Fargo $527.63 Custodial Fees for DHJ Fxd for October 2012 1879 December 11, 2013 Wells Fargo $273.91 Custodial Fees for S &P400 for October 2012 1880 January 1, 2014 City of Boynton Beach $29,862.01 Retirees Insurance for January 1, 2014 1881 January 7, 2014 Pension Resource Center $4,398.26 January 2014 Administrative Fee 1882 January 7, 2014 Southeastern Advisory Services $14,880.00 Performance Measurement 4th quarter 1883 January 7, 2014 Gabriel Roeder Smith & Co $3,722.00 Actuarial Services Rendered through 11/30/13 1884 January 7, 2014 Perry & Jensen LLC $1,292.50 Legal Fees Rendered through 12/15/13 1885 January 7, 2014 FPPTA $30.00 Re -cert Fee Laurie Fasolo 1886 January 7, 2014 FPPTA $30.00 re -cert Fee C Mc Deavitt 1887 January 7, 2014 Wells Fargo Bank $599.69 Custodial Fees for DHJ /Fixed Nov 2012 1888 January 7, 2014 Wells Fargo Bank $545.92 Custodial Fees for San Fixed Nov 2012 1889 January 7, 2014 Wells Fargo Bank $813.77 Custodial Fees for City Mutual Nov 2012 1890 January 7, 2014 Wells Fargo Bank $986.38 Custodial Fees for DHJ Equity Nov 2012 1891 January 7, 2014 Wells Fargo Bank $75.00 Custodial Fees for San Equity Nov 2012 1892 January 7, 2014 Wells Fargo Bank $277.22 Custodial Fees for S &P 400 Nov 2012 1893 January 13, 2014 Gabriel Roeder Smith & co. $4,178.00 Actuarial Services Rendered through 12/31/13 1894 January 31, 2014 City of Boynton Beach $29,013.96 Retirees Insurance for February 1, 2014 1895 February 5, 2014 Pension Resource Center $4,602.12 Administrative Fee - February 2014 1896 February 5, 2014 DePrince Race & Zollo Inc $29,115.00 Investment Management Fee 4Qt 2013 1897 February 5, 2014 Alliance Bernstein $14,793.58 Investment Management Fee 1 Qt 2014 1898 February 5, 2014 Garcia Hamilton Jackson & Associates $11,178.72 Investment Management Fee 1Qt 2014 BBGE 1899 February 5, 2014 Garcia Hamilton Jackson & Associates $32,396.47 Investment Management Fee 1 Qt 2014 BBGEQ 1900 February 5, 2014 Perry & Jensen LLC $213.75 Legal Fees through 1/15/14 1901 February 5, 2014 Ellen Schaffer $57.50 Computer Programming & Consulting Service 1902 February 5, 2014 Ellen Schaffer $230.00 Computer Programming & Consulting Service TOTAL $229,513.14 Chairman Date U -I F !„ Resource Centers, LLC Invoice 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 _Date _ �nvoice�k 11/27/2013 12851 Bill_To Tax ID - 'T Boynton Beach General Pension Fund Financial Resource Center 87- 0800465 Pension Resource Center 36- 4504183 Resource Centers 87- 0800468 Description - = _ qty y ' Rate amount Boynton Beach General Employees' Pension Monthly 4,250.00 4,250.00 Administrator Fee for December 2013 Postage 320 0.46 147.20 International Postage 1.06 1.06 x P S' Total Amount Due $4,398.26 C Mail Payments to: Resource Centers, LLC at Palm Beach Gardens address OR ACH Payment to: First Southern Bank Pension Resource Center ABA #: 067012895 Account #: 8063659206 If you have any questions concerning this invoice, please contact Bonnie Lindberg at Resource Centers, LLC Phone 561.459.2959 or email - Bonnie @ResourceCenters.com GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Invoice Ft. Lauderdale, Florida 33301 -1872 (954) 527 -1616 � 11/12/2013 404038 Attention: Ms, Dixie Martinez Dept. # 78009 Administrator Gabriel Roeder Smith & Company Boynton Beach Pension Plan for General Employees PO Box 78000 The Resource Centers, LLC Detroit, Michigan 48278 -0009 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, Florida 33410 38- 1691268 For services rendered for the City of Boynton Beach Pension Plan for General Employees through 10/31/2013 Benefit Calculations for: Jones and Wahlin 2.00 225.00 450.00 Charges since 10/4/2013 for preparation of the 10/1/2013 Actuarial Valuation Report; 600.00 total charges to date equal $1,096 Amount Due $1,050 f!�— PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page 1 of 1 t I N V O I C E ELLEN SCHAFFER INVOICE: 2687 339 N.W. 99 WAY DATE: 12/01/2013 CORAL SPRINGS, FL. 33071 REF.: Home: (954) 341 -5032 Fax: (954) 345 -0748 Public Pension Software Consultant Sold to PENSION RESOURCE CENTER 4360 NORTHLAKE BLVD. SUITE 206 PALM BEACH GARDENS, FL. 33410 ATTN: DENISE MC NEILL QTY DESCRIPTION AMOUNT TOTAL 1.0 SOFTWARE SUPPORT CONTRACT FEE 3536.00 3536.00 FOR PC PENSION ACCOUNTING SYSTEMS: BENEFIT CALCULATION SYSTEM, PENSION PAYMENT SYSTEM WITH DROP ACCOUNTING, ONLINE CALCULATIONS AND DROP BALANCE INQUIRY. TERM IS 1/23/2014 - 1/23/2015 FOR BOYNTON BEACH GENERAL EMPLOYEES SUBTOTAL $ 3S36.00 L TAX $ .00 SHIP /HAND $ .00 TOTAL $ 3536.00 PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU THE LAW OFFICES OF PERRY JENSEN, L ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com November 22, 2013 Via Email Boynton Beach General Employees Scott Baur Resource Centers, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Re: Legal Services Provided Invoice #72075 Dear Scott: Enclosed please find the Firm's invoice for services rendered for the period that ended 11/15/2013. TV'ank you for your payment of $629.15. Your current balance due is $842.50. ° ©�- If you have any questions, please do not hesitate to contact me. Sincerely yours, Bonni S. Jensen BSJIIg Enclosure Copy to: Dixie Martinez, Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207:. WEST PALM BEACH FLORIDA 33401 -2922 PH: 561.686.6550 e• Fx: 561.686.2802 il 13 RFIPncrnra.tra THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Boynton Beach General Employees' Pension Board Attn: Scott Baur (Via Email Only) The Resource Centers, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33406 cc: Dixie Martinez November 22, 2013 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client/ File No.: 1297 Invoice #72075 Professional Services Hrs /Rate Amount Administrator - Resource Centers, LLC Administrator - Resource Centers, LLC 10/23/2013 BSJ Review & Respond to email from Tim Howard re: Resource Centers, 0.50 125.00 LLC Contract 250.00 /hr Review Contract with Administrator Administrator - Resource Centers, LLC Administrator - Resource Centers, LLC 10125/2013 BSJ Telephone call with Scott Baur 0.25 62.50 Administrator - Resource Centers, LLC 250.00 /hr Administrator - Resource Centers, LLC 10/28/2013 BSJ Telephone call with Lori LaVerriere re: 5 year Term on Administrator K 0.25 62.50 E -mail to Administration re: Add Administrator K Discussion to Agenda 250.00 /hr Administrator - Resource Centers, LLC Administrator - Resource Centers, LLC 11/6/2013 BSJ Review email from Scott Baur with Attached Agreement & Fee Schedule 0.25 62.50 Change 250.00 /hr Telephone call with Scott Baur (Left message) Administrator - Resource Centers, LLC Boynton Beach General Employees' Pension Board Page 2 Hrs /Rate Amount SUBTOTAL: [ 1.25 312.50] Forms Forms 10/2312013 PH Revise HIPAA Form to Include Workers Compensation Records & 0.40 30.00 Expire at End of Disability Case 75.00 /hr E -mail to Administrator re: New HIPAA Form Forms SUBTOTAL: j 0.40 30.001 Plan Document Plan Document 10/22/2013 BSJ Review email from Lori LaVerriere re: SB1128 1.00 250.00 E -mail to Lori LaVerriere 250.00 /hr E -mail to Jim Cherof Plan Document Plan Document 11/11/2013 BSJ Draft Amendment for Change of Joint Annuitant / Beneficiary After 1.00 250.00 Retirement 250.00 /hr Plan Document SUBTOTAL: [ 2.00 500.00] For professional services rendered 3,65 $842.50 For professional services rendered 3.65 $842.50 Previous balance $629.15 Accounts receivable transactions 11/15/2013 Payment - Thank YouL Check No. 00001857 ($629.15) Total payments and adjustments ($629.15) Balance due $842.50 Ass6cIA mR k [fSTI: NS FPPTA Membership Renewal Receipt 7 � P ERSIUN PUBLIC F LORIDA Membership Year: 2014 Membership Type: Pension Boards Renewal Status: Confirmed Renewal Fee: $600.00 Organization Name: Boynton Beach GE Pension Fund Address: c/o The Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone: (561) 624 -3277 Fax: (561) 624 -3278 E -mail: dixie @resourcecenters.com Website: Confirmed On: 12/3/2013 4:54:4 PM By: Dixie Martinez Paid On: By: Payment Method: Check To Follow If you have paid for the renewal online at FPPTA.Org, you only need to keep this as your copy. If you are paying by check, please make your check payable to: Florida Public Pension Trustees Association (FPPTA) and then mail a copy of this receipt and your check to the address below: FPPTA 2946 Wellington Circle East Tallahassee, FL 32309 Phone: 800- 842 -4064 Fax: 850-668-8514 Printed on: 12/3/2013 4:54 PM i Fee Invoice: 8639524 Wells Fargo Bank, N.A. Account Number. 4046002551 For Period: 10/01 /2013 - 10/31/2013 Invoice Date: 11/08/2013 L ,. i Return To: Boynton /DHJ Eq Wells Fargo Bank, N.A. Dixie Martinez Admin. Trust Operations 4360 Northlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN 55485 -5159 $891.38 7 PAYMENT DUE UPON RECEIPT I Account Name: Boynton /DHJ Eq Contact: Karl Hutchinson 0055938 -- ---------------------------- ----- - - - -- ---------------------- Fold Here i Summary of Current Period Fees Charged Billed Total Administration $891.38 $891.38 Total Current Period Fees $891.38 $891.38 i PLEASE RETURN THIS PAGE WITH PAYMENT Page w -.7690 I I Fee Invoice: 8639524 Account Number: 4046002551 Wells Fargo Bank, N.A. For Period: 10/01 /2013 - 10/31/2013 E Invoice Date: 11/08/2013 Account Name: Boynton /DHJ Eq Contact: Karl Hutchinson 0055938 Services Value / Q Rate Frequency Amount Administration Market Value 26,741,322.35 @ 0.0004 x 1/12 891.38 Total Administration $891.38 Total $891.38 Summary Total Charged to Account $0.00 Total Billed $891.38 Payment Due $891.38 I I ' Page 2 001591 Fee Invoice: 8639523 Account Number: 4046002463 ® Wells Fargo Bank, N.A. For Period: 10/01/2013 - 10/31/2013 Invoice Date: 11/08/2013 Return To: Boynton /City Mut Wells Fargo Bank, N.A. Dixie Martinez Admin. Trust Operations 4360 Northlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN 55485 -5159 $732.50 . PAYMENT DUE UPON RECEIPT Account Name: Boynton /City Mut Contact: Karl Hutchinson 0055938 - - - - -- ------- - - - - -- ----------- ----- Fold Here Summary of Current Period Fees Charged Billed Total Administration $732.50 $732.50 Total Current Period Fees $732.50 $732.50 I I PLEASE RETURN THIS PAGE WITH PAYMENT Pagel Fee invoice: 8639523 Account Number: 4046002463 Wells Fargo Bank, N.A. For Period: 10/01 /2013 - 10/31 /2013 r 3 I Date: 11/08/2013 I Account Name: Boynton /City Mut Contact: Karl Hutchinson 0055938 i Services Value / Quantity Rate Frequency Amount Administration Market Value 21,974,927.72 @ 0.0004 x 1/12 732.50 Total Administration $732.50 Total $732.50 Summary Total Charged to Account $0.00 Total Billed $732.50 Payment Due $732.50 I I i Page 2 OOt5H9 Fee Invoice: 8639522 Wells Fargo Bank N.A. Account Number: 4046000170 For Period: 10/01/2013 - 10/31/2013 Invoice Date: 11/08/2013 Return To: Boynton /San Fx Wells Fargo Bank, N.A. Dixie Martinez Admin. Trust Operations 4360 Northlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 k" Minneapolis, MN 55485 -5159 E' $474.18 ° �n PAYMENT DUE UPON RECEIPT Account Name: Boynton /San Fx Contact: Karl Hutchinson 0055938 -- ------------------------------------------ Fold Here Summary of Current Period Fees Charged Billed Total j Administration $474.18 $474.18 Total Current Period Fees $474.18 $474.18 i PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 .., Ji Z Fee Invoice: 8639522 Wells Fargo Bank, N.A. Account Number: 4046000170 For Period: 10/01 /2013 - 10/31/2013 I n v o i ce D ate: 11 /08/20 1 3 i i Account Name: Boynton /San Fx Contact: Karl Hutchinson 0055938 Services Value / Quantity Rate Frequency A j Administration Market Value 14,225,443.16 @ 0.0004 x 1/12 474.18 i Total Administration $474.18 Total $474.18 Summary Total Charged to Account $0.00 Total Billed $474.18 Payment Due $474.18 Page 2 ' 001587 i- Fee Invoice: 8639521 Wells Fargo Bank, N.A. Account Number: 4046000161 ® For Period: 10/01/2013 - 10/31/2013 Invoice Date: 11/08/2013 i Return To: Boynton /DHJ Fxd Wells Fargo Bank, N.A. Dixie Martinez Admin. Trust Operations 4360 Northlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN 55485 -5159 $527.63 PAYMENT DUE UPON RECEIPT Account Name: Boynton /DHJ Fxd Contact: Karl Hutchinson 0055938 -------- - - - - -- Foid Here Summary of Current Period Fees Charged Billed Total Administration $527.63 $527.63 Total Current Period Fees $527.63 $527.63 I PLEASE RETURN THIS PAGE WITH PAYMENT Pagel 001684 � ��C •.i' .- {' .�; Fee invoice: 8639521 Wells Fargo Bank, N.A. Account Number: 4046000161 L For Period: 10 /01 /2013 - 10/31/2013 Invoice Date: 11 Account Name: Boynton /DHJ Fxd Contact: Karl Hutchinson 0055938 Ser Value / Q uantity Rate Frequency Amount Administration Market Value 15,828,766.54 @ 0.0004 x 1/12 527.63 Total Administration $527.63 Total $527.63 Summary Total Charged to Account $0.00 Total Billed $527.63 Payment Due $527.63 i Page 2 001585 Fee Invoice: 8610204 Account Number. 24102201 ® Wells Fargo Bank, N.A. For Period: 10/01/2013 - 10/31/2013 Invoice Date: 11/07/2013 Return To: Boynton /S &P400 Wells Fargo Bank, N.A. Dixie Martinez, Administrator Trust Operations The Resource Centers, LLC NW 5159 4360 Northlake Blvd., Suite 206 P.O. Box 1450 Palm Beach Gardens FL 33410 Minneapolis, MN 55485 -5159 PAYMENT DUE UPON RECEIPT Account Name: Boynton /S &P400 Contact: Karl Hutchinson 0055938 --------- - - - - -- --------- - - - - -- ------------------------ Fold Here Summary of Current Period Fees Charged Billed Total Administration $273.91 $273.91 Total Current Period Fees $273.91 $273.91 'o PLEASE RETURN THIS PAGE WITH PAYMENT Pagel j r, 001288 ,t i Fee Invoice: 8610204 Account Number: 24102201 Wells Fargo 6211k, N.A. For Period: 10/01/2013 - 10/31/2013 Invoice Date: 11/07/2013 Account Name: Boynton /S &P400 Contact: Karl Hutchinson 0055938 i Services Value / Quantity Rate Fr Amount Administration L. Market Value 8,029,837.52 9 0.0004 x 1/12 267.66 Annual Account Maintenance 1.00 @ 75.00 x 1/12 6.25 Total Administration $273.91 T $2 73.91 Summary Total Charged to Account $0.00 Total Billed $273.91 Payment Due $273.91 i Page 2 001289 it Resource Centers, LLC Invoice 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Date Invoice # 1/2/2014 12904 Bill To Tax ID Boynton Beach General Pension Fund Financial Resource Center 87- 0800465 Pension Resource Center 36- 4504183 Resource Centers 87- 0800468 Description Qty Rate Amount Boynton Beach General Employees' Pension Monthly 4,250.00 4,250.00 Administrator Fee for January 2014 Postage 320 0.46 147.20 International Postage 1.06 1.06 Total Amount Due $4,398.26 Mail Payments to: Resource Centers, LLC at Palm Beach Gardens address OR ACH Payment to: First Southern Bank Pension Resource Center ABA #: 067012895 Account #: 8063659206 If you have any questions-,concerning this invoice, please contact Bonnie Lindberg at Resource Centers, LLC Phone 561.459.2959 or email - Bonnie @ResourceCenters.com A )\ IX171 =.i" 1 l,i'I 1 12 Piedmont Center, Suite 202 DATE: January 1, 2014 Atlanta, GA 30305 INVOICE # 1304 Phone 404 237 3156 Fax 404 237 2650 FOR: 4Q13 Bill To: Boynton Beach General Employee's Pension Fund C/0 Ms. Dixie Martinez The Resource Centers, Inc. 4360 Northlake Blvd. Suite 206 Palm Beach Gardens, FL 33410 Performance Measurement and Related Investment Consulting Services $14,880 9/30/13 Value: $119,040,611 ( $119,040,611 x 5 Basis Points) / 4 = $14,880 TOTAL Please send your payment to: Southeastern Advisory Services, Inc. 12 Piedmont Center, Suite 202 Atlanta, GA 30305 If you have any questions concerning this invoice, contact: Jeff Swanson, 904 233 7600, jeff @seadvisory.com Thank you for your business! GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Invoice Ft. Lauderdale, Florida 33301 -1872 (954) 527 -1616 no= 12/12/2013 404495 Attention: Ms. Dixie Martinez Dept. # 78009 Administrator Gabriel Roeder Smith & Company Boynton Beach Pension Plan for General Employees PO Box 78000 The Resource Centers, LLC Detroit, Michigan 48278 -0009 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, Florida 33410 38- 1691268 For services rendered for the City of Boynton Beach Pension Plan for General Employees through 11/30/2013 Benefit Calculations for: Hodis and Ivy 2.00 225.00 450.00 Letter to Division of Retirement in response to 9/13/2013 letter from Keith Brinkman 375.00 Charges since 11/1/2013 for preparation of the 10/1/2013 Actuarial Valuation Report; 2,897.00 total charges to date equal $3,993 Amount Due $3,722 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. r; Page 1 of 1 � E'' ' •' THE LAW OFFICES OF PERRY JENSEN, L LC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com December 18, 2013 Via Email Boynton Beach General Employees Scott Baur Resource Centers, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Re: Legal Services Provided Invoice #72116 Dear Scott: Enclosed please find the Firm's invoice for services rendered for the period that ended 12/15/2013. Thank you for your payment of $842.50. Your current balance due is $1,292.50. ✓o`�.�� If you have any questions, please do not hesitate to contact me. Sincerely yours, Bonni S. Jensen Signed in Ms. Jensen's absence to expedite delivery BSJ /lg Enclosure Copy to: Dixie Martinez, Via Email Only _ 400 EXECUTIVE CENTER DRIVE, SUITE 207 *• WEST PALM BEACH FLORIDA 33401 -2922 PH: 561.686.6550 •: FX: 561.686.2802 13 P¢rtincf�lnbn THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Boynton Beach General Employees' Pension Board Attn: Scott Baur (Via Email Only) The Resource Centers, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33406 cc: Dixie Martinez December 17, 2013 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 1297 Invoice #72116 Professional Services Hrs /Rate Amount Actuary - GRS Actuary - GRS 11/19/2013 BSJ Review Letter from State 0.10 25.00 Actuary - GRS 250.00 /hr Actuary - GRS 11/20/2013 BSJ E -Mail to Pete Strong re: State Letter 0.25 62.50 Actuary - GRS 250.00 /hr SUBTOTAL: [ 0.35 87.50) Administrator - Resource Centers, LLC Administrator - Resource Centers, LLC 11/25/2013 BSJ Conference with Tim Howard re: Expiration of Administrator Contract 0.25 62.50 Administrator - Resource Centers, LLC 250.00 /hr Administrator - Resource Centers, LLC 12/10/2013 BSJ Review & Respond to email from Tim Howard re: Administrator Contract 0.25 62.50 Administrator - Resource Centers, LLC 250.00 /hr Boynton Beach General Employees' Pension Board Page 2 Hrs /Rate Amount Administrator - Resource Centers, LLC 12/11/2013 BSJ E -mail to Lori LaVerriere re: Administrator Contract 0.10 25.00 Administrator - Resource Centers, LLC 250.00 /hr SUBTOTAL: [ 0.60 150.00] Attendance at Trustee Meetings Attendance at Trustee Meetings 11/25/2013 BSJ Attend Meeting 1.00 250.00 Attendance at Trustee Meetings 250.00/hr Attendance at Trustee Meetings 11/26/2013 LG Review Post Meeting Folder 0.30 22.50 Attendance at Trustee Meetings 75.00 /hr SUBTOTAL: [ 1.30 272.50] Meeting Notices and Agendas Meeting Notices and Agendas 11/21/2013 PH Prepare Attorney Report, Handouts, and Notebook for upcoming Meeting 1.50 112.50 -11/25/13 75.00/hr Meeting Notices and Agendas SUBTOTAL: [ 1.50 112.50] Plan Document Plan Document 11/16/2013 BSJ Review and revise Amendment for Changes of Joint Annuitant 0.25 62.50 Plan Document 250.00 /hr Plan Document 11/18/2013 BSJ Review City Council Agenda Item for Changes to Pension Plan for 0.35 87.50 SB1128 250.00 /hr Plan Document Boynton Beach General Employees' Pension Board Page 3 Hrs /Rate Amount Plan Document 11/18/2013 PH Revise Ordinance per Bonni's mark up 0.30 22.50 E -mail to Dixie Martinez & Scott Baur for Review 75.00 /hr Plan Document Plan Document 11/19/2013 BSJ Review and revise Amendment for change of Joint Annuitant 0.25 62.50 Telephone call with Dixie Martinez 250.00/hr Plan Document Plan Document 11/20/2013 BSJ Correspondence with Barbara Lorberg re: Filing Proposed Ordinance 0.50 125.00 13 -035 after 1st Reading 250.00 /hr Plan Document Plan Document LG E -mail to Barbara Lorberg, Dixie Martinez, & Keith Brinkman re: Filing 0.20 15.00 Proposed Ordinance 13 -035 after 1st Reading 75.00 /hr Plan Document Plan Document BSJ E -mail to Janet Prainito re: Ordinance 13 -035 on 1st Reading 0.25 62.50 Review Response from Janet 250.00 /hr Plan Document Plan Document PH E -mail to Dixie Martinez & Trustees re: Amendment to Change Joint 0.30 22.50 Annuitant 75.00 /hr Plan Document Plan Document 11/25/2013 BSJ Telephone call with Dixie Martinez re: Implementation of New Ordinance 0.25 62.50 regarding Accumulated Sick & Vacation Leave 250.00 /hr Plan Document Plan Document BSJ Conference with Pete Strong & Dixie Martinez re: Implementation of 0.25 62.50 Ordinance 250.00 /hr Plan Document SUBTOTAL: [ 2.90 585.00] Boynton Beach General Employees' Pension Board Page 4 Hrs /Rate Amount Policies - General Policies - General 11/20/2013 BSJ Review Policy for Public Comment At Meetings 0.25 62.50 E -mail to Dixie Martinez 250.00 /hr Policies - General SUBTOTAL: [ 0.25 62.50] For professional services rendered 6.90 $1,270.00 Additional Charges Bill File 12/15/2013 Copy Charges 22.50 SUBTOTAL: [ 22.50] Total additional charges $22.50 For professional services rendered 6.90 $1,292.50 Total amount of this bill $1,292.50 Previous balance $842.50 Accounts receivable transactions 12/13/2013 Payment - Thank YouL Check No. 00001873 ($842.50) Total payments and adjustments ($842.50) Balance due $1,292.50 Florida Public Pension Trustees Association �]'� A SSOCIATION 2013 CPPT Continuing Education Units Verification Form 1RVSTFRS PENSION 2013 Annum Re- Certification Invoice (this form must be returned.) F. i' Designee Information: ..' Name: Company/Pension System: b�� 0 Z'\ — 6encyl y c� o-_ Street Address: I.1 Ao6 Mb( aV \�(ALL _? \ S�f_ _L00 City: �11 — 6t& C_.UiAa State: fi L Zip: J 3 Q IV Phone — ZC 1 7 E -mail: C CEU Information: Please mark the programs you have attended. You no longer have to mark FPPTA events because they are recorded and counted by the FPPTA office. 5 Continuing Education Units • State of Florida Police Officers & Firefighters Trustees School, May 20 -22, 2013, Tallahassee, FL 0 V �k . • NCPERS Annual Conference, May 18 -19, 2013, Hilton Hawaiian Village, Honolulu, HI • NCTR, October 5 -9, 2013, Omni Shoreham Hotel, Washington DC ❑ NPEA, November 1 -6, 2013, The Mills House Hotel, Charleston, SC ❑ State of Florida Police Officers & Firefighters Trustees School, October 22 -24, 2013, Doubletree at SeaWorld, Orlando, FL ❑ International Foundation of Employee Benefit Plans Annual Conference (various locations) Designee Signature: Date: Please mail this CEU form /invoice along with _ your payment to: Offi ce Use Only FPPTA ❑ Paid by check ❑ Paid by credit card E 2946 Wellington Circle East : Amount paid: Tallahassee, Fl 32309 k Date paid;_ Phone: 800- 842 -4064 I GBS _ Date Fax: 850-668-8514 s E -mail: fppta@fppta.org @gyp g $30 Re- Certification Fee for 2013. This Form Must Accompany Payment. Payment Method: Xcheck enclosed Due to federal compliance regulations, credit card payments must be made through our secure web site. FPPTA will no longer accept credit card information on our forms. As always, you may choose check to follow for payment. Florida Public Pension Trustees Association A SSOC'LATION 2013 CPPT Continuing ;Education Units Verification Form RUSTEFS P ENSION 2013 Annuat Re - Certification Invoice (this form must be returned. PUBLIC FLC)Hll)A Designee Information: i a Name: _ �_0 H � becw) , T Company/Pension System: Street Address: t2�L)o - Z-11V ' City: State: Zip: Phone: , E -mail -J t �.1{'. L` J � � L' � C C C l ��'c� o CEU Information: Please mark the programs you have attended. You no longer have to rnarkFPPTA events because they are recorded and counted by the FPPTA office. 5 Continuing Education Units ❑ State of Florida Police Officers & Firefighters Trustees School, May 20 -22, 2013, Tallahassee, FL ❑ NCPERS Annual Conference, May 18 -19, 2013, Hilton Hawaiian Village, Honolulu, HI ❑ NCTR, October 5 -9, 2013, Omni Shoreham Hotel, Washington DC V ❑ NPEA, November 1 -6, 2013, The Mills House Hotel, Charleston, SC' ❑ State of Florida Police Officers & Firefighters Trustees School, October 22 -24, 2013, Doubletree at SeaWorld, Orlando, FL ❑ International Foundation of Employee Benefit Plans Annual Conference (various locations) Designee Signature: Date: Please snail this CEU form /invoice along with _ _ your payment to: ' Office Use only FPPTA ❑ Paid by check ❑ Paid by creditcard 2946 Wellington Circle East Amount Paid: _ Tallahassee, Fl 32309 Phone: 800-842-4064 Date Paid:_ GBS_Date_ Fax: 850 -668 -8514 — E -mail: fppta @fppta.org `: -.. : _.....:. _..._......_.._ �...__. _._ $30 Re- Certification Fee for 2013. This Form Must Accompany Payment. Payment Method: enclosed Due to federal compliance regulations, credit card payments must be made through our secure web site. FPPTA will no longer accept credit card information on our forms. As always, you may choose check to follow for payment. Fee Invoice: 8698203 i Wells Fargo Bank, N.A. Account Number: 4046000161 For Period: 11/01/2013 -11/30/2013 Invoice Date: 12/06/2013 Return To: Boynton /DHJ Fxd Wells Fargo Bank, N.A. Dixie Martinez Admin. Trust Operations 4360 Northlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN 55485 -5159 $599.69 PAYMENT DUE UPON RECEIPT Account Name: Boynton /DHJ Fxd Contact: Karl Hutchinson 0055938 ------------------------------------------------------------------------------------------ Fold Here Summary of Current Period Fees Charged Billed Total Administration $599.69 $599.69 Total Current Period Fees $599.69 $599.69 ✓ E , PLEASE RETURN THIS PAGE WITH PAYMENT Pagel Fee Invoice: 8698204 Account Number: 4046000170 Wells Fargo Bank N.A. For Period: 11 /01 /2013 - 11/30/2013 Invoice Date: .12/06/2013 Return To: Boynton /San Fx Wells Fargo Bank, N.A. Dixie Martinez Admin. Trust Operations 4360 Northlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN 55485 -5159 $545.92 ✓ a��7ri PAYMENT DUE UPON RECEIPT Account Name: Boynton /San Fx Contact: Karl Hutchinson 0055938 -- - -- --------- - - - - -- -- --------- - - - - -- ----------------- - - - - -- Fold Here Summary of Current Period Fees Charged Billed Total Administration $545.92 $545.92 Total Current Period Fees $545.92 $545.92 I , PLEASE RETURN THIS PAGE WITH PAYMENT Pagel oa 1963 c— 1;�� Fee Invoice: 8698205 Wells Fargo Bank N.A. Account Number: 4046002463 For Period: 11 /01 /2013 - 11/30/2013 Invoice Date: .12/06/2013 Return To: Boynton /City Mut Wells Fargo Bank, N.A. Dixie Martinez Admin. Trust Operations 4360 Northlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN 55485 -5159 $813.17 PAYMENT DUE UPON RECEIPT Account Name: Boynton /City Mut Contact: Karl Hutchinson 0055938 --- -- - - - - -- - - ---------------- - - - - -- Fold Here Summary of Current Period Fees Charged Billed Total Administration $813.17 $813.17 Total Current Period Fees $813.17 $813.17 PLEASE RETURN THIS PAGE WITH PAYMENT Pagel Oa 1965 � ��i Fee Invoice: 8698206 Wells Fargo Bank, N.A. Account Number: 4046002551 For Period: 11 /01 /2013 - 11/30/2013 Inv oice D ate : 12/06/2013 Return To: Boynton /DHJ Eq Wells Fargo Bank, N.A. Dixie Martinez Admin. Trust Operations 4360 Northlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN 55485 -5159 $986.38 PAYMENT DUE UPON RECEIPT Account Name: Boynton /DHJ Eq Contact: Karl Hutchinson 0055938 ------------------------------------- Fold Here Summary of Current Period Fees Charged Billed Total Administration $986.38 $986.38 Total Current Period Fees $986.38 $986.38 PLEASE RETURN THIS PAGE WITH PAYMENT Pagel 001967 `, Fee Invoice: 8714650 ® Wells Fargo Bank, N.A. Account Number: 4046002506 For Period: 11 /01 /2013 - 11/30/2013 Invoice Date: 12/11/2013 Return To: Boynton /San Eq Wells Fargo Bank, N.A. Dixie Martinez Admin. Trust Operations 4360 Northlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN 55485 -5159 $75.00 ' e4-- PAYMENT DUE UPON RECEIPT Account Name: Boynton /San Eq Contact: Karl Hutchinson 0055938 ------------------------------------------------------------------------------------------ Fold Here Summary of Current Period Fees Charged Billed Total Administration $75.00 $75,00 Total Current Period Fees $75.00 $75.00 J. PLEASE RETURN THIS PAGE WITH PAYMENT Pagel ri 7j 002121 Fee Invoice: 8668733 o Wells Fargo Bank N.A. Account Number: 24102201 For Period: 11 /01 /2013 11/30/2013 Invoice Date: .12/06/2013 Return To: Boynton /S &P400 Wells Fargo Bank, N.A. Dixie Martinez, Administrator Trust Operations The Resource Centers, LLC NW 5159 4360 Northlake Blvd., Suite 206 P.O. Box 1450 Palm Beach Gardens FL 33410 Minneapolis, MN 55485 -5159 $277.22 `lcsl� PAYMENT DUE UPON RECEIPT Account Name: Boynton /S &P400 Contact: Karl Hutchinson 0055938 ------------------------------------------------------ Fold Here Summary of Current Period Fees Charged Billed Total Administration $277.22 $277.22 Total Current Period Fees $277.22 $277.22 i PLEASE RETURN THIS PAGE WITH PAYMENT Pagel 001659 uRS Gabriel Roeder Smith & Company St�l. AIr Consultants &Actuaries One East Broward Blvd. Suite 505 Invoice Ft, Lauderdale, Florida 33301 -1872 (954) 527 -1616 m . 1/8/2014 404937 Attention: Ms. Dixie Martinez Dept. # 78009 Administrator Gabriel Roeder Smith & Company Boynton Beach Pension Plan for General Employees PO Box 78000 The Resource Centers, LLC Detroit, Michigan 48278 -0009 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, Florida 33410 38- 1691268 For services rendered for the City of Boynton Beach Pension Plan for General Employees through 12/31/2013 Benefit Calculations for: Damus, Evans, and Mack 3.00 225.00 675.00 Charges since 11/30/2013 for preparation of the 10/1/2013 Actuarial Valuation Report; 3,503.00 total charges to date equal $7,496 Amount Due $4,178 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page 1 of 1 i� Resource Centers, LLC Invoice 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Date Invoice # 1/31/2014 12954 Bill To Tax ID Boynton Beach General Pension Fund Financial Resource Center 87- 0800465 Pension Resource Center 36- 4504183 Resource Centers 87- 0800468 Description Qty Rate Amount Boynton Beach General Employees' Pension Monthly 4,250.00 4,250.00 Administrator Fee for February 2014 Postage 321 0.46 147.66 International Postage 1.06 1.06 Death Search 339 0.60 203.40 Total Amount Due $4,602.12 Mail Payments to: Resource Centers, LLC at Palm Beach Gardens address OR ACH Payment to: First Southern Bank Pension Resource Center ABA #: 067012895 Account #: 8063659206 If you have any questions concerning this invoice, please contact Bonnie Lindberg at Resource Centers, LLC Phone 561.459.2959 or email - Bonnie @ResourceCenters.com DEPRINCE RACE & ZOLLO INC. I NVO IC E 250 PARK AVENUE SOUTH SUITE 25 INVOICE DATE INVOICE ## WINTER PARK, FL 32789 1/10/2014 201304105 BOYNTON BEACH GENERAL PENSION FUND PAYMENTGROUP @RESOURCECENTERS.COM DESCRIPTION PORTFOLIO VALUE ANNUAL FEE QUARTERLY FEE BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND MANAGEMENT FEES - QUARTER ENDED DECEMBER 31, 2013 PRORATED FOR SIGNIFICANT CONTRIBUTION DURING QUARTER. PORTFOLIO VALUE 12/5/13 - 66/92 DAYS = 72% 22,473,962 112,370 20,227.00 PORTFOLIO VALUE 12/31/13 - 26/92 DAYS = 28% 25,395,365 126,977 8,888.00 SUBTOTAL 29,1 15.00 ANNUAL FEE SCHEDULE: 0.50% ON BALANCE CC: VIA EMAIL TO DIXIE MARTINEZ DIXIE @RESOURCECENTERS.COM P JAM MAKIC C U= PAYAMLX TO: Vvwx INSTRUCTIONS: D ODRWCU, RACIC & ZO[LO, INC. M& BANK ATrocnow ANA JomNmTON ORL ANN, FLOWA 2W P ARR AVOWK SW M, SUCK 2W ABA 069 i 14M V VDCn t PARK, F A)RMA 327M ACCOUNT O OW3034790 d07- 420409 DxPmNcK, RAM & Zomo, WC. U ARMLY MANAGF gtr FEE DUE $29,1 Q � AllianceBernstein L.P. One North Lexington Avenue White Plains, NY 10601 ALLIANCEBERNSTEIN (914) 993 -2300 Institutional Investments Boynton Beach General Employees' Pension Plan Invoice Date: January 17, 2014 4360 NorthLake Boulevard Billing Period: 01/01/2014 - 03/31/2014 Suite 206 Invoice #: 20131231- 16508 -A Palm Beach Gardens, FL 33410 Billing Reference #: 03731693 ! 27200 Attn: Rachel Valdez Benefit Payment Administrator Total Amount Due: $14,793.58 Account# Account Name j Pr oduct Billable Assets 03731693 CITY OF BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND US STRATEGIC CORE PLUS 14,113,155.481 , � Billable Assets on 12/31/2013: $14,113,155.48 — — -- — 01/01/2014 - 03/31/2014 Annual Fee Rate Quarterly Fee Calculation 0.5000% On First $5,000,000.00 $5,000,000.00 $6,250.00 0.3750 %I On Nextl 15,000,000.00 9,113,155.48 8,543.58 0.2500 %' On Next 80,000,000.00 - 0.1875 % On Remainder I 14,113,155.48 14,793.58 !Total Amount Due_ Payment by check should be mailed using enclosed envelope or mail to: Payment by wire should be made using the following instructions: AllianceBernstein L.P. ABA # 021000089 P.O. Box 7247 -7497 Citibank N.A. Philadelphia, PA 19170-7497 For Account of: AllianceBernstein L.P. Please include your billing reference # and invoice # on the check. Account # 3044 -2053 Details: Please include your billing reference # and invoice # with wire remittance AV 0 INVOICE# 24585 GARCIA HAMILTON ASSOCIATES,L.P. 5 HOUSTON CENTER 1401 MCKINNEY, SUITE 1600 January 21, 2014 HOUSTON, TX 77010 TEL: (713) 853 -2322 BOYNTON BEACH GENERAL EMPLOYEES PENSION PLAN FAX: (713) 853 -2308 (4046000161) bbge WWW .GARCIAHAMILTONASSOCIATES.COM Tegrit Plan Administrators Attn: Sage Lehman/Ellyse Russo _ 4360 Northlake Boulevard, Ste. 206 Plam Beach Gardens, FL 33410 GARCIA HAMILTON & ASSOCIATES SUMMARY OF MANAGEMENT FEES For The Period January 1,2014 through March 31, 2014 Portfolio Value with Accrued Interest as of 10 -31 -13 15,956,176.99 Portfolio Value with Accrued Interest as of I1 -30 -13 15,875,564.68 Portfolio Value with Accrued Interest as of 12 -31 -13 15,826,100.84 Average of 3 Months $ 15,885,947.50 10,000,000 @0.3000% per annum 7,500.00 5,885,948 @0.2500% per annum 3,678.72 Quarterly Management Fee $ 11,178.72 f L TOTAL DUE AND PAYABLE S 11,1 7 /8.72 We urge you to compare account statements that you receive from us with the account statements that you receive from your custodian. 91, . U ' A INVOICE# 24605 GARCIA HAM ILTON& ASSOCIATES, L.P. 5 HOUSTON CENTER 1401 MCKINNEY, SUITE 1600 January 22, 2014 HOUSTON, TX 77010 TEL: (713) 853 -2322 BOYNTON BEACH GENERAL EMPLOYEES PENSION PLAN FAX: (713) 853 -2308 (4046002551) bbgeq WWW .GARCIAHAMILTONASSOCIATES.COM Tegrit Plan Administrators Attn: Sage Lehman/Ellyse Russo 4360 Northlake Boulevard, Ste. 206 Plam Beach Gardens, FL 33410 .IAN 2 "114:14 GARCIA HANIILTON & ASSOCIATES SUMMARY OF MANAGEMENT FEES For The Period January 1, 2014 through March 31, 2014 Portfolio Value as of 10 -31 -13 26,745,420.95 Portfolio Value as of 11 -30 -13 27,377,334.27 Portfolio Value as of 12 -31 -13 26,380,307.02 Average of 3 Months $ 26,834,354.08 25,000,000 @0.5000% per annum 31,250.00 1,834,354 @ 0.2500% per annum 1,146.47 Quarterly Management Fee $ 32,396.47 TOTAL DUE AND PAYABLE S 32,396.47 , /p�' We urge you to compare account statements that you receive from us with the account statements that you receive from your custodian. THE LA W O FFICES OF FERRY & JENSEN, LLC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com January 24, 2014 Via Email Boynton Beach General Employees Scott Baur Resource Centers, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Re: Legal Services Provided Invoice #72191 Dear Scott: Enclosed please find the Firm's invoice for services rendered for the period that ended 1/15/2014. Thank you for your payment of $1,292.50. Your current balance due is $213.75..f o � If you have any questions, please do not hesitate to contact me. Sincerely yours, Bonni S. Jensen BSJ /lg Enclosure Copy to: Dixie Martinez, Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207:• WEST PALM BEACH FLORIDA 33401 -2922 PH: 561.686.6550 Fx:561.686.2802 a I N V O I C E ELLEN SCHAFFER INVOICE: 2703 339 N.W. 99 WAY DATE: 1/31/2014 CORAL SPRINGS, FL. 33071 REF.: Home: (954) 341 -5032 Fax: (954) 345 -0748 Public Pension Software Consultant Sold to PENSION RESOURCE CENTER 4360 NORTHLAKE BLVD. SUITE 206 PALM BEACH GARDENS, FL. 33410 ATTN: DENISE MC NEILL QTY DESCRIPTION AMOUNT TOTAL 0.50 HOUR(S) PROGRAMMING & CONSULTING SERVICE 115.00 57.50 TO SUPPRESS VACATION /SICK PAYOUT ESTIMATE FROM ONLINE BENEFIT CALCULTIONS FOR BOYNTON BEACH GENERAL EMPLOYEES SUBTOTAL $ 57.50 TAX $ .00 SHIP /HAND $ .00 TOTAL $ 57.50 J PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU I N V O I C E ELLEN SCHAFFER INVOICE: 2705 339 N.W. 99 WAY DATE: 1/31/2014 CORAL SPRINGS, FL. 33071 REF.: Home: (954) 341 -5032 Fax: (954) 345 -0748 Public Pension Software Consultant Sold to PENSION RESOURCE CENTER 4360 NORTHLAKE BLVD. SUITE 206 PALM BEACH GARDENS, FL. 33410 ATTN: DENISE MC NEILL QTY DESCRIPTION AMOUNT TOTAL 2.00 HOUR(S) PROGRAMMING & CONSULTING SERVICE 115.00 230.00 TO CONVERT DIRECT DEPOSIT ADVICE FORMS TO WINDOWS PRINT JOB FOR BOYNTON BEACH GENERAL EMPLOYEES F c. SUBTOTAL $ 230.00 TAX $ .00 SHIP /HAND $ .00 / TOTAL $ 230.00 \J PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU