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Agenda 05-13-14 BOYNTON BEACH POLICE OFFICERS' PENSION FUND QUARTERLY BOARD MEETING Tuesday, May 13, 2014 @ 9:30 AM Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite #220 Boynton Beach, FL 33426 AGENDA I. CALL TO ORDER — Toby Athol, Chair II. AGENDA APPROVAL III. APPROVAL OF MINUTES — IV. FINANCIAL REPORTS: A) Quarterly Investment Review — March 31, 2014 1) Russell Investment Group — Mary Jean (MJ) Candioto, CFA a) Investment Review - 2.) Burgess Chambers & Associates - Head of Research Frank Wan a) Fund Performance review — V. CORRESPONDENCE: 1) Klausner, Kaufman, Jensen & Levinson — Strategic Alliance with Cypen & Cypen. VI. OLD BUSINESS: A) Disability Applications: Update /Status 1) Robert Epstein — 2) Gregory Kenny - VII. NEW BUSINESS: A. Invoices for review and approval: 1. Russell Investment Gp. — Quarter End 3 -31 -2014 - $135,331 2. Russell Payment Services — Quarter End 3 -31 -2014 — 900.70 3. Perry & Jensen — Service Feb, Mar & Apr 2014 - $5275 4. Burgess Chambers & Assoc — 1st Qtr 2014 fee - $5,000 5. Gabriel, Roeder, Smith & Co- Service Jan 2014 - $6,844 and Feb 2014 - $5,270 1 B) Attorney Report - Bonni Jensen 1) Certificate of Exemption — Status 2) Administrative Rules — Regarding Accumulated Leave "Snapshot" and OT Cap. 3) Senate Bill 246 — Memo dated 4 -22 -2014 — Chapter 175 -185 Changes 4) Annual Form 1 Filing — Memo of May 2014 5) Disability Pension Benefits — Periodic procedure review by Board C) Fiduciary Liability Coverage — Renewed - April 10 / April 10 - 2015 $2,000,000, $25,000 Ded — Premium $19,098. . VIII. PENSION ADMINISTRATOR'S REPORT 1. Benefits as of 05 - 01 - 2014 IX. COMMENTS: X. ADJOURNMENT: Next Regular Meeting Date — Tuesday, August 12, 2014@ 9:30 a.m. — Renaissance Commons If you cannot attend, please call Barbara @ 561 -739 -7972 NOTICE IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE POLICE OFFICERS' PENSION BOARD WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING, HE /SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, HE /SHE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. (F.S 286.0105) THE CITY SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM, OR ACTIVITY CONDUCTED BY THE CITY. PLEASE CONTACT CITY CLERK'S OFFICE, (561) 742 -6060 AT LEAST TWENTY -FOUR HOURS PRIOR TO THE PROGRAM OR ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST. S: \CC \WP\JANET\POLICE PENSION FUND.doc 2 4 <`... 'I"' MINUTES OF THE BOYNTON BEACH POLICE OFFICERS' PENSION FUND QUARTERLY MEETING HELD ON MONDAY, FEBRUARY 11, 2014, AT 9:30 A.M. RENAISSANCE EXECUTIVE SUITES, SUITE 220, CONFERENCE ROOM 1 1500 GATEWAY BOULEVARD, BOYNTON BEACH, FLORIDA PRESENT: Toby Athol, Chair Bonni Jensen, Board Counsel Jason Llopis, Secretary Barbara LaDue, Pension Administrator Joe DeGiulio John Huntington ABSENT: Scott Caudell I. CALL TO ORDER - Toby Athol, Chair Chair Athol called the meeting to order at 9:30 a.m. He announced Mr. Caudell was unable to attend the meeting. II. AGENDA APPROVAL The following changes were made to the agenda: Item IV A, 3. 1, Davidson, Jamieson & Cristini, Financial Statements for Plan Year Ending September 30, 2013, would be heard first, followed by Item IV, 4.1, Gabriel, Roeder, Smith & Co, Actuarial Valuation Plan Year Ending September 30, 2013 — Valuation October 1, 2013. Motion Mr. Llopis moved to approve with the changes. Mr. Huntington seconded the motion that unanimously passed. III. APPROVAL OF MINUTES — Quarterly Meeting, November 12, 2013 Motion Mr. Llopis moved to approve the minutes. Mr. DeGiulio seconded the motion that unanimously passed. IV. FINANCIAL REPORTS: (Heard out of order) Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 3) Davidson, Jamieson & Cristini — Richard Cristini, Partner & Jeanine Bittinger, Partner — Independent Auditors 1) Financial Statements for Plan Year Ending September 30, 2013 Richard Cristini, Auditor, reviewed there were many changes in the last year, and clarifying statements were included in the report. Mr. Cristini explained the revenue and expenses, assets and liabilities were fairly stated in all material respects. They did not find any illegal acts, significant deficiencies or material weaknesses in the system of control. The standards for the audit were set by Florida law, the Board's policies, good business practices, and no violations or misstatements were found. As to the Statement of Net Position, cash was up slightly. The receivables, which were DROP loans, were up $522K versus $423K in 2012. Total investments were up, and payables were up. Total liabilities were nearly $142K versus $119K. The Plan's net position was $69M in 2013 versus $61M in 2012, and there was positive growth for the Plan. Employer contributions were up, and the number of Plan members was about the same. Plan member buy backs were slightly more than last year, and rollovers to DROP were about the same. Total contributions in 2013 were $5.3M vs $4.7M in 2012. The excise tax rebate increased, and appreciation and depreciation in the fair value of investments were down slightly. The total investment income was $6.6M versus $9.6M last year. As anticipated, investment expenses increased, and the net investment income was $9.3M in 2012, versus the $6M in 2013. Total additions to the Plan were $12M this year versus $14M last year. There was a small decrease in the age in service, and disabilities were down slightly. There were some DROP payments and refunds from members separating from service and administrative expenses were down and within the guidelines. The total deductions for the year were $4.494M versus $4.578M. The Plan had a positive realized and unrealized appreciation. The summary of cost versus market value reflected there was $60M in costs versus $68M in Market Value in 2013, and $55M in costs versus $61M in Market Value in 2012. Mr. Cristini explained the DROP obligations were not a liability as they were not due and payable the next day. Repayments of DROP loans were reflected, and Mr. Cristini reviewed the notes to the additional schedules which included the Schedule of Investment and Administrative expenses. The percentage of the Plan's net position was .75% of the investment expenses and .15% for administrative expenses which was good. 2 Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 Mr. Cristini commented the Plan had a good year, and he thanked Ms. LaDue for her assistance in getting the data to them. Ms. Bittinger reiterated it was a tough year with the GASB changes, changes in the State's accounting standards, and the issues with Salem Trust, but the Boynton Audit was on time thanks to Ms. LaDue. Mr. Cristini explained some of the audit standards that were initiated were referred to as a group audit, which was when an organization owned a company, and the organization's auditor tells the company auditor how to structure the audit. The organization's auditor will then take the report and add it to the consolidated statement with no mention that the company auditor was involved in the report. As it pertains to the Police Plan, the City's auditor has always mentioned he renders his decision on the City's report except for the pensions, and they reference Mr. Cristini's report, which Mr. Cristini signs. Mr. Cristini indicated some cities mandate auditors end their audits on March 31 which results in the auditors not being able to issue a report, because the due dates would be misstated. The new group audit standards want more information and control by the group auditor; however, with government, the standards did not fit. Mr. Cristini explained to the American Institute of Certified Public Accountants Executive Committee that City Pension Plans are not component units. They are included in the City's report because it represents a substantial obligation on the part of the City, but the funds do not belong to the City. If the City auditor is requiring this, which could occur if the City changed auditors, it should come to the Board because they are making the Board spend more money. Should Mr. Cristini receive correspondence from the auditor to this effect, he will apprise the Board. Mr. Cristini explained the control structure was good and their main source of proving or taking reliance on the Board's due diligence was contained in the minutes. Mr. Huntington inquired about the Plan's funded ratio of 57% and if anything stood out during the audit. Mr. Cristini responded nothing unusual was found. Pete Strong, Plan Actuary, explained the funded ratio increased because of two major recessions in 2001/2002 and 2008/2009, which were smoothed over five years. In 2011, the plan was almost finished smoothing the losses. Motion Mr. Huntington moved to approve the financial statement. Mr. DeGuilio seconded the motion that unanimously passed. 4) Gabriel, Roeder, Smith & Co. — Pete Strong, Consultant and Actuary 1) Actuarial Valuation Plan Year Ending September 30, 2013 — Valuation October 1, 2013 3 Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 Mr. Strong explained the prior year's results were revised in his report and reflected the Impact Statement they prepared in September 2013. This Statement included the changes mandated by Senate Bill 1128 regarding the freezing of accrued leave and the cap on overtime. The total due from the City was estimated to be slightly less than $4.4M versus the $4.1M last year. The revisions in benefits were reviewed and the prior year's numbers reflected those results. The mortality tables continued to be phased in. The change was the switch from the 1983 Group Annuity to the RP 2000 Generational Table, which became effective on October 1, 2011. This year, they were at 60% of the new table; however, the change caused an increase in the contribution rate to 1.23% of covered payroll. The Fund had a net gain of $794K. The rate of return on the actuarial value of assets was 7% versus the expected 7.75 %. On a market -value basis, it was 9.8 %. Mr. Strong noted they were still smoothing losses from prior years and had not fully recognized the market -value gain that occurred this year. The gain came from savings in average salary increases, which were fairly flat. Mr. Liopis inquired if Mr. Strong anticipated the ratio would continue to increase, despite the offsetting costs of the assumed rate phase -ins. Mr. Strong commented if the Fund continued to have positive investment results, it would increase faster. On a market value basis, the Fund was over 61 % funded. As long as the Fund met the assumed rate of return, there will be an experienced gain next year. There were a few factors that led to the increase in contribution rate this year, besides the change in the assumed rate. The amortization in the unfunded actuarial accrued liability was higher because they were amortizing the unfunded liability as a level percentage of pay and they anticipated payroll to increase 4% a year. The Plan was also constrained by F.S. 112, the Florida Administrative Code, which mandated the amortized payroll growth rate cannot exceed the 10 -year average of payroll growth. If the 10 -year historical payroll growth was less than the payroll growth assumptions, the Plan must use the lower number which is 3.62 %. Because the 4% payroll growth assumption was reduced to 3.62 %, it increased the initial contribution amount, which in turn, caused a 7.5% increase in the amortized payment on the unfunded liability. Mr. Strong pointed out if the market value had been the basis for the valuation, the City contribution would have been 36.6% this year instead of 37.7% and the funded ratio would have been 61.4% instead of 59.1%. He commented the market value funded ratio increased dramatically in the last few years. The Chapter Revenue was reviewed. Mr. Strong advised the Division of Retirement required a new test to confirm or justify the use of State Chapter monies. The base 4 Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 amount was always $465,000, but they received $619K and there was an excess of $154K that could be used as a supplemental benefit. In the future, however, the Plan should not rely on what the base amount has been. Form 6A, which was part of the Comprehensive Annual Financial Report, (CAFR) showing what the base amount has been, was replaced with a new form, which was much more involved. It would also require an additional week's work and all police and fire plans are required to use it. Attorney Jensen explained the change would not apply to the Boynton Beach Plan and the Division of Retirement was still trying to determine if the Plan was a Supplemental Plan, as everything over the $465K was used to provide benefits. Mr. Strong explained if there was an arrangement with the Division, they could reflect the base amount of $465K and still use the excess money in a different way. But in order to justify the $465K, they must do minimum benefits testing. Mr. Huntington thought the State was trying to take away everything over the minimum benefit so there would not be supplemental monies. Mr. Strong commented the State was trying to help cities by allowing the entire amount to be used to fund the Plan. If the $619K was less than the cost to fund the chapter minimum benefits, then the test showed all that was able to be used. It did not have to be used, but the entire amount could be used which would reduce the City's contribution and effectively eliminate the benefit. Mr. Strong anticipated it would cost $1,500 to $2,000 to do the required calculations for the additional form. Mr. Strong reviewed the participant data. The cost of covered payroll decreased from 2012 to 2013 due to a reduction in active participants. While there was an increase in the DROP account, the overall active group stayed about the same. Mr. Strong commented on the Annual Required Contribution (ARC). Before recognizing the additional phase in of the change in the assumed rate, the annual payment on the unfunded liability increased from $2.4M to $2.56M due to an anticipated increase of 4% and the reduction in the payroll growth rate going forward. The normal cost was down because payroll was down. He also noted the expected unfunded liability was 39.6% and the actual came in at 38.8% before recognizing any of the assumed rate changes, which was an experience gain of $794K. There was a small loss on the investment side and a $1.2M gain due to salary experience. The change in employer cost rates showed from 2001 to 2011, losses drove the funded ratio down, but it should increase going forward. Mr. Strong explained the experience from the last two years on the investments was $5M to $6M more than what was expected which drove the funded ratio back up. The total market return was $6.1 M. The total expected return was about $4.8M, so the difference of $1.3M would be phased -in over the next five years by about $266K a year. 5 Meeting Minutes _ Police Pension Board Boynton Beach, FL February 11, 2014 Mr. Strong had been smoothing the gains and losses from the last four years. In 9 9 9 Y response to a question, Mr. Strong explained the five -year smoothing period was limited by Florida Statute. If smoothed for a shorter period, there would be more volatility because they would recognize a larger percentage of what occurred in the market value each year. A five -year period recognized 20% each year and he thought five years was appropriate. Mr. Strong reviewed the additional GASB 67 Statement exhibits and explained the statements were required to be shown in next year's report via the bank statements. The bank prepared financial statements this year which were also included in this year's report. The difference was everything was reported on a gross, total market -value basis and not on a net basis. The DROP was reflected as a net obligation, but not a liability to the Plan and was shown on a gross basis. The total liability for the period, as of October 1, 2013, was $106M, which included the reserve balances and the total net fiduciary position of $69.1 M. Mr. Strong explained he included the information in this year's report to help the auditors with next year's report. At the end of the year, Mr. Strong will add the market value of the assets and what the contributions have been during the year in letter form that will include their notes for the financial statements required by GASB 67. Mr. Strong explained the projections reflected, on a gross basis, the Plan would be nearly 67% funded and adding the same amount to the liability of assets increased the funded ratio. Mr. Strong will update the information annually and send it to the auditor at the end of the year. When the GASB 68 standards take effect on September 30, 2015, the information will have to be included in the CAFR. Mr. Strong explained GASB 67 required them to develop a single discount rate and a 100 -year projection, which was reviewed. The projection for the Plan Net Position and Benefit Payments were also reviewed. He explained the Plan was not expected to run out of money. For current members, they would receive their last payment in 73 years. If they would receive their last payment in 49 years, the Plan would have to discount payments after that time, using a municipal bond rate. Mr. Strong commented he used a 7.75% assumed rate of return using the expected return on assets. Each year, Mr. Strong will create a new 100 -year projection. Mr. Strong also commented he sees the State putting pressure on Plans to reduce their assumed rate of return to 7.5 %, and some plans that were at 7.5% were being pressured to reduce it lower. He thought the forecast for the capital market over the next 10 to 15 years was closer to 7% than 7.5 %. He suggested waiting until the Plan finished phasing in the new mortality tables before determining if they want to reduce the assumed rate of return lower. 6 Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 Motion Mr. Llopis moved to approve the actuarial study. Mr. Huntington seconded the motion that unanimously passed. A) Quarterly Investment Review — June 30, 2013 1) Russell Investment Group — Mary Jean (MJ) Candioto, CFA a) Investment Review Mary Jean Candioto, Certified Financial Advisor, reminded the Trustees of the Russell Investment Group Annual Institutional Client conference being held from May 3rd to the 6 in Dana Point, California. She commented clients find it beneficial to attend and interact with the Russell Team and other clients. The second update from Russell Investments was Northwestern Mutual Insurance Company announced they were looking to potentially sell to Russell Investments. Russell Investment's role in Northwestern Mutual's Investment Portfolio was to deliver a 10% return each year, which they did, and the value proposition Russell Investment delivered, from a multi -asset investment standpoint, was starting to pick up momentum in the broader industry. Other organizations were starting to deliver the same service. They advised they have $10B of Northwestern Mutual policyholder money invested with Russell, and Northwestern was looking for a potential owner that would buy them in their entirety and conduct business as usual. Chair Athol inquired when the sale would be completed. Ms. Candioto explained the announcement had not yet been made and information would selectively be sent next week. She may not have an update for the next quarter, but she anticipated something conclusive by the summer. She also anticipated this would be a topic at the Conference. Ms. Candioto explained the Plan did well. The capital market retums experienced the strongest equity market since 1997. It was an exceptional year, and there was an expectation there would be a strong economic rebound in the U.S. The fixed income index returns showed the portfolio did better than what they expected going into the negative. When the equity market went up, bonds went down 2 %, which was no big deal, but they expect less volatility. For the first month of this year, equity markets were down about 2% to 2.5% due to ongoing volatility. There were positive returns from the bond markets of about 1.75% and positive returns from commodities when equity markets were down. She pointed out this was an example of the reason for diversification. Ms. Candioto praised the value of a diversified portfolio. The fund had a balanced index and a return of 11.8 %. The portfolio had about 35% in fixed income and other diversifiers. Net of fees, the portfolio returned 12.5 %. Going forward, the market 7 Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 valuations did not appear to be especially overextended because much of what occurred last year was in anticipation of what was to come. Russell Investments anticipated a 5% to 7% return in the equity market in 2014 and had been fairly conservative in their estimates. From a fixed - income perspective, they anticipated a modest increase. The yield in fixed income would offset declines from rate increases. Ms. Candioto pointed out the portfolio had a 4% lead in private real estate and the Board wanted to rebalance back to the 5% allocation, which was completed. The Fund started with $66.3M and ended the year with $75.4M. Contributions exceeded outflows by $350K. The remainder of the funds was returns from the portfolio. As of yesterday, the market value of the portfolio was at $74.1 M and there was about $800K in outflows. The portfolio's performance for the calendar year, net of fees, was 12.4 %, relative to the benchmark return of 12.06 %. While there was a -2% fixed- income return on the benchmark, the portfolio was down less than 1 %. The non -U.S. exposures were helpful in offsetting the rising interest rate environment. Ms. Candioto reviewed the actuarial assumption compared to the actual portfolio. The current capital market assumption suggested the 7.75% may be difficult to meet. She still thought it was reasonable to look at other asset allocations, but Ms. Candioto explained it was challenging. One caveat was they had the maximum non -U.S. exposure and the alternative investment strategy did not have a firm commitment around U.S. and non -U.S. investments. As a result, it was difficult to monitor without decreasing the fund's core allocation to non -U.S. investments. Additionally, the Board had expressed interest in a simplified discretionary approach. When there was a pure U.S. component with a limit, the Plan would move further away from it when adding different exposures. Mr. Strong explained the 25% limit was just in Florida. Other states allowed 50% and he inquired if there was any chance it would change. Attorney Jensen responded there was nothing proposed at this point. Locally, they could eliminate all the restrictions and indicate what they would do as long was it prudent, diversified, and there was due diligence. The only thing they could not do was exceed the 25% allocation. Ms. Candioto pointed out the allocation had increased from 20% to 25 %. Attorney Jensen commented hopefully, the Division of Retirement would work with legislators as it would be a good way to help plans throughout the State and Mr. Wan agreed. Ms. Candioto noted some plans decided to lower the actual earnings assumptions in recognition of future market environments, but pointed out there were implications in doing so, and some plans instituted a slowed phase in. The Plan had a current asset allocation with 30% to fixed income and the rest to return - seeking asset allocations. The mean, long -term expectation, net of fees, would be 8 Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 around 6.7 %. The probability of exceeding the 7.75% assumed rate of return was about 25 %. Four portfolio simulations were reviewed. One portfolio involved an allocation to defensive equities, which was a U.S. -only fund, and moving it to a U.S. portfolio that had a higher retum assumption or a more aggressive large cap assumption, and an allocation into a small cap fund, which historically outperformed large cap stocks. However, if this was done, it would move away from a simplified approach, and it would increase the mean perspective to 6.9 %. Portfolio two used the same reroute and decreased fixed income by 5 %, putting them at a 7% median return. Portfolios three and four just moved the fixed income out further. There was a small 1% to 2% increase to private real estate noted, but even if going to 15% in fixed income, it would still introduce additional volatility into the portfolio and there would still be, net of fees, an expectation it would be 25 basis fees below the actuarial assumption. (Mr. Llopis left the meeting at 11:12 a.m.) Chair Athol commented they were looking at a 30- to 100 -year window and they have to focus more towards these types of numbers. There were declining interest rates over the last 20 and 30 years, and some of the benchmarks did not go back 50 years. The analysis was a forward - looking analysis. Ms. Candioto explained it was not an all or nothing proposition. They may not get the retums from the portfolio they want, and similarly, may reduce the actuarial assumptions, but it takes a series of smaller steps to get there. Ms. Candioto also advised that Russell Investments was very seriously considering an all cap U.S. Fund and anticipated there would be one by mid -year. This would provide more of a retum potential for the Board and not move away from the more simplified approach the Board wanted. She suggested the Board discuss this at a later time. Attorney Jensen commented the Board's actual experience in the concentrated fund was they did not beat the expectations for four or five years, but the Fund did well for the last three years. (Mr. Llopis returned to the meeting at 11 :18 a.m.) Mr. Huntington inquired why the defensive equity fund was not reduced and questioned whether having monies in the concentrated fund would bring the return closer to the 7.75% rate of return, while reducing volatility. Ms. Candioto explained there would be less variability in the experience with the defensive fund than there would be in the concentrated fund or the small cap fund. Between concentrated and defensive, there was a difference of 40 basis points and a difference in the expected return over a longer time period. Doing that alone would not necessarily increase the outcome. The illustration used took into account some desire not to have a return - seeking portfolio 9 Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 and keep it a small group, and Mr. Wan reviewed the standard deviation and the risk rewards with them. Ms. Candioto commented overall, there would be positive returns in the coming year. Russell Investments was mindful of volatility, which were buying opportunities. The Plan was well positioned in the Multi -Asset Core fund because it had cash, the ability to purchase and exposure to infrastructure, commodities and others. She thought an all - cap U.S. equity portfolio made sense to consider and Russell Investments would take over the underlying allocations and provide additional exposure to U.S. small caps. Attorney Jensen commented in the audit, Russell Investments' expenses increased 15 basis points. Part of the change -over involved an increase. Ms. Candioto was unsure what drove the increase and a short discussion ensued about fees. Ms. LaDue would review the last eight Russell Investment invoices and Ms. Candioto agreed to review the issue and report back to the Board. 2) Burgess Chambers & Associates (BCA) — Burgess Chambers, President, Frank Wan, Head of Research a) Fund Performance review Mr. Wan explained at the last meeting, they moved assets from the multi core to large cap. Effective January 1, the Russell Multi -Cap added a new benchmark called the Infrastructure Benchmark. Mr. Wan made changes to the Investment Policy Statement to reflect adding defensive caps to U.S. equities and the change in Russell's listed Infrastructure Benchmark. Motion Mr. Huntington moved to approve the change. Mr. DeGiulio seconded the motion that unanimously passed. Mr. Wan explained on October 14, 2013, after the quarter end, the City made a large contribution to the Plan. In the first month of 2014, in a down market, the contribution went to defensive assets, and they rebalanced the portfolio. Moving to real estate and large caps was favorable. Nineteen million dollars was moved to U.S. defensive bonds, which were at .9% versus the benchmark Toss of -.2 %. The Plan captured the fourth quarter report and reflected a return of 3.3 %. Bonds were up 2.5% which helped the portfolio, and the multi -cap core owned small cap Infrastructure and REITS. Mr. Wan explained his firm liked infrastructure as it was a strong area, especially for energy infrastructure and Russell Investment's already owned much of that. There was a 40% to 55% drop in domestic oil energy consumption, especially with the U.S. being the leader in energy consumption. If the U.S. produced more natural gas or crude oil, it 10 Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 would help the bottom Tine. There were record inventories in various places and many pipelines under construction, which would be part of the next wave of investments, and a short discussion followed about exporting surplus inventories. Mr. Wan explained if they became a source of revenue, it would be better for the deficit and President Obama authorized 18 exporting docks. Japan constructed their first receiving ports and the Panama Canal just constructed an expansion to allow natural gas freighters to pass through. Mr. Wan reported the portfolio was in balance. He distributed a pie chart reflecting the Funds' asset categories and noted global equities were slightly overweight. He agreed defensive investments would help the portfolio and was comfortable with it, given the global landscape. He commented there were no bubbles, and from a historic view, having a low interest rate environment would help stock prices go further than historic prices have been. Mr. Wan commented everyone can make projections, but if the Federal Reserve made changes, the market would react ovemight. 3) Davidson, Jamieson & Cristini — Richard Cristini, Partner & Jeanine Bittinger, Partner — Independent Auditors 1) Financial Statements for Plan Year ending September 30, 2013 This item was heard earlier in the meeting. 4) Gabriel, Roeder, Smith & Co. — Pete Strong, Consultant and Actuary 1) Actuarial Valuation Plan Year Ending September 30, 2013 — Valuation October 1, 2013 This item was heard earlier in the meeting. V. Correspondence: None. VI. Old Business: A) Disability Applications: 1. Robert Epstein Attorney Jensen advised Mr. Epstein filed an appeal in court to review the denial. The process is they send a letter or file a petition. The court reviews it and determines whether they will hear or deny the appeal. Attorney Kelley must present a basis on which a three judge panel would make a determination. Attorney Jensen explained there was a new system in court where issues are filed via email. When Attorney Kelley's office filed the petition, they checked the box to send an email to her, but she did not receive anything, so she filed with the court to ensure she would not be out of the loop. She contacted Attorney Kelley via the email service system and would follow up. 11 Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 She explained the review process did not require Attorney Jensen's presence. A three - judge panel will review what Attomey Kelley presented, and they have attached the Board's Order which contained the timeline of events. If the panel opted not to hear the case, the matter was resolved. Attorney Jensen explained one issue was many circuit court judges were not familiar with this type of administrative law process. If they wanted to hear the case, they would issue a Rule to Show Cause. Attorney Jensen would file a brief with their response and the outcome would depend on the facts. Attorney Jensen explained if she had to file a response, she had to file for attorney's fees. Attorney Jensen commented sometimes panels do not grant awards in these situations. First, the panel would have to determine if the provisions of 185 would apply in this case and they would have to prevail. If the Board was unsuccessful, the panel would issue an Order to grant him a hearing. 2. Gregory Kenney — Submission new disability application dated January 30, 2014 Attorney Jensen advised Mr. Kenney has reified, so they were gathering his records. In addition to his application, they received a subpoena from his private lawsuit involving his work accident against his insurance company, and they wanted the Board's entire file. She commented anything that was non - privileged would be provided. Attorney Jensen explained they will go forward with the new application and she explained the process in a conventional disability claim. She will gather records from all the doctors and put together a notebook with historical perspectives on injuries. They will have the records from the City, the application, releases and medical records. Mr. Huntington inquired if Risk Management signed off. Attorney Jensen explained this was a separate and different process. After they received all the records, they would send him for an independent medical exam. They would find a specialist for Mr. Kenney's injuries, and the independent examination information would come back to the Board for initial determination. The doctor would help the Board make the determination. Attorney Jensen would provide a question and answer document and a narrative report for the Board to help with their disability determination. The Independent Medical Examiner will review all the records and have a historical basis of what was done and their conclusion. B) Change November 2014 Scheduled Board Meeting- The meeting date of November 11, 2014 is a holiday — Veterans Day — Select another meeting date The Board selected November 18 and a secondary date of the 10 of November to meet due to Veterans Day. 12 Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 VII. New Business A. Invoices for review and approval: 1) Russell Investment Group — Quarter End December 31, 2013 — ? 2) Russell Payment Services — Quarter End December 31, 2013 - $967.93 3) Perry and Jensen — Service November, December and January 2014 - $5,185.54 4) Burgess Chambers & Associates — Fourth Quarter 2013 Fee - $5,000 5) Gabriel, Roeder, Smith & Co. — Service November 2013 - $1,596 & December 2013 - $2,842 6) Davidson , Jamieson & Cristini — Audit Progress Billing - $5,500 & Final billing - $4,300 Ms. LaDue pointed out she did not have the invoice for item 1. There was agreement if it was in -line with prior invoices, to pay the bill. Motion Mr. Llopis moved to pay the bills. Mr. DeGiulio seconded the motion that unanimously passed. B) Definition of Compensation & Proposed Ordinance - Status Attomey Jensen explained she sent several letters to the City about the matter, and the Police Ordinance had still not been amended. She pointed out the General Employees' Ordinance was amended to include the benefit as of June 2013 and the balance of unused sick and vacation at that point of time was calculated as a benefit. Going forward, it would not include leave. Attomey Jensen explained this created a problem for the Board as the Trustees' job was to administer the Plan; not collective bargain. It was thought the benefit would be in the Ordinance, but it was not in the Plan and if challenged, there would be no document on which to rely on. The Fire Pension Plan implemented the change via an administrative rule and it was going forward. Attorney Jensen advised she would continue to work to have the change implemented, but so far, has been unsuccessful. Mr. Strong also noted there were changes regarding Senate Bill 246, and Attorney Jensen commented they were back to where they were at the start of the last legislative session. Last year, the same provisions were contained in Senate Bill 458. Attorney Jensen explained the bill passed two committees and a hearing on it was held in December. The bill would require up to a certain percentage of future Chapter 185 monies be applied towards the unfunded actuarial liabilities depending on how much 13 Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 the Plan was funded. She commented she requested a determination whether the Plan was a Supplemental Plan or not to ascertain if the provisions would apply to the Boynton Beach Plan, but has not received a response. Mr. Strong also noted benefits testing could change again next year as it is a work in progress. 2) Certificate of Exemption — Status Attorney Jensen commented the Certificate was received in September, and it was good through September 2018. C) Fiduciary Liability Coverage — Renewal April 10, 2014 — Board review of payment of renewal premium. Ms. LaDue explained the insurance is due each April and the liability coverage was $2M. Motion Mr. Llopis moved to approve the Liability Insurance payment. Mr. Huntington seconded the motion that unanimously passed. VIII. Pension Administrator's Report Ms. LaDue commented the benefits were paid for the first quarter. IX. Comments Mr. Huntington noted Ms. LaDue makes the health insurance payments for the Firefighters' Plan, which qualified the payments as tax deductible. With rising health insurance costs, he asked about the possibility of doing the same for the Police Plan. Chair Athol explained this was discussed in the past. Payments can be made if the retiree remained with the City's carrier. If the member used another carrier, there could be issues. Attorney Jensen explained she was aware of a fair number of other plans that do so and it provides a level of protection if added to the Plan. Mr. Huntington reviewed the matter and commented there was a $400 difference in payments. When they can select a new policy, it will increase again and he was interested in having it paid via the Pension. He thought the idea warranted discussion. Attorney Jensen commented F.S 185.06 has provisions to make direct payments for accident, health, and long -term care insurance for the retiree, spouse and their dependents, and some plans were doing so without incident. She commented with the Fire Plan, the checks are issued around the first of the month and payments made in this manner would give individuals the $3,000 tax break with no administrative fees, and 14 Meeting Minutes Police Pension Board Boynton Beach, FL February 11, 2014 there was agreement to put this on the next agenda. Attorney Jensen agreed to forward the documents. X. Adjournment Motion There being no further business to discuss, Chair Athol properly adjourned the meeting at 12:22 p.m. C ULOVa--' CAL![ Catherine Cherry Minutes Specialist 4114 15 0 0 C7 �. 0 0 D 0 0 D 01 < C rn CI) CI) 7, N o O 0 41x (in 0 3 r� � O r•+ (D o m W V 0 E (D ki< o D- = 0 -0 0 0 O r-4- o 3 m 73 o o 2 (ID 0 0 CD C 3 ...... • o cco CD ' i o 0 E 0 ~ m 0 rD PD -- 0 l`r 0 0 1 0 0 0 0 0 N N ? — C o w 'CO n3 /'1 0 V d ( ♦ 1 X n y (D N V j ,G = N0 < (OD OoOmfD 0 f -' O O c D 3 —�< �� gyp' co CD A C N Z (A ew�� ' ° O . y . cn ? CO < O V cn ...4 3 N O C c D CD CO fD CD -4, O ry CD —‘ Xi __ (1) =MI 0 N W d N p 0 co ° u) . ' O O co /.....f. X limillta M O a a) ) •< — � . , , 1,. v o C71 D 0 < ■ •.- 0 y ° a CD v V 7 z 7 smis c) O N O , U, 0 co x ' D = y A N (7) CD 3 e�A1 V O N R1 i,.�/ cn ° 0 X11 cl..) al iko< 0 CO CD O = . O x 3 j y I w o `Q � —0 �i 0 � D - -, _ 4, v—' O t J b (o W N cC Vi V OO CD N (D W •P n 73 ,, 0 O CD CD al < 0 0 0 X CD c � ° n � aN � � a) � m 0 0 j -D . 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E L ++ C O • • O1 u O G1 H 0 aJ tn CU Q W CC J 0 - o U o ro CO RI 13 N O O X _ O O O ' L v) 02 O i J C 7 i � - l7 C 7 u a C . ) c Q 0 N ro E , c �--I C ' N To M1 $`„ () F ti O .: Z �+t0 fiCZ CT; y m 0 o 8 ? 4". ° g • . • N c 4 ct co) 0 A e C4 Rit o a . i 0 cu � T ri} oo ft 0 CA Ca • ~' v • . ie BOARD OF TRUSTEES BOY1 TON BEACH FIREFIGHTER PENSION PLAN ADMINISTRATIVE RULES GOVERNING ACCUMULATED SNAPSHOT, AS REQUIRED BY SB 1128 1 In accordance with the Pension Board's administrative authority, the Pension Board adopts the following administrative rules governing accumulated leave accrued on or before September 30, 2013: Background: Senate Bill 1128 amended Section 112.66(11) and Section 175.032(3), Florida Statutes, regarding the pensionable status of unused sick or annual leave (hereinafter "accumulated leave "). For collectively bargained plans, Senate Bill 1128 recognized that different plans would necessarily have different effective dates. Similarly, the Division of Retirement recognized that accrued benefits could not be reduced, necessitating the preservation of accumulated leave earned on the applicable "snapshot date." Administrative Rule Governing Accumulated Leave Snapshot: For all service earned on or after the October 1, 2013, average final compensation ( "AFC ") shall not include payments for accumulated leave, except as set forth below. For members hired prior to October 1, 2013, accumulated leave accrued as of September 30, 2013 (the "Snapshot Date "), shall be included in AFC. In such event, AFC shall include the lesser of the amount of accumulated leave accrued on the Snapshot Date ( "the High Watermark ") or the actual amount of accumulated leave for which the member receives payment at the time of retirement (or entry into the DROP). The accumulated leave balance on the Snapshot Date shall be treated as a High Watermark, regardless of whether the accumulated leave balance fluctuates prior to retirement. While the member may be entitled to cash out additional accumulated leave above the High Watermark, any accumulated leave above the High Watermark shall not be included in the calculation of the member's AFC. This rule is effective upon adoption. The Administrative Rule was adopted by vote of the Board of Trustees on November 14, 2013. Chairperson {00047412.RTF;1 } 1 North Broward Medical Center, Pompano Beach, FL, Emergency Department, 2000 to 2004 Good Samaritan Medical Center, West Palm Beach, FL, Emergency Department, 2001 to present Columbia Medical Center, West Palm Beach, FL, Medical Director 2006 -2009, Emergency Department staff physician, 2001 -2002 JFK Medical Center, Atlantis, FL, Emergency Department, 2003 to 2006 Delray Hospital, Delray Beach, FL, Emergency Department, 2008 to 2011 South Florida Baptist Hospital, Plant City, FL, Medical Director, September 2009 to 2013, Staff physician 2013 to present Tampa General Hospital, Tampa, FL, Emergency Department, Assistant Professor of Emergency Medicine, University of South Florida, 2010 to present St. Anthony's Hospital, St. Petersburg, FL, Emergency Department, 2013 to present North Shore Medical Center, Miami, FL, Emergency Department, 2013 to present Coral Gables Medical Center, Coral Gables, FL, Emergency Department, 2013 to present Certification: National Registry of Emergency Medical Technicians Basic Life Support Basic Life Support Instructor Advanced Cardiac Life Support Advanced Cardiac Life Support Instructor Pediatric Advanced Life Support Pediatric Advanced Life Support Instructor Advanced Trauma Life Support Neonatal Resuscitation Advanced Air Crew Medical Flight Physiology Urban Search and Rescue, FEMA Dr. Zahn Page 2 Administration: Medical Coordinator, BLS, ACLS, PALS training, Tenet Healthcare Systems, 2002 to 2010 Medical Director, Emergency Department, Columbia Medical Center, 2005 to 2009 Medical Director, Stroke Center, Columbia Hospital 2006 to 2009 Medical Director, Chest Pain Center, Columbia Hospital, 2006 to 2009 Medical Director, West Palm Beach Firefighters' Pension Fund, 2007 to present Medical Director, Emergency Department, South Florida Baptist Hospital, 2009 to present Associate Regional Medical Director, West Florida Region, TeamHealth Southeast, 2009 to 2013 Director of Medical Student Education, TeamHealth, 2009 to 2013 President and Chief Medical Officer, Zahn Health Solutions, Inc. 2012 to present American College of Osteopathic Emergency Physicians, Board Writer, 2012 to present American College of Osteopathic Emergency Physicians, Board Examiner, 2013 to present Dr. Zahn Page 3 Elise J. Zahn, DO, MBA, FACOEP 715 S. Orleans Avenue Tampa, FL 33606 -2534 (813) 574 -7754 Tel (813) 574 -7754 Fax (561) 601 -5100 cell drezest @aol.com MEDICAL -LEGAL CONSULTING EXPERT FEE SCHEDULE Record review per hour $400 /hr. 2.5 hour retainer, paid in advance Rush charges -less than 10 day turn - around $400 flat fee Deposition up to 2 hours $1 100 Additional time per hour $550 /hr. Court appearance $3500 /day plus expenses $6000 /day plus expenses Postponement or cancellation $600 flat fee Travel time $3500 per day Regional /local travel $150 per hour Make all remittances to: Zahn Health Solutions, Inc. Taxpayer ID Number (EIN) 46- 1248613 Revised 1/2013 KLAUSNER KAUFMAN JENSEN r j LEVINSON KLAUSNER, KAUFMAN, JENSEN & LEVINSON ANNOUNCES THE FORMATION OF A STRATEGIC ALLIANCE WITH CYPEN & CYPEN Klausner, Kaufman, Jensen & Levinson (KKJ &L) is pleased to announce the formation of a strategic alliance with Cypen & Cypen Bob Klausner and Steve Cypen have nearly 100 years of public pension plan experience between them and have agreed to work together to bring additional resources and talents to the benefit of their respective clients KKJ &L is pleased to gain the skills of an attorney of Steve Cypen's experience and character. Steve Cypen has expressed his excitement at bringing the national practice experience of KKJ &L to his clients. KKJ &L is expanding its offices in Plantation, Florida and expects to move to its new facility in September, 2014. Cypen & Cypen will maintain its offices in Miami Beach, Florida where the firm has been headquartered since 1946 10059 Nui iUWFST 1ST CM It 1'i ,vNTvrVCJv. TLUKII) \ 33324 P11ONii (95 L) 916-1202 l --AN (954) 916-1232 W\\.rohri tc1l.1,iuvftr Cons Invoice Invoice for: Invoice Number Russell Client ID Billing Period Ending City of Boynton Beach Police Retirement 40989 C04616001 03/31/2014 Fund Ms.Barbara S. LaDue Invoice Date Payment Terms Total Amount Due Pension Administrator 04/24/2014 Net 30 Days $ 135,331.00 ladueb @bbpdpension.com 1500 Gateway Blvd #220 Boynton Beach, FL 33426 Mail to: City of Boynton Beach Police Retirement Specify Remittance Information Fund Ms.Barbara S. LaDue ❑ Payment by check Pension Administrator Make check payable to Russell Investments ladueb @bbpdpension.com Check Amount $ 1500 Gateway Blvd #220 ilayntmigwvh.finnif 111 Request payment by Direct Debit Authorized Signer See additional instructions on reverse side. Please return upper portion with your check or direct debit request The following is a summary of your account(s). For more information, please review the enclosed detail. Direct Debit per Description of Service Fee Amount Standing Instructions or Amount Due Payments Received Russell Investments investment Management Fees $ 135,331.00 $ 0.00 $ 135,331 00 Current Period Fees $ 135,331.00 $ 0.00 $ 135,331.00 Balance Forward 136,424.00 (136,424.00) 0.00 Total Amount Due $ 135,331.00 Invoice Number Invoice Date Russell Client ID Payment Terms Billing Penod Ending 40989 04/24/2014 C04616001 Net 30 Days 03/31/2014 Current Period Over 30 Days Over 60 Days Over 90 Days Total Amount Due $ 135,331.00 $ 0.00 $ 0.00 $ 0.00 $ 135,331.00 Invoice for: City of Boynton Beach Police Retirement Fund Ms.Barbara S LaDue Pension Administrator ladueb ©bbpdpension com 1500 Gateway Blvd #220 (See reverse side for additional information) Boynton Beach, FL 33426 Invoice Invoice Number. 40989 Billing Period Ending: 03/31/2014 Russell Investments - FEE DETAIL Investment Management Fees City of Boynton Beach Police Retirement Fund Boynton Beach Police Officers Retirement Trust Funds Investment Account Account Number: QU7W Fund Name Average Rate% Fee Amount Market Value Russell Multi -Asset Core Fund 29,138,588 0 20000 58,277.00 Russell Large Cap Defensive 19,410,233 0.20000 38,820.00 Equity Fund Russell Multi- Manager Bond Fund 22,511,265 0 20000 45,023.00 Russell Real Estate Equity Fund 3,881,959 0.20000 7,764.00 Russell Short-Term Investment Fund 1,885 0 20000 4 00 Subtotal 74,943,930 $ 149,888 00 Russell Real Estate Equity Fund - Internal Fee Paid (14,557.00) Account Total $ 135,331.00 Total Investment Management Fees $ 135,331.00 Page 2 Russell Investments MANAGER 4525 - - INVOICE NO. 1403074706 -9997 NW 6327 DATE 2014/04/30 PO BOX 1450 PAGE 1 OF 1 Minneapolis, MN 55485 -6327 US TOTAL CHARGES CURRENT PERIOD USD 900.70 9BYM- Police Officer Retirement Trust Police Officer Retirement Trust FOR 3 MONTH PERIOD 1/01/14 to 3/31/14 City of Boynton Beach DB Boynton Police & Fire Pension Fnds, 1500 Gateway Blvd,Suite #220Account ID: BOYNTON POLICE Pension Administrator Pay Type 3 Boynton Beach, FL 33426 ATTENTION Barbara L. Ladue PLEASE DETACH THIS PORTION AND RETURN WITH YOUR PAYMENT CHARGES BENEFIT PAYMENT CHECK FEES ACH Benefit Payments 301 AT 1.25 376.25 Benefit Payments 9 AT 1.25 11.25 Lump Sum Payments 7 AT 10.00 70.00 BENEFIT PAYMENT: OTHER FEES State Tax Filing 7 AT 25.00 175.00 ** SUBTOTAL FEES ** 632.50 OUT OF POCKET CHARGES POSTAGE 107 -2013 Tax Form 1099R Postage 57.78 15 -2013 Tax Form 1099R Postage 8.10 65.88 Advice of Deposit 166.86 Benefit Payment 5.04 Lump Sum 3.90 UPS DELIVERY UPS Charges 12/30/2013 0.65 UPS Charges 12/30/2013 5.90 UPS Charges 01/30/2014 0.65 UPS Charges 01/30/2014 5.90 UPS Charges 02/27/2014 0.71 UPS Charges 02/27/2014 5.90 UPS Charges 3/27/2014 0.73 UPS Charges 3/27/2014 6.08 26.52 ** SUBTOTAL OUT OF POCKET ** 268.20 CURRENT CHARGES USD 900.70 INV.# 1403074706 -9997 9BYM- Police Officer Retirement Trust 2014/04/30 THE LAW OFFICES OF PERRY & JENSEN, LLC ANN H. PERRY BONN! SPATARA JENSEN aperry@perryjensenlaw.com bsjensen@perryjensenlaw.com April 18, 2014 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided invoice #72367 Dear Toby: Enclosed please find the Firm's invoice for services rendered for the period that ended 4/15/2014. Your current balance due is $5,275.00. L am - If you have any questions, please do not hesitate to contact me. 4 Sincerely yours, `1 o ii6A— Bonni S. Jensen BSJ/Ig Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207❖ WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 • Fx: 561.686.2802 THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email April 18, 2014 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client ! File No.: 0188 Invoice #72367 Professional Services Hrs /Rate Amount Insurance Insurance 3/31/2014 BSJ Telephone call with Toby Athol re: Insurance Premium Increase 0.20 45.00 Insurance 225.00/hr Insurance 4/1/2014 BSJ Review email from Barbara LaDue & Email Correspondence with Carolyn 0.25 56.25 Furlong 225.00/hr E -mail to Barbara LaDue Insurance Insurance 4/3/2014 BSJ Telephone call with Carolyn Furlong (left message) 1.00 225.00 Telephone call with Toby Athol 225.00 /hr Telephone call with Adam Levinson Review emails from Barbara LaDue E -mail to Barbara LaDue Review Actuarial Valuation Insurance Insurance 4/15/2014 BSJ Review Policy Binder & Endorsement II 0.25 56.25 E -mail to Barbara LaDue 225.00 /hr Insurance Boynton Beach Police Officers' Pension Fund Page 2 Hrs /Rate Amount SUBTOTAL: [ 1.70 382.50] Miscellaneous Matters Miscellaneous Matters 3/28/2014 BSJ Draft Memorandum 0.50 112.50 Research SB 246 225.00/hr Miscellaneous Matters Miscellaneous Matters 4/8/2014 BSJ Review and revise Memorandum regarding SB246 0.06 13.50 Miscellaneous Matters 225.00/hr SUBTOTAL: [ 0.56 126.00] Participant - Kenny Participant - Kenny 3/17/2014 PH E -Mail to Barbara LaDue re: Status of revised HIPAA & Interrogatories 0.10 7.50 Participant - Kenny 75.00 /hr Participant - Kenny 3/20/2014 BSJ Correspondence with 22 Doctors & Medical Facilities requesting Medical 1.00 225.00 Records & Updated Records 225.00 /hr Participant - Kenny Participant - Kenny PH Fax to the 22 Doctors & Medical Facilities requesting Medical Records & 1.30 97.50 Updated Records 75.00 /hr Mail 2 requests per Doctor Office Instruction by Fax Participant - Kenny Participant - Kenny 3/21/2014 LG Telephone calls with Candy Davis at Mariners Hospital re: Need HIPAA 0.35 26.25 Form to Show Complete Date of Birth 75.00 /hr Telephone call with Barbara LaDue (left message) re: HIPAA Form E -mail to Barbara LaDue re: HIPAA Form Participant - Kenny Boynton Beach Police Officers' Pension Fund Page 3 Hrs /Rate Amount Participant - Kenny 3/24/2014 PH Scan Medical Records Received today 2.00 150.00 Prepare Spreadsheet to Track Them 75.00/hr Participant - Kenny Participant - Kenny 3/26/2014 BSJ Review email re: Invoice 0.06 13.50 Participant - Kenny 225.00/hr Participant - Kenny 4/1/2014 PH Telephone call with Barbara LaDue re: Payment for Records from City on 0.30 22.50 Kenny 75.00 /hr E -mail to Tammy Stanzione with City re: Payment Participant - Kenny Participant - Kenny 4/3/2014 PH Scan & Sort Records received from City 3.00 225.00 Participant - Kenny 75.00 /hr Participant - Kenny 4/412014 BSJ Review Interrogatories & Attached 27 pages of Medical Records 0.75 168.75 Participant - Kenny 225.00/hr Participant - Kenny PH Scan Medical Records received from Jupiter Medical Center 0.20 15.00 E -mail to Invoice to Barbara LaDue 75.00 /hr Participant - Kenny Participant - Kenny BSJ Correspondence with 7 Additional Doctors & Facilities for Medical 0.70 157.50 Records 225.00/hr Participant - Kenny Participant - Kenny PH Fax to 7 Additional Doctors & Facilities for Medical Records 0.30 22.50 Participant - Kenny 75.00 /hr Participant - Kenny 4/7/2014 PH Scan Medical Records received from Dr. Chalal 0.10 7.50 Participant - Kenny 75.00 /hr Boynton Beach Police Officers' Pension Fund Page 4 Hrs/Rate Amount Participant - Kenny 4/9/2014 BSJ Review email from Barbara LaDue re: Process 0.10 22.50 Participant - Kenny 225.00/hr Participant - Kenny PH Scan Medical Records received from Dr. Powers 0.10 7.50 Participant - Kenny 75.00 /hr Participant - Kenny 4/14/2014 PH Redact all Medical Records received to Date 6.00 450.00 Participant - Kenny 75.00 /hr Participant - Kenny PH E -Mail to Alison Schefer 0.10 7.50 Participant - Kenny 75.00 /hr Participant - Kenny 4/15/2014 PH Prepare Disability Notebook 5.00 375.00 Review Records to Track which Doctors still need to provide Updated 75.00/hr Medical Records Participant - Kenny SUBTOTAL: [ 21.46 2,001.00] Plan Document Plan Document 4/10/2014 BSJ Review email from Barbara LaDue & Toby Athol 0.20 45.00 Review Attachments re: DROP Retirement & Definition of Salary after 225.00/hr SB1128 E -mail to Barbara LaDue Plan Document Plan Document 4/11/2014 BSJ E -mail to Julie Klahr re: SB1128 Changes 0.25 56.25 Plan Document 225.00/hr SUBTOTAL: [ 0.45 101.25] For professional services rendered 24.17 $2,610.75 Boynton Beach Police Officers' Pension Fund Page 5 Additional Charges : Amount Bill File 4/15/2014 Copy Charges 199.20 SUBTOTAL: [ 199.20] Total additional charges $199.20 For professional services rendered 24.17 $2,809.95 Total amount of this bill $2,809.95 Previous balance . $2,465.05 Balance due $5,275.00 THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com March 25, 2014 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #72300 Dear Toby: Enclosed please find the Firm's invoice for services rendered for the period that ended 3/15/2014. Thank you for our payment of $5,185.54. Your current balance due is $2,465.05. ✓A R If you have any questions, please do not hesitate to contact me. Sincerely yours, n l y /r / I , `A.��/\ )"-,..._ r Bonni S. Jensen BSJ /Ig Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207+ WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 •• Fx: 561.686.2802 1! THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email March 25, 2014 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #72300 Professional Services Hrs /Rate Amount Inv Mar - Frank Russell Inv Mgr - Frank Russell 2/18/2014 BSJ Review & Respond to emaiis from MJ Candioto re: Fee Reconciliation 0.35 78.75 Review Fee Reconciliation Spreadsheet 225.00/hr Inv Mgr - Frank Russell SUBTOTAL: [ 0.35 78.75] Investment Policy Guidelines Investment Policy Guidelines 2/18/2014 BSJ Review emaiis from Burgess Chambers re: Filing of Investment Policy 0.25 56.25 Guidelines 225.00/hr Investment Policy Guidelines Investment Policy Guidelines BSJ Review State Filing 0.10 22.50 Investment Policy Guidelines 225.00 /hr SUBTOTAL: [ 0.35 78.75] Boynton Beach Police Officers' Pension Fund Page 2 Hrs /Rate Amount Miscellaneous Matters Miscellaneous Matters 2/18/2014 BSJ Telephone call with Toby Athol re: Requirements for Executive Session 0.20 45.00 on Collective Bargaining Agreement 225.00/hr Research Florida Statutes 447 Miscellaneous Matters Miscellaneous Matters 2/25/2014 BSJ E -mail to Toby Athol re: City Meeting on Pensions 0.06 13.50 Miscellaneous Matters 225.00/hr SUBTOTAL: [ 0.26 58.50] Participant - Kenny Participant - Kenny 2/26/2014 PH Prepare Spreadsheet for Medical Records & Review Records 1.00 75.00 Participant - Kenny 75.00 /hr SUBTOTAL: [ 1.00 75.00] For professional services rendered 1.96 $291.00 Additional Charges : Bill File 3/15/2014 Copy Charges 4.50 SUBTOTAL: [ 4.50] Total additional charges $4.50 For professional services rendered 1.96 $295.50 Total amount of this bill $295.50 Previous balance $7,355.09 Accounts receivable transactions 2/27/2014 Payment - Thank Youi. Check No. 053434 ($5,185.54) Boynton Beach Police Officers' Pension Fund Page 3 Amount Total payments and adjustments ($5,185.54) Balance due $2,465.05 THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONN! SPATARA JENSEN apeny@perryjensenlaw.com bsjensen@perryjensenlaw.com February 24, 2014 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #72235 Dear Toby: Enclosed please find the Firm's invoice for services rendered for the period that ended 2/15/2014. Your current balance due is $77352:99: covr If you have any questions, please do not hesitate to contact me. Sincerely yours, (2,9 Bonni S. Jensen Signed in Ms. Jensen's absence to expedite delivery BSJ/Ig Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207•:. WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 • Fx: 561.686.2802 THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email February 21, 2014 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #72235 Professional Services Hrs /Rate Amount Attendance at Trustee Meetings Attendance at Trustee Meetings 2/11/2014 BSJ Attend Meeting 3.00 675.00 Attendance at Trustee Meetings 225.00/hr Attendance at Trustee Meetings 2/12/2014 LG Review Post Meeting Folder 0.30 22.50 Attendance at Trustee Meetings 75.00 /hr SUBTOTAL: [ 3.30 697.50] Meeting Notices and Agendas Meeting Notices and Agendas 2/5/2014 BSJ Review Agenda 0.10 22.50 Meeting Notices and Agendas 225.00/hr Meeting Notices and Agendas 2/6/2014 PH Prepare Attorney Report, Handouts, and Notebook for upcoming Meeting 1.50 112.50 - 2/11/14 75.00 /hr Meeting Notices and Agendas Boynton Beach Police Officers' Pension Fund Page 2 Hrs /Rate Amount SUBTOTAL: [ 1.60 135.00] Minutes of Trustee Meetings Minutes of Trustee Meetings 1/21/2014 BSJ Review Minutes of 11/12/13 Meeting 0.25 56.25 Minutes of Trustee Meetings 225.00/hr SUBTOTAL: [ 0.25 56.25] Participant - Epstein Participant - Epstein 1/16/2014 LG Telephone call with Barbara LaDue re: Contact Information for Insurance 0.30 22.50 Broker 75.00 /hr Participant - Epstein Participant - Epstein 1/17/2014 LG E -mail to Carolyn Furlong re: Notice of Claim sent to Wilson, Elser 0.50 37.50 Telephone call with Carolyn Furlong re: Notice of Claim in the Epstein 75.00 /hr matter Participant - Epstein Participant - Epstein BSJ Review emails re: Notice of Claim 1.00 225.00 Telephone call with Carolyn Furlong 225.00/hr Review email from Elan Kandel re: Notice of Claim Telephone call with Elan Kandel E -mail to Elan Kandel re: Additional Information for Notice of Claim Participant - Epstein Participant - Epstein 1/23/2014 BSJ Telephone call with Jessica Buonauro 0.25 56.25 Participant - Epstein 225.00 /hr Participant - Epstein BSJ E -mail to Elan Kandel re: Writ of Certiorari 0.25 56.25 Participant - Epstein 225.00/hr Boynton Beach Police Officers` Pension Fund Page 3 Hrs /Rate Amount Participant - Epstein 1/27/2014 BSJ E -mail to Elan Kandel from Insurance Company 0.10 22.50 Participant - Epstein 225.00 /hr Participant - Epstein 1/30/2014 BSJ Research Petition for Certiorari 0.30 67.50 Participant - Epstein 225.00/hr Participant - Epstein 1/31/2014 BSJ Review Petition for Certiorari 1.00 225.00 Research Rule 9.100(f) 225.00/hr Participant - Epstein Participant - Epstein 2/10/2014 LG Revise Notice of Appearance per Bonni's mark up 0.30 22.50 Participant - Epstein 75.00 /hr Participant - Epstein BSJ Review and revise Notice of Appearance 0.25 56.25 Participant - Epstein 225.00/hr Participant - Epstein BSJ Draft Notice of Appearance 0.50 112.50 Participant - Epstein 225.00/hr SUBTOTAL: [ 4.75 903.75] Participant - Kenny Participant - Kenny 1/23/2014 BSJ Review & Respond to email from Toby Athol re: Procedure to Begin 0.25 56.25 Process 225.00/hr Participant - Kenny Participant - Kenny 1/30/2014 BSJ Review email from Barbara LaDue re: Kenny Refiled Application 0.25 56.25 Participant - Kenny 225.00/hr Participant - Kenny 2/5/2014 BSJ Review Subpoena from ABI & Harlan Gladstien 0.35 78.75 Telephone call with ABI re: Subpoena 225.00/hr Boynton Beach Police Officers' Pension Fund Page 4 Hrs /Rate Amount E -mail to Barbara LaDue Participant - Kenny Participant - Kenny 2/5/2014 BSJ Telephone call with Iris Lopez re: Subpoena 0.10 22.50 Participant - Kenny 225.00/hr Participant - Kenny 2/10/2014 BSJ Telephone call with Harlan Gladstein's Office 0.25 56.25 Telephone call with Barbara LaDue 225.00 /hr Participant - Kenny Participant - Kenny 2/13/2014 PH Telephone call with Barbara LaDue re: Records Sent to ABI 0.20 15.00 Telephone call with Carol Taylor of ABI re: When Records were Sent to 75.00 /hr ABI by Administrator Participant - Kenny SUBTOTAL: [ 1.40 285.00] Plan Document Plan Document 2/5/2014 BSJ E -Mail to Julie Klahr 0.06 13.50 Plan Document 225.00 /hr SUBTOTAL: [ 0.06 13.50] For professional services rendered 11.36 $2,091.00 Additional Charges : Bill File 2/15/2014 Copy Charges 34.50 Westlaw Research 25.00 Dates - January 1 - 31, 2014 SUBTOTAL: [ 59.50] Boynton Beach Police Officers' Pension Fund Page 5 Amount Participant - Epstein 1/10/2014 United Parcel Service Invoice No.: 0000F49280034 11.88 Tracking #1 ZF492804295650636 to Claims Manager re: Notice of Claim United Parcel Service Invoice No.: 0000F49280034 7.17 Tracking #1 ZF492804295650636 Pickup Request No.: 2930A16SFJF Re: Notice of Claim SUBTOTAL: [ 19.05] Total additional charges $78.55 For professional services rendered 11.36 $2,169.55 Total amount of this bill $2,169.55 Previous balance , ! �,,,,�$5,185.54 Balance due - BURGESS CHAMBERS & ASSOCIATES, INC. Invoice INVESTMENT ADVISORS S.E.C. REGISTERED 315 E. Robinson Street, Suite 690 Date Invoice # Orlando, Florida 32801 3/4/2014 14 -55 Bill To Boynton Beach Police Officers' Pension Barbara La Due, Administrator 1500 Gateway Blvd, Suite 220 Boynton Beach, Florida 33426 Description Amount First Quarter 2014 Investment and Performance Monitoring and Advisory Fee per Contract 5,000.00 We appreciate your prompt payment. Total $5,000.00 Phone # Fax # (407) 644-0111 (407) 644-0694 GRS Gabriel Roeder Smith & Company Consultants && Actuaries One East Broward Blvd. Suite 505 Invoice Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 Date Invoice 3/10/2014 406100 Bill To: Please Remit To: Attention: Ms. Barbara La Due Dept. # 78009 Municipal Police Officers' Retirement Fund Gabriel Roeder Smith & Company City of Boynton Beach PO Box 78000 Renaissance Executive Suites Detroit, Michigan 48278 -0009 1500 Gateway Blvd., Suite 220 Boynton Beach, Florida 33426 Federal Tax ID 38- 1691268 Client 100550 Amount For services rendered for the Boynton Beach Municipal Police Officers' Retirement Fund through 2/28/2014 Final charges for preparation of the 10/1/2013 Actuarial Valuation Report; total fee of 1,895.00 $13,202* less previous charges of $11,307 Preparation of Governmental Accounting Standards Board (GASB) Statement No. 67 2,500.00 projected 9/30/2014 disclosure exhibits in conjunction with the 10/1/2013 Actuarial Valuation Report (total hourly charges were $4,650, but fee is limited to $2,500 per agreement) Preparation of page 6a for inclusion in the 2013 Annual Report to the State 550.00 Consulting charges related to inquiries from members regarding estimated cost of buying 325.00 back service in buy -back tables * Last year's total fee of $13,795 MINUS $750 (because additional disclosure at 7.75% is no longer required by the State) = $13,045, increased by 1.2% due to increase in CPI from September 2012 to September 2013 Amount Due $5,270 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page 1 of 1 G p C Gabriel Roeder Smith & Company Consultants && Actuanes One East Broward Blvd. Suite 505 Invoice Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 Date Invoice 2/12/2014 405552 Bill To: Please Remit To: Attention: Ms. Barbara La Due Dept. # 78009 City of Boynton Beach Gabriel Roeder Smith & Company Boynton Beach Municipal Police Officers Retirement Fund PO Box 78000 Renaissance Executive Suites Detroit, Michigan 48278 -0009 1500 Gateway Blvd., Suite 220 Boynton Beach, Florida 33426 Federal Tax ID 38 1691268 Client 100550, Pen Val 2013 1001, Project 100550 - 053 Amount For services rendered for the Boynton Beach Municipal Police Officers Retirement Fund through 1/31/2014 Charges since 12/31/2013 for preparation of the 10/1/2013 Actuarial Valuation Report; 6,844.00 total charges to date equal $11,307 Amount Due $6,844 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page 1 of 1 THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONN! SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com MEMORANDUM To: Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund From: Bonni S. Jensen Subject: Senate Bill 246 Date: April 22, 2014 The Florida 2014 Legislative Session began on March 2nd. There is a filed bill which provides for changes to Florida Statutes Chapters 175 and 185. This bill has already been through all of its committees and had two of those committee hearings before the legislative session even began. On April 10, 2014, two amendments to the bills were filed. This memo includes those amendments. In essence. the changes provide for the use of future Chapter money (including currently accumulated unallocated dollars) to offset municipal contributions and to establish share account plans for the members. The changes are described below. 1. 175.021 and 185.01 Legislative declaration.— Amends provisions to establish that all municipal and special district pension plans must meet required benefits and minimum standards of 175/185 to be eligible to receive a distribution of insurance premium tax revenues under the law. 2. 175.032 and 185.02 Definitions.— Amends definitions as follows: a. Adds definition of "Additional premium tax revenues" which means revenues received by a municipality or special fire control district pursuant to s. 175.121 /185.10 which exceed base premium tax revenues. b. Adds definition of "Base premium tax revenues" which means revenues received by a municipality or special fire control district pursuant to s. 175.121 /185.10 equal to the amount of such revenues received for calendar year 1997. This is the original "frozen chapter money." c. For police only, eliminating the 300 hour minimum for overtime to be included in the definition of Compensation" or "salary" and providing for limitations on overtime prior to July 1, 2011 in accordance with the Plan 400 EXECUTIVE CENTER DRIVE, SUITE 207+ WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 •:• Fx: 561.686.2802 I3 a�� Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund Senate Bill 246 April 22, 2014 Page 2 of 5 provisions. d. Adds a definition of "Defined contribution plan" which means a component of a local law defined benefit plan to which deposits are made to provide benefits for firefighters and police officers. The defined benefit plan must meet the required benefits and minimum standards of the chapter. e. Redefines "Local law plan" to require both a defined benefit plan component and a defined contribution plan component. f. Adds a definition of "Minimum benefits" which means those benefits provided for in Florida Statutes 175.021- 175.341 and 175.361- 175.401 / 185.01- 185.341 and 185.37- 185.50. g. Adds a definition of "Minimum standards" which means standards set forth in Florida Statutes 175.021- 175.341 and 175.361- 175.401 / 185.01- 185.341 and 185.37- 185.50. h. Adds a definition of "Special Act Plan" which means a plan subject to provisions of Chapter 185, created by an act of the legislature and requires state legislative amendment. 1. Adds a definition of "Special benefits" which means benefits provided in a defined contribution plan for firefighters /police officers. j. Amends definition of "Supplemental plan" to provide that any supplemental plan in existence on March 1, 2014 shall be deemed a defined contribution plan. 3. 175.071(7)/185.06(6) General powers and duties of board of trustees is amended to provide that the actuary used by the Board must be an "enrolled" actuary as defined by the law. 4. 175.091/185.07 Creation and maintenance of fund. Provides for the funding of the Plans as follows: (1) The firefighters' /police officers' pension trust fund in each municipality and in each special fire control district shall be created and maintained in the following manner: Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund Senate Bill 246 April 22, 2014 Page 3 of 5 (d) By payment by the municipality or other sources of a sum equal to the normal cost and the amount required to fund any actuarial deficiency shown by an actuarial valuation conducted under as ovided-in part VII of chapter 112 after taking into account the amounts described in paragraphs (b), (c). (e), (f), and (g) and the tax proceeds described in paragraph (a) which are used to fund defined benefit plan benefits. Note: Paragraph (b) is member contributions; Paragraph (c) is fines and forfeitures of the members for rule violations; Paragraph (e) is gifts, bequests, and devises donated to the fund; Paragraph (f) is "accretions" to the fund by way of interest or dividends; Paragraph (g) is all other sources. 5. 175.162/185.16 deletes requirement for incremental funding of minimum benefits and adds a 2.75% multiplier as a minimum benefit. If the plan does not have a 2.75% multiplier, then the multiplier does not have to be increased to that level, but the current multiplier cannot be reduced. Additionally, if the multiplier is increased to 2.75% or higher, then the multiplier cannot later be reduced below the 2.75 %. This section is effective July 1, 2014. 6. 175.351/185.35 Municipalities and special fire control districts having their own pension plans for firefighters. The new language: • Clarifies that if the municipality /special district meets the minimum benefits and minimum standards, it is entitled to participate in the shares of the 175/185 money. • Explains how the 175/185 dollars are to be allocated, for non - collectively bargained plans, effective October 1, 2014 or for collectively bargained plans, effective upon the entry into a collective bargaining agreement on or after July 1, 2014. o the premium tax income must be placed into the plan as an integral part to fund benefits exclusively for firefighters /police officers. o base premium tax revenues (amount of revenues received in 1997) are to be used to fund minimum benefits. o Premium tax revenues in excess of that received in calendar year 2013 will be used: 50% used to fund minimum benefits (will offset employer contributions); and 50% to fund defined contribution plan special benefits. • Additional premium tax revenues not allocated are to be used to fund Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund Senate Bill 246 April 22, 2014 Page 4 of 5 benefits not included in the minimum benefits. This language refers to increases in premium tax dollars received between 1997 and 2013 which are to be allocated to benefits passed after March 12, 1999. • Any accumulations of premium tax dollars which have not been applied to benefits in excess of the minimums may be allocated by mutual consent of the parties (the Union or a majority of firefighters /police officers and the municipality or special fire district). If no agreement is reached then money is to be allocated 50% to offset unfunded and 50% to special benefits. • Plans created after March 1, 2014 may use up to 50% to fund the defined benefit components of the new plan and the remainder is to be used for special benefits. • Benefits offered in excess of minimum benefits may be reduced if the plan meets the minimum benefits and minimum standards. The premium tax dollars that had been used to fund the now reduced benefit improvements are to be allocated like the post calendar year 2013 premium taxes. • Notwithstanding any of the allocation scheme, the parties (the Union or a majority of the firefighters /police officers and the municipality or special fire control district) may agree to their own allocation scheme provided the plan continues to meet the minimum benefits and minimum standards of the law. o If minimums are not met, the benefits do not have to be improved for the benefits in place on October 1, 2012, but they cannot be decreased. o Special act plans are considered to have agreed to such a deviation as of July 1, 2014 regarding the existing arrangement for the use of the premium taxes. • Definition of "Additional Premium Tax Revenue" and "Extra Benefits" are deleted. • Definition of "Supplemental Plans" is maintained as are the exceptions for the definition of salary or compensation and the board make up. • Requires creation of the defined contribution plan component by October 1, 2014 for local plans or upon entering into a collective bargaining agreement after July 1, 2014. • A municipality or special district that has implemented or proposed changes based on reliance on a "Naples letter" after August 14, 2012 but before March 4, 2014 may continue with such changes. "Reliance" must be evidenced by formal correspondence between the municipality /special district and the department which describes the specific changes to the local law plan dated before March 4, 2014. These changes which are contrary to Chapters 175/185 can remain in effect until the earlier of October 1, 2017 or the effective date of the next collective bargaining agreement. Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund Senate Bill 246 April 22, 2014 Page 5 of 5 7. The Legislature finds that a proper and legitimate state purpose is served when employees and retirees of this state and its political subdivisions, and the dependents, survivors, and beneficiaries of such employees and retirees, are extended the basic protections afforded by governmental retirement systems that provide fair and adequate benefits and that are managed, administered, and funded in an actuarially sound manner as required under s. 14, Article X of the State Constitution and part VII of chapter 112, Florida Statutes. Therefore, the Legislature determines and declares that this act fulfills an important state interest. 8. A July 1, 2014 effective date is proposed. The bill will continue to be monitored and the status will be reported. THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONNI SPATARA JENSEN aperry @perryjensenlaw.com bsjensen @perryjensenlaw.com MEMORANDUM TO: Board of Trustees BOYNTON BEACH POLICE OFFICERS' PENSION FUND FROM: Bonni S. Jensen Fund Legal Counsel DATE: May, 2014 RE: ANNUAL FORM 1 FILING Attached is Commission on Ethics (CE) Form 1 "Statement of Financial Interests" which must be filed by Trustees with the Supervisor of Elections for the county in which you reside, prior to July 1, 2014. The instructions for filing and completing the form are also attached. Please be sure to review them again as they were updated last year. Remember that your CPA or personal attorney can complete this form 1 for you. There is now a certification on the form for their use. Please note that it is recommended that current or former law enforcement officers and firefighters do not use their home addresses on the form; if you do not have a post office box, you may use your work address. You may also complete the form online using your keyboard to fill in the information, tabbing from one section to the next. However, you must print the completed form (just pages 1 and 2), sign and date it, then send it to the Supervisor of Elections for the county in which you reside. There is no current system available to file online. It is important that you timely file this form because the penalty for failure to timely file is $25.00 per day, to a maximum of $1,500.00. I suggest that you file this form by certified mail, return receipt requested, and keep a photo copy of the form for your files. Several Trustees have had to show proof of filing in the past, so it is my practice to always get a receipt for such documents. If you have any questions or if I may be of any assistance to you at all, please do not hesitate to contact me or one of my assistants. BSJ /Ig E -Copy: Administrator 400 EXECUTIVE CENTER DRIVE, SUITE 207❖ WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 •:• Fx: 561.686.2802 13 OY tl1oIW HCC U.S Specialty Insurance Company Houston, Texas DECLARATIONS CORPORATE FIDUCIARY LIABILITY INSURANCE (THIS IS A CLAIMS MADE AND REPORTED POLICY) Broker: 167091 Policy Number: U714-514 8 4 Trustee and Fiduciary Insurance Renewal of: U713-51240 Services, Inc Item 1 EMPLOYEE BENEFIT PLANS: Any Plan of the SPONSOR ORGANIZATION Listed in item 2 as Defined in Section 311) of ERISA; any INSURED PLAN and any Plan Listed by Endorsement to this Policy. Item 2 SPONSOR ORGANIZATION: City of Boynton Beach Item 3 Address of SPONSOR ORGANIZATION: 1500 Gateway Boulevard, Suite 220 Boynton Beach,FL 33426 Item 4 POLICY PERIOD: Inception Date: April 10, 2014 Expiration Date: April 10, 2015 12:01 a.m. Standard Time at the Principal Address of the SPONSOR ORGANIZATION herein. Item 5 Limit of Liability: $ 2, 000,000 Each CLAIM and in the. Aggregate for all CLAIMS including DEFENSE COSTS. Item 6 Deductible: $ 25,000 Each CLAIM including DEFENSE COSTS. Item? Premium: $ 18, 753.00 Recourse Premium $ 100.00 FL FHCF Surcharge $ 245.09 Total Premium $ 19,098.09 Item 8 Form numbers of endorsements attached at issuance: FL 0 0 0 2 , E TRI A, FL 0 0 0 5 , FL0006, FL0007, FLO010, FLO011, FL0018, FLO.044, FL2006, FL2010, FL2014, FL2036 y V Authcn Repre entntite FL0001 (10/01) Pace 1 of 1 PROFESSIONAL INDEMNITY AGENCY, INC. 37 RADIO CIRCLE DRIVE MOUNT KISCO, NY 10549 TO: CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT FUND RE: U. S. SPECIALTY INSURANCE COMPANY $2,000,000 LIMIT OF LIABILITY, $25,000 DEDUCTIBLE Renewal of Policy #U713 -51240 — 4/10/14- 4/10/15 PREMIUM $18,753.00 WAIVER OF RECOURSE 100.00 FLORIDA CAT 1% SURCHARGE 245.09 $19,098.09 Please make check payable to: PROFESSIONAL INDEMNITY AGENCY, INC. and mail to: TRUSTEE AND FIDUCIARY INSURANCE SERVICES, INC. 3810 Inverrary Boulevard, Suite 303 Lauderhill, FL 33319 ` Ate THANK YOU. c I/ gal, 54 T' rr In z(Dm H cno z San r CS 3 (D J•¢1 Cnt.naswwHwOwWwWH4MOMONJwrvmwwNwskommr.Jcpm4rvm 1 r•F-J o 106100'JIIwHVNOV0O 000 ?NV'I N. 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