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Agenda 02-13-14 BOYNTON BEACH FIREFIGHTERS' PENSION FUND QUARTERLY BOARD MEETING Thursday, February 13, 2014 ar, 2:00 PM Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 AGENDA Revised 2 -13 -14 I. CALL TO ORDER — Luke Henderson, Chairman II. AGENDA APPROVAL - III. APPROVAL OF MINUTES — Quarterly meeting IV. FINANCIAL REPORTS: A). Davidson, Jamieson & Cristini, PL — Richard Cristini, Partner & Jeanine Bittinger, Partner — Independent Auditors 1) Financial Statements for PYE 9 -30 -2013 B) Bogdahn Consulting — Dave West, Consultant 1) Investment Performance Review for Quarter 12 -31 -2013 2) Alternatives Discussion — Middle Market Debt Review C) Gabriel, Roeder, Smith & Co — Pete Strong, Consultant & Actuary 1) Experience Study — Results and discussion. 2) Preliminary 10 -1 -2013 Valuation results. C) Attorney Report — Adam Levinson 1) Four Year Terms for Trustees - Status 2) Dell case with Boynton co -lead plaintiff— Update 3) BLB &G — Seminar — Protecting Securities Portfolios against Fraud - March 31 — April 1, 2014. 4) Disability Retirement Benefits — Periodic review by the Board - V. CORRESPONDENCE — 1) Salem Trust transition to new trust system — Letters of Dec 13, 2013 and January 28, 2014 2) Schroder Investment Mgt — (STW Transition) Memo 11 -15 -13 STW and Letter of 11 -15 -13 from Schroder VI. OLD BUSINESS — 1) Note the May quarterly meeting is scheduled for Thursday MAY 1, 2014. 2) Trustee Board Appointment — Jon Raybuck term for review. VII. NEW BUSINESS: A. Invoices for review and approval: 1 1. Schroder (STW Fixed Income Mgt) — Qtry fee 03 -31 -14 - $8,821.45 2. DSM Capital Partners LLC — Qtry fee 3 -31 -14 - $ 20,225.64 3. Bogdahn Group — Qtry fee 12 -31 -2013 - $8,375 4. Davidson, Jamieson & Cristini — Audit Progress $5,500 & Final billing $4,300. 5. Klausner, Kaufman, Jensen & Levinson — Service Nov/Dec 2013 - $2,573.25. and Jan 2014 - $ -0- 6. Anchor Capital Advisors — Quarterly fee — 12 -31- 2013 - $13,955.82 7. GRS - Service Nov 2013- $3,876 & Dec 2013- $6,272 8. Ellen Schaffer — Programming & Consulting Vac /Sic CAP - $575.00 8. Intercontinental - Management Quarterly fee 9 -30 -2013 - $8,305.51 withheld from dividend reinvestment plan. B. Verification of Retirement Benefits: 1) Raymond Altman — Early Retirement 2) Chris Wandell — DROP Retirement C. Fiduciary Liability Coverage — Renewal April 10, 2014 — Board review for payment of renewal premium. VIII. PENSION ADMINISTRATOR'S REPORT: 1. Benefits as of PYE 02 -01 -2014 2. Alive & Well Statement outstanding on D. Dypold — 3. Pension Status Report (Sample) — Updated to reflect CAP vac /sic IX. COMMENTS X. ADJOURNMENT Next Meeting Date — Thursday, MAY 1st, 2014 @ 2:OOPM — Renaissance Commons Executive Suites If you cannot attend, please call Barbara @ 561/739 -7972. NOTICE IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE FIREFIGHTERS' 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. THE BOARD (COMMITTEE) MAY ONLY CONDUCT PUBLIC BUSINESS AFTER A QUORUM HAS BEEN ESTABLISHED. IF NO QUORUM IS ESTABLISHED WITHIN TWENTY MINUTES OF THE NOTICED START TIME OF THE MEETING THE CITY CLERK OR DESIGNEE WILL SO NOTE THE FAILURE TO ESTABLISH A QUORUM AND THE MEETING SHALL BE CONCLUDED. BOARD MEMBERS MAY NOT PARTICIPATE FURTHER EVEN WHEN PURPORTEDLY ACTING IN AN INFORMAL CAPACITY S: \CC \WPUANET\FIREFIGHTERS' PENSION FUND.doc 2 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN FINANCIAL STATEMENTS September 30, 2013 and 2012 DAVIDSON, JAMIESON & CRISTINI, P.L. Certified Public Accountants CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FIDUCIARY NET POSITION 3 STATEMENTS OF CHANGES IN FIDUCIARY NET POSITION 4 NOTES TO FINANCIAL STATEMENTS 5 REQUIRED SUPPLEMENTAL INFORMATION SCHEDULE OF FUNDING PROGRESS 21 SCHEDULE OF CONTRIBUTIONS FROM THE CITY 22 NOTES TO THE ADDITIONAL SCHEDULES 23 ADDITIONAL INFORMATION SCHEDULES OF INVESTMENT AND ADMINISTRATIVE EXPENSES 24 i Davidson, Jamieson & Cristini, P.L. Certified Public Accountants 1956 Bayshore Boulevard Dunedin, Florida 34698 -2503 (727)734 -5437 or 736 -0771 FAX (727) 733 -3487 Member Members of the Firm American Institute of John N Davidson, CPA, CVA Certified Public Accountants Harry B Jamieson, CPA Florida Institute of Richard A. Cnstini, CPA, CPPT, CGFM Certified Public Accountants Jeanine L. Bittinger, CPA, CPPT The Board of Trustees City of Boynton Beach Firefighters' Pension Plan Boynton Beach, Florida INDEPENDENT AUDITOR'S REPORT Report on Financial Statements We have audited the accompanying financial statements of City of Boynton Beach Firefighters' Pension Plan (Plan), which comprise the statements of fiduciary net position as of September 30, 2013 and 2012, and the related statements of changes in fiduciary net position for the years then ended, and the related notes to the financial statements. Management's Responsibility for the Financial Statements The Plan's Board of Trustees is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error, in making those risk assessments, the auditor considers internal control relevant to the Plan' s preparation and fair presentation of the financial statements, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 1 The Board of Trustees City of Boynton Beach Firefighters' Pension Plan Boynton Beach, Florida Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the fiduciary net position of the City of Boynton Beach Firefighters' Pension Plan as of September 30, 2013 and 2012, and the changes in fiduciary net position for the years the ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying required supplementary information on pages 21 through 23 of the City of Boynton Beach Firefighters' Pension Plan is required by Governmental Accounting Standards Board Statement No. 25 and is not a required part of the basic financial statements. The additional information on page 24 is presented for purposes of additional analysis and is also not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the above information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management has omitted the Management's Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial statements is not affected by this missing information. �� > � L December 18, 2013 2 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN STATEMENTS OF FIDUCIARY NET POSITION September 30, 2013 and 2012 Assets 2013 2012 Cash $ 76,188 $ 25,437 Receivables: Employer 29,486 29,486 Interest and dividends 101,023 116,066 Broker - dealers 428,100 182,563 Total receivables 558,609 328,115 Investments at fair value: U.S. Government obligations 2,842,961 4,623,825 Municipal obligations 1,029,533 154,805 Domestic corporate obligations 5,135,997 5,184,307 Domestic fixed income investment fund 3,666,841 3,168,036 International fixed income investment fund 3,586,194 2,999,933 Domestic stocks 16,395,328 19,324,608 Domestic equity investment funds 18,307,805 8,129,021 Real estate investment funds 6,256,541 5,451,012 International equity investment fund 10,843,168 8,966,454 Temporary investments 883,526 1,659,594 Total investments 68,947,894 59,661,595 Prepaid expenses 4,770 4,566 Total assets 69,587,461 60,019,713 Liabilities Accounts payable 42,073 45,852 Accounts payable, broker - dealers 163,068 58,628 Total liabilities 205,141 104,480 Net position restricted for pensions $ 69,382,320 $ 59,915,233 See Notes to Financial Statements. 3 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN STATEMENTS OF CHANGES IN FIDUCIARY NET POSITION Years ended September 30, 2013 and 2012 2013 2012 Additions: Contributions: Employer $ 3,648,871 $ 3,148,122 Plan members 1,118,336 1,098,741 Plan members, buy -back 50,056 20,097 Rollover to DROP 112,892 57,799 Total contributions 4,930,155 4,324,759 Intergovernmental revenue: Chapter 175 state excise tax rebate 897,536 1,004,143 Total intergovernmental revenue 897,536 1,004,143 Investment income (loss): Net appreciation (depreciation) in fair value of investments 7,013,192 7,467,351 Interest 323,708 318,512 Dividends 1,196,512 1,156,256 Commission recapture 1,962 1,823 Class action settlement 2,261 1,968 Other 451 783 Total investment income 8,538,086 8,946,693 Less investment expenses 280,622 260,201 Net investment income 8,257,464 8,686,492 Total additions 14,085,155 14,015,394 Deductions: Benefits: Age and service 3,816,782 3,716,302 Disability 44,373 44,278 Beneficiaries 192,622 188,952 Drop payments 417,950 299,032 Refunds 47,760 12,001 Administrative expenses 98,581 91,893 Total deductions 4,618,068 4,352,458 Net increase in net position 9,467,087 9,662,936 Net position restricted for pensions: Beginning of year 59,915,233 50,252,297 End of year $ 69,382,320 $ 59,915,233 See Notes to Financial Statements. 4 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 1. Description of the Plan The following brief description of the Boynton Beach Firefighters' Pension Plan (Plan) is provided for general information purposes only. Participants should refer to the Plan Agreement for more complete information. General - The Plan was created in 1958 by Section 21 -95 of an Ordinance adopted by the City of Boynton Beach, Florida. This Ordinance was substantively amended in 1978, 1983, 1993, 2000 and 2002. The Plan is a defined benefit pension plan covering all full -time firefighters of the City of Boynton Beach, Florida (City). Participation in the Plan is required as a condition of employment. The Plan provides for pension, death and disability benefits. In addition, the Plan is a local law plan subject to provisions of Chapter 175 of the State of Florida Statutes. The Plan, in accordance with the above statutes, is governed by a five member pension board. Two firefighters, two City residents and a fifth member elected by the other four members constitute the pension board. The Fire Chief occupies an exofficio, non- voting position on the board of trustees. The Chief shall have the opportunity to participate in all board discussions and activities but shall not be counted for the purpose of a quorum nor shall he be entitled to move or second the adoption of any issue or vote on any matter before the board. The City and the Plan participants are obligated to fund all Plan costs based upon actuarial valuations. The City establishes benefit levels while the board establishes the actuarial methods followed by the Plan. During the fiscal year ended September 30, 2013 the Plan's membership consisted of: Retirees and beneficiaries: Currently receiving benefits 85 Drop Retirees 26 Terminated employees entitled to benefits but not yet receiving them 2 Total 113 Current employees: Vested 55 Nonvested 72 Total 127 At September 30, 2012, the date of the most recent actuarial valuation, there were 106 retirees and beneficiaries receiving benefits. 5 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 1. Description of Plan (Continued) Pension Benefits - The pension plan provides retirement, death and disability benefits for its participants. A participant may retire with normal benefits after reaching age 55 and accumulating 10 or more years of credited service or at 20 years of service without regard to age. Normal retirement benefits are based on 3.0% of the participant' s final average salary times the number of his or her credited years of service. The final average salary for purposes of calculating benefits is the participant' s average salary during the three highest years of the last ten years of creditable service prior to retirement. Salary excludes bonuses and incentive pay received by a firefighter during that three year period. A participant with 10 or more years of credited service is eligible for early retirement. These benefits begin upon application on or after reaching age 50 and are computed the same as normal retirement, based upon the participant's final average salary and credited service at the date of termination. Benefits are reduced 3% per year for each year by which the participant's age at retirement preceded the participant's normal retirement age. Cost of Living Adjustment - The Plan provides for a 2% annual cost -of- living adjustment (COLA) commencing five years after retirement from the City or entry into the DROP Plan. This becomes available effective December 1, 2011 for all members who retire or enter into the DROP on or after December 1, 2006; eligible members also includes all retirees electing early retirement and all disability retirees who enter pay status on or after December 1, 2006. The actuarial cost of this benefit was financed by an increase in the participants contribution rate from 7% to 12 %. Ad Hoc Supplemental Benefits - Certain retirees are eligible to receive annual distributions funded exclusively with available Chapter 175 premium tax revenue. Terms of the benefit provide that each eligible retiree shall receive a distribution of available funds for up to five hundred dollars per year of credited service for each year of credited service in the Plan not to exceed twenty years. Deferred Retirement Option Plan - Any Plan participant who is eligible to receive an early or normal retirement pension may elect to participate in a deferred retirement option plan (DROP) while continuing his or her active employment as a firefighter. Upon participation in the DROP, the participant becomes a retiree for all Plan purposes so that he or she ceases to accrue any further benefits under the pension plan. Normal retirement payments that would have been payable to the participant as a result of retirement are accumulated and invested in the DROP to be distributed to the participant upon his or her termination of employment. Participation in the DROP ceases for a Plan participant after the earlier of 5 years or the attainment of 30 years of service. 6 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 1. Description of Plan (Continued) An employee's account in the DROP program shall earn interest in one of three ways. The selection of the earnings program may be changed each year in January. The options are summarized as follows: A. Gain or loss interest at the same rate as the Plan; or, B. At an annual fixed rate of seven percent (7 %); or, C. A combination of the fixed and variable rates Supplemental Pension Distributions - The Board of Trustees each year may approve a supplemental distribution from a net actuarial gain as calculated by the Plan's actuary. The distribution shall be paid to the extent of the actuarial gains attributable to retirees and beneficiaries which have been set aside in a supplemental pension reserve. In years in which the Plan's actuarial gain is sufficient to support the payment of a thirteenth check, the payment shall be made in December. The Board did not approve a supplemental distribution for the fiscal years ended September 30, 2013 and 2012. Disability Benefits - Disability benefits for service related disabilities are paid to a participant for life. Benefits are calculated as 66 2/3% of the participant's salary at the time of retirement. This amount is reduced by any social security and workers' compensation benefits received and will not be less than 42% of the participant's average monthly salary. Disability benefits for non - service related disabilities are paid to a participant for life. Benefits are calculated using a 2 1/2% accrual rate with a minimum of 25% of the participant's final average salary. Death Benefits - Preretirement death benefits for participants with at least 10 years of service are payable until the spouses death or remarriage. Benefits are calculated at 2 1/2% of the participant's average final salary at the time of death. Beneficiaries of participants who die prior to vesting will receive a refund of the participants accumulated contributions. Post retirement death benefits are payable to the participant's eligible widow depending on the survivor's benefit selected. Refund of Participant Contributions - A participant who terminates employment and is ineligible for pension benefits is refunded his or her contribution without interest. 7 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 2. Summary of Significant Accounting Policies Basis of Accounting - Basis of accounting is the method by which revenues and expenses are recognized in the accounts and are reported in the financial statements. The accrual basis of accounting is used for the Plan. Under the accrual basis of accounting, revenues are recognized when they are earned and collection is reasonably assured, and expenses are recognized when the liability is incurred. Plan member contributions are recognized in the period in which the contributions are due. City contributions to the plan as calculated by the Plan's actuary, are recognized as revenue when due and the City has made a formal commitment to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Basis of Presentation - The accompanying financial statements are presented in accordance with Governmental Accounting Standards Board (GASB) Statement 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans and the Codification of Governmental Accounting and Financial Reporting Standards which covers the reporting requirements for defined benefit pensions established by a governmental employer. The accompanying financial statements include solely the accounts of the Plan which include all programs, activities and functions relating to the accumulation and investment of the assets and related income necessary to provide the service, disability and death benefits required under the terms of the Plan Ordinance and the amendments thereto. Valuation of Investments - Investments in common stock and bonds traded on a national securities exchange are valued at the last reported sales price on the last business day of the year; securities traded in the over - the - counter market and listed securities for which no sale was reported on that date are valued at the mean between the past reported bid and asked prices; investments in securities not having an established market value are valued at fair value as determined by the Board of Trustees. The fair value of an investment is the amount that the Plan could reasonably expect to receive for it in a current sale between market participants, other than in a forced or liquidation sale. Purchases and sales of investments are recorded on a trade date basis. The Plan' s investments include an alternative investments in the U.S. Real Estate Investment Fund, the ASB Real Estate Fund and the Princeton Futures Fund. These funds are privately placed and operates in a manner comparable to a mutual fund in many respects. The funds invest in a diverse portfolio of real estate, futures, options and certain other investments with varying market capitalizations. 8 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 2. Summary of Significant Accounting Policies (Continued) The investments in the underlying funds are generally valued daily at fair value as determined by the management of the fund by reference to the value of the underlying securities, if available, or by the valuation of a security as provided by the general partner or investment manager, if the securities are not publicly traded. While the fund manager use its best judgment in estimating the fair values of underlying securities, there are inherent limitations in any estimation technique. Therefore, the values of such securities are not necessarily indicative of the amount that could be realized in a current transaction. The fair values may differ significantly from the values that would have been used had a ready market for the underlying securities existed, and the differences could be material. Future confirming events will also effect the estimates of fair value, and the effect of such events on the estimates of fair value could be material. These alternative investment funds expose the Plan to certain risks, including liquidity risks, counterparty risks, foreign political, economic and governmental risks, and market risk. In addition, these investments may have initial lock -up periods, as well as restrictions for liquidating positions in these funds, that make the investments non - current and non - marketable. Investment income is recognized on the accrual basis as earned. Unrealized appreciation in fair value of investments includes the difference between cost and fair value of investments held. The net realized and unrealized investment appreciation or depreciation for the year is reflected in the Statement of Changes in Plan Net Assets. Custody of Assets - Custodial and investment services are provided to the Plan under contract with a national trust company having trust powers. The Plan's investment policies are governed by Florida State Statutes and ordinances of the City of Boynton Beach, Florida. Authorized Plan Investments - The Board recognizes that the obligations of the Plan are long -term and that its investment policy should be made with a view toward performance and return over a number of years. The general investment objective is to obtain a reasonable total rate of return defined as interest and dividend income plus realized and unrealized capital gains or losses commensurate with the prudent investor rule and Chapter 175 of the Florida Statutes. 9 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 2. Summary of Significant Accounting Policies (Continued) Permissible investments include obligations of the U.S. Treasury and U.S. agencies, high capitalization common or preferred stocks, pooled equity funds, high quality bonds or notes, foreign securities and fixed income funds. In addition, the Board requires that Plan assets be invested with no more than 70% in stocks and convertible securities measured at cost at the end of each reporting period. Further information regarding the permissible investments from the Plan can be found in the Statement of Investment Policies and Objectives. Actuarial Cost Method - The Plan changed its actuarial cost method from the Frozen Entry Age to the Entry Age Normal Method for funding purposes as of October 1, 2003. This method allocates the actuarial present value of each participant's projected benefit on a level basis over the participant's earnings from the date of entry into the Plan through the date of retirement. Reporting Entity - The financial statements presented are only for the Plan and are not intended to present the basic financial statements of the City of Boynton Beach, Florida. The Plan is included in the City's Comprehensive Annual Financial Report (CAFR) for the years ended September 30, 2013 and 2012, which are separately issued documents. Anyone wishing further information about the City is referred to the City's CAFR. The Plan is a pension trust fund (fiduciary fund type) of the City which accounts for the single employer defined benefit pension plan for all City Firefighters. The provisions of the Plan provide for retirement, disability, and survivor benefits. Funding Policy - Participants are required to contribute 12.0% of their annual earnings to the Plan. Prior to 1986, contributions to the Plan were made on an after -tax basis. Subsequent to this date, contributions are made on a pre -tax basis pursuant to an amendment to the Plan. These contributions are designated as employee contributions under Section 414(h)(2) of the Internal Revenue Code. Contribution requirements of the Plan's participants are established and may be amended by the City of Boynton Beach, Florida. A rehired member may buy back one or more years of continuous past service by paying into the Plan the amount of contributions that the participant would otherwise have paid for such continuous past service, plus the interest that would have been earned had such funds been invested by the Plan during that time. 10 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 2. Summary of Significant Accounting Policies (Continued) The City's funding policy is to make actuarially computed monthly contributions to the Plan in amounts, such that when combined with participants' contributions and the State insurance excise tax rebate, all participants' benefits will be fully provided for by the time that they retire. The City's actuarially determined contribution rate for the year ended September 30, 2013 and 2012 was 37.15% and 34.91%, respectively. This rate consists of 15.97% and 18.33% of member salaries to pay normal costs plus 21.18% and 16.58% to amortize the unfunded actuarially accrued liability pursuant to the September 30, 2012 actuarial valuation. Administrative Costs - All administrative costs of the Plan are financed through employee contributions and charges against the DROP accounts and supplemental distributions. Cash - The Plan considers money market and demand account bank and broker - dealer deposits as cash. Temporary investments, shown on the balance sheet are composed of investments in short-term custodial proprietary money market funds. Federal Income Taxes - A favorable determination letter indicating that the Plan is qualified and exempt from Federal income taxes was not issued by the Internal Revenue Service. The Board believes that the Plan is designed and continues to operate in compliance with the applicable requirements of the Internal Revenue Code. Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Subsequent Events - Management has adopted the provisions set forth in GASB Statement No. 56, Subsequent Events and considered subsequent events through the date of the audit report which is the date that the financial statements were available to be issued. 11 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 3. Deposits and Investments Deposits At year end September 30, 2013 the carrying amount of the Plan' s deposits was $75,304 and the bank balance was $76,188. The bank balance was covered by federal depository insurance and, for the amount in excess of such federal depository insurance, by the State of Florida's Security for Public Deposits Act. Provisions of the Act require that public deposits may only be held at qualified public depositories. The Act requires each qualified public depository to deposit with the State Treasurer eligible collateral equal to or in excess of the required collateral as determined by the provisions of the Act. In the event of a failure by a qualified public depository, losses in excess of federal depository insurance and proceeds from the sale of the securities pledged by the defaulting depository, are assessed against the other qualified public depositories of the same type as the depository in default. Salem Trust Company (Salem) periodically holds uninvested cash in its capacity as custodian for the Plan. These funds exist temporarily as cash in the process of collection from the sale of securities or mutual funds. Investments Investments that are not evidenced by securities that exist in physical or book - entry form include investments in open -ended mutual or alternative investment funds. The Plan's investments other than cash held by its administrative manager, are segregated into a separate account and managed under separate investment agreements with Schroder Management, Ltd., Anchor Capital Advisors, L.L.C., and DSM Capital Partners, L.L.C. All of these accounts give Salem the custodianship, but give Schroder Management, Ltd, Anchor Capital Advisors, L.L.C., and DSM Capital Partners the authority to manage the investments. 12 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 3. Deposits and Investments (Continued) The Vanguard 500 Index Fund and the Vanguard MidCap Fund are open -ended exchange traded funds and the Manning and Napier Overseas International Fund, PIMCO Diversified Domestic Fixed Income Fund and the Templeton Global Bond Fund are mutual funds. These assets are invested in accordance with the specific investment guidelines as set forth in the Statement of Investment Policies and Objectives. Investment management fees are calculated quarterly as a percentage of the fair market value of the Plan's assets managed. The Plan' s investments are uninsured and unregistered and are held in custodians' or the Bank's accounts in the Plan's name. The U.S. real estate investment fund, the ASB Real Estate Fund and the Princeton Futures Fund are privately placed funds, which operate as an alternative investment fund which offers their shares at the net asset value (NAV) of the fund. The NAV is based on the value of the underlying assets owned by the fund minus its liabilities and then divided by the number of shares or percentage of ownership outstanding. The exchange traded funds are commonly referred to as "ETFs ". ETFs are funds that trade like other publicly- traded securities and are designed to track an index. Similar to shares of an index mutual fund, each share of the Fund represents a partial ownership in an underlying portfolio of securities intended to track a market index. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, only authorized participants may purchase or redeem shares directly from the Fund at NAV. Also, unlike shares of a mutual fund, the shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. The Fund invests in a particular segment of the securities market and seeks to track the performance of a securities index that generally is not representative of the market as a whole. The Plan had no investments that individually represented 5% or more of the Plan's net assets available for benefits as of September 30, 2013. Further, the Plan has no instrument that, in whole or in part, is accounted for as a derivative instrument under GASB statement No. 53, Accounting and Financial Reporting for Derivative Instruments during the current Plan year. 13 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 3. Deposits and Investments (Continued) The Plan held the following fixed income investments as of September 30, 2013: Rating Standard Effective Fair & Duration Investment Type Value Poor's (Years) U.S. Government agency obligations $ 2,842,961 AA 6.3 Municipal obligations 1,029,533 A 4.7 Domestic corporate obligations 5,135,997 BBB - AA 5.6 Domestic fixed income investment fund 3,666,841 - International fixed income investment fund 3,586,194 - Temporary investment funds 883,526 AAA Daily Total $ 17,145,052 Interest Rate Risk - Interest rate risk is the nsk that changes in interest rates will adversely affect the fair value of an investment in debt securities. Generally, the longer the time to maturity, the greater the exposure to interest rate risk. Through its investment policies the Plan manages its exposure to fair value losses arising from increasing interest rates. The Plan limits the effective duration of its investment portfolio through the adoption of nationally accepted risk measure bench marks. Credit Risk - Credit risk is the risk that a debt issuer will not fulfill its obligations. Consistent with state law the Plan's investment guidelines limit its fixed income investment to a quality rating of `A' or equivalent as rated by one ore more recognized bond rating service at the time of purchase. The Plan's fixed income portfolio may not include more than 10% of its investments in securities having a quality rating of Baa. 14 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 3. Deposits and Investments (Continued) Custodial Credit Risk - Custodial credit risk is defined as the risk that the Plan may not recover cash and investments held by another party in the event of a financial failure. The Plan requires all securities to be held by a third party custodian in the name of the Plan. Securities transactions between a broker - dealer and the custodian involving the purchase or sale of securities must be made on a "delivery vs. payment" basis to ensure that the custodian will have the security or money, as appropriate, in hand at the conclusion of the transaction. The investments in mutual funds and investment partnerships are considered unclassified pursuant to the custodial credit risk categories of GASB Statement No. 3, because they are not evidenced by securities that exist in physical or book -entry form. Investing in Foreign Markets - Investing in foreign markets may involve special risks and considerations not typically associated with investing in companies in the United States of America. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and future adverse political, social, and economic developments. Moreover, securities of foreign governments may be less liquid, subject to delayed settlements, taxation on realized or unrealized gains, and their prices are more volatile than those of comparable securities in U.S. companies. Foreign Tax Withholdings and Reclaims - Withholding taxes on dividends from foreign securities are provided for based on rates established via treaty between the United States of America and the applicable foreign jurisdiction, or where no treaty exists at the prevailing rate established by the foreign country. Foreign tax withholdings are reflected as a reduction of dividend income in the statement of operations. Where treaties allow for a reclaim of taxes, the Fund will make a formal application for refund. Such reclaims are included as an addition to dividend income. Investing in Real Estate - The Plan is subject to the risks inherent in the ownership and operation of real estate. These risks include, among others, those normally associated with changes in general economic climate, trends in the industry including creditworthiness of tenants, competition for tenants, changes in tax laws, interest rate levels, the availability of financing and potential liability under environmental and other laws. 15 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 4. Plan's Funded Status The Plan's funded status as of the September 30, 2012 actuarial valuation is presented below: Actuarial Value of Actuanal Unfunded Assets as a Ratio of the Valuation Actuarial Actuarial Actuarial Percentage of the Annual Unfunded Actuarial Date Value of Accrued Accrued Actuarial Accrued Covered Liability to Covered September 30, Assets Liability Liability Liability - Payroll Payroll 2012 $ 50,548,749 $ 88,420,130 $ 37,871,381 57 2% $ 9,375,520 403.9% The required schedule of funding progress immediately following the notes to the financial statements presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. The actuarial methods and significant assumptions used are summarized as follows: (a) Actuarial cost method - Entry Age Normal (b) Asset valuation method - Five years smoothed market (c) Actuarial assumptions: Investment rate of return - 7.80% Post retirement benefit increases - 2.0% starting 5 years after retirement Projected salary increases - 4.0% per year, but limited to average annual increase over most recent ten years (4.0% this year) Inflation rate - 4.0% (d) Amortization method - Level percent of pay - closed (e) Remaining amortization penod - 30 years 16 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 5. Net Increase (Decrease) in Realized and Unrealized Appreciation (Depreciation) of Investments The Plan's investments appreciated (depreciated) in value during the years ended September 30, 2013 and 2012 as follows: 2013 2012 Realized Unrealized Realized Unrealized Appreciation Appreciation Appreciation Appreciation (Depreciation) (Depreciation) Total (Depreciation) (Depreciation Total Investments at fair value as determined by quoted market pnce: U S. Government obligations $ 79,238 $ (257,882) $ (178,644) $ 70,825 $ (34,340) $ 36,485 Municipal obligations 6,887 (2,623) 4,264 97,544 (3,038) 94,506 Domestic corporate obligations 25,182 (235,517) (210,335) 131,345 38,108 169,453 Domestic fixed income investment fund 7,830 (206,676) (198,846) 10,205 294,330 304,535 International fixed income investment fund 38,808 (127,360) (88,552) 16,679 157,065 173,744 Domestic stock 2,551,432 1,550,807 4,102,239 2,124,366 2,968,436 5,092,802 Domestic equity investment fund 77,428 1,057,961 1,135,389 304,321 247,130 551,451 Real estate investment fund 980 720,092 721,072 - 103,754 103,754 International equity investment fund - 1,726,605 1,726,605 192,660 747,961 940,621 Net increase (decrease) in realized and unrealized appreciation (depreciation) of investments $ 2,787,785 $ 4,225,407 $ 7,013,192 $ 2,947,945 $ 4,519,406 $ 7,467,351 The calculation of realized gains and losses is independent of the calculation of net appreciation (depreciation) in the fair value of plan investments. Unrealized gains and losses on investments sold in 2013 that had been held for more than one year were included in net appreciation (depreciation) reported in the prior year. 17 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 6. Investments The Plan's investments at both carrying value and cost or adjusted cost as of September 30, 2013 and 2012 are summarized as follows: 2013 2012 Market Market Investment Cost Value Cost Value U.S Government obligations $ 2,923,427 $ 2,842,961 $ 4,446,409 $ 4,623,825 Municipal obligations 1,014,849 1,029,533 137,498 154,805 Domestic corporate obligations 4,946,033 5,135,997 4,758,826 5,184,307 Domestic fixed income investment fund 3,715,182 3,666,841 3,009,701 3,168,036 International fixed income investment fund 3,766,666 3,586,194 3,053,046 2,999,933 Domestic stocks 11,768,683 16,395,328 15,718,408 19,324,608 Domestic equity investment fund 17,080,429 18,307,805 7,823,431 8,129,021 Real estate investment fund 4,977,001 6,256,541 4,891,564 5,451,012 International equity investment fund 8,959,923 10,843,168 8,809,814 8,966,454 Temporary investments 883,526 883,526 1,659,594 1,659,594 Total investments $ 60,035,719 $ 68,947,894 $ 54,308,291 $ 59,661,595 18 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 7. Designations A portion of the fiduciary net position is designated for benefits that accrue in relation to the DROP account as further described in Note 1. Allocations to the DROP plan account for the years ended September 30, 2013 and 2012 are presented below as determined in the TPA's most recent accounting and valuation available for the fiscal years ended September 30, 2013 and 2012: 2013 2012 Designated for DROP accounts (fully funded) $ 8,260,257 $ 7,086,706 Designated for the supplemental pension distribution reserve (13 check) - - Total designated net position 8,260,257 7,086,706 Undesignated net position 61,122,063 52,828,527 Total net position $ 69,382,320 $ 59,915,233 8. Plan Amendments There were no Plan amendments during the fiscal years ended September 30, 2013 and 2012. 9. Plan Termination Although it has not expressed an intention to do so, the City may terminate the Plan at any time by a written ordinance of the City Commission of Boynton Beach, duly certified by an official of the City. In the event that the Plan is terminated or contributions to the Plan are permanently discontinued, the benefits of each firefighter in the Plan at such termination date would be non - forfeitable. 19 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO FINANCIAL STATEMENTS September 30, 2013 and 2012 10. Commitments and Contingencies As described in Note 1, certain members of the Plan are entitled to refunds of their accumulated contributions, without interest, upon termination of employment with the City prior to being eligible for pension benefits. At September 30, 2013 and 2012, aggregate contributions from active members of the Plan were approximately $9,917,000 and $8,799,000, respectively. The portion of these contributions which are refundable to participants who may terminate with less than ten years of service has not been determined. 11. Risk and Uncertainties The Plan invests in a variety of investment funds. Investments in general are exposed to various risks, such as interest rate, credit, and overall volatility risk. Due to the level of risk associated with certain investments, it is reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits. 12. Revisions in Actuarial Assumptions or Methods The investment return assumption was lowered from 7.95% last year to 7.80% as of October 1, 2012. This assumption will be reduced by 0.15% each year until the 7.5% goal is attained as of October 1, 2014. This change caused the required contribution to increase by L37% of covered payroll. 13. Rent Expense The Plan and Boynton Beach Police Officers' Pension Fund are obligated under a joint rental operating lease for office space, which expires on September 30, 2014. The base rent of the lease is $981.33 per month plus applicable sales tax and is prorated 50/50 for each plan, respectively. During the years ended September 30, 2013 and 2012, rent expense for the Plan under the lease agreement was $6,332 and $7,045, respectively. 20 REOUIRED SUPPLEMENTARY INFORMATION CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN SCHEDULE OF FUNDING PROGRESS September 30, 2003 through September 30, 2012 Actuarial Accrued (Funded) Active UAAL as Actuarial Actuarial Liability Unfunded Participant Percentage of Valuation Value (AAL) AAL Funded Covered Active Participant Date of Assets Entry Age (UAAL) Ratio Payroll Covered Payroll September 30 (a) (b) _ (b -a) _ a/b _ (c) (b- a) /(c) 2003 $34,694,072 $ 42,431,717 $ 7,737,645 81.9 $ 6,079,095 127.3% 2004 35,118,847 47,240,329 12,121,482 74 3 6,135,813 197 6 2005 35,386,328 49,620,257 14,233,929 713 6,763,318 210.5 2006 36,863,141 55,565,182 18,702,041 66.3 8,152,400 229.4 2007 40,504,910 59,480,217 18,975,307 681 8,806,744 215.5 2008 45,330,615 67,141,898 21,811,283 675 10,130,185 215.3 2009 46,446,813 72,211,379 25,764,566 64.3 10,350,054 248.9 2010 48,521,964 78,046,241 29,524,277 62 2 10,506,008 281.0 2011 49,140,415 84,384,761 35,244,346 58 2 9,781,772 360.3 2012 50,548,749 88,420,130 37,871,381 57 2 9,375,520 403 9 Analysis of the dollar of actuarial value of assets , actuarial accrued liability, or unfunded actuarial accrued liability in isolation can be misleading. Expressing the actuarial value of assets as a percentage of the actuarial accrued liability provides one indication of the system's funded status on a going- concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the plan. The unfunded actuarial accrued liability and annual covered payroll are both affected by inflation. Expressing the unfunded actuarial accrued liability as a percentage of covered payroll approximately adjusts for the effects of inflation and aids analysis of the progress being made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the plan. 21 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN SCHEDULE OF CONTRIBUTIONS FROM THE CITY September 30, 2004 through September 30, 2013 City Year Actual Ended Required Percentage September 30 Contribution Contributed 2004 $ 1,155,699 100.0% 2005 1,439,048 100.0 2006 1,750,025 100.0 2007 2,074,830 100.0 2008 2,255,749 100.0 2009 2,790,613 100.0 2010 3,108,723 100.0 2011 3,026,500 100.0 2012 3,148,122 100.0 2013 3,648,871 100.0 22 CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN NOTES TO THE ADDITIONAL SCHEDULES September 30, 2003 through September 30, 2013 The information presented in the supplementary schedules on pages 21 and 22 was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation follows: Valuation date October 1, 2012 Actuarial cost method Entry Age Normal Amortization method Level percent of payroll, closed Remaining amortization period 30 years Asset valuation method Five year smoothed market Actuarial assumptions: Investment rate of return 7.80% Projected salary increases attributable to: Inflation 4.0% 4.0% per year, but limited to average annual increase over the most recent ten years (4.0% this year)) Cost of living adjustments 2.0% starting 5 years after retirement. The activities of the Pension Plan and its members generated an experience (net actuarial) gain of $161,237 during the plan year ended September 30, 2012, which decreased the City's contribution requirements by 0.09% of covered payroll. The principal source of the offset to gain was a funding value return on investments more than the 7.80% expected return and salary increases less than expected. 23 ADDITIONAL INFORMATION CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN SCHEDULES OF INVESTMENT AND ADMINISTRATIVE EXPENSES Years ended September 30, 2013 and 2012 2013 2012 Investment Administrative Investment Admimstrative Expenses Expenses Expenses Expenses Expenses: Actuary fees $ - $ 20,735 $ - $ 6,471 Administrator's fees - 26,089 - 21,910 Audit fees - 10,500 - 13,200 Bank charges - 346 - 23 Computer supplies - 7,089 - 6,373 Custodial fees 34,514 - 20,907 - Directors' liability insurance - 7,981 - 7,805 DROP Administration 1,500 - 2,000 - Dues and subscriptions - 600 - 600 Investment managers' fees: ASB Allegiance 26,369 - - - STW 16,032 - 34,626 - DGHM 39,823 - 49,491 - Anchor Capital 48,663 - 41,870 - DSM Capital 64,684 - 55,615 - Schroder 15,537 - - - Atalanta - - 22,192 - Legal fees - 8,070 - 21,605 Office expenses - 564 - 1,140 Office rent - 6,332 - 7,045 Pension program maintenance - 3,656 - 1,833 Performance monitor 33,500 - 33,500 - Seminars and training - 6,619 2,688 Awards reception - - - 1,200 $ 280,622 $ 98,581 $ 260,201 $ 91,893 Percentage of plan net position 0,40% 0.14% 0,43% 0.15% 24 co 0 d a z n z ) 0 c n 0 CD ,,-,- 3 es —in 11 — 0( 3 CD o C = O o (/) c W (D C CD CD C7 CD , z. tZ x O 1 �d R i ." . ) " t Z 5 0 iU O W 0) CD m 0 3 cD 0 0 4 Z P- - w M V is c cN ° ° d o CO g M O ° N W c Q L, O O M - c / �'I C) o `/ �/ vr L 0 � ° O >tE — o�o�— c cu N O M M W o N M d n M Y - o — o 0 L. 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CA W pi O 1 3 O N m n y O m a : v W @ O O O , F O N -, . a o E. on CO al W a p O • m i • o m • co o m o o N o iD O • T Oo N C x- • . • w w m A 3 N p O al d m d • w m ° o o - 0, c m, o w c a v 0 D 0 0a;D. owa:°. m .. m o a X o 0 , FD m m 0 w o 0 m m N O m .O d o O ' m O m O CD LT1 0 o a isf Vim f 0 C a o m a ,O. 3 0 o a .%.. O Co V co < = o W aD A m 6 ' OD o ° at m • o co m o o c m 3 n o S, m m N O) O O U O O D D O O OD 7 O W g. N ° CO y O CT y CO 13 W Return (%) 0 • Return Percentile Rank .< • • - IV N N ' » O 8 ( O o. p NJ N O O O co N O O Cl Cl 8 8 ° 8 8 = O O Cl y N C m m 7 C C O G Q cn O _ M o. o. 0 o ..,. 0 CD :Cl ° .'0 ° ' O 0 z ° .3 z ° re g ° a m g N 0 co D N O O D v O O y 13 a • CD m '>! 3 \J •Y o CD 7 7 co O N N C O m O O N Q x" VI CD G O ID CO cn o _ O .< 71 = _. ZI 7 N N CO •1 xi O y O N o f � • A 'co CT 3 T A O O t1 O a O 0 - co O 0 m CD m 3 N C N co O O R N p tO o a e v •O N ° • O ▪ SC o N O s. 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' d m .:1 CD ,7 � 0 E. n n 0 .. CD H v m m m o a • fa ." o ° O @' {�s7 41 c c m m _< 0 3 a, m a 8 _ o y W o CO a ( Q -< I CD 41 O 1 -1 y • ° O _ mn, O m3 ° D O .. 0 O N O - r C ,Q O V1 O CO 0-) 7 A 0 m W O 7 O O CD 7 Co 3 u ou A Of 0, .. a -, C a, (O N m m 0 N A A 3 a m ; m m 0 ° FT: co - 0 ° O aJ 3 it 3 a ii N O W C O 0 CO 01 m C _ O ' O O c g 13 O W C O N A .. O (o a .. rn O O m O 0, N O N O O 0 to m �3 — n 0 of 0 d m rn v, A , ° o n.) '� O e m 0 in Co 'co ,i:0. n, O a c x F 0 0 E. g D o m •d • O A m° O cn m 7 O O o - .. .. 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N (o 0 (T O (T :� O N .Z7 ? co O O O O O N 7 O 8 8 O C m 0 cu D w CO C D c ° o o n „ CD o 0 _. to < V - 7 < V N 0 d < 0 p (t) C (D O o .'G (Q (D c (n ._ XI Z �3 z °: m c 5 m 8.w to D D o co D N o m lv °- m m a o 3 ( (D D .0 t0 / x c d C N N • 7 •7 co J C w O a N m O O) 0) 0 � M. m ' : p CD A G C z d m re x W 0 d d 03 D ' 4 N W 'a z s . w C 0 O 0 co 0) z rd+ 7 N n C gi. o O O N ''' 100 01 D 3 CZ C N ay ; a p � N a w a 3 N N at 0 '' O 40 N O) O O) N Z 0 m 0 v ^' tn 0 D Si o c 0. m N ° ° ) 3 0 �� fl . Z O fA m N >> • y D m < O V e► V f y.. L CO CO z- G o o N (a °"' i n 0 • d 0 N -, bJz o o ; � D �a ® • CD 75 3 0' 0 -. 0 - < .'G F J 0, XI F N O O u+ d 3 co = I ^ , '/� z N= (n j r O `I / J ~ Z El W m !'Z w< 4 � xo Z � OA Z O Cy > M _7 M_ 7 M C 'yJ� �i. L !6C V �O Q a C.) C; C C Y M Y M 1� ` 0I NI W R N O N N C O W / 0 � \ • d h r CO H 1+1 W 7 0 X -1 N N N ,t y 73 C N ,, c cu ( , o ` 0 r ` d r - o a co as m aa) ad a 0 a p 0 0 A LL CZ 5 C N o CO o c a > ,.. O1 C N c5 5 'O N al m C a M M NOJ o W 4t O U ' iJ _ m C j C C a) § V CO C O s c's 8 Er, F a y > U' O N N d N a 7 N N ...+ L C L C O O O O o 0 0 8 8 8 8 8 N DI m N O o 0 0 0 0 0 O x O x E 8 R t N O' 8 8) a. ,2 a 8 - O) g C W W N M w . C O V N t9 V9 M V! 0) E V a0 a0 a0 y • W M M V O O O C C a) o m CO CO U_ 0 Q Y 1� < M C C co Q) N co co O _ H N C O • C C - O ) O 1f) d- N O O 0 u) u) lL N N c0 V j O O O a g N - N O O M O .._........ CO CO >. ID co U) co co O O M ^ 1 } W CO n • L N h Q) CO ` 07 • C c ri 0 ch C O O O N N N a :a N 0 0 W = 0) rn n N N N C M Y N W !� •. M M n 182 co al N m M CO O r) d H^ r. m b -a- .. Z ` 1---. 4-.) Z 1 r F m H 0 .0 0 1- E LL v 1 M Q) 1 0 0 0 v d �01 °) o O 0 • CO 7 M O 7 M e C a To O , H to C 2 a. W y M r N N > N 61 M .- N 0) x O F co . - N to an d r r a/ — O Q co.- M CD y 0 O y 0 1. N_ N p C • 1 O O O L 2 r i`" O a) L t d in y Co _ n _ a 0 0 0 0 8 8 0 0 8 8 LL a �y X +-' X vi V Oi ai of O Q a) X V to u co cD t7 O ( N N N N .- 1n C W O LL_ to 0 W a) C 111 C C G UJ lgea p) C N O O ia c0 m 2 TO t o ) a o ) • cu E rn c +- i n = in T v O u U x C3 x x x x 0 a C a CO ° o a d a x a 47 C 0 C a 0 C C a) C d IX 0 IX u 0 ) 7 m O C w Li, C O 7 u, CO (d i s o i s P O L cm L. a 0 0. a. C C = > 0 2 Q . = a CO 07 0) L O) CO m C CO 0 • • O c0 y LL > LL > a 0 > i w N N N Return (%) cD rrd 500 Inde jSignal (VIN .. AO ro cD -0 C p 9,0 fC O •• 0 N m 0 ' O o 0 O 0 O 90 71 o d = o, 0 g 0< 8 8 8 o o n 0 m S7o w O O . ° O I n O . o = O N co a O j C CO 7 X = -. ° 3 n N 0 Q _ 0 an n n 3 („ 1v a m 3 m 0. X K X n X ° O N " W 1 CO c e1 0 (0 p _ io IC 9-, o O 0 d al d w co a) f 3 2 -< T co c a 3 8 0 m 0 1v (f) 1v d w X 05 X N 2 w.. m O -n J H to X• ° 7 aL r- C 0 - —I w 0 rn 0 0 m m O O M al a 0 0 - O ° 01 o m C x ° o O = in m o g. - - ° 1v CL r 7 § O (71 CO C c or co co A P> a2 0 g A. O (00 9 d C 00 (0 3 01 C 0 . O co W 9 O f0 W c R -13 ( 0 0 O N __ ( 0 m 0 _ 3 0 0 o d m t7 CD c.0 (0 m, Cf. • a o° C � E o a c * E w A cn = a 71 0 3 a O N a O a ' : = co 3 N 8 N 0 0 0 V W CT w Return (%) co • • Return Percentile Rank 0 0 S 9 • •• V a N g o 'en p ° 51 0 0 N O A m N cn N 0 0 CO 0 O -a .3 8 O 8 8 O O _ o. -0 m C O N iii O N O a it IQ o n O . p o « 0 N j N to it.' O -+ O. o m F 5 o N X °_ O 1 D n = 0. _ Do 0 8 0 Do a e (0 X 0 o a D co o °: D n) o ° m N to 0 03 ' ' 2 ? T 0 ' X 1 0 `° X a 0) as c `° o N - N -. ; ° '� <.. to it N O w -0 • 7) rn '4 .'O S 01 , H 0 0 �' Z -4. w W �� a a - O1 N p ! O m • -4 -4 V C 0 0 O W O A m Co C Z m .-. C N co A V 3 a 0 0 p N _ r • O o •+ o. _ O O • • u On o • (7 N hi 03 N -� ., ID to O O O I e C CO = 1 1 s: 1 N to O O �+ C, O O O O a . -- o o 07 01 n, N — C 111141) cn o c, o a 00 ODi 3 t�D O H ° __ G 90 ∎ 11 a 0 0 o al cn 01 • = a, b> rn °:Ia 0 N GO g v 0 V CO � a • 0, O 0 co 70 CD E, .., o 0 0 ( te n ®o 3 3 ^ i+ 0 w= �o a C ID p gu 0 (► Co o �c a rn a ^o o » �' • o T CD I ID co N ? o fJ i N O a, N 7I < • F B ° ` l� M Z 4, x c =(.0, zP.; a) m ? Q% 75 d Q N 1 N - > N _ On N CO O r} V V /Q a) O a) O `., ` 07 r �./ C () E ` t°) 0 _„ M W C N O E d 6 - i N N tCi O c C O O S hihn L a 1 0 W 7 M v u 7 E'. i 0 J O a 2 a ( `J a c O o 0 cf. Q0 N N CO - co , - N .. am .. C O m 0 :0 N co 3 w 0 n m co c' 0 L a) w CD 7 Q O c) 0 E E C \ (3 o ✓ N V N t0 o O C C E p co - O rn 1 co 0 N p 0 CC p pp, r. p d N N d O O 0 0 0 0 0 0 0 O 8 c - W cu CO co 0 , y 3 O O O O p bb O O p § 0 0 0 cu a) E 29 7 (O N O UO f0 V N O L m s t W . P. 0 0 0 N 0 N » v9 ui ui N 0 O K OO U IL w co 0) li• • K co CO C' C 0 } CO CO E • a' E H CO 0) 0 0) a) N N 01 O� 'I' C" C LL C ca CO O N 10 C W r2 0 O) 0 V I". .1 ce 0 O ) O O 0 N M • Oi co Co C C O O 7 7 N co a ' d N v a y } N O c0 0 CO 0) 0 V I 0 O • c") 0 V (0 co C O _ O _ ._ C C 1 a] n W 7 N 0 0 7 O N N co 0 ) C C 0 } O O a0 V CO 4 3 7 • N N O u1 2 .0 6 c v ` N N N C C o M 0 LL a- U o) o r N f0 a0 CO C O M , " O V c0 (y :a N • a) 05 V e .. C G V r- L M c`7 co w a) co - 00 i2 .0 = wor cc; co v a) , y am L Z mj v Z` . 0 0 m m O 1- O ►— O } co V (0 • u. V 0 H 0 ,- ° ° m M O. a) o as a) 0 M d N a) 0 F G LL V 7 M r 7 M En U t, > N c0 N 0 J V W Q CO 0, Y O) ® 6 O O CO • O I� r L O n U) 2 O ' 0 2 = X d 5 0 V W C C N.. O O O O O O O O O O • C X Q c c0 O O O O O O O O O 0 .5 C as as L co t N N u V ? o CO c 1- 1- O` -5 L C O . y C7 0 0 3 r (j o O o 2 ' wn�aa n t O 3 n C C cs ca U� O 0 O 0 C 0 O d 0- CO 5) cc CD co Q W 0 0 0 cu 0 p ct 0 Q' 0 O. m_ > U Oo m 7 J To _0) W 0) 0 N a) L J L.) ' 1:1 . C> ca L N 7 d ai a) N cn C J C J U ' 0 X 2 a J y 7 C ca 1 ! (n C fn y •• E y Q' 2 u. 0 LL 0 0. 0 l w x cn 1 xi y 1 R eturn (%) co O G SM Large Cap Growth (% .< O N O • • 0) A p p ) p � 1 O) � ' N 0 0 A c (D ( 0 N ( xi y 8 O O O O O O O C O O C - N �1 8 m 0 n N m c O E. O N N O N to 7 (D N o . 0 +• m (0 0 v 0 v o 0 0 m O o o O 3 O 'n N O ' � •• 0 ID D] = m o 3 m Ct. O S f C 1 C! V7 d N o 2 5 to , N O v tQ m o _ 40 0 (D 07 co G7 , O ° 0 10 m 3 N X .< X -< ? 1 3 J O 1 co CD tD a R to D) co w • m N f@! o 0 C Y A Q 1 1 y x • 0 • tv O A In o O • W q o tv O O O 0 ro c 0 ° o rn o V ,� 7 o 0 a e (D CO (G 73 m 8 7 e 0 m o ° 07 (n rn ao W = m 3 § • d ix) o c a m c• 0) 0) 3 e ; 8o a o • d 0 5 p O t � 0 d C O t 0 0 C x o o c A- - 0 0 :. c 9 a e 0) 0 N N 0 0) N 0 N a 00 0 o U r i 0/ ai O o CO 0 .0 SO d 0 0) A 0 O 7 m 00 ICI) c 7 0 0 0 C . 3 ' t(0 CO "• d m • 7 a ° • N m ° O C 3 a m m O N OD O O— D 0 0 D 0 0 rn m 0 0 n) m Retur (% ) CD D ® • Return Percentile Rank ' 1 • 0 0 0 O o o ' o X c CA M N ° 0 0 o 0 ( •' n 0. °o 8 8 °o 8 0 1 CD • m c m m co ( - N 0 m 0 o CD N 0 0 et -, 0 3 7 0 0 CD S ' o O a, Z o m 3 Z p a � 3 F 0 - , o 0 t D 0) C o > N o ''' F o at a 3 c a 3 co 0 o co to o .., y 0 CO - 0 to CD O N 2.3. m O. ° 0 a0) 0 ( x ° 0 to o , - W •. Oi j N w 0i N N H W W O 0 (0 0 0 ° Y 0 0 0 (D N g O 0) O N 0)) co ▪ W N C 7 a C N O En R. N O O c V v e O I: O E 0 N 4. • 0 • - co N C m. 8 cL O o a) O O N f 0 N' a0 " 7 0 0) Do 0 (0 g i 0 • Z. } � � o � o 'It)) c D y --1 i o; »;� O y = M � -4rn' -7 o • o o u, w O • 0 y o 4. N A N = a y v V N O 0 c co 3 0 0 7 a m O m aD a D �F 0) - 4 71 f W t7 V su (/, �� co x= O N b ! f O O O N o. M' C (D 0 0 {,l , t O O r N 0 0 CD 8 __, __._ , , - m ro O x w a c � z M z� d , N x O re > M 7 CO 7 M V A/ ar I 0 ` > A Z:-, V O V C:4 1 N N > N � ;/-9 d • CU o • C % M f\ . M n M O IL . W O co" N l0 N - C O t:) CJ 2 , - C C CO u) (O .. g4 d w 7 n m o d • 0 N N N // �// c O c0 f a 0 a ` U V U J 0 "� `IT 10 G G 7, G Q 7 co 0. a) ad ' a < a O 3 _ LL a 5 c o c rn . 0 N m 5 0 N C) m - C n M M N o co y — .E co ai m m co M V M 0 8 m c c C 8 C E O o 2 a - es N > co a 1 a) — d v N y cu N R t c L c O O O O O O O O O O O O O O O d C) = N O O O O O O p p O O O N K K 10 Lo 7 M N O 8 W co O O� C M t9 t9 t9 M c O W W d) e9 69 69 09 v) 69 0 a N U • c u CO CO CO w d co CO V Q O O c c co N F O) a) a) a) Q :.. } n V CO co LL C) LL N. CO W V C c 1 O CC *-- ` CD. M . - M 0 >- c O co co 0 O u) a: O O • ui a- C W LO c0 C co _ w a 0 0 0 M 2 d _� N N 0 0 } '7 CO V • M O 1- O co ro vi W co C C fh ^ O O c 7 -" re ...... .0 .a N 1.... as M ` Q) • M - .N c C • M M M C O O 0 N N N a :a N U 0 CO � 7 0) 0) CO I O N 0 1,-. w i O • CO CO N. d N a co o co M N N r ) Z a) co N Z ` r M ` n M F a) It G a 0 F- LL v ) )) CO 0 • C O O LJ a) ` O a- v ) � C) N LL • N 7 co 0 7 M C .- V Q a L c G M a d N a, M N o to re )0 x • F 0 W y uO 6 )n y d ,_ c.0 a) o CO « 0) y O 1.7 O Y O u) • sr u) CO N e CV R C • 0 0 O d 0 . X 7 0 a g 8 8 8 8 8 8 8 8 8 8 CO ry {pp LL V 0 C) C CO N N N N .- 40 C. X 7 V) L.L. N u c LL 0 Ti m LL m C Z C Z uJ moll 2 t) p C N O O m y co - co 2 10 Tcs c " c y x c c6 (n c4 65 . T c 0 y 2 • C G)) •C x ca O N 0 1)) a) ✓ c 0 0 c Q c LL c c d IX uu-, Q' u, 7 co o c ; c °o a, v .0 2 2 m Q � i ' e 0 C 7 C 7 > CO 2 Q = d u) rn m 0) ,� C m C m CD •• 0 m CO _ LL > LL > a V. > W y N y Return (%) )rd 500 Index Signal ((VIF Q m O W O O N N m m G bi o co N m d m T C .� C mm N 00 0 4 (n m S?o C O O O 0 0 o a y a v � o ce n ° o = o w w a o a) 1 co n x a - ° n m ° ° 0 c m 3 m O G X K X M 0.. 0 g ` N V W J m (/) 0 Co. 0 o o CD 7 N 3 N x 0 - w (O o o 0 01 a d W X A 3 m ro m 2 J 0 cn d CD y CU w O W m X 0 x y 2 w - 0 O X J 3 X • O 3 -n r- C 0 f. n 0 4 -I A T a m m .0 0 o m °i o o m ii m o p ° } N 0 0 O s I o c O x N m �, co ! 0 CO um of D. y y (0 7 o o (n 0( 0) m 0 m C A OD A 3 ti x N 0 O � 7 A 0 O - CO or pa, O (0 m 3 0 co C 0 c0 a a) C o 0 . CO C x� o '0) c x v O 00 fD . O (0 ID ,m.. A W 0 O f. IQ v 0 (n m d N �• 3 - Di 0 O O ' 9 E v c0 c0 . a • A m O O a -, 0 0 0 li_ 0 W A O) o d • O w O C O N = N 7 0O A C 1 7 a i0 ] E ( 'p ••• 71,, ^� (n 7 N N N ia J f. 0 O 0 V W to W o o 0 o D 0 o D Return (%) m •• Return Percentile Rank m ° o rn ° a• v m ' (n 8 cvn °f C N G A O o CO °O a - ° 0 O ° O m Q. m O 8 8 0 0 8 a v c o w 5 0 a u) a o �- 0 CD 7 (n cn y X O O _ _ 1 CD 0 M 7 7 0- (3 X CD � g °' O 0 Z ° N 3 Z ! a1 3 O) O ea D o O °1 . D n o N. co ' C 0 N N (" 2 co ' A- o 2 m u) ( c T cn - X , O X y V7 A C t J O co O A 0 0) H N °, m tn Cr) - N? -.- m d O W m r .► E • W W O'O N O1 m f t m • V V V I2. p cr, - O W O a 3 0 O O r ► O O O 5 1, o .. • !f) 7 0 r - O a �'1 0 O - O m � e O O �•. N O O r. N RJ Q O O 91 O O m - 0 0 7 c N N _ 0 3 z ) m 000; W •O w a� �� v 0 -4 m m o a • d /la (0 m Af 0) 0) � F o 0 o a co o xy m �° x� m ® R) 01 0) a. �� U a a o o S- v. N • O '+ _ X m m N o • o W W ▪ L X O O m N C O N 0) � z Wx� TM za o 1 x c r. Q 0 r w w CO C', —r 0 _ ,- NI* nt C7 d CO w > N M > N M N V M ,— M ca.— W Lo C O E ` � Y M _ L c O as + w c6 cV ID N N 0D M 0 ..1 C C V N W 1� Z /./1 E C d � � � � a W' 95 - iii o -, Q t _C o N 0 a _ y 0 m o CO a ad ad Q 0 < 0 ' Jo -- ,co i3 cl m y > d C O. M N. V _, Q W m co co u, N Q Q CO co I� Co w W Ta al d v o € € E co E 03 o 0 0 LO CO E O c E m m L C C C m m O O a) a N r f0 > ° a.-mg) w : _ g t P m 09N CS M a, 3 o t co el 8 8 p O p 8 8 8 O O 8 W W ro a) co y M m N E O O DI OD 0 a p p 8 V P°7 o co L N L a) , ' O r v) CO CO fA CO fH v) o K 0 o U e, vi W W o r ao co m a, E a . - L C O O N csi O) d ' Ol d ' O , o V3 N N 1\1 W f Lei V co CO CO T M O M 0 0 O CD a) cp C C O O a � .0 • a ' 1 E. CD CO L T c+1 ao W W I r) ( CO- C C V (0 k o v W C a, co O • 7 O i O O N CO N co of of co a . It C.) r) 0 2 Lo ol re L �� (0 csi M Q I - N N C G O, r C W co M d L W ,_ O .0 co Lo Z i C CD V Z` O. I LL co CO 9 It 0 ~ v 6 .o 0 cc7 co c1 G N N 0 �v C g (Nu CD ; N . ). ; N 0) ' a V N co 4. d _ R N r' O .0 a, O C U 3 xa 0 -1C 0 > d Lie .- m° " o w r Q C _ ° O ° O ° O ° O 8 8 °0 8 °o a a) V °) C C C co N N N N W Q 0 A Z. C d 0 ca �` /` N uJnISH W W E 7 0 To To 0 '- V W C •V W co c o C W (0 r 2 c6 _ d o m 0 m c . .co a o o m O 0 0 C Q C C C C a) d o ; , �' o as o a a .- d c C c — 0 1.- 1.- 2 `° a — � c c o to o y E ;o 2 C O C O w •• 0 O '... LL 1- it a 0 F- -I _ -I i - w o 0 y . o N Return (9G) 0 Total International Equity ( %) -< m O 1 •• 0) , w 1 N O) to CO O O O 0 O p 0 0 o a 0 0 0 0 o 0 XI S m m m o o p t • L 0 a) m °» M. m " m m - m a o o (1) 1 C y C N 0 0 0 0 0 c n m 0 `D 0 th w a a 0 -13 0 0 3 _ N 0) D) '� W ,° O (o (/) N o N -< o 0) } 3 1 W co FA 0 o p -I -1 CI m o O A mo A m 7 o aD O O O o y . N o (11 •.= 1= ti o 3 0 -< (C CO 73 a a • v cc » a_ o • N V-• O p 0, . o 3 < o c O A • O CD o CO N o o N C - m dE 0 co a- O co A- O O fa 0 o V N 0 O _. O 0 to t7 3 n 3 0 rn v =7 0 CD 0 a ' m n o O m m 0 o m .CO = a v O V M O O V O O) A O O m v m 0 2, m 0 7 N - IV A W 0 o D o > Return (%) CD O • Return Percentile Rank -< CD O LA m O V CO •• O - N N 0 O O p o (T O N pO p XI (p O O O O O CO 3 a) N O O S 8 O O. N C 7 7 = 7 7 7 CD CD W In ID Oa 3 7 O 1 r ti) o H w ( D W O 0 O 0 N CD N N CD CD a 0 0 O c 10 mm .xi � m m G) C C CD Z M. - Z N "'� 3 C c 3 •- ` Xi D (7r1 o > 0) 0 . ,? v 4 8 0 a o = c) CD G o •c y -I C y St O ' Ka _ t: N m o A o Q co -< a a 0 y O O .11 7• O O A 7• N W v N • L. 71 A m O N m p °) W O _, _. " .11 a ID N N O A d O O O N 0 v A C 6 O N N co A 7 2 02 » cm CO o 0 a. e N • 0 se • O O o n. N to . • O O C G N O W _, t'0 0 O 0 . _ ► W al 3: N 0 o 1 / � N o 0 -J O y r G CO = -4 •m m o < . 3 0 ° o • O 0 r► O O N � u On fJ a .. iQ , 1 C co N CO ' a s b� __ g ,, g ;3 • • • O 0 CO 0 N co E O N F N O J O N 0 3 5 3 • !p 7 jp = O L Q CO 0.1 CD 3 0 4} O N X a a p\ o N co 0 o , 0 W m t O> N � o A w K CO z d x N O v �N O r 7 M 3 CO m N A 6� 1.1. W L ; N T. N M Q M ti W A V V 0 ., d d ` O)� c as -,e'''- '- i M C o M O CO C> d AN RN � � N co co o's 0 0 \ \ \ \`��`v� 0 ." 01 CO t0 0 O Q G aQ o a o N co Z .w ' ad ' _ o!S a0 a x x N O OD O ) W tj 0)r CO N _. C N •= m d ,_ c O. CO I.- V e W d O co 0 co n 2 CI N N O W E CO E co v LO v LO v o a o CO C C C m Z TO 0 E 0 `ro 0 C t W d 2 H co c _ I ` � v CD CD N 'Cr) L C . .0 C la ' cli d d O O O O O O 8 ,_ d c f.) O O M Q C. Q 0 o. 3 N O o O O O u) G) CO Q) CO W W v N ° 8 $ 0 6 tti O 0 = t» n v3 el; is cn c c m ca N y N N M O) d O) d 0 re tV C LL C LL N a CO L O),_ N LO N RI CO 2 Z • C O O'p N f � N 2 O V M co v C C O? V o cn O O O a a n ao co v •c • c W Y ) CO CO O D © > co co 40' M CD CO M Eo r co n n ` a) ,_ v co ., c o Cl C us en C a N O N- V O o V V C C O) c') O ' et et 0 0 �"� W = Si co h O C C • N 0 N Lo O O W O) co 0 0 CO CI LL 0 i > M 2 O c- CO O T M O • ^ ° w • N N M CO N ... O � NI c W � ` C) 3 c O Z co r Z la CT 1- N O L N N. O it CO F- W 0 W 0 0) O co Y V O co C O LL )L) co h C O V V h N 0. m ca 7M 0 =M 9 IN n > v 0 7 3 v 10 R c N O N co 0 0 H c0 o O co ` O c r c= c- N C Cr a- _ X N a. r co 8 8 8 8 8 8 8 8 8 O co (1) O 0) Ql M N N N O 04 IA V O �X e," y Q O U 0 C m N O 0 >. N W Q W uin; N d d) W U zr r _ - y 0 o U C C D C O O co > Q R N La eL Z, N 03 w c w N O W E w= 0 = a`) = `t N 0 a Q v > 'v > >, ?) c > W C c CO m c 2 o 45 o ;, c z m a a� o C c) a v a Q ,� c y a- c � @ a rn > m c o c 0 05 c6 o5 0 c c m ` 05 c c . � m .� 0) C O N c_ c 0 C 'c C 'c a , M F 2 a 'c B— c m c ca N •® E co F- LL LL a U 2 g x 3 x - 3 W N N Return (%) N ing & Napier Overseas (EX OS. -< 9. 7 O N O. 0 I ®• T N m A N co - t o , _ 5 0 0 0 a G) 7 7 0 0 0 0 0 m GD m m 0 D1 a w 0 — m to m e 3 > >' - 0 0 - m t cu t o � . St' a. S) m 0 a o °-' O m O cn z m m ° co d m< m< o u m v o . Ja CD @ N c co y w e 0 to 7, 0 0 '•< y to 7 H w a O m 3 M O o C N 3 j N n X y 3 X c o ' a a 0 A v tu m to fn 0 N 0 O co N ' O X x D5 m o CD x ° ' + y + 3 0 N + 3 X m .° p -I 1 x i m A o N O m i O A m@ o 0 0 • z ° o D d= ° o a > > i W o a) cp co m 3 m o R a m • c ° a v 0) m o ) E m N V 7 g X Q 0 _ r _ m • o 15 m C o ° a 01 C O 0 0 o z C ;•-e3 0 O o xa Fo o D ;2 o o'm;: m OD X 0 V • 0 O to 0 O) to V < • 7 _ 6a V • co O m m o O N O 0 ) A co O" v o C ° Z E E �^ ic 7a 0 ' 3 n • O D 1 2° 0 co a N 7 j m - 0 v A W W Return ( %) l O • Return Percentile Rank i ° Z 9 ° •• N N N -, O U Q O • o D y o m y� m a obi o o m C 6 a 0 5 0 0 oo E 0 0 7 7 7 w 5 5 -0 EC (a w c0 � m o -0 0 a' 0 m co o ' O m O m _ m ' a m cc • ' m O (0 o) c co co Z Z o 3 o 3 c m o 3 m 0 7 z M 0 0 f)' co co 0 x o O 7 O 0, y 0 CO y X 0 co D � O x o `. co co HI o 4 2, N 0 . 0 y O O O W M. .... z do, :s A °' ° a _— 0 N D O ' O) O d c0 ON 0 73 N N 0 ) W 0 „, V z C I 0 0 0 N � O N co D 3 S 0 0 R. N D) ;� 0 7 e 0 7 v W W N °° O N O QO O Z cD 0 O N 0 O J 0 0> C O V 0 O o •'' ( Z 1 N 0 m 3 • o 0 0 0- 0 to t c a) w v m ooD77 0 0 D a, CO CO < _ CO ,• a w a D CD O Z Cu a 0 �0 @ 2 O m 0 J o p c i+ m D c. u' _ ! tD tD S) 3 _ n� 0 �� o IV /� N z 7 m to m 3 °— 0 i Q y n 4 o D W x e+ 0 .�. m m cD O VO c W O o � �z Wx* ■ II l • m VI Za4 Z .' • V N o co ro ‹ /'1 O �// • Ce = m a) _ V--d Fil M 7 M 7 M ( .�j CD - 0 d > N 7 > co 7 N M 1 � O D) V d a ` a CO N V V d .- d r C x ` M Y M U i. ' ▪ C O O CO • I l v CD ca to N • ci_ L —, r 0 a+ O w C 1 • V) ) CL Q LL Iii (1/4irs, 0 L • ~ a IL) w p to a n to QO O. o_ _ rn L c •••• v N O c 0. (D m V W IA N ,- a) y E a) a) v ° cn c E v E v c co o m o co as li u ,-- Q O N a CD n O O O O O 0 0 0 0 O O 0 8 O o o O 0 0 0 0 0 0 0 0 a ▪ '1' N H 7 V o cD N m V O t0 N R O r C U 0 CD O N a N a) = V O t, (+) N N N 0 0 0 W 0 0 O = N c .c N N C..) (» t» FA M FA f9 FA 09 fA (fl 69 63 O K O K W W (D 00 r } O C C )L7 0) N D E y E • (o v v a) N • a) a) 0 CD la co C LL CO LL e" W CO (D 0 M MI CO c0 N N. 2 O O O 1 K ›- N N co • a (n 1` O V M V to to C C O 0 v (D N. a O ce C M O 6) (`] M 8 co N N • • V N M L CO a- ,- O C O 0 b OW N .r) N. CD C C 0 (D N- W' Ci N f� CD co IX co O O co C C N m CO O O • (+i O N M 0 .— c O o O LL U 0 CD N U eh + O > N 0) M 0 r. {y Q CO CO v O) L (/) • O N O C N CD u a C C M n N C W N O 1 N- E o O O _ (A N d N to CD i.) a) v f o b co 0" d N N Q d N N 0 Z i 0 Z to O O U 00 V N F 1- F . • O O O M (0 a T. o a) m ° ca O) N t L rn a) 2 t L a L a) d N 0 0 O ((� O 0 ca 3 M -a 7 M (D V N + �� (a 0 M (a : M ( n • O O O V > N f.1 >N N U) r v O m a> c O Y O 2 T C 1 O o f6 ° o t0 ° ' 0 m a m :. :. y 8 8 8 8 8 8 8 8 . ca ca of (o (o v N o ry v a . 0 a o d T 0 E 0 5 C w nlaa c c a E E '-O d c c N 8 Q -0 -0 o c E ca Li. C fr ` 0. X _ X 1 _ C - N 'O 'O 7 t.L 0 C w D a) N as ca X 03 a) 0 to ( a L X u_ c C (7 1 — i - g C m ea as m y E T o g = o = o y • O o o ' It ~ LL ,- 0. V ~ w _, s o ! y' , o y Return ( CD Total Fixed Income(%) -< O S O O _ N O ®• N W W A A 1 A 01 m CO 1 DI. m ' O m O O o 0 0 o m 0 O O O v 01 X N c R N C O t • C C co n m n a p) Cl c • -0 7 O- 7 (M n 7 (O m m N 10 N a, (0 �' S r i 8 6'i ° ° o C n m 3 ` m 7 o 3 m to 8 m co a- a) v ° w • C N Q 3 X n A co n - 0 8 8 f O 3 1 t o to 0 0 0 3 3 m • O ,.< 01 .< w v tv -< O N 3 o N 0 Vl ° p -I m 0 o N tT d o N m a y m A - d O A g F O W 3 2L - d Cn • 0 O CT , 3 O 1� -. O N a C 0 to a 0 O g o cn 7r A m O N 3 K W N A N m 7 . cn • m to as 0 f & N • < a 0 O 2. O CO -, C O -4 33 Ol/_ 7 on - 0) •• O_, C xV o co C ?•O ae • H 0 • o --.1 Y A N A" o o O • v cA co O .. -4. O to W 0 0) N d C 0 co 0) p 3 ) C N N CO < d ° O Vt l 1 O .^.. O O O o co 0-4001 4 . n (n O W = ?,, . 7 N O (o O CO co 7 n • A O C O 7 Q S' A w co g N O In A O N D O O D 01 - o C ) S A o 7 • W o CD cu o A y Return (%) ®• Return Percentile Rank p A O0 0 0 ) 01 - ^ 8 ®• O O S m VI O O 8 N O (NT p O O O O O N N 8 8 8 O 8 n of D) O m m 7 T> N a x (2 7 N d o .o O CD a 0) 0 5 3 D 3D ' ' m 3 3 co O � o O xj 0 3 3 m m co CO O ,_. 5›... co om D A au o d v m m c) o m O 0 0 0 3 2 0 XI te o, -I ° x CD N -• Si O _ 0 = -< W D) O A - (O 0 o t0 mt 0 of • 1 - m 7 .. N 70 N W ` O• y W m C -0 0 - • 0 A A 0) co g o n t,, m A m - (T C _ c,-40u. - O • co co V co 0) 7 m i - _ C N ° °" O • o I o I ` A _ O• • O N a O • A N O K cn `2-", O • co N A 3 N o - co M,.. O O• j 1 1 3 O• D N Fi ) o a o O l � c rn ^' :� to , al N W < a o o 1,. 0 • ° O 0 A O CO 1°.a) W a .� t:C/x ° p. O • m A) cn o o a • 3 K 7 A) 0 r" A co t O 0 (n - N tB 0 _ C jp J a (1) 0 ao A x n - Co x n <n °� N N 1 0. � O O �/ A I W O • 6 7 0 _ ___ � X 0 0 � z WCD I • a) M Z a CD Oo x 0 O N m m O W C M 7M 7M rte./. A p co R p 0, y C X E , M O -6 M O d c N <o ,. d a7 N a) r ni ' C C V M. E 0 r N O N w csi a E , o N a s rn nn a) o ++ ad a O o O Q Q E5 a �co N E E c � c a� v rn pp 0 W �N p C V/ .- N N ,- -E d X X E E E r u U U C C /4 0 CD I I I G O O OD CI o G H r N v ) d � rn� 1C d I c 0) c U U) O CO +� a) V N V O _ ` 0 0 0 0 0 0 0 0 0 0 0 o W CI 0 0 0 y N d N j o 0 0 0 0 0 0 0 0 0 0 r a N Z n N E V O (`,') c o . , N a Lo ° O O rn g , 0 O 69 to 69 69 69 69 69 69 69 to W 11.1 V C C V I M 0 v CO CO D) d Of L o C O O as C .- O h 0 0) (0 ' N l ' • (O 4 W c R N O as C C C O O O a) co .-. O t 0 • O cw N N M M R Q C C O O . ij m 3 0 0 y co N _ N co co co ° :p N 0 in • C) N O) co C C (l7 r•-• M Ni N M W 7 0 N N N 0 CO t) O N CO re C C O 0 } CO CO N O) a0 3 3 LL • O N U + O o Q M O' 0) U U fA 01 °) CO co M C u) N a 'a N E N M ,_ C O. (O 0 V C • y CO N. CO (V O N W CO O O O a- C d 7 L a) V a) N N .Q a) N N X ' '0 ^ co Z E zto it p }el _ 1- 0 F i LL O O O C d C ° ° 0 0 a) o m CO rn 2 H . Ca' LL L a t w a) co 0 O 7 (),..1?. 0 M p (h - Q • ao o CV 76 7E, O a 0 0 0 (0 N O) ° > N 0) (o a) a) N �- d . N O Y o O , i 0 O) L O o) A i7 m o V o ro 0 V (V 0 N v N a) ° a) N- 0 E E m a x c c C w u)nlaa o o 0 a) it 0 o E O E t c° w E °° d 8 • $ y E 8 EU • '0 - O ' 0 -° T ii ii - O o C a) C X (V 2 2 N a) co LL ✓ LL C LL C d LL o IX 473 d U O o fl. E E ! 0 N ca O 0 N CC aa) = 0 0 c y N E m E co E O` m m a OS 0:1 o N . 0 O .� O 0 0 0 CO d T to o to o y F~ E To o g it • 1- it i- d • • I- U I-- —I _ —i 1 W _ O y' O y Return (%) !D it Domestic F ixed In come -< O O O O ® N W W A - , ^ A CO c0 1 T Q° n O n 0 0 0 0 YI G O G CO N m 0 ° O O 3 N d 3 N °) a W' d N C +• D O O to O V co y 0 h O ° CO m 0 to O C [� T A T 3 3 0 ,s,.) _ . 7 T X 0) T R to (D CD N D 0 m c o a co n Mt Tc co ry O A CT • !D 0 = O m 1 a — N a 7 0 T T 3 7 8 , 5 8 X X -. N = O O • 3 1r O 3 W a s A 0 - ul CD 3 m -< 3 m -< 7 7 0 OD O D7 O 1 8 8 N O N N m m D. -< ° O o 1 v X• o A 3 1 ,< N N r c E u.' • m N a 3 0 0 ..s m to p O m al k- co m ° (71 N N 7 Q en -< o c0, O F 0 C i 0 7C m �n 3 r o' • !D gm to to Oi $ V7 n 0) m XI c' W N co to O O n 0 • co co co co N C < 3 _ � N 0 m y 3 f d 3 N - ® a ' 00 0 01 T 0 CO R.'O ° 0 C O co C J O V a— O V a . D .. N N r cn O N m - CD C O N N N <. 3 QD V W edi a N V O - m 3 0 O v ' O rn 0 0) 0 a co ,g °_ 7, oV A. o c 3 O V .. 7 O (0 .. 7 N O D) W D •� !D + �.. 8 0 0 A V 11 w D D Return (%) A O • Return Percentile Rank 0 N C O O a • A A N m 1 — 1 J NN N co A 7 O o C O O O o GI O O_ 8 U O (n 0 ,T O Q7 at O O to m ' 0 0 O N 8 8 8 8 O O co ,m 0) C 00 S N CD m # 0 < c ' ) T T O N T T N ry co M 7 7 X (( )7 p (Q a O O O 77 O O � O a O. N 1 xj z D N o O 0 .� 1D O w fA, co 1 m 71 m i O A 07 )r y co co to 1D s' N '7 1 7' 23 S a a W v o p1 m _, i.1 a! ao o CO G W CD ' p ' y °1 V p a 01 n CD )D 73 C o O Ot A O) ID O 0 q P & W 03 O 0 < O O C N Q c O O P. N p o e e • w .... A N -, N O 3 N _I O - W e p c0 !D c A '' O1 ' O 1r ai O us `-' 0 7 a' i u 1 N R ) O -. N .w v CD ... ? y 1.73 w v W con) !D O W N W < _ • o o N 0 1 A V V » a CO N 0 to 0 0 A O O) 7 Q o f 3` 1D _. N - Zl f ,�J F A co O N 3 X �n 0 o xN - V xw v t g m -‘ a CT G t y,y a a O * !D N t: 1 _ F}y v co co W o o .) 5 X o7 O c 0 < I (I) r, z 0Eo O N IX C M 7 M 7 M .0-) (73 0 R O r N O > N O � N O O L/ V d V d __ U ' c O f0 t0 eI rn O _lc 01 M jr C1 A N O) N d C t: t7 N CO .L E 67 • m W ' cl r) V E. ,0 8 H o c co/ CD °I 0 - g \ 1 CL Q m c,a'� aal? ),.. z ad a d! a a o N CO LO 07� V O M C O 5 :6 N C a C° M n O W N (D o CD o CO U E o E ., c , ,, m v 0 U ^ E x c c L r LL — - 0 O a 1 o f N r Z t i 1 p � s x m GIB CO CO O O 8 8 8 8 8 8 8 8 0 a k5 N co 0 C � O O pp c U 0 CO O C) d E v ° v c (n N N 10 O 8 8 u) 6) In V L. Vi D O 0 0 a) C d C V to to to to to to to to 03 M L C t y oX o a . W w I ce N v C C N N 0) N CO E N d d • k to 4 V '- c, •- CV O) to Ct 0 c 5 a1.I1 C C W CO U .- CO C CO N. O 2 0 0 0 .I' o co o CO v • ri ri v 0) cn j c c N O 0 V C 9 ' d > O O) 0 l t) r) y CO N ` 12)‘- v _ N N_ # 6 N t'7 C O O d ' N r. C ' r- CO CO O) 1� ' ' CO CO N 0) to Cr CO C c N CO N O O N .- N 7 7 a J0 •C M C C C _ ..--, 0 N 0 lL v r + to Cl 0) ` cm N CO O a L O O C N d , C LO N 0 .0 O W y ao n E p u) O o I!' C) W CC t. N CD ct CD v v ..- L — ° III N N 0, • In 1.-- = O Z i— 0 Z E LL 8 r ry 0 H H a O O 0 co o c a m o m N 1 v m N 7 2 L d L C LL t 0) CD N O O t O C.) co , co, p Q O M a O O O Q n Ci c C ` a 00 ` o co- 2 > c O 0 0 . t0 co U N u « —, 0 8 8 8 8 8 a C c co (0 H z t0 C N 0 N N N �. O 0 s = = o E E 0 d « 0 �, pp t a) m C w C N CO uJ nya a C d E E 'o O a) u E 0 E Q v v m 0 c E Ce E a a X X > C O N !d N To N p LL LL X c co cc v 0 • X • X 2 y R x LL co c l > > L C ea E IL 0 co to 2 a G F C y • 0 p co LL � LL co d U x Cn x `° Return (%) STW Fixed Income (%) C�C !M •• 8 p W CO W C.J ^ ' N A O CO 0 Ts ° ° I O O O O (7 O O O O T R � . T X n M ro co 1 O m y m y n O • 3 8 5'i o' 8 m • m m ( g N o o C 3 N to 3 m fA n - m m 3 m p . m = CD . 1 > > - = ,. -0 m o to o 3 3 m t o o ( O 2 in w a" N 3 o,, • CD $ 8 v m ID w CD N Ul N A O -4 '•I D) o io g x o rn m 3 NJ O N 3 O CT 7 CD in as A N D y • CD Se o O V 01 a T° W N W m k C O N 0 m j m O C CJU m m 3 a. N 0 • W O p a • A J (D O 1 X O ( N O '6 m C o Ern m C 7 0 ,. r 'c o in C X- n o c m -6 D u' m a° O W O r+ O 0 .r ...* v p N m O • • m • N O O 0 to N O - O a° O A'0 0 O N N(O 7 m O W C DC f O O) C F' (D CO O F. . y (O O CO N 4 2 = O V (D a= O 1 N O m � a ° 3 3. N S a N O p 41 O co o N D O O D O - . O j -0 - 0 W ° m 0 m Return (%) m O • Return Percentile Rank .< CD -1 •• 0 m 0 A /1 to to o - o N o X m (0 O O O O °O 8 8 8 8 O 4 T T = Ei X X N a m Q ca a o '& 0 f1 CD CD NJ O. N y ? ? O n -. 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C G N a) • d o m W co N N C LD a) d l4 co E E E a O v O v L a C c o m FS U m ) F CL 0 > a as • 0 0 0 0 0 0 0 0 0 0 0 E ici o vi o 6 o ui o vi o vi ` 0) O 7 M CI N N O O 0 C O CV N N U f9 H !A fA fA 09 f9 to f9 to 5 :a N a' a) 1 C V O C, C C C C W p O o CD CO CO L N L 4) O c O O- X X W W o v �'. N m CO M ( Ni lri l0) c c N y E yI CLL R ). N b co ` ` O) ▪ C a is as 05 'Q - N N C co a CO O M V W W r2 O O in V 0 0) M a LL) l ) C O O N lh M a a ' C y a) Co' W -cr co 0 p C: } N o N N- C O in O O Z' ;5 N C C - O W 7 1p f` N 0) O) h C 0 N v O r) O ' © > O N O ,_ 0) <o V) a N L • CO OD C ' C O M 0 O U CO CCT p E o F o o n 00 LL N O 0) C) • ' - N M O cp.- _ • C O L 0 LL v :ON co ▪ 00. I— w V t0 u r W N O 2 CD C ' C Z c + K N o p R Q F H N F- � .. /� ® N o O) L r v/ m Q. d v N ° o ° o $ o ° o °o $ a O Q d C ▪ o ai ui lJ Y o C6 v P C 3 M C 7 M c ' 0 V) til mad 0 N 0 N, In N 7 i 0 Y O I y l0 CO O 5 O • C) p , T N N O • M O C MI 2 C CO F- d a) a) 1 Q a X 0. a> > v) O H N m :, j is d _ d O U 'O s- d a c C C7 U) 2 a Z v ii co 'u. co a 0 co w W W • W W H Return (° /) CD STW TIPS ( %) ' AN N O w O 0• W o w a) N A m CO o Z1 0 ) - 7 n - 7 M CO CO o 0 0 G) 0 0 0 0 0 A O c rn °' c tn °° a s w a 03 cn m a' cn •2 y Q y • 3 co -o m o a ° 0 `" N fA m 3 3 X N -< -< o -0 0 -0 0 C t rf o • C CD N N W N y O U) N -1 m o to (n 0 t • n -I A m • A 0 r) M 6) O N M N a' m 9 c to o w ° o o �- y� m to 1 0 -) co § o m -1 o o 0. _ a W W N 0 0. a C C.11 co co J 0 -1 0 u C V 7 S. ° to O 7 X d 2' r co <7 c n 3 m oc o 8 To o�• ?v Co O • O N . O O) . . u •• 0 • 0 0 0 • O 0 tit • co co A (0 (0 0 w . O . 0 N 0 O 0 0 0 ) 9 O (0 N (0 a d a) 7. • C * O 0 0? f g a 8 O C O . 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N U O c a, 0 U o m • c D U C7 x a ° ° .o co a) 7 CD O a E 4., o a) w O E > a0i E 0 ° a) 0 > Z 2 -° c O ° O a) U w_ a ° °- c c E ° _ c O) 5 •N N c 0 - o co m U E >+ 0 U a ) N a U N E o C O U L p O U O EL d co a .� 0° c a 3 o O L- O o f ca '3 w a) -° ( w ° O v > a o 0 0 m 0 3 a o y° _ E N to > c o Q° E > o Z o — O -T E r` ° ° a ° f0 m w E O a n �° ° .- o (n ° - N _ n ° O Y t U C 7 O c a) (0 C O CT N 0 U O o 0 3 O O O 0 v O >' "6 0 > C O 7 ° 0 0 0 0I O. W 0 N> . 0 . c. • O 0 N - 0 N 0 0 0 c 0 3 E f0 .. " O . 7 > ..... "o O 8 N tf) = c as w ° ( a ° 0 E Z o' m m m o > °) w` o a) 0 C U c ° > E o U U a) • N a) co T- .0 as a) U N - 0 C CO C • - 0 U j C n C c . 0 N n L E ca a) N CO N - 'z • ° a E Q ° E H o a? 'u �°- m .S v o 0 0 ° N a m w a 0 a) ° m o m . • O -o c o (r) O ° I- -0 E O o a) 0 a) F. a) . 0 ° .w N �� ' C E .j . = ca c r° m c0 o - C a • E o rn O ` c0 = W m t 0 a) `) N 2 O 0- w O` o' c O . 0 a m c . E c c0 o a H Z a Q U c0 N [y a m n CO O a H O H I- CO - o n n o . a) 0 d a) as c d< E U 0 a) a) 3 Q. Q Y CO Ol (0 (D W 0 Cn ( _6 0 m C D 13 D CO a Q Q ° o C .. o <. r r m- a a O = FIS o m m o m a cn m a N = n 0- 0 5 n C 0__ fa C - CD m 0 a) Vs- a 3. � _ n c 0 c 0 0 0 5' fl) 13 CD co co X — • N N 01 o CD .1 Q n iv oa O -� iv N CO a N 0' 0 CD o= O z z v v iv O O cm c FP r • r1 C3 I-, 0 a n w Z Z CD -a co V r - + E E ° O iv c s m a� W � 0 CD j c ; 3 �= 0) W _ _a _ _, �Ct v N -P. co W -P. Z CD .. in 3 N o 0 0 0 ^, O c*D N CO o 0 W VI 0 0 0 0 Xi� c N cl) cd ,...... cd Q .:1 ::::: Z I a.) illeimN CD z 1214 t 6 c ..,,, • '''' x V � N L 0 c ` W R3 f24 ° '1. g '" ■1 'O U 'O 00 al •� _, o ..- c. , zr Cci 0 C U U GRS 1ioc °der 4nnath osnhar One East Broward Blvd 954 527 1616 phone �,;�4 1� �,x3 se Suite 505 954 525 0083 fax Ft Lauderdale, FL 33301 1804 www gabnelroeder,com February 6, 2014 Ms. Barbara LaDue Pension Administrator Boynton Beach Municipal Firefighters Pension Board Renaissance Executive Suites 1500 Gateway Blvd Suite 220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Dear Barbara We have prepared the enclosed preliminary October 1, 2013 valuation results, which include the Impact of the plan changes and the recommended assumption changes (based on the Experience Study Report dated January 31, 2014). The Plan changes were required by Senate Bill 1128, and they included the following changes in the definition of pensionable compensation: • The amount of overtime pay that is included in pensionable compensation shall be limited to 300 hours per year effective September 27, 2013. • The amount of accumulated unused sick and vacation pay included in pensionable compensation shall be limited to the lesser of the amount accumulated as of September 27, 2013 or the amount paid at retirement. These Plan changes are in addition to the continued phase -in of the change in the investment return assumption, with a decrease from 7.8% to 7.65% as of October 1, 2013. The exhibits that follow show the following: • October 1, 2012 valuation results. • October 1, 2013 valuation results with no Plan or assumption changes since October 1, 2012. • October 1, 2013 valuation results after lowering the investment return assumption to 7.65 %. • October 1, 2013 valuation results using the revised definition of pensionable compensation as required (under Senate Bill 1128). • October 1, 2013 valuation results incorporating all of the proposed assumption changes from the experience study report, including changes to the: o Salary increase assumption (to reflect generally lower observed salary increases than expected); o Termination /Withdrawal assumption (to reflect lower employment termination rates than expected); o Retirement assumption (to reflect higher than expected early retirement and lower than expected normal retirement experience); o Disability assumption (to reflect lower disability experience than expected); o Mortality assumption (to reflect lower observed and expected mortality experience than expected and to reflect future anticipated mortality improvements). • October 1, 2013 valuation results incorporating all of the same proposed assumption changes from the experience study report listed above with one exception — for the change in the mortality assumption to not include mortality improvement projections after the year 2000. Ms. Barbara LaDue February 6, 2014 Page 2 Actuarial Experience There was a net actuarial loss of $199,486 for the year, which means that actual experience was slightly Tess favorable than expected. Average salary increases were 1.9 %, versus 8.7% expected. The recognized investment return on the actuarial value of assets was 8.13% versus 7.8% expected. The investment return on the market value of assets was 13.64 %. Both of these factors were favorable to plan experience. The net experience Toss occurred because there were fewer terminations than expected and the average impact of including accumulated sick and vacation earnings in the determinations of benefits for members who retired or entered the DROP during the year was much greater than the 11.1% assumed load. Additional Disclosures This letter was prepared for discussion purposes with the Pension Board and is intended for use only by the Pension Board and those designated or approved by the Board. This letter may be provided to parties other than the Board only in its entirety and only with the permission of the Board. The purpose of this letter is to describe the financial effect of the proposed changes This letter should not be relied on for any other purpose. The calculations in this report are based upon accumulated unused sick and vacation hours as of September 27, 2013, as provided by the Plan Administrator, and upon information furnished by the Plan Administrator for the October 1, 2013 Actuarial Valuation concerning Plan benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We reviewed this information for internal and year -to -year consistency, but did not otherwise audit the data. We are not responsible for the accuracy or completeness of the information provided by the City or Plan Administrator. The calculations are based upon assumptions regarding future events, which may or may not materialize. They are also based on the assumptions, methods, and plan provisions outlined in this report. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period or additional cost or contribution requirements based on the plan's funded status); and changes in plan provisions or applicable law. If you have reason to believe that the assumptions that were used are unreasonable, that the plan provisions are incorrectly described, that important plan provisions relevant to this proposal are not described, or that conditions have changed since the calculations were made, you should contact the author of the report prior to relying on information in the report. The undersigned actuaries are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. The undersigned actuaries are independent of the plan sponsor. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Plan as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, and with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. Respectfully submitted, 11 �� , Peter N. Strong, ASA, MA fiIA, FCA J ffr: Amrose, MAAA Enrolled Actuary No. 11 -0 : '75 Enro - d Actuary No. 11 -06599 Enclosures Gabriel Roeder small & Company M 0 0 0 r. 0 0 * o 0 4 O V M 7 - , r) 00 Q O 0' N t` Q N O 0 O 00 00 0o in C N 1 - N N - r r- d . 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Gabriel Roeder Smith & Company Consultants & Actuaries ( IF\ Of BON ti ' BFACI NIt \ l ( ' I P \ I , FIRti.h l ( , H r U R S " I'F v SION P t NI) EXPERIENCE INVESTIGATION FOR THE EIGHT YEARS ENDED SEPTEMBER 30 2013 January 2014 GRS Gabriel Roeder Smith & Company GRS Gabriel Roeder Smith & Company GRS Gabriel Roeder Smith & Company One East Broward Blvd, 954 527.1616 phone ( onsultants & Actuaries Suite 505 954 525.0083 fax Ft 1_auderdale, Fl 33301 18 wwwgabneiroedercorn January 31, 2014 Board of Trustees City of Boynton Beach Municipal Firefighters' Pension Fund Boynton Beach, Florida Re: Experience Study for the Eight -Year Period Ending September 30, 2013 Dear Board Members: Gabriel, Roeder, Smith & Company is pleased to provide the results of our experience investigation for the City of Boynton Beach Municipal Firefighters' Pension Fund. The period covered by this study is October 1, 2005 through September 30, 2013. Based upon the results, certain changes in actuarial assumptions for valuation purposes are recommended. The Table of Contents, which immediately follows, sets out the material contained in this report. This Report was prepared at the request of the Board and is intended for use by the Retirement System and those designated or approved by the Board. This Report may be provided to parties other than the Plan only in its entirety and only with the permission of the Board. The purpose of this Report is to evaluate the assumptions and methods to be used for the October 1, 2013 and subsequent years' Actuarial Valuations, and to describe the financial effect of the recommended assumption and method changes based on our findings. This Report should not be relied on for any purpose other than the purpose described above. The study was performed on the basis of participant data and financial information supplied by the Plan Administrator and the City of Boynton Beach in connection with the valuations performed during the years studied. We checked for internal and year -to -year consistency, but did not otherwise audit this data. We are not responsible for the accuracy or completeness of the information provided by the City. The enclosed calculations are based upon the Plan provisions as summarized in the October 1, 2012 Actuarial Valuation Report, but also reflecting the administrative procedure effective September 30, 2013 regarding the maximum accrued leave that may be included in Final Average Compensation (FAC). Accrued sick and vacation leave for pensionable compensation purposes is limited to the lesser of a member's accumulated sick and vacation leave as of September 30, 2013 or actual remaining accumulated sick and vacation leave as of the member's retirement date. If you have reason to believe the assumptions used are unreasonable, the Plan provisions are incorrectly described or referenced, or that important Plan provisions relevant to this study are not described, you should contact the undersigned prior to relying on this information. GRS Gabriel Roeder Smith & Company The measurement date used for calculating the financial effect of the assumption and method changes is October 1, 2013. Future actuarial measurements may differ significantly from the current measurements presented in this Report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period or additional cost or contribution requirements based on the plan's funded status); and changes in plan provisions or applicable law. 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 valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Plan as of the valuation date All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. Respectfully submitted, GABRIEL, ROEDER, SMITH & COMPANY By ail, �4 r By 1. � m Peter N. Strong, ASA, ). AA, FCA eff S. Amrose, MAAA Enrolled Actuary No. 11 -6975 Enrolled Actuary No. 11 -6599 GRS Gabriel Roeder Smith & Company CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND EIGHT -YEAR EXPERIENCE INVESTIGATION TABLE OF CONTENTS Item Page No. Summary of Findings 1 Experience Investigation Results 3 Methodology 3 Basic Results and Conclusions 4 Rates of Salary Increase 4 Rates of Retirement 5 Rates of Mortality 6 Rates of Termination 7 Rates of Disability 8 Appendices Table I: Comparison of Actual and Expected Annual Salaries 9 Table II: Comparison of Actual and Expected Retirements 10 Table III: Comparison of Actual and Expected Terminations 11 Table IV: Comparison of Actual and Expected Disabilities 12 Table V: Comparison of Actual and Expected Mortality 13 Purpose of an Actuarial Valuation 14 Role of the Actuarial Assumptions 14 GRS Gabriel Roeder Smith & Company CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND EXPERIENCE INVESTIGATION SUMMARY OF FINDINGS The eight -year period (October 1, 2005 to September 30, 2013) covered by this experience investigation provided sufficient data to form a basis for recommending updates in the following demographic and financial assumptions used in the actuarial valuation of the Pension Plan. Recommended changes in actuarial assumptions resulting from this experience investigation, including the impact on FY 2015 City contributions as a dollar amount and a percentage of expected covered payroll ($9,502,496, which is the projected payroll estimate provided by the City) are summarized below. (Note: the amortization period for the change in accrued liability resulting from the assumption changes was 30 years.) • Update the future salary increase assumption to reflect lower observed salary increases, on average, than expected. Impact on ('it■ Contribution ($54,164) or (0.57 %) of covered sa oll • Update assumed rates of future employment termination based on actual experience (to reflect lower observed withdrawal experience than expected). Impact on Cit■ Contribution + $172,945 or 1.82% of covered ea roll • Update assumed rates of future retirement to reflect higher early retirement experience than expected and generally lower observed normal retirement than expected. Impact on ('it■ Contribution ($58,915) or (0.62 %) of covered .a roll • Update assumed rates of future disability based on actual experience (to reflect lower observed disability experience than expected). Impact 011 ('it■ Contribution ($19,005) or (0.20 %) of covered . a oll GRS Gabriel Roeder Smith & Company - 1 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND EXPERIENCE INVESTIGATION SUMMARY OF FINDINGS (CONTINUED) • Update the mortality assumption from the 1983 Group Annuity mortality table for males and females to the RP -2000 combined mortality table for males and females with future generational mortality improvements projected using Scale AA. Impact on ('it■ Contribution + $506,483 or 5 33% of covered .a roll • Combined effect of all assumption changes. Impact on City Contribution + $574,901 or 6.05% of covered . a roll • Combined effect of all assumption changes except the mortality assumption. Impact 011 ('il∎ Contributi + $55,115 or 0.58% of covered . a roll • Combined effect of all assumption changes with a change in the mortality assumption to the RP -2000 combined mortality table for males and females without generational mortality improvements projected forward after the year 2000. Impact 011 ( it ■ Contribution + $207,154 or 2.18% of covered . a roll Note: The sum of the individual cost impacts does not equal the impact of all changes combined. This is due to the interaction of Plan provisions and actuarial assumptions with one another and the effect that one assumption change can have on the impact of another assumption change. GRS Gabriel Roeder Smith & Company - 2 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND EXPERIENCE INVESTIGATION RESULTS The methodology, basic results and conclusions of the eight -year experience investigation of the actuarial assumptions are described below. Methodology The expected salaries at the end of each year were obtained by use of the salary scale assumption used in the October 1, 2012 actuarial valuation The resulting expected salaries were then compared with the actual salaries reported. The number of members exposed to risk during each period was tabulated (exposure) and the expected incidence of termination (separation of members not eligible for early or normal retirement), retirement and disability were obtained by use of the termination, retirement and disability rates employed in the most recent actuarial valuation. The actual number of terminations, retirees and disabilities was tabulated and compared with those expected. The published mortality table used as the basis for the rates of mortality used in the most recent actuarial valuation (1983 Group Annuity Mortality Table for males and females) was reviewed in connection with the latest published tables to determine the continued adequacy of the current mortality assumptions. GRS Gabriel Roeder Smith & Company - 3 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND EXPERIENCE INVESTIGATION RESULTS Basic Results and Conclusions Rates of Salary Increase Observed rate of pay increases were generally lower than expected during the experience investigation period, with the exception of years 2, 4, and 16 -19, based upon the current assumptions. Compensation increases for members with less than 12 months of service were not included in this analysis due to fluctuations in pay for new hires and incomplete data. We propose revised assumed rates of salary increase with components as follows. Actual versus expected experience is shown in the Appendix on page 9. SALARY INCREASE ASSUMPTION Current Salary Increase Rates Proposed Salary Increase Rates Years Assumed Promotion, Total Assumed Promotion, Total of Wage Productivity Current Wage Productivity Proposed Service Inflation & Seniority Rates Inflation & Seniority Rates 1 4.00% 10 70% 14 70% 3.50% 11 00% 14 50% 2 4 00% 5 20% 9 20% 3.50% 8 50% 12 00% 3 4 00% 10 70% 14.70% 3 50% 8 50% 12 00% 4 4.00% 5.20% 9 20% 3.50% 6.00% 9 50% 5 4 00% 10.70% 14 70% 3 50% 1 50% 5 00% 6 4 00% 5.20% 9 20% 3 50% 4 00% 7 50% 7 4.00% 5.20% 9 20% 3 50% 1 50% 5 00% 8 4.00% 5 20% 9 20% 3 50% 1 50% 5 00% 9 4 00% 5.20% 9 20% 3 50% 4.00% 7 50% 10 4 00% 14 40% 18 40% 3 50% 0.50% 4 00% 11 4 00% 5 20% 9 20% 3.50% 0.50% 4 00% 12 - 15 4.00% 0.00% 4 00% 3.50% 0 50% 4.00% 16 - 19 4.00% 0 00% 4 00% 3 50% 5 00% 8 50% 20 & Over 4.00% 0 00% 4 00% 3 50% 0 00% 3 50% GRS Gabriel Roeder Smith & Company - 4 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND EXPERIENCE INVESTIGATION RESULTS Rates of Retirement The observed number of early retirements was higher than expected and the observed number of normal retirements (or DROP entries) was lower than that expected under the assumed rates of retirement used in the October 1, 2012 actuarial valuation. The current and proposed retirement rates are shown in the following tables. Actual versus expected experience is shown in the Appendix on page 10. RETIREMENT RATES Years of Expected Expected Service Age Current Proposed 10 19 50 -54 5% 10% 55 80% 40% 56 - 59 40% 40% 60 & Over 40% - 100% 100% 20 Under 50 80% 40% 50 - 55 80% 80% Over 55 40% - 100% 100% 21 - 24 Under 50 40% 40% 50 - 54 40% 80% 55 & Over 40% - 100% 1 00 %a 25 & Over Under 50 100% 50% 50 - 54 100% 80% 55 & Over 100% 100% GRS Gabriel Roeder Smith & Company - 5 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND EXPERIENCE INVESTIGATION RESULTS Rates of Mortality We propose that the assumed healthy mortality rates, which are currently based upon the rates from the 1983 Group Annuity Mortality Table with separate rates for males and females, be updated to the RP 2000 Combined Healthy Participant Mortality Table with separate rates for males and females, including a provision to reflect future mortality improvements using Scale AA, making the table a fully generational mortality table We also propose that for disability retirees the assumed mortality rates described above be set forward five years to reflect impaired longevity. Actual versus expected experience is shown in the Appendix on page 13. LIFE EXPECTANCY COMPARISON (Current versus Proposed Mortality Assumption) Current Assumption Proposed Assumption Proposed Assumption 1983 Group Annuity Mortality RP 2000 (Generational) RP 2000 (Generational) (Not Generational) Base Year 2013 Base Year 2023 Age Male Female Male Female Male Female 40 78.5 84.5 85.7 88 2 86.8 89.2 45 787 847 85.5 87.9 865 889 50 79.2 85 0 85 2 87.7 86 3 88.7 55 79 9 85 3 85 1 87 5 86 2 88 5 60 80.7 85.7 85 1 87.5 86 3 88 5 65 81 7 86 3 85.5 87 8 86.6 88 7 70 83 2 87 2 86 2 88.4 87.2 89.3 c-----`GRS Gabriel Roeder Smith & Company - 6 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND EXPERIENCE INVESTIGATION RESULTS Rates of Employment Termination (withdrawal) The actual number of terminations was sigmficantly lower than the number of expected terminations during the experience investigation period. The current and proposed termination (withdrawal) rates are shown in the following table. Actual versus expected experience is shown in the Appendix on page 11. WITHDRAWAL RATES Age Current Rates Proposed Rates Under 24 6 0% 1 5% 24 5 9% 1 5% 25 5 7% 1.5% 26 5 6% 1 5% 27 5 5% 1 5% 28 5 4% 1 5% 29 5.2% 1 5% 30 5 0% 1 5 % 31 4 8% 1 5% 32 4 5% 1.5% 33 4 3% 1.5% 34 4 0% 1 5% 35 3 8% 1 5% 36 3.5% 1.5% 37 3.3% 1 5% 38 3 0% 1 5% 39 2.8% 1.5% 40 2 6% 2.5% 41 2 4% 2.5% 42 2 2% 2.5% 43 2 0% 2.5% 44 1 8% 2 0% 45 1 6% 1.5% 46 1.4% 1.5% 47 1 2% 1 5% 48 1 0% 1 5% 49 0 9% 1 5% 50 0 8% 1 0% 51 07% 0.8% 52 0.6% 0 6% 53 05% 04% 54 0.4% 0 2% 55 03% 00% Over 55 0.2% 0.0% GRS Gabriel Roeder Smith & Company - 7 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND EXPERIENCE INVESTIGATION RESULTS Rates of Disability The actual number of disabilities was lower than the number of expected disabilities. The current and proposed disability rates are shown in the following table. Actual versus expected experience is shown in the Appendix on page 12. DISABILITY RATES Expected Expected Age Current Rates Proposed Rates 20 0.14% 0.09% 25 015% 010% 30 018% 012 %a 35 0 23% 0.15% 40 0 30% 0 20% 45 051% 034% 50 1.00% 0.67% 55 1.55% 1.03% GRS Gabriel Roeder Smith & Company - 8 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND APPENDIX TABLE I COMPARISON OF ACTUAL AND EXPECTED ANNUAL MEMBER SALARIES ANNUAL SALARY INCREASES By Years of Service Years of Current Assumption Actual Experience Service Prior Year Expected % Incr Actual % Incr Proposed 1 $3,327,323 $3,816,441 14.70% $3,809,027 14.48% 14.50% 2 3,275,964 3,577,353 9 20% 3,629,541 10.79% 12.00% 3 4,102,900 4,706,028 14.70% 4,596,827 12.04% 12.00% 4 4,534,954 4,952,170 9.20% 4,957,721 9.32% 9.50% 5 5,023,391 5,761,831 14.70% 5,249,849 4.51% 5.00% 6 4,675,313 5,105,442 9 20% 4,981,898 6.56% 7.50% 7 5,311,229 5,799,862 9.20% 5,520,587 3.94% 5.00% 8 4,223,673 4,612,251 9.20% 4,404,932 4.29% 5.00% 9 3,347,954 3,655,966 9.20% 3,577,056 6.84% 7.50% 10 3,702,331 4,383,562 18.40% 3,759,924 1.56% 4.00% 11 2,636,941 2,879,540 9.20% 2,741,108 3.95% 4.00% 12 - 15 9,439,488 9,817,068 4.00% 9,784,743 3.66% 4.00% 16 - 19 4,400,979 4,577,018 4.00% 4,771,871 8.43% 8.50% 20 & Over 1,113,550 1,158,092 4.00% 1,145,838 2 90% 3.50% Total 59,115,990 64,802,624 9.62% 62,930,922 6.45% 7.06% GRS Gabriel Roeder Smith & Company - 9 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND APPENDIX TABLE II COMPARISON OF ACTUAL AND EXPECTED RETIREMENTS RETIREMENT EXPERIENCE Current Proposed Expected Years of Assumed Expected Actual Actual Retirement Retirements Service Age Exposure Rates Ret.'s Ret.'s Rates Rates (New Rates) 10 -19 50 -54 15 5% 075 2 133% 10% 1.50 55 3 80% 2 40 0 0.0% 40% 1.20 56 - 59 5 40% 2 00 2 40 0% 40% 2.00 60 & Over 0 100% 0 00 0 N/A 100% 0.00 20 Under 50 18 80% 14 40 7 38 9% 40% 7.20 50 - 55 1 80% 0 80 1 100 0% 80% 0.80 Over 55 1 40% 0 40 1 100.0% 100% 1.00 21 - 24 Under 50 24 40% 9 60 9 37 5% 40% 9.60 50 - 54 1 40% 0 40 1 100.0% 80% 0.80 55 & Over 0 100% 0 00 0 N/A 100% 0.00 25 & Over Under 50 2 100% 2 00 1 50 0% 50% 1.00 50 - 54 3 100% 3 00 0 0.0% 80% 2.40 55 & Over 3 100% 3 00 1 33 3% 100% 3.00 Total 76 51.0% 38.75 25 32.9% 40.1% 30.50 GRS Gabriel Roeder Smith & Company - 10 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND APPENDIX TABLE III COMPARISON OF ACTUAL AND EXPECTED TERMINATIONS WITHDRAWAL EXPERIENCE (Age- Based) Expected Expected Actual Actual Proposed Expected Withdrawals Age Exposure Withdrawals % Withdrawals % Rates (with Proposed Rates) Under 25 19 1 13 5 9% 0 0 0% 1 5% 0.29 25 -29 129 701 54% 1 08% 15% 1.94 30 - 34 209 9.42 4 5% 3 1 4% 1 5% 3.14 35 - 39 227 7 47 3.3% 0 0.0% 1 5% 3.40 40 - 44 158 3 57 2 3% 4 2.5% 2 5 -2.0% 3.84 45 - 49 61 0.80 1.3% 1 1.6% 1.5% 0.91 50 & Over 10 0.03 0.3% 0 0.0% 1 0 -0.0% 0.01 Total 813 29.43 3.6% 9 1.1% 1.7% 13.53 WITHDRAWAL EXPERIENCE (Service -Based - for informational purposes only) Years of Expected Expected Actual Actual Expected Withdrawals Service Exposure Withdrawals % Withdrawals % (with Proposed Rates) Under 5 219 10.35 4 7% 3 1 4% 3.3 5 -9 317 12.07 3.8% 2 0 6% 5.1 10 -14 185 508 2.7% 1 05% 3.2 15 -19 92 192 21% 3 33% 1.9 20 & Over 0 0.00 0 0% 0 0 0% 0.0 Total 813 29.42 3.6% 9 1.1% 13.5 GRS Gabriel Roeder Smith & Company - 11 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND APPENDIX TABLE IV COMPARISON OF ACTUAL AND EXPECTED DISABILITIES DISABILITY EXPERIENCE Average Expected Expected Expected Actual Actual Proposed Disabilities Group Exposure Disabilities Avg Rates Disabilities Rates Rates (New Rates) All Actives 889 2 86 0.322% 1 0 112% 0.217% 1.93 GR Gabriel Roeder Smith & Company - 12 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND APPENDIX TABLE V COMPARISON OF ACTUAL AND EXPECTED DEATHS MORTALITY EXPERIENCE Average Average Expected Actual Proposed Expected Expected Mortality Actual Mortality Mortality Deaths Group Exposure Deaths Rates Deaths Rates Rates (New Rates) Actives 889 1.09 0.123% 0 0.000% 0.088% 0.78 Retirees 589 7 54 1.280% 7 1 188% 0.915% 5.39 Total 1,478 8.63 0.584% 7 0.474% 0.417% 6.17 GRS Gabriel Roeder Smith & Company - 13 - CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS' PENSION FUND APPENDIX Purpose of the Actuarial Valuation In a defined benefit pension plan, an employer makes a promise to its employees of a lifetime pension. The amount of the monthly pension is determined by a benefit formula which is often based upon a multiplier percentage and the number of years of service and the average final earnings of the employee. The employer must design and follow a systematic plan for advance - funding this obligation. That is accomplished by establishing a pension fund and performing annual actuarial valuations to measure the liabilities associated with the obligation and to calculate how much the employer must contribute to the pension fund in order to make good on its promise. The calculations in the actuarial valuation are performed each year to re- measure the liabilities. The stakeholders need to know how the plan is doing in its goal of systematically financing the promised benefits. So it is important to make the actuarial calculations in accordance with the professional actuarial standards of practice and the accounting standards. Role of Actuarial Assumptions The nature of the pension promise and its systematic funding require long term projections of the employee workforce (using demographic assumptions) and long term projections of the salaries and investment returns (using economic assumptions). The entire actuarial valuation process depends on the selection and use of reasonable actuarial assumptions as to future demographics and future economics. There are many different actuarial assumptions employed in an actuarial valuation. The primary actuarial assumptions include: 1. Rates of Salary Increases 2. Rates of Retirement 3. Rates of Mortality 4. Rates of Termination of Employment 5. Rates of Disability 6. Rates of Investment Return The actuary and plan management must be comfortable with the actuarial assumptions. The assumptions must be reasonable. Without a level of confidence in the reasonableness of the actuarial assumptions, the stakeholders and users of the valuation results cannot have confidence in the results. However, there is no way to have confidence in the actuarial assumptions unless an actuarial experience study is performed to assess the reasonableness of the current assumptions or to change them to be more in line with past experience and with future expectations. For this reason the Board has requested that we undertake an actuarial experience study to recommend changes to the actuarial assumptions used in the annual actuarial valuation. GRS Gabriel Roeder Smith & Company - 14 - LIFE EXPECTANCY COMPARISON (Current versus Proposed Mortality Assumption) Current Assumption Proposed Assumption Proposed Assumption 1983 Group Annuity Mortality RP 2000 Mortality Table RP 2000 (Generational) (Not Generational) (Not Generational) Base Year 2013 Age Male Female Male Female Male Female 40 78 5 84.5 80.3 83.2 85.7 88.2 45 78.7 84 7 80.5 83.4 85 5 87 9 50 79 2 85.0 80 8 83.6 85 2 87 7 55 79.9 85 3 81.2 83.9 85.1 87.5 60 80.7 85.7 81.7 84.4 85 1 87 5 65 81.7 86 3 82.6 85 1 85 5 87 8 70 83.2 87 2 83.9 86 2 86.2 88.4 • • • • ' • • • • ' - r r ► - V • B L B G Bernstein Litowitz Berger & Grossmann LLP Keynote Speakers: Protecting Securities Portfolios Against Fraud % .f. ,0! .,\ . The Changing Landscape' • Facing Investors at .\41 • Former Chairman Home and Abroad of the Federal Deposit Insurance $Corporation • March 31 - April 1 2014 If __, New York City = Waldorf Astoria Hotel a g ....: 2, it. r , : - lirV ■ S289 per night. Rolling Stone Contributing Editor & Author Due to important recent developments, this seminar, previously scheduled for February 6, 2014, has been expanded and will now be held March 31 - April 1, 2014. i L� 1 , 1 R _, .. (: .) M P 4 N 1 December 11, 2013 Statements from November, 2013, are now ready and posted at Salem Trust Online, and are in production for mailing for those clients who receive hardcopies. As we return to the normal timeframe for statement releases, I not only wanted to again thank you for your patience and understanding but I also wanted to explain why we needed to switch to a new trust accounting system. Although accounting systems are not seen by the end client, their choice reflects how Salem Trust meets our clients' needs. During the past five years, we had been operating with a complex system with many enhanced features, but these additional services were not used or even desired by our clients. Accordingly, we decided our market would be better served if we transitioned to a system which is more aligned with our client needs, a more streamlined system that is largely the standard for our industry. Based on our prior experience with system transitions, we expected a certain amount of manual intervention for transactions sent to wrong delivery instructions. The amount of failed trades, however, was far greater and persisted for much longer than we could have reasonably expected, requiring us to retroactively identify and reconcile multiple issues. Although many of the failed trades occurred in May and June, a custodian can only run statements in sequence, and the initial delay would have a domino effect on subsequent reporting periods. My staff worked extremely long hours, but as the scope of the issues was revealed, it became apparent to Salem Trust's senior management that an external transition manager was the best choice. Our consultants have been extremely successful in helping us manage the project of correctly identifying and correcting the problems. As an added precaution, we have just extended their retainer for 90 more days to manage our operations as we resume our normal timeframe for statement production. Now that we have caught up, we expect customary release times for statements from this point forward, with our backroom operations, transaction volume and percentage of trades requiring our manual intervention all returning to customary levels. We apologize for the delays these past months. We hope you appreciate that our commitment to accuracy was our utmost concern during this time. Despite the delays in statement releases, we think that we made the right choice with our new operating system. We have signed long term contracts with our new vendors, and are well positioned to serve your needs for many years to come. Regards, - _� Bradley K. Rinsem, President & Chief Executive Officer DEERFIELDD BEACH TAMPA .155 1-AIRWAY PRIM, �+lil 1113 • I)} } RI I1'1 I 1 BM( 11 11 13441 • 111 18 • 1 AX (951) ;25- t }'- /3 /7 0' 7'. SOiflh! 1 T7(S t, U76 SALEM TRUST COMPANY IS A SUBSIDIARY OF U S FIDUCIAPY SERVICES INC AN EMPLOYEE - OWNED COMPANY C: OM P A N Y Salem Trust Company Status Report January 28, 2014 Well done is better than well said. Benjamin Franklin We have used transparency to guide our updates over the last six months. These updates have provided various levels of details that spoke to the difficulties we have overcome. We continue to be focused on improving your service from Salem Trust. So I would like to take a moment and let you know Salem's commitments to our clients: • We have invested over 1 million dollars to improve our service delivery to you, from August to now. • We are making continued investments to improve our services, including continuing with Oakbrook Solutions to provide more efficient desktop procedures that mirror best practices in the industry. We expect this next phase to be completed by mid - April. • We are currently in a search for a Senior Operations Manager with significant experience in all facets of our service experienced by you. We expect to complete this and hire late first quarter. • We will also be selectively adding more experienced staff within our support groups over the next two quarters. • We expect an additional one time investment over the next 6 months of over 600K to fuel our momentum to exceed our service goals. • We will continue with our focus on constantly improving our service by an ongoing annual investment exceeding 25% of our operating budget over the next two years. We are pleased to provide an update of our overall performance but we are also mindful that our objective is 100% satisfaction in all of our deliverables. We hope that this information combined with our investments to date and going forward demonstrate a commitment to you and progress in a tangible manner. Operating Perspective: Statements: • Produced 32,552 STC statements with 95% accuracy from June through December • Met our 10 day Service Level Agreement with 95% accuracy for our clients, September, October, November and December • Produced over 60,500 benefit payments for the period June to December with 99% accuracy. IDI ?ERFIELD BEACH TAMPA h' I \IRVV.A' 1)R!V'1 tik- 111 R 0 1)1 1 NI ?1 1 I) LA V. 11 11 tL -341 0 11 I (87, - ) 3tt2 5 "(,8 e I _1 (95 , 4),25 -4 -ht C,711 u: 1T if t i fttt SALEM TRUST COMPANY IS A SURSID OF U S FIDUCIARY SFRV INC AN EMPLOYEE OWNED COMPANY Barbara Ladue From: Billy Williams [billy @STW.COM] Sent: Friday, November 15, 2013 10:22 AM To: 'Ladueb @bbpdpension.com' Subject: STW - Schroders Transition Update Attachments: Ms. Barbara La Due - Letter from Karl.pdf Dear Barb, For some time, I have been working closely with my colleagues at STW and Schroders to prepare for my exit and an orderly transition. The transaction with Schroders was the result of my efforts to partner with a firm that values clients the same way I have at STW. Soon our transition will be complete. I will step down from my position as chief investment strategist effective the end of this year, and will be leaving Schroders on January 31, 2014. Attached is a note from Karl Dasher. Andy Chorlton is available to discuss the details of how things will work going forward. It's been a privilege to manage for you. For that I am most grateful. I have never taken it for granted. I would be happy to discuss this with you. If you'd like to call me, I can be reached at (805) 745 -2400. Best regards and many, many thanks, Billy William H. Williams Chief Investment Strategist STW FIXED INCOME MANAGEMENT LLC A SCHRODER GROUP COMPANY Office: (805) 745 - 2400 IRS Circular 230 Disclaimer To ensure compliance with IRS Circular 230, any tax advice provided in this communication (including any attachments) is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein This electronic mail message and any attachments transmitted with it contain confidential information intended only for the named addressee. If you are not the intended recipient or the person responsible for delivering this e-mail to the intended recipient, you are hereby notified that any use, distribution, copying or disclosure of this communication is strictly prohibited If you have received this e-mail in error, please immediately notify the sender by reply e-mail, and delete all copies of this communication from your computer and network Thank you 1 Schroder Investment North America Inc. Schroders 875 Third Avenue, 22 floor, New York, NY 10022 ,ti xr; Telephone 212 -641 -3800 Fax 212 -641 -3800 www schroders.com /us November 15, 2013 Ms. Barbara La Due Pension Administrator City of Boynton Beach Municipal Firefighters' Pension Trust 1500 Gateway Boulevard Renaissance Executive Suites Suite #220 Boynton Beach, FL 33426 Dear Barb, As Billy discusses in his letter, we will begin 2014 with the final step in the transition of the STW investment team. After several months of conversation and planning, Billy and I have agreed that Andy Chorlton will succeed him as team manager starting January 1st. Andy has worked with Billy for the past seven years and has demonstrated strong leadership qualities. While the role will not be a carbon copy of Billy's (since there is no carbon copy of Billy), we both believe that Andy will do a very good job of handling the general management responsibilities of the team in addition to his investment role. Todd, Rick, Neil and Julio agree that this provides a way forward, allowing the team to continue to deliver what our clients and their advisors expect. I've now had the privilege of knowing Billy for more than two years, dating back to our first meeting in the fall of 2011 when we met to discuss his goals for STW post his retirement. I walked away impressed with Billy's passion for the investment process that he built, the clients he values so much and the quality of the team he had assembled. I want to thank Billy again for choosing Schroders as his partner to foster this process and team into the future. Sincerely, Karl Dasher CEO, North America & Co -Head of Fixed Income INVOICE A Schroders Schroder Investment Management North America Inc. 22nd Floor 875 Third Avenue Ms. Barbara LaDue New York Pension Administrator NY 10022 -6225 City of Boynton Beach Municipal Firefighters' Pension Trust USA Renaissance Executive Suites 1500 Gateway Boulevard, Suite #220 Telephone +1 212 641 3830 Boynton Beach, FL 33426 www.schroders.com Tax Registration number: 13- 4064414 Invoice Date Invoice Period January 30, 2014 January 1, 2014 to March 31, 2014 Invoice Number 01143310 Account ID Account Name GB93787001 City of Boynton Beach Municipal Firefighters' Pension Trust Fund Assets Under Management 9,409,550 Management Fee 8,821 45 Total Amount USD 8,821.45 Fee Breakdown Account Assets Fee City of Boynton Beach Municipal Firefighters' Pension Trust Fund 9,409,550 8,821.45 City of Boynton Beach Municipal Firefighters' Pension Trust Fund - TIPS 1,135,958 - 10,545,508 t' 8,821.45 i ic, 'f Payment Instructions We should be grateful to receive your remittance in settlement of the above fee Electronic payments should be made to Bank Citibank NA (Swift CITIUS33). Bank ABA Number. 021000089 For the account of 36836344 (USD) Account Name: Schroder Investment Management North America Inc. If posting checks please attention them to Robin Aviles at the address above. If you have any queries regarding this invoice please contact Schroders Client Service at Schroders_CSNY @schroders.com Registered Office at the above address. Registered number 134064414. Authorized and regulated by the Securities and Exchange Commissions. For your security, communications may be taped or monitored. Scnrod .r Investment Management North Amerce Inc , tea, 875 Third Avenue New York, NY 10022-6225 { t Tel 212 64+3800 Fax 212 641 3905 v"w! schroders com /us January 30, 2014 -iel'0 Please note that your fourth quarter 20} 3 invoice nas been sent by Sc r Oder s and as such. There are C new ; be ,r c l � y d on r e At , new account numbers and new VV�i Ei1C�' instructions Sf1GbV1 below c:(•.! f ��,, ? �e�• J;'? 1a�.3. ii`�`� /O;C., ��t ' /C.J;' convenience, please remit your payment if you choose io send C check, send ,he address below ' include ( 4i' c o '' ,�.,�., please �� is � -.c rUS� ,,,�. � �n� � c a. c.�..3. ,r � : , • ,� on the check, iea(ronIC oayrenis should be made to Bank. NA A {SwiIt CI 1US33) Bank ABA I jiurrlber 021 t 000089 For .ne accoun. of 36830344 (U SD) ) Account Name Schroder Investment 1V: 1nsgeme_nt ' °; ",G its Checks should he r (l Scr rociers investment Managemei 875 Thl Avenue 22nd floor Ne'siv Yr);',:, NY 100 Robin ; <<iii2S Please call ,t,/ r' any duesbons_ Tnanic you, Jennilsr Horne Head of ke!a000nship iMsnacgemenl Direct line 212 632 2965 Fax 2i2 641 3985 Mobile 347 749 10=7 Ernaii Jennie •homenschroders corn Barbara Ladue From: NY Finance [NY.Finance@Schroders.com] Sent: Saturday, February 01, 2014 10:17 PM To: Iadueb @bbpdpension.com Cc: *US SIM - SIM NA STW CSNY Subject: Schroders Invoice No 01143310 Attachments: BoyntonBeachMuniFirefighters _Invoice01143310.pdf; ATT00019.txt Ms LaDue Please find attached the management fee invoice for the assets under management for the period of 10/01/13 to 12/31/13 Also note that your invoice has been sent by Schroders and as such, we have attached new account numbers and wiring instructions. If you have any questions feel free to call. Kind regards, Ly Ly Tan Financial Analyst Schroders Investment Management N A Inc. 875 3 Avenue, 22 Floor New York, NY 10022 -6225 =, ' Schroders Tel: +1 (212) 641 3874 (Direct) Email: Lv.Tanaschroders com www.schroders.com Past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall. A Please consider the environment before printing this e-mail 1 DSM CAPITAL PARTNERS LLC INVOICE 116 Radio Circle Drive, Suite 200, Mt. Kisco, NY 10549 Tel: (914) 242 -1900 05- Feb -14 Invoice No: 12675 Luke Henderson City of Boynton Beach Municipal Firefighters Pension Trust Fund 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Billing Period: FROM 01/01/2014 TO 03/31/2014 Account Name City of Boynton Beach Municipal Firefighters Pension Trust Fund ✓ Portfolio Value . .. $9,013,676 51 Amount Due $20,025.64 FEE CALCULATION % of Annual Rate Rate Assets Under Management Fee 1.0000 % 0.25 On the first: 5,000,000 12,500.00 0.7500 % 0.25 On the next: 4,013,676 7,525.64 Total $20,025.64 To wire payment: JP Morgan Chase ABA #: 021000021 A/C Name: DSM Capital Partners LLC A/C #: 3241067005 +N THE Invoice :. B OGDAHN -t,,,.,,,,, T Date Invoice # 1 2/13/2013 9673 4901 Vineland Rd Suite 600 Orlando, FL 32811 Bill To Boynton Beach Firefighters' Pension Plan Attn Barbara La Due Description Amount Performance Evaluation and Consulting Services 8,375.00 10/1/13 - 12/31/13 Happy Holidays from The Bogdahn Group! Balance Due $8,375.00 Davidson, Jamieson & Cristini, P.L. Invoice 1956 Bayshore Blvd. Date Invoice # Dunedin, Fl 34698 Phone # 727 - 734 -5437 12/16/2013 R7123 Fax # 727 - 733 -3487 Bill To City of Boynton Beach Firefighters' Pension Plan 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Description Amount Audit of Financial Statements for the year ended September 30, 2013 Progress billing 5,500.00 Total $5,500.00 Payments /Credits $0.o0 Balance Due $5,500.00 Terms Invoices are due and payable upon receipt Any amounts remaining unpaid after 30 days will be assessed a Service Charge equal to I% per month (12% per annum) Minimum monthly service charge is $5 00 Davidson, Jamieson & Cristini, P.L. Invoice 1956 Bayshore Blvd. Date Invoice # Dunedin, Fl 34698 Phone # 727 - 734 -5437 1/23/2014 R7136 Fax # 727 - 733 -3487 Bill To City of Boynton Beach Firefighters' Pension Plan 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Description Amount Audit of Financial Statements for the year ended September 30, 2013 Final billing 9,800.00 Less amount previously billed - 5,500.00 Total $4,300.00 Payments /Credits $0.00 Balance Due $4,300.00 Terms Invoices are due and payable upon receipt Any amounts remaining unpaid after 30 days will be assessed a Service Charge equal to 1% per month (12% per annum) Minimum monthly service charge is $5 00 Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 10059 Northwest 1st Court Plantation, Florida 33324 Tel. (954) 916 -1202 www.robertdklausner.com Fax (954) 916 -1232 Tax I.D.: 45- 4083636 BOYNTON BEACH FIREFIGHTERS December 31, 2013 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 15304 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 12/31/13 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND . BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE :900334 Professional Fees Date Description Hours Amount 12/18/13 REVIEW EMAIL FROM WEST; REVIEW FILE 0.50 150.00 12/23/13 AUDIT LETTER 1.00 300.00 Total for Services 1.50 $450.00 CURRENT BILL TOTAL AMOUNT DUE $ 450.00 Past Due Balance 2,123 25 AMOUNT DUE $2,573.25 j ,-,1 ._,, Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 10059 Northwest 1st Court Plantation, Florida 33324 Tel. (954) 916 -1202 www.robertdklausner.com Fax (954) 916 -1232 Tax I.D.: 45- 4083636 BOYNTON BEACH FIREFIGHTERS November 30, 2013 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 15216 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 11/30/13 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE • 900334 Professional Fees Date Description Hours Amount 11/13/13 DRAFTING ADMINISTRATIVE RULE; REVEW SB 1.50 450.00 1128; REVIEW ORDINANCE; REVIEW SPD 11/14/13 ATTENDANCE AT BOARD MEETING - NO CHARGE 5.00 0.00 11/14/13 PREPARATION FOR BOARD MEETING 1.00 300.00 11/14/13 ATTENDED BOARD MEETING 4.00 1,200.00 11/19/13 DRAFTED EMAIL TO HENDERSON; REVIEW FILE 0.50 150.00 RE PENDING ORDINANCE Total for Services 12.00 $2,100.00 Costs Date Description Amount PHOTOCOPIES thru 11/30/13 23.25 Total Costs $23.25 CURRENT BILL TOTAL AMOUNT DUE $ 2,123.25 4 , Past Due Balance 0-r � 00 AMOUNT DUE 4619:25 G p c Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Invoice Ft. Lauderdale, Florida 33301 -1872 (954) 527 -1616 Date Invoice 12/12/2013 404499 Bill To: Please Remit To: Attention: Ms. Barbara La Due Dept. # 78009 City of Boynton Beach Gabriel Roeder Smith & Company Boynton Beach Municipal Firefighters Retirement Fund PO Box 78000 Renaissance Executive Suites Detroit, Michigan 48278 -0009 1500 Gateway Blvd., Suite 220 Boynton Beach, Florida 33426 Federal Tax ID 38- 1691268 Client 100560 Amount For services rendered for the Boynton Beach Municipal Firefighters Retirement Fund through 11/30/2013 Retirement benefit calculation for Julia 1.00 225.00 225.00 Charges to date for Experience Study approved at 11/14/2013 pension board meeting; 1,275.00 total charges to date equal $1,275 Charges since 10/31/2013 for preparation of the 10/1/2013 Actuarial Valuation Report; 2,376.00 total charges to date equal $3,113 Amount Due $3,876 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page 1 of 1 G p c Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd Suite 505 Invoice Ft. Lauderdale, Florida 33301 -1872 (954) 527 -1616 Date Invoice 1/8/2014 404944 Bill To Please Renut To: Attention: Ms. Barbara La Due Dept. # 78009 City of Boynton Beach Gabriel Roeder Smith & Company Boynton Beach Municipal Firefighters Retirement Fund PO Box 78000 Renaissance Executive Suites Detroit, Michigan 48278 -0009 1500 Gateway Blvd., Suite 220 Boynton Beach, Florida 33426 Federal Tax ID 38- 1691268 Client 100560 Amount For services rendered for the Boynton Beach Municipal Firefighters Retirement Fund through 12/31/2013 Benefit calculations for: Altman, Wandell 2.00 225.00 450.00 Charges since 11/30/2013 for Experience Study; total charges to date equal $3,239 1,964.00 Charges since 11/30/2013 for preparation of the 10/1/2013 Actuarial Valuation Report; 2,208.00 total charges to date equal $5,321 Charges for setup of Senate Bill 1128 amendment to freeze accrued sick and vacation 1,650.00 leave for pension purposes as of 9/30/2013 (programming changes to reflect impact) Amount Due $6,272 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page 1 of 1 ,4Ie nis FINANCIAL Barbara Ladue Invoice No: 20144965 City of Boynton Beach Date: 01/29/2014 Municipal Firefighters 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 BOYNTON BEACH FIREFIGHTERS PENSION PLAN (DROP) Account #: 653714 Description Code # of Units Unit Rate Total Amount Administration Fee 403 1 $500.00 $500.00 TOTAL DUE $500.00 Please return the enclosed COPY of this invoice with your payment in the envelope provided. Please make all checks payable to: Alerus Financial ATTN: Nicki Lukkason P.O. Box 64535 St Paul, MN 55164 -0535 If payment is not received within 60 days of this invoice, outstanding fees will be charged to your account. If you have any questions about this billing, please contact Alerus Retirement Solutions at 800.433.1685. Your account administrator is Jerome Hogness. Thank you for your business! ( / \ INTERCONTINENTAL REAL ESTATE CORPORATION 1 \ 1 1 11 v . - � 1 I '� •� L V1-11. 1270 SOLDIERS FIELD ROAD BOSTON, MASSACHUSETTS 02135 -1003 TELEPHONE 617 -782 -2600 FACSIMILE 617- 782 -9442 www intercontinental net November 25, 2013 Ms. Barbara LaDue, Pension Administrator City of Boynton Beach Firefighters' Pension Fund Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 RE: U.S. Real Estate Investment Fund, LLC Dear Ms. LaDue: We are pleased to announce that U.S. Real Estate Investment Fund, LLC (US REIF) has made a distribution to you in the amount of $44,539.02, which constitutes your pro rata gross share of an overall distribution of $8,136,715.65. The Fund has withheld $8,305.51 for payment of asset management fees for the third quarter 2013, resulting in a net distribution to you of $36,233.51. As authorized by your executed Dividend Reinvestment Plan (DRIP) letter, Intercontinental has reinvested your net distribution of $36,233.51 into US REIF. Intercontinental will report the number of reinvested shares as part of the third quarter 2013 reporting. If you have any questions or wish to change your method of payment, please contact Bart Weinstein at 617- 779 -0440. Sincerely, Put J -t Paul J. Nasser cc via email: David West, Bogdahn Consulting ® 202 Anchor Capital Advisors LLC One Post Office Square Boston, MA 02109 -2103 617- 338 -3800 FAX 617 - 426-6871 www anchorcapital.com .411s, 0 January 01, 2014 Barbara LaDue 3025 City of Boynton Beach Municipal Firefighters Pension Trust 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Regarding Account: 3040062794 Anchor Capital Advisors LLC STATEMENT OF MANAGEMENT FEES For The Period 09 -30 -13 To 12 -31 -13 /kit Portfolio Valuation as of 12 -31 -13 $ 9,664,655.99 3,000,000 @ 0.750% per annum 5,625.00 6,664,656 @ 0.500% per annum 8,330.82 Management Fee $ 13,955.82 TOTAL DUE AND PAYABLE $ 13,955.82 Member of Boston Private Wealth Management Group Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 10059 Northwest 1st Court Plantation, Florida 33324 Tel. (954) 916 -1202 www.robertdklausner.com Fax (954) 916 -1232 Tax I.D.: 45- 4083636 BOYNTON BEACH FIREFIGHTERS January 31, 2014 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 15390 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 01/31/14 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND . BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE :900334 CURRENT BILL TOTAL AMOUNT DUE $ 0.00 Past Due Balance 2,573.25 AMOUNT DUE $2,573.25 I N V O I C E ELLEN SCHAFFER INVOICE: 2708 339 N.W. 99 WAY DATE: 2/6/2014 CORAL SPRINGS, FL. 33071 REF.: Home: (954) 341 -5032 Fax: (954) 345 -0748 Public Pension Software Consultant Sold to CITY OF BOYNTON BEACH PENSION OFFICE 1500 GATEWAY BLVD. SUITE 220 BOYNTON BEACH, FL. 33426 ATTN: BARBARA LADUE, ADMINISTRATOR QTY DESCRIPTION AMOUNT TOTAL 5.00 HOUR(S) PROGRAMMING & CONSULTING SERVICE 115.00 575.00 TO ADJUST 2013 VACATION /SICK ACCRUAL CAPS; TO PROVIDE STATUS REPORT TO BE PRINTED FOR ALL MEMBERS BY NAME RANGE. FOR: BOYNTON BEACH FIREFIGHTERS SUBTOTAL $ 575.00 TAX $ .00 SHIP /HAND $ .00 TOTAL $ 575.00 PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU PROFESSIONAL INDEMNITY AGENCY, INC. 37 RADIO CIRCLE DRIVE MOUNT KISCO, NY 10549 TO: CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS TRUST FUND U. S. SPECIALTY INSURANCE COMPANY $1,000,000 LIMIT OF LIABILITY, $ -0- DEDUCTIBLE Renewal of Policy #U712 -50978 — 4/10/13- 4/10/14 PREMIUM $7,955.00 WAIVER OF RECOURSE 125.00 FLORIDA CAT 1.3% SURCHARGE 105.04 $8,185.04 if ` 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 THANK YOU. GRS Gabriel Roeder Smith & Company One East Broward Blvd. 954 527.1616 phone Consultants 8c Actuaries Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301-1804 www.gabnelroeder.com December 3, 2013 CONFIDENTIAL Ms. Barbara La Due Pension Administrator Renaissance Executive Suites 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Dear Barbara: You have asked us to verify the retirement benefits for the following employee: ALTMAN, Raymond (Early Retirement) Based on the information provided, we have determined that the retirement benefits that have been calculated for the above participant are in accordance with plan provisions. We welcome your questions and comments. Sincerely yours, Peter N. Strong, ASA Consultant and Actuary PS /fir Enclosures Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax- related penalties under the Internal Revenue Code or (ii) marketing or recommending to another party any tax- related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. This communication shall not be construed to provide tax advice or legal advice unless it contains one of the following phrases, or substantially equivalent language: "This communication is intended to provide tax advice." Or "This communication is intended to provide legal advice." Barbara Ladue From: Barbara Ladue [ladueb©bbpdpension.com] Sent: Tuesday, November 26, 2013 2:14 PM To: ' Travis .Robinson©9abrieiroeder.com' Cc: 'Pete.Strong ©gabrielroeder.com' Subject: Boynton Fire - Ray Altman - Early Retirement Verification Attachments: DOC112613.pdf Travis: Please review the attached for verification of retirement benefit for the Fire Pension Board: Raymond Altman, retired 12 -28 -2012, with an Early retirement benefit of $3609.89 under 100% Survivor option. Initial benefit effective January 1, 2013. Please note he purchased 16 months of service in 2002. Thanks for bringing to my attention that this verification was not completed. Barb La Due Original Message From: Scanner [mailto:faxiacompson.com] Sent: Tuesday, November 26, 2013 2:40 PM To: police and fire Subject: Send data from MFP07580425 11/26/2013 14:40 Scanned from MFP07580425 Date: 11/26/2013 14:40 Pages: 7 Resolution: 200x200 DPI 1 fr, CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM 4: FINAL STATEMENT OF RETIREMENT BENEFITS ------ January 23, 2 013 Participant's Name: RAYMOND M ALTMAN Social Security #: You are eligible for a(n) EARLY Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing January 1, 2013 . The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to recieve: 1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay- ments of $ 3847.67 to you as long as you live. If you should die before you have received an amount equal to your own contributions to the Plan, payments will continue to your beneficiary until your own contributions have been used up. 2. TEN YEAR CERTAIN AND LIFE THEREAFTER: This option provides monthly payments of $ 3786.33 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 3786.33 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. 3. 100% SURVIVOR ANNUITY: This option provides monthly payments of 3609.89 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 3609.89 for as long as he /she lives. 4. 66% SURVIVOR ANNUITY: This option provides monthly payments of $ 3685.61 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 2457.20 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 3724.99 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 1862.50 for as long as he /she lives. 6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 3851.83 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of $ 2888.87 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 4128.61 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of $ 2064.31 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 11/11/1962 Pension Hire Date: 12/11/1997 Date of Termination: 12/28/2012 Adjusted Hire Date: 08/11/1996 Avg Final Monthly Comp: $8,640.79 Years of Credited Service: 16 Beneficiary Name: DAWN ALTMAN Date of Birth: 10/16/1953 Page 2 Participant's Name: RAYMOND M ALTMAN Social Security #: Accumulated Contributions:$105,538.49 After -Tax Contributions: $.00 Pre -Tax Contributions:$105,538.49 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $.00 Portion Continues: 0 Nontaxable Portion of Join Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By a DATE: /3d " / j` "A' 46 I accept the terms above, including my choice of annuity form, and confirm the information shown above to be correct. /I PARTICIPANT'S SIGNATURE: + DATE: 1— ' 315.40513 BENEFICIARY' S SIGNATURE: DATE: 4 Calculation Date: CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 January 23, 2013 NAME ALTMAN, RAYMOND M # 2045 SSN DEPT 22 ADDRESS CONTR(TAX) 105,538.49 BIRTH CONTR(NTX) .00 PEN HIRE 12/11/1997 BALANCE 105,538.49 ADJ HIRE 08/11/1996 RETIRE 12/28/2012 TYPE E LAST SERV 12/28/2012 36 MO EARN 311,068.48 ELIG NORM 08/11/2016 AVG MO EARN 8,640.79 ELIG EARLY 11/11/2012 SERV AT TERM 16 4 17 100% VEST 12/11/2007 AGE AT RETIRE 50 1 17 COMMENCE 01/01/2013 COM ANB /DIFF 50 9 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME PAY HIST FLAG IRREGULAR VAC HRS /CD .00 /EJ HOURLY RATE 42.722 SIC HRS /CD .00 S4 VAC SIC PAYOUT 28,927.18 ACCRUE PER .00 EARLY OPTION EARLY LAST PAY 20121231 - 20130113 TERM -DATE 20121228 QDRO BENEFIT 4,246.19 EARLY REDUCTION FACTOR: .10830 EARLY RETIRE BENEFIT 3,786.33 TEN YEAR CERTAIN & LIFE 3,786.33 LIFE ANNUITY FACTOR: 1.01620 MODIFIED LIFE ANNUITY 3,847.67 100% SURV. FACTOR: .95340 100% SURV. ANNUITY 3,609.89 SURVIVOR BENEFIT 3,609.89 66 2/3% SURV. FACTOR: .97340 66 2/3% SURV. ANNUITY 3,685.61 SURVIVOR BENEFIT 2,457.20 50% SURV. FACTOR: .98380 50% SURV. ANNUITY 3,724.99 SURVIVOR BENEFIT 1,862.50 75% JOINT LAST FACTOR: 1.01730 75% JOINT & LAST ANNUITY 3,851.83 SURVIVOR BENEFIT 2,888.87 50% JOINT LAST FACTOR: 1.09040 50% JOINT & LAST ANNUITY 4,128.61 SURVIVOR BENEFIT 2,064.31 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 0 0 TAX -FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00 /00 /0000 00 /00 /0000 Prepared by * indicates manual override CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 January 23, 2013 RAYMOND M ALTMAN H I G H Y E A R O N E H I G H Y E A R T W O PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 12/17/12 2.0 32,345.02 04/26/10 2.0 3,417.8C 12/03/12 2.0 3,527.84 04/12/10 2.0 3,527.80 11/19/12 2.0 3,417.84 03/29/10 2.0 3,417.80 11/05/12 2.0 3,527.84 03/15/10 2.0 3,417.80 10/22/12 2.0 3,417.84 03/01/10 2.0 3,527.80 10/08/12 2.0 5,663.97 02/15/10 2.0 3,417.80 09/24/12 2.0 3,417.84 02/01/10 2.0 3,527.80 09/10/12 2.0 3,527.84 01/18/10 2.0 3,417.80 08/27/12 2.0 3,417.84 01/04/10 2.0 3,527.80 08/13/12 2.0 3,527.84 12/21/09 2.0 3,417.80 07/30/12 2.0 3,417.84 12/07/09 2.0 3,527.80 07/16/12 2.0 3,417.84 11/23/09 2.0 3,417.80 07/02/12 2.0 3,527.84 11/09/09 2.0 3,527.80 06/18/12 2.0 3,417.84 10/26/09 2.0 3,417.80 06/04/12 2.0 3,527.84 10/12/09 2.0 5,663.94 05/21/12 2.0 3,417.84 09/28/09 2.0 3,417.80 05/07/12 2.0 3,527.84 09/14/09 2.0 3,417.80 04/23/12 2.0 3,417.84 08/31/09 2.0 3,527.80 04/09/12 2.0 3,527.84 08/17/09 2.0 3,417.80 03/26/12 2.0 3,417.84 08/03/09 2.0 3,527.80 03/12/12 2.0 3,527.84 07/20/09 2.0 3,417.80 02/27/12 2.0 3,417.82 07/06/09 2.0 3,527.80 02/13/12 2.0 3,417.84 06/22/09 2.0 3,417.80 01/30/12 2.0 3,527.84 06/08/09 2.0 3,527.80 01/16/12 2.0 3,417.84 05/25/09 2.0 3,417.80 01/02/12 2.0 3,527.84 05/11/09 2.0 6,945.62 TOTAL 52.0 121,247.13 TOTAL 52.0 95,736.76 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 January 23, 2013 RAYMOND M ALTMAN H I G H Y E A R T H R E E PAY EFF WEEKS WAGES 08/07/06 2.0 7,048.03 07/24/06 2.0 2,707.57 07/10/06 2.0 2,715.92 06/26/06 2.0 3,665.64 06/12/06 2.0 2,715.92 05/29/06 2.0 2,665.92 05/15/06 2.0 2,915.85 05/01/06 2.0 4,748.68 04/17/06 2.0 2,936.68 04/03/06 2.0 3,715.64 03/20/06 2.0 2,967.73 03/06/06 2.0 2,602.68 02/20/06 2.0 2,584.59 02/06/06 2.0 4,457.36 01/23/06 2.0 3,509.93 01/09/06 2.0 3,938.84 12/26/05 2.0 2,622.48 12/12/05 2.0 3,649.67 11/28/05 2.0 3,569.76 11/14/05 2.0 3,588.38 10/31/05 2.0 6,431.70 10/17/05 2.0 2,552.68 10/03/05 2.0 2,602.68 09/19/05 2.0 3,349.84 09/05/05 2.0 4,230.53 08/22/05 2.0 4,145.15 08/08/05 .6 1,444.74 TOTAL 52.6 94,084.59 # PAY EFF # WAGES CONTR a 2045 20121008 1 5,663.97 679.68 2045 20121022 1 3,417.84 410.14 2045 20121105 1 3,527.84 423.34 2045 20121119 1 3,417.84 410.14 2045 20121203 1 3,527.84 423.34 2045 20121217 1 3,417.84 410.14 2045 20121231 1 28,927.18 3,471.26 7 51,900.35 6,228.04 * * * PENSION STATUS REPORT * * * CITY OF BOYNTON BEACH FIREFIGHTERS PENSION SYSTEM DATE PREPARED: January 23, 2013 FOR: ALTMAN, RAYMOND M SSN: -xxxx EMP NO: 2045 BIRTH DATE: AGE: 50 PLAN: FP DEPT: 22 HIRE DATE: 12/11/1997 PENSION HIRE DATE: 12/11(997 VEST DATE: 12/11/2007 ADJUSTED HIRE DATE: 08/11/1996 EARLY RETIRE DATE: 11/11/2012 LENGTH OF SERVICE: 16 YR 4 MO NORMAL RETIRE DATE: 08/11/2016 TERMINATION DATE: 12/8/2012 BENEFICIARY: BENEFICIARY BIRTH DATE: VACATION ACCRUED: 0.00 RATE OF PAY: 42.72 SICK TIME ACCRUED: 0.00 * * 9/30/12 ACCRUALS * * VACATION ACCRUED: 351.90 RATE OF PAY: 42.72 SICK TIME ACCRUED: 618.39 * * ACCOUNT BALANCE * * POST -TAX CONTRIBUTIONS: $ .00 PFE -TAX CONTRIBUTIONS: $ 105,538.49 CONTRIBUTION BALANCE: $ 105,538.49 * * ELECTIVE BENEFITS * * PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME CODE START END YY -MM -DD CONTRIBUTION CONTRIBUTION RATE L1 03/04/2CO2 03/04/2002 0 8 0 .00 5,500.00 L2 02/02/2002 02/02/2002 0 8 0 .00 132.00 F1 - SERVICE BUY BACK PAYROLL DEDUCTION F5 - AIRTIME PURCHASE PAYROLL DEDUCTION L1 - SERVICE BUY BACK LUMP SUM - PR -TAX L2 - SERVICE BUY BACK LUMP SUM - POST -TAX UL - UNPAID LEAVE SERVICE REDUCTION L3 - AIRTIME PURCH. LUMP SUM - PRE -AX L4 - AIRTIME PURCH. LUMP SUM - POST -TAX GRS Gabriel Roeder Smith & Company One East Broward Blvd 954.527.1616 phone Consultants & Actuaries Suite 505 954.525.0083 fax Ft Lauderdale, FL 33301-1804 www gabrielroeder.com December 3, 2013 CONFIDENTIAL Ms. Barbara La Due Pension Administrator Renaissance Executive Suites 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Dear Barbara: You have asked us to verify the retirement benefits for the following employee: WANDELL, Chris (DROP Retirement) Based on the information provided, we have determined that the retirement benefits that have been calculated for the above participant are in accordance with plan provisions. We welcome your questions and comments. 7 Since ely yours, bti 7 1 / Peter N. Strong, ASA / Consultant and Actuary PS /tnr Enclosures Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax- related penalties under the Internal Revenue Code or (ii) marketing or recommending to another party any tax- related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. This communication shall not be construed to provide tax advice or legal advice unless it contains one of the following phrases, or substantially equivalent language: "This communication is intended to provide tax advice." Or "This communication is intended to provide legal advice." Barbara Ladue From: Barbara Ladue [Iadueb @bbpdpension.com] Sent: Monday, November 25, 2013 11:45 AM To: ' Travis .Robinson@gabrieiroeder.com' Cc: 'Pete.Strong @gabrielroeder.com' Subject: Boynton Fire - Chris Wandell - Retirement into DROP - Benefit Verification Attachments: DOC112513.pdf Travis: Here is the last firefighter (5 of 5) that has retired into the DROP as of 9 -30 -2013 for your review and verification for the Fire Pension Board: Chris Wandell has retired into the DROP effective 9 -30 -2013 with the 50% Survivor Option for $7536.52 a month effective October 1, 2013. Thank you. Barb La Due Original Message From: Scanner [mailto:fax(compson.com] Sent: Monday, November 25, 2013 12:18 PM To: police and fire Subject: Send data from MFP07580425 11/25/2013 12:17 Scanned from MFP07580425 Date: 11/25/2013 12:17 Pages: 7 Resolution: 200x200 DPI 1 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM`" FINAL STATEMENT OF RETIREMENT BENEFITS October 22, 2013 Participant's Name: CHRIS J WANDELL Social Security 41: You are eligible for a(n) NORMAL Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing October 1, 2013 . The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to recieve: 1. MODIFIED CASH REFUND ANNUITY:This option provides monthly pay- ments of $ 7880.01 to you as long as you live. If you should die before you have received an amount equal to your own contributions to the Plan, payments will continue to your beneficiary until your own contributions have been used up. 2. TEN YEAR CERTAIN AND LIFE THEREAFTER: This option provides monthly payments of 7 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 7788.88 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. 3. 100% SURVIVOR ANNUITY• This option provides monthly payments of $ 7221.85 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 7221.85 for as long as he /she lives. 4. 66% SURVIVOR ANNUITY: This option provides monthly payments of $ 7429.03 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 4952.93 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments f $ 7536.52 to you as long as you live. Your beneficiary, if living at t e time of your death, will receive monthly payments of 3768.26 for as long as he /she lives. 6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of 7536.52 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of 4 5652.39 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of y 7880.01 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of 3940.01 will continue for the life of the remain- ing person. THESE - AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 11/17/1966 Pension Hire Date: 10/29/1992 Date of Termination: 09/30/2013 Adjusted Hire Date: 10/29/1992 Avg Final Monthly Comp:$12,410.93 Years of Credited Service: 20 Beneficiary Name: PENELOPE WANDELL Date of Birth: 10/29/1966 Page 2 Participant's Name: CHRIS J WANDELL Social Security #: -xxxx Accumulated Contributions:$164,135.91 After -Tax Contributions: $3,044.65 Pre -Tax Contributions:$161,091.26 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $8.46 Portion Continues: 360 Nontaxable Portion of Join Number of Months Nontaxable Survivor Monthly Benefit: $7.43 Portion Continues: 410 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, including my choice of annuity form, and confirm the information sho m above to be correct. PARTICIPANT'S SIGNATURE: te r/ DATE: 424 3 BENEFICIARY'S SIGNATURE: DATE: Calculation Date: CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 October 22, 2013 NAME WANDELL, CHRIS J # 472 SSN -xxxx DEPT 22 ADDRESS 446,793.43 ELIG NORM 10/29/2012 AVG MO ERN 12,410.93 ELIG EARLY 00 /00 /0000 SERV AT TERM 20 11 1 100% VEST 10/29/2002 AGE AT RETIRE 46 10 13 COMMENCE 10/01/2013 CO I ANB /DIFF 47 0 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME SERV OVERRIDE BEN BDAY PAY HIST FLAG IRREGULAR VAC HRS /CD 129.23/N6 HOURLY RATE 41.060 SIC HRS /CD 125.54 F1 VAC SIC PAYOUT .00 ACCRUE PER .00 EARLY OPTION LAST PAY 20130923 - 20131006 TERM -DATE 20130930 QDRO BENEFIT 7,788.88 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 7,788.88 LIFE ANNUITY FACTOR: 1.01170 MODIFIED LIFE ANNUITY 7,880.01 100% SURV. FACTOR: .92720 100% SURV. ANNUITY 7,221.85 SURVIVOR BENEFIT 7,221.85 66 2/3% SURV. FACTOR: .95380 66 2/3% SURV. ANNUITY 7,429.03 SURVIVOR ENEFIT 4,952.93 50% SURV. FACTOR: .96760 50% SURV. ANNUITY 7,536.52 SURVIVOR BENEFIT 3,768.26 75% JOINT LAST FACTOR: .96760 75% JOINT & LAST ANNUITY 7,536.52 SURVIVOR BENEFIT 5,652.39 50% JOINT LAST FACTOR: 1.01170 50% JOINT & LAST ANNUITY 7,880.01 SURVIVOR BENEFIT 3,940.01 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 360 410 TAX -FREE PORTION OF MONTHLY BENEFIT 8.46 7.43 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 10/01/2043 12/01/247 Prepared by * indicates manual override CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 October 22, 201 CHRIS J WANDELL H I G H Y E A R O N E H I G H YEAR T W O PAY EFF WEEKS gy �W GES PAY EFF WEEKS WAGES 09/23/13 1.2 8•6,- 846 -,48 01 /18 /10 2.0 3,894.3 09/09/13 2.0 4,535.09 01/04/10 2.0 3,994.30 08/26/13 2.0 8,39.97 12/21/09 2.0 3,894.30 08/12/13 2.0 8,970.18 12/07/09 2.0 5637.22 07/29/13 2.0 3,942.30 11/23/09 2.0 5,354.67 07/15/13 2.0 4,090.14 11/09/09 2.0 5,393.82 07/01/13 2.0 4,239.42 10/26/09 2.0 4,137.69 06/17/13 2.0 5,469.95 10/12/09 2.0 3,994.30 06/03/13 2.0 4,239.42 09/28/09 2.0 4,127.54 05/20/13 2.0 3,942.30 09/14/09 2. 5,147.86 05/06/13 2.0 4,042.30 08/31/09 2.0 4,502.48 04/22/13 2.0 3,942.30 08/17/09 2.0 4,221.95 04/08/13 2.0 4,042.30 08/03/09 2.0 9,883.27 03/25/13 2.0 3,942.30 07/20/09 2.0 3,726.96 03/11/13 2.0 4,042.30 07/06/09 2.0 3,826.96 02/25/13 2.0 3,942.30 06/2/09 2.0 3,726.96 02/11/13 2.0 3,942.30 06/08/09 2.0 3,826.96 01/28/13 2.0 4,042.30 05/25/09 2.0 4,571.35 01/14/13 2.0 3,942.30 05/11/09 2.0 4,946.05 12/31/12 2.0 4,042.30 04/27/09 2.0 5,080.89 12/17/12 2.0 3,942.30 04/13/09 2.0 3,726.96 12/03/12 2.0 4,04 ;.30 03/30/09 2.0 8,951.31 11/19/12 2.0 3,942.30 03/16/09 2.0 3,76.96 11/05/12 2.0 4,042.30 03/02/09 2.0 3,814.31 10/22/12 2.0 3,942.30 02/16/09 2.0 5,124.57 10/08/12 2.0 4,042.30 02/02/09 2.0 5,013.94 09/24/12 .8 1,596.63 00 /00 /00 .0 .00 TOTAL 52.0 2 TOTAL 52.0 124, 247.88 Va, 3 ;7 ! ± CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 October 22, 2013 CHRIS J WANDELL. H I G H Y E A R T H R E E PAY EFF WEEKS WAGES 06/23/08 2.0 3,907.34 06/09/08 2.0 3,677.50 05/26/08 2.0 5,056.!6 05/12/08 2.0 4,367.03 04/28/08 2.0 4,252.11 04/14/08 2.0 x,677.50 03/31/08 2.0 9,544.23 03/17/08 2.0 3,677.50 03/03/08 2.0 5,056.56 02/18/08 2.0 3,677.50 02/04/08 2.0 3,677.50 01/21/08 2.0 3,706.23 01/07/08 2.0 3,677.50 12/24/07 2.0 3,677.50 12/10/07 2.0 3,677.50 11/26/07 2.0 3,723.47 11/12/07 2.0 5,056.56 10/29/07 2.0 5,056.56 10/15/07 2.0 3,677.50 10/01/07 2.0 4,711.80 09/17/07 2.0 5,007.83 09/03/07 2.0 5,305.60 08/20/07 2.0 5,058.96 08/06/07 2.0 10,567.35 07/23/07 2.0 3 „07.83 07/09/07 2.0 6,182.56 06/25/07 .6 1,052.35 TOTAL 52.6 124,218.43 BOYNTON BEACH FIREFIGHTERS' PENSION FUND DROP ACCOUNT NAME C /k /6 I4MNp g i-L. 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W 00 00 O H u1 V V .41. 0 w tr1 w V 01 - V 0 V w H t0 -- V 00 N7V.AONV- NW W W (41 00NO CA0100N to -.0 W O 1- w0u1NO3 DID • w • WWI- 0101001 < rt V 00 01N4.0vsIDVIDw- to w .A 000■00.4ID4 - s0.- 1 u1u1000u1t1000 us - toto000u1toto * * * PENSION STATUS REPORT * * * CITY OF BOYNTON BEACH FIREFIGHTERS PENSION SYSTEM DATE PREPARED: February 13, 2014 FOR: 1111111MINIMEMMOIP SSN: 1110-45 -xxxx EMP NO: BIRTH DATE: /1978 AGE: 35 PLAN: FP DEPT: 22 HIRE DATE: 11/02/2009 PENSION HIRE DATE: 11/02009 VEST DATE: 11/02/2019 ADJUSTED HIRE DATE: 11/02/2009 EARLY RETIRE DATE: 10/07/2028 LENGTH OF SERVICE: 4 YR 3 MO NORMAL RETIRE DATE: 11/02/2029 TERMINATION DATE: 00/0 /0000 BENEFICIARY: BENEFICIARY BIRTH DATE: 00 /00 /0000 * * VACATION /SICK ACCRUALS * * CURRENT: HOURLY RATE: 18.44 VAC HOURS: 105.26 SIC HOURS: 246.74 2013 CAP: HOURLY RATE: 17.91 VAC HOURS: 75.69 SIC HORS: 264.69 * * ACCOUNT BALANCE * * POST -TAX CONTRIBUTIONS: $ .00 PRE -TAX CONTRIBUTIONS: $ 22,802.00 CCNTRIBUTION BALANCE: $ 22,802.00 * * ELECTIVE BENEFITS * * PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME CODE START END YY -MM -DD CONTRIBUTION COTRIBUTION RATE F1 - SERVICE BUY BACK PAYROLL DEDUCTION F5 - AIRTIME PURCHASE PAYROLL DEDUCTION L1 - SERVICE BUY BACK LUMP SUM - PR -TAX L2 - SERVICE BUY BACK LUMP SUM - POST -TAX UL - UNPAID LEAVE SERVICE REDUCTION L3 - AIRTIME PURCH. LUMP SUM - PRE -AX L4 - AIRTIME PURCH. LUMP SUM - POST -TAX