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Agenda 02-10-15 BOYNTON BEACH POLICE OFFICERS’ PENSION FUND QUARTERLY BOARD MEETING Tuesday, February 10, 2015 @ 10:30 AM Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite #220 Boynton Beach, FL 33426 AGENDA I.CALL TO ORDER – Toby Athol, Chair A) CONGRATULATIONS TO JASON LLOPIS- to continue to serve as Trustee For a 4 year term from December 2014 to December 2018 II. AGENDA APPROVAL III. APPROVAL OF MINUTES – Quarterly Meeting 11-18 2014 IV. FINANCIAL REPORTS: A) Quarterly Investment Review December 31,2014 1) Russell Investment Group – MJ (Candioto) Serene, CFA a) Investment Review – b) London Stock Exchange Group purchase of Russell Investments – update c) Ed Garcia, Portfolio Mgr – Conference Call -l RTC REEF (Private real estate fund) also Public Real estate. 2.) Burgess Chambers & Associates - Head of Research Frank Wan a) Fund Performance review – V. CORRESPONDENCE: 1) State Street letter of 12-23-2014 – Death Check Service VI. OLD BUSINESS: A) Disability Applications: Update/Status 1) Robert Epstein – Resolution of case – Letter of 2-2-2015 2) Gregory Kenny – Rescinded application 10-29-2014 B ) Response in reference to media coverage on Pensions VII. NEW BUSINESS: A. Invoices for review and approval: 1.Russell Investment Gp. – Quarter End 12-31-2014 - $143,339 2.Russell Payment Services – Quarter End 12-31-2014 - $ 1,121.82 3.Bonni Jensen PA – Service Nov/Dect 2014 & Jan 2015 - $3,088.64 4.Burgess Chambers & Assoc – 4th Qtr 2014 fee - $6,250 1 5. Gabriel, Roeder, Smith & Co- Service Nov 2014 - $2,685 & Dec 2014 - $6,242 6. Davidson, Jamieson & Cristini – Audit Progress billing $5,600 B) Attorney Report - Bonni Jensen 1) DROP Plans & IRS Review – Memo of 1-16-2015 2) Proposed amendment to Disability Provision - to include 30-60 days to file application for Disability after termination of employment. 2) Summary Plan Description (SPD) – Review & Approval C) Verification of Retirement Benefits: 1) Brian Anderson – DROP Retirement 2) Raymond Thomas – DROP Retirement 3) Scott Spruill – Deferred Vested D) GRS Letter of 1-9-2015 - Updated GASB No. 67 Disclosure Information – E) Extensions for GASB Statement No 67 & No 68 – Email 12-4-14 by GFOA F) Fiduciary Liability Ins..NCPERS –Process of obtaining quote for renewal term 4-10-2015/4-10-2016 VIII. PENSION ADMINISTRATOR’S REPORT 1.Benefits as of 02-01-2015 2.Pension System Update – Jan 21, 2015 provided backup material and Plan documentation for review and implementation for the upgrade. 3.Special Board Meeting for Audit & Actuarial Valuation Reports – March 17, 2015 Tuesday @ 10:30 AM IX. COMMENTS: X. ADJOURNMENT: SPECIAL Meeting – Tuesday, March 17, 2015 @ 10:30 AM Next Regular Meeting Date – Tuesday, May 12, 2015 @ 10:30 a.m. – Renaissance Commons If you cannot attend, please call Barbara @ 561-739-7972 NOTICE PO’PB IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE OLICE FFICERS ENSION OARD WITH RESPECT TO ANY MATTER ,/,,/ CONSIDERED AT THIS MEETING HESHE WILL NEED A RECORD OF THE PROCEEDINGS AND FOR SUCH PURPOSE HESHE MAY NEED TO , ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON .(..286.0105) WHICH THE APPEAL IS TO BE BASED FS THE CITY SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A ,, DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE PROGRAM OR ACTIVITY CONDUCTED .CC’,(561)742-6060- BY THE CITY PLEASE CONTACT ITY LERKS OFFICE AT LEAST TWENTYFOUR HOURS PRIOR TO THE PROGRAM OR . ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST S:\CC\WP\JANET\POLICE PENSION FUND.doc 2 Please Post & Distribute BOYNTON BEACH POLICE & FIRE PENSION FUNDS PENSION ADMINISTRATION MEMO TO: All Members of the Boynton Beach Police Officers' Pension Fund FROM: Barbara La Due, Pension Administrator DATE: December 15, 2014 SUBJECT: Police Officers' Pension Board - Trustee Election At the close of the nomination period (Noon, December 15, 2014), one nomination was received for the expiring trustee position. A nomination for JASON LLOPIS was received for another term on the Pension Board. In the absent of any other nomination, JASON LLOPIS will continue to serve as a Trustee of the Plan for another term, from December 2014 to December 2018. (4 Year Term) CONGRATULATIONS!!!! There being only one candidate, the election process is not necessary. The Board's certification of this position will be added to the quarterly agenda for the scheduled meeting on Tuesday, February 10, 2015 @ 10:30 am, Renaissance Commons Executive Suites. CONGRATULATIONS Thank you. e le / MINUTES OF THE BOYNTON BEACH POLICE OFFICERS' PENSION FUND QUARTERLY MEETING HELD ON TUESDAY, NOVEMBER 18, 2014, AT 10:30 A.M. RENAISSANCE EXECUTIVE SUITES, SUITE 220, CONFERENCE ROOM 1 1500 GATEWAY BOULEVARD, BOYNTON BEACH, FLORIDA PRESENT: Toby Athol, Chair Bonni Jensen, Board Counsel Jason Llopis, Secretary Barbara LaDue, Pension Administrator Scott Caudell ABSENT: John Huntington Joe DeGiulio I. CALL TO ORDER — Toby Athol, Chair Chair Athol called the meeting to order at 10:30 a.m. II. AGENDA APPROVAL There were no changes to the agenda. III. APPROVAL OF MINUTES — Quarterly Meeting August 12, 2014 Motion Mr. Hopis moved to approve the minutes. Mr. Caudell seconded the motion that unanimously passed. IV. FINANCIAL REPORTS: A) Quarterly Investment Review & PYE 9 -30 -2014 1) Russell Investment Group — MJ (Candioto) Serene, CFA a) Russell Multi- Manager Bond Fund — Update b) Investment Review - Ms. Serene gave a snapshot of the market and advised at the end of September, equity markets were trending lower due to Europe and a concem about slowing global growth. There was a technical trade into quality and a trade back into bonds. Rising rates were the expectation going into the year, but the opposite occurred. They still expect rates to rise, but many hedge funds were shorting interest rate risk and when the flight to quality occurred, they covered their trades. There were flat U.S. equity markets, but the U.S. Meeting Minutes Police Pension Board Boynton Beach, Florida November 18, 2014 dollar appreciated. Currency played a large role this quarter and the third quarter commodities were the worst performing asset class. There was a material correction with oil, and for the first time ever, the U.S. surpassed Saudi Arabia in oil production. Since the quarter ended, U.S. equities added another 4 %, but had slightly negative numbers driven by currency from the non -U.S. markets. REITS added 6% and commodities dropped about 2 %. In the future from a U.S. perspective, the Federal Reserve has been involved in driving some of the market since 2008, when they made the effective interest rate zero. There is a good probability, in the next six to twelve months, the Federal Reserve will un- anchor the short -term rates and speculation about when was occurring. Russell Investments anticipated this would occur around June. The Federal Reserve dual mandate was to maximize employment, ensure price stability and be mindful of inflation. There has been improvement in unemployment. Russell Investments anticipates the Federal Reserve would make statements in December adjusting the language they use before instituting a rate change and then Yelin will have a press conference afterwards. October marked the end of the bond buying program that has been in place. The portfolio has been positioned for rising interest rates in the long term. Over the next 12 months, Russell Investments anticipated the 10 -year treasuries will move from 2.3% to about 3% The portfolio has two kinds of real estate exposure which was global REIT exposure through the Multi -Asset Core (MAC) fund which will be managed by the manager. The portfolio also has explicit U.S. private real estate exposure. There has been prior discussion of increasing this and Ms. Serene brought materials to the meeting for the Board to consider. She commented the U.S. economy was doing better than global economies. She cautioned the Trustees should be mindful this would not continue as it had, and the members should be cognizant of what the objective was. Private real estate was a good alternative which generates yield. Ms. Serene thought a 5% allocation was sufficient from a diversification standpoint. If the Board increased the allocation 2.5 %, it could make sense if there was a strong reason to diversify out of something else. It was expected to generate a higher return than core fixed- income over the next few years, but if there was a significant equity market correction, it would be worse. It was a trade -off. Frank Wan, BCA Associates explained the maximum allowance was 7% and the allocation was at 5.5% in private real estate. With the MAC fund, it was at 6.6 %. Ms. Serene commented if rates rose, real estate may not fare well with the change. If there was a pull -back in fixed income, it was not a huge problem for the portfolio, but if rates rose, it was not a reason to reduce fixed income. Ms. Serene reviewed Russell's global economic and market outlook and anticipated there would be positive GDP growth from the U.S. which would lead the developed world in this area, yielding about 3% growth in 2015. Employment gains were expected 2 Meeting Minutes Police Pension Board Boynton Beach, Florida November 18, 2014 to continue in the U.S. which was why they expected the Federal Reserve to un- anchor those rates mid next year. Russell Investments anticipated weaker growth from Europe. One problem in Europe was lack of credit growth. Europe has attempted to take action and was buying asset - backed securities which would result in about a $1 trillion dollar stimulus for Europe in the future. The opposite was occurring in China, and the government needed to let businesses fail to curb that. Japan has decided to not further increase their consumption tax and announced quantitative easing which fared well in the portfolio. Ms. Serene reviewed the asset allocations and commented the holding variances were less than 1% so there was no need to rebalance. There is a 39% allocation to MAC fund. There is a dedicated U.S. allocation at 26% under the maximum threshold, a 30% to core fixed income, and a 5% private U.S. real estate. It was noted the City made its annual contribution. The fund started the fiscal year just shy of $69 million. Outflows for the year exceeded inflows, but there was $7.7 million in appreciation for the fiscal year and it ended at $76 million, which was $7 million more than it started with. Contributions put the fund at about $81.8 million, returning just ahead of 10% net of fees for the fiscal year. The portfolio was slightly negative for the last three months, but flat with the benchmark, net of fees. For the fourth quarter, the portfolio picked up 2.3% and for the calendar year -to date, put the fund at plus 7 %. For the third quarter, the MAC fund outperformed the benchmark by about 30 basis points due to an overweight in equities relative to real asset underperforming. The fund was overweight in Japan and the U.S. When they overweighted in Japan for commodities, they shorted the yen. The same thing occurred with equities and being underweight in REITS relative to infrastructure. The benchmark for the equity component was a 50% passively hedged benchmark. They entered the fund at the end of 2012, from a non - hedged portfolio, and the portfolio materially gained from having that currency hedge. Ms. Serene commented global managers underperformed on stock selection for the quarter and continue to do so. The fund beat its benchmark, due to good asset allocation decisions, but while stock selection has not improved, they have good managers and there is a lot of alpha waiting to occur. Alpha, relative to benchmark, was independent of the fact they can recover some underperformance on a year -to -date basis going into rising interest rate environment. Ms. Serene spoke about the Multi- Manager Bond fund and explained Russell monitors managers on their clients' behalf. PIMCO's focus was on client retention as opposed to managing the portfolio which was why Russell Investments eliminated PIMCO from all their U.S. domiciled funds and replaced them in the Multi- Manager Bond fund with a manager named Scout. Scout has a similar role to PIMCO, and was slightly more defensive than the way PIMCO was positioned, having narrower spreads. Mark Egan with REAMS Asset Management, a division of SCOUT, will be the portfolio manager. Scout has about $20 3 Meeting Minutes Police Pension Board Boynton Beach, Florida November 18, 2014 billion in assets under management. The firm was more nimble in being able to execute their best ideas. There was no association between Russell Investments and Scout. Private U.S. real estate for the quarter was about 3.3 %, and over the trailing five -year period, was 12 %. They had very strong returns and Russell Investments did not anticipate it would continue. Low interest rates were very beneficial in terms of obtaining financing to invest. The income component should continue to deliver well. Mr. Wan had referenced that in addition to private real estate, they wanted to discuss a new fund launched in March called the Absolute Return Fixed Income fund. Russell Investments added a 1% allocation to the fund which was in the Multi- Manager Bond Portfolio earlier in the year. She noted the Board can invest in this fund as a standalone. This would increase non -U.S. equity exposure. It would not work well to move money out of the Multi- Manager Bond fund to increase an allocation to this fund, but she included it in the event the Board wanted to increase private real estate exposure because it is pure U.S. exposure. Discussion about the fund followed. The concept behind the Absolute Return Fixed Income fund was that it was interest rate and duration neutral, and it would rely on fixed income managers to generate alpha. It is a combination of liquid long short strategies that span across interest rates, credit and currency. The benchmark is a cash /LIBOR benchmark. Macro currency group managers make currency bets, and Blue Bay Asset Management managers make long -short investment grade credit bets. They expect the fund to perform close to the benchmark. The risk of an allocation is if there is a huge equity market pull back and a flight to quality, treasuries provide a safety net and this fund does not have that coverage. The fund is only available to institutional clients, and some non- profits use it. Corporate pensions do not typically invest in this fund. What makes this fund unique was the foreign exposure. Mr. Wan explained the fund does not have a long enough track record to evaluate, but they use a similar product for some of their clients and they know the stress test. A 1% product is very expensive. He could research manager returns and performance if the same allocation was used, and determine what the gain was. A huge market pull back would lose quite a bit and risk is being added to the plan. Ms. Serene explained if an equity pull back was expected it would perform at LIBOR plus 3, where a core bond portfolio will appreciate with equity market pull back. It would underperform core bonds, but they would not expect a big pull back on an absolute basis. Attorney Jensen commented it appeared there were issues other than the 1% exposures that may be similar. It was more of an active bet than the 1% might be. Mr. Wan explained with the Absolute Return product, they were buying corporate, but also selling and do not short securities. Ms. Serene agreed. Historically, many bets in the portfolio were tied to other elements, which worked out well. At this point in the cycle, they do not want to overweight, but do 4 Meeting Minutes Police Pension Board Boynton Beach, Florida November 18, 2014 not want to move back into treasuries. They made changes to non -U.S. equities and currency exposure. The currency manager mandate in the Absolute Return product uses a G30 strategy which was when 30 different currencies were being traded. They moved in - the direction of adding diversifying strategies to fare better in a rising rate environment beyond a 1% allocation. Over the long run, they would not expect risk return between the Absolute Returns fixed income and the Multi- Manager Bond fund to be materially different. They would have a similar risk return profile. When Russell developed the product, they did so mindfully with clients they had with a material allocation to fixed income while being fearful of what would happen if rates rose. When rates rise, they expect this fund to do better, but when the market panics, there would be more volatility. Mr. Wan inquired if Ms. Serene had a standalone track record for those two managers. She responded Russell Investments has a contract with them so they could not share the information directly, but thought they could provide enough to permit Mr. Wan to research the matter. Mr. Wan suggested tabling this item so he could review and the Board concurred. 2.) Burgess Chambers & Associates - Head of Research Frank Wan a) Fund Performance review — Mr. Wan announced the fund had a great fiscal year. For the last 12 months, the fund was 11 % gross and 10% net and in the top 26 percentile, and the five -year period had favorable results. The fund was at 9.4% with smoothing, and there was a 2% gain every year, which helped pay down the unfunded liability. It was noted once a City can show gains from smoothing, they will have lower contributions. This market cycle on a directional cycle was up. With past quarter, international exposure was at 23 %, and they may have to tweak the allocation to be below the 25% limit. The Trustees moved $19 million in the last year and a half and it earned $18 million versus the MAC fund which earned 10 %. Mr. Wan commented the Trustees made prudent decisions. The MAC fund did a great job, considering the international exposure in the portfolio and hedging paid off. The Multi- Manager Bond fund earned 6.3% for the five -year period, versus the benchmark of 4.1 %, and the bond portfolio did great in terms of relative performance. Real estate was positive. At this point in the cycle, apartments were expensive. Rental rates were higher and the portfolio will do well. The portfolio had a downside cushion. Mr. Wan summarized the U.S. economy, versus the world, was doing great and money was coming back to the U.S. The U.S. dollar was at an all -time high, and hedging currencies helped the portfolio. Mr. Wan commented with a reversal that may occur, he 5 Meeting Minutes Police Pension Board Boynton Beach, Florida November 18, 2014 would review the 1 % allocation to the Absolute Return fund to ascertain if it was a viable alternative. The fund was in the top 26% for the one -year period nationwide. The portfolio was close to the benchmark and doing well. Attorney Jensen inquired if it was worthwhile for Ms. Serene to bring more information about real estate and what the managers are doing internally. The Board had previously discussed this and it was better than just buying and selling bonds. At the next meeting Ms. Serene could give information or make a presentation about what the fund actually does. Ms. Serene agreed and commented the fund was currently underweight in apartment investments. The presentation would cover what the fund was doing, what it would purchase, if it is sold daily or monthly, and how buying and selling of real estate worked. On a different matter, Mr. Wan reviewed correspondence regarding a $5,000 fee increase per year for BCA services. There were no objections. Motion Mr. Llopis moved to increase the fee Mr_ Caudell seconded the motion that unanimously passed. V. CORRESPONDENCE: 1) 27th Annual Police & Fire OPAUNAPO Conference —Jan 25 -27, 2015 Chair Athol announced the conference and commented Mr. DeGuilio was going to try to attend. Attorney Jensen advised since NAPO combined with OPAL, the Conference was much better. VI. OLD BUSINESS: A) Disability Applications: Update /Status 1) Robert Epstein — Case completed —Two Court Orders Attorney Jensen advised the Court agreed with the Board and upheld the Order meaning Mr. Epstein could not apply for disability. It also said, while the decision was harsh, it met the standard, and they awarded the Board attorney's fees of about $10,000 to pay for Attorney Jensen's services representing the Board. An Order will be entered and the insurance company would seek funds from Mr. Epstein. Attorney Jensen approached Attorney Kelley suggesting making an offer to the insurance company because Mr. Epstein may not be able to pay. She explained the Supreme Court just ruled on prevailing party fees. In a broad sense, Chapters 175 and 185 always had provisions for prevailing party attorney fees, but in 6 Meeting Minutes Police Pension Board Boynton Beach, Florida November 18, 2014 Florida, it was previously interpreted it did not involve local law provisions. The Florida Supreme Court ruled it pertained to all funds that receive the 175 and 185 monies. Attorney Jensen suggested they add language to the Plan to add a window to apply for disability after termination when the next plan amendment is made. Mr. Llopis inquired how other plans handle this. Other plans have provisions that say if terminated for disability, they have 30 or 60 days post that time and some plans say nothing. Mr. Llopis thought there should be language added to say that if an employee seeks this benefit, Human Resources advise the Trustees so they can explain the process to the person and provide them with an information sheet so they will be prepared. There had been no indication made to Attorney Jensen that the matter would be appealed and she pointed out it was hard to appeal this type of issue. The Board did not exceed its authority, and Mr. Epstein still has a vested benefit at normal retirement age unless he requests a refund, but he will not receive disability benefits from the plan. 2) Gregory Kenny — IME Update Attorney Jensen told Attorney Kelley and the Board she would call him and would speak to the Board about setting the doctors' appointments. Mr. Kenny advised Attorney Kelly he needed to attend the meeting, but he had not. Attomey Jensen called Attorney Kelley at 12:04 p.m. and left a message to call back. The Trustees sent the Board's doctor, Doctor Worth, Mr. Kenny's records. Doctor Worth did the exam and on the basis of that could not say he was totally and completely unable to perform his functions. Since two different specialists were needed for an independent medical examination, the Board sent Mr. Kenny to an orthopedic doctor to see if he was able to declare him totally and completely disabled from performing the functions of his position. If so, Mr. Kenny would have to see a neurological doctor and he now has to do so. The orthopedic doctor indicated he would like Mr. Kenny to have a functional capacity and psychological exam. It was noted Mr. Kenny was involved in another crash on his way to work and he goes on and off light duty to full duty. Attorney Jensen advised Attorney Kelley of this and commented Attorney Kelley thought he was on duty. Chair Athol inquired what the process was and Attorney Jensen advised the City should be contacted. Mr. Llopis had approached Human Resources about the matter. Mr. Kenny has different circumstances than Mr. Epstein because he already applied, and this exam could take place after termination of employment. Attorney Jensen agreed to contact the Human Resource Director to ascertain his status and their intentions. They should be aware he is working as a full -duty officer. She noted he was receiving full duty pay and the City could make reasonable accommodations for him. As part of the process, she would ask the City if he could be assigned to a police officer job with or without a reasonable accommodation and what Mr. Kenny's status was as he goes on and off light duty and claims he is disabled. 7 Meeting Minutes Police Pension Board Boynton Beach, Florida November 18, 2014 VII. NEW BUSINESS: A. Invoices for review and approval: 1. Russell Investment Gp. — Quarter End 9 -30 -2014 - $135,530 2. Russell Payment Services — Quarter End 9 -30 -2014 - $ 1,005.31 3. Perry & Jensen -- Service thru 9 -30 -2014 - $2,041.02 (A) 4 Bonni Jensen PA — Service Oct 2014 - $833.64 (B) 5 Burgess Chambers & Assoc — 3rd Qtr 2014 fee - $5,000 6. Gabriel, Roeder, Smith & Co- Service Sept 2014 - $1,549 Ms. LaDue pointed out Attorney Jensen's bill split into part A and B. Motion Mr Caudell moved to approve. Mr. Llopis seconded the motion that unanimously passed. B) Attorney Report - Bonni Jensen 1) Proposed Ord Vac/Sick Snapshot - Administrative Rule /Statement of Policy effective June 18, 2013. Attorney Jensen explained there was a proposed ordinance regarding sick leave and vacation time which was different than what was proposed. It was taken off the agenda and it is in the administrative policy. The provision is effective. 2) Pension Administration System Agreement with Resource Centers, LLC — review and approval. A presentation had been made to the Fire Department. Chair Athol reviewed it and there were a few items to clarify what the standard procedural changes were. Discussion followed this agreement would add an extra layer of protection for continuity of services and expansion. The cost of the equipment would be split with the Firefighters' and the new system will be more efficient. It interfaces with the current software, HTE, and the records can be digitized. This would provide an all -in -one environment. Attorney Jensen agreed to add the domain name to the agreement and it should be included in the price. She reviewed the agreement and indicated what was covered and excluded. Attorney Jensen reviewed they will add email hosting, the domain name, verify the amount of insurance, and provisions for security and hacking to the agreement. She pointed out there is insurance to cover responsibilities if the system is hacked, but she did not know how much it would cost. State Street and Salem have controls already in place Attorney Jensen would make the changes and stated a motion to approve 8 Meeting Minutes Police Pension Board Boynton Beach, Florida November 18, 2014 signing the agreement between the meetings with the anticipated changes/information supplied was needed. The changes should start in January, and Ms. LaDue would provide a copy of the updated agreement to Attorney Levinson for the Firefighters' Plan. Motion Mr. Llopis so moved. Mr. Caudell seconded the motion that unanimously passed. Attorney Jensen had an Assignment and Assumption of the Board's contract. Klausner and Kaufman will assume all the responsibilities under the contract. The contract has not changed. Chair Athol and Secretary Llopis signed the document. Attorney Jensen spoke to Sue Marden, from the FPPTA, relative to a response to the Leroy Collins Institute and she created a draft document. The document was a compilation of facts clarifying an unfunded liability was not an underfunded plan. All the benefits in the plan are prefunded; the percentage funded how that grows. The document explained while employees and employers make contributions, most of the . benefits are paid by the Fund's earnings. Mr. Wan agreed to provide a chart, and show the percentage of employee contributions, versus the City's budget as a whole. It was asserted the plan was unsustainable, but the City pays a very small portion of the total City budget. Looking at retirement security and how it is good economic policy, the National Institute of Retirement Securities put together a report called "Pensionomics" and "Better Bang For Your Buck" which conveys for each dollar contributed by Florida taxpayers into Florida Pensions over a 30 -year period, and for every pension paid to retirees, $1.64 is spent in the local economy. Attorney Jensen wanted to show something specific to Boynton Beach. Dave Williams, in the last newsletter, addressed some of this and a suggestion was made to include this information as supplemental information. Additionally, they should be able to put this information on the website. Ms. LaDue explained the actuaries will have to upload information each year on the Police Pension Plan on the City's website as would the auditor. The cost for Ms. Marden to put this information together would not exceed $1,500. It was noted the West Palm Beach Police and Fire and Miramar do this. Chair Athol agreed to obtain a copy of their sites and examples of the benefits. C) Verification of Retirement Benefits: 1) Dennis Galindez — DROP Retirement Motion Mr. Llopis moved to approve. Mr. Caudell seconded the motion that unanimously passed. D) Pension Administrator — Compensation Increase 9 Meeting Minutes Police Pension Board Boynton Beach, Florida November 18, 2014 This item would provide a 5% increase to Ms. LaDue. The Firefighters' Pension Trustees also approved a 5% increase. This would be retroactive from October 2014 and would be about $114.14 a month more. Motion Mr. Caudell moved to approve the increase. Mr. Llopis seconded the motion that unanimously passed. E) Implementation Package by GRS for Chapter 2013 -100 (Senate Bill #534) Attorney Jensen agreed the actuary has to provide five extra reports. One report will show the Plan using the new group annuity mortality table RP2000 Generational Scale and show the 2% below the assumed actuarial rate of return. They also recommended showing 1% above. A report had to have a run -out date, which is misleading because Florida law mandates the municipality must fund the actuarially required contribution which would ensure the fund never runs out. The actuary has to calculate the current market value assuming no investment retums going forward or any additional money. This was proposed on the federal level, but it never passed. The cost for these reports was between $2,500 and $3,000. Motion Mr. Caudell moved to approve. Mr. Llopis seconded the motion that unanimously passed. F) Davidson, Jamieson & Cristini — Auditors- Implementation of GASB 67 Last year, the Trustees approved implementing the GASB 67 regulation. The actuary added it and would update it at the end of the year. The auditor wants the Trustees to know they are charging additional for the additional work. Motion Mr. Llopis moved to approve. Mr. Caudell seconded the motion that unanimously passed. G) Mandatory Ethics Training The Police Department has the training, and the form can be submitted to Human Resources. Ms. LaDue agreed to contact John Huntington about the training. 10 Meeting Minutes Police Pension Board Boynton Beach, Florida November 18, 2014 H) Fiduciary Liability Ins., Arthur J Gallagher - recommended by NCPERS. Ms. LaDue added this item because NCPERS recommended this firm. Arthur Gallagher was a long established firm and Ms. LaDue wanted to send information to them to learn about pricing. Ms. LaDue was instructed to go to bid and obtain the information. VIII. PENSION ADMINISTRATOR'S REPORT 1. Benefits as of 11 -01 -2014 Ms. LaDue explained this item was for information only. 2. Trustee term expires December 2014 ...direction for election Voting is done through the Police Department and online to Ms. LaDue. She agreed to send out .the nomination forms. Chair Athol and Mr. Caudell are appointed by the City Commission. 3. Scheduled Board Meetings for 2015 — review and approval There were no problems with the meeting dates. The Board usually meets the 2nd Tuesday and would continue to do so at 10:30 a.m. IX. COMMENTS: Ms. LaDue inquired if the Trustees received a new SunTrust credit card and the members had. X. ADJOURNMENT: There being no further business to discuss, Chair Athol adjourned the meeting at 12:58 p. m. &±uLL Catherine Cherry Minutes Specialist 010515 11 Barbara Ladue From: Xavier Rolet and Len Brennan [institutional @russell.com] Sent: Wednesday, December 03, 2014 2:32 AM To: Ladueb @bbpdpension.com Subject: Message from Xavier Rolet and Len Brennan. view online December 03, 2014 Dear valued clients, We are very pleased to announce that London Stock Exchange Group (LSEG) today completed the purchase of Russell Investments from Northwestern Mutual, making Russell a wholly -owned subsidiary of LSEG We want to sincerely thank you for your support over the past few months as we worked to obtain the required shareholder and regulatory approvals and customer consents This is exciting news, and we wanted to share it with you as soon as it was announced to the marketplace. This transaction marks the official joining of two world -class businesses, both of which are built on complementary values of integrity and exceptional client service for both institutions and advisors. It also signals the merger of the FTSE and Russell Indexes businesses, creating a global leader in index products and analytics, offering an unmatched range of equity, bond, currency, commodity and real estate capabilities. As you know, LSEG is undertaking a comprehensive review of Russell's asset management business — a high quality business with a long track record of innovation and a team of outstanding associates. We are making good progress and expect to complete the review early in 2015 We will, of course, communicate with you once we have news to share regarding the outcome of that review. In the near term, there will be no changes to our products and services, and your client service team remains the same We are committed to communicating and collaborating with clients to ensure we build on the strengths of both organizations as we work together Thank you, as always, for the trust you place in Russell. Sincerely, Xavier Rolet, CEO, London Stock Exchange Group Len Brennan, President & CEO, Russell Investments RE,sse,i logo Is a - a d rn rk Jf 1 c C C 1 C t I CA CD n C C e 2 c a) E C .— L. a) C "f C c a) 1 C CD C U O .4.•.• 12 - C c co f.) c >1 (I) a) C CO c C (/) -� O C C o ° g Ca C W C e = Q C C O C ; �� CC C' U ° C C C e e i C 0 N O cu 5 C. C N E r > 0 _ 0 = L Cl.),_ Immi e 7 O I i C -. 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C o C o E c p ,o p c o E o u) o i f a eis '= '= C u> p W (6 o v> (n U Q Q w C C L (6 C O Q) — O a C 1 a _c t w C wE 0 w .� . o C Q w ED 0 w > m 2 ci oft 604111 W Ch N e Ru �i Invest ments Fund Update AI■•1 Russell Real Estate Equity Fund (RTC): One fund terminated Fund changes effective January 5, 2015' Anticipated completion of fund changes 4Q 2015 Russell has elected to terminate the Clarion Lion Properties Fund due to its inability to resolve a sustained period of underperformance. The Fund will gradually reduce exposure to the Clarion Lion Properties Fund with the full redemption anticipated to be completed during the fourth quarter of 2015. Assets previously allocated to Clarion Fund will initially be applied to outstanding redemption requests and then reallocated over the next several quarters to new and existing funds. Overall investment objectives, risk parameters and fund portfolio characteristics will not materially change as a result of this fund update. TFPMfNIATl=r> r -f Jr Clarion Lion Properties Fund Questions and answers ,AIUV lc POFa� M rt- I/Nnl(,FC Tn THE Ft in In 2013 2013 the Clarion Fund was downgraded to a 3 rank after a period of inconsistent performance. After the downgrade, there was an unanticipated change to the fund's portfolio manager. Russell decided to retain the fund after completing a series of discussions with the new portfolio manager to monitor the impact of the new portfolio manager's business plan on the fund. Following a period of sustained underperformance under the new portfolio manager, Russell has determined that the future return potential for the fund has likely diminished and decided to pursue alternate options that Russell believes are more appropriate for the fund. WHAT r'FECT WIf ' THIS CHANGE HAVE ON THE FUND The Clarion Lion Properties Fund had the highest leverage in the RTC REEF portfolio, and given the weight it had, overall leverage is expected to decline. Exposure to the industrial sector at the overall portfolio level will also decline slightly. The effective date refers to the date the fund transition began. The anticipated completion date refers to the date the full redemption from the fund is estimated to be completed Russell Investments // Russell Real Estate Equity Fund (RTC) N Q e 0"'h The new target weights are illustrated below. Russell Real Estate Equity Fund Previous New target weigin: target weight Clarion Lion Properties Fund Core 18.9% 0.0% INVESCO Core Real Estate - USA Core 19.5% 25.3% J.P. Morgan Strategic Property Fund Core 26.1% 32.1% Morgan Stanley Prime Property Fund Core 27.8% 32.9% UBS Trumbull Property Fund Core 7.4% 9.4% e Russell Positioning Strategies2 Dynamic 0.3% 0.3% 'New target weights effective upon completion of full redemption from terminated fund 'Russell Positioning Strategies include the liquidity reserve. C e e e e r e e e e Russell Investments 0 Russell Real Estate Investment Fund (RTC) i p 2 e e eA ;.,,i w ^ r b rTh `wyr r For more information • Contact your Russell representative or visit ClientLINK at http: / /clientlink.russell.com. Important information Investments current as of 01/05/2015. Russell has the right to engage or terminate a fund at any time and without notice. The investment strategies are the goals of the individual funds: there is no assurance that the exact objective will always be met. Nothing contained in this material is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. The Russell funds discussed here are investment funds of the Commingled Employee Benefit Funds Trust established by Russell Trust Company. They are not funds of Russell Investment Company, nor mutual funds registered under the Investment Company Act of 1940. Certain inherent conflicts of interest may arise from the Fund's ability to make investments through Russell affiliated entities. Russell addresses these conflicts in compliance with applicable law and in accordance with its obligations as an ERISA fiduciary. Diversification and strategic asset allocation do no assure profit or protect against loss in declining markets. Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes and tax laws and interest rates all present potential risks to real estate investments. Copyright © Russell Investments 2015. All rights reserved. Russell Investments is a trade name and registered trademark of Frank Russell Company, a Washington USA corporation, which operates through subsidiaries worldwide and is part of London Stock Exchange Group. The Russell logo is a trademark and service mark of Russell Investment Group. First used: January 2015 USI- 20801 -01 -16 Russell Investments 1/ Russell Real Estate Investment Fund (RTC) / p 3 CO N Q e N 5 N e 4 N y n M N do ;e ^ $ v E C 4,—) € n .} m n e .+ U O c rn ^, .4 o m C p W m y v n a ° D Q F .xn e m n 8 N Ll ( ? €g C vi .. 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O CD DD CA � P N O. p 0 0 P N N Q. -, - r .- CD IV (D r r "h CD Cr P p N �• O vpi CD 'a. • p 0" 5..,D ' 0-, 0 a ( '� D cn 0 0 , F- s' 0 v' p, crq Q rr a 0 0 0 co Do cn CD -• p 0 to P r i ED" (..),. 0 O 0 c Or 0- 5 on 01 > do o Q ' Q CA 0 CA n cD <0 ,-, O Cr o a 0 MI (o o Q- ,� (D 0 n - 0 ∎ O C Q P N 0 0 C a. co 5 0 0 o P P vi p, P C m O p , -+, 0 Q- , •• r t p CD P C ..,• ,..,. 0 .0 ° � A' ,. cc) . n 5 �' O ve n o vi W - ' C A' 0 N a N P �' n !t • CA O C .. • , 3" dq pro `C- Q. O M (D (p' O CD p� • • o c ° CD Q 0 A 'O 0 g O 0 ►. STATE STREET. Retiree Services P.O. Box 24989 Jacksonville, FL 32241 -4989 December 23, 2014 Barbara LaDue City of Boynton Beach Boynton Police & Fire Pension Funds 1500 Gateway Boulevard, #220 Boynton Beach, FL 33435 Dear Ms. LaDue: In order to assist you in the management of your Pension Plan, we conducted an audit of our records. Our objective is to report discrepancies in the payment of benefits and to ensure that a valid social security number is used by beneficiaries. Retiree Services utilizes the services of The Berwyn Group, an organization that provides mortality identification in addition to address location and death certificate obtainer services. The Berwyn Group performed this audit on behalf of Retiree Services, matching their database of death records against our data to identify the social security numbers of deceased participants. The results of this audit are enclosed for your review. Additionally, The Berwyn Group's reports are designed to provide detailed information, categorized to assist you in your review and research of audit findings. Please pay particular attention to the following detail, which will enable you to review the data in the most efficient manner. Reports are sorted and bound by the first 10 characters of your Retiree Services account ID. Consequently, you may have received one or multiple reports. Within each report, results are categorized into the following four areas: • "Exact Matches" where Retiree Services supplied social security number, last name, first name and date of birth all match a record in The Berwyn Group's database exactly. • "Highly Probable Matches" where Retiree Services supplied social security number, valid or invalid last name and first name (but not date of birth) all match a record in The Berwyn Group's database exactly. • "Other Matches" where Retiree Services supplied social security number only or social security number and one other field match a record in The Berwyn Group's database exactly. • "Invalid Social Security Numbers" where Retiree Services supplied social security numbers are not valid. PERSONAL SENSITIVE DATA KLAUSN'ER K:1LFMAN T1:\ ' L V INSON .\ PARTNERSHIP OF PROFESSIONAL ASSOCIATIONS ATTORNEYS AT LAW Reply to: 400 Executive Center Drive, Suite 207 West Palm Beach, Florida 33401 Telephone: (561)686 -6550 Facsimile: (561)686 -2802 bonni ac robertdklausner.com February 2, 2015 SENT VIA UNITED STATES MAIL The Honorable Peter D. Blanc Fifteenth Judicial Circuit Court 205 N Dixie Highway, Room 11.1208 West Palm Beach, FL 33401 Attention: Stefanie Lee, Judicial Assistant Re: Robert E. Epstein v. Board of Trustees of the Boynton Beach Police Officers' Pension Fund Civil Appellate Division AY Case No. 502013CA018598XXXXMB Our File Number 0188 Dear Judge Blanc: Attached please find an Agreed Order Awarding Attorney Fees and Costs which resolves the above captioned matter. Opposing counsel has approved the same. If the same meets your approval, please execute and distribute in the enclosed stamped, addressed envelopes. Please remove this matter from the calendar call scheduled for Friday, February 13, 2015, at 9:00 a.m. Thank you so very much for your assistance in this matter. If you have any questions or . need additional information, please do not hesitate to contact my office. Sincerely yours, BSJ:pah Bonni S. Jense Enclosures E -Mail: Chairman and Secretary Administrator Melinda Margolies Paul Kelley, Esq. (Attorney for Petitioner) H:1BB Police 01881Participants\Epstein - Line of Duty Disability 90111 Appea112015 -01 -30 Ltr to Judge Blanc re cancel hearing.wpd 10059 NORTHWEST 1ST COURT, PLANTATION, FLORIDA 33324 PHONE: (954) 916 -1202 • FAX: (954) 916 -1232 www.robertdklausner.com Barbara Ladue From: Athol, Toby [AtholTQbbfl.usj Sent: Tuesday, October 29, 2013 7:37 AM To: 'Bonni S. Jensen' Cc: 'Barbara Ladue' Subject: FW: FYI Det Toby Athol Boynton Beach Police Department • 561.742.6152 From: Kenny, Greg Sent: Tuesday, October 29, 2013 7:20 AM To: Athol, Toby Cc: 'Barbara Ladue' Subject: RE: Mrs. Ladue and Toby Athol I am rescinding my application. G.Kenny 799 From: Athol, Toby Sent: Monday, October 28, 2013 1:17 PM To: Kenny, Greg Cc: 'Barbara Ladue' Subject: Greg Can you please send an email to Barb and let her know that your rescinding your application for a disability today We need to have notice from you so we can update out end and stop the process from going through Thanks Det Toby Athol 1 UZ Russell Investments Invoice invoice for: Invoice Number Russell Client ID Billing Period Ending City of Boynton Beach Police Retirement 46316 C04616001 12/3112014 Fund 1500 Gateway Blvd #220 Invoice Date Payment Terms Total Amount Due Boynton Beach, FL 33426 01/21/2015 Net 30 Days $ 143,339.00 Mad to: City of Boynton Beach Police Retirement Specify Remittance Information Fund 1500 Gateway Blvd #220 ❑ Payment by check Boynton Beach, FL 33426 Make check payable to Russell Investments Check Amount $ 11111111111 111111111111111111111 ❑ Request payment by Direct Debit Authorized Signer See additional instructions on reverse side Please return upper portion with your check or direct debit request The following is a summary of your account(s). For more information, please review the enclosed detail Direct Debit per Description of Service Fee Amount Standing Instructions or Amount Due Payments Received Russell Investments Investment Management Fees $ 143,339.00 $ 0.00 $ 143,339.00 Current Period Fees $ 143,339.00 $ 0.00 $ 143,339.00 Balance Forward 135,530.00 (135,530.00) 0.00 Total Amount Due $ 143,339.00 A 1 L ,1r Invoice Number Invoice Date Russell Client ID Payment Terms Billing Period Ending 46316 01/21/2015 C04616001 Net 30 Days 12/31/2014 Current Period Over 30 Days Over 60 Days Over 90 Days Total Amount Due $ 143,339.00 $ 0.00 $ 0.00 $ 0.00 $ 143,339.00 Invoice for: City of Boynton Beach Police Retirement Fund 1500 Gateway Blvd #220 Boynton Beach, FL 33426 (See reverse side for additional information) Invoice Invoice Number 46316 Billing Period Ending 12/31/2014 Russell Investments - FEE DETAIL Investment Management Fees City of Boynton Beach Police Retirement Fund Boynton Beach Police Officers Retirement Trust Funds Investment Account Account Number QU7W Fund Name Average Rate% Fee Amount Market Value Russell Multi -Asset Core Fund 31,404,306 0.19750 62,024.00 Russell Large Cap Defensive 21,133,896 0 19750 41,739 00 Equity Fund Russell Multi- Manager Bond Fund 23,796,523 0 19750 46,998 00 Russell Real Estate Equity Fund 4,181,366 0 19750 8,258.00 Subtotal 80,516,091 $ 159,019.00 Russell Real Estate Equity Fund - Internal Fee Paid (15,680.00) Account Total $ 143,339.00 Total Investment Management Fees $ 143,339.00 Page 2 Russell Investments MANAGER 4525 - - INVOICE NO. 1412074706 -9997 NW 6327 DATE 2015/01/21 PO BOX 1450 PAGE 1 OF 1 Minneapolis, MN 55485 -6327 US TOTAL CHARGES CURRENT PERIOD USD 1,121.82 9BYM- Police Officer Retirement Trust Police Officer Retirement Trust FOR 3 MONTH PERIOD 10/01/14 to 12/31/14 City of Boynton Beach DB Boynton Police & Fire Pension Fnds, 1500 Gateway Blvd,Suite #220Account ID: BOYNTON POLICE Pension Administrator Pay Type 3 Boynton Beach, FL 33426 ATTENTION Barbara L. Ladue PLEASE DETACH THIS PORTION AND RETURN WITH YOUR PAYMENT CHARGES BENEFIT PAYMENT CHECK FEES ACH Benefit Payments 415 AT 1.25 518.75 Benefit Payments 13 AT 1.25 16.25 Lump Sum Payments 10 AT 10.00 100.00 BENEFIT PAYMENT: OTHER FEES Pensioners Added 2 AT 0.50 1.00 State Tax Filing 9 AT 25.00 225.00 ** SUBTOTAL FEES ** 861.00 OUT OF POCKET CHARGES POSTAGE Advice of Deposit 234.27 Benefit Payment 7.41 Lump Sum 5.70 UPS DELIVERY UPS Charges 10/31/2014 6.75 UPS Charges 11/25/2014 6.69 13.44 ** SUBTOTAL OUT OF POCKET ** 260.82 CURRENT CHARGES USD 1,121.82 INV.# 1412074706 -9997 9BYM- Police Officer Retirement Trust 2015/01/21 LAW OFFICES OF BONNI JENSEN, P.A. January 23, 2015 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #72885 Dear Toby: Enclosed please find the Firm's invoice for services rendered for the eriod that ended 1/15/2015. Your current balance due is $3,088.64. 0 If you have any questions, please do not hesitate to contact me. Sincerely yours, / 0 '' 49_________ Bonni S. Jensen BSJIIg Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207 ♦ WEST PALM BEACH, FLORIDA 33401 -2922 PHONE: (561) 686 -6550 • FAX: (561) 686 -2802 LAW OFFICES OF BONN! JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 bsjteam @robertdklausner.com & bonni @robertdklausner.com Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email January 23, 2015 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #72885 Professional Services Hrs /Rate Amount DROP DROP 1/7/2015 BSJ Telephone call with Barbara LaDue 0.50 112.50 Telephone call with Scott Olson 225.00/hr Review 72 -T Internal Revenue Code DROP DROP BSJ Review Internal Revenue Service DROPs - Attack on DROPs 0.06 13.50 DROP 225.00/hr DROP 1/8/2015 BSJ Research Field Memorandum regarding DROP Treatment for Review by 0.06 13.50 Internal Revenue Service 225.00/hr DROP DROP 1/12/2015 BSJ Draft Memorandum to Trustees re: Internal Revenue Service Position on 0.25 56.25 DROPs 225.00/hr Review Memorandum from Internal Revenue Service DROP Boynton Beach Police Officers' Pension Fund Page 2 Hrs /Rate Amount SUBTOTAL: [ 0.87 195.75] Forms Forms 12/19/2014 BSJ Telephone call with Paul Adams re: Special Tax Notice 0.01 2.25 Forms 225.00 /hr Forms 1/6/2015 BSJ Review and revise Special Tax Notice 0.25 56.25 Forms 225.00 /hr SUBTOTAL: [ 0.26 58.50] Miscellaneous Matters Miscellaneous Matters 12/16/2014 LG E -Mail to Trustees & Administrator re: 2015 Mileage Rate Memorandum 0.10 7.50 Miscellaneous Matters 75.00 /hr Miscellaneous Matters BSJ Correspondence with Trustees re: Memorandum on New 2015 Mileage 0.06 13.50 Rate 225.00 /hr Miscellaneous Matters Miscellaneous Matters 1/6/2015 BSJ Draft Memorandum re: SB172 0.25 56.25 Miscellaneous Matters 225.00/hr Miscellaneous Matters 1/7/2015 BSJ Draft State Law Update 0.35 78.75 Research SB242 225.00/hr Miscellaneous Matters SUBTOTAL: [ 0.76 156.00] Boynton Beach Police Officers' Pension Fund Page 3 Hrs /Rate Amount Monitor /Consultants - Burgess Chambers, Associates Monitor /Consultants - Burgess Chambers, Associates 12/19/2014 BSJ Correspondence with Barbara LaDue re: Partially Signed Addendum to 0.50 112.50 Burgess Chambers Agreement 225.00/hr Monitor /Consultants - Burgess Chambers, Associates Monitor /Consultants - Burgess Chambers, Associates LG E -mail to Barbara LaDue, Chairman & Secretary re: Partially Signed 0.30 22.50 Addendum to Burgess Chambers Agreement 75.00 /hr Ship via UPS to Barbara LaDue Monitor /Consultants - Burgess Chambers, Associates SUBTOTAL: [ 0.80 135.00] Participant - Kenny Participant - Kenny 1/6/2015 BSJ Telephone call with Toby Athol 0.10 22.50 Participant - Kenny 225.00/hr SUBTOTAL: [ 0.10 22.50] For professional services rendered 2.79 $567.75 Additional Charges : Bill File 1/15/2015 Copy Charges 4.65 SUBTOTAL: [ 4.65] Monitor /Consultants - Burgess Chambers, Associates 12/19/2014 United Parcel Service Invoice No.: 0000F49280514 7.14 Tracking #1ZF492800398346864 Pickup Request No.: 295C51 KBKFC Re: Partially Signed Original Addendum to Monitor Agreement United Parcel Service Invoice No.: 0000F49280524 6.65 Tracking #1 ZF492800398346864 to Barbara LaDue re: Partially Signed Original Addendum to Monitor Agreement Boynton Beach Police Officers' Pension Fund Page 4 Amount SUBTOTAL: [ 13.79] Total additional charges $18.44 For professional services rendered 2.79 $586.19 Total amount of this bill $586.19 Previous balance $2,502.45 Balance due $3,088.64 LAW OFFICES OF BONNI JENSEN P.A. December 23, 2014 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #72834 Dear Toby: Enclosed please find the Firm's invoice for services rendered for the period that ended 12/15/2014. Thank ou for your payment of $2,874.66. Your current balance due is $2,502.45. ( f,4e.: kf If you have any questions, please do not hesitate to contact me. Sincerely yours, 6 71'41: }1,-(A"1/L Bonni S. Jensen Signed in Ms. Jensen's absence to expedite delivery BSJ /Ig Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207 ♦ WEST PALM BEACH, FLORIDA 33401 -2922 PHONE: (561) 686 -6550 ♦ Fax: (561) 686 -2802 LAW OFFICES OF BONNI JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 bsjteam @robertdklausner.com & bonni@robertdklausner.com Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email December 22, 2014 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #72834 Professional Services Hrs /Rate Amount Attendance at Trustee Meetings Attendance at Trustee Meetings 11/18/2014 BSJ Attend Meeting 2.25 506.25 Attendance at Trustee Meetings 225.00 /hr Attendance at Trustee Meetings 11/19/2014 LG Review Post Meeting Folder 0.40 30.00 Attendance at Trustee Meetings 75.00 /hr SUBTOTAL: [ 2.65 536.25] Class Action Litigation Class Action Litigation 11/26/2014 BSJ Review email re: Fee Shifting By -Laws 0.10 NO CHARGE Class Action Litigation 225.00/hr SUBTOTAL: [ 0.10 0.00] Boynton Beach Police Officers' Pension Fund Page 2 Hrs /Rate Amount Forms Forms 12/11/2014 BSJ Draft Special Tax Notice 0.06 13.50 Forms 225.00/hr SUBTOTAL: [ 0.06 13.50] Meeting Notices and Agendas Meeting Notices and Agendas 11/17/2014 PH Prepare Attomey Report, Handouts, and Notebook for upcoming 1.50 112.50 Meeting - 11/18/14 75.00 /hr Meeting Notices and Agendas SUBTOTAL: [ 1.50 112.50] Miscellaneous Matters Miscellaneous Matters 12/1/2014 BSJ Review Internal Revenue Service Notice 2014 -74 0.10 22.50 Review and revise Special Tax Notice 225.00/hr E -mail to Internal Revenue Service re: Questions about Roth IRAs Miscellaneous Matters Miscellaneous Matters 12/11/2014 BSJ Review Newly Filed SB172 0.10 22.50 Miscellaneous Matters 225.00/hr SUBTOTAL: [ 0.20 45.00] Monitor /Consultants - Burgess Chambers, Associates Monitor /Consultants - Burgess Chambers, Associates 11/26/2014 BSJ Review emails regarding Amendment to Agreement for Fees 0.25 56.25 Monitor /Consultants - Burgess Chambers, Associates 225.00/hr Monitor /Consultants - Burgess Chambers, Associates 12/4/2014 LG Revise Fee Addendum per Bonni's mark up by Adding the Date of the 0.30 22.50 First Addendum 75.00 /hr Review Files for Dates Monitor /Consultants - Burgess Chambers, Associates Boynton Beach Police Officers' Pension Fund Page 3 Hrs /Rate Amount Monitor /Consultants - Burgess Chambers, Associates 12/5/2014 LG E -mail to Karla Engard, Barbara LaDue, & Frank Wan re: Revised Fee 0.20 15.00 Addendum for Approval 75.00 /hr Monitor /Consultants - Burgess Chambers, Associates Monitor /Consultants - Burgess Chambers, Associates 12/15/2014 LG Telephone call with Karla Engard re: Addendum to Agreement was not 0.30 22.50 Completely Signed by Burgess Chambers 75.00 /hr E -mail to Karla Engard, Barbara LaDue, Frank Wan, & Melissa Holdcraft requesting an Original Addendum executed by Burgess Chambers Monitor /Consultants - Burgess Chambers, Associates SUBTOTAL: [ 1.05 116.25] Participant - Epstein Participant - Epstein 12/9/2014 BSJ Correspondence with Judge Blanc re: Set Hearing on Order Granting 0.50 112.50 Respondent's Motion for Attorney Fees 225.00 /hr Participant - Epstein Participant - Epstein PH E -mail to Judicial Assistant, Stefanie Lee re: Letter to Judge Blanc & 0.10 7.50 Order Granting Respondent's Motion for Attorney Fees to Set a Hearing 75.00 /hr Participant - Epstein SUBTOTAL: [ 0.60 120.00] Participant - Kenny Participant - Kenny 11/17/2014 PH Telephone call with Dr. Harris (Left message) re: IME 0.10 7.50 Participant - Kenny 75.00 /hr Participant - Kenny 11/20/2014 PH Telephone call with Dr. Harris (Left message) re: Setup an IME 0.10 7.50 Participant - Kenny 75.00 /hr Boynton Beach Police Officers' Pension Fund Page 4 Hrs /Rate Amount Participant - Kenny 11/21/2014 PH Telephone call with Billie with Dr. Harris' Office re: Scheduling an IME 0.10 7.50 E -mail to Billie with Dr. Hams' Office 75.00 /hr Participant - Kenny Participant - Kenny 11/24/2014 BSJ Correspondence with Julie Oldbury, Human Resources Director re: 0.50 112.50 Kenny's Work Status 225.00/hr Participant - Kenny Participant - Kenny PH E -mail to Julie Oldbury, Human Resources Director, Barbara LaDue, 0.10 7.50 Toby Athol, & Jason Llopis re: Kenny's Work Status 75.00/hr Participant - Kenny Participant - Kenny 11/25/2014 BSJ Review email from Julie Oldbury re: Kenny Full Duty 0.25 56.25 E -mail to Paul Kelley 225.00 /hr Participant - Kenny SUBTOTAL: [ 1.15 198.75] Plan Document Plan Document 12/11/2014 BSJ Telephone call with Toby Athol 0.25 56.25 Review & Respond to email from Barbara LaDue re: Transfers of 225.00/hr Accumulated Sick & Vacation Leave Plan Document SUBTOTAL: [ 0.25 56.25] Summary Plan Description Summary Plan Description 12/15/2014 BSJ Review email from Pete Strong re: Collective Bargaining Agreement 0.35 78.75 Dates & Custodian 225.00/hr Research Collective Bargaining Agreement Dates E -mail to Toby Athol E -mail to Pete Strong Summary Plan Description Boynton Beach Police Officers' Pension Fund Page 5 Hrs /Rate Amount SUBTOTAL: [ 0.35 78.75] For professional services rendered 7.91 $1, 77 Additional Charges : Attorney Engagement Agreement 12/1/2014 United Parcel Service Invoice No.: 0000F49280494 NO CHARGE Tracking #1 ZF492800390523150 to Barbara LaDue re: KKJL Assignment & Assumption SUBTOTAL: [ 0.00] Bill File 12/15/2014 Copy Charges 6.30 SUBTOTAL: [ 6.30] Total additional charges $6.30 For professional services rendered 7.91 $1,283.55 Total amount of this bill 1,283.55] Previous balance $4,093.56 Accounts receivable transactions 12/4/2014 Payment - Thank You!. Check No. 053509 ($2,041.02) 12/4/2014 Payment - Thank You!. Check No. 053513 ($833.64) Total payments and adjustments ($2,874.66) Balance due $2,502.45 LAW OFFICES OF BONNI JENSEN, P.A. November 25, 2014 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #72772 Dear Toby: Enclosed please find the Firm's invoice for services rendered for the period that ended 11/15/2014. Your current balance du . If you have any questions, please do not hesitate to contact me. Sincerely yours, Bonni S. Jensen sSJn9 Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207 • WEST PALM BEACH, FLORIDA 33401 -2922 PHONE: (561) 686 -6550 ♦ FAX: (561) 686 -2802 LAW OFFICES OF BONNI JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 bsjtearn@robertdklausner.com & bonni cc robertdklausner.com Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email November 25, 2014 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #72772 Professional Services Hrs/Rate Amount Miscellaneous Matters Miscellaneous Matters 10/27/2014 BSJ Telephone call with Toby Athol re: Transfer of Accumulated Sick & 0.20 45.00 Vacation Leave 225.00/hr Miscellaneous Matters Miscellaneous Matters 11/7/2014 BSJ Review Letter from Commission Fitzpatrick 0.25 56.25 Miscellaneous Matters 225.00/hr SUBTOTAL: [ 0.45 101.25] Participant - Kenny Participant - Kenny 10/28/2014 BSJ Telephone call with Toby Athol re: Kenny had Off Duty Accident 0.10 22.50 Participant - Kenny 225.00/hr Boynton Beach Police Officers' Pension Fund Page 2 Hrs /Rate Amount Participant - Kenny 10/30/2014 BSJ Review Dr. Worth's Report 0.50 112.50 Participant - Kenny 225.00 /hr Participant - Kenny BSJ Telephone call with Toby Athol 0.20 45.00 Participant - Kenny 225.00 /hr Participant - Kenny 11/6/2014 BSJ Review Report from Doctor Worth & Form 0.50 112.50 Telephone call with Toby Athol 225.00 /hr Participant - Kenny Participant - Kenny 11/7/2014 BSJ Telephone call with Paul Kelley 0.35 78.75 Participant - Kenny 225.00/hr SUBTOTAL: [ 1.65 371.25] Summary Plan Description Summary Plan Description 11/10/2014 BSJ E -Mail to Pete Strong re: Summary Plan Description due 0.20 45.00 Summary Plan Description 225.00/hr SUBTOTAL: [ 0.20 45.00] System Provider System Provider 10/23/2014 BSJ Review System Agreement for iRetire Services 0.75 168.75 System Provider 225.00 /hr System Provider 11/3/2014 BSJ Telephone call with Scott Baur re: Cloud Provider 0.10 22.50 System Provider 225.00/hr System Provider 11/5/2014 BSJ Telephone call with Scott Baur 1.00 225.00 Review and revise Contract 225.00/hr System Provider Boynton Beach Police Officers' Pension Fund Page 3 Hrs/Rate Amount System Provider 11/6/2014 BSJ E -mail to Toby Athol & Barbara LaDue re: Contract 0.75 168.75 System Provider 225.00/hr System Provider 11/7/2014 BSJ Telephone call with Toby Athol 0.10 22.50 System Provider 225.00/hr System Provider 11/10/2014 BSJ E -mail to Scott Baur re: Summary Plan Description 0.10 22.50 System Provider 225.00/hr SUBTOTAL: [ 2.80 630.00] Trustee Information Trustee Information 10/29/2014 BSJ Review & Respond to email from Toby Athol re: Ethics Training as 0.10 22.50 Employee & Trustee 225.00/hr Trustee Information SUBTOTAL: [ 0.10 22.50] For professional services rendered 5.20 $1,170.00 Additional Charges : Bill File 11/15/2014 Copy Charges 48.90 SUBTOTAL: [ 48.90] Total additional charges $48.90 For professional services rendered 5.20 $1,218.90 Total amount of this bill $1,218.90 Previous balance '�✓ , , E.� $2,874.66 I le! LI Boynton Beach Police Officers' Pension Fund Page 4 Amount Balance due $4,093.56 BURGESS CHAMBERS & ASSOCIATES, INC. Invoice INVESTMENT ADVISORS S.E.C. REGISTERED 315 E. Robinson Street, Suite 690 Date Invoice # Orlando, Florida 32801 1/15/2015 15 -1 Bill To Boynton Beach Police Officers' Pension Barbara La Due, Administrator 1500 Gateway Blvd, Suite 220 Boynton Beach, Florida 33426 Description Amount Fourth Quarter 2014 Investment and Performance Monitoring and Advisory Fee per Contract 6,250.00 Total $6,250.00 Phone # Fax # (407) 644-0111 (407) 644 -0694 G p C Gabriel Roeder Smith & Company Consultants & Actuanes One East Broward Blvd. Suite 505 Invoice Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 Date Invoice 12/12/2014 411124 Bill To Phase Remit To Attention: Ms. Barbara La Due Dept. # 78009 Municipal Police Officers' Retirement Fund Gabriel Roeder Smith & Company City of Boynton Beach PO Box 78000 Renaissance Executive Suites Detroit, Michigan 48278 -0009 1500 Gateway Blvd., Suite 220 Boynton Beach, Florida 33426 Federal Tax ID 38- 1691268 Client 100550 Amount For professional actuarial services rendered for the Boynton Beach Municipal Police Officers' Retirement Fund through 11/30/2014 Charges since 9/30/2014 for preparation of the 10/1/2014 Actuarial Valuation Report; 2,685.00 total charges to date equal $3,559 Amount Due $2,685 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page 1 of 1 prt KLAUSNER KAL`F IAN JfNSE` LFVI\ oN 1 A PARTNERSHIP OF PROFESSIONAL ASSOCIATIONS ATTORNEYS AT LAW MEMORANDUM To: Board of Trustees Boynton Beach Police Officers' Pension Fund From: Bonni S. Jensen / ..i Subject: DROP Plans and IRS review Date: January 16, 2015 By Memorandum dated December 8, 2014, the IRS provided direction to its employees reviewing DROP plans in governmental defined benefit plans in applying the benefit and contribution limits of § 415 of the Internal Revenue Code. See attached IRS Memorandum. As you may be aware, in early 2013, the IRS began asserting the position that DROPs are defined contribution plans and wanted the Plans to limit the plan benefits based upon the defined contribution rules. This meant for the year 2015 DROP deposits would have been limited to $53,000. This position has been largely reversed. The IRS directive provides that the monthly defined benefit benefits which are credited to the DROP are not "annual additions" subject to contribution limitations. Therefore, if no contributions are made to the DROP, no annual contribution limits apply. This is the position that the pension plans have been advocating. Most DROP plans will now be able to continue to operate in the same way as they have been operated in the past. If there are additional contributions that are made to the DROP, then the contribution limits apply only if all three of the following criteria are satisfied: 1. The DROP consists of segregated accounts for each participant; 2. Earnings on amounts in the DROP are based solely on actual investment earnings, i.e., the DROP does not provide for a fixed or guaranteed rate of return on funds in the DROP; and 3. The DROP does not provide for cessation of the accrual of earnings in the DROP at any time. The Memorandum provides examples of Plan language which allows the plans to 10059 NORTHWEST 1ST COURT, PLANTATION, FLORIDA 33324 PHONE: (954) 916 -1202 • FAX: (954) 916 -1232 www.robertdklausner coin m Board of Trustees Boynton Beach Police Officers' Pension Fund DROP Plans and IRS review January 16, 2015 Page 2 of 2 continue to operate with the defined benefit limitation: • For purposes of the directive, DROP designs that are treated as having a fixed or guaranteed rate of return include designs where: (a) the rate of return is fixed at a pre- stated rate, such as x% (this includes setting the earnings rate as a rate external to the plan (e.g., 10 -year Treasury bills) or at a 0% rate of return (i.e., no earnings)); (b) there is a maximum and /or minimum set for investment returns (e.g., a participant may choose from individual investments but is guaranteed a return of not less than x %); or (c) a participant may choose from different investment options and the choices include either (a) or (b). • For purposes of the directive, if crediting of investment earnings ceases at any time while assets remain in the DROP (for example after the DROP period), the DROP is not treated as providing for actual investment eamings and the Additional Contributions will not be treated as annual additions subject to the § 415(c) limits. The memo contained the following: This directive is not a pronouncement of law and is not subject to use, citation, or reliance as such. Nothing in this directive shall affect the operation of any other provision of the Code, regulations, or guidance thereunder. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. H:1BB Police 01881Board12015 \IRS position on DROP.wpd ,�ocneirg y -�� DEPARTMENT OF THE TREASURY INTERNAL REVENUE SERVICE WASHINGTON D C 20224 TAX EXEMPT AND GOVERNMENT ENTITIES DIVISION December 8, 2014 Control No.: TEGE -07- 1114 -0029 Affected IRM: IRM 7.11.1, 4.72.7 Expiration Date: December 8, 2016 MEMORANDUM FOR ALL EP EMPLOYEES FROM: Robert S. Choi, Director /s/ Robert S. Choi Employee Plans SUBJECT: Applying Section 415 Limits to Governmental Defined Benefit Plans with Deferred Retirement Option Plan Features Purpose This memorandum provides direction to Employee Plans (EP) employees reviewing governmental defined benefit (DB) plans with deferred retirement option plan (DROP) features, setting forth administrative guidelines for applying the benefit and contribution limits of § 415 of the Internal Revenue Code (Code) to such plans. This directive is not a pronouncement of law and is not subject to use, citation, or reliance as such. Nothing in this directive shall affect the operation of any other provision of the Code, regulations, or guidance thereunder. DROP Design Under a typical DROP design, a DB plan participant who is eligible to retire and immediately receive retirement payments under the DB plan continues to work and makes an election under which the participant's benefit accruals under the DB plan are frozen (Le., no additional service or compensation credits accrue). Pursuant to the election, the amounts that the participant would have received as a DB retirement payment had the participant in fact retired are credited to a DROP (for purposes of this directive, these amounts will be referred to as DB Benefit Amounts). The DROP may also provide for employee or employer contributions to be made to the DROP in addition to the DB Benefit Amounts credited to the DROP (Additional Contributions). Administrative Guidelines EP employees reviewing a governmental DB should not treat DB Benefit Amounts credited to a DROP as annual additions subject to the § 415(c) limitation applicable to defined contribution (DC) plans. Accordingly, if you are reviewing a governmental DB plan that does not allow Additional Contributions to be made to the DROP, the plan will not be required to include § 415(c) limitation provisions for the DROP, and no further analysis with regard to the § 415(c) limitation for the DROP is required. If you are reviewing a governmental DB that allows Additional Contributions to be made to the DROP, these Additional Contributions also will not be treated as annual additions subject to the § 415(c) limits except in limited circumstances as described below. If there are Additional Contributions, the § 415(c) annual addition limits will apply only with respect to the Additional Contributions and only if all of the following three criteria described below are satisfied. You should review the plan documents to determine if this is the case. (1) The DROP consists of segregated accounts for each participant; (2) Earnings on amounts in the DROP are based solely on actual investment earnings, i.e., the DROP does not provide for a fixed or guaranteed rate of return on funds in the DROP; and (3) The DROP does not provide for cessation of the accrual of earnings in the DROP at any time. With respect to the first criterion, if the plan's language indicates that it provides for segregated accounts for each participant, you should contact the plan's representative to receive written confirmation under penalties of perjury of how the plan is actually operated. If the DROP does not meet any one of the above three criteria, the Additional Contributions will not be treated as annual additions subject to the § 415(c) limits. The Appendix to this directive provides an explanation of the three criteria and examples of plan language to assist you in reviewing the plan documents. If you have any questions regarding this directive, please contact Patrick Gutierrez at 202 - 317 -8718. cc: www.irs.gov 2 APPENDIX Detailed Explanation of the Three Criteria Used for Determining Whether § 415(c) Limits Apply to Additional Contributions in a DROP If a DROP provides for Additional Contributions, the following information is designed to facilitate the application of the three criteria listed in the directive. I. Segregated accounts for each participant For purposes of the directive, Additional Contributions will not be treated as annual additions subject to § 415(c) limits where the plan language does not indicate that it provides for segregated accounts for each participant or the plan's representative confirms that the plan is actually not operated with segregated accounts. The following are examples of plan language providing for non - segregated accounts: - All benefits payable to a DROP participant shall be paid from the general assets of the Plan. - All benefits payable under the DROP shall be paid only from the assets of the DROP, and the Employer shall have no duty or liability to fumish the DROP with any funds except to the extent required by applicable law. [NOTE - this does not provide for segregated accounts for each participant because the language groups the DROP accounts for all participants together.] Pursuant to the directive, if the plan's language indicates that it provides for segregated accounts for each participant, the EP employee should contact the plan's representative to receive written confirmation under penalties of perjury of how the plan is actually operated. If the plan in fact does not operate as if benefits paid to a participant are paid only from the assets in the participant's DROP account, this first criterion is not met. The following is an example of plan language indicating that it provides for segregated accounts: - All DROP benefits payable to a participant shall be paid only from the assets in the participant's DROP account. II. Actual investment earnings If a DROP provides for a rate of return based on something other than actual investment earnings (such as a fixed or guaranteed rate), the DROP account is A -1 not based "solely" upon contributions and earnings and the Additional Contributions will not be treated as annual additions subject to the § 415(c) limits. For purposes of the directive, DROP designs that are treated as having a fixed or guaranteed rate of return include designs where: (a) the rate of return is fixed at a pre- stated rate, such as x% (this includes setting the earnings rate as a rate external to the plan (e.g., 10 -year Treasury bills) or at a 0% rate of return (Le., no earnings)); (b) there is a maximum and /or minimum set for investment returns (e.g., a participant may choose from individual investments but is guaranteed a return of not Tess than x %); or (c) a participant may choose from different investment options and the choices include either (a) or (b). The following are examples of plan language providing for fixed or guaranteed rates of return: (1) Fixed rate on assets in DROP account: A member's DROP account shall be credited each month with earnings based on an interest rate of X percent per annum compounded monthly. If the plan language provides for a rate of return equal to the return on the assets of the entire DB plan, this shall be treated as a fixed or guaranteed rate and not actual investment earnings of the participant's DROP account. (2) Maximum or minimum rate: The DROP account shall be credited annually with earnings equal to the actual investment retum on the assets in the participant's DROP account (as selected by the participant), but in no event more than X percent or less than Y percent. (3) Interest rate determined by participant election: - Participant can choose interest at: (I) a fixed rate of X percent, (ii) the rate equal to the net investment return of Plan assets, or (iii) the net investment return of the assets in the DROP account as selected by the DROP participant. A -2 - Payment to the DROP shall be credited or debited with interest according to one of the following options chosen by the DROP participant: (i) the DROP account is credited or debited with the same percentage as the net investment return of the Plan as a whole, or (ii) the participant's DROP account is credited with the actual investment return on the mutual funds in the participant's DROP account (as selected by the participant). 111. No cessation of the crediting of earnings in the DROP at any time Most DROPs provide for the crediting of the DB Benefit Amounts into the DROP only over a defined time period, often five years (the DROP period). For purposes of the directive, if crediting of investment earnings ceases at any time while assets remain in the DROP (for example after the DROP period), the DROP is not treated as providing for actual investment earnings and the Additional Contributions will not be treated as annual additions subject to the § 415(c) limits. The following are examples of plan language providing for cessation of earnings: - Except as otherwise provided in the section above (providing that interest ceases at end of DROP period), the DROP account shall be credited with... - If an employee does not terminate employment at the end of participation in the DROP, interest shall no longer be credited to the DROP account. A -3 GRS Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone Consultants & Actuaries Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301 -1804 www.gabrielroeder.com e/ / ■ 44 1: / C 4 el w'' -J. � 1 / � December 31, 2014 , �� Ms. Barbara LaDue, Pension Administrator Boynton Beach Police Officers' Pension Board Renaissance Executive Suites 1500 Gateway Blvd Suite 220 Boynton Beach, Florida 33426 Re: Police Officers' Retirement Fund Summary Plan Description Dear Barbara: Enclosed is the updated Summary Plan Description as of December 2014 reflecting all recent changes. We welcome your questions and comments. Sincer ly yours, ' l ' dr° * A e N. Strong Senior Consultant and ' - ary PS /ib Enclosure cc: Bonni Jensen, Attorney CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICERS' RETIREMENT FUND SUMMARY PLAN DESCRIPTION Prepared December 2014 INTRODUCTION TO YOUR PLAN The City of Boynton Beach has established a defined benefit pension plan to provide eligible employees with retirement and related benefits. This Summary Plan Description is a brief description of that Plan and your rights, obligations and benefits under it. This Summary Plan Description is not meant to interpret, extend or change the provisions of the Plan in any way. The provisions of the Plan may only be determined accurately by reading the actual Plan documents. These documents include appropriate City ordinances, Chapters 112 and 185, Florida Statutes, and any rules and regulations adopted by the Board of Trustees. A copy of these documents is on file at the Office of the Pension Administrator and may be read by you, your beneficiaries or your legal representatives at any reasonable time. If you have any questions regarding the Summary Plan Description or the Plan documents, you should direct them, in writing, to the Plan's Administrator. In the event of any conflict between this Summary Plan Description and the actual provisions of the Plan documents, the Plan documents control. This Summary Plan Description is solely intended as a guide to your benefits and is not intended to create a contract or promise of any specific benefit. Any examples used in this Summary Plan Description are for illustration purposes only and do not represent the actual benefit to be received by any specific person. GENERAL INFORMATION ABOUT YOUR PLAN There is certain general information you may need to know about the Plan. This general information is summarized below. Name of Plan City of Boynton Beach Municipal Police Officers' Retirement Fund Employer City of Boynton Beach Plan Administrator Board of Trustees of the City of Boynton Beach Municipal Police Officers' Retirement Fund 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Telephone: (561) 739 -7972 Trustee Plan Administrator Designated Agent for Service of Legal Process Bonni S. Jensen, Esquire Klausner, Kaufman, Jensen & Levinson, P.A. 400 Executive Center Drive, Suite 207 West Palm Beach, FL 33401 -2922 Type of Administration The Plan Administrator is responsible for the overall administration of the Plan. It has discretionary authority to construe the terms of the Plan and make determinations on questions which may affect your eligibility for benefits. The Plan Administrator may also retain the services of attorneys, accountants, actuaries, investment advisors and other professionals. Plan Year Each 12 month period beginning on October 1st and ending on September 30th. The Plan's fiscal records are maintained on this basis. Relevant Provisions of Local and State Laws The Plan is set forth in Section 18 of the Code of Ordinances of the City of Boynton Beach. The most recent amendment to the Plan reflected in this Summary Plan Description is Ordinance No. 11 -011. The Plan is also governed by certain provisions of Part VII, Chapter 112, Florida Statutes (F.S.), Chapter 185 F.S., and various federal laws. Relevant Provisions of Collective Bargaining Agreements Certain employees covered by the Plan are members of the Palm Beach County Police Benevolent Association. There are separate contracts for Officers and Detectives, Sergeants, and Lieutenants. The current collective bargaining agreements between the units and the Employer cover the period from October 1, 2012 through September 30, 2013. No sections of the agreements refer to pension matters. Custodian The custodian of the Plan is responsible for the safe - keeping of securities owned by the Pension Fund. The custodian is: State Street Corporation Boston, MA Investment Managers The investment manager is responsible for selecting the securities to be bought and sold by the Pension Fund, in accordance with guidelines established by the Plan Administrator. The investment manager is: Russell Investment Group New York, NY Member You are a Member of the Plan if you fulfill the prescribed eligibility requirements (see Eligibility and Credited Service section). Beneficiary Your Beneficiary is each person designated by you to the Plan Administrator to receive any payments that may become payable by the Plan upon your death. You should designate a Beneficiary when you become a Member of the Plan. Prior to retirement, you may change your designation at any time upon written notification to the Plan Administrator. Upon retirement, if you have elected a joint and survivor option you may change beneficiaries up to twice without the approval of the Board of Trustees or the current joint annuitant or beneficiary. You are not required to show proof of good health for the beneficiary being removed and the prior beneficiary need not be living. IT IS IMPORTANT TO KEEP YOUR BENEFICIARY INFORMATION UP TO DATE CONTRIBUTIONS TO THE PLAN Benefits of the Plan are financed by contributions that are paid into the pension fund and by investment earnings generated by investments of the pension fund. Contributions to the fund are made by: You Your regular contribution rate is 7% of your Covered Salary (see later page for definition of Covered Salary). Your contributions will cease upon your retirement, death or employment termination. Interest is not credited to your contributions. You are also required to contribute an additional 1% of Covered Salary until you complete 20 years of service. This additional contribution along with a matching amount from the Employer is being accumulated within the Fund. Starting October 1, 2006, retirees and beneficiaries will receive monthly supplemental payments from this pool of money. State of Florida Monies are paid each year by the State pursuant to Chapter 185, F.S. Said monies are used for the benefit of police officers. Your Employer The City of Boynton Beach must contribute an amount determined by the Plan's actuary to be sufficient, along with your contribution and the State contribution, to fund systematically the benefits under the Plan. The Employer's contribution will vary depending on the experience of the Plan. ELIGIBILITY AND CREDITED SERVICE Eligibility You are eligible to be a Member of the Plan if you are a sworn police officer for the Employer. Your employment must be full -time, as determined by the Employer. You become a Member of the Plan on the day you become a full-time police officer. Credited Service Credited Service is used to compute the amount of pension benefit when you retire, to determine whether you are eligible for certain benefits and to determine whether you are vested. Your Credited Service is equal to your total length of service with the Employer omitting periods when you were not employed by the Employer. Vacations and other paid leaves of absence are included. Unpaid leaves of absence are not included. Also not included in Credited Service is any period during which you could have but did not contribute to the Plan or any period for which you have withdrawn your own contributions. Break in Service If you terminate employment, receive a refund of contributions, and later return to work for the Employer, you will lose credit for previous service unless you repay the contributions you withdrew from the fund. You can either repay the refund with interest in a lump sum within six months of re- employment, or you may choose to repay the contributions in installment payments over a period of up to five years provided that payments begin within six months of re- employment. If the installment payment option is chosen, additional interest will need to be paid during the period of repayment. No credit will be given for any service until all years which are to be repurchased have been paid in full. Military Service and Prior Police Officer Service Should you be called to active duty from employment in order to enter the military, your period of leave may be included in your Credited Service if you return to work for the Employer within one year after your discharge. If you die or become disabled while on military leave, you will be eligible to receive a death or disability benefit as if you had been rehired as a police officer the day before the death or disability occurred with the period of leave included in your Credited Service. You may purchase up to five years of service as a police officer employed by a city, county, state or federal police department or your military service. You will receive this Credited Service once you pay the Fund the full actuarial cost of such service. You will be allowed to purchase the service via biweekly payroll deductions over a period equal to the length of time being purchased or five years, whichever is greater, or in one lump sum payment. Purchased service will count for benefit computation purposes, but not vesting. Please note that no service credit may be purchased if you are receiving or will receive any other retirement benefit based on such service, excluding military service. Family and Medical Leave Act Should you take a leave of absence under the Family and Medical Leave Act, your service will remain continuous even if you are not in a pay status. Use of accumulated leave time will be treated as Credited Service. A contribution will be picked up from paid leave. Use of unpaid leave, however, will not be treated as Credited Service. RETIREMENT DATES Normal Retirement Date The Normal Retirement Date is the earliest date when unreduced retirement benefits may be paid to you. Your Normal Retirement Date is the first day of the month coincident with or next following the earliest of (a) completion of 20 years of Credited Service regardless of age, (b) age 55 with completion of 10 years of Credited Service, or (c) age 50 with completion of 15 years of Credited Service. Early Retirement Date Your Early Retirement Date is the first day of any month coincident with or next following the date when you reach age 50 and complete 10 years of Credited Service. You may then retire at any time with reduced benefits as described later. RETIREMENT BENEFITS Normal Retirement Benefit The monthly benefit that you will receive if you continue in employment until your Normal Retirement Date is called your Normal Retirement Benefit. The amount of your Normal Retirement Benefit is based on the following factors: 1. Your Covered Salary - This is the amount of your total cash remuneration including up to 300 hours of overtime and lump sum payments for the lesser of the amount of sick and vacation leave accumulated as of June 18, 2013 or the amount cashed out at retirement, but exclusive of any payments for extra duty or special detail work. This definition excludes severance pay and other similar payments which are not for services rendered as well as amounts paid to you as differential wages during any period of active duty military service lasting more than 30 days. 2. Your Average Monthly Salary - This is the average of your Covered Salary during the best 60 months during the final 120 months of employment. 3. Your years of Credited Service at your Normal Retirement Date. The calculation of your Normal Retirement Benefit is as follows: 3.5% of your Average Monthly Salary multiplied by your years of Credited Service. As an example, if your Average Monthly Salary at your Normal Retirement Date is $4,000 and your Credited Service is 20 years, then the calculation would be as follows: 3.5% x $4,000 x 20 years = $2,800 which would be your Normal Retirement Benefit payable each month. The retirement benefit is paid to you for the rest of your life in accordance with the Normal Form of Benefit Payment as described later. (However, see the sections on Death Benefits after Retirement and Election of Optional Forms of Benefit Payments.) Your benefits from this Plan are paid in addition to any benefits you may receive from Social Security. Retirees receiving benefits under the Plan are required to complete an annual "Alive & Well" statement certifying that the retiree is alive. Failure to complete this statement could result in cessation of your pension benefits. Accrued Benefit The portion of your Normal Retirement Benefit that you have earned at any point in time is your Accrued Benefit. Your Accrued Benefit is computed in the same way as the Normal Retirement Benefit, except you use your present Average Monthly Salary and Credited Service in the calculation. The Accrued Benefit is a monthly amount which starts on your Normal Retirement Date. Early Retirement Benefit If you decide to retire early, you may receive an immediate Early Retirement Benefit payable for the rest of your life. The benefit is equal to your Accrued Benefit but reduced for the number of months by which the starting date of the benefit precedes the date when you would have completed 20 years of Credited Service or, if earlier, age 55 had you continued m full-time employment. The benefit is reduced to take into account the younger age and earlier commencement of benefit payments. The following table shows how much your benefit will be reduced if payments begin before your Normal Retirement Date: Number of Percentage Years Early Reduction 1 1.5% 2 3.0 3 4.5 4 6.0 5 7.5 Deferred Retirement Option Plan (DROP) If you have reached your Normal Retirement Date but have less than 25 years of Credited Service, you are eligible to enter the DROP Plan. Election into the DROP Plan is voluntary, but it is irrevocable once DROP payments begin. The maximum period of participation is five years, or, if earlier, until you have a total of 30 years of service. If you enter the DROP Plan, your contributions will stop, you will cease to accrue a benefit in the Plan, you will no longer be eligible for disability or preretirement death benefits, and you will never have the right to be a contributing member of the Plan again. Your Credited Service and Average Monthly Salary as of the first date of participation in the DROP Plan will be used to calculate your retirement benefit. If you enter the DROP Plan, the monthly benefit that you would have received if you had retired on your election date will be paid into a DROP account. This account less any outstanding loan balance will earn interest in one of three ways: 1. Gain or loss at the same rate earned by the Plan, or 2. Guaranteed rate of 7 %, or 3. You may choose to have a percentage of your DROP account credited at the same rate earned by the Plan with the remainder credited at a guaranteed 7% rate. You may change the method on a yearly basis. The selection for the following year must be made prior to January l and will become effective on January 1 Upon retirement, the balance in your DROP will become payable. You will have the following options of payment: 1. A single lump sum payment 2. Five equal annual payments 3. Monthly installments until the balance is paid out with the monthly amount determined by actuarial tables. 4. Partial lump sum withdrawals. Part of the account balance will be paid upon approval of the Board of Trustees. Should you pass away during your participation in the DROP Plan, your Beneficiary will have the same DROP account payment options as you would have had. DROP payments to your Beneficiary will be in addition to any survivor benefits payable by the Plan. Loans from the DROP will be available to Members only after termination of employment, provided the member had participated in the DROP for a period of 12 months. Please contact the Plan Administrator for details regarding the limitations on such loans. Supplemental Pension Distribution If certain conditions are met and you have been retired (normal, early, disability, or DROP) for at least one year as of the preceding September 30th, on the next July 1 a Supplemental Pension Distribution will be paid to you. The distribution will be allocated among eligible members on a pro -rata basis as described below. Monthly Supplemental Benefits Beginning October 1, 2006, each Member or Beneficiary receiving pension benefits is entitled to a monthly supplemental pension benefit. The monthly supplemental benefit will be funded by a 1% of pay contribution from the Members and a 1% of pay contribution from the Chapter 185 money. Members will contribute to this benefit through 20 years of service. The benefit will cease upon the later of the death of the retired Member or Beneficiary. A benefit pool has been established with the contributions described above. The distribution pool represents 100% of the investment earnings of the benefit pool plus 10% of the principal. Starting in 2006, it will be divided according to the total number of shares of all eligible retirees on a pro-rata basis. The number of shares allotted to each eligible retiree is the sum of Credited Service at retirement (maximum credit is 20 years) and the number of years the participant has been retired (maximum credit is 20 years). An individual retiree's distribution is the number of shares multiplied by share value. The benefit is payable as a lump sum on October 1 each year. Additionally, beginning October 1, 2003, there is a second distribution pool which is 100% of the Chapter 185 money received that is m excess of the base amount of $465,087, plus 1% of payroll. This distribution pool is divided into shares similar to the first supplemental distribution. Retirees receive a full share; allocations for surviving spouses and surviving dependent children shall be adjusted by the percentage of the optional form of benefit selected. The second distribution is payable annually in a lump sum as of June 1 of each year, beginning June 1, 2004. Transfer of Accumulated Leave If you are eligible to receive accumulated sick leave, vacation leave or other accumulated leave payable upon retirement or entry into the DROP, your accumulated leave shall be transferred to the Plan. Within 30 days of retirement or DROP entry, you may elect one of the following distribution options: 1) Receive a lump sum equal to the transferred leave balance. 2) Transfer the entire amount of the leave balance directly to any eligible retirement plan. 3) Purchase additional service credit as permitted by the Plan. If the cost exceeds the leave balance, the remainder must be paid in a lump sum. 4) Transfer the entire amount of the leave balance into your DROP account. 5) Maintain the entire leave balance in the Plan. If you fail to elect a distribution option within 30 days, you will be deemed to have elected option 1) from above. If you die after retirement or other termination of employment but prior to making an election or after making an election but before the distribution is made, the choice will be void. In such an event, your Beneficiary shall be entitled to receive the leave balance in a lump sum. If the Beneficiary is a spouse or former spouse, they may elect to transfer the leave balance into an eligible retirement plan within 60 days. If an election is not made within 60 days, the payment will be made in a lump sum. DISABILITY RETIREMENT If you become totally and permanently disabled as provided by the Plan, you may be eligible for a disability benefit. Disability eligibility determinations are made by the Board of Trustees. In the case of a disability incurred in the line of duty, you will be eligible for a benefit regardless of your length of service. In the case of a disability that is not incurred in the line of duty, you will only be eligible for a benefit if you have at least ten years of Credited Service. The amount of your benefit due to line of duty disability is 66 2/3% of your basic monthly rate of earnings in effect at the time of disability. This amount is reduced by any Social Security benefits you may receive. The amount of your benefit may only be reduced to the extent that the total of the benefit from this Plan, Workers' Compensation and Social Security exceeds 100% of your basic rate of earnings on your date of disability. In no event shall the amount of your benefit be less than the greater of your Accrued Benefit or 42% of your Average Monthly Salary. This benefit is payable until your death or recovery. The amount of your benefit due to non -line of duty disability is equal to your Accrued Benefit at the time of the disability, with the total not to exceed 60% of your Average Monthly Salary. In no event shall the amount of your benefit be less than 25% of your Average Monthly Salary. This benefit is payable until your death or recovery. SURVIVOR BENEFITS Before Retirement If you die in the line of duty, regardless of your years of service, your spouse will receive a death benefit. The amount of your line of duty death benefit is your Accrued Benefit at the time of your death, but not less than 30% of your Average Monthly Salary. This benefit is payable until your spouse's death. If you have no spouse, the benefit will be paid to your estate. If you die before you attain ten years of continuous service and not in the line of duty, your Beneficiary will receive a refund of your accumulated contributions. If you pass away after you attain ten years of continuous service, your spouse will receive your Accrued Benefit as of the date of your death. Payment will continue until your spouse's death or remarriage. After Retirement If you were receiving a form of retirement payment which provided for a survivor's benefit to be paid after your death, your Beneficiary will receive payments following your death. A later page describes the various forms of retirement payments. VESTED RETIREMENT BENEFIT If you terminate employment, other than by reason of retirement, disability or death, you may be entitled to a deferred Vested Retirement Benefit. This benefit is equal to your Accrued Benefit on your termination date multiplied by your vested interest. The following chart shows your vested interest in your Accrued Benefit. Vesting Schedule Completed Years Vested of Credited Service Interest Less than 5 0% 5 or more 100 The vested benefit is payable on the earlier date which you would have attained age 55 with ten years of service or reaching what would have been 20 years of service had you continued working. If earlier, you may receive your vested benefit, reduced as for Early Retirement, any time after your 50th birthday. If you terminate employment with less than five years of Credited Service, you will receive a refund of your own contributions without interest. The taxable portion of any refund you receive is subject to an automatic 20% withholding for federal income tax purposes. This tax can be avoided, however, if you roll the taxable portion over to an Individual Retirement Account (1RA) or another qualified employer plan. This rollover will result in no tax being due until you begin withdrawing funds from the IRA or other qualified employer plan. The rollover of the distribution, however, must be made directly by the Plan to your chosen IRA or other qualified employer plan. FORMS OF BENEFIT PAYMENTS Normal Form of Benefit Payment Unless you elect otherwise before retirement, your pension is payable as a Ten Year Certain and Life Annuity. This is a series of monthly payments for your life. If you should pass away before benefits have been paid for ten years, your Beneficiary will receive the same monthly amount for the balance of the ten years. Election of Optional Forms of Benefit Payments You have the right at any time prior to your actual retirement date to elect not to have your retirement benefit paid in the Normal Form. Your benefit would then be paid in the form which you choose. You may choose among the options described below and revoke any such elections and make a new election at any time before your actual retirement, You must make such an election by written request to the Plan Administrator. Such an election shall be subject to the approval of the Plan Administrator. This election also applies to disability retirees and to terminated members who are eligible for payment of deferred Vested Retirement Benefits. The options available are as follows: 1. Option 1- Single Life Annuity You may elect to receive an increased monthly retirement benefit with payments for your life, ceasing upon your death. 2. Option 2 - Contingent Annuitant You may elect to receive a decreased monthly retirement benefit during your lifetime and have such decreased retirement benefit (or a designated fraction thereof) continued after the death of either you or your Beneficiary during the remaining lifetime of you or your Beneficiary. 3. Option 3 - Survivor Annuity You may elect to receive a decreased monthly retirement benefit during your lifetime and have such decreased retirement benefit (or a designated fraction thereof) continued after your death. Your benefit will remain unchanged if your Beneficiary's death proceeds your own. In no event may the total of benefit payments to you and your Beneficiary be less than your own accumulated contributions. AMENDMENT OR TERMINATION OF THE PLAN The Plan may be amended or terminated at any time by the Employer. If the Plan were terminated, you would immediately become fully vested in the benefit you had eamed so far. All of the assets of the Plan would be allocated to the Members according to certain classes of priority. Only after all accrued benefits have been paid and any other liabilities have been satisfied could any remaining money be returned to the Employer. IMPORTANT NOTICE There are certain circumstances which may result in the disqualification , ineligibility, denial, loss, forfeiture, suspension or deferral of your benefits in this Plan. The following is a list of these circumstances: 1. If you terminate employment before you have enough Credited Service to have earned a vested interest, no benefits will be payable except for a retum of your own contributions without interest. 2. If you die before attaining a vested interest, but not in the line of duty, no benefits will be payable except for a return of your own contributions without interest. 3. No credit is allowed either for benefit accrual or vesting purposes for any period in which you are not considered a full-time employee. 4. Your retirement benefit will not be payable until your actual retirement date, even if you continue to work beyond the Normal Retirement Date. 5. Your Accrued Benefit may be forfeited if you are convicted of certain felonies as provided by State law (Chapter 112.3173 F.S.). 6. Payment of your benefits may be made subject to an income deduction order made pursuant to a state domestic relations law. YOUR RESPONSIBILITIES 1. Retain this Summary Plan Description with your other important papers for later reference or for replacement by updated versions and supplemental notices, if any. 2. Upon completing eligibility requirements, sign a Membership Form, including a Beneficiary designation. 3. Keep your Beneficiary designation form updated to express your wishes. 4. If you terminate employment, check to see if you are entitled to a Vested Retirement Benefit and the date payable. 5. If you should terminate employment with rights to a deferred Vested Retirement Benefit, then, shortly before the date on which it is to begin, you should contact and notify the Employer to begin such payments. 6. Upon your retirement under Partly or Normal Retirement, complete the form necessary to indicate which Optional Form of Benefit you desire. CLAIMS AND PROCEDURES The Plan Administrator has adopted rules to follow when a member applies for a benefit. These rules may be obtained from the Office of the Pension Administrator. PERTINENT ACTUARIAL INFORMATION October 1, 2013 I October 1, 2012 Number of Members of the Plan Active Employees 141 146 Those Receiving or Due to Receive Benefits 122 116 Annual Payroll of Active Members $ 11,302,523 $ 11,789,237 Annual Rate of Benefits in Pay Status 5,015,955 4,788,091 Actuarial Accrued Liability 95,951,447 91,924,429 Net Assets Available for Benefits (Actuarial Value) 56,693,338 52,594,653 Unfunded Actuarial Accrued Liability 39,258,109 39,329,776 Required Contribution to be Made to the Plan Over and Above Contributions by Members of the Plan 4,830,346 4,560,918 Required Contribution as % of Payroll of Active Members 41.73% 38.54% Required Contribution to be Paid During Year Ending 9/30/2015 9/30/2014 s PENSION FUND DISBURSEMENTS & INCOME September 30 Item 2013 2012 A. Market Value of Assets at Beginning of Year $ 61,472,139 $ 51,431,975 B. Revenues and Expenditures 1. Contributions a. Employee Contributions $ 902,696 $ 928,983 b. Employee Contributions (Back Pay Settlement) - - c. Employer Contributions 4,236,485 3,633,868 d. State Contributions 619,853 595,919 e. Buy Back Contributions 88,220 15,440 f. Health Subsidy Contributions - - g. DROP Rollover 126,821 135,291 h. Increase in Value of Future Buy Backs 10,295 4,561 i. Total $ 5,984,370 $ 5,314,062 2. Investment Income a. Interest, Dividends, and Other Income $ 6,543 $ 9,090 b. Net Realized Grains /(Losses) 3,476,520 7,521,202 c. Net Unrealized Gain/(Losses) 3,155,801 2,139,178 d. Investment Expenses (519,021) (364,647) e. Net Investment Income $ 6,119,843 $ 9,304,823 3. Benefits and Refunds a. Refunds $ (67,665) $ (53,277) b. Regular Monthly Benefits (3,931,713) (3,742,937) c. DROP Distributions (389,249) (659,751) d. Total $ (4,388,627) $ (4,455,965) 4. Administrative and Miscellaneous Expenses $ (105,935) $ (122,756) 5. Transfers $ - $ - C. Market Value of Assets at End of Year $ 69,081,790 $ 61,472,139 D. Reserves 1. Supplemental Benefit Reserve $ (2,080,498) $ (1,839,975) 2. State Contribution Reserve (41,929) (14,717) 3. DROP Accounts (8,058,513) (6,611,126) 4. Total Reserves $ (10,180,940) $ (8,465,818) E. Market Value Net of Reserves $ 58,900,850 $ 53,006,321 , ADDENDUM It is the policy of the Pension Fund to collect and maintain Social Security Numbers of Plan members, retirees and beneficiaries for purposes of data collection, benefits processing, tax reporting and identity verification which would include death record searches. If you have any questions about this policy, please contact the Fund's Administrator. GRS Gabriel Roeder Smith & Company One East Broward Blvd 954.527 1616 phone Consultants & Actuaries Suite 505 954 525.0083 fax Ft Lauderdale, FL 33301-1804 www gabnelroeder.com December 9, 2014 CONFIDENTIAL Ms. Barbara LaDue Pension Administrator Boynton Police & Fire Pension Funds Renaissance Executive Suites 1500 Gateway Blvd., #220 Boynton Beach, Florida 33426 Re: Boynton Beach Police Retirement System Dear Barbara: You have asked us to verify the retirement benefits for the following participant: ANDERSON, Brian S. (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. The non - taxable portion of Mr. Anderson's benefit should be determined when he exits the DROP, based on his age at DROP Exit. Please note that we did not perform a review of the average monthly salary. The actuarial equivalence assumptions used to compute optional forms were an 8.0% annual rate of return, and the 1983 GA Mortality Table blending 80% male rates and 20% female rates. We welcome your questions and comments. Sincerely yours, eter N. Strong, FSA Senior Consultant and • ary PS /ib Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax- related penalties under the Internal Revenue Code or (ii) marketing or recommending to another party any tax - related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. This communication shall not be construed to provide tax advice, legal advice or investment advice. Barbara Ladue From: Barbara Ladue [Iadueb@bbpdpension.com] Sent: Thursday, November 13, 2014 11:44 AM To: ' Travis .Robinson @gabrielroeder.com' Cc: 'Pete.Strong @gabrielroeder.com' Subject: Boynton Police Verification of Benefit Attachments: DOC111314.pdf Travis: Please review the attached on the verification of benefit for the Police Pension Board: Brian Anderson, SS# 113 -44 -XXXX, retired into DROP effective 10 -31 -2014, selected Life Only for $5,495.26, effective 11 -01 -2014. Thank you. Barb La Due Original Message From: Scanner [ mailto:faxexecsuites(gmail.com] Sent: Thursday, November 13, 2014 12:10 PM To: Barbara Ladue Subject: Send data from MFP07580425 11/13/2014 12:09 Scanned from MFP07580425 Date:11/13/2014 12:09 Pages:8 Resolution: 200x200 DPI 1 D.R.O.P. DEFERRED RETIREMENT OPTION PLAN for THE BOYNTON BEACH POLICE PENSION FUND I have received a copy of the provisions of the DROP contained in the Pension Plan. I am in full agreement with the terms set forth. I have been advised to seek the counsel of a qualified tax advisor regarding the tax consequences to me of entering the DROP. I fully understand that my participation in the DROP shall terminate at the end of five (5) years or thirty (30) years of service, whichever comes first. Failure to end DROP participation may result in penalties at the discretion of the Trustees, up to and including forfeiture of the DROP account. I, b/.4 #ii/ I41 L i S on/ , have entered the Boynton (Prins Name) Beach Police Officers' Pension Fund DROP on r0 —200 My pension (Enter Date) benefit and DROP participation is based on , t9 Years -- Months Days of service. In compliance with Ordinance No. 08 -008, Sec. 18 -175 (passed 05- 06 -08) this will establish /O —3/ — ,0/. as my irrevocable resignation date with the City of (Enter Date) Boynton Beach. . 1*M "S k k rl? .� F.'�`u: sw :, <`Y s,y ta, . 'g; }. 'o a 4"'$: Ufi '.t�•s'�Jr• J #vt ''• .n 4o- b o : •' „ �, z t •• P9w "t �f s y ' JAM ckS i rS_ ..t Si 1K ' (Signature) &/,Q/1J 6 ,41/4/MR S 64v Witness: (Print Name) / 1 1 '- t - Date: // /D — 0 2 0 / (Signature) IL CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS November 10, 2014 Participant's Name: BRIAN S ANDERSON Social Security #: 113 -44 -xxxx You are eligible for a(n) NORMAL Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing November 1, 2014. The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one tional form listed below which you elect to recieve: 4 RP C 1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay- ments of $ 5495.26 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 $ 5443.82 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 5443.82 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 $ 5043.70 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 5043.70 for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 5149.85 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 3862.39 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 5259.82 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 2629.91 for as long as he /she lives. 6. 66 -2/3% JOINT AND LAST SURVIVOR ANNUITY This option provides monthly payments of $ 5248.93 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of $ 3499.25 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 5357.81 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 $ 2678.91 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 02/21/1967 Pension Hire Date: 10/31/1994 Date of Termination: 10/31/2014 Adjusted Hire Date: 10/31/1994 Avg Final Monthly Comp: $7,776.89 Years of Credited Service: 20 Beneficiary Name: KELLY ANDERSON Date of Birth: 12/04/1973 Page 2 Participant's Name: BRIAN S ANDERSON Social Security #: 113- 44 -xxxx Accumulated Contributions: $93,552.22 After -Tax Contributions: $938.84 Pre -Tax Contributions: $92,613.38 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $2.61 Portion Continues: 360 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $2.29 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 shown above o be correct. PARTICIPANT'S SIGNATURE: CJ DATE: 0 \ BENEFICIARY'S SIGNATURE: DATE: Calculation Date: Fit 8. CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RITIREMENT BENEFITS PAGE 1 November 10, 2014 NAME ANDERSON, BRIAN S # 1546 SSN 113 -44 -xxxx DEPT 21 ADDRESS 9723 PHIPPS LANE YT CONTR. 5,641.40 WELLINGTON, FL 33414 CONTR(TAX) 92,613.38 BIRTH 02/21/1967 CONTR(NTX) 938.84 PEN HIRE 10/31/1994 BALANCE 93,552.22 ADJ HIRE 10/31/1994 RETIRE 10/31/2014 TYPE N LAST SERV 10/31/2014 60 MO EARN 464,13.52 ELIG NORM 10/31/2014 AVG MO EARN 7,776.89 ELIG EARLY 00 /00 /0000 SERV AT TERM 20 0 0 100% VEST 10/31/1999 AGE AT RETIRE 47 8 10 COMMENCE 11/01/2014 COM ANB /DIFF 48 -7 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME KELLY ANDERSON SERV OVERRIDE BEN BDAY 12/04/1973 PAY HIST FLAG IRREGULAR VAC HRS /CD 127.69/EK HOURY RATE 34.582 SIC HRS /CD 123.69 S5 VAC SIC PAYOUT 12,049.51 ACCRUE PER .00 EARLY OPTION LAST PAY 20141020 - 20141102 TERM -DATE 00000000 QDRO BENEFIT 5,443.82 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 5,443.82 LIFE ANNUITY FACTOR: 1.(0945 MODIFIED LIFE ANNUITY 5,495.26 100% SURVIVOR FACTOR: .92650 100% SURVIVOR ANNUITY 5,043.70 SURVIVOR BENEFIT 5,043.70 75% SURVIVOR FACTOR: .94600 "5% SURVIVOR ANNUITY 5,149.85 SURVIVOR BENEFIT 3,862.39 50% SURVIVOR FACTOR: .96620 50% SURVIVOR ANNUITY 5,259.82 SURVVOR BENEFIT 2,629.91 66% JOINT & LAST FACTOR: .96420 66% JOINT & LAST ANNUITY 5,248.93 SURVIVOR BENEFIT 3,499.25 50% JOINT & LAST FACTOR: .98420 50% JOINT & LAS ANNUITY 5,357.81 SURVIVOR BENEFIT 2,678.91 EXCLUSION RAIIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 360 410 TAX -FREE PORTION OF MONTHLY BENEFIT 2.61 2.29 DATE WHEN BENEFIT BEC MES FULLY TAXABLE 11/01/2044 01/01/2049 Prepared by * indicates manual override CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 Noiember 10, 2014 BRIAN S ANDERSON 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 ]FF WEEKS WAGES 08/12/13 2.0 2,796.56 07/30/12 2.0 3,337.15 07/29/13 2.0 6,224.79 07/16/12 2.0 3,743.51 07/15/13 2.0 2,766.57 07/02/12 2.0 3,418.36 07/01/13 2.0 3,306.64 06/18/12 2.0 3,077.80 06/17/13 2.0 3,058.06 06/04/12 2.0 3,372.43 06/03/13 2.0 3,579.93 05/21/12 2.0 3,285.29 05/20/13 2.0 3,337.16 05/07/12 2.0 3,224.81 05/06/13 2.0 ,952.18 04/23/12 2.0 2,898.89 04/22/13 2.0 2,974.05 04/09/12 2.0 3,107.79 04/08/13 2.0 2,848.43 03/26/12 2.0 2,974.05 03/25/13 2.0 3,103.73 03/12/12 2.0 4,604.77 03/11/13 2.0 2,820.56 02/27/12 2.0 2,818.43 02/25/13 2.0 3,439.46 02/13/12 2.0 3,551.74 02/11/13 2.0 3,907.76 01/30/2 2.0 3,185.61 01/28/13 2.0 3,074.98 01/16/12 2.0 3,337.16 01/14/13 2.0 3,985.58 01/02/12 2.0 4,923.37 12/31/12 2.0 3,176.95 12/19/11 20 3,510.07 12/17/12 2.0 3,458.20 12/05/11 2.0 3,752.83 12/03/12 2.0 3,579.92 11/21/11 2.0 3,112.38 11/19/12 2.0 3,794.70 11/07/11 2.0 3142.38 11/05/12 2.0 3,419.03 10/24/11 2.0 3,080.45 10/22/12 2.0 2,S23.94 10/10/11 2.0 2,848.43 10/08/12 2.0 2,980.76 09/26/11 2.0 3,025.92 09/24/12 2.0 2,922.18 09/12/11 2.0 7,582.82 09/10/12 2.0 7,141.90 08/29/11 2.0 3,979.58 08/27/12 2.0 3,389.03 08/15/11 2.0 3,432.26 TOTAL 52.0 90,963.05 TOTAL 52.0 92,328.28 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 November 10, 2014 BRIAN S ANDERSON H I G H Y E A R T H R E E H I G H Y E A R F O U R PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 07/04/11 2.0 3,522.78 07/05/10 2.0 3,730.27 06/20/11 2.0 2,818.43 06/21/10 2.0 2,818.43 06/06/11 2.0 3,372.43 06/07/10 2.0 3,320.6 05/23/11 2.0 3,648.40 05/24/10 2.0 3,666.76 05/09/11 2.0 3,194.2` 05/10/10 2.0 2,902.07 04/25/11 2.0 3,091.75 04/26/10 2.0 2,818.43 04/11/11 2.0 2,848.43 04/12/10 2.0 3,055.92 03/28/11 2.0 2,818.43 03/2'/10 2.0 2,981.52 03/14/11 2.0 2,818.44 03/15/10 2.0 3,363.10 02/28/11 2.0 3,458.89 03/01/10 2.0 3,320.56 02/14/11 2.0 3,397.68 02/15/10 2.0 3,705.58 01/31/11 2.0 3,868.61 02/01/10 2.0 3,159.67 01/17/11 2.0 3,492.78 01/18/10 2.0 4,826.78 01/03/11 2.0 3,055.92 01/04/10 2.0 3,391.54 12/20/10 2.0 3,498.09 12/21/09 2.0 3,285.29 12/06/10 2.0 2,579.92 12/07/09 2.0 3,320.56 11/22/10 2.0 3,691.64 11/23/09 2.0 3,319.87 11/08/10 2.0 2,969.47 11/09/09 2.0 2,969.47 10/25/10 2.0 2,818.43 10/26/09 2.0 3,203.14 10/11/10 2.0 3,055.92 10/12/09 2.0 2,952.18 09/27/10 2.0 3,198.83 09/28/09 2.0 4,318.43 09/13/10 2.0 ` 6,743.52 09/14/i9 2.0 6,224.79 08/30/10 2.0 3,372.44 08/31/09 2.0 4,461.77 08/16/10 2.0 2,835.72 08/17/09 2.0 2,974.05 08/02/10 2.0 3,236.57 08/03/09 20 3,963.70 07/19/10 2.0 3,086.66 07/20/09 2.0 3,596.53 TOTAL 52.0 87,494.43 TOTAL 52.0 91,650.97 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL GORKSHEET OF RETIREMENT BENEFITS PAGE 4 November 10, 2014 BRIAN S ANDERSON H I G H Y E A R F I V E PAY EFF WEEKS WAGES 07/06/09 2.0 3,159.67 06/22/09 2.0 3,458.20 06/08/09 2.0 4,020.85 05/25/09 2.0 3,492.78 05/11/09 2.0 2,952.18 04/27/09 2.0 3,285.29 04/13/09 2.0 3,077.80 03/30/09 2.0 3,097.73 03/16/09 2.0 2,837.09 03/02/09 2.0 3,592.54 02/16/09 2.0 3,771.31 02/02/09 2.0 3,018.18 01/19/09 2.0 3,722.62 01/05/09 2.0 3,250.75 12/22/08 2.0 3,391.09 12/08/08 2.0 3,542.18 11/24/08 2.0 3,500.20 11/10/08 2.0 3,034.97 10/27/08 2.0 3,139.27 10/13/08 2.0 3,323.89 09/29/08 2.0 3,129.48 09/15/08 2.0 6,913.04 09/01/08 2.0 4,434.84 08/18/08 2.0 ,854.60 08/04/08 2.0 2,784.45 07/21/08 2.0 3,023.38 07/07/08 1.0 1,318.88 TOTAL 53.0 92,127.28 �� r /F/ " * * * PENSION STATUS REPORT * * * CITY OF BOYNTON BEACH POLICE PENSION SYSTEM gi:43' ill DATE PREPARED: November 3, 2014 FOR: ANDERSON, BRIAN S SSN: 113 -44 -xxxx EMP NO: 1546 BIRTH DATE: 02/21/1967 AGE: 47 PLAN: PP DEPT: 21 HIRE DATE: 10/31/1994 PENSION HIRE DATE: 10/31/994 VEST DATE: 10/31/1999 ADJUSTED HIRE DATE: 10/31/1994 EARLY RETIRE DATE: 00 /0( /0000 LENGTH OF SERVICE: 20 YR 0 MO NORMAL RETIRE DATE: 10/31/2014 TERMINATION DATE: 00/0 /0000 BENEFICIARY: KELLY ANDERSON BENEFICIARY BIRTH DATE: 12/04/1973 -' * * VACATION /SICK ACCRUALS * * CURRENT: HOURLY RATE: 34.58 VAC HOURS: 466.14 SIC HOURS: '164.58 2013 CAP: HOURLY RATE: 34.58 VAC HOURS: `451.72; SIC HORS: 317.87 * * ACCOUNT BALANCE * * POST -TAX CONTRIBUTIONS: $ 938.84 PRE -TAX CONTRIBUTIONS: $ 91,576.25 CCNTRIBUTION BALANCE: $ 92,515.09 * * ELECTIVE BENEFITS * * PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME PLAN YEAR CODE START END YY -MM -DD CONTRIBUTION COTRIBUTION REFUNDS P1 01/28/2002 00 /00 /0000 0 0 0 757.70 10,181.65 .00 M1 01/28/2CO2 00 /00 /0000 0 0 0 757.70 10,181.65 .00 P1 - 1% HEALTH INSURANCE SUBSIDY M1 - 1% MATCHING FUNDS P2 - SERVICE BUY BACK PAYROLL DEDUCTION P9 - SERVICE BUY BACK PAYROLL DEDUCION 1P - ARREARAGE 1% PA - ARREARAGE 7% L1 - SERVICE BUY BACK LUMP SUM - PR -TAX L2 - SERVICE BUY BACK LUMP SUM - POST -TAX UL - UNPAID LEAVE SERVICE REDUCTION GR_S 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 9, 2014 CONFIDENTIAL Ms. Barbara LaDue Pension Administrator Boynton Police & Fire Pension Funds Renaissance Executive Suites 1500 Gateway Blvd., #220 Boynton Beach, Florida 33426 Re: Boynton Beach Police Retirement System Dear Barbara: You have asked us to verify the retirement benefits for the following participant: THOMAS, Raymond D. (DROP Retirement) Based on the information provided, we have determined that the retirement benefits that have been calculated for the above participant are in accordance with plan provisions. Please note that we did not perform a review of the average monthly salary. The actuarial equivalence assumptions used to compute optional forms were an 8.0% annual rate of return, and the 1983 GA Mortality Table blending 80% male rates and 20% female rates. We welcome your questions and comments. Sincerely yours, A7 71 ,J ' , Peter N. Strong, FSA 6 Senior Consultant and A tuary PS /ib Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax- related penalties under the Internal Revenue Code or (ii) marketing or recommending to another party any tax- related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. This communication shall not be construed to provide tax advice, legal advice or investment advice. Barbara Ladue From: Barbara Ladue [Iadueb @bbpdpension.com] Sent: Thursday, November 13, 2014 11:54 AM To: 'Travis. Robinson @gabrielroeder.com' Cc: 'Pete.Strong @gabrielroeder.com' Subject: Boynton Police - Verification of Benefit - Ray Thomas Attachments: DOC111314.pdf Travis: Please review the attached for verification of benefit for the Police pension Board: Raymond Thomas, SS# 125 -68- XXXX,retired into the DROP 10 -31 -2014, selected 75% Survivor Annuity in the amount of $5,804.00, effective 11 -01 -2014. The Pension Status Report reflects the 3 years 9 months of military service purchased. Thanks. Barb La Due Original Message From: Scanner [mailto:faxexecsuiteskmail.com] Sent: Thursday, November 13, 2014 12:10 PM To: Barbara Ladue Subject: Send data from MFP07580425 11/13/2014 12:10 Scanned from MFP07580425 Date:11/13/2014 12:10 Pages:8 Resolution :200x200 DPI 1 D.R.O.P. DEFERRED RETIREMENT OPTION PLAN for THE BOYNTON BEACH POLICE PENSION FUND 1 have received a copy of the provisions of the DROP contained in the Pension Plan. I am in full agreement with the terms set forth. I have been advised to seek the counsel of a qualified tax advisor regarding the tax consequences to me of entering the DROP. I fully understand that my participation in the DROP shall terminate at the end of five (5) years or thirty (30) years of service, whichever comes first. Failure to end DROP participation may result in penalties at the discretion of the Trustees, up to and including forfeiture of the DROP account. I, 1rnriDN © Q • Ttorf. A - 5 , have entered the Boynton (Print Name) Beach Police Officers' Pension Fund DROP on /0 —3/ °" o/ ' . My pension (Enter Date) benefit and DROP participation is based on Z0 Years 0 Months o0 Days of service. In compliance with Ordinance No. 08 -008, Sec. 18 -175 (passed 05- 06 -08) this will establish /D — — 0 24/7 as my irrevocable resignation date with the City of (Enter Date) Boynton Beach. 04;43 .V.04kriArtlaNfa,14%****2 .f.. v a', z � •� �K,'°d'7 l . * fi £ fv t i s z nn } : ... n,a,owob• & (Signature) R (iyryt o N D fl - 111 o wt fF S Witness: (Print Name) Date: /© — /6 — / (Signature) CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS November 10, 2014 Participant's Name: RAYMOND D THOMAS Social Security #: 125- 68 -xxxx You are eligible for a(n) NORMAL Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing November 1, 2014. 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 $ 6061.61 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 $ 6030.13 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 6030.13 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 $ 5723.20 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 5723.20 for as long as he /she lives. W ,1. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 5804.00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 4353.00 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 5887.22 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 2943.61 for as long as he /she lives. 6. 66 -2/3% JOINT AND LAST SURVIVOR ANNUITY This option provides monthly payments of $ 5908.92 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 $ 3939.24 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 6007.22 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 $ 3003.61 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 08/28/1971 Pension Hire Date: 07/02/1998 Date of Termination: 10/31/2014 Adjusted Hire Date: 10/02/1994 Avg Final Monthly Comp: $8,580.38 Years of Credited Service: 20 Beneficiary Name: JENNIFER THOMAS Date of Birth: 04/23/1974 Page 2 Participant's Name: RAYMOND D THOMAS Social Security #: 125 -68 -xxxx Accumulated Contributions: $84,248.93 After -Tax Contributions: $.00 Pre -Tax Contributions: $84,248.93 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $.00 Portion Continues: 0 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, including my choice of annuity form, and confirm the information shown above t be correct. PARTICIPANT'S SIGNATURE )C J � /'42/ DATE /C./ - ok "'/ [ BENEFICIARY'S SIGNATURE: �h00-ZZA6 DATE: j1— /O-cX /4 Calculation Date: CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF R]TIREMENT BENEFITS PAGE 1 November 10, 2014 NAME THOMAS, RAYMOND D # 2153 SSN 125 -68 -xxxx DEPT 21 ADDRESS 9830 HINDEL COURT YT CONTR. 5,984.20 BOYNTON BEACH, FL 33472 CONTR(TAX) 84,248.93 BIRTH 08/28/1971 CONTR(NTX) .00 PEN HIRE 07/02/1998 BALANCE 84,248.93 ADJ HIRE 10/02/1994 RETIRE 10/31/2014 TYPE N LAST SERV 10/31/2014 60 MO EARN 51422.71 ELIG NORM 10/02/2014 AVG MO EARN 8,580.38 ELIG EARLY 00 /00 /0000 SERV AT TERM 20 0 29 100% VEST 07/02/2003 AGE AT RETIRE 43 2 3 COMMENCE 11/01/2014 COM ANB /DIFF 43 -3 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME JENNIFER THOMAS SERV OVERRIDE BEN BDAY 04/23/1974✓ PAY HIST FLAG IRREGULAR VAC HRS /CD 135.38/EJ HOURY RATE 34.580 SIC HRS /CD 123.69 S4 VAC SIC PAYOUT 13,086.11 ACCRUE PER .00 EARLY OPTION LAST PAY 20141020 - 20141102 TERM -DATE 20141031 QDRO BENEFIT 6,030.13 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 6,030.13 LIFE ANNUITY FACTOR: 1.(0522 MODIFIED LIFE ANNUITY 6,061.61 100% SURVIVOR FACTOR: .94910 100% SURVIVOR ANNUITY 5,723.20 SURVIVOR BENEFIT 5,723.20 ® 0 75% SURVIVOR FACTOR: .96250 75% SURVIVOR ANNUITY 5, 804.00 _��.t �" ®'d SURVIVOR BENEFIT 4,353.00 r 50% SURVIVOR FACTOR: .97630 50% SURVIVOR ANNUITY 5,887.22 SURVVOR BENEFIT 2,943.61 66% JOINT & LAST FACTOR: .97990 66% JOINT & LAST ANNUITY 5,908.92 SURVIVOR BENEFIT 3,939.24 50% JOINT & LAST FACTOR: .99620 50% JOINT & LAS ANNUITY 6,007.22 SURVIVOR BENEFIT 3,003.61 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 0 0 TAX -FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BEC MES FULLY TAXABLE 00 /00 /0000 00 /00 /0000 Prepared by * indicates manual override CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 Nolember 10, 2014 RAYMOND D THOMAS 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 ]FF WEEKS WAGES 08/26/13 2.0 5,987.57 12/05/11 2.0 3,709.25 08/12/13 2.0 2,924.93 11/21/11 2.0 4,258.67 07/29/13 2.0 2,904.93 11/07/11 2.0 3,870.86 07/15/13 2.0 3,561.64 10/24/11 2.0 3,231.73 07/01/13 2.0 3,396.98 10 /10 /11 2.0 3,816.46 06/17/13 2.0 2,904.93 09/26/11 2.0 3,639.52 06/03/13 2.0 4,604.67 09/12/11 2.0 9,218.00 05/20/13 2.0 ,050.18 08/29/11 2.0 3,465.93 05/06/13 2.0 3,327.95 08/15/11 2.0 3,218.12 04/22/13 2.0 3,417.56 08/01/11 2.0 3,214.40 04/08/13 2.0 3,725.22 07/18/11 2.0 3,487.72 03/25/13 2.0 4,461.32 07/04/11 2.0 3,070.18 03/11/13 2.0 3,277.19 06/20/11 2.0 2,904.93 02/25/13 2.0 3,231.73 06/06/1 2.0 3,088.33 02/11/13 2.0 4,395.26 05/23/11 2.0 3,622.08 01/28/13 2.0 3,970.90 05/09/11 2.0 4,776.83 01/14/13 2.0 4,126.46 04/25/11 20 4,212.15 12/31/12 2.0 3,941.56 04/11/11 2.0 3,741.94 12/17/12 2.0 3,368.34 03/28/11 2.0 3,395.13 12/03/12 2.0 2,924.93 03/14/11 2.0 4275.68 11/19/12 2.0 3,195.42 02/28/11 2.0 2,924.93 11/05/12 2.0 3,(70.18 02/14/11 2.0 4,454.90 10/22/12 2.0 3,122.79 01/31/11 2.0 4,606.42 10/08/12 2.0 3,164.58 01/17/11 2.0 3,050.18 09/24/12 2.0 3,257.29 01/03/11 2.0 3,306.20 09/10/12 2.0 9,106.51 12/20/10 2.0 4,111.79 TOTAL 52.0 98,421.02 TOTAL 52.0 100,672.33 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 November 10, 2014 RAYMOND D THOMAS H I G H Y E A R T H R E E H I G H Y E A R F O U R PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 11/22/10 2.0 4,833.67 11/23/09 2.0 3,195.42 11/08/10 2.0 3,859.96 11/09/09 2.0 4,381.40 10/25/10 2.0 3,488.36 10/26/09 2.0 4,481.6 10/11/10 2.0 3,142.79 10/12/09 2.0 2,924.93 09/27/10 2.0 3,401.3! 09/28/09 2.0 3,738.27 09/13/10 2.0 12,033.83 09/14/09 2.0 8,974.56 08/30/10 2.0 3,070.18 08/31/09 2.0 6,016.76 08/16/10 2.0 3,629.34 08/1/09 2.0 3,411.73 08/02/10 2.0 3,944.01 08/03/09 2.0 3,284.93 07/19/10 2.0 4,967.93 07/20/09 2.0 4,517.94 07/05/10 2.0 4,365.99 07/06/09 2.0 3,611.73 06/21/10 2.0 2,904.93 06/22/09 2.0 3,050.18 06/07/10 2.0 3,160.95 06/08/09 2.0 2,924.93 05/24/10 2.0 3,339.90 05/25/09 2.0 3,813.91 05/10/10 2.0 3,504.85 05/11/09 2.0 3,464.93 04/26/10 2.0 ,620.49 04/27/09 2.0 3,084.77 04/12/10 2.0 3,104.67 04/13/09 2.0 3,803.90 03/29/10 2.0 2,904.93 03/30/09 2.0 3,087.74 03/15/10 2.0 3,896.22 03/16/09 2.0 3,269.78 03/01/10 2.0 2,924.93 03/02/09 2.0 4,028.13 02/15/10 2.0 5,330.90 02/16/09 2.0 4,665.15 02/01/10 2.0 4,068.74 02/02/19 2.0 3,200.30 01/18/10 2.0 3,560.39 01/19/09 2.0 4,045.74 01/04/10 2.0 3,104.93 01/05/09 2.0 3,020.30 12/21/09 2.0 3,776.41 12/22/08 20 3,783.35 12/07/09 2.0 2,924.93 12/08/08 2.0 3,230.30 TOTAL 52.0 102,865.62 TOTAL 52.0 101,012.84 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL UORKSHEET OF RETIREMENT BENEFITS PAGE 4 November 10, 2014 RAYMOND D THOMAS H I G H Y E A R F I V E PAY EFF WEEKS WAGES 11/24/08 2.0 3,811.13 11/10/08 2.0 4,092.66 10/27/08 2.0 3,550.73 10/13/08 2.0 2,946.07 09/29/08 2.0 2,924.98 09/15/08 2.0 7,871.78 09/01/08 2.0 3,348.72 08/18/08 2.0 3,243.52 08/04/08 2.0 4,578.68 07/21/08 2.0 3,605.89 07/07/08 2.0 3,065.19 06/23/08 2.0 2,944.24 06/09/08 2.0 4,589.0` 05/26/08 2.0 4,406.73 05/12/08 2.0 3,094.96 04/28/08 2.0 3,164.96 04/14/08 2.0 3,832.17 03/31/08 2.0 3,504.11 03/17/08 2.0 3,014.83 03/03/08 2.0 3,416.00 02/18/08 2.0 3,533.94 02/04/08 2.0 3,837.67 01/21/08 2.0 4,017.36 01/07/08 2.0 :,168.83 12/24/07 2.0 4,075.94 12/10/07 2.0 3,223.64 11/26/07 1.0 1,901.01 TOTAL 53.0 98,764.79 * * * PENSION STATUS REPORT * * * g k`{ CITY OF BOYNTON BEACH POLICE PENSION S YSTEM /0 w DATE PREPARED: October 28, 2014 FOR: THOMAS, RAYMOND D SSN: 125 -68 -xxxx EMP NO: 2153 BIRTH DATE: 08/28/1971 AGE: 43 PLAN: PP DEPT: 21 HIRE DATE: 07/02/1998 PENSION HIRE DATE: 07/02/998 VEST DATE: 07/02/2003 ADJUSTED HIRE DATE: 10/02/1994 EARLY RETIRE DATE: 00 /0( /0000 LENGTH OF SERVICE: 20 YR 0 MO NORMAL RETIRE DATE: 10/02/2014 TERMINATION DATE: - 00 /0 /0000 BENEFICIARY: JENNIFER THOMAS n1QE ( / ®``3 1— i BENEFICIARY BIRTH DATE: 04/23/1974 * * VACATION /SICK ACCRUALS * * , CURRENT: HOURLY RATE: 34.58 VAC HOURS: 486.14 � SIC HOURS: 144.5 2013 CAP: HOURLY RATE: 34.58 VAC HOURS 444.38 SIC HORS: 230.32 * * ACCOUNT BALANCE * * POST -TAX CONTRIBUTIONS: $ .00 PRE -TAX CONTRIBUTIONS: $ 83,149.89 C NTRIBUTION BALANCE: $ 83,149.89 * * ELECTIVE BENEFITS * * PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME PLAN YEAR CODE START END YY -MM -DD CONTRIBUTION COTRIBUTION REFUNDS P1 01/28/2002 00 /00 /0000 0 0 0 830.29 10,340.04 .00 M1 01/28/2CO2 00 /00 /0000 0 0 0 830.29 10,340.04 .00 P2 01/10/2005 01/10/2010 2 2 0 .00 3,500.00 L1 12/13/2004 12/13/2004 1 7 0 .00 23,559.26 P1 - 1% HEALTH INSURANCE SUBSIDY M1 - 1% MATCHING FUNDS P2 - SERVICE BUY BACK PAYROLL DEDUCTION P9 - SERVICE BUY BACK PAYROLL DEDUCTION 1P - ARREARAGE 1% PA - ARREARAGE 7% Ll - SERVICE BUY BACK LUMP SUM - PRE -TAX L2 - SERVICE BUY BACK LUMP SUM - POT -TAX UL - UNPAID LEAVE SERVICE REDUCTION 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 11, 2014 CONFIDENTIAL Ms. Barbara LaDue Pension Administrator Boynton Police & Fire Pension Funds Renaissance Executive Suites 1500 Gateway Blvd., #220 Boynton Beach, Florida 33426 Re: Boynton Beach Police Retirement System Dear Barbara: You have asked us to verify the retirement benefits for the following participant: SPRUILL, Scott C. (Vested Termination) Based on the information provided, we have determined that the retirement benefits that have been calculated for the above participant are in accordance with plan provisions. Please note that we did not perform a review of the average monthly salary. The actuarial equivalence assumptions used to compute optional forms were an 8.0% annual rate of return, and the 1983 GA Mortality Table blending 80% male rates and 20% female rates. We welcome your questions and comments. Sincere y yours, Peter N. Strong, FSA Senior Consultant and Actuary PS /ib Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax- related penalties under the Internal Revenue Code or (ii) marketing or recommending to another party any tax- related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. This communication shall not be construed to provide tax advice, legal advice or investment advice. Barbara Ladue From: Barbara Ladue [ladueb @bbpdpension.com] Sent: Thursday, October 02,201410:12 AM To: ' Travis .Robinson @gabrielroeder.com' Cc: 'Pete.Strong©gabrielroeder.com' Subject: Boynton Police -Scott Spruill - Def Vested Benefit - Verification Attachments: DOC100214.pdf Travis: Please find attached the benefit calculation for Scott Spruill, on a deferred vested benefit, for your review and verification for the Board: Scott Spruill, SS# 590- 80 -XXXX, terminated employment 5 -31 -2014, selected 100% Survivor Annuity option, deferred vested benefit for $3309.38 To begin 02 -01 -2023. Thank you. Barb La Due Original Message From: Scanner [ mailto :faxexecsuites(Jgmail.com] Sent: Thursday, October 02, 2014 9:50 AM To: police and fire Subject: Send data from MFP07580425 10/02/2014 09:50 Scanned from MFP07580425 Date: 10/02/2014 09:50 Pages:8 Resolution :200x200 DPI 1 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RITIREMENT BENEFITS PAGE 1 === October 2, 2014 NAME SPRUILL, SCOTT C # 2708 SSN 590 -80 -xxxx DEPT 21 ADDRESS 1640 SW SUNSET TRAIL YT CONTR. 4,431.14 PALM CITY, FL 34990 CONTR(TAX) 65,487.88 BIRTH 11/29/1979 CONTR(NTX) .00 PEN HIRE 01/23/2003 BALANCE 65,487.88 ADJ HIRE 01/23/2003 RETIRE 05/31/2014 TYPE V LAST SERV 05/31/2014 60 MO EARN 521788.78 ELIG NORM 01/23/2023 AVG MO EARN 8,696.48 ELIG EARLY 00 /00 /0000 SERV AT TERM 11 4 8 100% VEST 01/23/2008 AGE AT RETIRE 34 6 2 COMMENCE 02/01/2023 COM ANB /DIFF 43 2 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME CHLOE SPRUILL SERV OVERRIDE BEN BDAY 09/15/1977 PAY HIST FLAG IRREGULAR VAC HRS /CD .00 /EI HOURY RATE 30.026 SIC HRS /CD .00 S3 VAC SIC PAYOUT .00 ACCRUE PER .00 EARLY OPTION DEFERRED LAST PAY 20140602 - 20140615 TERM -DATE 20140531 QDRO BENEFIT 3,456.27 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 3,456.27 LIFE ANNUITY FACTOR: 1.(0522 MODIFIED LIFE ANNUITY 3,474.31 100% SURVIVOR FACTOR: .95750 100% SURVIVOR ANNUITY 3,309.38 SURVIVOR BENEFIT 3,309.38 75% SURVIVOR FACTOR: .96900 '5% SURVIVOR ANNUITY 3,349.13 SURVIVOR BENEFIT 2,511.85 50% SURVIVOR FACTOR: .98080 50% SURVIVOR ANNUITY 3,389.91 SURVVOR BENEFIT 1,694.96 66% JOINT & LAST FACTOR: .99320 66% JOINT & LAST ANNUITY 3,432.77 SURVIVOR BENEFIT 2,288.49 50% JOINT & LAST FACTOR:1.01210 50% JOINT & LAS ANNUITY 3,498.09 SURVIVOR BENEFIT 1,749.05 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 0 0 TAX -FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00 /00 /0000 00 /00 /0000 Prepared by * indicates manual override CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 October 2, 2014 SCOTT C SPRUILL H I G H Y E A R O N E H I G H YEAR T W O PAY EFF WEEKS WAGES PAY ]FF WEEKS WAGES 06/02/14 .2 18,142.45 05/20/13 2.0 5,239.68 05/19/14 2.0 2,852.56 05/06/13 2.0 3,603.12 05/05/14 2.0 2,522.16 04/22/13 2.0 3,122.80 04/21/14 2.0 3,302.96 04/08/13 2.0 2,670.79 04/07/14 2.0 6,921.05 03/25/13 2.0 6,057.51 03/24/14 2.0 3,302.96 03/11/13 2.0 3,312.64 03/10/14 2.0 4,442.40 02/25/13 2.0 2,492.24 02/24/14 2.0 ;,316.47 02/11/13 2.0 2,762.45 02/10/14 2.0 3,873.36 01/28/13 2.0 3,062.64 01/27/14 2.0 3,438.08 01/14/13 2.0 4,793.78 01/13/14 2.0 3,757.27 12/31/12 2.0 3,483.01 12/30/13 2.0 4,412.44 12/17/12 2.0 4,443.97 12/16/13 2.0 3,017.70 12/03/12 2.0 4,348.56 12/02/13 2.0 4,622.56 11/19/2 2.0 4,367.40 11/18/13 2.0 4,278.82 11/05/12 2.0 3,504.03 11/04/13 2.0 4,233.68 10/22/12 2.0 2,807.52 10/21/13 2.0 3,708.32 10/08/12 20 3,613.59 10/07/13 2.0 3,721.36 09/24/12 2.0 2,743.02 09/23/13 2.0 3,428.73 09/10/12 2.0 9,662.80 09/09/13 2.0 5,879.91 08/27/12 2.0 2844.77 08/26/13 2.0 2,987.67 08/13/12 2.0 5,785.65 08/12/13 2.0 2,91.90 07/30/12 2.0 2,928.43 07/29/13 2.0 2,732.44 07/16/12 2.0 2,537.22 07/15/13 2.0 2,700.86 07/02/12 2.0 5,449.69 07/01/13 2.0 3,888.36 06/18/12 2.0 2,402.16 06/17/13 2.0 3,657.04 06/04/12 2.0 2,522.16 06/03/13 1.8 4,663.62 00 /00 /00 .0 .00 TOTAL 52.0 116,737.13 TOTAL 52.0 100,561.63 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENFITS PAGE 3 October 2, 2014 SCOTT C SPRLILL H I G H Y E A R T H R E E H I G H Y E A R F O U R PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 05/07/12 2.0 3,627.15 05/09/11 2.0 3,603.06 04/23/12 2.0 3,212.82 04/25/11 2.0 3,392.8 04/09/12 2.0 2,522.10 04/11/11 2.0 2,972.50 03/26/12 2.0 5,856.6E 03/28/11 2.0 3,550.62 03/12/12 2.0 5,197.48 03/14/11 2.0 2,852.50 02/27/12 2.0 2,649.82 02/28/11 2.0 2,522.10 02/13/12 2.0 2,522.21 02/1/11 2.0 3,968.69 01/30/12 2.0 2,522.10 01/31/11 2.0 4,427.29 01/16/12 2.0 2,522.21 01/17/11 2.0 3,873.41 01/02/12 2.0 2,925.96 01/03/11 2.0 3,062.58 12/19/11 2.0 5,813.14 12/20/10 2.0 3,485.72 12/05/11 2.0 3,963.38 12/06/10 2.0 2,927.46 11/21/11 2.0 7,596.73 11/22/10 2.0 5,299.68 11/07/11 2.0 4,443.81 11/08/10 2.0 4,331.21 10/24/11 2.0 :,528.10 10/25/10 2.0 2,911.06 10/10/11 2.0 5,404.66 10 /11 /10 2.0 3,624.88 09/26/11 2.0 4,158.66 09/27/10 2.0 3,316.41 09/12/11 2.0 8,272.18 09/13/10 2.0 7,161.30 08/29/11 2.0 3,594.17 08/30/10 2.0 3,047.57 08/15/11 2.0 2,627.30 08/16/10 2.0 2,537.22 08/01/11 2.0 3,197.70 08/02/0 2.0 2,927.46 07/18/11 2.0 3,199.31 07/19/10 2.0 6,020.30 07/04/11 2.0 4,286.17 07/05/10 2.0 3,508.29 06/20/11 2.0 4,430.44 06/21/10 20 2,402.10 06/06/11 2.0 2,657.22 06/07/10 2.0 2,660.34 05/23/11 2.0 3,017.66 05/24/10 2.0 2,522.21 TOTAL 52.0 103,749.14 TOTAL 52.0 9908.94 CITY OF BOYITON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE October 2, 2014 SCOTT C SPRUILL H I G H Y E A R F I V E PAY EFF WEEKS WAGES 05/10/10 2.0 2,683.37 04/26/10 2.0 2,649.82 04/12/10 2.0 2,670.74 03/29/10 2.0 2,402.10 03/15/10 2.0 5,192.38 03/01/10 2.0 2,522.10 02/15/10 2.0 2,913.87 02/01/10 2.0 2,852.96 01/18/10 2.0 3,413.96 01/04/10 2.0 2,642.21 12/21/09 2.0 3,184.30 12/07/09 2.0 2,845.2: 11/23/09 2.0 4,239.41 11/09/09 2.0 4,453.98 10/26/09 2.0 5,282.94 10/12/09 2.0 6,820.50 09/28/09 2.0 4,184.97 09/14/09 2.0 4,924.33 08/31/09 2.0 5,440.32 08/17/09 2.0 7,502.05 08/03/09 2.0 4,552.72 07/20/09 2.0 4,264.10 07/06/09 2.0 :,979.31 06/22/09 2.0 4,698.14 06/08/09 2.0 6,214.75 05/25/09 2.0 4,020.29 05/11/09 1.0 1,281.11 TOTAL 53.0 107,831.94 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS October 2, 2014 Participant's Name: SCOTT C SPRUILL Social Security #: 590- 80 -xxxx You are eligible for a(n) VESTED Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing February 1, 2023. 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 $ 3474.31 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 4 3456.27 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 3456.27 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 $ 3309.38 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 3309.38 for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 3349.13 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 2511.85 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 3389.91 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 1694.96 for as long as he /she lives. 6. 66 -2/3% JOINT AND LAST SURVIVOR ANNUITY This option provides monthly payments of 3432.77 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of Y 2288.49 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of Y 3498.09 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 $ 1749.05 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 11/29/1979 Pension Hire Date: 01/23/2003 Date of Termination: 05/31/2014 Adjusted Hire Date: 01/23/2003 Avg Final Monthly Comp: $8,696.48 Years of Credited Service: 11 Beneficiary Name: CHLOE SPRUILL Date of Birth: 09/15/1977 ?age 2 Participant's Name: SCOTT C SPRUILL Social Security #: 590- 80 - xxxx Accumulated Contributions: $65,487.88 After -Tax Contributions: $.00 Pre -Tax Contributions: $65,487.88 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $.00 Portion Continues: 0 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, including my choice of annuity form, and confirm the information shown above to be correct. PARTICIPANT'S SIGNATURE: DATE: BENEFICIARY'S SIGNATURE: DATE: Calculation Date: CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM * * ESTIMATE OF RETIREMENT BENEFITS * * April 29, 2014 w,44,41 Participant's Name: SCOTT C SPRUILL Social Security #: 590- 80 -xxxx You are eligible for a(n) VESTED Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing February 1, 2023. 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 $ 3463.24 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 . 3445.26 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 3445.26 will continue to be made to your beneficiary until a total of 120 m.nthly payments have been made in all. /• , 3. 100% SURVIVOR ANNUITY: This option provides monthly payments t)f $ 3298.84 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 3298.84 for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 3338.46 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 2503.85 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 3379.11 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 1689.56 for as long as he /she lives. 6. 66 -2/3% JOINT AND LAST SURVIVOR ANNUITY This option provides monthly payments of Y 3421.83 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 $ 2281.20 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 3486.95 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 $ 1743.48 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 11/29/1979 Pension Hire Date: 01/23/2003 Date of Termination: 05/31/2014 Adjusted Hire Date: 01/23/2003 Avg Final Monthly Comp: $8,668.78 Years of Credited Service: 11 Beneficiary Name: CHLOE SPRUILL Date of Birth: 09/15/1977 ?age 2 Participant's Name: SCOTT C SPRUILL Social Security #: 590- 80 -xxxx Accumulated Contributions: $63,610.47 After -Tax Contributions: $.00 Pre -Tax Contributions: $63,610.47 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $.00 Portion Continues: 0 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, including my choice of annuity form, and confirm the information shown above t. voe •. sect. PARTICIPANT' S SIGNATURE: � � DATE: 0 1-ROPY BENEFICIARY'S SIGNATURE: CAD6(00 DATE: O Calculation Date: 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 January 9, 2015 Ms. Barbara La Due, Pension Administrator Boynton Beach Police Officers' Pension Board Renaissance Executive Suites 1500 Gateway Blvd Suite 220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Police Officers' Retirement Fund Updated GASB No. 67 Disclosure Information Dear Barbara: We have prepared the updated actuarial disclosure information required under Governmental Accounting Standards Board (GASB) Statement No. 67 for the fiscal year ending September 30, 2014. The following exhibits were based upon audited financial information as of September 30, 2014, which was furnished by the Plan's auditor (Davidson, Jamieson & Cristini) as well as information furnished by the Plan Administrator. If any of this information changes during the auditing process (including benefit payments, contributions, administrative expenses, or the actual market value of assets as of September 30, 2014), then the following exhibits will need to be revised: • Statement of changes in Net Pension Liability and Ratios, using the single discount rate • Schedule of the Employer's Net Pension Liability • Schedule of Contributions • Notes to Schedule of Contributions • Sensitivity analysis Please refer to our October 1, 2013 actuarial valuation report for the projection of cash flows, cross over date calculation, and more information related to participant data, economic and demographic assumptions, and benefit provisions. Please note that there are other items not listed above that will be required in the Plan's financial statements and /or the City's Comprehensive Annual Financial Report (CAFR) to fully comply with GASB No. 67 standards. This additional information will need to be provided by the Plan's investment consultants, accountants or other financial statement preparers. The liability calculations are based upon information furnished by the Plan Administrator for the October 1, 2013 Actuarial Valuation concerning plan benefits, financial transactions, plan provisions, and active 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 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 our October 1, 2013 Actuarial Valuation Report. If you have reason to believe that the assumptions that were used are unreasonable, that the plan provisions are incorrectly described, or that conditions have changed since the calculations were made, you should contact the author of this letter prior to relying on information in the Ms. Barbara La Due January 9, 2015 Page 2 letter. This report may be distributed to other parties only in its entirety. Future actuarial measurements may differ significantly from the current measurements presented in this letter due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in such 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. To 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 Standard Board, and with applicable statutes. The undersigned are Members of the American Academy of Actuaries (MAAA) 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. We welcome your questions and comments, Respectfully submitted, eter N. Strong, FSA, , FCA Enrolled Actuary No. 14-6' 75 PS /ib 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, legal advice or investment advice. Gabriel Roeder Smith & Company SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS GASB Statement No. 67 Fiscal year ending September 30, 2014 Total pension liability Service Cost $ 2,809,815 Interest 8,234,704 Benefit Changes - Difference between actual & expected experience (129,636) Assumption Changes - Benefit Payments (5,477,189) Refunds (42,665) Other (Adjustments to Reserves) 255,655 Net Change in Total Pension Liability 5,650,684 Total Pension Liability - Beginning 106,132,387 Total Pension Liability - Ending (a) $ 111,783,071 Plan Fiduciary Net Position Contributions - Employer $ 4,159,736 Contributions - Non - Employer Contributing Entity 645,579 Contributions - Member 911,375 Net Investment Income 7,154,203 Benefit Payments (5,477,189) Refunds (42,665) Administrative Expense (125,126) Other (Rollovers into DROP) 28,186 Net Change in Plan Fiduciary Net Position 7,254,099 Plan Fiduciary Net Position - Beginning 69,027,966 Plan Fiduciary Net Position - Ending (b) $ 76,282,065 Net Pension Liability - Ending (a) - (b) 35,501,006 Plan Fiduciary Net Position as a Percentage of Total Pension Liability 68.24 % Covered Employee Payroll $ 11,070,871 Net Pension Liability as a Percentage of Covered Employee Payroll 320.67 % SCHEDULE OF THE EMPLOYER'S NET PENSION LIABILITY GASB Statement No. 67 Total Plan Net Position Net Pension Liability FYEnding Pension Plan Net Net Pension as a % of Total Covered as a% of September 30, Liability Position Liability Pension Liability Payroll Covered Payroll 2014 $ 111,783,071 $ 76,282,065 $ 35,501,006 68.24% $ 11,070,871 320.67% SCHEDULE OF CONTRIBUTIONS GASB Statement No. 67 Actuarially Contribution Actual Contribution FY Ending Determined Actual Deficiency Covered as a % of September 30, Contribution Contribution (Excess) Payroll Covered Payroll 2014 $ 4,560,918 $ 4,624,823 $ (63,905) $ 11,070,871 41.77% NOTES TO SCHEDULE OF CONTRIBUTIONS GASB Statement No. 67 Valuation Date: October 1, 2013 Notes Actuarially determined contribution rates are calculated as of October 1, which is two year(s) prior to the end of the fiscal year in which contributions are reported. Methods and Assumptions Used to Determine Contribution Rates: Actuarial Cost Method Entry Age Normal Amortization Method Level Percentage of Payroll, Closed Remaining Amortization Period 23 Asset Valuation Method 5 -year smoothed market Inflation 4.0% Salary Increases 5.0% to 6.5% depending on age, including inflation Investment Rate of Return 7.75% Retirement Age Experience -based table of rates that are specific to the type of eligibility condition Mortality 60% RP -2000 Combined Healthy Participant Mortality Table for males and females with mortality improvement projected to all future years after 2000 using Scale AA; 40% 1983 Group Annuity Mortality Table for males and females Other Information: See Discussion of Valuation Results on Page 1 of the October 1, 2013 Notes Valuation Report SINGLE DISCOUNT RATE GASB Statement No. 67 A single discount rate of 7.75% was used to measure the total pension liability. This single discount rate was based on the expected rate of return on pension plan investments of 7.75 %. The projection of cash flows used to determine this single discount rate assumed that plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between the total actuarially determined contribution rates and the member rate. Based on these assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long -term expected rate of return on pension plan investments (7.75 %) was applied to all periods of projected benefit payments to determine the total pension liability. Regarding the sensitivity of the net pension liability to changes in the single discount rate, the following presents the plan's net pension liability, calculated using a single discount rate of 7.75 %, as well as what the plan's net pension liability would be if it were calculated using a single discount rate that is 1- percentage -point lower or 1- percentage -point higher: Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption Current Single Discount 1% Decrease Rate Assumption 1% Increase 6.75% 7.75% 8.75% $ 47,828,446 $ 35,501,006 $ 25,162,922 1 (2_._ Barbara Ladue From: Jeanine Bittinger [jb @djcpl.com] Sent: Wednesday, December 17, 2014 10:28 AM To: Barbara LaDue Subject: Fwd: Extensions for GASB Statement No 68 Here is the GFOA email that we were discussing! Jeanine L. Bittinger, CPA Partner Davidson, Jamieson & Cristini,PL 1956 Bayshore Boulevard Dunedin, FL 34698 -2503 Phone (727) 734 -5437 Fax. (727) 733 -3487 ib @dicpl.com Begin forwarded message: From: SGauthier <sgauthier @gfoa.org> Date: December 4, 2014 at 2:41:10 PM EST To: Jeanine Bittinger <ib @dicpl.com> Subject: Extensions for GASB Statement No. 68 Dear Jeanine: I am writing to you on behalf of the Government Finance Officers Association's (GFOA) Certificate of Achievement for Excellence in Financial Reporting Program (Certificate Program) to respond to your request that I clarify whether pension plans and participating employers will be eligible for an extension of the deadline for submitting their comprehensive annual financial report (CAFR) to the Certificate Program in the year they first implement GASB Statement No. 67, Financial Reporting for Pension Plans or GASB Statement No. 68, Accounting and Financial Reporting for Pensions. As you know, Certificate Program policy requires that both pension plans and participating employers submit their CAFR to the program within six months of the end of the fiscal year. Extensions are available in extenuating circumstance, but cannot be granted two years in a row for the same reason. The implementation of a major new GASB standard, in my view, clearly meets both criteria, meaning that a pension plan or participating employer would be eligible to obtain an extension, if needed, the year it first implements GASB Statement No. 67 or GASB Statement No. 68. Best regards, Stephen J. Gauthier, Director Technical Services Center Government Finance Officers Association Barbara Ladue From: Brandon C. Cole [Brandon_CCole ©ajg.com] Sent: Monday, February 02, 2015 1_1:40 AM To: Barbara Ladue Subject: RE: Boynton Police - 10/1/2013 Actuarial Valuation Report That should not be a problem. The underwriter is already working on it. At the latest I'm assuming we will have something back late next week. Thanks. Brandon Cole CPC CRM Area Vice President Arthur J. Gallagher & Co. 18201 Von Karman Ave, Suite 200 l Irvine, CA 92612 P: 949.349.9871 1M: 720.951.5302 www.aja.com 1 www.linkedin com /in /brandoncolecocu/ From: Barbara Ladue [mailto:ladueb @bbpdpension.com] Sent: Monday, February 02, 2015 5:47 AM To: Brandon C. Cole Subject: RE: Boynton Police - 10/1/2013 Actuarial Valuation Report Brandon: I would guess the beginning of March, hopefully earlier.... Barb La Due From: Brandon C. Cole [mailto:Brandon C Cole(aaig.com] Sent: Friday, January 30, 2015 1:31 PM To: Barbara Ladue Cc: James Martinez Subject: RE: Boynton Police - 10/1/2013 Actuarial Valuation Report Hi Barbara, I received the information on the Police and Fire groups and I think this should work enough to get us an initial quote. I'll keep you in the loop. Do you have a time frame in mind? Thank you for sending all this over. Brandon Cole CPCU, CRM Area Vice President Arthur J. Gallagher & Co 18201 Von Karman Ave, Suite 2001 Irvine, CA 92612 P 949.349.9871 1M 720 951 5302 www.aict.com 1 www.linkedin com /in /brandoncolecpcu/ From: Barbara Ladue [mailto:laduebObbpdpension.com] Sent: Thursday, January 29, 2015 7:52 AM To: Brandon C. Cole Subject: FW: Boynton Police - 10/1/2013 Actuarial Valuation Report Brandon: PDF file with the 10 -01 -2013 actuarial valuation report. 1 Barbara Ladue From: Brandon C. Cole [Brandon_C_Cole ©ajg.com] Sent: Wednesday, January 28, 2015 9:45 AM To: Barbara Ladue Subject: Re: Fiduciary Liability Insurance - Boynton Beach Police Pension Fund & Boynton Beach Fire Pension Fund We can start with last years reports. Do you have the applications from last year? We could start there and update the quotes as you get more information Brandon Cole CPCU, CRM Area Vice President Arthur J. Gallagher & Co. o 949.349.9871 1 m 720.951.5302 On Jan 28, 2015, at 6:41 AM, Barbara Ladue <ladueb @bbpdpension.com> wrote: Brandon: No, I have not completed any renewal applications. The actuarial report and the audited financial statements for PYE 9 -30 -2014 will not be completed until mid March. The actuary and auditors are having to comply with new reporting standards that have delayed these reports. Would reports for previous year give a start for quotes? Thanks. Barb La Due From: Brandon C. Cole [mailto:Brandon C ColeOaig.com] Sent: Wednesday, January 28, 2015 9:30 AM To: Barbara Ladue; James Martinez Subject: Re: Fiduciary Liability Insurance - Boynton Beach Police Pension Fund & Boynton Beach Fire Pension Fund Barbara, thank you for the email. It would be our pleasure to get you a quote through our program. Have you completed applications for your renewal yet? We would either need to get those or have you complete our application. Also, we would need the most recent audited financials and actuary report for each plan. Thank you! Brandon Cole CPCU, CRM Area Vice President o 949.349.9871 1 m 720.951.5302 Arthur J Gallagher Risk Management Services, Inc On Jan 28, 2015, at 6:26 AM, Barbara Ladue <ladueb @bbpdpension.com> wrote: Brandon Cole: The Pension Board for the Boynton Beach Police Pension Fund and the Pension Board for the Boynton Beach Fire Pension Fund gave their approvals to seek a quote when our liability insurance comes up for renewal. 1 Each Fund currently has coverage with U.S. Specialty Insurance Company, Houston, Texas that will be up for renewal April 10, 2015. This coverage also includes myself as Pension Administrator for each Fund. The Fire Fund has $1,000,000 Limit of Liability with $15,000 Deductible, with premium of $9,184. The market value of the Fire Fund is $78,104,037 as of PYE 9 -30 -2014. The Police Fund has $2,000,000 Limit of Liability and $25,000 Deductible and premium of $19,098 with market value for PYE 9 -30 -2014 of $76,153,463. We are of course looking for control of these costs. Thanks for your review. 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HOB ---] J�A ION b.� CD 1- CO (OD al W 1_, al O J 11) N W 0 Cn CP CO H N CO • • • • H Ol Ol H co J H. .-' N 0 N O H W o �OCD IO CO � � �� HaD i•'4. 0 C� H H \ H N Ul ‘a:3 W o CO HH �� NN` CO NJ ) - 3 (D H Cn D O .A N N O p N • NJ N ,J 01 0-.) W W Oa, N 1- O y J CO W 4.n N CO 4.i rt • W a. J J N ▪ OP 'A c W J J W 0 0 W J a H i , 1 f + "'"' :[ y �7 4 '� ,i,q dg ♦ j Barbara Ladue .C( / /", 0 , •I From: Pat Holt [bsjteam @robertdklausner.com] ' Sent: Thursday, February 05, 2015 9:22 AM To: 'Oldbury, Julie' Cc: 'BSJ Team'; 'Bonne Jensen'; 'Barbara Ladue'; 'Toby Athol', 'Jason Llopis' Subject: RE. Boynton Beach Police Officers' Pension Fund (Kenny) Thank you for the update, Julie! Pat qate Legal Assistant — Pension Team of Bonni Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, Suite 207 West Palm Beach, FL 33401 -2922 Phone 561- 686 -6550 Fax: 561 - 686 -2802 Krk, 10059 Northwest 1st Court Plantation, Flonda 33324 Telephone 954 - 916 -1202 Facsimile 954- 916 -1232 CONFIDENTIALITY NOTICE This communication is confidential, may be privileged and is meant only for the intended recipient If you are not the intended recipient, please notify the sender ASAP and delete this message from your system IRS CIRCULAR 230 NOTICE To the extent that this message (or any portion thereof) concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law From: Oldbury, Julie [mailto:OldburylPbbfl.us] Sent: Thursday, February 05, 2015 8:13 AM To: Pat Holt Subject: RE: Boynton Beach Police Officers' Pension Fund (Kenny) Hi Pat, Greg Kenny is on a light duty status with a lifting restriction of a maximum of 20 pounds. Respectfully, 1 Julie Oldbury, Director of Human Resources and Risk Management Human Resources and Risk Management City of Boynton Beach 100 E. Boynton Beach Blvd. I Boynton Beach, Florida 33435 o: 561- 742 -6277 OldburyJ @bbft_us 1 www.boynton America's Gateway to the Gulfstream Please be advised that Flondo has a broad public records raw and all correspondence to me vro email may be subject to disclosure Under Florida records law, email addresses are public records Therefore. your e -mail communication and your e -mail address may be subject to public disclosure From: Pat Holt [ mailto _bsjteam @robertdklausner.com] Sent: Wednesday, February 04, 2015 4:50 PM To: Oldbury, Julie Cc: 'BSJ Team'; 'Bonni Jensen'; 'Barbara Ladue'; Athol, Toby; Llopis, Jason Subject: Boynton Beach Police Officers' Pension Fund (Kenny) Julie: Attached please find correspondence from Bonni to obtain an update regarding Gregory Kenny's work status. If you have any questions, please let us know. Thanks, Pat ;poet Legal Assistant — Pension Team of Bonni Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, Suite 207 West Palm Beach, FL 33401 -2922 Phone. 561 - 686 -6550 Fax 561- 686 -2802 Ktr%k St, t ..wl.R Lt' c.N o' 10059 Northwest 1st Court Plantation, Florida 33324 Telephone. 954 - 916 -1202 Facsimile: 954 - 916 -1232 CONFIDENTIALITY NOTICE This communication is confidential, may be pnvileged and is meant only for the intended recipient If you are not the intended recipient, please notify the sender ASAP and delete this message from your system IRS CIRCULAR 230 NOTICE To the extent that this message (or any portion thereof) concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law 2 Barbara Ladue From: Athol, Toby [AtholT @bbfl.us] Sent: Tuesday, February 03, 2015 11 AM To: Barbara Ladue Subject: RE: Police Agenda for 2 -10 -2015 Looks good Greg Kenny asked me this morning what is the status of his claim as he is ON LIGHT DUTY now and is likely to stay there and going to get set up for an operation apparently So I guess its back "ON" Just leave it and we can adjust the agenda where he is listed if necessary thanks Det Toby Athol Boynton Beach Police Department 561.742.6152 From: Barbara Ladue (mailto:ladueb@ bbpdpension.com] Sent: Tuesday, February 03, 2015 10:23 AM To: Athol, Toby Subject: Police Agenda for 2 -10 -2015 Toby: Here is the agenda ...I plan to send out this morning...hopefully it is OK... I can always do a "revised" agenda for the meeting date. Barb La Due 1 b Barbara Ladue jAill^ 6 41- 4 ) From: Lori Guild [bsjteam @robertdklausner.com] f!°�' Sent: Wednesday, February 04, 2015 12:18 PM To: Barbara LaDue Cc: Bonni Jensen; BSJ Team Subject: Boynton Beach Police Officers' Pension Fund - Agenda Items Attachments: Legislative Updates SB 172 (175185 Funds).pdf; SB 242.pdf; SB 172.pdf, 2015 SPECIAL TAX NOTICE pdf; 2015 IRS Mileage Rate Memo.pdf; 2015 Mileage Rate pdf Barbara, Please find the following items attached: 1. Legislative Updates: Memo regarding SB 172 and SB 242 2. New Special Tax Notice regarding Rollovers effective January 1, 2015 3. Memorandum on the IRS Mileage Rate for 2015 The above items are to be included in the meeting packet for discussion at the February 10 meeting. Have a great day! Thank you, _dole 9 Legal Assistant — Pension Team of Bonni Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, Suite 207 West Palm Beach, FL 33401 -2922 Phone: 561 -686 -6550 Fax: 561 - 686 -2802 Ks 4 ji N 11'. t N MIN 4 10059 Northwest 1st Court Plantation, Florida 33324 Telephone: 954 - 916 -1202 Facsimile: 954 - 916 -1232 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system IRS CIRCULAR 230 NOTICE To the extent that this message (or any portion thereof) concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law 1 ...____ Ft KLAL S:tiER K;1t'F-`.i:1N 11_NSF:'s. LEVL' ON 1 A PAR1 NLRSIIIP OF PROI'CSSIONAL ASSOCIATIONS ME11r0"`F''A To: Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund From: Bonni S. Jensen ✓n 1 Subject: State Law Update - Senate Bill 172 and Senate Bill 242 Date: January, 2015 The Florida 2015 Legislative Session will begin on March 3rd. Two bills have been filed in the Senate which provides for changes to Florida Statutes Chapters 112, 175, and 185. Changes to Florida Statutes § §112.63 and 112.664 - SB 242 This proposed bill will require all governmental pension plans to use the mortality table being used by the Florida Retirement System ( "FRS "). Additionally, it changes the reporting requirements under SB 534 to also require reporting based upon the FRS mortality table. Changes to Florida Statutes Chapters 1751185 - SB 172 In essence, the changes provide for the use of future Chapter money (including currently accumulated unallocated dollars) to offset municipal contributions and to establish share account plans for the members. The changes are described below. 1. 175.021 and 185.01 Legislative declaration.— Amends provisions to establish that all municipal and special district pension plans must meet required benefits and minimum standards of 175/185 to be eligible to receive a distribution of insurance premium tax revenues under the law. 2. 175.032 and 185.02 Definitions.— Amends definitions as follows: a. Adds definition of "Additional premium tax revenues" which means revenues received by a municipality or special fire control district pursuant to s. 175.121 /185.10 which exceed base premium tax revenues. 10059 NORTHWEST 1ST COURT, PLANTATION, FLORIDA 33324 PHONE (954) 916-1202 • FAX (954) 916 -1232 www.robertdklausner.com i. z Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund State Law Update - Senate Bill 172 and Senate Bill 242 January 2015 Page 2 of 5 b. Adds definition of "Base premium tax revenues" which means revenues received by a local law municipality or special fire control district in effect on October 1, 1998 pursuant to s. 175.121 /185.10 equal to the amount of such revenues received for calendar year 1997. This is the original "frozen chapter money." For a local law plan created between October 1, 1998 and March 1, 2015, "base premium tax revenues" means tax collections received in the second year of participation. c. For police only, eliminating the 300 hour minimum for overtime to be included in the definition of "compensation" or "salary" and providing for limitations on overtime prior to July 1, 2011 in accordance with the Plan provisions. d. Adds a definition of "Defined contribution plan" which means a component of a local law defined benefit plan to which deposits are made to provide benefits for firefighters and police officers. The defined benefit plan must meet the required benefits and minimum standards of the chapter. e. Redefines "Local law plan" to require both a defined benefit plan component and a defined contribution plan component. f. Adds a definition of "Minimum benefits" which means those benefits provided for in Florida Statutes 175.021- 175.341 and 175.361- 175.401 / 185.01- 185.341 and 185.37 - 185.50. g. Adds a definition of "Minimum standards" which means standards set forth in Florida Statutes 175.021 - 175.401 / 185.01- 185.50. h. Adds a definition of "Special Act Plan" which means a plan subject to provisions of Chapter 175/185, created by an act of the legislature and requires state legislative amendment. i. Adds a definition of "Special benefits" which means benefits provided in a defined contribution plan for firefighters /police officers. j. Amends definition of "Supplemental plan" to provide that any supplemental plan in existence on March 1, 2015 shall be deemed a defined contribution plan. Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund State Law Update - Senate Bill 172 and Senate Bill 242 January 2015 Page 3 of 5 3. 175.071(7)/185.06(6) General powers and duties of board of trustees is amended to provide that the actuary used by the Board must be an "enrolled" actuary as defined by the law. 4. 175.091/185.07 Creation and maintenance of fund. Provides for the funding of the Plans as follows: (1) The firefighters' /police officers' pension trust fund in each municipality and in each special fire control district shall be created and maintained in the following manner: (d) By payment by the municipality or other sources of a sum equal to the normal cost and the amount required to fund any actuarial deficiency shown by an actuarial valuation conducted under as- provided in- part VII of chapter 112 after taking into account the amounts described in paragraphs (b), (c), (e). (f). and (4) and the tax proceeds described in paragraph (a) which are used to fund defined benefit plan benefits. Note: Paragraph (b) is member contributions; Paragraph (c) is fines and forfeitures of the members for pension fund rule violations; Paragraph (e) is gifts, bequests, and devises donated to the fund; Paragraph (f) is "accretions" to the fund by way of interest or dividends; Paragraph (g) is all other sources. 5. 175.162/185.16 deletes requirement for incremental funding of minimum benefits and adds a 2.75% multiplier as a minimum benefit. If the plan does not have a 2.75% multiplier, then the multiplier does not have to be increased to that level, but the current multiplier cannot be reduced. Additionally, if the multiplier is increased to 2.75% or higher, then the multiplier cannot later be reduced below the 2.75 %. This section is effective July 1, 2015. 6. 175.351/185.35 Municipalities and special fire control districts having their own pension plans for firefighters. The new language: • Clarifies that if the municipality /special district meets the minimum benefits and minimum standards, it is entitled to participate in the shares of the 175/185 money. • Explains how the 175/185 dollars are to be allocated, for non - collectively bargained plans, effective October 1, 2015 or for collectively bargained plans, effective upon the entry into a collective bargaining agreement on or Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund State Law Update - Senate Bill 172 and Senate Bill 242 January 2015 Page 4 of 5 after July 1, 2015. o the premium tax income must be placed into the plan as an integral part to fund benefits exclusively for firefighters /police officers. o base premium tax revenues (see definitions section) are to be used to fund minimum benefits or agreed benefits in excess of minimum. o Premium tax revenues in excess of that received in calendar year 2012 will be used: - 50% used to fund minimum benefits (will offset employer contributions); and - 50% to fund defined contribution plan special benefits. • Additional premium tax revenues not already allocated are to be used to fund benefits not included in the minimum benefits. This language seems to refer to increases in premium tax dollars received between 1997 and 2013 which are to be allocated to benefits passed after March 12, 1999. If these revenues exceed the full annual cost of the benefits in excess of the minimum benefits, then the excess is to be used 50% to offset employer costs and 50% for defined contribution plan special benefits. • Any accumulations of premium tax dollars which have not been applied to benefits in excess of the minimums must be allocated 50% to offset unfunded and 50% to special benefits. Once the unfunded is paid, then all excess accumulations go to special benefits. • Plans created after March 1, 2015 must use up to 50% to fund the defined benefit components of the new plan and the remainder is to be used for special benefits. • Benefits offered in excess of minimum benefits may be reduced if the plan meets the minimum benefits and minimum standards (including the 2.75% multiplier), except that no supplemental benefits in effect on September 30, 2014 may be reduced. The premium tax dollars that had been used to fund the now reduced benefit improvements are to be allocated like the post calendar year 2013 premium taxes. • Notwithstanding any of the allocation scheme, the parties (the Union or a majority of the firefighters /police officers and the municipality or special fire control district) may agree to their own allocation scheme, including accumulated additional premium tax revenues, provided the plan continues to meet the minimum benefits and minimum standards of the law. o If minimums are not met, the benefits do not have to be improved for the benefits in place on October 1, 2012, but they cannot be decreased. o Special act or supplemental plans are considered to have agreed to such a deviation as of July 1, 2015 regarding the existing Board of Trustees Boynton Beach Municipal Police Officers' Pension Fund State Law Update - Senate Bill 172 and Senate Bill 242 January 2015 Page 5 of 5 arrangement for the use of the premium taxes. • Definition of "Additional Premium Tax Revenue" and "Extra Benefits" are deleted. • Definition of "Supplemental Plans" is maintained as are the exceptions for the definition of salary or compensation and the board make up. • Requires creation of the defined contribution plan component by October 1, 2015 for local plans or upon entering into a collective bargaining agreement after July 1, 2015. • A municipality or special district that has implemented or proposed changes based on reliance on a "Naples letter" after August 14, 2012 but before March 4, 2015 may continue with such changes. "Reliance" must be evidenced by formal correspondence between the municipality /special district and the department which describes the specific changes to the local law plan dated before March 4, 2015. These changes which are contrary to Chapters 175/185 can remain in effect until the earlier of October 1, 2018 or the effective date of the next collective bargaining agreement. 7. The Legislature finds that a proper and legitimate state purpose is served when employees and retirees of this state and its political subdivisions, and the dependents, survivors, and beneficiaries of such employees and retirees, are extended the basic protections afforded by governmental retirement systems that provide fair and adequate benefits and that are managed, administered, and funded in an actuarially sound manner as required under s. 14, Article X of the State Constitution and part VII of chapter 112, Florida Statutes. Therefore, the Legislature determines and declares that this act fulfills an important state interest. 8. A July 1, 2015 effective date is proposed. The bills will continue to be monitored and the status will be reported. H:1AII Miscellaneous■LL BOARDS\20151Legislative Updates SB 172 (BSJ Funds).wpd Florida Senate - 2015 SB 242 By Senator Brandes 22- 00288 -15 2015242 1 A bill to be entitled 2 An act relating to publicly funded retirement plans; 3 amending s. 112.63, F.S.; requiring that actuarial 4 reports for certain retirement plans include mortality 5 tables; amending s. 112.664, F.S.; revising 6 information to be included in a defined benefit system 7 or plan's annual report to the Department of 8 Management Services; providing a declaration of 9 important state interest; providing an effective date. 10 11 Be It Enacted by the Legislature of the State of Florida: 12 13 Section 1. Subsection (1) of section 112.63, Florida 14 Statutes, is amended to read: 15 112.63 Actuarial reports and statements of actuarial 16 impact; review. - 17 (1) Each retirement system or plan subject to the 18 provisions of this act shall have regularly scheduled actuarial 19 reports prepared and certified by an enrolled actuary. The 20 actuarial report shall consist of, but is shall not be limited 21 to, the following: 22 (a) Adequacy of employer and employee contribution rates in 23 meeting levels of employee benefits provided in the system and 24 changes, if any, needed in such rates to achieve or preserve a 25 level of funding deemed adequate to enable payment through the 26 indefinite future of the benefit amounts prescribed by the 27 system, which shall include a valuation of present assets, based 28 on statement value, and prospective assets and liabilities of 29 the system and the extent of unfunded accrued liabilities, if Page 1 of 4 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 2015 SE 242 22- 00288 -15 2015242 30 any. 31 (b) A plan to amortize any unfunded liability pursuant to 32 s. 112.64 and a description of actions taken to reduce the 33 unfunded liability. 34 (c) A description and explanation of actuarial assumptions. 35 (d) A schedule illustrating the amortization of unfunded 36 liabilities, if any. 37 (e) A comparative review illustrating the actual salary 38 increases granted and the rate of investment return realized 39 over the 3 -year period preceding the actuarial report with the 40 assumptions used in both the preceding and current actuarial 41 reports. 42 (f) Mortality tables that use mortality methodology 43 consistent with the most recently published actuarial valuation 44 report of the Florida Retirement System. 45 (g)(f) A statement by the enrolled actuary that the report 46 is complete and accurate and that in his or her opinion the 47 techniques and assumptions used are reasonable and meet the 48 requirements and intent of this act. 49 50 The actuarial cost methods utilized for establishing the amount 51 of the annual actuarial normal cost to support the promised 52 benefits shall only be those methods approved in the Employee 53 Retirement Income Security Act of 1974 and as permitted under 54 regulations prescribed by the Secretary of the Treasury. 55 Section 2. Subsection (1) of section 112.664, Florida 56 Statutes, is amended to read: 57 112.664 Reporting standards for defined benefit retirement 58 plans or systems. — Page 2 of 4 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SS 242 22- 00288 -15 2015242 59 (1) In addition to the other reporting requirements of this 60 part, within 60 days after receipt of the certified actuarial 61 report submitted after the close of the plan year that ends on 62 or after June 30, 2014, and thereafter in each year required 63 under s. 112.63(2), each defined benefit retirement system or 64 plan, excluding the Florida Retirement System, shall prepare and 65 electronically report the following information to the 66 Department of Management Services in a format prescribed by the 67 department: 68 (a) Annual financial statements that comply arc in 69 eempI4effee with the requirements of the Governmental Accounting 70 Standards Covcrnmcnt Accounting and Standard Board's Statement 71 No. 67, titled Financial Reporting for Pension Plans, and 72 Statement No. 68, titled Accounting and Financial Reporting for 73 Pensions, using mortality tables that use mortality methodology 74 consistent with the most recently published actuarial valuation 75 report of the Florida Retirement System RP 2000 Combincd IIcalthy 76 •- '- =_ -: - ' . _o cc, by gcndcr, with gcncrational 77 projcction by Soalc AA. 78 (b) Annual financial statements similar to those required 79 under paragraph (a), but which use an assumed rate of return on 80 investments and an assumed discount rate that are equal to 200 81 basis points less than the plan's assumed rate of return. 82 (c) Information indicating the number of months or years 83 for which the current market value of assets are adequate to 84 sustain the payment of expected retirement benefits as 85 determined in the plan's latest valuation and under the 86 financial statements prepared pursuant to paragraphs (a) and 87 (b) . Page 3 of 4 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 242 22- 00288 -15 2015242 88 (d) Information indicating the recommended contributions to 89 the plan based on the plan's latest valuation, and the 90 contributions necessary to fund the plan based on financial 91 statements prepared pursuant to paragraphs (a) and (b), stated 92 as an annual dollar value and a percentage of valuation payroll. 93 Section 3. The Legislature finds that a proper and 94 legitimate state purpose is served when employees and retirees 95 of the state and its political subdivisions, and the dependents, 96 survivors, and beneficiaries of such employees and retirees, are 97 extended the basic protections afforded by governmental 98 retirement systems that provide fair and adequate benefits and 99 that are managed, administered, and funded in an actuarially 100 sound manner as required by s. 14, Article X of the State 101 Constitution and part VII of chapter 112, Florida Statutes. 102 Therefore, the Legislature determines and declares that this act 103 fulfills an important state interest. 104 Section 4. This act shall take effect July 1, 2015. Page 4 of 4 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SS 172 By Senators Bradley and Ring 7- 00045 -15 2015172 1 A bill to be entitled 2 An act relating to local government pension reform; 3 amending s. 175.021, F.S.; requiring that firefighter 4 pension plans meet the requirements of ch. 175, F.S., 5 in order to receive certain insurance premium tax 6 revenues; amending s. 175.032, F.S.; revising 7 definitions to conform to changes made by the act and 8 providing new definitions; amending s. 175.071, F.S.; 9 conforming a cross - reference; amending s. 175.091, 10 F.S.; revising the method of creating and maintaining 11 a firefighters' pension trust fund; amending s. 12 175.162, F.S.; deleting a provision basing the 13 availability of additional benefits in a firefighter 14 pension plan upon state funding; revising the 15 calculation of monthly retirement income for a full - 16 time firefighter; specifying the minimum benefits that 17 must be maintained by certain firefighter pension 18 plans after a specified date; amending s. 175.351, 19 F.S.; exempting certain firefighter pension plans of a 20 municipality or special fire control district from 21 meeting certain minimum benefits in order to 22 participate in the distribution of a premium tax; 23 redesignating the term "pension plan" as "retirement 24 plan "; revising criteria governing the use of revenues 25 of the premium tax; authorizing a pension plan to 26 reduce certain excess benefits if the plan continues 27 to meet certain minimum benefits and standards; 28 providing that the use of premium tax revenues may 29 deviate from the requirements of ch. 175, F.S., under Page 1 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 30 certain circumstances; revising the conditions for 31 proposing the adoption of a pension plan or an 32 amendment to a pension plan; requiring plan sponsors 33 to have a defined contribution plan component in place 34 by a certain date; authorizing a municipality or 35 special fire control district to implement certain 36 changes to a local law plan which are contrary to ch. 37 175, F.S., for a limited time, under certain 38 circumstances; amending s. 185.01, F.S.; requiring 39 that police officer pension plans meet the 40 requirements of ch. 185, F.S., in order to receive 41 certain insurance premium tax revenues; amending s. 42 185.02, F.S.; revising definitions to conform to 43 changes made by the act and providing new definitions; 44 revising applicability of the limitation on the amount 45 of overtime payments that may be used for pension 46 benefit calculations; amending s. 185.06, F.S.; 47 conforming a cross - reference; amending s. 185.07, 48 F.S.; revising the method of creating and maintaining 49 a police officers' retirement trust fund; amending s. 50 185.16, F.S.; deleting a provision basing the 51 availability of additional benefits in a police 52 officer pension plan upon state funding; revising the 53 calculation of monthly retirement income for a police 54 officer; specifying the minimum benefits that must be 55 maintained by certain police officer pension plans 56 after a specified date; amending s. 185.35, F.S.; 57 exempting certain municipal police officer pension 58 plans from meeting certain minimum benefits in order Page 2 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 59 to participate in the distribution of a premium tax; 60 redesignating the term "pension plan" as "retirement 61 plan "; revising criteria governing the use of revenues 62 from the premium tax; authorizing a plan to reduce 63 certain excess benefits if the plan continues to meet 64 certain minimum benefits and minimum standards; 65 providing that the use of premium tax revenues may 66 deviate from the requirements of ch. 185, F.S., under 67 specified circumstances; revising the conditions for 68 proposing the adoption of a pension plan or amendment 69 to a pension plan; conforming a cross - reference; 70 requiring plan sponsors to have a defined contribution 71 plan component in place by a certain date; authorizing 72 a municipality to implement certain changes to a local 73 law plan which are contrary to ch. 185, F.S., for a 74 limited time; providing a declaration of important 75 state interest; providing an effective date. 76 77 Be It Enacted by the Legislature of the State of Florida: 78 79 Section 1. Subsection (2) of section 175.021, Florida 80 Statutes, is amended to read: 81 175.021 Legislative declaration. - 82 (2) This chapter hereby establishes, for all municipal and 83 special district pension plans existing now or hereafter under 84 this chapter, including chapter plans and local law plans, 85 minimum benefits and minimum standards for the operation and 86 funding of such plans, hereinafter referred to as firefighters' 87 pension trust funds, which must be met as a condition precedent Page 3 of 42 CODING: Words otrickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 88 to the plan or plan sponsor receiving a distribution of 89 insurance premium tax revenues under s. 175.121. The Minimum 90 benefits and minimum standards for each plan sct forth in this 91 chaptcr may not be diminished by local charter, ordinance, or 92 resolution or by special act of the Legislature and may not, nor 93 _. -- - _ - -- _ - - = be reduced or 94 offset by any other local, state, or federal law that includes 95 may includc firefighters in its operation, except as provided 96 under s. 112.65. 97 Section 2. Section 175.032, Florida Statutes, is amended to 98 read: 99 175.032 Definitions. —For any municipality, special fire 100 control district, chapter plan, local law municipality, local 101 law special fire control district, or local law plan under this 102 chapter, the term following words and phrascs -- - 103 meanings: 104 (1) "Additional premium tax revenues" means revenues 105 received by a municipality or special fire control district 106 pursuant to s. 175.121 which exceed base premium tax revenues. 107 (2)(1)(a) "Average final compensation" for: 108 (a) A full -time firefighter means one - twelfth of the 109 average annual compensation of the 5 best years of the last 10 110 years of creditable service before prior to retirement, 111 termination, or death, or the career average as a full -time 112 firefighter since July 1, 1953, whichever is greater. A year is 113 shall be 12 consecutive months or such other consecutive period 114 of time as is used and consistently applied. 115 (b) - - = A volunteer 116 firefighter means the average salary of the 5 best years of the Page 4 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SS 172 7- 00045 -15 2015172 117 last 10 best contributing years before prior to change in status 118 to a permanent full -time firefighter or retirement as a 119 volunteer firefighter or the career average of a volunteer 120 firefighter, since July 1, 1953, whichever is greater. 121 (3) "Base premium tax revenues" means: 122 (a) For a local law plan in effect on October 1, 1998, the 123 revenues received by a municipality or special fire control 124 district pursuant to s. 175.121 for the 1997 calendar year. 125 (b) For a local law plan created between October 1, 1998, 126 and March 1, 2015, inclusive, the revenues received by a 127 municipality or special fire control district pursuant to s. 128 175.121 based upon the tax collections during the second 129 calendar year of participation. 130 (4)(2) "Chapter plan" means a separate defined benefit 131 pension plan for firefighters which incorporates by reference 132 the provisions of this chapter and has been adopted by the 133 governing body of a municipality or special district. Except as 134 may be specifically authorized in this chapter, the provisions 135 of a chapter plan may not differ from the plan provisions set 136 forth in ss. 175.021 - 175.341 and ss. 175.361- 175.401. Actuarial 137 valuations of chapter plans shall be conducted by the division 138 as provided by s. 175.261(1). 139 (5)(3) "Compensation" or "salary" means, for 140 noncollectively bargained service earned before July 1, 2011, or 141 for service earned under collective bargaining agreements in 142 place before July 1, 2011, the fixed monthly remuneration paid a 143 firefighter. If remuneration is based on actual services 144 rendered, as in the case of a volunteer firefighter, the term 145 means the total cash remuneration received yearly for such Page 5 of 42 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 146 services, prorated on a monthly basis. For noncollectively 147 bargained service earned on or after July 1, 2011, or for 148 service earned under collective bargaining agreements entered 149 into on or after July 1, 2011, the term has the same meaning 150 except that when calculating retirement benefits, up to 300 151 hours per year in overtime compensation may be included as 152 specified in the plan or collective bargaining agreement, but 153 payments for accrued unused sick or annual leave may not be 154 included. 155 (a) Any retirement trust fund or plan that meets the 156 requirements of this chapter does not, solely by virtue of this 157 subsection, reduce or diminish the monthly retirement income 158 otherwise payable to each firefighter covered by the retirement 159 trust fund or plan. 160 (b) The member's compensation or salary contributed as 161 employee- elective salary reductions or deferrals to any salary 162 reduction, deferred compensation, or tax - sheltered annuity 163 program authorized under the Internal Revenue Code shall be 164 deemed to be the compensation or salary the member would receive 165 if he or she were not participating in such program and shall be 166 treated as compensation for retirement purposes under this 167 chapter. 168 (c) For any person who first becomes a member in any plan 169 year beginning on or after January 1, 1996, compensation for 170 that plan year may not include any amounts in excess of the 171 Internal Revenue Code s. 401(a)(17) limitation, as amended by 172 the Omnibus Budget Reconciliation Act of 1993, which limitation 173 of $150,000 shall be adjusted as required by federal law for 174 qualified government plans and shall be further adjusted for Page 6 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 175 changes in the cost of living in the manner provided by Internal 176 Revenue Code s. 401(a)(17)(B). For any person who first became a 177 member before the first plan year beginning on or after January 178 1, 1996, the limitation on compensation may not be less than the 179 maximum compensation amount that was allowed to be taken into 180 account under the plan in effect on July 1, 1993, which 181 limitation shall be adjusted for changes in the cost of living 182 since 1989 in the manner provided by Internal Revenue Code s. 183 401 (a) (17) (1991) . 184 (6)(4) "Creditable service" or "credited service" means the 185 aggregate number of years of service, and fractional parts of 186 years of service,— of any firefighter, omitting intervening years 187 and fractional parts of years when such firefighter may not have 188 been employed by the municipality or special fire control 189 district, subject to the following conditions: 190 (a) A Ne firefighter may not will receive credit for years 191 or fractional parts of years of service if he or she has 192 withdrawn his or her contributions to the fund for those years 193 or fractional parts of years of service, unless the firefighter 194 repays into the fund the amount he or she has withdrawn, plus 195 interest determined by the board. The member has shall havc at 196 least 90 days after his or her reemployment to make repayment. 197 (b) A firefighter may voluntarily leave his or her 198 contributions in the fund for ,a period of 5 years after leaving 199 the employ of the fire department, pending the possibility of 200 being rehired by the same department, without losing credit for 201 the time he or she has participated actively as a firefighter. 202 If the firefighter is not reemployed as a firefighter,— with the 203 same department,— within 5 years, his or her contributions shall Page 7 of 42 CODING: Words 3trickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 204 be returned without interest. 205 (c) Credited service under this chapter shall be provided 206 only for service as a firefighter, as dcfincd in subscction (8), 207 or for military service and does not include credit for any 208 other type of service. A municipality may, by local ordinance, 209 or a special fire control district may, by resolution, may 210 provide for the purchase of credit for military service prior to 211 employment as well as for prior service as a firefighter for 212 some other employer as long as a firefighter is not entitled to 213 receive a benefit for such prior service - ' - = - . For 214 purposes of determining credit for prior service as a 215 firefighter, in addition to service as a firefighter in this 216 state, credit may be given for federal, other state, or county 217 service if the prior service is recognized by the Division of 218 State Fire Marshal as provided in undcr chapter 633, or the 219 firefighter provides proof to the board of trustees that his or 220 her service is equivalent to the service required to meet the 221 definition of a firefighter under subsection (11) (8). 222 (d) In determining the creditable service of any 223 firefighter, credit for up to 5 years of the time spent in the 224 military service of the Armed Forces of the United States shall 225 be added to the years of actual service if: 226 1. The firefighter is in the active employ of an employer 227 immediately before prior to such service and leaves a position, 228 other than a temporary position, for the purpose of voluntary or 229 involuntary service in the Armed Forces of the United States. 230 2. The firefighter is entitled to reemployment under re 231 provisions of the Uniformed Services Employment and Reemployment 232 Rights Act. Page 8 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 233 3. The firefighter returns to his or her employment as a 234 firefighter of the municipality or special fire control district 235 within 1 year after from the date of release from such active 236 service. 237 (7)(5) "Deferred Retirement Option Plan" or "DROP" means a 238 local law plan retirement option in which a firefighter may 239 elect to participate. A firefighter may retire for all purposes 240 of the plan and defer receipt of retirement benefits into a DROP 241 account while continuing employment with his or her employer. 242 However, a firefighter who enters the DROP and who is otherwise 243 eligible to participate may shall not thcrcby be precluded from 244 participation or continued participation participating, or 245 continuing to participatc, in a supplemental plan in existence 246 on, or created after, March 12, 1999 -- - -- _- - _ 247 act. 248 (8) "Defined contribution plan" means the component of a 249 local law plan, as provided in s. 175.351(1), to which deposits, 250 if any, are made to provide benefits for firefighters, or for 251 firefighters and police officers if both are included. Such 252 component is an element of a local law plan and exists in 253 conjunction with the defined benefit component that meets 254 minimum benefits and minimum standards. The retirement benefits, 255 if any, of the defined contribution plan shall be provided 256 through individual member accounts in accordance with the 257 applicable provisions of the Internal Revenue Code and related 258 regulations and are limited to the contributions, if any, made 259 into each member's account and the actual accumulated earnings, 260 net of expenses, earned on the member's account. 261 (9)(6) "Division" means the Division of Retirement of the Page 9 of 42 CODING: Words atrickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 262 Department of Management Services. 263 (10)(7) "Enrolled actuary" means an actuary who is enrolled 264 under Subtitle C of Title III of the Employee Retirement Income 265 Security Act of 1974 and who is a member of the Society of 266 Actuaries or the American Academy of Actuaries. 267 (11) (a)(8)(a) "Firefighter" means a person employed solely 268 by a constituted fire department of any municipality or special 269 fire control district who is certified as a firefighter as a 270 condition of employment in accordance with s. 633.408 and whose 271 duty it is to extinguish fires, to protect life, or to protect 272 property. The term includes all certified, supervisory, and 273 command personnel whose duties include, in whole or in part, the 274 supervision, training, guidance, and management responsibilities 275 of full -time firefighters, part -time firefighters, or auxiliary 276 firefighters but does not include part -time firefighters or 277 auxiliary firefighters. However, for purposes of this chapter 278 only, the term also includes public safety officers who are 279 responsible for performing both police and fire services, who 280 are certified as police officers or firefighters, and who are 281 certified by their employers to the Chief Financial Officer as 282 participating in this chapter before October 1, 1979. Effective 283 October 1, 1979, public safety officers who have not been 284 certified as participating in this chapter are considered police 285 officers for retirement purposes and are eligible to participate 286 in chapter 185. Any plan may provide that the fire chief has an 287 option to participate, or not, in that plan. 288 (b) "Volunteer firefighter" means any person whose name is 289 carried on the active membership roll of a constituted volunteer 290 fire department or a combination of a paid and volunteer fire Page 10 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 291 department of any municipality or special fire control district 292 and whose duty it is to extinguish fires, to protect life, and 293 to protect property. Compensation for services rendered by a 294 volunteer firefighter does shall not disqualify him or her as a 295 volunteer. A person may shall not be disqualified as a volunteer 296 firefighter solely because he or she has other gainful 297 employment. Any person who volunteers assistance at a fire but 298 is not an active member of a department described herein is not 299 a volunteer firefighter within the meaning of this paragraph. 300 (12)(9) "Firefighters' Pension Trust Fund" means a trust 301 fund, by whatever name known, as provided under s. 175.041, for 302 the purpose of assisting municipalities and special fire control 303 districts in establishing and maintaining a retirement plan for 304 firefighters. 305 (13)(10) "Local law municipality" means - any municipality 306 in which thcrc e is a local law plan exists. 307 (14)(11) "Local law plan" means a retirement d 308 bcncfit pension plan, which includes both a defined benefit plan 309 component and a defined contribution plan component, for 310 firefighters, or for firefighters and e police officers if both 311 are where included, as described in s. 175.351, established by 312 municipal ordinance, special district resolution, or special act 313 of the Legislature, which enactment sets forth all plan 314 provisions. Local law plan provisions may vary from the 315 provisions of this chapter if, providcd that rcquircd minimum 316 benefits and minimum standards are met. However, any such 317 variance must shall provide a greater benefit for firefighters. 318 Actuarial valuations of local law plans shall be conducted by an 319 enrolled actuary as provided in s. 175.261(2). Page 11 of 42 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 320 (15) (12) "Local law special fire control district" means 4 - s 321 any special fire control district in which t i.�s- a local 322 law plan exists. 323 (16) "Minimum benefits" means the benefits specified in ss. 324 175.021 - 175.341 and ss. 175.361- 175.401. 325 (17) "Minimum standards" means the standards specified in 326 ss. 175.021- 175.401. 327 (18) (13) "Property insurance" means property insurance as 328 defined in s. 624.604 and covers real and personal property 329 within the corporate limits of a any municipality, or within the 330 boundaries of a any special fire control district, within the 331 state. The term "multiple peril" means a combination or package 332 policy that includes both property and casualty coverage for a 333 single premium. 334 (19) (14) "Retiree" or "retired firefighter" means a 335 firefighter who has entered retirement status. For the purposes 336 of a plan that includes a Deferred Retirement Option Plan 337 (DROP), a firefighter who enters the DROP is shall be considered 338 a retiree for all purposes of the plan. However, a firefighter 339 who enters the DROP and who is otherwise eligible to participate 340 may shall not thcrcby be precluded from participation or 341 continued participation participating, or continuing to 342 participate, in a supplemental plan in existence on, or created 343 after, March 12, 1999 the effective date of this act. 344 (20)(15) "Retirement" means a firefighter's separation from 345 municipal city or fire district employment as a firefighter with 346 immediate eligibility for rcccipt of benefits under the plan. 347 For purposes of a plan that includes a Deferred Retirement 348 Option Plan (DROP), "retirement" means the date a firefighter Page 12 of 42 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 349 enters the DROP. 350 (21) "Special act plan" means a plan subject to the 351 provisions of this chapter which was created by an act of the 352 Legislature and continues to require an act of the Legislature 353 to alter plan benefits. 354 (22) "Special benefits" means benefits provided in a 355 defined contribution plan for firefighters. 356 (23)(16) "Special fire control district" means a special 357 district, as defined in s. 189.012, established for the purposes 358 of extinguishing fires, protecting life, and protecting property 359 within the incorporated or unincorporated portions of a aRy 360 county or combination of counties, or within any combination of 361 incorporated and unincorporated portions of a any county or 362 combination of counties. The term does not include any dependent 363 or independent special district, as those terms are defined in 364 s. 189.012, the employees of which are members of the Florida 365 Retirement System pursuant to s. 121.051(1) or (2). 366 (24)(17) "Supplemental plan" means a plan to which deposits 367 are made to provide special cxtra benefits for firefighters, or 368 for firefighters and police officers if both are whcrc included 369 undcr this chaptcr. Such a plan is an element of a local law 370 plan and exists in conjunction with a defined benefit component 371 plan that meets ire minimum benefits and minimum standards e# 372 this chaptcr. Any supplemental plan in existence on March 1, 373 2015, shall be deemed to be a defined contribution plan in 374 compliance with s. 175.351(6). 375 (25)(18) "Supplemental plan municipality" means a any local 376 law municipality in which thcrc cxistcd a supplemental plan 377 existed, of any typc or naturc, as of December 1, 2000. Page 13 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SS 172 7- 00045 -15 2015172 378 Section 3. Subsection (7) of section 175.071, Florida 379 Statutes, is amended to read: 380 175.071 General powers and duties of board of trustees. —For 381 any municipality, special fire control district, chapter plan, 382 local law municipality, local law special fire control district, 383 or local law plan under this chapter: 384 (7) To assist the board in meeting its responsibilities 385 under this chapter, the board, if it so elects, may: 386 (a) Employ independent legal counsel at the pension fund's 387 expense. 388 (b) Employ an independent enrolled actuary, as defined in 389 s. 175.032(7), at the pension fund's expense. 390 (c) Employ such independent professional, technical, or 391 other advisers as it deems necessary at the pension fund's 392 expense. 393 394 If the board chooses to use the municipality's or special 395 district's legal counsel or actuary, or chooses to use any of 396 the municipality's or special district's other professional, 397 technical, or other advisers, it must do so only under terms and 398 conditions acceptable to the board. 399 Section 4. Paragraph (d) of subsection (1) of section 400 175.091, Florida Statutes, is amended to read: 401 175.091 Creation and maintenance of fund. —For any 402 municipality, special fire control district, chapter plan, local 403 law municipality, local law special fire control district, or 404 local law plan under this chapter: 405 (1) The firefighters' pension trust fund in each 406 municipality and in each special fire control district shall be Page 14 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 407 created and maintained in the following manner: 408 (d) By mandatory payment by the municipality or special 409 fire control district of a sum equal to the normal cost of and 410 the amount required to fund any actuarial deficiency shown by an 411 actuarial valuation conducted under as providcd in part VII of 412 chapter 112 after taking into account the amounts described in 413 paragraphs (b), (c), (e), (f), and (g) and the tax proceeds 414 described in paragraph (a) which are used to fund defined 415 benefit plan benefits. 416 417 Nothing in this section shall be construed to require adjustment 418 of member contribution rates in effect on the date this act 419 becomes a law, including rates that exceed 5 percent of salary, 420 provided that such rates are at least one -half of 1 percent of 421 salary. 422 Section 5. Paragraph (a) of subsection (2) of section 423 175.162, Florida Statutes, is amended to read: 424 175.162 Requirements for retirement. —For any municipality, 425 special fire control district, chapter plan, local law 426 municipality, local law special fire control district, or local 427 law plan under this chapter, any firefighter who completes 10 or 428 more years of creditable service as a firefighter and attains 429 age 55, or completes 25 years of creditable service as a 430 firefighter and attains age 52, and who for such minimum period 431 has been a member of the firefighters' pension trust fund 432 operating under a chapter plan or local law plan, is eligible 433 for normal retirement benefits. Normal retirement under the plan 434 is retirement from the service of the municipality or special 435 fire control district on or after the normal retirement date. In Page 15 of 42 CODING: Words ctrickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 436 such event, payment of retirement income will be governed by the 437 following provisions of this section: 438 (2)(a)1. The amount of monthly retirement income payable to 439 a full -time firefighter who retires on or after his or her 440 normal retirement date shall be an amount equal to the number of 441 his or her years of credited service multiplied by 2.75 2- 442 percent of his or her average final compensation as a full -time 443 firefighter. However, if currcnt state contributions plarsuant to 444 - -_ - - -_'_ -- _ '" -__ _ - -- _ 445 mcct the minimum requirements in this chapter, only such 446 incrcmcntal incr asc3 shall bc required as state moneys arc 447 -adequate to provide. Ouch increments shall bc provided as state 448 moneys bccomc available. 449 2. Effective July 1, 2015, a plan that is in compliance 450 with this chapter except that the plan provides a benefit that 451 is less than 2.75 percent of the average final compensation of a 452 full -time firefighter for all years of credited service or 453 provides an effective benefit that is less than 2.75 percent as 454 a result of a maximum benefit limitation: 455 a. Must maintain, at a minimum, the percentage amount or 456 maximum benefit limitation in effect on July 1, 2015, and is not 457 required to increase the benefit to 2.75 percent of the average 458 final compensation of a full -time firefighter for all years of 459 credited service; or 460 b. If the plan changes the percentage amount or maximum 461 benefit limitation to 2.75 percent, or more, of the average 462 final compensation of a full -time firefighter for all years of 463 credited service, the plan may not thereafter decrease the 464 percentage amount or maximum benefit limitation to less than Page 16 of 42 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 465 2.75 percent of the average final compensation of a full -time 466 firefighter for all years of credited service. 467 Section 6. Section 175.351, Florida Statutes, is amended to 468 read: 469 175.351 Municipalities and special fire control districts 470 that have having their own retirement peen plans for 471 firefighters. -For any municipality, 3pccial firc control 472 district, local law municipality, local law spccial firc control 473 district, or local law plan undcr this chaptcr, In order for a 474 municipality or municipalities and special fire control district 475 that has its districts with thcir own retirement plan pefte4eff 476 plans for firefighters, or for firefighters and police officers 477 if both are included, to participate in the distribution of the 478 tax fund established under pursuant to s. 175.101, a local law 479 plan plans must meet thc minimum benefits and minimum standards, 480 except as provided in the mutual consent provisions in paragraph 481 (1)(g) with respect to the minimum benefits not met as of 482 October 1, 2012 set forth in this chaptcr. 483 (1) If a municipality has a retirement pension plan for 484 firefighters, or a pcnsion plan for firefighters and police 485 officers if both are included, which in the opinion of the 486 division meets -re minimum benefits and minimum standards ee- 487 forth in this chaptcr, the board of trustees of the retirement 488 peen plan must, as approvcd by a majority of fircfightcrs of 489 thc municipality, may: 490 (a) place the income from the premium tax in s. 175.101 in 491 such pe of plan for the sole and exclusive use of its 492 firefighters, or for firefighters and police officers if both 493 are included, where it shall become an integral part of that Page 17 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 494 men plan and shall be used to fund benefits as provided 495 herein. Effective October 1, 2015, for noncollectively bargained 496 service or upon entering into a collective bargaining agreement 497 on or after July 1, 2015: 498 (a) The base premium tax revenues must be used to fund 499 minimum benefits or other retirement benefits in excess of the 500 minimum benefits as determined by the municipality or special 501 fire control district. 502 (b) Of the additional premium tax revenues received which 503 are in excess of the amount received for the 2012 calendar year, 504 50 percent must be used to fund minimum benefits or other 505 retirement benefits in excess of the minimum benefits as 506 determined by the municipality or special fire control district, 507 and 50 percent must be placed in a defined contribution plan to 508 fund special benefits. 509 (c) Additional premium tax revenues not described in 510 paragraph (b) must be used to fund benefits that are not 511 included in the minimum benefits. If the additional premium tax 512 revenues subject to this paragraph exceed the full annual cost 513 of benefits provided through the plan which are in excess of the 514 minimum benefits, any amount in excess of the full annual cost 515 must be used as provided in paragraph (b). 516 (d) Of any accumulations of additional premium tax revenues 517 which have not been allocated to fund benefits in excess of the 518 minimum benefits, 50 percent of the amount of the accumulations 519 must be used to fund special benefits, and 50 percent must be 520 applied to fund any unfunded actuarial liabilities of the plan; 521 provided that any amount of accumulations in excess of the 522 amount required to fund the unfunded actuarial liabilities must Page 18 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 523 be used to fund special benefits to pay extra benefits to thc 524 fircfightcrs includcd in that pension plan; or 525 (b) Place thc income from thc premium tax in s. 175.101 in 526 o separate supplemental plan to pay cxtra bcncfits to 527 firefighters, or to firefighters and police officers if 528 includcd, participating in Such separate supplemental plan. 529 (e) For a plan created after March 1, 2015, 50 percent of 530 the insurance premium tax revenues must be used to fund defined 531 benefit plan component benefits, with the remainder used to fund 532 defined contribution plan component benefits. 533 (f) If a plan offers benefits in excess of the minimum 534 benefits, such benefits, excluding supplemental plan benefits in 535 effect as of September 30, 2014, may be reduced if the plan 536 continues to meet minimum benefits and minimum standards. The 537 amount of insurance premium tax revenues previously used to fund 538 benefits in excess of minimum benefits, excluding the amount of 539 any additional premium tax revenues distributed to a 540 supplemental plan for the 2012 calendar year, before the 541 reduction must be used as provided in paragraph (b). However, 542 benefits in excess of minimum benefits may not be reduced if a 543 plan does not meet the minimum percentage amount of 2.75 percent 544 of the average final compensation of a full -time firefighter, as 545 required by s. 175.162(2)(a)1., or provides an effective benefit 546 that is below 2.75 percent as a result of a maximum benefit 547 limitation as described in s. 175.162(2)(a)2. 548 (g) Notwithstanding paragraphs (a) -(f), the use of premium 549 tax revenues, including any accumulations of additional premium 550 tax revenues which have not been allocated to fund benefits in 551 excess of minimum benefits, may deviate from the provisions of Page 19 of 42 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 552 this subsection by mutual consent of the members' collective 553 bargaining representative or, if there is no representative, by 554 a majority of the firefighter members of the fund, and by 555 consent of the municipality or special fire control district, 556 provided that the plan continues to meet minimum benefits and 557 minimum standards; however, a plan that operates pursuant to 558 this paragraph which does not meet minimum benefits as of 559 October 1, 2012, may continue to provide the benefits that do 560 not meet the minimum benefits at the same level as was provided 561 as of October 1, 2012, and all other benefit levels must 562 continue to meet the minimum benefits. Such mutually agreed 563 deviation must continue until modified or revoked by subsequent 564 mutual consent of the members' collective bargaining 565 representative or, if none, by a majority of the firefighter 566 members of the fund, and the municipality or special fire 567 control district. An existing arrangement for the use of premium 568 tax revenues contained within a special act plan or a plan 569 within a supplemental plan municipality is considered, as of 570 July 1, 2015, to be a deviation for which mutual consent has 571 been granted. 572 (2) The premium tax provided by this chapter must shall in 573 all cascs be used in its entirety to provide retirement extra 574 benefits to firefighters, or to firefighters and police officers 575 if both are included. IIowcvcr, local lava plans in cffcct on 576 Octobcr 1, 1998, must comply with thc minimum bcncfit provisions 577 of this chaptcr only to thc cxtcnt that additional prcmium tax 578 rcvcnucs bccomc availablc to incrcmcntally fund thc coot of such - _ - • - 580 = - - - - - . - - - c - - - _ - , - P a g e e 20 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 581 ___ _ _ -•• -- -cs bccomc availablc, thcy must be 582 used to providc cxtra bcncfits. Local law plans created by 583 special act before May 27, 1939, are deemed to comply with this 584 chapter. For thc purpocc of this chaptcr, thc tcrm: 585 (a) "Additional prcmium tax rcvcnucc" moans rcvcnucs 586 rcccivcd by a municipality or cpccial firc control district 587 pursuant to c. 175.121 which cxcccd that amount rcccivcd for 588 calcndar ycar 1997. 589 (b) "Extra bcncfits" moans bcncfits in addition to or 590 grcatcr than thocc providcd to gcncral cmployccc of thc 591 municipality and in addition to thocc in cxistcncc for 592 fircfightcrc on March 12, 1999. 593 (3) A retirement plan or amendment to a retirement plan may 594 not be proposed for adoption unless the proposed plan or 595 amendment contains an actuarial estimate of the costs involved. 596 Such proposed plan or proposed plan change may not be adopted 597 without the approval of the municipality, special fire control 598 district, or, where required permittcd, the Legislature. Copies 599 of the proposed plan or proposed plan change and the actuarial 600 impact statement of the proposed plan or proposed plan change 601 shall be furnished to the division before the last public 602 hearing on the proposal is held thc Such statement must 603 also indicate whether the proposed plan or proposed plan change 604 is in compliance with s. 14, Art. X of the State Constitution 605 and those provisions of part VII of chapter 112 which are not 606 expressly provided in this chapter. Notwithstanding any other 607 provision, only those local law plans created by special act of 608 legislation before May 27, 1939, are deemed to meet ire minimum 609 benefits and minimum standards only in this chaptcr. Page 21 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SS 172 7- 00045 -15 2015172 610 (4) Notwithstanding any other provision, with respect to 611 any supplemental plan municipality: 612 (a) A local law plan and a supplemental plan may continue 613 to use their definition of compensation or salary in existence 614 on March 12, 1999. 615 (b) Section 175.061(1)(b) does not apply, and a local law 616 plan and a supplemental plan shall continue to be administered 617 by a board or boards of trustees numbered, constituted, and 618 selected as the board or boards were numbered, constituted, and 619 selected on December 1, 2000. 620 621 havc bccn madc. 622 (5) The retirement plan setting forth the benefits and the 623 trust agreement, if any, covering the duties and 624 responsibilities of the trustees and the regulations of the 625 investment of funds must be in writing, and copies made 626 available to the participants and to the general public. 627 (6) In addition to the defined benefit component of the 628 local law plan, each plan sponsor must have a defined 629 contribution plan component within the local law plan by October 630 1, 2015, for noncollectively bargained service, upon entering 631 into a collective bargaining agreement on or after July 1, 2015, 632 or upon the creation date of a new participating plan. Depending 633 upon the application of subsection (1), a defined contribution 634 component may or may not receive any funding. 635 (7) Notwithstanding any other provision of this chapter, a 636 municipality or special fire control district that has 637 implemented or proposed changes to a local law plan based on the 638 municipality's or district's reliance on an interpretation of Page 22 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172_ 639 this chapter by the Department of Management Services on or 640 after August 14, 2012, and before March 4, 2015, may continue 641 the implemented changes or continue to implement proposed 642 changes. Such reliance must be evidenced by a written collective 643 bargaining proposal or agreement, or formal correspondence 644 between the municipality or district and the Department of 645 Management Services which describes the specific changes to the 646 local law plan, with the initial proposal, agreement, or 647 correspondence from the municipality or district dated before 648 March 4, 2015. Changes to the local law plan which are otherwise 649 contrary to minimum benefits and minimum standards may continue 650 in effect until the earlier of October 1, 2018, or the effective 651 date of a collective bargaining agreement that is contrary to 652 the changes to the local law plan. 653 Section 7. Subsection (2) of section 185.01, Florida 654 Statutes, is amended to read: 655 185.01 Legislative declaration. - 656 (2) This chapter hereby establishes, for all municipal 657 pension plans now or hcrcinaftcr provided for under this 658 chapter, including chapter plans and local law plans, minimum 659 benefits and minimum standards for the operation and funding of 660 such plans, hereinafter referred to as municipal police 661 officers' retirement trust funds, which must be met as 662 conditions precedent to the plans or plan sponsors receiving a 663 distribution of insurance premium tax revenues under s. 185.10. 664 ire Minimum benefits and minimum standards for each plan sot 665 forth in this chaptcr may not be diminished by local ordinance 666 or by special act of the Legislature and may not, nor may the 667 ••' - ' -. -- o - -- ' o .. ..... --z- o be reduced or offset by Page 23 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 668 any other local, state, or federal plan that includes may 669 includc police officers in its operation, except as provided 670 under s. 112.65. 671 Section 8. Section 185.02, Florida Statutes, is amended to 672 read: 673 185.02 Definitions. —For any municipality, chapter plan, 674 local law municipality, or local law plan under this chapter, 675 the term following words and phrascs as used in this chapter 676 shall have thc following meanings, unlcss a diffcrcnt moaning is 677 plainly required by thc context: 678 (1) "Additional premium tax revenues" means revenues 679 received by a municipality pursuant to s. 185.10 which exceed 680 base premium tax revenues. 681 (2)(1) "Average final compensation" means one - twelfth of 682 the average annual compensation of the 5 best years of the last 683 10 years of creditable service before prior to retirement, 684 termination, or death. 685 (3) "Base premium tax revenues" means: 686 (a) For a local law plan in effect on October 1, 1998, the 687 revenues received by a municipality pursuant to s. 185.10 for 688 the 1997 calendar year. 689 (b) For a local law plan created between October 1, 1998, 690 and March 1, 2015, inclusive, the revenues received by a 691 municipality pursuant to s. 185.10 based upon the tax 692 collections during the second calendar year of participation. 693 (4)(2) "Casualty insurance" means automobile public 694 liability and property damage insurance to be applied at the 695 place of residence of the owner, or if the subject is a 696 commercial vehicle, to be applied at the place of business of Page 24 of 42 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 697 the owner; automobile collision insurance; fidelity bonds; 698 burglary and theft insurance; and plate glass insurance. The 699 term "multiple peril" means a combination or package policy that 700 includes both property coverage and casualty coverage for a 701 single premium. 702 (5)(3) "Chapter plan" means a separate defined benefit 703 pension plan for police officers which incorporates by reference 704 the provisions of this chapter and has been adopted by the 705 governing body of a municipality as provided in s. 185.08. 706 Except as may bc specifically authorized in this chapter, the 707 provisions of a chapter plan may not differ from the plan 708 provisions set forth in ss. 185.01- 185.341 and ss. 185.37- 709 185.39. Actuarial valuations of chapter plans shall be conducted 710 by the division as provided by s. 185.221(1)(b). 711 (6)(4) "Compensation" or "salary" means, for 712 noncollectively bargained service earned before July 1, 2011, or 713 for service earned under collective bargaining agreements in 714 place before July 1, 2011, the total cash remuneration including 715 "overtime" paid by the primary employer to a police officer for 716 services rendered, but not including any payments for extra duty 717 or special detail work performed on behalf of a second party 718 employer. Overtime may be limited before July 1, 2011, in a 719 local law plan by the plan provisions A local law plan may limit 720 the amount of overtime payments which can bc used for rctircmcnt 721 bcncfit calculation purposes; however, such overtime limit may 722 not bc lesc than 300 hours per officer per calendar yea r. For 723 noncollectively bargained service earned on or after July 1, 724 2011, or for service earned under collective bargaining 725 agreements entered into on or after July 1, 2011, the term has Page 25 of 42 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 726 the same meaning except that when calculating retirement 727 benefits, up to 300 hours per year in overtime compensation may 728 be included as specified in the plan or collective bargaining 729 agreement, but payments for accrued unused sick or annual leave 730 may not be included. 731 (a) Any retirement trust fund or plan that meets the 732 requirements of this chapter does not, solely by virtue of this 733 subsection, reduce or diminish the monthly retirement income 734 otherwise payable to each police officer covered by the 735 retirement trust fund or plan. 736 (b) The member's compensation or salary contributed as 737 employee- elective salary reductions or deferrals to any salary 738 reduction, deferred compensation, or tax - sheltered annuity 739 program authorized under the Internal Revenue Code shall be 740 deemed to be the compensation or salary the member would receive 741 if he or she were not participating in such program and shall be 742 treated as compensation for retirement purposes under this 743 chapter. 744 (c) For any person who first becomes a member in any plan 745 year beginning on or after January 1, 1996, compensation for 746 that plan year may not include any amounts in excess of the 747 Internal Revenue Code s. 401(a)(17) limitation, as amended by 748 the Omnibus Budget Reconciliation Act of 1993, which limitation 749 of $150,000 shall be adjusted as required by federal law for 750 qualified government plans and shall be further adjusted for 751 changes in the cost of living in the manner provided by Internal 752 Revenue Code s. 401(a)(17)(B). For any person who first became a 753 member before the first plan year beginning on or after January 754 1, 1996, the limitation on compensation may not be less than the Page 26 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 755 maximum compensation amount that was allowed to be taken into 756 account under the plan ae in effect on July 1, 1993, which 757 limitation shall be adjusted for changes in the cost of living 758 since 1989 in the manner provided by Internal Revenue Code s. 759 401 (a) (17) (1991) . 760 (7)(5) "Creditable service" or "credited service" means the 761 aggregate number of years of service and fractional parts of 762 years of service of any police officer, omitting intervening 763 years and fractional parts of years when such police officer may 764 not have been employed by the municipality subject to the 765 following conditions: 766 (a) A Ne police officer may not will receive credit for 767 years or fractional parts of years of service if he or she has 768 withdrawn his or her contributions to the fund for those years 769 or fractional parts of years of service, unless the police 770 officer repays into the fund the amount he or she has withdrawn, 771 plus interest as determined by the board. The member has shall 772 havc at least 90 days after his or her reemployment to make 773 repayment. 774 (b) A police officer may voluntarily leave his or her 775 contributions in the fund for a period of 5 years after leaving 776 the employ of the police department, pending the possibility of 777 his or her being rehired by the same department, without losing 778 credit for the time he or she has participated actively as a 779 police officer. If he or she is not reemployed as a police 780 officer with the same department within 5 years, his or her 781 contributions shall be returned to him or her without interest. 782 (c) Credited service under this chapter shall be provided 783 only for service as a police officer, as dcfincd in subscction Page 27 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 784 (11), or for military service and may not include credit for any 785 other type of service. A municipality may, by local ordinance, 786 may provide for the purchase of credit for military service 787 occurring before employment as well as prior service as a police 788 officer for some other employer as long as the police officer is 789 not entitled to receive a benefit for such othcr prior service 790 as a policc officcr. For purposes of determining credit for 791 prior service, in addition to service as a police officer in 792 this state, credit may be given for federal, other state, or 793 county service as long as such service is recognized by the 794 Criminal Justice Standards and Training Commission within the 795 Department of Law Enforcement as provided in undcr chapter 943 796 or the police officer provides proof to the board of trustees 797 that such service is equivalent to the service required to meet 798 the definition of a police officer under subsection (16) (11). 799 (d) In determining the creditable service of a a-xty police 800 officer, credit for up to 5 years of the time spent in the 801 military service of the Armed Forces of the United States shall 802 be added to the years of actual service,— if: 803 1. The police officer is in the active employ of the 804 municipality before prior to such service and leaves a position, 805 other than a temporary position, for the purpose of voluntary or 806 involuntary service in the Armed Forces of the United States. 807 2. The police officer is entitled to reemployment under 808 provisions of the Uniformed Services Employment and Reemployment 809 Rights Act. 810 3. The police officer returns to his or her employment as a 811 police officer of the municipality within 1 year after from the 812 date of his or her release from such active service. Page 28 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 813 (8)(6) "Deferred Retirement Option Plan" or "DROP" means a 814 local law plan retirement option in which a police officer may 815 elect to participate. A police officer may retire for all 816 purposes of the plan and defer receipt of retirement benefits 817 into a DROP account while continuing employment with his or her 818 employer. However, a police officer who enters the DROP and who 819 is otherwise eligible to participate may shall not thcrcby be 820 precluded from participation or continued participation 821 participating, or continuing to participatc, in a supplemental 822 plan in existence on, or created after, March 12, 1999 the 823 cffcctivc datc of this act. 824 (9) "Defined contribution plan" means the component of a 825 local law plan, as provided in s. 185.35(1), to which deposits, 826 if any, are made to provide benefits for police officers, or for 827 police officers and firefighters if both are included. Such 828 component is an element of a local law plan and exists in 829 conjunction with the defined benefit component that meets 830 minimum benefits and minimum standards. The retirement benefits, 831 if any, of the defined contribution plan shall be provided 832 through individual member accounts in accordance with the 833 applicable provisions of the Internal Revenue Code and related 834 regulations and are limited to the contributions, if any, made 835 into each member's account and the actual accumulated earnings, 836 net of expenses, earned on the member's account. 837 (10)(7) "Division" means the Division of Retirement of the 838 Department of Management Services. 839 (11)(8) "Enrolled actuary" means an actuary who is enrolled 840 under Subtitle C of Title III of the Employee Retirement Income 841 Security Act of 1974 and who is a member of the Society of Page 29 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SS 172 7- 00045 -15 2015172 842 Actuaries or the American Academy of Actuaries. 843 (12) (9) "Local law municipality" means 4-s- any municipality 844 in which thcrc cxists a local law plan exists. 845 (13)(10) "Local law plan" means a retirement Q ncd 846 bcncfit pcnsion plan, that includes both a defined benefit plan 847 component and a defined contribution plan component, for police 848 officers, or for police officers and firefighters if both are 849 whcrc included, as described in s. 185.35, established by 850 municipal ordinance or special act of the Legislature, which 851 enaemen sets forth all plan provisions. Local law plan 852 provisions may vary from the provisions of this chapter if- 853 providcd that rcquircd minimum benefits and minimum standards 854 are met. However, any such variance must shall provide a greater 855 benefit for police officers. Actuarial valuations of local law 856 plans shall be conducted by an enrolled actuary as provided in 857 s. 185.221 (2) (b) . 858 (14) "Minimum benefits" means the benefits specified in ss. 859 185.01- 185.341 and ss. 185.37- 185.50. 860 (15) "Minimum standards" means the standards specified in 861 ss. 185.01 - 185.50. 862 (16) (11) "Police officer" means any person who is elected, 863 appointed, or employed full time by a any municipality, who is 864 certified or required to be certified as a law enforcement 865 officer in compliance with s. 943.1395, who is vested with 866 authority to bear arms and make arrests, and whose primary 867 responsibility is the prevention and detection of crime or the 868 enforcement of the penal, criminal, traffic, or highway laws of 869 the state. The term This dcfinition includes all certified 870 supervisory and command personnel whose duties include, in whole Page 30 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 871 or in part, the supervision, training, guidance, and management 872 responsibilities of full -time law enforcement officers, part - 873 time law enforcement officers, or auxiliary law enforcement 874 officers, but does not include part -time law enforcement 875 officers or auxiliary law enforcement officers as those terms 876 thc samo are defined in s. 943.10(6) and (8), respcctivcly. For 877 the purposes of this chapter only, the term also includes 878 "policc officcr" also shall includc a public safety officer who 879 is responsible for performing both police and fire services. Any 880 plan may provide that the police chief shall have an option to 881 participate, or not, in that plan. 882 (17)(12) "Police Officers' Retirement Trust Fund" means a 883 trust fund, by whatever name known, as provided under s. 185.03 884 for the purpose of assisting municipalities in establishing and 885 maintaining a retirement plan for police officers. 886 (18)(13) "Retiree" or "retired police officer" means a 887 police officer who has entered retirement status. For the 888 purposes of a plan that includes a Deferred Retirement Option 889 Plan (DROP), a police officer who enters the DROP is shall be 890 considered a retiree for all purposes of the plan. However, a 891 police officer who enters the DROP and who is otherwise eligible 892 to participate may shall not thcrcby be precluded from 893 participation or continued participation participating, or 894 continuing to participatc, in a supplemental plan in existence 895 on, or created after, March 12, 1999 thc cffcctivc datc of this 896 act. 897 (19)(14) "Retirement" means a police officer's separation 898 from municipal city employment as a police officer with 899 immediate eligibility for rcccipt of benefits under the plan. Page 31 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 900 For purposes of a plan that includes a Deferred Retirement 901 Option Plan (DROP), "retirement" means the date a police officer 902 enters the DROP. 903 (20) "Special act plan" means a plan subject to the 904 provisions of this chapter which was created by an act of the 905 Legislature and continues to require an act of the Legislature 906 to alter plan benefits. 907 (21) "Special benefits" means benefits provided in a 908 defined contribution plan for police officers. 909 (22)(15) "Supplemental plan" means a plan to which deposits 910 of the premium tax moneys as provided in s. 185.08 are made to 911 provide special extra benefits to police officers, or police 912 officers and firefighters if both are where included, undcr this 913 chaptcr. Such a plan is an element of a local law plan and 914 exists in conjunction with a defined benefit component plan that 915 meets minimum benefits and minimum standards of thic 916 chapter. Any supplemental plan in existence on March 1, 2015, 917 shall be deemed to be a defined contribution plan in compliance 918 with s. 185.35(6). 919 (23) (16) "Supplemental plan municipality" means a a local 920 law municipality in which thcrc existed a supplemental plan 921 existed as of December 1, 2000. 922 Section 9. Subsection (6) of section 185.06, Florida 923 Statutes, is amended to read: 924 185.06 General powers and duties of board of trustees. —For 925 any municipality, chapter plan, local law municipality, or local 926 law plan under this chapter: 927 (6) To assist the board in meeting its responsibilities 928 under this chapter, the board, if it so elects, may: Page 32 of 42 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 929 (a) Employ independent legal counsel at the pension fund's 930 expense. 931 (b) Employ an independent enrolled actuary, as defined in 932 s. 185.02(8), at the pension fund's expense. 933 (c) Employ such independent professional, technical, or 934 other advisers as it deems necessary at the pension fund's 935 expense. 936 937 If the board chooses to use the municipality's or special 938 district's legal counsel or actuary, or chooses to use any of 939 the municipality's other professional, technical, or other 940 advisers, it must do so only under terms and conditions 941 acceptable to the board. 942 Section 10. Paragraph (d) of subsection (1) of section 943 185.07, Florida Statutes, is amended to read: 944 185.07 Creation and maintenance of fund. —For any 945 municipality, chapter plan, local law municipality, or local law 946 plan under this chapter: 947 (1) The municipal police officers' retirement trust fund in 948 each municipality described in s. 185.03 shall be created and 949 maintained in the following manner: 950 (d) By payment by the municipality or other sources of a 951 sum equal to the normal cost and the amount required to fund any 952 actuarial deficiency shown by an actuarial valuation conducted 953 under as providcd in part VII of chapter 112 after taking into 954 account the amounts described in paragraphs (b), (c), (e), (f), 955 and (g) and the tax proceeds described in paragraph (a) which 956 are used to fund defined benefit plan benefits. 957 Page 33 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 958 Nothing in this section shall be construed to require adjustment 959 of member contribution rates in effect on the date this act 960 becomes a law, including rates that exceed 5 percent of salary, 961 provided that such rates are at least one -half of 1 percent of 962 salary. 963 Section 11. Subsection (2) of section 185.16, Florida 964 Statutes, is amended to read: 965 185.16 Requirements for retirement. —For any municipality, 966 chapter plan, local law municipality, or local law plan under 967 this chapter, any police officer who completes 10 or more years 968 of creditable service as a police officer and attains age 55, or 969 completes 25 years of creditable service as a police officer and 970 attains age 52, and for such period has been a member of the 971 retirement fund is eligible for normal retirement benefits. 972 Normal retirement under the plan is retirement from the service 973 of the city on or after the normal retirement date. In such 974 event, for chapter plans and local law plans, payment of 975 retirement income will be governed by the following provisions 976 of this section: 977 (2)(a) The amount of the monthly retirement income payable 978 to a police officer who retires on or after his or her normal 979 retirement date shall be an amount equal to the number of the 980 police officer's years of credited service multiplied by 2.75 981 percent of his or her average final compensation. Ilowever, if 982 currcnt state contributions pursuant to this chapter arc not 983 adcquatc to fund thc additional benefit: to meet thc minimum 984 - -- ' - - - . ' -- -•- -- ' -- -- - -. :- 985 required as state moneys arc adcquatc to provide. Such 986 increments shall be provided as state moneys bccomc available. Page 34 of 42 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 987 (b) Effective July 1, 2015, a plan that is in compliance 988 with this chapter except that the plan provides a benefit that 989 is less than 2.75 percent of the average final compensation of a 990 police officer for all years of credited service or provides an 991 effective benefit that is less than 2.75 percent as a result of 992 a maximum benefit limitation: 993 1. Must maintain, at a minimum, the percentage amount or 994 maximum benefit limitation in effect on July 1, 2015, and is not 995 required to increase the benefit to 2.75 percent of the average 996 final compensation of a police officer for all years of credited 997 service; or 998 2. If the plan changes the percentage amount or maximum 999 benefit limitation to 2.75 percent, or more, of the average 1000 final compensation of a police officer for all years of credited 1001 service, the plan may not thereafter decrease the percentage 1002 amount or the maximum benefit limitation to less than 2.75 1003 percent of the average final compensation of a police officer 1004 for all years of credited service. 1005 Section 12. Section 185.35, Florida Statutes, is amended to 1006 read: 1007 185.35 Municipalities that have having their own retirement 1008 peffe-4e-ff plans for police officers. _ - _. ' -- -_ -r 1009 1010 chaptcr, In order for a municipality that has its ^ __ pa ; ti 1011 with thcir own retirement plan pcnsion plans for police 1012 officers, or for police officers and firefighters if both are 1013 included, to participate in the distribution of the tax fund 1014 established under pursuant to s. 185.08, a local law plan plans 1015 must meet 4.1e minimum benefits and minimum standards, except as Page 35 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 1016 provided in the mutual consent provisions in paragraph (1)(g) 1017 with respect to the minimum benefits not met as of October 1, 1018 2012. sct forth in this chaptcr: 1019 (1) If a municipality has a retirement pewee plan for 1020 police officers, or for police officers and firefighters if both 1021 are included, which, in the opinion of the division, meets e 1022 minimum benefits and minimum standards sot forth in this 1023 chaptcr, the board of trustees of the retirement penee plan 1024 must, as approvcd by a majority of policc officers of the 1025 municipality, may: 1026 (a) place the income from the premium tax in s. 185.08 in 1027 such peen plan for the sole and exclusive use of its police 1028 officers, or its police officers and firefighters if both are 1029 included, where it shall become an integral part of that r 1030 plan and shall be used to fund benefits as provided herein. 1031 Effective October 1, 2015, for noncollectively bargained service 1032 or upon entering into a collective bargaining agreement on or 1033 after July 1, 2015: 1034 (a) The base premium tax revenues must be used to fund 1035 minimum benefits or other retirement benefits in excess of the 1036 minimum benefits as determined by the municipality. 1037 (b) Of the additional premium tax revenues received which 1038 are in excess of the amount received for the 2012 calendar year, 1039 50 percent must be used to fund minimum benefits or other 1040 retirement benefits in excess of the minimum benefits as 1041 determined by the municipality, and 50 percent must be placed in 1042 a defined contribution plan to fund special benefits. 1043 (c) Additional premium tax revenues not described in 1044 paragraph (b) must be used to fund benefits that are not Page 36 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172_ 1045 included in the minimum benefits. If the additional premium tax 1046 revenues subject to this paragraph exceed the full annual cost 1047 of benefits provided through the plan which are in excess of the 1048 minimum benefits, any amount in excess of the full annual cost 1049 must be used as provided in paragraph (b). 1050 (d) Of any accumulations of additional premium tax revenues 1051 which have not been allocated to fund benefits in excess of the 1052 minimum benefits, 50 percent of the amount of the accumulations 1053 must be used to fund special benefits and 50 percent must be 1054 applied to fund any unfunded actuarial liabilities of the plan; 1055 provided that any amount of accumulations in excess of the 1056 amount required to fund the unfunded actuarial liabilities must 1057 be used to fund special benefits pay extra bcncfits to the 1058 police officers included in that pension plan; or 1059 (b) May place thc income from thc premium tax in s. 185.08 1060 in a scparatc supplcmcntal plan to pay extra bcncfits to thc 1061 police officers, or police officers and fircfightcrs if 1062 included, participating in ouch separate supplemental plan. 1063 (e) For a plan created after March 1, 2015, 50 percent of 1064 the insurance premium tax revenues must be used to fund defined 1065 benefit plan component benefits, with the remainder used to fund 1066 defined contribution plan component benefits. 1067 (f) If a plan offers benefits in excess of the minimum 1068 benefits, such benefits, excluding supplemental plan benefits in 1069 effect as of September 30, 2014, may be reduced if the plan 1070 continues to meet minimum benefits and the minimum standards. 1071 The amount of insurance premium tax revenues previously used to 1072 fund benefits in excess of the minimum benefits, excluding the 1073 amount of any additional premium tax revenues distributed to a Page 37 of 42 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 1074 supplemental plan for the 2012 calendar year, before the 1075 reduction must be used as provided in paragraph (b). However, 1076 benefits in excess of the minimum benefits may not be reduced if 1077 a plan does not meet the minimum percentage amount of 2.75 1078 percent of the average final compensation of a police officer or 1079 provides an effective benefit that is less than 2.75 percent as 1080 a result of a maximum benefit limitation, as described in s. 1081 185.16(2) (b) . 1082 (g) Notwithstanding paragraphs (a) -(f), the use of premium 1083 tax revenues, including any accumulations of additional premium 1084 tax revenues which have not been allocated to fund benefits in 1085 excess of the minimum benefits, may deviate from the provisions 1086 of this subsection by mutual consent of the members' collective 1087 bargaining representative or, if none, by a majority of the 1088 police officer members of the fund, and by consent of the 1089 municipality, provided that the plan continues to meet minimum 1090 benefits and minimum standards; however, a plan that operates 1091 pursuant to this paragraph which does not meet the minimum 1092 benefits as of October 1, 2012, may continue to provide the 1093 benefits that do not meet the minimum benefits at the same level 1094 as was provided as of October 1, 2012, and all other benefit 1095 levels must continue to meet the minimum benefits. Such mutually 1096 agreed deviation must continue until modified or revoked by 1097 subsequent mutual consent of the members' collective bargaining 1098 representative or, if none, by a majority of the police officer 1099 members of the fund, and the municipality. An existing 1100 arrangement for the use of premium tax revenues contained within 1101 a special act plan or a plan within a supplemental plan 1102 municipality is considered, as of July 1, 2015, to be a Page 38 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 1103 deviation for which mutual consent has been granted. 1104 (2) The premium tax provided by this chapter must shall in 1105 all cascs be used in its entirety to provide retirement cxtra 1106 benefits to police officers, or to police officers and 1107 firefighters if both are included. IIowcvcr, local law plans in 1108 .ffcct on Octobcr 1, 1998, must comply with thc minimum bcncfit 1109 provisions of this chaptcr only to thc extent that additional 1110 prcmium tax rcvcnucs bccomc availablc to incrcmcntally fund thc 1111 cost of such compliancc as providcd in s. 185.16(2). If a plan 1112 is in compliancc with such minimum bcncfit provisions, as 1113 subsequent additional tax rcvcnucs bccomc availablc, thcy shall 1114 be used to providc cxtra bcncfits. Local law plans created by 1115 special act before May 27, 1939, shall be deemed to comply with 1116 this chapter. For thc purpose of this chaptcr, thc term: 1117 _ __ 1118 rcccivcd by a municipality pursuant to s. 185.10 which cxcccd 1119 thc amount rcccivcd for calendar year 1997. 1120 (b) "Extra bcncfits" means bcncfits in addition to or 1121 greater than those providcd to gcncral employees of thc 1122 municipality and in addition to those in existence for police 1123 officcrs on March 12, 1999. 1124 (3) A retirement plan or amendment to a retirement plan may 1125 not be proposed for adoption unless the proposed plan or 1126 amendment contains an actuarial estimate of the costs involved. 1127 Such proposed plan or proposed plan change may not be adopted 1128 without the approval of the municipality or, where required 1129 permitted, the Legislature. Copies of the proposed plan or 1130 proposed plan change and the actuarial impact statement of the 1131 proposed plan or proposed plan change shall be furnished to the Page 39 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 1132 division before the last public hearing on the proposal is held 1133 ee. Such statement must also indicate whether the proposed 1134 plan or proposed plan change is in compliance with s. 14, Art. X 1135 of the State Constitution and those provisions of part VII of 1136 chapter 112 which are not expressly provided in this chapter. 1137 Notwithstanding any other provision, only those local law plans 1138 created by special act of legislation before May 27, 1939, are 1139 deemed to meet the minimum benefits and minimum standards only 1140 in this chapter. 1141 (4) Notwithstanding any other provision, with respect to 1142 any supplemental plan municipality: 1143 (a) Section 185.02 (6) (a) 185.02 (4) (a) does not apply, and a 1144 local law plan and a supplemental plan may continue to use their 1145 definition of compensation or salary in existence on March 12, 1146 1999. 1147 (b) A local law plan and a supplemental plan must continue 1148 to be administered by a board or boards of trustees numbered, 1149 constituted, and selected as the board or boards were numbered, 1150 constituted, and selected on December 1, 2000. 1151 (c) The cicction sct forth in paragraph (1)(b) is dccmcd to 1152 havc bccn madc. 1153 (5) The retirement plan setting forth the benefits and the 1154 trust agreement, if any, covering the duties and 1155 responsibilities of the trustees and the regulations of the 1156 investment of funds must be in writing and copies made available 1157 to the participants and to the general public. 1158 (6) In addition to the defined benefit component of the 1159 local law plan, each plan sponsor must have a defined 1160 contribution plan component within the local law plan by October Page 40 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172_ 1161 1, 2015, for noncollectively bargained service, upon entering 1162 into a collective bargaining agreement on or after July 1, 2015, 1163 or upon the creation date of a new participating plan. Dependinca 1164 upon the application of subsection (1), a defined contribution 1165 component may or may not receive any funding. 1166 (7) Notwithstanding any other provision of this chapter, a 1167 municipality that has implemented or proposed changes to a local 1168 law plan based on the municipality's reliance on an 1169 interpretation of this chapter by the Department of Management 1170 Services on or after August 14, 2012, and before March 4, 2015, 1171 may continue the implemented changes or continue to implement 1172 proposed changes. Such reliance must be evidenced by a written 1173 collective bargaining proposal or agreement, or formal 1174 correspondence between the municipality and the Department of 1175 Management Services which describes the specific changes to the 1176 local law plan, with the initial proposal, agreement, or 1177 correspondence from the municipality dated before March 4, 2015. 1178 Changes to the local law plan which are otherwise contrary to 1179 minimum benefits and minimum standards may continue in effect 1180 until the earlier of October 1, 2018, or the effective date of a 1181 collective bargaining agreement that is contrary to the changes 1182 to the local law plan. 1183 Section 13. The Legislature finds that a proper and 1184 legitimate state purpose is served when employees and retirees 1185 of this state and its political subdivisions, and the 1186 dependents, survivors, and beneficiaries of such employees and 1187 retirees, are extended the basic protections afforded by 1188 governmental retirement systems that provide fair and adequate 1189 benefits and that are managed, administered, and funded in an Page 41 of 42 CODING: Words strickcn are deletions; words underlined are additions. Florida Senate - 2015 SB 172 7- 00045 -15 2015172 1190 actuarially sound manner as required under s. 14, Article X of 1191 the State Constitution and part VII of chapter 112, Florida 1192 Statutes. Therefore, the Legislature determines and declares 1193 that this act fulfills an important state interest. 1194 Section 14. This act shall take effect July 1, 2015. Page 42 of 42 CODING: Words stricken are deletions; words underlined are additions. BOYNTON BEACH MUNICIPAL POLICE OFFICERS' PENSION FUND SPECIAL TAX NOTICE YOUR ROLLOVER OPTIONS You are receiving this notice because all or a portion of a payment you are receiving from the City of Boynton Beach Municipal Police Officers' Pension Fund (the "Plan ") is eligible to be rolled over to an IRA or an employer plan. This notice is intended to help you decide whether to do such a rollover. This notice describes the rollover rules that apply to payments from the Plan that are not from a designated Roth account (a type of account with special tax rules in some employer plans). If you also receive a payment from a designated Roth account in the Plan, you will be provided a different notice for that payment, and the Plan administrator or the payor will tell you the amount that is being paid from each account. Rules that apply to most payments from a plan are described in the "General Information About Rollovers" section. Special rules that only apply in certain circumstances are described in the "Special Rules and Options" section. GENERAL INFORMATION ABOUT ROLLOVERS How can a rollover affect my taxes? You will be taxed on a payment from the Plan if you do not roll it over. If you are under age 59% and do not do a rollover, you will also have to pay a 10% additional income tax on early distributions (unless an exception applies). However, if you do a rollover, you will not have to pay tax until you receive payments later and the 10% additional income tax will not apply if those payments are made after you are age 59% (or if an exception applies). Where may I roll over the payment? You may roll over the payment to either an IRA (an individual retirement account or individual retirement annuity) or an employer plan (a tax - qualified plan, section 403(b) plan, or govemmental section 457(b) plan) that will accept the rollover. The rules of the IRA or employer plan that holds the rollover will determine your investment options, fees, and rights to payment from the IRA or employer plan (for example, no spousal consent rules Page 1 of 10 apply to IRAs and IRAs may not provide loans). Further, the amount rolled over will become subject to the tax rules that apply to the IRA or employer plan. How do I do a rollover? There are two ways to do a rollover. You can do either a direct rollover or a 60 -day rollover. If you do a direct rollover, the Plan will make the payment directly to your IRA or an employer plan. You should contact the IRA sponsor or the administrator of the employer plan for information on how to do a direct rollover. If you do not do a direct rollover, you may still do a rollover by making a deposit into an IRA or eligible employer plan that will accept it. You will have 60 days after you receive the payment to make the deposit. If you do not do a direct rollover, the Plan is required to withhold 20% of the payment for federal income taxes (up to the amount of cash and property received other than employer stock). This means that, in order to roll over the entire payment in a 60 -day rollover, you must use other funds to make up for the 20% withheld. If you do not roll over the entire amount of the payment, the portion not rolled over will be taxed and will be subject to the 10% additional income tax on early distributions if you are under age 59% (unless an exception applies). How much may I roll over? If you wish to do a rollover, you may roll over all or part of the amount eligible for rollover. Any payment from the Plan is eligible for rollover, except: • Certain payments spread over a period of at least 10 years or over your life or life expectancy (or the lives or joint life expectancy of you and your beneficiary) • Required minimum distributions after age 70 (or after death) • Hardship distributions • ESOP dividends • Corrective distributions of contributions that exceed tax law limitations • Loans treated as deemed distributions (for example, loans in default due to missed payments before your employment ends) • Cost of life insurance paid by the Plan • Payments of certain automatic enrollment contributions requested to be withdrawn within 90 days of the first contribution • Amounts treated as distributed because of a prohibited allocation of S corporation stock under an ESOP (also, there will generally be adverse tax consequences if you roll over a distribution of S corporation stock to an IRA). The Plan administrator or the payor can tell you what portion of a payment is eligible for rollover. Page 2 of 10 If I don't do a rollover, will I have to pay the 10% additional income tax on early distributions? If you are under age 59 you will have to pay the 10% additional income tax on early distributions for any payment from the Plan (including amounts withheld for income tax) that you do not roll over, unless one of the exceptions listed below applies. This tax is in addition to the regular income tax on the payment not rolled over. The 10% additional income tax does not apply to the following payments from the Plan: • Payments made after you separate from service if you will be at least age 55 in the year of the separation • Payments that start after you separate from service if paid at least annually in equal or close to equal amounts over your life or life expectancy (or the lives or joint life expectancy of you and your beneficiary) • Payments from a govemmental defined benefit pension plan made after you separate from service if you are a public safety employee and you are at least age 50 in the year of the separation • Payments made due to disability • Payments after your death • Payments of ESOP dividends • Corrective distributions of contributions that exceed tax law limitations • Cost of life insurance paid by the Plan • Payments made directly to the govemment to satisfy a federal tax levy • Payments made under a qualified domestic relations order (QDRO) • Payments up to the amount of your deductible medical expenses • Certain payments made while you are on active duty if you were a member of a reserve component called to duty after September 11, 2001 for more than 179 days • Payments of certain automatic enrollment contributions requested to be withdrawn within 90 days of the first contribution. If I do a rollover to an IRA, will the 10% additional income tax apply to early distributions from the IRA? If you receive a payment from an IRA when you are under age 59 %, you will have to pay the 10% additional income tax on early distributions from the IRA, unless an exception applies. In general, the exceptions to the 10% additional income tax for early distributions from an IRA are the same as the exceptions listed above for early distributions from a plan. However, there are a few differences for payments from an IRA, including: • There is no exception for payments after separation from service that are made after age 55. • The exception for qualified domestic relations orders (QDROs) does not Page 3 of 10 apply (although a special rule applies under which, as part of a divorce or separation agreement, a tax -free transfer may be made directly to an IRA of a spouse or former spouse). • The exception for payments made at least annually in equal or close to equal amounts over a specified period applies without regard to whether you have had a separation from service. • There are additional exceptions for (1) payments for qualified higher education expenses, (2) payments up to $10,000 used in a qualified first -time home purchase, and (3) payments for health insurance premiums after you have received unemployment compensation for 12 consecutive weeks (or would have been eligible to receive unemployment compensation but for self - employed status). Will I owe State income taxes? This notice does not describe any State or local income tax rules (including withholding rules). SPECIAL RULES AND OPTIONS If your payment includes after -tax contributions After -tax contributions included in a payment are not taxed. If a payment is only part of your benefit, an allocable portion of your after -tax contributions is included in the payment, so you cannot take a payment of only after -tax contributions. However, if you have pre -1987 after -tax contributions maintained in a separate account, a special rule may apply to determine whether the after -tax contributions are included in a payment. In addition, special rules apply when you do a rollover, as described below. You may roll over to an IRA a payment that includes after -tax contributions through either a direct rollover or a 60 -day rollover. You must keep track of the aggregate amount of the after -tax contributions in all of your IRAs (in order to determine your taxable income for later payments from the IRAs). If you do a direct rollover of only a portion of the amount paid from the Plan and at the same time the rest is paid to you, the portion directly rolled over consists first of the amount that would be taxable if not rolled over. For example, assume you are receiving a distribution of $12,000, of which $2,000 is after -tax contributions. In this case, if you directly roll over $10,000 to an IRA that is not a Roth IRA, no amount is taxable because the $2,000 amount not directly rolled over is treated as being after -tax contributions. If you do a direct rollover of the entire amount paid from the plan to two or more destinations at the same time, you can choose which destination receives the after -tax contributions. If you do a 60-day rollover to an IRA of only a portion of a payment made to you, the after - Page 4 of 10 tax contributions are treated as rolled over last. For example, assume you are receiving a distribution of $12,000, of which $2,000 is after -tax contributions, and no part of the distribution is directly rolled over. In this case, if you roll over $10,000 to an IRA that is not a Roth IRA in a 60-day rollover, no amount is taxable because the $2,000 amount not rolled over is treated as being after -tax contributions. You may roll over to an employer plan all of a payment that includes after -tax contributions, but only through a direct rollover (and only if the receiving plan separately accounts for after -tax contributions and is not a govemmental section 457(b) plan). You can do a 60 -day rollover to an employer plan of part of a payment that includes after -tax contributions, but only up to the amount of the payment that would be taxable if not rolled over. If you miss the 60-day rollover deadline Generally, the 60-day rollover deadline cannot be extended. However, the IRS has the limited authority to waive the deadline under certain extraordinary circumstances, such as when external events prevented you from completing the rollover by the 60-day rollover deadline. To apply for a waiver, you must file a private letter ruling request with the IRS. Private letter ruling requests require the payment of a nonrefundable user fee. For more information, see IRS Publication 590, Individual Retirement Arrangements (IRAs). If your payment includes employer stock that you do not roll over If you do not do a rollover, you can apply a special rule to payments of employer stock (or other employer securities) that are either attributable to after -tax contributions or paid in a lump sum after separation from service (or after age 59'/2, disability, or the participant's death). Under the special rule, the net unrealized appreciation on the stock will not be taxed when distributed from the Plan and will be taxed at capital gain rates when you sell the stock. Net unrealized appreciation is generally the increase in the value of employer stock after it was acquired by the Plan. If you do a rollover for a payment that includes employer stock (for example, by selling the stock and rolling over the proceeds within 60 days of the payment), the special rule relating to the distributed employer stock will not apply to any subsequent payments from the IRA or employer plan. The Plan administrator can tell you the amount of any net unrealized appreciation. If you have an outstanding loan that is being offset If you have an outstanding loan from the Plan, your Plan benefit may be offset by the amount of the loan, typically when your employment ends. The loan offset amount is treated as a distribution to you at the time of the offset and will be taxed (including the 10% additional income tax on early distributions, unless an exception applies) unless you do a 60 -day rollover in the amount of the loan offset to an IRA or employer plan. Page 5 of 10 If you were born on or before January 1, 1936 If you were bom on or before January 1, 1936 and receive a lump sum distribution that you do not roll over, special rules for calculating the amount of the tax on the payment might apply to you. For more information, see IRS Publication 575, Pension and Annuity Income. If your payment is from a governmental section 457(b) plan If the Plan is a governmental section 457(b) plan, the same rules described elsewhere in this notice generally apply, allowing you to roll over the payment to an IRA or an employer plan that accepts rollovers. One difference is that, if you do not do a rollover, you will not have to pay the 10% additional income tax on early distributions from the Plan even if you are under age 59V2 (unless the payment is from a separate account holding rollover contributions that were made to the Plan from a tax - qualified plan, a section 403(b) plan, or an IRA). However, if you do a rollover to an IRA or to an employer plan that is not a govemmental section 457(b) plan, a later distribution made before age 59'/2 will be subject to the 10% additional income tax on early distributions (unless an exception applies). Other differences are that you cannot do a rollover if the payment is due to an "unforeseeable emergency" and the special rules under "If your payment includes employer stock that you do not roll over" and "If you were bom on or before January 1, 1936" do not apply. If you are an eligible retired public safety officer and your pension payment is used to pay for health coverage or qualified Tong -term care insurance If the Plan is a governmental plan, you retired as a public safety officer, and your retirement was by reason of disability or was after normal retirement age, you can exclude from your taxable income plan payments paid directly as premiums to an accident or health plan (or a qualified Tong -term care insurance contract) that your employer maintains for you, your spouse, or your dependents, up to a maximum of $3,000 annually. For this purpose, a public safety officer is a law enforcement officer, firefighter, chaplain, or member of a rescue squad or ambulance crew. If you roll over your payment to a Roth IRA If you roll over the payment from the Plan to a Roth IRA, a special rule applies under which the amount of the payment rolled over (reduced by any after -tax amounts) will be taxed. However, the 10% additional income tax on early distributions will not apply (unless you take the amount rolled over out of the Roth IRA within 5 years, counting from January 1 of the year of the rollover). If you roll over the payment to a Roth IRA, later payments from the Roth IRA that are qualified distributions will not be taxed (including earnings after the rollover). A qualified Page 6 of 10 distribution from a Roth IRA is a payment made after you are age 59% (or after your death or disability, or as a qualified first -time homebuyer distribution of up to $10,000) and after you have had a Roth IRA for at least 5 years. In applying this 5 -year rule, you count from January 1 of the year for which your first contribution was made to a Roth IRA. Payments from the Roth IRA that are not qualified distributions will be taxed to the extent of eamings after the rollover, including the 10% additional income tax on early distributions (unless an exception applies). You do not have to take required minimum distributions from a Roth IRA during your lifetime. For more information, see IRS Publication 590 -A, Contributions to Individual Retirement Arrangements (IRAs), and IRS Publication 590 -B, Distributions from Individual Retirement Arrangements (IRAs). If you do a rollover to a designated Roth account in the Plan You cannot roll over a distribution to a designated Roth account in another employer's plan. However, you can roll the distribution over into a designated Roth account in the distributing Plan.' If you roll over a payment from the Plan to a designated Roth account in the Plan, the amount of the payment rolled over (reduced by any after -tax amounts directly rolled over) will be taxed. However, the 10% additional tax on early distributions will not apply (unless you take the amount rolled over out of the designated Roth account within the 5 -year period that begins on January 1 of the year of the rollover). If you roll over the payment to a designated Roth account in the Plan, later payments from the designated Roth account that are qualified distributions will not be taxed (including earnings after the rollover). A qualified distribution from a designated Roth account is a payment made both after you are age 59'/2 (or after your death or disability) and after you have had a designated Roth account in the Plan for at least 5 years. In applying this 5 -year rule, you count from January 1 of the year your first contribution was made to the designated Roth account. However, if you made a direct rollover to a designated Roth account in the Plan from a designated Roth account in a plan of another employer, the 5- year period begins on January 1 of the year you made the first contribution to the designated Roth account in the Plan or, if earlier, to the designated Roth account in the plan of the other employer. Payments from the designated Roth account that are not qualified distributions will be taxed to the extent of eamings after the rollover, including the 10% additional income tax on early distributions (unless an exception applies). If you are not a plan participant Payments after death of the participant. If you receive a distribution after the participant's death that you do not roll over, the distribution will generally be taxed in the same manner described elsewhere in this notice. However, the 10% additional income tax on early 'Certain pension (usually defined contribution plans) plans may have an optional Roth account. Please contact your Plan Administrator to determine if your Plan has this option. The optional Roth accounts are not required to be offered by the Plan. Page 7 of 10 distributions and the special rules for public safety officers do not apply, and the special rule described under the section "If you were bom on or before January 1, 1936" applies only if the participant was born on or before January 1, 1936. If you are a surviving spouse. If you receive a payment from the Plan as the surviving spouse of a deceased participant, you have the same rollover options that the participant would have had, as described elsewhere in this notice. In addition, if you choose to do a rollover to an IRA, you may treat the IRA as your own or as an inherited IRA. An IRA you treat as your own is treated like any other IRA of yours, so that payments made to you before you are age 59 will be subject to the 10% additional income tax on early distributions (unless an exception applies) and required minimum distributions from your IRA do not have to start until after you are age 70 If you treat the IRA as an inherited IRA, payments from the IRA will not be subject to the 10% additional income tax on early distributions. However, if the participant had started taking required minimum distributions, you will have to receive required minimum distributions from the inherited IRA. If the participant had not started taking required minimum distributions from the Plan, you will not have to start receiving required minimum distributions from the inherited IRA until the year the participant would have been age 70 If you are a surviving beneficiary other than a spouse. If you receive a payment from the Plan because of the participant's death and you are a designated beneficiary other than a surviving spouse, the only rollover option you have is to do a direct rollover to an inherited IRA. Payments from the inherited IRA will not be subject to the 10% additional income tax on early distributions. You will have to receive required minimum distributions from the inherited IRA. Payments under a qualified domestic relations order. If you are the spouse or former spouse of the participant who receives a payment from the Plan under a qualified domestic relations order (QDRO), you generally have the same options the participant would have (for example, you may roll over the payment to your own IRA or an eligible employer plan that will accept it). Payments under the QDRO will not be subject to the 10% additional income tax on early distributions. If you are a nonresident alien If you are a nonresident alien and you do not do a direct rollover to a U.S. IRA or U.S. employer plan, instead of withholding 20 %, the Plan is generally required to withhold 30% of the payment for federal income taxes. If the amount withheld exceeds the amount of tax you owe (as may happen if you do a 60 -day rollover), you may request an income tax refund by filing Form 1040NR and attaching your Form 1042 -S. See Form W -8BEN for Page 8 of 10 claiming that you are entitled to a reduced rate of withholding under an income tax treaty. For more information, see also IRS Publication 519, U.S. Tax Guide for Aliens, and IRS Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities. Other special rules If a payment is one in a series of payments for less than 10 years, your choice whether to make a direct rollover will apply to all later payments in the series (unless you make a different choice for later payments). If your payments for the year are less than $200 (not including payments from a designated Roth account in the Plan), the Plan is not required to allow you to do a direct rollover and is not required to withhold for federal income taxes. However, you may do a 60 -day rollover. Unless you elect otherwise, a mandatory cashout of more than $1,000 (not including payments from a designated Roth account in the Plan) will be directly rolled over to an IRA chosen by the Plan administrator or the payor. A mandatory cashout is a payment from a plan to a participant made before age 62 (or normal retirement age, if later) and without consent, where the participant's benefit does not exceed $5,000 (not including any amounts held under the plan as a result of a prior rollover made to the plan). You may have special rollover rights if you recently served in the U.S. Armed Forces. For more information, see IRS Publication 3, Armed Forces' Tax Guide. FOR MORE INFORMATION You may wish to consult with the Plan administrator or payor, or a professional tax advisor, before taking a payment from the Plan. Also, you can find more detailed information on the federal tax treatment of payments from employer plans in: IRS Publication 575, Pension and Annuity Income; IRS Publication 590 -A, Contributions to Individual Retirement Arrangements (IRAs); IRS Publication 590 -B, Distributions from Individual Retirement Arrangements (IRAs); and IRS Publication 571, Tax - Sheltered Annuity Plans (403(b) Plans). These publications are available from a local IRS office, on the web at www.irs.gov, or by calling 1- 800 -TAX -FORM. * Page 9 of 10 I HAVE RECEIVED AND READ THE PRECEDING 9 -PAGE SPECIAL TAX NOTICE: Date: Participant's Signature Print Clearly Participant's Name Note: Retum ONLY this last page (numbered 10 of 10) to: Boynton Beach Municipal Police Officers' Pension Fund Attn: Barbara LaDue, Plan Administrator 1500 Gateway Blvd., Suite 220 Boynton Beach, Florida 33426 H \BB Police 0188 \FORMS- Standard\2015 SPECIAL TAX NOTICE wpd Page 10 of 10 1 A PARTNERSHIP OF PROFESSIONAL ASSOCI ITIONS ATTORNEYS AT LAW MEMORANDUM TO: Board of Trustees FROM: Bonni S. Jensen Fund Legal Counse DATE: December, 2014 SUBJECT: IRS Mileage Rate for 2015 This is to inform you that the Internal Revenue Service ( "IRS ") released its updated Standard Mileage Rate for 2015. The new rate is 57.5 cents per mile for miles driven after January 1, 2015. As you know from previous years, the mileage rate can fluctuate within the same year. We will do our best to keep you and the administrator informed. You can find the current rate at the !ink below. http: / /www. irs.gov/uac/ Newsroom / New - Standard - Mileage- Rates - Now- Available;- Business- Rate -to- Rise -in -2015 If you have any questions, please do not hesitate to contact us. BSJ /Ig Enclosure E -Copy: Administrator H:'AIl MiscellaneousAALL BOARDS1201512015 IRS Mileage Rate Memo.wpd 10059 NORTHWEST 1ST COURT, PLANTATION, FLORIDA 33324 PHONE: (954) 916 -1202 • FAX: (954) 916 -1232 www.robertdklausner.com Part III - Administrative, Procedural, and Miscellaneous 2015 Standard Mileage Rates Notice 2014 -79 SECTION 1. PURPOSE This notice provides the optional 2015 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This notice also provides the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that may be used in computing the allowance under a fixed and variable rate (FAVR) plan. SECTION 2. BACKGROUND Rev. Proc. 2010 -51, 2010 -51 I.R.B. 883, provides rules for computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes, and for substantiating, under § 274(d) of the Internal Revenue Code and § 1.274 -5 of the Income Tax Regulations, the amount of ordinary and necessary business expenses of local transportation or travel away from home. Taxpayers using the standard mileage rates must comply with Rev. Proc. 2010 -51. However, a taxpayer is not required to use the substantiation methods described in Rev. Proc. 2010 -51, but -2- instead may substantiate using actual allowable expense amounts if the taxpayer maintains adequate records or other sufficient evidence. An independent contractor conducts an annual study for the Internal Revenue Service of the fixed and variable costs of operating an automobile to determine the standard mileage rates for business, medical, and moving use reflected in this notice. The standard mileage rate for charitable use is set by § 170(i). SECTION 3. STANDARD MILEAGE RATES The standard mileage rate for transportation or travel expenses is 57.5 cents per mile for all miles of business use (business standard mileage rate). See section 4 of Rev. Proc. 2010 -51. The standard mileage rate is 14 cents per mile for use of an automobile in rendering gratuitous services to a charitable organization under § 170. See section 5 of Rev. Proc. 2010 -51. The standard mileage rate is 23 cents per mile for use of an automobile (1) for medical care described in § 213, or (2) as part of a move for which the expenses are deductible under § 217. See section 5 of Rev. Proc. 2010 -51. SECTION 4. BASIS REDUCTION AMOUNT For automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 22 cents per mile for 2011, 23 cents per mile for 2012, 23 cents per mile for 2013, 22 cents per mile for 2014, and 24 cents for 2015. See section 4.04 of Rev. Proc. 2010 -51. SECTION 5. MAXIMUM STANDARD AUTOMOBILE COST -3- For purposes of computing the allowance under a FAVR plan, the standard automobile cost may not exceed $28,200 for automobiles (excluding trucks and vans) or $30,800 for trucks and vans. See section 6.02(6) of Rev. Proc. 2010 -51. SECTION 6. EFFECTIVE DATE This notice is effective for (1) deductible transportation expenses paid or incurred on or after January 1, 2015, and (2) mileage allowances or reimbursements paid to an employee or to a charitable volunteer (a) on or after January 1, 2015, and (b) for transportation expenses the employee or charitable volunteer pays or incurs on or after January 1, 2015. SECTION 7. EFFECT ON OTHER DOCUMENTS Notice 2013 -80 is superseded. DRAFTING INFORMATION The principal author of this notice is Bemard P. Harvey of the Office of Associate Chief Counsel (Income Tax and Accounting). For further information on this notice contact Bemard P. Harvey on (202) 317 -7005 (not a toll -free call).