Agenda 04-29-16 BOYNTON BEACH FIREFIGHTERS' PENSION FUND
QUARTERLY BOARD MEETING
FRIDAY, APRIL 29, 2016 (a), 9:OOAM
Renaissance Commons Executive Suites
1500 Gateway Blvd., Suite 220
Boynton Beach, FL 33426
AGENDA
I. CALL TO ORDER — Matt Petty, Chairman
II. AGENDA APPROVAL -
III. APPROVAL OF MINUTES — Quarterly Meeting 02 -03 -2016
Special Joint Meeting (Fire/Police) 03 -16 -2016
IV. FINANCIAL REPORTS:
A) Dave Smeltzer, Vice President, Regions Institutional Services
1) Custodial Services and Benefit Payments/Tax Reporting eff Jan 1, 2016
B) Bogdahn Consulting — Dave West, Consultant
1) Investment Performance Review for Quarter 03 -31 -2016
C ) Gabriel, Roeder, Smith & Co — Pete Strong, Senior Consultant & Actuary
1) GRS Announces New Relationship with the Groom Law Group
2) Actuarial Valuation PYE 9 -30 -2015 — (hard copy to be distributed at meeting)
3) Supplemental Actuarial Val Report under Ord 06 -092
D) Davidson, Jamieson & Cristini — Additional Report -
1) Schedule of Pension Amounts — Request by City Auditor
E) Attorney Report — Adam Levinson
1) Pension Resource Center — Update — Transition effective May 1, 2016
2) DROP loan Ordinance — Proposed program with Impact Statement
3) Re- Employment after Retirement — Proposed language that might be added to
all Plans — for review.
4) Rani DeMarco — Pension Disability Application Status Update
V. CORRESPONDENCE —
1) Salem Trust , Class Action Lawsuit Processing Letter dated 2 -26 -2016
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VI. OLD BUSINESS —
1) Chief Hoggatt — update on transition from Gen EE Plan to Fire Plan
2) 175 Ad Hoc Benefit determination/calculation
y-
VII. NEW BUSINESS:
A. Invoices for review and approval:
1. Schroder Fixed Income Mgt -- Qtry fee -06 -30 -2016 - $
2. DSM Capital Partners LLC — Qtry fee 06 -30 -2016 $
3. Klausner, Kaufinan, Jensen & Levinson — Service Jan, Feb & Mar 2016 -
$9,174.70
4. Bogdahn Group — Consulting Fee Service thru 3 -31 -16 withdrawn R &D
Account $8,375
5. Anchor Capital Advisors — Quarterly fee — 03 -31 -2016 - $
6. GRS - Service Feb 2016 - $4,642 & Mar 2016 - $11,472
7. Alerus — Qtry DROP Admin Fee - $500
8. Regions Trust Custodial Fee - 03 -31 -2016 - $5,015.38
9. Intercontinental - Management Quarterly fee 3rd Qtr 2015 - $9163.05
withheld from dividend reinvestment plan.
10. Davidson, Jamieson & Cristini — Final billing Audit - $5,500, Annual
State Report - $2000 & GASB 68 Report for City - $1500.
B) Verification of Retirement Benefits:
1) Rodrick Nance — DROP Retirement
2) Chief Kevin R Carter — Normal Retirement
C) Replacement of Board Member - Nomination/Election to replace Luke Henderson
Elected by Firefighters - 4 Year Term
VIII. PENSION ADMINISTRATOR'S REPORT:
1. Benefits as of 05 -01 -2016
IX. PUBLIC AUDIENCE COMMENTS:
(Limited to three (3) Minutes)
X. ADJOURNMENT:
Next Meeting Date — Wednesday, August 3, 2016 @ 9:00AM—
Location to be Announced
NOTICE
IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE FIREFIGHTERS' PENSION BOARD WITH RESPECT TO ANY MATTER
CONSIDERED AT THIS MEETING, HE /SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, HE/SHE MAY NEED TO
ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON
WHICH THE APPEAL IS TO BE BASED. (F.s. 286.0105)
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THE CITY SHALL FURNISH APPROPRIATE AUX LIARY AIDS AND SERVICES INHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A
DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM, OR ACTIVITY CONDUCTED
BY THE CITY. PLEASE CONTACT CITY CLERK'S OFFICE (561) 742 -6060 AT LEAST TWENTY -FOUR HOURS PRIOR TO THE PROGRAM OR
ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST.
DIE BOARD (COMMITTEE) MAY ONLY CONDUCT PUBLIC BUSINESS AFTER A QUORUM HAS BEEN ESTABLISHED. IF NO QUORUM IS
ESTABLISHED WITHIN TWENTY MINUTES OF THE NOTICED START TIME OF THE MEETING THE CITY CLERK OR DESIGNEE WILL SO NOTE
THE FAILURE TO ESTABLISH A QUORUM AND THR W.ETING SHALL BE CONCLUDED. BOARD MEMBERS MAY NOT PARTICIPATE FURTHER
EVEN WHEN PURPORTEDLY ACTING IN AN INFORMAL CAPACITY.
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rAe 4 MINUTES OF THE BOYNTON BEACH FIREFIGHTERS' PENSION FUND �'— .
QUARTERLY BOARD MEETING HELD ON WEDNESDAY, FEBRUARY 3, 2016, AT
9:00 A.M. AT RENAISSANCE COMMONS EXECUTIVE SUITES, CONFERENCE ;
ROOM 1, 1500 GATEWAY BLVD, SUITE 220, BOYNTON BEACH, FLO RIDA
PRESENT:
Luke Henderson, Chair Barbara LaDue, Pension Administrator
Helen "Ginger" Bush Adam Levinson, Board Counsel
Matthew Petty
Jonathan Raybuck
Robert Taylor
Interim Fire Chief Greg Hoggatt, Ex- Officio member
I. CALL TO ORDER — Luke Henderson, Chairman
Chair Henderson called the meeting to order at 9:08 a.m.
II. AGENDA APPROVAL
Chair Henderson moved Item C, IV. Financial Reports, Audit Report, to the beginning of
the agenda and announced at 10 a.m., a disability applicant will be present for Item B,
VII, New Business, Application for Disability Retirement. When the Trustees finish the
item under discussion, they would discuss the disability item.
Motion
Mr. Taylor moved to approve the agenda as amended. Mr. Petty seconded the motion
that unanimously passed.
III. APPROVAL OF MINUTES — Quarterly Meeting 11 -04 -2015
Motion
Mr. Taylor moved to approve the minutes. Mr. Raybuck seconded the motion that
unanimously passed.
Chair Henderson explained Chief Carter, the ex officio member retired and Greg
Hoggatt, Interim Fire Chief was sitting in his stead.
IV. Financial Reports
C) Davidson, Jamieson & Cristini — Richard Cristini, CPA, CGFM &
Jeanine Bittinger, CPA
1) Audit Report/ Financial Statements for PYE 9 -30 -2015
(Heard out of order)
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Firefighters' Pension Board
Boyn Beach, Florida February 3, 2016
Richard Cristini, Davidson, Jamieson and Cristini, was present with Jeannine
Bittinger, CPA.
Mr. Cristini reviewed the statement of fiduciary net position. Liabilities, accounts payable
and broker dealer payables were up about $2 million from the year before. The net
position for pensions was $80,406,693 versus $78,279,091 in 2014. Assets working for
the Plan to cover costs increased, but not as much as last year. Employer contributions
were up and member contributions were the same as last year. Plan member buy
backs decreased and rollovers to DROP decreased. Total contributions were $5.3
million and $5.1 million the prior year. Excise rebate monies were down slightly. Total
investment income was $571,346 versus $7.4 million in 2014. Investment expenses
were on par, and the net investment income was $282,853 versus $7,187,580 in 2014.
Total additions to the Plan were $13 million in 2014 versus $6.5 million in 2015.
Administrative expenses and operating expenses increased slightly. Total deductions
were $4.4 million in 2014 and nearly the same in 2015. The net increase in net position
was $2.1 million in 2015, down from $8.8 million in 2014. Mr. Cristini noted the net
investment income is what drives much of the Plan.
Attorney Levinson noted the Plan has a new custodian. The contract was signed after
the end of the year and next year, since Chair Henderson was able to negotiate a lower
fee, the Plan would realize a cost savings.
Mr. Cristini explained the Plan's operations will be weighted towards Government
Accounting Standards Board (GASB) 67 requirements and there is a compliance
supplement included with the report. He reminded all GASB 68 requirements applied to
the City and those provisions went into effect on September 30, 2015, for the year
ending September 30, 2014. The auditor had to provide additional information.
Attorney Levinson recalled the Board authorized the Actuary to work closely with the
City regarding GASB 68. It was noted the GASB 67 provisions are accounting
measurements, not the actuarial measurements of the funded status of the Plan, and
the provisions are not used to develop employer contribution rates. A second report
calculates similar numbers, but not how the Plan is driven.
Mr. Cristini reviewed the investment asset allocations coming from the Investment
Policy Statement. The rate of return is the money - weighted rate of return regarding
investment performance, net of investment expenses, adjusted for the changing
amounts actually invested. This year the rate was .78 %. Attorney Levinson commented
other plans in the State earned less than the Boynton Plan.
The Plan's realized appreciation /depreciation reflected the Plan made money, but
investments on unrealized appreciation /depreciation showed a loss of $4,559,343 this
year. Mr. Cristini noted this decline was across all plans. The Plan would have earned
$7 million if it sold all its remaining securities. Last year, the Plan would have made $13
million.
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Firefighters' Pension Board
Boynton Beach, Florida February 3, 2016
Attorney Levinson noted municipal obligations were included as a type of investment.
Dave West, Bogdahn Consulting, explained there was a strategic opportunity that
arose as a result of the economy. The investment was an active management decision
by the bond manager. He saw positive market values there, but it was unlikely they
would be included in the portfolio again.
Designated pension benefits showed $12 million in designated DROP benefits in 2015
compared to $10 million in 2014, and $67 million for the nest of the members.
Revisions in actuarial assumptions and methods reflected the investment return was
lowered from 7.65% to 7.50% as of September 30, 2015, which caused the employer
contribution rate to increase by 1.54% of covered payroll. Mr. Cristini commented most
investment return rates ranged from 7.8% to 7.5 %, but of all the plans reported on, the
Boynton Beach Plan had the lowest investment return rate.
The net position liability for the City of Boynton Beach as calculated by the actuary, and
given the GASB 67 assumptions prohibiting smoothing and using the market value only,
was $126,579,666. The City's net pension liability with GASB 67 was $46 mill -ion. GASB
68 requires the City to use the prior year number. GASB 67 requires the Plan to use
current numbers, so there would be different numbers in the GASB 68 report. The
actuary uses the date of October 1, 2014, and once adopted must use October 1 St as
the date each year thereafter. The City has to record all of the GASB 68 figures and
include the GASB 67 reporting requirements to the City's Comprehensive Annual
Financial Report (CAFR) which will have two different measurements in its report. Each
year, the information will be added to a table, so the report will have the prior 10 years
of information.
The assumptions from the actuary for the GASB 67 calculations included inflation and
return rates. The long -term real rate of return was 7.5 %, and it governed the discount
rate calculation. Mr. Cristini reviewed the calculations used and a handout was
distributed showing the target allocation by asset class. The expected rates of returns
of various plans were about the same, but with inflation, the rates varied. Mr. Cristini
explained examples of the City's net pension liability at 1 % more and 1 % less than the
assumed rate of return were included in the report.
The Actuary had determined contributions were nearly the same as last year. In GASB
68, the measurement date is important. One of the plan elements the City will have to
add to the CAFR is the amount of contributions from the City measured from the
measurement date as a way to calculate a pension plan expense from a City
standpoint. It would ensure the City was aware of the liability and the basis for the
liability.
Mr. Cristini reviewed the valuation date and methods and assumptions used to
determine contribution rates. The schedule of investment returns was .78% in 2015
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Boynton Beach, Florida February 3, 2 016
compared to 9.54% for the prior year and administrative expenses were less than 1
which was very good.
Mr. Cristini advised the report was an unqualified report. The Statement of Standards
for Attestation Engagements (SSAE) 16 Report on a description of a service
organization's system and suitability of the design and operating effectiveness of
controls related to Salem. The prior report regarding Salem was problematic; however,
this year the report said Salem's controls were operating as intended. Ms. LaDue
explained she reviews each statement received and all appeared to be in order.
There was brief discussion mortality tables were not favorable to firefighters, but
firefighters were living longer. Mr. Raybuck thought tables should be based on private
sector populations and if they had a mortality table for firefighters, it would show
favorable lifespans.
Attorney Levinson asked the auditors if they received full cooperation from everyone
who works for the Pension Board and from the City and Mr. Cristini responded he had.
Ms. Bittinger explained the actuary did a great job providing the information. Mr. Cristini
also advised he did not see any issues with Regions Bank. The Bank was cooperative
and very responsive.
Motion
Mr. Taylor moved to approve the report. Mr. Raybuck seconded the motion that
unanimously passed.
VII. B. Application for Disability Retirement:
1) Rani DeMarco- Application, HIPPA form & MMI paper from Doctor
Attorney Levinson explained Ms. DeMarco's application was forwarded to the Board by
Ms. LaDue and another Trustee. Two doctors were listed on the application and letters
were sent to them asking for the records and the cost, but there has not yet been a
response. They sent an email and letter to Human Resources regarding Workers'
Compensation records and staff was putting together a CD. Once the Trustees have all
those records, the Board will send Ms. DeMarco for an Independent Medical Exam
([ME) with an orthopedist, and the Board will receive the IME report. The Board will
select a hearing date and would review the records and report from the doctor(s)
regarding a Functional Capacity Evaluation (FCE). interim Chief Hoggatt asked if the
doctor used for the FCE used the National Fire Protection Association (NFPA)
requirements and Attorney Levinson thought he/she would, but was unsure. Ms.
DeMarco explained she only listed the doctors involved with her condition and no other
doctor has treated her for this condition. Attorney Levinson explained she has the right
to monitor the process and noted Ms. DeMarco had obtained counsel.
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Firefighters' Pension Board
Boynton Beach, Florida February 3, 2016
Ms. DeMarco had questions about NFPA 1582. She was having surgery on February
12 and would be in a wheelchair for six weeks followed by seven months of therapy.
Attorney Levinson thought the doctor may wait until after the procedure and /or rehab.
He clarified the Pension Board follows the Ordinance and grants or denies requests for
benefits. The Pension Board does not make Human Resource decisions or hiring or
accommodation decisions. During the Workers' Compensation period, Ms. DeMarco
will either be on no duty or modified duty. She was currently on modified duty. The
department gave her a place to work performing tasks she does not normally handle.
1) Investment Performance Review for Quarter December 31, 2015
Dave West, Bogdahn Consulting, advised the portfolio had a good quarter. The
average return for developed countries foreign stock was 4.7 %. The S &P 500 retumed
7 %. The bond market benchmark for the US aggregate was down 6% because the
Federal Reserve raised rates. The Plan was invested in a less interest -rate sensitive
benchmark so returns were not as affected by the aggregate bond market.
(Chair Henderson left the meeting at 10 :29 a.m.)
The total fund was up 4.35% for the quarter. For the one -year period, the fund earned
2.27 %. The fund earned slightly over 9% during the three -year annualized period and
for five years, it annualized at 7.67 %. The fund finished ahead of the passive policy
benchmark and ranked in the top third percentile in its public peer group universe for the
quarter. For the one -year period, the Plan ranked in the top fourth percentile. For the
three -year period, the fund ranked in the top 8 t ' percentile and for the five -year period,
the fund "ranked in the top fifteenth percentile. Mr. West noted all the changes they
made over the past few years paid off. Real estate was fully funded and Middle Market
Debt was doing well.
Bogdahn Consulting had been tracking Anchor during the bull market and they
outperformed in November and December when the market was down. The fund was
ahead of the benchmark of 6.53 %. For the one -year period it was slightly under the
benchmark; for the three -year period was about even to the benchmark and then
slipped, and for the five -year period, it was above the benchmark ranking in the 45
percentile.
(Chair Henderson returned to the meeting at 10 :32 p.m.)
The S &P 500 was up about 7 %. On the growth side, DSM was up 8.53% ahead of the
benchmark and 3 %, 1.58 %, and 1.43% for the one, three and five -year periods, ranking
in the 19 t h, 22 and 17 percentile respectively for the same time periods.
The second index component emphasized domestic mid cap equities which the fund
captured through Vanguard. It was not up as much for the quarter, but it still was up
3.44 %.
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Firefighters' Pension Board
Boynton Beach, Florida February 3, 2016
WCM, the international equity manager that was hired in April 2015, was up half a
percent versus a benchmark that was down 8.54 %. The Euro Pacific Fund, since April
1 st was down 6% versus the benchmark that was down 8 %.
Schroders was down less than the benchmark for the quarter and for the three and five
year periods was ahead of the benchmark. Treasury Inflation Protection Securities was
underweight and did not fare well, experiencing a slight loss.
Global fixed income reflected PIMCO was up .87% and for the one -year period was up
1.25% versus the benchmark of -.2. Since inception PIMCO was on track. The
Templeton Global Bond fund was at 2.29% versus a negative benchmark of -1.23%
Real estate reflected Intercontinental was up 5.85 %. ASB was up 5.62 %. For the one -
year period, Intercontinental was at about 15% and ASB was at 17 %. Intercontinental
for the three and five -year periods earned 15% respectively.
Mr. Taylor thought real estate was one of the best vehicles going forward and wondered
if they could change the allocated percentage to it. Mr. West agreed, but commented
he would draw a different conclusion. He explained the asset allocation had a natural
increase. The outlook from the managers was still positive and he likened the cycle of
the fund as being in the 6 t ' inning for real estate pointing out the middle to end part of
the cycle is when real estate best performs. Real Estate was now experiencing
increases in rents and there should be less appreciation from the funds, but they would
capture its value from increased rents. He explained that trend will continue.
As to money flow, there was still money going into real estate. There are still capital
queues ranging from a year to a year and a half and both managers have a value added
sleeve. If they allocated more to the fund, it would have to be to the value portion of
real estate as a specialty focus. Mr. West explained most value -end funds are closed -
end funds and the Board would have to lock up capital for a seven to eight -year period.
The one -year internal rate of return for Middle Market Debt reflected Crescent Direct
Leveraged Fund earned 6.82% for the year. LBC earned 10.54 %. Since inception,
including the capital call and fees, Crescent earned 3.75% and LBC, because they were
buying into an existing portfolio, earned 11.37 %. Domestic fixed income was the source
of funds that provided substantial returns.
Attorney Levinson inquired why they could not compare Crescent Direct and LBC. Mr.
West explained there was no apples -to- apples comparison. They were dependent on
the due diligence efforts of the Bogdahn Research Team.
The fund opened with $80,429,680. Contributions totaled $4,619,027. Distributions
were $1,278,627. Investment management fees as invoiced and paid by the custodian
totaled $73,632. Other expenses for administration were $7,655. Bogdahn Consulting
aggregated all the income earned with appreciation and advised the fund earned
$3,545,237. As of December 31, 2015, the fund had $87,234,030.
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Firefighters' Pension Board
Boynton Beach, Florida February 3, 2016
Since the fund was so well diversified against the equity market and because the fund
was gaining so much income as a percentage of return contributions, Mr. West
anticipated the fund would weather the downturn well. Several managers should
provide good downside protection. Mr. West thought the Plan may have a total return
retracement of about 3 %.
The investment manager fees reflected the Plan pays five basis points for the S &P 500
index fund. The DSM fund, which was a separate fund, cost 86 basis points. The total
fund with the dollar weight of each investment times the annualized fees yielded an
operating expense ratio totaling 59 basis points which was good.
Mr. Petty commented he logged into the Regions Bank account and all the money was
there except for real estate and private equity. Mr. West explained those assets were
custodied externally, and Salem would provide a shadow account. Mr. West explained
they were receiving four additional statements for any asset housed outside of Regions
Bank and Mr. West and the auditors aggregate those statements.
Mr. West requested a standing letter of direction for balances and distributions to send
to Regions Bank. They had a letter for Salem Trust which could be updated and sent to
Regions Bank to complete the transition. He requested sending all communications
directly to him.
Interim Fire Chief Hoggatt inquired how the upcoming election would affect the market.
Mr. West thought it may have a modest influence. One thing that would positively
impact the market was if there was an active effort with fiscal policy regarding spending
to stimulate the economy by making it more tax and regulatory- friendly.
B) Gabriel, Roeder, Smith & Co —
1) Actuarial Valuation PYE 9 -30 -2015 — Special meeting or May quarterly
meeting date of May 4
2) Updated GASB No. 67 Disclosure Information dated 1 -22 -16
Chair Henderson explained Pete Strong, Plan Actuary, was not able to attend the
meeting. He and Ms. LaDue spoke with him several times and Mr. Strong commented
he would have the Actuarial Report finished by the next quarterly meeting. Additionally,
Mr. Raybuck would not be able to attend the next meeting and Mr. Taylor also may not
be able to attend. He requested moving the meeting date. After brief discussion, there
was agreement to meet on April 29 at 9 a.m. Mr. West explained he would not have
the estimated real estate values, mid - market debt or peer groups populated by the next
quarterly meeting, but he could provide a summary report and update for the following
quarterly meeting. There was agreement if Mr. Strong could not attend, he could send
a representative.
C) Davidson, Jamieson & Cristini — Richard Cristini, CPA, CGFM &
Jeanine Bittinger, CPA
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Boynton Beach, Florida Febru 3, 20 16
2) Audit Report/ Financial Statements for PYE 9 -30 -2015
This item was discussed earlier in the meeting.
VII. B. Application for Disability Retirement:
2) Rani DeMarco- Application, HIPPA form & MMI paper from Doctor
This item was previously discussed.
Attorney Report — Adam Levinson
1) Client Conference March 6 — 9, 2016
Attorney Levinson announced the Client Conference and requested Ms. LaDue provide
dates for the Division of Retirement Trustee Schools and the Florida Public Pension
Trustees Association (FPPTA) conference.
2) DROP loan provision — status
Attorney Levinson did not have a report to make, but did advise his office was
comfortable using the Police Deferred Retirement Option Plan (DROP) for firefighters.
He wrote a letter in November about the Chapter 175 monies and pointed out this issue
was an example of the City and Union entering into a Memorandum of Understanding
(MOU) about premium tax allocations. He asked if there were any other agreements
pending between the City and Union on the underlying contract or if the contract was
agreed to without any pension changes and learned there were no pension changes.
He thought it would be nice if the Union could negotiate the DROP program, but the
DROP could be instituted via Ordinance if the City agreed. Attorney Levinson
commented the Firefighters' Ordinance did not have as much specificity as the Police
DROP Loan program did, so an Ordinance amendment would be required, modeled
after the Police Plan. Attorney Levinson would work with Attorney Jensen.
Chair Henderson did not recall if the Board approved Attorney Levinson rewriting the
Ordinance and learned they had. He hoped if City Officials understood there was no
financial impact, there would usually be no problems. Mike Smollen, former Trustee,
expressed this issue was important to retirees and he liked the idea people could
access their accounts up to $50K. Mr. Smollen requested the issue be moved along as
quickly as possible.
Attorney Levinson would draft the Ordinance to grant the Board the ability to implement
the DROP loan program, cover letter, and send the Ordinance to the City Manager or
City Attorney with a copy to the Finance Director. Attorney Levinson would follow up
with them and Chair Henderson offered to deliver the information personally.
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Firefighters' Pension Board
Boynton Beach, Florida February 3, 2016
Interim Chief Hoggatt inquired if they should wait on the matter pending the upcoming
City elections. Chair Henderson explained they would get it going as quickly as
possible. Attorney Levinson explained the "Whereas" clause would say they would
adopt the same program which worked well for the Police. The Board was approached
by retirees regarding the provision, and it had no financial impact.
3) Mutual Consent Agreement — City and Local 1891 — Letter dated 11-
20 -15
Attorney Levinson explained this item was a communication to the City relating to
Senate Bill (SB) 172 which gave discretion to the parties about how to use the premium
taxes. The Board would allocate one third of the unallocated Chapter 175 monies over a
three -year period for a total of one million dollars towards the Plan's unfunded liability.
This contribution would not reduce the City's contribution, only the unfunded liability,
which would save money over time. Mr. Taylor questioned the use of the word "could"
and asked if the action was discretionary. Attorney Levinson responded it was and the
MOU could permit paying the full million in the first year or in year three. Chair
Henderson understood the one third of the unallocated Chapter 175 funds would be
paid each year for three years. It was important the Plan Actuary be aware of the
allocation made for last year so he could conduct a valuation. By approving the
valuation, the Trustees would approve the allocation.
Mr. Raybuck inquired if this item would warrant a press release that firefighters were
taking a proactive approach and Attorney Levinson deferred to the Board as not all
cities have done so. Some cities made a concerted effort to lower their city's
contribution by supplementing the employer's contribution. Boynton Beach was
contributing by reducing the unfunded liability saving the City money.
The Union and the membership of the fund agreed to take some of the 175 monies and
reallocate it to paying down the unfunded liability by $333K each year over the next
three years. Attorney Levinson explained the mutual consent letter involved multiple
conversations between the City and actuary and Chair Henderson played a big role.
Chair Henderson asked if a motion was needed to reallocate the $333K and Attorney
Levinson responded a motion was not needed, but they could motion to cant' out and
effectuate the agreement to ensure the actuary does what needed to be done.
Motion
Ms. Bush so moved. Mr. Raybuck seconded the motion that unanimously passed.
4) Insurance Premium Tax Database — Chapter 1751185 —Memo 12 -5-
2015
Attorney Levinson noted the memo dated December 5, 2015, and advised Boynton
Beach was the first City on the firefighters' side to have interlocal agreements for
contract areas. He noted there was a PointMatch website where addresses are
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entered, allowing the City to collect the excise taxes for contract areas. Each city is
supposed to have a contact person and Attorney Levinson noted John McNally and
Terry Owens are the City's contacts. They update the information each year. It is
important addresses are entered for any new construction in Ocean Ridge or Hypoluxo.
Attorney Levinson thought someone should contact those cities to update the database
and to ensure other municipalities were not claiming Boynton Beach addresses. He
pointed out it is the same database used for the Communications Service Tax. Mr.
Raybuck asked about mutual aid areas. Attorney Levinson clarified they could only
collect funds from a municipality and the addresses had to be in the contract areas. The
City's contract areas included Briny Breezes, Ocean Ridge, Golf and Hypoluxo.
5) Ordinance 10 -016 — Ad Hoc Supplemental Benefit and Administrative
Rules
Chair Henderson read the Ordinance and advised it gives the Board decision making
authority to determine how the Ad Hoc Supplemental benefit is allocated and spent. He
noted it did not affect last year. Mr. Petty indicated it will affect the Annual Required
Contribution for 2017 and the City would have to pay it a year ahead. The Trustees
would discuss the pay down with Mr. Strong during the Annual Report to determine if
there would be any funds left over. Mr. Petty emphasized it was important to have
factual information. It was noted Mr. Strong would be present at the April 29"' meeting,
per an email from Mr. Strong sent during the meeting.
Attorney Levinson noted the Board may need to give direction to Ms. LaDue or the
Chair to allow Bernstein Litowitz Berger & Grossmann LLP, or any other law firm the
Board would want, to have access to the portfolio. Authorization would be read only
access because the Plan was using Regions Bank.
Motion
Mr. Taylor so moved. Ms. Bush seconded the motion that unanimously passed.
V. CORRESPONDENCE-
1) Notice of Security Interest, 11 -16 -15 — Crescent Direct Lending
Ms. LaDue explained Crescent Direct Lending switched from Deutsche Bank to Wells
Fargo. Mr. West had reviewed the notice and was fine with the change.
VI. OLD BUSINESS —
1) Deputy Chief Hoggatt — Transfer of contributions — status
Chair Henderson explained Deputy Chief Hoggatt was given the option to go into one of
two retirement plans when he was first hired and chose the General Employees (GE)
Plan. Later, he larned he could not be in it and had to pay about $3,000 to calculate the
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Firefighters' Pension Board
Boynton Beach, Florida February 3, 2016
payments he had to make to the Firefighters' Plan. Attorney Levinson clarified going
forward, Interim Chief Hoggatt would be contributing to the Firefighters' Plan. The GE
Board wanted to give the City a credit to pay the extra amount to the Firefighters' Plan.
Ms. LaDue asked how the employee contributions would be moved over and learned it
was to be a plan -to -plan transfer, but it had not yet occurred.
Interim Chief Hoggatt explained he chose the Plan for the five -year vesting. He has yet
to receive anything regarding the amount of money that was supposed to be transferred
and the difference of five percent between the GE Plan and the Firefighters' Plan that
he had to pay. Discussion followed only the Fire Chief can be in the General
Employees' Plan, and Mr. Hoggatt was now the Interim Chief. Chair Henderson
understood, but pointed out they are non - compliant. The Firefighters' Pension
contribution from his date of hire and check date of November 9, 2012, through August
14, 2015, would be $37,075.46 and the difference between the GE Plan and the
Firefighters' Plan was $15,448.21. Ms. LaDue explained this information came from the
Finance Department. Attorney Levinson advised this should be forwarded to the Chief.
Interim Chief Hoggatt was given slightly less than three years to pay the employee
contributions as opposed to issuing a lump sum check. Mr. Petty recalled Mr. Strong
had provided a calculation. Ms. LaDue reiterated she had not received any money from
the General Employees and the contributions had not been moved over.
2) Joint Request for Proposals for Pension Administrator — Matt Petty on
update /status
A Request for Proposals was issued for a Pension Administrator and five responses
were received. Mr. Petty distributed a summary sheet regarding all the responses.
Foster and Foster had not responded.
Mr. Petty thought the leading respondent was the Resource Center and discussion
followed about office space and fees. Mr. Petty thought the fees for the Resource
Center were negotiable; however, Ms. LaDue explained payments to the Resource
Center were on hold because prior hardware /software changes they were to provide
had not yet taken place. Mr. Petty also reviewed various websites and thought the
Resource Center's website was one of the better websites. Precision Pensions was a
lot more expensive. Benefits USA was a popular firm, but their website seemed
technologically behind, especially with record keeping. The Resource Center proposal
included administering the DROP at no additional fee. Benefrts USA had a DROP
consultant fee paid for by the employee.
Chair Henderson suggested having a joint meeting with the Police to interview
respondents. Mr. Petty commented he would interview the Resource Center and
Benefits USA. Ms. LaDue was familiar with nearly all the firms. Mr. Petty agreed to
talk with the Chair of the Police Pension Plan regarding holding joint meeting.
Chair Henderson set a tentative date of Wednesday, March 16 at 10:30 a.m. An
alternate date of Wednesday March 23` was also set.
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Meeting Minutes j
Firefighters' Pension Board
Boynton Beach, Florida February 3, 2016 j
VII. NEW BUSINESS:
A. Invoices for review and approval:
1. Schroder Fixed Income Mgt — Qtry fee -03 -31 -2016 - $
2. DSM Capital Partners LLC — Qtry fee 03 -31 -2016 - $23,735.95
3. Klausner, Kaufman, Jensen & Levinson — Service Oct, Nov & Dec
2015 - $9,832.50
4. Bogdahn Group — Consulting Fee 12 -31 -2015 withdrawn R&D
Account $8,375
5. Anchor Capital Advisors — Quarterly fee —12 -31 -2015 - $
6. GRS - Service Nov 2015 - $5,472 & Dec 2015 - $3,653
7. Alerus — Qtry DROP Admin Fee - $500
8. Regions Trust Custodial Fee - 12 -31 -15 $5,000
9. Intercontinental - Management Quarterly fee 3rd Qtr 2015 -
$9039.75 - withheld from dividend reinvestment plan.
10. Davidson, Jamieson & Cristini — Progress billing Audit - $6,000
Ms. LaDue reviewed some invoices were not received.
Motion
Mr. Taylor moved to approve, and to pay the bills that were not yet received if they were
customary charges. Mr. Raybuck seconded the motion that unanimously passed.
Vlll. PENSION ADMINISTRATOR'S REPORT:
1. Benefits as of 01 -01 -2016
2. Transition from Salem to Regions — Update
Ms. LaDue explained she was disappointed Salem did not transmit some of the
information they should have when Regions Bank became the new custodian and that
Bob Smeltzer from Regions Bank would be available at the next meeting.
Chair Henderson distributed a letter stepping down as Board Chairman effective
February 3, 2016, and from the Pension Board effective April 30, 2016. Mr. Taylor
commented he sits on several boards and Chair Henderson was a fine Chairman,
having the ability to move towards consensus in a well thought out way. Serving as
Trustee on the Board was one of the most enjoyable jobs he had.
Motion
Mr. Raybuck nominated Mr. Petty as Chair. Mr. Taylor seconded the motion that
unanimously passed.
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Meeting Minutes
Firefighters' Pension Board
Boynton Beach, Florida F 3, 20 16
IX. Adjournment
There being no further business to discuss, Chair Henderson adjourned the meeting at
12:06 p.m.
&
Catherine Cherry
Minutes Specialist
020496
13
i
MINUTES OF THE BOYNTON BEACH POLICE OFFICERS' & FIREFIGHTERS'
PENSION FUND SPECIAL JOINT BOARD MEETING HELD ON
WEDNESDAY, MARCH 16, 2016 AT 9:00 A.M. AT FIRE STATION NO. 5 i
2080 HIGH RIDGE ROAD, BOYNTON BEACH, FLORIDA
PRESENT:
Fire: Police:
Matt Petty, Chair Toby Athol, Chair
Luke Henderson Jason Llopis, Secretary
Bob Taylor Scott Caudell
Helen "Ginger" Bush Joe DiGuilio
Jonathan Raybuck Russell Faine
Also present: Adam Levinson, Board Counsel, Firefighters' Pension Board
Bonni Jensen, Board Counsel, Police Officers' Pension Board
Barbara LaDue, Pension Administrator, Fire and Police Pension Plans
I. CALL TO ORDER — Toby Athol, Chairman - Police
Matt Petty, Chairman — Fire
Chairmen Petty and Athol called the special meeting to order at 9:55 p.m.
Self - introductions were made by all the Board members. Attorney Jensen announced
Benefits USA was not making a presentation which was why the meeting started so
late. Attorney Levinson commented the firm was given the opportunity to attend the
meeting via phone, but they declined. He thanked the Boards for meeting collaboratively
because there are economies of scale to use the same administrator and it gives
purchasing power to the Boards, although neither Board is obligated to use the same
administrator. Attorney Levinson pointed out Ms. LaDue planned to stay until
December and provide assistance to her successor. Ms. LaDue has been the Pension
Administrator for 21 years.
IL AGENDA APPROVAL -- NIA
III. APPROVAL OF MINUTES — NIA
IV. FINANCIAL REPORTS -- N/A
V. CORRESPONDENCE — NIA
VI. OLD BUSINESS — N/A
VII. NEW BUSINESS:
A. Interview Presentations for Administrative Services — RFP for
Police & Fire Pension Funds:
Meeting Minutes
Special Meeting Fire and Police Pension Board
Boynton Beach, Florida March 16, 20 15
9:15 - Benefits USA - not present
9:45 — FHATPA
Doug Falcon, Chief Operating Officer, explained he moved to Florida in 1982 with
Blue Cross /Blue Shield and Boynton Beach was one of his accounts. In 1986, he
worked for a third -party administrator handling health insurance plans. In 2000, the
business started to change and he got involved in retirement plans in 2002. The first
retirement plan he had was IBW in Orlando having up to 1,500 members. The first
public pension plan he handled was the City of Lauderhill. They have since become
administrators for six other pension plans. They still provide health and welfare and
retirement services to union businesses and medical plans to corporate clients. The
company had been handling the public pension plans for up to 12 years. Mr. Falcon
advised he looked through the plan documents and did not see anything that would
cause any difficulty. They are familiar with nearly all of the Plan's service providers.
They are a licensed third -party administrator, subject to State review and scrutiny. The
nature of the business is problem solving. This past week a client requested their 1095
filings. He ran 800 filings and they finished it in a day. The same level of service would
be available to the Boynton plans.
Mr. Falcone noted there was interest in online services and a visual of the Miramar
Police website, which he handles, was viewed. It was a self - service site. Members
could download forms, obtain resources and most plans they handle have something
similar. Some plans do not want web access and for those, he takes a lot of phone calls
because people want to speak to a person. Mr. Falcon explained they have not used
online calculators, but he spoke to IT and one could be included on the website. it was
his experience people often enter unrealistic numbers yielding incorrect information.
Mr. Falcone explained most pension calculators are frequently used when an employee
is hired and a few years away from normal retirement. Mr. Falcon introduced his
colleague "Yolanda" and advised they both would be attending the quarterly meetings.
FHATPA administers the Deerfield Fire and Miramar Police plans which are more active
than the General Employee plan. He understood the need for staffing, but was unsure
how many hours were needed and accounting and bookkeeping was priced separately.
He commented there is a good deal of work involved with pension plans on a day -to-
day basis.
The fee included some consideration for staffing. Someone would be available two or
three days a week to handle walk -ins. They still have the main office by Pembroke
Pines and Mr. Falcone lives in Boca Raton. They are always available by phone or
email. He commented he has been getting a lot of calls regarding divorce situations and
they involve an attorney on those types of items. There would be some extraordinary
expenses which would be built in. They use a trust fund accountant, and they could
make some adjustment on the accounting fee, but Mr. Falcon did not want to offer any
illusions and then come back and say they made a mistake. They have gone 10 years
sometimes without a raise and the firm was a mom and pop entity.
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Special Meeting Fire and Police Pension Board
Boynton Beach, Florida March 16, 2015
The fee proposal is a monthly fee that would include some type of office personnel.
Ultimately the office would be staffed with internal staff until they could determine the
level of work.
Ms. LaDue noted she puts in about 15 hours per week each for police and fire mostly
handling loans, employees getting ready to retire, withdrawals from DROP accounts
and divorces, and she has been getting a lot of phone calls lately. She has about 13
files of people who terminated, deferred vested and current drops which she processes
for the actuary. Ms. LaDue explained it is always better to conduct business face to
face so she can explain everything and the help the employee with determining when to
retire. She likes to have the spouse come in when choosing a benefit option, and she
always recommends speaking to a financial advisor.
Mr. Falcon explained police and fire plans are high maintenance due to DROP
accounts, earlier retirement ages and other considerations. He would have to ascertain
the activity levels and then determine the need.
Chair Athol asked for a ball park cost to staff the office Monday to Thursday 6 to 8 hours
a day. Mr. Falcon responded if they staffed the office five or six hours a day, it would
cost about $1,000 to $1,600 a month and they would probably have enough money in
the fees to cover the employee. Without staffing and without accounting they would
normally charge about $1,500 per plan. Miramar pays $1,350 to $1,400. The last
person hired was the spouse of a Metro Dade fireman. She worked for FHATPA, left,
had kids and came back.
(Chair Petty left the meeting at 90:22 a.m.)
Mr. Taylor asked about the sample of proposed services outlined under the scope of
services and the appendix that would be covered under the fee structure. He requested
confirmation all the services outlined would be covered under the monthly fee and
learned they would.
(Chair Petty returned to the meeting at 10:23 a.m.)
Attorney Jensen explained the pension fund owns its system. She described the
system they use for accounting and the Pension Resource Center (PRC) database that
maintains all the information. When the actuary needs data, Ms. LaDue provides the
calculations. The City sends payroll every other week which she downloads and she
detailed what the City sends.
Mr. Falcon explained they have a similar system and he described the equipment he
uses. They rely on the custodian, but he also uses QuickBooks which lends itself to
easy communication with the auditor. Ms. LaDue issues the benefit statements and the
actuary reviews them. The thought would be there would be a transition and conversion.
He did not think there were that many elements of data in terms of what is required. He
explained he would have to review the system, but did not think it would be an issue.
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Meeting Minutes
Special Meeting Fire and Police Pension Board
Boynton Beach, Florida March 16, 2015
i
Mr. Taylor questioned if the fees as stated, were good for three years. Mr. Falcon
responded they were.
Attorney Levinson asked how many times they have been terminated by a
governmental plan and learned they were never terminated by any governmental
retirement plan, but some firms were bought out. Mr. Falcon explained they had a few
claims regarding health and welfare, usually on settlement of high dollar claims. They
had a reinsurance carrier that tried to negotiate a hard bargain at Lake Wales and they
got dragged into it. They tried a new approach to a third -party claim that was
unsuccessful, and the hospital named everyone, but they were never involved in
litigation in retirement plans.
Mr. Taylor asked how many clients were added during the last three years. Mr. Falcon
responded the firm just got two pension plans which were the Miami Shores General
Employees Plan and a police plan, in addition to obtaining a contract to process
prescription claims assistance for individuals who cannot afford to pay for prescriptions.
Miami Shores has about 60 or 70 claims a month. About a third of the covered lives
were contained in the list of references. He also spoke about his largest account.
(Mr. Faine left at 90.30 a.m.)
Mr. Taylor asked about the accounting fees and Mr. Falcon explained they were the
maximum fees. He thought they could do better on the accounting fees.
(Mr. Faine returned at 90:39 a.m.)
Mr. Falcon noted there were quarterly meetings and quarterly financials, not monthly,
which would be less money. He would speak to the auditor and find out what they want
the CPA to do. Ms. LaDue explained she does monthly financials on both plans. She
asked if Mr. Falcon's system creates the benefit statements for the retirees or if the
actuary produces them. Mr. Falcon responded they have issued benefit statements, but
he would want to look at the benefit statement. When someone retires Ms. LaDue runs
a final statement, the member chooses an option and then the actuary reviews it
Mr. Taylor asked if benefit statements were included in the RFP. Attorney Levinson
commented that issue could be a separate discussion. Mr. Falcon explained they have
nine full -time employees and they have an efficient office.
10:15 - Foster & Foster
Ferrell Jenne, Head of the Plan Administration Division, Foster and Foster,
thanked all for the opportunity to present and distributed a report. She explained the
firm was founded in 1979 focused on actuarial service for public pension plans across
the State. They service over 200 plans throughout the State on the actuarial side and
provide plan administrative services for 18 plans across the State. Foster and Foster
has 14 credentialed actuaries with over 225 years of public sector experience, and staff
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Special Meeting Fire and Police Pension Board
Boynton Beach, Florida March 16, 20'15
EMMM
is comprised of Fellows of Financial Accountants (FFA) and Enrolled Actuaries and 22
additional members consisting of specialists in plan administration, accounting, and
data analysts.
Ms. Jenne was hired in 2010 as the firm's operation manager to ensure deliverables go
out on time and on budget, and provide support to trustees and members. She
introduced "Tony" as part of plan administration services and she and Tony would be
the main point of contact.
Foster and Foster got into plan administration because clients came to them indicating
they were best equipped to handle the Plan as they are familiar with the plans rules and
financing and they are detail oriented and have established relationships with the
stakeholders and other pension - related professionals.
Ms. Jenne explained clients had indicated they wanted a faster tum -around on benefit
calculations. They wanted someone to sit down and describe the options available to
members. They have administrators and research actuaries, data analysts and
accountants which are included in plan administrative services. They have onsite
experts they have access to, document security, a secure website and server; they
have never been hacked and have encrypted emails. Their servers are backed up off
site. They have a longstanding relationship with the plan's consultants and custodians
and a dedicated website portal, with different sections for reports and agendas, forms,
plan documents, summary plan descriptions, Investment Policy Statements and
calculators. Foster and Foster carries a $4 million email policy and they do not limit their
liability in this capacity. Ms. Jenne thought there would be a seamless transition
process while working side -by -side with Ms. LaDue.
(Ms. Bush left of 90:42 a.m.)
(Mr. Caudell left at 10:42 a.m.)
The annual retainer for the Firefighter Plan was $42,000 and the annual fee for the
Police Plan was $46,000, both payable in monthly installments with a three -year fee
guarantee. To date, Foster and Foster have not raised any plan administration fees.
They try to price so a fee increase is not needed. If an increase is ever requested, they
log hours for plans. There are no processing fees, or hidden costs. The fee includes
attendance at four quarterly meeting including travel costs.
(Mr. Caudell returned to the meeting at 10:44 a.m.)
The online calculator, website portal and data transfer was included with the fee. Foster
and Foster has a main office in Ft. Myers and she works in Ft. Myers and Tampa. If
staffing is on site, they would have to provide a price.
Chair Petty noted other services regarding DROP accounts and asked what Ms. LaDue
does that someone else would have to do.
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Meeting Minutes
Special Meeting Fire and Police Pension Board
Boynton Beach, Florida March 16, 2015
(Ms. Bush returned at 10:45 a.m.)
Ms. LaDue explained the Firefighters' Plan has their DROP account administration with
Alerus, and Ms. LaDue handles the DROP administration for the Police Plan. The fire
DROP account fees cost $500 a quarter. Chair Athol explained every calculation
inquiry is a $60 fee. Ms. Jenne explained some plans provide quarterly or annual
updates, and the fee is $50 per update, per person per statement.
Ms. LaDue inquired if the actuarial work was extra and learned it was included in the
fee.
Mr. Taylor asked how many plans use third party /actuarial services and learned there
were 18. Attorney Levinson commented they would still need an actuary for the plan's
actuarial valuation and the fee would only be for administration.
Chair Athol commented access to her for calculations would be via phone or online.
She could also set up meetings before and after the quarterly meetings. Foster and
Foster would give a quote if there were any special projects outside the retainer.
Ms. LaDue commented there would be a lot of buy backs of service time and asked if
that would be an extra charge and learned it would not.
Mr. Taylor asked if the scope and appendix which had additional services would
become part of the contract covered under the fee structure. Ms. Jenne had reviewed
the annual share account statements and producing a certificate is an extra $2,000 per
plan and the annual report is $3,000 per plan. Everything else was included in the fee.
Currently, the auditor prepares the annual report. Attorney Levinson inquired what
would happen if either Board wanted more face time on a monthly or weekly basis. Ms.
Jenne would give a flat fee depending what was wanted. If someone was in the office
once a week for eight hours, the fee would probably be $650. If they had meetings the
same day as a Trustee meeting, there would be no extra fee.
Mr. Taylor requested she send an email itemizing the services not covered including the
incremental cost over and above the fee structure.
Attorney Levinson asked if the firm was ever terminated by any Plan for administration.
Ms. Jenne responded they have never been terminated, but if they ever would, they
would turn over all files to whoever takes over the Plan.
Attorney Jensen explained the Board owns its own pension system including downloads
from the City's payroll system and the accounting system is tied to it. Ms. Jenne
explained they would move from the current system to Foster and Foster's system. It
could stay on the same system and they would maintain it. It was up to the Board.
Attorney Jensen asked if Foster and Foster's system could take downloads on salary
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Meeting Minutes
Special Meeting Fire and Police Pension Board
Boynton Beach, Florida March 1 6, 20 15
information, or if they take annual information from the actuary. Ms. Ferrel responded
they could use either.
Ms. LaDue conducts biweekly downloads so she could provide current accrued
benefits to the members. The calculator would not have the information embedded.
Chair Petty asked if Ms. LaDue was doing anything that was not covered in the RFP.
Ms. LaDue responded she does the benefit calculations and sends them to the actuary.
She asked if Foster and Foster does the same thing. Ms. Jenne explained they could
run the estimator, but the actuary signs off on the final estimate. Ms. LaDue
commented she runs estimates and the final because the program is very accurate.
When the member decides their benefit option, she sends it to the actuary. The actuary
has to do the calculations anyway. In this case they are just reviewing the calculations
are correct.
Attorney Levinson requested Ms. Jenne make a case how she worked with plans
without meeting face -to -face. Ms. Jenne explained when a member prepares to retire it
could be done electronically with hard copies mailed to her and she sets up an
appointment with the member to explain everything face -to -face.
11:15 - Precision Pension Administrative Service (Heard out of order)
Dave Williams and Bob Dom, Precision Pension Administrative Service, explained
in 1983 he was hired as a police officer in Sunrise. He spoke with long standing officers
about the retirement system and was told no one retires. His career continued and after
three years, he became involved with the pension, which was a General Employees,
Firefighters and Police plan all under one umbrella. For the next three years, he
learned, trained and educated himself about pensions and in 1989, the three categories
of employees were separated into three plans. He became a Trustee and Chairman of
the Police Pension Board, remaining in that position until he retired. In 2000, he
transitioned from being the Chairman for the Police Pension Plan and became the
pension administrator for Sunrise. He started his own company and administered the
Sunrise plan for all those years by himself. in 2001, he administered the Hollywood
Plan. He wanted to have a niche business and have a fair livelihood that was not too
big. He met with Ms. LaDue and Mr. Dom to conduct due diligence to see if they would
be a good fit and review the groundwork already in place. He thought it would be a
perfect transition compared to other plans he administers. He handled the West Palm
Beach plan and when they took over, the membership was hostile as they were
unhappy with the administrator and the way things were done. It took Mr. Williams a
year to get the West Palm Beach plan in order.
Bob Dorn explained they are a professional firm. They are transparent, communicate,
and post notices so all are aware what is occurring with the Plan. He commented they
are dedicated and help the members with issues that arise. Both he and Mr. Williams
have both been Chairmen, Trustees, Secretaries and Union representatives for the FOP
and PBA and have over 20 years of experience as pension administrators. The service
they provide is bar none compared to anyone and he invited the Trustees to contact any
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Meeting Minutes
Special Meeting Fire and Police Pension Board
Boynton Beach, Florida March 16, 2015
of the actuaries, vendors or members. Messrs. Falcon and Dorn call right back if a
member calls and they are busy. The latest they will respond is 24 hours. He
encourages member questions and they can call him at any time. They also encourage
members to use the website and Mr. Dorn thought both Plans were big enough to have
their own website.
When Precision Pensions takes over a plan, they meet with all the Trustees and see
what they liked about the prior administrator, what is different and where they want to be
one, three and five years down the road. They obtained a Government Finance Officers
Association Certificate. The Comprehensive Annual Financial Report is done
independently and they award certificates based on the review. The Board wanted to
use a CAFR and second to the City of Orlando, Sunrise was awarded a Certificate of
Achievement. They also belong to the Public Pension Coordinating Council.
Satisfaction surveys for West Palm Beach and Hollywood were included in the meeting
presentation. Mr. Dom explained sometimes they and the trustees want feedback from
the retirees and members and occasional surveys could help identify a new service or
level of member satisfaction.
Financials were contained in the handout which detailed expenses that are paid are
distributed a week before each meeting. Mr. Williams supported having an office so
members would have a place to go locally and it provides a high level of service to the
members. Mr. Williams gave a few proposals for on and off site.
Chair Athol asked how many hours the office would be staffed. Mr. Dom responded it
depended on what was needed for the Plan. He thought someone would be there every
day for the first six months. Mr. Dom suggested one or two set days and then a flexible
schedule to cover shift work. Mr. Dom could go to the Police Department or meet
members at the office. Mr. Williams suggested they offered a higher standard of service
than some of the other presenters.
Information about the website was distributed. The West Palm Beach site had a log in
requiring a Social Security number. Mr. Williams did not favor the use of the social
security numbers. Members would come up with their own password to be used for
access. The file uploaded on the internet is not connected to their services, it is a
standalone file and there is no data that could breach one's identify.
Information is backed up on and off site. As to the Plan's computer system, Mr.
Williams advised he would have to access it to determine if it needed to be upgraded. If
the current software was working for the Plan and it was the best for the Board, they will
keep it and adapt to that system. Mr. Williams explained their ITS department created
customized software for each plan. The software has been tested and it helps with the
State reports and statistical data.
Mr. Taylor noted item 8 of the RFP pertained to a statement of bonding and/or
insurance coverage carried by the bidder, and commented the firm did not have
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Special Meeting Fire and Police Pension Board
Boynton Beach, Florida March 16, 2015
separate insurance at this time. He asked if they would look to the Plan to provide it,
with them named as insured and learned they would. There would be no additional
expense and they would guarantee the final fee for three years.
Mr. Taylor inquired if items in the RFP's Scope of Services and Appendix would be fully
covered and incorporated into the fee structure. Mr. Williams responded they were. Mr.
Taylor noted the proposal indicates that all IT costs would be separate from the
administration of the Plan.
Chair Petty asked about the cost of the website. Mr. Williams responded it would be no
more than $1,500 to $2,000 to create and it would be the Plan's website. Monthly
maintenance would be $25 to $50 per month. Either Mr. Williams or the IT department
would upload and update the website. Mr. Dom explained their file system is secure,
locked and has an alarm. There had been breaches with other administrators, and they
wanted to address the issue.
Attorney Levinson asked if the firm has ever lost any clients and learned they have not.
The new plans they acquired were from administrators who were also making
presentations. Mr. Dom emphasized he or Mr. Williams would handle the work.
Mr. Williams noted Foster and Foster is an actuarial consulting firm. FHATPA are
insurance adjusters or processers and Human Resource people. Precision Pensions
has the proven history and knowledge to administer the Plan.
10:45 - Pension Resource Centers
Scott Baur, Pension Resource Centers (PRC), introduced Kerry Dutton, Plan
Administrator, and Sergio Giron, the IT Director, and explained they are already
involved with the City's plans. He thanked the Boards for the opportunity to make the
presentation about plan administration and the operation of a local office. Mr. Baur
noted there are two different plans presently and both Boards may not make the same
decision how to operate in the future. He was aware Gary Chapman made a proposal
to provide administration services and commented if the Boards still want to operate a
local office, there is no substitute for having an administrator available a member can
see when they want. Mr. Chapman has an excellent background and does understand
the Plans. if the Board's used Mr. Chapman, they could provide the same services they
have now and provide operational continuity. The Pension Resource Center's (PRC)
primary office is in Palm Beach Gardens and Mr. Baur explained they have the
resources and understanding of the plans to back up the selected administrator. He
thought Mr. Chapman would be the logical choice.
Mr. Baur explained as administrators they are an acknowledged fiduciary to the Plan
and they operate the Plan with the Board. As a systems provider, they host the
systems and the data, and had taken the legacy systems and rewrote them to be more
current. PRC provides online access to the data, and they were engaged for that type of
specific support. They have the data, they understand the benefits and there would be
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Special Meeting Fire and Police Pension Board
Boynton Beach, Florida March 16, 20 15
no break in continuity if they stepped in and did the job. If the administrator got sick,
they could step in without downtime.
Mr. Baur explained he has been in pension administration for over 20 years and is
passionate about the business and how they service the members. He commented
they could administer everything in the RFP and they already do so on a large scale.
PRC completes an annual Statement of Standards for Attestation Engagement (SSAE)
16 Report for their own intemal controls, procedures and process. There is a people
side of the job and information side of the job. A substantial part of the Plan is the
maintenance of the information for the reporting process and for determining benefits for
individual people.
Ellen Schaffer wrote the programs used by the two Boynton Beach Plans. Mr. Baur has
worked with Ms. Shaffer in 2002. She worked with a lot of separate plans and PRC now
administers many of those plans, becoming the largest user of her systems. They
created a partnership with her to provide continuity and they are capable of maintaining
those systems without Ms. Schaffer. PRC can update the system allowing for online
member access.
Chair Petty asked what PRC was currently doing and why the switchover with the
Firefighters' Plan had not been made yet. Mr. Baur explained the systems are available
for use, but they are not really being used, only from the legacy side, and part of that is
a transition issue. Ms. LaDue may not learn to use the new system and new interface
since she is leaving. The systems are capable of doing everything that was offered, but
it was a matter of getting the local office to use them. Mr. Baur explained they were
keeping the new system up to date as well as the old system. The new system offers
online benefits to members. Any slowness with the original implementation had to do
with special benefits, but they are not talking about a year's time.
Ms. LaDue asked if the system was set to go in the last month. Mr. Giron responded
they have been polishing the features based on customer feedback. Boynton Beach's
application is set to go in about three months.
Ms. Dutton meets off and on site as the Plan is fairly busy. She would schedule the
meetings, post the agendas, do minutes, act as liaison between the service providers
and Trustees, maintain all records, statements and documents, handle the files,
recordkeeping, communicate between the Trustees and work with the members on
retirement, benefits, and more.
Mr. Baur explained they provide interim financials for many different plans and interact
with auditors, reconcile the accounts, provide reporting, process benefits up to and in
addition to issuing checks and payments out of the office including reporting and
payments to the IRS. They know the process for account and DROP statements. There
will be online access for the members. if they have a local office, it will not replace the
kind of individual interaction they have with the members of the plan. He thought if
using an outside administrator PRC was the best fit. They will work with the Boards
10
Meeting Minutes
Special Meeting Fire and Police Pension Board
Boynton Beach, Florida March 16, 2015
noting there are some economies of scale and he was confident in terms of their office.
They have 21 people who work for them, two attorneys, and they use an outside
accounting firm to oversee controls and procedures and complete the SSAE 16 audits.
He commented this is what sets them apart from other firms and this was exclusively
what they do. He invited all to go on the website. Currently, they provide systems for a
fee. For the Firefighters Plan, they planned to add an additional fee for the additional
services they were being offered in addition to the fees they already pay of $1,250 per
month. They proposed to provide total plan administration for $2,875 for Police and
$2,675 for firefighters.
Chair Petty asked what the additional cost to staff the office for about 20 hours per week
would be. Mr. Baur inquired if they created that arrangement, if it could be extended to
the General Employees plan. Mr. Baur thought it would be about $500 if the General
Employees Plan participated. The additional would be about $12,000 a year if hired to
do total plan administrative services. The other choice is not to maintain the local office.
The system they use is cloud based.
(Ms. Bush left the meeting at 12:10 p.m.)
Chair Athol commented they want an office somewhere for an administrator. Mr.
Henderson asked if they schedule meetings or have an open door. Ms. Dutton
explained it depended. Currently, she is very busy and days are booked when she
comes. They would be available as much as the demand required.
Mr. Henderson noted items like buy -back of service and divorce and asked if those
were included in the fees. The only fee that was not included was related to retirement.
He clarified they spend lots of time reviewing retirements with the members and it was a
nominal fee. Ten or 12 people retiring is normal, but they had large cities offering
buyouts and 300 or 400 employees were retiring at the same time. PRC employees
were working 60 and 70 hours to keep up with the demand and the additional revenue
was to compensate staff.
Attorney Levinson inquired if they were ever terminated by a Plan and if so, what the
circumstances were. Mr. Baur explained they do not lose people, but they had plans
close, shutdown or transition to another plan. He read a list and commented they did
lose West Palm Beach Police Pension Fund a number of years ago and there were
many circumstances involved. Royal Palm Beach and Delray plans were specific
situations that had to do with audits that were very political in 2008 which he explained.
Those two plans had the same auditor. PRC has 14 separate auditors and they all have
different requirements and interpretations regarding GASB as they applied to the plan,
so they then managed those expectations to the greatest common factor, and if
something is required, they will implement it across the Board. As a result, they
engaged an outside audit and accounting firm to oversee the production of the financial
statements to be more in conformance to the generally accepted accounting principles.
Since then PRC has not lost anyone.
11
Meeting Minutes
Special Meeting Fire and Police Pension Board
Boynton Beach, Florida March 16, 2015
Mr. Baur explained PRC would be happy to continue the relationship in whatever
capacity is selected.
B. Additional Pension Auditors Report -
1) Discussion, review and fee quote on additional reporting requested by
City auditor, Scott Porter, CPA. — various Emails.
Attorney Jensen explained the City's auditor contacted the Police Plan auditor
requesting additional information. She spoke with Tim Howard, Finance Director, and
learned the City needed an opinion from the Plan's auditors to lift the work the auditors
did for the Police Plan and put it in the City's Audit. Jeanine Bittinger, Jamieson, Cristini,
advised it would cost $1,500 to do the letter for each Board.
Chair Petty asked if it was expressed to the City they let the Board's know that the next
time they need the information they let them know ahead of time before the Plan's audit
was completed. Mr. Taylor agreed and recommended they advise the City the Plans
were being gracious picking up the fees, and in the future, it was hoped they would do
more timely planning so they do not have to incur these fees to the auditors. The City
auditor should have notified the Fire and Police plans. Attorney Jensen agreed to
convey the message.
Attorney Levinson explained the issue was they just completed the audit and the City's
Auditor wanted a reasonable assurance opinion. Had they asked for the information
prior to the closing of the audit, it would not have been an issue. Since the audit was
finished, the Plan's auditor is charging $1,500 to do the additional work. It was hoped
next year it would not be an issue again.
Motion
Ms. Llopis moved to approve the cost for the additional work. Mr. DeGuilio seconded
the motion that unanimously passed.
Attorney Levinson commented they checked with other auditors and it would take them
much longer to do the work and it would cost a lot more.
Motion
Mr. Henderson moved to pay the additional fee. Mr. Taylor seconded the motion that
unanimously passed.
Ms. LaDue commented the auditor advised her of the 30 or more plans they audit, they
have not had a similar request from any other City.
Discussion followed the members should think about the presentations. Mr. Henderson
was leaving the Firefighters' Pension Board, but he would attend the April 29 meeting.
12
Meeting Minutes
Special Meeting Fire and Police Pension Board
Boynton Beach, Florida March 16, 2015
They will also have a Board member out of town. After discussion, Police and Fire
agreed to meet the on Wednesday, April 13, 2016, at 9 a.m. at Renaissance Commons.
Chair Petty asked about the status of Chief Hoggatt's pension membership. Attorney
Levinson explained the General Employees plan talked about it, but the actuary was not
present. They are still waiting on the verification of the calculations, and they pay
interest. There will be a credit in the General Employee plan and an amount due in the
other Plan. Ms. LaDue had already sent a letter to Ms. Dutton.
VIII. PENSION ADMINISTRATOR'S REPORT: NIA
IX. PUBLIC AUDIENCE COMMENTS:
(Limited to three (3) Minutes)
X. ADJOURNMENT:
There being no further business, there was consensus to adjourn. The meeting
adjourned at 12:31 p.m.
Catherine Cherry
Minutes Specialist
31816
13
Barbara Ladue
From: Gabriel, Roeder, Smith & Company <mark.randall @gabrielroeder.com>
Sent: Monday, April 18, 2016 3:34 PM
To: ladueb @bbpdpension.com
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�'�°;. ! 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.pbrielroeder.com
March 31, 2016
Ms. Barbara La Due
Pension Administrator
Renaissance Executive Suites
1500 Gateway Blvd. Suite 220
Boynton Beach, Florida 33426
Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund
Dear Barbara:
Enclosed is a Supplemental Actuarial Valuation Report illustrating the impact of a reevaluation of the cost
of the 2% COLA, which was first implemented by Ordinance 06 -092. The results are based on census and
asset data as of October 1, 2015.
This report was prepared in compliance with Ordinance 06 -092, which requires an actuarial reevaluation of
the cost of the COLA every three years. The last time this reevaluation was completed was as of October 1,
2012. A copy of this report should be provided to the City. This report may be provided to parties other
than the City only in its entirety and only with the Board's permission. GRS is not responsible for
unauthorized use of this report.
The purpose of this report is to describe the financial effect of the changes summarized above. This
report should not be relied on for any purpose other than the purpose described above. Determinations of
financial results associated with the benefits described in this report, for purposes other than those
identified above may be significantly different.
The calculations are based upon assumptions regarding future events, which may or may not materialize.
Future actuarial measurements may differ significantly from the current measurements presented in this
report due to such factors as the following: plan experience differing from that anticipated by the
economic or demographic assumptions; changes in economic or demographic assumptions; increases or
decreases expected as part of the natural operation of the methodology used for these measurements
(such as the additional cost or contribution requirements based on the plan's funded status); and changes
in plan provisions or applicable law. If you have reason to believe that the assumptions that were used
are unreasonable, that the plan provisions are incorrectly described, or that conditions have changed since
the calculations were made, you should contact the author of the report prior to relying on information in
the report.
The calculations in this report are based upon information furnished by the Plan Administrator for the
October 1, 2015 Actuarial Valuation concerning Plan benefits, financial transactions, plan provisions and
active members, terminated members, retirees and beneficiaries. We reviewed this information for
internal reasonability 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.
This report has been prepared by actuaries who have substantial experience valuing public employee
retirement systems. To the best of our knowledge the information contained in this report is accurate and
fairly presents the actuarial position of the City of Boynton Beach Municipal Firefighters' Pension Trust
Ms. Barbara La Due
March 31, 2016
Page 2
Fund as of the valuation date. All calculations have been made in conformity with generally accepted
actuarial principles and practices, and with the Actuarial Standards of Practice issued by the Actuarial
Standards Board and with applicable statutes.
Peter N. Strong and Jeffrey Amrose are members of the American Academy of Actuaries. These
actuaries meet the Academy's Qualification Standards to render the actuarial opinions contained herein.
The undersigned actuaries are independent of the plan sponsor.
We welcome your questions and comments.
Sincerely yours,
6,,�
S n FSA A e 6 � u Amrose MAAA
g,
Senior Consultant & Ac uary Senior Consultant & Actuary
PNS /jc
Enclosures
Gabriel Roeder Smith & Company
SUPPLEMENTAL ACTUARIAL VALUATION REPORT
Plan
City of Boynton Beach Municipal Firefighters' Pension Trust Fund
Valuation Date
October 1, 2015
Date of Report
March 31, 2016
Report Requested by
Automatic actuarial reevaluation of the cost of the COLA under Ordinance 06 -092, which must
be completed every three years
Prepared by
Peter N. Strong
Group Valued
All active and inactive Firefighters
Plan Assumptions and Methods Being Considered for Change
None
Plan Provisions Being Considered:
➢ Reevaluation of the actuarial cost of the 2% annual COLA deferred 5 years for members who
retire or enter the DROP after October 1, 2006
➢ Reevaluation of the increase in member contributions from 7% to 12%
Participants Affected
All active participants as well as inactive participants who are currently receiving the COLA
Actuarial Assumptions and Methods
Same as October 1, 2015 Actuarial Valuation Report.
Some of the key assumptions /methods are:
Investment Return — 7.50%
Salary Increase — 3.5% to 14.5% per year depending on service
Cost Method — Entry Age Normal
Amortization Period for Any Change in Actuarial Accrued Liability
30 years
Summary of Data Used in Report
See attached page
Actuarial Impact of Proposal(s)
See attached page(s)
Other Cost Considerations
None
PARTICIPANT DATA
October 1, 2015 October 1, 2015
Valuation Reevaluation of Cost
of COLA
(If No COLA)
ACTIVE MEMBERS
Number 118 118
Covered Annual Payroll $ 10,221,317 $ 10,221,317
Average Annual Payroll $ 86,621 $ 86,621
Average Age 38.9 38.9
Average Past Service 10.9 10.9
Average Age at Hire 28.0 28.0
RETIREES, BENEFICIARIES & DROP
Number 98 98
Annual Benefits $ 5,389,431 $ 5,361,339
Average Annual Benefit $ 54,994 $ 54,708
Average Age 61.1 61.1
DISABILITY RETIREES
Number 1 1
Annual Benefits $ 41,782 $ 39,373
Average Annual Benefit $ 41,782 $ 39,373
Average Age 50.3 50.3
TERMINATED VESTED MEMBERS
Number 2 2
Annual Benefits $ 58,665 $ 58,665
Average Annual Benefit $ 29,333 $ 29,333
Average Age 41.8 41.8
ACTUARIALLY DETERMINED EMPLOYER CONTRIBUTION (ADEQ -
CURRENT ASSUMPTIONS
A. Valuation Date October 1, 2015 October 1, 2015 October 1, 2015
Valuation Valuation Valuation
12.0 % Member Without COLA Increase in Amount
Contributions and 7.0 %Member of State Chapter
with COLA Contributions 175 Funds Used
B. ADEC to Be Paid During
Fiscal Year Ending 9/30/2017 9/30/2017 9/30/2017
C. Assumed Date of Employer Contrib. 10 /1/2015 10/1/2015 10/1/2015
D. Annual Payment to Amortize
Unfunded Actuarial Liability $ 2,912,970 $ 2,627,459 $ 2,912,970
E. Employer Normal Cost 2,105,539 2,188,868 2,105,539
F. ADEC if Paid on the Valuation
Date: D+E 5,018,509 4,816,327 5,018,509
G. ADEC Adjusted for Frequency of
Payments 5,018,509 4,816,327 5,018,509
H. ADEC as % of Covered Payroll 49.10 % 47.12 % 49.10 %
I. Estimate of Regular Base Chapter 175
Contributions in Contribution Year 704,322 579,772 781,954
J. Required Employer Contribution 4,314,187 4,236,555 4,236,555
in Contribution Year
K. Increase in Use of Chapter 175 Funds N/A N/A $ 77,632
ACTUARIAL VALUE OF BENEFITS AND ASSETS - CURRENT ASSUMPTIONS
A. Valuation Date October 1, 2015 October 1, 2015 October 1, 2015
Valuation Valuation Valuation
12.0 %Member Without COLA Increase in Amount
Contributions and 7.0 %Member of State Chapter
with COLA Contributions 175 Funds Used
B. Actuarial Present Value of All Projected
Benefits for
1. Active Members
a. Service Retirement Benefits $ 64,535,711 $ 56,189,256 $ 64,535,711
b. Vesting Benefits 3,931,931 3,399,558 3,931,931
c. Disability Benefits 1,799,269 1,578,555 1,799,269
d. Preretirement Death Benefits 829,790 701,405 829,790
e. Return of Member Contributions 120,989 100,777 120,989
f. Total 71,217,690 61,969,551 71,217,690
2. Inactive Members
a. Service Retirees & Beneficiaries 63,338,026 57,701,778 63,338,026
b. Disability Retirees 695,583 514,575 695,583
c. Terminated Vested Members 587,340 501,934 587,340
d. Total 64,620,949 58,718,287 64,620,949
3. Total for All Members 135,838,639 120,687,838 135,838,639
C. Actuarial Accrued (Past Service)
Liability per GASB No. 25 110,826,525 99,045,926 110,826,525
D. Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 N/A N/A N/A
E. Plan Assets
1. Market Value 65,450,324 59,190,286 65,450,324
2. Actuarial Value 66,257,757 59,997,719 66,257,757
F. Unfunded Actuarial Accrued Liability: 44,568,768 39,048,207 44,568,768
G. Actuarial Present Value of Projected
Covered Payroll 80,605,730 80,605,730 80,605,730
H. Actuarial Present Value of Projected
Member Contributions 9,672,688 5,642,401 9,672,688
I. Funded Ratio: E2 /C 59.8 % 60.6 % 59.8 %
CALCULATION OF EMPLOYER NORMAL COST - CURRENT ASSUMPTIONS
A. Valuation Date October 1, 2015 October 1, 2015 October 1, 2015
Valuation Valuation Valuation
12.0 %Member Without COLA Increase in Amount
Contributions and 7.0% Member of State Chapter
with COLA Contributions 175 Funds Used
B. Normal Cost for
1. Service Retirement Benefits $ 2,721,874 $ 2,371,195 $ 2,721,874
2. Vesting Benefits 243,175 210,309 243,175
3. Disability Benefits 155,009 134,549 155,009
4. Preretirement Death Benefits 44,362 37,412 44,362
5. Return of Member Contributions 40,262 23,480 40,262
6. Total for Future Benefits 3,204,682 2,776,945 3,204,682
7. Assumed Amount for Administrative
Expenses 127,415 127,415 127,415
8. Total Normal Cost 3,332,097 2,904,360 3,332,097
As % of Covered Payroll 32.60 % 28.41 % 32.60 %
C. Expected Member Contribution 1,226,558 715,492 1,226,558
As % of Covered Payroll 12.00 % 7.00 % 12.00 %
D. Net Employer Normal Cost:B8-C 2,105,539 2,188,868 2,105,539
As % of Covered Payroll 20.60 % 21.41 % 20.60 %
Barbara Ladue
From: Pete.Strong @gabrielroeder.com
Sent: Friday, April 01, 2016 2:37 PM
To: ladueb @bbpdpension.com
Cc: PettyM @bbfl.us; RaybuckJ @bbfl.us; adam @robertdklausner.com; c100560
@ gabrielroeder.com
Subject: Boynton Firefighters - October 1, 2015 Actuarial Valuation Report & COLA Re-
Evaluation
Attachments: 2015 Fire Valuation Report.pdf; Boynton Beach Fire - Actuarial Study - COLA
Reevaluation as of 10- 1- 2015.pdf
Good afternoon Barbara,
We have completed the October 1, 2015 Actuarial Valuation Report for the City of Boynton Beach Municipal
Firefighters' Pension Trust Fund. Attached is an electronic (PDF) version of this report. The bound hard copies
are being shipped to your attention.
Also attached is an electronic (PDF) copy of our COLA re- evaluation study as of October 1, 2015. Pursuant to
Ordinance 06 -092, the cost of the firefighters' COLA must be recalculated once every three years, and the base
amount of Chapter 175 state money to be used toward the annual contribution requirement is then adjusted to
keep the overall impact of the COLA cost neutral (when combined with the 5% increase in member
contributions). The net impact of this reevaluation is an increase in the Base Amount of Chapter 175 money
from $704,322 to $781,954.
The original signed copy of this study has been mailed to your attention.
Please let me know if you have questions.
I look forward to discussing these reports with the Pension Board on April 29 .
Best regards,
Pete Strong
Peter N. Strong, FSA, EA, FCA, MAAA
Senior Consultant and Actuary
Gabriel, Roeder, Smith & Company
One East Broward Boulevard
Suite 505
Fort Lauderdale, FL 33301 -1804
Telephone: (954) 527 -1616 (ext. 2102)
Direct: (954) 713 -2102
Fax: (954) 525 -0083
pete.strongg gabrielroeder.com
The above communication shall not be construed to provide tax advice, legal advice or investment advice.
Notice of Confidentiality:
This transmission contains information that may be confidential and that may also be privileged. Unless you are the intended recipient of the message (or authorized to
receive it for the intended recipient), you may not copy, forward, or otherwise use it, or disclose its contents to anyone else. If you have received this transmission in
error, please notes the sender immediately and delete it from your system.
1
CITY OF BOYNTON BEACH
FIREFIGHTERS' PENSION PLAN
SCHEDULE OF PENSION AMOUNTS
September 30, 2015
DAVIDSON, JAMIESON & CRISTINI, P.L.
Certified Public Accountants
Davidson, Jamieson & Cristini, P.L.
Certified Public Accountants
1956 Bayshore Boulevard
Dunedin, Florida 34698 -2503
(727)734 -5437 or 736 -0771
FAX (727) 733 -3487 Member
Members of the Firm American Institute of
John N. Davidson, CPA, CVA Certified Public Accountants
Harry B. Jamieson, CPA Florida Institute of
Richard A. Cristini, CPA, CPPT, CGFM Certified Public Accountants
Jeanine L. Bittinger, CPA, CPPT
The Board of Trustees
City of Boynton Beach Firefighters' Pension Plan
Renaissance Executive Suites
1500 Gateway Blvd., Suite #220
Boynton Beach, Florida 33426
Independent Auditor's Report
We have audited the accompanying schedule of pension amounts of the City of Boynton Beach
Firefighters' Pension Plan (Plan) as of and for the year ended September 30, 2015, and the
related notes. We have also audited the columns titled net pension liability, total deferred
outflows of resources, total deferred inflows ofresources, and total pension expense (specified
column totals) included in the accompanying schedule of pension amounts of the Plan as of
and for the year ended September 30, 2015, and the related notes.
Management's Responsibility for the Schedules
Management is responsible for the preparation and fair presentation of this schedule in
accordance with accounting principles generally accepted in the United States ofAmerica; this
includes the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of the schedule that is free from material misstatement,
whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express opinion on the specified column totals included in the schedule
of pension amounts based on our audit. We conducted our audit in accordance with auditing
standards generally accepted in the United States of America. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the specified column
totals included in the schedule of pension amounts are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the specified column totals included in the schedule of pension amounts. The
procedures selected depend on the auditor's judgment, including the assessment of the risks
of material misstatement of the pension amounts, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entity's preparation
1
The Board of Trustees
City of Boynton Beach Firefighters' Pension Plan
Boynton Beach, Florida
and fair presentation of the specified column totals included in the schedule of pension
amounts. In order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity's internal control.
Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the specified
column totals included in the schedule of pension amounts.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinions.
Opinions
In our opinion, the schedule referred to above presents fairly in all material respects, the net pension
liability, total deferred outflows of resources, total deferred inflows of resources, and total pension
expense for the Plan as of and for the year ended September 30, 2015, in accordance with accounting
principles generally accepted in the United States of America.
Other Matter
We have audited, in accordance with auditing standards generally accepted in the United States of
America, the financial statements of the City of Boynton Beach Firefighters' Pension Plan as of and
for the year ended September 30, 2015, and our report thereon, dated January 16, 2016, expressed an
unmodified opinion on those financial statements.
Restriction on Use
Our report is intended solely for the information and use of the City of Boynton Beach Firefighters'
Pension Plan management, the City of Boynton Beach, Florida and its auditors and is not intended to
be and should not be used by anyone other than these specified parties.
March 9, 2016,
2
CITY OF BOYNTON BEACH FIltEFIGHTERS' PENSION PLAN
SCHEDULE OF PENSION AMOUNTS
As of and for the year ended September 30, 2015
Net Deferred Deferred
Pension Outflows Inflows of Pension
Liability of Resources Resources Expense
Totals $ 38,406,585 $ 510.637 $ 1,343,787 $ 4,378,909
See Notes to Schedule of Pension Amounts.
3
CITY OF BOYNTON BEACH FIREFIGHTERS' PENSION PLAN
NOTES TO SCHEDULE OF PENSION AMOUNTS
As of and for the year ended September 30, 2015
Net Penion Liability
Valuation date: September 30, 2014
Measurement date: September 30, 2015
Methods and Assumptions Used to Determine Net Pension Liability:
Actuarial cost method Entry age normal
Inflation 3.5%
Salary Increases Varies by years of service from 3.5% to 14.5%
Investment Rate of Return 7.65%
Retirement Age Rates vary by age and years of service
Mortality 1983 Group Annuity Mortality Table for males and
females
Other Information:
Notes See Discussion of Valuation Results in the October
1, 2014 Actuarial Valuation Report; effective as of
October 1, 2014, the investment return assumption
was decreased from 7.65% to 7.50 %. This had not
yet been recognized as of September 30, 2014.
Deferred Outflows and Deferred Inflows of Resources by Years to be Recognized in
Future Pension Expenses
Year ending Net Deferred Outflows
September 30 of Resources
2016 $ (217,194)
2017 (217,194)
2018 (217,194)
2019 (217,193)
2020 35,625
Thereafter -
Total $ (833.150)
4
Barbara Ladue
From: Jeanine Bittinger <jb @djcpl.com>
Sent: Monday, March 21, 201611:11 AM
To: Barbara LaDue
Subject: City audit
Attachments: 2015 Boynton Beach Firefighters' Pension Schedule of Pension Amounts.pdf,
ATT00001.txt
Barbara,
This is the additional report that was requested by the City's auditor.
Can you please forward this to Tim Howard?
Thanks!
Jeanine
1
Barbara Ladue
MEMO
From: Adam Levinson <adam @robertdklausner.com>
Sent: Wednesday, April 13, 2016 12:56 PM
To: Pete.Strong @gabrielroeder.com
Cc: Barbara Ladue (ladueb @bbpdpension.com); PettyM @bbfl.us
Subject: Boynton Fire DROP loan program
Attachments: Ordinance - DROP loan program (00070565).rtF
Pete,
Attached please find the proposed Boynton Fire DROP loan program.
As you will immediately recognize, the Fire DROP loan program is being modeled after the Boynton Police DROP loan
program.
Please prepare the requisite impact statement.
Thanks,
Adam Levinson
Klausner, Kaufman, Jensen & Levinson
7080 N.W. 4th Street
Plantation, FL 33317
ph. (954) 916 -1202
fax. (954) 916 -1232
Website: www.robertdklausner.com
Disclaimer: This e-mail is intended only for the individual(s) or entity(s) named within the message. This e-mail might contain legally privileged and
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IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be
used by a taxpayer for the purpose of avoiding penalties that may be imposed by law.
1
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF BOYNTON BEACH
AMENDING CHAPTER 18, ARTICLE IV, PENSIONS FOR
FIREFIGHTERS; CREATING A NEW SECTION 18 -193
PROVIDING FOR A DROP LOAN PROGRAM; PROVIDING FOR
CONFLICTS, SEVERABILITY, CODIFICATION AND AN
EFFECTIVE DATE.
WHEREAS, Ordinance 00 -13 created a DROP program for
Firefighters, which is currently codified in Section 18 -222 of the
City Code;
WHEREAS, the Internal Revenue Code permits the establishment
of qualified DROP loan programs;
WHEREAS, the Board of Trustees of the Boynton Beach Firefighter
Pension Trust Fund has recommended the creation of a DROP loan
program;
WHEREAS, the membership would be required to defray the
administrative costs of the DROP loan program;
WHEREAS the City Commission of the City of Boynton Beach,
desires to amend Chapter 18 of the Code of Ordinances of the City
to provide for DROP loan program for firefighters;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA:
Section 1 : Section 18 -193, DROP Loan Program, is hereby
created to read as follows:
Section 18 -193 - Firefighter DROP Loan Program
{00070565.RTF;1 }
(1) A DROP Loan program is hereby established for firefighters.
(2) Availability of loans.
a. Loans are available to members only after termination of
employment, provided the member had participated in the
DROP for a period of 12 months.
b. Loans may only be made from a member's own account.
C. There may be no more than one loan at a time.
(3) Amount of loan.
a. Loans may be made up to a maximum of 500 of account balance.
b. The maximum dollar amount of a loan is $50,000, reduced
by the highest outstanding loan balance during the last
12 months.
C. The minimum loan is $5,000.
(4) Limitations on loans shall be made from the amounts paid into
the DROP and the earnings thereon.
(5) Term of loan.
a. The loan must be for at least one year.
b. The loan shall be no longer than five years.
(6) Loan interest rate.
a. The interest rate shall be fixed at time the loan is
originated for the entire term of loan.
b. The interest rate shall be equal to the prime rate
published by an established local bank on the last day of
each calendar quarter preceding the date of loan
application.
(7) Defaults on loans.
a. Loans shall be in default if two consecutive months'
repayments are missed or if a total of four months'
repayments are missed.
{00070565.RTF;112
00070565.RTF;1
b. Upon default, the entire balance becomes due and payable
immediately.
C. If a loan in default is not repaid in full immediately,
the loan may be canceled and the outstanding balance
treated as a distribution, which may be taxable.
d. Upon default of a loan, a member will not be eligible for
additional loans.
(8) Miscellaneous provisions.
a. All loans must be evidenced by a written loan agreement
signed by the member and the Board of Trustees. The
agreement shall contain a promissory note.
b. A member's spouse must consent in writing to the loan. The
consent shall acknowledge the effect of the loan on the
member's account balance.
C. Loans shall be considered a general asset of the fund.
d. Loans shall be subject to administrative fees to be set
by the Board of Trustees.
e. Outstanding loan balances shall not be credited with
earnings or losses. As the outstanding balance is repaid
with interest, earnings and losses shall be applied to the
payments and interest on a quarterly basis.
Secti 2: That all ordinances or parts of ordinances in
conflict herewith be and the same are hereby repealed.
Sect ion 3: Should any section or provision of this
ordinance or portion hereof, any paragraph, any sentence, or word
be declared by a court of competent jurisdiction to be invalid, such
decision shall not affect the remainder of this ordinance.
Section 4 : Authority is hereby granted to codify this
{00070565.RTF;113
00070565.RTF;1
ordinance.
Section 5 : This ordinance shall become effective
immediately upon passage.
FIRST READING this day of , 2016.
SECOND, FINAL READING AND PASSAGE this day of
2016.
CITY OF BOYNTON BEACH, FLORIDA
MAYOR
VICE MAYOR
COMMISSIONER
COMMISSIONER
COMMISSIONER
ATTEST:
CITY CLERK
(CORPORATE SEAL)
{00070565.RTF;114
00070565.RTF;1
Barbara Ladue
From: Bonni Jensen <bonni @robertdklausner.com>
Sent: Thursday, March 31, 2016 5:55 PM
To: Howard, Tim
Cc: bsjteam; Adam Levinson; Kerry Dutton; Barbara Ladue
Subject: Boynton Beach General Employee Pension Fund - Rehire after Retirement
Attachments: RE- employment after retirement (00069067).pdf
Tim,
As a follow up to our conversation today, attached is the draft document for our discussion. The IRS recently issued
updated proposed regulations on this matter and so other sections of the Plan may need to be updated as well —
particularly the normal retirement provisions. This will be able to get us started. This drafted is for the General
Employees, but I have included the administrator for the Police and Fire as well as the attorney for the Fire fund as I
understand this is something that may be added to all of the plans.
To make sure that your email is handled in a timely manner, please copy BSJTeam@robertdklausner.com
Bonni S. Jensen
Klausner, Kaufman, Jensen & Levinson
7080 N.W. 4 Street
Plantation, Florida 33317
Telephone: 954 - 916 -1202
Facsimile: 954 - 916 -1232
bon niCc4robertdklausner.com
Fl1f \ �1 ��WON'
I'.
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
attachment concerns tax matters, it is not intended to be used and
cannot be used by a taxpayer for the purpose of avoiding penalties
that may be imposed by law.
1
Employees' Pension Plan of the City of Boynton Beach, Florida
Strike all of current Section 18 -125 and insert in its place a new section as follows:
Sec. 18 -125 Reemployment, election or appointment to the City after retirement.
(a) Any retiree who is retired under this plan, except for disability retirement as
previously provided for, may be reemployed by any public or private employer, except the
City, and may receive compensation from that employment without limiting or restricting
in any way the retirement benefits payable under this plan. Reemployment by the City shall
be subject to the limitations set forth in this section.
(b) After normal retirement.
(1) Any retiree who is retired on normal retirement pursuant to this plan
who is re- employed by the City and who is not at age 62 at date of
retiremement, will, upon being re- employed, discontinue receipt of
benefits. Re- employed for purposes of this section includes election
or appointment to the City Commission.
(2) However, if that normal retirement is bona fide, then the retiree who
is re- employed by the City will upon being re- employed continue
receipt of benefits. Re- employed for purposes of this section includes
election or appointment to the City Commission. The Trustees are
the sole determinant as to whether the normal retirement is bona fide
based upon the facts and circumstances presented
(3) If, upon re- employment, the re- employed retiree is eligible to
participate in this plan, the retiree shall be deemed a new employee
subject to any vesting and contribution requirements.
a, The additional credited service accrued during the subsequent
employment period shall be used in computing a second
benefit amount attributable to the subsequent employment
period, which benefit amount shall be added to the benefit
determined upon the initial retirement to determine the total
benefit payable upon final retirement.
b. Calculations of benefits upon initial retirement shall be based
upon the benefit accrual rate, average annual earnings,
credited service and cost -of- living adjustment as of that date
00069067.WPD;1 Page 1 of 3
and the retirement benefit amount for any subsequent
employment period shall be based upon the benefit accrual
rate, average annual earnings (based only on the subsequent
employment period), credited service and cost -of- living
adjustment as of the date of the subsequent retirement.
C. The optional form of benefit and any joint pensioner selected
upon initial retirement shall not be subject to change upon
subsequent retirement except as otherwise provided herein,
but the member may select a different optional form and joint
pensioner applicable to the subsequent retirement benefit.
d. If a re- employed retiree does not re -vest during his re-
employment period, he shall, upon termination of employment,
receive a return of his contributions made during his re-
employment period.
(c) After early retirement.
(1) Any retiree who is retired under early retirement pursuant to this plan
and who subsequently becomes an employee of the City in any
capacity, including election or appointment to the City, shall
discontinue receipt of benefits from the plan upon rehire.
a. If by virtue of that re- employment, the retiree is eligible to
participate in this plan, the retiree shall be deemed to be one
hundred (100) percent vested upon re- employment.
b. The additional credited service accrued during the subsequent
employment period shall be used in computing a second
benefit amount attributable to the subsequent employment
period, which benefit amount shall be added to the benefit
determined upon the initial retirement to determine the total
benefit payable upon final retirement.
C. Calculations of benefits upon retirement shall be based upon
the benefit accrual rate, average annual earnings, credited
service, cost -of- living adjustment and early retirement
reduction factor as of that date and the retirement benefit
amount for any subsequent employment period shall be based
upon the benefit accrual rate, average annual earnings (based
only on the subsequent employment period), credited service,
cost -of- living adjustment and early retirement reduction factor,
00069067.WPD;1 Page 2 of 3
if applicable, as of the date of subsequent retirement.
d. The optional form of benefit and any joint pensioner selected
upon initial retirement shall not be subject to change upon
subsequent retirement except as otherwise provided herein,
but the member may select a different optional form and joint
pensioner applicable to the subsequent retirement benefit.
Retirement pursuant to an early retirement incentive program
shall be deemed early retirement for purposes of this section
if the member was permitted to retire prior to the customary
retirement date provided for in the plan at the time of
retirement.
(d) Re- employment of terminated vested persons.
(1) Re- employed terminated vested persons, including those elected or
appointed to the City Commission, shall not be subject to the
provisions of this section until such time as they begin to actually
receive benefits after termination of employment in accordance with
Section 18 -117.
(2) Upon receipt of benefits, terminated vested persons, including those
elected or appointed to the City Commission, shall be treated as
normal or early retirees for purposes of applying the provisions of this
section and their status as an early or normal retiree shall be
determined by the age they elect to begin to receive their benefit.
(e) In addition to these provisions and in accordance with Code Section
401(a)(36), an in- service pension distributions may be made in the limited circumstance
where a retiree is who retired on normal retirement at normal retirement age is re -hired by
the City, including those elected or appointed to the City Commission.
W :1W docs\LLP11500451GM100069067. W PD
00069067.WPD;1 Page 3 of 3
Barbara Ladue
From: Demarco, Rani <DemarcoR @bbfl.us>
Sent: Wednesday, April 20, 2016 4:14 PM
To: Hoggatt, Greg; Raybuck, Jon; Petty, Matthew; Lee, Rick; Lee, Rick; Landress, Michael
Cc: Clemons, Latosha; McPherson, Tim; Oldbury, Julie; Barbara Ladue; Henderson, Luke
Subject: DeMarco status update
Attachments: Knee injury Worker Comp 4- 20- 16.pdf; IMG_54741 jpg; IMG_54751.jpg; IMG 54761 jpg;
IMG_54771jpg;IMG_54781jpg;IMG 54791jpg
have just left knee doctors appointment attended by Kim(workers comp nurse), Ketlen (my nurse) and the
Dr. Reiter Just in case you don't recall I recently on February 12th had my right knee operated on. The surgery
was to replace stem cells to the medial knee. Upon opening me up he also noted that I had no cartilage on the
anterior part of my knee. In the middle of surgery workers comp was called to approve another dose of stem
cells which was driven from Wellington hospital to PBG where I was. Needless to say this was unexpected and
recovery time longer. The fact that my left foot has been MMI(maximum medical improvement) with
permanent disability doesn't help ability to use my knee. It has been over two months since surgery and I am
still in a wheelchair, in a hospital bed in my living room, and have a full time nurse to assist me with daily
activities and drive me to my dr. appointments. I just left the Dr. in which the next five weeks I will have the
same quality of life i.e. nurse, wheelchair, bed. I am going to try to start with the crutches however after 5
weeks hes not sure if I will be able to be full weight bearing. Also I will be unable to drive for another month
after that. I am attaching the workers comp form for today's appt and if you look upon back you will see MMI
6 -7 more months. Also attached is surgery pictures from Dr. Reiter showing their is no cartilage on more than
half of my knee. Pension board members and Chief Hoggatt can you please pass this document on the
remaining pension board members and attorney.
Thank you,
Rani DeMarco
Rani Demarco, Captain
Boynton Beach Fire Rescue
City of Boynton Beach
2080 High Ridge Rd. I Boynton Beach, Florida 33426
o: 561 - 742 -6329 1 f: 561 - 742 -6674
DemarcoR@bbfLus I www.boynton- beach.org I www.bbfrd.or
America's Gateway to the Gu(fstream
Please be advised that Florida has a broad public records law and all correspondence to me via email may be subject to disclosure. Under Florida
records lave, email addresses are public records. Therefore, your e-mail communication and your e-mail address may be subject to public disclosure.
1
Bl�ORE COMPLETING THIS FORM, ?LEASE CAREFULLY REVIEW THE INSTRUCTIONS BEGINNING ON PAGE 3
J� NOT�E care Providers shall legibly and aecurately complete all sections of this form, limiting (heir responszs to their area of a�er5sz
�,J[ S `L 2 �siUReview FOR INSU�t USE DNLY
3 ured Empl. ea (Patient) Name: 4. Daft or Birth :
S. Social Secu t f #
H. D of Acci danb 7. Em go e e xk Y
rl 0 S p y a. MIN with this physician?
] SS y C l �' 4•�!- o ^ ❑ a) No ❑ b) YES
S. No change in items 9 -13d since last reported visit. If checked, GD To SECTIONII.
10. Injury/ Illness for which treatment fs sought is:
❑ z) NOT WORK RELATED ❑ b) WOPK RELATED ❑ c) UNDETERMINED as of this date
11. Has the patient been determined to-have Objective Relevant Medical Findings? Pain or abnormal anatomical findings, in
tia absence of objective relevant medical findings, shall not be an indicator of injuy and/or illness and are not co
mpansabla.
a) NO ❑ b) YES ❑ c) UNDETERMINEd as of this date
if YES or UNDETERMINED, explain:
12. DlagnosFs(es): ,
13. Major Gontributing Cause: When there Is mare than one contributing cause, the reported work related injury must
conin'bute more than 50% to the present condiflon and be based on the findings in Item 11.
a) Is there a pre_exisfincd condition contributing fo the current medimt disorder?
[] 4- NO ❑ a,) YES ❑ a,) UNDETERMINED as of this data
b) Do the objective relevant medical findings Identif in Item 11 represent an exacerbation (temporary worzaning)
or aggravation (progression) of a pre - existing condition?
❑ b1) NO ❑ b exacerbation ❑ b aggravation ❑ b UNDETERMINED as of this data
c) Are there other relevant co- morbidities that 101 need to be considered i V
❑ c NO 0 c YES n evaluating or managing this patient?
d) Given your responses to the items above, i; tie injurYlUlness in question the major contributing cause for:
❑ d NO D 0 YES the reported medical condition?
❑ d4-) NO 0 d.) YES the traafinent rem mman dad (managemenf1t-eatm = ntpIan)?
El. ds) NO ❑ ci YES the functional limitations and restrictions determined?
, e -
❑ 14. LEVEL 1- Key issue: specific, well- defined medical condition, wig clear correlation betwesn objective relevant
physical Findings and patienfs'su* -cffve complaints. Treatment correlates to the specific findings,
❑ 15, r i 11 -Key issue: regional or generalized decondrfion(ng (i.e. deficits in strength, fle:dbility, endurance, and
motor control. Treatment: physical reconditioning and fiinctional restoration
❑ 16. LEVEL Ili -Key issue: poor correiafion between patient's complaints and objective, relevant physical findings, indicating
both somatic and non - somatic clinical factors. Treatment: interdisciplinary rehabilitation and mane emerrL
17. LEVEL UNDETERMINED As OF THIS DATE
A2 F 1y
- ,
;L
'18. No clinical services indicated at this time, if checked, Go To SECTION IV
❑ 19. No change in Items 2Da - 2Dg sin ca last report submitted. If checked, GO TO SECTION lV
2D. The following proposed, subsequent clinical aervica(s) isfare deemed madically necessary,
❑ a) Consulfafion with or referrzl to a specialist idenfi " " ` —
fy principal physician:
fdenti=y specialty &provide rationale:
❑ 4-1) CONSULT DNLY ❑ a REFERRAL & Go- MANAGZ
❑ b) Diagnostic TeOng: (Specify) Q 4- TRANSFER CARE
❑ c) Physical Medicine. Gheck appropriate box and indicate specificity of sEnrices, frequency and duration below:
D c-l) Physical /Occupational therapy, Chiropractic, Osteopathic or comparable physical rahabiIWDn.
❑ c� Physical ReDonditioning (Leval 11 Patient classification)
❑ r Interdisdplinary Rehabilitation Program (level III Patient Classification)
5pedfic instruclion(s);
❑ d) Ph arm aceutical(s) (specify):
❑ e) DME or Medical Supplies:
❑ surgical intervention - specify procedure(s);
❑ f1) In- office:
E] fo Surgical Faclity:
❑ f3) lnjectable(s) (e.g. pain management);
❑ g) Attendant Care:
Form DFS- F54DWG25 (revised 2114-!2008)
Page i oft
. " Fy
W
aF + '_e p ! Ci s BE;IF! eFY
Patient Name: ^ Soc.Secjt D /A:
VisttrRewew Date
Assignment of Gmibfions or ressictFans must be based upon the f lured employee's spaci{7c clinical
dysfuncSad orstaius related to the work injury, However; the presence of objective relevant medical findings
does not necassarflZ a uate fo an aufnmaSc dmWon orresMctron in functlop.
❑ 21 Na functional limitations idenfnied or restrictions prescribed as of the following date:
❑ 22. The injured workers' functional limitations and resb ideaMed in detail below, am of such severity that he/she
cannot perform activities, even at a sedentary level (e,g, hospitaltzRtion, cognitive impairment, infeejon, contagion),
as of the following date: 'Use additional sheaf if deeded.
❑ 23, The injured worker may return'ta activities &a long as he/she adheres to the functional limitations and restrictions
ideriffled below, identify ONLY those functional 2C&Ities that have specific Urn, htions and restrictions for this
patient. identify joint and/or body part Use additional sheet if needed.
Functional Activity Load Frequency & Duration ROM! Position & Other Parameters
❑ Bend'
❑ Carty
❑ Climb I � d G✓a� G
❑ Grasp
❑ Kneei �� J �� J
❑ Lift floor> waist
❑ Lift waisi>overh'ead
❑ Pull
Push
❑ Reach- overhead
❑ Sit
❑ Squat
❑ Stand
❑ Twist
❑ Walk
El
❑ Other
COMMENTS:
Other choices; Skin Contacts Exposure; Sensory; Hand Dexbrity; Cognitive; Crawi; Vision; Drive /Operate Heavy Equipment
Environmental Conditions: heat, cold, wonting at heights, vibration; Auditory; Specific Job Task(s); etc. -
NOTIr Arty Ni7CbDnarlJm&ffbns or r?s cdons assigned above apply to both on and off the job ac Vh5aS, and are in
atl'ct un8i the next scheduredeppoiMmant unlam aMenvise noted ormodMadprior to the spporntmenfdff
Specify those fvdcfforrar limitations and restrictions, in Item 4 which am permanent if MW /PIR have been assrgnedln /fpm 24.
2-4. Patient has achieved maadmum medical improvem t?
❑ a) YES, Date: L'i'b) NO ❑ c) Anticipated MMI date:
❑ d) Anticipated MMi dot° cannot be determined at this time. Future Medical Care Anticipated: e) ❑ Yes f} ❑ No
Comments•
25. % Permanentlmpairment Rating (body as awhole) Body parisystern:
25. Guide used for calculation of Permanent Impairment Rating (based on date of•aceident - see insfivctions):
❑ a) 1996 FL Uniform PiR Schedule ❑ b) Other, specify
27. Is a residual clinicai dysfuncBon or residual functional loss anticipated far the work - related Injury?
❑ a) YES ❑ b) NO ❑ c) Undstemined at this time.
22. Next Scheduled Appointment - Date &Time:
i a IVA 00M A.
"As the Physician, l helabyadest that all responses herein have been made, in accordance with the insbagons as pail of this porn, to a
reasonable degree ofinedical certainly based w' ' on objective relevant medical findings, are cons(sfent with mymedical dodumenb ition
regarding thispabent a have been sh the patient 'Y ce,v6' fy to arlyIN l P!R Informagon p rovided in this form."
Physician Group: � I p
Physician Signatu y Mk ,__ �a
Physician Name: � Ph sitter DOH License
y 1 1 Physician Specialty PSI C
nn name
If any direct billable sa pes for this visit were rendered by a provider other than a physician, please compief_ sections below:
°I hereby aftest that all responses herein relating to seivices I rendered have been made, in accordance with the h7shctions as part of Mis
Aim; to a reasonable degree of medical cerfainfybesed an objective relevant medical findings, are consistent with my medical
documentation regarding girls patlent, and have been shared with the patient
ProviderSignatp: Provider DDH License
Provider Name _ —"' baEe:
I T
n name
Form DFS- F5- DWC-25 (revised 2x1412006)
Page 2 of 2
of EM T U J i
C 0 A4 P A N Y
February 26, 2016
Boynton Beach Firefighters' Pension Fund
Ms. Barbara LaDue
Renaissance Executive Suites
1500 Gateway Blvd., Suite 220
Boynton Beach, FL 33426
RE: Class action lawsuit processing
Dear Ms. LaDue,
Thank you once again for the privilege of having served as the custodian for the Boynton Beach Firefighters'
Pension Fund. We appreciated our relationship and proud that we were the plan's custodian.
Processing class action lawsuits was a component of the service agreement with Salem Trust. It involved
identifying, filing, reporting and collecting the financial settlement of a class action lawsuit for the plan.
Because of the increasing frequency of class actions, we partnered with a firm that specializes in processing
class actions. Consistent with industry practice, a charge was only assessed when a class action lawsuit resulted
in a financial settlement. Salem Trust reimbursed the plan for the charge and processed the collection as part of
the service agreement with Salem Trust. Because the service agreement with Salem Trust has ended, the current
charge of 25% for this service will be applied to the amount collected on each class action lawsuit that has been
filed on behalf of the plan. There continues to be no charge to the plan if a financial settlement does not occur.
Even though we are not currently the custodian, we can continue this service for assets that had been placed
under our care and not currently part of a class action lawsuit. Alternatively, we will assist the class action
services provider that is selected to replace Salem Trust for future filings. Our standard rate is $125.00 per hour
to assist the firm that is selected to replace Salem Trust. Please note that the current charge of 25% on each
award, and the standard hourly rate, could change at a later date.
For your convenience, we will continue to provide this service at the 25% charge until we are notified of the
replacement who will file further class action lawsuits on behalf of the plan. We appreciate your understanding
and will be happy to answer questions you or the board may have.
Sincerely,
Mark F. Rhein,
Chief Operating Officer
Salem Trust Company
DEERFIELD BEACH TAMPA
1715 N WESTSHORE BOULEVARD, SUITE 750 ® TAMPA, FL 33607 ® TEL (877) 382 -5268 o FAX (813) 301 -1295
zoww.saIenLtritst.com
SALEM TRUST COMPANY IS A SUBSIDIARY OF U.S. FIDUCIARY SERVICES, INC., AN EMPLOYEE -OWNED COMPANY.
Barbara Ladue
From: Barbara Ladue <ladueb @bbpdpension.com>
Sent: Wednesday, April 20, 2016 2:00 PM
To: hoggattg @bbfl.us
Cc: Petty, Matthew (PettyM @bbfl.us); Adam Levinson
Subject: Fire Pension - Additional Member Contributions
Attachments: D00042016.pdf
Chief Hoggatt:
Please review the attached letter by GRS ,dated November 12, 2015. This letter outlays the member contributions due
the Fire Pension Fund for the payroll dates of November 9, 2012 thru August 14, 2015 (without interest).
You have two options for these additional contributions:
1) A lump sum payment of $15,448 on or prior to May 16, 2016. Check payable to the Boynton Beach
Firefighters' Pension Fund;
X DATE
OR
2) Bi- Weekly payments of $198.05 over a three (3) period. The bi- weekly payroll deductions to begin
with the pay period of
May 16, 2016.
X DATE
Please make your selection and return the signed and dated selection to me. Please let me know if you have any
questions.
Thank you.
Barb La Due
Pension Administrator
Boynton Beach Police & Fire Pension Funds
Phone: (561) 739.7972
- - - -- Original Message---- -
From: Scanner [ mailto:faxexecsuites @gmail.com
Sent: Wednesday, April 20, 20161:30 PM
To: BARBARA LADUE
Subject: Send data from MFP07580425 04/20/2016 13:30
Scanned from MFP07580425
Date:04/20/201613:30
Pages:2
1
~ 7 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
,r
November 12, 2015
CONFIDENTIAL
Ms. Barbara La Due
Pension Administrator
Renaissance Executive Suites
1500 Gateway Blvd. Suite 220
Boynton Beach, Florida 33426
Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund
Dear Barbara:
As you have requested, we have calculated the financial impact of correctly identifying Deputy Chief Gregory
Hoggatt as a member of the Boynton Beach Firefighters' Pension Trust Fund. Mr. Hoggatt was identified as a
Boynton Beach General Employee in the October 1, 2013 and October 1, 2014 Actuarial Valuations.
First of all, we have determined the additional amount of member contributions (without interest) owed to the
Firefighters' Pension Trust Fund by Mr. Hoggatt. The member contribution rate for Firefighters is 12% of
pensionable earnings, versus the member contribution rate for General Employees of 7% of pensionable
earnings. The additional amount (without interest) owed by Mr. Hoggatt to the Firefighters' Pension Trust
Fund for the payroll dates November 9, 2012 through August 14, 2015 is $15,448. The biweekly payment for
Mr. Hoggatt to repay this additional amount owed over a 3 -year period (without interest) is $198.05.
The impact on the October 1, 2013 and October 1, 2014 actuarial valuation results is as follows:
Boynton Beach Municipal Before Treating After Treating
Firefighters' Pension Trust Fund Mr. Hoggatt Mr. Hoggatt Increase
Required Employer /State Contribution As a Firefighter As a Firefighter (Decrease
For FYE 9/30/15
Based on 10/1/2013 Valuation $4,635,318 $4,651,943 $16,625
(Paid October 1, 2014)
For FYE 9/30/16
Based on 10/1/2014 Valuation $4,856,683 $4,877,459 $20,776
(Paid October 1, 2015)
Interest should be included on the above amounts from the dates they should have been paid to the date of
payment. Assuming a payment date of December 1, 2015, the amount of interest (at the Plan's investment
return assumption of 7.5 %) is $1,716. Interest should also be paid on the member contribution shortfall
amounts payable to the Firefighters' Pension Trust Fund (as discussed in the first paragraph) from each payroll
date to the date of repayment. Assuming Mr. Hoggatt makes biweekly payments for three years to repay the
member contribution shortfall, the total interest on the member contribution shortfall payments (at the Plan's
investment return assumption of 7.5 %) as of December 1, 2015 is $3,942.
As of December 1, 2015, the total amount owed by the City of Boynton Beach to the Firefighters' Pension
Trust Fund, including interest, is $43,059.
Ms. Barbara La Due
November 12, 2015
Page 2
This letter was prepared at the request of the Board and is intended for use by the Retirement System and
those designated or approved by the Board. This letter may be provided to parties other than the Board only
in its entirety and only with the permission of the Board.
The purpose of this letter is to describe the financial impact of correctly identifying Mr. Gregory Hoggatt as a
member of the Boynton Beach Firefighters' Pension Trust Fund. This letter should not be relied on for any
purpose other than the purposes described above.
The calculations in this letter are based upon used upon biweekly payroll data for Mr. Hoggatt provided by
the Plan Administrator as well as information furnished by the Plan Administrator for the October 1, 2013
and October 1, 2014 Actuarial Valuation Reports concerning Plan benefits, financial transactions, plan
provisions and active members, terminated members, retirees and beneficiaries. We reviewed this
information for internal and year -to -year consistency, but did not otherwise audit the data. We are not
responsible for the accuracy or completeness of the information provided by the City or 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 and
October 1, 2014 Actuarial Valuation Reports. 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 economic or
demographic assumptions; increases or decreases expected as part of the natural operation of the
methodology used for these measurements (such as the end of an amortization period or additional cost or
contribution requirements based on the plan's funded status); and changes in plan provisions or applicable
law. If you have reason to believe that the assumptions that were used are unreasonable, that the plan
provisions are incorrectly described, that important plan provisions relevant to these calculations are not
described, or that conditions have changed since the calculations were made, you should contact the author
of the letter prior to relying on information in the letter.
Peter N. Strong is a member of the American Academy of Actuaries and meets the Qualification Standards
of the American Academy of Actuaries to render the actuarial opinions contained herein. Mr. Strong is
independent of the plan sponsor.
This letter has been prepared by an actuary with substantial experience valuing public employee retirement
systems. To the best of our knowledge, the information contained in this letter is accurate and fairly presents
the actuarial position of the Plan as of the valuation date. All calculations have been made in conformity
with generally accepted actuarial principles and practices, and with the Actuarial Standards of Practice issued
by the Actuarial Standards Board and with applicable statutes.
We welcome your questions and comments.
Resp9qffilly submitted,
r e . Strong, FSA
Senior Consultant and ary
PS /jc
Enclosures
This communication shall not be construed to provide tax advice, legal advice or investment advice.
Gabriel Roeder Smith & Company
n
Klausner, Kaufman, Jensen & Levinson
A Partnership of Professional Associations
Attorneys At Law
7080 N.W. 4th Street
Plantation, Florida 33317
Tel. (954) 916 -1202 www.robertdklausner.com
Fax (954) 916 -1232 Tax I.D.: 45- 4083636
BOYNTON BEACH FIREFIGHTERS March 31, 2016
Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 18009
1500 GATEWAY BOULEVARD, SUITE 220
BOYNTON BEACH, FL 33426
For Legal Services Rendered Through 03/31/16
CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND :BOYNTON
MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE :900334
Professional Fees
Date Description Flours Amount
03/01/16 REVIEW EMAIL RE GASB 68 ISSUES; CALL FROM 0.50 150.00
AUDITOR; DRAFTED EMAILS
03/02116 DRAFTED EMAILS; CALL TO CHAIR; CONFERRED 0.50 150.00
WITH BSJ RE AUDIT ISSUES
03/03/16 RECEIPTAND REVIEWAUDITOR EMAILS; 0.50 150.00
DRAFTED EMAILS RE AUDIT TESTING AND
EXAMPLES
03/04/16 REVIEW EMAILS AND AUDITOR DESCRIPTIONS RE 2.00 600.00
ADDITIONAL ASSURANCES; DRAFTED EMAILS TO
AUDITORS; REVIEW AUDIT GUIDE AND
PROCEDURES
03/09/16 RECEIPT AND REVIEW EMAILS RE GASB 68 0.50 150.00
ASSURANCES
03/11/16 RECEIPT AND REVIEW EMAIL FROM FERRELL 0.30 90.00
JENNE RE VALUATION AND PLAN DATA; DRAFTED
EMAIL; REVIEWED LINKS ON CITY WEBSITE
03/15/16 REVIEW RFP SUMMARY; DRAFTED EMAIL TO 2.00 600.00
PETTY; REVIEW RFP AND FILE
03/16/16 ATTENDED SPECIAL BOARD MEETING; DRAFTED 5.00 1,500.00
EMAILS TO BITTINGER; DRAFTED EMAILS TO
THIRD PARTY ADMINISTRATORS
03/17/16 REVIEW VALENTINE AGREED ORDER; DRAFTED 0.70 210.00
EMAIL TO LADUE
03/21/16 RECEIPT AND REVIEW EMAIL RE VALENTINE 0.50 150.00
ORDER; DRAFTED EMAIL TO LADUE; REVIEW
ORDER
03/21/16 FOLLOW UP RE HOGATT; REVIEW FILE 0.50 150.00
Continued ...
Client: BOYNTON BEACH FIREFIGHTERS PENSION FUND March 31, 2016
Matter: 900334 - BOYNTON BEACH FIREFIGHTERS - GENERAL FILE Page 2
Professional Fees Continued...
Date Description Hours Amount
03/24/16 RECEIPT AND REVIEW EMAILS RE VALENTINE 0.50 150.00
ORDER; REVIEW BANK TRANSFER
REQUIREMENTS AND FILE
Total for Services 13.50 $4,050.00
CURRENT BILL TOTAL AMOUNT DUE $ 4,050.00
Past Due Balance 5,664.70
AMOUNT DUE '� $9,714.70
3
Klausner, Kaufman, Jensen & Levinson
A Partnership of Professional Associations
Attorneys At Law
7080 N.W. 4th Street
Plantation, Florida 33317
Tel. (954) 916 -1202 www.robertdklausner.com
Fax (954) 916 -1232 Tax I.D.: 45- 4083636
BOYNTON BEACH FIREFIGHTERS February 29, 2016
Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 17878
1500 GATEWAY BOULEVARD, SUITE 220
BOYNTON BEACH, FL 33426
For Legal Services Rendered Through 02/29116
CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND : BOYNTON
MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE 900334
Professional Fees
Date Description Hours Amount
02/01/16 REVIEW EMAILS RE RFP; CONFER WITH JENSEN 1.00 300.00
AND PETTY; REVIEW FILE
02/02/16 PREPARATION FOR BOARD MEETING 1.00 300.00
02/02/16 CONFER WITH ACTUARY; REVIEW FILE RE 0.50 150.00
PENDING ISSUES; CONFER WITH JENSEN
02/03/16 ATTENDED BOARD MEETING 5.00 1,500.00
02/03/16 CALL TO FINANCE DIRECTOR; DRAFTED EMAIL; 0.50 150.00
CALL TO ACTUARY
02/08/16 ATTENTION TO DISABILITY FILE 0.50 150.00
02/08/16 PREPARATION OF DISABILITY FILES 1.50 450.00
02/10/16 REVIEW EMAIL FROM MATT PETTY REGARDING 0.70 210.00
LOCATION OF THE ADMINISTRATOR RFP
PRESENTATIONS; DRAFT LETTER TO PRESENTERS
02/10/16 DRAFTED EMAIL TO ACTUARY RE DIVORCE 0.50 150.00
CALCULATION; DRAFTED EMAILS RE PUBLIC
RECORDS REQUEST, REVIEW FILE
02/11/16 DRAFTED EMAILS TO LADUE; CALL TO LADUE RE 0.50 150.00
PUBLIC RECORDS REQUEST
02/16/16 RECEIPTAND REVIEW EMAILS 0.20 60.00
02/18/16 CALL FROM AUDITOR; REVIEW FILE 0.50 150.00
02/24/16 RECEIPTAND REVIEW EMAILAND RFP SUMMARY 0.20 60.00
02/29/16 RECEIPT AND REVIEW EMAIL RE VALENTINE; 0.50 150.00
DRAFTED EMAIL; CALL FROM REYNOLDS
Total for Services 13.10 $3,930.00
Continued ...
6
Client: BOYNTON BEACH FIREFIGHTERS PENSION FUND February 29, 2016
Matter: 900334 - BOYNTON BEACH FIREFIGHTERS - GENERAL FILE Page 2
Costs Continued...
Date Description Amount
02/17/16 MISCELLANEOUS PHOTOCOPIES OF MEDICAL 87.45
RECORDS RE DEMARCO
PHOTOCOPIES thru 02/29/16 57.25
Total Costs $144.70
CURRENT BILL TOTAL AMOUNT DUE $ 4,074.70
Past Due Balance 1,590.00
AMOUNT DUE $ 5,664.70
'All 7
Klausner, Kaufinan, Jensen & Levinson
A Partnership of Professional Associations
Attorneys At Law
7080 N.W. 4th Street
Plantation, Florida 33317
Tel. (954) 916 -1202 www.robertdklausner.com
Fax (954) 916 -1232 Tax I.D.: 45- 4083636
BOYNTON BEACH FIREFIGHTERS January 31, 2016
Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 17753
1500 GATEWAY BOULEVARD, SUITE 220
BOYNTON BEACH, FL 33426
For Legal Services Rendered Through 01/31/16
CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND :BOYNTON
MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE :900334
Professional Fees
Date Description Hours Amount
01/06/16 RECEIPT AND REVIEW EMAILS RE RFP 0.10 30.00
01/07/16 REVIEW AND REPLY TO EMAIL FROM MATT PETTY 0.20 60.00
REGARDING RFP; FORWARD FINAL RFPAND
ADMINISTRATOR RESPONSE LIST TO MATT PETTY
01/11/16 ATTENTION TO NEW DISABILITY APPLICATION 0.50 150.00
01/19/16 REVIEW EMAIL QUESTION FROM BIDDER; 0.40 120.00
RESERACH RESPONSE; EMAIL TO BARBARA
LADUE FOR CONFIRMATION
01/20/16 DRAFT RESPONSE TO THE ADMINISTRATORS 0.30 90.00
REGARDING A QUESTION FROM A POTENTIAL
BIDDER; REVIEW EMAIL CONFIRM FROM BARBARA
LADUE; EMAIL RESPONSE TO ADMINISTRATORS
01/21/16 TELEPHONE CALL WITH FERRELL JENNE 0.10 30.00
REGARDING RFP
01/22/16 REVIEW AND RESPOND TO EMAIL FROM MARK E. 0.20 60.00
SIMPSON SENDING RFP DOCUMENTS AND
FOLLOW UP EMAIL
01/27/16 RECEIPTAND REVIEW AGENDAAND FILE; REVIEW 1.00 300.00
MANAGEMENT LETTER
01/29/16 RECEIPT AND REVIEW AGENDA PACKAGE; 1.00 300.00
DRAFTED EMAIL RE RFP; CONFERRED WITH BSJ
01/29/16 DRAFTED LETTER TO OLDBURY; REVIEW 1.00 300.00
APPLICATION AND FILE
01/29/16 REVIEW RFP RESPONSES 0.50 150.00
Total for Services 5.30 $1,590.00
Continued .
Client: BOYNTON BEACH FIREFIGHTERS PENSION FUND January 31, 2016
Matter: 900334 - BOYNTON BEACH FIREFIGHTERS - GENERAL FILE Page 2
CURRENT BILL TOTAL AMOUNT DUE $ 1,590,00
Past Due Balance / - 9.832°Z
AMOUNT DUE �I o2�� ®�L�
THE
Invoice
J, R)
` Date Invoice #
-� 3/17/2016 13480
4901 Vineland Rd Suite 600 Orlando, FL 32811
Bill To
Boynton Beach Firefighters' Pension Plan
Barbara La Due
Description Amount
Performance Evaluation for 12/31/15 Reports and Consulting 8,375.00
Services through 3/31/16
1/1/16 - 3/31/16
Balance Due $89375.00
Barbara Ladue
From: Kim Spurlin <kims @bogdahngroup.com>
Sent: Wednesday, March 30, 2016 2:20 PM
To: 'ladueb @bbpdpension.com'
Subject: Invoice from Bogdahn Group, LLC.
Attachments: Inv_ 13480_ from_The_Bogdahn_Group_5904.pdf
Dear Barbara La Due
Your invoice is attached. Please remit payment at your earliest convenience.
Thank you for your business - we appreciate it very much.
Sincerely,
Kim Spurlin
The Bogdahn Group
863- 293 -8289
Gabriel, Roeder, Smith & Company
j Consultants & Actuaries
One East Broward Blvd.
Suite 505 Invoice
Ft. Lauderdale, Florida 33301 -1804
(954) 527 -1616 °
4/6/2016 421051
-
Attention: Ms. Barbara La Due Dept. # 78009
City of Boynton Beach Gabriel, Roeder, Smith & Company
Municipal Firefighters' Pension Trust Fund PO Box 78000
Renaissance Executive Suites Detroit, Michigan 48278 -0009
1500 Gateway Blvd., Suite 220
Boynton Beach, Florida 33426
38- 1691268
W, luz
b,
For professional actuarial services rendered for the Boynton Beach
Municipal Firefighters Retirement Fund through 3131/2016
Benefit Calculations for: Carter, Nance 2.00 225.00 450.00
Preparation of Actuarial Confirmation of the Use of State Moneys Form (formerly Page 550.00
6a) for inclusion in the 2015 Annual Report to the State
Final charges for preparation of the 10/1/2015 Actuarial Valuation Report; total fee of 3,474.00
$10,895* less previous charges of $7,421
Preparation of GASB Statement No. 67 projected 9/30/2016 disclosure exhibits in 2,326.00
conjunction with the 10/1/2015 Actuarial Valuation Report (based on hourly charges,
limited to $2,500 per agreement; actual hourly charges were $2,326)
Preparation of Supplemental Actuarial Valuation Report dated 3/31/2016 showing the 4,672.00
impact of re- evaluating the cost of the Plan's COLA, as required once every three years
under Ordinance 06 -092
Amount Due $11,472
* Equal to last year's fee (no increase because change in CPI from September 2014 to
September 2015 was 0 %)
PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE, THANK YOU,
Page 1 of 1
Gabriel, Roeder, Smith & Company
C Consultants & Actuaries
One East Broward Blvd.
Suite 505 Invoice
Ft. Lauderdale, Florida 33301 -1804
(954) 527 -1616
3/11/2016 420433
Please, Remit To
Attention: Ms. Barbara La Due Dept. # 78009
City of Boynton Beach Gabriel, Roeder, Smith & Company
Municipal Firefighters' Pension Trust Fund PO Box 78000
Renaissance Executive Suites Detroit, Michigan 48278 -0009
1500 Gateway Blvd., Suite 220
Boynton Beach, Florida 33426
38- 1691268
For professional actuarial services rendered for the Boynton Beach
Municipal Firefighters' Pension Trust Fund through 2/2912016
Charges since 12/31/2015 (through 2/29/2016) for work on the 10/1/2015 Actuarial 4,192.00
Valuation Report; total charges to date equal $7,421
GASB 67 true -up letter (dated 1/22/2016), with final GASB 67 disclosure information as 450.00
of 9/30/2015
Amount Due $4,642
PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU.
Page 1 of 1
t& REGI0NS
Post Office Box 12385
Birmingham, Alabama 35202 -2385
STATEMENT OF TRUSTEES FEES
INVOICE DATE 04/07/2016
ACCOUNT # MXX696 ACCOUNT NAME: BBFD MASTER
LUKE HENDERSON
1550 GATEWAY BOULEVARD
SUITE 220
BOYNTON BEACH FL 33426
INVOICE NUMBER 101464 $ 5,015.38
SUMMARY OF ACCOUNT
PREVIOUS BALANCE 5,000.00
PAYMENTS RECEIVED: 5,000.00 -
CURRENT FEE: 5,015.38
BALANCE DUE $ 5,015.38
FEE CALCULATION DETAIL 01/01/2016 - 03/31/2016
DESCRIPTION / RATE FEE TOTAL
BASIS
MARKET VALUE PERIOD ENDING 03/31/2016
72,951,010.06 0.0000025000 18,237.75 18,237.75
$ 18,237.75
FEE CALCULATION DETAIL 01/01/2016 - 03/31/2016
ITEM AMOUNT
DISCOUNT:
PERIOD ENDING 03/31/2016 13,222.37 -
TOTAL $ 13,222.37 -
SUMMARY OF FEE CALCULATION DETAIL
ITEM AMOUNT
-------------------------- - - - - -- ------ - - - - --
MARKET VALUE 18,237.75
DISCOUNT 13,222.37 -
TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 5,015.38
FOR FEE CALCULATION PERIOD 01/01/2016 - 03/31/2016
CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT MXX696 BBFD MASTER
ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE
XXXXXX0731 BBFD ANCHOR AC 14.97112295% 750.86 BILL
XXXXXX0740 BBFD EQUITY MF 32.13395743% 1,611.64 BILL
XXXXXX0759 BBFD DSM LCG 14.50668279% 727.57 BILL
XXXXXX0777 BBFD INTL EQ MF 16.25706587% 815.35 BILL
XXXXXX0795 BBFD SCH CORE FI 10.07307912% 505.20 BILL
XXXXXX0802 BBFD SCH TIPS 1.61638373% 81.07 BILL
XXXXXX0811 BBFD GLOBAL FI 10.37352003% 520.27 BILL
, REGIONS
Post Office Box 12385
Birmingham, Alabama 35202 -2385
STATEMENT OF TRUSTEES FEES
INVOICE DATE 04/07/2016 2
FOR FEE CALCULATION PERIOD 01/01/2016 - 03/31/2016
CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT MXX696 BBFD MASTER
ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE
XXXXXX0839 BBFD R & D 0.06818808% 3.42 BILL
ACCOUNT NAME PERCENTAGE MARKET VALUE
XXXXXX0731 BBFD ANCHOR AC 14.97112295% 10,921,585.41
XXXXXX0740 BBFD EQUITY MF 32.13395743% 23,442,046.52
XXXXXX0759 BBFD DSM LCG 14.50668279% 10,582,771.62
XXXXXX0777 BBFD INTL EQ MF 16.25706587% 11,859,693.76
XXXXXX0795 BBFD SCH CORE FI 10.07307912% 7,348,412.96
XXXXXX0802 BBFD SCH TIPS 1.61638373% 1,179,168.26
XXXXXXG811 BBFD GLOBAL FI 10.37352003 % - 7,567,587 -:64- . .. -
XXXXXX0839 BBFD R & D 0.06818808% 49,743.89
FEES ARE DUE WITHIN 90 DAYS OF THE INVOICE DATE.
ANY FEE NOT PAID WILL BE CHARGED TO THE TRUST.
IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT
DAVID R. SMELTZER AT 813 - 639 -3359
INTERCONTINENTAL REALI'STATE CORPOR
INTERCONTINENIAL 11270 SOLDIERS F{ELO ROAD
BONTON, MASSACmtSETTS 0 _ 1 55 - 1003
Tra.etanNe G t 7 -78a -.Goo
F ACNtanu: 1 i 1 7 - 7 8- - -- ()4 P'
w1minterconti11c11 tRl,no
PAUL,. NASSER
Cltb intinrial t7#rrrnnd
C6i.f Qfwei ing Ojftrr
March 25, 2016
Barbara La Due
City of Boynton Beach Firefighters' Pension Fund
Renaissance Executive Suites
1500 Gateway Blvd., Suite #220
Boynton Beach, FL 33426
RE: U.S. Real Estate Investment Fund, LLC — Distribution Dated 3 -25 -16
Dear Barbara:
We are pleased to announce that U.S. Real Estate Investment Fund, LLC will be making a
distribution to you in the amount of $46,785.23, which constitutes your pro rata gross share of an
overall distribution of $17,783,921.21. The Fund has withheld $9,163.05 for payment of asset
management fees for the fourth quarter 2015, resulting in a net distribution to you of $37,622.18.
As authorized by your executed Dividend Reinvestment Plan (DRIP) letter, Intercontinental has
reinvested your net distribution of $37,622.18 into US REEF.
If you have any questions or wish to change your method of payment, please contact Peter
Hapgood at 1- 617 - 782 -2600.
Sincerely,
a �
Paul J. Nasser
Davidson, Jamieson & Cristini, P.L. Invoice
1956 Bayshore Blvd. Date invoice 4
Dunedin, Fl 34698
4/5/2016 R7491
Phone # 727 - 734 -5437
Fax # 727- 733 -3487
Bill To
City of Boynton Beach Firefighters'
Pension Plan
1500 Gateway Blvd.
Suite 220
Boynton Beach, Florida 33426
Description Amount
Audit of Financial Statements for the year ended September 30, 2015
Final billing 11,500.00
Less amount previously billed - 6,000.00
Total $5,500.00
Payments /Credits $0.00
Balance Due $5,500.00
Terms. Invoices are due and payable upon receipt. Any
amounts remaining unpaid after 30 days will be assessed
a Service Charge equal to I% per month (12% per
annum). Minimum monthly service charge is $5.00
Davidson, Jamieson & Cristini, P.L. Invoice
1956 Bayshore Blvd.
Date Invoice #
Dunedin, Fl 34698
4/5/2016 R7505
Phone # 727 - 734 -5437
Fax # 727 - 733 -3487
Bill To
City of Boynton Beach Firefighters'
Pension Plan
1500 Gateway Blvd.
Suite 220
Boynton Beach, Florida 33426
Description Amount
Preparation of 2015 Annual report for the Florida Division of retirement 2,000.00
Total $2,000.00
Payments /Credits $0.00
Balance Due $2,000.00
Terms: Invoices are due and payable upon receipt. Any
amounts remaining unpaid after 30 days will be assessed
a Service Charge equal to I% per month (12% per
annum). Minimum monthly service charge is $5.00
Davidson, Jamieson & Cristini, P.L. Invoice
1956 Bayshore Blvd. Date Invoice #
Dunedin, Fl 34698 4/5/2016 87511
Phone # 727 -734 -5437
Fax # 727 - 733 -3487
Bill To
City of Boynton Beach Firefighters'
Pension Plan
1500 Gateway Blvd.
Suite 220
Boynton Beach, Florida 33426
Description Amount
Preparation of your agreed upon procedures report under GASB 68 1 1 500.00
Total $1,500.00
Payments /Credits $0.00
Balance Due $1,500.00
Terms: Invoices are due and payable upon receipt. Any
amounts remaining unpaid after 30 days will be assessed
a Service Charge equal to I% per month (12% per
annum). Minimum monthly service charge is $5.00
�V'.� � Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone
Consultants &Actuaries Suite 505 954.525.0083 fax
T ° Ft. Lauderdale, FL 33301 -1804 www.gabrielroeder,com
March 31, 2016
CONFIDENTIAL
Ms. Barbara La Due
Pension Administrator
Renaissance Executive Suites
1500 Gateway Blvd. Suite 220
Boynton Beach, Florida 33426
Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund
Dear Barbara:
You have asked us to verify the retirement benefits for the following employee:
NANCE, Rodrick L. (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,
We welcome your questions and comments.
Sincerely yours,
Peter N. Strong, FSA
Senior Consultant and Ac ry
PS /jc
Enclosures
This communication shall not be construed to provide tax advice or legal advice unless it contains one of the
following phrases, or substantially equivalent language: "This communication is intended to provide tax
advice." Or "This communication is intended to provide legal advice."
Barbara Ladue
From: Barbara Ladue <ladueb @bbpdpension.com>
Sent: Tuesday, March 22, 2016 11:07 AM
To: Israel.Bichachi @gabrielroeder.com
Cc: Pete.Strong @gabrielroeder.com
Subject: Boynton Fire - Rodrick Nance Retirement Verification
Attachments: D00O32216.pdf
Israel:
Attached is the final benefit run for Rod Nance retirement into the DROP effective 10 -01 -2015 for your review and
verification of benefit for the Fire Pension Board. (The next scheduled Board Meeting is 4 -29 -2016)
Rodrick Nance, SS# 266- 89 -XXXX, retirement into DROP 9 -30 -2015, 100% Survivor Annuity Option, amount of
$6125.89, initial DROP deposit
10- 02015.
Thanks.
Barb La Due
Pension Administrator
Boynton Beach Police & Fire Pension Funds
Phone: (561) 739.7972
- - - -- Original Message--- -
From: Scanner [ mailto:faxexecsuites @gmail.com
Sent: Tuesday, March 22, 201610:45 AM
To: BARBARA LADUE
Subject: Send data from MFP07580425 03/22/201610:45
Scanned from MFP07580425
Date:03/22/201610:45
Pages:7
Resolution:200x200 DPI
----------------------------------------
i
CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM
FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1
December 15, 2015
NAME NANCE, RODRICK L # 488 SSN 266 -89 -xxxx DEPT 22
ADDRESS
CONTR(NTX) .00
PEN HIRE 09/14/1995 BALANCE 163,487.10
ADJ HIRE 09/14/1995
RETIRE 09/30/2015 TYPE NP
LAST SERV 09/30/2015 36 MO EARN 398,117.91
ELIG NORM 09/14/2015 AVG MO EARN 11,058.83
ELIG EARLY 00 /00 /0000 SERV AT TERM 20 0 16
100% VEST 09/14/2005 AGE AT RETIRE 47 8 20
COMMENCE 10/01/2015_ b po COM ANB /DIFF 48 -1
LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100
BEN NAME
AIRTIME 0 0 0
VAC HRS /CD 166.15/N6 HOURLY RATE 40.376 y 411 SIC HRS /CD 147.70 F1 VAC SIC PAYOUT; �2
ACCRUE PER .00 EARLY OPTION
LAST PAY 20151116- 20151129
TERM -DATE 20150930 RATE .60132.
BENEFIT 6,649.90
EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00
TEN YEAR CERTAIN & LIFE 6,649.90
LIFE ANNUITY FACTOR: 1.01300 MODIFIED LIFE ANNUITY 6,736.35
100% SURV. FACTOR: . 92120 100 % SURV. ANNUITY 6,125.89 7�l��
SURVIVOR BENEFIT 6,125.89
66 2/3% SURV. FACTOR: .94990 66 2/3% SURV. ANNUITY 6,316.74
SURVIVOR BENEFIT 4,211.37
50% SURV. FACTOR: .96500 50% SURV. ANNUITY 6,417.15
SURVIVOR BENEFIT 3,208.58
75% JOINT LAST FACTOR: .96240 75% JOINT & LAST ANNUITY 6,399.86
SURVIVOR BENEFIT 4,799.90
50% JOINT LAST FACTOR: 1.00730 50% JOINT & LAST ANNUITY 6,698.44
SURVIVOR BENEFIT 3,349.22
EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV
NUMBER OF EXPECTED PAYMENTS 0 0
TAX -FREE PORTION OF MONTHLY BENEFIT .00 .00
DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00 /00 /0000 00 /00 /0000
Prepared by
* indicates manual override
CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM
FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2
December 15, 2015
RODRICK L NANCE
H I G H Y E A R O N E H I G H Y E A R T W 0
PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES
09/21/15 1.6 66,148.37p�, 08/11/14 2.0 8,613.81
09/07/15 2.0 4,360.67 07/28/14 2.0 3,807.21
08/24/15 2.0 3,876.15 07/14/14 2.0 3,854.80
08/10/15 2.0 10,129.47 06/30/14 2.0 3,807.21
07/27/15 2.0 3,876.15 06/16/14 2.0 5,205.17
07/13/15 2.0 4,499.97 06/02/14 2.0 3,807.21
06/29/15 2.0 4,602.93 05/19/14 2.0 3,807.21
06/15/15 2.0 3,876.15 05/05/14 2.0 3,884.54
06/01/15 2.0 3,924.60 04/21/14 2.0 3,807.21
05/18/15 2.0 3,876.15 04/07/14 2.0 3,854.80
05/04/15 2.0 3,876.15 03/24/14 2.0 3,807.21
04/20/15 2.0 3,876.15 03/10/14 2.0 3,807.21
04/06/15 2.0 3,876.15 02/24/14 2.0 4,538.91
03/23/15 2.0 3,876.15 02/10/14 2.0 3,807.21
03/09/15 2.0 3,973.05 01/27/14 2.0 3,854.80
02/23/15 2.0 3,876.15 01/13/14 2.0 3,807.21
02/09/15 2.0 3,876.15 12/30/13 2.0 3,854.80
01/26/15 2.0 4,683.87 12/16/13 2.0 3,807.21
01/12/15 2.0 5,282.50 12/02/13 2.0 3,807.21
12/29/14 2.0 3,831.01 11/18/13 2.0 3,807.21
12/15/14 2.0 3,807.21 11/04/13 2.0 3,807.21
12/01/14 2.0 3,854.80 10/21/13 2.0 3,957.82
11/17/14 2.0 3,807.21 10/07/13 2.0 3,706.80
11/03/14 2.0 3,902.39 09/23/13 2.0 3,706.80
10/20/14 2.0 5,205.17 09/09/13 2.0 4,193.32
10/06/14 2.0 3,807.21 08/26/13 2.0 8,103.99
09/22/14 .4 1,273.99 00 /00 /00 .0 .00
TOTAL 52.0 175,855.92 TOTAL 52.0 110,824.09
CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM
FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3
December 15, 2015
RODRICK L NANCE
H I G H Y E A R T H R E E
PAY EFF WEEKS WAGES
01/04/10 2.0 3,658.80
12/21/09 2.0 3,704.54
12/07/09 2.0 3,658.80
11/23/09 2.0 3,658.80
11/09/09 2.0 5,073.73
10/26/09 2.0 3,658.80
10/12/09 2.0 5,030.85
09/28/09 2.0 5,030.85
09/14/09 2.0 3;747.42
08/31/09 2.0 4,116.15
08/17/09 2.0 6,262.84
08/03/09 2.0 8,232.30
07/20/09 2.0 3,658.80
07/06/09 2.0 3,658.80
06/22/09 2.0 3,658.80
06/08/09 2.0 5,076.59
05/25/09 2.0 3,701.67
05/11/09 2.0 3,658.80
04/27/09 2.0 4,259.07
04/13/09 2.0 3,658.80
03/30/09 2.0 3,696.04
03/16/09 2.0 3,499.43
03/02/09 2.0 3,499.43
02/16/09 2.0 3,499.43
02/02/09 2.0 4,811.72
01/19/09 2.0 4,210.25
01/05/09 .6 1,056.39
TOTAL 52.6 111,437.90
CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM
FINAL STATEMENT OF RETIREMENT BENEFITS
December 15, 2015
Participant's Name: RODRICK L NANCE Social Security #: 266- 89 -xxxx
You are eligible for a(n) NORMAL Retirement Benefit from
the Plan. Your benefit is payable at the beginning of each month com-
mencing October 1, 2015 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 $ 6736.35 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 $ 6649.90 to you as long as you live. If you should
die before 120 monthly payments have been made, the monthly payment of
$ 6649.90 will continue to be made to your beneficiary until a total of
120 monthly payments have been made in all.
gLP 3. 100% SURVIVOR ANNUITY: This option provides monthly payments
of $ 6125.89 to you as long as you live. Your beneficiary, if living at
the time of your death, will receive monthly payments of $ 6125.89 for
as long as he /she lives.
4. 66% SURVIVOR ANNUITY: This option provides monthly payments
of $ 6316.74 to you as long as you live. Your beneficiary, if living at
the time of your death, will receive monthly payments of $ 4211.37 for
as long as he /she lives.
5. 50% SURVIVOR ANNUITY: This option provides monthly payments
of $ 6417.15 to you as long as you live. Your beneficiary, if living at
the time of your death, will receive monthly payments of $ 3208.58 for
as long as he /she lives.
6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides
monthly payments of $ 6399.86 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 $ 4799.90 will continue for the life of the remain-
ing person.
7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides
monthly payments of $ 6698.44 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 $ 3349.22 will continue for the life of the remain-
ing person.
THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION:
Your Date of Birth: 01/10/1968 Pension Hire Date: 09/14/1995
Date of Termination: 09/30/2015 Adjusted Hire Date: 09/14/1995
Avg Final Monthly Comp:$11,058.83 Years of Credited Service: 20
Beneficiary Name: TONNYA L NANCE Date of Birth: 07/17/1968
Page 2
Participant's Name: RODRICK L NANCE Social Security #: 266 -89 -xxxx
Accumulated Contributions:$163,487.10
After -Tax Contributions: $.00 Pre -Tax Contributions:$163,487.10
Nontaxable Portion of Life Number of Months Nontaxable
Annuity Monthly Benefit: $.00 Portion Continues: 0
Nontaxable Portion of Join Number of Months Nontaxable
Survivor Monthly Benefit: $.00 Portion Continues: 0
The Survivor Annuity benefit amounts shown above are based on the
beneficiary named above and are payable only to this beneficiary. If
you wish to change your beneficiary before your payments begin, new
amounts will have to be calculated.
BOARD OF TRUSTEES: By DATE:
I accept the terms above, including my choice of annuity form, and
confirm the information shown above to be correct.
PARTICIPANT'S SIGNATURE : '" -- `' i `� DATE:
BENEFICIARY'S SIGNATUR � DATE: r 4 Y
u - �
Calculation Date:
* * * PENSION STATUS REPORT * * *
CITY OF BOYNTON BEACH FIREFIGHTERS PENSION SYSTEM
DATE PREPARED: December 15, 2015
FOR: NANCE, RODRICK L SSN:.266 -89 -xxxx EMP NO: 488
BIRTH DATE: AGE: 47 PLAN: FP DEPT: 22
HIRE DATE: 09/14/1995 PENSION HIRE DATE: 09/14/1995
VEST DATE: 09/14/2005 ADJUSTED HIRE DATE: 09/14/1995
EARLY RETIRE DATE: 00 /00 /0000 LENGTH OF SERVICE: 20 YR 0 MO
NORMAL RETIRE DATE: 09/14/2015 TERMINATION DATE: 09/30/2015
BENEFICIARY:
BENEFICIARY BIRTH DATE:
* * VACATION /SICK ACCRUALS
CURRENT: HOURLY RATE: 40.37 VAC HOURS: 166.15 SIC HOURS: 147.70
2013 CAP: HOURLY RATE: 38.61 VAC HOURS: 765.58 SIC HOURS: 1795.28
* * ACCOUNT BALANCE * *
POST -TAX CONTRIBUTIONS: $ .00
PRE -TAX CONTRIBUTIONS: $ 163,487.10
CONTRIBUTION BALANCE: $ 163,487.10
* * ELECTIVE BENEFITS
PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME
CODE START END YY -MM -DD CONTRIBUTION CONTRIBUTION RATE
F1 - SERVICE BUY BACK PAYROLL DEDUCTION
F5 - AIRTIME PURCHASE PAYROLL DEDUCTION
L1 - SERVICE BUY BACK LUMP SUM - PRE -TAX
L2 - SERVICE BUY BACK LUMP SUM - POST -TAX
UL - UNPAID LEAVE SERVICE REDUCTION
L3 - AIRTIME PURCH. LUMP SUM - PRE -TAX
L4 - AIRTIME PURCH. LUMP SUM - POST -TAX
BOYNTON BEACH FIREFIGHTERS' PENSION FUND
APPLICATION FOR DEFERRED RETIREMENT OPTION PROGRAM
(DROP) PARTICIPATION AND TIME SERVICE RETIREMENT
Name: W00ock SS:
Home Address: City /State /Zip:
Rank/Class: 4-77 o Dept: FI ,Pt Birth Date:
Employment Date: 5 f 9 E Pension Membership Date: 9 /y -.l r Yrs, of Service: O l cad s
DROP Begin Date: /o - / Ct Maximum DROP Termination and Retirement Date: Z —
Entitled to: _ % of average final compensation (computed based on the highest Ifhe last ten years)
Spouse's Name: SS #: Birth Date:
I elect to participate in the DROP in accordance with the provisions of Chapter 18, Article IV, Section 18 -222
of the City Code and concurrently retire from employment on the date I terminate my participation in the DROP.
I understand that the earliest date my participation in the DROP can begin is the first day I reach my normal
retirement date upon the attainment of 20 years of credited service and that my DROP participation cannot
exceed a maximum of sixty (60) months from the date of DROP participation, although I may elect to participate
in DROP for less than sixty (60) months. Participation in the DROP does not guarantee my employment for the
DROP period. I understand that when my participation in the DROP begins, my DROP benefit will be based
upon the years of service and compensation levels as of the date of DROP participation. Such DROP benefits
shall be invested under my name for the duration of my DROP participation. Upon termination of my
employment and DROP participation, I must elect one of the optional methods of payment within 90 days of
termination. If I do not make an election of one of the optional methods of payment within the 90 -day period,
the Fire Pension Fund will pay directly to me the accrued DROP benefits in a lump sum, less IRS tax. I
understand that I cannot add additional service or purchase additional service after my DROP begin date. I also
understand that my election to participate in DROP is irrevocable and termination from employment with the
City of Boynton Beach and DROP participation must occur on or prior to the specified DROP termination date.
I also understand that this application, once fully executed and approved by the Board of Pension Trustees,
represents a binding agreement to participate in DROP and to terminate employment upon the completion of the
DROP period. However, until such time as this application is approved by the Board of Pension Trustees, I may
cancel the effectiveness of this application upon delivery of a written request for such cancellation. In addition
to the foregoing representations and acknowledgments, I hereby acknowledge that I have read and understand
the statements and materials contained in the following documents and agree to the provisions contained herein:
1. Election to Participate in DROP and information checklist for review of DROP Program
information.
2. Ordinance No. 00 -11
3. Booklet on Frequently Asked Questions on the DROP.
/.,, Date:
Signature of Applicant
-1-
C Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone
TR Consultants & Actuaries Suite 505 954.525.0083 fax
��✓ Ft. Lauderdale, FL 33301 1804 www.gabrielroeder.com
March 31, 2016
CONFIDENTIAL
Ms. Barbara La Due
Pension Administrator
Renaissance Executive Suites
1500 Gateway Blvd. Suite 220
Boynton Beach, Florida 33426
Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund
Dear Barbara:
You have asked us to verify the retirement benefits for the following employee:
CARTER, Chief Kevin R. (Normal 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.
We welcome your questions and comments.
Sincerely yours,
�/ vvV Z
Peter N. Strong, FSA
Senior Consultant and Actuary
PS /jc
Enclosures
This communication shall not be construed to provide tax advice or legal advice unless it contains one of the
following phrases, or substantially equivalent language: "This communication is intended to provide tax
advice." Or "This communication is intended to provide legal advice."
Barbara Ladue
From: Barbara Ladue <ladueb @bbpdpension.com>
Sent: Tuesday, March 22, 201611:17 AM
To: Israel.Bichachi @gabrielroeder.com
Cc: Pete.Strong @gabrielroeder.com
Subject: Boynton Fire - Chief Kevin (RAY) Carter - Verification of Retirement Benefits
Attachments: D00O32216.pdf
Israel:
Chief Ray Carter has retired on 01 -31 -2016 into NRD. Please review the attached for verification of benefit for the
Pension Board:
Chief Carter retired on 01 -31 -2016 into NRD, selected 50% Survivor Annuity option in the amount of $4037.40,
effective 02 -01 -2016.
(In the process of getting the final Statement of Retirement Benefits signed) Thanks.
Barb La Due
Pension Administrator
Boynton Beach Police & Fire Pension Funds
Phone: (561) 739.7972
- - - -- Original Message---- -
From: Scanner [ mailto:faxexecsuites @gmail.com
Sent: Tuesday, March 22, 201610:47 AM
To: BARBARA LADUE
Subject: Send data from MFP07580425 03/22/2016 10:46
Scanned from MFP07580425
Date:03/22/201610:46
Pages:8
Resolution:200x200 DPI
----------------------------------------
L
CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM
FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2
March 1, 2016
KEVIN R CARTER
H I G H E S T T H R E E Y E A R S
PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES
01/25/16 1.0 56,632.12 07/14/14 2.0 5,050.60
01/11/16 2.0 5,390.40 06/30/14 2.0 5,160.64
12/28/15 2.0 5,280.40 06/16/14 2.0 5,050.64
12/14/15 2.0 5,390.40 06/02/14 2.0 5,160.64
11/30/15 2.0 5,280.40 05/19/14 2.0 5,050.64
11/16/15 2.0 5,280.40 05/05/14 2.0 5,160.64
11/02/15 2.0 8,822.69 04/21/14 2.0 5,050.64
10/19/15 2.0 5,280.40 04/07/14 2.0 5,160.64
10/05/15 2.0 9,497.27 03/24/14 2.0 5,050.64
09/21/15 2.0 5,177.44 03/10/14 2.0 5,160.64
09/07/15 2.0 5,261.70 02/24/14 2.0 5,050.64
08/24/15 2.0 5,151.70 02/10/14 2.0 5,160.64
08/10/15 2.0 5,261.70 01/27/14 2.0 5,050.64
07/27/15 2.0 5,151.70 01/13/14 2.0 5,160.65
07/13/15 2.0 5,261.70 12/30/13 2.0 5,050.64
06/29/15 2.0 5,151.70 12/16/13 2.0 5,050.64
06/15/15 2.0 5,151.70 12/02/13 2.0 5,160.64
06/01/15 2.0 5,261.70 11/18/13 2.0 5,050.64
05/18/15 2.0 5,151.69 11/04/13 2.0 5,160.64
05/04/15 2.0 5,261.70 10/21/13 2.0 5,050.64
04/20/15 2.0 5,151.70 10/07/13 2.0 5,160.64
04/06/15 2.0 5,261.69 09/23/13 2.0 4,958.69
03/23/15 2.0 5,151.70 09/09/13 2.0 5,013.52
03/09/15 2.0 5,261.70 08/26/13 2.0 4,903.52
02/23/15 2.0 5,151.70 08/12/13 2.0 5,013.52
02/09/15 2.0 5,261.70 07/29/13 2.0 4,903.52
01/26/15 2.0 5,990.10 07/15/13 2.0 4,903.52
01/12/15 2.0 5,160.60 07/01/13 2.0 5,013.52
12/29/14 2.0 5,050.60 06/17/13 2.0 4,903.52
12/15/14 2.0 5,050.60 06/03/13 2.0 5,013.52
12/01/14 2.0 5,160.60 05/20/13 2.0 4,903.52
11/17/14 2.0 5,050.60 05/06/13 2.0 5,013.52
11/03/14 2.0 5,160.60 04/22/13 2.0 4,903.52
10/20/14 2.0 5,050.60 04/08/13 2.0 5,013.52
10/06/14 2.0 5,160.60 03/25/13 2.0 4,903.52
09/22/14 2.0 5,050.60 03/11/13 2.0 5,013.52
09/08/14 2.0 5,160.60 02/25/13 2.0 4,903.52
08/25/14 2.0 5,050.60 02/11/13 2.0 4,903.52
08/11/14 2.0 5,160.60 01/28/13 1.6 4,010.82
07/28/14 2.0 5,050.60 00 /00 /00 .0 .00
CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM
FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3
March 1, 2016
KEVIN R CARTER
H I G H E S T T H R E E Y E A R S
PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES
00 /00 /00 _0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00/00/00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00/00/00 .0 .00 00/00/00 .0 .00
00/00/00 .0 .00 00/00/00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 _0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00 /00 /00 .0 .00 00 /00 /00 .0 .00
00/00/00 .0 .00 00/00/00 .0 .00
00/00/00 .0 .00 00/00/00 .0 .00
00/00/00 .0 .00 00/00/00 .0 .00
00/00/00 .0 .00 00/00/00 .0 .00
00/00/00 .0 .00 00/00/00 .0 .00
00/00/00 .0 .00 00/00/00 .0 .00
00/00/00 .0 .00 00/00/00 .0 .00
00/00/00 .0 .00 00/00/00 .0 .00
00/00/00 .0 .00 00/00/00 .0 .00
00/00/00 .0 .00 00/00/00 .0 .00
TOTAL 156.6 463,006.24
CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM
FINAL STATEMENT OF RETIREMENT BENEFITS
March 1, 2016
Participant's Name: KEVIN R CARTER Social Security #: 262 -88 -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 February 1, 2016 . 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 $ 4823.40 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 $ 4438.17 to you as long as you live. If you should
die before 120 monthly payments have been made, the monthly payment of
$ 4438.17 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 $ .3471.98 to you as long as you live. Your beneficiary, if living at
the time of your death, will receive monthly payments of $ 3471.98 for
as long as he /she lives.
4. 66% SURVIVOR ANNUITY: This option provides monthly payments
of $ 3829.70 to you as long as you live. Your beneficiary, if living at
the time of your death, will receive monthly payments of $ 2553.26 for
as long as he /she lives.
V 5. 50% SURVIVOR ANNUITY: This option provides monthly payments
of $ 4037.40 to you as long as you live. Your beneficiary, if living at
the time of your death, will receive monthly payments of $ 2018.70 for
as long as he /she lives.
6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides
monthly payments of $ 3776.44 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 $ 2832.33 will continue for the life of the remain-
ing person.
7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides
monthly payments of $ 4139.04 to you as Tong as both you and your bene-
ficiary are living. After the death of either you or your beneficiary,
monthly payments of $ 2069.52 will continue for the life of the remain-
ing person.
THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION:
Your Date of Birth: 11/07/1950 Pension Hire Date: 07/30/2004
Date of Termination: 01/31/2016 Adjusted Hire Date: 07/30/2004
Avg Final Monthly Comp:$12,861.28 Years of Credited Service: 11
Beneficiary Name: ILIANA HADDOCK Date of Birth: 07/08/1965
Page 2
Participant's Name: KEVIN R CARTER Social Security #: 262 -88 -xxxx
Accumulated Contributions: $159,797.30
After -Tax Contributions: $.00 Pre -Tax Contributions:$159,797.30
Nontaxable Portion of Life Number of Months Nontaxable
Annuity Monthly Benefit: $.00 Portion Continues: 0
Nontaxable Portion of Join Number of Months Nontaxable
Survivor Monthly Benefit: $.00 Portion Continues: 0
The Survivor Annuity benefit amounts shown above are based on the
beneficiary named above and are payable only to this beneficiary. If
you wish to change your beneficiary before your payments begin, new
amounts will have to be calculated.
BOARD OF TRUSTEES: By DATE:
I accept the terms above, including my choice of annuity form, and
confirm the information shown above to be correct_
PARTICIPANT'S SIGNATURE: DATE:
BENEFICIARY'S SIGNATURE: DATE:
Calculation Date:
CITY OF BO=EST�IMMATE!C H FIREFIGHTERS' RETIREMENT SYSTEM
* * OF RET IREMENT BENEFITS January 7, 2016
r 262 88 - xxxx
Participant's Name: KEVIN R CARTER Social Secu y #
You are eligible for a(n) NORMAL Retirement Benefit from
the Plan. Your benefit is payable at the beginning of each month com-
mencing February 1, 2016 . 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 $ 4818.43 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 $ 4433.59 to you as long as you live. If you should
die before 120 monthly payments have been made, the monthly payment of
$ 4433.59 will continue to be made to youi- beneficiary until a total of
120 monthly payments have been made in all.
3. 100% SURVIVOR ANNUITY This option provides monthly payments
of $ 3468.40 to you as long as you live. Your beneficiary, if living at
the time of your death, will receive monthly payments of $ 3468.40 for
as long as he /she lives.
4. 66% SURVIVOR ANNUITY: This option provides monthly payments
of $ 3825.74 to you as long as you live. Your beneficiary, if living at
the time of your death, will receive monthly payments of $ 2550.62 for
as long as he /she lives.
5. 50% SURVIVOR ANNUITY: This option provides monthly payments
f $ 4033.24 to you as long as you live. Your beneficiary, if living at
the time of your death, will receive monthly payments of $ 2016.62 for
as long as he /she lives.
6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides
monthly payments of $ 3772.54 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 $ 2829.41 will continue for the life of the remain-
ing person.
7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides
monthly payments of $ 4134.77 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 $ 2067.39 will continue for the life of the remain-
ing person.
THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION:
Your Date of Birth: 11/07/1950 Pension Hire Date: 07/30/2004
Date of Termination: 01/31/2016 Adjusted Hire Date: 07/30/2004
Avg Final Monthly Comp:$12,848.02 Years of Credited Service: 11
Beneficiary Name: ILIANA HADDOCK Date of Birth: 07/08/1965
Page 2
Participant's Name: KEVIN R CARTER Social Security #: 262 -88 -xxxx
Accumulated Contributions: $151,720.95
After - Tax Contributions: $.00 Pre -Tax Contributions:$151,720.95
Nontaxable Portion of Life Number of Months Nontaxable
Annuity Monthly Benefit: $.00 Portion Continues: 0
Nontaxable Portion of Join Number of Months Nontaxable
Survivor Monthly Benefit: $.00 Portion Continues: 0
The Survivor Annuity benefit amounts shown above are based on the
beneficiary named above and are payable only to this beneficiary. If
you wish to change your beneficiary before your payments begin, new
amounts will have to be calculated.
BOARD OF TRUSTEES: By DATE:
I accept the terms above, including my choice of annuity form, and
confirm the information shown above to be correct.
PARTICIPANT'S SIGNATURE: DATE:
BENEFICIARY'S SIGNATURE: DATE:
Calculation Date:
* * * PENSION STATUS REPORT
CITY OF BOYNTON BEACH FIREFIGHTERS PENSION SYSTEM
DATE PREPARED: March 1, 2016
FOR: CARTER, KEVIN R SSN: 262 -88 -xxxx EMP NO: 3095
BIRTH DATE: AGE: 65 PLAN: FP DEPT: 22
HIRE DATE: 07/30/2004 PENSION HIRE DATE: 07/30/2004
VEST DATE: 07/30/2014 ADJUSTED HIRE DATE: 07/30/2004
EARLY'RETIRE DATE: 00 /00 /0000 LENGTH OF SERVICE: 11 YR 6 MO
NORMAL RETIRE DATE: 07/30/2014 TERMINATION DATE: 01/31/2016
BENEFICIARY:
BENEFICIARY BIRTH DATE:
* * VACATION /SICK ACCRUALS
CURRENT: HOURLY RATE: 66.00 VAC HOURS: 0.00 SIC HOURS: 0.00
2013 CAP: HOURLY RATE: 61.29 VAC HOURS: 410.45 SIC HOURS: 815.08
* * ACCOUNT BALANCE * *
POST -TAX CONTRIBUTIONS: $ .00
PRE -TAX CONTRIBUTIONS: $ 159,797.30
CONTRIBUTION BALANCE: $ 159,797.30
* * ELECTIVE BENEFITS * *
PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME
CODE START END YY -MM -DD CONTRIBUTION CONTRIBUTION RATE
F1 - SERVICE BUY BACK PAYROLL DEDUCTION
F5 - AIRTIME PURCHASE PAYROLL DEDUCTION
L1 - SERVICE BUY BACK LUMP SUM - PRE -TAX
L2 - SERVICE BUY BACK LUMP SUM - POST -TAX
UL - UNPAID LEAVE SERVICE REDUCTION
L3 - AIRTIME PURCH. LUMP SUM - PRE -TAX
L4 - AIRTIME PURCH. LUMP SUM - POST -TAX
5 REGULAR MEMBERS
* Commission Apointed Fou -y >P!�^rw�.er.:cu.+. ear Term
rYmv,n
*gi Elected b FFirefe -Four -year Ter
+ Board Appointed - Four -y� ea'r t erm
2015
MUNICIPAL FIREFIGHTERS' PENSION TRUST FUND
MEMBER EXPIRES PHONE PROFESSION
*BUSH, Helen 12/16 737 -8194 Therapist/ Adj.
915 SW 27 Terrace (33435) Appt'd 6/7/11 ainbushn- bellsouth.net Prof.
* *HENDERSON, LUKE, CHAIR 12/17 742 -6325 Firefighter
P.O. BOX 310 (33425 -0310) Appt'd 04!1996 Henderson L(aD_bbfl.us
* *PETTY, Matthew 12/16 596 -5224 Firefighter
PO BOX 310 (33425 -0310) Appt'd 12/2010 PettyMna,bbfl.us
+RAYBUCK, JONATHAN C. 12/17 262 -4815 Firefighter/
PO BOX 310 (33425 -0310) Appt'd 8/13/09 RaybuckJ )..bbfl.us Paramedic
*TAYLOR, ROBERT B, JR. 12/16 737 -1960 Financial
4 Via Lago (33435) Appt'd 04/1999 robe rttaylorboynton @gm Consultant
ail.com
Ex- Officio Member- Chief Ray Carter carterrObbfl.us
2080 High Ridge Road
Boynton Beach 33426
PENSION ADMINISTRATOR: LA DUE, Barbara
Updated: 03/10/2015
S: \CC \WP \BOARDS \LISTS \2015 Board List \FIREFIGHTERS' PENSION BD.doc
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