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Agenda 02-12-13 BOYNTON BEACH POLICE OFFICERS’ PENSION FUND QUARTERLY BOARD MEETING Tuesday, February 12, 2013 @ 9:30 AM Renaissance Executive Suites – Conference Room #1 1500 Gateway Blvd., Suite # 220 Boynton Beach, FL 33426 AGENDA I.CALL TO ORDER – Lt. Gary Chapman, Chairman II. AGENDA APPROVAL III.APPROVAL OF MINUTES – Quarterly Meeting 11-13-2012 Special Meeting 12-12-2012 IV. FINANCIAL REPORTS: A) Quarterly/Annual Investment Review – PYE 12-31-2012 1.)Russell Investment Group – Paul Gillis, CFA Sr. Client Executive- 1)Introduction – Mary Jean (MJ) Candioto, CFA, Client Executive 2) Portfolio review - Multi-Asset Core Fund 2.) Burgess Chambers & Associates (BCA) – Burgess Chambers, President Frank Wan, Head of Research 1) Fund Performance review – 3) Davidson, Jamieson & Cristini, PL – Richard Cristini, CPA & Jeanine Bittinger, CPA – Audit Report/Financial Statements for PYE 9-30-2012. 4) Gabriel Roeder Smith & Co – Pete Strong, Consultant & Actuary Actuarial Valuation for PYE 9-30-2012. V. CORRESPONDENCE: 1) FPPTA Announcement – The Public Pension Institute Web Site 1-31-2013 VI. OLD BUSINESS: 1) Disability app pending on Robert Epstein – For Review - Listing of prior Dis Applicants with date of initial Dis Benefit/ Termination Date with City. Update – Bonni Jensen VII. NEW BUSINESS: A. Invoices for review and approval: 1.Russell Investment Gp. – Quarter End 12-31-2012 - $119,535 2.Russell Payment Services – Quarter End 12-31-2012 - $801.55 3.Perry & Jensen – Service Dec .2012 & Jan 2013 – $2368.85 4.Burgess Chambers & Assoc – 4th Qtr 2012 fee - $5,000 1 5.Gabriel, Roeder, Smith & Co- Service Oct/Dec 2012 - $3042 & $2272 6.Ellen Schaffer – Programming & Consult – $345 & $690 – Annual Support Fee - $1650 7. Davidson, Jamieson & Cristini, PL – Audit Progress Fee - $5000 B) Verification of Retirement Benefits: 1) Toby Athol retirement into DROP 10-01-2012 2) Frank Ranzie retirement into DROP 09-01-2012 C) Renewal Fiduciary Liability Coverage/ Payment of Premium April 2013. D) Attorney Report - Bonni Jensen 1) IRS Mileage Rate for 2013 2) 2013 Tax Issues VIII. PENSION ADMINISTRATOR’S REPORT 1.Benefits as of February 1, 2013. IX. COMMENTS: X. ADJOURNMENT: Next Regular Meeting Date – Tuesday, May 14, 2013 @ 9:30 a.m. – Renaissance Commons If you cannot attend, please call Barbara @ 561-739-7972 NOTICE PO’PB IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE OLICE FFICERS ENSION OARD WITH RESPECT TO ANY MATTER ,/,,/ CONSIDERED AT THIS MEETING HESHE WILL NEED A RECORD OF THE PROCEEDINGS AND FOR SUCH PURPOSE HESHE MAY NEED TO , ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON .(..286.0105) WHICH THE APPEAL IS TO BE BASED FS THE CITY SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A ,, DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE PROGRAM OR ACTIVITY CONDUCTED .CC’,(561)742-6060- BY THE CITY PLEASE CONTACT ITY LERKS OFFICE AT LEAST TWENTYFOUR HOURS PRIOR TO THE PROGRAM OR . ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST S:\CC\WP\JANET\POLICE PENSION FUND.doc 2 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement 1. PURPOSE OF INVESTMENT POLICY STATEMENT The Pension Board of Trustees maintains that an important determinant of future investment returns is the expression and periodic review of the Fund's investment objectives. To that end, the Trustees have adopted this Investment Policy Statement to apply to all of the assets of the fund. In fulfilling their fiduciary responsibility, the Trustees recognize that the pension fund is an essential vehicle for providing income benefits to retired participants or their beneficiaries. The Trustees also recognize that the obligations of the Fund are long -term and that the investment policy statement should be made with a view toward performance and return over a number of years. The general investment objective then is to obtain a reasonable total rate of return — defined as interest and dividend income plus realized and unrealized capital gains and /or losses — that meets or exceeds the actuarial interest rate assumption net of fees to ensure the Fund is actuarially sound. This return is expected on a regular basis over rolling actuarial measurement periods. The Trustees, the Fund's investment manager(s), and investment monitor /consultant shall comply with the following fiduciary standard: A fiduciary shall discharge its duties with respect to the Fund solely in the interest of the participants and beneficiaries and a. for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the pension Fund; b. with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; c. by diversifying the investments of the Fund so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. Reasonable consistency of return and protection of assets against the inroads of inflation are paramount. However, the volatility of interest rates and securities markets make it necessary to judge results within the context of several years rather than over short periods of one- or two - years or less. 2. INVESTMENT PERFORMANCE OBJECTIVES The below listed performance measures will be used as objective criteria for evaluating 1 2/13/2013 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement effectiveness of the investment manager(s): A. Total Fund Performance 1. The performance of the total Fund will be measured net of fees for rolling three- and five -year periods. These periods are considered sufficient to accommodate the market cycles experienced with investments. The performance of the total Fund will be compared to a Benchmark comprised currently of: 48% MSCI ACWI Equity Index, 35% Barclays Capital US Aggregate Bond Index, 5% NAREIT Index, 5% NCREIF Index Open -End Diversified Core Equity -Equal Weight, 5% DJ -UBS Commodities Index, and 2% Treasury. 2. On a relative basis, it is expected that the investment manager's performance will rank in the top 40th percentile of an appropriate balanced universe over three- to five -year periods. 3. On an absolute basis, it is expected the total Fund return will equal or exceed the actuarial earnings assumption rate (7.75 %) over rolling five -year periods. For each actuarial valuation, the Trustees will determine the total expected annual rate of return for the current year, for each of the next several years, and for the long -term thereafter. B. Fixed Income Performance The fixed income portion of the portfolio is expected to meet or exceed the return of the Barclays Capital US Aggregate Bond Index, and rank within the top 40th percentile of an appropriate fixed income universe over three- and five -year periods. C. Private Real Estate Performance The Private Real Estate portion of the portfolio is expected to meet or exceed the return of the NCREIF Index Open -End Diversified Core Equity -Equal Weight, and rank within the top 40th percentile of an appropriate Real Estate universe over three- and five -year periods. 3. INVESTMENT STANDARDS AND GUIDELINES Liquidity: The Fund's investment manager(s) shall be kept informed of the liquidity requirements of the Fund. The investment portfolio shall be structured in such a manner as to provide sufficient liquidity to pay obligations as they come due. To the extent possible, an attempt will be made to match investment maturities with known cash needs and anticipated cash -flow requirements. 2 2/13/2013 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement Custodian: The Board of Trustees has a retained and will continue to retain a third party to be custodian of the Fund's assets. All securities shall be designated as an asset of the Fund, and no withdrawal of securities -in whole or part-shall be made from safekeeping except by an authorized member of the Board of Trustees or the Board of Trustee's designee. Security transactions between a broker dealer and a custodian involving the purchase or sale of securities by transfer of money or securities must be made on a "delivery vs. payment" basis, if applicable, to ensure that the custodian will have the money or security, as appropriate, in hand at the conclusion of the transaction. Bid requirement The Trustees shall determine the approximate maturity date based on cash flow needs and market conditions, analyze and select one or more optimal types of investment, and competitively bid the security in question when feasible and appropriate. Except as otherwise required by law, the most economically advantageous bid must be selected. Risk and Diversification: The investments held by the Fund shall be diversified to the extent practical to control the risk of loss resulting from over - concentration of assets in a specific maturity, issuer, issuer, instrument, dealer, or bank which financial instruments are bought and sold. A. Authorized Investments: 1. Commingled equity, fixed income, money market, and alternative (real estate, listed infrastructure, commodities) funds and institutional mutual funds whose investments are restricted to securities meeting the criteria outlined in Section 3B. B. Limitations 1. Illiquid investments, as described in Chapter 215.47, Florida Statutes, are prohibited. 2. Foreign investments are limited to 25% of the total pension fund, at market. 3. All repurchase agreement transactions shall adhere to the requirements of the Master Repurchase Agreement. 4. Under Protecting Florida's Investment Act ( "PFIA "), scrutinized companies published by the State Board of Administration are prohibited, unless an indirect investment is unable to divest, as provided for in Florida Statutes section 215.473. 5. The following investments are prohibited, unless authorized by the Trustees: a. Futures (exceptions are mutual and commingled funds) b. General obligations issued by a foreign government c.. Hedge funds d.. Insurance annuities 3 2/13/2013 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement e. Internally managed assets f. Limited partnerships g. Margin Accounts h. Options (exceptions are mutual and commingled funds) i. Private equity j. Private mortgages k. Securities lending (unless authorized by the Trustees) 4. COMMUNICATIONS A. The custodian shall apprise the Trustees of all transactions and shall forward all proxies to the investment manager(s) within ten calendar days. On a monthly basis, the custodian shall supply an accounting statement that will include a summary of all receipts and disbursements and the cost and the market value of all assets. On a quarterly basis, the investment manager(s) or investment monitor /consultant shall provide a written report affirming compliance with the security restrictions and a summary of common stock diversification and attendant schedules. The investment manager(s) shall deliver each quarter a report detailing the Fund's performance, adherence to the investment policy statement, forecast of the market and economy, portfolio analysis and current assets of the Trust. Written reports and personal presentations shall be delivered to the Trustees within 60 days of the end of the quarter. The investment manager(s) will provide immediate written and /or telephone notice to the Trustees of any significant market related or non - market related event, specifically including, but not limited to, any deviation from the standards set forth in Section 3B above. B. The investment manager(s) will disclose any securities that are not in compliance with Section 3B in each quarterly report. C. The Trustees shall retain a monitoring service to evaluate and report on a quarterly basis the rate of return and relative performance of the Fund. D. The Trustees will meet quarterly with the investment monitor /consultant to review the Performance Report. The Trustees will meet with the investment manager(s) and investment monitor /consultant to discuss performance results, economic outlook, investment strategy and tactics and other pertinent matters affecting the Fund on a quarterly basis. E. The equity investment manager shall report to the Trustees on an annual basis with respect to proxies, the issues, votes and dates, and if not voted, a written explanation. 5. CRITERIA FOR INVESTMENT MANAGER REVIEW The Board of Trustees wish to adopt standards by which judgments of the ongoing performance of an investment manager may be made. With this in mind, the following are 4 2/13/2013 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement adopted: If, at any time, any one of the following is breached, the investment manager(s) will be warned of the Trustee's serious concern for the Fund's continued safety and performance. A. Four consecutive quarters of the investment manager's performance below the 40 percentile in appropriate performance rankings. B. Standard deviation for the Fund in excess of 120% of the market. C. Loss by the investment manager(s) of any senior investment personnel. D. Any change in basic investment philosophy by the investment manager(s). E. Failure to attain a majority vote of confidence by the Board of Trustees. F. Failure to observe the security quality restrictions in Section 3B. 6. INTERNAL CONTROLS The Fund shall be governed by a set of written internal controls and operational procedures, which shall be periodically reviewed by the Fund's certified public accountant (CPA). At the time of every financial audit, the CPA shall review the controls that should be designed to prevent loss of funds that might arise from fraud, error, or misrepresentation by third parties or imprudent actions by the Trustees or the employees of the City of Boynton Beach. 7. CONTINUING EDUCATION The Fund acknowledges the importance of continuing education for the Trustees. Ongoing education will be provided by the Fund's actuary, attorney, custodian, investment manager(s), investment monitor /consultant, and administrator. In addition, the Trustees are encouraged to attend educational conferences in connection with their duties and responsibilities as Trustees. Each Trustee is encouraged to attend a minimum of two conferences or seminars per year. Additional conferences or seminars are also encouraged. Each Trustee may attend up to six conferences in state and two conferences out -of- state, every year, without additional Board approval. 8. FLORIDA STATUTES 112, 185 AND APPLICABLE CITY OF BOYNTON BEACH ORDINANCES If at any time, this document found to be in conflict with Chapter 112.661 or Chapter 185, Florida Statutes, or the applicable City of Boynton Beach Ordinances, the Statutes and Ordinances shall prevail. 9. PROXY VOTING 5 2/13/2013 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement In general, proxies shall be voted in accordance with the Trustees proxy policy, which is: "The Board of Trustees of the CITY OF BOYNTON BEACH POLICE OFFICER'S PENSION FUND recognizes that proxy voting powers are an asset of the Fund and must be exercised for the exclusive benefit of the participants in the Fund ". On a regular basis, no less frequently than annually, the investment manager(s) shall report a record of his or her proxy vote. 10. REVIEW AND AMENDMENTS It is the Trustees intention to review this document periodically and to amend this statement to reflect any changes in philosophy, objectives or guidelines. In this regard, the investment manager's interest in consistency in these matters is recognized and will be taken into account when changes are being considered. If at any time any investment manager feels that the specific objectives defined herein cannot be met, or the guidelines constrict performance, the Trustees should be notified in writing. By initial and continuing acceptance of this Investment Policy Statement, the investment manager(s) concurs with the provisions of this document. Once the Trustees have adopted the investment policy statement, the investment policy statement shall be promptly filed with the Department of Management Services, the Fund sponsor, and the consulting actuary. The effective date of the Investment Policy Statement and any amendment thereto shall be the 31st calendar day following the filing date with the plan sponsor. 11. ASSET ALLOCATION Deliberate management of the asset mix among classes of investments is both a necessary and desirable responsibility. In the allocation of assets, diversification of investments among asset classes that are not similarly affected by economic, political, or social developments is a highly desirable objective. The Fund's general policy shall be to diversify investments within both equity and fixed income securities so as to provide a balance that will enhance total return, while avoiding undue risk concentrations in any single asset class or investment category. The addition of real assets, such as real estate, commodities and infrastructure, to the equity /fixed income portfolio may materially improve the ability of the portfolio to dominate inflation over the long -term. As a collection, real assets diversify each other and to equities and fixed income. Real assets may offer the potential for attractive levels of return. In making asset allocation judgments, it is not expected that the Trustees will necessarily seek to "time" subtle changes in financial markets, or that frequent or minor adjustments would be needed. Instead, it is expected to develop and adopt expressed guidelines for broad allocations on a long -term basis, in light of current and projected investment environments. To insure broad diversification in the long -term investment portfolios among the major categories of investments, asset allocation, as a percent of the total market value of the total long- term portfolio, will be set with the following target percentage: 6 2/13/2013 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement Strategic Allocation Policy Range Allocation Asset Class /Strategy ( %) ( %) Equities 48 30 — 70 Fixed Income 35 30 — 40 Cash/Money Market 2 0 — 5 Alternatives: 15 2 — 20 Total 100 ALTERNATIVES 4 Private Real Estate 5 0 — 7 Public Real Estate (REITs) 5 0 — 7 Listed Infrastructure 0 0 — 5 Commodities (CCFs) 5 0 — 7 NOTE: Foreign securities are limited to 25% of the pension fund at market value. 12. PROCEDURE FOR REBALANCING ASSET ALLOCATION At the end of each month, Russell Investments will compare the Fund's asset values and their relative allocation percentages, to the rebalancing policy targets and ranges. Based on this comparison, Russell Investments will determine what trades are necessary in order to bring the investments as close to target as practical. BOYNTON BEACH POLICE OFFICERS' RUSSELL INVESTMENTS PENSION FUND By: By:_ As: Chairman, Board of Trustees As: Investment Manager Date: Date: BURGESS CHAMBERS & ASSOCIATES, INC. By. As: Registered Advisor Date: 7 2/13/2013 Russell lI Investments Mary Jean (MJ) Candioto, CFA Client Executive — Americas Institutional Russell Investments B.S., Mathematical Sciences, DePaul University, Chicago, IL Licensed Registered Representative, FINRA Series 7 and 63 CFA Charterholder, CFA Institute MJ Candioto is a client executive for Russell Investments' Americas Institutional business, based in the company's New York City office. MJ's primary responsibilities are to assist Russell clients with a broad range of investment - related issues including developing investment goals and objectives, determining an appropriate asset allocation strategy, and selecting and monitoring specific investment strategies and funds. She provides regular investment reviews and educational presentations to client committees and senior management. MJ works with many types of investment programs, including defined benefit and defined contribution plans, endowments, foundations and other pools of assets. Prior to assuming her current role, MJ was the client executive for Russell Investments' Index business in EMEA. Based in London, MJ oversaw client service and provided product and methodology expertise on Russell's global family of indexes for investment manager, ETF, and sell -side clients. MJ first joined Russell in 2007 on the Americas Institutional team where she worked as a senior analyst and client service manager supporting the group's intuitional clients Prior to joining Russell, MJ worked for the Northwestern Mutual Network Office in Chicago as an investment specialist and investment analyst manager In this capacity, she was responsible for wealth management and portfolio construction for high net worth individuals and the training and supervision of the firm's investment plan analysts. Mary Jean is a member the CFA Institute. Barbara Ladue From: DoNotReply @FPPTA.Org Sent: Friday, February 01, 2013 2:33 PM To: Iadueb @bbpdpension.com Subject: Message from the Florida Public Pension Trustees Association Web Site Offers Free Public Ed to Elected /Appointed Officials The Public Pension Institute @ www publicpensioninstitute.or, January 31, 2013 Tallahassee — Video tutorials, webinars and pod -casts will be among the interactive opportunities now available to state and municipal officials at The Public Pension Institute — a new non - partisan website dedicated to educating public leaders about administration and funding of defined benefit pension plans. Higher contribution rates and volatile investment markets have magnified many municipalities' liabilities in recent years, rattling taxpayers and perplexing budget managers. The new site will offer information to help develop strategies and guide decision - makers. It will feature data, research and proposals to address the challenges facing state officials and municipalities in maintaining retirement plans for public workers. It will be interactive and will feature content from a wide variety of stakeholders. The Florida Public Pension Trustees Association created The Public Pension Institute as an electronic education platform, expanding its services to now include education for state and municipal government and elected officials. The FPPTA is a 29 -year old 501c (3) not for profit that previously offered educational services only to public pension trustees and administrators. It operates a nationally- recognized certification program for public pension trustees; more than 250 of Florida's 490 municipal pension boards are FPPTA members. Funding comes exclusively from member dues, tuition and conference sponsorships. "We have been training and educating public pension board trustees for 29 years. Our trustee members include municipal finance managers and city pension fund administrators in addition to current and former public workers. In light of current economic conditions, we believe we can share helpful information with public officials and lawmakers who must balance competing 1 financial pressures to achieve manageable budgets and maintain services," said Ray Edmondson, Jr., CEO of the FPPTA in a statement announcing the new organization. The Public Pension Institute will operate as an open site offering information freely, without requirement for membership or dues. Visitors are invited to use the educational materials posted, but also to submit questions, comments and commentary, and to share their experiences. Educational videos, tutorials and research topics will range widely and will include: • Explanations about the difference between unfunded liabilities and underfunded plans. • How Social Security is funded and the possible impact of changes to Social Security on retirement plans. • Earnings strategies for institutional investment plans. • Fiduciary Ethics. • Compliance with Government Accounting Standards Board (GASB) rules. • New initiatives like private - public sector partnerships for retirement security. • Performance measurement of defined contribution accounts, like the 401(k), the IRA, and guaranteed defined benefit pension plans. • Administrative cost comparisons of defined benefit pension plans and defined contribution savings accounts. • The relative strengths and costs of hybrid retirement plans. Visitors are invited to sign up free of charge for live webcasts, or to download podcasts from industry conferences. All content will be made available via archives. The Public Pension Institute also will seek qualified professionals to answer specific questions, explain historical data, or comparative analysis research. Actuaries, pension and labor lawyers, accountants, financial and investment managers in Florida whose practices focus on institutional investment and retirement plans will respond to specific requests for information. The Public Pension Institute was launched January 28. FOR MORE INFORMATION CONTACT: Additional Contacts: Raymond Edmondson, Jr., CPPT Susan Marden, PR, smard2 @verizon.net 800 - 842 -4064 or rav(a,fppta.org Sean McKinstry, website, smkinstry @hapgood.biz 2 Boynton Beach Police Pension Fund Disability Pensions . r OR 4 NAME Initial DIS Benefit DOT/Dis ______A"1. ----- Bradford Baxley 4 -1 -1981 4 -1 -1981 /a 17- 195° /9 Wm F Celestino 5 -1 -1992 5 -1 -1992 ✓ ' "' " --- - /30" / 9 i2 Jeffery C Davis 8 -1 -2001 7 -19 -2001 ° Karen V. Dwyer 4 -1 -1992 4 -1 -1992 ----- ^� -- - 3- cZ5 . 1 S ' John J Gardner 3 -1 -1983 3 -1 -1983 c7?-a 3- 8 /16,3 John A Gonzalez 3 -1 -2001 2 -20 -2001 A_Ap -A I .2a P..v' - ,i, ew i Dale S. Hammack 10 -1 -1994 9 -19 -1994 V' ' " George Junnier 4 -1 -1980 3 -14 -1980 3' 7 °'l 7 / 80 S—,20 M 'ISO Alex Kucer 4 -1 -1986 4 -1 -1986 4 � � -1 ?8 , Ronald B Linkous 3 -1 -1987 2 -9 -1987 9� y- 7 . -- 0-198'7 Dan J Mottl 4 -1 -1988 3 -1 -1988 / :? - ?r Michael B Ryan 2 -1 -1989 1 -4 -1989 i/ Theodore Sorg 2 -1 -1981 10 -15 -1980 /0 -15-1 11'° /—,5.--/-7P/ Clayton R Swain 9 -1 -1988 8 -23 -1988 V-,13-,,V1 a -- John J Tortorici 1 -1 -2000 12 -14 -1999 1.iti- 77 e 1? 1`- ,2 g 0 12 -12 -12 Invoice Invoice for: Invoice Number Russell Client ID Billing Penod Ending City of Boynton Beach Police Retire Fund 29907 C04616001 12/31/2012 Ms.Barbara S. LaDue Pension Administrator Invoice Date Payment Terms Total Amount Due ladueb @bbpdpension.com 01/24/2013 Net 30 Days $ 119,535.00 1500 Gateway Blvd #220 Boynton Beach, FL 33426 Mail to: City of Boynton Beach Police Retire Fund Specify Remittance Information Ms.Barbara S. LaDue Pension Administrator ❑ Payment by check ladueb @bbpdpension.com Make check payable to: Russell Investments 1500 Gateway Blvd #220 Check Amount $ Boynton Beach, FL 33426 I„II,,,M„I„I„II,I,iI,,,.i1ii ❑ Request payment by Direct Debit Authorized Signer See additional instructions on reverse side Please return upper portion with your check or direct debit request The following is a summary of your account(s) For more information, please review the enclosed detail Direct Debit per Description of Service Fee Amount Standing Instructions or Amount Due Payments Received Russell Investments Investment Management Fees $ 119,535.00 $ 0.00 $ 119,535.00 Current Period Fees $ 119,535.00 $ 0.00 $ 119,535.00 Balance Forward 110,357 00 (110,357.00) 0.00 Total Amount Due $ 119,535.00 Invoice Number Invoice Date Russell Client ID Payment Terms Billing Period Ending 29907 01/24/2013 C04616001 Net 30 Days 1213112012 Current Penod Over 30 Days Over 60 Days Over 90 Days Total Amount Due $ 119,535.00 $ 0.00 $ 0.00 $ 0.00 $ 119,535.00 Invoice for: City of Boynton Beach Police Retire Fund Ms.Barbara S. LaDue Pension Administrator ladueb ©bb pd pens i o n. com 1500 Gateway Blvd #220 Boynton Beach, FL 33426 (See reverse side for additional information) Invoice Invoice Number' 29907 Billing Period Ending 12/31/2012 Russell Investments - FEE DETAIL Investment Management Fees City of Boynton Beach Police Retirement Fund Boynton Beach Police Officers Retirement Trust Funds Investment Account Account Number. QU7W Fund Name Average Rate% Fee Amount Market Value Russell Multi -Asset Core Fund 42,588,863 0.20000 85,178.00 Russell Multi- Manager Bond Fund 19,545,352 0.20000 39,091 00 Russell Real Estate Equity Fund 2,711,719 0.20000 5,423 00 Russell Short -Term Investment Fund 5,875 0.20000 12.00 Subtotal 64,851,809 $ 129,704.00 Russell Real Estate Equity Fund - Internal Fee Paid (10,169.00) Account Total $ 119,535.00 Total Investment Management Fees $ 119,535.00 Page 2 Russell Investments MANAGER 4525 - - INVOICE NO. 1212074706 -9997 NW 6327 DATE 2013/01/30 PO BOX 1450 PAGE 1 OF 1 Minneapolis, MN 55485 -6327 US TOTAL CHARGES CURRENT PERIOD USD 801.55 9BYM - Police Officer Retirement Trust Police Officer Retirement Trust FOR 3 MONTH PERIOD 10/01/12 to 12/31/12 City of Boynton Beach DB Boynton Police 6 Fire Pension Fnds, 1500 Gateway Blvd,Suite #220Account ID: BOYNTON POLICE Pension Administrator Pay Type 3 Boynton Beach, FL 33426 ATTENTION Barbara L. Ladue PLEASE DETACH THIS PORTION AND RETURN WITH YOUR PAYMENT CHARGES BENEFIT PAYMENT CHECK FEES ACA Benefit Payments 377 AT 1.25 471.25 Benefit Payments 14 AT 1.25 17.50 Lump Sum Payments 2 AT 10.00 20.00 BENEFIT PAYMENT: OTHER FEES State Tax Filing 2 AT 25.00 50.00 ** SUBTOTAL FEES ** 558.75 OUT OF POCKET CHARGES POSTAGE Advice of Deposit 199.81 Benefit Payment 7.42 Lump Sum 1.06 UPS DELIVERY UPS Charges 09/25/2012 11.31 UPS Charges 10/31/2012 11.58 UPS Charges 11/30/2012 11.62 34.51 ** SUBTOTAL OUT OF POCKET ** 242.80 CURRENT CHARGES USD 801.55 INV.# 1212074706 -9997 9BYM - Police Officer Retirement Trust 2013/01/30 THE LAW OFFICES OF . PERRY & JENSEN LLC ANN H. PERRY BONNI SPATARA JENSEN aperry©perryjensenlaw.com bsjensen@penyjensenlaw.com January 22, 2013 Via Email Boynton Beach Police Officers' Pension Fund Gary Chapman, Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #7•530 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 1/15/2013. Your current balance due is $2,368.85. If you have any questions, please do not hesitate to contact me. Sincerely yours, ,� ) , ., , Li f l i/ Bonni S. Jensen BSJ /Ig Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207 WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 •:• Fx: 561.686.2802 '3 Off b THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email January 22, 2013 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #71530 Professional Services Hrs /Rate Amount Miscellaneous Matters Miscellaneous Matters 1/4/2013 BSJ Review & Respond to email from Toby Athol re: Under age 50 0.25 50.00 Pensioners & Internal Revenue Service 200.00 /hr Miscellaneous Matters Miscellaneous Matters 1/15/2013 BSJ Review & Respond to email from Gary Chapman re: Normal Retirement 0.25 50.00 Distribution 200.00 /hr Miscellaneous Matters SUBTOTAL: [ 0.50 100.00] Participant - Epstein Participant - Epstein 1/4/2013 BSJ Review & Respond to email from Toby Athol 0.25 50.00 E -mail to Paul Kelley re: Cases 200.00 /hr Participant - Epstein Boynton Beach Police Officers' Pension Fund Page 2 Hrs /Rate Amount Participant - Epstein 1/4/2013 PH E -mail to Janet Prainito, Barbara LaDue, Toby Athol, & Gary Chapman 0.20 15.00 re: Follow up on Medical Records requested on 12/12/12 75.00 /hr Participant - Epstein Participant - Epstein 1/7/2013 PH Telephone call with Janet Prainito, Clerk for Boynton Beach re: Records 0.10 7.50 on Epstein 75.00 /hr Participant - Epstein Participant - Epstein PH E -mail to Paul Kelley, Attorney for Epstein re: Medical Records 0.20 15.00 Participant - Epstein 75.00 /hr SUBTOTAL: [ 0.75 87.50] Plan Document Plan Document 1/9/2013 BSJ Review Proposed Bill for Senate Hearing on January 17, 2013 0.25 50.00 Plan Document 200.00 /hr SUBTOTAL: [ 0.25 50.00] For professional services rendered 1.50 $237.50 Additional Charges : Bill File 1/15/2013 Copy Charges 4.80 SUBTOTAL: [ 4.80] Total additional charges $4.80 For professional services rendered 1.50 $242.30 Total amount of this bill $242.30 Previous balance $2,126.55 Boynton Beach Police Officers' Pension Fund Page 3 Amount Balance due $2,368.85 THE LAW OFFICES OF PERRY & JENSEN LLC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com December 21, 2012 Via Email Boynton Beach Police Officers' Pension Fund Gary Chapman, Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #71478 Dear Gary: Enclosed please find the Firm's invoice for services rendered for the period that ended 12/15/2012. Your current balance due is $2,126.55. If you have any questions, please do not hesitate to contact me. Sincerely yours, „) Bonni S. Jensen BSJ /Ig Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207❖ WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 ❖ Fx: 561.686.2802 13 PQ 1YgYb THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email December 20, 2012 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS Client / File No.: 0188 Invoice #71478 Professional Services Hrs /Rate Amount Attendance at Trustee Meetings Attendance at Trustee Meetings 11/16/2012 PH Review Post Meeting Folder 0.30 22.50 Attendance at Trustee Meetings 75.00 /hr Attendance at Trustee Meetings 12/12/2012 BSJ Attend Meeting 1.00 200.00 Attendance at Trustee Meetings 200.00 /hr SUBTOTAL [ 1.30 222.50] Miscellaneous Matters Miscellaneous Matters 11/29/2012 BSJ Draft Memorandum re: Internal Revenue Service Mileage Rate 0.06 12.00 Miscellaneous Matters 200.00 /hr SUBTOTAL: [ 0.06 12.00] Boynton Beach Police Officers' Pension Fund Page 2 Hrs /Rate Amount Participant - Epstein Participant - Epstein 11/19/2012 BSJ Review Raines Order from 17th Circuit 0.50 100.00 Review Granger Order 200.00 /hr Participant - Epstein Participant - Epstein 11/27/2012 BSJ Review Application 0.50 100.00 Telephone call with Chiefs Office re: Epstein Termination Documents 200.00 /hr Telephone call with Dorothy Mack, Human Resources re: Epstein Termination Documents E -mail to Janet Prainito re: Epstein Termination Documents Participant - Epstein Participant - Epstein BSJ Review Disability provisions of Plan & Summary Plan Description 0.50 100.00 Participant - Epstein 200.00 /hr Participant - Epstein 11/29/2012 BSJ E -mail to Janet Prainito 0.10 20.00 Participant - Epstein 200.00 /hr Participant - Epstein BSJ Review Termination Documents from City of Boynton 0.50 100 00 Participant - Epstein 200.00 /hr Participant - Epstein BSJ E -mail to Trustees & Administrator 0.50 100.00 Review Plan Document 200.00 /hr Participant - Epstein Participant - Epstein 12/4/2012 BSJ Review emails re: HIPAA Release 0.10 20.00 Participant - Epstein 200.00 /hr Participant - Epstein 12/7/2012 BSJ Telephone call with Toby Athol re. Special Meeting 0.10 20.00 Participant - Epstein 200.00 /hr Boynton Beach Police Officers' Pension Fund Page 3 Hrs /Rate Amount Participant - Epstein 12/7/2012 BSJ E -mail to Gary Chapman - Special Meeting Status 0.10 20.00 Participant - Epstein 200.00 /hr Participant - Epstein 12/10/2012 PH E -mail to Barbara LaDue, Gary Chapman, & Toby Athol 0.10 7.50 Participant - Epstein 75.00 /hr Participant - Epstein 12/11/2012 BSJ Review Plan Document 0 75 150.00 Review Application 200.00 /hr Review Termination Documents Telephone call with Paul Kelley E -mail to Cases to Paul Kelley Participant - Epstein Participant - Epstein 12/12/2012 PH E -mail to Paul Kelly, Attorney for Robert Epstein, Barbara LaDue, Gary 0.10 7 50 Chapman, & Toby Athol re: Employee Activity Report 75.00 /hr Participant - Epstein Participant - Epstein BSJ Correspondence with Janet Prainito, City Clerk of Boynton Beach re: 0.50 100.00 Requesting Workers Compensation Records on Epstein 200 00 /hr Participant - Epstein Participant - Epstein PH E -mail to Janet Prainito, City Clerk of Boynton Beach, Barbara LaDue, 0.10 7.50 Gary Chapman, & Toby Athol re: Requesting Workers Compensation 75.00 /hr Records on Epstein Participant - Epstein Participant - Epstein 12/13/2012 BSJ Telephone call with Ernie George 0 10 20.00 Participant - Epstein 200.00 /hr SUBTOTAL: [ 4 55 872.50] Boynton Beach Police Officers' Pension Fund Page 4 Hrs /Rate Amount Plan Document Plan Document 11/26/2012 BSJ Telephone call with Gary Chapman (Left message) 0.10 20 00 Plan Document 200.00 /hr SUBTOTAL: [ 0.10 20.00] Summary Plan Description Summary Plan Description 12/5/2012 LG E -Mail to Barbara LaDue re: Status of the Distribution of Summary Plan 0.10 7.50 Description along with Letter clarifying the Summary Plan Description 75 00 /hr may change as a result of collective bargaining negotiations Summary Plan Description SUBTOTAL [ 010 7.50] For professional services rendered 6.11 $1,134 50 Additional Charges : Bill File 12/15/2012 Copy Charges 5.85 SUBTOTAL: [ 5.85] Total additional charges $5.85 For professional services rendered 6.11 $1,140 35 Total amount of this bill $1,140.35 Previous balance $986.20 Balance due $2,126.55 BURGESS CHAMBERS & ASSOCIATES, INC. Invoice INVESTMENT ADVISORS S.E.C. REGISTERED 315 E. Robinson Street, Suite 690 Date Invoice # Orlando, Florida 32801 12/4/2012 12 -304 Bill To Boynton Beach Police Officers' Pension Barbara La Due, Administrator 1500 Gateway Blvd, Suite 220 Boynton Beach, Florida 33426 Description Amount Fourth Quarter 2012 Investment and Performance Monitoring and Advisory Fee per Contract 5,000.00 We appreciate your prompt payment Total $5,000.00 Phone # Fax # (407) 644-0111 (407) 644-0694 GRS Gabriel Roeder Smith & Company Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 Da te III*'Olce # Ft. Lauderdale, Florida 33301 - 1804 (954) 527 - 1616 11/9/2012 120026 Bill Tu: Please Remit To: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL POLICE OFFICERS RETIREMENT FUND Dept. # 78009 Gabriel Roeder Smith & Company Ms. Barbara La Due PO Box 78000 City of Boynton Beach Detroit, Michigan 48278 -0009 Renaissance Executive Suites or 1500 Gateway Blvd., Suite 220 ACH Payment to: Boynton Beach, FL 33426 Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 Description Project 1truat nt For services rendered through 10/31/2012 1. Retirement benefit calculation for Ranzie 100550 -052 $225 2. Charges since 8/31/2012 for preparation of the 10/1/2012 Actuarial 100550 -052 $2,817 Valuation Report; total charges to date equal $3,435 Invoice Total $3,042 Paid to Date Client No. 100550 Amount Due $3,042 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. GRS Gabriel Roeder Smith & Company Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 Date Invoice Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 1/7/2013 120495 Bill l o: Please Remit Tu: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL POLICE OFFICERS RETIREMENT FUND Dept. # 78009 Gabriel Roeder Smith & Company Ms. Barbara La Due PO Box 78000 City of Boynton Beach Detroit, Michigan 48278 -0009 Renaissance Executive Suites or 1500 Gateway Blvd., Suite 220 ACH Payment to: Boynton Beach, FL 33426 Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 Description Project # Amount For services rendered through 12/31/2012 1. Retirement benefit calculation for Athol 100550 -052 $225 2. Service purchase calculation for Hanning 100550 -052 $450 3. Charges since 10/31/2012 for preparation of the 10/1/2012 Actuarial 100550 -052 $1,597 Valuation Report; total charges to date equal $5,032 Invoice Total $2,272 Paid to Date Client No. 100550 Amount Due $2,272 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. I N V O I C E ELLEN SCHAFFER INVOICE: 2587 339 N.W. 99 WAY DATE: 12/09/2012 CORAL SPRINGS, FL. 33071 REF.: Home: (954) 341 -5032 Fax: (954) 345 -0748 Public Pension Software Consultant Sold to CITY OF BOYNTON BEACH PENSION OFFICE 1500 GATEWAY BLVD. SUITE 220 BOYNTON BEACH, FL. 33426 ATTN: BARBARA LADUE, QTY DESCRIPTION AMOUNT TOTAL 3.0 HOUR(S) CONSULTING & PROGRAMMING SERVICE 115.00 345.00 TO MODIFY BENEFIT CALCULATION SYSTEM TO HANDLE NEW EXPANDED INPUT FORMAT FOR BOYNTON BEACH POLICE OFFICERS 1.1 SUBTOTAL $ 345.00 TAX $ .00 SHIP /HAND $ .00 TOTAL $ 345.00 PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU I N V O I C E ELLEN SCHAFFER INVOICE: 2601 339 N.W. 99 WAY DATE: 1/18/2013 CORAL SPRINGS, FL. 33071 REF.: Home: (954) 341 -5032 Fax: (954) 345 -0748 Public Pension Software Consultant Sold to CITY OF BOYNTON BEACH PENSION OFFICE 1500 GATEWAY BLVD. SUITE 220 BOYNTON BEACH, FL. 33426 ATTN: BARBARA LADUE, ADMINISTRATOR QTY DESCRIPTION AMOUNT TOTAL 6.0 HOUR(S) PROGRAMMING & CONSULTING SERVICE 115.00 690.00 PROVIDE PROGRAM TO POST MISSING PAYROLL OF 12/16/2012 FROM NON- STANDARD INPUT; ADJUST AND BALANCE YTD CONTRIBUTIONS FOR 2012; POST SYSTEM TO CURRENT. FOR BOYNTON BEACH POLICE OFFICERS SUBTOTAL $ 690.00 TAX $ .00 SHIP /HAND $ .00 TOTAL $ 690.00 PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU I N V O I C E ELLEN SCHAFFER INVOICE: 2573 339 N.W. 99 WAY DATE: 11/15/2012 CORAL SPRINGS, FL. 33071 REF.: Home: (954) 341 -5032 Fax: (954) 345 -0748 Public Pension Software Consultant Sold to CITY OF BOYNTON BEACH PENSION OFFICE 1500 GATEWAY BLVD. SUITE 220 BOYNTON BEACH, FL. 33426 ATTN: BARBARA LADUE, ADMINISTRATOR QTY DESCRIPTION AMOUNT TOTAL 1.0 SOFTWARE SUPPORT CONTRACT FEE 3,300.00 3,300.00 FOR PC PENSION ACCOUNTING SYSTEM: 06 TERM IS 1/23/2013 - 1/23/2014 ik 6 ii9 FOR BOYNTON BEACH POLICE AND FIREFIGHTERS (1 SUBTOTAL $ 3,300.00 TAX $ .00 SHIP /HAND $ .00 TOTAL $ 3,300.00 PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU Davidson, Jamieson & Cristini, P.L. Invoice 1956 Bayshore Blvd. Date Invoice # Dunedin, Fl 34698 1/7/2013 R6958 Phone # 727 - 734 -5437 Fax # 727 - 733 -3487 Bill To CITY OF BOYNTON BEACH POLICE PENSION PLAN 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Description Amount Audit of Financial Statements for the year ended September 30, 2012 Progress Billing 5,000.00 Total $5,000.00 Payments /Credits $0.00 Balance Due $5,000.00 Terms Invoices are due and payable upon receipt Any amounts remaining unpaid after 30 days will be assessed a Service Charge equal to 1% per month (12% per annum) Minimum monthly service charge is $5 00 G 1 S Gabriel Roeder Smith & Company One East Broward Blvd 954 527.1616 phone Consultants 8c Actuaries Suite 505 954 525.0083 fax Ft Lauderdale, FL 33301-1804 www gabnelroeder com November 30, 2012 CONFIDENTIAL Ms. Barbara LaDue Pension Administrator Boynton Police & Fire Pension Funds Renaissance Executive Suites 1500 Gateway Blvd., #220 Boynton Beach, Florida 33426 Re: Boynton Beach Police Retirement System Dear Barbara: You have asked us to verify the retirement benefits for the following participant: ATHOL, Toby J. (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. Also, the worksheet shows the non - taxable portion of Mr. Athol's benefit, but this will need to be recalculated when his DROP participation ends and he terminates employment. The actuarial equivalence assumptions used to compute optional forms were an 8.0% annual rate of return, and the 1983 GA Mortality Table blending 80% male rates and 20% female rates. We welcome your questions and comments. Sincerely yours, 1..P; t Stephen Palmquist, ASA eP q Senior Consultant and Actuary JSP /tnr Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax - related penalties under the Internal Revenue Code or (ii) marketing or recommending to another party any tax - related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. This communication shall not be construed to provide tax advice, legal advice or investment advice. Barbara Ladue From: Barbara Ladue [Iadueb @bbpdpension.com] Sent: Thursday, November 29, 2012 8:19 AM To: ' Travis .Robinson @gabrielroeder.com' Subject: Boynton Police - Toby Athol Retirement into DROP Attachments: SKMBT_C55012112909030.pdf Travis: Please review the attached retirement benefit calculation for verification for the Board: Toby Athol, SS# 205 -60 -XXXX, retired 9 -29 -2012 into DROP, initial DROP benefit 10 -01 -2012, $7956.67 Life 10C &C. Thanks. Barb La Due From: fax ©compson.com [mailto:fax@ compson.com] Sent: Thursday, November 29, 2012 8:04 AM To: IaduebObbpdpension.com Subject: Message from KMBT C550 D.R.O.P. DEFERRED RETIREMENT OPTION PLAN for THE BOYNTON BEACH POLICE PENSION FUND I have received a copy of the provisions of the DROP contained in the Pension Plan. I am in full agreement with the terms set forth. 1 have been advised to seek the counsel of a qualified tax advisor regarding the tax consequences to me of entering the DROP. I fully understand that my participation in the DROP shall terminate at the end of five (5) years or thirty (30) years of service, whichever comes first. Failure to end DROP participation may result in penalties at the discretion of the Trustees, up to and including forfeiture of the DROP account. I, loo y J , P ''L , have entered the Boynton (Print Name) Beach Police Officers' Pension Fund DROP on Y-029— . . My pension (Enter Date) benefit and DROP participation is based on al Years ' Months Ar Days of service. In compliance with Ordinance No. 08 -008, Sec. 18 -175 (passed 05- 06 -08) this will establish 9 -3e' " a © / 7 as my irrevocable resignation date with the City of (Enter Date) Boynton Beach. j ..v, ' ; 4 ( }:i.. r •r i .�:•r•; ". 1 p .S Y ^ I ••.i. •, ... {..•. �• k y'.. • f: • � . 1•' i L1 r a i .:WrA ?r � � r` ene .t�.e at is i i r **1 +r ?+ . ; 't#e' ** F : * dWfe ;ice . ,ry.Myy' �� ,�1 �}�y �'�t �{�/ .ri .j. Y• } F. / } (y' �f J�{; i � (Signature) Witness: (Print Name) Lo h vVa.. G'V Date: 11 — AC c: (Signature) CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM 4: 52°' FINAL STATEMENT OF RETIREMENT BENEFITS November 14, 2012 Participant's Name: TOBY J ATHOL Social Security #: 205 -60 -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, 2012 . 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 $ 8031.86 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 hav- •een used up. 4 t1 2. TEN YEAR CERTAIN AND LIFE THEREAFTER: This option provides • thly payments of $ 7956.67 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 7956.67 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 $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ .00 for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ .00 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ .00 for as long as he /she lives. 6. 66 -2/3% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ .00 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 $ .00 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ .00 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 $ .00 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 11/04/1964 Pension Hire Date: 03/14/1988 Date of Termination: 09/29/2012 Adjusted Hire Date: 03/14/1988 Avg Final Monthly Comp: $9,263.38 Years of Credited Service: 24 Beneficiary Name: Date of Birth: 00 /00 /0000 Page 2 Participant's Name: TOBY J ATHOL Social Security #: 205 -60 -xxxx Accumulated Contributions: $22,108.79 After -Tax Contributions: $15,443.49 Pre -Tax Contributions: $6,665.30 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $42.90 Portion Continues: 360 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, including my choice of annuity form, and confirm the information shown above to be correct. PARTICIPANT'S SIGNAT • : i r DATE: //— / 5 /Z BENEFICIARY'S SIGNATURE: DATE: Calculation Date: CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 November 14, 2012 NAME ATHOL, TOBY J # 632 SSN 205 -60 -xxxx DEPT 21 ADDRESS YTD CONTR. 7,618.51 CONTR(NTX) 15,443.49 PEN HIRE 03/14/1988 BALANCE 122,108.79 ADJ HIRE 03/14/1988 RETIRE 09/29/2012 TYPE N LAST SERV 09/29/2012 60 MO EARN 555,802.62 ELIG NORM 03/14/2008 AVG MO EARN 9,263.38 ELIG EARLY 00 /00 /0000 SERV AT TERM 24 6 15 100% VEST 03/14/1993 AGE AT RETIRE 47 10 25 COMMENCE 10/01/2012 COM ANB /DIFF 48 0 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME SERV OVERRIDE BEN BDAY 00 /00 /0000 PAY HIST FLAG IRREGULAR VAC HRS /CD 133.07/EK HOURLY RATE 38.978 SIC HRS /CD 131.07 S5 VAC SIC PAYOUT 25,007.17 ACCRUE PER .00 EARLY OPTION LAST PAY 20121008 - 20121021 TERM -DATE 20120929 QDRO BENEFIT 7,956.67 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 7,956.67 LIFE ANNUITY FACTOR: 1.00945 MODIFIED LIFE ANNUITY 8,031.86 100% SURVIVOR FACTOR: .00000 100% SURVIVOR ANNUITY .00 SURVIVOR BENEFIT .00 75% SURVIVOR FACTOR: .00000 75% SURVIVOR ANNUITY .00 SURVIVOR BENEFIT .00 50% SURVIVOR FACTOR: .00000 50% SURVIVOR ANNUITY .00 SURVIVOR BENEFIT .00 66% JOINT & LAST FACTOR: .00000 66% JOINT & LAST ANNUITY .00 SURVIVOR BENEFIT .00 50% JOINT & LAST FACTOR: .00000 50% JOINT & LAST ANNUITY .00 SURVIVOR BENEFIT .00 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 360 0 TAX -FREE PORTION OF MONTHLY BENEFIT 42.90 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 10/01/2042 00 /00 /0000 Prepared by * indicates manual override CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 November 14, 2012 TOBY J ATHOL H I G H Y E A R O N E H I G H Y E A R T W O PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 09/24/12 1.0 1,861.19 03/15/10 2.0 3,810.13 09/10/12 2.0 10,933.25 03/01/10 2.0 3,956.11 08/27/12 2.0 3,624.97 02/15/10 2.0 3,371.61 08/13/12 2.0 3,589.97 02/01/10 2.0 3,256.71 07/30/12 2.0 3,212.77 01/18/10 2.0 4,094.68 07/16/12 2.0 3,839.35 01/04/10 2.0 4,111.11 07/02/12 2.0 3,749.81 12/21/09 2.0 5,008.72 06/18/12 2.0 3,176.71 12/07/09 2.0 3,722.24 06/04/12 2.0 4,308.87 11/23/09 2.0 4,601.64 05/21/12 2.0 4,188.97 11/09/09 2.0 3,572.95 05/07/12 2.0 4,292.62 10/26/09 2.0 3,585.99 04/23/12 2.0 3,600.05 10/12/09 2.0 3,490.58 04/09/12 2.0 3,657.52 09/28/09 2.0 3,176.71 03/26/12 2.0 3,430.07 09/14/09 2.0 8,633.68 03/12/12 2.0 4,151.01 08/31/09 2.0 4,472.58 02/27/12 2.0 3,274.16 08/17/09 2.0 3,417.20 02/13/12 2.0 4,014.76 08/03/09 2.0 3,724.45 01/30/12 2.0 3,656.24 07/20/09 2.0 3,907.55 01/16/12 2.0 3,605.48 07/06/09 2.0 3,499.40 01/02/12 2.0 3,685.48 06/22/09 2.0 4,872.28 12/19/11 2.0 3,975.78 06/08/09 2.0 4,716.18 12/05/11 2.0 5,013.63 05/25/09 2.0 3,819.87 11/21/11 2.0 4,952.97 05/11/09 2.0 3,753.69 11/07/11 2.0 4,519.45 04/27/09 2.0 4,092.69 10/24/11 2.0 3,679.37 04/13/09 2.0 3,469.05 10/10/11 2.0 3,354.16 03/30/09 2.0 3,727.32 09/26/11 1.0 1,754.10 00 /00 /00 .0 .00 TOTAL 52.0 107,102.71 TOTAL 52.0 105,865.12 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 November 14, 2012 TOBY J ATHOL H I G H Y E A R T H R E E H I G H YEAR F O U R PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 04/14/08 2.0 3,071.29 04/16/07 2.0 3,117.89 03/31/08 2.0 4,274.71 04/02/07 2.0 4,719.92 03/17/08 2.0 4,157.95 03/19/07 2.0 6,038.88 03/03/08 2.0 3,642.12 03/05/07 2.0 3,424.21 02/18/08 2.0 3,303.06 02/19/07 2.0 3,281.99 02/04/08 2.0 6,175.61 02/05/07 2.0 3,591.74 01/21/08 2.0 4,654.56 01/22/07 2.0 3,552.74 01/07/08 2.0 2,906.16 01/08/07 2.0 4,321.96 12/24/07 2.0 3,991.93 12/25/06 2.0 3,265.56 12/10/07 2.0 3,734.85 12/11/06 2.0 3,935.38 11/26/07 2.0 2,985.13 11/27/06 2.0 2,879.96 11/12/07 2.0 4,742.63 11/13/06 2.0 4,143.50 10/29/07 2.0 3,406.28 10/30/06 2.0 6,135.25 10/15/07 2.0 3,924.45 10/16/06 2.0 2,625.60 10/01/07 2.0 2,853.29 10/02/06 2.0 3,862.49 09/17/07 2.0 8,204.93 09/18/06 2.0 7,621.72 09/03/07 2.0 3,637.53 09/04/06 2.0 4,966.35 08/20/07 2.0 2,773.29 08/21/06 2.0 2,822.81 08/06/07 2.0 3,197.89 08/07/06 2.0 5,096.01 07/23/07 2.0 2,773.29 07/24/06 2.0 4,725.35 07/09/07 2.0 3,529.18 07/10/06 2.0 3,597.85 06/25/07 2.0 3,134.30 06/26/06 2.0 3,099.25 06/11/07 2.0 3,079.60 06/12/06 2.0 3,174.90 05/28/07 2.0 3,232.76 05/29/06 2.0 2,881.90 05/14/07 2.0 2,625.60 05/15/06 2.0 2,914.10 04/30/07 2.0 3,296.36 05/01/06 2.0 2,849.20 TOTAL 52.0 97,308.75 TOTAL 52.0 102,646.51 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 4 November 14, 2012 TOBY J ATHOL H I G H Y E A R F I V E PAY EFF WEEKS WAGES 04/17/06 2.0 3,372.95 04/03/06 2.0 2,656.00 03/20/06 2.0 6,407.80 03/06/06 2.0 4,289.71 02/20/06 2.0 5,134.84 02/06/06 2.0 2,849.20 01/23/06 2.0 3,783.50 01/09/06 2.0 2,865.30 12/26/05 2.0 3,091.20 12/12/05 2.0 3,899.40 11/28/05 2.0 2,865.80 11/14/05 2.0 4,137.70 10/31/05 2.0 8,403.70 10/17/05 2.0 2,720.90 10/03/05 2.0 2,922.69 09/19/05 2.0 8,368.62 09/05/05 2.0 5,697.91 08/22/05 2.0 3,909.23 08/08/05 2.0 3,927.39 07/25/05 2.0 3,048.41 07/11/05 2.0 3,707.94 06/27/05 2.0 3,577.54 06/13/05 2.0 3,593.34 05/30/05 2.0 4,315.84 05/16/05 2.0 12,927.83 05/02/05 2.0 3,901.91 04/18/05 1.0 1,495.71 TOTAL 53.0 117,872.36 GRS Gabriel Roeder Smith & Company One East Broward Blvd. 954 52 J.1616 phone Consultants Sc Actuaries Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301-1804 www.gabrieiroeder.com October 1, 2012 CONFIDENTIAL Ms. Barbara LaDue Pension Administrator Boynton Police & Fire Pension Funds Renaissance Executive Suites 1500 Gateway Blvd., #220 Boynton Beach, Florida 33426 Re: Boynton Beach Police Retirement System Dear Barbara: You have asked us to verify the retirement benefits for the following participant: RANZJE, Frank P. (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. Also, the worksheet shows the non - taxable portion of Mr. Ranzie's benefit, but this will need to be recalculated when his DROP participation ends and he terminates employment. The actuarial equivalence assumptions used to compute optional forms were an 8.0% annual rate of return, and the 1983 GA Mortality Table blending 80% male rates and 20% female rates. We welcome your questions and comments. Sincerely yours, J. Stephen Palmquist, ASA Senior Consultant and Actuary JSP /ib Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax - related penalties under the Internal Revenue Code or (ii) marketing or reconunending to another party any tax - related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. This communication shall not be construed to provide tax advice, legal advice or investment advice. Barbara Ladue f From: Barbara Ladue [ladueb @bbpdpension.com] Sent: Tuesday, September 25, 2012 10:20 AM To: 'Pete.Strong @gabrielroeder.com' Subject: Boynton Police - Frank P. Ranzie Retirement Verification Attachments: SKMBT_C55012092509570.pdf Pete: The attached is for your review on the retirement benefit for Frank Ranzie and verification for the Boynton Police Pension Board: Frank P. Ranzie, SS# 114 -58 -XXXX, retire into DROP 8 -31 -2012, 100% survivor Annuity $9,421.08, effective 09- 01 -2012 initial DROP deposit. Thank you. Barb La Due From: fax @compson.com [mailto:fax @ compson.com] Sent: Tuesday, September 25, 2012 9:57 AM To: ladueb @bbpdpension.com Subject: Message from KMBT C550 1 D.R.O.P. DEFERRED RETIREMENT OPTION PLAN for THE BOYNTON BEACH POLICE PENSION FUND I have received a copy of the provisions of the DROP contained in the Pension Plan. I am in full agreement with the terms set forth. I have been advised to seek the counsel of a qualified tax advisor regarding the tax consequences to me of entering the DROP. I fully understand that my participation in the DROP shall terminate at the end of five (5) years or thirty (30) years of service, whichever comes first. Failure to end DROP participation may result in penalties at the discretion of the Trustees, up to and including forfeiture of the DROP account. 1, F4,, vt'C /- , /C,¢N Z 1 c , have entered the Boynton (Print Name) Beach Police Officers' Pension Fund DROP on '44 G- 6/ tR©tR . My pension (Enter Date) benefit and DROP participation is based on o9 Years a Months ap Days of service. In compliance with Ordinance No. 08 -008, Sec. 18 -175 (passed 05- 06 -08) this will establish AC 3/, .2.sm / 7 as my irrevocable resignation date with the City of (Enter Date) Boynton Beach. MT', It is aiirSi de tree m e t o :So make #fuse yr i,*kad $ Mgentrmt to obi*. ietireaiint bene�t addflion,t' anip,a a e rOi ena , upon miivitita# par c4iai t :orben i of tptan gray,intIreiiscra#bn `' :b d ,be. i e ` fo the he ewgan oralf ne .-.n. soli: beam dtintter*t 2.1- (Signature) FR k P PAW Witness: (Print Name) 46 14— le 4 Date: g l‘' °?®f f (Signature) iii CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM�s�'�` FINAL STATEMENT OF RETIREMENT BENEFITS September 17, 2012 Participant's Name: FRANK P RANZIE Social Security #: 114 -58 -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 September 1, 204. 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 $10166.89 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 $10071.71 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $10071.71 will continue to be made to your beneficiary until a total of 12 ont y payments have been made in all. 3 . 100% SURVIVOR ANNUITY: This option provides monthly payments of $ 9421.08 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 9421.08 for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 9597.33 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 7198.00 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 9779.63 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 4889.82 for as long as he /she lives. 6. 66 -2/3% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 9827.97 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 $ 6551.91 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $10045.52 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of $ 5022.76 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 03/01/1964 Pension Hire Date: 08/11/1988 Date of Termination: 08/31/2012 Adjusted Hire Date: 08/11/1988 Avg Final Monthly Comp:$11,962.82 Years of Credited Service: 24 Beneficiary Name: CORINNE RANZIE Date of Birth: 08/04/1967 Page 2 Participant's Name: FRANK P RANZIE Social Security #: 114 -58 -xxxx Accumulated Contributions: $39,889.96 After -Tax Contributions: $12,912.63 Pre -Tax Contributions: $26,977.33 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $35.87 Portion Continues: 360 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $31.49 Portion Continues: 410 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, including my choice of annuity form, and confirm the information shown -bove to be corrree PARTICIPANT'S SIGNATURE: A66kLL - W,dir DATE: I O _ BENEFICIARY'S SIGNATURE: / ii DATE: / /jam Calculation Date: CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 September 17, 2012 NAME RANZIE, FRANK P # 683 SSN 114 -58 -xxxx DEPT 21 ADDRESS YTD CONTR. 7,145.33 CONTR(NTX) 12,912.63 PEN HIRE 08/11/1988 BALANCE 139,889.96 ADJ HIRE 08/11/1988 RETIRE 08/31/2012 TYPE N LAST SERV 08/31/2012 60 MO EARN 717,769.29 ELIG NORM 08/11/2008 AVG MO EARN 11,962.82 ELIG EARLY 00 /00 /0000 SERV AT TERM 24 0 20 100% VEST 08/11/1993 AGE AT RETIRE 48 5 30 COMMENCE 09/01/2012 COM ANB /DIFF 48 -3 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME CORINNE RANZIE SERV OVERRIDE BEN BDAY PAY HIST FLAG IRREGULAR VAC HRS /CD 127.69/EK HOURLY RATE 43.966 SIC HRS /CD 123.69 S5 VAC SIC PAYOUT 16,237.67 ACCRUE PER .00 EARLY OPTION LAST PAY 20120827 - 20120909 TERM -DATE 00000000 QDRO BENEFIT 10,071.71 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 10,071.71 LIFE ANNUITY FACTOR: 1.00945 MODIFIED LIFE ANNUITY 10,166.89 g� 100% SURVIVOR FACTOR: .93540 100% SURVIVOR ANNUITY 9,421.08 1/ /' SURVIVOR BENEFIT 9,421.08 ff „ e9 75% SURVIVOR FACTOR: .95290 75% SURVIVOR ANNUITY 9,597.33 SURVIVOR BENEFIT 7,198.00 50% SURVIVOR FACTOR: .97100 50% SURVIVOR ANNUITY 9,779.63 SURVIVOR BENEFIT 4,889.82 66% JOINT & LAST FACTOR: .97580 66% JOINT & LAST ANNUITY 9,827.97 SURVIVOR BENEFIT 6,551.91 50% JOINT & LAST FACTOR: .99740 50% JOINT & LAST ANNUITY 10,045.52 SURVIVOR BENEFIT 5,022.76 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 360 410 TAX -FREE PORTION OF MONTHLY BENEFIT 35.87 31.49 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 09/01/2042 11/01/2046 Prepared by * indicates manual override CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 September 17, 2012 FRANK P RANZIE H I G H Y E A R O N E H I G H Y E A R T W O PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 02/13/12 2.0 8,089.81 09/13/10 2.0 5,149.16 01/30/12 2.0 4,098.95 08/30/10 2.0 4,820.80 01/16/12 2.0 5,017.66 08/16/10 2.0 4,044.90 01/02/12 2.0 4,858.25 08/02/10 2.0 5,747.70 12/19/11 2.0 4,572.50 07/19/10 2.0 4,527.45 12/05/11 2.0 5,216.51 07/05/10 2.0 4,692.50 11/21/11 2.0 6,137.45 06/21/10 2.0 4,987.43 11/07/11 2.0 6,586.63 06/07/10 2.0 5,019.06 10/24/11 2.0 4,652.20 05/24/10 2.0 5,440.84 10/10/11 2.0 5,566.34 05/10/10 2.0 4,098.95 09/26/11 2.0 9,656.36 04/26/10 2.0 4,726.25 09/12/11 2.0 5,348.40 04/12/10 2.0 4,296.80 08/29/11 2.0 4,366.56 03/29/10 2.0 4,781.34 08/15/11 2.0 4,572.50 03/15/10 2.0 4,350.85 08/01/11 2.0 4,098.95 03/01/10 2.0 5,746.38 07/18/11 2.0 9,013.11 02/15/10 2.0 5,550.75 07/04/11 2.0 4,494.65 02/01/10 2.0 3,835.15 06/20/11 2.0 3,739.80 01/18/10 2.0 5,379.29 06/06/11 2.0 6,325.58 01/04/10 2.0 4,604.57 05/23/11 2.0 4,242.75 12/21/09 2.0 6,074.85 05/09/11 2.0 4,395.72 12/07/09 2.0 4,530.40 04/25/11 2.0 4,924.23 11/23/09 2.0 5,839.72 04/11/11 2.0 4,758.45 11/09/09 2.0 6,301.10 03/28/11 2.0 3,715.16 10/26/09 2.0 4,605.63 03/14/11 2.0 4,719.79 10/12/09 2.0 10,183.51 02/28/11 2.0 9,019.59 09/28/09 2.0 6,439.76 TOTAL 52.0 142,187.90 TOTAL 52.0 135,775.14 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 September 17, 2012 FRANK P RANZIE H I G H Y E A R T H R E E H I G H Y E A R F O U R PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 09/14/09 2.0 5,067.12 09/15/08 2.0 6,771.32 08/31/09 2.0 6,766.32 09/01/08 2.0 6,686.76 08/17/09 2.0 5,820.84 08/18/08 2.0 5,072.32 08/03/09 2.0 6,983.12 08/04/08 2.0 6,479.98 07/20/09 2.0 6,955.04 07/21/08 2.0 4,331.54 07/06/09 2.0 5,646.40 07/07/08 2.0 7,303.70 06/22/09 2.0 6,050.71 06/23/08 2.0 6,222.19 06/08/09 2.0 6,586.67 06/09/08 2.0 6,394.44 05/25/09 2.0 5,506.78 05/26/08 2.0 5,947.96 05/11/09 2.0 5,579.19 05/12/08 2.0 5,212.20 04/27/09 2.0 6,455.89 04/28/08 2.0 5,073.08 04/13/09 2.0 5,800.00 04/14/08 2.0 5,028.83 03/30/09 2.0 7,291.00 03/31/08 2.0 4,255.15 03/16/09 2.0 6,666.50 03/17/08 2.0 4,295.13 03/02/09 2.0 6,779.59 03/03/08 2.0 4,733.85 02/16/09 2.0 4,375.05 02/18/08 2.0 5,199.76 02/02/09 2.0 5,516.52 02/04/08 2.0 4,226.85 01/19/09 2.0 6,532.23 01/21/08 2.0 5,367.54 01/05/09 2.0 4,843.09 01/07/08 2.0 5,512.91 12/22/08 2.0 4,472.30 12/24/07 2.0 5,677.93 12/08/08 2.0 6,148.23 12/10/07 2.0 5,144.06 11/24/08 2.0 6,869.75 11/26/07 2.0 5,119.02 11/10/08 2.0 5,388.58 11/12/07 2.0 7,103.72 10/27/08 2.0 5,582.92 10/29/07 2.0 6,348.54 10/13/08 2.0 6,348.54 10/15/07 2.0 4,848.82 09/29/08 2.0 5,633.13 10/01/07 2.0 4,509.82 TOTAL 52.0 155,665.51 TOTAL 52.0 142,867.42 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 4 September 17, 2012 FRANK P RANZIE H I G H Y E A R F I V E PAY EFF WEEKS WAGES 09/17/07 2.0 3,383.32 09/03/07 2.0 4,189.39 08/20/07 2.0 4,463.91 08/06/07 2.0 3,716.93 07/23/07 2.0 3,577.69 07/09/07 2.0 4,135.51 06/25/07 2.0 5,282.80 06/11/07 2.0 3,957.51 05/28/07 2.0 3,892.30 05/14/07 2.0 4,169.47 04/30/07 2.0 4,747.50 04/16/07 2.0 4,852.67 04/02/07 2.0 4,903.40 03/19/07 2.0 8,798.73 03/05/07 2.0 3,218.48 02/19/07 2.0 5,041.26 02/05/07 2.0 4,623.37 01/22/07 2.0 4,632.70 01/08/07 2.0 5,455.46 12/25/06 2.0 5,771.23 12/11/06 2.0 4,716.39 11/27/06 2.0 5,612.24 11/13/06 2.0 5,136.74 10/30/06 2.0 4,932.33 10/16/06 2.0 5,030.18 10/02/06 2.0 4,679.07 09/18/06 1.0 2,115.07 TOTAL 53.0 125,035.65 HCC Global 37 Radio Circle Drive, Mount Kisco, New York 10549 / main 914 241 8900 facsimile 914 241 8098 t January 14, 2013 City of Boynton Beach 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Insured: City of Boynton Beach Policy No: U712 -50977 Policy Period: 04/10/2012 - 04/10/2013 009 66 Insurer: U.S. Specialty Insurance Company Li Coverage: Corporate Fiduciary Liability A 8 4 u - -t- Pit-e-14"-- In compliance with state insurance regulations, please be advised that the above captioned policy may be subject to non - renewal, a change in coverage conditions, or an increase in premium at expiration. This notice is not intended to indicate an unfavorable renewal position by the carrier, but to inform you that the renewal position is subject to the underwriting information we receive. We appreciate your business. To ensure your renewal is reviewed on a timely basis, we recommend that you contact your agent or broker to answer your questions and prepare a renewal submission. Sincerely, HCC GLOBAL CC: Trustee and Fiduciary Insurance Services, Inc 3810 Inverrary Blvd. Suite 303 Lauderhill, FL 33319 Attn: Carolyn Furlong Phone: (800) 452 -2454 Email: CIFurlong @aol.com A Subsidiary of HCC Insurance Holdings, Inc THE LAW OFFICES OF PERRY & JENSEN, LLC ANN H. PERRY BONNI SPATARA JENSEN aperry©perryjensenlaw.com bsjensen@perryjensenlaw.com MEMORANDUM TO: Board of Trustees . FROM: Bonni S. Jensen Fund Legal Counsel DATE: December, 2012 SUBJECT: IRS Mileage Rate for 2013 This is to inform you that the Internal Revenue Service ( "IRS ") released its updated Standard Mileage Rate for 2013. The new rate is 56.5 cents per mile as of January 1, 2013. As you know from previous years, the mileage rate can fluctuate within the same year. We will do our best to keep you and the administrator informed. You can find the current rate at the link below. http: / /www.irs.gov /uac /2013- Standard - Mileage- Rates -Up -1- Cent - per - Mile -for- Business,- Medical- and - Moving If you have any questions, please do not hesitate to contact us. BSJ /pah H:1AII Miscellaneous\ALL BOARDS1201212013 - IRS Mileage Rate Memo.wpd 400 EXECUTIVE CENTER DRIVE, SUITE 207•:• WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 • Fx: 561.686.2802 m w --1 z m Ln H C n O X @ C n m sn -). 3 m- -J 0Olu7W UJ WOWCptntDA01OC 0 u, N Ol Vi NJ IJ, 0000 N O1 N om nrf—' 01 J0 00N1HHWN - NJOOMO00 ?NlnN�tlI to JN N.pNW00Z `< . 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(o VI 1 -h H 0 H . o 0 O -n 0 x in m `< H N Z --I G1 m -I 3 O '0 -I m r 00000 OWW H r \ \ \ \\ AI J• (D 0 00000 rI - 3 = 0 m 0 0 0 0 0 0 0 (D ft (D Z fD °0 000000 s • 0 H • s a. \ 0 Z www -I• NNNNN O(o \ D nDo rt -t33 N' rr In 0 3 '< • • 1- N m NI 1-4- 1- Z 3 O I c n N 0000 01 4 - = 0 0 N O1 W V V N 1-- 1-+ VI rt .-'. S N VI l0 I.- N NJ 00 0101 0. 1 0 N lnw0 W1. =K 0 D 01 1--L IV n Vt N to 0 m •P. 00 N N W 00I--400 -I (D W -P N C1 - - W ?n .A .Ih. w w 00 1- 01 W to 00 01 - (D -I 01 01 I0 VV 01 V010I-W V)-+•0 1.).1---4 In • 00 00 0 0 00 < rt 01 F- 01 -< CD At N NJ V7 I-- t.)./ V COWNJ IOW "5 0.-' OOtrI0 4:It. 1- 11J700N MEMORANDUM TO: Pension Board — City of Boynton Beach Municipal Police Officers' Retirement Fund FROM: Pete Strong, Consultant and Actuary, Gabriel, Roeder, Smith & Company DATE: February 12, 2013 SUBJECT: GASB No. 67 Effective in the fiscal year ending September 30, 2014, Plan financial statements will need to comply with the new GASB Statement No. 67. Employer financial statements will need to comply with the new GASB Statement No. 68 in the following year (the fiscal year ending September 30, 2015). This may seem like a while from now, but it will be here before you know it, and there are certain steps that Pension Boards should start taking or at least start thinking about to prepare for GASB No. 67 compliance. Here is a list of the most important new items that will be required under GASB Statement No. 67: • Disclosure of the expected real rate of return for each asset class and the target investment allocation for each asset class. It will also be required to disclose whether the expected real rates of return for each asset class are arithmetic or geometric expected returns. • Disclosure of the investment return assumption — the long -term expected rate of return on Plan assets — and a description of how it was determined. • Disclosure of the actual investment return for the year, calculated based on the actual timing and amount of all cash flows into and out of the trust fund during the year. This investment return calculation is likely not the same as the one currently provided by your investment consultant. Due to the complexities of the GASB's requirements for this calculation, the best source to provide this return will be your investment consultant. • Determination of the discount rate. The discount rate might be lower than the long -term expected rate of return. A projection of future cash flows over the life of the Plan (for all current members) will need to be performed to see if there is a "cross -over date" (a date on which assets are projected to go to zero). Projected benefit payments after that date will need to be discounted using an AA -rated municipal bond index rate. • Disclosure of the dates of past experience studies prepared with regard to the significant demographic assumptions. • Disclosure of the Plan's funding policy. A funding policy statement should be prepared prior to the effective date of GASB Statement No. 67. • Year -end disclosure of the liabilities, assets and pension expense. A separate "GASB No. 67" valuation report will be prepared. In the absence of significant plan changes during the 12- month period ending September 30, the valuation date used will be the prior October l', and liabilities will be rolled forward 12 months to the September 30 measurement date. 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' i �_ � r J 5i O mei W CD 1 C O O < N SD * K CD CD < O O 1■I II cn Q° = CD ty c CD C c� 2 1 G IE .S Gabriel Roeder Smith & Consultants & Actuaries CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICERS' RETIREMENT FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2012 ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE PLAN YEAR ENDING SEPTEMBER 30, 2014 GRS Gabriel Roeder Smith & (ornpan' One East Broward Blvd 954 527 1616 phone gym, ilranr5 & \cru,ute, Suite 505 954 525.0083 fax Ft Lauderdale, FL 33301 -1804 wwwgabrielroedercom February 12, 2013 Board of Trustees City of Boynton Beach Municipal Police Officers' Retirement Fund Boynton Beach, Florida Dear Board Members: The results of the October 1, 2012 Annual Actuarial Valuation of the City of Boynton Beach Municipal Police Officers' Retirement Fund are presented in this report. This report was prepared at the request of the Board and is intended for use by the Retirement System and those designated or approved by the Board. This report may be provided to parties other than the System only in its entirety and only with the permission of the Board The purpose of the valuation is to measure the System's funding progress, to determine the employer contribution rate for the fiscal year ending September 30, 2014, and to determine the actuarial information for Governmental Accounting Standards Board (GASB) Statement No. 25 and No. 27. This report should not be relied on for any purpose other than the purpose descnbed above. The findings included in this report are based on data or other information through September 30, 2012. Future actuanal measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period or additional cost or contribution requirements based on the plan's funded status); and changes in plan provisions or applicable law. The valuation was based upon information furnished by the Plan Administrator concerning Retirement System benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We checked for internal and year -to -year consistency, but did not otherwise audit the data. We are not responsible for the accuracy or completeness of the information provided by the Plan Administrator. This report was prepared using certain assumptions prescribed by the Board as descnbed in Section B The undersigned actuaries are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuanes to render the actuarial opinions contained herein. The signing actuaries are independent of the plan sponsor This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Retirement System as of the valuation date All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuanal Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. This actuanal valuation and/or cost determination was prepared and completed by me or under my direct supervision, and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate. In my opinion, the techniques and assumptions used are reasonable, meet the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted actuarial principles and practices. There is no benefit or expense to be provided by the plan and/or paid from the plan's assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material increase in plan costs or required contnbution rates have been taken into account in the valuation. Respectfully submitted, GABRIEL, ROEDER, SMITH AND COMPANY a r 4. I Peter N. Strong, ASA J; fre ose, MAAA Enrolled Actuary No. 11 -1 975 nrolled Actuary No. 11 -06599 Gabriel Roeder Smith & Company TABLE OF CONTENTS Section Title Page A Discussion of Valuation Results 1 Chapter Revenue 4 B Valuation Results 1. Participant Data 5 2. Annual Required Contribution (ARC) 6 3 Actuarial Value of Benefits & Assets 7 4 Calculation of Employer Normal Cost 8 5. Liquidation of the Unfunded Frozen Actuarial Accrued Liability 9 6. Actuanal Gains and Losses 10 7 Actual Compared to Expected Decrements 16 8 Cost of Living Adjustment 17 9. Recent History of Valuation Results 18 10. Recent History of Required and Actual Contributions 19 11 Actuarial Assumptions and Cost Method 20 12. Glossary of Terms 24 C Pension Fund Information 1. Summary of Assets 28 2. Summary of Fund's Income and Disbursements 29 3 Calculation of Actuarial Value of Assets 30 4. Investment Rate of Return 32 D Financial Accounting Information 1. FASB No. 35 33 2. GASB No 25 34 3. GASB No. 27 36 E Miscellaneous Information 1. Reconciliation of Membership Data 38 2 Age /Service /Salary Distributions 39 F Summary of Plan Provisions 41 GRS SECTION A DISCUSSION OF VALUATION RESULTS GRS 1 DISCUSSION OF VALUATION RESULTS Comparison of Required Employer Contributions A comparison of the required employer contribution developed in this and the last actuarial valuation is shown below. The required contribution dollar amounts shown below are estimates only The contribution policy of the City is to contribute the dollar amount determined by multiplying the required percentage of payroll determined as of the valuation date by the projected pensionable payroll for the year. For FYE 9/30/14 For FYE 9/30/13 Based on Based on 10/1/2012 10/1/2011 Increase Valuation Valuation (Decrease) if contributed on if contributed on 10/1/2013 10/1/2012 Required Employer /State Contribution $ 4,624,823 $ 4,701,572 $ (76,749) As % of Covered Payroll 39.08 % 36 68 % 2.40 % Estimated State Contnbution $ 465,087 $ 465,087 $ 0 I As % of Covered Payroll 3 93 % 3 63 % 0.30 % Required Employer Contribution $ 4,159,736 $ 4,236,485 $ (76,749) As % of Covered Payroll 35.15 % 33.05 % 2.10 % The required employer contribution has been computed under the assumption that the amount to be received from the State next year will be at least $465,087 The City may not take credit for State revenue in excess of $465,087. If the next payment from the State falls below $465,087, the City must raise its contribution by the difference The employer contribution listed above is for the City's fiscal year ending September 30, 2014 and has been calculated assuming the employer contribution is made on October 1, 2013. The actual employer contribution for the fiscal year ending September 30, 2012 was $4,098,955, which was equal to the required contribution. Revisions in Benefits There have been no revisions in benefits since the last valuation. GRS Revisions in Actuarial Assumptions and Methods the lolIowiii revisions ni ,1C1 Wit i,suniptiou, si,nd been ipproved 'he Home =nit into this report ➢ The inortahty table, which was updated last veal io the RP -2O00 (ombined 1 -eHt , Participant ;Mortality Cables tor males and females. including protectuoii, `oi improvements to mortality rates. continues to he phased in this v eal ➢ 'fhe withdrawal rates updated last Near (please see the actuarial assumpti soil methods section) continue to be phased in this veal These revisions are being phased in otter a five -year period, beginning with the October I actuarial valuation In this year's actuarial valuation. 40 of the rev ised rates and 60 °t° of the prior rates .m used Actuarial Experience There was a net actuanal gain of 52,249,576 for the year which means that actual experience was none favorable than expected The actuarial gam is primarily due to salary increases that were less than expected Average salary increases were were (3 1 %) versus 5 tt expected This gain was partially offset in recognized return on investments that was less than the assumed investment rate of return Che actual retun+ ,,, , the actuarial value of assets was 6 88 %. versus 7 7 5% expected The net actuarial gain for the year has caused a decrease m the annual required employer contribution of 1 01% of covered payroll Funded Ratio The funded ratio was 57 0 °°0 this year compared to 54 8% last year Before the change in assumptions described above, the funded ratio was 57 2°t() Cite funded ratio is equal to the actuarial ‘ alue of assets divided by the actuarial accrued liability -- ---- - - - - -- - -- - - - - - - - - - -- -- - - - - - -- - - - - - - - -- - � n r 3 Analysis of Change in Employer Contribution The components of change in the required employer contribution are as follows: Contnbution Rate Last Year 33.05 % Actuarial Expenence (1.01) Change in Admmistrative Expense 0.05 Amortization Payment on UAL 2.10 Change in State Contnbution (0 30) Change in Normal Cost Rate 0.06 Change in Assumptions and Methods 1 20 Contnbution Rate This Year 35.15 Required Contributions in Later Years The current calculated City contribution requirement is 35.15% of payroll starting October 1, 2013. For long -term planning purposes, the City contribution rate would be expected to remain near this level if the current actuarial assumptions are realized after September 30, 2012 It is important to keep in mind that under the asset smoothing method, gains and losses are recognized over five years. As of September 30, 2012, the market value of assets exceeded the actuanal value of assets by $411,668 Once all the gains and losses through September 30, 2012 are fully recognized in the actuarial asset values, the contribution rate will decrease by roughly 0.2% of payroll unless there are offsetting losses. Relationship to Market Value If Market Value had been the basis for the valuation, the City contribution rate would have been 34.96% for the fiscal year ending 2014 and the funded ratio would have been 57.4% In the absence of other gains and losses, the City contribution rate should decrease to that level over the next several years. Conclusion The remainder of this Report includes detailed actuarial valuation results, financial information, miscellaneous information and statistics, and a summary of plan provisions. GRS ( 1i 1p1Flt f \1 1 Int.rement, t! ° hdptei re.'ci 1 t 14 '4I 4i' ,, 0l compliance with minimum benefits Once minimums ,irk.' inei An `,ubscquent idditiam <I ( Lame] ,°<<..rnt must be used to provide extra benefits 4s of the valuation date, all minimum Chapter requirements hav e been met Actuarial. Confirmation of the Use of State Chapter Move), 1 Base Amount Previous Plan Year s 465.08 2 Amount Received for Previous Plan Year sos 010 3 Benefit Improvements Made in Previous Plan 't ear 4 Excess Funds for Previous Plan Year (2) - (1) - (3 t 1 ;0.8 5 Accumulated Excess at Beginning of Previous Yea] ;1 667 6 Pnor Excess Used m Previous Plan Year 147 ?x 7 Accumulated Excess as of Valuation late (Available for Benefit Improvements ( ( 4,71 ` 8 Base Amount This Plan Year 465,, 1 In SECTION B VALUATION RESULTS GRS 5 PARTICIPANT DATA October 1, 2012 October 1, 2011 ACTIVE MEMBERS Number 146 144 Covered Annual Payroll $ 11,789,237 $ 12,397,266 Average Annual Payroll $ 80,748 $ 86,092 Average Age 37.4 36 8 Average Past Service 8.8 8 6 Average Age at Hire 28.6 28.2 RETIREES & BENEFICIARIES & DROP Number 97 95 Annual Benefits $ 4,476,206 $ 4,191,530 Average Annual Benefit $ 46,146 $ 44,121 Average Age 56.9 56.3 DISABILITY RETIREES Number 15 15 Annual Benefits $ 311,885 $ 311,885 Average Annual Benefit $ 20,792 $ 20,792 Average Age 62.0 61.0 TERMINATED VESTED MEMBERS Number 4 3 Annual Benefits $ 103,095 $ 54,337 Average Annual Benefit $ 25,774 $ 18,112 Average Age 40.3 39 1 GRS 1NN1 -`!I REQUIRED ((1N HUM I ION ( \It( , +I -- -- - -- -- -,- - -- -- -- — -- -r - _ _ - - , _ 4 'valuation Date r 1, <<', r = '+_, r ), r, , , ,, €-, , B ARC to Be Yard Dunng Fiscal Year Ending t(1 ',Jr ' +)l b r 't(. - i� C Assumed Date ot Employer Conti ,rM 1 '(r1 "iA, ekl, ' '_01 ` D Annual Payment to N.mortlze Unfunded Actuarial Liability s 4 ;1 ri6 ' 4s ;63 ' 4 64a t ' 4 'I, z ' - E Employer Normal Cost 2 1'35.64 ' I , s 364 _ , 1',, ' :n or 'r F ARC if Paid on the Valuation Date D - 4 6()6.83 4 6,r6 A' -- 4 46ti ,_ , G ARC Adjusted for Hrequenev ot Payments 4 6(16.83" 4 - K; 548 4 46 ' -' 1 -4 114 H ARC as °20 of (0\ el ed Payroll ,u (18 ill iu s, r, ,,", I Assumed Rate of Increase in Covered Payroll to Contribution Year `vI 1 ,. l \ \ J Covered Payroll for Contribution Year 11 834,246 11 s34 246 ' 11 '141. 2 46 , s r - 'i(1t K ARC for Contribution Year 11 x I 4,624,S2; 4 c4(4; ' 311 4 48' 51' t ) r __ L Estimate of State Revenue In Contribution Year 465,08' 46i 4r,i 68_ th ~ ,)v M Required Employer Contribution (RE(1 in Contribution Year 4 159 7 36 4 ; , 04,43; 4 1 1 - _.,. t ' .1 h 485 N REC as ° o of Covered Payroll in Contribution Year NI - 1 15 15 t6 66 ,4 46: , ; 65, * Estimate provided by the City ---- - - - - -- ----- - - - - -- - - - -- -- -- - - - - -- - - -- PRS 7 ACTUARIAL VALUE OF BENEFITS AND ASSETS A Valuation Date October 1, 2012 October 1, 2012 October 1, 2011 Current Assumptions Prior Assumptions (with 40% phase -in of (with 20% phase -in of New Mortahty and New Mortality and Termination rates) Termination rates) B Actuarial Present Value of All Projected Benefits for 1 Active Members a Service Retirement Benefits $ 56,812,954 $ 55,018,384 $ 57,482,867 b Vesting Benefits 2,850,194 2,830,344 2,906,440 c Disability Benefits 3,886,035 3,786,668 4,008,131 d Preretirement Death Benefits 1,125,559 1,243,563 1,283,298 e Return of Member Contributions 62,996 70,639 _ 65,875 f Total 64,737,738 62,949,598 65,746,611 2 Inactive Members a Service Retirees & Beneficiaries 50,628,067 50,238,116 47,131,644 b Disability Retirees 2,678,085 2,639,524 2,820,901 c Terminated Vested Members 816,351 811,512 429,562 d Total 54,122,503 53,689,152 50,382,107 3 Total for All Members 118,860,241 116,638,750 116,128,718 C. Actuarial Accrued (Past Service) Ltability per GASB No 25 92,351,033 91,938,840 89,656,412 D. Actuarial Value of Accumulated Plan Benefits per FASB No. 35 79,453,983 78,785,847 74,497,057 E. Plan Assets 1 Market Value 53,006,321 53,006,321 44,131,282 2 Actuarial Value 52,594,653 52,594,653 49,115,728 F Unfunded Actuarial Accrued Liability C - E2 39,756,381 39,344,187 40,540,684 G Actuarial Present Value of Projected Covered Payroll 108,720,594 105,846,085 113,381,701 H. Actuarial Present Value of Projected Member Contributions 7,610,441 7,409,226 7,936,719 GRS 1-,41 Rl i(.1'. \OR\IAI \Ik_ 1 1101) ('!LC FLAIR/ N OF ENV] ,O \fE_:R \ORMAL ( 0S1 A Valuation Ddb. s_Uvl'.,t _ ' ' 01 �t „ h B Normal Cost 101 I Service Retirement Benefits _ ' - " W{( ()4{, Vesting Benefits 1,_ 'r,-} 3 Disability Benefits 4 Preretirement Death Benefits 5 9 10', i _ 5 Return of Member Contributions -I -) - 81(i n 6 Total for Future Benefits t l 860 7 Assumed Amount for Adnumstrauv-e Expenses 128 ' 1_'8 ,?(‘ k Total Normal Cost 980 .∎ 1 860) 88' , J9 3 „ =t C Expected Member Contribution D Employer Normal Cost BR -( 5 - ry;.- 1'n E Employer Normal Cost as a "„ of Cox ered Payroll 18 1 9 LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY A. UAAL Amortization Period and Payments Original UAAL Current UAAL Amortization Date Period Years Established (Years) Amount Remaining Amount Payment 10/1/98 30 $ 1,331,353 16 $ 1,475,108 $ 118,661 10/1/99 30 1,656,722 17 1,843,607 141,831 10/1/00 30 185,619 18 205,473 15,168 10/1/01 30 46,601 19 51,961 3,692 10/1/04 30 1,166,935 22 1,316,801 84,668 10/1/05 30 2,985,574 23 3,359,839 209,841 10/1/05 30 13,646,165 23 15,356,815 959,122 10/1/06 30 2,307,394 24 2,586,005 157,165 10/1/07 30 16,404 25 18,221 1,079 10/1/08 30 3,582,504 26 3,917,442 226,521 10/1/09 30 3,419,100 27 3,675,580 207,753 10/1/10 30 1,404,570 28 1,482,470 82,012 10/1/11 30 4,476,765 29 4,618,260 250,350 10/1/11 30 1,634,520 29 1,686,181 91,406 10/1/12 30 (2,249,576) 30 (2,249,576) (119,625) 10/1/12 30 412,194 30 412,194 21,919 $ 36,022,844 $ 39,756,381 $ 2,451,563 B. Amortization Schedule The UAAL is being amortized as a level percent of payroll over the number of years remaining in the amortization period. The expected amortization schedule is as follows. I Amortization Schedule Year Expected UAAL 2012 $ 39,756,381 2013 40,195,944 2014 40,563,908 2015 40,850,500 2016 41,045,019 2017 41,135,758 2022 39,541,330 2027 32,848,270 2032 20,018,453 2037 4,569,195 2040 - GRS \( 1 Ii \RI.11 (,,11N` \NI) I OYq . fhe is used to anttclpal, mortality t'l1 plov'IneN Himmel. Inkest'1m'I) salary increase and other factor., haAe been hatred o1 lone I.iil ie 1'entk and ,, 1 i experience can var% from these expectations Hie varlaltcc I, medstlred by lilt' gattl il1(t rt't the involved If significant long term experience reveals consistent deviation from what li,n heel) : weeIL 1 ■.k; that deviation is expected to continue- the assumptions should he modified 1 he net actuarial 1.4aul the past year Is computed as follow, A. Derivation of the Current UAAI, 1 Last Year's UAAL ' ( - ;46.6`S -1 2 Last Year's Employer Normal Cost ; ''6,910 3 Last Year's Uontnbutions ott,l)� 4 Interest at the Assumed Rate on 1 and 2 tor one vear ; 91r 7 3' 1 h from dates paid `1 -6' c a- h 1 .025 1 l a 5 This Year's Expected UAAL 1 ;.._4 6 This Year's Actual UAAI. (Before any changes in benefits and assumptions) 39 344 7 Net Actuanal Gain (Loss) (5) - (6) 7 () Gain (Loss) due to investments f49 "58 9 Gann (Loss) due to other sources 2 1 1 31 Net actuanal gains in previous years are detailed in the table on the next page -- - - - - -- - - - -- -- - - -- - - - - - -- -- -- CTRS -- 11 Change in Employer Year Ended Cost Rate * Gam (Loss) 12/31/82 0 46 % $ (56,551) 12/31/83 1 92 (265,213) 12/31/84 (0 04) 6,977 12/31/85 (0.85) 185,443 12/31/86 (0.59) 158,678 12/31/87 1 67 (516,444) 12/31/88 0 74 (254,892) 12/31/89 (0 52) 206,590 9/30/90 0.24 (94,609) 9/30/91 (0 74) 286,744 9/30/92 0 35 (142,237) 9/30/93 (1 34) 564,365 9/30/94 2.57 (1,370,604) 9/30/95 (1 01) 574,379 9/30/96 (1 56) 938,153 9/30/97 (1 60) 1,008,362 9/30/98 (2 85) 1,694,077 9/30/99 (0 88) 568,386 9/30/00 (3.16) 1,596,887 9/30/01 3 92 (1,978,307) 9/30/02 9.58 (5,069,210) 9/30/03 3.22 (1,870,014) 9/30/04 2.75 (1,615,637) 9/30/05 1.85 (1,083,369) 9/30/06 1.46 (2,307,394) 9/30/07 0 02 (16,404) 9/30/08 1 84 (3,582,504) 9/30/09 1 54 (3,419,100) 9/30/10 0.66 (1,404,570) 9/30/11 1 98 (4,476,765) 9/30/12 (1.01) 2,249,576 R , * Before 9/30/06, change in Employer Normal Cost. GRS Nctuarial Gain ( +1 or Loss d $10 $5 I ma II \Lk., IF $0 111 11•1 ($10) ($15) • ($20) ; S,u ($25) j i� ,^)`<,;;`,`); � '� �� ; ,�`� ��' ‘0t, �` �) 0 c> 1 � �c 0A,� 0 - , 0- 0a. 0t; 0.1, O 04, Plan Year End Imo Gain ui L■ss ►— ('umulati - -- - -- -- -- -- - - - - -- - - -- - -- -- - -- - - -- --- - -- - -- - -- -- - - - - - -- - GRS 13 Change in Employer Cost Rate 24% : - -- 24% 22% - - 22% 20% = = 20% 18% _ = 18% 16% = t 16% 14% - = 14% 12% = = 12% 10% - = 10% 8% - - 8% 6% - - 6% 4% - o -2% = - -2% -4% - -4% -6% - - -6% -8% — - -8% �� c1\ °P . \ vC f :0 "�� °P c') ci1cf\ . ��L Plan Year End IMO Change m Employer Cost Rate —4—Cumulative Change The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is important that they are in line with the actual experience. The following table shows the actual fund earnings and salary increase rates compared to the assumed rates for the last few years: GRS r -------- --- Ifni estment Return 'salar!, Inc rease, —7-- Year Ending Actual lissumed lictual Nssumed ---- — - - -t-- _ _ -1 2 ;1 19 12 31 19-7 , 12 ')1 19 , n 12 31 1980 12 11 19k 1 „ 12 31 1982 , 12 3! 198 12,11 1984 12 31 198s 16 12'11 1986 1 (•, 10 00 :• ' 12/31'1987 4 4 16 no 12/31 1988 t) H 10(iii 12 1980 9,30 1090 (9 mos ) f; , 9/30 1991 9/30;1992 9 30/1991 I 0 , 930,1994 9,30'1995 , 0 ‘`, HO , 9/30'1996 0 8 ,, 00 , 0 9'10/1997 9/ ;0 1998 9'30'1999 9/30/2000 _, 1 ,-, 4,6 4 9/30,2001 - 9/30/2002 ■ 9 930'2004 ' 0 9/30,2005 , 6 9102006 .: - --, 0,1 i -14 9/30;2007 6 9/30,2008 4 ' '. 00 930'2009 , -, (10 . , 9/30/2010 , 0 9/30'2011 1 0 9/30 2012 0 9 Averages I ', 0 v'o , The actual investment return rates shown above are based on the actuarial Value of assets the wild' salaii increase rates shown above are the increases received by those active members who were included 10 the actuarial valuations both at the beginning and the end ot each year GRS 15 History of Investment Return Based on Actuarial Value of Assets s% - - 18% 13% - - 13% 8% - - 111.01 V 8% 3% - 77 1 = 3% 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - 2% - - -2% - 7% — -- - - Plan Year End t Actual t Assumed History of Salary Increases 25% -- --- 25% 20% - -� 20% 15% 15% 10% _ r A A 10% "� 0% _ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0% -5% - -5% \ ti \'11 \ q <1% \'" � �� ` " elA � �� L � clA �� g5 4 � ° 1 �� ° �� O q � 0 4 �� O ° �� l\A Plan Year End Compared to Previous Year — Actual + Assumed GRS j j Actual (!) Compared to Vkpected (iF 1 Decrements d lmong _active Emplo).ee. Number , Added Service & X+ (IX ( During DROP Disabilit). Terminations Members Year Year Retirement I Retirement I Death I Vested Other totals End of Ended A E A E A_ E A E I f A I A �� E Near 9/30/2002 14 I 1 i ,, n ;s t, -; ' 119 9/30/2003 14 0 6 4 0 u ; 24 9/30/2004 x 2 14 n rt 0 0 ' ,, 1119 9/30/2005 21 14 1 0 0 n .s 10 , , 1t, 9/30/2006 25 1(1 a 11 r1 _, i 9/30/2007 1" 1 n , .44 9/30/2008 14 iy 7 a '7 I i !) 'r , tds 9- 30/2009 x t, n, t �1 9-30/2010 5 ` 5 , 4 0 s, .s , , , 48 9/30/2011 5 , 0 , 5 I 1 n 0 1 n _ =x 9/30/2012 U ' + it 1 ., ( ita 9/30/2013 j 11 l "r l otals " 140 ■ I0 45 'b o .� 1 I 1 1 ■ i * Totals are through current Plan Year only GRS 17 SUPPLEMENTAL PENSION DISTRIBUTION Cumulative Actuarial Gains (Losses) Balance at Year Ending Beginning Gain (Loss) Supplemental Balance at 9/30 of Year Interest for Year Payment End of Year 2000 $ 0 $ 0 $ 1,596,887 $ 0 $ 1,596,887 2001 1,596,887 135,735 (1,978,307) 0 (245,685) 2002 (245,685) (20,883) (5,069,210) 0 (5,335,778) 2003 (5,335,778) (453,541) (1,870,014) 0 (7,659,333) 2004 (7,659,333) (651,043) (1,615,637) 0 (9,926,013) 2005 (9,926,013) (843,711) (1,083,369) 0 (11,853,093) 2006 (11,853,093) (948,247) (2,307,394) 0 (15,108,735) 2007 (15,108,735) (1,208,699) (16,404) 0 (16,333,838) 2008 (16,333,838) (1,306,707) (3,582,504) 0 (21,223,049) 2009 (21,223,049) (1,697,844) (3,419,100) 0 (26,339,992) 2010 (26,339,992) (2,107,199) (1,404,570) 0 (29,851,762) 2011 (29,851,762) (2,388,141) (4,476,765) 0 (36,716,668) 2012 (36,716,668) (2,845,542) 2,249,576 0 (37,312,634) Under certain conditions, participants in payment status can receive a supplemental distribution per Section 18 -177 of the Plan. The cumulative actuarial gam for plan years beginning after 9/30/1999 must be a positive amount for a supplemental payment to occur. GRS r -------- - -- -- - -- -- ---- ---- _ RECEN1 II1STOR\ 01- \ , k1.l Al ION RES1_, I. 1 'S __ Number of EmploNer Normal t ost Valuation Active Inactive ;( OA e red Annual; Actuarial Value Date 1 Members Members 1 Payroll of Assets UENAL mount Va■ I oil 1 I 1 ------- --------- ---- --- 1 1 1 7— ! 4. ')' 4 1 1 "9 (41^ i ‘+ — '` 4 , ,4; 0 . 8 1 1 81 r, 1 100 5 ; 022 -- r, ',/ '4'4('s I 1 182 , [ 1 5 4 " - ;1; 4 ,, 1 , 1 1 1 84 4 ; - 68 40 1;1;84 i 0 ' 000 81.4 ; ' 4Y 244 1 1'85 _ 5 8 2 10 4 ; 500 2 6 84" - 4- 1 1 86 7 8 1, ",; - 2 ,s4 08; o , 7 09 1 1,8 ' 0- 10 ; 0 i - 4 ,0s - 06 - , "ors 1 1 88 ] 101 1_ 1 810 6 '4 4 - 9: ' 4t + (+ I 1 1 '1 /80 115 14 -1 194 100 8 806 22» ',--, 1 1 90 12: I's ) 11, 01 '4_22-1 )t -168 ,44 10 1 11 1 5 214 104 5 !60,44 1 , 8); 6 10,'1 91 ; 118 10 -; 248 - 5;4 - 4 0 401 4 , 10,1 92 1 ; 19 10/1,93 1 124 2 6,-, $.49; 414 5 6 101 94 : 114 29 8 410 866 ;4.6 '0 045; , 6, 10 1 121 1 30 10 11' 1 4 6.198 250 , '9_410 0 - 'li 6f; 10/ 1 9 110 4" 6 420 ( '2 's98 '00 „ - ; 44) 44 10/1:98 1 1 48 0,225 41 1 061 1 311, ''-,-; - 044; 1011/99 1 128 ; 49 ' - 1 18" , 28.056,651 1458,212 10,1,00 , 114 5- 6 o 90" "4) , ' '5 614 i 270,968 ;04 io-4- 10e1 01 1 1 7S 6 555 110 4 ; "60 3 358 086 10;1, 02 , 110 - c - ;82 088 , , ; - 4 1'1 '0 10;1;03 124 81 - 01 - ;111 5 106 417 10/1 109 94 -- 008 54 40 7o4 4 580 9 ; 04; 4 10/1;05 116 96 - .836 2 ,0o ' 4 1 1 74 5 c , _ , 10 1 1 100 0 .30 1 40 ; - 001 900 23 - 10 144 10; 10 290 811 41 981 12 24,087 63; 10 140 104 , 11 532 888 44 — '26 1 8,0 7 1 91' - 4 -- 10 1 / 09 1 10' 12 53 968 46 110 Q --1 1 1.59;8,418 , . 10/1 148 109 12 144'42" - 2' -1'N 120 'i0 .. 4472" hi .0)„ ,,,,k , . 10/1 11 1 144 111 1' 39 2 60 40 1 — 67 40 540,681 . 1 , , 924, 10/1/12 1 140 116 11 7 80.' 1- , 5 2 5 94.651 19 7 56_181 _ i - 204 _ . GRS 19 d' O M O VO O N O d 00 .0 , O - 00 N M O M M - Cr h 00 .-+ 0 M V1 V) cC cd 00 N 00 O In M N O N h N V 0 in O N h a, O O kr) N d 'C O M 1 n 0 0 R ct ,D d Ql M P d 'O N O N 00 t d' N O M N co O so .--; a- 0- N .-■ vo d- O ♦+ 0' 00 d vl •+ 0 7 v'i N • -, 0- 0 .6 O 0' d' O M • M .-+ M — 00 O ,.D O M 0- 00 O V 00 '0 O ( M v') 0' M M 0 U1 M h v) N d' Vn kr) d' h O M M •-- 4") --, 0 N N M d' V) , O h h h - h 00 0 Q` 00 00 Cr h O 0 M V) 00 --+ N h- O O G -k .-+ N N N M 0 M d' d' d' O^ 69 .0 d N d' -- d" N 00 O 0 D\ O M d' d' d" d' vn N d' 0 00 00 00 00 00 h 00 00 l� 00 l l 00 00 1 c0 01 0 00 0 00 0 00 d' M M N V) c M 00 00 d" 11" in 00 00 oo o0 00 00 ~- i7 .CO O ,0 do O 0 d' N O N l� M -∎ 00 00 0 7t 0 00000 0 0 0 0 p 0 Pi h V1 d' O • N d' l� OC PO 00 M r r 07 O • M V) V1 Vl vn V l , /'1 V) krc In V7 U D` O M h 0+ N d" V) V) `O h --- d' O N N N M 71 , 'O '0 'O .0 'O 4) 'D '0 V -- .--- •--+ -, N N N N N N M M d• d d' d' d' d' d d' d' d' d' d' d' d' d' d' y 69 V d L O 00 0 0 N o0 d' O V') 0 \O M r- d 00 0' Vl --- Cr d d" N O d N 'D c0 M 00 00 0o M --- 0, --• '0 00 0' 'D D` N -∎ 'D l- h N N O O O --+ N l� d' V) 00 --, d p D 0 0.1a d 'C h N 00 Lin d' d' a O • --1 O N M ,--, d h d O .n co co co --. O u1 M 00 O M 00 l� 06 Vl 00 M l` M 0, M 00 l- •--- 'D O N O 'D 00 '0 M vn Vl 00 N M V h h N N M .--- ,--+ d" l� 0 V) 00 O N kr) N 0 --, 0C l� O d' 00 h d' 00 N M . .-� N N M in V1 V' V in , . O in V '7 '7 M VO V 00 -. M , 0 t N ‘0 Vl 'O O W .-. -- N N N N M M M M •1 69 CQ C p N M O V) M N d N l-- O '.O O N 0 N --+ N M --1 M M N N 00 d N 00 ': / V) i. L kn ---+ <t •-- N O --+ d' O O v'i 'O N kn in O Cr, in M --+ S N 0 in 0 - O 00 O .-+ ( E"4 e ,% 0 0 0 00 0 O O O 0' D` 00 .--� O o0 h h ,0 d• 0 O M 0., a t`- ,0 00 0 00 00 M , t'1 a --+ 1-1 r+ -, N N N N N N N N N M M M z O wa h '0 — in Lin P d O d 0 r 00 h Lin 00 N 00 --+ 0 d• d• N O O d N ..17 ' 00 -6 y+ p --+ 00 N vn 00 0` h 00 ' f M 'O N ^+ N 01 O O O -, N h .0 V) 00 --+ 00 'D 00 M v O do 0 0` N 0 'I' Cs- N N h O 0O d^ h . 1 - O t o O o0 t O H O 00 d h z 0 O N M 0- M O 00 M 0 ` '0 O Cr" 0' O'0 A N N • O_ .6 00 ...6 M • .--■ vi 00 N M U g 0, 0 V) '0 In d' --+ - h O h N O d r- M Cr, -. 00 l O d' '.O r d' 00 M M M V) -_, N N M d' v) v, d' M d' p v) d• d' d- M 47 00 -. M vn h N vn '0 N U d •--. •-, N N N N M M M M d' d' d 6 9 0 o a a _ p p V1 V1 � M d' V N [ N D h N M [� h O N ti- '4.-12 M O N M O D M M 4 .+ G� L a\ V) O l --+ 2 d1 )- M 00 2D h - V) � 00 a` M v') M 00 O N h O o0 a` O Ul O h h a` = = C 0: , - - M d" - 1 - d' d' d" 4 4 d' d' d" d' V) V) .D ,O ,D , .O .D ,D ,) .D V) V d d' M M M M M ! ham 14 'O I 0 V 4-' 1 l_ - N V - V N 00 O 0. O' 00 M 't t - 10 C- l- t l- l- r l V-- r t l- V ^a . +" O 00 0' 00 0\ 00 c M M M O.-0 to 0 V> V) OC 00 00 00 00 00 8000 00 00 00 00 [�] O O a1 d- O 0' d- [� '00' h m --, 00 01 d d' O O O O O 0 O i � � i, 11 0) .0 0 '.D l� V) d' O N d' h O .p oo M r- r 0; M M V) V) V) V) V) V) V) V) V') V) v -S W h 0 O M h 0. N d in ul h --+ d' O N N N d d , D \. ,D '0 'D 4O 4D 'O 4) WI , cr 14 -. •--, — --• N N N N N N M M d' d' d' d' d' d' d' d d d d' d d 1 d' 1 d' O g 69 fy o 0 64 0 C h 00 00 00 h h M d' d N N h d" N 0 00 N V7 00 d' O h V 00 M h M 00 V 00 00 • en 0 6, it .O d- N oo d• v) O co V d• � .-. 00 00 0, r-- O — '.0 'O co d- --+ --, r , n , 0 O A o M M M N M d" d' V) M M M '.O +n d' M M N O 'O 'O a, V, V7 N N M .- N'0 D\ -. r+ -. ---, --+ ,-. .--■ --. .7 .-■ r, - -. .--+ N N M M M M M M M M M M Cli x ,4 4 >•, +,�, d' O M 0, .0 O .0 00 d• 00 '0 '0 O D, N '.O N M o0 0' h h -. 0' M M N M W p C 00 N 0 l� O cn M O N h N 00 Cr, v') D t� d' VO Ln O O In d d "0 O r h N 4 7 d � 00 ON M , 0 N •--- N O N 00 t Cr, N 0, M .0 00 do 0 ,--� 0` V) N - '.O --� 0' I 00 C 00 ri vi .-+ , n N • 7 1 N • • - k Cr" Ln 00 0 M 0 N • ri 0 M ... 00 O '0 O m t 00 d' a W i k.O 00 VD O M M d' 00 M vD M O` N 00 h P N d' V) N 0 0- O M M V) 0 O1 O N W N N M d v O t" t r- h t- 00 D 00 00 00 D h O M Len 00 O N [� D O h .--+ .--+ N N N M • M M d' M d d 71 i 69 -' [C. j7 O co 00 71- 00 OC o 0 00 0o c N M 4 v, .0 h 00 0, O N M d- 4 ' r- 00 Cr) O .� N M d' 'b V V ': ..9 00 O, 0' 0' 0, 0' 0 0' 0 0, O O O O O O O O O O .--, \ .-+ \ --+ 0 1, Q M M M M M M M 6 0 0 O O O O O O O O O O O O O O O O O O O O O W M N N N N N \ N-, N 0 O N M d' v') P h 00 0' O N M d' v') p 0-- 00 0' 0' O -. N it 00 0 00 00 00 00 O __Cl, 0 0 0 0, 0 0 0 O O O O O O O O O O O o0 00 00 00 00 0o c �_ ��„ ,__, 0588 O O O O O O O O O O O O O O O O O O O O O GRS k(`FI'AR1AI 1titil N.11 IONS N!) (t ME1ID)l ` a !nation Methods Actuarial Cost Method - Normal x_osi and the al location tit benefit v „dues bet\i eel. set tc t` :elicit t ti before and after the valuation date wen determined using! an Individual Entry - kge actuarial t (1St Method having the following characteristIL - (1) the annual normal cost for each individual acti\e member payable from the dais of employ melt! to the date of retirement is sufficient to accumulate the value of the membei s benefit at the �;st of retirement (n) each annual normal cost is a constant percentage of the member s v eat by vtear projected cov ,21 pay Actuarial gams /(losses), as they occur. reduce (increase) the Unfunded Actuarial Accrued 1 tabditv Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial \ecrucd 1 tat Huh funding credit if assets exceed liabilities) were amortized by level (principal & Interest combined) percent -of- payroll contributions over a reasonable period of future years Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected actuarial value and actual market value of assets at the rate of 20 °o per year The Actuarial Value ,,f Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is S0 °, of the Market Value of plan assets and whose upper limit is 120 of the Market Value of plan asset During periods when investment perfouniance exceeds the assumed rate, 1,ctuartal Value of Assets vvt,t tend to be less than Market Value During periods when investment performance is :css than assumed rate, Actuarial Value of Assets will tend to be greater than Market Value Valuation Assumptions The actuarial assumptions used in the valuation are shown in this Section Economic Assumptions The investment return rate assumed in the valuation is 75.% pet year. compounded annual'v (net atter investment expenses) The Wage Inflation Rate assumed in this valuation was d° - pei year fhe Wage Inflation Rath t, defined to be the portion of total pay increases tor an individual that are due to macro economic toners including productivity, price inflation, and labor market conditions the wage inflation rate does not include pay changes related to individual merit and seniority effects The assumed real rate of return over wage inflation is defined to be the portion of total investment return that is more than the assumed wage inflation rate ('onsidenng other economic assumption. the 7 75% investment return rate translates to an assumed real rate of return over wage inflation of " - - -- - - - - -- -- - -- - - - -- - - -- - - -- — - ---- - - - -- - - - - -- - - - - - - - GRS 21 The rates of salary increase are as follows: % Increase in Salary Age Merit and Base Total Seniority (Economic) Increase 20 2.5% 4.0% 6.5% 25 2.5% 4.0% 6 5% 30 2 5% 4.0% 6.5% 35 2 5% 4.0% 6.5% 40 1.5% 4.0% 5.5% 45 1 0% 4.0% 5.0% 50 1.0% 4.0% 5.0% 55 1.0% 4.0% 5.0% Projected service retirement benefits are increased by 7% to allow for for the inclusion of unused sick and vacation pay in average final earnings For purposes of financing the unfunded liabilities, total payroll is assumed to grow at 4% per year. The most recent ten -year average is over 4.0 %. Demographic Assumptions The mortality table was the RP -2000 Combined Healthy Participant Mortality Tables for males and females reflecting future improvements in mortality using Scale AA. These rates are being phased in from the table used in the previous report (1983 Group Annuity Mortality table - rates shown below) over a five year period, beginning October 1, 2011 RP -2000 Combined Healthy Participant Mortality Sample Probability of Future Life Attained Dying Next Year Expectancy (years) Ages (in 2012) Men Women Men Women 50 0.17 % 0.14 % 34.08 35.52 55 0 29 0 25 28.96 30.57 60 0 56 0.48 24 04 25 79 65 1.08 0.91 19 45 21.31 70 1 85 1.58 15 28 17.20 75 3 19 2 55 11.53 13.48 80 5 71 4 22 8.35 10.19 GRS 1983 ( - Nrior \Iortahh I able Ilie►rru Phased t)iiol 'ample 6'rubabilit■ of ,itur, 1 ifs lttained Ding Next %ear l:xpectanc■ (■ear5t Eger Men \%omen %len A%omen i -I I This assumption is used to measure the probabilities of each benefit payment being made after reuremcilt For active members, the probabilities of dying before retirement were based upon the sanic mortality table as members dying after retirement (75% of deaths are assumed to he sery ice - connected. For disabled retirees, the regular mortality tables are set forward 5 Yeats lit ages 'I° tetleci lmpaured longevity The rates of retirement used to measure the probability of eligible niembeis retiring under ea] 1' retirement is 5°, %o per year For normal retirement these rates are as follows Number of Years After First Eligibility Probability of for Normal Retirement _ Normal Retirement (1 40 °I, lit °11 11) ° 11 11 t I I I -t lit °II lit 100 "II These rates have been updated since the previous valuation The probability of retirement in the first v can of eligibility for Normal Retirement has been reduced from 80 ° to Oil °, GRS 23 Rates of separation from active membership were as shown below (rates do not apply to members eligible to retire and do not include separation on account of death or disability) These rates are being phased in from the table used in the previous report (rates shown below) over a five year period. This assumption measures the probabilities of members remaining in employment. Years Sample % of Active Members of Service Ages Separating Within Next Year 0 - 1 ALL 15.0% 1 - 2 10.0% 2 -3 70% 3 -4 50% 4 -5 4.0% At least 5 25 4.0% 30 3.0% 35 2.0% 40 1.0% 45 0.0% Prior Rates (Being Phased Out) Sample % of Active Members Ages Separating Within Next Year 20 20 0% 25 17.0% 30 13.2% 35 8.0% 40 0.0% 45 0.0% 50 0.0% 55 0 0% Rates of disability among active members (90% of disabilities are assumed to be service connected). Sample % Becoming Disabled Ages within Next Year 20 0.14 % 25 015% 30 018% 35 0.23 % 40 030% 45 0.51 % 50 1.00 % 55 1.55 % GRS Miscellaneous and 1 ecl Assumption 1 dministratkc' & 1 he IlyLsoneo icon's +`.tiirnlpft ;11R1 iala t1 Jnvestlnent Expense Lll\ esitnenl sAncilses mina' admit €i', pens, „,fGi? d equ.11 h, lilt IN CItiagt lea_ e,i1 , 1 , s, 1 , 11 dninit a 1' c c \pelises ,a(c ,iddeti 'ac aa1IRtw tl Benefit Service 1'xact tractional scrvIce is used 10 determine the amount „ aencht pa slhl Decrement Operation Disability and mortality decrements operate during retirement cligibilit` Decrement Timing Decrements of all types are assumed 111 occur at the beginning 01 the v eel, Eligibility Testing Eligibility for benefits is determined based upon the age nearest birthday service nearest whole year on the date the decrement is assumed 1,1 occll Forfeitures For vested separations from service, It is assumed that tt", of members separating will withdraw their contributions and forfeit an emplo } el financed benefit It was further assumed that the habilits .lt ternunation 1� the greater of the vested deterred benefit (If any of the men accumulated contributions Incidence of Employer contributions are assumed to be made at the beginning of the v eat Contributions effective October 1 2011 Member contributions arc assumed R he received continuously throughout the year based upon the computed percent of payroll shown in this report. and the actual payroll payable at the time contributions are made Liability Load Projected normal and early retirement benefits are loaded by 70 to allow tol the inclusion of unused sick and vacation pay in final average earnings Marriage Assumption 100 of males and 100 °% of females are assumed to be married for purposes of death -in- service benefits Male spouses are assumed to he three v eats older than female spouses for active member valuation purposes Normal Form of Benefit .A 10 -year certain and lite annuity is the normal form of benefit Pay Increase Timing Middle of fiscal year fhis is equi alent to assuming that reported pay represent amounts paid to members during the year ended on the valuation date GRS- - - -- - - -- - -- 25 GLOSSARY Actuarial Accrued Liability The difference between the Actuarial Present Value of Future Benefits, (AAL) and the Actuarial Present Value of Future Normal Costs. Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal, disablement, and retirement; future increases in salary, future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members; and other items. Actuarial Cost Method A procedure for allocating the Actuanal Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. Actuarial Present Value The amount of funds required to provide a payment or senes of payments (APO in the future. It is determined by discounting the future payments with an assumed interest rate and with the assumed probability each payment will be made. Actuarial Present Value of The Actuanal Present Value of amounts which are expected to be paid at Future Benefits (APVFB) various future times to active members, retired members, beneficiaries receiving benefits, and inactive, nonretired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. Actuarial Valuation The determination, as of a valuation date, of the Normal Cost, Actuarial Accrued Liability, Actuanal Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation for a governmental retirement system typically also includes calculations of items needed for compliance with GASB No. 25, such as the Funded Ratio and the Annual Required Contribution (ARC). Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year -to -year volatility of calculated results, such as the funded ratio and the actuarially required contribution (ARC) Amortization Method A method for determining the Amortization Payment. The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization Payment is one of a stream of payments, all equal, whose Actuanal Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the Amortization Payment is GRS `'tltd111 �) Ji1Cl •i�nL, �y.11htil� �!, �`�ii� irt „ Lite' '.c. Ili, riednl piA11L11 '11ci2i'6 10', h ,ictl� C member i stil rrer� ' y, Amortization Payment 1 hat portion in the plan .tlntlllitition \Rt winch designed interest on and to amortize the 1 ntiurded Actuarial ,Act hied l i;thlht Amortization Period 1 he period used in calculating file \mortrzation l'avnic,F Annual Required The employer's periodic required contributions expressed as a gfoliai Contribution (ARC) amount or a percentage of co\ erect plan compensation i1etermined 11nde1 (� ASB No 25 1 he AR( consists of the Employer Normal ('osi and Amortizati 1'avmenr Closed Amortization Period \ specific number o1 years that is reduced by one each \ ear and dectntes to zero V■ ith the passage of time for example lithe amortization period is initially at 30 years_ it is 29 years at the end of one year 28 y ears ai the end of two veal eie Employer Normal Cost i he portion ot the Normal Cost to be paid by the employer 1111;, , equal to the Normal ('ost less expected member contributions Equivalent Single For plans that do not establish separate amortization bases ( separate Amortization Period components of the UAAL), this is the same as the Amortization Period For plans that do establish separate amortization bases this is the period over which the UAAL would be amortized if all amortization bases w ere combined upon the current UAA1 payment Experience Gain /Loss A measure of the difference between actual experience and that expected based upon a set of Actuarial Assumptions during the period between 1 Nv o actuarial valuations To the extern that actual experience differs from that assumed. Unfunded Actuarial \cerued Liabilities emerge which may he larger or smaller than projected Gains are due to favorable experience e g , the assets earn more than projected, salaries do not increase as fast assumed, members retire later than assumed, etc Favorable experience means actual results produce actuarial habihties not as large as projected by the actuarial assumptions On the other hand, losses are the result ot unfavorable experience, 1 e . actual results that produce Unfunded \ctuarral ,Accrued Liabilities which are larger than projected Funded Ratio The ratio of the \etuanal Value ot Assets to the \ctuarial Accrued iability GASB ( ernmental Accounting Standards Board GASB No. 25 and These are the governmental accounting standards that set the accounting GASB No. 27 rules for public retirement systems and the employers that sponsor 1 contribute to them Statement No 27 sets the accounting rules for the employers that sponsor or contribute to public retirement systems. while Statement No 25 sets the rules for the systems themselves GRS 27 Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current plan year Open Amortization Period An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years, the same 30 -year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuanal Accrued Liability, the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. Unfunded Actuarial Accrued The difference between the Actuarial Accrued Liability and Actuarial Liability Value of Assets. Valuation Date The date as of which the Actuarial Present Value of Future Benefits are determined The benefits expected to be paid in the future are discounted to this date. GRS SECTION C PENSION FUND INFORMATION GRS 28 SUMMARY OF ASSETS September 30 Item 2012 2011 A. Cash and Cash Equivalents (Operating Cash) $ 10,319 $ 7,438 B Receivables: 1. Member Contributions $ - $ - 2. Employer Contributions - 20,262 3 State Contributions - - 4 Buy -Backs 43,529 38,968 5. Receivable for Securities Sold 313,216 287,615 6 DROP Loans 115,706 112,832 7 Total Receivables $ 472,451 $ 459,677 C Investments 1. Short-Term Investments $ 5,875 $ 5,853 2. Domestic Equities - 16,916,366 3 International Equities - 10,190,652 4. Domestic Fixed Income - 18,935,632 5. Commodities Fund - 1,078,283 6. Alternative Investments 2,711,711 3,943,939 7. Multi -Asset Core Fund (Equities) 40,015,863 - 8. Multi- Manager Bond Fund (Fixed Income) 18,375,166 - 9. Total Investments $ 61,108,615 $ 51,070,725 D Liabilities and Reserves 1. Benefits Payable $ - $ - 2. Accrued Expenses and Other Payables (119,246) (105,865) 3. Total Liabilities and Reserves $ (119,246) $ (105,865) E. Total Market Value of Assets Available for Benefits $ 61,472,139 $ 51,431,975 F. Reserves 1. State Contribution Reserve $ (14,717) $ (31,667) 2. DROP Accounts (6,611,126) (5,684,214) 3. Supplemental Benefit Reserve (1,839,975) (1,584,812) $ (8,465,818) $ (7,300,693) G. Market Value Net of Reserves $ 53,006,321 $ 44,131,282 H. Allocation of Investments 1 Short-Term Investments 0.01% 0 01% 2. Domestic Equities 0.00% 33.13% 3 International Equities 0.00% 19.95% 4. Domestic Fixed Income 0.00% 37 08% 5 Commodities Fund 0.00% 2.11% 6. Alternative Investments 4.44% 7 72% 7. Multi -Asset Core Fund (Equities) 65.48% 0.00% 8. Multi- Manager Bond Fund (Fixed Income) 30 07% 0.00% 9. Total Investments 100 00% 100 00% GRS PFNSIO'v I1 NI) DISBI ItsF \IF;N I w N I St (MI September , 0 Item 2012 2011 A Market Value of Assets at Beginning of `r ear 1 -1 -1 , ,, 1 t B Revenues and Expenditures 1 Contnbutions a Employee Contnbutions s 9.18 9'; ; 584 , ;r b Employee Contnbutions (Back Pay Settlement) 11 6o- c Employer Contributions , ,633,865 �5? 34 d State Contnbutions ,ka■ 91' , ,, , : s e Buy Back Contributions i , -I4 1 ;) s 1' Health Subsidy Contnbutions 16 ; , , g DROP Rollover 13i?91 -,1 5 ' h Increase to Value of Buv Backs +,561 05 1 i rota) w 5 3 14,062 "E -i )43 `tO 2 Investment Income a Interest, Dividends, and Other Income s 9,0911 s ,) 4s b Net Realized and Unrealized Gains /(Losses) 9,660,180 - r,, c Investment Expenses (364,647) 1414 21 d Net Investment Income S 9_304.81 s, 399 l' 3 Benefits and Refunds a Refunds 5 1 i ,'"7 -, t , b Regular Monthly Benefits (3742.97 3 , .41.,64 - c. DROP Distnbutions (659,751) ) 339 ' d Total (4,45,965) 1 ' 1_X52 1 '+t 4 Adnnmstrattve and Miscellaneous Expenses '* (1 2 7 561 114 r-,'.„ 5 Transfers s* C Market Value of Assets at End of Year s, 6147 5 1 41 t ,; D Reserves 1 Supplemental Benefit Reserve 5 (1,539.975) s E z _554,5 i 2 State Contribution Resery e (14. 11 66 3 DROP Accounts _ (6,611,126) (5,684,2 t-4 4 Total Reserves y 18,465.5181 - «' 300 69' E Market Value Net of Reserves 5 53,006,121 44 1 31,2'• . *Beginning balance adjusted to match financial statements (increased by $ to reflect the reLordine at the Plan , DR( )l' loans receivable) - — ----- - - - - -- - - - -- - - -- - -- - - - -- -- -- (R S 30 , , , , c 1 1 1 1 1 ,_r Cp, 1 N 1 1 1 1 1 1 1 1 0 , n — N M O O O l� oo O s O O O s O N oo O O O oo d' M 0\ O N 09 y9 69 , , , 1 c , 1 , 1 1 oo , , , , , , 1 1 0 0 to N 01 N O O O N 00 O N O O O O h O N v i O O O 00 00 N r CT CT O N 60 60 69 , 1 1 1 o 1 , , CND-, i M 1 1 1 1 1 1 1 1 0 0 0 s oo O N 0` C 0 O O M 01 0 00 61 M 0 0 0 N ..y 01 41 00 : O 0 N N O M 69 y9 4 N o N .0 ,---. ,---. .te r ,-. - , o. . h 0 0 0 R, - vl . - . M o r - , 01 ‘.0 M o0 00 .--. -- N , .0 t � o M 00 o N M l - d N 69 — S 0\ M 0• M s ■0 s N s kn 10 00 l0 M --, 0_ r9 oo N N O 00 O N 01 0y 00 O d v? s rt N .-, 01 10 00 01 M N - N M M 0 r 0 0 00 f 00 61 r 01 l , ..0 - .-. cn 01 - r 0 a) ,--■ V rY t M 01 0v 01 00 N in O h .--, O `--' 10 o0 h 7r' O , ,0 --. Qv 1' N N r M 01 l - . N. 01) N ,n 10 v 10 r ` ` in E g H a) W4 69 69 61 U-I Cn cZ i o R R �-. R' r-. 0 0 o N N N kr, 0 M o O M 01 ■0 M N N e O O r-, 71 N 00 \0 0 0 0 ,� l`� l� Q1 0 M Q1 s 01 M D\ M N 00 N VD .-, .-. N M M (T M CT 01 GT 01 O M O N an 01 M M d M 69 d , .0 N o0 N , .0 �1 C.) .-. 0 �O N o 00 0 N N o v' — 1 . d- ul .-.. O Q U O •r M 01 69 N 00 ...-a r• CO k) h 01 01 --. M 00 00 .-. 00 V' W ,y r-+ M M m M N 0 o0 N 7h rh l� .--, �h I.O V) ,--, 01 4w .� N 61 61 41 ..r � - ' � in �H 0 A 48 fA 69 0 5 ar V 00 d 00 vi U n 1. 0 * o U �, N i > 0 H9 o I , v Q 0 a) bA L) w xi '' 0 ct v ,,, a w b a. o Gq a� e" a ,_ z a) en CZ ,� ° c..;) CI) o o w ° Q CI °' >- 0 XI 0 vv) ai W > 0 t) co o c° 0 o 0 ? 3 w az ,, o Y > W ,; o ° Gq W a� d 4. C4 ° Q o o + a�U w p o a) oQ °'> q g ,.;> al I o b 5 n Q 2 E r, .., ,..; a) ,, ›., �- v -q o Q b -o o U u g ° ,.. v, ca g 0 o ct A> o � � a� °.. U i, p z o U U to o o ca D �+ d c/D 1—i cl S 'c Q Q ri) vi Q Q N U w vD H w Q E. g C . � Q . � . w a 1_. c z o a� 4L-; _ w y s, - a. CC U O J N M 4 • N M, (n �0 N. U N M 1 0 00 U CQ 0 >Q 2 Swwww P . , w www wwwdC.50C7CDC7C7C.C. Ca '' g d a1UOw r3: 0 X .4 ti 1. a.) * GRS - - - -- - RECONCILIATION OF DROP N.( COUNT \ at beginning cal Payments credited to accounts Investment Earnings credited Withdrawals from accounts Loan Proceeds Loan Payments 61,2 Value at end oI year 6.0 I I ,1 20 GRS 32 INVESTMENT RATE OF RETURN Investment Rate of Return Year Ended Market Value Actuarial Value 12/31/82 16 4 % 9 3 % 12/31/83 12 3 9 0 12/31/84 11 9 11 5 12/31/85 23 0 16 8 12/31/86 19 0 17 6 12/31 /87 0 3 4 4 12/31/88 10 4 9 0 12/31/89 20 6 15 4 9/30/90 (9 mos) (1 9) 1 7 9/30/91 14 4 11.6 9/30/92 10 0 9 7 9/30/93 12 6 11 9 9/30/94 1 1 3 5 9/30/95 19 1 12 9 9/30/96 12 8 10 8 9/30/97 20 2 13 1 9/30/98 10 1 12.9 9/30/99 10 5 13.5 9/30/00 9 8 12 1 9/30/01 (9.1) 7 5 ' 9/30/02 (9.2) (4 7) 9/30/03 16 1 2 8 9/30/04 8 3 2 6 9/30/05 10 6 3 0 9/30/06 6.9 5.7 9/30/07 13 1 9 9 9/30/08 (15 1) 4 2 9/30/09 (0 8) 2.8 9/30/10 10 2 3 0 9/30/11 (0.6) 1.6 9/30/12 18 0 6 9 Average Returns: Last Five Years 1 7 % 3 7 % Last Ten Years 6 2 % 4.2 % All Years 8.6 % 8.0 % GRS SECTION D FINANCIAL ACCOUNTING INFORMATION GRS 33 FASB NO. 35 INFORMATION A Valuation Date October 1, 2012 October 1, 2011 B Actuanal Present Value of Accumulated Plan Benefits 1 Vested Benefits a Members Currently Receiving Payments $ 53,306,152 $ 49,952,545 b Terminated Vested Members 816,351 429,562 c Other Members 24,599,042 23,357,624 d Total 78,721,545 73,739,731 2 Non - Vested Benefits 732,438 757,326 3 Total Actuarial Present Value of Accumulated Plan Benefits l d + 2 79,453,983 74,497,057 4 Accumulated Contnbutions of Active Members 5,924,573 5,609,965 C Changes in the Actuanal Present Value of Accumulated Plan Benefits 1 Total Value at Beginning of Year 74,497,057 70,670,498 2. Increase (Decrease) During the Penod Attributable to a. Plan Amendment 0 0 b Change in Actuarial Assumptions 668,136 207,299 c Latest Member Data, Benefits Accumulated and Decrease in the Discount Period 9,312,689 8,236,801 d Benefits Paid (5,023,899) (4,617,541) e Net Increase 4,956,926 3,826,559 3 Total Value at End of Period 79,453,983 74,497,057 D. Actuanal Present Value of Accumulated Plan Benefits Using FRS Interest Rate a Vested 78,721,545 73,739,731 b. Non - Vested 732,438 757,326 c. Total 79,453,983 74,497,057 E. Market Value of Assets 53,006,321 44,131,282 F Funded Ratio Using FRS Interest Rate 66 7% 59 2% G Actuarial Assumptions - See page entitled Actuanal Assumptions and Methods GRS • v ;, ; _ , P . a a, .i - . vl M r .r , r, - � -- - x' r 1 C -_ _ Y. .C... r ^ r . .. r C '- x , C '-r r r I r. .r -- f r a, r C... ..� C M ^ r- a tr, r-• I , r I I`- r .0 r I C r y I- "r _ 0 7= oC N a r rr ^ N c 1 r l ,,, "' rr a r N v k r I C -t . r I rte,, r 1 - t r r _ r 1 Y r ,r ^ r - r [ ".... "' rr rr , r , f 'r _ r r r 1 ( , - i ■ __ .. CA CC C N , r, r ,-- r 1 :.C. ry rr it -- r T . ' , - - a W �. S [�- oc a - �, r 1 r', cc r - kr, - r ,r - rr r --t• ., c ,� �' � x oC x x x a ^ r r ,r O c a .., P. • 4 =r �` •-_. - 1 - .Y V , r = x r+ a �t • C ■.0 x x O ,C •C C r- r ‹O l tr, rri - ,-- x Q �„� f 1 O r' a r; LC) M N N r t r', x rr, .0 ^ -' 4 ,^, rr !-r eC . x C a DO ` • - 1 - r- -t N oc kr, -, r- - x r .0 G10 It; "CS Q „O v- rr N , t - t- c x r` r- -t r- x r r; r 1 -I , r w V1 1Z E ' r �� rr x L V, x r r T x C ri x �r, r Q ^ rr r l f M M'- x r, O _ N r 1 r 1 ,-. r .,- .-r , W ■ G A � 6T4 H x C..) , - C i Cr 1. , - 1 - .0 - 1 - r ; ^ kr, r, x o c 1 r I- rr •• r -I r 1 r 1 x ^ tr' x C - -0 r- C 't C C t' C rr -1 ^ - r'' s t t` C` rr V 1 `t tr M GC x Osk .- .-• r+} N r ' <Y r 1 - t t- r< ^ oc a (--- r, N C C 'r) rt C - x x a v, r '0 --- N t o0 x cc x r t- r I c 7 IC, a ',CD ti0 t c, +r rr, Lr M N a C.- a I- t- r C C C C rr C C .0 r, .a • .r r-. - v1 - - - II r rr r- r. ]� , oC .t r rJ Cl cc F r 1 et V c C V r. .--, If) 1` -- C -y- M, x d 0 kr, C +f, r l rr '7 rl '0 C '0 C Cr C , ..0 sC !� f �t N -r r 1 1- Cam' +.f, r ] r '0 ea "�' ,E a a r a x N -- rr, C rf, rr, .-r r C., a , r, 7 ..r C .-. s. .--1 N .O rn a `0 kr, rr, r, O a d' a x r - r I C a 0 ' "0 a - r x d' O` rr, rYl N . -t ^ r 1 - .- , r et �' a , r, t 'C ?� N rf) JC N 7 r1 r rr r - — - C X 0' N • yy �. — . r 1 r ] r ] .r rr r r .. Pr - r --t - r - t " , r el .r SI' Y ..r eel S C A rJ r `1 kr, r x a r�l M rr U r x a r 7 C a a a a 0' a a a a o c c o o C 00 ^ 'Z o a a a a a a a a a C C C C C C C C C^" eel - - - _ --- . ^ . - c i r 1 N N N N N N N r I N r 1 r1 • Ct J f ^ --- - --- - -- -- - --- - - - - - -- - -- - - -- - - - - - -- - - - - - GRS 35 Year Ended Annual Required Actual Percentage September 30 Contribution Contribution Contributed 1990 $ 742,566 $ 759,432 102.3 % 1991 784,138 795,620 101.5 1992 732,204 732,204 100 0 1993 761,028 761,028 100.0 1994 737,276 737,276 100.0 1995 899,826 899,826 100 0 1996 925,780 956,441 103 3 1997 888,999 930,408 104 7 1998 879,252 879,252 100.0 1999 863,996 854,003 98.8 2000 920,372 920,370 100.0 2001 742,646 743,273 100.1 2002 1,053,863 1,053,863 100.0 2003 1,929,458 1,951,091 101.1 2004 2,343,601 2,343,601 100 0 2005 2,571,109 2,571,109 100 0 2006 2,808,957 2,808,957 100.0 2007 3,030,547 3,150,928 104.0 2008 3,236,241 3,236,241 100 0 2009 3,710,169 3,710,169 100.0 2010 4,153,603 4,153,603 100.0 2011 4,017,435 4,017,435 100.0 2012 4,098,955 4,098,955 100.0 1 GRS 1NNI.; AI , PENSION COS 1 %ND NF 1 P1 NSION OB1,16A 1 10 1(,1,S13 STArF ;%1EN I NO °') Employer EYE September 39 01 '01 ' ,, Annual Required Contribution (ARC ) ' v - 'ti) ; - ,' -), 4,098 i , , t Interest on Net Pension Obligation (NPO) i 11 6 1 , , i 2 2 , i r Adjustment to AR( ;16 458) , 2f) 1 1 r, , H -kh Annual Pension Cost (APC) 4 1 106 - 1c- 10: 4 Contributions made 0998 0;; t , : , - . ; < Increase (decrease) in NPO s 18 024 NPO at beginning of year , 150 501 , ' 1 5 8.1. 0 ; +,!- 4 NPO at end of year , 15(1501; 1 - , Y - I29s * Includes expected State contribution ** To be determined THREE YEAR TREND INFORMATION Fiscal ( Annual Pension Actual Percentage of 'vet Pension '1 Year Ending Cost (APC) Contribution 1 APC Contributed j Obligation 9/30/2010 4.1 62,0 3 ; S 4.1 53.603 09 8 °0 = 166.45 5 , 9/30/2011 4,025,450 4,017.43; 00 8 °. 1158 420, ; 9/30/2012 I 4,106.793 4,098,955 , 00 8 1;0 ;9 1 ; ! I i _____i_ 1` - -- - -- --- - - - - -- - - - - - -- - - - - - CiR S -- - 37 REQUIRED SUPPLEMENTARY INFORMATION GASB Statement No. 25 and No. 27 The information presented m the required supplementary schedules was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuanal valuation: Valuation Date October 1, 2012 Contribution Rates Employer (and State) 39 08% Plan Members 7 00% Actuarial Cost Method Entry Age Normal Amortization Method Level percent of payroll, closed Remaining Amortization Period 30 years Asset Valuation Method 5 -year smoothed market Actuarial Assumptions: Investment rate of return 7.75% Projected salary increases 5.0% to 6 5% depending on age Includes inflation and other general increases at 4 0% Cost of Living adjustments NA GRS SECTION E MISCELLANEOUS INFORMATION GRS 38 RECONCILIATION OF MEMBERSHIP DATA From 10/1/11 From 10 /1 /10 To 10/1/12 To 10 /1 /11 A. Active Members 1. Number Included in Last Valuation 144 148 2. New Members Included m Current rent Valuation 9 5 3. Non-Vested Employment Terminations (2) (2) 4. Vested Employment Terminations (2) (2) 5 DROP Participation (3) (5) 6. Service Retirements 0 0 7. Disability Retirements 0 0 8. Deaths 0 0 9. Number Included in This Valuation 146 144 B. Terminated Vested Members 1. Number Included in Last Valuation 3 3 2 Additions from Active Members 2 2 3 Lump Sum Payments/Refund of Coithibutions (1) (1) 4. Payments Commenced 0 (1) 5. Deaths 0 0 6. Other - -Retum to Actives 0 0 7. Number Included in This Valuation 4 3 C. DROP Plan Members 1 Number Included in Last Valuation 15 12 2. Additions from Active Members 3 5 3. Retirements (4) (2) 4 Deaths Resulting in No Further Payments 0 0 5 Other 0 0 6. Number Included in This Valuation 14 15 D. Service Retirees, Disability Retirees and Beneficiaries 1. Number Included in Last Valuation 95 94 2. Additions from Active Members 0 0 3. Additions from Terminated Vested Members 0 1 4. Additions from DROP Plan 4 2 5. Deaths Resulting in No Further Payments (1) (2) 6. Deaths Resulting in New Survivor Benefits 0 0 7. End of Certain Period - No Further Payments 0 0 8. Other -- Lump Sum Distributions 0 0 9. Number Included in This Valuation 98 95 GRS ‘t'IINE,I'ARII(IP \ 1 �,( 811Elk \ears of Service to Valuation Date Age Group 0 -1 1_2 2 -i ,' . 4 c 0 si i 1 ' , i9 _n !coal-, 2 0 -24 NO TOT PAY : 105 99-1 1 ;2 3U 59 5 86 , AVG PAY ; 52 99 06 16 59,586 , 25 -29 NO ; ' , IOC PAY ( 153 861 5 2,162 62 20; 209,65 , )91 '19 691 925 , AVG PAY i 51,28 52,162 62 29) o) 884 05 2))= - 1. � ti 30 -34 NO i , , TOT PAY I 110,356 05,1 60.1 5 9,889 5 4,008 , - le 140 , r,4' AVG PAY 55 1 �`'■ 65 1 60 1;4 59 88 54,06' -, , 1 35 -39 NO 0 f) (s TOT PAY 1 9 0 61,883 , 9 )40 7 + - 5 1 -9 266 16: _ 6,4 AVG PAY 0 01 881 , i, - 2 1,0.1 94 848 88 77( , 40 -44 NO is is 0 .. e 20 .;1 TOT PAY ' 55 812 is 9 0 s,02 014 , 835,0 09 411 , s 4, , AVG PAY j 55 812 0 •l s - 5 2 ')' '54 191 3 44 :I) 45 -49 NO TOT PAY 9 0 57 7,6 5 1,92' 1 4 -, 1 , 9- , 2;9 S 14)0 999 , AVG PAY ss H 57 '76 5392 �u--"l •084 '')048 1 I'1" '099„), , 50 -54N0 , s ') , ,, TOT PAY 9 ti i) 0 t,' 1 26 IX t 382 295 AVG PAY s. 0 9 ' s „; 3.14. 91 691 55 -59 NO FOT PAY 48,2;; ss 9 04 '4,; si go s,9 , -,,- AVG PAY 48.235 0 ) 9 04 2 s)) z') 60 -64 NO u u t , TOT PAY 0 0 9 ,9 4 ) 4 AVG PAY „ n 0 ■s t, 0 494'0 -.) 4')s -- TOT NO 9 4 , 6 TOT AMT 1 474,258 249 674 401,582 )14,469 621,65 4 16 14' a +82,088 1 - 49 985 106 991, 4 ; AVG AMT 1 52,695 62,419 60,316 62 894 62,166 73 108 91,934 102,940 106,990 9, _ 8 54 GRS - - - 40 INACTIVE PARTICIPANT SCATTER Deceased with Terminated Vested Disabled Retired Beneficiary Total Total Total Total Age Group Number Benefits Number Benefits Number Benefits Number Benefits Under 20 - - - - - - - - 20 -24 - - - - - - - - 25 -29 - - - - - - - - 30 -34 1 13,368 - - - - - - 35 -39 - - - - - - - - 40 -44 2 69,469 - - 3 240,095 - - 45 -49 1 20,258 - - 17 863,819 1 23,843 50 -54 - - 3 60,877 26 1,501,874 - - 55 -59 - - 3 61,756 20 793,123 - - 60 -64 - - 4 109,143 11 447,822 1 9,397 65 -69 - - 3 42,474 13 453,214 - - 70 -74 - - 1 12,549 2 37,019 - - 75 -79 - - 1 25,086 2 79,329 - - 80 -84 - - - - - - 1 26,671 85 -89 - - - - - - - ' 90 -94 - - - - - - - - 95 -99 - - - - - - - - 100 & Over - - - - - - - - Total 4 103,095 15 311,885 94 4,416,295 3 59,911 Average Age 40 62 56 64 GRS SECTION F SUMMARY OF PLAN PROVISIONS GRS 41 SUMMARY OF PLAN PROVISIONS A. Ordinances Plan established under the Code of Ordinances for the City of Boynton Beach, Florida, Chapter 18, Article III, and was most recently amended under Ordinance No.09 -021 passed and adopted on its second reading on April 21, 2009. The Plan is also governed by certain provisions of Chapter 185, Florida Statutes, Part VII, Chapter 112, Flonda Statutes and the Internal Revenue Code. B. Effective Date August 15, 1981 C. Plan Year October 1 through September 30 D. Type of Plan Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer plan. E. Eligibility Requirements All full -time police officers are eligible to participate on the first day of employment F. Credited Service Service is measured as the aggregate numbers of years and fractional parts of years of service for which a police officer made Member Contributions to the plan. No service is credited for any periods of employment for which the member received a refund of their contributions. G. Compensation Total cash remuneration including overtime and lump sum payments for accumulated sick and vacation leave, but exclusive of any payments for extra duty or special detail work. H. Average Final Compensation (AFC) The average of Compensation over the highest 5 years during the last 10 years of Credited Service. I. Normal Retirement Eligibility: A member may retire on the first day of the month coincident with or next following the earliest of: (1) age 55 and 10 years of Credited Service, or (2) age 50 and 15 years of Credited Service, or (3) 20 years of Credited Service regardless of age. GRS licncl't ' " (I1 � 1nUtt71)IICU � � ' • 's4_,1i, 1 iir'I7 iWtl „ iet''I� I; ill vl't <Int flit 1)1($v ' t��l, . t 1 11 �'f:�t� 1 +'ir 1. t`'c't Normal 1 -orn of Benetll 1(1 Year i 'trtaln dud 1 Ile thereafter odic( options A11 iko ,1v ,lllaf�l,� COLA None Supplemental Benefit All retirees in pay status are entitled to a monthly supplemental pension benefit paid in a lump sum oil October 1 of each 'vear The supplemental benefit is funded by a 1 ° o of pay contribution from the members and a 1 ° 0 of pay contribution Iron( the Chapter 185 money The benefit pool is divided according to :he total number )t shales of all eligible retirees on a pro -rata basis the number 0 shares allotted t,' each eligible retiree is the sum of credited service at retirement t maximum 01 '(1 years) and the number of years the participant has been retired (maximum (it years) An individual retiree's distribution is the number of shares multiplied by the share value The benefit ceases upon the later of the death of the refired memhei o' beneficiary J. Early Retirement Eligibility y member may elect to retire earlier than the Normal Retirement Eligibilit■ upon attainment of age 50 and 10 years of Credited Service Benefit The Normal Retirement Benefit is reduced by 1 5 % for each year hi which the 1'ar1v Retirement date precedes the Normal Retirement date For this purpose, the Normal Retirement date is the earlier of the date the member would have attained age 5c or completed 20 v ears of Credited Service had the member continued employment a� .: police officer. Normal Form of Benefit 10 Years Certain and Life thereafter. other options are also available COI A None Supplemental Benefit All retirees in pay status are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year The supplemental benefit is funded by a 1% of pay contribution from the members and a 1% of pay contribution t'roin the Chapter 185 money The benefit pool is divided according to the total numbei of shares of all eligible retirees on a pro -rata basis The numbei of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of '( ' years) and the number of years the participant has been retired (maximum 01 '( years) An individual retiree's distribution is the number of shares multiplied by rh. share value The benefit ceases upon the later of the death of the retired member beneficiary K. Delayed Retirement Same as Normal Retirement taking into account compensation earned and service credited until iht date of actual retirement GRS 43 L. Service Connected Disability Eligibility. Any member who becomes totally and permanently disabled and unable to render useful and efficient service as a police officer as a result of an act occurring in the performance of service for the City is immediately eligible for a disability benefit. Benefit 66 2/3% of the member's basic rate of earnings in effect on the date of disability, reduced by amounts payable under Worker's Compensation and Social Security PIA with a minimum benefit being the greater of the accrued Normal Retirement benefit on the date of disability or 42% of AFC. Normal Form of Benefit 10 Years Certain and Life thereafter, other options are also available COLA. None Supplemental Benefit: All retirees in pay status are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year. The supplemental benefit is funded by a 1% of pay contnbution from the members and a 1% of pay contribution from the Chapter 185 money The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis. The number of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years). An individual retiree's distnbution is the number of shares multiplied by the share value. The benefit ceases upon the later of the death of the retired member or beneficiary. M. Non - Service Connected Disability Eligibility: Any member with 10 years of Credited Service who becomes totally and permanently disabled and unable to render useful and efficient service as a police officer is eligible for a disability benefit Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of disability with a minimum benefit equal to 25% of AFC and a maximum benefit equal to 60% of AFC. Normal Form of Benefit: 10 years Certain and Life thereafter; other options are also available. COLA None Supplemental Benefit: All retirees in pay status are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year. The supplemental benefit is funded by a 1% of pay contribution from the members and a 1% of pay contnbution from the Chapter 185 money. The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis. The number of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years). An individual retiree's distnbution is the number of shares multiplied by the GRS , rat , ;■■ ae` 'rt "f ti N. Death in the Line ot Duty i ligibiht� �iy member whose death is determined to 'ic the iesult (t1 stt r0r:r1rtr.,1 l`, ehgihle tilt sury ll+rt benefits regaidle',r, t (edited iei; tt l Benefit Spouse will receive the accrued Normal Retirement Benefit taking ,rito compensation earned and sere ice credited its of the date 01 death with r nunimi n, benefit equal to ',0°0 ot 1F( It there oe spoils(' benefits he paid deceased member s cstat( Normal Form of Benefit Paid until death of spouse COLA None Supplemental Benefit All retirees and beneficiaries in pay status are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 oI each year The supplemental benefit is funded by a 1 % of pay contribution from the members and a 1", 01 pay contribution from the Chapter 185 money The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis 'The numbei i t shares allotted to each eligible retiree is the sum of credited service at r etirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years). An individual retiree's distribution is the number ot shares multiplied by the share value The benefit ceases upon the later ot the death 01 the retired member or beneficiary O. Other Pre - Retirement Death Eligibihry Members are eligible for survivor benefits after the completion ot 10 or more y -eats of Credited Service Benefit Spouse will receive the accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of death If there r, spouse, benefits will be paid to the deceased member's estate Normal Form of Benefit Paid until death or remarriage of spouse, 01 10 years to the member's estate COLA None Supplemental Benefit All retirees and beneficiaries in pay status are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year The supplemental benefit is funded by a 1 % of pay contribution from the members and a l ° o of pay contribution from the Chapter 185 money The benefit pool is divided according n the total number of shares of all eligible retirees on a pro -rata basis The number of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years) An individual retiree's distribution is the number of shares multiplied by the share value The benefit ceases upon the later of the death 01 the retired member or beneficiary --- - - - - - -- -- - ---- - - -- --- - --- - - - - -- GRS 45 The beneficiary of a plan member with less than 10 years of Credited Service at the time of death will receive a refund of the member's accumulated contributions P. Post Retirement Death Benefit determined by the form of benefit elected upon retirement. Q. Optional Forms In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees are a Single Life Annuity, the 50 %, 66 2/3 %, 75% and 100% Contingent Annuitant options and the 50 %, 66 2/3 %, 75% and 100% Survivor Annuity options. R. Vested Termination Eligibility A member has earned a non - forfeitable right to Plan benefits after the completion of 5 years of Credited Service if they elect to leave their accumulated contributions m the fund Benefit The benefit is the member's accrued Normal Retirement Benefit as of the date of termination For members with at least 5 years of Credited Service, the benefit begins on the date that would have been the member's Normal Retirement date had they continued employment until attaining age 55 with 10 years of Credited Service or upon reaching what would have been 20 years of Credited Service. Alternatively, members with at least 10 years of Credited Service can elect a reduced Early Retirement benefit any time after age 50 Normal Form of Benefit 10 Years Certain and Life thereafter; other options are also available COLA None Supplemental Benefit Once in pay status, all retirees are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year. The supplemental benefit is funded by a 1% of pay contribution from the members and a 1% of pay contribution from the Chapter 185 money The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis. The number of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years) An individual retiree's distribution is the number of shares multiplied by the share value. The benefit ceases upon the later of the death of the retired member or beneficiary. Members terminating employment with less than 5 years of Credited Service will receive a refund of their own accumulated contributions. GRS '. Refunds innb1;I1` Vii members telnlitia[1lw cnipl+1` iftt1t +1lif� �.�. t1t411 �'p'� tl�� A' , 1 1014, thtlarnali` 4 4, ,1 ser\lee) i'leti'I lc timid I1' 11r°34 "4,0 �ll'ItC't[t� sit Benefit Retund of the tmeinhcl s iAintribut1 ot, T. Member Contributions 7"0 of Compensation U. Employer Contributions Chapter 185 Premium "Tax Refunds and any additional amount determined by the actuary needed fund the plan properly according to State laws V. Changes from Previous Valuation There ha\ e been no changes since the last valuation W. 13 Check As described under the Supplemental Benefit subsections. a thirteenth check will be paid to reniees on each October 1 of each year following December 1. 2006 X. Deferred Retirement Option Plan Eligibility Plan members who have less than 30 years of Credited Service but have met one of the following criteria are eligible for the DR( )P (1) age 55 and 10 years of Credited Service. or (2) age 50 and 15 years of Credited Service. Ali (3) 20 years of Credited Service regardless of age Members who meet eligibility must submit .i written election to participate 111 1114_ DROP Benefit The member's Credited Service and EAU are frozen upon entry into the DROP The monthly retirement benefit as descnbed under Normal Retirement is calculated based upon the frozen Credited Service and FA(' Maximum DROP Period The earlier of 5 years ot participation in the DROP or 50 years of employment Interest Credited The member's DROP account is credited at an interest rate based upon the option chosen by the member Members must elect from 1 of the 3 following options 1 Gain or loss at the same rate earned by, the Plan, vi 2 Guaranteed rate ot 7 °o, of percentage of the DROP credited at the same rate earned by the Plan and Inc remaining percentage credited with earnings at a guaranteed sate of GRS 47 Normal Form of Benefit: Options include a lump sum, equal annual payments over 5 years, or monthly installments based upon actuarial tables until the balance is paid out. COLA: None Supplemental Benefit: DROP retirees are entitled to a monthly supplemental pension benefit paid in a lump sum on October 1 of each year. The supplemental benefit is funded by a 1% of pay contribution from the members and a 1% of pay contribution from the Chapter 185 money. The benefit pool is divided according to the total number of shares of all eligible retirees on a pro -rata basis. The number of shares allotted to each eligible retiree is the sum of credited service at retirement (maximum of 20 years) and the number of years the participant has been retired (maximum of 20 years). An individual retiree's distribution is the number of shares multiplied by the share value The benefit ceases upon the later of the death of the retired member or beneficiary. Y. Other Ancillary Benefits There are no ancillary benefits not required by statutes but which might be deemed a City of Boynton Beach Municipal Police Officers' Retirement Fund liability if continued beyond the availability of funding by the current funding source GRS