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Agenda 11-18-14
BOYNTON BEACH POLICE OFFICERS’ PENSION FUND QUARTERLY BOARD MEETING Tuesday, November 18, 2014 @ 10:30 AM Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite #220 Boynton Beach, FL 33426 AGENDA I.CALL TO ORDER – Toby Athol, Chair II. AGENDA APPROVAL III. APPROVAL OF MINUTES – Quarterly Meeting August 12, 2014 IV. FINANCIAL REPORTS: A) Quarterly Investment Review & PYE 9-30-2014 1) Russell Investment Group – MJ (Candioto) Serene, CFA a) Russell Multi-Manager Bond Fund – Update b) Investment Review - 2.) Burgess Chambers & Associates - Head of Research Frank Wan a) Fund Performance review – V. CORRESPONDENCE: 1) 27th Annual Police & Fire Opal/NAPO Conference – Jan 25-27, 2015 VI. OLD BUSINESS: A) Disability Applications: Update/Status 1) Robert Epstein – - Case completed – Two Court Orders 2) Gregory Kenny – IME Update VII. NEW BUSINESS: A. Invoices for review and approval: 1.Russell Investment Gp. – Quarter End 9-30-2014 - $135,530 2.Russell Payment Services – Quarter End 9-30-2014 - $ 1,005.31 3.Perry & Jensen – Service thru 9-30-2014 - $2,041.02 (A) 4.Bonni Jensen PA – Service Oct 2014 - $833.64 (B) 5.Burgess Chambers & Assoc – 3rd Qtr 2014 fee - $5,000 6. Gabriel, Roeder, Smith & Co- Service Sept 2014 - $1,549 1 B) Attorney Report - Bonni Jensen 1) Proposed Ord Vac/Sic Snapshot - Administrative Rule/Statement of Policy effective June 18, 2013.. 2) Pension Administration System Agreement with Resource Centers, LLC – review and approval. C) Verification of Retirement Benefits: 1) Dennis Galindez – DROP Retirement D) Pension Administrator – Compensation Increase … E)Implementation Package by GRS for Chapter 2013-100 (Senate Bill #534) F) Davidson, Jamieson & Cristini – Auditors- Implementation of GASB 67 G) Mandatory Ethics Training – H) Fiduciary Liability Ins..Arthur J Gallagher ..recommended by NCPERS. VIII. PENSION ADMINISTRATOR’S REPORT 1.Benefits as of 11-01-2014 2.Trustee term expires December 2014 …direction for election 3.Scheduled Board Meetings for 2015 – review and approval IX. COMMENTS: X. ADJOURNMENT: Next Regular Meeting Date – Tuesday, February 10, 2015 @ 10:30 a.m. – Renaissance Commons If you cannot attend, please call Barbara @ 561-739-7972 NOTICE PO’PB IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE OLICE FFICERS ENSION OARD WITH RESPECT TO ANY MATTER ,/,,/ CONSIDERED AT THIS MEETING HESHE WILL NEED A RECORD OF THE PROCEEDINGS AND FOR SUCH PURPOSE HESHE MAY NEED TO , ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON .(..286.0105) WHICH THE APPEAL IS TO BE BASED FS THE CITY SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A ,, DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE PROGRAM OR ACTIVITY CONDUCTED .CC’,(561)742-6060- BY THE CITY PLEASE CONTACT ITY LERKS OFFICE AT LEAST TWENTYFOUR HOURS PRIOR TO THE PROGRAM OR . ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST S:\CC\WP\JANET\POLICE PENSION FUND.doc 2 011 - 1 l f MINUTES OF THE BOYNTON BEACH POLICE OFFICERS' PENSION FUND QUARTERLY MEETING HELD ON TUESDAY, AUGUST 12, 2014, AT 10:30 A.M. RENAISSANCE EXECUTIVE SUITES, SUITE 220, CONFERENCE ROOM 1 1500 GATEWAY BOULEVARD, BOYNTON BEACH, FLORIDA PRESENT: Toby Athol, Chair Bonni Jensen, Board Counsel Jason Llopis, Secretary Barbara LaDue, Pension Administrator Scott Caudell Joe DeGiulio John Huntington I. CALL TO ORDER — Toby Athol, Chair Chair Athol called the meeting to order at 10:30 a.m. II. AGENDA APPROVAL Ms. LaDue added to: • New Business, Item D, Frank Ranzie • New Business, Item E, discussion on detail duty as it applies to the pension • New Business, Item F, preparing a statement/presentation on the Police Pension status and the future direction of the Plan to respond to questions from the public or newspaper. Bonni Jensen, Board Attorney, added to: • New Business, Item B, Attorney's Report, Item 3, follow up discussion on Senate Bill 1128 on overtime and accumulated leave. Motion Mr. Caudell moved to approve. Mr. Huntington seconded the motion that unanimously passed. III. APPROVAL OF MINUTES — Quarterly Meeting May 14, 2014 There were no changes to the minutes. Meeting Minutes Police Pension Board Boynton Beach, Florida August 12, 2014 Motion Mr. Llopis moved to approve. Messrs. Huntington and Caudell seconded the motion that unanimously passed. IV. FINANCIAL REPORTS: A) Quarterly Investment Review — June 30, 2014 1) Russell Investment Group — MJ (Candioto) Serene, CFA b) Russell's agreement with Northwestern Mutual (heard out of order.) Ms. Serene, Certified Financial Analyst, advised Northwestern Mutual was exploring other ownership opportunities and there had been exclusive discussions with the London Stock Exchange Group and the all cash deal will close by the end of this year or the early part of next year. Two things need to happen: shareholders need to approve the deal, and there are 32 regulatory bodies that have to sign off on the deal. The London Stock Exchange Group has not suggested they would eliminate Russell Investments or respond to anything in the press because they are a publicly- traded company and in quiet period until all is aligned. There will be a mailing advising of a change in control. There will be no change in day - to-day operations. If questions arise, the members can contact her. In response to questions, Ms. Serene had not heard of any upper management changes, and noted the London Stock Exchange Group does not have an asset management group, but they have another index business and they may be looking to centralize management in that arena. The London Stock Exchange Group was buying the entire company and was paying Northwestern Mutual in cash for the entire Russell entity. It was possible things could change between now and the closing, but there was no indication that would occur. a) Investment Review — Ms. Serene explained the fund was about halfway into the 3" quarter and the data reflected the 2 quarter. The private real estate portfolio usually shows a lag and she had an update on the market values and performance for the private real estate portfolio. Last year, equity markets were strong. This year, they thought they would see earnings in the high single digits, but did not. They also anticipated interest rates would slowly rise, but saw interest rates decline. 2 Meeting Minutes Police Pension Board Boynton Beach, Honda August 12, 2014 The year -to -date numbers showed equity markets up between 5% and 7% and nearly all the returns from emerging markets occurred in the second quarter which meant nearly a zero return in the first quarter. Emerging markets were not impacted, but the focus was on the potential of countries and their security. Year -to -date, aggregate fixed income was about 4 %. Global REITS and commodities were strong at the end of the second quarter. The entire 7% from the quarter was supplemented 2% since June on a year -to -date basis. The Federal Reserve confirmed asset purchases will end in October and said if they saw improvement in the labor market, they would adjust the federal fund rate. Russell Investments anticipated that would not occur until the end of the first half of next year. The economy was strengthening, but the market was fearful of the Federal Reserve moving interest rates sooner than anticipated and there was pull back in the U.S. market. Ms. Serene summarized in 2013, U.S. equities were up over 33% relative to more diversifying asset classes underperforming. Even infrastructure, which was very strong, was negative relative to U.S. equities. This year was different and they have seen solid returns from the diversified asset class relative to equities and global infrastructure was the best asset class. Commodities were up 7% but relinquished some eamings. Ms. Serene commented commodities rallied faster in the first quarter of the year than was anticipated and pointed out in an environment when they expect rates to rise, they would not see strong retums from REITS and the real asset arena in general. The positions in the portfolio were underweight that had interest rate sensitivity. While it was not true for commodities, they were underweight in commodity producing countries like China and Canada and those issues influenced the portfolio. In the U.S., interest rates reflected the U.S. Treasuries started about 3% and they expected up to 3.4% by the end of the year, and it was just shy of 2.5% at the end of May, remaining flat. Ms. Serene expected rates to rise and thought rates would be closer to 3 %. As to changing positions in light of rates falling, they increased positions so the portfolio will do well when that occurs. Ms. Serene reviewed what to expect in different asset classes in a rising rate environment. She pointed out aggregate bond returns hovered around the zero mark. She did not expect similar returns in the current environment, but was comfortable the portfolio was positioned for rising rate exposures including currency. Looking to the future, the expectation was the environment would not change from the first part of the year. Ms. Serene anticipated a 2% to 3% increase in the GDP. Inflation will remain in check and the U.S. economy will add more than 200,000 jobs each month over the next year. 3 Meeting Minutes Police Pension Board Boynton Beach, Florida August 12, 2014 The Eurozone would have more modest increases. There have been improvements, but there were some structural concerns, such as banks not willing to lend, which is typically part of the recovery cycle. This could slow and then the Eurozone may improve. In Asia, emerging markets are one of the best performing asset classes during the year. Three things have to occur to drive the outcomes which were: cycle, sentiment and valuations. The valuations are in place and this asset class was depressed in other parts of the world. It was priced to appreciate from a cycle perspective and sentiment had held it back as it related to China. There will be some volatility and GDP Growth will be in the 2% range. The market value of the portfolio was $76.7 million at the end of June and it was closer to $78 million with the updated real estate market values. Private real estate was listed of about $3.95 million and the updated value was $4.06 million. The market value reconciliation reflected the fund started at $69 million. Inflows and outflows were about equal. There was $7.7 million in market appreciation and as of June 30 it was about $76.8 million. At yesterday's close of business, the fund was at $75.3 million due to the large outflows and the equity market pull back. Fiscal year -to- date, the portfolio had strong absolute returns of 11%, net of fees. Net of fees, updated with real estate, the portfolio was about 10.4% lagging the benchmark by 40 basis points. For the calendar year -to -date period, the portfolio was up about 5 %. There was underperformance coming from the MAC portfolio. Other high -level asset classes, such as fixed income, year -to -date were up about 4.5 %. The total alternatives were at zero, but the updated number that portfolio added was 3 %, and on a fiscal year -to -date basis, was up just shy of 9 %. The MAC performance changed from relying on underlying manager performance to taking advantage of the Russell portfolio managers to better position the fund. For the calendar year -to -date, the performance was minus 80 basis points due to underlying manager being below the benchmark. It was a challenging time for active and global growth managers. They had rising rates, slower than the expected first quarter growth during the year, and the portfolio had hedge fund managers that did not perform. The average manager underperformed about 160 basis points. In response to questions from Mr. Huntington, the month of May had good positions regarding tactical moves. They saw commodities stop delivering the way they had in the first quarter and they were underweight. May was neutral to the benchmark, but Russell was positively positioned. June did not perform as well. Ms. Serene explained she was not uncomfortable with the underperformance of managers during the first part of the year. The portfolio has more than 30 managers. They met with Driehaus eight times last year and they were terminated. They have not 4 Meeting Minutes Police Pension Board Boynton Beach, Florida August 12, 2014 had any official replacement announced. Driehaus is a global growth manager. Russell Investments did not remove the allocation to global growth. The initial allocations were shared with remaining global growth managers. There should be an announcement in next few months about a replacement manager. Ms. Serene explained no one pulled out of the fund this year or since entering. The market environment has not changed much in the last six months. If looking at performance fiscal year -to -date, the performance was about 70 bits behind, and calendar year -to -date was about 80 bits behind. Things have not materially changed since June. She expressed moving the federal fund rate will cause pressure to raise interest rates. The portfolio has a 300 basis point tracking error. For long -term outperformance, there will be negative periods. Ms. Serene has seen active management underperform and they increased allocation to that relative to passive managers because they believe the weight of the position is solid and they would see outperformance in the future. 2.) Burgess Chambers & Associates - Head of Research Frank Wan a) Fund Performance review — Frank Wan, Head of Research, BCA, explained using the S &P 500 for the period ending July 31 high - quality managers made 12% and low- quality managers made 23 %. In 2011, low quality lost 7% and high - quality managers gained 7 %. The seesaw of high and low quality has been ongoing. Generally, the last five years had been low quality. Mr. Wan gave examples where low quality managers grew drastically. He agreed with much of what Ms. Serene had stated. Emerging markets were the only place the price -to- eamings ratio was below the 20 -year average. One area they had confidence in was infrastructure. With the global geo- political crisis, intemational emerging market stocks were cheapened, but were being priced in. Mr. Huntington inquired if the situation in Russia would hurt emerging markets. Mr. Wan explained Germany was Russia's biggest trade partner and if Germany fell, all of Europe would fall. Other emerging markets, such as in India and China, were doing well. Globally, emerging markets are inexpensive. Valuations have dropped so it was a good time to start to rebalance. Fiscal year -to -date, the portfolio was at 10.4 % net of investment fees, not including the real estate final figures. He hoped August and September would lock in a double -digit year. The market value was $76 million which was a new high for the Plan. The Plan was in compliance with its Investment Policy Statement, and Mr. Wan thought Russell Investments had done a good job adhering to the Statement. 5 Meeting Minutes Police Pension Board Boynton Beach, Florida August 12, 2014 Mr. Wan reviewed there was a lag in the portfolio due to the Multi -Asset Core (MAC) mostly due to foreign exposure. What worked well was infrastructure. So far for the quarter, energy was positive. Across the board, real estate managers were locking in a 10 -year fixed rate as opposed to a floating rate. Natural gas was doing well and was still significantly cheaper than in other parts of the world. In the first half of 2014, Congress allowed shipping crude condensate, which is not used in the U.S. That was the first step in the change in the crude embargo that was in place in the 70s. Bonds fared well at $23 million. Mr. Wan explained there was a yield curve, and for the zero to five -year bonds, they earned 0% to 1.6 %. The five to 30 -year bonds, earned 1.6% to 3.2 %. The five to 30 -year spread was at a historical low. This would put pressure on the Federal Reserve to raise rates. The Plan's duration was at 5.4% in a good position and the most favorable area to be in while getting the yield. The portfolio's coupon was at 3.3% which was also a cushion to protect bonds from the downside. This quarter, bonds were at were at 2.4 %. He suggested in the future they discuss and possibly add more to real estate. Mr. Wan explained 58% of the asset allocation was in Global Equities, and 22% to 23% was in Foreign Equities. As of March 31 compared to other Florida public plans, the Boynton Beach Plan ranked in the top 14 percentile. Over all, for the five year period, the portfolio was at 12.9 %. Compared to risk, the portfolio was in -line with expectations over the past three years. The standard deviation was at 8.4% versus 9.08% having a positive sharpe (ratio) per unit of risk. Mr. Wan thought the portfolio was doing pretty well in spite of the hiccup in 2012. V. CORRESPONDENCE: 1) 44 Annual Police & Fire State Conference —Nov 17 -19 Orlando Attorney Jensen and Mr. Wan advised they would be attending the Conference. Trustees desiring to attend would make the arrangements themselves and use the expense sheet. Ms. LaDue would issue the reimbursements when the paperwork was received. VI. OLD BUSINESS: A) Disability Applications: Update /Status 1) Robert Epstein — Info only invoice $7807.86 —Legal proceedings — Attorney Jensen explained she was still waiting on the court. The lawyer, Elan Candel, left that law firm and she was dealing with new people and she has not been paid. She hoped there would be resolution since this has been ongoing since March. The case 6 Meeting Minutes Police Pension Board Boynton Beach, Florida August 12, 2014 will be heard before a three judge panel who preside over ongoing trials. It took from December to April to issue the rule to show cause and Attorney Jensen thought they just have to wait 2) Gregory Kenny — Updated Notice of Appearance July 24, 2014 Attorney Jensen advised the Board was at the point of selecting a doctor for Mr. Kenny for an independent medical exam. She distributed information on physicians to the members. Mr. Kenny applied for disability based on his lower back and migraines. The selected physicians would review work - related issues and have a broad base of medicine as it relates to one's ability to work. Mr. Kenny was claiming disability on the basis of two different injuries. Since the Board cannot say which is more disabling, Attorney Jensen suggested selecting two doctors and going to the orthopedic physician to ensure it was not causing neurological issues. She had substantial information and anticipated the process would be expensive. If one doctor decided he is disabled from performing his function, Mr. Kenny did not have to go to the second doctor. Mr. Kenny has seen practically every doctor in Palm Beach County and would need to see a physician outside of Palm Beach County for his independent medical exam to avoid a conflict of interest. Attorney Jensen had worked with some of the physicians on the list in the past. The procedure was to pick a doctor and schedule a doctor appointment. The physician may want a down payment. When Mr. Kenny has the medical examination, the Board receives the report and then decides if he needs to go to the second doctor. Usually the doctor will review the records before the exam. A summary of the records will be available to the members. Attorney Jensen recommended, based on what they were able to obtain, Dr. Worth and Dr. Harris be used. Motion Mr. Caudell moved to accept the recommendation for Dr. Worth and Dr. Harris for the exam. Mr. DeGuilio seconded the motion that unanimously passed. The assertion was both injuries were disabling. The time line would start after the meeting to start the process, make an appointment and contact Mr. Kenny's lawyer. Attorney Jensen explained to the best of her knowledge, the doctor did not have any relationship with Mr. Kenny. Mr. Kenney would see Dr. Worth first, and if needed, Dr. Harris second. 7 Meeting Minutes Police Pension Board Boynton Beach, Florida August 12, 2014 VII. NEW BUSINESS: A. Invoices for review and approval: 1. Russell Investment Gp. — Quarter End 6 -30 -2014 - $134,649 2. Russell Payment Services — Quarter End 6 -30 -2014 - $ 3. Perry & Jensen — Service May, Jun & Jul 2014 - $5383.05 4. Burgess Chambers & Assoc — 2nd Qtr 2014 fee - $5,000 5. Gabriel, Roeder, Smith & Co- Service May 2014 - $675 Motion Mr. Llopis moved to pay the bills. Mr. Huntington seconded the motion that unanimously passed. B. Attorney Report - Bonn! Jensen 1) Insurance Premium Exclusion for Retired Public Safety Officers At last meeting, there was discussion of allowing retirees to deduct health insurance premiums from their monthly benefits. Attorney Jensen had forms for the retirees to complete and a policy to make this election as the IRS provides for an exclusion from the retiree's gross income for the deduction. To be eligible, the police officer must retire directly from service either due to disability or achieving normal retirement age, with a pension payroll. They cannot be a vested terminated member. To have the deduction, the retiree must complete the form and give Ms. LaDue at least 60 days notice so she could make the arrangements. If the retiree has to change the premium amount, Ms. LaDue also needs 60 days. The benefit to the retiree is if they have a third -party provider, they can pay the premium directly through the Pension Plan and it allows the retiree to deduct $3,000 from their income tax. It is a $3,000 credit. (Mr. Llopis left the meeting at 12:06 p.m.) 2) Disability Pension Benefits — Periodic procedure review by Board Attomey Jensen advised she did not receive the procedure from Attorney Adam Levinson, but the procedure will come before the Board. (Mr. Llopis returned to the meeting at 12: 08 p.m.) 3) Senate Bill 1128 on Overtime and Accumulated Leave Snapshot. Attorney Jensen adapted a policy for the Police, based on the Firefighters' Policy, which worked out well. The Police Policy became effective on June 18, which specifies overtime included in the average compensation was limited to 300 hours. 8 Meeting Minutes Police Pension Board Boynton Beach, Florida August 12, 2014 As a related item, Attorney Jensen advised last year when the Annual Report was filed, there was a question if the Boynton Beach Plan was a Supplemental Plan. This was important because there was legislation pending. Attorney Jensen advised there was no distinction how Chapter monies were credited. She spoke to State and the State representative explained they did not pursue it because the legislation did not pass and they thought it did not make any difference. She inquired if the Board wanted her to pursue the matter. Chair Athol suggested taking a wait and see position. The Chapter 185 monies were $645,579, which was about $26,000 more than last year. Attorney Jensen advised on October 1 she will have transitioned full -time to Klausner & Kaufman. The only change was her email will be different and payments go to the Law Office of Bonni Jensen because that is the entity that is in partnership with Klausner and Kaufman. Motion Mr. Huntington moved that Klausner and Kaufman adopt the same contract they have with Attorney Jensen for the remainder of the contract. Mr. DeGiuilio seconded the motion that unanimously passed. C. Verification of Retirement Benefits: 1) Chris Crawford — DROP Retirement shows on pension status report. Ms. LaDue reviewed Mr. Crawford's benefits. Motion Mr. Caudell moved to accept Mr. Crawford's retirement paperwork. Mr. Llopis seconded the motion that unanimously passed. D. Discussion regarding Frank Ranzie The members reviewed correspondence sent by the City regarding Frank Ranzie who was terminated and went to arbitration. The arbitration resulted in his reinstatement as if he had never left and he was to receive back pay. There was negotiation what his back pay was and the issue of his DROP account arose during the time he was terminated. During that time, there were no contributions to his DROP account. Had the contributions been made, he would have accumulated $137,000 plus interest eamings. Ms. LaDue attached what the total amount would have been and Mr. Ranzie was asserting he was still owed $130,000. The City's position was the pension could pay it. Attorney Jensen sent a letter to all the parties saying the pension paid Mr. Ranzie the monies owed while he was terminated. The interest earnings would have been 7 %, had the funds remained in the pension fund. If the City was responsible for any punitive 9 Meeting Minutes Police Pension Board Boynton Beach, Florida August 12, 2014 monies, they should pay the interest. Additionally, the pension fund did not have use of the money on a monthly basis as it was paid to him. If anything, the City should turn over the interest to the pension fund. Mr. Ranzie entered the DROP in 2012 and the pension already made their payment. Attorney Jensen will send a letter to say the money was paid out and interest calculations are theoretical. The argument that Mr. Ranzie could have made contributions to the DROP had he been working would show those funds were already paid. The interest is the City's responsibility, not the Pension fund's because they never had the money to earn the interest on. Inconvenience or interest lost is the responsibility of the City. Ms. LaDue had explained Officer Ranzie received his payouts directly. E. Discussion on detail duty as it applies to the pension Attorney Jensen anticipated, as part of the statutes and contract negotiations, that detail work will not be part of total remuneration. The target date for this was January 1, 2015 so they needed to put in place a means of extracting benefit pay from remuneration to the Pension Fund. Ms. LaDue had already spoken with Finance and Payroll Administration and this would not present a problem because it is a coded payment. All that was accrued up until January 1, 2015 would be pensionable and that benefit would cease from that point forward. There was an inquiry about which rate of pay would be used for the 300 hours of pensionable overtime and Attorney Jensen suggested the Board negotiate that issue. She thought it was the first 300 hours, or the calendar year and Ms. LaDue agreed to check. At one point, they surveyed payroll regarding the hours and Ms. LaDue recalled not many people reached 300 or more hours. F. Statement/Presentation on the Police Pension Status Mr. Llopis sent an email to supplement a PowerPoint presentation. He was requesting feedback and commented Officers earning pensions are vilified for receiving a pension and when discussion of reform is raised, the thought was something had to be done. The parties were affiliated with the Leroy Collins Institute, who issued the damaging report, but withheld information to support their findings. Attorney Jensen thought something could be put together showing the amounts earned in the Pension fund, the average pension benefit paid and the number of people paid, and even show how much of the pension is spent in Palm Beach County and in Florida economies. Chair Athol commented when the actuary made his presentation, the fund was on a sustainable path and funds itself. It should cover simple points such as: • Is the fund growing? • Are the investment strategies working? • How the fund ranked in Florida over the five years, 10 Meeting Minutes Police Pension Board Boynton Beach, Florida August 12, 2014 • The fund had double -digit returns. He thought it would be helpful to have this information available when inquiries arose. Mr. Llopis agreed forward thinking was helpful. He had also sat with one of the Commissioners for three hours regarding pensions. There was a pension workshop and they invited the Commissioners to the pension meetings and to meet the professionals who operate the plan. A simple, generic information sheet would be helpful and provide confidence that the pensions are not the gloom and doom alleged. VIII. PENSION ADMINISTRATOR'S REPORT 1. Benefits as of 08 -01 -2014 2. Alive & Well Statements — 21 outstanding statements Ms. LaDue advised there were now 18 or 19 outstanding statements and mailings went out in June and were due August 6 She would be sending another letter with a new deadline and suggested a final notice be sent. Retirees need to keep up with this or the payment would be shut off in 30 days. She commented she had to shut off a firefighter's pension, but he did not return his statement. 3. Anticipated Special Board meeting 2015 — Audit & Valuation Presentations Ms. LaDue explained the auditors have to complete their financial statements for the year ending 2014. They need to have the current valuation report in their financial statements, but GRS cannot complete their final valuation until they receive their financial statements from the auditors and they are in a catch -22 position. The auditors are trying to plan in advance and GRS may not be able to present the reports in February. They may have to call a special meeting in February 2015. IX. COMMENTS: None. X. ADJOURNMENT: There being no further business to discuss, Chair Athol adjourned the meeting at 12:47 p.m. LLULAVI-Lligt a _ Catherine Cherry Minutes Specialist 141023 11 PENSION ADMINISTRATION SYSTEM AGREEMENT BETWEEN BOARD OF TRUSTEES OF THE CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND AND RESOURCE CENTERS, LLC, This Agreement made as of this day of , 2014, by and between the Board of Trustees of the City of Boynton Beach Police Officers' Pension Fund (hereinafter referred to as "Pension Fund ") and Resource Centers, LLC, a Florida Corporation (hereinafter referred to as "System Provider "). WITNESSETH: WHEREAS, the Code of Ordinances of the City of Boynton Beach authorizes the Pension Fund's Board of Trustees to engage such other services as shall be required to transact the business of the Pension Fund; and WHEREAS, the System Provider is engaged in the business of providing pension administration systems for the administration of pension plans; and WHEREAS, the Board is familiar with the experience and reputation of the System Provider in rendering these services; and WHEREAS, the Board has determined that it is in the best interest of the '° participants and beneficiaries of the fund to engage the services of the System Provider upon the terms and conditions hereinafter set forth. NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties agree as follows: Section 1 System Provider A. Engagement — The Board hereby engages and retains the System Provider who hereby accepts the engagement and retainer by the Board to serve as the System Provider for the Pension Fund. B. Duties and Responsibilities — Without limiting the generality of the foregoing, it is mutually acknowledged and agreed that the System Provider is engaged to provide a Pension Administration System for the administration of the Pension Fund, and to perform other such duties and responsibilities as System Provider which are delegated to it in accordance with the express terms of this Agreement. C. Limitation of Authority — The System Provider shall not exercise any discretionary authority or control respecting the management or administration of the Pension Fund. Section 2 Duration This Agreement shall become effective on the 1s day of January, 2015, and shall continue until otherwise terminated in accordance with the terms of this Agreement. Section 3 Fees A. Basic Fee — In consideration of the services to be performed as agreed above, the Pension Fund agrees to pay the System Provider such fees as are provided in Exhibit A of this Agreement. This fee shall not be increased for a period of three (3) years commencing from the effective date of this Agreement. B. Non - Standard Services — In the event that any Non - Standard Services may be required from time to time, the System Provider shall notify staff designated by the Board in advance of any such Services estimated to exceed $500 in total fees. If agreed, the Board or designated staff shall promptly notify the System Provider within three (3) business days with approval to proceed. 1. Pre - Approval — The Board authorizes the System Provider to perform any Non - Standard Service, which, in the opinion of the System Provider, may be required from time to time, provided that any such Non - Standard Service are estimated not to exceed $500 in fees. 2. Fee Basis — The actual fee for any Non - Standard Service shall be charged at the hourly rate set forth in Exhibit A. 2 Section 4 Standard Services The System Provider shall provide and maintain a Pension Administration System for the proper and complete administration of the fund. The Pension Administration System will incorporate the functions currently available through software provided by Ellen Schaffer. Without limiting the generality of the foregoing, the System Provider shall perform the following services: A. Provide one system for maintenance of active member data records and reporting functions. B. Provide online access for estimated pension benefit calculations to active members of the Pension Fund. C. Provide one system to process pension payments, DROP Statements, and monthly supplemental benefits for retired members, with reporting functions. D. Provide online access to member accounts. E. Provide interface to Macola General Ledger and Accounts Payable software. F. Provide interface with the IT Department for the City of Boynton Beach to secure biweekly payroll data on the server of the System Provider for posting by staff. G. Provide unlimited hardware and software support to designated staff as appropriate, including timely repair of any software defects or System data. H. Allow designated staff for the Pension Fund to remotely access the systems hosted by the System Provider. I. The System Provider shall be responsible for providing reasonable security to protect the confidential nature of member data. J. Provide regularly scheduled backups of all systems. 3 Section 5 Affiliation This Agreement acknowledges that the System Provider has entered into a separate agreement with Ellen Schaffer to provide continuity of service and support to staff of the Pension Fund. This Agreement shall supercede any prior Agreement between the Pension Fund and EllenSchaffer, with the exception of rights to any source code previously provided to the Pension Fund by EllenSchaffer. Section 6 Non - Standard Services Non - Standard Services shall include, but not be limited to: A. Discovery, investigation or correction of errors in data, instructions, or other information provided to the System Provider, and additional time to adjust, reconcile, or correct any data, records, or reports required by the Pension Fund B. Changes from the regular data format mutually agreed by the System Provider and the Board or designated staff. C. Specific programming changes or requests made by the Board or designated staff required by changes to the benefits. D. Special handling or non - standard treatment requested or required for any aspect of plan administration. E. Services related to the termination of this Agreement, including transition services. F. Additional services requested by the Board or designated staff not specifically included in the Standard Services listed in Section 4. Section 7 Obligations of System Provider It is mutually covenanted and agreed that all services rendered by the System Provider to or on behalf of the Pension Fund shall be performed with reasonable 4 dispatch and shall be performed in a manner which is adequate and convenient to the Pension Fund and the participants and beneficiaries of the Pension Fund. The System Provider shall familiarize itself with the basic documents under which the Pension Fund is established and render all services in accordance with said documents. The System Provider shall perform all obligations under this Agreement in accordance with the provisions of and pursuant to Florida Statutes, Section 112.656(2). By execution of this Agreement, the System Provider acknowledges that it is a fiduciary of the Pension Fund within the meaning of the Employee Retirement Income Security Act of 1974 (ERISA) and §112.656, Florida Statutes. Section 8 Data Standards A. The Pension Fund will turn over to the System Provider true copies of all records and other data pertaining to this Pension Fund. The System Provider may rely upon the completeness and accuracy of the records, reports, and data delivered to it to provide the services included in this Agreement. B. The performance of all Standard Services, and the fees outlined in Exhibit A of this Agreement, presume and require that all data provided by the Pension Fund be complete, accurate, and internally consistent. Data necessary for transition or maintenance of historical payroll to process benefits shall be provided electronically in a format as mutually agreed by the System Provider and the Board. Additional fees for Non - Standard Services set forth in Exhibit A may apply to the extent that these Data Standards are not met. C. The System Provider shall be responsible for assisting in the maintenance of records of the fund in the computer system of the System Provider. Section 9 Systems and Access A. In the course of performing the services hereunder, the System Provider shall notify the Pension Fund of any hardware, systems, programs, or data necessary to peform the duties and the obligations of the System Provider. B. The Pension Fund will provide access to electronic systems, networks, programs or data as necessary for the System Provider to perform the duties and obligations of the System Provider as specified herein. 5 Section 10 Reports The System Provider shall provide reporting capabilities for the preparation of records and reports to be filed with government departments or agencies or which are necessary to be disclosed and distributed to participants and beneficiaries. Section 11 Disclosure of Records All information, including records and other data, which may come into the possession of the System Provider shall be subject to disclosure and production to the extent required by the Public Records Act, Chapter 119, Florida Statutes, or upon compulsion of a subpoena issued by a court of competent jurisdiction, as approved by the Pension Fund. Section 12 Excluded Items A. It is understood and agreed by the parties that the System Provider shall not be responsible for the performance of any additional administrative services related to the operation of the Pension Fund. B. The Pension Administration System will not produce checks, direct deposits, 1099R forms, or files to the IRS. C. The System Provider will not pay for any hardware required for the operation of the local pension office. Section 13 Scope The fees contained in Exhibit A are based upon the current features and benefits of the Pension Administration System. If substantial enhancements to the Pension Administration System are made at the request of the Pension Fund which expand the scope of support by the System Provider, the parties shall negotiate new fees by mutual agreement. 6 Section 14 Fidelity Bond and Insurance The System Provider agrees to maintain an appropriate fidelity bond and errors and omissions insurance policy during the term of this Agreement. The System Provider shall provide proof of said bond and insurance to the Pension Fund. Section 15 Liability A. The System Provider agrees it shall be liable to the Pension Fund for any damages or losses, which the Pension Fund or the fund may incur as the result of negligent or intentional acts or omissions of the System Provider or breach of this Agreement. B. The System Provider shall have no responsibility for any actions or omissions of the Board or other staff employed by the Pension Fund. In the case of errors, system failure, or loss of data caused by power failure, - transmission corruption, mechanical difficulties with data storage and retrieval or software, or other events not attributable to the negligence or willful misconduct of the System Provider or its employees, the System Provider will use reasonable efforts to restore services or data provided under this Agreement. Except as may be provided otherwise herein, the System Provider shall not be liable for any Toss or damage claimed to have resulted from the use of the System provided hereunder, except for Toss or damage resulting from the negligence of Licensor. C. Ellen Schaffer shall not be liable to the Pension Fund for any damages or losses which the Pension Fund may incur except as a result of her negligent or intentional acts or omissions. Section 16 Governing Law This Agreement has since been executed in Boynton Beach, Florida and shall be governed and construed in accordance with the laws of the State of Florida. Venue for any dispute shall be in Palm Beach County, Florida. In the event that any action shall be necessary for the enforcement of this Agreement, the prevailing party shall recover its court costs, including reasonable attorney's fees. 7 Section 17 Entire Agreement This Agreement constitutes the entire understanding and agreement by the parties hereto and shall not be modified, amended or revoked except by the express written consent of the parties. Section 18 Termination This Agreement may be terminated by the Board on thirty (30) days' written notice, or by the System Provider on ninety (90) days written notice, with or without cause. In the event of a termination, the System Provider agrees to promptly (not to exceed 30 days) turn over to the successor System Provider or such other party designated by the Board, all records and data belonging to the Pension Fund and in possession of the System Provider.IN WITNESS WHEREOF, the parties who caused this Agreement to be executed on the date set forth. DATED at Boynton Beach, Florida this _ day of , 2014. CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND By: Chairperson By: Secretary RESOURCE CENTERS, LLC BY: Managing Partner Print Name: 8 PENSION ADMINISTRATION SYSTEM AGREEMENT BETWEEN BOARD OF TRUSTEES OF THE CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND AND RESOURCE CENTERS, LLC, EXHIBIT A FEE SCHEDULE In consideration of the administrative services to be performed as agreed in the foregoing Agreement, the Pension Fund shall pay the System Provider a monthly retainer fee. The monthly fee shall be One Thousand Two Hundred Fifty Dollars ($1,250.00),. Such fees shall be as indicated below. Fee Structure A monthly retainer fee of One Thousand Two Hundred Fifty Dollars ($1,250.00) A one -time conversion fee of Fifteen Dollars ($15.00) per active or inactive member record. The monthly fee excludes any Non - Standard Services, which shall be billed at an hourly rate not to exceed One Hundred Twenty Five Dollars ($125.00) All fees are guaranteed for three (3) years The System Provider shall notify the Board at least ninety (90) days in advance of any proposed changes in this fee structure. 9 Barbara Ladue From: Bonni Jensen [bonni @robertdklausner.com] Sent: Thursday, November 06, 2014 9:11 AM To: Athol, Toby; Ladue Barbara Cc: bsjteam Subject: Boynton Beach Police Pension Fund - System Provider Agreement with Resource Centers Attachments: Agreement 11 -05 -14 Revised Clean.docx Barbara and Toby, Attached is the agreement for service with Pension Resource. Please review, particularly sections 4 and 6, and provide me with any comments. Thanks! To make sure that your email is handled in a timely manner, please copy BSJTeam@robertdklausner.com. Bonni S. Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone: 561 -686 -6550 bonni @robertdklausner com K AI INN ON 1 10059 Northwest 1st Court Plantation, Florida 33324 Telephone: 954 -916 -1202 Facsimile: 954 - 916 -1232 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 1 2 Russell Investments F und Up /ArAwri Russell Multi- Manager Bond Fund (RTC): One advisor hired, one advisor terminated Effective October Fund changes finalized on October 16, 2014 1 16, 2014, Scout Russell is terminating Pacific Investment Management Company LLC ( PIMCO) due to Investments , Inc concerns resulting from recent leadership changes and is hiring Scout Investments, Inc Overall investment objectives, risk parameters and fund portfolio characteristics will not was hired, Pacific materially change as a result of this advisor change investment Management As a result, the following Russell funds were also affected • Russell Fixed Income I Fund Company LLC was terminated • Russell Aggressive Balanced Fund • Russell Balanced Income Fund • Russell Conservative Balanced Fund • Russell Global Balanced Fund • Russell LifePoints® Institutional Target Date Funds NEW INVESTMENT ADVISOR Scout Investments, Inc., Portfolio Lead Mark Egan TERMINATED ADVISOR Pacific Investment Management Company, LLC Questions and answers WHY IS RUSSELL MAKING THESE CHANGES TO THE FUND? PIMCO founder and CIO Bill Gross announced on September 26, 2014 that he would be leaving immediately to join Janus Capital. This news came after a closely followed leadership controversy that has captured the attention of the investment industry. While leadership changes at PIMCO were anticipated, Gross' announcement came more 'The effective date refers to the date the advisor transition was completed Russell Investments 1/ Russell Multi- Manager Bond Fund (RTC) � J I — abruptly than the market expected Given a reduced level of conviction in PIMCO by Russell's manager research team, the fund's portfolio manager concluded that replacing PIMCO at this time is an appropriate move for the fund. Gross was the firm's founder and leading voice on U.S. macro positioning, which Russell has long considered to be PIMCO's greatest strength relative to competitors. While Russell believes that PIMCO has a good depth of investment professionals which are capable of stepping into his role, there are now elevated concerns that there will be a modest decline in the quality of U.S. macro idea generation and consistency of implementation going forward WHAT TYPE OF PROCESSES DOES THE NEW ADVISOR EMPLOY AND HOW DOES IT EMPLOY THEM? Scout takes a top -down, macro - economic approach to investing in the fixed income market. The firm's investment strategy seeks to maximize total return, minimize, and preserve capital utilizing all sectors of the fixed income market. The firm is willing to take large U.S. interest rate positions relative to the fund's benchmark, but because of their small asset base can be agile in their active sector rotation. Scout is also willing to be aggressive on both sides of the market cycle, a trait that Russell rarely finds in a fixed income advisor. The firm's defensive approach to underlying security selection also leads to a bias toward running a more liquid portfolio, allowing the firm to actively move investments around according to their macro views even in stressed market environments. HOW DOES THE NEW ADVISOR COMPLEMENT THE FUND'S EXISTING ADVISOR STRUCTURE? In the short-term, the addition of Scout to the portfolio may reduce overall all interest rate risk and credit risk, particularly in the mortgage and emerging markets. However, these short-term reductions in risk are based only on Scout's current tactical market view Long -term Scout will likely be nimble in their sector selection, and we expect the fund will have similar positioning relative to the existing advisor lineup. WHAT EFFECT WILL THIS CHANGE HAVE ON THE FUND? The new target weights are illustrated below Russell Multi- Manager Bond Fund Previous Current Advisor target target weight weight Brookfield Investment Management Inc. 4.4 3.9 Colchester Global Investors Limited 5.9 5.9 Logan Circle Partners, L P. 19.6 20.6 Western Asset Management Company 19.6 20.6 Principle Global Investors 7.8 7.8 Scout Investments, Inc 0.0 18.1 Wellington Management Company LLP 11.8 11.8 RIFL Russell Absolute Return Fixed Income Fund 1.0 1.0 Western Asset Management 1.0 1.0 Russell Investments 1/ Russell Multi- Manager Bond Fund (RTC) / p 2 mow Positioning strategies- Russell Currency Overlay 7.4 7.4 Strategy Positioning strategies — Dynamic' 2.0 2.0 'Positioning strategies managed by Russell Investments include the liquidity reserve Russell Investments If Russell Multi- Manager Bond Fund (RTC) / p 3 For more information: Contact your Russell representative or visit ClientLINK at http: /Iclientlink.russeli.com. Important information Advisors current as of October 16, 2014 Russell has the right to engage or terminate an advisor at any time and without notice The investment strategies are the goals of the individual advisors, there is no assurance that the exact objective will always be met The Russell funds discussed here are investment funds of the Commingled Employee Benefit Funds Trust established by Russell Trust Company They are not funds of Russell Investment Company, nor mutual funds registered under the Investment Company Act of 1940 Diversification and strategic asset allocation do no assure profit or protect against loss in declining markets Please remember that all investments carry some level of risk, including the potential loss of principal invested They do not typically grow at an even rate of return and may experience negative growth As with any type of portfolio structunng, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns Certain inherent conflicts of interest may arise from the Fund's ability to make investments through Russell affiliated entities Russell addresses these conflicts in compliance with applicable law and in accordance with its obligations as an ERISA fiduciary Investments that are allocated across multiple types of securities may be exposed to a variety of risks based on the asset classes, investment styles, market sectors and size of companies preferred by the advisors Investors should consider how the combined risks impact their total investment portfolio and understand that different risks can lead to varying financial consequences, including loss of principal Copyright © Russell Investments 2014 At rights reserved This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investments It is delivered on an s is basis without warranty Russell Investment Group is a Washington, USA corporation, which operates through subsidiaries worldwide, including Russell Investments, and is a subsidiary of The Northwestern Mutual Life Insurance Company The Russell logo is a trademark and service mark of Russell investment Group First used October 2014 USI- 20682-10-16 Russell Investments 11 Russell Multi- Manager Bond Fund (RTC) / p 4 Barbara Ladue From: Serene, Mary Jean [mjserene @russell.com] Sent: Thursday, October 16, 2014 5:09 PM To: Barbara Ladue; Athol, Toby Cc: Frank Wan Subject: Advisor changes: Russell Trust Company Fixed Income Funds Attachments: RTC MultiManagerBondFund.pdf Dear Barb and Toby, As discussed previously, Russell's global fixed income research and portfolio management teams were in the process of reassessing PIMCO's role in our fixed income products, due to Bill Gross's abrupt departure from the firm. Since that time, we made the decision to terminate PIMCO from our U.S bond portfolios. This change is highlighted in the attached advisor change notification. These changes were made as part of Russell's ongoing research, monitoring, and continual evaluation of investment managers to optimize fund structure and return potential. If you have any questions or would like further information, please let me know. Warm regards, MJ (Candioto) Serene, CFA Client Executive Americas Institutional 1 Russell Investments 71 South Wacker Drive 1 Suite 2040 Chicago, IL 1 60606 p 312 - 780 -7124 Multi -Asset Solutions visit Russel com 1 Read the Fiduciary Matters blog 1 Fo °lobe us an Twitter Watch pus on YouTube I Find us on LinkedIn 41, ;,> : 3c',... =4F':i `i.f €inn _�,_ a ,. -.- ' _ E 3 z E 1a,1� :. .€ — 'r ,10 3'vd P {{ .J"^ , `t S te=.'_ Securities products and services offered through Russell Financial Services, Inc. (formerly Russell Fund Distributors, Inc.), member FINRA, 1301 2nd Avenue - 18th Floor, Seattle, WA 98101, part of Russell Investments. The information contained in this message is for the use of the intended recipient(s) named above. If you received this e-mail in error, please notify us immediately at (800) 787 -7354. Russell Investment Group is a Washington, USA Corporation which operates through subsidiaries worldwide, including Russell Investments, and is a subsidiary of The Northwestern Mutual Life Insurance Company. First used October 2014 USI- 20692 -12 -14 1 Barbara Ladue From: Bill Johnson [marketing @opalgroup.net] Sent: Wednesday, September 24, 2014 9:02 PM To: ladueb©bbpdpension com Subject: REGISTER EARLY: 27th Annual Police, Fire, EMS & Municipal Employee Pension & Benefit - Las Vegas, Jan 25 -27 Hello, I hope everything is going well. I would like to take this opportunity to formally invite you to attend the 27th Annual: Police, Fire, EMS, and Municipal Employee Pension & Benefits; January 25 -27 at Caesars Palace in Las Vegas, NV in conjunction with the National Association of Police Organizations. Pension and Union members are able to register for $395 while managers and service providers are welcome to sponsor the event. Opal Financial Group and the National Association of Police Organizations proudly introduce The 27th Annual Police, Fire, EMS, and Municipal Employee Pension & Benefits Seminar scheduled for January, 2015 in Las Vegas, Nevada. Thanks to the collaborative efforts of our advisory board members, Opal, and NAPO, we have been receiving an overwhelming response to our newly updated and cutting -edge program to ensure you fulfill your fiduciary obligation to your fund. The goal of this event is to educate your members of pension and union representatives along with their providers on the latest issues surrounding the pension and benefits industry. At the 27th Annual Seminar, we're putting the spotlight on key issues, including pension reform and the role of union's in securing retirement, reducing healthcare costs in the midst of new regulations, revising your asset allocation strategy, the outlook nationally and internationally on realistic projections of earnings and assumption rates, preservation of assets, and much more! We invite you to take an active role in improving the future of your fund by registering for this enlightening and challenging seminar. You owe it to yourself and your membership. If you would like to attend /participate, please contact me by phone or e-mail and I will follow up. Thank you for your consideration and have a nice day. Best Regards, Thomas J. Nee Andres Cuyun Bill Johnson President VP of Production & Investor Executive Director National Association of Police Relations National Association of Police Organizations Opal Financial Group Organizations 317 South Patrick Street 10 East 38th St, Suite 4 317 South Patrick Street Alexandria, Virginia 22314 New York, NY 10016 Alexandria, Virginia 22314 Phone - 212 - 532 -9898 x 247 acuvun a(�.opalgroup net Opal Financial Group, 10 E. 38th Street, 4th Floor, New York, NY 10016 This is an advertisement If you would prefer not to receive any further emails from Opal, please dick here This email was sent to: Iaduebabbpdpension com 1 BCA November 18, 2014 Toby Athol, Chairman Boynton Beach Police Officers' Retirement Trust Fund 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Boynton Beach Police Officers' Retirement Trust Fund Chairman Athol, The purpose of this letter it to request a modest quarterly fee increases of $1,250 effective January 1, 2015. This change will increase our annual fee to $25,000 from $20,000. BCA has been sensitive to the economic environment and only requested one fee increase over the past ten years. Separately, over the past five years, the account value has risen from $41,180,529 to $76,153,463 and BCA has assumed additional fiduciary responsibilities that are specific to each investment product. We appreciate the confidence that you have placed with the firm and look forward to meeting the ongoing challenges ahead. Sincerely, Frank Wan Senior Vice President cc: Karla Engard, Chief Compliance Officer • - Institutional Investment Advisor • 601 North New York Avenue, Suite 200 Winter Park FL 32789 (407) 644-0111 (407) 644 -0694 fax ( 800) 229 -0694 Barbara Ladue From: Bonni S. Jensen [bsjensen @perryjensenlaw com] Sent: Monday, October 20, 2014 8:37 PM To: 'Athol, Toby'; Llopis Jason; CaudellS @bbfl.us, john007z3 @hotmail.com; degiulioj @bbfl.us Cc: bsjteam; Ladue Barbara; 'Ann Perry' Subject: FW: SERVICE OF COURT DOCUMENT CASE No • 50- 2013 -CA- 018598 Attachments: 13CA18598_Epstein_v. _Bd_of Trusteesof Boynton_ Bch_ Police_ Officers _Pension_Fund_opinion.pdf; 13CA18598 _Epstein_v._Board_of Trustees_of the_ Boynton_ Beach _Police_officers_Atty_fees.pdf Importance: High Trustees, We won the Epstein case! Attached are two orders from the Court; one denying the Petition for Certiorari and the other awarding the Board attorney's fees. I will need to arrange for a hearing before Judge Blanc on the attorney's fees issue in accordance with the order. Please call me if you have any questions. To make sure that your email is handled in a timely manner, please copy thepensionteannaperryiensenlaw.com Bonni S. Jensen The Law Offices of Perry & Jensen 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone: 561- 686 -6550 Fax: 561 - 686 -2802 bsiensen(cr�.perryienseniaw. com CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. From: CAD - DivisionAY [mailto :CAD- DivisionAYPpbcgov.orgj Sent: Monday, October 20, 2014 6:13 PM To: Bonni Spatara Jensen; Legal Staff; Jessica Catherine Roberge Buonauro; paul@bichelerlaw.com Cc: CAD - DivisionAY Subject: SERVICE OF COURT DOCUMENT CASE No.: 50- 2013 -CA- 018598 Importance: High • This email is from the Fifteenth Judicial Circuit • Case Number: 50- 2013 -CA- 018598 • ROBERT EPSTEIN V BOARD OF TRUSTEES OF BOYNTON 1 • Orders Attached: o opinion o Order Granting Atty Fees • Division AY, 561 355 -1719 In accordance with the 15th Judicial Circuit's Administrative Order 2.310 -4/13, please ensure that primary and secondary email addresses are registered with Court Administration at https://e-services.co.palm- beach.fl.us /scheduling /. For a better translation of this document, contact CAD- ADA@u,pbcgov.org. 2 IN THE CIRCUIT COURT OF THE FIFTEENTH JUDICIAL CIRCUIT IN AND FOR PALM BEACH COUNTY FLORIDA APPELLATE DIVISION (CIVIL): AY CASE NO.: 502013CA018598MB ROBERT E. EPSTEIN, Petitioner, v. BOARD OF TRUSTEES OF THE BOYNTON BEACH POLICE OFFICERS' PENSION FUND, Respondent. / Opinion filed: etT 2 0 Petition for Writ of Certiorari from Board of Trustees of the Boynton Beach Police Officers' Pension Fund For Petitioner: Paul A. Kelley, Esq. BICHLER, KELLEY, OLIVER & LONGO, PLLC 541 S. Orlando Avenue, Suite 310 Maitland, FL 32751 paul @bichlerlaw.com 'For Respondent: Bonni S. Jensen, Esq. The Law Offices of Perry & Jensen, LLC 400 Executive Center Dr., Ste 207 West Palm Beach, FL 33401 bsjensen @perryjensentaw.00m thepensionteam @perryjensenlaw.com PER CURIAM. This Petition for Writ of Certiorari ( "Petition ") concerns the "Final Order and Notice of Appeal Rights" ( "Final Order ") issued by the Board of Trustees of the Boynton Beach Police Officers' Pension Fund ( "the Board ") on November 19, 2013, in which the Board denied Petitioner Robert E. Epstein's application for disability retirement benefits. Epstein asks the Court to quash the Board's Final Order, primarily contending that the Board did not properly interpret the terms of the Boynton Beach Municipal Police Officers' Retirement Trust Fund ( "the Fund "), codified at section 18 -164, et seq., Article III of Code of Ordinances of Boynton Beach, Fla. ( "the Article "). Epstein was hired by the Boynton Beach Police Department as a law enforcement officer on August 23, 2005, which was also his "pension hire" date. He was employed as a full -time law enforcement officer with the City from August 23, 2005 through October 3, 2012. During his employment, Epstein contributed a portion of his salary to the Fund. The Fund is a defined benefits pension plan that is codified in Boynton Beach's Code of Ordinances and is operated in accordance with the Marvin B. Clayton Police Officers Pension Trust Fund Act, section 185.01, et seq., Florida Statutes. On January 7, 2012, while responding to the scene of a house fire, Epstein inhaled smoke from burning plastic. Epstein received medical treatment on January 8 and 13, 2012 for the smoke inhalation. His medical providers recommended that he be functionally limited to work at a desk. Epstein apparently continued to work in this capacity until October 3, 2012, when he was terminated.' After he was terminated, Epstein filed an "Application for Disability/Pension Benefits." The application was dated October 10, 2012, and notarized October 22, 2012. On August 13, 2013, the Board held an informal hearing to determine whether Epstein was entitled to apply for a disability benefit after his employment was terminated. Epstein was represented by counsel, ' Epstein asserts that he was "unilaterally and without warning terminated ... due to medical reasons." He cites no record evidence showing the reason for his termination, however. Epstein also asserts that "[d]ocuments show that the Boynton Beach Police Department had an indication that they were going to terminate Officer Epstein as early as September 25, 2012, as some of the termination paperwork received much later reflected this date." Again, Epstein cites no record evidence in support of this assertion. 2 Again without citing any record evidence in support, Epstein asserts in his Petition that he spoke with Barbara Ladue, the Pension Administrator, in July of 2012 about applying for line- of-duty disability if his physicians concluded that he "would never be able to return to full duty status as a law enforcement officer." Epstein further asserts that Ms. Ladue failed to inform him of any timing requirements for filing. Page 2 of 7 Paul Kelley, Esq., at the hearing. The Board ultimately determined "that the Pension Plan document did not permit [Epstein] to file his application after his termination." Epstein did not request an appeal within the required time period. The Board proceeded to render its Final Order on November 19, 2013. The Board found that Epstein was no longer a "member" as that term was defined when he filed his application, and that only members were permitted to file for disability retirement. The Board also found that Epstein's Notice of Appeal was not timely filed. The instant Petition followed on December 19, 2013. A party may seek review of the Board's decision in its quasi-judicial capacity by filing a petition for writ of certiorari. Fla. R. App. P. 9.100(b) & 9.190(b)(3); see, e.g., Terry v. BcL of Tr. of City Pension Fund, 854 So. 2d 273, 275 (Fla. 4th DCA 2003). Our review follows the three prongs set forth in City of Deerfield Beach v. Valliant, 419 So. 2d 624, 626 (Fla. 1982): (1) whether procedural due process has been afforded; (2) whether the essential requirements of law have been observed; and (3) whether competent substantial evidence supports the Board's decision. Town of Manalapan v. Cryongyosi, 828 So. 2d 1029, 1032 (Fla. 4th DCA 2002). In essence, Epstein takes issue with the Board's interpretation of the relevant language from the 3 The Board sent a notice of denial explaining its determination to Epstein care of his attorney, Kelley, dated August 21, 2013. The Board explained in its notice that Epstein had the right to appeal the Board's decision within 20 days of receipt of the notice. Under the Hearing Review Procedures for the Fund, an applicant for benefits may appeal within 20 days of being informed of the denial of his request for pension benefits. If no appeal is filed within that time, the denial becomes final. A "UPS Delivery Notification" shows that the notice was delivered on August 22, 2013. Epstein asserts in the Petition that his attorney, Kelley, "was handed the notice of denial and rehearing procedure information" on September 16, 2013. Kelley emailed the Pension coordinator and the Board a Notice of Appeal the same day. According to Epstein, "the notice delivered to [Kelley's] office was misplaced until this date." On September 17, 2013, the Board provided notice to Kelley that the appeal was untimely. Page 3 of 7 Article and its conclusion that he could not file an application for disability retirement benefits after being terminated from his employment 4 The Board is "solely responsible for administering the pension fund," § 18- 166(a), Code of Ord., Boynton Beach, Fla., and it is vested with "[tlhe sole and exclusive administration of, and the responsibilities for, the proper operation of the retirement fund," id, § 18- 167(b). "Generally, a reviewing court should defer to the interpretation given a statute or ordinance by the agency responsible for its administration." Las Olas Tower Co. v. City of Ft. Lauderdale, 742 So. 2d 308, 312 (Fla. 4th DCA 1999). "Of course, that deference is not absolute, and when the agency's construction of a statute amounts to an unreasonable interpretation, or is clearly erroneous, it cannot stand." Id An agency's construction of a statute is clearly erroneous if it "clearly contradicts the unambiguous language of the rule or if it is arbitrary or unsupported by evidence." Citizens of State of Fla. v. Wilson, 568 So. 2d 1267, 1271 (Fla. 1990) (internal quotation marks and citations omitted). This case turns on the Board's interpretation of two provisions. First, there is the "Membership" provision of the Fund: "All police officers who are participants in the fund as of the effective date of this article shall be members of this retirement system. Each police officer shall be included in this plan on the date of hire." § 18 -168, Code of Ord., Boynton Beach, Fla. A "Police officer" is defined as [a]ny person who is elected, appointed, or employed full time by the City of Boynton Beach, who is certified or required to be certified as a law enforcement officer ... , who is vested with authority to bear arms and make arrests, and whose primary responsibility is the prevention and detection of crime or the enforcement of the penal, criminal, traffic or highway laws of the state. 4 Of note, the Board contends that this Court should deny the Petition because it lacks subject matter jurisdiction, as Epstein failed to timely appeal the Notice of Denial, and the Board did not hold a formal hearing as a result. We find the Board's contentions in this regard unavailing. Page 4 of 7 Id § 18- 165(a). The Board concluded that "a `member' is a police officer," and that Epstein was not a member because he had been terminated from his employment as a police officer. Of course, what the relevant section actually provides is that all police officers shall be members, not that they must remain active police officers to remain members. See id § 18 -168. Still, there is no reference anywhere in the Article to a member who has been terminated from his employment as a police officer. Accordingly, even if the Board's interpretation that only active police officers could be members was questionable, its interpretation that a terminated police officer was not a member was not unreasonable. Nor was it clearly erroneous, since it is not arbitrary and it does not clearly contradict the unambiguous language of the Article. What remains, then, is the Board's interpretation of the "Disability retirement" provision. Without citing to any particular provision of the Article, the Board concluded that "[t]he Pension Plan only permits members to file for disability pensions." Subsection "a" of the "Disability retirement" provision indicates the following about eligibility: Any member who receives a medically substantiated service connected injury, disease or disability which injury, disease or disability totally and permanently disabled him or her to the extent that in the opinion of the Board of Trustees, he or she is wholly prevented from rendering useful and efficient services as a police officer shall receive a monthly benefit equal to 66 2/3% of his or her basic rate of earnings in effect on the date of disability. Id § 18- 169(c)(1)a. 5 The term " member" is used three times in section 18- 169(4) of the Article in reference to someone who is actually receiving disability retirement benefits: "a member who has been retired on a pension on account of permanent and total incapacity," a "member receiving a pension for disability," and a `retired member." Id § 18- 169(4). The term "mired member" also appears in section 18- 170(c): "Any retired member who desires to change his or her joint annuitant or beneficiary shall file with the Board of Trustees a notarized notice of such change." While these references suggest that membership may continue while a person is receiving benefits under the Fund, they in no way contradict the Board's interpretation that police officers who have been terminated are no longer members. Page 5 of 7 Relying on this language alone, Epstein observes that he was a member at the time he received the injury that purportedly rendered him disabled. He thus contends that he was eligible for benefits if the Board found that he was wholly prevented from rendering useful and efficient services as a police officer at the time of his injury. However, subsection "b" of the "Disability retirement" provision continues that "[t]he final decision whether a member meets the requirements for duty disability pension rests with the board and sha11 be based on substantial competent evidence on the record as a whole." Id. § 18- 169(c)(1)b. The subsection on "Disability exclusions," meanwhile, provides that "[n]o member shalt be granted a disability pension" where any of a number of excluding factors are shown to the Board's satisfaction. Id § 18- 169(c)(5). These provisions indicate that the disability determination will be made by the Board while the member is still currently a member. Other provisions in the Article further support the Board's conclusion that only current members may file applications for disability retirement. Subsection (3) of section 18 -169 describes the procedure for the Board to follow in designating a Medical Board when necessary to process an application for disability retirement. That subsection provides, inter alia, that the Medical Board "shall investigate all essential statements or certificates made by or on behalf of a member in connection with an application for disability retirement ... ." Id § 18- 169(3). Elsewhere, the Code provides that "[e]ach member applying for a service incurred disability benefit from this fund shall be required to apply for disability benefits under social security, and, if applicable, workers' compensation." Id § 18- 169(6). There are no provisions anywhere in the Article that make reference to anyone other than a current member filing an application for disability retirement benefits. The Board's interpretation that only current members could file such applications thus did not contradict any Page 6 of 7 unambiguous language in the Article. Moreover, the Board's interpretation was consistent with the Article read as a whole. It was therefore not unreasonable or arbitrary. Although the Board's interpretation could be perceived as unduly harsh as applied to Epstein, given his asserted link between his disability claim and his work as an officer, in light of the language of the Article, the Board's interpretation was neither unreasonable nor clearly erroneous. The Board therefore did not depart from the essential requirements of law. See Las Olas Tower Co., 742 So. 2d at 312. Additionally, given that the Board's interpretation was not unreasonable or clearly erroneous, Epstein's contention that the Board's Final Order was not supported by competent substantial evidence — because the Board did not find that Epstein "did not have a medically substantiated service connected injury, disease or disability on January 7, 2012" — is moot. The Petition for Writ of Certiorari is DENIED. BLANC, SASSER, and SMALL, JJ., concur. I Page 7 of 7 IN THE CIRCUIT COURT OF THE FIFTEENTH JUDICIAL CIRCUIT IN AND FOR PALM BEACH COUNTY, FLORIDA CIVIL APPELLATE DIVISION AY CASE NO. 502013CA018598XXXXMB ROBERT E. EPSTEIN, Petitioner, v. BOARD OF TRUSTEES OF THE BOYNTON BEACH POLICE OFFICERS' PENSION FUND, Respondent. ORDER GRANTING RESPONDENT'S MOTION FOR ATTORNEY FEES THIS CAUSE came before the Court upon Respondent's Motion for Attorney Fees, filed June 2, 2014. Having considered the Motion and being otherwise fully advised in the premises, the Court finds as follows: "Florida Rule of Appellate Procedure 9.400(b) is the procedural vehicle by which a party seeks attorney's fees from an appellate court." United Servs. Auto. Ass 'n v. Philips, 775 So. 2d 921, 922 (Fla. 2000). Pursuant to the rule, "a party seeking attorney's fees in an appellate court must provide substance and specify the particular contractual, statutory, or other substantive basis for an award of fees on appeal." Id at 922. Respondent asserts entitlement to fees under section 185.05(5), Florida Statutes, which provides that "[i]n any judicial proceeding ... brought under or pursuant to the provisions of this chapter, the prevailing party shall be entitled to recover the costs thereof, together with reasonable attorney's fees." This case, in which Petitioner sought certiorari review of Respondent's denial of his application for disability retirement benefits, constitutes a judicial proceeding brought under or pursuant to Chapter 185 for purposes of section 185.05(5). See Bd. of Tr. of City of Miami Fire Fighters & Police Officers Ret. Trust v. Fernandez, 675 So. 2d 638, 638 -39 (Fla 3d DCA 1996) (interpreting predecessor statute, section 185.40, Florida Statutes). Based on the Court's denial of the Petition for Writ of Certiorari in a simultaneously issued opinion, Respondent is the prevailing party here. Accordingly, it is hereby ORDERED that Respondent's Motion for Attorney Fees is GRANTED as to its entitlement to attomey's fees under section 185.05(5), Florida Statutes. A hearing on the amount of such fees shall be set before the Honorable Peter Blanc, Circuit Judge. The parties shall confer and contact Judge Blanc's judicial assistant to set a hearing date. DONE AND SIGNED in West Palm Beach, Palm Beach County, Florida, this _ 1 L/ day of October, 2014. PET 'It RT.ANC, CIRCUIT JUDGE 1 116 5R CIRCUIT JUDGE LISA SMALL, CIRCUIT JUDGE l ti o Copies furnished to: Paul A. Kelley, Esq. BICHLER, KELLEY, OLIVER & LONGO, PLLC 541 S. Orlando Avenue, Suite 310 Maitland, FL 32751 paul @bichlerlaw.com Bonni S. Jensen, Esq. The Law Offices of Perry & Jensen, LLC 400 Executive Center Dr., Ste 207 West Palm Beach, FL 33401 bsjensen@perryjensenlaw.com thepensionteam@penyjensenlaw.com Page 2 of 2 IN THE CIRCUIT COURT OF THE FIFTEENTH JUDICIAL CIRCUIT IN AND FOR PALM BEACH COUNTY, FLORIDA ROBERT E. EPSTEIN, APPELLATE DIVISION (CIVIL): AY Petitioner, CASE NO: 502013 l 8598x0 v. THE BOARD OF TRUSTEES OF THE BOYNTON BEACH POLICE OFFICERS' PENSION FUND, Respondent. BY ORDER OF THE COURT: THIS CAUSE came before the Court on Respondent's Request for Oral Argument. Accordingly, it is ORDERED that Respondent's Motion for Oral Argument is DENIED. DONE and SIGNED in Chambers at West Palm Beach, Palm Beach County, Florida this / 4 day of September, 2014. PETER D. BLANC CIRCUIT JUDGE cc: Paul A. Kelley, 541 S. Orlando Avenue, Suite 310, Maitland, FL 32751, paul @bichlerlaw.com Bonni S. Jensen, Esq., 400 Executive Center Dr., Suite 207, West Palm Beach, FL 33401, bsjensen@penyjensenlaw.com 04.4 ` Iii. Russell Investments Invoice Invoice for: Invoice Number Russell Client ID Billing Period Ending City of Boynton Beach Police Retirement 45589 C04616001 0913012014 Fund 1500 Gateway Blvd #220 Invoice Date Payment Terms Total Amount Due Boynton Beach, FL 33426 11/05/2014 Net 30 Days $ 135,530.00 Mail to: City of Boynton Beach Police Retirement Specify Remittance Information Fund 1500 Gateway Blvd #220 ❑ Payment by check Boynton Beach, FL 33426 Make check payable to. Russell Investments Check Amount $ Iniin.IIuInInI,I.IInnI.II ❑ Request payment by Direct Debit Authorized Signer See additional instructions on reverse side Please retum upper portion with your check or direct debit request The following is a summary of your account(s). For more information, please review the enclosed detail Direct Debit per Description of Service Fee Amount Standing Instructions or Amount Due Payments Received Russell Investments Investment Management Fees $ 135,530 00 $ 0.00 $ 135,530 00 Current Period Fees $ 135,530.00 $ 0.00 $ 135,530.00 Balance Forward 134,649.00 (134,649.00) 0.00 Total Amount Due $ 135,530.00 Invoice Number Invoice Date Russell Client ID Payment Terms Billing Period Ending 45589 11/05/2014 C04616001 Net 30 Days 09130/2014 Current Period Over 30 Days Over 60 Days Over 90 Days Total Amount Due $ 135,530.00 $ 0.00 $ 0.00 $ 0.00 $ 135,530.00 Invoice for: City of Boynton Beach Police Retirement Fund Ms.Barbara S. LaDue Pension Administrator ladueb@bbpdpension.com 1500 Gateway Blvd #220 (See reverse side for additional information) Boynton Beach, FL 33426 EA Russell ft Investments Russell Trust Company Payment Instructions EIN 91- 1116938 Instructions to request payment by direct debit Instructions for payment by check 1 Make check payable to Russell Investments. TO HAVE FEES DEDUCTED FROM THE Please include your Russell Client ID and ACCOUNT THAT GENERATED THE FEES. Invoice Number with your payment. 1 Check the box labelled "Requested payment by 2 Return check and remittance stub to: Direct Debit" on the front of the remittance Russell Investments stub NW 6327 2 Sign on the "Authorized Signer" line on the PO BOX 1450 front of the remittance stub. Minneapolis, MN 55485 -6327 3 Return the remittance stub to Russell Instructions for payment by wire Investments via fax to 855 - 886 -9869 • 4 Instructions can be sent by email at Currency USD russelltrust @bostonfinancial.com • Bank' Wells Fargo, WA • Bank #: WFBIUS6S / 121000248 • Account Name: Russell Trust Company TO HAVE FEES DEDUCTED FROM OTHER • Account #: Ending in 4021 ACCOUNTS Please reference Russell Client ID and invoice 1. Check the box labeled "Request payment by number. Direct Debit" on the front of the remittance stub. 2. Sign on the "Authorized Signer" line on the For billing inquiries regarding Russell front of the remittance stub. Investments services, 3 Complete the table (below) indicating the Call: Your Account Executive at 800 -455 -3782 account numbers and applicable deduction Write: Your Account Executive amounts 4. Return the remittance stub and table to Russell 1301 Second Ave, 18th Floor Investments via fax to 855 - 886 -9869. Seattle, WA 98101 -3800 5. Instructions can be sent by email at russelltrust@bostonfinancial.com DEFINITIONS Account Number Amount DIREC DEB f PER St ANDING INS f RUC i ONS Written instructions are on file authorizing the deduction of fees From the funds andier accnunl(s) Oiled debited fees have already been subtracted from the Total Amount Due on your invo'ce REQUEST PAYMENT BY DIRECT DEBIT Written instructions to deduct fees from the funds and! or accountts) must be provided by an authorized signer Absent standing instructions, this request must be submitted each time you wish to use this se vice Please use the remittance stub to Request Payment In Direct Debit Russell investments is a registered Trade Name for Frank Russell Company Frank Russell Company, a Washington, USA, corporation, operates through subsidiaries worldwide and is authorized to act as paying /receiving agent for any of its worldwide subsidiaries Revised 1;51201" Russell Investments MANAGER 4525 - - INVOICE NO 1409074706 -9997 NW 6327 DATE 2014/10/16 PO BOX 1450 PAGE 1 OF 2 Minneapolis, MN 55485 -6327 US TOTAL CHARGES CURRENT PERIOD USD 1,005.31 9BYM - Police Officer Retirement Trust Police Officer Retirement Trust FOR 3 MONTH PERIOD 7/01/14 to 9/30/14 City of Boynton Beach DB Boynton Police & Fire Pension Fnds, 1500 Gateway Blvd,Suite #220Account ID: BOYNTON POLICE Pension Administrator Pay Type 3 Boynton Beach, FL 33426 ATTENTION Barbara L. Ladue PLEASE DETACH THIS PORTION AND RETURN WITH YOUR PAYMENT CHARGES BENEFIT PAYMENT CHECK FEES ACE Benefit Payments 306 AT 1.25 382.50 Benefit Payments 9 AT 1.25 11.25 Lump Sum Payments 7 AT 10.00 70.00 BENEFIT PAYMENT: OTHER FEES Annual TEFRA Form 221 AT 0.50 105.50 Pensioners Added 2 AT 0.50 1 00 State Tax Filing 9 AT 25.00 225 00 ** SUBTOTAL FEES ** 795.25 OUT OF POCKET CHARGES POSTAGE Advice of Deposit 172.71 Benefit Payment 5.13 Lump Sum 3.99 Confirmation Letters 1.14 UPS DELIVERY UPS Charges 6/27/2014 0.70 UPS Charges 6/27/2014 6.08 UPS Charges 7/29/2014 0.70 UPS Charges 7/29/2014 6.08 UPS Charges 8/26/2014 0.70 UPS Charges 8/26/2014 6.08 UPS Charges 9/29/2014 0.67 UPS Charges 9/29/2014 6.08 27.09 ** SUBTOTAL OUT OF POCKET ** 210.06 INVOICE CONTINUES ON NEXT PAGE INV.# 1409074706 -9997 9BYM - Police Officer Retirement Trust 2014/10/16 Russell Investments MANAGER 4525 - - INVOICE NO. 1409074706 -9997 NW 6327 DATE 2014/10/16 PO BOX 1450 PAGE 2 OF 2 Minneapolis, !III 55485 -6327 9BYM- Police Officer Retirement Trust Police Officer Retirement Trust FOR 3 MONTH PERIOD 7/01/14 to 9/30/14 CHARGES CURRENT CHARGES USD 1,005.31 INV.# 1409074706 -9997 9BYM- Police Officer Retirement Trust 2014/10/16 THE LAW OFFICES OF LLC PERRY &JENSEN, ( -71->i ANN H. PERRY BONNI SPATARA JENSEN apeny@perryjensenlaw.com bsjensen @perryjensenlaw.com October 27, 2014 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Leoai Services Provided Invoice #72679 Dear Toby: Enclosed please find the Firm's invoice for services rendered for the period that ended 9/30/2014. Your current balance due is $2,041.02. ,m , g4 If you have any questions, please do not hesitate to contact me. Sincerely yours, f 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 s• Fx: 561.686.2802 13 THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 thepensionteam ©perryjensenlaw.com Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email October 24, 2014 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #72679 Professional Services Hrs/Rate Amount Administrator Administrator 9/19/2014 BSJ Review and revise Lease Agreement 1.00 225.00 E -mail to Barbara LaDue 225.00 /hr Administrator SUBTOTAL: [ 1.00 225.00] Minutes of Trustee Meetings Minutes of Trustee Meetings 9/22/2014 BSJ E -Mail to Catherine Cherry- Guberman re: Recording of Meeting 0.20 45.00 Minutes of Trustee Meetings 225.00 /hr SUBTOTAL: [ 0.20 45.00] Miscellaneous Matters Miscellaneous Matters 9/25/2014 BSJ Review Leroy Collins Institute Report 0.20 45.00 Miscellaneous Matters 225.00/hr Boynton Beach Police Officers' Pension Fund Page 2 Hrs/Rate Amount SUBTOTAL: [ 0.20 45.00] Participant - Kenny Participant - Kenny 9/16/2014 BSJ Review & Respond to email from Barbara Kelley re: Xrays & MRI 0.25 56.25 Participant - Kenny 225.00 /hr Participant - Kenny 9/29/2014 BSJ Telephone call with Toby Athol 0.10 22.50 Participant - Kenny 225.00/hr Participant - Kenny 9/30/2014 BSJ Review and revise Letter to Paul Kelley re: MRis & Xrays 0.25 56.25 Participant - Kenny 225.00/hr Participant - Kenny BSJ Correspondence with Paul Kelley re: Follow up on Xrays & MRIs to Dr. 0.50 112.50 Worth 225.00 /hr Participant - Kenny Participant - Kenny PH E -mail to Paul Kelley & Laura Smith re: Letter requesting Xrays & MRIs 0.10 7.50 Participant - Kenny 75.00 /hr SUBTOTAL: [ 1.20 255.00] Participant - Ranzie Participant - Ranzie 9/22/2014 BSJ Review Letter from Shana Bridgeman 0.50 112.50 Telephone call with Gary Lippman 225.00/hr Participant - Ranzie SUBTOTAL: [ 0.50 112.50] Boynton Beach Police Officers' Pension Fund Page 3 Hrs/Rate Amount State State 9/26/2014 BSJ Attend Workshop regarding SB534 Implementation 0.25 56.25 Conference with Keith Brinkman, Sarah Carr, & State Actuaries 225.00/hr State SUBTOTAL: [ 0.25 56.25] For professional services rendered 3.35 $738.75 Additional Charges : Bill File 9/30/2014 Copy Charges 2.70 SUBTOTAL: [ 2.70] Total additional charges $2.70 For professional services rendered 3.35 $741.45 Total amount of this bill $741.45 Previous balance $1,299.57 Balance due $2,041.02 THE LAW OFFICES OF PERRY & JENSEN, LLC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com September 22, 2014 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #72614 Dear Toby: Enclosed please find the Firm's invoice for services rendered for the period that ended 9/15/2014. Thank you for y r payment of $1,993.65. Your current balance due is $1,299.57. 1 / /" If you have any questions, please do not hesitate to contact me. Sincerely yours, A ' 1 1' 57 \-\ 7 - ( . Bonni S. Jensen BSJ /Ig Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207x• WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 . Fx: 561.686.2802 THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email September 22, 2014 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #72614 Professional Services Hrs/Rate Amount Administrator Administrator 9/9/2014 BSJ Telephone call with Adam Levinson & Fire Chair re: Computer Issues 0.20 45.00 Telephone call with Adam Levinson re: Changed Meeting 225.00/hr Administrator Administrator BSJ Research Reasonable Costs of Computer Consulting 0.30 67.50 Administrator 225.00 /hr SUBTOTAL: [ 0.50 112.50] Attendance at Trustee Meetings Attendance at Trustee Meetings 9/9/2014 BSJ Attend Meeting (no quorum) 0.25 56.25 Attendance at Trustee Meetings 225.00/hr Attendance at Trustee Meetings 9/10/2014 LG Review Post Meeting Folder 0.10 7.50 Attendance at Trustee Meetings 75.00 /hr Boynton Beach Police Officers' Pension Fund Page 2 Hrs /Rate Amount Attendance at Trustee Meetings 9/10/2014 BSJ Attend Meeting 1.25 281.25 Attendance at Trustee Meetings 225.00/hr SUBTOTAL: [ 1.60 345.00] Participant - Kenny Participant - Kenny 8/18/2014 PH Telephone calls with Barbara LaDue & Sharon at Dr. Worth's Office re: 0.10 7.50 Scheduling IME 75.00 /hr Participant - Kenny Participant - Kenny 8/19/2014 BSJ Correspondence with Dr. Worth re: Medical Records Review, Medical 0.50 112.50 Evaluation Questionnaire & Functional Capacities Form 225.00/hr Participant - Kenny Participant - Kenny PH E -mail to Trustees & Administrator re: Letter to Dr. Worth & Forms 0.30 22.50 Ship via UPS to Dr. Worth the Letter, Forms, & 2 Medical Binders for 75.00 /hr Review Participant - Kenny Participant - Kenny 8/28/2014 PH Create Dropbox for Barbara LaDue & Upload Kenny's Disability Notebook 1.00 75.00 Participant - Kenny 75.00 /hr Participant - Kenny 9/9/2014 BSJ Telephone call with Paul Kelley 0.25 56.25 Participant - Kenny 225.00/hr Participant - Kenny BSJ Review Files 0.50 112.50 E -mail to Paul Kelley 225.00/hr Review Letter from Dr. Llorens Participant - Kenny Participant - Kenny PH Telephone call with Sharon at Dr. Worth's to Confirm Receipt of Check 0.10 7.50 for IME 75.00 /hr Participant - Kenny Boynton Beach Police Officers' Pension Fund Page 3 Hrs /Rate Amount Participant - Kenny 9/9/2014 PH Telephone call with Dr. Llorens to request Updated Medical Records 0.20 15.00 E -mail to Follow up with Request 75.00/hr Participant - Kenny Participant - Kenny PH Print Letter & Services Rendered received from Dr. Jose Llorens to Insert 0.20 15.00 into Disability Notebook 75.00 /hr Participant - Kenny Participant - Kenny 9/12/2014 BSJ Review emails regarding X -Rays & MRIs 0.20 45.00 Participant - Kenny 225.00/hr Participant - Kenny PH Telephone calls with Dr. Worth's Office re: X -Rays & MRIs for Kenny 0.20 15.00 Participant - Kenny 75.00/hr Participant - Kenny PH E -mail to Paul Kelley, Esquire, Barbara LaDue, Toby Athol, & Jason 0.20 15.00 Llopis re: Request for X -Rays & MRIs 75.00 /hr Participant - Kenny SUBTOTAL: [ 3.75 498.75] Participant - Ranzie Participant - Ranzie 8/19/2014 BSJ Telephone calls with Gary Lippman 0.50 112.50 Review Letters from Barbara LaDue to City & Calculations attached 225.00/hr Review Letter from City to Pension Fund Participant - Ranzie Participant - Ranzie 8/21/2014 BSJ Telephone call with Shane Bridgeman 0.25 56.25 Participant - Ranzie 225.00/hr Participant - Ranzie 9/4/2014 BSJ Review email from Barbara LaDue 0.35 78.75 Review Letter from Gary Lippman to City re: DROP 225.00/hr Telephone call with Gary Lippman Participant - Ranzie Boynton Beach Police Officers' Pension Fund Page 4 Hrs /Rate Amount Participant - Ranzie 9/4/2014 BSJ Telephone call with Toby Athol 0.25 56.25 Participant - Ranzie 225.00 /hr SUBTOTAL: [ 1.35 303.75] For professional services rendered 7.20 $1,260.00 Additional Charges : Bill File 9/15/2014 Copy Charges 7.20 Fax Charges 1.00 SUBTOTAL: [ 8.20] Participant - Kenny 8/19/2014 United Parcel Service Invoice No.: 0000F49280344 10.35 Tracking #1 ZF492800394080327 to Dr. Jeffrey Worth re: Medical Records United Parcel Service Invoice No.: 0000F49280344 7.17 Tracking #1 ZF492800394080327 Pickup Request No.: 2927S10LL68 Re: Medical Records SUBTOTAL: [ 17.52] Policies - General 8/15/2014 United Parcel Service Invoice No.: 0000F49280334 7.17 Tracking #1 ZF492800393805484 Pickup Request No.: 2927O24G8O6 Re: Policy regarding Health Insurance and Overtime & Accumulated Leave Snapshot United Parcel Service Invoice No.: 0000F49280344 6.68 Tracking #1 ZF492800393805484 to Barbara LaDue re: Policy regarding Health Insurance and Overtime & Accumulated Leave Snapshot SUBTOTAL: [ 13.85] Boynton Beach Police Officers' Pension Fund Page 5 Amount Total additional charges $39.57 Amount For professional services rendered 7.20 $1,299.57 Total amount of this bill $1,299.57 Previous balance $1,993.65 Accounts receivable transactions 9/22/2014 Payment - Thank You!. Check No. 053485 ($1,993.65) Total payments and adjustments ($1,993.65) Balance due $1,299.57 LAW OFFICES OF 4 BONN{ JENSEN, P.A. October 27, 2014 Via Email Boynton Beach Police Officers' Pension Fund Toby Athol 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Legal Services Provided Invoice #727•4 Dear Toby: Enclosed please find the Firm's invoice for services rendered for the period that ended 10/15/2014. Your current balance due is $2,874116: z If you have any questions, please do not hesitate to contact me. Sincerely yours, Bonni S. Jensen BSJIIg Enclosure Copy to: Barbara LaDue Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207 ♦ WEST PALM BEACH, FLORIDA 33401 -2922 PHONE: (561) 686 -6550 ♦ FAX: (561) 686 -2802 LAW OFFICES OF BONNI JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 bsjteam @robertdklausner.com & bonni @robertdklausner.com Invoice submitted to: Boynton Beach Police Officers' Pension Fund Attn: Chairman 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Copy to: Barbara LaDue - Via Email October 27, 2014 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0188 Invoice #72714 Professional Services Hrs /Rate Amount Minutes of Trustee Meetings Minutes of Trustee Meetings 10/8/2014 BSJ Prepare CD of Meeting Recording 0.25 56.25 E -mail to Catherine Cherry- Guberman 225.00/hr Minutes of Trustee Meetings Minutes of Trustee Meetings BSJ Correspondence with Catherine Cherry- Guberman re: CD of Minutes 0.50 112.50 from 9/10114 Meeting 225.00/hr Minutes of Trustee Meetings Minutes of Trustee Meetings PH E -mail to Catherine Cherry- Guberman, Barbara LaDue, & Chairman & 0.30 22.50 Secretary re: CD of Minutes from 9/10/14 Meeting 75.00 /hr Ship via UPS to Catherine Cherry- Guberman Minutes of Trustee Meetings SUBTOTAL: [ 1.05 191.25] Boynton Beach Police Officers' Pension Fund Page 3 Hrs/Rate Amount Plan Document 10/14/2014 BSJ Review Intemal Revenue Service Letter regarding Effective Date for NRA 0.10 22.50 Regulations 225.00/hr Plan Document SUBTOTAL: [ 1.95 423.75] System Provider System Provider 10/2/2014 BSJ E -Mail to Scott Baur re: iRetire 0.20 45.00 System Provider 225.00/hr SUBTOTAL: [ 0.20 45.00] For professional services rendered 4.10 $802.50 Additional Charges : Attendance at Trustee Meetings 10/8/2014 United Parcel Service Invoice No.: 0000F49280414 6.68 Tracking #1ZF492800392430738 to Catherine Cherry- Guberman re: Recording of September 10, 2014 Meeting SUBTOTAL: [ 6.68] Bill File 10/15/2014 Copy Charges 0.60 SUBTOTAL: [ 0.60] Participant - Kenny 10/9/2014 United Parcel Service Invoice No.: 0000F49280414 23.86 Tracking #1 ZF492802995720746 to Sharon with Dr. Worth's Office re: MRI SUBTOTAL: [ 23.86] Total additional charges $31.14 Boynton Beach Police Officers' Pension Fund Page 4 Amount For professional services rendered 4.10 $833.64 Total amount of this bill _, w_ ""` $833.64 � Previous balance y� $2,041.02 Balance due ( �. , �'',`�°•�•< JitatimPttr c p , Barbara Ladue From: Lori Guild [bsjteam @robertdklausner.com] Sent: Monday, October 27, 2014 5:03 PM To: Toby Athol Cc: Barbara LaDue Subject: BB Pol Invoices 9 -30 -2014 & 10 -15 -2014 Attachments: BB Pol 10.15.14.pdf; BB Pol 9.30.14.pdf Please note that we have split the bill and have attached the following: 1 invoice is for the period ending 9/30/14 payable to The Law Offices of Perry & Jensen, LLC. 1 invoice is for the period of 10/1/14 — 10/15/14 payable to Law Offices of Bonni Jensen, P.A. From now on the invoices will all be under the Law Offices of Bonni Jensen, P.A. If you have any questions, please feel free to contact me. Thank you, 4otu la&Pd Legal Assistant - Pension Team of Bonni Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, Suite 207 West Palm Beach, FL 33401 -2922 Phone: 561- 686 -6550 Fax: 561 - 686 -2802 ty \ \ 10059 Northwest 1st Court Plantation, Florida 33324 Telephone: 954- 916 -1202 Facsimile: 954 - 916 -1232 CONFIDENTIALITY NOTICE' This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE* To the extent that this message (or any portion thereof) concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 1 BURGESS CHAMBERS & ASSOCIATES, INC. Invoice INVESTMENT ADVISORS S.E.C. REGISTERED 315 E. Robinson Street, Suite 690 Date Invoice # Orlando, Florida 32801 9/8/2014 14 -230 Bill To Boynton Beach Police Officers' Pension Barbara La Due, Administrator 1500 Gateway Blvd, Suite 220 Boynton Beach, Florida 33426 Description Amount Third Quarter 2014 Investment and Performance Monitoring and Advisory Fee per Contract 5,000.00 Total S5,000.00 Phone # Fax # (407) 644-0111 (407) 644-0694 GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Invoice Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 Date Invoice 10/8/2014 409856 Bill To: Please Remit To: Attention: Ms. Barbara La Due Dept. # 78009 Municipal Police Officers' Retirement Fund Gabriel Roeder Smith & Company City of Boynton Beach PO Box 78000 Renaissance Executive Suites Detroit, Michigan 48278 -0009 1500 Gateway Blvd., Suite 220 Boynton Beach, Florida 33426 Federal ax ID 38- 1691268 Client 100550 Amount For professional actuarial services rendered for the Boynton Beach Municipal Police Officers' Retirement Fund through 9/30/2014 Service buyback calculation for Daniel Dugger 450.00 DROP Retirement benefit certification for Galindez 225.00 Charges to date for preparation of the 10/1/2014 Actuarial Valuation Report; total 874.00 charges to date equal $874 Amount Due $1,549 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page 1 of 1 p o L itt u , i 51, ,,, ,,,,,,,,,,_ Barbara Ladue From: Bonni Jensen [bonni @robertdklausner.com] Sent: Thursday, October 02, 2014 10:51 AM To: Ladue Barbara Cc: bsjteam Subject: FW: Boynton Beach Police Pension Fund - SB 1128 Amendment Barbara, Is there a drafted amendment for the Boynton firefighters pension Fund to implement the-SB 1 1:28 the definiter`rtof compensation to include up to 300 hours of overtime and�exF Jude accumulated sick and vacation leave earned after the,,,,; ,�°''�effe ctiv dat ------ el,. I know that that the Board implemented by policy but the City is looking to amend the plans, finally. Let me know. Thanks! To make sure that your email is handled in a timely manner, please copy BSJTeam @robertdklausner.com. Bonni S. Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone: 561- 686 -6550 bonnie robertdklausner com ,It K i. ; \t'ti \f. R i 1 %AN\oN - II 10059 Northwest 1st Court Plantation, Florida 33324 Telephone: 954 - 916 -1202 Facsimile: 954 - 916 -1232 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. From: Adam Levinson Sent: Thursday, October 02, 2014 10:46 AM To: Bonni Jensen 1 Cc: Robert Klausner Subject: Re: Boynton Beach Police Pension Fund - SB 1128 Amendment Bonni, I am out of the office today. Please call Barbara and verify what Fire did. If it was not done administratively, the union may have addressed with the City. In any event, the Board took a snapshot and is properly valuing the accumulated time. Sent from my iPhone On Oct 2, 2014, at 10:41 AM, Bonni Jensen <bonni @robertdklausner.com> wrote: Adam, The City of Boynton Beach is finally getting around to passing an amendment to the Pension Plan to implement the provisions of SB 1128. The police pension fund was tired of waiting and so implemented the provisions by policy. I think that the Firefighters Fund has a policy too. Anyway see the below email from Bram Maravent with Jim Cherof's firm. He is looking to determine if there is a drafted amendment for the Firefighters. Attached is the amendment I drafted for the Police a long time ago. Bram indicated that he drafted amendments for the City Commission to consider which I do not yet have. It seems that they are trying to get something submitted today to make the next agenda. To make sure that your email is handled in a timely manner, please copy BSJTeam@robertdklausner.com. Bonni 5. Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone: 561- 686 -6550 bonni(c�robertdklausner.com <image003.jpg> 10059 Northwest 1st Court Plantation, Florida 33324 Telephone: 954 - 916 -1202 Facsimile: 954 - 916 -1232 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 2 From: Bram A. Maravent [mailto:bmaravent @cityatty.com] Sent: Thursday, October 02, 2014 10:34 AM To: Bonni Jensen Cc: bsjteam; Jim Cherof Subject: RE: Boynton Beach Police Pension Fund - SB 1128 Amendment Thank you Bonni. Is there anything related to the fire pension plan as well? Sincerely, Bram A. Maravent, Esq. GOREN, CHEROF, DOODY & EZROL, P.A. 3099 East Commercial Boulevard, Suite 200 Fort Lauderdale, Florida 33308 Telephone (954) 771 -4500 x 324 * Fax (954) 771 -4923 Email: bmaravent @cityatty.com www.cityatty.com Offices in Fort Lauderdale and Delray Beach, Florida. Disclaimer: This E -Mail is covered by the Electronic Communications Privacy Act, 18 U.S.C. §§ 2510 -2521 and is legally privileged. The information contained in this E -Mail is intended only for use of the individual or entity named above. if the reader ofthis message is not the intended recipient, or the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. if you receive this E -Mail in error, please notify the sender immediately at the phone number above and delete the information from your computer. Please do not copy or use it for any purpose nor disclose its contents to any other person From: Bonni Jensen [ mailto :bonni@robertdklausner.com] Sent: Thursday, October 02, 2014 9:49 AM To: Bram A. Maravent Cc: bsjteam Subject: Boynton Beach Police Pension Fund - SB 1128 Amendment Bram, As a follow up to our telephone conversation, attached is the amendment for the Boynton Beach Police Pension Fund limiting overtime included in the definition of Compensation to 300 hours and excluding all hours of accumulated sick and vacation leave earned after June 18, 2013. By separate email you will be receiving the actuarial impact statements for both Police and GE. The GE plan was already amended to add SB 1128. Please contact me if you have any questions. To make sure that your email is handled in a timely manner, please copy BSJTeam(robertdklausner.com. Bonni S. Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, #207 3 West Palm Beach, Florida 33401 Telephone: 561- 686 -6550 bonnina,robertdklausner com <image001.jpg> 10059 Northwest 1st Court Plantation, Florida 33324 Telephone: 954- 916 -1202 Facsimile: 954 - 916 -1232 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. <Definition of Compensation or salary.pdff 4 CITY OF BOYNTON BEACH ti AGENDA ITEM REQUEST FORM 0 COMMISSION MEETING DATE: October 7, 2014 ❑ OPENINGS ❑ PUBLIC HEARING ❑ OTHER ❑ CITY MANAGER'S REPORT ❑ ANNOUNCEMENTS /PRESENTATIONS ❑ UNFINISHED BUSINESS NATURE OF AGENDA ITEM ❑ , ADMINISTRATIVE ® NEW BUSINESS ❑ _ CONSENT AGENDA ❑ LEGAL ❑ BIDS AND PURCHASES OVER $100,000 ❑ FUTURE AGENDA ITEMS CODE COMPLIANCE AND LEGAL ❑ SETTLEMENTS REQUESTED ACTION BY CITY COMMISSION: Ordinance 2014 -XX (amending Municipal Police Officers' Pension Fund) EXPLANATION OF REQUEST: Section 112.66(11), Florida Statutes was amended in 2011, to state in applicable part: For noncollectively bargained service earned on or after July 1, 2011, or for service earned under collective bargaining agreements entered into on or after July 1, 2011, when calculating retirement benefits, a defined benefit pension system or plan sponsored by a local government may include up to 300 hours per year of overtime compensation as specified in the plan or collective bargaining agreement, but may not include any payments for accrued unused sick leave or annual leave. For those members whose terms and conditions of employment are collectively bargained, this subsection is effective for the first agreement entered into on or after July 1, 2011. Accordingly, this Ordinance serves the purpose of amending the definition of salary or compensation in the Municipal Police Officers' Pension Fund for the following groups: Lieutenants, Officers, Detectives, and Sergeants. Specifically, it amends the definition of "compensation or salary" to limit lump sum payments for accumulated sick and vacation leave and overtime up to a maximum of three - hundred (300) hours as of June 18, 2013 for Sergeants, and as of July 1, 2013 for Lieutenants, Officers, and Detectives. The Ordinance amends Section 18 -165, which defines Average Final Compensation, to exclude the elements of pay identified in section 112.66(11), Florida Statutes. HOW WILL THIS AFFECT CITY PROGRAMS OR SERVICES? The total cash remuneration calculation for qualified pension members shall be as follows: prior to June 18, 2013 for Sergeants; and as of July 1, 2013 for Lieutenants, Officers, and Detectives, all overtime is included in the definition of Compensation or salary. FISCAL IMPACT: The fiscal impact of this ordinance has not been actuarially determined, however the legislative analysis of the original bill that led to the amendment of section 112.66, Florida Statutes (the underlying statute requiring these legislative amendments, stated: "Some of the provisions of the bill may help reduce local plans' long term unfunded liabilities. The overall costs or savings associated with the bill are indeterminate." ALTERNATIVES: The City Commission can choose to reject the ordinance, however rejection would render the pension plan not in compliance with current State law, which provides for the limitation on calculation of compensation or salary for purposes of determining the pension benefit. - Formatted: Font: Times New Roman [Formatted: Font: Times New Roman ,ORDINANCE NO. 14- Formatted: Font: limes New Roman, Bold Formatted: Font: Times New Roman, Bold AN ORDINANCE OF THE CITY OF BOYNTON BEACH, FLORIDA " " " " ...__.. "" .. .. F Font: Times New Rom Bold AMENDING ARTICLE III, OF CHAPTER 18 OF THE BOYNTON t _.... �~.- ew ) BEACH CODE OF ORDINANCES, ENTITLED "MUNICIPAL POLICE _ _ __ _ OFFICERS' RETIREMENT TRUST FUND,;" AMENDING SECTION 18- [Formatted: Font: Times New Roman, Bold 165, THE DEFINITION OF AVERAGE FINAL COMPENSATION ,TO { Formatted: Font: Times New Roman, Bold j EXCLUDE ELEMENTS OF PAY PER FLORIDA STATUTES §112.66(11); Formatted: Font: Times New Roman, Bold . _.�_ COMPENSATION OR SALARY, Fon TO EXCLUDE ELEMENTS OF PAY _..._.'_.... _.,,,'....m___, __... ........ j { Fo Font* Times New Roman, Bold PER FLORIDA STATUTES §112.66(11); PROVIDING FOR A CLARIFICATION ON AVERAGE FINAL COMPENSATION TO REFERENCE THE DEFINITION FOR SAME UNDER PROVISIONS FOR THE DEFERRED RETIREMENT OPTION PLAN; ,PROVIDING FOR ( Formatted: Font: Times New Roman, Bold CODIFICATION; PROVIDING FOR CONFLICT; PROVIDING FOR SEVERABILITY; AND, PROVIDING FOR AN EFFECTIVE DATE HEREOF. { Formatted: Font: Times New Roman WHEREAS, the Board of Trustees ( "Trustees ") of the Boynton Beach Police Officers' Pension Fund (the: Plan ") recommends amendment of the Ordinance regarding Florida Statutes [ Formatted: Font: Times New Roman Formatted: Font: Times New Roman §112.66(11) and the required law changes to the definition of Compensation or Salary, and a Formatted: Font: Times New Roman corresponding change to the transfers of accumulated sick and vacation leave; WHEREAS, the Trustees of the Plan recommend expanding the individuals to whom payment may be made when a member dies and there is no designated beneficiary; and WHEREAS, the City Commission of the City of Boynton Beach, Florida, desires to so amend the Employees' Pension Plan of the City of Boynton Beach, Florida; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA: {000287272306- 900,021) Page 1 of 6 Section 1. The foregoing "WHEREAS" clauses are hereby certified as being true and correct and are incorporated herein by this reference. Section 2. The definition of Average final compensation of Section 18 -165 of Article III of Chapter 18 of the Boynton Beach Code of Ordinances is hereby amended as follows, ( Formatted: Font: Times New Roman Sec. 18 -165. Definitions. (Formatted: Font: Times New Roman (a) The following words or phrases, as used in this article, shall have the following meaning:, (Formatted: Font: Times New Roman * * * Average final compensation The average total remuneration received by a police officer during the best five years of service with the city within the last ten. F.S. Ch. 185, Boynton Beach Code of Ordinances Section 18 -168, as amended by Ord. No. 0 00 -18 and 00 -004, and by the definition of Compensation or salary as provided in this Ordinance. Section 3 The definition of Compensation or salary, of Section 18 -165 of Article III I Formatted: Font: Times New Roman j Formatted: Font: Times New Roman of Chapter 18 of the Boynton Beach Code of Ordinances is hereby amended as follows: I _ Formatted: Font: Times New Roman (Formatted: Font: Times New Roman Sec. 18 -165. Definitions. Formatted: Font: Times New Roman (a) The following words or phrases, as used in this article, shall have the following (FO^"a' Font: Tines New Roman J meaning:, I Formatted: Font: limes New Roman * * * Compensation or salary. The total cash remuneration including lump sum payments for accumulated sick and vacation leave and "overtime" up to three hundred (300) hours as of June 18, 2013 for Sergeants; and as of July 1, 2013 for Lieutenants, Officers, and Detectives, paid by (000297272306- 900,92,1 Page 2 of 6 the primary employer to a police officer for services rendered, but not including any payments for extra duty or a special detail work performed on behalf of a second party employer paid directly to the police officer by the second party employer and amounts paid to a police officer after December 31, 2008 as differential wages during any period of active duty military service lasting more than 30 days. Prior to June 18, 2013 for Sergeants; and as of July 1, 2013 for Lieutenants, Officers, and Detectives, all overtime is included in the definition of Compensation or salary. Also effective June 18, 2013 for Sergeants; and as of July 1, 2013 for Lieutenants, Officers, and Detectives, no hours of unused accumulated sick and vacation leave shall be considered Compensation or salary This definition also excludes severance pay and other similar payments which are not for services rendered. The member's compensation or salary contributed as employee- elective salary reductions or deferrals to any salary reduction, deferred compensation, or tax- sheltered annuity program authorized under the Internal Revenue Code shall be deemed to be the compensation or salary the member would receive if he or she were not participating in such program and shall be treated as compensation for retirement purposes under this article. For any person who first becomes a member in any Plan year beginning on or after January 1, 1996, compensation for any Plan year shall not include any amounts in excess of section 401(a)(17) of the Internal Revenue Code limitation (as amended by the Omnibus Budget Reconciliation Act of 1993), which limitation of $150,000 shall be adjusted as required by federal law for qualified government plans and shall be further adjusted for changes in the cost of living in the manner provided by section 401(a)(17)(B) of the Internal Revenue Code. For any person who first became a member prior to the first plan year beginning on or after January 1, 1996, the limitation on compensation shall be not less than the maximum compensation amount (000287272306- 900,82,) Page 3 of 6 that was allowed to be taken into account under the plan as in effect on July 1, 1993, which limitation shall be adjusted for changes in the cost of living since 1989 in the manner provided by section 401(a)(17) of the Internal Revenue Code. F.S. Ch. 185 [ Formatted: Font: Times Ne w Roman _ Section 4. Section 18- 175(e) of Article III of Chapter 18 of the Boynton Beach Code [Formatted:Font:TimesNew Roman [ Formatted: Font: Times New Roman of Ordinances is hereby amended as follows: Formatted: Font Times New Roman ( Formatted: Justified Sec. 18 -175. Deferred retirement option plan. . .,..-.... „_. ed: Font me . .. Roman p p ( Font Times New Roman * * * [Formatted: Font: Times New Roman (e) Upon a member's election to participate in the DROP, he or she shall cease to be a member and is precluded from accruing any additional benefit under the Pension Fund. For all fund purposes, the member becomes a retirant. The amount of credited service and final average salary freeze as of the date of entry into the DROP. Accumulated, unused sick and vacation leave shall be included in the compensation calculation subject to the limitations provided in section 18 -165; provided however, that a minimum balance of 120 hours of sick leave and 120 hours of vacation leave shall be maintained by the employee and excluded from this calculation. The retained leave balance, including any additions, shall be distributed at the conclusion of DROP participation and separation from service. Section 5. It is the intention of the City Commission of the City of Boynton Beach ( Formatted: Font: Times New Roman that the provisions of this Ordinance shall become and be made a part of the Code of Ordinances of the City of Boynton Beach, Florida. The Sections of this Ordinance may be renumbered, re- ( Formatted: Font. Times New Roman J lettered and the word "Ordinance" may be changed to "Section," "Article" or such other word or phrase in order to accomplish such intention. 100028727 2 306- 900,82,) Page 4 of 6 Section 6, All Ordinances or parts of Ordinances, Resolutions or parts of Resolutions. ( Formatted: Font: Times New Roman 3 [Fo Justified in conflict herewith be and the same are hereby repealed to the extent of such conflict. Section 7 If any clause, section, or other part or application of this Ordinance shall ( Formatted: Font: Times New Roman be held by any court of competent jurisdiction to be unconstitutional or invalid, such unconstitutional or invalid part or application shall be considered as eliminated and so not affectin&the validity of the remaining portions or applications remaining in full force and effect. (Formatted: Font: Times New Roman 3 Section 8 This Ordinance shall become effective when the following have occurred: [Formatted: Font_ Tim-esNew- Roman I, Formatted: Font: Times New Roman 1 (a) the City Commission has received and has accepted a report establishing the actuarial soundness of these amendments; (b) a copy of this Ordinance has been sent to the Florida Division of Retirement; and (c) when a collective bargaining agreement ratifying the foregoing changes to ( Formatted: Font Times New Roman 1 pension benefits has been ratified by the City Commission and the Board of Trustees of the Boynton Beach Police Officers' Pension Fund, or its successor t Formatted: Font: Times New Roman 3 Formatted: F ont: Times New Roman 3 organization, or a letter from such union stating it accepts the terms of this Ordinance or otherwise does not object to its contents. Upon satisfaction of all of the above requirements, then in that event, the terms and- ( Formatted: Justified _ - 3 provisions of this Ordinance shall become effective. FIRST READING THIS DAY OF , 2014. i Formatted: Font: Times New Roman 3 SECOND, FINAL READING and PASSAGE THIS DAY OF , 2014. r Formatted: Font: Times New Roman 3 Formatted: Font: Times New Roman i PASSED AND ADOPTED THIS ` DAY OF , 2014. ( Formatted: Font: Times New Roman 3 (000297272306900,92„ Page 5 of 6 CITY OF BOYNTON BEACH, FLORIDA Mayor — Jerry Taylor, [ Formatted: Font: Times New Roman Vice Mayor — Woodrow L. Hay [Formatted: Font: Times New Roman Commissioner — David T. Merke ; [ Formatted: Font: Times New Roman Commissioner — Michael M. Fitzpatrick f Formatted: Font: Times New Roman Commissioner — Joe Casello { Formatted: Font limes New Roman ATTEST: Janet M. Prainito, MMC 1 ity Clerk l Formatted: Font: Times New Roman Formatted: Font: Times New Roman (Corporate Seal) (00029727 2 306- 9001821 } Page 6 of 6 Barbara Ladue From: Bonni Jensen [bonni @robertdklausner.com] Sent: Thursday, October 02, 2014 11:17 AM To: Athol Toby Cc: bsjteam; Ladue Barbara; Llopis Jason; Adam Levinson; Robert Klausner Subject: FW: Police & Fire Pension Ordinances Attachments: BB Police Pension Ordinance Cover Sheet (00039434xC4B6A).DOC; Fire Pension Ordinance Cover Sheet (00039442xC4B6A).DOC; Fire Pension Trust Fund Amendment (00028728- 2xC4B6A).DOCX; Police Pension Trust Fund Amendment (00028727- 2xC4B6A). DOCX Toby, This is the language that is being submitted to the City for consideration. It eliminates use of any sick and vacation time after the effective date — just like the general employees. The same is proposed for the Firefighters. To make sure that your email is handled in a timely manner, please copy BSJTeam @robertdklausner.com. Bonni S. Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone: 561 - 686 -6550 bonniCa,robertdklausner.com 1(I , \t,,`I,R K At' i NI.AN 11 N ■I y 1.1 l IN 1 10059 Northwest 1st Court Plantation, Florida 33324 Telephone: 954- 916 -1202 Facsimile: 954 - 916 -1232 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. From: Bram A. Maravent Finailto:bmaravent@cityattv•com] Sent: Thursday, October 02, 2014 9:44 AM To: Bonni S. Jensen (bsiensent perrylensenlaw.com) 1 Cc: Jim Cherof; swansonl @bbfl.us Subject: Police & Fire Pension Ordinances Good Morning Bonni: Pursuant to our telephone conversations, please find attached the proposed ordinances for the police and fire plans and the cover sheets for the same. Please advise of the actuarial letters for the same and the police language which you told me was negotiated in 2013. We might need to know that background in order to further revise the cover sheets for the commission meeting. Thank you. Sincerely, Bram A. Maravent, Esq. GOREN, CHEROF, DOODY & EZROL, P.A. 3099 East Commercial Boulevard, Suite 200 Fort Lauderdale, Florida 33308 Telephone (954) 771 -4500 x 324 * Fax (954) 771 -4923 Email: bmaravent @citvattv.com vwvw.citvattv.com Offices in Fort Lauderdale and Delray Beach, Florida. Disclaimer: This E -Mail is covered by the Electronic Communications Privacy Act, 18 U.S.C. §§ 2510 -2521 and is legally privileged. The information contained in this E -Mail is intended only for use of the individual or entity named above. if the reader of this message is not the intended recipient, or the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. if you receive this E -Mail in error, please notify the sender immediately at the phone number above and delete the infornation from your computer. Please do not copy or use it for any purpose not disclose its contents to any other person. 2 BOARD OF TRUSTEES BOYNTON BEACH POLICE OFFICERS' PENSION FUND STATEMENT OF POLICY REGARDING GOVERNING OVERTIME AND ACCUMULATED LEAVE SNAPSHOT, AS REQUIRED BY SB 1128 WHEREAS, pursuant to §18- 167(b) of the City Code, the Board of Trustees ( "Board ") of the Boynton Beach Police Officers' Pension Fund ( "Fund ") has the power to construe all terms, rules, conditions, and limitations of the Plan and its construction is final and conclusive on all parties; WHEREAS, Senate Bill 1128 amended Section 112.66(11) and Section 185.02(4), Florida Statutes, regarding the pensionable status of overtime and unused sick or annual leave (hereinafter "accumulated leave "). WHEREAS, for collectively bargained plans, Senate Bill 1128 recognized that different plans would necessarily have different effective dates. WHEREAS, the Division of Retirement recognized that accrued benefits could not be reduced, necessitating the preservation of accumulated leave earned on the applicable effective date or "snapshot date;" WHEREAS, the City of Boynton Beach was provided with a draft ordinance to implement the provisions of the law. No ordinance has been passed as of the adoption date of this administrative rule; WHEREAS, in accordance with the Pension Board's administrative authority, the Board of Trustees of the Boynton Beach Police Officers' Pension Fund ( "Trustees ") desire to adopt a Statement of Policy regarding goveming overtime and accumulated leave Page 1 of 3 accrued on or before June 17, 2013; NOW, THEREFORE, it is hereby resolved that the following Statement of Policy Regarding Goveming Overtime and Accumulated Leave Snapshot, As Required By SB 1128 is hereby adopted: 1. Effective June 18, 2013, overtime included in average final compensation will be limited to 300 hours per calendar year. 2. For all service eamed on or after the June 18, 2013, average final compensation ( "AFC ") shall not include payments for accumulated leave, except as set forth below. For members hired prior to June 18, 2013, accumulated leave accrued as of June 17, 2013 (the "Snapshot Date "), shall be included in AFC. In such event, AFC shall include the lesser of: a. the amount of accumulated leave accrued on the Snapshot Date ( "the High Watermark "); or b. the actual amount of accumulated leave for which the member receives payment at the time of retirement (or entry into the DROP). The accumulated leave balance on the Snapshot Date shall be treated as a High Watermark, regardless of whether the accumulated leave balance fluctuates prior to retirement. 3. While the member may be entitled to cash out additional accumulated leave above the High Watermark, any accumulated leave above the High Watermark shall not be included in the calculation of the member's AFC. Page 2 of 3 THIS STATEMENT OF POLICY REGARDING GOVERNING OVERTIME AND ACCUMULATED LEAVE SNAPSHOT, AS REQUIRED BY SB 1128 is effective upon adoption, by the Board of Trustees of the Boynton Beach Police Officers' Pension Fund this /2 of .tur C7 , 2014. TRUSTEES 0 pee fi. Witnessed : b 4 L Y BSJ /Ig June 13, 2014 H: \BB Police 0188 \Pollcies\2014 Gov OT & Accum Leave Snapshot.wpd Page 3 of 3 GRS Gabriel Roeder Smith & Company One East Broward Blvd 954 527.1616 phone Consultants & Actuaries Suite 505 954 525.0083 fax Ft Lauderdale, FL 33301-1804 www gabnelroeder com September 5, 2014 CONFIDENTIAL Ms. Barbara LaDue Pension Administrator Boynton Police & Fire Pension Funds Renaissance Executive Suites 1500 Gateway Blvd., #220 Boynton Beach, Florida 33426 Re: Boynton Beach Police Retirement System Dear Barbara: You have asked us to verify the retirement benefits for the following participant: GALINDEZ, Dennis T. (DROP Retirement) Based on the information provided, we have determined that the retirement benefits that have been calculated for the above participant are in accordance with plan provisions. Please note that we did not perform a review of the average monthly salary. The actuarial equivalence assumptions used to compute optional forms were an 8.0% annual rate of return, and the 1983 GA Mortality Table blending 80% male rates and 20% female rates. We welcome your questions and comments. Sincerely yours, a , .,... 7. .. A Peter N. Strong, FSA Senior Consultant and Ac 11 Fry PS /ib Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax - related penalties under the Internal Revenue Code or (ii) marketing or recommending to another party any tax - related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. This communication shall not be construed to provide tax advice, legal advice or investment advice. D.R.O.P. DEFERRED RETIREMENT OPTION PLAN for THE BOYNTON BEACH POLICE PENSION FUND I have received a copy of the provisions of the DROP contained in the Pension Plan. I am in full agreement with the terms set forth. I have been advised to seek the counsel of a qualified tax advisor regarding the tax consequences to me of entering the DROP. I fully understand that my participation in the DROP shall terminate at the end of five (5) years or thirty (30) years of service, whichever comes first. Failure to end DROP participation may result in penalties at the discretion of the Trustees, up to and including forfeiture of the DROP account. i, 2 ,'VI?/I5 77 (9,}L /i7/ 0 ,: , have entered the Boynton (Print Name) Beach Police Officers' Pension Fund DROP on 4 -Jo . My pension (Enter Date) benefit and DROP participation is based on r Years /1 Months as9 Days of service. In compliance with Ordinance No. 08 -008, Sec. 18 -175 (passed 05- 06 -08) this will establish — 30 0 /7 as my irrevocable resignation date with the City of (Enter Date) Boynton Beach. tss to. •ltiti4V 'S' ^. ' a '7 a. 6J f a.J -.�skx. rur a`�, `• s r 4 'l s r;x }•^ 3, } f e a �� • r i-� •. ,Ce *0 *. * t tr �, rY•` { 4 (Signature) D NA/6S T 44/1/ Witness: (Print Name) ., Date: 7- g- /y (Signature) * * * PENSION STATUS REPORT * * * f Nih? CITY OF BOYNTON BEACH POLICE PENSION SYSTEM DATE PREPARED: July 23, 2014 FOR: GALINDEZ, DENNIS T SSN: 053 -52 -xxxx EMP NO: 2152 BIRTH DATE: AGE: 58 PLAN: PP DEPT: 21 HIRE DATE: 07/02/1998 PENSION HIRE DATE: 07/02/998 VEST DATE: 07/02/2003 ADJUSTED HIRE DATE: 07/02/1995 EARLY RETIRE DATE: 05/2S/2006 LENGTH OF SERVICE: 18 YR 11 MO NORMAL RETIRE DATE: 07/02/2010 TERMINATION DATE: 06,/2014 BENEFICIARY: BENEFICIARY BIRTH DATE: * * VACATION /SICK ACCRUALS * * CURRENT: HOURLY RATE: 34.58 VAC HOURS: \115.38/ SIC HOURS: '123.69_/ 2013 CAP: HOURLY RATE: 34.58 VAC HOURS: 222.94 SIC HORS: 351.88 * * ACCOUNT BALANCE * * POST -TAX CONTRIBUTIONS: $ .00 PRE -TAX CONTRIBUTIONS: $ 72,698.46 CCNTRIBUTION BALANCE: $ 72,698.46 * * ELECTIVE BENEFITS * * PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME PLAN YEAR CODE START END YY -MM -DD CONTRIBUTION COTRIBUTION REFUNDS P2 05/20/2002 05/27/2007 3 0 0 .00 28,600.00 P1 01/28/2CO2 06/30/2014 0 0 0 646.14 9,058.61 .00 M1 01/28/2002 06/30/2014 0 0 0 646.14 ,058.61 .00 P1 - 1% HEALTH INSURANCE SUBSIDY M1 - 1% MATCHING FUNDS P2 - SERVICE BUY BACK PAYROLL DEDUCION P9 - SERVICE BUY BACK PAYROLL DEDUCTION 1P - ARREARAGE 1% PA - ARREARAGE 7% Ll - SERVICE BUY BACK LUMP SUM - PRE -TAX L2 - SERVICE BUY BACK LUMP SUM - POST -TAX UL - UNPAID LEAVE SERVICE REDUCTION CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMINT SYSTEM t FINAL STATEMENT OF RETIREMENT BENEFITS July 23, 2014 C.:5 Participant's Name: DENNIS T GALINDEZ Social Security #: 053 52 - 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 July 1, 2014 . The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to recieve: 1. MODIFIED CASH REFUND ANNUITY:This option provides monthly pay- ments of $ 5270.38 to you as long as you live. If you should die before you have received an amount equal to your own contributions to the Plan, payments will continue to your beneficiary until your own contributions have been used up. 2. TEN YEAR CERTAIN AND LIFE THEREAFTER: This option provides monthly payments of 4 5137.67 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 5137.,67 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. 9 4E 3. 100% SURVIVOR ANNUITY: This option provides monthly payments f $ 4533.99 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 4533.99 for as long as he /she lives. . 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 4697.89 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 3523.42 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 4874.62 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of 2437.31 for as long as he /she lives. 6. 66 - 2/3% JOINT AND LAST StutvivUR ANNUITY This option provides monthly payments of 4 4842.77 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of 4 3228.48 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 5013.85 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 $ 2506.93 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: Pension Hire Date: 07/02/1998 Date of Termination: 06/30/2014 Adjusted Hire Date: 07/02/1995 Avg Final Monthly Comp: $7,728.53 Years of Credited Service: 18 Beneficiary Name: Date of Birth: Page 2 Participant's Name: DENNIS T GALINDEZ Social Security #: 053 -52 -xxxx Accumulated Contributions: $72,698.46 After -Tax Contributions: $.00 Pre -Tax Contributions: $72,698.46 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $.00 Portion Continues: 0 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, including my choice of annuity form, and confirm the information shown above to be correct. PARTICIPANT'S SIGNATURE: 4R%0 DATE: giouVey BENEFICIARY' S SIGNATURE: 1 f A .6i ATE : g Calculation Date: 1, ## L CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF R]TIREMENT BENEFITS PAGE 1 July 23, 2014 NAME GALINDEZ, DENNIS T # 2152 SSN 053 -52 -xxxx DEPT 21 ADDRESS CONTR(NTX) .00 PEN HIRE 07/02/1998 BALANCE 72,698.46 ADJ HIRE 07/02/1995 RETIRE 06/30/2014 TYPE N LAST SERV 06/30/2014 60 MO EARN 463711.56 ELIG NORM 07/02/2010 AVG MO EARN 7,728.53 ELIG EARLY 05/29/2006 SERV AT TERM 18 11 28 100% VEST 07/02/2003 AGE AT RETIRE 58 1 1 COMMENCE 07/01/2014 COM ANB /DIFF 58 -8 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME PAY HIST FLAG IRREGULAR VAC HRS /CD 115.38/EJ HOURY RATE 34.580 SIC HRS /CD 123.69 S4 VAC SIC PAYOUT 3,251.26 ACCRUE PER .00 EARLY OPTION LAST PAY 20140630- 20140713 TERM -DATE 00000000 QDRO BENEFIT 5,137.67 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 5,137.67 LIFE ANNUITY FACTOR: 1.(2583 MODIFIED LIFE ANNUITY 5,270.38 100% SURVIVOR FACTOR: .88250 100% SURVIVOR ANNUITY 4,533.99 '/ SURVIVOR BENEFIT 4,533.99 75% SURVIVOR FACTOR: .91440 '5% SURVIVOR ANNUITY 4,697.89 SURVIVOR BENEFIT 3,523.42 50% SURVIVOR FACTOR: .94880 50% SURVIVOR ANNUITY 4,874.62 SURVVOR BENEFIT 2,437.31 66% JOINT & LAST FACTOR: .94260 66% JOINT & LAST ANNUITY 4,842.77 SURVIVOR BENEFIT 3,228.48 50% JOINT & LAST FACTOR: .97590 50% JOINT & LAS ANNUITY 5,013.85 SURVIVOR BENEFIT 2,506.93 EXCLUSION RAZIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 0 0 TAX -FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00 /00 /0000 00 /00 /0000 Prepared by * indicates manual override CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 Jury 23, 2014 DENNIS T GALINDEZ 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 IFF WEEKS WAGES 08/26/13 2.0 6,743.52 08/27/12 2.0 3,648.40 08/12/13 2.0 2,866.57 08/13/12 2.0 3,592.78 07/29/13 2.0 2,922.17 07/30/12 2.0 3,129.67 07/15/13 2.0 3,129.67 07/16/12 2.0 3,129.67 07/01/13 2.0 3,610.07 07/02/12 2.0 3,610.06 06/17/13 2.0 2,922.17 06/18/12 2.0 2,922.17 06/03/13 2.0 5,253.67 06/04/12 2.0 3,390.56 05/20/13 2.0 :,648.40 05/21/12 2.0 3,440.91 05/06/13 2.0 3,229.67 05/07/12 2.0 3,540.91 04/22/13 2.0 3,129.67 04/23/12 2.0 2,766.56 04/08/13 2.0 3,229.67 04/09/12 2.0 2,866.56 03/25/13 2.0 3,129.67 03/26/12 2.0 3,492.78 03/11/13 2.0 3,753.67 03/12/12 2.0 3,390.56 02/25/13 2.0 3,129.65 02/27/2 2.0 2,766.56 02/11/13 2.0 3,648.40 02/13/12 2.0 4,167.11 01/28/13 2.0 3,229.68 01/30/12 2.0 2,866.56 01/14/13 2.0 3,648.40 01/16/12 20 3,492.77 12/31/12 2.0 3,402.58 01/02/12 2.0 3,904.01 12/17/12 2.0 3,821.31 12/19/11 2.0 3,458.20 12/03/12 2.0 3,753.67 12/05/11 2.0 3390.56 11/19/12 2.0 3,734.86 11/21/11 2.0 3,838.60 11/05/12 2.0 3, 11/07/11 2.0 3,039.47 10/22/12 2.0 3,129.67 10/24/11 2.0 2,922.18 10/08/12 2.0 3,229.65 10/10/11 2.0 3,592.78 09/24/12 2.0 3,129.65 09/26/11 2.0 2,766.56 09/10/12 2.0 7,211.90 09/12/11 2.0 7,575.01 TOTAL 52.0 96,127.04 TOTAL 52.0 90,701.96 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 July 23, 2014 DENNIS T GALINDEZ 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 08/15/11 2.0 3,492.78 08/16/10 2.0 3,492.78 08/01/11 2.0 3,022.18 08/02/10 2.0 2,866.56 07/18/11 2.0 3,492.78 07/19/10 2.0 3,492.8 07/04/11 2.0 3,506.32 07/05/10 2.0 3,419.86 06/20/11 2.0 3,233.35 06/21/10 2.0 3,285.28 06/06/11 2.0 3,701.78 06/07/10 2.0 3,805.55 05/23/11 2.0 4,011.51 05/24/10 2.0 4,011.49 05/09/11 2.0 3,022.18 05/11/10 2.0 2,866.56 04/25/11 2.0 3,492.78 04/26/10 2.0 3,492.78 04/11/11 2.0 2,866.56 04/12/10 2.0 2,866.56 03/28/11 2.0 3,872.54 03/29/10 2.0 3,700.23 03/14/11 2.0 2,875.06 03/15/10 2.0 2,766.56 02/28/11 2.0 4,116.78 03/01/10 2.0 4,116.76 02/14/11 2.0 3,544.65 02/15/10 2.0 3,631.10 01/31/11 2.0 3,592.78 02/01/10 2.0 3,385.28 01/17/11 2.0 :,492.77 01/18/10 2.0 3,544.64 01/03/11 2.0 3,385.28 01/04/10 2.0 3,385.28 12/20/10 2.0 3,389.03 12/21/09 2.0 3,389.03 12/06/10 2.0 3,390.56 12/07/09 2.0 3,857.39 11/22/10 2.0 3,371.75 11/23/09 2.0 4,097.93 11/08/10 2.0 3,506.32 11/09/09 2.0 3,558.19 10/25/10 2.0 2,766.56 10/26/(9 2.0 3,181.54 10/11/10 2.0 3,592.79 10/12/09 2.0 3,229.67 09/27/10 2.0 2,766.56 09/28/09 2.0 3,129.67 09/13/10 2.0 6,951.01 09/14/09 20 6,587.88 08/30/10 2.0 3,909.29 08/31/09 2.0 4,272.40 TOTAL 52.0 92,365.99 TOTAL 52.0 93,433.75 CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL PORKSHEET OF RETIREMENT BENEFITS PAGE 4 July 23, 2014 DENNIS T GALINDEZ H I G H Y E A R F I V E PAY EFF WEEKS WAGES 08/17/09 2.0 3,129.67 08/03/09 2.0 3,229.67 07/20/09 2.0 3,285.27 07/06/09 2.0 3,229.67 06/22/09 2.0 3,302.58 06/08/09 2.0 3,753.67 05/25/09 2.0 3,648.38 05/11/09 2.0 3,229.65 04/27/09 2.0 3,129.66 04/13/09 2.0 3,129.67 03/30/09 2.0 3,219.58 03/16/09 2.0 3,038.52 03/02/09 2.0 3,662.5; 02/16/09 2.0 3,894.69 02/02/09 2.0 2,786.00 01/19/09 2.0 3,693.23 01/05/09 2.0 2,987.44 12/22/08 2.0 3,743.60 12/08/08 2.0 3,461.08 11/24/08 2.0 3,525.36 11/10/08 2.0 3,104.96 10/27/08 2.0 3,038.52 10/13/08 2.0 3,138.52 09/29/08 2.0 :,011.87 09/15/08 2.0 2,852.95 09/01/08 2.0 4,091.67 08/18/08 1.0 1,513.16 TOTAL 53.0 87,831.56 Barbara Ladue From: Barbara Ladue [Iadueb @bbpdpension.com] Sent: Thursday, August 21, 2014 11:04 AM To: ' Travis .Robinson @gabrielroeder.com' Cc: 'Pete.Strong @gabrielroeder.com' Subject: Boynton Police - Retirement to DROP - Dennis Galindez - Verification Attachments: D00082114. pdf Travis: Please review the attached for verification for the Board: Dennis Galindez, retirement into DROP 6 -30 -2014, selected 100% Survivor in amount of $4533.99, effective July 1, 2014. Please note the Pension Status Report reflects 2013 CAP on the vac /sic. The lesser of CAP or current accumulation being used as pensionable wages in calculation. Thanks. Barb La Due Original Message From: Scanner [ mailto:faxexecsuites(gmail.com] Sent: Thursday, August 21, 2014 10:52 AM To: police and fire Subject: Send data from MFP07580425 08/21/2014 10:52 Scanned from MFP07580425 Date:08/21/2014 10:52 Pages:8 Resolution: 200x200 DPI 1 DIRECT PAYMENT REQUISITION POLICE Please issue a check in the amount of $ $2,282.79 To: La Due Inc ( .9 • 4, For: Monthly Compensation Police Officers' Pension Fund: Monthly amount of $1,671.01 effective October 2007 Monthly amount of $1,754.56 effective 12 -07 -2010 Monthly amount of $2,282,79 effective 10 -01 -2013 /fl c7,37673 Requested by Barbara La Due Date Approvals: Dept. Head GL FUND DEPT BASIC ELE OBJ AMOUNT 612 POL $2,282.79 Chair/Trustee $2,282.79 9/5/07 GitS Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone Consultants & Actuaries Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301-1872 www.gabrielroeder.com October 21, 2014 Ms. Barbara LaDue Pension Administrator Renaissance Executive Suites 1500 Gateway Blvd., Suite #220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Police Officers' Retirement Fund Chapter 2013 -100 (Senate Bill No. 534) Implementation Package Dear Barbara: In 2013, the Governor signed Chapter 2013 -100 (Senate Bill No. 534) into law. This new law applies to all publicly - funded defined benefit retirement plans in the State of Florida, with the exception of the Florida Retirement System (FRS), and it adds significant disclosure requirements. The law is effective beginning with the October 1, 2014 actuarial valuation reporting cycle. We offer our assistance in providing the information required under these new disclosure requirements. Additional Disclosure Requirements This law is intended to provide additional disclosures regarding the value of local government employee defined benefit pension plan liabilities, funded ratios, and contribution levels. The law mandates that pension liabilities, including the change in liabilities during the year, contribution requirements, and the length of time the current market value of assets will sustain expected benefit payments, be valued using two alternative sets of prescribed actuarial assumptions. In other words, we are required to determine the following information under two alternative sets of actuarial assumptions (in addition to the regular actuarial valuation results): • The GASB 67 net pension liability, change in liability and funded ratio; • The annual required contribution (as a dollar amount and as a percentage of valuation payroll); and • The number of months or years for which the current market value of assets will sustain payment of expected retirement benefits. The first set of actuarial assumptions includes the Plan's investment return assumption and the prescribed mortality assumption (RP -2000 fully generational with Scale AA). The second set includes an investment return assumption that is 2% less than the Plan's investment return assumption and the same prescribed mortality assumption as the first set. Use of an assumed rate of return that is 2% below the Plan's assumed rate of return is intended to illustrate the discount rate sensitivity of the Plan. However, this will only show the impact of using a lower investment return assumption. The Board may want to include the required information also using an assumed rate of return that is 2% above the Plan's assumed rate of return. This additional scenario will not be included in the information required by the Department of Management Services (DMS), but it could be included in our report as well as any other place where the required information is shown or used. We will include this additional scenario in our report unless otherwise instructed by the Board. Ms. Barbara LaDue October 21, 2014 Page 2 The attached document shows the currently proposed additional disclosure items that would be required to comply with Chapter 2013 -100. This additional information must be sent electronically to the DMS no later than 60 days following the date the Board approves the Actuarial Valuation Report. The Plan will be deemed noncompliant if the required information is not submitted to the DMS within this time period. In that event, the DMS may notify the Department of Revenue and the Department of Financial Services of noncompliance, which could result in the withholding of any funds not pledged for satisfaction of bond debt service that are payable to the plan sponsor until the information is provided to the DMS. Website Reporting Please note that the Board and the City need to ensure the following information is stored on their respective website(s) containing either budget information related to the City or any actuarial or performance information related to the Plan: • The Plan's most recent financial statement, actuarial valuation report, and a summary of the information required under Chapter 2013 -100, including a link to the Division of Retirement Actuarial Summary Fact Sheet for the Plan. • For the previous five years, beginning with 2013, a side by side comparison of the Plan's assumed rate of return compared to the actual rate of return, along with the percentage of cash, equity, bond, and alternative investments in the Plan portfolio. • Optionally, any charts or graphs of the data from the above items. Fees We recommend that the Board authorize us to provide the above information needed to satisfy these disclosure requirements. Our fee to prepare all of the information summarized above will range from $2,500 to $3,000. Upon Board approval to proceed, we will begin preparing the additional required information. If you should have any questions concerning the above, please do not hesitate to contact us. Sincerest regards, Peter N. Strong, FSA Senior Consultant and Actuary Gabriel Roeder Smith & Company 60T- 1.0035 (1) All reporting fields terms referenced in subsections O through (4) are as required under section 112.664(1), unless expressly stated otherwise. (a) Whenever used in this section "Annual Financial Statements" means a report issued annually which documents the fmancial information of the pension plan as of the plan year end date and, for the year then ended, certified for statutory compliance by the issuer and/orpreparer. The annual financial statements must mclude a detailed listing of assets and methods used to value them, and a statement of income and disbursements during the year. Such income and disbursements shall be reconciled with the assets at the beginning and end of the year. The submitted annual financial statements must include all the statements and disclosures necessary to comply with section 112.664(1), F.S. If a plan does not have its own stand -alone annual financial statements prepared, a copy of the plan sponsor's comprehensive annual financial report (CAFR) may be submitted, as long as the CAFR includes combining financial statements documenting the financial information for each plan, in its own separate column, and footnote disclosures in sufficient detail to satisfy the reporting requirements for each pension plan. (b) Such annual financial statements must be submitted together with a certification statement, signed and dated by the plan actuary and/or the plan sponsor's chief financial officer. The certification statement will be in the following format: "With respect to the reporting standards for defined benefit retirement plans or systems contained in section 112.664(1), Florida Statutes, these annual financial statements were prepared and/or completed by me or under my direct supervision, or have been reviewed by me, and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate, and in my opinion, meet the requirements and intent of section 112.664(1), Florida Statutes." Signature Name Title Date (2) The reports required to be filed electronically with the Department of Management Services under section 112.664(1), F.S., shall use the following format. Electronic Reporting Format - Must be submitted as a semi -colon delimited file in the following layout: Reference Field Name Field Value Field Layout Variable length with the maximum number of characters (v#) or Fixed Length with the number of characters (f#) City/District _ v25 bS� Plan Name _ v50 Plan Type _ v25 (d) Valuation Date _ f8 using MMDDYYYY format (e) Interest Rate _ v5 using xx.xx format 1 Total pension liability: Place responses in Leave blank 01(1) -(10) (f)(1) Service cost $ v20 rounded to the nearest whole dollar, exclude "$" in beginning of field and exclude commas; example 12313445 (0(2) Interest $ Use (0(1) field layout (0(3) Benefit changes $ Use (fl(1) field layout (0(4) Difference between expected and $ Use (0(1) field actual experience layout (0(5) Changes in assumptions $ Use (0(1) field layout 016) Benefit payments $ Use (0(1) field layout (0(7) Contribution refunds $ Use (0(1) field layout 2 (0(8) Net change in total pension liability $ Use (0(1) field layout (0(9) Total pension liability — beginning of $ Use (f)(1) field year_ _ layout (f)(10) Total pension liability — ending of year $ Use (0(1) field IA1 layout (g) Plan fiduciary net position: Place responses in Leave blank (g)(1) -(12) (g)(1) Contributions — Employer $ Use (0(1) field layout (g)(2) Contributions — State $ Use (0(1) field layout (g)(3) Contributions — Member $ Use (0(1) field layout (g14), Net investment income $ Use (f)(1) field layout ( )g ( Benefit payments $ Use (0(1) field layout 3 (g)(6) Contributions refunds $ Use (f)(1) field layout (g)(7) Administrative expense $ Use (f)(1) field layout (gl(gl Other $ Use (f)(1) field layout ig)(91 Net change in plan fiduciary net $ Use (f)(1) field position layout (g)(10) Plan fiduciary net position - beginning $ Use (f)(1) field of year layout (g)11 Plan fiduciary net position — ending of $ Use (0(1) field year 1131 layout Net pension liability / (asset) [A] — $ Use (0(1) field JB1 layout Number of Months or Years for which Place responses in Leave blank the Market Value of Assets as of the (i)(1) -(6) Valuation (i)(1) Market Value of Assets at Valuation $ Use (f)(1) field Date layout 4 (i)(2) Total of Monthly Benefits Being Paid $ Use (0(1) field at Valuation Date layout (i)(3) Total of Monthly Benefits Payable at $ Use (0(1) field Normal Retirement for Terminated, layout Vested Participants (i)(4) Total of Monthly Benefits Payable at Use (0(1) field Nomal Retirement for Active layout Participants (i) (5) Total of (2) - (4) $ Use (0(1) field layout (i)(6) Years of Benefits Payable* v6 using xxx.xx format *[Field Value of (i)(5) — Field Value of (i)(1)] —12 Recommended Plan contributions in $ Use (0(1) field Annual Dollar Value layout ffl Recommended Plan contributions as a _ v5 using xx.xx Percentage of Valuation Payroll format (3) The generational mortality used by Pension Plans when submitting under (1) above, will reflect the mortality improvement before and after the measurement date in the following electronic format: 5 (a) Total pension liability: 1. Service cost $ 2. Interest $ 3. Benefit changes $ 4. Difference between expected and actual experience $ 5. Changes in assumptions $ 6. Benefit payments $ 7. Contribution refunds $ 8. Net change in total pension liability $ 9. Total pension liability — beginning $ 10 Total pension liability - ending (Al $ (b) Plan fiduciary net position : 1. Contributions — Employer $ 2. Contributions — State $ 3. Contributions — Member $ 4 Net investment income $ 5. Benefit payments $ 6. Contributions refunds $ 7. Administrative expense $ 8. Other $ 9. Net change in plan fiduciary net position $ 10 Plan fiduciary net position - beginning $ 11. Plan fiduciary net position — ending (B1 $ (c) Net pension liability / (asset) [Al - (Bi $ (d) A complete electronic copy of the plan's annual financial statements submitted in a portable document format (PDF) (4) Administrators of Pension plans complying with the reporting requirements in (3) above, will also submit electronically a report that meets the requirements of section 112.664(1)(b), F.S., in the following format: (a) Total pension liability: 1. Service cost $ 2. Interest $ 3. Benefit changes $ 4. Difference between expected and actual experience $ 5. Changes in assumptions $ 6 Benefit payments $ 7. Contribution refunds $ 8. Net change in total pension liability $ 9. Total pension liability — beginning $ 10. Total pension liability - ending (Al $ (b) Plan fiduciary net position: 1. Contributions — Employer $ 2. Contributions — State $ 6 3. Contributions — Member $ 4. Net investment income $ 5. Benefit payments $ 6 Contributions refunds $ 7. Administrative expense $ 8. Other $ 9. Net change in plan fiduciary net position $ 10. Plan fiduciary net position - beginning $ 11. Plan fiduciary net position — ending 1131 $ (c) Net pension liability / (asset) IA] — [B1 $ (d) A complete electronic copy of the plan's annual financial statements submitted in a portable document format (PDF) (5) Disclosure of the number of months or years for which the current market value of assets will sustain the payment of expected retirement benefits is required, based on the results in the plan's latest actuarial valuation, and under the conditions specified in (3) and (4) above. For purposes of this calculation, expected retirement benefits shall mean the sum of the following amounts: (a) For current retirees, the monthly retirement benefit being paid, plus (b) For terminated vested participants and participants in DROP, the monthly benefit payable at retirement, plus (c) For active participants, the accrued monthly benefit payable at normal retirement. (6) Disclosure of the recommended contributions to the plan is required, stated as an annual dollar value and as a percentage of valuation payroll, based on the results in the plan's latest actuarial valuation, and under the conditions specified in (3) and (4) above. (7) No additional charts or graphs are prescribed by the Department for compliance with s. 112.664(2)(b)3, F.S. (8) If the plan's actuarial valuation report is revised subsequent to the release of the annual financial statements, all the updated actuarial disclosure items identified in this section must be electronically transmitted to the Department within 60 days of receipt of the revised report from the plan actuary. The annual financial statements will not be required to be reissued and resubmitted to the Department. Rulemalang Authority 112 665 FS Law Implemented 112.664 FS H:story —New 7 Barbara Ladue From: Pete.Strong @gabrielroeder.com Sent: Tuesday, October 21, 2014 6:46 PM To: Iadueb @bbpdpension.com Cc: Travis .Robinson @gabrielroeder.com; Israel. Bichachi @gabrielroeder com; c100550 @gabrielroeder.com Subject: Boynton Beach Police - Senate Bill 534 Attachments: Boynton Police - SB 534 Letter 10 -21 -2014 pdf Hi Barbara, Attached is our Senate Bill 534 Implementation Letter for the City of Boynton Beach Municipal Police Officers' Retirement Fund. Please present this letter to the Pension Board and let us know if the Pension Board approves the work. If there are any questions, please let me know. Thank you! -Pete Strong Peter N. Strong, FSA, EA, FCA, MAAA Senior Consultant and Actuary Gabriel, Roeder, Smith & Company One East Broward Boulevard Suite 505 Fort Lauderdale, FL 33301 -1804 Telephone: (954) 527 -1616 (ext. 2102) Direct: (954) 713 -2102 Fax: (954) 525 -0083 pete.strong@gabrielroeder.com 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 (u) 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. The above communication shall not be construed to provide tax advice, legal advice or investment advice Notice of Confidentiality This transmission contains information that may be confidential and that may also be privileged Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), you may not copy, forward, or otherwise use it, or disclose its contents to anyone else If you have received this transmission in error, please not fy the sender Immediately and delete it from your system Please consider the environment before printing this e -mail. 1 Davidson, Jamieson & Cristini, P.L. Certified Public Accountants 1956 Bayshore Boulevard Dunedin, Florida 34698 -2503 (727)734 -5437 or (727) 736 -0771 FAX (727) 733 -3487 Member Members of the Firm American Institute of John N Davidson, CPA, CVA Certified Public Accountants Harry B. Jamieson, CPA Florida Institute of Richard A Cristini, CPA, CPPT, CGFM Certified Public Accountants Jeanine L. Bittinger, CPA, CPPT September 10, 2014 Board of Trustees City of Boynton Beach Police Pension Plan 1500 Gateway Blvd. Suite 220 Boynton Beach, FL 33426 RE: Implementation of GASB 67 Dear Board Member: The GASB 67 reporting requirements are effective for your Plan's audited financial statements for the year ended September 30, 2014. This new standard replaces GASB 25. The implementation of GASB 67 will result in significant changes to the note disclosures and required supplementary information in the Plan's audited financial statements. Under GASB 25 the auditor was allowed to use the prior year's actuarial valuation in the note disclosures and required supplementary information. (For example the audited financial statements for the fiscal year ended September 30, 2013 used information from the September 30, 2012 actuarial valuation.) This methodology eliminated the conflict of waiting for the Plan's actuary to distribute the current year report. GASB 67 has taken away this option. The auditor must now obtain current year information from the Plan's actuary to complete the audited financial statements. Timing of the Audit While we are working very closely with your Plan's actuary to obtain this information, there will be a delay in our completion of the audit this year. The year of implementation of a new standard of this magnitude always requires a significant amount of additional time. To facilitate the timely presentation of the September 30, 2014 audited financial statements to the Plan's Board; we recommend that the Board hold a special meeting for the audit presentation. This would get the audit report to the Board (and to the City /Town) as soon as it is completed. Government Finance Officers Association We are aware that the majority of the municipalities that sponsor the Plans use the Plan's audit report in the City /Town's Comprehensive Annual Financial Report (CAFR). Many of these municipalities participate in the Government Finance Officers Association (GFOA's) Certificate of Achievement for Excellence in Financial Reporting program (Certificate). We have discussed the delayed time schedule that GASB 67 will cause with Stephen Gauthier. Stephen is the Technical Director with the GFOA. He also heads up their Certificate program. Stephen has assured us that the implementation of GASB 67 is a valid reason for extending the GFOA deadline for the submission of a Certificate CAFR. Additional Fees We will bill in accordance with the hourly rates which are found in our contract. The amount of additional audit time that is required by GASB 67 will be significant in order to complete the Plan's audit report. We will come back to the Board for their approval of the additional fees after we have completed the audit. If you have any questions please do not hesitate to give us a call. Sincerely, Richard A Cristini, CPA Barbara Ladue From: Barbara Ladue [ladueb @bbpdpension.com] Sent: Tuesday, October 14, 2014 7:54 AM To: 'Athol, Toby'; 'Henderson, Luke' ' Subject: FW: Ethics Training How do you all want to proceed on this? Barb La Due From: Pyle, Judith [mailto:Pyle)c bbfl.us] Sent: Monday, October 13, 2014 5:15 PM To: Coles - Dobay, Debby; Mack, Andrew; Prainito, Janet; Claude, Sherri; Rumpf, Michael; Majors, Wally; Howard, Tim; Livergood, Jeffrey; Molina, Nancy; Clark, Craig; Adams, Warren; Barbara LaDue (Iaduebftbbpdpension.com); Tapper, Ronald Cc: Prainito, Janet; Oldbury, Julie Subject: Ethics Training It is time again for the mandatory Ethics Training for all employees and advisory board members that MUST be completed by January 1, 2015. The procedure is to schedule the training to be done after the actual meeting has adjourned and the Minutes Specialist has left. There can be no further board member discussions relating to board matters. There is an acknowledgement that must be signed and submitted by the members after the entire video has been seen. The training video and the acknowledgement form can be found at the Palm Beach County Ethics Commission web page. We will hopefully have a few CDs available too. Please let Janet or I know when the training will be done so we can discuss further arrangements for viewing the video and access in and out of chambers. Thank you for your cooperation. DEADLINE — January 1, 2015 Judith A. Pyle, CMC, Deputy City Clerk City Clerk's Office City of Boynton Beach 100 E. Boynton Beach Blvd. 1 Boynton Beach, Florida 33435 o: 561- 742 -6062 1 f: 561- 742 -6090 PvleJCbbfl.us 1 www.bovnton- beach.orq America's Gateway to the Gulfstream ° Barbara Ladue From: Brandon Cole [brandon_c_cole @ajg.com] Sent: Monday, October 13, 2014 5:06 PM To: Iadueb @bbpdpension.com Subject: NCPERS Fiduciary Liability Insurance If you are unable to read the message below Dick here to view . - - - - e -'• r b >'• " '= .,� h .. u 4 _ 1. X0 °� 4`'" ,�"°j«e�* V4,1 t *r Y'P �N � { °"fi x ,d �@ �X " t£ K Svc X sy .yam,_ A 1,x � n fi r , �� �" <• ,*. 3 a g i P �15s 4 "f� r8 a s a. x�`� 3 u' $.fit• y v d S�? a�-:n. F4?�s x„4 ..4 "f: P "+ - �,. } '� - ;k'ti' `aa ;":.`-`fi" `,^..34.'Y._" For More Information We look forward to seeing you at the 2014 NCPERS Public Safety Conference! Please stop by our booth to say hello Contact: Brandon Cole Brandon c colee.ajg.com We continue to see the Fiduciary Liability Insurance Market 303.889.2610 contracting coverage and increasing price Several insurance companies are non - renewing clients due to the level of priscilla mccovealq.com Priscilla McCoy funding. The NCPERS fiduciary liability program has had 303.889.2540 Karen Graham great success in controlling the cost of fiduciary liability insurance, offering coverage options regardless of the level of karen graham @ajg.com funding, as well as enhancing coverage of existing policies. 303.889.2538 For those of you not able to make the conference but interested in receiving a quote please feel free to contact us X _ as your renewal approaches. __ Brandon Cole Area Vice President (949) 349 -9871 18201 Von Karman Ave, Suite 200 1 brandon c cote aeaig.com Irvine, CA 92612 2 Pierce Place, Itasca, IL 60143 www alp com I 1 630 773 3800 � Copyright 2014 This email is a promotional message from Arthur J Gallagher Risk = Management Services Inc and Arthur J Gallagher & Co Insurance Brokers of California Inc You may edit your communication preferences, or you may unsubscnbe from all email communications Contact is PnvacyPolicy_ 2 n U) Z D cn - g '') o T t tf - H rD" Cu 61 W CO H CO O W 0) 01 IOH.p 61 O 61 O N ) 0) Cn C n l)N L o 0) 0) ) 061 a k) hi t H 61 CO N H H W H J N O J O 61 O 00 ,p N Cn N a Cn N N CO H Cn J N H 61 ,p N .p W Z ', J O 0) J N Cn Co 1061 CO 611- - W CO 01 F--' 0 Ja 0 J 04 H J CO F-' 0) (n 101"- O1 lD-1' -A -A 1D N J .pN 00 CD a 10 W O 10 Cn Cn O O a, a, J 0 Cn Cn OH J ODH N ap co X x x x G) G) G) G) G) fti'17 CI CI 0 0 0 0 0 n n n n n n n n n bd CD CO CO UJ ✓y › r > >W x) po> > xLTJ( nG) CC17CTlCIICI lC000 x > > �C x) x) t" CllCnz a xlxl zxm rH G) t'lr 'dZ'c7 > 30 zhq› t-' z o1HC:P cn Z X 6ZHZxCOZCI -C HOOrHOG )zXzZ'Tlroxx)CI Cr] ZOG) Cr] 0 rt a HHHt.H cn' • CIl cnZl > - coCIl H • r` Cnx . z cncnz CIX >0 gJXn ,J H` Z >I cn H ZKrK ;U O'. cn- 01zc 000)" H D x` H0HZ0Z r` Z OZr 30" H0x7CI]'-G 0) co U1 Z - Cn 70 7/ O >H • • • O G)• 1H >C-1H. 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O CO O WO A. o w O� OJ m N m O W.....w„..] rt ¢ N Ol BOYNTON BEACH POLICE OFFICERS' PENSION FUND Scheduled 2015 Quarterly Board Meetings February 10, 2015, Tuesday, @ 10:30AM May 12, 2015, Tuesday, @ 10:30AM August 11, 2015, Tuesday, @ 10:30AM November 10, 2015, Tuesday, @ 10:30AM (Meeting dates on 2 Tuesday of the Month) Meeting Location: Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 November 11, 2014 i 0 mom. 0 6 v im• C ~ D 2,, C 1 m 1 N O .71 O D 4 Pia■ 1 D 3 ci) 0 t"F` O o imm 0 1 co 0 CD cre, l , C7 m- = , , 0 , , roil- 4 O p o o 3 4 CD 7) CD o o CD 0 , _ < 4; CD 4 , 3 6 • ,..: 4 CD = * E 0 0 , m 5P,1 0 4 II ,-) ■ N (3 0 simmim „ ( a D N � a CU X 3 = 14,< p 0 N • y 0 •-, ■ N O cD (D tin v L c)o 0 < v _ . 0 y = NCO (D t-1- O Cn < C rn 3 m `� = (� = .0 <D —1.1 o 00 CD 00) CD c m Fg- IQ `° 0 Cf 0 X 0 O y N a) 00 -. 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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 1 2/11/2014 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement The below listed performance measures will be used as objective criteria for evaluating 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: 30% MSCI ACWI Equity Index, 25% Russell 1000, 32% Barclays Capital US Aggregate Bond Index, 2% NAREIT Index, 2% S &P Global Infrastructure Index, 5% NCREIF Index Open -End Diversified Core Equity -Equal Weight, 2% DJ -UBS Commodities Index, and 2% ML 3 -Month T- bills. 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 2 2/11/2014 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement attempt will be made to match investment maturities with known cash needs and anticipated cash -flow requirements. 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 3 2/11/2014 B O YN T O N BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement c. Hedge funds d. Insurance annuities e. Internally managed assets f. Limited partnerships g. Margin Accounts h. Options (exceptions are mutual and commingled funds) i. Private equity j. Private mortgages 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 4 2/11/2014 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investment Policy Statement performance of an investment manager may be made. With this in mind, the following are 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 2/11/2014 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 2/11/2014 BOYNTON BEACH POLICE OFFICERS' PENSION FUND Investinent Policy Statement Strategic Allocation Policy Range Allocation Asset Class /Strategy ( %) ( %) World Equities 30 20 —40 US Equities 25 15 - 35 Fixed Income 32 30 —40 Cash/Money Market 2 0 — 5 Alternatives: 11 2 — 20 Total 100 ALTERNATIVES' - ; Private Real Estate 5 0 — 7 Public Real Estate (REITs) 2 0 — 7 Listed Infrastructure 2 0 — 5 Commodities (CCFs) 2 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. 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