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Agenda 08-09-16 CITY OF 80YNTON BEACH . POLICE OFFICERS' PENSION FUND � �` 'fy .Ip 1j' 2100 North Florida Mango Road West Palm Beach, Florida 33409 Telephone: 954.636.7170 Toll Free Fax: 866.769.0678 AGENDA CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND ioo E. Boynton Beach Blvd (Boynton Beach City Commission Chambers) Boynton Beach, Florida 334 August 9, 2016 at 1w o o A. M. 1. CALL TO ORDER 2. ROLL CALL 3. PUBLIC DISCUSSION 4. CONSENT AGENDA a. Minutes from 7 -26 -16 Meeting b. Warrant Ratifications / Approvals 5. NEW / UNFINISHED BUSINESS a. Buy -Back Policy b. Ronald Davis Buy -Back Refund Request c. Pending — Change in Assumption Rates- Impact Study 6. INVESTMENT MANAGER'S REPORT a. Russell Investments 7. MONITOR'S REPORT a. Burgess Chambers & Associates, Inc. 8. ACTUARY'S REPORT a. Impact on Buy -Back Refund Policy 9. ATTORNEY'S REPORT a. Contract with Gabriel, Roeder, Smith & Co (GRS) b. Proposed Credit Card Administrative Rules 1o. PLAN ADMINISTRATOR'S REPORT a. Audit - b. DROP Disbursement Frank Danysh c. DROP Disbursement Steven Schoenfeld d. Midian Diaz Entered DROP 7-1 -16 e. Lorinda Broberg Entered DROP 9 - 3 -1 5 f. Peter Zampini Entered DROP 6 -1 -16 g. Michael Holloway Retired 6 -1 -16 h. Chad Martens Entered DROP 5- 1 -2o16 i. Theresa Everett Entered DROP 4- 1 -2o16 j. Robert Burnell Retired 4/1/16 Monthly Benefit Amount k. Request for Next Quarterly Meeting Date Change 11 OPEN DISCUSSION 12. ADJOURNMENT 13. NEXT MEETING DATE: November 8, 2016 at 10 A.M. IN COMPLIANCE OF STATE LAW, THE BOARD OF TRUSTEES FINDS THAT A PROPER AND LEGITIMATE PURPOSE IS SERVED WHEN MEMBERS OF THE PUBLIC HAVE BEEN GIVEN A REASONABLE OPPORTUNITY TO BE HEARD ON A MATTER BEFORE THE BOARD. THEREFORE, THE BOARD OF TRUSTEES HAVE DETERMINED AND DECLARED THAT THEY WILL A LOT FIFTEEN (15) MINUTES IN TOTAL FOR THIS PURPOSE; HOWEVER EACH PERSON IS LIMITED TO NO MORE THAN THREEWMINUTES TO COMMENT AT EACH MEETING. CITY OF BOYNTON REACH POLICE OFFICERS' PENSION FUND 1qL Awl Minutes July 26, 2016 10:00 A.M. The regular meeting of the Board of Trustees of the City of Boynton Beach Police Officers' Pension Fund was called to order at io:oo A.M. on behalf of the Board of Trustees by the Plan Administrator, Mr. Bob Dorn on July 26, 2016, at 210o North Florida Mango Road, West Palm Beach, Florida. TRUSTEE PRESENT: Mr. Toby Athol - Chairman; Mr. Jason Llopis - Secretary; Mr. Scott Caudell - Trustee; Mr. Russell Faine - Trustee; & Mr. Joseph DeGiulio p-- Trustee. OTHERS PRESENT Mrs. Bonni Jensen, Board Attorney - Klausner, Kaufman, Jensen & Levinson; Mr. Bob Dorn, Plan Administrator- Precision Pension Administration, Inc.; Ken Kornheisl - Oakwater Technologies, Inc.; Mr. Ronald Davis - City of Boynton Beach Police Officer. PUBLIC DISCUSSION No public comments were presented. CONSENT AGENDA APPROVAL OF WARRANTS The Pension Administrator presented Warrants 1 -16 to the Board and then read each Warrant for the record. The Board reviewed each of the Warrants. WARRANT 1 This Warrant is to Precision Pension Administration, Inc. for pension administrative services rendered to the Fund each month. This Warrant is for o8/2016 and will be paid on o8/01/2016. This is a re- occurring Warrant in the same amount each month and the Board approved this re- occurring monthly Warrant. The amount of this Warrant is for $3,75 0 . 00 . WARRANT 2 This Warrant is to Precision Pension Administration, Inc. for office rent rendered to the Fund each month. This Warrant is for o8/2016 and will be paid on 08/01/2016. This is a re- occurring Warrant in the same amount each month and the Board approved this re- occurring monthly Warrant. The amount of this Warrant is for $500.00. CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND — Page 2 JULY 26, 2o16 MINUTES WARRANT 3 This Warrant is to Oakwater Technologies, Inc. for pension program and web site maintenance rendered to the Fund each month. This Warrant is for o8/2016 and will be paid on o8/01/2016. This is a re- occurring Warrant in the same amount each month and the Board approved this re- occurring monthly Warrant. The amount of this Warrant is for $200.00. WARRANT a This Warrant is to Russell Investment for second quarter 2016 investment management fees rendered to the Fund. The invoice number is 53625 and the invoice was shown to the Board. The amount of this Warrant is for $137432.00. WARRANT ,r; This Warrant is to Neighborhood Family Doctor of Palm Beach for medical records for the Ronald Davis disability hearing. The invoice was shown to the Board. The amount of this Warrant is for $40.00. WARRANT 6 This Warrant is to Beaches Open MRI of Boynton Beach for medical records for the Ronald Davis disability hearing. The invoice was shown to the Board. The amount of this Warrant is for $100.00. WARRANT 7 This Warrant is to Ellen Schaffer for programing and conversion of data files from the old pension program to the new administrator. The invoice number is 2938 and was shown to the Board. The amount of this Warrant is for $1,830.00. WARRANT 8 This Warrant is to SunTrust Bank for a credit card invoice form Web Network Solutions. The credit card used was with the number ending 8221 and was shown to the Board. This was to stop the internet from the old office on August 1, 2016. The amount of this Warrant is for $142.50. WARRANT 9 This Warrant is to Klausner, Kaufman, Jensen & Levinson for legal services rendered to the Fund through 04/30/16. The invoice number is 18144 and the invoice was shown to the Board. The amount of this Warrant is for $895.25• CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND — Page 3 JULY 26, 2oi6 MINUTES WARRANT io This Warrant is to Klausner, Kaufman, Jensen & Levinson for legal services rendered to the Fund through 05/31/16. The invoice number is 18284 and the invoice was shown to the Board. The amount of this Warrant is for $2,852.75. WARRANT 11 This Warrant is to Klausner, Kaufman, Jensen & Levinson for legal services rendered to the Fund through o6/29/16. The invoice number is 18434 and the invoice was shown to the Board. The amount of this Warrant is for $1,583.90• WARRANT 12 This Warrant is to Gabriel, Roeder, Smith & Company for actuarial services rendered to the Fund through 05/31/16. The invoice number is 422265 and the invoice was shown to the Board. The amount of this Warrant is for $5392.00. WARRANT 1? This Warrant is to Burgess, Chambers & Associates, Inc. for investment and performance monitoring rendered to the Fund through the second quarter of 2o16. The invoice number is 16 -175 and the invoice was shown to the Board. The amount of this Warrant is for $6,250.00. WARRANT 14 This Warrant is to Robert Dorn for reimbursement for postage and envelopes used for the Fund through 07/26/16. The receipts were shown to the Board. The amount of this Warrant is for $ WARRANT 1 S This Warrant is to Mr. Steven Schoenfeld for a partial one -time DROP disbursement. The forms used for this request were shown to the Board. The amount of this Warrant is for $12,000.00. WARRANT 16 This Warrant is to Mr. Frank Danysh for a partial one -time DROP disbursement. The forms used for this request were shown to the Board. The amount of this Warrant is for $62,500.00. Mr. Llopis made a Motion to approve the aforementioned Warrants (1 -16) for payment by the Fund. Mr. Caudell seconded the Motion. The Motion passed 5 -0. Mr. Dorn advised that he will process these Warrants for payments with Russell Investments. CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND — Page 4 JULY 26, 2016 MINUTES NEW /UNFINISHED BUSINESS Mr. Dorn presented to the Board the proposed 2016/2017 Administrative Expense Budget. Mr. Dorn also gave the Board various documents including the previous year's Administrative Expense Budget. The Board reviewed the aforementioned items and discussed the budget. Mr. Llopis made a Motion to accept the 2o16/2017 Administrative Expense Budget as presented. Mr. Caudell seconded the Motion. The Motion passed 5- o. Mr. Dorn advised that he would send a copy of the Administrative Expense Budget to the City of Boynton Beach Finance Department and Clerk's Office. Mr. Dorn advised that he would also have the Administrative Expense Budget put on the Fund's web site under the disclosure section. Mr. Dorn advised that Mr. Ronald Davis has requested to terminate his Buy -back along with requesting a full refund of all monies paid into the Fund. Mr. Dorn requested that the Board move this item to the Plan Administrator Section of the Agenda under the Buy -Back Refund Procedures. The Board agreed to this request. Mr. Dorn presented to the Board a corporate resolution and certificate of incumbency regarding the SunTrust credit cards which also contained the signature cards for the account. Mr. Dorn advised that Barbara La Due is currently the program manager for the SunTrust credit card account and the corporate resolution would be for Mr. Dorn to be the new program manager and have Barbara La Due removed from the account. Mr. Dorn also provided to the Board a letter which contained (1) authority to Mr. Dorn to have on -line access to the SunTrust Credit Card account, (2) change the billing address to the new pension office, and (3) authorizing Mr. Dorn a credit card on the SunTrust account for office supplies and mist. items. Mrs. Jensen reviewed the corporate resolution and letter for the Board. The Board discussed the two items and agreed to them. Mr. Caudell made Motion to approve the corporate resolution that allows Mr. Dorn to become the program manager for the SunTrust credit card account, change of billing address, giving on -line access to Mr. Dorn of the account, and authorizing a credit card for him in this account. Mr. Faine seconded the Motion. The Motion passed 5 -0. Mr. Dorn suggested to the Board that there should be an Administrative Policy on the use of the credit cards. The Board discussed this and agreed to develop an Administrative Policy on the use of the Fund's credit cards. Mrs. Jensen advised that she would draft a proposed policy. ATTORNEY'S REPORT: Mr. Dorn advised that as he reviewed the retirees' files, he noticed that at least two retired members have trusts as their beneficiaries. Mr. Dorn advised that he then spoke to Mrs. Bonni Jensen regarding the topic of trusts as beneficiaries. Mrs. Jensen reviewed the City of Boynton Beach Ordinance with the Board which covers pension beneficiaries. Mrs. Jensen advised that a living person must be a beneficiary for the members' monthly benefit payment because it is tied to a "lifetime." A ten -year certain benefit or the balance in the DROP at a member's death can be paid to an estate or a trust. A DROP beneficiary could be a trust. Mrs. Jensen gave the Board several aspects to consider if they are going to allow Trusts as DROP beneficiaries, (1) the Trust could CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND — Page 5 JULY 26, 2oi6 MINUTES have an indefinite time period in which the DROP funds are in the Fund's possession, (2) more than likely the person in charge of the trust is not the spouse of the member, and (3) various persons that the Board deal with in a Trust beneficiary situation. Mrs. Jensen advised that the IRS previously made the non - spouse remove the funds from the various plans but the IRS currently now allows for a non - spouse to keep funds in the plans. Mrs. Jensen advised that the Board that they should consider whether going forward if they want to allow its members to have trusts as its beneficiary with DROP accounts. Mrs. Jensen advised that City and the Fund should probably have this clarified in a future plan amendment. Mrs. Jensen advised that there are two current disability applications that have been submitted to the Fund. Mrs. Jensen advised the following: (1) In the Mr. Ronald Davis disability case, they are still collecting previous medical records and will be sending Mr. Davis to an independent medical examination (IME) in the near future and (2) in the Mr. Robert Kellman disability case, Mrs. Jensen advised that this case is ready for a hearing and would have been heard today if Mr. Kellman's attorney (Mr. Paul Kelley) could have attended. Mrs. Jensen asked if the Board would like to hear Mr. Kellman's case at the next quarterly meeting. Mr. Athol advised that the next meeting has a full agenda and requested that the Board have a special meeting date for Mr. Kellman's disability case. The Board agreed to this. Mrs. Jensen advised that she would speak to Mr. Kellman's attorney and set up a meeting later this month or in September when we can have all parties present. The Board agreed to this. PLAN ADMINISTRATOR'S REPORT Mr. Dorn gave an update on the transition of the new pension administrator. Mr. Dorn advised that the pension data was transfer from the current payroll and benefit calculator program to the new system. The system shall be up and running within a week. Mr. Dorn advised that the current payroll downloads from the City of Boynton Beach Payroll Department includes the fire and police personnel data combined. Mr. Dorn advised that they are working with the City to stop this process of sending the combined data, but it may take some time on behalf of the City. Mr. Dorn advised that we have stressed to the Payroll Department that we do not want the police payroll data going to no other third party vendor because of security reasons. Our IT person is working on this with the Payroll Department. Mr. Dorn advised that he will keep the Board updated on this issue. We have scanned about 65% of all the files into the new pension program. We currently still have the SunTrust checking account open and we may have to keep this account open in order to maintain the credit card account. We currently have approximately $3,goo dollars in the checking account. Mr. Dorn advised that he will also keep the Board updated on this issue. Mr. Dorn advised that they have cleared everything out of the old pension office and storage area. Mr. Dorn advised that they have received about 70% of all "Confirmation of Benefit Forms" from the retired members. Mr. Dorn advised that he will keep the Board updated on this. Mr. Dorn advised that they have started to work with the auditors on the up- coming audit. Mr. Ken Kornheisl from Oakwater Technologies, Inc. showed the Board on a TV monitor in the meeting room the new pension web site (bbpdp.org) which included the various different sections on the web site. Mr. Kornheisl requested the Trustee send more photos of various Boynton Beach police equipment, and officer(s) to put on the pension CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND — Page 6 JULY 26, 2o16 MINUTES web site. The Board all agreed that they like the web site and made no suggestions for changes at this time. Mr. Dorn advised the Board that the secure DROP Box for communication was set up and all of the Trustees are signed into this program. Mr. Dorn advised that this DROP Box will be used to send agenda packets and other communications to the Board. Mr. Dorn advised that he reviewed the current Administrative Rules, Policies, Statement of Policy, and Operating Procedures that the Board has currently in place. Mr. Dorn advised that he will be presenting various new Administrative Rules in the up- coming meeting to assist the Board in being very consistent on these topics in the future. Mr. Dorn advised that there are currently seven policies that the Board has adopted. Mr. Dorn asked the Board for their approval to have each of the previous policies have each numbered, date enacted, and a date revised section. The Board discussed this issue and agreed to this. Mrs. Jensen and Mr. Dorn advised that they would work on this issue. Mr. Dorn presented to the Board a proposed Administrative Rules Governing Public Participation at Board meeting which Mr. Dorn numbered Administrative Rule 8 (Note - there are currently 7 previous Administrative Rules adopted by the Board). Mr. Dorn gave a brief background on Senate Bill 5o and F.S. 286.0114(4) which caused most Boards to have some type of policy in place for public discussion and participation at these meeting. The proposed Administrative Rule governs public participation, time limits, and topics at all Board meeting. This rule was reviewed and approved by Mrs. Jensen. The Board then agreed to enact this rule. Mr. Llopis made a Motion to adopt the proposed Administrative Rule numbered 8 regarding the "Governing Public Participation at Board meeting. The Motion was seconded by Mr. DeGiulio. The Motion passed 5 -0. Mr. Dorn advised that he will have Administrative Rule 8 put on the web site. Mr. Dorn presented to the Board a proposed Administrative Rule Governing Refunds of Buy -Back of Service Time. Mr. Dorn advised that currently there is no procedure or policy in place that would give guidance to this matter. Mr. Dorn advised that under City Ordinance 18- 172(b) (2), "No credit shall be given for any service until all years of service which are to be repurchased, have been repurchased." Mr. Dorn advised that there are at least two current members and four retired members who have claimed personal hardship conditions and had their buy -back terminated. All of these members also had their entire monies paid back to them. Mrs. Jensen reviewed the City Ordinance that covers this topic with the Board. Mr. Dorn proposed that if a member wants to terminate his Buy -Back, then the member would get whatever credit for the amount of money he paid into the Fund and the actuary will determine the amount of credited time which will be paid by the member. Mr. Dorn advised that this proposed rule would have a hardship condition for a full refund. Mrs. Jensen agreed to the hardship provision. Mrs. advised that in her opinion when a member terminates his /her Buy -Back payment, the Board would have to give a full refund when a member terminates his buy -back payments prior to making a full payment for service time. Mrs. Jensen advised that this issue could also be a clarified in future Fund amendments. The Board discussed this issue. Mr. Dorn advised that he would draft a new proposed rule for the Board to consider based on this discussion for the next meeting. CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND — Page 7 JULY 26, 2oi6 MINUTES Mr. Dorn advised the Board that Mr. Ronald Davis want to terminate his Buy -Back purchase and he is requesting a full refund of all his money he paid into the Fund for his Buy -Back. Mr. Dorn advised that Mr. Davis has applied for a disability and the City of Boynton Beach has given Mr. Davis a termination of employment letter for the end of September /2016. Mr. Dorn advised that Mr. Davis will not have completed his entire Buy -Back payments at the September /2oi6 date. Mr. Llopis asked Mr. Davis what he wanted to do regarding this matter. Mr. Davis advised that he wanted a full refund of all his money he paid into the Fund for his Buy -Back. Mr. Dorn advised that he has an e- mail from Mr. Davis regarding this request. The Board discussed this issue and requested that Mr. Dorn provide Mr. Davis with a hardship form to request a refund of his Buy -Back funds. The Board agreed to review this issue at the next meeting for Mr. Davis after he has submitted his hardship request. Mr. Dorn advised that Mr. Davis is currently continuing his payroll deduction payments into the Fund for his Buy -Back. Mr. Dorn outlined the new payment procedures that will be used to pay for vendor invoices, trustee reimbursement, DROP disbursements, DROP Loans, refunds, and all other type of Fund payments. Mr. Dorn advised that the current system for paying vendors is by the Fund's SunTrust Bank checking account. Mr. Dorn explained the "Warrant" system to the Trustees that Precision Pension Administration Inc., (PPA) uses with other pension plans. Mr. Dorn advised that the Plan Administrator signs the Warrant along with two Trustees before any invoice o1 disbursement is paid. All of the Trustees will review and approve the Warrants at a Board meeting. Mr. Dorn advised that the payments will no longer be paid from the SunTrust checking account. Mr. Dorn advised that the payments will come from the Russell Investment account at State Street. Mr. Dorn reviewed with the Board the Vendor Pavment form that has to be submitted to Russell Investment for payment. Mr. Dorn adN�sed that this procedure will allow for a better audit process and give more accountability- for the Fund instead of the previous check writing method. The Board agreed to the procedures. Mr. Dorn advised the Board that there are two special check payments each year to the retired members. Mr. Dorn requested that all special check payments have a minimum 20% flat tax for the members. Mr. Dorn advised that the retired members can still chose whatever tax rate the member wants for his /her monthly benefit payments. This proposal will only affect the tax rates for group payments. The Board discussed this issue and agreed to have a uniform rate for the 185 supplemental and 1% payments with the exception that a member would have to complete a separate tax form if he /she wanted a different rate each time for a special payment. Mr. Caudell made a Motion to use a flat 20% tax rate to be used for the group 185 supplemental and 1% payments given to retirees. Mr. Faine seconded the Motion. The Motion passed 5 -0. Mr. Dorn presented to the Board all the new forms that the new administrators will be using to administrator the Fund. The Board reviewed the forms along with Mrs. Jensen. Mrs. Jensen made some suggestions for several forms. Mr. Dorn advised that he would make the necessary changes to the forms. The Board accepted the forms with the suggestions made by Mrs. Jensen. CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND -- Page 8 JULY 26, 2oi6 MINUTES Mr. Dorn presented to the Board new signature forms from Russell Investments to give Mr. Dorn authority in disbursing benefit activities, cash flow, trading activity, and authorized to sign legal documents. The Board agreed to this. Mr. Llopis made a Motion to approve having the Russell Investment signature cards executed by all of the Trustees and Mr. Dorn along with the authority for disbursing benefit activities and executing legal documents with Russell Investments and State Street. Mr. Caudell seconded the Motion. The Motion passed 5 -0. Mr. Dorn advised that State Street conducted a death check on all disabled and retired members of the Fund. Mr. Dorn advised that there were no members discovered on the social security death check conducted by State Street in May /2o16. Mr. Dorn advised that the State of Florida Division of Retirement has accepted the 2015 Annual Report. Mr. Dorn advised that all Trustees have submitted their 2015 Financial Disclosure Form 1 to the State of Florida. Mr. Dorn advised that all Trustees are on -line indicating that they have submitted the form. Mr. Dorn advised that Precision Pension Administration (PPA) has developed a new survey for services rendered for the Fund's members. Mr. Dorn advised that the survey will be e- mailed to the members after a service is provided to them. Mr. Dorn advised that this is yet another way PPA is trying to improve the service provided to the Fund's members. Mr. Dorn advised that he will be presenting to the Board the results of the surveys at the meeting in the future. OPEN DISCUSSION Mr. Athol advised the Board that he would like to have the August 9, 2016, meeting at the City of Boynton Beach Commission Chambers. Mr. Athol advised the Board that he would attempt to reserve the location for the meeting. Mr. Athol advised that the Board would have the meeting at the new office location if he could not reserve the City Commission Chambers. The Board agreed to this. Mr. Dorn suggested to the Board that they present Ms. Barbara La Due with a retirement plaque for her long and distinguish service to the Fund. Mrs. Jensen advised that this would be an appropriate expense. The Board discussed this issue and agreed to this. Mr. Dorn suggested that this be presented to Barbara La Due at the next retirement reunion in November /2o16. The Board agreed to this. Mr. Llopis made a Motion to spend up to two- hundred dollars for Barbara La Due's retirement plaque. The Motion was seconded by Mr. Caudell. The Motion passed 5 -0. Mr. Dorn advised that he would purchase the plaque. CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND — Page 9 JULY 26, 2016 MINUTES ADJOURN: Mr. DeGiulio made a Motion to adjourn the meeting. Mr. Llopis seconded the Motion. The Motion passed 5 -0. The meeting was adjourned at 12:15 P.M. The Board of Trustee's reviewed and approved these minutes at the August, 9, 2016 meeting. Mr. Toby Athol FOR THE BOARD WARRANT WARRANT NUMBER: 017 For Payment from the City of Boynton Beach Police Officers' Pension Fund Pursuant to §18 -167 of the City Of Boynton Beach Ordinance. TO: Russell Investments You are hereby authorized by the Board of Trustees of the City of Boynton Beach Police Officers' Pension Fund to pay the amount(s) listed below for services rendered to the Board of Trustees and /or pay the person /entity named below, hereby certified by the Board of Trustees. PENSION BENEFITS, SERVICES RENDERED OR OBLIGATION NAME: AMOUNT.' Russell Investments $1,236.00 P.O. Box 856847 Minneapolis, MN 55485 Re: This invoice is for Russell Investment benefit payment fees for checks and wires from 4/01/2016 through 6/30/2016. The invoice number is 1 606074706 - 9997 and is attached to this Warrant. Prepared & Requested by: Warrant Date: 08/02/2016 Robert Dorn, Plan Administrator APPROVED BY: Chairman of the Board or Designee Trustee Secretary of the Board or Designee Trustee Date Transmitted: Transmitted By: Mode Transmitted: E -Mail Fax: US Mail Date Entered into System: Entered By: sell Investments MANAGER 4525 - - INVOICE NO. 1606074706 -9997 BOX 856847 DATE 2016/07/29 ineapolis, MN 55485 -6847 PAGE 1 OF 1 TOTAL CHARGES CURRENT PERIOD USD 1,236.40 9BYM- Police Officer Retirement Trust Police Officer Retirement Trust FOR 3 MONTH PERIOD 4/01/16 to 6/30/16 City of Boynton Beach DE Boynton Police & Fire Pension Fnds, 1500 Gateway B1vd,Suite #220Account ID: BOYNTON POLICE Pension Administrator Pay Type 3 Boynton Beach, FL 33426 ATTENTION Robert Dorn SASE DETACH THIS PORTION AND RETURN WITH YOUR PAYMENT CHARGES @EFIT PAYMENT CHECK FEES ;H Benefit Payments 444 AT 1.25 555.00 anefit Payments 12 AT 1.25 15.00 mp Sum Payments 8 AT 10.00 80.00 amp Sum Rollover 1 AT 15.00 15.00 IEFIT PAYMENT: OTHER FEES anual TEFRA Form 114 AT 0.50 57.00 aderal Tax Refunds 1 AT 15.00 15.00 ansioners Added 3 AT 0.50 1.50 ;ate Tax Filing 9 AT 25.00 225.00 SUBTOTAL FEES ** 963.50 1 FEES, CHARGES AND EXPS STAGE ;ump Sum Rollover 0.55 advice of Deposit 242.00 3enefit Payment 6.60 pump Sum 4.40 3 DELIVERY 7PS Charges 3/31/2016 6.45 7PS Charges 4/29/2016 6.45 7PS Charges 6/3/2016 6.45 19.35 SUBTOTAL OTH FEES, CHARGES AND EXPS 272.90 CURREi3T CHARGES [3SD 1 2 6.40 1.# 1606074706 -9997 9BYM- Police Officer Retirement Trust 2016/07/29 ah'S. a� a Vendor Payment �00Inves To: Russell Investments Email: russelltrust@?bustonfinanciai .com Fax: 855 -886 -9869 Deadline: Market close one business day prior to wire date Client Name Ci of Boynton Beach Police Retirement Fund Vendor Name Russell Investments Wire /Settle Date 08 -12 -2016 VendorTax ID Unable to Obtain Vendor Address P.O.Box 856847 Minneapolis, MN 55485 -6847 Wire Instructions: Wire Payment Bank Name City State, Country ABA # Beneficiary Acct # Account Name For further Credit Check Mailing Instructions: Q Check Payment Mailing Address Russell Investments Z Include invoice P.O. Box 856847 FRI US Mail Minneapolis, MN 55485 -6847 F1 Overnight Mail (Cannot mail to a PO Box.) Check Text (30 character limit) invoice1606074706 -9997 Account # Account Name Plan Transaction Amount Transaction Type Codes Accounting 7 e CIUM Boynton Beach Police Officers Retirement Trust N/A 801 $1,236.40 800 Actuarial Expense 801 Administrative Expense 802 Audit Expense 803 Consultant Expense 804 Director Expense 807 Legal Expense 809 PBGC Expense 810 Recordkeeping Expense 850 Reimbursement for Expense Total $1,236.40 Statement Text (30 character limit) Invoice1606074706 -9997 Authorized by Authorized by (if required) _ Internal Use Only ITRO30 (1011562) i .-s SHTR Aa WARRANT WARRANT NUMBER: 018 For Payment from the City of Boynton Beach Police Officers' Pension Fund Pursuant to §18 -167 of the City Of Boynton Beach Ordinance. TO: Russell Investments You are hereby authorized by the Board of Trustees of the City of Boynton Beach Police Officers' Pension Fund to pay the amount(s) listed below for services rendered to the Board of Trustees and /or pay the person /entity named below, hereby certified by the Board of Trustees. PENSION BENEFITS, SERVICES RENDERED OR OBLIGATION NAME: AMOUNT Neuro Iom Services $ 34. P.O. Box 1 5 0 497 Hartford, CT o - 0497 Re: This invoice is for Neuro Iom Services for medical records concerning the Ronald Davis disability case. The invoice is attached. Prepared & Requested by: Warrant Date: 08/02/2016 Robert Dorn, Plan Administrator APPROVED BY: Chairman of the Board or Designee Trustee Secretary of the Board or Designee Trustee Date Transmitted: Transmitted By: Mode Transmitted: E -Mail Fax: US Mail Date Entered into System: Entered By: NEURO TOM S)KR VICES A, subsidiary of Sentieat SMS Holding, Sentient PhysWuhs PC Corp, Surg oa) Monitoring $CMACe _ P CJ; ox 150497: Dep #r 106063 Hkilford, -T 06115 -049'7 PH; 410 - 666 -25 8 443 Daty: bly 18, .20 AequesiiAg Off ice: K.lusner KAuhh Jensen Levinson ATT Y: Boi'ni Jensen Patient Name: Ronald Davis CV: 120242 To Whom It May Conoe�rn Due to the time expended collcoting and review a�g records to provide photoovpies of our patient's r6edical records, we .have found it nmessary to establish a polio. of requesting payrrzent of the required fee jE or, to mailing out said records. * *A si emed release of medical records from the insfietit and/or jzqardisn is n ec sa ��th Lbe exception of nowt ordered gub ** Pez. Florida •Admigistrafxire Cod , S}R- 10.003 Reasonable cost of reproducing copies of written or typed documents or reports shall not be more than t "ire Mowing; 1) The cost small be $1.00 for the first (I 25 pages: 2) For each pagc m excess of 25 pages, the cost sball bt 25 cents per page:. N mberofpages /records_ 51 pgs Postage due for records: 5 2.74 Total amount roue far records. 4 34 24 * *A, coot/ of this sheet you, oaymegt * Please make a `meat to- tjeuro Iona Services Tax M# 24 , 75534431 IF YOU HAVE ANY QUESTIONS PLEASE CALL ©UR OFFICE A : N" ASK FO AS�.LEY EST, 1�a4 :3 Vendor Payment Russell To: Russel( Investments Investments Email: russelitrust@bostonfinancia #.cam Fax: 855-886 -9869 Deadline: Market dose one business day prior to wire date Client Name Ci of Boynton Beach Police Retirement Fund Vendor Name Neuro IOM Services Wire /Settle Date 08 -12 -2016 Vendor Tax ID 20- 5534431 Vendor Address P.O. Box 150497 Harford, CT 06115 -0497 Wire Instructions: 0 Wire Payment Bank Name City, State, Country ABA # Beneficiary Acct # Account Name For further Credit Check Mailing Instructions: Check Payment Mailing Address Neuro IOM Services 0 Include Invoice P.O. Box 150497 Q Us Mail Hartford, CT 06115 -0497 Overnight Mail (Cannot mail to a PO Box.) Check Text (30 character limit) medical records Account # Account Name Plan Transaction Amount I Transaction Type Codes Accounting # T e QU7W Boynton beach Police Officers Retirement Trust NIA 801 $ 34.24 800 Actuarial Expense 801 Administrative Expense 802 Audit Expense 803 Consultant Expense 804 Director Expense 807 Legal Expense 809 PBGC Expense 810 Recordkeeping Expense 850 Reimbursement for Expense Total $ 34.24 Statement Text (30 character limit) m edica l records R. Davis Authorized by Authorized by (if required) __.�. Internal Use Only ITRO30 (10115112) ❑ SHTR WARRANT WARRANT NUMBER: 019 For Payment from the City of Boynton Beach Police Officers' Pension Fund Pursuant to §18 -167 of the City Of Boynton Beach Ordinance. TO: Russell Investments You are hereby authorized by the Board of Trustees of the City of Boynton Beach Police Officers' Pension Fund to pay the amount(s) listed below for services rendered to the Board of Trustees and /or pay the person /entity named below, hereby certified by the Board of Trustees. PENSION BENEFITS, SERVICES RENDERED OR OBLIGATION NAME: AMOUNT Robert A. Brodner, M.D. PA $ 30.33 1411 North Flagler Drive, Suite 5900 West Palm Beach, FL 33401 Re: This invoice is for Robert A. Brodner, M.D. PA for medical records concerning the Ronald Davis disability case. The invoice is attached. Prepared & Requested by: Warrant Date: 08/02/2016 Robert Dorn, Plan Administrator APPROVED BY: Chairman of the Board or Designee Trustee Secretary of the Board or Designee Trustee Date Transmitted: Transmitted By: Mode Transmitted: E -Mail Fax: _ US Mail Date Entered into System: Entered By: a ei A1.�. Bradner :M.D.A CltP1O:IVEAT.£ AMERICAN QS E O.� HE;kI"ROLOGICAL SilkGEkY W1 NORTH FLAGLF:RDRIA. SUITE 5900,. W STPAtf- .,'A;Ago.::FLORii)A33d0f [?HONE- (5:6,t ).833 -63ss FAxx: m- 6)) $33' -6353' RNOICE TO: vv AX �'. (1) Any psrson licensed pursuant. to - Chaptef 458, f.S., required to raiease ,copies of patlent medical records •tray conditiur' such .release upon. payment by- the re4�esting party of the reasonable costs of reptbducing the r®ct rds. (2) For patients ..and governmental ;entities the reasonable; costs° of reproducing copies of'Written: oe typed gocuments ca;r reports shall not be-more than the folloy`rrtag:: (a) For the first. 25 pages, the cost shall be $1. -66. per page; (b) For each page in excess of 25 pages, the cost shall �e "ZS_ cents. (3) Far other entities, the reasonable costs of reproducing copies of written or typed docuiments. of reports shall nrt be mare than $1.0 per page. T€ TAL PAGES: POST GF . **Tax ID#: 59= 2603025 P LEASE: ALMLIT PAQMPT .PAYMEI T Contdantislity iV9tiee: The nforrnatian contained in this facsimile riiay lie confidentini and legally priuilegsd Jf is intended Manly for use of the individual nam04.jf you are not the: intend recipi you arc hereby notified that the disblosure copying distribution,: or taking of any action in regards tothe. contents of thfs fax except its direct delivery to the intended recipient -;is strictly prohibited, if you hags receivedl is fax in eri ; please notify the s� icr immediately and destroy this cover sheet along Willi its conteotsi Arid delete froin your system, ifappitdable; Vendor Payment Russell To: Russell Investments V00 Investments Email: russelltrust @bostonfiinancial.com Fax: 855- 886 -9869 Deadline: Market close one business day prior to wire date Client Name City o Boynton Beach Police Retirement Fund Vendor Name Robert Broder, M.D. PA Wire /Settle Date 08-12 -2016 Vendor Tax ID Unable to Obtain Tax ID VendorAddress 1411 North Flager Drive, Suite 5900 West Palm Beach, FL 33401 Wire instructions: Wire Payment Bank Name City, State, Country ABA /# Beneficiary Acct # Account Name For Further Credit Check Mailing instructions: Q Check Payment Mailing Address Robert Brodner, M.D. P.A. Q Include Invoice 1411 North Flager Drive Suite 5900 n US Mail West Palm Beach, FL 33401 l_.__l Overnight Mail (Cannot mail to a PO Box.) Check Text (30 character limit) medical re Account # Account Name Plan Transaction Accounting T Amount Transaction Type Codes # QU7W Boynton Beach Police Officers Retirement Trust NIA 801 $ 30.33 800 Actuarial Expense 801 Administrative Expense 802 Audit Expense 803 Consultant Expense 804 Director Expense 0 807 legal Expense 804 PSGC Expense 810 Recordkeeping Expense 850 Reimbursement for E Expense Total $ 30.33 Statement Text (30 character limit) medical records R. Davis Authef'szed by Authorized by (if rerluired) _ __._____ _.._____ _ Internal Use Only ITRO30 (10115112) t-� 51-ITR a; tea, WARRANT WARRANT NUMBER: 020 For Payment from the City of Boynton Beach Police Officers' Pension Fund Pursuant to §18 -167 of the City Of Boynton Beach Ordinance. TO: Russell Investments You are hereby authorized by the Board of Trustees of the City of Boynton Beach Police Officers' Pension Fund to pay the amount(s) listed below for services rendered to the Board of Trustees and /or pay the person /entity named below, hereby certified by the Board of Trustees. PENSION BENEFITS, SERVICES RENDERED OR OBLIGATION NAME: AMOUNT Dr, Beth Frosch $ 27.75 112 S. Federal Highway, Suite 2 Boynton Beach, FL 33435 Re: This invoice is for Dr. Beth Frosch for medical records concerning the Ronald Davis disability case. The invoice is attached. Prepared & Requested by: Warrant Date: 08/02/2016 Robert Dorn, Plan Administrator APPROVED BY: Chairman of the Board or Designee Trustee Secretary of the Board or Designee Trustee Date Transmitted: Transmitted By: __ Mode Transmitted: E -Mail Fax: US Mail Date Entered into System: Entered By: M BETHMOSCH 112S. Federal ffighway, Suite 2 Boynton .Beach, Fl. 33435 PlIone; 561° 731.0041 Fax. 5' 1!- 3? '7088 bly 8120101- Klausner, Kaufman nseu Levinson Attorneys at Law 708 Northwest 4th St: Plaigat on, Florida 533-17 Re Boynton Beach Po' 40 tcer"s Pension Funds Ronald Davis Fie M 15 -0046 Attn: .Bonni ` Jense Dear Ms. Jensen:. Enclosed please find our records on the move captioned patient Ronald Davis, per your request. Total number ofpages .36. Our, fee is as follows: $1.00 per page. lst.25 pages .•............... ........... $ 25A $ 25 per remaining 11 'pages .,. 2 7 Total amount due........... .......$ 27:75 If you have any further questions, please feel free to contact our office. Sincerely, Nancy Bra Office Manager ®R UL 15 2 Vendor Payment (� Russell To: Russell Investments t 0610 Investments Email: russelltrust @bostonfinancial.com Fax: 855- 886 -9869 Deadline: Market dose one business day prior to wire date Client Name City o B oynton Beach Police Retirement Fund Vendor Name Dr. Beth Frosch Wire/Settle Date 08-12 -2016 Vendor Tax ID Unable to Obtain Tax ID Vendor Address 112 S. Federal Highway, Suite 2 Boynton Beach, FL 33435 Wire Instructions: Wire Payment Bank Name City, State, Country ABA # Beneficiary Acct # Account Name For Further Credit Check Mailing Instructions: Q Check Payment Mailing Address Dr. Beth Frosch N include Invoice 112 S. Federal Highway, Suite 2 0 US Mail Boynton Beach, FL 33435 n Overnight Mail (Cannot mail to a PO Box.) Check Text (30 character lirnit) Account # Account Name Plan Transaction Amount Transaction Type Codes Accuuntin # Type QU7W Boynton Beach Police Officers Retirement Trust NIA 801 $ 2735 800 Actuarial Expense 801 Administrative Expense 802 Audit Expense 803 Consultant Expense 804 Director Expense 907 Legal Expense 809 PBGC Expense 810 Recordkeeping Expense 850 Reimbursement for Expense Total $ 2715 Statement Text (30 character limit) medical records R. D av i s Authorized by Authorized by (it Internal Use Only ITRO30 (10/15/12) 0 Sl -17k "N : as WARRANT WARRANT NUMBER: 021 For Payment from the City of Boynton Beach Police Officers' Pension Fund Pursuant to §18 -167 of the City Of Boynton Beach Ordinance. TO: Russell Investments You are hereby authorized by the Board of Trustees of the City of Boynton Beach Police Officers' Pension Fund to pay the amount(s) listed below for services rendered to the Board of Trustees and /or pay the person /entity named below, hereby certified by the Board of Trustees. PENSION BENEFITS, SERVICES RENDERED OR OBLIGATION NAME: AMOUNT Jupiter Outpatient Surgery Center, LLC $ 38.87 2055 N. Military Trail, Suite loo Jupiter, FL 33458 Re: This invoice is for Jupiter Outpatient Surgery Center, LLC for medical records concerning the Ronald Davis disability case. The invoice is attached. Prepared & Requested by: Warrant Date: 08/02/2016 Robert Dorn, Plan Administrator APPROVED BY: Chairman of the Board or Designee Trustee Secretary of the Board or Designee Trustee Date Transmitted: Transmitted By: Mode Transmitted: E -Mail Fax: US Mail Date Entered into System: _ Entered By RE-QUEST FOR - py(� . fi � ;�� � r JUPITER R OUTPAVENT SURGERY cEtvrER --C 2055 N. MIL TRItI:SUI7E 200: .fUPIT --% FL 3U58 ('561) 741-:4708" FA ($ ) 74141, TAX 4a# ss- 09it'ozo DAfilw:' VEN'bOR, NAME-, AD a PATIENT NAME/ ; -6 1 ':; / : RATE OF SERVICE: OR. QUANTITY DESCRIPTION TOTAL DUE' mow,. 'Records Copy Fee.: pages @ $1.00 per page. c* a X / pages @' 0.25 per page $ 5 t 1 Postage Kee; Notary Attestation Fee:$10.00 C? Total Fee: $• .€ 0812015 Medical Recoccls Charge Sheet ; � i„¢.L w AIL_ a 'endor Payment Russell To: Russell Investments V00 Investments Email: russelitrust @bostonflnancial,com Fax: 855 - 886 -9869 Deadline: Market close one business day prior to Wire date. Client Name City of Boynton Beach Police Retirement Fund Vendor Name Jupiter Outpatient Surgery Center LLC Wire/Settle Date 08 -12 -2016 Vendor Tax ID 65- 0925020 Vendor Address 2055 N. Military Trail, Suite 100 Jupiter, FL 33458 Wire Instructions: F] Wire Payment Bank Name _. City, State, Country ABA # Beneficiary Acct # Account Name For Further Credit Check Mailing Instructions: Check Payment Mailing Address Jupiter Outpatient Surgery Center LLC © Include Invoice 2055 N. Military Trail, Suite 100 ® US Mail Jupiter, FL 3345 E] Overnight Mail (Cannot mail to a PO Box.) Check Text (30 character limit) I Account # Account Name Plan Transaction Amount uc Transaction Type Codes Accounting # Type QU7W Boynton Beach Police Officers Retirement Trust I N/A 801 $ 38,87 800 Actuarial Expense 801 Administrative Expense 802 Audit Expense 803 Consultant Expense 804 Director Expense 807 legal Expense t 809 P8GC Expense 810 Recordkeeping Expense 850 Reimbursement for Expense I Total $ 38.87 Statement Text (30 character limit) Pati -R D Medical Record Authorized by Authorized by (if required) Internal Use Only 1TRO30 (10115112) 0 51-ITR . 21z WARRANT WARRANT NUMBER: 022 For Payment from the City of Boynton Beach Police Officers' Pension Fund Pursuant to §18 -167 of the City Of Boynton Beach Ordinance. TO: Russell Investments You are hereby authorized by the Board of Trustees of the City of Boynton Beach Police Officers' Pension Fund to pay the amount(s) listed below for services rendered to the Board of Trustees and /or pay the person /entity named below, hereby certified by the Board of Trustees. PENSION BENEFITS, SERVICES RENDERED OR OBLIGATION NAME: AMOUNT Professional Outsourcing, Inc $ 260.21 P.O. Box 0397 New Port Richey, FL 34 - 0397 Re: This invoice is for Professional Outsourcing, Inc., for medical records concerning the Ronald Davis disability case. The invoice number is 161788 and the invoice is attached. Prepared & Requested by: Warrant Date: 08/02/2016 Robert Dorn, Plan Administrator APPROVED BY: Chairman of the Board or Designee Trustee Secretary of the Board or Designee Trustee Date Transmitted: Transmitted By: Mode Transmitted: E -Mail Fax: US Mail Date Entered into System: Entered By: rofession4l Outsourcing, Inc, INVt]ICE PO.DOX039.7 - 4 -- Nsw r RichcY, M 39656 p 1NYt0tC 81.633' VIVO% . 161701 . FFZN . �� BILL To. , SHIP 7O: #C AUSt BR XLAvem IChU�1Vtl4�1 J N �I 'L$'�t19i32+i ATTORNTiY �1T1 Lh1Y, ATTORNBY A?LJ AW 7Q$b!i'OIt723V{BS'i 4TE 5TIt T 7080 ;STRI333}` I'LANTA'1'rON, Ito M17 RI.ANTAT!DAt, F1+933I7' AM 8C)33tv`I dENSEH TAM HOSPITAL SH p DA70 CLIENT . REFERENCE# Daoanr0ecig .;I;PJT 11012616. MIALIDDAVIS' 'FIL19IS0046 AERCRlPT1oN f3 f`f AMOUNT 01162 _ corms or IvfE}'31CA.L ncoRD6 339 121.13 r CERTWMD 6.00 POST✓}(IE 13.43 rOIN3UREP1opm IIYCL` DrzA,GOPY012THISINVOICE 0 00 WITR YOUR PAYMWr. P] 1riSE: i4 1�L CTiCCT4S PAYAI3I I? 70 'AOFUMONALOUTWUACINGINC A2Y'D14MLTo PRt M31ONAL OMOURCR40 INr— Po $03{ 4397 11T.WPORTMCIIEY FL 34656 -M7 POlR FED EX & U'S Q13Iii'FIYSICAF,AI?URESS . . PROFESSIONAL OUTSOL ;R M, INC, $227 TROUBLE CRSEX ROAD NIEWPDXTRICri ML 34653 Saps TV 13,63 JUPHEAMEWCALCENTEk . Total 5260:31 BIZ 199L-v9Z-T99 imISM033 IVOI03W Wd T0 MZ�q�I- REClVliO JUL 1 2 2* n�nN' R} II7ssHr4Fanaiass�vaLlthlaic ►c�►si�a rTstQn ,t',ury July x,. 2016 R Wrt±ar'a a•mallc bannlQMber1dk)9usner:o4rn USM _ PROF ' ' i t3T Attu, Medical Records Department -� Jupl gr lUledlcal rs �„- ` iti M'Iiita�t # -A Ju leer, FL.3468 .:.w -wind r &tie Re: Boynton Beach Police Officers Pen's oh Fends Ronald Davis Our File Number 7 5 -0048 'Attn Medical Records Department: This firm serves'as legal counsel for the soyntah *tieac Police Officers' Pension Fund. It is In this capacity, that we hereby 'request copies of any and all rnedical recot+da of Ronald Davie, who was employed as a Police Officer with ths;. Boynton Beach Police Officers' Pension Fund and has applied -for a disability pension. z Enclosed is an Authorization to Use or Disclose Health Information authorizing you to release any and all medical records for Ronald Davis. Office billing records do not need to be incliuded. In orderto ensure a prompt final �decls on on this disollity claim, we would request that these records ve mailed to us within 10 days of you r receipt of this letter. Any further delay in our receipt of these records may delay disability payments to this pattehtT Also, please notify us Immediately byfax, if you require a pre - payment. -If you have any questions, please do not hesitate to contact my office. cerely you nn (signed In ti ebsen' ce of the attorney tn' 0010 detey) ! BSJlflzs °' 00673889APNi 7080 NORTRVESZ' 4Tu STRzF.T, PLANTAT10*t, FLOVIDA 33317 PHONE,- (954) 916 -1202 • VAX: (954) 916 -1232 Qc*v�'vs' >rabcrtdkiaubucr.com ' ' £/£ T99L-£9Z-195 10dIS01100321 - 1'd3It13W Wd 10 91OZ-51 PRO�BSSIOYAL ObTSOURCM INC. htAord Copy 9arvioc i } �j T � beta: A/ - V 1.IJ6..+< , i Attached is pending invoice # L - 1040 for the records you have 'requested, Please make gheck le t6 Professional - utsoijxc' - ne and send PWM— ent alona WA .voi to ProRal'onal Outsourcing at the address in dicated on eur m -voic and y qur req uest arocessedneatel Ple ase DO OT mall p a tints to the h 9 Mg �Ii.s will cause a delay in • roeess our request. If YOU have any questions, Please do not hesitate to contact us at 561 -745 -74 17 or f invoice questions 877-221-21 f XVIMUa bfIrftma4on — Copy 8anjoe JupherMa&cal a or— Maiiaa!?itaords 1141 Mary y °Irhl1 Eta 1681. 30p. ?L 33438 Vendor Payment � Russell To: Russell investments I nvestments Email: russelltrust @bostonfnancial.com Fax: 855- 886 -9869 Deadline: Market close one business day prior to wire date Client Name City of Boynton Beach Police Retirement Fund Vendor Name Professional Outsourcing Inc Wire /Settle Date 08 -12 -2016 VendorTax ID 59- 3463412 Vendor Address P.O. Box 0397 New Port Richey, FL 34656 -0397 Wire Instructions: Wire Payment Bank Name City, State, Country ABA # Beneficiary Acct # Account Name For Further Credit Check Mailing Instructions: Q Check Payment Mailing Address _ _P.O. Box 0397 Include Invoice New Port Richey, FL 34656 -0397 Q EIS Mail Overnight Mail (Cannot mail to a Po Box.) Check Text (30 character limit) Account # Account Name Accounting # Tra Type roe € Amount Transaction Type Codes QU7W Boynton Beach Police Officers Retirement Tn1st NIA 801 $ 260.21 800 Actuarial Expense —_ 801 Administrative Expense 802 Audit Expense 803 Consultant Expense 804 Director Expense 807 tegai Expeme 809 P8GC Expense € 810 Recordkeeping Expense i 850 Reimbursement for Expense Total $ 260.21 Statement Text (30 character limit) g Authorized by Authorized by (if required) u, Internal use only ITRO30 (10115112) SVIFR WARRANT WARRANT NUMBER: 02A For Payment from the City of Boynton Beach Police Officers' Pension Fund Pursuant to §18 -167 of the City Of Boynton Beach Ordinance. TO: Russell Investments You are hereby authorized by the Board of Trustees of the City of Boynton Beach Police Officers' Pension Fund to pay the amount(s) listed below for services rendered to the Board of Trustees and /or pay the person /entity named below, hereby certified by the Board of Trustees. PENSION BENEFITS, SERVICES RENDERED OR OBLIGATION NAME: AMOUNT Bethesda Hospital East $ 81.75 Health Information Management Department 2815 South Seacrest Blvd Boynton Beach, FL 33435 Re: This invoice is for Bethesda Hospital East for medical records concerning the Ronald Davis disability case. The invoice number is 1607 - 000438 and the invoice is attached. Prepared & Requested by: Warrant Date: o8/03/2016 Robert Dorn, Plan Administrator APPROVED BY: Chairman of the Board or Designee Trustee Secretary of the Board or Designee Trustee Date Transmitted: Transmitted By: Mode Transmitted: E -Mail Fax: US Mail Date Entered into System: Entered By: BETHESDA HEALT Bethesda Ho�pitat Easy Bethesda hospital West Invi6tcONUffignt 8111 TV- KLAUSNEfi KAUFMANJEAfSEN&-LEVIAfSON ?1131201-6' Invoice Number. 1607-000438 Invdke,Date. MA2016 PL4!Vr FL 33317 OueDote: Aug262016. 1&0 ft t Davis, 4 NQ9, or pAtien, Da kon C [10626 '. thorgesfer. Description On "ftlici I �,M tirnfftk AMOunt it Other Charges ft&' 73 $73.00 copy Per CERTIFIEO MAIL - $8.75 1"a*,(horg" z PaymentsJ?eceived $Uo BAL-AIVCEDUE $01.75. Payment Is expected within: 8o days of ei2�c6ipt, Please include the, invoice number on the check- ;or - a. copy of"the'Invoice w your payment. A separate check is required for medical record copies. Remit-payment to the following address: Bethesda Hospital E-6st Health Information Managgrpent Department 2815 South Seacrest6oulevard Boynton B.each, Flcrrida 33435 TAX 10'#59-24417554 If you need assistance, contact us at (561); 7374733 ext 84271 *j7 7 i AMU Vendor Payment Russell 70: Russell investments Investments Email russelltrust @bostonfrnancial.com Fax: 855- 886 -9869 Deadline: Market close one business day prior to wire date Client Name City of Boynton Beach Police Retirement Fund Vendor Name Bethesda Hospital East Wire/Settle Date 8-12 -2016 Vendor Tax ID 59-2447554 Vendor Address 2515 South Seacrest Blvd Boynton Beach, F133435 Wire Instructions: [1 Wire Payment Bank Name City, State, Country ABA # Beneficiary Acct # Account Name For further Credit Check Mailing Instructions: R Check Payment Mailing Address 2815 South Seacrest Blvd Include Invoice Boynton Beach, F133435 ® u5 Mail Overnight Mail (Cannot mail to a PO Box.) Check Text (30 character limit) Inyoice1607- 000438 Account # Account Name Plan 'transaction Amount Transaction Type Codes Accounting # T QU7W Boynton Beach Police Officers Retirement Trust N/A 801 $ 81,76 800 Actuarial Expense 801 Administrative Expense 802 Audit Expense 803 Consultant Expense 804 Director Expense 807 Legal Expense 809 PBGC Expense 810 Recoraf*ng Expense 850 Reimbursement for Expense Total $ 81.75 Statement Text (30 character limit) lnv 0004 r Authorized by Authorized by (if required) Internal Use only ITRO30 (10/15112) [] 51-ITR WARRANT WARRANT NUMBER: 024 For Payment from the City of Boynton Beach Police Officers' Pension Fund Pursuant to §18 -167 of the City Of Boynton Beach Ordinance. TO: Russell Investments You are hereby authorized by the Board of Trustees of the City of Boynton Beach Police Officers' Pension Fund to pay the amount(s) listed below for services rendered to the Board of Trustees and /or pay the person /entity named below, hereby certified by the Board of Trustees. PENSION BENEFITS, SERVICES RENDERED OR OBLIGATION NAME: AMOUNT HealthPort $ 59.29 P.O. Box 4 Atlanta, Georgia 30384 - 9740 Re: This invoice is for HealthPort for medical records concerning the Ronald Davis disability case. The invoice number is 0197266023 and the invoice is attached. Prepared & Requested by: Warrant Date: 08/03/2016 Robert Dorn, Plan Administrator APPROVED BY: Chairman of the Board or Designee Trustee Secretary of the Board or Designee Trustee Date Transmitted: Transmitted By: Mode Transmitted: E -Mail Fax: US Mail Date Entered into System: Entered By: Health l n yo' c e ' # -: 0197266023 PA 80k 409740 el' ... 116akhPort D ate: i 2016' Atlanta; Georglar 30384.9740 INVOI C E Guskortler s 1$8783 t<ed:'fax-tt3 55:- 26599A1. (770) 754 -6000 5hsp lo< Bi ll to Records from BONNI JENISENf 80TVN3 5 7ENSEN PENINSULA REGMINIAt I lEf3iCl�t Ci12 KL,�USPIER KAUEMAN JENSEN. ET AL KIAUSNFA'KAUFMAN JENSEN AI- 100 : E .C+ARROLL MgR f ` 708b. NW 4TH ST 768Q..Nw 4TH. 5C SALISBURY, M0.21.801 PL4NTAT10N. FI 33317 -2201 ;PtANTA;ITDN, FL 33317 -2201 12e.queste.d by, l5Li4USN9,R-:MYFMAN Xftl$EN irt:AL MS 031,771 Patient New e. OAVI$ i OW AW FILE (041MA 15 0045 D escription Qua nfit y Unit Pri ce, Arho.U n � Basic Fee 2.2;88 Retrieval reb Per Page Copy' {Paper) 1 39, 0.76 29:64 Handling Fee 1:00 Snipping .2.41 Subtotal 56 Sales Tax 3.36 Invoice Total 59.29 &tanee.f3ue, 59.29 4 t i 1 Pay your invoice onli a at v++wv r.H eAlth f o rtPay Cot3l Terms.: NO 30 days P lease remit this amount : 59.29 (USo) ............. »........................ ..............._..�........... ..,,.. ..........................; ........... ----- ...............,............. . HealthPort P'O' 8ox 4097401 Atlanta, Georgia ,30384 -9740 Fed 'tax ID 58 - '2659941 (770) 754 - 6000 i n voi ce #: 0157266023 l �. ! Check # I j Payment Amount $ ' Please return stub with payment. Pleas include invoice number on check, To pay invoi online, please _g.o to www.Hea-IthPortPay.co or call (770) 75:4 60'00 -. Email questions t0 Collections@_healthpod.com. — Vendor Payment �11'0 raves menu To: Russell investments Email: russelltrust @bostonfinancial.com Fax: 855 -886 -9869 Deadline: Market dose one business day prior to wire date Client Name Ci of B Beach Police Retirement Fund Vendor Name HealthPort Wire/Settle Date 08 -12 -2016 Vendor Tax ID 5 2 Vendor Address P.O. Box 409740 Atlanta, GA 30384 -9740 Wire Instructions: [� Wire Payment Bank Name City, State, Country r ABA # Beneficiary Acct # Account Name For Further Credit Check Mailing Instructions: Q Check Payment Mailing Address P .O.Box 409740 Include Invoice Atlanta, GA 30384 -9740 ® US Mail Overnight Mail (Cannot mail to a PO Box.) Check Text (30 character limit) Invoice #0197266023 Account # Account Name Plan Transaction Accounting # amount Transaction Type Lodes T e QU7W Boynton Beach Police Officers Retirement Trust NIA 801 $ 69.29 800 Actuarial Expense --- 801 Administrative Expense 802 Audit Expense 803 Consultant Expense 804 Director Expense 807 Legal Expense 809 PBGC Expense 810 Recordkeeping Expense 850 Reimbursement for Expense S Total $ 59.29 Statement Text (30 character limit) invoice#0197266023 _ m Authorized by Authorized by (if required) __. _� .-_.._— Internal Use Only ITRo30 (10115112) 51 WARRANT WARRANT NUMBER: 025 For Payment from the City of Boynton Beach Police Officers' Pension Fund Pursuant to §18 -167 of the City Of Boynton Beach Ordinance. TO: Russell Investments You are hereby authorized by the Board of Trustees of the City of Boynton Beach Police Officers' Pension Fund to pay the amount(s) listed below for services rendered to the Board of Trustees and /or pay the person /entity named below, hereby certified by the Board of Trustees. PENSION BENEFITS, SERVICES RENDERED OR OBLIGATION NAME: AMOUNT Urgent Care MSO, LLC $ 34.81 P.O. Box 637982 Cincinnati, Ohio 45263 Re: This invoice is for Urgent Care MSO, LLC for medical records concerning the Ronald Davis disability case. The invoice number is 46457 and the invoice is attached. Prepared & Requested by: Warrant Date: 08/05/2016 Robert Dorn, Plan Administrator APPROVED BY: Chairman of the Board or Designee Trustee Secretary of the Board or Designee Trustee Date Transmitted: Transmitted By: Mode Transmitted: E -Mail Fax: US Mail Date Entered into System: Entered By: i 'Q8JO .20.1 Invoice for Medical Recordt� ! Ronald Davis 464:'7 Pee fb Medical l aycordw : urriber o gages moo s isf Pages ( so ` ee page) . unibevef Discs. fsg�go o, 0iscj urnbe of Earms'C �ttpfeted by Al ys7c n - st of Forms ($25 00 per M) ` .ostage tfer: :Remit payrnent to the folloWir g Address;, , l ado urgent Cart -M $0, Lid -A%x 40 a (. 3W P.© 13ox6s7982 V C M So, W.-G i C9ncsnnati, OH 45.253 9982 /d 1214VA ca Rear Moe io..y Nw% c�Ire.;z * -Please note that checks Must rria�[e0 to`the address listed! above and m st ti�elu�et e patieerifs /client's name and /or tie irl�rci Ge number incl�rded on this form. Withouf this information Med&press is unable4o process payments. We can.only accept checks and money &ders, no credit card payments will be accepted.. TO ENSURE PROPER CREDIT PO &REL OF MEOICAL RECORDS RETURN 109VER PORTION WITH 'YO.UR PAYfgIl T Ld i Nar�� Ronald Davis A 46457 MeciExpress Nyrnentfor Med[cal .Records' Amount -Enclosed Vender Payment Russell To: Russell Investments /j Investments Email: russelitrust @bostonf+nanc'ral.com Fax: 855- 886 -9869 Deadline: Market close one business day prior to wire date Client Name Ci ty of Boynton Beach Police Retirement Fund Vendor Name Urgent Care MSO, LLC WirelSettle Date 08 ~12 -2016 VendorTax ID 26- 3667220 VendorAddress P.O. Box 637982 Cincinnati, Ohio 45263 Wire instructions: Wire Payment Bank Name City, State, Country ABA # Beneficiary Acct # Account Name For Further Credit Check Mailing Instructions: 0 Check Payment Mailing Address urgent Care MSO, LLC 0 Include Invoice P.O. Box 637982 - [X-1 US Mail Cincinnati, Ohio 45263 ❑ Overnight Mail (Cannot mail to a PO Box.) Check Text (30 character limit) Medical Records Invoice 46457 Attount # Attount Name Plan Transaction Atcauntin # Amount TransactionType Codes � e QU7W Boynton Beach Police Officers Retirement Trust NIA 801 $ 34 g1 800 Actuarial Expense 801 Administrative Expense 802 Audit Expense 803 Consultant Expense 804 Director Expense 807 Legal Expense 809 PBGC Expense 810 Recordkeeping Expense 850 Reimbursement for i Expense ! Total $ 34.81 Statement Text (30 character limit) R. Davis Medical Records Authorized by Authorized by "if retire} ____ �_______ ___.._ _._ __. Internal Use Only ITRO30 (10/15112) Q 51 56 - ClTY OF 80YNTON BEACH POLICE OFFICERS' PENSION FUND •_ _ 2100 North Florida Mango Road West Palm Beach, Florida 33409 Telephone: 954.636.7170 Toll Free Fax: 866.769.0678 PROPOSED REFUND BUY -BACK POLICY Enclosed: 1. Proposed Administrative Rule Governing Refunds of Buy - Back of Service Time 2. Buy -Back Hardship Form 3. City Ordinance on Buy -Back of Service Time i CITY OF 90YNTON REACH POLICE OFFICERS' PENSION FUND 3 2100 North Florida Mango Road West Palm Beach, Florida 33409 Telephone: 954.636.7170 Toll Free Fax: 866.769.0678 POLICY # 9 DATE ENACTED: 8/o9/16 REVISED DATE: None STATEMENT OF POLICY RULES GOVERNING REFUNDS OF BUY -BACK OF SERVICE TIME WHEREAS, pursuant to §18 -172 of the City Code outlines the eligibility, all costs to the member for the repurchase, allocated time for payment of previous law enforcement or military time for a member, and states that no credit shall be given for any service until all years of service which are to be repurchased, has been repurchased. WHEREAS, §18- 167(b) of the City Code, the Board of Trustees ( "Board ") of the City of Boynton Beach Police Officers' Pension Fund ( "Fund ") has the power to construe all terms, rules, conditions and limitations of the Fund and its construction is final and conclusive on all parties; Administrative Rules Governing Buy -Back Refunds of Service Time: A. Member Stops Making Payments or Fails to Fulfill Obligations Towards the Repurchase: 1. If a Member stops the payroll deduction payments or fails to fulfill any of the obligations in making the purchase prior to completing the full payment amount for all of the years of service which are to be repurchased, The following rules shall apply: a. Member shall complete a Terminate Buy -Back Hardship Form; b. The Board of Trustees must approve of all Terminated Buy -Back refunds prior to the Member receiving any refunds; c. Member shall have a full refund of all monies paid into the Fund without interest upon Board of Trustees approval. 2. Once a Member has made a full repurchase of all the credited service there shall be no refunds to the Member except for situations when the Member is: a. Terminated or resigns; b. Member has all employee contributions refunded to the Member; c. Member has divested all future interests, benefits and /or rights in the FUND. B. Hardship Conditions A member may be entitled to a full refund of all funds paid for the service credit purchase if the Member has an immediate and heavy financial need based upon one of the following conditions: City of Boynton Beach Police Officers' Pension Fund — Page 2 Rules Governing Refunds of Buy -Back of Service Time 1. Medical expenses previously incurred by me, my spouse or dependents, or amounts necessary for these people to obtain medical care; 2. Costs related to my purchase of a principal residence (not including mortgage payments); 3. Payment of tuition and related educational fees, room and board expenses for the next twelve (120 months of post - secondary education for me, my spouse or dependents; or 4. Payments necessary to prevent my eviction from my principal residence or to avoid foreclosure on the mortgage on that residence. C. Refund Procedure 1. The Member must complete all necessary forms requested by the Board or their designee; 2. The Member must submit any and all financial records, affidavits and medical invoices if requested by the Board or their designee; 3. The Member must pay for any and all costs related to this refund and actuarial calculations; 4. The Board will review and decide the requested hardship refund at a Board meeting. 5. All refunds will be for the full amount paid into the Fund for the purchase of credited service time. There shall be no partial refunds. This Administrative Rule was considered by the Board of Trustees at a public meeting, following proper notice. The Administrative Rule was adopted by vote of the Board of Trustees on August g, 2016. Toby Athol, Chairman Jason Llopis, Secretary Ado? % CITY OF 8OYNTON REACH POLICE OFFICERS PENSION FUND 4 2100 North Florida Mango Road West Palm Beach, Florida 33409 Telephone: 954.636.7170 Toll Free Fax: 866.769.0678 REQUEST TO TERMINATE BUY -BACK OF SERVICE TIME AND REFUND Name: SS: xxx -xx Birth Date: / / Date Requested Refund: / / I hereby state that I request to terminate my participation in the Buy -Back process and to receive a full refund of the money I have put into the City of Boynton Beach Police Officers' Pension Fund ( "Fund ") to purchase such service. I have an immediate and heavy financial need that is one of the following: Initial next to the hardships that apply to you: 1) medical expenses previously incurred by me, my spouse, my children or my dependents, or amounts necessary for these people to obtain medical care; 2) costs related to my purchase of a principal residence (not including mortgage payments); 3) payment of tuition and related educational fees, room and board expenses for the next twelve (12) months of post - secondary education for me, my spouse, children or dependents; 4) payments necessary to prevent my eviction from my principal residence or to avoid foreclosure on the mortgage on that residence. Additionally, I need to terminate my participation in the Buy -Back process and receive a refund of the money I have into the Fund to purchase such service because the distribution is necessary to satisfy my financial need. I cannot relieve my financial need through reimbursement or compensation by insurance or otherwise; by reasonable liquidation of my assets; by other distributions or nontaxable (at the time of the loan) loans from other plans of my employer or borrowing from commercial sources at reasonable terns; or by cessation of elective contributions to other plans. I understand that there are no partial refunds. I hereby acknowledge that I have been advised to seek the counsel of a qualified tax advisor regarding this request and it's tax consequences. Signature of Member: Date: STATE of Florida } COUNTY OF ) The foregoing instrument was subscribed, sworn to, and acknowledged before me this day of , 2o_, by ,(name of personal acknowledging) who is personally known to me or has produced (type of identification) as identification and did /did not take an oath. (Seal) Signature of Notary Public Print Name of Notary: My Commission Expires: Commission Number: See. 18 -172. Buyback ofservice. (a) Re- employment. When any former police officer of the city is re- employed, he or she will become a member of the plan upon re- employment as a full time permanent police officer. When a former police officer of the city is re- employed and had withdrawn contributions previously made to the plan, he or she may reinstate the previous service provided the plan is paid the total amount previously withdrawn (consisting of accumulated member contributions plus any interest previously paid by the plan on those contributions) in a lump sum within six months of re- employment or, effective November 4, 2010, in installment payments over a period of up to 5 years and the installment payments must begin within 6 months of re- employment. The total amount is brought forward with interest for the total nudibcr of months from the date of withdrawal to the date of repayment, calculated to the nearest month. This calculated amount equals the amount to be repaid to the plan in a lump sum. If the member chooses to pay over time, interest will continue to accrue during the period of repayment. The interest to bring forward the total amount will be at the equivalent compound monthly rate derived from the earning rate assumed by the actuary in the most recent actuarial valuation submitted to the Division of Retirement pursuant to F.S. Chapter 112, P art VII. No credit shall be given for any service until all years of service which are to be repurchased, have been repurchased. ` (b) Prior police officer service. Unless otherwise prohibited by law, the years or fractional parts of years that a police officer previously served as a police officer for any other municipal, county, state or fe4gul police department or service in the military shall be added to the years of credited service provided than (1) The police officer contributes to the fund the sum that would have been contributed, based on the police officer's salary and the employee contribution rate in effect at the time that the credited service is requested, had the police officer been a member of this system for the years or fractional parts of years for which the credit is requested plus amount actuarially determined such that the crediting of service does not result in any cost to the fund plus payment of costs for all professional services rendered to the Board in connection with the purchase of years of credited service. (2) Payment by the police officer of the requirement amount may be made within sire months of the request for credit and in one lump sum payment, or the police officer can buy back this time over a period equal to the length of time being purchased or five years, whichever is greater, at an interest rate which is equal to the fund's actuarial assumption. A police officer may request to purchase a maximum of five years of service. No credit shall be given for any service until all years of service which are to be repurchased, have been repurchased. (3) The credit purchased under this section shall count for benefit computation purposes, but not for vesting. (4) In no event, however, may credited service be purchased pursuant to this section for prior service with any other municipal, county or state police department, if such prior service forms or will form the basis of a retirement benefit or pension from another retirement system or plan. This subparagraph does not apply to military service. (Ord_ No. 10 -005, § 2,2-2-10; Ord. No. 11 -011, § 2, 3- 15 -11) 9 CITY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND r�. y►v - -�" 2100 North Florida Mango Road West Palm Beach, Florida 33409 Telephone: 954.636.7170 Toll Free Fax: 866.769.0678 RONALD DAVIS REQUEST FOR A FULL REFUND OF BUY -BACK FUNDS Mr. Davis is currently making a payroll deduction to the Fund to purchase previous service time. Mr. Davis has requested to terminate this Buy -Back procedure and obtain a full refund of all monies he paid into the Fund for this repurchase. The City of Boynton Beach has given Mr. Davis a letter of employment termination for the end of September /2016. Thus, he will not be able to complete the entire repurchase of the service time he initially set out to purchase. Enclosed 1. Davis Buy -Back Application 2. Davis E -mail Requesting Refund 3. Davis Buy -Back Hardship Form BOYNTON BEACH POLICE OFFICERS PENSION FUND APPLICATION FOR BUY BACK OF SERVICE PLEASE PRINT OR TYPE 1. a, Name of Employee: -hv +'s C. (Last) (First) (Middle) b, Social Security Number 217 , G. Date of Birth: _ -_- 3 It � / (Month - uay Yeas d. Home Telephone Number: �,� Wt Area Code Other Contact !Number: ( � Area Code e. Home Address: (street) (orty) (state) (Zip Code) 2. a. Date of Hire by the City of Boynton Beach as a Police Officer; (Month -pay -Year) .1 b. Position in the Police Department: ?)1w— Sew -0. f 3. a. I would like to purchase Police Officer service time from the City of Boynton Beach from to (Month -Day -Year) (Month- Day -Year) or b. I would like to purchase Police Officer service time from the (a governmental entity rendering Police service) from to This service (Month- Day -Year) (Month - Day- -Year) Page 1 of 2 is not the basis for a pension nor will it be the basis for a pension. Address and contact information: (You must provide detailed contact information or form will be returned to you) or C. I would like to purchase United States Military service time from oil •I 7- 153 to 0 2 - /6 - r 376/ . (Attach a copy of Form DD214) (Month- Day -Year) (Month- bay -Year) I hereby certify that the above statements are true and correct to the best of my knowledge. I understand that a false statement may disqualify me for benefits. PS 10 � e q EMPLOYEE'S SIGNATURE DATE STATE OF FLORID i COUNTY OF A SWORN TO'(or affirmed) and subscribed before me this day of , 20 -C, by 1 0-�t- 44M-- , wh s personally known t me or who produced x identification: /Z e'a -� • : �� tart' Public �s •. a +•c�i. [ NOTARY SEAL J ri j' flc u�`Q%�� Ylit pF �� 1 � Q 4 e* ,� * � NOTE Pension contributions (including buyback payments) maybe refunded to any person who stops work for the City as a Police Offlaer with less than five (5) years of service. Revised: January 21, 20U5 H1B8 01 BMWbaa%G1 POUCY & APP18ugbaak APP.wpd HPJ LAW SSJAca Page 2 of 2 lal. �. M12016 Workspace Web mail :: Pdrd Print I Close Window Subject: Re: Buy Back Time From: "Davis, Ronald" <DavisR @bbfl.us> Date: Thu, Jul 07, 2016 8:55 am To: "bobd@bbpdp.org" <bobd@bbpdporg> Mr.Dorn Please consider this email my request for refund and notification of my intent to stop the buy back process. Sent from my Verizon Wireless 4G L7EDroid On Jul 7, 2016 12:50 PM, bobd @bbpdp.org wrote: Mr. Davis: I am the new Pension Administrator for the Police Pension Fund. I was told that you are requesting a refund on your Buy -Back purchase. I have received records that indicate that you did a partial -lump sum payment ($55,000.00) along with a bi- weekly payroll deduction ($14,780 as of 7 -6 -16) for a current total of $69,780.00 towards your Buy -Back. If you are intending to stop your Buy -Back process and request a refund, please send me an e-mail to make your request and then I will send you the necessary forms that must be completed. Any requests for refunds will have to be approved by the Board of Trustees and must be completed prior to any retirement or termination. If you have any questions, please contact me any time via e-mail or phone. Respectfully, Robert J. Dorn, Plan Administrator Boynton Beach Beach Police Officers' Pension Fund 2100 N. Florida Mango Road West Palm Beach, Florida 33409 Phone: 954.636.7170 Toll Free Fax: 866.769.0678 I PUBLIC RECORD NOTICE Undec Florida law, e-mail addresses are public records. If you do not want your e-mail address released in response to a pubtic- records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing. PRIVACY NOTICE This e -mail and any files transmitted with it are confidential and are solely for the use of the individual or entity to whom they are I addressed. If you are not the original recipient or the person responsible for delivering the e-mail to the intended recipient, be advised that you have received this e-mail in error, and that any use, dissemination, forwarding, printing, or cop Copyright d 2003 -2016. All rights reserved. { https: / /emaill&godadcy.co tview _prim- multi. php ?uidArray= 2481INSOX&aEmIPart =O 9(1 POLICE OFF CM. PENSION FUND 2100 North Florida mango Rand Wast Palm Beach, Flo .-Ida 3UO9 Tolephono: 951.1 Toll rwe Fax: 866.769.0678 REMIF UJ I MMIr AMLAM EU>- 3& F Ei� , • ,° 11M RA REEM -T-D M: a1 �C � 4, ► ES: r 7 ^90 / S Birth Date J _ L J_( 7 / Date Requested Refund G I hereby state that I request to terminate my participation in the Buy -Back process and to receive a full refund of the money I have put into the City of Boynton Beach Police Officers' Pension Fund ('Fund') to purchase such service. I have an immediate and heavy financial need that is one of the following: Initial next to the hardships that apply to you: i) medical expenses previously incurred by me, my spouse, my childrenn or my dependents, or amounts necessary for these people to obtain medical care; 2) costs related to my purchase of a principal residence (not including mortgage payments); 3) payment of tuition and related educational fees, room and board expenses for the next twelve (12) months of post - secondary education for me, my spouse, children or dependents; O'V7 ? 4) payments necessary to prevent my eviction from my principal residence or to avoid foreclosure on the mortgage on that residence. Additionally, I need to terminate my participation in the Buy -Back process and receive a refund of the money I have into the Fund to purchase such service because the distribution is necessary to satisfy my financial need. I cannot relieve my financial need through reimbursement or compensation by insurance or otherwise; by reasonable liquidation of my assets:; by other distributions or nontaxable (at the time of the loan) loans from other plans of my employer or borrowing from commercial sources at reasonable terns; or by cessation of elective contributions to other plans. I understand that there are no partial refunds. I hereby acknowledge that I have been advised to seek the counsel of a qualified tax advisor regarding this request and it's tax consequences. Signature of Member: _ Date: _ �'- 7"'r [i► STATE of Florida ) COUNTY OF 1 The fore tru e t was bscnb(x, sworn to, and acknowledged before me this 4-1 day of , 20 pre ` C (name of personal acknowledging) who is personally kn to m r has (type of kdentificatio as identification and did/did of take oath. C (Seal) Signature of Notary Pu �`_ . Print Name of NQRMA N' IATH Notary. Gumml Ion # FF 946517 � My Commission Expires Dpiu Apip 24, 2020 Commission Number: . , C/TY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND 2100 North Florida Mango Road West Palm Beach, Florida 33409 Telephone: 954.636.7170 Toll Free Fax: 866.769.0678 CHANGE IN ASSUMPTION RATES Enclosed: i. Impact Study On Lowering the Funds Assumption Rates Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone GRS Consultants 8C Actuaries Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301 -1804 www.gabrieh April 29, 2016 Ms. Barbara LaDue Pension Administrator Boynton Police & Fire Pension Funds Renaissance Executive Suites 1500 Gateway Blvd., 4220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Police Officers' Retirement Fund Actuarial Projection Study Dear Barbara: As requested, we have prepared a study with 25 -year projections illustrating the impact of potential changes to the investment return assumption for the City of Boynton Beach Municipal Police Officers' Retirement Fund (Plan). The results are based on census and asset data as of October 1, 2015. As directed, we have prepared projections under the two alternative scenarios described below. We have compared these projections to a baseline projection of the current plan in order to determine their projected impact on the Plan's future funded status and required contributions. Under all scenarios we have assumed that actual investment returns are 7.25% per year, in order to have an "apples to apples" comparison. Scenario A No changes to the Plan, but assume that starting on October 1, 2016, the investment return assumption is lowered by 10 basis points each year, with the first such decrease being from 7.75% to 7.65 %. The investment return is similarly lowered each year until reaching the ultimate rate of 7.25 %. The actual investment return on the market value of assets throughout the projection period is assumed to be 7.25% per year. Scenario B No changes to the Plan, but assume the investment return assumption is lowered from 7.75% to 7.50% effective October 1, 2016, with no further reductions planned. The actual investment return on the market value of assets throughout the projection period is assumed to be 7.25% per year. Disclosures This report was prepared at the request of the Board of Trustees and is intended for use by the Board and those designated or approved by the Board. This report may be provided to parties other than the Board only in its entirety and only with the permission of the Board. The purpose of this report is to describe the financial effect of potential changes to Plan assumptions. This report should not be relied on for any purpose other than the purpose described. Ms. Barbara La Due April 29, 2016 Page 2 The calculations in this report are based upon information furnished by the Plan Administrator for the October 1, 2015 Actuarial Valuation Report concerning Plan benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We reviewed this information for internal and year -to -year consistency, but did not otherwise audit the data. We are not responsible for the accuracy or completeness of the information provided by the City or the Plan Administrator. Projections are deterministic, meaning that throughout the projection period, Plan experience is expected to exactly match the actuarial assumptions, except for the actual investment return on the market value of assets, which is assumed to be 7.25% per year regardless of the actuarial assumption. Throughout the projections, new members are assumed to be hired each year at a rate sufficient to maintain a constant active headcount. New members are assumed to have the same average demographic characteristics (age, gender, salary — adjusted each year for inflation) at their dates of employment as those of current members hired between October 1, 2010 and October 1, 2015 (during the five -year period ending on the most recent actuarial valuation / census data collection date). The calculations are based upon assumptions regarding future events, which mayor may not materialize. They are also based on the assumptions, methods, and plan provisions outlined in this report. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period or additional cost or contribution requirements based on the plan's funded status); and changes in plan provisions or applicable law. If you have reason to believe that the assumptions that were used are unreasonable, that the plan provisions are incorrectly described, that important plan provisions relevant to this proposal are not described, or that conditions have changed since the calculations were made, you should contact the author of the report prior to relying on information in the report. Peter N. Strong and Melissa Moskovitz are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. They are independent of the plan sponsor. We welcome your questions and comments. Sincerely yours, l eter N. Strong, FSA, E , AAA Melissa Moskovitz, FCA, EA, MA A Senior Consultant and A uary Consultant and Actuary ;Enclosures This communication shall not be construed to provide tax advice, legal advice or investment advice. Gabriel Roeder Smith & Company City of Boynton Beach Municipal Police Officers' Retirement Fund 25 -Year Projection of Required City Contributions Current Plan Design and Updated Assumptions Scenario A Required City Required City Contribution Contribution Fiscal Funded Funded Year Valuation Pensionable Ratio on Pensionable Ratio on Change as Ending Date Pay $ Amount % of fay Val Date Pay S Amount % of Pay Val Date S Amount 2017 10 /1/2015 12,345,798 4,791,528 38.81% 63 %u 12,345,798 4,791,528 38.81% 63 % 0 2018 1012016 12,719,406 5,214,808 41.00% 66 12,719,406 5,348,194 42.05% 65 % 133,386 2019 10/1/2017 13,064,393 5,574,856 42.67% 67% 13,064,393 5,869,355 44.93 % 65% 294,499 2020 10/1/2018 13,467,835 5,972,690 44.35% 68% 13,467,835 6,451,042 47.90 66 478,351 2021 10/1/2019 13,806,053 6,325,160 45.81 % 69'5/0 13,806,053 6,994,448 50,66% 67% 669,288 2022 10/1/2020 14,206 6,308,717 44.41% 71% 14,206,556 7,124,966 50.15% 68% 816,249 2023 10/1/2021 14,478,239 6,415,737 44.31% 73% 14,478,239 7235,746 49.98% 70% 820,009 2024 10/1/2022 14,894,981 6,367,657 42.75% 75 % 14,894,981 7,138,835 47.93% 72% 771,178 2025 10/1/2023 15,172,936 6,363,121 41.94% 76% 15.172,936 7,087,043 46.71% 74% 723,922 2026 10/1/2024 15,358,012 6,437,914 41.920% 78% 15,358,012 7,122,898 46.38% 76% 684,984 2027 10/1/2025 15,661,615 6,663,941 42.55% 79% 15.661,615 7,322,456 46.75% 78% 658,515 2028 1411/2026 15,817,515 6,899,497 43.62% 80% 15,817,515 7,523,681 47,57% 79% 624,183 2029 10/1/2027 16,272,390 7,073,406 43.47 82% 16,272,390 7,648008 47.00% 81% 574,602 2030 10/1/2028 16,518,950 7,072,325 42.81% 83% 16,518,950 7,599,443 46.00% 83 % 527,118 2031 10/1/2029 16,941,143 6,973,514 41.16% 84 % 16,941,103 7,443,672 4194% 85% 470,159 2032 10 /1 /2030 17,488,016 7,080,146 40.49 85% 17,488,016 7,490,042 42.83% 86% 409,895 2033 10/1/2031 17,973,009 7,266,822 40.43% 87% 17,973,009 7,613,894 42.36 88% 347,072 2034 10/1/2032 18,477,404 7,458,469 44.37% 88% 18,477,404 7,735,228 41.86 90 276,759 2035 10/1/2033 19,046,233 7,675,703 40.30 89% 19,046,233 7,872,253 41.33% 91% 196,549 2036 10/t/2034 19,834,097 7,732,494 38.99% 90% 19 7,850,439 39.59% 93 0 /0 117,945 2037 14/112035 20,396,569 5,639,594 27,65% 92% 20,396,569 5,784,420 28.36% 95 % 144,826 2038 10/1/2036 21,109,885 5,167,090 24.48 93% 21,109,885 5,156,740 24.43% 96% (10350) 2039 10/1/2037 21,847,105 5,272,088 24.13% 94% 21,847,105 5,122,669 23.45% 97% (149,419) 2040 10/l/2038 22,643,296 5,099,469 22.52% 94% 22,643,296 4,922„880 21.74% 98% (176,589) 2041 10/1/2039 23,451,883 4,915,647 20.96% 94% 23,451,883 4,728,542 20.16% 98% (187,065) 2042 10/1/2040 24,280,029 4,969,652 20.47% 94% 24,280,029 4,716,160 19.42 99% (253,493) Total 162,732,005 171,694,582 8,962,577 Total Present Value 73,479,176 78,509,567 5,030,391 ' Assumptions Mortality Assumption: Healthy. RP -2000 Mortality Table for annuitants with mortality improvements projected to all future years using Scale BB; 90 blue / 10% white collar adjustment for males; 100 white collar adjustment for females. Disabled: 60% of RP -2000 Mortality Table for disabled annuitants with 4-year setback fiat males and 2 year set - forward for females, and 40% of RP2000 Mortality Table for healthy annuitants with a 106% white collar Current Investment Return Assumption and Actual Return on Plan Assets: 7.75% assumed; 7.25% actual return earned each year Administrative Expenses and Total Annual Chapter 185 State Money: Projected to increase 2.5% annually No future actuarial experience gains or losses are assumed, except for actual investment returns being less than assumed (7.25% actual each year). 2 Description of Proposed Assumption Change Investment Return Assumption is lowered by 10 basis points each year, starting with 7.65 on October 1, 2016, until reaching 7.25 %. 3 City of Boynton Beach Municipal Police Officers' Retirement Fund 25 -Year Projection of Required City Contributions Current Plan Design and Updated Assumptions' Scenario B Required City Required City Contribution Contribution >Fis cal Funded Funded Year Valuation Pensionable Ratio on Pensionable Ratio on Change as Ending Date Pay S Amount % of Pay Val pate Pay $ Amount % of Pay Val Date $ Amount 2017 10 /1 /2015 12,345,798 4,791,528 38.81% 63% 12,345,798 4,791,528 38.81% 63% 0 2018 10/1/2016 12,719,406 5,214,808 41.00% 66% 12,719,406 5,529,162 43.47% 64% 314,355 2019 10/1/2017 13,064,393 5,574,856 42.67% 67 % 13,064 ,393 5,934,488 45.42% 65% 359,632 2020 101112018 13,467,835 5,972690 44.35% 69% 13,467,335 6,355,141 47.19% 679/6 382,451 2021 10/1/2019 13,806,053 6,325,160 45.81% 69 13,806,053 6,715,077 48.64% 68% 389,917 2022 10 /1/2020 14,206,556 6 44.41% 71% 14,206,556 6,677,105 47.00% 70% 368,388 2023 10 /1/2021 14,478,239 6,415,737 44.31% 73% 14,478,239 6,769,227 46.75% 72% 353,491 2024 10/1/2022 14,894,981 6,367,657 42.75% 75% 14,894,981 6,694,216 44.94 74% 326,559 2025 1011/2023 15,172,936 6,363,121 41.94 76 0 %D 15,172,936 6665,853 43.93% 76% 302,732 2026 10/1/2024 15,358,012 6,437,914 41.92% 78% 15,358,012 6,720,327 43.76 78% 282,413 2027 1001/2025 15,661,615 6,663,941 42.55% 79% 15,661,615 6,927,833 44,23% 79 263,891 2028 10/10-026 15,817,515 6,899,497 43.62% 801/o 15,817,515 7,142,130 45.15% 80°10 242,632 2029 10/1/2027 16272,390 7,073,406 43.47% 82% 16,272,390 7,287,719 44.79% 82% 214,313 2030 10/1/2028 16,518,950 7,072.,325 42.81% 83% 16,518,950 7,262,051 43.96% 83% 189,726 2031 10/1/2029 16,941,103 6,973,514 41.16% 84% 16,941,103 7,133,159 42.11% 85% 159,645 2032 10/1/2030 17,488,016 7,080,146 40.49% 85% 17,488,016 7,207,441 41.21% 86% 127,295 2033 10/1/2031 17,973,009 7,266,822 40.43% 87 % 17,973,009 7,361,098 40.96% 88% 94,276 2034 10/1/2032 18,477,404 7,458,469 40.37% 88% 18,477,404 7,516,561 40.68% 89 0 /0 58,093 2035 10/1/2033 19,046,233 7,675,703 40.30% 89 0 /0 19,046,233 7,692,591 40.39% 91 % 16,888 2036 10/1/2034 19,834,097 7,732,494 38.99 90% 19,834,097 7,711,148 38.88 92% (21,346) 2037 10/1/2035 20,396,569 5,639,594 27.65% 92 20,396,569 5,646,439 27.68% 94% 6,845 2038 10/1/2036 21,109,885 5,167,090 24.48% 93% 21,109,885 5,099,640 24.16 95% (67,450) 2039 10/1/2037 21,847,105 5,272,088 24.13% 94 21,847,105 5,142,298 23.54% 96% (129,790) 2040 10/1/2038 22,643,296 5,049,469 22.52% 94% 22,643,296 4,963,025 21.92% 960/. (136,443) 2041 10/1/2039 23,451,883 4,915,607 20.96% 94% 23,451,883 4,781,591 20,39% 96 0 ,0 (134,016) 2042 10/1/2040 24,280,029 4,969,652 20.47% 94% 24,280,029 4,811,173 19.82% 97% (158,479) Total 162,732,005 1 66,538,023 3,806,018 Total Present Value 73,479,176 76,083,763 2,604,587 1 Assumptions Mortality Assumption Healthy: RP -2000 Mortality Table for annuitants with mortality improvements projected to all future years using Scale 1313; 90% blue / 10 white collar adjustment for males; 100% white collar adjustment for females. Disabled: 60% of RP -2000 Mortality Table for disabled annuitants with 4 -year setback for males and 2 -year set - forward for females, and 40% of RP2000 Mortality Table for healthy annuitants with a Miv white collar Current Investment Return Assumption and Actual Return on Plan Assets: 7.75% assumed; 7.25% actual return earned each year Administrative Expenses and Total Annual Chapter 185 State Money: Projected to increase 2.5% annually No future actuarial experience gains or losses are assumed, except for actual investment returns being less than assumed (7.25% actual each year), 2 Description of Proposed AsSUmntian Change Investment Return Assumption is lowered to 7,50% on October 1, 2016. 4 City of Boynton Beach Municipal Ponce Officers' Retirement Fund - 25-Year Projection of Required City Contributions 9,000,000 7,000,000 - 6,000,000 - 5,000,000 -*-Current Plan .2 4,000,000 Scenario A: 7.25% Ultimate Rate -*-- Scenario B: 7.50% Rate 3,000,000 - 2,000,000 - 1,000,000 0 z �O 4� T Fiscal Year End 5 City of Boynton Beach Municipal Police Officers' Retirement Fund - 25 -Year Projection of Funded Ratio E c 105% z 100% s 95% 90% i a 85% ^v - 80 ° 60 f ' 0 75 fo - #°Current Flan 2 —­Scenario A: 7.25 °fo Ultimate Rate 70% --Ar-Scenario B: 7.50% Rate 65% 60% Fiscal Year End 6 CITY OF 80YNTON REACH POLICE OFFICERS PENSION FUND A 2100 North Florida Mango Road West Palm Beach, Florida 33409 Telephone: 954.636.7170 Toll Free Fax: 866.769.0678 ACTUARY'S REPORT Enclosed: 1) E -Mail explaining the non - Impact on the Buy -Back Refund Policy from the Actuary 8/5/2016 Workspace Webmail :: Print tint l Close Window Subject: RE: Boynton Beach Police Officers' Pension Fund Refund of of Buy -Back Funds Froth: Pete.Strong @gabrietroeder.com Date: Fri, Aug 05, 2016 10:32 am •To. <bobd @bbpdp.org> Cc: <davew@bbpdp.org >, <c100550 @gabrie1roedercom> Hi Robert, T agree. If a member receives a refund of buy -back contributions and no credit for the service that was being bought, the member would be treated as though the buyback had never occurred iir the first place. From an actuarial standpoint, this will likely be no worse than cost neutral and may actually result in a small actuarial gain for two reasons: (1) as you mentioned, the fund will have earned investment earnings on the buyback contributions while they were invested in the fund (as long as the fund has experienced a positive investment return during such period), and (2) for valuation purposes, once a member starts paying for a buyback in installments, we reflect the increase in credited service associated with the buyback in the member's total credited service and increase the assets by the amount of receivable buyback installment payments remaining to be paid after the valuation date (i.e., we assume the buyback has been completed as of the valuation date). t By rolling back credited service to the pre - buyback amount, the liability in the Plan will decrease, potentially by more than the reduction in assets incurred by refunding the buyback contributions already made and removing the receivable amount for remaining installment payments. This potential gain would be due to the fact that the member is older, his pay is potentially higher, and he has more service than he did when the buyback amount was first calculated, so the value (liability) associated with the buyback will likely be higher at the time it is unwound and refunded than it was when it was initially purchased. Thanks! -Pete Strong; Teter N. Strong,, FSA, EA, FCA, MAAA 3 Senior Consultant and Actuary I 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 - 00£1.3 p_ete.s1[qnR@gabrJelroeder.com gabrielroedercom The above communication shall not be eorutnzred to provide tax advice, legal advice or investment odciee. Notice of Cot#­Identialily: This trnusrnission contains information that stay be confidential and that may also be privileged Unless you art the intended r -ecipient of the message (or authorized to receive it for the intended recipient), you mrry not copy, forward, or othencise use it, or disclose its contents to anyone else. ff you have received this trmumission in eritnr, please notify the sender immediately and delete it from your system. Please consider the environment before printing this e- - mail. From: bobd @bbpdp.org [mailto :bobd @bbpdp.org] Sent: Friday, August 05, 2016 1:01 PM To: Strong, Pete (FLPI) Cc: Dave Williams Subject: Boynton Beach Police Officers' Pension Fund Refund of of Buy -Back Funds hitpsllemaill8 .godaddycomiview_print mutB. php ?tidArray= 58giNBQX&aEmtPart =O 112 8/5/2016 Workspace Webmail :: Print Pete; Officers have several ways to pay for their buy -back of credited service time. members can pay the full amount, pay a partial lump sum payment along with payroll deductions or just payroll deductions. Apparently in the past, the Fund allowed the member(s) to stop the Buy -Back payroll deduction process and refund all of the money the member had paid into the Fund (just for the Buy - Back). The Fund would only allow this process when a member has a Hardship Condition and if the member did not complete the entire payment for the Buy -Back process. A similar situation of a Hardship Condition is now occurring for a current member. Just a few facts; (1) The member is paying for the initial actuary study for the cost of the Buy -Back, (2) the member does not obtain any credited service until the full amount is paid for (per City Ordinance -no partial credit can be given) and (3) the member is responsible for all costs related to the Buy -Sack. The Board wanted to know if they ,allow refunds for Hardship Conditions as long as the member has not completed the entire full payment for the Buy -Back, does this have an actuarial negative cost to the Fund or hurt the Fund in anyway you can think of? My initial thoughts were that there will be no present cost or some actuarial negative costs in the future because the Fund is not giving partial credit for payments made and the Fund keeps any investment returns from the member's payments. If possible, please let me know on this ASAP Thanks and have a great weekend Respectfully, Robert J. Dorn, Plan Administrator Boynton Beach Beach Police Officers' Pension Fund 2100 N. Florida Mango Road West Palm Beach, Florida 33409 Phone; 954.636.7170 Toll Free Fax: 866.759.0678 PUBLIC RECORD NOTICE Under Florida law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public- records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing. PRIVACY NOTICE This e -mail and any files transmitted with it are confidential and are solely for the use of the individual or entity to whom they are addressed. If you are not the original recipient or the person responsible for delivering the e-mail to the intended recipient, be advised that you have received this e-mail in error, and that any use, dissemination, forwarding, printing, or copying of this e-mail is strictly prohibited. If you received this e -mail in error, please immediately notify the sender. Copyright©2003 -2016. All rights reserved. Mips :llemaily8.godad4comfviewprint mtAFr .php?wdArray= 5MiNBOMaEmlParr{3 2)2 CITY OF 80YNTON REACH POLICE OFFICERS' PENSION FUND 2100 North Florida Mango Road West Palm Beach, Florida 33409 Telephone: 954.636.7170 Toll Free Fax: 866.769.0678 ATTORNEY'S REPORT Enclosed: 1) Contract with Gabriel, Roeder, Smith & Company - 2) Proposed Administrative Rule on Credit Card CONSULTING SERVICES AGREEMENT BETWEEN THE CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICERS' RETIREMENT FUND AND GABRIEL, ROEDER, SMITH & COMPANY Section I General Information A. Purpose The City of Boynton Beach Municipal Police Officers' Retirement Fund hereby enters into a contractual agreement with Gabriel, Roeder, Smith & Company (GRS) for actuarial and consulting services. The client in this matter shall be the City of Boynton Beach Municipal Police Officers' Retirement Fund ( BBMPORF) as represented by the Board of Trustees for such Fund. This Contract does not create any relationship between the Consultant and any other related private, not for profit, or governmental entity, including, but not limited to, the City of Boynton Beach (Plan Sponsor) itself or participants in the BBMPORF. Such entities may rely upon GRS work products only with the permission of both GRS and the BBMPORF. GRS shall have no obligation to work for such entities, however, GRS may elect to work for such an entity with the explicit consent of the BBMPORF and provided that copies of all related work products are provided to the BBMPORF. B. Entire Agreement and Order of Precedence This Agreement forms the complete and exclusive contract between the parties as it relates to this transaction. The failure of a parry to insist upon strict adherence to any term of the contract shall not be considered a waiver, or deprive the party of the right thereafter to insist upon strict adherence to that term, or any other term; of the contract. The contract may not be modified, amended, extended, or augmented, except by a writing executed by the parties, and any breach or default by a party shall not be waived or released other than in writing signed by the other party. Each provision of the contract shall be deemed to be severable from all other provisions of the contract and, if one or more of the provisions of the contract shall be declared invalid, the remaining provisions of the contract shall remain in full force and effect. The contract shall in all respects be governed by, and construed in accordance with, the laws of the State of Florida. Venue as to any actions shall be in the appropriate federal or state court in Palm Beach County, Florida. C. Term of Contract The contract is for the period extending from August 1, 2016, through July 31, 2021. By mutual agreement of the parties, the contract may be renewed on a year -to -year basis. Upon its expiration, in the absence of direct action to extend the contract, the contract shall be automatically extended for an additional year. 2016 -08 -04 Gabriel Roeder Smith & Company -1- D. Contractor Responsibilities GRS assumes responsibility for all contractual activities whether or not it performs them directly. GRS shall be the sole point of contact with regard to contractual matters, including payment of any and all charges resulting from the contract. The BBMPORF reserves the right to interview the key personnel assigned by GRS to this project and to request the reassignment of personnel deemed unsatisfactory by the BBMPORF. If any part of the work is to be subcontracted, the BBMPORF must be notified at least 30 days in advance, and must approve in writing. The BBMPORF reserves the _right to require that GRS replace any subcontractors found by the BBMPORF to be unacceptable. GRS shall be responsible for adherence by the subcontractor to all provisions of the contract. GRS warrants to the BBMPORF that the services performed under this Contract will be performed in accordance with generally accepted industry standards. GRS agrees that all work will be performed at a rate of progress that will ensure timely completion thereof. E. Client Responsibilities The BBMPORF agrees to review information supplied by GRS for general reasonableness, and to ensure that GRS has properly understood the assignment. In the event that the BBMPORF finds a GRS work product to be unreasonable or otherwise unsatisfactory, the BBMPORF shall not distribute such work product or otherwise make use of it, or rely upon it, until a correction has been made, or GRS has explained matters to the satisfaction of the BBMPORF. The BBMPORF agrees that GRS is not responsible for the accuracy of any data provided to GRS by the BBMPORF or its Administrators. In the event of discovery of an error by GRS in a calculation, the BBMPORF agrees to take immediate steps to mitigate the effects of such error. F. Accounting Records GRS shall maintain all pertinent financial and accounting records and evidence pertaining to this contract in accordance with generally accepted accounting principles (GAAP). G. Patent /Copyright Infringement and General Indemnification GRS shall indemnify, defend and hold harmless the BBMPORF and its employees and agents from and against all losses, liabilities, penalties, fines, damages and claims (including taxes), and all related costs and expenses (including reasonable attorneys' fees and disbursements and costs of investigation, litigation, settlement, judgments, interest and penalties) incurred in connection with any action or proceeding threatened or brought against the BBMPORF to the extent that such action or proceeding is based on a claim that any piece of equipment, software, commodity, or service supplied by GRS or its subcontractors, or the operation of such equipment, software, commodity, or service, or the use or reproduction of any documentation provided with such equipment, software, commodity, or service infringes any United States or foreign patent, copyright, trade secret or other proprietary right of any person or entity, which right is enforceable under the laws of the United States. In addition, should the equipment, software, commodity, or service, or the operation thereof, become, or in GRS' opinion be likely to become, the subject of a claim of infringement, GRS shall at its sole expense, (i) procure for 2016 -08 -04 Gabriel Roeder Smith & Company -2- the BBMPORF the right to continue using the equipment, software, commodity, or service, or if such option is not reasonably available to GRS, (ii) replace or modify the same with equipment, software, commodity, or service of equivalent function and performance so that it becomes non - infringing, or if such option is not reasonably available to GRS, (iii) accept its return by the BBMPORF with appropriate credits to the BBMPORF against GRS' charges and reimburse the BBMPORF for any losses or costs incurred as a consequence of the BBMPORF ceasing to use and returning the equipment, software, commodity, or service. GRS agrees to indemnify the BBMPORF from claims made by GRS employees while working on the BBMPORF premises on BBMPORF projects, provided that the BBMPORF has complied with all relevant Federal and State Laws related to workplace safety, and human rights, including, but not limited to anti- discrimination and anti - harassment laws. In any and all claims against the BBMPORF, or any of its agents or employees, by any employee of the contractor or any of its subcontractors, the indemnification obligation under the contract shall not be limited in any way by the amount or type of damages, compensation, or benefits payable by or for GRS or any of its subcontractors under worker's disability compensation acts, disability benefit acts, or other employee benefit acts. This indemnification clause is intended to be comprehensive. Any overlap in subclauses, or the fact that greater specificity is provided as to some categories of risk, is not intended to limit the scope of indemnification under any other sub clauses. The duty to indemnify will continue in full force and effect not withstanding the expiration or early termination of the contract with respect to any claims based on facts or conditions, which occurred prior to termination. H. Liability Insurance GRS shall purchase and maintain such insurance as will protect it from claims which may arise out of or result from its performance under the contract, whether such performance be by GRS or by any subcontractor or by anyone directly or indirectly employed by any of them, or by anyone for whose acts any of them may be liable. The insurance shall be written for not less than the greater of $1;000,000 and any limits required by law, and shall include contractual liability insurance as applicable to GRS' obligations under the indemnification clause of this contract_ GRS agrees to indemnify the client for all direct losses the client suffers due to gross negligence, error, or willful misconduct on the part of GRS in an amount equal to 10 times the fees paid under this contract during the year in which said negligence, error, or willful misconduct is alleged to have occurred, but not to exceed $250,000 in any year, or $500,000 in total. The indemnification provided by GRS for any single act of negligence, error, or willful misconduct shall not exceed $250,000. In the event of disputes, both parties to this contract agree to waive their right to a jury trial. 1. Board Minutes The BBMPORF shall routinely provide GRS with copies of Board Minutes for GRS's reference in connection with work to be performed pursuant to this contract. GRS is not obligated to provide corrections to the minutes. Silence on the part of GRS does not constitute agreement with the minutes, even with respect to meetings that the GRS Consultant attended or at which GRS was directly or indirectly quoted. 2016 -08 -04 Gabriel Roeder South & Company -3- J. Cancellation The BBMPORF, with written notice, may cancel the contract at any time. GRS may also cancel the contract with 30 days written notice for any of the following reasons: 1) The BBMPORF, the BBMPORF Plan Sponsor, or one or more plan participants or beneficiaries, or the State has filed a lawsuit against GRS in a matter related to the BBMPORF, its participants, or its beneficiaries, 2) a member of the BBMPORF Board or Staff has been found guilty of criminal or civil breach of fiduciary responsibility or other severe wrongdoing with respect to the BBMPORF or GRS, or 3) the BBMPORF Board or Staff demands that GRS take actions deemed by GRS Management to be unethical or illegal. GRS may otherwise cancel the contract upon giving 90 days written notice. If the BBMPORF cancels the contract for any cause other than the failure of GRS to fulfill the obligations of the quotation or contract, the BBMPORF shall pay GRS' reasonable final invoice for work performed under the contract. K. Delegation /Assignment GRS shall not delegate any duties under this contract to a subcontractor unless the BBMPORF has given prior written consent to the delegation. GRS may not assign the right to receive money due under the contract without the prior written consent of the BBMPORF. In addition, the BBMPORF reserves the right to approve subcontractors for this project and to require GRS to replace subcontractors who, in the judgment of the BBMPORF, are unacceptable. L. Non - Discrimination Clause In performing the contract, GRS agrees not to discriminate against any employee or applicant for employment, with respect to their hire, tenure, terms, conditions or privileges of employment, or any matter directly or indirectly related to employment, because of race, color, religion, national origin, ancestry, age, sex, height, weight, marital status, physical or mental handicap or disability. GRS further agrees that every subcontract entered into for the performance of any contract resulting from here will contain a provision requiring non- discrimination in employment, as herein specified, binding upon each subcontractor. M. Fees The fees set forth in this contract shall be firm for the duration of the contract. Other than routine fee updates for inflation, no fee changes will be permitted without prior written consent of the BBMPORF. N. Modification of Services The BBMPORF reserves the right to modify the service requirements during the course of the contract. Modifications may include adding, deleting, or altering the work to be performed under the contract. Any changes in pricing (increases or decreases) proposed by GRS as a result of service modifications are subject to written acceptance by the BBMPORF. In the event that price changes are not acceptable to the BBMPORF, the contract may be canceled. 2016 -08 -04 Gabriel Roeder Smith & Company -4- O. Confidentiality GRS shall instruct its employees and the employees of any subcontractor to keep as confidential information concerning the business of the BBMPORF, its financial affairs, its relations with its participating municipalities and courts, members, retirees and beneficiaries, and its employees, as well as any other information which may be specifically classified as confidential by the BBMPORF. At the BBMPORF's request, GRS or any subcontractor(s) and each of their employees may be required to sign confidentiality statements prior to beginning or continuing to work on the contract. GRS will not print full Social Security numbers on documents used for communication with the BBMPORF or its participants. In the event that the BBMPORF directs GRS to make exceptions to this policy, the BBMPORF agrees to indemnify GRS for any illegal use or misuse, security breaches, or identify thefts related to the use of such information by individuals other than GRS employees. GRS reserves the right to shred or otherwise dispose of information furnished by the BBMPORF to GRS one year following receipt, unless it receives instructions to the contrary from the BBMPORF. GRS will not reveal or disclose either information or findings concerning this contract with anyone who does not have a substantial need -to -know and who has not been expressly authorized in writing by the BBMPORF to receive the information/findings. GRS must ensure that all safeguards and proper procedures are implemented to protect confidential information. P. Record Retention GRS shall retain records of BBMPORF work appropriate to its business needs in accordance with its standard retention policy. Following the completion of the retention policy period, GRS shall be permitted to dispose of all such records unless otherwise directed by the BBMPORF in writing. GRS' standard retention policy for valuation reports, studies and actuarial impact statements is seven (7) years. Q. Tax Advice, Legal Advice and Investment Advice Based upon its general background and research on Federal Income Tax, Legal Issues, and Investment Matters, GRS employees may from time to time provide general comments and information on the same. However, no GRS work product shall be deemed to provide income tax advice, legal advice, or investment advice unless such work product contains one of the following phrases or substantially equivalent language. • "This work product is intended to provide income tax advice." • "This work product is intended to provide legal advice." • "This work product is intended to provide investment advice." No oral communication of any GRS employee shall be interpreted to provide income tax advice, legal advice, or investment advice. Further, no GRS work product shall be used for the purpose of avoiding tax - related penalties under the Internal Revenue Code or (ii) marketing or recommending to another party any tax - related matter addressed within the work product. 2016 -08 -04 Gabriel Roeder Smith & Company -5- R. Third Party Dealings GRS will not provide information related to the BBMPORF to third parties except with the permission of, and under the specific direction of, the BBMPORF. By giving such direction and permission, the BBMPORF agrees to indemnify GRS, or to require such third party to indemnify GRS, against the misuse or misunderstanding of GRS work products by such third party. GRS shall not review any third party work product except under the specific written direction of the BBMPORF to do so, and only for reasonable compensation. Such review if undertaken shall be limited to those areas in which GRS has expertise, and shall specifically exclude conclusions related to income tax, investment matters, and legal matters. S. Communications The BBMPORF shall appoint an individual to serve as GRS' main contact throughout the term of this agreement. GRS shall presume that all assignments given by such main contact are given with the permission of the BBMPORF Board of Trustees. GRS shall presume that all communications and materials provided to such main contact will be transmitted to the BBMPORF Board. GRS shall not take direction from any other individual without explicit consent of such main contact. T. Limitations GRS shall act with due diligence in all matters in which it provides services under this contract, but shall not serve as a fiduciary of the BBMPORF. GRS shall not be responsible under any circumstance for making employee or employer contributions to the BBMPORF. No provision of this contract shall be interpreted to require GRS to provide income tax advice, investment advice, or legal advice to the BBMPORF. GRS has no responsibility for the performance or non- performance of the BBMPORF assets, the structure of the BBMPORF portfolio, or the selection or termination of investment managers and consultants. U. Warranty GRS warrants that all work performed under the contract will be performed by individuals who are qualified to do so in accordance with requirements as are from time -to -time issued by various actuarial and other professional bodies. GRS warrants that the work product will be subject to an internal peer review procedure. Finally GRS warrants that GRS has no direct or indirect financial relationship to the BBMPORF, other than the relationship described in this contract. 2016 -08 -04 Gabriel Roeder Smith & Company -6- Section II Services and Fees A. Scope GRS shall perform actuarial and consulting services for the BBMPORF for the period August 1, 2016, through August 31, 2021. By mutual agreement of the parties, the contract may be renewed on a year -to -year basis. Upon its expiration, in the absence of direct action to extend the contract, the contract shall be automatically extended for an additional year. B. Services and Fees The regular and special services to be performed by GRS are Services Fees 1. Preparation of the Annual Actuarial Valuation Report and Annual $13,750* Employee Benefit Statements; attendance at a Board meeting to review the Annual Valuation Report 2. Compliance with Chapter 2013 -100 (Senate bill 534) $3,000 3. Preliminary GASB No. 67 Exhibits $1,500 - $2,500 4. Year -end true up GASB No. 67 Report $450 5. Actuarial Certification of Annual Chapter 185 State Money $600 6. Certification of Benefit Calculations $250 each 7. Service Purchase Calculations $450 each 8. Attendance at Board meetings other than item 1 above Hourly Rates 9. Actuarial Studies or Impact Statements requested by the Board Hourly Rates * This is the amount to be charged for the October 1, 2016 Actuarial Valuation Report, and it represents a 2.4% increase from the amount charged for the October 1, 2015 Actuarial Valuation Report. In subsequent years, this amount shall be adjusted annually by the change in Consumer Price Index (All Urban Consumers, U.S. All items, 1982 -84 =100) from September of the prior year to September of the current year. The annual adjustment will be no more than 3.0% per year. The BBMPORF shal I pay these fees to GRS within 30 days of receiving an invoice. The Annual Actuarial Valuation fee is based on the scope of work currently required by the State of Florida and GASB. GRS is not constrained from supplementing this list with additional items or elements deemed necessary to permit the development of alternative approaches or the application of proprietary analytical techniques, within the price schedule set forth in the proposal, unless agreed otherwise by the parties in writing. 2016 -08 -04 Gabriel Roeder Smith & Company -7- C. Other Services From time -to -time, the BBMPORF may require services other than those described. GRS may be asked to provide communication services, applied technology services, defined contribution plan services, or other supplemental consulting services not described above. Fees for such services shall be based on the hourly rates mutually agreed upon by the parties at the time and such services shall be subject to the terms described in a Letter of Engagement. If GRS is required by government regulation, subpoena, or other legal process to produce documents or any personnel as a witness with respect to the Services provided to Client, Client will reimburse GRS for the costs of professional time and expenses, including without limitation reasonable attorney's fees, incurred in responding to such requests, so long as GRS is not a party to the proceeding in which the information is sought. D. Transition If at the end of this contract, another vendor succeeds GRS as the BBMPORF's actuary, GRS shall fully cooperate in the transition of actuarial services, including providing the successor firm with up -to -date actuarial valuation data, assumptions, and results. Such cooperation is contingent upon the BBMPORF's agreement to pay GRS' reasonable final invoice for work performed under this contract. GRS shall charge fees for the first 10 hours of transition work requirements in accordance with the hourly rates described herein. For hours in excess of 10, the fees shall be based upon 150% of the otherwise applicable rates. E. Actuarial Audit In the event that an Actuarial Audit of GRS's work for the BBMPORF is performed during the term of this contract, GRS shall cooperate with the actuarial audit and the BBMPORF shall pay GRS reasonable fees associated with such cooperation. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed effective the 1 st day of August 2016. For GRS: For the BBMPORF: Gabriel, Roeder, Smith & Company City of Boynton Beach Municipal Police Officers' Retirement Fund 2016 2016 2016 -08 -04 Gabriel Roesler Smith 8. Company -8- CITY OF 80YNTON REACH POLICE OFFICERS' PENSION FUND '9r A . 2100 North Florida Mango Road West Palm Beach, Florida 33409 Telephone: 954.636.7170 Toll Free Fax: 866.769.0678 POLICY # to DATE ENACTED: 8/o9/16 REVISED DATE: None STATEMENT OF POLICY RULES for CREDIT CARD USE WHEREAS, pursuant to §18- 167((a)(6)(b) of the City Code, the sole and exclusive administration of, and responsibilities for, the proper operation of the retirement fund and for making effective provisions of this chapter are vested in the Board of Trustees. WHEREAS, §18- 167(b) of the City Code, the Board of Trustees ( "Board ") of the City of Boynton Beach Police Officers' Pension Fund ( "Fund ") has the power to construe all terms, rules, conditions and limitations of the Fund and its construction is final and conclusive on all parties; WHEREAS, The Board of Trustees ( "Trustees ") have determined to use credit cards for paying Trustees expenses, especially while traveling to conferences, seminars, and meetings and other expenses necessary to perform their duties for the City of Boynton Beach Police Officers' Pension Fund ( "Fund "); WHEREAS, the Trustees want to adopt an Administrative Policy for use of the credit card by the Trustees and Plan Administrator on behalf of the Fund consistent with their fiduciary duties and all other applicable laws; NOW, THEREFORE, it is hereby resolved that the following Administrative Policy for credit card use is hereby adopted: 1. GENERAL CONSIDERATIONS: A. The Trustees have a responsibility to ensure that credit card expenditures incurred by the Fund must clearly be linked to the business of the Fund. B. If the credit card is used for an expense for which a Trustee has been paid or is due payment from any other source, then the Fund shall be reimbursed for such expense. C. The Trustees shall approve all payments to the credit card holder in accordance with this Administrative Policy. D. The Trustees require the Plan Administrator to implement and manage this Administrative Police. City of Boynton Beach Police Officers' Pension Fund — Page 2 Rules FOR CREDIT CARD USE 2. PROCESS FOR ISSUANCE OF CREDIT CARDS A. Credit Cards shall only be issued to the Trustees and the Plan Administrator after being authorized by the Trustees. B. The Plan Administrator shall maintain a register of credit card holders. C. The established spending limits set for credit card use should not exceed the limit of the specific credit card holders. D. Prior to the credit card being issued, the recipient must be given a copy of this Administrative Policy. 3. PROCEDURES FOR USING THE CREDIT CARD A. The credit card is not to be used for any personal expenditure(s). B. The credit card will only be used for: (1) Payment of actual and reasonable travel and accommodations incurred on FUND business in accordance with the current Trustee expense policy. (2) Purchase of goods where prior authorization from the Trustees is given. C. All expenditures charged to the credit card should be supported by: (1) A credit card slip initialed by the Trustee or Plan Administrator which should contain a description of the purpose of the expenditure; or (2) A detailed invoice or receipt to confirm that the expenses are properly incurred on and for FUND business. D. Credit card holders may not approve their own expenditure(s). E. All purchases should be accounted for within five (5) working days of receiving a credit card statement. F. Cash advances are not permitted. 4. LIMITS AND RESTRICTIONS. The following limits are established: A. Spending amount per month — the card holder can incur transactions totaling five thousand dollars ($5,000.00) within any one calendar month billing cycle. B. A single purchase with the credit card may not exceed two thousand five hundred dollars ($2,500.00) City of Boynton Beach Police Officers' Pension Fund — Page 3 Rules FOR CREDIT CARD USE C. The Plan Administrator's office supply expenditure limit during a billing supply cycle shall be three hundred dollars ($300.00). 5. DISCRETIONARY BENEFITS A. Any benefits of the credit card such as a membership awards program are only to be used for the benefit of the Fund. B. Any benefits earned will be used to offset the payments. C. These benefits may not be redeemed for personal use. 6. CREDIT CARD HOLDERS A. The cardholder must never allow another person to use the credit card. B. The cardholder must protect the pin number used for the credit card. C. The cardholder may only purchase within the credit limit applicable to the credit card. D. The cardholder must notify the credit card company and the Fund immediately if the card is lost or stolen. E. The cardholder must return the credit card to the Fund upon termination from the Trustees or the of cease employment, the Trustee leaves the position on the Board or any time upon request by the Trustees. 7. ADMINISTRATIVE DOCUMENTATION A. The Plan Administrator shall review all monthly credit card statements for compliance with this Administrative Policy. B. All charges to the credit card shall be reported to the Trustees at the next regular meeting after receiving the credit card statement as part of the financial statements in a regular meeting. This Administrative Rule was considered by the Board of Trustees at a public meeting, following proper notice. The Administrative Rule was adopted by vote of the Board of Trustees on August g, 2016. Toby Athol, Chairman Jason Ilopis, Secretary 6 C/TY OF BOYNTON BEACH POLICE OFFICERS' PENSION FUND 2100 North Florida Mango Road West Palm Beach, Florida 33409 Telephone: 954.636.7170 Toll Free Fax: 866.769.0678 PLAN ADMINISTRATOR REPORT ■ Audit process has started; ■ The second letters of the Confirmation of Benefit forms were sent out to the Retirees -8o out of 112 responded as of this date; ■ Death checks were conducted by State Street — all clear; ■ DROP Disbursements Frank Danysh and Steven Schoenfeid DROP Disbursements which were approved on the 7/26/16 meeting and the members received their funds on 8/2/16; BENEFITS and CALCULATIONS • Midian Diaz entered the DROP on 07/01/2016 and the benefit selection l00% survivor annuity in the amount of $5,630.41; • Lorinda Broberg entered the DROP on 9/30/2o15 and her benefit selection was thew-year certain in the amount of $4o87.94. GRS is verifying the numbers; • Peter Zampini entered the DROP on o6/01/2016 and the his benefit selection was loo % survivor annuity in the amount of $5,36o.41; • Michael Holloway retired on 05 -14 -2016 and his monthly benefit started on o6- o1 -2o16. His benefit selection is the 10 year certain in the amount of $3,500.94; • Chad Martens entered the DROP on o5/o1/2o16 and his benefit selection was the 10o% survivor annuity in the amount of $5,767.39; • Theresa Everett entered the DROP on 04/01/2016 and the benefit selection is the 5o% survivor annuity in the amount of $5434.70; • Robert Burnell Early Retirement on 04/01/16 —His benefit was l00% Joint and Survivor option in the amount of $2,844.46 —The Actuary later reviewed the numbers and determined that the correct monthly amount should be $2,775.o1 a month, thus an over payment of $69.45 a month for the April, May, June, July & Aug payments. The September payment will be to the correct amount. Letter sent to Mr. Burnell on how he will wants to make the repayment of $347.25• Three options(1) full amount via a check, (2) full amount via one month from his benefit payment or (3) a reduction of $69.45 a month from his benefit payment for five months • Payment to Russell Investments Amendment 13 revision which is the current contract fee structure in place and Amendment 14 revision which is the proposed (new) contract fee structure — Difference- Quarterly fee is allowed to come directly from account to Russell Investments ■ The next quarterly meeting is scheduled for November 8, 2016 which is the national Election Day. I am requesting that we reschedule this quarterly meeting to November 9, 10, 15 or 16. D.R.O.P. DEFERRED RETIREMENT OPTION PLAN for THE BOYNTON BEACH POLICE PENSION FUND :i 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. have entered the Boynton (Print Name) Beach Police Officers' Pension Fund DROP on Z' "0f —oZ6'1 4ry . My pension (Enter Da benefit and DROP participation is based on Years o� Months Days of service. In compliance with Ordinance No. 08 -008, Sec. 18-175 (passed 05- 06 -08) this will establish �a� as my irrevocable resignation date with the City of (Enter Date) Boynton Beach. � ,v 10-? `w¢ a - 'for a. 3�3 " f •. '' _ t s ° r '. • 1 (Slgna 1L1n1 11a l Z Witness: (Print Name) Date: (Signature) r CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM~ FINAL STATF14ENT OF RETIREMENT BENEFITS ------ July 18, 2016 i `r Participant's Name: MIDIAN VAR DIAZ Social Security #: e You are eligible for a(n) NORMAL Retirement Benefit from 4 the Plan. Your benefit is payable at the beginning of each month com- mencing July 1, 2016 The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to recieve: 1. MODIFIED CASH REFUND AMWITYt This option provides monthly pay- ments of $ 6125.51 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 $ 6012.18 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 6012.18 will continue to be made to your beneficiary until a total of monthly payments have been made in all. y 3 3. 100% SURVIVOR ANNUITY: This option provides monthly payments $ 5630.41 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 5630.41 for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 5746.44 to you as long as you live. Your beneficiary, if living at ii the time of your death, will receive monthly payments of $ 4309,83 for 1 as long as he /she lives. r 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 5867.29 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 2933.65 for as long as he /she lives. 6. 66 -2/3% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 6031.42 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 $ 4020.91 will continue for the life of the remain - ing person. 7. 50$ JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 6254.47 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 $ 3127.24 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: 12/12/1996 Date of Termination: 07/01/2016 Adjusted Hire Date: 12/12/1996 Avg Final Monthly Comp: $8,785.63 Years of Credited Service: 19 Beneficiary Name: MIRIAM M DIAZ Date of Birth: i Page 2 Participant's Name: MIDIAN VAR DIAZ Social Security #: Accumulated Contributions: $9,264.57 After -Tax Contributions: $.00 Pre -Tax Contributions: $9,264.57 i Nontaxable Portion of Life Number of Months Nontaxable I Annuity Monthly Benefit: $.00 Portion Continues: 0 Nontaxable Portion of Joint Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 I ` 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: S I accept the terms abovI' ding my choice of annuity form, and confirm the information showto be correct. PARTICIPANT'S SIGNATURE: DATE: � �z 2 �yy BENEFICIARY'S SIGNATURE: v L DATE: f I I i Calculation Date: CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 July 18, 2016 f NAME DIAZ. MTnTBM AMP # 1875 SSN DEPT 21 * ADDRESS YTD CONTR. 4,026.76 CONTR(TAX) 109,264.57 BIRTH CONTR(NTX) .00 PEN HIRE 12/12/1996 BALANCE 109,264.57 ADJ HIRE 12/12/1996 RETIRE 07/01/2016 TYPE N LAST SERV 07/01/2016 60 MO EARN 527,137.63 ELIG NORM 12/12/2011 AVG MO EARN 8,785.63 ELIG EARLY 10/16/2011 SERV AT TERM 19 6 19 100% VEST 12/12/2001 AGE AT RETIRE 54 8 15 COMMENCE 07/01/2016 COM ANB /DIFF 55 3 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 I BEN NAME SERV OVERRIDE BEN $DAY PAY HIST FLAG IRREGULAR VAC HRS /CD 127.38/EJ HOURLY RATE 36.650 SIC HRS /CD 123.69 S4 VAC SIC PAYOUT 10,130.40 ACCRUE PER .00 EARLY OPTION LAST PAY 20160627 - 20160710 METHOD H5N TERM -DATE 20160701 RATE .68432 BENEFIT 6,012.18 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 6,012.18 LIFE ANNUITY FACTOR: 1.01885 MODIFIED LIFE ANNUITY 6,125.51 100% SURVIVOR FACTOR: .93650 100% SURVIVOR ANNUITY 5,630.41 SURVIVOR BENEFIT 5,630.41 75% SURVIVOR FACTOR: .95580 75% SURVIVOR ANNUITY 5,746.44 SURVIVOR BENEFIT 4,309.83 ' 50% SURVIVOR FACTOR: .97590 50% SURVIVOR ANNUITY 5,867.29 SURVIVOR BENEFIT 2,933.65 66% JOINT & LAST FACTOR:1.00320 66% JOINT & LAST ANNUITY 6,031.42 SURVIVOR BENEFIT 4,020.91 50% JOINT & LAST FACTOR:1.04030 500 JOINT & LAST ANNUITY 6,254.47 SURVIVOR BENEFIT 3,127.24 e EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS . 0 0 TAX -FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00 /00 /0000 00 /00 /0000 Prepared by * indicates manual override D.R.O.P. DEFERRED RETIREMENT OPTION PLAN for THE BOYNTON BEACH POLICE PENSION FUND 1 have received a copy of the provisions of the DROP contained in the Pension Plan. 1 am in full agreement with the terms set forth. 1 have been advised to seek the counsel of a qualified tax advisor regarding the tax consequences to me of entering the DROP. 1 fully understand that my participation in the DROP shall terminate at the end of five (5) years or thirty (30) years of service, whichever comes first. Failure to end DROP participation may result in penalties at the discretion of the Trustees, up to and including forfeiture of the DROP account. 1 1, �-4� 1 N D,� af- , have entered the Boynton (Print Name) Beach Police Officers' Pension Fund DROP on ��'— My pension (Enter Date) benefit and DROP participation is based on 46- Years &` Months Days of service. In compliance with Ordinance No. 08 -008, Sec. 18975 (passed 05- 06 -08) this will establish as my irrevocable resignation date with the City of (.Enter Date) Boynton Beach. y:; +r .rtls' t r- �'�� .,f. xhA��� •� q�C . #; .; . ` �t ..3 {:'# ,:t.x�. s/'+:^„f. `.`.5 ,r .+`� ... +4 `• sr. !j?. 1 - o- ri (Signature) Z�' Witness: (Print Name) i'-- Date: / V (Signature) CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM * ESE OF RETIREMENT BENEFITS F/ W,4- L- December 1, 2015 Participant's Name: LORINDA A BROBERG Social Security #: You are eligible for a(n) NORMAL Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing October 1, 2015 . The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to recieve: a«,_ _ 1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay- ments of $ 4165.00 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 $ 4087.94 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 4087.94 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. 3. 100% SURVIVOR ANNUITY: This option provides monthly payments. of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ .00 for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ .00 for as long as he /she lives. 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ .00 for as long as he /she lives. 6. 66 -2/3% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of $ .00 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ .00 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of $ .00 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: Pension Hire Date: 01/10/2005 Date of Termination: 09/30/2015 Adjusted Hire Date: 01/10/2000 Avg Final Monthly Comp: $7,429.25 Years of Credited Service: 15 Beneficiary Name: Date of Birth: 00 /00 /0000 Page 2 Participant's Name: LORINDA A BROBERG Social Security #: Accumulated Contributions: $57,290.09 After -Tax Contributions: $.00 Pre -Tax Contributions: $57,290.09 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 ove to be correct. PARTICIPANT'S SIGNATURE: DATE: BENEFICIARY'S SIGNATURE: DATE: Calculation Date: PENSION STATUS REPORT CITY OF BOYNTON BEACH POLICE PENSION SYSTEM DATE PREPARED: December 1, 2015 FOR: BROBERG, LORINDA A SSN: EMP NO: 3143 BIRTH DATE: AGE: PLAN: PP DEPT: 21 HIRE DATE: 01/10/2005 PENSION HIRE DATE: 01/10/2005 VEST DATE: 01/10/2010 ADJUSTED HIRE DATE: 01/10/2000 EARLY RETIRE DATE: 10/05/2010 LENGTH OF SERVICE-. 15 YR 10 MO NORMAL RETIRE DATE: 01/10/2015 TERMINATION DATE: 00/00/0000 BENEFICIARY: 14 BENEFICIARY BIRTH DATE: 00/00/0000 U �f'" �� �'� VACATION/SICK ACCRUALS CURRENT: HOURLY RATE: 36.86 VAC HOURS: 112.58 SIC HOURS: 77.26 2013 CAP: HOURLY RATE: 33.76 VAC HOURS: 205.60 SIC HOURS: 250.93 * * ACCOUNT BALANCE * * POST-TAX CONTRIBUTIONS: $ .00 PRE-TAX CONTRIBUTIONS: $ 57,290.09 CONTRIBUTION BALANCE: $ 57,290.09 ELECTIVE BENEFITS PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME PLAN YEAR CODE START END YY-MM-DD CONTRIBUTION CONTRIBUTION REFUNDS Pl 01/10/2005 00/00/0000 0 0 0 1,022.35 8,141.12 .00 Ml 01/10/2005 00/00/0000 0 0 0 1,022.35 8,141.12 .00 P2 03/07/2005 03/14/2010 5 0 0 .00 46,930.00 Pl - 1% HEALTH INSURANCE SUBSIDY Ml 1% MATCHING FUNDS P2 SERVICE BUY BACK PAYROLL DEDUCTION P9 SERVICE BUY BACK PAYROLL DEDUCTION 1P ARREARAGE 1% PA ARREARAGE 7% Ll SERVICE BUY BACK LUMP SUM - PRE-TAX L2 SERVICE BUY BACK LUM SUM - POST-TAX UL UNPAID LEAVE SERVICE REDUCTION D.R.O.P. DEFERRED RETIREMENT OPTION PLAN for j THE BOYNTON BEACH POLICE PENSION FUND i 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 tome of entering the DROP: I fully e 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 I, �A /j'/ P f /ZI ! ,have entered the Boynton (Print Name) f r e P / , — v . / e / Beach Police Officers' Pension Fund DROP on ( � My pension (Enter Date) benefit and DROP participation is based on o?O Years O Months 17 Days of service. In compliance with Ordinance No. 08 -008, Sec. 18 -175 (passed 05- 06 -08) this will establish .6 - 3/ — -Z as my irrevocable resignation date with the City of (Enter Date) j Boynton Beach. - k i Wa do'+ OMOW r ..As ,6 w .N.f •NOW .a. W 9 --- #V dMri. 1 4WAf0q Mo. 40 +err dog s 4fdit V/&V WWbrm"ONWAr)fi Olirrw► e Witnes (Print Name) Date: (Signature) rw.p, CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FIN AL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 �--- June 20, 2 016 NAME ZAMPINI, PETER J # 2659 SSN DEPT 21 ADDRESS YTD CONTR. 3,824.48 CONTR(TAX) 80,198.92 BIRTH CONTR(NTX) .00 PEN HIRE 05/14/2001 BALANCE 80,198.92 ADJ HIRE 05/14/1996 RETIRE 05/31/2016 TYPE N p LAST SERV 05/31/2016 60 MO EARN 488,131.03 ELIG NORM 05/14/2016 AVG MO EARN 8,135.52 ELIG EARLY 00/00/0000 SERV AT TERM 20 0 17 100% VEST 05/14/2006 AGE AT RETIRE 45 7 16 COMMENCE 06/01/2016 COM ANB /DIFF 46 -4 LAST EARN 00 /00 /0000 VESTED TDY /RET 100 100 BEN NAME SERV OVERRIDE BEN BDAY PAY HIST FLAG IRREGULAR VAC RRS /c.D 127.38/EJ HOURLY RATE 38.350 SIC HRS /CD 123.69 S4 VAC SIC PAYOUT 14,594.97 ACCRUE PER .00 EARLY OPTION LAST PAY 20160530- 20160612 METHOD H5N TERM -DATE 20160531 RATE .70163 BENEFIT 5,708.12 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 5,708.12 LIFE ANNUITY FACTOR: 1.00754 MODIFIED LIFE ANNUITY 5,751.16 100% SURVIVOR FACTOR'. .93910 100% SURVIVOR ANNUITY 5,360.50" SURVIVOR BENEFIT 5,360.50 75% SURVIVOR FACTOR: .95530 75% SURVIVOR ANNUITY 5,452.97 SURVIVOR BENEFIT 4,089.73 50% SURVIVOR FACTOR: .97210 50% SURVIVOR ANNUITY 5,548.86 SURVIVOR BENEFIT 2,774.43 66% JOINT & LAST FACTOR: .97470 66% JOINT & LAST ANNUITY 5,563.70 SURVIVOR BENEFIT 3,709.10 50% JOINT & LAST FACTOR: .99360 50% JOINT & LAST ANNUITY 5,671.59 SURVIVOR BENEFIT 2,835.80 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 0 0 TAX -FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00 /00 /0000 00/00/0000 Prepared by * indicates manual override CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS June 20, 2016 Participant's Name: PETER J ZAMPINI Social Security #: You are eligible for a(n) NORMAL Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing June 1, 2016 The amount of your monthly benefit depdnds on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to receeve: 1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay- ments of $ 5751.16 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 T HEREAFT ER: This option provides monthly payments of $ 5708.12 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment 'of $ 5708.12 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. V 3. 100% SURVIVOR ANNUITY: This option provides monthly payments of $ 5360.50 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 5360.50 for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 5452.97 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 4089.73 for as long as he /she lives. _ 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 5548.86 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 2774.43 for as long as he /she lives. 6. 66 -2/3% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 5563.70 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 $ 3709.10 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 5671.59 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 $ 2835.80 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: 05/14/2001 Date of Termination: 05/31/2016 Adjusted Hire Date: 05/14/1996 Avg Final Monthly Camp: $8,135.52 Years of Credited Service: 20 Beneficiary Name: Date of Birth: Page 2 Participant's Name: PETER J ZAMPINI Social Security Accumulated Contributions: $80,198.92 After -Tax Contributions: $.00 Pre -Tax Contributions: $80,198.92 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. PARTICIP'ANT'S SIGNATURE: A + DATE: BENEFICIARY'S SIGNATURE: a J DATE: Calculation Date: * * * PENSION STATUS REPORT * * * CITY OF BOYNTON BEACH POLICE PENSION SYSTEM DATE PREPARED: June 20, 2016 FOR: ZAzMPINI, PETER J SSN: EMP NO: 2659 BIRTH DATE: AGE: PLAN: PP DEPT: 21 HIRE DATE: 05/14/2001 PENSION HIRE DATE: 05/14/2001 VEST DATE: 05/14/2006 ADJUSTED HIRE DATE: 05/14/1996 EARLY RETIRE DATE: 00 /00 /0000 LENGTH OF SERVICE: 20 YR 0 MO NORMAL RETIRE DATE: 05/14/2016 TERMINATION DATE: 05/31/2016 BENEFICIARY: BENEFICIARY BIRTH DATE: * * VACATION /SICK ACCRUALS CURRENT: HOURLY RATE: 38.35 VAC HOURS: 127.38 SIC HOURS: 123.69 2013 CAP: HOURLY RATE: 35.12 VAC HOURS: 382.71 SIC HOURS: 323.98 * * ACCOUNT BALANCE * * POST -TAX CONTRIBUTIONS: $ .00 PRE -TAX CONTRIBUTIONS: $ 80,198.92 CONTRIBUTION BALANCE: $ 80,198.92 * * ELECTIVE BENEFITS PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME PLAN YEAR CODE START END YY -MM -DD CONTRIBUTION CONTRIBUTION REFUNDS P2 04/08/2002 04/07/2007 5 0 0 .00 24,180.00 P1 01/28/2002 00/00/0000 0 0 0 835.86 11,147.73 .00 Ml 01/28/2002 00/00/0000 0 0 0 835.86 11,147.73 .00 Pl - 1% HEALTH INSURANCE SUBSIDY M1 - 1% MATCHING FUNDS P2 - SERVICE BUY BACK PAYROLL DEDUCTION P9 - SERVICE BUY BACK PAYROLL DEDUCTION 1P - ARREARAGE 1% PA - ARREARAGE 7% L1 -- 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' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BEFITS June 9, 2016 Participant's Name: MICHAEL T HOLLOWAY Social Security #: You are eligible for a(n) NORMAL ` Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing June 1, 2016 The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to reciive: 1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay- ments of $ 3545.86 to you as long as you live. If you should die before you have received an amount equal to your own contributions to the Plan, payments will continue to your beneficiary until your own contributions have been used up. � ( 2. TEN YEAR CERTAIN AND LIFE TREREAFTER: This option provides monthly payments of $ 3500.94 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 3500.94 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. 3. 100% SURVIVOR ANNUITY: This option provides monthly payments of $ 3087.13 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 3087.13_ for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 3190.06 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 2392.55 for as long as he /she lives. _ 5. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 3300.69 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 1650.35 for as long as he /she lives. 6. 66 - 2/3% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 3235.57 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 $ 2157.03 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 3315.39 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 $ 1657.70 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 04/06/1965 Pension Hire Date: 05/14/2001 Date of Termination: 05/14/2016 Adjusted Hire Date: 05/14/2001 Avg Final Monthly Comp: $6,668.45 Years of Credited Service:. 15 Beneficiary Name: SUSAN HOLLOWAY Date of Birth: 11/08/1988 h Page 2 Participant's Name: MICHAEL T HOLLOWAY social Security #: Accumulated Contributions: $72,756.76 After -Tax Contributions: $.0.0 Pre --Tax Contributions: $72,756.76 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: r , .`a,t €, .Wy'a'LraLi�'"S �'_..ti .r� .. ,'".` 1-' :3G`.'2+`y'�,�.` # 7,3,.�?., - 3 .: f n . * * * PENSION STATUS REPORT * * * CITY OF BOYNTON BEACH POLICE PENSION SYSTEM DATE PREPARED: June 9, 2016 FOR: HOLLOWAY, MICHAEL T SSN: EMP NO: 2667 BIRTH DATE: AGE: PLAN: PP DEPT: 21 HIRE DATE: 05/14/2001 PENSION HIRE DATE: 05/14/2001 VEST DATE: 05/14/2006 ADJUSTED HIRE DATE: 05/14/2001 EARLY RETIRE DATE: 04/06/2015 LENGTH OF SERVICE: 15 YR 0 MO NORMAL RETIRE DATE: 05/14/2016 TERMINATION DATE: 05/14/2016 BENEFICIARY: BENEFICIARY BIRTH DATE: * * VACATION /SICK ACCRUALS CURRENT: HOURLY RATE: 34.02 VAC HOURS: 0.00 SIC HOURS: 0.00 2013 CAP: HOURLY RATE: 31.16 VAC HOURS: 74.80 SIC HOURS: 36.31 * * ACCOUNT BALANCE * * POST -TAX CONTRIBUTIONS: $ .00 PRE -TAX CONTRIBUTIONS: $ 72,756.76 CONTRIBUTION BALANCE: $ 72,756.76 * * ELECTIVE BENEFITS PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME PLAN YEAR CODE START END YY -MM -DD CONTRIBUTION CONTRIBUTION REFUNDS P2 00 /00 /0000 00 /00 /0000 0 0 0 .00 10,608.00 P1 01/28/2002 00 /00 /0000 0 0 0 531.02 10,093.26 .00 Ml 01/28/2002 00/00/0000 0 0 0 531.02 10,093.26 .00 P1 - 1% HEALTH INSURANCE SUBSIDY Ml - 1% MATCHING FUNDS P2 - SERVICE BUY BACK PAYROLL DEDUCTION P9 - SERVICE BUY BACK PAYROLL DEDUCTION 1P - ARREARAGE 1% PA - ARREARAGE 7% Ll - SERVICE BUY BACK, LUMP SUM - PRE -TAX L2 - SERVICE BUY BACK LUMP SUM - POST -TAX UL UNPAID LEAVE SERVICE REDUCTION CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 June 9; 2016 NAME HOLLOWAY, MICHAEL T # 2667 SSN DEPT 21 ADDRESS YTD CONTR. 2,107.94 CONTR(TAX) 72,756.76 BIRTH CONTR(NTX) .00 PEN HIRE 05/14/2001 BALANCE 72,756.76 ADJ HIRE 05/14/2001 RETIRE 05/14/2016 TYPE N LAST SERV 05/14/2016 60 MO EARN 400,107.02 ELIG NORM 05/14/2016 AVG MO EARN 6,668.45 ELIG EARLY 04/06/2015 SERV AT TERM 15 0 0 100% VEST 05/14/2006 AGE AT RETIRE 51 1 8 COMMENCE 06/01/2016 COM ANB /DIFF 51 -24 LAST EARN 00/00/0000 VESTED TDY /RET 100 100 BEN NAME SERV OVERRIDE BEN BDAY PAY HIST FLAG IRREGULAR VAC HRS /CD .00 /EJ HOURLY RATE 34. SIC HRS /CD .00 S4 VAC SIC PAYOUT .00 ACCRUE PER .00 EARLY OPTION LAST PAY 20160516 - 20160529 METHOD H5N TERM -DATE 20160514 RATE .52500 BENEFIT 3,500.94 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 3,500.94�� LIFE ANNUITY FACTOR: 1.01283 MODIFIED LIFE ANNUITY 3,545.86 100% SURVIVOR FACTOR: .88180 100% SURVIVOR ANNUITY 3,087.13 SURVIVOR BENEFIT 3,087.13 75% SURVIVOR FACTOR: .91120 75% SURVIVOR ANNUITY 3,190.06 SURVIVOR BENEFIT 2,392.55 50% SURVIVOR FACTOR: .94280 50% SURVIVOR ANNUITY 3,300.69 SURVIVOR BENEFIT 1,650.35 66% JOINT & LAST FACTOR: .92420 66% JOINT & LAST ANNUITY 3,235.57 SURVIVOR BENEFIT 2,157.03 50% JOINT & LAST FACTOR: .94700 50% JOINT & LAST ANNUITY 3,315.39 SURVIVOR BENEFIT 1,657.70 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 0 0 TAX -FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00/00/0000 00 /00 /0000 Prepared by * indicates manual override D.R.O.P. DET=ERRED 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 tome 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, C /1)9 b /fRf}R l/i1. , have entered. the Boynton (�'rint Name) Beach Police Officers' pension Fund DROP on,� f My pension rater ate) benefit and DROP participation is based on c;ZC4 Years 6 Months Days of service. In compliance with Ordinance No. 08 -008, Sec. 18-175 (passed 05- 06 -08) this will establish c2 O,7-1 as my irrevocable resignation date with the City of (Enter Date) Boynton Beach. +'s -.�� Y3. }� ' y.Y� A � ..` � �5l ,. "`.�. 'Y ik .•� _ -� . mss:. ...:. l.J�� _. .... .: .. . ' .... ...,.... .. .. ,.�� .._. (Signature) Witness: (Print Name) Date: (signature) CITY OF BOYNTON BEACH POLICE OFFICERS` RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 ~ May 19, 2016 NAME MARTENS, CHAD EDWAR # 1930 SSN DEPT 21 ADDRESS YTD CONTR. 2,621.99 CONTR(TAX) 96,405.09 BIRTH CONTR(NTX) .00 PEN HIRE 04/03/1997 BALANCE 96,405.09 ADJ HIRE 04/03/1996 RETIRE 04/30/2016 TYPE Nl> LAST SERV 04/30/2016 60 MO EARN 518,447.78 ELIG NORM 04/03/2016 AVG MO EARN 8,640.80 ELIG EARLY 00 /00 /0000 SERV AT TERM 20 0 27 1000 VEST 04/03/2002 AGE AT RETIRE 44 2 12 COMMENCE 05/01/2016 COM ANB /RIFF 44 -1 LAST EARN 00/00/0000 VESTED TDY /RET 100 100 BEN NAME SERV OVERRIDE BEN BDAY PAY HIST FLAG IRREGULAR VAC HRS /CD 127.38/EJ HOURLY RATE 36.650 SIC HRS /CD 123.69 S4 VAC SIC PAYOUT 2,611.82 ACCRUE PER .00 EARLY OPTION LAST PAY 20160418- 20160501 METHOD H5N TERM -DATE 20160430 RATE .70259 BENEFIT 6,070.94 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 6,070.94 LIFE ANNUITY FACTOR: 1.00592 MODIFIED LIFE ANNUITY 6,106.88 100% SURVIVOR FACTOR: .95000 100% SURVIVOR ANNUITY 5,767.39 SURVIVOR BENEFIT 5,767.39 75% SURVIVOR FACTOR: .96340 75% SURVIVOR ANNUITY 5,848.74 SURVIVOR BENEFIT 4,386.56 50% SURVIVOR FACTOR: .97720 50% SURVIVOR ANNUITY 5,932.52 SURVIVOR BENEFIT 2,966.26 66% JOINT & LAST FACTOR: .98430 66% JOINT & LAST ANNUITY 5,975.63 SURVIVOR BENEFIT 3,983.71 50% JOINT & LAST FACTOR:1.00250 50% JOINT & LAST ANNUITY 6,086.12 SURVIVOR BENEFIT 3,043.06 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 0 0 TAX --FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00 /00 /0000 00/00/0000 Prepared by * indicates manual override F 4 * * * PENSION STATUS REPORT CITY OF BOYNTON BEACH POLICE PENSION SYSTEM DATE PREPARED: May 19, 2016 FOR: MARTENS, CHAD EDWAR SSN: EMI' NO: 1930 BIRTH DATE: ACE: PLAN: PP DEPT: 21 HIRE DATE: 04/03/1997 PENSION HIRE DATE: 04/03/1997 VEST DATE: 04/03/2002 ADJUSTED HIRE DATE: 04103/1996 EARLY RETIRE DATE: 00/00/0000 LENGTH OF SERVICE: 20 YR 0 MO NORMAL RETIRE DATE: 04/03/2016 TERMINATION DATE: 04/30/2016 BENEFICIARY: BENEFICIARY BIRTH DATE: * * VACATION /SICK ACCRUALS CURRENT: HOURLY RATE: 36.65 VAC HOURS: 127.38 SIC HOURS: 123.69 2013 CAP: HOURLY RATE: 34.58 VAC HOURS: 404.01 SIC HOURS: 238.07 * * ACCOUNT BALANCE * * POST -TAX CONTRIBUTIONS: $ .00 PRE -TAX CONTRIBUTIONS: $ 96,405.09 CONTRIBUTION BALANCE: $ 96,405.09 * * ELECTIVE BENEFITS * * PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME PLAN YEAR CODE START END YY -MM -DD CONTRIBUTION CONTRIBUTION REFUNDS P1 01/28/2002 00/00/0000 0 0 0 666.98 11,753.21 .00 Ml 01/28/2002 00 /00 /0000 0 0 0 666.98 11,753.21 .00 Ll 10/01/2015 10/01/2015 1 0 0 45,388.00 45,388.00 P1 - 1% HEALTH INSURANCE SUBSIDY Ml - 1% MATCHING FUNDS P2 - SERVICE BUY BACK PAYROLL DEDUCTION P9 - SERVICE BUY BACK PAYROLL DEDUCTION 1P - ARREARAGE 1% PA - ARREARAGE 7% Ll - SERVICE BUY BACK LUMP SUM - PRE -TAX L2 - SERVICE BUY BACK LUMP SUM - POST -TAX UL - UNPAID LEAVE SERVICE REDUCTION CXTY OF BOYN ON BEACH FQLKE QFFIG I RE`1M�_ SISTEM NINA . STATME NT ' OF 01T SWAITS �s} 7 May 1�, 2D1fi Partic I n T�c=Ls : �+Ci X Fil +7.F' R MART socia vsana,-i l y ; S the 0Q. Ybur benefit is payable at ;he begin0rq mash month . A on The Op nna _� f0- of aI. °I Sit which s a_ P10se indicate #c onc opzional KIM listed below AM you elect to repiere; 1. MODIFIED CASH REFUND ANNUITY: This cpti n providea month.ly ga,r- xeal.s A tc you as lc �. as f l ive. if ou shou d ie bofo= y ou have r avelved an a:'!i•.37.rz egnal to your own c%3I;'=Z".1F:11Y.' ?Il: to Qe -' an, pa iymoaLs will continue zo your bererici ry until, yo own ontribezi ns have been Uzet ups Gy. 2. TEN YEAR CERTAIN AND LIFE TMERBAFTZ& This Opti pr. ov i de mon jr'C.�,�ILLI L A $ GUM 3S to �a"�`'u s you live. if lam,} ' long 4 �' 1'.� L_. 4�4 � �� `�f� ":.Z tic di yjeTl-re 12r miz�nt.hl ;v 5a'dfC1FT11's hive been Made, the Monobly Pe Ili, of :? 6076. QiL _'ua Llat1ue Lo be nado Lo youq EJ°LI.elicier!.,`,; L: it a Mal off: 120 nalthl ;; Pj -ments have been made in ail 3. 100% SURVIVOR AN=TY; This apti or ; Wex monthly payments of S , .170.39 to you an long an You live. youz benaiiuiazy, ii living at tho 's X0 Of Yc:=.ir dealt, will receive monthly payments; of $ 5767.3f for as; long as he/she lives. 4. 751 SURNWOR ANRoijiY: TbjZ option providez monthly payments to of 1' long 1:c J.'.�:C . lAt K1iiL•. �. .; cl.� , i..:. :YQ a;a V the time of'�your ': eamb, will r ?t. ^ei ve monthly pc3p'Tlit?S'1ts of ~•` j fh§.:?§ for as Wag as HIM lives. * 5, SO-* SURVIVOR AMITY: Ws op than pruv_den aeaWl�t payments o! 1 to you as long as you live- Your C,'.'Crnefistary, it living at the r0e of Your r will -`w ivE EC?':it_2..y iJ:L3't?+,.n_, of $ 2966. 2 6 f+;;?t as long as be/shn Mve,A. 6- 66 -213% JOINT AND LAST SURV VOR .ANNUITY: obi :gip t. i or p rovides nortbly payments of aS ; S. c _F, t , as lo yc h_ L_.:ia y We Ming. After the dPazh of s itter , or our beneficiary, monthly payments of $ 3981-7 will OoMinwo r"nt oh'•t Life of the remain - 7. 50% JOINT AIL) LAST SURVIVOR ANNUITY: Ms option pr!id" dxs monthl.y payments of $ E086. =2 to you as 1� ng an moot you and yonz l ono - ': ..iary are livi After 70 devzh of n4theY y,o or your b=- neficiary, ontill`y' paymentR of 1043.06 6 Oil! =L..r.. a 6r :h l ife of _he reMa_n- `r_q person. _ ��.� ��� i O T � FJ.J�Li� L'f'�+d 1 i NG ye �l�� .]1.4Jt �.. ..G �. �'tt � =�_'.. C_ ✓i.L _ 1`0li7� , � a — ie of ,`�.ir7h: o ^v}.:(,`',? i ixeL Date: 0 Me-' on = e_tYin atl n: 04/ 3012016 Ad usted Hirt Da Le: C410311996 Avg Fin -Manthl'v C:.L'+iIYn ,:L".0 .. ^ Years of Credi Se rvice: 2C Page participant*. Name: MAD EDWAR WRTENS SOCK! swellity 1: W,40549 S-10 Pre-Tax SQT'ribuzions: S56,405-09 Nunlaxable portion A Wff'C: Nqabqr nj Montba Nontaxable AZInUi BL':1L'!iL: *.00 PozL COSIOUM: Nontaxable PorzLoa of ;r,,jn7 N=;be: Of monrhs survivor Mor' Benefit.: S.50 Portion onlauesz Me Survivon .E Tit beaelii amounts shown uDuvu win named uu We banoficiary named ahave and are payable only zn nbiA hansfictary. Tf you Ash La change your neaaliciary befoxe youx paymonts begin, now amounts will have no be calculated, ROARD OF TRUSTEES: By WE: T acaepr_ the tern2 above, including my Cho.Li::e ul azrUIL'Ly iorm, a-ad tho. ;Lnforr"ation shown zbonve to be carr'p..'=. T. -.S S ';'G -PAR 1 11CM . ". % X ME: A MAYmn h `� r zzaz Calculation Date: D.R.O.P. DEFERRED RETIREMENT OPTION PLAN for THE BOYNTON BEACH POLICE PENSION FUND 1 have received a copy of the provisions of the DROP contained in the Pension Plan. I am in full agreement with the terms set forth. I have been advised to seek the counsel of a quailed tax advisor regarding the tax consequences to me of entering the DROP; t 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. 77� , have entered the Boynton (Print Name) Beach Police Officers' Pension Fund DROP on e - j — ,'2' G"/ My pension (Enter Date) benefit and DROP participation is based on / years __Z Months Days of service. In compliance with Ordinance No. 08 -008, Sec. 1B-175 (passed 05- 06 -08) this will establish 0 3 - 31 — -ZP�Z / as my irrevocable resignation date with the City of (Enter Date) Boynton Beach. w • s , R t y a r, , c �' �e�a � .x�� r ,C� ,' �s � `.�, a ,� � ; s`r � ).yY , Signature) Sr4 C. UVitnesr (Print Name) 4 J Date:T / (Signat re) n Flo CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 May 2, 2016 NAME EVERETT, THRRFSA r # 1829 SSN DEPT 21 ADDRESS YTD CONTR. 2,250.21 CONTR(TAX) 96,497.92 BIRTH CONTR(NTX) .00 PEN HIRE 08/06/1996 BALANCE 96,497.92 ADJ HIRE 08/08/1996 RETIRE 03/31/2016 TYPE N LAST SERV 03/31/2016 60 MO EARN 489,086.71 ELIG NORM 08/08/2011 AVG MO EARN 8,151.45 ELIG EARLY 03/08/2011 SERV AT TERM 19 7 23 100% VEST 08/06/2001 AGE AT RETIRE 55 0 23 COMMENCE 04/01/2016 COM ANB /DIFF 55 0 LAST EARN 00/00 /0000 VESTED TDY /RET 100 100 BEN NAME SERV OVERRIDE BEN BDAY PAY HIST FLAG IRREGULAR VAC HRS /CD 109.26/EJ HOURLY RATE 40.040 SIC HRS /CD 104.38 S4 VAC SIC PAYOUT 6,037.08 ACCRUE PER .00 EARLY OPTION LAST PAY 20160321- 20160403 METHOD H5N TERM -DATE 20160331 RATE .68762 BENEFIT 5,605.10 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 5,605.10 LIFE ANNUITY FACTOR: 1.01885 MODIFIED LIFE ANNUITY 5,710.76 100% SURVIVOR FACTOR: .92500 100% SURVIVOR ANNUITY 5,184.72 SURVIVOR BENEFIT 5,184.72 75% SURVIVOR FACTOR: .94680 75% SURVIVOR ANNUITY 5,306.91 SURVIVOR BENEFIT 3,980.18 / { 44 50% SURVIVOR FACTOR: .96960 50% SURVIVOR ANNUITY 5,434.70 �Pr . SURVIVOR BENEFIT 2,71,7.35 66% JOINT & LAST FACTOR: .98540 66% JOINT - & -WST ANNUITY 5, 5 SURVIVOR BElTE•FIT 3, 6$2 50 JOINT & LAST FACTOR:1.018$0 50 JOIST ANNUITY x,..710.48 SURVIVOR ENEFIT 2, 85`5 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 0 0 TAX -FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00 /00 /0000 00/00/0000 Prepared by * indicates manual override CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM FINAL, STATEMENT OF RETIREMENT BENEFITS May 2, 2016 Participant's Name: THERESA C EVERETT Social Security #: You are eligible for a(n) NORMAL Retirement Benefit from the Plan_. Your benefit is payable at the beginning of each month com- mencing April 1, 2016 The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to receeve: 1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay- ments of $ 5710.76 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 2. TEN YEAR CERTAIN AND LIFE THEREAFTER: This option provides monthly payments of $ 5605.311 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 5605.10 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. 3. 100% SURVIVOR ANNUITY: This option provides monthly payments of $ 5184.72 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 5184.72 for as long as he /she lives. 4. 75% SURVIVOR ANNUITY: This option provides monthly payments of $ 5306.91 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 3980.18 for as long as he /she lives. 5. 50 SURVIVOR ANNUITY: This option provides monthly payments f $ 5434.70 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 2717.35 for as long as he /she lives. 6. 66 -2/3% JO INT AND LAST SURVIVOR- - ANNUITY': -" This . option provides monthly payments of $ 5523.27 -you as long as bath. -you and your bene- ficiary are living. After he death of either _you or your beneficiary, monthly payments.. .o-f $ 3682.14 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANI+IUU:Y °µ° This option provides monthly payments of $ 5710_.48 to yo,x;s` °long as both you and hour "bene- ficiary are living. After the of either you or your.��laeneficiary, monthly payments of $ 2855r�14 will continue for the lif -e the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: Pension Hire Date: 08/08/1996 Date of Termination: 03/31/2016 Adjusted Hire Date: 08/08/1996 Avg Final Monthly Comp: $8,151.45 Years of Credited Service: 19 Beneficiary Name: Date of Birth: as - At Page 2 Participant's Name: THERESA C EVERETT Social Security #: T q17 Accumulated Contributions: After -Tax Contributions: $.00 Pre -Tax Contributions: $� 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 SIGNA DATE: V, BENEFICIARY'S SIGNATURE: Cr ` � , Ki DATE: v X 3 0 — Calculation Date: * * * PENSION STATUS REPORT * * * CITY OF BOYNTON BEACH POLICE PENSION SYSTEM DATE PREPARED: May 2, 2016 FOR: EVERETT, THERESA C SSN: EMP NO: 1829 BIRTH DATE: AGE: PLAN: PP DEPT: 21 HIRE DATE: 08/08/1996 PENSION HIRE DATE: 08/48/1996 VEST DATE: 48/08/2001 ADJUSTED HIRE DATE: 08/08/1996 EARLY RETIRE DATE: 03/08/2011 LENGTH OF SERVICE: 19 Yid 8 MO NORMAL RETIRE DATE: 08/08/2011 TERMINATION DATE: 03/31/2016 BENEFICIARY: BENEFICIARY BIRTH DATE: * * VACATION /SICK ACCRUALS CURRENT: HOURLY RATE: 40.04 VAC HOURS: 109.26 SIC HOURS: 104,38 2013 CAP: HOURLY RATE: 36.67 VAC HOURS: 282.78 SIC HOURS: 215.61 A; * * ACCOUNT BALANCE POST —TAX CONTRIBUTIONS: $ .00� PRE —TAX CONTRIBUTIONS: $ 96,497.92 CONTRIBUTION BALANCE: $ 96,497.92 * * ELECTIVE BENEFITS PURCHASE PURCHASE SERVICE PLAN YEAR LIFETIME PLAN YEAR CODE START END YY —MM —DD CONTRIBUTION CONTRIBUTION REFUNDS P1 01/28/2002 00 /00 /0000 0 0 0 605.95 11,697.28 .00 M1 01/28/2002 00/00 /0000 0 0 0 605.95 11,697.28 .00 Pi — 1% HEALTH INSURANCE SUBSIDY M1 — 1% MATCHING FUNDS P2 — SERVICE BUY BACK PAYROLL DEDUCTION P9 — SERVICE BUY BACK PAYROLL DEDUCTION 1P — ARREARAGE 1% PA — ARREARAGE 7% L1 — SERVICE BUY BACK LUMP SUM — PRE —TAX L2 — SERVICE BUY BACK DUMP SUM POST —TAX UL — UNPAID LEAVE SERVICE REDUCTION las Gabriel Roeder Smith & Company One Bast Broward Blvd. 954.527.161.6 phone t Consultants :& Actuaries Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301 -1$04 www.gabrieiroeder com August 3; 2016 CONFIDENTIAL Mr. Robert J. Dorn Plan Administrator Boynton Police Officers' Pension Fund 2100 N. Florida Mango Road West Palm Beach, FL 33409 Re: Boynton Beach Municipal Police Officers' Retirement Trust Fund Dear Robert: You have asked us to verify the retirement benefits for the following participant: BURNELL, Robert (Early Retirement) Based on the information provided,, we have determined the retirement benefit provided to us for the above participant was not calculated in accordance with plan provisions. The following benefit should replace the benefit provided to us; Early Retirement Form of Benefit Option Factor Reduction Factor Amount Retirement Date 00% Joint and Survivor 0.97470 0.9510 $2,775,01 April 1, 2016 Mr. Burnell is not eligible for the age 50 with 15 years of service Normal Retirement Provision because he had not completed 15 years of service as of his termination date. Therefore, Mr. Burnell's Normal Retirement Date is July 6, 2019 (his 55' birthday), so the Early Retirement Reduction should be 4.9 %, resulting in an Early Retirement factor of 0.9510. 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 9 /6 male rates and 20% female rates. We welcome your questions and comments: Sincerely yours eter N. Strong, FSA, ftEA,A, MAAA Senior Consultant and Actuary PS /tw This communication shall not be construed to provide tax advice, legal advice or investment advice. a& Aly CITY OF BOYNTON BEACH POLICE OFFICERS' RETIREMENT SYSTEM � r FINAL STATEMENT OF RETIREMENT BENEFITS April 25, 2016 Participant's Name: ROBERT E BtRNELL Social Security #: 063- 60 -xxxx i You are eligible for a(n) EARLY Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing April 1, 2016 The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to recieve: 1. MODIFIED CASE REFUND ANNUITY: This option provides monthly pay - ments of $ 2959.50 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 i have been used up. .q 2. TEN YEAR CERTAIN AND LIFE T EMW E X R: This option provides monthly payments of $ 2918.29 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 2918.29 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. 3. 100% SURVIVOR ANNUITY: This option provides monthly payments of $ 2844.46 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 2844.46 for as long as he /she lives. ' 4. 7516 SURVIVOR ANNUITY: This option provides monthly payments of $ 2872.47 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 2154.35 for as long as he /she lives. S. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 2900.78 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 1450.39 for as long as he /she lives. 6. 66 - 2/3% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 3136.87 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 $ 2091.23 will continue for the life of the remain - 1 1 ing person. i 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 3307.30 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 $ 1653.65 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 07/06/2964 Pension hire Date: 02/04/2002 Date of Termination: 04/01/2016 Adjusted Hire Date: 02/04/2002 Avg Final Monthly Comp: $6,040.62 Years of Credited Service: 14 Beneficiary Name: EILEEN M ANDERSON BU Date of Birth: 09/09/1950 Page 2 Participant's Name: ROBERT E BURNELL Social Security #: 063- 60 -xxxx s s Accumulated Contributions: $63,269.00 After -Tax Contributions: $.00 Pre -Tax Contributions: $63,269.00 i 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, inc ing my choice of annuity form, and t confirm the information shown abo e o be correct. DATE: '7 ! T �' '` [. DATE: Uo IN Calculation Date: AUL 9 i 6 t r CITY OF BOYNTON BEACH POLICE OFFICERS" RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 July 12, 2016 NAME BURNELL, ROBERT E # 2771 SSN 063 -60 -xxxx DEPT 21 ADDRESS 7777 THORNLEE DR. YTD CONTR. 1,481.51 } LAKE WORTH, FL 33467 CONTR(TAX) 63,269.00 i BIRTH 07/06/1964 CONTR(NTX) .00 PEN HIRE 02/04/2002 RALANCE 63,269.00 r ADJ HIRE 02/04/2002 RETIRE 04/01/2016 TYPE E LAST SERV 04/01/2016 )2,437.11 ELIG NORM 02/04/2017 F ELIG EARLY 07/06/2014 14 1 28 COMMENCE 04/01/2016 a fly q � � ' 5 14 LAST EARN 00/00/0000 100 100 BEN NAME EILEEN M ANDER5 BEN. BDAY 09/09/1950 IRREGULAR VAC HRS /CD .00 /EI 34.026 SIC HRS /CD .00 S3 _ 1.4.78 4 i ACCRUE PER .00 EARLY LAST PAY 24160404 - 20160 TERM -DATE 20160401 � /'� .49564 is 2,993.73 j EARLY REDUCTION FACTOR: .04900 EARLY RETIRE BENt;r'i,. 2,847.04 TEN YEAR CERTAIN & LIFE 2,847.04 LIFE ANNUITY FACTOR: 1.01412 MODIFIED LIFE ANNUITY 2,887.24 4 100% SURVIVOR FACTOR: .97470 100% SURVIVOR ANNUITY 2,175.01 SURVIVOR BENEFIT 2,775.01 75% SURVIVOR FACTOR: .98430 75% SURVIVOR ANNUITY 2,802.34 SURVIVOR BENEFIT 2,101.76 50% SURVIVOR FACTOR: .99400 50% SURVIVOR ANNUITY 2,829.96 SURVIVOR BENEFIT 1,414.98 i 66% JOINT & LAST FACTOR.1.07490 66W JOINT & LAST ANNUITY 3,060.28 SURVIVOR BENEFIT 2,040.17 50% JOINT & LAST FACTOR;1.13330 50% JOINT & LAST ANNUITY 3,226.55 SURVIVOR BENEFIT 1,613.28 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 0 0 TAX -FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00/00/0000 00/00/0000 Prepared by — * indicates manual override i i EXHIBIT B TO INVESTMENT MANAGEMENT AGREEMENT Fee Schedule i Boynton Beach Police Retirement Fund As required by our Agreement, a schedule outlining fees for services provided by Russell Trust Company is provided below for your review and approval. Total assets invested in $25 M - $35 M - $75 M - $125+ M actively- managed Russell funds $35 M $75 M $125 M z: �;,. t Russell Trust Company Commingled Annual Fee (°/4 Employee Benefit Funds Trust Russell Large Cap Defensive Equity Fund 0.71% 0.68% 0.66 % 0.64% Russell Multi- Manager Bond Fund 0.54% 0.51% 0.49% 0.47% Russell Short -Term Investment Fund * 0.24% 0.23% 0.22% 0.21% j Russell Real Estate Equity Fund 1.50% 1.47% 1.45% 1.43% Russell Multi -Asset Core Fund 0.97% 094% 0.92% 0.90% Russell Institutional Funds, LLC Russell Absolute Return Fixed Income Fund 1.04% 1.01% 0.99% 0.97% * For purposes of determining the applicable fee breakpoint, assets actively - managed by Russell will exclude assets invested in these funds. Should the aggregate average daily market value for any quarter fall below $25 million for actively- managed Russell funds, fees will be subject to re- negotiation. , Fees for the funds listed above will be invoiced quarterly based on the average daily market value of assets held during the period using one -fourth of the annual rates. j Russell Real Estate Equity Fund includes an internal management fee of 1.50 percent. Your invoice will be prepared using the negotiated rate above and a credit for this internal fee will be applied to the invoice total. Unless otherwise prohibited by law or regulation, the fees shown above generally include services related to 1 conferences and seminars that the Investment Manager may hold at its discretion from time to time for its clients and prospects. An asset aggregation methodology may be used to determine fees for some or all assets governed by this Fee Agreement. In no event does the asset aggregation result in a rebate or benefit to Russell. If asset aggregation is used, the fees for each asset pool( have been reviewed to determine that there is a neutral or positive fee impact to at least one Investor asset pool, but in no event is there a detrimental fee impact to any asset pool. If any asset pool is held for the benefit of participants or beneficiaries, the Investor should make its own determination as to whether it should disclose this aspect of the Fee Agreement to those parties. E f { I Benefit Payment & Retiree Services Fees Check Processing Per Payment Issued on a Recurring Basis (Check or ACH) $1.25 Per Check for Lump -Sum Benefit Payments $10.00 Per Check for Lump -Sum Trustee to Trustee Transfers & Rollovers $15.00 Pass Through Charges: Postage & Handling (e.g. Recurring Check, ACH Advice, Lump -Sum Payment) At Cost Annual W4 -P TEFRA Solicitation $.50 per item W4 -P TEFRA Solicitation Per New Adds to Pension Roll $.50 per item Express Mailings At Cost Federal Wire Transfers (Domestic) $25.00 Federal Wire Transfers (International) $50.00 Refund Requests for Tax Withheld Correctly (per instructions) $15.00 Telephone Charges for Toll Free Numbers At Cost Hardware /Usage Charge Per Minute Based on Current Tariffs At Cost State Tax Reporting State Tax Filing Per State /Per Month /Per Plan $25.00 State Tax Reconciliation, Including Recurring and Annual Filings included Payment Conversion and Implementation Per Retiree, Conversion $1.00 Per Retiree, Each Parallel Run $0.75 Minimum Fee, Per Conversion $1,000.00 *This fee would be applicable for clients with over 1,500 benefit payments per month. Optional Benefit Payment and Retiree Services Retiree Service Center Per Retiree, Per Year ** $8.00 Per new pensioner added $0.50 Additional Charges for Toll Free Transmission Line Costs At Cost **Does not include additional cost for toll free number transmission line pass through charges. Retiree On -line Website — Mypenpay.com Per Retiree, Per year (minimum fee of $2,500) $5.00 Per Retiree, One -Time Conversion fee (minimum fee of $2,500) $2.00 Additional pass through Charges for Announcement Letter & Mailing At Cost Query Plus — Plan Sponsor Has the Ability to Request Queries of Their Information from the PLUS System Query Development (Flat Fee) $30.00 Per Hour Charge $30.00 Extract Development (Flat Fee) $100.00 Per Hour Charge $30.00 For each subsequent extract $50.00 Query Labels (Flat Fee) $35.00 Per Hour Charge $30.00 Per Label Charge $0.05 i i i Custom Programming Ad Hoc Request, Per Hour $100.00 Customized Letter Generation New Set Up Programming, Per Hour $100.00 Mass Mailing, Per Retiree $0.50 Individual Letters, Per Letter $1.50 File Maintenance (terminated vested, etc.) Per Participant, Per Month $0.05 Beneficiary Monitoring Included i Special Projects Request, Per Hour $30.00 Premium Billing Operational Costs (Monthly Fee) $1,000.00 Per monthly invoice $3.00 Per quarterly invoice $5.00 ? Per semi - annual invoice $8.00 Per annual invoice $10.00 Per new add $5.00 Premium Billing Conversion Costs Minimum conversion fee (Premium Billing) $200.00 Per participant, per conversion $6.00 Per participant, per parallel $3.00 Premium remittance to carriersNEBAs No Charge iPayBenefits.com Direct access to participant information and check ledgers No Charge Robust reporting functionality No Charge Remote management of participant data changes and adds No Charge Continued data entry processing with no downtime No Charge Provides ability to complete stop /reissues No Charge In addition to the fees itemized in the fee schedules above, should an overdraft occur, overdraft fees will be calculated based on the amount of the overdraft and the prevailing fed funds rate. All daily overdraft fees in excess ; of $100 will be invoiced. In accordance with previous instructions, fees will continue to be invoiced for payment unless otherwise instructed. 4 i AMENDMENT NO. 13 TO INVESTMENT MANAGEMENT AGREEMENT This Amendment No. 13 is made as of March 31, 2015, between The Board of Trustees of the City of Boynton Beach Municipal Police Officers' Retirement Trust Funds ( "Named Fiduciary") and Russell Trust Company ( "Investment Manager "). WiTNESSETH: `i WHEREAS, the Named Fiduciary and Investment Manager have entered into an Investment Management Agreement for the Municipal Police Officers' Retirement Funds dated June B, 2002 (the "Agreement "); and WHEREAS, Article Eighth of the Agreement provides that it may be amended by the parties pursuant to a written instrument; j i NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the Named Fiduciary and the Investment Manager do hereby amend the Agreement as follows: Exhibit B is amended to read as attached hereto as of the effective date. I i IN WITNESS WHEREOF, this Amendment No.13 has been fully executed as of the day and year first above written BOARD OF TRUSTEES OF THE CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICERS' RETIREMENT TRUST FUNDS, I ATTEST: Named Fiduciary, as aforesaid Title: �?elt��WP -4 ATTEST: RUSSELL TRUST COMPANY �1 I l By: Title: Director, Client Service f i AMENDMENT NO. 14 TO INVESTMENT MANAGEMENT AGREEMENT This Amendment No. 14 is made as of August 1, 2016, between The Board of Trustees of the City of Boynton Beach Municipal Police Officers' Retirement Trust Funds ( "Named Fiduciary") and Russell Investments Trust Company ( "Investment Manager "). WITNESSETH: WHEREAS, the Named Fiduciary and Investment Manager have entered into an Investment Management Agreement for the Municipal Police Officers' Retirement Funds dated June 6, 2002 (the "Agreement "); and WHEREAS, Article Eighth of the Agreement provides that it may be amended by the parties pursuant to a written instrument; NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the Named Fiduciary and the Investment Manager do hereby amend the Agreement as follows: Exhibit B is amended to read as attached hereto as of the effective date. IN WITNESS WHEREOF, this Amendment No.14 has been fully executed as of the day and year first above written BOARD OF TRUSTEES OF THE CITY OF BOYNTON BEACH MUNICIPAL POLICE OFFICERS' RETIREMENT TRUST FUNDS, ATTEST: Named Fiduciary, as aforesaid By: Title: ATTEST: �" , . r e RUSSELL I , V MENTS TRUST COMPANY Title: Director, Client Service EXHIBIT B TO INVESTMENT MANAGEMENT AGREEMENT Fee Schedule Boynton Beach Police Retirement Fund As required by our Agreement, a schedule outlining fees for services provided by Russell Investments Trust Company is provided below for your review and approval. Total assets invested in $25 M - $35 M - $75 M - $125+ M actively- managed Russell funds $35 M $75 M 1 $125 M Russell Trust Company Commingled Annual Fee ( °/ Employee Benefit Funds Trust Russell Large Cap Defensive Equity Fund 0.71% 0.68% 0.66% 0.64% Russell Multi- Manager Bond Fund 0.54% 0.51% 0.49% 0.47% Russell Short -Term Investment Fund " 0.24% 0.23% 0.22% 0.21% Russell Real Estate Equity Fund 1.50% 1.47% 1.45% 1.43% Russell Multi -Asset Core Fund 0.97% 0.94% 0.92% 0.90% Russell Institutional Funds, LLC Russell Absolute Return Fixed Income Fund 1.04% 1.01% 0.99% 0.97 % * For purposes of determining the applicable fee breakpoint, assets actively- managed by Russell will exclude assets invested in these funds. Should the aggregate average daily market value for any quarter fall below $25 million for actively- managed Russell funds, fees will be subject to re- negotiation. Fees for the funds listed above will be invoiced quarterly based on the average daily market value of assets held during the period using one - fourth of the annual rates. Each Fund's Net Asset Value (NAV) may also include other fund expenses (e.g., fund audit, brokerage commissions, taxes, and those custody expenses associated with non -US or foreign securities transactions, etc.), as applicable, as outlined in the fund's governing documents. Russell Real Estate Equity Fund includes an internal management fee of 1.50 percent. Your invoice will be prepared using the negotiated rate above and a credit for this internal fee will be applied to the invoice total. Unless otherwise prohibited by law or regulation, the fees shown above generally include services related to conferences and seminars that the Investment Manager may hold at its discretion from time to time for its clients and prospects. An asset aggregation methodology may be used to determine fees for some or all assets governed by this Fee Agreement. In no event does the asset aggregation result in a rebate or benefit to Russell. If asset aggregation is used, the fees for each asset pool(s) have been reviewed to determine that there is a neutral or positive fee impact to at least one Investor asset pool, but in no event is there a detrimental fee impact to any asset pool. If any asset pool is held for the benefit of participants or beneficiaries, the Investor should make its own determination as to whether it should disclose this aspect of the Fee Agreement to those parties. Benefit Payment & Retiree Services Fees Check Processing Per Payment Issued on a Recurring Basis (Check or ACH) $1.25 Per Check for Lump -Sum Benefit Payments $10.00 Per Check for Lump -Sum Trustee to Trustee Transfers & Rollovers $15.00 Custom Requests, Pass Through Expenses for changes /updates At Cost Pass Through Charges Postage & Handling (e.g. Recurring Check, ACH Advice, Lump -Sum Payment) At Cost Annual W4 -P TEFRA Solicitation $.50 per item W4 -P TEFRA Solicitation Per New Adds to Pension Roll $.50 per item Express Mailings At Cost Federal Wire Transfers (Domestic) $25.00 Federal Wire Transfers (International) $50.00 Refund Requests for Tax Withheld Correctly (per instructions) $15.00 Telephone Charges for Toll Free Numbers At Cost Hardware /Usage Charge Per Minute Based on Current Tariffs At Cost Custom Requests, Pass Through Expenses for changes /updates At Cost State Tax Reporting State Tax Filing Per State /Per Month /Per Plan $25.00 State Tax Reconciliation, Including Recurring and Annual Filings Included Payment Conversion and Implementation Per Retiree, Conversion $1.00 Per Retiree, Each Parallel Run $0.75 Minimum Fee, Per Conversion $1,000.00 *This fee would be applicable for clients with over 1,500 benefit payments per month. Optional Benefit Payment and Retiree Services Retiree Service Center Per Retiree, Per Year" $8.00 Per new pensioner added $0.50 Additional Charges for Toll Free Transmission Line Costs At Cost * *Does not include additional cost for toll free number transmission line pass through charges. Retiree On -line Website — Mypenpay.com Per Retiree, Per year (minimum fee of $2,500) $5.00 Plus Pass Through Expenses At Cost Per Retiree, One -Time Conversion fee (minimum fee of $2,500) $2.00 Plus Pass Through Expenses At Cost Additional pass through Charges for Announcement Letter & Mailing At Cost Query Plus i Plan Sponsor Has the Ability to Request Queries of Their Information from the PLUS System Query Development (Flat Fee) $30.00 Per Hour Charge $30.00 For each subsequent query $30.00 Extract Development (Flat Fee) $100.00 Per Hour Charge $30.00 For each subsequent extract $50.00 Query Labels (Flat Fee) $30.00 Per Hour Charge $30.00 Per Request $35.00 Per Label Charge $0.05 Custom Programming Per Request, Per Hour $100.00 Customized Letter Generation New Set Up Programming, Per Hour, Per Letter $100.00 Mass Mailing, Per Retiree $0.50 Individual Letters, Per Letter $1.50 File Maintenance (terminated vested, etc.) Per Participant, Per Month $0.05 Beneficiary Monitoring Included Special Projects Request, Per Hour $30.00 iPayBenefits.com Direct access to participant information and check ledgers No Charge Robust reporting functionality No Charge Remote management of participant data changes and adds No Charge Continued data entry processing with no downtime No Charge Provides ability to complete stop /reissues No Charge In addition to the fees itemized in the fee schedules above, should an overdraft occur, overdraft fees will be calculated based on the amount of the overdraft and the prevailing fed funds rate. All daily overdraft fees in excess of $100 will be invoiced. In accordance with your amended instructions, we will charge fees to the trust unless otherwise directed. Russell V /�J Investments Quarterly Investment Review City of Boynton Beach Police Retirement Fund SECOND QUARTER 2016 Quarterly Investment Review City of Boynton beach Police Retirement Fund Your Client Service Team Mary Jean Serene, CFA Director, Institutional Investment Solutions (877) 500 -1298 (312) 780 -7124 mjserene@russellinvestments.com Russell Investments 71 S. Wacker Drive, Suite 2040 Chicago, 11 60606 Fax(312)780 -7159 Steven Flynn Director, Institutional Investment Solutions (800) 541 -0556 (212) 702 -7882 sflynn@russellinvestments.com Russell Investments 1095 Avenue of the Americas 14th Floor New York, NY 10036 Fax(212)702 -7901 Karen Pheneger Client Service Analyst (800) 426 -7969 (206) 505 -1972 kpheneger @russellinvestments.com Russell Investments 1301 Second Avenue, 18th Floor Seattle, WA 98101 Fax (206) 505 -1565 Jacqueline Pedraza Senior Account Executive (800) 455 -3782 (206) 505 -1939 jpedraza@russellinvestments.com Russell Investments 1301 Second Avenue, 18th Floor Seattle, WA 98101 Fax (206) 505 -1565 Michael Auger Regional Director (813) 288 -4624 mauger @russellinvestments.com Russell Investments 15310 Amberely Drive Tampa, FL 33647 Fax (813) 910 -7676 p.2 UA Russell Investments Important Information Russell Trust Company Funds are collective or commingled funds for which Russell Trust Company serves as trustee. They are not funds of Russell Investment Company, nor a mutual fund registered under the Investment Company Act of 1940. Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets. Indexes and /or benchmarks are unmanaged and cannot be invested in directly. Past performance is not indicative of future results. Performance is gross of fees unless otherwise noted. Fees will reduce the overall performance of the fund. Only client account performance is reflective of actual investments from the client's investment inception date. Fund performance shown does not reflect individual client investment inception dates or other client specific actions such as contributions. Russell Investments and Standard & Poor's Corporation are owners of the trademark, service marks, and copyrights relating to the Russell Indexes and the S &P 500, respectively. The Barclays - Russell LDI Index Series, calculated by Barclays Capital Inc. ( "Barclays ") and the Frank Russell Company ( "Russell "), provides the liability driven investment methodology implemented in the selection criteria of the Barclays - Russell LDI Index Series without regard to any person. All rights in the Barclays - Russell LDI Index Series vest in Barclays and Russell. Any funds, products or other securities or investment vehicles using or based on the Barclays - Russell LDI Index Series are not sponsored, endorsed, or promoted by Barclays or Russell. NEITHER BARCLAYS NOR RUSSELL NOR THEIR AFFILIATES NOR THEIR LICENSORS SHALL BE LIABLE (INCLUDING IN NEGLIGENCE) FOR ANY LOSS ARISING OUT OF USE OF OR RELIANCE ON THE BARCLAYS - RUSSELL LDI INDEX SERIES BY ANY PERSON. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. Source: BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch Indices "as is ", makes no warranties regarding same, does not guarantee the quality, accuracy, and/or completeness of the BofA Merrill Lynch Indices or any data included therein or derived there from, and assumes no liability in connection with their use. Russell Investments' ownership is composed of a majority stake held by funds managed by TA Associates with minority stakes held by funds managed by Reverence Capital Partners and Russell Investments' management. Frank Russell Company is the owner of the Russell trademarks contained in this material and all trademark rights related to the Russell traderarks, which the members of the Russell Investments group of companies are permitted to use under license from Frank Russell Company. The members of the Russell Investments group of companies are not affiliated in any manner with Frank Russell Company or any entity operating under the "FTSE RUSSELL" brand. Copyright© 2016 Russell Investments Group, LLC. All rights reserved. p.3 Gi. Russell Investments �Russell /IJ V Investments ,op% n o i a inancial e �er -- -- ff Second Quarter 2016 11.6 -2.9 } 10.6 -10.8 5 -Years 7.4 4.3 5.1 4.3 1.9 10 -Years -5.6 ------ - - - - -- Annualized --------------------------------- --------- U.S. Equity: (Russell 3000 Index) U.S. stock index which includes the Capital Markets: 3,000 largest U.S. stocks as measured by market capitalization > Despite market volatility, U.S. equity markets finished up for the quarter Non -U.S. Developed Equity, (Russell Developed ex -U.S. Large Cap and year Index) International market index that includes Western Europe, Japan, > Developed non -U.S. equity markets lagged the U.S. due to the UK's Australia and Canada vote to leave the European Union and continued growth concerns Emerging Markets: (Russell Emerging Markets Index) Emerging > Emerging markets up slightly in spite of Brexit surprise markets index that includes S. Korea, Brazil, Russia, India and China > U.S. bonds buoyed by decrease in 10 -year Treasury yield during the U.S. Bonds: (Barclays U.S. Aggregate Bond Index) Broad index for quarter U.S. Fixed Income market Global REITs (FTSE EPRA /NAREIT Index) Index for global publicly > Global ROTS finished up with mixed regional returns traded real estate securities > Commodities had strong performance on increase in both energy and Commodities (Bloomberg Commodity Index Total Return) Broad agriculture sectors index of common commodities Sou rce: Russ ell, Barclays, Bloomberg, and FTSE NARE Index returns represent past performance, are not a guarantee of future performance, and are not indicative of any specific investment. p.5 U Russell Investments Capital markets Periods ending June 30, 2016 15 Capital Market Returns 12.8 13.3 11.6 11.1 10 8.9 8.1 0 5.9 5.3 6.0 5 . 2.6 3.5 36 2.2 - 1 -- 4.1 2.1 2.2 LU 1.0 LL 0 -1.3 -0.5 H -5 U.S. Equity 3.1 Q LL' ■ Non -U.S. Developed Equity ■ Emerging Markets _10 ■ U.S. Bonds ■ Global REITs -9.7 .11.0 Commodities -15 2016 Q2 YTD 1 -Year -13.3 3 -Years 11.6 -2.9 } 10.6 -10.8 5 -Years 7.4 4.3 5.1 4.3 1.9 10 -Years -5.6 ------ - - - - -- Annualized --------------------------------- --------- U.S. Equity: (Russell 3000 Index) U.S. stock index which includes the Capital Markets: 3,000 largest U.S. stocks as measured by market capitalization > Despite market volatility, U.S. equity markets finished up for the quarter Non -U.S. Developed Equity, (Russell Developed ex -U.S. Large Cap and year Index) International market index that includes Western Europe, Japan, > Developed non -U.S. equity markets lagged the U.S. due to the UK's Australia and Canada vote to leave the European Union and continued growth concerns Emerging Markets: (Russell Emerging Markets Index) Emerging > Emerging markets up slightly in spite of Brexit surprise markets index that includes S. Korea, Brazil, Russia, India and China > U.S. bonds buoyed by decrease in 10 -year Treasury yield during the U.S. Bonds: (Barclays U.S. Aggregate Bond Index) Broad index for quarter U.S. Fixed Income market Global REITs (FTSE EPRA /NAREIT Index) Index for global publicly > Global ROTS finished up with mixed regional returns traded real estate securities > Commodities had strong performance on increase in both energy and Commodities (Bloomberg Commodity Index Total Return) Broad agriculture sectors index of common commodities Sou rce: Russ ell, Barclays, Bloomberg, and FTSE NARE Index returns represent past performance, are not a guarantee of future performance, and are not indicative of any specific investment. p.5 U Russell Investments 2016: Pullbacks and reversals Best response is often to stay the course $106 GROWTH OF $100 January 2016 – June 2016 $104 $102 $100 R CD ® $98 U.S. STOCKS PULLBACK 10% 60- (Jan 1St— Feb 11th) U_ z $96 O $94 $92 $90 it 99.50 6124– 6/24– 6127 6/30 U.S. Stocks -5.3% -0.7% Non -U.S. Stocks -8.5% -3.5% $86 January -16 February -16 March -16 April -16 May -16 June -16 —Global Stocks ex -U.S. U.S. Stocks Global Stocks ex -U.S. represented by Russell Global ex -U.S. Index, U.S. Stocks by S &P 500® Index. Source: FTSE /Russell and Morningstar. Index returns represent past performance are not a guarantee of future performance, and are not indicative of any specific investment. Indexes are unmana and cannot be invested in direc p .6 Q Russell Investments U.S. STOCKS UP 17% (Feb 11th — June 8th) ."A A , "' - � $103.88 VW r , r W ' r ' BREXIT ' IMPACT The U.S. equity roll continues; but for how long? 15.5 10.5 8.9 F1 I VS. EUROPE VS. ASIA VS. EMERGING MARKETS MLA 1.1 -0.8 -4.0 VS. EUROPE VS. ASIA VS. EMERGING MARKETS > Recent results have differed dramatically from historical experience > U.S. exceeding averages > Non -U.S. markets falling behind averages > Equity markets tend to revert to long -term relationships > Strong U.S. equity results have increased relative valuations as compared to international developed and emerging markets U.S. stocks = S &P 500® Index; Europe stocks = MSCI Europe Index; Asia stocks = MSCI Pacific Basin and Emerging Markets stocks = MSCI Emerging Markets Index. Indexes are unmanaged and cannot be invested in directly. Returns represent past performance, are not a guarantee of future performance, and are not indicative of any specific investment. p.7 Russell Investments The new mediocre Russell Investments 2016 global market outlook — 3rd quarter update > Forecast 2% GDP growth h for 2016 > Modest expectations for Fed rate increases U.S. Dollar likely range -bound Prefer other equity markets over U.S. equities due to high valuations, downside risks to earnings, and fading momentum > Forecast 1.5% GDP growth Ultra- supportive monetary policy Expect 0 % -4% corporate earnings growth Headwinds from event risk will likely dissipate Favor global equity market due to cheaper valuations > Expect 3.5 % -4.0% growth > Rising risks from housing, debt, and economic imbalances > Japan, Australia, and New Zealand face strong currency headwinds Low returns and high volatility, with pockets of value p.s Ji. Russell Investments There is no guarantee the stated expectations will be met. As of 7/01 /2016 Forecasting represents predictions of market prices and /or volume patterns utilizing varying analytical data. It is not representative of a projection of the stock market, or of any specific investment. 1.01 Russell Investments _ ka A AM Second Quarter 2016 Asset Summary Report City of Boynton Beach Police Retirement Fund As of June 30, 2016 Boynton Beach Police Officers Retirement Trust Investment Account - QU7W Market Actual Policy Holding Value Holding Holding Variance Total Assets $84,668,652 100.00% 100.00% 0.00% RTC Multi -Asset Core Fund 32,486,520 38.37 39.00 -0.63 RTC Russell LC Defensive Equity Fd 21,766,510 25.71 26.00 -0.29 RTC Multi - Manager Bond Fund 23,391,652 27.63 28.00 -0.37 RTC Real Estate Equity Fund 1 ' ] 6,654,575 7.86 7.00 0.86 Cash, Payable/Receivable 363,396 0.43 0.00 0.43 Please read the endnotes included with the report. 08/03/2016 05:52:26 AM Copyright (c) Russell Investments 2016- All rights reserved. P .10 2 Russell Investments Market Value Reconciliation City of Boynton Beach Police Retirement Fund As of June 30, 2016 Boynton Beach Police Officers Retirement Trust Investment Account - QU17W One Month Three Months Year to Date FYTD Beginning Market Value ($) 84,047,930 83,450,040 83,370,726 78,037,730 Inflows ($) 85,987 275,838 541,963 5,281,652 Outflows ($) 587,417 1,720,535 3,296,977 5,085,860 Net Inflows/ Outflows ($) - 501,430 - 1,444,697 - 2,755,013 195,792 Appreciation / Depreciation ($) +,122,152 2,663,310 4,052,940 6,435,099 Income Earned ($) 0 0 0 31 Net Market Gain /Loss ($) 1,122,152 2,663,310 4,052,940 6,435,130 Ending Market Value ($) 84,668,652 84,668,652 84,668,652 84,668,652 Fiscal Year End date is 09/30. Please read the endnotes included with the report. 08/03/2016 05:52:26 AM Copyright (c) Russell Investments 2016. All rights reserved. P.11 Russell Investments Performance Report City of Boynton Beach Police Retirement Fund As of June 30, 2016 . -: n Beach Polio -- _rient Trust Investm Annualized Market One Three Year to FYTD One Three Five Ten Since Inception V.1t Mnn4h Mnn4he nn4e nq /3n Yo V.- Y.- V.- I .... finn n.f. Total Assets - Gross 111-m Total Assets - Net 111.121 Russell Custom Benchmark iii Consultant Benchmark 141 Total Liquid Return Seeking RTC Multi -Asset Core Fund Multi -Asset Core Composite Bmk ;'; '+ RTC Russell LC Defensive Equity Fd Russell 1000 Defensive Index (Linked) Total Fixed Income Barclays U.S. Aggregate Bond Index RTC Multi- Manager Bond Fund Barclays U.S. Aggregate Bond Index Total Alternative Investments 111 RTC Real Estate Equity Fund 111 NFI- ODCE -EQ 17) $84,668,652 1.37% 3.26% 5.04% 8 -37% 5.14% 8.44% 7.61% 6.11% 6.70% 07/01/2002 84,668,652 1.29 3.05 4.67 7.79 4.37 7.61 6.78 5.32 5.92 07/01/2002 1.10 2.43 4.75 8.14 4.44 7.69 6.84 5.71 6.32 0.77 2.00 3.71 6.74 1.91 5.81 5.31 5.15 5.97 54,253,030 0.78 3.37 4.38 9.52 3.58 9.45 10.87 08/31/2012 32,486,520 0.29 3.47 3.31 7.36 0.29 7.35 9.21 08/31/2012 - 0.01 2.05 2.65 6.25 -2.05 5.85 7.32 21,766,510 1.50 3.20 5.95 12.78 8.61 11.46 09/1812013 - 1.70 3.26 7.08 14.34 10.20 11.63 23,397,652 2.42 3.17 6.71 5.91 6.94 5.05 4.78 6.05 5.57 09/01/2002 1.80 2.21 5.31 4.71 6.00 4.06 3.76 5.13 4.67 23,397,652 2.42 3.17 6.71 5.91 6.94 5.05 4.78 6.67 09/3012008 -- 1.80 2.21 5.31 4.71 6.00 4.06 3.76 4.82 6,654,575 2.56 2.56 4.44 7.48 11.01 13.04 12.22 5.47 5.47 07/01 /2006 6,654,575 2.56 2.56 4.44 7.48 11.01 13.04 13.04 5.84 5.84 07/01/2006 -- 2.18 2.18 4.67 8.26 12.19 13.03 12.69 5.91 5.91 Please read the endnotes included with the report. 08/03/2016 05:52:26 AM Copyright (c) Russell Investments 2016. All rights reserved. Past performance is not indicative of future results. p.12 10 Russell Investments Endnotes City of Boynton Beach Police Retirement Fund As of June 30, 2016 [1] RTC Real Estate Equity Fund is valued quarterly. The market value shown is as of the quarter ending 06/30/16 while the performance is reported as of the date of the performance report. The market value is reported net of fees while returns are reported gross of fees unless otherwise noted. Fee adjusted returns are estimated using basis point adjustments. Returns are geometrically linked and could experience compounding effects. [2] Net of fee adjusted returns are estimated using basis point adjustments. Returns are geometrically linked and could experience compounding effects. [3] Russell Custom Benchmark currently consists of: 39.0% Multi -Asset Core Composite Bmk, 26.0% R1000 Defensive, 28.0% Barclays Aggregate, 7.0% NFI - ODCE -EQ. [4] Consultant Benchmark currently consists of: 30.0% MSCI ACWI, 25.0% R1000, 32.0% Barclays Aggregate, 2.0% Wilshire US REIT, 2.0% S &P Gbl Infrastructure Net, 5.0% NFI - ODCE -EQ, 2.0% Bloomberg Commodity, 2.0% BofAML 3 -Month US T -Bill. [5] The Multi -Asset Core Composite Bmk is appropriate for evaluating the Fund over a 3 to 5 year horizon. [6] The Multi -Asset Core Composite Benchmark currently consists of: 75.0% Russell World Cap 50% Hedged Net Index, 5.0% Bloomberg Commodity Index, 5.0% FTSE EPRA/NAREIT Dev Real Estate Net, 5.0% S &P Global Infrastructure Index Net, 7.0% Barclays U.S. Aggregate Bond Index, 3.0% Barclays U.S. 1 -3 Month Treasury Bill Index. Allocation changes and underlying fund additions and deletions over time will be captured in the composite index. Prior allocations available upon request. [7] NCREIF Fund Index Open -End Diversified Core Equity -Equal Weight (NFI - ODCE -EQ). 08/0312016 05:52:26 AM Copyright (c) Russell Investments 2016. All rights reserved. p.13 �. Russell Investments - City of Boynton Beach Police Retirement Fund 20 -year Horizon Assumptions as of December 31, 2015 .. T-1.=•'.% Asset ClasslFund US Large Cap Defensive Equif RTC large Cap Defensive Equi US Private Real Estate RTC Real Estate Equity Fund Multi Asset Core RTC Multi -Asset Core Fund US Agg RTC Multi - Manaaer Bond Fund otal Annualized Return Assum otal Standard Deviation Assun Beta Standard Alpha Return Beta Return Deviation Current Assummtione Assurr+otioW* Assumptions"" Allocation Fund 1 1.00% 1 7.28% 1 15.80% 1 1 26.00% 0.25% 1 6.15% 1 15.00% 1 1 7.00% 1.50% 1 7.28% 1 15.96% 1 1 39.00% 0.55% 1 3.79% 1 3.42% 1 1 28.00% - Gross of Fees 1 7.21% I 1 11.02% 25th Percentile Annualized Return Assumption" ** - _...... f5th Percentile Annualized Return Assumption * ** - 5.02% 8.28% * Alpha is based on Russell Fund targets excess return and risk goals developed by Russell Investments Strategy and Research management to help measure our skill in managing managers and the general success of our funds against their stated objectives. Targets for multi- manager funds are based on targets received from underlying managers, historical data and the Russell's qualitative assessments of the prospects for managers in a multi- manager portfolio and various other factors. We believe our methodology is reasonable for its purpose, but targets are not intended to predict the performance of Russell funds and we expect that actual performance will vary considerably. ** Source for Beta Return and Standard Deviation data: Russell Capital Markets Forecasts (December 31, 2015). Please note all information shown is based on assumptions and is not meant as a prediction of fund performance. Expected retums employ proprietary projections of the returns of each asset class. We estimate the performance of an asset class or strategy by analyzing current economic and market conditions and histurical market trends. References to future returns for either asset allocation strategies or asset classes are not promises or even estimates of actual returns a client portfolio may achieve. The assumptions do not take fees into consideration and all returns are assumed gross of fees. Asset classes are broad general categories which may or may not correspond well to specific. products. p.14 Uhl Russell Investments , Strategic planning assumptions Through December 31, 2015 Please note all information shown is based on assumptions. Expected returns employ proprietary projections of the returns of each asset class. We estimate the performance of an asset class or strategy by analyzing current economic and market conditions and historical market trends. It is likely that actual returns will vary considerably from these assumptions, even for a number of years. References to future returns for either asset allocation strategies or asset classes are not promises or even estimates of actual returns a client portfolio may achieve. Asset classes are broad general categories which may or may not correspond well to specific products. p.15 G Russell Investments US Equryy FAFE Equlry Emerging Markets Gobal Global Equlry Global Private Us Real Gobal Real Global long Uedlt Gedlt long G/C Global Hlgh Gbbal US USred Global Global Usted NonGlr. Equlry ex Stale Estate IMreslr d- long B_ Govt FI.d Flied Flaed A80 Flaetl YIebH EM Oeb1 TIPS Gsh LIBOR Co-did Real E- LIsted Real 'nIh utture Hedge FUn Inflatlgn Eg0ty US Equlry Estate X 5.7% s Arlth -d, R-rn 6.3% 7.7% 7.5% 7.0% 7.7% 8.4% 5.1% 5.3% 1.4% 1.7% 2.6% 2.7% 2.0% 2.2% 4,9% 3.5% 2.1% 2.2% 2.3% 5.7% 5.7% 6.5% 6.1% 3.4% 1.9% 18.3% 19.8% 23.9% 18.6% 20.0% 13.9% 11.6% 10.3% 8.2% 5.9% 2.0% 6.2% 3.1% 5.4% 3.0% 14.7% 9.5% 4.0% 2.3% 2.3% 16.1% 23.8% 21.4% 16.3% 4.4% 2.4% 5vr voladliry 1orr Arahmetm Return 7,0% 79 % 8.1% 14% 79% 88% 5.5% 6.0% S9% 2.2% 2.5% 3.4% 35% 2.8% 30% 53% 41% 28% 29% 3:0% 64% 63% 69% E.8%. 41% 2.0% la rr volamnv 187% 195% 23.9% 1b 7% 197% 187% 135% 115% 95% 5:0% 1 -9% 53% 2.7% 46% 2.4% 142% 91% 46 40% 40% 1fi.4% 236% 211% 16.7% 5,4% 4,0% 10 Vr ndthmeLic Return 7.5% 8.0% 8.6% 7.8% 8.1% 9.2% 6.1% 6.3% 6.4% 3.0% 3.3% 4.2% 4.3% 3.7% 3.8% 5.9% 4.8% 3.4% 3.5% 3.7% 7.0% 6.9% 7.3% 7.3% 4.7% 2.2% 19.1% 19.1% 24.2% 18.8% 19.4% 21.9% 15.0% 12.5% 10.9% 3.8% 3.9% 4.6% 3.8% 3.7% 3.4% 14.4% 9.2% 6.2% 6.7% 6.6% 17.4% 24.3% 21.2% 17.4% 7.7% 6.7% mvr voladliry rrnmesanes vglaoh. 17.7% 19.9% 23.8% 182% 200% 8.1% 7.H% 7.1% 5.4% 8.0% 4.2% 80% 53% 7.5% 53% 133% 91% 44% 1.7% 1.7% 16.4% 24.4% 21.7% 16.5% 4.3% 18% q.OM Us Ege1ry 1.00 EAPE .-U, 0.91 1.00 Emerging Marken Equlry 0.78 0.82 1.00 bbal Equlry 0.98 0.97 0.86 1.00 bbal Equlry ex u5 0.91 0.99 0.91 0.98 1.00 bbal Private Equlry 0.87 0.88 0.78 0.90 0.89 100 US Real Estate 0.48 0.53 0.38 0.50 0.51 0.50 1.00 bbal Real Estate 0.60 0.71 0.58 0.67 0.70 0.66 0.90 1.00 bbal b6astr - 1 0.59 0.61 0.52 0.61 0.60 0.58 0.54 D.63 1.00 long GOV[ 0.01 0.08 0.06 0.04 0.08 0.07 0.03 0.05 -o.05 1.00 0.13 0.10 0.13 0.12 0.11 0.07 0.09 0.10 0.14 0.44 1.00 Longvdlt Hxed 0.30 0.33 0.27 0.32 0.32 0.27 0.16 0.21 0.14 0.72 0.38 1.00 alt Fl- 0.23 0.23 0.22 0.24 0.24 0.14 0.12 0.16 0.15 0.53 0.66 0,76 1.00 Lang G /CFlxed 0.16 0.21 0.18 0.19 0.21 0.17 0.09 0.13 0.03 0.94 0.45 0.85 0.71 1.00 FN 0.17 0:20 0.17 0.19 0.20 0,12 0.10 0.13 0.09 0.68 0.76 0.72 0.86 0.76 1.00 lobal Hlgh Yleld H 0.30 0.27 0.25 0.30 0.28 0.24 0.16 0.20 0.20 0.02 0.12 0.48 0.51 0.22 0.31 1.00 EM Debt 0.29 0.28 0.24 0.29 0.28 0.24 0.15 0.19 0.18 0.15 0.20 0.59 0.63 0.35 0.45 0.91 1.00 PS 0.14 0.08 0.14 0.12 0.10 0.07 0.08 0.08 0.14 -0:02 0.39 0.05 0.19 0.01 0.09 0.07 0.06 1.00 sh 0.15 0.03 0.10 Q.10 0.05 0.02 0.07 0.06 0.21 -0.42 0.43 -0.23 0.08 -0.35 -0.11 0.08 0.02 0.56 1.00 LIBOR 0.11 -0.02 0.06 0.06 0.01 -0.02 M5 0.03 0.19 -0.42 0.42 -0.26 0.07 -0.37 -0.12 0.07 0.00 0.55 0.99 1.00 lebal mmmomnea 0.35 0.40 0.41 0.39 0.42 0.36 0.27 0.38 0.37 -0.03 0.12 0.10 0.12 0.03 0.06 0.14. 0.13 0.14 0.19 0:18 100 US Uated Real Estate 0.56 0.63 0.45 0.60 0.61 0.55 0.87 0.86 0.59 0.06 0.08 0.22 0.16 0.14 0.13 0.18 0.18 M8 0.04 0.02 0.31 1.00 I.W1 W.d Real Estate 0.67 0.79 0.62 0.74 0.77 0.68 0.81 0.92 0.64 0.09 0.09 0.27 0.20 0.18 0.17 0.22 0.22 MIR 0.02 -0.01 0.39 0.94 1.00 lobal lEFcea bflaslruttgre 0.69 0.73 0.60 0.72 0.72 0.65 0.59 0.71 0.87 0.00 0.12 0.22 0.19 0.10 0.12 0.24 0.23 0.13 0.15 0.12 0.42 0.69. 0.76 1.00 Nenolr. Hedgewnd 0.51 0.45 0.48 0.51 0.48 0.42 0.32 0.40 0.50 - 0.26 Q.34 0.00 0.17 - 0.16 0.01 0.22 0.17 0.43 0.71 0.69 0.51 0.35 0.40 0.52 1400 bRanoa 0.13 0.05 0.11 0.10 0A7 0.06. 0.06 0.06 0.16 1 -0:20 0.26 -0.09 0.04 -0.17 -0.09 0.05 0.01 0.90 0.63 0.62 0.13 0.05 0.04 0.13 0.47 1,00 - - -- - - - - -- - -- �_-- _�,._ -_._ - - -~- Yields YI.1d OB.U.. Lluality Correlation values shown are for the 10 -year forecast horizon. LongG /C Fled 48 14.8 Assumptions do not take fees into consideration and all returns are assumed of fees. Yields represent the level at a ten -year horizon. gross AnFl 4.4 5.8 The information presented in this document is based on data from multiple sources: including Russell Investments, Barrie & Hibbert, Barclays Capital, US Lgn Eredlt 5.6 13.3 A Bloomberg. and Consensus Economics. Inc. The summary statistics presented in this document are not intended for use in mean - variance ootimization. US TIPS 1.5 4.8 GO, Please note all information shown is based on assumptions. Expected returns employ proprietary projections of the returns of each asset class. We estimate the performance of an asset class or strategy by analyzing current economic and market conditions and historical market trends. It is likely that actual returns will vary considerably from these assumptions, even for a number of years. References to future returns for either asset allocation strategies or asset classes are not promises or even estimates of actual returns a client portfolio may achieve. Asset classes are broad general categories which may or may not correspond well to specific products. p.15 G Russell Investments V Russell J Investments Russell Inv stm nts r I IM&M fu n d I %�V I I FWOOF w ff - M Second Quarter 2016 ++ Positive Significantly positive RTC Multi-Asset Core Fund �> Positive Fund positioning — second quarter 2016 Negative — Significantly negative Small cap, value, and Consistent with our strategic beliefs, we + Slowly adding to value. momentum overweights in equity believe these factor biases have long term excess return potential Passive 50% currency hedge Hedging currency helps reduce regret, gives i + We remain 50% hedged. I us ability to be tactical and can reduce ! overall volatility Overweight USD ■ Economic growth, rising rates and policy divergence could lead to strong USD Beta • Underweight due to anticipated volatility Active manager stock selection Idiosyncratic in nature; Russell Investments as the main driver of excess has differentiated research and managers returns with skill Maintained view in Q2. 8 Sold puts 8% out of the money to collect premium and add to Europe exposure in a risk - adjusted manner. 8 Maintained position in Q2. Maintained position in Q2. ++ Value manager Kopernik was the strongest contributor to i performance for the quarter. € flat AUD underweight had modest positive impact on performance. I + _ Maintained position in 02. Bought hedge strategy protection � on the S&P500 in anticipation of market volatility around Fed decision and Brexit Vote. i p ++ Incrementally added to high conviction active managers after periods of underperformance. Past performance is not indicative of future results. ^� �7 4�,, p, 1 7 This is a fund of the Russell Investments Trust Company Commingled Employee Benefit Funds Trust; it is not a mutual fund. 50 Russell Investments Any stock level commentary is specific to the impact on fund performance only and is not a recommendation to purchase or sell any specific security. Underweight interest rate ■ Expensive relative to their historical levels, sensitive equities not likely to perform well in a rising interest rate scenario Overweight Europe (hedged) • Low valuations, a supportive ECB and earnings improving on a weak Euro could lead to outperformance Underweight US ■ Valuations are extended and earnings have peaked Underweight Commodities- ■ Supply /demand imbalances and strong dollar (Australia and Canada) would cause headwinds Overweight Value Advisors ■ Expected long term mean reversion following growth manager outperformance Overweight USD ■ Economic growth, rising rates and policy divergence could lead to strong USD Beta • Underweight due to anticipated volatility Active manager stock selection Idiosyncratic in nature; Russell Investments as the main driver of excess has differentiated research and managers returns with skill Maintained view in Q2. 8 Sold puts 8% out of the money to collect premium and add to Europe exposure in a risk - adjusted manner. 8 Maintained position in Q2. Maintained position in Q2. ++ Value manager Kopernik was the strongest contributor to i performance for the quarter. € flat AUD underweight had modest positive impact on performance. I + _ Maintained position in 02. Bought hedge strategy protection � on the S&P500 in anticipation of market volatility around Fed decision and Brexit Vote. i p ++ Incrementally added to high conviction active managers after periods of underperformance. Past performance is not indicative of future results. ^� �7 4�,, p, 1 7 This is a fund of the Russell Investments Trust Company Commingled Employee Benefit Funds Trust; it is not a mutual fund. 50 Russell Investments Any stock level commentary is specific to the impact on fund performance only and is not a recommendation to purchase or sell any specific security. 2Q16 DATA NOT YET AVAILABLE RTC Multi -Asset Core Fund — period ending March 31, 2016 Strategy The Russell Multi -Asset Core Fund has a strategic allocation of 75% global equity, 15% real assets (global REITs, listed infrastructure, and commodities), and 10% fixed income. The Fund is dynamic in nature and so the portfolio manager is allowed to deviate up to +/- 3% from the strategic targets to take advantage of market opportunities to enhance return and /or to manage risk. The Fund utilizes a combination of Russell asset class funds, separate manager accounts, and positioning strategies Excess Return Attribution 1Q 2016 Top three contributors to excess return Cash Positioning 01% Equity Positioning 0.0% Japan Neutral 0.0% 0.00% 0.20 %° 0.40% 0.609° 0.80 1 0 Contribution to Excess Return Top three detractors from excess return Active Managers -0.5% EMEA ex UK Overweight -0.2 Annualized Performance Year to Three Inception 1Q 2016 Date One Year Years to date' RTC Multi -Asset Core Fund -0.15% -0.15% -2.64% 6.04% 7.30% Multi -Asset Core Composite Irl 0.59% 0.59% -4.44% 4.83% 6.23 'Fund inception date is 05/0711992. Effective April 2, 2012 the Russell Global Equity Fund changed its name to the Russell Multi -Asset Core Fund and changes "remade to the underlying allocationslinvestments. In addition, the Fund's primary benchmark changed from the Global Equity Composite Index to the Multi -Asset Core Composite Index. Historical performance of the Russell Multi -Asset Core Fund is available upon request. °Russell Multi -Asset Core Fund Composite Benchmark consists of: 75% Russell World Cap 50% Hedged Index, 5% Bloomberg Commodity Index Total Return (USD), 5% FTSE EPRA/NAREIT Developed Real Estate Index (Net), 5% S&P Global Infrastructure . Index Net (USD), 7% Barclays U.S. Aggregate Bond Index, 3% Barclays U.S. 1 -3 Month Treasury Bill Index. Strategic asset allocation changes over time will be captured in the composite index. Characteristics 1Q2016 4Q2015 Total Net Assets $1.776 $1.758 Global Equity Fund Russell Fund Russell World Cap World Cap Portfolio P/E 15.9 15.7 17.7 17.0 Portfolio P/E — I/B /EIS 1 yr. Forecast EPS 15.3 15.7 16.2 16.0 $ Weighted Average Market Capitalization $86.6313 $86.1713 $90.03B $86.146 Return Seeking Fixed Incomes Fund Barclays us Fund Barclays US Aggregate Aggregate Current Yield ( %) 2.1 2.1 2.6 2.6 Weighted Average Duration 5.5 5.4 5.6 5.6 Average Credit Quality Aa2 Aa2 Aa3 Aa2 Strategic Asset Allocation Actual Asset Allocation as of 3/31/2016 Aggregate Cash Fixed Aggregate Cash Income 3". F Fixed 6% Global 7% Global Income Commodities Commodities 6% ..: 5% 6% —_ Global Listed Rea l Estate. 5 °6 Global Equity', ".'a �-�. Infrastruc Global Listed ' }� Real Estate.. 6 % - 50 % ,% Global Infrastructure EMerging. f Real Estate Underweight -0.1% j Markets i 3% { -0.80% -0.60% -0.40% -0.20% 0.00%'. Regional.. -1 Small Cap 2% • Contribution to Excess Return US Large._?' IMF Cap Globalex -U'- } g°6 Equities 13% 3 Positioning strate - customized exposures directly managed by Russell for use within the total portfolio to effect the funds' investment strategies and /or to modify overall portfolio characteristics to seek to achieve the desired risk/return profile. 4 Strategic allocations may vary based on tactical allocations made by the portfolio manager, which may allow the weightings of each asset class to take advantage of potential opportunities as market and economic conditions change. See next page for additional disclosures. 'Source: FactSet � Russell Investments P .18 6 Source: FactSet 2016 DATA NOT YET AVAILABLE P.19 ITC Multi -Asset Core Fund - period ending March 31, 2016 Global Equities Regional Exposure Sector Exposure Us UK Japan Canada EMEA ex UK Asia /Pacific Ex Japan Emerging 0% 20% 40% ■Russell Multi -Asset Core Fund - Global Equities Real Assets Global Real Estate Exposure Self Storage 4".., Retail 27% - Residential 14 Local Index Return USD Index Return 0.9 %d 0.9% -0.3 % -12.2% -2.5% -61% 4.1% 11.7% -6.8% -2.5% J I 1.8% _ -2.0% 2.4% - -I 5.5% 60 % ■Russell World Cap Index Utilities Telecom i IT Financials Health Care Cons. Staples Cons. Disc. Industrials Materials Energy 0% 5% 10% 15 %b 20 % ■ Russell Multi -Asset Core Fund - Global Equities Global Infrastructure Exposure Other 12% _ i Hghways & �nr -= Raitracks 18% Electric Utilities 23% Local Index Return Railroads 49 Diversified 9.3% 29% 6.7% 0.4% Marine Ports &.. -6.4% Services 5% -8.2% Gas Utilities 3.3% 5:0 -1.8 %n Airport 1.7% Services8 °o Health Care 6.1% 5% ;trial 4% Multi - unlit Resorts Electric Utilities 23% Local Index Return USD index Return 7.6% 9.3% 4.6% 6.7% 0.4% 1.2% -6.4% -4.5% -8.2% -7.0% 3.3% 4.8% -1.8 %n -0.2% 1.7% 3.7 % 3.3% - - 3.9% 6.1% _ 5.8% 25% ® Russell World Cap Index Commodities Exposure Cash Livestc 4 °; Softs 6% Precious Metals 18% :rgy N { Oil &Gas Industrial Office Mixed _/ t Storage & Metals 1 h Office 12'n. Transportation 15% 14:6 The Russell Multi -Asset Core Fund is a dynamic, diversified portfolio designed to capture market opportunities. The underlying allocations to various asset classes will shift over time, but the overall strategic allocation will remain 75% global equity /15% marketable real assets /10% U.S. fixed income. The Russell Multi -Asset Core Fund invests in underlying funds of the Commin Employee Benefit Fund Tr ust an d/or separate accounts managed by Russell Trust Company. Prior alloc av upon request. Russell Multi -Asset Core Fund is an investment fund of the Russell Trust Company Commingled Employee Benefit Funds Trust. It is not a fund if Russell Investment Company, nor a mutual fund registered under the Investment Company Act of 1940. 5 5ource: FactSet �i.. Russell Investments Allocations and Advisors /Funds /Strategies are as of June 2016. Current data may be different. The Russell Multi -Asset Core Fund is a dynamic, diversified portfolio designed to capture market opportunities. The underlying allocations to various asset classes will shift over time, but the overall strategic allocation will remain 75% global equity /15% marketable real assets /10% U.S. fixed income. This is a fund of the Russell Investments Trust Company Commingled Employee Benefit Funds Trust; it is not a mutual fund. Russell Investments positioning strategies are customized exposures directly managed by Russell Investments for use within the total portfolio and may include overlays, index replication, smart beta strategies, and custom quantitative strategies. p.2o � Russell Investments RTC Multi -Asset Core Fund Asset allocation and advisor lineup as of June 30, 2016 RTC Multi -Asset Core Fund Developments and outlook — second quarter 2016 Fund Activity > APRIL: Trimmed Kopernik, added to the Emerging Markets Fund (shorted Emerging futures to port the alpha). > MAY: Trimmed commodities and infrastructure to add to equities, cash and agg bonds. > JUNE: Sold 8% out of the money put options on Eurostoxx. Fund Outlook & Positioning > Now neutral to below benchmark risk with beta around 0.99 -1.00. > Quantitative easing and earnings improvement could lead to structural changes in Europe resulting in potentially superior relative returns for equity investors; overweight Europe vs. US and commodity producing countries like Australia & Canada. > After several years of outperformance, valuations appear extended in the US and we believe earnings growth has peaked. The US is now our largest underweight. > Our beta exposure to the commodity asset class was helpful in Q2, and we remain targeted in our exposure — overweight the commodity asset class, but underweight commodity producing countries and currencies." > We remain concerned about the potential for rising interest rates which would hurt interest rate sensitive asset classes such as REITs and lead to underperformance versus other real assets; continue to maintain our underweight to REITs. > The US dollar may be in a multi -year strengthening cycle, but currency volatility has increased sharply and the long USD trade has gotten very crowded; maintain our underweight to AUD (closed CAD underweight in 1Q) but monitoring this position closely. Fast performance is not indicative of future results. There is no guarantee that any stated expectations will occur. This is a f und of the R ussel l Inv Trust Company Commingled Employee Benefit Funds Trust: it is not a mutu fund. Advisors listed are current as of 06/30/2016. Russell Investments has the right to engage or terminate an advisor at any time and without notice. The investment strategies are the p.21 goals of the individual advisors; there is no assurance that the exact objective will always be met. G1 Russell Investments RTC Large Cap Defensive Equity Fund - period ending June 30, 2016 Strategy _ Seeks higher long -term returns that exceed the Russell 1000® Defensive Index® by investing in common stocks that rank among the largest 1,000 companies in the U.S. stock market while maintaining volatility and diversification similar to the index over a full market cycle. I op 10 Tuna holdings • Fund % Index %` Johnson & Johnson 2 80 3 24 Procter & Gamble Co (The) 2.79 2 1 Ex xon Mobil Corp 2.06 3.78 Pfize In c. _ 1.8 2.06 W ells Far go & Co. _ 1 .79 2.10 Philip Morris International, Inc. 1.75 1.53 Alphab I nc. 1 .65 1.35 __ Berk shire Hat haway Inc. Cl B 1. 2.66 Coca -Cola Co (The) _ 1.54 1.72 AT & Inc. - - - 1.45 240 � 19.25 Total � - 2 03 - The top ten holdings list does not reflect the investment of cash reserves and cash collateral received in securities lending trans- actions in one or more of Russell Investment's money market funds. 2 Source: BNY Mellon Asset Servicing ( +) Overlunder Contribution jl 2Q greatest impact' i weight % ; to return % -I Joh & John son 1.06 0 08 Bank of Amenca Corp- -0.71 0 08 NextEra Energy, Inc. 0.94 0.08 Royal Dutch Shell PLC (CL B) 0.52 0 07 I Procter &Gamble Co. (The) 1.61 0.07 Performance Annualized 2Q2016 Year to date One year Three years Five years Ten years i � Russell TC Large Cap Defensive Equity F und �_ 3.20% 5.95 8.61 % _� 12 .3 9% 12.06 7.12% 1 000®Defensivelndex® (Linked)" 3.2 7.08 10.20 1259 - 12.06 7.59 2Q2016 1Q2016 Characteristics' Russell 1000 Russell 1000 Fund Defensivelndex9 Fund I Defensive Index" T otal Net A ssets _ _ $ 459.45 M $10.2 $445 $10_7 Port P/E I /B /E /S 1 yr. Forecast EPS 17.8 1 1 9.0 17.2 18.2 L Growt Forecast I /B /E /S Medi 9 .92% 1 1 0.38% 9.43% 10.02% Price /Book Ratio _ 3.0 3 40 3.10 3.36 _ $ Weighted Average Market C apitaliz ation $121.5 $1n4.7_9B - -_ $1 3 7 5 a 541 $ 1 6 3.16B Portfolio Beta vs. Russell 3000 Index 077 "`�����" 1 Source: BNY Mellon Asset Servicing except Total Net Assets Sector weightings & 2Q returns' ( %) RTC Large Cap Defensive Equity Fund ■Russell 10000 Defensive Index® I Consumer Discretionary Energy Financial Services Health Care Materials and Processing Prod ucerDurables 2Q greatest im pact' ( -) Overlunder Contribution ConsumerStaples - ll J. we i g ht % to return % j State Street C 0.44 _0 Technology Utilities W9 ° 5 General Electri Com pany -1.39 -0.07 Wells F & C 0.73_ - - - 0 .05 _ Alphabet Inc 0.75 -0.05 Medtronic, PLC _ -0.53 -0.04 Source: FactSet Source: BNY Mellon Asset Servicing m Russell 1000 Defensive Index y Russell Defensive Equdy Fund PanAgora E JP Murgan III RIMCO Coho Value Market - Orlented Growth Style 'Historical performance prior to July 2, 2012 is linked to the Russell 1000® Index. Advisors listed are current as of June 30, 2016. Russell Investments has the right to engage or terminate an advisor at any time and without notice. This is a fund of the Russell Trust Company Commingled Employee Benefit Funds Trust; it is not a mutual fund. Performanc shown is gross of fees. Fees will redu the overall p erformance of the fund. In dexes are unmanage and can not be inves in dire ctly. Past p erformanc e is not i ndicative of future result Fund advisor styles Target weig Index L Market Oriented Returns x Advisor diversification m J Jacobs Levy p.22 �. Russell Investments , 2Q2016 a 102016 i - ll J. 100 _ . - L100� � m Russell 1000 Defensive Index y Russell Defensive Equdy Fund PanAgora E JP Murgan III RIMCO Coho Value Market - Orlented Growth Style 'Historical performance prior to July 2, 2012 is linked to the Russell 1000® Index. Advisors listed are current as of June 30, 2016. Russell Investments has the right to engage or terminate an advisor at any time and without notice. This is a fund of the Russell Trust Company Commingled Employee Benefit Funds Trust; it is not a mutual fund. Performanc shown is gross of fees. Fees will redu the overall p erformance of the fund. In dexes are unmanage and can not be inves in dire ctly. Past p erformanc e is not i ndicative of future result Fund advisor styles Target weig Index L Market Oriented Returns x Advisor diversification m J Jacobs Levy p.22 �. Russell Investments , RTC Multi- Manager Bond Fund - period ending June 30, 2016 _ Annualized Strategy ' I Performance Inception Seeks favorable returns comparable to the broad fixed income _2Q2016 Year date One gear Thr 05ears_ 1 - Fwa years to date' market by investing in bonds representing diverse sectors and RT( Multi -Mang Manager Bond Fund 3.17% 6 T1 °� 6.94% % 4.78% _ 5 36% 9 -- _ _ _ �. _ _ �.� - , _ _.. maturities. Barclays US Aggregate Bond Index - 2 ( 5.31 _ , 6 .00 4.06 3.76 4.49 --------- _ __ - Inception date 4130/03. The date shown represents the date the index comparison began and may not be the actual index inception date. 1 Quali distribution' Fund ( %I Index AAA -- 48 8 i �- 71.4 - °- - AA 7.9 Barclays US Aggregate 3.9 A 14.2 Fund 11.2 BBB 15 $2.92B 13.5 $3.03B 9 7 $18 77T BB 3.2 0.0 B 2.1 0.0 CCC & Below 3.4 0.0 Duration A2 5.3 yr 5.8 yrs _ 5. yr T AA Al �Aa2 J_..ated__._.. Average Quality* l_nr _ 5 0._0 _ �.._ -_ 9 � y'� - �- ®__ .... .�_�,� - 1 Source: FactSet except for Total Net Assets � Maturity distribution Fund I) r 2Q2016 21.6 142016 ' Characteristics 5to7YPars Barclays US Aggregate 170 Barclays US Aggregate i Fund Bondlndex Fund Bondindex Total Net Ass 20 to 25 Years $2.92B $19 32T $3.03B 9 7 $18 77T Current Yield T0.0 2.58' 1. 2 65% 2. Weig Averag Yield to Maturity 2.80% 1.90% 2.90% 2.10% Weighted Average Life 7.5 vrs 7.5 vrs 1 8.5 vrs { 7.5 vrs Duration A2 5.3 yr 5.8 yrs _ 5. yr T AA Al �Aa2 J_..ated__._.. Average Quality* l_nr _ 5 0._0 _ �.._ -_ 9 � y'� - �- ®__ .... .�_�,� - 1 Source: FactSet except for Total Net Assets � Maturity distribution Fund I) index ( ) ; 0 to 3 Years 41.8 21.6 3 to 5 Years 18.5 35 3 5to7YPars 10.1 170 7 to 1 Years 12 2 10.5 10 to 15 Yea 3. 1.7 15 to 20 Yea rs T 2.0 1.9 20 to 25 Years 3.1 �4 0 25+ Ye 9 7 8.1 Source: FactSet Credit quality exposures and /or maturity distributions may not equal 100 percent as a result of the fund's use of certain financial instruments such as Futures, forwards, options, swaps and when issued transac- tions or forward commitments. In the event short positions are created, they may be reflected as negative weightings in sector allocations, cred- it quality exposures and /or maturity distributions. I Sector weightings( %)' - Fund_ Index _ Re si d ential M glLa ge Backed 15.8_ 27_8 Uncategonzed _ t70 0.0 Derivatives 5.6 0.0 High Yield I Grade Credit 6.0 0 0 2 7.6 25.0 N et Cash & Eq uivalents 12.1 0.0 Comm ercial M ortgage Backed Asset Backed 5.9 1.7 Develgyed Govt/Govt-Related Emerc�i� Markets Debt - 27.3 s 43_0,__ L_Eq_uity _ _ _ _0.0 _ T0.0 1 Sector Allocations may not equal 100 percent as a result of the fund's use of certain financial instruments such as futures, forwards, options, swaps and when issued transactions or forward commitments. In the event short positions are created, they may be reflected as negative weightings in sector allocations. 2 Source: FactSet and BNY Mellon Asset Servicing Fund advisor styles Target weightings % _ 2Q2016 102016 ■ Fully discretionary 62.5 78.9 Alpha Overlay 18.5 ■ Sector Specialist 6.0 4 8 ■Russell strategies 13.0 9.4 i Advisor diversification Russell VJealem ASaet 13% Management Ce 1% 1% Bro°kfie �estmen< Managemenl lnc._ s% weatem naeetJ Managemenl Compaly 23% Culcllester Global 1-tom Limited / 7 % RussellAbsolule Relum Foe° Income Funtl 1% stmem em e Advisors listed are current as of June 30, 2016. Russell Investments has the right to engage or terminate an advisor at any time and without notice. This is a fund of the Russell Trust Company Commingled Employee Benefit Funds Trust; it is not a mutual fund. Performance shown is gross of fees. Fees will reduce the overall performance of the Fund. Indexes are unmanaged and cannot be invested in directly. Past performance is not indicative of future results. 'The sum of the debt instrument quality ratings is based upon the Barclays index methodology, which reflects the ratings of Moody's, Fitch and S &P in such a way that if three different ratings exist for the same instrument, the median rating is used if two different ratings exist, the lower of the two is used and if only one rating exists, then that rating is used. If the debt instrument has not been rated by any of the three rating age ncies, the s ecurity is classified as `'Unrate p.23 5. Russell Investments Russell Real Estate Equity Fund - period ending March 31, 2016 Strategy Performance 4n °Oalid I _ _ 1_Q2016 _ __ _e_year Three years Fry ea Frye years T_en gears Employs a Multi- advisor, multi -fund investment approach I Ru ssell R eal Estate Equity Fund 1 83% 12.91 %° 13.77 13 55% 6 01% - - -- -- -- - -- f - -,_ applied to private core and enhanced core real estate funds NFI- ODCE -EQ 244 14 .10 13. 57 13.21 6.12 Focus on high current income. Manage risk through property 1 NCREIF Fund Index Open -End Diversified Core Equity - Equal Weight (NFI- ODCE -EQ). type / regional diversification and generally limit portfolio leverage to 30 %r. - - � Characteristics Total gross returns � 1 RTC- REEF's leverage of 22.5% at 3/3112016 was within the general ' Target Marketvalue Marketvalue Three One guideline limit of 30% and below the Benchmark leverage of 24.0 %. Core funds weighting %_ S ns _ % of total months % year % _ Morgan Stanley Prim Property Fund 20 -30 248 .1_ 31.8 2.17 14. _ J M organ Str ateg ic Pr operty Fund _ 30 - 35� 240 1 30.8 1 1.88 1 2.9_3 _ INV Core Real Estate USA 15 -25 182.4 1 23.. 1 1.47 12.72 L UBS Tr umball P roperty Fund _,_ 2030 76.4 9.8� 2.08 11.95 Benchmark total return breakout % 1Q2016 Year to date One year Income 1 15 1.1 4.77 Capdal Appreciation 1 29 1.29 9.00 Regional composition Property type composition Retail 20.0% Industry i 11.4% Self Sto rag e Apartment 1.8% 25.3% ; s Hotel 0.4% �Oth er 1.1% I Office 40.0% PACIFIC 36.8% MOUNTAIN 5.3% WEST NORTH CENT[ 1.2% ri SOUTHWEST 11.7% EAST NORTH CENTR 6.9% NORTHEAST 20.5% MIDEAST 9.2% SOUTHEAST 8.4% Funds listed are current as of March 31, 2016. Russell Investments has the right to engage or terminate a fund at any time and without notice. This is a fund of the Russell Trust Company Commingled Employee Benefit Funds Trust; it is not a mutual fund. Performance is show gross of fees. Fees will reduce the overall perform of the fund. I ndexes are unmanaged and cannot be invested in directly. Pas performance is not indicative of future results p.24 5#1 Russell Investments V Russell �J uivestments s, Second Quarter 2016 Russell Investments update and events Second quarter 2016 Upcoming events September 8 -9 — Institutional Investor Institute Defined Contribution Symposium Half Moon Bay, CA September 28 & 29 — Russell Investments Workshop - Surviving in Low Return World New York September 28, Toronto September 29 October 20 -21 - Institutional Investor Institute Consultants & Institutional Investors Roundtable Chicago October 23 - 25 — Pensions & Investments DC West San Diego November 8 -9 — Becker's Hospital Review 5t" Annual CEO & CFO Roundtable Chicago p26 �il Russell Investments " Russell Investments update and events Second quarter 2016 Some recent Russell investments research 2016 Global Market Outlook — Q3 Update Global markets and economies looks lackluster due to weakened corporate profit growth and record -low government bond yields. Global divergence in monetary policies continue to be a dominant theme. Recommended strategy: buy- the -dips, sell - the- rallies. Russell Investments Communique Q2 In this issue, we present articles on: evaluating the success of OCIO as well as the fiduciary implications, latest trends in sustainable investing, the potential impact from a downgrade of investment -grade bonds, and more. The C103 — Markets in Perspective Each month, our Chief Investment Officers provide a succinct view of key market and economic drivers impacting portfolio positioning and performance. The Market week in Review Each week, we share a short video update on recent events in the global capital markets. Just published: Dow reaches record high. { All available online via ClientLlNK or through your client service team. p.27 ill.. Russell Investments Russell Investments update and events Second quarter 2016 Subscribe to the Fiduciary Flatters blog for timely insights for institutional investors Fiducirary Matters What does it take to be a good CIO? 3 key skills the job requires July 20 The cash balance moment July 6 The full impact of mortality improvement hasn't been felt yet by DB sponsors June 29 The problem with Investment Committees June 22 Demographic change and market disruption June 6 Dynamic investing: more than one way to do it May 31 .l k Bob Collie, FIA Chief Research Strategist Americas Institutional To sign up, visit: Fiduciary — matters. russell. com p.28 Q Russell Investments IF Steven J. Flynn Senior Client Executive Americas Institutional Steve Flynn is a Senior Client Executive for Russell Investments' Americas Institutional business. Steve focuses on clients in the Eastern U.S., assisting with all aspects of their investment program. He helps them set investment goals and objectives, determine appropriate asset allocation strategy as well as select and monitor specific investment strategies and funds. He also reviews investment performance with client investment committees and senior management. His client base includes defined benefit and defined contribution plans as well as endowments and foundations and other not - for - profit organizations on investments in Russell's commingled trust funds and mutual funds. Steve joined Russell in 2012, following 12 years at SEI Investments as a Senior Director of Relationship Management. In this similar role at SEI, Steve coordinated institutional clients' strategic plans, maintaining ultimate responsibility for successful execution of client objectives. Previously, Steve was Vice President and Chief Dealer for the Capital Markets Group at Mellon Bank /The Boston Company in Boston, holding both trading and relationship management duties. It was at this time that Steve earned his Masters (Executive M.B.A.), finishing at the top of his graduating class. His background also includes foreign exchange and money market trading in both Boston and New York. His market commentaries have been quoted in the Wall Street Journal, the New York Times and the International Herald Tribune, as well as various on -line services B.A., Political Science, College of the Holy Cross M.B.A., International Business and Business Law, Suffolk University Licensed Registered Representative, FINRA Series 7, 24 and 63 (Russell Financial Services, Inc., member FINRA) p.29 Qi.. Russell Investments — Burgess Chambers &Associates, Inc. Institutional Investment Advisors www.burgesschambers.com June 30, 2ol6 Boynton Beach Police Pension Fund Investment Performance Period Ending June 30, 2016 The following investment information was prepared by BCA, relying upon data from statements provided by the plan custodian and/or investment manager(s). BCA reviews transactions provided by the custodian and uses reasonable care to ensure the accuracy of the data contained herein. However, BCA cannot guarantee the accuracy of the custodian's statement. Quarterly Market Summary 32.0 24.0 `? 16.0 E 0 20.6 June 30, 2016 12.8 8.0 2.5 3.8 5.5 6.0 6.8 2.2 0.8 2.6 3.4 2.9 _ -1.2 -0.5 �- 0 . 5 -8.0 •c ca °c o\ ° o �•� �c `�a e 0 Jy0 az cam+ ate c ��� a z i a�4 � 5 Source: Investment Metrics, LLC US Market Indices Performance [IBS rOat Iret Sevwr Nerformance 12.0 45.0 6.0 4.8 2.5 r 4.0 3.2 3.8 3.2 4.3 4.0 4.2 3.4 3.2 30 -0 31.5 . 11r l -n i. N I 25.1 0.0 0 -L [ - �_ _, � 16,7 E- B 150 11.6 If z -6.0 -z.l .. - -6.7 -15. s 0.0 1 4.6 � 1 6.3 7.: 6.5 - 321 1.4 3.7 - - 7.0 3.8 .ti.. -12.0 -10.8 -2.8 -2.0 -2.0 -3.9 -4.2 -15.0 -18.0 1 1 y 1 Quarter Year Quarter Year S &P 500 Consumer Discretionary 5 &P 500 consumer Staples S &P 500 Energy S &P 500 S &P 500 Growth 5 &P 500 Value 5 &P 500 Financials S &P 500 +teal[h Care J � 6�.d 5 &P 500 Industrials Russell Midcap Index -.. _ Russell Midcap Growth Index _ Russell Midcap Value Index 5 &P 500 Information Technology 5 &P 500 Materials S &P SOO Telecom Services _. Russell 2000 index Russell 2000 Growth Index Russell 2000 Value Index 5&P 500 Utilities Source: Investment Metrics, LLC Source: Investment Metrics, LLC Quarterly Market Summary Fixed Income Market Sector Performance 16.0 12.0 ae 8.0 10.3 8.9 7.6 6.2 5.4 4.3 4.0 3.5 37 2.7 2.2 2.1 1.2 I 1.1 1.2 1.6 Ai- _ - -- - 1 1 Quarter Year June 30, 2016 Barclays U.S. Aggregate Barclays U.S. Treasury Barclays U.S. Agency Barclays U.S. Credit Index Barclays U.S. MBS Barclays U.S. ABS Barclays U.S. Corp: High Yield Barclays Global Aggregate JPM EMBI Global (USD) Source: Investment Metrics, LLC Equity Indices Performance Intl Performance 6.0 10.0 0 -8 5.0 g 1 .2 .: -2.4 1.0 0.7 -3.3 -6.0 -4.4 0.0 `- -----" _ _� -- - - �? 0 7 c 'd� 3.0 -9.7 -5-0 o -12.0 -11.7 6.6 -14.9 -100 -8.6 , -18.0 -10.0 . i -12.1 -15.0 -24.0 1 1 Quarter Year -20.9 1 1 h 1SCl EAFE index MSCI EAFE 5-all Cap index MSCI SAFE Growth Index Qu rrer Year MSCI EAFE Value ® MSCI Emerging Markets � M5CI Japan MSCI Pacific ex Japan MSCI United Kingdom MSCI Europe ex U.K. Source: Investment Metrics, LLC Source: Investment Metrics, LLC Copyright 0 25716 In � a 2 � Boynton Beach Police Pension Fund BCA Market Perspective Winner Take All Burgess B. Chambers July 2016 Global competition has moved to a level of winner take all. What does it mean when depositors in Japan and Germany are faced with losing money because of negative interest rates? Why are the major central banks driving down their currency values and using every means available? Why is it that the US, Japan, China and Eurozone are unwilling to coordinate economic policies? The answer is competition. There is an intense fight underway among the major economies to prevent bank failures, maintain competitive pricing of products, grow tax revenues, and promote employment. As business formation declines accelerated in recent years, job growth has slowed. Once upon a time we had normal interest rates and government fiscal policies that promoted economic growth. Once upon a time we relied upon a Federal Reserve Bank to maintain a banking environment seeking full employment through credit expansion. And there was a time when central banks coordinated policies in order to promote global growth, expand employment, manage inflation and restrict currency manipulation. Those were the good old days. Japan had a great 20 year economic run that began in 1974 and has been faced with an aging society and negative population growth for the past 15 years. China has perfected the Japanese model and amassed unprecedented wealth and industrialization in the past 12 years. The Eurozone, conceived by Germany, came into existence 17 years ago to simplify the commercial barriers caused by borders, visas, conflicting laws, unstable currencies, and banking regulations. Germany supported the weaker members (Greece, Italy, and Spain) becoming debtor countries — as this new found borrowed money promoted economic prosperity in southern Europe. This wealth effect meant more people would buy German cars and trucks. And that is what actually happened! But the Eurozone has lost its luster. The debt used to fuel prosperity has become a burden that is expensive to manage — in the face of high unemployment over the past seven years and slowing growth. The US and China represent the top two positions in the race for economic prosperity and dominance. India and Southeast Asia deserve mention, as these regions are attracting investment for new infrastructure and provide a highly educated and skilled working class. The Eurozone's model will continue to decline — as southern Europe struggles with high unemployment and making room for the large influx of poor refugees, primarily children. Being the world's second oldest democracy and the second largest commercial banking center, the UK has once again set sail for greener pastures — as it has done so many times before. Leaving the Eurozone allows Britain to better define and control its economic future and not be under the control of a centralized economy and government. I Disclosure: All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change. Content should not be regarded as a complete analysis of the subjects discussed or as personalized investment advice. All investment strategies have the potential for profit or loss. References to market performance in publications do not represent the returns achieved by Burgess Chambers & Associates or any of its advisory clients. Boynton Beach Police Pension Fund Total Fund Investment Summary June 30, 2016 • Through the first half of 2016, investors have been faced with global economic instability and negative rates, an uncertain U.S. political landscape, a changing Fed stance on raising rates and, most recently, Brexit. The noises masked a modestly strong return for the S &P 500 Index, which was up 3.8% through June 30th. The continued theme on Wall Street was flight to quality, pushing 10 -year treasury yields to 1.37% from 2.24 %, with utility companies up nearly 25 %. • For the quarter, the Fund experienced an investment gain of +3.3% gross (or +3.1% net; +$2.7 million), well ahead of the Policy Benchmark (4.2.2 %). The best performing asset category was the Multi -Asset Core fund ( +3.5 %). • For the fiscal year -to -date, the Fund earned $6.4 million or +8.3% gross ( +7.8% net). This exceeded the Policy Benchmark by approximately 1.1 % and ranked in the top 4th percentile. • The best performing asset category for the fiscal year -to -date was the Russell Large Cap Defensive Equity Fund ( +12.8 %). • For the three -year period, the Fund earned $18.5 million or +8.3% (7.5% net) • For the five -year period, the Fund earned $26.5 million or +7.5% ( +6.7% net) 4 Boynton Beach Police Pension Fund Total Fund Investment Policy Review June 30, 2016 Yes No The Total Fund's annualized three -year performance achieved the Policy Benchmark. ® ❑ The Total Fund's annualized three -year performance ranked in the top 40th percentile of the universe. ❑❑ The Total Fund's annualized five -year performance achieved the Policy Benchmark. ® The Total Fund's annualized five -year performance ranked in the top 40th percentile of the universe. ® ❑ The Total Fund's annualized three -year performance achieved the +7.75% actuarial assumption rate. %). El The Total Fund's annualized five -year performance achieved the +7.75% actuarial assumption rate (Actual: +7.5 Multi Asset Core annualized three -year performance achieved the multi -asset benchmark. ® ❑ Multi Mgr Bonds annualized three -year performance achieved the fixed income benchmark. ® ❑ ❑ Multi Mgr Bonds annualized three -year performance ranked in the top 40th percentile of the universe. ® ® ❑ Multi Mgr Bonds annualized five -year performance achieved the fixed income benchmark. ® ❑ Multi Mgr Bonds annualized five -year performance ranked in the top 40th percentile of the universe. Real Estate Equity's annualized three -year performance achieved the real estate benchmark. Real Estate Equity's annualized five -year performance achieved the real estate benchmark. ® ❑ PFIA Compliant Investments in equity securities were 56.0% which did not exceed 70% of Fund's assets at market value. ® ® ❑ ❑ Foreign equity investments were 21.8% (at market) and did not exceed the 25% of the total Fund's assets at market. ® ❑ Asset allocation among fixed income was 30.7% (at market) within the 30% minimum limitation. ® ❑ Asset allocation among alternatives was 12.8% (at market) within the 20% maximum limitation. Boynton Beach Police Pension Fund Investment Performance - Net June 30, 2016 Beginning Market Value Contributions Gain /Loss Ending Market Value Total Fund (%) Policy Benchmark ( %) Quar ter F iscal Year One Year Th ree Years Five Years 83,450,040 78,037,731 80,967,512 66,902,413 56,433,730 - 1,444,697 195,792 -317,824 - 752,172 1,703,856 2,663,310 6,435,130 4,018,964 18,518,411 26,531,066 84,668,652 84,668,652 84,668,652 84,668,652 84,668,652 3.1 7.8 4.3 7.5 6.7 6 Boynton Beach Police Pension Fund Total Fund June 30, 2016 Actual vs. Target Asset Allocation 1.95 % 1.82 %� 1.15% 0.4% L Global Equities ■ Fixed Income Global REIT o: Global Listed Infrastructure Commodities Private Real estate Cash 2.0% 5.0% r 2.0% _ 2.0%� ,. f _ i ,•. oGlobal Equities H Fixed Income Global REIT Global Listed Infrastructure Commodities Private Real estate Cash Total 84,668,653 100.0% 100.0% Total International =21.8% (This calculation includes foreign equity, REIT, listed infrastructure, and fixed income) Note: For illustrative purposes only. 7 0.0% MV ($) Current Target Difference Global Equities $ 47,446,138 56.0% 55.0% 1.0% Fixed Income $ 26,035,253 30.7% 32.0% -1.3% Global REIT $ 973,885 1.15% 2.0% -0.8% Global Listed Infrastructure $ 1,653,897 1.95% 2.0% 0.0% Commodities $ 1,541,509 1.82% 2.0% -0.2% Private Real estate $ 6,654,575 7.86% 5.0% 2.9% rnch 363,396 0.4% 2.0% -1.6% Total 84,668,653 100.0% 100.0% Total International =21.8% (This calculation includes foreign equity, REIT, listed infrastructure, and fixed income) Note: For illustrative purposes only. 7 0.0% Boynton Beach Police Pension Fund Asset Allocation June 30,2016: 84,668,652 Russell ST Inv Cash Sweep (CF) 0.43% Russell Real Estate Equity (CF) 7.86% Russell Large Cap Defensive Equity (CF) 25.71% Russell Multi- Manager Bond (CF) 27.63% F] Russell Multi -Asset Core (CF) Russell Multi- Manager Bond (CF) Russell Large Cap Defensive Equity (CF) Russell Real Estate Equity (CF) Russell ST Inv Cash Sweep (CF) Market Value $ 32,486,520 23,397,652 21,766,510 6,654,575 363,396 Russell Multi -Asset Core (CF) 38.37% Allocation ( %) 38.37 27.63 25.71 7.86 0.43 13CA Boynton Beach Police Pension Fund Historical Asset Allocation June 30, 2016 June 30, 2016 June 30, 2015 June 30, 2014 June 30, 2013 June 30, 2012 $44 - - - -" $44 $44 $40 $40 $36 S40 $36 $32 $36 $32 $28 25.76 $28 °- $24 ■ US Equity $24 Q US Equity $32 f $20 i $20 $16 °- $24 $16 $12 International Equity $12 $a 27.63 $8 $4 -- -- $4 $o $44 544 $40 S40 $40 $36 25.71 $36 25.76 $36 $32 ■ US Equity $32 Q US Equity $32 $28 0.00 $28 0.00 $28 °- $24 International Equity .2 $24 International Equity ° $24 0 US Fixed Income 27.63 S 27.70 M US Fixed Income $20 Y& US Fixed income $20 D US Fixed Income $20 $16 0.00 $16 0.00 $16 $12 1 $12 ,M US REIT (Real- Estate Funds) $12 $8 7.86 $8 7.51 $8 $4 US Private Real Estate $4 US Private Real Estate $4 _., 11 1 - _ - en Ll US Equity 25.71 N US Equity 25.76 ■ US Equity 25.85 ■ US Equity 0.00 Q US Equity 33.93 International Equity 0.00 International Equity 0.00 international Equity 0.00 International Equity 0.00 International Equity 20.19 0 US Fixed Income 27.63 * US Fixed Income 27.70 M US Fixed Income 29.71 Y& US Fixed income 29.59 D US Fixed Income 35.94 La US REIT (Real- Estate Funds) 0.00 iN US REIT (Real- Estate Funds) 0.00 ■ US REIT (Real - Estate Funds) 0.00 ■ US REIT (Real- Estate Funds) 0.00 ,M US REIT (Real- Estate Funds) 3.13 US Private Real Estate 7.86 US Private Real Estate 7.51 US Private Real Estate 5.29 US Private Real Estate 4.42 US Private Real Estate 4.50 US Cash 0.43 US Cash 0.48 US Cash 0.47 N US Cash 0.49 US Cash 0.53 D US Mixed Assets 0.00 M US Mixed Assets 0.00 U1 US Mixed Assets 0.00 U US Mixed Assets 0,00 P US Mixed Assets 1.77 ® Global Mixed Assets 38.37 9 Global Mixed Assets 38.55 0 Global Mixed Assets 38.68 N Global Mixed Assets 65.50 M Global Mixed Assets 0.00 Boynton Beach Police Pension Fund Asset Allocation & Performance June 30, 2016 QTD FYTD Market Value ROR - Rank ROR - Rank Policy Benchmark Russell Large Cap Defensive Equity (CF) Russell 1000 Index Russell Multi -Asset Core (CF) Multi -Asset Core Composite Index Russell Multi- Manager Bond (CF) Fixed Income Benchmark Russell ST Inv Cash Sweep (CF) BofA Merrill Lynch 3 Month U.S. T -Bill Russell Real Estate Equity (CF) Real Estate Benchmark 1 Year ROR - Rank 2.5 8.6 2.9 0.3 -2.1 7.0 (17) 6.0 0.1 0.2 11.0 12.2 3 Year ROR - Rank 6.5 N/A 11.5 7.3 5.8 5.1 (23) 4.1 0.0 0.1 13.1 13.0 5 Year ROR - Rank 6.6 N/A 11.9 N/A N/A 4.8 (38) 3.8 0.1 0.1 13.1 12.7 1 Policy Benchmark (IPS hybrid benchmark objective): March'14 30% MSCI ACWI + 25% Russell 1000 + 32% BC Aggregate + 2% NAREIT + 2% S &P Global Infrastructure Index + 5% NFI ODCE EQ + 2% DJ UBS Commodities +2% ML 3M T- Bills; prior from May'13 48% MSCI ACWI + 35% BC Aggregate + 5% NAREIT + 5% NFI ODCE EQ + 5% DJ UBS Commodities + 2% ML 3M T- Bills; Mar'12 is 34% Russell 1000 + 11% Russell Mid -Cap + 11% MSCI Net EAFE + 4% MSCI Net EM + 5% FTSE/NAREIT + 30% BC Aggregate + 5% BC TIPS; from Sep'09 was 34% Russell 1000 + 11 % Russell Mid -Cap+ 11 % MSCI Net EAFE + 4% MSCI Net EM + 5% Wilshire REIT + 30% BC Aggregate + 5% BC TIPS; from May'05 was 34% Russell 1000 + 16% Russell Mid -Cap+ 10% MSCI Net EAFE +5% Wilshire REIT + 30% LB Interm Aggregate + 5% Lehman Interm TIPS; from Jul'02 was 60% S &P 500 + 35 LB Gov't/Credit. 2 The Multi -Asset Core Composite Benchmark: 75.0% Russell World Cap 50% Hedged Net Index 17.5% Dow Jones UBS Commodity Index / 7.5% FTSE EPRA/NAREIT Developed Real Estate Index (Net) / 7.0% Barclays U.S. Aggregate Bond Index / 3.0% Barclays U.S. 1 -3 Month Treasury Bill Index. This benchmark is appropriate for evaluating the Russell Multi -Asset Core Fund over a 3 to 5 year horizon. 3 Fixed Income Benchmark (IPS fixed income hybrid): Sep'09 is 100% BC Aggregate; from May05 was 100% LB Intermediate Aggregate; from Jun'02 was 100% Lehman Gov't/Credit 4 Real Estate Benchmark: from Sept'09 is 100% NFI ODCE EQ; prior was 100% NCREIF liff 21,766,510 32,486,520 23,397,652 363,396 6,654,575 2.2 3.2 2.5 3.5 2.1 3.2 (29) 2.2 0.0 0.1 2.6 2.2 7.2 12.8 10.5 7.3 6.3 5.9 (23) 4.7 0.1 0.2 7.5 8.3 Boynton Beach Police Pension Fund Peer Universe Quartile Ranking June 30, 2016 12.0 10.0 8.0 6.0 a 4.0 0 d m ir 2.0 0.0 -2.0 -4.0 Total Fund Policy Benchmark 5th Percentile 1st Quartile Median 3rd Quartile 95th Percentile O - O v 0 O v 'arentheses contain percentile rankings. 'alculation based on quarterly data. Q uarter Fiscal Year One Year Three Years Five Years 3.3 (3) 8.3 (4) 5.1 (2) 8.3 (4) 7.5 (15) 2.2 (24) 7.2 (12) 2.5 (9) 6.5 (57) 6.6 (49) 3.0 8.0 2.8 8.1 8.0 2.2 6.6 1.6 7.3 7.2 1.8 5.8 0.6 6.7 6.6 1.5 4.9 -0.6 6.0 6.0 1.0 3.6 -1.9 4.6 5.1 11 Boynton Beach Police Pension Fund Growth of Investments July 1, 2011 Through June 30, 2016 $96.0 — - $90.0 $84.0 $78.0 en c a c $72.0 m M $66.0 Y W R� $60.0 $54.0 $48.0 $42.0 6/11 9/11 12/11 3/12 6112 9/12 12/12 3/13 6/13 9113 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 Total Fund F — , Net Cash Flow Beginning MV Ending MV $56,433,730 $84,668,652 Annualized R OR 7.5 12 20 18 15 Boynton Beach Police Pension Fund Capital Market Line Period Ending June 30, 2016 Risk/Rewar 5 Years 5 Years Statistics Standard 12 9 n: 6 3 0 0 zu 18 15 12 c 9 6 3 0 0 Total Fund Return Deviation Beta Alpha Total Fund 7.50 7.98 0.99 0.91 v Policy Benchmark Policy Benchmark 6.64 7.91 1.00 0.00 ��II 4j Russell 1000 Index Russell 1000 Index 11.88 12.71 1.54 1.78 0 Russell Midcap Index Russell Midcap Index 10.90 14.53 1.78 -0.53 Q Russell 2000 Index Russell 2000 Index 8.35 17.24 2.02 -4.00 ML All Conv Ex.144A AQ Index 7.06 10.13 1.19 -0.71 Q ML All Conv Ex.144A AQ Index MSCI EAFE Index 2.15 14.43 1.61 -7.51 ° MSCI SAFE Index Barclays Aggregate Index 3.76 2.94 -0.09 4.44 2 4 6 8 10 12 14 16 18 20 Barclays Aggregate index Risk (Standard Deviation %) Total Fund v Policy Benchmark ® Russell 1000 Index Q Russell Midcap Index Q Russell 2000 Index Q ML All Conv Ex.144A AQ Index ® MSCIEAFEIndex 0 2 4 6 8 10 12 14 16 18 20 1 Barclays Aggregate Index Risk (Standard Deviation %) 13 Total Fund Policy Benchmark Russell 1000 Index Russell Midcap Index Russell 2000 Index ML All Conv Ex.144A AQ Index MSCI EAFE Index Barclays Aggregate Index Return Deviation Deviation 8.32. 4.15 6.54 4.65 11.48 8.13 10.80 8.72 7.09 12.65 7.40 7.27 2.52 11.37 4.06 2.60 Beta 0.84 1.00 1.57 1.79 2.32 1.41 2.04 0.06 Alpha 2.70 0.00 1.12 -0.87 -7.18 -1.66 -9.72 3.67 Boynton Beach Police Pension Fund Fiscal Year Rates of Return June 30, 2016 3 Z 2( 1! U -15 -20 -25 11.01 8.33 2.33 10.14 18.47 11.83 7.85 0.29 025 -15.12 FYTD FY FY FY FY FY FY FY FY FY FY FY 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 14 0.0 25.0 JL rr 50.0 tr 75.0 100.0 Boynton Beach Police Pension Fund Total Fund June 30, 2016 I Growth of . Dollar 0 CI C` • O ® • ® 00 160.00 r. ,1 1 ,, 140.00 ---- 0 33 w 120.00 Y ! c 0 100.00 is 9/11 3112 9/12 3113 9113 3/14 9114 3115 9/15 6/16 80.00 Periods 5-25 25 - 50 50-75 75-95 Ii 0 Total Fund 7.50 7.98 G Total Fund 20 2 (10 %) 10 (50 %) 8 (40 %) 60.00 0 (0 %) Policy Benchmark 20 2 (10 %) 13 (65 %) 5 (25 %) 0 (0 %) 6/11 12/11 6112 12/12 6/13 12/13 6/14 12114 6/15 12/15 6/16 3 Years Rolling Yea 3 (15 %) 0.0 25.0 c N 0: c 50.0 7 d Er 75.0 100.0 7.92 7.59 7.26 C a 6.93 x 6.60 627 7.74 7.83 7.92 8.01 8.10 8.19 8.28 8.37 8.46 Risk (Standard Deviation %) 9/11 3112 9/12 3113 9/13 3114 9/14 3115 9115 6116 Return Standard Deviation Periods 5-25 25 - 50 50-75 75-95 0 Total Fund 7.50 7.98 0 Total Fund 20 7 (35 %) 4 (20%) 8 (40 %) 1 (5 %) 0 Policy Benchmark 6.64 7.91 Policy Benchmark 20 6 (30 %) 3 (15 %) 8 (40 %) 3 (15 %) Median 6.60 8.32 Return Alpha Beta SRS Down Market Up Market Deviation Capture Capture Total Fund 7.50 7.98 0.91 0.99 0.95 92.46 _ 105.32 Policy Benchmark 6.(> 799 U.Ou 1.00 100.00 100.00 Return Historical Alpha Bet Sharpe Down Market Up Market Deviation Deviation Ratio C Capt Total Fund 8.32 4.15 2.70 0.84 1.95 58.36 111.20 Policy Benchmark 6.&1 4.65 aoo 1.00 100.00 I 15 Boynton Beach Police Pension Fund Russell Large Cap Defensive Equity (CF) June 30, 2016 - -- '. of Dollar 0.0 25.0 x c m E 50.0 m 75.0 100.0 •• • • •16 150.00 135.00 0 0 O 120.00 3 0 z_j 9/11 3112 9/12 3/13 9/13 3/14 9114 3115 9115 6116 Periods 5-25 25 - 50 50-75 75-95 90.00 0 Russell Large Cap Defensive Equity (CF) 8 2 (25 %; 3(38% 3(38% 0 (0%) Russell 1000 Index 20 0(0%) 13 (65%; 7 (35 %; 0 (0 %) 8/13 11/13 2/14 5114 8114 11114 2115 5/15 8/15 11/15 2116 6/16 1 Quarter Polling Percentile Ranking - 5 Years Peer Group RlsklReward - 1 Year 0.0 25.0 m 50.0 0 tr 75.0 100.0 0 105.00 15.00 10.00 5.00 0.00 -5.00 10.20 10.88 11.56 12.24 12.92 13.60 14.28 14.96 Risk (Standard Deviation %) 9/11 3/12 9112 3113 9113 3/14 9/14 3115 9115 6116 Return Standard Deviation Periods 5-25 25 - 50 50-75 75-95 O Russell Large Cap Defensive Equity (CF) 8.61 11.44 n Russell Large Cap Defensive Equity (CF) 11 3 (27 %; 4 (36 %; 3 (27 %; 1 (9 %) V Russell 1000 Index 2.93 14.00 Russell 1000 Index 20 0(0%) 12 (60 %; 8 (40 %; 0 (0 %) - Median 1.00 14.17 Down Up Return Deviatl n Alpha Beta Sharpe Market Market Capture _ Capt Russell Large Cap Defensive Equity (CF) 8.61 11.44 6.01 0.80 0.77 64.10 96.67 Russell 1000 Index 2.93 14.00 0.00 1, 0 0 a27 100.00 100.00 Quarter Historical Statistics - 1 Standard Down Up Return Deviat on Alpha Beta Ratios Market Market Capture Capture Russell Largo Cap Dofonsive Equity (CF) 3.21 0.71 0.71 0.42 1.46 WA 126.16 Russell 1000 Index 2.54 0.00 100.00 16 E G Boynton Beach Police Pension Fund Russell Multi -Asset Core (CF) June 30, 2016 3 Years Rolling Percentile Ranking - 5 Years Growth of a Dollar 0.0 25.0 E 50.0 3 X 75.0 MUM 140.00 O O w r 120.00 3 0 100.9 9/11 3/12 9/12 3/13 9113 3114 9/14 3115 9/15 6/16 Periods 5-25 25 - 50 50-75 75-95 O Russell Multi -Asset Core (CF) 4 0 (0 %) 4(100% .0 (0 %) 0 (0 %) Multl -Asset Core Composite Index 4 0 (0 %) 0(0%) 4 (100% 0 (0 %) 0.0 25.0 Y C E 50.0 m o: 75.0 100.0 100.00 80.00 7.98 7.41 X E 6.84 6 6.27 a 5.70 513 gp]yy 4 u R R 7/12 1113 7/13 1114 7114 1115 7115 1116 6116 L 0 7.56 7.84 8.12 8.40 8.68 8.96 9.24 9.52 9.80 Risk (Standard Deviation %) 9111 3112 9/12 3/13 9113 3/14 9/14 3115 9/15 6/16 Return Standard Deviation Periods 5-25 25 - 50 50-75 75-95 O Russell Multi -Asset Core (CF) 7.33 8.91 ® Russell Multi -Asset Core (CF) 12 2(17%) 7(58%) 3(25%) 0(0%) v Multi -Asset Core Composite Index 5.85 9.28 Multi -Asset Core Composite Index 12 0(0%) 5(42%) 3(25%) 4(33%) -- Median 6.80 7.93 Historical Statistics - 3 Years Down Up Return Standard Alpha Beta SRati�o Market Market _ Capture Capture Russell Multi -Asset Core (CF) 7.33 v 8.91 1.66 0.95 0.83 93.00 104.19 Multi Asset Core Composite Index 5.85 9.28 0.00 1.00 0.65 - Historical Statistics - 1 Year Down Up Return Deviation Alpha Bet Sharpe Market Market Deviation Capture Cap Russell Multl -Asset Core (CF) 0.29 11.37 2.22 0.94 0.07 9221 106.69 Multi -Asset Carr; Composite Index -2.05 12.06 0.00 1.00 -0 12 100.00 100,00 17 LIN- 0.0 25.0 Y C N Er E 50.0 7 m d' 75.0 1000 Boynton Beach Police Pension Fund Russell Multi- Manager Bond (CF) June 30, 2016 Growth of . 140.00 130.00 O O w 120.00 6 t 0 110.00 0 100.00 9/11 3/12 9/12 3113 9113 3/14 9/14 3/15 9115 6/16 Periods 5-25 25 - 50 50-75 75-95 0 Russell Multi- Manager Bond (CF) 12 0 (0 %) 12(100% 0(0%) 0 (0 %) Fixed Income Benchmark 20 0 (0 %) 2(10%) 18(90%) 0 (0 %) OA 25.0 Y m E 50.0 75.0 1000 9/11 3112 9112 3/13 9/13 3/14 9/14 3/15 9/15 6116 Periods 5-25 25 - 50 50-75 75-95 r7 Russell Multi- Manager Bond (CF) 20 1 (5 %) 19(95%) 0(0%) 0 (0 %) Fixed Income Benchmark 20 0 (0 %) 1 (5 %) 19(95%) 0 (0 %) 0 2.65 2.70 2.75 2.80 2.85 2.90 2.95 3.00 3.05 Risk (Standard Deviation %) Return Standard Deviation O Russell Multi- Manager Bond (CF) 4.80 2.98 V Fixed Income Benchmark 3.76 2.75 Median 4.24 2.81 Standard Down Up Return Deviation Alpha Beta Sharpe Market Market Capture _ Capture Russell Multi- Manager Bond (CF) 4.80 2.98 1.00 1.00 1.57 93.58 114.74 Fixed Income Benchmark 3.76 2.75 0,W 1.00 1.3> 1 00.00 100.00 Historical Statistics - 3 Years Standard Down Up Return Deviation Alpha Beta Ratios Market Market Capture _ Capture Russell Multi - Manager Bond (CF) 5.06 - - - -- 2.91 - 0.70 1.07 1.70 100.70 118.35 Fixed Income Benchmark 4.06 2.62 0.00 1.00 1 „s'= 100.00 i 18 _ _J 90.00 5.18 6/11 12/11 6/12 12112 6/13 12/13 6/14 12/14 6115 12/15 611E M O 4.81 E 0 Z 4.07 It 3.70 333 Boynton Beach Police Pension Fund Russell Real Estate Equity (CF) June 30, 2016 5 Years Ro P e rcentile Growth • a Dollar 0.0 250.00 25.0 Y W Q E 50.0 75.0 100.0 9/11 3/12 9112 3/13 9113 3114 9/14 3115 9115 6116 200.00 O O `o z 150.00 3 0 r7 100.00 Periods 5-25 25 - 50 50-75 75-95 50.00 Russell Real Estate Equity (CF) 20 0 (0 %) 8 (40 %) 12 (60 %) 0 (0 %) u Real Estate Benchmark 20 9 (45 %) 2 (10 %) 9 (45 %) 0 (0 %) 6111 12111 6/12 12112 6113 12113 6/14 12/14 6115 12115 8/16 3 Years Rolling Percentile Ranking Group 0.0 13.50 25.0 c tr E 50.0 000,t • 0 * • • 0 0 0 0 r F 13.20 E 12..90 m 12.60 75.0 100.0 U 0.80 1.00 1.20 1.40 1.60 1.80 2.00 Risk (Standard Deviation %) 9/11 3112 9/12 3113 9113 3/14 9114 3/15 9115 6/16 Return Standard Deviation Periods 5-25 25 - 50 50-75 75-95 CO Russell Real Estate Equity (CF) 13.08 1.34 O Russell Real Estate Equity (CF) 20 0 (0 %) 4 (20 %) 16 (80 %) 0 (0 %) 0 Real Estate Benchmark 12.67 0.97 Real Estate Benchmark 20 2 (10 %) 2 (10 %) 14 (70 %) 2 (10 %) _ Median 13.35 1.69 Return Deviation Historical Statistics - 5 Alpha Years Beta Sharpe Down Market Up Market _ Capture Capture Russell Real Estate Equity (CF) 13.08 1.34 -1.44 1.15 9.16 WA 103.10 Read Estate Benchmark 1267 0.97 0.00 1.00 12.19 fibs; A/u.z Return Deviation Alpha Beta Sharpe Down Market Up Market Capture Capture Russell Real Estate Equity (CF) 13.07 128 -0.11 1.01 9.48 WA 100.53 Rea/ Estate Benchmark 13.00 0.00 1.00 11.87 NIA 100.00 ,. Boynton Beach Police Pension Fund Glossary June 30, 2016 - ACCRUED INTEREST- Bond interest earned since the last interest payment, but not yet received. - ALPHA- A linear regressive constant that measures expected return independent of Beta. -ASSET ALLOCATION- The division of portfolio asset classes in order to achieve an expected investment objective. - BALANCED UNIVERSES - Public Funds, Endowments & Foundations, Corporate peer groups, and PSN peer groups. -BETA- A measure of portfolio sensitivity (volatility) in relation to the market, based upon past experience. -BOND DURATION- A measure of portfolio sensitivity to interest rate risk. - COMMINGLED FUND- An investment fund which is similar to a mutual fund in that investors are permitted to purchase and redeem units that represent ownership in a pool of securities. - CONVERTIBLE BONDS - Hybrid securities' that offer equity returns during rising equity markets and improved down - market protection. -CORE- An equal weighting in both growth and value stocks. - CORRELATION COEFFICIENT- A measure of how two assets move together. The measure is bounded by +1 and -1; +1 means that the two assets move together positively, while a measure of -1 means that the assets are perfectly negatively correlated. - GROWTH MANAGER- Generally invests in companies that have either experienced above - average growth rates and /or are expected to experience above - average growth rates in the future. Growth portfolios tend to have high price /earnings ratios and generally pay little to no dividends. - INDEXES- Indexes are used as "independent representations of markets" (e.g., S &P 500). - INFORMATION RATIO- Annualized excess return above the benchmark relative to the annualized tracking error. -LARGE CAP- Generally, the term refers to a company that has a market capitalization that exceeds $10 billion. - MANAGER UNIVERSE- A collection of quarterly investment returns from various investment management firms that may be subdivided by style (e.g. growth, value, core). -MID CAP- Generally, the term refers to a company that has a market capitalization between $2 and $10 billion. - NCREIF - A quarterly time series composite total rate of return measure of investment performance of a large pool of individual commercial real estate properties acquired in the private market for investment purposes only. - NCREIF ODCE - Open End Diversified Core Equity index which consists of historical and current returns from 26 open -end commingled funds pursuing core strategy. This index is capitalization weighted, time weighted and gross of fees. -NET- Investment return accounts only for manager fees. - PROTECTING FLORIDA INVESTMENT ACT (PFIA) - SBA publishes a list of prohibited investments (scrutinized companies). -RATE OF RETURN- The percentage change in the value of an investment in a portfolio over a specified time period, excluding contributions. -RISK MEASURES- Measures of the investment risk level, including beta, credit, duration, standard deviation, and others that are based on current and historical data. -R- SQUARED- Measures how closely portfolio returns and those of the market are correlated, or how much variation in the portfolio returns may be explained by the market. An R2 of 40 means that 40% of the variation in a fund's price changes could be attributed to changes in the market index over the time period. 20 Boynton Beach Police Pension Fund Glossary June 30, 2016 - SHARPE RATIO- The ratio of the rate of return earned above the risk -free rate to the standard deviation of the portfolio. It measures the number of units of return per unit of risk. -SMALL CAP- Generally refers to a company with a market capitalization $300 million to $2 billion. - STANDARD DEVIATION- Measure of the variability (dispersion) of historical returns around the mean. It measures how much exposure to volatility was experienced by the implementation of an investment strategy. - SYSTEMATIC RISK- Measured by beta, it is the risk that cannot be diversified away (market risk). -TIME WEIGHTED (TW) RETURN - A measure of the investments versus the investor. When there are no flows the TW & DOLLAR weighted (DW) returns are the same and vice versa. - TRACKING ERROR- A measure of how closely a manager's performance tracks an index; it is the annualized standard deviation of the differences between the quarterly returns for the manager and the benchmark. - TREYNOR RATIO- A measure of reward per unit of risk. (excess return divided by beta). -UP AND DOWN- MARKET CAPTURE RATIO- Ratio that illustrates how a manager performed relative to the market during rising and declining market periods. -VALUE MANAGER- Generally invests in companies that have low price -to- eamings and price-to -book ratios and /or above - average dividend yields. 21 Boynton Beach Police Pension Fund Disclosure June 30, 2016 Advisory services are offered through or by Burgess Chambers and Associates, Inc., a registered SEC investment advisor. Performance Reporting: 1.Changes in portfolio valuations due to capital gains or losses, dividends, interest, income and management fees are included in the calculation of returns. All calculations are made in accordance with generally accepted industry standards. 2.Transaction costs, such as commissions, are included in the purchase cost or deducted from the proceeds or sale of a security. Differences in transaction costs may affect comparisons. 3.Individual client returns may vary due to a variety of factors, including differences in investment objectives, asset allocating and timing of investment decisions. 4.Performance reports are generated from information supplied by the client, custodian, and/or investment managers. BCA relies upon the accuracy of this data when preparing reports. 5.The market indexes do not include transaction costs, and an investment in a product similar to the index would have lower performance dependent upon costs, fees, dividend reinvestments, and timing. Benchmarks and indexes are for comparison purposes only, and there is no assurance or guarantee that such performance will be achieved. 6.Performance information prepared by third party sources may differ from that shown by BCA. These differences may be due to different methods of analysis, different time periods being evaluated, different pricing sources for securities, treatment of accrued income, treatment of cash, and different accounting procedures. 7.Certain valuations, such as alternative assets, ETF, and mutual funds, are prepared based on information from third party sources, the accuracy of such information cannot be guaranteed by BCA. Such data may include estimates and maybe subject to revision. 8.BCA has not reviewed the risks of individual security holdings. 9.13CA investment reports are not indicative of future results. 10. Performance rankings are time sensitive and subject to change. 11. For a free copy of Part II (mailed w/i 5 bus. days from request receipt) of Burgess Chambers & Associates, Inc.'s most recent Form ADV which details pertinent business procedures, please contact: 315 East Robinson Street Suite #690, Orlando, Florida 32801, 407 - 644 -0111, info @burgesschambers.com. 22 Burg ess Chambers & Associates, Inc. Institutional Investment Advisors www. burgesschambers. com 315 East Robinson Street, Suite 690, Orlando, Florida 32801 P:407- 644 -0111 F:407- 644 -0694