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Agenda 05-24-21
CITY OF BOYNTON BEACH BOARD OF TRUSTEES GENERAL EMPLOYEES’ PENSION PLAN Quarterly Board Meeting Monday, May 24, 2021 Location: City Chambers 100 East Ocean Avenue, Boynton Beach, FL 33435 Plan Administrator: (561) 624-3277 INSTRUCTIONS TO JOIN MEETING ELECTRONICALLY Meeting ID: 146 448 7868 Time: May 24, 2021 01:30 PM Eastern Time (US and Canada) Resource Centers is inviting you to a scheduled RingCentral meeting: Boynton General Pension Meeting For Video & Audio (Recommended): If you are using a mobile device (Smart Phone or Tablet) use the “RingCentral” App. Link to Join from Laptop, PC, Mac, Linux, iOS or Android: https://meetings.ringcentral.com/j/1464487868 For Voice Only: iPhone one-tap: US: +1(312)2630281,,1464487868# +1(470)8692200,,1464487868# +1(646)3573664,,1464487868# +1(773)2319226,,1464487868# +1(650)2424929,,1464487868# +1(720)9027700,,1464487868 Telephone (for higher quality, dial a number based on your current location): Dial +1(312)2630281 +1(470)8692200 +1(646)3573664 +1(773)2319226 +1(650)2424929 +1(720)9027700 Trustees Steven B Grant, Mayor Chairman Laurie, Fasolo, Term 12/31/22 Lori Laverriere, City Manager Sheryl Claude, Term 7/22 Kevin Homer, Term 12/20 Cathleen Mcdavitt, Term 12/20 AGENDA I. Call to Order II. Approval of Agenda III. Approval of Minutes A. Regular Quarterly Meeting – February 24, 2021 IV. Presentations A. Gabriel Roeder Smith & Company: Peter Strong (Actuary) 1. Actuarial Valuation Report October 1, 2020 B. Southeastern Advisory Services: Jeff Swanson (Investment Consultant) 1. Quarterly Investment Performance Report- March 31, 2021 2. Fixed Income Research Report C. Lorium Law: Richelle Levy(Attorney) 1. George Mantell Beneficiary Payment V. Correspondence VI. Old Business VII. New Business A. Attorney Report 1. Form 1 2. Policy on Estimated Benefits 3. IRS Mileage Rate B. Administrative Report 1. Payment Verification Letters 2. Upcoming Conference 3. Trustee Elections 4. Interim Financials 5. Warrant for Invoices. 6. Benefit Approvals VIII. Public Comments IX. Adjournment ❖ NEXT QUARTERLY MEETING DATE: Monday, August 23rd, 2021 at 1:30 p.m. If a person decides to appeal any decision made by this Board with respect to any matter considered at this meeting, he/she will need a record of the proceedings, and that, for such purpose, he/she may need to ensure t hat a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. (F.S. 286.0105) Notice: The City shall furnish appropriate auxiliary aids and services where necessary to afford an i ndividual with a disability an equal opportunity to participate in and enjoy the be nefits of a service, program, or activity conducted by the Cit y. Please contact the City Clerk’s office at (561) 742-6060 at least 24 hours prior to the program or activity in order for the City to reasonably accommodate your request. Meeting Minutes General Employees’ Pension Fund Boynton Beach, Florida February 22, 2021 1 MINUTES OF THE GENERAL EMPLOYEES’ PENSION PLAN REGULAR BOARD MEETING HELD VIRTUALLY ON MONDAY FEBRUARY 22, 2021 AT 1:30 P.M. Trustees: Steven Grant, Chairman Lorri Laverriere , Laurie Fasolo Sheryl Claude Cathy McDeavitt Others: Amanda Kish Office of the Resource Centers Jeff Swanson, Southeastern Advisory Bonni Jensen, Office of Klausner, Kaufman, , Levinson Brian Liffick, Cherry Bekaert and Holland I. Call to Order – Mayor Steven Grant Steven Grant called the meeting to order at 1:3 0 P.M. II. AGENDA APPROVAL : A. Additions, Deletions, Corrections Motion Sheryl Claude moved to approve the amendments made to the Agenda as presented. Cathy McDeavitt seconded the motion that unanimously passed 5-0. III. APPROVAL OF MINUTES A. Regular Quarterly Meeting –November 2020. . Motion Laurie Fasolo moved to have the Minutes present ed at the next meeting. Sheryl Claude seconded the motion that unanimously passed 5-0. IV. PRESENTATIONS A. Cherry, Bekaert & Holland L.L.P: Brian Liffick 1. Audited Financial Statement Re port Draft as of October 1, 20 20 Mr. Liffick introduced himself to the Board and thanked the Trustees. He reported that the Financials Statements have a clean opinion with no material weaknesses or deficiencies. Mr. Liffick reviewed the financial activity noting there were no adjustments only reclassifications made. Cherry Bekeart uses an outside firm for second review on the fair value noting no disagreements. There were no issues with management or with gaining the needed documents and reporting for competition for the audit. Mr. Liffick reviewed the financial statement highlights . The net position increased by $4,297,619.00 the increase was primarily due to contr ibutions and investment return. T he net position for 20 20 was $194,072,809.00 Meeting Minutes General Employees’ Pension Fund Boynton Beach, Florida February 22, 2021 2 versus $184,018,384.00 as of fiscal year 201 9. He reviewed the administrative and investment expenses while also comparing to last fiscal year’s expenses. The Plan’s funded ratio is 91.2%. The Board was presented the management letter. He explained that the management letter confirms that the information that was provided is correct and accurate. A signature is needed on the management letter prior to the release of the final Audit cop y Motion Sheryl Claude moved to approve the Audited Financial Statements as of October 1, 20 20. Laurie Fasolo seconded the motion that unanimously passed 5-0. Laurie Fasolo moved to approve the Management Representation Letter for the Financial Statements of October 1, 2020.Cathy McDeavitt seconded the motion that unanimously passed 5- 0. Southeaste rn Advisory Services: Jeff Swanson 1. Quarterly Investment Performance Report as o f December 31, 2020 Mr., Swanson reviewed the market environment. He stated that the portfolio had a positive fiscal year return. Mr. Swanson reviewed the performance of the market environment for major market indexes as of December 31, 2020. He reported that for quarter ending December 31, 2020 the Plan’s return was 9.9%. The fiscal year return was 11.6% The Plan’s total value, including the R&D account, was reported to be $217,605,603.00. He reviewed the allocation of as sets for the quarter; Domestic Equity 44.9 International Equity 19.6 % Real Estate 14.7 % Fixed Income 18.5% and Cash 2.3%. Mr. Swanson reviewed the market environmen t for each investment sector. The 1-year Total Fund -Gross of Fees returns was 11.6% versus the index at 11.4%. He reported that for the quarter ly returns where Total Domestic Equity was at 14.1 % versus the index of 16.4 %; Total Intern at ional Equities were at 18.2% ahead of the index at 16.0%. Total Real Estate was at 2.1% ahead of the index at 1.3% and Total Fixed Income was 2.1% versus the benchmark of 0.7%. Mr. Swanson reviewed the fixed income segment. He suggested bringing in a fixed income research report to the next meeting. V. CORRESPONDENCE There was no correspondence. VI. OLD BUSINESS There was no Old Business VII. NEW BUSINESS A. Attorney Report 1. E-Verify: Mrs. Jensen presented the E-Verify memo to the Board . She inf ormed the Board effective January 1, 2021, Pe nsion Plans and service provider s that are engaged by the Pension Plan will need to be registered with E-Verify. All future contracts should have a provision regarding E-Verify. Mrs. Kish informed the Board that she will be enrolling the Board and sending letter s out to the service providers making them aware that they will need to register. 2. Policy Regarding Investment Managers: Mrs. Jensen informed she would like the policy adopted f or the following reasons: Managers are aware of the guidelines prior to being hired by the Board. Meeting Minutes General Employees’ Pension Fund Boynton Beach, Florida February 22, 2021 3 The Policy will alleviate some of the back f orth with the manager contracts. She reviewed the Policy in detail. 3. IRS Mileage Rate: The Mileage rate increased to .56 a mile. 4. Survivor Benefits- George Mantell: Mrs. Jensen provided an update on the Mantell beneficiary. T he ex-spouse sent a letter appealing the Board’s discission. Mrs. Jensen suggested hiring special counsel for the Mantell Beneficiary. The Board held a discussion regar ding the special counsel. The Board suggested th e Chairman reviewing the special counsel list between meetings. Motion L aurie Fasolo moved t o approve the Special Counsel for Mr. Mantell’s Beneficiary Payment. Cathy McDeavi tt seconded the motion that unanimously passed 5-0 B. Ad ministrative Report 1. Interim Financials The Board received and filed the Interim Financials. 2. Warrant for Invoices. The Board reviewed the Disbursements the plan administrator presented for approval. Motion Sheryl Claude moved to approve the warrants as presented. L aurie Fasolo seconded the motion that unanimously passed 5-0. 3. Benefit Approvals The Board reviewed the Benefit Approvals presented. Motion Cathy McDeavitt moved to approve the benefits in the Benef it Ap provals as amended. seconded the motion that unanimously passed 5-0 4. Fiduciary Liability Mrs. Kish informed the Board that they will need to renew the fiduciary liability policy. Motion Cathy McDeavi tt moved to approve Fiduciary Liability Policy. Laurie Fasolo seconded the motion that unanimously passed 4-0 VIII. PUBLIC COMMENTS There were no Public Comments Meeting Minutes General Employees’ Pension Fund Boynton Beach, Florida February 22, 2021 4 IX. ADJOURNMENT There being no other business and the nex t meeting having been previously scheduled for Monday, May 24, 2021 at 1:30 p.m., the Trustees adjourned the meeting at 3:25 P.M. MINUTES APPROVED: __________________________________ Steven B. Grant, Mayor Boynton Beach General Employees’ Pension Board BOYNTON BEACH GENERAL EMPLOYEES’ PENSION FUND INVESTMENT PERFORMANCE ANALYSIS FIRST QUARTER 2021 Note: For a copy of Part II of Southeastern Advisory Services, Inc.’s most recent Form ADV please write: Southeastern Advisory Services, Inc., 3495 Piedmont Road, N.E., Bldg. 12-202, Atlanta, GA 30305, or e-mail your request to ben@seadvisory.com. Part II of Form ADV will be mailed within seven (7) days upon receipt of the request. Jeffrey D. Swanson, Senior Consultant Southeastern Advisory Services, Inc. 3495 Piedmont Road, N.E., Bldg. 12-202 Atlanta, Georgia 30305 TEL: (404) 237-3156 FAX: (404) 237-2650 Only the executive summary portion of our reporting is provided herein. If you would like an electronic copy of the back-up pages to this executive summary, send your request to jeff@seadvisory.com. BOYNTON BEACH EMPLOYEES’ PENSION FUND INVESTMENT PERFORMANCE ANALYSIS MARCH 31, 2021 TABLE OF CONTENTS TAB 1 MARKET ENVIRONMENT TAB 2 PORTFOLIO GROWTH AND ASSET ALLOCATION TAB 3 TOTAL FUND AND ASSET MANAGER PERFORMANCE COMPARISONS TAB 4 INVESTMENT POLICY COMPLIANCE 1 Executive Summary BOYNTON BEACH EMPLOYEES’ PENSION FUND Quarter Ending March 31, 2021 I. MARKET ENVIRONMENT Index First Quarter 1 Year 3 Year Standard & Poor’s 500 Index 6.2% 56.4% 16.8% Russell 2000 Index 12.7% 94.9% 14.8% MSCI EAFE Index (Net) 3.5% 44.6% 6.0% NCREIF Property Index 1.7% 2.6% 4.9% CS Hedge Index 2.9% 20.2% 4.8% BbgBarc U.S. Aggregate -3.4% 0.7% 4.7% 91 Day Treasury Bills 0.0% 0.1% 1.5% Consumer Price Index (NSA) 1.7% 2.6% 2.0% Inflation indexes have been on the rise during the past few months, with growth rates meaningfully above 2%. Part of the jump in prices is due to depressed prices six months earlier, but the most recent observations suggest that there are new inflationary pressures within the U.S. economy. A jump in energy prices accounted for more than two-thirds of the increase in the Producer Price Index (PPI) in February, while both gasoline and food prices weigh on consumers. The big question with the accelerating PPI is whether goods producers will be able to increase prices while the labor market continues to recover. Investors are expecting at least some continued inflation as the 10-year breakeven inflation rate equaled 2.4% at quarter-end, the highest level in more than five years. Fed Chair Jerome Powell does not expect much higher inflation in the near -term and the Federal Reserve will likely remain patient regardless of price increases above their 2% target. Equities: The U.S. stock market, represented by the S&P 500, was up 6.2% for the first quarter of 2021. All eleven sectors were in positive territory with Energy (30.7%) and Financials (16.0%) representing the best performing sectors. The main laggard this quarter, Technology (2.1%), is also the largest U.S. sector at 27% of the Index. Fixed Income: The U.S. Treasury yield curve was up significantly across most maturities during the first quarter, with the long end approac hing pre- COVID levels. The 10-year Treasury yield ended the quarter at 1.7%, up .8% from December. Credit spreads tightened with the spread on the broad high yield market closing the quarter at 3.1%. The Federal Open Market Committee met twice during the quarter, a s scheduled, with no change to their overnight rate. Although some members expect rate hikes in the next two years, the median forecast is for no rate changes through 2023. Consumer price changes accelerated during the first quarter, with modest gains for the past twelve months. The Consumer Price Index was up 1.7% for the three months ending March, and up 2.6% for the one-year period. Alternatives: Global hedge fund industry assets swelled to a new record high of $3.8 trillion in 1Q21 as managers recorded their strongest quarter since 2000. Investors poured more capital into a broad selection of hedge strategy types, with the biggest funds taking the largest slice of new allocations. While fixed income portfolios posted losses in 1Q21, commercial real estate represented valuable diversif ication as most real asset managers wrote up property values. Hedge Week 2 II. Live Universe Comparisons and Reporting Wilshire Public Plan Sponsor Universe Number of Plans 252 Median Size $316.9 Million Total Assets $2.6 Trillion Total Plans over $1 Billion 93 Total Plans between $100 - $1,000 Million 88 Total Plans between $20 Million - $100 Million 42 Total Plans under $20 Million 29 About Wilshire Associates The Wilshire Cooperative is collaboration between Wilshire Associates and more than 60 independent investment consulting firms. Wilshire provides advanced performance measurement and attribution reporting systems to participating firms while Cooperative members provide asset and performance data for their sponsor clients. These are then pooled into peer groups for comparative purposes. Today, the Wilshire Cooperative is the standard utilized by over 1600 plan sponsors with assets over $3.9 trillion dollars. Our Universe Comparisons As a Wilshire affiliate, we are granted access to large and diverse peer compa risons, including total fund, portfolio-level, and style- based universes. The Wilshire Public Fund Universe (above) includes the actual, live results of over 250 public pension systems across the country. These are real public funds who face similar investment restrictions and guidelines to your own. These peer-to-peer performance comparisons are critical to the evaluation process. Our Reporting Unique to Southeastern Advisory Services is our customized reporting platform. We have the ability to accurately calculate performance against virtually any benchmark, comparison or metric. These industry -leading tools include sophisticated attribution analyses and holdings-based style and characteristic analysis. Our goal is to deliver a clear, easil y-understood picture of performance that fairly assesses the effectiveness of your investment policy, strategy and managers. Each performance report is fully-customized based on your input. We welcome your requests and suggestions. 3 III. PORTFOLIO GROWT H - F IVE Y EARS ENDED M ARCH 31, 2021 Period Ending Beginning Value $(000) Net Cash Flow Net Gain/Loss Ending Value $(000) Quarterly Return Fiscal Year Return Jun-16 144,303 -2,140 3,538 145,701 2.5% Sep-16 145,701 -4,828 5,129 146,002 3.5% 12.6% Dec-16 146,002 301 1,788 148,091 1.2% Mar-17 148,091 4,334 6,112 158,537 4.1% June-17 158,537 -2,067 4,935 161,405 3.1% Sep-17 161,405 -2,090 5,649 164,965 3.5% 12.5% Dec-17 164,965 3,323 7,195 175,483 4.3% Mar-18 175,483 -712 327 175,097 0.2% Jun-18 175,097 -2,262 3,021 175,856 1.7% Sep-18 175,856 -2,586 5,524 178,794 3.2% 9.7% Dec-18 178,794 -1,512 -15,841 161,441 -8.9% Mar-19 161,441 1,914 15,001 178,356 9.2% Jun-19 178,356 -89 6,458 184,724 3.6% Sep-19 184,724 -2,899 1,294 183,120 0.7% 3.8% Dec-19 183,120 4,101 10,745 197,966 5.7% Mar-20 197,966 -2,299 -29,680 165,987 -15.1% Jun-20 165,987 -2,853 22,141 185,276 13.3% Sep-20 185,276 -2,604 10,440 193,112 5.5% 7.3% Dec-20 193,112 3,699 19,244 216,055 9.9% Mar-21 216,055 -1,702 5,455 219,807 2.5% 12.7% Total 144,303 -12,971 88,476 219,807 64.4% Annual Return Objective: 6.9% 60.0 70.0 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 200.0 210.0 220.0 230.0 03/16 09/16 03/17 09/17 03/18 09/18 03/19 09/19 03/20 09/20 03/21Market Value (In Millions)Total Fund Net Cash Flow Only 4 IV. ALLOCATION OF ASSETS Asset Class Target Allocation Current Allocation Median Public Plan Dom estic Equity 45% 51.0 % 53.4 % International Equity 20% 13.5 % 10.7 % Real Estate 15% 15.2 % 0.5 % Fixed Income 20% 19.7 % 21.4 % Cash Equivalents 0% 0.5 % 1.8 % 06/18 09/18 12/18 03/19 06/19 09/19 12/19 03/20 06/20 09/20 12/20 03/21 Domestic Equity %45.8 46.4 43.3 44.9 45.2 46.1 47.4 42.5 46.8 48.4 49.2 51.0 Intl Equity %19.0 18.1 17.2 17.5 17.2 15.9 15.9 13.8 13.3 13.0 13.7 13.5 Real Estate %15.0 16.1 18.2 17.7 17.2 17.5 16.5 19.9 17.5 16.8 15.3 15.2 Domestic Fixed %18.1 18.1 20.7 19.0 19.0 19.2 19.2 22.1 21.7 21.0 21.1 19.7 Cash & Equiv %2.1 1.3 0.6 0.9 1.5 1.2 1.0 1.7 0.8 0.8 0.7 0.5 Historical Asset Allocation Domestic Equity % Intl Equity % Real Estate % Domestic Fixed % Cash & Equiv % Dom Equity 45% Intl Equity 20% Real Estate 15% Fixed Income 20% Policy Allocation Dom Equity 51.0%Intl Equity 13.5% Real Estate 15.2% Fixed Income 19.7% Cash 0.5% Current Allocation 5 Manager Dom Equity Intl Equity Real Estate Fixed Income Cash Atlanta Capital 100.0%0.0%0.0%0.0%0.0% Clearbridge 98.6%0.0%0.0%0.0%1.4% Vanguard 500 100.0%0.0%0.0%0.0%0.0% Vanguard Dividend Growth Fund 100.0%0.0%0.0%0.0%0.0% Mutual of America S&P 400 99.9%0.0%0.0%0.0%0.1% Europacific Growth 0.0%100.0%0.0%0.0%0.0% Harding Loevner Intl Equity 0.0%100.0%0.0%0.0%0.0% Invesco / Oppenheimer Intl Growth 0.0%100.0%0.0%0.0%0.0% Alliance Bernstein- Fixed 0.0%0.0%0.0%96.9%3.1% Garcia Hamilton - Fixed 0.0%0.0%0.0%98.6%1.4% PIMCO Capital & Sec & Fin Ins 0.0%0.0%0.0%100.0%0.0% PIMCO Income 0.0%0.0%0.0%100.0%0.0% JP Morgan RE Strategic Property 0.0%0.0%100.0%0.0%0.0% JP Morgan RE Special Situation 0.0%0.0%100.0%0.0%0.0% Total Fund 51.0%13.5%15.2%19.7%0.5% 6 V. MANAGER ALLOCATION AND CASH FLOWS - Quarter ending March 31, 2021 Manager Beginning Value % Alloc Cash In Cash Out Gain/Loss Ending Value % Alloc Clearbridge $37,659,589 17.4%$0 ($1,000,000)$197,610 $36,857,199 16.8% Schwab Total Stock Market Index $16,910,665 7.8%$0 $0 $1,089,041 $17,999,706 8.2% Vanguard 500 $9,371,284 4.3%$0 $0 $578,717 $9,950,001 4.5% Vanguard Dividend Growth Fund $11,313,531 5.2%$0 $0 $481,528 $11,795,059 5.4% Large Cap Equity $75,255,069 34.8%$0 ($1,000,000)$2,346,896 $76,601,965 34.8% Atlanta Capital $18,365,332 8.5%$0 $0 $1,466,116 $19,831,448 9.0% Mutual of America S&P 400 $14,204,350 6.6%$35 $0 $1,912,316 $16,116,701 7.3% SMID Cap Equity $32,569,682 15.1%$35 $0 $3,378,432 $35,948,149 16.4% EuroPacific Growth R6 $16,191,779 7.5%$0 $0 ($70,095)$16,121,685 7.3% Harding Loevner Intl Equity $13,512,219 6.3%$0 $0 $114,108 $13,626,327 6.2% International Equity $29,703,998 13.7%$0 $0 $44,013 $29,748,011 13.5% Alliance Bernstein Fixed $15,324,949 7.1%$0 ($300,029)($456,789)$14,568,131 6.6% Garcia Hamilton Fixed $15,970,481 7.4%$0 ($300,000)($498,722)$15,171,759 6.9% PIMCO Capital Sec & Fin Ins $5,269,020 2.4%$0 $0 $49,301 $5,318,321 2.4% PIMCO Income $8,983,623 4.2%$0 $0 ($15,354)$8,968,269 4.1% Fixed Income $45,548,073 21.1%$0 ($600,029)($921,564)$44,026,480 20.0% JP Morgan RealEst Strategic Prop (Core)$18,692,623 8.7%$0 $0 $300,363 $18,992,986 8.6% JP Morgan RealEst Special Sit (Value Add)$14,282,567 6.6%$0 $0 $204,394 $14,486,961 6.6% Real Estate $32,975,190 15.3%$0 $0 $504,757 $33,479,946 15.2% Money Market (WF Money Mkt)$2,838 0.0%$0 $0 $1 $2,838 0.0% Cash & Equiv.$2,838 0.0%$0 $0 $1 $2,838 0.0% Total Fund $216,054,848 100%$35 ($1,600,029)$5,352,534 $219,807,388 100% Receipts & Disbursements $1,550,755 $2,030,289 ($2,310,398)$611 $1,271,258 Total Fund + R&D $217,605,603 $2,030,324 ($3,910,427)$5,353,145 $221,078,646 For this report, all performance and asset allocation information for the Total Fund does not include the Receipts & Disbursements Account held at CenterState Bank of Florida . The Money Market assets listed above are held in the Mu tual fund ledger at Wells Fargo . Clearbridge $36,857,199 16.8% Vanguard Div Growth Fund $11,795,059 5.4% Schwab $17,999,706 8.2% Vanguard 500 $9,950,001 4.5% Mut of America $16,116,701 7% Atlanta Capital $19,831,448 9.0% Harding Loevner $13,626,327 6.2% EuroPacific $16,121,685 7.3% Bernstein Fixed $14,568,131 6.6% GHA Fixed $15,171,759… PIMCO Capital Sec & Fin Ins $5,318,321 2.4%PIMCO Income $8,968,269 4.1%Money Market $2,838 0.0% JPM RE StratProp $18,992,986 8.6% JPM RE SpecSit $14,486,961 6.6% 7 V I . TOTAL FUND PERFORMANCE COMPARISONS Manager/Index/Universe Quarter 1 Year 3 Year 5 Year Total Fund - Gross of Fees 2.5%34.8%9.6%10.5% Total Fund - Net of Fees 2.5%34.5%9.4%10.3% Target Index 3.7%37.7%11.2%11.2% Wilshire Public Fund Ranking 80 57 66 51 Total Domestic Equities 5.4%61.2%14.4%15.7% 80% Russell 1000/20% Russell 2500 6.9%66.2%17.0%16.6% vs. Equity Returns of Public Funds 70 56 67 52 Total International Equities 0.1%55.9%9.4%11.7% MSCI EAFE Index (Net)3.5%44.6%6.0%8.8% vs. Intl Equity Returns of Public Funds 90 54 31 34 Total Real Estate 1.8%2.7%5.4%6.6% NCREIF ODCE Index 2.1%2.3%4.9%6.2% vs. Real Estate Returns of Total Funds 65 48 48 33 Total Fixed Income -2.1%6.0%4.7%3.3% BbgBarc US Aggregate -3.4%0.7%4.7%3.1% vs. Fixed Inc Returns of Public Funds 52 37 63 63 Current Policy Index: 35% Russell 1000 Index/ 10% Russell 2000 Index/ 20% BbgBarc US Aggregate/ 20% MSCI EAFE (Net)/15% NCREIF ODCE Index. Prior to 4Q15 35% Russell 1000 Index/ 10% Russell 2500 Index/ 25% BbgBarc US Aggregate/ 20% MSCI EAFE (Net)/10% NCREIF ODCE Index. Prior to 2Q11, Policy Index: 40% Russell 1 000 Index/ 10% Russell 2500 Index/ 35 % BbgBarc US Aggregate / 15 % MSCI EAFE (Net) For this report, all performance and asset allocation information for the Total Fund does not include the Receipts & Disbursements Account held at CenterState Bank of Florida . Boynton Beach General Employees’ Pension Cumulative Performance Comparison Total Returns of Total Fund Public Sponsors Periods Ending 3/21 High 1st Qt Median 3rd Qt Low T Total Fund Return Rank 1 Target Index Return Rank Last Qtr Last 2 Qtrs Last 3 Qtrs Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years 5.5 4.3 3.7 2.8 0.7 2.5 80 3.7 52 18.4 15.6 14.3 12.7 9.3 12.7 74 15.6 26 25.2 22.0 20.4 18.2 13.2 19.0 69 21.3 35 45.2 38.4 35.8 30.9 20.6 34.8 57 37.7 27 16.4 14.7 13.3 11.8 9.1 12.4 69 14.3 30 12.7 11.3 10.2 9.1 7.3 9.6 66 11.2 25 12.5 11.3 10.2 8.9 7.4 10.1 55 11.0 27 12.5 11.3 10.5 9.1 7.4 10.5 51 11.2 28 10.2 9.2 8.6 7.2 5.8 9.0 36 9.2 25 10.0 9.1 8.4 7.2 5.8 8.8 32 9.1 26 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% T1 T 1 T 1 T 1 T 1 T1 T1 T1 T1 T1 8 Boynton Beach General Employees’ Pension Return vs Risk Total Returns of Total Fund Public Sponsors Annualized Rate of Return6.0 7.8 9.6 11.4 13.2 15.0 16.8 18.6 20.4 22.2 24.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 T 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 3/31/21 Annualized Return Standard Deviation Value Rank Value Rank T Total Fund 1 Target Index Median 9.6 66 15.7 72 11.2 25 15.6 67 10.2 15.0 Annualized Rate of Return5.0 6.3 7.6 8.9 10.2 11.5 12.8 14.1 15.4 16.7 18.0 6.0 6.9 7.8 8.7 9.5 10.4 11.3 12.2 13.1 14.0 14.9 T 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 3/31/21 Annualized Return Standard Deviation Value Rank Value Rank T Total Fund 1 Target Index Median 10.5 51 12.1 69 11.2 28 12.0 68 10.5 11.6 9 10 VII. EQUITY MANAGER COMPARISON Manager/Index/Universe Quarter 1 Year 3 Year 5 Year Schwab Total Stock Market 6.4%62.6%n/a n/a Russell 1000 5.9%60.6%17.3%16.7% vs. LP Large Cap Core Mutual Funds 46 10 n/a n/a Vanguard 500 6.2%n/a n/a n/a S&P 500 6.2%56.4%16.8%16.3% vs. Large Cap Equity Portfolios 42 n/a n/a n/a Clearbridge 0.5%57.3%20.8%20.1% Russell 1000 Growth 0.9%62.7%22.8%21.0% vs. Large Growth Equity Portfolios 66 79 66 75 Vanguard Dividend Growth Fund 4.3%n/a n/a n/a Russell 1000 5.9%60.6%17.3%16.7% `vs. All Large Cap Equity Mutual Funds 57 n/a n/a n/a Mutual of America S&P 400 13.5%82.9%13.2%14.2% S&P 400 13.5%83.5%13.4%14.4% vs. SMID Cap Equity Portfolios 42 29 70 70 Atlanta Capital 8.0%64.0%15.1%16.0% Russell 2500 10.9%89.4%15.3%15.9% vs. SMID Cap Equity Portfolios 99 99 33 13 Manager/Index/Universe Quarter 1 Year 3 Year 5 Year EuroPacific Growth R6 -0.4%60.8%10.2%12.9% MSCI EAFE (Net) 3.5%44.6%6.0%8.8% vs. International Equity Mutual Funds 90 33 17 21 Harding Loevner Intl Equity 0.8%50.5%9.0%12.2% MSCI EAFE (Net) 3.5%44.6%6.0%8.8% vs. International Equity Mutual Funds 78 66 2 27 11 Domestic Equity Portfolio Summary: Total Fund * Portfolio 80% R1000/20% R2500 Total Number Of Securities 446 3,588 Equity Market Value 112,034,486 Average Capitalization $(000)332,747,284 327,162,035 Median Capitalization $(000)5,796,407 Equity Segment Yield 0.8 1.3 Equity Segment P/E - Average 56.5 73.0 Equity Segment P/E - Median 23.7 Equity Segment Beta 1.1 1.1 Price/Book Ratio 5.0 4.2 Debt/Equity Ratio 57.3 65.6 Five Year Earnings Growth 13.8 10.8 Ten Largest Holdings Market Value % of Portfolio Quarterly Return Amazon Com Inc 2,608,309 5.0%-5.0% Facebook Inc 2,086,745 4.0%7.8% Microsoft Corp 1,929,777 3.7%6.2% Visa Inc 1,794,412 3.4%-3.1% Apple Inc 1,710,833 3.3%-7.8% Unitedhealth Group I 1,337,964 2.6%6.5% Adobe Sys Inc 1,170,836 2.2%-4.9% Salesforce Com Inc 1,042,400 2.0%-4.8% Home Depot Inc 1,021,061 2.0%15.6% Nvidia Corp 993,110 1.9%2.3% Ten Best Performers Quarterly Return Ten Worst Performers Quarterly Return Avis Budget Group 94.5%Liveramp Hldgs Inc -29.1% Tripadvisor Inc 86.9%Quidel Corp -28.8% Williams Sonoma Inc 76.7%Lendingtree Inc New -22.2% Teradata Corp Del 71.5%Ceridian Hcm Hldg ln -20.9% Coherent Inc 68.6%Splunk Inc -20.3% Signature Bk New York 67.7%Mercury Computer Sys -19.8% Goodyear Tire & Rubr 61.0%Prog Holdings Inc -19.6% Climarex Energy Co 59.0%Kar Auction Svcs Inc -19.4% Amkor Technology Inc 57.5%Grubhub Inc -19.2% United States Stl Co 56.1%Cable One Inc -17.8% * Above statistics i ncludes separate account portfolios only, excludes mutual funds. 12 Equity Portfolio Characteristics 0.7% 55.9x $476.8B 1.0 7.5x Dividend Yield P/E Ratio Avg. Market Cap.Beta Price/Book Ratio 0% 20% 40% 60% 80% 100% 120% 140%Percent of R1000 IndexCLEAR R1000G 1.2% 57.9x $7.7M 1.23 2.72x 97.0% 98.0% 99.0% 100.0% 101.0% 102.0% 103.0% 104.0% 105.0% 106.0% Dividend Yield P/E Ratio Avg. Market Cap.Beta Price/Book RatioPercent of R2500 IndexMut of America S&P Midcap 400 13 Growth-Value Size Clearbridge 74.1 106.9 Mutual of America -3.1 -23.8 Total Fund 49.4 65.1 Russell 2000 6.1 -127.9 Russell 1000 7.7 94.0 Russell 1000 Growth 83.5 116.5 Russell 1000 Value -66.1 72.1 Clearbridge Mut of America Total Fund R2000 R1000 R1000GR1000V -160 -110 -60 -10 40 90 140 -160 -110 -60 -10 40 90 140 Equity Style Map (Current Quarter) Small Cap Large Cap ValueGrowth Schwab Total Stock Market Index (USD) Morningstar Analyst RatingTM Œ 03-16-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell 1000 TR USD US Fund Large Blend 1,225 US Fund Large Blend Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 14.04 4.08 1.12 9.04 30.88 2020 -20.98 22.07 9.06 14.75 20.71 2021 6.44 — — — 6.44 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 62.60 17.01 16.55 13.73 7.79 Std 03-31-2021 62.60 — 16.55 13.73 7.79 Total Return 62.60 17.01 16.55 13.73 7.79 +/- Std Index 6.25 0.23 0.26 -0.18 — +/- Cat Index 2.01 -0.30 -0.11 -0.24 — % Rank Cat 21 20 15 19 No. in Cat 1351 1225 1068 809 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield — — Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 877-824-5615 or visit www.schwab.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.03 12b1 Expense %NA Gross Expense Ratio %0.03 Risk and Return Profile 3 Yr 5 Yr 10 Yr 1225 funds 1068 funds 809 funds Morningstar RatingTM 4Q 4Q 4Q Morningstar Risk +Avg +Avg Avg Morningstar Return +Avg +Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation 19.35 15.58 14.14 Mean 17.01 16.55 13.73 Sharpe Ratio 0.84 0.99 0.94 MPT Statistics Standard Index Best Fit Index Russell 3000 TR USD Alpha -0.39 -0.11 Beta 1.05 1.00 R-Squared 99.44 99.99 12-Month Yield — Potential Cap Gains Exp 42.30% 4 4 4 4 4 4 4 4 4 4 4 4 99 99 99 97 98 98 99 99 99 99 99 99 4k 10k 20k 40k 60k 80k 100k Investment Style Equity Stocks % Growth of $10,000 Schwab Total Stock Market Index 45,126 Category Average 36,395 Standard Index 44,835 & * * * * * & * * * & _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 22.75 22.62 25.76 33.67 36.98 36.11 39.74 47.25 43.58 55.96 66.46 70.74 NAV/Price 17.23 1.32 16.30 33.36 12.39 0.41 12.58 21.06 -5.30 30.88 20.71 6.44 Total Return % 2.16 -0.79 0.30 0.98 -1.29 -0.98 0.62 -0.77 -0.92 -0.60 2.31 0.26 +/- Standard Index 1.13 -0.18 -0.12 0.25 -0.84 -0.51 0.53 -0.63 -0.52 -0.54 -0.25 0.53 +/- Category Index 12 28 29 32 39 37 21 48 44 38 21 —% Rank Cat 2010 1786 1686 1559 1568 1606 1409 1396 1402 1387 1363 1485 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash 0.55 0.55 0.00 US Stocks 98.31 98.31 0.00 Non-US Stocks 1.14 1.14 0.00 Bonds 0.00 0.00 0.00 Other/Not Clsfd 0.00 0.00 0.00 Total 100.00 100.00 0.00 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 28.3 0.98 1.04 P/C Ratio TTM 16.5 0.97 1.01 P/B Ratio TTM 3.9 0.94 0.90 Geo Avg Mkt Cap $mil 98951 0.56 0.38 Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity — Avg Eff Duration — Avg Wtd Coupon — Avg Wtd Price — Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 98.9 1.00 Greater Europe 0.8 0.97 Greater Asia 0.3 1.37 Share Chg since 02-2021 Share Amount Holdings : 3,367 Total Stocks , 0 Total Fixed-Income, 4% Turnover Ratio Net Assets % Y 6 mil Apple Inc 4.63 T 3 mil Microsoft Corp 4.27 T 155,537 Amazon.com Inc 3.18 T 873,934 Facebook Inc A 1.70 T 109,276 Alphabet Inc A 1.49 T 104,741 Alphabet Inc Class C 1.43 T 279,060 Tesla Inc 1.23 Y 692,745 Berkshire Hathaway Inc Class B 1.17 T 1 mil JPMorgan Chase & Co 1.12 T 954,501 Johnson & Johnson 1.04 T 616,165 Visa Inc Class A 0.86 T 343,121 UnitedHealth Group Inc 0.84 T 659,448 The Walt Disney Co 0.80 T 894,616 Procter & Gamble Co 0.80 T 225,231 NVIDIA Corp 0.80 Sector Weightings Stocks %Rel Std Index h Cyclical 32.1 1.03 r Basic Materials 2.5 1.08 t Consumer Cyclical 12.1 0.99 y Financial Services 14.0 0.98 u Real Estate 3.5 1.41 j Sensitive 45.9 0.99 i Communication Services 10.4 0.95 o Energy 2.7 0.96 p Industrials 9.6 1.05 a Technology 23.3 0.99 k Defensive 22.0 0.98 s Consumer Defensive 6.0 0.91 d Healthcare 13.5 1.03 f Utilities 2.5 0.94 Operations Family:Schwab Funds Manager:Multiple Tenure:8.3 Years Objective:Growth and Income Base Currency:USD Ticker:SWTSX ISIN:US8085097561 Minimum Initial Purchase: $0 Purchase Constraints:— Incept:06-01-1999 Type:MF Total Assets:$16,083.21 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 5 of 17 14 Vanguard 500 Index Admiral (USD) Morningstar Analyst RatingTM Œ 02-10-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ S&P 500 TR USD Russell 1000 TR USD US Fund Large Blend 1,225 US Fund Large Blend Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 13.65 4.30 1.69 9.06 31.46 2020 -19.61 20.54 8.92 12.15 18.37 2021 6.18 — — — 6.18 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 56.33 16.75 16.26 13.88 7.50 Std 03-31-2021 56.33 — 16.26 13.88 7.50 Total Return 56.33 16.75 16.26 13.88 7.50 +/- Std Index -0.02 -0.03 -0.04 -0.03 — +/- Cat Index -4.25 -0.56 -0.40 -0.10 — % Rank Cat 53 26 23 11 No. in Cat 1351 1225 1068 809 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 05-07-21 1.30 1.42 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.04 12b1 Expense %NA Gross Expense Ratio %0.04 Risk and Return Profile 3 Yr 5 Yr 10 Yr 1225 funds 1068 funds 809 funds Morningstar RatingTM 4Q 4Q 5Q Morningstar Risk Avg Avg Avg Morningstar Return +Avg +Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation 18.40 14.89 13.58 Mean 16.75 16.26 13.88 Sharpe Ratio 0.86 1.01 0.98 MPT Statistics Standard Index Best Fit Index S&P 500 TR USD Alpha -0.03 -0.03 Beta 1.00 1.00 R-Squared 100.00 100.00 12-Month Yield 1.47% Potential Cap Gains Exp 41.82% 4 4 4 4 4 4 4 4 4 4 4 4 100 100 100 99 100 100 100 100 99 100 100 100 4k 10k 20k 40k 60k 80k 100k Investment Style Equity Stocks % Growth of $10,000 Vanguard 500 Index Admiral 44,684 Category Average 36,395 Standard Index 44,835 * & * * & & * * * & * _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 115.83 115.80 131.37 170.36 189.89 188.48 206.57 246.82 231.44 298.14 346.57 366.69 NAV/Price 15.05 2.08 15.96 32.33 13.64 1.36 11.93 21.79 -4.43 31.46 18.37 6.18 Total Return % -0.01 -0.03 -0.04 -0.06 -0.05 -0.02 -0.03 -0.05 -0.04 -0.03 -0.03 0.00 +/- Standard Index -1.05 0.58 -0.46 -0.78 0.40 0.45 -0.13 0.10 0.36 0.03 -2.60 0.26 +/- Category Index 29 17 35 42 18 20 27 29 27 24 38 —% Rank Cat 2010 1786 1686 1559 1568 1606 1409 1396 1402 1387 1363 1485 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash 0.01 0.01 0.00 US Stocks 98.93 98.93 0.00 Non-US Stocks 1.06 1.06 0.00 Bonds 0.00 0.00 0.00 Other/Not Clsfd 0.00 0.00 0.00 Total 100.00 100.00 0.00 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 28.9 1.00 1.06 P/C Ratio TTM 17.1 1.00 1.05 P/B Ratio TTM 4.1 1.00 0.95 Geo Avg Mkt Cap $mil 176759 1.00 0.68 Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity — Avg Eff Duration — Avg Wtd Coupon — Avg Wtd Price — Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 98.9 1.00 Greater Europe 0.8 1.00 Greater Asia 0.2 1.00 Share Chg since 02-2021 Share Amount Holdings : 509 Total Stocks , 1 Total Fixed-Income, 4% Turnover Ratio Net Assets % Y 323 mil Apple Inc 5.74 T 154 mil Microsoft Corp 5.29 T 9 mil Amazon.com Inc 3.94 T 49 mil Facebook Inc A 2.11 T 6 mil Alphabet Inc A 1.85 Y 6 mil Alphabet Inc Class C 1.78 T 16 mil Tesla Inc 1.53 Y 39 mil Berkshire Hathaway Inc Class B 1.44 T 62 mil JPMorgan Chase & Co 1.38 T 54 mil Johnson & Johnson 1.29 T 34 mil Visa Inc Class A 1.06 Y 19 mil UnitedHealth Group Inc 1.05 T 37 mil The Walt Disney Co 1.00 Y 50 mil Procter & Gamble Co 0.99 T 13 mil NVIDIA Corp 0.99 Sector Weightings Stocks %Rel Std Index h Cyclical 31.2 1.00 r Basic Materials 2.3 0.99 t Consumer Cyclical 12.2 1.00 y Financial Services 14.2 1.00 u Real Estate 2.5 1.00 j Sensitive 46.4 1.00 i Communication Services 10.9 1.00 o Energy 2.8 1.00 p Industrials 9.2 1.00 a Technology 23.5 1.00 k Defensive 22.4 1.00 s Consumer Defensive 6.6 1.00 d Healthcare 13.1 1.00 f Utilities 2.6 0.99 Operations Family:Vanguard Manager:Multiple Tenure:5.1 Years Objective:Growth Base Currency:USD Ticker:VFIAX ISIN:US9229087104 Minimum Initial Purchase: $3,000 Purchase Constraints:— Incept:11-13-2000 Type:MF Total Assets:$223,467.47 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 6 of 17 15 Vanguard Dividend Growth Inv (USD) Morningstar Analyst RatingTM Œ 02-26-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell 1000 TR USD US Fund Large Blend 1,225 US Fund Large Blend Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 13.84 6.29 3.47 4.58 30.95 2020 -17.29 13.14 9.88 8.98 12.06 2021 4.26 — — — 4.26 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 41.25 15.70 13.84 13.08 9.15 Std 03-31-2021 41.25 — 13.84 13.08 9.15 Total Return 41.25 15.70 13.84 13.08 9.15 +/- Std Index -15.10 -1.07 -2.45 -0.83 — +/- Cat Index -19.34 -1.60 -2.82 -0.89 — % Rank Cat 94 46 76 40 No. in Cat 1351 1225 1068 809 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 05-07-21 1.48 1.60 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.26 12b1 Expense %NA Gross Expense Ratio %0.27 Risk and Return Profile 3 Yr 5 Yr 10 Yr 1225 funds 1068 funds 809 funds Morningstar RatingTM 4Q 3Q 4Q Morningstar Risk Low Low Low Morningstar Return Avg -Avg Avg 3 Yr 5 Yr 10 Yr Standard Deviation 15.83 13.03 11.69 Mean 15.70 13.84 13.08 Sharpe Ratio 0.92 0.98 1.06 MPT Statistics Standard Index Best Fit Index S&P 500 TR USD Alpha 1.64 1.64 Beta 0.81 0.81 R-Squared 89.05 89.05 12-Month Yield 1.57% Potential Cap Gains Exp 40.14% 4 4 4 4 4 4 7 4 4 4 4 4 95 94 98 96 97 97 99 98 99 98 98 99 4k 10k 20k 40k 60k 80k 100k Investment Style Equity Stocks % Growth of $10,000 Vanguard Dividend Growth Inv 39,959 Category Average 36,395 Standard Index 44,835 ) & ) ( * & ) ( & * ) _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 14.38 15.42 16.64 21.36 23.09 22.42 23.43 26.55 24.46 30.56 33.24 34.44 NAV/Price 11.42 9.43 10.39 31.53 11.85 2.62 7.53 19.33 0.18 30.95 12.06 4.26 Total Return % -3.64 7.31 -5.62 -0.86 -1.84 1.24 -4.43 -2.50 4.56 -0.54 -6.34 -1.92 +/- Standard Index -4.67 7.92 -6.04 -1.59 -1.39 1.70 -4.52 -2.35 4.96 -0.48 -8.90 -1.66 +/- Category Index 81 1 91 55 47 11 84 70 3 36 76 —% Rank Cat 2010 1786 1686 1559 1568 1606 1409 1396 1402 1387 1363 1485 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash 1.08 1.08 0.01 US Stocks 88.66 88.66 0.00 Non-US Stocks 10.26 10.26 0.00 Bonds 0.00 0.00 0.00 Other/Not Clsfd 0.00 0.00 0.00 Total 100.00 100.01 0.01 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 31.1 1.08 1.14 P/C Ratio TTM 19.0 1.12 1.17 P/B Ratio TTM 5.5 1.33 1.26 Geo Avg Mkt Cap $mil 145132 0.82 0.56 Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity — Avg Eff Duration — Avg Wtd Coupon — Avg Wtd Price — Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 92.2 0.93 Greater Europe 7.8 9.17 Greater Asia 0.0 0.00 Share Chg since 12-2020 Share Amount Holdings : 41 Total Stocks , 0 Total Fixed-Income, 15% Turnover Ratio Net Assets % Y 5 mil UnitedHealth Group Inc 3.99 Y 13 mil American Express Co 3.84 Y 11 mil Johnson & Johnson 3.68 Y 8 mil McDonald's Corp 3.51 Y 30 mil Coca-Cola Co 3.25 Y 7 mil Union Pacific Corp 3.14 Y 12 mil Medtronic PLC 3.01 Y 22 mil TJX Companies Inc 2.95 Y 10 mil Procter & Gamble Co 2.92 T 4 mil Northrop Grumman Corp 2.88 Y 6 mil Honeywell International Inc 2.85 Y 5 mil Linde PLC 2.85 Y 6 mil Microsoft Corp 2.78 Y 17 mil Colgate-Palmolive Co 2.73 Y 10 mil Nike Inc B 2.66 Sector Weightings Stocks %Rel Std Index h Cyclical 33.0 1.06 r Basic Materials 5.2 2.22 t Consumer Cyclical 11.5 0.94 y Financial Services 12.8 0.90 u Real Estate 3.4 1.37 j Sensitive 30.7 0.66 i Communication Services 1.9 0.18 o Energy 0.0 0.00 p Industrials 23.5 2.55 a Technology 5.3 0.22 k Defensive 36.3 1.62 s Consumer Defensive 14.9 2.27 d Healthcare 21.4 1.63 f Utilities 0.0 0.00 Operations Family:Vanguard Manager:Donald Kilbride Tenure:15.3 Years Objective:Equity-Income Base Currency:USD Ticker:VDIGX ISIN:US9219086041 Minimum Initial Purchase: $3,000 Purchase Constraints:A Incept:05-15-1992 Type:MF Total Assets:$50,518.77 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 7 of 17 16 American Funds Europacific Growth R6 (USD) Morningstar Analyst RatingTM Œ 09-02-2020 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ MSCI ACWI Ex USA NR USD MSCI ACWI Ex USA Growth NR USD US Fund Foreign Large Growth383 US Fund Foreign Large Growth Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 13.20 3.87 -1.59 10.09 27.40 2020 -22.43 22.77 9.66 19.95 25.27 2021 -0.43 — — — -0.43 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 60.79 10.20 12.90 7.72 10.43 Std 03-31-2021 60.79 — 12.90 7.72 10.43 Total Return 60.79 10.20 12.90 7.72 10.43 +/- Std Index 11.38 3.69 3.14 2.79 — +/- Cat Index 11.43 -0.11 0.87 1.03 — % Rank Cat 25 54 35 40 No. in Cat 442 383 320 224 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 04-30-21 0.46 0.46 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-421-4225 or visit www.americanfunds.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.41 12b1 Expense %NA Gross Expense Ratio %0.46 Risk and Return Profile 3 Yr 5 Yr 10 Yr 383 funds 320 funds 224 funds Morningstar RatingTM 3Q 3Q 3Q Morningstar Risk +Avg +Avg Avg Morningstar Return Avg Avg Avg 3 Yr 5 Yr 10 Yr Standard Deviation 18.74 15.47 14.99 Mean 10.20 12.90 7.72 Sharpe Ratio 0.54 0.79 0.53 MPT Statistics Standard Index Best Fit Index Morningstar Gbl Mkts xUS GR USD Alpha 3.36 2.71 Beta 1.04 1.03 R-Squared 95.97 96.31 12-Month Yield 0.41% Potential Cap Gains Exp 9.20% 4 7 7 7 7 7 7 7 7 7 7 7 92 91 90 92 86 89 93 92 92 92 97 95 4k 10k 20k 40k 60k 80k 100k Investment Style Equity Stocks % Growth of $10,000 American Funds Europacific Growth R6 23,913 Category Average 23,468 Standard Index 18,593 _ _ _ _ * ( & * ( ( * _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 41.37 35.13 41.18 49.03 47.09 45.32 45.04 56.14 44.99 55.55 69.30 69.00 NAV/Price 9.76 -13.31 19.64 20.58 -2.29 -0.48 1.01 31.17 -14.91 27.40 25.27 -0.43 Total Return % -1.39 0.40 2.81 5.29 1.57 5.18 -3.48 3.98 -0.71 5.89 14.61 -3.93 +/- Standard Index -4.69 0.90 2.97 5.09 0.36 0.77 0.89 -0.84 -0.48 0.06 3.06 -0.36 +/- Category Index — — — — 27 66 20 44 58 59 33 —% Rank Cat — — — — 341 361 363 399 439 469 447 453 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash 4.78 4.78 0.00 US Stocks 0.73 0.73 0.00 Non-US Stocks 94.31 94.31 0.00 Bonds 0.05 0.05 0.00 Other/Not Clsfd 0.13 0.13 0.00 Total 100.00 100.00 0.00 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 31.1 1.50 1.00 P/C Ratio TTM 16.5 1.55 0.86 P/B Ratio TTM 2.9 1.51 0.69 Geo Avg Mkt Cap $mil 60652 1.34 1.10 Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity — Avg Eff Duration — Avg Wtd Coupon 2.63 Avg Wtd Price — Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 13.6 1.42 Greater Europe 43.0 1.00 Greater Asia 43.4 0.91 Share Chg since 12-2020 Share Amount Holdings : 370 Total Stocks , 1 Total Fixed-Income, 38% Turnover Ratio Net Assets % T 10 mil ASML Holding NV 3.22 Y 169 mil Reliance Industries Ltd Shs Demate 2.44 T 210 mil Taiwan Semiconductor Manufacturing 2.29 Y 357 mil AIA Group Ltd 2.28 Y 3 mil MercadoLibre Inc 2.04 T 5 mil LVMH Moet Hennessy Louis Vuitton SE 1.91 T 16 mil Sea Ltd ADR 1.83 T 161 mil HDFC Bank Ltd 1.72 Y 109 mil Daiichi Sankyo Co Ltd 1.68 Y 26 mil Airbus SE 1.55 T 160 mil Vale SA ADR 1.46 Y 2 mil Shopify Inc A 1.33 Y 5 mil Keyence Corp 1.24 Y 97 mil Kotak Mahindra Bank Ltd 1.23 T 71 mil Canadian Natural Resources Ltd 1.16 Sector Weightings Stocks %Rel Std Index h Cyclical 39.5 0.94 r Basic Materials 7.1 0.87 t Consumer Cyclical 14.8 1.23 y Financial Services 16.6 0.88 u Real Estate 1.0 0.36 j Sensitive 40.1 1.08 i Communication Services 7.6 0.96 o Energy 6.0 1.29 p Industrials 9.4 0.82 a Technology 17.1 1.30 k Defensive 20.4 0.97 s Consumer Defensive 4.8 0.56 d Healthcare 12.5 1.36 f Utilities 3.1 0.98 Operations Family:American Funds Manager:Multiple Tenure:19.9 Years Objective:Foreign Stock Base Currency: USD Ticker:RERGX ISIN:US2987068218 Minimum Initial Purchase: $250 Min Auto Investment Plan: $50 Purchase Constraints: A Incept:05-01-2009 Type:MF Total Assets:$193,903.72 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 1 of 17 17 Harding Loevner International Eq Instl (USD) Morningstar Analyst RatingTM „ 04-12-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ MSCI ACWI Ex USA NR USD MSCI ACWI Ex USA Growth NR USD US Fund Foreign Large Growth383 US Fund Foreign Large Growth Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 11.60 4.45 -2.40 10.07 25.23 2020 -19.37 18.29 8.63 16.13 20.33 2021 0.84 — — — 0.84 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 50.49 9.01 12.17 7.52 6.85 Std 03-31-2021 50.49 — 12.17 7.52 6.85 Total Return 50.49 9.01 12.17 7.52 6.85 +/- Std Index 1.08 2.50 2.41 2.59 — +/- Cat Index 1.13 -1.30 0.14 0.83 — % Rank Cat 59 74 48 47 No. in Cat 442 383 320 224 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield — — Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 877-435-8105 or visit www.hardingloevnerfunds.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.67 12b1 Expense %NA Gross Expense Ratio %0.81 Risk and Return Profile 3 Yr 5 Yr 10 Yr 383 funds 320 funds 224 funds Morningstar RatingTM 2Q 3Q 3Q Morningstar Risk Avg Avg Avg Morningstar Return -Avg Avg Avg 3 Yr 5 Yr 10 Yr Standard Deviation 17.31 14.40 14.78 Mean 9.01 12.17 7.52 Sharpe Ratio 0.50 0.79 0.52 MPT Statistics Standard Index Best Fit Index MSCI ACWI Ex USA Growth NR USD Alpha 2.59 -1.39 Beta 0.95 1.04 R-Squared 93.89 94.35 12-Month Yield — Potential Cap Gains Exp 21.29% 7 7 7 7 7 7 7 7 7 4 7 7 94 96 96 96 97 96 97 97 98 98 96 97 4k 10k 20k 40k 60k 80k 100k Investment Style Equity Stocks % Growth of $10,000 Harding Loevner International Eq Instl 25,167 Category Average 23,468 Standard Index 18,593 & * & ) & ) & ( * ) ( _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 14.98 13.36 15.94 18.03 17.56 17.10 17.83 22.78 19.31 23.80 28.42 28.66 NAV/Price 17.49 -9.78 20.28 14.02 -1.61 -1.62 5.30 29.90 -13.96 25.23 20.33 0.84 Total Return % 6.34 3.93 3.45 -1.27 2.25 4.04 0.81 2.71 0.23 3.72 9.67 -2.65 +/- Standard Index 3.04 4.43 3.62 -1.47 1.04 -0.36 5.18 -2.11 0.46 -2.11 -1.88 0.92 +/- Category Index 22 31 24 77 24 83 2 53 47 76 56 —% Rank Cat 261 251 250 278 341 361 363 399 439 469 447 453 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash 2.89 2.89 0.00 US Stocks 0.00 0.00 0.00 Non-US Stocks 97.11 97.11 0.00 Bonds 0.00 0.00 0.00 Other/Not Clsfd 0.00 0.00 0.00 Total 100.00 100.00 0.00 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 27.0 1.30 0.87 P/C Ratio TTM 15.6 1.46 0.81 P/B Ratio TTM 3.0 1.57 0.72 Geo Avg Mkt Cap $mil 79776 1.76 1.44 Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity — Avg Eff Duration — Avg Wtd Coupon — Avg Wtd Price — Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 5.5 0.57 Greater Europe 52.3 1.22 Greater Asia 42.2 0.89 Share Chg since 12-2020 Share Amount Holdings : 59 Total Stocks , 45 Total Fixed-Income, 17% Turnover Ratio Net Assets % 21 mil Infineon Technologies AG 4.40 Y 6 mil Taiwan Semiconductor Manufacturing 3.81 12 mil Atlas Copco AB A 3.65 51 mil AIA Group Ltd 3.13 2 mil L'Oreal SA 3.11 258,265 Adyen NV 2.91 T 8 mil BHP Group Ltd ADR 2.89 Y 530 mil Northern Institutional Treasury Pr 2.66 7 mil Tencent Holdings Ltd 2.65 2 mil Allianz SE 2.54 3 mil Schneider Electric SE 2.54 2 mil Roche Holding AG 2.53 22 mil DBS Group Holdings Ltd 2.36 258,934 Samsung Electronics Co Ltd GDR 144A 2.12 6 mil Rio Tinto PLC 2.12 Sector Weightings Stocks %Rel Std Index h Cyclical 29.4 0.70 r Basic Materials 10.0 1.22 t Consumer Cyclical 2.6 0.22 y Financial Services 16.7 0.89 u Real Estate 0.0 0.00 j Sensitive 44.4 1.19 i Communication Services 4.2 0.53 o Energy 3.0 0.63 p Industrials 15.8 1.37 a Technology 21.5 1.63 k Defensive 26.2 1.25 s Consumer Defensive 12.5 1.46 d Healthcare 12.8 1.39 f Utilities 1.0 0.30 Operations Family:Harding Loevner Manager:Multiple Tenure:16.6 Years Objective:Foreign Stock Base Currency:USD Ticker:HLMIX ISIN:US4122951076 Minimum Initial Purchase: $100,000 Purchase Constraints:— Incept:05-11-1994 Type:MF Total Assets:$20,949.43 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 2 of 17 18 19 REAL ESTATE PERFORMANCE COMPARISONS Manager/Index/Universe Quarter 1 Year 3 Year 5 Year JPM Real Estate SPF (Core)1.9%1.7%4.4%5.8% NCREIF ODCE Index 2.1%2.3%4.9%6.2% vs. Real Estate Portfolios 72 66 65 61 JPM Real Estate SSF (Value Add)1.8%4.1%6.8%8.0% NCREIF ODCE Index 2.1%2.3%4.9%6.2% vs. Real Estate Portfolios 77 48 41 17 VIII. FIXED INCOME PERFORMANCE COMPARISONS Manager/Index/Universe Quarter 1 Year 3 Year 5 Year Alliance Bernstein - Fixed Income Only -3.1%0.1%4.5%3.2% BbgBarc US Aggregate -3.4%0.7%4.7%3.1% vs. Fixed Income Portfolios 68 93 69 65 GHA - Fixed Income Only -3.2%3.2%4.5%3.3% BbgBarc US Aggregate -3.4%0.7%4.7%3.1% vs. Fixed Income Portfolios 71 55 70 60 PIMCO Capital Sec & Fin Ins 0.9%n/a n/a n/a CPI + 4 2.7%n/a n/a n/a PIMCO Income -0.2%15.0%n/a n/a BbgBarc US Aggregate -3.4%0.7%n/a n/a vs. Multi-Sector Income Mutual Funds 43 57 n/a n/a Performance shown above for Bernstein and GHA is for Fixed Income Only, and does not include the performance of any cash held in those portfolios. 20 Fixed Income Portfolio Characteristics 0.9% 1.8 5.9 9.4 1.4%2.6 5.7 8.9 0% 20% 40% 60% 80% 100% 120% Yield to Maturity Current Coupon Effective Duration QualityPercent of BbgBarc AggBernstein GHA BbgBarc Aggregate PIMCO Income Instl (USD)Morningstar Analyst RatingTM Œ 05-20-2020 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Multisector Bond291 US Fund Multisector Bond Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 3.03 2.40 -0.11 2.53 8.05 2020 -7.66 6.48 3.01 4.46 5.80 2021 -0.17 — — — -0.17 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 14.38 4.80 5.89 6.92 7.90 Std 03-31-2021 14.38 — 5.89 6.92 7.90 Total Return 14.38 4.80 5.89 6.92 7.90 +/- Std Index 13.67 0.14 2.79 3.48 — +/- Cat Index 11.43 -0.07 2.30 3.15 — % Rank Cat 55 46 16 1 No. in Cat 340 291 260 140 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 03-31-21 2.85 2.85 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 888-877-4626 or visit www.pimco.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.50 12b1 Expense %NA Gross Expense Ratio %1.09 Risk and Return Profile 3 Yr 5 Yr 10 Yr 291 funds 260 funds 140 funds Morningstar RatingTM 3Q 4Q 5Q Morningstar Risk -Avg -Avg -Avg Morningstar Return Avg +Avg High 3 Yr 5 Yr 10 Yr Standard Deviation 5.78 4.56 4.24 Mean 4.80 5.89 6.92 Sharpe Ratio 0.60 1.02 1.45 MPT Statistics Standard Index Best Fit Index Morningstar EM Bd GR USD Alpha 2.22 0.80 Beta 0.39 0.63 R-Squared 5.52 87.80 12-Month Yield 4.53% Potential Cap Gains Exp -10.10% 0 0 0 0 0 0 0 0 0 0 0 0 84 94 88 87 72 69 73 68 72 65 57 — 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 PIMCO Income Instl 24,453 Category Average 16,866 Standard Index 15,006 & & & & & & * & & ) * _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 11.04 10.85 12.36 12.26 12.33 11.73 12.06 12.41 11.81 12.04 12.11 11.97 NAV/Price 20.46 6.36 22.17 4.80 7.18 2.63 8.72 8.60 0.58 8.05 5.80 -0.17 Total Return % 13.92 -1.48 17.95 6.83 1.21 2.08 6.07 5.06 0.57 -0.67 -1.71 3.20 +/- Standard Index 13.29 -1.04 16.63 6.15 1.62 2.20 4.81 4.51 0.84 -1.24 -1.78 2.88 +/- Category Index 1 7 1 18 7 3 31 10 18 78 47 —% Rank Cat 268 250 283 308 276 304 299 321 326 302 336 380 No. of Funds in Cat Portfolio Analysis 12-31-2020 Asset Allocation %Net % Long % Short % Cash 26.80 119.65 92.85 US Stocks 1.04 1.04 0.00 Non-US Stocks 2.82 2.82 0.00 Bonds 63.72 173.04 109.32 Other/Not Clsfd 5.62 5.64 0.02 Total 100.00 302.19 202.19 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 15.5 — — P/C Ratio TTM 9.2 — 0.79 P/B Ratio TTM 0.9 — 0.58 Geo Avg Mkt Cap $mil 8732 — 0.15 Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 3.78 Avg Eff Duration 2.11 Avg Wtd Coupon 3.34 Avg Wtd Price 106.54 Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 10.5 — Greater Europe 7.2 — Greater Asia 82.4 — Share Chg since 09-2020 Share Amount Holdings : 26 Total Stocks , 6,809 Total Fixed-Income, 421% Turnover Ratio Net Assets % R 118,281 10 Year Treasury Note Future Mar 21 -12.37 R 8,489 mil Federal National Mortgage Associat 6.76 R 7,443 mil Federal National Mortgage Associat 5.93 R 6,899 mil Federal National Mortgage Associat 5.41 T 720 mil Pimco Fds 5.38 R 3,740 mil Federal National Mortgage Associat 2.97 R 18,422 FTSE Bursa Malaysia KLCI Future Ma 2.60 R 2,770 mil Federal National Mortgage Associat 2.18 Y 2,272 mil CSMC TRUST 3.32183%1.86 R 10,434 Fin Fut Us Ultra 30yr Cbt 03/22/21 -1.69 T 1,604 mil United States Treasury Notes 0.25%1.38 R 1,636 mil Federal National Mortgage Associat 1.30 T 1,524 mil United States Treasury Notes 0.125% 1.30 Y 1,580 mil CSMC TRUST 3.45275%1.22 R 1,455 mil Federal National Mortgage Associat -1.17 Sector Weightings Stocks %Rel Std Index h Cyclical 54.2 — r Basic Materials 8.7 — t Consumer Cyclical 4.1 — y Financial Services 33.9 — u Real Estate 7.5 — j Sensitive 18.4 — i Communication Services 11.9 — o Energy 3.7 — p Industrials 2.8 — a Technology 0.0 — k Defensive 27.4 — s Consumer Defensive 10.1 — d Healthcare 9.4 — f Utilities 8.0 — Operations Family:PIMCO Manager:Multiple Tenure:14.2 Years Objective:Multisector Bond Base Currency:USD Ticker:PIMIX ISIN:US72201F4900 Minimum Initial Purchase: $1 mil Purchase Constraints:A Incept:03-30-2007 Type:MF Total Assets:$136,892.84 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 3 of 17 21 PIMCO Preferred and Capital Secs Instl (USD) Morningstar Quantitative RatingTM ´Q 03-31-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ BBgBarc US Agg Bond TR USD ICE BofA Fxd Rate Pref TR USD US Fund Preferred Stock53 US Fund Preferred Stock Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 6.77 4.55 3.60 4.12 20.42 2020 -13.71 10.74 4.63 6.77 6.75 2021 0.94 — — — 0.94 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 24.86 7.71 9.29 —7.40 Std 03-31-2021 24.86 — 9.29 —7.40 Total Return 24.86 7.71 9.29 —7.40 +/- Std Index 24.15 3.05 6.18 —— +/- Cat Index 8.78 1.33 3.46 —— % Rank Cat 56 2 1 — No. in Cat 62 53 45 — Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 03-31-21 2.83 1 2.71 1. Contractual waiver; Expires 07-31-2021 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 888-877-4626 or visit www.pimco.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.79 12b1 Expense %NA Gross Expense Ratio %0.88 Risk and Return Profile 3 Yr 5 Yr 10 Yr 53 funds 45 funds 24 funds Morningstar RatingTM 5Q 5Q — Morningstar Risk Avg Avg — Morningstar Return High High — 3 Yr 5 Yr 10 Yr Standard Deviation 10.45 8.45 — Mean 7.71 9.29 — Sharpe Ratio 0.63 0.96 — MPT Statistics Standard Index Best Fit Index Morningstar US HY Bd TR USD Alpha 4.36 0.72 Beta 0.70 1.05 R-Squared 5.45 89.65 12-Month Yield 3.72% Potential Cap Gains Exp -13.09% 0 0 0 0 0 0 0 0 0 0 0 0 — — — — — 65 56 36 41 35 33 — 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 PIMCO Preferred and Capital Secs Instl 15,352 Category Average 13,707 Standard Index 11,922 _ _ _ _ _ _ & & & & * _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History — — — — —9.82 9.97 10.52 9.49 10.73 11.10 11.10 NAV/Price — — — — — —8.12 13.27 -4.17 20.42 6.75 0.94 Total Return % — — — — — —5.48 9.73 -4.18 11.70 -0.76 4.31 +/- Standard Index — — — — — —5.81 2.69 0.17 2.71 -0.20 1.97 +/- Category Index — — — — — —17 2 22 4 36 —% Rank Cat — — — — — — 56 55 59 66 63 65 No. of Funds in Cat Portfolio Analysis 12-31-2020 Asset Allocation %Net % Long % Short % Cash 19.51 45.79 26.28 US Stocks 0.00 0.00 0.00 Non-US Stocks 0.94 0.94 0.00 Bonds 29.35 48.42 19.07 Other/Not Clsfd 50.20 50.20 0.00 Total 100.00 145.35 45.35 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 4.2 — — P/C Ratio TTM — — — P/B Ratio TTM 0.1 — — Geo Avg Mkt Cap $mil 2353 — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 3.72 Avg Eff Duration 3.61 Avg Wtd Coupon 5.81 Avg Wtd Price 111.99 Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 0.0 — Greater Europe 100.0 — Greater Asia 0.0 — Share Chg since 09-2020 Share Amount Holdings : 1 Total Stocks , 105 Total Fixed-Income, 67% Turnover Ratio Net Assets % R 18 mil Pimco Capital Securities Fd (Cayma 16.63 R 825 10 Year Treasury Note Future Mar 21 -6.05 Y 9 mil Pimco Fds 4.51 R 554 5 Year Treasury Note Future Mar 21 -3.71 R 310 Fin Fut Us Ultra 30yr Cbt 03/22/21 3.51 R 268 Euro Bund Future Mar 21 -3.09 R 32 mil Stichting AK Rabobank Certificaten 2.73 Y 41 mil Bank of America Corporation 5.875%2.44 T 41 mil Barclays PLC 6.125%2.33 T 38 mil Wells Fargo & Company 5.9%2.15 T 34 mil Lloyds Banking Group plc 7.5%2.07 37 mil JPMorgan Chase & Co. 4.6%2.03 T 32 mil NatWest Group plc 6%1.85 32 mil Goldman Sachs Group, Inc. 5%1.71 R 24 mil ABN AMRO Bank N.V. 4.75%1.66 Sector Weightings Stocks %Rel Std Index h Cyclical 100.0 — r Basic Materials 0.0 — t Consumer Cyclical 0.0 — y Financial Services 100.0 — u Real Estate 0.0 — j Sensitive 0.0 — i Communication Services 0.0 — o Energy 0.0 — p Industrials 0.0 — a Technology 0.0 — k Defensive 0.0 — s Consumer Defensive 0.0 — d Healthcare 0.0 — f Utilities 0.0 — Operations Family:PIMCO Manager:Philippe Bodereau Tenure:6.1 Years Objective:Growth and Income Base Currency:USD Ticker:PFINX ISIN:US72202E6822 Minimum Initial Purchase: $1 mil Purchase Constraints:A Incept:04-13-2015 Type:MF Total Assets:$2,012.01 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 4 of 17 22 23 X. POLICY COMPLIANCE - For Discussion Only A. Investment Guidelines: Total Fund Goal 1 Year 3 Years 5 Years Exceed Target Index Rank Above 50th Percentile in Public Fund Universe Exceed 6.9% Absolute Return Target Standard Deviation Relative to Target Index N/A > > Guideline Total Fund Equity securities limited to less than 75% of Total Fund @ market 64.5% Investment in foreign company stock limited to 25% of cost value of Total Fund 20.8% Equity securities with Market Cap < $3 billion limited to 20% of market value of Total Fund Fixed Income portfolio average credit quality of “A” or better Fixed Income portfolio duration should be less than 135% of the market index duration < 2.5% of fixed income portfolio (at market) shall be invested in single corporate issuer 24 B. Fund Performance Objective Manager Exceed Benchmark 3-Year Exceed Benchmark 4-Year Exceed Benchmark 5-Year Risk vs. Benchmark 5-Year Clearbridge < Schwab Total Stock Market Index n/a n/a n/a n/a Atlanta Capital < Vanguard 500 n/a n/a n/a n/a Vanguard Dividend Growth Fund n/a n/a n/a n/a Mutual of America S&P 400 = EuroPacific Growth > Harding Loevner Intl Equity > Alliance Bernstein Fixed < Garcia Hamilton Fixed < PIMCO Capital Sec & Fin Ins n/a n/a n/a n/a PIMCO Income n/a n/a n/a n/a JPM Strategic Property Fund > JPM Special Situation Fund > Manager Rank Above 50th Percentile 3-Year Rank Above 50th Percentile 4-Year Rank Above 50th Percentile 5-Year Clearbridge 66th 76th 75th Schwan Total Stock Market Index n/a n/a n/a Atlanta Capital Vanguard 500 n/a n/a n/a Vanguard Dividend Growth Fund n/a n/a n/a Mutual of America S&P 400 70th 66th 70th EuroPacific Growth Harding Loevner Intl Equity Alliance Bernstein Fixed 69th 74th 65th Garcia Hamilton Fixed 70th 59th 60th PIMCO Capital Sec & Fin Ins n/a n/a n/a PIMCO Income n/a n/a n/a JPM Strategic Property Fund 65th 68th 61st JPM Special Situation Fund 25 HISTORICAL EARNINGS ANALYSIS (Net of Fees) Fiscal Year Fiscal Year Earnings FY Return (NET) 1992 $2,635,666 12.4% 1993 $3,062,820 11.9% 1994 ($567,443) 0 -1.9% 1995 $5,316,432 17.6% 1996 $4,320,516 12.0% 1997 $9,819,224 24.3% 1998 $4,239,413 8.4% 1999 $6,296,353 11.4% 2000 $5,844,369 9.8% 2001 ($6,123,671) -9.4% 2002 ($3,744,638) -6.4% 2003 $7,923,854 14.4% 2004 $4,620,118 7.3% 2005 $7,301,581 10.9% 2006 $5,446,508 7.4% 2007 $11,645,687 14.9% 2008 ($13,013,710) -15.0% 2009 $379,643 0.6% 2010 $7,172,900 9.2% 2011 ($44,118) -0.2% 2012 $16,184,331 17.9% 2013 $14,621,956 13.6% 2014 $12,382,268 10.0% 2015 $2,057,231 0.8% 2016 $16,874,891 12.5% 2017 $18,483,354 12.3% 2018 $16,067,810 9.5% 2019 $6,911,976 3.8% 2020 $13,646,724 7.2% 2021 $24,698,124 12.6% FY 1992-2021 $205,296,681 7.9%* *Annualized, net of fees. All performance and gain/loss data prior to 1Q2008 was provided by the previous consultant, Merrill Lynch Consulting. 26 C. Manager Status Manager MS Rating Status Effective Date Clearbridge N/A Good Standing Schwab Total Stock Market Index Gold Good Standing Vanguard 500 Gold Good Standing Vanguard Dividend Growth Fund Gold Good Standing Atlanta Capital N/A Good Standing Mutual of America N/A Good Standing EuroPacific Growth R6 Gold Good Standing Harding Loevner International Equity Silver Good Standing Alliance Bernstein Fixed Income N/A Good Standing Garcia Hamilton Fixed Income N/A Good Standing PIMCO Capital Sec & Fin Ins Bronze Good Standing PIMCO Income Gold Good Standing JPM Real Estate Strategic Properties N/A Good Standing JPM Real Estate Special Situations N/A Good Standing XI. NOTES 1) The prior investment consultant, Merrill Lynch Consulting Services, provided all performance and market value data for period s prior to April 1, 2008. 2) Investment Manger fees are not paid directly out of the Alliance Bernstein, Garcia Hamilton, DRZ, Mutual of America, and Atlanta Capital accounts, therefore those management fees are not included in the Net of Fee performance on page 6.. 3) Funds were transferred to Atlanta Capital and MOA S&P 400 on June 28, 2012. 4) Initial investment in the Atlanta Capital commingled account is January 3, 2011. 5) The inception date of Harding Loevner International Equity and Oppenheimer International Growth was March 21, 2013. 6) Assets were transferred from Alliance Bernstein Equity to DePrince Race Zollo on March 18, 2013. 7) The inception date of Baron Real Estate Fund was March 21, 2014. 8) The inception of JPM Real Estate Special Situations was April 2, 2014. 9) The inception of Clearbridge was February 4, 2015. 10) The inception of PIMCO Income Fund was December 5, 2017. 11) The inception of Schwab Total Stock Market Index was August 31, 2018. 12) The inception of Vanguard 500 was May 27, 2020 13) The inception of PIMCO Capital Sec & Fin Ins was September 3, 2020 14) The inception of Vanguard Dividend Growth Fund was September 22, 2020 BOYNTON BEACH GENERAL EMPLOYEES’ PENSION PLAN FIXED INCOME RESEARCH 5/24/21 JEFFREY D. SWANSON, SENIOR CONSULTANT 3495 PIEDMONT RD, NE, BLDG 12-202 ATLANTA, GA 30305 PHONE: 404.237.3156 FAX: 404.237.2650 1 Fixed Income Research Southeastern Advisory Services, Inc. conducted research to identify qualified fixed income managers and/or funds for RBF. Candidates were identified through both qualitative and quantitative screens and our internal research. The following firms/funds have been selected as candidates: Firm / Strategy / Vehicle Fund Style Inclusion Methodology Defining Characteristics Min Acct Size / Net Expense Ratio Garcia Hamilton Houston, TX SA Intermediate Domestic FI SEAS Research Large bond specialists with public fund book. Focus on security selection. AUM $13B, 165 public fund clients $5MM 25 SA Integrity Fixed Income Orlando, FL SA Intermediate Domestic FI SEAS Research Boutique specialist focused on public fund clients. Small size allows flexibility to perform. AUM $700M, 35 clients, 28 public funds. $5MM 25 SA Richmond Capital Richmond, VA SA Intermediate Domestic FI SEAS Research Fixed income boutique. Conservative operator, consistent performance with optimized portfolios. AUM $5.5B. 41 public fund clients $7MM 35 SA Alliance Bernstein Total Return New York, NY MF - ABQIX Core-Plus Bond Legacy Manager Option Strong team, mixed near term performance. $355M AUM $2MM 52 MF Alliance Bernstein Int Duration New York, NY MF - SIIDX Intermediate Core-Plus Bond Legacy Manager Option Soft performance near-term with favorable risk scores. $355M AUM. Cannot be held at WF, AB holds custody. $3MM 45 MF Dodge & Cox Income San Francisco, CA MF - DODIX Intermediate Core- Plus Bond SEAS Research 19-member committee run fund with $68B in AUM. Consistent long-term performer for core bond position. AUM $68B $2,500 42 MF Doubleline Core Fixed Los Angeles, CA MF - DBLFX Intermediate Core- Plus Bond SEAS Research Dual manager-run fund with $11B in AUM. Consistent long-term performer for core bond position. AUM $11B $100K 48 MF Western Asset Core Bond San Mateo, CA MF - WATFX Intermediate Core Bond SEAS Research Large and diverse team with value driven process. Highest rating from Morningstar. AUM $20B $1MM 46 MF PIMCO Income Fund Newport Beach, CA MF - PIMIX Multi-Sector Bond SEAS Research Diversified, global multi-sector strategy with income as primary objective. $134B AUM $1MM 109 MF PIMCO Diversified Income Newport Beach, CA MF - PDIIX Multi-Sector Bond SEAS Research Diversified, global multi-sector strategy focused on High Yield, EM and IG Corp debt. AUM $5B $1MM 79 MF PIMCO High Yield Newport Beach, CA MF - PHIYX US High Yield Bond SEAS Research Low quality bond strategy that focused on the highest below investment grade. AUM $11B $1MM 57 MF PIMCO Investment Grade Newport Beach, CA MF - PIGIX US Corporate Bond SEAS Research Domestic US corporate bond strategy. All investment grade or higher. AUM $19B $1MM 85 MF 2 Fixed Income Research Returns as of 3/31/21 1-Yr 3-Yr 5-yr Std Dev (3-yr) Alpha (3-yr) # Portfolio Positions Fees/ Net Expense Ratio Garcia Hamilton 3.7% 4.0% 2.8% 2.4% 1.3 31 25 bp Integrity 5.6% 4.9% 3.6% 2.9% 1.8 137 25 bp Richmond 3.1% 4.4% 2.9% 2.5% 1.4 120 35 bp AB Total Return 9.1% 4.4% 3.6% 6.2% -0.5 696 52 bp Bernstein Int Dur 4.8% 4.7% 3.6% 4.1% 0.0 737 45 bp Dodge & Cox 7.4% 5.6% 4.7% 3.9% 1.6 1,107 42 bp DoubleLine 7.3% 4.5% 4.0% 4.8% 0.4 2,383 48 bp Western Asset Core 5.0% 5.3% 4.1% 4.3% 0.3 4,612 46 bp PIMCO Income 14.4% 4.8% 5.9% 5.8% 3.2 6,835 109 bp PIMCO Diversified Inc 12.2% 5.2% 6.4% 7.0% 1.4 2,029 79 bp PIMCO High Yield 18.5% 6.2% 6.8% 8.3% 4.0 952 57 bp PIMCO Inv Grade 9.0% 6.3% 4.8% 6.9% -0.5 2,150 85 bp AB Actual (BBGE) -0.4% 4.5% 2.9% 3.9% -0.2 199 42 bp GHA Actual (BBGE) 3.0% 4.4% 3.2% 3.9% -0.3 31 25 bp BB US Aggregate Index 0.7% 4.7% 3.1% 3.6% NA 17,000+ NA Standard DeviationReturns3 Years As Of: 3/31/2021 Garcia Hamilton Integrity Fixed Richmond Capital AB Tot Ret Bond;I S Bernstein II:Intm Dur Dodge & Cox Income Core Plus Fixed Income WA Core Bond;I PIMCO:Income;Inst PIMCO:Div Income;Inst PIMCO:High Yield;Inst PIMCO:Inv Grd Cr;Inst BBG BARC Aggregate 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 7.5 8 8.5 3.75 4 4.25 4.5 4.75 5 5.25 5.5 5.75 6 6.25 6.5 Results displayed in USD using Spot Rate (SR). Returns Standard Deviation Garcia Hamilton 4.0 2.4 Integrity Fixed 4.9 2.9 Richmond Capital 4.4 2.5 AB Tot Ret Bond;I 4.4 6.2 S Bernstein II:Intm Dur 4.7 4.1 Dodge & Cox Income 5.6 3.9 Core Plus Fixed Income 4.5 4.8 WA Core Bond;I 5.3 4.3 PIMCO:Income;Inst 4.8 5.8 PIMCO:Div Income;Inst 5.2 7.0 PIMCO:High Yield;Inst 6.2 8.3 PIMCO:Inv Grd Cr;Inst 5.5 7.5 BBG BARC Aggregate 4.7 3.6 3 Standard DeviationReturns5 Years As Of: 3/31/2021 Garcia Hamilton Integrity Fixed Richmond Capital AB Tot Ret Bond;IS Bernstein II:Intm Dur Dodge & Cox Income Core Plus Fixed Income WA Core Bond;I PIMCO:Income;Inst PIMCO:Div Income;Inst PIMCO:High Yield;Inst PIMCO:Inv Grd Cr;Inst BBG BARC Aggregate 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 Results displayed in USD using Spot Rate (SR). Returns Standard Deviation Garcia Hamilton 2.8 2.2 Integrity Fixed 3.6 2.6 Richmond Capital 2.9 2.3 AB Tot Ret Bond;I 3.6 5.1 S Bernstein II:Intm Dur 3.6 3.7 Dodge & Cox Income 4.7 3.3 Core Plus Fixed Income 4.0 4.0 WA Core Bond;I 4.1 3.9 PIMCO:Income;Inst 5.9 4.6 PIMCO:Div Income;Inst 6.4 5.8 PIMCO:High Yield;Inst 6.8 6.7 PIMCO:Inv Grd Cr;Inst 5.3 6.2 BBG BARC Aggregate 3.1 3.3 4 AB Total Return Bond I (USD)Morningstar Analyst RatingTM ‰ 02-09-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Intermediate Core-Plus Bond540 US Fund Intermediate Core-Plus Bond Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 3.18 3.04 2.05 0.46 9.00 2020 -4.92 8.04 1.93 2.00 6.80 2021 -2.90 — — — -2.90 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 9.07 4.41 3.58 3.78 4.38 Std 03-31-2021 9.07 — 3.58 3.78 4.38 Total Return 9.07 4.41 3.58 3.78 4.38 +/- Std Index 8.36 -0.24 0.48 0.34 — +/- Cat Index 6.12 -0.45 -0.01 0.01 — % Rank Cat 19 75 61 55 No. in Cat 597 540 476 342 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 02-05-21 2.22 1 2.03 1. Contractual waiver; Expires 01-31-2022 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-227-4618 or visit www.AllianceBernstein.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.00 12b1 Expense %NA Gross Expense Ratio %0.70 Risk and Return Profile 3 Yr 5 Yr 10 Yr 540 funds 476 funds 342 funds Morningstar RatingTM 2Q 2Q 3Q Morningstar Risk High High +Avg Morningstar Return -Avg Avg Avg 3 Yr 5 Yr 10 Yr Standard Deviation 6.21 5.08 4.10 Mean 4.41 3.58 3.78 Sharpe Ratio 0.51 0.49 0.78 MPT Statistics Standard Index Best Fit Index Morningstar US Corp Bd TR Hdg USD Alpha -0.42 -0.69 Beta 1.10 0.80 R-Squared 38.26 84.32 12-Month Yield 2.80% Potential Cap Gains Exp 1.94% 0 5 5 5 5 5 5 4 5 5 5 5 97 95 89 95 90 93 87 86 87 91 85 74 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 AB Total Return Bond I 16,030 Category Average 15,974 Standard Index 15,006 * * ) ( & * * ( * ( ) _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 10.78 11.06 11.36 10.89 11.21 10.83 10.97 11.12 10.75 11.33 11.59 11.17 NAV/Price 9.52 6.82 5.88 -1.30 6.92 0.15 4.28 4.13 -0.25 9.00 6.80 -2.90 Total Return % 2.98 -1.02 1.66 0.73 0.95 -0.40 1.63 0.59 -0.26 0.28 -0.70 0.48 +/- Standard Index 2.35 -0.58 0.34 0.05 1.36 -0.28 0.37 0.04 0.01 -0.30 -0.77 0.16 +/- Category Index 29 33 81 56 9 36 35 55 29 58 76 —% Rank Cat 428 456 467 500 510 528 561 597 617 613 602 615 No. of Funds in Cat Portfolio Analysis 03-31-2021 Top Holdings 02-28-2021 Asset Allocation % 02-28-2021 Net % Long % Short % Cash -24.51 38.58 63.08 US Stocks 0.12 0.12 0.00 Non-US Stocks 0.10 0.10 0.00 Bonds 125.14 137.39 12.25 Other/Not Clsfd -0.86 2.72 3.58 Total 100.00 178.91 78.91 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM — — — P/C Ratio TTM — — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil — — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 6.89 Avg Eff Duration 6.51 Avg Wtd Coupon 3.68 Avg Wtd Price — Credit Quality Breakdown 03-31-2021 Bond % AAA 39.97 AA 4.12 A 10.72 BBB 25.26 BB 10.23 B 2.86 Below B 0.43 NR 6.41 Regional Exposure Stocks % Rel Std Index Americas 100.0 — Greater Europe 0.0 — Greater Asia 0.0 — Share Chg since 02-2021 Share Amount Holdings : 2 Total Stocks , 694 Total Fixed-Income, 83% Turnover Ratio Net Assets % R 124 Ultra 10 Year US Treasury Note Fut 4.93 R 89 Long Gilt Future June 21 -4.28 13 mil IBOXHY-TRS-576724 0% 20/06/2021 -3.58 R 58 2 Year Treasury Note Future June 21 -3.48 50 mil Brazil (Federative Republic) 10%2.67 R 48 Ultra US Treasury Bond Future June 2.46 R 31 Euro Buxl Future Mar 21 2.07 Y 6 mil United States Treasury Bonds 3.125% 1.91 R 53 5 Year Treasury Note Future June 21 1.78 R 5 mil Federal National Mortgage Associat 1.51 R 6 mil Federal National Mortgage Associat 1.49 T 5 mil United States Treasury Notes 0.375% 1.36 R 3 10 Year Japanese Government Bond F -1.14 R 20 Euro Bund Future Mar 21 1.12 R 4 mil United States Treasury Bonds 1.875% 1.08 Sector Weightings Stocks %Rel Std Index h Cyclical —— r Basic Materials —— t Consumer Cyclical —— y Financial Services —— u Real Estate —— j Sensitive —— i Communication Services —— o Energy —— p Industrials —— a Technology —— k Defensive —— s Consumer Defensive —— d Healthcare —— f Utilities —— Operations Family:AllianceBernstein Manager:Multiple Tenure:15.6 Years Objective:Growth and Income Base Currency:USD Ticker:ABQIX ISIN:US0185286129 Minimum Initial Purchase: $2 mil Purchase Constraints:A Incept:03-01-2005 Type:MF Total Assets:$354.18 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 1 of 19 5 Bernstein Intermediate Duration Instl (USD) Morningstar Quantitative RatingTM ´Q 03-31-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Intermediate Core-Plus Bond540 US Fund Intermediate Core-Plus Bond Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 3.11 2.99 2.07 0.23 8.64 2020 -0.12 5.33 1.44 1.07 7.86 2021 -2.93 — — — -2.93 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 4.82 4.72 3.59 3.71 4.63 Std 03-31-2021 4.82 — 3.59 3.71 4.63 Total Return 4.82 4.72 3.59 3.71 4.63 +/- Std Index 4.11 0.07 0.49 0.27 — +/- Cat Index 1.87 -0.14 0.00 -0.06 — % Rank Cat 70 61 59 58 No. in Cat 597 540 476 342 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 02-05-21 1.40 1 1.34 1. Contractual waiver; Expires 01-28-2021 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 212-486-5800 or visit www.bernstein.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.45 12b1 Expense %NA Gross Expense Ratio %0.52 Risk and Return Profile 3 Yr 5 Yr 10 Yr 540 funds 476 funds 342 funds Morningstar RatingTM 3Q 3Q 3Q Morningstar Risk Avg Avg Avg Morningstar Return Avg Avg Avg 3 Yr 5 Yr 10 Yr Standard Deviation 4.15 3.72 3.33 Mean 4.72 3.59 3.71 Sharpe Ratio 0.81 0.66 0.93 MPT Statistics Standard Index Best Fit Index BBgBarc US Universal TR USD Alpha 0.00 -0.53 Beta 1.03 1.12 R-Squared 75.87 92.39 12-Month Yield 2.58% Potential Cap Gains Exp 5.47% 5 5 5 5 5 5 5 4 5 5 5 5 97 95 87 86 85 96 91 86 89 88 83 72 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 Bernstein Intermediate Duration Instl 15,893 Category Average 15,974 Standard Index 15,006 * * ) ) & & * ( * ( ( _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 15.67 15.95 16.23 15.35 15.42 14.86 14.88 15.05 14.60 15.34 15.89 15.34 NAV/Price 9.27 6.87 5.54 -2.03 6.60 0.42 4.31 3.85 -0.21 8.64 7.86 -2.93 Total Return % 2.73 -0.97 1.33 -0.01 0.63 -0.13 1.66 0.31 -0.22 -0.07 0.35 0.44 +/- Standard Index 2.11 -0.53 0.01 -0.69 1.04 -0.01 0.40 -0.24 0.04 -0.65 0.28 0.12 +/- Category Index 32 31 86 81 16 22 34 68 28 68 58 —% Rank Cat 428 456 467 500 510 528 561 597 617 613 602 615 No. of Funds in Cat Portfolio Analysis 02-28-2021 Asset Allocation %Net % Long % Short % Cash 1.02 45.77 44.75 US Stocks 0.00 0.00 0.00 Non-US Stocks 0.04 0.04 0.00 Bonds 96.32 124.20 27.88 Other/Not Clsfd 2.62 2.62 0.00 Total 100.00 172.63 72.63 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 60.0 — — P/C Ratio TTM — — — P/B Ratio TTM 5.4 — — Geo Avg Mkt Cap $mil 20427 — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 7.94 Avg Eff Duration 6.72 Avg Wtd Coupon 2.98 Avg Wtd Price 107.38 Credit Quality Breakdown 12-31-2020 Bond % AAA 59.08 AA 3.35 A 11.92 BBB 21.17 BB 3.04 B 0.23 Below B 0.26 NR 0.95 Regional Exposure Stocks % Rel Std Index Americas 0.0 — Greater Europe 100.0 — Greater Asia 0.0 — Share Chg since 01-2021 Share Amount Holdings : 1 Total Stocks , 738 Total Fixed-Income, 86% Turnover Ratio Net Assets % R 605 2 Year Treasury Note Future June 21 -14.09 73 mil United States Treasury Notes 0.125% 7.72 44 mil United States Treasury Notes 0.125% 4.68 R 220 Long Gilt Future June 21 -4.10 R 172 Ultra 10 Year US Treasury Note Fut 2.65 R 197 5 Year Treasury Note Future June 21 -2.56 R 114 Ultra US Treasury Bond Future June -2.28 R 76 Euro Buxl Future Mar 21 1.97 16 mil United States Treasury Bonds 2.25%1.67 11 mil United States Treasury Bonds 4.375% 1.58 R 13 mil Federal National Mortgage Associat 1.39 R 13 mil Federal National Mortgage Associat 1.39 T 11 mil United States Treasury Notes 0.375% 1.33 9 mil Netherlands (Kingdom Of) 0.25%1.22 R 11 mil United States Treasury Bonds 1.875% 1.08 Sector Weightings Stocks %Rel Std Index h Cyclical 100.0 — r Basic Materials 0.0 — t Consumer Cyclical 0.0 — y Financial Services 100.0 — u Real Estate 0.0 — j Sensitive 0.0 — i Communication Services 0.0 — o Energy 0.0 — p Industrials 0.0 — a Technology 0.0 — k Defensive 0.0 — s Consumer Defensive 0.0 — d Healthcare 0.0 — f Utilities 0.0 — Operations Family:AllianceBernstein Manager:Multiple Tenure:15.6 Years Objective:Corporate Bond - High Quality Base Currency:USD Ticker:SIIDX ISIN:US0858071055 Minimum Initial Purchase: $3 mil Purchase Constraints:A Incept:05-17-2002 Type:MF Total Assets:$1,005.09 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 1 of 18 6 Dodge & Cox Income (USD)Morningstar Analyst RatingTM Œ 10-26-2020 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Intermediate Core-Plus Bond540 US Fund Intermediate Core-Plus Bond Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 3.70 2.79 2.09 0.85 9.73 2020 -0.70 5.98 1.48 2.48 9.45 2021 -2.52 — — — -2.52 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 7.44 5.61 4.68 4.24 6.61 Std 03-31-2021 7.44 — 4.68 4.24 6.61 Total Return 7.44 5.61 4.68 4.24 6.61 +/- Std Index 6.73 0.95 1.57 0.80 — +/- Cat Index 4.49 0.74 1.08 0.47 — % Rank Cat 32 18 15 25 No. in Cat 597 540 476 342 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield — — Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-621-3979 or visit www.dodgeandcox.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.40 12b1 Expense %NA Gross Expense Ratio %0.42 Risk and Return Profile 3 Yr 5 Yr 10 Yr 540 funds 476 funds 342 funds Morningstar RatingTM 4Q 4Q 4Q Morningstar Risk -Avg -Avg -Avg Morningstar Return +Avg +Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation 3.86 3.32 3.04 Mean 5.61 4.68 4.24 Sharpe Ratio 1.08 1.05 1.18 MPT Statistics Standard Index Best Fit Index Morningstar US Corp Bd TR Hdg USD Alpha 1.38 1.62 Beta 0.86 0.53 R-Squared 60.36 95.97 12-Month Yield — Potential Cap Gains Exp 6.78% 5 5 5 5 5 5 2 2 2 2 5 5 94 96 96 93 96 96 95 94 97 97 91 89 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 Dodge & Cox Income 16,453 Category Average 15,974 Standard Index 15,006 ( ) * & ( ( & * * * & _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 13.23 13.30 13.86 13.53 13.78 13.29 13.59 13.76 13.26 14.03 14.65 14.12 NAV/Price 7.17 4.76 7.94 0.64 5.48 -0.59 5.61 4.36 -0.31 9.73 9.45 -2.52 Total Return % 0.63 -3.08 3.73 2.66 -0.48 -1.14 2.97 0.82 -0.32 1.01 1.94 0.85 +/- Standard Index 0.00 -2.64 2.41 1.99 -0.08 -1.02 1.70 0.27 -0.05 0.44 1.88 0.53 +/- Category Index 75 84 46 14 52 65 12 43 31 32 23 —% Rank Cat 428 456 467 500 510 528 561 597 617 613 602 615 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash 8.63 8.63 0.00 US Stocks 0.00 0.00 0.00 Non-US Stocks 0.00 0.00 0.00 Bonds 89.37 89.37 0.00 Other/Not Clsfd 2.00 2.00 0.00 Total 100.00 100.00 0.00 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM — — — P/C Ratio TTM — — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil — — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 9.30 Avg Eff Duration 5.40 Avg Wtd Coupon — Avg Wtd Price 106.00 Credit Quality Breakdown 03-31-2021 Bond % AAA 56.09 AA 4.90 A 6.50 BBB 22.60 BB 9.70 B 0.20 Below B 0.01 NR 0.00 Regional Exposure Stocks % Rel Std Index Americas —— Greater Europe —— Greater Asia —— Share Chg since 12-2020 Share Amount Holdings : 0 Total Stocks , 1,107 Total Fixed-Income, 94% Turnover Ratio Net Assets % R 4,628 mil Federal National Mortgage Associat 6.49 2,208 mil United States Treasury Notes 0.12%3.03 T 2,300 mil United States Treasury Notes 0.88%2.92 R 900 mil United States Treasury Notes 0.38%1.21 Y 875 mil Federal Home Loan Mortgage Corpora 1.21 Y 739 mil Federal Home Loan Mortgage Corpora 1.02 707 mil United States Treasury Notes 0.62%0.88 575 mil Imperial Brands Finance Plc 4.25%0.87 Y 627 mil Federal Home Loan Mortgage Corpora 0.86 454 mil Charter Communications Operating,0.81 R 500 mil United States Treasury Notes 0.12%0.69 R 500 mil United States Treasury Notes 0.5%0.67 500 mil United States Treasury Notes 0.25%0.67 500 mil United States Treasury Notes 0.62%0.65 T 560 mil United States Treasury Bonds 1.62%0.64 Sector Weightings Stocks %Rel Std Index h Cyclical —— r Basic Materials —— t Consumer Cyclical —— y Financial Services —— u Real Estate —— j Sensitive —— i Communication Services —— o Energy —— p Industrials —— a Technology —— k Defensive —— s Consumer Defensive —— d Healthcare —— f Utilities —— Operations Family:Dodge & Cox Manager:Multiple Tenure:32.3 Years Objective:Income Base Currency: USD Ticker:DODIX ISIN:US2562101053 Minimum Initial Purchase: $2,500 Minimum IRA Purchase: $1,000 Purchase Constraints: — Incept:01-03-1989 Type:MF Total Assets:$69,392.55 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 2 of 18 7 DoubleLine Core Fixed Income I (USD) Morningstar Quantitative RatingTM ´Q 03-31-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Intermediate Core-Plus Bond540 US Fund Intermediate Core-Plus Bond Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 2.96 3.02 1.48 0.32 7.99 2020 -3.29 5.41 1.84 1.72 5.60 2021 -2.08 — — — -2.08 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 6.94 4.00 3.46 4.30 4.88 Std 03-31-2021 6.94 — 3.46 4.30 4.88 Total Return 6.94 4.00 3.46 4.30 4.88 +/- Std Index 6.23 -0.66 0.35 0.86 — +/- Cat Index 3.98 -0.87 -0.14 0.53 — % Rank Cat 38 86 71 20 No. in Cat 597 540 476 342 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 04-30-21 2.30 2.25 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 877-354-6311 or visit www.doublelinefunds.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.40 12b1 Expense %NA Gross Expense Ratio %0.48 Risk and Return Profile 3 Yr 5 Yr 10 Yr 540 funds 476 funds 342 funds Morningstar RatingTM 2Q 2Q 4Q Morningstar Risk +Avg Avg Avg Morningstar Return -Avg -Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation 4.81 4.05 3.53 Mean 4.00 3.46 4.30 Sharpe Ratio 0.56 0.58 1.04 MPT Statistics Standard Index Best Fit Index Morningstar US Corp Bd TR Hdg USD Alpha -0.29 -0.39 Beta 0.91 0.64 R-Squared 43.95 89.33 12-Month Yield 2.98% Potential Cap Gains Exp -3.22% 6 6 6 6 6 6 5 6 6 6 6 6 96 94 94 96 85 86 93 92 96 94 94 94 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 DoubleLine Core Fixed Income I 16,436 Category Average 15,126 Standard Index 14,246 _ & * ( & & * * & ) ) _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 10.38 10.96 11.34 10.70 10.98 10.67 10.79 10.97 10.61 11.07 11.32 11.01 NAV/Price —11.45 8.15 -1.20 6.86 0.63 4.11 4.66 -0.02 7.99 5.60 -2.08 Total Return % —3.61 3.93 0.83 0.90 0.08 1.47 1.12 -0.03 -0.73 -1.90 1.30 +/- Standard Index —4.05 2.61 0.15 1.31 0.21 0.20 0.57 0.24 -1.30 -1.97 0.98 +/- Category Index —2 41 52 11 15 40 31 25 76 86 —% Rank Cat — 456 467 500 510 528 561 597 617 613 602 615 No. of Funds in Cat Portfolio Analysis 03-31-2021 Top Holdings 02-28-2021 Asset Allocation % 02-28-2021 Net % Long % Short % Cash 2.05 2.93 0.88 US Stocks 0.03 0.03 0.00 Non-US Stocks 0.01 0.01 0.00 Bonds 96.79 96.84 0.05 Other/Not Clsfd 1.13 1.13 0.00 Total 100.00 100.93 0.93 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM — — — P/C Ratio TTM 2.4 — — P/B Ratio TTM 0.9 — — Geo Avg Mkt Cap $mil 905 — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 6.90 Avg Eff Duration 5.02 Avg Wtd Coupon 2.98 Avg Wtd Price 100.06 Credit Quality Breakdown 03-31-2021 Bond % AAA 41.98 AA 5.07 A 14.19 BBB 17.43 BB 5.57 B 5.11 Below B 3.80 NR 6.85 Regional Exposure Stocks % Rel Std Index Americas 100.0 — Greater Europe 0.0 — Greater Asia 0.0 — Share Chg since 02-2021 Share Amount Holdings : 6 Total Stocks , 2,377 Total Fixed-Income, 43% Turnover Ratio Net Assets % 61 mil DoubleLine Global Bond I 5.36 46 mil DoubleLine Infrastructure Income I 4.11 R 446 mil United States Treasury Notes 0.13%3.78 T 216 mil United States Treasury Notes 0.13%1.84 R 200 mil Federal National Mortgage Associat 1.72 R 199 mil United States Treasury Notes 0.75%1.66 R 189 mil United States Treasury Notes 0.38%1.58 R 223 mil United States Treasury Bonds 1.25%1.53 R 128 mil United States Treasury Bonds 1.88%1.03 Y 137 mil United States Treasury Bonds 1.13%1.00 Y 109 mil Fnma Pass-Thru I 2.5%0.98 Y 93 mil United States Treasury Notes 3%0.88 Y 96 mil United States Treasury Notes 2.25%0.87 Y 105 mil United States Treasury Notes 0.5%0.86 Y 60 mil United States Treasury Bonds 4.75%0.72 Sector Weightings Stocks %Rel Std Index h Cyclical 0.0 — r Basic Materials 0.0 — t Consumer Cyclical 0.0 — y Financial Services 0.0 — u Real Estate 0.0 — j Sensitive 100.0 — i Communication Services 0.0 — o Energy 98.3 — p Industrials 1.7 — a Technology 0.0 — k Defensive 0.0 — s Consumer Defensive 0.0 — d Healthcare 0.0 — f Utilities 0.0 — Operations Family:DoubleLine Manager:Multiple Tenure:10.9 Years Objective:Growth and Income Base Currency: USD Ticker:DBLFX ISIN:US2586203018 Minimum Initial Purchase: $100,000 Min Auto Investment Plan: $100,000 Minimum IRA Purchase: $5,000 Purchase Constraints:— Incept:06-01-2010 Type:MF Total Assets:$11,631.29 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 3 of 18 8 Western Asset Core Bond I (USD) Morningstar Analyst RatingTM Œ 11-25-2020 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ BBgBarc US Agg Bond TR USD BBgBarc US Agg Bond TR USD US Fund Intermediate Core Bond385 US Fund Intermediate Core Bond Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 4.00 3.14 2.30 0.64 10.44 2020 -0.22 5.64 1.49 1.98 9.11 2021 -3.95 — — — -3.95 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 5.03 5.30 4.12 4.25 6.55 Std 03-31-2021 5.03 — 4.12 4.25 6.55 Total Return 5.03 5.30 4.12 4.25 6.55 +/- Std Index 4.32 0.65 1.01 0.81 — +/- Cat Index 4.32 0.65 1.01 0.81 — % Rank Cat 16 12 3 5 No. in Cat 421 385 337 255 Subsidized Unsubsidized 7-day Yield 05-10-21 2.19 1 — 30-day SEC Yield 03-31-21 1.80 1 1.72 1. Contractual waiver; Expires 12-31-2022 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 877-721-1926 or visit www.leggmason.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.40 12b1 Expense %NA Gross Expense Ratio %0.55 Risk and Return Profile 3 Yr 5 Yr 10 Yr 385 funds 337 funds 255 funds Morningstar RatingTM 4Q 5Q 5Q Morningstar Risk +Avg +Avg +Avg Morningstar Return +Avg High High 3 Yr 5 Yr 10 Yr Standard Deviation 4.28 3.87 3.36 Mean 5.30 4.12 4.25 Sharpe Ratio 0.92 0.77 1.08 MPT Statistics Standard Index Best Fit Index BBgBarc US Universal TR USD Alpha 0.39 -0.14 Beta 1.08 1.17 R-Squared 78.69 94.68 12-Month Yield 2.14% Potential Cap Gains Exp 5.57% 5 4 4 4 4 5 5 5 4 4 4 4 82 87 91 91 83 86 85 83 89 94 92 93 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 Western Asset Core Bond I 17,348 Category Average 15,155 Standard Index 15,006 & & * ( & & & & ( & & _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 11.42 11.86 12.37 11.81 12.31 12.13 12.32 12.66 12.22 13.01 13.65 13.05 NAV/Price 12.20 7.38 7.15 -1.86 7.38 1.21 4.11 5.21 -0.63 10.44 9.11 -3.95 Total Return % 5.65 -0.46 2.94 0.17 1.41 0.66 1.46 1.67 -0.64 1.72 1.60 -0.58 +/- Standard Index 5.65 -0.46 2.94 0.17 1.41 0.66 1.46 1.67 -0.64 1.72 1.60 -0.58 +/- Category Index 3 18 44 57 4 8 25 9 57 1 14 —% Rank Cat 1164 1195 1165 1079 1038 1042 985 986 1019 430 415 440 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash -2.57 6.76 9.33 US Stocks 0.00 0.00 0.00 Non-US Stocks 0.00 0.00 0.00 Bonds 101.06 102.42 1.37 Other/Not Clsfd 1.51 1.51 0.00 Total 100.00 110.70 10.70 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM — — — P/C Ratio TTM — — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil — — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 12.47 Avg Eff Duration 6.95 Avg Wtd Coupon 2.95 Avg Wtd Price 104.10 Credit Quality Breakdown 02-28-2021 Bond % AAA 66.22 AA 6.30 A 14.95 BBB 14.08 BB 1.24 B 0.03 Below B 0.07 NR -2.89 Regional Exposure Stocks % Rel Std Index Americas —— Greater Europe —— Greater Asia —— Share Chg since 12-2020 Share Amount Holdings : 0 Total Stocks , 4,612 Total Fixed-Income, 159% Turnover Ratio Net Assets % T 1,135 mil Western Asset Prem Instl Govtt Rsr 5.82 R 648 mil Federal National Mortgage Associat 3.31 4 mil iShares iBoxx $ Invmt Grade Corp B 2.99 T 511 mil United States Treasury Bonds 1.38%2.05 T 376 mil United States Treasury Notes 0.62%1.84 T 436 mil United States Treasury Bonds 1.25%1.70 292 mil United States Treasury Notes 0.25%1.47 258 mil United States Treasury Bonds 2.25%1.28 238 mil United States Treasury Notes 0.5%1.17 R 220 mil United States Treasury Notes 0.75%1.08 R 210 mil Federal National Mortgage Associat 1.08 T 214 mil United States Treasury Bonds 1.62%0.92 R 165 mil Federal National Mortgage Associat 0.87 R 160 mil Government National Mortgage Assoc 0.83 115 mil United States Treasury Bonds 3.12%0.69 Sector Weightings Stocks %Rel Std Index h Cyclical —— r Basic Materials —— t Consumer Cyclical —— y Financial Services —— u Real Estate —— j Sensitive —— i Communication Services —— o Energy —— p Industrials —— a Technology —— k Defensive —— s Consumer Defensive —— d Healthcare —— f Utilities —— Operations Family:Franklin Templeton Investments Manager:Multiple Tenure:14.4 Years Objective:Corporate Bond - General Base Currency: USD Ticker:WATFX ISIN:US9576633054 Minimum Initial Purchase: $1 mil Min Auto Investment Plan: $1 mil Minimum IRA Purchase: $1 mil Purchase Constraints:A Incept:09-04-1990 Type:MF Total Assets:$20,336.93 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 8 of 18 9 PIMCO Income Instl (USD)Morningstar Analyst RatingTM Œ 05-20-2020 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Multisector Bond291 US Fund Multisector Bond Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 3.03 2.40 -0.11 2.53 8.05 2020 -7.66 6.48 3.01 4.46 5.80 2021 -0.17 — — — -0.17 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 14.38 4.80 5.89 6.92 7.90 Std 03-31-2021 14.38 — 5.89 6.92 7.90 Total Return 14.38 4.80 5.89 6.92 7.90 +/- Std Index 13.67 0.14 2.79 3.48 — +/- Cat Index 11.43 -0.07 2.30 3.15 — % Rank Cat 55 46 16 1 No. in Cat 340 291 260 140 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 04-30-21 2.75 2.75 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 888-877-4626 or visit www.pimco.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.50 12b1 Expense %NA Gross Expense Ratio %1.09 Risk and Return Profile 3 Yr 5 Yr 10 Yr 291 funds 260 funds 140 funds Morningstar RatingTM 3Q 4Q 5Q Morningstar Risk -Avg -Avg -Avg Morningstar Return Avg +Avg High 3 Yr 5 Yr 10 Yr Standard Deviation 5.78 4.56 4.24 Mean 4.80 5.89 6.92 Sharpe Ratio 0.60 1.02 1.45 MPT Statistics Standard Index Best Fit Index Morningstar EM Bd GR USD Alpha 2.22 0.80 Beta 0.39 0.63 R-Squared 5.52 87.80 12-Month Yield 4.53% Potential Cap Gains Exp -10.10% 0 0 0 0 0 0 0 0 0 0 0 0 84 94 88 87 72 69 73 68 72 65 57 — 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 PIMCO Income Instl 24,453 Category Average 16,866 Standard Index 15,006 & & & & & & * & & ) * _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 11.04 10.85 12.36 12.26 12.33 11.73 12.06 12.41 11.81 12.04 12.11 11.97 NAV/Price 20.46 6.36 22.17 4.80 7.18 2.63 8.72 8.60 0.58 8.05 5.80 -0.17 Total Return % 13.92 -1.48 17.95 6.83 1.21 2.08 6.07 5.06 0.57 -0.67 -1.71 3.20 +/- Standard Index 13.29 -1.04 16.63 6.15 1.62 2.20 4.81 4.51 0.84 -1.24 -1.78 2.88 +/- Category Index 1 7 1 18 7 3 31 10 18 78 47 —% Rank Cat 268 250 283 308 276 304 299 321 326 302 336 380 No. of Funds in Cat Portfolio Analysis 12-31-2020 Asset Allocation %Net % Long % Short % Cash 26.80 119.65 92.85 US Stocks 1.04 1.04 0.00 Non-US Stocks 2.82 2.82 0.00 Bonds 63.72 173.04 109.32 Other/Not Clsfd 5.62 5.64 0.02 Total 100.00 302.19 202.19 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 15.5 — — P/C Ratio TTM 9.2 — 0.79 P/B Ratio TTM 0.9 — 0.58 Geo Avg Mkt Cap $mil 8732 — 0.15 Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 3.78 Avg Eff Duration 2.11 Avg Wtd Coupon 3.34 Avg Wtd Price 106.54 Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 10.5 — Greater Europe 7.2 — Greater Asia 82.4 — Share Chg since 09-2020 Share Amount Holdings : 26 Total Stocks , 6,809 Total Fixed-Income, 421% Turnover Ratio Net Assets % R 118,281 10 Year Treasury Note Future Mar 21 -12.37 R 8,489 mil Federal National Mortgage Associat 6.76 R 7,443 mil Federal National Mortgage Associat 5.93 R 6,899 mil Federal National Mortgage Associat 5.41 T 720 mil Pimco Fds 5.38 R 3,740 mil Federal National Mortgage Associat 2.97 R 18,422 FTSE Bursa Malaysia KLCI Future Ma 2.60 R 2,770 mil Federal National Mortgage Associat 2.18 Y 2,272 mil CSMC TRUST 3.32183%1.86 R 10,434 Fin Fut Us Ultra 30yr Cbt 03/22/21 -1.69 T 1,604 mil United States Treasury Notes 0.25%1.38 R 1,636 mil Federal National Mortgage Associat 1.30 T 1,524 mil United States Treasury Notes 0.125% 1.30 Y 1,580 mil CSMC TRUST 3.45275%1.22 R 1,455 mil Federal National Mortgage Associat -1.17 Sector Weightings Stocks %Rel Std Index h Cyclical 54.2 — r Basic Materials 8.7 — t Consumer Cyclical 4.1 — y Financial Services 33.9 — u Real Estate 7.5 — j Sensitive 18.4 — i Communication Services 11.9 — o Energy 3.7 — p Industrials 2.8 — a Technology 0.0 — k Defensive 27.4 — s Consumer Defensive 10.1 — d Healthcare 9.4 — f Utilities 8.0 — Operations Family:PIMCO Manager:Multiple Tenure:14.2 Years Objective:Multisector Bond Base Currency:USD Ticker:PIMIX ISIN:US72201F4900 Minimum Initial Purchase: $1 mil Purchase Constraints:A Incept:03-30-2007 Type:MF Total Assets:$136,892.84 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 6 of 18 10 PIMCO Diversified Inc Instl (USD) Morningstar Analyst RatingTM Œ 06-12-2020 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Multisector Bond291 US Fund Multisector Bond Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 5.82 3.59 1.20 1.67 12.78 2020 -7.53 7.19 2.71 4.49 6.37 2021 -2.53 — — — -2.53 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 12.13 5.23 6.36 5.42 6.81 Std 03-31-2021 12.13 — 6.36 5.42 6.81 Total Return 12.13 5.23 6.36 5.42 6.81 +/- Std Index 11.42 0.58 3.26 1.98 — +/- Cat Index 9.18 0.37 2.77 1.65 — % Rank Cat 71 32 12 14 No. in Cat 340 291 260 140 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 04-30-21 2.20 2.20 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 888-877-4626 or visit www.pimco.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.75 12b1 Expense %NA Gross Expense Ratio %0.79 Risk and Return Profile 3 Yr 5 Yr 10 Yr 291 funds 260 funds 140 funds Morningstar RatingTM 4Q 5Q 4Q Morningstar Risk Avg Avg +Avg Morningstar Return +Avg +Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation 6.97 5.79 5.62 Mean 5.23 6.36 5.42 Sharpe Ratio 0.57 0.90 0.86 MPT Statistics Standard Index Best Fit Index Morningstar EM Bd GR USD Alpha 1.15 0.61 Beta 0.87 0.78 R-Squared 19.04 95.52 12-Month Yield 3.64% Potential Cap Gains Exp -8.00% 0 0 0 0 0 0 0 0 0 0 0 0 70 57 85 87 75 83 89 85 88 87 84 — 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 PIMCO Diversified Inc Instl 19,747 Category Average 16,866 Standard Index 15,006 & * & ) ( & & & * & * _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 11.44 11.27 12.24 11.49 10.67 10.04 10.56 10.95 10.38 11.15 11.42 11.04 NAV/Price 14.26 4.42 14.98 -0.91 2.96 1.26 10.56 8.85 -0.99 12.78 6.37 -2.53 Total Return % 7.72 -3.42 10.76 1.12 -3.00 0.71 7.91 5.31 -1.00 4.06 -1.13 0.85 +/- Standard Index 7.10 -2.98 9.44 0.44 -2.60 0.83 6.65 4.76 -0.73 3.49 -1.20 0.53 +/- Category Index 16 32 12 82 64 13 16 9 35 11 39 —% Rank Cat 268 250 283 308 276 304 299 321 326 302 336 380 No. of Funds in Cat Portfolio Analysis 12-31-2020 Asset Allocation %Net % Long % Short % Cash -26.13 17.36 43.49 US Stocks 0.07 0.07 0.00 Non-US Stocks 0.25 0.25 0.00 Bonds 120.42 123.13 2.71 Other/Not Clsfd 5.40 5.40 0.00 Total 100.00 146.21 46.21 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 8.7 — — P/C Ratio TTM — — — P/B Ratio TTM 0.3 — 0.23 Geo Avg Mkt Cap $mil 5217 — 0.09 Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 9.55 Avg Eff Duration 6.05 Avg Wtd Coupon 4.27 Avg Wtd Price 112.23 Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 9.7 — Greater Europe 29.8 — Greater Asia 60.5 — Share Chg since 09-2020 Share Amount Holdings : 12 Total Stocks , 2,017 Total Fixed-Income, 127% Turnover Ratio Net Assets % T 40 mil Pimco Fds 7.46 R 496 Euro Bund Future Mar 21 2.06 R 90 mil Federal National Mortgage Associat 1.82 87 mil United States Treasury Notes 2.25%1.80 78 mil United States Treasury Notes 2.875% 1.73 75 mil United States Treasury Notes 3.125% 1.70 R 77 mil Federal National Mortgage Associat 1.53 R 327 Euro Bobl Future Mar 21 1.03 43 mil United States Treasury Notes 2%0.87 2 mil At&T Mobility II LLC 7%0.81 31 mil United States Treasury Bonds 3.125% 0.77 35 mil United States Treasury Notes 2.875% 0.72 34 mil United States Treasury Notes 2.125% 0.70 R 33 mil Federal National Mortgage Associat 0.67 86 mil Argentina (Republic of) 0.125%0.67 Sector Weightings Stocks %Rel Std Index h Cyclical 61.3 — r Basic Materials 6.4 — t Consumer Cyclical 5.5 — y Financial Services 49.4 — u Real Estate 0.0 — j Sensitive 18.5 — i Communication Services 10.5 — o Energy 5.9 — p Industrials 2.1 — a Technology 0.0 — k Defensive 20.1 — s Consumer Defensive 7.4 — d Healthcare 6.9 — f Utilities 5.9 — Operations Family:PIMCO Manager:Multiple Tenure:5.2 Years Objective:Income Base Currency:USD Ticker:PDIIX ISIN:US6933918806 Minimum Initial Purchase: $1 mil Purchase Constraints:A Incept:07-31-2003 Type:MF Total Assets:$5,360.46 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 4 of 18 11 PIMCO High Yield Instl (USD) Morningstar Analyst RatingTM „ 07-15-2020 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ BBgBarc US Agg Bond TR USD ICE BofA US High Yield TR USD US Fund High Yield Bond630 US Fund High Yield Bond Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 7.45 2.81 1.51 2.50 14.93 2020 -11.04 7.99 3.99 5.45 5.34 2021 0.06 — — — 0.06 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 18.49 6.21 6.76 5.82 7.49 Std 03-31-2021 18.49 — 6.76 5.82 7.49 Total Return 18.49 6.21 6.76 5.82 7.49 +/- Std Index 17.78 1.56 3.66 2.38 — +/- Cat Index -4.82 -0.32 -1.18 -0.49 — % Rank Cat 76 33 47 27 No. in Cat 678 630 556 358 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 04-30-21 2.93 2.93 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 888-877-4626 or visit www.pimco.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.55 12b1 Expense %NA Gross Expense Ratio %0.57 Risk and Return Profile 3 Yr 5 Yr 10 Yr 630 funds 556 funds 358 funds Morningstar RatingTM 4Q 3Q 4Q Morningstar Risk -Avg -Avg -Avg Morningstar Return +Avg Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation 8.30 6.71 6.46 Mean 6.21 6.76 5.82 Sharpe Ratio 0.60 0.84 0.82 MPT Statistics Standard Index Best Fit Index Morningstar US HY Bd TR USD Alpha 3.21 0.08 Beta 0.56 0.87 R-Squared 5.44 98.83 12-Month Yield 4.44% Potential Cap Gains Exp -9.15% 0 0 0 0 0 0 0 0 0 0 0 0 76 76 82 84 87 89 87 82 85 87 80 — 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 PIMCO High Yield Instl 20,792 Category Average 19,441 Standard Index 15,006 * * ( ( & & ( * * & * _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 9.30 8.98 9.64 9.61 9.14 8.26 8.81 8.96 8.28 9.04 9.08 8.99 NAV/Price 14.24 4.00 14.55 5.77 3.31 -1.85 12.70 7.01 -2.49 14.93 5.34 0.06 Total Return % 7.70 -3.84 10.34 7.80 -2.66 -2.40 10.05 3.47 -2.50 6.22 -2.17 3.44 +/- Standard Index -0.95 -0.38 -1.03 -1.65 0.81 2.79 -4.79 -0.48 -0.22 0.52 -0.83 -0.84 +/- Category Index 45 38 52 68 13 22 61 39 44 22 48 —% Rank Cat 574 573 598 662 731 769 707 699 695 711 676 701 No. of Funds in Cat Portfolio Analysis 12-31-2020 Asset Allocation %Net % Long % Short % Cash -0.07 12.50 12.57 US Stocks 0.22 0.22 0.00 Non-US Stocks 0.00 0.00 0.00 Bonds 90.43 90.43 0.00 Other/Not Clsfd 9.42 9.42 0.00 Total 100.00 112.57 12.57 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM — — — P/C Ratio TTM — — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil — — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 4.82 Avg Eff Duration 3.26 Avg Wtd Coupon 5.51 Avg Wtd Price 106.47 Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas —— Greater Europe —— Greater Asia —— Share Chg since 09-2020 Share Amount Holdings : 3 Total Stocks , 949 Total Fixed-Income, 34% Turnover Ratio Net Assets % T 136 mil Pimco Fds 11.23 R 375 mil TRS IBOXHY/3ML INDX 06/21/21 BRC 3.19 R 162 mil TRS IBOXHY/3ML INDX 03/22/21 GST 1.60 R 150 mil TRS IBOXHY/3ML INDX 03/22/21 BRC 1.43 110 mil United States Treasury Notes 2.625% 1.01 R 50 mil TRS IBOXHY/3ML INDX 3/22/21 JPM 0.51 45 mil T-Mobile US, Inc. 7.875%0.44 R 51 mil Sotera Health Holdings Llc Tl 1l 0.43 49 mil CD&R Waterworks Merger Sub LLC 6.1 0.43 51 mil Occidental Petroleum Corporation 1 0.41 37 mil Kraft Heinz Foods Company 5.2%0.37 36 mil Kraft Foods Group Inc. 5%0.36 41 mil Beacon Roofing Supply, Inc. 4.875%0.35 25 mil Sprint Capital Corporation 8.75%0.33 37 mil United States Treasury Notes 2.125% 0.33 Sector Weightings Stocks %Rel Std Index h Cyclical —— r Basic Materials —— t Consumer Cyclical —— y Financial Services —— u Real Estate —— j Sensitive —— i Communication Services —— o Energy —— p Industrials —— a Technology —— k Defensive —— s Consumer Defensive —— d Healthcare —— f Utilities —— Operations Family:PIMCO Manager:Multiple Tenure:11.3 Years Objective:Corporate Bond - High Yield Base Currency:USD Ticker:PHIYX ISIN:US6933908419 Minimum Initial Purchase: $1 mil Purchase Constraints:A Incept:12-15-1992 Type:MF Total Assets:$11,207.46 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 5 of 18 12 PIMCO Investment Grade Credit Bond Instl (USD) Morningstar Analyst RatingTM „ 09-23-2020 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ BBgBarc US Agg Bond TR USD BBgBarc US Corp Bond TR USD US Fund Corporate Bond187 US Fund Corporate Bond Performance 03-31-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 5.51 4.16 2.97 1.37 14.72 2020 -6.03 8.59 2.03 3.26 7.50 2021 -4.28 — — — -4.28 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 9.50 5.49 5.27 5.59 7.23 Std 03-31-2021 9.50 — 5.27 5.59 7.23 Total Return 9.50 5.49 5.27 5.59 7.23 +/- Std Index 8.79 0.83 2.17 2.15 — +/- Cat Index 0.77 -0.71 0.36 0.55 — % Rank Cat 58 75 30 12 No. in Cat 203 187 135 88 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 04-30-21 2.22 2.22 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 888-877-4626 or visit www.pimco.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.50 12b1 Expense %NA Gross Expense Ratio %0.85 Risk and Return Profile 3 Yr 5 Yr 10 Yr 187 funds 135 funds 88 funds Morningstar RatingTM 2Q 4Q 4Q Morningstar Risk Avg Avg +Avg Morningstar Return -Avg +Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation 7.53 6.23 5.52 Mean 5.49 5.27 5.59 Sharpe Ratio 0.57 0.68 0.91 MPT Statistics Standard Index Best Fit Index Morningstar US Corp Bd TR Hdg USD Alpha -0.40 -0.72 Beta 1.44 1.04 R-Squared 44.69 96.77 12-Month Yield 3.40% Potential Cap Gains Exp -2.06% 0 0 0 0 0 0 0 0 0 0 0 0 71 68 92 92 85 92 80 83 88 89 91 — 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 PIMCO Investment Grade Credit Bond Instl 19,665 Category Average 17,833 Standard Index 15,006 & * & ( & & * & * * ) _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 03-21 History 10.48 10.35 11.12 10.24 10.55 9.92 10.21 10.54 9.91 10.92 11.29 10.72 NAV/Price 11.72 6.86 14.99 -1.69 8.76 0.28 6.99 7.95 -2.02 14.72 7.50 -4.28 Total Return % 5.18 -0.98 10.78 0.33 2.80 -0.27 4.34 4.41 -2.03 6.01 0.00 -0.91 +/- Standard Index 2.72 -1.28 5.18 -0.16 1.30 0.96 0.88 1.53 0.49 0.19 -2.38 0.37 +/- Category Index 11 45 8 74 10 13 39 14 37 28 83 —% Rank Cat 104 127 134 145 169 177 199 227 250 217 206 214 No. of Funds in Cat Portfolio Analysis 12-31-2020 Asset Allocation %Net % Long % Short % Cash -35.24 8.23 43.46 US Stocks 0.13 0.13 0.00 Non-US Stocks 0.18 0.18 0.00 Bonds 128.75 149.47 20.72 Other/Not Clsfd 6.18 6.25 0.07 Total 100.00 164.25 64.25 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 4.6 — — P/C Ratio TTM — — — P/B Ratio TTM 0.1 — — Geo Avg Mkt Cap $mil 3095 — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 11.90 Avg Eff Duration 7.98 Avg Wtd Coupon 3.63 Avg Wtd Price 109.02 Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 11.3 — Greater Europe 88.7 — Greater Asia 0.0 — Share Chg since 09-2020 Share Amount Holdings : 19 Total Stocks , 2,131 Total Fixed-Income, 213% Turnover Ratio Net Assets % R 521 mil Federal National Mortgage Associat 2.64 Y 448 mil United States Treasury Notes 1.5%2.27 322 mil United States Treasury Bonds 2.875% 1.99 R 416 mil United States Treasury Notes 0.875% 1.99 238 mil United States Treasury Bonds 3%1.50 R 313 mil United States Treasury Bonds 1.375% 1.48 231 mil United States Treasury Notes 3.125% 1.31 R 250 mil Federal National Mortgage Associat 1.26 Y 196 mil United States Treasury Bonds 2%1.02 151 mil United States Treasury Bonds 3.375% 0.99 Y 163 mil United States Treasury Bonds 2.375% 0.92 175 mil United States Treasury Notes 0.5%0.85 R 186 mil United States Treasury Bonds 1.375% 0.84 R 163 mil Federal National Mortgage Associat 0.84 6 mil At&T Mobility II LLC 7%0.82 Sector Weightings Stocks %Rel Std Index h Cyclical 100.0 — r Basic Materials 0.0 — t Consumer Cyclical 0.0 — y Financial Services 88.7 — u Real Estate 11.3 — j Sensitive 0.0 — i Communication Services 0.0 — o Energy 0.0 — p Industrials 0.0 — a Technology 0.0 — k Defensive 0.0 — s Consumer Defensive 0.0 — d Healthcare 0.0 — f Utilities 0.0 — Operations Family:PIMCO Manager:Multiple Tenure:18.5 Years Objective:Corporate Bond - General Base Currency:USD Ticker:PIGIX ISIN:US7220058165 Minimum Initial Purchase: $1 mil Purchase Constraints:A Incept:04-28-2000 Type:MF Total Assets:$18,882.99 mil Release date 03-31-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 7 of 18 13 CITY OF BOYNTON BEACH PENSION PLAN FOR GENERAL EMPLOYEES ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2020 ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE PLAN YEAR ENDING SEPTEMBER 30, 2022 May 7, 2021 Board of Trustees City of Boynton Beach Pension Plan for General Employees Boynton Beach, Florida Re: City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures Dear Board Members: The results of the October 1, 2020 Annual Actuarial Valuation of the City of Boynton Beach Pension Plan for General Employees are presented in this report. This report was prepared at the request of the Board and is intended for use by the Retirement System and those designated or approved by the Board. This report may be provided to parties other than the System only in its entirety and only with the permission of the Board. GRS is not responsible for unauthorized use of this report. The purposes of the valuation are to measure the System’s funding progress, to determine the employer contribution amount for the fiscal year ending September 30, 2022, and to determine the actuarial information for Governmental Accounting Standards Board (GASB) Statement No. 67 for the fiscal year ending September 30, 2020. This report also includes estimated GASB Statement No. 67 information for the fiscal year ending September 30, 2021. This report should not be relied on for any purpose other than the purposes described herein. Determinations of financial results associated with the benefits described in this report for purposes other than those identified above may be significantly different. The contribution amount in this report is determined using the actuarial assumptions and methods disclosed in Section B of this report. This report includes risk metrics in Section A but does not include a robust assessment of the risks of future experience not meeting the actuarial assumptions. A robust assessment of these risks was outside the scope of this assignment. This valuation assumed the continuing ability of the plan sponsor to make the contributions necessary to fund this plan. A determination regarding whether or not the plan sponsor is actually able to do so is outside our scope of expertise and was not performed. The findings in this report are based on data and other information through September 30, 2020. The valuation was based upon information furnished by the Plan Administrator concerning Retirement System benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We checked for internal reasonability and year-to-year consistency, but did not audit the data. We are not responsible for the accuracy or completeness of the information provided by the Plan Administrator. This report was prepared using certain assumptions approved by the Board as authorized under Florida Statutes and prescribed by the Florida Statutes as described in the section of this report entitled Actuarial Board of Trustees City of Boynton Beach Pension Plan for General Employees May 7, 2021 Page ii Assumptions and Cost Methods. The investment return assumption was prescribed by the Board and the assumed mortality rates detailed in the Actuarial Assumptions and Methods section were prescribed by the Florida Statutes in accordance with Florida Statutes Chapter 112.63. All actuarial assumptions used in this report are reasonable for purposes of this valuation. This report was prepared using our proprietary valuation model and related software which in our professional judgment has the capability to provide results that are consistent with the purposes of the valuation and has no material limitations or known weaknesses. We performed tests to ensure that the model reasonably represents that which is intended to be modeled. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the City of Boynton Beach Pension Plan for General Employees as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board, and with applicable statutes. Peter N. Strong and Piotr Krekora are members of the American Academy of Actuaries. These actuaries meet the Academy’s Qualification Standards to render the actuarial opinions contained herein. The signing actuaries are independent of the plan sponsor. This actuarial valuation and/or cost determination was prepared and completed by us or under our direct supervision, and we acknowledge responsibility for the results. To the best of our knowledge, the results are complete and accurate. In our opinion, the techniques and assumptions used are reasonable, meet the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted actuarial principles and practices. There is no benefit or expense to be provided by the plan and/or paid from the plan’s assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material increase in plan costs or required contribution amounts have been taken into account in the valuation. Gabriel, Roeder, Smith & Company will be pleased to review this valuation and Report with the Board of Trustees and to answer any questions pertaining to the valuation. Respectfully submitted, GABRIEL, ROEDER, SMITH & COMPANY Peter N. Strong, FSA, MAAA, FCA Piotr Krekora, ASA, MAAA, FCA Enrolled Actuary No. 20-06975 Enrolled Actuary No. 20-08432 TABLE OF CONTENTS Section Title Page A 1. Discussion of Valuation Results 1 2. Risk Associated with Measuring the Accrued Liability and Actuarially Determined Contribution 4 B Valuation Results 1. Participant Data 7 2. Actuarially Determined Employer Contribution 8 3. Actuarial Value of Benefits and Assets 9 4. Calculation of Employer Normal Costs 10 5. Liquidation of the Unfunded Actuarial Accrued Liability 11 6. Actuarial Gains and Losses 12 7. Actual Compared to Expected Decrements 16 8. Cumulative Gains and Losses (13th check) 17 9. Recent History of Valuation Results 18 10. Recent History of Required Contributions 19 11. Actuarial Assumptions and Cost Method 20 12. Glossary of Terms 28 C Pension Fund Information 1. Summary of Assets 31 2. Summary of Fund's Income and Disbursements 32 3. Reconciliation of DROP Accounts 33 4. Actuarial Value of Assets 34 5. Investment Rate of Return 35 D Financial Accounting Information 1. FASB No. 35 36 2. GASB No. 67 37 E Miscellaneous Information 1. Reconciliation of Membership Data 43 2. Age and Service Distribution 44 F Summary of Plan Provisions 46 SECTION A DISCUSSION OF VALUATION RESULTS City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 1 DISCUSSION OF VALUATION RESULTS Comparison of Required Employer Contributions A comparison of the required employer contribution developed in this and the last actuarial valuation is shown below. The contribution policy of the City is to contribute the dollar amount determined by multiplying the required percentage of payroll determined as of the valuation date by the projected pensionable payroll for the year. Required Employer Contribution $7,134,561 $7,468,676 $(334,115) As % of Covered Payroll 28.08 %32.80 %(4.72)% if contributed on 10/1/2021 if contributed on 10/1/2020 Increase Valuation Valuation (Decrease) For FYE 9/30/21 10/01/2020 For FYE 9/30/22 Based On 10/1/2019 Based On The employer contribution listed above is for the City’s fiscal year ending September 30, 2022 and has been calculated as though payment is made in a single lump sum on October 1, 2021. The actual City contribution for 2020 was $7,289,319, an amount equal to the minimum required payment. Revisions in Benefits There have been no changes in benefits since the prior valuation. Revisions in Actuarial Assumptions and Methods In compliance with Florida Statutes Chapter 112.63(1)(f) which mandates the use of the mortality tables used in either of the two most recently published actuarial valuation reports of the Florida Retirement System (FRS), the mortality tables and improvement scales have been changed to reflect the updated mortality assumptions adopted by FRS after a 2019 experience study and used in the July 1, 2019 and July 1, 2020 FRS Actuarial Valuations. Based on the Assumption Study and Experience Review for the Seven Years Ended September 30, 2019, dated November 18, 2020, the following assumption changes have been adopted: • Change in the assumed rates of salary increases reflecting somewhat lower overall observed salary increases, on average, than expected over the seven-year period ending September 30, 2019; City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 2 • Change in the assumed rates of retirement reflecting higher observed early retirement experience than expected, higher observed normal retirement experience than expected prior to age 62, and lower observed normal retirement experience than expected on and after age 62 over the seven- year period ending September 30, 2019; and, • Change in the assumed rates of separation from active membership (withdrawal) reflecting generally higher observed separation experience than expected over the seven-year period ending September 30, 2019. Lastly, the assumed investment return assumption has been reduced by 0.18% from 7.08% per annum to 6.90% per annum, compounded annually and net of investment expenses. Results include a 0.3% load on Normal Retirement liabilities and a 0.7% load on DROP balances to value additional liabilities resulting from a 7.0% guaranteed interest crediting rate in the DROP (with an assumed rate of return in the Plan of 6.9%). The net effect of all of the above assumption changes was to cause a decrease in the required employer contribution of 1.30% of covered payroll, or $344,253. Actuarial Experience There was a net actuarial experience gain of $2,187,129 during the year, which means actual experience was more favorable than expected. There were investment-related gains associated with the delayed recognition (in the Actuarial Value of Assets) of positive investment returns in fiscal years ending 2016, 2017 and 2018 (12.3%, 11.6% and 9.0% respectively). For the fiscal year ending 2020, the investment return based on the actuarial value of assets was 8.08% compared to the assumed annual investment return of 7.08%. The return on the market value of assets during fiscal year 2020 was 6.92%. There was also a net demographic experience gain due to higher mortality experience amongst retirees than expected (17 actual deaths versus 11 expected) and more vested terminations than expected (7 actual versus 4 expected), offset somewhat by losses from higher than expected salary increases (5.5% actual versus 5.3% expected) and more retirements than expected (15 actual versus 12 expected). The net effect of the actuarial experience gain was to cause a decrease in the required employer contributions of 0.91% of covered payroll, or $231,645. Funded Ratio The funded ratio this year is 91.2% compared to 87.9% last year. The funded ratio is equal to the actuarial value of assets divided by the actuarial accrued (past service) liability. The funded ratio this year was 91.3% prior to reflecting the assumption changes. Relationship to Market Value If Market Value had been the basis for the valuation, the City contribution rate for the fiscal year ending September 30, 2022 would have been 28.66% (or $7,281,927) and the funded ratio would have been 90.4%. This funded ratio (on a market value basis) is up from 88.3% last year. In the absence of assumption changes, plan changes and future gains and losses, the City contribution rate would be expected to increase toward that level over the next few years. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 3 Analysis of Change in Employer Contribution The components of change in the required contribution as a percent of payroll are as follows: Contribution rate last year 32.80 % Experience (Gain) / Loss (0.91) Change in Plan Benefits 0.00 Change is Assumptions and Methods (1.30) Change in Normal Cost Rate (0.06) Change in Payment on UAAL (2.41) Change in Administrative Expense (0.04) Contribution rate this year 28.08 % According to the Florida Administrative Code, the payroll growth assumption may not exceed the average payroll growth over the last ten years. The ten year average rate this year was equal to (0.56%) compared to the assumed rate of 2.8%. Since the actual ten year average is less than 0%, there is no payroll growth assumption applied, and the unfunded actuarial liability is being amortized as a level dollar amount. This did not impact the contribution requirement this year, as the ten-year average payroll growth rate was also less than 0% for the previous valuation. The change in payment on the UAAL was primarily caused by a 11.79% increase in covered payroll from October 1, 2019 to October 1, 2020 (as a result of an increase in active membership from 366 to 408 respectively). The UAAL amortization payments are scheduled to remain level each year (since there was no payroll growth assumption applied for the previous valuation), so when covered payroll increases, the amortization payment as a percentage of covered payroll decreases. Required Contributions in Later Years It is important to keep in mind that under the asset smoothing method, asset gains and losses are recognized over five years. As of September 30, 2020, the actuarial value of assets exceeded the market value by $1,411,118. Once all the losses through September 30, 2020 are fully recognized in the actuarial asset values, the contribution rate will increase by approximately 0.58% of payroll unless there are offsetting experience gains or other changes. Also, since the unfunded actuarial liability is being amortized as a level dollar amount, the contribution rate should tend to decrease over time, assuming covered payroll increases in future years. Conclusion The Plan’s funded ratio has improved from 74.5% as of October 1, 2012 to 91.2% as of October 1, 2020, even as the investment return assumption has been lowered over the same time period from 8.0% to 6.9%. If the investment return assumption had not been changed, the current funded ratio would be over 100%. This is a significant improvement in the funded status and overall health of the Plan over a relatively short timeframe (8 years). The investment return is scheduled to be reduced further in 0.10% annual increments until a target of 6.5% is reached. The remainder of this Report includes detailed actuarial valuation results, financial information, miscellaneous information and statistics, and a summary of plan provisions. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 4 RISKS ASSOCIATED WITH MEASURING THE ACCRUED LIABILITY AND ACTUARIALLY DETERMINED CONTRIBUTION The determination of the accrued liability and the actuarially determined contribution requires the use of assumptions regarding future economic and demographic experience. Risk measures, as illustrated in this report, are intended to aid in the understanding of the effects of future experience differing from the assumptions used in the course of the actuarial valuation. Risk measures may also help with illustrating the potential volatility in the accrued liability and the actuarially determined contribution that result from the differences between actual experience and the actuarial assumptions. 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 due to changing conditions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period, or additional cost or contribution requirements based on the Plan’s funded status); and changes in plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis of the potential range of such future measurements. Examples of risk that may reasonably be anticipated to significantly affect the plan’s future financial condition include: 1. Investment risk – actual investment returns may differ from the expected returns; 2. Contribution risk – actual contributions may differ from expected future contributions. For example, actual contributions may not be made in accordance with the plan’s funding policy or material changes may occur in the anticipated number of covered employees, covered payroll, or other relevant contribution base; 3. Salary and Payroll risk – actual salaries and total payroll may differ from expected, resulting in actual future accrued liability and contributions differing from expected; 4. Longevity risk – members may live longer or shorter than expected and receive pensions for a period of time other than assumed; 5. Other demographic risks – members may terminate, retire or become disabled at times or with benefits other than assumed resulting in actual future accrued liability and contributions differing from expected. The effects of certain trends in experience can generally be anticipated. For example if the investment return since the most recent actuarial valuation is less (or more) than the assumed rate, the cost of the plan can be expected to increase (or decrease). Likewise if longevity is improving (or worsening), increases (or decreases) in cost can be anticipated. The computed contribution amount shown on page 1 may be considered as a minimum contribution amount that complies with the Board’s funding policy. The timely receipt of the actuarially determined contributions is critical to support the financial health of the plan. Users of this report should be aware that contributions made at the actuarially determined rate do not necessarily guarantee benefit security. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 5 Plan Maturity Measures Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying few benefits may experience little investment risk. An older plan with a large number of members in pay status and a significant trust may be much more exposed to investment risk. Generally accepted plan maturity measures include the following: 2020 2019 Ratio of the market value of assets to total payroll 7.1 7.6 Ratio of the actuarial accrued liability to payroll 7.9 8.6 Ratio of actives to retirees and beneficiaries 0.9 0.8 Ratio of net cash flow to net market value of assets (Net of DROP and Elective Benefits)-1.6 -1.5 Duration of the actuarial accrued liability 12.6 11.2 Ratio of Market Value of Assets to Payroll The relationship between assets and payroll is a useful indicator of the potential volatility of contributions. For example, if the market value of assets is 2.0 times the payroll, a return on assets 5% different than assumed would equal 10% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in plan sponsor contributions as a percentage of payroll. Ratio of Actuarial Accrued Liability to Payroll The relationship between actuarial accrued liability and payroll is a useful indicator of the potential volatility of contributions for a fully funded plan. A funding policy that targets a funded ratio of 100% is expected to result in the ratio of assets to payroll and the ratio of liability to payroll converging over time. The ratio of liability to payroll may also be used as a measure of sensitivity of the liability itself. For example, if the actuarial accrued liability is 2.5 times the payroll, a change in liability 2% other than assumed would equal 5% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in liability (and also plan sponsor contributions) as a percentage of payroll. Ratio of Actives to Retirees and Beneficiaries A young plan with many active members and few retirees will have a high ratio of active to retirees. A mature open plan may have close to the same number of actives to retirees resulting in a ratio near 1.0. A super-mature or closed plan may have significantly more retirees than actives resulting in a ratio below 1.0. Ratio of Net Cash Flow to Market Value of Assets A positive net cash flow means contributions exceed benefits and expenses. A negative cash flow means existing funds are being used to make payments. A certain amount of negative net cash flow is generally City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 6 expected to occur when benefits are prefunded through a qualified trust. Large negative net cash flows as a percent of assets may indicate a super-mature plan or a need for additional contributions. Duration of Actuarial Accrued Liability The duration of the actuarial accrued liability may be used to approximate the sensitivity to a 1% change in the assumed rate of return. For example, duration of 10 indicates that the liability would increase approximately 10% if the assumed rate of return were lowered 1%. Additional Risk Assessment Additional risk assessment is outside the scope of the annual actuarial valuation. Additional assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests, and a comparison of the present value of accrued benefits at low-risk discount rates with the actuarial accrued liability. SECTION B VALUATION RESULTS City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 7 ACTIVE MEMBERS Number 408 408 366 Covered Annual Payroll $24,715,933 $24,762,121 $22,150,151 Average Annual Payroll $60,578 $60,691 $60,520 Average Age 45.0 45.0 45.7 Average Past Service 8.3 8.3 9.4 Average Age at Hire 36.7 36.7 36.3 RETIREES & BENEFICIARIES & DROP Number 440 440 438 Annual Benefits $12,010,865 $12,010,865 $11,633,555 Average Annual Benefit $27,297 $27,297 $26,561 Average Age 69.7 69.7 69.7 DISABILITY RETIREES Number 1 1 1 Annual Benefits $5,717 $5,717 $5,717 Average Annual Benefit $5,717 $5,717 $5,717 Average Age 80.3 80.3 79.3 TERMINATED VESTED MEMBERS Number 52 52 50 Annual Benefits $924,060 $924,060 $889,627 Average Annual Benefit $17,770 $17,770 $17,793 Average Age 49.5 49.5 49.6 Before Changes PARTICIPANT DATA October 1, 2020 October 1, 2019October 1, 2020 After Changes City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 8 A.Valuation Date B.ADEC to Be Paid During Fiscal Year Ending 9/30/2022 9/30/2022 9/30/2021 C.Assumed Date of Employer Contrib.10/1/2021 10/1/2021 10/1/2020 D.Annual Payment to Amortize Unfunded Actuarial Liability $4,775,819 $4,770,421 $5,002,381 E.Employer Normal Cost 2,164,877 2,505,360 2,263,375 F.ADEC if Paid on the Valuation Date: D+E 6,940,696 7,275,781 7,265,756 G. ADEC Adjusted for Frequency of 6,940,696 7,275,781 7,265,756 Payments H.ADEC as % of Covered Payroll 28.08 %29.38 %32.80 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 2.80 %2.80 %2.80 % J.Covered Payroll for Contribution Year 25,407,979 25,455,460 22,770,355 K.ADEC for Contribution Year: H x J 7,134,561 7,478,814 7,468,676 L.ADEC as % of Covered Payroll in Contribution Year: K ÷ J 28.08 %29.38 %32.80 % ACTUARIALLY DETERMINED EMPLOYER CONTRIBUTION (ADEC) Before Changes October 1, 2019October 1, 2020October 1, 2020 After Changes City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 9 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 76,830,974 $ 84,855,422 $ 80,765,942 b. Vesting Benefits 8,862,266 5,926,650 5,505,761 c. Disability Benefits - - - d. Preretirement Death Benefits 1,139,203 1,721,116 1,660,619 e. Return of Member Contributions 473,231 378,342 289,271 f. Total 87,305,674 92,881,530 88,221,593 2.Inactive Members a. Service Retirees & Beneficiaries 126,708,868 126,739,640 122,965,919 b. Disability Retirees 44,909 46,900 48,053 c. Terminated Vested Members 6,865,192 6,866,343 6,515,079 d. Total 133,618,969 133,652,883 129,529,051 3. Total for All Members 220,924,643 226,534,413 217,750,644 C.Actuarial Accrued (Past Service) Liability 195,045,408 194,790,887 189,712,697 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 183,135,963 183,074,709 175,252,888 E.Plan Assets 1.Market Value 176,382,148 176,382,148 167,460,763 2. Actuarial Value 177,793,266 177,793,266 166,770,475 F. Unfunded Actuarial Accrued Liability 17,252,142 16,997,621 22,942,222 G.Actuarial Present Value of Projected Covered Payroll 174,186,779 195,835,467 173,786,037 H.Actuarial Present Value of Projected Member Contributions 12,193,075 13,708,483 12,165,022 I.Accumulated Contributions of Active 11,630,910 11,630,910 11,553,866 Members J.Funded Ratio: E2/C 91.2%91.3%87.9% ACTUARIAL VALUE OF BENEFITS AND ASSETS October 1, 2020 After Changes October 1, 2020 October 1, 2019 Before Changes City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 10 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $2,857,276 $3,446,550 $3,091,186 2.Vesting Benefits 674,403 440,037 398,053 3.Disability Benefits - - - 4.Preretirement Death Benefits 57,089 87,418 80,237 5.Return of Member Contributions 158,876 117,355 103,405 6.Total for Future Benefits 3,747,644 4,091,360 3,672,881 7.Assumed Amount for Administrative Expenses 147,348 147,348 141,005 8.Total Normal Cost 3,894,992 4,238,708 3,813,886 C.Expected Member Contribution 1,730,115 1,733,348 1,550,511 D.Employer Normal Cost: B8-C 2,164,877 2,505,360 2,263,375 E.Employer Normal Cost as % of Covered Payroll 8.76 %10.12 %10.22 % CALCULATION OF EMPLOYER NORMAL COST October 1, 2020 October 1, 2020 After Changes Before Changes October 1, 2019 City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 11 LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY Date Years After Changes Before Changes Established Source Amount Remaining Amount Payment Payment 10/1/14 Method Change; All Bases Combined 34,955,982$ 3 13,137,106$ 4,674,250$ 4,681,766$ 10/1/15 Experience (Gain)/Loss (3,180,306) 10 (2,310,073) (306,252) (308,293) 10/1/16 Experience (Gain)/Loss 1,992,792 11 1,623,245 201,491 202,964 10/1/16 Assumption Changes 4,282,548 26 4,032,803 316,067 320,826 10/1/17 Experience (Gain)/Loss (1,037,851) 12 (895,490) (104,905) (105,739) 10/1/17 Assumption Changes 1,776,743 27 1,696,875 131,177 133,204 10/1/18 Experience (Gain)/Loss (2,345,780) 13 (2,126,702) (236,690) (238,716) 10/1/18 Assumption Changes 2,221,673 28 2,146,183 163,821 166,414 10/1/19 Experience (Gain)/Loss (27,302) 14 (26,188) (2,784) (2,810) 10/1/19 Assumption Changes 1,929,634 29 1,906,991 143,867 146,197 10/1/20 Experience (Gain)/Loss (2,187,129) 15 (2,187,129) (223,218) (225,392) 10/1/20 Assumption Changes 254,521 30 254,521 18,995 N/A 38,635,525$ 17,252,142$ 4,775,819$ 4,770,421$ Original UAAL Current UAAL Amortization Schedule The UAAL is being amortized as a level percent of payroll over the number of years remaining in the amortization period. The expected amortization schedule is as follows: 2020 $17,252,142 2021 13,337,199 2022 9,152,115 2023 4,678,261 2024 4,892,484 2025 5,121,488 2030 6,526,493 2035 6,677,217 2040 4,573,199 2045 1,635,968 2050 - Year Expected UAAL Amortization Schedule City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 12 ACTUARIAL GAINS AND LOSSES The assumptions used to anticipate mortality, employment turnover, investment income, expenses, salary increases, and other factors have been based on long range trends and expectations. Actual experience can vary from these expectations. The variance is measured by the gain and loss for the period involved. If significant long term experience reveals consistent deviation from what has been expected and that deviation is expected to continue, the assumptions should be modified. The net actuarial gain (loss) for the past year is computed as follows: 1.Last Year's UAAL $22,942,222 2.Last Year's Employer Normal Cost 2,263,375 3.Last Year's Contributions 7,289,319 4. Interest at the Assumed Rate on: a.1 and 2 for one year 1,784,556 b.3 from dates paid 516,084 c. a - b 1,268,472 5.This Year's Expected UAAL 1 + 2 - 3 + 4c 19,184,750 6.This Year's Actual UAAL (Before any changes in benefits or assumptions)16,997,621 7.Net Actuarial Gain (Loss): (5) - (6)2,187,129 8.Gain (Loss) due to investments 1,849,111 9.Gain (Loss) due to other sources 338,018 City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 13 -$30 -$25 -$20 -$15 -$10 -$5 $0 $5 $10 $15 $20 -$30 -$25 -$20 -$15 -$10 -$5 $0 $5 $10 $15 $20 MillionsMillionsPlan Year End Actuarial Gain (+) or Loss (-) Gain or Loss Cumulative City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 14 The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is important that they are in line with the actual experience. The following table shows the actual fund earnings and salary increase rates compared to the assumed rates for the last several years: 12/31/1988 10.8 %8.0 %6.7 %6.5 % 12/31/1989 17.4 8.0 8.8 6.5 9/30/1990 (9 mos.)(2.3)8.0 11.0 6.5 9/30/1991 9.9 8.0 10.3 7.5 9/30/1992 9.5 8.0 5.3 7.9 9/30/1993 11.0 8.0 2.5 7.9 9/30/1994 8.0 8.0 5.8 7.9 9/30/1995 9.3 8.0 3.6 7.9 9/30/1996 9.4 8.0 2.4 7.4 9/30/1997 13.3 8.0 4.3 7.4 9/30/1998 14.5 8.0 8.0 7.4 9/30/1999 13.2 8.0 4.8 7.4 9/30/2000 12.3 8.0 10.8 7.3 9/30/2001 3.9 8.0 8.0 5.6 9/30/2002 0.2 8.0 4.4 5.6 9/30/2003 0.8 8.0 7.1 5.6 9/30/2004 0.5 8.0 8.1 5.6 9/30/2005 6.2 8.0 4.5 5.6 9/30/2006 9.7 8.0 14.8 5.6 9/30/2007 9.3 8.0 5.8 5.6 9/30/2008 4.6 8.0 5.7 5.4 9/30/2009 0.1 8.0 4.8 5.4 9/30/2010 4.3 8.0 (0.7)5.4 9/30/2011 2.8 8.0 3.9 5.3 9/30/2012 4.5 8.0 (2.0)5.3 9/30/2013 6.9 8.0 2.0 5.3 9/30/2014 12.1 7.5 3.5 2.8 9/30/2015 6.7 7.5 2.5 2.8 9/30/2016 7.6 7.5 5.2 2.8 9/30/2017 8.4 7.4 6.7 5.3 9/30/2018 8.6 7.3 2.6 5.2 9/30/2019 7.3 7.18 5.7 5.2 9/30/2020 8.1 7.08 5.5 5.3 Averages 7.5 %---5.5 %--- Investment Return Year Ending Actual Assumed Assumed Salary Increases Actual The actual investment return rates shown above are based on the actuarial value of assets. The actual salary increase rates shown above are the increases received by those active members who were included in the actuarial valuation both at the beginning and the end of each period. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 15 History of Investment Return Based on Actuarial Value of Assets -5% 0% 5% 10% 15% 20% -5% 0% 5% 10% 15% 20% Plan Year End Actual Assumed History of Salary Increases -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% Plan Year End Compared to Previous Year Actual Assumed City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 16 Active Members Year Vested Other End of Ended A E A E A E A E A A A E Year 9/30/2002 41 48 15 8 0 0 1 0 6 26 32 53 542 9/30/2003 40 45 11 11 0 0 0 1 9 25 34 44 537 9/30/2004 50 77 39 10 0 0 1 1 7 30 37 39 510 9/30/2005 54 53 12 9 0 0 1 1 11 29 40 37 511 9/30/2006 70 56 9 11 0 0 1 1 17 29 46 36 525 9/30/2007 65 50 10 11 0 0 2 1 15 23 38 40 540 9/30/2008 35 49 10 11 0 0 1 1 14 24 38 41 526 9/30/2009 18 34 13 15 0 0 1 1 3 17 20 34 510 9/30/2010 10 41 21 21 0 0 2 1 7 11 18 34 479 9/30/2011 8 92 34 15 0 0 3 1 33 22 55 20 395 9/30/2012 36 44 16 14 0 0 1 1 9 18 27 14 387 9/30/2013 52 53 19 13 0 0 1 1 14 19 33 20 386 9/30/2014 39 46 15 15 0 0 1 1 12 18 30 26 379 9/30/2015 62 65 24 16 0 0 2 1 9 30 39 25 376 9/30/2016 54 58 19 8 0 0 1 1 10 28 38 31 372 9/30/2017 66 55 18 13 0 0 1 1 7 29 36 31 383 9/30/2018 35 46 14 10 0 0 0 1 7 25 32 33 372 9/30/2019 44 50 17 11 0 0 0 1 8 25 33 28 366 9/30/2020 87 45 15 12 0 0 1 1 7 22 29 29 408 9/30/2021 14 0 0 45 19 Yr Totals *866 1007 331 234 0 0 21 18 205 450 655 615 * Totals are through current Plan Year only. Terminations Year Retirement Retirement Death Totals During DROP Disability Actual (A) Compared to Expected (E) Decrements Among Active Employees Number Added Service & City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 17 Cumulative Gains and Losses (13Th Check) (5,127,867)0 (5,127,867) (5,127,867) (4,227,408)0 (9,355,275) (9,355,275)(5,398,187)0 (14,753,462) (14,753,462)(4,994,196) 229,585 (19,977,242) (19,977,242)(1,174,319) 0 (21,151,561) (21,151,561)(2,594,867) 0 (23,746,428) (23,746,428)1,095,313 0 (22,651,115) (22,651,115)(4,187,334) 0 (26,838,449) (26,838,449)(7,545,634) 0 (34,384,083) (34,384,083)390,808 0 (33,993,275) (33,993,275)(4,879,520) 0 (38,872,795) (38,872,795)(644,791) 0 (39,517,586) (39,517,586)321,148 0 (39,196,438) (39,196,438)(486,050) 0 (39,682,488) (39,682,488)3,180,306 0 (36,502,182) (36,502,182)(1,992,792) 0 (38,494,974) (38,494,974)1,037,851 0 (37,457,123) (37,457,123)2,345,780 0 (35,111,343) (35,111,343)27,302 0 (35,084,041) (35,084,041)2,187,129 0 (32,896,912) 2003 2004 2006 2002 2005 Balance at Year Ending Beginning Gain (Loss) Cumulative Actuarial Gains (Losses) 13th Check 2001 Balance at End of Yearfor Yearof Year9/30 2018 2020 2009 2010 2007 2008 2011 2012 2013 2014 2015 2016 2017 2019 Note: The 13th check provision was enacted by Ordinance No. 02-026. The first year that the 13th check was based on is the year ended 9/30/2001. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 18 Active Members Inactive Members 10/1/90 482 75 $ 12,420 $ 24,889 $ 16,850 67.7 % $ 8,039 7.36 % 10/1/91 471 87 13,102 27,010 19,734 73.1 7,276 7.74 10/1/92 450 94 12,941 28,851 22,703 78.7 6,148 8.07 10/1/93 460 94 13,019 30,143 26,050 86.4 4,093 8.81 10/1/94 464 99 13,624 32,946 29,302 88.9 3,644 8.54 10/1/95 469 107 13,912 35,345 33,038 93.5 2,307 8.99 10/1/96 475 112 14,216 37,310 36,927 99.0 383 9.13 10/1/97 476 124 14,485 41,351 42,227 102.1 (876)9.50 10/1/98 470 150 15,946 46,076 47,971 104.1 (1,895)8.77 10/1/99 499 153 17,094 49,546 53,943 108.9 (4,397)8.37 10/1/00 526 155 18,984 57,605 60,452 104.9 (2,847)7.49 10/1/01 549 178 20,548 65,223 62,194 95.4 3,029 6.89 10/1/02 542 187 20,937 69,575 62,227 89.4 7,348 6.89 10/1/03 537 200 21,995 75,848 62,499 82.4 13,350 7.11 10/1/04 510 241 21,211 83,258 62,845 75.5 20,413 7.22 10/1/05 511 249 21,739 88,499 66,477 75.1 22,022 7.14 10/1/06 525 256 24,942 98,272 73,022 74.3 25,250 7.16 10/1/07 540 268 26,601 104,360 79,841 76.5 24,519 7.33 10/1/08 526 276 27,853 112,907 84,042 74.4 28,865 7.32 10/1/09 510 285 28,182 121,690 90,975 74.8 30,715 7.56 10/1/10 479 299 26,149 125,795 96,128 76.4 29,667 7.43 10/1/11 395 350 22,183 132,394 98,246 74.2 34,148 7.85 10/1/12 387 371 20,957 135,450 100,908 74.5 34,542 7.91 10/1/13 386 387 20,496 143,760 107,263 74.6 36,497 8.16 10/1/14 379 407 20,315 155,232 120,276 77.5 34,956 8.89 10/1/15 376 425 19,961 156,905 128,384 81.8 28,521 8.69 10/1/16 372 451 20,616 167,539 136,924 81.7 30,615 9.30 10/1/17 383 458 22,019 174,749 146,536 83.9 28,213 9.59 10/1/18 372 471 21,744 182,265 157,480 86.4 24,785 9.96 10/1/19 366 489 22,150 189,713 166,770 87.9 22,942 10.22 10/1/20 408 493 24,716 195,045 177,793 91.2 17,252 8.76 RECENT HISTORY OF VALUATION RESULTS Number of Valuation Date Covered Annual Payroll Actuarial Value of Assets Unfunded AAL (UFAAL) Actuarial Accrued Liability (AAL) Funded Ratio Employer Normal Cost Rate Note: Dollar amounts are in thousands. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 19 1/1/89 9/30/90 $1,184,478 10.50 %$1,184,478 1/1/90 9/30/91 1,249,624 10.50 1,291,072 10/1/90 9/30/91 1,503,350 11.17 1,503,350 10/1/91 9/30/92 1,551,773 10.93 1,551,773 10/1/92 9/30/93 1,611,251 11.49 1,611,251 10/1/93 9/30/94 1,539,169 10.91 1,539,169 10/1/94 9/30/95 1,505,804 10.20 1,505,804 10/1/95 9/30/96 1,339,622 8.95 1,339,622 10/1/96 9/30/97 1,168,158 7.81 1,180,810 10/1/97 9/30/98 1,069,863 7.02 1,069,863 10/1/98 9/30/99 952,994 5.68 952,994 10/1/99 9/30/00 686,732 3.82 686,732 10/1/00 9/30/01 595,970 3.03 595,970 10/1/01 9/30/02 1,039,900 4.88 1,039,900 10/1/02 9/30/03 1,542,574 7.37 1,542,574 10/1/03 9/30/04 2,243,356 10.20 2,243,356 10/1/04 9/30/05 2,851,454 13.44 2,851,454 10/1/05 9/30/06 2,805,595 12.91 2,805,595 10/1/06 9/30/07 3,584,452 14.37 3,584,452 10/1/07 9/30/08 3,909,961 14.70 3,909,961 10/1/08 9/30/09 4,800,411 17.24 4,800,411 10/1/09 9/30/10 5,415,919 19.22 5,415,919 10/1/09 9/30/11 4,694,544 18.43 4,694,545 10/1/10 9/30/12 4,502,590 19.40 4,502,590 10/1/11 9/30/13 6,630,714 27.80 6,630,714 10/1/12 9/30/14 6,780,773 31.35 6,780,773 10/1/13 9/30/15 7,273,067 33.43 7,273,068 10/1/14 9/30/16 7,608,338 33.99 7,615,053 10/1/15 9/30/17 6,951,693 32.24 6,951,693 10/1/16 9/30/18 7,110,298 33.55 7,110,298 10/1/17 9/30/19 7,320,463 32.34 7,320,463 10/1/18 9/30/20 7,289,319 32.61 7,289,319 10/1/19 9/30/21 7,468,676 32.80 na 10/1/20 9/30/22 7,134,561 28.08 na RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS Required Employer Contribution Actual Contribution % of Payroll Valuation Applies to Fiscal Year Ending Amount City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 20 ACTUARIAL ASSUMPTIONS AND COST METHOD Valuation Methods Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered before and after the valuation date were determined using an Individual Entry-Age Actuarial Cost Method having the following characteristics: (i) the annual normal cost for each individual active member, payable from the date of employment to the date of retirement, is sufficient to accumulate the value of the member’s benefit at the time of retirement; (ii) each annual normal cost is a constant percentage of the member’s year by year projected covered pay. Actuarial gains/(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability. Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial Accrued Liabilities (full funding credit if assets exceed liabilities) were amortized as a level (principal & interest combined) percent of payroll. The actual payroll growth average over the last 10 years was (0.56%) compared to the assumed rate of 2.8%. Florida administrative code requires using the lesser of the two rates for purposes of amortizing unfunded liabilities as a level percent of pay, but not less than zero. Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected investment earnings and actual investment earnings at the rate of 20% per year. The Actuarial Value of Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80% of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan assets. During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than assumed rate, Actuarial Value of Assets will tend to be greater than Market Value. Valuation Assumptions The actuarial assumptions used in the valuation are shown in this Section. Economic Assumptions The investment return rate assumed in the valuation is 6.90% per year, compounded annually (net after investment expenses). This rate was 7.08% in the previous valuation. The Inflation Rate assumed in this valuation was 2.5% per year. This rate was 2.8% in the previous valuation. The Inflation Rate is defined to be the expected long-term rate of increases in the prices of goods and services. The assumed real rate of return over inflation is defined to be the portion of total investment return that is more than the assumed inflation rate. Considering other economic assumptions, the 6.90% investment return rate translates to an assumed real rate of return over inflation of 4.40%. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 21 The rates of salary increase used for individual members are in accordance with the following table below and are based on the Experience Study dated November 18, 2020. Part of the assumption is for productivity, merit and/or seniority increases, and 2.5% recognizes inflation. The old assumption table was used in the previous valuation. New Assumption Table Years of Service 1-2 2.50%8.10% 3 2.50%6.50% 4-7 2.50%5.10% 8-14 2.50%4.55% 15-19 2.50%4.00% 20+2.50%3.25% Base (Economic) Total Increase 5.60% 2.60% % Increase in Salary 2.05% 1.50% 0.75% 4.00% Merit and Seniority Old Assumption Table Years of Service 1-2 2.8%8.6% 3-9 2.8%5.8% 10-14 2.8%4.5% 15-19 2.8%4.0% 20+2.8%3.5% 3.0% % Increase in Salary Merit and Seniority Base (Economic) Total Increase 5.8% 1.7% 1.2% 0.7% Demographic Assumptions The mortality table is the PUB-2010 Headcount Weighted General Below-Median Employee Mortality Table (for pre-retirement mortality) and the PUB-2010 Headcount Weighted General Below-Median Healthy Retiree Mortality Table (for postretirement mortality), with separate rates for males and females and mortality improvements projected to all future years after 2010 using Scale MP-2018. For males, the base mortality rates are set back one year. These are the same rates in use for Regular (other than K-12 School Instructional Personnel) members of the Florida Retirement System (FRS) in their July 1, 2020 Actuarial Valuation. Florida Statutes Chapter 112.63(1)(f) mandates the use of the mortality tables used in either of the two most recently published actuarial valuation reports of FRS. The following tables present postretirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of each benefit payment being made after retirement. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 22 Healthy Postretirement Mortality Sample Attained Ages (in 2020)Men Women Men Women 50 0.19 %0.58 %33.04 36.86 55 0.97 0.58 28.67 32.42 60 1.15 0.60 24.59 27.89 65 1.29 0.69 20.55 23.32 70 1.80 1.10 16.55 18.85 75 2.88 1.90 12.85 14.66 80 4.87 3.44 9.58 10.92 Probability of Future Life Dying Next Year Expectancy (years) The following tables present pre-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of active members dying prior to retirement. Healthy Pre-Retirement Mortality Sample Attained Ages (in 2020)Men Women Men Women 50 0.19 %0.11 %37.64 40.19 55 0.30 0.17 32.63 35.06 60 0.46 0.26 27.78 30.04 65 0.65 0.37 23.10 25.13 70 0.90 0.57 18.56 20.31 75 1.36 0.94 14.13 15.62 80 2.15 1.59 9.83 11.12 Probability of Future Life Dying Next Year Expectancy (years) For disabled retirees, the mortality table is the PUB-2010 Headcount Weighted General Disabled Retiree Table with ages set forward 3 years for males and females, with no provision being made for future mortality improvements. These are the same rates in use for Regular (other than K-12 School Instructional Personnel) members of FRS in the July 1, 2020 FRS Actuarial Valuation. Disabled Mortality Sample Attained Ages (in 2020)Men Women Men Women 50 2.02 %1.64 %20.99 23.92 55 2.53 1.91 18.18 20.88 60 3.08 2.27 15.50 17.88 65 3.93 2.83 12.94 14.91 70 5.08 3.79 10.53 12.07 75 6.98 5.46 8.29 9.45 80 10.12 8.31 6.33 7.19 Probability of Future Life Dying Next Year Expectancy (years) City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 23 In the previous valuation, this assumption was the RP-2000 Combined Healthy Participant Mortality Table (for pre-retirement mortality) and the RP-2000 Mortality Table for Annuitants (for postretirement mortality), with mortality improvements projected to all future years after 2000 using Scale BB. For males, the base mortality rates included a 50% blue collar adjustment and a 50% white collar adjustment. For females, the base mortality rates included a 100% white collar adjustment. For disabled retirees, the mortality table used was the RP-2000 for Disabled Annuitants with ages set back 4 years for males and set forward 2 years for females, with no provision being made for future mortality improvements. The rates of retirement used to measure the probability of eligible members retiring during the next year were as follows and are based on the Experience Study dated November 18, 2020. The old assumption table was used in the previous valuation. New Assumption Table Retirement Years of Retirement Years of Age Service Age Service 52-54 25 - 29 15%Under 55 30 & Over 100% 55-60 10 - 14 3%55 25 - 29 90% 15 - 24 8%30 & Over 100% 61 10 - 24 20%56 - 61 25 80% 26-29 50% 30 & Over 100% 62 & Over 5 60% 62 6 - 11 20% 12 & Over 70% 63 - 65 6 - 9 20% 10 & Over 30% 66 - 68 6 & Over 40% 69 6 - 29 70% 30 & Over 100% 70 & Over 6 & Over 100% Early Retirement Normal Retirement Percent Retiring Percent Retiring City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 24 Old Assumption Table Years after Attainment of NRD At NRD NRD + 1 NRD + 2 NRD + 3 NRD + 4 NRD + 5 Rate 80% 30 30 30 30 100 Assumed rate is 5% for each year eligible for Early Retirement. Rates of separation from active membership were as shown below (rates do not apply to members eligible to retire and do not include separation on account of death) and are based on the Experience Study dated November 18, 2020. This assumption measures the probabilities of members separating from employment for reasons other than death or retirement. The old assumption table was used in the previous valuation. New Assumption Table Sample Ages Years of Service Percent Separating within Next Year ALL Under 40 40 - 44 45 & Over 0 1 2 3 4 5-6 7-9 10 & Over 30.0% 24.0 13.5 10.0 10.0 8.0 6.0 6.0 4.0 3.0 City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 25 Old Assumption Table Sample Ages Years of Service Percent Separating within Next Year ALL 25 30 35 40 45 50 55 60 0 1 2 3 4 5 & Over 34.0% 21.3 12.8 8.5 6.0 5.1 5.1 5.1 5.1 3.0 1.3 1.3 1.3 City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 26 Miscellaneous and Technical Assumptions Administrative & Investment Expenses The investment return assumption is intended to be the return net of investment expenses. Annual administrative expenses are assumed to be the same as last year’s actual non-investment expenses. Assumed administrative expenses are added to the Normal Cost. Benefit Service Exact fractional service is used to determine the amount of benefit payable. Decrement Operation Mortality decrements operate during retirement eligibility. Decrement Timing Decrements of all types are assumed to occur at the beginning of the year. DROP Liability Load A 0.3% load on Normal Retirement liabilities and a 0.7% load on DROP balances are applied to value additional liabilities resulting from a 7.0% guaranteed interest crediting rate in the DROP (with an assumed rate of return in the Plan of 6.9%). In the previous valuation, there was no DROP Liability Load (since the assumed rate of return in the Plan exceeded 7.0%). Eligibility Testing Eligibility for benefits is determined based upon the age nearest birthday and service nearest whole year on the date the decrement is assumed to occur. Forfeitures For vested separations from service, it is assumed that 0% of members separating will withdraw their contributions and forfeit an employer financed benefit. It was further assumed that the liability at termination is the greater of the vested deferred benefit (if any) or the member’s accumulated contributions. Incidence of Contributions Employer contributions are assumed to be made at the beginning of the fiscal year. Member contributions are assumed to be received continuously throughout the year based upon the computed percent of payroll shown in this report, and the actual payroll payable at the time contributions are made. Liability Load Marriage Assumption Projected retirement benefits are loaded by a unique amount for each member to allow for the inclusion of unused sick and vacation pay in final average earnings. These individual loads are based on the number of hours of unused sick and vacation reported for each member as of June 17, 2013. 100% of males and 100% of females are assumed to be married for purposes of death-in-service benefits. Male spouses are assumed to be three years older than female spouses for active member valuation purposes. Normal Form of Benefit A life annuity is the normal form of benefit. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 27 Pay Increase Timing Middle of fiscal year. This is equivalent to assuming that reported pays represent amounts paid to members during the year ended on the valuation date. Service Credit Accruals It is assumed that members accrue one year of service credit per year. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 28 GLOSSARY Actuarial Accrued Liability (AAL) The difference between the Actuarial Present Value of Future Benefits, and the Actuarial Present Value of Future Normal Costs. Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal, disablement, and retirement; future increases in salary; future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members; and other items. Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability. Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. Actuarial Present Value (APV) The amount of funds required to provide a payment or series of payments in the future. It is determined by discounting the future payments with an assumed interest rate and with the assumed probability each payment will be made. Actuarial Present Value of Future Benefits (APVFB) The Actuarial Present Value of amounts which are expected to be paid at various future times to active members, retired members, beneficiaries receiving benefits, and inactive, non retired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. Actuarial Valuation The determination, as of a valuation date, of the Normal Cost, Actuarial Accrued Liability, Actuarial Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation for a governmental retirement system typically also includes calculations of items needed for compliance with GASB. Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year-to-year volatility of calculated results, such as the funded ratio and the actuarially determined employer contribution (ADEC). City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 29 Actuarially Determined Employer Contribution (ADEC) The employer’s periodic required contributions, expressed as a dollar amount or a percentage of covered plan compensation, determined under GASB. The ADEC consists of the Employer Normal Cost and Amortization Payment. Amortization Method A method for determining the Amortization Payment. The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization Payment is one of a stream of payments, all equal, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the Amortization Payment is one of a stream of increasing payments, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the stream of payments increases at the rate at which total covered payroll of all active members is assumed to increase. Amortization Payment That portion of the plan contribution or ADEC which is designed to pay interest on and to amortize the Unfunded Actuarial Accrued Liability. Amortization Period The period used in calculating the Amortization Payment. Closed Amortization Period A specific number of years that is reduced by one each year, and declines to zero with the passage of time. For example if the amortization period is initially set at 30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc. Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is equal to the Normal Cost less expected member contributions. Equivalent Single Amortization Period For plans that do not establish separate amortization bases (separate components of the UAAL), this is the same as the Amortization Period. For plans that do establish separate amortization bases, this is the period over which the UAAL would be amortized if all amortization bases were combined upon the current UAAL payment. Experience Gain/Loss A measure of the difference between actual experience and that expected based upon a set of Actuarial Assumptions, during the period between two actuarial valuations. To the extent that actual experience differs from that assumed, Unfunded Actuarial Accrued Liabilities emerge which may be larger or smaller than projected. Gains are due to favorable experience, e.g., the assets earn more than projected, salaries do not increase as fast as assumed, members retire later than assumed, etc. Favorable experience means actual results produce actuarial liabilities not as large as projected by the actuarial assumptions. On the other hand, losses are the result of unfavorable experience, i.e., actual results that produce Unfunded Actuarial Accrued Liabilities which are larger than projected. Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 30 GASB Governmental Accounting Standards Board. GASB No. 68 and GASB No. 67 These are the governmental accounting standards that set the accounting rules for public retirement systems and the employers that sponsor or contribute to them. Statement No. 68 sets the accounting rules for the employers that sponsor or contribute to public retirement systems, while Statement No. 67 sets the rules for the systems themselves. Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current plan year. Open Amortization Period An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years, the same 30-year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability, the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. Unfunded Actuarial Accrued Liability The difference between the Actuarial Accrued Liability and Actuarial Value of Assets. Valuation Date The date as of which the Actuarial Present Value of Future Benefits are determined. The benefits expected to be paid in the future are discounted to this date. SECTION C PENSION FUND INFORMATION City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 31 2020 2019 A.Cash and Cash Equivalents (Operating Cash)-$ -$ B.Receivables: 1.Member Contributions -$ -$ 2.Employer Contributions - - 3.Investment Income and Other Receivables 564,228 318,521 4.Prepaid Expenses 4,596 5,993 5.Total Receivables 568,824$ 324,514$ C.Investments 1.Short Term Investments 2,863,652$ 2,740,656$ 2.Domestic Equities 132,052,684 124,126,086 3.International Equities - - 4.Domestic Fixed Income 26,958,609 25,366,693 5.International Fixed Income - - 6.Real Estate 32,390,460 32,090,565 7.Private Equity - - 8.Total Investments 194,265,405$ 184,324,000$ D.Liabilities 1.Benefits Payable -$ -$ 2.Accrued Expenses and Other Payables - - 3.Accounts Payable (300,094) (293,396) 4.Due to Brokers (461,326) (336,734) 5.Total Liabilities (761,420)$ (630,130)$ E.Total Market Value of Assets Available for Benefits 194,072,809$ 184,018,384$ F.Reserves 1.Elective Benefits (321,997) (360,069) 2.DROP Accounts (17,368,664) (16,197,552) 3.Total Reserves (17,690,661)$ (16,557,621)$ G.Market Value Net of Reserves 176,382,148$ 167,460,763$ H.Allocation of Investments 1.Short Term Investments 1.5%1.5% 2.Domestic Equities 68.0%67.3% 3.International Equities 0.0%0.0% 4.Domestic Fixed Income 13.9%13.8% 5.International Fixed Income 0.0%0.0% 6.Real Estate 16.6%17.4% 7.Private Equity 0.0%0.0% 8.Total Investments 100.0%100.0% September 30 Item STATEMENT OF PLAN ASSETS City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 32 2020 2019 A.Market Value of Assets at Beginning of Year 184,018,384$ 179,720,765$ B.Revenues and Expenditures 1.Contributions a.Employee Contributions 1,687,097$ 1,564,653$ b.Employer Contributions 7,289,319 7,320,463 c.State Contributions - - d.Other Income - - e.Total 8,976,416$ 8,885,116$ 2.Investment Income a.Interest, Dividends, and Other Income 4,284,896$ 3,977,335$ b.Realized Gains (Losses)656,495 4,572,262 c.Unrealized Gains (Losses)8,811,075 (1,603,462) d.Investment Expenses (867,298) (830,995) e.Net Investment Income 12,885,168$ 6,115,140$ 3.Benefits and Refunds a.Refunds (199,848)$ (261,878)$ b.Regular Monthly Benefits (9,532,523) (9,282,788) c.DROP Distribution (1,927,440) (1,016,966) d.Total (11,659,811)$ (10,561,632)$ 4.Administrative and Miscellaneous Expenses (147,348)$ (141,005)$ C.Market Value of Assets at End of Year 194,072,809$ 184,018,384$ D.Reserves 1.Elective Benefits (321,997)$ (360,069)$ 2.DROP Accounts (17,368,664) (16,197,552) 3.Total Reserves (17,690,661)$ (16,557,621)$ E.Market Value Net of Reserves 176,382,148$ 167,460,763$ September 30 Item RECONCILIATION OF PLAN ASSETS City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 33 $16,197,552 +1,939,492 +1,159,060 -1,927,440 17,368,664Value at end of year Value at beginning of year RECONCILIATION OF DROP ACCOUNTS Payments credited to accounts Investment Earnings credited Withdrawals from accounts City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 34 DERIVATION OF ACTUARIAL VALUE OF ASSETS Valuation Date - September 30 2019 2020 2021 2022 2023 2024 A.Actuarial Value of Assets Beginning of Year 172,284,956$ 183,328,096$ -$ -$ -$ -$ B.Market Value End of Year 184,018,384 194,072,809 - - - - C.Market Value Beginning of Year 179,720,765 184,018,384 - - - - D.Non-Investment/Administrative Net Cash Flow (1,817,521) (2,830,743) - - - - E.Investment Income E1. Actual Market Total: B-C-D 6,115,140 12,885,168 - - - - E2. Assumed Rate of Return 7.18%7.08%6.90%6.80%6.70%6.60% E3. Assumed Amount of Return 12,567,615 13,137,463 - - - - E4. Amount Subject to Phase-In: E1–E3 (6,452,475) (252,295) - - - - F.Phase-In Recognition of Investment Income F1. Current Year: 0.20 x E4 (1,290,495) (50,459) - - - - F2. First Prior Year 677,058 (1,290,495) (50,459) - - - F3. Second Prior Year 1,308,088 677,058 (1,290,495) (50,459) - - F4. Third Prior Year 1,204,918 1,308,088 677,058 (1,290,495) (50,459) - F5. Fourth Prior Year (1,606,523) 1,204,919 1,308,088 677,057 (1,290,495) (50,459) F6. Total Phase-Ins 293,046 1,849,111 644,192 (663,897) (1,340,954) (50,459) G.Actuarial Value of Assets End of Year G1. Preliminary Actuarial Value of Assets 183,328,096$ 195,483,927$ -$ -$ -$ -$ G2. Upper Corridor Limit: 120%*B 220,822,061 232,887,371 - - - - G3. Lower Corridor Limit: 80%*B 147,214,707 155,258,247 - - - - G4. Funding Value End of Year 183,328,096 195,483,927 - - - - G5. Less: DROP Account 16,197,552 17,368,664 - - - - G6. Less: Elective Contributions 360,069 321,997 G7. Funding Value End of Year 166,770,475 177,793,266 - - - - H.Difference between Market & Actuarial Value 690,288$ (1,411,118)$ -$ -$ -$ -$ I.Actuarial Rate of Return 7.35%8.08%0.00%0.00%0.00%0.00% J.Market Value Rate of Return 3.35%6.92%0.00%0.00%0.00%0.00% K.Ratio of Actuarial Value of Assets to Market Value 99.62%100.73%0.00%0.00%0.00%0.00% City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 35 INVESTMENT RATE OF RETURN 12/31/88 NA 10.8 % 12/31/89 NA 17.4 9/30/90 (9 mos.)NA (2.3) 9/30/91 NA 9.9 9/30/92 NA 9.5 9/30/93 NA 11.0 9/30/94 NA 8.0 9/30/95 NA 9.3 9/30/96 NA 9.4 9/30/97 24.6 % 13.3 9/30/98 8.6 14.5 9/30/99 11.5 13.2 9/30/00 9.8 12.3 9/30/01 (9.4) 3.9 9/30/02 (6.4) 0.2 9/30/03 14.8 0.8 9/30/04 6.9 0.5 9/30/05 10.5 6.2 9/30/06 6.8 9.7 9/30/07 14.3 9.3 9/30/08 (15.0) 4.6 9/30/09 (0.3) 0.1 9/30/10 8.5 4.3 9/30/11 (0.5) 2.8 9/30/12 17.8 4.5 9/30/13 13.7 6.9 9/30/14 10.0 12.1 9/30/15 1.2 6.7 9/30/16 12.3 7.6 9/30/17 11.6 8.4 9/30/18 9.0 8.6 9/30/19 3.4 7.3 9/30/20 6.9 8.1 Average Returns: Last Five Years 8.6 %8.0 % Last Ten Years 8.4 %7.3 % All Years 6.7 %7.5 % Investment Rate of Return Actuarial ValueMarket ValueYear Ended SECTION D FINANCIAL ACCOUNTING INFORMATION City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 36 A.Valuation Date B.Actuarial Present Value of Accumulated Plan Benefits 1.Vested Benefits a.Members Currently Receiving Payments $126,753,777 $123,013,972 b.Terminated Vested Members 6,865,192 6,515,079 c.Other Members 46,151,766 44,958,946 d.Total 179,770,735 174,487,997 2.Non-Vested Benefits 3,365,228 764,891 3.Total Actuarial Present Value of Accumulated Plan Benefits: 1d + 2 183,135,963 175,252,888 4.Accumulated Contributions of Active Members 11,630,910 11,553,866 C.Changes in the Actuarial Present Value of Accumulated Plan Benefits 1.Total Value at Beginning of Year 175,252,888 168,180,460 2.Increase (Decrease) During the Period Attributable to: a.Plan Amendment 0 0 b.Change in Actuarial Assumptions 61,254 1,768,781 c.Latest Member Data, Benefits Accumulated and Decrease in the Discount Period 19,493,684 16,574,798 d.Benefits Paid (Net basis)(11,671,863)(11,271,151) e.Net Increase 7,883,075 7,072,428 3.Total Value at End of Period 183,135,963 175,252,888 D.Market Value of Assets 176,382,148 167,460,763 E.Funded Ratio: D / C3 96.3 %95.6 % F.Actuarial Assumptions - See page entitled Actuarial Assumptions and Methods FASB NO. 35 INFORMATION October 1, 2020 October 1, 2019 City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2016 and Actuarial Disclosures 37 SCHEDULE OF CHANGES IN THE EMPLOYER’S NET PENSION LIABILITY AND RELATED RATIOS GASB Statement No. 67 Fiscal year ending September 30,2021*2020 2019 2018 2017 2016 2015 2014 Total pension liability Service Cost 4,091,360$ 3,594,993$ 3,461,314$ 3,435,186$ 3,115,194$ 2,990,326$ 2,954,646$ 2,968,214$ Interest 14,905,514 14,494,818 14,109,905 13,626,918 12,836,669 12,699,614 11,691,291 11,192,833 Benefit Changes - - - - - - 5,680,646 - (301,927) 244,463 (276,923) 484,186 2,006,523 (4,891,541) 1,191,720 (13,973) Assumption Changes (473,796) 1,947,549 2,245,392 1,800,889 4,538,235 - - - Benefit Payments (12,494,657) (11,459,963) (10,299,754) (9,810,800) (9,609,277) (8,304,937) (7,593,403) (7,796,109) Refunds (155,362) (199,848) (261,878) (158,309) (139,840) (211,319) (191,378) (198,139) - 28,902 28,664 30,897 34,453 36,826 40,842 44,092 Net Change in Total Pension Liability 5,571,132 8,650,914 9,006,720 9,408,967 12,781,957 2,318,969 13,774,364 6,196,918 Total Pension Liability - Beginning 212,763,512 204,112,598 195,105,878 185,696,911 172,914,954 170,595,985 156,821,621 150,624,703 Total Pension Liability - Ending (a)218,334,644$ 212,763,512$ 204,112,598$ 195,105,878$ 185,696,911$ 172,914,954$ 170,595,985$ 156,821,621$ Plan Fiduciary Net Position Contributions - Employer 7,468,676$ 7,289,319$ 7,320,463$ 7,110,298$ 6,951,693$ 7,615,053$ 7,273,068$ 6,780,773$ Contributions - Member 1,730,115 1,687,097 1,564,653 1,532,846 1,520,068 1,450,369 1,439,239 1,492,985 Net Investment Income 13,524,542 12,885,168 6,115,140 15,250,355 17,730,273 16,354,236 1,605,790 11,833,483 Benefit Payments (12,494,657) (11,459,963) (10,299,754) (9,810,800) (9,609,277) (8,304,937) (7,593,403) (7,796,109) Refunds (155,362) (199,848) (261,878) (158,309) (139,840) (211,319) (191,378) (198,139) Administrative Expense (147,348) (147,348) (141,005) (137,738) (144,179) (141,114) (142,577) (135,227) Other - - - - - - - - Net Change in Plan Fiduciary Net Position 9,925,966 10,054,425 4,297,619 13,786,652 16,308,738 16,762,288 2,390,739 11,977,766 Plan Fiduciary Net Position - Beginning 194,072,809 184,018,384 179,720,765 165,934,113 149,625,375 132,863,087 130,472,348 118,494,582 Plan Fiduciary Net Position - Ending (b)203,998,775$ 194,072,809$ 184,018,384$ 179,720,765$ 165,934,113$ 149,625,375$ 132,863,087$ 130,472,348$ Net Pension Liability - Ending (a) - (b)14,335,869 18,690,703 20,094,214 15,385,113 19,762,798 23,289,579 37,732,898 26,349,273 Plan Fiduciary Net Position as a Percentage of Total Pension Liability 93.43 %91.22 %90.16 %92.11 %89.36 %86.53 %77.88 %83.20 % Covered Employee Payroll 24,715,933$ 23,688,500$ 21,942,700$ 21,456,414$ 21,223,071$ 20,193,471$ 19,977,100$ 20,698,471$ Net Pension Liability as a Percentage of Covered Employee Payroll 58.00 %78.90 %91.58 %71.70 %93.12 %115.33 %188.88 %127.30 % *These figures are estimates only. Actual figures will be provided after the end of the fiscal year. Difference between actual & expected experience Other (Contributions Toward Elective Benefits) City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 38 SCHEDULE OF THE EMPLOYER’S NET PENSION LIABILITY GASB Statement No. 67 Total Plan Net Position Covered Net Pension Liability FY Ending Pension Plan Net Net Pension as a % of Total Employee as a % of Covered September 30,Liability Position Liability Pension Liability Payroll Employee Payroll 2014 156,821,621$ 130,472,348$ 26,349,273$ 83.20%20,698,471$ 127.30% 2015 170,595,985 132,863,087 37,732,898 77.88%19,977,100 188.88% 2016 172,914,954 149,625,375 23,289,579 86.53%20,193,471 115.33% 2017 185,696,911 165,934,113 19,762,798 89.36%21,223,071 93.12% 2018 195,105,878 179,720,765 15,385,113 92.11%21,456,414 71.70% 2019 204,112,598 184,018,384 20,094,214 90.16%21,942,700 91.58% 2020 212,763,512 194,072,809 18,690,703 91.22%23,688,500 78.90% 2021*218,334,644 203,998,775 14,335,869 93.43%24,715,933 58.00% * These figures are estimates only. Actual figures will be provided after the end of the fiscal year. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 39 NOTES TO NET PENSION LIABILITY GASB Statement No. 67 Valuation Date:October 1, 2020 Measurement Date:September 30, 2021 Methods and Assumptions Used to Determine Net Pension Liability: Actuarial Cost Method Entry Age Normal Inflation 2.5% Salary Increases 3.25%to 8.10%depending on years of completed service,including inflation Investment Rate of Return 6.90% Retirement Age Experience-based table of rates that are specific to the type of eligibility condition Mortality PUB-2010 Headcount Weighted General Below-Median Employee Mortality Table (for pre-retirement mortality)and the PUB-2010 Headcount Weighted General Below-Median Healthy Retiree Mortality Table (for postretirement mortality),with separate rates for males and females and mortality improvements projected to all future years after 2010 using Scale MP-2018.For males,the base mortality rates are set back one year.These are the same rates currently in use for Regular (other than K-12 School Instructional Personnel)members of the Florida Retirement System (FRS),as mandated by Chapter 112.63, Florida Statutes. Other Information: Notes See Discussion of Valuation Results on Page 1. Assumption changes reflect the following changes: -The investment return assumption was lowered from 7.08%to 6.90%. -The mortality assumption was updated to the current mortality assumption being used by the Florida Retirement System,which was updated effective July 1,2019 by the FRS,as required by Florida Statutes. -Based on the Experience Study dated November 18,2020,new salary increase rates,retirement rates,and separation rates were adopted to reflect observed experience over the 7-year experience study period reviewed. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 40 SCHEDULE OF CONTRIBUTIONS GASB Statement No. 67 Actuarially Contribution Covered Actual Contribution FY Ending Determined Actual Deficiency Employee as a % of Covered September 30,Contribution Contribution (Excess)Payroll Employee Payroll 2014 6,780,773$ 6,780,773$ -$ 20,698,471$ 32.76% 2015 7,273,067 7,273,068 (1) 19,977,100 36.41% 2016 7,608,338 7,615,053 (6,715) 20,193,471 37.71% 2017 6,951,693 6,951,693 - 21,223,071 32.76% 2018 7,110,298 7,110,298 - 21,456,414 33.14% 2019 7,320,463 7,320,463 - 21,942,700 33.36% 2020 7,289,319 7,289,319 - 23,688,500 30.77% 2021*7,468,676 7,468,676 - 24,715,933 30.22% * These figures are estimates only. Actual figures will be provided after the end of the fiscal year. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 41 NOTES TO SCHEDULE OF CONTRIBUTIONS GASB Statement No. 67 Valuation Date:October 1, 2019 Notes Actuarially determined contribution rates are calculated as of October 1,which is two years prior to the end of the fiscal year in which contributions are reported. Methods and Assumptions Used to Determine Contribution Rates: Actuarial Cost Method Entry Age Normal Amortization Method Level Dollar, Closed Remaining Amortization Period 6 years (Single equivalent amortization period) Asset Valuation Method 5-year smoothed market Inflation 2.8% Salary Increases 3.5%to 8.6%depending on years of completed service,including inflation Investment Rate of Return 7.08% Retirement Age Experience-based table of rates that are specific to the type of eligibility condition Mortality RP-2000 Combined Healthy Participant Mortality Table (for pre- retirement mortality)and the RP-2000 Mortality Table for Annuitants (for postretirement mortality),with mortality improvements projected to all future years after 2000 using Scale BB.For males,the base mortality rates include a 50%blue collar adjustment and a 50%white collar adjustment.For females,the base mortality rates include a 100%white collar adjustment.These are the same rates used for Non-Special Risk Class members in the July 1,2018 actuarial valuation of the Florida Retirement System (FRS).Florida Statutes Chapter 112.63(1)(f)mandates the use of the mortality tables used in either of the two most recently published actuarial valuation reports of FRS. Other Information: Notes See Discussion of Valuation Results on Page 1 of the October 1,2019 Actuarial Valuation Report dated February 19, 2020. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 42 SINGLE DISCOUNT RATE GASB Statement No. 67 A single discount rate of 6.90% was used to measure the total pension liability. This single discount rate was based on the expected rate of return on pension plan investments of 6.90%. The projection of cash flows used to determine this single discount rate assumed that plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between the total actuarially determined contribution rates and the member rate. Based on these assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments (6.90%) was applied to all periods of projected benefit payments to determine the total pension liability. Regarding the sensitivity of the net pension liability to changes in the single discount rate, the following presents the plan’s net pension liability, calculated using a single discount rate of 6.90%, as well as what the plan’s net pension liability would be if it were calculated using a single discount rate that is 1- percentage-point lower or 1-percentage-point higher: Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption* Current Single Discount 1% Decrease Rate Assumption 1% Increase 5.90%6.90%7.90% $39,231,912 $14,335,869 ($4,392,864) * These figures are estimates only. Actual figures will be provided after the end of the fiscal year. SECTION E MISCELLANEOUS INFORMATION City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 43 A. 1.Number Included in Last Valuation 366 372 2.New Members Included in Current Valuation 87 44 3.Non-Vested Employment Terminations (22)(25) 4.Vested Employment Terminations (7)(8) 5.DROP Participation (8)(9) 6.Service Retirements (7)(8) 7.Disability Retirements 0 0 8.Deaths (1)0 9.Other -- Data Adjustments 0 0 10.Number Included in This Valuation 408 366 B. 1.Number Included in Last Valuation 50 51 2.Additions from Active Members 7 8 3.Lump Sum Payments/Refund of Contributions (2)(2) 4.Payments Commenced (3)(6) 5.Deaths 0 (1) 6.Other 0 0 7.Number Included in This Valuation 52 50 1.Number Included in Last Valuation 47 45 2.Additions from Active Members 8 9 3.Retirements (21)(7) 4.Deaths Resulting in No Further Payments 0 0 5.Other -- Data Adjustments 0 0 6.Number Included in This Valuation 34 47 D. 1.Number Included in Last Valuation 392 375 2.Additions from Active Members 7 8 3.Additions from Terminated Vested Members 3 6 4.Additions from DROP Plan 21 7 5.Deaths Resulting in No Further Payments (17)(4) 6.Deaths Resulting in New Survivor Benefits 1 0 7.End of Certain Period - No Further Payments 0 0 8.Other -- Data Adjustments 0 0 9.Number Included in This Valuation 407 392 RECONCILIATION OF MEMBERSHIP DATA Active Members Service Retirees, Disability Retirees and Beneficiaries Terminated Vested Members From 10/1/18From 10/1/19 To 10/1/19To 10/1/20 C. DROP Plan Members City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 44 ACTIVES – DISTRIBUTION OF SERVICE & SALARY Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30 & Up Totals 15-19 NO.0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 20-24 NO.6 1 0 0 2 0 0 0 0 0 0 9 TOT PAY 234,775 40,278 0 0 88,021 0 0 0 0 0 0 363,074 AVG PAY 39,129 40,278 0 0 44,010 0 0 0 0 0 0 40,342 25-29 NO.17 7 1 2 2 3 0 0 0 0 0 32 TOT PAY 769,014 331,793 39,682 98,294 76,942 133,189 0 0 0 0 0 1,448,914 AVG PAY 45,236 47,399 39,682 49,147 38,471 44,396 0 0 0 0 0 45,279 30-34 NO.14 7 4 11 6 11 1 0 0 0 0 54 TOT PAY 585,559 313,659 206,405 510,976 394,397 605,505 45,224 0 0 0 0 2,661,725 AVG PAY 41,826 44,808 51,601 46,452 65,733 55,046 45,224 0 0 0 0 49,291 35-39 NO.11 7 4 3 2 12 6 2 0 0 0 47 TOT PAY 736,566 483,801 243,576 112,624 128,876 728,403 372,496 123,921 0 0 0 2,930,263 AVG PAY 66,961 69,114 60,894 37,541 64,438 60,700 62,083 61,960 0 0 0 62,346 40-44 NO.10 1 4 3 6 9 3 3 7 0 0 46 TOT PAY 394,164 77,708 232,851 152,724 292,807 510,675 182,825 193,913 474,954 0 0 2,512,621 AVG PAY 39,416 77,708 58,213 50,908 48,801 56,742 60,942 64,638 67,851 0 0 54,622 45-49 NO.11 2 4 3 1 11 13 8 8 1 0 62 TOT PAY 558,183 104,982 218,675 231,411 46,902 657,688 884,467 509,352 558,928 65,088 0 3,835,676 AVG PAY 50,744 52,491 54,669 77,137 46,902 59,790 68,036 63,669 69,866 65,088 0 61,866 50-54 NO.7 7 2 1 0 8 8 3 18 5 0 59 TOT PAY 428,649 403,642 91,321 38,151 0 487,688 538,249 237,382 1,223,788 350,273 0 3,799,143 AVG PAY 61,236 57,663 45,660 38,151 0 60,961 67,281 79,127 67,988 70,055 0 64,392 55-59 NO.6 4 2 1 1 8 9 12 10 2 0 55 TOT PAY 358,353 279,603 106,284 42,930 99,408 628,252 667,422 796,244 749,385 161,835 0 3,889,716 AVG PAY 59,725 69,901 53,142 42,930 99,408 78,532 74,158 66,354 74,938 80,918 0 70,722 60-64 NO.4 2 1 6 4 5 4 5 3 2 0 36 TOT PAY 193,221 108,452 39,452 444,266 321,739 265,299 211,071 269,971 230,173 135,331 0 2,218,975 AVG PAY 48,305 54,226 39,452 74,044 80,435 53,060 52,768 53,994 76,724 67,666 0 61,638 65-99 NO.1 1 0 0 0 3 1 1 1 0 0 8 TOT PAY 70,719 85,660 0 0 0 236,767 72,902 53,775 70,156 0 0 589,979 AVG PAY 70,719 85,660 0 0 0 78,922 72,902 53,775 70,156 0 0 73,747 TOT NO.87 39 22 30 24 70 45 34 47 10 0 408 TOT AMT 4,329,203 2,229,578 1,178,246 1,631,376 1,449,092 4,253,466 2,974,656 2,184,558 3,307,384 712,527 0 24,250,086 AVG AMT 49,761 57,169 53,557 54,379 60,379 60,764 66,103 64,252 70,370 71,253 0 59,436 Years of Service to Valuation Date City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 45 INACTIVES – DISTRIBUTION OF AGES & ANNUAL BENEFITS Disabled Retired Total Total Total Total Age Number Benefits Number Benefits Number Benefits Number Benefits Under 20 - - - - - - - - 20-24 - - - - - - - - 25-29 - - - - - - - - 30-34 2 25,623 - - - - - - 35-39 4 65,494 - - - - 1 20,221 40-44 9 146,939 - - - - - - 45-49 12 234,195 - - 1 30,944 - - 50-54 10 201,149 - - 9 426,589 1 11,503 55-59 9 133,896 - - 57 2,125,886 3 46,505 60-64 6 116,764 - - 81 2,789,116 6 97,721 65-69 - - - - 77 2,333,142 3 75,431 70-74 - - - - 71 1,849,038 4 37,607 75-79 - - - - 54 1,207,347 7 67,450 80-84 - - 1 5,717 27 429,689 4 61,488 85-89 - - - - 23 308,335 1 2,602 90-94 - - - - 8 58,873 1 25,354 95-99 - - - - 1 6,024 - - 100 & Over - - - - - - - - Total 52 924,060 1 5,717 409 11,564,983 31 445,882 Average Age 50 80 70 70 Liability 6,865,192 44,909 122,404,953 4,303,915 Terminated Vested Deceased with Beneficiary SECTION F SUMMARY OF PLAN PROVISIONS City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 46 SUMMARY OF PLAN PROVISIONS A. Ordinances Plan established under the Code of Ordinances for the City of Boynton Beach, Florida, Chapter 18, Article II, and was most recently amended under Ordinance No.15-008 passed and adopted on its second reading on March 2, 2015. The Plan is also governed by certain provisions of Part VII, Chapter 112, Florida Statutes and the Internal Revenue Code. B. Effective Date April 1, 1968 C. Plan Year October 1 through September 30 D. Type of Plan Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer plan. E. Eligibility Requirements All general employees who work at least 30 hours per week are eligible to participate on the first day of employment. F. Credited Service Service in the employment of the City is measured as years and months and is computed to the nearest whole month. No service is credited for any periods of employment for which the member received a refund of their contributions. G. Compensation Gross earnings including overtime, but excluding bonuses and flexible benefits, payments for unused accumulated sick and vacation pay in excess of the amount accumulated as of June 17, 2013, and overtime in excess of 300 hours per year. Prior to June 18, 2013, all unused accumulated sick and vacation pay and all overtime were included in the definition of pensionable compensation. H. Final Average Monthly Compensation (FAMC) The average of Compensation over the highest 60 consecutive months during the last 120 months of Credited Service. The amount of accumulated unused sick and vacation hours included in pensionable salary shall be limited to the lesser of the amount as of June 17, 2013 or the amount paid at retirement. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 47 I. Normal Retirement Eligibility: A member may retire on the first day of the month coincident with or next following the earliest of: (1) age 62 and 5 years of Credited Service, or (2) age 55 and 25 years of Credited Service, or (3) 30 years of Credited Service regardless of age. Benefit: 3% of FAMC multiplied by years of Credited Service with a maximum equal to 75% of FAMC. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. J. Early Retirement Eligibility: A member who has less than 30 years of Credited Service may elect to retire earlier than the Normal Retirement Eligibility upon the earlier of: (1) age 55 and 10 years of Credited Service, or (2) age 52 and 25 years of Credited Service. Benefit: The Normal Retirement Benefit is reduced by 3% for each year by which the Early Retirement date precedes the Normal Retirement date. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. K. Delayed Retirement Same as Normal Retirement taking into account compensation earned and service credited until the date of actual retirement. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 48 L. Service Connected Disability Eligibility: Any member who becomes totally and permanently disabled and is unable to perform all the material duties of their occupation as a result from an act occurring in the performance of service for the City is eligible for a disability benefit. Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of disability. The benefit is payable on the member’s Normal Retirement date. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. M. Non-Service Connected Disability Eligibility: Any member who becomes totally and permanently disabled and is unable to perform all the material duties of their occupation is eligible for a disability benefit. Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of disability. The benefit is payable on the member’s Normal Retirement date. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. N. Death in the Line of Duty Eligibility: Any member with 5 or more years of Credited Service whose death is determined to be the result of a service incurred injury is eligible for survivor benefits. Benefit: Beneficiary will have the choice of receiving either an immediate lump sum payment or a monthly survivor benefit. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 49 The immediate lump sum payment will be the greater of a refund of the member’s contributions with interest at the annual rate of 5%, or the lump sum value of the member’s accrued Normal Retirement Benefit payable at the earliest retirement date. The monthly survivor benefit will be equal to the accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of death with payments starting at the earliest retirement date. If the “earliest date” precedes the member’s Normal Retirement Date, then the accrued benefit will be subject to the Early Retirement reduction. Normal Form of Benefit: Optional lump sum or a monthly benefit payable for the life of the beneficiary. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. The beneficiary of a plan member with less than 5 years of Credited Service at the time of death will receive a refund of the member’s accumulated contributions with interest at 5.0%. O. Other Pre-Retirement Death Eligibility: Members are eligible for survivor benefits after the completion of 5 or more years of Credited Service. Benefit: Beneficiary will have the choice of receiving either an immediate lump sum payment or a monthly survivor benefit. The immediate lump sum payment will be the greater of a refund of the member’s contributions with interest at the annual rate of 5%, or the lump sum value of the member’s accrued Normal Retirement Benefit payable at the earliest retirement date. The monthly survivor benefit will be equal to the accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of death with payments starting at the earliest retirement date. If the “earliest date” precedes the member’s Normal Retirement Date, then the accrued benefit will be subject to the Early Retirement reduction. Normal Form of Benefit: Optional lump sum or a monthly benefit payable for the life of the beneficiary. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 50 COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. The beneficiary of a plan member with less than 5 years of Credited Service at the time of death will receive a refund of the member’s accumulated contributions with interest. P. Post Retirement Death Benefit determined by the form of benefit elected upon retirement. Q. Optional Forms In lieu of electing the Normal Form of benefit, the optional form of benefit available to all retirees is the 66 2/3% Joint and Survivor Annuity option. A Social Security option is also available for members retiring prior to the time they are eligible for Social Security retirement benefits. Upon approval of the Plan Administrator, other options are also available as long as actuarial equivalence is maintained. R. Vested Termination Eligibility: A member has earned a non-forfeitable right to Plan benefits after the completion of 5 years of Credited Service if they elect to leave their accumulated contributions in the fund. Benefit: The benefit is the member’s accrued Normal Retirement Benefit as of the date of termination. The benefit begins at either age 62, at age 55 if the member had or would have had 25 or more years of Credited Service on or before attaining age 55, or at the age at which the member would have had 25 years of Credited Service (had employment continued) if this age is between ages 55 and 62. Normal Form of Benefit: Single life annuity; other options are also available. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. Members terminating employment with less than 5 years of Credited Service will receive a refund of their own accumulated contributions with interest. City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 51 S. Refunds Eligibility: All members terminating employment with less than 5 years of Credited Service are eligible. Optionally, vested members (those with 5 or more years of Credited Service) may elect a refund in lieu of the vested benefits otherwise due. Benefit: Refund of the member’s contributions with interest. Interest is currently credited at 5% per annum. T. Member Contributions 7% of Compensation. U. Employer Contributions The amount determined by the actuary needed to fund the plan properly according to State laws. V. Cost of Living Increases In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. W. 13th Check As described under the COLA subsections, in lieu of COLA increases a thirteenth check will be paid to retirees on each July 1st following a fiscal year in which the net investment return exceeds the assumed rate of investment return and the Plan has experienced a cumulative gain. X. Deferred Retirement Option Plan Eligibility: Plan members who have met one of the following criteria are eligible for the DROP: (1) age 62 and 5 years of Credited Service, or (2) age 55 and 25 years of Credited Service, or (3) 30 years of Credited Service regardless of age. Members must make a written election to participate in the DROP within the first 30 years of employment. Benefit: The member’s Credited Service and FAMC are frozen upon entry into the DROP. The monthly retirement benefit as described under Normal Retirement is calculated based upon the frozen Credited Service and FAMC. Maximum DROP Period: 5 years City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1, 2020 and Actuarial Disclosures 52 Interest Credited: The member's DROP account is credited at an interest rate based upon the option chosen by the member. Members must elect from 1 of the 3 following options: 1. Gain or loss at the same rate earned by the Plan, or 2. Guaranteed rate of 7%, or 3. A percentage of the DROP credited at the same rate earned by the Plan and the remaining percentage credited with earnings at a guaranteed rate of 7%. Normal Form of Benefit: Options include a lump sum or an annuity. COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return exceeds the assumed rate of return. The amount that investment return exceeds the assumed return will be divided equally among all participants. The supplemental benefit will not be paid if the Plan has experienced cumulative losses from all sources after October 1, 2001. Y. Other Ancillary Benefits There are no ancillary retirement type benefits not required by statutes but which might be deemed a City of Boynton Beach Employees’ Pension Plan liability if continued beyond the availability of funding by the current funding source. Z. Changes from Previous Valuation None. Meeting Minutes General Employees’ Pension Fund Boynton Beach, Florida February 22, 2021 1 MINUTES OF THE GENERAL EMPLOYEES’ PENSION PLAN REGULAR BOARD MEETING HELD VIRTUALLY ON MONDAY FEBRUARY 22, 2021 AT 1:30 P.M. Trustees: Steven Grant, Chairman Lorri Laverriere , Laurie Fasolo Sheryl Claude Cathy McDeavitt Others: Amanda Kish Office of the Resource Centers Jeff Swanson, Southeastern Advisory Bonni Jensen, Office of Klausner, Kaufman, , Levinson Brian Liffick, Cherry Bekaert and Holland I. Call to Order – Mayor Steven Grant Steven Grant called the meeting to order at 1:3 0 P.M. II. AGENDA APPROVAL : A. Additions, Deletions, Corrections Motion Sheryl Claude moved to approve the amendments made to the Agenda as presented. Cathy McDeavitt seconded the motion that unanimously passed 5-0. III. APPROVAL OF MINUTES A. Regular Quarterly Meeting –November 2020. . Motion Laurie Fasolo moved to have the Minutes present ed at the next meeting. Sheryl Claude seconded the motion that unanimously passed 5-0. IV. PRESENTATIONS A. Cherry, Bekaert & Holland L.L.P: Brian Liffick 1. Audited Financial Statement Re port Draft as of October 1, 20 20 Mr. Liffick introduced himself to the Board and thanked the Trustees. He reported that the Financials Statements have a clean opinion with no material weaknesses or deficiencies. Mr. Liffick reviewed the financial activity noting there were no adjustments only reclassifications made. Cherry Bekeart uses an outside firm for second review on the fair value noting no disagreements. There were no issues with management or with gaining the needed documents and reporting for competition for the audit. Mr. Liffick reviewed the financial statement highlights . The net position increased by $4,297,619.00 the increase was primarily due to contr ibutions and investment return. T he net position for 20 20 was $194,072,809.00 Meeting Minutes General Employees’ Pension Fund Boynton Beach, Florida February 22, 2021 2 versus $184,018,384.00 as of fiscal year 201 9. He reviewed the administrative and investment expenses while also comparing to last fiscal year’s expenses. The Plan’s funded ratio is 91.2%. The Board was presented the management letter. He explained that the management letter confirms that the information that was provided is correct and accurate. A signature is needed on the management letter prior to the release of the final Audit cop y Motion Sheryl Claude moved to approve the Audited Financial Statements as of October 1, 20 20. Laurie Fasolo seconded the motion that unanimously passed 5-0. Laurie Fasolo moved to approve the Management Representation Letter for the Financial Statements of October 1, 2020.Cathy McDeavitt seconded the motion that unanimously passed 5- 0. Southeaste rn Advisory Services: Jeff Swanson 1. Quarterly Investment Performance Report as o f December 31, 2020 Mr., Swanson reviewed the market environment. He stated that the portfolio had a positive fiscal year return. Mr. Swanson reviewed the performance of the market environment for major market indexes as of December 31, 2020. He reported that for quarter ending December 31, 2020 the Plan’s return was 9.9%. The fiscal year return was 11.6% The Plan’s total value, including the R&D account, was reported to be $217,605,603.00. He reviewed the allocation of as sets for the quarter; Domestic Equity 44.9 International Equity 19.6 % Real Estate 14.7 % Fixed Income 18.5% and Cash 2.3%. Mr. Swanson reviewed the market environmen t for each investment sector. The 1-year Total Fund -Gross of Fees returns was 11.6% versus the index at 11.4%. He reported that for the quarter ly returns where Total Domestic Equity was at 14.1 % versus the index of 16.4 %; Total Intern at ional Equities were at 18.2% ahead of the index at 16.0%. Total Real Estate was at 2.1% ahead of the index at 1.3% and Total Fixed Income was 2.1% versus the benchmark of 0.7%. Mr. Swanson reviewed the fixed income segment. He suggested bringing in a fixed income research report to the next meeting. V. CORRESPONDENCE There was no correspondence. VI. OLD BUSINESS There was no Old Business VII. NEW BUSINESS A. Attorney Report 1. E-Verify: Mrs. Jensen presented the E-Verify memo to the Board . She inf ormed the Board effective January 1, 2021, Pe nsion Plans and service provider s that are engaged by the Pension Plan will need to be registered with E-Verify. All future contracts should have a provision regarding E-Verify. Mrs. Kish informed the Board that she will be enrolling the Board and sending letter s out to the service providers making them aware that they will need to register. 2. Policy Regarding Investment Managers: Mrs. Jensen informed she would like the policy adopted f or the following reasons: Managers are aware of the guidelines prior to being hired by the Board. Meeting Minutes General Employees’ Pension Fund Boynton Beach, Florida February 22, 2021 3 The Policy will alleviate some of the back f orth with the manager contracts. She reviewed the Policy in detail. 3. IRS Mileage Rate: The Mileage rate increased to .56 a mile. 4. Survivor Benefits- George Mantell: Mrs. Jensen provided an update on the Mantell beneficiary. T he ex-spouse sent a letter appealing the Board’s discission. Mrs. Jensen suggested hiring special counsel for the Mantell Beneficiary. The Board held a discussion regar ding the special counsel. The Board suggested th e Chairman reviewing the special counsel list between meetings. Motion L aurie Fasolo moved t o approve the Special Counsel for Mr. Mantell’s Beneficiary Payment. Cathy McDeavi tt seconded the motion that unanimously passed 5-0 B. Ad ministrative Report 1. Interim Financials The Board received and filed the Interim Financials. 2. Warrant for Invoices. The Board reviewed the Disbursements the plan administrator presented for approval. Motion Sheryl Claude moved to approve the warrants as presented. L aurie Fasolo seconded the motion that unanimously passed 5-0. 3. Benefit Approvals The Board reviewed the Benefit Approvals presented. Motion Cathy McDeavitt moved to approve the benefits in the Benef it Ap provals as amended. seconded the motion that unanimously passed 5-0 4. Fiduciary Liability Mrs. Kish informed the Board that they will need to renew the fiduciary liability policy. Motion Cathy McDeavi tt moved to approve Fiduciary Liability Policy. Laurie Fasolo seconded the motion that unanimously passed 4-0 VIII. PUBLIC COMMENTS There were no Public Comments Meeting Minutes General Employees’ Pension Fund Boynton Beach, Florida February 22, 2021 4 IX. ADJOURNMENT There being no other business and the nex t meeting having been previously scheduled for Monday, May 24, 2021 at 1:30 p.m., the Trustees adjourned the meeting at 3:25 P.M. MINUTES APPROVED: __________________________________ Steven B. Grant, Mayor Boynton Beach General Employees’ Pension Board **** THIS SECTION MUST BE COMPLETED **** DISCLOSURE PERIOD: THIS STATEMENT REFLECTS YOUR FINANCIAL INTERESTS FOR CALENDAR YEAR ENDING DECEMBER 31, 2020. MANNER OF CALCULATING REPORTABLE INTERESTS: FILERS HAVE THE OPTION OF USING REPORTING THRESHOLDS THAT ARE ABSOLUTE DOLLAR VALUES, WHICH REQUIRES FEWER CALCULATIONS, OR USING COMPARATIVE THRESHOLDS, WHICH ARE USUALLY BASED ON PERCENTAGE VALUES (see instructions for further details). CHECK THE ONE YOU ARE USING (must check one): COMPARATIVE (PERCENTAGE) THRESHOLDS OR DOLLAR VALUE THRESHOLDS FORM 1 PART A -- PRIMARY SOURCES OF INCOME [Major sources of income to the reporting person - See instructions] (If you have nothing to report, write "none" or "n/a") NAME OF SOURCE SOURCE'S DESCRIPTION OF THE SOURCE'S OF INCOME ADDRESS PRINCIPAL BUSINESS ACTIVITY PART B -- SECONDARY SOURCES OF INCOME [Major customers, clients, and other sources of income to businesses owned by the reporting person - See instructions] (If you have nothing to report, write "none" or "n/a") NAME OF NAME OF MAJOR SOURCES ADDRESS PRINCIPAL BUSINESS BUSINESS ENTITY OF BUSINESS' INCOME OF SOURCE ACTIVITY OF SOURCE You are not limited to the space on the lines on this form. Attach additional sheets, if necessary. FILING INSTRUCTIONS for when and where to file this form are located at the bottom of page 2. INSTRUCTIONS on who must file this form and how to fill it out begin on page 3. FOR OFFICE USE ONLY: PART C -- REAL PROPERTY [Land, buildings owned by the reporting person - See instructions] (If you have nothing to report, write "none" or "n/a") CE FORM 1 - Effective: January 1, 2021 (Continued on reverse side) PAGE 1 Incorporated by reference in Rule 34-8.202(1), F.A.C. NAME OF OFFICE OR POSITION HELD OR SOUGHT : NAME OF AGENCY : CHECK ONLY IF CANDIDATE OR NEW EMPLOYEE OR APPOINTEE MAILING ADDRESS : LAST NAME -- FIRST NAME -- MIDDLE NAME : Please print or type your name, mailing address, agency name, and position below: CITY : ZIP : COUNTY : STATEMENT OF FINANCIAL INTERESTS 2020 FILING INSTRUCTIONS: IF ANY OF PARTS A THROUGH G ARE CONTINUED ON A SEPARATE SHEET, PLEASE CHECK HERE PART D — INTANGIBLE PERSONAL PROPERTY [Stocks, bonds, certificates of deposit, etc. - See instructions] (If you have nothing to report, write "none" or "n/a") TYPE OF INTANGIBLE BUSINESS ENTITY TO WHICH THE PROPERTY RELATES PART E — LIABILITIES [Major debts - See instructions] (If you have nothing to report, write "none" or "n/a") NAME OF CREDITOR ADDRESS OF CREDITOR PART F — INTERESTS IN SPECIFIED BUSINESSES [Ownership or positions in certain types of businesses - See instructions] (If you have nothing to report, write "none" or "n/a") BUSINESS ENTITY # 1 BUSINESS ENTITY # 2 NAME OF BUSINESS ENTITY ADDRESS OF BUSINESS ENTITY PRINCIPAL BUSINESS ACTIVITY POSITION HELD WITH ENTITY I OWN MORE THAN A 5% INTEREST IN THE BUSINESS NATURE OF MY OWNERSHIP INTEREST If you were mailed the form by the Commission on Ethics or a County Supervisor of Elections for your annual disclosure filing, return the form to that location. To determine what category your position falls under, see page 3 of instructions. Local officers/employees file with the Supervisor of Elections of the county in which they permanently reside. (If you do not permanently reside in Florida, file with the Supervisor of the county where your agency has its headquarters.) Form 1 filers who file with the Supervisor of Elections may file by mail or email. Contact your Supervisor of Elections for the mailing address or email address to use. Do not email your form to the Commission on Ethics, it will be returned. State officers or specified state employees who file with the Commission on Ethics may file by mail or email. To file by mail, send the completed form to P.O. Drawer 15709, Tallahassee, FL 32317-5709; physical address: 325 John Knox Rd, Bldg E, Ste 200, Tallahassee, FL 32303. To file with the Commission by email, scan your completed form and any attachments as a pdf (do not use any other format), send it to CEForm1@leg.state.fl.us and retain a copy for your records. Do not file by both mail and email. Choose only one filing method. Form 6s will not be accepted via email. Candidates file this form together with their filing papers. MULTIPLE FILING UNNECESSARY: A candidate who files a Form 1 with a qualifying officer is not required to file with the Commission or Supervisor of Elections. WHEN TO FILE: Initially, each local officer/employee, state officer, and specified state employee must file within 30 days of the date of his or her appointment or of the beginning of employment. Appointees who must be confirmed by the Senate must file prior to confirmation, even if that is less than 30 days from the date of their appointment. Candidates must file at the same time they file their qualifying papers. Thereafter, file by July 1 following each calendar year in which they hold their positions. Finally, file a final disclosure form (Form 1F) within 60 days of leaving office or employment. Filing a CE Form 1F (Final Statement of Financial Interests) does not relieve the filer of filing a CE Form 1 if the filer was in his or her position on December 31, 2020. CE FORM 1 - Effective: January 1, 2021. PAGE 2 Incorporated by reference in Rule 34-8.202(1), F.A.C. SIGNATURE OF FILER: Signature: ____________________________________________ Date Signed: ____________________________________________ CPA or ATTORNEY SIGNATURE ONLY If a certified public accountant licensed under Chapter 473, or attorney in good standing with the Florida Bar prepared this form for you, he or she must complete the following statement: I, _______________________________________, prepared the CE Form 1 in accordance with Section 112.3145, Florida Statutes, and the instructions to the form. Upon my reasonable knowledge and belief, the disclosure herein is true and correct. CPA/Attorney Signature: ______________________________ Date Signed: _______________________________________ PART G — TRAINING For elected municipal officers, appointed school superintendents, and commissioners of a community redevelopment agency created under Part III, Chapter 163 required to complete annual ethics training pursuant to section 112.3142, F.S. I CERTIFY THAT I HAVE COMPLETED THE REQUIRED TRAINING. NOTICE Annual Statements of Financial Interests are due July 1. If the annual form is not filed or postmarked by September 1, an automatic fine of $25 for each day late will be imposed, up to a maximum penalty of $1,500. Failure to file also can result in removal from public office or employment. [s. 112.3145, F.S.]In addition, failure to make any required disclosure constitutes grounds for and may be punished by one or more of the following: disqualification from being on the ballot, impeachment, removal or suspension from office or employment, demotion, reduction in salary, reprimand, or a civil penalty not exceeding $10,000. [s. 112.317, F.S.]1) Elected public officials not serving in a political subdivision of the state and any person appointed to fill a vacancy in such office, unless required to file full disclosure on Form 6.2) Appointed members of each board, commission, authority, or council having statewide jurisdiction, excluding members of solely advisory bodies, but including judicial nominating commission members; Directors of Enterprise Florida, Scripps Florida Funding Corporation, and Career Source Florida; and members of the Council on the Social Status of Black Men and Boys; the Executive Director, Governors, and senior managers of Citizens Property Insurance Corporation; Governors and senior managers of Florida Workers' Compensation Joint Underwriting Association; board members of the Northeast Fla. Regional Transportation Commission; board members of Triumph Gulf Coast, Inc; board members of Florida Is For Veterans, Inc.; and members of the Technology Advisory Council within the Agency for State Technology.3) The Commissioner of Education, members of the State Board of Education, the Board of Governors, the local Boards of Trustees and Presidents of state universities, and the Florida Prepaid College Board.4) Persons elected to office in any political subdivision (such as municipalities, counties, and special districts) and any person appointed to fill a vacancy in such office, unless required to file Form 6.5) Appointed members of the following boards, councils, commissions, authorities, or other bodies of county, municipality, school district, independent special district, or other political subdivision: the governing body of the subdivision; community college or junior college district boards of trustees; boards having the power to enforce local code provisions; boards of adjustment; community redevelopment agencies; planning or zoning boards having the power to recommend, create, or modify land planning or zoning within a political subdivision, except for citizen advisory committees, technical coordinating committees, and similar groups who only have the power to make recommendations to planning or zoning boards, and except for representatives of a military installation acting on behalf of all military installations within that jurisdiction; pension or retirement boards empowered to invest pension or retirement funds or determine entitlement to or amount of pensions or other retirement benefits, and the Pinellas County Construction Licensing Board.6) Any appointed member of a local government board who is required to file a statement of financial interests by the appointing authority or the enabling legislation, ordinance, or resolution creating the board. 7) Persons holding any of these positions in local government: mayor; county or city manager; chief administrative employee or finance director of a county, municipality, or other political subdivision; county or municipal attorney; chief county or municipal building inspector; county or municipal water resources coordinator; county or municipal pollution control director; county or municipal environmental control director; county or municipal administrator with power to grant or deny a land development permit; chief of police; fire chief; municipal clerk; appointed district school superintendent; community college president; district medical examiner; purchasing agent (regardless of title) having the authority to make any purchase exceeding $35,000 for the local governmental unit.8) Officers and employees of entities serving as chief administrative officer of a political subdivision.9) Members of governing boards of charter schools operated by a city or other public entity. 10) Employees in the office of the Governor or of a Cabinet member who are exempt from the Career Service System, excluding secretarial, clerical, and similar positions.11) The following positions in each state department, commission, board, or council: Secretary, Assistant or Deputy Secretary, Executive Director, Assistant or Deputy Executive Director, and anyone having the power normally conferred upon such persons, regardless of title.12) The following positions in each state department or division: Director, Assistant or Deputy Director, Bureau Chief, and any person having the power normally conferred upon such persons, regardless of title.13) Assistant State Attorneys, Assistant Public Defenders, criminal conflict and civil regional counsel, and assistant criminal conflict and civil regional counsel, Public Counsel, full-time state employees serving as counsel or assistant counsel to a state agency, administrative law judges, and hearing officers.14) The Superintendent or Director of a state mental health institute established for training and research in the mental health field, or any major state institution or facility established for corrections, training, treatment, or rehabilitation.15) State agency Business Managers, Finance and Accounting Directors, Personnel Officers, Grant Coordinators, and purchasing agents (regardless of title) with power to make a purchase exceeding $35,000.16) The following positions in legislative branch agencies: each employee (other than those employed in maintenance, clerical, secretarial, or similar positions and legislative assistants exempted by the presiding officer of their house); and each employee of the Commission on Ethics.INSTRUCTIONS FOR COMPLETING FORM 1:INTRODUCTORY INFORMATION (Top of Form): If your name, mailing address, public agency, and position are already printed on the form, you do not need to provide this information unless it should be changed. To change any of this information, write the correct information on the form, and contact your agency's financial disclosure coordinator. You can find your coordinator on the Commission on Ethics website: www.ethics.state.fl.us. NAME OF AGENCY: The name of the governmental unit which you serve or served, by which you are or were employed, or for which you are a candidate. DISCLOSURE PERIOD: The “disclosure period” for your report is the calendar year ending December 31, 2020.OFFICE OR POSITION HELD OR SOUGHT: The title of the office or position you hold, are seeking, or held during the disclosure period even if you have since left that position. If you are a candidate for office or are a new employee or appointee, check the appropriate box.PUBLIC RECORD: The disclosure form and everything attached to it is a public record. Your Social Security Number is not required and you should redact it from any documents you file. If you are an active or former officer or employee listed in Section 119.071, F.S., whose home address is exempt from disclosure, the Commission will maintain that confidentiality if you submit a written request. WHO MUST FILE FORM 1:CE FORM 1 - Effective: January 1, 2021. Incorporated by reference in Rule 34-8.202, F.A.C. PAGE 6CE FORM 1 - Effective: January 1, 2021. Incorporated by reference in Rule 34-8.202, F.A.C. PAGE 3Examples:— You are the sole proprietor of a dry cleaning business, from which you received more than 10% of your gross income—an amount that was more than $1,500. If only one customer, a uniform rental company, provided more than 10% of your dry cleaning business, you must list the name of the uniform rental company, its address, and its principal business activity (uniform rentals). — You are a 20% partner in a partnership that owns a shopping mall and your partnership income exceeded the thresholds listed above. You should list each tenant of the mall that provided more than 10% of the partnership’s gross income, and the tenant’s address and principal business activity.PART C — REAL PROPERTY[Required by s. 112.3145(3)(a)3, F.S.]In this part, list the location or description of all real property in Florida in which you owned directly or indirectly at any time during the disclosure period in excess of 5% of the property’s value. You are not required to list your residences. You should list any vacation homes, if you derive income from them.Indirect ownership includes situations where you are a beneficiary of a trust that owns the property, as well as situations where you own more than 5% of a partnership or corporation that owns the property. The value of the property may be determined by the most recently assessed value for tax purposes, in the absence of a more accurate fair market value. The location or description of the property should be sufficient to enable anyone who looks at the form to identify the property. A street address should be used, if one exists.PART D — INTANGIBLE PERSONAL PROPERTY[Required by s. 112.3145(3)(a)3, F.S.] Describe any intangible personal property that, at any time during the disclosure period, was worth more than 10% of your total assets, and state the business entity to which the property related. Intangible personal property includes things such as cash on hand, stocks, bonds, certificates of deposit, vehicle leases, interests in businesses, beneficial interests in trusts, money owed you (including, but not limited to, loans made as a candidate to your own campaign), Deferred Retirement Option Program (DROP) accounts, the Florida Prepaid College Plan, and bank accounts in which you have an ownership interest. Intangible personal property also includes investment products held in IRAs, brokerage accounts, and the Florida College Investment Plan. Note that the product contained in a brokerage account, IRA, or the Florida College Investment Plan is your asset—not the account or plan itself. Things like automobiles and houses you own, jewelry, and paintings are not intangible property. Intangibles relating to the same business entity may be aggregated; for example, CD’s and savings accounts with the same bank. Calculations: To determine whether the intangible property exceeds 10% of your total assets, total the fair market value of all of your assets (including real property, intangible property, and tangible personal property such as jewelry, furniture, etc.). When making this calculation, do not subtract any liabilities (debts) that may relate to the property. Multiply the total figure by 10% to arrive at the disclosure threshold. List only the intangibles that exceed this threshold amount. The value of a leased vehicle is the vehicle’s present value minus the lease residual (a number which can be found on the lease document). Property that is only jointly owned property should be valued according to the percentage of your joint ownership. Property owned as tenants by the entirety or as joint tenants with right of survivorship, including bank accounts owned in such a manner, should be valued at 100%. None of your calculations or the value of the property have to be disclosed on the form. Example: You own 50% of the stock of a small corporation that is worth $100,000, the estimated fair market value of your home and other property (bank accounts, automobile, furniture, etc.) is $200,000. As your total assets are worth $250,000, you must disclose intangibles worth over $25,000. Since the value of the stock exceeds this threshold, you should list “stock” and the name of the corporation. If your accounts with a particular bank exceed $25,000, you should list “bank accounts” and bank’s name.PART E — LIABILITIES[Required by s. 112.3145(3)(b)4, F.S.] List the name and address of each creditor to whom you owed any amount that, at any time during the disclosure period, exceeded your net worth. You are not required to list the amount of any debt or your net worth. You do not have to disclose: credit card and retail installment accounts, taxes owed (unless reduced to a judgment), indebtedness on a life insurance policy owed to the company of issuance, or contingent liabilities. A “contingent liability” is one that will become an actual liability only when one or more future events occur or fail to occur, such as where you are liable only as a guarantor, surety, or endorser on a promissory note. If you are a “co-maker” and are jointly liable or jointly and severally liable, it is not a contingent liability. Calculations: To determine whether the debt exceeds your net worth, total all of your liabilities (including promissory notes, mortgages, credit card debts, judgments against you, etc.). The amount of the liability of a vehicle lease is the sum of any past-due payments and all unpaid prospective lease payments. Subtract the sum total of your liabilities from the value of all your assets as calculated above for Part D. This is your “net worth.” List each creditor to whom your debt exceeded this amount unless it is one of the types of indebtedness listed in the paragraph above (credit card and retail installment accounts, etc.). Joint liabilities with others for which you are “jointly and severally liable,” meaning that you may be liable for either your part or the whole of the obligation, should be included in your calculations at 100% of the amount owed.Example: You owe $15,000 to a bank for student loans, $5,000 for credit card debts, and $60,000 (with spouse) to a savings and loan for a home mortgage. Your home (owned by you and your spouse) is worth $80,000 and your other property is worth $20,000. Since your net worth is $20,000 ($100,000 minus $80,000), you must report only the name and address of the savings and loan.PART F — INTERESTS IN SPECIFIED BUSINESSES[Required by s. 112.3145, F.S.]The types of businesses covered in this disclosure include: state and federally chartered banks; state and federal savings and loan associations; cemetery companies; insurance companies; mortgage companies; credit unions; small loan companies; alcoholic beverage licensees; pari-mutuel wagering companies, utility companies, entities controlled by the Public Service Commission; and entities granted a franchise to operate by either a city or a county government.Disclose in this part the fact that you owned during the disclosure period an interest in, or held any of certain positions with, the types of businesses listed above. You are required to make this disclosure if you own or owned (either directly or indirectly in the form of an equitable or beneficial interest) at any time during the disclosure period more than 5% of the total assets or capital stock of one of the types of business entities listed above. You also must complete this part of the form for each of these types of businesses for which you are, or were at any time during the disclosure period, an officer, director, partner, proprietor, or agent (other than a resident agent solely for service of process).If you have or held such a position or ownership interest in one of these types of businesses, list the name of the business, its address and principal business activity, and the position held with the business (if any). If you own(ed) more than a 5% interest in the business, indicate that fact and describe the nature of your interest.PART G — TRAINING CERTIFICATION[Required by s. 112.3142, F.S.] If you are a Constitutional or elected municipal officer, appointed school superintendent, or a commissioner of a community redevelopment agency created under Part III, Chapter 163 whose service began before March 31 of the year for which you are filing, you are required to complete four hours of ethics training which addresses Article II, Section 8 of the Florida Constitution, the Code of Ethics for Public Officers and Employees, and the public records and open meetings laws of the state. You are required to certify on this form that you have taken such training. PART A — PRIMARY SOURCES OF INCOME[Required by s. 112.3145(3)(b)1, F.S.]Part A is intended to require the disclosure of your principal sources of income during the disclosure period. You do not have to disclose any public salary or public position(s). The income of your spouse need not be disclosed; however, if there is joint income to you and your spouse from property you own jointly (such as interest or dividends from a bank account or stocks), you should disclose the source of that income if it exceeded the threshold. Please list in this part of the form the name, address, and principal business activity of each source of your income which exceeded $2,500 of gross income received by you in your own name or by any other person for your use or benefit."Gross income" means the same as it does for income tax purposes, even if the income is not actually taxable, such as interest on tax-free bonds. Examples include: compensation for services, income from business, gains from property dealings, interest, rents, dividends, pensions, IRA distributions, social security, distributive share of partnership gross income, and alimony, but not child support.Examples:— If you were employed by a company that manufactures computers and received more than $2,500, list the name of the company, its address, and its principal business activity (computer manufacturing).— If you were a partner in a law firm and your distributive share of partnership gross income exceeded $2,500, list the name of the firm, its address, and its principal business activity (practice of law).— If you were the sole proprietor of a retail gift business and your gross income from the business exceeded $2,500, list the name of the business, its address, and its principal business activity (retail gift sales).— If you received income from investments in stocks and bonds, list each individual company from which you derived more than $2,500. Do not aggregate all of your investment income.— If more than $2,500 of your gross income was gain from the sale of property (not just the selling price), list as a source of income the purchaser’s name, address and principal business activity. If the purchaser’s identity is unknown, such as where securities listed on an exchange are sold through a brokerage firm, the source of income should be listed as "sale of (name of company) stock," for example.— If more than $2,500 of your gross income was in the form of interest from one particular financial institution (aggregating interest from all CD’s, accounts, etc., at that institution), list the name of the institution, its address, and its principal business activity.PART B — SECONDARY SOURCES OF INCOME[Required by s. 112.3145(3)(b)2, F.S.]This part is intended to require the disclosure of major customers, clients, and other sources of income to businesses in which you own an interest. It is not for reporting income from second jobs. That kind of income should be reported in Part A "Primary Sources of Income," if it meets the reporting threshold. You will not have anything to report unless, during the disclosure period:(1) You owned (either directly or indirectly in the form of an equitable or beneficial interest) more than 5% of the total assets or capital stock of a business entity (a corporation, partnership, LLC, limited partnership, proprietorship, joint venture, trust, firm, etc., doing business in Florida); and,(2) You received more than $5,000 of your gross income during the disclosure period from that business entity.If your interests and gross income exceeded these thresholds, then for that business entity you must list every source of income to the business entity which exceeded 10% of the business entity’s gross income (computed on the basis of the business entity's most recently completed fiscal year), the source’s address, and the source's principal business activity.Examples:— You are the sole proprietor of a dry cleaning business, from which you received more than $5,000. If only one customer, a uniform rental company, provided more than 10% of your dry cleaning business, you must list the name of the uniform rental company, its address, and its principal business activity (uniform rentals). — You are a 20% partner in a partnership that owns a shopping mall and your partnership income exceeded the above thresholds. List each tenant of the mall that provided more than 10% of the partnership's gross income and the tenant's address and principal business activity.PART C — REAL PROPERTY[Required by s. 112.3145(3)(b)3, F.S.]In this part, list the location or description of all real property in Florida in which you owned directly or indirectly at any time during the disclosure period in excess of 5% of the property’s value. You are not required to list your residences. You should list any vacation homes if you derive income from them.Indirect ownership includes situations where you are a beneficiary of a trust that owns the property, as well as situations where you own more than 5% of a partnership or corporation that owns the property. The value of the property may be determined by the most recently assessed value for tax purposes, in the absence of a more accurate fair market value. The location or description of the property should be sufficient to enable anyone who looks at the form to identify the property. A street address should be used, if one exists. PART D — INTANGIBLE PERSONAL PROPERTY[Required by s. 112.3145(3)(b)3, F.S.]Describe any intangible personal property that, at any time during the disclosure period, was worth more than $10,000 and state the business entity to which the property related. Intangible personal property includes things such as cash on hand, stocks, bonds, certificates of deposit, vehicle leases, interests in businesses, beneficial interests in trusts, money owed you (including, but not limited to, loans made as a candidate to your own campaign), Deferred Retirement Option Program (DROP) accounts, the Florida Prepaid College Plan, and bank accounts in which you have an ownership interest. Intangible personal property also includes investment products held in IRAs, brokerage accounts, and the Florida College Investment Plan. Note that the product contained in a brokerage account, IRA, or the Florida College Investment Plan is your asset—not the account or plan itself. Things like automobiles and houses you own, jewelry, and paintings are not intangible property. Intangibles relating to the same business entity may be aggregated; for example, CDs and savings accounts with the same bank. Property owned as tenants by the entirety or as joint tenants with right of survivorship, including bank accounts owned in such a manner, should be valued at 100%. The value of a leased vehicle is the vehicle’s present value minus the lease residual (a number found on the lease document). PART A — PRIMARY SOURCES OF INCOME[Required by s. 112.3145(3)(a)1, F.S.]Part A is intended to require the disclosure of your principal sources of income during the disclosure period. You do not have to disclose any public salary or public position(s), but income from these public sources should be included when calculating your gross income for the disclosure period. The income of your spouse need not be disclosed; however, if there is joint income to you and your spouse from property you own jointly (such as interest or dividends from a bank account or stocks), you should include all of that income when calculating your gross income and disclose the source of that income if it exceeded the threshold.Please list in this part of the form the name, address, and principal business activity of each source of your income which exceeded 5% of the gross income received by you in your own name or by any other person for your benefit or use during the disclosure period."Gross income" means the same as it does for income tax purposes, even if the income is not actually taxable, such as interest on tax-free bonds. Examples include: compensation for services, income from business, gains from property dealings, interest, rents, dividends, pensions, IRA distributions, social security, distributive share of partnership gross income, and alimony, but not child support.Examples:— If you were employed by a company that manufactures computers and received more than 5% of your gross income from the company, list the name of the company, its address, and its principal business activity (computer manufacturing).— If you were a partner in a law firm and your distributive share of partnership gross income exceeded 5% of your gross income, then list the name of the firm, its address, and its principal business activity (practice of law).— If you were the sole proprietor of a retail gift business and your gross income from the business exceeded 5% of your total gross income, list the name of the business, its address, and its principal business activity (retail gift sales).— If you received income from investments in stocks and bonds, list each individual company from which you derived more than 5% of your gross income. Do not aggregate all of your investment income.— If more than 5% of your gross income was gain from the sale of property (not just the selling price), list as a source of income the purchaser’s name, address, and principal business activity. If the purchaser's identity is unknown, such as where securities listed on an exchange are sold through a brokerage firm, the source of income should be listed as "sale of (name of company) stock," for example.— If more than 5% of your gross income was in the form of interest from one particular financial institution (aggregating interest from all CD’s, accounts, etc., at that institution), list the name of the institution, its address, and its principal business activity.PART B — SECONDARY SOURCES OF INCOME[Required by s. 112.3145(3)(a)2, F.S.]This part is intended to require the disclosure of major customers, clients, and other sources of income to businesses in which you own an interest. It is not for reporting income from second jobs. That kind of income should be reported in Part A, "Primary Sources of Income," if it meets the reporting threshold. You will not have anything to report unless during the disclosure period:(1) You owned (either directly or indirectly in the form of an equitable or beneficial interest) more than 5% of the total assets or capital stock of a business entity (a corporation, partnership, LLC, limited partnership, proprietorship, joint venture, trust, firm, etc., doing business in Florida); and,(2) You received more than 10% of your gross income from that business entity; and, (3) You received more than $1,500 in gross income from that business entity.If your interests and gross income exceeded these thresholds, then for that business entity you must list every source of income to the business entity which exceeded 10% of the business entity’s gross income (computed on the basis of the business entity’s most recently completed fiscal year), the source’s address, and the source’s principal business activity.Filers have the option of reporting based on either thresholds that are comparative (usually, based on percentage values) or thresholds that are based on absolute dollar values. The instructions on the following pages specifically describe the different thresholds. Check the box that reflects the choice you have made. You must use the type of threshold you have chosen for each part of the form. In other words, if you choose to report based on absolute dollar value thresholds, you cannot use a percentage threshold on any part of the form.MANNER OF CALCULATING REPORTABLE INTERESTIF YOU HAVE CHOSEN DOLLAR VALUE THRESHOLDSTHE FOLLOWING INSTRUCTIONS APPLY IF YOU HAVE CHOSEN COMPARATIVE (PERCENTAGE) THRESHOLDSTHE FOLLOWING INSTRUCTIONS APPLYCE FORM 1 - Effective: January 1, 2021. Incorporated by reference in Rule 34-8.202, F.A.C. PAGE 5CE FORM 1 - Effective: January 1, 2021. Incorporated by reference in Rule 34-8.202, F.A.C.. PAGE 4PART E — LIABILITIES[Required by s. 112.3145(3)(b)4, F.S.]List the name and address of each creditor to whom you owed more than $10,000 at any time during the disclosure period. The amount of the liability of a vehicle lease is the sum of any past-due payments and all unpaid prospective lease payments. You are not required to list the amount of any debt. You do not have to disclose credit card and retail installment accounts, taxes owed (unless reduced to a judgment), indebtedness on a life insurance policy owed to the company of issuance, or contingent liabilities. A “contingent liability” is one that will become an actual liability only when one or more future events occur or fail to occur, such as where you are liable only as a guarantor, surety, or endorser on a promissory note. If you are a “co-maker” and are jointly liable or jointly and severally liable, then it is not a contingent liability.PART F — INTERESTS IN SPECIFIED BUSINESSES[Required by s. 112.3145(6), F.S.]The types of businesses covered in this disclosure include: state and federally chartered banks; state and federal savings and loan associations; cemetery companies; insurance companies; mortgage companies; credit unions; small loan companies; alcoholic beverage licensees; pari-mutuel wagering companies, utility companies, entities controlled by the Public Service Commission; and entities granted a franchise to operate by either a city or a county government. Disclose in this part the fact that you owned during the disclosure period an interest in, or held any of certain positions with the types of businesses listed above. You must make this disclosure if you own or owned (either directly or indirectly in the form of an equitable or beneficial interest) at any time during the disclosure period more than 5% of the total assets or capital stock of one of the types of business entities listed above. You also must complete this part of the form for each of these types of businesses for which you are, or were at any time during the disclosure period, an officer, director, partner, proprietor, or agent (other than a resident agent solely for service of process). If you have or held such a position or ownership interest in one of these types of businesses, list the name of the business, its address and principal business activity, and the position held with the business (if any). If you own(ed) more than a 5% interest in the business, indicate that fact and describe the nature of your interest. PART G — TRAINING CERTIFICATION[Required by s. 112.3142, F.S.] If you are a Constitutional or elected municipal officer, appointed school superintendent, or a commissioner of a community redevelopment agency created under Part III, Chapter 163 whose service began before March 31 of the year for which you are filing, you are required to complete four hours of ethics training which addresses Article II, Section 8 of the Florida Constitution, the Code of Ethics for Public Officers and Employees, and the public records and open meetings laws of the state. You are required to certify on this form that you have taken such training. PART A — PRIMARY SOURCES OF INCOME[Required by s. 112.3145(3)(b)1, F.S.]Part A is intended to require the disclosure of your principal sources of income during the disclosure period. You do not have to disclose any public salary or public position(s). The income of your spouse need not be disclosed; however, if there is joint income to you and your spouse from property you own jointly (such as interest or dividends from a bank account or stocks), you should disclose the source of that income if it exceeded the threshold. Please list in this part of the form the name, address, and principal business activity of each source of your income which exceeded $2,500 of gross income received by you in your own name or by any other person for your use or benefit."Gross income" means the same as it does for income tax purposes, even if the income is not actually taxable, such as interest on tax-free bonds. Examples include: compensation for services, income from business, gains from property dealings, interest, rents, dividends, pensions, IRA distributions, social security, distributive share of partnership gross income, and alimony, but not child support.Examples:— If you were employed by a company that manufactures computers and received more than $2,500, list the name of the company, its address, and its principal business activity (computer manufacturing).— If you were a partner in a law firm and your distributive share of partnership gross income exceeded $2,500, list the name of the firm, its address, and its principal business activity (practice of law).— If you were the sole proprietor of a retail gift business and your gross income from the business exceeded $2,500, list the name of the business, its address, and its principal business activity (retail gift sales).— If you received income from investments in stocks and bonds, list each individual company from which you derived more than $2,500. Do not aggregate all of your investment income.— If more than $2,500 of your gross income was gain from the sale of property (not just the selling price), list as a source of income the purchaser’s name, address and principal business activity. If the purchaser’s identity is unknown, such as where securities listed on an exchange are sold through a brokerage firm, the source of income should be listed as "sale of (name of company) stock," for example.— If more than $2,500 of your gross income was in the form of interest from one particular financial institution (aggregating interest from all CD’s, accounts, etc., at that institution), list the name of the institution, its address, and its principal business activity.PART B — SECONDARY SOURCES OF INCOME[Required by s. 112.3145(3)(b)2, F.S.]This part is intended to require the disclosure of major customers, clients, and other sources of income to businesses in which you own an interest. It is not for reporting income from second jobs. That kind of income should be reported in Part A "Primary Sources of Income," if it meets the reporting threshold. You will not have anything to report unless, during the disclosure period:(1) You owned (either directly or indirectly in the form of an equitable or beneficial interest) more than 5% of the total assets or capital stock of a business entity (a corporation, partnership, LLC, limited partnership, proprietorship, joint venture, trust, firm, etc., doing business in Florida); and,(2) You received more than $5,000 of your gross income during the disclosure period from that business entity.If your interests and gross income exceeded these thresholds, then for that business entity you must list every source of income to the business entity which exceeded 10% of the business entity’s gross income (computed on the basis of the business entity's most recently completed fiscal year), the source’s address, and the source's principal business activity.Examples:— You are the sole proprietor of a dry cleaning business, from which you received more than $5,000. If only one customer, a uniform rental company, provided more than 10% of your dry cleaning business, you must list the name of the uniform rental company, its address, and its principal business activity (uniform rentals). — You are a 20% partner in a partnership that owns a shopping mall and your partnership income exceeded the above thresholds. List each tenant of the mall that provided more than 10% of the partnership's gross income and the tenant's address and principal business activity.PART C — REAL PROPERTY[Required by s. 112.3145(3)(b)3, F.S.]In this part, list the location or description of all real property in Florida in which you owned directly or indirectly at any time during the disclosure period in excess of 5% of the property’s value. You are not required to list your residences. You should list any vacation homes if you derive income from them.Indirect ownership includes situations where you are a beneficiary of a trust that owns the property, as well as situations where you own more than 5% of a partnership or corporation that owns the property. The value of the property may be determined by the most recently assessed value for tax purposes, in the absence of a more accurate fair market value. The location or description of the property should be sufficient to enable anyone who looks at the form to identify the property. A street address should be used, if one exists. PART D — INTANGIBLE PERSONAL PROPERTY[Required by s. 112.3145(3)(b)3, F.S.]Describe any intangible personal property that, at any time during the disclosure period, was worth more than $10,000 and state the business entity to which the property related. Intangible personal property includes things such as cash on hand, stocks, bonds, certificates of deposit, vehicle leases, interests in businesses, beneficial interests in trusts, money owed you (including, but not limited to, loans made as a candidate to your own campaign), Deferred Retirement Option Program (DROP) accounts, the Florida Prepaid College Plan, and bank accounts in which you have an ownership interest. Intangible personal property also includes investment products held in IRAs, brokerage accounts, and the Florida College Investment Plan. Note that the product contained in a brokerage account, IRA, or the Florida College Investment Plan is your asset—not the account or plan itself. Things like automobiles and houses you own, jewelry, and paintings are not intangible property. Intangibles relating to the same business entity may be aggregated; for example, CDs and savings accounts with the same bank. Property owned as tenants by the entirety or as joint tenants with right of survivorship, including bank accounts owned in such a manner, should be valued at 100%. The value of a leased vehicle is the vehicle’s present value minus the lease residual (a number found on the lease document). PART A — PRIMARY SOURCES OF INCOME[Required by s. 112.3145(3)(a)1, F.S.]Part A is intended to require the disclosure of your principal sources of income during the disclosure period. You do not have to disclose any public salary or public position(s), but income from these public sources should be included when calculating your gross income for the disclosure period. The income of your spouse need not be disclosed; however, if there is joint income to you and your spouse from property you own jointly (such as interest or dividends from a bank account or stocks), you should include all of that income when calculating your gross income and disclose the source of that income if it exceeded the threshold.Please list in this part of the form the name, address, and principal business activity of each source of your income which exceeded 5% of the gross income received by you in your own name or by any other person for your benefit or use during the disclosure period."Gross income" means the same as it does for income tax purposes, even if the income is not actually taxable, such as interest on tax-free bonds. Examples include: compensation for services, income from business, gains from property dealings, interest, rents, dividends, pensions, IRA distributions, social security, distributive share of partnership gross income, and alimony, but not child support.Examples:— If you were employed by a company that manufactures computers and received more than 5% of your gross income from the company, list the name of the company, its address, and its principal business activity (computer manufacturing).— If you were a partner in a law firm and your distributive share of partnership gross income exceeded 5% of your gross income, then list the name of the firm, its address, and its principal business activity (practice of law).— If you were the sole proprietor of a retail gift business and your gross income from the business exceeded 5% of your total gross income, list the name of the business, its address, and its principal business activity (retail gift sales).— If you received income from investments in stocks and bonds, list each individual company from which you derived more than 5% of your gross income. Do not aggregate all of your investment income.— If more than 5% of your gross income was gain from the sale of property (not just the selling price), list as a source of income the purchaser’s name, address, and principal business activity. If the purchaser's identity is unknown, such as where securities listed on an exchange are sold through a brokerage firm, the source of income should be listed as "sale of (name of company) stock," for example.— If more than 5% of your gross income was in the form of interest from one particular financial institution (aggregating interest from all CD’s, accounts, etc., at that institution), list the name of the institution, its address, and its principal business activity.PART B — SECONDARY SOURCES OF INCOME[Required by s. 112.3145(3)(a)2, F.S.]This part is intended to require the disclosure of major customers, clients, and other sources of income to businesses in which you own an interest. It is not for reporting income from second jobs. That kind of income should be reported in Part A, "Primary Sources of Income," if it meets the reporting threshold. You will not have anything to report unless during the disclosure period:(1) You owned (either directly or indirectly in the form of an equitable or beneficial interest) more than 5% of the total assets or capital stock of a business entity (a corporation, partnership, LLC, limited partnership, proprietorship, joint venture, trust, firm, etc., doing business in Florida); and,(2) You received more than 10% of your gross income from that business entity; and, (3) You received more than $1,500 in gross income from that business entity.If your interests and gross income exceeded these thresholds, then for that business entity you must list every source of income to the business entity which exceeded 10% of the business entity’s gross income (computed on the basis of the business entity’s most recently completed fiscal year), the source’s address, and the source’s principal business activity.Filers have the option of reporting based on either thresholds that are comparative (usually, based on percentage values) or thresholds that are based on absolute dollar values. The instructions on the following pages specifically describe the different thresholds. Check the box that reflects the choice you have made. You must use the type of threshold you have chosen for each part of the form. In other words, if you choose to report based on absolute dollar value thresholds, you cannot use a percentage threshold on any part of the form.MANNER OF CALCULATING REPORTABLE INTERESTIF YOU HAVE CHOSEN DOLLAR VALUE THRESHOLDSTHE FOLLOWING INSTRUCTIONS APPLY IF YOU HAVE CHOSEN COMPARATIVE (PERCENTAGE) THRESHOLDSTHE FOLLOWING INSTRUCTIONS APPLYCE FORM 1 - Effective: January 1, 2021. Incorporated by reference in Rule 34-8.202, F.A.C. PAGE 5CE FORM 1 - Effective: January 1, 2021. Incorporated by reference in Rule 34-8.202, F.A.C.. PAGE 4PART E — LIABILITIES[Required by s. 112.3145(3)(b)4, F.S.]List the name and address of each creditor to whom you owed more than $10,000 at any time during the disclosure period. The amount of the liability of a vehicle lease is the sum of any past-due payments and all unpaid prospective lease payments. You are not required to list the amount of any debt. You do not have to disclose credit card and retail installment accounts, taxes owed (unless reduced to a judgment), indebtedness on a life insurance policy owed to the company of issuance, or contingent liabilities. A “contingent liability” is one that will become an actual liability only when one or more future events occur or fail to occur, such as where you are liable only as a guarantor, surety, or endorser on a promissory note. If you are a “co-maker” and are jointly liable or jointly and severally liable, then it is not a contingent liability.PART F — INTERESTS IN SPECIFIED BUSINESSES[Required by s. 112.3145(6), F.S.]The types of businesses covered in this disclosure include: state and federally chartered banks; state and federal savings and loan associations; cemetery companies; insurance companies; mortgage companies; credit unions; small loan companies; alcoholic beverage licensees; pari-mutuel wagering companies, utility companies, entities controlled by the Public Service Commission; and entities granted a franchise to operate by either a city or a county government. Disclose in this part the fact that you owned during the disclosure period an interest in, or held any of certain positions with the types of businesses listed above. You must make this disclosure if you own or owned (either directly or indirectly in the form of an equitable or beneficial interest) at any time during the disclosure period more than 5% of the total assets or capital stock of one of the types of business entities listed above. You also must complete this part of the form for each of these types of businesses for which you are, or were at any time during the disclosure period, an officer, director, partner, proprietor, or agent (other than a resident agent solely for service of process). If you have or held such a position or ownership interest in one of these types of businesses, list the name of the business, its address and principal business activity, and the position held with the business (if any). If you own(ed) more than a 5% interest in the business, indicate that fact and describe the nature of your interest. PART G — TRAINING CERTIFICATION[Required by s. 112.3142, F.S.] If you are a Constitutional or elected municipal officer, appointed school superintendent, or a commissioner of a community redevelopment agency created under Part III, Chapter 163 whose service began before March 31 of the year for which you are filing, you are required to complete four hours of ethics training which addresses Article II, Section 8 of the Florida Constitution, the Code of Ethics for Public Officers and Employees, and the public records and open meetings laws of the state. You are required to certify on this form that you have taken such training. NOTICE Annual Statements of Financial Interests are due July 1. If the annual form is not filed or postmarked by September 1, an automatic fine of $25 for each day late will be imposed, up to a maximum penalty of $1,500. Failure to file also can result in removal from public office or employment. [s. 112.3145, F.S.]In addition, failure to make any required disclosure constitutes grounds for and may be punished by one or more of the following: disqualification from being on the ballot, impeachment, removal or suspension from office or employment, demotion, reduction in salary, reprimand, or a civil penalty not exceeding $10,000. [s. 112.317, F.S.]1) Elected public officials not serving in a political subdivision of the state and any person appointed to fill a vacancy in such office, unless required to file full disclosure on Form 6.2) Appointed members of each board, commission, authority, or council having statewide jurisdiction, excluding members of solely advisory bodies, but including judicial nominating commission members; Directors of Enterprise Florida, Scripps Florida Funding Corporation, and Career Source Florida; and members of the Council on the Social Status of Black Men and Boys; the Executive Director, Governors, and senior managers of Citizens Property Insurance Corporation; Governors and senior managers of Florida Workers' Compensation Joint Underwriting Association; board members of the Northeast Fla. Regional Transportation Commission; board members of Triumph Gulf Coast, Inc; board members of Florida Is For Veterans, Inc.; and members of the Technology Advisory Council within the Agency for State Technology.3) The Commissioner of Education, members of the State Board of Education, the Board of Governors, the local Boards of Trustees and Presidents of state universities, and the Florida Prepaid College Board.4) Persons elected to office in any political subdivision (such as municipalities, counties, and special districts) and any person appointed to fill a vacancy in such office, unless required to file Form 6.5) Appointed members of the following boards, councils, commissions, authorities, or other bodies of county, municipality, school district, independent special district, or other political subdivision: the governing body of the subdivision; community college or junior college district boards of trustees; boards having the power to enforce local code provisions; boards of adjustment; community redevelopment agencies; planning or zoning boards having the power to recommend, create, or modify land planning or zoning within a political subdivision, except for citizen advisory committees, technical coordinating committees, and similar groups who only have the power to make recommendations to planning or zoning boards, and except for representatives of a military installation acting on behalf of all military installations within that jurisdiction; pension or retirement boards empowered to invest pension or retirement funds or determine entitlement to or amount of pensions or other retirement benefits, and the Pinellas County Construction Licensing Board.6) Any appointed member of a local government board who is required to file a statement of financial interests by the appointing authority or the enabling legislation, ordinance, or resolution creating the board. 7) Persons holding any of these positions in local government: mayor; county or city manager; chief administrative employee or finance director of a county, municipality, or other political subdivision; county or municipal attorney; chief county or municipal building inspector; county or municipal water resources coordinator; county or municipal pollution control director; county or municipal environmental control director; county or municipal administrator with power to grant or deny a land development permit; chief of police; fire chief; municipal clerk; appointed district school superintendent; community college president; district medical examiner; purchasing agent (regardless of title) having the authority to make any purchase exceeding $35,000 for the local governmental unit.8) Officers and employees of entities serving as chief administrative officer of a political subdivision.9) Members of governing boards of charter schools operated by a city or other public entity. 10) Employees in the office of the Governor or of a Cabinet member who are exempt from the Career Service System, excluding secretarial, clerical, and similar positions.11) The following positions in each state department, commission, board, or council: Secretary, Assistant or Deputy Secretary, Executive Director, Assistant or Deputy Executive Director, and anyone having the power normally conferred upon such persons, regardless of title.12) The following positions in each state department or division: Director, Assistant or Deputy Director, Bureau Chief, and any person having the power normally conferred upon such persons, regardless of title.13) Assistant State Attorneys, Assistant Public Defenders, criminal conflict and civil regional counsel, and assistant criminal conflict and civil regional counsel, Public Counsel, full-time state employees serving as counsel or assistant counsel to a state agency, administrative law judges, and hearing officers.14) The Superintendent or Director of a state mental health institute established for training and research in the mental health field, or any major state institution or facility established for corrections, training, treatment, or rehabilitation.15) State agency Business Managers, Finance and Accounting Directors, Personnel Officers, Grant Coordinators, and purchasing agents (regardless of title) with power to make a purchase exceeding $35,000.16) The following positions in legislative branch agencies: each employee (other than those employed in maintenance, clerical, secretarial, or similar positions and legislative assistants exempted by the presiding officer of their house); and each employee of the Commission on Ethics.INSTRUCTIONS FOR COMPLETING FORM 1:INTRODUCTORY INFORMATION (Top of Form): If your name, mailing address, public agency, and position are already printed on the form, you do not need to provide this information unless it should be changed. To change any of this information, write the correct information on the form, and contact your agency's financial disclosure coordinator. You can find your coordinator on the Commission on Ethics website: www.ethics.state.fl.us. NAME OF AGENCY: The name of the governmental unit which you serve or served, by which you are or were employed, or for which you are a candidate. DISCLOSURE PERIOD: The “disclosure period” for your report is the calendar year ending December 31, 2020.OFFICE OR POSITION HELD OR SOUGHT: The title of the office or position you hold, are seeking, or held during the disclosure period even if you have since left that position. If you are a candidate for office or are a new employee or appointee, check the appropriate box.PUBLIC RECORD: The disclosure form and everything attached to it is a public record. Your Social Security Number is not required and you should redact it from any documents you file. If you are an active or former officer or employee listed in Section 119.071, F.S., whose home address is exempt from disclosure, the Commission will maintain that confidentiality if you submit a written request. WHO MUST FILE FORM 1:CE FORM 1 - Effective: January 1, 2021. Incorporated by reference in Rule 34-8.202, F.A.C. PAGE 6CE FORM 1 - Effective: January 1, 2021. Incorporated by reference in Rule 34-8.202, F.A.C. PAGE 3Examples:— You are the sole proprietor of a dry cleaning business, from which you received more than 10% of your gross income—an amount that was more than $1,500. If only one customer, a uniform rental company, provided more than 10% of your dry cleaning business, you must list the name of the uniform rental company, its address, and its principal business activity (uniform rentals). — You are a 20% partner in a partnership that owns a shopping mall and your partnership income exceeded the thresholds listed above. You should list each tenant of the mall that provided more than 10% of the partnership’s gross income, and the tenant’s address and principal business activity.PART C — REAL PROPERTY[Required by s. 112.3145(3)(a)3, F.S.]In this part, list the location or description of all real property in Florida in which you owned directly or indirectly at any time during the disclosure period in excess of 5% of the property’s value. You are not required to list your residences. You should list any vacation homes, if you derive income from them.Indirect ownership includes situations where you are a beneficiary of a trust that owns the property, as well as situations where you own more than 5% of a partnership or corporation that owns the property. The value of the property may be determined by the most recently assessed value for tax purposes, in the absence of a more accurate fair market value. The location or description of the property should be sufficient to enable anyone who looks at the form to identify the property. A street address should be used, if one exists.PART D — INTANGIBLE PERSONAL PROPERTY[Required by s. 112.3145(3)(a)3, F.S.] Describe any intangible personal property that, at any time during the disclosure period, was worth more than 10% of your total assets, and state the business entity to which the property related. Intangible personal property includes things such as cash on hand, stocks, bonds, certificates of deposit, vehicle leases, interests in businesses, beneficial interests in trusts, money owed you (including, but not limited to, loans made as a candidate to your own campaign), Deferred Retirement Option Program (DROP) accounts, the Florida Prepaid College Plan, and bank accounts in which you have an ownership interest. Intangible personal property also includes investment products held in IRAs, brokerage accounts, and the Florida College Investment Plan. Note that the product contained in a brokerage account, IRA, or the Florida College Investment Plan is your asset—not the account or plan itself. Things like automobiles and houses you own, jewelry, and paintings are not intangible property. Intangibles relating to the same business entity may be aggregated; for example, CD’s and savings accounts with the same bank. Calculations: To determine whether the intangible property exceeds 10% of your total assets, total the fair market value of all of your assets (including real property, intangible property, and tangible personal property such as jewelry, furniture, etc.). When making this calculation, do not subtract any liabilities (debts) that may relate to the property. Multiply the total figure by 10% to arrive at the disclosure threshold. List only the intangibles that exceed this threshold amount. The value of a leased vehicle is the vehicle’s present value minus the lease residual (a number which can be found on the lease document). Property that is only jointly owned property should be valued according to the percentage of your joint ownership. Property owned as tenants by the entirety or as joint tenants with right of survivorship, including bank accounts owned in such a manner, should be valued at 100%. None of your calculations or the value of the property have to be disclosed on the form. Example: You own 50% of the stock of a small corporation that is worth $100,000, the estimated fair market value of your home and other property (bank accounts, automobile, furniture, etc.) is $200,000. As your total assets are worth $250,000, you must disclose intangibles worth over $25,000. Since the value of the stock exceeds this threshold, you should list “stock” and the name of the corporation. If your accounts with a particular bank exceed $25,000, you should list “bank accounts” and bank’s name.PART E — LIABILITIES[Required by s. 112.3145(3)(b)4, F.S.] List the name and address of each creditor to whom you owed any amount that, at any time during the disclosure period, exceeded your net worth. You are not required to list the amount of any debt or your net worth. You do not have to disclose: credit card and retail installment accounts, taxes owed (unless reduced to a judgment), indebtedness on a life insurance policy owed to the company of issuance, or contingent liabilities. A “contingent liability” is one that will become an actual liability only when one or more future events occur or fail to occur, such as where you are liable only as a guarantor, surety, or endorser on a promissory note. If you are a “co-maker” and are jointly liable or jointly and severally liable, it is not a contingent liability. Calculations: To determine whether the debt exceeds your net worth, total all of your liabilities (including promissory notes, mortgages, credit card debts, judgments against you, etc.). The amount of the liability of a vehicle lease is the sum of any past-due payments and all unpaid prospective lease payments. Subtract the sum total of your liabilities from the value of all your assets as calculated above for Part D. This is your “net worth.” List each creditor to whom your debt exceeded this amount unless it is one of the types of indebtedness listed in the paragraph above (credit card and retail installment accounts, etc.). Joint liabilities with others for which you are “jointly and severally liable,” meaning that you may be liable for either your part or the whole of the obligation, should be included in your calculations at 100% of the amount owed.Example: You owe $15,000 to a bank for student loans, $5,000 for credit card debts, and $60,000 (with spouse) to a savings and loan for a home mortgage. Your home (owned by you and your spouse) is worth $80,000 and your other property is worth $20,000. Since your net worth is $20,000 ($100,000 minus $80,000), you must report only the name and address of the savings and loan.PART F — INTERESTS IN SPECIFIED BUSINESSES[Required by s. 112.3145, F.S.]The types of businesses covered in this disclosure include: state and federally chartered banks; state and federal savings and loan associations; cemetery companies; insurance companies; mortgage companies; credit unions; small loan companies; alcoholic beverage licensees; pari-mutuel wagering companies, utility companies, entities controlled by the Public Service Commission; and entities granted a franchise to operate by either a city or a county government.Disclose in this part the fact that you owned during the disclosure period an interest in, or held any of certain positions with, the types of businesses listed above. You are required to make this disclosure if you own or owned (either directly or indirectly in the form of an equitable or beneficial interest) at any time during the disclosure period more than 5% of the total assets or capital stock of one of the types of business entities listed above. You also must complete this part of the form for each of these types of businesses for which you are, or were at any time during the disclosure period, an officer, director, partner, proprietor, or agent (other than a resident agent solely for service of process).If you have or held such a position or ownership interest in one of these types of businesses, list the name of the business, its address and principal business activity, and the position held with the business (if any). If you own(ed) more than a 5% interest in the business, indicate that fact and describe the nature of your interest.PART G — TRAINING CERTIFICATION[Required by s. 112.3142, F.S.] If you are a Constitutional or elected municipal officer, appointed school superintendent, or a commissioner of a community redevelopment agency created under Part III, Chapter 163 whose service began before March 31 of the year for which you are filing, you are required to complete four hours of ethics training which addresses Article II, Section 8 of the Florida Constitution, the Code of Ethics for Public Officers and Employees, and the public records and open meetings laws of the state. You are required to certify on this form that you have taken such training. Employees’ Pension Plan of the City of Boynton Beach Statement of Policy Regarding Estimated Benefit Payments W HEREAS, the Employees’ Pension Plan of the City of Boynton Beach ("Plan") provides benef its to Members as one of the key responsibilities of the Plan; W HEREAS, there can be a delay between a Member’s retirement date and the actual receipt of the first retirement benefit payment due to payroll processing time to get the final average salary, the calculation of the benefit, and the Member’s review of the options provided with the calculated benef it amounts; W HEREAS, the Board of Trustees of the Plan (“Trustees”) desire to adopt a Statement of Policy regarding payment of estimated benefits to the Member to reduce the effect of this delay period; NOW , THEREFORE, it is hereby resolved that the following Statement of Policy Regarding Benefit Payments is hereby adopted. 1.AUTHORITY: (a)Sec. 18-138. Administrative regulations authorized; distribution provides in pertinent part: “T he board by resolution may promulgate written rules and regulations not in conflict with the expressed terms of this article or the Charter to cover the operation of any phase or part of the plan as provided by this article.” (b)Sec. 18-139. Board to interpret plan provides: “The board has the Page 1 of 400184796.W PD;1 Employees’ Pension Plan of the City of Boynton Beach Statement of Policy Regarding Estimated Benefit Payments power to construe all terms, rules, conditions and limitations of the plan, and its construction made in good faith shall be final and conclusive upon all parties' interests.” 2.PROCEDURE: (a)Members will provide a completed application to the Administrator prior to retirement. (b)Estimated benefits will be paid to new retirees based on the most recent annual benefit statement. If the Participant is married, the estimated benefit will be discounted to eight-five percent (85%) of the benefit on the most recent annual benef it statement to prevent overpayments in the event the normal form of benef it (life) is payable. (c)At the time that estimated benef its begin, Members will be provided written notice that they will have thirty (30) days from receipt of the benefit election form to make a selection of a form of benefit. This notice will be included as a part of the application. (d)The Administrator will submit the application, payroll, and statistical information to the Plan’s Actuary within thirty (30) days of receipt of full and verified information. (e)W ithin thirty (30) days of receipt of benefit calculation information from the Administrator, the Actuary will return the completed benefit calculations to the Adm inistrator. Page 2 of 400184796.W PD;1 Employees’ Pension Plan of the City of Boynton Beach Statement of Policy Regarding Estimated Benefit Payments (f)W ithin ten (10) days of receipt of benefit calculations from the Actuary, Members will be provided with a benefit election form to select the form of payment desired. The Member will have thirty (30) days from receipt of the benefit election form to make their selection. If no benefit election form is received from the Member within the time prescribed, all benefits will cease until the proper documentation has been received by the Plan. Any missed payments will be repaid to the Participant when the appropriate docum entation is signed. (g)Extensions of the review period in subsection (f) can be granted by appeal to the Board of Trustees provided a request for extension is submitted within the original thirty (30) day review period. (h)On the first day of the first month following the receipt of the completed benefit election form, the estimated benef its will cease and the calculated retirement benef it will begin. The calculated benefit will be adjusted to account for any under or over payments made during the estimated benef its period. (i)Vested Deferred Members shall be provided with a notice of their calculated benefit, including the impact of choosing a refund of contributions. This calculation shall be prepared by the Fund’s Actuary. Page 3 of 400184796.W PD;1 Employees’ Pension Plan of the City of Boynton Beach Statement of Policy Regarding Estimated Benefit Payments 3.CLAIMS REVIEW PROCEDURE The application of this policy is subject to Section 18-143.1 Consideration of application f or benef its review procedure of the Pension Plan docum ent. IN W ITNESS W HEREOF the Board of Trustees has adopted this STATEMENT OF POLICY REGARDING ESTIMATED BENEFIT PAYMENTS this d a y o f , 2021. W itness BSJ April 12, 2021 Page 4 of 400184796.W PD;1 THE RESOURCE CENTERS , LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone (561) 624-3277 Fax (561) 624-3278 WWW.RESOURCECENTERS.COM Resource Centers LLC – Pension Resource Center LLC – Financial Resource Center LLC April 19, 2021 TO: Board of Trustees FROM: Scott Baur, Denise McNeill, and Sergio Giron Partners, Resource Centers, LLC RE: Resource Centers Annual Payment Verification Letter Dear Trustees: We first notified you in a memo dated January 27, 2020 that we would begin a payment verification process in April 2020 to determine that retired members receiving payments are still alive. At your meeting that quarter, the Board reviewed and approved the process for which your plan will bear a pro-rata share of the processing and mailing expense. In April 2020, you will recall that we put this process on hold with the onset of the COVID-19 pandemic. The verification form requires a notary, and we feared that we might expose the most vulnerable segment of our plan members to complete the process at that time. We believe that with wider vaccine distribution, we can now proceed without compromising the safety of our retired members. We will therefore resume this process with the first letter dated May 1, 2021. In case you receive questions from any of your retired members and beneficiaries, attached you will find the form and letter templates that we will use in this process. We care deeply about the members of your plan that we serve, so we ask that each of you continue to remain safe. Sincerely, J. Scott Baur Managing Partner Enclosure PLAN ADMINISTRATOR: THE RESOURCE CENTERS, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone: (800) 206-0116 (Retirement Plan Name And/or Letterhead) The undersigned hereby confirms that he or she is currently receiving monthly retirement benefits from the (Retirement Plan Name) and that his or her entitlement to receive such benefits has not changed since benefits began. (PLEASE PRINT LEGIBLY) Name: Social Security Number: XXX-XX- Benefit Type: Retiree Spouse Beneficiary (Last 4 Digits) Address: City: State: Zip Code: Home Phone: Cell Phone: Other Phone: Email: THIS FORM MUST BE SIGNED PERSONALLY BY THE RETIREE, SPOUSAL JOINT PENSIONER, OR BENEFICIARY, NOTARIZED, AND RETURNED. IF NOT SIGNED BY THE RETIREE, SPOUSAL JOINT PENSIONER, OR BENEFICIARY, A LETTER OF EXPLANATION FOR SUCH FAILURE MUST BE RETURNED WITH THIS FORM TO: Retirement Plan Name c/o Resource Centers 4360 Northlake Blvd. Suite 206 Palm Beach Gardens, FL 33410 FAILURE TO RETURN THE PROPERLY COMPLETED, SIGNED, AND NOTARIZED FORM TO THE ADDRESS ABOVE BY JUNE 4, 2021, MAY RESULT IN THE SUSPENSION OF YOUR PENSION BENEFITS. (Signature) (Date) STATE OF COUNTY OF BEFORE ME, the undersigned authority, personally appeared ______________________________, who is personally known to me or has produced _____________________________ as identification and who did take an oath and, after being duly cautioned and sworn, deposes and says that he/ she has signed the foregoing document for the reasons therein contained. SWORN TO AND SUBSCRIBED before me this the __________ day of ______________________, __________. Notary Public, At Large My Commission Expires: My Commission Number Is: Verification Form Template (Retirement Plan Name) PLAN ADMINISTRATOR: THE RESOURCE CENTERS, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone: (800) 206-0116 May 1, 2021 Member Name Member Address Member City, State ZIP RE: (Plan Name) Confirmation of Receipt of Retirement Benefits FAILURE TO COMPLETE AND RETURN THE ENCLOSED VERIFICATION FORM MAY RESULT IN SUSPENSION OF YOUR PENSION BENEFIT Dear Name: On the backside of this letter you will find a form to verify that you continue to receive a pension payment from the City of (Plan Name) Retirement Plan. This Form must be signed by the person receiving benefits in the presence of a notary public. Please return the completed form in the enclosed self-addressed envelope; failure to properly complete and return the form by Friday, June 4, 2021 may result in the suspension of your pension benefits. If the person receiving benefits cannot sign for any reason, then a legally designated party may respond in writing by providing supporting legal documents with a written explanation. The (Retirement Plan Name) maintains a website for members of the Plan at www.ResourceCenters.com. The website includes common forms, reports, and othe r pertinent information regarding the Plan. If you have any questions regarding your pension benefits, please do not hesitate to contact our office at (800) 206-0116. Thank you. Sincerely, (Administrator Name) Plan Administrator Enclosures Letter 1: Verification Form Cover Letter (Retirement Plan Name And/or Letterhead) PLAN ADMINISTRATOR: THE RESOURCE CENTERS, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone: (800) 206-0116 (Letter Date) Member Name Member Address Member City, State ZIP RE: (Plan Name) SECOND NOTICE - Confirmation of Receipt of Retirement Benefits FAILURE TO COMPLETE AND RETURN THE ENCLOSED VERIFICATION FORM MAY RESULT IN SUSPENSION OF YOUR PENSION BENEFIT Dear Name: On the backside of this letter you will find a form to verify that you continue to receive a pension payment from the City of (Plan Name) Retirement Plan. The Board previously mailed this form to you on May 1, 2021, but you did not return the form properly notarized. This Form must be signed by the person receiving benefits in the presence of a notary public. Please return the completed form in the enclosed self-addressed envelope; failure to properly complete and return the form by Friday, July 23, 2021 will result in the suspension of your pension benefits. If you have any questions, please contact the Resource Centers, administrator for the (Plan Name), at (800) 206-0116. Thank you. Sincerely, (Administrator Name) Plan Administrator Enclosures Letter 2: No Notary (Retirement Plan Name) PLAN ADMINISTRATOR: THE RESOURCE CENTERS, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone: (800) 206-0116 (Letter Date) Member Name Member Address Member City, State ZIP RE: (Plan Name) SECOND NOTICE - Confirmation of Receipt of Retirement Benefits FAILURE TO COMPLETE AND RETURN THE ENCLOSED VERIFICATION FORM MAY RESULT IN SUSPENSION OF YOUR PENSION BENEFIT Dear Name: On the backside of this letter you will find a form to verify that you continue to receive a pension payment from the City of (Plan Name) Retirement Plan. The Board previously mailed this form to you on May 1, 2021, but to date we do not have any record of your response. This Form must be signed by the person receiving benefits in the presence of a notary public. Please return the completed form in the enclosed self-addressed envelope; failure to properly complete and return the form by Friday, July 23, 2021 will result in the suspension of your pension benefits. If you have any questions, please contact the Resource Centers, administrator for the (Plan Name), at (800) 206-0116. Thank you. Sincerely, (Administrator Name) Plan Administrator Enclosures Letter 2: No Member Response (Retirement Plan Name And/or Letterhead) PLAN ADMINISTRATOR: THE RESOURCE CENTERS, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone: (800) 206-0116 (Letter Date) Member Name Member Address Member City, State ZIP RE: (Plan Name) NOTICE - Suspension of Retirement Benefits Dear Name: The Board of Trustees previously sent you notices dated May 1, 2021 and June 18, 2021, with forms that you must complete and return to the Board to continue receiving your monthly pension payment from the (Plan Name). The Board did not receive your response and completed form by the deadline, and as a result this letter notifies you that the Board is immediately suspending your pension benefit starting with the September 1, 2021 payment. Once the Board receives the enclosed Verification Form located on the back of this letter, the (Plan Name) will reinstate your pension payment with any retro amount due. This Form must be signed by the person receiving benefits in the presence of a notary public, and the notary must also complete the notary section. You must complete and return the Verification Form located on the backside of this letter to reinstate benefits. If you received this notification in error, please contact the Resource Centers immediately at (800) 206-0116. To reinstate payment of your pension benefit, please contact the Resource Centers. Sincerely, (Administrator Name) Plan Administrator Enclosures Letter 3: Suspension of Benefits (Retirement Plan Name and/or Letterhead) PLAN ADMINISTRATOR: THE RESOURCE CENTERS, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone: (800) 206-0116 VIA FIRST CLASS MAIL AND VIA CERTIFIED MAIL – RETURN RECEIPT REQUESTED (Letter Date) Name Address City, State ZIP RE: (Plan Name) Demand for Repayment Dear ______________: This law firm represents the City of (Plan Name) (the “Plan”) and the Plan’s Pension Board. This letter is to request repayment of pension benefits totaling $____________ that the Plan paid to _____________ after his/her death. It is our understanding that _________________ passed away on _____________. However, ____________’s death was not reported to the City of (City Name), the Pension Board, or the Plan. As a result, the Plan continued to make ______ payments of $___________ each month, totaling $_______________, to _____________. According to the terms of the Plan, benefits were to cease upon _______________’s death. Neither you nor ______________’s estate is entitled to these payments. In accordance with IRS Revenue Procedure 2016-51 and the Plan, my client is authorized to request that any overpayments be repaid to the Plan. Accordingly, you are hereby requested to return the overpayment of $______________ to the Plan by sending a check made payable to “City of (Plan Name)” to the following address: ______________________ c/o ___________________ ______________________ ______________________ In the event that the overpayment is not returned by ___________, 2021, the Plan reserves the right to seek to recover the overpayment through any legal proceedings or remedies available to it. We appreciate your prompt attention to this matter. Sincerely, (Counsel) cc: Board of Trustees Letter 4: Recovery of Overpayment BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND WARRANT - PAID INVOICES MAY 24TH, 2021 TO: Resource Centers, Plan Administrator FROM: Board of Trustees Paid by Custodian: JP Morgan Asset Management Strategic Property Fund QE 09/30/20 $ 45,954.07 Special Situation Property Fund QE 09/30/20 $ 56,035.33 Strategic Property Fund QE 12/31/20 $ 46,731.56 Special Situation Property Fund QE 12/31/20 $ 57,130.27 Date Payee/Description Check Number Amount February 26, 2021 United Members Insurance 2774 $ 9,267.00 Fiduciary Liability Insurance effective 4/10/21-4/10/22 March 3, 2021 City of Boynton Beach 2775 $ 121.92 March 3, 2021 Pension Resource Center 2776 $ 5,698.50 Administrative Fees- March 2021 Inv 18437 March 3, 2021 Klausner Kaufman Jensen & Levinson 2777 $ 65.00 Attorney Fees through 1/31/21 Inv 27811 April 1, 2021 City of Boynyon Beach 2778 $ 31,063.56 April 1, 2021 FPPTA 2779 $ 450.00 2021 CEU Event Registration for Laurie Fasolo April 1, 2021 FPPTA 2780 $ 450.00 2021 CEU Event Registration for Kathleen Mcdeavitt April 1, 2021 Cherry Bekaert, LLP 2781 $ 11,700.00 Invoice 131192 dated 2/25/21;Auditor Fees April 6, 2021 Pension Resource Center 2782 $ 5,148.40 Administrtive Fees- April 2021 Inv 18497 April 6, 2021 Klausner Kaufman Jensen & Levinson 2783 $ 1,237.50 Attorney Fees through 02/28/21; Invoice 27983 April 6, 2021 Gabriel Roeder Smith & Company 2784 $ 7,244.00 Actuarial Fees- Invoice 460611 dated 3/12/21 April 6, 2021 Mutual of America Capital Management 2785 $ 5,616.78 Investment Management Fees for QE 09/30/20 & 12/31/20. April 6, 2021 Southeastern Advisory Services, Inc. 2786 $ 27,201.00 Investment Management Fees for QE 03/31/21 Inv 2101 April 6, 2021 Wells Fargo Bank, N.A. 2787 $ 5,430.79 Custodial Fees for January 2021 April 7, 2021 FPPTA 2788 $ 62.00 CPPT Recertification for Sheryl Claude and Laurie Fasolo April 7, 2021 FPPTA 2789 $ 450.00 CEU Event Registration for Steven Grant April 7, 2021 FPPTA 2790 $ 450.00 CEU Event Registration for Sheryl Claude May 1, 2021 City of Boynton Beach 2791 $ 33,960.47 May 4, 2021 Pension Resource Center 2792 $ 5,156.10 Administrative Fee- May 2021 Inv 18558 May 6, 2021 Wells Fargo Bank, N.A. 2793 $ 5,479.68 Custodial Fees for February 2021 May 6, 2021 Mutual of America Capital Management 2794 $ 3,338.23 Investment Management Fees for QE 03/31/21 May 6, 2021 Klausner Kaufman Jensen & Levinson 2795 $ 3,217.50 Attorney Fees through 3/31/21 and 4/30/21 May 6, 2021 Garcia Hamilton & Associates 2797 $ 10,903.65 Investment Management Fees for QE 06/30/21 May 6, 2021 Alliance Bernstein 2798 $ 15,219.27 Investment Management Fees for QE 06/30/21 May 11, 2021 Clearbridge Investments 2799 $ 45,440.38 Investment Management Fees for QE 03/31/21 TOTAL: $ 440,222.96 Dated this 24th Day of May 2021. CHAIR SECRETARY �a��T! •�„j��TTS� �!f IIII�LIIl7 The Pension Resource Centers, LLC 4360 Northlake Blvd, Suite 206 Suite 206 Palm Beach Gardens, FL 33410 Attn: Payment Group a s � Account: 248210 Invoice: 20200930-51 Invoice : 121=020 TOTAL AMOUNT CHARGED: 45,954.07 USD For Period: 07/01/2020 To 09/30/2020 Account Description Net Amount 245210 General Employees' Pension Plan of the City of Boynton Beach - Strategic Property Fund - No Custodian RE Strat Prop Fund Fee - For Period Ending: 09/30/2020 45,954.07 USD Account 240210 Amount Charged: 45,954.07 USD TOTAL AMOUNT CHARGED: 45,954.07 USD Not a Bill J.P. Morgan Investrnent Computation of the Estimated Fee for the Period ending 09/30/2020 City of Boynton Beach SPF - 248210 JPMCIS STRATEGIC PROPERTY FUND FEE BASED ON NEiASSET VAWE v a. �i Quarterly Fee on MV less, Cash: Quarterly Fee on Excess Cash:$0.00[E]*0.15%/4= Quarterly Fee for Strategic Property Fund: Annual Basis Pointe on Net Assetso (45,954.07/18,381,627.69)*4= 1,000% Calculation Components: Cash in Strategic Property Fund ** 5.0 % Cash Reserve: 5.0 %*$29.924,441,868.00= Excess Cash:$408,464,849.30-$1,496,222,093.40= Excess Cash as a %:$0.00/$29,924,441,868.00= 0.00% Strategic Property Fund (Net Asset Value) in the Account: Adjusted Market Value for the period Excess Cash:$18,381,627.69*0.00 Strategic Property Fund in the Account less Excess Cash: Total Quarterly Fee for Strategic Property Fund (Apportionment Percent=100%): 408,464,849.30 1,496,222,093.40 0.00 18,381,627.69 18,381,627.69 [E] 18,381,627.69 [D] 45,954.07 0.00 46,954.07 45,954.07 ** In relation to excess cash, investors will receive the benefit of a reduction to their quarterly Advisory Fee calculated as the greater reduction resulting from either : (i) the Fund's aggregate Cash holdings exceeding 5.0% of the Fund's NAV or (ii) the Fund Investor Vehicle's (or "FIV") aggregate cash holdings exceeding 5.0% of the FIV's NAV, as applicable, in each case as of the applicable Quarterly Valuation Date. Consistent with the terms of your underlying governing documents, if investment performance is the sole trigger for a decline in net asset value resulting in a higher overall effective blended fee rate using the standard fee tiers, then the last lowest overall effective blended fee rate will be applied and the standard fee tier calculation will not be applied nor displayed in the invoice worksheet. J.P. Morgan Investment Management Inc. The Pension Resource Centers, LLC 4360 Northlake Blvd, Suite 206 Suite 206 Palm Beach Gardens, FL 33410 Attn: Payment Group Account Description Account: 291520 Invoice: 20200930 Invoice Date: 1 020 TOTAL AMOUNT CHARGED: For Period: 07/01/2020 To 09/30/2020 291520 General Employees' Pension Plan of the City of Boynton Beach - Special Situation Property Fund RE Spec Situation Prop Fund Fee - For Period Ending: 09/30/2020 711-TIIM Account 291520 Amount Charged: 56,035.33 USD Net Amount 56,035.33 USD 56,035.33 USD TOTAL AMOUNT CHARGED: 56,035.33 USD J.P. Morgan Investment Computation of the Estimated Fee for the Period ending 09/30/2020 CITY OF BOYNTON BEACH SSPF - 291520 Quarterly Fee on Special Situation Property Fund Net Asset Value (Excluding Excess Cash): 13,786,792.02[A] * 1.25%/4= Quarterly Fee on Special Situation Property Fund Debt: $13,057,150.64[B]`0.625%/4= Quarterly Fee on Excess Cash:$222,039.99[C]`0.15%/4= Quarterly Fee for Special Situation Property Fund: Annual Basis Points on Net :* ($63,568.79/$14,008,832.01)`4= 1.815% Maximum that can be billed per agreement: 1.600% Maximum Quarterly Fee for Special Situation Property * In no event will the annual fee exceed 1.6% of the net meet value of the JPCB Special Situation Propoft Fund. Calculation Components: Calculation to Determine Percentage of Fund as Cash in Special Situation Property Fund 5% Cash Reserve: 5%'$4,178,166,907.00= Excess Cash:$275,142,963.60-$208,908,345.35= Excess Cash as a %:$66,234,618.25/$4,178,166,907.00 Special Situation Property Fund (Net Asset Value) in the No transactions for this quarter Adjusted Market Value for the period Excess Cash:$14,008,832.01"1.585 Special Situation Property Fund in the Account less Excess Cash: Account's Proportionate Share of SWJal Situation Propady Fund (Client's Net Asset Value/Special Situation Property Fund Net Asset Value) x Third Party ( $14,008,832.01 / $4,178,166,907.00) x $3,894,325,712.00 = 1.585°% 275,142,963.60 208,908,345.35 66,234,618.25 14,008,832.01 14,008,832.01 222,039.99 [C] 13,786,792.02 [A] 13,057,150.64 [B] 43,083.73 20,401.80 83.26 03,568.79 Total Quarterly Fee for Special Situation Property 56,035.33 J.P. Morgan Investment Management Inc. The Pension Resource Centers, LLC 4360 Northlake Blvd, Suite 206 Suite 206 Palm Beach Gardens, FL 33410 Attn: Payment Group For Period: 10/01/2020 To 12/31/2020 Account Description Account: 248210 Invoice: 20201231-5154-A Invoice :0313112021 210 General Employees' Pension Plan of the City of Boynton Beach - Strategic Property Fund - No Custodian RE Strat Prop Fund Fee - For Period Ending: 12/31/2020 Account 248210 Amount Changed: TOTAL•CHARGED: Net Amount 46,731.56 USD ,731.56 US® J.P. Morgan Investrnent Computation of the Estimated Fee for the Period ending 12/31/2020 City of Boynton Beach SPF - 248210 Quarterly Fee on MV less Cash: Quarterly Fee on Excess Cash:$0.00[E]*0.15%/4= Quarterly Fee for Strategic Property Fund: Annual Basis Points on Not Assafto (46,731.56/18,692,622.55)*4= 1,000% Calculation Components: Calculation to Determine Percentage of Fund as Cash in Strategic Property Fund ** 5.0 % Cash Reserve: 5.0 %*$30,528,963,082.00= Excess Cash:$898,412,302.80-$1,526,448,154.10= Excess Cash as a %:$0.00/$30,528,963,082.00= Strategic Property Fund (Net Asset Value) in the Account: Adjusted Market Value for the period Excess Cash:$18,692,622.55*0.00 Strategic Property Fund in the Account less Excess Cash: Total Quarterly Fee for Strategic Property Fund (Apportionment Percent=100%): 0.00% 898,412,302.80 1,526,448,154.10 0.00 18,692,622.55 18,692,622.55 [E] 18,692,622.55 [D] 46,731.56 0.00 46,751.56 46,731.56 ** In relation to excess cash, investors will receive the benefit of a reduction to their quarterly Advisory Fee calculated as the greater reduction resulting from either : (i) the Fund's aggregate Cash holdings exceeding 5.0% of the Fund's NAV or (ii) the Fund Investor Vehicle's (or "FIV") aggregate cash holdings exceeding 5.0% of the FIV's NAV, as applicable, in each case as of the applicable Quarterly Valuation Date. ' Consistent with the terms of your underlying governing documents, if investment performance is the sole trigger for a decline in net asset value resulting in a higher overall effective blended fee rate using the standard fee tiers, then the last lowest overall effective blended fee rate will be applied and the standard fee tier calculation will not be applied nor displayed in the invoice worksheet. J.P. Moraan Investment Management Inc. F_1 blyl N� The Pension Resource Centers, LLC 4360 Northlake Blvd, Suite 206 Suite 206 Palm Beach Gardens, FL 33410 Attn: Payment Group Account Description Account: 291520 Invoice: 20201231 Invoice Data: 03/31/2021 TOTAL AMOUNT CHARGED: For Period: 10/01/2020 To 12/31/2020 291520 General Employees' Pension Plan of the City of Boynton Beach - Spacial Situation Property Fund RE Spec Situation Prop Fund Fee - For Period Ending: 12/31/2020 Account 291520 Amount Charged: Not a Bill �' s Net Amount 57,130.27 USD 57,130.27 USD J.P. Morgan Investment Computation of the Estimated Fee for the Period ending 12/31/2020 CITY OF BOYNTON BEACH SSPF - 291520 Quarterly Fee on Special Situation Property Fund Net Asset Value (Excluding Excess Cash): 13,539,730.24[A] * 1.25%/4= 42,311.66 Quarterly Fee on Special Situation Property Fund Debt: $12,603,600.14[B]*0.625%/4= 19,693.13 Quarterly Fee on Excess Cash:$742,836.28[C]*0.15°/ /4= 278.56 Quarterly Fee for Special Situation Property Fund: B2,2MM Annual Basis Points on Net :* ($62,283.35/$14,282,566.52)*4= 1.744% Maximum that can be billed per agreement: 1.600% Maximum Quarterly Fee for Special Situation Property * In no event will the annual fee exceed 1.6% of the net asset value of dee JPMCB ,Spacial Situation Property 57,130.27 Fund. Calculation Components: Calculation to Determine Percentage of Fund as Cash in Special Situation Property Fund 435,282,749.40 5% Cash Reserve: 5%*$4,267,213,652.00= 213,360,682.60 Excess Cash:$435,282,749.40-$213,360,682.60= 221,922,066.80 Excess Cash as a %:$221,922,066.80/$4,267,213,652.00 5.201% Account's Net Asset Value ciudl g Excess Cash): Special Situation Property Fund (Net Asset Value) in the 14,282,566.52 No transactions for this quarter Adjusted Market Value for the period 14,282,566.52 Excess Cash: $14,282,566.52*5.201 742,836.28 [C] Special Situation Property Fund in the Account less Excess Cash: 13,539,730.24 [A] Accounfa Proportionate Share of Spedal Situation Propftjr Fund (Client's Net Asset Value/Special Situation Property Fund Net Asset Value) x Third Party ( $14,282,566.52 / $4,267,213,652.00) x $3,765,587,545.00 = 12,603,600.14 [13] Total Quarterly Fee for Special Situation Property 57,13027 BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: 000.000000079 DATE CHECK NO. 00002774 02/21 000000000079 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #7434 4/21-4/22 2/26/21 9,267.00 9,267.00 Check .00 Total 9,267.00 9,267.00 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 800-206-0116 63-1289/670 CHECK NO.CHECK DATE VENDOR NO. 2774 02/26/21 000000000079 PAY AMOUNT NINE THOUSAND TWO HUNDRED SIXTY—SEVEN AND 00/100 DOLLARS $9,267.00 AUTHORIZED SIG URE TO THE UNITED MEMBERS INSURANCE ORDER 6826 W LINEBAUGH AVE OF AUTHORIZED SIGNATURE TAMPA FL 33625 VOID AFTER 180 DAYS 11.0000277411' 1:0670128951:80E302920D10 BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: 000000000079 BORDER CONTAINS rMCROPRINTINCI DATE CHECK NO. 02/21 000000000079 00002774 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #7434 4/21-4/22 2/26/21 9,267.00 9,267.00 Check .00 Total 9,267.00 9,267.00 United Members Insurance 6826 W. Linebaugh Ave Tampa, FL 33625 Telephone: (813) 265-2300 Bill To: Resource Centers, LLC 4360 Northlake Boulevard Suite 206 Palm Beach Gardens, FL 33410 Description: Fiduciary Liability Policy Invoice INVOICE NO: 07434 REFERENCE NO: 6451 DATE: 02/23/2021 PAYMENT DUE DATE: 03/23/2021 Insured: City of Boynton Beach General Employees Pension Plan Total Due 9,267.00 Please pay by 03/23/2021 to ensure continuing coverage. Please Make Check Payable to United Members Insurance Please return a copy of this invoice with your payment. THANK YOU FOR YOUR BUSINESS! BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnnnn� DATE CHECK NO. 00002775 n-�/?i 000000000401 v INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006191 3/03/21 109.11 109.11 .00 109.11 006192 3/03/21 12.81 12.81 .00 12.81 --1. Check Total 121.92 C_ -- -... _. --- . -.. ._.. - - ��Frf�r' BOYNTON BEACH GENERAL EMPLOYEES' PENSION 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 63-1289/670 800-206-0116 10. CHECK DATE 2775 03/03/21 PAY ONE HUNDRED TWENTY—ONE AND 92/100 DOLLARS L AUTHORIZED SIG ,. JRE ruTHE CITY OF BOYNTON BEACH ORDER ATTN : ANDREA JAVIER AUTHORIZED SIGNATURE P.O. BOX 310 BOYNTON BEACH FL 33425 000000000401 AMOUNT $121.92 VOID AFTER 180 DAYS ooaoea cowrA.iras IalcHoaewruul 11.0000 2 7 7 511` 1:06 70 1 289 51:806 30 29 20E BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: 000000000401 DATE CHECK NO. 03/21 000000000401 00002775 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006191 3/03/21 109.11 109.11 .00 109.11 006192 3/03/21 12.81 12.81 .00 12.81 C eck Total 121.92 BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: ..nnn.nn, DATE CHECK NO. 00002776 n_�/?i nnnnnnnn000l v v INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #18437 MAR 2021 #18437 MAR 2021 3/03/21 5,698.50 5,698.50 Check .00 Total 5,698.50 5,698.50 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK OOOOZ7 6 ' 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 63-1289/670 800-206-0116 CHECK NO.CHECK DATE —[—VENDOR N0, 2776 03/03/21 000000000001 AMOUNT PAY FIVE THOUSAND SIX HUNDRED NINETY—EIGHT AND 50/100 DOLLARS $5,698.50 TO THE PENSION RESOURCE CENTER ORDER 4360 NORTHLAKE BLVD OF SUITE 206 PALM BEACH GARDENS FL 33410 T � t AUTHORIZED sl URE l AUTHORIZED sIGNAT RE VOID AFTER 180 DAYS BORDER CONTAII]S WXROF RMTING 11`0000 2 7 7 611` 1:06 70 1 289 51:80 6 30 29 20 611` BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: nnn nnnnnnnn, DATE CHECK NO. n'�/2i nn0000000001 00002776 ------------ INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #18437 MAR 2021 3/03/21 5,698.50 5,698.50 C .00 eck Total 5,698.50 5,698.50 Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 FORM Boynton Beach General Pension Fund I Date Invoice # 3/1/2021 18437 Pension Resource Center 36-4504183 Resource Centers 87-0800468 Description Qty Rate Amount Boynton Beach General Employees' Pension Monthly Administrator 4,925.00 4,925.00 Fee for March 2021 Retirement/DROP Application Fees for: 3 100.00 300.00 Judy Corvin Michael Low Glenn Weixler Death Search - 1st Quarter 2021 415 0.60 249.00 Postage 406 0.55 223.30 International Postage 1 1.20 1.20 Total Amount Due $5,698.50 Mail Payments to: Resource Centers, LLC at Palm Beach Gardens address above. If you have any questions concerning this invoice, please contact Michael Burr at Resource Centers, LLC Phone 561.459.2985 or email - michael@resourcecenters.com BOYNTON BEACH GENERAL EMPLOYEES' PENSION DATE CHECK N0. 00002777 VENDOR: nnnnnnnnnn47 03/21 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #27811 JAN 2021 #27811 JAN 2021 3/03/21 65.00 65.00 Check .00 Total 65.00 65.00 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK �® 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 63-1289/670 800-206-0116 CHECK NO. CHECK DATE VENDOR NO. 2777 03/03/21 000000000047 PAY AMOUNT SIXTY—FIVE AND 00/100 DOLLARS $65.00 TO THE KLAUSNER, KAUFMAN, JENSEN & LEVINSON ORDER 7080 NORTHWEST 4TH STREET OF AUTHORIZED SIGNATURE PLANTATION FL 33317 VOID AFTER 180 DAYS BORDER CONI PJNS 1',11CROPRIMING' BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: DATE CHECK NO. nnnnnnnnnn47 03/21 000000000047 0GO02777 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #27811 JAN 2021 3/03/21 65.00 65.00 C .00 eck Total 65.00 65.00 Klausner, Kaufinan, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 www.klausnerkaufman.com Fax (954)946-1 3 Tax I_D_: 45-4083636 BOYNTON BEACH GENERAL EMPLOYEES January 31, 2021 Attn: AMANDA KISH Bill # 27811 4360 NORTHLAKE BOULEVARD - SUITE 206 PALM BEACH GARDENS, FL 33410 CLIENT: BOYNTON BEACH GENERAL EMPLOYEES : BBGE MATTER: BOYNTON BEACH GENERAL EMPLOYEES' PENSION BOARD :150045 Professional Fees Date Attorney Description Hours Amount 01/06/21 BSJ RESEARCH AND DRAFT MEMO 0.10 32.50 REGARDING E -VERIFY 01/07/21 BSJ REVIEW EMAIL FROM EUROPACIFIC 0.10 32.50 REGARDING DELISTING OF CHINESE EQUITIES Total for Services 0.20 $65.00 CURRENT BILL TOTAL AMOUNT DUE $ 65.00 Past Due Balance 1,367.78 AMOUNT DUE $1,432.78 ------------- BOYNTON BEACH GENERAL EMPLOYEES' PENSION DATE CHECK N0. 0000277 VENDOR: 000000000401 04/21 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT -:-193 4/01/21 15,055.48 15,055.48 .00 15,055.48 L: X194 4/01/21 8,44.5.78 8,445.78 .00 8,445.78 006195 4/01/21 3,662.64 3,662.64 .00 3,662.64 006196 4/01/21 3,309.67 3,309.67 .00 3,309.67 006197 4/01/21 264.74 264.74 .00 264.74 006198 4/01/21 325.25 325.25 .00 325.25 OF P.O. BOX 310 Check Total 31,063.56 I I I BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK uuuuzltb 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 800-206-0116 63-1289/670 1"0000 2 7 781" 1: OE 7012895,:806302920EV BOYNTON BEACH GENERAL EMPLOYEES' PENSION 00002778 VENDOR: DATE CHECK NO. 000000000401 04/21 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT CHECK NO.CHECK DATE VENDOR NO. 006193 4/01/21 15,055.48 15,055.48 2778 0 4 k0000000040l 4/01/21 PAY 8,445.78 .00 8,445.78 AMOUNT 4/01/21 THIRTY—ONE THOUSAND SIXTY—THREE AND 56/100 DOLLARS 3,662.64 $31,063.56 4/01/21 3,309.67 3,309.67 .00 3,309.67 006197 L 264.74 r. TO THE CITY OF BOYNTON BEACH AUTHORIZED sl RE 4/01/21 ORDER ',' ATTN: ANDREA JAVIER - AUTHORIZED SIGNATURE 325.25 OF P.O. BOX 310 C eck Total 31,063.56 BOYNTON BEACH FL 33425 VOID AFTER 180 DAYS CONTAINS MICFOFPINTIN 1"0000 2 7 781" 1: OE 7012895,:806302920EV BOYNTON BEACH GENERAL EMPLOYEES' PENSION 00002778 VENDOR: DATE CHECK NO. 000000000401 04/21 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006193 4/01/21 15,055.48 15,055.48 .00 15,055.48 006194 4/01/21 8,445.78 8,445.78 .00 8,445.78 006195 4/01/21 3,662.64 3,662.64 .00 3,662.64 006196 4/01/21 3,309.67 3,309.67 .00 3,309.67 006197 4/01/21 264.74 264.74 .00 264.74 006198 4/01/21 325.25 325.25 .00 325.25 C eck Total 31,063.56 BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnnn?R DATE CHECK NO. 0100")27 6 �a 04/21 000000000028 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 4005 CEU FASOLO 04/01/21 450.00 450.00 Check .00 Total 450.-00 450.00 Com! BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM IB EACH GARDENS,,FL 33410 Palm Beach Gardens, FL 33410 800-206-0116 63-1289/670 C PAY FOUR HUNDRED FIFTY AND 00/100 DOLLARS TO THE FPPTA ORDER 2946 WELLINGTON CIRCLE EAST OF TALLAHASSEE FL 32309 10. CHECK DATE VENDOR NO. 2779 04/01/21 000000000028 AUTHORIZED SI RE AUTHORIZED SIGNATURE $450.00 1 VOID AFTER 180 DAYS DORDER CONITAH IS KICROrRIITIN u®0000 2 7 79,19 1:06 70 1 289 51:806 30 29 20F3 BOYNTON BEACH GENERAL EMPLOYEES' PENSION 00002779 VENDOR: DATE CHECK NO. nnnnnnnnnn?R 04/21 000000000028 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 4005 CEU FASOLO 4/01/21 450.00 450.00 .00 450.00 C eck Total 450.00 _ U E\/e 3 3 f�f N FLORILA PUPLIC PENSICrN a TRUST.EESASSrOCIAT10N r' $tNG'E 1084: Amanda Kish (Eustis Police Pension Fund) 4360 NORTHLAKE BLVD STE 206 PALM BCH GDNS, FL 33410 United States Registering for organization: laurie Fasolo Individuals named in this event registration: Amanda Kish Laurie Fasolo Invoice Date: 03/29/2021 Invoice Number: INV 4005 Reference: Online Event Registration: 2021 Virtual CPPT and CEU Registration Description Virtual 2021 CPPT/CEU Registration - CEU Event Fee (May 18-19) DUE DATE: April 8, 2021 3/31/2021 Florida Public Pension Trustees Association 2946 WELLINGTON CIR TALLAHASSEE,FL32309 United States mj@fppta.org 8506688552 Quantity Unit Price Sales Tax Amount USD 1 $450.00 - $450.00 Sub Total $450.00 TOTAL Sales Tax $0.00 TOTAL USD $450.00 Amount Paid $0.00 AMOUNT DUE: $450.00 -?C ---------------------------------------------------- PAYMENT ------------------------------- PAYMENT ADVICE Customer: Amanda Kish To: Invoice Number: INV -4005 Florida Public Pension Trustees Association 2946 WELLINGTON CIR TALLAHASSEE, FL 32309 United States Amount Due: $450.00 mj@fppta.org Due Date: Aril 8, 2021 8506688552 P BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: nnnnnnnnnn?R DATE CHECK NO. 00002 736 04/21 000000000028 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 4007 MCDEAVITT 4/01/21 450.00 450.00 Check .00 Total 450.00 450.00 BOYNTON BEACH GENERAL EMPLOYEES'PENSION CENTERSTATE BANK 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach "Gardens FL 33410 63-12897670 800-206-0116 0 PAY FOUR HUNDRED FIFTY AND 00/100 DOLLARS TO THE FPPTA ORDER 2946 WELLINGTON CIRCLE EAST OF TALLAHASSEE FL 32309 10. CHECK DATE VENDOR NO. 2780 04/01/21 000000000028 $450.00 1 AUTHORIZED SIGNATURE VOID AFTER 180 DAYS EDNLDEF, C01 TAMS IMCROPRIN i II00000 2 78 Olin x.06 70 1 289 SIMOG 30 29 201 0 BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK NO. nnnnnnnnnn?R 04/2.1 000000000028 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 4007 MCDEAVITT 4/01/21 450.00 450.00 C .00 eck Total 450.00 450.00 FLOFIDX UPLI0 i'ENSlIN TP.USEESA"S,�CP,T{r_?h.1 � SINCE 1:84 fly (LTC Amanda Kish (Eustis Police Pension Fund) 4360 NORTHLAKE BLVD STE 206 PALM BCH GDNS, FL 33410 United States Registering for organization: Cathy McDeavitt Individuals named in this event registration: Amanda Kish Cathy McDeavitt Invoice Date: 03/29/2021 Invoice Number: INV 4007 Reference: Online Event Registration: 2021 Virtual CPPT and CEU Registration Description Virtual 2021 CPPT/CEU Registration - CEU Event Fee (May 18-19) DUE DATE: April 8, 2021 ,x---- ------------------------------------------ PAVMENT ADVICE To: Florida Public Pension Trustees Association 2946 WELLINGTON CIR TALLAHASSEE, FL 32309 United States mj@fppta.org 8506688552 1'J 3/31/2021 Florida Public Pension Trustees Association 2946 WELLINGTON CIR TALLAHASSEE, FL 32309 United States mj@fppta.org 8506688552 Quantity Unit Price Sales Tax Amount USD 1 $450.00 - $450.00 Sub Total $450.00 TOTAL Sales Tax $0.00 TOTAL USD $450.00 Amount Paid $0.00 Customer: Invoice Number: Amount Due: Due Date: AMOUNT DUE: $450.00 Amanda Kish INV 4007 $450.00 April 8, 2021 BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: 000000000014 DATE CHECK NO. 000 0,27 04/21 000000000014 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUN-1 #131192 2/25/21 4/01/21 11,700.00 11,700.00 Check .00 Total 11,700.00 11,700.00 BOYNTON BEACH GENERAL EMPLOYEES'PENSION CENTERSTATE BANK INVOICE AMOUNT uuu f d1 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail #131192 2/25/21 4/01/21 PALM BEACH GARDENS, FL 33410 Palm Beach Gardens FL 33410 63-12897670 .00 eck Total 11,700.00 11,700.00 800-206-0116 CHECK NO. CHECK DATE VENDOR NO. 2781 104/01/21 1000000000014 PAY , AMOUNT ELEVEN THOUSAND SEVEN HUNDRED AND 00/100 DOLLARS $11,700.00 AUTHORIZED SI URE TO THE CHERRY BEKAERT LLP g4: ORDER PO BOX 25549 OF AUTHORIZED SIGNATURE RICHMOND VA 23260-5500 VOID AFTER 180 DAYS 11'0000 2 78 I11' e:06 70 1269 5Q806 30 29 20611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: 000000000014 DATE CHECK NO. 04/21 000000000014 WITI INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #131192 2/25/21 4/01/21 11,700.00 11,700.00 C .00 eck Total 11,700.00 11,700.00 FOR PROF'E'SSIONAL SERVICES RENDERED: Billing for audit of the financial statements, and issuance of report for the City of Boynton Beach General Employee's Pension Fran (or the year ended Septernber 30, 2020, Amount DUeThis Invoice t t,ruu.uu 7ERfAS, Invoices ars payabIe on presentation, ftrvioF, rh,-�tgc, lvlifl Ge aadd d to trast o'r! . wo=nts ec"' al kr s'/, R r ntortt (18% an nuatfy) or the. previous manly., b, Qs le,.s (.�aymo Its roce(ved (Juring ihe.nic)nt i, vAtti .a rnjnimttm Ci7�rW a $L()t} p. ntc th. f - IL ! l/ 3/31/2021 CHERRY E3E1<AERT LEf' -� ..._.. P,(), BOX 2554-9 RICHMOND, VA 23260-5500 (4071423-7911 Boynton Beach General Employee's Retirement System Invoice No, 13 �? doPensionResource, Center 4360 Northlake Boulevard tate 02125/2021 Suite 206 Palm Beach Gardens, FL 33410 Client No 00105882 FOR PROF'E'SSIONAL SERVICES RENDERED: Billing for audit of the financial statements, and issuance of report for the City of Boynton Beach General Employee's Pension Fran (or the year ended Septernber 30, 2020, Amount DUeThis Invoice t t,ruu.uu 7ERfAS, Invoices ars payabIe on presentation, ftrvioF, rh,-�tgc, lvlifl Ge aadd d to trast o'r! . wo=nts ec"' al kr s'/, R r ntortt (18% an nuatfy) or the. previous manly., b, Qs le,.s (.�aymo Its roce(ved (Juring ihe.nic)nt i, vAtti .a rnjnimttm Ci7�rW a $L()t} p. ntc th. BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnnnni DATE CHECK NO. 00002782 04/21 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 418497 APR 2021 4/06/21 5,148.40 5,148.40 .00 Check Total 5,148.40 5,148.40 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK uuuuIz / b 4360 NORTHLAKE,BLVD STE 206 10891 N Military Trail PALM BEACH GARDENS; FL 33410 Palm Beach Gardens, FL 33410 800-206-0116 63-1289/670 CHECK NO.CHECK DATE VENDOR NO. 2782 04/06/21 000000000001 FAY AMOUNT FTVE THOUSAND ONE HUNDRED FORTY—EIGHT AND 40/100 DOLLARS $5,148.40 AUTHORIZED AUTHORIZED SIGNATURE VOID AFTER 180 DAYS 11®0000 276 2110 1:0670 I M9 50:iB06 30 29 20611® BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnnnni I DATE CHECK NO. 04/21 000000000001 [1II11-IND �a INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #18497 APR 2021 4/06/21 5,148.40 5,148.40 C .00 eck Total 5,148.40 5,148.40 Bill To Boynton Beach General Pension Fund Date Invoice 3/31/2021 18497 Tax ID Pension Resource Center 36-4504183 Resource Centers 87-0800468 Description Qty Rate. Amount Boynton Beach General Employees' Pension Monthly Administrator 4,925.00 4,925.00 Fee for April 2021 Postage 404 0,55 222,20 International Postage 1 1.20 1.20 TotalAmount Due 1 Mail Payments to: Resource Centers, LLC at Palm Beach Gardens address above, 4/5/2021 If you have any questions concerning this invoice, please contact Michael Burr at Resource Centers, LLC Phone 561.459.2985 or email - michael@resourcecenters.com BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnnna7 DATE CHECK NO. 00002783 04/21 000000000047 INVOICE. NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #27983 2/28/21 4/06/21 1,237.50 1,237.50 Check .00 Total 1,237.50 1,237.50 04/06/21 1000000000047 VOID AFTER 180 DAYS II®0000 2 2a 311® IME, 70 b 289 5':,B06 30 29 20 Eol BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnnn47 $1,237.50 DATE CHECK NO. 04/21 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #27983 2/28/21 4/06/21 1,237.50 1,237.50 C .00 eck Total 1,237.50 1,237.50 Klausner, Kaufman, Jensen & Levinson & Partnership ofPml'exoiomdAssociations A\mmeN s At Lan 7DX0N.9/.4th Street Plantation, Florida 33317 Tel, (954)916-1202 Fax (954)9l6-\232 Tax |J}.:45-003636 B0YNT0NBEACH GENERAL EMPLOYEES February 2O.2O21 Attn: AMANDA K]8H Bill #27S83 436UNORTHLAKEBOULEVARD - SUITE 2OO B4UM BEACH GARDE08, FL 33410 CLIENT: BOYNTONBEACH GENERAL EMPLOYEES BBGE MATTER. BOYNTONBEACH GENERAL EMPLOYEES' PENSION BOARD :150045 Professional Fees Dota Attorney OeSGhobon Hours Amount 02/12/21 BGJ PREPARATION DFPOLICY REGARDING 0.70 227.50 INVESTMENT MANAGERS AGREEMENT. 02/21/21 BGJ REVIEW POWER OFATTORNEY FROM 1.00 825.00 /\, PETERSON NAMING R.AGK(NSA8 AGENT, DRAFT POA CHECKL|GT, DRAFTAFF|DAV|TUNDER SECTION 709.2119'. RESEARCH POWER OF ATTORNEY DUTIES 02/22/21 BSJ PREPARE FOR AND ATTEND VIRTUAL 1.80 585.00 MEET|NG�REV|EVVAGENDAAND MEETING BACKUP, INCLUDING MINUTES 02/22/21 PARA PREPARATION OPMEETING 1.00 100.00 MATERIALS FOR UPCOMING MEETING. Total for Services 4.50 $1'237.50 CURRENT BILL TOTAL AMOUNT DUE $ 1'237,50 Past}Due'Ba|antia.: .!hOU� A08{}UNTDUE $1,302'50 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CHECKDATE 0000278A. VENDOR: nnnnnnnnnn�i 04/21 000000000031 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 460611 3/12/21 4/06/21 7,244.00 7,244.00 Check .00 Total 7,244.00 7,244.00 BOYNTON BEACH GENERAL EMPLOYEES'PENSION CENTERSTATE BANK 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 63-1289/670 800-206-0116 CHECK NO. 2784 PAY SEVEN THOUSAND TWO HUNDRED FORTY—FOUR AND 00/100 DOLLARS AUTHORIZED SIG #TURF T O THE GABRIE'L ROEDER SMITH & CO ORDER PO BOX 78000 AUTHORIZED SIGNATURE OF DEPT #78009 DETROIT MI 48278 04/06/21 1000000000031 Z_ $7,244.00 VOID AFTER 180 DAYS BOHf)ER CONTNINS MICROPRINTIWG II®00002TiR4n® IMGTOI23951NIOG302920611' BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR. 000000000031 DATE CHECK NO. 04/21 000000000031 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 460611 3/12/21 4/06/21 7,244.00 7,244.00 C .00 eck Total 7,244.00 7,244.00 Gabriel, Roeder® Smith & Company ' One East Broward Blvd. , } Suite 505 Ft. Lauderdale, Florida 33301-1804 (954) 527-1616 Attention: Ms. Amanda Kish Administrator Boynton Beach Pension Plan for General Employees The Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, Florida 33410 4/5/2021 3/12/2021 460611 For professional actuarial services rendered for the City of Boynton Beach Pension Flan for General Employees through 2128/2021 Benefit Calculations for: Corvin, Gurzynski, and Weixler GASB 67 true -up letter (dated 2/12/2021), with final GASB 67 disclosure information as of 9/30/2020 Charges since 11/30/2020 for work in progress on the 10/1/2020 Actuarial Valuation Report (charges to date equal $6,889) Dept. # 78009 Gabriel, Roeder, Smith & Company PO Box 78000 Detroit, Michigan 48278-0009 Federal Tax ID .: 3.00 225.00 675.00 450.00 6,119.00 $7,244 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page 1 of 1 BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnnnl;P DATE CHECK NO. 000029 85 04/21 000000000055 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 3RD & 4TH OTR20 4/06/21 5,616.78 5,616.78 .00 Check Total 5,616.78 5,616.78 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK INVOICE AMOUNT uuuuz ( b 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail 3RD & 4TH QTR20 4/06/21 PALM BEACH GARDENS,;FL 33410 Palm Beach Gardens FL 33410 63-1289/670 .00 eck Total 5,616.78 5,616.78 800-206-0116 CHECK NO. CHECK DATE VENDOR NO. 2785 04/06/21 1000000000055 PAY AMOUNT FIVE THOUSAND SIX HUNDRED SIXTEEN AND 78/100 DOLLARS $5,616.78 BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnnnSS DATE CHECK NO. 04/21 000000000055 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 3RD & 4TH QTR20 4/06/21 5,616.78 5,616.78 C .00 eck Total 5,616.78 5,616.78 MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC March 19, 2021 1 f aii 4/5/2021 Ms. Amanda Kish Pension Fund Administrator - Resource Centers City of Boynton Beach General Employees' Pension Fund 100 East Boynton Beach Blvd. Boynton Beach, Florida 33435 MUTUAL OF AMERICA CAPITAL MANAGEMENT 320 PARK AVENUE NEW YORK NY 10022-6839 212 224 1833 212 224 2539 FAX RONSCHLANGER SENIOR VICE PRESIDENT ADMINISTRATION IN, RMOR BRONSON,, �a��� Summary of Fees for Period 4/1/20 6/30/20 Billable Assets at Basis Points Investment r Charge per Period Management Fee Third Quarter 2020 11,671,190.95 2.43 2,834.24 Fourth Quarter 2020 11,412,728.05 2.44 2,782.54 Total City of Boynton Beach Advisory Fee Daae: $ 5,616.78 Please remit payment to: Address: Mutual of America Capital Management LLC 320 Park Avenue New York, NY Bank Information: JPMorgan Chase New York, NY 10022-6839 ABA No. 021000021 Account No. 910-2-693703 MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC A SUBSIDIARY OF MUTUAL OF AMERICA LIFE INSURANCE COMPANY BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnnn7? DATE CHECK N0. 000061 86 04/21 000000000072 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 1QTR21 #2101 4/06/21 27,201.00 27,201.00 .00 Check Total 27,201.00 27,201.00 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS,, FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289%670 CHECK N0. 27886 PAY TWENTY—SEVEN THOUSAND TWO HUNDRED ONE AND 00/100 DOLLARS AUTHORIZE-- TOTHE SOUTHEASTERN .ADVISORY SERVICES, INC' ORDER 3495 PIEDMONT ROAD O F AUTHORIZED SIGNATURE NE BLDG 12-202: ATLANTA GA 30305 04/06/21 1000000000072 $27,201.00 I VOID AFTER 180 DAYS BORDER COIJTNIIJS flfi1CROPRINTIIJG II®0000 2 M 611® 1.0670 L 2895,.,B0630 29 20611® BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnnn7? DATE CHECK N0. 04/21 000000000072 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 1QTR21 42101 4/06/21 27,201.00 27,201.00 C .00 eck Total 27,201.00 27,201.00 I. L SJ I. l">. Icy: Ai.) �:` 1 ' t i R..' f„ 1�.'. RV I C ��. �S , 1 '` 3495 Piedmont Road, NE Bldg 12-202 Atlanta, GA30305 Phone404 237 3156 Bill To: Boynton Beach General Employee's Pension Fund C/0 Amanda Kish, amanda@resourcecenters.com The Resource Centers, Inc. 4360 Northlake Blvd. Suite206 Palm Beach Gardens, FL33410 Via email: paymentgroup@resourcecenters.com / Dina@resourcecenters.com Performance Measurement and Related Investment Consulting Services Valueatl2/31/20: $217,605,603 ( $217,605,603 x 5 Basis Points)/4 = Please send your payment to: Southeastern Advisory Services, Inc. 3495 Piedmont Road, NE Bldg 12-202 Atlanta, GA 30305 If you have any questions concerning this invoice, contact: Jeff Swanson, 904 233 7600, jell@seadvisory.com Thankyou for your business! DATE: April 1, 2021 INVOICE# 2101 FOR: 1Q21 JJ 4/5/2021 $27,201 TOTAL $27,201 BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: nnnnnnnnnngn DATE CHECK NO. 00002787 n4/21 000000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT JAN 2021 SACCTS 4/06/21 5,430.79 5,430.79 Check .00 Total 5,430.79 5,430.79 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 63-1289/670 800-206-0116 CHECK NO.CHECK DATE 2787 04/06/21 PAY FIVE THOUSAND FOUR HUNDRED THIRTY AND 79/100 DOLLARS C�. AUTHORIZEO�SIG (UfRE TO THE WELLS FARGO BANK, N.A. ORDER TRUST OPERATIONS NW 5159 000000000080 AMOUNT $5,430.79 w OF AUTHORIZED SIGNATURE Pb BOX 1450 MINNEAPOLIS MN 55485-5159 VOID AFTER 180 DAYS _ IGROPRIN.fII�,G 11®0000 2 78 Ill a.0 E 701 289 5a®806 30 29 20E V BOYNTON BEACH GENERAL EMPLOYEES' PENSION 00002787 VENDOR: DATE CHECK NO. nnnnnnnnnnRn 04/21 000000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT JAN 2021 SACCTS 4/06/21 5,430.79 5,430.79 Clieck .00 Total 5,430.79 5,430.79 edd. Hi m IN01,5 Fargo Ban]c, N.A. Boynton Beach - Clearbridge LG Cap Dixie Martinez Admin. 4360 Northlake Blvd Ste 206 Palm Beach Gardens FL 33410 Fee Invoice: 13222602 O—A Account Number- 25876101 U Fa r Pe r in, d" 01i0112021 -01/"1121721 Invotro Date: 02i0612021 L Return To: MAR 0 Wells Fargo Bank, N.A. Trust Services Group NNJV 5159 P.O. Box 1450 Minneapolis, MN 55485-5159 D1,227.03 Li '4QUE UPON RECEIPT 4/5/2021 Account Name: Boynton Beach - Clenrlbridge LG Cap Cont2ct-. Karl Hutchinson 0055938 Summary of Current Period Foes Administration Total Current Period Fees EACGh 46) 430,qq Charged Billed Total $1,227,03 $1,227,03 $1,227,03 $1,227.03 PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 Fee Invoice: 13222602 Account Number. 25876101 For Period., 01/01/2021 - 01131/2021 r.Invoice Date: 02/05/2021 0 Wri 1112 RIM RUTTeN711111#1 I Services Value I Quantity Rate Frequency Amount Administration Market Value 36.810,797.18 0.0004 x 1112 1,227.03 Total Administration $1,227.03 Total $1,227.03 Total Charged to Account $0.00 Total Billed $1,227.03 Payment Due $1,227.03 Page 2 Fee Invoice: 13223239 Accoant Number 4046&02463 Wells Fargo Bank, N.A. For petiod" 01 K) 1 !2021 ..01/311/2021 0 Invoice Date: 02/05/2021 BoyntoniCity Mut Dixie Martinez Admin. 4360 Northlake Blvd Ste 206 Palm, Beach Gardens FL 33410 'E 0 W/ rP Return To: Wells Fargo Bank, N.A. kl A Trust Services Group 4/5/2021 Account Name: BoyntonlCity Mut Ccntac;: Kad Hutchinson 005,5938 Summary Of Current Period Fees Administration Total Current Period Fees NW 5159 P.O. Box 1450 Minneapolis, MN 55485-5159 PAYMENT DUE UPON RECEIPT Charged Billed Total $2,686,26 $2,686.26 $2,686.26 $2,686.26 PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 WEA - NW..O, Fee Invoice: 13223239 Account N2me: Boynton/City Mut Contact: Kad Hutchinson 0055938 Account Number. 4046002463 For Period: 01/01/2021 - 01/31/2021 Invoice Date: 0210512021 Services Value I Quantity Rate Frequency Amount AdmInIstration Market Value 80,587,688.70 @ 0.0004 x 1/12 2,686.26 Total Administration $2,686.26 Total $2,686.26 Total Charged to Account $0.00 Total Billed $2,686.26 Payment Due $2,686.26 Page 2 Fee Invoice: 13223235 Account Number 40,16000161 Wells Fargo Bank, MA. ForPeriod, 01/01/2021 - 0113112021 Invoice Date; 02)05/2021 Bcynton/DHJ Fxd Dixie Martinez Admin. 4360 Northlake Blvd Ste 206 Palm Beach Gardens FL 331410 EF, MIN EPE 11 Tr LE llI N.WR U S 'f,-`012; I By Account Narne: Boynton/[GHJ Fxd Contact: Karl Hutchinson 0055938 Surriniary of Current: Period Fees Administration Total Current Period Fees. Return To: Wells Fargo Bank, N.A. Trust Services Group NW 5159 P.O. Box 1450 1 Minneapolis, MN 5 -51 3525 66 PAYMENT DUE UPON RECEIPT 4/5/2021 Charged Billed Total $525.66 $525.66 $525.66 5526:66 PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 IMIS M1 Fee Invoice: 13223235 Account Number. 4046000161 For Period: 01/01/2021 - 01/3112021 Invoice Date: 02/05/2021 Services Value I Quantity Rate Frequency Amount Administration Market Value 15.769,785.11 @ 0.0004 x 1112 525.66 Total Administration $625.66 Total $525.66 Total Charged to Account Page 2 Page 2 Fee Invoice: 1320:5637 Wells Fargo Batik, N.A. Account I\Iamber: 24102201 F,lr Perk.d,, 01/0,11202.1 - 011310,021 Invoic"- Date: 02/04/2021 it �n f— Return To: BoyntonJSV400 Wells Fargo Batik, N.A. Dixie Martinez, Administrator Trust Services Group The Resource Centers, LLC NW 5159 4360 Northlake Blvd, Suite 206 P.O. Box 1450 Palm Beach Gardens FL 33410 Knneapolis, MN 5548r 59 $486.83 (' PAYMENT DUE UPON RECEIPT 4/5/2021 Account Name: Boynton/S&P400 Contact: Karl Hutchinson 0055938 - — --------- - - - ------ .. . ....... ........... . ......... . . ......... . . . ...... .. . ....... . ..... Summary of Current Period Fees Charged Billed Total Administration $486,83 3486.83 Total Current Period Fees $486,83 $486,83 PLEASE RETURN THIS PAGE WITH PAYMENT Pave 1 Fee Invoice: 13205637 Account Number. 24102201 Wells Fargo Bank, N.A. For Period: 01 /01 /2021 - 01/31/2021 Invoice Date: 02/0412021 Services Value I Quantity Rate Frequency Amount Administration Market Value 14,417,507.98 @ 0,0004 x 1/12 480.58 Annual Account Maintenance 1.00 @ 75.00 x 1/12 6.25 Total Administration $486.83 Total $486.83 Total Charged to Account $0.00 Total Billed $486.83 Payment Due $486.83 Page 2 Fc':Hr� Fee Invoice: 13223236 Wells Fargo Bank, N.A,Account Number. 4046000170 —3or Period., 0110V2021 - 0113,112021 nVoice Date: 02/0512021 7P ff, 1" 0 T, 1_�' � [� MAR 0 ?021 Return Tcx Boynton/San Fx Wells Fargo Bank, N.A. Dixie Martinez Admin. By - Trust Services Group 4360 Northlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN 1 ,4851-5' 5,01 P.Q. 4/5/2021 PAYMENT DUE UPON RECEIPT Account Name; Boynton]San Fx Contact: Karl Hutchinson 0055938 Summary of Current Period Fees Administration Total Current Period Fees Charged Billed Total $505,01 $505.01 $505.01 $505.01 PLEASE RETURN THIS PAGE WITH PAYMENT Page I Account N2rne: Boynton/San Fx Contact: Kad Hutchinson 0055938 Fee Invoice: 13223236 Account Number. 4046000170 For Period: 01/01/2021 - 01/31/2021 Invoice Date: 02/05/2021 Services Value I Quantity Rate Frequency Amount Administration Market Value 15,150,161.27 @ 0.0004 x 1/12 505,01 Total Administration $505.01 Total $505.01 Total Charged to Account $0.00 Total Billed $505.01 PaymentDue $505.01 Page 2 BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnn02R DATE CHECK NO. 00002783 04/21 000000000028 INVOICE NUMBER. INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT CPPT RECERT-2 4/07/21 62.00 62.00 Check .00 Total 62.00 62.00 j BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK j 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach "Gardens, FL 33410 800-206-0116 63-1289(670 C PAY SIXTY—TWO AND 00/100 DOLLARS TO THE FPPTA ORDER 2946 WELLINGTON CIRCLE EAST OF TALLAHASSEE FL 32309 i 2788 104/07/21 J000000000028 AUTHORIZED SIG URE AUTHORIZED SIGNATURE VOID AFTER 180 DAYS II®0000 2 Maul i:06 70 L 289 5ll:806 30 29 20611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: 000000000028 $62.00 I DATE CHECK NO. 04/21 000000000028 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT CC_ -LDPT RECERT-2 4/07/21 62.00 62.00 C .00 eck Total 62.00 62.00 Amanda Kish (Resource Centers, LLC) 4360 NORTHLAKE BLVD STE 206 PALM BCH GDNS, FL 33410 United States Description CPPT Recertificalin for: Sheryl Claude, Laurie Fasolo Invoice Date: 04/07/2021 Florida Public Pension Trustees Association Invoice Number: INV 4089 2946 WELLINGTON CIR TALLAHASSEE, FL 32309 Reference: Online Payment: CPPT United States Recertification mj@fppta.org 8506688552 Quantity Unit Price Sales Tax Amount USD 2 $31.00 - $62.00 Sub Total $62.00 TOTAL Sales Tax $0.00 TOTAL USD $62.00 Amount Paid $0.00 1' J n AMOUNT DUE: $62.00 DUE DATE: April 17, 2021 4/7/2021 -X ---------------------------------------------------- PAYMENT ADVICE Customer: Amanda Kish To: Invoice Number: INV -4089 Florida Public Pension Trustees Association 2946 WELLINGTON CIR TALLAHASSEE, FL 32309 United States Amount Due: $62.00 mj@fppta.org - 8506688552 Due Date: April 17, 2021 BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: 000000000028 DATE CHECK NO. 00002789 04/21 000000000028 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT CEU EVENT—GRANT 4/07/21 450.00 450.00 .00 Check Total 450.00 450.00 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 800-206-0116 63-1289/670 C PAY; FOUR HUNDRED FIFTY AND 00/100 DOLLARS TO THE FPPTA ORDER 2946'` WELLINGTON CIRCLE EAST OF TALLAHASSEE FL 32309 10. 1 CHECK DATE I VENDOR NO. 2789 04/07/21 000000000028 AUTHORIZED SI RE AUTHORIZED SIGNATURE VOID AFTER 180 DAYS 1100000 2 78 911® e: OP.? 0 12895':806302920GO BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: nnnnnnnnnn2R $450.00 w DATE CHECK NO. 04/21 000000000028 00002789 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT CEU EVENT -GRANT 4/07/21 450.00 450.00 C .00 eck Total 450.00 450.00 r i FLORIDA) URIC PENSION TRUSTEES AO SJNGE' 1964 Amanda Kish (Resource Centers, LLC) 4360 NORTHLAKE BLVD STE 206 PALM BCH GDNS, FL 33410 United States Registering for organization: steven Grant Individuals named in this event registration: Amanda Kish Steven Grant Invoice Date: 04/07/2021 Invoice Number: INV 4090 Reference: Online Event Registration: 2021 Virtual CPPT and CEU Registration Description Virtual 2021 CPPT/CEU Registration - Entering Advanced Class (April 22 -23) -Event Fee DUE DATE: April 17, 2021 Florida Public Pension Trustees Association 2946 WELLINGTON CIR TALLAHASSEE, FL 32309 United States mj@fppta.org 6506688552 t S�i�� lir 4/7/2021 Quantity Unit Price Sales Tax Amount USD 1 $450.00 - $450.00 Sub Total $450.00 TOTAL Sales Tax $0.00 TOTAL USD $450.00 Amount Paid $0.00 -3C--------------------------------------- PAYMENT ADVICE Customer To: Invoice Number: Florida Public Pension Trustees Association 2946 WELLINGTON CIR TALLAHASSEE, FL 32309 United States Amount Due: mj@fppta.org 8506688552 Due Date: AMOUNT DUE: $450.00 Amanda Kish INV -4090 $450.00 April 17, 2021 BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: 000000000028 DATE CHECK NO. 00002790 04/21 000000000028 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT CEU EVENT-CLAUD 4/07/21 450.00 450.00 Check .00 Total 450.00 450.00 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS,,FL 33410 Palm Beach Gardens, FL 33410 800-206-0116 63-12891670 C PAY FOUR HUNDRED FIFTY AND 00/100 DOLLARS TO THE F'PP,TA ORDER 2946 WELLINGTON CIRCLE EAST OF TALLAHASSEE FL 32309 2790 104/07/21 1000000000028 $450.00 1 AUTHORIZED 51AG1TURE AUTHORIZED SIGNATURE VOID AFTER 180 DAYS u10000 2 7900 il:06 70 1 289 51:806 30 29 20P ii, BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: DATE nnnnnnnnnn2R 04/21 CHECK NO. 000000000028 1111 •''1 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT CEU EVENT-CLAUD 4/07/21 450.00 450.00 Clieck .00 Total 450.00 450.00 4/5/2021 Thant: You for Registering. — Florida Public Pension Trustees Association Last Name Kish Registering for Sherri Claude organization 4360 NORTHLAKE BLVD STE 206 Street Address 4360 NORTHLAKE BLVD STE 206 City PALM BCH GDNS Zip Code 33410 State Florida Email Address amanda@resourcecenters.com Participant i Registration Info First Name Sheryl Last Name Claude Street Address 4360 NORTHLAKE BLVD STE 206 City PALM BCH GDNS State Florida Zip Code 33410 Email Address amanda@resourcecenters.com Back to "2021 Virtual CPPT and CEU Registration" event information FDA 00MIN IAJ 1.221 Help spread the word I Please help us and let your friends, colleagues and followers know about our page: 2021 Virtual CPPT and CEU Registration Like Sign Up to see what your friends like. Share You can also share the below link in an email or on your website. https://f ppta.org/civi crm/?civiwp=CiviCRM &q=civicrm%2Fevent%2Finfo&id=44&reset=1 Howdy, Amanda Kish I Logout FORGOT YOUR PASSWORD? empowered by ice_ English ----� https://fppta.org/civicrm/?civiwp=CiviCRM&q=civicrm%2Fevent°/a2Fregister&_qf ThankYou_display=true&gfKey=ac4df72b66086c527554a89alb7Ocf... 3/4 4/5/2021 Thank You for Registering. — Florida Public Pension Trustees Association An error occurred when CiviCRM attempted to send an email (via SMTP). If you received this error after submitting on online contribution or event registration - the transaction was completed, but we were unable to send the email receipt. The mail library returned the following error message: Failed to set sender: mj@fppta.org [SMTP: Failed to write to socket: not connected (code: -1, response: )] This is probably related to a problem in your Outbound Email Settings (Administer CiviCRM System Settings » Outbound Email), OR the FROM email address specifically configured for your contribution page or event. Possible causes are: ® Your Sendmail path is incorrect. ® Your Sendmail argument is incorrect. ® The FROM Email Address configured for this feature may not be a valid sender based on your email service provider rules. Check this page for more information. Florida Public Pension Trustees Association 2946 Wellington Circle East Tallahassee, Florida 32309 Please contact Cindy Berta at cindy@fppta.org with any payment concerns. An email with event details has been sent to amanda@resourcecenters.com. Evert linfornnation 2021 Virtual CPPT and CEU Registration When March 11th, 2021 12:00 AM through April 9th, 2021 11:59 PM Location Virtual Event FL 3 Event Fee(s) Item 4/7/2021 Qty Unit Price Total Price Virtual 2021 CPPT/CEU Registration — CEU Event Fee (May 18-19) 1 $450.00 $450.00 Event Total: $450.00 Registrant Registration Info ! F,' :m English --- — https://fppta.org/civicrm/?civiwp=CiviCRM&q=civicrm%2Fevent%2Fregister&_qf ThankYou_display=true&gfKey=ac4df72b66086c527554a89alb70cf... 2/4 BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnn4nl DATE CHECK NO. 00002791 1 04/21 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006199 4/30/21 17,108.50 17,108.50 .00 17,108.50 006200 4/30/21 8,445.78 8,445.78 .00 8,445.78 -.6201 4/30/21 4,374.82 4,374.82 .00 4,374.82 ;202 4/30/21 3,346.04 3,346.04 .00 3,346.04 006203 4/30/21 269.01 269.01 .00 269.01 006204 4/30/21 416.32 416.32 .00 416.32 Check Total 33,960.47 � r r 1 BOYNTON BEACH GENERAL EMPLOYEES` PENSION CENTERSTATE BANK 4360 NORTHLAKE BLVD STE 206 10891 N: Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289670 2791 04/30/21 000000000401 PAY AMOUNT THIRTY—THREE THOUSAND NINE HUNDRED SIXTY AND 47/100 DOLLARS $33,960.47 /-, , f 1 THE ORDER OF A VT110RIZEO SIGWrURE CITY OF BOYNTON BEACH ATTN : ANDREA JAVIER E?�1 ADTHORIZED SIGNAN- P.O. BOX 310 BOYNTON BEACH FL 33425 VOID AFTER 180 DAYS ORDER CONTAINS MIC FOP RINTIN6 11'0000 2 79 1110 d:067012695e:806302920611` BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: 000000000401 00002791 DATE CHECK NO. 04/21 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006199 C 4/30/21 17,108.50 17,108.50 .00 17,108.50 006200 4/30/21 8,445.78 8,445.78 .00 8,445.78 006201 4/30/21 4,374.82 4,374.82 .00 4,374.82 006202 4/30/21 3,346.04 3,346.04 .00 3,346.04 006203 4/30/21 269.01 269.01 .00 269.01 006204 4/30/21 416.32 416.32 .00 416.32 C eck Total 33,960.47 BOYNTON BEACH GENERAL EMPLOYEES' PENSION 00002792 VENDOR: DATE CHECK N0. nnnnnnnnnnni 05/21 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #18558 MAY 2021 5/04/21 5,156.10 5,156.10 .00 Check Total 5,156.10 5,156.10 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 00002792 4360 NORTHLAKE BLVD STE 206 10891 N Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 63-1289/670 800-206-0116 CHECK NO.CHECK DATE VENDOR NO, 2792 05/04/21 000000000001 .I PAY'AMOUNT FIVE THOUSAND ONE HUNDRED FIFTY—SIX AND 10/100 DOLLARS $5,156.10 f AUTHORIZED SIG URE TO THE PENSION RESOURCE CENTER ORDER 4360 NORTHLAKE BLVD AUTHORIZED SIGNATURE OF SUITE 206 PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS BORDER CONTAINS MICROPRINTING 11`0000 2 79 211' (:0670 1 2H951:80630 29 20611® BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: nnnnnnnnnnni DATE CHECK NO. 05/21 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #18558 MAY 2021 5/04/21 5,156.10 5,156.10 C .00 eck Total 5,156.10 5,156.10 Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Bill To Boynton Beach General Pension Fund Date Invoice # 5/1/2021 18558 Tax ID Pension Resource Center 36-4504183 Resource Centers 87-0800468 Description Qty Rate Amount Boynton Beach General Employees' Pension Monthly Administrator 4,925.00 4,925.00 Fee for May 2021 Postage 418 0.55 229.90 International Postage 1 1.20 1.20 Total Amount Due $5,156.10 ri Mail Payments to: r � - Resource Centers, LLC at Palm Beach Gardens address above. '�ti ,Cr.; 5/4/2021 If you have any questions concerning this invoice, please contact Michael Burr at Resource Centers, LLC Phone 561.459.2985 or email - michael@resourcecenters.com BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: 000000000080 DATE CHECK NO. 00002793 05/21 OOOOOOOnnnRn INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT FEB 2021 5/06/21 5,479.68 5,479.68 Check .00 Total 5,479.68 5,479.68 4 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 0002793 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 800-206-0116 63-1289/670 CHECK NO.CHECK DATE VENDOR NO. 2793 05/06/21 1000000000080 PAYAMOUNT FIVE THOUSAND FOUR HUNDRED SEVENTY—NINE AND 68/100 DOLLARS $5,479.68 2sz t AUTHORIZED SI URE TO THE WELLS FARGO-BANK, N.A. ORDER TRUST OPERATIONS NW 5159 OF PO BOX 1450 AUTHORIZED SIGNATURE MINNEAPOLIS MN 55485-5159 VOID AFTER 180 DAYS — . BORDEN CONTAINS IVIICNCPF.ItdTING I"ODOO 2793110 1:OETO I28951:8OE30 29 20611° BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: 000000000080 DATE CHECK NO. 05/21 nOnnnnnnnnRn 00002793 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC, TAKEN NET AMOUNT FEB 2021 5/06/21 5,479.68 5,479.68 C .00 eck Total 5,479.68 5,479.68 Man Wells Fargo Bk, N.A. rI r � 11 z �t APR 0 9 T ' L� R 11 2021 Fee Invoice: 13274586 Account Number 24102201 For Period: 02/01/2021 - 02/28/2021 Invoice Date: 03/05/2021 � By &XO 000259 XNTFDV88 Return To: Boynton/S&P400 Wells Fargo Bank, N.A. jo Dixie Martinez, Administrator Trust Services Group The Resource Centers, LLC NW 5159 4360 NQrthlake Blvd., Suite 206 P.O. Box 1450 Palm Beach Gardens FL 33410 Minneapolis, MN 55485-5159 $519.16 PAYMENT DUE UPON RECEIPT Fold Here Account Name: Boynton/S&P400 Contact, Karl Hutchinson 0055938 Summary of Current Period Fees Administration Total Current Period Fees Charged Billed $519.16 $519,16 PLEASE RETURN THIS PAGE WITH PAYMENT Total $519.16 $519.16 `Page 1 Fee Invoice: 13274686 Wells Fargo Bank, N.A. Account Number: 24102201 For Period: 02/012021 - 02282021 Invoice Date: 03/052021 Account Name: Boynton/S&P400 Contact: Karl Hutchinson 0055938 Services Value / Quantity Rate Frequency Amount Administration Market Value 15,387,279.26 @ 0,0004 x 1/12 512.91 Annual Account Maintenance 1.00 @ 75.00 x 1/12 6.25 Summary Total Administration $519.16 Total $519.16 Total Charged to Account $0.00 Total Billed $519.16 Payment Due $519.16 i 'li- 5/4/2021 >�. �,/ Page 2 .xs Fee Invoice: 13262340 W F - Account Nurnber. 4046002453 RINE iells Fargo Bank, N.A. For Pefiod.' 0210112,1021 - 02/28,12021 APR 0 Tri Invoice Date: 03) 0,7J2 02 1 L�-y Boynton,'City Mut Dixie Marline7 Admin, 4360 Northfake Blvd Ste 206 Palm Beach Gardens FL 33410 Account Nnme. Boynton/City!Aut Conta c..'J I Karl Hutchinson 0055938 ''I'll., - - -.. I ........ .. ............. ........ . ... .- ............ ..... ... .. .. I I 1 --.1 11, Summary of Current Period Fees AfJministrafion Total Curreknt Period Fees Return To: Wells Fargo Bank, N.A. Trust Services GrOLIP NW 5159 P.O. Box 1450 Minneapolis, MN 55485-5159 $2 38A0 PAYMENT DUE UPON RECEIPT Charged Billed Total $2,738.10 $2,736. 10 0 $2,736.10 5/4/2021 rfN PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 � � Account Name: Boynton/City Mut Contact: Karl Hutchinson 0055938 Services Value /Quantity Rate Frequency Amount Administration Market Value 82.143.802.99 0,0804 x 1/12 2.73810 Total Administration *2.738.10 Total $2.73810 Total Charged to Account $0.00 Fee Invoice: 13262340 Account Number 4046002463 Wells Fargo Bank, N.A. For Period: 0 02/01/2021 - 02/28/2021 Invoice Date: 03/05/2021 Account Name: Boynton/City Mut Contact: Karl Hutchinson 0055938 Services Value /Quantity Rate Frequency Amount Administration Market Value 82.143.802.99 0,0804 x 1/12 2.73810 Total Administration *2.738.10 Total $2.73810 Total Charged to Account $0.00 Total Billed $2,738.10 Payment Due $2,738.10 9' ® Wells X81 Be3f7�i N.A.C ��1r Fee Invoice: 13261198 - Account Number: 4046000170 [15-1 F L NFor Period: 02/01/2021 - 02/2812021 Invoice Date: 03/05/2021 !U 2021 000066 XNTFDV88 Return To: Boynton/San Fx —B4_ Wells Fargo Bank, N.A. Dixie Martinez Admin. Trust Services Group 4360 Northlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN 55485-5159 °$488.18 1 1 PAYMENT DUE € PON RECEIPT Account Name: Boynton/San Fx Contact: Karl Hutchinson 0055938 _ ................................................... ............................................._.._................... -............ Fold Here .......... ..................... .............. .......-.------------ _..................... .._...,..-.-.......... ...... Summary of Current Period Fees Charged Billed Total Administration $488.18 $488.18 Total Current Period Fees $488.18 $488.18 PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 Fee Invoice: 13261198 Account Number: 4046000170 • Wells Fargo Bank, N.A. For Period: 02/012021 - 0228/2021 Invoice Date: 03/052021 Account Name: Boynton/San Fx Contact: Kari Hutchinson 0055938 Services Value I Quantity Rate Frequency Amount Administration Market Value 14.645,458.76 @ 0.0004 x 1/12 488.18 Summary Total Administration $488.18 Total $488.18 Total Charged to Account $0.00 Total Billed $488.18 Payment Due $488.18 5/4/2021 Page 2 Fold Here cn m Fee Invoice: 13261197 Account Number: 4046000161 ® Wells ����� Bank,i /� R 2 f, I For Period: 02/0112021 - 02/28/2021 i JI Invoice Date: 03/05/2021 By 000065 XNTFDV88 Baynton/DHJ Fxd Dixie Martinez Admin. 4360 Northlake Blvd Ste 206 Palm Beach Gardens FL 33410 Account Name: Boynton/DHJ Fxd Contact: Karl Hutchinson 0055938 Summary of Current Period Fees Administration Total Current Period Fees = Return To: Wells Fargo Bank, N.A. Trust Services Group NW 5159 P.O. Box 1450 Minneapolis, MN 554855159 $508.59 PAYMENT DUB UPON RECEIPT Billed $508.59 $508.59 PLEASE RETURN THIS PAGE WITH PAYMENT Total $508.59 $508.59 a Mage 1 Fee Invoice: 13261197 Account Number: 4046000161 . - W@!IS Fargo Bank, N.A. For Period: 02/01/2021 - 02/282021 Invoice Date: 03/05/2021 Account Name: Boynton/DHJ Fxd Contact: Kari Hutchinson 0055938 Services Value t Quantity Rate Frequency Amount Administration Market Value 15,257,592.75 @ 0.0004 x 1/12 508.59 Total Administration $608.69 Total $508.69 Summary Total Charged to Account $0.00 Total Billed $508.59 Payment Due $508.59 r 5/4/2021 Page 2 Fee Invoice: 13261116 Wells Fargo Rank, N.A. Ell, Account Nunnber: 25876101 r02/01r2021 - 021282 021 �, -�::or Pe Invoice Date: 0 0 (2 0 21 ill rl'lli Boynton Beach - Clearbr, 'dge LG Cap Dixie i1 is Admin. 4360 Northlake Blvd Ste 206 Ra Im Beach Gardens FL 33410 AcCOLInt Name: Boynton Beach - Cleatbridge LG Cap (301,1t4actl Karl Hutchinson 0055938 .. .. . ....... ............... . . Swnrnar�f of Current Period Fees Adfninistralion Total Current Period. Fees Return To: Wells Fargo Bank, N,A, Trust Services Group NW 5159 P.O. Box 1450 Minneapolis, M -N 55485-5159 1,225-665 PAYMENT DUE UPON RECEIPT Charged Bitted Total $1,225-65 51,225.65 $1,225,65 $1,225.65 5/4/2021 PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 Fee Invoice: 13261116 Wells Fargo Bank, N.A. Account Number: 25876101 For Period: 02/01/2021 - 02/28/2021 E Invoice Date: 03/05/2021 Account Name: Boynton Beach - Clearbridge LG Cap Contact: Karl Hutchinson 0055938 Services Value! Quantity Rate Frequency Amount Administration Market Value 36,769,634.69 @ 0,0004 x 1/12 1,225.65 Total Administration $1,225.65 Total $1,225.65 Total Charged to Account $0.00 Total Billed $1,225.65 Payment Due $1,225.65 M' Page 2 BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: nnonnnnnon55 DATE CHECK NO. 000027 94 05/21 000000000055 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 1QTR2021 5/06/21 3,338.23 3,338.23 .00 Check Total 3,338.23 3,338.23 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 00002794 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 - Palm Beach Gardens, FL 33410 800-206-0116 63-1289/670 CHECK NO.CHECK DATE VENDOR NO. 2794 05/06/21 000000000055 PAY AMOUNT, THREE THOUSAND THREE HUNDRED THIRTY—EIGHT AND 23/100 DOLLARS $3,338.23 AUTHORIZED SIG URE TO THE MUTUAL OF AMERICA CAPITAL MANAGEMENT ORDER ATTN : THOMAS KELLY O F 4UTHORIZED SIGNATURE 320 PARK AVE, 9TH FLOOR NEW YORK NY 10022-6839 VOID AFTER 180 DAYS eoROEH coHrtivas rsloHoa�wrlN 11.0000 2 79411' 1:06 70 1 289 51:806 30 29 20E 'In BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: 000000000055 DATE CHECK NO. 05/21 000000000055 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT IQTR2021 05/06/21 3,338.23 3,338.23 C .00 eck Total 3,338.23 3,338.23 MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC April 30, 2021 Ms. Amanda Kish Pension Fund Administrator - Resource Centers City of Boynton Beach General Employees' Pension Fund 100 East Boynton Beach Blvd. Boynton Beach, Florida 33435 Summary of Fees for Period 01/01/2021 '03/31/2021 MUTUAL OF AMERICA CAPITAL MANAGEMENT 6w 320 PARK AVENUE 65� NEW YORK NY 10022-6839 212 224 1833 212 224 2539 FAX RONSCHLANGER SENIOR VICE PRESIDENT ADMINISTRATION Billable Assets at Basis Points Investment Prior Quarter End Charge per Period Management Fee First Quarter 2021 Total City of Boynton Beach Advisory Fee Due: Please remit payment to: Address: Mutual of America Capital Management LLC 320 Park Avenue New York, NY 10022 Att: Ron Schlanger Bank Information: JPMorgan Chase New York, NY 10022-6839 ABA No. 021000021 Account No. 910-2-693703 14,191,147.94 2.35 7 3,338.23 $ 3,338.23 5/4/2021 MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC A SUBSIDIARY OF MUTUAL OF AMERICA LIFE INSURANCE COMPANY BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: 000000000047 DATE CHECK NO. 00002795 05/21 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT MAR & APR 2021 5/06/21 3,217.50 3,217.50 Check .00 Total 3,217.50 3,217.50 f R B BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 00002795 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 800-206-0116 63-1289/670 CHECK NO.CHECK DATE VENDOR NO. 2795 05/06/21 000000000047 f PAY. AMOUNT THREE THOUSAND TWO HUNDRED SEVENTEEN AND 50/100 DOLLARS $3,217.50 TO THE KLAUSNER, KAUFMAN, JENSEN & LEVINSON ORDER 7080 NORTHWEST 4TH STREET OF PLANTATION FL 33317 /?7/ - AUTHORIZED AUTHORIZED SIG URE AUTHORIZED SIGNATURE VOID AFTER 180 DAYS BORDER CONTE.INS MIC ROPTNTINC 11'0000 2 79 511' 1:06 TO 1 211950:,ROE30 29 20D1' BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: 000000000047 DATE CHECK NO. 05/21 000000000047 00002795 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT MAR & APR 2021 5/06/21 3,217.50 3,217.50 Check .00 Total 3,217.50 3,217.50 Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 Fax (954) 916-1232 www.kiausnerkauftnan.com Tax I.D.: 454083636 BOYNTON BEACH GENERAL EMPLOYEES April 30, 2021 Attn: AMANDA KISH Bill # 28372 4360 NORTHLAKE BOULEVARD - SUITE 206 PALM BEACH GARDENS, FL 33410 CLIENT: BOYNTON BEACH GENERAL EMPLOYEES : BBGE MATTER: BOYNTON BEACH GENERAL EMPLOYEES' PENSION BOARD :150045 Professional Fees Date Attorney Description Hours Amount 04/09/21 CW REVIEW SUMMARY PLAN 0.10 32.50 DESCRIPTION RE UPDATES 04/09/21 BSJ REVIEW EMAILS TO RICHELLE LEVY 0.50 162.50 REGARDING MANTELL RECORDS; FORWARD ADDITIONAL RECORDS FROM FILES; REVIEW PENSION RESOURCE FILE; EMAIL TO OTHER BIDDERS REGARDING DECISION 04/09/21 BSJ REVIEW EMAIL FROM AMANDA KISH 0.40 130.00 REGARDING ESTIMATED PAYMENTS; BEGIN DRAFTING POLICY 04/12/21 BSJ DRAFT POLICY REGARDING 1.00 325.00 ESTIMATED BENEFIT PAYMENTS 04/14/21 BSJ TELEPHONE CALL WITH RICKI LEVY 0.20 65.00 04/14/21 BSJ REVIEW BLBG MONITORING 0.20 0.00 AGREEMENT, ATTACHMENTS, AND STEERING LETTER 04/21/21 BSJ REVIEW AND RESPOND TO EMAIL 0.10 32.50 FROM LORI LAVERRIERE; EMAIL FULLY EXECUTE RETAINER AGREEMENT TO RICHELLE LEVY AND AMANDA KISH 04/23/21 BSJ TELEPHONE CALL WITH PETE 0.20 65.00 STRONG REGARDING EARLY RETIREMENT, 04/23/21 CW REVIEW AND RESPOND TO EMAIL 0.70 227.50 FROM AMANDA KISH RE SPD. REVIEW AMLEGAL AND SPD. REVISE SAME. Continued ... Client: BOYNTON BEACH GENERAL EMPLOYEES April 30, 2021 Matter: 150045 - BOYNTON BEACH GENERAL EMPLOYEES' Page 2 Date 04/27/21 Attorney CW 04/27/21 BSJ 04/28/21 BSJ 04128/21 BSJ Professional Fees Continued... Description Hours REVIEW ORDINANCE 19-037,2020-2023 2.00 COLLECTIVE BARGAINING AGREEMENT, AND PLAN DOCUMENT RE DROP. REVIEW AND REVISE SUMMARY PLAN DESCRIPTION. DRAFT REVISED PROPOSED REQUIRED MINIMUM DISTRIBUTION ORDINANCE, REVIEW CITY CODE SECTION 18-127 0.70 AND ORDINANCE 19-037 CREATING SECTION 18-300; EMAIL TO JIM CHEROF REVIEW AND RESPOND TO EMAIL 0.10 FROM RICKI LEVY REGARDING MANTELL HEARING REVIEW AND REVISE AMENDMENT TO 0.40 PLAN Amount 650.00 227.50 32.50 130.00 Total for Services 6.60 $2,080.00 CURRENT BILL TOTAL AMOUNT DUE $ 2,080.00 Past Due Balance 2,375.00 AMOUNT DUE $4,455.00 `tft 5/4/2021 Klausner, Kauftnan, Jensen & ]Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 Fax (954) 916-1232 www.klausnerkauftnan.com Tax I.D.: 45-4083636 BOYNTON BEACH GENERAL EMPLOYEES March 31, 2021 Attn: AMANDA KISH Bill # 28179 4360 NORTHLAKE BOULEVARD - SUITE 206 PALM BEACH -GARDENS, FL 33410 CLIENT: BOYNTON BEACH GENERAL EMPLOYEES : BBGE MATTER: BOYNTON BEACH GENERAL EMPLOYEES' PENSION BOARD :150045 Professional Fees Date Attorney Description Hours Amount 03/04/21 BSJ EMAILS TO LOCATE ATTORNEYS FOR 0.20 65.00 MANTELL MATTER 03/04/21 RDK REVIEW SURVIVORSHIP ISSUE 1.00 325.00 03/05/21 BSJ REVIEW EMAILS TO SURVIVING 0.60 195.00 SPOUSE AND FORMER SPOUSE OF G. MANTELL; EMAI LS TO ATTORNEY BIDDERS; REVIEW RESPONSE FROM RICHELLE LEVY 03/07/21 BSJ REVIEW AND RESPOND TO EMAILS 0.20 65.00 FROM PROSPECTIVE ATTORNEY BIDDERS 03/12/21 BSJ REVIEW AND RESPOND TO EMAIL 0.10 32.50 FROM GREGG ROSSMAN 03/18/21 BSJ REVIEW EMAILS FROM BIDDING 0.70 227.50 ATTORNEYS ON MANTELL MATTER; EMAIL TO STEVEN GRANT 03/29/21 BSJ REVIEW EMAIL FROM STEVEN GRANT 0.70 227.50 REGARDING SLECTION OF RICHELLE LEVY; TELEPHONE CALL WITH RICHELLE LEVY; REVISE DRAFT RETAINER AGREEMENT, EMAILTO RICHELLE LEVY; REVIEW SIGNED AGREEMENT AND EMAIL TO STEVEN GRANT Total for Services 3.50 $1,137.50 Continued ... Client: BOYNTON BEACH GENERAL EMPLOYEES Matter: 150045 - BOYNTON BEACH GENERAL EMPLOYEES' CURRENT BILL TOTAL AMOUNT DUE Past'Due Balance AMOUNT DUE March 31, 2021 Page 2 $ 1,137.50 237-50 W 414121 $2,375.00 BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: 000000000034 DATE CHECK NO. 00002797 05/21 000000000034 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 1QTR2021 #33772 5/06/21 10,903.65 10,903.65 Check .00 Total 10,903.65 10,903.65 r. fl ` E P I 6 @ R '. `{& F .E •: !.;,. .a. . .I*�@1i ,,;. K I,. ..-, 4 f � BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 00002797 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 800-206-0116 63-1289/670 CHECK NO. CHECK DATE VENDOR NO. 2797 05/06/21 000000000034 PAY AMOUNT TEN THOUSAND NINE HUNDRED THREE AND 65/100 DOLLARS $10,903.65 T�G rt AUTHORIZED SIG URE TO THE GARCIA HAMILTON & ASSOCIATES, LP ORDER 5 HOUSTON CENTER OF AUTHORIZED SIGNATURE 1401 MCKINNEY, SUITE 1600 HOUSTON TX 77010 VOID AFTER 180 DAYS BORDER CONTAINS -MCROPRII:' 1N( 11'0000 2?q 711® CDE701 2695i.80630 29 20Eul BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR. 000000000034 DATE CHECK NO. 05/21 000000000034 00002797 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT a.QTR2021 #33772 5/06/21 10,903.65 10,903.65 C .00 eck Total 10,903.65 10,903.65 GARCIA HAMILTON INVOICE # 33772 f ;S I y ASSOCIAT; ?405 MCKtt:"N_Y,St.jn' 3 ;J Hf,30STOn. TX 77010 ITU (7 431 853--23 22 April 7, 2021 F>=x: (7 13 i 853-2,306 "i's"11'5,GA RLIAf iA-M 1 t.TO NA 5 S 0 C,'iA T F,S.C�):': 130}'N1"'L7i' BE".40-I GEAT'RAL EARILOYEL.S P1,,.,\T '10 1 L.4.N (40,16000161) bbge Teg;rit Platt Administrators clo Sage Lelu�t:ttt [ lyse Etrtt4ir 4360 N'(3rthlake Boulevard, Ste. 206 Palm Reach Gardens, Flt 33410 G:' RCIA I-TAN111 TON & ASSOCIATES TES SUMMARY OF MANAGEMENT FEES For "The Period .April 1, 2021 through.June 30, 2021 l'orttblio Value with Accrued Interest as of01-31.21 15.838,540,35 Portfolio Value with ,Accrued Interest as of 02-28-21 15,33M Q.17 P(vtfiblio \7alue with Accrued lrltere,,t (1S oF0.3-31-21 1 ,, 16 8.43 5.32 rAvcra,< of 3 Nlonths S 15,445,841.24 10,000,000 Vii; 0.30001''o pet' annum 7,500.00 5,445.84 1 !I% 0,2500 ,,o per I317f7um C?u.:rterly lttt�atiz.rttcrtl l=ee 4 10,9036 TOTAL DUE AN'D PAYABLE S 10,903.65 5/4/2021 BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: 000000000003 DATE CHECK NO. 00002793 05/21 000000000003 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 2QTR21 5/06/21 15,219.27 15,219.27 Check .00 Total 15,219.27 15,219.27 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 00002798 4360 NORTHLAKE BLVD STE 206 10891 N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-12897670 - CHECK NO.CHECK DATE VENDOR NO. 2798 05/06/21 000000000003 PAY. AMOUNT .FIFTEEN THOUSAND TWO HUNDRED NINETEEN AND 27/100 DOLLARS $15,219.27 1-0 THE ALLIANCE BERNSTEIN ORDER PO BOX 7247-7497 OF PHILADELPHIA BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: 000000000003 AUTHORIZED AUTHORIZED SIGNATURE PA 19170-7497 VOID AFTER 180 DAYS DATE CHECK NO. 05/21 0000000000(1-� INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 2QTR21 5/06/21 15;219.27 15,219.27 C .00 eck Total 15,219.27 15,219.27 Boynton Beach General Employees' Pension Plan 4360 NorthLake Boulevard Suite 206 Palm Beach Gardens, FL 33410 Attn: Patricia DeRario Benefit Payment Administrator AllianceBernstein L.P. One North Lexington Avenue White Plains, NY 10601 (914) 993-2300 Invoice Date: April 14, 2021 Billing Period: 04/01/2021 - 06/30/2021 Invoice #: 20210331-16508-A Billing Reference #: 03731693 / 27200 Total Amount Due: $15,219.27 Account# Account Name I Product Billable Assets 03731693 CITY OF BOYNTON BEACH GENERAL EMPLOYEES' US STRATEGIC CORE PLUS 14,567,216.03 !PENSION FUND Annual Fee Rate 0.5000%1 On First $5,000,000.00 0.3750% On Next 15,000,000.00 0.2500% On Next 80,000,000.00 0.1875% On Remainder Billable Assets on 03/31/2021: $14,567,216.03 04/01/2021 - 06/30/2021 Quarterly Fee Calculation $5,000,000.00 $6,250.00 9,567,216.03 8,969.27 14,567,216.031 15,219.271 Total Amount Due: $15,219.271 r 5/4/2021 1y Payment by check should be mailed using enclosed envelope or mail to: Payment by wire should be made using the following instructions: AllianceBernstein L.P. ABA # 021000089 P.O. Box 7247-7497 Citibank N.A. Philadelphia, PA 19170-7497 For Account of: AllianceBernstein L.P. Please induce your billing reference # and invoice # on the check. Account # 3044-2053 Details: Please include your billing reference # and invoice #with wire remittance BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: 000000000125 DATE CHECK NO. 00002799 05/21 O00000nnn1?5 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 1QTR2021 5/11/21 45,440.38 45,440.38 Check .00 Total 45,440.38 45,440.38 BOYNTON BEACH GENERAL EMPLOYEES' PENSION CENTERSTATE BANK 00002799 4360 NORTHLAKE BLVD STE 206 10891'N. Military Trail PALM BEACH GARDENS, FL 33410 Palm Beach Gardens, FL 33410 800-206-0116 63-1289/670 - CHECK NO. CHECK DATE 2799 05/11/21 PAY FORTY—FIVE THOUSAND FOUR HUNDRED FORTY AND 38/100 DOLLARS TO THE ORDER OF AUTHORIZED SIGP TURE CLEARBRIDGE INVESTMENTS LEGG MASON FBO:CLEARBRIDGE INVESTMENTS AUTHORIZED SIGNATURE 13985 COLLECTIONS CENTER DRIVE CHICAGO IL 60693-0139 BOYNTON BEACH GENERAL EMPLOYEES' PENSION VENDOR: 000000000125 Z_ VENDOR NO. 000000000125 AMOUNT $45,440.38 4 VOID AFTER 180 DAYS BORDER CONTAINS MICRCPPINTI id[ i l FEW , o . E DATE CHECK NO. 05/21 000000000125 00002799 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 1QTR2021 0 5/11/21 45,440.38 45,440.38 C .00 eck Total 45,440.38 45,440.38 CWT>•1���'rl�►�>�1�, Employees' Pension Plan of the City of B 4360 Northlake Blvd, Suite 206 Palm Beach Gardens, FL 33410 Attn: Amanda Kish ltaatka,,/ CUSTOMER COPY - PLEASE RETAIN FOR YOUR RECORDS. Employees' Pension Plan of the City of Boynton Beach, Florida Fee Schedule Detail - Employees' Pension Plan of the City of Boynton Beach, Florida Annual Rate Valuation - USD Fee 0 to 999999999999 0.500% 36,857,199.41 45,440.38 Total Fees Due 2021-Q1: 5/7/2r 440.38 Mailing address: Wire Instructions: Legg Mason FBO: CLEARBRIDGE INVESTMENTS LLC Paying Agent: CLEARBRIDGE INVESTMENTS LLC 13985 Collections Center Drive Bank: Bank of America ABA#: 026009593 Chicago, IL 60693-0139 Acct#: 004467062771 Ref: 2021-QI-BOYNTON_LCG Rei 2021-Ql-BOYNION LCG Account asset values are calculated and provided by your custodian. Accrued income is included in the calculation of account asset values. O, -o P-5 5/11/2021 Date 5/3/2021 Billing Period 2021-Q1 Invoice Number BOYNTON LCGO33121 Custodian ID XXXX6101 CUSTOMER COPY - PLEASE RETAIN FOR YOUR RECORDS. Employees' Pension Plan of the City of Boynton Beach, Florida Fee Schedule Detail - Employees' Pension Plan of the City of Boynton Beach, Florida Annual Rate Valuation - USD Fee 0 to 999999999999 0.500% 36,857,199.41 45,440.38 Total Fees Due 2021-Q1: 5/7/2r 440.38 Mailing address: Wire Instructions: Legg Mason FBO: CLEARBRIDGE INVESTMENTS LLC Paying Agent: CLEARBRIDGE INVESTMENTS LLC 13985 Collections Center Drive Bank: Bank of America ABA#: 026009593 Chicago, IL 60693-0139 Acct#: 004467062771 Ref: 2021-QI-BOYNTON_LCG Rei 2021-Ql-BOYNION LCG Account asset values are calculated and provided by your custodian. Accrued income is included in the calculation of account asset values. CITY OF BOYNTON BEACH BOARD OF TRUSTEES GENERAL EMPLOYEES’ PENSION PLAN MEETING OF MAY 24, 2021 1:30 P.M. BENEFIT APPROVALS APPLICATION TO RETIRE GWENDOLYN MILLS (DROP Exit) DATE OF BIRTH 01/1954 DATE OF HIRE 11/14/2005 DATE OF TERMINA TION 01/31/2021 RETIREMENT COMMENCEMENT 01/01/2021 YEARS OF SERVICE 8 YRS 5 MOS AGE AT RETIREMENT 67 YRS 25 YEAR ELECTIVE BENEFIT NO FORM OF BENEFIT LIFE ANNUITY MONTHLY BENEFIT AMOUNT $701.64 ACTION: _________________________ JOHN PATTERSON (DROP EXIT) DATE OF BIRTH 02/1962 DATE OF HIRE 12/12/1988 DATE OF TERMINATION 03/15/2021 RETIREMENT COMMENCEMENT 04/01/2021 YEARS OF SERVICE 28 YRS 2 MOS AGE AT RETIREMENT 59 YRS 25 YEAR ELECTIVE BENEFIT NO FORM OF BENEFIT J&S 66 2/3 MONTHLY BENEFIT AMOUNT $3,660.34 ACTION: _________________________ WILLIE ADAMS (NORMAL ) DATE OF BIRTH 01/1966 DATE OF HIRE 11/01/1993 DATE OF TERMINATION 01/29/2021 RETIREMENT COMMENCEMENT 02/01/2021 YEARS OF SERVICE 27 YRS 3 MOS AGE AT RETIREMENT 55 YRS 25 YEAR ELECTIVE BENEFIT NO FORM OF BENEFIT J&S 66 2/3 MONTHLY BENEFIT AMOUNT $5,071.89 ACTION: _________________________ DEBORAH BEANE (DROP EXIT) DATE OF BIRTH 03/1965 DATE OF HIRE 05/15/1986 DATE OF TERMINATION 05/14/2021 RETIREMENT COMMENCEMENT 06/01/2021 YEARS OF SERVICE 35 YRS AGE AT RETIREMENT 56 YRS 25 YEAR ELECTIVE BENEFIT NO FORM OF BENEFIT J&S 66 2/3 MONTHLY BENEFIT AMOUNT $3,450.30 ACTION: _________________________ HANNA MATRAS (DROP EXIT) DATE OF BIRTH 04/1952 DATE OF HIRE 10/12/1998 DATE OF TERMINATION 04/30/2021 RETIREMENT COMMENCEMENT 05/01/2021 YEARS OF SERVICE 22 YRS 6 MOS AGE AT RETIREMENT 69 YRS 25 YEAR ELECTIVE BENEFIT NO FORM OF BENEFIT J&S 66 2/3 MONTHLY BENEFIT AMOUNT $4,129.67 ACTION: _________________________ DAWN JACKSON (DROP EXIT) DATE OF BIRTH 05/1964 DATE OF HIRE 04/17/1986 DATE OF TERMINATION 04/16/2021 RETIREMENT COMMENCEMENT 05/01/2021 YEARS OF SERVICE 35 YRS 0 MOS AGE AT RETIREMENT 57 YRS 25 YEAR ELECTIV E BENEFIT NO FORM OF BENEFIT LIFE ANNUITY MONTHLY BENEFIT AMOUNT $4,962.27 ACTION: _________________________ RICHARD SMITH (VESTED DEFERRED) DATE OF BIRTH 01/1966 DATE OF HIRE 11/14/1986 DATE OF TERMINATION 11/27/2006 RETIREMENT COMMENCEMENT 02/01/2021 YEARS OF SERVICE 20 YRS 0 MOS AGE AT RETIREMENT 55 YRS 25 YEAR ELECTIVE BENEFIT NO FORM OF BENEFIT J&S 66 2/3 MONTHLY BENEFIT AMOUNT $3,082.76 ACTION: _________________________ FRANTZ LAFONTANT (NORMAL) DATE OF BIRTH 09/1958 DATE OF HIRE 08/02/1999 DATE OF TERMINATION 05/05/2021 RETIREMENT COMMENCEMENT 06/01/2021 YEARS OF SERVICE 21 YRS 9 MOS AGE AT RETIREMENT 63 YRS 25 YEAR ELECTIVE BENEFIT NO FORM OF BENEFIT LIFE ANNUTITY MONTHLY BENEFIT AMOUNT $3,788.14 ACTION: _________________________ CHARLES SMITH (DROP EXIT) DATE OF BIRTH 04/1966 DATE OF HIRE 05/15/1986 DATE OF TERMINATION 05/15/2021 RETIREMENT COMMENCEMENT 06/01/2021 YEARS OF SERVICE 35 YRS 0 MOS AGE AT RETIREMENT 55 YRS 25 YEAR ELECTIVE BENEFIT NO FORM OF BENEFIT 10 YR CERTAIN MONTHLY BENEFIT AMOUNT $4,351.69 ACTION: _________________________ BE NEFICIARY PAYMENTS ARMA AIKENS (BENEFICIARY) MEMBER: ROY AIKENS MEMBER’S DATE OF BIRTH 04/1937 MEMBER’S DATE OF HIRE 4/28/1970 MEMBERS DATE OF DEATH 02/20/2021 COMENCEMENT DATE 04/30/2021 MONTHLY BENEFIT AMOUNT $1,227.87 FORM OF BENEFIT JOINT & SUVIVOR ACTION: ___________________________ WILLIE MAE OWENS (BENEFICIARY) MEMBER: JOE OWENS MEMBER’S DATE OF BIRTH 04/1937 MEMBER’S DATE OF HIRE 05/07/1969 MEMBER’S DATE OF DEATH 11/12/2020 DATE OF HIRE 05/07/1969 COMMENCEMENT D ATE 12/01/2020 MONTHLY BENEFIT AMOUNT $1,717.35 FORM OF BENEFIT JOINT & SURVIVOR ACTION: _________________________ APPLICATION TO ENTER D.R.O.P JOE MATTHEWS DATE OF BIRTH 05/1970 DATE OF HIRE 11/09/1995 DROP ENTRY DATE 01/01/2021 YEARS OF SERVICE 25 YRS 2 MOS AGE AT RETIREMENT 50 YRS 25 YEAR ELECTIVE BENEFIT NO FORM OF BENEFIT JOINT & SURVIVOR MONTHLY BENEFIT AMOUNT $3,893.70 ACTION: _________________________ APPLI CATION FOR DISTRIBUTION OF DROP ACCOUNT JAMES HART DATE OF BIRTH 05/1960 TYPE OF DISTRIBUTION LUMP SUM - ROLLOVER AMOUNT REQUESTED $466,412.83 DISTRIBUTION PAYMENT DATE 04/28/2021 ACTION: _________________________ JULIAN JULIEN DATE OF BIRTH 07/1952 TYPE OF DISTRIBUTION LUMP SUM AMOUNT REQUESTED $36,225.51 20% TAX WITHHOLDIND $ 7,245.10 NET AMOUNT OF DISTRIBUTION $28,980.41 DISTRIBUTION PAYMENT DATE 03/10/2021 ACTION: _________________________ PATTY BROCK DATE OF BIRTH 08/1955 TYPE OF DISTRIBUTION LUMP SUM - ROLLOVER AMOUNT REQUESTED $19,162.20 BENEFICIARY OF ALAN BROCK NET AMOUNT OF DISTRIBUTION $19,162.20 DISTRIBUTION PAYMENT DATE 04/28/2021 ACTION: _________________________ JOHN WOLCOTT DATE OF BIRTH 12/1968 TYPE OF D ISTRIBUTION LUMP SUM - PARTIAL AMOUNT REQUESTED $10,000.00 30% TAX WITHHOLDING $ 1,000.00 NET AMOUNT OF DISTRIBUTION $ 7,000.00 DISTRIBUTION PAYMENT DATE 05/06/2021 ACTION: _________________________ CHARLES HODIS DATE OF BIRTH 08/1951 TYPE OF DISTRIBUTION LUMP SUM - PARTIAL AMOUNT REQUESTED $ 5,000.00 20% TAX WITHHOLDING $ 1,000.00 NET AMOUNT OF DISTRIBUTION $ 4,000.00 D ISTRIBUTION PAYMENT DATE 05/06/2021 ACTION: _________________________ FRANK HARVEY DATE OF BIRTH 11/1955 TYPE OF DISTRIBUTION LUMP SUM - TOTAL AMOUNT REQUESTED $ 1,917.92 20% TAX WITHHOLDING $ 383.58 NET AMOUNT OF DISTRIBUTION $ 1,534.34 DISTRIBUTION PAYMENT DATE 04/21/2021 ACTION: _________________________ DAMUS ELIFAITE DATE OF BIRTH 10/1951 TYPE OF DISTRIBUTION LUMP SUM - TOTAL AMOUNT REQUESTED $ 189.35 20% TAX WITHHOLDING $ 37.87 NET AMOUNT OF DISTRIBUTION $ 151.48 DISTRIBUTION PAYMENT DATE 04/28/2021 ACTION: _________________________ BARRY BRANDENBURG DATE OF BIRTH 02/1955 TYPE OF DISTRIBUTION PARTIAL - LUMP SUM AMOUNT REQUESTED $ 750.00 20% TAX WITHHOLDING $ 150.00 NET AMOUNT OF DISTRIBUTION $ 600.00 DISTRIBUTIO N PAYMENT DATE 04/30/2021 ACTION: _________________________ RANDY WEEKS DATE OF BIRTH 09/1955 TYPE OF DISTRIBUTION LUMP SUM - TOTAL AMOUNT REQUESTED $ 227.20 20% TAX WITHHOLDING $ 45.44 NET AMOUNT OF DISTRIBUTION $ 181.76 DISTRIBUTION PAYMENT DATE 04/28/2021 ACTION: _________________________ APPLICATION FOR REFUND OF CONTRIBUTIONS TERESA COOPER MEMBER’S DATE OF BIRTH 08/1967 MEMBER’S DATE OF HIRE 05/18/2020 YEARS OF SERVICE 0 YRS 03 MOS TYPE OF DISTRIBUTION LUMP SUM AMOUNT OF REFUND $ 680.47 20% TAX WITHHOLDING $ 136.09 NET AMOUNT OF DISTRIBUTION $ 544.35 VESTED NO ACTION: _________________________ JADNACK DEFRANC MEMBER’S DATE OF BIRTH 07/1982 MEMBER’S DATE OF HIRE 010/21/2019 YEARS OF SERVICE 01 YR 04 MOS TYPE OF DISTRIBUTION LUMP SUM - DISTRIBUTION AMOUNT OF REFUND $ 3,001.27 20% TAX WITHHOLDING $ 600.25 NET AMOUNT OF DISTRIBUTION $ 2,401.02 VESTED NO ACTION: _________________________ ANTHONY ELLIS MEMBER’S DATE OF BIRTH 02/1993 MEMBER’S DATE OF HIRE 10/02/2020 YEARS OF SERVICE 0 YRS 03 MOS TYPE OF DISTRIBUTION LUMP SUM AMOUNT OF REFUND $ 779.55 20% TAX WITHHOLDING $ 155.91 NET AMOUNT OF DISTRIBUTION $ 623.64 VESTED NO ACTION: _________________________ JOSE PICARDO MEMBER’S DATE OF BIRTH 07/1953 MEMBER’S DATE OF HIRE 08/30/2020 YEARS OF SERVICE 0 YRS 06 MOS TYPE OF DISTRIBUTION LUMP SUM AMOUNT OF REFUND $2,244.69 20% TAX WITHHOLDING $ 448.94 NET AMOUNT OF DISTRIBUTION $1,795.75 VESTED NO ACTION: _________________________ CRAIG RAMOS MEMBER’S DATE OF BIRTH 12/1989 MEMBER’S DATE OF HIRE 01/13/2014 YEARS OF SERVICE 03 YRS 02 MOS TYPE OF DISTRIBUTION LUMP SUM - ROLLOVER AMOUNT OF REFUND $12,183.01 20% TAX WITHHOLDING $ NET AMOUNT OF D ISTRIBUTION $12,183.01 VESTED NO ACTION: _________________________ TARA ALTMAN RAMOS MEMBER’S DATE OF BIRTH 07/1988 MEMBER’S DATE OF HIRE 12/01/2011 YEARS OF SERVICE 02 YRS 0 MOS TYPE OF DISTRIBUTION LUMP SUM - ROLLOVER AMOUNT OF REFUND $5,914.99 20% TAX WITHHOLDING $ NET AMOUNT OF DISTRIBUTION $5,914.99 VESTED NO ACTION: _________________________ FREDDY THOMAS MEMBER’S DATE OF BIRTH 01/1984 MEMBER’S DATE OF HIRE 11/04/2019 YEARS OF SE RVICE 01 YRS 2 MOS TYPE OF DISTRIBUTION LUMP SUM AMOUNT OF REFUND $2,662.96 20% TAX WITHHOLDING $ 532.59 NET AMOUNT OF DISTRIBUTION $2,130.37 VESTED NO ACTION: _________________________ CHAIRMAN _______________________________ DATE __________________________________ Meeting Minutes General Employees’ Pension Fund Boynton Beach, Florida February 22, 2021 1 MINUTES OF THE GENERAL EMPLOYEES’ PENSION PLAN REGULAR BOARD MEETING HELD VIRTUALLY ON MONDAY FEBRUARY 22, 2021 AT 1:30 P.M. Trustees: Steven Grant, Chairman Lorri Laverriere , Laurie Fasolo Sheryl Claude Cathy McDeavitt Others: Amanda Kish Office of the Resource Centers Jeff Swanson, Southeastern Advisory Bonni Jensen, Office of Klausner, Kaufman, , Levinson Brian Liffick, Cherry Bekaert and Holland I.Call to Order – Mayor Steven Grant Steven Grant called the meeting to order at 1:3 0 P.M. II.AGENDA APPROVAL : A.Additions, Deletions, Corrections Motion Sheryl Claude moved to approve the amendments made to the Agenda as presented. Cathy McDeavitt seconded the motion that unanimously passed 5-0. III.APPROVAL OF MINUTES A.Regular Quarterly Meeting –November 2020. . Motion Laurie Fasolo moved to approve the Minutes presented Sheryl Claude seconded the motion that unanimously passed 5-0. IV.PRESENTATIONS A.Cherry, Bekaert & Holland L.L.P: Brian Liffick 1.Audited Financial Statement Re port Draft as of October 1, 20 20 Mr. Liffick introduced himself to the Board and thanked the Trustees. He reported that the Financials Statements have a clean opinion with no material weaknesses or deficiencies. Mr. Liffick reviewed the financial activity noting there were no adjustments only reclassifications made. Cherry Bekeart uses an outside firm for second review on the fair value noting no disagreements. There were no issues with management or with gaining the needed documents and reporting for competition for the audit. Mr. Liffick reviewed the financial statement highlights . The net position increased by $4,297,619.00 the increase was primarily due to contr ibutions and investment return. T he net position for 20 20 was $194,072,809.00 Meeting Minutes General Employees’ Pension Fund Boynton Beach, Florida February 22, 2021 2 versus $184,018,384.00 as of fiscal year 2020. He reviewed the administrative and investment expenses while also comparing to last fiscal year’s expenses. The Plan’s funded ratio is 91.2%. The Board was presented the management letter. He explained that the management letter confirms that the information that was provided is correct and accurate. A signature is needed on the management letter prior to the release of the final Audit copy Motion Sheryl Claude moved to approve the Audited Financial Statements as of October 1, 2020. Laurie Fasolo seconded the motion that unanimously passed 5-0. Laurie Fasolo moved to approve the Management Representation Letter for the Financial Statements of October 1, 2020.Cathy McDeavitt seconded the motion that unanimously passed 5- 0. Southeaste rn Advisory Services: Jeff Swanson 1.Quarterly Investment Performance Report as o f December 31, 2020 Mr., Swanson reviewed the market environment. He stated that the portfolio had a positive fiscal year return. Mr. Swanson reviewed the performance of the market environment for major market indexes as of December 31, 2020. He reported that for quarter ending December 31, 2020 the Plan’s return was 9.9%. The fiscal year return was 11.6% The Plan’s total value, including the R&D account, was reported to be $217,605,603.00. He reviewed the allocation of as sets for the quarter; Domestic Equity 44.9 International Equity 19.6 % Real Estate 14.7 % Fixed Income 18.5% and Cash 2.3%. Mr. Swanson reviewed the market environmen t for each investment sector. The 1-year Total Fund -Gross of Fees returns was 11.6% versus the index at 11.4%. He reported that for the quarter ly returns where Total Domestic Equity was at 14.1 % versus the index of 16.4 %; Total Intern at ional Equities were at 18.2% ahead of the index at 16.0%. Total Real Estate was at 2.1% ahead of the index at 1.3% and Total Fixed Income was 2.1% versus the benchmark of 0.7%. Mr. Swanson reviewed the fixed income segment. He suggested bringing in a fixed income research report to the next meeting. V.CORRESPONDENCE There was no correspondence. VI.OLD BUSINESS There was no Old Business VII.NEW BUSINESS A.Attorney Report 1.E-Verify: Mrs. Jensen presented the E-Verify memo to the Board . She inf ormed the Board effective January 1, 2021, Pe nsion Plans and service provider s that are engaged by the Pension Plan will need to be registered with E-Verify. All future contracts should have a provision regarding E-Verify. Mrs. Kish informed the Board that she will be enrolling the Board and sending letter s out to the service providers making them aware that they will need to register. 2.Policy Regarding Investment Managers: Mrs. Jensen informed she would like the policy adopted f or the following reasons: Managers are aware of the guidelines prior to being hired by the Board. Meeting Minutes General Employees’ Pension Fund Boynton Beach, Florida February 22, 2021 The Policy will alleviate some of the back f orth with the manager contracts. She reviewed the Policy in detail. 3.IRS Mileage Rate: The Mileage rate increased to .56 a mile. 4.Survivor Benefits- George Mantell: Mrs. Jensen provided an update on the Mantell beneficiary. T he ex-spouse sent a letter appealing the Board’s discission. Mrs. Jensen suggested hiring special counsel for the Mantell Beneficiary. The Board held a discussion regar ding the special counsel. The Board suggested th e Chairman reviewing the special counsel list between meetings. Motion L aurie Fasolo moved t o approve the Special Counsel for Mr. Mantell’s Beneficiary Payment. Cathy McDeavi tt seconded the motion that unanimously passed 5-0 B.Ad ministrative Report 1.Interim Financials The Board received and filed the Interim Financials. 2.Warrant for Invoices. The Board reviewed the Disbursements the plan administrator presented for approval. Motion Sheryl Claude moved to approve the warrants as presented. L aurie Fasolo seconded the motion that unanimously passed 5-0. 3.Benefit Approvals The Board reviewed the Benefit Approvals presented. Motion Cathy McDeavitt moved to approve the benefits in the Benefit Approvals . Laurie Fasolo seconded the motion that unanimously passed 5-0 4. Fiduciary Liability Mrs. Kish informed the Board that they will need to renew the fiduciary liability policy. Motion Cathy McDeavitt moved to approve Fiduciary Liability Policy. Laurie Fasolo seconded the motion that unanimously passed 5-0 VIII. PUBLIC COMMENTS There were no Public Comments 3 Meeting Minutes General Employees’ Pension Fund Boynton Beach, Florida February 22, 2021 4 IX.ADJOURNMENT There being no other business and the nex t meeting having been previously scheduled for Monday, May 24, 2021 at 1:30 p.m., the Trustees adjourned the meeting at 3:25 P.M. MINUTES APPROVED: __________________________________ Steven B. Grant, Mayor Boynton Beach General Employees’ Pension Board