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Agenda 05-23-22 (Revised)
CITY OF BOYNTON BEACH BOARD OF TRUSTEES GENERAL EMPLOYEES' PENSION PLAN Quarterly Board Meeting Monday, May 23, 2022 Board Meeting on Monday, May 23, at 01:30 PM: (Scott@ResourceCenters.com Zoom Userid) INSTRUCTIONS TO JOIN MEETING ELECTRONICALLY Meeting ID: 8616974 4314 Passcode: 602864 Resource Centers is inviting you to a scheduled Zoom meeting: For Video &Audio (Recommended): If you are using a mobile device (Smart Phone or Tablet) use the "Zoom" App. Link to Join from Laptop, PC, Mac, Linux, iOS or Android: https://us06web.zoom.us/j/86169744314?pwd=ZTdncGRxbmplZ2VMeGtxbl dmcXlFZzO9 For Voice Only: One tap mobile +13126266799„86169744314#,,,,*602864#US(Chicago) +16465588656„86169744314#,,,,*602864#US(New York) Dial by your location +1 301 715 8592 US(Washington DC) +1 312 626 6799 US(Chicago) +1 646 558 8656 US(New York) +1 253 215 8782 US(Tacoma) +1 346 248 7799 US(Houston) +1 669 900 9128 US(San Jose) Location: City Chambers 100 East Ocean Avenue, Boynton Beach, FL 33435 Plan Administrator: (561) 624-3277 Trustees Ty Penserga, Mayor Chairman Laurie, Fasolo, Term 12/31/22 Jim Stables,City Manager Sheryl Claude, Term 7/22 Cathleen Mcdavitt, Term 12/20 Darrell Sanders 12/1/2023 AGENDA I. Call to Order II. Approval of Agenda III. Approval of Minutes A. Regular Quarterly Meeting — February 28, 2022 IV. Presentations A. GRS: Pete Strong (Valuation Presentation) B. Affiliated Housing Impact Fund (Investment Managers Presentation) C. Clearbridge (Investment Manager Presentation) D. Cohen and Steers (Investment Manager Presentation) E. Southeastern Advisory Services: Jeff Swanson (Investment Consultant) 1. Quarterly Investment Performance Report- March 30, 2022 2. Investment Policy Statement V. Correspondence VI. Old Business VII. New Business A. Attorney Report 1. Form1 Memorandum 2. Client Memo RMD Guidance and Crypto Investments 3. IRS Mileage Rate 4. Generic Signature Authorization Memo B. Administrative Report 1. PBI Death Search Memo 2. Resource Centers Lease Memo 3. Signature Authorized Form 4. Upcoming Conference 5. Financials 6. Warrant for Invoices. 7. Benefit Approvals VIII. Public Comments IX. Adjournment ❖ NEXT QUARTERLY MEETING DATE: Monday, August 22nd, 2022, 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 that 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 individual with a disability an equal opportunity to participate in and enjoy the benefits of a service, program, or activity conducted by the City. Please contact 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 28, 2022 MINUTES OF THE GENERAL EMPLOYEES' PENSION PLAN REGULAR BOARD MEETING HELD VIRTUALLY ON MONDAY FEBRUARY 28, 2022, AT 1:30 P.M. Trustees: Steven Grant, Chairman Others: Amanda Kish Office of the Resource Centers Laurie Fasolo Jeff Swanson, Southeastern Advisory Sheryl Claude Bonni Jensen, Office of Klausner, Kaufman, Jakeera Jourdan Levinson Brian Liffick, Cherry Bekaert and Holland I. Call to Order— Mayor Steven Grant Steven Grant called the meeting to order at 1:30 P.M. II. AGENDA APPROVAL: A. Additions, Deletions, Corrections III. APPROVAL OF MINUTES A. Regular Quarterly Meeting —November 2022. Motion Laurie Fasolo moved to have the Minutes presented at the next meeting. Sheryl Claude seconded the motion that unanimously passed 4-0. IV. PRESENTATIONS A. Cherry, Bekaert & Holland L.L.P: Brian Liffick 1. Audited Financial Statement Report Draft as of October 1, 2022 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$47,320,265 the increase was primarily due to contributions and investment return. The net position for 2021 was$ 229,173,283 versus $194,072,809 as of fiscal year 2020. He reviewed the administrative and investment expenses while also comparing to last fiscal year's expenses. The Plan's funded ratio is 91.2%. The Board was presented the management letter. He explained that the management letter confirms that the information that was 1 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida February 28, 2022 provided is correct and accurate. A signature is needed on the management letter prior to the release of the final Audit copy Motion Sheryl Claude moved to approve the Audited Financial Statements as of October 1, 2022. Laurie Fasolo seconded the motion that unanimously passed 4-0. Laurie Fasolo moved to approve the Management Representation Letter for the Financial Statements of October 1, 2022.Jakeera Jourdan seconded the motion that unanimously passed 4- 0. B. Clearbridge Management: Terence Fennessy Mr. Fennessy presented the Clearbridge report for the quarter ending December 31, 2021. He reviewed the firm's strategy Mr. Fennessy provided a brief market overview. Clearbridge underperformed for the fourth quarter. The leading sectors were IT and Health Care. He continued to review Clearbridge performance. C. Southeastern Advisory Services: Jeff Swanson 1. Quarterly Investment Performance Report as of December 31, 2021 Mr., Swanson reviewed the market environment. He stated that the portfolio had a positive fiscal year return. Mr. Swanson reviewed the performance of the market environment for major market indexes as of December 31, 20201.He reported that for quarter ending December 31, 2021,the Plan's return was 6.2%. The fiscal year return was 15.9%The Plan's total value, including the R&D account,was reported to be$ $247,057,808 He reviewed the allocation of assets for the quarter; Domestic Equity 51.5%International Equity 12.8%Real Estate 16.3%% Fixed Income 18.2%and Cash 1.3%.Mr.Swanson reviewed the market environment for each investment sector. The 1-year Total Fund-Gross of Fees returns was 6.2% versus the index at 5.3%He reported that for the quarterly returns where Total Domestic Equity was at 9.6%% versus the index of 8.6%; Total International Equities were at 1.5% ahead of the index at 2.7%Total Real Estate was at 7.9%ahead of the index at 8.0%and Total Fixed Income was-0.2%versus the benchmark of 0.0% Mr. Swanson presented the Real Estate and Private Real Estate manager search. He reviewed each manager's experience, performance, and strategy. The Board held a discussion regarding the presented managers. The Board suggested inviting the managers to the next meeting to present. V. CORRESPONDEN CE There was no correspondence. VI. OLD BUSINESS There was no Old Business VII. NEW BUSINESS A. Attorney Report 1. Special Tax Notice: Mrs. Jensen presented special tax notice to the Board. She reviewed the notice in detailing explaining that each member should receive a tax notice when applying for retirement or taking a refund. 2 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida February 28, 2022 B. Administrative 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. Laurie Fasolo seconded the motion that unanimously passed 4-0. 3. Benefit Approvals The Board reviewed the Benefit Approvals presented. Motion Jakeera Jourdan moved to approve the benefits in the Benefit Approvals as amended. Sheryl Claude seconded the motion that unanimously passed 4-0 4. Fiduciary Liability Mrs. Kish informed the Board that they will need to renew the fiduciary liability policy. Motion Sheryl Claude moved to approve Fiduciary Liability Policy. Laurie Fasolo seconded the motion that unanimously passed 4-0 VIII. PUBLIC COMMENTS There were no Public Comments IX. ADJOURNMENT There being no other business and the next meeting having been previously scheduled for Monday, August 22, 2022 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 3 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida February 28, 2022 4 COHEN& STEERS Cohen & Steers Real Estate - ,Ammk.... Opportunities '4 , . , �, am , Fund L. P. -— gi _. , ' ' I ilii I ii a. wr Combining the power of excellence in µ `"�"' .>-- • private and listed real estate to P .� y ry` . �/, �`''""' - `` source value • _ MA • '1014; _. w I i. ,� a t w--CITY O F__—_—_- BOYNTON City of Boynton Beach General Employees' Pension Fund BEACH For use by pre-qualified institutional or professional investors and their advisors only.Not for redistribution without the express written consent of Cohen&Steers.This May 2022 fund has not yet launched,and the terms of investment,views,opinions,and investment objectives and characteristics are subject to change without notice. ,7 2 3, Contents Introduction to Cohen & Steers Investment philosophy and approach Macro investment environment and opportunities Real Estate Opportunities Fund summary Appendix For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. CO-SEN&STEERS Introduction to Cohen & Steers For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. COHEN&STEERS Firm at a glance 000 .\ Our firm r r r r Our people 0❑ - Our assets Founded in: 1986 350+ employees $106.6Bn Assets under management Public Since: 2004 in 5 cities $74.9B $25.2B $6.4B NYSE: CNS across 3 continents Listed Alternative Multi Real Assets Income Strategy Dedicated to the pursuit of 70%024% excellence in everything we do, NEW YORK• LONDON• DUBLIN• HONG KONG•TOKYO D Cohen & Steers is a leading global 0 6�D Asset investment manager specializing in 50 �o+ 60+ Breakdown insider investment real assets and alternative income, ownership professionals focused on delivering attractive returns, income and diversification. Our strategies Named Among "Best Places to Senior Investment Professionals • Listed and Private Real Estate Work in Money Management" • Preferred Securities 20+ 12+ P nsior1s�IIIVes1IIlents • 2021 years years • Listed Infrastructure average average • M LPs BEST PLACES TO WORK experience tenure • Natural Resource Equities IN MONEY MANAGEMENT • Commodities MULTIYEAR WINNER • Multi-Strategy Solutions 2 020 • Closed-End Fund Opportunities At December 31,2021.Source:Cohen&Steers and Morningstar. Strategy assets may not sum to total firm assets due to rounding.Asset breakdown vanes from the firm's financial reporting as the firm's financial reporting does not break out multi-strategy portfolios as distinct strategies;the assets in these portfolios are either included in"Other"or with the underlying asset classes of the sleeves for financial reporting purposes(e.g.,allocations to U.S.Real Estate in the real estate multi-strategy portfolios are included in the U.S.Real Estate asset category).Pensions&Investments partnered with Best Companies Group,a research firm specializing in identifying great places to work,to conduct a two-part survey process of employers and their employees.The first part consisted of evaluating each nominated company's workplace policies,practices,philosophy,systems and demographics.This part of the process was worth approximately 25%of the total evaluation.The second part consisted of an employee survey to measure the employee experience.This part of the process was worth approximately 75%of the total evaluation.The combined scores determined the top companies.A fee was paid to Pensions&Investments for rights to use its award logo in promotional material.For a complete list of the 2021 Pensions&Investments'Best Places to Work in Money Management winners and write-ups,go to Best Places to Work 2021 I Pensions& Investments(pionline.com). For Investment Professional Use Only—Not for Use With the Public 4 COHEN&STEERS Industry leading real estate platform $66 billion 35 years 121 institutional actively invested in traditional experience and innovation clients and speciality property types investing in real estate with across 18 countries in 4 across 25 countries(') 26 dedicated investment continents(3) professionals(2) 35 years of alpha generation in U.S. real estate 18 years of alpha generation in global real estate U.S. Realty Total Return Composite vs. linked benchmark Global Real Estate Securities Composite vs. custom benchmark performance performance ■C&S U.S. Realty Total Return Compositet4l •C&S Institutional Global Real Estate Securities Composite(6) •Linked Index(5) •Custom benchmark(7) '^ o r\ M • 50% a v 50% to o, 40% m Lo 40% o• 30% N oN r. ^� in mco • rq O rsi O ^^ °^' 30% N to N cn VS coo cn N N P11 CO co 20% 'a �-� `_' r+ o� 20% .'-� .-r oo 10% ' ' 1 , , ' 1 , i , 10% 1 Year 3 Years 5 Years 10 Years 20 Years Since 1 Year 3 Years 5 Years 10 Years Since Inception Inception (3/29/1985) (4/30/2003) At December 31,2021.Source:Cohen&Steers. Composite performance is not reflective of the strategy employed by the Cohen&Steers Real Estate Opportunities Real Estate Fund,L.P("REOF"). The Composite accounts above are managed by a different investment team who implement investment techniques which are not substantially similar to REOF,investing primarily in listed real estate securities.The Composite performance is not reflective of any strategy available in a 3(c)(7)private fund Data quoted represents past performance,which is no guarantee of future results.Returns are stated gross of fees.Returns stated net of fees are available upon request. Composite retums reflect the reinvestment of dividends and interest income.There is no guarantee that any historical trend illustrated above will be repeated in the future,and there is no way to predict precisely when such a trend will begin. (1)Real estate equity investments only.At December 31,2021.(2)Personnel figure includes any relevant personnel hired as of December 31,2021.(3)Account-level count of all real estate portfolios;does not include underlying clients within commingled funds.(4)Composite results are comprised of U.S.Realty Total Return accounts.Information is provided as supplemental to the composite performance disclosure.(5)Prior to 2/28/19 the benchmark was the FTSE Nareit Equity REITs Index.Thereafter,it is the FTSE Nareit All Equity REITs Index.The FTSE Nareit All Equity REITs Index contains all tax-qualified REITs with more than 50%of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria.(6)Composite results are comprised of Cohen&Steers Institutional Global Real Estate Securities separate accounts.Information is provided as supplemental to the composite performance disclosure(7)FTSE EPRA Nareit Developed Real Estate Index is an unmanaged market-weighted total return index which consists of many companies from developed markets who derive more than half of their revenue from property-related activities.Prior to 12/31/06,the returns for the index are from S&P/Citigroup World Property Broad Market Index. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 5 (;Qj EN&STEERS Cohen & Steers Real Estate Opportunities Fund Combining the power of excellence in listed and private real estate to source value Firm • +$75Bn AUM in real estate • CNS real estate expertise: 35 years of alpha generation in U.S. real estate, 18 in global • Access to asymmetrical information • Proprietary private and pre-IPO deal flow Fund structure ; ,. Execution Team • Strong alignment with investors on terms: Fees410 lii • Dedicated Private Real Estate Group. Senior on invested capital, $50mm+ sponsor team members with a proven prior track commitment, co-investment rights record: Over$3B of equity committed to 120 • investments; 25 fully realized deals, over$2B REOF s value raised across 4 private real estate funds • proposition Portfolio construction Opportunity • Innovative &flexible, structurally agnostic * „•,, .� • Significant secular shifts in real estate usage approach: Direct investments —75%and ; patterns supplemental opportunities up to 25%(REITs, • ........ . ' • Superior return vintages follow cyclical Europe/U.K., funds), focused on small- and ,•.,.,.,,........•••••• bottoms mid-cap opportunities • Return of inflation benefits real estate Current investment themes • Contrarian, value-focused investment themes • Value-oriented strategy can create an attractive upside/downside • Targeting U.S. investments in "surban" (suburban+urban) office, click &collect-enabled retail, growth capital for next gen property strategy pioneers, distress in traditional property types At December 31,2021.Source:Cohen&Steers The views and opinions are as of the date of publication and are subject to change without notice.There is no guarantee that any forecast mentioned,or investment objective above will be realized.The statements above reflect the typical investment process.At any given time,other criteria may affect the strategy. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 6 COHEN&STEERS Combining the power of excellence in listed and private real estate Large and proven real estate investment team Robert Steers * Joe Harvey * Executive Chairman CEO & President 35/44 30/35 Private Sales & Legal & Listed Real Estate Real Estate Investor Compliance — Administration Relations Jon Cheigh* Jim Corl* Jeff Sharon Chief Investment Officer, Head of North America Frank Poli Adam Derechin Head of Head of Private Sales and Consultant General Counsel, Chief Operating Officer, Listed Real Estate Real Estate Group Relations 15/35 29/34 17/27 12/31 2/27 William LeungJason Yablon * Hamid Tabib* Terri Liftin Jim Giallanza Tony Corriggio Melissa lorio, Senior Vice President, Executive Vice President, Head of Asia Pac Listed Head of U.S.Listed Real Senior Vice President Senior Vice resident, Senior Vice President p Associate General Counsel, Head of Investment Real Estate EstateHead of Real Estate Head of Investor Relations Portfolio Manager Private Real Estate Administration 9/27 18/22 1/25 Acquisitions, N.A. 1/19 1/20 15/31 1/16 1 additional portfolio 2 additional portfolio manager and managers and Roger Deming Jillian Boyer Josh Silverman 3 analysts 7 analysts Principal,Acquisitions Director,Associate Vice President, 1/11 Counsel,Institutional, PE Controller Rogier Quirijns 1/6 1/10 Head of Europe Listed Real Estate Jon Rhoden Legal&Compliance Fund Administration 13/22 Senior Associate Department Department 1/6 34 Professionals 45 Professionals 1 additional portfolio manager and 2 analysts Jonathan Wei Analyst Key: 1/3 Dedicated Private Real Estate Team *Investment Committee Member;average of 30 years of experience For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. COHEN&STEERS Investment p and approach For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. COH--EN&SI'FERs Extending Cohen & Steers' value-driven approach to private real estate Investment • We believe that being a value-oriented real estate investor creates an attractive philosophy upside/downside skew, which enables superior risk-adjusted returns How we Listed valuation metrics Private valuation metrics define value Price/Net Asset Value (NAV) • Large discounts to intrinsic value (e.g., relevant replacement costs) • Price/Dividend Discount Model (DDM) 74.1% • Underappreciated rental growth or replacement cost escalation potential How we find • Top down: Cohen & Steers' joint listed/private sector framework identifies value opportunities and capture • Bottom up: Pivot quickly to where real estate is trading the cheapest value • Apply a structurally agnostic approach to help maximize value • Focused on local sharpshooter operating partners and small- to mid-cap opportunities across direct and indirect investments At December 31,2021.Source:Cohen&Steers The views and opinions are as of the date of publication and are subject to change without notice.There is no guarantee that any forecast mentioned,or investment objective above will be realized.The statements above reflect the typical investment process.At any given time,other criteria may affect the strategy. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 9 COHEN&STEERS Where is real estate trading cheapest? chew est? Value opportunity windows open and close: flexible capital is necessary to navigate a cycle Real Estate Investment Opportunity 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Senior CRE Debt Securities -- Multifamily Apartments Condominium Loans Public Corporate CRE Restructurings CBD Office:Gateway Cities CRE Construction Loans Industrial Warehouse/Logistics Homebuilder Land Lodging - Non-Performing Bank Loan Portfolios Legacy CMBS Recapitalizations Property Recapitalizations New-Issue CMBS B-pieces CBD Office:Non-Gateway S° ,51s Suburban Office:Non Gateway Retail (Primary and Secondary U.S.Markets) European Industrial/Office(GER,FRA,Benelux) European City Center Retail UK Secondary Property Markets 111.1111111 European Non-Performing Bank Loan Portfolios Spain Industrial/Office Spain Residential Land Portugal Industrial/Office Northern Italy Residential Conversion -Investment Buying Opportunity(Window Open) Investment Opportunity Closing/Unclear At December 31,2021.Source:Cohen&Steers The views and opinions are as of the date of publication and are subject to change without notice.There is no guarantee that any forecast mentioned.or investment objective above will be realized.There is no guarantee that any historical trend illustrated above will be repeated in the future,and there is no way to predict precisely when such a trend might begin. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 0 CON&STEERS Allocate to local operating partners Cohen & Steers listed focus —160 Managers/U.S. REITs - Large-cap Small-cap REITs REITs I ` $100B ------------------"" $100M Spectrum of manager size ` '`' _ I "" -- j I ---4_ Mega-cap fund Large fund ' Small-cap fund Emerging Early-stage complexes complexes managers managers operating partners 1,000 Fund Managers -1,000 "Fund-less" operating managers Cohen & Steers private focus At December 31,2021.Source:Cohen&Steers The views and opinions are as of the date of publication and are subject to change without notice.There is no guarantee that any forecast mentioned,or investment objective above will be realized. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. COHEN&STEERS Target portfolio construction : Structurally agnostic approach REOF will pursue complementary, diversified investment strategies and portfolio allocation, with a focus on opportunistic value-add REOF supplemental alpha generating opportunities(') Joint ventures Pre-IPOs Europe/UK N75% direct, U.S. PIPES REITs strategy Co-investments Funds Secondaries/Fund recaps At December 31,2021.Source:Cohen&Steers. The views and opinions are as of the date of publication and are subject to change without notice.There is no guarantee that any forecast mentioned,or investment objective above will be realized. (1)Up to 25%in each opportunity. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 12 COHEN&STEERS investment • Macroenvironment r nm nt and opportunities For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. COHEN&STEERS Disrupted industry macro creates new cycle opportunities Secular, cyclical and re-valuation drivers a ?C Alpha Beta Re-valuation secular shifts in real estate cycle reset return of inflation usage patterns • Technology: Remote work • Superior return vintages • 40 years of disinflation has technology is altering live- tend to follow cyclical tended to favor financial work-play-travel preferences bottoms assets over real assets • Demographics: Retiring • Greater discounts to • Inflation-hedging premium boomers, maturing replacement costs appear assigned to cash-flowing millennials drive a new quest more plentiful real estate has largely for living space evaporated as inflation fears • Absolute return appear to have abated • Fiscal policy: Widening cost- opportunities of-living differentials are • A return of inflation will driving regional migration likely re-value income producing property At December 31,2021.Source:Cohen&Steers. The views and opinions are as of the date of publication and are subject to change without notice.There is no guarantee that any forecast mentioned,or investment objective above will be realized.There is no guarantee that any historical trend illustrated above will be repeated in the future,and there is no way to predict precisely when such a trend might begin. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 14 CpHEjv&STEERS Unique proprietary deal flow informed by macro trends Growth capital for "next generation" property strategy pioneers (e.g., cold Internet-resistant/click & collect- storage) enabled retail as "last mile warehouse"" r ._ 7 `� _ '--v-- Property ~ y �_._ �' --4-7- 4111, �µ , jr �. ext z rte_ �� 8if3,.'- - , \ 7 Targeted Are g 7 set of value Migration from urban to situations Distress in traditional property types "surban" centers CD (e.g., lodging) __ n_ `, 60- `r. r i T 1- !'-",..V.-- I i .. .-�dlfj-a � -''R ': - 1r� ,l �t A _ ;- 11 -i1 � 4 ,.-Y.� r „r"' luau i.' z — At September 30,2021.Source:Cohen&Steers The views and opinions are as of the date of publication and are subject to change without notice.There is no guarantee that any forecast mentioned,or investment objective above will be realized.There is no guarantee that any historical trend illustrated above will be repeated in the future,and there is no way to predict precisely when such a trend might begin. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. COHEN&STEERS 15 C REOF p ortfolio deal — Atlanta office Group Urban to surban migration Investment highlights . Unmaximized site in fortress Buckhead location: • -`" • all '"'"� • Two boutique office buildings totaling 170k SF on a 4.5 acre �.� ■ site with the ability to develop -340 multifamily units in >1'; , ..... _ �� Atlanta's premier submarket directly proximate to the _ �' '; __ , d namic Buckhead Villa e mixed-use district *"� (111 .-7---- — ;. • Irreplaceable location with prominent frontage along '� , Peachtree Road surrounded by high-end amenity retail to + , !' the East and Atlanta's leading executive housing .4 r' / I a - neighborhood to the West .•. ' IIIII " Opportunity to redevelopoffice and increase qualityLi �� a PP Y �,,� ++ �f , 0 • Complete common area, facade, and tenant space I ,�, .1 ! ,_ renovations totaling $16.3M to create desirable boutique '-, � E ,.,, i! office product at an all-in-basis that is -36% below , ,. "J -- lbw_ —� replacement cost • Business plan includes selling the excess land to a multifamily Projected return overview: Opportunistic developer for $16.0M in net proceeds, which will activate the Purchase Price/All-in-cost (PSF)1 $51.5 ($305)/ $59.5M ($353) site for mixed-use and increase density In-place/ Stabilized NOI Yield: 4.6%/8.3% Sponsor overview Peak Equity Requirement: $23.9M Reputable and longstanding operating partner Financing Terms 65%/SOFR+3.90%/3+1+1 term • CP Group is a vertically integrated owner/operator with deep expertise in the Southeast U.S., managing over 15M SF of Exit Cap/ Price PSF 5.50%/ $537 PSF commercial real estate Leveraged IRR/ MOIC: 21.4%/2.4x • Successful track record and previous execution experience Hold Period: 5 years with the team At March 2022.Source:CP Group 1A11-in-cost is adjusted down to reflect the sale of excess development site for$16.0M net of costs The information presented above is included solely to illustrate the Fund's investment strategy and the types of transactions the Fund may pursue.It does not reflect the performance of any fund or account managed or serviced by Cohen&Steers,and there is no guarantee that the Fund will acquire any of the investment opportunities described herein or that the Fund will invest in a similar manner or on similar terms. The actual investments of the Fund may differ substantially from the example pipeline transactions.The Purchase Price, NOl Yield, Peak Equity Requirement,Financing Terms,Exit Cap,Levered IRR,and Hold Period figures included in this section are based on financial models developed by Cohen&Steers and do not necessarily reflect performance investors will experience. These financial models are based on a number of assumptions and contingencies,many of which are beyond Cohen&Steers'control. There is no guarantee that any forecast mentioned above will be realized. For use by pre-qualified institutional or professional investors and their advisors only. 16 COHEN&STEERS Not for redistribution without the express written consent of Cohen&Steers. REOF portfolio deal - Atlanta office cont'd Group Urban to surban migration South Buckhead is dense and well amenitized with 4,000 MF units delivered since 2010; 800k SF of luxury retail and 800 hotel rooms ^ — ' ' J Multifamily THE CHARLES 4 _. w 4-':- '" - r. ••J- * t� r:' . \. Retail r► �` - THE GENTRY(U/C) - -' �.. �;s r" } — Office dG 'Nil- �i a - - - �� - -1-- KIMPTON HOTEL(U/C) rik% _ ' �lR� i �_. r t>,�T i . kD.t`,O NT R90AD . .`" • , a - -� , i"� THOMPSON HOTEL al/C) Condominium '" « i IN, - ��, ,- ' _ , ra ` ?r `� Frank Alien Park 00"'x.` ,: ❑ Hotel CAMDEN PHASE II(U/C) :' - i y ".2 c - . +� , THE SHOPS BUCKHEAD ATLANTA 1 f ` It's ff-+Ff c r• 0A-6.ROAD y �':�� -r.._ Y -. .W �T R4 . •E, ` . �-` -P- HERMES Dior WARBY PARKER SHARF - SNACK .. ti �. - _. 0 HEM • ES +,. i CC l M iii .�. _t- 1C `7� .a> AA, r-,,,,. W '.•,-At- - -- _ .... . 99 W.PACES(U/C) -!�'y,�Y JFK M ` ST. REGIS '` '�0 : Y1+ ;' t) public �9� ,:i,„.,,,,ii Property Property ' IP r r ` „As moDERA BULKHEAD K ~ wn. ..=.".4 Iih' ' „ . . 4 114f ilIM r ,1.1 Yr . • , , . , .. --v ,,, . . .„ MIDTO N o.um gnu - ;y ,4 *.' 4 . -�\ ).....-111,44,..... % " k I 4*• t foir THE SUTTON - c 4 Are At November 2021.Source:CP Group. There is no guarantee that any forecast mentioned above will be realized. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. COHEN&STEERS REOF portfolio deal - Atlanta office cont'd Group Urban to surban migration The intersection of Pharr Rd. and Peachtree Rd. has experienced significant densification since 2019, which is slated to continue with more development planned. �"` of ::. �rrrr!•.n. ' -y .. J ti i:. 'a-' .11.... • • t- ,!<- ie..:;;,., ':.4„:4.4.,. j0.sr.. lith, : Shops at Buckhead/Buckhead Atlanta - v / �, A ' `RH Buckhead 1 , Owner Jamestown r� - '...�if� ' '-- •" ,i` ti • e k. Owner M Development,LLC f,=•'':°' 290k SF of retail with tenants including It'''-.4. -'y' 1/'f t1-- / ' •w ^'�, / .rt Hermes,Dior,and Le Bilboquet,and Class A 'silty, _ �/r •. .� •a'a` F• office anchored by Spanx ~ "Ir '^; �� 56k SF Restoration Hardware flagship y � +_� store opened in 2014 r *; r - - i' Modera Buckhead t as. tt _�; _,,r,,'"" � '.',,' N � - •4; Developer/Owner Mill Creek // "� r. 't� - o • y-+•r .! - 21 story asset built in 2019 with 399 �f ;` `' .r� fes '_. \ units and an average rent of$2,614 111 , , ii.$#fifil l' 4 -/ - Low Density Retell,Potential for ` a •- - Future Development ��� t 4 t i Owner N/A(Fragmented) 1 - f • ;....r 3 sites comprised of a former - - ,,t. Cheesecake Factory,Truist bank ' • branch and Wells Fargo bank branch. believe fragmented ownership has $ haha mpered potential for redevelopment The Sutton It* \ '"� j/: Developer/Owner Preserve Properties 1 I' * .�. Hotel Development Site ,s` •-,� 21 story asset built in 2019 with 150 units and ' ..! , f - _/03 an average rent of$5,462.Reportedly u/c for 4 \ Owner Portman Holdings -$800k/unit �. /me" ir' Portman Holdings(ground lease) / ; 406 /%s✓ announced plans for a$300M project 1 -✓ with a 225-key hotel and a 225-unit _ - -r ♦ ••Vapartment building to break ground inA.,. •Y 2022 and complete in 2024 , ❑ Multifamily Condominium The intersection is within the SPI-9 f overlay district,which allows for: El Retail CI Hotel • Mixed-use development YJ' • 8.2x FAR ` Property • " • 225'height limit r Office ❑ Development Site , At November 2021.Source:CP Group. These prediction models are based on a number of assumptions and contingencies,many of which are beyond Cohen&Steers'control. There is no guarantee that any forecast mentioned above will be realized. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 18 CpN&STEERS V REOF portfolio deal private placement Victory Growth capital for pioneers in next generation real estate Investment highlights BEFORE AFTER European Opportunity Fund with top manager: r • Sequel fundraise to very successful Fund I (3.3x/32% IRR), the M • i ` `"_ Partner aims to continue its innovative investment approach 14.' lji to achieve opportunistic returns across Western Europeljil �jl�i - Achieved an 8.1x/66% IRR and 3.9x/20% IRR on two 111.-• Ii. mixed-use projects in Netherlands and Belgium Ilii If ` 'Mj' r' p J g 11 \. • Historical ability to unlock value through disciplined j 11$1I , acquisitions and deep real estate expertise •::. Iii 1 I 1 ll �� ft illrill 1. - Fund I asset values increased 71%and were bought for ■ 111��1 I i 54% below replacement cost on average Io tl'i" I ; j,� i i+' * �; Illlli Significant potential for future co-investments: �._ ! a Iii a� • Opportunity to invest more capital alongside Partner, like Projected return overview: Opportunistic Fund I which had €120M of co-invest alongside the €95 fund Total Offering Size €300M size (€215M deployed) Sponsor overview Investment Size €5M Highly experienced and longstanding partner: Future Co-investment TBD, €50M+ • Founded in 2009 by Erik Moresco, Victory Advisors is Target Returns (IRR/ Multiple) 20.0%+ / 2.0x+ vertically integrated with strong leadership on investment Investment Period / Fund Term 4 yrs/ 9 yrs and asset management. • Senior members of the Private Real Estate Group have GP Commitment €15M existing relationship. At November 2021.Source:Victory Advisors. The Total Offering Size,Investment Size,Co-investment,Target Returns,and Investment Period figures included in this section are based on information provided by Victory Advisors and do not necessarily reflect performance investors will experience.Target Returns above are stated gross of fees and expenses.There is no guarantee that any forecast mentioned above will be realized. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. � N STEERS 19 Real Opportunities Fund summary For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. COHEN&STEERS Delivering more for less Combining the best of small-/mid-cap direct and indirect investments Indirect strategies Direct strategies t 0- ruV (-6 cn a) 2 Indirect/ Reduced fees on Full fees: 1.5% and Large direct real traditional FoF 20% on committed estate private Cl . managers committed capital equity managers g capital q Y g a) 01 J N . aJ 0- — — ° - " " COHEN & STEERS _ , , �. i/� • Structure agnostic across direct and indirect `�N i • Focus on small- & mid-cap opportunities . ‘. • Fees on invested capital only . � o (1.5% and 15% on invested) — . To - ` - _ _ • Leading real estate platform with exclusive deal flow _s . - - v, - — Funds Secondaries Recaps Co- Club deals Direct JVs PIPEs/Pre- LBO's investments IPO Low Scope of activities/level of discretion High At December 31,2021.Source:Cohen&Steers. The views and opinions are as of the date of publication and are subject to change without notice.There is no guarantee that any forecast mentioned,or investment objective above will be realized.There is no guarantee that any historical trend illustrated above will be repeated in the future,and there is no way to predict precisely when such a trend might begin. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 21 COHEN&STEERS Fund terms summary Cohen & Steers Real Estate Opportunities Fund LP Investment objective Seeks attractive total returns by investing in private real estate including direct deals, co- investments, private fund interests (primaries and secondaries), and pre-IPOs/special situations. • Substantially U.S. investments • Growth capital for next gen property strategy pioneers Real estate asset characteristics • Migration from urban to "surban" commercial real estate • Internet-resistant/click & collect-enabled retail as "last mile warehouse" • Distress in traditional property types Approximately 75% direct investments (direct deals, co-investments, secondaries, pre-IPO, joint ventures, PIPEs, fund recaps) Portfolio construction • Supplemental opportunities: parameters - Up to 25% Europe/U.K. - Up to 25% REITS - Up to 25% indirect investments Structure DE Limited Partnership/3(c)(7) Fund; other structuring based on investor needs IRR objectives 14-17% Net IRR Leverage expectations 50-55% of original cost basis Direct Investments: 1.5% on Invested Capital with 15% carried interest after 8% preferred Fees (mgmt. + carried interest) return, 50/50 catch-up Fund Investments: 0.75% on Invested Capital (no carried interest) Target asset raise $650 million GP co-investment $50 million (plus additional employee investment) Target launch date (final close) 2023 Expected fund term 10 years plus two optional 1-year extensions At December 31,2021.Source:Cohen&Steers. This Fund has not yet launched,and the terms of investment,views,opinions,and investment objectives and characteristics are subject to change without notice The views and opinions are as of the date of publication and are subject to change without notice.There is no guarantee that any investment objective above will be realized.There is no guarantee that any historical trend illustrated above will be repeated in the future.and there is no way to predict precisely when such a trend might begin.Please see the Legal Notes slide at the end of this presentation for important information on Target Returns. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 22 COIN&STEERS Cornerstone investor terms summary • Seeking $150mm total; $25mm minimum investment • Estimated cornerstone close of $200mm, comprised of $50mm+ from the sponsor (GP + employees) and $150mm from cornerstone investors Cornerstone investor economic terms Fund Terms Direct Investments: 1.25% on Invested Capital with 12.5% carried interest after 8% Fees (mgmt. + carried interest) preferred return, 50/50 catch-up Fund Investments: 0.75% on Invested Capital with no carried interest Investment minimum $25 million Co-Investment Terms Each cornerstone investor receives pro-rata allocation rights in total co-investment vehicle Investor participation pool of $500mm notional size, offered on a deal-by-deal basis; investors given right of refusal with refused share allocated to remaining participating investors. 1.0% on Invested Capital Fees (mgmt. + carried interest) 10% Carried Interest after 8% Preferred Return, 50/50 catch-up At December 31,2021.Source:Cohen&Steers. This Fund has not yet launched,and the terms of investment,views,opinions,and investment objectives and characteristics are subject to change without notice The views and opinions are as of the date of publication and are subject to change without notice.There is no guarantee that any investment objective above will be realized.There is no guarantee that any historical trend illustrated above will be repeated in the future,and there is no way to predict precisely when such a trend might begin. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 23 COHEN&STEERS Appendix For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. COHEN&STEERS Proven execution team Dedicated private real estate group Team member Role Previous Experience Jim Corl • Leads all private real estate activities • Managing director and head of real estate Head of Private Real • Directs investment strategy implementation and oversees at Siguler Guff from 2009 to 2020 t ti Committee Investment portfolio management • Spent 11 years at CNS;4 years as CIO of Committee Member listed real estate (2004-2008) likAnthony Corriggio • Partners closely with Hamid to select acquisition opportunities • Worked with Jim Corl at Siguler Guff from Portfolio Manager, to develop and present to investment committee 2011 to 2020;co led critical functions Investment • Focuses on the fund management components of the group, • Senior Analyst at Coeus Capital Committee Member overseeing finance, accounting, valuations and risk Management LLC, a long/short equity management across strategies hedge fund • Plays a senior role in the investment process and in structuring • Chief Financial Officer of The St.Joe deals with operating partners Company • Oversees strategic asset management decisions and • Acquisitions officer at Morgan Stanley acquisitions team Hamid Tabib • Co-leads portfolio construction • Worked with Jim Corl at Siguler Guff from }t Head of Real Estate • Manages acquisitions team—leads deal sourcing, structuring, 2011 to 2020;co-led critical functions Acquisitions, and negotiation of private real estate deals • Senior member of team at Crocker 4 North America, • Asset management—maintains relationships with operating Partners, 2006-2009 Investment partners and oversees performance of assets • Acquisitions, dispositions and finance Committee Member analyst at CRT Properties, 2003-2005 Terri Liftin • Draft, review, and negotiate private real estate fund • Worked as chief counsel and CCO of Raith Associate General documentation Capital Partners Counsel focused on • Manage legal process for private real estate acquisitions, • Worked as managing director and CCO at Private Real Estate including due diligence and term negotiation Siguler Guff&Co. ii Group • Assist with ongoing regulatory matters related to conflicts, corporate governance, investment restrictions and covenants Melissa lorio • Leads Investor relations for all private real estate activities • Managing director, capital formation and Head of Investor • Responsible for partnering with distribution to grow, service investor relations at Colony 'd Relations and optimize our private real estate business across Capital/DigitalBridge from 2012-2021 institutional and wealth channels. • Worked as managing director, head of • Manage all investor requests for private real estate North America at Barington Capital, and vice president, sales at Eaton Partners ---------------- At March 2022. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 25 CQHEN&STEERS Proven execution team Dedicated private real estate group Team member Role Previous Experience Josh Silverman • Acquisitions:Co-leads deal sourcing, structuring and • Northwood Investors, a real estate private equity Acquisitions negotiation investment firm founded by John Kukral from 2012 to • Asset management: maintains relationships with operating 2021 Jig 'f partners and oversees performance of assets • Investment banking analyst at Deutsche Bank Securities Inc., 2010-2012 Jillian Boyer • Manage daily operations and provide oversight of • Worked as vice president in the finance and accounting Private Equity accounting and financial reporting requirements for all department at Madison International Realty Controller funds that employ private real estate investment strategies • Held accounting roles at Tishman Speyer and Marks Manage investor reporting and requests including capital Paneth LLP calls,distributions and ad-hoc reporting • Develop and maintain efficient internal controls and business processes • Perform operational and accounting tasks during due diligence process in connection with real estate investment acquisitions Jon Rhoden • Acquisitions:leads execution of potential investments • Goldman Sachs' Merchant Banking Real Estate Group from firAcquisitions • Asset management: maintains operating partner 2016 to 2021 relationships alongside deal team leader and monitors — Private real estate acquisitions, 2018-2021 • performance of underlying investments — Commercial asset management, 2016-2018 • Supports marketing and fundraising efforts Jonathan Wei • Supports investment team in evaluating, underwriting, • Eastdil Secured LLC, real estate investment banking analyst Analyst executing and managing investments from 2019 to 2021 • Supports marketing and fundraising efforts ------------- -- At March 2022. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 26 COHEN&STEERS Investment Committee members Team member Experience ' Robert Steers, Founded the firm with Martin Cohen in 1986 as the first investment advisor dedicated to real estate securities. He serves on the Executive Chairman Advisory Committee for the International Monetary Fund's Staff Retirement Plan.At his alma mater of Georgetown University, Mr. Steers is Chairman of the Executive Committee of the Steers Center for Global Real Estate and is a member of the Endowment ,• Investment Committee. From 1982 to 1986, he was Chief Investment Officer of National Securities and Research Corporation,where he and Mr.Cohen organized and managed the first real estate securities mutual fund in the United States. Prior to that, Mr. Steers was an analyst and portfolio manager of Citibank's Emerging Growth Stock Fund. Mr.Steers holds a BS from Georgetown University and an MBA from George Washington University. Joseph Harvey, Director for the firm and its mutual funds.Joining in 1992 as a REIT analyst, he served as a portfolio manager from 1998 to 2016 and Chief Executive Chief Investment Officer from 2003 to 2019. Previously, Mr. Harvey was a vice president with Robert A.Stanger&Co.,where he was Officer and an analyst specializing in real estate and oil&gas for the firm's research and consulting activities. Mr. Harvey holds a BSE from 11;k1 President Princeton University. Jon Cheigh, Leads the investment department and oversees the global real estate team, serving as senior portfolio manager for all global real Chief Investment estate strategies. Mr.Cheigh joined the company in 2005 as a REIT analyst and has served as a portfolio manager since 2008. He was Officer and Head of named Head of Global Real Estate in 2012 and was appointed Chief Investment Officer in 2019. Prior to joining the company, Mr. • Global Real Estate Cheigh was a vice president and senior REIT analyst at Security Capital Research&Management. Prior to that, he was a vice president of real estate acquisitions at InterPark and an acquisitions associate at Urban Growth Property Trust, two privately held real estate companies incubated by Security Capital Group. Mr.Cheigh holds a BA degree cum laude from Williams College and an MBA degree from the University of Chicago. ILJim Corl, Jim has 32 years of experience. Mr.Corl rejoined Cohen &Steers in 2020, having previously been with the firm for 11 years, serving Head of Private as Chief Investment Officer—Real Estate from 2004 to 2008. Most recently, he was head of real estate at Siguler Guff&Company,, Real Estate where he led a real estate investment group focused on private markets. Earlier in his career, Mr.Corl held real estate investment roles at Heitman Capital Management and Credit Suisse First Boston. He has an MBA from the University of Pennsylvania and a BA from Stanford University and is based in New York. ;mit Anthony Anthony Corriggio,Senior Vice President, is a portfolio manager within Cohen &Steers Private Real Estate Group. He has more than Corriggio, 25 years of real estate investment experience. Prior to joining the firm in 2022, Mr.Corriggio was a Managing Director at Siguler Guff, Portfolio Manager serving as a senior member of the company's distressed real estate investment team. Previously, he was a Senior Analyst at Coeus Capital Management LLC, a long/short equity hedge fund, and Chief Financial Officer of The St.Joe Company, a multi-billion dollar publicly traded residential and commercial land developer. He was also with Morgan Stanley,first as an investment banking officer and then as an acquisitions officer for the Morgan Stanley Real Estate Fund.Outside of investment management roles, Mr. Corriggio served as a Captain in the United States Air Force,Civil Engineering Squadron. He has an MBA and two BS degrees from the University of Pennsylvania and is based in New York. AHamid Tabib, Hamid has 17 years of experience. Prior to joining the firm in 2021, Mr.Tabib was with Siguler Guff&Company for more than 10 Head of Real Estate years, most recently as a principal,serving as a senior member of an investment team focused on opportunistic direct real estate Acquisitions, investing. Previously, he had various private real estate investment roles at Crocker Partners and CRT Properties. Mr.Tabib has a BS North America from New York University and an MBA from the University of Pennsylvania and is based in New York. At March 2022. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 27 COHEN&STEERS Private real estate group biographies James Corl, Executive Vice President, is Head of the Private Real Estate Jon Rhoden, Senior Associate, is a member of Cohen &Steers Private Real Group. He has 32 years of experience. Mr. Corl rejoined Cohen & Steers in Estate Group,where he focuses on real estate acquisitions. He has six years 2020, having previously been with the firm for 11 years, serving as Chief of experience. Prior to joining the firm in 2021, Mr. Rhoden was an associate Investment Officer—Real Estate from 2004 to 2008. Most recently, he was at Goldman Sachs, MBD Real Estate, responsible for identifying and head of real estate at Siguler Guff&Company, where he led a real estate evaluating potential real estate investment opportunities across multiple risk investment group focused on private markets. Earlier in his career, Mr. Corl profiles and geographies. He has an MS and a BBA from Texas A&M held real estate investment roles at Heitman Capital Management and University and is based in New York. Credit Suisse First Boston. He has an MBA from the University of Jonathan Wei, Analyst, is a member of Cohen &Steers Private Real Estate Pennsylvania and a BA from Stanford University and is based in New York. Group, where he focuses on real estate acquisitions. He has two years of Tony Corriggio, Senior Vice President and Portfolio Manager for the experience. Prior to joining the firm in 2021, Mr.Wei was an analyst in Eastdil Private Real Estate Group. He has more than 25 years of experience. Prior Secured's Atlanta office, where he contributed to investment sales, debt to joining the firm in 2022, Mr. Corriggio was a Managing Director at placement, and M&A advisory assignments across product types in North Siguler Guff. Previously, he was a Senior Analyst at Coeus Capital America and Europe. He has a BBA from Emory University and is based in Management LLC, a long/short equity hedge fund, and Chief Financial New York. Officer of The St.Joe Company, a land developer. He was also with Terri Liftin, Senior Vice President, Associate General Counsel, is a member of Morgan Stanley, as an investment banking officer and then as an Cohen &Steers Private Equity Group. She has more than 15 years of acquisitions officer. Mr.Corriggio served as a Captain in the United States experience in private equity. Prior to joining the firm in 2021, Ms. Liftin was Air Force, Civil Engineering Squadron. He has an MBA and two BS degrees the chief counsel and CCO of Raith Capital Partners, a private investment firm from the University of Pennsylvania and is based in New York. that focuses on real estate investing. Previously, she was a managing director Hamid Tabib, Senior Vice President, is Head of Real Estate Acquisitions, and CCO at Siguler Guff&Company, a multi-strategy private investment North America. He has 17 years of experience. Prior to joining the firm in firm,where she had day-to-day responsibility for the firm's legal and 2021, Mr.Tabib was with Siguler Guff&Company for more than 10 years, compliance matters. Ms. Liftin has a JD from Brooklyn Law School, an MA most recently as a principal, serving as a senior member of an investment from New York University, and an AB from Barnard College. She is based in team focused on opportunistic direct real estate investing. Previously, he New York. had various private real estate investment roles at Crocker Partners and Melissa lorio, Senior Vice President, is Head of Investor Relations, Private CRT Properties. Mr. Tabib has a BS from New York University and an MBA Real Estate. She has 19 years of experience. Prior to joining the firm in 2022, from the University of Pennsylvania and is based in New York. Ms. lorio was with DigitalBridge/Colony Capital, serving as Managing Joshua Silverman, Principal of Acquisitions, is a member of Cohen & Director, Capital Formation and Investor Relations. Previously, she held Steers Private Real Estate Group, where he focuses on real estate various investor relations and distribution roles at Barrington Capital, Eaton acquisitions. He has 10 years of experience. Prior to joining the firm in Partners and FirstMark Capital. Ms. lorio has a BS from Saint Michael's 2021, Mr. Silverman was a vice president at Northwood Investors, College and is based in New York. responsible for sourcing, underwriting and executing acquisitions of real Jillian Boyer, Vice President, Private Equity Controller, is a member of estate assets in the office, multifamily, retail and hospitality sectors. Cohen &Steers Private Equity Group. She has 10 years of experience. Prior to Previously, he was an investment banking analyst at Deutsche Bank joining the firm in 2021, Ms. Boyer was a vice president in the finance and Securities. Mr. Silverman has a BS from Duke University and is based in accounting department at Madison International Realty. Previously, she held New York. accounting roles at Tishman Speyer and Marks Paneth LLP. Ms. Boyer has a BS from the State University of New York, Old Westbury and is based in New York. At March 2022. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 28 Cpj jEN&Sl HERS Legal notes This material is provided to pre-qualified institutional and professional investors or their advisors only for informational purposes and reflects prevailing conditions and our judgment as of this date,which are subject to change.It does not constitute investment advice or a recommendation or offer.We consider the information in this presentation to be accurate,but we do not represent that it is complete or should be relied upon as the sole source of suitability for investment.Past results are not indicative of future results.Risks involved with investment,including potential loss of capital,should be carefully considered. This document is for information and marketing purposes only.The information contained herein is not,and under no circumstances to be construed as,a prospectus,an offering memorandum,an advertisement,a public offering,an offer to sell securities,or a solicitation of an offer to buy securities,in Canada or any province or territory thereof.Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators under applicable Canadian securities laws in the relevant province or territory of Canada in which such offer or sale is made. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient.No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials,the information contained herein or the merits of the securities described herein.An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees,expenses or taxes. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment. Important Information on Target Returns:The IRR objectives included in this presentation(the"Target Returns")for an investment in the Fund represent targeted net,pre-tax returns to investors,and are provided for illustration and discussion purposes only and are subject to significant limitations.The Target Returns are not projections of the expected performance of the Fund or its investments.There can be no assurance or guarantee that the Target Returns will be achieved.If any one or more of these assumptions(or others on which the Target Returns are based)are incorrect,then the Target Returns may not be achieved.The Target Returns are also based on Cohen&Steers'current view of the market and economic conditions generally, including with respect to the extent,duration and impact of the Covid-19 pandemic.Market conditions may change significantly during the term of the Fund and Cohen&Steers'other assumptions may not prove to be true,and therefore an investor's actual realized return over the term of the Fund may vary materially from the Target Returns. Net IRRs presented herein are calculated net of carried interest,asset management fees and expenses incurred,but do not reflect the effect of taxes that may be payable by entities in the Fund structure(which may be significant). The Cohen&Steers Real Estate Opportunities Fund has not been launched as of the date of this material. Accordingly,this information is not complete and may be changed. Investment in the Fund will only be offered pursuant to an updated private placement memorandum,limited partnership agreement,and other associated offering materials. The information in this presentation is for informational purposes only and should not be construed as an offer to sell,or a solicitation to buy the prospective Fund. Prospective investors in this proposed Fund should read the finalized offering documentation carefully for additional information including significant risk considerations and details about the investment plan,offering terms,fees and expenses. Cohen&Steers Capital Management,Inc. (Cohen&Steers)is a U.S.registered investment advisory firm that provides investment management services to corporate retirement,public and union retirement plans,endowments, foundations and mutual funds. Cohen&Steers UK Limited is authorized and regulated by the Financial Conduct Authority(FRN458459) Cohen&Steers Asia Limited is authorized and regulated by the Securities and Futures Commission ofHong Kong(ALZ367) Cohen&Steers Japan Limited is a registered financial instruments operator(investment advisory and agency business and discretionary investment management business with the Financial Services Agency of Japan and the Kanto Local Finance Bureau No.3157)and is a member of the Japan Investment AdvisersAssociation. Cohen&Steers Ireland Limited is regulated by the Central Bank of Ireland(No.C188319). Copyright©2021 Cohen&Steers,Inc.All rights reserved. For use by pre-qualified institutional or professional investors and their advisors only. Not for redistribution without the express written consent of Cohen&Steers. 29 CON&S l'EERS 2061612 CITY OF BOYNTON BEACH PENSION PLAN FOR GENERAL EMPLOYEES ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2021 ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE PLAN YEAR ENDING SEPTEMBER 30, 2023 G RS CFI;S P:954.527.1616 F:954.525.0083 www.grsconsulting.com May 18, 2022 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 1,2021 and Actuarial Disclosures Dear Board Members: The results of the October 1, 2021 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, 2023,and to determine the actuarial information for Governmental Accounting Standards Board (GASB)Statement No. 67 for the fiscal year ending September 30, 2021. This report also includes estimated GASB Statement No. 67 information for the fiscal year ending September 30, 2022.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, 2021. 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 One East Broward Boulevard j Suite 505 I Ft. Lauderdale,Florida 33301-1804 Board of Trustees City of Boynton Beach Pension Plan for General Employees May 18,2022 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, gAAA, FCA Piotr Krekora, ASA, MAAA, FCA Enrolled Actuary No. 20-06975 Enrolled Actuary No. 20-08432 GRS 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 and Actual Contributions 19 11. Actuarial Assumptions and Cost Method 20 12. Glossary of Terms 26 C Pension Fund Information 1. Summary of Assets 29 2. Summary of Fund's Income and Disbursements 30 3. Reconciliation of DROP Accounts 31 4. Actuarial Value of Assets 32 5. Investment Rate of Return 33 D Financial Accounting Information 1. FASB No. 35 34 2. GASB No. 67 35 E Miscellaneous Information 1. Reconciliation of Membership Data 41 2. Age and Service Distribution 42 F Summary of Plan Provisions 44 SECTION A DISCUSSION OF VALUATION RESULTS 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. For FYE 9/30/23 For FYE 9/30/22 Based On Based On 10/01/2021 10/1/2020 Increase Valuation Valuation (Decrease) if contributed on if contributed on 10/1/2022 10/1/2021 Required Employer Contribution $ 6,857,268 $ 7,134,561 $ (277,293) As%of Covered Payroll 26.32 % 28.08 % (1.76) % The employer contribution listed above is for the City's fiscal year ending September 30, 2023 and has been calculated as though payment is made in a single lump sum on October 1, 2022. The actual City contribution for 2021 was$7,468,676, 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 The assumed investment return assumption has been reduced by 0.10%from 6.90%per annum to 6.80% per annum,compounded annually and net of investment expenses.This assumption is scheduled to be reduced by 0.10% per year each year until a target of 6.50%is reached. Results include a 0.6%load on Normal Retirement liabilities and a 1.2%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 6.8%). The official method for amortizing the unfunded actuarial accrued liability(UAAL) has been changed from a level percentage of pay method to a level dollar method, although this change had no net impact on the required employer contribution this year because the payroll growth assumption was limited to 0.0%under Florida Statutes(based on the actual 10-year average payroll growth rate) last year. In addition,the amortization period for assumption change bases created on October 1, 2021 and later has been reduced from 30 years to 20 years. G City of Boynton Beach Pension Plan for General Employees Actuarial Valuation as of October 1,2021 and Actuarial Disclosures The net effect of all of the above changes caused an increase in the required employer contribution of 1.14%of covered payroll,or$297,010. Actuarial Experience There was a net actuarial experience gain of$3,972,439 during the year,which means actual experience was more favorable than expected.This gain was primarily due to investment-related gains on the (smoothed)Actuarial Value of Assets. The recognized return on the actuarial value of assets during fiscal year 2021 was 9.7%versus the assumed return of 6.9%.The return on the market value of assets was 19.4%.The asset gain was partially offset by net demographic experience losses, primarily due to lower mortality experience among retirees than expected (5 actual deaths with a $110,851 decrease in annual retiree payroll versus 12 deaths and a $239,419 decrease in retiree payroll expected). There were also minor losses due to more retirements than expected (20 actual versus 14 expected) and slightly higher than expected salary increases(5.7%actual versus 5.3%expected). The net effect of the actuarial experience gain caused a decrease in the required employer contributions of 1.60%of covered payroll, or$416,856. Funded Ratio The funded ratio this year is 94.6%compared to 91.2% 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 95.6% 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 30,2023 would have been 9.09%(or$2,368,259)and the funded ratio would have been 103.1%. This funded ratio(on a market value basis) is up from 90.4%last year. In the absence of assumption changes, plan changes and future gains and losses,the City contribution rate would be expected to decrease toward that level over the next few years. 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 28.08 % Experience(Gain)/Loss (1.60) Change in Plan Benefits 0.00 Change is Assumptions and Methods 1.14 Change in Normal Cost Rate (0.07) Change in Payment on UAAL (1.27) Change in Administrative Expense 0.04 Contribution rate this year 26.32 % Actuarial R S City of Boynton Beach Pension Plan for General Employees 2 l Valuation as of October 1,2021 and Actuarial Disclosures There was a 2.54% increase in covered payroll from October 1, 2020 to October 1, 2021 (from $24,715,933 to$25,343,822 respectively). The UAAL amortization payments were scheduled to remain level (since there was no payroll growth assumption in the UAAL amortization schedule as of October 1, 2020),so when covered payroll increases,the amortization payment as a percentage of covered payroll decreases. In the current and future valuations, the UAAL amortization payments will not be impacted by the payroll growth rate as the UAAL amortization method has been changed to use level dollar amortization. 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, 2021, the market value of assets exceeded the actuarial value by$17,479,432. Once all the losses through September 30, 2021 are fully recognized in the actuarial asset values,the contribution rate will decrease by approximately 17.23%of payroll unless there are offsetting experience losses or other changes. Conclusion The Plan's funded ratio has improved from 74.5%as of October 1, 2012 to 94.6%as of October 1, 2021, even as the investment return assumption has been lowered over the same time period from 8.0%to 6.8%. 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 (9 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. 4G City of Boynton Beach Pension Plan for General Employees 3 ;S Actuarial Valuation as of October 1,2021 and Actuarial Disclosures 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. G R S Actuarial of Boynton Beach Pension Plan for General Employees 4 l Valuation as of October 1,2021 and Actuarial Disclosures 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: 2021 2020 Ratio of the market value of assets to total payroll 8.3 7.1 Ratio of the actuarial accrued liability to payroll 8.0 7.9 Ratio of actives to retirees and beneficiaries 0.9 0.9 Ratio of net cash flow to net market value of assets(Net of DROP and Elective Benefits) -1.4 -1.6 Duration of the actuarial accrued liability 12.6 12.6 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 Qs ActuariaCity of Boynton Beach Pension Plan for General Employees 5 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures 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. G City of Boynton Beach Pension Plan for General Employees 6 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures SECTION B VALUATION RESULTS PARTICIPANT DATA October 1, 2021 October 1, 2020 ACTIVE MEMBERS Number 410 408 Covered Annual Payroll $ 25,343,822 $ 24,715,933 Average Annual Payroll $ 61,814 $ 60,578 Average Age 44.5 45.0 Average Past Service 7.9 8.3 Average Age at Hire 36.6 36.7 RETIREES& BENEFICIARIES& DROP Number 458 440 Annual Benefits $ 12,664,572 $ 12,010,865 Average Annual Benefit $ 27,652 $ 27,297 Average Age 70.0 ' 69.7 I DISABILITY RETIREES Number 1 1 Annual Benefits $ 5,717 $ 5,717 Average Annual Benefit $ 5,717 $ 5,717 Average Age 81.3 80.3 TERMINATED VESTED MEMBERS Number 57 52 Annual Benefits $ 1,016,635 $ 924,060 Average Annual Benefit $ 17,836 $ 17,770 Average Age 49.6 49.5 G City of Boynton Beach Pension Plan for General Employees 7 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures ACTUARIALLY DETERMINED EMPLOYER CONTRIBUTION (ADEC) A. Valuation Date October 1,2021 October 1,2021 October 1,2020 After Changes Before Changes B. ADEC to Be Paid During Fiscal Year Ending 9/30/2023 9/30/2023 9/30/2022 C. Assumed Date of Employer Contrib. 10/1/2022 10/1/2022 10/1/2021 D.Annual Payment to Amortize Unfunded Actuarial Liability $ 4,365,545 $ 4,168,284 $ 4,775,819 E. Employer Normal Cost 2,303,748 2,213,027 2,164,877 F. ADEC if Paid on the Valuation Date: D+E 6,669,293 6,381,311 6,940,696 G.ADEC Adjusted for Frequency of 6,669,293 6,381,311 6,940,696 Payments H.ADEC as%of Covered Payroll 26.32 % 25.18 % 28.08 % I. Assumed Rate of Increase in Covered Payroll to Contribution Year 2.80 % 2.80 % 2.80 % J. Covered Payroll for Contribution Year 26,053,449 26,053,449 25,407,979 K. ADEC for Contribution Year: H x J 6,857,268 6,560,258 7,134,561 L. ADEC as%of Covered Payroll in Contribution Year: K_J 26.32 % 25.18 % 28.08 % City of Boynton Beach Pension Plan for General Employees 8 sActuarial Valuation as of October 1,2021 and Actuarial Disclosures ACTUARIAL VALUE OF BENEFITS AND ASSETS A. Valuation Date October 1,2021 October 1,2021 October 1,2020 After Changes Before Changes B. Actuarial Present Value of All Projected Benefits for 1. Active Members a. Service Retirement Benefits $ 78,402,299 $ 76,864,414 $ 76,830,974 b. Vesting Benefits 9,348,288 9,117,069 8,862,266 c. Disability Benefits - - - d. Preretirement Death Benefits 1,144,877 1,123,679 1,139,203 e. Return of Member Contributions 526,079 525,472 473,231 f.Total 89,421,543 87,630,634 87,305,674 2. Inactive Members a. Service Retirees&Beneficiaries 134,554,992 133,340,956 126,708,868 b. Disability Retirees 43,774 43,522 44,909 c.Terminated Vested Members 7,556,968 7,444,167 6,865,192 d.Total 142,155,734 140,828,645 133,618,969 3. Total for All Members 231,577,277 228,459,279 220,924,643 C. Actuarial Accrued(Past Service) Liability 203,796,111 201,491,346 195,045,408 D. Actuarial Value of Accumulated Plan Benefits per FASB No. 35 191,460,725 189,375,362 183,135,963 E. Plan Assets 1. Market Value 210,170,439 210,170,439 176,382,148 2. Actuarial Value 192,691,007 192,691,007 177,793,266 F. Unfunded Actuarial Accrued Liability 11,105,104 8,800,339 17,252,142 G. Actuarial Present Value of Projected Covered Payroll 183,480,876 182,471,975 174,186,779 H. Actuarial Present Value of Projected Member Contributions 12,843,662 12,773,039 12,193,075 I. Accumulated Contributions of Active 11,505,959 11,505,959 11,630,910 Members J. Funded Ratio: E2/C 94.6% 95.6% 91.2% Actuarial R S City of Boynton Beach Pension Plan for General Employees 9 l Valuation as of October 1,2021 and Actuarial Disclosures CALCULATION OF EMPLOYER NORMAL COST A. Valuation Date October 1,2021 October 1,2021 October 1,2020 After Changes Before Changes B. Normal Cost for 1. Service Retirement Benefits $ 2,987,133 $ 2,914,820 $ 2,857,276 2. Vesting Benefits 708,146 690,381 674,403 3. Disability Benefits - - - 4. Preretirement Death Benefits 58,323 57,102 57,089 5. Return of Member Contributions 163,167 163,745 158,876 6. Total for Future Benefits 3,916,769 3,826,048 3,747,644 7. Assumed Amount for Administrative Expenses 161,047 161,047 147,348 8. Total Normal Cost 4,077,816 3,987,095 3,894,992 C. Expected Member Contribution 1,774,068 1,774,068 1,730,115 D. Employer Normal Cost: B8-C 2,303,748 2,213,027 2,164,877 E. Employer Normal Cost as%of Covered Payroll 9.09 % 8.73 % 8.76 G City of Boynton Beach Pension Plan for General Employees 10 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY Original UAAL Current UAAL Date Years After Changes Before Changes Established Source Amount Remaining Amount Payment Payment . 10/1/14 Method Change;All Bases Combined $34,955,982 2 $ 8,663,945 $ 4,474,416 $ 4,476,441 10/1/15 Experience(Gain)/Loss (3,180,306) 9 (2,051,435) (292,316) (293,292) 10/1/16 Experience(Gain)/Loss 1,992,792 10 1,455,537 192,251 192,964 10/1/16 Assumption Changes 4,282,548 25 3,805,051 300,236 302,692 10/1/17 Experience(Gain)/Loss (1,037,851) 11 (809,370) (100,058) (100,466) 10/1/17 Assumption Changes 1,776,743 26 1,602,901 124,579 125,626 10/1/18 Experience(Gain)/Loss (2,345,780) 12 (1,934,922) (225,675) (226,673) 10/1/18 Assumption Changes 2,221,673 27 2,029,466 155,546 156,888 10/1/19 Experience(Gain)/Loss (27,302) 13 (23,960) (2,654) (2,667) 10/1/19 Assumption Changes 1,929,634 28 1,805,019 136,572 137,779 10/1/20 Experience(Gain)/Loss (2,187,129) 14 (2,010,576) (212,687) (213,772) 10/1/20 Assumption Changes 254,521 29 241,122 18,028 18,191 10/1/21 Experience(Gain)/Loss (3,972,439) 15 (3,972,439) (403,239) (405,427) 10/1/21 Assumption Changes 2,304,765 20 2,304,765 200,546 N/A $36,967,851 $ 11,105,104 $ 4,365,545 $ 4,168,284 Amortization Schedule The UAAL is being amortized as a level dollar amount over the number of years remaining in the amortization period. The expected amortization schedule is as follows: Amortization Schedule Year Expected UAAL 2021 $ 11,105,104 2022 7,197,856 2023 3,024,908 2024 3,346,876 2025 3,690,738 2026 4,057,983 2031 5,992,343 2036 6,900,771 2041 3,865,770 2046 875,463 2051 - Actuarial Clip City of Boynton Beach Pension Plan for General Employees it l Valuation as of October 1,2021 and Actuarial Disclosures 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 $ 17,252,142 2. Last Year's Employer Normal Cost 2,164,877 3. Last Year's Contributions 7,468,676 4. Interest at the Assumed Rate on: a. 1 and 2 for one year 1,339,774 b. 3 from dates paid 515,339 c. a - b 824,435 5. This Year's Expected UAAL 1+2-3+4c 12,772,778 6. This Year's Actual UAAL(Before any changes in benefits or assumptions) 8,800,339 7. Net Actuarial Gain(Loss): (5)- (6) 3,972,439 8. Gain(Loss)due to investments 5,527,878 9. Gain(Loss)due to other sources (1,555,439) I G R S City of Boynton Beach Pension Plan for General Employees 12 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures Actuarial Gain (+) or Loss (-) $20 — _ $20 $15 : $15 $10 : $10 $5 = $5 co $5 ' 1 MI ' ' o — m II $5 c -$10 : -$10 -$15 : -$15 -$20 : -$20 -$25 : -$25 -$30 - -$30 (5\(5\(5\ \c\\(5\(\P5o(595o(\&\05\(5c°5\0\\ c\o f\%05\&\ti45ti()ti(5ti(5tic5\4254c5ti(54\ti(519\titi Plan Year End MI Gain or Loss t—Cumulative Qs City of Boynton Beach Pension Plan for General Employees 13 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures 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: Investment Return Salary Increases Year Ending Actual Assumed Actual Assumed 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 9/30/2021 9.7 6.9 5.7 5.3 Averages 7.6 % --- 5.5 % --- 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. G City of Boynton Beach Pension Plan for General Employees 14 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures History of Investment Return Based on Actuarial Value of Assets 20% - 20% 15% — — 15% 10% SA Ali A ' 10% 5% — 5% 0% I I I I I I I I I I I I 1 1 1 1 1 1 1 1 I 1 1 1 1 1 i 0% -5% -5% yy�' tc5Z\cce \c �64175°'46 Z°2\°) \° 564 NZ\t'%tip\ ti4' ttl> Plan Year End tActual —a—Assumed History of Salary Increases 16% - 16% 14% = 14% 12% - - 12% 10% = - 10% 8% = = 8% 6% - • TVvA 6% 4/° — -: 4/° 2% - = 2% 0% - I I I I I 1 I I I I I I I I I I I I I I 1 I 1111111 I 0% -2% - - -2% -4% -4% "\c6:A° c525\6 ,\°' °)(46\c cti o,\o,\o,\° \°ho,\o,\°�\o�\�'\t)N. ti5V)\'%4 o,\ti tl\51> Plan Year End Compared to Previous Year —a—Actual —*—Assumed G R S City of Boynton Beach Pension Plan for General Employees 15 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures I Actual(A)Compared to Expected (E) Decrements Among Active Employees Number Added Service& Active During DROP Disability Terminations Members Year Year Retirement Retirement Death Vested Other Totals End of Ended A EA E A EAE 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 82 80 20 14 0 0 1 0 11 48 59 45 410 9/30/2022 13 0 0 45 20 Yr Totals * 948 1087 351 248 0 0 22 18 216 498 714 660 * Totals are through current Plan Year only. C City of Boynton Beach Pension Plan for General Employees 16 lipActuarial Valuation as of October 1,2021 and Actuarial Disclosures Cumulative Gains and Losses(13Th Check) Cumulative Actuarial Gains(Losses) Balance at Year Ending Beginning Gain (Loss) Balance at 9/30 of Year for Year 13th Check End of Year 2001 (5,127,867) 0 (5,127,867) 2002 (5,127,867) (4,227,408) 0 (9,355,275) 2003 (9,355,275) (5,398,187) 0 (14,753,462) 2004 (14,753,462) (4,994,196) 229,585 (19,977,242) 2005 (19,977,242) (1,174,319) 0 (21,151,561) 2006 (21,151,561) (2,594,867) 0 (23,746,428) 2007 (23,746,428) 1,095,313 0 (22,651,115) 2008 (22,651,115) (4,187,334) 0 (26,838,449) 2009 (26,838,449) (7,545,634) 0 (34,384,083) 2010 (34,384,083) 390,808 0 (33,993,275) 2011 (33,993,275) (4,879,520) 0 (38,872,795) 2012 (38,872,795) (644,791) 0 (39,517,586) 2013 (39,517,586) 321,148 0 (39,196,438) 2014 (39,196,438) (486,050) 0 (39,682,488) 2015 (39,682,488) 3,180,306 0 (36,502,182) 2016 (36,502,182) (1,992,792) 0 (38,494,974) 2017 (38,494,974) 1,037,851 0 (37,457,123) 2018 (37,457,123) 2,345,780 0 (35,111,343) 2019 (35,111,343) 27,302 0 (35,084,041) 2020 (35,084,041) 2,187,129 0 (32,896,912) 2021 (32,896,912) 3,972,439 0 (28,924,473) 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. G City of Boynton Beach Pension Plan for General Employees 17 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures RECENT HISTORY OF VALUATION RESULTS Number of Actuarial Unfunded Employer Valuation Active Inactive Covered Accrued Liability Actuarial Value Funded AAL Normal Cost Date Members Members Annual Payroll (AAL) of Assets Ratio (UFAAL) Rate 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 i 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 10/1/21 410 516 25,344 203,796 192,691 94.6 11,105 9.09 Note: Dollar amounts are in thousands. tilieR City of Boynton Beach Pension Plan for General Employees 18 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS Applies to Fiscal Required Employer Contribution Valuation Year Ending Amount %of Payroll Actual Contribution 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 7,468,676 10/1/20 9/30/22 7,134,561 28.08 na 10/1/21 9/30/23 6,857,268 26.32 na G SCity of Boynton Beach Pension Plan for General Employees 19 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures 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) dollar amount over a prescribed period of future years. In the previous valuation, the amortization method was a level percent of payroll, but the payroll growth assumption used was limited to 0.0%under Florida Statutes since the 10-year actual average payroll growth was negative, so the amortization method used in the previous valuation was effectively level dollar. 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 6.80% per year, compounded annually(net after investment expenses). This rate was 6.90%in the previous valuation. The Inflation Rate assumed in this valuation was 2.5% per year. The Inflation Rate is defined to be the expected long-term rate of increases in the prices of goods and services. CR S City of Boynton Beach Pension Plan for General Employees 20 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures 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 6.80% investment return rate translates to an assumed real rate of return over inflation of 4.30%. 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. % Increase in Salary Years of Merit and Base Service Seniority (Economic) Total Increase 1-2 5.60% 2.50% 8.10% 3 4.00% 2.50% 6.50% 4-7 2.60% 2.50% 5.10% 8-14 2.05% 2.50% 4.55% 15-19 1.50% 2.50% 4.00% 20+ 0.75% 2.50% 3.25% 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. Healthy Postretirement Mortality Sample Probability of Future Life Attained Dying Next Year Expectancy(years) Ages(in 2021) Men Women Men Women 50 0.19 % 0.58 % 33.14 36.95 55 0.96 0.58 28.77 32.50 60 1.14 0.60 24.68 27.96 65 1.29 0.69 20.63 23.39 70 1.80 1.09 16.62 18.91 75 2.86 1.89 12.91 14.73 80 4.83 3.41 9.63 10.98 G R S City of Boynton Beach Pension Plan for General Employees 21 4Actuarial Valuation as of October 1,2021 and Actuarial Disclosures 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 Probability of Future Life Attained Dying Next Year Expectancy(years) Ages(in 2021) Men Women Men Women 50 0.19 % 0.11 % 37.72 40.26 55 0.30 0.17 32.71 35.14 60 0.46 0.26 27.85 30.11 65 0.65 0.37 23.17 25.19 70 0.90 0.56 18.62 20.37 75 1.35 0.93 14.19 15.68 80 2.13 1.58 9.89 11.17 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 Probability of Future Life Attained Dying Next Year Expectancy(years) Ages(in 2021) 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 G City of Boynton Beach Pension Plan for General Employees 22 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures up 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. Early Retirement Normal Retirement Retirement Years of Percent Retirement Years of Percent Age Service Retiring Age Service Retiring 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% 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. Sample Years of Percent Separating within Ages Service Next Year ALL 0 30.0% 1 24.0 2 13.5 3 10.0 4 10.0 5-6 8.0 7-9 6.0 Under 40 10&Over 6.0 40-44 4.0 45&Over 3.0 G R S Actuarial of Boynton Beach Pension Plan for General Employees 23 l Valuation as of October 1,2021 and Actuarial Disclosures Miscellaneous and Technical Assumptions Administrative& The investment return assumption is intended to be the return net of Investment Expenses 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 0.6% load on Normal Retirement liabilities and a 1.2% 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 6.8%). In the previous valuation, a 0.3%load on Normal Retirement liabilities and a 0.7%load on DROP balances were applied(for an assumed rate of return in the Plan of 6.9%). 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 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. Marriage Assumption 100%of males and 100%of females are assumed to be married for purposes of death-in-service benefits. Male spouses are assumed to be three years older than female spouses for active member valuation purposes. G R S City of Boynton Beach Pension Plan for General Employees 24 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures Normal Form of Benefit A life annuity is the normal form of benefit. 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. Qs ActuariaCity of Boynton Beach Pension Plan for General Employees 25 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures GLOSSARY Actuarial Accrued Liability The difference between the Actuarial Present Value of Future Benefits, (AAL) and the Actuarial Present Value of Future Normal Costs. Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal,disablement, and retirement;future increases in salary; future rates of investment earnings;future investment and administrative expenses; characteristics of members not specified in the data, such as marital status;characteristics of future members; future elections made by members; and other items. Actuarial Cost Method A procedure for allocating the 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 The amount of funds required to provide a payment or series of payments (APV) in the future. It is determined by discounting the future payments with an assumed interest rate and with the assumed probability each payment will be made. Actuarial Present Value of The Actuarial Present Value of amounts which are expected to be paid at Future Benefits(APVFB) various future times to active members, retired members, beneficiaries receiving benefits,and inactive, 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). G ^ City of Boynton Beach Pension Plan for General Employees 26 K Actuarial Valuation as of October 1,2021 and Actuarial Disclosures Actuarially Determined The employer's periodic required contributions, expressed as a dollar Employer Contribution amount or a percentage of covered plan compensation, determined (ADEC) 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 For plans that do not establish separate amortization bases(separate Amortization Period components of the UAAL),this is the same as the Amortization Period. For plans that do establish separate amortization bases,this is the period over which the URAL 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. G R S Actuarial of Boynton Beach Pension Plan for General Employees 27 l Valuation as of October 1,2021 and Actuarial Disclosures GASB Governmental Accounting Standards Board. GASB No. 68 and These are the governmental accounting standards that set the accounting GASB No. 67 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 The difference between the Actuarial Accrued Liability and Actuarial Value Liability 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. GCity of Boynton Beach Pension Plan for General Employees 28 FSActuarial Valuation as of October 1,2021 and Actuarial Disclosures SECTION C 11111111111•11111111101111111111111W ' PENSION FUND INFORMATION STATEMENT OF PLAN ASSETS September 30 Item 2021 2020 A. Cash and Cash Equivalents(Operating Cash) $ - $ - B. Receivables: 1. Member Contributions $ - $ - 2. Employer Contributions - - 3. Investment Income and Other Receivables 145,371 564,228 4. Prepaid Expenses 8,513 4,596 5. Total Receivables $ 153,884 $ 568,824 C. Investments 1. Short Term Investments $ 3,281,956 $ 2,863,652 2. Domestic Equities 175,532,746 132,052,684 3. International Equities - - 4. Domestic Fixed Income 14,094,049 26,958,609 5. International Fixed Income - - 6. Real Estate 37,071,600 32,390,460 7. Private Equity - - 8. Total Investments $ 229,980,351 $ 194,265,405 D. Liabilities 1. Benefits Payable $ - $ - 2. Accrued Expenses and Other Payables (70,426) - 3. Accounts Payable (327,704) (300,094) 4. Due to Brokers (562,822) (461,326) 5. Total Liabilities $ (960,952) $ (761,420) E. Total Market Value of Assets Available for Benefits $ 229,173,283 $ 194,072,809 F. Reserves 1. Elective Benefits $ (346,172) $ (321,997) 2. DROP Accounts (18,656,672) (17,368,664) 3. Total Reserves $ (19,002,844) $ (17,690,661) G. Market Value Net of Reserves $ 210,170,439 $ 176,382,148 H. Allocation of Investments 1. Short Term Investments 1.5% 1.5% 2. Domestic Equities 76.3% 68.0% 3. International Equities 0.0% 0.0% 4. Domestic Fixed Income 6.1% 13.9% 5. International Fixed Income 0.0% 0.0% 6. Real Estate 16.1% 16.6% 7. Private Equity 0.0% 0.0% 8. Total Investments 100.0% 100.0% G City of Boynton Beach Pension Plan for General Employees 29 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures RECONCILIATION OF PLAN ASSETS September 30 Item 2021 2020 A. Market Value of Assets at Beginning of Year $ 194,072,809 $ 184,018,384 B. Revenues and Expenditures 1. Contributions a. Employee Contributions $ 1,789,284 $ 1,687,097 b. Employer Contributions 7,468,676 7,289,319 c. State Contributions - - d. Other Income - - e. Total $ 9,257,960 $ 8,976,416 2. Investment Income a. Interest,Dividends,and Other Income $ 3,623,604 $ 4,284,896 b. Realized Gains(Losses) 6,936,907 656,495 c. Unrealized Gains(Losses) 28,409,197 8,811,075 d. Investment Expenses (907,403) (867,298) e. Net Investment Income $ 38,062,305 $ 12,885,168 3. Benefits and Refunds a. Refunds $ (369,098) $ (199,848) b. Regular Monthly Benefits (10,418,067) (9,532,523) c. DROP Distribution (1,271,579) (1,927,440) d. Total $ (12,058,744) $ (11,659,811) 4. Administrative and Miscellaneous Expenses $ (161,047) $ (147,348) C. Market Value of Assets at End of Year $ 229,173,283 $ 194,072,809 D. Reserves 1. Elective Benefits $ (346,172) $ (321,997) 2. DROP Accounts (18,656,672) (17,368,664) 3. Total Reserves $ (19,002,844) $ (17,690,661) E. Market Value Net of Reserves $ 210,170,439 $ 176,382,148 G R S City of Boynton Beach Pension Plan for General Employees 30 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures RECONCILIATION OF DROP ACCOUNTS Value at beginning of year $ 17,368,664 Payments credited to accounts + 1,281,614 Investment Earnings credited + 1,277,973 Withdrawals from accounts - 1,271,579 Value at end of year 18,656,672 G City of Boynton Beach Pension Plan for General Employees 31 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures DERIVATION OF ACTUARIAL VALUE OF ASSETS Valuation Date-September 30 2020 2021 2022 2023 2024 2025 A. Actuarial Value of Assets Beginning of Year $183,328,096 $ 195,483,927 $ - $ - $ - $ - B. Market Value End of Year 194,072,809 229,173,283 - - - - C. Market Value Beginning of Year 184,018,384 194,072,809 - - - - D. Non-Investment/Administrative Net Cash Flow (2,830,743) (2,961,831) - - - E. Investment Income El. Actual Market Total: B-C-D 12,885,168 38,062,305 - - - - E2. Assumed Rate of Return 7.08% 6.90% 6.80% 6.70% 6.60% 6.50% E3. Assumed Amount of Return 13,137,463 13,643,877 - - - - E4. Amount Subject to Phase-In: El—E3 (252,295) 24,418,428 - - - - F. Phase-In Recognition of Investment Income Fl. Current Year: 0.20 x E4 (50,459) 4,883,686 - - - - F2. First Prior Year (1,290,495) (50,459) 4,883,686 - - - F3. Second Prior Year 677,058 (1,290,495) (50,459) 4,883,686 - - F4. Third Prior Year 1,308,088 677,058 (1,290,495) (50,459) 4,883,686 - F5. Fourth Prior Year 1,204,919 1,308,088 677,057 (1,290,495) (50,459) 4,883,684 F6. Total Phase-Ins 1,849,111 5,527,878 4,219,789 3,542,732 4,833,227 4,883,684 G. Actuarial Value of Assets End of Year Gl. Preliminary Actuarial Value of Assets $195,483,927 $ 211,693,851 $ - $ - $ - $ - G2. Upper Corridor Limit: 120%*B 232,887,371 275,007,940 - - - - G3. Lower Corridor Limit: 80%*B 155,258,247 183,338,626 - - - - G4. Funding Value End of Year 195,483,927 211,693,851 - - - - G5. Less: DROP Account 17,368,664 18,656,672 - - - - G6. Less: Elective Contributions 321,997 346,172 G7. Funding Value End of Year 177,793,266 192,691,007 - - - - H. Difference between Market&Actuarial Value $ (1,411,118) $ 17,479,432 $ - $ - $ - $ - I. Actuarial Rate of Return 8.08% 9.70% 0.00% 0.00% 0.00% 0.00% J. Market Value Rate of Return 6.92% 19.39% 0.00% 0.00% 0.00% 0.00% K. Ratio of Actuarial Value of Assets to Market Value 100.73% 92.37% 0.00% 0.00% 0.00% 0.00% Qs ActuariaCity of Boynton Beach Pension Plan for General Employees 32 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures INVESTMENT RATE OF RETURN Investment Rate of Return Year Ended Market Value Actuarial Value 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 9/30/21 19.4 9.7 Average Returns: Last Five Years 9.9 % 8.4 % Last Ten Years 10.4 % 8.0 % All Years 7.2 % 7.6 % SCity of Boynton Beach Pension Plan for General Employees (IV 33 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures SECTION D FINANCIAL ACCOUNTING INFORMATION FASB NO. 35 INFORMATION A. Valuation Date October 1,2021 October 1,2020 B. Actuarial Present Value of Accumulated Plan Benefits 1. Vested Benefits a. Members Currently Receiving Payments $ 134,598,766 $ 126,753,777 b. Terminated Vested Members 7,556,968 6,865,192 c. Other Members 45,695,079 46,151,766 d. Total 187,850,813 179,770,735 2. Non-Vested Benefits 3,609,912 3,365,228 3. Total Actuarial Present Value of Accumulated Plan Benefits: 1d+2 191,460,725 183,135,963 4. Accumulated Contributions of Active Members 11,505,959 11,630,910 C. Changes in the Actuarial Present Value of Accumulated Plan Benefits 1. Total Value at Beginning of Year 183,135,963 175,252,888 2. Increase (Decrease)During the Period Attributable to: a. Plan Amendment 0 0 b. Change in Actuarial Assumptions 2,085,363 61,254 c. Latest Member Data,Benefits Accumulated and Decrease in the Discount Period 18,308,178 19,493,684 d. Benefits Paid (Net basis) (12,068,779) (11,671,863) e. Net Increase 8,324,762 7,883,075 3. Total Value at End of Period 191,460,725 183,135,963 D. Market Value of Assets 210,170,439 176,382,148 E. Funded Ratio: D/C3 109.8 % 96.3 F. Actuarial Assumptions-See page entitled Actuarial Assumptions and Methods 4G City of Boynton Beach Pension Plan for General Employees 34 1 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS GASB Statement No. 67 Fiscal year ending September 30, 2022* 2021 2020 2019 2018 2017 2016 2015 2014 Total pension liability Service Cost $ 3,826,048 $ 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 14,909,432 14,926,445 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 - Difference between actual&expected experience 1,624,038 (301,927) 244,463 (276,923) 484,186 2,006,523 (4,891,541) 1,191,720 (13,973) Assumption Changes 2,340,781 (474,328) 1,947,549 2,245,392 1,800,889 4,538,235 - - - Benefit Payments (13,265,413) (11,689,646) (11,459,963) (10,299,754) (9,810,800) (9,609,277) (8,304,937) (7,593,403) (7,796,109) Refunds (179,178) (369,098) (199,848) (261,878) (158,309) (139,840) (211,319) (191,378) (198,139) Other(Contributions Toward Elective Benefits) - 28,660 28,902 28,664 30,897 34,453 36,826 40,842 44,092 Net Change in Total Pension Liability 9,255,708 6,211,466 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 218,974,978 212,763,512 204,112,598 195,105,878 185,696,911 172,914,954 170,595,985 156,821,621 150,624,703 Total Pension Liability-Ending(a) $228,230,686 $218,974,978 $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 $ 7,134,561 $ 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 1,774,068 1,789,284 1,687,097 1,564,653 1,532,846 1,520,068 1,450,369 1,439,239 1,492,985 Net Investment Income 15,666,660 38,062,305 12,885,168 6,115,140 15,250,355 17,730,273 16,354,236 1,605,790 11,833,483 Benefit Payments (13,265,413) (11,689,646) (11,459,963) (10,299,754) (9,810,800) (9,609,277) (8,304,937) (7,593,403) (7,796,109) Refunds (179,178) (369,098) (199,848) (261,878) (158,309) (139,840) (211,319) (191,378) (198,139) Administrative Expense (161,047) (161,047) (147,348) (141,005) (137,738) (144,179) (141,114) (142,577) (135,227) Other - - - - - - - - - Net Change in Plan Fiduciary Net Position 10,969,651 35,100,474 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 229,173,283 194,072,809 184,018,384 179,720,765 165,934,113 149,625,375 132,863,087 130,472,348 118,494,582 Plan Fiduciary Net Position-Ending(b) $240,142,934 $229,173,283 $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) (11,912,248) (10,198,305) 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 105.22% 104.66% 91.22% 90.16% 92.11% 89.36% 86.53 % 77.88% 83.20% Covered Employee Payroll $ 25,343,822 $ 25,151,771 $ 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 (47.00)% (40.55)% 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. Qs City of Boynton Beach Pension Plan for General Employees35 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures 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 218,974,978 229,173,283 (10,198,305) 104.66% 25,151,771 (40.55)% 2022* 228,230,686 240,142,934 (11,912,248) 105.22% 25,343,822 (47.00)% *These figures are estimates only. Actual figures will be provided after the end of the fiscal year. Actuarial City of Boynton Beach Pension Plan for General Employees 36 l Valuation as of October 1,2021 and Actuarial Disclosures NOTES TO NET PENSION LIABILITY GASB Statement No. 67 Valuation Date: October 1,2021 Measurement Date: September 30,2022 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 6.80% 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 6.90%to 6.80%. G R SCity of Boynton Beach Pension Plan for General Employees 37 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures 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 - 25,151,771 29.69% 2022* 7,134,561 7,134,561 - 25,343,822 28.15% *These figures are estimates only. Actual figures will be provided after the end of the fiscal year. G City of Boynton Beach Pension Plan for General Employees 38 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures NOTES TO SCHEDULE OF CONTRIBUTIONS GASB Statement No. 67 Valuation Date: October 1,2020 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 4 years (Single equivalent amortization period) Asset Valuation Method 5-year smoothed market 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 of the October 1, 2020 Actuarial Valuation Report dated May 7,2021. G R S City of Boynton Beach Pension Plan for General Employees 39 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures SINGLE DISCOUNT RATE GASB Statement No. 67 A single discount rate of 6.80%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 6.80%. 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(6.80%)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 6.80%, 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 5.80% 6.80% 7.80% $14,153,885 ($11,912,248) ($31,797,391) *These figures are estimates only. Actual figures will be provided after the end of the fiscal year. Gw City of Boynton Beach Pension Plan for General Employees 40 K Actuarial Valuation as of October 1,2021 and Actuarial Disclosures SECTION E MISCELLANEOUS INFORMATION RECONCILIATION OF MEMBERSHIP DATA From 10/1/20 From 10/1/19 To 10/1/21 To 10/1/20 A. Active Members 1. Number Included in Last Valuation 408 366 2. New Members Included in Current Valuation 82 87 3. Non-Vested Employment Terminations (48) (22) 4. Vested Employment Terminations (11) (7) 5. DROP Participation (13) (8) 6. Service Retirements (7) (7) 7. Disability Retirements 0 0 8. Deaths (1) (1) 9. Other-- Data Adjustments 0 0 10. Number Included in This Valuation 410 408 B. Terminated Vested Members 1. Number Included in Last Valuation 52 50 2. Additions from Active Members 11 7 3. Lump Sum Payments/Refund of Contributions (4) (2) 4. Payments Commenced (2) (3) 5. Deaths 0 0 6. Other 0 0 7. Number Included in This Valuation 57 52 C. DROP Plan Members 1. Number Included in Last Valuation 34 47 2. Additions from Active Members 13 8 3. Retirements (16) (21) 4. Deaths Resulting in No Further Payments 0 0 5. Other-- Data Adjustments 0 0 6. Number Included in This Valuation 31 34 D. Service Retirees, Disability Retirees and Beneficiaries 1. Number Included in Last Valuation 407 392 2. Additions from Active Members 7 7 3. Additions from Terminated Vested Members 2 3 4. Additions from DROP Plan 16 21 5. Deaths Resulting in No Further Payments (5) (17) 6. Deaths Resulting in New Survivor Benefits 1 1 7. End of Certain Period- No Further Payments 0 0 8. Other-- Data Adjustments 0 0 9. 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G) C m p1 0o ��1 N QN1 W W 01 A lVD a1 N N l 41 0 N LO Co Co 00 F-' A pN CO V V t0 NJ NJ OM WOW 0 0 0 V V 1-' tUf1 twit W O ON A Ci Ci 1•-' 0 0 0 ,000 0 0 0 0 0 0 0 0 0 0 0 0 to 3 O -00 90, • rDC co O a N N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O 0 0 0 0 0 0 0 0 0 coo 0 0 0 0 0 0 N A p1 A 0p1 co 0 al V 01 Co N A p1 pW1 W N N pN1 poNp A A -I NJ O CO U1 01 W W V O A A `D N V VI W W N 30 �QA1 N p A 0! Vl N A 00 pp Co NJ W A NA 1-. N A ((pp V1 N O 00 A In V 1-' F-' U1 A V W W N NJ VI 00 al N A 1--' a1 U1 l0 A 01 00 A p A 0 CO A 0 Cr, V CO N N V a) A N tO NJ V NJ al 0 N tO ? W 0 al V 0 V1 a1 NJ U1 V W a1 0 0 O INACTIVES- DISTRIBUTION OF AGES & ANNUAL BENEFITS Deceased with Terminated Vested Disabled Retired Beneficiary Total Total Total Total Age Number Benefits Number Benefits Number Benefits Number Benefits Under 20 - - - - - - - - 20-24 - - - - - - - - 1 25-29 - - - - - - - - 30-34 4 51,303 - - - - 1 43,136 35-39 4 76,534 - - - - - - 40-44 9 131,579 - - - - 1 20,221 45-49 13 246,693 - - 1 55,848 - - 50-54 8 167,480 - - 10 454,375 1 11,503 55-59 12 201,604 - - 52 2,015,110 3 46,505 60-64 7 141,442 - - 86 2,957,807 3 66,218 65-69 - - - - 81 2,441,877 5 99,171 70-74 - - - - 75 1,955,167 4 37,607 75-79 - - - - 54 1,316,188 6 67,753 80-84 - - 1 5,717 35 616,243 5 58,019 85-89 - - - - 17 219,531 2 20,502 90-94 - - - - 14 130,413 1 25,354 95-99 - - - - 1 6,024 - - 100&Over - - - - - - - - Total 57 1,016,635 1 5,717 426 12,168,583 32 495,989 Average Age 50 81 70 70 Liability 7,556,968 43,774 129,655,324 4,899,668 Actuarial City of Boynton Beach Pension Plan for General Employees 43 l Valuation as of October 1,2021 and Actuarial Disclosures SECTION F SUMMARY OF PLAN PROVISIONS 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. G City of Boynton Beach Pension Plan for General Employees 44 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures ii lip 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. GCity of Boynton Beach Pension Plan for General Employees 45 FoReSActuarial Valuation as of October 1,2021 and Actuarial Disclosures 1. 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. C City of Boynton Beach Pension Plan for General Employees 46 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures I I;S 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. G City of Boynton Beach Pension Plan for General Employees 47 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures 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. CR S City of Boynton Beach Pension Plan for General Employees 48 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures 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 rt 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 Qs City of Boynton Beach Pension Plan for General Employees 49 Actuarial Valuation as of October 1,2021 and Actuarial Disclosures Interest Credited: For members hired before January 1, 2020,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%. For members hired on or after January 1, 2020,the member's DROP account is credited at the same rate earned by the Plan, but no less than 0.0%and no more than 8.0%. Normal Form of Benefit: For members hired before January 1, 2020,options include a lump sum or an annuity. For members hired on or after January 1, 2020,a full lump sum payment must be received within 45 days of separating from employment and exiting the DROP. 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. G R S Actuarial of Boynton Beach Pension Plan for General Employees 50 l Valuation as of October 1,2021 and Actuarial Disclosures BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND WARRANT-PAID INVOICES MAY 23RD,2022 TO: Resource Centers, Plan Administrator. FROM: Board of Trustees Paid by Custodian: JP Morgan Asset Management-SPF Fee for QE 12/31/21 $ 55,986.80 JP Morgan Asset Management-SSPF Fees for QE 12/31/21 $ 69,932.85 Date Payee/Description Check Number Amount March 1,2022 City of Boynton Beach(March 2022 Insurance) 2881 $ 34,772.13 March 3,2022 Pension Resource Center Administrative Fees for March 2022 Inv 19169 2882 $ 5,466.02 March 8,2022 Cherry Bekaert,LLP 2883 . $ 4,000.00 Invoice 186579 dated 02/28/22;Auditor Fees March 8,2022 Klausner Kaufman Jensen&Levinson 2884 $ 1,095.00 Attorney Fees through 2/28/22 Invoice 30163 March 8,2022 United Members Insurance 2885 $ 8,922.02 Fiduciary Liability Insurance effective 4/10/22-4/10/23 March 8,2022 Wells Fargo Bank, N.A. 2886 . $ 5,778.55. Custodial Fees for January 2022 April 1,2022 City of Boynton Beach(April 2022 Insurance) 2887 $ 35,510.72 April 8,2022 Pension Resource Center 2888 $ 5,306,51 Administrative Fee-April 2022 Inv 19231 April 8,2022 Cherry Bekaert, LLP 2889 $ 7,950.00 Invoice 185516 dated 2/22/22;Auditor Fees April 8,2022 Klausner Kaufman Jensen&Levinson 2890 $ 192.50 Attorney Fees through 03/31/22 Invoice 30341 April 8,2022 Southeastern Advisory Services,Inc. 2891 $ 30,882.00 Investment Management Fees for QE 03/31/22.Inv 2104 May 1,2022 City of Boynton Beach(May 2022 Insurance) 2892 $ 34,739.54 April 22,2022 Principal Custody Solutions 2893 $ 5,589.51 Custodial Fees for February 2022 May 6,2022 Pension Resource Center 2894 $ 5,423.10 Administrative Fee-May 2022 Inv 19293 May 6,2022 Clearbridge Investments 2895 $ 41;71.1.20` Investment Management Fees for QE 03/31/22 May 6,2022 Garcia Hamilton&Associates 2896 $ 10,184.93 Investment Management Fees for QE 03/31/22 May 6,2022 Gabriel Roeder Smith&Company 2897 $ 4,472.00 Invoice 470136 dated 04/06/22 May 6,2022 Klausner Kaufman Jensen&Levinson 2898 $ .95.00 Attorney Fees through 04/30/22 Invoice 30525 May 6,2022 Principal Custody Solutions 2899 $ 3,444.77 Custodial Fees-City Mutual-March 2022 TOTAL: $ 245,535.50 Dated this 23rd Day of May,2022. CHAIR SECRETARY J.P. Morgan Investment Management Inc. J.P Morgan Asset Management ADVICE OF CHARGE Account:248210 Invoice:20211231-5154-A Invoice Date:03/22/2022 The Pension Resource Centers,LLC 4360 Northlake Blvd,Suite 206 Suite 206 Palm Beach Gardens,FL 33410 Attn:Payment Group TOTAL AMOUNT CHARGED: 55,986.80 USD For Period:10/01/2021 To 12/31/2021 Account Description Net Amount • 248210 General Employees'Pension Plan of the City of Boynton Beach-Strategic Property Fund-No Custodian RE Strat Prop Fund Fee-For Period Ending:12/31/2021 55,986.80 USD Account 248210 Amount Charged: 55,986.80 USD TOTAL AMOUNT CHARGED: 55,986.80 USD Not a Bill J.P.Morgan Investment Computation of the Estimated Fee for the Period ending 12/31/2021 City.of Boynton Beach SPF-248210 • PMCB STRATEGIC PROPERTY FUND EE BASED ON NET ASSET VALUE Rate(%) Value(S) Fee(S) SPF Fee Calculation:' $22,394.718.94 x 1.00%/4 • 1.00% 22,394,718.94 55,986.80 22,394,718,94 55,986.80 Quarterly Fee on MV less Cash: • 55;986.80 Quarterly Fee on Excess Cash:$0.00[Er0.15%/4= 0.00 Quarterly Fee for Strategic Property Fund: 55,986.80 Annual Basls Points on Net Assets: (55,986:80/22,394,718.94)'4= 1.000 '1AQ%Flat Rate Applicable on Conditional Tiered Schedule with Net Asset Value_less than$100.000.000.00 Calculation Components: Calculation to Determine Percentage of Fund as Excess Cash in Strategic Property Fund." 421,374,422.00 5.0%Cash Reserve:5.0%132,159,678,914.00= 1,607,983;945.70 Excess Cash:$421,374,422.00-$1,607,983,945.70= 0.00 Excess Cash as a%:$0.00/$32,159,678;914.00= 0.00% • . Account's Net Asset Value(Excluding Excess Cash): . Strategic Property Fund(Net Asset Value)in the Account • • 22,394,718.94 • Adjusted Market Value for the period 22,394,718.94 Excess Cash:$22,394,718.94'0.00 - [E] Strategic Property Fund in the Account less Excess Cash: 22,394,718.94 [DJ • Total Quarterly Fee for Strategic Property Fund(Apportionment Percent=100%): 65,986.80 • • **In relation to excess cash,investors will receive the benefit of a reduction to their quarterly Advisory Fee calculated as the greater reduction resulting from either (I)the Fund's aggregate Cash holdings exceeding 5.0%of the Fund's NAV or(ii)the Fund Investor Vehicle's(or"FIV")aggregate cash holdings exceeding 5.0%of the FIV's NAV,as applicable,in each.case as of the applicable Quarterly Valuation Date. 'Consistent with the terms of your underlying governing documents,if investment performance is the sole trigger for a decline in net asset value resulting in a higher overall effective blended fee rate using the standard fee tiers,then the last lowest overall effective blended fee rate Will be applied and the standard fee tier calculation will not be applied nor displayed in the invoice worksheet J.P. Morgan Investment Management Inc. J.P.Morgan Asset Management ADVICE OF CHARGE Account:291520 Invoice:20211231-55356-A Invoice Date:03/22/2022 The Pension Resource Centers,LLC 4360 Northlake Blvd,Suite 206 Suite 206 Palm Beach Gardens,FL 33410 Attn:Payment Group TOTAL AMOUNT CHARGED: 69,932.85 USD For Period: 10/01/2021 To 12/31/2021 Account Description Net Amount 291520 General Employees'Pension Plan of the City of Boynton Beach-Special Situation Property Fund RE Spec Situation Prop Fund Fee-For Period Ending:12/31/2021 69,932.85 USD Account 291520 Amount Charged: 69,932.85 USD TOTAL AMOUNT CHARGED: 69,932.85 USD Not a Bill J.P.Morgan Investment Computation of the Estimated Fee for the Period ending 12/31/2021 CITY OF BOYNTON BEACH SSPF-291520 •MCB SSPECIAL SITUATION PROPERTY FUND FEE BASED ON GROSS MARKET ASSET VALUE • Rate(%) Value($) Fee($) ' SSPF Fee Calculation: Quarterly Fee on Special Situation Property Fund.Net Asset Value(Excluding Excess Cash):17,440,553.94[A] 1.25%/4= • 54,501.73. . Quarterly Fee on Special Situation Property Fund Debt:$13,502,657.22[8]•0.625%/4= • 21,097.90 Quarterly Fee on Excess Cash:$42,659.04[C]'0.15%/4= 16.00 Quarterly Fee for Special Situation Property Fund: 75,615.63 • Annual Basis Points on Net Asses' ($75,615.63/$17,483,212.98)'4= 1.730% Maximum that can be billed per agreement: 1.600% Maximum Quarterly Fee for Special Situation Property 69,932.85 'In no event will the annual fee exceed 1.6%oldie,net asset value of the JPMCB Special`Situation Prooerty.Fund,' • • • Calculation Components: Calculation to Determine Percentage of Fund as Excess Cash in Special Situation Property Fund 255,573,100.00 5%Cash Reserve:5%14,873,403,562.00= 243,670,178.10 Excess Cash:$255,573,100.00-$243,670,178.10= 11,902,921.90 Excess Cash as a%:$11,902,921.90/$4,873,403,562.00= 0.244% • Account's Net Asset Value(Excluding Excess Cashl; Special Situation Property Fund(Net Asset Value)in the 17,483,212.98 No transactions for this quarter . Adjusted Market Value for the period 17,483,212.98 Excess Cash:$17,483,212.98.0.244 42,659.04 [C] Special Situation Property Fund in the Account less Excess Cash: 17,440,553.94 [A] Account's proportionate Share of Special Situation Prooertyfund Debt . (Clients Net Asset Value/Special Situation Property Fund Net Asset Value)X Third Party Debt: ($17,483,212.981$4,873,403,562.00)x$3,763,833,219.00= 13,502,657.22[B] Total Quarterly Fee for Special Situation Property Fund: 69,932.85 BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK NO. 0 0 002881 000000000401 03/22 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006277 32/01/22 37 . 46- 37 . 46- . 00 37 . 46 006278 02/01/22 4 . 40- 4 . 40- . 00 4 . 40 A06279 02/01/22 .72- . 72- .00 . 72 (7-'1! 280 03/01/22 16, 212 .01 16, 212 . 01 . 00 16,212 . 01 'O-1J6281 03/01/22 10, 149. 02 10, 149. 02 . 00 10, 149. 02 006282 03/01/22 4, 296.39 4, 296. 39 . 00 4, 296. 39 006283 03/01/22 3, 333 . 94 3, 333. 94 .00 3, 333 . 94 006284 03/01/22 268 .40 268 . 40 . 00 268 . 40 006285 33/01/22 388 .31 388 . 31 .00 388 . 31 006286 03/01/22 116. 64 116. 64 . 00 116. 64 Check Total 34, 722 . 13 ^ 7HERIIIEOFTHISDDOUBENTIIASMDwREDBAOKCHDIRD ':1,i! �lA�'�-. i BflCg�l i� !..,;.:�11N: ;-C10L�IAI�IIPIARff=R{01081'BAIINGLIE t y�Esv BOYNTON BEACH GENERAL EMPLOYEES'PENSION • :' 1. l i I . • . 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289/ 70 CHECK NO. CHECK DATE VENDOR NO. 2881 03/01/22 000000000401 PAY AMOUNT THIRTY-FOUR THOUSAND SEVEN HUNDRED TWENTY-TWO AND 13/100 $34 , 722 . 13 DOLLARS (?-1 )4fz---AUThORRFAEIR THE CITY OF BOYNTON BEACH ORDER ATTN: ANDREA JAVIER O F AUTHORIZED SIGNATURE P.O. BOX 310 BOYNTON BEACH FL 33425 VOID AFTER 180 DAYS - .. .. _.._. _.._ ._ -.. -_ -...._._.._ SOR Mg!,-C CMTA IkS NIC ROGFMTINF 11'0000288111' r:0631140301:8D63029 20 611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002881 VENDOR: DATE CHECK NO. 000000000401 03/22 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006277 02/01/22 37 . 46- 37 . 46- . 00 37 . 46 006278 02/01/22 4 . 40- 4 . 40- . 00 4 . 40 006279 02/01/22 . 72- . 72- . 00 .72 006280 03/01/22 16, 212 . 01 16, 212 . 01 . 00 16,212 . 01 006281 03/01/22 10, 149. 02 10, 149. 02 .00 10, 149. 02 006282 03/01/22 4, 296.39 4, 296. 39 . 00 4,296. 39 006283 03/01/22 3, 333 . 94 3, 333 . 94 .00 3, 333 . 94 006284 03/01/22 268 . 40 268 . 40 . 00 268 . 40 006285 03/01/22 388 . 31 388 . 31 . 00 388 . 31 006286 03/01/22 116.64 116. 64 . 00 116. 64 Check Total 34, 722 . 13 BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002882 VENDOR: 000000000001 03/22 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 19169 MAR. 2022 03/03/22 5, 466. 02 5, 466. 02 . 00 5, 466. 02 Check Total 5, 466. 02 THE FACE OfTHISIDCUMENT HASACOLORS WIZEOHOONOONWHPfPAPER-THE HACK CONTAINSANAATIF1CIAL IIATMMAHK HOLD AT AN AMIE TO VIEW BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 00002882 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206.0116 63-1289/ 70 CHECK NO. CHECK DATE VENDOR NO. ' 2882 03/03/22 000000000001 PAY AMOUNT FIVE THOUSAND FOUR HUNDRED SIXTY—SIX AND 02/100 DOLLARS $5, 466 . 02 )1f— 1,.<1.,Irt. AUTHOR UD S RE TO THE PENSION RESOURCE CENTER ORDER 4360 NORTHLAKE BLVD .X. • � OF SUITE 206 AUTHORZEO SIGIUNRE PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS BORDER CONTAI 15111CROPINTIIK 11'0000 288 211' ':06 3 L 140 301:806 30 29 20611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002882 VENDOR: DATE CHECK NO. 000000000001 03/22 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 19169 MAR. 2022 03/03/22 5, 466. 02 5, 466. 02 . 00 5, 466. 02 Cieck Total 5, 466.02 6110 If &.r4 6(‘,.0// Resource Centers, LLC Invoice 1111111 4360 Palm Beach Northlake Suite Gardens, FL334 0 Date Invoice # 3/1/2022 19169 Bili To Tax ID Boynton Beach General Pension Fund 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 2022 Postage 429 0.55 235.95 International Postage 1 1.20 1.20 Interest Earning Change Mailer (Copies, envelopes, labels, and 29.32 29.32 labor) Postage for Interest Earning Change Mailer 29 0.55 15,95 Death Search - 1st Quarter 2022 431 0.60 258.60 Total Amount Due $5,466.02 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 NO. 00002883 VENDOR: 000000000014 03/22 000000000014 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT #186579 2/28/22 03/08/22 4, 000. 00 4, 000 . 00 . 00 4, 000. 00 Check Total 4, 000 . 00 THE fACEOFTHIS ODCUMF.IITMINSACOLOREOBACKGRDNND/1NWHITE Mil=1HEUACK-CONTAINSA,I011117101ALWATERMARK-1101 AT ANANGLE TOVIEW BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 000028: 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. 2883 03/08/22 000000000014 PAY AMOUNT FOUR THOUSAND AND 00/100 DOLLARS $4, 000 . 00 AUTHOR/ZED SI URE TO THE CHERRY BEKAERT LLP ORDER PO BOX 25549 OF AUTNORIZED SIGNATURE _ RICHMOND VA 23260-5500 VOID AFTER 180 DAYS POR£ER CONTAINS NICRQPRllrING 11'0000 28B 311' ':0 6 3 1 140 30':80 6 30 29 20 611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002883 VENDOR: DATE CHECK NO. 000000000014 03/22 000000000014 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 4€186579 2/28/22 03/08/22 4, 000 . 00 4, 000 . 00 . 00 4, 000 .00 C.zeck Total 4, 000 . 00 �, I biaO It s CHERRY BEKaERT LLP `f1 Cherry Bekaertu` P.O.BOX 25549 RICHMOND,VA 23260-5500 (407)423-7911 Your Guide Forward Boynton Beach General Employee's Retirement System Invoice No. 186579 do Pension Resource Center Date 02/28/2022 4360 Northlake Boulevard Suite 206 Client No. 80105882 Palm Beach Gardens, FL 33410 Our Client PROMISE demonstrates Cherry Bekaert's commitment to delivering superior client service. We welcome your feedback(CBPromise@cbh.com).Thank you for the confidenceyou have placed in us! Billing for audit of the financial statements and issuance of reports for Boynton Beach General Employee's Retirement System for the year ended September 30,2021. Amount Due This Invoice $4,000.00 Click to pay online { TERMS: Invoices are payable on presentation.A service charge will be added to past due accounts equal to 1Y7%per month(18%annually)on the previous month's balances less payments received during the month,with a minimum charge of$2.00 per month. BOYNTON BEACH GENERAL EMPLOYEES'PENSIONDATE CHECK NO. 00002884 VENDOR: 000000000047 03/22 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #30163 2/28/22 03/08/22 1, 095. 00 1, 095. 00 . 00 1, 095 . 00 Check Total 1, 095 . 00 THE I`ACfDFIUSEDCMMEN?K ACOLDNEDIACKGRDuNDONWiWAllifAPER-DIE.BACKCONTAINS ANAffirm WAIERMARK-NOLO AT AN ANGLE T0VIEW BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 00002884 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. 2884 03/08/22 000000000047 PAY AMOUNT ONE THOUSAND NINETY-FIVE AND 00/100 DOLLARS $1, 095 . 00 Aft— ."....c:L.f.etAw AUTHORIZED SWE TO THE KLAUSNER, KAUFMAN, JENSEN & LEVINSON ORDER 7080 NORTHWEST 4TH STREET . - �? OF AUTHORIZED SIGNATURE PLANTATION FL 33317 VOID AFTER 180 DAYS DGP.DEfl C�.'TNIIF I,1!GI?G.'NII:'i I,V 11.0000 288411' 1:06 3 1 11,0 301:806 30 29 20611• BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002884 VENDOR: DATE CHECK NO. 000000000047 03/22 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT #30163 2/28/22 03/08/22 1, 095 . 00 1, 095. 00 . 00 1, 095. 00 Check Total 1, 095 . 00 615019 Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W.4th Street Plantation,Florida 33317 Tel.(954).916-1202 www.klausnerkaufinan.com Fax(954)916-1232 , Tax I.D.:45-4083636 BOYNTON BEACH GENERAL EMPLOYEES February 28, 2022 Attn:AMANDA KISH Bill#30163 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 02/02/22 PARA REVIEW E-MAIL FROM ALEXANDRA 0.10 10.00 COTRONE ENCLOSING SAXENA WHITE QUARTERLY REPORT; UPDATE IN FILE AND BASECAMP 02/25/22 PARA REVIEW E-MAIL FROM AMANDA KISH 0.10 10.00 ENCLOSING UPDATED AGENDA PACKAGE FOR FEBRUARY 28; REVIEW SAME 02/28/22 PARA PREPARATION OF MEETING 1.00 100.00 MATERIALS FOR UPCOMING MEETING. Q2128/22 BSJ PREPARE FOR MEETING; REVIEW 0.50 162.50 AGENDAAND MEETING BACKUP, INCLUDING MINUTES 02/28/22 BSJ TRAVEL TO AND FROM MEETING 1.00 162.50 02/28/22 BSJ ATTEND MEETING 2.00 650.00 Total for Services 4.70 $1,095.00 CURRENT BILL TOTAL AMOUNT DUE $ 1,095.00 BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002885 VENDOR: 000000000079 03/22 000000000079 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT #63 04/22-4/23 03/08/22 8, 922 . 02 8, 922 . 02 . 00 8, 922 . 02 Check Total 8, 922 . 02 INEEAGEUF ISIODCUMBIT SATOLDIAFAIACKIHOUNDDNWHITEMPER-THE RCECDNTAINS N LITIFIGIALWATERMARK-HDLIIATANANGLETOl11EW BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 00002885 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. 2885 03/08/22 000000000079 PAY AMOUNT EIGHT THOUSAND NINE HUNDRED TWENTY—TWO AND 02/100 DOLLARS $8 , 922 . 02 l//J �.�k//JAS! G-��t�2 hUTI4ORQ . ED SIG71RTURE TO THE UNITED MEMBERS INSURANCE ORDER 6826 W LINEBAUGH AVE - OF AUTHORIZED SIGNATURE TAMPA FL 33625 VOID AFTER 180 DAYS CORDER COHT.4US AICROPP.IINTRIC 00000 288 Sill I:06 3 1 140 301:806 30 29 20611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002885 VENDOR: DATE CHECK NO. 000000000079 03/22 000000000079 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT #63 04/22-4/23 03/08/22 8, 922. 02 8, 922 . 02 . 00 8, 922 . 02 C`ieck Total 8, 922 . 02 I'. • 4110 NO 6826 W.Linebaugh Ave Invoice # 63 Page 1 of 1 Tampa.FL 33625 AccoyntNuir� ti ,' yyr 3�. Datp�• � ,;,a • , Lin Telephone: (813)265-2300 BOYNBEA-01 3/3/2022 http://unitedmembersinsurance.com sai@"cc'l4C9R' 'v�at.ti' 241kl 'm A?s'b `'•'.e';M • 04/04/2022 ! UNITED MEMBERS INSURANCE Amount Paid '- Amount Due : :_I $8,922.02 . . Please pay.Balance by.the Due Date noted above! • City of Boynton Beach General Employees Pension Pla C/O The Resource Centers, LLC Please Make Check Payable to: United Members Insurance 4360 Northlake Blvd.Ste 206 Palm Beach Gardens, FL 33410 Please retun a copy of this Invoice With your payment Fiduciary Liability Policy Number: SFD31211024-04 Effective: 4/1W2022 to 4/1D/2023 i I ' .adl':SaItem'# " ,TransEf Date DutDan'-1Ttr.'Jo -:: -D-'.e.scription .- � 4i4sr2. K 'v Amount 274 4/10/2022 4/4/2022 RENB Renewal of Fiduciary Effective 4/10/2022 • • $8,860.00 275 4/10/2022 4/10/2072 FIGA FIGA Surcharge $62.02 Total Invoice Balance; • X8,922:02.. THANK YOU FOR YOUR BUSINESS! • • • • 3/3/2022 Page 1 of 1 BOYNTON BEACH GENERAL EMPLOYEES'PENSIONDATE CHECK NO. 00002886 VENDOR: 000000000080 03/22 000000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT JAN 2022 4ACT 03/08/22 5, 778 .55 5, 778 . 55 . 00 5,778 . 55 Check Total 5,778 . 55 plIllIlliI #f tLjtti Lkaa IljkaI gajj;I. ._.,;F�i LLT; Ih't,daaiai.j: _tL 1 Al ;.\ :.V ". WAIF IA 1 I BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 1 1 1 1 : : • 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. 2886 03/08/22 000000000080 PAY AMOUNT FIVE THOUSAND SEVEN HUNDRED SEVENTY-EIGHT AND 55/100 DOLLARS $5, 778 . 55 AUTHORIZED 6 E TO THE WELLS FARGO BANK, N.A. ORDER TRUST OPERATIONS NW 5159 OF AUTHCRIIED SIGNATURE PO BOX 1450 MINNEAPOLIS MN 55485-5159 VOID AFTER 180 DAYS '...-- - - -- - - - — -- - - - Ec c eP ceurow I oa,.Tnlc "0000 mac," 1:0 6 3 1 140 301:80 6 30 29 20 611• BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002886 VENDOR: DATE CHECK NO. 000000000080 03/22 000000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT JAN 2022 4ACT 03/08/22 5, 778 . 55 5, 778 . 55 . 00 5,778 . 55 Cieck Total 5, 778 . 55 333 / 0 • Fee Invoice: 13673642 WELLS Account Nixtber 4046002463 FA.RGO Wells Fargo Bank, MA. For Period: 01/01/2022-01/31/2022 Invoice Date: 02/04/2022 (X)0322 'ANT R/56 Return To: tisBoynton/City Mut 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 $3,519.47 PAYMENT DUE UPON RECEIPT Account Name: Boyntort/City tvlut Contact: Karl Hutchinson 0055938 .4 riern Summary of Current Period Fees Charged Billed Total • Administration $3;519.47 $3,519.47 Total Current Period Fees $3,519.47 0 MAR 0 5 20:2 By •,; • • :4 • • • • • • • • . . • PLEASE RETURN THIS PAGE WITH PAYMENT • • A • • Page I • • • • Fee Invoice: 13673642 WELLS Account Number: 4046002463 FARGO Wells Fargo Bank, N.A. For Period: 01/012022-01/312022 Invoice Date: 02/042022 Account Name: Boynton/City Mut Contact: Karl Hutchinson 0055938 Services Value!Quantity Rate Frequency Amount Administration Market Value 105,563,969.06 © 0.0004 x 1/12 3,519.47 Total Administration $3,619.47 Total $3,519.47 Summary Total Charged to.Account $0.00 Total Billed $3,519.47 Payment Due $3,519.47 Z 2 Z 2 �}oQZ Page 2 • • • Fee Invoice: 13673614 • . Account Number: . 24102201 . Wells Fargo Bank, N.A. • - For'Period: 011012022-01/31/2022 • ' Invoice Date.: ' • 02/042022 • • . • 000306 XUTf1Y36 Return To: BoyntontS&P400 • • . • .Wells Fargo Bank,NA.. . Dixie Martinez,Administrator Trust Services Group • The Resource Centers,LLC NW 5159 4360 Norihlake Blvd.,Suite 208 P.D.Box 1450 . .. Palm Beach Gardens FL 33410 • Minneapolis,MN 55465-5159 • . $554.19 • . PAYMENT bUE UPON RECEIPT • A.ccnunt.Name: 8oyntpn/S&P4D0 4 `- — Contact: Karl Hutchinson 0055938 Summary of Current Period Fees Charged • . • • Billed• Total • • Administration $554.19 $554.19 Total Current Period Fees S554.19 $554,19 . • ieiltr Q;i W • .. By • . . V • • • . T • PLEASE RETURN THIS PAGE WITH PAYMENT • • IM • • • . • • Page 1 . . Fee Invoice: 13673614 WELLS Account Number: 24102201 FARGO Wells Fargo Bank, N.A. For Period: 01!012022-01/312022 Invoice Date: 02/042022 Account Name: Boynton/S&P400 Contact: Karl Hutchinson 0055938 Services Value Quantity Rate Frequency Amount Administration Market Value 16,438,116.25 @ 0.0004 x 1/12 547.94 Annual Account Maintenance 1.00 @ 75,00 x 1/12 6.25 Total Administration $554.18 Total $664.19 Summary Total Charged to Account $0.00 Total Billed $554.19 Payment Due $554.19 S WC Page 2 Fee Invoice: 13573656 WELLS Wells Fargo Bank, MA. Account Number.: ' 25676101 FARGA For Period: 01/012022 01/312022 Invoice Date: 02/042022 3r43:; „r=ir 5 Return To: s Boynton Beach-Clearbridge LG Cap Welts Fargo Bank,N.A. Dixie Martinez Admin. Trust Services Group 4360 Norihlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450. Minneapolis, MN 55485-5159 $1,224.88 PAYMENT DUE UPON RECEIPT Account Name: Boynton Beach-Clearbridge LG Cap Contact: Karl Hutchinson 0055938 Summary of Current Period Fees Charged Billed Total Administration $1,224.88 $1,224.88 Total Current Period Fees $1,224.88 $1,224.88 TroPuNT = By PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 Fee Invoice: 13873868 WELLS Account Number: 25876101 FARGO Wells Fargo Bank, N.A. For Period: 01/012022-01/31/2022 Invoice Date: 02/042022 Account Name: Boynton Beach-Clearbridge LG Cap Contact: Karl Hutchinson 0055938 Services Value!Quantity Rate Frequency Amount Administration Market Value 36,746,419.62 © 0.0004 x 1/12 1,224.88 Total Administration $1,224.88 Total $1,224.88 Summary Total Charged to Account $0.00 Total Billed $1,224.88 Payment Due $1,4Y4.88 z z z z aQ t5 Page 2 ='•'` Fee.Invoice: 43873969 Account Number:. 4046000161 O , Wells Fargo Bank, N.A. For Period 01/01/2022-01/312022 -`n� . ..' .Invoice Date: 02/042022 • • 3 0337 Xtf1F,,5 Return•To: • . a,�, Boynton/DHJ Fxd Welts Fargo Bank,N.A. `. Dixie Martinez Admin. Trust Services Group 4360 Northlake Blind Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN •.55485-5159 • ,.S480.01 . PAYMENT DUE UPON RECEIPT . , • jAccount Name: Boynton/DI-IJ Fxc.i Contact: Karl Hutchinson 0055938 Summary of Current Period Fees Charged Billed total Administration $480.01 $480.01 . Total Current Period Fees 548001.• 848 • t nn MM R• . ,t 17 i� .1•: t,.'ic i.i. . Ely 4. . 5.7 • . 131 PLEASE RETURN THIS PAGE WITH PAYMENT r . Page.i Fee Invoice: 13673669 WELLS Account Number: 4046000161 FARGO Wells Fargo Bank, N.A. For Period: 01/012022-01/312022 Invoice Date: 02/04/2022 Account Name: Boynton/DHJ Fxd Contact: Karl Hutchinson 005593B Services Value!Quantity Rate Frequency Amount Administration Market Value 14,400,153.96 © 0.0004 x 1/12 480.01 Total Administration $480.01 Total $480.01 Summary Total Charged to Account $0.00 Total Billed $480.01 Payment Due $480.01 Z 2 2 2 Y I Page 2 BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002887 VENDOR: 000000000401 04/22 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006287 34/01/22 16, 916. 88 16, 916 . 88 .00 16, 916 . 88 006288 34/01/22 10, 149. 02 10, 149 . 02 . 00 10, 149. 02 r',06289 34/01/22 4, 296. 39 4, 296 . 39 . 00 4, 296. 39 0290 04/01/22 3, 371. 40 3, 371 . 40 . 00 3, 371 . 40 006291 34/01/22 272 . 80 272 . 80 . 00 272 . 80 006292 04/01/22 388 .31 388 . 31 . 00 388 . 31 006293 04/01/22 115. 92 115 . 92 . 00 115 . 92 Check Total 35, 510 .72 ........_.... _. .. ...--__..-. p ; 77i� , ! ,+1I r',I'rZ,IIr',:_:.,,,,,. .77-7-..,--:.1,77:-,----173-77 I.,,.: . ' Iw71-- ,{i:�il�ilit'tF�. .,�•H�+i :,i,,I 1• tt � BOYNTON BEACH GENERAL EMPLOYEES'PENSION SODTRSTATEANK 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. 2887 04/01/22 000000000401 PAY AMOUNT THIRTY-FIVE THOUSAND FIVE HUNDRED TEN AND 72/100 DOLLARS $35, 510. 72 kz:_i..„._.c ,L...t__)- ) 417fICPQE051 E , , ...,THE CITY OF BOYNTON BEACH ORDER ATTN: ANDREA JAVIER • ' OF ♦UT,On17ED SIGNATURE . P.O. BOX 310 BOYNTON BEACH FL 33425 VOID AFTER 180 DAYS 00000 288 711' 1:0 6 3 1 11,0 301:80 6 30 24 20 611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002887 VENDOR: DATE CHECK NO. 000000000401 04/22 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006287 04/01/22 16, 916. 88 16, 916. 88 . 00 16, 916 . 88 r 006288 04/01/22 10, 149. 02 10, 149. 02 . 00 10, 149 . 02 006289 04/01/22 4, 296. 39 4 , 296 . 39 . 00 4 , 296 . 39 006290 04/01/22 3, 371.40 3, 371 . 40 . 00 3, 371 . 40 006291 04/01/22 272. 80 272 . 80 . 00 272 . 80 006292 04/01/22 388. 31 388 . 31 _ 00 388 . 31 006293 04/01/22 115. 92 115 . 92 . 00 115 . 92 Cieck Total 35, 510 . 72 BOYNTON BEACH GENERAL EMPLOYEES'PENSIONDATE CHECK NO. 00002888 VENDOR: 00000000000) 04/22 000000000001 • INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID . DISC.TAKEN NET AMOUNT 19231 APR 2022 04/08/22 .:..5,306.51 5, 306.5.1. - . . .00. . . • 5,.306.51_ Check Total 5,3.06..51 • .i • i.jt. 4. `?, .w 1-.HEFACE OF THIS DOGUMENT HA :A COLORED BACKGROUND ON WHITE PAPER 4111E13ACKCONTAINS AN AI IIFICIAL WATERMARK HOLD AT AN ANGLETO VIEW :- ti BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 1 1 1 1 : i i "� x'360 NORTHLAKE BLVD STE 206 1O891:NiMjlitary Trail PALM BEACH GATIOE ' L 3341 . ' 14'1; Pajm IS chi. a ens FL 33410 � i �. H:. 3- 289/ 70 r ^u00-206-0116 �, �I� s.o."'^FE ��. „p.m:* 'k;rk . - .'�, 11 / • k.a:;�' CHECK NO HE 'T.=1 • EN .. 9 . s;x v ., . 2888 04/08./22 000000000001 • . • . l 'it V-Et. THOUSAND THREE .HUNDRED SIX .AND 51/100 DOLLARS • $5,306 51 I - - yi`ER."v 1!L`6 AVfl I1atD • i TOEN' RE Qj1,RCE1TER.' t i y �. ,,� 4.36 ORM EC BTSVI • wnax�n.m+mne a tY. . 3- ' OF 3 S r T"' 2 0, a� `1• t- • 1 �>, ; '' ,`1 I 4 PALE BEA EI "4". FL 33410 • . 4, ;•' 'r•.1, °`� VOID AVER 180 DAYS 00000 288130 1:063L 11,0301: 3O6 30 29 2060 '} 3DYNTON BEACH GENERAL EMPLOYEES'PENSION 00002888 • VENDOR: DATE CHECK NO. 000000000001. , • .04/22 . 00000000'0001 • INVOICE NUMBER . INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC:TAKEN NET AMOUNT 19231 -APR 2022 ' •O.4/013/22 . • : '5;306-51 5...3-.0.6.51•; :,,,': . , .:00 . 5.;..,0.6.51. • .• :...:C`ieck;Total. : 5;'30.6..51. • L'' • • • • — ' - Resource Centers, LLC . . . Invoice. • : , 1111111 4360 No,'thlake••BIvd., Suite 206 • :Palm Beach'Gardens,FL 33410 l P' =ggi�{ ti ' • • 4/1/2022 1031 . ' • •. 1 .yA 11. .- • ',n..i•1'1 t L. �Y* Y } `YC �,�'f1�F1:♦ �,f3Y��� .. , Boynton Beach General Pension Fund • . . • • 1 • ' •• :• Oension�.f.gsoilr•C>a Center 36-45.0416$ . •1 Resource centers .87-0800468 . . 11SCr3f f P+ �'�`�`.Y.. y•.`.4r sdga iY.r1.11....94`..... Boynton Beach General Employees`Pension Monthly Administrator 4,925.01: • • - 4,925.:00 '•• • ;,,{ Fee for April 2022 ' • Postage.. : 429 0.55 .235.95 •• International Postage , • • ' :1., • •;'1.20::`••' 1.20 ' 12-31-2021 DROP Statements(Copies,envelopes, labels;and, ', ..• 69.01 ;•'• • • • 69':01 • labor) i 'Postage 12-31-2021 DROP Statements Mailer . . • 137. • '•• :.: ,•..0:55 ' 75;35• ' . 1 • • • TQ'taI Amount Q,ue. .•..: :$5;306,5.1 • • Mall 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 • . i. If 561.59.298.5 or email-mlchael@resburcecenters.cOm . • • • 1 • 1 BOYNTON BEACH GENERAL EMPLOYEES'PENSIONDATE CHECK NO. 00002889 VENDOR: 000000000014 04/22 000000000014 1 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT • R4 185516. 2/22/22 x4/0.8/22 - - 7, 950.00 7, 950. 00 . .60 7,950.00 N I Check Total " 7, 950.00 • CA a_+ YQ I, j, THE-FACE►FTAIS DOCUMENT HAS ACOI O'NEITBACKOHOUNO:ON Will AP 81-1CONTAINS AN ARTIFICIAL WATERMARK-HOLD-A AN ANGLE TO Vl[ {� 1(NT 31 BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 1 1 1 1 : : ' .1 435y'1 THLAKE BLVD STE 206 1QB91 +<M.il tary Trail 4 t"'"" P each GrFL 33410 i?ALllfk� CH GQA EI+ „Fsi 334�0 ::� u 't03-1289/670 T. Y ,;» �#m tLwia •,+i y.,,3L 'ta.;rG,x+' CHECK NO .i. VENDOR N0. " s 2889 04/08/22 000000000014 SEEN THOUSAND NINE HUNDRED`.FI,FTY. AND 00/100. DOLLARS •$7,950.00. • • z :.. AlT1oR12E0 sl•' iu • R, ?; " TQ�THEIilaBEIT L '" i F� Pl:¢, Ik. 2 ''FJ �y - Y „�+ h AUTH RzeowQ ATuze i �1/ • %. z : 0 RICIOND ,: ta''pig VA 23260-5500 agie 30.91e,- 1.;:,,,, �" .«, a;ry VOID AFTER 180 DAYS'.. • • 11'0000288911' C:063 111-.0 301:80 6 30 29 20 611' t BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002889 VENDOR: DATE CJIEOC NO. .S 000000000014 . 04/22 0000000.00014 1 INVOICE NUMBER INVOICE DATE. INVOICE AMOUNT AMOUNT PAID DISC.TAKEN : NET AMOUNT • ' 185516 2/22/22 • 04/08/.22 7, 950.00 7,950.00 .00 7;.950.00 C`ieck Total 7, 950.00 • • f -I• 1 U • i 1 CHERRY BEKAERT LIP `% Cherry Bekaerr' . • ' P.O.BOX 25549 • . .::,:•Yoe);Ode fo rani.:: RICHMOND,VA 23260-5500 (407)423=7911 • Boynton Beach.General•Employee 's Retirement System .''-7ttYoli:e:.No: i8 51.4. do Pension Resource Center • Date , 02/22/2022 4360 Northlake Boulevard : ' • Suite 206 Client No. .•• 80105882 Palm Beach Gardens,FL'33410 i Our Cltant'PROMISE,dpr CIMEO .:01 get MVIAMPA.-_,-.1:,'-:.., 'X.• � st r V r t 1 e welcome.y©ur•feedo0 1440Rro 1$s .10 '' as pi4,forthe* ��,u ,t , `aM;a•e �; 81 • Second progress billing for audit of the financial statements for Boynton Beach General Employee's Retirement.System for the year ended September 30,2021. : Amount.Due.This Invoice.. :` :::.:`.•: ; • '. $7,950:00 • Click to,R.ay,otillrle • • ,4 .�: e,. I • . • • • TERMS: Invoices are payable on presentation.A service charge will be added to past due accounts equal.to 13496•Per month(18%annually)on the • previous month's balances less payments received during the month,with a minimum charge of$2.00 per month. • • • BOYNTON BEACH GENERAL EMPLOYEES'PENSION • DATE •aECK NO. 00002890 VENDOR: DATE . . 04./22 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT. • AMOUNT PAID DISC.TAKEN NET AMOUNT. 30341 03/31/22 134708/22 ^ 192.50 192.50. . . .00 192.50 • check Total. • • . '1,92:..50 fl 5 • .1 THE FACE OF THIS DOCUMENT HAS A COLORED BACHGROUNU ON WHITE PAPER•THE BACK CONTAINS AN ARTY ICIAL 14 ATERMARN HOLD AT AN ANGLE TO VIEW ' SOUTH$TATE BANK • • 1 1 1 1 : " 1 : �B�YNTI,N BEACH GENERAL EMPLOYEES'PENSION x$36 p • HLAKE BLVD STE 206 _ � . 1Q89A 4'L�Mjllitaty Trail =,; L i EACH ARDDENS,FL 33410 d Pan ch ardens FL 33410 `•1 80 20-0116 '�; 0V 4j 13-1269"?." y I. F 1 T • : .4....&„,;," '..-. Y ayss..ge., 'hep x- I . C ECK DATE EN'•.' i $ , . .. . `2890 04/08/22 000000000047 000047 t £ ' • AO • . Ok HUNDRED NINETY-TW.O:AN.D 50/100 DOLLARS $192.'50 i AIL'. iel 1 TO THEE ryF F'+NS 2V &I L VINSQN. -'..e..... S 1V001brk, 8 Si, OR' iJI S>ET�I ....STR T , • was own... '' 4 1 . } AFSli �4, M, 4 ) , , t � vL 33317 . .�;. PL !'ATI E' VOID AFTER 180 DAYS, . 0'0000 28901' 1:06 3 1 140 301:806 3029 2060' k. BOYNTON BEACH GENERAL EMPLOYEES'PENSION 1VEN.pOR: 00002890 rf. bAte ' ... .CHEac NO '. 00.000.0000047 04/22 , 00+0000000'047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN ' . NET AMOUNT k 30341 03/31/22 04/08/22 92:50 192.5.0 . • " .00 1192.50 Check Total 192 .50 Y 1 PA i 1 1 Klausner, Kaufman:, jeusen-&,:•Le >• . A Partnership of Professional;Aasociationg • : : • - Attorneys•At LaW • 7080 N.W.4th Street Plantation,Florida 33317 • 1;1, . • Tel.(954)-916-1202 • www4t1ausnerkauctrartm.co •• Fax(954)916-1232: • 'Tax Lp,;45'=4083636 • ti BOYNTON BEACH GENERAL EMPLOYEES ' • March.3.1,2022: • • . q, Attrt:AMANDA KISH • Bffi#30341: - 4360 NORTHLAKE BOULEVARD-.SUITE 206 .• PALM BEACH GARDENS, FL:33410, CLIENT:. BOYNTON BEACH GENERAL EMPLOYEES ' , :$BGE : MATTER: BOYNTON BEACH GENERAL EMPLOYEES'PENS1 N•BOAR6 :1550045• Ff • Prefesslottat Fees •'• •• . Date Attorney DescrIpttprr • : . .. Moult. . Amount 03/08/22 BSJ REVIEW UPDATED ADV PART 2A AND . `0.4.0 '130.00. • 2B FOR SOUTHEASTERN ADVISORY: • SERVICES:. . 03/22122. PARA. FOLLOW-UP EMAIL TO AMANDA KISH, Q.1p 10:00 • t' REQUESTING STATUS OF FINALIZED • - .. • •• : :• FINAL STATEMENTS • :, 4'Y 4 03'124122 . PARA- :'REVIEW O FILEE,FOLLOW t1P:EM 1 L 0 20 20,00. TO AMANDA KISH AND:SCOTT BAUR l RE:STATUS OF SIGNED RMLO ' 03725/22 LG DRAFT RMD GUIDANCE AND 40:10 32.50 :CRYPTOCURRENCY MEMO • : is Total for Services 6:80 :$1.9250 ,, CURRENT BN:LTOTAL�4l{(IQUNTDU $. 192.50 1 r� x II di 1113, 0... h4 BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE CHECK NO. 000000000072 04/22 00000000007200002891 !I ' INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT ;i 1QTR22 2104 04/08/22 30, 882.00 30, 882. 00 .00 30, 882.00 ; Check Total 30, 882.00 • °l THEFACE 4F IHISIIOCUMENT HAS A COLORED BACKGROUND ON WHITE PAPER-THE BACK CONTAINS AN ARTIFICIAL WATERMARK=HOLO AT AN ANGLE TO VIEW aBQYNTpN BEACH GENERAL EMPLOYEES',PENSION SOUTHSTATE BANK • o 4}460 NURTHLAKE BLVD STE 206 1 0891 N Military Trail ! PALM BEACH GARDEN ,IAL 334 Palm$eachi'.Gardens FL 33410 80Q-2QS-0116 63-9289/670 x 'Ige �tF3 '`�''� - �u ly `1°F.Ftel CHECK NO. CHECK DATE VENDOR NO. k `t o • 2891 04/08/22 000000000072 AAY-e •I I THIRTY THOUSAND EIGHT HUNDRED. EIGHTY-TWO AND 00/100 ,DOLLARS $30, 862 .00 ,. It E ,.ADV ,SY. S. R TpI;S, ,INC §.0 ',6,,TTL R .SIE " r E �1� F� 1 ,.' .,;1' AUTHORIZED SIGNATURE .. .d SU '' B2 i ,,d a n FRu Rsar .. wYAkrN,,�' ATLANTA ,tee° rem GA 30324 tt VOID AFTER 180 DAYS �aseNt�a�N e?�srn 11'0000 289 1u' 1:06 3 1 140 30':806 30 29 20611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002891 VENDOR: DATE CHECK NO. 000000000072 04/22 0 0000000072 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 1QTR22 2104 04/08/22 30,882. 00 30, 882 . 00 .00 30,882. 00 C.ieck Total 30, 882 .00 1 i i . ......._..... g.:.. . 1 DO SOUTHEASTERN ADVISORY SERVICES, INC. '1 li A 0 Registered Investment Advisor A . j . • . . . . . . • • • . . . . . . •-' 190 Ottley Drive NE,STE IBA . • • ' • • • ,• .'DATE: • • 'April 1,2022 Atlanta,GA 30324 INVOICE# 2104 1:- Phone 404 237 3156 S FOR:. • 1Q22, , . . -,.. ••:. - , Bill To: • ,. . • Boynton Beach General Employee's Pension Fund C/O Amanda Kish,amandaigresOUrCecenters.corn • • ' . .• ', '• .'• ', • , .. . . . The Resource Centers,Inc.- ' . . • 4360 Northlake Blvd.Suite 206 • ' ' '' . . . I Palm Beach Gardens,FL 33410 Via email:paymentgroup@resourcecenters.com/Dina@msourcecentess.com . • 1 : .. ' • ,. - „ ,.„...1 ES . ;.• , t: . '.,',.;;:i :'2.-' '"'7''''''':''''i'':,:‘'‘,.",, . DCRIPTION --;' -,';' - * • .. __._:_. , . .__._. _. _. ____,-.....d.q,,,,,t9 , 1'6 i • Performance Measurement and Related Investment ConsUltIng•Services ;,." :.:.';,..:'. •4•:" :-13C;i882 .•• ••,. • Value at 12/31/21:.$247,057,808 . ( $247;057,808 x 5 Basis Points.)/ 130,1382 I. . ' . . • • . • , . • . TOTAL; :n . , • Please send your payment to:. • • , . • . . ..: Southeastern Advisory Service ,Inc. , • • • .. . •• • • ' • • . ' - ' • 190 Ottley 13de NE Ste B2A. • • Atlanta,GA 30324 If you have any questions concerning this invoice, contaet .: '•. ' ' • ... • . . • • Jeff Swanson,904 233 7600, corn. ' ' ... ... '''' v .•.• ' . . . .- . ., • • • • . '• . ' • . • .• Thar*you fOr your hugintsal .•... , , • :•:,.. ' • : . • 1 • , . . -.1 • , . ' . BOYNTONENBEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002892 000000000401 04/22 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006294 33/28/22 . 72- .72- . 00 . 72 . 006295 04/29/22 17, 621 . 75 17, 621 .75 . 00 17, 621 . 75 1-:7 .6296 04/29/22 8, 699. 16 8, 699. 16 . 00 8, 699. 16 .,. ;,6297 34/29/22 4, 191. 60 4, 191 . 60 . 00 4, 191 . 60 006298 34/29/22 3, 446. 32 3, 446. 32 . 00 3, 446. 32 006299 34/29/22 277 . 20 277 .20 . 00 277 . 20 006300 04/29/22 388 . 31 388 . 31 . 00 388 . 31 006301 04/29/22 115 . 92 115 . 92 . 00 115. 92 Check Total 34, 739. 54 it ,,nin ••. t; 1 SDBUMENTBRSA; RIVm; iii- a :1:--7.1v1 * ,, i ri:,• '.r i,i BOYNTON BEACH GENERAL EMPLOYEES'PENSION • ' EV'. - i�'0 i • c 4.360 NORTHLAKE BLVD STE 206 10891 N.Military Trail .PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 8O -206-0116 63-1289�G70 x CHECK NO. CHECK DATE VENDOR NO. 2892 04/29/22 000000000401 PAY AMOUNT THIRTY-FOUR THOUSAND SEVEN HUNDRED THIRTY-NINE AND 54/100 $34, 739. 54 DOLLARS J 41C71(../2.- --LA.-ti>>4) •vnwR¢ED swt�crunE LATHE CITY OF BOYNTON BEACH ORDER ATTN: ANDREA JAVIER . OFP . O. BOX 310 t.VTHDRILED 6IGNOURE BOYNTON BEACH FL 33425 VOID AFTER 180 DAYS 1110000 289 2lI` ':06 3 1 140 301:80 6 30 29 20 611` l I BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002892 VENDOR: DATE CHECK NO. 000000000401 04/22 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 006294 03/28/22 _72- . 72- . 00 . 72 006295 04/29/22 17, 621 . 75 17, 621 . 75 . 00 17 , 621 . 75 i 006296 04/29/22 8, 699 . 16 8, 699. 16 . 00 8, 699 . 16 I 006297 04/29/22 4, 191. 60 4, 191 . 60 . 00 4 , 191 . 60 006298 04/29/22 3, 446. 32 3, 446. 32 . 00 3, 446. 32 006299 04/29/22 277 . 20 277 . 20 . 00 277 . 20 006300 04/29/22 388 . 31 388 . 31 . 00 388 .31 006301 04/29/22 115. 92 115 . 92 . 00 115 . 92 C:leck Total 34, 739. 54 4c BOYNTON BEACH GENERAL EMPLOYEES'PENSION oar aicac NO. • 00002893 VENDOR: 000000000080 04/22 000000000080. . INVOICE NUMBER INVOICE•DATE INVOICE AMOUNT AMOUNT PAID - DISC.TAKEN NET AMOUNT '' 4ACCT FEB 2022 44/22/22 . 5,589.51 5,589.51 .00 5,589.51 - ', . Gh.eok, Total- .5,.589.51. ...:. • • •• •. THE FACE OF THISDb$ HENT HAS A COLORED BACKGROUND ON WHITE PAPER.THE;BACKCONTAINS AN ARID ICIAL WATERT IANX H+.E T,'H Oar ':.VIEW BgYNTON BEACH GENERAL EMPLOYEES'PENSION. SOUTHSTATE BANK 00 I • ' p 10891 N,'MijRary Trail 460 NQf�'HLAK BLVD STE 206 , 4'''''''''',"` Pad De h Gardens FL 33410 P LMS ACH G D t$ L 33/71-73 3-1289/670 sok -0118 'k. •e4„;;;.•}, el, le :' t fi 1 :yrs d Yi . >i A t,• ., ,4 , ',6 ,54' N: as r ky& ",,,,,„,;:a: ; 04/22/22. 00.00000000'80 y . • Yi , T. + FIVE THOUSAND FIVE HUNDRED EIGHTY-NINE AND 51/100 DOLLARS , . • - .` $5,589:51 • • { A/1-I _ . .e_, • TO THE I� FIb r OD`x� S,(,LUTI I�R5 r . }. R T% i. ipTN .�-: if pF� � 1013� � � � � ��� rvnion�ti aulMlursE £ i 1)0103�k l7 , t ..... ws,-- '' !`.„ .DES °`MOINE<-. IA 50306-0317 VOID AFTER 180 DAYS ., .....:......p.m.-ER CONT[ylf,(S MI I QPM usim.9 11'0000 289311' 1:06 3 1 140 301:80630 29 20611' • BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002893 VENDOR: DATE CHEM NO 000000000080 0.4/22 000000000080 INVOICE NUMBER INVOICE DATE .INVOICE AMOUNT AMOUNT PAID • DISC.TAKEN NET AMOUNT' 4ACCT FEB 2022 04/22/22 . 5,5.89.51 5,589.51 • •'. .'00 • 5;589:51 C`Aeck Total 5,589.51 1 • i i • • • • • 00 • Fee.lnvolae:' 13703254. • 3 � • ' s Custody • Aocount•Number, .; • • 4046000161 • .. I"i�Ctj• l :SQlutlans For Nita: • 02/01/2022='02/2$12022 • i,wo Date; `. 03104/2022.. •• 000196 • ' • t( ib Lr J ' .. • t eturn To: Boynton/DHJ Fxd �II A prz 0 4 2(22 , Principal Custody Solutions •. Dixie Martinez Admin, ', ' •.Revenue Processing 43G0 Northiake Blvd Ste 206 P:O.Box 1031T Palm Beach.Gardens FL 33410 • ByDas Mciites.P:60306.0317 • • 7 33 PAYMENT D• UELOCN't ciPT' • • Account Name: Boynton/DHJ Fxd • • Contact: Karl'Hutchinson 516=878.050• . • ' Foal Has .. .. .. .. • Summary of Current•Period Feta Charged Billed- Iota'. Administration • .$416. 4. i7G • ...: . Total Current Period Fees $4'76:33 476.33 • • • • • • • • • • W+re/AG#itnsinrotionp ' Welts:f argo Bank,N,A: ' ABA/Routing 121000248 Acci No:4543773808 Act Name:.Principal Bank PCS Fee ODA FFCdCustomer ID:Revenue Processing Invoice fl • Custody and trust services are provided by Principal Bank®,Member FDIC,and/or Principel:TrustCompanyt+t. These servioea are provided under(lie trade name Principal®Custody Solutions.PrfncIpatTrusl'.ompany is a • trade name of Delaware Charier Guarantee&.Trust Company.Principal Bank and Principal Tfust:Ccmpany are members of the Principal Financial Group®,Des Moines,IA 50392. • • • • •• •PLEASE RETURN.THIS.PAGE WITH PAYMETIr• :'` • fis?: . • °p° too 000010 000Go00000000200Y7312-0030006t'0000681 aoi 0102' .. 1 . . • • W • (� " ust+r�d. Fee htuaice: iS703627 . QC'rtnri.ra�. . AacouiitNumber. • • .24102201 • I SoI.ut ons ForPOod ' :0210112022• •-02/2812022 •��pD [ lr►voice�Date, 031 2022 000376 9 T l LS II1 Rettttrn.fp:. .. • Boynton/S&P400 .4c.:-..(i t ••�•." Principal•Custody:Solutions Dixie Martinez,Administrator • . ,.. Revenue Processing ! . The Resource Centers,LLC . P.O.Box 10317 4360 Nolthlake:Blvd:..,Butte 206'• By .• • ••••r , • •, • , toss Moinpg,..1A.60306-0'317 .. Palm Basal Gardens FL 33410 . • $668330• ' , PAYMENT DUE UPON-RECEIPT ' • • • Account Name: Boynton/SBP4.t0• . • Contact: -•Karl Hutchinson 51'5-67&6050 • ' ... _ ... • . • . • Fee Nva ; . . _ . .• .. • Summary ofCurrant Period Fees Charged . 8t:Ro'd• Total . . • Administration' . • $556.80 - $566,80 Total Current Period Fees - • • • • $566.80 $566.80 • • • • • • • • WirelAGH Instructions: . Wells Fargo Bank.NA . • AB4/Routing:1 210002r1.e • Mot No:4543773808 . Act•Name:Principal tienk PCS Fee WWA. . FFC/Customer ID:Revenue Processinpaiivoice.# Custody and trust services are provided:by Principe!Bank®,Member FDIC,and/or PrirrGippl:•T•,ntst Company®, These services are provided under the trade narne Prinolpel®.CvatOdy Solutions:Pr1 Qldal Tryat:Cernpenyis a • wade name of Delaware Charter Guarantee&Trutt!Company.Principal Sank end`Pripaipal'Truet•Compenylere members of the Principal Finanoial Group®,Des Moines,IA 50392. • • • • • PLEASE:RETURN THIS.PAGE WITH PAYMENT.; :... . • Pitgii 1 COsf CHM00CtweaUteX02pa773131maim 0001683001*1002.. Fee Invoice:: 13703632 Principal Custody Account Number 4046002463 FOr Period: 02/01/2022-02/2812022 Solutions Invoice Dale: 03/10/2022 Account Name: Boynton/City Mut Contact: Karl Hutchinson 515-878.6050 Selvinea Value I Quantity Rate FrequencyAmount Administration Market Value 102.525,451,34 © 0.0004 x 1112 3,417.52 Total Administration $3,417.62 Total $3,417.62 Summary Total Charged to Account $0.00 Total Billed $3,417.62 Payment Due $3,417.62 Page 2 r_•-_: 000 000000 000000000000026077311440001001 0000011 002 of 002- Feeanvolee: ..• " 13703818 • Custody Account Number. • 25876101 QPrincipal • solutions o0 112022-02/2812022 Invoice Date; 03/10/2022 •Account Name: Boynton Beach-Clearbridge LG Cap Contact: Karl Hutchinson 5157878-6050 • • Services Value I Quantity Rato Frequency 'Amount ' Administration • Market Value 33,865,724.91 ® 0 0004 x 1/12 1,128.86 Total Administration 81,128,86 Total $1,128.86 Summary Total CN .; arq�d toaAetooitnt 50.04'- . • 'total Billed $14128.86: i:Payment Duo .. $1,1.$8.86. • • • • • • • • • • • • • • Page 2 bdoawe 000soce000000tosiriisaoeootaptif O1trtcotwary. . . ._... ... ... .._..-. ._ ... .-.:........•.r_:.; .. _.-._._.�...tr.vu.rat�s.rr.:.... .._....... ...... ...... -..•. ........w rr_�...... .:. ..... .. .l.. BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE• CHECK NO,. 00002894 VENDOR: 000000000001 05/22 • . 00000.0000001.,. INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 19293 MAY 2022 05/06/22 5., 923.10 5,423.10 .00 5, 423.10 Check Total $; 42.3.10 THE FACE OF THISII0 M1 •AAS A COLORED BACKGROUND 00 WHITE PAPER 1HE.$ 1M1NT'INS JIN'ARTIFICIAL=Ifl ATER'' ttK_I1g p AT AN A0GLE TO VIEW BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK I I II I e 4360 NOKTHLAKE BLVD STE 206 10,891 N Miljtary Trail n"7 Pa Belch' ar.di FL 33410 PALM BEACH '�I; 334��,,, �. ti' , 6 80‘720,0-0116 ��^ fey � F� 83'1289/N70 ^vt' di 14 y +E Nicwsr�.�a:aJ& ' ?pQ �•c �*` ae - - CHECK DATE VENDOR NO. • 1 t*» �r 05/06/22 000000000001 FIVE THOUSAND FOUR HUNDRED TWENTY-THREE AND 10/1,00 DOLLARS. S5 423.10:. - .. In taeK:pY!Tit<.;w AUTHORQED • . TOI'IKE P RERS,IjRCE TER ` a / 4 6( . ORT F . BL.J . . !,/ i F AUMOY1�D SIGNATURE ` SUTX' 20e Din ' PALM' BEAdA Et &' FL 33410 VOID AFTER 180 DAYS 1.�_�,r.._.- _.._.._.__-..__...._.._ .... ......�..........._._.,..._...._.......,.-_.-« y_ y .._....._._......,..._DRPP€..?.432QNnN�SR.GF.R1HIItl• II.0000 2B94R' 1:063 1, 1,0.301:11.Q6.30 2520611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002894 VENDOR: DATE CHECK No. 000000000001 05/22 . . . 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 19293 MAY 2022 05/06/22 5,423.10 . 5, 423 . 10 .00 5,4.23.10:, Ceck Total • 5,423.10 • ir'2esource Centers,.LLCRLnvoce • 111111 i 4360 Northlake Blvd.,Suite 206 ei , 4y- . v q� .;js Palm Beach Gardens; FL 33410 �>. •, � - : . ::.5/712022: 19293 : .'. •`, 11,4 ,`r Tax IU ,"� .�'.,:.4�:.;`M' 'fi,',,.}•,; k • Boynton Beach General Pension Fund . • Pension Resource Center 364504183 • Resourle Centers $7-0800468 . .- ' • • �: y C >�*f.0 :.. k * !7 t ley•G�c,• .: �' ,• 4Y�`Rif ,' J .{. �. „. . d•.i,�.,in© r?a Ma" a 1-w�}.'t n :,,..;;;,...-•t :.%,.,.-,,.q.,$-11.1---• i, •,e• v�y S-A o Y• �7h..:::. Boynton Beach General•Employees' Pension Monthly Mministrator 4,925.00 . • • 4,925:00 • • • Fee for May 2022 Posta a . . . Death Search-2nd Quarter 2022 • 436 • 0.80 26x.-60 • • • • • • • • Total Arnt unt..Due $5,423.10 • • Mail.Payments toi uAyc� • 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•56f.459.2985 or email=•rrnichael@resourtecenters,com - • :.r BOYNTON BEACH GENERAL EMPLOYEES'PENSIONDATE CHECK NO. 00002895 VENDOR: 000000000125 . 05/22 000000000125 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 1Q2022 05/06/22 41,711.20 41, 711.20 . 00 . 41•,711.20 Check Total• 41,711.20 1 • • 1 ro ilY}-V4* B 0. 1 ISIaOQ1IMENf.HAS A COLORER BACKGROUND ON WHITEMPEC,THE BA `,.±. -:µ 1111'IFItIACWATEhI4ilAll.`-F10i;AT`A'ANGLE`:0 Viii r` BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 1 1 1 1 : • 44360,140 eTHLAKE BLVD STE 206 10.891+11,,,Military Trail P*LI/143EACH GARDENS,FL 33410 C44". Par Keach Gardens FL 33410 '� R° Par 3-1289/ti70 80'0.206-0116 1,,,,,,:i,:' Aq ,, a. 1 I ) I u '3 a `4. sn .7• CHECK DATE `VENDOR NO. 05106/22 . 000000000125 '. FORTY—ONE THOUSAND. SEVEN HUNDRED ELEVEN AND 20/100 DOLLARS • $41 711..20 41 f - .i , TO THE '1,� rIDG VE NTS a 44-1, ga y;, L GG' AS Q.6 CLP1 BRIE'G NTESTMENTS -,-' • Fs 13ti8 ' CO LEC It;1N$"` NTEIA;:MT/E z 3' 4 . CHIb GO "'` r IL 60693-0139,.v: mw VOID AFTEit 180.DAY3 • , 11'0000289Sum i:0 6 3 1 L 40 301:80 6 30 29 2061e BOYNTON BEACH GENERAL EMPLOYEES'PENSION • 00002895 VENDOR: DATE CHECK HO. 000000000125 05/22. . 000000000125 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 1Q2022 . .05/06/22 41,711 . 20 -41,.711.20 _ :00 41,711..20. - .-thec •.Total: 41,711.20 6a ClearBridge Investments . .. Date 4/184022 " Employees'Pension Plan of the City of B . . Billing Period • 4360 Northlake Blvd,Suite 206 •. • 2022-Q1 Palin Beach Gardens,.FL 33410 .- .:•.Inttoic�.Numtjer Attn: Amanda Kish • •.•• BOYNTON LCG033122 . CU, than>m • • 7C7{7IX6101. CUSTOMER COPY-PLEASE RETAIN FOR YOUR RECORDS. Employees'Pension Planof the City of Boynton Beach,Florida •. ti::'• ' . •. Fee Schedule Detail-Employees'Pension Plan of the City of Boynton Beach,Florida'. . .Annual Rate . ` Valuation.-USD Fee 0 to'999999999999 '0.500%. 33,832,421.74 ' 41,71 1.20 • . Total Fees Due 2022-Q1: • ' 41,71.1.20 i . • • i • • • Wire Instructions: IH • ang address:• •. . • , . .. - "• .. Legg Masan FRO:CLEARBRIDGB INVESTMENTS-,LLC Paying Agent:CLEARBRDX313II� $TIMENTSI•,LC ' • 13985 Collections Center Drive . . " Bank:BBanti 0 ,593grlca.: Chicago,IL 60693-0139 ABA#:026004593 Acct#:004467062771 i . Ref:2022-Q1-BOYNTON LCO. Ref'2022=Q1-BQYNTON.t..Ci } j • • Account suet values are calculated and provided.6y.youtcustodian - • • Accrued income is included lithe calculation of account asset values.. • .' +, +. • • • • • cle Bnd investment • •, . . • 4/18/2022 ••Employees'Pension Plan of the City of B Biling Period 4360 Northlake Blvd,'Suite 206 .. , " , '•,, ::: •Palm Beach Gardens,FL 33410 '" . . Tavola:Number:• •• • Attn: Amanda Kish BOYNTON LCC1033122 • • • • :- Cq�toiliaa 1p . XXXX61UI PLEASE REMIT THIS STATEMENT WITH YOUR PAYMENT.. • 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 • 0.50044 . -33,832,421.74 "41,711.20 Total Fee&Due 20224p i • • • • • Wire lnstructigna: " Mailing address: Paying Agent:CLEARBRIDGB INVESTMENTS LLC • Legg Mason FBO:CLBARBRIDGE INVESTMENTS LLC• Bank,Bank of America 13985 Collections Center Drive'" ABA#:026009593 Chicago,IL.60693-0139 Ref:2022-Qi-BOYN'i'ON LCG •• :!lcct#:22..Q1 Uti?77i . Itef:2022.Q1=BOYN�T LCC3 ,- ' • Aecount asset values are calculated and providedliyyour custodian. Accrued income is included in the calculation of account asset values:• " • • • • EVEZI N BEACH GENERAL EMPLOYEES'PENSION Doge � No. , 00002896 VENDER: 000000.0000.34 05/2.2 . 00000000.0034 INVOICE NUMBER INVOICE DATES . INVOICE AMOUNT AMOUNT PAID DISC.TAKEN .. NET AMOUNT. 1QTR22 35618 05/06/22 10,184 .93 10., 184.93 '.00 10,184.9 ^ Check Total 10,1.84.93 Tl EflittarTHISDOCUMENT HAS A COLORER BACKGROUND,ON WHITE PAPER-THE HACK CONTAINS AN ARTIFICIAL WATERMARK-.HDL]zAT'AN ANGLE T011IEW.__ BYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 1 1 1 1 : ' .4,3 d +VKTHLAKE BLVD STE 206 1Q891NL MIJtary Trail I PAL'. CH GARDE 01—3341 +''� :1 Pain,Ueach�a rdens FL 33410 �($m r. 63-1289/070 80EL 29¢-0116 •,q„e:rva, r'z; :a+ r �n4„,.. $ CHE K NO. ECK DATE DO'NO. .. .. , m xazK. t 28.6 .05/06' .22• 000000004034 � T TEN' THOUSAND ONE HUNDRED EIGHTY-F.OUR AND 93/100 DOLLARS : $10,184. 93 • .. a } TO i1.IE 7 ;:41AM0,4TON I S 0 C*rfitf, LP / j ltR9T x 5 :;HH':0 TOIL' ( R TOT �. Y .E e�nroazco ecr�tvne 141 ICK NAENC:, Si [ 16140.3,1':.<0401 HOUS<SON' ; TX 77010 VOID AFTER 180 DAYS ..--._....,._..:_....-.._.___.___'-___..._...,V._.....----'-•........._»..,..,._....__..._.,......__.-�.,_........,......._.,................_..,,..._.............».,,....«..................,s._..,.•,,.__._.:.......�......,.._,___._....__. lLi.ssriT&!ak!B84?P84.4fa 00000 2896" 1:06 3 111,0 301:806 30 29 20611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002896 VENDOR: DATE. CHECK NO.. 0000'00000034 05/22 000000000034 INVOICE NUMBER INVOICE DATE . . INVOICE AMOUNT AMOUNT.PAID ; DISC.TAKEN. .. .. NET AMOUNT 1QTR22 35618 05/06/22 10, 184.93- 10, 164:93, .0i) 10,184.93 .C`ieck Total. 10,184 .93. • I '• i . • • L Il.!}i i 11 • `/fY/ • . . it ;... • .. . . t_l. • • 5-7-- GARCIA'HAM 1 LTON... • A•S$C)CI:ATESsL.P INVOICE.# 35618 •,.,.•''. -t£,H,f{tI5TeN CtUTER.•y . • •'Am Malariex,SUITE.t800 • HOUsToN,TX.7701.0 . • • ' 0.i•tli13 864.2322 Aprife 2022 . . , FAX:I'7.I5t1 85S-2308 •• . WWW,6ARGt4H*MILiO MssaciarES.C(MR . . . • BOYIVTON PE, CN QEINLRAL EMPLOYEES PENSIGAI PLAN;(4 600aI611 . • . bbge 1 egritPlan:Administrators•clo Sagel-iehman/E1lyse4usso • - . 4360 NortltiiikeBoulevard,:8e.1.06 • • • Palm Beach Gardens;FL 3341.4 ` . • : •• • .. _ . . • • •GARCIA HAMILTON 6 ASSOCIATES • .. . • . . • $ .A : 'M•ANAGt NT POS... . -...::...-:•.•'1. -• - . For The Period April 1,2422through June 30,2022 . . • Portfolio Value with.Accrued Interest as of01-31.22' 1:4474,9 II All• • • portfolio Value With Accrued Interest as of02-28=22•; . . 14,351.274.94 . • •Portfolio Value with Accrued Interest as of 03-31-22• • • • • • • :14,061;404.34•• .. . Average•oi 3 Months • • : S..•14295,00..4 • • . . • 10,000,000 (c110•3000%per annum • :7000.00 ',.••• : .: ,• • . 4295.8.90 ©0.2500%per annum . . ,684.9 I Quarterly Management Iee• • • •:$ .'•••• •('p,lz:4.93 .. .. • . .. TOTAL.'DUE AN))PA'XAB1;E ' ..S • ..10,184.93 • . • i • . _.�.. ,._.,.. . t BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002897 VENDOR: 0.0000000.0931 05/22 00000.000.00.3.1 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT • AMOUNT PAID DISC.-TAKEN NET AMOUNT 470136 4/6/22 05/06/22 4, 472.00 . 4, 472.00 .00 4,472.00 Check Total . 4,472.00 • • • • THE FACE OF THIS DOCUMEIIT HAS A COLORED RACKGROUIi `IteNTE PAYER-THE.UAt1 L WTA111S qia AHTII:ICIAL l'dAI ERN 1(+ i 411'ANGI,ET'3111 B, YNT0�1 BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK I 1 B I ; • 361440 THLA BLVD ATE 206 1089194E Mi tart'Trail <0 Pan h ar�lensL 33410. PFf►LM:•18E4CH � � 3341,1�„�;, '� °"AN, e3- 289 0 2897 05/06/22 000000.000031'. P4Y�j o, AMOUNT I FOUR THOUSAND FOUR HUNDRED SEVENTY-TWO AND 00/100 DOLLARS . . $4 .472.00.' . it • .waw . .. Ait-1 _' _ _ .s•` TO THE C }cop RQ,pDp. SI4 T & go flRETkI I PC3 BC�7 7 E Q ( r z i_. . tt" OF DE T, #7 8 CIO • DETk)IT . r. & MI 48278 VOID AFTER 160 DAYS• II.0000269 ?II' 1:063L14030i:1306302920611' FROYNTON BEACH GENERAL EMPLOYEES'PENSION 00002897 VENDOR: DATE CHECK NO. 000000000.031 05/22 _. 000000000031 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT • AMOUNT:PAIm:': -D.iSC.TAKEN NET.AMOUNT., 470136 4/6/22 05/06/22 4,472.00 4,472.00 ..00 4,472.00. :' Check Total . 4,472.00 lGio G RS Gabriel, Roeder, Smith &Company �I One East Broward Blvd. Suite 505 Ft.Lauderdale,Florida 33301-1804 Invoice (954)527-1616 Date Invoice 4/6/2022.. 470136 Bill To: Please Remit To: Attention:Ms.Amanda Kish Dept.#78009 Administrator . Gabriel,Roeder;Strait Company Boynton Beach Pension Plan for.General.Employees PO Box 78000' . The Resource Centers,LLC • Detroit,:Michigan 48278-0009 4360 Northlake Blvd,,9dite.206 Palm Beach Gardens,Florida 33410: <. Federal Tax ID • 384691268 Client 1916, Amount For professional actuarial services rendered for the City of Boynton Beach Pension Plan for General Employees,1/1/2022 through 3/31/2022 Benefit Calculations for: Bennett(DROP),Caldwell(DROP),Eichorst(DROP),•Kruseil 5.0D • 225.00 1,125.00 (DROP),Niesolowskl(DROP). '• :. ' • • • • ., Charges since 12/31/2021 for work In progress'on the 10/1./2021 Actuarial Valuation 2,897,00 Report(charges to date equal$8,176). GASB 67 true-up letter(dated 2/21/2022),With final GASB 67 disdosure InforinatIon'as 456.00 of.9/30/2021. • Amount Due ' $4,472 ' • • PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE THANK YOL : , • Pagel of I • BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE diEgCNO. 00002898 VENDOR: -0.00000000047 0.5/22. .0.00'000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT•PAID : . . . DISC.TAKEN'. .• . •NET AMOUNT 30525 APR 2022 05/06/22 95.00 95.00 .00 95.00 • • Check Total • 95.0.0 • THE FACE OF THIS DO IME THAS A C0L0REO BACKRROUN0:atVJHITE PARER':THE-B. IC tONTAINS'AN ARTIFICIALWATERr ARK HDI.D AT AfI ANGLE TQ V.(E1N, ,,.�• j BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK S I I I ; • 0.'444.4THIAKE BLVD STE 206 10891.N.MiJ hdry Trail . PALtitiOACH Q6Ft1,E L 33410 a Patin SeaV1 , rdens FL 33410 670 849k :211•6 0 1289/ • • ` a �•�'� •• CHECK DATE VENDOR NO. . • & 05/06/22. 000000000047 RPIr �, p • AMOUNT NIbL t FF TY FIVE AND 00/100. DOLLARS $95:00. ,.� -101 TOiE ° S , FMA1ENS7 & *LvVINSON S Q 7.0 U TorE,ST, 4T uS'TREE 9y, i r�Cf� r+��]+�+ k 5 1, .L - AUTNDRQFD tIL/N71R6 i pLA APIFL 33317 � h�,•�eta ""w • VOID AFTER 180 DAYS : 11.0000 28 9811' 1:06 3 1140 301:80630 29.206P BOYNTON BEACH GENERAL EMPLOYEES'PENSION • 00002898 • 'VENDOR: bATB CHECK.NO; . . . 000000000047 _. - 05/22 0.00000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT ' 30525 APR 2022 05/06/22 • 95.00 95.00 .00. 95.0.0 C.zeck Total 95.00 . • •• • • • • • • • • /e • Klausner, Kaufman, Jensen.&Lying• . A Partnership.of Professional Associations Attorneys At Law • 708074.W,4th Street . ''. •, Plantation,Florida33317 . • . . Tel:(954)916-1202 ' wYw,ldausnerkaufinan.eorn , Fax(954)916=1232 Tax LD.:45-40123636 • BOYNTON BEACH GENERAL EMPLOYEES • 'Aprf130,'2¢22 Attn:AMANDA KISH . • Sill#30523 • 4380 NORTHLAKE BOULEVARD-SUITE 206 PALM.BEACH GARDENS,FL.33410 • CLIENT: BOYNTON BEACH GENERAL EMPLOYEES ' :BBGE ' • •' -• ' MATTER: :BOYNTON BEACH GENERAL EMPLOYEES'PENSION BOAS©.':' :150046• ' • Professional Fees'. • Date• Attorney Description ..• •.Hours` . ;. 'Amount 04/06/22 .PARA.: DRAFTING OF.GENERIC SIGNATURE c :0 3Q:. ' 30.00 . . AUTHORIZATION FORM,'EMAIL.FFOR=Kq' . TO.ADMINISTRATORTO BE PLACED ON NEXT AGENDA 04/06/22 BSJ REVIEW SIGNATURE AUTHORIZATION . 0:1O: 32.50 ' FORM :.04/10/22 BSJ REVIEW EMAIL FROM JEFF'SWANSQI 0 10 32.60 REGARDING 1ST QUARTER 2022 REPORTS DELAY DUE TO NEW • • •. SYSTEMS . Total for Services $ • CURRENT BILL TOTAL AMOUNT DUE $ 55.00 BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE eHEO(No. 00002899 VENDOR: 0.0000.000008.0 05/22 000000000080 1 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT CITY MUT.: 3/202.2 . 5/06/22 3,444.77.. . 3, 444. 77 _00 3,449 ,77 Check Total 3, 444.7i • 1 • THE FACE OF THIS DOCUMENT MASA COLORED BACKGROUND OH CJHIEE PAPER-TRE'I ACICCONTAINS AN ARTIFICIAL WATERMARK-HOLD AT AN AIiGI ,.VIEL'I • agyti pp BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 1 1 1 1 ; • 06O 0 LA VD TE 206 .., 10091` r MN[tary Trail 1 PALM. CH 334 , s` Pain teh gardens FL.33410. 80Q:2 -0116 ;a i„, fa. t l3-1289170 ,,,.. ' k iy ,v+ . .,sx Nden CHECK NO. CHECK DATE VENDOR NO. 2899 05/06/22 000000000080 . Y,ux*f t - ,...z9 } 'THREE THOUSAND FOUR HUNDRED FORTY-FOUR AND 77/100 DOLLARS $3, 44.4.77 I eyk, p�...t�(/C.�•i'R �.`ec',51-s-s*, RUTMORREO Bi TO THE Rl2II tI AL TpU,s.TODr<, 43LuT OIsS d. ��,' AUTHOR/ZED Bp N4NNE EF11 + PO`,B { 163:7 �nE ,R; ;,.=.: 4-, ,a DES1410INES L,,,, " IA 50306-0317 {{ VOID AFTER 180 DAYS• . 11.0000 289Tie 1:0631140301:806302q 206Ir BOYNTON BEACH GENERAL EMPLOYEES'PENSION OOOO'1899.. VENDOR: DATE• CHECK NO. 000000000080 05/22 . 00.0000000080- . INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID . DISC.TAKEN NET AMOUNT. CITY MUT 3/2022 05/06/22 3, 444 .77 3,444.77 .00 3,444.7.7 C`ieck Total 3, 444 .77 • • e •'CtiStOd Fee Invoice: 13704256 Principal y Account Number 4046002463;• Solutions ForP.ert?i4 03/01/022'-03/31/2022. - ./nVo7ce.Dste: • :• '• 04%06/2622 . • • • • Return To: • . . Boynton/City Mut Principal Custody Solutions , Dixie Martinez Admin.. Revenue Processing: 4360 Noithlake Blvd Ste 206 •. .. • . P.O..Box.10317 • Palm Beach Gardens FL 33410' • •Pes:Moines,IA.50306-0317 • • • • PAYMENT DUE UPON RECEIPT. Account Name: Boynton/Citytviut Contact: Karl'Hutchinson 515-876-6050 Fold Hers : .. .. Summary of Current-Period Fees •Ctiarg.ed Billed Total • •. • Administration . .. $3,444.77 $3,444.77 Total Current Period Fees $3,444.77 $3;444.77 • • 1 • • W ire/ACH'instructions: :s Wells Fargo Bank.N.A' ABA/Routing:121000248 Acct No:4543773808. • Acct Name:Principal Bank PCS Fee DDA. . FFC/Customer ID:Revenue Processing.Invoice#, • • Custody and trust services are provided by Principal Bank®,Member FDIC,and/or Principal Trust Conipanjr®,, These services are provided under the trade name Principal®Custody Solutions,PrincipatTiustCompanyis.a• • • ' trade name of Delaware Charter Guarantee&Trust Company.Principal dank and Principal Trust Corrtpany are .' members of the Principal Financial Group®,Des Moines,IA 50392: • • PLEASE RETURN THIS PAGE WITH PAYMEN . `Pagay • • Fee Invoice: .. 13704256 • • Account Number' - „ •4046002463 Custody Principal. - kor12efrod :.:: o io:,�r a-oi tiioz2 I. solution, • � '• . . Invoke Date: 04/06/2022 Account Name: Boynton/City Mut Contact: Karl Hutchinson 515-878-6050 ' • Services Value Quantity' Rate• F4qu�►cy /ino lint • Administration r- Market Value 103.343,174.94 ©, 0.0004 x 1/12 3,444.77' TotalAdministratlon $3,444:72 . Total $3,444.77 • Summary - • Total Charged.to Account .. $0.00• : Total Billed • $3,444.77 • • Payment Due $3,444.77 1 • . • • • • • • • • • • • • • • • • • • i CITY OF BOYNTON BEACH BOARD OF TRUSTEES GENERAL EMPLOYEES' PENSION PLAN MEETING OF MAY 23, 2022, 1:30 P.M. BENEFIT APPROVALS APPLICATION TO RETIRE NIESOLOWSKI, DIANE (DROP Exit) DATE OF BIRTH 09/1959 DATE OF HIRE 02/25/2002 DATE OF TERMINATION 03/28/2022 RETIREMENT COMMENCEMENT 04/01/2022 YEARS OF SERVICE 19 YRS 7 MOS AGE AT RETIREMENT 62 YRS 25 YEAR ELECTIVE BENEFIT NO FORM OF BENEFIT LA MONTHLY BENEFIT AMOUNT $2,631.11 ACTION: APPLICATION FOR REFUND OF CONTRIBUTIONS BURLEIGH, DANIEL MEMBER'S DATE OF BIRTH 05/ 1971 MEMBER'S DATE OF HIRE 10/01/2019 YEARS OF SERVICE 2 YRS 1 MOS TYPE OF DISTRIBUTION LUMP SUM AMOUNT OF REFUND $6,513.77 20%TAX WITHHOLDING $ 1,302.75 NET AMOUNT OF DISTRIBUTION $5,211.02 VESTED NO ACTION: MCMAHON, AMY MEMBER'S DATE OF BIRTH 12/ 1986 MEMBER'S DATE OF HIRE 12/ 15/2014 YEARS OF SERVICE 2 YRS 11 MOS TYPE OF DISTRIBUTION LUMP SUM AMOUNT OF REFUND $9,335.94 20%TAX WITHHOLDING $ 1,335.94 NET AMOUNT OF DISTRIBUTION $7,468.75 VESTED NO ACTION: RODRIGUEZ, ALEXIS MEMBER'S DATE OF BIRTH 04/ 1976 MEMBER'S DATE OF HIRE 12/21/2020 YEARS OF SERVICE 1 YRS 00 MOS TYPE OF DISTRIBUTION LUMP SUM AMOUNT OF REFUND $2,560.71 20%TAX WITHHOLDING $ 512.14 NET AMOUNT OF DISTRIBUTION $2,048.57 VESTED NO ACTION: SORVICK, HECTOR MEMBER'S DATE OF BIRTH 02/1972 MEMBER'S DATE OF HIRE 06/09/2015 YEARS OF SERVICE 6 YRS 3 MOS TYPE OF DISTRIBUTION LUMP SUM AMOUNT OF REFUND $ 17,890.75 20% TAX WITHHOLDING $ 3,578.15 NET AMOUNT OF DISTRIBUTION $ 14,312.60 VESTED YES ACTION: CHAIRMAN DATE PBI CertiDeath® Intel: DMF Continues to Decline Providing Only 23% of Death Records Death Master File vs. CDC Data Coverage • • 3,187,086 2,744,24E CDC*Deaths 2,543,279 CertiDeath` fills the gap, identifying up to 95% of deaths using DMF, Obits, State Records and other sources. In DMF Records 63% 36% 23%.. 2010 2012 2014 2016 2018 PBI „doom!. RESEARCH SERVICES Note:2020 CDC deaths are an initial estimate. ,t. h. e � ea 0 The Industry's Best Death Audit Solution Step 1 Data Step 2 Match Step 3 Validate Step 4 Results 26,000+ data Matches rated using Our team of experts Complete report is PBI's proprietary complete verification to delivered with 95% sources scanned scoring system achieve 99% accuracy death identification —19 In 2020 alone, our CertiDeath clients combined PBI saved $50,000,000+ in overpayments. RESEARCH SERVICES PBI CertiDeath® Intel: Percentage of Deaths Identified By Source in 2020 15% State Records 23% SSA Death 62% Master File Obituaries 111 PBI RESEARCH SERVICES PBI CertiDeath® Intel: Time to Identify Deaths One Week For CertiDeath Obituary Review to Identify Deaths vs. 11 -20 Days For SSA Death Master File to Identify Deaths PBI RESEARCH SERVICES BOYNTON BEACH GENERAL E PLO E S ENSION UND QUARTERLY PERFORMANCE REPORT As of March 31, 2022 Jeff Swanson jeff@seadvisory.com (404) 237-3156 S E Market Environment As of March 31, 2022 Benchmark 1 Quarter 1 Year 3 Years 5 Years S&P 500 Index -4.6 15.6 18.9 16.0 Russell 2000 Index -7.5 -5.8 11.7 9.7 MSCI EAFE(Net) -5.9 1.2 7.8 6.7 NCREIF Property Index 5.3 21.9 9.6 8.5 Credit Suisse Hedge Fund Index 2.1 7.5 7.3 5.5 Blmbg. U.S.Aggregate Index -5.9 -4.2 1.7 2.1 90 Day U.S.Treasury Bill 0.0 0.1 0.8 1.1 CPI-All Urban Consumers(Unadjusted) 3.1 8.5 4.2 3.4 Ukraine,Higher Inflation,Higher Rates • Global equity and fixed income markets alike declined in the first quarter of the year amidst a heightened level of volatility in markets driven by geopolitical turmoil from the invasion of Ukraine, elevated inflation and increasing interest rates • Inflation in the US hit its highest levels in 40 years;core inflation,excluding food&energy, rose 6.9% • The Treasury Yield Curve flattened as the Federal Reserve hiked rates for the first time since 2018, pushing the Fed funds rate up 25 basis points, in efforts to contain the spike in inflation with U.S equities declining 4.6%,posting their first negative quarter in over 2 years • Value outperformed Growth across the market cap spectrum with growth stocks generating the steepest losses • Energy and Utilities were the only positive sectors; Energy returned 39%in 1Q22 as the conflict in Ukraine sent oil prices soaring • Not surprisingly,high quality stocks outperformed within Growth but low quality outperformed within Value due to the resurgence in returns of the Energy sector, primarily consisting of companies considered to be low quality(SPGMI Rankings are used to measure the financial quality of a company. These rankings evaluate the growth and stability of a company's earnings and dividends over the most recent 40 quarters.) • In a quarter with negative equity returns,bond returns also declined, rather sharply,following the initiation of interest rate hikes spurred by spiking inflation • Within fixed income sectors,credit spreads widened in the recent risk-off environment • Despite losses in the first quarter,economic environment still appears to favor equities over fixed income as global liquidity remains high,fiscal policy is still accommodative relative to history, and regional containment of the war in Ukraine exists for now Portfolio Positioning • Monitoring levels of global liquidity,inflation expectations,and fallout from geopolitical tensions remain key to future portfolio positioning • Overweights to consider: • Equities over fixed income • Domestic Equities over international equities ▪ Within equities,maintain style neutrality with potential for a Value overweight in the future • Look to alternatives, including real estate,for a favorable income and appreciation profile to offset the negative impact to fixed income of further increases to interest rates ©© 1 A 13 Schedule of Investable Assets 10 Years Ending March 31, 2022 Total Fund Schedule of Investable Assets 300,000.0 270,000.0 240,000.0 A 210,000.0 ALA L 180,000.0 �� > 150,000.0 l6 120,000.0 .....� 90,000.0 60,000.0 - - 30,000.0 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 — Total Fund(ex R&D) Target Index ••• Net Cash Flow Schedule of Investable Assets Periods Ending Beginning Market Value Net Cash Flow Gain/Loss Ending Market Value %Retum 10 Years $104,269,941 -$16,631,355 $144,197,476 $231,836,063 9.2 ©© 2 A El Asset Allocation By Asset Class As of March 31, 2022 December 31,2021 :$245,449,403 March 31,2022 :$231,836,063 AMA Segments Market Value Allocation(%) Segments Market Value Allocation(%) ■ U.S. Equity 126,368,938 51.5 • U.S.Equity 116,456,036 50.2 International Equity 31,321,652 12.8 — International Equity 27,673,773 11.9 U.S.Fixed Income 44,611,560 18.2 U.S.Fixed Income 43,271,889 18.7 if Real Estate 39,877,932 16.2 s Real Estate 42,442,192 18.3 Cash Equivalent 3,269,320 1.3 Cash Equivalent 1,992,172 0.9 ©© 3 A 13 Historical Asset Allocation by Segment 10 Years Ending March 31, 2022 Total Fund (ex R&D) 100.0 90.0 80.0 70.0 60.0 0C 50.0 0 Q - 40.0 30.0 20.0 10.0 0.0 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 U.S.Equity 11' International Equity U.S.Fixed Income U Real Estate Cash Equivalent DO 4 IQ113 Financial Reconciliation 1 Quarter Ending March 31, 2022 Market Value Apprec.l Market Value 01/01/2022 Contributions Distributions Deprec. 03/31/2022 Clearbridge Large Cap Equity 40,328,044 - -1,850,000 -4,695,984 33,832,422 Schwab Total Stock Market 21,245,618 - - -1,146,458 20,099,160 Vanguard 500 Indes Adm 12,057,532 - - -593,426 11,501,717 Atlanta Capital 22,247,615 - - -981,550 21,266,066 Mutual of America S&P 400 17,717,104 18 - -937,008 16,855,589 Total Domestic Equities 127,719,262 18 -1,850,000 -8,999,360 117,390,481 EuroPacific Growth R6 16,651,422 - - -2,037,375 14,614,047 Harding Loevner Intl Equity 14,670,230 - - -1.610.504 13.059.726 Total International Equities 31,321,652 - - -3,647,879 27,673,773 JPM RE Strategic Property 22,394,719 -52,756 1,455,084 23,797,047 JPM RE Special Situation 17,483,213 - -65,248 1,227,180 18,645,145 Total Real Estate 39,877,932 - -118,003 2,682,264 42,442,192 Dodge&Cox Income 14,124,330 - -803,089 13,389,553 Garcia Hamilton 14,682,889 - -785,914 14,065,423 PIMCO Capital Sec&Fin Ins 8,499,252 - -565,236 8,004,829 PIMCO Income Fund 9,217,224 -481,782 8,859,584 Total Fixed Income 46,523,695 - - -2,636,022 44,319,389 Money Market 6,862 1,003,365 -1,000,000 10,228 Total Fund(ex R&D) 245,449,403 1,003,383 -2,968,003 -12,600,997 231,836,063 Reciepts&Disbursements '"F 1,456,580 Total Fund(+R&D) 247,057,808 3,356,589 -5,473,060 -12,600,997 233,292,643 ©© 5 A Asset Allocation & Performance As of March 31, 2022 Allocation Performance(%) Market Value % QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR $ Total Fund(Gross) $231,836,063 100.0 -4.74 (63) 1.21 (25) 7.68 (24) 10.79 (48) 9.63 (39) 8.77 (20) 9.22 (23) Total Fund(Net) -4.79 (66) 1.11 (26) 7.48 (25) 10.58 (53) 9.43 (46) 8.59 (27) 9.06 (29) Target Index -3.93 (38) 1.17 (26) 7.09 (29) 11.56 (28) 10.01 (27) 8.81 (18) 9.58 (12) All Public Plans-Total Fund Median -4.29 -0.09 5.31 10.69 9.29 8.01 8.61 Total Domestic Equities $117,390,481 50.6 -6.62 (80) 2.33 (61) 9.99 (62) 14.99 (80) 13.64 (65) 12.79 (37) 13.00 (67) 80%Russell 1000/20%Russell 2500 -5.25 (55) 2.87 (49) 10.61 (57) 17.79 (33) 15.02 (30) 13.02 (28) 14.08 (23) All Public Plans-US Equity Segment Median -5.11 2.86 10.76 16.85 14.41 12.54 13.47 Total International Equities $27,673,773 11.9 -11.65 (95) -10.33 (96) -6.97 (94) 9.22 (56) 7.83 (60) 6.35 (61) 7.00 (55) MSCI EAFE(Net) -5.91 (44) -3.38 (36) 1.16 (30) 7.78 (80) 6.72 (85) 5.11 (91) 6.27 (84) All Public Plans-Intl.Equity Segment Median -6.74 -4.92 -1.09 9.30 8.29 6.54 7.02 • Total Real Estate $42,442,192 18.3 6.74 (32) 15.16 (31) 28.29 (19) 11.61 (42) 10.24 (65) 9.97 (69) 11.11 (72) NCREIF ODCE 7.17 (30) 15.37 (30) 27.29 (25) 10.31 (76) 8.91 (87) 9.21 (92) 9.92 (88) All Public Plans-Real Estate Segment Median 5.92 13.64 24.67 11.45 10.80 11.18 11.81 Total Fixed Income $44,319,389 19.1 -4.74 (40) -4.95 (60) -3.63 (94) 2.00 (92) 2.37 (89) 2.09 (91) 2.96 (58) Blmbg. U.S.Aggregate Index -5.93 (85) -5.92 (93) -4.15 (99) 1.69 (95) 2.14 (95) 1.87 (97) 2.24 (93) All Public Plans-US Fixed Income Segment Median -5.13 -4.67 -2.58 3.06 3.04 2.75 3.14 Total Cash $1,466,808 0.6 0.00 0.01 0.02 0.60 0.98 0.76 0.56 90 Day U.S.Treasury Bill 0.04 0.05 0.06 0.81 1.13 0.86 0.62 ©© 6 A ©i Asset Allocation & Performance As of March 31, 2022 Allocation Performance(%) Market Value % QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR $ Total Fund-Gross $231,836,063 100.0 -4.74 (63) 1.21 (25) 7.68 (24) 10.79 (48) 9.63 (39) 8.77 (20) 9.22 (23) Total Fund-Net -4.79 (66) 1.11 (26) 7.48 (25) 10.58 (53) 9.43 (46) 8.59 (27) 9.06 (29) Target Index 3.93 (38) 1.17 (26) 7.09 (29) 11.56 (28) 10.01 (2" 8.81 (18) 9.58 (12) All Public Plans-Total Fund Median -4.29 -0.09 5.31 10.69 9.29 '?01 8,61 Total Domestic Equities $117,390,481 50.6 -6.62 (80) 2.33 (61) 9.99 (62) 14.99 (80) 13.64 (65) 12.79 (37) 13.00 (67) 80%Russell 1000/20%Russell 2500 5.25 (55) 2.87 (49) 10.61 (57) 17.79 (33) 15.02 (30) 13.02 (28) 14.08 (23) All Public Plans-US Equity Segment Median -5.11 2.86 10.76 16.85 14.41 12.54 13.47 Clearbridge Large Cap Equity $33,832,422 14.6 -11.45 (63) -3.16 (55) 8.47 (49) 17.80 (75) 17.75 (66) 15.83 (44) N/A Russell 1000 Growth Index -9.04 (36) 1.54 (21) 14.98 (11) 23.60 (12) 20.88 (20) 17.34 (17) 17.04 (21) Large Growth Median -10.22 -2.32 8.33 19.76 18.74 15.49 15.89 Schwab Total Stock Market $20,099,160 8.7 -5.40 (62) 3.26 (71) 11.66 (70) 18.14 (48) N/A N/A N/A Russell 1000 Index -5.13 (54) 4.15 (58) 13.27 (52) 18.71 (38) 15.82 (39) 13.72 (37) 14.53 (41) Large Blend Median -4.95 4.70 13.32 18.04 15.34 13.31 14.27 Vanguard Dividend Growth Fund $13,835,526 6.0 -2.04 (9) 9.30 (6) 17.30 (8) N/A N/A N/A N/A S&P 500 Index -4.60 (40) 5.92 (31) 15.65 (23) 18.92 (32) 15.99 (32) 14.01 (27) 14.64 (33) Large Blend Median -4.95 4.70 13.32 18.04 15.34 13.31 14.27 Vanguard 500 Indes Adm $11,501,717 5.0 -4.61 (43) 5.90 (34) 15.60 (28) N/A N/A N/A N/A S&P 500 Index -4.60 (40) 5.92 (31) 15.65 (23) 18.92 (32) 15.99 (32) 14.01 (27) 14.64 (33) Large Blend Median -4.95 4.70 13.32 18.04 15.34 13.31 14.27 Atlanta Capital $21,266,066 9.2 -4.41 (40) 4.41 (24) 7.23 (35) 14.46 (61) 14.55 (32) 13.38 (15) 14.43 (16) Russell 2500 Index -5.82 (49) -2.22 (64) 0.34 (71) 13.79 (69) 11.57 (58) 9.99 (63) 12.09 (71) IM U.S.SMID Cap Equity(SA+CF)Median -6.22 0.46 4.55 15.43 12.17 10.52 12.52 Mutual of America S&P 400 $16,855,589 7.3 -4.86 (43) 2.73 (38) 4.36 (52) 13.94 (67) 10.97 (67) 10.03 (62) 12.10 (70) S&P MidCap 400 Index -4.88 (43) 2.73 (37) 4.59 (50) 14.14 (66) 11.10 (65) 10.20 (57) 12.20 (64) IM U.S.SMID Cap Equity(SA+CF)Median -6.22 0.46 4.55 15.43 12.17 10.52 12.52 ©© 7 A Ell Asset Allocation & Performance As of March 31, 2022 Allocation Performance(%) Market Value % QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR $ Total International Equities $27,673,773 11.9 -11.65 (95) -10.33 (96) -6.97 (94) 9.22 (56) 7.83 (60) 6.35 (61) 7.00 (55) MSCI EAFE(Net) -5.91 (44) -3.38 (36) 1.16 (30) 7.78 (80) 6.72 (85) 5.11 (91) 6.27 (84) All Public Plans-Intl.Equity Segment Median -6.74 -4.92 -1.09 9.30 8.29 6.54 7.02 EuroPacific Growth R6 $14,614,047 6.3 -12.24 (44) -13.22 (73) -9.35 (78) 8.36 (77) 8.01 (84) 6.22 (85) 7.29 (85) MSCI EAFE(Net) -5.91 (3) -3.38 (9) 1.16 (12) 7.78 (83) 6.72 (95) 5.11 (94) 6.27 '(98) Foreign Large Growth Median -12.56 -10.44 -4.96 10.54 9.97 7.47 8.29 Harding Loevner Intl Equity $13,059,726 5.6 -10.98 (33) -6.86 (23) -4.16 (47) 9.28 (71) 8.17 (81) 6.98 (66) N/A MSCI EAFE(Net) -5.91 (3) -3.38 (9) 1.16 (12) 7.78 (83) 6.72 (95) 5.11 (94) 6.27 (98) Foreign Large Growth Median -12.56 -10.44 -4.96 10.54 9.97 7.47 8.29 Total Real Estate $42,442,192 18.3 6.74 (32) 15.16 (31) 28.29 (19) 11.61 (42) 10.24 (65) 9.97 (69) 11.11 (72) NCREIF ODCE 7.17 (30) 15.37 (30) 27.29 (25) 10.31 (76) 8.91 (87) 9.21 (92) 9.92 (88) All Public Plans-Real Estate Segment Median 5.92 13.64 24.67 11.45 10.80 11.18 11.81 JPM RE Strategic Property $23,797,047 10.3 6.51 (63) 15.16 (38) 26.48 (66) 10.65 (69) 9.11 (77) 9.55 (79) 10.72 (71) NCREIF ODCE 7.17 (35) 15.37 (34) 27.29 (54) 10.31 (75) 8.91 (80) 9.21 (80) 9.92 (80) IM U.S.Private Real Estate(SA+CF)Median 6.75 14.86 27.92 11.92 10.65 10.74 11.38 JPM RE Special Situation $18,645,145 8.0 7.04 (42) 15.15 (40) 30.67 (21) 12.86 (28) 11.87 (27) 12.61 (23) N/A NCREIF ODCE 7.17 (35) 15.37 (34) 27.29 (54) 10.31 (75) 8.91 (80) 9.21 (80) 9.92 (80) IM U.S.Private Real Estate(SA+CF)Median 6.75 14.86 27.92 11.92 10.65 10,74 11.38 Total Fixed Income $44,319,389 19.1 -4.74 (40) -4.95 (60) -3.63 (94) 2.00 (92) 2.37 (89) 2.09 (91) 2.96 (58) Blmbg. U.S.Aggregate Index -5.93 (85) -5.92 (93) -4.15 (99) 1.69 (95) 2.14 (95) 1.87 9-,. 2.24 (93) All Public Plans-US Fixed Income Segment Median -5.13 -4.67 -2.58 3.06 3.04 2.75 3.14 Dodge&Cox Income $13,389,553 5.8 -5.20 (25) -5.61 (46) N/A N/A N/A N/A N/A Blmbg. U.S.Aggregate Index -5.93 (61) -5.92 (63) -4.15 (86) 1.69 (93) 2.14 (95) 1.87 (97) 2.24 (97) Intermediate Core-Plus Bond Median -5.77 -5.71 -3.32 2.83 3.15 2.82 3.38 Garcia Hamilton $14,065,423 6.1 -4.21 (43) -4.27 (44) -3.15 (54) 1.98 (65) 2.42 (65) 2.14 (66) 3.21 (45) Blmbg. U.S.Aggregate Index -5.93 (77) -5.92 (78) -4.15 (90) 1.69 (75) 2.14 (73) 1.87 (78) 2.24 (72) IM U.S.Fixed Income(SA+CF)Median -4.50 -4.69 -3.01 2.52 2.88 2.62 3.00 ©© 8 A ©i Asset Allocation & Performance As of March 31, 2022 Allocation Performance(%) Market Value % QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR $ PIMCO Capital Sec&Fin Ins $8,004,829 3.5 -5.82 (73) -6.37 (86) -2.48 (84) N/A N/A N/A N/A ICE BofA Preferred Stock, Fixed Rate -6.72 (87) -6.70 (89) -3.64 (92) s.i6 (91) 3.84 (90) 4.40 (84) 5.18 (94) Preferred Stock Median -5.11 -5.10 -1.25 5.17 4.85 5.16 6.46 PIMCO Income Fund $8,859,584 3.8 -3.88 (36) -3.72 (38) -1.21 (48) 3.03 (68) N/A N/A N/A Blmbg. U.S.Aggregate Index -5.93 (93) -5.92 (93) -4.15 (95) 1.69 (93) 2.14 (93) 1.87 (97) 2.24 (96) Itror Bond Median -4.20 -4.04 -1.37 3.73 3.96 4.00 4.59 Total Cash $1,466,808 0.6 0.00 0.01 0.02 0.60 0.98 0.76 0.56 90 Day U.S.Treasury Bill 104 0.05 0.06 0.81 1.13 0.86 0.62 Money Market $10,228 0.0 0.01 0.02 0.16 0.55 8.16 5.81 4.05 90 Day U.S.Treasury Bill 0.04 0.05 0.06 0.81 1.13 0.86 0.62 Reciepts&Disbursements $1,456,580 0.6 0.00 N/A N/A N/A N/A N/A N/A 90 Day U.S.Treasury Bill 0.04 0.05 0.06 0.81 1.13 0.86 0.62 ©© 9 A © Performance Review As of March 31, 2022 Total Fund(ex R&D) Plan Sponsor Peer Group Analysis-All Public Plans-Total Fund 20.0 32.0 15.0 26.0 10.0 ❑ ❑ 20.0 11 II Milli ado 5.0 E E e 14.0 ce ❑ ne • 0.0 ■ 8.0 -- • 5.0 0 it IIIIIt �a • -10.0 2.0 -15.0 -4.0 1 Qtr FYTD 1 Yr 3 Yrs 5 Yrs FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 ■ Total Fund(ex R&D) -4.74 (63) 1.21 (25) 7.68 (24) 10.79 (48) 9.63 (39) ■ Total Fund(ex R&D) 19.93 (61) 7.34 (54) 3.81 (64) 9.65 (12) 12.51 (40) Median -4.29 -0.09 5.31 10.69 9.29 Median 20.73 7.55 4.26 7.42 12.03 Comparative Performance Plan 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years Total Fund(ex R&D) -4.7 1.2 7.7 10.8 9.6 9.2 Target Index -3.9 1.2 7.1 11.6 10.0 9.6 DO 10 A ©i Asset Allocation Compliance As of March 31, 2022 Executive Summary Domestic Large Cap Equity VI $79,268.8K(34.2%) Domestic Small I Mid Cap Equity I y $38,121.7K(16.4%) Foreign Equity y I $27,673.8K(11.9%) Fixed Income y� $44,319.4K(19.1%) Direct Real Estate I y $42,442.2K(18.3%) Cash&Equivalents Tr $10.2K(0.0%) 1 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% Policy NI Target 7 In Policy 7 Outside Policy Asset Allocation Compliance Asset Allocation$ Current Allocation(%) Minimum Allocation(%) Maximum Allocation(%) Target Allocation(%) Total $231,836,063 100.0 N/A N/A 100.0 Domestic Large Cap Equity $79,268,826 34.2 25.0 60.0 35.0 Domestic Small/Mid Cap Equity $38,121,655 16.4 5.0 20.0 15.0 Foreign Equity $27,673,773 11.9 5.0 25.0 15.0 Fixed Income $44,319,389 19.1 10.0 70.0 20.0 Direct Real Estate $42,442,192 18.3 5.0 25.0 15.0 Cash&Equivalents $10,228 0.0 0.0 10.0 0.0 ©© 11 A EZ Plan Sponsor TF Asset Allocation As of March 31, 2022 Total Fund Plan Sponsor TF Asset Allocation vs.All Public Plans-Total Fund 80.0 65.0 50.0 • a: 35.0 IS 0 a 20.0 • 5.0 • -10.0 - -25.0 All Public Plans-Total Fund US Equity Global ex-US Equity US Fixed Alternatives Total Real Estate Cash&Equivalents • Total Fund(ex R&D) 50.64 (29) 11.94 (72) 19.12 (74) N/A 18.31 (2) 0.00 (100) 5th Percentile 61.71 23.14 60.19 43.59 16.49 7.88 1st Quartile 51.42 17.82 31.22 19.38 11.08 2.58 Median 44.13 13.96 23.98 10.35 9.22 1.22 3rd Quartile 32.62 11.24 18.62 4.52 6.17 0.55 95th Percentile 14.72 6.96 11.04 1.38 2.64 0.08 Parentheses contain percentile rankings. ©© 12 A Asset Allocation By Manager As of March 31, 2022 December 31,2021 :$245,449,403 Market Value Allocation(%) • Clearbridge Large Cap Equity $40,328,044 16.4 ■ Schwab Total Stock Market $21,245,618 8.7 ■ Vanguard Dividend Growth Fund $14,123,349 5.8 Vanguard 500 Indes Adm $12,057,532 4.9 Atlanta Capital $22,247,615 9.1 Mutual of America S&P 400 $17,717,104 7.2 " EuroPacific Growth R6 $16,651,422 6.8 Harding Loevner Intl Equity $14,670,230 6.0 s JPM RE Strategic Property $22,394,719 9.1 JPM RE Special Situation $17,483,213 7.1 Dodge&Cox Income $14,124,330 5.8 Garcia Hamilton $14,682,889 6.0 PIMCO Capital Sec&Fin Ins $8,499,252 3.5 PIMCO Income Fund $9,217,224 3.8 Money Market $6,862 0.0 ."nr, ` ©© 13 q El Asset Allocation By Manager As of March 31, 2022 March 31,2022 :$231,836,063 Market Value Allocation(%) ■ Clearbridge Large Cap Equity $33,832,422 14.6 ■ Schwab Total Stock Market $20,099,160 8.7 '' Vanguard Dividend Growth Fund $13,835,526 6.0 Vanguard 500 Indes Adm $11,501,717 5.0 Atlanta Capital $21,266,066 9.2 Mutual of America S&P 400 $16,855,589 7.3 EuroPacific Growth R6 $14,614,047 6.3 Harding Loevner Intl Equity $13,059,726 5.6 JPM RE Strategic Property $23,797,047 10.3 JPM RE Special Situation $18,645,145 8.0 Dodge&Cox Income $13,389,553 5.8 11/601161/4 Garcia Hamilton $14,065,423 6.1 PIMCO Capital Sec&Fin Ins $8,004,829 3.5 PIMCO Income Fund $8,859,584 3.8 Money Market $10,228 0.0 ©© 14 A 13 Manager Asset Allocation As of March 31, 2022 U.S.Equity International Equity U.S.Fixed Income Real Estate Cash Equivalent Total Fund $ % $ % $ % $ % $ % $ % Clearbridge Large Cap Equity 32,926 97.32 - - - - - - 907 2.68 33,832 14.59 Schwab Total Stock Market 20,099 100.00 - - - - - - - - 20,099 8.67 Vanguard Dividend Growth Fund 13,836 100.00 - - - - - - - - 13,836 5.97 Vanguard 500 Indes Adm 11,502 100.00 - - - - - - - - 11,502 4.96 Atlanta Capital 21,266 100.00 - - - - - - - - 21,266 9.17 Mutual of America S&P 400 16,828 99.84 - - - - - - 28 0.16 16,856 7.27 Total Domestic Equities 116,456 99.20 - - • - - - 934 0.80 117,390 50.64 EuroPacific Growth R6 - - 14,614 100.00 - - - - - - 14,614 6.30 Harding Loevner Intl Equity - - 13,060 100.00 - - - - - - 13,060 5.63 Total International Equities - - 27,674 100.00 - - - - - - 27,674 11.94 JPM RE Strategic Property - - - - - - 23,797 100.00 - - 23,797 10.26 JPM RE Special Situation - - - - - - 18,645 100.00 - - 18,645 8.04 Total Real Estate - - - - - - 42,442 100.00 - - 42,442 18.31 Dodge&Cox Income - - - - 13,390 100.00 - - - - 13,390 5.78 Garcia Hamilton - - - - 13,018 92.55 - - 1,048 7.45 14,065 6.07 PIMCO Capital Sec&Fin Ins - - - - 8,005 100.00 - - - - 8,005 3.45 PIMCO Income Fund - - - - 8,860 100.00 - - - - 8,860 3.82 Total Fixed Income - - - - 43,272 97.64 - - 1,048 2.36 44,319 19.12 Money Market - - - - - - - - 10 100.00 10 0.00 Total Cash - - - - - - - - 1,467 100.00 1,467 0.63 Total Fund(ex R&D) 116,456 50.23 27,674 11.94 43,272 18.66 42,442 18.31 1,992 0.86 231,836 100.00 Reciepts&Disbursements - - - - - - - - 1,457 100.00 1,457 0.63 Total Fund(+R&D) 116,456 49.92 27,674 11.86 43,272 18.55 42,442 18.19 3,449 1.48 233,293 100.63 DO 15 A 4 Plan Sponsor Scattergram 5 Years Ending March 31, 2022 All Public Plans-Total Fund 12.8 12.0 11.2 '` ■ ■ i lip ■ ■ ■ ii: ■ 10.4 : ■ ■ w- II I se, 6 r ■ ■ rr'!U■ y ■ ■ • ■ ■ ■ ■ I din! �' ■ rie 9.6 ■ •■ IIIc T. +er • ip ■ ■, • ■ ellbl E 8 —III in—iii. .8 'i ■ ■ • ■ ��IllrI � ■ llit ■ mu IN -Ns sa_111 la ■ ce 111 gl. 8.0 ■ ■ ■ mi ■ rliii • l 1.1411 .911MI F ■ ■ II ■ ir .II ■ ■ 7.2 a all• ■ ■ ■ ■ ■ ■ 6.4 ■ 5.6 5.4 6.0 6.6 7.2 7.8 8.4 9.0 9.6 10.2 10.8 11.4 12.0 12.6 Risk(Standard Deviation%) ReturnStandard Deviation • Total Fund(ex R&D) 9.6 10.5 p Target Index 10.0 10.4 —Median 9.3 9.7 Calculation based on monthly periodicity. ©© 16 q Manager Status As of March 31, 2022 Manager Current Status Effective Quarter End Date Clearbridge Good Standing Schwab Total Stock Market Index Good Standing Vanguard 500 Good Standing Vanguard Dividend Growth Fund Good Standing Atlanta Capital Good Standing Mutual of America Good Standing EuroPacific Growth R6 Good Standing Harding Loevner Intl Equity Good Standing JPM Strategic Properties Good Standing JPM Special Situations Good Standing Dodge&Cox Income Good Standing Garcia Hamilton Fixed Income _ Good Standing PIMCO Capital Sec&Fin Ins Good Standing PIMCO Income Good Standing ©© 17 A © Fee Schedule As of March 31, 2022 Estimated Estimated Market Value Annual Fee Annual Fee As of Fee Schedule (%) $ 0313112022 $ Clearbridge Large Cap Equity 0.500 169,162 33,832,422 0.500%of Assets Schwab Total Stock Market 0.030 6,030 20,099,160 0.030%of Assets Vanguard Dividend Growth Fund 0.260 35,972 13,835,526 0.260%of Assets Vanguard 500 Indes Adm 0.040 4,601 11,501,717 0.040%of Assets Atlanta Capital 0.620 131,850 21,266,066 0.620%of Assets Mutual of America S&P 400 0.070 11,799 16,855,589 0.070%of Assets Total Domestic Equities 0.306 359,413 117,390,481 EuroPacific Growth R6 0.460 67,225 14,614,047 0.460%of Assets Harding Loevner Intl Equity 0.710 92,724 13,059,726 0.710%of Assets Total International Equities 0.578 159,949 27,673,773 JPM RE Strategic Property 1.000 237,970 23,797,047 1.000%of Assets JPM RE Special Situation 1.250 233,064 18,645,145 1.250%of Assets Total Real Estate 1.110 471,035 42,442,192 Dodge&Cox Income 0.410 54,897 13,389,553 0.410%of Assets Garcia Hamilton 0.250 35,164 14,065,423 0.250%of Assets PIMCO Capital Sec&Fin Ins 0.910 72,844 8,004,829 0.910%of Assets PIMCO Income Fund 0.620 54,929 8,859,584 0.620%of Assets Total Fixed Income 0.492 217,834 44,319,389 Money Market 0.000 - 10,228 0.000%of Assets Total Cash 0.000 - 1,466,808 Total Fund(ex R&D) 0.521 1,208,231 231,836,063 ©© 18 q IM Performance Review As of March 31, 2022 Clearbridge Large Cap Equity Peer Group analysis-Large Growth 35.0 80.0 0 60.0 20.0 ■ 1110 0 . 40.0 0 5.0 • 0 .0 m ■ i 20.0 -10.0 0• . 0 0.0 ■0 -25.0 -20.0 -40.0 -40.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 • Clearbridge Large Cap Equity -11.45 (63) -3.16 (55) 8.47 (49) 17.80 (75) 17.75 (66)■ Clearbridge Large Cap Equity -3.16 (55) 22.72 (88) 30.73 (62) 5.92(25) 24.35 (54) O Russell 1000 Growth Index -9.04 (36) 1.54 (21) 14.98 (11) 23.60 (12) 20.88 (20)0 Russell 1000 Growth Index 1.54 (21) 27.32 (53) 37.53(31) 3.71 (45) 26.30 (39) Median -10.22 -2.32 8.33 19.76 18.74 Median -2.32 27.52 33.45 3.16 24.87 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years Clearbridge Large Cap Equity -11.4 -3.2 8.5 17.8 17.8 N/A Russell 1000 Growth Index -9.0 1.5 15.0 23.6 20.9 17.0 DO 19 A 0 Performance Review As of March 31, 2022 Schwab Total Stock Market Peer Group analysis-Large Blend 28.0 50.0 20.0 40.0 .0 0 III 12.0 • O 30.0 0 20.0 E E 0 4.0 •0 f, .0 10.0 40 1116 0 ■O 0.0 -12.0 -10.0 -20.0 -20.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 • Schwab Total Stock Market -5.4 (62) 3.3 (71) 11.7 (70) 18.1 (48) N/A ■ Schwab Total Stock Market 3.26(71) 32.08 (28) 14.87 (43) 2.79(62) N/A 0 Russell 1000 Index -5.13 (54) 4.15 (58) 13.27 (52) 18.71 (38) 15.82 (39) 0 Russell 1000 Index 4.15(58) 30.96 (42) 16.01 (24) 3.87(51) 17.76 (42) Median -4.95 4.70 13.32 18.04 15.34 Median 4.70 30.07 13.58 3.91 17.34 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years Schwab Total Stock Market -5.4 3.3 11.7 18.1 N/A N/A Russell 1000 Index -5.1 4.1 13.3 18.7 15.8 14.5 ©© 20 A 0 Mutual Fund Attributes As of March 31, 2022 Schwab Total Stock Market Index Fund Information Fund Characteristics As of 03/31/2022 Fund Name: Schwab Total Stock Market Index Portfolio Assets: $16,704 Million Total Securities 3,448 Fund Family: Schwab Funds Portfolio Manager: Team Managed Avg.Market Cap $125,804 Million Ticker: SWTSX PM Tenure: 9 Years 1 Month P/E 19 4 Inception Date: 06/01/1999 Fund Style: P/B 3.4 Fund Assets: $16,704 Million Style Benchmark: Div.Yield 1 5% Portfolio Turnover: 3% Fund Investment Policy The investment seeks to track the total return of the entire U.S.stock market,as measured by the Dow Jones U.S.Total Stock Market IndexSM. Asset Allocation As of 03/31/2022 Regional Allocation As of 03/31/2022 Equity Sector Allocation As of 03/31/2022 0 Equity 99.7% AC Americas 99.0% Materials 12.6% AC Europe 0.9% Utilities 12.6% Cash 10.3% III AC Asia Pacific 0.1% Real Estate ,3.7% Fixed Income 0.0% Energy 13.9% Other 10.0% 0.0% 50.0% 100.0% 150 0% 0.0% ° o ° Consumer Staples ■6.0% 50.0% 100.0% 150.0% Communication Services 8.6% Market Capitalization As of 03/31/2022 Top Ten Securities As of 03/3112022 Apple Inc 5.9% Industrials 8.8% Giant 41.6% Microsoft Corp 5.0% Amazon.com Inc 3.1% Consumer Discretionary Mil 11.7% Large -1E30.6% Tesla Inc 2.0% Medium 19.4% Alphabet Inc Class A 1.8% Financials 13.4% Alphabet Inc Class C 1.7% Small 6.2% NVIDIA Corp 1.5% Health Care 13.5% Berkshire Hathaway Inc Class B 1.4% Micro 2.2% Meta Platforms Inc Class A 1.1% Information Technology �25.3% UnitedHealth Group Inc 1.0% 0.0% 20.0% 40.0% 60.0% Total 24.5% 0.0% 15.0% 30.0% 45.0% ©© 21 Ara Performance Review As of March 31, 2022 Vanguard Dividend Growth Fund Peer Group analysis-Large Blend 28.0 50.0 20.0 40.0 0 1111 30.0 0 12.0 IP■ 20.0 0 E 0 d 4.0 m 0 c re aim 10.0 ii 4.0 •IA 0 0 0.0 -12.0 -10.0 -20.0 -20.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 ■ Vanguard Dividend Growth Fund -2.04 (9) 9.30 (6) 17.30 (8) N/A N/A ■ Vanguard Dividend Growth Fund 9.30(6) 21.94 (94) N/A N/A N/A O S&P 500 Index -4.60(40) 5.92(31) 15.65 (23) 18.92 (32) 15.99(320 S&P 500 Index 5.92(31) 30.00 (55) 15.15 (36) 4.25(43) 17.91 (35; Median -4.95 4.70 13.32 18.04 15.34 Median 4.70 30.07 13.58 3.91 17.34 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years Vanguard Dividend Growth Fund -2.0 9.3 17.3 N/A N/A N/A S&P 500 Index -4.6 5.9 15.6 18.9 16.0 14.6 ©© 22 A El Mutual Fund Attributes As of March 31, 2022 Vanguard Dividend Growth Inv Fund Information Fund Characteristics As of 03131/2022 Fund Name: Vanguard Dividend Growth Inv Portfolio Assets: $53,236 Million Total Securities 56 Fund Family: Vanguard Portfolio Manager: Kilbride,D Avg.Market Cap 5166.254 Million Ticker: VDIGX PM Tenure: 16 Years 1 Month PIE 21 4 Inception Date: 05/15/1992 Fund Style: P/B 5.2 Fund Assets: $53,236 Million Style Benchmark: Div.Yield 1 9%% Portfolio Turnover: 15% Fund Investment Policy The investment seeks to provide,primarily,a growing stream of income over time and,secondarily,long-term capital appreciation and current income. Asset Allocation As of 03/31/2022 Regional Allocation As of 03131/2022 Equity Sector Allocation As of 03/31/2022 Equity MI98.7°� Energy 0.0% AC Americas 92.9% Utilities 0.0% Cash 1.3% Communication Services 11.8% AC Europe 7.1% Real Estate ,3.0% Fixed Income 0.0% Materials �4.7% 0.0% 50.0% 100.0% 150.0% 0.0% 50.0% 100.0% 150.0% Information Technology -6.0% Market Capitalization As of 03/3112022 Top Ten Securities As of 03/3112022 UnitedHealth Group Inc 3.8% Consumer Discretionary _10.1% Giant 46 9% Johnson&Johnson 3.5% Colgate-Palmolive Co 3.4% Financials 14.5% Large 51 0°i° Coca-Cola Co 3.3 Medium 2.1% Northrop Grumman Corp 3.2% Consumer Staples 16.5% TJX Companies Inc 3.2% Small 0.0% Procter&Gamble Co 3.1% Health Care 20.0% Union Pacific Corp 3.0% Micro 0.0% Visa Inc Class A 2.9% Industrials 111111111111111111123.4% Honeywell International Inc 2.8% 0.0% 25.0% 50.0% 75.0% Total 32,2% 0.0% 15.0% 30.0% ©© 23 A13 Performance Review As of March 31, 2022 Vanguard 500 Indes Adm Peer Group analysis-Large Blend 28.0 20.0 O 40.0 ti ■O O 30.0 - 12.0 20.0 - - 1 c 0 4.0 O ce re 10.0 NM -4.0 •O 1O O 0.0 -12.0 -10.0 -20.0 -20.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 ■ Vanguard 500 Indes Adm -4.6 (43) 5.9 (34) 15.6 (28) N/A N/A • Vanguard 500 Indes Adm 5.90 (34) 29.97 (58) N/A N/A N/A O S&P 500 Index -4.60 (40) 5.92 (31) 15.65 (23) 18.92 (32) 15.99 (32) 0 S&P 500 Index 5.92 (31) 30.00 (55) 15.15 (36) 4.25 (43) 17.91 (35) Median -4.95 4.70 13.32 18.04 15.34 Median 4.70 30.07 13.58 3.91 17.34 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years Vanguard 500 Indes Adm -4.6 5.9 15.6 N/A N/A N/A . S&P 500 Index -4.6 5.9 15.6 18.9 16.0 14.6 DO 24 A Mutual Fund Attributes As of March 31, 2022 Vanguard 500 Index Admiral Fund Information Fund Characteristics As of 03/31/2022 Fund Name: Vanguard 500 Index Admiral Portfolio Assets: $394,288 Million Total Securities 508 Fund Family: Vanguard Portfolio Manager: Butler,D/Louie,M Avg.Market Cap $219,030 Million Ticker: VFIAX PM Tenure: 5 Years 11 Months P/E 20.0 Inception Date: 11/13/2000 Fund Style: P/B 3.8 Fund Assets: $760,055 Million Style Benchmark: Div.Yield 1.5% Portfolio Turnover: 2% Fund Investment Policy The investment seeks to track the performance of the Standard&Poor's 500 Index that measures the investment return of large-capitalization stocks. Asset Allocation As of 03/31/2022 Regional Allocation As of 03/31/2022 Equity Sector Allocation As of 03/31/2022 Equity 99.5% AC Americas 99 0% Materials 2.3% Real Estate 2.7% Cash 10.5% AC Europe 1.0% Utilities 2.7% Fixed Income 0.0% AC Asia Pacific 0.1% Energy 3.9% Consumer Staples 6.5% 0.0% 50.0% 100.0% 150.0% 0.0% 50.0% 100.0% 150.0% Industrials 8.2% Market Capitalization As of 03/31/2022 Top Ten Securities As of 03/31/2022 Apple Inc 7.0% Communication Services 9.4% Giant 49.6% Microsoft Corp 6.0% Amazon.com Inc 3.7% Consumer Discretionary 11.8% Large 34.5% Tesla Inc 2.3 Medium 15.8% Alphabet Inc Class A 2.2% Financials - 13.2% Alphabet Inc Class C 2.0% Small 0.1% NVIDIA Corp 1.8% Health Care 13.7% Berkshire Hathaway Inc Class B 1.7% -- Micro 0.0% Meta Platforms Inc Class A 1.3% Information Technology 25.6% UnitedHealth Group Inc 1.2% 0.0% 25.0% 50.0% 75.0% Total 29.3% 0.0% 15.0% 30.0% 45.0% DO 25 A Performance Review As of March 31, 2022 Atlanta Capital Peer Group analysis-IM U.S.SMID Cap Equity(SA+CF) 40.0 100.0 30.0 75.0 20.0 50.0 ❑ 0 ❑ 0 10.0 0 ElC ❑ 25.0 ❑ 0.0 0 0 O ❑ -10.0 -20.0 -25.0 -30.0 -50.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 •Atlanta Capital -4.41 (40) 4.41 (24) 7.23 (35) 14.46 (61) 14.55 (32) ■ Atlanta Capital 4.41 (24) 33.71 (84) -3.91 (63) 8.27 (4) 24.37 (20) O Russell 2500 Index -5.82 (49) -2.22 (64) 0.34 (71) 13.79 (69) 11.57 (58) 0 Russell 2500 Index -2.22 (64) 45.03 (51) 2.22 (46) -4.04 (62) 16.19 (43) Median -6.22 0.46 4.55 15.43 12.17 Median 0.46 45.08 0.72 -2.69 14.68 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years Atlanta Capital -4.4 4.4 7.2 14.5 14.5 14.4 Russell 2500 Index -5.8 -2.2 0.3 13.8 11.6 12.1 ©© 26 A 13 Performance Review As of March 31, 2022 Mutual of America S&P 400 Peer Group analysis•IM U.S.SMID Cap Equity(SA+CF) 40.0 100.0 30.0 75.0 20.0 50.0 ■O ■O 10.0 ■0 E 25.0 cc■ •O ■� 0 V 0.0 Oil ■O WNW 0.0 ■O -10.0 ■O 20.0 -25.0 -30.0 -50.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 • Mutual of America S&P 400 -4.9 (43) 2.7 (38) 4.4 (52) 13.9 (67) 11.0 (67) • Mutual of America S&P 400 2.73(38) 43.31 (57) -2.37 (56) -2.56 (50) 14.14 (53) O S&P MidCap 400 Index -4.88 (43) 2.73 (37) 4.59 (50) 14.14 (66) 11.10 (65) 0 S&P MidCap 400 Index 2.73(37) 43.68 (55) -2.16 (56) -2.49 (50) 14.21 (53) Median -6.22 0.46 4.55 15.43 12.17 Median 0.46 45.08 0.72 -2.69 14.68 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years Mutual of America S&P 400 -4.9 2.7 4.4 13.9 11.0 12.1 S&P MidCap 400 Index -4.9 2.7 4.6 14.1 11.1 12.2 DO 27 A 0 Performance Review As of March 31, 2022 EuroPacific Growth R6 Peer Group analysis-Foreign Large Growth ..111111111111111111111111L ,_. �. �� 30.0 _--.-_. _.--- _____________._____... 80.0 200 60.0 10.0 O 0 40.0 0.0 0 e Q 0 20.0 -- _-_____ y ce -10.0111 t` • T ,.x , . 0.0 0 •Q • ,',40:"... -20.0 a 30.0 -20.0 -40.0 -40.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 • EuroPacific Growth R6 -12.24 (44) -13.22 (73) -9.35 (78) 8.36 (77) 8.01 (84) ■ EuroPacific Growth R6 -13.22 (73) 24.76 (30) 14.97 (71) 1.14 (58) 1.47 (88) 0 MSCI EAFE(Net) -5.91 (3) -3.38 (9) 1.16 (12) 7.78 (83) 6.72 (95) 0 MSCI EAFE(Net) -3.38 (9) 25.73 (22) 0.49 (100) -1.34 (77) 2.74 (77) Median -12.56 -10.44 -4.96 10.54 9.97 Median -10.44 21.61 18.56 1.81 5.09 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years EuroPacific Growth R6 -12.2 -13.2 -9.4 8.4 8.0 7.3 MSCI EAFE(Net) -5.9 -3.4 1.2 7.8 6.7 6.3 ©© 28 A Ea Mutual Fund Attributes As of March 31, 2022 American Funds Europacific Growth R6 Fund Information Fund Characteristics As of 03/3112022 Fund Name: American Funds Europacific Growth R6 Portfolio Assets: $72,642 Million Total Securities 397 Fund Family: American Funds Portfolio Manager: Team Managed Avg.Market Cap $56,762 Million Ticker: RERGX PM Tenure: 20 Years 9 Months P/E 17.1 Inception Date: 05/01/2009 Fund Style: P/B 2.3 Fund Assets: $150,285 Million Style Benchmark: Div.Yield 2.3% Portfolio Turnover: 32% Fund Investment Policy The investment seeks long-term growth of capital. Asset Allocation As of 03/31/2022 Regional Allocation As of 03/31/2022 Top 5 Countries As of 03/31/2022 Japan 10.2% Equity 89.9% AC Europe 34.8% France 9.0% India 8.6% Cash 9.8% AC Asia Pacific 25.0% Netherlands 8.5 Canada 6.7% Fixed Income 0.2% AC Americas 13.4% T ,w w Equity Sector Allocation As of 03/31/2022 Other 0.1% Other 26.9% Real Estate 10.6% 0.0% 50.0% 100.0% 150.0% 0.0% 15.0% 30.0% 45.0% Utilities 11.0% Communication Services ■3.1% Market Capitalization As of 03/31/2022 Top Ten Securities As of 03/31/2022 Consumer Staples 6.0% ASML Holding NV 3.3% Energy _7.5% Giant 56.7% Reliance Industries Ltd 3.1% Taiwan Semiconductor Manufacturing 2.6% Materials _10.2% Large 30.7% LVMH Moet Hennessy Louis Vuitton 2.2% Consumer Discretionary 11.1% Medium 12.5% Airbus SE 1.8% Health Care 111111111111111 11.7% Canadian Natural Resources Ltd 1.7 Small 0.1% AIA Group Ltd 1.6 Industrials -12.7% Sika AG 1.4% Financials 16.7% Micro 0.0% Vale SA ADR 1.3% Information Technology 111111111111111111111111 19.5% MercadoLibre Inc 1.3% 0.0% 25.0% 50.0% 75.0% Total 20.4% 0.0% 10.0% 20.0% 30.0% DO 29 AEl Performance Review As of March 31, 2022 Harding Loevner Intl Equity Peer Group analysis-Foreign Large Growth - 30.0 - ___.____- 80.0 -_-- 20.0 60.0 10.0 ® O ®O 40.0 0.0 0 c0 t0 .2 20.0 ■ Ilia O ■ rx -10.0 - Illit El- 0.0 O 0 I ■O -20.0 ■ -30.0 -20.0 -40.0 -40.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 • Harding Loevner Intl Equity -10.98 (33) -6.86 (23) -4.16 (47) 9.28 (71) 8.17 (81) • Harding Loevner Intl Equity -6.86 (23) 20.50 (60) 14.04 (75) -3.34 (91) 5.91 (42) 0 MSCI EAFE(Net) -5.91 (3) -3.38 (9) 1.16 (12) 7.78 (83) 6.72(95) 0 MSCI EAFE(Net) -3.38 (9) 25.73 (22) 0.49 (100) -1.34 (77) 2.74(77) Median -12.56 -10.44 -4.96 10.54 9.97 Median -10.44 21.61 18.56 1.81 5.09 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years Harding Loevner Intl Equity -11.0 -6.9 -4.2 9.3 8.2 N/A MSCI EAFE(Net) -5.9 -3.4 1.2 7.8 6.7 6.3 ©© 30 A i Mutual Fund Attributes As of March 31, 2022 Harding Loevner International Eq Instl Z Fund Information Fund Characteristics As of 03/31/2022 Fund Name: Harding Loevner International Eq Instl Z Portfolio Assets: $2,961 Million Total Securities 64 Fund Family: Harding Loevner Portfolio Manager: Team Managed Avg.Market Cap $72,702 Million Ticker: HLIZX PM Tenure: 17 Years 5 Months PIE 17.0 Inception Date: 07/17/2017 Fund Style: P/B 2.6 Fund Assets: $17,812 Million Style Benchmark: Div.Yield 2.5% Portfolio Turnover: 14% Fund Investment Policy The investment seeks long-term capital appreciation. Asset Allocation As of 03/31/2022 Regional Allocation As of 03/31/2022 Top 5 Countries As of 03/31/2022 Japan 12.5% Switzerland 12.3 Equity 96.6% AC Europe 45.2% France 9.2% China 9.1% Cash i3.4% AC Asia Pacific 32.1% Germany '8.3% Equity Sector Allocation As of 03/31/2022 Fixed Income 0.0% Other 22.7% Real Estate 0.0% 0.0% 50.0% 100.0% 150.0% 0.0% 20.0% 40.0% 60.0% Utilities 11.4% Energy .1.9% Market Capitalization As of 03/31/2022 Top Ten Securities As of 03/31/2022 Consumer Discretionary 11114.0% Samsung Electronics Co Ltd GDR 3.8% Communication Services nip 4.4% Giant 58.0% L'Oreal SA 3.4% BHP Group Ltd ADR 3.4% Materials 10.8% Large 42.0% Atlas Copco AB A 3.3% Consumer Staples 12.2% Medium 0.0% Roche Holding AG 3.2% Health Care 14.7% Northern Institutional Treasury 3.1 Small 0.0% DBS Group Holdings Ltd 3.0% Industrials 16.6°i° Schneider Electric SE 2.9% Information Technology 16.8% Micro 0.0% AIA Group Ltd 2.8% Financials 1111111111111111111111111 17.2% Infineon Technologies AG 2.8% 0.0% 25.0% 50.0% 75.0% Total 31.7% 0.0% 8.0% 16.0% 24.0% ©© 31 A ®i Performance Review As of March 31, 2022 JPM RE Strategic Property Peer Group analysis-IM U.S.Private Real Estate(SA+CF) 44.0 36.0 - 36.0 28.0 28.0 ■o 20.0 E E d 20.0 d 12.0 IIII II cc ce ■o NPR ,-lo 12.0 .O 4.0 •10 ❑o ■o Imo 4.0 -4.0 -4.0 -12.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 • JPM RE Strategic Property 6.51 (63) 15.16 (38) 26.48 (66) 10.65 (69) 9.11 (77) ■ JPM RE Strategic Property 15.16 (38) 14.05 (60) 1.52 (61) 3.92 (90) 8.01 (70) O NCREIF ODCE 7.17 (35) 15.37 (34) 27.29 (54) 10.31 (75) 8.91 (80) 0 NCREIF ODCE 15.37 (34) 13.64 (75) 0.52 (71) 4.64 (78) 7.71 (76) Median 6.75 14.86 27.92 11.92 10.65 Median 14.86 16.11 1.74 6.80 8.98 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years JPM RE Strategic Property 6.5 15.2 26.5 10.7 9.1 10.7 NCREIF ODCE 7.2 15.4 27.3 10.3 8.9 9.9 ©© 32 A Performance Review As of March 31, 2022 JPM RE Special Situation Peer Group analysis-IM U.S. Private Real Estate(SA+CF) 44.0 36.0 36.0 28.0 El 28.0 0 20.0 • E E �� 0 20.0 S 12.0 • re re 00 ■ 0 120 • 111 4.0 O DO 0 0 �0 4.0 -4.0 -4.0 -12.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 II JPM RE Special Situation 7.04 (42) 15.15 (40) 30.67 (21) 12.86 (28) 11.87 (27) ■ JPM RE Special Situation 15.15 (40) 18.28 (25) 2.38 (34) 7.57 (31) 10.94 (20) O NCREIF ODCE 7.17 (35) 15.37 (34) 27.29 (54) 10.31 (75) 8.91 (80) 0 NCREIF ODCE 15.37 (34) 13.64 (75) 0.52 (71) 4.64 (78) 7.71 (76) Median 6.75 14.86 27.92 11.92 10.65 Median 14.86 16.11 1.74 6.80 8.98 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years JPM RE Special Situation 7.0 15.2 30.7 12.9 11.9 N/A NCREIF ODCE 7.2 15.4 27.3 10.3 8.9 9.9 ©© 33 A13 Performance Review As of March 31, 2022 Dodge&Cox Income Peer Group analysis-Intermediate Core-Plus Bond �.__.. 80 __.----___._-.__,._-._ 5.0 15.0 10.0 0 200 0 O 111 E E 0 m re ce 0.0 0 0 -40 0 0 5.0 •O 0 n -7.0 -10.0 -10.0 -15.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 • Dodge&Cox Income -5.20 (25) -5.61 (46) N/A N/A N/A • Dodge&Cox Income -5.61 (46) N/A N/A N/A N/A O Blmbg.U.S.Aggregate Index -5.93 (61) -5.92 (63) -4.15 (86) 1.69 (93) 2.14 (95) 0 Blmbg.U.S.Aggregate Index -5.92 (63) -0.90(99) 6.98(56) 10.30(53) -1.22 (93) Median -5.77 -5.71 -3.32 2.83 3.15 Median -5.71 1.90 7.38 10.36 -0.40 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years Dodge&Cox Income -5.2 -5.6 N/A N/A N/A N/A Blmbg.U.S.Aggregate Index -5.9 -5.9 -4.2 1.7 2.1 2.2 • ©© 34 A ra Mutual Fund Attributes As of March 31, 2022 Dodge&Cox Income I Fund Information Fund Characteristics As of 03/31/2022 Fund Name: Dodge&Cox Income I Portfolio Assets: $66,324 Million Avg.Coupon 3.1% Fund Family: Dodge&Cox Portfolio Manager: Team Managed Avg.Effective Maturity 8.9 Years Ticker: DODIX PM Tenure: 33 Years 2 Months Avg.Effective Duration 5 Years Inception Date: 01/03/1989 Fund Style: Avg.Credit Quality A Fund Assets: $66,324 Million Style Benchmark: Yield To Maturity 3.52 Years Portfolio Turnover: 91% SEC Yield 2.42% Fund Investment Policy The investment seeks a high and stable rate of current income,consistent with long-term preservation of capital. Asset Allocation As of 03/31/2022 Maturity Distribution As of 0313112022 Quality Allocation As of 03/31/2022 20-30Yrs 25.6% AAA 53.2% Fixed Income 93.8% 1-3Yrs 17.1% AA 4.4% >30Yrs 14.3%- A 6.9% Cash 6.2% 3-5Yrs 14.2%- BBB 24.9% 7-10Yrs 9.9%- BB 10.7% 10-15Yrs 7.3% B 0.0% Equity 0.0% 15-20Yrs _5.4% Below B 0.0% 5-7Yrs , 4.4% Not Rated 0.0% 0.0% 50.0% 100.0% 150.0% 0.0% 10.0% 20.0% 30.0% 40.0% 0.0% 20.0% 40.0% 60.0% 80.0% Regional Allocation As of 0313112022 Top Ten Securities As of 0313112022 Fixed Income Sector Allocation As of 0313112022 Federal National Mortgage Asso 6.6 AC Americas il.189.2% United States Treasury Notes 2.7% Other 0.0% Federal National Mortgage Asso 2.4% Municipal 1.7% United States Treasury Notes 1.6% AC Europe 9.0% United States Treasury Notes 1.3% Cash&Equivalents 6.2% United States Treasury Notes 1.3% Government 17.5% United States Treasury Notes 1.1% Other 1.8% Federal National Mortgage Asso 1.1% Corporate 35.2% United States Treasury Notes 1.1% Securitized 39.3% United States Treasury Notes 1.0 0.0% 50.0% 100.0% 150.0% Total 20.4% 0.0% 15.0% 30.0% 45.0% 60.0% ©© 35 A El Performance Review As of March 31, 2022 Garcia Hamilton Peer Group analysis-IM U.S.Fixed Income(SA+CF) _411111FINNiti" Mir- 12.0 ________._________._____-____ 8.0 20.0 aliFtril 0 - 0 12.0 • 0.0 •o E E ce ■ 4.0 re -4.0 I ii Q ■O •O -4.0 is -12.0 -12.0 -16.0 -20.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 • Garcia Hamilton -4.21 (43) -4.27 (44) -3.15(54) 1.98 (65) 2.42 (65) • Garcia Hamilton -4.27 (44) -1.29 (95) 7.21 (33) 8.29 (44) 0.80 (38) O Blmbg.U.S.Aggregate Index -5.93 (77) -5.92 (78) -4.15(90) 1.69 (75) 2.14 (73) 0 Blmbg.U.S.Aggregate Index -5.92 (78) -0.90 (93) 6.98(37) 10.30 (28) -1.22 (89) Median -4.50 -4.69 -3.01 2.52 2.88 Median -4.69 1.41 5.80 7.90 0.11 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years Garcia Hamilton -4.2 -4.3 -3.2 2.0 2.4 3.2 Blmbg.U.S.Aggregate Index -5.9 -5.9 -4.2 1.7 2.1 2.2 ©© 36 A Ell Performance Review As of March 31, 2022 PIMCO Capital Sec&Fin Ins Peer Group analysis-Preferred Stock 12.0 36.0 8.0 28.0 20.0 40 O 0 12.0 • - - - E E M 0.0 O 4.0 O 23 -4.0 O O -4.0 • 0 MIO -8.0 -12.0 -12.0 -20.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yi FY 2022 FY 2021 FY 2020 FY 2019 FY • PIMCO Capital Sec&Fin Ins -5.82(73) -6.37 (86) -2.48 (84) N/A N/A • PIMCO Capital Sec&Fin Ins -6.37 (86) 12.24 (42) N/A N/A N/P O ICE BofA Preferred Stock,Fixed Rate -6.72(87) -6.70 (89) -3.64 (92) 3.36 (91) 3.84(0 ICE BofA Preferred Stock,Fixed Rate -6.70 (89) 6.86 (85) 4.34(42) 10.14 (51) 0.6E Median -5.11 -5.10 -1.25 5.17 4.85 Median -5.10 10.69 3.83 10.18 0.81 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years PIMCO Capital Sec&Fin Ins -5.8 -6.4 -2.5 N/A N/A N/A ICE BofA Preferred Stock,Fixed Rate -6.7 -6.7 -3.6 3.4 3.8 5.2 ©© 37 A Mutual Fund Attributes As of March 31, 2022 PIMCO Preferred and Capital Secs Inst) Fund Information Fund Characteristics As of 0313112022 Fund Name: PIMCO Preferred and Capital Secs Inst) Portfolio Assets: $1,499 Million Avg.Coupon 5.4% Fund Family: PIMCO Portfolio Manager: Bodereau,P Avg.Effective Maturity 4.17 Years Ticker: PFINX PM Tenure: 6 Years 11 Months Avg.Effective Duration 3.82 Years Inception Date: 04/13/2015 Fund Style: Avg.Credit Quality BBB Fund Assets: $2,267 Million Style Benchmark: Yield To Maturity N/A Portfolio Turnover: 59% SEC Yield 4.04% Fund Investment Policy The investment seeks maximum total return,consistent with prudent investment management. Asset Allocation As of 12/3112021 Maturity Distribution As of 12/31/2021 Quality Allocation As of 12131/2021 No data found. AAA 7.3% Fixed Income 79.6% AA 9.7% Other 11.1% A 1.2% BBB 62.0% Cash 5.8% BB 18.3% B 1.4% Equity 3.5% Below B 0.2% Not Rated 0.0% 0.0% 50.0% 100.0% 0.0% 25.0% 50.0% 75.0% Regional Allocation As of 12/31/2021 Top Ten Securities As of 12/31/2021 Fixed Income Sector Allocation As of 12/31/2021 Pimco Capital Securities Fd(C 11.0 AC Americas 72.1% Pimco Fds 9.9% Securitized 0.0% 5 Year Treasury Note Future Mar 9.1% Municipal 0.0% Bank of America Corporation 5.875% 2.4% JPMorgan Chase&Co.4.6% 2.1% Cash&Equivalents 9.6% AC Europe 27.6% Stichting AK Rabobank Certificaten 1.9% Other 13.1% Wells Fargo&Company 3.9% 1.8 Other 0.3% Ultra US Treasury Bond Future Mar 1.7% Government 17.3% Barclays PLC 6.125% 1.7% Corporate 59.9% 10 Year Treasury Note Future Mar -5.1% 0.0% 50.0% 100.0% Total 36.3% 0.0% 25.0% 50.0% 75.0% ©© 38 q13 Performance Review As of March 31, 2022 PIMCO Income Fund Peer Group analysis-Multisector Bond 11.0 20.0 8.0 15.0 5.0 10.0 0 ® ■ 0 2.0 O 5.0 • O • oc re 1.0 • 0.0 O O • -4.0 0 0 5o O 0 0 -7.0 -10.0 -10.0 -15.0 1 Qtr FYTD 1 Yr 3 Yr 5 Yr FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 • PIMCO Income Fund -3.88 (36) -3.72 (38) -1.21 (48) 3.03 (68) N/A ■ PIMCO Income Fund -3.72 (38) 7.03(54) 4.23(51) 5.67 (84) N/A O Blmbg.U.S.Aggregate Index -5.93 (93) -5.92 (93) -4.15 (95) 1.69 (93) 2.14 (93) 0 Blmbg.U.S.Aggregate Index -5.92 (93) -0.90(100) 6.98(13) 10.30 (9) -1.22 (98) Median -4.20 -4.04 -1.37 3.73 3.96 Median -4.04 7.33 4.27 7.03 1.35 Manager 1 Quarter FYTD 1 Year 3 Years 5 Years 10 Years PIMCO Income Fund -3.9 -3.7 -1.2 3.0 N/A N/A Blmbg.U.S.Aggregate Index -5.9 -5.9 -4.2 1.7 2.1 2.2 ©© 39 A Ea Mutual Fund Attributes As of March 31, 2022 PIMCO Income Instl Fund Information Fund Characteristics As of 03/31/2022 Fund Name: PIMCO Income Instl Portfolio Assets: $76,170 Million Avg.Coupon N/A Fund Family: PIMCO Portfolio Manager: Anderson,J/Ivascyn,D/Murata,A Avg. Effective Maturity 2.2 Years Ticker: PIMIX PM Tenure: 15 Years Avg.Effective Duration 1.15 Years Inception Date: 03/30/2007 Fund Style: Avg.Credit Quality BB Fund Assets: $132,506 Million Style Benchmark: Yield To Maturity N/A Portfolio Turnover: 396% SEC Yield 3.55% Fund Investment Policy The investment seeks to maximize current income;long-term capital appreciation is a secondary objective. Asset Allocation As of 12/31/2021 Maturity Distribution As of 12/31/2021 Quality Allocation As of 12/31/2021 7-10Yrs 15.0% AAA 311% Fixed Income 94.4% 1-3Yrs ` 13.1% AA a 9% Equity 3.4% 20-30Yrs 12.4% A 5.8% 3-5Yrs 12.3% BBB 21 3% >30Yrs 11.4% BB 19 5% Cash 2.1% 5-7Yrs 8.3% B 6 2% Other 0.1% 10-15Yrs IIIIIIIIIIIIII5.3% Below B 11.3% 15-20Yrs 2.8% Not Rated 0.0% 0.0% 50.0% 100.0% 150.0% 0.0% 6.0% 12.0% 18.0% 0.0% 15.0% 30.0% 45.0% Regional Allocation As of 12/31/2021 Top Ten Securities As of 12/31/2021 Fixed Income Sector Allocation As of 12/31/2021 FTSE Bursa Malaysia KLCI Future 2.0% AC Americas 69.2% Pimco Fds 1.8% Municipal 0.1% United States Treasury Notes 0.25% 1.3% Cash&Equivalents 1.6% AC Asia Pacific 13.8% Durham Mortgages B PLC 0.75165% 1.3% United States Treasury Notes 0.125% 1.2% Corporate 8.3% AC Europe 6.8% CSMC TRUST 3.27392% 1.2% Other 14 8% Federal National Mortgage Asso -1.6% US Treasury Bond Future Mar 22 -2.1% Securitized 18 a% Other 10.3% Fin Fut Us Ultra 30yr Cbt 03/22/22 -2.2% Government . 56.8% 10 Year Treasury Note Future Mar -11.6% 0.0% 50.0% 100.0% Total _$ % 0.0% 25.0% 50.0% 75.0% .7DO 40 A13 Disclosure As of March 31, 2022 • Past performance is no guarantee of future results. • This report was prepared by Southeastern Advisory Services using market index and universe data provided by Investment Metrics PARis, as well as information provided by and received from the client, custodian, and investment managers. Southeastern Advisory Services does not warrant the accuracy of data provided to us by others, although we do take reasonable care to obtain and utilize only reliable information. • All investment results are shown Gross of all investment management and custodian fees unless otherwise noted. • Southeastern Advisory Services is a Registered Investment Advisor. ©© 41 A 13 tS V a Page Intentionally Left Blank DO SOUTHEASTERN ADVISORY SERVICES, INC. A 190 Ottley Drive NE Ste B2A Atlanta GA 30324 - seadvisory.com / (404) 237-3156 _ S E A S BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND STATEMENT OF INVESTMENT POLICY GOALS AND GUIDELINES Adopted:May 23.2022 PURPOSE The Board of Trustees of the City of Boynton Beach General Employees'Pension Fund has established this Statement of Investment Policy. This policy has been identified by the Board as having the greatest expected investment return, and the resulting positive impact on asset values, funded status, and benefits, without exceeding a prudent level of risk. The Board determined this policy after evaluating the implications of increased investment return versus increased variability of return for several potential investment policies with varying commitments to different asset classes. This Statement of Investment Policy is intended to complement the investment guidelines provided in applicable State Statutes,and local ordinances. The purpose of this Statement is to: 1) Provide the investment manager a more accurate understanding of the Trustees'investment objectives and, 2) Indicate the criteria by which the investment manager's performance will be evaluated. GENERAL OBJECTIVES The primary investment objective of the Boynton Beach General Employees' Pension Fund is to achieve the absolute return objective over the near-term, intermediate-term and longer-term time periods. The secondary objective is to achieve moderate long-term real growth of the assets while minimizing the volatility of returns.To achieve these objectives,the Board of Trustees seeks to create a conservative,well diversified and balanced portfolio of asset classes managed in separate accounts,mutual funds,commingled funds,and/or limited partnerships.The Board has determined that one or more outside investment managers shall be retained to assure that all investments are managed in both a prudent and professional manner and in compliance with the stated investment guidelines.The Board of Trustees will make direct investments in fund structured investments and acknowledges that no guidelines may be imposed on these investments. 1 DRAFT INVESTMENT MANAGER RESPONSIBILITIES 1) Within the guidelines and restrictions set forth herein,it is the intention of the Board of Trustees to give each investment manager full investment discretion with respect to assets under its management. The investment managers shall discharge their responsibilities in the same manner as if the Fund were governed by the fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974(ERISA). Although the Fund Trustees acknowledge that ERISA does not apply to the Fund as a governmental fund,it hereby imposes the fiduciary provisions of ERISA upon each investment manager whose performance shall conform to the statutory provisions, rules, regulations, interpretations and case law of ERISA. Each investment manager shall acknowledge,in writing,that it is a named fiduciary of the Fund. 2) Each investment manager is expected to provide any reasonable information requested by the Board of Trustees. At a minimum,each manager shall provide a quarterly report detailing their investment activity, the portfolio's current value and any changes in investment philosophy or strategy. Each investment manager is expected to meet with the Board of Trustees or their designated representatives periodically to review investment performance and philosophy. 3) Unless otherwise provided by the Fund's Custodian,each investment manager will monitor portfolio activity to minimize uninvested cash balances. 4) Each investment manager shall be responsible only for those assets under their management. 5) It will be the responsibility of each investment manager to review the monthly valuations provided by the Fund's custodian and to note, in writing, any significant discrepancies from the valuations provided in their own reports. Florida Statute 112 1. EXPELLED ANNUAL RATE OF RETURN: With consideration to rates of return from different asset classes, the Board of Trustees has crafted its investment program in order to deliver an expected rate of return similar to that of the actuarial assumed rate.The Board shall determine for each actuarial valuation,the total expected annual rate of return for the current year,for each of the next several years and for the long term thereafter. The total expected annual rate of return is anticipated to be similar to the actuarial assumed rate of return.This determination is to be filed with the Department of Management Services and with the plan sponsor and consulting actuary. 2. CONTINUING EDUCATION: The Board of Trustees relies on its consultants and professionals to provide continuing education on pension and investment issues. The Board of Trustees also recognize state and regional conferences as a source of continuing education.The Trustees are encouraged to attend conferences,schools,and other functions periodically in order to fulfill this requirement. 3. FILING OF INVESTMENT POLICY: The investment policy is to be promptly filed with the Department of Management Services, plan sponsor and consulting actuary.The effective date of the investment policy and any amendment thereto shall be the 31st calendar day following the filing date with the plan sponsor. 2 INVESTMENT OBJECTIVES Given the above stated purpose of the Boynton Beach General Employees'Pension Fund,the Board of Trustees recognizes the necessity of a long-term horizon when formulating investment policies and strategies. However,shorter-term investment goals have been established and are intended to provide quantifiable benchmarks to measure and evaluate portfolio return and risk. Most investment styles require a full market cycle to allow an investment manager to demonstrate his abilities. A full market cycle is generally defined as a three-to- five-year time period. As a result,performance results will be measured over a three-to-five-year period. Performance over shorter time periods will be monitored as a means of identifying the trend of results. The specific investment objectives of the Boynton Beach General Employees'Pension Fund are as follows: Absolute Return Objective: The goal of the Boynton Beach General Employees'Pension Fund shall be to achieve an average annual rate of return greater than the applicable actuarial assumed rate of return net of investment expenses,over the longer term (3 to 5 years). Market Return Objective: In order to provide a reference of fund return and risk relative to a similar basket of passive assets,the board has developed a"Target Index". The fund's objective is to achieve a rate of return over the long term(3 to 5 years),which exceeds the return of a Target Index. The Target Index for the Boynton Beach General Employees' Pension Fund is defined as a 35% investment in the Russell 1000 Stock Index, a 15%investment in the Russell 2000 Stock Index, a 10%investment in the MSCI Europe, Australasia and Far East Stock Index, a 20%investment in the NCREIF Property Index and a 15%investment in the Bloomberg Barclays Capital Aggregate Bond Index. Peer Return Objective: It is expected that the total rate of return earned by the Fund and the returns earned by the stock and bond portions of the portfolio will each rank in the top 50%when compared to a representative universe of other,similarly managed portfolios. 3 DRAFT The above investment objectives have been established for the entire Boynton Beach General Employees' Pension Fund. The specific investment objectives for each investment manager will be outlined in Exhibit A. INVESTMENT GUIDELINES The Board of Trustees has established the following target asset allocation for the entire Boynton Beach General Employees'Pension Fund: Target Permissible Allocation Range Representative (at market) (at market). Benchmark Equity: Domestic Large Cap Equity 35% 25% -60% Russell 1000 Domestic Small/Mid Cap 15% 5% -20% Russell 2000/2500 Foreign Equity 10% 5% - 25% MSCI EAFE Total Equity 60% Fixed Income&Equivalents: Fixed Income 20% 10% - 70% Bloomberg Barclays Capital Agg/Int Direct Real Estate* 20% 5% - 30% NCREIF Property Index ODCE Cash Equivalents 0% 0% - 10% T-bills It may be necessary to rebalance the portfolio periodically to maintain policy targets and diversification. The Board of Trustees will monitor each component of the Retirement Plan (including asset class, mutual fund, and portfolio manager asset values) and will adjust as necessary at quarterly meetings. To implement this strategy,the Board has chosen to hire one or more professional investment managers. The following guidelines and restrictions apply to all fund investments. 4 DRA In accordance with the policies established by the Board of Trustees,the assets of the Boynton Beach General Employees'Pension Fund shall be invested in a diversified portfolio of securities,funds or pooled assets,provided they meet the following criteria: EQUITY SECURITIES: 1) Investments in equity securities shall be limited to no more than 65%(at cost value)of the Fund's total asset value. 2) Investments in all equity securities shall be limited to fully and easily negotiable equity securities. 3) Investments in foreign securities shall be limited to 25%(at market valuation)of the total investment portfolio. The board may achieve diversification in foreign equity through commingled fund or institutional mutual fund vehicles. These pooled investments are considered an investment in foreign securities. a) American Depository Receipts(ADRs)and foreign ordinary securities traded on domestic exchanges are United States dollar-denominated securities listed and traded on a United States exchange and are considered part of the ordinary investment strategy of the Board. These securities are not considered foreign securities and may be purchased by separate account managers without limitation. 4) Exchange traded funds(ETFs)may be utilized but may not exceed 10%(at market valuation)of any equity manager's portfolio. 5) No more than 20% of the equity securities are to be invested in small or mid-cap stocks. The Board defines small and mid-cap stocks the stocks whose market capitalization is less than$5 billion dollars. 6) No more than 5%(at cost)of an investment manager's equity portfolio may be invested in the shares of a single corporate issuer. 5 DRAFT FIXED INCOME SECURITIES: 1) The fixed income portfolio shall comply with the following guidelines: a. The average credit quality of the bond portfolio shall be"A"or higher. b. The duration of the fixed income portfolio shall not exceed 135%of the duration of the market index. The market index is defined as the Bloomberg Barclays Capital Aggregate Bond Index. 2) Investments in all corporate fixed income securities shall be limited to: a. Those securities rated below"BBB"shall not exceed 20%of the entire fixed income portfolio. b. No more than 5%at cost of an investment manager's total fixed income portfolio shall be invested in the securities of any single corporate issuer. 3) Futures contracts may be used on a non-levered basis for duration adjustment and yield curve positioning purposes. 4) There is no limit imposed on investments in fixed income securities issued directly by the United States Government or any agency or instrumentality thereof. 5) Commingled vehicles managed by the investment adviser may be used to assist with the efficient implementation of portfolio strategy. 6) Index ETF's may be used for the efficient implementation of portfolio strategy. REAL ESTATE 1) Investments in real estate shall not exceed 30%(at market valuation)of the value of the total Fund assets. 2) All real estate investments shall be made through participation in diversified commingled funds of real properties. These funds shall be broadly diversified as to property type and geography. 3) Experienced and professional real property investment managers shall manage all real estate investments. 6 DRAFT ABSOLUTE RETURN: 1) Investments in absolute or real return strategies shall not exceed 20%of the value of the total Fund assets. 2) All absolute or real return investments shall be made through participation in diversified commingled funds, mutual fund or limited partnership vehicles. 3) The board shall endeavor to consider those investments that offer liquidity,transparency and low relative fees. PRIVATE EQUITY/PRIVATE CREDIT: 1) Investments in private equity and credit strategies shall not exceed 15%of the value of the total Fund assets. 2) All private equity and private credit investments shall be made through participation in diversified limited partnership vehicles. 3) The board shall endeavor to consider those investments that offer liquidity,transparency and low relative fees. CASH EQUIVALENT SECURITIES: 1) The investment manager may invest only in the following short term investment vehicles: a. The money market or STIF provided by the Plan's custodian. b. Direct obligations of the United States Government with a maturity of one year or less. c. Commercial Paper with a maturity of 270 days or less that is rated A-1 by Standard&Poor s or P-1 by Moody's. d. Bankers Acceptances issued by the largest 50 banks in the United States(in terms of total assets). 7 DRAFT MUTUAL FUNDS/COMMINGLED FUNDS/LIMITED PARTNERSHIPS: The Board of Trustees recognizes and accepts that commingled,mutual fund and limited partnership investments will be dictated by the investment policies and guidelines of those funds and that no additional constraints may be imposed on them. The decision to make a direct investment in any vehicle will only be made by the Board of Trustees after a thorough review of the policies of the governing documents of those funds and after it has been determined that those policies are appropriate and materially consistent with the investment objectives. PROHIBITED SECURITIES: Only those derivative securities expressly described herein are permissible. Trading on margin and short selling are prohibited for separate account managers. PERFORMANCE EVALUATION The Board of Trustees intends to review investment performance and compliance with stated investment policies on a quarterly basis. 8 DRAFT REVIEW OF POLICY It is the intention of the Board of Trustees to review this Statement of Investment Policy and its addenda periodically and to amend it to reflect any changes in philosophy or objectives. However,if at any time the investment managers believe that the specific objectives defined herein cannot be met or that these guidelines unnecessarily constrict performance,the Trustees shall be so notified in writing. Adopted:May 23.2022 BOARD OF TRUSTEES Date BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND C.Boynton Beach GE\Poky\BBGE IPS FINAL 222.21 9 DRAFT EXHIBIT A Actively managed strategies/funds are expected to meet or exceed the stated policy benchmark and to rank above average to its comparative universe over a three to five-year period. Passive investments are expected to replicate their respective benchmarks and will be ranked against comparative universes for informational purposes. Passive funds are not expected to rank above average-v-a sample of active managers.The Board of Trustees will place an actively managed strategy"under review"if these performance expectations are not met over a 3-5-year period.The Board of Trustees may place an actively managed strategy"under review"if the standard deviation of returns is considered inappropriate based on the unique characteristics of each strategy. Asset Manager Policy Benchmark Comparative Universe Clearbridge R1000 Growth Large Cap Growth Universe Schwab Total Market Index R1000 Large Cap Core Universes Mutual of America S&P 400 Small/Mid Cap Universe Vanguard Dividend Growth S&P 500 Large Cap Core Universe Vanguard 500 Index S&P 500 Large Cap Core Universe Atlanta Capital Russell 2500 Index Small/Mid Universe EuorPacific Growth MSCI EAFE International Universe Harding Loevner MSCI EAFE International Universe JPM SPF NCREIF ODCE US Private Real Estate Universe JPM SSPF NCREIF ODCE US Private Real Estate Universe RE Manager 3(TBD) NCREIF ODCE US Private Real Estate Universe RE Manager 4(TBD) NCREIF ODCE US Private Real Estate Dodge&Cox Income BB Aggregate Bond Index Intermediate Core+Fixed Income Universe Garcia Hamilton BB Aggregate Bond Index US Fixed Income Universe PIMCO Capital Securities ICE BofA Preferred Stock Index Preferred Securities Universe PIMCO Income Fund BB Aggregate Bond Index Multisector Fixed Income Univsre 10 U- Q CC O Cherry-Guberman, Catherine From: Gibson, Crystal Sent: Monday, May 23, 2022 8:28 AM To: Cherry-Guberman, Catherine Subject: FW: Boynton General Pension Meeting (May 23rd at 1:30 PM) Attachments: Revised Agenda 5.23.22.pdf; Item III A. Minutes 2.28.22.pdf; Item IV D. Cohen Steers Real Estate Opportunities Fund LP_City of Boynton Beach May 23 2022.pdf; Item IV. El. BBGE1Q22.pdf; Item IV. E2. BBGE IPS DRAFT 5-23-22.pdf; Item IV.A. 10-1-2021 Valuation Report.pdf; Item IV.C. PrinREI_GPFIII_lQ2022_Boynton Beach General Employees' Pension Fund.pdf; Item VI .B.AHIF BB General Presentation.pdf; Item VII Al. Form 1 2021 (00209441xBC171).pdf; Item VII B3. Memo 04-14-22 Office Lease Rollover Example - Copy.pdf; Item VII B3. Memo 04-14-22 Office Lease Rollover Example.pdf; Item VII.Al. Form 1 Memo 2022.pdf; Item VII.A2. Client Memo - IRS RMD Guidance + Crypto Investments (00210193xBC171).pdf; Item VII.A3. IRS Mileage Rate for 2022 (00208759xBC171).pdf; Item VII.A4. Memo re Generic Signature Authorization Forms (00210041xBC171).PDF; Item VII. B1. Memo 04-18-22 PBI CertiDeath Service.pdf; Item VII. B2. Signature Authorization Form - Generic.pdf; Item VII. B6. 05-23-22 Meeting Warrant.pdf; Item VII.B6. 05-23-22 Meeting Warrant.pdf; Item VI1.B7. Benefit Approvals 052322.pdf; Item Vll.B7. Boynton GE Benefit Approvals 052322.pdf; PBI CertiDeath Audit.pdf From:Amanda Kish <amanda@resourcecenters.com> Sent:Saturday, May 21, 2022 4:44 PM To: Penserga,Ty<PensergaT@bbfl.us>; Fasolo, Laurie<FasoloL@bbfl.us>; Claude,Sherri<ClaudeS@bbfl.us>; 'CHEVYD TV'<chevydty@gmail.com>; 'mtck@bellsouth.net'<mtck@bellsouth.net>;Jourdan,Jakeera<Jourdard@bbfl.us>; Rachel Lucas<rachel@resourcecenters.com>; Pete.Strong@grsconsulting.com; Pittenger, Gregory <pittenger.gregory@principal.com>; nrojo@affiliateddevelopment.com; Stables,Jim <StablesJ@bbfl.us> Cc: 'bonni@robertdklausner.com' <bonni@robertdklausner.com>; 'jeff@seadvisory.com'<jeff@seadvisory.com>; 'jeff@seadvisory.com' <jeff@seadvisory.com>; Gibson, Crystal<GibsonC@bbfl.us>; 'Dulce Zapata-Escalante (dulce@robertdklausner.com)' <dulce@robertdklausner.com>; Scott Baur<scott@resourcecenters.com> Subject: RE: Boynton General Pension Meeting(May 23rd at 1:30 PM) Good afternoon, Please see the attached agenda and corresponding meeting material for the May 23`d meeting at 1:30 PM. If you are unable to attend, please let me know as soon as possible. Thank you! Amanda Kish 1 Plan Administrator Resource Centers, LLC Email: amanda@ResourceCenters.com Toll Free: 800-206-0116 Main Office Fort Myers Office Orlando Office -)i„. , 4360 Northlake Blvd. 4100 Center Pointe Dr, 231 East Colonial Dr. R�111 ! II..4 H Ift'I .-m Suite 206, Suite 108, Suite 100, ' Palm Beach Gardens, FL Fort Myers, FL 33916 Orlando, FL 32801 nal 33410 www.ResourceCenters.co • Phone: (561)624-3277 3277 Phone: (239) 573-4750 Phone (561)855-2209 Fax: (561)624-3278 Fax: (239) 573-4752 Confidentiality Notice:This communication is covereo by tr.e t_lectronic Communications Privacy Act,18 U.S.C.§§2510-252.i. it is legaiiy privileged(including attachments)and is intended only for the use of the individual(s)or entity(ies)to which it is addressed.It may contain information that is confidential,proprietary,privileged,and/or exempt from disclosure under applicable law.Any review, retransmission,dissemination or other use of,or taking of any action in reliance upon this information by persons or entities other than the intended recipient is strictly prohibited.If you have received this communication in error,please notify us so that we may take the appropriate action and avoid troubling you further. If you are not the intended recipient(s),please destroy this message,and any attachments,and notify the sender by return e-mail.Thank you for your cooperation. Be Environmentally Aware-Please Do Not Print This e-mail Unless You Really Need To. From:Amanda Kish Sent: Monday, February 28, 2022 1:17 PM To: 'Steven Grant'<steven@stevenbgrant.com>; 'LaVerriere, Lori'<LaVerriereL@bbfl.us>; 'fasolol@bbfl.us' <fasolol@bbfl.us>; 'Claude,Sherri (ClaudeS@bbfl.us)'<ClaudeS@bbfl.us>; 'mtck@bellsouth.net'<mtck@bellsouth.net>; 'CHEVYD TV' <chevvdtv(a@gmail.com>; 'Alina Lockhart(alina.lockhart@garciahamiltonassociates.com)' <alina.lockhart@garciahamiltonassociates.com>; 'Hurley, Kathleen' <kathleen.hurlev@ipmorgan.com>; 'Jourdan, Jakeera' <JourdanJ@bbfl.us>; 'Nicholas Stratis'<NStratis@cbh.com>; 'Fennessy,Terence (TFennessv@clearbridge.com)' <TFennessv@clearbridge.com>; Rachel Lucas<rachel@resourcecenters.com> Cc: 'bonni@robertdklausner.com'<bonni@robertdklausner.com>; 'Jeff@seadvisory.com' <jeff@seadvisorv.com>; 'jell@seadvisory.com'<ieff@seadvisory.com>; 'Gibson, Crystal' <GibsonC@bbfl.us>; Dulce Zapata-Escalante (dulce@robertdklausner.com)<dulce@robertdklausner.com> Subject: RE: Boynton General Pension Meeting ID Time: Feb 28, 2022 01:30 PM Eastern Time (US and Canada) Join Zoom Meeting https://zoom.us/j/96557819769?pwd=WIBEQzRXcUMzeTUzdEplakY4TilOdz09 Meeting ID: 965 5781 9769 Passcode: 382605 2 Amanda Kish • Plan Administrator Resource Centers, LLC Email: amanda@ResourceCenters.com Toll Free: 800-206-0116 Main Office Fort Myers Office Orlando Office -- 4360 Northlake Blvd, 4100 Center Pointe Dr, 231 East Colonial Dr. Suite 206, Suite 108, Suite 100, Palm Beach Gardens, FL Fort Myers, FL 33916 Orlando, FL 32801 33410 www.ResourceCenters.com Phone: (561) 624-3277 Phone: (239) 573-4750 Phone (561) 855-2209 Fax: (561) 624-3278 Fax: (239) 573-4752 Confidentiality Notice:This communication i., the Electronic Communications Privacy Act,18 U.S.C.§§2510-2521. R is legally privileged(including attachments)and is intended only for the use of the individual(s)or entity(ies)to which it is addressed.It may contain information that is confidential,proprietary,privileged,and/or exempt from disclosure under applicable law.Any review, retransmission,dissemination or other use of,or taking of any action in reliance upon this information by persons or entities other than the intended recipient is strictly prohibited.If you have received this communication in error,please notify us so that we may take the appropriate action and avoid troubling you further.If you are not the intended recipient(s),please destroy this message,and any attachments,and notify the sender by return e-mail.Thank you for your cooperation. Be Environmentally Aware-Please Do Not Print This e-mail Unless You Really Need To. From: Amanda Kish Sent: Monday, February 28, 2022 10:17 AM To: 'Steven Grant' <steven@stevenbgrant.com>; 'LaVerriere, Lori' <LaVerriereL@bbfl.us>; 'fasolol@bbfl.us' <fasolol@bbfl.us>; 'Claude, Sherri (ClaudeS@bbfl.us)' <ClaudeS@bbfl.us>; 'mtck@bellsouth.net' <mtck@bellsouth.net>; 'CHEVYD TV' <chevydty@gmail.com>; 'Alina Lockhart (alina.lockhart@garciahamiltonassociates.com)' <alina.lockhart@garciahamiltonassociates.com>; 'Hurley, Kathleen' <kathleen.hurley@jpmorgan.com>; 'Jourdan, Jakeera' <JourdanJ@bbfl.us>; 'Nicholas Stratis' <NStratis@cbh.com>; 'Fennessy,Terence (TFennessy@clearbridge.com)' <TFennessy@clearbridge.com>; Rachel Lucas<rachel@resourcecenters.com> Cc: 'bonni@robertdklausner.com' <bonni@robertdklausner.com>; 'jeff@seadvisory.com' <jeff@seadvisory.com>; 'jeff@seadvisory.com' <jeff@seadvisory.com>; 'Gibson, Crystal'<GibsonC@bbfl.us>; Dulce Zapata-Escalante (dulce@robertdklausner.com) <dulce@robertdklausner.com> Subject: RE: Boynton General Pension Meeting ( February 28th at 1:30 PM ) Good morning, Please see the attached benefit approval. Thank you Amanda Kish Plan Administrator Resource Centers, LLC 3 Email: amanda@ResourceCenters.com Toll Free: 800-206-0116 Main Office Fort Myers Office Orlando Office _ "hi!. 4360 Northlake Blvd, 4100 Center Pointe Dr, 231 East Colonial Dr. ��1li�! Suite 206, Suite 108, Suite 100, ' I�K�t I{` I Palm Beach Gardens, FL Fort Myers, FL 33916 Orlando, FL 32801 a,�i�_ic` 33410 www.Resou rceCenters.com 7 Phone (239) 573-4750 P Fax (561)62,4-V78" Fax, (239) 573-4752 Confidentiality Notice:This communication is covered by the Electronic Communications Privacy Act,18 U.S.C.§§2510-2521.It is legally privileged(including attachments)and is intended only for the use of the individual(s)or entity(ies)to which it is addressed.It may contain information that is confidential,proprietary,privileged,and/or exempt from disclosure under applicable law.Any review, retransmission,dissemination or other use of,or taking of any action in reliance upon this information by persons or entities other than the intended recipient is strictly prohibited.If you have received this communication in error,please notify us so that we may take the appropriate action and avoid troubling you further. If you are not the intended recipient(s),please destroy this message,and any attachments,and notify the sender by return e-mail.Thank you for your cooperation. Be Environmentally Aware-Please Do Not Print This e-mail Unless You Really Need To. From:Amanda Kish Sent: Friday, February 25, 2022 1:53 PM To: 'Steven Grant'<steven@stevenbgrant.com>; 'LaVerriere, Lori' <LaVerriereL@bbfl.us>; 'fasolol@bbfl.us' <fasolol@bbfl.us>; 'Claude,Sherri (ClaudeS(a)bbfl.us)'<ClaudeS@bbfl.us>; 'mtck@bellsouth.net'<mtck@bellsouth.net>; 'CHEVYD TV'<chevvdtv@gmail.com>; 'Alina Lockhart(alina.lockhart@garciahamiltonassociates.com)' <alina.lockhart@garciahamiltonassociates.com>; 'Hurley, Kathleen'<kathleen.hurlev@ipmorgan.com>; 'Jourdan, Jakeera'<JourdanJ@bbfl.us>; 'Nicholas Stratis' <NStratis@cbh.com>; Fennessy,Terence (TFennessvPclearbridge.com) <TFennessv@clearbridge.com>; Rachel Lucas<rachel@resourcecenters.com> Cc: 'bonni@robertdklausner.com' <bonni@robertdklausner.com>; 'jeff@seadvisory.com' <jeff@seadvisory.com>; 'jeff@seadvisory.com'<jeff@seadvisory.com>; 'Gibson, Crystal'<GibsonC @Pbbfl.us>; 'Jeri-Sue Moffitt (jeri@robertdklausner.com)'<ieri@robertdklausner.com> Subject: RE: Boynton General Pension Meeting( February 28th at 1:30 PM ) Importance: High Good afternoon, Please see the attached completed meeting packet for Monday's meeting at 1:30 PM. *The warrant for the meeting will be included in the packet, but the backup documentation will not be included. If you are unable to attend, please let me know as soon as possible. Thank you! 4 Amanda Kish Plan Administrator Resource Centers, LLC Email: amancia(wkesourceCenters.com Toll Free: 800-206-0116 Main Office Fort Myers Office Orlando Office 4360 Northlake Blvd, 4100 Center Pointe Dr, 231 East Colonial Dr. 'Ma Suite 206, Suite 108, Suite 100, Palm Beach Gardens, FL Fort Myers, FL 33916 Orlando, FL 32801 '.,.- 33410 www.ResourceCenters.com Phone: (561) 624-3277 Phone: (239) 573-4750 Phone (561)855-2209 Fax: (561)624-3278 Fax: (239) 573-4752 Confidentiality Notice:This communication is covered by the Electronic Communications Privacy Act,18 U.S.C.§§2510-2521.It is legally privileged(including attachments)and is intended only for the use of the individual(s)or entity(ies)to which it is addressed.It may contain information that is confidential,proprietary,privileged,and/or exempt from disclosure under applicable law.Any review, retransmission,dissemination or other use of,or taking of any action in reliance upon this information by persons or entities other than the intended recipient is strictly prohibited.If you have received this communication in error,please notify us so that we may take the appropriate action and avoid troubling you further.If you are not the intended recipient(s),please destroy this message,and any attachments,and notify the sender by return e-mail.Thank you for your cooperation. Be Environmentally Aware-Please Do Not Print This e-mail Unless You Really Need To. From: Amanda Kish Sent:Tuesday, February 22, 2022 8:23 PM To: 'Steven Grant' <steven@stevenbgrant.com>; 'LaVerriere, Lori' <LaVerriereL@bbfl.us>; 'fasolol@bbfl.us' <fasolol@bbfl.us>; 'Claude, Sherri (ClaudeS@bbfl.us)' <ClaudeS@bbfl.us>; 'mtck@bellsouth.net' <mtck@bellsouth.net>; 'CHEVYD TV' <chevydtv@gmail.com>; 'Alina Lockhart (alina.lockhart@garciahamiltonassociates.com)' <alina.lockhart@garciahamiltonassociates.com>; 'Hurley, Kathleen' <kathleen.hurley@jpmorgan.com>; 'Jourdan, Jakeera' <JourdanJ@bbfl.us>; Nicholas Stratis<NStratis@cbh.com>; Fennessy,Terence<TFennessy@clearbridge.com>; Rachel Lucas<rachel@resourcecenters.com> Cc: 'bonni@robertdklausner.com' <bonni@robertdklausner.com>; 'jeff@seadvisory.com' <jeff@seadvisory.com>; 'jeff@seadvisory.com' <jeff@seadvisory.com>; 'Gibson, Crystal' <GibsonC@bbfl.us>; 'Jeri-Sue Moffitt (fieri@robertdklausner.com)' <jeri@robertdklausner.com> Subject: RE: Boynton General Pension Meeting ( February 28th at 1:30 PM ) Good evening, Please see attached agenda and corresponding meeting material for the meeting on Monday February 28th at 1:30 PM. If you have any questions, please do not hesitate to ask. Thank you! 5 Amanda Kish Plan Administrator Resource Centers, LLC Email: amanda@ResourceCenters.com Toll Free: 800-206-0116 Main Office Fort Myers Office Orlando Office . 4360 Northlake Blvd, 4100 Center Pointe Dr, 231 East Colonial Dr. i�s'1� Suite 206, Suite 108, Suite 100,Itt�a>t Palm Beach Gardens, FL Fort Myers, FL 33916 Orlando, FL 32801 • 33410 www.ResourceCenters.com • Phone: (561)624-3277 Phone: (239) 573-4750 Phone (561)855-2209 Fax: (561)624-3278 Fax: (239) 573-4752 Confidentiality NoiiGe ,. .-c 7:( Is Privacy ze; ...„ 2521 privileged(including attachments)and is intended only for the use of the individual(s)or entity(ies)to which it is addressed.It may contain information that is confidential,proprietary,privileged,and/or exempt from disclosure under applicable law.Any review, retransmission,dissemination or other use of,or taking of any action in reliance upon this information by persons or entities other than the intended recipient is strictly prohibited.If you have received this communication in error,please notify us so that we may take the appropriate action and avoid troubling you further.If you are not the intended recipient(s),please destroy this message,and any attachments,and notify the sender by return e-mail.Thank you for your cooperation. Be Environmentally Aware-Please Do Not Print This e-mail Unless You Really Need To. From:Amanda Kish Sent: Monday, November 22, 2021 1:48 PM To: 'Steven Grant'<steven@stevenbgrant.com>; 'LaVerriere, Lori' <LaVerriereLPbbfl.us>; 'fasolol@bbfl.us' <fasolol@bbfl.us>; 'Claude,Sherri (ClaudeSPbbfl.us)'<ClaudeS@bbfl.us>; 'mtck@bellsouth.net'<mtck@bellsouth.net>; 'CHEVYD TV'<chevydtv(Wgmail.com>; 'Alina Lockhart(alina.lockhart@garciahamiltonassociates.com)' <alina.lockhart@garciahamiltonassociates.com>; 'Hurley, Kathleen'<kathleen.hurley@jpmorgan.com>; 'Jourdan, Jakeera'<JourdanJ@bbfl.us> Cc: 'bonni@robertdklausner.com' <bonni@robertdklausner.com>; 'jeff@seadvisory.com'<ieff@seadvisory.com>; 'jeff@seadvisory.com'<ieff@seadvisory.com>; 'Gibson, Crystal'<GibsonC@bbfl.us>; 'Jeri-Sue Moffitt (ieri@robertdklausner.com)'<jeri@robertdklausner.com> Subject: RE: Boynton General Pension Meeting (November 22nd at 1:30 PM ) Good afternoon, Please see the attached report for GHA . Amanda Kish Plan Administrator Resource Centers, LLC 6 Email: amanda@ResourceCenters.com Toll Free: 800-206-0116 Main Office Fort Myers Office Orlando Office 4360 Northlake Blvd, 4100 Center Pointe Dr, 231 East Colonial Dr. 7 11 Suite 206, Suite 108, Suite 100, Palm Beach Gardens, FL Fort Myers, FL 33916 Orlando, FL 32801 33410 www.ResourceCenters.com Phone: (561) 624-3277 Phone: (239) 573-4750 Phone (561)855-2209 Fax: (561)624-3278 Fax: (239) 573-4752 Confidentiality Notice:This communication is covered by the Electronic Communications Privacy Act,18 U.S.C.§§2510-2521. It is legally privileged(including attachments)and is intended only for the use of the individual(s)or entity(ies)to which it is addressed.It may contain information that is confidential,proprietary,privileged,and/or exempt from disclosure under applicable law.Any review, retransmission,dissemination or other use of,or taking of any action in reliance upon this information by persons or entities other than the intended recipient is strictly prohibited.If you have received this communication in error,please notify us so that we may take the appropriate action and avoid troubling you further.If you are not the intended recipient(s),please destroy this message,and any attachments,and notify the sender by return e-mail.Thank you for your cooperation. Be Environmentally Aware-Please Do Not Print This e-mail Unless You Really Need To. From: Amanda Kish Sent: Friday, November 19, 2021 4:39 PM To: 'Steven Grant' <steven@stevenbgrant.com>; 'LaVerriere, Lori' <LaVerriereL@bbfl.us>; 'fasolol@bbfl.us' <fasolol@bbfl.us>; 'Claude, Sherri (ClaudeS@bbfl.us)' <ClaudeS@bbfl.us>; 'mtck@bellsouth.net' <mtck@bellsouth.net>; 'CHEVYD TV' <chevydtv@gmail.com>; Alina Lockhart (alina.lockhart@garciahamiltonassociates.com) <alina.lockhart@garciahamiltonassociates.com>; 'Hurley, Kathleen' <kathleen.hurley@jpmorgan.com>;Jourdan, Jakeera <JourdanJ@bbfl.us> Cc: 'bonni@robertdklausner.com' <bonni@robertdklausner.com>; 'jeff@seadvisory.com' <jeff@seadvisory.com>; 'jeff@seadvisory.com' <jeff@seadvisory.com>; 'Gibson, Crystal' <GibsonC@bbfl.us>; 'Jeri-Sue Moffitt (fieri@robertdklausner.com)' <jeri@robertdklausner.com> Subject: RE: Boynton General Pension Meeting (November 22nd at 1:30 PM ) Good afternoon, Please see the attached agenda and corresponding meeting material for the meeting on Monday November 22nd at 1:30 pm. Thank you and have a great weekend! Amanda Kish Plan Administrator Resource Centers, LLC Email: amanda@ResourceCenters.com Toll Free: 800-206-0116 Main Office Fort Myers Office Orlando Office •),,, 4360 Northlake Blvd, 4100 Center Pointe Dr, 231 East Colonial Dr. 11tSuite 206, Suite 108, Suite 100, "• 'i' t Palm Beach Gardens, FL Fort Myers, FL 33916 Orlando, FL 32801 - p 33410 www.ResourceCenters.com Phone: (561)624-3277 Phone: (239) 573-4750 Phone (561) 855-2209 Fax: (561)624-3278 Fax: (239) 573-4752 Confidentiality Notice:This communicatio;'a covued by the Electronic Comm ttGati ns Privacy Act,18 U.S.C.§§2510-2521. It is legally privileged(including attachments)and is intended only for the use of the individual(s)or entity(ies)to which it is addressed.It may contain information that is confidential,proprietary,privileged,and/or exempt from disclosure under applicable law.Any review, retransmission,dissemination or other use of,or taking of any action in reliance upon this information by persons or entities other than the intended recipient is strictly prohibited.If you have received this communication in error,please notify us so that we may take the appropriate action and avoid troubling you further. If you are not the intended recipient(s),please destroy this message,and any attachments,and notify the sender by return e•mail.Thank you for your cooperation. Be F 'ronmentally Aware-Please Do Not Print This e-mail Unless You Really Need To. From: Amanda Kish Sent: Tuesday, May 18, 2021 12:07 PM To: 'Steven Grant' <steven@stevenbgrant.com>; 'LaVerriere, Lori' <LaVerriereL@bbfl.us>;fasolol@bbfl.us; Kevin@homerinsured.com; Claude, Sherri (ClaudeS@bbfl.us) <ClaudeS@bbfl.us>; mtck@bellsouth.net Cc: bonni@robertdklausner.com; 'Richelle Levy'<RLevy@loriumlaw.com>; jeff@seadvisory.com; Pete.Strong@grsconsulting.com; jeff@seadvisory.com; Gibson, Crystal <GibsonC@bbfl.us>; Belinda Mantor <belinda.mantor4103@gmail.com> Subject: RE: Boynton General Pension Meeting (May 24th at 1:30 PM ) Importance: High Good afternoon Trustees, Please see the attached agenda with the corresponding meeting material for the Meeting on Monday May 24th at 1:30 PM . The meeting will be held in the City Chambers at 100 East Ocean Avenue, Boynton Beach, FL 33435. If you are unable to attend the meeting in person please let me know as soon as possible. Additional meeting material will be provided as the reports become available. If you have any questions please do not hesitate to ask. Thank you! Amanda Kish Plan Administrator Resource Centers, LLC 8 Email: amanda@ResourceCenters.com Toll Free: 800-206-0116 Main Office Fort Myers Office Orlando Office 4360 Northlake Blvd, 4100 Center Pointe Dr, 231 East Colonial Dr. Suite 206, Suite 108, Suite 100, • Palm Beach Gardens, FL Fort Myers, FL 33916 Orlando, FL 32801 - I . 1 '' 33410 www.ResourceCenters.com Phone: (561)624-3277 Phone: (239) 573-4750 Phone (561) 855-2209 Fax: (561)624-3278 Fax: (239) 573-4752 Confidentiality Notice:This communication is covered by the Electronic Communications Privacy Act,18 U.S.C.§§2510-2521. It is legally privileged(including attachments)and is intended only for the use of the individual(s)or entity(ies)to which it is addressed.It may contain information that is confidential,proprietary,privileged,and/or exempt from disclosure under applicable law.Any review, retransmission,dissemination or other use of,or taking of any action in reliance upon this information by persons or entities other than the intended recipient is strictly prohibited.If you have received this communication in error,please notify us so that we may take the appropriate action and avoid troubling you further.If you are not the intended recipient(s),please destroy this message,and any attachments,and notify the sender by return e-mail.Thank you for your cooperation. Be Environmentally Aware-Please Do Not Print This e-mail Unless You Really Need To. From: Amanda Kish Sent: Monday, May 3, 2021 12:23 PM To: Steven Grant<steven@stevenbgrant.com>; LaVerriere, Lori<LaVerriereL@bbfl.us>;fasolol@bbfl.us; Kevin@homerinsured.com; Claude, Sherri (ClaudeS@bbfl.us) <ClaudeS@bbfl.us>; mtck@bellsouth.net Cc: bonni@robertdklausner.com; Richelle Levy<RLevy@loriumlaw.com>; ieff@seadvisory.com; Pete.Strong@grsconsulting.com Subject: FW: Boynton General Pension Meeting (May 24th Meeting) Good afternoon, As you know the Board has an upcoming meeting on May 24th. The meeting will require a physical quorum, therefore 4 Trustees will need to be present to hold quorum. Please confirm if you will be attending the meeting. Thank you, Amanda Kish Plan Administrator Resource Centers, LLC Email: amanda@ResourceCenters.com Toll Free: 800-206-0116 Main Office Fort Myers Office Orlando Office 9 4360 Northlake Blvd, 4100 Center Pointe Dr, 231 East Colonial Dr. Suite 206, Suite 108, Suite 100, Palm Beach Gardens, FL Fort Myers, FL 33916 Orlando, FL 32801 33410 • www.ResourceCenters.com Phone: (561)624-3277 Phone: (239) 573-4750 Phone (561)855-2209 Fax: (561)624-3278 Fax: (239) 573-4752 Confidentiality Notice:This communication is covered by the Electronic Communications Privacy Act,18 U.S.C.§§2510-2521.It is legally privileged(including attachments)and is intended only for the use of the individual(s)or entity(ies)to which it is addressed.It may contain information that is confidential,proprietary,privileged,and/or exempt from disclosure under applicable law.Any review, retransmission,dissemination or other use of,or taking of any action in reliance upon this information by persons or entities other than the intended recipient is strictly prohibited.If you have received this communication in error,please notify us so that we may take the appropriate action and avoid troubling you further.If you are not the intended recipient(s),please destroy this message,and any attachments,and notify the sender by return e-mail.Thank you for your cooperation. Be Environmentally Aware-Please Do Not Print This e-mail Unless You Really Need To. From: Steven Grant <steven@stevenbgrant.com> Sent: Friday, April 30, 2021 2:08 PM To: Amanda Kish <amanda@resourcecenters.com> Cc: Gibson, Crystal<GibsonC@bbfl.us>; Cherry-Guberman, Catherine <CherryC@bbfl.us>; bonni@robertdklausner.com; bsjteam <bsiteam@robertdklausner.com>; Richelle Levy<RLevy@loriumlaw.com> Subject: Re: Boynton General Pension Meeting (May 24th Meeting) Amanda: I will be at the City Hall Chambers and request we follow State Law that we have a live quorum and trustees are able to attend virtually with a valid reason. Steven B. Grant, Esq. Boynton Beach, Florida, Mayor PO Box 424 Boynton Beach, FL 33425 Direct 561-501-3783 www.StevenBGrant.com Click Here for Facebook Page This Email may be subject to public record requests. On Tue, Apr 27, 2021 at 5:05 PM Amanda Kish <amanda@resourcecenters.com>wrote: Hi Steven, 10 I hope your week is off to a good start... As you know the Boynton meeting will be held May 24th, please advise if the meeting will be held virtually or physically. Thank you! Amanda Kish Plan Administrator Resource Centers, LLC Email: amanda@ResourceCenters.com Toll Free: 800-206-0116 Main Office Fort Myers Office Orlando Office 4360 Northlake Blvd. 4100 Center Pointe Dr, 231 East Colonial Dr. I' 11111 Suite 206, Suite 108, Suite 100, Palm Beach Gardens, FL Fort Myers, FL 33916 Orlando, FL 32801 ' .. '- 12 33410 www.ResourceCenters.com Phone: (561)624-3277 Phone: (239) 573-4750 Phone (561)855-2209 Fax: (561) 624-3278 Fax: (239) 573-4752 Confidentiality Notice:This communication is covered by the Electronic Communications Privacy Act,18 U.S.C.§§2510-2521. It is legally privileged(including attachments)and is intended only for the use of the individual(s)or entity(ies)to which it is addressed.It may contain information that is confidential,proprietary,privileged,and/or exempt from disclosure under applicable law.Any review, retransmission,dissemination or other use of,or taking of any action in reliance upon this information by persons or entities other than the intended recipient is strictly prohibited.If you have received this communication in error,please notify us so that we may take the appropriate action and avoid troubling you further.If you are not the intended recipient(s),please destroy this message,and any attachments,and notify the sender by return e-mail.Thank you for your cooperation. Be Environmentally Aware-Please Do Not Print This e-mail Unless You Really Need To. From: Gibson, Crystal <GibsonC@bbfl.us> Sent: Tuesday, April 27, 2021 3:00 PM To: Amanda Kish <amanda@resourcecenters.com> Cc: Cherry-Guberman, Catherine <CherryC@bbfl.us> Subject: May General Employees Pension Brd. Mtg. Good Afternoon, 11 Are you planning on having next month's meeting be online-only at 1:30 p.m. on May 24th? Thank you, Crystal Crystal Gibson, MPA, MMC City Clerk c' Y O'° City Clerk's Office Mailing Address: P.O. Box 310 I Boynton Beach, Florida 33425 'C= Physical Address: 100 E. Ocean Ave. I Boynton Beach, Florida 33435 M V ` 561-742-6061 I la 561-742-6090 T GibsonC@bbfl.us I (� boynton-beach.org/ ON Follow us on © d* Please be advised that Florida has a broad public records law and all correspondence to me via email may be subject to disclosure.Under Florida records law, email addresses are public records.Therefore,your e-mail communication and your e-mail address may be subject to public disclosure. 12 Affiliated Housing Impact Fund LP Developing Communities for Florida's Workforce May 2022 AAFFILIATED DEVELOPMENT Developer Intro Affiliated Development-Company Overview EXECUTIVE SUMMARY ` ' -' _ t r •-r ' . Affiliated Housing Impact Fund, LP is an investment vehicle for �. -.�,, ., . - Affiliated Development("Affiliated"or the "Company"), a regional - e. - x.; ' .; real estate development and investment company headquartered Pi -`--- - + ...0- in Fort Lauderdale, Florida with offices in West Palm Beach, FL. -A's- " --..7s‘r- _ _ film,II ts4 a ' The company was formed as a mission-based organization with ..s l. -- `"`�•t, the goal of building mixed-use multifamily developments to target �--- 4•�' f"" . I• '" unmet demand and underserved areas within the market. . :-_-� 4 1 Affiliated works directly with communities to improve the quality _�- -� �1 .,, �� i mkt and sustainability of housing stock for residents, resulting in the development of Class A luxury apartments at attainable rates. , ''_ ' Z. The MID—Lake Worth,FL Workforce Housing The greatest housing need in South Florida and many other metro , , areas is for quality workforce housing. Affiliated is addressing the demand by utilizing various public finance tools in order to bridge the gap and develop Class A housing at Class B rents. 7,-,r,,, The Affiliated team has a track record of partnering with government agencies, community organizations and nonprofits, . kilit -o' and has extensive experience in private and public finance, , t , M- including TIF,TID, NID, LIHTC, tax exempt bond finance, HUD x i _ finance, CRA lending, agency finance, CMBA and local municipal 1.4. :`I, _ , Ifinance. Affiliated's pioneering efforts have reshaped communities a` 1 ' . and resulted in over$750M of investment nationwide. - - _ The SIX13—Fort Lauderdale,FL Workforce Housing Core Strategy ' Philosophy of"doing good while doing well" summarizes company's objective to provide high-quality, attainably priced housing where it is most needed while delivering attractive risk-adjusted returns to investors. South Florida is Ground Zero for the Affordability Crisis Four of the top ten markets for cost-burdened renters are located in Florida. Cost Burdened Households Affiliated Development strives to create dynamic environments that revitalize downtown metro areas and arpirdtilto..- Itfroffer Class-A living at rents well below market. TheV Company brings this vision to life by engaging in public • a, ;�� private partnerships and utilizing funding incentives toi; ' �� provide superior product at a price point currently . ,......._unachievable in downtown South Florida markets. i � ': �I 4 This is especially im actful that over 60% of rkirt,. ..,„,,,,,,, ,,...i.,,,,,,. inii, ��.. p given7r ., renters in the South Florida area are cost-burdened f A (paying more than 30% of income on rent). Most Southr ... _ ` ��=' � ....4Florida residents are forced to either allocate too much • .S 7:., Share of Renters with Cost Burdens al income toward rent, live with one or more roommates, ��, I s (Percent) .4114 � ,,, • Less than 40 or move away from major employment centers in order + y • ao-so to find reasonably priced housing. ',; v,?`"..°, - �-, • 50-60 >? • 60 and Over Affiliated selects project sites located near employment centers, transportation nodes, and other city amenities, and works to develop engaging mixed-use multifamily In Dade, Broward and Palm Beach County over 525,931 renter projects at attainable rents the local workforce can households are cost burned which represents 61.2%of all renter afford. households.* *Joint Center for Housing Studies of Harvard Public Finance Background $110M in public financing secured for over 2,100 apartment units over the past 10 years TYPES OF FINANCING UTILIZED TIF • Tax Increment Financing . TID • Tax Improvement District Financing ,..::-.-_,,,e, , .\., , / 4 it• ,,,,,., - . NID • Neighborhood Improvement District Financing �) Apo, ,i,,, CRA • Community Redevelopment Agency Financing 61,-004 "" LIHTC ■ Low Income Housing Tax Credits - ,,;t lo fl or 0y 1l Il it 4„t, ! WI - r .. -- 1,fi , } . HUD • Dept.of Housing&Urban Development Financing „ — • ' 1. 1 `r. 111 i `' I �! a ., __a_.--•-.- _ .00 -- - , it 'a • Special Assessment Financingwry OTHER ■ Local Government Revenue Bonds _� `` '"1" 111 The Six13 Apartments,Fort Lauderdale,FL DEVELOPER PUBLIC FINANCE EXPERIENCE Developer Public Finance Experience - Gap Funding Project Name Units Location Partnership Amount $/Unit The Tropic 209 Hollywood, FL City/CRA/County $9.4M $44,976 The Bohemian 200 Lake Worth Beach, FL City/CRA/County $12.3M $61,500 The Grand 309 West Palm Beach, FL City/CRA $15.OM $48,544 The MID 230 Lake Worth Beach, FL City/CRA $5.3M $23,043 The SIX13 142 Fort Lauderdale, FL CRA $7.0M $49,296 The Couture 336 Milwaukee, WI City $28.5M $84,821 St.John Plaza 90 Miami, FL City/CRA/State $12.6M $140,000 Emerald Row PHII 250 Oak Creek, WI City $7.0M $28,000 Emerald Row 167 Oak Creek, WI City $5.3M $31,737 The Moderne 217 Milwaukee, WI City $9.3M $42,857 Totals 2,150 $111.7M $51,953 Public Private Partnership Experience Executing Public Private Partnerships is a core competency Project:The MID I Project:The Tropic Project:The Grand Location: Lake Worth Beach,FL Location: Hollywood, FL Location: West Palm Beach, FL Public Partner:City,CRA Public Partner:City, Count ,CRA Public Partner: City, CRA, HCD i 49 +rte•. n.o ;. ` _ .� j IL,. •, G ". ,, iit be s s 4 .., ' 6 it.. AO -- 0 1 i• win 1:! ' I Ti4 0., ,- ,� Jif I n ?1 a n`R Project:The Six13 111 - 111 , Location: Fort Lauderdale, FL ll 1111 %fr y 111 - + 1, h L 1 I ��I� Public Partner:CRA X11 y. ' - 1 !9 _- -- v, �- 1M'% L Ir 111 “iiii —� - • �, 1" 1111' i / = .I 111 Project:The Moderne ' rrf �; �, IP II• y i > • I' Location: Milwaukee,WI III p I b �+ _ clic 0 Public Partner:City - 1' up. 11 441 111 gan�t `' l''►a � y{l 61 ` �' . g II I . SIR 11 i c$8 l' i -NI' ��, � �6 1440 ' Ilifi=L..._.._._- I , :----.74# it."1.1 4F1 II 4411-2. „ -• . . hti Arlikai I 1 1 _ ._ 1 r-1 1 Project:The Bohemian Project: Emerald Row _ l n4 Location: Lake Worth Beach,FL Location: Oak Creek,WI �1�" -fin Is County, CRA Public Partner:City _sag 1*. �' ri Public Partner:City, � tttp 1 ( Ii I in illr ,-.1 Jill I i , a G _ i III virl ! mili Am 1.". 1 il ''" • aft - NW i4"4 1E1 • '1' 1 i 7-1 -1 1-.1 ' .t.- .1k• 1 .^ ::a Ti ill I OffEE "� so fi, - '� � � it . l E it �� ai'■I ��� � 1 LT a .Iris . V i I } v Florida Market: Phenomenal Fundamentals & Bright Growth Prospects ► Post-COVID lockdowns,the South Florida market has performed extraordinarily well and will continue to be one of the preeminent multifamily investment markets in the US. The market is unique; offering the stability of a major US market plus the upside of alpha returns. State Population Growth Primary Economic Growth Drivers Within Florida, the population is projected to increase by 5.4 million ✓ ProBusiness Government Environment people over the next 25 years. Over that period, one of the key target multifamily age demographics of 18-44 is expected to increase by ✓ Attractive Tax Laws approximately 1.4 million people or by more then 19%. ✓ Quality of Life ✓ Gateway to South America Pre-COVID statistics show that roughly 1,000 people move into the state ✓ "Wall Street of the South" every day or more then 300,000 people per year. Population within the ✓ Sustained Momentum & Growth state increased by 1.5%annually between 2010-2020 and that growth has V Transportation Investments & Improvements been experientially increased due to COVID-19. ✓ Tourist- 131M visitors per year South Florida MSA Rent Growth Florida Leads the Nation in Rent Growth • In 2021, 5 of the top 10 rental increases were in Florida markets • COVID migration exacerbated an already supply constrained housing market and caused rents to increase up to 40% in some South Florida metros. • More than 547,000 people exchanged out-of-state driver's licenses last year for ones with a Florida addresses. That's a 40% increase from 2020 and nearly 20% greater than the five-year average between 2017 and 2021. #1 U.S.Metro for New Business Creation SOUTH FLORIDA • 7th Largest MSA in U.S. MSA Local, State and National Rent Growth • Over 150 companies have relocated to Palm Beach County, Location 2019 2020 2021 creating nearly 13,000 direct jobs with average salaries over National 2.3% -1.6% 17.8% $70,000 Florida 1.5% 0.1% 30.4% • 3 International Airports(2 in U.S. Top 20) Palm Beach County 2.5% 1.8% 36.7% • 2.3%Unemployment Rate (January 2021) 'Source:Newmark Knight Frank,Florida Multifamily Capital Markets Snapshot • Miami-Ft. Lauderdale ranked #1 in Startup Activity South Florida: Solid Employment Base & the new "Wall Street of the South" South Florida has quickly become the destination choice of prominent money management funds relocating to the region for quality of life and tax benefits. Over 70 hedge funds have moved to South Florida since 2016 and over 100 CEOs now reside in Palm Beach County alone. "Now, companies are seeing the benefits we saw years ago. It's like a snowball effect;the local industry growth keeps attracting new businesses." Felipe Lemos - Kawa, Managing Director Major South Florida Employers & HQs chewycom ....KORsxr , Gj office DE POT R Cara+Can BACARDI LIMITED ,,,.,.. o„., === = LENNAR® FLOMc PUUIIX0 _==__ Ryder At' Carnival tar AutoNation World tiJI - spr►rit.. U•S AIRWAYS Financial Firms & Individuals Recently Moving to South Florida: II r ' ill ELLIOTT ✓ Starwood Capital, Barry Sternlicht STA RWOOD 7 t1 ✓ Elliot Management, Paul Singer 0:- — �``' ✓ Icahn Enterprises, Carl Icahn Pa 00 ,,,,/ � V Appaloosa Management LP, David Tepper ,c V Blackstone goldman aeras liA. V Goldman Sachs Senior Chairman, Lloyd Blankfein The - Group® �-i ✓ Plus: Over 70 Other Major Money Management Firms APOLLO . Current Fund Assets Y'f J \ T4 ..� t 16 •k. ;- tom _ , .. ; - ! . Ili,' j if a `~�.,, `.. , \ •t f `� o .J �✓ J �� .4 ‘111‘4*- 0 '''' rt r \N - riiiropid .i.A ,t 100. P ,Ir // / �• The Bohemian,Lake Worth Beach, FL—85%Complete 1 f f 0 1 .' 200 units Mixed Income Housing Irf 1 .` 10 '/ 1 I"' Or; .,','' Illy/ 1.. I��/ �. III I�rrR , 1A r 1 � . r rhe' '- 11� ;i �1 1', ._- t Ni �j 1 11 r� � I I . i , mo �I r. 1. '1 1„ - � its to _ CCC: � � -11 q 11! �... I 0:44 * i. " ti r �r law5 4' �1� I, 1 1 ,z ''" / "a� � IA i I' 1 �r� ^� r �Iw r'n" 111 I 1,1 it �, indi‘ 145 ' gill .ir' iI , it , I 1 ��4110 •,,, 1 I +' �� The Tropic, Hollywood, FL—Predevelopment v. - 224 units Mixed Income Housing The Grand, West Palm Beach, FL—35%Complete 309 units Mixed Income Housing Project Overview: The Bohemian Currently Under Construction (Closed 4/2021) Lake Worth Beach, FL • Project Overview - Location: 1017 Lake Ave. ig si - Lake Worth Beach, FL 33460 '` -� 1 '�.. l - Project Completion:03 2022 (Est.) , ! - Type: Class"A"7-Story Midrise 1 !` § - 1 1 __= C 1 ' 1 - Residential Area: 200 Multifamily Units r 290,575 sq.ft. - -t, 1 I I - Commercial Area: ±4,100 Sq Ft of Retail iiil1'I s - - Footprint: ±2.0 Acres uii l,s, 11 li °..3t - Buildings: 7-Story Building with 371-Space ■ - P.'! 1,1 ..Il1 r 1 Parking Garage - � ; Amenities: Resort Style Pool,Gym, Co work Area, BNNf OffEE ,LI-_ - . . Il ^I Lawnand Observation Deck, "I`� T. �+ ' '' ►� 4111� Iq ! and Game AreaZ ' t, i. v.. a I 17: ,= u nql J 1 • II 1 IF NI, I Prosect Highlights .t • - ' • . ._- Ilii :� t - Partnership with City, County and CRA " ` . ' . - - First project to utilize Palm Beach County workforce How the Project Fulfills the Mission of Affiliated Housing Impact Fund: housing exchange • $12.3MM received of Public-Private Partnership Grants & Incentives - Centrally located and attainably-priced workforce housing • Provided new attainably-priced and safe Class"A" residential housing project in downtown Lake Worth Beach • Developed±4,100 sq ft of high-quality, attainably-priced commercial space - 30-Year Partnership with City for Shared Parking Facility to foster vibrant economic activity • Project fulfills fund commitment sustainable"Smart Growth" in the - Located in the heart of the LWB employment corridor Downtown District - NGBS Green Building Certification • Revitalization of area while removing blight - Designed to be Intermodal Transit Hub/Transit-Oriented • Created local jobs to foster sustainable economic growth Development • Project developed within a low-income census tract Construction Update: The Bohemian Project Remains Under Budget and Ahead of Schedule All site work, infrastructure, foundation and topping out completed in under 5 months Construction Update May 2022: Southwest View Construction commenced in May 2021. 4. , Construction 85% complete. " ).r `', �-' • � ;toot R < •77 W Sitework and underground MEP completed. r�,�__ `' ..> • ,~ " ' W' All structure completed; building is topped out. . •4,`` •mak �,: _ •' '.- .4›..' % lir Roofing and fenestration completed. .,l • �,t 1 - - a J "� 20% Preleased. � �' • ',� L.Y - , :" ..,,,,i41410.,,,...,,,_, ' Temporary Certificate of Occupancy (TCO) and first move-ins scheduled Summer of 2022. _.,,.� "` " April 2021: Southwest View • T ti // /‘ \ +� *v. It ma1 ��"",.�_s " i iro. r t Project Overview: The Grand Fund Project: Financial Closing Occurred September 2021 THE GRAND—West Palm Beach, FL w Project Overview Ir Class "A" Mixed-Use _ Development with Luxury Amenities including resort-style pool, fitness facility, dog park, & iv more R 309 Multifamily Units "` R 3,000 SF of Commercial Space li 390-Space Parking Garage r 1 :HI. �. 1 NI Project Highlights I 0- Centrally located and attainably- / '1, ' priced in downtown WPB , .`I k I �i �- 11� r � 0- Strong Employment Corridor ;.1. Nil' C C ISI 17� - 1 ` IIS • Received Local Government '�_r: �i 0:ii� .`1 .� 1. , t ...Jr .,: Support y ��` i �;; 'lll �-� � • $15,000,000 Approved in ,t. I �-DJ . . 1 ii ' (14,_-`4r) , I 1 local grants and incentives Q VI' �!"�' 11 I [ ! iil''' 10- Environmentally Sustainable ' 41'�j`� 1 lotti1 14111 r I IA,; L .3 r)11. If, j • l' R ,,-. I ', 11 xi r1 rpt 1 NGBS Green Building �� Certification I. - > 11 � 111 Attainable Housing for the Local ' d . 1 Workforce 0.� a .. � ir 'if T' .�� - '=r;0' Starting 1 Bed Rents: $1,600 vs t. ISL 11 1 k 1 ll1 :ill 4.,,riAtI $1,100 discount to market '` Starting 2 Bed Rents: $2,000 vs $3,500 for comparable property _ $1,500 discount to market Construction Update: The Grand Project Remains Under Budget and Ahead of Schedule All site work and infrastructure completed Construction Update April 2022: Northeast View "' Construction commenced in October 2022. ; -: ' ` :;; y _ -� ��1� '' Construction 35% complete. = " ` 4` '` , •' i.,„, �' '. •-''r+ ` '1 Sitework and underground completed. N. -,� ;' .- '' -,• •►. �1 `rite s• �� ',��`a► 0 Parking garage completed. s Y 1 • - w Preleasing set to commence January 2023. =` .,y _ " Temporary Certificate of Occupancy (TCO) and first :zf • °. ,� , r , move-ins scheduled Spring of 2023. ..�__ �r I - . P g ,Q '" ;s Sat i;:i / November 2021: Northeast View 444, ,_/ 1'i' 1 ^t fix,. - 41% - - — yv. ' _ `V t i, `r . �< w. f �'r,. •t f '," IP "I'r. -„ 1 t / •� ` �., 40.E • f'is ' i f,� r 61:.,..:.. y rte;y`• z y■ , {[J�{ tea... ,.,N K' „iy . . x•• - ter' d f yr ;. . 4" Project Overview: The Tropic High-Rise Luxury Apartment Project in the Heart of Young Circle (Hollywood, Florida) THE TROPIC - Hollywood, FL V $60M Class "A" Development designed with Luxury Amenities including resort-style pool, fitness facility and dog park . t 224 Unit Luxury Residential Tower and 300-Space / 14, 4 Parking Garage / Centrally located and attainably-priced in downtown � Hollywood ,i' oro ' k, '° $9.4M in local incentives approved ty ) , ' w Attainable Housing for the Local Workforce 0 „ajy y� - V' " 1 "� Land closing occurred Sep 2021 � 7 � � �r , !" Currently in the design and development phase, / 0 �, t t� .-,, „, construction expected to commence in Spring of 2022 I 0 . ` I ,li � ° 1 41 4, r 1 lz.`.� . : - i4A "Pl /-.'� / Vii. li tii ii i -- - - ',Imo,- '''', " floc, .. .� :, 1.ham i J L A , _ •4 1.„1...4..pz_ lip ,....._, .1ml ..„..::....i...,,,_ _4," . - • i .1_ . _ 1 1 1 _ -- - , 4,-ri._ c .. .(7, ._ .t .,,,:.E.f4.tv _- ,_ :\.7: °+ Will ,._r ,m mss,� ,� r is . ' i 1 _ _,, - - .. 11 , w tor , rIli ',1 "'Ott- : • , .. � . AJ I. -w ao - 1, Double Bottom Line Investment decisions that go beyond the bottom line The ethical considerations of the investment are not just limited to the creation and preservation of attainable housing. The strategic reinvestment of retirement funds back into the community can create a lasting social impact and provide excellent risk adjusted economic returns ✓Environmental, Social and Governance (ESG) • Promoting green initiatives at all properties through the application of National Green Building Standards, installing energy saving appliances and promoting the use alternative means of transportation. ✓Socially Responsible Investing (SRI) E S G • Deploying innovative and valuable social programs to drive tenant satisfaction and lead to a reduction in tenant turnover. • Engaging tenants, sponsoring community activities and offering reduced rents to teachers, nurses and police officers — who are in turn help organize services like a neighborhood watch or tutoring sessions. ✓Impact Investing(Impact) • Directly impacts contributors S R I I M PACT • Create meaningful and measurable differences in the lives of individuals, families and communities by providing safe, clean and attainably priced housing. • "First look" program on all properties to pre-market units to local first responders and teachers for 60 days prior to being marketed to the general public. • Safeguard the mission to provide attainable housing through rental restrictions. These restrictions will be self-imposed if not required as a condition of funding sources. Fund Financial Update Strong initial performance • The Fund has called $23,876,495 of capital to date • Q4 2021 NAV of$27,543,466 ► 26.9% Gross IRR and 21.8% Net IRR Net Asset Value (NAV) Fund Gain/Loss& Expenses Fund Level Bohemian The Grand The Tropic Total Total Capital Called 7,492,876 10,571,662 5,485,280 326,677 23,876,496 Gain on Real Estate Investment - 1,245,527 3,390,944 - 4,636,471 Partnership Expenses and Financing Costs (225,676) (386,074) (337,530) (21,220) (970,500) Summary Fund NAV 7,267,200 11,431,115 8,538,694 305,457 27,542,466 Gross vs Net Returns 30% Gross and Net Returns Fund Totals 26.9% Total Capital Called 23,876,496 25% 23.6% Gain on Real Estate Investment 4,636,471 Fund Expenses and Financing Costs (970,500) 20% 17.9% 21.8% Net Asset Value 27,542,466 19.1% 15% 13.3% Q4 2021 IRR 26.9% 14.4% 10% IRR Table 10.7% Quarter Fund Limited Partner 5% Q4 2020 0% 0% 012021 13% 11% 0% Q2 2021 18% 14% Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q3 2021 24% 19% Q4 2021 27% 22% -s —LP Returns —Fund Returns Capital Raising Efforts Institutional Capital Commitments • Affiliated Development has successfully reached an initial closing • First close was December 2020 • Two Subsequent closings occurred with the third scheduled for June 2022 • The Fund has attracted pension investment and family office capital • The Fund currently has 11 public plan investors Current Committed Investors: 1 WEST PALM BEACH r�o "° City of Hollywood - Po1 ' '1`i`. POLICE PENSION FUND d ' Officers' Retirement Sys + '`. 44901."!I^ T+c Hollywood Police Pembn Fund was created and is administered by • - 11cm(;ward of Tnrsleea of the Pdicc Officers'RM.r nnnt Sy 4m for yx.Cgty of Hollyworf f Mems t► City of Fort Lauderdale QQLICF it? Police and Firefighters' FRF Q�aNTATioy POLICE ( Retirement System - �� j ♦ I t .r , '-.4-imp.--- Cm"or Form LAuowoow i f h' • * . • Y �� ./1 tf1 IIII 7 -� �1� `° i,� r taw MIRAMAR i g _ _ tC _• • '°�I ICS- EST 9``Go RCS 1955 G /� Q tt!'ttrR n n-` FLORIDA 5�4,/ '`L`',' 1 fNE .F oO - )1gt , a r P City of Davie Firefighters 1` c iirat City of Hollywood General • ,r Hollywood Firefighters' Pension Fund Employees' Retirement System 16 Summary of Fund Terms irti Name Affiliated Housing Impact Fund, LP Construct, develop, and lease attainably priced (► Investment Strategy multifamily apartments in South Florida y 0r� ' Fund Type Closed-End Real Estate Fund i Minimum Commitment $500,000 , ' r Target Size $100,000,000* SI7'. ffr- o Target Net IRR 17% 10 �' 1 Final Close Date December 30th, 2022 �t M • ; 4 0 r y i 114 Investment Period December 30th, 2025 (3 years) 0 / .e ' 01 1' 1 . li- th - _ I;I mai i,_ , „ Liquidation Period December 30'h, 2032 (7 years)* 0 / r r — !1 Asset Management Fee 1.5% of commitments per annum, billed quarterly g • i , I W_ 'i _ Si I �n Performance Fee 20% after investor receives 8% IRR iii l • � . i . , I I I j I I '14� - _ Manager Commitment Lesser of $5,000,000 or 5% of total commitments I ' 'Ol i R - • ' , ° *Fund Manager has ability to increase fund size to$125,000,000 09.9 Ill Ili rime I '�, i. I c ii . r;P .Ji i *Subject to 2 one-year extensions DISCLAIMER The information contained in this presentation is confidential and is being presented to you with the understanding that,without the express prior written consent of Affiliated Development, LLC("Affiliated"),you will not: (i)disclose or discuss the information contained in this presentation;or(ii)reproduce or use the information contained in this presentation for any purpose other than to evaluate your potential investment in Affiliated Housing Impact Fund LP(the"Fund"). By accepting this presentation,you agree to treat it confidentially and to return it promptly upon request. The information contained in this presentation: (i)is provided for informational and discussion purposes only;(ii)may not be relied on in any manner as legal,tax or investment advice;and(iii)is not an offer to sell,or a solicitation of an offer to buy,any securities. Certain information included in this presentation may contain statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, as amended,which is subject to risks and uncertainties. Forward-looking statements are statements other than historical information or statements of current condition and may be identified by use of terms such as"believes,""anticipates,""expects," "intends,""may,""will,""estimate"and other variations of comparable terminology. Actual results could differ materially from those suggested by these forward-looking statements. Forward-looking statements are subject to risks and uncertainties. Many of these risks and uncertainties are beyond Affiliated's control and,accordingly,there can be no assurance that the forward-looking statements contained in this presentation will occur. This presentation contains information concerning Affiliated,a proposed investment in the Fund,and related future plans and projected future performance. There can be no assurance that Affiliated will be able to successfully raise the equity required to organize the Fund or achieve any projected future performance. Furthermore, because this presentation is based upon estimates and assumptions about circumstances and events that have not taken place and are subject to material variation,there can be no assurance that the matters,strategies and goals covered herein will be attained or,if attained,that the Fund(or any particular investment made by the Fund)will produce the contemplated returns or otherwise be profitable. In considering any performance data contained herein, bear in mind that past or targeted performance is not necessarily indicative of future results,and there can be no assurance that the Fund(or any particular investment made by the Fund)will achieve comparable results or that target returns will be met. Likewise,there can be no assurance that Affiliated's estimates, assumptions,expectations,plans or strategies for the Fund will not change from those presented herein. This presentation was not prepared,and is not required to be prepared,in conformity with guidelines established by the U.S.Securities and Exchange Commission or any state securities regulatory agency or authority and has not been reviewed by an accounting firm. Affiliated undertakes no responsibility to update any information in this presentation,whether to reflect events or changes in terms or otherwise,subsequent to the date of this presentation. Certain of the information contained herein, particularly in respect of the market data,economic and other forecasts and performance data is from third-party sources. While Affiliated believes such sources to be reliable,neither Affiliated nor any of its officers,directors, managers,employees, agents or affiliates has updated any such information through the date hereof nor undertaken any independent review of such information. Affiliated does not make any representation or warranty,express or implied,with respect to the fairness,correctness, accuracy,reasonableness or completeness of any of the information contained herein(including, but not limited to,economic, market or other information obtained from third parties,or the sponsors or managers of prior investments described herein),and it expressly disclaims any responsibility or liability therefor. Information contained herein and specific to any individual's tenure at a specific investment firm is provided in order to illustrate the nature of such individual's prior professional experience and contribution to the success of such investment firm but should not be understood as"track record"information. It is presented for illustrative purposes only. Other investment professionals of such firms had substantial involvement in,and made substantial contributions to,certain of the prior investments described herein. The individuals included herein did not possess sole investment approval with respect to any prior investment or transaction. The performance of these prior investments and/or transactions is not necessarily indicative of the performance of every investment made by the applicable investment firm during such individual's tenure. FOR THE AVOIDANCE OF DOUBT,THE FOREGOING SHALL NOT PROHIBIT THE DISCLOSURE OF THIS DOCUMENT BY A STATE, MUNICIPAL OR OTHER PUBLIC PENSION PLAN THAT IS SUBJECT TO LAWS OR REGULATIONS MANDATING THE DISCLOSURE OF SUCH INFOMATION,AS AND TO THE EXTENT REASONABLY REQUIRED BY SUCH LAWS OR REGULATIONS. =- - DEVELOPMENT G D E V E L O P M E N T Affiliated Housing Impact Fund LP Developing Communities for Florida's Workforce May 2022 AFFILIATED C -D E V E L O P M E N T Developer Intro Affiliated Development-Company Overview EXECUTIVE SUMMARY ' � �` :.= --�+ - / ! •Affiliated Housing Impact Fund, LP is an investment vehicle for -` _._._` ---- -mss 1 ..�- � """'"` Affiliated Development("Affiliated" or the "Company"), a regional _ f- _ vi_ real estate development and investment company headquartered ■Y ! ;r'. .� ; fir .� 7 � � in Fort Lauderdale, Florida with offices in West Palm Beach, FL. "' 141 1r - - The company was formed as a mission-based organization with y.►' 1 ` •i y the goal of building mixed-use multifamily developments to target "��- ; ��• ""` n " k ate . a4� - a.�, , �_.� i b,. unmet demand and underserved areas within the market. �� . . ,j- ,., F Affiliated works directly with communities to improve the quality "�- c- f and sustainability of housing stock for residents, resulting in the ���' development of Class A luxury apartments at attainable rates. o .- �`` The MID-Lake Worth,FL Workforce Housing The greatest housing need in South Florida and many other metro =. areas is for quality workforce housing. Affiliated is addressing the demand by utilizing various public finance tools in order to bridge the gap and develop Class A housing at Class B rents. '� �� . s 4 t. The Affiliated team has a track record of partnering with _. government agencies, community organizations and nonprofits, _"" ` �+` ' sit ,� -� ' and has extensive experience in private and public finance, f �� �, s w iii- i TIF,TID, NID, LIHTC, tax exempt bond finance, HUD - t 1 lb i it finance, CRA lending, agency finance, CMBA and local municipal ,�\ {i�, - ' finance. Affiliated's pioneering efforts have reshaped communities .: ,�ycLt , , M4 L .gi ,a,, 1— and resulted in over$750M of investment nationwide. •--� - The SIX13-Fort Lauderdale,FL Workforce Housing Core Strategy ' Philosophy of"doing good while doing well" summarizes company's objective to provide high-quality, attainably priced housing where it is most needed while delivering attractive risk-adjusted returns to investors. South Florida is Ground Zero for the Affordability Crisis Four of the top ten markets for cost-burdened renters are located in Florida. Cost Burdened Households Affiliated Development strives to create dynamic ,._ ' ,'1 environments that revitalize downtown metro areas and - offer Class-A living at rents well below market. The ` '4 II 44/1 - Company brings this vision to life by engaging in public- 4 t,4-(4.. private partnerships and utilizing funding incentives to r a; ' �r provide superior product at a price point currently RI,0 ,1 .* .r unachievable in downtown South Florida markets. Aulletiffik,14 `•*'• ':'0 -_ , Mil +i • I This is especially impactful given that over 60% of �' Pal'— renters in the South Florida area are cost-burdened y (paying more than 30% of income on rent). Most South 1' ` � � jr.. -„,,, r: , Share of Renters Florida residents are forced to either allocate too much �1 : . with Cost Burdens me •'�4 :r. (Percent) income toward rent, live with one or more roommates, *,�� or move away from major employment centers in order y_ • 40-50 ei Less than 40 ,r - • a0-50 to find reasonably priced housing. r • 50-60 1 60 and Over Affiliated selects project sites located near employment centers, transportation nodes, and other city amenities, and works to develop engaging mixed-use multifamily In Dade, Broward and Palm Beach County over 525,931 renter projects at attainable rents the local workforce can households are cost burned which represents 61.2%of all renter afford. households.* *Joint Center for Housing Studies of Harvard Public Finance Background $110M in public financing secured for over 2,100 apartment units over the past 10 years TYPES OF FINANCING UTILIZED TIF • Tax Increment Financing TID • Tax Improvement District Financing w At 1-...,-�,NID Neighborhood Improvement District Financing ' - 'r ,il , . -; 40114 .0111r: g 41INNo, - ' CRA ■ Community Redevelopment Agency FinancingA: fe0 '!'ill ; Public Private Partnership Experience Executing Public Private Partnerships is a core competency Project:The MID Project:The Tropic Project:The Grand Location: Lake Worth Beach,FL Location: Hollywood, FL Location: West Palm Beach, FL Public Partner:City,CRA Public Partner:City,Count CRA Public Partner:City,CRA, HCD 1 er?C ill 11 • ,, Al 'oh[40,7,7 p _ ? <1•F `,^1 Ili 1 1 ®, ,+ �, 1. Arr. _ ! .o % f • , &lc, :k. ` �'' rr f I' 4 �' ii.,!.., „ , _ A/ 1 °” F' is • r{ �,. .1a l,., Project:The Six13 SO 0 ,.y ` ` I Location: Fort Lauderdale, FL for — I a i� L ._' fsti fir ri ilk��Ej��l Public Partner:CRA orf/ !- 1- i — '' - ' " • ���• i' 1. .� t h ;-1 Project: a= 11 1 Cil 1 t, �• 91 I" Location: ilwaukee,WI ' i MGC l"PI ' ' ii — ., 1 rg 1 _ �` Public artner:City I ;( h Ilii■ I I I r/ d-il u' r ! eProject:The Bohemian Project:Emerald Row il'ih.e:wite46.44,M_,olti%dvilite_r,ne ,Location: Lake Worth Beach, FL Location: Oak Creek,WI :' � ' V Public Partner:City,County,CRA _Public PartRner:City i!I r I 1 1 1 1 1 , yr IR 19 'NMI 11 1 1 iiii VI I ' I 1 I t"1 . '-'. *,..1. Ilm... II I .91 ,...., 1 1 1111,1, in17itioi, I li - , _ �����•- illi � , IIIA I 1— hi III � ' ..� 'El,- '_` ``' � +� ti1 .ate' hi 1 1 tii 1 ;. I nIl Z. 4ilko ii ..iiiii—',.i ' - . ' italiti .`` t IIIIIIIIIOII + III .�, , ..k ,.... !,‘ 09, 9 ":, -.. - . 1 "' 1 i i � Ill !n � 7 :r 0I:e i;;.iii II• ��' g:' ., _. . �•_ - , �,• • 1 N:9A • l�, .9} i, Florida Market: Phenomenal Fundamentals & Bright Growth Prospects Post-COVID lockdowns,the South Florida market has performed extraordinarily well and will continue to be one of the preeminent multifamily investment markets in the US. The market is unique; offering the stability of a major US market plus the upside of alpha returns. State Population Growth Primary Economic Growth Drivers Within Florida, the population is projected to increase by 5.4 million ✓ ProBusiness Government Environment people over the next 25 years. Over that period, one of the key target multifamily age demographics of 18-44 is expected to increase by ✓ Attractive Tax Laws approximately 1.4 million people or by more then 19%. V Quality of Life ✓ Gateway to South America Pre-COVID statistics show that roughly 1,000 people move into the state ✓ "Wall Street of the South" every day or more then 300,000 people per year. Population within the V Sustained Momentum & Growth state increased by 1.5%annually between 2010-2020 and that growth has V Transportation Investments & Improvements been experientially increased due to COVID-19. ✓ Tourist- 131M visitors per year South Florida MSA Rent Growth Florida Leads the Nation in Rent Growth • In 2021, 5 of the top 10 rental increases were in Florida markets • COVID migration exacerbated an already supply constrained housing market and caused rents to increase up to 40% in some —1111 South Florida metros. • More than 547,000 people exchanged out-of-state driver's licenses last year for ones with a Florida addresses. That's a 40% increase from 2020 and nearly 20% greater than the five-year average between 2017 and 2021. #1 U.S. Metro for New Business Creation SOUTH FLORIDA • 7th Largest MSA in U.S. MSA Local, State and National Rent Growth • Over 150 companies have relocated to Palm Beach County, Location 2019 2020 2021 creating nearly 13,000 direct jobs with average salaries over National 2.3% -1.6% 17.8% $70,000 Florida 1.5% 0.1% 30.4% • 3 International Airports(2 in U.S. Top 20) Palm Beach County 2.5% 1.8% 36.7% • 2.3%Unemployment Rate (January 2021) _ 'Source:Newmark Knight Frank,Florida Multifamily Capital Markets Snapshot • Miami-Ft. Lauderdale ranked #1 in Startup Activity South Florida: Solid Employment Base & the new "Wall Street of the South" South Florida has quickly become the destination choice of prominent money management funds relocating to the region for quality of life and tax benefits. Over 70 hedge funds have moved to South Florida since 2016 and over 100 CEOs now reside in Palm Beach County alone. "Now,companies are seeing the benefits we saw years ago. It's like a snowball effect;the local industry growth keeps attracting new businesses." Felipe Lemos -Kawa, Managing Director Major South Florida Employers & HQs 1.:' chWs/K O JI Office DE POT y •................ - , G„,S Officentrax RQyaiCarlbbean BACARDI LIMITED Ar LENNAR® c ms Publix. =l FLORIDA Ryder carnival Apr AutoNation World . • spirit U•S AIRWAYS se""" Financial Firms & Individuals Recently Moving to South Florida: • i ELLIOTT g V Starwood Capital, Barry Sternlicht S1ARWOO1) !". (.'API lL tea ,r, , °. .A t1 V Elliot Management, Paul Singer ,0 A4 s�S Icahn Enterprises, Carl Icahn is. V Appaloosa Management LP, David Tepper AO 1'1%' �1 APPS.. ti P V Blackstone ga Goldman V Goldman Sachs Senior Chairman, Lloyd Blankfein The : . , I 1 - Group. .. ✓ Plus: Over 70 Other Major Money Management Firms Current Fund Assets ,��-� .,,,ate"' .= . ?I - - +r�,' .-4,---- _- ` F ` ...... ✓ //� + 40R • 7::,,..„4,, �s. te �r t /, Aw‘ x 1...„‘ , i;r; I it 10 / lor. tea4, f♦4 _• ri ^ j i / *) '"11161 4.0 414V ...t. 1.14 l'e T 0 ,.....* II 4 1, ,.. ,k ,,,‘,.., . ,...,, 7.7 - • ae :did. Niti- , - v.,, ., , , . / • 7 7 oill ' - 1 - , k \L'I 0 0 10 The Bohemian,Lake Worth Beach, FL—85%Complete ffl 200 units Mixed Income Housing 1';/ .2- 0 • ;. . II 0 ill 1641 -4,-.. soli A — :� ' • 1 .. �• +. k ' L6L T1 _ 1) s • • • w. 1 � i' iltd � faafa,i I �_ raly D WI 1 r I r !'< I oil ' ? � ,., :r MI r I „ a . isi r ji.f1; r•,41 1 1.,• ii1-1 -rt. ,it 1 • 111115 . 11: ' q Jr ( • -._ � X7 7 w mi. `' I 1 I ' (�"'rit � i +���: p b. i-''r 0 . 04 1 fir API-eibili 4 III i 11 INN - IN ' -- ! . _ , „ , --, 3' 11: 11 :-'r < 4 The Tropic, Hollywood, FL—Predevelopment — _ 224 units Mixed Income Housing The Grand, West Palm Beach, FL—35%Complete 309 units Mixed Income Housing Project Overview: The Bohemian Currently Under Construction (Closed 4/2021) Lake Worth Beach, FL Tr ir, migeormi Project Overview - Location: 1017 Lake Ave. - Lake Worth Beach, FL 33460ir, .-o° Project Completion:Q3 2022 (Est.) ii i` - Type: Class"A" 7-Story Midriseji° �= ' ,� '"i'iii tl 1 Residential Area: 200 Multifamily Units eg , I' 'I� 1 290,575 sq.ft. 1 4; I rl - Commercial Area: ±4,100 Sq Ft of Retail nil .0 I 'li) 1 - Footprint: ±2.0 Acres -- - ��� °1 �_ I': '�� !l p u�a�.� IIII::" - Buildings: 7-Story Building with 371-Space • gr. 1 I 11 i Parking Garage - • N. it I`I. ., r on ,_ in to I "� - Amenities: Resort Style Pool,Gym, Co work Area, ROE' ORE 11 1,l uI, n !! "' r. - 1 Dog Park, Rooftop Observation Deck, ." -- " r' ' �i��� iii 11 Ili I Lawn and Game Area EE Z ti I [r in 1.111 111111 MEI s' `I IIIb I!I!� .; _�� . �iiiN�� �"�. j Project Highlights 4541 C'1, -!'+ _ _ uAil . -�_ - Partnership with City,County and CRA ', - First project to utilize Palm Beach County workforce How the Prosect Fulfills the Mission of Affiliated Housing Impact Fund: housing exchange • $12.3MM received of Public-Private Partnership Grants& Incentives - Centrally located and attainably-priced workforce housing • Provided new attainably-priced and safe Class"A" residential housing project in downtown Lake Worth Beach • Developed ±4,100 sq ft of high-quality, attainably-priced commercial space to foster vibrant economic activity 30 Year Partnership with City for Shared Parking Facility • Project fulfills fund commitment sustainable"Smart Growth" in the - Located in the heart of the LWB employment corridor Downtown District - NGBS Green Building Certification • Revitalization of area while removing blight - Designed to be Intermodal Transit Hub/Transit-Oriented • Created local jobs to foster sustainable economic growth Development • Project developed within a low-income census tract Construction Update: The Bohemian Project Remains Under Budget and Ahead of Schedule All site work, infrastructure, foundation and topping out completed in under 5 months Construction Update May 2022: Southwest View , 4: • Construction commenced in May 2021. - �' '' - �' • Construction 85% complete. `'„� :i ``' �` `'=� • Sitework and underground MEP completed. =..> f*,,41111110, ,- ii%�. �✓�� •�,�. + -.....„ - ✓ Y V. � ■ All structure completed; building is topped out. ' :_ ," if _ • \► t � J Roofing and fenestration completed. 15. �r► • 20% Preleased. ,. ,, tint ..y.r'��••....., l "�'", `s, ; i *411.1 `'•!::4; qty f . a` ~A.,... • � , ,�. r 1 et f.`. ':' r. !t`i ../ ' '.���.:: . •''' ■ Temporary Certificate of Occupancy (TCO) and first ,-'t„ " , , , , _ move-ins scheduled Summer of 2022. • �r , ' �' April 2021: Southwest View . \ - _ 1 . *14* ,. 14444101.L.,, .r,Att t. ... ).'' '*"..4.""''''''''''. .....:... N.% , / 4 atoi.,,',4, ,� {ice -. . . '� w' N ' ► r i Project Overview: The Grand Fund Project: Financial Closing Occurred September 2021 THE GRAND —West Palm Beach, FL • Project Overview ► Class "A" Mixed-Use Development with Luxury Amenities including resort-style pool, fitness facility, dog park, & more ► 309 Multifamily Units ► 3,000 SF of Commercial Space ` 3 ► 390-Space Parking Garage • Project Highlights !Kt Y ► Centrally located and attainably- �'ri .�' "i1-- -Di � ' priced in downtown WPBT ,� ;� ► Strong Employment Corridor A�� I �J �r _ �1 --...*=,. ► Received Local Government ,� 1} 1 �� 1; 4 Inr h Support ter_ I ' # ;.-1 ,Ti NI • $15,000,000 Approved in h rill 0011 r IT tt il I local grants and incentives ' .• i- �� _ 'i F T 1 �k ► 41 Environmentally Sustainable rlronu L { a _ ��: • NGBS Green Building t� 1 r� f 1 h1"q ,. r 1 1 71 >ir'",'� i� IT, hr Certification 15+ i; • _ . f r it - an l • Attainable Housing for the Local ' Y ." Workforce 1 fir i' VI *i t' ► Starting 1 Bed Rents: $1,600 vs 0 + i _ iarI ` M `,� ��il-- _ __• ` _ 1,100 discount to market �� _ . ► Starting 2 Bed Rents: $2,000 vs $3,500 for comparable property = $1,500 discount to market Construction Update: The Grand 110 Project Remains Under Budget and Ahead of Schedule All site work and infrastructure completed Construction Update April 2022: Northeast View 111 Construction commenced in October 2022. " Construction 35% complete. \:. . , '{ _ ~` ``` �. ..0,,► ' -4440111111 WIV Sitework and underground completed. ;-. =-,,K~ .ifti, _ _ '' "' Parking garage completed. k ' •' -- �".; ;,, ,,w , f• ,a'° i --' • lel Preleasing set to commence January 2023. s Temporary Certificate of Occupancy (TCO) and first , _ -; move-ins scheduled Spring of 2023. , y � .+ Pim'. c=7 " . .., 1 '� _ a f_: ,.� \ November 2021: Northeast View ��, e; • -,,,. - ,. ..a -fes :y„ •,_.. •' • '- h \ r ,+, {�,.• , , �s, F •Y w , - tet- !Q ,or:.. ' • _ P � .,..:14"‘'..44.4....,- Y' is f{�' A. .'., BJ. •hi T x r W " es w C''3 �4'yr'• . : y li'/ al i 1 Project Overview: The Tropic High-Rise Luxury Apartment Project in the Heart of Young Circle (Hollywood, Florida) THE TROPIC - Hollywood, FL P $60M Class "A" Development designed with Luxury Amenities including resort-style pool, fitness facility and dog park /11, 224 Unit Luxury Residential Tower and 300-Space «` r Parking Garage 1� Centrally located and attainably-priced in downtown / ' Hollywood ,.0' Jo � `- $9.4M in local incentives approved ,, . '1 1 ki L ' Attainable Housing for the Local Workforce y /' iti, k,,_wLand closing occurred Sep 2021 0 ,� 7' / ' i':. t,At Currently in the design and development phase, / 0• 7 7 '\�, �j\ ' construction expected to commence in Spring of 2022 • 7 . 0 04 4. TL"1i � ••••.'.7.±.•IA lk, at ,,tt y 'l< ,:, l'-� ►��� - f :-.'"----..'s - - - / . i 1, -- .. ...1.7.- �� \ - - l'-' 1...#.41 J� ` . r n — it • r i ill Ili, : ' l'_= . IIow N, ,. — --� " - t . , • --, 'moi �` y,� _ �,> s•-.7.-..,--‘7.--_ - •_ rte ,�- w fr I * I. i '12 —..- s �R , i . R ... 1 r '+II arts i ' iltfe Double Bottom Line Investment decisions that go beyond the bottom line The ethical considerations of the investment are not just limited to the creation and preservation of attainable housing. The strategic reinvestment of retirement funds back into the community can create a lasting social impact and provide excellent risk adjusted economic returns ✓Environmental, Social and Governance (ESG) • Promoting green initiatives at all properties through the application of National Green Building Standards, installing energy saving appliances and promoting the use alternative means of transportation. ✓Socially Responsible Investing (SRI) ESG G • Deploying innovative and valuable social programs to drive tenant J satisfaction and lead to a reduction in tenant turnover. • Engaging tenants, sponsoring community activities and offering reduced rents to teachers, nurses and police officers — who are in turn help organize V services like a neighborhood watch or tutoring sessions. ir ✓Impact Investing(Impact) • Directly impacts contributors SR I I M PACT • Create meaningful and measurable differences in the lives of individuals, families and communities by providing safe, clean and attainably priced housing. • "First look" program on all properties to pre-market units to local first responders and teachers for 60 days prior to being marketed to the general public. • Safeguard the mission to provide attainable housing through rental restrictions. These restrictions will be self-imposed if not required as a condition of funding sources. Fund Financial Update Strong initial performance • The Fund has called $23,876,495 of capital to date • Q4 2021 NAV of$27,543,466 ► 26.9% Gross IRR and 21.8% Net IRR Net Asset Value (NAV) Fund Gain/Loss& Expenses Fund Level Bohemian The Grand The Tropic Total Total Capital Called 7,492,876 10,571,662 5,485,280 326,677 23,876,496 Gain on Real Estate Investment - 1,245,527 3,390,944 - 4,636,471 Partnership Expenses and Financing Costs (225,676) (386,074) (337,530) (21,220) (970,500) Summary Fund NAV 7,267,200 11,431,115 8,538,694 305,457 27,542,466 Gross vs Net Returns 30% Gross and Net Returns Fund Totals 26.9% Total Capital Called 23,876,496 25% 23.6% Gain on Real Estate Investment 4,636,471 Fund Expenses and Financing Costs (970,500) 20% 17.9% 21.8% Net Asset Value 27,542,466 19.1% Q4 2021 I RR 26.9% 15% 13.3% 14.4% 10% IRR Table 10.7% Quarter Fund Limited Partner 5% Q4 2020 0% 0% 012021 13% 11% 0% Q2 2021 18% 14% Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 03 2021 24% 19% —LP Returns —Fund Returns Q42021 27% 22% 15 Capital Raising Efforts Institutional Capital Commitments • Affiliated Development has successfully reached an initial closing • First close was December 2020 • Two Subsequent closings occurred with the third scheduled for June 2022 • The Fund has attracted pension investment and family office capital • The Fund currently has 11 public plan investors Current Committed Investors: 4t) WESTPALM BEACH �`oZ, o. City Of Hollywood - Pol .:- o�lik Officers' Retirement Sy m, POLICE PENSION FUND - - - ------ _� i.The Hollywood Police Penson Fund van,created end Is sdrrom,tered ty "mot` the Booed of Tnratece of the Poine Officer,'ROUtment System fcr foe City of Holywood,Fonda Y City of Fort Lauderdale QQL�CF it? Police and Firefighters' FIRE aNTAr�o POLICE Retirement System - Q`oFP�aN>Q yjt ' CiT OI FORT IAUnIPntr 'III, ' ice' ( l* :),y �/ -� r„ -_ I .' ; n 19e3 /� MIRAMAR 9 }u i sF C j 4r• PO—Litt EST �yc 1955 �t7 Q ,tl;. .*�•" f /; �• FLORIDA JT"`( `. $ .� Lira rga ..,,ESP fN.E .Fo0 , ., Iiii‘ City of Davie Firefighters J PFAL ESTATE FUND M�_ City of Hollywood General Hollywood Firefighters' Pension Fund Employees' Retirement System 16 Summary of Fund Terms Z.- Name Affiliated Housing Impact Fund, LP 4 I ; Investment Strategy Construct, develop, and lease attainably priced i # multifamily apartments in South Florida �1 ,. ,' • Fund Type Closed-End Real Estate Fund IFS A 1 '1inimum Commitment $500,000 •Y;- ! i Target Size $100,000,000* "1-- � � $l'' 1 • % y� yr ;i , Target Net IRR 17% • • P1' P`' t , i 1 it 0 4 1 �I Final Close Date December 30th, 2022 0 Investment Period December 30th, 2025 (3 years) '" "" ' II Liquidation Period December 30th, 2032 (7 years)* � / '° mi ' d'i 41. / }i" 3 . _ -. J .I I Asset Management Fee 1.5% of commitments per annum, billed quarterly r / -. 6111I 1' ai 1Iii 0 I. $ ,N I +n Performance Fee 20% after investor receives 8% IRR 6 ■ I . i I t 0 a I I 1 , III 41, ' Manager Commitment Lesser of$5,000,000 or 5% of total commitments N ■ Ti 1 I x/11 1.' Q _ i , „ i I *Fund Manager has ability to increase fund size to$125,000,000 I11 111114 I ,41 , 11 i � *Subject to 2 one-year extensions DISCLAIMER The information contained in this presentation is confidential and is being presented to you with the understanding that,without the express prior written consent of Affiliated Development, LLC("Affiliated"),you will not:(i)disclose or discuss the information contained in this presentation;or(ii)reproduce or use the information contained in this presentation for any purpose other than to evaluate your potential investment in Affiliated Housing Impact Fund LP(the"Fund"). By accepting this presentation,you agree to treat it confidentially and to return it promptly upon request. The information contained in this presentation: (i)is provided for informational and discussion purposes only; (ii)may not be relied on in any manner as legal,tax or investment advice;and(iii)is not an offer to sell,or a solicitation of an offer to buy,any securities. Certain information included in this presentation may contain statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, as amended,which is subject to risks and uncertainties. Forward-looking statements are statements other than historical information or statements of current condition and may be identified by use of terms such as"believes," "anticipates,""expects," "intends,""may,""will,""estimate"and other variations of comparable terminology. Actual results could differ materially from those suggested by these forward-looking statements. Forward-looking statements are subject to risks and uncertainties. Many of these risks and uncertainties are beyond Affiliated's control and,accordingly,there can be no assurance that the forward-looking statements contained in this presentation will occur. This presentation contains information concerning Affiliated,a proposed investment in the Fund,and related future plans and projected future performance. There can be no assurance that Affiliated will be able to successfully raise the equity required to organize the Fund or achieve any projected future performance. Furthermore, because this presentation is based upon estimates and assumptions about circumstances and events that have not taken place and are subject to material variation,there can be no assurance that the matters,strategies and goals covered herein will be attained or,if attained,that the Fund(or any particular investment made by the Fund)will produce the contemplated returns or otherwise be profitable. In considering any performance data contained herein,bear in mind that past or targeted performance is not necessarily indicative of future results, and there can be no assurance that the Fund(or any particular investment made by the Fund)will achieve comparable results or that target returns will be met. Likewise,there can be no assurance that Affiliated's estimates, assumptions,expectations, plans or strategies for the Fund will not change from those presented herein. This presentation was not prepared,and is not required to be prepared,in conformity with guidelines established by the U.S.Securities and Exchange Commission or any state securities regulatory agency or authority and has not been reviewed by an accounting firm. Affiliated undertakes no responsibility to update any information in this presentation,whether to reflect events or changes in terms or otherwise,subsequent to the date of this presentation. Certain of the information contained herein, particularly in respect of the market data,economic and other forecasts and performance data is from third-party sources. While Affiliated believes such sources to be reliable,neither Affiliated nor any of its officers,directors, managers, employees, agents or affiliates has updated any such information through the date hereof nor undertaken any independent review of such information. Affiliated does not make any representation or warranty,express or implied,with respect to the fairness,correctness, accuracy,reasonableness or completeness of any of the information contained herein (including, but not limited to,economic, market or other information obtained from third parties,or the sponsors or managers of prior investments described herein),and it expressly disclaims any responsibility or liability therefor. Information contained herein and specific to any individual's tenure at a specific investment firm is provided in order to illustrate the nature of such individual's prior professional experience and contribution to the success of such investment firm but should not be understood as"track record"information. It is presented for illustrative purposes only. Other investment professionals of such firms had substantial involvement in,and made substantial contributions to,certain of the prior investments described herein. The individuals included herein did not possess sole investment approval with respect to any prior investment or transaction. The performance of these prior investments and/or transactions is not necessarily indicative of the performance of every investment made by the applicable investment firm during such individual's tenure. FOR THE AVOIDANCE OF DOUBT,THE FOREGOING SHALL NOT PROHIBIT THE DISCLOSURE OF THIS DOCUMENT BY A STATE, MUNICIPAL OR OTHER PUBLIC PENSION PLAN THAT IS SUBJECT TO LAWS OR REGULATIONS MANDATING THE DISCLOSURE OF SUCH INFOMATION,AS AND TO THE EXTENT REASONABLY REQUIRED BY SUCH LAWS OR REGULATIONS. It AFFILIATED C FORM 1 STATEMENT OF 2021 Please print or type your name,mailing FINANCIAL INTERESTS FOR OFFICE USE ONLY: address,agency name,and position below: LAST NAME--FIRST NAME--MIDDLE NAME: MAILING ADDRESS: CITY: ZIP: COUNTY: NAME OF AGENCY: NAME OF OFFICE OR POSITION HELD OR SOUGHT: CHECK ONLY IF ❑ CANDIDATE OR ❑ NEW EMPLOYEE OR APPOINTEE **** THIS SECTION MUST BE COMPLETED **** DISCLOSURE PERIOD: THIS STATEMENT REFLECTS YOUR FINANCIAL INTERESTS FOR CALENDAR YEAR ENDING DECEMBER 31, 2021. 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 n DOLLAR VALUE THRESHOLDS 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 PART C--REAL PROPERTY [Land,buildings owned by the reporting person-See instructions] You are not limited to the space on the (If you have nothing to report,write"none"or"n/a") 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. CE FORM 1-Effective:January 1,2022 (Continued on reverse side) PAGE 1 Incorporated by reference in Rule 34-8.202(1),F.A.C. 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 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. IF ANY OF PARTS A THROUGH G ARE CONTINUED ON A SEPARATE SHEET, PLEASE CHECK HERE ❑ SIGNATURE OF FILER: CPA or ATTORNEY SIGNATURE ONLY If a certified public accountant licensed under Chapter 473,or attorney Signature: 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. Date Signed: CPA/Attorney Signature: Date Signed: FILING INSTRUCTIONS: If you were mailed the form by the Commission on Ethics or a County Candidates file this form together with their filing papers. Supervisor of Elections for your annual disclosure filing, return the MULTIPLE FILING UNNECESSARY:A candidate who files a Form form to that location. To determine what category your position falls 1 with a qualifying officer is not required to file with the Commission under, see page 3 of instructions. or Supervisor of Elections. Local officers/employees file with the Supervisor of Elections WHEN TO FILE: Initially, each local officer/employee, state officer, of the county in which they permanently reside. (If you do not and specified state employee must file within 30 days of the permanently reside in Florida, file with the Supervisor of the county date of his or her appointment or of the beginning of employment. where your agency has its headquarters.) Form 1 filers who file with Appointees who must be confirmed by the Senate must file prior to the Supervisor of Elections may file by mail or email. Contact your confirmation, even if that is less than 30 days from the date of their Supervisor of Elections for the mailing address or email address to appointment. use. Do not email your form to the Commission on Ethics, it will be returned. Candidates must file at the same time they file their qualifying State officers or specified state employees who file with the papers. Commission on Ethics may file by mail or email. To file by mail, Thereafter,file by July 1 following each calendar year in which they send the completed form to P.O. Drawer 15709, Tallahassee, FL hold their positions. 32317-5709; physical address: 325 John Knox Rd, Bldg E, Ste 200, Finally, file a final disclosure form (Form 1F) within 60 days of Tallahassee, FL 32303. To file with the Commission by email, scan leaving office or employment. Filing a CE Form 1F(Final Statement your completed form and any attachments as a pdf(do not use any of Financial Interests)does not relieve the filer of filing a CE Form 1 other format), send it to CEForm1@leg.state.fl.us and retain a copy if the filer was in his or her position on December 31,2021. for your records. Do not file by both mail and email. Choose only one filing method. Form 6s will not be accepted via email. CE FORM 1-Effective January 1,2022 PAGE 2 Incorporated by reference in Rule 34-8 202(1),F.A.C. 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.] WHO MUST FILE FORM 1: 1) Elected public officials not serving in a political subdivision of the or municipal water resources coordinator; county or municipal pollution state and any person appointed to fill a vacancy in such office, unless control director;county or municipal environmental control director;county required to file full disclosure on Form 6. or municipal administrator with power to grant or deny a land development 2) Appointed members of each board, commission, authority, or permit; chief of police; fire chief; municipal clerk; appointed district school council having statewide jurisdiction,excluding members of solely advisory superintendent; community college president; district medical examiner; bodies, but including judicial nominating commission members; Directors purchasing agent (regardless of title) having the authority to make any of Enterprise Florida, Scripps Florida Funding Corporation, and Career purchase exceeding$35,000 for the local governmental unit. Source Florida;and members of the Council on the Social Status of Black 8) Officers and employees of entities serving as chief administrative Men and Boys;the Executive Director,Governors,and senior managers of officer of a political subdivision. Citizens Property Insurance Corporation;Governors and senior managers 9) Members of governing boards of charter schools operated by a of Florida Workers' Compensation Joint Underwriting Association; board city or other public entity. members of the Northeast Fla.Regional Transportation Commission;board 10) Employees in the office of the Governor or of a Cabinet member members of Triumph Gulf Coast, Inc; board members of Florida Is For who are exempt from the Career Service System, excluding secretarial, Veterans,Inc.;and members of the Technology Advisory Council within the clerical,and similar positions. Agency for State Technology. 11) The following positions in each state department, commission, 3) The Commissioner of Education, members of the State Board board, or council: Secretary, Assistant or Deputy Secretary, Executive of Education, the Board of Governors, the local Boards of Trustees and Director, Assistant or Deputy Executive Director, and anyone having the Presidents of state universities,and the Florida Prepaid College Board. power normally conferred upon such persons,regardless of title. 4) Persons elected to office in any political subdivision (such as 12) The following positions in each state department or division: municipalities,counties,and special districts)and any person appointed to Director, Assistant or Deputy Director, Bureau Chief, and any person fill a vacancy in such office, unless required to file Form 6. having the power normally conferred upon such persons, regardless of 5) Appointed members of the following boards, councils, title. commissions, authorities, or other bodies of county, municipality, school 13) Assistant State Attorneys, Assistant Public Defenders, criminal district, independent special district, or other political subdivision: the conflict and civil regional counsel, and assistant criminal conflict and civil governing body of the subdivision; community college or junior college regional counsel, Public Counsel, full-time state employees serving as district boards of trustees; boards having the power to enforce local code counsel or assistant counsel to a state agency, administrative law judges, provisions; boards of adjustment; community redevelopment agencies; and hearing officers. planning or zoning boards having the power to recommend, create, or 14) The Superintendent or Director of a state mental health institute modify land planning or zoning within a political subdivision, except for established for training and research in the mental health field,or any major citizen advisory committees,technical coordinating committees,and similar state institution or facility established for corrections,training,treatment,or groups who only have the power to make recommendations to planning rehabilitation. or zoning boards, and except for representatives of a military installation 15) State agency Business Managers, Finance and Accounting acting on behalf of all military installations within that jurisdiction; pension Directors, Personnel Officers,Grant Coordinators,and purchasing agents or retirement boards empowered to invest pension or retirement funds (regardless of title)with power to make a purchase exceeding$35,000. or determine entitlement to or amount of pensions or other retirement 16) The following positions in legislative branch agencies: each benefits,and the Pinellas County Construction Licensing Board. employee(other than those employed in maintenance,clerical,secretarial, 6) Any appointed member of a local government board who is or similar positions and legislative assistants exempted by the presiding required to file a statement of financial interests by the appointing authority officer of their house); and each employee of the Commission on or the enabling legislation,ordinance,or resolution creating the board. Ethics. 7) Persons holding any of these positions in local government: 17)Each member of the governing body of a"large-hub commercial mayor; county or city manager; chief administrative employee or finance service airport," as defined in Section 112.3144(1)(c), Florida director of a county, municipality, or other political subdivision; county or Statutes, except for members required to comply with the financial municipal attorney; chief county or municipal building inspector; county disclosure requirements of s. 8,Article II of the State Constitution. INSTRUCTIONS FOR COMPLETING FORM 1: INTRODUCTORY INFORMATION (Top of Form): If your OFFICE OR POSITION HELD OR SOUGHT: The title of name, mailing address, public agency, and position are already the office or position you hold, are seeking, or held during the printed on the form, you do not need to provide this information disclosure period even if you have since left that position. If you unless it should be changed. To change any of this information, are a candidate for office or are a new employee or appointee, write the correct information on the form, and contact your check the appropriate box. agency's financial disclosure coordinator. You can find your PUBLIC RECORD: The disclosure form and everything coordinator on the Commission on Ethics website: www.ethics. attached to it is a public record. Your social security number, state.fl.us. bank account, debit, charge. and credit card numbers are not NAME OF AGENCY: The name of the governmental unit required and you should redact them from any documents you which you serve or served, by which you are or were employed, file. If you are an active or former officer or employee listed in or for which you are a candidate. Section 119.071, F.S., whose home address is exempt from DISCLOSURE PERIOD: The "disclosure period" for your disclosure, the Commission will maintain that confidentiality if report is the calendar year ending December 31, 2021. you submit a written and notarized request. CE FORM 1-Effective:January 1,2022.Incorporated by reference in Rule 34-8.202,F.A.C. PAGE 3 MANNER OF CALCULATING REPORTABLE INTEREST 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. IF YOU HAVE CHOSEN DOLLAR VALUE THRESHOLDS THE FOLLOWING INSTRUCTIONS APPLY PART A—PRIMARY SOURCES OF INCOME or beneficial interest) more than 5% of the total assets or capital [Required by s. 112.3145(3)(b)1, F.S.] stock of a business entity (a corporation, partnership, LLC, limited partnership, proprietorship, joint venture, trust, firm, etc., doing Part A is intended to require the disclosure of your principal business in Florida);and, sources of income during the disclosure period. You do not have to (2) You received more than $5,000 of your gross income during the disclose any public salary or public position(s). The income of your disclosure period from that business entity. spouse need not be disclosed; however, if there is joint income to you and your spouse from property you own jointly (such as interest If your interests and gross income exceeded these thresholds,then for that or dividends from a bank account or stocks), you should disclose the business entity you must list every source of income to the business entity source of that income if it exceeded the threshold. 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 Please list in this part of the form the name, address, and source's address,and the source's principal business activity. principal business activity of each source of your income which exceeded $2,500 of gross income received by you in your own name Examples: or by any other person for your use or benefit. — You are the sole proprietor of a dry cleaning business,from which "Gross income" means the same as it does for income tax you received more than$5,000. If only one customer,a uniform rental purposes, even if the income is not actually taxable, such as interest company,provided more than 10%of your dry cleaning business,you on tax-free bonds. Examples include: compensation for services, must list the name of the uniform rental company, its address, and its income from business, gains from property dealings, interest, rents, principal business activity(uniform rentals). dividends, pensions, IRA distributions, social security, distributive — You are a 20%partner in a partnership that owns a shopping mall share of partnership gross income, and alimony if considered gross and your partnership income exceeded the above thresholds.List each income under federal law, but not child support. tenant of the mall that provided more than 10% of the partnership's Examples: gross income and the tenant's address and principal business activity. — If you were employed by a company that manufactures PART C—REAL PROPERTY computers and received more than $2,500, list the name of the company,its address,and its principal business activity(computer [Required by s. 112.3145(3)(b)3, F.S.] manufacturing). In this part,list the location or description of all real property in Florida — If you were a partner in a law firm and your distributive share in which you owned directly or indirectly at any time during the disclosure of partnership gross income exceeded $2,500, list the name of period in excess of 5%of the property's value.You are not required to list the firm, its address,and its principal business activity(practice of your residences.You should list any vacation homes if you derive income law). from them. — If you were the sole proprietor of a retail gift business and your Indirect ownership includes situations where you are a beneficiary of a gross income from the business exceeded$2,500, list the name trust that owns the property,as well as situations where you own more than of the business, its address, and its principal business activity 5%of a partnership or corporation that owns the property.The value of the (retail gift sales). property may be determined by the most recently assessed value for tax purposes, in the absence of a more accurate fair market value. — If you received income from investments in stocks and bonds, The location or description of the property should be sufficient to list each individual company from which you derived more than enable anyone who looks at the form to identify the property. A street $2,500. Do not aggregate all of your investment income. address should be used,if one exists. — 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 PART D—INTANGIBLE PERSONAL PROPERTY income the purchaser's name, address and principal business [Required by s. 112.3145(3)(b)3,F.S.] activity. If the purchaser's identity is unknown, such as where Describe any intangible personal property that,at any time during the securities listed on an exchange are sold through a brokerage disclosure period, was worth more than $10,000 and state the business firm, the source of income should be listed as "sale of(name of entity to which the property related. Intangible personal property includes company)stock,"for example. things such as cash on hand,stocks,bonds,certificates of deposit,vehicle — If more than $2,500 of your gross income was in the form leases,interests in businesses,beneficial interests in trusts,money owed of interest from one particular financial institution (aggregating you(including,but not limited to, loans made as a candidate to your own interest from all CD's, accounts, etc., at that institution), list the campaign), Deferred Retirement Option Program (DROP) accounts, the name of the institution, its address, and its principal business Florida Prepaid College Plan, and bank accounts in which you have an activity. ownership interest. Intangible personal property also includes investment products held in IRAs, brokerage accounts, and the Florida College PART B—SECONDARY SOURCES OF INCOME Investment Plan. Note that the product contained in a brokerage account, [Required by s. 112.3145(3)(b)2, F.S.] 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 This part is intended to require the disclosure of major customers, paintings are not intangible property. Intangibles relating to the same clients, and other sources of income to businesses in which you own an business entity may be aggregated; for example, CDs and savings interest.It is not for reporting income from second jobs.That kind of income accounts with the same bank.Property owned as tenants by the entirety or should be reported in Part A"Primary Sources of Income,"if it meets the as joint tenants with right of survivorship,including bank accounts owned in reporting threshold.You will not have anything to report unless, during the such a manner,should be valued at 100%. The value of a leased vehicle disclosure period: is the vehicle's present value minus the lease residual(a number found on (1) You owned(either directly or indirectly in the form of an equitable the lease document). CE FORM 1-Effective:January 1,2022 Incorporated by reference in Rule 34-8.202,FA.C.. PAGE 4 PART E—LIABILITIES period an interest in, or held any of certain positions with the types of [Required by S. 112.3145(3)(b)4,F.S.] 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 List the name and address of each creditor to whom you owed more interest)at any time during the disclosure period more than 5%of the total than$10,000 at any time during the disclosure period.The amount of the assets or capital stock of one of the types of business entities listed above. liability of a vehicle lease is the sum of any past-due payments and all You also must complete this part of the form for each of these types of unpaid prospective lease payments.You are not required to list the amount businesses for which you are, or were at any time during the disclosure of any debt.You do not have to disclose credit card and retail installment period,an officer,director,partner,proprietor,or agent(other than a resident accounts, taxes owed (unless reduced to a judgment), indebtedness on agent solely for service of process). a life insurance policy owed to the company of issuance, or contingent If you have or held such a position or ownership interest in one of liabilities.A"contingent liability" is one that will become an actual liability these types of businesses, list the name of the business, its address and only when one or more future events occur or fail to occur,such as where principal business activity,and the position held with the business(if any).If note. If youou are baere aly as a"co-maker'and are joiarantor, ntly liable or jointly anor endorser on a drs severally desou c bewnit e)more than a 5%nature of your interest.interest in the business,indicate that fact and liable,then it is not a contingent liability. PART F—INTERESTS IN SPECIFIED BUSINESSES PART G—TRAINING CERTIFICATION [Required by s. 112.3145(7),F.S.] [Required by s. 112.3142, F.S.] The types of businesses covered in this disclosure include: state and If you are a Constitutional or elected municipal officer, federally chartered banks;state and federal savings and loan associations; appointed school superintendent,or a commissioner of a community cemetery companies; insurance companies; mortgage companies; credit redevelopment agency created under Part III, Chapter 163 whose unions; small loan companies; alcoholic beverage licensees; pari-mutuel service began before March 31 of the year for which you are filing, wagering companies, utility companies, entities controlled by the Public you are required to complete four hours of ethics training which Service Commission;and entities granted a franchise to operate by either a addresses Article II,Section 8 of the Florida Constitution,the Code city or a county government. of Ethics for Public Officers and Employees,and the public records and open meetings laws of the state.You are required to certify on Disclose in this part the fact that you owned during the disclosure this form that you have taken such training. IF YOU HAVE CHOSEN COMPARATIVE (PERCENTAGE) THRESHOLDS THE FOLLOWING INSTRUCTIONS APPLY PART A—PRIMARY SOURCES OF INCOME bonds, list each individual company from which you derived [Required by s. 112.3145(3)(a)1, F.S.] more than 5% of your gross income. Do not aggregate all of your investment income. Part A is intended to require the disclosure of your principal — If more than 5%of your gross income was gain from the sale sources of income during the disclosure period. You do not have of property(not just the selling price), list as a source of income to disclose any public salary or public position(s), but income from the purchaser's name, address, and principal business activity. these public sources should be included when calculating your gross If the purchaser's identity is unknown, such as where securities income for the disclosure period. The income of your spouse need listed on an exchange are sold through a brokerage firm, the not be disclosed; however, if there is joint income to you and your source of income should be listed as"sale of(name of company) spouse from property you own jointly (such as interest or dividends stock,"for example. from a bank account or stocks), you should include all of that income when calculating your gross income and disclose the source of that — If more than 5% of your gross income was in the form of income if it exceeded the threshold. interest from one particular financial institution (aggregating Please list in this part of the form the name, address, and interest from all CD's, accounts, etc., at that institution), list the principal business activity of each source of your income which name of the institution, its address, and its principal business activity. 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 PART B—SECONDARY SOURCES OF INCOME period. "Gross income" means the same as it does for income tax [Required by s. 112.3145(3)(a)2, F.S.] purposes, even if the income is not actually taxable, such as interest This part is intended to require the disclosure of major customers, on tax-free bonds. Examples include: compensation for services, clients, and other sources of income to businesses in which you own income from business, gains from property dealings, interest, rents, an interest. It is not for reporting income from second jobs.That kind dividends, pensions, IRA distributions, social security, distributive of income should be reported in Part A,"Primary Sources of Income," share of partnership gross income, and alimony if considered gross if it meets the reporting threshold.You will not have anything to report income under federal law, but not child support. unless during the disclosure period: Examples: (1) You owned (either directly or indirectly in the form of an — If you were employed a com an that manufactures equitable or beneficial interest)more than 5%of the total assets by company or capital stock of a business entity (a corporation, partnership, computers and received more than 5% of your gross income LLC, limited partnership, proprietorship,joint venture, trust, firm, from the company, list the name of the company, its address, etc.,doing business in Florida); and, and its principal business activity(computer manufacturing). (2) You received more than 10%of your gross income from that — If you were a partner in a law firm and your distributive share business entity; and, of partnership gross income exceeded 5%of your gross income, then list the name of the firm, its address, and its principal (3) You received more than $1,500 in gross income from that business activity(practice of law). business entity. If your interests and gross income exceeded these thresholds,then — If you were the sole proprietor of a retail gift business and o for that business entity you must list every source of income to the your gross income from the business exceeded 5% of your business entity which exceeded 10%of the business entity's gross total gross income, list the name of the business, its address, income(computed on the basis of the business entity's most recently and its principal business activity(retail gift sales). completed fiscal year), the source's address, and the source's — If you received income from investments in stocks and principal business activity. CE FORM 1-Effective:January 1,2022.Incorporated by reference in Rule 34-8.202,F.A.C. PAGE 5 Examples: PART E—LIABILITIES — You are the sole proprietor of a dry cleaning business, from [Required by s. 112.3145(3)(b)4, F.S.] which you received more than 10% of your gross income—an List the name and address of each creditor to whom you owed amount that was more than$1,500.If only one customer,a uniform rental company, provided more than 10% of your dry cleaning any amount that, at any time during the disclosure period, exceeded business,you must list the name of the uniform rental company,its your net worth. You are not required to list the amount of any debt address,and its principal business activity(uniform rentals). or your net worth. You do not have to disclose: credit card and retail installment accounts, taxes owed (unless reduced to a judgment), — You are a 20%partner in a partnership that owns a shopping indebtedness on a life insurance policy owed to the company of mall and your partnership income exceeded the thresholds listed issuance,or contingent liabilities.A"contingent liability"is one that will above. You should list each tenant of the mall that provided more become an actual liability only when one or more future events occur than 10% of the partnership's gross income, and the tenant's or fail to occur, such as where you are liable only as a guarantor, address and principal business activity. 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 PART C—REAL PROPERTY liability. [Required by s. 112.3145(3)(a)3, F.S.] Calculations: To determine whether the debt exceeds your In this part, list the location or description of all real property in net worth, total all of your liabilities (including promissory notes, Florida in which you owned directly or indirectly at any time during the mortgages, credit card debts, judgments against you, etc.). The disclosure period in excess of 5%of the property's value.You are not amount of the liability of a vehicle lease is the sum of any past-due required to list your residences.You should list any vacation homes if, payments and all unpaid prospective lease payments. Subtract you derive income from them. 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 Indirect ownership indudes situations where you are a beneficiary to whom your debt exceeded this amount unless it is one of the types of a trust that owns the property,as well as situations where you own of indebtedness listed in the paragraph above (credit card and retail more than 5%of a partnership or corporation that owns the property. installment accounts, etc.). Joint liabilities with others for which you The value of the property may be determined by the most recently are "jointly and severally liable," meaning that you may be liable for assessed value for tax purposes, in the absence of a more accurate either your part or the whole of the obligation, should be included in fair market value. your calculations at 100%of the amount owed. The location or description of the property should be sufficient to Example: You owe$15,000 to a bank for student loans, $5,000 enable anyone who looks at the form to identify the property.A street for credit card debts, and $60,000 (with spouse) to a savings address should be used, if one exists. and loan for a home mortgage. Your home (owned by you and PART D—INTANGIBLE PERSONAL PROPERTY your spouse) is worth $80,000 and your other property is worth [Required by s. 112.3145(3)(a)3, F.S.] $20,000. Since your net worth is $20,000 ($100,000 minus $80,000), you must report only the name and address of the Describe any intangible personal property that,at any time during savings and loan. the disclosure period,was worth more than 10%of your total assets, and state the business entity to which the property related. Intangible PART F—INTERESTS IN SPECIFIED BUSINESSES personal property includes things such as cash on hand, stocks, [Required by s. 112.3145(7), F.S.] bonds, certificates of deposit, vehicle leases, interests in businesses, beneficial interests in trusts, money owed you (including, but not The types of businesses covered in this disclosure include:state limited to,loans made as a candidate to your own campaign),Deferred and federally chartered banks; state and federal savings and loan Retirement Option Program (DROP) accounts, the Florida Prepaid associations; cemetery companies; insurance companies; mortgage College Plan, and bank accounts in which you have an ownership companies; credit unions; small loan companies; alcoholic beverage interest.Intangible personal property also includes investment products licensees;pari-mutuel wagering companies,utility companies,entities held in IRAs, brokerage accounts, and the Florida College Investment controlled by the Public Service Commission; and entities granted a Plan. Note that the product contained in a brokerage account,IRA,or franchise to operate by either a city or a county government. the Florida College Investment Plan is your asset—not the account or Disclose in this part the fact that you owned during the plan itself.Things like automobiles and houses you own,jewelry, and disclosure period an interest in, or held any of certain positions with, paintings are not intangible property. Intangibles relating to the same the types of businesses listed above. You are required to make this business entity may be aggregated; for example, CD's and savings disclosure if you own or owned (either directly or indirectly in the accounts with the same bank. form of an equitable or beneficial interest) at any time during the Calculations: To determine whether the intangible property disclosure period more than 5% of the total assets or capital stock exceeds 10%of your total assets, total the fair market value of all of of one of the types of business entities listed above. You also must your assets (including real property, intangible property, and tangible complete this part of the form for each of these types of businesses personal property such as jewelry, furniture, etc.). When making this for which you are, or were at any time during the disclosure period, calculation, do not subtract any liabilities (debts) that may relate to an officer,director,partner,proprietor,or agent(other than a resident the property. Multiply the total figure by 10%to arrive at the disclosure agent solely for service of process). threshold. List only the intangibles that exceed this threshold amount. If you have or held such a position or ownership interest in The value of a leased vehicle is the vehicle's present value minus the one of these types of businesses, list the name of the business, its lease residual(a number which can be found on the lease document). address and principal business activity, and the position held with Property that is only jointly owned property should be valued according the business (if any). If you own(ed) more than a 5% interest in the to the percentage of your joint ownership. Property owned as tenants business, indicate that fact and describe the nature of your interest. by the entirety or as joint tenants with right of survivorship, including bank accounts owned in such a manner, should be valued at 100%. PART G—TRAINING CERTIFICATION None of your calculations or the value of the property have to be disclosed on the form. [Required by s. 112.3142, F.S.] Example: You own 50% of the stock of a small corporation that If you are a Constitutional or elected municipal officer, is worth$100,000,the estimated fair market value of your home appointed school superintendent, or a commissioner of a community and other property (bank accounts, automobile, furniture, etc.) redevelopment agency created under Part III, Chapter 163 whose is $200,000.As your total assets are worth $250,000, you must service began before March 31 of the year for which you are filing, disclose intangibles worth over $25,000. Since the value of the you are required to complete four hours of ethics training which stock exceeds this threshold,you should list"stock"and the name addresses Article II,Section 8 of the Florida Constitution,the Code of of the corporation. If your accounts with a particular bank exceed Ethics for Public Officers and Employees, and the public records and $25,000,you should list"bank accounts"and bank's name. open meetings laws of the state. You are required to certify on this form that you have taken such training. CE FORM 1-Effective:January 1,2022.Incorporated by reference in Rule 34-8,202,FA.C. PAGE 6 THE RESOURCE CENTERS, LLC Ih'I 1 111 4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410 Phone (561) 624-3277 ❖ Fax(561) 624-3278 ❖ WWW.RESOURCECENTERS.COM April 14, 2022 TO: Board of Trustees FROM: Scott Baur and Sergio Giron Partners, Resource Centers, LLC RE: Resource Centers 2022 Lease Rollover Real World Case Study Example Dear Trustees: The majority of plans where we serve as the administrator invest directly in real estate holdings through various pooled investment vehicles. For some time now, we have listened to many Board conversations regarding evolving trends in the real estate market particularly with respect to office properties in the post-COVID era. We therefore wanted to share with you our own recent experience, our process, and our reasoning. The current lease for the Resource Centers rolls over in 2022. Prior to the pandemic, we had some employees already working remotely. Following the pandemic, some members of our team must still work physically in our offices most of the time, some work physically in our offices as needed, and some work remotely most of the time. Overall, our operations have trended toward a remote and more flexible work environment. Within our organization, we believe these changes to our work patterns will continue permanently. We were constrained during our lease term from making permanent changes to our physical work environment even as we recognized these changes in how we work. Now that our lease term has ended, we plan to reduce the physical footprint for our main office in Palm Beach Gardens by 35%. In this process, we will convert individual offices to a more flexible workspace that allows employees working remotely at least part of the time to work from our offices as needed. We do not see a need to increase the square footage allocated to each employee because of the pandemic; rather, we need more flexible space to accommodate the changing work habits of our employees and evolution in our operations. Our offices will remain open to the public before, during, and after we complete these changes. We would like to think that we would save money as we reduce our office overhead, but unfortunately, this will not happen. We did favorably negotiate the terms of our lease extension with the building owner even as we modified our remaining space. Recent increases in our insurance premiums and other overhead, however, more than offset the reduction in our rent. Therefore,the savings that we will realize in rent are not only desirable but necessary as we manage our other costs. We always want to take the opportunity to thank you for the confidence that you place in our team as we work for you and for the members of your plan. We work hard to demonstrate to you our ongoing commitment to excellence and service. Si -rely, dor 1. . ott Baur S•rgio Giron Managing Partner 'artner and CIO Resource Centers LLC—Pension Resource Center LLC—Financial Resource Center LLC THE RESOURCE CENTERS, LLC 1111111 4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410 Phone (561) 624-3277 ❖ Fax(561) 624-3278 ❖ WWW.RESOURCECENTERS.COM April 14, 2022 TO: Board of Trustees FROM: Scott Baur and Sergio Giron Partners, Resource Centers, LLC RE: Resource Centers 2022 Lease Rollover Real World Case Study Example Dear Trustees: The majority of plans where we serve as the administrator invest directly in real estate holdings through various pooled investment vehicles. For some time now, we have listened to many Board conversations regarding evolving trends in the real estate market particularly with respect to office properties in the post-COVID era. We therefore wanted to share with you our own recent experience, our process, and our reasoning. The current lease for the Resource Centers rolls over in 2022. Prior to the pandemic, we had some employees already working remotely. Following the pandemic, some members of our team must still work physically in our offices most of the time, some work physically in our offices as needed, and some work remotely most of the time. Overall, our operations have trended toward a remote and more flexible work environment. Within our organization, we believe these changes to our work patterns will continue permanently. We were constrained during our lease term from making permanent changes to our physical work environment even as we recognized these changes in how we work. Now that our lease term has ended, we plan to reduce the physical footprint for our main office in Palm Beach Gardens by 35%. In this process, we will convert individual offices to a more flexible workspace that allows employees working remotely at least part of the time to work from our offices as needed. We do not see a need to increase the square footage allocated to each employee because of the pandemic; rather, we need more flexible space to accommodate the changing work habits of our employees and evolution in our operations. Our offices will remain open to the public before, during, and after we complete these changes. We would like to think that we would save money as we reduce our office overhead, but unfortunately, this will not happen. We did favorably negotiate the terms of our lease extension with the building owner even as we modified our remaining space. Recent increases in our insurance premiums and other overhead, however, more than offset the reduction in our rent.Therefore, the savings that we will realize in rent are not only desirable but necessary as we manage our other costs. We always want to take the opportunity to thank you for the confidence that you place in our team as we work for you and for the members of your plan. We work hard to demonstrate to you our ongoing commitment to excellence and service. Si -r-ly, diff J. . ott Baur S•rgio Giron Managing Partner 'artner and CIO Resource Centers LLC—Pension Resource Center LLC—Financial Resource Center LLC 1 KLAUSNER KAUFM AN JENSEN LEVINSON MEMORANDUM TO: Board of Trustees FROM: Klausner Kaufman Jensen & Levinson Fund Legal Counsel DATE: April, 2022 RE: ANNUAL FORM 1 FILING Attached is Commission on Ethics (CE) Form 1 "Statement of Financial Interests" which must be filed by Trustees with the Supervisor of Elections for the county in which you reside, prior to July 1, 2022. The instructions for filing and completing the form are also attached. Please be sure to review them again as the Form was updated last year. Remember: • If you are entitled to confidentiality in your address as provided by Florida Statutes 119.071, you may request the Commission on Ethics to maintain that confidentiality in writing. In the past, some trustees have used their work address or a post office box instead. • Under the law, your CPA or personal attorney can complete this Form 1 for you. You may complete the form online using your keyboard to fill in the information, tabbing from one section to the next. However, you must print the completed form (just pages 1 and 2), sign and date it, then send it by mail or email to the Supervisor of Elections for the county in which you reside. There is no current system available to file online. It is important that you timely file this form because the penalty for failure to timely file is $25.00 per day, to a maximum of $1,500.00. Additionally, failure to file can result in removal from public office or employment. We suggest that you file this form by certified mail, return receipt requested, and keep a photo copy of the form for your files. Several Trustees have had to show proof of filing in the past, so it is our practice to always get a receipt for such documents. If you have any questions or if we may be of any assistance to you at all, please do not hesitate to contact our office. 00209450.W PD;1 E-Copy: Administrator 00209450.W PD;1 ILI_AUSNLR p k ILAUI=MAN TI=.NSF.N LI VINSCIN MEMORANDUM TO: Board of Trustees FROM: Klausner, Kaufman, Jensen & Levinson RE: Required Minimum Distributions (RMD) Proposed Regulations & Cryptocurrencies Guidance DATE: April 2022 Executive Summary On February 24, 2022, the Internal Revenue Service (IRS) proposed regulations revising the required minimum distribution (RMDs) regulations to align with the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), as well providing additional guidance. The proposed guidelines raised the age for which retirees are required to start minimum distributions from age 70% to 72, clarified the definition of "eligible designated beneficiaries," further defined the meaning of "disability" and "chronically ill," and clarified the timing of distributing RMDs. We do want to note that on March 29, 2022, the House passed the Securing a Strong Retirement Act of 2022 (SECURE 2.0), which includes additional changes to RMDs. We will keep you updated as SECURE 2.0 moves through Congress, but thought it was prudent for you to have the most up-to-date regulations as they stand now. Additionally, on March 10, 2022, the U.S. Department of Labor (DOL) published a compliance assistance release concerning 401(k) plans investing in cryptocurrencies. DOL expressed serious concerns about plans investing in cryptocurrencies and related products due to the significant risks of fraud, theft, and loss because of their speculative nature, custodial, recordkeeping, and valuation concerns, as well as the evolving regulatory market. While DOL regulations do not apply to public plans, Section 112.661, Florida Statutes, applies the ERISA standard of care to investment decision making. Furthermore, for plans with a member-directed component (such as share plans and DROP plans) providing cryptocurrency investment options could give rise to liability. {00209492.DOCX;1} Required Minimum Distributions (RMD) Proposed Regulations & Cryptocurrencies Guidance April 2022 Page 2 Below please find additional details on the IRS's proposed regulations, and the DOL's release regarding investments in cryptocurrencies. Required Minimum Distributions The proposed regulations incorporate changes made by the SECURE Act, including: • Raising the age for which retirees are required to start minimum distributions from age 70% to 72. The regulations use a birthdate rule to determine an individual's required beginning date. If the participant's birthday is prior to July 1, 1949, the required beginning date remains April 1 of the calendar year following the later in which the participant attains age 701/2 and the calendar year in which the participant retires from employment. If a participant's birthdate is on or after July 1, 1949, the required beginning date is April 1 of the calendar year following the later of the calendar year in which the employee attains age 72 and the calendar year in which the participant retires. • Clarifying the definition of "eligible designated beneficiaries." Under the SECURE Act, eligible designated beneficiaries included: a participant's surviving spouse, a participant's minor child, a beneficiary who is disabled or chronically ill, and a beneficiary who is not more than 10 years younger than the participant. Under the proposed regulations, a child reaches the age of majority upon reaching age 21. However, the proposed regulations permit defined benefit plans that have used the prior definition of age of majority to retain that plan provision. o Additionally, the regulations further define "disability" and "chronically ill," and include substantial documentation requirements in order to be considered "disabled" or "chronically ill." ■ For those over age 18, the standard of disability is based on whether an individual is unable to engage in substantial gainful activity. If under age 18, the beneficiary is required to have a medically determinable physical or mental impairment that results in marked and severe functional limitations, and that can be expected to result in death or to be of long-continued and indefinite duration. The determination of whether the beneficiary is disabled is made at the time of the participant's death. • Clarifying that for defined contribution plans if the plan participant dies before their required beginning date, the timing of the required minimum distributions depends on the classification of the beneficiary: {00209492.DOCX;1} Required Minimum Distributions (RMD) Proposed Regulations & Cryptocurrencies Guidance April 2022 Page 3 o An "eligible designated beneficiary," is permitted to be paid over the lifetime of the beneficiary or receive all the participant's distributions within 10 years of the participant's death. However, if the "eligible designated beneficiary" dies before the participant's distributions are fully paid, anything remaining must be distributed to the beneficiary of the "eligible designated beneficiary" within 10 years after their death. o A "designated beneficiary" must receive all the distributions within 10 years of the participant's death. o If there is no designated beneficiary, the distributions must be paid out within 5 years of the participant's death. • Clarifying that for defined contribution plans, if the plan participant dies after their required beginning date, the beneficiary's benefit must be calculated based on the beneficiary's life expectancy. Certain circumstances, however, require full distribution as provided below: o If the participant's beneficiary is not an "eligible designated beneficiary," the participant's benefit must be paid out by the end of the tenth calendar year following the calendar year in which the participant died. o If the participant's beneficiary is an "eligible designated beneficiary" and dies, the beneficiary of the "eligible designated beneficiary" must be paid out by the end of the tenth calendar year following the calendar year in which the "eligible designated beneficiary" died. o If the participant's "eligible designated beneficiary" is a minor child, the participant's benefit must be paid out by the end of the tenth calendar year following the calendar year in which the minor reaches the age of majority. o If the participant's "eligible designated beneficiary" was older than the participant, the participant's benefit must be paid out by the end of the calendar year when the beneficiary's remaining life expectancy is less than or equal to one. Additionally, the proposed regulations impact rollovers of required minimum distributions. U.S. Department of Labor Release on Plan Investments in Crvptocurrencies DOL advised plan fiduciaries "to exercise extreme caution" before including a cryptocurrency option or other products whose value is tied to cryptocurrencies as a 401(k) plan's investment option for plan participants. {00209492.DOCX;1} Required Minimum Distributions (RMD) Proposed Regulations & Cryptocurrencies Guidance April 2022 Page 4 The DOL expressed serious concerns regarding the prudence of fiduciaries exposing 401(k) plan members to investments in these products due to: significant risks of fraud, theft, and loss. DOL based these warnings on: • the speculative and extreme price volatility of cryptocurrency investments; • the degree of difficulty for plan members to evaluate these assets due to the lack of sufficient knowledge of these products, compared to traditional investments; • custodial and recordkeeping issues that can be susceptible to hackers; • the difficulty in accurately and reliably valuating cryptocurrency; and • the complexity of complying with the evolving regulatory framework especially given that the Financial Industry Regulatory Authority (FINRA) has cautioned that cryptocurrencies have been used in illegal activity. Given these concerns, the Employee Benefits Security Administration (EBSA) is expected to undertake an investigative program directed at plans offering 401(k) participants cryptocurrency (and related products) investments. Additionally, EBSA warned that it will likely question plan fiduciaries, who allow such investments, to explain how they are complying with their fiduciary duties of prudence and loyalty in light of the abovementioned risks. Remember the DOL does not have any regulatory authority over governmental pension plans. Additionally, the DOL compliance assistance release is specific to 401(k) plans. Despite this, we believe it is prudent to share the release with Boards of Trustees as you consider investing plan assets in cryptocurrencies and other products whose value is tied to cryptocurrencies. As always, if you have questions, please reach out to our office. {00209492.DOCX;1} _____ prir„ KLAUSNER , KAUFMAN JENSEN LEVINSON 1 A PANNI RCIIIP 01 PK"FESSI(.'i ASSlx T 4I7,, %I-r,KNI 'S 4T I MEMORANDUM TO: Board of Trustees FROM: Bonni S. Jensen Fund Legal Counsel DATE: March 2022 SUBJECT: IRS Mileage Rate for 2022 This is to inform you that the Internal Revenue Service ("IRS") released its updated Standard Mileage Rate for 2022. The new rate is 58.5 cents per mile for miles driven on or after January 1, 2022. This is up 2.5 cent from last year. As you know from previous years, the mileage rate can fluctuate within the same year. We will do our best to keep you and the administrator informed. You can find the current rate at the link below. https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2022 If you have any questions, please do not hesitate to contact us. BSJ/dze Enclosure E-Copy:Administrator 7080 NORTHWEST 4TH STREET.PLANTATION.FLORIDA 33317 00208489.4PD;1 PHONE: (954) 916-1202 • FAX: (954) 916-1232 www.klausnerkaufman.com pokk K I_AUSN 1 R I AtrI=1I AN j I-NS EN 1.1 VINSON o MEMORANDUM TO: Board of Trustees FROM: Klausner, Kaufman, Jensen & Levinson RE: Update of Signature Authorization Form for Providers DATE: April 2022 Trustees: There are instances where the Signature Authorization Forms in possession of existing service providers are no longer up-to-date as Trustee terms expire every two to four years, depending on the language of your plan document. To that end, we are recommending that the Plan Administrator maintain the attached generic Signature Authorization Form for the Fund in an effort to keep it current as new trustees are elected to the Board, and to provide a current Signature Authorization Form to the existing service providers. Additionally, having an updated Signature Authorization Form ready as new service providers are hired will increase efficiency of the documentation process. {00210040.DOCX;1} THE RESOURCE CENTERS, LLC 1111111 4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410 Phone (561) 624-3277 ❖ Fax (561) 624-3278 ❖ WWW.RESOURCECENTERS.COM April 18, 2022 TO: Board of Trustees FROM: Scott Baur and Sergio Giron Partners, Resource Centers, LLC RE: Death Search &Verification Process Dear Trustees: As you know, we completed a process in 2021 to manually audit and verify all current recurring pension benefit payments for your plan. Most of the data-driven death searches rely on the Social Security Death Master File as a primary source of information to verify member deaths. While the Death Master File used to verify 93%to 96%of all member deaths,the reliability has dropped down to about 33% in recent years due to differences between state and federal privacy laws. Even as we started this manual verification process, we continued to search for a company that could provide better search results at a reasonable cost.While we considered several potential vendors,we ultimately settled on an enhanced process offered by Pension Benefit Information (PBI) Research Services to monitor our payment database for member deaths going forward. PBI estimates that the Death Master File only verifies 23% of all member deaths, while the CertiDeath service provided by PBI identifies 95% of all member deaths. Attached you will find some additional details regarding the CertiDeath service offered by PBI. The manual process that we completed ultimately cost on average about$3.25 in direct costs per member to complete, not including other time and interaction costs with plan members. The CertiDeath Audit, by comparison, will cost an estimated $2.40 per member to provide a more timely notice to your plan when a member passes. We will automatically pass this cost through to your plan on our invoice,specifically for the members of your plan included in the ongoing death search and verification process. As we stated previously, we find that we have a difficult time recovering payments from deceased members or their family members. While we experience difficulty getting members to respond at times while they are still alive,we find members become even less responsive once they pass. Since we make benefit payments for your plan, we will automatically include you in the CertiDeath monitoring service of our payment database. As a fiduciary to your plan, we believe that the expense and the service are both necessary and inconsequential compared to the potential cost for a benefit overpayment to a deceased member.We care deeply about the tasks that you entrusted to our office,and we care deeply about the members of your plan that we serve.So again,we want to take this opportunity to thank you for the confidence that you place in our organization and our staff. Si -rely, J. ott Baur rgio Giron Managing Partner Partner and CIO Resource Centers LLC—Pension Resource Center LLC—Financial Resource Center LLC (Plan Name) Signature Authorization AUTHORIZATION: The following are the names and specimen signatures of the individuals authorized to execute and direct the Service Provider or Investment Manager. The Service Provider or Investment Manager may rely on the following individuals for all direction until notified in writing otherwise: NAME SIGNATURE I, , as Secretary of the Board of Trustees, certify that the above individuals are authorized to direct the Service Provider or Investment Manager under the terms of the current agreement with the Fund. The Service Provider or Investment Manager should take direction from any two (2)Trustees or the Plan Administrator. Dated this day of , 202_. , Secretary BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND WARRANT-PAID INVOICES MAY 23RD,2022 TO: Resource Centers, Plan Administrator. FROM: Board of Trustees Paid by Custodian: JP Morgan Asset Management-SPF Fee for QE 12/31/21 $ 55,986.80 JP Morgan Asset Management-SSPF Fees for QE 12/31/21 $ 69,932.85 • Date Payee/Description Check Number Amount March 1,2022 City of Boynton Beach(March 2022 Insurance) 2881 $ 34,772.13 March 3,2022 Pension Resource Center Administrative Fees for March 2022 Inv 19169 2882 $ 5,466.02 March 8,2022 Cherry Bekaert,LLP 2883 . $ 4,000.00 Invoice 186579 dated 02/28/22;Auditor Fees March 8,2022 Klausner Kaufman Jensen&Levinson 2884 $ 1,095.00 Attorney Fees through 2/28/22,Invoice 30163 March 8,2022 United Members Insurance 2885 $ 8,922.02 Fiduciary Liability Insurance effective 4/10/22-4/10/23 March 8,2022 Wells Fargo Bank, N.A. 2886 $ 5,778.55 Custodial Fees for January 2022 April 1,2022 City of Boynton Beach(April 2022 Insurance) 2887 $ 35,510.72 April 8,2022 Pension Resource Center 2888 $ 5,306.51 Administrative Fee-April 2022 Inv 19231 April 8,2022 Cherry Bekaert, LLP 2889 $ 7,950.00 Invoice 185516 dated 2/22/22;Auditor Fees April 8,2022 Klausner Kaufman Jensen&Levinson 2890 $ 192.50 Attorney Fees through 03/31/22 Invoice 30341 April 8,2022 Southeastern Advisory Services,Inc. 2891 $ 30,882.00 Investment Management Fees for QE 03/31/22 Inv 2104 May 1,2022 City of Boynton Beach(May 2022 Insurance) 2892 $ 34,739.54 April 22,2022 Principal Custody Solutions 2893 $ 5,589.51 Custodial Fees for February 2022 May 6,2022 Pension Resource Center 2894 $ , 5,423.10 Administrative Fee-May 2022 Inv 19293 May 6,2022 Clearbridge Investments 2895 $ 41;71.1.20 Investment Management Fees for QE 03/31/22 May 6,2022 Garcia Hamilton&Associates 2896 $ 10,184.93 Investment Management Fees for QE 03/31/22 May 6,2022 Gabriel Roeder Smith&Company 2897 $ 4,472.00 Invoice 470136 dated 04/06/22 May 6,2022 Klausner Kaufman Jensen&Levinson 2898 $ 95.00 Attorney Fees through 04/30/22 Invoice 30525 May 6,2022 Principal Custody Solutions 2899 $ 3,444.77 Custodial Fees-City Mutual-March 2022 TOTAL: $ 245,535.50 Dated this 23rd Day.of May,2022. CHAIR SECRETARY J.P. Morgan Investment Management Inc. J.P Moran Asset Management ADVICE OF CHARGE Account:248210 Invoice:20211231-5154.-A Invoice Date:03122/2022 The Pension Resource Centers,LLC 4360 Northlake Blvd,Suite 206 Suite 206 Palm Beach Gardens,FL 33410 Attn:Payment Group TOTAL AMOUNT CHARGED: 55,986.80 USD For Period: 10/01/2021 To 12/31/2021 Account Description Net Amount 248210 General Employees'Pension Plan of the City of Boynton Beach-Strategic Property Fund-No Custodian RE Strat Prop Fund Fee-For Period Ending:12/31/2021 55,986.80 USD Account 248210 Amount Charged: 55,986.80 USD TOTAL AMOUNT CHARGED: 55,986.80 USD Not a Bill J.P.Morgan Investment Computation of the Estimated Fee for the Period ending 12/31/2021 City of Boynton Beach SPE.248210 PMCB STRATEGIC PROPERTY FUND • EE BASED ON NET ASSET VALUE Rate(%) Value($) Fee($) SPF Fee Calculation:' $22,394,718.94 x 1.00%/4 1.00% 22,394,718.94 55,986.80 22,394,718.94 55,986.80 Quarterly Fee on MV less Cash: • 55,986.80 Quarterly Fee on Excess Cash:$0.00[E]'0.15%/4= 0.0D • Quarterly Fee for Strategic Property Fund: 55,986.80 Annual Basis Points on Net Assets: • (55,986:80/22,394,718.94)'4= 1.000 *1.O0%Flat Rate Applicable on Conditional Tiered Schedule with Net Asset.Vplus less than 5100.000.000.00 Calculation Components: Calculation to Determine Percentage of Fund as Excess Cash in Strategic Property Fund•• 421,374,422.00 5.0%Cash Reserve:5.0%'$32,159,678,914,00= 1,607,983,945.70 Excess Cash:5421,374,422.00-91,607,983,945.70= 0.00 Excess Cash as a%:$0.00/$32,159,678;914.00= 0.00% • Accounts Net Asset Value(Excluding Excess Cash): Strategic Property Fund(Net Asset Value)in the Account: • 22,394,718.94 Adjusted Market Value for the period 22,394,718.94 Excess Cash:$22,394,718.94'0.00 - [E] Strategic Property Fund in the Account less Excess Cash: 22,394,718.94 [D] Total Quarterly Fee for Strategic Property Fund(Apportionment Percent=100%): 55,986.80 "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. J.P.Morgan Asset Management. ADVICE OF CHARGE Account:291520 Invoice:20211231-55356-A Invoice Date:03/22/2022 The Pension Resource Centers,LLC 4360 Northlake Blvd,Suite 206 Suite 206 Palm Beach Gardens,FL 33410 Attn:Payment Group TOTAL AMOUNT CHARGED: 69,932.85 USD For Period: 10/01/2021 To 12/31/2021 Account Description Net Amount 291520 General Employees'Pension Plan of the City of Boynton Beach-Special Situation Property Fund RE Spec Situation Prop Fund Fee-For Period Ending:12/31/2021 69,932.85 USD Account 291520 Amount Charged: 69,932.85 USD TOTAL AMOUNT CHARGED: 69,932.85 USD Not a Bill J.P.Morgan Investment Computation of the Estimated Fee for the Period ending 12/31/2021 CITY OF BOYNTON BEACH SSPF-291520 PMCB SSPECIAL SITUATION PROPERTY FUND FEE BASED ON GROSS MARKET ASSET VALUE Rate(%) Value(5) • Fee(5) SSPF Fee Calculation: Quarterly Fee on Special Situation Property Fund.Net Asset Value(Excluding Excess Cash):17,440,553.94[A]'1.25%14= 54,501.73 Quarterly Fee on Special Situation Property Fund Debt:$13,502,657.22[Br0.625%/4= 21,097.90 Quarterly Fee on Excess Cash:$42,659.04[Cr0.15%/4= 16.00 Quarterly Fee for Special Situation Property Fund: 75,615.63 Annual Basis Points on Net Assets:• ($75,615.63/$17,483,212.98)`4= 1.730% Maximum that can be billed per agreement: 1.600% Maximum Quarterly Fee for Special Situation Property 69,932.85 *In no event will the annual fee exceed 1.6%of the,net asset value of the JPMCB Special Situation Property Fund, • Calculation Components: Calculation to Determine Percentage of Fund as Excess Cash in Special Situation Property Fund 255,573,100.00 5%Cash Reserve:5%'$4,873,403,562.00= 243,670,178.10 Excess Cash:$255,573,100.00-$243,670,178.10= 11,902,921.90 Excess Cash as a%:$11,902,921.90/$4,873,403,562.00= . 0.244% Account's Net Asset Value(gxcluding Excess Cash); Special Situation Property Fund(Net Asset Value)In the 17,483,212.98 No transactions for this quarter Adjusted Market Value for the period 17,483,212.98 • Excess Cash:$17,483,212.98'0.244 42,659.04 [C] Special Situation Property Fund in the Account less Excess Cash: 17,440,553.94 [A] Account's proportionate Share of Special Situation Property Fund Debt (Clients Net Asset Value/Special Situation Property Fund Net Asset Value)X Third Party Debt: ($17,483,212.98/$4,873,403,562.00)x$3,763,833,219.00= 13,502,657.22[B] Total Quarterly Fee for Special Situation Property Fund: 69,932.85 BEACH GENERAL EwpLoYEESrpEwa/ow ' ' DATE CHECK NO. 00002881 00000000040I 03/22 00000000040I INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET��ouwT 006277 02/0I/22 37 .46- 37 . 46- .00 37 . 46 006278 32/0I/22 4 . 40- 4 ' 40- . 00 4 _40 6279 02/0I/22 .72- . 72- .00 . 72 280 03/0I/22 16, 212. 01 I6, 2I2 ' 0I . 00 I6,212 ' 0I • CAJ6281 33/01/22 I0, I49. 02 I0, I49' 02 . 00 10, I49' 02 006282 33/01/22 4,296.39 4, 296. 39 . 00 4, 296. 39 806283 33/01/22 3, 333. 94 3, 333. 94 . 00 3, 333. 94 006284 03/01/22 268 .40 268 ' 40 . 00 268 . 40 006285 03/0I/22 388 .31 388 ' 3I . 00 388 . 31 006286 03/01/22 1I6. 64 I16, 64 .00 116. 64 Check Total 34, 722 . 13 - n�/ -- --- -'-- ------ - -- - -- . �=/� ' 114" ',;411E. ,./. ,/�.�� ' BOYNTON BEACH GswERAL EMPLOYEES'PENSION i II------'--------- � I ' :' 1111 IP II--�-^ �� `����^ 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens,FL 33410 800-206-0116 - ' --- ` CHECK NO. CHECK DATE VENDOR NO. 2881 03/0I/22 00000000040I PAY AMOUNT THIRTY-FOUR THOUSAND SEVEN HUNDRED TWENTY-TWO AND I3/I00 $34 , 722 . 13 DOLLARS . - ` °"���.�"�� kL--^r,__,,'^'`-°-'� THE CITY OF BOYNTON BEACH 6!�- ORDER ATTN: ANDREA JAVIER ~� ��' �/� Op °=°��===, P.D. BOX 310 BOYNTON BEACH FL 33425 VOID AFTER 180 DAYS - - ' ' - *0R0E.Rcsu�o,svus2T4n� n10000 M63 l»" 1:O6 3 1 IliO 301:806 30 29 2O6«° BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002881 VENDOR: DATE CHECK NO. 00000080040I 03/22 00000000040I INVOICE NUMBER INVOICE DATE, INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006277 02/01/22 37 . 46- 37 . 46- . 00 37 . 46 006278 02/01/22 4 . 40- 4 . 40- . 00 4 . 40 006279 82/0I/22 . 72- . 72- . 00 .72 006280 03/01/22 I6, 2I2 . 0I 16, 212 . 01 . 00 I6,2I2 . 0I 00628I 03/01/22 I0, I49. 02 I0, I49. 02 .00 I0, 149' 02 806282 03/01/22 4, 296. 39 4, 296' 39 . 00 4,296.39 006283 03/01/22 3, 333. 94 3, 333 . 94 .00 3, 333 . 94 006284 03/01/22 268 . 40 268 . 40 . 00 268 . 40 006285 03/01/22 388 . 31 388 ' 31 .00 388 . 31 ! 006286 03/0I/22 116.64 116. 64 . 00 116. 64 C]'-leck Total 34, 722 . 13 / • - VENDON:BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002882 000000000001 03/22 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 19169 MAR. 2022 03/03/22 5, 466. 02 5, 466. 02 . 00 5, 466. 02 Check Total 5, 466. 02 THE#ACESCHISDOWNER HAS ACOLORED MORON OINWHITE PAPER-THE KCONTAINS JOIARTIHCIAtWATERMARK=WOO ATANMIME-TO:VIEW BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 00002882 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289/ 70 CHECK NO. CHECK DATE VENDOR NO. 2882 03/03/22 000000000001 PAY - AMOUNT FIVE THOUSAND FOUR HUNDRED SIXTY-SIX AND 02/100 DOLLARS $5, 466 . 02 )176--- ,1-?-cl...t.4.. .kIJ NORREO SIel/ TO THE PENSION RESOURCE CENTER ORDER 4360 NORTHLAKE BLVD . -. • 't OF SUITE 206 AL MIDR2EO SIGNATURE PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS RORDEP CON7pli1[6fILROPRI JTIHC 11.0000 288 211' 1:06 31140 301:806 30 29 206" BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002882 VENDOR: DATE CHECK NO. 000000000001 03/22 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 19169 MAR. 2022 03/03/22 5, 466. 02 5, 466. 02 . 00 5, 466. 02 C`ieck Total 5, 466.02 6 l lo it ,-f €(iu// Resource Centers, LLC Invoice 1111111 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Date Invoice # 3/1/2022 19169 Bill To Tax ID Boynton Beach General Pension Fund 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 2022 Postage 429 0.55 235.95 International Postage 1 1.20 1.20 Interest Earning Change Mailer (Copies, envelopes, labels, and 29.32 29.32 labor) Postage for Interest Earning Change Mailer 29 0.55 15.95 Death Search - 1st Quarter 2022 431 0.60 258.60 Total Amount Due $5,466.02 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.corp • BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002883 VENDOR: 000000000014 03/22 000000000014 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT #186579 2/28/22 03/08/22 4, 000 . 00 4, 000 . 00 . 00 4, 000 . 00 Check Total 4, 000 . 00 THE fACE OF 11115 0111CUMENTINAS A COLON BACKGROUND 1IN WHITE PRIM-IRE HACK CONTAINS HALARTMC1AL-MUM=AURA ATANANGLE T'OHEW BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 0000288 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 63-1289/570 800-206-0116 CHECK NO. CHECK DATE VENDOR NO. 2883 _ 03/08/22 000000000014 PAY AMOUNT FOUR THOUSAND AND 00/100 DOLLARS $4 , 000 . 00 .UTHDRQED SI RE TO THE CHERRY BEKAERT LLP ORDER PO BOX 25549 OF AUTHORIZED SIGNATURE RICHMOND VA 23260-5500 VOID AFTER 180 DAYS BORDER CONTQIN5 HICRCPmtravC u'0000 288 311' 1:06 3 111,0 301:806 30 29 20 6111 BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002883 VENDOR: DATE CHECK NO. 000000000014 03/22 000000000014 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT #186579 2/28/22 03/08/22 4, 000 . 00 4, 000 . 00 . 00 4, 000 .00 C:neck Total 4, 000 . 00 • 1 - - D1 Dit � CHERRY BEKAERT LLP 010 t`g% Cherry Bekaert"' P.O.BOX 25549 RICHMOND,VA 23260-5500 (407)423-7911 Your Guide Forward Boynton Beach General Employee's Retirement System Invoice No. 186579 do Pension Resource Center Date 02/28/2022 4360 Northlake Boulevard Suite 206 Client No. 80105882 Palm Beach Gardens, FL 33410 Our Client PROMISE demonstrates Cherry Bekaert's commitment to delivering superior client service. We welcome your feedback(CBPromise@cbh.com).Thank you for the confidence you have placed in us! Billing for audit of the financial statements and issuance of reports for Boynton Beach General Employee's Retirement System for the year ended September 30,2021. Amount Due This Invoice $4,000.00 Click to pay online TERMS: Invoices are payable on presentation.A service charge will be added to past due accounts equal to 1Y.%per month(18%annually)on the previous month's balances less payments received during the month,with a minimum charge of$2.00 per month. BOYNTON BEACH GENERAL EMPLOYEES'PENSIONDATE CHECK NO. 00002884 VENDOR: 000000000047 03/22 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #30163 2/28/22 03/08/22 1, 095. 00 1, 095 . 00 . 00 1, 095 . 00 Check Total 1, 095. 00 THE 1ACEOFTHISODCUM RAS ACOLDREDOACKGRDDHDONINN11EPIPAi•!HEUACKCONTAIN$ NAR..Lum.jild,Ifilf_ 1�ALLIALj;1 E:{ Idk#(II'jjims BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 00002884 4360 NORTH LAKE 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. 2884 03/08/22 000000000047 ; PAY AMOUNT ONE THOUSAND NINETY-FIVE AND 00/100 DOLLARS $1, 095 . 00 7/:1)1/6:- ....)?-0._...4.A.--/>A) AUTHORQED5 RE TO THE KLAUSNER, KAUFMAN, JENSEN & LEVINSON ORDER 7080 NORTHWEST 4TH STREETY—• - ''f OF AUTHORIZED SIGNATURE PLANTATION FL 33317 VOID AFTER 180 DAYS DGRDER COrTblPS IVCROPRR.'T rI1G 11■0000 288411' 1:06 3 111,0 301:806 30 29 20 611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002884 VENDOR: DATE CHECK NO. 000000000047 03/22 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT #30163 2/28/22 03/08/22 1, 095 . 00 1, 095. 00 . 00 1, 095. 00 C`ieck Total 1, 095 . 00 Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W.4th Street Plantation,Florida 33317 Tel.(954).916-1202 www.klausnerkaufinan.com Fax(954)916-1232 , Tax I.D.:45-4083636 BOYNTON BEACH GENERAL EMPLOYEES February 28, 2022 Attn:AMANDA KISH Bill#30163 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 02/02/22 PARA REVIEW E-MAIL FROM ALEXANDRA 0.10 10.00 COTRONE ENCLOSING SAXENA WHITE QUARTERLY REPORT;UPDATE IN FILE AND BASECAMP 02/25/22 PARA REVIEW E-MAIL FROM AMANDA KISH 0.10 10.00 ENCLOSING UPDATED AGENDA PACKAGE FOR FEBRUARY 28; REVIEW SAME 02/28/22 PARA PREPARATION OF MEETING 1.00 100.00 MATERIALS FOR UPCOMING MEETING. P2/28/22 BSJ PREPARE FOR MEETING; REVIEW 0.50 162.50 AGENDAAND MEETING BACKUP, INCLUDING MINUTES 02/28/22 BSJ TRAVEL TO AND FROM MEETING 1.00 162.50 02/28/22 BSJ ATTEND MEETING 2.00 650.00 Total for Services 4.70 $1,095.00 CURRENT BILL TOTAL AMOUNT DUE $ 1,095.00 BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002885 VENDOR: 000000000079 03/22 000000000079 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT #63 04/22-4/23 03/08/22 8, 922 . 02 8, 922 . 02 . 00 8, 922 . 02 Check Total 8, 922 . 02 THEFACEOFVftSOOCUMEI$nIASUI RUGOUNDOH YHIIPAPITI.THEUACKCONTAINSANIATIRCIALWATEHMARK-1IO1. ;fiT MAME TO VIEW BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK _ 00002885 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289/ 70 CHECK NO. CHECK DATE VENDOR NO. 2885 03/08/22 000000000079 PAY AMOUNT EIGHT THOUSAND NINE HUNDRED TWENTY-TWO AND 02/100 DOLLARS $8 , 922 . 02 >A9 AUTHORQED sl RE TO THE UNITED MEMBERS INSURANCE ] ORDER 6826 W LINEBAUGH AVE . OF AUTHORIZED SIGNATURE TAMPA FL 33625 VOID AFTER 180 DAYS E OR DER CONT4.IES H iCR OPP.IHTIIJC 11'0000 288 Ell' 1:06 3 /1,0 301:806 30 29 20611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002885 VENDOR: DATE CHECK NO. 000000000079 03/22 000000000079 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT #63 04/22-4/23 03/08/22 8, 922 . 02 8, 922 . 02 . 00 8, 922 . 02 C`ieck Total 8, 922 . 02 f 4 I'. • ID 4111 6826 W.Linebaugh Ave Invoice # 63 Page 1 of 1 Tampa.FL 33625 naudlz+1� > at�: =;; _ S;, Telephone: (813)265-2300 BOYNBEA-01 3/3/2022 http://unitedmembersinsurance.com 8eopF4 P;00: `F '-` l? -'2°'"'r' N t;.:m UNITED MEMBERS INSURANCE 04/04/2022 I Amount,F5151z I r . AmouMDue -.; $8,922.02 Please pay Balance by.the Due Date noted above! City of Boynton Beach General Employees Pension Pla C/O The Resource Centers, LLC Please Make Check Payable to: United Members Insurance 4360 Northlake Blvd.Ste 206 Palm Beach Gardens,FL 33410 Please retun a copy of this Invoice With your payment Fiduciary Liability Policy Number: SFD31211024-04 Effective: 4/10/2022 to 4/10/2023 ! Item# '` _ ,Trans Eff Date •-`Due DateTrans' Descnptlon jii< -�,. / - r o;: ...: .._cu:.,.x....... .._. ?:,., ... ...,:: . � ..sr=+�.._...++✓,.t.cs�i�e ' + �.,.,rF "ArIIOUnt 274 4/10/2022 4/4/2022 RENB Renewal of Fidudary Effective 4/10/2022 ' • $8,860.00 275 4/10/2022 4/10/2022 FIGA FIGA Surcharge $62.02 Total Invoice Balancer , .: $8,922.02, THANK YOU FOR YOUR BUSINESS! • 3/3/2022 Page 1 of BOYNTON BEACH GENERAL EMPLOYEES'PENSION • DATE CHECK NO. 00002886 VENDOR: 000000000080 03/22 000000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT JAN 2022 4ACT 03/08/22 5, 778 .55 5, 778 . 55 . 00 5,778 .55 Check Total 5,778 .55 THEREOF THE DDCUMENTMASACOLORENIACINMINDONINNOTE TAPER-ME • CK1i0H#AIRSPal ANNHCIAL1NMEHMARK-NOLO ATANANGLE ToNEW BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK IS 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289/ CHECK NO. CHECK DATE VENDOR NO. 2886 03/08/22 000000000080 PAY AMOUNT FIVE THOUSAND SEVEN HUNDRED SEVENTY-EIGHT AND 55/100 DOLLARS $5, 778 . 55 ZEE kk AVTMDRRED SI E TO THE WELLS FARGO BANK, N.A. ORDER TRUST OPERATIONS NW 5159 OF ,F11MDF+RED SIGNATURE PO BOX 1450 MINNEAPOLIS MN 55485-5159 VOID AFTER 180 DAYS EOfiDEP„CONTlINCI:.ICROF'RII.TIIJG 11•0000 2886” 1:06 3 1 140 301:806 30 29 2061i' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002886 VENDOR: DATE CHECK NO. 000000000080 03/22 000000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT JAN 2022 4ACT 03/08/22 5, 778 . 55 5, 778 . 55 . 00 5,778 . 55 C peck Total 5, 778 . 55 Jo Fee ihvoiee: 13673642 'WELLS Account Number: 4046002463 FARGO Wells Fargo Bank N.A. For Period: 0110112022•01/31/2022 Invoice Dale, 02/04/2022 0D0322 XTJT W56 Return To: Boynion/City Mut Wells Fargo Bank, N.A. . Dixie Martinez. Admin. Trust SeMces Group 4360 Northlake Blvd Ste 206 NW 5159 Palm Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN 55485-5159 $3,519.47 PAYMENT DUE UPON RECEIPT • Account Name: Boynton/City Mut . • Contact: Karl Hutchinson 0055938 ... - :%At,iern • • Summary of Current Period Fees Charged Billed Total Administration $3,519.47 $3,519.47 Total Current Period Fees $3,519.47 • ECHH MAR 05 2022 By T.-c• • • • • PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 • Fee Invoice: 13673642 WELLS Account Number: 4046002463 FARGO Wells Fargo Bank, N.A. For Period: 01/012022-01/31/2022 InVoice Date: 02/04/2022 Account Name: Boynton/City Mut Contact: Karl Hutchinson 0055938 Services Value!Quantity Rate Frequency Amount Administration Market Value 105,583,989.06 © 0.0004 x 1/12 3,519.47 Total Administration $3,619.47 Total $3,519.47 Summary Total Charged to.Account $0.00 Total Billed $3,519.47 Payment Due $3,519.47 2 Z Z Z I Page 2 • . • Fee Invoice: 13673614 i5 • . Account Number: 24102201 4:-....r.•9 . Wells Fargo Bank,.N A. For'Penod: "01101/2022-01/31!2.022 . ',..t r invoice Date: 02/042022 . • 000306 %i• RY% Return To: Ntr Boynton/S&P400 - . .Welts Fargo Bank,N.A.. - _ Dixie Martinez,Administrator Trust Services Group • The Resource Centers,LLC NW 5159 4360 Northlake Blvd.,Suite 208 P.O.Box 1450 Palm Beach Gardens FL 33410 Minneapolis, MN 55465-5159 • • • $$554.19 PAYMENT bUE UPON RECEIPT • Account Name: Boynton/S&P400 • ;,�// Contact: Kari Hutchinson 0055938 01111_, Summary of Current Period Fees Charged • ' Billed* Total . Administration $554.19 $554.19 • • Total Current Period Fees $554.19 S554,19 . • ITMEQ tJ lS • • MAR Q6 ct By • . • • • >y • PLEASE RETURN THIS PAGE WITH PAYMENT Page 1 Fee Invoice: 13673614 WELLS Account Number: 24102201 FARGO Wells Fargo Bank, N.A. For Period: 01/012022-01/312022 invoice Date: 02/042022 Account Name: Boynton/S&P400 Contact: Karl Hutchinson 0055938 Services Value!Quantity Rate Frequency Amount. Administration Market Value 16,438,116.25 C 0.0004 x 1/12 547.94 Annual Account Maintenance 1.00 t 75.00 x 1/12 6.25 Total Administration $554.19 Total $564.19 Summary Total Charged to Account $0.00 Total Billed $654.19 Payment Due $554.19 a a aa a_ _ z Q Page 2 Fee Invoice: 13673656 WELTS Account Number. 25876101 TARGE? Wells Fargo Bank, N.A. For Period: 01/012022-01/312022 Invoice Dale: 02/042022 000330 Return To: s Boynton Beach-Clearbridge LG Cap Wells Fargo Bank, N.A. Dixie Martinez Admin. Trust Services Group ""` 4360 Norlhlake Blvd Ste 206 NW 5159 Palni Beach Gardens FL 33410 P.O. Box 1450 Minneapolis, MN 55485-5159 $1,224.88 PAYMENT DUE UPON RECEIPT Account Name: Boynton Beach-Clearbridge LG Cap Contact: Karl Hutchinson 0055938 • i, 3 Frlr. • Summary of Current Period Fees Charged Billed Total • Administration 51,224.88 $1,224.88 r� Total Current Period Fees $1,224..88 $1,224.88 r• IMUINIEf) WI'. �kt+j 2',� • By • • • PLEASE RETURN THIS PAGE WITH PAYMENT 1 Page 1 Fee Invoice: 13673666 WELLS WellsFargo Bank, N.A. Account number: 25876101 PAR OFor Period: 01/01/2022-01/312022 Invoice Date: 02/042022 Account Name: Boynton Beach-Clearbridge LG Cap Contact: Karl Hutchinson 0055938 Services Value I Quantity Rate FreqUency Amount Administration Market Value 36,746,419.62 (d1 0,0004 x 1/12 1,224.88 Total Administration $1,224.88 Total 81,224.88 Summary Total Charged to Account $0.00 Total Billed $1,224.86 Payment Due $1,224.88 2 2 aQ Page 2 Pee Invoice: 13873669 t' f Account Number.. 4046000161 `.F.ARRGO Wells Fargo Bank, N.A. • For Period: 01/01/2022-01/312022 Invoice Date: 02/04/2022 • 700337 x`1TE456 Return*8: Boynton!DHJ Fxd 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 ':.$480.01 . PAYMENT.DUE UPON RECEIPT • Account Name: Boynton/DHJ Fxd .., Contact: Karl Hutchinson 0055938 Summary of.Current Period Fees Charged Billed Total Administration $480.01 ;480.01 Total Current Period Fees X480.01.' • $48 t lIME n - 57 • • . Sv� PLEASE RETURN THIS PAGE WITH PAYMENT • • Pape-1 Fee Invoice: 13873669 WELLS Account Number: 4046000161 FARGO Wells Fargo Bank, N.A. For Period: 01/012022-01/312072 Invoice Date: 02/042022 Account Name: Boynton/DHJ Fxd Contact: Karl Hutchinson 0055938 Services Value/Quantity Rate Frequency Amount Administration Market Value 14,400;153.96 © 0.0004 x 1/12 480.01 Total Administration $480.01 Total $480.01 Summary Total Charged to Account $0.00 Total Billed $480.01 Payment Due $480.01 z 2 z z Page 2 BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002887 VENDOR: 000000000401 04/22 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 006287 34/01/22 16, 916. 88 16, 916. 88 . 00 16, 916. 88 006288 34/01/22 10, 149. 02 10, 149. 02 . 00 10, 149. 02 r^A6289 04/01/22 4, 296. 39 4, 296. 39 . 00 4,296.39 5290 04/01/22 3, 371. 40 3, 371 . 40 . 00 3, 371 . 40 006291 04/01/22 272 . 80 272 . 80 . 00 272 . 80 006292 34/01/22 388 .31 388 . 31 . 00 388 .31 006293 34/01/22 115. 92 115 . 92 . 00 115 . 92 Check Total 35, 510 .72 '7 7h II ;i vi; l:`I i ✓Ilfr',I,i,,lr(,, ,.1,0,IR`.... `. I .=..Y.1 i,�.1• ..f 1-77,..,77h:. _`i, i�.l lii;l . 11 11-1• LiEbi r"dt�, BOYNTON BEACH GENERAL EMPLOYEES'PENSION bDUT ISTATE-.,1.::,,'',. ANK '- - i�� u-UU 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. 2887 04/01/22 000000000401 PAY AMOUNT THIRTY-FIVE THOUSAND FIVE HUNDRED TEN AND 72/100 DOLLARS $35, 510 . 72 t )4t2-__I,,,...„),-.2 &Lm.DNQED SI E , . , THE CITY OF BOYNTON BEACH 4 ORDER ATTN: ANDREA JAV I ER ♦UTMDN7£D SW w.TU.E OF P.O. BOX 310 BOYNTON BEACH FL 33425 VOID AFTER 180 DAYS x0000 288 711' 1:063 ; 11,0301:a0630292060 BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002887 VENDOR: DATE CHECK NO. 000000000401 04/22 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006287 04/01/22 16, 916. 88 16, 916. 88 . 00 16, 916 . 88 r 006288 04/01/22 10, 149. 02 10, 149. 02 . 00 10, 149 . 02 006289 04/01/22 4, 296. 39 4 , 296 . 39 . 00 4 ,296 . 39 006290 04/01/22 3, 371. 40 3, 371 . 40 . 00 3, 371 .40 006291 04/01/22 272 . 80 272 . 80 . 00 272 . 80 006292 04/01/22 388 . 31 388 . 31 . 00 388 . 31 006293 04/01/22 115. 92 115 . 92 . 00 115 . 92 C`zeck Total 35, 510 . 72 .... .ter..::. BOYNTON BEACH GENERAL EMPLOYEES'PENSIONDATE cHEO(NO, 00002888 VENDOR: 000000000001 04/22 000000000001 . INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID . DISC.TAKEN NET AMOUNT 19231 APR 2022 34/08/22 5, 306. 51 5,306.51 . .00. 5,..306.51. Check Total 5,306.51 ::I • Na THE-FACEOFTHIS DOCUMENT HAS A COLORED BACKGROUND ON WHITE PAPER-THE HACK CONTAINS AN AH fIFICIAL WATERMARK::= LV Tsai, 1O:I01EW : BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE AN 1 g 1 1 it 4360 NbRTHLAKE BLVD STE 206 10891N.Military Trail (" •:I LMEt'EACH 0:A''RDE nVL*33410, ' • `'> Palm Ranh aliens Fly.33410 �-w.. - 289/ 7 _ 4 OU�2Q8-0118 "? ���• • • } v q. CHECK N0.. 1 ' _ 0 1. 1 ' ' � »� 28$B 04/08/22 OOOyA00(�OOOpl . ! E I'1E THOUSAND THREE. .HUNDRED, $I C AND 51/100 :DOLLARS °$5,306•.5'1 i l ��,� A.L'0F' P '. f T0`f13E . . ' •'RE• ,S,Z12CETER • / • t,` t rk ..4 $1,6 tit ORT K' Sip ) ! i� .. . f=' G.,,,! S T 20,19 '•11 ,S d: '/' It . & 4 wrHo a�ciaw•• 1' . r ,) PAL`S? BEA EII"''' FL 33410 -. ` VOID AFTER 180 DAYS. L.., �--.�_ _ _ __ .r........+.+.- .•. ..-_......,........ - • • �_'.. I L41nGa.C90PLitiviat 00000 28811e i:0 y` • . • • '} BOYNTON BEACH GENERAL EMPLOYEES'PENSION .• 00002888 • VENDORt • DATE CHECK NO. 000000000001. . .04/22 . 000000000001 • INVOICE NUMBER . INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC:TAKEN NET AMOUNT • 19231. APR 2022 . 0.41'0:8/22 5,306..51 5,:34.6.5.1•; ,,•:- , .•-00 • ...5;3.0.6.51. . ::,•.:Ctieck; Total. .• 5;.30.6.51 - • . • . • . . (pibo/cptio i • • Resource Centers, LLC Invoice 11""I 4360 Northlake Blvd., Suite 206 Palm Beach•'Gardens,.FL 33410 .4,,4,:•,',i'-'A �e- mge p .4/1/2022 .1923, • .;1. v tn.i; ! .r.niqg;,t•+6;k;y:+ s .fr., r. : .Zn,1 $ t.t,0. `CN ,'+'e)!.4 :Boynton Beach General Pension Fund , '• • • . . �Pension�{iesourc Center 36-45.04183 •. • • • R esource centers 6?-1:1800466 j • ; .;s• 1;VP,.rri. � qt;.1, �, .y..{y,., >i 7 , Q1ti77izli'S'• Kr K.4ilXn ad•.;t�4.1,..,,[cam t Boynton Beach General Employees`Pension Monthly Admrnistrator . 4,925.00; . • 4,925.:00 ' . Fee for April 2022 • Postage• • • :: 419. • ••' : ••• '.....0.. 5*. •• - :.,::......235.0•4 International Postage :1 •••••1.20::'.•• , • 1.20 12-31-2021 DROP Statements•(CopleS,envelopes,labels,and, . • •• • 69.01 ••• • • 69':0l • . labor) • • • • i _ Postage 12-31-2021 DROP Statements Mailer . 137 :•: • .0:55 • . •75;35 • • • • I • • • i • i. ' ,TOtaI.Amount.Due $5,306.51. • . 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 I Phone 561.459.2985 or email-michael@resourcecenters.com •s :i 1. BOYNTQN BEACH GENERAL EMPLOYEES'PENSIONDATE aTECK NO. 00002889 VEND R: 000000000014 04/22 000000000014 1 ' INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC:.TAKEN NET AMOUNT 185516. 2/22/22 04/0.8/22 • 7,950.00 7, 950 . 00 .60 7,950:00 j Check Total " 7,950.00 ij , F 21 { • :a 1 11— ' THE FADE ••'RISDOCUMENT HAS Ii-00LOREIBACKUROUNOON WH AP R` $EAAGK COtNTAINS AN ARTIFICIAL WATERMARK-HOLD AT AN ANGLE TO VIEW. -:- Q NT. BEACHHLAKE GENERAL EMPLOYEES:PENSION SOUTHSTATE BANK i 1.1 1 • • } ° ? BLVD STE 206 M 1Q89I Ne Military Trail }s L r CH E 3341,0„.... t Pi41n ech'aardens FL 33410 t 800.2 • 1116 v,i ro#: re.;, TkA i9 .00,N r. 4,0' \ OSA y.oCHEC NO. , ENDO'NO. ' s ,Tyt $ 2889 04✓08/22 000000000014 . M If t1'k•• ,4 AMOUNT. I SEVEN THOUSAND NINE IiUNDI*D .FI,F'TY• ANP 00/100 DOLLp,RS •$7,950 00 . I ALI f 'i:a.'4`a.t' •`b'fv:.•. AV�HOR¢EDf•. TOME Q';iiE,' DBE • T L ' �' `. 0 �R 'x.. p4 11. 2 'S f4 y/A. $ AIRMOR¢ED&aMTU" 1 _ I ;' . �.d' RI( IOND .,� ,..2VA 2'3260 5500 t ".:co..IA.4. VOID AFTER 180 DAYS . 1.__.......----------------. . . _•_._ . - - 1 --B3P3 R.E tC^4qu!$- ..Atfl?N.{21 li'0000 2889n' 1:063111-.0 301:80630 29 20611' ' BOYNTON BEACH GENERAL EMPLOYEES'PENSION . . 00002889 VENDOR: DATE CHECK NO. 000000000014 04/22 000000000014 ` -A INVOICE NUMBER INVOICE DATE :.INVOICE AMOUNT AMOUNT•PAID. : DISC..TAKEN ' NET°AMOUNT : ' 185516 2/22/22 04/08/22 ` 7, 950. 00 7,950.00 .00 7,.950.00 • C`ieck Total 7, 950.00 f1 4 . 1..J('Z3 .i . . l CHERRY •BEKAERT LLP 11.111% Cherry Bekaert"" ' P.O.BOX 25549 • . • RICHMOND;VA 23260-5500 (407)423.7911. Your Guidefarwt>rd, • • Boynton Beach.General•Employee's'•Retiremenf System :'.. ' •Invoice:No 'F8S516 • do Pension Resource Center • Date . 02/2272022 4360 Northiake Boulevard. : • S. •' • • Suite 206 Chant NO. .••• 80105882 • • Palm Beach Gardens,FL-33410 • 1 ouiC11• : tl?RONLISE. eO, rf t s010.1 �,l "•d•h 4sr,�tt4d tiilh l :mi -". r . We wel me, ©urfeedt�8tt ( 3Pro st t rri1,foi-<t1 IV R a 't,,0 4,-__64_4.1,y to , %IS _ Second progress billing.for audit of thefinanciai statements.far•Boynton Beach General • • . Employee's Retirement.System for the year ended September 30,2021, Amount.Due.This Invoice. •.... .: • •• • . • $7,950.00 •- .. • '.....,:••• ; -yr • 1 " }4 Cliekt0�aytOt11��1e , .i ..7.4•1•,..•••:•••••.T-;•1:,... ,-.:,•,...-...i' . . � ` 3:114/46.... ......„ . ; - . . . wt • 1 • • • • • TERMS: Invoices are payable on presentation.A service charge will be added to past due accounts equal to 1'/2%per month(18%annually)on the previous month's balances less payments received duting the month,with a minimum charge of$2.00 per month. i BOYNTON BEACH GENERAL EMPLOYEES'PENSION SATE CHECK NO. 00002890 VENDOR: 000000000047 04/22 000000000047 I INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT. 30341 03/31/22 04/08/22 192.50 192. 50 .00 192.50 Check• Total.. 192 .50 1 • I rY E THE FACE OFIHIS DOCUMENT HAS...COLORED BACKGROUNUI N WHITE PAPER•THE BACK CONTAINS AN ARTIFICIAL t1 ATERMARH HOLD AT AN ANG!.[10 VIEW c'. I3QYNTQN BEACH GENERAL EMPLOYEES'PENSION SOUTH$TATE BANK • • I I I I : ' r i 4,4 60 niORTHLAKE BLVD STE 206 10891 NhMjaitary TraII ' I P LM MACH AI2CIEN ,L 3341Q `�` � Palm B6 ch• ardens FL 33410 � r , �~sx. 3-1 2 8 9187 0 �'I 800720,6-0116 a to..� Veit 8 r }^ i ,,,,,, ,r• ,,bt. N • - C'EC'` 'ECK DATE VENDOR`,e y r 2890 . 04/08/22 0000000.00047 ' ui Pe;r�<P AMOUNT • OI HUNDRED NINETY-TWO AN.D. 50/7.00 DOLLARS $192.50 ..l i o. ..t h%s.�S"4ti'yw,°y9 r, �' S, ,ENSd rel L VINSON. • • / T I R, TJ:E NiA? s' 1V �7 % 748 CV. OR i :S 4 tISTRE T 4,„04,,„,;;,,,,,w r� ., k F y rf 4. ytt (, Y,jy F,i?' f r � S� d4 �y. g. .QY �� "Ci Phe Sbn TCY'.:.Y� r W �1 . 'PL. ATIk �,;J or-'' FL 33317 • .. "' ����" .,,.,0,4- g °" VOID AFTER 180 DAYS. • • 00000 289011' 1:06 3 L 140 301:806 30 29 2060 • . ' r; BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002890 • VENDOR: DATE,. OIEOC N6. 000000000047 • 04/22 '00.0000000047 .. INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN ' . NET AMOUNT • t 30341 03/31/22 04/08/22 .7.92.50 192 .50 . .00 - 192.50 CAeck Total 192 .50 a' is .. • S . - . . (arm ti Klausiaer, Kau , jelnsen S2.Levitisoti '` A Partnership of Pro fesstonal:Associatiogs ilil ' •. • • Attomeys'At La1Y . F 7080 N.W.4th Street IA Plantation,Florida 33317 Tal.(954).916-1202 . .. • . . .. ' •ww.w.,4tlatOnerkeufitati.00nt , Fax•(9.54)916-1232: • 'Tax•1.D•:45'-4083636 • BOYNTON BEACH GENERAL EMPLOYEES ' r•-•March:3.1,.2022" •. - . ' Blll'#30341. Attn:AMANDA KISH . • 10, 4360 NORTHLAKE BOULEVAib-:SUITE 206 • . P PALM BEACH GARDENS, FL 23410, ' . • • 1 CLIENT • BOYNTON BEACH GENERAL EMPLOYEES : :'BGE MATTER: BOYNTON BEACH GENERAL EMPLOYEES' PENSION t3OARO••: :150045. • • f; . . • • • Professlo tat fees "•••i•,;•':•!........".•. • Date . . Attorney Descripttin ' . . :Hours. AMOLIht ,: 03/08/22 .BSJ REVIEW UPDATED ADV PART 2A AND . . 0.40. • 130.00. • 2B FOR•SOUTHEASTERN ADVISORY: . . • " . SERVICES:. 03122122. PARA: • . . FOLLOW-UP EMAIL TO AMANDA.KISH. : alp. , . . .1:0.00.. :lf REQUESTING STATUS OF FINALIZED` ' . . 0 FINAL STATEMENT .:: .. 0.31'24122 . PARA. . ••• REVIEW•OFFILE;::POLL.DW1UP•EI1AM., 0:.20 '; 20;00 • w. TO AMANDA KISH AND SCOTT BAUt • ' e. RE: STATUS OF SIGNED RMLO ' • • • . . 03/25/22 LG DRAFT RNID GUIDANCE AND - 0:10 32.50 . . • ' • 1 ••CRYPTOCURRENCY MEMO . • Total for Services.• . ,• 0:80 , $1$2:50 q =Fl • q': _ • •CURRENT BILL TOTAL AIVIQUN.T DUB ' • • $ 102:5.0". . •., : . r . 4 tg 04' • i ..i I BOYNTON BEACH GENERAL EMPLOYEES'PENSION VENDOR: DATE oiaz 000000000072 . 04/22 . 00000 00002891 0000072 ' INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT ' i 1QTR22 2104 04/08/22 30, 882.00 30,882.00 . .00 •:30,882.00- Check `Total 30,.882.:0t • THE FACE OF THIS DOCUMENT HAS A COLORED BACKGROUND ON WHITE PAPER-THE:BACKDNTAINS AN ARTIFICIAL WATERMARK=HOLD AT AN ANGLE TO VIEW 3 I YNTcN BEACH GENERAL EMPLOYEES'.PENSION SOUTHSTATE BANK I S S I : . x : �O HLAKE BLVD STE 206 1 g89 1 MITy Trall j. L2lF' CH '(1EI 'L 33410 ;;'"`za p> m �h ' 1289/�70 33410 j 80�-2�0116 w z° f" `• '"','44' Si ... CHECK NO, ;CHECK DATE .VENDOR NO. $1 2891 04/08/22 000000000072 • •! Ti-I RTY. THOUSAND .EIGHT HUNDRED. EIGHTY-TWO AND 00/100 )DOIaLARS $30,082: 00 )."...t.L.4 1 :.�.Nt -, .... .�f!/.ik ., . ,.. . . . TO THE I UTE,....:,.., 4PiSTF,�$IsI,i .DV Q Y. 'S. R T , :INC • , 7i 1 0'':. TL Y .R VE ` LI SATE' B2 F :t� -""';* I c, , AT ATLANTA >�.,4' GA 30324 . {) - VOID.AFTER 180 DAYS .� L.�..-.._.. ....- .....�........� -......�......�..- ..._.-._� _.�4NiLCOMJ3. .pPP.PINnHG E E'0000 289 lu. 1:06 3 111,0 301:806 30 29 20611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002891 - • VENDOR: 000000000072 04/22 0000000000.72 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 1QTR22 2104 04/08/22 30, 882 . 00 30,882.00 .00 30,88.2.00 C`ieck Total 30, 882.00 } • 3.1 • • • ce02p :.� DO SOUTHEASTERN ADVISORY SERVICES,-INC. A ® Registered Investment Advisor • • 190.Ottley Drive NE,STF.•2BA • . � E: Ajiril 1,2Q22 :< Atlanta,GA 30324 . INVOICE# 2104 Phone 404 237 3156 FOR: 1Q22 • • • Bill.To: ..Boynton Beach General Employee's Pension Fund • C/O Amanda Kish,amanda@resotircecenters.com . The Resource Centers,Inc. • •• 4360 Northlalcc Blvd.Suite 206 Palm Beach Gardens,FL 33410 Via email:paymentgroup@resouteecenters.com /Dina@resourcecenters.com • Performance Measurement and Related Investment Cons• 'Services • • • Value at 12/31/21:$247,057,808 • • • ( $247;057,808 .:•.x 5 Basis Points.)/ *30,882 . •. • • Tom • • Please send your payment to: i1 ' Southeastern Advisor r Services,Inc • 190 Ottley Dt1ve NE Ste B2A Atlanta, GA 30324 If yon have any questions concerning this invoice,:contact • Jeff Swanson,904 233 7600,jefffgseadvisoty.com . • . • • . • • Thank}ion 5or yowt buain�eas!` • i. 1 • • • BOYNTON BEACH GENERAL EMPLOYEES'PENSIONVENDDATE CHECK ND. 00002892 000000000401 04/22 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 006294 03/28/22 . 72- .72- . 00 . 72 006295 04/29/22 17, 621 . 75 17, 621 .75 . 00 17, 621. 75 =6296 04/29/22 8, 699. 16 8, 699. 16 . 00 8, 699. 16 , ;0297 04/29/22 4, 191. 60 4, 191. 60 . 00 4, 191 . 60 006298 04/29/22 3, 446. 32 3, 446.32 . 00 3, 446. 32 006299 04/29/22 277 . 20 277 .20 . 00 277 . 20 006300 04/29/22 388 . 31 388 . 31 . 00 388 . 31 006301 04/29/22 115. 92 115. 92 . 00 115. 92 Check Total 34, 739. 54 - _ _ I - - .IIIEFATE! i ' EIMIUMEMISMOLIDEDIHV-qii II I fI I BOYNTON BEACH GENERAL EMPLOYEES'PENSION 1111 ' Eb ' U II 4360 NORTHLAKE BLVD STE 206 10891 N.Military Trail ,PALM BEACH GARDENS,FL 33410 Palm Beach Gardens FL 33410 800-206-0116 63-1289/ 70 CHECK NO. CHECK DATE VENDOR NO. 2892 _ 04/29/22 000000000401 PAY AMOUNT THIRTY-FOUR THOUSAND SEVEN HUNDRED THIRTY-NINE AND 54/100 $34 , 739. 54 DOLLARS 22/:')Ve--.2 _,..-0-4.4...f__>4) Aunron¢eD sIvTHE CITY OF BOYNTON BEACHORDER ATTN: ANDREA JAVIER - OF AUTMDRIZED SIGNATURE P . O. BOX 310 BOYNTON BEACH FL 33425 VOID AFTER 180 DAYS -- - ..- - - .-. _. - ._ - _ - Err...__...,,,._c,.'r.ic=.t'.-_r-,c• 1110000 289 20 x:063 1 14030':80630 29 2061' . BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002892 VENDOR: DATE CHECK NO. 000000000401 04/22 000000000401 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 006294 03/28/22 _72- . 72- . 00 _ 72- 006295 04/29/22 17, 621 . 75 17, 621 . 75 . 00 17, 621 . 75 006296 04/29/22 8, 699 . 16 8, 699 . 16 . 00 8, 699 . 16 006297 - 04/29/22 4, 191 . 60 4, 191 . 60 . 00 4, 191 . 60 006298 04/29/22 3, 446. 32 3, 446. 32 . 00 3, 446. 32 006299 04/29/22 277 . 20 277 . 20 . 00 277 . 20 006300 04/29/22 388 . 31 388 . 31 . 00 388 . 31 • 006301 04/29/22 115 . 92 115 . 92 . 00 115. 92 Check Total 34, 739. 54 A BQYNTON BEACH GENERAL EMPLOYEES PENSION �� a HECK NO. 00002893 NDOR: 000000000080 • 04/22 00.0000000080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID ' DISC.TAKEN ' NET AMOUNT 4ACCT FEB 2022 44/22/22 . 5,589.51 5,589.51 .00 5,589.51. CheCk Total 5,58 a.51 • DIE FACE OF THIS DOCUMEN1 HAS A COLDHLD BACKGROUND ON WHITE PAPEH THE BACK CONTAINS g1I RTIFICIAL WATERMARK-HOLD AT AN ANGLr I.VI T0 BEACH GENERAL EMPLOYEES PENSION. SOUTH, STATE BANK 00002$93 „Born, "' 10891 �Y Mil to Trail 4360YNgHLAKE�,BLVD STE 206 ?,,• � ry Fi LM# EACH G!�'1iDEPf$ 3.341,1.,,.., 4 .. Pi n I each ardens FL 33410 I '� .� „ �. � � 3-1289/1170 04/ \:2" 14,8012 -0118 t § x ;< b 04/22/22 000000000080 i FIVE THOUSAND FIVE HUNDRED EIGHTY-NINE AND 51/100 DOLLARS $5 589:51 �� AUTHORIZED 81 RE 70 THE I4 Ii 14, ODYN, i Luz,ip S' C R1U1�, SIN �i V!r q5 � � # � +'�•� AUTHORIZED SIGNATURE I( :r.F PONB `k 1( 3 7 1 . ',A, . ,* Iv, X41 . DES ` IOINE IA 50306-0317 VOID AFTER 180 DAYS 00000 289 311' 1.06 3 Z 140 301:LO6 30 29 206 ' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002893 VENDOR: DATE CHECK NO. 000000000080 04/22 000000000080. INVOICE NUMBER INVOICE DATE .INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 4ACCT FEB 2022 04/22/22 . 5,5.89.5.1 5,589.51 .. . 00 - 5;589:51 :• Check Total 5,589.51 • • Fee.lnvoiaer 137.03284. • (Doi . I eP�i� a�� Cu•stody • .aacouniNumber•.: 4046000161 .Solutions Porpenotl: • - 02/01/2022.7•02/23/2022 • ' 'invoke-01te.. '. • 03104/2022.. • • 000196 • • • tt 44 i>a u u i~ . : .: . • •Return To:; .... Boynton/DHJ Fxd r�(•�i 0 4 2(;2 .Prim ipal Custody Solutions . Dixie Martinez Admin. •.Revenue Processing 4360 Northtake Blvd Ste 206 • PS).So) 10317 • Palm Beach Gardens FL 3341.0 • By., , • . . DBS NioinBS,IA.60306.-0317 . • • $476:33 PAYMENt•DUE IWON RECEIPT'. • Account Name: BoyntonlDHJ Fxd • • Contact: Karl Hutchinson 516=878.•6050 • Fad HM .. ., • Summary of Gurrent•Period fled* Charged Bitted Toter• • Administration .$47 .33 •, :.$476.33 Total Current Period Fees $47/3:83 1476.33 0/AAI• • • • • • Wire ACbilnstruotiontr, • Wells:Fargo Bank,N.A: ABA/Routing:121000240 Acct No:4543773808 Adel Name:.Principal Bank PCS Fee ODA . FTC/Customer ID:Revenue Processing Invoice Of • Cuslody and trust services ere provided by Principal Bank®.Member FDIC,andlor Princfpel:Trust.C•dritpattyt®. These services are provided under tiie trade name Principal®Custody Solutions.PrincipatTrus1.$ompanyfa'8 • trade name of Delaware Charter Guarantee 8,.Trust Company.Principal Bank and Principal Trust toilsauty.ye • members of the Principal Financial Group®,Des Moines.1A 50342. • • • • • •• •PLEASE RETURtiTHIS•PAGE WITH PAYMEN • fi'. . ' • • Page 1 10000001000oco0060000020en34303O0S03:4'000047b0140062 • • • • ; I • ryry ustG. • P. tnrcltoe 13ioss27 . • QC'ri nci�aL.. y' ' . Acboujit Number.', 24102?01 . . Solutions For P•itied'•: •`:;02/0112022,-D212Bt2022 •• •• . . . . . lrtvo,ce f�sr : .031102022 •000376 D I.'; ES I Return1 q , Boynton/S&P400 1,..f-R 0 1 Principal rstody:Solutions Dixie Martinez,Administrator _ - Revenue Processing The Resource Centers,LLC P.O.Box 10917 4360 Northlake:Blvd:,Suite 206' ay ....y . • _ • .Dee NMoln�s;,l/,i,.6030.6-0317 Palm Beach Gardens FL 3341'0- . . 1 • '`- • $$566;8Q•.. •• . . • PAYMENT'DUE UPON'RECE-PT • ' Account Name: BoyntonlS&P400 ' Contact: -Kari Hutchinson 51'5.878-6050 . • . . • • i-atl Hero •.. �r .. '" ,• Summary ofCurrent Period Pees . Charged. . 911104 Total Administration $566.80 ' 9566.80. •Total Current Period Fees ' $566.50 ' . 5566.80 ' • • • Wire/ACti Instructions: _ • • . Wells Fargo Bank.NA • ABNRoui np:12100024,0 Acct No:4543773806• • ••. Acct Name:Principal Sank PCS Fee DOA. . FFC/Customer ID:Revenue Processlnp'invoice.4 : • Custody and trust services are provided-by Principes Rank®,Member FDIC,and/or Pri Plp.l rust Company®, • These services are provided under the trade name Prinolpal4D Custody.Solutions:Principal T'yet:Crmtp.ny is a , -aerie name of Delaware Charter Guarantee&Trusl Company.Principal Bank end-Prlrteipel'Trust Cbmpanyare 1 members of the Principal Financial Group®,Des Moines,IA.50992. • • • 'PLEASE;RETURN THIS.'PAG'E.WITH PAYMENT' "" Pagd 1 '0000005000CGO..,00a771137e7.oQmoos asorstiso t dNO2 - • • i Fat invoice:: , 13703832 Q AccountNumber4045002463i i mCtodyPrnCpal iFor Period: ovoinon=0212812022Solutons Invoice Date: 03/10/2022 Account Name: BoyntotlCity Mut Contact: Karl Hutchinson 515-878-6050 • Services Value t Quantity Rate Frequency. • Amount !! Administration Market Value 102,525,451.34 €12 x 1/12 3,417.52 Total Administration $3,417.52 :.yTeitel . $3,417.62 Summary Total Charged to Account $0.00.: Total Billed , 1$3,417.62 Payment Due . • . $3;417:52.. • Page 2 000 000000 000000000000020077311409001001 0000011 002 01002 • Fee Involoe:. .. 13763818 m Custody Account Numtier. • • 25876101 Q Principal For Period: :02/01/2022-02/28/2022 Solutions Invoice Date: 03/10/2022. . Account Name: Boynton Beach-Clearbridge LG Cap Contact: Karl Hutchinson 515-878-6050 Services Value I Quantity Rate Frequency Amount Administration Market Value 33,865,724.91 @ 0.0004 • X- 1/12 1,128:86 . • Total Administration $1,128.86 Total 41,128.86• Summary Total Charged to.Account so.ot • Total Billed • $1,128.86• • Payment Duo • ; • $1,1.28.88. • • • Page 2 Od000000000000000000002017731]2000010010001771CO2.1002.;. • I BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002894 i VENDOR: DATE CHECK NO,. 000000000001 05/22 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 19293 MAY 2022 05/06/22 5, 423.10 5, 423.10 . 00 5, 423. 10 Check Total 5; 423.10 -":THE-FACA'OFT NIS DOCUMENT HASH COLORED:MCKGROUNO DN WHITE PAPER'THE.BACdiCONTAINS AN ARTIFICIAL WATERMARK-HOLD AT AN ANGLE TO VIEW BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 1 I 1 I : ' A 4366 P19RTHLAKE BLVD STE 206 10891+ Military Trail PALMIBEACH 0 EN FL 334ffQ„t,,,, ""`-"•"'i Palin etch Garc289/R70 33410 800-206-0116 ` j, V '�t A Y f 16 fl1/4 ,� iffir.wwi HECKN•. CHECK�AiEVENDORNO. i, 4044,, §, e \ �:' ..i N . z' * '°"" 2894 . 05/06/22 000000000.001 FYvE THOUSAND FOUR HUNDRED TWENTY-THREE AND 10/100 DOLLARS. $5, 423. 10 .. w r k TII?`I' P. NL' RE I �aL VM CE ' TER / 1 Rril2 •If `k M • 4 60; •ORTT AICE, BLV € i 11/ ;' AOMORI=SIONKTVRE i F SUIT 3' 206 f s, q'. 'kJ, PALMI BEA& �EI'S"" FL 33410 VOID AFTER 180 DAYS • ' 0'000.0 289411'. 17.0631.140301:1106.30 2q'20611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002894 VENDOR: DATE CHECK NO. 000000000001 05/22 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 19293 MAY 2022 05/06/22 5, 423. 10 5, 423. 10 . 00 5,423.10 , Cneck Total 5,423.10 i ____ —Resource Centers LLC IrtvOice. I4360�" Northlake Blvd.;Suite 206. • Palm Beach Gardens; FL 340 ;, � r tq , • . 11222• . . •19293 ALS+ � Bill•Ta '.,l r` : 'dtid Y, • TF 'f�rh tb ��� Y"l Y+^ FkFTfYfiQtFy -0y e Boynton Beach General Pension Fund Pension Resourte Center .364504183 • Resource Centers $7-0800468 s:. :q17:-.....4.,.,41-21e scri tion r. -------77.:ZV:::: •y�' v J�e,it �rst�: „�v�.,y w• Y},�' '::'=:�� 4L Boynton Beach General•Employees: Pension Monthly Administrator . •,.•4,925.00 ".4,925.00 • Fee for May 2022 •Postage 430' f •6,55 238.50 :.: Death Search-2nd Quarter 2022 436 , `0.190 • ._ "•26x.60 :, . • • • • NI Total Amount Due.: $5,423.10 , Mall Payments to; ( Resource Centers,LLC at.Palm Beach Gardens.address.above. . If you have.any questions concerning this invoice, please contact Michael Burr at Resource Centers,'LLC Phone 5.61.459.2985 or email- michael@resourteoenters.cern'.' BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002895 VENDOR: 000000000125 05/22 000000000125 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 1Q2022 05/06/22 41,711.20 41,711.20 .00 41,711.20 Check Total 41,711.20. -.';: THE FACE OHI NS,0.0 I►1MENT HAS AZOi'ORED 6ACKGROUNi ON WitTE PAPER'THE.SAt1t N`f11INS AN ARTIFICIAL WATERMARK-HOLD AT AN ANGLE TO VIEW BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 1 1 1 1 : 4.360`NDOTHLAKE BLVD STE 206 10891 N Military Trail Palm Beach'Gardens FL 33410 ! PALM�EACH GARDEN$,:FL 3349.....„ � ,�� � 63-1289/ 70 800,206-0116 ,� � i A s A. ;ybxt;;,�ssaaz CHECK NO. CHECK DATE `VENDOR NO. 2895 05/06/22 000000000125 kitte' AMOUNT FORTY-ONE THOUSAND SEVEN HUNDRED ELEVEN AND 20/100 DOLLARS $41,711.20: TO THE ' ; >IDGA, VES 'MNTS s OR , LLa`'GGVASQN .CL P, BRID NyESTMENTS �vrxoRaic,wR�nu ' 9F # 1398 C041.4C IV8N NTEbZ. fE �` � f. CHICAGO �+ �s• IL 60693-0139 "�Rd VOID AFTER 180 DAYS . _..,,,............ _...µ _ T _.. ._ • _A9R41d11lLl�k5A7�!tRP�Ni4. 11'0000289511' 1:063L140301:806302920611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION . 00002895 VENDOR: DATE CHECK NO. 000000000125 05/22 000000000125 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 102022 05/06/22 41,711.20 41,7 1.20 .00 41,711.20 Check Total 41,.711.20 • •:..•:_. .. .. .n..`•..._.F.�...r.y..;, •:_::::'.•:v;•' r... - r. �_%': ... _TM'-�•.:i'•i:ir.i.;:y:.r ..'.F'G,•; Investments • dace 4!18/2022 Employees'Pension Plan of the City of B - . Billing Period • .. • 4360 Northlake Blvd,Suite 206 • 2022-Q1 .. I Palm Beach Gardens,:FL3341A "r ". e.Nu cmger Attn: Amanda Kish 4BOYNTON LC0033122' • 7C7{X�fi6101 CUSTOMER COPY-PLEASE RETAIN FOR YOUR RECORDS. Employees'Pension Plan of the City.of$oynton Beach,Florida ' Fee Schedule Detail-Employees'Pension Plan of the City of Boynton Beach,Florida .annual Rate` . ` Valuation.-USDFee 0 to'999999999999 0.500% .33,832,421.74 41,711.20. •' ' Total Fees Due 2022 Ql: . • : 41,711. 0 • • I • . Wire Instructions: • . . .. ' `. . • . • i ]Hailing sddr..ess:• Paying Agent CLEARBRIDGE INVESTMBNTSLLC Legg Mason EBO:CLEARER1150E h4VESTMENTS:L:LG Banle Bank of Amenca ' ' 13985 Collections Center Drive :•,• • • Chicago,IL 60693-0139 • ABAii Q2B009593' Ref:2022-Q1-BOYNTON 140, Acct# 00446T062771 � • • �' Ref.:2022-Q1-BQYNfON.t#1-'` • - • • •Account asset values are calculated and providedby your custodian. • Accrued income is included in•the calculation of account asset.values.. • • • ClearB id Investments bate. ' • 4/18/2022 Employees'Pension Plan of the City of B Billing Period 4360 Northlake Blvd,Suite 206'• • • , •• ;2022-Qi. • ' • Palm Beach Gardens,FL 3141A• • • • •• • •.. . • •• Invoice Number • Attn: Amanda Kish • BOYNTON LC0033122 • • Custodian XI) ' XM61D1 • • PLEASE REMIT THIS STATEMENT WITH YOUR PAYMENT.. • 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% '33,832,421.74 •41,71120 • • Total Fees.Due 2022,91: •41,711•.20` • • • • • Wire instructions: Mailing address: Paying Agent CLEA1 BRIDQB INVESTMENTS I LC Legg Mason FBO:CLEARBRIDOB INVESTMENTS ILC• gam;Bank of 13985 Collections Center Drive' ' Ame�ca` • ABA#:026009593 'Chicago;IL.60693-0139 . - . Ref 2022-141:BOYNTON LCG • E1�1#:004467062771 : l�eP.;2022�Q1=BOYNT'4rI'LCCi .. . • • • • • Account asset values are calculated and provided-by your•`custodian. • Accrued income is included in the calculation ofaccount asset values. • BOYNTON BEACH GENERAL EMPLOYEES'PENSION DATE CHECK NO. 00002896 VENDOR: 000000000034 05/22 00000000.0034 INVOICE NUMBER INVOICE DATE. .'INVOICE AMOUNT' AMOUNT PAID. DI$C.TAKEN . .. NET AMOUNT. 1QTR22 35618 05/06/22 10,184 .93 10.,184.93 .. .00 1.0,184.93 Check .Total 10,184.93 • THE FACE OF THIS DOCUr+1FNi HAS A COLORED BACKGROUND OD WHITE PAPER-Ili-BACK;.COIJTAINS-AN tiBTIFICIAL WATERMARK-HOl.0 Ai AN A COLE TO VIEW_._ I BO(NTON BEACH GENERAL EMPLOYEES'PENSION. SOUTHSTATE BANK IIIII : ' . 4 a060Wd1-HLAKF BLVD STE 206 10$91'N.Military Trail PAL CH NP;FL 3341. Palm B8ach'Gardens FL 33410 4 "i'� r:;' ;� ���� . � 63-1289/ 70 t 804-20¢-0116 � p :er !"'`a `it °x. t x: _ ' �2a & x a f�" . 'fit 3k 4 kv* 4j�„�;, � CHECK NO. - CHECK DATE :VENDOR NO. i % ,y'�: ,�`� .. ss £c 2896 .05/06/22. 000000000034 ' TEN THOUSAND QNE HUNDRED EIGHTY-FOUR AND 93/100 DOLLARS•: $10,194. 93 A Ii1 41Z-I , F• .i...YW:t,,,„,.. AU COR2FDN�. RE . I TO�1' E it X.1H•AN, ON '�SOCi L ,°LP '� t if R fit., 5 ,-10E1,$TOW 9RATR i 3 3 a — ;s } AUIHOR2E0.IGNA71lRE i F 14` 1 ' I.CKN1,ECr S' � 16Q.=ry. ' � .� H UON• b ' ,y: : ?4." TX 77010. - • - • VOID AFTER 180 DAYS, ..#0,4 9Kmdmao•,,,, ('00 0 0 28 9 611' 1:06 3 1 11,0 301:806302920611' BOYNTON BEACH GENERAL EMPLOYEES'PENSION 00002896 VENDOR: DATE CHECK NO.. I 000000000034 05/22 000000000034 INVOICE NUMBER INVOICE DATE . . INVOICE AMOUNT AMOUNT.PAID : . . DISC.TAKEN: . . NET AMOUNT 1 1QTR22 35618 05/06/22 10,184.93 .' ' • 10,184 93 .00` . 10, 194.93 1 .'C`ieck Total ' 10, 184 .93. i • • • •• GARCIk'.H AM I LTO ! .AS$OC•IATES,L:P •. INVOICE it 35618 -• 5)1065101.i CENTER... • • , , • : '1407 McKIHAU,SU,TE.!600 HOUSTON,TX 77010 • • .. :TTU Y 13 a5 .2322 • lit A 6'2022 .. fat:(415)85'3-2308 ' . ,•,:: • .'wwwekaceii+xiwnrpuass�crar25:ca�a . BO 'NTON)3 CH GENERAL EMPLOYEES PENSION PUN.(4 1I) 61j bbge i Tegrit Plan Admto inlstrars•cIo Sage Lehman/EIlysc Russo 4360 Northlake•ryouleward,•Sie.+Z06 Palm Beach Gardens,F1, 33410 • GARCIA HAMILTON 4 ASSOCIATES • . .. SUMMARY OF'MANAGEi NT F.E S..: - • For The Period April 1,2022_througti June 30,2022 ' • • Portfolio Value with Accrued Interest as of01-31.22 5. 1:4;474;;91.48' Portfolio Value With Accrued Interest as of 02=28=22: . • 14,361',2741.94, Portfolio Value with Accrued Interest as of03-31-22 • • • ' • • I4,061-AS4.3F " Average.Oi'3 Months S.•14;255,890.24 • 10,000,000 tr 0:3000%per aimum. . :10000 4295,890 J 0.2500%per.annum 2,684.9 Quarterly Management Fee •• :::S; :.• '10,114.93 • ' TOTAL'DUE AN))PAYABLE • S. .,10;184.93 • • • • J BOYNTON BEACH GENERAL EMPLOYEES'PENSIONPATE CHECK NO. 000.02897 VENDOR: 000000000031 05/22 00000000.00.31 j. INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN•• NET AMOUNT 470136 4/6/22 05/06/22 4, 472.00 4, 472. 00 .00 • 4,472.00 Check 'Total. 4,472.00 • • • • • THE FACE DF THIS DOCUMENTHAS'A-COLORED BACKGROUND ON WHITE PAPISR= t40 AN ARTIFICIAL WMERMARK•HOLD Al Al ANGLE 1 U viE:'c l OYNTOA BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 1 1 8 1 : • NL �tary Trail elPflO,2THLAKE BLVD STE 206 r 14#9Q4t3^Mit • PALEACH GARDENS E'L 3341Q.,6,.,, '% P4 Epikh 1289/ardnsGeFL70 33410 800420 70116 °: •�" ,�, 'tI �. j4. � � 5. to 0 .rydt; - .a .. HECK DA = .VENPORNO... .' 05/06/22 000000.0.00031 }' k- aa AMOUNT • FOUR THOUSAND. FOUR HUNDRED SEVENTY-TWO AND 00/100 DOLLARS $4,.472.00. . : • .d. I TO THE d.4441.pRO, . SI ,IT i & C;fl OFO P(3., I�Lb E 7 ( C t, � .m>a�.w.�,un. Ar t •t . ,i DETr #780 ;y,. ; ,4" DFTbIT• kkak,,.: . MI 98278 VOID AFTER 180 DAYS • - 1....__.._.....,.w.._....»-..'.-..:_-..-............,.......•.—......._.._..-..ev._:,.....-.-..._,`.r..._....._........•__...._...�..-......_._�.-.._........._...�.._........_.s....,.....:..........�.:..�..._,.._.. .,,_�QR,�f.GO('.�AM6•MIC�.���� , 11'0000219711' i:0631140301:80630292061i' ROYNTON BEACH GENERAL EMPLOYEES'PENSION 00002897 ' VENDOR: DATE • CHECK NO. 000000000031 • • 05/22 . 000000000031 . INVOICE NUMBER INVOICE DATE INVOICE AMOUNT • AMOUNT:PAIP.=. DlSC.TAKEN' • •NET:AMOUNT. . 470136 4/6/22 05/06/22 4,472.00 4,472.00 .00 • 4,472.00. Cieck Total . 4,472.00 • r: R(S Gabriel, Roeder, Smith &Company One East Broward Blvd. Suite 505 • Ft.Lauderdale,•Flodda 33301-1804 InVOIee (954)527-1616 • Date Invoice . - :•4/6/2022•..::.. . .. 470136';. ; Bili To: Please Remit To: • Attention:Ms,Amanda Kish • -Dept.#78009 Administrator Gabriel,Roeder,.Sniith&Company Boynton Beach Pension Plan for,General..Employees PO.Bbx'76000' • The Resource Centers,LLC betroft,.Michigan 48278-6009• 4360 Northlake Blvd.,Suite 206 • .' . • Palm Beach Gardens,Florida 33410: • Federal Tax ID, 38-1691268 .. . Client 1916 Amount For professional actuarial services rendered for the City of Boynton Beach Pension Plan for General Employees,1/1/2022 through 3/31/2022 • Benefit Calculations.for: Bennett(DROP),Caldwell(DROP.),Elchorst(DRQP),•Krusell, ,; , 5.00 . . 225.00: • . 1,125,00 (DROP),Niesolowskl j1ROP). . • • :. • • • 4..'=.: y' ; Charges since 12/31/2021 for work in progress'on the 10/1/2021 Actuarial Valuation • 2,897,00 Report(charges to date equal$8,176). • . • •' • GASB 57 true-up'letter(dated2/21/2022);,with final GASB 67disdosure lnfo>;matlon'as'.'-:r•• a •:;:. . `:•; ` ,: 450.00 of.9/30/2021: • Amount Due , . $4,472 .: • PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE.THANKYOU. • • • , • Page'1 of 1 BOYNTON BEACH GENERAL EMPLOYEES'PENSION • j VENDOR DATE cNecKNo: 00002898 0.00000000047 05/22. .0.00'000000047 INVOICE NUMBER •INVOICE DATE INVOICE AMOUNT AMOUNT"PAID • DISC.TAKEN . NET•AMOUNT 30525 APR 2022 05/06/22 95 . 00 95.00 .00 95. 00 ch'eck 'Total' 95.0.0 • • • • • THE FACE'OF THIS DOCUi'aENT HAS A COLORED BACKGROUND ON WHITE PARER:THE BALER CONTAINS AN ARTIFICIAL WATERMARK HOLD AT AN ANGLE TO VIEW. •. BOYNTON BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 1 1 1 1 : • : 4360 NORTH LAKE BLVD STE 206 • . 149,'N" Miry PALM BEACH GRD .33410 Pa1nB6dc6ardT2rail F 33410 .. of �(•Kt,. s�; i� � � .� _ . . i _•{. do .-, 0 4 P. ,� n>"•«-`A* m \ CHECK NO. r/ Int ` "� . 2898 . . 05"/06/22. 00000000004.7, it - } ,1/4 ` ' 1,7 • AMOUNT NTEtIN TE AND 00./100• DOLLARS $95.00. • r _ �t.•y„w.NRRv.,ea.:P 4VTNOR¢EDa TOE 4` 1;35 ; FMAN;` ENS & L INSON . • / 42 N 7( 8 CV OR IT E,SE. 4T TREEP _ OF I t ,`9 y�s4.. a ��tMORaED ccrutwe . ^ 'Ji '. YY .{: Y H • `e F'9'�+ a->„,0 #1 1.'•� QA''Pf LAPIO 4'.. ,A0 FL 33317 T t,, u VOID AFTER 180 DAYS 1.,........... ..... .....,...,_.._..._._.-........«-,_...........................................,...-.........•... .,..............................-.,-............+.......+-.....,...� .�...�. �..........�npR COMi4)ti5 NICPCIGI . 1110000 28981r 1:06 31140'30i:806 30 29.20.6ha . BOYNTON BEACH GENERAL EMPLOYEES'PENSION • 00002898 VENDOR: DATE- CMEdt.NOa . . 000000000047 05/22 000000000047 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC.TAKEN NET AMOUNT 30525 APR 2022 05/06/22 . • 95.00 95.00 :00. • 95..0.0 Check Total 95.00 (pl5'c� • • Klausner, Kaufman, Jensen&Leu1ni ... . A•Partnership.of Professional Associations Attorneys At Law 708074.W.4th Street.. Plantation,Flontda.33317 • Tel (954)916-1202 "www,ldausnedcaufi 1ann.c int. fax(954)916-1232 : • Tax ILL 45-40113636 BOYNTON BEACH GENERAL EMPLOYEES •April30,2022 Attn:AMANDA KISH : Bill"#30525 4360 NORTHLAKE BOULEVARD-SUITE 206 PALM BEACH GARDENS;.FL.3341 Q • . • • CLIENT: -BOYNTON BEACH"GENERAL EMPLOYEES '. Y BBGE • MATTER: .BOYNTON BEACH GENERAL EMPLOYEES' PENSION,BOARD • :15004 • Professional Pees Date Attorney Description • • . • Hours'. .. . Amount 04/06122 . .PARA•: '.. • DRAFTING.OF,GENERIC SIGNATIVRRE:. :,...:. 93Q.. . 30.00 • • • AUTHORIZATION F.ORM' EMAIL FORM • TO ADMINISTRATOR TO BE PLACED ON •NEXT AGENDA 04/06/22 BSJ REVIEW SIGNATURE AUTHORIZATION -0:10 $2,50 FORM • 04110/22 BSJ ; ''REVIEW.EMAIL FROM JEFF SWANSON *0:10 32.5Q' REGARDING 1ST QUARTER•2022 REPORTS DELAY DUE TO NEW SYSTEMS Total for Services 60 $96.00 CURRENT BILL TOTAL AMOUNT DUE 95.00 ' • BOYNTON BEACH GENERAL.EMPLOYEES'PENSION DATE f]IEOC No 00002899 VENDOR: 0.0000.00000.8:0 . . 05/22 00000.0000.080 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT . AMOUNT PAID ' DISC.TAKEN NET AMOUNT CITY MUT. 3/202.2 .05/0:6/22` 3;444::77.. . • 3,444.77. •-.; .00: 3:i-4.44:77 . • . Cthedk 'Total 3,:444 .7 ::.. .. • • • • ' •' THE IACE-0 ' S.'" lMENT HAS heOLDAED BACKGROUND OH1 CJHITE PAPEH-THE'BACKCOITAINS AN ARM ICIAL WATERMARK-HOLD AT AN ANGLE TO VIL01 ... 9QYNT9,N•BEACH GENERAL EMPLOYEES'PENSION SOUTHSTATE BANK 0 1 1 1 . . . 4260.'10tTHLAK.,BLVD STE 206 F 1Q$9111•i#Mlil tary Trail .P4LM. CH G N�,,r4.34t . „ . . Patin Eleah ig'2 8%70 33410. 80 2Q 0116 �: ?¢l . , F ,.. '� t.,,, sk. p ,,,F avail' 1 ' - •, ,}r!a .w° ' ,E . A e . :x," CHECK NO. CHECK DATE ''VENDOR NO. `. . .. �.��„, 2899 05/06/22. 000000000080 • py -•of • • AMOUNT . `THREE •THOUSAND•FOUR HUNDRED .FORTY-FOUR AND 77/100 • DOLLARS...• '$3, 44'4.77 •• . • : !Re 1 t -f..47...,...0_-4.4...4):3149 TO THE rid.X Aa1�STon* SLUT IIS . ' ficl - RR VE E R QL.E6•,.p IN I. -''f 1unoa�oanwTuna( . PO B C 167' s 3, c 1�ES$F;MOINE �,w� "`x'" IA 50306-0317 • :I { . VOID AFTER 180 DAYS• • . 1._..-.Y.: .. _ .� .....-.:� ...,........�........—..-... ..�N�E.�I.�ON7/�N�,MICROPlTU1G 00000 2899x0 1:0.63 i 1:40304:80630' 9 20G1'r I • BOYNTON BEACH GENERAL EMPLOYEES''PENSION' . .. ,_00002899 •• VENDOR: Di►te• CHECK NO. . 000000000080 . 05/22' '. 00.00000.00080 . INVOICE NUMBER. INVOICE DATE INVOICE AMOUNT AMOUNT PAID . DISC..TAKEN NET AMOUNT • • CITY MUT 3/2022 05/06/22 3,444.77 3,444.77 '..00 ` . 3, 444.7.7' Check .Total. • 3,-444 .7.7 . • • • . • :..:•rn�:•:.;: :rete-:. -.. .. ..................�... _ e...r,.. .. ...... .... - :.... .._. ...... . • lS+ Fee lakalce 13704256 Principal 'CtY• Account Number 4046002463 'S,Da.Jtio1�5.-` ForParf•bd:• 03/011022'=•03/31/2022. - • ' .ln6o"ce:Ditto: ••••• •• 04/06/2022- • • • Return To: . ' . . , Boynton/City Mut Principal Custody Solutions , • Dixie Martinez Admin.. Rtavenue PrOcesSing .'• • 4360 Northlake Blvd Ste 206 . •. ' . . 'P:O:•Sox.10317 . Palm Beach Gardens FL 33410' • •Des:.Moines,IA•.50305-0317 ; • PAYMENT DUE UPON RECEIPT. Account Name: Boynton/CityMut , . Contact: Karl'Hutchinson 515-87$-6050 • „. Fold Herd • Summary of Current•Pe.riod Fees • 'Charged ..•EiHeclt ', 'Total . Administration $3,444.77 $3,444.77 . ' Total Current Period Fees $3,444.77 • $3;444.77 • • • Wire/ACH'instr utions:. 'i:' Wells l=argo Bank.N.A ABA/Routing:121000248 Acct No:4543773808. Acct Name:Principal Bank PCS Fee DDA, • FFC/Customer JD:Revenue Processing.Invoice#. Custody and trust services are provided by Principal Bank®,Member FDIC,and/or Principal Trust Corrigan'®,, •: • These services are provided uhdertha'trade'same Principal®Custody Solutions.Principal.Tnut Companyis.a• ' 'trade name of Delaware Charter Guarantee&Trust Company.principal'bank and Principal Trust Companyare members of the Principal Financial Group®,Des Moines,IA 50302: • . • • PLEASE RETURN THIS PAGE WITH PAYMENT.• • +' . Page'1 • • • • Fee Invoice: 13704256 f e CuStOdY Account Number • 4048002463 i Q Prir�cipatSolutions. • : Fie, .:o31p1/20 0 1 • I 1 Invoke Defer • ' 04%06/2022 Account Name: Boynton/City Mut Contact: Karl Hutchinson 515-878-6050 i Services Value/Quantity_. Rate'' fr(equMtcy` .. .'...'. Ataoutlt Administration r• > Market Value 103,343,174.94 © 0.0004 ..X .. 1112 '' • 3,444.77 : Total'Adrilhlstratlon '$3,444:77 .. . Total $3,444.77 ' Summary . • .- Total Charged:to Account ... • : •• ' $0.00. • • Total Billed $3,444.77 • ' • Payment Due $3,444.77 I . . • • • • • • • • :Pag2. . i • • .