Agenda 06.11.25 - RevisedIf a person decides to appeal any decision made by this Board with respect to any matter considered at this meeting, he/she w ill 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 e qual
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.
CITY OF BOYNTON BEACH GENERAL EMPLOYEES’ PENSION PLAN
Board of Trustees: Quarterly Board Meeting
Wednesday, June 11, 2025
Location: City Chambers
100 East Ocean Avenue,
Boynton Beach, FL 33435
Plan Administrator: (561) 624-3277
Location: City Chambers
100 East Ocean Avenue,
Boynton Beach, FL 33435
Plan Administrator: (561) 624-3277
Trustees:
Rebecca Shelton, Mayor Chairman Greg Malesev Term 12/26
Daniel Dugger, City Manager Sheryl Claude, Term 12/27
Steven Grant Term 12/26 Open Seat
AGENDA
I. Call to Order
II. Approval of Agenda
III. Approval of Minutes
A. Regular Quarterly Meeting – March 12, 2025
IV. Presentations
A. Annual Valuation Report: Pete Strong (GRS, Actuary)
B. Securities Litigation Monitoring: Doug Borths (Wolf Popper)
C. Southeastern Advisory Services: Jeff Swanson (Investment Consultant)
1. Investment Consultant Presentation
V. Correspondence
VI. Old Business
VII. New Business
A. Attorney Report
1. From 1
2. Plan Attorney Presentation
B. Administrative Report
1. Administrative Presentation
2. Fiduciary Liability Insurance Renewal
3. Financials
4. Warrant for Invoices.
5. Benefit Approvals
VIII. Public Comments
IX. Adjournment
NEXT QUARTERLY MEETING DATE: Wednesday, September 10th, 2025, at 4:00 p.m.
Meeting Minutes
General Employees’ Pension Fund
Boynton Beach, Florida March 12, 2025
1
MINUTES OF THE GENERAL EMPLOYEES’ PENSION PLAN REGULAR BOARD
MEETING HELD PHYSICALLY ON WEDSNDAY MARCH 12, 2025, AT 4:00 P.M.
Trustees: Sheryl Claude, Trustee
Dan Dugger, City Manager
Steven Grant, Secretary
Greg Malesev, Trustee
Others: Amanda Kish, Office of the Resource Centers
Jeff Swanson, Southeastern Advisory
Bonni Jensen, Office of Klausner, Kaufman, Jensen ,
Levinson
Chuck Landers, Saltmarsh
I. Call to Order
Steven Grant called the meeting to order at 4:15 P.M.
II. AGENDA APPROVAL:
A. Additions, Deletions, Corrections
III. APPROVAL OF MINUTES
A. Regular Quarterly Meeting
The Board held a discussion regarding the minutes from August Mrs. Claude stated that Mrs. Fasolo is
shown present, but she did not attend the August meeting, and the motions are reflective of her
attendance. The Board held a discussion.
.
Motion
Steven Grant moved to approve the workshop meeting minutes from November 2025 . Dan
Dugger seconded the motion, which passed unanimously 4-0.
IV. PRESENTATIONS
A. Saltmarsh (Auditor Report)
Mr. Landers introduced himself to the Board and thanked them for their business. He stated that the audit
received an unmodified opinion, the highest opinion an audit can receive — and that the plan’s assets
increased from $14,256,985 to $35,028,742. He reviewed the financials in detail, including administrative
expenses. The Board held a brief discussion.
Mr. Landers also reviewed the management letter with the Board.
Motion:
Steven Grant moved to approve the 2024 audit and the management letter. Dan Dugger seconded
the motion, which unanimously passed 4-0.
Meeting Minutes
General Employees’ Pension Fund
Boynton Beach, Florida March 12, 2025
2
B. Southeastern Advisory Services:
1. Investment Report:
Mr. Swanson reported on the current market environment and stated that the portfolio had a positive
fiscal year return. He reviewed the performance of major market indexes as of December 30, 2024.
The plan’s return was -0.47% (33rd percentile). The plan’s total value, including the R&D account,
was $232,244,397. Mr. Swanson reviewed the allocation of assets for the quarter: Domestic Equity
53.5%, International Equity 8.7%, Real Estate 17.8%, Fixed Income 16.4%, and Cash 1.5%. He
reviewed the market environment for each investment sector.
He discussed the market environment for each investment sector and reviewed individual manager
performance, specifically addressing Garcia Hamilton’s underperformance over the past three quarters .
V. CORRESPONDEN CE
There was no correspondence.
VI. OLD BUSINESS
There was no Old Business
VII. NEW BUSINESS
A. Attorney Report
1. IRS Mileage Rate:
Mrs. Jensen informed the Board that the IRS mileage rate increased to .70 cents per mile.
2. Memorandum Regarding New Withholding Rules:
Mrs. Jensen reviewed the new IRS regulations regarding tax withholding for retirement payments.
Individuals residing outside of the United States will now be subject to income tax withholding.
Retirees can no longer elect "no withholding" if their address is outside the United States.
3. Social Security Fairness Act:
Mrs. Jensen briefly reviewed the Social Security Fairness Act, noting that it will have a minimal impact
on members of the plan.
4. Summary Plan Description
Mrs. Jensen presented the summary plan and highlighted the changes.
B. Administrative Report
1. SOC 1 Memo
Mrs. Kish presented the SOC 1 report. She stated that Resource Centers perform a SOC 1 audit every
year, which reviews the firm’s policies and procedures. The auditor provided a clean opinion, the highest
rating possible.
2. Trustee Travel Procedure
Mrs. Kish presented the Trustee Travel Procedure, assigning a dedicated Resource Center staff member
for conference registrations.
Meeting Minutes
General Employees’ Pension Fund
Boynton Beach, Florida March 12, 2025
3
3. Warrant
The Board reviewed the Disbursements the plan administrator presented for approval.
Motion
Sheryl Claude moved to approve the Warrant dated March 12, 2025. Steven Grant seconded the
motion that unanimously passed 4-0
4.Benefit Approvals
The Board reviewed the Benefit Approvals
Motion
Sheryl Claude moved to approve the amended benefit approval. Dan Dugger seconded the motion
that unanimously passed 4-0
.
Mrs. Kish also updated the Board on the election, noting that a notice will be sent to the City Clerk after
the meeting.
VIII. PUBLIC COMMENTS
There were no Public Comments
IX. ADJOURNMENT
There being no further business, and with the next meeting previously scheduled for Wednesday,
June 11, 2025, at 4:00 p.m., the Trustees adjourned the meeting at 4:45 P.M.
__________________________________
Boynton Beach General Employees’ Pension
Board
CITY OF BOYNTON BEACH
PENSION PLAN FOR
GENERAL EMPLOYEES
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2024
ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY
THIS VALUATION FOR THE PLAN YEAR ENDING
SEPTEMBER 30, 2026
May 30, 2025
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, 2024 and Actuarial Disclosures
Dear Board Members:
The results of the October 1, 2024 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, 2026, and to determine the actuarial
information for Governmental Accounting Standards Board (GASB) Statement No. 67 for the fiscal year ending
September 30, 2024. This report also includes estimated GASB Statement No. 67 information for the fiscal
year ending September 30, 2025. 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, 2024. The
valuation was based upon information furnished by the Plan Administrator concerning Retirement System
benefits, financial transactions, plan provisions and active members, terminated members, retirees and
beneficiaries. We checked for internal reasonability and year-to-year consistency, but did not audit the data.
We are not responsible for the accuracy or completeness of the information provided by the Plan
Administrator.
This report was prepared using certain assumptions approved by the Board as authorized under Florida
Statutes and prescribed by the Florida Statutes as described in the section of this report entitled Actuarial
Board of Trustees
City of Boynton Beach Pension Plan for General Employees
May 30, 2025
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. The combined effect of the assumptions, excluding
prescribed assumptions or methods set by law, is expected to have no significant bias (i.e. not significantly
optimistic or pessimistic).
This report was prepared using our proprietary valuation model and related software which in our professional
judgment has the capability to provide results that are consistent with the purposes of the valuation and has
no material limitations or known weaknesses. We performed tests to ensure that the model reasonably
represents that which is intended to be modeled.
This report has been prepared by actuaries who have substantial experience valuing public employee
retirement systems. To the best of our knowledge the information contained in this report is accurate and
fairly presents the actuarial position of the City of Boynton Beach Pension Plan for General Employees as of the
valuation date. All calculations have been made in conformity with generally accepted actuarial principles and
practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board, and with applicable
statutes.
Peter N. Strong and Piotr Krekora are members of the American Academy of Actuaries. These actuaries meet
the Academy’s Qualification Standards to render the actuarial opinions contained herein. The signing actuaries
are independent of the plan sponsor.
This actuarial valuation and/or cost determination was prepared and completed by us or under our direct
supervision, and we acknowledge responsibility for the results. To the best of our knowledge, the results are
complete and accurate. In our opinion, the techniques and assumptions used are reasonable, meet the
requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted
actuarial principles and practices. There is no benefit or expense to be provided by the plan and/or paid from
the plan’s assets for which liabilities or current costs have not been established or otherwise taken into
account in the valuation. All known events or trends which may require a material increase in plan costs or
required contribution amounts have been taken into account in the valuation.
Gabriel, Roeder, Smith & Company will be pleased to review this valuation and Report with the Board of
Trustees and to answer any questions pertaining to the valuation.
Respectfully submitted,
GABRIEL, ROEDER, SMITH & COMPANY
Peter N. Strong, FSA, MAAA, FCA Piotr Krekora, ASA, MAAA, FCA
Enrolled Actuary No. 23-06975 Enrolled Actuary No. 23-08432
TABLE OF CONTENTS
Section Title Page
A 1.Discussion of Valuation Results 1
2.Risk Associated with Measuring the Accrued Liability
and Actuarially Determined Contribution 4
3.Low-Default-Risk Obligation Measure 7
B Valuation Results
1.Participant Data 8
2.Actuarially Determined Employer Contribution 9
3.Actuarial Value of Benefits and Assets 10
4.Calculation of Employer Normal Costs 11
5.Liquidation of the Unfunded Actuarial
Accrued Liability 12
6.Actuarial Gains and Losses 13
7.Actual Compared to Expected Decrements 17
8.Cumulative Gains and Losses (13th check)18
9.Recent History of Valuation Results 19
10.Recent History of Required and Actual Contributions 20
11.Actuarial Assumptions and Cost Method 21
12. Glossary of Terms 27
C Pension Fund Information
1.Summary of Assets 30
2.Summary of Fund's Income and Disbursements 31
3.Reconciliation of DROP Accounts 32
4.Actuarial Value of Assets 33
5.Investment Rate of Return 34
D Financial Accounting Information
1.FASB No. 35 35
2.GASB No. 67 36
E Miscellaneous Information
1.Reconciliation of Membership Data 42
2.Age and Service Distribution 43
F Summary of Plan Provisions 45
SECTION A
DISCUSSION OF VALUATION RESULTS
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 1
DISCUSSION OF VALUATION RESULTS
Comparison of Required Employer Contributions
A comparison of the required employer contribution developed in this and the last actuarial valuation is
shown below. The contribution policy of the City is to contribute the dollar amount determined by
multiplying the required percentage of payroll determined as of the valuation date by the projected
pensionable payroll for the year.
Required Employer Contribution $8,524,300 $7,545,196 $979,104
As % of Covered Payroll 23.40 %22.99 %0.41 %
For FYE 9/30/25
10/01/2024
For FYE 9/30/26
Based On
10/1/2023
Based On
if contributed on
10/1/2025
if contributed on
10/1/2024
Increase
Valuation Valuation (Decrease)
The employer contribution listed above is for the City’s fiscal year ending September 30, 2026 and has been
calculated as though payment is made in a single lump sum on October 1, 2025.
The actual City contribution for 2024 was $5,471,502, 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 6.60% per annum to 6.50%
per annum, compounded annually and net of investment expenses. This assumption change was
accompanied by a change in the load on Normal Retirement liabilities from 2.2% to 2.7% for active members
hired prior to 2020 and a change in the load on current DROP balances from 3.0% to 3.5% to value the
additional liabilities resulting from having a 7.0% guaranteed interest crediting rate in the DROP (with an
assumed rate of return in the Plan of 6.5%).
The above changes caused an increase in the required employer contribution of 1.02% of covered payroll, or
$371,572.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 2
Actuarial Experience
There was a net actuarial experience loss of $862,838 during the year, which means actual experience was
less favorable than expected. Most of this loss (about $730,000) is attributable to demographic experience.
Average salary increases were higher than expected (11.5% actual versus 6.1% expected). The impact of
salary increases was partially offset by higher mortality experience among retirees and beneficiaries than
expected (21 actual deaths, 7 of which had continuing beneficiaries, versus 12 deaths expected).
There was also a small experience loss due to the investment return on the (smoothed) net Actuarial Value of
Assets. The recognized return on the actuarial value of assets during fiscal year 2024 was 6.59% (6.53% net
of the DROP accounts) versus the assumed return of 6.6%. The return on the market value of assets was
17.2%. The asset-related experience loss was approximately $130,000.
The net effect of the actuarial experience loss caused an increase in the required employer contributions of
0.25% of covered payroll, or $91,071.
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 22.99 %
Experience (Gain) / Loss 0.25
Change in Plan Benefits 0.00
Change is Assumptions and Methods 1.02
Change in Normal Cost Rate 0.00
Change in Payment on UAAL (0.74)
Change in Administrative Expense (0.12)
Contribution rate this year 23.40 %
Funded Ratio
The funded ratio this year is 88.4% compared to 89.2% 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
89.5% prior to reflecting the assumption changes.
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, 2024, the market value of assets exceeded the actuarial
value by $3,286,471. Once all the gains through September 30, 2024 are fully recognized in the actuarial
asset values, the contribution rate will decrease by approximately 0.92% of payroll (or about $335,000)
unless there are offsetting experience losses or other changes.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 3
There is also a large unfunded actuarial liability amortization base (with an annual amortization payment
of $2,328,875) with just one year remaining to be fully paid off. Once this amortization base expires, the
required employer contribution is expected to decrease by more than $2.3 million, effective with the
October 1, 2026 contribution.
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, 2026 would have been 22.48% (or $8,189,157) and the funded ratio would have been 89.8%.
This funded ratio (on a market value basis) is up from 81.4% last year, primarily due to the 17.2% return on
the market value of assets described on page 2.
Conclusion
The Plan’s funded ratio has improved from 74.5% as of October 1, 2012 to 88.4% as of October 1, 2024 even
as the investment return assumption has been lowered over the same time period from 8.0% to 6.5%. If the
investment return assumption had not been changed from 8.0%, the current funded ratio would be over
100% (based on the actuarial value of assets). This is a significant improvement in the funded status and
overall health of the Plan over a relatively short timeframe.
The remainder of this Report includes detailed actuarial valuation results, financial information,
miscellaneous information and statistics, and a summary of plan provisions.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 4
RISKS ASSOCIATED WITH MEASURING THE ACCRUED LIABILITY
AND ACTUARIALLY DETERMINED CONTRIBUTION
The determination of the accrued liability and the actuarially determined contribution requires the use of
assumptions regarding future economic and demographic experience. Risk measures, as illustrated in this
report, are intended to aid in the understanding of the effects of future experience differing from the
assumptions used in the course of the actuarial valuation. Risk measures may also help with illustrating the
potential volatility in the accrued liability and the actuarially determined contribution that result from the
differences between actual experience and the actuarial assumptions.
Future actuarial measurements may differ significantly from the current measurements presented in this
report due to such factors as the following: plan experience differing from that anticipated by the economic
or demographic assumptions; changes in economic or demographic assumptions due to changing
conditions; increases or decreases expected as part of the natural operation of the methodology used for
these measurements (such as the end of an amortization period, or additional cost or contribution
requirements based on the Plan’s funded status); and changes in plan provisions or applicable law. The
scope of an actuarial valuation does not include an analysis of the potential range of such future
measurements.
Examples of risk that may reasonably be anticipated to significantly affect the plan’s future financial
condition include:
1.Investment risk – actual investment returns may differ from the expected returns;
2.Contribution risk – actual contributions may differ from expected future contributions. For example,
actual contributions may not be made in accordance with the plan’s funding policy or material
changes may occur in the anticipated number of covered employees, covered payroll, or other
relevant contribution base;
3.Salary and Payroll risk – actual salaries and total payroll may differ from expected, resulting in actual
future accrued liability and contributions differing from expected;
4.Longevity risk – members may live longer or shorter than expected and receive pensions for a period
of time other than assumed;
5.Other demographic risks – members may terminate, retire or become disabled at times or with
benefits other than assumed resulting in actual future accrued liability and contributions differing
from expected.
The effects of certain trends in experience can generally be anticipated. For example if the investment
return since the most recent actuarial valuation is less (or more) than the assumed rate, the cost of the plan
can be expected to increase (or decrease). Likewise if longevity is improving (or worsening), increases (or
decreases) in cost can be anticipated.
The computed contribution amount shown on page 1 may be considered as a minimum contribution
amount that complies with the Board’s funding policy. The timely receipt of the actuarially determined
contributions is critical to support the financial health of the plan. Users of this report should be aware that
contributions made at the actuarially determined rate do not necessarily guarantee benefit security.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 5
Plan Maturity Measures
Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying few
benefits may experience little investment risk. An older plan with a large number of members in pay status
and a significant trust may be much more exposed to investment risk. Generally accepted plan maturity
measures include the following:
2024 2023
Ratio of the net market value of assets to total payroll 5.9 5.7
Ratio of the actuarial accrued liability to payroll 6.5 6.9
Ratio of actives to retirees and beneficiaries 1.0 1.0
Ratio of net cash flow to net market value of assets (Net of DROP
and Elective Benefits)-2.9 -3.7
Duration of the actuarial accrued liability 13.7 13.6
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
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 6
expected to occur when benefits are prefunded through a qualified trust. Large negative net cash flows as a
percent of assets may indicate a super-mature plan or a need for additional contributions.
Duration of Actuarial Accrued Liability
The duration of the actuarial accrued liability may be used to approximate the sensitivity to a 1% change in
the assumed rate of return. For example, duration of 10 indicates that the liability would increase
approximately 10% if the assumed rate of return were lowered 1%.
Additional Risk Assessment
Additional risk assessment is outside the scope of the annual actuarial valuation. Additional assessment
may include scenario tests, sensitivity tests, stochastic modeling, stress tests, and a comparison of the
present value of accrued benefits at low-risk discount rates with the actuarial accrued liability.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 7
LOW-DEFAULT-RISK OBLIGATION MEASURE
Actuarial Standards of Practice No. 4 (ASOP No. 4) was revised and reissued in December 2021 by the
Actuarial Standards Board (ASB). It includes a calculation called a low-default-risk obligation measure
(LDROM) to be prepared and issued annually for defined benefit pension plans. The transmittal
memorandum for ASOP No. 4 includes the following explanation:
“The ASB believes that the calculation and disclosure of this measure provides appropriate, useful
information for the intended user regarding the funded status of a pension plan. The calculation and
disclosure of this additional measure is not intended to suggest that this is the “right” liability measure for
a pension plan. However, the ASB does believe that this additional disclosure provides a more complete
assessment of a plan’s funded status and provides additional information regarding the security of
benefits that members have earned as of the measurement date.”
The following information has been prepared in compliance with this requirement. Unless otherwise
noted, the measurement date, actuarial cost methods, and assumptions used are the same as for the
funding valuation covered in this actuarial valuation report.
A.Low-default-risk Obligation Measure of benefits earned as of the measurement date: $332,683,562
(compared to the Actuarial Accrued Liability of $231,316,322 using the expected investment return
assumption of 6.50%).
B. Discount rate used to calculate the LDROM: 3.81% based on Bond Buyer “20-Bond GO Index” as of
September 26, 2024
C.Other significant assumptions that differ from those used for the funding valuation: none
D.Actuarial cost method used to calculate the LDROM: Entry Age Normal
E.Valuation procedures to value any significant plan provisions that are difficult to measure using
traditional valuation procedures, and that differ from the procedures used in the funding valuation: none
F.Commentary to help the intended user understand the significance of the LDROM with respect to the
funded status of the plan, plan contributions, and the security of participant benefits: The LDROM is a
market-based measurement of the pension obligation. It estimates the amount the plan would need to
invest in low risk securities to provide the benefits with greater certainty. This measure may not be
appropriate for assessing the need for or amount of future contributions. This measure may not be
appropriate for assessing the sufficiency of plan assets to cover the estimated cost of settling the plan’s
benefit obligation.
The difference between the two measures (Valuation and LDROM) is one illustration of the savings the
sponsor anticipates by taking on the risk in a diversified portfolio.
SECTION B
VALUATION RESULTS
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 8
ACTIVE MEMBERS
Number 454 440
Covered Annual Payroll $35,436,414 $31,925,554
Average Annual Payroll $78,054 $72,558
Average Age 43.4 43.4
Average Past Service 6.2 6.7
Average Age at Hire 37.2 36.7
RETIREES & BENEFICIARIES & DROP
Number 468 462
Annual Benefits $13,814,093 $13,440,786
Average Annual Benefit $29,517 $29,093
Average Age 70.2 70.2
DISABILITY RETIREES
Number 0 0
Annual Benefits $ 0 $ 0
Average Annual Benefit $ 0 $ 0
Average Age 0.0 0.0
TERMINATED VESTED MEMBERS
Number 81 73
Annual Benefits $1,728,814 $1,495,220
Average Annual Benefit $21,343 $20,482
Average Age 48.8 48.5
PARTICIPANT DATA
October 1, 2024 October 1, 2023
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 9
A.Valuation Date
B.A DEC to Be Paid During
Fiscal Year Ending 9/30/2026 9/30/2026 9/30/2025
C.Assumed Date of Employer Contrib.10/1/2025 10/1/2025 10/1/2024
D.Annual Payment to Amortize
Unfunded Actuarial Liability $4,735,666 $4,505,896 $4,218,981
E.Employer Normal Cost 3,558,033 3,424,396 3,119,744
F.ADEC if Paid on the Valuation
Date: D+E 8,293,699 7,930,292 7,338,725
G. ADEC Adjusted for Frequency of 8,293,699 7,930,292 7,338,725
Payments
H.ADEC as % of Covered Payroll 23.40 %22.38 %22.99 %
I.Assumed Rate of Increase in Covered
Payroll to Contribution Year 2.80 %2.80 %2.80 %
J.Covered Payroll for Contribution Year 36,428,633 36,428,633 32,819,469
K.ADEC for Contribution Year: H x J 8,524,300 8,152,728 7,545,196
L.ADEC as % of Covered Payroll in
Contribution Year: K ÷ J 23.40 %22.38 %22.99 %
ACTUARIALLY DETERMINED EMPLOYER CONTRIBUTION (ADEC)
Before Change
October 1, 2023October 1, 2024October 1, 2024
After Change
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 10
A.Valuation Date
B.Actuarial Present Value of All Projected
Benefits for
1.Active Members
a.Service Retirement Benefits $ 93,995,013 $ 91,907,392 $ 87,992,712
b.Vesting Benefits 14,313,058 13,933,497 12,294,352
c.Disability Benefits - - -
d.Preretirement Death Benefits 1,471,987 1,442,148 1,331,235
e.Return of Member Contributions 947,186 946,042 810,374
f.Total 110,727,244 108,229,079 102,428,673
2.Inactive Members
a.Service Retirees & Beneficiaries 151,133,403 149,683,231 145,667,898
b.Disability Retirees - - -
c.Terminated Vested Members 14,441,456 14,234,306 12,008,051
d.Total 165,574,859 163,917,537 157,675,949
3.Total for All Members 276,302,103 272,146,616 260,104,622
C.Actuarial Accrued (Past Service)
Liability 231,316,322 228,480,318 221,669,705
D.Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 213,732,097 211,276,732 206,337,092
E.Plan Assets
1.Market Value 207,810,587 207,810,587 180,435,532
2.Actuarial Value 204,524,116 204,524,116 197,653,420
F.Unfunded Actuarial Accrued Liability 26,792,206 23,956,202 24,016,285
G.Actuarial Present Value of Projected
Covered Payroll 274,807,953 273,182,460 240,797,344
H.Actuarial Present Value of Projected
Member Contributions 19,236,556 19,122,772 16,855,814
I.Accumulated Contributions of Active
Members 11,006,097 11,006,097 10,982,953
J.Funded Ratio: E2/C 88.4% 89.5% 89.2%
After Change
ACTUARIAL VALUE OF BENEFITS AND ASSETS
October 1, 2024 October 1, 2024 October 1, 2023
Before Change
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 11
A.Valuation Date
B.Normal Cost for
1.Service Retirement Benefits $4,495,530 $4,390,294 $3,945,211
2.Vesting Benefits 1,079,737 1,052,321 958,435
3.Disability Benefits - - -
4.Preretirement Death Benefits 85,450 83,647 76,012
5.Return of Member Contributions 227,286 228,104 203,074
6.Total for Future Benefits 5,888,003 5,754,366 5,182,732
7.Assumed Amount for Administrative
Expenses 150,579 150,579 171,801
8.Total Normal Cost 6,038,582 5,904,945 5,354,533
C.Expected Member Contribution 2,480,549 2,480,549 2,234,789
D.Employer Normal Cost: B8-C 3,558,033 3,424,396 3,119,744
E.Employer Normal Cost as % of
Covered Payroll 10.04 %9.66 %9.77 %
CALCULATION OF EMPLOYER NORMAL COST
October 1, 2024October 1, 2024
Before Change
October 1, 2023
After Change
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 12
LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY
Date Years
After
Change
Before
Change
Established Source Amount Remaining Amount Payment Payment
10/1/21 Method Change; All Bases Combined 11,105,104$ 1 2,328,875$ 2,328,875$ 2,328,875$
10/1/22 Experience (Gain)/Loss 2,648,635 13 2,625,434 286,659 288,041
10/1/22 Assumption Changes 2,435,942 18 2,499,299 224,948 226,394
10/1/23 Experience (Gain)/Loss 11,588,626 14 12,290,624 1,280,308 1,286,912
10/1/23 Plan Changes 367,474 29 401,790 29,229 29,498
10/1/23 Assumption Changes 2,734,633 19 2,947,342 257,805 259,538
10/1/24 Experience (Gain)/Loss 862,838 15 862,838 86,165 86,638
10/1/24 Assumption Changes 2,836,004 20 2,836,004 241,677 N/A
34,579,256$ 26,792,206$ 4,735,666$ 4,505,896$
Original UAAL Current UAAL
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:
2024 $26,792,206
2025 23,490,240
2026 22,453,874
2027 21,350,143
2028 20,174,670
2029 18,922,791
2034 11,331,738
2039 2,925,294
2044 207,197
2049 106,641
2054 -
Year Expected UAAL
Amortization Schedule
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 13
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 $24,016,285
2.Last Year's Employer Normal Cost 3,119,744
3.Last Year's Contributions 5,471,502
4.Interest at the Assumed Rate on:
a.1 and 2 for one year 1,790,978
b.3 from dates paid 362,141
c.a - b 1,428,837
5.This Year's Expected UAAL
1 + 2 - 3 + 4c 23,093,364
6.This Year's Actual UAAL (Before any changes
in benefits or assumptions)23,956,202
7.Net Actuarial Gain (Loss): (5) - (6)(862,838)
8.Gain (Loss) due to investments (on Net AVA, Net of Reserves)(133,170)
9.Gain (Loss) due to other sources (729,668)
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 14
-$35
-$30
-$25
-$20
-$15
-$10
-$5
$0
$5
$10
$15
$20
-$35
-$30
-$25
-$20
-$15
-$10
-$5
$0
$5
$10
$15
$20
MillionsMillionsPlan Year End
Actuarial Gain (+) or Loss (-)
Gain or Loss Cumulative
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures
15
The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is
important that they are in line with the actual experience. The following table shows the actual fund
earnings and salary increase rates compared to the assumed rates for the last several years:
12/31/1988 10.8 %8.0 %6.7 %6.5 %
12/31/1989 17.4 8.0 8.8 6.5
9/30/1990 (9 mos.)(2.3)8.0 11.0 6.5
9/30/1991 9.9 8.0 10.3 7.5
9/30/1992 9.5 8.0 5.3 7.9
9/30/1993 11.0 8.0 2.5 7.9
9/30/1994 8.0 8.0 5.8 7.9
9/30/1995 9.3 8.0 3.6 7.9
9/30/1996 9.4 8.0 2.4 7.4
9/30/1997 13.3 8.0 4.3 7.4
9/30/1998 14.5 8.0 8.0 7.4
9/30/1999 13.2 8.0 4.8 7.4
9/30/2000 12.3 8.0 10.8 7.3
9/30/2001 3.9 8.0 8.0 5.6
9/30/2002 0.2 8.0 4.4 5.6
9/30/2003 0.8 8.0 7.1 5.6
9/30/2004 0.5 8.0 8.1 5.6
9/30/2005 6.2 8.0 4.5 5.6
9/30/2006 9.7 8.0 14.8 5.6
9/30/2007 9.3 8.0 5.8 5.6
9/30/2008 4.6 8.0 5.7 5.4
9/30/2009 0.1 8.0 4.8 5.4
9/30/2010 4.3 8.0 (0.7)5.4
9/30/2011 2.8 8.0 3.9 5.3
9/30/2012 4.5 8.0 (2.0)5.3
9/30/2013 6.9 8.0 2.0 5.3
9/30/2014 12.1 7.5 3.5 2.8
9/30/2015 6.7 7.5 2.5 2.8
9/30/2016 7.6 7.5 5.2 2.8
9/30/2017 8.4 7.4 6.7 5.3
9/30/2018 8.6 7.3 2.6 5.2
9/30/2019 7.3 7.18 5.7 5.2
9/30/2020 8.1 7.08 5.5 5.3
9/30/2021 9.7 6.90 5.7 5.3
9/30/2022 4.6 6.80 10.9 6.0
9/30/2023 4.2 6.70 12.7 5.7
9/30/2024 6.6 6.60 11.5 6.1
Averages 7.4 %---6.0 %---
Assumed
Salary Increases
Actual
Investment Return
Year Ending Actual Assumed
The actual investment return rates shown above are based on the actuarial value of assets. The actual
salary increase rates shown above are the increases received by those active members who were included
in the actuarial valuation both at the beginning and the end of each period.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures
16
History of Investment Return Based on Actuarial Value of Assets
-5%
0%
5%
10%
15%
20%
-5%
0%
5%
10%
15%
20%
Plan Year End
Actual Assumed
History of Salary Increases
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
Plan Year End Compared to Previous Year
Actual Assumed
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures
17
Active
Members
Year Vested Other End of
Ended A E A E A E A E A A A E Year
9/30/2002 41 48 15 8 0 0 1 0 6 26 32 53 542
9/30/2003 40 45 11 11 0 0 0 1 9 25 34 44 537
9/30/2004 50 77 39 10 0 0 1 1 7 30 37 39 510
9/30/2005 54 53 12 9 0 0 1 1 11 29 40 37 511
9/30/2006 70 56 9 11 0 0 1 1 17 29 46 36 525
9/30/2007 65 50 10 11 0 0 2 1 15 23 38 40 540
9/30/2008 35 49 10 11 0 0 1 1 14 24 38 41 526
9/30/2009 18 34 13 15 0 0 1 1 3 17 20 34 510
9/30/2010 10 41 21 21 0 0 2 1 7 11 18 34 479
9/30/2011 8 92 34 15 0 0 3 1 33 22 55 20 395
9/30/2012 36 44 16 14 0 0 1 1 9 18 27 14 387
9/30/2013 52 53 19 13 0 0 1 1 14 19 33 20 386
9/30/2014 39 46 15 15 0 0 1 1 12 18 30 26 379
9/30/2015 62 65 24 16 0 0 2 1 9 30 39 25 376
9/30/2016 54 58 19 8 0 0 1 1 10 28 38 31 372
9/30/2017 66 55 18 13 0 0 1 1 7 29 36 31 383
9/30/2018 35 46 14 10 0 0 0 1 7 25 32 33 372
9/30/2019 44 50 17 11 0 0 0 1 8 25 33 28 366
9/30/2020 87 45 15 12 0 0 1 1 7 22 29 29 408
9/30/2021 82 80 20 14 0 0 1 0 11 48 59 45 410
9/30/2022 74 92 18 13 0 0 0 0 18 56 74 45 392
9/30/2023 103 55 10 9 0 0 1 0 15 29 44 44 440
9/30/2024 93 79 20 13 0 0 1 0 9 49 58 56 454
9/30/2025 8 0 0 58
23 Yr Totals *1,218 1,313 399 283 0 0 24 18 258 632 890 805
* Totals are through current Plan Year only.
Actual (A) Compared to Expected (E) Decrements
Among Active Employees
Number
Added Service &
Terminations
Year Retirement Retirement Death Totals
During DROP Disability
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures
18
Cumulative Gains and Losses (13Th Check)
(5,127,867)0 (5,127,867)
(5,127,867) (4,227,408)0 (9,355,275)
(9,355,275)(5,398,187)0 (14,753,462)
(14,753,462)(4,994,196) 229,585 (19,977,242)
(19,977,242)(1,174,319) 0 (21,151,561)
(21,151,561)(2,594,867) 0 (23,746,428)
(23,746,428)1,095,313 0 (22,651,115)
(22,651,115)(4,187,334) 0 (26,838,449)
(26,838,449)(7,545,634) 0 (34,384,083)
(34,384,083)390,808 0 (33,993,275)
(33,993,275)(4,879,520) 0 (38,872,795)
(38,872,795)(644,791) 0 (39,517,586)
(39,517,586)321,148 0 (39,196,438)
(39,196,438)(486,050) 0 (39,682,488)
(39,682,488)3,180,306 0 (36,502,182)
(36,502,182)(1,992,792) 0 (38,494,974)
(38,494,974)1,037,851 0 (37,457,123)
(37,457,123)2,345,780 0 (35,111,343)
(35,111,343)27,302 0 (35,084,041)
(35,084,041)2,187,129 0 (32,896,912)
(32,896,912)3,972,439 0 (28,924,473)
(28,924,473)(2,648,635) 0 (31,573,108)
(31,573,108)(11,588,626) 0 (43,161,734)
(43,161,734)(862,838) 0 (44,024,572)
2023
2024
2009
2010
2007
2008
2011
2012
2013
2014
2015
2016
2017
2019
2020
2021
Balance at
Year Ending Beginning Gain (Loss)
Cumulative Actuarial Gains (Losses)
13th Check
2001
Balance at
End of Yearfor Yearof Year9/30
2022
2003
2004
2006
2002
2005
2018
Note: The 13th check provision was enacted by Ordinance No. 02-026.
The first year that the 13th check was based on is the year ended 9/30/2001.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 19
Active
Members
Inactive
Members
10/1/90 482 75 $ 12,420 $ 24,889 $ 16,850 67.7 % $ 8,039 7.36 %
10/1/91 471 87 13,102 27,010 19,734 73.1 7,276 7.74
10/1/92 450 94 12,941 28,851 22,703 78.7 6,148 8.07
10/1/93 460 94 13,019 30,143 26,050 86.4 4,093 8.81
10/1/94 464 99 13,624 32,946 29,302 88.9 3,644 8.54
10/1/95 469 107 13,912 35,345 33,038 93.5 2,307 8.99
10/1/96 475 112 14,216 37,310 36,927 99.0 383 9.13
10/1/97 476 124 14,485 41,351 42,227 102.1 (876) 9.50
10/1/98 470 150 15,946 46,076 47,971 104.1 (1,895) 8.77
10/1/99 499 153 17,094 49,546 53,943 108.9 (4,397) 8.37
10/1/00 526 155 18,984 57,605 60,452 104.9 (2,847) 7.49
10/1/01 549 178 20,548 65,223 62,194 95.4 3,029 6.89
10/1/02 542 187 20,937 69,575 62,227 89.4 7,348 6.89
10/1/03 537 200 21,995 75,848 62,499 82.4 13,350 7.11
10/1/04 510 241 21,211 83,258 62,845 75.5 20,413 7.22
10/1/05 511 249 21,739 88,499 66,477 75.1 22,022 7.14
10/1/06 525 256 24,942 98,272 73,022 74.3 25,250 7.16
10/1/07 540 268 26,601 104,360 79,841 76.5 24,519 7.33
10/1/08 526 276 27,853 112,907 84,042 74.4 28,865 7.32
10/1/09 510 285 28,182 121,690 90,975 74.8 30,715 7.56
10/1/10 479 299 26,149 125,795 96,128 76.4 29,667 7.43
10/1/11 395 350 22,183 132,394 98,246 74.2 34,148 7.85
10/1/12 387 371 20,957 135,450 100,908 74.5 34,542 7.91
10/1/13 386 387 20,496 143,760 107,263 74.6 36,497 8.16
10/1/14 379 407 20,315 155,232 120,276 77.5 34,956 8.89
10/1/15 376 425 19,961 156,905 128,384 81.8 28,521 8.69
10/1/16 372 451 20,616 167,539 136,924 81.7 30,615 9.30
10/1/17 383 458 22,019 174,749 146,536 83.9 28,213 9.59
10/1/18 372 471 21,744 182,265 157,480 86.4 24,785 9.96
10/1/19 366 489 22,150 189,713 166,770 87.9 22,942 10.22
10/1/20 408 493 24,716 195,045 177,793 91.2 17,252 8.76
10/1/21 410 516 25,344 203,796 192,691 94.6 11,105 9.09
10/1/22 392 515 26,180 208,523 196,737 94.3 11,786 9.41
10/1/23 440 535 31,926 221,670 197,654 89.2 24,016 9.77
10/1/24 454 549 35,436 231,316 204,524 88.4 26,792 10.04
RECENT HISTORY OF VALUATION RESULTS
Number of
Valuation
Date
Covered
Annual
Payroll
Actuarial
Value of
Assets
Unfunded
AAL
(UFAAL)
Actuarial
Accrued
Liability (AAL)
Funded
Ratio
Employer
Normal Cost
Rate
Note: Dollar amounts are in thousands.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 20
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 7,134,561
10/1/21 9/30/23 5,510,304 21.15 5,510,304
10/1/22 9/30/24 5,471,502 20.33 5,471,502
10/1/23 9/30/25 7,545,196 22.99 na
10/1/24 9/30/26 8,524,300 23.40 na
RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS
Required Employer Contribution
Contribution % of PayrollValuationApplies to Fiscal
Year Ending Amount
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 21
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.
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 6.50% per year, compounded annually (net after
investment expenses). This rate was 6.60% 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.
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 6.50% investment
return rate translates to an assumed real rate of return over inflation of 4.00%.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 22
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.
Years of
Service
1-2 2.50% 8.10%
3 2.50% 6.50%
4-7 2.50% 5.10%
8-14 2.50% 4.55%
15-19 2.50% 4.00%
20+2.50% 3.25%
2.05%
1.50%
0.75%
4.00%
Merit and
Seniority
Base
(Economic)
Total
Increase
5.60%
2.60%
% Increase in Salary
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, 2023
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
Attained
Ages (in 2024)Men W omen Men Women
50 0.19 %0.57 %33.44 37.22
55 0.94 0.56 29.07 32.77
60 1.11 0.58 24.95 28.21
65 1.27 0.68 20.87 23.61
70 1.77 1.07 16.82 19.11
75 2.81 1.84 13.09 14.92
80 4.70 3.31 9.79 11.14
Probability of Future Life
Dying Next Year Expectancy (years)
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 23
The following tables present pre-retirement mortality rates and life expectancies at illustrative ages.
These assumptions are used to measure the probabilities of active members dying prior to retirement.
Healthy Pre-Retirement Mortality
Sample
Attained
Ages (in 2024)Men Women Men Women
50 0.19 %0.11 %37.96 40.49
55 0.29 0.17 32.95 35.36
60 0.45 0.25 28.09 30.33
65 0.64 0.37 23.38 25.39
70 0.89 0.56 18.81 20.56
75 1.32 0.91 14.36 15.86
80 2.08 1.53 10.05 11.34
Probability of Future Life
Dying Next Year Expectancy (years)
For disabled retirees, the mortality table is the PUB-2010 Headcount Weighted General Disabled Retiree
Table with ages set forward 3 years for males and females, with no provision being made for future
mortality improvements. These are the same rates in use for Regular (other than K-12 School Instructional
Personnel) members of FRS in the July 1, 2023 FRS Actuarial Valuation.
Disabled Mortality
Sample
Attained
A g es (in 2024)Men Women Men Women
50 2.02 %1.64 %20.99 23.92
55 2.53 1.91 18.18 20.88
60 3.08 2.27 15.50 17.88
65 3.93 2.83 12.94 14.91
70 5.08 3.79 10.53 12.07
75 6.98 5.46 8.29 9.45
80 10.12 8.31 6.33 7.19
Probability of Future Life
Dying Next Year Expectancy (years)
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 24
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.
Retirement Years of Retirement Years of
Age Service Age Service
52-54 25 - 29 15%Under 55 30 & Over 100%
55-60 10 - 14 3%55 25 - 29 90%
15 - 24 8%30 & Over 100%
61 10 - 24 20%56 - 61 25 80%
26-29 50%
30 & Over 100%
62 & Over 5 60%
62 6 - 11 20%
12 & Over 70%
63 - 65 6 - 9 20%
10 & Over 30%
66 - 68 6 & Over 40%
69 6 - 29 70%
30 & Over 100%
70 & Over 6 & Over 100%
Early Retirement Normal Retirement
Percent
Retiring
Percent
Retiring
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
Ages
Years of
Service
Percent Separating within
Next Year
ALL
Under 40
40 - 44
45 & Over
0
1
2
3
4
5-6
7-9
10 & Over
30.0%
24.0
13.5
10.0
10.0
8.0
6.0
6.0
4.0
3.0
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 25
Miscellaneous and Technical Assumptions
Administrative &
Investment Expenses
The investment return assumption is intended to be the return net of
investment expenses. Annual administrative expenses are assumed to be
the same as last year’s actual non-investment expenses. Assumed
administrative expenses are added to the Normal Cost.
Benefit Service Exact fractional service is used to determine the amount of benefit
payable.
Decrement Operation Mortality decrements operate during retirement eligibility.
Decrement Timing Decrements of all types are assumed to occur at the beginning of the year.
DROP Liability Load A 2.7% load on Normal Retirement liabilities for members hired prior to
2020 and a 3.5% load on current DROP balances are applied to value the
additional liabilities resulting from having a 7.0% guaranteed interest
crediting rate in the DROP (with an assumed rate of return in the Plan of
6.5%) and a maximum DROP participation period of 8 years. In the previous
valuation, a 2.2% load on Normal Retirement liabilities for members hired
prior to 2020 and a 3.0% load on DROP balances were applied (when the
assumed rate of return in the Plan was 6.6%).
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.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 26
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.
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.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 27
GLOSSARY
Actuarial Accrued Liability
(AAL)
The difference between the Actuarial Present Value of Future Benefits,
and the Actuarial Present Value of Future Normal Costs.
Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities,
such as: mortality, withdrawal, disablement, and retirement; future
increases in salary; future rates of investment earnings; future investment
and administrative expenses; characteristics of members not specified in
the data, such as marital status; characteristics of future members; future
elections made by members; and other items.
Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits
between the Actuarial Present Value of Future Normal Costs and the
Actuarial Accrued Liability.
Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based
on a given set of Actuarial Assumptions.
Actuarial Present Value
(APV)
The amount of funds required to provide a payment or series of payments
in the future. It is determined by discounting the future payments with an
assumed interest rate and with the assumed probability each payment will
be made.
Actuarial Present Value of
Future Benefits (APVFB)
The Actuarial Present Value of amounts which are expected to be paid at
various future times to active members, retired members, beneficiaries
receiving benefits, and inactive, non retired members entitled to either a
refund or a future retirement benefit. Expressed another way, it is the value
that would have to be invested on the valuation date so that the amount
invested plus investment earnings would provide sufficient assets to pay all
projected benefits and expenses when due.
Actuarial Valuation The determination, as of a valuation date, of the Normal Cost, Actuarial
Accrued Liability, Actuarial Value of Assets, and related Actuarial Present
Values for a plan. An Actuarial Valuation for a governmental retirement
system typically also includes calculations of items needed for compliance
with GASB.
Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for
valuation purposes. This may be the market or fair value of plan assets or
a smoothed value in order to reduce the year-to-year volatility of
calculated results, such as the funded ratio and the actuarially determined
employer contribution (ADEC).
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 28
Actuarially Determined
Employer Contribution
(ADEC)
The employer’s periodic required contributions, expressed as a dollar
amount or a percentage of covered plan compensation, determined
under GASB. The ADEC consists of the Employer Normal Cost and
Amortization Payment.
Amortization Method A method for determining the Amortization Payment. The most common
methods used are level dollar and level percentage of payroll. Under the
Level Dollar method, the Amortization Payment is one of a stream of
payments, all equal, whose Actuarial Present Value is equal to the UAAL.
Under the Level Percentage of Pay method, the Amortization Payment is
one of a stream of increasing payments, whose Actuarial Present Value is
equal to the UAAL. Under the Level Percentage of Pay method, the stream
of payments increases at the rate at which total covered payroll of all active
members is assumed to increase.
Amortization Payment That portion of the plan contribution or ADEC which is designed to pay
interest on and to amortize the Unfunded Actuarial Accrued Liability.
Amortization Period The period used in calculating the Amortization Payment.
Closed Amortization Period A specific number of years that is reduced by one each year, and declines to
zero with the passage of time. For example if the amortization period is
initially set at 30 years, it is 29 years at the end of one year, 28 years at the
end of two years, etc.
Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is equal
to the Normal Cost less expected member contributions.
Equivalent Single
Amortization Period
For plans that do not establish separate amortization bases (separate
components of the UAAL), this is the same as the Amortization Period. For
plans that do establish separate amortization bases, this is the period over
which the UAAL would be amortized if all amortization bases were
combined upon the current UAAL payment.
Experience Gain/Loss A measure of the difference between actual experience and that expected
based upon a set of Actuarial Assumptions, during the period between two
actuarial valuations. To the extent that actual experience differs from that
assumed, Unfunded Actuarial Accrued Liabilities emerge which may be
larger or smaller than projected. Gains are due to favorable experience,
e.g., the assets earn more than projected, salaries do not increase as fast as
assumed, members retire later than assumed, etc. Favorable experience
means actual results produce actuarial liabilities not as large as projected by
the actuarial assumptions. On the other hand, losses are the result of
unfavorable experience, i.e., actual results that produce Unfunded Actuarial
Accrued Liabilities which are larger than projected.
Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 29
GASB Governmental Accounting Standards Board.
GASB No. 68 and
GASB No. 67
These are the governmental accounting standards that set the accounting
rules for public retirement systems and the employers that sponsor or
contribute to them. Statement No. 68 sets the accounting rules for the
employers that sponsor or contribute to public retirement systems, while
Statement No. 67 sets the rules for the systems themselves.
Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current
plan year.
Open Amortization Period An open amortization period is one which is used to determine the
Amortization Payment but which does not change over time. In other
words, if the initial period is set as 30 years, the same 30-year period is used
in determining the Amortization Period each year. In theory, if an Open
Amortization Period is used to amortize the Unfunded Actuarial Accrued
Liability, the UAAL will never completely disappear, but will become smaller
each year, either as a dollar amount or in relation to covered payroll.
Unfunded Actuarial Accrued
Liability
The difference between the Actuarial Accrued Liability and Actuarial Value
of Assets.
Valuation Date The date as of which the Actuarial Present Value of Future Benefits are
determined. The benefits expected to be paid in the future are discounted
to this date.
SECTION C
PENSION FUND INFORMATION
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 30
2024 2023
A.Cash and Cash Equivalents (Operating Cash)-$ -$
B.Receivables:
1.Member Contributions -$ 83,085$
2.Employer Contributions - -
3.Investment Income and Other Receivables 874,745 195,510
4.Prepaid Expenses 10,310 838,465
5.Total Receivables 885,055$ 1,117,060$
C.Investments
1.Short Term Investments 3,332,409$ 9,019,972$
2.Domestic Equities 157,651,776 110,194,272
3.International Equities - -
4.Domestic Fixed Income 30,440,746 31,117,821
5.International Fixed Income - -
6.Real Estate 40,742,832 52,333,134
7.Private Equity - -
8.Total Investments 232,167,763$ 202,665,199$
D.Liabilities
1.Benefits Payable -$ -$
2.Accrued Expenses and Other Payables - -
3.Accounts Payable (250,841) (287,950)
4.Due to Brokers (51,899) (56,362)
5.Total Liabilities (302,740)$ (344,312)$
E.Total Market Value of Assets Available for Benefits 232,750,078$ 203,437,947$
F.Reserves
1.Elective Benefits (296,359)$ (305,843)$
2.DROP Accounts (24,643,132) (22,696,572)
3.Total Reserves (24,939,491)$ (23,002,415)$
G.Market Value Net of Reserves 207,810,587$ 180,435,532$
H.Allocation of Investments
1.Short Term Investments 1.4%4.5%
2.Domestic Equities 67.9%54.4%
3.International Equities 0.0%0.0%
4.Domestic Fixed Income 13.1%15.3%
5.International Fixed Income 0.0%0.0%
6.Real Estate 17.6%25.8%
7.Private Equity 0.0%0.0%
8.Total Investments 100.0%100.0%
September 30
Item
STATEMENT OF PLAN ASSETS
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 31
2024 2023
A.Market Value of Assets at Beginning of Year 203,437,947$ 194,946,454$
B.Revenues and Expenditures
1.Contributions
a.Employee Contributions 2,468,561$ 2,077,280$
b.Employer Contributions 5,471,502 5,510,304
c.State Contributions - -
d.Other Income - -
e.Total 7,940,063$ 7,587,584$
2.Investment Income
a.Interest, Dividends, and Other Income 5,008,906$
b.Realized Gains (Losses)
$ 4,636,570
2,546,391
29,066,875
1,956,022
c.Unrealized Gains (Losses) 8,204,485
d.Investment Expenses (1,221,094) (912,428)
e.Net Investment Income 35,028,742$ 14,256,985$
3.Benefits and Refunds
a.Refunds (361,991)$ (391,140)$
b.Regular Monthly Benefits (11,648,409) (11,918,243)
c.DROP Distribution (1,495,695) (871,892)
d.Total (13,506,095)$ (13,181,275)$
4.Administrative and Miscellaneous Expenses (150,579)$ (171,801)$
C.Market Value of Assets at End of Year 232,750,078$ 203,437,947$
D.Reserves
1.Elective Benefits (296,359)$ (305,843)$
2.DROP Accounts (24,643,132) (22,696,572)
3.Total Reserves (24,939,491)$ (23,002,415)$
E.Market Value Net of Reserves 207,810,587$ 180,435,532$
September 30
Item
RECONCILIATION OF PLAN ASSETS
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 32
$22,696,572
Adjustments to beginning of the year balance +8,208
+1,776,722
+1,657,325
-1,495,695
24,643,132Value at end of year
Value at beginning of year
RECONCILIATION OF DROP ACCOUNTS
Payments credited to accounts
Investment Earnings credited
Withdrawals from accounts
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 33
DERIVATION OF ACTUARIAL VALUE OF ASSETS
Valuation Date - September 30 2023 2024 2025 2026 2027 2028
A.Actuarial Value of Assets Beginning of Year 217,287,623$ 220,655,835$ -$ -$ -$ -$
B.Market Value End of Year 203,437,947 232,750,078 - - - -
C.Market Value Beginning of Year 194,946,454 203,437,947 - - - -
D.Non-Investment/Administrative Net Cash Flow (5,765,492) (5,716,611) - - - -
E.Investment Income
E1. Actual Market Total: B-C-D 14,256,985 35,028,742 - - - -
E2. Assumed Rate of Return 6.70% 6.60% 6.50% 6.50% 6.50% 6.50%
E3. Assumed Amount of Return 14,549,722 14,555,197 - - - -
E4. Amount Subject to Phase-In: E1–E3 (292,737) 20,473,545 - - - -
F.Phase-In Recognition of Investment Income
F1. Current Year: 0.20 x E4 (58,547) 4,094,709 - - - -
F2. First Prior Year (8,900,203) (58,547) 4,094,709 - - -
F3. Second Prior Year 4,883,686 (8,900,203) (58,547) 4,094,709 - -
F4. Third Prior Year (50,459) 4,883,686 (8,900,203) (58,547) 4,094,709 -
F5. Fourth Prior Year (1,290,495) (50,459) 4,883,684 (8,900,203) (58,549) 4,094,709
F6. Total Phase-Ins (5,416,018) (30,814) 19,643 (4,864,041) 4,036,160 4,094,709
G.Actuarial Value of Assets End of Year
G1. Preliminary Actuarial Value of Assets 220,655,835$ 229,463,607$ -$ -$ -$ -$
G2. Upper Corridor Limit: 120%*B 244,125,536 279,300,094 - - - -
G3. Lower Corridor Limit: 80%*B 162,750,358 186,200,062 - - - -
G4. Funding Value End of Year 220,655,835 229,463,607 - - - -
G5. Less: DROP Account 22,696,572 24,643,132 - - - -
G6. Less: Elective Contributions 305,843 296,359
G7. Funding Value End of Year 197,653,420 204,524,116 - - - -
H.Difference between Market & Actuarial Value (17,217,888)$ 3,286,471$ -$ -$ -$ -$
I.Actuarial Rate of Return 4.21% 6.59% 0.00% 0.00% 0.00% 0.00%
J.Market Value Rate of Return 7.32% 17.23% 0.00% 0.00% 0.00% 0.00%
K.Ratio of Actuarial Value of Assets to Market Value 108.46% 98.59% 0.00% 0.00% 0.00% 0.00%
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 34
INVESTMENT RATE OF RETURN
12/31/88 NA 10.8 %
12/31/89 NA 17.4
9/30/90 (9 mos.)NA (2.3)
9/30/91 NA 9.9
9/30/92 NA 9.5
9/30/93 NA 11.0
9/30/94 NA 8.0
9/30/95 NA 9.3
9/30/96 NA 9.4
9/30/97 24.6 % 13.3
9/30/98 8.6 14.5
9/30/99 11.5 13.2
9/30/00 9.8 12.3
9/30/01 (9.4) 3.9
9/30/02 (6.4) 0.2
9/30/03 14.8 0.8
9/30/04 6.9 0.5
9/30/05 10.5 6.2
9/30/06 6.8 9.7
9/30/07 14.3 9.3
9/30/08 (15.0) 4.6
9/30/09 (0.3) 0.1
9/30/10 8.5 4.3
9/30/11 (0.5) 2.8
9/30/12 17.8 4.5
9/30/13 13.7 6.9
9/30/14 10.0 12.1
9/30/15 1.2 6.7
9/30/16 12.3 7.6
9/30/17 11.6 8.4
9/30/18 9.0 8.6
9/30/19 3.4 7.3
9/30/20 6.9 8.1
9/30/21 19.4 9.7
9/30/22 (13.0) 4.6
9/30/23 7.3 4.2
9/30/24 17.2 6.6
Average Returns:
Last Five Years 6.9 %6.6 %
Last Ten Years 7.2 %7.2 %
All Years 6.8 %7.4 %
Investment Rate of Return
Actuarial ValueMarket ValueYear Ended
SECTION D
FINANCIAL ACCOUNTING INFORMATION
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 35
A.Valuation Date
B.Actuarial Present Value of Accumulated
Plan Benefits
1.Vested Benefits
a.Members Currently Receiving Payments $151,133,403 $145,667,898
b.Terminated Vested Members 14,441,456 12,008,051
c.Other Members 41,619,662 43,085,728
d.Total 207,194,521 200,761,677
2.Non-Vested Benefits 6,537,576 5,575,415
3.Total Actuarial Present Value of Accumulated
Plan Benefits: 1d + 2 213,732,097 206,337,092
4.Accumulated Contributions of Active Members 11,006,097 10,982,953
C.Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1.Total Value at Beginning of Year 206,337,092 195,531,055
2.Increase (Decrease) During the Period
Attributable to:
a.Plan Amendment 0 277,501
b.Change in Actuarial Assumptions 2,455,365 2,395,999
c.Latest Member Data, Benefits Accumulated
and Decrease in the Discount Period 18,726,762 22,219,079
d.Benefits Paid (Net basis)(13,787,122) (14,086,542)
e.Net Increase 7,395,005 10,806,037
3.Total Value at End of Period 213,732,097 206,337,092
D.Market Value of Assets 207,810,587 180,435,532
E.Funded Ratio: D / C3 97.2 %87.4 %
F.Actuarial Assumptions - See page entitled
Actuarial Assumptions and Methods
FASB NO. 35 INFORMATION
October 1, 2024 October 1, 2023
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 36
SCHEDULE OF CHANGES IN THE EMPLOYER’S NET PENSION LIABILITY AND RELATED RATIOS
GASB Statement No. 67
Fiscal year ending September 30,2025* 2024 2023 2022 2021 2020 2019 2018 2017 2016
Total pension liability
Service Cost 5,754,366$ 5,052,115$ 4,050,362$ 3,826,048$ 4,091,360$ 3,594,993$ 3,461,314$ 3,435,186$ 3,115,194$ 2,990,326$
Interest 16,559,683 15,647,584 15,374,660 14,922,024 14,926,445 14,494,818 14,109,905 13,626,918 12,836,669 12,699,614
Benefit Changes - 402,464 - - - - - - - -
1,066,973 6,746,691 (2,137,078) 1,624,038 (301,927) 244,463 (276,923) 484,186 2,006,523 (4,891,541)
Assumption Changes 2,910,762 2,803,751 2,474,774 2,340,599 (474,328) 1,947,549 2,245,392 1,800,889 4,538,235 -
Benefit Payments (14,228,699) (13,144,104) (12,790,135) (12,666,641) (11,689,646) (11,459,963) (10,299,754) (9,810,800) (9,609,277) (8,304,937)
Refunds (309,245) (361,991) (391,140) (412,986) (369,098) (199,848) (261,878) (158,309) (139,840) (211,319)
- 25,420 27,313 30,150 28,660 28,902 28,664 30,897 34,453 36,826
Net Change in Total Pension Liability 11,753,840 17,171,930 6,608,756 9,663,232 6,211,466 8,650,914 9,006,720 9,408,967 12,781,957 2,318,969
Total Pension Liability - Beginning 252,418,896 235,246,966 228,638,210 218,974,978 212,763,512 204,112,598 195,105,878 185,696,911 172,914,954 170,595,985
Total Pension Liability - Ending (a)264,172,736$ 252,418,896$ 235,246,966$ 228,638,210$ 218,974,978$ 212,763,512$ 204,112,598$ 195,105,878$ 185,696,911$ 172,914,954$
Plan Fiduciary Net Position
Contributions - Employer 7,545,196$ 5,471,502$ 5,510,304$ 7,134,561$ 7,468,676$ 7,289,319$ 7,320,463$ 7,110,298$ 6,951,693$ 7,615,053$
Contributions - Member 2,480,549 2,468,561 2,077,280 1,878,542 1,789,284 1,687,097 1,564,653 1,532,846 1,520,068 1,450,369
Net Investment Income 15,222,434 35,028,742 14,256,985 (30,006,741) 38,062,305 12,885,168 6,115,140 15,250,355 17,730,273 16,354,236
Benefit Payments (14,228,699) (13,144,104) (12,790,135) (12,666,641) (11,689,646) (11,459,963) (10,299,754) (9,810,800) (9,609,277) (8,304,937)
Refunds (309,245) (361,991) (391,140) (412,986) (369,098) (199,848) (261,878) (158,309) (139,840) (211,319)
Administrative Expense (150,579) (150,579) (171,801) (153,564) (161,047) (147,348) (141,005) (137,738) (144,179) (141,114)
Other - - - - - - - - - -
Net Change in Plan Fiduciary Net Position 10,559,656 29,312,131 8,491,493 (34,226,829) 35,100,474 10,054,425 4,297,619 13,786,652 16,308,738 16,762,288
Plan Fiduciary Net Position - Beginning 232,750,078 203,437,947 194,946,454 229,173,283 194,072,809 184,018,384 179,720,765 165,934,113 149,625,375 132,863,087
Plan Fiduciary Net Position - Ending (b)243,309,734$ 232,750,078$ 203,437,947$ 194,946,454$ 229,173,283$ 194,072,809$ 184,018,384$ 179,720,765$ 165,934,113$ 149,625,375$
Net Pension Liability - Ending (a) - (b)20,863,002 19,668,818 31,809,019 33,691,756 (10,198,305) 18,690,703 20,094,214 15,385,113 19,762,798 23,289,579
Plan Fiduciary Net Position as a Percentage
of Total Pension Liability 92.10 %92.21 %86.48 %85.26 %104.66 %91.22 %90.16 %92.11 %89.36 %86.53 %
Covered Employee Payroll 35,436,414$ 34,902,014$ 29,285,243$ 26,405,600$ 25,151,771$ 23,688,500$ 21,942,700$ 21,456,414$ 21,223,071$ 20,193,471$
Net Pension Liability as a Percentage
of Covered Employee Payroll 58.87 %56.35 %108.62 %127.59 %(40.55)% 78.90 %91.58 %71.70 %93.12 %115.33 %
*These figures are estimates only. Actual figures will be provided after the end of the fiscal year.
Difference between actual & expected
experience
Other (Contributions Toward Elective
Benefits)
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 37
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
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 228,638,210 194,946,454 33,691,756 85.26% 26,405,600 127.59 %
2023 235,246,966 203,437,947 31,809,019 86.48% 29,285,243 108.62 %
2024 252,418,896 232,750,078 19,668,818 92.21% 34,902,014 56.35 %
2025* 264,172,736 243,309,734 20,863,002 92.10% 35,436,414 58.87 %
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 38
NOTES TO NET PENSION LIABILITY
GASB Statement No. 67
Valuation Date:October 1, 2024
Measurement Date:September 30, 2025
Methods and Assumptions Used to Determine Net Pension Liability:
Actuarial Cost Method
Inflation
Salary Increases
Investment Rate of Return
Retirement Age
Mortality
Other Information:
Notes
Entry Age Normal
2.5%
3.25% to 8.10% depending on years of completed service, including
inflation
6.50%
Experience-based table of rates that are specific to the type of
eligibility condition.
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 post-retirement 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
used for Regular Class (other than K-12 School Instructional
Personnel) members of the Florida Retirement System (FRS) in
their actuarial valuation as of July 1, 2023. Chapter 112.63(1)(f),
Florida Statutes mandates the use of the same mortality tables used by
FRS in either of the two most recently published FRS valuation reports.
See Discussion of Valuation Results on Page 1.
Assumption changes reflect the following changes:
-The investment return assumption was lowered from 6.60% to
6.50%.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 39
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
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 - 26,405,600 27.02%
2023 5,510,304 5,510,304 - 29,285,243 18.82%
2024 5,471,502 5,471,502 - 34,902,014 15.68%
2025*7,545,196 7,545,196 - 35,436,414 21.29%
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 40
NOTES TO SCHEDULE OF CONTRIBUTIONS
GASB Statement No. 67
Valuation Date:October 1, 2023
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 7 years (Single equivalent amortization period)
Asset Valuation Method
Inflation
Salary Increases
Investment Rate of Return
Retirement Age
Mortality
Other Information:
Notes
5-year smoothed market
2.5%
3.25% to 8.10% depending on years of completed service, including
inflation.
6.60%
Experience-based table of rates that are specific to the type of
eligibility condition.
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 post-retirement 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
used for Regular Class (other than K-12 School Instructional
Personnel) members of the Florida Retirement System (FRS) in their
actuarial valuation as of July 1, 2022. Chapter 112.63(1)(f), Florida
Statutes mandates the use of the same mortality tables used by FRS
in either of the two most recently published FRS valuation reports.
See Discussion of Valuation Results on Page 1 of the October 1, 2023
Actuarial Valuation Report dated May 17, 2024.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 41
SINGLE DISCOUNT RATE
GASB Statement No. 67
A single discount rate of 6.50% 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 6.50%. 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 (6.50%) 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 6.50%, 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
5.50%6.50%7.50%
$53,342,710 $20,863,002 ($4,281,871)
* These figures are estimates only. Actual figures will be provided after the end of the fiscal year.
SECTION E
MISCELLANEOUS INFORMATION
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 42
A.
1.Number Included in Last Valuation 440 392
2.New Members Included in Current Valuation 93 103
3.Non-Vested Employment Terminations (49)(29)
4.Vested Employment Terminations (9)(15)
5.DROP Participation (16)(7)
6.Service Retirements (4)(3)
7.Disability Retirements 0 0
8.Deaths (1)(1)
9.Other -- Data Adjustments 0 0
10.Number Included in This Valuation 454 440
B.
1.Number Included in Last Valuation 73 66
2.Additions from Active Members 9 15
3.Lump Sum Payments/Refund of Contributions (1)(3)
4.Payments Commenced (1)(5)
5.Deaths 0 0
6.Other -- Data Adjustments 1 0
7.Number Included in This Valuation 81 73
1.Number Included in Last Valuation 37 34
2.Additions from Active Members 16 7
3.Retirements (4)(4)
4.Deaths 0 0
5.Other -- Data Adjustments 0 0
6.Number Included in This Valuation 49 37
D.
1.Number Included in Last Valuation 425 415
2.Additions from Active Members 4 3
3.Additions from Terminated Vested Members 1 5
4.Additions from DROP Plan 4 4
5.Deaths Resulting in No Further Payments (14)(2)
6.Deaths Resulting in New Survivor Benefits 0 0
7.End of Certain Period - No Further Payments 0 0
8.Other -- Data Adjustments (1)0
9.Number Included in This Valuation 419 425
RECONCILIATION OF MEMBERSHIP DATA
Active Members
Service Retirees, Disability Retirees and Beneficiaries
Terminated Vested Members
From 10/1/22From 10/1/23
To 10/1/23To 10/1/24
C.DROP Plan Members
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 43
ACTIVES – DISTRIBUTION OF SERVICE & SALARY
Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30 & Up Totals
15-19 NO.1 0 0 0 0 0 0 0 0 0 0 1
TOT PAY 48,230 0 0 0 0 0 0 0 0 0 0 48,230
AVG PAY 48,230 0 0 0 0 0 0 0 0 0 0 48,230
20-24 NO.9 3 3 0 0 0 0 0 0 0 0 15
TOT PAY 519,805 176,820 187,112 0 0 0 0 0 0 0 0 883,737
AVG PAY 57,756 58,940 62,371 0 0 0 0 0 0 0 0 58,916
25-29 NO.14 14 6 2 4 6 0 0 0 0 0 46
TOT PAY 846,521 825,100 460,378 133,741 245,604 391,444 0 0 0 0 0 2,902,788
AVG PAY 60,466 58,936 76,730 66,870 61,401 65,241 0 0 0 0 0 63,104
30-34 NO.11 14 11 9 5 9 3 0 0 0 0 62
TOT PAY 711,647 992,333 797,345 526,019 349,926 666,788 289,678 0 0 0 0 4,333,736
AVG PAY 64,695 70,881 72,486 58,447 69,985 74,088 96,559 0 0 0 0 69,899
35-39 NO.15 10 6 8 2 15 5 1 0 0 0 62
TOT PAY 1,007,161 740,851 521,593 521,113 134,939 1,106,879 566,898 62,171 0 0 0 4,661,605
AVG PAY 67,144 74,085 86,932 65,139 67,470 73,792 113,380 62,171 0 0 0 75,187
40-44 NO.8 9 5 5 3 13 5 5 1 0 0 54
TOT PAY 777,438 588,803 552,418 320,768 419,353 1,075,230 395,787 515,777 76,244 0 0 4,721,818
AVG PAY 97,180 65,423 110,484 64,154 139,784 82,710 79,157 103,155 76,244 0 0 87,441
45-49 NO.8 11 5 5 5 7 4 4 6 4 0 59
TOT PAY 584,624 771,257 388,907 350,406 331,288 493,687 283,007 346,866 577,853 332,167 0 4,460,062
AVG PAY 73,078 70,114 77,781 70,081 66,258 70,527 70,752 86,716 96,309 83,042 0 75,594
50-54 NO.10 6 7 5 4 10 6 9 7 6 0 70
TOT PAY 849,471 426,262 508,418 279,566 283,620 693,511 444,656 1,071,634 602,907 548,019 0 5,708,064
AVG PAY 84,947 71,044 72,631 55,913 70,905 69,351 74,109 119,070 86,130 91,336 0 81,544
55-59 NO.7 6 4 2 3 5 2 3 5 0 0 37
TOT PAY 620,511 508,621 348,299 163,508 240,911 416,938 194,531 196,163 381,759 0 0 3,071,241
AVG PAY 88,644 84,770 87,075 81,754 80,304 83,388 97,266 65,388 76,352 0 0 83,007
60-64 NO.3 2 5 3 2 5 5 6 5 0 0 36
TOT PAY 219,293 167,041 458,307 154,972 149,006 314,136 397,606 574,008 462,589 0 0 2,896,958
AVG PAY 73,098 83,520 91,661 51,657 74,503 62,827 79,521 95,668 92,518 0 0 80,471
65-99 NO.2 2 1 0 1 3 2 1 0 0 0 12
TOT PAY 96,580 225,186 56,046 0 63,346 291,626 190,628 83,990 0 0 0 1,007,402
AVG PAY 48,290 112,593 56,046 0 63,346 97,209 95,314 83,990 0 0 0 83,950
TOT NO.88 77 53 39 29 73 32 29 24 10 0 454
TOT AMT 6,281,281 5,422,274 4,278,823 2,450,093 2,217,993 5,450,239 2,762,791 2,850,609 2,101,352 880,186 0 34,695,641
AVG AMT 71,378 70,419 80,733 62,823 76,483 74,661 86,337 98,297 87,556 88,019 0 76,422
Years of Service to Valuation Date
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures 44
INACTIVES – DISTRIBUTION OF AGES & ANNUAL BENEFITS
Disabled Retired
Total Total Total Total
Age Number Benefits Number Benefits Number Benefits Number Benefits
Under 20 - - - - - - - -
20-24 - - - - - - - -
25-29 - - - - - - - -
30-34 8 95,506 - - - - - -
35-39 7 123,798 - - - - 1 45,023
40-44 12 249,654 - - - - 1 20,221
45-49 15 304,585 - - 2 99,385 - -
50-54 18 444,812 - - 7 352,158 - -
55-59 10 262,556 - - 43 1,988,443 2 25,559
60-64 10 200,012 - - 75 2,876,190 8 119,540
65-69 1 47,891 - - 100 3,011,662 9 190,873
70-74 - - - - 75 2,269,536 3 80,524
75-79 - - - - 62 1,461,068 10 116,041
80-84 - - - - 31 696,259 8 87,719
85-89 - - - - 19 213,902 1 17,900
90-94 - - - - 9 109,715 - -
95-99 - - - - 1 7,021 1 25,354
100 & Over - - - - - - - -
Total 81 1,728,814 - - 424 13,085,339 44 728,754
Average Age 49 - 70 71
Liability 14,441,456 - 143,850,333 7,283,070
Terminated Vested
Deceased with
Beneficiary
SECTION F
SUMMARY OF PLAN PROVISIONS
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures
45
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. 23-019 passed and adopted on its
second reading on September 14, 2023. The Plan is also governed by certain provisions of Part VII,
Chapter 112, Florida Statutes and the Internal Revenue Code.
B. Effective Date
April 1, 1968
C. Plan Year
October 1 through September 30
D. Type of Plan
Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer
plan.
E. Eligibility Requirements
All general employees who work at least 30 hours per week are eligible to participate on the first
day of employment.
F. Credited Service
Service in the employment of the City is measured as years and months and is computed to the
nearest whole month. No service is credited for any periods of employment for which the member
received a refund of their contributions.
G. Compensation
Gross earnings including overtime, but excluding bonuses and flexible benefits, payments for unused
accumulated sick and vacation pay in excess of the amount accumulated as of June 17, 2013, and
overtime in excess of 300 hours per year. Prior to June 18, 2013, all unused accumulated sick and
vacation pay and all overtime were included in the definition of pensionable compensation.
H. Final Average Monthly Compensation (FAMC)
The average of Compensation over the highest 60 consecutive months during the last 120 months of
Credited Service. The amount of accumulated unused sick and vacation hours included in
pensionable salary shall be limited to the lesser of the amount as of June 17, 2013 or the amount
paid at retirement.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures
46
I. Normal Retirement
Eligibility: A member may retire on the first day of the month coincident with or next following
the earliest of:
(1) age 62 and 5 years of Credited Service, or
(2) age 55 and 25 years of Credited Service, or
(3) 30 years of Credited Service regardless of age.
Benefit: 3% of FAMC multiplied by years of Credited Service with a maximum equal to 75% of
FAMC.
Normal Form
of Benefit: Single life annuity; other options are also available.
COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that
investment return exceeds the assumed rate of return. The amount that investment
return exceeds the assumed return will be divided equally among all participants.
The supplemental benefit will not be paid if the Plan has experienced cumulative
losses from all sources after October 1, 2001.
J. Early Retirement
Eligibility: A member who has less than 30 years of Credited Service may elect to retire earlier
than the Normal Retirement Eligibility upon the earlier of:
(1) age 55 and 10 years of Credited Service, or
(2) age 52 and 25 years of Credited Service.
Benefit: The Normal Retirement Benefit is reduced by 3% for each year by which the Early
Retirement date precedes the Normal Retirement date.
Normal Form
of Benefit: Single life annuity; other options are also available.
COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that
investment return exceeds the assumed rate of return. The amount that investment
return exceeds the assumed return will be divided equally among all participants.
The supplemental benefit will not be paid if the Plan has experienced cumulative
losses from all sources after October 1, 2001.
K. Delayed Retirement
Same as Normal Retirement taking into account compensation earned and service credited until the
date of actual retirement.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures
47
L. Service Connected Disability
Eligibility: Any member who becomes totally and permanently disabled and is unable to
perform all the material duties of their occupation as a result from an act occurring
in the performance of service for the City is eligible for a disability benefit.
Benefit: The accrued Normal Retirement Benefit taking into account compensation earned
and service credited as of the date of disability. The benefit is payable on the
member’s Normal Retirement date.
Normal Form
of Benefit: Single life annuity; other options are also available.
COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that
investment return exceeds the assumed rate of return. The amount that investment
return exceeds the assumed return will be divided equally among all participants.
The supplemental benefit will not be paid if the Plan has experienced cumulative
losses from all sources after October 1, 2001.
M. Non-Service Connected Disability
Eligibility: Any member who becomes totally and permanently disabled and is unable to
perform all the material duties of their occupation is eligible for a disability benefit.
Benefit: The accrued Normal Retirement Benefit taking into account compensation earned
and service credited as of the date of disability. The benefit is payable on the
member’s Normal Retirement date.
Normal Form
of Benefit: Single life annuity; other options are also available.
COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that
investment return exceeds the assumed rate of return. The amount that investment
return exceeds the assumed return will be divided equally among all participants.
The supplemental benefit will not be paid if the Plan has experienced cumulative
losses from all sources after October 1, 2001.
N. Death in the Line of Duty
Eligibility: Any member with 5 or more years of Credited Service whose death is determined to
be the result of a service incurred injury is eligible for survivor benefits.
Benefit: Beneficiary will have the choice of receiving either an immediate lump sum payment
or a monthly survivor benefit.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures
48
The immediate lump sum payment will be the greater of a refund of the member’s
contributions with interest at the annual rate of 5%, or the lump sum value of the
member’s accrued Normal Retirement Benefit payable at the earliest retirement
date.
The monthly survivor benefit will be equal to the accrued Normal Retirement Benefit
taking into account compensation earned and service credited as of the date of
death with payments starting at the earliest retirement date. If the “earliest date”
precedes the member’s Normal Retirement Date, then the accrued benefit will be
subject to the Early Retirement reduction.
Normal Form
of Benefit: Optional lump sum or a monthly benefit payable for the life of the beneficiary.
COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that
investment return exceeds the assumed rate of return. The amount that investment
return exceeds the assumed return will be divided equally among all participants.
The supplemental benefit will not be paid if the Plan has experienced cumulative
losses from all sources after October 1, 2001.
The beneficiary of a plan member with less than 5 years of Credited Service at the
time of death will receive a refund of the member’s accumulated contributions with
interest at 5.0%.
O. Other Pre-Retirement Death
Eligibility: Members are eligible for survivor benefits after the completion of 5 or more years of
Credited Service.
Benefit: Beneficiary will have the choice of receiving either an immediate lump sum payment
or a monthly survivor benefit.
The immediate lump sum payment will be the greater of a refund of the member’s
contributions with interest at the annual rate of 5%, or the lump sum value of the
member’s accrued Normal Retirement Benefit payable at the earliest retirement
date.
The monthly survivor benefit will be equal to the accrued Normal Retirement Benefit
taking into account compensation earned and service credited as of the date of
death with payments starting at the earliest retirement date. If the “earliest date”
precedes the member’s Normal Retirement Date, then the accrued benefit will be
subject to the Early Retirement reduction.
Normal Form
of Benefit: Optional lump sum or a monthly benefit payable for the life of the beneficiary.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures
49
COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that
investment return exceeds the assumed rate of return. The amount that investment
return exceeds the assumed return will be divided equally among all participants.
The supplemental benefit will not be paid if the Plan has experienced cumulative
losses from all sources after October 1, 2001.
The beneficiary of a plan member with less than 5 years of Credited Service at the
time of death will receive a refund of the member’s accumulated contributions with
interest.
P. Post Retirement Death
Benefit determined by the form of benefit elected upon retirement.
Q. Optional Forms
In lieu of electing the Normal Form of benefit, the optional form of benefit available to all retirees is
the 66 2/3% Joint and Survivor Annuity option. A Social Security option is also available for members
retiring prior to the time they are eligible for Social Security retirement benefits. Upon approval of
the Plan Administrator, other options are also available as long as actuarial equivalence is
maintained.
R. Vested Termination
Eligibility: A member has earned a non-forfeitable right to Plan benefits after the completion of
5 years of Credited Service if they elect to leave their accumulated contributions in
the fund.
Benefit: The benefit is the member’s accrued Normal Retirement Benefit as of the date of
termination. The benefit begins at either age 62, at age 55 if the member had or
would have had 25 or more years of Credited Service on or before attaining age 55,
or at the age at which the member would have had 25 years of Credited Service (had
employment continued) if this age is between ages 55 and 62.
Normal Form
of Benefit: Single life annuity; other options are also available.
COLA: In lieu of receiving a COLA, a supplemental benefit may be paid in years that
investment return exceeds the assumed rate of return. The amount that investment
return exceeds the assumed return will be divided equally among all participants.
The supplemental benefit will not be paid if the Plan has experienced cumulative
losses from all sources after October 1, 2001.
Members terminating employment with less than 5 years of Credited Service will receive a refund of
their own accumulated contributions with interest.
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures
50
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 (3% of Compensation during years 6 through 8 of DROP participation).
U. Employer Contributions
The amount determined by the actuary needed to fund the plan properly according to State laws.
V. Cost of Living Increases
In lieu of receiving a COLA, a supplemental benefit may be paid in years that investment return
exceeds the assumed rate of return. The amount that investment return exceeds the assumed
return will be divided equally among all participants. The supplemental benefit will not be paid if the
Plan has experienced cumulative losses from all sources after October 1, 2001.
W. 13th Check
As described under the COLA subsections, in lieu of COLA increases a thirteenth check will be paid to
retirees on each July 1st following a fiscal year in which the net investment return exceeds the
assumed rate of investment return and the Plan has experienced a cumulative gain.
X. Deferred Retirement Option Plan
Eligibility: Plan members who have met one of the following criteria are eligible for the DROP:
(1) age 62 and 5 years of Credited Service, or
(2) age 55 and 25 years of Credited Service, or
(3) 30 years of Credited Service regardless of age.
Members must make a written election to participate in the DROP within the first 30
years of employment.
Benefit: The member’s Credited Service and FAMC are frozen upon entry into the DROP. The
monthly retirement benefit as described under Normal Retirement is calculated
based upon the frozen Credited Service and FAMC.
Maximum
DROP Period: 8 years (amended from 5 years).
City of Boynton Beach Pension Plan for General Employees
Actuarial Valuation as of October 1, 2024 and Actuarial Disclosures
51
Effective October 1, 2023, the maximum period of DROP participation is the earlier
of 8 years of participation in the DROP (previously 5 years) or 38 years of
employment.
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.
www.wolfpopper.com
Securities Litigation, Portfolio Monitoring
and Other Legal Services
June 11, 2025
Boynton Beach General
Employees' Pension Fund
NEW YORK • PUERTO RICO • ILLINOIS • MASSACHUSETTS • TEXAS • WASHINGTON, DC 2
Table of Contents
What is Portfolio Monitoring and Why Do You Need It? - - - - - - - - - - - 3
The Benefits of Portfolio Monitoring - - - - - - - - - - - - - - - - - - -- - - - - - 4
Role of the Fiduciary and Institutional Investors - - - - - - - - - - - - - - - - - 5
Are There Costs to Funds Acting as Lead Plaintiff in Securities
Class Action Litigation? - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6
How Many Law Firms Does a Fund Need? - - - - - - - - - - - - - - - - - - - - 7
Case Investigations and Portfolio Monitoring - - - - - - - - - - - - - - - - - - 8-9
How Wolf Popper Assists Institutional Investors - - - - - - - - - - - - - - - - 10
Sample Monthly Portfolio Monitoring Report - - - - - - - - - - - - - - - - - -11
Sample Portfolio Monitoring Bulletin - - - - - - - - - - - - - - - - - - - - - - - 12
Settlement Claims Management - - - - - - - - - - - - - - - - - - - - - - - - - - - 13
Sample Settlement Chart - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 14
International Securities Litigation Monitoring - - - - - - - - - - - - - - - - - - 15
Investments on Foreign (Non-U.S.) Exchanges - - - - - - - - - - - - - - - - - 16
How is Foreign Litigation Different? - - - - - - - - - - - - - - - - - - - - - - - - 17
Litigation Funders - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 18
Why Get Involved in a Litigation Outside the US - - - - - - - - - - - - - - - 19
Significant Recoveries in Foreign Securities Litigation - - - - - - - - - - - - 20
U.S. Counsel Can Provide Assistance Related to Foreign Litigations - - - 21
Portfolio Monitoring and Foreign Litigations - - - - - - - - - - - - - - - - - - 22
Why Wolf Popper? - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 23
History of Wolf Popper - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 24
Diversity, Equity, & Inclusion - - - - - - - - - - - - - - - - - - - - - - - - - - - - 25
Backing Up Wolf Popper’s DE&I Policy with Results - - - - - - - - - - - - - - - - 26
The Benefits of Retaining Wolf Popper - - - - - - - - - - - - - - - - - - - - - - - - - - 27
Wolf Popper’s Institutional Investor Services - - - - - - - - - - - - - - - - - - - - - 28
Wolf Popper’s Practice Areas - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 29
Sophisticated Litigation Practice With History of Success - - - - - - - - - - - - - 30
Highly Selective in the Cases we Recommend - - - - - - - - - - - - - - - - - - - - - 31
Nationwide Litigation - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 32
International Practice - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 33
Foreign Litigation and Advice - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 34
Wolf Popper’s Healthcare and Billing Litigation Experience - - - - - - - - - - 35
Lead Counsel in Cutting Edge and High Profile Securities Litigation - - - - - 36
Lead Counsel in Significant Merger and Acquisition Litigation - - - - - - - - - 37
Wolf Popper is Consistently Recognized as an Industry Leader - - - - - - - - - 38
Memberships & Organizations - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 39
Proudly Serving Institutional Investors for More Than 25 years - - - - - - - - 40
Wolf Popper’s State /U.S. Territory Pension Fund Clients - - - - - - - - - - - - - 41
Wolf Popper’s Pension Fund Clients - - - - - - - - - - - - - - - - - - - - - - - - - - - 42
Wolf Popper’s Taft Hartley & Corporate Pension Clients - - - - - - - - - - - - - 43
Wolf Popper’s Hedge Fund and Investment Fund Clients - - - - - - - - - - - - - 44
Wolf Popper Proudly Works with Public Safety Funds - - - - - - - - - - - - - - - 45
Wolf Popper’s Office Locations - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 46
Contact Information - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 47
What Is Portfolio Monitoring
And Why Do You Need It?
The Benefits of Portfolio
Monitoring
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•It informs trustees, fund administrators, staff, consultants and
attorneys about:
•Existing or potential class action litigation in time to
participate in a meaningful way
•Corporate mismanagement and fraud that are damaging (or
may damage) your Fund’s return on investment
•Situations where an individual or opt-out action would
likely maximize a Fund’s loss recovery
•Helps avoid missing deadlines for filing settlement claims
•Helps prevent or minimize losses by allowing your Fund to
pursue opportunities to improve corporate governance
Role of the Fiduciary and
Institutional Investors
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•“Not only is a fiduciary not prohibited from serving as a lead
plaintiff, the Secretary believes that a fiduciary has an affirmative
duty to determine whether it would be in the interest of the plan
participant to do so… It may not only be prudent to initiate
litigation, but also a breach of a fiduciary’s duty not to pursue a
valid claim.”
U.S .Dept. of Labor, Amicus brief filed in Bragdon v. Telxon (N.D. Ohio)
•“Through the PSLRA, Congress has unequivocally expressed its
preference for securities fraud litigation to be directed by large
institutional investors.”
Chief Judge Buchmeyer, Gluck v. Cellstar (N.D. Tex.)
•Average settlement amount increases by 26%-48% when institutional investors are lead plaintiffs
Are There Costs to Funds Acting as Lead Plaintiff in Securities Class Action
Litigations?
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•No Out-Of-Pocket Costs Ever for
Institutional Clients
–Wolf Popper advances all litigation-related
expenses, including any needed travel by Fund
personnel
–Attorneys fees solely on a contingent basis
•Minimal Time Burden
–Gathering relevant documents
–Consultations with counsel
–Wolf Popper works with Funds to minimize time
incurred by Fund personnel
How Many Law Firms Does a
Fund Need?
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•A law firm can be the monitor, evaluator, and
outside litigation counsel to a fund
•Wolf Popper recommends all Funds engage a
minimum of 3-5 firms
•Some federal court decisions have questioned a
client/lawyer “conflict of interest” with only 1 firm
performing such roles simultaneously*
•Funds will gain the benefit of similar or differing
analyses
•Funds can rotate the litigation function
*Iron Workers Local No. 25 Pension Fund v. Credit-Based Asset Servicing & Securitization, LLC, 616 F. Supp. 2d
461, 464 (S.D.N.Y. 2009)
Case Investigations and Portfolio
Monitoring
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•Attorneys with broad and deep experience in
securities litigation
•Full-time financial analyst:
•More than 25 years of experience on
Wall Street
•Formerly worked as an analyst at major
financial firms
•Served as a director, principal, and managing
director at a registered broker dealer and
private equity companies
Case Investigations and Portfolio
Monitoring
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•Our investigative team monitors and identifies
potential legal claims
•Daily monitoring of the world’s largest stock
exchanges to identify companies that disclose
material adverse information or experience
adverse price movement
•Monthly portfolio monitoring report lists all
securities litigations filed during the month that
impact the Fund’s investments
•Portfolio Monitoring Bulletin in the event a
Fund suffers a significant loss
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How Wolf Popper Assists Institutional Investors
WP monitors various news
sources and reports for securities
fraud and corporate governance
matters
WP accesses data provided
electronically by custodian to
determine Fund’s share holdings and
transactions*
WP calculates losses of the
Fund, analyzes case strength,
and sends report with
recommendation
If the Fund’s damages threshold
is met and case so warrants, WP
conducts additional
investigation; thereafter, WP
and the Fund discuss case and
pros/cons of actions and options
WP files a case for the Fund or
moves for the Fund to be appointed
Lead Plaintiff
WP monitors the case for
settlement or other outcome and
alerts the Fund or its custodian to
take appropriate action
WP represents the Fund in
litigation and confers with the
Fund’s general counsel on
strategy and settlement
negotiations
WP helps assure the Fund
obtains its share of settlement
proceeds; WP can assist in
completing claim forms
*Wolf Popper has engaged a third party, Chicago Clearing Corporation, to obtain and warehouse the data for our clients. CCC has been servicing institutional investor clients for
three decades and currently has more than 1,100 clients with over $5 trillion in AUM. Only WP has access to evaluate the data through highly secure portal.
Sample Monthly Portfolio Monitoring Report
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Sample Portfolio Monitoring Bulletin
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Settlement Claims Management
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•Monthly portfolio monitoring report also includes a list of
all settlements from the month that impact the Fund’s
investments
•Numerous academic studies have found that a majority of
institutional investors did NOT file claims in class action
settlements*
•Upon request, Wolf Popper will assist Funds in completion
of settlement claim paperwork
•Research has shown that proper claims filing should result
in recoveries of 1 to 1.5 basis points every year, on average
*See, e.g., James D. Cox and Randall S. Thomas, Letting Billions Slip Through Your Fingers: Empirical
Evidence and Legal Implications of the Failure of Financial Institutions to Participate in Securities Class
Action Settlements, 58 Stan L. Rev. 411, 424 (2005)
Sample Settlement Chart
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International Securities
Litigation Monitoring
Investments on Foreign (Non-U.S.)
Exchanges
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The U.S. Supreme Court has held that U.S. securities laws only cover securities purchased on a U.S. exchange (i.e., the NYSE or the NASDAQ)
•Investors cannot sue in U.S. courts for violations of the U.S. securities laws
for securities purchased on foreign exchanges
•Claims have to be brought in a foreign jurisdiction under foreign
law
•Location of issuer or listing, or country where there is a
compelling claim for jurisdiction due to significant contacts
with the country
•If an investor purchased U.S. listed ADRs/ADS’s of a foreign company,
then the U.S. securities laws apply -claim can be brought in U.S. courts
•Petrobras, e.g., -U.S. class action for ADRs/ADS’s, Netherlands case for
shares purchased on the Brazilian Stock Exchange (BOVESPA)
How is Foreign Litigation
Different?
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U.S.Foreign
Group Actions Class action and “opt-out,” you
must exclude yourself
Group or collective action “opt-
in,” you must join or you are not
eligible for recovery
Attorneys’ Fees Each party pays their own absent
sanctions
Loser pays: losing party can be
forced to pay for winning party’s
lawyers
Contingency Fee Arrangements Allowed and common Not allowed in many jurisdictions
Discovery (exchange of
information)
Can be broad and extensive,
balanced by needs of the case
Generally minimal
Precedent Significant history of courts
dealing with securities litigation
Limited, if any
Litigation Funders
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•Litigation funders are companies that organize foreign
litigations
•Find investors with significant losses and group them
together
•Litigation funder hires lawyers and pays lawyers
•Litigation funder covers any “loser pays” attorneys’ fees and
provides insurance to investors as protection against having
to pay attorneys’ fees
•Litigation funders take a large percentage of any recovery –
standard 40% (can be as high as 50%-60% in some cases)
Why Get Involved in a Litigation
Outside the U.S.
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•May be the only way to recover money damages
•Fiduciary obligation to try and recover damages to the
Fund
•Due to opt-in nature, a Fund cannot rely on being passive
and collecting a share of recovery like the Fund can in a
U.S. class action
•In some jurisdictions you have to do a bit more
paperwork (like proof of reliance)
•However, litigation funders may only be interested in
investors with significant (7 figure) damages
Significant Recoveries in Foreign
Securities Litigation
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Most common non-US securities litigation venues: Canada,
Australia, Israel, Netherlands, Japan, U.K., and Germany
•Out of the top 25 securities settlements outside of the U.S.
17 came out of Australia
•3 non-U.S. securities litigations have each resulted in over
$1 billion recoveries for those they represented (2 in the
Netherlands, 1 in UK)*
•At least 7 others have recovered more than $100 million (4
of them in Australia, 2 in the Netherlands, and 1 in UK)
•In 2021, the first ever shareholder claim in China settled
*Steinhoff Int’l Hldgs; Fortis S.A.; the Royal Bank of Scotland
U.S. Counsel Can Provide Assistance
Related to Foreign Litigations
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U.S. law firms usually cannot represent their clients in a non-U.S.
litigation. But they can help to:
•Recommend whether it is worthwhile for clients to participate
in a foreign litigation;
•Recommend which litigation or group to join if there are
multiple current or potential litigations against the same
defendants
•Different jurisdictions;
•Different legal theories;
•Different time periods (class periods);
•Different attorneys/lit. funders (e.g., is litigation
funder adequately capitalized)
Portfolio Monitoring and Foreign
Litigations
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Wolf Popper monitors for foreign securities litigation;
•Wolf Popper informs clients of these cases and can
make recommendations regarding whether it makes
sense for a client to get involved in a particular case;
•Wolf Popper informs clients of registration deadlines
to join/opt-in to these cases (can help fill out
paperwork); and
•Monitor for settlements in these cases if clients are
participants
Why Wolf Popper?
History of Wolf Popper
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•Founded in 1945
•Founding members were protégés of
President Franklin Roosevelt:
•Benedict Wolf: Chief Trial Examiner of the
National Labor Relations Board
•Martin Popper: Consultant to the United
Nations Founding Commission and observer
at the Nuremberg Trials
•Pioneers in the field of securities law:
•Began prosecuting securities litigations in 1958
•One of the first law firms to offer portfolio monitoring to institutional investors
Diversity, Equity, & Inclusion
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•Wolf Popper’s founders always recognized the
value of a workforce comprised of talent across the
demographic spectrum. The Firm has been
committed to diversity and inclusion and gender
equality since its inception and is proud to continue
to embrace our tradition of inclusion to the benefit
of the Firm and the clients we serve.
Backing Up Wolf Popper’s
DE&I Policy with Results
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•50% of Wolf Popper’s Senior Partners are women and/or a
member of an under-represented race or ethnicity
•The Firm’s Managing Partner is a woman
•Over 40%of Wolf Popper’s equity is owned by partners who are
women and/or members of under-represented races or
ethnicities
•83%of Wolf Popper’s associates are women and/or members of
under-represented races or ethnicities
•73%of Wolf Popper’s paralegals and administrative personnel,
including the head of the Firm’s Technology Department and the
Firm’s Portfolio Monitoring Coordinator, are women and/or
members of under-represented races and ethnicities
The Benefits of Retaining Wolf
Popper
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•Experienced securities litigators with expert
staff and resources
•Significant experience monitoring pension
fund portfolios and investigating cases
•Understanding of issues confronting
pension funds
•Substantial trial experience
•Access to international network of firms
•75+ year track record of success
Wolf Popper’s Institutional
Investor Services
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•Case investigations
•Portfolio monitoring
•Nationwide litigation
•Foreign litigation and advice
•Settlement and claims
management
Wolf Popper’s Practice Areas
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•Individual and class action litigation:
•Securities
•Mergers & Acquisitions
•Complex commercial
•Digital Assets Litigation
•Healthcare
•Consumer
•Domestic and international arbitration
•Domestic and international commercial law and corporate matters
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Sophisticated Litigation
Practice With History of
Success
Highly Selective in the Cases We
Recommend
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•Focused on cases with strong merits and
opportunity for meaningful recovery
•From 2014 to 2023, in our cases alleging
violations of the federal securities laws:
•Our average settlement was 36% larger
than the national average
•Motions to dismiss were granted less
than 10% of the time, compared to the
national average of 54%
Nationwide Litigation
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•Wolf Popper represents clients in high profile/cutting
edge securities litigation throughout the United States
•Wolf Popper attorneys are admitted to practice in
California, Florida, Illinois, Maine, Massachusetts,
Mississippi, New Jersey, New York, Pennsylvania,
Texas, Virginia, Washington D.C., and Puerto Rico,
and numerous federal courts
•Wolf Popper has relationships with prominent
attorneys throughout the country to act as local and
liaison counsel
International Practice
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•San Juan, PR office opened in 2009 due to increasing Latin
American client base
•Wolf Popper attorneys are admitted to practice in Nigeria and
Spain
•Multi-lingual (English, Spanish, French, German, Russian,
Mandarin Chinese and Cantonese, Albanian, Romanian, Polish,
Irish, and Hebrew)
•Our attorneys have lectured and been published internationally
regarding securities issues and class actions
•Affiliated with law firms located in Colombia, Panamá, Mexico,
Venezuela, Ecuador, Dominican Republic, and Costa Rica
Foreign Litigation and Advice
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•Have aided clients in participating in securities
litigations in Canada, Europe, and Asia
•Have working relationships with law firms in
numerous foreign jurisdictions for securities
litigation
•Have working relationships with prominent
Third-Party Litigation Funders who have
funded cases in North America, Europe,
Asia, and Australia
Wolf Popper’s Healthcare and Billing
Litigation Experience
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•Served as plaintiffs’ counsel in dozens of class action lawsuits involving
pharmaceutical manufacturers, distributors, pharmacies, PBMs, and other
medical entities
•Cases have included:
•Consumer actions involving insurance reimbursements for medical claims;
•Numerous “surprise bill” cases on behalf of patient classes;
•Securities class actions asserting claims for false and misleading statements
concerning drugs or other medical products;
•M & A cases with respect to the acquisition of healthcare or other medical
companies;
•Antitrust actions asserting claims for price-fixing and market manipulation
with respect to various drugs
Lead Counsel in Cutting Edge and
High Profile Securities Litigation
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•Since 2010, Wolf Popper has recovered over $1 billion for
its clients and investors, including:
–JPMorgan (RMBS): $280m
–Fairfield Greenwich (Madoff Feeder Fund): $265m
–Motorola (Improper Vendor Financing): $190m
–Merrill Lynch (Opt-Out): $45m for State of NJ
–Amedisys (Medicare Fraud): $43.75m
–Treehouse Foods (Merger Integration): $27m
Lead Counsel in Significant Merger
and Acquisition Litigation
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•Multi-million dollar settlements in going-private
transactions:
–Madison Square Garden Networks: $48.5m
–GGP Inc. ($42.5m)
–AmTrust Financial Services: $40m
–Bluegreen: $36.5m
–Metrologic: $21.7m
–Venoco: $19m
–Cornerstone: $17.9m
–Asterias: $10.65m
–Sauer-Danfoss: $10m
38
Wolf Popper is Consistently Recognized as an
Industry Leader
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39
Memberships & Organizations
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Proudly Serving
Institutional Investors
for more than 25 years
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Wolf Popper’s State/U.S. Territory & International Pension Fund Clients
•Idaho:
•Idaho State Treasurer's Office
•Louisiana:
•Louisiana District Attorneys Retirement System
•Louisiana Firefighters’ Retirement System
•Maryland:
•Maryland State Retirement and Pension System
•Massachusetts
•Massachusetts Pension Reserves Investment
Management Board
•Michigan
•Michigan Department of Treasury -Bureau of
Investments
•Michigan Public School Employees'
Retirement System
•Michigan State Employees' Retirement System
•Michigan Judges Retirement System
•Michigan State Police Retirement System
•Mississippi:
•State of Mississippi Treasury
•The Mississippi Health Care Trust Fund
•The College Savings Mississippi Program
•The Public Employees Retirement System
•New Jersey:
•State of New Jersey Common Pension Fund
•Judicial Retirement System of New Jersey
•Prison Officers’ Pension Fund, the Public
Employees’ Retirement System
•State Police Retirement System of New Jersey
•Teachers’ Pension & Annuity Fund
•State of New Jersey Cash Management Fund
•Supplemental Annuity Collective Trust (a 403b
plan)
•NJBEST Fund (a 529 college savings plan)
•New Jersey State Employees Deferred
Compensation Plan (a 457 plan)
•North Carolina:
•North Carolina Retirement Systems
•North Carolina Supplemental Retirement Plans
•Ohio
•Ohio Attorney General
•Ohio Public Employees Retirement System
•Ohio School Employees Retirement System
•Ohio Police and Fire Pension Fund
•Ohio Highway Patrol Retirement System
•Pennsylvania
•Pennsylvania State Employees' Retirement
System
•Pennsylvania Public School Employees'
Retirement System
•Puerto Rico:
•Employees’ Retirement System of the Puerto Rico
Electric Power Authority
•University of Puerto Rico Retirement System
•Rhode Island:
•State of Rhode Island Office of the General
Treasurer, on Behalf of The Employees'
Retirement System of Rhode Island
•Virginia
•Virginia Attorney General
•Virginia Retirement System
•Wyoming:
•Wyoming State Treasurer's Office
•International (Non U.S. Territory):
•Public Service Pensions Board (Cayman Islands)
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Wolf Popper’s Public Pension Fund Clients
•Avon Park Firefighters (FL)
•Daytona Beach Police & Fire (FL)
•Deltona Firefighters (FL)
•Hialeah General Employees (FL)
•Key West General Employees Utility Board (FL)
•Lauderhill Firefighters (FL)
•Miami Fire & Police (FL)
•Miami Firefighters Relief (FL)
•Miami Beach Police & Fire (FL)
•Miramar Police Officers (FL)
•Naples Police, Fire &General Employees Plans (FL)
•North Miami Beach General Employees (FL)
•North Miami Beach Police and Fire (FL)
•North Palm Beach Police & Fire (FL)
•Palm Beach Gardens Firefighters (FL)
•Palm Harbor Fire Rescue (FL)
•Pompano Beach General Employees (FL)
•Pompano Beach Police & Fire (FL)
•Port St. Lucie Municipal Police (FL)
•Riviera Beach General Employees (FL)
•Riviera Beach Municipal Firefighters (FL)
•St Lucie County Fire District General Employees (FL)
•St Lucie County Fire District Firefighters (FL)
•Sunrise Police Officers (FL)
•Tampa Fire and Police (FL)
•Temple Terrace Firefighters (FL)
•West Palm Beach General Employees (FL)
•Vero Beach Police Officers (FL)
•Austin Firefighters (TX)
•Dallas Police & Fire (TX)
•Abilene Firefighters (TX)
•Conroe Firefighters (TX)
•Galveston Firefighters (TX)
•Irving Firefighters (TX)
•Killeen Firefighters (TX)
•Marshall Firefighters (TX)
•McAllen Firefighters (TX
•Odessa Firefighters (TX)
•Port Arthur Firefighters (TX)
•Sweetwater Firefighters (TX)
•Temple Firefighters (TX)
•Texarkana Firefighters (TX)
•Texas City Firefighters (TX)
•The Woodlands Firefighters (TX)
•Waxahachie Firefighters (TX)
•Weslaco Firefighters (TX)
•Brockton Retirement System (MA)
•Haverhill Retirement System (MA)
•Lowell Retirement System (MA)
•Malden Retirement System (MA)
•Natick Retirement Board (MA)
•Dearborn General Employees Chapter 22 (MI)
•Dearborn Police & Fire Chapter 23 (MI)
•Shelby Police & Fire (MI)
•Southfield Fire & Police (MI)
•New Orleans Firefighters (LA)
•Hartford General Employees (CT)
•East Point General Employees (GA)
•Gwinnett County Public Schools (GA)
•Savannah General Employees (GA)
•Pattonville Fire Protection District (MO)
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Wolf Popper’s Taft-Hartley, Health & Welfare
Trusts, VEBA Trusts, & Corporate Pension Clients
•BAC Local 7, Tile, Marble and Terrazzo, from New
York and New Jersey (NY & NJ)
•Communications Workers of America, AFL-CIO Local
1180 (NY)
•General Building Laborers’ Local 66 Trust Funds (NY)
•Hospital Workers District 1199J Benefit & Pension
Fund (NY & NJ)
•Sheet Metal Workers Pension Plan of Northern
California (CA)
•Pressroom Unions’ Pension Trust Fund
•Teamster Members’ Retirement Plan
•Teamsters Local 813 and 1034 Pension Trust Fund (NY,
NJ, & CT)
•Broward County Firefighters Health Trust (FL)
•Jacksonville Police and Fire Health Insurance Trust (FL)
•Palm Tran, Inc. Amalgamated Transit Union Local 1577
Pension Plan (FL)
•Charter Township of Shelby OPEB Trust (MI)
•City of Pontiac VEBA Trust (MI)
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Wolf Popper’s Hedge Fund
and Investment Fund Clients
•Wolf Popper represents North American and European hedge funds
and investment funds in litigation in the United States, including:
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BOYNTON BEACH GENERAL
EMPLOYEES’ PENSION FUND
QUARTERLY PERFORMANCE REPORT
As of March 31, 2025
Kit Connick
kit@seadvisory.com
Summer Adams
summer@seadvisory.com
Jeffrey Swanson
jeff@seadvisory.com
Ademir Zeco
ademir@seadvisory.com
Benchmark 1 Quarter 1 Year 3 Years 5 Years
S&P 500 Index -4.3 8.3 9.1 18.6
Russell 2000 Index -9.5 -4.0 0.5 13.3
MSCI EAFE (Net)6.9 4.9 6.1 11.8
FTSE NAREIT Equity REIT Index 0.9 9.9 -0.6 11.3
Credit Suisse Hedge Fund Index 2.1 5.6 5.2 8.5
Bitcoin (BTC)-11.8 15.6 21.9 66.7
Blmbg. U.S. Aggregate Index 2.8 4.9 0.5 -0.4
90 Day U.S. Treasury Bill 1.0 5.0 4.2 2.6
CPI (NSA)1.3 2.4 3.6 4.4
· In the first quarter of 2025, the S&P 500 declined by 4.3% as investor sentiment was weighed down by tariff-related concerns and fears of stagflation. Market breadth improved during the
quarter, with the equal-weighted S&P 500 outperforming its capitalization-weighted counterpart by nearly 4%. Value stocks led the way, outperforming growth stocks across all market
capitalizations.
· Sector performance in Q1 underscored the concentrated nature of the market’s decline, as nine of the eleven S&P 500 sectors outperformed the broader index - seven of which delivered
positive returns. Losses were driven by growth-heavy sectors, led by Consumer Discretionary (-14.0%) and Information Technology (-12.8%), the latter accounting for nearly 30% of the index.
Beyond tariff concerns, one of the biggest surprises in Q1 was the debut of DeepSeek, a new Chinese AI model, which signaled that AI could be delivered far more cost-effectively than
previously thought. This news weighed heavily on the valuations of key U.S. AI stocks.
· International equities outperformed U.S. markets in Q1, with the MSCI EAFE returning 6.9%, its strongest relative gain since 2002. European markets led the rally as government spending
plans boosted growth expectations, while a reversal of recent U.S. dollar strength provided an added tailwind. The MSCI Emerging Markets Index gained 2.9%, trailing developed markets but
beating the S&P 500 by over 7%.
· Two key themes emerged in the bond market in Q1: declining U.S. Treasury yields and widening credit spreads. In a reversal from Q4, the 10-year Treasury yield fell from a mid-January peak
of 4.80% to 4.21% by quarter-end. Lower yields helped drive a 2.8% gain in the Bloomberg Aggregate Bond Index. Meanwhile, widening corporate bond spreads reflected growing investor
caution amid an increasingly uncertain economic backdrop.
· At its March meeting, the Fed held rates steady but raised inflation projections and lowered growth forecast. Uncertainty over the inflationary impact of tariffs has kept the Fed from moving
forward with its plan to continue easing monetary policy.
· Bitcoin fell 11.8% in Q1 as macroeconomic concerns dominated the narrative. Despite the decline, the quarter brought several positive developments for the crypto industry, reinforcing Bitcoin’s
growing legitimacy within U.S. policy. The U.S. established a Strategic Bitcoin Reserve, the SEC dropped most of its lawsuits against crypto firms, and both the FDIC and SEC eased restrictions
on banks holding digital assets. Meanwhile, Bitcoin’s status as a macro asset continued to strengthen, with futures trading volume and open interest reaching all-time highs.
Portfolio Positioning
·2025 may prove to be a challenging year for investors. Expect continued volatility.
· Without materially lower rates, we favor private credit over real estate.
· Stay invested to policy targets with cash at the mid-point of allowable ranges.
Sources: U.S. Dept. of the Treasury, Bureau of Labor Statistics, eVestment, Cap Group, JP Morgan, Bitwise, SEAS
Market Environment As of March 31, 2025
1
Total Fund (incl. R&D)Target Index Absolute Return Objective (Current 6.50%)Net Cash Flow
50.0
75.0
100.0
125.0
150.0
175.0
200.0
225.0
250.0
275.0
300.0
Market ValueIn Millions3/15 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 9/22 3/23 9/23 3/24 9/24 3/25
Summary ending March 31, 2025
Beginning Market Value Net Cash Flow Gain/Loss Ending Market Value % Return
10 Years $142,231,812 -$30,560,223 $119,167,721 $230,839,311 6.5
Growth of Assets: Total Fund (incl. R&D)10 Years Ending March 31, 2025
The current Policy Index composition is: ¹Russell 2000 Index: 15.00%, Blmbg. U.S. Aggregate Index: 15.00%, MSCI EAFE (Net): 10.00%, Russell 1000 Index: 35.00%, NCREIF ODCE: 15.00%,
CPI + 3%: 10.00%.
2
December 31, 2024 : $235,334,371 March 31, 2025 : $230,839,311
Segments Market Value Allocation (%)
U.S. Equity 123,624,960 52.5¢
International Equity 18,520,836 7.9¢
U.S. Fixed Income 41,726,571 17.7¢
Real Estate 37,761,886 16.0¢
Private Credit 4,522,746 1.9¢
Cash Equivalent 9,177,371 3.9¢
Segments Market Value Allocation (%)
U.S. Equity 117,723,238 51.0¢
International Equity 19,398,932 8.4¢
U.S. Fixed Income 42,751,665 18.5¢
Real Estate 38,418,264 16.6¢
Private Credit 5,214,779 2.3¢
Cash Equivalent 7,332,434 3.2¢
Asset Allocation By Asset Class
Total Fund (incl. R&D)
As of March 31, 2025
3
U.S. Equity International Equity U.S. Fixed Income Real Estate Private Credit Cash Equivalent
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Allocation (%)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 9/22 3/23 9/23 3/24 9/24 3/25
Historical Asset Allocation by Segment
Total Fund (incl. R&D)
10 Years Ending March 31, 2025
4
Market Value
01/01/2025 Contributions Distributions Gain/Loss Market Value
03/31/2025
Clearbridge Large Cap Equity $20,623,310 ---$1,431,152 $19,192,158
Schwab Total Stock Market $26,687,104 ---$1,298,131 $25,388,973
Vanguard Dividend Growth Fund $15,832,992 --$14,754 $15,847,746
Vanguard 500 Index $18,412,203 ---$788,515 $17,623,688
Atlanta Capital $26,730,623 ---$1,204,419 $25,526,204
Mutual of America S&P 400 $16,001,426 ---$973,744 $15,027,682
Domestic Equity $124,287,658 ---$5,681,208 $118,606,450
EuroPacific Growth R6 $6,008,568 --$157,708 $6,166,276
Harding Loevner Intl Equity $12,512,268 --$720,388 $13,232,656
International Equity $18,520,836 --$878,096 $19,398,932
JPM RE Strategic Property $16,987,439 --$829,565 $168,337 $16,326,210
JPM RE Special Situation $11,337,881 --$119,799 $55,511 $11,273,593
Affiliated Housing Impact Fund I $5,610,292 --$713,615 $911,358 $5,808,035
Cohen & Steers Real Estate Opportunities I $2,297,338 $597,540 -$36,224 $135,604 $2,994,258
Principal Green Fund III $1,528,937 $367,614 -$119,617 $2,016,168
Real Estate $37,761,886 $965,154 -$1,699,203 $1,390,426 $38,418,264
ATEL Private Debt Partners III $2,360,379 $325,720 --$157,785 $2,528,314
PennantPark Credit Opportunities IV $2,162,368 $410,618 -$130,897 $244,376 $2,686,465
Private Credit $4,522,746 $736,338 -$130,897 $86,591 $5,214,779
Dodge & Cox Income $8,528,837 --$244,468 $8,773,305
Garcia Hamilton $9,490,468 --$335,324 $9,825,793
PIMCO Pref & Capital Secs $6,228,366 --$87,639 $6,316,005
PIMCO Income Fund $6,463,598 --$212,753 $6,676,350
Serenitas Credit Gamma Fund $11,108,231 --$70,015 $182,675 $11,220,891
Fixed Income $41,819,500 --$70,015 $1,062,859 $42,812,344
Mutual Fund Acct - Money Market $3,054,038 $1,568,774 -$1,876,624 $32,663 $2,778,850
Total Fund (ex. R&D)$229,966,664 $3,270,266 -$3,776,739 -$2,230,572 $227,229,619
Southstate - Receipts & Disbursements $5,367,707 $720,879 -$2,478,894 -$3,609,692
Total Fund (incl. R&D)$235,334,371 $3,991,145 -$6,255,632 -$2,230,572 $230,839,311
Financial Reconciliation 1 Quarter Ending March 31, 2025
5
Market Value
10/01/2024 Contributions Distributions Gain/Loss Market Value
03/31/2025
Clearbridge Large Cap Equity $19,998,433 ---$806,275 $19,192,158
Schwab Total Stock Market $25,987,824 ---$598,851 $25,388,973
Vanguard Dividend Growth Fund $16,617,181 ---$769,435 $15,847,746
Vanguard 500 Index $17,980,611 ---$356,923 $17,623,688
Atlanta Capital $27,546,813 ---$2,020,609 $25,526,204
Mutual of America S&P 400 $16,843,946 --$900,000 -$916,265 $15,027,682
Domestic Equity $124,974,809 --$900,000 -$5,468,359 $118,606,450
EuroPacific Growth R6 $6,463,169 ---$296,893 $6,166,276
Harding Loevner Intl Equity $13,735,559 ---$502,904 $13,232,656
International Equity $20,198,728 ---$799,797 $19,398,932
JPM RE Strategic Property $17,605,720 --$1,743,433 $463,924 $16,326,210
JPM RE Special Situation $11,435,714 --$240,315 $78,194 $11,273,593
Affiliated Housing Impact Fund I $5,450,477 --$758,158 $1,115,715 $5,808,035
Cohen & Steers Real Estate Opportunities I $2,201,859 $1,442,439 -$916,762 $266,722 $2,994,258
Principal Green Fund III $1,387,475 $367,614 -$8,749 $269,828 $2,016,168
Real Estate $38,081,245 $1,810,053 -$3,667,418 $2,194,383 $38,418,264
ATEL Private Debt Partners III $1,833,275 $530,638 -$55,301 $219,701 $2,528,314
PennantPark Credit Opportunities IV $3,073,636 $410,618 -$1,069,649 $271,861 $2,686,465
Private Credit $4,906,911 $941,256 -$1,124,950 $491,562 $5,214,779
Dodge & Cox Income $8,822,216 ---$48,911 $8,773,305
Garcia Hamilton $8,917,254 $1,008,684 --$100,145 $9,825,793
PIMCO Pref & Capital Secs $6,233,727 --$82,278 $6,316,005
PIMCO Income Fund $6,527,161 --$149,189 $6,676,350
Serenitas Credit Gamma Fund $10,918,266 --$158,696 $461,321 $11,220,891
Fixed Income $41,418,625 $1,008,684 -$158,696 $543,731 $42,812,344
Mutual Fund Acct - Money Market $1,252,379 $3,461,092 -$1,994,861 $60,240 $2,778,850
Total Fund (ex. R&D)$230,832,696 $7,221,085 -$7,845,924 -$2,978,238 $227,229,619
Southstate - Receipts & Disbursements $1,411,701 $8,961,082 -$6,763,091 -$3,609,692
Total Fund (incl. R&D)$232,244,397 $16,182,167 -$14,609,015 -$2,978,238 $230,839,311
Financial Reconciliation October 1, 2024 To March 31, 2025
6
Plan Sponsor Peer Group Analysis - All Public DB Plans
-7.0
-4.0
-1.0
2.0
5.0
8.0
11.0
14.0
17.0
Return1
Quarter
Fiscal
Year to Date
1
Year
3
Years
5
Years
7
Years
10
Years
Total Fund (incl. R&D) - Net -1.10 (76)-1.57 (63)4.06 (82)2.02 (98)8.90 (88)5.87 (89)6.52 (60)¢£
Target Index -1.55 (88)-1.48 (59)4.50 (70)2.74 (94)9.79 (63)6.78 (56)6.96 (34)pU
5th Percentile 1.35 0.43 6.78 5.69 11.95 8.24 7.84
1st Quartile 0.33 -0.76 5.94 4.91 10.83 7.42 7.13
Median -0.45 -1.34 5.12 4.24 10.14 6.87 6.67
3rd Quartile -1.10 -1.85 4.33 3.56 9.40 6.30 6.17
95th Percentile -2.12 -2.55 2.88 2.52 8.00 5.45 5.44
Population 655 653 648 624 605 585 529
BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND
All Public DB Plans
As of March 31, 2025
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
7
Plan Sponsor Peer Group Analysis - All Public DB Plans
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
ReturnFYTD FY
09/30/2024
FY
09/30/2023
FY
09/30/2022
FY
09/30/2021
FY
09/30/2020
FY
09/30/2019
Total Fund (incl. R&D) - Net -1.57 (63)16.90 (86)7.14 (95)-12.92 (32)19.57 (62)7.20 (63)3.36 (70)¢£
Target Index -1.48 (59)17.88 (77)8.00 (90)-12.46 (27)22.17 (26)7.94 (52)3.44 (68)pU
5th Percentile 0.43 25.67 14.24 -7.07 25.57 12.56 6.32
1st Quartile -0.76 23.28 12.09 -12.25 22.24 10.32 4.83
Median -1.34 21.23 10.78 -14.79 20.27 8.07 4.00
3rd Quartile -1.85 18.23 9.30 -17.21 18.35 6.21 3.05
95th Percentile -2.55 14.08 7.00 -19.03 15.21 3.23 1.36
Population 653 1,040 1,090 1,087 1,182 1,067 908
BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND
All Public DB Plans
As of March 31, 2025
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
8
5.2
5.6
6.0
6.4
6.8
7.2
7.6
8.0
8.4
Return (%)6.0 6.6 7.2 7.8 8.4 9.0 9.6 10.2 10.8 11.4 12.0 12.6 13.2
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund (incl. R&D) - Net 6.5 9.9¢£
Target Index 7.0 10.2pU
Median 6.7 10.0¾
Plan Sponsor Scattergram
All Public DB Plans
10 Years Ending March 31, 2025
Calculation based on monthly periodicity.
9
Allocation
Market
Value %
Performance (%)
QTR FYTD 1 YR 3 YR 5 YR 10 YR Since
Inception
Inception
Date
Total Fund (incl. R&D) - Gross $230,839,311 100.0 -0.98 -1.34 4.50 2.48 9.28 6.79 6.74 Jul-2008
Total Fund (incl. R&D) - Net -1.10 (76)-1.57 (63)4.06 (82)2.02 (98)8.90 (88)6.52 (60)0.34 (98)Jan-2022
Target Index¹-1.55 (88)-1.48 (59)4.50 (70)2.74 (94)9.79 (63)6.96 (34)1.28 (89)
All Public DB Plans - Net -0.45 -1.34 5.12 4.24 10.14 6.67 2.43
Domestic Equity $118,606,450 51.4 -4.57 (43)-4.41 (58)3.26 (50)6.45 (50)16.42 (61)10.85 (40)9.31 (97)Aug-1991
80% Russell 1000/20% Russell 2500 -5.09 (48)-2.86 (43)5.64 (36)7.32 (43)17.82 (47)11.28 (35)10.53 (74)
IM U.S. Equity (SA+CF) Median -5.45 -3.73 3.16 6.38 17.47 9.89 11.22
International Equity $19,398,932 8.4 4.74 (57)-3.96 (71)3.79 (67)3.50 (70)9.97 (78)5.49 (76)5.01 (89)Nov-2000
MSCI AC World ex USA index 5.36 (51)-2.55 (56)6.65 (46)5.03 (57)11.46 (64)5.48 (76)5.32 (83)
IM International Equity (SA+CF) Median 5.37 -2.13 6.17 5.56 12.27 6.28 6.49
Real Estate $38,418,264 16.6 3.76 (2)5.98 (3)5.95 (7)-6.12 (83)1.75 (67)4.88 (74)4.84 (52)Jul-2007
NCREIF ODCE 1.05 (62)2.22 (48)2.02 (55)-4.28 (48)2.89 (55)5.64 (58)4.82 (54)
IM U.S. Private Real Estate (SA+CF) Median 1.18 2.09 2.16 -4.39 2.94 5.89 4.86
Private Credit $5,214,779 2.3 1.90 11.87 9.04 15.07 Sep-2023
Fixed Income $42,812,344 18.5 2.54 (37)1.27 (35)6.94 (18)2.82 (40)2.12 (47)2.31 (52)5.47 (35)Aug-1991
Blmbg. U.S. Aggregate Index 2.78 (25)-0.37 (79)4.88 (77)0.52 (88)-0.40 (94)1.46 (94)4.84 (63)
IM U.S. Fixed Income (SA+CF) Median 2.32 0.80 5.68 2.29 1.94 2.35 5.07
Cash & Equivalents $6,388,542 2.8 0.43 0.85 2.34 2.58 1.41 1.30 2.99 Aug-1991
90 Day U.S. Treasury Bill 1.02 2.21 4.97 4.23 2.56 1.86 2.60
Total Fund & Segment Evaluation As of March 31, 2025
The current Policy Index composition is: ¹Russell 2000 Index: 15.00%, Blmbg. U.S. Aggregate Index: 15.00%, MSCI EAFE (Net): 10.00%, Russell 1000 Index: 35.00%, NCREIF ODCE: 15.00%,
CPI + 3%: 10.00%
10
Allocation
Market
Value %
Performance (%)
QTR FYTD 1 YR 3 YR 5 YR 10 YR Since
Inception
Inception
Date
Total Fund (incl. R&D) - Net $230,839,311 100.0 -1.10 (76)-1.57 (63)4.06 (82)2.02 (98)8.90 (88)6.52 (60)6.44 (59)Apr-08
Target Index -1.55 (88)-1.48 (59)4.50 (70)2.74 (94)9.79 (63)6.96 (34)7.13 (15)
All Public DB Plans - Net -0.45 -1.34 5.12 4.24 10.14 6.67 6.56
Domestic Equity $118,606,450 51.4 -4.57 -4.41 3.26 6.45 16.42 10.85 9.31 Aug-91
80% Russell 1000/20% Russell 2500 -5.09 -2.86 5.64 7.32 17.82 11.28 10.53
Clearbridge Large Cap Equity $19,192,158 8.3 -6.94 (33)-4.03 (58)5.40 (47)9.45 (45)17.10 (62)13.87 (49)14.03 (52)Feb-15
Russell 1000 Growth Index -9.97 (74)-3.60 (45)7.76 (24)10.10 (33)20.09 (22)15.12 (15)15.20 (20)
IM U.S. Large Cap Growth Equity (SA+CF) Median -8.60 -3.81 5.07 9.07 17.97 13.76 14.15
Schwab Total Stock Market $25,388,973 11.0 -4.86 (70)-2.30 (58)7.07 (52)8.10 (71)18.06 (60)11.56 (63)Sep-18
Russell 1000 Index -4.49 (61)-1.86 (34)7.82 (39)8.65 (57)18.47 (50)12.18 (45)12.15 (46)
Large Blend Median -4.27 -2.09 7.12 8.83 18.45 12.08 12.04
Vanguard Dividend Growth Fund $15,847,746 6.9 0.09 (81)-4.63 (99)2.94 (92)4.63 (95)11.07 (90)Sep-20
Russell 1000 Value Index 2.14 (46)0.11 (58)7.18 (59)6.64 (77)16.15 (73)8.79 (84)13.48 (52)
Large Value Median 1.95 0.46 7.54 7.80 17.64 9.84 13.55
Vanguard 500 Index $17,623,688 7.6 -4.28 (53)-1.99 (45)8.21 (32)9.02 (46)15.69 (57)May-20
S&P 500 Index -4.27 (49)-1.97 (40)8.25 (25)9.06 (37)18.59 (39)12.50 (30)15.60 (59)
Large Blend Median -4.27 -2.09 7.12 8.83 18.45 12.08 15.87
Atlanta Capital $25,526,204 11.1 -4.51 (22)-7.34 (65)-0.86 (35)6.28 (19)16.12 (46)11.20 (13)12.58 (16)Dec-10
Russell 2500 Index -7.50 (57)-6.93 (59)-3.11 (57)1.78 (66)14.91 (66)7.46 (78)9.62 (90)
IM U.S. SMID Cap Equity (SA+CF) Median -7.02 -6.25 -2.59 3.22 15.60 8.65 10.98
Mutual of America S&P 400 $15,027,682 6.5 -6.09 (39)-5.75 (43)-2.68 (52)4.38 (39)16.76 (40)8.30 (60)10.07 (75)Dec-10
S&P MidCap 400 Index -6.10 (39)-5.78 (43)-2.70 (52)4.42 (39)16.91 (39)8.43 (56)10.31 (67)
IM U.S. SMID Cap Equity (SA+CF) Median -7.02 -6.25 -2.59 3.22 15.60 8.65 10.98
Segment & Asset Manager Evaluation As of March 31, 2025
11
Segment & Asset Manager Evaluation As of March 31, 2025
Allocation
Market
Value %
Performance (%)
QTR FYTD 1 YR 3 YR 5 YR 10 YR Since
Inception
Inception
Date
International Equity $19,398,932 8.4 4.74 -3.96 3.79 3.50 9.97 5.49 5.01 Nov-00
MSCI EAFE (Net)6.86 -1.81 4.88 6.05 11.77 5.40 4.60
EuroPacific Growth R6 $6,166,276 2.7 2.62 (48)-4.59 (57)0.34 (62)3.46 (60)10.05 (54)5.38 (82)5.88 (58)Nov-00
MSCI AC World ex USA index 5.36 (17)-2.55 (35)6.65 (17)5.03 (36)11.46 (30)5.48 (81)5.54 (73)
Foreign Large Growth Median 2.51 -3.98 2.19 3.82 10.37 6.29 6.00
Harding Loevner Intl Equity $13,232,656 5.7 5.76 (15)-3.66 (46)5.48 (23)3.54 (60)9.87 (58)5.94 (61)6.19 (74)Mar-13
MSCI AC World ex USA index 5.36 (17)-2.55 (35)6.65 (17)5.03 (36)11.46 (30)5.48 (81)5.54 (89)
Foreign Large Growth Median 2.51 -3.98 2.19 3.82 10.37 6.29 6.93
Real Estate $38,418,264 16.6 3.76 5.98 5.95 -6.12 1.75 4.88 4.84 Jul-07
NCREIF ODCE 1.05 2.22 2.02 -4.28 2.89 5.64 4.82
JPM RE Strategic Property $16,326,210 7.1 1.03 (63)2.80 (33)5.03 (9)-5.82 (76)1.45 (70)4.69 (77)4.69 (60)Jul-07
NCREIF ODCE 1.05 (62)2.22 (48)2.02 (55)-4.28 (48)2.89 (55)5.64 (58)4.82 (54)
IM U.S. Open End Private Real Estate (SA+CF) Median 1.18 2.09 2.16 -4.39 2.94 5.89 4.86
JPM RE Special Situation $11,273,593 4.9 0.50 (84)0.69 (84)-1.82 (96)-13.25 (96)-2.34 (96)4.13 (86)5.25 (81)Apr-14
NCREIF ODCE 1.05 (62)2.22 (48)2.02 (55)-4.28 (48)2.89 (55)5.64 (58)6.32 (53)
IM U.S. Open End Private Real Estate (SA+CF) Median 1.18 2.09 2.16 -4.39 2.94 5.89 6.52
Affiliated Housing Impact Fund I $5,808,035 2.5
Cohen & Steers Real Estate Opportunities I $2,994,258 1.3
Principal Green Fund III $2,016,168 0.9
Private Credit $5,214,779 2.3 1.90 11.87 9.04 15.07 Sep-23
ATEL Private Debt Partners III $2,528,314 1.1
PennantPark Credit Opportunities IV $2,686,465 1.2
12
Segment & Asset Manager Evaluation As of March 31, 2025
Allocation
Market
Value %
Performance (%)
QTR FYTD 1 YR 3 YR 5 YR 10 YR Since
Inception
Inception
Date
Fixed Income $42,812,344 18.5 2.54 1.27 6.94 2.82 2.12 2.31 5.47 Aug-91
Blmbg. U.S. Aggregate Index 2.78 -0.37 4.88 0.52 -0.40 1.46 4.84
Dodge & Cox Income $8,773,305 3.8 2.87 (48)-0.55 (91)5.53 (72)2.07 (18)-0.18 (21)Sep-21
Blmbg. U.S. Aggregate Index 2.78 (61)-0.37 (78)4.88 (95)0.52 (86)-0.40 (100)1.46 (100)-1.55 (89)
Intermediate Core-Plus Bond Median 2.84 0.05 5.93 1.45 1.50 2.43 -0.69
Garcia Hamilton $9,825,793 4.3 3.53 (7)-1.16 (90)5.11 (73)0.87 (82)0.48 (82)1.76 (86)5.56 (31)Jul-91
Blmbg. U.S. Aggregate Index 2.78 (25)-0.37 (79)4.88 (77)0.52 (88)-0.40 (94)1.46 (94)4.84 (67)
IM U.S. Fixed Income (SA+CF) Median 2.32 0.80 5.68 2.29 1.94 2.35 5.11
PIMCO Pref & Capital Secs $6,316,005 2.7 1.41 (45)1.32 (53)8.25 (43)3.15 (80)2.84 (88)Sep-20
ICE BofA Preferred Stock, Fixed Rate 0.08 (77)-2.93 (81)2.51 (89)2.63 (84)3.87 (93)3.87 (87)1.43 (93)
Preferred Stock Median 1.29 1.51 8.17 4.29 6.86 5.26 3.85
PIMCO Income Fund $6,676,350 2.9 3.29 (7)2.29 (18)7.41 (45)4.60 (31)5.39 (67)3.64 (68)Dec-17
Blmbg. U.S. Aggregate Index 2.78 (15)-0.37 (97)4.88 (96)0.52 (100)-0.40 (100)1.46 (100)1.34 (99)
Multisector Bond Median 2.14 1.22 7.26 4.14 5.67 4.16 3.86
Non-Core/Alt Fixed Income $11,220,891 4.9 1.65 4.25 8.92 9.53 May-23
Serenitas Credit Gamma Fund (Gross)$11,220,891 4.9 1.65 (95)4.25 (1)8.92 (2)9.53 (2)May-23
Serenitas Credit Gamma Fund (Net)1.01 (100)2.77 (2)5.81 (61)6.19 (7)
CPI + 3%2.08 (85)2.93 (2)5.46 (94)6.71 (1)7.50 (1)6.16 (1)5.87 (9)
IM U.S. Intermediate Duration (SA+CF) Median 2.45 0.89 5.92 2.44 1.56 2.16 4.52
Cash & Equivalents $6,388,542 2.8 0.43 0.85 2.34 2.58 1.41 1.30 2.99 Aug-91
90 Day U.S. Treasury Bill 1.02 2.21 4.97 4.23 2.56 1.86 2.60
Mutual Fund Acct - Money Market $2,778,850 1.2 1.07 2.26 4.93 4.21 2.55 2.02 1.43 Oct-08
90 Day U.S. Treasury Bill 1.02 2.21 4.97 4.23 2.56 1.86 1.18
Southstate - Receipts & Disbursements $3,609,692 1.6 0.00 0.00 0.00 0.05 0.05 0.06 Jun-09
90 Day U.S. Treasury Bill 1.02 2.21 4.97 4.23 2.56 1.86 1.22
13
Private Investment Review As of March 31, 2025
14
Executive Summary
Policy Target In Policy Outside Policy
0.0%6.0%12.0%18.0%24.0%30.0%36.0%42.0%48.0%
Cash & Equivalents
$6,388.5K (2.8%)
Non-Core/Alt Fixed Income
$11,220.9K (4.9%)
Core Fixed Income
$31,591.5K (13.7%)
Private Credit
$5,214.8K (2.3%)
Private Real Estate
$38,418.3K (16.6%)
Foreign Equity
$19,398.9K (8.4%)
Domestic Small / Mid Cap Equity
$40,553.9K (17.6%)
Domestic Large Cap Equity
$78,052.6K (33.8%)
Asset Allocation Compliance
Asset Allocation $Current Allocation (%)Minimum Allocation (%)Maximum Allocation (%)Target Allocation (%)
Domestic Large Cap Equity $78,052,565 33.8 20.0 40.0 35.0
Domestic Small / Mid Cap Equity $40,553,885 17.6 5.0 20.0 15.0
Foreign Equity $19,398,932 8.4 5.0 20.0 10.0
Private Real Estate $38,418,264 16.6 10.0 25.0 15.0
Private Credit $5,214,779 2.3 0.0 15.0 5.0
Core Fixed Income $31,591,453 13.7 5.0 25.0 15.0
Non-Core/Alt Fixed Income $11,220,891 4.9 0.0 15.0 5.0
Cash & Equivalents $6,388,542 2.8 0.0 10.0 0.0
Total $230,839,311 100.0 N/A N/A 100.0
Asset Allocation Compliance
Total Fund (incl. R&D)
As of March 31, 2025
15
Asset Allocation vs. All Public DB Plans
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Allocation (%)US Equity Global ex-US Equity US Fixed Alternatives Total Real Estate Cash & Equivalents
Total Fund (incl. R&D)51.38 (21)8.40 (89)18.55 (80)2.26 (92)16.64 (1)2.77 (25)z
5th Percentile 58.97 23.22 43.44 30.34 12.90 6.41
1st Quartile 50.30 17.35 32.80 15.94 9.17 2.69
Median 42.28 14.16 24.77 9.01 6.92 1.45
3rd Quartile 31.24 10.53 19.82 4.67 4.80 0.75
95th Percentile 17.91 6.09 11.56 1.33 2.24 0.07
Asset Allocation Comparison As of March 31, 2025
Parentheses contain percentile rankings.
16
December 31, 2024 : $235,334,371 Market Value Allocation (%)
Clearbridge Large Cap Equity $20,623,310 8.8¢
Schwab Total Stock Market $26,687,104 11.3¢
Vanguard Dividend Growth Fund $15,832,992 6.7¢
Vanguard 500 Index $18,412,203 7.8¢
Atlanta Capital $26,730,623 11.4¢
Mutual of America S&P 400 $16,001,426 6.8¢
EuroPacific Growth R6 $6,008,568 2.6¢
Harding Loevner Intl Equity $12,512,268 5.3¢
JPM RE Strategic Property $16,987,439 7.2¢
JPM RE Special Situation $11,337,881 4.8¢
Affiliated Housing Impact Fund I $5,610,292 2.4¢
Cohen & Steers Real Estate Opportunities I $2,297,338 1.0¢
Principal Green Fund III $1,528,937 0.6¢
ATEL Private Debt Partners III $2,360,379 1.0¢
PennantPark Credit Opportunities IV $2,162,368 0.9¢
Dodge & Cox Income $8,528,837 3.6¢
Garcia Hamilton $9,490,468 4.0¢
PIMCO Pref & Capital Secs $6,228,366 2.6¢
PIMCO Income Fund $6,463,598 2.7¢
Serenitas Credit Gamma Fund $11,108,231 4.7¢
Mutual Fund Acct - Money Market $3,054,038 1.3¢
Southstate - Receipts & Disbursements $5,367,707 2.3¢
Asset Allocation By Manager, Total Fund (Incl R&D)
17
March 31, 2025 : $230,839,311 Market Value Allocation (%)
Clearbridge Large Cap Equity $19,192,158 8.3¢
Schwab Total Stock Market $25,388,973 11.0¢
Vanguard Dividend Growth Fund $15,847,746 6.9¢
Vanguard 500 Index $17,623,688 7.6¢
Atlanta Capital $25,526,204 11.1¢
Mutual of America S&P 400 $15,027,682 6.5¢
EuroPacific Growth R6 $6,166,276 2.7¢
Harding Loevner Intl Equity $13,232,656 5.7¢
JPM RE Strategic Property $16,326,210 7.1¢
JPM RE Special Situation $11,273,593 4.9¢
Affiliated Housing Impact Fund I $5,808,035 2.5¢
Cohen & Steers Real Estate Opportunities I $2,994,258 1.3¢
Principal Green Fund III $2,016,168 0.9¢
ATEL Private Debt Partners III $2,528,314 1.1¢
PennantPark Credit Opportunities IV $2,686,465 1.2¢
Dodge & Cox Income $8,773,305 3.8¢
Garcia Hamilton $9,825,793 4.3¢
PIMCO Pref & Capital Secs $6,316,005 2.7¢
PIMCO Income Fund $6,676,350 2.9¢
Serenitas Credit Gamma Fund $11,220,891 4.9¢
Mutual Fund Acct - Money Market $2,778,850 1.2¢
Southstate - Receipts & Disbursements $3,609,692 1.6¢
Asset Allocation By Manager, Total Fund (Incl R&D)
18
U.S. Equity International Equity U.S. Fixed Income Real Estate Private Credit Cash Equivalent Total Fund
$%$%$%$%$%$%$%
Clearbridge Large Cap Equity 18,335 95.53 --------857 4.47 19,192 8.45
Schwab Total Stock Market 25,389 100.00 ----------25,389 11.17
Vanguard Dividend Growth Fund 15,848 100.00 ----------15,848 6.97
Vanguard 500 Index 17,624 100.00 ----------17,624 7.76
Atlanta Capital 25,526 100.00 ----------25,526 11.23
Mutual of America S&P 400 15,002 99.83 --------26 0.17 15,028 6.61
Domestic Equity 117,723 99.26 --------883 0.74 118,606 52.20
EuroPacific Growth R6 --6,166 100.00 --------6,166 2.71
Harding Loevner Intl Equity --13,233 100.00 --------13,233 5.82
International Equity --19,399 100.00 --------19,399 8.54
JPM RE Strategic Property ------16,326 100.00 ----16,326 7.18
JPM RE Special Situation ------11,274 100.00 ----11,274 4.96
Affiliated Housing Impact Fund I ------5,808 100.00 ----5,808 2.56
Cohen & Steers Real Estate Opportunities I ------2,994 100.00 ----2,994 1.32
Principal Green Fund III ------2,016 100.00 ----2,016 0.89
Real Estate ------38,418 100.00 ----38,418 16.91
ATEL Private Debt Partners III --------2,528 100.00 --2,528 1.11
PennantPark Credit Opportunities IV --------2,686 100.00 --2,686 1.18
Private Credit --------5,215 100.00 --5,215 2.29
Dodge & Cox Income ----8,773 100.00 ------8,773 3.86
Garcia Hamilton ----9,765 99.38 ----61 0.62 9,826 4.32
PIMCO Pref & Capital Secs ----6,316 100.00 ------6,316 2.78
PIMCO Income Fund ----6,676 100.00 ------6,676 2.94
Serenitas Credit Gamma Fund ----11,221 100.00 ------11,221 4.94
Fixed Income ----42,752 99.86 ----61 0.14 42,812 18.84
Mutual Fund Acct - Money Market ----------2,779 100.00 2,779 1.22
Total Fund (ex. R&D)117,723 51.81 19,399 8.54 42,752 18.81 38,418 16.91 5,215 2.29 3,723 1.64 227,230 100.00
Southstate - Receipts & Disbursements ----------3,610 100.00 3,610 1.59
Total Fund (incl. R&D)117,723 51.00 19,399 8.40 42,752 18.52 38,418 16.64 5,215 2.26 7,332 3.18 230,839 101.59
Manager Asset Allocation As of March 31, 2025
19
Manager Status As of March 31, 2025
20
Estimated
Annual Fee (%)
Estimated
Annual Fee
Market Value
As of 03/31/2025 Fee Schedule Fee Notes
Clearbridge Large Cap Equity 0.500 $95,961 $19,192,158 0.500 % of Assets
Schwab Total Stock Market 0.030 $7,617 $25,388,973 0.030 % of Assets
Vanguard Dividend Growth Fund 0.290 $45,958 $15,847,746 0.290 % of Assets
Vanguard 500 Index 0.040 $7,049 $17,623,688 0.040 % of Assets
Atlanta Capital 0.620 $158,262 $25,526,204 0.620 % of Assets
Mutual of America S&P 400 0.070 $10,519 $15,027,682 0.070 % of Assets
Domestic Equity 0.274 $325,367 $118,606,450
EuroPacific Growth R6 0.470 $28,982 $6,166,276 0.470 % of Assets
Harding Loevner Intl Equity 0.730 $96,598 $13,232,656 0.730 % of Assets
International Equity 0.647 $125,580 $19,398,932
JPM RE Strategic Property 1.000 $163,262 $16,326,210 1.000 % of Assets
JPM RE Special Situation 1.600 $180,377 $11,273,593 1.600 % of Assets Sched 1: Base fee of 1.25%+ 0.625% fee on share of debt+0.15%
fee on the cash alloc >5% of total NAV.
Sched 2: 1.60% of NAV.(Maximum fee)
Clients are charged the lower of Sched 1 or Sched 2.
Affiliated Housing Impact Fund I 1.500 $87,121 $5,808,035 1.500 % of Assets 20% above 8% prfd return
Cohen & Steers Real Estate Opportunities I 1.250 $37,428 $2,994,258 1.250 % of Assets 12.5% above 8% prfd return
Principal Green Fund III 1.350 $27,218 $2,016,168 1.350 % of Assets 20% above 8% prfd return
Real Estate 1.290 $495,407 $38,418,264
ATEL Private Debt Partners III 2.000 $50,566 $2,528,314 2.000 % of Assets 20% above 8% prfd return
PennantPark Credit Opportunities IV 1.250 $33,581 $2,686,465 1.250 % of Assets 12.5% above 8% prfd return
Private Credit 1.614 $84,147 $5,214,779
Dodge & Cox Income 0.410 $35,971 $8,773,305 0.410 % of Assets
Garcia Hamilton 0.250 $24,564 $9,825,793 0.250 % of Assets
PIMCO Pref & Capital Secs 0.790 $49,896 $6,316,005 0.790 % of Assets
PIMCO Income Fund 0.500 $33,382 $6,676,350 0.500 % of Assets
Serenitas Credit Gamma Fund 1.500 $168,313 $11,220,891 1.500 % of Assets 20% no hurdle, High Water Mark
Fixed Income 0.729 $312,127 $42,812,344
Mutual Fund Acct - Money Market 0.000 -$2,778,850 0.000 % of Assets
Total Fund (ex. R&D)0.591 $1,342,627 $227,229,619
Southstate - Receipts & Disbursements N/A -$3,609,692
Total Fund (incl. R&D)0.582 $1,342,627 $230,839,311
Fee Schedule As of March 31, 2025
21
Peer Group Analysis - Large Growth Manager Risk/Return: 5 Year, Annualized
-20.0
-12.0
-4.0
4.0
12.0
20.0
28.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Clearbridge LC Equity -6.94 (24)-4.03 (52)5.40 (48)9.45 (40)17.10 (65)
Russell 1000 Growth -9.97 (67)-3.60 (42)7.76 (24)10.10 (26)20.09 (18)z
Median -8.99 -3.92 5.17 9.15 17.94
Large Growth Clearbridge LC Equity
Russell 1000 Growth Return/Risk Median
12.0
14.0
16.0
18.0
20.0
22.0
24.0
Return (%)14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Clearbridge LC Equity -1.73 0.95 -0.72 0.97 19.55 92.27 97.68
Russell 1000 Growth 0.00 1.00 N/A 1.00 20.13 100.00 100.00
Manager Review
Clearbridge Large Cap Equity
As of March 31, 2025
$19.2M and 8.3% of Plan Assets
22
Peer Group Analysis - Large Blend Manager Risk/Return: 5 Year, Annualized
-16.0
-10.0
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Schwab Total Stock Market -4.86 (70)-2.30 (58)7.07 (52)8.10 (70)18.06 (60)
Russell 1000 Index -4.49 (61)-1.86 (34)7.82 (39)8.65 (57)18.47 (50)z
Median -4.27 -2.09 7.12 8.83 18.45
Large Blend Schwab Total Stock Market
Russell 1000 Index Return/Risk Median
14.0
16.0
18.0
20.0
22.0
24.0
Return (%)13.5 14.4 15.3 16.2 17.1 18.0 18.9 19.8
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Schwab Total Stock Market -0.48 1.01 -0.44 1.00 17.29 99.61 101.09
Russell 1000 Index 0.00 1.00 N/A 1.00 17.12 100.00 100.00
Manager Review
Schwab Total Stock Market
As of March 31, 2025
$25.4M and 11.0% of Plan Assets
23
Fund Information
Fund Name :Schwab Total Stock Market Index Portfolio Assets :$25,630 Million
Fund Family :Schwab Funds Portfolio Manager :Team Managed
Ticker :SWTSX PM Tenure :12 Years 1 Month
Inception Date :06/01/1999 Fund Assets :$25,630 Million
Portfolio Turnover :2%
Fund Characteristics As of 03/31/2025
Total Securities 3,086
Avg. Market Cap $197,886 Million
P/E 20.2
P/B 3.7
Div. Yield 1.5%
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 03/31/2025
0.0%50.0%100.0%150.0%
Others
Fixed Income
Cash
Equity
0.0%
0.0%
0.3%
99.7%
Regional Allocation As of 03/31/2025
0.0%50.0%100.0%150.0%
Other
Asia Pacific
EMEA
Americas
0.0%
0.0%
0.5%
99.5%
Equity Sector Allocation As of 03/31/2025
0.0%15.0%30.0%45.0%
Information Technology
Financials
Health Care
Consumer Discretionary
Communication Services
Industrials
Consumer Staples
Energy
Real Estate
Utilities
Materials
29.7%
14.5%
11.3%
10.4%
8.6%
8.5%
5.7%
3.7%
2.8%
2.6%
2.1%
Market Capitalization As of 03/31/2025
0.0%20.0%40.0%60.0%
Micro
Small
Medium
Large
Giant
2.1%
6.5%
19.7%
30.3%
41.5%
Top Ten Securities As of 03/31/2025
Apple Inc 6.1 %
Microsoft Corp 5.1 %
NVIDIA Corp 4.9 %
Amazon.com Inc 3.3 %
Meta Platforms Inc Class A 2.3 %
Berkshire Hathaway Inc Class B 1.8 %
Alphabet Inc Class A 1.7 %
Broadcom Inc 1.4 %
Alphabet Inc Class C 1.4 %
Tesla Inc 1.3 %
Total 29.3 %
Mutual Fund Attributes
Schwab Total Stock Market Index
As of March 31, 2025
24
Peer Group Analysis - Large Value Manager Risk/Return: 5 Year, Annualized
-10.0
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Vanguard Dividend Growth 0.09 (81)-4.63 (99)2.94 (92)4.63 (95)N/A
Russell 1000 Value Index 2.14 (46)0.11 (58)7.18 (59)6.64 (77)16.15 (73)z
Median 1.95 0.46 7.54 7.80 17.64
Large Value Vanguard Dividend Growth
Russell 1000 Value Index Return/Risk Median
12.0
14.0
16.0
18.0
20.0
22.0
24.0
Return (%)12.0 14.0 16.0 18.0 20.0 22.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Vanguard Dividend Growth N/A N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index 0.00 1.00 N/A 1.00 16.28 100.00 100.00
Manager Review
Vanguard Dividend Growth Fund
As of March 31, 2025
$15.8M and 6.9% of Plan Assets
25
Fund Information
Fund Name :Vanguard Dividend Growth Inv Portfolio Assets :$46,331 Million
Fund Family :Vanguard Portfolio Manager :Fisher,P
Ticker :VDIGX PM Tenure :2 Years 8 Months
Inception Date :05/15/1992 Fund Assets :$46,331 Million
Portfolio Turnover :16%
Fund Characteristics As of 03/31/2025
Total Securities 57
Avg. Market Cap $232,222 Million
P/E 22.9
P/B 6.6
Div. Yield 1.9%
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 03/31/2025
0.0%50.0%100.0%150.0%
Others
Fixed Income
Cash
Equity
0.0%
0.0%
0.7%
99.3%
Regional Allocation As of 03/31/2025
0.0%50.0%100.0%150.0%
EMEA
Americas
5.5%
94.5%
Equity Sector Allocation As of 03/31/2025
0.0%10.0%20.0%30.0%
Information Technology
Health Care
Financials
Industrials
Consumer Staples
Consumer Discretionary
Materials
Communication Services
Real Estate
Utilities
Energy
20.6%
16.6%
16.4%
14.8%
12.0%
11.3%
5.0%
2.4%
1.0%
0.0%
0.0%
Market Capitalization As of 03/31/2025
0.0%50.0%100.0%
Micro
Small
Medium
Large
Giant
0.0%
0.0%
1.0%
65.2%
33.9%
Top Ten Securities As of 03/31/2025
Microsoft Corp 3.7 %
UnitedHealth Group Inc 3.7 %
Apple Inc 3.7 %
McDonald's Corp 3.6 %
Mastercard Inc Class A 3.4 %
Visa Inc Class A 3.3 %
American Express Co 3.1 %
Texas Instruments Inc 3.0 %
Stryker Corp 3.0 %
Linde PLC 3.0 %
Total 33.4 %
Mutual Fund Attributes
Vanguard Dividend Growth Inv
As of March 31, 2025
26
Peer Group Analysis - Large Blend Manager Risk/Return: 5 Year, Annualized
-16.0
-10.0
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Vanguard 500 Index -4.28 (53)-1.99 (45)8.21 (32)9.02 (46)N/A
S&P 500 Index -4.27 (49)-1.97 (40)8.25 (25)9.06 (37)18.59 (39)z
Median -4.27 -2.09 7.12 8.83 18.45 Large Blend Vanguard 500 Index S&P 500 Index Return/Risk Median
14.0
16.0
18.0
20.0
22.0
24.0
Return (%)13.5 14.4 15.3 16.2 17.1 18.0 18.9 19.8
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Vanguard 500 Index N/A N/A N/A N/A N/A N/A N/A
S&P 500 Index 0.00 1.00 N/A 1.00 16.76 100.00 100.00
Manager Review
Vanguard 500 Index
As of March 31, 2025
$17.6M and 7.6% of Plan Assets
27
Fund Information
Fund Name :Vanguard 500 Index Admiral Portfolio Assets :$528,458 Million
Fund Family :Vanguard Portfolio Manager :Team Managed
Ticker :VFIAX PM Tenure :7 Years 4 Months
Inception Date :11/13/2000 Fund Assets :$1,334,540 Million
Portfolio Turnover :2%
Fund Characteristics As of 03/31/2025
Total Securities 508
Avg. Market Cap $313,180 Million
P/E 20.9
P/B 4.1
Div. Yield 1.5%
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 03/31/2025
0.0%100.0%200.0%-100.0 %
Cash
Others
Fixed Income
Equity
0.0%
0.0%
0.0%
100.0%
Regional Allocation As of 03/31/2025
0.0%50.0%100.0%150.0%
Asia Pacific
EMEA
Americas
0.0%
0.5%
99.5%
Equity Sector Allocation As of 03/31/2025
0.0%15.0%30.0%45.0%
Information Technology
Financials
Health Care
Consumer Discretionary
Communication Services
Industrials
Consumer Staples
Energy
Utilities
Real Estate
Materials
31.0%
14.2%
11.2%
10.4%
9.3%
7.5%
6.0%
3.7%
2.7%
2.3%
1.8%
Market Capitalization As of 03/31/2025
0.0%25.0%50.0%75.0%
Micro
Small
Medium
Large
Giant
0.0%
0.7%
18.0%
34.1%
47.2%
Top Ten Securities As of 03/31/2025
Apple Inc 7.0 %
Microsoft Corp 5.9 %
NVIDIA Corp 5.6 %
Amazon.com Inc 3.8 %
Meta Platforms Inc Class A 2.7 %
Berkshire Hathaway Inc Class B 2.1 %
Alphabet Inc Class A 1.9 %
Broadcom Inc 1.7 %
Alphabet Inc Class C 1.6 %
Tesla Inc 1.5 %
Total 33.6 %
Mutual Fund Attributes
Vanguard 500 Index Admiral
As of March 31, 2025
28
Peer Group Analysis - IM U.S. SMID Cap Equity (SA+CF)Manager Risk/Return: 5 Year, Annualized
-28.0
-20.0
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Atlanta Capital -4.51 (22)-7.34 (65)-0.86 (35)6.28 (19)16.12 (46)
Russell 2500 Index -7.50 (57)-6.93 (59)-3.11 (57)1.78 (66)14.91 (66)z
Median -7.02 -6.25 -2.59 3.22 15.60
IM U.S. SMID Cap Equity (SA+CF)Atlanta Capital
Russell 2500 Index Return/Risk Median
6.0
9.0
12.0
15.0
18.0
21.0
24.0
27.0
Return (%)14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Atlanta Capital 3.78 0.80 0.06 0.88 17.66 86.02 73.83
Russell 2500 Index 0.00 1.00 N/A 1.00 20.82 100.00 100.00
Manager Review
Atlanta Capital
As of March 31, 2025
$25.5M and 11.1% of Plan Assets
29
Peer Group Analysis - IM U.S. SMID Cap Equity (SA+CF)Manager Risk/Return: 5 Year, Annualized
-28.0
-20.0
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Mutual of America S&P 400 -6.09 (39)-5.75 (43)-2.68 (52)4.38 (39)16.76 (40)
S&P MidCap 400 Index -6.10 (39)-5.78 (43)-2.70 (52)4.42 (39)16.91 (39)z
Median -7.02 -6.25 -2.59 3.22 15.60
IM U.S. SMID Cap Equity (SA+CF)Mutual of America S&P 400
S&P MidCap 400 Index Return/Risk Median
6.0
9.0
12.0
15.0
18.0
21.0
24.0
27.0
Return (%)14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Mutual of America S&P 400 -0.05 1.00 -0.06 0.99 19.87 99.51 99.73
S&P MidCap 400 Index 0.00 1.00 N/A 1.00 19.85 100.00 100.00
Manager Review
Mutual of America S&P 400
As of March 31, 2025
$15.0M and 6.5% of Plan Assets
30
Peer Group Analysis - Foreign Large Growth Manager Risk/Return: 5 Year, Annualized
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
EuroPacific Growth R6 2.62 (48)-4.59 (57)0.34 (62)3.46 (60)10.05 (54)
MSCI AC World ex US 5.36 (17)-2.55 (35)6.65 (17)5.03 (36)11.46 (30)z
Median 2.51 -3.98 2.19 3.82 10.37
Foreign Large Growth EuroPacific Growth R6
MSCI AC World ex US Return/Risk Median
4.0
6.0
8.0
10.0
12.0
14.0
16.0
Return (%)12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
EuroPacific Growth R6 -1.90 1.08 -0.21 0.93 17.04 105.87 116.81
MSCI AC World ex US 0.00 1.00 N/A 1.00 15.26 100.00 100.00
Manager Review
EuroPacific Growth R6
As of March 31, 2025
$6.2M and 2.7% of Plan Assets
31
Fund Information
Fund Name :American Funds Europacific Growth R6 Portfolio Assets :$61,757 Million
Fund Family :American Funds Portfolio Manager :Team Managed
Ticker :RERGX PM Tenure :23 Years 9 Months
Inception Date :05/01/2009 Fund Assets :$126,488 Million
Portfolio Turnover :30%
Fund Characteristics As of 03/31/2025
Total Securities 330
Avg. Market Cap $69,096 Million
P/E 15.6
P/B 2.3
Div. Yield 2.6%
Fund Investment Policy
The investment seeks long-term growth of capital.
Asset Allocation As of 03/31/2025
0.0%50.0%100.0%150.0%
Fixed Income
Others
Cash
Equity
0.0%
1.3%
4.3%
94.4%
Regional Allocation As of 03/31/2025
0.0%15.0%30.0%45.0%60.0%
Other
Americas
Asia Pacific
EMEA
24.8%
11.5%
25.5%
38.3%
Top 5 Countries As of 03/31/2025
United Kingdom 12.5 %
Germany 10.2 %
Japan 9.9 %
France 8.5 %
Netherlands 7.1 %
Total 48.1 %
Equity Sector Allocation As of 03/31/2025
0.0%10.0%20.0%30.0%
Industrials
Financials
Information Technology
Consumer Discretionary
Health Care
Materials
Consumer Staples
Communication Services
Energy
Utilities
Real Estate
18.6%
18.5%
17.6%
12.7%
9.2%
7.3%
6.0%
5.0%
3.6%
0.9%
0.5%
Market Capitalization As of 03/31/2025
0.0%50.0%100.0%
Micro
Small
Medium
Large
Giant
0.0%
0.1%
9.2%
30.9%
59.9%
Top Ten Securities As of 03/31/2025
Taiwan Semiconductor Manufacturing 4.2 %
Airbus SE 2.8 %
SAP SE 2.5 %
Novo Nordisk AS Class B 2.2 %
Banco Bilbao Vizcaya Argentaria 1.9 %
MercadoLibre Inc 1.7 %
Safran SA 1.6 %
Flutter Entertainment PLC 1.5 %
Essilorluxottica 1.5 %
UniCredit SpA 1.4 %
Total 21.4 %
Mutual Fund Attributes
American Funds Europacific Growth R6
As of March 31, 2025
32
Peer Group Analysis - Foreign Large Growth Manager Risk/Return: 5 Year, Annualized
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Harding Loevner Intl Eq 5.76 (15)-3.66 (46)5.48 (23)3.54 (60)9.87 (58)
MSCI AC World ex US 5.36 (17)-2.55 (35)6.65 (17)5.03 (36)11.46 (30)z
Median 2.51 -3.98 2.19 3.82 10.37
Foreign Large Growth Harding Loevner Intl Eq
MSCI AC World ex US Return/Risk Median
4.0
6.0
8.0
10.0
12.0
14.0
16.0
Return (%)12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Harding Loevner Intl Eq -1.97 1.07 -0.22 0.91 17.13 105.93 117.93
MSCI AC World ex US 0.00 1.00 N/A 1.00 15.26 100.00 100.00
Manager Review
Harding Loevner International Equity
As of March 31, 2025
$13.2M and 5.7% of Plan Assets
33
Fund Information
Fund Name :Harding Loevner International Eq Instl Z Portfolio Assets :$2,554 Million
Fund Family :Harding Loevner Portfolio Manager :Team Managed
Ticker :HLIZX PM Tenure :20 Years 5 Months
Inception Date :07/17/2017 Fund Assets :$12,209 Million
Portfolio Turnover :22%
Fund Characteristics As of 03/31/2025
Total Securities 64
Avg. Market Cap $77,073 Million
P/E 15.6
P/B 2.3
Div. Yield 2.8%
Fund Investment Policy
The investment seeks long-term capital appreciation.
Asset Allocation As of 03/31/2025
0.0%50.0%100.0%150.0%
Others
Fixed Income
Cash
Equity
0.0%
0.0%
3.2%
96.8%
Regional Allocation As of 03/31/2025
0.0%15.0%30.0%45.0%60.0%
Other
Americas
Asia Pacific
EMEA
27.0%
5.3%
30.1%
37.6%
Top 5 Countries As of 03/31/2025
Japan 15.0 %
Sweden 8.2 %
United Kingdom 8.2 %
Switzerland 8.0 %
France 7.0 %
Total 46.4 %
Equity Sector Allocation As of 03/31/2025
0.0%15.0%30.0%
Financials
Information Technology
Health Care
Industrials
Materials
Consumer Staples
Consumer Discretionary
Energy
Communication Services
Utilities
Real Estate
23.0%
18.6%
17.4%
14.3%
8.1%
7.0%
4.9%
3.4%
2.7%
0.5%
0.0%
Market Capitalization As of 03/31/2025
0.0%50.0%100.0%
Micro
Small
Medium
Large
Giant
0.0%
0.0%
1.9%
32.5%
65.6%
Top Ten Securities As of 03/31/2025
DBS Group Holdings Ltd 3.9 %
Allianz SE 3.6 %
Shell PLC 3.3 %
HDFC Bank Ltd ADR 3.3 %
Sony Group Corp 3.2 %
Taiwan Semiconductor Manufacturing 3.1 %
Chugai Pharmaceutical Co Ltd 3.0 %
Haleon PLC 3.0 %
Manulife Financial Corp 3.0 %
Roche Holding AG 2.8 %
Total 32.3 %
Mutual Fund Attributes
Harding Loevner International Eq Instl Z
As of March 31, 2025
34
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)Manager Risk/Return: 5 Year, Annualized
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
JPM RE Strategic Property 1.03 (63)2.80 (33)5.03 (9)-5.82 (76)1.45 (70)
NCREIF ODCE 1.05 (62)2.22 (48)2.02 (55)-4.28 (48)2.89 (55)z
Median 1.18 2.09 2.16 -4.39 2.94
IM U.S. Open End Private Real Estate (SA+CF)JPM RE Strategic Property
NCREIF ODCE Return/Risk Median
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
Return (%)4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
JPM RE Strategic Property 0.18 0.45 -0.26 0.40 5.31 61.36 69.03
NCREIF ODCE 0.00 1.00 N/A 1.00 7.51 100.00 100.00
Manager Review
JPM RE Strategic Property
As of March 31, 2025
$16.3M and 7.1% of Plan Assets
35
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)Manager Risk/Return: 5 Year, Annualized
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
JPM RE Spec Situation 0.50 (84)0.69 (84)-1.82 (96)-13.25 (96)-2.34 (96)
NCREIF ODCE 1.05 (62)2.22 (48)2.02 (55)-4.28 (48)2.89 (55)z
Median 1.18 2.09 2.16 -4.39 2.94
IM U.S. Open End Private Real Estate (SA+CF)JPM RE Spec Situation
NCREIF ODCE Return/Risk Median
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
Return (%)4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
JPM RE Spec Situation -4.12 0.69 -0.79 0.42 8.01 60.41 150.08
NCREIF ODCE 0.00 1.00 N/A 1.00 7.51 100.00 100.00
Manager Review
JPM RE Spec Situation
As of March 31, 2025
$11.3M and 4.9% of Plan Assets
36
Peer Group Analysis - Intermediate Core-Plus Bond Manager Risk/Return: 5 Year, Annualized
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Dodge & Cox Income 2.87 (48)-0.55 (91)5.53 (72)2.07 (18)N/A
Blmbg. U.S. Agg Index 2.78 (61)-0.37 (78)4.88 (95)0.52 (86)-0.40 (100)z
Median 2.84 0.05 5.93 1.45 1.50
Intermediate Core-Plus Bond Dodge & Cox Income
Blmbg. U.S. Agg Index Return/Risk Median
-1.6
-0.8
0.0
0.8
1.6
2.4
3.2
4.0
4.8
Return (%)5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Dodge & Cox Income N/A N/A N/A N/A N/A N/A N/A
Blmbg. U.S. Agg Index 0.00 1.00 N/A 1.00 6.33 100.00 100.00
Manager Review
Dodge & Cox Income
As of March 31, 2025
$8.8M and 3.8% of Plan Assets
37
Fund Information
Fund Name :Dodge & Cox Income I Portfolio Assets :$74,572 Million
Fund Family :Dodge & Cox Portfolio Manager :Team Managed
Ticker :DODIX PM Tenure :36 Years 2 Months
Inception Date :01/03/1989 Fund Assets :$94,420 Million
Portfolio Turnover :14%
Fund Characteristics As of 03/31/2025
Avg. Coupon N/A
Avg. Effective Maturity 9.45 Years
Avg. Effective Duration 6.32 Years
Avg. Credit Quality A
Yield To Maturity 5.08 %
SEC Yield 4.44 %
Fund Investment Policy
The investment seeks a high and stable rate of current income, consistent with long-term preservation of capital; a secondary objective is capital appreciation.
Asset Allocation As of 03/31/2025
0.0%50.0%100.0%150.0%
Others
Equity
Cash
Fixed Income
0.0%
0.0%
0.8%
99.2%
Maturity Distribution As of 03/31/2025
0.0%20.0%40.0%60.0%
<1Yr
10-15Yrs
1-3Yrs
15-20Yrs
7-10Yrs
3-5Yrs
>30Yrs
5-7Yrs
20-30Yrs
2.2%
3.1%
5.4%
6.9%
7.3%
8.5%
9.6%
11.7%
45.3%
Quality Allocation As of 03/31/2025
0.0%25.0%50.0%75.0%100.0%
Not Rated
Below B
B
BB
BBB
A
AA
AAA
0.0%
0.0%
2.1%
2.9%
19.3%
7.9%
3.7%
64.0%
Regional Allocation As of 03/31/2025
0.0%50.0%100.0%150.0%
Other
EMEA
Americas
0.6%
10.1%
89.3%
Top Ten Securities As of 03/31/2025
Federal National Mortgage Asso 3.2 %
United States Treasury Bonds 2.1 %
United States Treasury Bonds 1.7 %
Federal Home Loan Mortgage Corp.1.6 %
United States Treasury Notes 1.5 %
United States Treasury Notes 1.4 %
Fnma Pass-Thru I 1.3 %
United States Treasury Notes 1.1 %
Federal Home Loan Mortgage Corp.1.1 %
United States Treasury Bonds 1.0 %
Total 16.1 %
Fixed Income Sector Allocation As of 03/31/2025
0.0%20.0%40.0%60.0%80.0%
Securitized
Corporate
Government
Municipal
Cash & Equivalents
Other
50.9%
29.8%
17.3%
1.2%
0.8%
0.0%
Mutual Fund Attributes
Dodge & Cox Income I
As of March 31, 2025
38
Peer Group Analysis - IM U.S. Fixed Income (SA+CF)Manager Risk/Return: 5 Year, Annualized
-7.0
-4.0
-1.0
2.0
5.0
8.0
11.0
14.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Garcia Hamilton 3.53 (7)-1.16 (90)5.11 (73)0.87 (82)0.48 (82)
Blmbg. U.S. Agg Index 2.78 (25)-0.37 (79)4.88 (77)0.52 (88)-0.40 (94)z
Median 2.32 0.80 5.68 2.29 1.94
IM U.S. Fixed Income (SA+CF)Garcia Hamilton
Blmbg. U.S. Agg Index Return/Risk Median
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Return (%)-3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Garcia Hamilton 0.98 1.15 0.54 0.96 7.41 119.59 108.27
Blmbg. U.S. Agg Index 0.00 1.00 N/A 1.00 6.33 100.00 100.00
Manager Review
Garcia Hamilton
As of March 31, 2025
$9.8M and 4.3% of Plan Assets
39
Peer Group Analysis - Preferred Stock Manager Risk/Return: 5 Year, Annualized
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
PIMCO Pref & Cap Secs 1.41 (45)1.32 (53)8.25 (43)3.15 (80)N/A
ICE BofA Preferred Stock 0.08 (77)-2.93 (81)2.51 (89)2.63 (84)3.87 (93)z
Median 1.29 1.51 8.17 4.29 6.86
Preferred Stock PIMCO Pref & Cap Secs
ICE BofA Preferred Stock Return/Risk Median
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
PIMCO Pref & Cap Secs N/A N/A N/A N/A N/A N/A N/A
ICE BofA Preferred Stock 0.00 1.00 N/A 1.00 9.60 100.00 100.00
Manager Review
PIMCO Preferred and Capital Secs Instl
As of March 31, 2025
$6.3M and 2.7% of Plan Assets
40
Fund Information
Fund Name :PIMCO Preferred and Capital Secs Instl Portfolio Assets :$431 Million
Fund Family :PIMCO Portfolio Manager :Bodereau,P
Ticker :PFINX PM Tenure :9 Years 11 Months
Inception Date :04/13/2015 Fund Assets :$757 Million
Portfolio Turnover :49%
Fund Characteristics As of 03/31/2025
Avg. Coupon 7.18 %
Avg. Effective Maturity 6.12 Years
Avg. Effective Duration 4.76 Years
Avg. Credit Quality BBB
Yield To Maturity 7.45 %
SEC Yield 5.6 %
Fund Investment Policy
The investment seeks maximum total return, consistent with prudent investment management.
Asset Allocation As of 12/31/2024
0.0%100.0%200.0%-100.0 %
Cash
Equity
Others
Fixed Income
-3.3 %
0.9%
20.0%
82.4%
Maturity Distribution As of 12/31/2024
0.0%15.0%30.0%45.0%60.0%
7-10Yrs
5-7Yrs
15-20Yrs
10-15Yrs
3-5Yrs
1-3Yrs
>30Yrs
20-30Yrs
<1Yr
0.0%
1.7%
1.8%
2.6%
4.2%
5.4%
20.9%
26.2%
37.3%
Quality Allocation As of 12/31/2024
0.0%25.0%50.0%75.0%100.0%
Not Rated
Below B
B
BB
BBB
A
AA
AAA
0.0%
0.1%
0.0%
9.7%
72.2%
2.4%
5.7%
10.0%
Regional Allocation As of 12/31/2024
0.0%50.0%100.0%
Other
Asia Pacific
EMEA
Americas
2.5%
1.3%
36.2%
60.1%
Top Ten Securities As of 12/31/2024
Pimco Capital Securities Fd (C 19.0 %
Ultra US Treasury Bond Future Mar 6.8 %
2 Year Treasury Note Future Mar 5.7 %
Pimco Fds 5.3 %
Bank of America Corp. 5.875%3.5 %
Ultra 10 Year US Treasury Note 2.0 %
JPMorgan Chase & Co. 4.6%1.7 %
Royal Bank of Canada 7.5%1.6 %
5 Year Treasury Note Future Mar -3.1 %
Euro Bobl Future Mar 25 -3.6 %
Total 39.0 %
Fixed Income Sector Allocation As of 12/31/2024
0.0%25.0%50.0%75.0%100.0%
Corporate
Government
Cash & Equivalents
Other
Municipal
Securitized
62.4%
18.3%
9.7%
9.6%
0.0%
0.0%
Mutual Fund Attributes
PIMCO Preferred and Capital Secs Instl
As of March 31, 2025
41
Peer Group Analysis - Multisector Bond Manager Risk/Return: 5 Year, Annualized
-4.0
-1.0
2.0
5.0
8.0
11.0
14.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
PIMCO Income Fund 3.29 (7)2.29 (18)7.41 (45)4.60 (31)5.39 (67)
Blmbg. U.S. Agg Index 2.78 (15)-0.37 (97)4.88 (96)0.52 (100)-0.40 (100)z
Median 2.14 1.22 7.26 4.14 5.67
Multisector Bond PIMCO Income Fund
Blmbg. U.S. Agg Index Return/Risk Median
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
Return (%)3.2 4.0 4.8 5.6 6.4 7.2 8.0 8.8
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
PIMCO Income Fund 5.72 0.78 1.90 0.78 5.62 107.92 43.21
Blmbg. U.S. Agg Index 0.00 1.00 N/A 1.00 6.33 100.00 100.00
Manager Review
PIMCO Income Fund
As of March 31, 2025
$6.7M and 2.9% of Plan Assets
42
Fund Information
Fund Name :PIMCO Income Instl Portfolio Assets :$110,679 Million
Fund Family :PIMCO Portfolio Manager :Anderson,J/Ivascyn,D/Murata,A
Ticker :PIMIX PM Tenure :18 Years
Inception Date :03/30/2007 Fund Assets :$180,737 Million
Portfolio Turnover :588%
Fund Characteristics As of 03/31/2025
Avg. Coupon 4.91 %
Avg. Effective Maturity 6.32 Years
Avg. Effective Duration 4.72 Years
Avg. Credit Quality BBB
Yield To Maturity 7.44 %
SEC Yield 5.25 %
Fund Investment Policy
The investment seeks to maximize current income; long-term capital appreciation is a secondary objective.
Asset Allocation As of 12/31/2024
0.0%150.0%300.0%-150.0 %
Cash
Others
Equity
Fixed Income
-46.7 %
-0.6 %
1.0%
146.3%
Maturity Distribution As of 12/31/2024
0.0%8.0%16.0%24.0%32.0%
15-20Yrs
10-15Yrs
5-7Yrs
7-10Yrs
1-3Yrs
3-5Yrs
<1Yr
20-30Yrs
>30Yrs
1.6%
4.6%
6.2%
8.1%
10.5%
11.4%
16.8%
19.4%
21.6%
Quality Allocation As of 12/31/2024
0.0%25.0%50.0%75.0%100.0%
Not Rated
Below B
B
BB
BBB
A
AA
AAA
0.0%
5.1%
3.3%
3.8%
10.0%
3.7%
8.1%
66.0%
Regional Allocation As of 12/31/2024
0.0%50.0%100.0%150.0%
Other
Asia Pacific
EMEA
Americas
5.6%
1.4%
8.1%
84.9%
Top Ten Securities As of 12/31/2024
Federal National Mortgage Asso 14.9 %
Federal National Mortgage Asso 12.1 %
Federal National Mortgage Asso 8.4 %
5 Year Treasury Note Future Mar 8.1 %
Federal National Mortgage Asso 7.2 %
Fin Fut Uk Gilt Ice 03/27/25 6.0 %
10 Year Treasury Note Future Mar 4.8 %
Pimco Fds 3.9 %
United States Treasury Notes 1.875%2.5 %
US Treasury Bond Future Mar 25 -4.0 %
Total 63.8 %
Fixed Income Sector Allocation As of 12/31/2024
0.0%15.0%30.0%45.0%
Securitized
Government
Cash & Equivalents
Other
Corporate
Municipal
30.6%
30.4%
24.9%
11.1%
2.9%
0.0%
Mutual Fund Attributes
PIMCO Income Instl
As of March 31, 2025
43
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)Manager Risk/Return: 5 Year, Annualized
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Serenitas 1.65 (95)4.25 (1)8.92 (2)N/A N/A
CPI + 3%2.08 (85)2.93 (2)5.46 (94)6.71 (1)7.50 (1)z
Median 2.45 0.89 5.92 2.44 1.56
IM U.S. Intermediate Duration (SA+CF)Serenitas
CPI + 3%Return/Risk Median
-1.5
0.0
1.5
3.0
4.5
6.0
7.5
9.0
Return (%)0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Serenitas N/A N/A N/A N/A N/A N/A N/A
CPI + 3%0.00 1.00 N/A 1.00 1.33 100.00 100.00
Manager Review
Serenitas Credit Gamma Fund
As of March 31, 2025
$11.2M and 4.9% of Plan Assets
44
·This report was prepared 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.
· Gross / Net Return Calculations - Southeastern Advisory Services tracks asset management fees and shows an estimate of gross -v- net performance at the
total plan level. We also track the management fees of each manager within the plan structure. Consistent with industry standards, our reporting will show
individual asset manager performance gross of management fees. In specific cases and on client request, we will break out the net-of-fee performance of
individual managers.
· Illiquid and alternative strategies often have delayed reporting, with statements and corresponding valuations lagging by a quarter or more. Clients whose fees
are based on a fixed percentage of assets recognize that these valuations may lag and that our fees are based on currently available information.
· Southeastern Advisory Services is a Registered Investment Advisor. We are a completely independent advisor and have taken great care to eliminate any real
or even perceived conflicts of interest. We receive fees only from our clients.
· While we are always optimistic, we never guarantee investment results.
Representations As of March 31, 2025
45
Page Intentionally Left Blank
46
Page Intentionally Left Blank
47
Page Intentionally Left Blank
48
190 Ottley Drive NE Ste B2A Atlanta GA 30324
seadvisory.com / (404) 237-3156
S O U T H E A S T E R N A D V I S O R Y S E R V I C E S , I N C .
Registered Investment Advisor
MEMORANDUM
To: Boards of Trustees
From: Klausner, Kaufman, Jensen & Levinson
Subject: Electronic Financial Disclosure Management System for Form 1 filing
Date: April 2025
______________________________________________________________________
As you know, Commission on Ethics (CE) Form 1 – Statement of Financial Interests
(“Form 1”) will need to be filed via the Electronic Financial Disclosure Management
System (EFDMS) by July 1, 2025. The online portal provides a direct filing with the Florida
Commission on Ethics (“Commission”).
Instructions, FAQs, and tutorials are available from the dashboard within EFDMS.
Additional assistance can be obtained Monday-Friday from 8:00 a.m. until 5:00 p.m. by
contacting the Commission at (850) 488-7864. If you have any login issues, please
contact your Primary Coordinator at your municipality or district, usually in the Clerk’s
Office.
If you have a public records exemption on file at your county supervisor of elections for
redaction of certain information under Florida's Public Records Law, you will need to file
a public records exemption request with the Commission. Please be advised that pension
fund trustees are NOT subject to the new expanded requirement for Mayors and Elected
members of governing bodies of municipalities to file the Form 6.
Please contact us if you have any questions.
Pension
Administration
City of Miramar Consolidated Retirement Plan & TrustCity of Boynton Beach
General Employees Pension Plan
MISSION
Vision Statement our vision is to be a
welcoming and progressive coastal
community that celebrates culture,
innovation and business development.
As the trusted plan administrator for
the City of Boynton Beach General
Employees’ Pension Fund, the
Resource Centers is committed to
delivering exceptional services that
reflect the City’s vision of a welcoming
and progressive community. By
combining innovative technology
with a deep respect for culture and
the well-being of every plan member,
we help to secure a sustainable future
for the dedicated employees who
make Boynton Beach vibrant and
strong.
VISION
The City of Boynton Beach is a
vibrant and sustainable
community that provides
exceptional services.
City of Boynton Beach General Employees Pension Plan
Pension Plan Highlights:
•5-Year Vesting
•3% Multiplier
•Employee contributes 7%, Employer
contributes 21% - Like a 300% Match!
Additional Benefits for
•Early Retirement
•Death & Disability
Defined Benefit Pension
•Age 55 With 25 Years Service
•Age 62 With 5 Years Service
•30 Years of Service
60 Month DROP
(Deferred Retirement Option Plan)
Access your Pension
Online Here!
Resource Centers
Doing Plan
Administration Right!
By the Numbers
•Employee-Owned Partnership:
Ensuring stability and continuity in our services.
•Florida-Based:
Local service for 30 years of added value.
•Specialized Focus:
Dedicated solely to plan administration—this is ALL we do.
•Experienced and Efficient:
–Administrator of nearly 70 Local Plans:
Total assets $10+ billion and 25,000 participants
Average $50 million assets and 250 participants
Median $35 million assets and 100 participants
–24 Focused Employees:
With an optimal 8:1 plan to administrator ratio.
–2:1 Internal Staff Support Teams:
High support ratio ensuring service excellence.
•Industry Leadership:
–250 Years of Combined Experience:
Our teams bring unparalleled expertise.
–Greatest Concentration of Knowledge Anywhere
•Innovative and Client-Centric:
–People Focused and Tech Savvy:
We care about people.
We bring the technology of tomorrow to you today.
–Extensive reach and trust within the community.
The Resource Centers
WHO
WE ARE
We are a company
founded on strong beliefs,
beliefs that manifest
themselves in the way we do
business, through our employees,
and in the services we provide.
With every decision we make,
we have one overriding purpose:
To be available when our client need us.
The Resource Centers
OUR
SERVICES Plan Administration
Plan Record Keeping
Service Providers:
Communication &
Coordination
Member Communication
Board and Plan
Processing Benefits
Administration of Meetings
ADMINISTRATION
The Resource Centers
ADMINISTRATOR
DUTIES
Coordinate the Daily operations
of the Plan
Advise, Educate and Assist the
Trustees
Act as a Liaison between the
Trustees and the Service
Providers
Provide Personal
Service to Plan
Participants
And MUCH more
Records and Data
Payment of Benefits
Physical & Electronic
Records
ADMINISTRATION
Plan Financials
Payment of Invoices
Data Record Keeping
PLAN
RECORDKEEPING
Services:
Report Preparation
Interim Financial Statements
Benefit Payment & Reporting
Account Reconciliation
Benefit Processing
Benefit
System Boynton Beach General Employees Pension Fund
ONLINE MEMBER
Access
Pension Fund Website:
Online Calculator Access
Forms and Documents
Reports & So Much More!
Additional Optional Systems:
•Online Board Elections
•Online Surveys
•Secure File Exchange
Resource Centers
Client Service
Team
Service
Organization
Accessibility
Communication
State
of the
Art
Added
Value
OUR
VALUES
Large Enough to Bring Real
Resources.
Small Enough to Remain Responsive.
We Dedicate Ourselves Exclusively to the
Administration of Public Pension and Benefit
Plans.
We Invest in Our Clients.
We Care About People.
The Resource Centers
OUR
INDEPENDENCE
•We have no other job than the one
that you hire us to do.
We listen.
Thank You.
THE RESOURCE CENTERS TEAM
Encore Fiduciary
100 East Street SE, Suite 204
Vienna, VA 22180
www.encorefiduciary.com
Mar 13, 2025
United Members Insurance Corporation
6826 West Linebaugh Avenue
Tampa, FL 33625
RE:City of Boynton Beach General Employees Pension Plan
Encore [formerly Euclid] Fiduciary Liability Insurance Quotation
Dear Sandie Kyser:
We have attached an Encore Fiduciary quote for the above-referenced account. Encore Fiduciary, a division of
Specialty Program Group, is a leading provider of fiduciary liability insurance for many of America’s most
sophisticated and complex single-employer, multiemployer and governmental employee benefit plans. Founded in
2011, Encore Fiduciary has grown to become “America’s Fiduciary Insurance Experts” through its:
§Superior fiduciary expertise and experience
§Market leading scope of fiduciary coverage
§Proactive fiduciary risk management services and claims management
§Industry-leading fiduciary thought leadership
§Advocacy for America’s benefit plan fiduciaries
The Encore Fiduciary Liability Insurance Policy is issued on an admitted basis and is written with Hudson Insurance
Company – rated “A+” (Superior), financial size category XV ($2 billion or greater) by A.M. Best. Hudson is the U.S.
Insurance Division of the Odyssey Group, a leading global provider of reinsurance and specialty insurance. Odyssey
Group is a subsidiary of Fairfax Financial Holdings Limited.
Thank you for the opportunity to offer a fiduciary liability insurance coverage proposal to your client.
Very truly yours,
Jack Kramer,
Encore Fiduciary
jkramer@encorefiduciary.com
Encore Fiduciary
Liability Insurance
Quotation
Date Issued: Mar 13, 2025
Renewal of Policy Number:SFD31211024-06
Policy Form:Encore Fiduciary Liability Insurance Policy Form
Admitted in all states* (placed through the Free Trade Zone in New York)
Insurance Carrier:Hudson Insurance Company, a subsidiary of Odyssey Re Holdings Corp.
Rated “A+” Superior Financial Size Category XV by A.M. Best
Insurance Representative:United Members Insurance Corporation
Address:6826 West Linebaugh Avenue
Tampa, FL 33625
Plan (or Plans):City of Boynton Beach General Employees Pension Plan
Address:c/o The Resource Centers, LLC
4360 Northlake Blvd, Suite 206
Palm Beach Gardens, FL 33410
Policy Period:
Effective Date:4/10/2025 (12:01 a.m. local time)
Expiration Date:4/10/2026 (12:01 a.m. local time)
Pending or Prior Proceeding
Date:4/10/2009
Limits of Liability:
(a)Aggregate Limit of Liability: the maximum aggregate limit of liability for all
Loss under this policy, including Claim Expenses
$2,000,000
(b)Trustee Claim Expenses (Non-Fiduciary Defense) Sublimit: the aggregate
limit of liability for all Claim Expenses in connection with Claims solely
alleging Wrongful Acts as defined in Section II. Definitions R.(3.) of the policy
(included within and not in addition to the maximum aggregate limit of liability)
$500,000
(c)Voluntary Compliance Program Expenditures Sublimit: the aggregate limit
of liability for all Voluntary Compliance Program Expenditures (included
within and not in addition to the maximum aggregate limit of liability)
$200,000
(d)ERISA 502(c) Civil Penalties Sublimit: the aggregate limit of liability for all
Loss in the form of civil fines or any excise tax imposed pursuant to Section
502(c) of ERISA or the Pension Protection Act of 2006 (included within and not
in addition to the maximum aggregate limit of liability)
Not Applicable
(e)HIPAA and HITECH Fines and Penalties Sublimit: the aggregate limit of
liability for all Loss in the form of civil fines and penalties imposed pursuant to
HIPAA and HITECH (included within and not in addition to the maximum
aggregate limit of liability)
$2,000,000
(f)PPACA Fines and Penalties Sublimit: the aggregate limit of liability for all
Loss in the form of civil fines and penalties imposed pursuant to PPACA
(included within and not in addition to the maximum aggregate limit of liability)
$100,000
(g)Section 4975 Penalties Sublimit: the aggregate limit of liability for all Loss in
the form of excise taxes imposed pursuant to Section 4975 of the Internal
Revenue Code (included within and not in addition to the maximum aggregate
limit of liability)
$100,000
(h)ERISA Section 502(a)(3) Relief Sublimit: the aggregate limit of liability for all
Loss in the form of equitable relief imposed pursuant to Section 502(a)(3) of
ERISA (included within and not in addition to the maximum aggregate limit of
liability)
Not Applicable
(i)Benefit Overpayment Sublimit: the aggregate limit of liability for all benefit
overpayments as defined in Section II. Definitions H.(5.) of the policy (included
within and not in addition to the maximum aggregate limit of liability)
Not Applicable
(j)Cyber Essentials Sublimit: the aggregate limit of liability Content Restoration
Expenditures and Crisis Notification Expenditures as defined in Section II.
Definitions E. and G. of the policy (included within and not in addition to the
maximum aggregate limit of liability)
Not Applicable
Retention:$5,000 each Claim
Premium:
$9,374.00
$93.74
$9,467.74
Basic Premium:
FL Ins Guaranty Assoc Surcharge
Total Premium:
Note on Surcharges: Applicable state surcharges are in excess of the premium shown above if not already
specified.
Extending Reporting Period:Twelve (12) month extended reporting period is available for 100% of the total
annual premium, subject to Section IV.(B.) Extended Reporting Period of the
Policy.
Endorsement Schedule:
The following endorsements, plus any applicable State Amendatory Endorsement(s), will attach to and form part of
the Policy - Policy Form No. ESF-31210001 (09/2012):
TRIA Notice of Terrorism Insurance Coverage Policyholder Disclosure
IL P 001 01 04 U.S. Treasury Dept. OFAC Advisory Notice to Policyholders
1.ESF-31230009 Florida Amendatory Endorsement
2.ESF-31220060B Public Entity Fiduciary Liability Endorsement
Coverage is subject to receipt and satisfactory review of the following item(s) prior to binding:
1.Nothing at this time
Importance Notice - Please Read Carefully
Please carefully review the form, terms and conditions of this quotation. It is valid for a period of sixty (60) days
from the date issued, not to exceed the proposed Policy Period Effective Date, unless amended or withdrawn by the
Insurer, and is subject to the terms and conditions of the policy. If between the date of this quotation and the
effective date of the policy or date of binding coverage, whichever is later, there is any material change in
underwriting information, then the applicant must notify Encore Fiduciary as a condition prior to binding coverage.
We reserve the right to amend the premium, revise coverage terms and conditions, or withdraw our quotation
entirely. Please further note that the terms and conditions offered in this quotation may not match the expiring terms
of any current policy.
Encore (formerly Euclid) Fiduciary is a premier fiduciary liability insurance underwriting company. We protect
America’s employee benefit plan sponsors based on our superior fiduciary expertise and experience. We are
known as fiduciary liability thought leaders and advocates for America’s plan sponsors. Starting in 2011, Encore
Fiduciary has grown into the choice of many of America’s most sophisticated and complex single-employer, multi-
employer, and governmental employee benefit plans. Our growth has been fueled by our:
1. Superior fiduciary expertise and experience;
2. Industry-leading thought leadership; and
3. Unique advocacy for America’s benefit plan fiduciaries.
Every Encore Fiduciary professional represents our distinctive brand of relentless dedication and expertise to
protect America’s benefit plans.
Fiduciary Expertise
The hallmark of Encore Fiduciary is our fiduciary expertise. We are students of fiduciary liability and litigation
trends. Encore fiduciary underwriters and claims professional provide a leading scope of fiduciary coverage and
monitor litigation trends to address the evolving and complex fiduciary risks facing America’s plan fiduciaries and
sponsors.Encore’s fiduciary risk management and benchmarking services help fiduciary risk committees lower
their fiduciary risk. We have unique insights into fiduciary risk to help our policyholders manage complex benefit
plans.
Premier Fiduciary Claims Service
The Encore Fiduciary Claims Team is like having a dedicated law firm with fiduciary and ERISA expertise to
advocate and resolve complex fiduciary claims. We have decades of experience in resolving complex fiduciary
claims that we apply to protect our plan sponsor policyholders. An important part of our advocacy for clients is
that we work proactively to manage claims, reduce claims expense, and drive good results. We keep defense
lawyers honest to prevent litigation waste, and work with law firms who share our results-oriented values.
Fiduciary Thought Leadership
In an era of legal system abuse and high frequency of class action litigation against plan sponsors, Encore Fiduciary
provides fiduciary thought leadership on evolving fiduciary trends. Encore thought leadership includes our Fiduciary
Liability Insurance Handbook, the highly regarded Fid Guru Blog, whitepapers on key trends and fiduciary issues,
and regular education on fiduciary risk and claim trends for our clients and our market.
Download PDF of the Fiduciary Liability Handbook: encorefiduciary.com/fiduciary-handbook
Advocates for America’s Plan Sponsors
We are fierce advocates for America’s plan sponsors in the fight against capricious, lawyer-driven class action
litigation. Our whitepapers have routinely exposed litigation trends harming plan sponsors. We have debunked
improper fee benchmarks and have proffered excessive fee litigation pleading standards for fiduciaries and plan
sponsors’ benefit. Encore professionals will continue to apply our unique brand of advocacy for plan sponsors to
fight back against litigation abuse.
Contact Encore Fiduciary
571.730.4810 | mail@encorefiduciary.com
encorefiduciary.com
Encore Fiduciary | encorefiduciary.com
Why Encore Fiduciary?
Euclid Fiduciary is Now Encore Fiduciary
To learn more about the story behind
the rebranding, changes and FAQs.
Click or Scan QR Code to Learn More
Division of Specialty Program Group, LLC
Wednesday, June 11, 2025
TO:Resource Centers, Plan Administrator
FROM:Board of Trustees
Paid by Custodian:
JP Morgan Asset Management- SPF Fees for QE 12/31/24 42,468.59$
JP Morgan Asset Management- SSPF Fees for QE 12/31/24 45,351.52$
Date Check Number Amount
March 11, 2025 Pension Resource Center 3141 5,809.61$
Administrative Fee- March 2025 invoice 21454
March 11, 2025 FPPTA 3142 150.00$
Pension Fundamentals for New Trustee Program
Registration for Greg Malesev, invoice 13965
March 11, 2025 Principal Custody Solutions 3143 5,148.98$
Custodian Fees for January 2025
March 12, 2025 Sheryl Claude 3144 344.00$
01/26-01/29/25 Travel Expense Reimbursement
FPPTA Winter Trustee School
March 18, 2025 City of Boynton Beach (member insurance)3145 21,919.40$
March 18, 2025 United Members Insurance 3146 9,467.74$
Fiduciary Liability Policy effective 04/10/25-04/10/26
Invoice 2432 dated 03/14/25
April 9, 2025 Pension Resource Center 3147 5,941.85$
Administrative Fee- April 2025 invoice 21533
April 9, 2025 Gabriel, Roeder, Smith & Company 3148 11,642.00$
Actuary Fees- Invoice 492417 dated 04/02/25
April 9, 2025 Principal Custody Solutions 3149 5,083.90$
Custodian Fees for February 2025
April 9, 2025 Saltmarsh, Cleaveland & Gund 3150 10,300.00$
Auditor Fees- Invoice 740504 dated 03/31/25
April 9, 2025 Southeastern Advisory Services, Inc.3151 29,417.00$
Investment Management Fees for QE 03/31/25, Invoice 2501
April 9, 2025 Steven Grant 3152 270.70$
01/26-01/29/25 Travel Expense Reimbursement
FPPTA Winter Trustee School
BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND
WARRANT - PAID INVOICES
Payee/Description
April 9, 2025 Steven Grant 3153 389.13$
09/22-09/24/24 Travel Expense Reimbursement
FPPTA Fall Trustee School
May 1, 2025 City of Boynton Beach (member insurance)3154 21,121.27$
May 7, 2025 Pension Resource Center 3155 5,810.74$
Administrative Fee- May 2025 invoice 21596
May 7, 2025 Clearbridge Investments 3156 23,661.57$
Investment Management Fees for QE 03/31/25
May 7, 2025 Garcia, Hamilton & Associates 3157 6,081.28$
Investment Management Fees for QE 03/31/25, inv 41326
May 7, 2025 Klausner, Kaufman, Jensen & Levinson 3158 1,862.50$
Attorney Fees- April 2025 invoice 37628 ($425.00)
Attorney Fees- March 2025 invoice 37404 ($1,437.50)
May 7, 2025 Mutual of America Capital Management 3159 7,563.32$
Investment Management Fees for QE 12/31/24 & 03/31/25
May 7, 2025 Principal Custody Solutions 3160 4,897.65$
Custodian Fees for March 2025
TOTAL:264,702.75$
CHAIR _______________________________ SECRETARY _________________________
Dated this 11th Day of June, 2025.
Account:
Invoice:
Invoice Date: 03/12/2025
20241231-5154-A
248210
J.P. Morgan Investment Management Inc.
The Pension Resource Centers, LLC
4360 Northlake Blvd Suite 206
Palm Beach Gardens, FL 33410
Attn: Payment Group
ADVICE OF CHARGE
TOTAL AMOUNT CHARGED: 42,468.59 USD
For Period: 10/01/2024 To 12/31/2024
Account Description Net Amount
248210 General Employees' Pension Plan of the City of Boynton Beach
RE Strat Prop Fund Fee - For Period Ending: 12/31/2024 42,468.59 USD
Account 248210 Amount Charged:42,468.59 USD
42,468.59 USDTOTAL AMOUNT CHARGED:
Not a Bill
J.P. Morgan Investment
Computation of the Estimated Fee for the Period ending 12/31/2024
City of Boynton Beach SPF - 248210
JPMCB STRATEGIC PROPERTY FUND
FEE BASED ON NET ASSET VALUE
Rate(%)Value($)Fee($)
SPF Fee Calculation:¹
Quarterly Fee on Excess Cash:$0.00[E]*0.15%/4=
Quarterly Fee for Strategic Property Fund:
0.00
42,468.59
Annual Basis Points on Net Assets:
(42,468.59/16,987,435.75)*4=1.000 %
*1.00% 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 **
5.0 % Cash Reserve:5.0 *$24,043,705,396.00=
976,854,834.50
1,202,185,269.80
Excess Cash:$976,854,834.50-$1,202,185,269.80=0.00
Excess Cash as a %:$0.00/$24,043,705,396.00=0.00 %
Account's Net Asset Value (Excluding Excess Cash):
Adjusted Market Value for the period 16,987,435.75
Excess Cash: $16,987,435.75*0.00 -[E]
Strategic Property Fund in the Account less Excess 16,987,435.75 [D]
42,468.59
16,987,435.75Strategic Property Fund (Net Asset Value) in the Account:
Total Quarterly Fee for Strategic Property Fund (Apportionment Percent=100%):
** In relation to excess cash, investors will receive the benefit of a reduction to their quarterly Advisory Fee calculated as the greater reduction resulting from either :
(i) the Fund's aggregate Cash holdings exceeding 5.0% of the Fund's NAV or (ii) the Fund Investor Vehicle's (or "FIV") aggregate cash holdings exceeding 5.0% of the FIV's
NAV, as applicable, in each case as of the applicable Quarterly Valuation Date.
42,468.59Quarterly Fee on MV less Cash:
¹ Consistent with the terms of your underlying governing documents, if investment performance is the sole trigger for a decline in net asset value resulting in a higher overall
effective blended fee rate using the standard fee tiers, then the last lowest overall effective blended fee rate will be applied and the standard fee tier calculation will not be
applied nor displayed in the invoice worksheet.
%
Account:
Invoice:
Invoice Date: 03/12/2025
20241231-55356-A
291520
J.P. Morgan Investment Management Inc.
The Pension Resource Centers, LLC
4360 Northlake Blvd Suite 206
Palm Beach Gardens, FL 33410
Attn: Payment Group
ADVICE OF CHARGE
TOTAL AMOUNT CHARGED: 45,351.52 USD
For Period: 10/01/2024 To 12/31/2024
Account Description Net Amount
291520 General Employees' Pension Plan of the City of Boynton Beach
RE Spec Situation Prop Fund Fee - For Period Ending: 12/31/2024 45,351.52 USD
Account 291520 Amount Charged:45,351.52 USD
45,351.52 USDTOTAL AMOUNT CHARGED:
Not a Bill
J.P. Morgan Investment
Computation of the Estimated Fee for the Period ending 12/31/2024
CITY OF BOYNTON BEACH SSPF - 291520
JPMCB SSPECIAL SITUATION PROPERTY FUND
FEE BASED ON GROSS MARKET ASSET VALUE
Rate(%)Value($)Fee($)
SSPF Fee Calculation:
Quarterly Fee on Special Situation Property Fund Net Asset Value (Excluding Excess Cash): 11,337,880.91[A] * 1.25%/4=
Quarterly Fee on Special Situation Property Fund Debt: $13,982,601.48[B]*0.625%/4=
Quarterly Fee for Special Situation Property Fund:
($57,278.69/$11,337,880.91)*4=
21,847.81
35,430.88
Annual Basis Points on Net Assets:*
57,278.69
Calculation
Cash in Special Situation Property Fund 104,460,617.70
5% Cash Reserve: 5%*$3,023,156,766.00=151,157,838.30
Excess Cash:$104,460,617.70-$151,157,838.30=0.00
Excess Cash as a %:$0.00/$3,023,156,766.00=0.000%
Calculation to Determine Percentage of Fund as
Account's Net Asset Value (Excluding Excess
Special Situation Property Fund (Net Asset Value) in the 11,337,880.91
Excess Cash: $11,337,880.91*0.00 -[C]
[B]
Special Situation Property Fund in the Account less Excess Cash:
Total Quarterly Fee for Special Situation Property
2.021%
11,337,880.91
Quarterly Fee on Excess Cash:$0.00[C]*0.15%/4=0.00
* In no event will the annual fee exceed 1.6% of the net asset value of the JPMCB Special Situation
Account's Proportionate Share of Special Situation Property
(Client's Net Asset Value/Special Situation Property Fund Net Asset Value) x Third Party
13,982,601.48
[A]
1.600%Maximum that can be billed per agreement:
Maximum Quarterly Fee for Special Situation 45,351.52
45,351.52
No transactions for this quarter -
Adjusted Market Value for the period 11,337,880.91
( $11,337,880.91 / $3,023,156,766.00) x $3,728,350,705.00 =
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
DROP EXIT
_________________________________________________________________________________________________
Durick, Thomas SSN XXX-XX-2301
Date of Birth 08/XX/1958
Age (Years)66.00
Date of Hire 01/14/2003
Last Day of Service 04/12/2025
Benefit Option Life Annuity
Commencement Date 05/01/2025
Type of Retirement DROP Exit
Benefit Amount ($)2,228.03
_________________________________________________________________________________________________
Record ID: RC00004631
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 1 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
DROP EXIT
_________________________________________________________________________________________________
Taylor, Norma SSN XXX-XX-7621
Date of Birth 05/XX/1958
Age (Years)67.00
Date of Hire 03/12/2007
Last Day of Service 05/31/2025
Benefit Option Life Annuity
Commencement Date 06/01/2025
Type of Retirement DROP Exit
Benefit Amount ($)1,425.34
_________________________________________________________________________________________________
Record ID: RC00004488
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 2 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
DROP DISTRIBUTION
_________________________________________________________________________________________________
Hatcher, Kathleen SSN XXX-XX-3926
Date of Birth 07/XX/1957
Date of Retirement 03/11/2022
Date of Distribution 05/30/2025
Type of Distribution Cancelled Monthly Distribution
Balance Prior to Distribution ($)57,049.27
Total Gross Distribution ($)0.00
Tax Withholding (%)0.00
Tax Withholding Amount ($)0.00
Total Net Distribution ($)0.00
_________________________________________________________________________________________________
Record ID: RC00004824
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 3 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
DROP DISTRIBUTION
_________________________________________________________________________________________________
Jackson, Dawn SSN XXX-XX-0859
Date of Birth 05/XX/1964
Date of Retirement 04/16/2021
Date of Distribution 06/06/2025
Type of Distribution Partial Lump Sum-Cash
Balance Prior to Distribution ($)124,136.01
Total Gross Distribution ($)20,000.00
Tax Withholding (%)30.00
Tax Withholding Amount ($)6,000.00
Total Net Distribution ($)14,000.00
_________________________________________________________________________________________________
Record ID: RC00004866
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 4 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
DROP DISTRIBUTION
_________________________________________________________________________________________________
Vickers, Barbara SSN XXX-XX-5118
Date of Birth 07/XX/1962
Date of Retirement 10/04/2019
Date of Distribution 04/08/2025
Type of Distribution Partial Lump Sum-Cash
Balance Prior to Distribution ($)37,557.34
Total Gross Distribution ($)4,000.00
Tax Withholding (%)20.00
Tax Withholding Amount ($)800.00
Total Net Distribution ($)3,200.00
_________________________________________________________________________________________________
Record ID: RC00004578
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 5 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
REFUND
_________________________________________________________________________________________________
Abaroa, Belkis SSN XXX-XX-4486
Date of Birth 01/XX/1978
Pension Entry Date 01/23/2023
Termination Date 02/28/2025
Refund Amount 15,668.28
Refund Type Cash Distribution
_________________________________________________________________________________________________
Record ID: RC00004504
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 6 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
REFUND
_________________________________________________________________________________________________
Budny, Michael SSN XXX-XX-1396
Date of Birth 03/XX/1989
Pension Entry Date 05/22/2017
Termination Date 09/03/2021
Refund Amount 14,156.78
Refund Type Rollover Distribution
_________________________________________________________________________________________________
Record ID: RC00004579
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 7 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
REFUND
_________________________________________________________________________________________________
Matos, Kathryn SSN XXX-XX-5284
Date of Birth 09/XX/1984
Pension Entry Date 04/06/2020
Termination Date 10/02/2024
Refund Amount 54,989.00
Refund Type Cash Distribution
_________________________________________________________________________________________________
Record ID: RC00004664
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 8 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
REFUND
_________________________________________________________________________________________________
Thompson, Nickala SSN XXX-XX-7467
Date of Birth 11/XX/1981
Pension Entry Date 12/30/2024
Termination Date 02/20/2025
Refund Amount 926.16
Refund Type Cash Distribution
_________________________________________________________________________________________________
Record ID: RC00004863
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 9 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
NORMAL RETIREMENT
_________________________________________________________________________________________________
Shugar, Craig A SSN XXX-XX-2062
Date of Birth 08/XX/1956
Entry Date 02/10/2020
Retirement Date (Last day of Service)02/17/2025
Benefit Commencement Date 03/01/2025
Monthly Benefit $641.59
Optional form of Benefit Joint & Survivor 66 2/3%
Partial Lump Sum Option Not Applicable
Partial Lump Sum Amount $0.00
Joint Survivor Name Kevin Shugar
Beneficiary DOB 09/XX/1964
_________________________________________________________________________________________________
Record ID: RC00003908
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 10 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
EARLY RETIREMENT
_________________________________________________________________________________________________
Robertson, Dravious SSN XXX-XX-7809
Date of Birth 04/XX/1973
Entry Date 12/30/1998
Early Retirement Date (Last day of
Service)04/30/2025
Benefit Commencement Date 05/01/2025
Monthly Benefit $3,820.72
Optional form of Benefit Joint & Survivor 66 2/3%
Partial Lump Sum Option Not Applicable
Joint Survivor Name Vicki Robertson
Beneficiary DOB 09/XX/1975
_________________________________________________________________________________________________
Record ID: RC00004421
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 11 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
VESTED DEF. RETIRE
_________________________________________________________________________________________________
Burlingame (Dornieden), Victoria SSN XXX-XX-4085
Date of Birth 06/XX/1970
Entry Date 05/26/2000
Vested Def. Retirement Date (Last
day of Service)06/04/2018
Benefit Commencement Date 06/01/2025
Monthly Benefit $2,916.43
Optional form of Benefit Joint & Survivor 66 2/3%
Partial Lump Sum Option Not Applicable
Joint Survivor Name Raymond Burligame
Beneficiary DOB 01/XX/1975
_________________________________________________________________________________________________
Record ID: RC00004154
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 12 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
VESTED DEF. RETIRE
_________________________________________________________________________________________________
Groff, Colin SSN XXX-XX-2076
Date of Birth 02/XX/1963
Entry Date 04/24/2014
Vested Def. Retirement Date (Last
day of Service)02/08/2021
Benefit Commencement Date 03/01/2025
Monthly Benefit $2,398.21
Optional form of Benefit Joint & Survivor 66 2/3%
Partial Lump Sum Option Not Applicable
Joint Survivor Name Wanda Michele Groff
Beneficiary DOB 03/XX/1964
_________________________________________________________________________________________________
Record ID: RC00003741
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 13 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
DEATH BENEFIT
_________________________________________________________________________________________________
Block, Rose Ann Beneficiary SSN XXX-XX-8600
Beneficiary Date of Birth 06/XX/1948
Beneficiary of (Full Name)Edward Block
Relation with the Member Wife
Date of Retirement 08/01/2009
Death Date 03/15/2025
Commencement Date 04/01/2025
Member Benefit Amount ($)674.20
Form of Benefit Joint & Survivor 66 2/3%
Beneficiary Benefit Amount ($)449.47
_________________________________________________________________________________________________
Record ID: RC00004743
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 14 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
DEATH BENEFIT
_________________________________________________________________________________________________
Ireland, Cynthia Beneficiary SSN XXX-XX-7125
Beneficiary Date of Birth 12/XX/1955
Beneficiary of (Full Name)Frederick Ireland
Relation with the Member Wife
Date of Retirement 06/01/2004
Death Date 03/19/2025
Member Benefit Amount ($)3,899.93
Form of Benefit Joint & Survivor 66 2/3%
Beneficiary Benefit Amount ($)2,599.95
_________________________________________________________________________________________________
Record ID: RC00004774
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 15 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
DEATH BENEFIT
_________________________________________________________________________________________________
Mack, Sharissa Beneficiary SSN XXX-XX-5139
Beneficiary Date of Birth 06/XX/1976
Beneficiary of (Full Name)Dorothy Mack
Relation with the Member Daughter
Date of Retirement 09/23/2013
Death Date 04/07/2025
Commencement Date 05/01/2025
Member Benefit Amount ($)1,643.11
Form of Benefit Joint & Survivor 66 2/3%
Beneficiary Benefit Amount ($)1,095.41
_________________________________________________________________________________________________
Record ID: RC00004653
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 16 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
REFUND
_________________________________________________________________________________________________
Bergmann, Kyla SSN XXX-XX-0685
Date of Birth 03/XX/2002
Date of Hire 01/02/2024
Date of Termination 04/29/2024
Type of Distribution Cash Distribution
Refund Amount 844.52
Tax Withholding (%)20.00
Total Net Distribution ($)675.62
Vested (Y/N)N
_________________________________________________________________________________________________
Record ID: RC00004494
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 17 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
REFUND
_________________________________________________________________________________________________
Ospina, Maria Erika SSN XXX-XX-4000
Date of Birth 04/XX/1963
Date of Hire 05/01/2023
Date of Termination 03/06/2025
Type of Distribution Cash Distribution
Refund Amount 5,500.32
Tax Withholding (%)20.00
Total Net Distribution ($)4,400.26
Vested (Y/N)N
_________________________________________________________________________________________________
Record ID: RC00004426
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 18 of 19
Boynton Beach General Employees Pension Fund
Benefit Approvals
Meeting of June 11, 2025
_________________________________________________________________________________________________
DROP ENTRY
_________________________________________________________________________________________________
Bond, Audrey R SSN XXX-XX-7989
Date of Birth 08/XX/1963
Date of Hire 03/20/2000
DROP Entry Date 04/01/2025
Form of Benefit Joint & Survivor 66 2/3%
Monthly Benefit Amount 3,168.92
Supplemental Benefit 0.00
_________________________________________________________________________________________________
Record ID: RC00004046
Approved:________________________________________ ____________________________
(Chair) (Date)
________________________________________ ____________________________
(Secretary) (Date)
Page 19 of 19