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Agenda 11-04-15BOYNTON BEACH FIREFIGHTERS' PENSION FUND QUARTERLY BOARD MEETING WEDNESDAY, November 4, 2015 (a, 9:OOAM Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 AGENDA I. CALL TO ORDER — Luke Henderson, Chairman II. AGENDA APPROVAL - III. APPROVAL OF MINUTES — Special Meeting of 06-18-2015 Quarterly Meeting 08-05-2015 IV. FINANCIAL REPORTS: A) Bogdahn Consulting — Dave West, Consultant 1) Investment Performance Review for Quarter and PYE end September 30, 2015 B) Gabriel, Roeder, Smith & Co — 1) Memo 10-14-2015 authorization from Board to work directly with City to Comply with the GASB 68 disclosure requirement. 2) Senate Bill 172 — Default Treatment of Future 175 Money — ltr 10-13-15 C) Attorney Report — Adam Levinson 1) Client Conference March 6 — 9, 2016 2) DROP loan provision — status 3) NCPERS Code of Conduct packet for review and discussion 4) Joint Request for Proposal for Administrative Services 5) Deputy Chief Hoggart — Transfer of contributions- status V. CORRESPONDENCE — 1) Salem Trust — Recent Audit — June 2015 SSAE 16 available for review VI. OLD BUSINESS — 1) Scheduled 2016 Quarterly Board Meetings — Change February 2016 meeting date to Wednesday, February 10, 2016 @ 9:00 AM. VII. NEW BUSINESS: A. Invoices for review and approval: 1. Schroder Fixed Income Mgt — Qtry fee -12-31-2015 - $ 2. DSM Capital Partners LLC — Qtry fee 12-31-2015 - $ 3. Klausner, Kaufman, Jensen & Levinson — Service Jul, Aug & Sep 2015 - $8,190. 4. Bogdahn Group — Consulting Fee 9-30-2015 withdrawn R&D Account $8,375 5. Anchor Capital Advisors — Quarterly fee — 09-30-2015 - $ 6. GRS - Service Sep 2015 - $2,968 7. Alerus — Qtry DROP Admin Fee - $500 8. Salem Trust Custodial Fee 6-30-15 - $8,126.17 charged to account. 9. Intercontinental- Management Quarterly fee 2nd Qtr 2015 - $8,812.79 withheld from dividend reinvestment plan. 10. ASB Real Estate Fund — Quarterly Fee 9-30-2015 withheld - $8,674.91 B) Retirement Benefit Verification: 1) Michael Besosa — DROP Retirement C) Custodial Services: (Back-up material will be distributed at meeting) 1) Fiduciary Trust International — Amed Avila, CPPT, VP 2) Fifth Third — Kimberly Kutlenios 3) Regions Bank & Trust — Dave Smeltzer VIII. PENSION ADMINISTRATOR'S REPORT: 1. Benefits as of PYE 09-30-2015. IX. PUBLIC AUDIENCE COMMENTS: (Limited to three (3) Minutes) X. ADJOURNMENT: Next Meeting Date — WEDNESDAY, February ? , 2016 @ 9:OOAM— Renaissance Commons Executive Suites If you cannot attend, please call Barbara @ 561/739-7972. NOTICE IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE FIREFIGHTERS' PENSION BOARD WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING, HE/SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, HE/SHE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. (F.S. 286.0105) THE CITY SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM, OR ACTIVITY CONDUCTED BY THE CITY. PLEASE CONTACT CITY CLERK'S OFFICE (561) 742-6060 AT LEAST TWENTY-FOUR HOURS PRIOR TO THE PROGRAM OR ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST. THE BOARD (COMMITTEE) MAY ONLY CONDUCT PUBLIC BUSINESS AFTER A QUORUM HAS BEEN ESTABLISHED. IF NO QUORUM IS ESTABLISHED WITHIN TWENTY MINUTES OF THE NOTICED START TIME OF THE MEETING THE CITY CLERK OR DESIGNEE WILL SO NOTE THE FAILURE TO ESTABLISH A QUORUM AND THE MEETING SHALL BE CONCLUDED. BOARD MEMBERS MAY NOT PARTICIPATE FURTHER EVEN WHEN PURPORTEDLY ACTING IN AN INFORMAL CAPACITY. 2 _i { SALEM TRUST C o ni r A h r Boynton Beacn Firefighters Penson Barbara LaDue Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Iadueb(a)bbpdpension.com Fee Advice for Period July 1, 2015 to Total Market Value for Fund: $ 68,333,828.41 $ 10,504,518.45 $ Detail of Calculation: Receipt & Disbursement $ 580,052.56 $ Market Value Basis Point Rate Annual Fee Total Market Value 0.0004 $ 27,333.53 Monthly Benefit Payments 259 $ 3.00 Lump Sum Payments 3 $ 15.00 Invoice Payments 0 $ 10.00 FEE FOR QUARTER: TOTAL FEE DUE: Breakdown of Fee by Account Account # Name A/C Market Value 3040001253 International $ 10,504,518.45 $ 3040037590 Receipt & Disbursement $ 580,052.56 $ 3040055178 Schroeder Fixed Income Iv, $ 7,489,720.26 $ 3040057416 Mutual Funds $ 29,041,844.32 $ 3040057425 Schroeder TIPS $ 1,146,022.28 $ 3040060652 DSM $ 10,129,708.47 $ 3040062794 Anchor Capital $ 9,441,962.07 $ 3040062838 Manning & Napier $ - $ $ 68,333,828.41 $ Tnese tees win automaticauy ne cnargea to your accounts If you have any questions, please contact Karen Russo at (954) 426-5770 October 8, 2015 September 30, 2015 MV Fee Activity Fee 1,050.45 $ - $ 58.01 $ 822.00 $ 748.97 $ - $ 2,904.18 $ $ 114.60 $ $ 1,012.97 $ $ 944.20 $ $ 6,833.38 $ 822.00 $ DEERFIELD BEACH TAMPA 455 FAIRWAY DRIVE, SUITE 103, DEERFIELD BEACH, FL 33441 TEL (877) 382-5268 FAX (954) 725-4493 www.salemtrust.cwu Quarterly Fee 6,833.38 777.00 45.00 7,655.38 7,655.38 Amount 1,050.45 880.01 748.97 2,904.18 114.60 1,012.97 944.20 7,655.38 MINUTES OF THE BOYNTON BEACH FIREFIGHTERS' PENSION FUND SPECIAL MEETING HELD ON THURSDAY, JUNE 18, 2015, AT v A� 9:00 A.M. AT RENAISSANCE COMMONS EXECUTIVE SUITES, CONFERENCE ROOM 1, 1500 GATEWAY BLVD, SUITE 220, BOYNTON BEACH, FLORIDA PRESENT: Luke Henderson, Chair Jonathan Raybuck Matthew Petty ABSENT: Helen "Ginger" Bush Bob Taylor Barbara LaDue, Pension Administrator Adam Levinson, Board Counsel Pete Strong, GRS Actuary I. CALL TO ORDER — Luke Henderson, Chairman Chair Henderson called the meeting to order at 9:13 a.m. II. AGENDA APPROVAL - Ms. LaDue added a Klausner memo dated June 12, 2015, to New Business, and discussion of Gregory Hoggart to New Business, Item A. Motion Mr. Petty moved to approve the agenda unanimously passed. III. APPROVAL OF MINUTES — N/A IV. FINANCIAL REPORTS — NIA V. CORRESPONDENCE — N/A VI. OLD BUSINESS — N/A VII. NEW BUSINESS: Mr. Raybuck seconded the motion that A. Senate Bill 172 (SB 172) —175 Chapter updates —Review and discussion 1) Klausner Kaufman Jensen & Levinson — Memo of 5-27-2015 Adam Levinson, Board Attorney, explained they will discuss the new statutes and how they will impact the Plan. He advised the City and Union will be having the same conversation. Senate Bill 1309 pertained to using new mortality tables. It requires all Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 plans to use the FRS mortality tables and he pointed out FRS uses a blend of tables which were more expensive. The bill becomes effective January 1, 2016, but it was unclear if it applied to the October 1, 2016 or October 1, 2015 valuation. He anticipated it would apply to the October 1, 2016 valuation which means the City has two years to implement the change. Pete Strong, GRS Plan Actuary, also opined it would apply to the October 1, 2016 valuation, but would receive formal guidance from the State. The question was if the Board had the option to adopt the FRS tables for the October 1, 2015 valuation early. He commented different plans were using different tables. The Firefighters' Pension Board phased in changes in the investment assumption from 8% to 7.5% over five years. The next issue was the Board was mandated to switch from the 1983 mortality tables to the FRS mortality tables. Attorney Levinson pointed out the older the table, the less expensive and there will be an impact. Mr. Strong explained the Plan had to use the RP2000 Fully Generational Table with Scale BB with a Blue Collar Adjustment for special risk. He pointed out there was no Blue Collar Adjustment for females because female special risk members live commensurate to the general population. The males carry a 90% Blue Collar Adjustment. When GRS presents the valuation next February, he could present it with two options: with the 1983 mortality table or the new table and the Board can decide to early implement or not at that time. Mr. Strong explained Scale BB was a more conservative projection scale than Scale AA, but the 90% Blue Collar Adjustment for males offset the majority of the conservatism. It was commensurate with the effect of using the RP2000 Scale AA with no Blue Collar Adjustment. This cost has be disclosed which was an increase of about $570,000. Mr. Strong commented the best thing to do was to phase in 2% this year and 100% next year. The COLA was already included in the valuation calculations. Attorney Levinson explained the Division of Retirement has to give some guidance on the next bill and Statewide, the Unions were trying to understand the details of it. The League of Cities has been holding educational events to help the Cities understand the legislation. The intent of Bill 172 was for the parties to sit down and talk, to give flexibility in the use premium tax monies and to encourage the parties to understand the goal of the Bill. If the parties cannot come to an agreement on the use of the tax monies, there is a default. The bill would be effective July 1St. Attorney Levinson pointed out half the bill deals with the premium taxes and the other half deals with administrative requirements which will impact Ms. LaDue. He pointed out this item will be on the August agenda. There must be an Administrative Expense budget. He pointed out for Boards that meet quarterly, the operational budget must be in effect prior to October 1 st. Attorney Levinson emphasized the need to have a detailed accounting report and Administrative Expense Budget. Attorney Levinson reviewed the detailed accounting report and explained the report has to be posted on the City's website and the Firefighters' Pension Plan website, if 2 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 available, with the audited financial statements. When they update the Summary Plan Description, they could amend it to reflect the documents are available on request and on the website. The Plan never had an Administrative Expense budget because when the actuary prepares the valuation, he advises what the City contribution would be and the administrative expenses are listed. Ms. LaDue pointed out the information is outlined in the financial reports. Additionally, she has tracked the expenses month -by -month and year -by -year. They know what the budget is for those expenses. The detailed accounting report is the prior report audited financials, and that report with the Administrative Expense Budget is the prospective budget for the next year. Attorney Levinson recommended doubling the actuarial costs for this budget because the administrative expense language dictates that if they have to exceed the budget, they will have to promulgate another budget that has to be made available to the City and members. To avoid that, the recommendation was to double the amount to give flexibility. Attorney Levinson commented just because the Board budgets the money does not mean it had to be spent. Mr. Strong noted because the budget is published, it could appear the Plan is expensive if they overestimate too much. Plan expenses should be 50% more. Mr. Strong thought 50% more for auditing expenses and a 25% margin for legal expenses may be appropriate. Attorney Levinson agreed, especially in the first year because of the unknown factors. Attorney Levinson also pointed out some plans request the administrator review disability claims or litigation expenses over the last three years from the audited financial statements, and look at the supplemental schedule over the last three years to determine a range. The operational expense budget is just the administrative budget which includes salaries, training, education, rent, service providers, and others. Attorneys Levinson and Jensen will provide samples of budgets they have seen. It will be very close in format to the supplemental schedule the auditor prepares each year of administrative expenses as opposed to investment expenses. Mr. Strong agreed the Trustees should use the average of the last three years actuarial fees and add a 50% margin as a precaution. He thought it would be an overestimate, but it would cover any additional work. Mr. Petty inquired if they would have to create a second budget if the Plan exceeded its overall budget and not each item. Mr. Strong concurred. Attorney Levinson advised he created a list of questions and suggested creating a miscellaneous category which could be used for disability claim costs, attorney fees, or broken equipment. The budget could be used as needed instead of making amendments. They are still awaiting an answer from the State whether they can transfer funds from one line item to another without amending the entire budget. 3 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 Mike Smollen, Retiree, inquired if leftover funds could be put in an account to self - insure against unforeseen circumstances if the Plan came in under budget. Attorney Levinson responded the Trustees have to budget for what they think expenses may be and savings for one year may not necessarily be used for future years. He agreed to ask the State that question as a follow-up question. It was noted administrative expenses were less than 1% so it could be increased by 50%. Ms. LaDue agreed to circulate a draft budget. Mr. Strong also noted he conducted an experience study a year and a half ago, so those fees could be removed when estimating. Attorney Levinson commented the budget is new and he would provide further information which must be approved prior to the fiscal year. Ms. LaDue spoke to the City's webmaster and advised they need the entire valuation from last year, plus the entire financial statement from the auditor and the link to the report GRS just did on the web. She will also obtain information from Dave West, Bogdahn Consulting. Attorney Levinson pointed out Senate Bill 534 that passed two years ago requires the investment consultant to provide a minimum five-year side-by-side comparison of the returns each year, the assumed rate of return and how the portfolio was diversified. Ms. LaDue circulated information drafted by Mr. West which Attorney Levinson reviewed. He agreed to contact Mr. West because more detail was needed. The cost of the website could be a line item on the budget. Ms. LaDue will obtain what the costs will be for the coming year from the Resource Center. Ms. LaDue agreed to include the budget for the services provided by the Resource Center under a technology/data line item. Attorney Levinson announced the City or Union can never lower the multiplier below 2.75% and commented the current plan multiplier was higher. He also reviewed the requirement to create a Share Plan, also known as a Supplemental Defined Contribution Plan either by Ordinance or by administrative rule, pending comment from Tallahassee. He clarified a Share Plan uses premium tax monies divided by the number of members and when the member retires, there is a balance, similar to a defined contribution or 457 Plan. It is a lump sum retirees would receive when they retire from service. Attorney Levinson pointed out the Trustees have to have a Share Plan, but do not have to fund it. The Trustees could decide to use the funds to increase the multiplier or not use any funds. It will be up to the City and Union to negotiate how to use the premium monies, but they must have the mechanism in place. The ad hoc benefit was not a true Share Plan. Mr. Raybuck understood it was acceptable because it was doing what they intended. Attorney Levinson commented it would depend on how Tallahassee interpreted the matter. He did not think it would be difficult to create a Share Plan that was unfunded or institute a Share Plan. He noted if there was a Share Plan in place prior to 2000 it was grandfathered. The ad hoc benefit was created by Ordinance 10-016, after the deadline. The Trustees will need an interpretation if the ad hoc benefit is considered a Share Plan. If not, they will create one by the next contract, but not fund it. lv Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 MW— Mr. Raybuck commented when they created the ad hoc, they were not permitted by the State to call it a Share Plan, but the Trustees called it a Share Plan. He inquired why they could not call it an Ad Hoc Share Plan. Attorney Levinson did not know when the State would provide the clarification. He reiterated there was no harm to creating a Share Plan, even if unfunded. It could provide for possible future flexibility. Mr. Raybuck noted half of the excess money would have to fund the Share Plan and asked what happens to the funds used for the ad hoc benefit. Attorney Levinson commented the State wants all Police and Fire plans to have a Share Plan bucket in place as it relates to the default. The bill specified if the parties could not reach an agreement, they should use the funds from the 2012 calendar year that were received in 2013 ($897,000) as the baseline. The growth over this amount is split 50/50 between the cities and unions. Attorney Levinson commented this would eliminate the issues contained in the Naples letter and gives the parties, by mutual consent, the ability to do what they want as long as they do not go under the minimum. The ad hoc variable benefit was not a reserve. They are committed funds. As to paragraph D from Chapter 175.351, it discussed uncommitted reserves. Attorney Levinson's opinion was the Ordinance dedicated the money to this benefit. The City allocated the funds via the Ordinance. Dean Kinser, Firefighters' Union President, pointed out when the benefit was put in place, it was mutually agreed on by the Pension Board, the Union and the City. Attorney Levinson commented there are five questions all plans should be aware of: 1. Does the Plan have unallocated accumulations? No. The Boynton Beach Plan dedicated monies via Ordinance. 2. Does the Plan have an existing Share Plan? The Boynton Beach Plan did not, and a Share Plan could be created as long as it was unfunded. 3. Was the Plan amended in reliance with the Naples letter? The Boynton Beach Plan was not. 4. How much premium tax monies from 2012 were received in 2013? Premium tax monies were $897,536. 5. When does the current Union contract expire? September 30, 2015. Attorney Levinson emphasized the Bill wants all parties to discuss and have a meaningful conversation so the parties (the City and Union) understand the provisions. Attorney Levinson offered he was available, as was GRS, to assist in the discussion and it would be appropriate for the Board to assist the parties understanding the requirements. Mr. Strong pointed out they have to re-evaluate the COLA, which is done every three years. Mr. Raybuck asked if he thought the excess could kill the ad hoc benefit. 5 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 Mr. Strong responded it was a matter of going straight to default or how to negotiate using the funds. 2) Gabriel Roeder Smith & Co — Pete Strong — Disclosures & Report under new State requirements, dated 6-28-2015 Mr. Strong reviewed it took the Division of Retirement over a year to develop the rules and they issued final rules in April. They then gave 60 days from that date to comply. He advised the information will be filed with the State by June 29th, and they have prepared the reports to be posted on the website. He commented he did not feel the requirements meant anything because they are using assumptions that were not true. Rather, they would be using the mandated assumptions of the RP2000 Fully Generational Table, less the 200 basis point interest rate requirements and 200 basis points above the assumption on the website for full comparison purposes. He reviewed the actual GASBY 67 requirements, the RP2000 Fully Generational Table changes which showed the net pension liability increased from $37 million to $43 million. He reviewed the same mortality using 2% less and 2% more. The run -out calculations were added and reviewed. He noted the language in bold regarding the run -out date was inappropriate because it contemplates only investment returns and assets received, compared to benefit payments to show how long it would take to run out of money. The GASBY 67 requirement does not show a run -out date. Attorney Levinson explained the cover memo should be on the website, because the report is an artificial report. Mr. Strong reviewed his handout regarding interest rates and commented he did not feel the report was representative of the state of the pension plan. It was created for compliance. Attorney Levinson inquired if the members wanted to use the memo from the last meeting to mention the Plan had unrecognized actuarial gains, or mention the way the Plan was diversified and discussion followed they could attach the memo to the website. The Division of Retirement will take all the reports and create a fact sheet, showing the run -out date. Chair Henderson commented they called the meeting to address all the new legislative changes with the attorney and actuary because there is a lot of concern regarding benefit changes. B. Benefit Changes — Discussion The executive Board Members had a meeting with the City Manager who was given direction from the City Commission on pension reform, but did not know to what level of change. Mr. Kinser wanted to use the Board members and their knowledge to provide information on what benefits can be changed to reduce City costs for pensions. Chair Henderson had no objections to doing so since they have been trying to reduce costs all along, but they cannot control the market or payroll. Mr. Strong could provide guidance on what benefits could be adjusted to save the City money or any long-term changes. With the legislative changes there may be other avenues to pursue. There would be no C. Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 action taken on any of the information, rather they will try to give guidance on where to look. The City Manager and Chair Henderson had discussed changes would only affect new members going into the Plan and this information would be given to the Union. The City requested permission to use GRS because they have information on all the three pension plans and the Police Trustees gave their consent. Mr. Kinser advised the City proposed, in the upcoming Collective Bargaining agreement, an opener article to discuss pension reform. The Union was looking to the Board for guidance so when negotiations take place, the action would not impact the pension in a way that it would be unable to recover. The pension was discussed at the Strategic Plan with a broad range of ideas. One consistent component discussed was any reform would affect new employees and result in a reduction of cost. 1) DROP Loan program A letter from retiree Kevin Quinn indicated the Boynton Beach Police Department has a DROP loan program. They can borrow up to 50% from ones DROP account, once separated from service, with a cap of $50K and pay back a percentage each month at the prime interest rate through a deduction from their pension payments. As those payments are made, they are re -deposited into their DROP account. Chair Henderson spoke to several retirees who favored the provision. It was a non -cost issue, and any administrative costs would be paid for by the DROP member. He commented this benefit change could be pushed forward. It would benefit the retirees. Chair Henderson requested the members review the matter. Mr. Smollen was representing other retirees and they were in favor of the program. He inquired if the program would qualify as a benefit because the member was borrowing their own money, although there would be a tax consequence. Mr. Kinser asked if the program could be adopted through an administrative rule as opposed to an Ordinance. Attorney Levinson agreed to review it, but thought they could and would bring it to the August meeting. If there is a DROP loan program, it must be properly administered, and Ms. LaDue advised if they have the capability to administer the program, it was fine. Chair Henderson thought a motion should be made for Attorney Levinson to draft the program and bring it to the August Quarterly Board meeting for a vote. She noted there are 10 members taking advantage of the program from the Police Department. Ms. LaDue would contact the Pension Resource Center to determine the cost to administer the loans. Chair Henderson commented the State pension changes will affect every benefit. The State raised the minimum multiplier to 2.75%. When Chair Henderson started with the City, the multiplier was to 2.6%. He asked if they could allocate overages of 175 funds to increase the multiplier to 3%. Mr. Strong commented if the multiplier was changed prior to March 12, 1999 that was when they kept track of the base amount. Discussion Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 followed Chapter 175 and 185 funds designated to the Police and Fire Departments were to create benefits better than General Employees. Mr. Strong thought it would be rare for General Employees to have better benefits than the Police and Fire Departments. Most General Employee plans have a later retirement date. Chair Henderson also commented the average payroll growth rate will need to be used instead of the 4% causing an increase in the employer contribution rate. Mr. Strong explained the difference between the 2004 payroll to the 2014 payroll was still above 4%. Using the trailing 10 -year payroll average was a State mandate and Chair Henderson expressed the City was being penalized for the lack of payroll growth because the City was being fiscally sound. He asked if there was a way to readjust the payroll because the department was restructured and manpower was reduced. Mr. Strong reviewed the compound average from 2005 through 2015 and advised they could use one-tenth a year. Chair Henderson noted there was nothing to offset the increase and he thought it was counterproductive. Mr. Strong reviewed it is a common practice to try to target amortization payments being a level percentage of payroll over time. If they were to pay off the unfunded liability like a mortgage, as a flat dollar, that would be the green line. This Plan is paying on a curve, starting on a lower curve. The State allows this, but they cannot use a payroll growth assumption above the 10 -year historical average. When the 10 -year historical average levels out, they would be paying a flat amount for the whole period instead of an increasing amount and the initial amount had to increase. It would reduce the amount to be paid in the future, but it creates a level dollar amortization instead of a sloping amortization payment. Chair Henderson was concerned about the staffing levels. Attorney Levinson explained the City will have an increased cost because of the new mortality table and potentially have the cost of losing the ability to show future payroll growth because of the 10 -year average. He asked what the sources of unrecognized gains were and what the pressures were that would result in the Plan heading in the opposite direction. Mr. Strong responded as long as the market values continue to perform, gains are stored. They will recognize nearly a $1 million gain next year on the actuarial value of assets and a $1.9 million gain the year after. Mr. Strong thought the Board may want to recognize part of the mortality tables this year and the rest when they were required. They could try to come up with a percentage of implementation of the mortality table that would offset the gain that would be phased in. Attorney Levinson mentioned the benefits are funded over 30 years on an amortized basis. He queried whether anything was coming in or dropping off in the next few years. Mr. Strong did not think anything would drop off. There would be gains from the actuarial value of assets, but some increases in liability from the mortality tables. Mr. Petty inquired what the proposed changes were that would increase the minimum amount of time a person had to work. Mr. Strong responded since employees would be working longer, the average payroll would increase. Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 Discussion followed about plans with 20 years and out provisions or 22 or 25 for DROP and how it would impact payroll assumptions. If it were extended, there would be a near term increase in covered payroll, and working longer, earning a higher benefit. Mr. Strong explained they do not reflect future, unemployed new hires in the report, except when they do modeling for open group projections over a 20 to 30 -year period. Jim Ness, Retiree, commented quantitative easing has been phased out and interest rates will increase. He asked how it will affect the Plan and pointed out these things will change down the road. Mr. Strong responded Dave West, Bogdahn Consulting, had repeatedly said the assumption was 7.5% over a long time period and it was achievable. Mr. Smollen commented before DROP was added to the Plan, very few people retired after 20 years. if paying for benefits they are not using, they should reconsider the benefit. He inquired since the DROP, how many individuals use the DROP and learned 85% enter at year 20 and another 5% after. Mr. Strong clarified the experience study showed it was contingent on age. Mr. Petty inquired, if looking to make positive changes for long-term savings for new hires, what the general category was to effect savings. He asked if they should work longer or change the multiplier: Mr. Strong mentioned the accumulated sick and vacation time on the books as of September 30, 2013 could be cashed in and used as pensionable earnings. Anything after that could not. New hires with a zero load would reduce the average cost per employee. He thought the most influential item on the cost was the multiplier and the COLA. Mr. Petty commented if the COLA cost was bome by members, even with the 175 funds, it would not save the City money, leaving the multiplier to be reviewed. Attorney Levinson commented the Miramar Police Department was the first plan to institute a second tier and they had to fight with the Division of Retirement to institute it. The Miramar Police Department, over time, put in place a COLA and removed the COLA from the second tier, but left the same contribution in place. He pointed out FRS also took away the COLA and added the member contribution. Mr. Strong explained changing the normal retirement date by five years does not change the cost significantly because there is a higher benefit over a shorter period of time. There would be no significant savings and they could see an increase in covered payroll. Attorney Levinson pointed out if a decision was made for the new hires, if they kept the member contribution the same at 12%, and reduced the COLA, it was an extra 5% in contributions. If they reduced the COLA to 1% for new hires, but keep the contributions the same, it frees up money. If they had a 2% COLA and deferred 10% instead of 5%, there would be a savings. The COLA was no cost to the City. Mr. Strong commented they would have to re-evaluate the new cost of the COLA with the mortality tables. 9 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 Mr. Petty asked what would occur if there was a dollar cap combined with the same multiplier and Chair Henderson inquired what would occur if the multiplier ended at year 20 in a 25 year length of service and then enter the DROP. This would offset the 20 - year employee because he would leave at a higher rate of pay, but the multiplier stopped at 20 years. Attorney Levinson commented the career average still had to average to 2.75% per year. He asked what would occur if the pension were capped at a certain percentage and years of service were added. Mr. Strong commented they could use a 2% or 2.5% multiplier after year 20 as long as they were at 2.75% over all. It would encourage leaving at 20 years. That would work for a 25 -year employee. Anyone working more than 25 years would drop below 2.75% a year, and again, the discussion would pertain to new employees. Discussion followed that with the new mortality tables, the new assumed rates and payroll assumptions there was a $1 million increase the City would have to pay, offset by gains of the assets. Attorney Levinson queried what the difference was in the impact of having growth of salary with increases in the member contribution, or no raises and savings from the raises being less than the assumptions used for raises and learned if salary increases were less than expected, there would be an experience gain that is amortized. For every $15 dollar in experience gain, it is a one dollar effect in the contribution. If there is a million dollar gain in salary increases, it would affect the City's contribution by $150,000 compared to salary increases and members contributing more. Mr. Strong explained for every 1 % increase in member contribution, it would be another $100,000. Chair Henderson asked what would occur if they took the additional Chapter money and paid down the unfunded liability. Mr. Strong noted the question pertained to learning how much money there would be to work with after they recalculate the current affect of the COLA. Currently, the total revenue was over $1 million last year. The money was to keep the membership contributions at the current rate. The COLA benefits were paid through the Chapter 175 funds. It was an ad hoc benefit and not a guaranteed benefit. Chair Henderson preferred to take a certain dollar amount and pay it directly toward unfunded liabilities. Attorney Levinson summarized if they used the reserve money to pay down the unfunded liability instead of for the ad hoc benefit, it would save money because there was less interest. Mr. Strong explained about 60% of the City's cost is going to the unfunded liability. Chair Henderson suggested they could agree to take $200,000 to pay down the unfunded liability each year, not offset the City's contribution to protect the fund as a long-term plan. Mr. Strong pointed out they could choose which basis to pay down and focus on the older basis with the higher payments. If $284,000 was used to pay off the first base with eight years, it would eliminate a $39,000 future payment going first. It was likened to paying off the highest interest credit card first. Chair Henderson noted when the City approached them, it was for new members only, but that would not take effect for years. When the ad hoc benefit was instituted, it was 10 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 recognized as a benefit that could go away. The question was do they want to use the money to pay down the unfunded liability. He emphasized he was not suggesting they get rid of the benefit, rather they look at the funds as a tool to pay it off. It was pointed out with the State mandates of lowering the assumed rate and using the new mortality tables, the savings would be huge. Mr. Smollen liked the idea and thought it was a good negotiating tool. It also showed a responsible position. Mr. Petty requested clarification of applying the payment. He understood if applying $284,000 it would eliminate a base, so the $39,000 would go away and it would save the City that amount. Mr. Strong explained it would eliminate $39,000 a year for eight years. It would be higher savings each year. If done for 10 years, it would pay down $2 million in unfunded liabilities plus interest. Chair Henderson noted next year would be positive as seven employees leave the DROP, being replaced by new hires. Three years after that, another five employees are leaving, which would remove higher salaried employees, and bring in new hires with zero sick and vacation. There would be big changes down the road. He commented the City would determine the projection period. Mr. Kinser also thought much of what would occur would be recommended by the Board to the Union. Chair Henderson commented that would be revealed through studies done by the actuary. Attorney Levinson advised it was appropriate for the actuary to share resources and ideas with the City and the Union. It was not the Board taking action; it was the Union and the City. He pointed out the Plan provisions in the report as it would relate to new hires or a second tier. He pointed out FRS uses a five-year average final earnings instead of three years. Another component was overtime, which did not have to be pensionable in the future. He recommended studying other municipalities. It was acknowledged they would want to stay at least competitive with FRS. Chair Henderson inquired as a combination of benefit changes, what they should narrow the search to. Mr. Kinser advised they have some components and information they worked on a few years ago and that should be incorporated in with the discussions. They had factored mortality tables in those calculations and they used worst-case scenarios. They want to ensure they were on the same page as the City regarding mutually consenting to some of the ideas. Mr. Petty queried what kind of decision would need to be made by the Pension Board and learned it would authorize the actuary to work with the City because it was more cost efficient to do so. Attorney Levinson clarified the actions of the Board were contingent on what action would be taken. If it involved the ad hoc benefit, which was created via Ordinance, Section 18- 184.2 (C) states that the City delegates to the Pension Board the ability to adopt administrative rules. Ad hoc changes could be implemented by administrative rule. If they are changes that relate to benefit structure, that requires an ordinance change. It should be clear to the Division of Retirement that there is mutual consent of the Collective Bargaining Unit. 11 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 Chair Henderson commented the City will receive 50% of 175 averages. Mr. Kinser explained they already consented to, and they were not in the 50 percentile. They have not created a defined contribution component of a Share Plan. The Board administers the fund. If the Union agrees to certain changes, the Board receives direction and it is voted on. He pointed out the ad hoc was created to protect future benefits and if not, to protect the fund. Mr. Kinser agreed they need ideas to bring to the table and thought it would be a two-tiered system. It would be a great component to the long-term sustainability. Chair Henderson inquired what compromises local funds implemented to meet reform. Attorney Levinson responded in one city, the union negotiated and agreed to give the City all the premium taxes. This helps the City contribution, but it does not help the unfunded portion of the problem. He has seen aggregate caps instituted, raising retirement ages, and blending items together. There could be changes to final average compensation, or have dollar caps on the second tier for the aggregate benefit or a percentage could be used or have fluctuating multipliers. On the COLA component, if they eliminate the COLA for the second tier, it would not help the City because they do not pay for the COLA, but they would have the extra 5% of pay for the COLA on the second tier, which employees currently pay to fund. Attorney Levinson commented if the City wants a study it keeps to itself, the City pays for it. If the Board pays for it, it is public information. Mr. Kinser explained a letter will be sent from the City and he requested during the drafting of the letter, they ensure there is consent between both parties regarding GRS and the components that would be brought forward. It should not be a free for all with the actuary. The Union agreed to work with the City, but he did not want the Pension Plan slaughtered. They would mutually progress and there would be some consent items which will be addressed in the letter to the Pension Board. He was unsure a motion was needed right now. The Board contemplates there will be full cooperation with the actuary for the City and the Union. Mr. Kinser commented he would keep the Board apprised. Attorney Levinson reminded the members the Form 1 Disclosures were due to the County Supervisor of Elections. Mr. Strong reviewed his handouts which will be presented at the FPPTA Conference. There will be an hour and a half long panel discussion from 1:30 to 3 p.m. A few case studies would be reviewed, including Boynton Beach. Mr, Strong would review what occurred over the last 15 years; why they are in the current situation; they would provide graphical presentations showing all of the inflows into the Plan for the last 15 years and how it fluctuated. Another slide would show what it would have looked like if investment returns had met the expectation each year. The funded ratio would have been in the 95th percentile during the 15 -year period if investment earnings met the assumed rate. C. Invoices for review and approval: 1. Klausner, Kaufman, Jensen & Levinson — Service May 2015 - $2,855.25 12 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 Motion Mr. Petty moved to pay the bill. Mr. Raybuck seconded the motion that unanimously passed. Chair Henderson advised this item was put on the agenda because Deputy Chief Hoggart was being moved from the General Employees' Pension Fund into the Firefighters' Pension Fund as required by Chapter 175. The calculations were made by Finance to move the money over. Attorney Levinson inquired if they should request the City pay it all at once as a check paid to the Plan, or if it should be captured in the valuation as an experienced loss. Mr. Strong thought the amount of money was minor. The liability would be more like $60,000 to $70,000 or more, once Deputy Chief Hoggart is recognized with three years of historical service. His payments would not come close to covering his liability in the Plan. Attorney Levinson asked if they were prepared to capture the three years of liability as an impact that is captured in the next valuation, or ask the City for a check for the impact all at once. It was thought if the General Employees had a liability it should be transferred. Mr. Petty thought it would be appropriate. The cost of his benefit in the General Employees Plan would have been less and it likely would not cover the value of the benefit in the Firefighters' Plan. Chair Henderson requested Mr. Strong determine the amount to forward. Ms. LaDue explained the City needs some direction to transfer the funds from the General Employees' Plan to the Firefighters' Plan. Mr. Strong responded he would need his pay from October 1, 2014 to September 30, 2015, to calculate the liability as of October 1, 2015. Attorney Levinson advised the motion should be that Deputy Chief Hoggart be treated as a member of the Firefighters' Plan effective as soon as payroll could add his member contributions into the Firefighters' Plan and the actuary do the calculations and forward that bill to the City. Motion Mr. Petty moved to start the process and direct all costs to the City and the City pay the tab. Mr. Raybuck seconded the motion that unanimously passed. Mr. Petty noted Deputy Chief Hoggart would be responsible for his portion and discussion followed if there should be a one, two or three-year payment plan. Mr. Strong explained they charge interest at the valuation rate when a buy back is spread out over time. Ms. LaDue provided the repayment amounts per pay period, and after further brief dialogue, the options presented to Deputy Chief Hoggart would be to repay the amount in a lump sum, or over a one, two or three-year period. 13 Meeting Minutes Firefighters' Pension Fund Boynton Beach, Florida June 18, 2015 Attorney Levinson commented if the City pays the buy-back cost, it would be a credit for the General Employees' Plan because they were contributing into that Plan. It removed liability from that Plan as well. Mr. Strong will calculate that amount. VIII. PENSION ADMINISTRATOR'S REPORT — NIA IX. PUBLIC COMMENTS: X. ADJOURNMENT: Motion There being no further business to discuss, Mr. Petty moved to adjourn. Mr. Raybuck seconded the motion that unanimously passed. The meeting was adjourned at 12:11 p.m. f / Catherine Cherry Minutes Specialist 072115 14 MINUTES OF THE BOYNTON BEACH FIREFIGHTERS' PENSION FUND -S, PMAL MEETING HELD ON THURSDAY, AUGUST 5, 2015, AT 9:00 A.M. AT RENAISSANCE COMMONS EXECUTIVE SUITES, CONFERENCE ROOM 1, 1500 GATEWAY BLVD, SUITE 220, BOYNTON BEACH, FLORIDA EMU— PRESENT: Luke Henderson, Chair Matthew Petty Jonathan Raybuck Helen "Ginger" Bush ABSENT: Bob Taylor Barbara LaDue, Pension Administrator Adam Levinson, Board Counsel I. CALL TO ORDER – Luke Henderson, Chairman Chair Henderson called the meeting to order at 9:14 a.m. II. AGENDA APPROVAL - Barbara LaDue, Pension Administrator, added Item 3, Deputy Chief Gregory Hoggart, Decision on How to Proceed to VI. Old Business. She distributed a handout on the item. Motion Mr. Petty moved to approve the agenda as amended. Mr. Raybuck seconded the motion that unanimously passed. III. APPROVAL OF MINUTES – Quarterly Meeting 02-25-2015 Quarterly Meeting 05-06-2015 Motion Mr. Raybuck moved to approve the minutes. Mr. Petty seconded the motion that unanimously passed. Chair Henderson noted Commissioner Fitzpatrick was in attendance. IV. FINANCIAL REPORTS: A) Bogdahn Consulting – Dave West, Consultant Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 1) Investment Performance Review for Quarter June 30, 2015 Dave West, Bogdahn Consulting, reported the second quarter was lackluster. The big surprise was how much could be lost in investment grade fixed income securities. All the fixed income, bond -related securities generated a negative total return. This was due to the Federal Reserve saying they would increase fund rates in September/October. Unemployment was down 3%. The economy was healthy. The economy would be self-sustaining and not dependent on stimulus. There were concerns about China and their corrections to their market. Greece was also a concern. The MSCI EAFE for developed foreign countries earned .6%. The dollar was weak during this period which reversed and helped generate a positive return. The S&P 500 was up 3/10ths of a percent, but the midcap index was hurt. The Barclays US Aggregate total return was down 1.7% and Barclays Corporate Bonds were down 3.2%. Corporates were down more due to quality concerns and interest rate sensitivity to the benchmark. Net, the total fund had a positive rate of return due to manager outperformance and alternative allocations. Fiscal year-to-date, the fund was in good shape earning 5.82%. The passive policy benchmark was 4.96% just under the policy. The one-year period annualized was at 4.62%. Mr. Bogdahn just received the FRS portfolio earnings and they were up 3.56% for their fiscal year. He noted the Boynton plan outperformed FRS. For the three-year period, the fund annualized at 11.35% ahead of the benchmark and at 10.6% for the five-year period slightly behind the benchmark. Grossed and compared to the peer group universe, fiscal year-to-date, the portfolio was in the top 11th percentile. For the three-year period, the portfolio ranked in the top 18th percentile and for five years was in the 43rd percentile. The Anchor All Cap Value Manager was struggling. Since interest rates went up during the quarter, interest rate stocks did not perform well. Real estate, utilities and financials struggled. Anchor was conservatively invested and was down. The Vanguard S&P 500 index fund did fairly well at 6.27% fiscal year-to-date. DSW, the large cap growth manager was ahead of the benchmark for the quarter, and fiscal year-to-date was at 15.4% versus 8.9%. The mid cap index on a fiscal year-to-date basis was still one of the best performing allocations at 9.75% On the international side, WCM was in line with the benchmark and they were just funded in April. The American Euro Pacific Fund was also up 1.12%. The Schroder Fixed Income portfolio was down 8.4%. Their policy was down 6.7% and the index was down 1.7%. Now they were using a shorter term, less interest -rate sensitive benchmark which worked well. Fiscal year-to-date, they were ahead of the benchmark. The Treasury Inflated Protection Securities (TIPS) portfolio was down .28%. Fiscal year-to-date, they did not net anything, but they had minimized the allocation to it. 2 Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 Global Bond Funds were down and the PIMCO Diversified Income Fund was down less than the global credit benchmark which was down 2%. Fiscal year-to-date, they did well and for the longer term, they were capturing some of the prior underperformance. Mr. West explained the Securities Exchange Commission (SEC) served PIMCO with a Wells Notice. A Wells Notice means the SEC had issues or concerns with the firm. In 2012, PIMCO created an Exchange Traded Fund (ETF) security to mimic the PIMCO total return bond fund that Bill Gross managed. The first six months outperformed by 3% which raised flags. The pricing practices used by PIMCO at that time, suggested they were bringing in odd lot or small sized amounts of securities at a cheaper price. When they were priced in the portfolio they were priced on large amount offerings at a higher price. There were trading profits that made up that differential. The SEC was questioning if fraud occurred or if the method was inappropriate for investors. A Wells Notice gives the opportunity to dispute the issue and PIMCO will make their case it was fair. The Boynton Plan is not and never was in the fund, but the Board should be aware of it. The Diversified Income Fund the Board is in was up 1.5%, ahead of the benchmark and for the three-year period was up 5.21 %. The strategy was working. The Templeton Global Bond Fund has very little interest rate sensitivity and the fund declined .24% versus the bond index which was down 1.55%. There was great outperformance from the fund and the allocation to real estate helped. Intercontinental was up 3.37% for the quarter. ASB was up 5.19% for the quarter. Fiscal year-to-date, ASB was up 9.9% and 12% respectively. The core bond portfolio was up 2%. Mr. West reviewed Intercontinental earned 14%, 13.75% for the three and five-year periods respectively. Real estate was a great investment for the fund and it weathered the quarter well. Attorney Levinson noted there was a time the Board stopped investing in commodities and asked what the result would have been had they maintained the position. Mr. West responded managed futures finally had a substantial run and the two funds they were in had significant numbers. They captured energy, shorting various commodities, resulting in a good sized return. Mr. West thought the Board made the right decision to exit due to volatility which was eroding the portfolio's principal amount. Even with the recovery, the Board had such a small amount of money invested with them, they would not really benefit from the recovery. Since LBC Credit Partners ill and Credit Direct Lending Levered Fund were private offerings with a closed investment period, they had to use a different calculation. For these funds, they calculate an internal rate of return, which reviews capital calls and when the life of the investment is finished, they calculate an internal rate of return for the total experience. Other investments use a monthly compounded calculating methodology. For the quarter tracking the evolving internal rate of return, Crescent Direct was up .23% and on a one-year basis, the non-core combined return was 5.6%. Since inception it was at 6.28%. Crescent Direct showed a -.44 on the J -curve and the fees were coming out more than the benefit of the investments. Since LBC had a 3 Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 different fund structure, the internal rate of return was at 10.46%. This was a good investment. The portfolio opened the quarter with $84,932,441. Net transfers were reviewed and $429,968 was used to fund the capital call for LBC and $207,167 for Crescent Direct. Contributions into the portfolio were $274,967. Benefit payments were $1,246,771. Investment management fees as invoiced and paid by the custodian were $16,889. Other administrative expenses were $8,234. The return on investments which aggregated all the income earned, was $275,050. The fund on June 30th had $84,210,565. Mr. West thought the portfolio had a blase quarter but they had good manager outperformance. Mr. West reviewed the portfolio's running asset allocation was slightly overweight in domestic equity. The City's contribution will be made in October and the Trustees needed to address how the monies will be invested. Attorney Levinson noted the City's contribution is more than $4 million and they could immediately invest those monies. Mr. West suggested continuing to let the allocations stand and if they invested the contribution to the policy targets, it would likely allocate all the funds to the investment- grade fixed income. Motion Mr. Petty moved to invest to policy targets for the City's contribution. Mr. Raybuck seconded the motion that unanimously passed. C) Attorney Report — Adam Levinson (Heard out of order) 1) Reminder Pending State Deadlines dated 7-8-2015 also additional requirements Attorney Levinson noted the July 8th memo included in the meeting backup and advised Ms. LaDue had ensured the information was forwarded to the City to be included on the City's website. Attorney Levinson advised Senate Bill 534 was adopted two years ago, but it took time for the State to make the regulations. The 112.664 Compliance Report, based on SB 534, describing what must done by the actuary is due 60 days after the valuation is approved and posted on the Plan sponsor's website. The legislation has detailed requirements. Pete Strong, GRS Plan Actuary, had sent a copy of the report on June 26t . Attorney Levinson advised the actuary will review hypothetical, arbitrary calculations that do not reflect any laws, only reporting requirements. They have to show how long, based on current assets without member or City contributions or State money, the assets would continue to pay for benefits. Attorney Levinson noted the City has to make contributions under Florida Law; however, using the assumption the State requires them to use, the Plan would run out of money in 15.9 years. Using a different set of assumptions or a different rate of return would also change the run out date. The 11 Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 actuary added the disclaimer, as required by 112.664; the calculations do not include contributions from the employer, employee or State, which is contrary to Florida Statutes. Attorney Levinson advised the life blood of a defined benefit plan is the member and City contributions. Ignoring those funds coming in was senseless, but they had to be included on the City's website. Attorney Levinson advised Mr. West had to compile information on the Plan's investment history which also has to be posted on the City's website. They must give a side-by-side comparison for the last six years showing the investment returns and their assumed rate, which during the short term makes the Plan look more expensive, although it would capture investment gains over the long term. The information has to be prepared by the investment consultants annually. It must not only show the return compared to the assumptions, but also show what stocks, bonds, alternatives and cash were in the portfolio during each of those years. The next item was the actuarial valuation needed to be posted. Attorney Levinson explained this valuation was only required to be done once every three years; however, they have an annual valuation done each year so the City can stay on top of their contributions. The Plan's audited financials now have to be posted. Attorney Levinson advised a fact sheet by the Division of Retirement has to be included as a link on the Plan sponsor's website. The Division of Retirement will update the fact sheet, based on the run -out dates. He asked the Trustees to consider if they wanted to post an overview memo on the website to dampen any concerns. Senate Bill 172 applied to Police and Fire Plans and required them to have a detailed accounting report which was no different than the audited financials. They already post the audited financial reports on the website so they already complied with this provision. Attorney Levinson advised Ms. LaDue had compiled a four-year comparison from 2011 through 2014 of what was spent on administrative expenses because they have to now have a formal administrative expense budget prior to October 1. Unless a special meeting was held, they would have to approve the administrative expense budget. This would not have to be posted, but it was the most efficient way to get the information available to the membership. Mr. West inquired if the provision included investment manager fees. Attorney Levinson explained it is a administrative expense budget, but Statute 172 defines it as including all consultants. Attorney Levinson believed consultants would be included in the administrative budget, but investment managers would not. Attorney Levinson recommended the Board review prior year expenses. He pointed out the actuarial expenses could increase as much as 100% due to the new requirement. Attorney Levinson recommended creating a budget and having more of a cushion. Some Boards added a Miscellaneous line item to capture unforeseen circumstances. Attorney Levinson recommended including an unspecified miscellaneous budget because if they exceeded what was budgeted, they would have to amend the budget E Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 and make it available to the City and the members again. They also have to let the City know of any budget amendments. Mr. West noted Salem Trust was on a basis point fee and asked if they should project what their fee would be next year assuming assets appreciated 10%. Attorney Levinson thought they could be included, but theywould not have to include Salem in the administrative expense budget because they are not investment consultants. Mr. West asked if the expenses listed were actually paid as opposed to annualized fees for the services. Ms. LaDue responded it was what was actually paid during the Plan year. Commissioner Fitzpatrick understood there were three pension components which was the portion discussed, the COLA and the medical. He asked if they would they have to be posted on the website and learned they did. The law is for defined benefit plans and the COLAs are captured. Health insurance is not covered as part of the Plan as it was a Union issue. Senate Bill 172 only applied to police and fire defined benefit plans A 457 Plan is another version of a defined benefit plan. It would apply to the COLA because they administer the COLA. Commissioner Fitzpatrick thought there needed to be direction given to the City and learned Ms. LaDue had issued a letter to the City. Attorney Levinson pointed out the Trustees are fiduciaries, and they only pay a bill after they ensure the amounts were reasonable and appropriate. Ms. LaDue pointed out they were migrating to a new system manager so those costs had to be added. They were also adding a new pension administrator and that fee should be doubled. Attorney Levinson emphasized just because monies are budgeted, they do not have to be spent. They would only approve costs that were reasonable and appropriate. The Trustees reviewed the list of expenses and decided on the fees as follows: • Actuary fees - $60,000 • Administrator fees - $60,000 • Audit fees - $15,000 • Bank charges - $500 • Computer supplies - $10,000 • Custodial fees - deleted as they would be contained in Administrative Expenses • Liability insurance - $12,000 • DROP administration - $3,000 • Dues and subscriptions - $1,000 • Legal fees - $30,000 • Office expenses - $1,500 • Office rent - $10,000 • Pension program - $5,000 0 Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 • Performance monitor - $40,000 • Seminars and trainings - $24,000 • Miscellaneous category- $10,000 (which could include Awards reception) Attorney Levinson commented 1 % for administrative expenses was good. Boynton's plan was at .16% which was excellent. Compared to other plans with full-time people administering their plans, the Boynton Beach Trustees run a tight ship. Motion Mr. Petty moved to form the budget as discussed. Mr. Raybuck seconded the motion that unanimously passed. a) Detailed Accounting Report for SPD The Summary Plan Description was done by the actuary. Attorney Levinson recommended, since they have to make the information available to the membership, they incorporate it into the Summary Plan Description when GRS does their next update. b) Administrative Expense Budget with administrative expenses for years 2011, 2012, 2013 and 2014 for reference This item was addressed earlier in the meeting and would be sent to the City. It would say copies of the expense budget and the detailed accounting report are available and may be posted on the City's website. 2) Intercontinental — Seventeenth Amendment dated 7-1-2015 Attorney Levinson reviewed the amendment to the contract and spoke with Intercontinental Legal Counsel. Intercontinental wants to reserve the right how money comes into the fund. When buying a building, instead of Intercontinental just accepting cash, they can accept the actual property. As long as it was within SEC guidelines, it was fine. Mr. West had no objections to the amendment. It was a tool for the real estate manager to use, and the Board did not need to take formal action on it. There were no objections. 3) DROP loan provision — memo of 7-2-2015 by interested DROP participant. At the last meeting, the Board reviewed the Police Drop Loan Program and Attorney Levinson was asked if Fire could institute the same program. He distributed a copy of the current DROP Plan and explained the Firefighters' plan does not give specific rulemaking authority for DROP Loans. He thought it would be unwise to get into a detailed DROP program without specific authority to do so. Attorney Levinson recommended amending the Ordinance either by incorporating specific DROP loan 7 Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 language or adding language saying the Board has rulemaking authority in a new paragraph N. It could detail the specifics of the DROP loan program. Chair Henderson asked if the Board was in agreement this would be good for the Fund and the DROP members and there was consensus it was. Chair Henderson commented he would forward the information to the Union who negotiates with the City for benefit changes that were forthcoming. Mr. Petty advised he and Ms. LaDue discussed the current company offers a DROP loan program. Chair Henderson had contacted Alerus and was told Alerus cannot administer a loan program unless it was in their Ordinance. Several companies can administer the program with a minimal cost. Chair Henderson pointed out the program was no cost to the fund as any administrative costs would be borne by the participant taking the loan. Alerus strictly does record keeping and can only implement the program if Ms. LaDue authorized it and had the proper paperwork. To address the letter from former Deputy Chief Jim Ness about the program, he will be informed it was brought forward at a special meeting, they researched the matter, and since it involves an Ordinance change, it will be given to the Union. He will be informed the Trustees will be happy to implement it if given the direction to do so. B) Gabriel, Roeder, Smith & Co — Pete Strong, Actuary 1) Letter of 7-8-2015 by Mayor Taylor for the City to engage GRS for various pension projections. Chair Henderson received a letter from Mayor Taylor to the Board requesting the Board allow the City to use GRS for upcoming pension changes. GRS requested they receive a letter from the Board this was permissible because they did not want to be terminated by the Police and Fire Plans. The Police approved the request with restrictions to use GRS strictly for projections. Attorney Levinson commented it was all public information and whatever GRS was doing at the City's request was something the Plan was entitled to see. They have to work collaboratively with all the parties. The same held true for the Union since the Union engaged GRS as well. Chair Henderson understood from the Union Executive Board they will develop a list of changes to present to GRS. Chair Henderson requested a motion to give the Mayor and City Commission the okay to use GRS as their actuary. Motion Mr. Petty so moved. Ms. Bush seconded the motion. Attorney Levinson will look at the draft and add the Board authorized the actuary to work with the City and that the Board be copied on any reports GRS provides to the City. Mr. Petty advised they had discussed this previously and they deferred the matter. Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 2) New Compliance & Reporting - Revised Chapter 112.664 dated 6-26- 2015 This item was addressed earlier in the meeting. 3) Required Reports/Disclosures for City Web Site This item was addressed earlier in the meeting. 4) Discussion on Mortality Tables —RP 2014 with various State orders, etc Attorney Levinson referenced the June 12th memo about House Bill 1309. The actuary had to calculate the cost and include it in the October 2016 valuation. He advised they were not increasing the benefit. It was a matter of paying more now as opposed to paying more later. It is the benefits that determine the cost of the Plan, but this was a way of prefunding it by assuming that people live longer. The Division of Retirement circulated a Q & A sheet and would hold three webinars. He thought it was a good idea for Union or City representatives to attend the webinar. 5) Extra Payments for Unfunded Liability dated 7-2-2015 Chair Henderson advised Pete Strong, Plan Actuary, sent a letter to the Board about the cost to pay down unfunded liabilities which was briefly discussed at their Special Board Meeting. He recalled the discussion was to use some of the 175 monies, but pointed out it would not offset the City's cost. The letter discusses where to pay it. Attorney Levinson pointed out that over time, it would dramatically impact the contribution. He thought Mr. Strong should discuss the letter, but the letter provided a brief on what the City's cost would be. V. CORRESPONDENCE- 1) ORRESPONDENCE- 1) Tim Conway — New Head of Convergex Recapture Services Chair Henderson noted this item was for information only. VI. OLD BUSINESS — 1) Fact Sheet to counter misinformation on Pension Funding — Dave West & Pete Strong — Update Chair Henderson explained the fact sheet would clarify the misinformation regarding pension funding. Ms. LaDue advised Attorney Levinson had indicated he would draft a cover page for the website. Mr. West thought one of the elements that should be incorporated was the case work that was done because the spreadsheet provided was 0j Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 helpful in understanding the City's budget and percent of contribution. He noted there are two liabilities. Mr. West reviewed everyone must come to terms with the reality that if one was to roll back benefits from today going forward, it would have a negligible effect on the cost of the Plan. All plans were impacted by the 2008 market crisis and this was due to not having a funding policy in place. If the City had made up the shortfall during that period of time or had level funding in place, the Board would be in a much better position. Mr. West commented the Collins Institute and other studies painted an inaccurate a picture. He agreed there is a pension problem, but the problem was paying the benefits that are currently paid and the City sponsors that have not paid that bill. Chair Henderson advised Mr. West put a presentation together and they would discuss and assemble a fact sheet to post on the City's website with the pension plan that shows where the costs are. A generic template fact sheet was reviewed. They can summarize how the portfolio is diversified and how the City has to make its contribution. They would cite the Florida Constitution, Chapter 112 and other provisions regarding pension plans. Attorney Levinson advised he just reviewed the valuation and they were sitting on unrecognized gains. 2) Debra Dypold — Restart benefit payments 8-1-15 — lump sum retro benefits since Nov 2013. Chair Henderson advised Ms. Dypold had not sent back her Alive and Well Statement for two years and they stopped payment. It was finally sent in, but they were unsure about the taxes. Ms. LaDue had paid the August 1, 2015 benefit, but Ms. Dypold is owed 21 months past benefit payments. Ms. LaDue advised she would pay the monthly benefit payments in a lump sum for $58,000 plus the normal taxes that would have been deducted on a monthly basis. Attorney Levinson explained as long as Ms. Dypold was given the option to change her withholding options, it was fine to pay her in that manner. Ms. LaDue distributed a handout regarding Deputy Chief Hoggart, who was erroneously put in the General Employees' Pension Fund. They were in the process of moving him to the Firefighters' Pension Fund, but he will have to pay back contributions for the next two years because general employees contribute 7% of their salary, and firefighters contribute 12%. Attorney Levinson needed to send letter to Tim Howard, Finance Director, requesting the transfer and inquiring how they would collect the back payments. Chair Henderson suggested they expedite the matter. Ms. LaDue noted Deputy Chief Hoggart would need to make either a lump sum contribution or payroll deduction. Mr. Petty recalled he was given the option to repay it in a lump sum or over a two or three-year period. Attorney Levinson will request the final calculations and payment from the General Employees' Plan to the Firefighters' Plan and Chair Henderson and Ms. LaDue will set up a payment plan not to exceed three years. 10 Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 VII. NEW BUSINESS: A. Invoices for review and approval: 1. Schroder Fixed Income Mgt — Qtry fee 09-30-2015 - 2. DSM Capital Partners LLC — Qtry fee 09-30-2015 - $23,315.41 3. Bogdahn Group — Qtry fee 06-30-2015 - $8,375 4. Klausner, Kaufman, Jensen & Levinson — Service Jun 2015 - $2,880 5. Anchor Capital Advisors — Quarterly fee — 06-30-2015 - $ 6. GRS - Service June 2015 - $4,680 7. Alerus — Qtry DROP Admin Fee - $500 8. Salem Trust Custodial Fee 6-30-15 - $8,126.17 charged to account. 9. Intercontinental- Management Quarterly fee 12-31-2014 - $8,616.81 withheld from dividend reinvestment plan. 10. ASB Real Estate Fund — Quarterly Fee 6-30-2015 withheld - $8,271.74 Chair Henderson noted they were missing the invoices from Schroder and Anchor. Ms. LaDue advised the invoices should be about $7,300 and $16,000 respectively, which were their normal fees. Motion Ms. Bush moved to approve the bills. Mr. Petty seconded the motion that unanimously passed. Vlll. PENSION ADMINISTRATOR'S REPORT: 1. Benefits as of 08-01-2015. 2. Schedule of 2016 Quarterly Board Meetings The members reviewed the 2016 meeting schedule. Ms. LaDue provided the meeting dates for inclusion in the City's calendar. Mr. Petty noted they had previously discussed Ms. LaDue's retirement. Messrs. Petty and Raybuck inquired at a conference about the next step to take. He inquired if they should contact the Chair of the Police Pension Board or start bringing in potential candidates. Chair Henderson thought they should issue an RFP and go from there. Attorney Levinson commented in the past, the administrator was a City employee that worked in Finance, but the Board moved away from that model. The next model was using Ms. LaDue as a dedicated administrator just for the Boynton Beach Police and Fire Pension Plans. A third model is an outside independent third -party administrator 11 Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 who works for 20 to 50 other plans and is not dedicated just to the Plan. There are advantages and disadvantages. His understanding was to continue to have a dedicated person. Attorney Levinson suggested the Board consider that it would take time for a new administrator to be brought up to speed and be trained or if they would provide back-office support for a third -party administrator. The Pension Resource Center handles many plans and was already working with Ms. LaDue. The Board should consider the scope of services they want. Mr. Raybuck inquired how many responses would be received if they issued an RFP. Attorney Levinson advised if they want a dedicated person, it would be a much smaller group. They would also have to build more into the budget for administrator fees because that person would work with Ms. LaDue for a period of time before she retired. Mr. Raybuck wanted a few options for the next meeting. The members discussed the Firefighters' Plan was not tied to the Police Plan. The Police Plan wants a dedicated administrator. Mr. West asked if they would retain Ms. LaDue's office if they used an outside third party vendor and learned they would not. Ms. LaDue explained she is very busy and a third party administrator would not be able to devote the time and be as fast to react. It was noted much of the pension work would be done online. Ms. Bush believed the personal touch would be lost if using a third party administrator and they had a more complicated situation due to Police. Mr. Petty did not know if it would be beneficial to have one person just for the Fire Department. Mr. Raybuck commented they could issue the RFP on behalf of Fire and Police and see if they agree with it and then jointly meet. Mr. West suggested posting the dedicated administrator position in some of the trade magazines. Attorney Levinson had referred someone from Hollywood who is from Palm Beach County. Ms. LaDue had received her resume and forwarded it and a survey of South Florida Administrator salaries to Chair Henderson. Background checks will be included in the RFP. Mr. Petty agreed to convey this to Toby Athol, Chair of the Police Pension Plan. Ms. Bush believed there was already a decision they want a dedicated person and Mr. Petty disagreed. He wanted all the information to see what is out there. If they have a single administrator, if something should happen, they are stuck. Ms. LaDue advised the system manager is the Resource Center so they will have the entire setup including setting up the website for the members to access and they handle the General Employees' Plan. Chair Henderson thought they should contact the Police Plan and go from there. They would look at both models. Mr. Petty would contact the Chair of the Police Plan and a question arose if they want to start meeting with the RFP Respondents at the next meeting, with just the Fire Trustees or with the Police Trustees or meet with interested individuals after the meeting. Chair Henderson suggested issuing the RFP to set a date and have a special meeting. Ms. LaDue could compile questions for the interview. 12 Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 On a different matter, Chair Henderson did not think some members were happy with Salem Trust's presentation at a prior meeting. He wanted to discuss this at the next meeting. Attorney Levinson advised Salem should have received their audit so the Board may want to consider if they would want to use another custodian. IX. PUBLIC COMMENTS: Commissioner Fitzpatrick explained he was the lead on pensions for the City Commission. He was contemplating the pension issue and asked if the Plan was 100% funded, if the City's contribution would be zero and learned it would not. The City would still have to pay the normal cost of the accrual of a new benefit for the new year. The largest component of City's cost is the unfunded liability. The closer the fund is to being 100% funded, the less the payment. Commissioner Fitzpatrick inquired about the breakeven point. Mr. West explained the definition of being fully funded means the actuary is assuming investments make 7.5%, the members contribute 12%, State money represents x% and what the City contribution is going to be. A fully funded plan assumes each of those components would be contributed on an annual basis. With those assumptions, there will always be a City contribution. It is a projection. Attorney Levinson explained although the City may be paying $4 million, they still need to fund future benefits for active firefighters. Commissioner Fitzpatrick understood that after retirement, a member cannot have reduced benefits. He asked if they could increase benefits. Attorney Levinson responded as a general rule, they would not see increases in benefits using a defined benefit formula. With respect to retirees, share plans and State monies, there could be a way of increasing benefits for retirees, but generally benefits are not increased because the Union no longer represents retirees. Under certain circumstances, it is possible to increase benefits to retirees. If funding improved in the future they could increase benefits most likely as a COLA. It could be like a 13th check or ad hoc benefit. Commissioner Fitzpatrick noted the Firefighters' plan has a 3% multiplier. The law changed. City plans would not continue to receive 175 monies if the multiplier dropped below 2.75% and last year the minimum was 2%. Chair Henderson commented city plans gave up additional 175 monies through negotiation for the higher multiplier. Additionally, if a plan pooled the 175 monies and did not allocate those funds for a benefit, they had to have an agreement with the City on the remainder and it was a complicated matter. Delray Beach gave up $8 million. Attorney Levinson explained the multiplier which is 3% cannot go below 2.75%, and if it was lowered to 2.75%, it could only be for future service because they cannot take away a benefit. Mr. Fitzpatrick inquired if members having seven years with a 3% multiplier and 13 years with 2.75% would change the City's contribution and help the Plan get closer to being 100% funded. He asked if the Board had a plan to be 100% funded. Chair Henderson explained the Board's investment policy and all the actions taken by the 13 Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 Board were to increase the funding ratio to get to 100%. Mr. West explained the State requires the Plan be funded to 100% over a 30-year period. When the actuary provides the valuation report, they make projections and calculate contribution requirements so in 30 years, the Plan would be 100% funded. This is legally required in Florida. Commissioner Fitzpatrick inquired where in the 30-year period the Plan was and learned it was in year one of a rolling 30-year period. It was like a mortgage. Mr. West explained because the benefits accrued to date, paid and unpaid, have not been paid, there is a mortgage the City has to pay which is the unfunded liability. Attorney Levinson noted the Plan could be 100% before the 30-year period. Commissioner Fitzpatrick agreed the goal should be to become 100% funded in 10 or 15 years. Chair Henderson noted if that were done, the City's costs would triple. Commissioner Fitzpatrick explained those were the kinds of scenarios they should run. He suggested if the Plan is to be fully funded in 10 to 15 years, they should drop the multiplier to 2.75%, become fully funded, and when that is achieved, they replace it so when people retire they could increase their multiplier to 3%. Chair Henderson explained the Union has met with GRS and was looking at the cost of benefits and reviewing how to reduce the City's costs which is by a reduction of benefits. They are doing an entire model that will be presented to the City. The Union initiated this action and this had been discussed at the Special Meeting. The Plan took a hit and the State hit it again with new mortality tables. Commissioner Fitzpatrick thought the problem with having a 30-year period was the picture keeps changing. Attorney Levinson pointed out there are other components of the benefit structure that affect the cost, but the majority is the unfunded liability, and another component was delayed retirement and member contributions. Mr. Petty understood unless they paid down the already accrued unfunded liability for firefighters currently receiving benefits, they would not get anywhere because the interest on that debt is high. They are paying down current debt. Commissioner Fitzpatrick asked if there was another way to achieve this and Mr. Petty explained that was what GRS, the Union and the City were sitting down to figure out. Chair Henderson noted the Trustees gave direction to the Union where they think there could be savings, basically on benefits and they are looking at everything. Commissioner Fitzpatrick thought it would be helpful to take the 175 funds and pay it down. Attorney Levinson explained with health insurance, the focus is on when retirees do not need to pay for health insurance when they become Social Security and Medicare eligible. Some Boards pay a higher benefit to age 65 or 67 and when Social Security or Medicare kicks in they lose some of the additional income, which was something else the Union and City would discuss through negotiations. Chair Henderson explained some of the 175 money is in the pot for the future and some of it is disbursed. It is an ad hoc payment that could go away through negotiations, and it was being reviewed. If the cities and Union agree, it could be changed, not if the Pension Board agreed. 14 Meeting Minutes Firefighters' Pension Board Boynton Beach, Florida August 5, 2015 Commissioner Fitzpatrick's impression was no one wants to give bad news and he commented there might come a point the Board may want the City Commission to impose something so the Board would not have to. Attorney Levinson recommended at the next meeting they move Commissioner Fitzpatrick to the top of the agenda X. ADJOURNMENT: Motion There being no further business to discuss, Ms. Bush moved to adjourn. Mr. Raybuck seconded the motion that unanimously passed. The meeting was adjourned at 11:42 a. m. Catherine Cherry Minutes Specialist 102015 15 Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 www.robertdklausner.com Fax (954) 916-1232 Tax I.D.: 45-4083636 BOYNTON BEACH FIREFIGHTERS October 2, 2015 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 17238 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 10/02/15 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND :BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE .900334 Professional Fees Date Description Hours Amount 09/01/15 RECEIPT AND REVIEW EMAILS; REVIEW FILE 0.30 90.00 09/02/15 RECEIPTAND REVIEW EMAIL FROM SALEM; 0.10 30.00 REVIEW FILE 09/16/15 RECEIPT AND REVIEW MUTUAL CONSENT 1.00 300.00 AGREEMENT; REVIEW FILE AND EMAILS 09/24/15 PHONE CONFERENCE CALL WITH CHAIR AND 1.00 300.00 ACTUARY; REVIEW EMAIL AND PREMIUM TAX DATA 09/25/15 DRAFTING LEGAL OPINION RE ORDINANCE 10-016; 4.00 1,200.00 DRAFTED EMAILS REQUESTING FILES 09/28/15 REVIEW MINUTES AND FILE; REVIEW EMAIL FROM 1.00 300.00 LADUE RE ORDINANCE 10-016 09/29/15 CALL TO ACTUARY AND CHAIR; REVIEW FILE 1.00 300.00 Total for Services 8.40 $2,520.00 CURRENT BILL TOTAL AMOUNT DUE $ 2,520.00 Past Due Balance 5,670.00 AMOUNT DUE $8,190.00 Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 www.robertdkiausner.com Fax (954) 916-1232 Tax I.D.: 45-4083636 BOYNTON BEACH FIREFIGHTERS August 31, 2015 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 17137 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 08/31/15 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND : BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE :900334 Professional Fees Date Description Hours Amount 08/04/15 REVIEW CORRECTION OF WITHHELD PAYMENTS; 1.00 300.00 REVIEW TAX IMPLICATIONS 08/04/15 PREPARATION FOR BOARD MEETING; REVIEWED 1.00 300.00 FILE 08/04/15 EVALUATION DROP OPTIONS; CONFER WITH RDK 1.50 450.00 08/04/15 REVIEW EMAIL FROM TARCZA RE DYPOLD 0.70 210.00 ISSUES; REVIEW FILE 08/04/15 EMAIL FROM/TO A. LEVINSON RE CONSTRUCTIVE 0.50 150.00 RECEIPT; EMAIL FROM/TO JET. 08/04/15 CORRESPONDENCE FROM A. LEVINSON RE 0.30 90.00 DISTRIBUTION OF UNDISTRIBUTED BACK PAYMENTS; CORRESPONDENCE RE SAME 08/05/15 ATTENDED BOARD MEETING 5.00 1,500.00 08/05/15 REVIEW. FILE RE PENDING ISSUES 0.50 150.00 08/05/15 EMAILA. LEVINSON 0.30 90.00 08/06/15 REVIEW DRAFT RFP AND FILE RE PENDING 2.00 600.00 ISSUES; CONFERRED WITH BSJ RE RFP 08/10/15 REVIEW EMAILS; REVIEW 175.032 0.50 150.00 08/11/15 REVIEW FILE RE PENDING ISSUES AND HOGGATT 0.50 150.00 08/12/15 DRAFTED LETTER TO FINANCE DIRECTOR; 1.00 300.00 REVIEW EMAIL FROM CITY ATTORNEY. 08/12/15 REVIEW EMAILS AND GRS CALCULATIONS 0.50 150.00 08/13/15 RECEIPTAND REVIEW EMAIL FROM LADUE 0.10 30.00 Total for Services 15.40 $4,620.00 Continued ... Client: BOYNTON BEACH FIREFIGHTERS PENSION FUND August 31, 2015 Matter: 900334 - BOYNTON BEACH FIREFIGHTERS - GENERAL FILE Page 2 CURRENT BILL TOTAL AMOUNT DUE $ 4,620.00 Past Due Balance AMOUNT DUE 1,050.00 $5,670.00 Tel. (954) 916-1202 Fax (954)916-1232 Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W. 4th Street Plantation, Florida 33317 www.robertdklausner.com Tax I.D.: 45-4083636 BOYNTON BEACH FIREFIGHTERS July 29, 2015 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 17047 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 07/29/15 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND :BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE :900334 Professional Fees Date ' Description Hours Amount 07/01/15 RECEIPTAND REVIEW PUBLIC RECORDS 1.00 300.00 REQUEST AND FILE; DRAFTED EMAIL TO LADUE RE JULIE REQUESTS 07/02/15 REVIEW INTERCONTINENTAL AMENDMENTS 0.20 60.00 07/07/15 DRAFTING MEMO RE PENDING DEADLINES; 0.40 120.00 REVIEWED FILE 07/16/15 REVIEW EMAIL FROM LEIVA RE MEDIATION; 0.50 150.00 DRAFTED EMAILS; REVIEW FILE 07/22/15 RECEIPT AND REVIEW EMAIL RE DYPOLD; 0.20 60.00 07/22/15 DRAFTED EMAIL REVIEW EMAILS RE CRESCENT; DRAFTED EMAIL 0.20 60.00 07/23/15 RECEIPT OF EMAILS RE CRESCENT, CALL TO 0.20 60.00 07/24/15 WEST RECEIPT AND REVIEW EMAILS; DRAFTED EMAIL 0.10 30.00 07/24/15 RE CRESCENT REVIEW FAQs AND GUIDANCE FROM DIVISION OF 0.20 60.00 07/29/15 RETIREMENT RECEIPT AND REVIEW EMAIL FROM LADUE; 0.50 150.00 REVIEW FILE Total for Services 3.50 $1,050.00 Continued ... Client: BOYNTON BEACH FIREFIGHTERS PENSION FUND July 29, 2015 Matter: 900334 - BOYNTON BEACH FIREFIGHTERS - GENERAL FILE Page 2 CURRENT BILL TOTAL AMOUNT DUE Past Due Balance AMOUNT DUE $ 1,050.00 2,880.00 I® $3,930.00 4901 Vineland Rd Suite 600 Orlando, FL 32811 Boynton Beach Firefighters' Pension Plan Attn Barbara La Due Invoice Date Invoice # 9/15/2015 12606 Description Amount Performance Evaluation for 6/30/15 Reports and Consulting 8,375.00 Services through 9/30/15 7/1/2015 - 9/30/2015 Balance Due $81375.00 GRSGabriel, Roeder, Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301-1804 (954) 527-1616 Attention: Ms. Barbara La Due City of Boynton Beach Municipal Firefighters Retirement Fund Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, Florida 33426 1 --Client 10,0,56.0--. For professional actuarial services rendered for the Boynton Beach Municipal Firefighters Retirement Fund through 9/30/2015 Service purchase calculation for Charles Myers Benefit calculations for: Bebosa, Valentine (Beneficiary change) Charges to date for initial work on the 10/1/2015 Actuarial Valuation; total charges to date equal $284 Miscellaneous consulting charges, 7/1/2015 - 9/30/2015 - includes emails regarding extra payments toward UAL (targeting pay-off of specific amortization bases), and emails, phone calls, and research/analysis regarding the City's proposed mutual consent agreement per Senate Bill 172 and the treatment of excess state reserve funds; Analysis included calculation of annual cost of plan benefits in excess of Chapter minimums for analysis of future Senate Bill 172 default arrangement implications and a review of the letter to the City and Union from Adam Levinson regarding the City's proposed mutual consent agreement Amount Due Invoice Date Invoice 10/7/2015 1 Please Remit To: Dept. # 78009 Gabriel, Roeder, Smith & Company PO Box 78000 Detroit, Michigan 48278-0009 Federal Tax ID 2.00 225.00 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page Iof1 450.00 450.00 284.00 1,784.00 $2,968 INTERCONTINENTAL REAL ESTATE CORPORATION 1270 SOLDIERS FIELD ROAD BOSTON, MASSACHUSETTS 02i5-1003 TELEPHONE 617-782-2600 FACSIMILE 617-782-9442 www.intercOntinental.net August 12, 2015 Ms. Barbara LaDue, Pension Administrator City of Boynton Beach Firefighters' Pension Fund Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 RE: U.S. Real Estate Investment Fund, LLC Dear Ms. LaDue: We are pleased to announce that U.S. Real Estate Investment Fund, LLC (US REIF) has made a distribution to you in the amount of $55,773.95, which constitutes your pro rata gross share of an overall distribution of $19,136,748.87. The Fund has withheld $8,812.97 for payment of asset management fees for the second quarter 2015, resulting in a net distribution to you of $46,960.98. As authorized by your executed Dividend Reinvestment Plan (DRIP) letter, Intercontinental has reinvested your net distribution of $46,960.98 into US REEF. If you have any questions or wish to change your method of payment, please contact Bart Weinstein at 617-779-0440. Sincerely, Paul J. Nasser INVESTMENT ADVISORS v 7501 Wisconsin Avenue, Suite 150OW Bethesda, Maryland 20814 BOYNTON BEACH FIREFIGHTERS PF ACCOUNT: CH100363 TRANSACTIONS FOR THE PERIOD 07/01/15 THROUGH 09/30/15 DATE TRANSACTION DESCRIPTION BEGINNING BALANCES FEES AND EXPENSES OTHER FEES AND EXPENSES 07/15/15 INVESTMENT MANAGEMENT FEE COLLECTED BASED ON A MARKET -VALUE OF $2,775,969.67 TOTAL FEES AND EXPENSES INVESTMENT ACTIVITY SECURITY TRANSACTIONS 07/15/15 PURCHASED 75.09 UNITS OF SEI DAILY INCOME GOV T FUND CL A N36 TRADE DATE 7/15/15 07/15/15 SOLD 7.291 UNITS OF ASB ALLEGIANCE REAL ESTATE FUND TRADE DATE 6/30/15 7.291 UNITS AT $1,200.1344 TOTAL SECURITY TRANSACTIONS TOTAL INVESTMENT ACTIVITY ENDING BALANCES 1487-02-00-0000288-0011.0001414 PAGE: 5 CASH COST $0.00 $1,938,358.11 8,674.91- 8,674.91- 0.00 75.09- 8,750.00 8,674.91 8,674.91 $0.00 75.09 6,109.18- 6,034.09- 5,034.09- $1,932,324.02 RS Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone Consultants & Actuaries Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301-1804 www.gabrielroeder.com September 28, 2015 CONFIDENTIAL Ms. Barbara La Due Pension Administrator Renaissance Executive Suites 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Dear Barbara: You have asked us to verify the retirement benefits for the following employee: BESOSA, Michael J (DROP Retirement) Based on the information provided, we have determined that the retirement benefits that have been calculated for the above participant are in accordance with plan provisions. Please note that we did not perform a review of the average monthly salary. We welcome your questions and comments. Sincely yours, Peter N. Strong, FSA Senior Consultant an'IA ary PS/jc Enclosures This communication shall not be construed to provide tax advice or legal advice unless it contains one of the following phrases, or substantially equivalent language: "This communication is intended to provide tax advice." Or "This communication is intended to provide legal advice." Barbara Ladue From: Barbara Ladue <ladueb@bbpdpension.com> Sent: Monday, September 21, 2015 11:42 AM To: Travis.Robinson@gabrielroeder.com; Jerome Hogness Oerome.hogness@alerus.com) Cc: Pete.Strong@gabrielroeder.com Subject: Boynton Fire - Michael Besosa DROP Retirement Verification Attachments: D00092115.pdf Travis: Please review and provide verification of benefit for the Fire Pension Board on the following: Michael Besosa, SS# 151-60-xxxx, retirement into DROP, effective 9-1-2015, 100% Survivor for $4,807.67. Thanks Jerome: Please set up DROP account with the initial DROP mo benefit of $4,807.67 effective 09-01-2015. Please also credit on 09-01-2015, his Vac/Sic R/0 amount into the DROP of $52,334.92. Thanks. Please let me know if additional info is needed for verification of benefit or set up of DROP account. Barb La Due Pension Administrator Boynton Beach Police & Fire Pension Funds Phone: (561) 739.7972 -----Original Message ----- From: Scanner [mailto:faxexecsuites@Bmail.com) Sent: Monday, September 21, 2015 11:19 AM To: BARBARA LADUE Subject: Send data from MFP07580425 09/21/2015 11:19 Scanned from MFP07580425 Date:09/21/2015 11:19 Pages:6 Resolution:200x200 DPI BOYNTON BEACH FIREFIGHTERS' PENSION FUND DROP ACCOUNT NAME 91 C,HA-F-L 16,55054 (Print) SS# /rP- 40 -AIC-XV Effective with the first benefit payment due, �? - ©/--deo/:�, I direct the DROP Pension Benefit to be invested in the Boynton Beach Firefighters' Pension Fund, as follows: Investment Earnings of the Plan % Guaranteed ?% Fixed 100 % The investment selection may be changed each year effective January Is` X a� ' i ) (Signature) Date %"9-- 14 Witness: CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL STATEMENT OF RETIREMENT BENEFITS September 15, 2015 Participant's Name: MICHAEL J BESOSA Social Security #: 151-60-xxxx You are eligible for a(n) NORMAL Retirement Benefit from the Plan. Your benefit is payable at the beginning of each month com- mencing September 1, 2015. The amount of your monthly benefit depends on the optional form of annuity which you choose. Please indicate the one optional form listed below which you elect to recieve: 1. MODIFIED CASH REFUND ANNUITY: This option provides monthly pay- ments of $ 5505.50 to you as long as you live. If you should die before you have received an amount equal to your own contributions to the Plan, payments will continue to your beneficiary until your own contributions have been used up. 2. TEN YEAR CERTAIN AND LIFE THEREAFTER: This option provides monthly payments of $ 5355.54 to you as long as you live. If you should die before 120 monthly payments have been made, the monthly payment of $ 5355.54 will continue to be made to your beneficiary until a total of 120 monthly payments have been made in all. 'h4 -6w V/ 3. 100% SURVIVOR ANNUITY: This option provides monthly payments of $ 4807.67 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 4807.67 for as long as he/she lives. 4. 66% SURVIVOR ANNUITY: This option provides monthly payments of $ 5019.75 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 3346.67 for as long as he/she lives. S. 50% SURVIVOR ANNUITY: This option provides monthly payments of $ 5133.29 to you as long as you live. Your beneficiary, if living at the time of your death, will receive monthly payments of $ 2566.65 for as long as he/she lives. 6. 75% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 5094.73 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of $ 3821.05 will continue for the life of the remain- ing person. 7. 50% JOINT AND LAST SURVIVOR ANNUITY: This option provides monthly payments of $ 5418.74 to you as long as both you and your bene- ficiary are living. After the death of either you or your beneficiary, monthly payments of $ 2709.37 will continue for the life of the remain- ing person. THESE AMOUNTS ABOVE ARE BASED UPON THE FOLLOWING INFORMATION: Your Date of Birth: 08/16/1960 Pension Hire Date: 03/15/1999 Date of Termination: 08/31/2015 Adjusted Hire Date: 03/15/1999 Avg Final Monthly Comp:$10,845.35 Years of Credited Service: 16 Beneficiary Name: KAREN BESOSA Date of Birth: 08/16/1962 Page 2 Participant's Name: MICHAEL J BESOSA Social Security #: 151-60-xxxx Accumulated Contributions:$143,705.31 After -Tax Contributions: $.00 Pre -Tax Contributions:$143,705.31 Nontaxable Portion of Life Number of Months Nontaxable Annuity Monthly Benefit: $.00 Portion Continues: 0 Nontaxable Portion of Join Number of Months Nontaxable Survivor Monthly Benefit: $.00 Portion Continues: 0 The Survivor Annuity benefit amounts shown above are based on the beneficiary named above and are payable only to this beneficiary. If you wish to change your beneficiary before your payments begin, new amounts will have to be calculated. BOARD OF TRUSTEES: By DATE: I accept the terms above, including my choice of annuity form, and confirm the information shown above to be correct. PARTICIPANT'S SIGNATURE : ' ..k1&l19 — , DATE: 9 ' oZ - 1S BENEFICIARY'S SIGNATURE: Calculation Date: DATE: / - ) ` Is CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 1 September 15, 2015 NAME BESOSA, MICHAEL J # ADDRESS 1904 STRATFORD WAY WEST PALM BEACH, FL 334 BIRTH 08/16/1960 PEN HIRE 03/15/1999 ADJ HIRE 03/15/1999 RETIRE 08/31/2015 TYPE N LAST SERV 08/31/2015 ELIG NORM 08/16/2015 ELIG EARLY 08/16/2010 100% VEST 03/15/2009 COMMENCE 09/01/2015 LAST EARN 00/00/0000 BEN NAME KAREN BESOSA BEN BDAY 08/16/1962 -VAC HRS/CD 153.23/N6 SIC HRS/CD 125.54 F1 ACCRUE PER .00 LAST PAY 20150824-20150906 TERM -DATE 20150831 2289 SSN 151-60-xxxx YTD CONTR. CONTR(TAX) CONTR(NTX) BALANCE BENEFIT 36 MO EARN AVG MO EARN SERV AT TERM AGE AT RETIRE COM ANB/DIFF VESTED TDY/RET SERV OVERRIDE AIRTIME HOURLY RATE VAC SIC PAYOUT EARLY OPTION RATE DEPT 22 16,937.40 143,705.31 .00 143,705.31 390,432.74 10,845.35 16 5 16 55 0 15 55 -2 100 100 0 0 0 38.630 .00 .49381 5,355.54 EARLY REDUCTION FACTOR: .00000 EARLY RETIRE BENEFIT .00 TEN YEAR CERTAIN & LIFE 5,355.54 LIFE ANNUITY FACTOR: 1.02800 MODIFIED LIFE ANNUITY 5,505.50 " 100% SURV. FACTOR: .89770 100 SURV. ANNUITY 4, 807:67 SURVIVOR BENEFIT 4,807.67,' 66 2/3% SURV. FACTOR: .93730 66 2/3% SURV. ANNUITY 5,019.75 SURVIVOR BENEFIT 3,346.67 50% SURV. FACTOR: .95850 50% SURV. ANNUITY 5,133.29 SURVIVOR BENEFIT 2,566.65 75% JOINT LAST FACTOR: .95130 75% JOINT & LAST ANNUITY 5,094.73 SURVIVOR BENEFIT 3,821.05 50% JOINT LAST FACTOR: 1.01180 50% JOINT & LAST ANNUITY 5,418.74 SURVIVOR BENEFIT 2,709.37 EXCLUSION RATIO USING SAFE HARBOR METHOD: ANNUITY JOINT SRV NUMBER OF EXPECTED PAYMENTS 0 0 TAX-FREE PORTION OF MONTHLY BENEFIT .00 .00 DATE WHEN BENEFIT BECOMES FULLY TAXABLE 00/00/0000 00/00/0000 Prepared by * indicates manual override CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 2 September 15, 2015 MICHAEL J BESOSA H I G H Y E A R O N E H I G H Y E A R T W 0 PAY EFF WEEKS WAGES PAY EFF WEEKS WAGES 08/24/15 1.2 66,713.32 03/12/12 2.0 3,615.65 08/10/15 2.0 8,564.60 02/27/12 2.0 4,698.20 07/27/15 2.0 3,708.71 02/13/12 2.0 4,058.86 07/13/15 2.0 3,928.71 01/30/12 2.0 3,615.65 06/29/15 2.0 3,784.04 01/16/12 2.0 4,074.78 06/15/15 2.0 3,708.71 01/02/12 2.0 3,615.65 06/01/15 2.0 3,975.07 12/19/11 2.0 3,395.65 05/18/15 2.0 3,708.71 12/05/11 2.0 3,647.48 05/04/15 2.0 3,928.71 11/21/11 2.0 3,395.65 04/20/15 2.0 3,708.71 11/07/11 2.0 3,615.65 04/06/15 2.0 3,928.71 10/24/11 2.0 3,395.65 03/23/15 2.0 3,801.43 10/10/11 2.0 3,615.65 03/09/15 2.0 3,928.71 09/26/11 2.0 3,395.65 02/23/15 2.0 3,708.71 09/12/11 2.0 5,698.14 02/09/15 2.0 3,943.20 08/29/11 2.0 4,218.04 01/26/15 2.0 4,470.99 08/15/11 2.0 3,395.65 01/12/15 2.0 3,863.05 08/01/11 2.0 9,133.58 12/29/14 2.0 5,054.74 07/18/11 2.0 3,422.18 12/15/14 2.0 3,643.05 07/04/11 2.0 3,658.10 12/01/14 2.0 5,257.66 06/20/11 2.0 4,324.15 11/17/14 2.0 3,734.13 06/06/11 2.0 3,700.54 11/03/14 2.0 3,863.05 05/23/11 2.0 3,438.10 10/20/14 2.0 3,717.05 05/09/11 2.0 3,615.65 10/06/14 2.0 5,556.50 04/25/11 2.0 3,395.65 09/22/14 2.0 7,527.08 04/11/11 2.0 3,615.65 09/08/14 2.0 3,863.05 03/28/11 2.0 3,793.58 08/25/14 .8 1,657.59 00/00/00 .0 .00 TOTAL 52.0 177,247.99 TOTAL 52.0 103,549.18 CITY OF BOYNTON BEACH FIREFIGHTERS' RETIREMENT SYSTEM FINAL WORKSHEET OF RETIREMENT BENEFITS PAGE 3 September 15, 2015 MICHAEL J BESOSA H I G H Y E A R T H R E E PAY EFF WEEKS WAGES 09/28/09 2.0 3,347.65 09/14/09 2.0 4,603.02 08/31/09 2.0 5,280.71 08/17/09 2.0 4,603.02 08/03/09 2.0 7,752.21 07/20/09 2.0 4,644.87 07/06/09 2.0 3,567.65 06/22/09 2.0 4,603.02 06/08/09 2.0 4,906.72 05/25/09 2.0 3,347.65 05/11/09 2.0 3,567.65 04/27/09 2.0 3,347.65 04/13/09 2.0 3,368.57 03/30/09 2.0 4,802.35 03/16/09 2.0 3,803.67 03/02/09 2.0 3,638.30 02/16/09 2.0 3,643.53 02/02/09 2.0 4,728.51 01/19/09 2.0 3,223.12 01/05/09 2.0 3,303.10 12/22/08 2.0 3,203.10 12/08/08 2.0 3,343.14 11/24/08 2.0 3,243.14 11/10/08 2.0 5,680.40 10/27/08 2.0 3,403.29 10/13/08 2.0 5,705.42 09/29/08 .6 974.11 TOTAL 52.6 109,635.57 CITY OF BOYNTON BEACH FIREFIGHTERS PENSION SYSTEM FIREFIGHTERS' PENSION DATA PAGE 1 REPORTING PERIOD 10/01/2014 TO 09/30/2015 Social Names Date of Date of Benef. Total Security Birth Retire/ Disability Birth Pens. Monthly Received Number Last, First, I. Disab. Code Name of Beneficiary Date Opt. Pension This Yr :ETIREMENT 5297 ALLEN,EDWARD 08/1930 02/01/94 MRS. ALLEN 02/1927 3-A 4,464.39 53,572.6 6107 ALTMAN,RAYMOND 11/1962 01/01/13 DAWN ALTMAN 10/1953 3-A 3,609.89 43,318.6 0637 ANDERSON,ROBERT 12/1960 05/01/09 00/0000 1 7,425.87 87,363.1 9555 BELL,DANIEL 10/1955 01/01/98 RONNA R. BELL- DECEASED 06/1954 3-A 3,216.33 38,595.9 7547 BINGHAM,WILLIAM 12/1953 10/01/09 AISHAH ABDUL AZIZ 04/1964 3-D 4,609.33 54,227.4 4242 BONOMINI,JAMES 02/1955 01/01/98 PATRICIA BONOMINI 12/1952 3-A 2,913.58 34,962.9 0362 BORDEN,BOBBY 02/1950 06/01/04 FREDA BORDEN 10/1949 2 8,611.80 103,341.6 1533 BROWN,ROBERT 03/1949 02/01/00 00/0000 1 4,076.38 48,916.5 0316 CAMPBELL,STEVEN 04/1949 06/01/97 JOAN CAMPBELL 12/1949 3-A 2,384.98 28,619.7 7839 CAUGHEY,GAYLE 08/1958 08/01/05 GARY CAUGHEY 10/1959 3-A 1,587.13 19,045.5 2595 CAVANAUGH,WILLIAM 10/1943 01/01/98 ALISON CAVANAUGH 12/1963 1 3,458.01 41,496.1 1622 CROCKETT,DAVID 04/1936 11/01/91 PEGGY CROCKETT 09/1934 3-A 579.23 6,950.7 9654 CROFT,BRYAN 01/1964 02/01/07 BRENDA CROFT 08/1964 1 831.05 9,972.6 8948 CROFT,ROBERT 01/1961 07/01/04 CHRISTINE CROFT 03/1962 2 4,508.53 54,102.3 3953 DEMARCO,JOSEPH 08/1950 12/01/97 DANA DEMARCO 10/1947 3-A 3,205.02 38,460.2 9036 DOLPHIN,ANTHONY 03/1947 04/01/01 PATRICIA DOLPHIN 01/1947 3-B 3,476.21 41,714.5 2671 DUNKELMANN,WILLIAM 10/1941 07/01/95 LYNNE MCKIRDY 07/1951 2 3,103.59 37,243.0 5135 DYPOLD,DEBRA 05/1952 06/01/02 00/0000 2 2,796.14 64,311.2 2513 EBERLY,DEAN 04/1961 07/01/04 CHRISTINE EBERLY 01/1968 2 4,084.58 49,014.9 1267 EHMKE,BARRY 07/1955 04/01/01 00/0000 2 3,368.39 40,420.6 8000 ESTEVES,EDWIN 04/1953 06/01/04 DIANE S ESTEVES 08/1952 3-A 3,773.22 45,278.6 3427 FITZPATRICK,MICHAEL 06/1953 10/01/10 LISA HANLEY 09/1950 3-A 6,357.63 74,795.6 6726 FLUSHING,DENNIS 09/1952 10/01/02 MARY KATHLEEN 02/1957 3-A 6,185.85 74,230.2 5090 GALE,STEVEN 07/1950 05/01/04 PAMELA GALE 07/1951 3-A 10,221.46 122,657.5 2249 GARCIA,LUIS 05/1966 03/01/13 DAWN ROMEO GARCIA 10/1970 1 4,294.16 51,529.9 7946 GULBRANDSEN,WILLIAM 03/1956 02/01/01 JILL C. GULBRANDSEN 08/1957 2 4,231.13 50,773.5 0453 HAGG,DIANE 11/1956 02/01/09 00/0000 2 3,306.90 38,904.7 8232 HAGG,WALTER 07/1953 10/01/02 DIANE SOUCY 11/1956 3-A 5,863.16 70,357.9 1678 HERIG,JAMES 05/1945 01/01/98 KATHLEEN HERIG 05/1950 3-A 3,047.04 36,564.4 9190 HERNANDEZ,DEREK 10/1962 12/01/06 CAROLYN ALLAN 06/1967 1 3,994.16 47,929.9 8208 JUTE,RANDALL 04/1958 07/01/04 CAROL JUTE 07/1955 2 4,285.55 51,426.6 8911 KAMIYA,HENRY 04/1944 01/01/98 00/0000 2 5,266.84 63,202.0 7037 KEEFE,MICHAEL 08/1949 01/01/98 CLARA ANN BOWLBY(MOM) 4 03/1928 3-D 4,282.53 51,390.3 3307 KEISTER,RONALD 05/1953 10/01/10 KATHERINE KEISTER 01/1957 3-A 9,875.71 116,184.8 CITY OF BOYNTON BEACH FIREFIGHTERS PENSION SYSTEM FIREFIGHTERS' PENSION DATA PAGE 2 REPORTING PERIOD 10/01/2014 TO 09/30/2015 Social Names Date of Date of Benef. Total Security Birth Retire/ Disability Birth Pens. Monthly Receivec Number Last, First, I. Disab. Code Name of Beneficiary Date Opt. Pension This Yx 3063 KIGHT,LUDDY 01/1942 01/01/98 SANDRA KIGHT 03/1945 3-D 4,925.10 59,101.2 5513 KIRCHEN,ALAN 01/1956 10/01/01 00/0000 1 2,975.73 35,708.7 4840 KNIGHT,KEITH 08/1957 08/01/05 00/0000 1 1,434.05 17,208.E 4746 LAMBERT, PAUL 08/1956 04/01/01 00/0000 2 4,034.11 48,409.-- 6246 LEAMON,EDWARD 08/1958 10/01/05 KAREN LEAMON 07/1959 2 4,975.05 59,700.E 5297 LIMAURO,RICHARD 04/1960 07/01/04 DRU LIMAURO 05/1966 2 6,064.49 72,773.E 0505 LIU,DAVID 11/1963 07/01/04 PHILIP LIU(DAD) 4-1-201 04/1931 3-D 7,373.85 88,486.2 3441 LOWERY,JOHN 01/1953 08/01/93 JERILYN C. LOWERY, WIFE 01/1958 3-A 600.92 7,211.0 9342 MACALPINE,JAIME 04/1979 07/01/24 CHRIS MACALPINE 04/1968 3-A 1,907.87 C 1414 MACRAE,THOMAS 03/1954 04/01/01 DIXIE MACRAE 09/1954 3-D 3,152.55 37,830.E 5106 MADIGAN,DOUGLAS 09/1953 03/01/97 LAURIE MADIGAN 02/1961 3-B 3,028.08 36,336.5 3481 MARTIN MILKINS,CRYS 11/1963 02/01/09 LARRY MILKINS 01/1955 3-D 4,845.86 57,010.0 9949 MARTIN,JOHN 06/1948 07/01/96 SHARON MARTIN 03/1950 3-A 3,118.47 37,421.E 2833 MCCONNELL,WILLIAM 08/1958 07/01/02 00/0000 1 1,318.30 15,819.E 7801 MITCHELL,F. 10/1927 08/01/85 BLANCHE GEIST, SISTER 00/0000 1 1,475.68 17,708.1 4289 MORMAN,TIMOTHY 07/1951 03/01/02 SUSAN MORMAN/DECEASED 1 04/1959 2 7,202.62 86,431.4 8524 NESS,JAMES 02/1949 10/01/03 BARBARA L NESS 10/1959 3-B 5,650.56 67,806.7 1780 NEWELL,DEAN 05/1949 10/01/02 PATRICIA ANNE NEWELL 11/1952 3-A 3,823.51 45,882.1 0868 NEWMAN,ALLEN 11/1962 02/01/11 LISA P. NEWMAN 03/1968 3-C 5,075.49 60,905.8 7918 OVERBY,KENNETH 12/1956 01/01/98 KATHERINE OVERBY 09/1956 3-B 3,701.17 44,414.0 1627 OXENDINE,PHILIP 01/1953 07/01/00 MICHELE OXENDINE 02/1954 3-B 3,844.77 46,137.2 9772 PATTERSON,PERRY 12/1950 02/01/96 MRS. PATTERSON 12/1953 1 3,013.69 36,164.2 6787 PICKLESIMER,ALAN 11/1955 01/01/98 DEBRA PICKLESIMER 09/1954 3-A 2,486.47 29,837.E 1006 PLAYNE,MATTHEW 09/1957 07/01/04 GERALYN PLAYNE 02/1959 3-A 5,320.21 63,842.5 8458 PODRAY,ANDREW 09/1952 04/01/01 ROZANNA PODRAY 03/1952 3-D 4,052.13 48,625.5 8401 QUINN,KEVIN 04/1957 10/01/04 JEANNIE KASMER QUINN 06/1957 2 6,068.69 72,824.2 4065 RAHRIG,GILBERT 04/1939 05/01/95 WIFE - BARBARA 00/0000 2 3,088.93 37,067.1 8312 REHR,ELIZABETH 04/1968 02/01/11 BOB REHR 04/1966 1 4,313.36 51,760-3- 1,760.?3899 3899 REITZ,THOMAS 07/1959 10/01/05 00/0000 2 4,758.38 57,100.5 6678 RHODEN JR.,JAMES 07/1955 01/01/98 00/0000 1 4,234.24 50,810.8 0134 ROTHROCK,EDWARD 03/1950 04/01/01 00/0000 2 3,673.44 44,081.2 4097 RUDY,RONALD 05/1966 07/01/10 KAREN RUDY 05/1967 3-A 8,439.92 66,195.4 9949 SEARS,ROBERT 10/1951 02/01/01 PATTI SEARS 01/1956 3-B 3,118.12 37,417.4 6451 SEIDER,GREGG 04/1956 05/01/06 LAWREN SEIDER 12/1960 3-A 923.39 11,080.E 2403 SHEMWICK,THOMAS 04/1942 05/01/96 GAYLE SHEMWICK 07/1941 3-A 3,401.90 40,822.8 CITY OF BOYNTON BEACH FIREFIGHTERS PENSION SYSTEM FIREFIGHTERS' PENSION DATA PAGE 4 REPORTING PERIOD 10/01/2014 TO 09/30/2015 Social Names Date of Date of Benef. Total Security Birth Retire/ Disability Birth Pens. Monthly Received Number Last, First, I. Disab. Code Name of Beneficiary Date Opt. Pension This Yr isability Codes: Pension Option Codes: 1- 0 1 Life & 10 Yrs. Certain 2- 0 2 Lifetime of Retiree Only 3- 0 3-A Joint & Survivor 100% 4- 1 3-B Joint & Survivor 75% 5- 0 3-C Joint & Srvivor 66 2/3% 6- 0 3-D Joint & Survivor 50% Total 1 4-A 10 Yr. Certain with Joint & Survivor 50% 4-B 10 Yr. Certain with Joint & Survivor 60% 4-C Other 5 DROP Final CITY OF BOYNTON BEACH FIREFIGHTERS PENSION SYSTEM FIREFIGHTERS' PENSION DATA Social Names Date of Date of Security Date Birth Retire/ Number Last, First, I. 6,484.85 Disab. 5020 SIMPSON,GEOFFREY 05/1960 12/01/06 8086 SMOLLON,MICHAEL 08/1951 07/01/02 9257 SNOW,MARK 12/1952 04/01/01 7188 STARKOSKI,SHAWN 04/1951 08/01/00 8763 THYNG,BRADLEY 05/1964 03/01/09 8386 TRACY,BRENTON 08/1968 09/01/19 8477 VALENTINE,TIMOTHY 10/1958 07/01/04 1196 VICKI,RODNEY 01/1954 01/01/98 8790 WITT,JAMES 01/1962 09/01/10 6344 WOZNICK,MARK 09/1951 07/01/04 BISABILITY 0849 WANDELL,ERIC 06/1965 11/01/07 PAGE 3 REPORTING PERIOD 10/01/2014 TO 09/30/2015 Total Retirement 3,883,951.24 LOD ROSEANNE WANDELL 09/1972 3-A 3,481.87 40,963.2 Disability 40,963.20 BENEFICIARY Benef. Disability Birth Code Name of Beneficiary Date Opt. Pension JEAN SIMPSON 10/1955 6,484.85 00/0000 CATHERINE SNOW 12/1955 MARGARET STARKOSKI 04/1946 3,436.19 00/0000 KERSTIN TRACY 06/1966 CAROL COLON VALENTINE 1 10/1960 SHARON GOLDEN VICKI 02/1952 JOYCE WITT 11/1939 .0 00/0000 Total Retirement 3,883,951.24 LOD ROSEANNE WANDELL 09/1972 3-A 3,481.87 40,963.2 Disability 40,963.20 BENEFICIARY Total Pens. Monthly Received Opt. Pension This Yr 3-B 6,484.85 76,292.4 2 5,585.29 67,023.4 3-A 3,436.19 41,234.2 3-B 4,073.29 48,879.4 2 7,023.94 82,634.6 3-A 2,980.89 .0 3-A 7,000.34 84,004.0 3-D 3,145.81 37,749.7 1 9,124.29 8,945.3 2 4,697.97 56,375.6 Total Retirement 3,883,951.24 LOD ROSEANNE WANDELL 09/1972 3-A 3,481.87 40,963.2 Disability 40,963.20 BENEFICIARY 7853 DUFFY,CAROLYN 04/1942 4-A 1,307.88 15,694.5 7944 KINBACHER,LINDA 03/1949 3-A 3,292.54 38,735.7 7680 KNUTH,GLADYS 07/1937 3-A 1,209.79 14,517.4 9568 EUTIN,ARLEEN 09/1963 1 2,494.55 29,934.6 8640 MANNING,ALICE 07/1928 3-A 1,345.18 16,142.1 9653 RICHARDSON,MARTHA 06/1941 3-D 1,908.78 22,905.3 2829 SISKO,ANNA 01/1941 3-A 2,434.05 29,208.6 9298 WOJCIECHOWSKI,CECIL 02/1960 3-A 4,810.33 57,723.9 Death 224,862.48 NUMBER OF RETIRED EMPLOYEES ON THIS REPORT: 80 TOTAL PENSION PAYMENTS 4,149,776.92 Boynton Beach Fire Pension Fund 1500 Gateway Blvd, Suite 220, Boynton Beach FL, 33426, Phone (561) 739-7972 Request for Proposal for Administrative Services Table of Contents Section I. General Information Section II. Scope of Services Section III. Proposal Instructions Section IV. Selection Process Section I. General Information A. Purpose The Board of Trustees ("Board") of the Boynton Beach Firefighters' Pension Fund ("Fund") is seeking Proposals from qualified firms interested in providing comprehensive pension administration services. This Request for Proposal ("RFP") is offered to solicit responses for qualified vendors interested in providing such services as outlined herein. The Board is looking for an experienced firm with demonstrated experience in administration of governmental defined benefit plans, of preference, having experience with plans subjected to Florida Statutes 112, 175 and/or 185. B. Introduction/Background The Fund, which has approximately eighty (80) million dollars in assets, is a defined benefit plan governed by Florida Statutes 112 and 175, and the City of Boynton Beach. The Fund includes a Cost of Living Adjustment ("COLA") and a Deferred Retirement Option Plan ("DROP"). Members covered by the Fund are firefighters employed by the City of Boynton Beach, firefighter members participating in the DROP, deferred vested members, members retired due to normal or disability retirement and beneficiaries or former members. Currently, there are a total of 120 active members and 86 retired members. The Board is comprised of five (5) Trustees. Two (2) trustees are elected by the active membership, two (2) are appointed by the City, and one (1) is appointed by the existing four (4) trustees. C. Objective The Board is seeking proposals due to the impending retirement of the current Pension Administrator. D. Contact Rules To ensure fair consideration, the Board prohibits communication to or with any Pension Board member during the submission process. If you have a specific questions requiring explanation of the content of these proposal specifications, submit a written request for interpretation or additional information to Barbara Ladue, Pension Administrator, 1500 Gateway Blvd, Suite 220, Boynton Beach FL 33426, Phone (561) 739-7972, or by email lad ueb@bbpdpension.com E. Proposal Submission All proposals must be submitted in full by S:OOpm on January 291h, 2016. Must submit one (1) original, five (5) copies, and one (1) electronic copy of the proposal to: Mail: Barbara Ladue, 1500 Gateway Blvd, Suite 220, Boynton Beach FL 33426 Electronic copy: ladueb@bbpdpension.com Section II. Scope of Services A. Intent The intent of the Board is to seek proposals from firms, interested in providing pension administration services. B. Scope of Services The regular services to be provided to the Board include, but not limited to, the following: 1. Attend all quarterly meetings of the Board of Trustees and special meetings as needed. 2. Provide a regular schedule of day(s)/hours available, as approved by the Board, to meet in person, with plan members by appointment, in the City of Boynton Beach. 3. Prepare agendas and notices for, and attend all Board of Trustees meetings and coordinate with the city clerk's office to ensure the meeting are recorded and transcribed. 4. Ensure that the administrative matters of the Board of Trustees are handled, i.e. correspondence, coordination of Fund service providers, and reimbursements for travel. 5. Establish systems and procedures to record participant service based upon years of service. 6. Establish systems and procedures to record participant salary and contribution information. 7. Be familiar with all plan documents and provisions to assist participants in applications for benefits and generally answer questions regarding Fund. Administrator must be familiar with Florida laws governing public employee pensions, through a dedicated response team and toll free number. 8. Assist service providers in obtaining data regarding the Fund. 9. Pay or oversee the payment of benefits and expenses from the Fund. Responsibilities in this area include reconciliation of accounts and preparation of financial statements. 10. Prepare and/or oversee and file necessary government reports and other documentation required by law (e.g., W2P's, withholding election forms, 1099's). 11. Assist in preparation of Summary Plan Description. 12. Review correspondence, statements and documents from all service providers. 13. Respond to Public Records Requests. 14. Ensure compliance with Public Records exemptions to the extent required by the Public Records Act, Chapter 119, Florida Statutes. 15. Conduct annual Alive & Well Statements. 16. Assist members in transition form active to retirement including but not limited to, completing applications for Retirement, DROP, Benefit Election, and IRS related documents. 17. Establish and/or oversee online access for members. 18. Ensure compliance with Internal Controls and Procedures. 19. Oversee and coordinate preparation for the required State Annual Report. 20. Other matters which may be delegated to the Administrator by the Board of Trustees. Section III. Proposal Instructions All submissions must contain the following information in order to be considered. A. Identification of the Bidder: 1. The address of the business office providing the services under the contract and the telephone number. 2. The general description of the firm, including size, number of employees, primary business, other business services, type of organization (franchise corporation, partnership, etc.) and other descriptive material. 3. Identification of person or personnel who will be assigned to the contract, including their qualifications and number of clients for which each provides services. 4. List of public and private sector retirement systems for which the bidder currently provides services. Also provide the address, telephone number, name and title of at least three (3) references who may be contacted. 5. List of clients who have terminated services, if applicable. 6. A description of the bidders understanding of the work to be performed. 7. A statement of the bonding and/or insurance coverage carried by the bidder, if any. 8. List of outstanding litigation involving the bidder. Provide a summary of suit, including causes of action and present status. B. Fees 1. Fees should include all travel, etc. No other charges will be allowed unless specifically authorized by the Board. State with specificity those items which are excluded from you base fee. 3. Fees should be guaranteed for three (3) years. Section IV. Selection Process A. General An oral presentation by the bidder will be required at a time and place scheduled by the Board. In evaluating proposals, cost will not be the sole factor. The Board may consider and factors it deems necessary and proper for the best value, including price, quality of services, response to this request, and general reputation. The Board reserves the right to reject any or all proposals. B. Conditions 1. The Administrator that is selected will be required to acknowledge fiduciary responsibility to the Fund. 2. Applicants may be requested to complete a sworn statement under Section 287.133(3)(a), Public Entity Crimes. 3. Any prospective Proposer must make an affirmative statement to the effect that its retention, if selected, shall not result in a conflict of interest or create an appearance of impropriety with any person or organization that may be affected under the Fund. 4. The Board bears no responsibility for the cost of preparation of response to this proposal. All proposals must be submitted in full by 5:00pm on January 29`h, 2016. Must submit one (1) original and one (1) electronic copy of the proposal to: Mail: Barbara Ladue, 1500 Gateway Blvd, Suite 220, Boynton Beach FL 33426 Electronic copy: laduebC@bbpdpension.com KLAUSNER KAUFM AN JENSEN LEVINSON Writer's a -mail: adani@robertdklausner.com October 5, 201.5 Julie Oldbury Director of HR & Risk Management City of Boynton Beach 100 E. Boynton Beach Blvd. Boynton Beach, FL 33435 Dean Kinser President Local 1891, IAFF P.O. Box 773 Boynton Beach, FL 33425 Re: Boynton Beach Firef ghter Pension Fund Our File No. 900334 Dear Ms. Oldbury and Mr. Kinser: As you know, our office serves as general counsel for the Boynton Beach Firefighter Pension Fund. We are in receipt of a Mutual Consent Agreement proposed by the City regarding Senate Bill 172 ("SB 172"). We are also in receipt of recent correspondence from Local 1891 on this subject. Chairman Henderson has directed our office to respond on behalf of the Firefighter Pension Board. The purpose of this Ietter is to assist the parties with regard to the operation of SB 172, as it pertains to Boynton Beach. Background regarding Firefighter Ad Hoc Supplemental Benefit: The Boynton Firefighter Ad Hoc Supplemental Benefit (hereinafter "Supplemental Benefit") was created by Ordinance 10-016 in August of 2010. Pursuant to Section 18-184.2 of the Pension Plan, the Supplemental Benefit is payable to eligible retirees one full year following 7080 NORTHWEST 4TH STREET, PLANTATION. FLORIDA 33317 PHONE: (954) 916-1202 • FAX: (954) 916-1232 www.robertdklausner.com retirement. Retirement is broadly defined as including disability, early, normal, DROP or deferred vested retirement. The maximum Supplemental Benefit is $500 per year of credited service, for each full year of credited service in the Plan, not to exceed twenty years. Section 18- 184.2(c) grants to the Pension Board the ability to adopt administrative rules to implement the Supplemental Benefit. The Supplemental Benefit is payable annually to firefighters who retire on or after August 3, 2010 after earning ten or more years of service. Firefighters who retired prior to the effective date of August 3, 2010 are not entitled to annual supplemental distributions. Nevertheless, recognizing that premium tax began accumulating in 2005, Ordinance 10-016 provided for a limited lump sum distribution to retirees who separated from service between October 1, 2005 and August 2, 2010. Funding of the Ad Hoc Supplemental Benefit Ordinance 10-016's Supplemental Benefit is funded exclusively with allocated premium tax revenue separately held in trust by the Pension Board. The Supplemental Benefit is not an actuarially determined defined benefit funded by the City. Rather, it is an annual ad hoc supplemental benefit paid with available funds dedicated for this purpose. The only funding sources for the Supplemental Benefit are annual additions of premium tax revenue and investment earnings on accumulated premium tax revenue allocated in prior years. In July of 2010, when Ordinance 10-016 was adopted, $1,541,570 of accumulated premium tax revenue was allocated to pay future Ad Hoc Supplemental Benefits. As described to the City Commission in July of 2010 by the agenda item for Ordinance 10-016: The accumulated amount of excess Chapter 175 premium tax revenue is $1,541,570 as of the October 1, 2009 valuation date. It is these funds that the Firefighter Pension Fund is proposing to be used for the `Supplemental Benefit Distribution' ordinance. 2 The actuarial impact statement accompanying Ordinance 10-016 described the Supplemental Benefit as follows: Under the proposed ordinance, certain retirees would be eligible to receive annual distribution based on a non-discriminatory set of administrative procedures. The distributions would be paid from excess premium tax revenue. Since the excess premium tax revenue is designated for plan improvements and is therefore not considered as available to satisfy funding requirements, the use of these funds does not impact the funding requirements of the Plan. (emphasis added). Indeed, the City Commission minutes from July 20, 2010 reflected the legal requirement that available premium tax revenue be used for "increased benefits" for firefighters. As described by the former Finance Director, the "Firefighters are attempting to have the money go directly to them, not guaranteed, but a benefit of up to $500 a year paid directly to the Firefighters with no cost to the cities." Mayor Rodriguez was assured by Mr. Atwood that if premium tax was discontinued "the City has no obligation to replace those funds." Thus, Supplemental Benefits are funded entirely with premium tax revenues dedicated for this purpose, but are not guaranteed by the City should future premium tax revenue not be available. Mutual Consent under Senate Bill 172 SB 172 substantially amended Chapter 175, Florida Statutes. Among other things, SB 172 reflects a compromise between labor and management regarding: 1) the use of future premium tax revenue, 2) accumulations of unallocated premium tax revenue, and 3) the need to adopt new extra benefits, but 4) protection'for existing benefits and rights. Rather than requiring that additional premium tax revenue be used to adopt new extra defined benefits (as was required beginning in 1999 by Chapter 99-1, Laws of Florida), SB 172 allows labor and management to mutually agree on the use of unallocated premium tax revenue in their city. A copy of client memos by our office are enclosed with this letter. Default under Senate Bill 172 If labor and management are unable to mutually agree on the use of premium tax revenue, SB 172 contains detailed default provisions. See Section 175.351(1), Florida Statutes. Simplified for ease of discussion, Section 175.351(1)(b), provides that 50% of any growth of premium tax revenue above the amount received in 2013 is required to be split between the city and the plan membership. To the extent that any accumulations of premium tax revenue "have not been allocated," the unallocated revenue is split between the membership and paying off unfunded liabilities. See Section 175.351(1)(d). SB 172 is effective "upon entering into a collective bargaining agreement on or after July 1, 2015." We understand that the current CBA expires on September 30, 2015. Application to Boynton Beach The adoption of Ordinance 10-016 in August of 2010 resulted in the allocation and dedication of premium tax revenue for purposes of paying Supplemental Benefits to firefighters. If Local 1891 and the City are able to mutually agree on the use of premium tax revenue, the parties have broad flexibility as to how to spend future premium tax revenue received after SB 172's effective date. If the parties cannot mutually agree, the sum of $66,037 would be split as set forth in Section 175.351(1)(b), Florida Statutes, between the City and the membership as follows: The excess of the current year's amount ($963,573 this year) over the 2013 amount ($897,536), which is $66,037, would then be split 50-50 between offsetting the City's contribution and funding Share Plan accounts ($33,018.50 each). 4 Prior year distributions of premium tax revenue were allocated to fund Supplemental Benefits under Ordinance 1.0-016. Thus, there are no unallocated accumulations under Section 175.351(1)(d). Prior year distributions of premium taxes are held in trust by the Board, including the $1,541,570 of previously accumulated premium taxes which was allocated by Ordinance 10- 1111rd We welcome any questions. Respectfully, Adam P. Levinson, Esq. cc: 'Lori LaVerriere, City Manager Jim Cherof, Esq. Mark Floyd, Esq. Barbara LaDue, Administrator 5 KLAUSNER KAUFMAN JENSEN LutNsoN l Writer's e-mail: adam(,i)robertdklausner.com August 10, 2015 Via regular mail and email Mr. Tim Howard Director of Financial Services City of Boynton Beach 100 E. Boynton Beach Blvd. Boynton Beach, FL 33435 Re: Boynton Beach Firefighters Pension Plan Our File No. 90-0334 Dear Mr. Howard: The purpose of this letter is to begin the process of transferring Deputy Chief Gregory Hoggatt into the Boynton Beach Firefighters' Pension Fund (hereinafter the "Firefighter Pension"). The Board of Trustees has instructed our office, actuary and administrator to work with the City to accomplish the requisite transfer. By way of background, Chapter 175 requires that all municipal firefighters participate in the applicable firefighter pension plan. The only "firefighter" who may opt out of a firefighter pension plan is the "Fire Chief." All other firefighters, including deputy chiefs, are required to be members of the applicable the Chapter 175 plan. See Section 175.032(8)(a)(providing that any plan may provide that "the fire chief' has an option to participate, or not, in that plan). As you know, the member contribution rate into the Firefighter Pension is 12% of pensionable earnings. By contrast, we understand that the member contribution rate into the General Employees' Pension Plan is 7%. Enclosed is a spreadsheet reflecting required contributions shortfall through May 31, 2015. By copy of this email to Barbara LaDue, we are requesting that the spreadsheet be updated. 7080 NORTHWEST 4TFI STREET, PLANTATION. FLORIDA 33317 PHONE: (954) 916-1202 - FAX: (954) 916-1232 www.robertdklausner.com August 10, 2015 Page 2 The Board of Trustees, recognizing that a lump sum contribution requirement could result in a hardship, has voted to extend Deputy Chief Hoggatt up to three years to pay the contributions. This three-year repayment plan effectively corresponds with the period of time that the Deputy Chief was contributing into the General Employee Plan. By copy of this email to the Firefighter Pension actuary, we are requesting that the adjusted city contribution be calculated, along with the value of the Firefighter Pension shortfall owed by the City. Likewise, assuming that the Deputy Chief s employee contributions are currently being paid into the General Employee Plan, we request that payroll begin transferring 12% of pensionable earnings into the Firefighter Plan in lieu of the General Employee Plan. We expect that the actuary will true -up the final sum owed after the transfer has been accomplished. Thank you for your attention to this matter. Sincerely, -4 ADAM P. LEViNSON APL:ls Enclosure cc: Luke Henderson, Chairman Jim Cherof, City Attorney Barbara LaDue, Administrator Pete Strong, Actuary Hoggatt Sr. p Employee Number Last Name First Name Check ]ate - Calc :Type Coc)e Current PD Amount' 3804 HOGGATT SR GREGORY 11/9/2012 PG $ 282.69 3804 HOGGATT SR GREGORY 11/21/2012 PG $ 282.69 3804 HOGGATT SR GREGORY 12/7/2012 PG $ 282.69 3804 HOGGATT SR GREGORY 12121/2012 PG $ 282.69 3804 HOGGATT SR GREGORY 1/4/2013 PG $ 282.69 3804 HOGGATT SR GREGORY 1/18/2013 PG $ 313.49 3804 HOGGATT SR GREGORY 2/1/2013 PG $ 282.69 3804 HOGGATT SR GREGORY 211512013 PG $ 298.09 3804 HOGGATT SR GREGORY 311/2013 PG $ 282.69 3804 HOGGATT SR GREGORY 3/15/2013 PG $ 282.69 3804 HOGGATT SR GREGORY 3/29/2013 PG $ 298.09 3804 HOGGATT SR GREGORY 4/12/2013 PG $ 282.69 3804 HOGGATT SR GREGORY 4/26/2013 PG $ 298.09 3804 HOGGATT SR GREGORY 5/10/2013 PG $ 282.69 3804 HOGGATT SR GREGORY 5/24/2013 PG $ 298.09 3804 HOGGATT SR GREGORY 6/7/2013 PG $ 282.69 3804 HOGGATT SR GREGORY 6/21/2013 PG $ 298.09 3804 HOGGATT SR GREGORY 7/5/2013 PG $ 282.69 3804 HOGGATT SR GREGORY 7/19/2013 PG $ 298.09 3804 HOGGATT SR GREGORY 8/2/2013 PG $ 282.69 3804 HOGGATT SR GREGORY 8/16/2013 PG $ 282.69 3804 HOGGATT SR GREGORY 8/30/2013 PG $ 298.09 3804 HOGGATT SR GREGORY 9/13/2013 PG $ 282.69 3804 HOGGATT SR GREGORY 9/27/2013 PG $ 298.09 3804 HOGGATT SR GREGORY 10/11/2013 PG $ 285.87 3804 HOGGATT SR GREGORY 10/25/2013 PG $ 306.57 3804 HOGGATT SR GREGORY 11/8/2013 PG $ 291.17 3804 HOGGATT SR GREGORY 11/22/2013 PG $ 306.57 3804 HOGGATT SR GREGORY 12/6/2013 PG $ 291.17 3804 HOGGATT SR GREGORY 12/20/2013 PG $ 306.57 3804 HOGGATT SR GREGORY 1/3/2014 PG $ 291.17 3804 HOGGATT SR GREGORY 1/17/2014 PG $ 291.17 3804 HOGGATT SR GREGORY 1/31/2014 PG $ 306.57 3804 HOGGATT SR GREGORY 2/14/2014 PG $ 291.17 3804 HOGGATT SR GREGORY 212812014 PG $ 306.57 3804 HOGGATT SR GREGORY 3/14/2014 PG $ 291.17 3804 HOGGATT SR GREGORY 3/28/2014 PG $ 298.87 3804 HOGGATT SR GREGORY 4/11/2014 PG $ 291.17 3804 HOGGATT SR GREGORY 4/25/2014 PG $ 298.87 3804 HOGGATT SR GREGORY 5/9/2014 PG $ 291.17 Page 1 3804 HOGGA77 SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR 3804 HOGGATT SR Hoggatt Sr. GREGORY 5/23/2014 PG $ 298.87 GREGORY 6/6/2014 PG $ 291.17 GREGORY 6/20/2014 PG $ 298.87 GREGORY 7/3/2014 PG $ 291.17 GREGORY 7/18/2014 PG $ 298.87 GREGORY 81112014 PG $ 291.17 GREGORY 8/15/2014 PG $ 291.17 GREGORY 8/29/2014 PG $ 298.87 GREGORY 9/12/2014 PG $ 291.17 GREGORY 9/2612014 PG $ 298.87 GREGORY 10/10/2014 PG $ 291.17 GREGORY 10/24/2014 PG $ 298.87 GREGORY 11/7/2014 PG $ 378.52 GREGORY 11/21/2014 PG $ 298.87 GREGORY 12/5/2014 PG $ 291.17 GREGORY 12/19/2014 PG $ 298.87 GREGORY 1/2/2015 PG $ 291.17 GREGORY 1/16/2015 PG $ 291.17 GREGORY 1130/2015 PG $ 298.87 GREGORY 2/13/2015 PG $ 346.79 GREGORY 2/27/2015 PG $ 304.70 GREGORY 3/13/2015 PG $ 297.00 GREGORY 3/27/2015 PG $ 304.70 GREGORY 4/10/2015 PG $ 297.00 GREGORY 4/24/2015 PG $ 304.70 GREGORY 5/8/2015 PG $ 297.00 GREGORY 5/22/2015 JPG 1 $ 304.70 Page 2 Hoggatt Sr. Page 3 Current Eamin Fire Pension Amt (12%). Additional: Contribution -Needed.. $ 4,038.48 $ 484.62 $ 201.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,478.48 $ 537.42 $ 223.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,258.48 $ 511.02 $ 212.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,258.48 $ 511.02 $ 212.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,258.48 $ 511.02 $ 212.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,258.48 $ 511.02 $ 212.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,258.48 $ 511.02 S 212.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,258.48 $ 511.02 $ 212.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,258.48 $ 511.02 $ 212.93 $ 4,038.48 $ 484.62 $ 201.93 $ 4,258.48 $ 511.02 $ 212.93 $ 4,083.90 $ 490.07 $ 204.20 $ 4,379.60 $ 525.55 $ 218.98 $ 4,159.60 $ 499.15 $ 207.98 $ 4,379.60 $ 525.55 $ 218.98 $ 4,159.60 $ 499.15 $ 207.98 $ 4,379.60 $ 525.55 $ 218.98 $ 4,159.60 $ 499.15 $ 207.98 $ 4,159.60 $ 499.15 $ 207.98 $ 4,379.60 $ 525.55 $ 218.98 $ 4,159.60 $ 499.15 $ 207.98 $ 4,379.60 $ 525.55 $ 218.98 $ 4,159.60 $ 499.15 $ 207.98 $ 4,269.60 $ 512.35 $ 213.48 $ 4,159.60 $ 499.15 $ 207.98 $ 4,269.60 $ 512.35 $ 213.48 $ 4,159.60 $ 499.15 $ 207.98 Page 3 Hoggatt Sr. $ 4,269.60 $ 512.35 $ 213.48 $ 4,159.60 $ 499.15 $ 207.98 $ 4,269.60 $ 512.35 $ 213.48 $ 4,159.60 $ 499.15 $ 207.98 $ 4,269.60 $ 512.35 $ 213.48 $ 4,159.60 $ 499.15 $ 207.98 $ 4,159.60 $ 499.15 $ 207.98 $ 4,269.60 $ 512.35 $ 213.48 $ 4,159.60 $ 499.15 $ 207.98 $ 4,269.60 $ 512.35 $ 213.48 $ 4,159.60 $ 499.15 $ 207.98 $ 4,269.60 $ 512.35 $ 213.48 $ 5,407.48 $ 648.90 $ 270.38 $ 4,269.60 $ 512.35 $ 213.48 $ 4,159.60 $ 499.15 $ 207.98 $ 4,269.60 $ 512.35 $ 213.48 $ 4,159.60 $ 499.15 $ 207.98 $ 4,159.60 $ 499.15 $ 207.98 $ 4,269.60 $ 512.35 $ 213.48 $ 4,954.09 $ 594.49 $ 247.70 $ 4,352.80 $ 522.34 $ 217.64 $ 4,242.80 $ 509.14 $ 212.14 $ 4,352.80 $ 522.34 $ 217.64 $ 4,242.80 $ 509.14 $ 212.14 $ 4,352.80 $ 522.34 $ 217.64 $ 4,242.80 $ 509.14 $ 212.14 $ 4,352.801 $ 522.34 $ 217.64 Q 152-1 IRC 'IQ a 'Al QQd 77 Page 4 2015 Legislation Q & A (SB 172 and HB 1309) Page 6 Answer: Any premium taxes in excess of the amounts allocated to fund minimum benefits and other retirement benefits in excess of the minimums, as determined by the plan sponsor, may be applied at the discretion of the plan sponsor toward current year benefits (either defined benefit or defined contribution), as an immediate reduction of UAL balance, or reserved as a prepaid sponsor contribution toward future required funding. 21. Question: The premium tax distributions have been separated into three "pots" of money: the base year amount, the amount between the base amount and the 2012 distribution amount, and the amounts in excess of the 2012 distribution. Once the cost of minimum benefits has been satisfied, is there a prescribed order of application of the pots of funds? In other words, does the entire base amount have to be used for benefits in excess of the minimums before any of the amount between base and 2012 can be applied? If the amount between base and 2012 is applied first, it could result in a remainder of funding in the base amount. Answer: The order of application of the "pots" of funding is determined by the plan sponsor. 22.Question: If a collectively bargained plan does not enter into a new collective bargaining agreement between July 1, 2015 and October 1, 2015, will the bill affect the distribution and allocation of the premium taxes received for calendar year 2014 (distributed in the summer of 2015)? Answer: No. The bill will not affect this year's distribution and allocation. The annual report will be updated to reflect the changes implemented by SB 172, but many of the changes will not impact the 2015 Annual Report that will be submitted to the department in March 2016. If a plan does enter into a new collective bargaining agreement between July 1, 2015 and October 1, 2015, particularly if the agreement occurs between July 1, 2015 and the date of the 2014 distribution (summer 2015), please contact the department to discuss your plan. 23. Question: Sections 175.351(1)(f) and 185.35(1)(f), F.S, permits plans with benefits above or not included in the chapter minimums to reduce them, as long as the 2.75 percent minimum accrual rate is met. Premium tax moneys saved by the benefit reduction are divided 50/50 as described in ss. 175.351(1)(b) and 185.35(1)(b), F.S. How do the exceptions related to supplemental plans work? Answer: a) Supplemental plan benefits in effect as of September 30, 2014 may not be reduced or included in this calculation. This means that the formula for allocating funds to the supplemental plan in effect on that date must be maintained. b) The amount of any additional premium tax revenues distributed to a supplemental plan for the 2012 calendar year may not be reduced or included in this calculation. This establishes a threshold dollar level that can't be reduced as a result of the benefit reduction. Fifth Third Bank Custody Overview for the Boynton Beach Firefighters' Pension Fund • Fifth Third Bank $142 billion super -regional bank with a strong balance sheet $10 billion Florida affiliate with 170 branches and growing Florida -based Custody Service and Accountability Kimberly Kutlenios would be your relationship manager 9 years with Fifth Third and 30 years in the industry Over 30 public fund clients and growing Available for board meetings and at FPPTA • Strong National Custody Capabilities Top 12 US custodian — committed to this business $160 billion of Public pension clients Fifth Third Direct Internet Reporting Transactions and security holdings Timely month-end statements Familiar to your investment managers and consultant Solid benefit payment services Over 200 plan sponsors served Dedicated staff of 6 retiree payment specialists Sungard's OmniPay system utilized Notable Conversion Process and Support Competitive Fee Structure L' Fifth Third Bank Custody Fees for the Boynton Beach Firefighters' Pension Fund Fifth Third Bank's Institutional Services Group proposes an all-inclusive, fully bundled domestic fee schedule, based upon total market value of all domestic assets, as follows: Market Value $ 76.2 million assumed **Minimum annual fee Fee** 2.5 Basis Points (.025%) The all-inclusive domestic fee schedule includes the following: $7,500 • Account Maintenance to establish and support separate accounts on our trust/custody system. We assume 5 individually -managed accounts, 3 mutual fund accounts, and 1 cash account. • Asset Maintenance Fees to hold assets at various domestic securities depositories in book entry form. We assume that all securities are held in the U.S. • Transactions of domestic securities (including securities transacted through physical delivery, wireable/book entry, DTC, NSCC (mutual funds), free receipts/free deliveries, paydowns of principal and interest, and wire transfers). We assume that all transactions settle in the U.S. • Income collection of coupon and dividend payments. • Daily sweep of cash into a Federated money market mutual fund. • Corporate action notification. • Monthly statements. • Online reporting through Fifth Third Direct. Additional fees will be charged for the following services: Fifth Third's enhanced accounting information, performance measurement, risk and investment policy compliance reporting is available for an additional market value fee. Retiree Benefit payment services are provided at $2 per month per payment and $20 per lump sum or stop payment. We assume 86 monthly retirees payments along with DROP withdrawals and lump sum payments. International Custody Services are available for additional market value and transaction charges by country. Fifth Third's Domestic Custody fee schedule: • Assumes domestic market value of $76.2 million and no globally -settled securities. • Is guaranteed for three (3) years from execution of the agreement. • Assumes usage of any one of the Federated Investors Institutional Money Market Funds we support for overnight liquidity purposes. • Assumes the use of Fifth Third's standard custody agreement. • Is subject to review and discussion should the assumptions used to develop this schedule significantly change. Custody Services Overview Boynton Beach Firefighters Pension Fund Presented by: A REGIONS INSTITUTIONAL SERVICES November 4th , 2015 Dave Smeltzer Vice President Tampa, FL (813) 639-3359 dave.smeltzer(a)-regions. com Christopher Monte Vice President West Palm, FL 954.769.5817 christopher. monte(a)_regions. com Boynton Beach Firefighters Pension Fund Request for Custody Proposal November 4, 2015 Services Provided: Custody and Safekeeping of Assets Trust Accounting Statements Asset / Cash Transfers Member Benefit Payments and associated tax reporting Board Bill Payments Fee for Services: 3.0 Basis Points on Market Value of All Domestic Investments No transactional fees, No domestic wire charges All Inclusive fee Minimum Annual Fee of $20,000 Fees guaranteed for 3 years Account Structure: Separate Trust accounts for each Investment Manager Separate Account for Mutual Fund holdings Separate Account for each "outside" investment (if necessary) Receipts and Disbursements trust account Plan Demographics: $76 million Custodial Plan Assets, 86 monthly member payments 4 Separate Managers, 6 mutual fund holdings, 2 "outside" funds Representative Client Lists: Clients Gained in last 3 years —18 ( see below ) Clients Lost in the last three years - 0 -2- Florida Municipal Clients Clients Gained in last 3 years Public Pension Pian Name Approx. Market Value Client Since Prior Custodian Bonita Springs Fire/Control-Fire $40.0 million 2015 Fifth/Third Bank Bonita Springs Fire/Control-Gen $3.0 million 2015 US Bank Bradenton Police $55.4 million 2014 Salem Trust Co. Eustis Police* $22 million 2015 Salem Trust Co. Kissemmee Utility Authority $67.1 million 2012 Suntrust Lake Worth Fire $40.0 million 2015 Salem Trust Co. Lake Worth General $61.2 million 2014 Salem Trust Co. Lake Worth Police $28.1 million 2014 Salem Trust Co. Palm Bay Police/Fire $141.6 million 2012 Suntrust Pensacola Fire $81.7 million 2012 Suntrust Pensacola General $85.2 million 2012 Suntrust Pensacola Police $62.5 million 2012 Suntrust Pompano Beach Geneal $218.6 million 2014 Salem Trust Co. Sanibel Police $14.0 million 2012 Suntrust Sebring Fire $12.2 million 2012 Fifth/Third Bank South Pasadena Fire $6.6 million 2014 Fifth/Third Bank Sunrise $187.3 million 2015 Salem Trust Co. West Melbourne Police $10.8 million 2014 Fifth/Third Bank *Service to begin in 3rd Q 2015 Additional Florida Public Pension Plans Public Pension Plan Name Approx. Market Value Client Since Alachua County Library District $23.9 million 2010 Clearwater Police $16.3 million 2011 Cocoa General $8.4 million 2011 Crestview General $15.5 million 2002 Dunnedin Fire $22.2 million 2010 Lake Mary Fire $12.7 million 2001 Lake Mary Police $15.6 million 2009 Lantana Fire $32.3 million 2008 Milton General $12.7 million 2011 Milton Police $7.7 million 2011 Ormond Beach Fire $24.7 million 2011 Ormond Beach General $42.3 million 2011 Ormond Beach Police $29.6 million 2011 Perry Police $7.5 million 2001 Sebring Police $15.1 million 2002 Wilton Manors General & Police $10.9 miIIon 2011 Winter Haven General $49.5 million 2011 -3- BOYNTON BEACH POLICE OFFICERS' PENSION FUND AND BOYNTON BEACH FIREFIGHTERS' PENSION FUND JOINT REQUEST FOR PROPOSAL FOR ADMINISTRATIVE SERVICES This request for proposal seeks an Administrative Manager for the Fund to provide the following functions for the Fund: 1. Establish a Fund office to be open to all interested parties for regularly scheduled business hours. The Fund office will also maintain all records of the Fund. 2. Attend all quarterly meetings of the Board of Trustees and special meetings as needed. 3. Prepare agendas and notices for, and attend all Board of Trustees meetings and records, transcribe and maintain minutes of those meetings. City currently takes and transcribes Minutes for the Board, but Administrator should have the capability to perform this function. 4. Ensure that the administrative matters of the Board of Trustees are handled, i.e. correspondence, coordination of Fund service providers, travel reservations for seminars. 5. Establish systems and procedures to record participant service based upon years of service. 6. Establish systems and procedures to record participant salary and contribution information. 7. Be familiar with all plan documents and provisions to assist participants in applications for benefits and generally answer questions regarding the Fund. Administrator must be familiar with Florida laws governing public employee pensions, through a dedicated response team and toll-free number. 8. Assist service providers in obtaining data regarding the Fund. 9. Pay or oversee the payment of benefits and expenses from the Fund. Responsibilities in this area include reconciliation of accounts and preparation of financial statements. 10. Prepare and file necessary government reports and other documentation required by law (e.g., W2P's, withholding election forms, 1099's). 11. Assist in preparation of Summary Plan Description. 12. Develop website for access by participants, which includes online benefit calculations. Page 1 of 3 13. Other matters which may be delegated to the Administrative Manager by the Board of Trustees. ALL SUBMISSIONS MUST CONTAIN THE FOLLOWING IN ORDER TO BE CONSIDERED. I. IDENTIFICATION OF THE BIDDER: a) The bidder's name, home office address, address of the office providing the services under the contract and telephone number for each. b) General description of the firm, including size, number of employees, primary business, other business services, type of organization (franchise corporation, partnership, etc.) and other descriptive material. c) Identification of personnel who will be assigned to the contract including their qualifications and number of clients for which each provides services. d) List of public and private sector retirement systems for which the bidder currently provides services. Also provide the address, telephone number, name and title of at least three (3) references who may be contacted. e) List of clients who have terminated services. f) A description of the bidder's understanding of the work to be performed. g) Relationship, if any, to any other service providers for the Fund. (See attached list). h) A statement of the bonding and/or insurance coverage carried by the bidder, if any. i) List of outstanding litigation involving the bidder. Provide a summary of suit, including causes of action and present status. II. FEES: a) Fees should include all travel, etc. No other charges will be allowed unless specifically authorized by the Board. Page 2 of 3 b) State with specificity those items which are excluded from your base fee. c) Fees should be guaranteed for three (3) years. III. GENERAL INFORMATION ON THE SELECTION PROCESS: a) An oral presentation by the bidder may be required at a time and place scheduled by the Board. b) In evaluating the proposals, price will not be the sole factor. The Board may consider any factors it deems necessary and proper for best value, including price, quality of services, response to this request and general reputation. The Board reserves the right to reject any or all proposals. c) To ensure fair consideration, the Board prohibits communication to or with any Pension Board member during the submission process. If you have specific questions requiring explanation of the content of these proposal specifications, submit a written request for interpretation or additional information to the Fund's legal counsel, Bonni S. Jensen, Klausner, Kaufman, Jensen & Levinson, 7080 Northwest 4th Street, Plantation, FL 33317. d) Submit twelve (12) copies of your response for distribution to the Trustees. e) The Administrative Manager that is selected will be required to acknowledge fiduciary responsibility to the Fund. f) Applicants may be required to complete a sworn statement under Section 287.133(3)(a), Public Entity Crimes. g) The Board bears no responsibility for the costs of preparation of your response to this proposal. C:\Users\pat\Soonr W orkplace\PENSION\88 Police 0188\vendors\Admin\RFP\Joint RFP\2015 Administrator RFP.wpd Page 3 of 3 Barbara Ladue From: Lorna Maltbey <lorna@robertdklausner.com> Sent: Wednesday, October 14, 2015 10:40 AM To: LaDue, Barbara - Boynton Beach FF Subject: FW: NCPERS Code of Conduct & Schedule A Packet Included herein you will find correspondence from Hank Kim introducing the NCPERS Code of Conduct packet for consideration by public retirement systems. Our firm recommends that all public pension funds review and consider adopting the Code of Conduct. If adopted, the Code would be sent to all of your service providers to help identify conflicts of interest. We ask that you place the NCPERS Code of Conduct on one of your upcoming meeting agendas for discussion. KLAUSNER, KAUFMAN, JENSEN & LEVINSON 7080 N.W. 4" STREET PLANTATION, FLORIDA 33317 Telephone: (954) 916-1202 www.robertdkiausner.com NCPERS September 16, 2015 Dear Public Pension Officials: The National Conference on Public Employee Retirement Systems (NCPERS) recommends that all public pensions 1) adopt the enclosed Code of Conduct for Public Pension Service Providers, 2) ask your service providers to endorse the Code of Conduct, and 3) let us know when your plan has adopted the Code of Conduct and your service providers have endorsed the Code of Conduct. The NCPERS Code of Conduct for Public Pension Service Providers identifies 10 principles for service providers. Pension plan fiduciaries are obligated to make prudent, informed decisions about plan services, with an eye at all times on discouraging conflicts of interest. NCPERS created this code of conduct to help fiduciaries and managers articulate strong, consistent ethical expectations for service providers across the board. The accompanying packet includes: 1. The NCPERS Code of Conduct for Public Pension Service Providers 2. The 2015 Schedule A which lists foundations, think tanks, and other nonprofit entities that engage in ideologically, politically, or donor driven activities to undermine public pensions 3. A description of the annual process to determine Schedule A 4. A fiduciary memo 5. Model motions that public pension boards can use to adopt the Code of Conduct This packet is provided so that the adoption and implementation of the Code of Conduct is simple and easy because we need ALL public pensions, regardless of whether you're an NCPERS member or not, to get behind this effort. Without your participation we have little chance to ensure that service providers are free of conflicts and are acting in the best interest of your plan and its participants. As always please contact us at info@NCPERS.org or 202-624-1456 if you have any questions or comments. Sincerely, Hank Kim, Esq. Executive Director & Counsel Enclosures: NCPERS Code of Conduct for Public Pension Service Providers Schedule A Schedule A Annual Process Fiduciary Memo Model Motions IMI NCPERS 444 North Capitol Street NW Suite 630 Washington DC 20001 2 NATIONAL CONFERENCE ON PUBLIC EMPLOYEE RETIREMENT SYSTEMS CODE OF CONDUCT FOR PUBLIC PENSION SERVICE PROVIDERS Companies, firms, and other entities that provide services and products to public sector pension plans must: 1. Act in a professional and ethical manner at all times in dealings with public plan clients. 2. Act for the benefit of public plan clients. 3. Act with independence and objectivity. 4. Fully disclose to public plan clients conflicts of interest that arise that may impair the ability to act independently or objectively. 5. Act with reasonable care, skill, competence, and diligence when engaging in professional activities. 6. Communicate with public plan clients in a timely and accurate manner. 7. Uphold the applicable law, rules, and regulations governing your sector and profession. 8. Fully disclose to public plan clients all fees charged for the products or services provided to said client. 9. Not advocate for the diminishment of public defined benefit plans. 10. Fully disclose all contributions made to entities enumerated in Schedule A that advocate for the diminishment of public defined benefit plans. CERTIFICATION OF SERVICE PROVIDER The undersigned acknowledges receipt of the NCPERS Code of Conduct for Public Pension Service Providers and certifies that it agrees to abide by the provisions of the Code. Signed: Print Name: Print Title: Print Company: Date: Schedule A to the NCPERS Code of Conduct for Public Pension Service Providers The National Conference of Public Employee Retirement Systems (NCPERS) has developed an objective process to determine whether foundations, think tanks, and other nonprofit entities engage in ideologically, politically, or donor driven activities to undermine public pensions. The objective process includes evaluating these entities on the following criteria: ➢ Advocates or advances the claim that public defined benefit plans are unsustainable. ➢ Advocates for a defined contribution plan to replace the public defined benefit plan. ➢ Advocates for a poorly designed cash balance plan to replace the public defined benefit plan. ➢ Advocates for a poorly designed combination plan to replace the public defined benefit plan. ➢ Links school performance evaluation to whether it sponsors a defined benefit plan to its teachers/employees. Based on the criteria above, NCPERS has determined the following foundations, think tanks, and other nonprofit entities engage in ideologically, politically, or donor driven activities to undermine public pensions: • American Enterprise Institute • American Legislative Exchange Council • Brookings Institution • California Common Sense • California Policy Center • Heritage Foundation • Howard Jarvis Taxpayers Association • Jessie Ball DuPont Fund • Laura and John Arnold Foundation • Manhattan Institute for Policy Research • Massachusetts Taxpayers Foundation • National Council on Teacher Quality • Pioneer Institute • R Street Institute • Reason Foundation • Show Me Institute • StudentsFirst • Taxpayers for Sustainable Pensions • Teacherspensions.org • Texas Public Policy Foundation • The Pew Charitable Trust • UnionWatch • Urban Institute • Wyoming Liberty Group Approved by NCPERS Executive Board on July 11, 2015 Schedule A Annual Process First, in May/June NCPERS sends out request to Funds asking for input. We ask for name of entity, website, and examples of five point Schedule A criteria below. Second, staff reviews the submissions from Funds. We document the supporting examples and prepare Schedule A entities for the NCPERS Executive Board. Third, NCPERS Executive Board reviews Schedule A. The Executive Board votes to approve at the July Executive Board Meeting. Schedule A criteria: ➢ Advocates that public defined benefit plans are unsustainable. ➢ Advocates for a defined contribution plan to replace the public defined benefit plan. ➢ Advocates for a poorly designed cash balance plan to replace the public defined benefit plan. ➢ Advocates for a poorly designed combination plan to replace the public defined benefit plan. ➢ Links school performance evaluation to whether it sponsors a defined benefit plan to its teachers/employees. TO: Public Pension Boards of Trustees FROM: NCPERS Executive Board of Directors RE: Code of Conduct for Pension Service Providers- Fiduciary Analysis NCPERS has unveiled a code of conduct for vendors of public employee retirement plans. The providers of professional services to public pensions must be independent of conflicts in the same way trustees are. It is for this reason that NCPERS is recommending that all boards of trustees for public plans confirm with their service providers by having them execute a code of conduct that they are free from conflicts of interest that can arise with regard to services provided to defined benefit plans. NCPERS also recommends that the code of conduct be included as part of the request for proposal process when a plan is soliciting a service provider. The code of conduct was crafted so that it can be sent to not only investment managers, but all service providers to public plans, including investment consultants, attorneys, actuaries, and custodians. The code was created to help fiduciaries articulate strong, consistent ethical expectations for service providers across the board. This analysis is for the benefit of trustees when deciding whether to adopt the code of conduct for their plan. The intent is to arm trustees with the legal conclusion that it is part of their fiduciary duties to ensure that their professionals are free of conflicts of interest. A person is a fiduciary with respect to an employee benefit plan to the extent he/she exercises discretionary authority with respect to the plan and its assets. Exercise of discretion is the key. As a general rule, fiduciary duties extend to attorneys, actuaries, accountants, investment management and consultants. The seminal decision in American jurisprudence on fiduciary duty is the decision of the New York Court of Appeals in Meinhard v. Salmon, 164 N.E. 545 (N.Y. 1928). In that case, the Court determined that the common standard of the marketplace is unacceptable to fiduciaries. Based on the ruling, the general trust standard was expanded for pension trustees to include a definition of "undivided loyalty" to be applied with "uncompromising rigidity." Much later, in NLRB v. Amax Coal Co., 453 U.S. 322 (1981), the U.S. Supreme Court held that plan trustees have an "unwavering duty of complete loyalty" to members and beneficiaries. Trustees cannot serve any master other than the fund. Trustees of a retirement system have a fiduciary duty to insure the integrity of the System. McComb County v. AFSCME, 294 Mich. 149, _N.W.J 2011 WL 4374991 (Mich. App. 2011). The independence of the advice received and the actions taken by the fiduciaries in response is critical to accomplishing the high behavioral standards required by the law. Board of Trustees v. City of Detroit, 145 Mich. App. 651, 373 N.W.2d 173 (Mich. App. 1985). ERISA, although not applicable to governmental plans, codifies the duty of undivided loyalty to beneficiaries in several provisions, including the requirements that a plan fiduciary act "solely in the interest" of the plan and its participants and beneficiaries "for the exclusive purpose" of serving plan related goals. If a fiduciary takes action that he or she knows will harm a plan but will advance corporate or personal interests, that is a breach of the fiduciary duty to act "solely in the interest" of a plan. In order for a plan's conflict of interest guidelines to be effective, trustees must have access to information that adequately describes service provider interests and relationships that could, at a minimum, give rise 1 to an appearance of impropriety. Trustees and staff should periodically affirm and verify compliance with conflict rules, regulatory reporting requirements, political contribution disclosures and other policies intended to protect the plan against the actuality or appearance of self-interested transactions and conflicts. Asking all service providers to sign a code of conduct helps fulfill this mission. The responsibility for a trustee to be prudent covers a wide range of functions needed to operate a plan. Since you must carry out these functions in the same manner as a prudent person, it is in your best interest to consult experts in such fields as investments. What the courts refer to as prudence is actually a composite of separate duties of care, skill, prudence, and diligence. In general, the courts compare the conduct of a fiduciary to an objective standard of how a knowledgeable fiduciary would have acted under similar circumstances. Judicial decisions heavily emphasize the diligence component of the standard by examining whether and how the party considered issues that would be thought significant by a prudent fiduciary acting in similar circumstances. If a trustee cannot confirm that their outside plan experts are acting prudently and in the best interests of the plan, a case can be made that the trustee is not fulfilling his or her fiduciary responsibility to the plan. In light of the clear legal standards, not only for the Board of Trustees, but for all of its advisors, it is essential that the Board ensure the exclusive duty of loyalty to the System is observed at all times and in all transactions. Trustees, in the usual course of plan business, should require all service providers to agree contractually that they are fiduciaries to the plan. The failure to have a provider agree that they are fiduciaries to the plan would allow them to skirt around the basic fiduciary considerations they owe to the plan. It is the duty of all fiduciaries to a retirement system to say "no" when any answer to the contrary is not in the best interest of the system. The code of conduct does not require a plan to fire a service provider should they not agree to execute the code. Merely, it should serve as a tool for trustees to identify and make informed decisions on behalf of their plan, and its members and beneficiaries should a conflict arise. NCPERS recommends that all boards of trustees of public retirement plans adopt use of the code of conduct to help promote the highest standards of ethics, education and professional excellence for the benefit of governmental defined benefit pension funds. 2 Suggested motions to adopt and implement the NCPERS Code of Conduct for Public Pension Service Providers: Motion 1: 1 move that (insert name of public pension) adopts the NCPERS Code of Conduct for Public Pension Service Providers and asks our current providers to endorse the Code of Conduct. (Service providers can send the endorsed Code of Conduct to NCPERS by email to codeofconduct@NCPERS.org, fax to 202-624-1439, or mail to NCPERS, 444 N. Capitol St., NW, Suite 630, Washington, DC 20001) Motion 2: 1 move that (insert name of public pension) incorporates the NCPERS Code of Conduct for Public Pension Service Providers as part of our service provider searches/request for proposals (RFP) process. (Service providers can send the endorsed Code of Conduct to NCPERS by email to codeofconduct@NCPERS.org, fax to 202-624-1439, or mail to NCPERS, 444 N. Capitol St., NW, Suite 630, Washington, DC 20001) Motion 3: 1 move that (insert name of public pension) notifies NCPERS of our decision to adopt the NCPERS Code of Conduct for Public Pension Service Providers. (Public pensions can notify NCPERS by email to codeofconduct@NCPERS.org, fax to 202-624-1439, or mail to NCPERS, 444 N. Capitol St., NW, Suite 630, Washington, DC 20001) Barbara Ladue J� From: Pete.Strong@gabrielroeder.com Sent: Wednesday, October 14, 2015 4:22 PM To: ladueb@bbpdpension.com Cc: cl00560@gabrielroeder.com; cl00550@gabrielroeder.com Subject: GASB 68 disclosures - Boynton Fire and Boynton Police Hi Barbara, I don't recall whether or not I discussed GASB 68 with the Boynton Fire and Police Boards. GASB 68 is required for employer reporting effective for the fiscal year ending 9/30/2015. Since it is required for employer reporting purposes (not plan reporting... GASB 67 is for plan reporting), many Boards have opted to authorize us to work directly with the City to complete the GASB 68 disclosure work. Will you please check to see if the Boards have authorized this? If not, will you please add it to the agendas for both Boards' next meetings (just asking if the Boards will authorize GRS to work directly with the City to help the City comply with the new GASB 68 disclosure requirements)? Thank you! -Pete Strong Peter N. Strong, FSA, EA, FCA, MAAA Senior Consultant and Actuary Gabriel, Roeder, Smith & Company One East Broward Boulevard Suite 505 Fort Lauderdale, FL 33301-1804 Telephone: (954) 527-1616 (ext. 2102) Direct: (954) 713-2102 Fax: (954) 525-0083 pete.strong@gabrielroeder.com The above communication shall not be construed to provide tax advice, legal advice or investment advice. Notice of Confidentiality: This transmission contains information that may be confidential and that may also be privileged. Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), you may not copy, forward, or otherwise use it, or disclose its contents to anyone else. If you have received this transmission in error, please note the sender immediately and delete it from your system. APlease consider the environment before printing this e-mail. RS Gabriel Roeder Smith & Company One East Sroward Blvd. 954.527.1616 phone Consultants &. Actuaries Suite 505 954.525.0033 fax Fr. Laudcrdalc, Ft. 3330t-1804 w%vtv.gabriciroedcccom October 13, 2015 Ms. Lori LaVerriere City Manager City of Boynton Beach 100 E. Boynton Beach Blvd. Boynton Beach, Florida 33435 Re: Senate Bill 172 — Default Treatment of Future Chapter 175 State Money Dear Lori: Senate Bill 172 provides flexibility with regard to the use of Chapter 175 money if mutual consent exists between the City and the Union. If mutual consent does not exist, then the allocation of state money falls under a default arrangement, which is described in the legislation (codified in Chapter 2015-39) as follows: (a) The base premium tax revenues must be used to fund minimum benefits or other retirement benefits in excess of the minimum benefits as determined by the municipality or special fire control district. (b) Of the additional premium tax revenues received that are in excess of the amount received for the 2012 calendar year, 50 percent must be used to fund minimum benefits or other retirement benefits in excess of the minimum benefits as determined by the municipality or special fire control district, and 50 percent must be placed in a defined contribution plan to fund special benefits. (c) Additional premium tax revenues not described in paragraph (b) must be used to fund benefits that are not included in the minimum benefits. If the additional premium tax revenues subject to this paragraph exceed the full annual cost of benefits provided through the plan which are in excess of the minimum benefits, any amount in excess of the full annual cost must be used as provided in paragraph (b). (d) Of any accumulations of additional premium tax revenues which have not been allocated to fund benefits in excess of the minimum benefits, 50 percent of the amount of the accumulations must be used to fund special benefits, and 50 percent must be applied to fund any unfunded actuarial liabilities of the plan; provided that any amount of accumulations in excess of the amount required to fund the unfunded actuarial liabilities must be used to fund special benefits. Under item (a), "Base premium tax revenues" are defined as "For a local law plan in effect on October 1, 2003, the revenues received by a municipality or special fire control district pursuant to s. 175.121 for the 2002 calendar year." For the City of Boynton Beach Municipal Firefighters' Pension Trust Fund (Plan), this amount was $499,520. Under item (b), the amount of Chapter 175 premium tax revenue received for Boynton Beach firefighters for the 2012 calendar year (in August 2013) was $897,536. Ms. Lori LaVerriere October 13, 2015 Page Two Under item (c), additional premium tax revenues not described in paragraph (b) must be used to fund benefits in excess of Chapter minimum benefits. This is equal to the difference between the amount received for 2012 and the amount received for 2002, which is $398,016 (equal to $897,536 - $499,520). The annual cost of benefits in excess of Chapter minimum benefits has not been fully calculated, but it is known to be higher than $398,016 because the normal cost associated with them has been calculated and is higher than $398,016. This means that under the default arrangement (if there is no mutual consent), future premium tax revenues up to the level received for 2012 ($897,536) will be available to offset the City's annual contribution requirement. Any amounts received in excess of $897,536 will be split 50-50, with 50% being used to fund "special benefits" (deposits into Share Plans) and 50% being applied towards the City's contribution requirement. The actual amount of premium tax revenues received by the Plan in August 2015 was $963,573, so the excess amount above $897,836 was $66,037. If the default arrangement had applied, then half of this excess amount ($33,018) would be used to fund "special benefits" and half would be available to offset the City's required contribution. This means the total amount available to be used toward the City's required contribution would have been $930,554 (= $897,836 + $33,018). For the fiscal year ending 9/30/2016, the total contribution requirement is $4,856,683 (see page 1 of our October 1, 2014 Actuarial Valuation Report). If the default arrangement applies and the premium tax revenue received in August 2016 is the same as the amount received in August 2015, then the net City contribution requirement would be $3,926,129 (= $4,856,683 - $930,554). Item (d) on the prior page describes the default treatment of accumulated premium tax revenues which have not yet been allocated to fund benefits in excess of minimum benefits. The letter dated October 5, 2015 to the City of Boynton Beach and the president of Local 1891, IAFF from the Pension Board's attorney, Adam Levinson, sets forth that item (d) is not applicable to this Plan because the accumulated premium tax revenues ($2,723,916 as of October 1, 2014) have already been allocated to fund supplemental benefits in accordance with Ordinance 10-016. This communication shall not be construed to provide tax advice, legal advice or investment advice. If you should have any questions regarding the above, please do not hesitate to contact us. Respectfully submitted, Peter N. Strong, FSA Senior Consultant and Actuary cc: Luke Henderson, Pension Board Chairman Barbara LaDue, Administrator Gabriel Roeder Smith & Company Barbara Ladue From: Lorna Maltbey <lorna@robertdklausner.com> Sent: Thursday, October 15, 2015 11:27 AM To: LaDue, Barbara - Boynton Beach FF Subject: KLAUSNER, KAUFMAN, JENSEN & LEVINSON - CLIENT CONFERENCE 2016 - SAVE THE DATEIIIIIIIIIIIIIIIII Barbara Ladue From: Avila, Amed <aavila@ftci.com> Sent: Monday, October 26, 2015 8:28 AM To: 'ladueb@bbpdpension.com' Cc: Avila, Amed Subject: RE: Custodial Service Request Attachments: DefaultName.pdf Importance: High Hello Barbara, It was such a pleasure speaking with you last week Wednesday. Thank you for taking the time to reach out to me and for allowing Fiduciary Trust the opportunity to provide a quote for Master Custody Services to the Plan. I am personally excited for the opportunity to showcase our service model and capabilities. As promised, attached please find the proposed fee quote. Allow me to quickly summarize it, based on the size of the relationship and the information provided, we are prepared to offer a market value based fee of 5.00bps (on the total market value of the entire relationship discounted from 5.85bps) plus V-0 ITer-benefit payments (including lump sums). All other transaction fees i.e. invoice payments, buys, sells, will be waived. In addition, the annual account minimum of $5,000 and one-time account setup fee of $500 per account, which also includes section accounts, will also be waived. If you have any questions or need additional information, please do not hesitate to contact me directly. I look forward to hearing from you soon. Have a great weekend. Best Regards, Amed A. Avila., CPPT Vice President I Relationship Manager Fiduciary Trust Company International 2 Alhambra Plaza, Penthouse 1, Coral Gables, FL 33134 tel 954-762-4308 1 fax 305-372-8566 1 email aavila@fici.com , see us online Notice: All email and instant messages (including attachments) sent to or from Franklin Templeton Investments (FTI) personnel may be retained, monitored and/or reviewed by FTI and its agents, or authorized law enforcement personnel, without further notice or consent. October 23, 2015 Fiduciary Trust International of the South 2 Alhambra Plaza Penthouse 1 Coral Gables, FL 33134 tel (305) 349-2360 tel (BOOP 618-1260 fax (305) 349-2350 www.fiduciarytrust.com Re: Request for Fee Quote Boynton Beach Firefighters' Pension Fund Dear Ms. LeDue: Thank you for allowing Fiduciary Trust International of the South the opportunity to provide a quote for custodial senices to the Boynton Beach Firefighters' Pension Fund "the Plan". Fiduciary Trust is dedicated to providing the highest level of client service possible. In a custodian relationship communication with our clients is of the utmost importance. We make even• effort to ensure that effective communication with our client continues throughout the relationship so that we are able to be responsive to their needs. Our reporting capabilities are very flexible. Customized reports are available as requested by the client at any time. We also offer on-line access to our clients to view and run Ad Hoc reports at any time. I would be assigned as the lead Relationship Officer for the account. I have over 16 years of experience in handling complex custodial relationships. Ruth Garcia, the Relationship Associate who has over 18 years' experience in trust operations and custody administration, would serve as the day to day contact for the account. Our operations are conducted out of our Coral Gables, FL and St. Petersburg, FL office. Our staff averages 27 years of experience and is assisted by over 200 operations and support Personnel Company wide. Continuity of service will be provided by our team approach to custody administration. Our employees have been crossed trained in all areas of operations, administration and client support; the Plan's account would be adequately covered at all times. If provided the opportunity to do so. Fiduciary Trust will be very happy to act as Custodian for the Plan at the fee outlined in the attached Fee Proposal. Once again, thank you for including us in your search for custodial services. If you have any questions or need additional information, please do not hesitate to call me directly at (954) 7624308. Kind Regards, Amed A. Avila Vice President, Relationship Manager Enclosure(s): Proposed Fee Quote Proposed Custody Fee Schedule Boynton Beach Firefighters' Pension Fund As your custodian, Fiduciary Trust Company International of the South will provide safekeeping of your assets, collections of interest and dividends, settlement of security transactions, daily cash investment, on-line access, periodic statements and appraisals, process corporate actions, pay invoices, vote proxies — as directed, complete proof of claim forms for eligible class actions, make benefit payments, maintain and provide benefit payment records, produce 1099-R tax forms at year end, and conduct quarterly deceased searches. Annual Fees Based on Market Value of domestic assets: 5.00 basis point on the total market value of the account Minimum Annual Fee 1� / $5,000 Annual Minimum - *Waived Transaction Charges: Jrov SM Recurring Periodic Benefit Payments (Including lump sums) All other transaction fees, including Security purchase, sale, deliver or receive, invoice payments will be waived Optional Services: Performance Measurement Reporting: $1,200 per account per annum Hedge Funds/Private Limited Partnerships -line item/memo entry positions: $1,200 per item per annum Specialized Services: Custom reporting, unitization, electronic data transfer, securities lending, and other services quote available upon request. * The annual minimum will not be applied to the account/relationship. Boynton Beach Firefigghters' Pension Fund Fiduciary Trusts Servfces and Fee Structure * Master Custody Services Fee for Relationship: • Relationship Total Market Value 5.00 basis points • Monthly Benefit Payments (Including Lump Sum Distributions) $,'each • $5,000 Annual Account Minimum Waived • $500 One-time Account Setup Fee Waived Master Custody Services: • Dedicated Relationship Team Included in Custody Fee •3 Assistant Vice President /Relationship Manager with Support Team :• Client Service Specialist with Support Team • Administration and Safekeeping of Assets Included in Custody Fee • Processing of Purchases and Sales (Including Foreign Currency Execution for Global Markets Included in Custody Fee Settlement) • Gash Management via STIP or MMDA Deposits Included in Custody Fee • Foreign Tax Re -Claim Included in Custody Fee Y • Checks, Wires, ACH Transfers Issued from Custody Accounts to pay invoices Included in Custody Fee • Monitoring and Notification of Capital Change Activity $10 each • Quarterly Deceased Retiree Search Included in Custody Fee • Notification of Class Action Filings Included in Custody Fee • Monthly Statements Included in Custody Fee • Quarterly Statements Included in Custody Fee • Annual (Fiscal Year) Statements Included in Custody Fee • Monthly Benefit Payment Check Registers Included in Custody Fee • On -Line Access Included in Custody Fee • Additional Section/Sub Accounts Included in Custody Fee • Produce Annual 1099-R Tax Forms Included in Custody Fee • Mutual Fund Purchasing"* Included in Custody Fee Included in Custody Fee " Fee quoted is guaranteed for 3 years from contract date "*FTC/ does not have any restrictions on Mutual Fund trades. We have the ability to purchase any Mutual Fund. Due to our unique omnibus structure, in many cases we are able to purchase below or meet the minimum required purchase amount usually mandated by the fund companies. Only applicable restrictions are those directly imposed by the Mutual Fund Companies. List of Plan Administration Duties Administration of Meetings: • Schedule meetings (including coordination with City) • Gather and distribute meeting materials • Prepare agenda • Prepare minutes Trustee Organization: • Have working knowledge of Plan Document • Maintain Board contact list (Trustees and Service Providers) • Maintain list of Trustee position type and date of term expiration • Maintain pending matter list o Timely implement motions and decisions of Trustees o Ensure service providers are aware of motions and decisions which impact their projects • Run Trustee elections • Coordinate Trustee appointments through the City • Ensure timely selection of 5th Trustee • Assist in creation of Board Policies including Internal Controls and Procedures • Familiarity with Sunshine laws, gift and ethics laws and public officer voting • Obtain quotes for fiduciary liability insurance and fidelity bonding • Keep Trustee memberships in Pension Organizations up to date • Assist in preparation of requests for proposals, as directed • Ensure that Trustees approve benefits and Fund expenses • Administer Travel Policy (including proper documentation and providing for reimbursements) • Assist in making reservations and arrangements • Familiarity with Microsoft Office Suite: Word, Excel, Access and PowerPoint Communication and Coordination: • Review correspondence, statements and documents from all service providers. • Distribute the documents as necessary Page 1 of 3 Member Administration: • Active Members o Ensure Enrollment o Monitor contributions from employees and City o Maintain data to determine Member eligibility o Assist Member in completing Beneficiary Form, as required o Assist Member in completing of Refund of Contribution forms (for non -vested terminated employee) o Provide pension benefit counseling upon request of a plan Member o Establish and maintain system for Share Account recording o Provide Member Share Account Statements o Establish and maintain system for DROP Accounts o Provide Member DROP Account Statements o Coordination of Participant Education • Retirement Process o Assist Members in completing applications for Retirement and Disability, as required o Assist Members in completing applications for DROP, as required o Coordinate benefit calculation and verification by actuary o Ensure Member completion of Benefit Election forms o Assist in processing Benefit and Disability denials and appeals • Retired Members o Assist Retiree in transition from active employment - Authorization for Deductions - Benefit Election Form - Confidentiality Request - Tax Withholding (W4 -P) - Withdrawal (DROP or Other Distributions) o Set up direct deposit as required o Establish system to conduct Death Record Searches o Ensure the Member is aware of required compliance of IRS distributions and compliance with minimum distribution/415 rules by the Member executing the special tax notice as required Records Custodian: • Maintenance of: o Incoming Correspondence, Documents, and Records o Member Data o Service Provider contracts and data • Oversee Computer System to maintain records (including security and backup of systems) • Respond to Public Records Requests • Ensure compliance with Public Records exemptions to the extent required by the Public Records Act, Chapter 119, Florida Statutes Page 2 of 3 Plan Financials: • Responsible for reconciliation of accounts • Compliance with Internal Controls and Procedures • Responsible for maintenance of General Ledger • Responsible for Financial Statements • Oversee creation of System to maintain Share and DROP Accounts • Coordinate Annual Audit with Auditor to ensure completion by the City's deadline • Accounts Payable: o Review of Invoices o Approval of Expenses by Board o Signed Warrant o Specific Reference to Minutes o Payment of Invoices • Employer Contributions: o Contribution Amounts o Monitor Deposits at least Quarterly • Direct Custodian to: o Process Tax Deposits o Prepare 1099Rs and IRS Reporting o Process and execute payment of Retiree Payroll, refund (Direct & Rollover) of Member Contributions, Payments for services, DROP loans as permitted or any other payments as deemed necessary so not to cause any inefficiency • Oversee and Coordinate o Annual Report Preparation - to ensure filing by March 15th each year Online Access to Members o Administer to oversee and coordinate online access for Members o Create, maintain, distribute newsletter BSJ:pah Revised 2015 C:\Users\pat\Soonr Workplace\PENSION\BB Police 0188\vendors\Admin\RFP\Joint RFP\2015 list of admin duties.wpd Page 3 of 3 SALEM TRUST C O M P A N Y Salem Trust Company's Recent Audit We at Salem Trust are grateful for our clients' and service partners' enthusiastic congratulations for the early, mid-September release of our company's final SSAE 16 report, which independently confirms that Salem Trust met or exceeded industry standards during the 12 month period ending June 30, 2015. We worked hard to meet your expectations, and we greatly appreciate your confidence in us as we improved our documentation, internal workflows, and policies and procedures, which will now hold up under even the most rigorous review of our auditor. The difficulties presented to us, and by extension to our customers, as we worked through a complex trust operation system transition tested us, but we persevered. Salem Trust's stretch of trouble during the conversion was an isolated event resulting from our old system clashing with a new and in some respects more complicated one. Sometimes bad things happen to good people, and our challenges in the previous year were not due to negligence or poor performance. Indeed, through the many selfless hours logged by my staff, we always remained true to our primary commitment to assure that no transaction would fail; no asset would be lost; all income would be collected; and all benefits would be paid on time. I couldn't be more proud of our team for their perseverance, even though I was never in any doubt that they would come through. Today we are a better and stronger institution for having solved the issues we faced. With that period of time firmly behind us, we now are more capable than ever of resuming our place as the best custodial service provider in the industry. That is a reputation we have long enjoyed. Since Salem Trust's inception, our business model has focused almost exclusively on the Florida public pension and institutional client services industry. We take pride in our long history of being recognized as the "A" team in the custodial services market. Currently more than 250 clients demonstrate their confidence in Salem Trust by entrusting more than $7 billion in assets to our exceptional care and service. World-class athletes suffer terribly when an injury or event sidelines them; their eagerness to compete is a big part of what makes them world-class. Every member of the Salem Trust team is similarly excited to find out how our newfound skills and strengthened relationships will take us to new heights. Without distractions, without the drain of human capital and extra expense we've been carrying, we expect to play the custodial services game at a whole new level. We thank you for your support and validation. To our friends and colleagues, past and present, be assured that you will always be our good friends and colleagues and we stand ready to support you whenever the opportunity presents itself. Regards, Bradley K. Rinsem DEERFIELD BEACH TAMPA 1-15 \ 1F'F. INI [ORF:R: IL`L[ \ \R I), �Ui"I'1 751 • , , \\{I':\- 1 1, ' GU % • I [.1, ' ;ti3->36ti • 1: %N 'till; 3tI1-1375 WTIIW.Si11,C111I1"/ISLCillll SALEM TRUST COMPANY IS A SUBSIDIARY OF U.S. FIDUCIARY SERVICES, INC., AN EMPLOYEE -OWNED COMPANY. Barbara Ladue From: SalemTrustCompany <SalemTrustCompany@salemtrust.com> Sent: Friday, September 18, 2015 2:59 PM To: SalemTrustCompany Cc: Ashley Pelletier; Brad Rinsem; Brian Bizzell; Deborah Kocsis; Karen Russo; Lynn Skinner; Mark Rhein; Martha Resto; Mindy Johnson; Wanda Gordon Subject: Salem Trust's June, 2015 SSAE 16 September 18, 2015 3:00 PM ET The client services team at Salem Trust thanks each of our clients and service partners for your patience during this last year as we completed the design and finalized the implementation of our trust operating system transition. Clearly, we are a better and stronger company for having successfully responded to the unforeseen difficulties resulting from the conversion. Previously, we had indicated to you that the release of the report was targeted for the middle of October, 2015, the date when we were to have finalized the review and acceptance of our internal audit, the SSAE 16. We are pleased to announce that it is now ready for your review, well ahead of schedule, and that we have achieved our goal of having an unqualified opinion in this audit period. We are further pleased to be able to point you to our auditor's opinion (page 2), which states, in all material respects, that in our company's assertion, we: (a) Fairly described the system as it was designed and implemented in the testing period; (b) Used controls that were suitably designed; (c) Satisfied our objectives: "The controls tested, which together with the complementary user entity controls referred to in the scope paragraph of this report, if operating effectively, were those necessary to provide reasonable assurance that the control objectives stated in the description were achieved..." PLEASE NOTE: BY ACCESSING THIS LINK AND DOWNLOADING THE DOCUMENT IT CONTAINS, YOU ARE AGREEING WITH US TO LIMIT THE FURTHER DISTRIBUTION OF THE DOCUMENT TO YOUR CLIENTS AND ASSOCIATES. PLEASE DO NOT ACCESS OR DOWNLOAD THIS DOCUMENT UNLESS YOU AGREE WITH THIS DISTRIBUTION SECURITY POLICY. YOU MAY NOW ACCESS OUR SSAE 16 THROUGH THE INTERNET LINK WE ARE PROVIDING. http://www.salemtrust.com/special publications/USFAS SSAE 16 June 30 2015.pdf If you have further questions, please contact your Salem Trust client service team, or Salem Trust's President & CEO, Brad Rinsem, directly. Regards, The Salem Trust Client Service Team This is being sent from an unmonitored email. Please direct any questions, concerns or comments directly to your Relationship Manager or Salem Trust Service Office. BOYNTON BEACH FIREFIGHTERS' PENSION FUND Scheduled 2016 Quarterly Board Meetings Febru .3, 2016, Wednesday, @ 9:00 AM . �5' Y May 4, 2016, Wednesday, @ 9:00 AM August 3, 2016, Wednesday, @ 9:00 AM November 2, 2016, Wednesday, @ 9:00 AM (Meeting dates on 1s' Wednesday of the Month- Subject to Change) Meeting Location: Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 May 26, 2015 Fitzpatrick's Fix: A guide to saving the Boynton Beach Firefighter Defined Benefit Pension Plan By Mike Fitzpatrick 4Nov2015 I propose the City of Boynton Beach structure it's Pension Plan with a 2.75% defined benefit multiplier, always pays with the objective of a 3.0% defined contribution multiplier, require the pension board to determine each year if an additional multiplier above 2.75% is possible, and have a mechanism which requires an immediate (yearly) cash infusion to maintain the funded liability at or above 100%. If this is done I believe the current working fire fighters will have a pension very close in value to recent retirees, and the next generation of fire fighters will probably retire with an average multiplier higher than recent retirees. It is very unlikely that current firefighters can have the same retirement package as recent retirees for the same years of employment because of the $44.4 million dollar unfunded liability burden on the general fund. What needs to be changed to achieve the highest possible pension benefits for current firefighters with explanations following: 1) Add to the Union contract pension article — "To achieve a projected 3% multiplier requires a 22% continuous yearly payment of covered payroll. This 22% is paid with a 7.5% deduction from employee's payroll and a 14.5% contribution of payroll by the City minus the City's portion of yearly Chapter 175 money. If the City's portion of Chapter 175 money diminishes the City must make up the difference to total 14.5%." 2) Add to the Union contract pension article — "The City will pay $200,000 per year for the duration of the contract to pay down the unfunded liability". 3) Add to the Union contract pension article — "The pension fund 2% Cola will be funded with a 5% deduction from employee's payroll." 4) Add to Ordinance No. 10-016, Section 18-184.2, paragraph (f) Non -Guarantee of Benefits an additional sentence: "Any year the funded liability drops below 100% all accrued savings and that year's additional premium tax revenue shall be paid to the general fund." 5) Create a new City ordinance to: a) authorize the Pension Board set the multiplier rate for the previous year based on the Auditor's annual report. If the funded liability is below 100% the maximum rate will be 2.75%. b) when the funded liability is below 100% the City will add $200,000 to the fund balance. c) when the funded liability is below 100% pension payments to retirees will be calculated at 2.75% per year beginning with year 2016. The City defined benefit payment will be recalculated for this amount for that year. Explanations 1) Add to the Union contract pension article — "To achieve a projected 3% multiplier requires a 22% continuous yearly payment of covered payroll. This 22% is paid with a 7.5% deduction from employee's payroll and a 14.5% contribution of payroll by the City minus the City's portion of yearly Chapter 175 money. If the City's portion of Chapter 175 money diminishes the City must make up the difference to total 14.5%." This explains where the money for the pension comes from. The 22% needed was a number mentioned at a pension meeting. It may have been an educated guess and therefore perhaps not accurate. Also, I can not decipher from the 2014 Actuarial Valuation Report how much money the City gets from the Chapter 175 money. 2) Add to the Union contract pension article — "The City will pay $200,000 per year for the duration of the contract to pay down the unfunded liability". This is an inducement by the City to the Union to invest the $2.7 million pot of unallocated Chapter 175 money into fixing the fund. At 7% interest the $2.7 million is worth $189,000 per year to the City in reduced costs. Investing that savings back into the pension fund instead of turning it over to the City's general fund, over time very much helps both parties. I believe I can commit the City to only doing this for three years — the length of the contract. However, it should be a relatively easy sell by the Union to renew this in each future contract until the pension fund is once again at 100% funded liability. 3) Add to the Union contract pension article — "The pension fund 2% Cola will be funded with a 5% deduction from employee's payroll." I am not sure if this is needed. I do not have a current Union contract and perhaps this is already in there as something similar to "Article 39: Supplemental Retirement Insurance." My thought was to have in one document (the contract) an explanation of how all the employees' 12.5% payroll deductions for pensions are allocated. 4) Add to Ordinance No. 10-016, Section 18-184.2, paragraph (f) Non -Guarantee of Benefits an additional sentence: "Any year the funded liability drops below 100% all accrued savings and that year's additional premium tax revenue shall be paid to the general fund." This is the one sentence change which would commit the $2.7 million slush fund and all future Chapter 175 money, to paying down the unfunded liability until such time the pension fund is at or above 100% funded liability. This may take 20 years. Then the storm has passed. The sun comes out. Birds start singing. And my son gets to use the re -instituted yearly $5,000 to upgrade me to a better quality nursing home. Actually the Union E -board and the pension board do not need this added sentence to shift the Chapter 175 money to paying down the unfunded liability and thereby saving the defined benefit pension for those whom elected them (instead of tilting towards the retirees). Putting the sentence in just makes it an automatic requirement. The Pension Board and Union E -Board are willfully ignoring Section 1 (f) of the Ordinance. It reads: "Non -Guarantee of Benefits. Prior to payment of any benefit under this Section, eligible retirees shall acknowledge in writing that they have no right, title or interest in Ad Hoc supplemental benefits in any future year. Eligible retirees shall further acknowledge that they have no expectation in any future Ad Hoc supplemental benefits since there may be years where no Ad Hoc supplemental benefit is paid, based on the availability of additional premium tax revenue. Eligible retirees shall specifically acknowledge that available funds and additional premium tax revenues may be used for other purposes in the future, as determined by the collective bargaining process." 5) Create a new City ordinance to: a) authorize the Pension Board set the multiplier rate for the previous year based on the Auditor's annual report. If the funded liability is below 100% the maximum rate will be 2.75%. b) when the funded liability is below 100% the City will add $200,000 to the fund balance. c) when the funded liability is below 100% pension payments to retirees will be calculated at 2.75% per year beginning with year 2016. The City defined benefit payment will be recalculated for this amount for that year. The sorry state of the funded liability is the result of at least four causes: global bear markets, extremely bad auditor estimated costs of Union instigated pension benefit increases, investments which do not perform as anticipated, and a complacency by the Pension Board about the damage caused by a large unfunded liability ratio. None of these reasons are the fault of the City. Therefore it should not be held solely responsible for the costs of shortfalls. Setting the City's liability of a defined benefit at a 2.75% yearly multiplier, but paying for an anticipated return to generate a 3.0% yearly multiplier, greatly reduces the stress on the City budget with little real cost to the employee and future retiree. The .25% gap acts as a shock absorber. Assume a 20 year career before retirement. How it is meant to work out is the City would be guaranteeing the employ a minimum benefit of 55% of their salary (2.75% X 20 years). Currently the guarantee is 60% (3.0% X 20 years). Anybody who can not live on 55% of their salary after retirement is on drugs... or has some other expensive addiction. This does not mean an employee's retirement will be 55% of their salary. That is just the portion the City guarantees. The plan is wise investing by the pension board will make up the difference. And perhaps more. Sometimes what is not written into an ordinance is as important as what is written. There is no upper limit set for what the yearly multiplier can be. A year below 100% will cause that year's multiplier to be set at 2.75%. However, the following year the infusion of cash generated by this event and improvement in the stock market may result in perhaps a 105% funded ratio which perhaps would allow the Pension Board to set a multiplier of 3.5% for that year. This would offset the previous year plus some. This is an important change. The multiplier never goes below 2.75% but is reset each year by the pension board. Over 20 years (once the fund is back to 100%) presumably wise investing will result in the total being above 60% of an employee's salary. Assume this has worked out and good investing has resulted in a block of twenty years which has a total of 62% of an employee's salary. Then a big recession occurs. The City would be only guaranteeing 55% of the employee's salary. Once the fund recovers to 100% (by using Chapter 175 money, the $200,000 from the City (5.b), and market rebound, then the retiree's payments would go back to 62% and stay there until something else bad happens and the fund again dips below 100% funded ratio. How these changes would affect different classes of the Brotherhood For retirees who retired before the Chapter 175 money disbursement started: No change. For retirees who retired after the Chapter 175 money started being disbursed: The loss of the Chapter 175 bonus money until the funded liability is at 100%. Estimated time for this to occur is 16 to 20 years. Total loss over a lifetime is perhaps $100,000 plus. For current employees: No loss in benefits already accrued. Going forward the excess money above the 2.75% defined benefit portion will be used to pay down the unfunded liability for the rest of your careers. How much your final pension amount is lower than the current benchmark of 60% for 20 years of employment depends on how many years are left to work. Assume an employee has worked 15 years. His defined benefit at twenty years would be 58.75%. For an employee who stared in 2015, his defined benefit in twenty years would be 55.25%. To get to a 60% pension payout the 15 year employee would have to work a total of 20.5 years. The new employee would have to work a total 21 years and 9 months. But by then the unfunded liability mess will be cleaned up and as soon as he is eligible, start receiving the reinstated Chapter 175 bonuses. By keeping the funded liability above 100%, presumably the next generation of firefighters might be able to reach the 60% benchmark in 19 years or less. The Road Back To pay down the debt, the money I see which could be made available right now is: $200,000 (City savings generated by the Pension Board using the accrued $2.7 million Ch. 175 money) $200,000 (City savings generated by resetting the defined benefit from 3.0% to 2.75%) $350,000 (yearly Chapter 175 money) $750,000 Total amount of money available in 2016 Some of the figures may be a little off. But assume there is $750,000 per year to pay down the liability. It may take 21 years. It will probably take less because other factors will come into play. Perhaps the market will average a better return than 7%, in the future more money from the City may be available, and the mortality rate of current retirees will lower pension obligations. Interest from Years of Year Cash infusion previous year Total program cash 2,700,000 2016 1 750,000 189,000 3,639,000 2017 2 750,000 254,730 4,643,730 2018 3 750,000 325,061 5,718,791 2019 4 750,000 400,315 6,869,106 2020 5 750,000 480,837 8,099,944 2021 6 750,000 566,996 9,416,940 2022 7 750,000 659,186 10,826,126 2023 8 750,000 757,829 12,333,955 2024 9 750,000 863,377 13,947,331 2025 10 750,000 976,313 15,673,645 2026 11 750,000 1,097,155 17, 520, 800 2027 12 750,000 1,226,456 19,497,256 2028 13 750,000 1,364,808 21, 612, 064 2029 14 750,000 1,512,844 23, 874, 908 2030 15 750,000 1,671,244 26, 296,152 2031 16 750,000 1,840,731 28, 886, 882 2032 17 750,000 2,022,082 31, 658, 964 2033 18 750,000 2,216,127 34, 625, 092 2034 19 750,000 2,423,756 37,798,848 2035 20 750,000 2,645,919 41,194, 767 2036 21 750,000 2,883,634 44,828,401 67 a) E cn a) O N L - ca C� co U C6 O O m � � � U) O O 04— O E � � O O � O � ry U 67 a) E cn a) O N L - ca C� co LO T" O N i i A i M E m N 0 � M 0 L L 0 d � N d way X d a� W L o cc �a 0 0 cc � L �C C L 0 Ccc C lJ 0 O 0 0 O 0 O Ln Y � L O 7 E m L }. 0 L 0 0 O Q N N L i N O U N > C O N S o O O O N o O V N O O O QO N r U) (� (') o M M O O O Q O 0) j (n U) (� = N oo O o O 0 O O O O N O O 0) 0 Q (� d m c� Q m LL Q O O 0 O O O O 1 O O 0) 0 Q Ur EIE m Q m [ILI 0 0 17LITH 0 o U U c)) �_ V o O U � N N N (p o cq -C Q U O (n N N N N N N N N (p o ¢ U N E N N 0 oo o ' O N T N Lo IDO W o 3 3 N N 3 0 N > O Q O cq N m M U) O U O m 0 � d' (6 m (6 m r 0 d' (6 m o (6 m CO m 2 0 m m N ' 0 N o1 0 0 O 0 0 O 0 O Ln 0 O LO 0 0 0 0 O Ln 0 O Y � L O 7 E m L }. 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V N (o 0 0 0 0 0 0— i N 0) LL (6 O _ to �O O U N Z LL o (7 LL a) a LL wLL w LL N w LL N w LL H H N N 00 N LO Q 0)Q Q CD Q0 Q LO Q10 Q v Q Q v Q (o Q (o Q () Q 0) Q00 I� I� Ln (fl N LI) LO 00 (h Ln V O Z O Z Z o Z 00 Z� Z 00 Z (1) Z Z (1) Z� Z M Z N Z r Z 00 (o V (h V LO Q N Q a 0 Q' a� Q� a Q a Q a Q O a� Q"T O W V (h d) M M O M W (h Z Z Z Z Z Z Z Z Z Z Z Z Z Z � � � N N Ln Ln Ln W r- r- W OA N I- It I- I- O M 1- 00 M (,4 O) M N O) V Q O Q (h Q (h Q (h LO O LO -: r- n V N O O (O Lo 00 (O Lo 00 Lo WLQ r- N (O (h m a N M O) O d) O (h N O (h N N Z �j Z Z (1)Z (1) ' N M (h O v (o CO LO 1- 0 r- 00 0) rn o 0) rn 0 rn Q (o Q (o Q 0) Q0 r. (o O N - N 00 00 (o t N N � N (hW O W ` V V 1 (h 00 (o N (h 00 co O) V co O) V N M Z (r) Z Z M Z (? O (o O O a M V N O 00 (o N LO N O 00 LO 00 t- LO 00 t- N Q N Q N Q V Q d) a V o O d) V LO d) (1) d) N t- V N t- V N N W (h O M O N O N (o V V 00 r- O 06 r- O O) Z (D Z r- Z� Z M O N W a W a ! OA Ln d) LO V a r- r- 0o LO (`") (`") CO N O) O (2 (D - (2 LO (o Q W Q N M N 00 N LO OA Lr) LO 1- N V W O co LO 0) N N (o LO O Ln (D ('4 N O N M O N Lo m M 0 Lo Z V Z (O 00 (o r r co V LO O Ln N N V 00 d) CO N 00 r- O r. O r- d) CO r- CY) O (`") N O N S (0 00 O 1- O) 00 I- 00 I- (D r. r (D -: r- M O) a (D N r. O (h (o LO LO O V 00 LO (h LO LO O (o It Lfi O) r- N O N O) LO V Cl! (o (o (1) O) O) O) (D � (D I- (O (o O) N (O (o N LO M V O) W O N � O n O (o M � O � � O � O � � N V � co N (h (h N N N N N N N O Lo V M I- V (1)ItN (D N O: LO LO LO LO COLfi Lfi Ln N V r- Lfi (O M N O) CO V r. � O Lf O Lo L? V (O N m M N O V (O V (') co ('j- ('j LL9 Lf� Q) Lf� O Lf� Q) V Q Q CO I- CO d) N 00 CO 00 N N CO N d) N N O N O V (D LO a r- Q O) (h V (O V O O r- r- O LO M r- OA M (o O M V 00 1- M (h Z O (h N 0 0 n V 00 N O N N O (h N (h a V 0 r C (6 '6 C 0) (6 � 0) U + Li Q x U (� + 0) > O y 0) U U - + W O O O W LL U N LL X N N > U .-O d 0) LL 0 N U 0 U E E 0) m LL .o w CML>. 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(o O) 00 00 O) - M O) Lo O) 00 O) - OA O) O O) i N 0) LL (6 O _ to �O O U N Z LL o (7 LL a) a LL wLL w LL N w LL N w LL H H N N 00 N LO Q 0)Q Q CD Q0 Q LO Q10 Q v Q Q v Q (o Q (o Q () Q 0) Q00 I� I� Ln (fl N LI) LO 00 (h Ln V O Z O Z Z o Z 00 Z� Z 00 Z (1) Z Z (1) Z� Z M Z N Z r Z 00 (o V (h V LO Q N Q a 0 Q' a� Q� a Q a Q a Q O a� Q"T O W V (h d) M M O M W (h Z Z Z Z Z Z Z Z Z Z Z Z Z Z � � � N N Ln Ln Ln W r- r- W OA N I- It I- I- O M 1- 00 M (,4 O) M N O) V Q O Q (h Q (h Q (h LO O LO -: r- n V N O O (O Lo 00 (O Lo 00 Lo WLQ r- N (O (h m a N M O) O d) O (h N O (h N N Z �j Z Z (1)Z (1) ' N M (h O v (o CO LO 1- 0 r- 00 0) rn o 0) rn 0 rn Q (o Q (o Q 0) Q0 r. (o O N - N 00 00 (o t N N � N (hW O W ` V V 1 (h 00 (o N (h 00 co O) V co O) V N M Z (r) Z Z M Z (? O (o O O a M V N O 00 (o N LO N O 00 LO 00 t- LO 00 t- N Q N Q N Q V Q d) a V o O d) V LO d) (1) d) N t- V N t- V N N W (h O M O N O N (o V V 00 r- O 06 r- O O) Z (D Z r- Z� Z M O N W a W a ! OA Ln d) LO V a r- r- 0o LO (`") (`") CO N O) O (2 (D - (2 LO (o Q W Q N M N 00 N LO OA Lr) LO 1- N V W O co LO 0) N N (o LO O Ln (D ('4 N O N M O N Lo m M 0 Lo Z V Z (O 00 (o r r co V LO O Ln N N V 00 d) CO N 00 r- O r. O r- d) CO r- CY) O (`") N O N S (0 00 O 1- O) 00 I- 00 I- (D r. r (D -: r- M O) a (D N r. O (h (o LO LO O V 00 LO (h LO LO O (o It Lfi O) r- N O N O) LO V Cl! (o (o (1) O) O) O) (D � (D I- (O (o O) N (O (o N LO M V O) W O N � O n O (o M � O � � O � O � � N V � co N (h (h N N N N N N N O Lo V M I- V (1)ItN (D N O: LO LO LO LO COLfi Lfi Ln N V r- Lfi (O M N O) CO V r. � O Lf O Lo L? V (O N m M N O V (O V (') co ('j- ('j LL9 Lf� Q) Lf� O Lf� Q) V Q Q CO I- CO d) N 00 CO 00 N N CO N d) N N O N O V (D LO a r- Q O) (h V (O V O O r- r- O LO M r- OA M (o O M V 00 1- M (h Z O (h N 0 0 n V 00 N O N N O (h N (h a V 0 r C (6 '6 C 0) (6 � 0) U + Li Q x U (� + 0) > O y 0) U U - + W O O O W LL U N LL X N N > U .-O d 0) LL 0 N U 0 U E E 0) m LL .o w CML>. O o O E m a) O O UU O O E U > U _ v w3 LL 0) Y O O LL U a a W N E x W W C E O Il LL N C 'O d j O U O- O (6 O U U K N W IL V N 0 C U C V J X N C N V O LL= U LL u W 0) Q a) E Q a) a a) a) E CO c w m p 9 a� E o y E x x� E O E o W 2� R a) 2 C7 W w O 0 w - w a) LL w O 0 w (/ w O d w (� W w 0 w w LL N w 0 w D O Q w� w D H H H H H H H M N N iZ (O V - coI- N M O N N O N N O i N 0) LL (6 O _ to �O O U N Z LL o (7 LL a) a LL wLL w LL N w LL N w LL H H N N 00 N LO Q 0)Q Q CD Q0 Q LO Q10 Q v Q Q v Q (o Q (o Q () Q 0) Q00 I� I� Ln (fl N LI) LO 00 (h Ln V O Z O Z Z o Z 00 Z� Z 00 Z (1) Z Z (1) Z� Z M Z N Z r Z 00 (o V (h V LO Q N Q a 0 Q' a� Q� a Q a Q a Q O a� Q"T O W V (h d) M M O M W (h Z Z Z Z Z Z Z Z Z Z Z Z Z Z � � � N N Ln Ln Ln W r- r- W OA N I- It I- I- O M 1- 00 M (,4 O) M N O) V Q O Q (h Q (h Q (h LO O LO -: r- n V N O O (O Lo 00 (O Lo 00 Lo WLQ r- N (O (h m a N M O) O d) O (h N O (h N N Z �j Z Z (1)Z (1) ' N M (h O v (o CO LO 1- 0 r- 00 0) rn o 0) rn 0 rn Q (o Q (o Q 0) Q0 r. (o O N - N 00 00 (o t N N � N (hW O W ` V V 1 (h 00 (o N (h 00 co O) V co O) V N M Z (r) Z Z M Z (? O (o O O a M V N O 00 (o N LO N O 00 LO 00 t- LO 00 t- N Q N Q N Q V Q d) a V o O d) V LO d) (1) d) N t- V N t- V N N W (h O M O N O N (o V V 00 r- O 06 r- O O) Z (D Z r- Z� Z M O N W a W a ! OA Ln d) LO V a r- r- 0o LO (`") (`") CO N O) O (2 (D - (2 LO (o Q W Q N M N 00 N LO OA Lr) LO 1- N V W O co LO 0) N N (o LO O Ln (D ('4 N O N M O N Lo m M 0 Lo Z V Z (O 00 (o r r co V LO O Ln N N V 00 d) CO N 00 r- O r. O r- d) CO r- CY) O (`") N O N S (0 00 O 1- O) 00 I- 00 I- (D r. r (D -: r- M O) a (D N r. O (h (o LO LO O V 00 LO (h LO LO O (o It Lfi O) r- N O N O) LO V Cl! (o (o (1) O) O) O) (D � (D I- (O (o O) N (O (o N LO M V O) W O N � O n O (o M � O � � O � O � � N V � co N (h (h N N N N N N N O Lo V M I- V (1)ItN (D N O: LO LO LO LO COLfi Lfi Ln N V r- Lfi (O M N O) CO V r. � O Lf O Lo L? V (O N m M N O V (O V (') co ('j- ('j LL9 Lf� Q) Lf� O Lf� Q) V Q Q CO I- CO d) N 00 CO 00 N N CO N d) N N O N O V (D LO a r- Q O) (h V (O V O O r- r- O LO M r- OA M (o O M V 00 1- M (h Z O (h N 0 0 n V 00 N O N N O (h N (h a V 0 r C (6 '6 C 0) (6 � 0) U + Li Q x U (� + 0) > O y 0) U U - + W O O O W LL U N LL X N N > U .-O d 0) LL 0 N U 0 U E E 0) m LL .o w CML>. 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(o O N - N 00 00 (o t N N � N (hW O W ` V V 1 (h 00 (o N (h 00 co O) V co O) V N M Z (r) Z Z M Z (? O (o O O a M V N O 00 (o N LO N O 00 LO 00 t- LO 00 t- N Q N Q N Q V Q d) a V o O d) V LO d) (1) d) N t- V N t- V N N W (h O M O N O N (o V V 00 r- O 06 r- O O) Z (D Z r- Z� Z M O N W a W a ! OA Ln d) LO V a r- r- 0o LO (`") (`") CO N O) O (2 (D - (2 LO (o Q W Q N M N 00 N LO OA Lr) LO 1- N V W O co LO 0) N N (o LO O Ln (D ('4 N O N M O N Lo m M 0 Lo Z V Z (O 00 (o r r co V LO O Ln N N V 00 d) CO N 00 r- O r. O r- d) CO r- CY) O (`") N O N S (0 00 O 1- O) 00 I- 00 I- (D r. r (D -: r- M O) a (D N r. O (h (o LO LO O V 00 LO (h LO LO O (o It Lfi O) r- N O N O) LO V Cl! (o (o (1) O) O) O) (D � (D I- (O (o O) N (O (o N LO M V O) W O N � O n O (o M � O � � O � O � � N V � co N (h (h N N N N N N N O Lo V M I- V (1)ItN (D N O: LO LO LO LO COLfi Lfi Ln N V r- Lfi (O M N O) CO V r. � O Lf O Lo L? V (O N m M N O V (O V (') co ('j- ('j LL9 Lf� Q) Lf� O Lf� Q) V Q Q CO I- CO d) N 00 CO 00 N N CO N d) N N O N O V (D LO a r- Q O) (h V (O V O O r- r- O LO M r- OA M (o O M V 00 1- M (h Z O (h N 0 0 n V 00 N O N N O (h N (h a V 0 r C (6 '6 C 0) (6 � 0) U + Li Q x U (� + 0) > O y 0) U U - + W O O O W LL U N LL X N N > U .-O d 0) LL 0 N U 0 U E E 0) m LL .o w CML>. O o O E m a) O O UU O O E U > U _ v w3 LL 0) Y O O LL U a a W N E x W W C E O Il LL N C 'O d j O U O- O (6 O U U K N W IL V N 0 C U C V J X N C N V O LL= U LL u W 0) Q a) E Q a) a a) a) E CO c w m p 9 a� E o y E x x� E O E o W 2� R a) 2 C7 W w O 0 w - w a) LL w O 0 w (/ w O d w (� W w 0 w w LL N w 0 w D O Q w� w D H H H H H H H M N O W W r. LO O 00 V O O O - 0 0 0 i N 0) LL (6 O _ to �O O U N Z LL o (7 LL a) a LL wLL w LL N w LL N w LL H H N N 00 N LO Q 0)Q Q CD Q0 Q LO Q10 Q v Q Q v Q (o Q (o Q () Q 0) Q00 I� I� Ln (fl N LI) LO 00 (h Ln V O Z O Z Z o Z 00 Z� Z 00 Z (1) Z Z (1) Z� Z M Z N Z r Z 00 (o V (h V LO Q N Q a 0 Q' a� Q� a Q a Q a Q O a� Q"T O W V (h d) M M O M W (h Z Z Z Z Z Z Z Z Z Z Z Z Z Z � � � N N Ln Ln Ln W r- r- W OA N I- It I- I- O M 1- 00 M (,4 O) M N O) V Q O Q (h Q (h Q (h LO O LO -: r- n V N O O (O Lo 00 (O Lo 00 Lo WLQ r- N (O (h m a N M O) O d) O (h N O (h N N Z �j Z Z (1)Z (1) ' N M (h O v (o CO LO 1- 0 r- 00 0) rn o 0) rn 0 rn Q (o Q (o Q 0) Q0 r. (o O N - N 00 00 (o t N N � N (hW O W ` V V 1 (h 00 (o N (h 00 co O) V co O) V N M Z (r) Z Z M Z (? O (o O O a M V N O 00 (o N LO N O 00 LO 00 t- LO 00 t- N Q N Q N Q V Q d) a V o O d) V LO d) (1) d) N t- V N t- V N N W (h O M O N O N (o V V 00 r- O 06 r- O O) Z (D Z r- Z� Z M O N W a W a ! OA Ln d) LO V a r- r- 0o LO (`") (`") CO N O) O (2 (D - (2 LO (o Q W Q N M N 00 N LO OA Lr) LO 1- N V W O co LO 0) N N (o LO O Ln (D ('4 N O N M O N Lo m M 0 Lo Z V Z (O 00 (o r r co V LO O Ln N N V 00 d) CO N 00 r- O r. O r- d) CO r- CY) O (`") N O N S (0 00 O 1- O) 00 I- 00 I- (D r. r (D -: r- M O) a (D N r. O (h (o LO LO O V 00 LO (h LO LO O (o It Lfi O) r- N O N O) LO V Cl! (o (o (1) O) O) O) (D � (D I- (O (o O) N (O (o N LO M V O) W O N � O n O (o M � O � � O � O � � N V � co N (h (h N N N N N N N O Lo V M I- V (1)ItN (D N O: LO LO LO LO COLfi Lfi Ln N V r- Lfi (O M N O) CO V r. � O Lf O Lo L? V (O N m M N O V (O V (') co ('j- ('j LL9 Lf� Q) Lf� O Lf� Q) V Q Q CO I- CO d) N 00 CO 00 N N CO N d) N N O N O V (D LO a r- Q O) (h V (O V O O r- r- O LO M r- OA M (o O M V 00 1- M (h Z O (h N 0 0 n V 00 N O N N O (h N (h a V 0 r C (6 '6 C 0) (6 � 0) U + Li Q x U (� + 0) > O y 0) U U - + W O O O W LL U N LL X N N > U .-O d 0) LL 0 N U 0 U E E 0) m LL .o w CML>. 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