HomeMy WebLinkAboutAgenda Fire Pension 031014THE RESOURCE CENTERS , LLC
4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410
Phone (561) 624-3277 Fax (561) 624-3278 WWW.RESOURCECENTERS.COM
PALM BEACH GARDENS FIREFIGHTERS’
PENSION FUND
Meeting of Monday, March 10, 2014
Location: City Hall, Council Chambers
Palm Beach Gardens City Hall
10500 North Military Trail
Palm Beach Gardens, FL 33410
Time: 9 AM
AGENDA
1. Call Meeting to Order
2. Public Comments
3. Minutes:
• Regular Meeting Held on January 13, 2014
4. Investment Monitor Report: The Bogdahn Group (Troy Brown)
5. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera)
6. Administrative Report: Resource Centers (Audrey Ross)
• Disbursements
• Benefit Approvals
o 2014 COLA Approval (DROP Members)
• Ratification of the 2014/2015 Fiduciary Liability Insurance Renewal
7. Old Business
8. New Business
• Service Provider Contract Review – Updated List
o Sugarman & Susskind Contract
9. Other Business
• Letter from the Division of Retirement Regarding the Approval of all the Actuarial
Valuation Reports Through 9/30/2011
10. Next Scheduled Meeting: To be Determined.
11. Adjourn
PLEASE NOTE:
Should any interested party seek to appeal any decision made by the Board with respect to any matter considered at such meeting or hearing, he will need a
record of the proceedings, and for such purpose he may need to insure that a verbatim record of the proceedings is made, which record includes the testimony
and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation
to participate in this meeting should contact The Resource Centers, LLC no later than four days prior to the meeting.
Bureau of Local Retirement Systems
Local Retirement Section
P.O. Box 9000
Tallahassee, Florida 32315-9000
Tel: 850.488.2874 | Fax: 850. 921.2161 | Toll-Free: 877.738.5622
Rick Scott, Governor Craig J. Nichols, Agency Secretary
February 28, 2014
Mr. Rick Rhodes
Palm Beach Gardens Firefighters' Pension Fund
10500 N. Military Trail
Palm Beach Gardens, FL 33410
RE: Palm Beach Gardens Firefighters' Pension Fund
State Acceptance – Valuations through 09/30/2011
Dear Mr. Rhodes:
Our office had some reservations regarding the inflation assumption (which affects other valuation
assumptions) being used in the 09/30/2011 valuation. The actuary responsible for the 09/30/2011
valuation recalculated the contribution requirement under an alternate set of assumptions which yielded
a similar contribution requirement. Based on this sensitivity test, the above-referenced plan has been
determined to be state-accepted pursuant to Part VII of Chapter 112, F.S. and Chapter 60T, F.A.C.
By this determination, all prior actuarial reports and impact statements effective prior to the above date
and received by the Division of Retirement may be considered to be state-accepted. A revision to the
09/30/2011 valuation is not necessary.
This review relied upon the actuarial costs and asset amounts as determined by the Plan actuary in the
referenced actuarial reports. Although I reviewed the results of the reports for compliance, consistency
and reasonableness, I did not audit the asset information or employee data information for accuracy.
Accordingly, I express no opinion on the reasonableness of the estimates of the financial status of the
plan. An audit may or may not uncover additional material issues in the actuarial work performed.
Should you have any questions, please do not hesitate to call us.
Sincerely,
Douglas E. Beckendorf, A.S.A., E.A.
Actuary
cc: Mr. Brad Lee Armstrong, Actuary
Ms. Audrey Ross, Plan Administrator
Mr. Robert A. Sugarman, Plan Attorney
Mr. Thomas Murphy, Plan Secretary
Ms. Sarah Carr, Division of Retirement
ORIGINAL
CONTRACT
Actuary11/5/2012
Administrator8/24/2000
Attorney11/19/2001
Auditor9/30/2012
Custodian5/3/2002
Consultant11/20/20004/1/2010
PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND
Service Provider Contract Review - March 2014
9/30/2013
3/10/2014
2/1/2011
6/18/2010
Resource Centers
Sugarman & Susskind
Regions Bank
Bogdahn Group
Cherry Bekaert (CB)
SERVICE PROVIDER
Foster & Foster
DATE OF LAST
BOARD REVIEW
11/5/2012