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Home My WebLink AboutAgenda Fire Pension 081808THE PENSION RESOURCE CENTER, INC. 4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410 Phone (561) 624 -3277 ❖ Fax (561) 624 -3278 ❖ WWW.RESOURCFCENTERS.COM PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND Meeting of Monday, August 18, 2008 Location: Council Chambers, Palm Beach Gardens City Hall 10500 North Military Trail Palm Beach Gardens, FL 33410 Time: 10:00 A.M. AGENDA 1. Call Meeting to Order 2. Minutes of Meeting Held June 16, 2008 3. Disability Hearing for Toby Bivens 4. Investment Monitor Report: Bogdahn Consulting Quarterly Performance Report Revised Investment Policy Statement 5. Attorney Report: Bob Sugarman 6. Administrative Report: Margie Adcock 7. Disbursements 8. Other Business • Discussion on Administrative Issues (Scott Baur) 9. Schedule Next Meeting: Monday, October 20, 2008 at 10:00 A.M. 10. 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 Pension Resource Center, Inc. no later than four days prior to the meeting. PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND MINUTES OF MEETING HELD June 16, 2008 A meeting of the Board of Trustees was called to order at 10:04 A.M. at Council Chambers, Palm Beach Gardens, Florida. Those persons present were: TRUSTEES Ed Morejon Tom Murphy Richard Hitchins Steve Rogers MINUTES OTHERS Margie Adcock, Administrator Bob Sugarman, Attorney Joe Bogdahn, Investment Monitor Mike Dana, Investment Manager Allan Owens, Finance Director The Board reviewed the minutes of the meeting held April 21, 2008. A motion was made, seconded and carried 4 -0 to accept the minutes of the meeting held April 21, 2008. INVESTMENT MANAGER REPORT: DANA INVESTMENT ADVISORS Mike Dana appeared before the Board. He discussed the market environment. He stated that the Fed is in a difficult position as they are trying to stimulate the economy. He noted that unemployment is good, but there are issues with the housing market, high oil and increasing pressure from emerging nations. He stated that increase in productivity is the key. Years ago it was the computer and now it is electric cars. He thinks there will be a big move forward once that happens. He noted that they are following the battery side first. Mr. Dana reviewed the performance of the portfolio. The total market value of the portfolio as of March 31, 2008 was $16,573,347. The total portfolio was down 5.06% for the quarter while the benchmark was down 4.76 %. The equity portion of the portfolio was down 9.35% for the quarter while the Russell 3000 was down 9.52 %. The fixed income portion of the portfolio was up 3.31% for the quarter while the benchmark was up 3.0 %. The asset allocation as of March 31, 2008 was 60% in equities; 38% in bonds; and 2% in cash. Mr. Dana reviewed the bond portfolio. The credit quality is AA +, like the index. The duration is 3.75 while the index is 3.83, so they are just a little shorter than the benchmark. He reviewed the treasury yield curve. Mr. Dana reviewed the current economic environment. He reviewed the asset allocation as of March 31, 2008, which was 31 % in large cap growth; 24% in large cap value; and 6% in small cap. Mr. Morejon inquired about proxy voting and his concern about investing in companies trying to harm defined benefit plans. Mr. Dana stated that they use ISS for their proxy voting and he has never seen that topic discussed. He stated that from an investment evaluation standpoint it is a big negative for a company to have a defined benefit plan. 2 Most companies in the corporate world do not have defined benefit plans anymore. Mr. Morejon stated that he does not want the Fund to invest in companies that are fighting defined benefit plans if they do not have to. Mr. Bogdahn stated that ISS should have some categories that can pinpoint them. However, he stated that he does not necessarily want to tell Dana what to invest in. Mr. Morejon stated that he wants the Board just to be aware of it so it can be addressed. INVESTMENT MONITOR REPORT Joe Bogdahn appeared before the Board. He discussed the market environment. He stated that for the quarter ending March 31, 2008 every sector was down. He does not think the market will hit a technical definition of a slowdown. He stated that growth is outperforming value. It was a timely move allowing Dana to go into growth. He thinks that will help the Fund. Mr. Bogdahn reviewed the investment performance for the quarter ending March 31, 2008. The Fund was down 3.85% net of fees for the quarter while the benchmark was down 5.44 %. The total market value of the Fund as of March 31, 2008 was $22,586,000. The equity portfolio managed by Dana was down 9.34% for the quarter while the benchmark was down 9.52 %. The fixed income portfolio managed by Dana was up 2.94% for the quarter while the benchmark was up 2.35 %. The portfolio managed by Galliard was up .26% for the quarter while the benchmark was up 2.17 %. The international portfolio managed by Voyageur was down .22% for the quarter while the benchmark was down 8.82 %. The real estate portfolio managed by American Realty was up 1.18% for the quarter while the benchmark was up 1.60 %. Mr. Bogdahn stated that he did not think the Fund would meet the 8.25% actuarial rate of return this year. He discussed long -term returns. He stated that if the bonds remain stable and equity and real estate start to take off, he thinks the Fund could reach the 8.25% return but it would not leave much of a cushion. He stated that the Fund needs additional diversification and noted that there is an international constraint of only 10 %. He thinks the Board needs to look at some different asset classes such as infrastructure and diversified commodities. He noted that the Fund is also a little hand tied due to the size of the Fund. He stated that they are looking at other asset classes where the Fund could get in with $1 to $1.5 million versus $5 to $10 million. There was discussion on whether the 8.25% return is realistic. Mr. Bogdahn stated that he would like to discuss with the Actuary the effect of reducing the rate as he thinks that would give the Fund a little more breathing room and more of a cushion. He would feel more comfortable with an 8.25% return if the Fund could get some more diversification, which they are trying to look at that now. Mr. Sugarman stated that if the Fund is buying anything other than stocks and bonds an amendment to the Ordinance would be needed. Mr. Bogdahn stated that he would like the language in the Ordinance to be opened up more to allow investments approved by the Board. There was a lengthy discussion. Mr. Bogdahn stated that anytime the Ordinance limits what they can do it limits the outcome. He stated that he would be happy to have a workshop with the City Council on the proposed language. Mr. Owens stated that he would check with the City and see if that might be a viable option although he personally thinks it will be a tough sell. Mr. Sugarman asked Mr. Bogdahn to provide some possible vehicles he is looking into to see if they would require 3 an Ordinance change or not. The Board asked Mr. Bogdahn to provide some options for diversification for the Board to discuss. Mr. Bogdahn provided a revised draft Investment Policy Statement. He discussed the authorized investments. There was a lengthy discussion on options, futures and the effect of that on the language in the Galliard contract. Mr. Sugarman stated that the Board could not do business with Galliard if they have these things unless the Board goes to the City Council to see if the language of the Ordinance can be expanded. Mr. Bogdahn stated that Galliard does not have a lot of these things but they want the ability to have them. Mike Dana departed the meeting. Mr. Sugarman stated that Galliard is a commingled fund, which is fine with the State. However, the City Ordinance has a look through provision and Galliard may or may not have some of these investment types that the Ordinance does not allow. He stated that it is a problem with the Ordinance and was not in the contract with Galliard. Galliard has to agree not to purchase these things while the Fund is in their commingled fund, or the Fund has to find a different manger or have the Ordinance changed. Mr. Bogdahn stated that they could work on getting in compliance by September 30 or move money from Galliard to DHJ. Mr. Sugarman stated that Mr. Bogdahn should contact Galliard to see if they have any of the unauthorized investments. If not, then they are in compliance with the Ordinance. Perhaps they are not buying it at all and they have no present intention to buy any. If they are not holding any of the investments then there is no a violation. Mr. Bogdahn stated that just because they do not have such investments now does not mean that it will not come up at some point. Mr. Owens stated that he thought it would be more expedient to provide specific things that the Board wants to allow. The Board directed Mr. Bogdahn to look into this as quickly as possible. There was discussion on where to move the money if Galliard did have any non - compliant investments. It was noted that there could be a liquidation of Galliard at the end of the month and have the money put with Agincourt, which was the Board's second choice, or with DHJ. There was further discussion. A motion was made, seconded and carried 4 -0 to direct Mr. Bogdahn to see if Galliard has any of the non - compliant investments and if so, move the money to Agincourt as quickly as possible. A motion was made, seconded and carried 4- 0 to authorize the Chairman, if necessary, to execute a contract with Agincourt. Mr. Bogdahn continued the review of the draft Investment Policy Statement. There was discussion on the timing of changing the IPS. Mr. Bogdahn stated that understood the concern of wanting to wait until a finalized IPS can be done before sending it to the State so as not to file too many Statements, which may raise an issue with the State. However, he would rather take the IPS back to what the Ordinance allows and send it to the State. He would rather the State raise an eyebrow rather than have a violation of the Ordinance. Mr. Bogdahn provided a firm update. He reported on additional professionals added to his staff. He stated that he would be reassigned back to this account. The Board stated 4 that they would prefer to have Mr. Bogdahn. If there were a situation where Mr. Bogdahn is unavailable for a meeting, the Board would prefer Mr. Welker. Joe Bogdahn departed the meeting. ATTORNEY REPORT Mr. Sugarman provided an update on the status of the disability application regarding Toby Bivins. He stated that Mr. Bivins had an IME on Friday and they will hopefully have the report within the next month. Mr. Sugarman provided a Resolution regarding use of social security numbers. A motion was made, seconded and. carried 4 -0 to adopt the Resolution, a copy of which is attached to these minutes, to comply with state law regarding use of social security numbers. Mr. Sugarman stated that the Chairman contacted him asking him to draft a letter to the City on the possibility of moving to FRS. Mr. Morejon stated that he sent the letter to each Council Member and the City Manager. He stated before having the Actuary do anything, he wanted to see if the City was legitimately looking into that option. Mr. Sugarman stated that, in order to avoid any delay, the Board could authorize the Chairman to order an actuarial study from the Actuary concerning the costs and benefits in switching to FRS so the City can make an informed comparison. There was a lengthy discussion. The Board determined that it would like to get some more feedback from the City before authorizing a study. Mr. Sugarman provided a legislative update. He stated that the forfeiture provisions of the Florida Statutes added another specified offense, which involves sexual misconduct with minors. There was discussion on the Board using the City's tax- exempt certificate for educational conferences. Mr. Sugarman stated that most of his clients do not apply for a tax- exempt certificate on their own. Rather, most use the municipality's tax - exempt certificate. He stated that the City has advised that they were no longer going to allow the Board to use their tax- exempt certificate. Mr. Sugarman stated that the tax- exempt certificate must only be used for official business for educational purposes. If the Fund has to pay for taxes, the cost of the City's administrative expenses goes up. Mr. Owens stated that he did review Mr. Sugarman's e-mail and discussed it with the City's Attorney. He stated that upon further review, the City has agreed to allow the Board to use their tax - exempt certificate as long as it is used for the official business of the Board. Allan Owens departed the meeting. Mr. Sugarman stated that he was asked to clarify if someone in the DROP receives shares in the Share Account. He stated yes because the Ordinance provides that actively employed firefighters get shares in the Share Account. It was noted that those employees do not contribute to the Fund anymore. Mr. Sugarman stated that the Share Account is not based on employee contributions to the Fund but is based on 175 monies. There was discussion on some of the most recent Share Account Statements. The Statement for Shawn Thurman showed a balance and there were a couple of people hired at the same time that had, different balances. A motion was made, seconded and carried 4- 0 to authorize the Chairman to contact the Actuary to inquire about the discrepancies. ADMINISTRATIVE REPORT Ms. Adcock reported that the Division of Retirement approved the 2007 Annual Report. Ms. Adcock presented the list of disbursements to be made. The Board questioned the invoice from the Attorney and the cost of work done on the tax - exempt certificate and work done related to the IRS. Mr. Sugarman stated that he would credit those amounts for a total credit of $726.75. A motion was made, seconded and carried 4 -0 to approve the disbursements listed as amended. Ms. Adcock provided an update on the progress of the online benefit calculator. There was discussion on communication with the Administrator's office. Ms. Adcock stated that their office had established a client service team to assist in the communication with Participants and she would review the matters the Board raised with the client service team. OTHER BUSINESS There being no further business, the meeting adjourned. Respectfully submitted, Tom Murphy, Secretary 0 PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND DISBURSEMENTS August 18, 2008 • PENSION RESOURCE CENTER, LLC. $ 2,882.57 (Bill for services for June, July and August 2008 including overnight mailings, Trustee Handbooks and Retirement Application fee for R. Boniewski) • REGIONS MORGAN KEEGAN TRUST $ 1,271.32 (Custodial Fees for May and June 2008) • SUGARMAN & SUSSKIND $ 3,277.50 (Fees for legal services for June and July 2008) • GALLIARD CAPITAL MANAGEMENT $ 2,426.06 (2nd Quarter 2008 Management Fee) • VOYAGEUR ASSET MANAGEMENT INC. $ 3,509.51 (2nd Quarter 2008 Management Fee) • BOGDAHN CONSULTING, LLC. $ 5,650.00 (2nd Quarter 2008 Monitoring Fee; Manager Search; Additional Meeting Attendance Fee) • DAVIS HAMILTON JACKSON & ASSOCIATES $ 311.30 (2nd Quarter 2008 Management Fee - prorated) • ELLEN SCHAFFER $ 1,747.50 (Bill for computer programming for on -line calculator) Total Disbursements for Approval $ 21,075.76 (Trustee) (Trustee) Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Firefighters' Invoice Date Invoice # 8/7/2008 P080374 Description Qty Rate Class Amount Retirement/'Drop Application Fee - Robert Boniewski 100.00 PRC - FL 100.00 Total $100.011 If you have any questions concerning this invoice, please contact Jim Jameson at Resource Centers, LLC, Phone 561- 459 -2960 or Email - Jim.Jameson a,Resource- Team.com Balance Due $100.00 Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Firefighters' Invoice Date Invoice # 7/30/2008 P080358 Description Qty Rate Class Amount Palm Beach Gardens Firefighters' Pension Fund - August 2008 800.00 PRC - FL 800.00 Total $800.00 If you have any questions concerning this invoice, please contact Jim Jameson at Resource Centers, LLC, Phone 561- 459 -2960 or Email - Jim.Jamesoii a ,,Resource- 7'eam.com Balance Due $800.00 Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Firefighters' Invoice Date Invoice # 6/30/2008 P080318 Description Qty Rate Class Amount Palm Beach Gardens Firefighters' Pension Fund - July 800.00 PRC - FL 800.00 2008 Copies Trustee Handbooks 903 0.15 PRC-FL 135.45 Labor -Mist. Hourly 3 12.00 PRC - Ft, 36.00 Binders 7 2.59 PRC - Ft, 18.13 FedEx Overnite Package (s) - 6 ovemites June 24 91.12 PRC - FL 91.12 invoice Total 51,080.70 If you have any questions concerning this invoice, please contact Jim Jameson at Resource Balance Due Centers, LLC, Phone 561- 459 -2960 or Email - Jim.Jameson!a).Resource- Team.com S1,080.70 Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Firefighters' Invoice Date Invoice # 5/30/2008 11090280 Description Qty Rate Class Amount Palm Beach Gardens Firefighters' Pension Fund - June 800.00 PRC - FL 800 00 2008 FedEx Ovemite Package (s) - 6 packages - April Invoice 101.87 PRC - FL 101.87 Total 5901.87 If you have any questions concerning this invoice, please contact Jim Jameson at Resource .Jaeson c Resource- Team.coin Centers, LLC, Phone 561 -459 -2960 or Email - Jim m Balance Due S901 97 A REGIONS MORGAN KEEGAN TRUST * * * * * * * * * * * * * * * ** STATEMENT OF TRUSTEES FEES INVOICE DATE 07/14/2008 ACCOUNT # ACCOUNT NAME 3320005077 PB GARDENS FIRE J. SCOTT BAUR THE PENSION RESOURCE CENTER, INC 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDEN FL 33410 INVOICE NUMBER 42778 SUMMARY OF ACCOUNT PREVIOUS BALANCE PAYMENTS RECEIVED: CURRENT FEE: BALANCE DUE $ 1,875.90 1,902.22 647.89- 621.57 S 1.875.90 FEE CALCULATION DETAIL 06/01/2008 - 06/30/2008 DESCRIPTION / RATE FEE TOTAL BASIS MARKET VALUE PERIOD ENDING 06/30/2008 18,647,210.34 0.0000083333 15,539.28 15,539.28 $ 15,539.28 FEE CALCULATION DETAIL 06/01/2008 - 06/30/2008 ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- DISCOUNT: PERIOD ENDING 06/30/2008 14,917.71 - TOTAL $ 14,917.71- SUMMARY OF FEE CALCULATION DETAIL ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- MARKET VALUE 15,539.28 DISCOUNT 14,917.71 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 621.57 FOR FEE CALCULATION PERIOD 06/01/2008 - 06/30/2008 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 3320005077 PB GARDENS FIRE 4.626654418 28.76 BILL 3320010132 PB GARDENS FREED 12.94171861% 80.44 BILL TO A/C 3320005077 3350000088 PB GARD FIRE EQ 62.35895015% 387.60 BILL TO A/C 3320005077 3350000097 PB GARD FIRE FXD 20.07267683% 124.77 BILL TO A/C 3320005077 A& REGIONS MORGAN KEEGAN TRUST STATEMENT OF TRUSTEES FEES INVOICE DATE 07/14/2008 2 ACCOUNT NAME PERCENTAGE MARKET VALUE 3320005077 PB GARDENS FIRE 4.62665441% 862,741.98 3320010132 PB GARDENS FREED 12.94171861% 2,413,269.49 3350000088 PB GARD FIRE EQ 62.35895015% 11,628,204.60 3350000097 PB GARD FIRE FXD 20.07267683% 3,742,994.27 FEES ARE DUE WITHIN 120 DAYS OF THE INVOICE DATE. ANY FEE NOT PAID WILL BE CHARGED TO THE TRUST. IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT CINDY FARROW AT 813 - 639 -3411 REGIONS MORGAN KEEGAN * * * * * * * * * * * * * * * ** DESCRIPTION/ BASIS STATEMENT OF TRUSTEES FEES INVOICE DATE 06/11/2008 ACCOUNT # ACCOUNT NAME 3320005077 PB GARDENS FIRE J. SCOTT BAUR THE PENSION RESOURCE CENTER, INC 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDEN FL 33410 INVOICE NUMBER 41701 SUMMARY OF ACCOUNT PREVIOUS BALANCE $ 1,902.22 1,252.47 CURRENT FEE: 649.75 BALANCE DUE $ 1,902.22 FEE CALCULATION DETAIL 05/01/2008 - 05/31/2008 RATE FEE TOTAL MARKET VALUE PERIOD ENDING 05/31/2008 19,492,690.32 0.0000083333 16,243.84 16,243.84 $ 16,243.84 FEE CALCULATION DETAIL 05/01/2008 - 05/31/2008 ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- DISCOUNT: PERIOD ENDING 05/31/2008 15,594.09 - TOTAL $ 15,594.09- SUMMARY OF FEE CALCULATION DETAIL ITEM AMOUNT ----------------------- --- - - - - -- ------ - - - - -- MARKET VALUE 16,243.84 DISCOUNT 15,594.09 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 649.75 FOR FEE CALCULATION PERIOD 05/01/2008 - 05/31/2008 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 3320005077 PB GARDENS FIRE 91.05680406% 591.64 BILL 3320010132 PB GARDENS FREED 8.943195948 58.11 BILL TO A/C 3320005077 ACCOUNT NAME PERCENTAGE MARKET VALUE 3320005077 PB GARDENS FIRE 91.05680406% 17,749,420.83 3320010132 PB GARDENS FREED 8.94319594% 1,743,269.49 Robert A. Sugarman Howard S. Susskind David E. Robinson Kenneth R. Harrison, Sr. D. Marcus Braswell, Jr. Pedro A. Herrera SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW b'n 0 6 2001- July 31, 2008 City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, Florida 33410 CURRENT FEES: 1,282.50 CURRENT COSTS: 0.00 PREVIOUS BALANCE: 1,995.00 PAYMENTS RECEIVED: 0.00 TOTAL AMOUNT DUE: 3,277.50 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 (305) 529 -2801 Broward 763 -2566 Toll Free 1- 800 -329 -2122 Facsimile (305) 447 -8115 SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305 - 529 -2801 Fax: 305-447-8115 www.sugarmansusskind.net City of Palm Beach Gardens Firefighters' Pension Fund July 31, 2008 c/o Margaret M. Adcock, Administrator Invoice #55618 The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Client:Matter PBGF:ADMN In Reference To: Administrative Manager Professional Services Hrs /Rate Amount 7/1/2008 Research and Draft resolution reference SSN collection (6/6/08) 1.00 285.00 285.00/hr For professional services rendered 1.00 $285.00 Balance due $285.00 Client:Matter PBGF:INVM In Reference To: Investment Manager Professional Services Hrs /Rate Amount 7/1/2008 Draft IMA with Agincourt. Review and edit. 1.50 427.50 285.00/hr 7/2/2008 Review and edit Agincourt IMA. 0.75 213.75 285.00/hr For professional services rendered 2.25 $641.25 City of Palm Beach Gardens Firefighters' Pension Fund Balance due Client:Matter PBGF:MEET In Reference To: Meeting Page 2 Amount .$W.25 Amount Previous balance $1,425.00 Balance due $1,425.00 Client:Matter PBGF:MISC In Reference To: Miscellaneous Amount Previous balance $285.00 Balance due $285.00 Client:Matter PBGF:PLAN In Reference To: Plan Professional Services Hrs /Rate Amount 7/1/2008 Review and respond e-mail client reference DROP inquiry (6/11/08) 0.25 71.25 285.00/hr Review, research & respond e-mail client reference impact DROP on share 1.00 285.00 accounts (6/12/08) 285.00/hr For professional services rendered 1.25 $356.25 City of Palm Beach Gardens Firefighters' Pension Fund Previous balance Balance due Page 3 Amount $285.00 $641.25 SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW Robert A. Sugarman Howard S. Susskind David E. Robinson Kenneth R. Harrison, Sr. D. Marcus Braswell, Jr. Pedro A. Herrera )I '()08 July 7, 2008 City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, Florida 33410 CURRENT FEES: CURRENT COSTS: PREVIOUS BALANCE: CREDITS: PAYMENTS RECEIVED 1,852.50 0.00 3,535.16 726.75 - 2,808.41 -ck #8770535 TOTAL AMOUNT DUE: 1,852.50 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 (305) 529 -2801 Broward 763 -2566 Toll Free 1- 800 -329 -2122 Facsimile (305) 447 -8115 SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305- 529 -2801 Fax: 305-447-8115 www.sugarmansusskind.net City of Palm Beach Gardens Firefighters' Pension Fund July 07, 2008 c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Client:Matter PBGF:ADMN In Reference To: Administrative Manager Amount Previous balance $285.00 7/3/2008 Payment - Thank You. Check No. 8770535 ($285.00) Total payments and adjustments ($285.00) Balance due $0.00 Client:Matter PBGF:DISA -BIVI In Reference To: Toby Bivins Disability Amount Previous balance $186.41 7/3/2008 Payment - Thank You. Check No. 8770535 ($186.41) Total payments and adjustments ($186.41) Balance due $0.00 Client:Matter PBGF:INVM City of Palm Beach Gardens Firefighters' Pension Fund Page 2 In Reference To: Investment Manager Amount Previous balance $427.50 7/3/2008 Payment - Thank You. Check No. 8770535 ($427.50) Total payments and adjustments ($427.50) Balance due $0.00 Client:Matter PBGF:MEET In Reference To: Meeting Professional Services Hrs /Rate Amount 6/16/2008 Prepare for meeting, Attend meeting 5.00 1,425.00 285.00/hr For professional services rendered 5.00 $1,425.00 Previous balance $855.00 7/3/2008 Payment - Thank You. Check No. 8770535 ($855.00) Total payments and adjustments ($855.00) Balance due $1,425.00 Client:Matter PBGF:MISC In Reference To: Miscellaneous City of Palm Beach Gardens Firefighters' Pension Fund Page 3 Professional Services Hrs /Rate Amount 6/3/2008 Draft resolution reference SSN policy statement and forward 1.00 285.00 285.00/hr For professional services rendered 1.00 $285.00 Previous balance $755.25 6/30/2008 Credit per Robert A. Sugarman request. ($441.75) 7/3/2008 Payment - Thank You. Check No. 8770535 ($313.50) Total payments and adjustments ($755.25) Balance due $285.00 Client:Matter PBGF:ORDN In Reference To: Ordinances Amount Previous balance $427.50 7/3/2008 Payment - Thank You. Check No. 8770535 ($427.50) Total payments and adjustments ($427.50) Balance due $0.00 Client:Matter PBGF:PLAN In Reference To: Plan Professional Services Hrs /Rate Amount 6/12/2008 Review and respond e-mail client reference DROP participant and share 0.50 142.50 accounts 285.00/hr City of Palm Beach Gardens Firefighters' Pension Fund Page 4 Hrs /Rate Amount 6/13/2008 Receipt and review of Share Plan. 0.50 142.50 285.00/hr For professional services rendered 1.00 $285.00 Previous balance $313.50 7/3/2008 Payment - Thank You. Check No. 8770535 ($313.50) Total payments and adjustments ($313.50) Balance due $285.00 Client:Matter PBGF:SIPO In Reference To: Statement of Investment Policy Professional Services 6/4/2008 Review SIPO. For professional services rendered Previous balance 6/30/2008 Credit per Robert A. Sugarman request. Total payments and adjustments Hrs /Rate Amount 1.50 NO CHARGE 285.00 /hr 1.50 $0.00 $285.00 ($285.00) ($285.00) Balance due $0.00 Quarter End Reference Account # Mode of Payment Q End 6/30/2008 CITY OF PALM BEACH GARDENS FIREFIGHTERS' RETIREMENT SYSTEM Attn: Ms. Margie Adcock Pension Resource Center, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Ph: 561- 624 -3277 ext. 1 1 Fax: 561 -624 -3278 6/30/2008 22387100 Bill Market Value - Total Portfolio Fees 3,234,747 2,426.06 Total Fees Due $ 2,426.06 Fee Schedule: On Quarter End Market Value First $10 Million @.30% Next $40 Million @ .25% Next $50 Million @ .20% Balance Negotiable By Check: Galliard Capital Management, Inc Attn: Linh Nguyen 800 LaSalle Ave, Suite 2060 Minneapolis, MN 55402 -2033 By wire: Wells Fargo Bank, N.A ABA: 121000248 Acct No: 12450091270054321 AcctName: Trust Wire Clearing FFC: Fee Processing in Payment of Invoice #22387100 Fee Processing / AU 09127 Prepared By Linh Nguyen Galliard Capital Management Ph: 612.667.1160 Fax 612.667.3223 Voyageur ASSET MANAGEMENT INC. Margaret M. Adcock The Pension Resource Center, LLC 4360 North)ake Blvd., Suite 206 Palm Beach Gardens FL 33410 Invoice Number 8491 Invoice Date: 07/16/2008 Billing Period: 04/01/2008 - 06/30/2008 Custodian Account Number: CF -RSY8 Account Number: P703000 INVESTMENT MANAGEMENT FEE For the Arrears Period of 04/01/2008 to 06/30/2008 Account Name: City of Palm Beach Gardens Firefighters' Pension Trust Fund Ending Market Value for Account P703000: April 2008: 1,675,006.66 USD May 2008: 1,652,687.69 USD June 2008: 1,458,005.66 USD Average Market Value 1,595,233.34 USD Market Value Based Fees 1,595,233.34 @ 0.8800% x 90 / 360 3,509.51 Total Current Period Fees 3,509.51 USD Total Amount Due Upon Receipt 3,509.51 USD If you have any questions, please call Portfolio Administration at 612 -376 -7151 or 1 -866- 759 -9083 or send an email to vambillingCvoyagcur.net [Keep this portion for your financial records) Invoice Number: Invoice Date: Billing Period: Custodian Account Number: Account Number: Account Name: Wire Instructions: Bank: US Bank ABA: 091000022 Account: 1-602-3318-3526 RBC Wealth Management Reference: Invoice 8491 8491 07/16/2008 04/01/2008 - 06/30/2008 CF -RSY8 P703000 City of Palm Beach Gardens Firefighters' Pension Trust Fund Amount Due 3,509.51 USD Remittance Amount Mail this portion with your payment. Thank you for your business. tPayment Mailing Address: V6pgel.lr ASSET' MANAGEMENT INC PO Box 9195 Minneapolis, MN 55480 -9934 USD THE ,.: BOGDAHN GROUP 340 West Central Avenue Suite 300 Winter Haven, FL 33880 Palm Beach Gardens Firefighters' Pension C/O Pension Resource Center 4360 NorthLake Boulevard Palm Beach Gardens, Fl 33410 Invoice Date Invoice # 6/27/2008 3156 Description Amount Performance Evaluation and Consulting Services 2,000.00 04/01/08 - 06/30/08 Manager Search - Bond 2,100.00 Meeting Attendance Fee 300.00 additional portfolio evaluation - international equity 625.00 additional portfolio evaluation - real estate 625.00 Balance Due $51650.00 INVOICE# 20907 DAVIS HAMILTON JACKSON ASSoCIATES,L.P. 5 HOUSTON CENTER 1401 WKINNEY, SUITE 1600 HOUSTON, TX 77010-4035 TEL: ( 713) 853 -2322 July 28, 2008 FAX: (713) 853 -2308 WWW.DHJA.COM CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND (3350000097) palmfi Attn: Margie Adcock 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 DAVIS HAMILTON JACKSON & ASSOCIATES STATEMENT OF MANAGEMENT FEES For The Period June 19, 2008 through June 30, 2008 Portfolio Valuation as of June 30, 2008 3,777,058 @ 0.250% per annum Quarterly Management Fee Prorated for 12 days out of 91 FINAL FEE DUE AND PAYABLE 3,777,058.16 2,360.66 2,360.66 311.30 $ 311.30 111 i 4 7008 I N V O I C E e ELLEN SCHAFFER INVOICE: 2044 339 N.W.: 99 WAY DATE: 07/3/2008 CORAL SPRINGS, FL. 33071 REF.: 81,82,83 Home: (9;64) 341 -5032 Fax: (954) 345 -0748 Public pension Software Consultant SOLD TO: PENSION RESOURCE CENTER 4x,360 ,NORTHLAKE BLVD. SUITE 206 ALM -EACH GARDENS, FL. 33410 ATTN:_DENISE MC NEILL QTY - DESCRIPTION AMOUNT TOTAL 9.5 HOUR(S) CONSULTING & PROGRAMMING SERVICE 105.00 997.50 "7FOR PALM BEACH GARDENS FIREFIGHTERS - SETUP CONVERT PAYROLL FROM 1/1/2000 - 5/25/2008; CONVERT MEMBERS; ..PROVIDE BENEFIT CALCULATION SYSTEM FOR NORMAL, EARLY & VESTED RETIREMENTS ANNUAL BENEFIT LETTERS, FISCAL REPORTS. 1.0 ONLINE BENEFIT CALULATION ROUTINE - SETUP 250.00 250.00 1.0 SOURCE CODE LICENSE 500.00 500.00 SUBTOTAL $ 1747.50 TAX $ .00 SHIP /HAND $ .00 TOTAL $ 1747.50 TERMS: 10$ late fee after 60 days PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER THANK YOU Vovageur, : ,• ,.._;, ,. �,.� :. June 17. 2008 :te 2300 ;0 Ms. Margaret M. Adcock Administrator The Pension Resource Center, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Re: City of Palm Beach G. Firefighters Pen - P703 Dear Margie: From time to time Voyageur uses certain client names to represent our firm and our products. As a valued client, we would like to ask permission to use your name discriminately. Of course, we would not divulge details of the account in these marketing materials, nor would we use the name in any mass marketing effort. We hereby request your permission to name the above referenced account in our listing of representative clients in Voyageur's presentational marketing materials. Representative client lists that are included in our materials include the following disclaimer: "Clients listed represent a broad cross - section of Voyageur Asset Management clients as 0,,'03 - 31 -2008. Performance is not a factor in developing this representative client list. It is not known whether these clients approve or disapprove of Voyageur or the advisory services provided " To indicate consent, please sign and date this letter in the space provided below, and return in the enclosed envelope. If you do not wish to grant consent, please check the box provided, sign, and also return in the enclosed envelope. Please contact me at (612) 376 -7056 or btompkins(i?voyageur.net with any questions you may have about this request. Sincerely, Bridget Tompkins Managing Director Client Services Consent Granted. Client Signature _ Date Li Consent Declined. Client Signature _ ^ Date 10500 N. MILITARY TRAIL PALM BEACH GARDENS, FLORIDA 33410 -4698 June 10, 2008 Mr. Ed Morejon, Chairman j 6 2008 Palm Beach Gardens Firefighters' Pension Fund C/O Pension Resource Center, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Re: Palm Beach Gardens Firefighters' Pension Trust Fund Dear Mr. Morejon: We are in receipt of your letter and invitation to work together dated May 16, 2008. The issue identified in your letter regarding converting to FRS needs further clarification. The initial discussions regarding this subject matter have been theoretical in nature and focused on the possibility of providing all current fire and police bargaining unit members be the option to choose which retirement plan they wish to participate in, and requiring all new employees to enroll in FRS. So far, no action has been taken other than informal discussion. If and when serious consideration is given to this idea, we will certainly advise you of the same. If you have any further questions, please do not hesitate to contact my office at 561.799.4112. Sincerely, Ron Ferris City Manager cc: City Council Robert Norton Peter Bergel PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND C/O PENSION RESOURCE CENTER, LLC 4360 NORTHLAKE BLVD., SUITE 206 PALM BEACH GARDENS, FL 33410 May 16, 2008 Mayor and Council Members City of Palm Beach Gardens 10500 North Military Trail Palm Beach Gardens, FL 33410 RE: Palm Beach Gardens Firefighters' Pension Trust Fund Dear Mayor and Council Members, As Chairman of the Firefighters' Pension Fund, it has come to my attention that consideration is being given to a proposal to switch our Pension Fund's Participants to the Florida Retirement System. Our Board of Trustees has authorized our Fund professionals, who have experience with the pros and cons of such transitions, to be available to the City Administration and to you as a resource in making such an important decision. The Board of Trustees appreciates your concerns about the cost of our Pension Fund. We, too, have been concerned and have been diligent and aggressive in our investment efforts, monitoring our investment professionals, and managing the disability process. We would like to share those efforts with you and their results. The consequences of switching to FRS are significant. The City and members will lose the annual subsidy we receive from the state that in 2007 was $566,375.27. Benefits promised to current members, if they are switched to FRS, will be reduced (because past service from FRS can only be purchased at a 2% benefit rate and funding for our share plan will stop). Firefighters will be able to transfer FRS credit earned in our City to other FRS fire departments, such as Palm Beach County's, which may encourage our trained and experienced fire fighters to leave our Department (the pension credit under our City Plan is not transferable). On the other hand, FRS may have a short -term lower contribution rate, does not require any employee contributions, and permits firefighters with FRS credit from other departments to be recruited into our Department without loss of credit. I am requesting that the Council and Administration hold a workshop session with our Trustees and professionals to fully discuss the benefits and costs to both the City and our Participants of switching to FRS and the various ways by which such a switch can be done. Our next Trustees meeting is June 16`h at which time I will ask the Trustees to approve an actuarial study comparing the benefits and costs, both in the past, in the short-term future, and in the long term, of our local Pension Plan and the state's FRS. I expect that the study will be ready by early August but will encourage our actuary to expedite it. I look forward to your favorable response and to working together with the City on these important issues. Sincerely, Ed Morejon, hai M&G MAGER & GOLDSTEIN LLP City of Palm Beach Gardens Firefighters' Pension Fund Monitoring Report June 2008 MAGER & GOLDSTEIN LLP Attorneys at Law I. UPDATE ON NEW SECURITIES CLASS ACTIONS American Internation Group, Inc: Class Period: 5/11/07-5/9/08 Holdings in Account #: M21485 Lead Plaintiff Motion due: 7/21/2008 Estimated Class Period Loss: No loss Description of Lawsuit: The Complaint alleges that during the Class Period, AIG and the individual defendants, Chief Executive Officer Martin J. Sullivan, Executive Vice President and Chief Financial Officer Steven J. Bensinger, Senior Vice President and Chief Risk Officer Robert Lewis and Joseph Cassano, the former head of AIG subsidiary American International Group Financial Products ( "AIGFP "), violated the federal securities laws by issuing false and misleading press releases, financial statements, filings with the SEC and statements during investor conference calls. The Complaint alleges that, throughout the Class Period, Defendants repeatedly reassured investors that AIG had successfully insulated itself from the recent turmoil in the housing and credit markets due to its superior risk management. In particular, defendants touted the security of AIGFP's "super senior" credit default swap ( "CDS ") portfolio, making numerous statements that this portfolio was secure and that AIG's method for accounting for the valuations of this portfolio accurately reflected its value. Investors began to learn the truth regarding AIG's financial condition and the Company's exposure to the mortgage market when, on February 11, 2008, the Company disclosed that its outside auditor had determined that there was "material weakness in its internal control" over the financial reporting and oversight relating specifically to its accounting for the CDS portfolio, and that the Company was revising the loss valuations it previously reported. Under the new valuations, losses on the CDS portfolio more than quadrupled -- from the $1.4 billion reported on the CDS portfolio just weeks before to over $4.5 billion. Two weeks later, on February 28, 2008, AIG disclosed that the market valuations on the CDS portfolio would increase to $11.5 billion and revealed for the first time that the Company had notional exposure of $6.5 billion in liquidity puts written on collateralized debt obligations ( "CDOs ") linked to the sub -prime mortgage market. Finally, on May 8, 2008, the Company disclosed that market valuation losses on the CDS portfolio for the quarter climbed an additional $9.1 billion, for a cumulative loss of $20.6 billion, and that the Company was expecting actual losses on the portfolio to be about $2.4 billion. As a result of these disclosures, the price of AIG stock plunged from a Class Period high of $75.24 per share on June 5, 2008, to $38.37 per share on May 12, 2008, wiping out tens of billions of dollars in shareholder value and causing damage to the class. The Complaint alleges that the Defendants violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act ") and Rule l Ob -5 promulgated there under and that Defendants Sullivan and Bensinger violated Section 20(a) of the Exchange Act. Mager & Goldstein's Recommendation: As the fund sold all of its interests in this stock prior to the end of the Class Period, we recommend that you take no action at this time. II. SETTLED SECURITIES ACTIONS After reviewing the entire investment portfolio available to Mager & Goldstein, we have determined that the Fund has no interest in any recently settled securities class actions. Out of an abundance of caution we have included a comprehensive list of recent securities class action settlements because some class periods might predate the investment records provided to Mager & Goldstein. Please forward this list to your custodian bank. June 2008 CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT Atlas American RSP Index 1 /1 /00 - 7/14/08 7/14/08 $20 million Fund Chicago Bridge & Iron Co. 3/9/05 - 2/3/06 Complete Claims Solutions Inc. 6/26/08 $10.5 million NV Claims Administrator P.O. Box 24789 West Palm Beach, FL 33416 www.completeclaimsolutions.co m Divine, Inc. 11/12/01- 2/18/03 Gilardi & Co. LLC 7/9/08 $6.3 million P.O. Box 808003 Petaluma, CA 94975 -8003 www gilardi.com /xeroxsettlement .com DVI, Inc. 11/07/01- 6/27/03 Strategic Claims Services 7/7/08 $4.5 million P.O. Box 230 Media, PA 19063 Harmonic, Inc. 1/19/00 - 7/26/00 $15 million HIA, Inc. 8/30/05 - 2/13/06 Gilardi & Co. LLC 9/10/08 $1 million P.O. Box 808003 Petaluma, CA 94975 -8003 www..gilardi.com /xeroxsettlement .com Magnatech 8/10/04 - 7/5/07 $11.25 million Majesco Entertainment Co. 12/8/04 - 7/12/05 Majesco Securities litigation c/o 8/21 /08 $8,099,000 RG2 Claims Administrators LLC P.O. Box 59479 Philadelphia, PA 19102 -9479 Nash Finch & Co. 2/24/05 - 10/20/05 Gilardi & Co. LLC 7/21/08 $6,750,000 P.O. Box 808003 Petaluma, CA 94975 -8003 www.gilardi.com/xeroxsettlement .com CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT The Quiznos Corporation 12/21/01 - 12/21/01 Berdon Claims Administration 7/8/08 If held stock P.O. Box 9014 on 12/21/01 Jericho, NY 11753 entitled to www.berdonllp.com /claims Appraisal Rambus, Inc. 2 12/12/01- 6/27/06 Rambus, Inc. 2 c/o 6/27/08 $18 million Berdon Claims Administration LLC One Jericho Plaza, Suite 106 Jericho, New York 11753 Sears Roebuck Acceptance 6/21/02 - 10/17/02 Complete Claims Solutions Inc. 7/8/08 $15.5 million Corporation Claims Administrator P.O. Box 24789 West Palm Beach, FL 33416 www.completeclaimsolutions.co m St. Paul Travelers 1/27/00 - 10/22/04 The Garden City Group, Inc. 9/27/08 $67.5 million P.O. Box 9177 Dublin, OH 43017 www.gardencityeroul2.com St. Paul Travelers 1/27/00 - 10/22/04 The Garden City Group, Inc. 8/27/08 $77 million P.O. Box 9177 Dublin, OH 43017 www.gardencitygroul2.com Transkaryotic Therapies, 1/4/01-1/14/03 The Garden City Group, Inc. 6/30/08 $50 million Inc. P.O. Box 9177 Dublin, OH 43017 www.gardenciUroul2.com Xerox Corporation 2/17/98 - 6/27/02 Gilardi & Co. LLC 10/15/08 $750 million P.O. Box 808003 Petaluma, CA 94975 -8003 www.gilardi.com/xeroxsettlement .com CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOLiNT Zale Corp. 2/18/05 — 5/5/06 Complete Claims Solutions Inc. 7/2/07 $5.9 million Claims Administrator P.O. Box 24789 West Palm Beach, FL 33416 www.completeclaimsolutions.co m 4 &G� Em 4 GOLDSTEIN LLP ,MAGER City of Palm Beach Gardens Firefighters' Pension Fund Monitoring Report July 2008 MAGER & GOLDSTEIN LLP Attorneys at Law I. UPDATE ON NEW SECURITIES CLASS ACTIONS!! We have not identified any purchases by your plan in newly filed securities cases during the putative class periods. II. SECURITIES CLASS ACTION SETTLEMENT — FILE PROOF OF CLAIM!!! R &G Financial Corp.: Class Period: 1/21/2003 — 11/2/2007 Relevant Information: Purchased stock during class period: Yes Proof of Claim form deadline: 9/26/2008 Settlement amount: $51,000,000 Claim Administrator: Heffler, Radetich, & Saitta, LLP Mager & Goldstein's Recommendation: Because you purchased R &G Financial stock during the relevant class period, Mager & Goldstein suggests that you submit a Proof of Claim Form by September 26, 2008. If you need assistance in obtaining or filing your Proof of Claim, Mager & Goldstein will be happy to help. July 2008 5 9/9/08 $14 million American Tower 2/1/06 - 5/24/06 Strategic Claims Services Corporation PO Box 1915 600 North Jackson Street, Suite 3 Media, PA 19063 Biovail Corporation 2/7/03 - 3/2/04 Complete Claim Solutions, Inc 9/8/08 $138 million Claims Administrator PO Box 24640 West Palm Beach, FL 33416 Buca, Inc. 2/6/01 - 3/11/2005 Complete Claim Solutions, Inc. 11/14/08 $1.6 million Claims Administrator PO Box 24632 West Palm Beach, FL 33416 Career Education 4/22/03 - 12/2/03 Strategic Claims Services 10/17/08 $4.9 million Corporation Settlement Administrator PO Box 230 600 North Jackson Street - Suite 3 Media, PA 19063 Coca Cola Enterprises 10/21/99 - 3/6/00 Gilardi & Co. LLC 11/21/08 $137.5 million PO Box 808003 Petaluma, CA 94975 -8003 CSK Auto Corporation 9/2/04 - 3/24/06 Gilardi & Co. LLC 7/31/08 $10 million PO Box 5100 Larkspur, CA 94977 -5100 First Horizon 4/24/02 - 7/02/02 Gilardi & Co. LLC 10/10/08 $4.65 million Pharmaceuticals PO Box 990 Corte Madera, CA 94976 -0990 Harmonic, Inc. 1/19/00 - 7/26/00 $15 million HCC Insurance Holdings, 5/3/05 - 11/17/06 Strategic Claims Services 7/31/08 $10 million Inc. Claims Administrator PO Box 230 600 North Jackson Street, Suite 3 Media, PA 19063 HIA, Inc. 8/30/05 - 2/13/06 Gilardi & Co. LLC P.O. Box 808003 Petaluma, CA 94975 -8003 9/10/08 1 $1 million International Business Machines, 4/5/05 - 4/15/05 A.B. Data Ltd. PO Box 170500 Milwaukee, WI 53217 8/26/08 $20 million LeapFrog Enterprises Inc. 8/20/03 - 10/21/03 Garden City Group, Inc. 9/20/08 $2.3 million PO Box 91040 Seattle, WA 98111 -9140 Lumenis, Ltd. 1/7/02 - 2/28/02 Garden City Group, Inc. 10/9/08 $20.1 million Telephone, Inc. PO Box 9268 Dublin, OH 43017 -4668 Magnatech 8/10/04 - 7/5/07 $11.25 million Majesco Entertainment Co. 12/8/04 - 7/12/05 Majesco Securities litigation c/o 8/21/08 $8,099,000 RG2 Claims Administrators LLC P.O. Box 59479 Philadelphia, PA 19102 -9479 Nash Finch & Co. 2/24/05 - 10/20/05 Gilardi & Co. LLC 7/21/08 $6,750,000 P.O. Box 808003 Petaluma, CA 94975 -8003 PainCare Holdings, Inc. 8/27/02 - 3/15/06 Heffler, Radetich & Saitta, LLP PO Box 58723 Philadelphia, PA 19102 -8723 10/14/08 $2.0 million Pro Net Link Corp. 8/8/00 - 7/1/01 Gilardi & Co. LLC 9/23/08 $1,225,000 PO Box 990 Corte Madera, CA 94976 -0990 Qiao Xing Universal 6/30/04 - 7/16/07 Complete Claim Solutions, Inc. 7/21/08 $2.4 million Telephone, Inc. Claims Administrator PO Box 24795 West Palm Beach, FL 33416 5 a r :Y 1/21/03 - 11/2/07 Heffler, Radetich, & Saitta, LLP 9/26/08 R &G Financial Corp. $51 million PO Box 1200 Philadelphia, PA 19105 -1200 St. Paul Travelers 1/27/00 - 10/22/04 The Garden City Group, Inc. 9/27/08 $67.5 million P.O. Box 9177 Dublin, OH 43017 www.gardencitygroul2.com St. Paul Travelers 1/27/00 - 10/22/04 The Garden City Group, Inc. 8/27/08 $77 million P.O. Box 9177 Dublin, OH 43017 www.gardencitygroul2.com Team Telecom International 5/15/01 - 11/14/02 Garden City Group, Inc. 10/25/08 Ltd. Telik, Inc. 3/27/03 - 6/4/07 Garden City Group, Inc. 9/6/08 $5 million PO Box 9277 Dublin, OH 43017 -4677 Terayon Communication 10/28/04 - 3/1/06 Garden City Group, Inc. 7/25/08 $2,730,000 System PO Box 9151 Dublin, OH 43017 -4151 teuCP Ships Limited 1/29/03 - 8/9/04 A. B. Data, Ltd. 7/23/08 TNS, Inc 9/15/05 - 2/22/06 A. B. Data, Ltd. 8/4/08 $3.6 million Claims Administrator PO Box 170500 Milwaukee, WI 53217 Top Tankers, Inc. 6/28/05 - 11/28/06 Strategic Claims Services 9/12/08 $1.2 million Claims Administrator PO Box 230 600 North Jackson Street, Suite 3 Media, PA 19063 Veritas Software 4/21/04 - 7/6/04 Berdon LLP 8/28/08 $21.5 million Corporation PO Box 9014 Jericho, NY 11753 -8914 Workstream, Inc. 1/14/05 - 4/14/05 Garden City Group, Inc 9/22/08 $3.9 million PO Box 9151 Dublin, OH 43017 -4151 Xerox Corporation 2/17/98 - 6/27/02 Gilardi & Co. LLC 10/15/08 $750 million P.O. Box 808003 Petaluma, CA 94975 -8003 www.gilardi.com /xeroxsettlement .com Xethanol Corporation 1/31/06 - 8/8/06 Complete Claim Solutions, Inc 9/26/08 $2.8 million PO Box 24790 West Palm Beach, FL 33416 Zix Corp. 10/30/03 - 5/4/04 Epiq Class Actions & Claims 7/27/08 $5.6 million Solutions Claims Administrator PO Box 4390 Portland, OR 97208 -4390 PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND DISBURSEMENTS August 18, 2008 • PENSION RESOURCE CENTER, LLC. $ 2,882.57 (Bill for services for June, July and August 2008 including overnight mailings, Trustee Handbooks and Retirement Application fee for R. Boniewski) • REGIONS MORGAN KEEGAN TRUST $ 1,271.32 (Custodial Fees for May and June 2008) • SUGARMAN & SUSSKIND $ 3,277.50 (Fees for legal services for June and July 2008) • GALLIARD CAPITAL MANAGEMENT $ 2,426.06 (2nd Quarter 2008 Management Fee) • VOYAGEUR ASSET MANAGEMENT INC. $ 3,509.51 (2nd Quarter 2008 Management Fee) • BOGDAHN CONSULTING, LLC. $ 5,650.00 (2nd Quarter 2008 Monitoring Fee; Manager Search; Additional Meeting Attendance Fee) • DAVIS HAMILTON JACKSON & ASSOCIATES $ 311.30 (2nd Quarter 2008 Management Fee - prorated) • ELLEN SCHAFFER $ 1,747.50 (Bill for computer programming for on -line calculator) • DANA INVESTMENT ADVISORS INC. $ 5,369.91 (2nd Quarter 2008 Management Fee) Total Disbursements for Approval $ 26,445.67 (Trustee) (Trustee) Pension Resource Center, LLC For City of Palm Beach Gardens Firefighters' ( 715) Attn: Margaret Adcock - Margie @ResourceCenters.com 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Dana Investment Advisors STATEMENT OF MANAGEMENT FEES For The Period 2nd Quarter 2008 Trust #3320005077 Portfolio Valuation as of 06 -30 -08 $ 1,649,789.77 Fixed Holdings 674,756 @ 0.2500% per annum divided by 4 421.72 Equity Holdings 975,033 @ 0.7500% per annum divided by 4 1,828.19 Quarterly Management Fee $ 2,249.91 TOTAL DUE AND PAYABLE $ 2,249.91 Thank You. cc: Celeste @BogdahnConsulting.com If you have any questions please call Jennifer @ (262)782 -3631. Jennifer@ Danalnvestment.com Payment to: Dana Investment Advisors, Attn: Jennifer, P.O. Box 1067 Brookfield, Wl, 53008 -1067. Thank You DANA INVESTMENT AmnSORS, INC. Pension Resource Center, LLC For City of Palm Beach Gardens Firefighters' ( 715) Attn: Margaret Adcock - Margie@ResourceCenters.com 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Dana Investment Advisors STATEMENT OF MANAGEMENT FEES For The Period 2nd Quarter 2008 FINAL INVOICE Trust #3320005077 Portfolio Valuation with Accrued Interest as of 03 -31 -08 $ 7,447,067.53 7,447,068 @ 0.2500% per annum divided by 4 4,654.42 Quarterly Management Fee $ 4,654.42 Final Invoice Prorated for 61 of 91 Days - 1,534.42 TOTAL DUE AND PAYABLE $ 3,120.00 Thank You. cc: Celeste @BogdahnConsulting.com If you have any questions please call Jennifer @ (262)782 -3631. Jennifer @Danalnvestment.com Payment to: Dana Investment Advisors, Attn: Jennifer, P.O. Box 1067 Brookfield, WI, 53008 -1067. Thank You