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Home My WebLink AboutAgenda Fire Pension 110415THE RESOURCE CENTERS , LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone (561) 624-3277 Fax (561) 624-3278 WWW .RESOURCE CENTERS .COM PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND Meeting of Wednesday November 4, 2015 Location: City Hall, Council Chambers Palm Beach Gardens City Hall 10500 North Military Trail Palm Beach Gardens, FL 33410 Time: 1 PM AGENDA 1. Call Meeting to Order 2. Public Comments 3. Reappointment of 5 th Trustee 4. Investment Monitor Report: The Bogdahn Group (Dan Johnson) • 9/30/2015 Quarterly Investment Performance Report • 9/30/2015 Quarterly ICMA DROP Plan Report 5. Minutes: • Regular Meeting Held on August 5, 2015 6. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera) • DROP Distribution Policy • Benefit Election Statement of Policy • Benefit Election Form (Sample) 7. Administrative Report: Resource Centers (Audrey Ross) • Disbursements • Benefit Approvals • 2016 Meeting Dates 8. Old Business 9. New Business 10. Other Business • GHA 9/30/2015 Quarterly Report 11. Next Meeting Scheduled for Monday January 11, 2016 at 1PM 12. Adjourn 2 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. THE RESOURCE CENTERS , LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone (561) 624-3277 Fax (561) 624-3278 WWW .RESOURCE CENTERS .COM PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND 2016 MEETING DATES (draft) Monday January 11, 2016 @ 1PM Wednesday February 3, 2016 @ 1PM Monday March 7, 2016 @ 1PM Wednesday May 4, 2016 @ 1PM Monday July 11, 2016 @ 1PM Wednesday August 3, 2016 @ 1PM Monday September 5, 2016 @ 1PM Wednesday November 2, 2016 @ 1PM PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND BENEFIT ELECTION FORM Participant: _______________ Social Security #: xxx-xx-___ DOB: _________ DROP Entry Date: _________ Please designate the joint beneficiary: _________________ (Name) xxx-xx-_____ ___________ (Social Security Number) (Relationship) __________________________ (Address) _________ ____________ (Date Of Birth) (Phone Number) __________________________ (City, State, Zip Code) _______ STANDARD FORM OF ANNUITY : This option provides a monthly payment of $______ to you as long as you live, with 120 monthly payments guaranteed. If you should die before 120 monthly payments have been made, the same amount of $______ will continue to be paid to your beneficiary until a total of 120 monthly payments have been made in all. OPTIONAL FORMS OF RETIREMENT INCOME _______ STRAIGHT LIFE ONLY ANNUITY : This option provides a monthly payment of $_______ to you as long as you live. At the time of your death all monthly payments will cease. _______ 100% JOINT AND SURVIVOR ANNUITY : This option provides a monthly payment of $_______ to you as long as you are living. After your death, your beneficiary, if still living, will receive monthly payments of the same amount of $______ for the rest of their life. _______ 75% JOINT AND SURVIVOR ANNUITY : This option provides a monthly payment to you of $______ as long as you are living. After your death, your beneficiary, if still living, will receive $______ (75%) of the m onthly payment for the rest of their life. _______ 66 2/3% JOINT AND SURVIVOR ANNUITY : This option provides a monthly payment of $_______ to you as long as you are living. After your death, your beneficiary, if still living, will receive $_______ (66 2/3%) of the monthly payment for the rest of their life. _______ 50% JOINT AND SURVIVOR ANNUITY : This option provides a monthly payment to you of $______ as long as you are living. After your death, your beneficiary, if still living, will receive $______ (50%) of the monthly payment for the rest of their life. 2 AUTOMATIC DEFAULT ELECTION THIS BENEFIT ELECTION FORM MUST BE COMPLETED, EXECUTED AND FILED WITH THE PLAN ADMINISTRATOR WITHIN SIXTY (60) CALENDAR DAYS OF RECEIPT. SHOULD YOU FAIL TO RETURN A FULLY COMPLETED/EXECUTED ELECTION FORM IN THE TIME AND MANNER PRESCRIBED YOU WILL BE AUTOMATICALLY DEEMED TO HAVE ELECTED THE STANDARD FORM OF ANNUITY BENEFIT. ONCE BENEFIT PAYMENTS HAVE BEGUN YOU ARE NO LONGER ELIGIBLE TO CHANGE YOUR BENEFIT FORM SELECTION AND THE STANDARD FORM OF ANNUITY BENEFIT ELECTION WILL BE FINAL. (Signature) (Date) (Name: Please Print) PALM BEACH GARDENS FIREFIGHTERS ’ PENSION FUND BENEFIT ELECTION STATEMENT OF POLICY WHEREAS, the Palm Beach Gardens Firefighters’ Pension Fund (“Plan”) provides several optional forms of benefits from which a Plan participant may elect the form of his or her final pension benefit; WHEREAS, the Plan actuary provides retiring participants a final calculation of the monthly benefit available to Plan participants provided under each optional form of benefit (“Benefit Calculation”); WHEREAS, the Board of Trustees of the Plan (“Trustees”) desire to adopt this Statement of Policy establishing a reasonable timeframe for Plan participants to submit an election, establishing the acceptable method of making such election, as well as providing a default option in the event that no election is made within the applicable timeframe; WHEREAS, the Board of Trustees of the City of Palm Beach Gardens Firefighters’ Pension Fund have requested and approved such a policy as being in the best interests of the participants and beneficiaries as well as improving the administration of the Plan. I. TIME PERIOD FOR MAKING A BENEFIT ELECTION. The Plan, through its actuary, will provide to each participant who has elected to retire a final calculation of the participant’s expected monthly benefit provided under each of the optional forms of benefit set forth in the Plan. See §50-116; §50-121. Once the participant receives this Benefit Calculation he or she will have sixty (60) calendar days to formally select a benefit form. II. METHOD OF ELECTION. To make a benefit election a participant must complete and sign the approved Plan Benefit Election Form, which can be obtained from the Plan Administrator upon request. The participant must return the completed Benefit Election Form to the Plan Administrator within sixty (60) calendar days from the receipt of their respective Benefit Calculation. A participant may promptly file in writing a request for an extension to the sixty (60) calendar day timeframe with the Trustees detailing the reasons warranting such extension and providing a date by which the Benefit Election Form shall be submitted. The Trustees, in its sole discretion, shall determine whether or not such an extension shall be granted. The Trustees will provide a written response as to whether such request has been granted to the participant as soon as practicable. III. DEFAULT OPTION. In the event that the Plan participant fails to file their executed Benefit Election Form with the Board of Trustees, or file for an extension as described herein, within sixty (60) calendar days of the participant’s receipt of the Benefit Calculation, the participant will be deemed to have selected the “normal” form of benefit as set forth in Sec. 50-116 1 of the Plan (“Default”). Such election shall be final and may not be changed once benefit payments have begun. IN WITNESS WHEREOF the Board of Trustees of the Palm Beach Gardens Police Officers’ Pension Fund has adopted this STATEMENT OF POLICY REGARDING BENEFIT ELECTIONS this ___ day of ________________, 2015. 1 The normal retirement option provides for a monthly benefit to be paid for the life of the participant with 120 payments guaranteed. See Plan §50-116. TRUSTEES _____________________________ ____________________________ ______________________________ ____________________________ ______________________________ Witnessed by: _____________________________