HomeMy WebLinkAboutAgenda Police Pension 060116 Agenda
City of Palm Beach Gardens Police Officers’
Pension Fund
MEETING OF JUNE 1, 2016
LOCATION: City Council Chambers’
10500 North Military Trail
Palm Beach Gardens, FL 33410
TIME: 9 AM
1. Call Meeting To Order
2. Roll Call:
• Jay Spencer, Chairman
• Marc Glass, Trustee
• John Manuel, Trustee
• Greg Mull, Trustee
• Brad Seidensticker, Trustee
3. Investment Consultant Report (Via Teleconference) – The Bogdahn Group (John
McCann)
• Assignment & Assumption of Thistle Agreement to Bogdahn Consulting, LLC
• Addendum #2 to Investment Monitoring Services Agreement
4. Presentation of the September 30, 2015 Audited Financial Statements – Cherry
Bekaert (Alisa Train)
• 9/30/2015 Management Representation Letter
5. Presentation of the September 30, 2015 Actuarial Valuation Report – GRS (Pete
Strong)
• GASB 67 Disclosure
6. Investment Manager Report - American Realty (Richelle Hayes)
7. Investment Manager Report – Highland Capital (Steve Stack)
8. Attorney Report – KKJ&L (Bonni Jensen)
• Proposed Ordinance: IRS Determination Letter & Reemployment After
Retirement
9. Administrator Report – Resource Centers (Audrey Ross)
10. Approval of Minutes
• March 10, 2016 Regular Meeting
10. Disbursements
11. Benefit Approvals
12. Financial Statements
13. Other Business
14. Public Comments
15. Adjourn
Next Meeting Date:
Scheduled for Thursday August 18, 2016 @ 9AM.
PLEASE NOTE:
Should any interested party seek to appeal any decision of this Board with respect to any matter considered at such meeting or hearing, s/he
will need a record of the proceedings and for such purpose may need to ensure that a verbatim record of the proceedings is made, which
record includes the testimony and evidence upon which the appeal is to be based.
In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting
should contact the The Pension Resource Center, LLC no later than four days prior to the meeting.
Palm Beach Gardens Police
Investment Performance Review
Period Ended March 31, 2016
1 Market Environment Page 1
2 Compliance Report Page 10
3 Asset Allocation History by Segment Page 11
4 Asset Allocation Pie Chart Page 12
5 Asset Allocation & Performance Trailing Periods (gross)Page 13
6 Asset Allocation & Performance Trailing Periods (net)Page 15
7 Asset Allocation & Performance Fiscal Year Periods (gross)Page 17
8 Asset Allocation & Performance Fiscal Year Periods (net)Page 19
9 Historical Rolling Performance Total Fund Page 21
10 Historical Rolling Performance Total Fund Policy Page 22
11 Total Fund Composite Returns Based Analysis Page 23
12 Rhumbline S&P 500 Equity Returns Based Analysis Page 25
13 Rhumbline S&P 400 Equity Returns Based Analysis Page 27
14 Rhumbline S&P 600 Equity Returns Based Analysis Page 29
15 Highland Capital Equity Returns Based Analysis Page 31
16 Vanguard International Equity Returns Based Analysis Page 33
17 Highland Capital Fixed Income Returns Based Analysis Page 35
18 Oppenheimer International Fixed Income Returns Based Analysis Page 37
19 American Realty Returns Based Analysis Page 39
20 Benchmark History Page 41
21 Definitions & Disclosure Pages Page 42
22 Vanguard International Value Performance Review Page 45
23 Vanguard International Growth Performance Review Page 47
24 Vanguard International Global Equity Performance Review Page 49
25 Dreyfus International Bond A Performance Review Page 51
26 Oppenheimer International Bond A Performance Review Page 53
Table Of Contents
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The Market Environment Major Market Index Performance As of March 31, 2016
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The Market Environment
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Pa
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4
The Market Environment
To
p
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As of March 31, 2016
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The Market Environment
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7
So
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c
e
:
B
a
r
c
l
a
y
s
C
a
p
i
t
a
l
L
i
v
e
The Market Environment
Do
m
e
s
t
i
c
B
o
n
d
S
e
c
t
o
r
&
B
r
o
a
d
/
G
l
o
b
a
l
Bo
n
d
M
a
r
k
e
t
P
e
r
f
o
r
m
a
n
c
e
(
D
u
r
a
t
i
o
n
)
As of March 31, 2016
Du
e
t
o
a
s
t
e
a
d
y
d
o
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n
w
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r
d
m
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Yes No N/A
The total plan return equaled or exceeded the total plan benchmark over the trailing three year period.●
The three year total plan return ranks in the top 40% of its peers.●
The total plan return of the fund over the trailing three year period equaled or exceeded 7.3% (actuarial assumption rate of return). ●
Yes No N/A
The equity return equaled or exceeded the benchmark over the trailing three year period.●
The equity return equaled or exceeded the benchmark over the trailing five year period.●
The three year return ranks in the top 40% of its peers.●
The five year return ranks in the top 40% of its peers.●
The amount invested in any single security is less than or equal to 5% of the market value of the total equity portfolio.●
The amount invested in any single industry is less than or equal to 20% of the market value of the total equity portfolio.●
Yes No N/A
The fixed income return equaled or exceeded the benchmark over the trailing three year period.●
The three year return ranks in the top 40% of its peers.●
The fixed income return equaled or exceeded the BCAB index over the trailing five year period.●
The five year return ranks in the top 40% of its peers.●
The amount invested in any single security (excluding U.S. Government and its agencies) is less than or equal to 5% of the market value of the total fixed income portfolio.●
The minimum quality rating of the domestic bond investments is BBB from Standard & Poor's or BAA from Moody's.●
Fixed Income Compliance:
Palm Beach Gardens Police Pension Fund
Compliance Checklist
As of March 31, 2016
Total Fund Compliance:
Equity Compliance:
Page 10
Asset Allocation Attributes
Domestic Equity International Equity Domestic Fixed Income International Fixed
Income Real Estate Cash Equivalent Total Fund
($)%($)%($)%($)%($)%($)%($)%
Highland Capital Balanced 7,562,818 28.16 --16,993,022 63.26 ----2,304,832 8.58 26,860,672 34.26
Rhumbline S&P 400 Equity 8,475,249 100.00 ----------8,475,249 10.81
Rhumbline S&P 500 Equity 19,164,461 100.00 ----------19,164,461 24.44
Rhumbline S&P 600 Equity 8,535,052 100.00 ----------8,535,052 10.89
Vanguard International Equity --7,259,997 100.00 --------7,259,997 9.26
Oppenheimer Dreyfus ------3,213,827 99.94 --1,826 0.06 3,215,653 4.10
American Realty --------4,900,000 100.00 --4,900,000 6.25
R&D Cash ----------1 100.00 1 0.00
Total Fund Composite 43,737,579 55.78 7,259,997 9.26 16,993,022 21.67 3,213,827 4.10 4,900,000 6.25 2,306,659 2.94 78,411,084 100.00
Asset Allocation
Total Fund
As of March 31, 2016
Page 11
Asset Allocation By Manager as of
December 31, 2015 : $78,196,481
Asset Allocation By Manager as of
March 31, 2016 : $78,411,084
Allocation
Market Value Allocation
Highland Capital Balanced 25,351,273 32.4¢
Rhumbline S&P 500 Equity 20,328,851 26.0¢
Rhumbline S&P 600 Equity 8,319,415 10.6¢
Rhumbline S&P 400 Equity 8,171,383 10.4¢
Vanguard International Equity 7,327,789 9.4¢
American Realty 4,823,000 6.2¢
Oppenheimer Dreyfus 3,061,770 3.9¢
R&D Cash 813,000 1.0¢
Allocation
Market Value Allocation
Highland Capital Balanced 26,860,672 34.3¢
Rhumbline S&P 500 Equity 19,164,461 24.4¢
Rhumbline S&P 600 Equity 8,535,052 10.9¢
Rhumbline S&P 400 Equity 8,475,249 10.8¢
Vanguard International Equity 7,259,997 9.3¢
American Realty 4,900,000 6.2¢
Oppenheimer Dreyfus 3,215,653 4.1¢
R&D Cash 1 0.0¢
Asset Allocation Summary
Total Fund Composite
As of March 31, 2016
NONE
Page 12
Asset Allocation & Performance
Allocation
Market
Value
$
%
Performance(%)
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Fund Composite 78,411,084 100.0 1.89 (9)5.38 (5)0.03 (14)7.88 (5)8.03 (5)7.65 (63)04/01/1992
Total Fund Policy Index 2.05 (7)5.56 (4)0.46 (8)7.61 (8)7.91 (6)N/A
All Public Plans-Total Fund Median 0.98 3.86 -1.52 6.17 6.44 7.75
Total Equity Composite 50,997,576 65.0 1.17 6.32 -1.83 10.21 9.89 4.72 07/01/2000
Total Equity Policy Index 1.17 6.78 -1.18 10.15 9.90 4.50
Total Domestic Equity
Rhumbline S&P 500 Equity 19,164,461 24.4 1.35 (29)8.48 (19)1.74 (24)11.78 (44)11.55 (40)4.38 (77)07/01/2000
S&P 500 Index 1.35 (30)8.49 (19)1.78 (23)11.82 (42)11.58 (39)4.24 (82)
IM U.S. Large Cap Equity (SA+CF) Median 0.43 6.34 -0.68 11.44 11.10 5.63
Rhumbline S&P 400 Equity 8,475,249 10.8 3.72 (19)6.43 (27)-3.58 (38)9.44 (67)9.58 (55)9.43 (57)01/01/2004
S&P MidCap 400 Index 3.78 (17)6.49 (27)-3.60 (38)9.46 (66)9.52 (58)9.34 (62)
IM U.S. Mid Cap Equity (SA+CF) Median 0.65 4.00 -4.76 10.27 9.75 9.71
Rhumbline S&P 600 Equity 8,535,052 10.9 2.59 (23)6.41 (22)-3.19 (22)10.39 (25)10.42 (24)9.24 (40)01/01/2004
S&P SmallCap 600 2.66 (22)6.48 (21)-3.20 (22)10.39 (25)10.41 (24)9.17 (42)
IM U.S. Small Cap Equity (SA+CF) Median 0.23 3.22 -6.79 8.61 8.91 8.84
Highland LCG Equity 7,562,818 9.6 -1.76 (55)2.83 (79)-3.42 (81)11.11 (78)9.94 (79)6.86 (56)10/01/2007
Russell 1000 Growth Index 0.74 (21)8.11 (13)2.52 (20)13.61 (37)12.38 (32)7.57 (37)
IM U.S. Large Cap Growth Equity (SA+CF) Median -1.61 5.21 -0.29 12.76 11.45 7.13
International Equity
Vanguard International Equity 7,259,997 9.3 -0.93 (53)1.52 (78)-9.27 (71)3.63 (44)3.45 (46)3.02 (62)10/01/2006
MSCI EAFE Index -2.88 (77)1.73 (75)-7.87 (58)2.68 (53)2.76 (54)1.87 (84)
IM International Equity (SA+CF) Median -0.67 3.70 -6.80 2.98 3.09 3.74
Asset Allocation & Performance
Total Fund Composite (Gross)
As of March 31, 2016
Page 13
Asset Allocation & Performance
Total Fund Composite (Gross)
As of March 31, 2016
Allocation
Market
Value
$
%
Performance(%)
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Fixed Income Composite 20,206,849 25.8 4.08 3.73 2.87 1.99 3.69 5.61 04/01/1994
Total Fixed Inc Policy Index 3.69 3.01 2.60 2.22 3.40 5.71
Domestic Fixed Income
Highland Capital Fxed Income 16,993,022 21.7 3.61 (1)3.40 (1)3.00 (4)2.21 (96)3.88 (80)5.64 (98)04/01/1994
Barclays Aggregate Index 3.03 (52)2.44 (65)1.96 (60)2.50 (76)3.78 (87)5.79 (93)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.04 2.53 2.06 2.71 4.14 6.08
International Fixed Income
Oppenheimer Dreyfus 3,215,653 4.1 5.03 (58)3.95 (83)-0.58 (73)-0.52 (64)1.36 (67)1.27 (71)10/01/2010
Citigroup Non-U.S. World Government Bond 9.10 (20)7.59 (36)7.74 (2)-0.16 (62)0.24 (74)0.13 (76)
IM International Fixed Income (SA+CF) Median 5.44 6.62 1.28 0.38 3.64 3.64
Real Estate
American Realty 4,900,000 6.2 2.63 (45)5.74 (54)13.42 (49)13.18 (69)N/A 12.63 (75)07/01/2012
NCREIF Property Index 2.21 (54)5.19 (88)11.84 (87)11.91 (89)11.93 (89)11.59 (84)
IM U.S. Private Real Estate (SA+CF) Median 2.41 5.76 13.40 13.79 13.74 13.53
R&D Cash 1 0.0
Page 14
Asset Allocation & Performance
Allocation
Market
Value
$
%
Performance(%)
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Fund Composite 78,411,084 100.0 1.88 5.30 -0.12 7.69 7.83 7.41 04/01/1992
Total Fund Policy Index 2.05 5.56 0.46 7.61 7.91 N/A
Total Equity Composite 50,997,576 65.0 1.17 6.32 -1.83 10.21 9.89 4.72 07/01/2000
Total Equity Policy Index 1.17 6.78 -1.18 10.15 9.90 4.50
Total Domestic Equity
Rhumbline S&P 500 Equity 19,164,461 24.4 1.35 8.47 1.71 11.72 11.46 4.25 07/01/2000
S&P 500 Index 1.35 8.49 1.78 11.82 11.58 4.24
Rhumbline S&P 400 Equity 8,475,249 10.8 3.72 6.40 -3.62 9.41 9.56 9.43 01/01/2004
S&P MidCap 400 Index 3.78 6.49 -3.60 9.46 9.52 9.34
Rhumbline S&P 600 Equity 8,535,052 10.9 2.59 6.39 -3.23 10.35 10.39 9.23 01/01/2004
S&P SmallCap 600 2.66 6.48 -3.20 10.39 10.41 9.17
Highland Capital Balanced 7,562,818 9.6 -1.76 2.83 -3.42 11.11 9.94 6.86 10/01/2007
Russell 1000 Growth Index 0.74 8.11 2.52 13.61 12.38 7.57
International Equity
Vanguard International Equity 7,259,997 9.3 -0.93 1.52 -9.27 3.63 3.45 3.02 10/01/2006
MSCI EAFE Index -2.88 1.73 -7.87 2.68 2.76 1.87
Total Fixed Income Composite 20,206,849 25.8 4.08 3.73 2.87 1.99 3.69 5.61 04/01/1994
Total Fixed Inc Policy Index 3.69 3.01 2.60 2.22 3.40 5.71
Domestic Fixed Income
Highland Capital Fxed Income 16,993,022 21.7 3.61 3.40 3.00 2.21 3.88 5.64 04/01/1994
Barclays Aggregate Index 3.03 2.44 1.96 2.50 3.78 5.79
International Fixed Income
Oppenheimer Dreyfus 3,215,653 4.1 5.03 3.95 -0.58 -0.52 1.36 1.27 10/01/2010
Citigroup Non-U.S. World Government Bond 9.10 7.59 7.74 -0.16 0.24 0.13
Asset Allocation & Performance
Total Fund Composite (Net)
As of March 31, 2016
Page 15
Asset Allocation & Performance
Total Fund Composite (Net)
As of March 31, 2016
Allocation
Market
Value
$
%
Performance(%)
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Real Estate
American Realty 4,900,000 6.2 2.36 5.18 12.16 12.00 N/A 11.45 07/01/2012
NCREIF Property Index 2.21 5.19 11.84 11.91 11.93 11.59
Page 16
Asset Allocation & Performance
Allocation
Market
Value
$
%
Performance(%)
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Oct-2006
To
Sep-2007
Oct-2005
To
Sep-2006
Total Fund Composite 78,411,084 100.0 1.46 (11)10.95 (34)14.75 (16)18.89 (28)0.46 (44)10.42 (37)5.99 (9)-13.46 (57)12.22 (83)7.04 (82)
Total Fund Policy Index 0.81 (19)10.35 (47)14.21 (22)19.60 (18)1.75 (18)10.81 (29)1.64 (50)-12.83 (49)13.68 (62)7.97 (61)
All Public Plans-Total Fund Median -0.53 10.18 12.51 17.97 0.15 9.90 1.59 -12.92 14.04 8.40
Total Equity Composite 50,997,576 65.0 0.44 14.07 24.58 28.78 -2.47 12.49 -0.91 -23.22 17.99 9.60
Total Equity Policy Index -0.18 13.86 23.27 27.80 -0.50 11.44 -4.36 -21.04 17.05 9.27
Total Domestic Equity
Rhumbline S&P 500 Equity 19,164,461 24.4 -0.63 (57)19.64 (39)19.30 (72)30.16 (40)1.18 (44)10.20 (49)-6.49 (60)-21.73 (59)16.63 (57)10.88 (43)
S&P 500 Index -0.61 (57)19.73 (37)19.34 (71)30.20 (39)1.14 (45)10.16 (50)-6.91 (65)-21.98 (63)16.44 (61)10.79 (46)
IM U.S. Large Cap Equity (SA+CF) Median -0.35 18.77 21.16 29.20 0.71 10.10 -5.51 -20.83 17.08 10.39
Rhumbline S&P 400 Equity 8,475,249 10.8 1.45 (52)11.81 (67)27.55 (56)28.90 (35)-1.16 (55)17.78 (41)-2.78 (52)-16.54 (17)18.73 (59)6.60 (70)
S&P MidCap 400 Index 1.40 (53)11.82 (67)27.68 (55)28.54 (39)-1.28 (57)17.78 (41)-3.11 (55)-16.68 (20)18.76 (59)6.56 (70)
IM U.S. Mid Cap Equity (SA+CF) Median 1.48 13.46 28.01 27.10 -0.76 16.67 -2.73 -20.82 20.64 8.19
Rhumbline S&P 600 Equity 8,535,052 10.9 3.90 (37)5.79 (55)31.40 (56)33.27 (36)0.21 (38)14.14 (58)-10.54 (76)-13.64 (22)15.16 (59)7.60 (56)
S&P SmallCap 600 3.81 (37)5.74 (56)31.51 (54)33.35 (36)0.21 (38)14.22 (58)-10.61 (77)-13.83 (23)14.93 (60)7.16 (60)
IM U.S. Small Cap Equity (SA+CF) Median 2.41 6.23 32.10 31.59 -1.21 14.99 -5.31 -18.16 17.42 8.20
Highland Capital LCG 7,562,818 9.6 4.64 (34)16.29 (70)28.73 (8)27.51 (51)-6.48 (97)14.63 (22)15.31 (2)-30.80 (98)N/A N/A
Russell 1000 Growth Index 3.17 (56)19.15 (39)19.27 (65)29.19 (39)3.78 (30)12.65 (36)-1.85 (37)-20.88 (54)19.35 (56)6.04 (59)
IM U.S. Large Cap Growth Equity (SA+CF) Median 3.68 18.12 20.31 27.62 1.37 11.31 -3.03 -20.34 20.19 6.82
International Equity
Vanguard International Equity 7,259,997 9.3 -8.53 (53)7.89 (29)23.72 (37)19.39 (32)-11.12 (62)9.09 (52)2.31 (73)-29.10 (41)27.48 (57)N/A
MSCI EAFE Index -8.27 (51)4.70 (63)24.29 (33)14.33 (72)-8.94 (44)3.71 (80)3.80 (65)-30.13 (48)25.38 (67)19.65 (56)
IM International Equity (SA+CF) Median -8.05 5.78 20.34 17.29 -9.61 9.61 6.90 -30.34 29.60 20.13
Asset Allocation & Performance
Total Fund Composite (Gross)
As of March 31, 2016
Page 17
Asset Allocation & Performance
Total Fund Composite (Gross)
As of March 31, 2016
Allocation
Market
Value
$
%
Performance(%)
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Oct-2006
To
Sep-2007
Oct-2005
To
Sep-2006
Total Fixed Income Composite 20,206,849 25.8 1.40 3.45 -2.57 6.28 5.20 8.28 11.96 1.23 4.97 3.56
Total Fixed Inc Policy Index 1.82 3.41 -2.11 4.98 5.18 7.78 11.18 3.84 5.62 3.51
Domestic Fixed Income
Highland Capital Fxed Income 16,993,022 21.7 2.22 (88)3.51 (94)-2.54 (99)6.07 (71)5.66 (26)8.09 (89)11.96 (58)1.23 (63)4.97 (70)3.56 (85)
Barclays Aggregate Index 2.94 (59)3.96 (80)-1.68 (80)5.16 (91)5.26 (49)8.16 (87)10.56 (82)3.65 (32)5.14 (52)3.67 (76)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.02 4.47 -1.27 6.59 5.25 9.20 12.28 2.55 5.15 3.86
International Fixed Income
Oppenheimer Dreyfus 3,215,653 4.1 -4.81 (42)2.98 (67)-2.82 (57)7.90 (82)0.32 (54)N/A N/A N/A N/A N/A
Citigroup Non-U.S. World Government Bond -7.01 (54)-0.99 (88)-5.63 (92)3.45 (95)4.13 (17)4.46 (93)16.04 (53)5.16 (8)9.53 (54)2.04 (84)
IM International Fixed Income (SA+CF) Median -6.40 5.50 -2.20 14.99 0.68 16.50 16.35 -1.84 9.57 6.87
Real Estate
American Realty 4,900,000 6.2 14.05 (72)12.45 (71)12.30 (72)N/A N/A N/A N/A N/A N/A N/A
NCREIF Property Index 13.48 (77)11.26 (90)11.00 (83)11.00 (75)16.10 (73)5.84 (51)-22.09 (10)5.27 (45)17.31 (65)17.62 (56)
IM U.S. Private Real Estate (SA+CF) Median 16.17 13.05 13.35 12.90 16.96 6.09 -35.27 4.88 18.53 18.27
R&D Cash 1 0.0
Page 18
Asset Allocation & Performance
Allocation
Market
Value
$
%
Performance(%)
FYTD
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Oct-2006
To
Sep-2007
Oct-2005
To
Sep-2006
Total Fund Composite 78,411,084 100.0 5.30 1.29 10.73 14.53 18.64 0.22 10.08 5.61 -13.73 11.90 6.70
Total Fund Policy Index 5.56 0.81 10.35 14.21 19.60 1.75 10.81 1.64 -12.83 13.68 7.97
Total Equity Composite 50,997,576 65.0 6.32 0.44 14.07 24.58 28.78 -2.47 12.49 -0.91 -23.22 17.99 9.60
Total Equity Policy Index 6.78 -0.18 13.86 23.27 27.80 -0.50 11.44 -4.36 -21.04 17.05 9.27
Total Domestic Equity
Rhumbline S&P 500 Equity 19,164,461 24.4 8.47 -0.66 19.55 19.18 29.99 1.04 10.02 -6.71 -21.87 16.47 10.72
S&P 500 Index 8.49 -0.61 19.73 19.34 30.20 1.14 10.16 -6.91 -21.98 16.44 10.79
Rhumbline S&P 400 Equity 8,475,249 10.8 6.40 1.40 11.78 27.55 28.90 -1.16 17.78 -2.78 -16.54 18.73 6.60
S&P MidCap 400 Index 6.49 1.40 11.82 27.68 28.54 -1.28 17.78 -3.11 -16.68 18.76 6.56
Rhumbline S&P 600 Equity 8,535,052 10.9 6.39 3.85 5.76 31.40 33.27 0.21 14.14 -10.54 -13.64 15.16 7.60
S&P SmallCap 600 6.48 3.81 5.74 31.51 33.35 0.21 14.22 -10.61 -13.83 14.93 7.16
Highland Capital LCG 7,562,818 9.6 2.83 4.64 16.29 28.73 27.51 -6.48 14.63 15.31 -30.80 N/A N/A
Russell 1000 Growth Index 8.11 3.17 19.15 19.27 29.19 3.78 12.65 -1.85 -20.88 19.35 6.04
International Equity
Vanguard International Equity 7,259,997 9.3 1.52 -8.53 7.89 23.72 19.39 -11.12 9.09 2.31 -29.10 27.48 N/A
MSCI EAFE Index 1.73 -8.27 4.70 24.29 14.33 -8.94 3.71 3.80 -30.13 25.38 19.65
Total Fixed Income Composite 20,206,849 25.8 3.73 1.40 3.45 -2.57 6.28 5.20 8.28 11.96 1.23 4.97 3.56
Total Fixed Inc Policy Index 3.01 1.82 3.41 -2.11 4.98 5.18 7.78 11.18 3.84 5.62 3.51
Domestic Fixed Income
Highland Capital Fxed Income 16,993,022 21.7 3.40 2.22 3.51 -2.54 6.07 5.66 8.09 11.96 1.23 4.97 3.56
Barclays Aggregate Index 2.44 2.94 3.96 -1.68 5.16 5.26 8.16 10.56 3.65 5.14 3.67
International Fixed Income
Oppenheimer Dreyfus 3,215,653 4.1 3.95 -4.81 2.98 -2.82 7.90 0.32 N/A N/A N/A N/A N/A
Citigroup Non-U.S. World Government Bond 7.59 -7.01 -0.99 -5.63 3.45 4.13 4.46 16.04 5.16 9.53 2.04
Asset Allocation & Performance
Total Fund Composite (Net)
As of March 31, 2016
Page 19
Asset Allocation & Performance
Total Fund Composite (Net)
As of March 31, 2016
Allocation
Market
Value
$
%
Performance(%)
FYTD
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Oct-2006
To
Sep-2007
Oct-2005
To
Sep-2006
Real Estate
American Realty 4,900,000 6.2 5.18 12.82 11.34 11.10 N/A N/A N/A N/A N/A N/A N/A
NCREIF Property Index 5.19 13.48 11.26 11.00 11.00 16.10 5.84 -22.09 5.27 17.31 17.62
Page 20
Historical Rolling Performance
QTR 1 YR 3 YR 5 YR Inception
03/31/2016 1.89 0.03 7.88 8.03 7.65
12/31/2015 3.42 1.00 9.66 8.53 7.65
09/30/2015 -5.13 1.46 8.91 9.06 7.58
06/30/2015 0.06 5.55 12.48 11.97 7.91
03/31/2015 2.88 9.19 11.63 10.75 8.00
12/31/2014 3.89 7.80 13.55 11.04 7.96
09/30/2014 -1.31 10.95 14.82 10.92 7.86
06/30/2014 3.52 18.38 11.51 13.73 8.02
03/31/2014 1.57 14.94 10.45 15.10 7.94
12/31/2013 6.92 21.12 11.41 13.81 7.96
09/30/2013 5.30 14.75 11.08 9.91 7.72
06/30/2013 0.51 13.90 12.11 7.06 7.56
03/31/2013 7.03 10.83 9.90 6.97 7.62
12/31/2012 1.30 12.13 8.93 4.48 7.37
09/30/2012 4.52 18.89 9.66 3.88 7.39
06/30/2012 -2.20 2.85 12.16 3.42 7.25
03/31/2012 8.29 5.76 16.62 4.58 7.46
12/31/2011 7.40 1.83 12.03 3.29 7.13
09/30/2011 -9.58 0.46 5.54 2.69 6.83
06/30/2011 0.57 20.27 6.29 5.50 7.49
03/31/2011 4.26 13.24 6.11 5.13 7.55
12/31/2010 5.96 13.22 2.92 4.93 7.42
09/30/2010 8.25 10.42 0.43 4.00 7.19
06/30/2010 -5.31 14.08 -1.48 2.78 6.83
03/31/2010 4.24 32.44 1.46 4.45 7.25
12/31/2009 3.34 21.96 0.66 3.43 7.10
09/30/2009 11.84 5.99 0.97 3.94 7.01
06/30/2009 9.93 -12.48 -1.61 1.52 6.42
03/31/2009 -4.01 -20.33 -5.03 -0.23 5.92
12/31/2008 -10.19 -21.04 -2.69 1.02 6.28
09/30/2008 -7.65 -13.46 1.30 4.58 7.07
06/30/2008 0.07 -4.22 4.74 6.61 7.71
03/31/2008 -4.87 -1.01 5.61 8.37 7.83
12/31/2007 -1.56 5.93 7.13 9.19 8.30
09/30/2007 2.21 12.22 9.77 10.36 8.55
06/30/2007 3.42 13.61 8.76 8.57 8.54
03/31/2007 1.80 8.60 7.82 6.77 8.44
12/31/2006 4.29 10.16 7.94 6.38 8.46
09/30/2006 3.47 7.04 8.81 6.41 8.30
06/30/2006 -1.14 5.58 8.17 4.90 8.19
Historical Rolling Performance
Total Fund Composite
As of March 31, 2016
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Page 21
Historical Rolling Performance
QTR 1 YR 3 YR 5 YR Inception
03/31/2016 2.05 0.46 7.61 7.91 8.44
12/31/2015 3.44 0.81 9.16 8.38 8.44
09/30/2015 -4.45 0.81 8.31 9.11 8.38
06/30/2015 -0.41 4.09 11.64 12.02 8.69
03/31/2015 2.41 8.34 11.06 10.71 8.81
12/31/2014 3.44 7.66 13.13 11.13 8.80
09/30/2014 -1.34 10.35 14.66 11.19 8.74
06/30/2014 3.65 17.99 11.30 14.11 8.91
03/31/2014 1.78 14.51 10.37 16.04 8.83
12/31/2013 6.02 19.85 11.27 13.96 8.85
09/30/2013 5.49 14.21 11.60 9.38 8.66
06/30/2013 0.60 13.30 12.83 6.70 8.49
03/31/2013 6.52 10.41 10.27 6.48 8.57
12/31/2012 1.03 12.20 9.52 4.03 8.34
09/30/2012 4.65 19.60 10.48 3.62 8.39
06/30/2012 -1.97 3.15 13.12 3.07 8.25
03/31/2012 8.25 6.34 18.50 4.27 8.47
12/31/2011 7.70 2.45 12.65 3.06 8.14
09/30/2011 -9.75 1.75 4.65 2.58 7.83
06/30/2011 1.06 22.90 5.77 5.39 8.53
03/31/2011 4.29 14.20 5.25 4.87 8.59
12/31/2010 6.97 14.28 1.96 4.83 8.46
09/30/2010 9.02 10.81 -0.61 3.80 8.18
06/30/2010 -6.10 14.16 -2.82 2.66 7.78
03/31/2010 4.36 37.03 0.49 4.46 8.28
12/31/2009 3.72 22.10 -0.23 3.29 8.14
09/30/2009 12.31 1.64 0.24 4.04 8.03
06/30/2009 12.71 -15.67 -2.50 1.60 7.41
03/31/2009 -7.00 -25.49 -6.77 -0.75 6.75
12/31/2008 -13.66 -24.03 -3.20 1.30 7.33
09/30/2008 -6.81 -12.83 2.28 6.06 8.44
06/30/2008 -0.42 -4.68 5.79 8.26 9.06
03/31/2008 -5.18 -0.61 6.79 10.78 9.24
12/31/2007 -0.94 7.05 8.22 11.45 9.78
09/30/2007 1.90 13.68 11.22 12.81 10.02
06/30/2007 3.84 15.29 10.44 10.04 10.06
03/31/2007 2.13 9.43 9.16 7.90 9.95
12/31/2006 5.20 11.54 9.47 7.73 9.97
09/30/2006 3.34 7.97 10.64 8.42 9.76
06/30/2006 -1.44 7.75 10.60 5.70 9.69
Historical Rolling Performance
Total Fund Policy Index
As of March 31, 2016
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Page 22
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 7.88 6.10 1.27 103.52 10.00 103.02 2.00
Index 7.61 5.65 1.33 100.00 9.00 100.00 3.00
90 Day U.S. Treasury Bill 0.05 0.03 N/A 0.44 11.00 -0.60 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 8.03 8.56 0.95 101.57 16.00 101.42 4.00
Index 7.91 8.37 0.95 100.00 15.00 100.00 5.00
90 Day U.S. Treasury Bill 0.06 0.03 N/A 0.41 19.00 -0.36 1.00
Risk and Return 3 Years
Investment Index
7.5
7.6
7.7
7.8
7.9
8.0
R e t u r n
(%
)
5.5 5.6 5.7 5.8 5.9 6.0 6.1 6.2
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
7.8
7.9
8.0
8.1
R e t u r n
(%
)
8.3 8.4 8.5 8.6
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank All Public Plans-Total Fund
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 17 (85%)3 (15%)0 (0%)0 (0%)¾
Index 20 17 (85%)3 (15%)0 (0%)0 (0%)¾
5 Year Rolling Percentile Rank All Public Plans-Total Fund
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 18 (90%)2 (10%)0 (0%)0 (0%)¾
Index 20 18 (90%)2 (10%)0 (0%)0 (0%)¾
Strategy Review
Total Fund Composite | Total Fund Policy Index
As of March 31, 2016
Page 23
Peer Group Analysis - All Public Plans-Total Fund
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 1.89 (9)5.38 (5)0.03 (14)7.88 (5)8.03 (5)
Index 2.05 (7)5.56 (4)0.46 (8)7.61 (8)7.91 (6)
Median 0.98 3.86 -1.52 6.17 6.44
Peer Group Analysis - All Public Plans-Total Fund
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
24.0
28.0
R e t u
r n
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
4 Quarters
Ending
Sep-2010
Investment 10.95 (34)14.75 (16)18.89 (28)0.46 (43)10.42 (37)
Index 10.35 (47)14.21 (22)19.60 (18)1.75 (18)10.81 (29)
Median 10.18 12.51 17.98 0.15 9.93
Comparative Performance
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Investment 3.42 (22)-5.13 (55)0.06 (38)2.88 (20)3.89 (3)-1.31 (62)
Index 3.44 (21)-4.45 (28)-0.41 (69)2.41 (52)3.44 (11)-1.34 (65)
Median 2.85 -5.03 -0.12 2.43 2.27 -1.14
Strategy Review
Total Fund Composite | Total Fund Policy Index
As of March 31, 2016
Page 24
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 11.78 8.06 1.43 99.77 11.00 100.49 1.00
Index 11.82 8.06 1.44 100.00 11.00 100.00 1.00
90 Day U.S. Treasury Bill 0.05 0.03 N/A 0.35 11.00 -0.28 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 11.55 12.40 0.95 99.79 16.00 99.85 4.00
Index 11.58 12.42 0.95 100.00 16.00 100.00 4.00
90 Day U.S. Treasury Bill 0.06 0.03 N/A 0.27 19.00 -0.33 1.00
Risk and Return 3 Years
Investment Index
11.7
11.8
11.9
R e t u r n
(%
)
8.0 8.1
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
11.5
11.6
R e t u r n
(%
)
12.3 12.4 12.5
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM U.S. Large Cap Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)8 (40%)12 (60%)0 (0%)¾
Index 20 0 (0%)8 (40%)12 (60%)0 (0%)¾
5 Year Rolling Percentile Rank IM U.S. Large Cap Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)2 (10%)18 (90%)0 (0%)¾
Index 20 0 (0%)2 (10%)18 (90%)0 (0%)¾
Strategy Review
Rhumbline S&P 500 Equity | S&P 500 Index
As of March 31, 2016
Page 25
Peer Group Analysis - IM U.S. Large Cap Equity (SA+CF)
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 1.35 (30)8.48 (19)1.74 (24)11.78 (44)11.55 (40)
Index 1.35 (30)8.49 (19)1.78 (23)11.82 (42)11.58 (39)
Median 0.43 6.34 -0.65 11.44 11.10
Peer Group Analysis - IM U.S. Large Cap Equity (SA+CF)
-16.0
-10.0
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
38.0
44.0
R e t u
r n
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
4 Quarters
Ending
Sep-2010
Investment 19.64 (39)19.30 (72)30.16 (40)1.18 (44)10.20 (49)
Index 19.73 (37)19.34 (71)30.20 (39)1.14 (45)10.16 (50)
Median 18.77 21.16 29.20 0.71 10.10
Comparative Performance
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Investment 7.03 (30)-6.47 (43)0.27 (50)0.95 (67)4.96 (48)1.12 (37)
Index 7.04 (29)-6.44 (42)0.28 (49)0.95 (67)4.93 (49)1.13 (37)
Median 6.16 -6.80 0.27 1.77 4.91 0.65
Strategy Review
Rhumbline S&P 500 Equity | S&P 500 Index
As of March 31, 2016
Page 26
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 9.44 9.36 1.02 99.71 9.00 99.48 3.00
Index 9.46 9.40 1.01 100.00 9.00 100.00 3.00
90 Day U.S. Treasury Bill 0.05 0.03 N/A 0.30 11.00 -0.28 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 9.58 15.45 0.68 100.10 14.00 99.53 6.00
Index 9.52 15.44 0.67 100.00 14.00 100.00 6.00
90 Day U.S. Treasury Bill 0.06 0.03 N/A 0.23 19.00 -0.23 1.00
Risk and Return 3 Years
Investment Index
9.4
9.5
R e t u r n
(%
)
9.3 9.4 9.5
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
9.5
9.6
R e t u r n
(%
)
15.4 15.5
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM U.S. Mid Cap Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)8 (40%)12 (60%)0 (0%)¾
Index 20 0 (0%)8 (40%)12 (60%)0 (0%)¾
5 Year Rolling Percentile Rank IM U.S. Mid Cap Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)12 (60%)8 (40%)0 (0%)¾
Index 20 0 (0%)9 (45%)11 (55%)0 (0%)¾
Strategy Review
Rhumbline S&P 400 Equity | S&P MidCap 400 Index
As of March 31, 2016
Page 27
Peer Group Analysis - IM U.S. Mid Cap Equity (SA+CF)
-20.0
-16.0
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 3.72 (19)6.43 (27)-3.58 (38)9.44 (67)9.58 (55)
Index 3.78 (17)6.49 (27)-3.60 (38)9.46 (66)9.52 (58)
Median 0.65 4.00 -4.76 10.27 9.75
Peer Group Analysis - IM U.S. Mid Cap Equity (SA+CF)
-16.0
-10.0
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
38.0
44.0
R e t u
r n
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
4 Quarters
Ending
Sep-2010
Investment 11.81 (67)27.55 (56)28.90 (35)-1.16 (55)17.78 (41)
Index 11.82 (67)27.68 (55)28.54 (39)-1.28 (57)17.78 (41)
Median 13.46 28.01 27.10 -0.76 16.67
Comparative Performance
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Investment 2.61 (66)-8.44 (50)-1.05 (67)5.33 (42)6.31 (39)-3.98 (83)
Index 2.60 (67)-8.50 (53)-1.06 (69)5.31 (44)6.35 (37)-3.98 (83)
Median 3.26 -8.47 -0.33 5.01 5.88 -2.06
Strategy Review
Rhumbline S&P 400 Equity | S&P MidCap 400 Index
As of March 31, 2016
Page 28
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 10.39 11.69 0.91 99.83 10.00 99.52 2.00
Index 10.39 11.72 0.91 100.00 10.00 100.00 2.00
90 Day U.S. Treasury Bill 0.05 0.03 N/A 0.28 11.00 -0.19 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 10.42 16.42 0.69 99.84 15.00 99.59 5.00
Index 10.41 16.45 0.69 100.00 15.00 100.00 5.00
90 Day U.S. Treasury Bill 0.06 0.03 N/A 0.22 19.00 -0.21 1.00
Risk and Return 3 Years
Investment Index
10.3
10.4
R e t u r n
(%
)
11.6 11.7 11.8
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
10.4
10.5
R e t u r n
(%
)
16.4 16.5
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM U.S. Small Cap Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 1 (5%)14 (70%)5 (25%)0 (0%)¾
Index 20 1 (5%)14 (70%)5 (25%)0 (0%)¾
5 Year Rolling Percentile Rank IM U.S. Small Cap Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 1 (5%)9 (45%)10 (50%)0 (0%)¾
Index 20 1 (5%)12 (60%)7 (35%)0 (0%)¾
Strategy Review
Rhumbline S&P 600 Equity | S&P SmallCap 600
As of March 31, 2016
Page 29
Peer Group Analysis - IM U.S. Small Cap Equity (SA+CF)
-24.0
-20.0
-16.0
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 2.59 (23)6.41 (22)-3.19 (22)10.39 (25)10.42 (24)
Index 2.66 (22)6.48 (21)-3.20 (22)10.39 (25)10.41 (24)
Median 0.20 3.21 -6.80 8.57 8.90
Peer Group Analysis - IM U.S. Small Cap Equity (SA+CF)
-20.0
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
R e t u
r n
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
4 Quarters
Ending
Sep-2010
Investment 5.79 (55)31.40 (56)33.27 (36)0.21 (38)14.14 (58)
Index 5.74 (56)31.51 (54)33.35 (36)0.21 (38)14.22 (58)
Median 6.23 32.10 31.59 -1.21 14.99
Comparative Performance
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Investment 3.72 (35)-9.22 (33)0.22 (59)3.98 (63)9.83 (25)-6.70 (65)
Index 3.72 (35)-9.27 (34)0.19 (60)3.96 (63)9.85 (25)-6.73 (66)
Median 3.07 -10.26 0.54 4.42 8.38 -6.00
Strategy Review
Rhumbline S&P 600 Equity | S&P SmallCap 600
As of March 31, 2016
Page 30
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 11.11 9.67 1.14 90.85 9.00 143.85 3.00
Index 13.61 8.08 1.63 100.00 11.00 100.00 1.00
90 Day U.S. Treasury Bill 0.05 0.03 N/A 0.32 11.00 -0.34 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 9.94 15.89 0.68 98.09 14.00 129.33 6.00
Index 12.38 12.47 1.01 100.00 16.00 100.00 4.00
90 Day U.S. Treasury Bill 0.06 0.03 N/A 0.26 19.00 -0.33 1.00
Risk and Return 3 Years
Investment Index
10.2
10.8
11.4
12.0
12.6
13.2
13.8
14.4
R e t u r n
(%
)
7.6 7.8 8.0 8.2 8.4 8.6 8.8 9.0 9.2 9.4 9.6 9.8 10.0
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
9.0
9.6
10.2
10.8
11.4
12.0
12.6
13.2
R e t u r n
(%
)
11.5 12.0 12.5 13.0 13.5 14.0 14.5 15.0 15.5 16.0 16.5
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM U.S. Large Cap Growth Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 7 (35%)3 (15%)7 (35%)3 (15%)¾
Index 20 0 (0%)17 (85%)3 (15%)0 (0%)¾
5 Year Rolling Percentile Rank IM U.S. Large Cap Growth Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 15 6 (40%)1 (7%)7 (47%)1 (7%)¾
Index 20 0 (0%)20 (100%)0 (0%)0 (0%)¾
Strategy Review
Highland Capital Equity | Russell 1000 Growth Index
As of March 31, 2016
Page 31
Peer Group Analysis - IM U.S. Large Cap Growth Equity (SA+CF)
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment -1.76 (55)2.83 (79)-3.42 (81)11.11 (78)9.94 (79)
Index 0.74 (21)8.11 (13)2.52 (20)13.61 (37)12.38 (32)
Median -1.61 5.21 -0.29 12.76 11.45
Peer Group Analysis - IM U.S. Large Cap Growth Equity (SA+CF)
-16.0
-10.0
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
38.0
44.0
R e t u
r n
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
4 Quarters
Ending
Sep-2010
Investment 16.29 (70)28.73 (8)27.51 (51)-6.48 (97)14.63 (22)
Index 19.15 (39)19.27 (65)29.19 (39)3.78 (30)12.65 (36)
Median 18.12 20.31 27.62 1.37 11.31
Comparative Performance
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Investment 4.68 (87)-7.61 (81)1.66 (20)5.93 (12)5.17 (49)-0.92 (93)
Index 7.32 (47)-5.29 (34)0.12 (66)3.84 (52)4.78 (59)1.49 (41)
Median 7.05 -5.91 0.63 3.93 5.13 1.19
Strategy Review
Highland Capital Equity | Russell 1000 Growth Index
As of March 31, 2016
Page 32
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 3.63 11.22 0.37 95.98 7.00 82.36 5.00
Index 2.68 11.35 0.29 100.00 7.00 100.00 5.00
90 Day U.S. Treasury Bill 0.05 0.03 N/A 0.16 11.00 -0.47 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 3.45 15.34 0.30 103.20 13.00 96.04 7.00
Index 2.76 14.41 0.26 100.00 13.00 100.00 7.00
90 Day U.S. Treasury Bill 0.06 0.03 N/A 0.24 19.00 -0.28 1.00
Risk and Return 3 Years
Investment Index
2.4
2.7
3.0
3.3
3.6
3.9
R e t u r n
(%
)
11.2 11.3 11.4
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
2.6
2.8
3.0
3.2
3.4
3.6
R e t u r n
(%
)
14.2 14.4 14.6 14.8 15.0 15.2 15.4 15.6
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM International Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 1 (5%)12 (60%)7 (35%)0 (0%)¾
Index 20 0 (0%)9 (45%)7 (35%)4 (20%)¾
5 Year Rolling Percentile Rank IM International Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 19 0 (0%)10 (53%)9 (47%)0 (0%)¾
Index 20 0 (0%)0 (0%)11 (55%)9 (45%)¾
Strategy Review
Vanguard International Equity | MSCI EAFE Index
As of March 31, 2016
Page 33
Peer Group Analysis - IM International Equity (SA+CF)
-20.0
-16.0
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment -0.93 (53)1.52 (78)-9.27 (71)3.63 (44)3.45 (46)
Index -2.88 (77)1.73 (75)-7.87 (58)2.68 (53)2.76 (54)
Median -0.67 3.70 -6.80 2.98 3.09
Peer Group Analysis - IM International Equity (SA+CF)
-36.0
-28.0
-20.0
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
R e t u
r n
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
4 Quarters
Ending
Sep-2010
Investment 7.89 (29)23.72 (37)19.39 (32)-11.12 (62)9.09 (52)
Index 4.70 (63)24.29 (33)14.33 (72)-8.94 (44)3.71 (80)
Median 5.78 20.34 17.29 -9.61 9.61
Comparative Performance
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Investment 2.47 (72)-11.19 (54)0.63 (68)4.38 (49)-1.94 (34)-4.43 (45)
Index 4.75 (42)-10.19 (44)0.84 (63)5.00 (39)-3.53 (61)-5.83 (70)
Median 4.30 -10.78 1.45 4.24 -2.97 -4.79
Strategy Review
Vanguard International Equity | MSCI EAFE Index
As of March 31, 2016
Page 34
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 2.21 3.22 0.68 92.75 9.00 98.86 3.00
Index 2.50 3.07 0.81 100.00 8.00 100.00 4.00
90 Day U.S. Treasury Bill 0.05 0.03 N/A 1.13 11.00 -0.52 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 3.88 3.31 1.16 102.09 14.00 98.85 6.00
Index 3.78 2.94 1.26 100.00 15.00 100.00 5.00
90 Day U.S. Treasury Bill 0.06 0.03 N/A 1.10 19.00 -0.83 1.00
Risk and Return 3 Years
Investment Index
2.1
2.2
2.3
2.4
2.5
2.6
R e t u r n
(%
)
3.0 3.1 3.2 3.3
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
3.7
3.8
3.9
R e t u r n
(%
)
2.8 2.9 3.0 3.1 3.2 3.3 3.4
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)0 (0%)8 (40%)12 (60%)¾
Index 20 0 (0%)0 (0%)0 (0%)20 (100%)¾
5 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)0 (0%)1 (5%)19 (95%)¾
Index 20 0 (0%)0 (0%)4 (20%)16 (80%)¾
Strategy Review
Highland Capital Fixed Income | Barclays Aggregate Index
As of March 31, 2016
Page 35
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 3.61 (1)3.40 (1)3.00 (4)2.21 (96)3.88 (80)
Index 3.03 (52)2.44 (65)1.96 (60)2.50 (76)3.78 (87)
Median 3.04 2.53 2.06 2.71 4.14
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
-7.0
-4.0
-1.0
2.0
5.0
8.0
11.0
14.0
17.0
R e t u
r n
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
4 Quarters
Ending
Sep-2010
Investment 3.51 (94)-2.54 (99)6.07 (71)5.66 (26)8.09 (89)
Index 3.96 (80)-1.68 (80)5.16 (91)5.26 (49)8.16 (87)
Median 4.47 -1.27 6.59 5.25 9.20
Comparative Performance
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Investment -0.21 (11)1.21 (43)-1.58 (46)1.54 (86)1.06 (96)0.19 (55)
Index -0.57 (72)1.23 (41)-1.68 (72)1.61 (74)1.79 (39)0.17 (66)
Median -0.45 1.15 -1.60 1.74 1.74 0.21
Strategy Review
Highland Capital Fixed Income | Barclays Aggregate Index
As of March 31, 2016
Page 36
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment -0.52 5.57 -0.07 21.74 7.00 27.61 5.00
Index -0.16 8.03 0.01 100.00 5.00 100.00 7.00
90 Day U.S. Treasury Bill 0.05 0.03 N/A 0.57 11.00 -0.23 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 1.36 5.33 0.27 34.59 12.00 10.03 8.00
Index 0.24 6.98 0.06 100.00 9.00 100.00 11.00
90 Day U.S. Treasury Bill 0.06 0.03 N/A 0.66 19.00 -0.39 1.00
Risk and Return 3 Years
Investment Index
-0.6
-0.5
-0.4
-0.3
-0.2
-0.1
R e t u r n
(%
)
4.8 5.1 5.4 5.7 6.0 6.3 6.6 6.9 7.2 7.5 7.8 8.1 8.4 8.7
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
0.0
0.3
0.6
0.9
1.2
1.5
1.8
R e t u r n
(%
)
5.0 5.2 5.4 5.6 5.8 6.0 6.2 6.4 6.6 6.8 7.0 7.2 7.4
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM International Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 11 0 (0%)0 (0%)1 (9%)10 (91%)¾
Index 20 2 (10%)0 (0%)3 (15%)15 (75%)¾
5 Year Rolling Percentile Rank IM International Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 3 0 (0%)0 (0%)1 (33%)2 (67%)¾
Index 20 6 (30%)3 (15%)0 (0%)11 (55%)¾
Strategy Review
Oppenheimer Dreyfus | Citigroup Non-U.S. World Government Bond
As of March 31, 2016
Page 37
Peer Group Analysis - IM International Equity (SA+CF)
-20.0
-16.0
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 5.03 (14)3.95 (48)-0.58 (17)-0.52 (75)1.36 (70)
Index 9.10 (4)7.59 (18)7.74 (3)-0.16 (73)0.24 (77)
Median -0.67 3.70 -6.80 2.98 3.09
Peer Group Analysis - IM International Equity (SA+CF)
-36.0
-28.0
-20.0
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
R e t u
r n
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
4 Quarters
Ending
Sep-2010
Investment 2.98 (79)-2.82 (98)7.90 (92)0.32 (6)N/A
Index -0.99 (97)-5.63 (99)3.45 (95)4.13 (4)4.46 (76)
Median 5.78 20.34 17.29 -9.61 9.61
Comparative Performance
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Investment -1.02 (94)-5.70 (11)1.42 (51)0.37 (90)-0.84 (21)-1.62 (17)
Index -1.38 (95)1.71 (1)-1.54 (92)-4.36 (99)-2.91 (50)-5.38 (61)
Median 4.30 -10.78 1.45 4.24 -2.97 -4.79
Strategy Review
Oppenheimer Dreyfus | Citigroup Non-U.S. World Government Bond
As of March 31, 2016
Page 38
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 13.18 1.44 8.68 110.21 12.00 N/A N/A
Index 11.91 0.67 16.53 100.00 12.00 N/A N/A
90 Day U.S. Treasury Bill 0.05 0.03 N/A 0.48 11.00 N/A 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment N/A N/A N/A N/A N/A N/A N/A
Index 11.93 0.81 13.93 100.00 20.00 N/A N/A
90 Day U.S. Treasury Bill 0.06 0.03 0.46 0.52 19.00 N/A 1.00
Risk and Return 3 Years
Investment Index
11.4
11.7
12.0
12.3
12.6
12.9
13.2
13.5
R e t u r n
(%
)
0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 1.6
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
11.9
12.0
R e t u r n
(%
)
0.8 0.9
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM U.S. Private Real Estate (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 4 0 (0%)0 (0%)1 (25%)3 (75%)¾
Index 20 4 (20%)1 (5%)1 (5%)14 (70%)¾
5 Year Rolling Percentile Rank IM U.S. Private Real Estate (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 0 0 0 0 0¾
Index 20 10 (50%)1 (5%)2 (10%)7 (35%)¾
Strategy Review
American Realty | NCREIF Property Index
As of March 31, 2016
Page 39
Peer Group Analysis - IM U.S. Private Real Estate (SA+CF)
-4.0
-1.0
2.0
5.0
8.0
11.0
14.0
17.0
20.0
23.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 2.63 (45)5.74 (54)13.42 (49)13.18 (69)N/A
Index 2.21 (54)5.19 (88)11.84 (87)11.91 (89)11.93 (89)
Median 2.42 5.76 13.40 13.79 13.74
Peer Group Analysis - IM U.S. Private Real Estate (SA+CF)
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
R e t u
r n
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
4 Quarters
Ending
Sep-2010
Investment 12.45 (71)12.30 (72)N/A N/A N/A
Index 11.26 (90)11.00 (83)11.00 (75)16.10 (73)5.84 (51)
Median 13.05 13.35 12.90 16.96 6.09
Comparative Performance
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Investment 3.03 (82)3.39 (60)3.74 (55)4.44 (35)1.81 (94)2.04 (88)
Index 2.91 (91)3.09 (72)3.14 (76)3.57 (55)3.04 (63)2.63 (82)
Median 3.69 3.48 3.83 3.94 3.71 3.38
Strategy Review
American Realty | NCREIF Property Index
As of March 31, 2016
Page 40
Total Policy Historical Hybrid Composition
Allocation Mandate Weight (%)
Sep-1992
Barclays Aggregate Index 35.00
S&P 500 Index 25.00
S&P MidCap 400 Index 10.00
Russell 1000 Growth Index 10.00
MSCI EAFE Index 10.00
S&P SmallCap 600 10.00
Oct-2010
Barclays Aggregate Index 31.00
S&P 500 Index 25.00
S&P MidCap 400 Index 10.00
Russell 1000 Growth Index 10.00
MSCI EAFE Index 10.00
S&P SmallCap 600 10.00
Citigroup Non-U.S. World Government Bond 4.00
Apr-2012
Barclays Aggregate Index 29.00
S&P 500 Index 25.00
S&P MidCap 400 Index 10.00
Russell 1000 Growth Index 10.00
MSCI EAFE Index 10.00
S&P SmallCap 600 10.00
Citigroup Non-U.S. World Government Bond 4.00
NCREIF Property Index 2.00
Total Equity Historical Hybrid Composition
Allocation Mandate Weight (%)
Jun-2000
S&P 500 Index 100.00
Jan-2003
S&P 500 Index 80.00
S&P MidCap 400 Index 20.00
Jan-2004
S&P 500 Index 60.00
S&P MidCap 400 Index 20.00
S&P SmallCap 600 20.00
Jan-2007
S&P 500 Index 62.00
S&P MidCap 400 Index 15.00
S&P SmallCap 600 15.00
MSCI EAFE Index 8.00
Oct-2007
S&P 500 Index 38.40
S&P MidCap 400 Index 15.40
S&P SmallCap 600 15.40
MSCI EAFE Index 15.40
Russell 1000 Growth Index 15.40
Total Fixed Income Historical Hybrid Composition
Allocation Mandate Weight (%)
Apr-1994
Barclays Aggregate Index 89.00
Citigroup Non-U.S. World Government Bond 11.00
Benchmark History
Investment Policy Benchmarks
As of March 31, 2016
Page 41
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Palm Beach Gardens Police
Review of International Equity & Bond Funds
Peer Group Analysis - IM International Large Cap Value Equity (MF)
Comparative Performance
Mutual Fund Info from Lipper Summary Description
The investment seeks to provide long-term capital appreciation. The fund invests mainly in common stocks of companies
located outside the United States that are considered by an advisor to be undervalued. Such stocks, called value stocks,
often are out of favor in periods when investors are drawn to companies with strong prospects for growth. It invests in large
-, mid-, and small-capitalization companies and is expected to diversify its assets in countries across developed and
emerging markets. The fund uses multiple investment advisors.
Product Name :Vanguard Intl Val;Inv (VTRIX)
Fund Family :Vanguard Group Inc
Ticker :VTRIX
Peer Group :IM International Large Cap Value Equity (MF)
Benchmark :MSCI EAFE Value
Fund Inception :05/16/1983
Portfolio Manager :Team Managed
Total Assets :$7,112 Million
Total Assets Date :02/29/2016
Gross Expense :0.46%
Net Expense :0.46%
Turnover :36%
-40.00
-25.00
-10.00
5.00
20.00
35.00
R
e
t u
r
n
QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011
Vanguard International Value (VTRIX)-0.51 (16)-0.51 (16)-10.66 (61)1.27 (45)1.34 (25)-6.44 (99)-6.69 (28)22.15 (23)20.18 (14)-14.58 (78)
MSCI EAFE Value -3.84 (55)-3.84 (55)-12.36 (95)1.10 (52)1.38 (24)-5.22 (91)-4.92 (23)23.59 (8)18.43 (34)-11.65 (28)
Median -2.95 -2.95 -8.83 1.15 0.62 -2.64 -8.37 21.25 17.18 -13.48
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Vanguard International Value (VTRIX)2.49 (61)-13.44 (99)1.22 (49)4.18 (63)-5.68 (72)-5.74 (28)
MSCI EAFE Value 2.72 (44)-11.71 (88)0.48 (69)4.00 (67)-4.81 (54)-6.14 (55)
IM International Large Cap Value Equity (MF) Median 2.61 -10.30 1.18 4.44 -4.78 -6.00
As of March 31, 2016
Performance Review
Vanguard International Value (VTRIX)
NONE
Page 45
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
-8.0
0.0
8.0
16.0
24.0
V
a
n
g
u
a
r
d
I
n
t e
r
n
a t i
o
n
a
l
V
a l
u
e
(V
T R
I
X
)
(%
)
-8.0 0.0 8.0 16.0 24.0
MSCI EAFE Value (%)
Over
Performance
Under
Performance
0.00
25.00
50.00
75.00
100.00R
e
t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard International Value (VTRIX)20 7 (35%)9 (45%)4 (20%)0 (0%)
MSCI EAFE Value 20 14 (70%)3 (15%)3 (15%)0 (0%)
0.30
0.60
0.90
1.20
1.50
R
e t
u
r
n
(%
)
15.01 15.20 15.39 15.58 15.77 15.96 16.15 16.34
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard International Value (VTRIX)1.34 16.02
MSCI EAFE Value 1.38 16.13
Median 0.62 15.32¾
1.02
1.08
1.14
1.20
1.26
1.32
R
e
t u
r
n
(%
)
13.20 13.40 13.60 13.80 14.00 14.20 14.40 14.60
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard International Value (VTRIX)1.27 13.94
MSCI EAFE Value 1.10 14.34
Median 1.15 13.49¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard International Value (VTRIX)3.37 94.57 93.41 0.22 0.03 0.16 0.94 8.91
MSCI EAFE Value 0.00 100.00 100.00 0.00 N/A 0.14 1.00 9.30
90 Day U.S. Treasury Bill 14.34 0.09 -0.18 0.05 -0.14 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard International Value (VTRIX)3.91 96.04 95.77 0.05 -0.01 0.16 0.96 11.04
MSCI EAFE Value 0.00 100.00 100.00 0.00 N/A 0.16 1.00 11.06
90 Day U.S. Treasury Bill 16.13 0.13 -0.14 0.06 -0.16 N/A 0.00 0.01
As of March 31, 2016
Performance Review
Vanguard International Value (VTRIX)
NONE
Page 46
Peer Group Analysis - IM International Large Cap Growth Equity (MF)
Comparative Performance
Mutual Fund Info from Lipper Summary Description
The investment seeks to provide long-term capital appreciation. The fund invests predominantly in the stocks of
companies located outside the United States and is expected to diversify its assets in countries across developed and
emerging markets. In selecting stocks, the fund's advisors evaluate foreign markets around the world and choose
large-, mid-, and small-capitalization companies considered to have above-average growth potential. The fund uses
multiple investment advisors.
Product Name :Vanguard Intl Gro;Adm (VWILX)
Fund Family :Vanguard Group Inc
Ticker :VWILX
Peer Group :IM International Large Cap Growth Equity (MF)
Benchmark :MSCI EAFE Growth Index
Fund Inception :08/13/2001
Portfolio Manager :Team Managed
Total Assets :$13,355 Million
Total Assets Date :02/29/2016
Gross Expense :0.34%
Net Expense :0.34%
Turnover :29%
-40.00
-25.00
-10.00
5.00
20.00
35.00
R
e
t u
r
n
QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011
Vanguard International Growth (VWILX)-2.00 (32)-2.00 (32)-7.60 (53)3.22 (22)2.66 (41)-0.54 (49)-5.51 (62)23.12 (7)20.18 (32)-13.58 (48)
MSCI EAFE Growth Index -1.96 (31)-1.96 (31)-3.35 (11)4.19 (9)4.08 (13)4.47 (8)-4.06 (41)22.95 (10)17.28 (69)-11.82 (28)
Median -2.41 -2.41 -7.56 2.46 2.15 -0.57 -4.98 18.39 18.85 -13.61
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Vanguard International Growth (VWILX)7.09 (1)-12.99 (93)1.18 (35)5.49 (50)-2.93 (75)-4.91 (62)
MSCI EAFE Growth Index 6.70 (4)-8.69 (24)1.19 (35)5.97 (21)-2.25 (61)-5.52 (81)
IM International Large Cap Growth Equity (MF) Median 4.40 -9.99 0.96 5.49 -1.80 -4.63
As of March 31, 2016
Performance Review
Vanguard International Growth (VWILX)
NONE
Page 47
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
-8.0
0.0
8.0
16.0
24.0
32.0
V
a n
g
u
a
r
d
I
n
t e r
n
a
t i
o
n
a
l
G
r
o
w
t h
(V
W
I
L
X
)
(%
)
-8.0 0.0 8.0 16.0 24.0 32.0
MSCI EAFE Growth Index (%)
Over
Performance
Under
Performance
0.00
25.00
50.00
75.00
100.00R
e
t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard International Growth (VWILX)20 12 (60%)8 (40%)0 (0%)0 (0%)
MSCI EAFE Growth Index 20 10 (50%)8 (40%)2 (10%)0 (0%)
1.28
1.92
2.56
3.20
3.84
4.48
R
e t
u
r
n
(%
)
14.57 15.04 15.51 15.98 16.45 16.92 17.39
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard International Growth (VWILX)2.66 16.93
MSCI EAFE Growth Index 4.08 14.92
Median 2.15 15.01¾
1.71
2.28
2.85
3.42
3.99
4.56
R
e
t u
r
n
(%
)
12.22 12.69 13.16 13.63 14.10 14.57 15.04
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard International Growth (VWILX)3.22 14.62
MSCI EAFE Growth Index 4.19 12.71
Median 2.46 12.60¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard International Growth (VWILX)4.00 103.45 109.01 -1.22 -0.17 0.29 1.11 9.37
MSCI EAFE Growth Index 0.00 100.00 100.00 0.00 N/A 0.38 1.00 7.87
90 Day U.S. Treasury Bill 12.71 0.11 -0.21 0.05 -0.38 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard International Growth (VWILX)4.19 103.28 110.27 -1.58 -0.25 0.24 1.10 11.71
MSCI EAFE Growth Index 0.00 100.00 100.00 0.00 N/A 0.34 1.00 10.29
90 Day U.S. Treasury Bill 14.92 0.15 -0.15 0.06 -0.34 N/A 0.00 0.01
As of March 31, 2016
Performance Review
Vanguard International Growth (VWILX)
NONE
Page 48
Peer Group Analysis - IM Global Multi-Cap Core Equity (MF)
Comparative Performance
Mutual Fund Info from Lipper Summary Description
The investment seeks to provide long-term capital appreciation. The fund invests mainly in common stocks of companies
located outside the United States that are considered by an advisor to be undervalued. Such stocks, called value stocks,
often are out of favor in periods when investors are drawn to companies with strong prospects for growth. It invests in large
-, mid-, and small-capitalization companies and is expected to diversify its assets in countries across developed and
emerging markets. The fund uses multiple investment advisors.
Product Name :Vanguard Glbl Eqty;Inv (VHGEX)
Fund Family :Vanguard Group Inc
Ticker :VHGEX
Peer Group :IM Global Multi-Cap Core Equity (MF)
Benchmark :MSCI AC World IMI
Fund Inception :08/14/1995
Portfolio Manager :Team Managed
Total Assets :$3,983 Million
Total Assets Date :02/29/2016
Gross Expense :0.57%
Net Expense :0.57%
Turnover :36%
-40.00
-20.00
0.00
20.00
40.00
60.00
R
e
t u
r
n
QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011
Vanguard Glbl Eqty;Inv (VHGEX)-0.25 (44)-0.25 (44)-4.08 (34)6.95 (26)6.61 (22)-0.24 (26)4.31 (42)27.65 (39)19.52 (8)-8.90 (63)
MSCI AC World Index 0.38 (34)0.38 (34)-3.81 (31)6.10 (45)5.80 (39)-1.84 (54)4.71 (36)23.44 (63)16.80 (36)-6.86 (40)
Median -0.85 -0.85 -5.43 5.84 5.49 -1.72 3.32 26.04 15.40 -7.70
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Vanguard Glbl Eqty;Inv (VHGEX)5.26 (28)-8.53 (38)-0.12 (65)3.73 (26)1.20 (44)-3.20 (69)
MSCI AC World IMI 5.02 (39)-9.48 (67)0.70 (29)2.71 (53)0.70 (55)-2.72 (48)
IM Global Multi-Cap Core Equity (MF) Median 4.73 -9.27 0.24 2.74 0.86 -2.79
As of March 31, 2016
Performance Review
Vanguard Glbl Eqty;Inv (VHGEX)
NONE
Page 49
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
-8.0
0.0
8.0
16.0
24.0
32.0
V
a
n
g
u
a r
d
G
l
b
l
E
q
t y ;I
n
v
(V
H
G
E
X
)
(%
)
-8.0 0.0 8.0 16.0 24.0 32.0
MSCI AC World IMI (%)
Over
Performance
Under
Performance
0.00
25.00
50.00
75.00
100.00R
e
t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard Glbl Eqty;Inv (VHGEX)20 4 (20%)13 (65%)2 (10%)1 (5%)
MSCI AC World Index 20 0 (0%)9 (45%)11 (55%)0 (0%)
5.18
5.55
5.92
6.29
6.66
7.03
R
e t
u
r
n
(%
)
13.58 13.65 13.72 13.79 13.86 13.93 14.00
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard Glbl Eqty;Inv (VHGEX)6.61 13.76
MSCI AC World Index 5.80 13.59
Median 5.49 13.89¾
5.55
5.92
6.29
6.66
7.03
7.40
R
e
t u
r
n
(%
)
11.44 11.52 11.60 11.68 11.76 11.84 11.92 12.00
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard Glbl Eqty;Inv (VHGEX)6.95 11.55
MSCI AC World Index 6.10 11.88
Median 5.84 11.57¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Glbl Eqty;Inv (VHGEX)1.91 99.15 93.23 0.99 0.38 0.64 0.96 6.90
MSCI AC World IMI 0.00 100.00 100.00 0.00 N/A 0.56 1.00 7.12
90 Day U.S. Treasury Bill 11.85 0.12 -0.24 0.05 -0.56 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Glbl Eqty;Inv (VHGEX)2.04 101.62 97.18 0.82 0.38 0.53 0.99 9.08
MSCI AC World IMI 0.00 100.00 100.00 0.00 N/A 0.48 1.00 8.95
90 Day U.S. Treasury Bill 13.69 0.15 -0.18 0.06 -0.48 N/A 0.00 0.01
As of March 31, 2016
Performance Review
Vanguard Glbl Eqty;Inv (VHGEX)
NONE
Page 50
Peer Group Analysis - IM International Fixed Income (MF)
Comparative Performance
Mutual Fund Info from Lipper Summary Description
The investment seeks to provide long-term capital appreciation. The fund invests predominantly in the stocks of
companies located outside the United States and is expected to diversify its assets in countries across developed and
emerging markets. In selecting stocks, the fund's advisors evaluate foreign markets around the world and choose
large-, mid-, and small-capitalization companies considered to have above-average growth potential. The fund uses
multiple investment advisors.
Product Name :Dreyfus Intl Bond;A (DIBAX)
Fund Family :Dreyfus Corporation
Ticker :DIBAX
Peer Group :IM International Fixed Income (MF)
Benchmark :Citigroup Non-U.S. World Government Bond
Fund Inception :12/30/2005
Portfolio Manager :Leduc/Murphy/Srivastava
Total Assets :$161 Million
Total Assets Date :03/31/2016
Gross Expense :1.08%
Net Expense :1.08%
Turnover :217%
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
R
e
t u
r
n
QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011
Dreyfus Intl Bond;A (DIBAX)5.94 (51)5.94 (51)-1.16 (81)0.13 (27)1.62 (30)-6.76 (64)3.58 (23)-3.92 (57)9.28 (35)3.21 (42)
Citigroup Non-U.S. World Government Bond 9.10 (1)9.10 (1)7.74 (1)-0.16 (33)0.24 (72)-5.54 (48)-2.68 (73)-4.56 (64)1.50 (97)5.17 (21)
Median 5.99 5.99 1.80 -0.73 1.09 -5.74 0.41 -3.74 6.71 2.75
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Dreyfus Intl Bond;A (DIBAX)-1.59 (86)-1.88 (67)-3.38 (85)-0.06 (38)-0.72 (26)-1.00 (33)
Citigroup Non-U.S. World Government Bond -1.38 (79)1.71 (4)-1.54 (42)-4.36 (87)-2.91 (78)-5.38 (87)
IM International Fixed Income (MF) Median -0.75 -1.38 -1.76 -1.40 -1.68 -2.90
As of March 31, 2016
Performance Review
Dreyfus Intl Bond;A (DIBAX)
NONE
Page 51
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Earliest Date Latest Date
-8.0
0.0
8.0
16.0
24.0
D
r
e y
f u
s
I
n
t l
B
o
n
d
;A
(D
I
B
A X
)
(%
)
-8.0 0.0 8.0 16.0 24.0
Citigroup Non-U.S. World Government Bond (%)
Over
Performance
Under
Performance
0.00
25.00
50.00
75.00
100.00R
e
t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Dreyfus Intl Bond;A (DIBAX)20 3 (15%)17 (85%)0 (0%)0 (0%)
Citigroup Non-U.S. World Government Bond 20 0 (0%)2 (10%)9 (45%)9 (45%)
-0.50
0.00
0.50
1.00
1.50
2.00
R
e t
u
r
n
(%
)
5.04 5.25 5.46 5.67 5.88 6.09 6.30 6.51 6.72
Risk (Standard Deviation %)
Return Standard
Deviation
Dreyfus Intl Bond;A (DIBAX)1.62 5.32
Citigroup Non-U.S. World Government Bond 0.24 6.31
Median 1.09 6.41¾
-0.90
-0.60
-0.30
0.00
0.30
R
e
t u
r
n
(%
)
4.18 4.56 4.94 5.32 5.70 6.08 6.46 6.84 7.22
Risk (Standard Deviation %)
Return Standard
Deviation
Dreyfus Intl Bond;A (DIBAX)0.13 4.75
Citigroup Non-U.S. World Government Bond -0.16 6.62
Median -0.73 6.22¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dreyfus Intl Bond;A (DIBAX)4.32 48.75 46.33 0.21 0.04 0.04 0.54 3.14
Citigroup Non-U.S. World Government Bond 0.00 100.00 100.00 0.00 N/A 0.00 1.00 4.88
90 Day U.S. Treasury Bill 6.60 0.52 -0.09 0.05 0.00 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dreyfus Intl Bond;A (DIBAX)3.73 70.31 53.42 1.47 0.35 0.32 0.68 3.40
Citigroup Non-U.S. World Government Bond 0.00 100.00 100.00 0.00 N/A 0.06 1.00 4.49
90 Day U.S. Treasury Bill 6.30 0.46 -0.22 0.06 -0.06 N/A 0.00 0.01
As of March 31, 2016
Performance Review
Dreyfus Intl Bond;A (DIBAX)
NONE
Page 52
Peer Group Analysis - IM International Fixed Income (MF)
Comparative Performance
Mutual Fund Info from Lipper Summary Description
The investment seeks to provide long-term capital appreciation. The fund invests predominantly in the stocks of
companies located outside the United States and is expected to diversify its assets in countries across developed and
emerging markets. In selecting stocks, the fund's advisors evaluate foreign markets around the world and choose
large-, mid-, and small-capitalization companies considered to have above-average growth potential. The fund uses
multiple investment advisors.
Product Name :Oppenheimer Intl Bd;A (OIBAX)
Fund Family :OppenheimerFunds Inc
Ticker :OIBAX
Peer Group :IM International Fixed Income (MF)
Benchmark :Citigroup Non-U.S. World Government Bond
Fund Inception :06/15/1995
Portfolio Manager :Baijal/Kelly
Total Assets :$1,725 Million
Total Assets Date :03/31/2016
Gross Expense :1.02%
Net Expense :1.02%
Turnover :111%
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
R
e
t u
r
n
QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011
Oppenheimer Intl Bd;A (OIBAX)4.08 (66)4.08 (66)-0.46 (68)-1.19 (66)1.09 (51)-3.72 (29)0.32 (52)-4.16 (60)10.77 (24)-0.28 (80)
Citigroup Non-U.S. World Government Bond 9.10 (1)9.10 (1)7.74 (1)-0.16 (33)0.24 (72)-5.54 (48)-2.68 (73)-4.56 (64)1.50 (97)5.17 (21)
Median 5.99 5.99 1.80 -0.73 1.09 -5.74 0.41 -3.74 6.71 2.75
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Oppenheimer Intl Bd;A (OIBAX)-0.96 (56)-1.59 (58)-1.88 (52)0.67 (21)-0.80 (27)-2.34 (47)
Citigroup Non-U.S. World Government Bond -1.38 (79)1.71 (4)-1.54 (42)-4.36 (87)-2.91 (78)-5.38 (87)
IM International Fixed Income (MF) Median -0.75 -1.38 -1.76 -1.40 -1.68 -2.90
As of March 31, 2016
Performance Review
Oppenheimer Intl Bd;A (OIBAX)
NONE
Page 53
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
-10.0
-5.0
0.0
5.0
10.0
15.0
O
p
p
e n
h
e
i
m
e
r
I
n
t l
B
d
;A
(O
I
B
A X
)
(%
)
-10.0 -5.0 0.0 5.0 10.0 15.0
Citigroup Non-U.S. World Government Bond (%)
Over
Performance
Under
Performance
0.00
25.00
50.00
75.00
100.00R
e
t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Oppenheimer Intl Bd;A (OIBAX)20 0 (0%)14 (70%)6 (30%)0 (0%)
Citigroup Non-U.S. World Government Bond 20 0 (0%)2 (10%)9 (45%)9 (45%)
0.00
0.50
1.00
1.50
R
e t
u
r
n
(%
)
6.27 6.30 6.33 6.36 6.39 6.42 6.45
Risk (Standard Deviation %)
Return Standard
Deviation
Oppenheimer Intl Bd;A (OIBAX)1.09 6.29
Citigroup Non-U.S. World Government Bond 0.24 6.31
Median 1.09 6.41¾
-1.50
-1.00
-0.50
0.00
0.50
R
e
t u
r
n
(%
)
5.04 5.28 5.52 5.76 6.00 6.24 6.48 6.72 6.96
Risk (Standard Deviation %)
Return Standard
Deviation
Oppenheimer Intl Bd;A (OIBAX)-1.19 5.36
Citigroup Non-U.S. World Government Bond -0.16 6.62
Median -0.73 6.22¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Oppenheimer Intl Bd;A (OIBAX)5.66 40.64 52.72 -1.07 -0.20 -0.21 0.46 3.99
Citigroup Non-U.S. World Government Bond 0.00 100.00 100.00 0.00 N/A 0.00 1.00 4.88
90 Day U.S. Treasury Bill 6.60 0.52 -0.09 0.05 0.00 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Oppenheimer Intl Bd;A (OIBAX)5.35 68.28 56.78 1.01 0.16 0.19 0.64 4.61
Citigroup Non-U.S. World Government Bond 0.00 100.00 100.00 0.00 N/A 0.06 1.00 4.49
90 Day U.S. Treasury Bill 6.30 0.46 -0.22 0.06 -0.06 N/A 0.00 0.01
As of March 31, 2016
Performance Review
Oppenheimer Intl Bd;A (OIBAX)
NONE
Page 54
ADDENDUM #2 TO INVESTMENT MONITORING SERVICES AGREEMENT
PALM BEACH GARDENS POLICE OFFICERS’ PENSION FUND
AND
THISTLE ASSET CONSULTING, INC.
This is an Addendum to the Agreement dated May 14, 2007, as previously amended
by and Addendum dated April 21, 2011 (“Addendum #1") between the BOARD OF
TRUSTEES of the PALM BEACH GARDENS POLICE OFFICERS’ PENSION FUND,
hereinafter called “Trustees,” and THISTLE ASSET CONSULTING, INC. hereinafter called
“Monitor.”
In consideration of the agreements, covenants and conditions hereinafter set forth,
the Trustees and Consultant ag ree to am end the original Agreement as f ollows:
A.Paragraph 1 of the Agreement is amended as f ollows:
1.Appointment of Consultant. The Trustees appoint the Consultant as an
independent consultant with respect to assisting the Trustees in monitoring the investment
performance of Fund assets being managed as equity or fixed income investments and for
which the Trustees pay a fee for investment. Effective April 1, 2016, the Monitor was
acquired by Bogdahn Consulting, LLC. Attached as Exhibit A to this Addendum is
the Assignment and Assumption of this Agreement with Monitor by Bogdahn
Consulting, LLC.
B. Subparagraph 5.2 of Addendum #1 is deleted and the below is inserted in
its place. All other subparag raphs of Paragraph 5 of Addendum 1 remain unchanged.
5.Fees and Costs
* * *
5.2.Effective January 1, 2016, for the monitoring of the International
Bond Funds, the T rustees hereby agree to pay the Consultant an additional cash f ee of
$1,200 annually .
C.All other provisions of the Agreement and Addendum #1 remain
unchanged.
IN W ITNESS W HEREOF, the parties hereto hav e caused this Addendum to the
Agreement to be executed f or the uses and purposes therein contained on this ______
day of ______________________, 2016.
PALM BEACH GARDENS POLICE
OFFICERS’ PENSION FUND
By: ___________________________
As Chairman
By: ___________________________
As Secretary
Date: __________________________
W itness as to Board of Trustees:
_______________________________
BSJ
March 24, 2016
THISTLE ASSET CONSULTING, INC.
By: _____________________________
John McCann
Date: ___________________________
W itness as to Consultant:
________________________________
200069576.WPD;1
Palm Beach Gardens Police Pension Fund
Assignment and Assumption of Thistle Agreement to Bogdahn Consulting, LLC
Thistle Asset Consulting, Inc. (“TAC”) has entered into an agreement pursuant to which its business will
be acquired by Bogdahn Consulting, LLC (“Bogdahn”). Bogdahn is a well-respected investment adviser
servicing relationships around the country. Bogdahn’s acquisition, which will close on April 1, 2016, will
not cause any interruption in TAC’s business or client service. Until April 1, 2016, TAC remains
responsible for all obligations under the contract.
Mr. McCann and Mr. Vavrica will become employees of Bogdahn, and you will continue to be
serviced by the person you know and trust at TAC. In addition, you will have the additional resources
from Bogdahn available to assist with your account. Although TAC’s business will continue under the
Bogdahn name, we are confident that TAC’s clients will receive the same high level of service they have
grown accustomed to receiving from Mr. McCann and/or Mr. Vavrica, with the added benefit of having
additional Bogdahn resources available to TAC’s valued clients. In the event that you are not satisfied
with the new firm arrangement, Bogdahn will return the fees paid within the first 12 months after the
assignment.
The transaction between Bogdahn and TAC will result in an assignment of TAC’s assets to
Bogdahn. Your investment advisory contract with TAC may not, however, be assigned by TAC unless
you consent. For that reason, TAC requests that you consent to the assignment. To simplify the giving
and obtaining of the consent, we ask that you sign and date this notice in the space provided below and
return a signed copy to TAC at 1321 Piazza Delle Pallottole, Boynton Beach, Florida 33426. Also, please
do not hesitate to call us if you have any questions.
Thistle Asset Consulting, Inc.
__________________________
By: _______________________
Client Consent:
The undersigned ("Client") consents to the assignment of its investment advisory contract with
TAC (the "Contract") to Bogdahn. Client also consents and agrees that effective immediately, the
Contract is amended by the addition of a new paragraph, which reads as follows: "Assignment. No
assignment of this Contract may be made by the investment adviser without Client's consent."
Palm Beach Gardens Police Pension Fund
_______________________________
Printed name:____________________
Title:___________________________
Date:___________________________
Bogdahn hereby consents that it will assume all obligations under the contract as of April 1, 2016.
________________________________
By:_____________________________
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:
Pension Resource Centers
Accounts Payable Check Register
FOR: PALM BEACH GARDENS POLICE
Meeting
Check Number Date Payee and Description Amount
2752 April 1, 2016 City of Palm Beach Gardens $23,793.90
Retiree Insurance
2753 March 31, 2016 Jay Spencer $3,709.63
Travel Expense Reimbursement - 3ethos Conference
2754 April 1, 2016 Pension Resource Center $2,575.00
Administrative Fee - April 2016
2755 April 1, 2016 Klausner, Kaufman, Jensen & Levinson $1,012.50
Legal Services Rendered through 2-29-2016
2756 April 15, 2016 Jay Spencer $248.95
Travel Expense Reimbursement - FPPTA NY
2757 April 15, 2016 Hyatt Regency Orlando $507.00
Reservations for Marc Glass - FPPTA Conference
6-25-16 to 6-28-16
2758 April 15, 2016 FPPTA $550.00
Register- Marc Glass- 32nd Annual Conference
6-26-16 to 6-29-16
2759 May 1, 2016 City of Palm Beach Gardens $22,372.02
Retiree Insurance
2760 May 2, 2016 Pension Resource Center $2,606.20
Administrative Fee - May 2016
2761 May 2, 2016 Hyatt Regency Orlando $507.00
Reservations for Greg Mull - FPPTA Conference
6-25-16 to 6-28-16
2762 May 2, 2016 FPPTA $550.00
Register - Greg Mull - 32nd Annual Conference
6-26-16 to 6-29-16
2763 May 2, 2016 The Bogdahn Group $5,569.00
Performance Monitoring for 3/31/16 & Consulting Services-
2nd Quarter 2016
2764 May 2, 2016 Cherry Bekaert LLP $3,500.00
Auditor Fee - 3/31/2016
2765 May 2, 2016 Klausner, Kaufman, Jensen & Levinson $3,960.00
Legal Services Rendered through 3-31-2016
2766 May 2, 2016 Gabriel Roeder Smith & Company $3,594.00
Actuarial Services Rendered through 3-31-2016
2767 May 2, 2016 Rhumbline Advisers $5,784.00
Investment Management Fee - 1st Quarter 2016
2768 May 2, 2016 Highland Capital Management, LLC $27,298.45
Management Fee - 1st Quarter 2016
2769 May 2, 2016 Cherry Bekaert LLP $7,000.00
Auditor Fee - 4/25/2016
Total: $115,137.65
Paid by Custodian
April 12, 2016 Salem Trust $4,471.06
1st Quarter 2016 - Fee
Total $119,608.71
Chair___________________________
Secretary___________________________
Date_______________________________
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June 1, 2016
Cherry Bekaert LLP
This representation letter is provided in connection with your audit of the financial statements and supplemental
schedule of City of Palm Beach Gardens Police Officers’ Pension Fund (the “Fund”), which comprise the
statement of fiduciary net position as of September 30, 2015, and the related statement of changes in fiduciary
net position for the year then ended, and the related notes to the financial statements, for the purpose of
expressing an opinion as to whether the financial statements are presented fairly, in all material respects, in
accordance with accounting principles generally accepted in the United States (U.S. GAAP).
Certain representations in this letter are described as being limited to matters that are material. Items are
considered material, regardless of size, if they involve an omission or misstatement of accounting information that,
in light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the
information would be changed or influenced by the omission or misstatement. An omission or misstatement that is
monetarily small in amount could be considered material as a result of qualitative factors.
We confirm, to the best of our knowledge and belief, as of June 1, 2016, the following representations made to
you during your audit.
Financial Statements
1) We have fulfilled our responsibilities, as set out in the terms of the audit engagement letter dated November
23, 2015, including our responsibility for the preparation and fair presentation of the financial statements.
2) The financial statements referred to above are fairly presented in conformity with U.S. GAAP and include all
other financial information required by generally accepted accounting principles to be included in in the
financial reporting entity.
3) We acknowledge our responsibility for the design, implementation, and maintenance of internal control
relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error.
4) We acknowledge our responsibility for the design, implementation, and maintenance of internal control to
prevent and detect fraud.
5) We understand that as part of your audit, you prepared the adjusting journal entries necessary to reclassify
investment activity. We acknowledge that we have reviewed and approved those entries and accepted
responsibility for them. We are in agreement with the adjusting journal entries that you have proposed and
they have been posted to the Fund's accounts
6) Significant assumptions we used in making accounting estimates, including those measured at fair value, are
reasonable.
7) Related-party relationships and transactions have been appropriately accounted for and disclosed in
accordance with U.S. GAAP.
8) All events subsequent to the date of the financial statements and for which U.S. GAAP requires adjustment or
disclosure have been adjusted or disclosed.
9) The effects of all known actual or possible litigation, claims, and assessments, if any, have been accounted
for and disclosed in accordance with U.S. GAAP.
10) Other matters that legal counsel has advised us that must be disclosed have been properly disclosed.
11) Material concentrations have been properly disclosed in accordance with U.S. GAAP.
12) Financial instruments with concentrations of credit risk have been properly recorded or disclosed in the
financial statements.
THE THE THE THE PP PP ENSION ENSION ENSION ENSION R R R R ESOURCE ESOURCE ESOURCE ESOURCE C C C C ENTER ENTER ENTER ENTER , , , , LLC LLC LLC LLC
4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410
Phone (561) 624-3277 Fax (561) 624-3278 WWW .R ESOURCE CENTERS .COM
13) Guarantees, whether written or oral, under which the Fund is contingently liable, have been properly recorded
or disclosed in accordance with U.S. GAAP.
Information Provided
14) We have provided you with:
a) Access to all information, of which we are aware, that is relevant to the preparation and fair presentation
of the financial statements, such as records, documentation, and other matters.
b) Additional information that you have requested from us for the purpose of the audit.
c) Unrestricted access to persons within the Fund from whom you determined it necessary to obtain audit
evidence.
d) Plan instruments, trust agreements, insurance contracts, or investment contracts and amendments to
such documents entered into during the year, including amendments to comply with applicable laws.
e) Actuarial reports prepared for the Fund and the Fund’s sponsor during the year.
15) All material transactions have been recorded in the accounting records and are reflected in the financial
statements.
16) We have disclosed to you the results of our assessment of the risk that the financial statements may be
materially misstated as a result of fraud.
17) We have no knowledge of any fraud or suspected fraud that affects the Fund and involves:
a) Management,
b) Employees who have significant roles in internal control, or
c) Others where the fraud could have a material effect on the financial statements.
18) We have no knowledge of any allegations of fraud or suspected fraud affecting the Fund’s financial
statements communicated by employees, former employees, participants, regulators, beneficiaries, service
providers, third-party administrators, or others.
19) We have no knowledge of any instances of noncom pliance or suspected noncompliance with laws and
regulations whose effects should be considered when preparing financial statements.
20) We have disclosed to you all known actual or possible litigation, claims, and assessments whose effects
should be considered when preparing the financial statements.
21) We have disclosed to you the identity of the Fund’s related parties and parties in interest and all the related-
party and party-in-interest relationships and transactions of which we are aware.
22) The Fund has satisfactory title to all owned assets, which are recorded at fair value, and all liens,
encumbrances, or security interests requiring disclosure in the financial statements have been properly
disclosed.
23) We have no—
a) Plans or intentions that may materially affect the carrying value or classification of assets and liabilities.
b) Intentions to terminate the Fund.
24) Amendments to the Plan instrument, if any, have been properly recorded or disclosed in the financial
statements.
25) We have no knowledge of any omissions from the participants’ data provided to the Fund’s actuary for the
purpose of determining the actuarial present value of the Fund’s benefit obligations and other actuarially
determined amounts in the financial statements.
26) The Fund administrator agrees with the actuarial methods and assumptions used by the actuary for funding
purposes and for determining the Fund’s benefit obligations and has no knowledge or belief that such
methods or assumptions are inappropriate in the circumstances. We did not give any instructions, nor cause
any to be given, to the Fund’s actuary with respect to values or amounts derived, and we are not aware of any
matters that have impacted the independence or objectivity of the Fund’s actuary.
27) We have obtained the service auditor’s report from our service organization. We have reviewed the report,
including the complementary user controls. We have implemented the relevant user controls, and they were
in operation for the year ended September 30, 2015. Also, the service auditors have not reported to us any:
• Fraud
• Noncompliance with laws and regulations, or
• Uncorrected misstatements affecting the Fund financial statements as a result of the third-party
service providers.
28) The following have been properly recorded or disclosed in the financial statements:
• The actuarial methods or assumptions used in calculating amounts recorded or disclosed in the financial
statements.
• Fund provisions between the actuarial valuation date and the date of this letter.
29) The methods and significant assumptions used to estimate fair values of financial instruments, including
nonreadily marketable securities, are as follows: current values of investments have been determined using
published market prices. If published market prices are unavailable, estimated values are based on similar
investments of issuers with similar credit ratings. The methods and significant assumptions used result in a
measure of fair value appropriate for financial measurement and disclosure purposes.
30) All required filings of the Fund’s documents with the appropriate agencies have been made.
31) The Fund is qualified under the appropriate section of the Internal Revenue Code and we intend to continue
them as a qualified plan. The Fund sponsor has operated the Fund in a manner that did not jeopardize this
tax status.
32) We have apprised you of all communications, whether written or oral, with regulatory agencies concerning the
operation of the Fund.
33) We acknowledge our responsibility for the required supplementary information (RSI). The RSI is measured
and presented within prescribed guidelines and the methods of measurement and presentation have not
changed from those used in the prior period. We have disclosed to you any significant assumptions and
interpretations underlying the measurement and presentation of the RSI.
34) With respect to the supplementary information on which an in-relation-to opinion is issued. We acknowledge
our responsibility for presenting other supplementary information in accordance with accounting principles
generally accepted in the United States of America, and we believe the other supplemental information,
including its form and content, is fairly presented in accordance with accounting principles generally accepted
in the United States of America. The methods of measurement and presentation of the other supplementary
information have not changed from those used in the prior period, and we have disclosed to you any
significant assumptions or interpretations underlying the measurement and presentation of the supplementary
information.
No events have occurred subsequent to the date of the Fund’s financial statements and through the date of this
letter that would require adjustment to or disclosure in the aforementioned financial statements.
Chairman, Board of Trustees
Fund Administrator
SCHEDULE OF CHANGES IN THE EMPLOYER’S
NET PENSION LIABILITY AND RELATED RATIOS
GASB Statement No. 67
Fiscal year ending September 30,2015 2014
Total pension liability
Service Cost 1,206,826$ 1,229,681$
Interest 6,504,741 6,083,570
Benefit Changes - 885,269
Difference between actual & expected experience 344,110 (56,911)
Assumption Changes 875,147 -
Benefit Payments (3,297,505) (2,277,672)
Refunds - (6,852)
Other (Net Decrease in State Contribution Reserve)(426,717) 134,105
Net Change in Total Pension Liability 5,206,602 5,991,190
Total Pension Liability - Beginning 90,998,913 85,007,723
Total Pension Liability - Ending (a)96,205,515$ 90,998,913$
Plan Fiduciary Net Position
Contributions - Employer (from City)3,007,780$ 2,712,635$
Contributions - Employer (from State)524,479 546,749
Contributions - Non-Employer Contributing Entity - -
Contributions - Member 422,145 391,188
Net Investment Income 925,754 6,798,928
Benefit Payments (3,297,505) (2,277,672)
Refunds - (6,852)
Administrative Expense (116,088) (114,098)
Other - -
Net Change in Plan Fiduciary Net Position 1,466,565 8,050,878
Plan Fiduciary Net Position - Beginning 72,626,331 64,575,453
Plan Fiduciary Net Position - Ending (b)74,092,896$ 72,626,331$
Net Pension Liability - Ending (a) - (b)22,112,619 18,372,582
Plan Fiduciary Net Position as a Percentage
of Total Pension Liability 77.02 %79.81 %
Covered Payroll 4,908,663$ 4,548,698$
Net Pension Liability as a Percentage
of Covered Payroll 450.48 %403.91 %
SCHEDULE OF THE EMPLOYER’S NET PENSION LIABILITY
GASB Statement No. 67
Total Plan Net Position Net Pension Liability
FY Ending Pension Plan Net Net Pension as a % of Total Covered as a % of
September 30,Liability Position Liability Pension Liability Payroll Covered Payroll
2014 90,998,913$ 72,626,331$ 18,372,582$ 79.81%4,548,698$ 403.91%
2015 96,205,515 74,092,896 22,112,619 77.02%4,908,663 450.48%
NOTES TO SCHEDULE OF THE EMPLOYER’S NET PENSION LIABILITY
GASB Statement No. 67
Valuation Date:October 1, 2014
Measurement Date:September 30, 2015
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Inflation 3.0%
Salary Increases 7.50%
Investment Rate of Return 7.1%
Retirement Age Experience-based table of rates that are specific to the type of eligibility
condition
Mortality RP-2000 Combined Healthy Participant Mortality Table for males and
females with mortality improvement projected to all future years after
2000 using Scale AA
Other Information:
Notes See Discussion of Valuation Results in the October 1,2014 Actuarial
Valuation Report dated March 6, 2015.
SCHEDULE OF CONTRIBUTIONS
GASB Statement No. 67
Actuarially Contribution Actual Contribution
FY Ending Determined Actual Deficiency Covered as a % of
September 30,Contribution Contribution (Excess)Payroll Covered Payroll
2014 3,125,279$ 3,125,279$ -$ 4,548,698$ 68.71%
2015 3,357,659 3,420,424 (62,765) 4,908,663 69.68%
NOTES TO SCHEDULE OF CONTRIBUTIONS
GASB Statement No. 67
Valuation Date:October 1, 2013
Notes Actuarially determined contributions are calculated as of October 1,
which is two year(s)prior to the end of the fiscal year in which
contributions are reported.
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Amortization Method Level Percent, Closed
Remaining Amortization Period 21 years (single equivalent amortization period)
Asset Valuation Method Recognizes 20% of difference between market value of assets
and expected actuarial asset value
Inflation 3.0%
Salary Increases 7.50%
Investment Rate of Return 7.20%
Retirement Age Experience-based table of rates that are specific to the type of eligibility
condition
Mortality RP-2000 Combined Healthy Participant Mortality Table for males and
females with mortality improvement projected to all future years after
2000 using Scale AA
Other Information:
Notes See Discussion of Valuation Results on Page 1 of the October 1,2013
Actuarial Valuation Report,as well as the Actuarial Impact Statement
dated June 10,2014.Liabilities as of September 30,2014 reflect the
Plan changes described in this Actuarial Impact Statement.
SENSITIVITY TO SINGLE DISCOUNT RATE
GASB Statement No. 67
A single discount rate of 7.1% was used to measure the total pension liability. This single discount
rate was based on the expected rate of return on pension plan investments of 7.1%. The projection of
cash flows used to determine this single discount rate assumed that plan member contributions will
be made at the current contribution rate and that employer contributions will be made at rates equal
to the difference between the total actuarially determined contribution rates and the member rate.
Based on these assumptions, the pension plan’s fiduciary net position was projected to be available to
make all projected future benefit payments of current plan members. Therefore, the long -term
expected rate of return on pension plan investments (7.1%) was applied to all periods of projected
benefit payments to determine the total pension liability.
Regarding the sensitivity of the net pension liability to changes in the single discount rate, the
following presents the plan’s net pension liability, calculated using a single discount rate of 7.1%, as
well as what the plan’s net pension liability would be if it were calculated using a single discount rate
that is 1-percentage-point lower or 1-percentage-point higher:
Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption
Current Single Discount
1% Decrease Rate Assumption 1% Increase
6.10%7.10%8.10%
$31,824,737 $22,112,619 $14,033,881
CITY OF PALM BEACH GARDENS POLICE OFFICERS’ PENSION FUND
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2015
ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2017
TABLE OF CONTENTS
Section Title Page
A Discussion of Valuation Results
1. Discussion of Valuation Results 1
2. Chapter Revenue 5
B Valuation Results
1. Participant Data 6
2. Actuarially Determined Employer Contribution (ADEC) 7
3. Actuarial Value of Benefits and Assets 8
4. Calculation of Employer Normal Cost 9
5. Liquidation of Unfunded Actuarial Accrued
Liability 10
6. Actuarial Gains and Losses 12
7. Recent History of Required and Actual
Contributions 16
8. Recent History of UAAL and Funded Ratio 17
9. Actuarial Assumptions and Cost Method 18
10. Glossary of Terms 25
C Pension Fund Information
1. Statement of Plan Assets at Market Value 28
2. Reconciliation of Plan Assets 29
3. Reconciliation of DROP Accounts 30
4. Calculation of Actuarial Value of Assets 31
5. Investment Rate of Return 32
D Financial Accounting Information
1. FASB No. 35 33
2. GASB No. 67 34
E Miscellaneous Information
1. Reconciliation of Membership Data 40
2. Active Participant Distribution 41
3. Inactive Participant Distribution 42
F Summary of Plan Provisions 43
SECTION A
DISCUSSION OF VALUATION RESULTS
1
DISCUSSION OF VALUATION RESULTS
Comparison of Required Employer Contributions
A comparison of the required employer contribution developed in this year's actuarial valuation and
the previous valuation is as follows.
Required City/State Contribution $3,256,067 $3,316,250 $(60,183)
As % of Covered Payroll 61.11 %68.00 %(6.89)%
Allowable Credit for State Contribution $412,644 $412,644 $0
As % of Covered Payroll 7.74 %8.46 %(0.72)%
Required City Contribution $2,843,423 $2,903,606 $(60,183)
As % of Covered Payroll 53.37 %59.54 %(6.17)%
As % of Total Payroll including
DROP participants 31.78 %31.83 %(0.05)%
(Decrease)
Increase10/1/2014
Based on
10/1/2015
Valuation Valuation
For FYE 9/30/2017 For FYE 9/30/2016
Based on
The required employer contribution for the fiscal year ending September 30, 2017 has been
discounted for interest on the basis that the contribution is made in full at the beginning of the year. If
contributions are instead made at the end of each quarter, as has been past practice, the total required
employer contribution would be $3,393,002, and the net required City contribution would be $2,980,358.
The contribution has also been computed under the assumption that the amount to be received from
the State on behalf of police officers and credited towards the required contribution in 2016 and 2017 will be
$412,644. If the actual amounts differ from these amounts, then the net City contributions should be
adjusted by the difference.
Total payroll for the fiscal year ending September 30, 2017, including pay for members
participating in the DROP, is expected to be approximately $8.94 million (compared to $5.33 million for
expected non-DROP covered payroll). City contribution requirements have also been shown above as a
2
percentage of total payroll (including DROP members.)
Actual employer and State contributions (including the use of excess State reserve funds) during the
year ending September 30, 2015 were $3,007,780 and $951,196, respectively, for a total of $3,958,976. The
annual required contribution was $3,357,569. The extra contribution of $601,407 was used to reduce or
eliminate the UAAL amortization bases with the fewest years remaining. Please see page 10 for more
information.
Revisions in Benefits
There were no changes in plan benefits since the previous valuation.
Revisions in Actuarial Assumptions or Methods
The following revisions in actuarial assumptions have been approved by the Board and incorporated
into this report:
The investment return assumption was lowered from 7.1% to 6.9%. This rate will continue to be
lowered by 0.1% each year until 6.5% is reached.
Pursuant to Florida House Bill 1309, the Plan will be required to implement the same Mortality
Tables used by the Florida Retirement System (FRS) by October 1, 2016 Actuarial Valuation. The
Board has elected to implement this requirement effective October 1, 2015 (one year early).
In addition, the Board elected to adopt all of the proposed assumption changes from the October 21,
2015 Experience Study. The updated assumptions include revised salary increase rates, retirement
rates, separation/withdrawal rates, and disability rates. Please see pages 18-23 for details regarding
these changes.
Effective October 1, 2016 (for the fiscal year ending September 30, 2017), the City is assumed to
make its actuarially determined employer contribution in full at the beginning of the fiscal year (i.e.,
on October 1).
In the aggregate, the assumption changes mentioned in the first three bullet points above resulted in an
increase in the required employer contribution of 0.75% of covered payroll. The change in the timing of the
City contribution to the beginning of the year reduces the required employer contribution by 2.57% of
covered payroll. There have been no other changes in assumptions or methods since the prior valuation.
3
Actuarial Experience
There was a net actuarial loss of $893,801 for the year, which means that actual experience was less
favorable than expected. The loss is primarily due to more retirements than expected (3 actual versus less
than 1 expected), fewer deaths than expected among retirees (no deaths occurred), higher salary increases
than expected, and due to recognized investment return below the assumed rate of 7.1%. The investment
return was 1.3% based on market value of assets and 7.0% based on actuarial value of assets. The net
actuarial loss has increased the required employer contribution by 1.88% of covered payroll.
Funded Ratio
This year’s funded ratio is 71.8% compared to 70.8% last year. The funded ratio was 72.5% before
the changes in assumptions. The ratio is equal to the actuarial value of assets divided by the actuarial
accrued (past service) liability.
Analysis of Change in Employer Contribution
The components of change in the employer contribution rate are as follows:
Contribution rate last year 59.54 %
Change in assumptions 0.75
Change in timing of City contribution (2.57)
Extra City Payments towards UAAL (2.03)
Payment on unfunded liability (4.62)
Experience (gain)/loss 1.88
Change in Normal Cost Rate (0.03)
Change in administrative expense (0.27)
Change in State revenue 0.72
Contribution rate this year 53.37
Variability of Future Contribution Rates
The Actuarial Cost Method used to determine the contribution rate is intended to produce
contribution rates which are generally level as a percent of payroll. Even so, when experience differs
from the assumptions, as it often does, the employer’s contribution rate can vary significantly from ye ar-
to-year.
Over time, if the year-to-year gains and losses offset each other, the contribution rate would be
expected to return to the current level, but this does not always happen.
The Actuarial Value of Assets exceeds the Market Value of Assets by $150,546 as of the
4
valuation date (see Section C). This difference will be gradually recognized in the absence of offsetting
gains. In turn, the computed employer contribution rate will increase by approximately 0.3% of covered
payroll.
Another area of variability has to do with the annual payment on the unfunded accrued liability
(UAL). This payment is computed as a level percent of covered payroll under the assumption that
covered payroll will rise by 5% per year. According to Chapter 112, Florida Statutes, this payroll growth
assumption may not exceed the average growth over the last ten years, which was (3.61%) during the ten-
year period ending September 30, 2015 and (3.68%) during the ten-year period ending September 30,
2014. Therefore, the UAL continues to be amortized as a level dollar amount this year.
Relationship to Market Value
If Market Value had been the basis for the valuation, the required net City contribution rate would
have been 53.67% and the funded ratio would have been 71.65%. The market value-based funded ratio
was 75.57% last year. In the absence of other gains and losses, and before recognition of the additional
phase-in of the change in the investment return assumption, the City contribution rate should increase to
that level over the next few years.
Conclusion
It is important to note that system assets are not sufficient to cover the liability for current inactive
members. As of October 1, 2015 the market value of assets is $60.1 million and the liability for current
inactive members is $64.6 million. Many steps have been taken to address this issue, such as lowering the
investment return assumption, conducting an experience study and implementing the recommended
assumption changes, shortening the amortization period for bases established on or after October 1, 2007,
and making extra payments towards the UAAL.
The remainder of this Report includes detailed actuarial valuation results, financial information,
miscellaneous information and statistics, and a summary of plan provisions.
5
CHAPTER REVENUE
Additional premium tax revenue over that received in 1998 may be used toward the required
contribution if it is less than the cost to fund Chapter minimum benefits. Once minimums are met and
additional premium tax revenue exceeds the cost to fund Chapter minimum benefits, any subsequent
additional Chapter revenue must be used to provide extra benefits.
As of the valuation date, the only minimum benefit requirement not currently being met is the
Normal Retirement eligibility for members with less than 10 years of services as of September 13,
2012. However, this minimum benefit requirement will be met effective July 1, 2016, due to the
passage of Ordinance 9, 2014.
1.Base Amount Previous Plan Year $412,644
2.Amount Received for Previous Plan Year 524,479
3.Benefit Improvements Made in Previous Plan Year 0
4.Excess Funds for Previous Plan Year: (2) - (1) - (3)111,835
5.Accumulated Excess at Beginning of Previous Year 735,228
6.Prior Excess Used in Previous Plan Year 538,552
7.Accumulated Excess as of Valuation Date
(Available for Benefit Improvements): (4) + (5) - (6)308,511
8.Base Amount This Plan Year: (1) + (3)412,644
Actuarial Confirmation of the Use of State Chapter Money
The Accumulated Excess shown in line 7 is being held in reserve to pay for additional benefits.
The reserve is subtracted from Plan assets (see Section C of this Report). The Base Amount in line 8 is the
former maximum amount the employer has historically taken as a credit against its required contribution; in
no event may the employer take credit for more than the actual amount of Chapter revenue received.
SECTION B
VALUATION RESULTS
6
ACTIVE MEMBERS
Number 78 78 74
Covered Annual Payroll $5,074,483 $5,115,784 $4,644,608
Average Annual Payroll $65,057 $65,587 $62,765
Average Age 38.8 38.8 38.9
Average Past Service 9.5 9.5 9.9
Average Age at Hire 29.3 29.3 29.0
RETIREES, BENEFICIARIES & DROP*
Number 65 65 62
Annual Benefits $4,749,442 $4,749,442 $4,532,481
Average Annual Benefit $73,068 $73,068 $73,105
Average Age 56.0 56.0 55.5
DISABILITY RETIREES
Number 10 10 10
Annual Benefits $272,822 $272,822 $272,822
Average Annual Benefit $27,282 $27,282 $27,282
Average Age 59.2 59.2 58.2
TERMINATED VESTED MEMBERS
Number 4 4 3
Annual Benefits $175,148 $175,148 $148,392
Average Annual Benefit $43,787 $43,787 $49,464
Average Age 45.7 45.7 42.1
* Does not include deferred supplemental benefits for DROP members
After Changes Before Changes
PARTICIPANT DATA
October 1, 2015 October 1, 2014October 1, 2015
7
A.Valuation Date October 1, 2015 October 1, 2015 October 1, 2015
B.ADEC to Be Paid During
Fiscal Year Ending 9/30/2017 9/30/2017 9/30/2017 9/30/2016
C.Assumed Dates of Employer
Contributions 10/1/2016 Quarterly Quarterly Quarterly
D.Annual Payment to Amortize
Unfunded Actuarial Liability $2,101,220 $2,101,220 $2,052,179 $2,078,444
E.Employer Normal Cost 999,840 999,840 1,030,666 948,963
F.ADEC if Paid on the Valuation
Date: D+E 3,101,060 3,101,060 3,082,845 3,027,407
G.ADEC Adjusted for Frequency of
Payments 3,101,060 3,231,429 3,216,086 3,158,252
H.ADEC as % of Covered Payroll 61.11 %63.68 %62.87 %68.00 %
I.Assumed Rate of Increase in Covered
Payroll to Contribution Year 5.00 %5.00 %5.00 %5.00 %
J.Covered Payroll for Contribution Year 5,328,207 5,328,207 5,371,573 4,876,838
K.ADEC for Contribution Year: H x J 3,256,067 3,393,002 3,377,108 3,316,250
L.Allowable Credit for State Revenue in
Contribution Year 412,644 412,644 412,644 412,644
M.Required Employer Contribution (REC)
in Contribution Year 2,843,423 2,980,358 2,964,464 2,903,606
N.REC as % of Covered Payroll in
Contribution Year: M ÷ J 53.37 %55.94 %55.19 %59.54 %
ChangesTiming Change
ACTUARIALLY DETERMINED EMPLOYER CONTRIBUTION (ADEC)
After Payment Before Changes
October 1, 2014
After Assumption
8
A.Valuation Date October 1, 2015 October 1, 2015 October 1, 2014
B.Actuarial Present Value of All Projected
Benefits for
1.Active Members
a. Service Retirement Benefits $ 28,001,839 $ 27,793,917 $ 26,174,328
b. Vesting Benefits 612,231 1,377,006 1,326,687
c. Disability Benefits 1,763,179 3,756,141 3,421,435
d. Preretirement Death Benefits 1,086,446 397,860 356,601
e. Return of Member Contributions 34,840 37,677 27,175
f. Total 31,498,535 33,362,601 31,306,226
2.Inactive Members
a. Service Retirees & Beneficiaries 60,604,901 59,788,222 57,408,045
b. Disability Retirees 2,599,686 2,833,818 2,865,007
c. Terminated Vested Members 1,367,591 1,368,761 967,399
d. Total 64,572,178 63,990,801 61,240,451
3. Total for All Members 96,070,713 97,353,402 92,546,677
C.Actuarial Accrued (Past Service)
Liability per GASB No. 25 83,858,731 83,107,815 80,119,974
D.Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 81,763,642 79,735,832 77,156,150
E.Plan Assets
1.Market Value 60,083,405 60,083,405 60,549,803
2. Actuarial Value 60,233,951 60,233,951 56,757,337
F.Unfunded Actuarial Accrued Liability: C - E2 23,624,780 22,873,864 23,362,637
G.Actuarial Present Value of Projected
Covered Payroll 49,400,189 55,495,969 48,544,365
H.Actuarial Present Value of Projected
Member Contributions 4,248,416 4,772,654 4,174,816
I.Accumulated Value of Contributions
for Active Members 3,916,394 3,916,394 3,889,790
J.Funded Ratio: E2 ÷ C 71.8%72.5%70.8%
ACTUARIAL VALUE OF BENEFITS AND ASSETS
Before ChangesAfter Changes
9
CALCULATION OF EMPLOYER NORMAL COST
A.Valuation Date October 1, 2015
After Changes Before Changes
B.Normal Cost for
1.Service Retirement Benefits $1,063,770 $989,189 $897,771
2.Vesting Benefits 44,193 98,237 93,337
3.Disability Benefits 121,604 232,923 210,294
4.Preretirement Death Benefits 79,438 24,638 20,751
5.Return of Member Contributions 12,148 10,543 9,867
6.Total for Future Benefits 1,321,153 1,355,530 1,232,020
7.Assumed Amount for Administrative
Expenses 115,093 115,093 116,379
8.Total Normal Cost 1,436,246 1,470,623 1,348,399
9.Total as a % of Covered Payroll 28.30%28.75%29.03%
C.Expected Member Contribution 436,406 439,957 399,436
D.Employer Normal Cost: B8-C 999,840 1,030,666 948,963
E.Employer Normal Cost as a % of
Covered Payroll 19.70%20.15%20.43%
October 1, 2014October 1, 2015
10
LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY
A. UAAL Amoritzation Period and Payments
Amortization
Date Period Years
Established (Years)Amount Remaining Amount After Change Before Change
7/1/1986 *30 4,147$ 1 *-$ -$ -$
10/1/1991 *30 (1,504)6 *- - -
10/1/1991 *30 286,223 6 *- - -
10/1/1992 *30 122,611 7 *- - -
10/1/1993 30 (194,444)8 (99,483)(15,524)(15,616)
10/1/1995 30 796,975 10 585,956 77,682 78,257
10/1/1996 30 (189,977)11 (155,263)(19,273)(19,429)
10/1/2000 30 3,639,273 15 3,788,412 386,645 390,829
10/1/2005 30 975,210 20 1,040,597 91,172 92,427
10/1/2005 30 5,273,728 20 5,627,327 493,039 499,828
10/1/2006 30 12,571,515 21 13,134,104 1,124,798 1,140,888
10/1/2007 *15 (251,668)7 *- - -
10/1/2008 *15 3,319,494 8 *1,723,781 268,999 270,586
10/1/2009 15 (137,951)9 (101,851)(14,562)(14,659)
10/1/2010 15 348,981 10 271,392 35,979 36,245
10/1/2011 15 (718,288)11 (581,298)(72,156)(72,742)
10/1/2011 15 847,054 11 685,505 85,091 85,782
10/1/2011 15 (6,706,717)11 (5,427,623)(673,723)(679,197)
10/1/2012 15 (751,599)12 (664,427)(77,837)(78,524)
10/1/2012 15 792,519 12 700,601 82,074 82,799
10/1/2013 15 (151,072)13 (137,887)(15,346)(15,492)
10/1/2013 15 836,318 13 763,324 84,954 85,762
10/1/2013 15 755,890 13 689,915 76,784 77,514
10/1/2014 15 (732,488)14 (696,289)(74,032)(74,785)
10/1/2014 15 876,591 14 833,270 88,596 89,498
10/1/2015 15 893,801 15 893,801 91,221 92,208
10/1/2015 15 750,916 15 750,916 76,639 N/A
23,255,538$ 23,624,780$ 2,101,220$ 2,052,179$
Original UAAL Current UAAL
Payment
* The extra City payments of $601,047 made in June 2015 were used to eliminate or reduce these UAAL
amortization bases.
11
B. Amortization Schedule
The UAAL is being amortized as a level percent of payroll, but is currently being amortized as a level
dollar amount due to the 10-year historical average payroll growth rate. The expected amortization schedule
is as follows:
2015 $23,624,780
2016 23,008,680
2017 22,350,075
2018 21,646,026
2019 20,893,398
2020 20,088,838
2025 15,697,694
2030 8,316,599
2035 1,124,798
2036 0
Year Expected UAAL
Amortization Schedule
12
ACTUARIAL GAINS AND LOSSES
The assumptions used to anticipate mortality, employment turnover, investment income, expenses,
salary increases, and other factors have been based on long range trends and expectations. Actual
experience can vary from these expectations. The variance is measured by the gain and loss for the period
involved. If significant long term experience reveals consistent deviation from what has been expected and
that deviation is expected to continue, the assumptions should be modified. The net actuarial gain (loss) for
the past year is computed as follows:
1.Last Year's UAAL (from Actuarial
Impact Statement)$23,362,637
2.Last Year's Employer Normal Cost 948,963
3.Last Year's Employer Contributions*3,958,976
4. Interest at the Assumed Rate on:
a.1 and 2 for one year 1,726,124
b.3 from dates paid 98,685
c. a - b 1,627,439
5.This Year's Expected UAAL Prior to Revision:
1 + 2 - 3 + 4c 21,980,063
6.Change in UAAL Due to Plan Amendments
and/or Changes in Actuarial Assumptions 750,916
7.This Year's Expected UAAL: 5 + 6 22,730,979
8.This Year's Actual UAAL 23,624,780
9.Net Actuarial Gain (Loss): 7 - 8 (893,801)
10.Gain (Loss) Due to Investments (37,637)
11.Gain (Loss) from Other Sources (856,164)
*Includes $538,552 from excess State reserve plus additional City contributions of $601,407 which are to
be used to reduce the UAAL.
13
Experience gains/losses for the past few years are as follows:
Year Ending
September 30 Gain (Loss)
1996 $(284,232)
1997 (994,552)
1998 (674,477)
1999 (424,754)
2000 68,592
2001 (435,534)
2002 (2,162,823)
2003 (949,324)
2004 (246,347)
2005 (1,006,694)
2006 (1,517,294)
2007 251,668
2008 (3,319,494)
2009 137,951
2010 (348,981)
2011 718,288
2012 751,599
2013 151,072
2014 732,488
2015 (893,801)
14
The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan
so it is important that they are in line with the actual experience. The following table shows the actual fund
earnings and salary increase rates compared to the assumed rates for the last several years:
Year Ending
9/30/1990 9.1 %8.0 %9.1 %6.5 %
9/30/1991 8.6 8.0 9.5 6.5
9/30/1992 8.2 8.0 10.9 6.5
9/30/1993 8.8 8.0 14.1 6.5
9/30/1994 2.4 8.0 0.6 6.5
9/30/1995 18.2 8.0 12.8 6.5
9/30/1996 5.2 8.0 3.6 6.5
9/30/1997 10.3 8.0 11.5 *6.5
9/30/1998 9.2 8.0 10.0 6.5
9/30/1999 9.6 8.0 8.4 6.5
9/30/2000 9.0 8.0 5.9 6.5
9/30/2001 6.3 8.5 1.1 6.0
9/30/2002 (1.6)8.5 11.8 6.0
9/30/2003 3.7 8.5 7.4 6.0
9/30/2004 3.9 8.5 16.4 6.0
9/30/2005 4.8 8.5 3.6 6.0
9/30/2006 6.5 8.5 9.7 6.0
9/30/2007 8.1 7.5 8.8 7.5
9/30/2008 3.6 7.5 13.8 7.5
9/30/2009 4.4 7.5 1.0 7.5
9/30/2010 5.6 7.5 7.7 7.5
9/30/2011 4.6 7.5 (1.9)7.5
9/30/2012 7.0 7.4 0.4 7.5
9/30/2013 8.4 7.3 4.8 7.5
9/30/2014 8.7 7.2 1.0 7.5
9/30/2015 7.0 7.1 7.6 7.5
Average for
Years Shown 6.9 N/A 7.2 N/A
Salary IncreasesInvestment Return
Actual Assumed Actual Assumed
* Actual raises during the year were less than 10.0%. However, there was a problem of underreporting of
compensation in the previous year that resulted in the 11.5% average increase.
The actual investment return rates shown above are based on the actuarial value of assets. The actual
salary increase rates shown above are the increases received by those active members who were included in
the actuarial valuations both at the beginning and the end of each year.
15
Active
Members
Year Vested Other End of
Ended A E A E A E A E A A A E Year
9/30/2002 10 5 2 4 0 0 0 0 1 2 3 2 90
9/30/2003 14 9 3 5 1 0 0 0 1 4 5 3 95
9/30/2004 10 7 2 6 1 0 0 0 1 3 4 3 98
9/30/2005 11 4 2 8 0 0 0 0 0 2 2 3 105
9/30/2006 7 5 1 9 0 1 0 0 0 4 4 3 107
9/30/2007 5 5 3 6 0 1 0 0 1 1 2 3 107
9/30/2008 2 3 3 5 0 1 0 0 0 0 0 3 106
9/30/2009 5 7 6 8 0 1 0 0 1 0 1 3 104
9/30/2010 3 14 11 5 0 1 0 0 1 2 3 3 93
9/30/2011 4 13 11 2 0 1 0 0 0 2 2 2 84
9/30/2012 2 12 8 1 0 0 1 0 0 3 3 2 74
9/30/2013 7 6 4 0 0 0 0 0 1 1 2 2 75
9/30/2014 5 6 5 1 0 0 0 0 1 0 1 2 74
9/30/2015 9 5 3 0 0 0 0 0 1 1 2 2 78
9/30/2016 4 0 0 3
14 Yr Totals *94 101 64 60 2 6 1 0 9 25 34 36
Service &
Disability
Actual (A) Compared to Expected (E) Decrements
Among Active Employees
Number
Added
Terminations
Totals
During DROP
Year Retirement Retirement Death
Amount Amount Amount Employer State Total
10/1/1993 9/30/1994 $242,083
244,317
8.36 %$135,153 4.67 %$106,930
96,245
3.69 %$117,381 $151,324 $268,705
10/1/1994 9/30/1995 244,317 7.76 148,072 4.70 96,245 3.06 96,245 162,247 258,492
10/1/1995 9/30/1996 404,856 12.02 162,247 4.82 242,609 7.20 242,609 195,597 438,206
10/1/1996 9/30/1997 438,074 12.24 195,597 5.47 242,477 6.78 242,477 227,106 469,583
10/1/1997 9/30/1998 592,522 15.30 227,106 5.86 365,416 9.44 365,416 235,819 601,235
10/1/1998 9/30/1999 760,142 16.98 235,819 5.27 524,323 11.71 524,323 236,636 760,959
10/1/1999 9/30/2000 853,790 18.09 235,819 5.00 617,971 13.09 638,017 215,773 853,790
10/1/2000 9/30/2001 935,273 18.14 215,773 4.18 719,500 13.95 719,500 225,892 945,392
10/1/2001 9/30/2002 1,005,662 20.49 225,892 4.60 779,770 15.89 779,770 235,818 1,015,588
10/1/2002 9/30/2003 1,425,328 25.58 235,818 4.23 1,189,510 21.35 1,189,510 235,818 1,425,328
10/1/2002 9/30/2004 1,475,340 25.58 235,818 4.09 1,239,522 21.49 1,239,522 235,818 1,475,340
10/1/2003 9/30/2005 1,704,041 27.49 235,818 3.80 1,468,223 23.69 1,468,223 235,818 1,704,041
10/1/2004 9/30/2006 1,931,054 27.62 235,818 3.37 1,695,236 24.25 1,695,236 412,644 2,107,880
10/1/2005 9/30/2007 3,176,791 41.86 412,644 5.44 2,764,147 36.42 2,764,147 412,644 3,176,791
10/1/2006 9/30/2008 3,556,548 40.70 412,644 4.72 3,143,904 35.98 3,143,904 412,644 3,556,548
10/1/2007 9/30/2009 3,762,323 40.19 412,644 4.41 3,349,679 35.78 3,349,679 412,644 3,762,323
10/1/2008 9/30/2010 4,368,612 42.27 412,644 3.99 3,955,968 38.28 3,955,968 412,644 4,368,612
10/1/2009 9/30/2011 4,298,216 44.06 412,644 4.23 3,885,572 39.83 3,885,572 412,644 4,298,216
10/1/2010 9/30/2012 4,198,183 47.04 412,644 4.62 3,785,539 42.42 3,785,539 412,644 4,198,183
10/1/2011 9/30/2013 3,113,406 51.80 412,644 6.87 2,700,762 44.93 2,700,762 412,644 3,113,406
10/1/2012 9/30/2014 3,125,279 60.62 412,644 8.00 2,712,635 52.62 2,712,635 412,644 3,125,279
10/1/2013 9/30/2015 3,357,569 65.26 951,196 18.49 2,406,373 46.77 3,007,780 951,196 3,958,976
10/1/2014 9/30/2016 3,316,250 68.00 412,644 8.46 2,903,606 59.54 ---------
10/1/2015 9/30/2017 3,256,067 61.11 412,644 7.74 2,843,423 53.37 ---------
Required Contributions
RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS
End of
Year To
Which
Valuation
Applies
Actual Contributions
Valuation
Date
% of
Payroll
Net Employer
% of
Payroll
Estimated State
% of
Payroll
Employer & State
1
6
RECENT HISTORY OF UAAL AND FUNDED RATIO
10/1/1993 $2,424,981 $2,479,049 $54,068 97.8 %$2,896,359 1.9 %
10/1/1994 2,714,651 2,552,412 (162,239)106.4 3,148,412 (5.2)
10/1/1995 3,517,565 3,807,393 289,828 92.4 3,367,324 8.6
10/1/1996 4,443,592 4,855,280 411,688 91.5 3,578,473 11.5
10/1/1997 5,511,310 6,954,077 1,442,767 79.3 3,872,799 37.3
10/1/1998 6,700,726 8,988,231 2,287,505 74.5 4,476,807 51.1
10/1/1999 8,162,736 11,019,072 2,856,336 74.1 4,720,813 60.5
10/1/2000 9,795,534 14,097,068 4,301,534 69.5 5,156,136 83.4
10/1/2001 11,417,844 16,106,731 4,688,887 70.9 4,908,315 95.5
10/1/2002 12,303,486 19,140,962 6,837,476 64.3 5,572,514 122.7
10/1/2003 14,231,515 22,196,413 7,964,898 64.1 5,989,146 133.0
10/1/2004 16,405,794 24,962,551 8,556,757 65.7 6,755,078 126.7
10/1/2005 18,950,104 35,004,203 16,054,099 54.1 7,332,448 218.9
10/1/2006 22,740,838 46,503,218 23,762,380 48.9 8,322,332 285.5
10/1/2007 27,799,386 52,230,511 24,431,125 53.2 8,915,563 274.0
10/1/2008 32,261,274 60,450,441 28,189,167 53.4 9,842,874 286.4
10/1/2009 36,834,622 65,550,027 28,715,405 56.2 9,290,829 309.1
10/1/2010 41,948,009 71,341,740 29,393,731 58.8 8,499,722 345.8
10/1/2011 45,709,740 68,822,738 23,112,998 66.4 5,724,225 403.8
10/1/2012 49,859,298 72,156,731 22,297,433 69.1 4,910,023 454.1
10/1/2013 53,201,682 76,848,944 23,647,262 69.2 4,899,915 482.6
10/1/2014 56,757,337 80,119,974 23,362,637 70.8 4,644,608 503.0
10/1/2015 60,233,951 83,858,731 23,624,780 71.8 5,074,483 465.6
Unfunded AAL (UAAL)
(b) - (a)
Actuarial Accrued
Liability (AAL) - Entry
Age
(b)
Actuarial
Valuation Date
UAAL As % of
Covered Payroll
(b - a) / c
Covered Payroll
(c)
Funded Ratio
(a) / (b)
Actuarial Value of
Assets
(a)
1
7
18
ACTUARIAL ASSUMPTIONS AND COST METHOD
Valuation Methods
Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered
before and after the valuation date were determined using an Individual Entry-Age Actuarial Cost
Method having the following characteristics:
(i) the annual normal cost for each individual active member, payable from the date of
employment to the date of retirement, is sufficient to accumulate the value of the member’s
benefit at the time of retirement;
(ii) each annual normal cost is a constant percentage of the member’s year by year projected
covered pay.
Actuarial gains/(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability.
Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial Accrued Liabilities (full
funding credit if assets exceed liabilities) were amortized by level (principal & interest combined)
percent-of-payroll contributions over a reasonable period of future years.
Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected
actuarial value and actual market value of assets at the rate of 20% per year. The Actuarial Value of
Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80%
of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan assets.
During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will
tend to be less than Market Value. During periods when investment performance is less than assumed
rate, Actuarial Value of Assets will tend to be greater than Market Value.
Valuation Assumptions
The actuarial assumptions used in the valuation are shown in this Section.
Economic Assumptions
The investment return rate assumed in the valuation is 6.9% per year, compounded annually (net after
investment expenses). This assumption is being lowered by 0.1% each year until 6.5% is reached. The
rate used in the previous valuation was 7.1%, so there was a 0.2% reduction this year only.
The Inflation Rate assumed in this valuation was 2.5% per year. This rate has been reduced from 3.0%
in the previous valuation. The Inflation Rate is defined to be the portion of total pay increases for an
individual that are due to general price inflation.
The assumed real rate of return over inflation is defined to be the portion of total investment return that
is more than the assumed inflation rate. Considering other economic assumptions, the 6.9% investment
return rate translates to an assumed real rate of return over inflation of 4.4%.
19
The rate of salary increase used for individual members varies by years of service. Total salaries are
assumed to increase 7.0% per year in years zero through three, and 5.5% per year thereafter. Part of the
assumption is for merit and/or seniority increase, productivity increases, and changes in labor market
conditions, and 2.5% recognizes inflation. This assumption is used to project a member’s current salary
to the salaries upon which benefits will be based.
In the previous valuation, the salary increases assumption rate was 7.5% per year, regardless of years of
service.
For purposes of financing the unfunded liabilities, total payroll is assumed to grow at 5% per year.
According to Chapter 112, Florida Statutes, this payroll growth assumption may not exceed the average
growth over the last ten years which was (4.21%). Therefore, unfunded liabilities are being amortized
this year as a level dollar amount, with no assumed payroll growth.
Demographic Assumptions (Current Assumptions)
The mortality table is the RP-2000 Mortality Table for annuitants with future improvements in mortality
projected to all future years using Scale BB. For females, the base mortality rates include a 100% white
collar adjustment. For males, the base mortality rates include a 90% blue collar adjustment and a 10%
white collar adjustment. These are the same rates currently in use for Special Risk Class members of the
Florida Retirement System (FRS) (and they are based on a statewide experience study).
FRS Healthy Mortality for Special Risk Class Members
Sample
Attained
Ages (in 2015)Men Women Men Women
50 0.54 %0.23 %33.67 38.11
55 0.67 0.32 29.02 33.09
60 0.91 0.48 24.45 28.20
65 1.34 0.76 20.05 23.46
70 2.07 1.27 15.95 19.02
75 3.36 2.15 12.25 14.96
80 5.53 3.59 9.08 11.36
Probability of Future Life
Dying Next Year Expectancy (years)
This assumption is used to measure the probabilities of each benefit payment being made after retirement.
For active members, the probabilities of dying before retirement were based upon the same mortality table
as members dying after retirement (75% of deaths are assumed to be service-connected).
For disabled retirees, the mortality table used was 60% of the RP-2000 Mortality Table for disabled
annuitants with ages set back 4 years for males and set forward 2 years for females, and 40% of the RP -
2000 Mortality Table for healthy annuitants with a 100% white collar adjustment, with no provision being
made for future mortality improvements. These are the same rates currently in use for Special Risk Class
members of the Florida Retirement System (FRS) (and they are based on a statewide experience study).
20
FRS Disabled Mortality for Special Risk Class Members
Sample
Attained
Ages (in 2015)Men Women Men Women
50 1.67 %0.91 %23.74 27.06
55 2.03 1.26 20.77 23.37
60 2.47 1.67 17.91 19.90
65 3.07 2.24 15.15 16.62
70 3.90 3.18 12.52 13.58
75 5.30 4.60 10.02 10.86
80 7.59 6.66 7.80 8.48
Probability of Future Life
Dying Next Year Expectancy (years)
The rates of retirement used to measure the probability of eligible members who had at least 10 years of
service as of September 13, 2012 retiring during the next year are as follows:
under 45 45 46-49 50-51 52-54 55-56 57-59 60
10 - 19 N/A N/A N/A 2.5%22.5%22.5%50.0%50.0%
20 35.0%65.0%65.0%65.0%65.0%65.0%65.0%100.0%
21 - 22 15.0%15.0%15.0%65.0%65.0%65.0%65.0%100.0%
23 - 24 15.0%15.0%50.0%50.0%50.0%65.0%65.0%100.0%
25+100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Age
S
e
r
v
i
c
e
The probability of normal retirement for members who had less than 10 years of service as of September 13,
2012 is as follows:
42 - 49 50 - 54 55 - 57 58 - 59 60
10 - 19 N/A 2.5%22.5%22.5%50.0%
20 - 22 N/A 2.5%65.0%65.0%100.0%
23 - 24 N/A 2.5%50.0%65.0%100.0%
25 50.0%50.0%50.0%65.0%100.0%
26 15.0%15.0%50.0%65.0%100.0%
27 100.0%100.0%100.0%100.0%100.0%
Age
S
e
r
v
i
c
e
Also, if at any point a member reaches the maximum benefit of 75% of his or her Average Monthly
Earnings, his or her probability of retirement is assumed to be 100%.
21
Rates of separation from active membership are as shown below (rates do not apply to members eligible
to retire and do not include separation on account of death or disability). This assumption measures the
probabilities of members separating from employment for reasons other than retirement, death or
disability.
Years of
Service Age
0 -2 All 10.5 %
3 All 3.0
4 +Under 35 2.0
4 +35 - 44 1.0
4 +45 +0.5
% of Active Members
Separating Within Next Year
Rates of disability among active members (75% of disabilities are assumed to be service-connected) are
as follows:
Sample
Ages
20 0.126 %
25 0.135
30 0.162
35 0.207
40 0.270
45 0.459
50 0.900
55 1.395
% Becoming Disabled
within Next Year
Changes Since Previous Valuation
In the previous valuation, the demographic assumptions were as shown below.
Demographic Assumptions (Previous Valuation)
The mortality table was the RP-2000 Combined Healthy Participant Mortality Tables for males and
females. Mortality improvement was being projected to all future years from the year 2000 using Scale
AA, making it a fully generational mortality table.
Sample
Attained
Ages (in 2015)Men Women Men Women
50 0.16 %0.13 %34.35 35.68
55 0.27 0.24 29.23 30.71
60 0.53 0.47 24.29 25.93
65 1.03 0.90 19.68 21.44
70 1.77 1.55 15.48 17.32
75 3.06 2.49 11.68 13.59
80 5.54 4.13 8.45 10.28
Probability of Future Life
Dying Next Year Expectancy (years)
22
This assumption is used to measure the probabilities of each benefit payment being made after retirement.
For active members, the probabilities of dying before retirement were based upon the same mortality table
as members dying after retirement (75% of deaths are assumed to be service-connected).
For disabled retirees, the regular mortality tables were set forward 5 years in ages to reflect impaired
longevity.
The rates of retirement used to measure the probability of eligible members who had at least 10 years of
service as of September 13, 2012 retiring during the next year were as follows:
42 - 45 46-47 48-49 50 51 52 53 54 55 56 57-59 60
10 0.0%0.0%0.0%2.5%2.5%20.0%20.0%20.0%55.0%65.0%65.0%100.0%
11 0.0%0.0%0.0%2.5%2.5%10.0%10.0%10.0%47.5%57.5%60.0%100.0%
12 0.0%0.0%0.0%2.5%2.5%10.0%10.0%10.0%47.5%57.5%60.0%100.0%
13 0.0%0.0%0.0%2.5%2.5%10.0%10.0%10.0%47.5%57.5%60.0%100.0%
14 0.0%0.0%0.0%2.5%2.5%10.0%10.0%10.0%47.5%57.5%60.0%100.0%
15 0.0%0.0%0.0%2.5%2.5%10.0%10.0%10.0%47.5%57.5%60.0%100.0%
16 0.0%0.0%0.0%2.5%2.5%10.0%10.0%10.0%47.5%57.5%60.0%100.0%
17 0.0%0.0%0.0%2.5%2.5%10.0%10.0%10.0%47.5%57.5%60.0%100.0%
18 0.0%0.0%0.0%2.5%2.5%10.0%10.0%10.0%47.5%57.5%60.0%100.0%
19 0.0%0.0%0.0%2.5%2.5%10.0%10.0%10.0%47.5%57.5%60.0%100.0%
20 20.0%22.5%22.5%25.0%27.5%30.0%40.0%45.0%70.0%80.0%80.0%100.0%
21 5.0%5.0%10.0%12.5%12.5%12.5%15.0%15.0%47.5%65.0%65.0%100.0%
22 5.0%5.0%10.0%12.5%12.5%12.5%15.0%15.0%47.5%65.0%65.0%100.0%
23 5.0%5.0%10.0%15.0%15.0%15.0%15.0%15.0%47.5%65.0%65.0%100.0%
24 5.0%5.0%10.0%15.0%15.0%15.0%15.0%15.0%47.5%65.0%65.0%100.0%
25 100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Age
S
e
r
v
i
c
e
The probabilities of normal retirement for members who had less than 10 years of service as of September
13, 2012 were as follows:
Age
42 - 49 50 - 54 55 56 57 58 59 60
10 0.0%2.5%20.0%20.0%20.0%55.0%65.0%100.0%
11 - 19 0.0%2.5%10.0%10.0%10.0%47.5%57.5%100.0%
20 0.0%2.5%30.0%40.0%45.0%70.0%80.0%100.0%
21 - 22 0.0%2.5%12.5%15.0%15.0%47.5%65.0%100.0%
23 - 24 0.0%2.5%15.0%15.0%15.0%47.5%65.0%100.0%
25 - 26 15.0%15.0%15.0%15.0%15.0%47.5%65.0%100.0%
27 100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
S
e
r
v
i
c
e
Also, if at any point a member reaches the maximum benefit of 75% of his or her Average Monthly
Earnings, his or her probability of retirement is assumed to be 100%.
23
Rates of separation from active membership were as shown below (rates do not apply to members
eligible to retire and do not include separation on account of death or disability). This assumption
measured the probabilities of members separating from employment for reasons other than retirement,
death, or disability.
Sample
Ages
20 6.0 %
25 5.7
30 5.0
35 3.8
40 2.6
45 1.6
50 0.8
55 0.3
% of Active Members
Separating Within Next Year
Rates of disability among active members (75% of disabilities are assumed to be service-connected) were
as follows:
Sample
Ages
20 0.21 %
25 0.23
30 0.27
35 0.35
40 0.45
45 0.77
50 1.50
55 2.32
% Becoming Disabled
within Next Year
24
Miscellaneous and Technical Assumptions
Administrative & Investment
Expenses
The investment return assumption is intended to be the return net of
investment expenses. Annual administrative expenses are assumed to
be equal to the average of the prior two years’ expenses. Assumed
administrative expenses are added to the Normal Cost.
Benefit Service Exact fractional service is used to determine the amount of benefit
payable.
Decrement Operation Disability and mortality decrements operate during retirement
eligibility.
Decrement Timing Decrements of all types are assumed to occur at the beginning of the
year.
Eligibility Testing Eligibility for benefits is determined based upon the age nearest
birthday and service nearest whole year on the date the decrement is
assumed to occur.
Forfeitures For vested separations from service, it is assumed that 0% of members
separating will withdraw their contributions and forfeit an employer
financed benefit. It was further assumed that the liability at
termination is the greater of the vested deferred benefit (if any) or the
member’s accumulated contributions.
Incidence of Contributions Employer contributions are assumed to be made in equal installments
at the end of each quarter. Member contributions are assumed to be
received continuously throughout the year based upon the computed
percent of payroll shown in this report, and the actual payroll payable
at the time contributions are made.
Liability Load Projected normal and early retirement benefits are loaded based on the
dollar amount of each active member’s frozen accrued leave as of
September 13, 2012 to allow for the inclusion of unused sick and
vacation pay (frozen as of September 13, 2012) in final average
earnings.
Marriage Assumption 100% of males and 100% of females are assumed to be married for
purposes of death-in-service benefits. Male spouses are assumed to be
three years older than female spouses for active member valuation
purposes.
Normal Form of Benefit A 10-year certain and life annuity is the normal form of benefit.
Pay Increase Timing Middle of fiscal year. This is equivalent to assuming that reported pays
represent amounts paid to members during the year ended on the
valuation date.
Service Credit Accruals It is assumed that members accrue one year of service credit per year.
25
GLOSSARY
Actuarial Accrued Liability
(AAL)
The difference between the Actuarial Present Value of Future Benefits,
and the Actuarial Present Value of Future Normal Costs.
Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities,
such as: mortality, withdrawal, disablement, and retirement; future
increases in salary; future rates of investment earnings; future investment
and administrative expenses; characteristics of members not specified in
the data, such as marital status; characteristics of future members; future
elections made by members; and other items.
Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits
between the Actuarial Present Value of Future Normal Costs and the
Actuarial Accrued Liability.
Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based
on a given set of Actuarial Assumptions.
Actuarial Present Value
(APV)
The amount of funds required to provide a payment or series of payments
in the future. It is determined by discounting the future payments with an
assumed interest rate and with the assumed probability each payment will
be made.
Actuarial Present Value of
Future Benefits (APVFB)
The Actuarial Present Value of amounts which are expected to be paid at
various future times to active members, retired members, beneficiaries
receiving benefits, and inactive, nonretired members entitled to either a
refund or a future retirement benefit. Expressed another way, it is the
value that would have to be invested on the valuation date so that the
amount invested plus investment earnings would provide sufficient assets
to pay all projected benefits and expenses when due.
Actuarial Valuation The determination, as of a valuation date, of the Normal Cost, Actuarial
Accrued Liability, Actuarial Value of Assets, and related Actuarial
Present Values for a plan. An Actuarial Valuation for a governmental
retirement system typically also includes calculations of items needed for
compliance with GASB, such as the Funded Ratio and the Actuarially
Determined Employer Contribution (ADEC).
Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for
valuation purposes. This may be the market or fair value of plan assets
or a smoothed value in order to reduce the year-to-year volatility of
calculated results, such as the funded ratio and the Actuarially
Determined Employer Contribution (ADEC).
26
Amortization Method A method for determining the Amortization Payment. The most common
methods used are level dollar and level percentage of payroll. Under the
Level Dollar method, the Amortization Payment is one of a stream of
payments, all equal, whose Actuarial Present Value is equal to the UAAL.
Under the Level Percentage of Pay method, the Amortization Payment is
one of a stream of increasing payments, whose Actuarial Present Value is
equal to the UAAL. Under the Level Percentage of Pay method, the
stream of payments increases at the rate at which total covered payroll of
all active members is assumed to increase.
Amortization Payment That portion of the plan contribution or ADEC which is designed to pay
interest on and to amortize the Unfunded Actuarial Accrued Liability.
Amortization Period The period used in calculating the Amortization Payment.
Actuarially Determined
Employer Contribution
(ADEC)
The employer’s periodic required contributions, expressed as a dollar
amount or a percentage of covered plan compensation, determined under
GASB. The ADEC consists of the Employer Normal Cost and
Amortization Payment.
Closed Amortization Period A specific number of years that is reduced by one each year, and declines
to zero with the passage of time. For example if the amortization period is
initially set at 30 years, it is 29 years at the end of one year, 28 years at the
end of two years, etc.
Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is
equal to the Normal Cost less expected member contributions.
Equivalent Single
Amortization Period
For plans that do not establish separate amortization bases (separate
components of the UAAL), this is the same as the Amortization Period.
For plans that do establish separate amortization bases, this is the period
over which the UAAL would be amortized if all amortization bases were
combined upon the current UAAL payment.
Experience Gain/Loss A measure of the difference between actual experience and that expected
based upon a set of Actuarial Assumptions, during the period between two
actuarial valuations. To the extent that actual experience differs from that
assumed, Unfunded Actuarial Accrued Liabilities emerge which may be
larger or smaller than projected. Gains are due to favorable experience,
e.g., the assets earn more than projected, salaries do not increase as fast as
assumed, members retire later than assumed, etc. Favorable experience
means actual results produce actuarial liabilities not as large as projected
by the actuarial assumptions. On the other hand, losses are the result of
unfavorable experience, i.e., actual results that produce Unfunded
Actuarial Accrued Liabilities which are larger than projected.
27
Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued
Liability.
GASB Governmental Accounting Standards Board.
GASB No. 67 and
GASB No. 68
These are the governmental accounting standards that set the accounting
rules for public retirement systems and the employers that sponsor or
contribute to them. Statement No. 68 sets the accounting rules for the
employers that sponsor or contribute to public retirement systems, while
Statement No. 67 sets the rules for the systems themselves.
Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current
plan year.
Open Amortization Period An open amortization period is one which is used to determine the
Amortization Payment but which does not change over time. In other
words, if the initial period is set as 30 years, the same 30-year period is
used in determining the Amortization Period each year. In theory, if an
Open Amortization Period is used to amortize the Unfunded Actuarial
Accrued Liability, the UAAL will never completely disappear, but will
become smaller each year, either as a dollar amount or in relation to
covered payroll.
Unfunded Actuarial Accrued
Liability
The difference between the Actuarial Accrued Liability and Actuarial
Value of Assets.
Valuation Date The date as of which the Actuarial Present Value of Future Benefits are
determined. The benefits expected to be paid in the future are discounted
to this date.
SECTION C
PENSION FUND INFORMATION
28
Statement of Plan Assets at Market Value
Item 2015 2014
A.Cash and Cash Equivalents (Operating Cash)739,463$ 876,826$
B.Receivables:
1.Member Contributions 9,904$ 20,279$
2.Employer Contributions - -
3.State Contributions 524,479 546,749
4.Investment Income and Other Receivables 492,743 249,069
5.Total Receivables 1,027,126$ 816,097$
C.Investments
1.Short Term Investments 368,245$ 1,159,131$
2.Domestic Equities 42,658,101 43,647,103
3.International Equities 5,097,505 5,592,075
4.Domestic Fixed Income 17,606,322 15,441,231
5.International Fixed Income 2,094,879 2,200,483
6.Real Estate 4,731,725 2,937,572
7.Private Equity - -
8.Total Investments 72,556,777$ 70,977,595$
D.Liabilities
1.Benefits Payable -$ -$
2.Accrued Expenses and Other Payables (230,470) (44,187)
3.Total Liabilities (230,470)$ (44,187)$
E.Total Market Value of Assets Available for Benefits 74,092,896$ 72,626,331$
F.Reserves
1.State Contribution Reserve (308,511)$ (735,228)$
2.DROP Accounts (13,700,980) (11,341,300)
3.Total Reserves (14,009,491)$ (12,076,528)$
G.Market Value Net of Reserves 60,083,405$ 60,549,803$
H.Allocation of Investments
1.Short Term Investments 0.5%1.6%
2.Domestic Equities 58.8%61.5%
3.International Equities 7.0%7.9%
4.Domestic Fixed Income 24.3%21.8%
5.International Fixed Income 2.9%3.1%
6.Real Estate 6.5%4.1%
7.Private Equity 0.0%0.0%
8.Total Investments 100.0%100.0%
September 30
29
Reconciliation of Plan Assets
Item 2015 2014
A.Market Value of Assets at Beginning of Year 72,626,331$ 64,575,453$
B.Revenues and Expenditures
1.Contributions
a.Member Contributions 422,145$ 391,188$
b.Employer Contributions 3,007,780 2,712,635
c.State Contributions 524,479 546,749
d.Total 3,954,404$ 3,650,572$
2.Investment Income
a.Interest, Dividends, and Other Income 918,909$ 788,529$
b.Unrealized Gains/(Losses)(940,005) 6,205,769
c.Realized Gains/(Losses)1,165,668
d.Investment Expenses (218,818) (195,370)
e.Net Investment Income 925,754$ 6,798,928$
3.Benefits and Refunds
a.Regular Monthly Benefits (2,326,585)$ (1,991,635)$
b.Refunds - (6,852)
c.Lump Sum Benefits - -
d.DROP Distributions (970,920) (286,037)
e.Total (3,297,505)$ (2,284,524)$
4.Administrative and Miscellaneous Expenses (116,088)$ (114,098)$
5.Transfers -$ -$
C.Market Value of Assets at End of Year 74,092,896$ 72,626,331$
D.Reserves
1.State Contribution Reserve (308,511)$ (735,228)$
2.DROP Accounts (13,700,980) (11,341,300)
3.Total Reserves (14,009,491)$ (12,076,528)$
E.Market Value Net of Reserves 60,083,405$ 60,549,803$
September 30
30
Year
Ended
9/30
Balance at
Beginning
of Year Credits Interest Distributions Adjustments
Balance at
End of
Year
2002 -$ 25,536$ 559$ -$ -$ 26,095$
2003 26,095 35,048 962 (33,734) - 28,371
2004 28,371 67,278 4,210 - - 99,859
2005 99,859 107,716 9,307 (54,224) - 162,658
2006 162,658 88,332 13,653 - - 264,643
2007 264,643 164,844 22,183 - - 451,670
2008 451,670 188,434 24,255 (215,043) 2,665 451,981
2009 451,981 557,339 46,178 - - 1,055,498
2010 1,055,498 993,753 96,296 (91,000) - 2,054,547
2011 2,054,547 1,426,393 167,922 (254,626) - 3,394,236
2012 3,394,236 2,128,627 283,101 (227,800) - 5,578,164
2013 5,578,164 2,387,180 441,602 (93,400) - 8,313,546
2014 8,313,546 2,649,761 628,054 (286,037) 35,976 11,341,300
2015 11,341,300 2,530,933 799,667 (970,920) - 13,700,980
Reconciliation of DROP Accounts
31
Calculation of Actuarial Value of Assets
Item
A. Beginning of Year Assets*
1. Market Value $72,626,331 *$64,575,453 *
2. Actuarial Value 68,833,865 62,116,351
B. End of Year Market Value
of Assets*74,092,896 72,626,331
C. Net of Contributions
Less Disbursements 540,811 *1,251,950 *
D. Actual Net Investment
Earnings 925,754 6,798,928
E. Expected Investment
Earnings 4,906,403 4,517,447
F. End of Year Expected
Actuarial Value 74,281,079 67,885,748
G. End of Year Market Value Less
Expected Actuarial Value: B - F (188,183)4,740,583
H. 20% of Difference (37,637)948,117
I. End of Year Assets
1. Actuarial Value:
F + H 74,243,442 68,833,865
2. Final Actuarial Value
Within 80% to 120%
of Market Value 74,243,442 68,833,865
J. State Contribution Reserve 308,511 735,228
K. DROP Accounts 13,700,980 11,341,300
L. Final Actuarial Value of Assets:
I2 - J - K 60,233,951 56,757,337
M. Recognized Investment Earnings 4,868,766 5,465,564
N. Recognized Rate of Return 7.0%8.7%
2015 2014
Year Ending September 30
* Before offset of DROP Account Balances and State Contribution Reserve.
32
1990 9.1 % 9.1 %
1991 8.6 8.6
1992 8.2 8.2
1993 8.8 8.8
1994 2.4 2.4
1995 18.2 18.2
1996 5.2 5.2
1997 24.2 10.3
1998 5.3 9.2
1999 11.6 9.6
2000 6.7 9.0
2001 (7.8) 6.3
2002 (6.5) (1.6)
2003 12.7 3.7
2004 8.6 3.9
2005 9.6 4.8
2006 6.4 6.5
2007 11.5 8.1
2008 (13.9) 3.6
2009 6.7 4.4
2010 9.8 5.6
2011 (0.4) 4.6
2012 18.0 7.0
2013 14.2 8.4
2014 10.4 8.7
2015 1.3 7.0
Average Returns:
Last 5 Years 8.5 % 7.1 %
Last 10 Years 6.0 % 6.4 %
All Years 7.0 % 6.9 %
Investment Rate of Return
Actuarial ValueMarket Value *
Year Ending
September 30
The above rates are based on the retirement system’s financial information reported to the actuary. They
may differ from figures that the investment consultant reports, in part because of differences in the
handling of administrative and investment expenses, and in part because of differences in the handling of
cash flows.
SECTION D
FINANCIAL ACCOUNTING INFORMATION
33
A.Valuation Date
B.Actuarial Present Value of Accumulated
Plan Benefits
1.Vested Benefits
a.Members Currently Receiving Payments $63,204,587 $60,273,052
b.Terminated Vested Members 1,367,591 967,399
c.Other Members 16,062,158 14,841,588
d.Total 80,634,336 76,082,039
2.Non-Vested Benefits 1,129,306 1,074,111
3.Total Actuarial Present Value of Accumulated
Plan Benefits: 1d + 2 81,763,642 77,156,150
4.Accumulated Contributions of Active Members 3,916,394 3,889,790
C.Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1.Total Value at Beginning of Year 77,156,150 73,313,409
2.Increase (Decrease) During the Period
Attributable to:
a.Plan Amendment and Change in
Actuarial Assumptions 2,027,810 1,385,824
c.Latest Member Data, Benefits Accumulated
and Decrease in the Discount Period 7,437,200 7,105,165
d.Benefits Paid (net basis)(4,857,518)(4,648,248)
e.Net Increase 4,607,492 3,842,741
3.Total Value at End of Period 81,763,642 77,156,150
D.Market Value of Assets 60,083,405 60,549,803
E.Actuarial Assumptions - See page entitled
Actuarial Assumptions and Methods
October 1, 2015 October 1, 2014
FASB NO. 35 INFORMATION
34
SCHEDULE OF CHANGES IN THE EMPLOYER’S
NET PENSION LIABILITY AND RELATED RATIOS
GASB Statement No. 67
Fiscal year ending September 30,2016*2015 2014
Total pension liability
Service Cost 1,355,530$ 1,206,826$ 1,229,681$
Interest 6,743,698 6,504,741 6,083,570
Benefit Changes - - 885,269
Difference between actual & expected experience 976,528 344,110 (56,911)
Assumption Changes 574,193 875,147 -
Benefit Payments (5,257,681) (3,297,505) (2,277,672)
Refunds (12,913) - (6,852)
Other (Net Decrease in State Contribution Reserve)111,835 (426,717) 134,105
Net Change in Total Pension Liability 4,491,190 5,206,602 5,991,190
Total Pension Liability - Beginning 96,205,515 90,998,913 85,007,723
Total Pension Liability - Ending (a)100,696,705$ 96,205,515$ 90,998,913$
Plan Fiduciary Net Position
Contributions - Employer (from City)2,903,606$ 3,007,780$ 2,712,635$
Contributions - Employer (from State)524,479 524,479 546,749
Contributions - Non-Employer Contributing Entity - - -
Contributions - Member 436,406 422,145 391,188
Net Investment Income 5,041,834 925,754 6,798,928
Benefit Payments (5,257,681) (3,297,505) (2,277,672)
Refunds (12,913) - (6,852)
Administrative Expense (115,093) (116,088) (114,098)
Other - - -
Net Change in Plan Fiduciary Net Position 3,520,638 1,466,565 8,050,878
Plan Fiduciary Net Position - Beginning 74,092,896 72,626,331 64,575,453
Plan Fiduciary Net Position - Ending (b)77,613,534$ 74,092,896$ 72,626,331$
Net Pension Liability - Ending (a) - (b)23,083,171 22,112,619 18,372,582
Plan Fiduciary Net Position as a Percentage
of Total Pension Liability 77.08 %77.02 %79.81 %
Covered Payroll 5,100,000$ 4,908,663$ 4,548,698$
Net Pension Liability as a Percentage
of Covered Payroll 452.61 %450.48 %403.91 %
* These figures are estimates only. Actual figures will be provided after the end of the
fiscal year.
35
SCHEDULE OF THE EMPLOYER’S NET PENSION LIABILITY
GASB Statement No. 67
Total Plan Net Position Net Pension Liability
FY Ending Pension Plan Net Net Pension as a % of Total Covered as a % of
September 30,Liability Position Liability Pension Liability Payroll Covered Payroll
2014 90,998,913$ 72,626,331$ 18,372,582$ 79.81%4,548,698$ 403.91%
2015 96,205,515 74,092,896 22,112,619 77.02%4,908,663 450.48%
2016*100,696,705 77,613,534 23,083,171 77.08%5,100,000 452.61%
* These figures are estimates only. Actual figures will be provided after the end of the fiscal
year.
36
NOTES TO SCHEDULE OF THE EMPLOYER’S NET PENSION LIABILITY
GASB Statement No. 67
Valuation Date:October 1, 2015
Measurement Date:September 30, 2016
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Inflation 2.5%
Salary Increases 5.5% to 7.0% depending on service, including inflation
Investment Rate of Return 6.9%
Retirement Age Experience-based table of rates that are specific to the type of eligibility
condition
Mortality RP-2000 Mortality Table for Annuitants with mortality improvement
projected to all future years using Scale BB.For females,the base
mortality rates include a 100%white collar adjustment.For males,the
base mortality rates include a 90%blue collar adjustment and a 10%
white collar adjustment.These are the same rates currently in use for
Special Risk Class members of the Florida Retirement System (FRS).
Other Information:
Notes See Discussion of Valuation Results on page 1.
37
SCHEDULE OF CONTRIBUTIONS
GASB Statement No. 67
Actuarially Contribution Actual Contribution
FY Ending Determined Actual Deficiency Covered as a % of
September 30,Contribution Contribution (Excess)Payroll Covered Payroll
2014 3,125,279$ 3,125,279$ -$ 4,548,698$ 68.71%
2015 3,357,659 3,420,424 (62,765) 4,908,663 69.68%
2016*3,316,250 3,316,250 - 5,100,000 65.02%
* These figures are estimates only. Actual figures will be provided after the end of the fiscal
year.
38
NOTES TO SCHEDULE OF CONTRIBUTIONS
GASB Statement No. 67
Valuation Date:October 1, 2014
Notes Actuarially determined contributions are calculated as of October 1,
which is two year(s)prior to the end of the fiscal year in which
contributions are reported.
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Amortization Method Level Percent, Closed
Remaining Amortization Period 20 years (single equivalent period)
Asset Valuation Method Recognizes 20% of difference between market value of assets
and expected actuarial asset value
Inflation 3.0%
Salary Increases 7.50%
Investment Rate of Return 7.10%
Retirement Age Experience-based table of rates that are specific to the type of eligibility
condition
Mortality RP-2000 Combined Healthy Participant Mortality Table for males and
females with mortality improvement projected to all future years after
2000 using Scale AA
Other Information:
Notes See Discussion of Valuation Results on Page 1 of the October 1,2014
Actuarial Valuation Report.
39
SINGLE DISCOUNT RATE
GASB Statement No. 67
A single discount rate of 6.90% was used to measure the total pension liability. This single discount
rate was based on the expected rate of return on pension plan investments of 6.90%. The projection
of cash flows used to determine this single discount rate assumed that plan member contributions will
be made at the current contribution rate and that employer contributions will be made at rates equal
to the difference between the total actuarially dete rmined contribution rates and the member rate.
Based on these assumptions, the pension plan’s fiduciary net position was projected to be available to
make all projected future benefit payments of current plan members. Therefore, the long -term
expected rate of return on pension plan investments (6.90%) was applied to all periods of projected
benefit payments to determine the total pension liability.
Regarding the sensitivity of the net pension liability to changes in the single discount rate, the
following presents the plan’s net pension liability, calculated using a single discount rate of 6.90%,
as well as what the plan’s net pension liability would be if it were calculated using a single discount
rate that is 1-percentage-point lower or 1-percentage-point higher:
Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption*
Current Single Discount
1% Decrease Rate Assumption 1% Increase
5.90%6.90%7.90%
$33,250,748 $23,083,171 $14,676,115
* These figures are estimates only. Actual figures will be provided after the end of the fiscal
year.
SECTION E
MISCELLANEOUS INFORMATION
40
A.
1.Number Included in Last Valuation 74 75
2.New Members 9 5
3.Non-Vested Employment Terminations (1)0
4.Vested Employment Terminations (1)(1)
5.Service Retirements 0 0
6.DROP Retirement (3)(5)
7.Disability Retirements 0 0
8.Deaths 0 0
9.Other -- Data Corrections 0 0
10.Number Included in This Valuation 78 74
B.
1.Number Included in Last Valuation 3 2
2.Additions from Active Members 1 1
3.Lump Sum Payments/Refund of Contributions 0 0
4.Payments Commenced 0 0
5.Deaths 0 0
6.Other 0 0
7.Number Included in This Valuation 4 3
1.Number Included in Last Valuation 34 31
2.Additions from Active Members 3 5
3.Retirements (7)(2)
4.Deaths Resulting in No Further Payments 0 0
5.Other 0 0
6.Number Included in This Valuation 30 34
D.
1.Number Included in Last Valuation 38 36
2.Additions from Active Members 0 0
3.Additions from Terminated Vested Members 0 0
4.Additions from DROP 7 2
5.Deaths Resulting in No Further Payments 0 0
6.Deaths Resulting in New Survivor Benefits 0 0
7.End of Certain Period - No Further Payments 0 0
8.Other 0 0
9.Number Included in This Valuation 45 38
RECONCILIATION OF MEMBERSHIP DATA
Active Members
Service Retirees, Disability Retirees and Beneficiaries
Terminated Vested Members
From 10/1/13From 10/1/14
To 10/1/14To 10/1/15
C. DROP Plan Members
41
ACTIVE PARTICIPANT DISTRIBUTION
d
Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25 & Up Totals
15-24 NO.2 1 0 1 0 0 0 0 0 0 4
TOT PAY 100,088 47,907 0 50,296 0 0 0 0 0 0 198,291
AVG PAY 50,044 47,907 0 50,296 0 0 0 0 0 0 49,573
25-29 NO.2 3 2 1 1 0 0 0 0 0 9
TOT PAY 101,324 150,008 101,106 50,564 50,540 0 0 0 0 0 453,542
AVG PAY 50,662 50,003 50,553 50,564 50,540 0 0 0 0 0 50,394
30-34 NO.3 1 0 0 0 8 0 0 0 0 12
TOT PAY 151,986 50,593 0 0 0 463,075 0 0 0 0 665,654
AVG PAY 50,662 50,593 0 0 0 57,884 0 0 0 0 55,471
35-39 NO.1 0 4 0 0 2 4 1 0 0 12
TOT PAY 53,195 0 202,376 0 0 114,948 269,508 57,408 0 0 697,435
AVG PAY 53,195 0 50,594 0 0 57,474 67,377 57,408 0 0 58,120
40-44 NO.0 0 0 0 0 2 12 6 0 0 20
TOT PAY 0 0 0 0 0 117,809 769,838 445,475 0 0 1,333,122
AVG PAY 0 0 0 0 0 58,904 64,153 74,246 0 0 66,656
45-49 NO.0 0 0 0 0 2 3 6 1 0 12
TOT PAY 0 0 0 0 0 122,830 203,490 441,284 91,472 0 859,076
AVG PAY 0 0 0 0 0 61,415 67,830 73,547 91,472 0 71,590
50-54 NO.0 0 0 0 0 0 4 1 0 0 5
TOT PAY 0 0 0 0 0 0 266,594 87,053 0 0 353,647
AVG PAY 0 0 0 0 0 0 66,648 87,053 0 0 70,729
55-59 NO.1 0 0 0 0 1 1 1 0 0 4
TOT PAY 109,180 0 0 0 0 103,376 66,081 91,472 0 0 370,109
AVG PAY 109,180 0 0 0 0 103,376 66,081 91,472 0 0 92,527
60-64 NO.0 0 0 0 0 0 0 0 0 0 0
TOT PAY 0 0 0 0 0 0 0 0 0 0 0
AVG PAY 0 0 0 0 0 0 0 0 0 0 0
65-69 NO.0 0 0 0 0 0 0 0 0 0 0
TOT PAY 0 0 0 0 0 0 0 0 0 0 0
AVG PAY 0 0 0 0 0 0 0 0 0 0 0
TOT NO.9 5 6 2 1 15 24 15 1 0 78
TOT AMT 515,773 248,508 303,482 100,860 50,540 922,038 1,575,511 1,122,692 91,472 0 4,930,876
AVG AMT 57,308 49,702 50,580 50,430 50,540 61,469 65,646 74,846 91,472 0 63,216
Years of Service to Valuation Date
42
INACTIVE PARTICIPANT DISTRIBUTION
Disabled Retired*
Total Total Total Total
Age Group Number Benefits Number Benefits Number Benefits Number Benefits
Under 20 - - - - - - - -
20-24 - - - - - - - -
25-29 - - - - - - - -
30-34 - - - - - - - -
35-39 - - - - - - - -
40-44 2 72,404 - - 4 249,054 - -
45-49 1 74,712 - - 4 298,505 - -
50-54 1 28,032 1 23,392 30 2,561,615 - -
55-59 - - 4 109,676 10 766,569 - -
60-64 - - 4 121,903 6 413,683 1 33,777
65-69 - - 1 17,851 3 153,144 1 32,070
70-74 - - - - 5 219,436 1 21,589
75-79 - - - - - - - -
80-84 - - - - - - - -
85-89 - - - - - - - -
90-94 - - - - - - - -
95-99 - - - - - - - -
100 & Over - - - - - - - -
Total 4 175,148 10 272,822 62 4,662,006 3 87,436
Average Age 46 59 55 68
Terminated Vested
Deceased with
Beneficiary
* Does not include deferred supplemental benefits for DROP members
SECTION F
SUMMARY OF PLAN PROVISIONS
43
SUMMARY OF PLAN PROVISIONS
A. Ordinances
The Plan was established under the Code of Ordinances for the City of Palm Beach Gardens,
Florida, Chapter 50, Article III, and was most recently amended under Ordinance No. 9, 2014
passed and adopted on July 10, 2014. The Plan is also governed by certain provisions of Chapter
185, Florida Statutes, Part VII, Chapter 112, Florida Statutes and the Internal Revenue Code.
B. Effective Date
July 1, 1972
C. Plan Year
October 1 through September 30
D. Type of Plan
Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer
plan.
E. Eligibility Requirements
All full-time police officers are eligible for membership on the first day of the month coincident
with or next following date of employment.
F. Credited Service
Service is measured as the total number of full years (and fraction thereof) of continuous service
from the date of employment to the date of termination. No service is credited for any periods of
employment for which the member received a refund of employee contributions.
G. Compensation
Base pay, but not less than the amount of total W-2 Compensation prior to September 13, 2012.
H. Average Monthly Earnings (AME)
The average of Compensation over the last 5 years of Credited Service; includes a lump sum
payment of unused leave pay (no more than the dollar amount of unused leave accrued as of
September 13, 2012).
44
I. Normal Retirement
Eligibility: A member with at least ten years of service on September 13, 2012 may retire on
the first day of the month coincident with or next following the earlier of:
(1) age 52 and 10 years of Credited Service, or
(2) 20 years of Credited Service regardless of age.
A member with less than ten years of service on September 13, 2012 may retire on
the first day of the month coincident with or next following age 59 and 10 years of
Credited Years of Service. Effective July 1, 2016, a member with less than ten
years of service on September 13, 2012 may retire on the first day of the month
coincident with or next following the earlier of:
(1) age 55 and 10 years of Credited Service, or
(2) 25 years of Credited Service regardless of age.
Benefit: For service accrued before September 13, 2012, 3.5% of AME multiplied by years
of Credited Service. For service accrued after September 13, 2012, 2.75% of AME
multiplied by years of Credited Service. The maximum benefit is equal to 75% of
AME, or the percentage earned as of September 13, 2012, if greater.
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries in pay status.
COLA: None
J. Early Retirement
Eligibility: A member may elect to retire earlier than the Normal Retirement Eligibility upon
attainment of age 50 and 10 years of Credited Service.
Benefit: The Normal Retirement Benefit is reduced by 3.0% for each year by which the
Early Retirement date precedes the Normal Retirement date.
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries in pay status.
COLA: None
K. Delayed Retirement
Same as Normal Retirement taking into account compensation earned and service credited until the
date of actual retirement.
45
L. Service Connected Disability
Eligibility: Any member who becomes totally and permanently disabled and unable to render
useful and efficient service as a police officer for a period of at least 6 months
resulting from an act occurring in the performance of service for the City is eligible
for a disability benefit.
Benefit: 60% of the current rate of pay, but no less than the accrued Normal Retirement
Benefit taking into account compensation earned and service credited until the date
of disability. Disability benefits, when combined with Social Security, Worker’s
Compensation or any other local, state or federal government benefits, cannot
exceed and will be limited to the AME on the date of disability.
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries in pay status.
COLA: None
M. Non-Service Connected Disability
Eligibility: Any member with 10 years of Credited Service who becomes totally and
permanently disabled and unable to render useful and efficient service as a police
officer for a period of at least 6 months is eligible for a disability benefit.
Benefit: 2.5% of AME multiplied by Credited Service, but not less than 25% of salary or the
accrued Normal Retirement Benefit taking into account compensation earned and
service credited until the date of disability. Disability benefits, when combined
with Social Security, Worker’s Compensation or any other local, state or federal
government benefits, cannot exceed and will be limited to the AME on the date of
disability.
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries in pay status.
COLA: None
46
N. Death in the Line of Duty
Eligibility: Members who die as a result of personal injury or disease arising out of the
member’s actual performance of duties are eligible for survivor benefits regardless
of Credited Service.
Benefit: The surviving spouse will receive the greater of:
(1) 50% of the member’s AME, or
(2) the member’s accrued Normal Retirement Benefit as of the date of death with no
actuarial reduction for Early Retirement.
If there is no spouse, or if the surviving spouse dies, the spouse’s benefit determined
above shall be distributed equally among any eligible children. If there is no spouse
or eligible children, the benefit will be paid to the deceased member’s estate.
Normal Form
of Benefit: Spouse’s benefits are payable until death; children’s benefits are payable until age
18 (24 if a full-time student), marriage, death, or adoption. Benefits paid to a
member’s estate may be paid as a lump sum at the discretion of the Board of
Trustees.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries in pay status.
COLA: None
O. Other Pre-Retirement Death
Eligibility: Members are eligible for survivor benefits after the completion of 5 or more years
of Credited Service.
Benefit: The survivor benefit payable to the designated beneficiary is the member’s accrued
Normal Retirement Benefit. Benefit is payable at the member’s Early or Normal
retirement date and will be actuarially reduced for Early Retirement when
applicable.
Normal Form
of Benefit: For member’s eligible for Normal or Delayed Retirement on the date of death, the
designated beneficiary’s benefit will be paid for life. For members not yet
eligible, benefits will be paid for 10 years.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries in pay status.
COLA: None
The beneficiary of a plan member with less than 5 years of Credited Service at the time of death
will receive a refund of the member’s accumulated contributions without interest.
47
P. Post Retirement Death
Benefit determined by the form of benefit elected upon retirement.
Q. Optional Forms
In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees
are a Single Life Annuity or the 50%, 66 2/3%, 75% and 100% Joint and Survivor options.
R. Vested Termination
Eligibility: A member has earned a non-forfeitable right to Plan benefits after the completion of
5 years of Credited Service (see vesting table below).
Years of
Credited Service
Vested
%
Under 5
5
6
7
8
9
10 or more
0%
25
40
55
70
85
100
Benefit: The benefit is the member’s vested accrued Normal Retirement Benefit as of the
date of termination. Benefit begins at the member’s Normal Retirement date.
Alternatively, members with at least 10 years of Credited Service may elect to
receive an actuarially reduced Early Retirement Benefit any time after age 50.
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries once in pay status.
COLA: None
Members terminating employment with less than 5 years of Credited Service will receive a refund of
their own accumulated contributions without interest.
S. Refunds
Eligibility: All members terminating employment with less than 5 years of Credited Service are
eligible. Optionally, vested members (those with 5 or more years of Credited
Service) may elect a refund in lieu of the vested benefits otherwise due.
Benefit: Refund of the member’s contributions without interest.
48
T. Member Contributions
8.6% of Compensation
U. State Contributions
Chapter 185 Premium Tax Refunds
V. Employer Contributions
Any additional amount needed to fund the plan properly according to State laws.
W. Cost of Living Increases
None.
X. 13th Check
Not Applicable
Y. Deferred Retirement Option Plan
Eligibility: A member who had at least ten years of Credited Service as of September 13, 2012
may enter the DROP on the first day of the month coincident with or next following
the earlier of:
(1) age 52 and 10 years of Credited Service, or
(2) 20 years of Credited Service regardless of age.
Members with less than ten years of Credited Service on September 13, 2012 may
enter the DROP on the first day of the month coincident with or next following:
age 59 and 10 years of Credited Service.
Effective July 1, 2016, a member with less than ten years of Credited Service on
September 13, 2012 may enter the DROP on the first day of the month coincident
with or next following the earlier of:
(1) age 55 and 10 years of Credited Service, or
(2) 25 years of Credited Service regardless of age.
Also, effect July 1, 2016, members may delay entry into the DROP until the
maximum benefit percentage of 75% of Average Monthly Earnings is attained.
Members who meet eligibility must submit a written election to participate in the
DROP. The election to participate must be made within the first 28.5 years of
Credited Service and members can no longer participate after attaining 33.5 years of
employment service.
Benefit: The member’s Credited Service and AME are frozen upon entry into the DROP.
The monthly retirement benefit as described under Normal Retirement is calculated
based upon the frozen Credited Service and AME.
49
Maximum
DROP Period: 60 months
Interest
Credited: The member's DROP account is credited quarterly at an interest rate based upon
the option chosen by the member. Members must elect from 1 of the 2 following
options:
1. Gain or loss at the same rate earned by the Plan, or
2. Guaranteed rate of 6.5% per annum.
Normal Form
of Benefit: Lump Sum; member may also elect that the DROP distribution be paid in 3 equal
payments over 3 years or used to purchase an annuity to be paid in monthly
installments.
COLA: None
Z. Other Ancillary Benefits
There are no ancillary retirement type benefits not required by statutes but which might be deemed
a City of Palm Beach Gardens Police Officers’ Pension Fund liability if continued beyond the
availability of funding by the current funding source.
AA. Changes from Previous Valuation
There have been no changes from the previous valuation.
4.29.16
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{00071182.DOC;1} Page 1 of 12
ORDINANCE , 2016
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM
BEACH GARDENS, FLORIDA AMENDING CHAPTER 50-POLICE OF
THE CODE OF ORDINANCES OF THE CITY OF PALM BEACH
GARDENS, FLORIDA, AT ARTICLE Ill, POLICE OFFICERS'
RETIREMENT TRUST FUND. IN COMPLIANCE WITH THE
INTERNAL REVENUE SERVICE FAVORABLE DETERMINATION
LETTER AND TO ADD PROVISIONS TO ALLOW IN-SERVICE
DISTRIBUTIONS; BY AMENDING SECTION 50-61 DEFINITIONS. TO
AMEND THE DEFINITION OF “RETIREMENT” AND TO ADD A
DEFINITION OF “RETIREE;” BY REPEALING AND AMENDING
SECTION 50-116. NORMAL RETIREMENT. AND RE-ADOPTING
SAME TO PROVIDE FOR NORMAL RETIREMENT AGE FOR
NORMAL RETIREMENTS BASED ON SERVICE ONLY; BY
REPEALING SECTION 50-120. SEPARATION FROM SERVICE. AND
RE-ADOPTING SAME, AS REVISED IN ORDER TO PROVIDE FOR
100% VESTING AT NORMAL RETIREMENT AGE; BY REPEALING
SECTION 50-152 AMOUNTS PAYABLE UPON ELECTION TO
PARTICIPATE IN DROP. AND RE-ADOPTING SAME, AS REVISED
IN ORDER TO CLARIFY THE FORMULA USED TO CALCULATE THE
PLAN EARNINGS; BY ADDING A NEW SECTION 50-137. RE-
EMPLOYMENT, ELECTION OR APPOINTMENT TO THE CITY
COUNCIL AFTER RETIREMENT ALLOWING FOR
RE EMPLOYMENTHIRE AFTER RETIREMENT AND IN-SERVICE
DISTRIBUTIONS UNDER CERTAIN CIRCUMSTANCES; PROVIDING
A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE, AND
AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND
FOR OTHER PURPOSES.
WHEREAS, the Palm Beach Gardens Police Officers’ Retirement Trust Fund
sought a tax determination letter from the Internal Revenue Service (“IRS”) in 2009;
WHEREAS, by letter dated November 5, 2015, the IRS granted a favorable tax
determination based upon the timely adoption of an amendment to the Plan providing
clarification to two sections of the Plan;
4.29.16
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{00071182.DOC;1} Page 2 of 12
WHEREAS, the City of Palm Beach Gardens has determined it to be in the
interest of the City and its employees to allow retired police officers to be reemployed by
the City in non-police positions, and to be able to continue to receive their pension from
the Police Retirement Fund;desires to rehire retired Police Officers in other
Departments of the City;
WHEREAS, the retired Police Officers desire to collect their Pension after they
are rehired by the City;
WHEREAS, IRS Code Section 401(a)(36) and its regulations permit in-service
distributions provided the retired Police Officer is at Normal Retirement Age;
WHEREAS, the City Council deems the tax compliance of the Police Retirement
Fund to be in the best interests of the health, safety, and welfare of the residents and
citizens of the City of Palm Beach Gardens and the public at large.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF COUNCIL OF THE
CITY OF PALM BEACH GARDENS:
SECTION 1. The foregoing recitals are hereby affirmed and ratified.
SECTION 2. Chapter 50. Police. of the Code of Ordinances of the City of Palm
Beach Gardens, Florida is hereby amended at Article Ill. Police Officers' Retirement
Trust Fund. by amending Section 50-61. Definitions by amending the definition of
Retirement and adding a definition of Retiree as follows:
Sec. 50-61. - Definitions
4.29.16
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{00071182.DOC;1} Page 3 of 12
* * *
Retirement or retired means a police officer's withdrawal from city employment
with a pension payable from the fund.
Retiree means a person who has entered into retirement from the city.
SECTION 3. Chapter 50. Police. of the Code of Ordinances of the City of Palm
Beach Gardens, Florida is hereby amended at Article Ill. Police Officers' Retirement
Trust Fund. by repealing Section 50-116. Normal retirement. and re-adopting same, as
revised; providing that Section 50-116 shall hereafter read as follows:
Sec. 50-116. - Normal retirement.
(a) Date. A member's normal retirement date shall be upon the attainment of age
fifty-two (52), provided the officer has at least ten (10) years of service, or upon
completion of twenty (20) years of service, regardless of age. In the case of a
retirement with twenty (20) years of service, Normal Retirement Age is the
age a member has attained when retired at twenty (20) years of service.
Notwithstanding the preceding sentence, for police officers with less than ten (10)
years of creditable service on September 13, 2012, and police officers hired on
or after that date, the normal retirement date shall be upon the attainment of age
fifty-nine (59) and at least ten (10) years of creditable service, and effective July
1, 2016, the normal retirement date for police officers with less than ten (10)
years of creditable service on September 13, 2012, and police officers hired on
or after that date, shall be age fifty-five (55) with at least ten (10) years of
4.29.16
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{00071182.DOC;1} Page 4 of 12
creditable service, or twenty-five (25) years of creditable service regardless of
age. In the case of a retirement with twenty-five (25) years of service,
Normal Retirement Age is the age a member has attained when retired at
twenty-five (25) years of service.
SECTION 43. Chapter 50. Police. of the Code of Ordinances of the City of Palm
Beach Gardens, Florida is hereby amended at Article Ill. Police Officers' Retirement
Trust Fund. by repealing Section 50-120. Establishment and maintenance of retirement
system. and re-adopting same, as revised; providing that Section 50-120 shall hereafter
read as follows:
Sec. 50-120. - Separation from service .
(a) If an officer terminates employment with the police department either
voluntarily or by discharge, and is not eligible for any other benefits under
the fund, he shall be entitled to the retirement benefit accrued to the date
of termination, payable for ten years certain and life thereafter,
commencing at early or normal retirement date, provided he has ten or
more years of credit service. Early retirement benefit will be actuarially
reduced in accordance with this section.
(b) If an officer terminates employment prior to the completion of ten years
credited service, such officer shall be entitled to a retirement benefit
subject to the vested percentages below:
4.29.16
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Years of
Credit Service
Vested
Percentages
5 25
6 40
7 55
8 70
9 85
10 100
A police officer may elect to receive the return of contributions without
interest in lieu of all other benefits under this plan.
(c) A member who does not meet the requirements of subsection (a) or (b) of
this section shall receive a refund of all contributions, including buy back
contributions made in accordance with section 50-127, without interest.
(d) A member is 100% vested upon reaching the normal retirement date.
SECTION 54. Chapter 50. Police. of the Code of Ordinances of the City of Palm
Beach Gardens, Florida is hereby amended at Article Ill. Police Officers' Retirement
Trust Fund. by repealing Sec. 50-152(b) Amounts Payable upon Election to Participate
in DROP. and re-adopting same, as revised; providing that Section 50-152(b) shall
hereafter read as follows:
Sec. 50-152 Amounts Payable upon Election to Participate in DROP
* * *
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(b) An employee’s account in the DROP program shall earn interest in one of two
ways. The selection of the earnings program shall be irrevocable and shall be
made prior to the first deposit in the DROP account. The options are as follows:
(1) A guaranteed rate of six and one-half (6 ½) percent; or
(2) Gains or losses at the same rate of return earned by pension fund
assets.
a. The rate of return applied will be determined by the investment
consultant using the Modified Dietz formula and will be credited or
debited to the member’s DROP balance on a quarterly basis.
1. The quarterly rate of return is calculated in a 2 step
process. Step 1 is to calculate each month’s rate of return using the
Modified Dietz formula. Step 2 is to link the monthly returns
together.
Step One (Calculate the monthly returns using the
modified Dietz Formula)
Where:
is the ending market value
is the beginning market value
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is the net external inflow for the period (contributions to a portfolio
are entered as positive flows while withdrawals are entered as
negative flows). The investment manager fee is not included in this
calculation (net of fees). Other expenses including, but not limited to
investment consultant, custodial, actuarial, administrative and legal
fees are included.
The sum of each flow multiplied by its weight The weight is
the proportion of the time period between the point in time when the
flow occurs and the end of the period. can be calculated as
Where is the number of calendar days during the return period
being calculated, which equals end date minus start date plus 1.
is the number of days from the start of the return period until the
day on which the flow occurred. This assumes that the flow
happens at the end of the day.
Step Two (Link the Monthly Returns)
Link the returns geometrically in the following fashion:
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[ (1+R 1) x (1 + R 2) x (1 + R 3) ] – 1 = Quarterly Rate of return
Where:
R1 = Return of Month 1
R2 = Return of Month 2
R3 = Return of Month 3
b. The rate is net of the investment manager fees, the custodian fees,
and the investment consulting fees. These amounts are reported
monthly by the administrator and are reported annually by the
auditor.
c. Statements are effective December 31 st , March 31 st , June 30 th , and
September 30 th .
(1) Gains or losses at the same rate of return earned by pension fund
assets; or
(2) A guaranteed rate of six and one-half (6 ½) percent.
However, if a police officer does not terminate employment at the end of
participation in the DROP, interest credits shall cease on the DROP
balance. An employee’s DROP account shall be assessed an
administrative fee that is based upon the ration that the Employee’s DROP
account bears to the Fund as a whole.
SECTION 65. Chapter 50. Police. of the Code of Ordinances of the City of Palm
Beach Gardens, Florida is hereby amended at Article Ill. Police Officers' Retirement
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Trust Fund. by adding a new Section 50-137. Reemployment , election or appointment
to the City Council after retirement. retroactive to January 1, 2016, as follows:
Sec. 50-137. - Reemployment , election or appointment to the City Council after
retirement.
(a) Any Retiree who is retired under this fund, except for disability retirement,
may be reemployed by any public or private employer, except the City, and
may receive compensation from that employment without limiting or
restricting in any way the retirement benefits payable under this fund.
Reemployment of a Retiree by the City on or after January 1, 2016 shall be
subject to the limitations set forth in this section.
(b) Reemployment in a position other than as a Police Officerby the city after
normal retirement as a non-Police Officer . Notwithstanding any other
provision of this Plan, aAny Retiree who is retired from the Fund on a
Normal Retirement at Normal Retirement Age and who is subsequently
reemployed by the city in a position other than as a Police Officerafter that
retirement shall, upon being reemployed, continue receipt of benefits from
this Fund , notwithstanding other provisions of this Plan, provided that the
Retiree is rehired in a non-Police Officer position, including election or
appointment to city council. Upon re-employment, the Retiree is eligible to
participate in the pension plan offered to new non-Police Officer employees
in that department. The benefit paid from this Fund shall not be changed in
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any way by such reemploymentthe rehire .
(c) Reemployment after normal retirement as a Police Officer. In the event a
Retiree who is retired from the Fund is subsequently reemployed by the
city as a The city shall not rehire Retirees into Police Officer positions nor
positions or into a position that supervise s Police Officers ,. The the
pension benefit payable to the Retiree from this Fund s of a Retiree who is
hired into a Police Officer position or a position that supervises Police
Officers shall be suspended for the period of such reemployment, until the
Retiree terminates employment again with the city. Notwithstanding the
preceding sentence, a Retiree who is retired from the Fund on a Normal
Retirement at Normal Retirement Age may be reemployed by the cityserve
as a part of the city’s Reserve Police Force under Policy and Procedure
3.2.9 and continue to receive benefits from the Fund provided the Retiree
retired on Normal Retirement and had reached Normal Retirement Age .
(d) Notwithstanding any of these provision of subsection (a), (b) or (c) above , a
Retiree who has retired on an Early Retirement or a Disability Retirement
may not be reemployedrehired by the city and continue to receive a benefit
from this Fundcollect a pensio n.
SECTION 76. Each and every other section and subsection of Chapter 50-Police
shall remain in full force and effect as previously enacted.
SECTION 87. All ordinances or parts of ordinances in conflict herewith be and
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the same are hereby repealed.
SECTION 98. Should any section or provision of this Ordinance or any portion
thereof, any paragraph, sentence, or word be declared by a court of competent
jurisdiction to be invalid, such decision shall not affect the validity of the remainder of
this Ordinance.
SECTION 109. Specific authority is hereby granted to codify this Ordinance.
SECTION 1110 . This Ordinance shall become effective immediately upon
adoption , except as otherwise specifically provided herein .
PASSED this _____ day of __________________________, 2016, upon first
reading.
PASSED AND ADOPTED this _______ day of _______________________,
2016, upon second and final reading.
CITY OF PALM BEACH GARDENS FOR AGAINST ABSENT
BY:____________________________ _______ _______ _______
Eric Jablin, Mayor
____________________________ _______ _______ _______
David Levy, Vice Mayor
____________________________ _______ _______ _______
Joseph R. Russo, Councilmember
____________________________ _______ _______ _______
Bert Premuroso, Councilmember
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____________________________ _______ _______ _______
Marcie Tinsley, Councilmember
ATTEST:
BY:_____________________________
Patricia Snider, CMC, City Clerk
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY
BY:_____________________________
R. Max Lohman, City Attorney
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