HomeMy WebLinkAboutAgenda Police Pension 091517 Agenda
City of Palm Beach Gardens Police Officers’
Pension Fund
MEETING OF SEPTEMBER 15, 2017
LOCATION: City Council Chambers’
10500 North Military Trail
Palm Beach Gardens, FL 33410
TIME: 1 PM
1. Call Meeting To Order
2. Roll Call:
• Jay Spencer, Chairman
• Brad Seidensticker, Secretary
• Allan Owens, Trustee
• Marc Glass, Trustee
• Greg Mull, Trustee
3. Custodian Report – Salem Trust Company (Karen Russo)
• 6/30/2017 Service Report
4. Investment Consultant Report – AndCo Consulting (John McCann)
• American Realty Fiduciary Notification
5. Attorney Report – KKJ&L (Bonni Jensen)
• Memo: 2017 Legislative Updates
• Memo: Disabled Public Safety Ad Valorem Tax Exemption
• 2016 State Money Update
• Updated Summary Plan Description
6. Administrator Report – Resource Centers (Audrey Ross)
• Commercial Insurance Renwal Ratification
• Fiduciary Liability Insurance Renewal Quote
• Memo: Financial Statement Fee Increase
7. Minutes:
• 5/31/2017 Regular Meeting
8. Disbursements
9. Benefit Approvals
10. Financial Statements
11. Other Business
• GRS - Updated Share Plan Options with Projections
• GRS – Chapter 112.664, Florida Statutes Compliance Report (9/30/2016)
12. Public Comments
13. Adjourn
Next Meeting Date:
To be scheduled
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
PENSION FUND
Benefit Approvals
Meeting of September 15, 2017
APPLICATION TO ENTER THE DROP
TIMOTHY LAWRENCE DATE OF BIRTH 03/22/1970
DATE OF HIRE 01/10/1997
DROP ENTRY DATE 02/24/2017
FORM OF BENEFIT 100% J&S
MONTHLY BENEFIT AMOUNT $3,937.30
SUPPLEMENTAL BENEFIT $ 250.00
_________________________
APPLICATIONS TO EXIT THE DROP
AVRHAM TAWIL DATE OF BIRTH 01/12/1972
DATE OF HIRE 06/11/1992
DROP ENTRY DATE 06/11/2012
DATE OF TERMINATION 06/28/2017
FORM OF BENEFIT LIFE ANNUITY
MONTHLY BENEFIT AMOUNT $4,929.46
SUPPLEMENTAL BENEFIT $ 250.00
_________________________
ELEANORA LOVEJOY DATE OF BIRTH 12/28/1959
DATE OF HIRE 01/15/1994
DROP ENTRY DATE 07/10/2012
DATE OF TERMINATION 07/31/2017
FORM OF BENEFIT 50% J&S
MONTHLY BENEFIT AMOUNT $4,636.90
SUPPLEMENTAL BENEFIT $ 225.00
_________________________
APPLICATIONS FOR DISTRIBUTION OF DROP ACCOUNTS
(DUE TO RETIREMENT)
AVRHAM TAWIL DATE OF RETIREMENT 06/28/2017
DATE OF BIRTH 01/12/1972
TYPE OF DISTRIBUTION MONTHLY-CASH
TOTAL GROSS DISTRIBUTION $900.00
TAX WITHHOLDING (20%) $180.00
TOTAL NET DISTRIBUTION $720.00
CURRENT DROP ACCOUNT BALANCE $328,387.44
_________________________
ELEANORA LOVEJOY DATE OF RETIREMENT 07/31/2017
DATE OF BIRTH 12/28/1959
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $140,000.00
TAX WITHHOLDING (25%) $ 35,000.00
TOTAL NET DISTRIBUTION $105,000.00
CURRENT DROP ACCOUNT BALANCE $302,644.14
_________________________
APPLICATIONS FOR DISTRIBUTION OF DROP ACCOUNTS
(6/15/17)
GARY CARMACK DATE OF RETIREMENT 09/21/2016
DATE OF BIRTH 03/22/1952
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $25,000.00
TAX WITHHOLDING (20%) $5,000.00
TOTAL NET DISTRIBUTION $20,000.00
CURRENT DROP ACCOUNT BALANCE $119,716.11
_________________________
JEFFREY MAIN DATE OF RETIREMENT 12/29/2016
DATE OF BIRTH 04/28/1960
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $25,000.00
TAX WITHHOLDING (20%) $5,000.00
TOTAL NET DISTRIBUTION $20,000.00
CURRENT DROP ACCOUNT BALANCE $101,516.85
_________________________
JOSEPH SHEEHAN DATE OF RETIREMENT 01/29/2016
DATE OF BIRTH 03/28/1961
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $53,350.00
TAX WITHHOLDING (25%) $13,377.50
TOTAL NET DISTRIBUTION $40,012.50
CURRENT DROP ACCOUNT BALANCE $436,167.08
_________________________
APPLICATIONS FOR DISTRIBUTION OF DROP ACCOUNTS
(7/15/17)
JOHN BOYLE DATE OF RETIREMENT 08/26/2016
DATE OF BIRTH 01/03/1964
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $17,000.00
TAX WITHHOLDING (20%) $3,400.00
TOTAL NET DISTRIBUTION $13,600.00
CURRENT DROP ACCOUNT BALANCE $440,641.29
_________________________
RALPH KRANCHICK DATE OF RETIREMENT 01/04/2017
DATE OF BIRTH 06/21/1956
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $21,000.00
TAX WITHHOLDING (22%) $4,620.00
TOTAL NET DISTRIBUTION $16,380.00
CURRENT DROP ACCOUNT BALANCE $109,533.26
_________________________
JEFF MAIN DATE OF RETIREMENT 12/29/2016
DATE OF BIRTH 04/28/1960
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $25,000.00
TAX WITHHOLDING (20%) $5,000.00
TOTAL NET DISTRIBUTION $20,000.00
CURRENT DROP ACCOUNT BALANCE $76,516.85
_________________________
TIM ROMAN DATE OF RETIREMENT 03/01/2017
DATE OF BIRTH 04/19/1970
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $12,500.00
TAX WITHHOLDING (20%) $2,500.00
TOTAL NET DISTRIBUTION $10,000.00
CURRENT DROP ACCOUNT BALANCE $23,594.04
_________________________
APPLICATIONS FOR DISTRIBUTION OF DROP ACCOUNTS
(8/15/17)
BOB ODELL DATE OF RETIREMENT 08/12/2016
DATE OF BIRTH 12/14/1964
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $10,000.00
TAX WITHHOLDING (20%) $2,000.00
TOTAL NET DISTRIBUTION $8,000.00
CURRENT DROP ACCOUNT BALANCE $338,495.30
_________________________
TIM ROMAN DATE OF RETIREMENT 03/01/2017
DATE OF BIRTH 04/19/1970
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $7,200.00
TAX WITHHOLDING (20%) $1,440.00
TOTAL NET DISTRIBUTION $5,760.00
CURRENT DROP ACCOUNT BALANCE $11,580.24
_________________________
TODD THOMAS DATE OF RETIREMENT 01/21/2016
DATE OF BIRTH 07/09/1966
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $25,000.00
TAX WITHHOLDING (25%) $6,250.00
TOTAL NET DISTRIBUTION $18,750.00
CURRENT DROP ACCOUNT BALANCE $382,484.61
_________________________
APPLICATIONS FOR DISTRIBUTION OF DROP ACCOUNTS
(9/15/17)
GARY CARMACK DATE OF RETIREMENT 09/21/2016
DATE OF BIRTH 03/22/1952
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $25,000.00
TAX WITHHOLDING (20%) $5,000.00
TOTAL NET DISTRIBUTION $20,000.00
CURRENT DROP ACCOUNT BALANCE $96,550.11
_________________________
KATHLEEN HATCHETT DATE OF RETIREMENT 01/23/2016
DATE OF BIRTH 03/30/1961
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $14,000.00
TAX WITHHOLDING (20%) $2,800.00
TOTAL NET DISTRIBUTION $11,200.00
CURRENT DROP ACCOUNT BALANCE $227,707.88
_________________________
JEFF MAIN DATE OF RETIREMENT 12/29/2016
DATE OF BIRTH 04/28/1960
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $6,250.00
TAX WITHHOLDING (20%) $1,250.00
TOTAL NET DISTRIBUTION $5,000.00
CURRENT DROP ACCOUNT BALANCE $53,211.41
_________________________
JOSEPH SHEEHAN DATE OF RETIREMENT 01/29/2016
DATE OF BIRTH 03/28/1961
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $27,000.00
TAX WITHHOLDING (25%) $6,750.00
TOTAL NET DISTRIBUTION $20,250.00
CURRENT DROP ACCOUNT BALANCE $389,624.75
_________________________
APPLICATION FOR DISTRIBUTION OF DROP ACCOUNTS
(10/15/17)
JACK SCHNUR DATE OF RETIREMENT 12/02/2016
DATE OF BIRTH 07/14/1963
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $55,000.00
TAX WITHHOLDING (20%) $11,000.00
TOTAL NET DISTRIBUTION $44,000.00
CURRENT DROP ACCOUNT BALANCE $418,613.10
_________________________
____________________________, CHAIRMAN
APPROVED ___________________________, SECRETARY
9/15/17______________________, DATE
City of Palm Beach Gardens
Police Officers’ Pension Fund
Chapter 112.664, F.S. Compliance Report
In Connection with the October 1, 2016 Funding
Actuarial Valuation Report and the Plan’s Financial
Reporting for the Year Ending September 30 ,2016
June 23, 2017
Board of Trustees
City of Palm Beach Gardens Police Officers’ Pension Fund
Palm Beach Gardens, Florida
Dear Board Members:
Gabriel, Roeder, Smith & Company (GRS) has been engaged by the City of Palm Beach Gardens Police
Officers’ Pension Fund (Plan) to prepare a disclosure report to satisfy the requirements set forth in Ch.
112.664, F.S. and as further required pursuant to Ch. 60T-1.0035, F.A.C.
This report was prepared at the request of the Board and is intended for use by the Retirement Board and
those designated or approved by the Board. This report may be provided to parties other than the System
only in its entirety and only with the permission of the Board.
The purpose of the report is to provide the required information specified in Ch. 112.664, F.S. as well as
supplement this information with additional exhibits. This report should not be relied on for any purpose
other than the purpose described above.
The findings in this report are based on data or other information through September 30, 2016. Future
actuarial measurements may differ significantly from the current measurements presented in this report
due to such factors as the following: plan experience differing from that anticipated by the economic or
demographic assumptions; changes in economic or demographic assumptions; increases or decreases
expected as part of the natural operation of the methodology used for these measurements (such as the
end of an amortization period or additional cost or contribution requirements based on the plan’s funded
status); and changes in plan provisions or applicable law. The scope of this engagement does not include
an analysis of the potential range of such measurements.
This report was based upon information furnished by the City and the Board concerning Plan benefits,
financial transactions, plan provisions and active members, terminated members, retirees and
beneficiaries. We checked for internal and year-to-year consistency, but did not otherwise audit the data.
We are not responsible for the accuracy or completeness of the information provided by the City.
Except as otherwise indicated as required for the disclosures contained herein, this report was prepared
using certain assumptions selected by the Board as described in our October 1, 2016 actuarial valuation
report. This report is also based on the Plan Provisions, census data, and financial information as
summarized in our October 1, 2016 actuarial valuation report. Please refer to the October 1, 2016
actuarial valuation report, dated April 21, 2017, for summaries and descriptions of this information.
The use of an investment return assumption that is 2% higher than the investment return assumption used
to determine the funding requirements does not represent an estimate of future Plan experience nor does it
reflect an observation of future return estimates inherent in financial market data. The use of this
investment return assumption is provided as a counterpart to the Chapter 112.664, Florida Statutes
TABLE OF CONTENTS
Title Page
Ch. 112.664, F.S. Results
Schedule of Changes in Net Pension Liability
1. Using financial reporting assumptions per GASB Statement No. 67 1
2. Using assumptions prescribed in Section 112.664(1)(a), F.S. 2
3. Using assumptions prescribed in Section 112.664(1)(b), F.S. 3
4. Using the mandated mortality and funding interest rate +2% 4
Assets Versus Benefit Payments Projections
1. Using funding assumptions 5
2. Using assumptions prescribed in Section 112.664(1)(a), F.S. 6
3. Using assumptions prescribed in Section 112.664(1)(b), F.S. 7
4. Using the mandated mortality and funding interest rate +2% 8
Actuarially Determined Contribution 9
CH. 112.664, Florida Statutes
RESULTS
1
Schedule of Changes in the Employers' Net Pension Liability
Using Financial Reporting Assumptions per GASB Statement No. 67
Fiscal year ending September 30,2016
1. Total pension liability
a. Service Cost 1,355,530$
b. Interest 6,688,673
c. Benefit Changes -
d. Difference between actual & expected experience & Other 906,295
e. Assumption Changes 573,052
f. Benefit Payments (3,938,855)
g. Contribution Refunds (8,046)
h. Net Change in Total Pension Liability 5,576,649
i. Total Pension Liability - Beginning 96,205,515
j. Total Pension Liability - Ending 101,782,164$
2. Plan Fiduciary Net Position
a. Contributions - Employer (From City) 2,897,754$
b. Contributions - Employer (From State) 643,259
c. Contributions - Non-Employer Contributing Entity -
d. Contributions - Member 452,421
e. Net Investment Income 8,107,238
f. Benefit Payments (3,938,855)
g. Contribution Refunds (8,046)
h. Administrative Expense (132,973)
i. Other -
j. Net Change in Plan Fiduciary Net Position 8,020,798
k. Plan Fiduciary Net Position - Beginning 74,092,896
l. Plan Fiduciary Net Position - Ending 82,113,694$
3. Net Pension Liability / (Asset)19,668,470
Certain Key Assumptions
Valuation Date 10/01/2015
Measurement Date 09/30/2016
Investment Return Assumption 6.90%
Mortality Table FRS Mortality - Special
Risk
2
Schedule of Changes in the Employers' Net Pension Liability
Using Assumptions required under 112.664(1)(a), F.S.
Fiscal year ending September 30,2016
1. Total pension liability
a. Service Cost 1,330,320$
b. Interest 6,683,780
c. Benefit Changes -
d. Difference between actual & expected experience & Other (70,233)
e. Assumption Changes -
f. Benefit Payments (3,938,855)
g. Contribution Refunds (8,046)
h. Net Change in Total Pension Liability 3,996,966
i. Total Pension Liability - Beginning 98,969,123
j. Total Pension Liability - Ending 102,966,089$
2. Plan Fiduciary Net Position
a. Contributions - Employer (From City) 2,897,754$
b. Contributions - Employer (From State) 643,259
c. Contributions - Non-Employer Contributing Entity -
d. Contributions - Member 452,421
e. Net Investment Income 8,107,238
f. Benefit Payments (3,938,855)
g. Contribution Refunds (8,046)
h. Administrative Expense (132,973)
i. Other -
j. Net Change in Plan Fiduciary Net Position 8,020,798
k. Plan Fiduciary Net Position - Beginning 74,092,896
l. Plan Fiduciary Net Position - Ending 82,113,694$
3. Net Pension Liability / (Asset)20,852,395
Certain Key Assumptions
Valuation Date 10/01/2015
Measurement Date 09/30/2016
Investment Return Assumption 6.90%
Mortality Table RP-2000 fully generational
using Scale AA
3
Schedule of Changes in the Employers' Net Pension Liability
Using Assumptions required under 112.664(1)(b), F.S.
Fiscal year ending September 30,2016
1. Total pension liability
a. Service Cost 2,063,249$
b. Interest 5,840,871
c. Benefit Changes -
d. Difference between actual & expected experience & Other (70,233)
e. Assumption Changes -
f. Benefit Payments (3,938,855)
g. Contribution Refunds (8,046)
h. Net Change in Total Pension Liability 3,886,986
i. Total Pension Liability - Beginning 121,630,134
j. Total Pension Liability - Ending 125,517,120$
2. Plan Fiduciary Net Position
a. Contributions - Employer (From City) 2,897,754$
b. Contributions - Employer (From State) 643,259
c. Contributions - Non-Employer Contributing Entity -
d. Contributions - Member 452,421
e. Net Investment Income 8,107,238
f. Benefit Payments (3,938,855)
g. Contribution Refunds (8,046)
h. Administrative Expense (132,973)
i. Other -
j. Net Change in Plan Fiduciary Net Position 8,020,798
k. Plan Fiduciary Net Position - Beginning 74,092,896
l. Plan Fiduciary Net Position - Ending 82,113,694$
3. Net Pension Liability / (Asset)43,403,426
Certain Key Assumptions
Valuation Date 10/01/2015
Measurement Date 09/30/2016
Investment Return Assumption 4.90%
Mortality Table RP-2000 fully generational
using Scale AA
4
Schedule of Changes in the Employers' Net Pension Liability
Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption
Fiscal year ending September 30,2016
1. Total pension liability
a. Service Cost 888,306$
b. Interest 7,233,980
c. Benefit Changes -
d. Difference between actual & expected experience & Other (70,233)
e. Assumption Changes -
f. Benefit Payments (3,938,855)
g. Contribution Refunds (8,046)
h. Net Change in Total Pension Liability 4,105,152
i. Total Pension Liability - Beginning 83,324,575
j. Total Pension Liability - Ending 87,429,727$
2. Plan Fiduciary Net Position
a. Contributions - Employer (From City) 2,897,754$
b. Contributions - Employer (From State) 643,259
c. Contributions - Non-Employer Contributing Entity -
d. Contributions - Member 452,421
e. Net Investment Income 8,107,238
f. Benefit Payments (3,938,855)
g. Contribution Refunds (8,046)
h. Administrative Expense (132,973)
i. Other -
j. Net Change in Plan Fiduciary Net Position 8,020,798
k. Plan Fiduciary Net Position - Beginning 74,092,896
l. Plan Fiduciary Net Position - Ending 82,113,694$
3. Net Pension Liability / (Asset)5,316,033
Certain Key Assumptions
Valuation Date 10/01/2015
Measurement Date 09/30/2016
Investment Return Assumption 8.90%
Mortality Table RP-2000 fully generational
using Scale AA
5
Asset and Benefit Payment Projection
Not Reflecting Any Contributions from the Employer, State or Employee
Using assumptions from the Plan's Latest Actuarial Valuation
FYE
Market Value of
Assets (BOY)
Expected
Investment Return
Projected Benefit
Payments
Market Value of
Assets (EOY)
2017 66,012,586 4,304,732 5,415,399 64,901,919
2018 64,901,919 4,224,004 5,568,413 63,557,510
2019 63,557,510 4,128,558 5,686,851 61,999,217
2020 61,999,217 4,019,801 5,768,981 60,250,037
2021 60,250,037 3,895,389 5,929,816 58,215,610
2022 58,215,610 3,751,607 6,089,846 55,877,371
2023 55,877,371 3,589,305 6,186,949 53,279,727
2024 53,279,727 3,409,823 6,270,540 50,419,010
2025 50,419,010 3,213,905 6,311,395 47,321,520
2026 47,321,520 3,002,547 6,332,835 43,991,232
2027 43,991,232 2,775,908 6,338,106 40,429,034
2028 40,429,034 2,532,796 6,364,080 36,597,750
2029 36,597,750 2,271,586 6,384,139 32,485,197
2030 32,485,197 1,990,275 6,432,904 28,042,568
2031 28,042,568 1,687,511 6,452,470 23,277,609
2032 23,277,609 1,363,967 6,438,535 18,203,041
2033 18,203,041 1,020,404 6,394,207 12,829,238
2034 12,829,238 656,806 6,340,654 7,145,390
2035 7,145,390 272,881 6,264,857 1,153,414
2036 1,153,414 - 6,180,476 -
2037 - - 6,097,224 -
2038 - - 5,997,903 -
2039 - - 5,914,276 -
2040 - - 5,812,839 -
2041 - - 5,715,723 -
2042 - - 5,603,420 -
19.17
Certain Key Assumptions
Valuation Investment return assumption 6.80%
Valuation Mortality Table FRS Mortality - Special Risk
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do
not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes
and Plan provisions. For this reason, these projections should not be viewed as a representation of
the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO
include contributions from the employer, employee and State, the Fund is expected to be able to
sustain the benefit payment demands in the near-term and long-term future.
Number of years for which current market value of assets is adequate to sustain
the payment of expected retirement benefits, reflecting no contributions from the
Employer, Employee or State, contrary to Florida Statutes and Plan provisions:
6
Asset and Benefit Payment Projection
Not Reflecting Any Contributions from the Employer, State or Employee
Using Assumptions required under 112.664(1)(a), F.S.
FYE
Market Value of
Assets (BOY)
Expected
Investment Return
Projected Benefit
Payments
Market Value of
Assets (EOY)
2017 66,012,586 4,304,732 5,415,399 64,901,919
2018 64,901,919 4,224,004 5,568,413 63,557,510
2019 63,557,510 4,128,558 5,686,851 61,999,217
2020 61,999,217 4,019,801 5,768,981 60,250,037
2021 60,250,037 3,895,389 5,929,816 58,215,610
2022 58,215,610 3,751,607 6,089,846 55,877,371
2023 55,877,371 3,589,305 6,186,949 53,279,727
2024 53,279,727 3,409,823 6,270,540 50,419,010
2025 50,419,010 3,213,905 6,311,395 47,321,520
2026 47,321,520 3,002,547 6,332,835 43,991,232
2027 43,991,232 2,775,908 6,338,106 40,429,034
2028 40,429,034 2,532,796 6,364,080 36,597,750
2029 36,597,750 2,271,586 6,384,139 32,485,197
2030 32,485,197 1,990,275 6,432,904 28,042,568
2031 28,042,568 1,687,511 6,452,470 23,277,609
2032 23,277,609 1,363,967 6,438,535 18,203,041
2033 18,203,041 1,020,404 6,394,207 12,829,238
2034 12,829,238 656,806 6,340,654 7,145,390
2035 7,145,390 272,881 6,264,857 1,153,414
2036 1,153,414 - 6,180,476 -
2037 - - 6,097,224 -
2038 - - 5,997,903 -
2039 - - 5,914,276 -
2040 - - 5,812,839 -
2041 - - 5,715,723 -
2042 - - 5,603,420 -
19.17
Certain Key Assumptions
Valuation Investment return assumption 6.80%
Valuation Mortality Table FRS Mortality - Special Risk
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do
not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes
and Plan provisions. For this reason, these projections should not be viewed as a representation of
the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO
include contributions from the employer, employee and State, the Fund is expected to be able to
sustain the benefit payment demands in the near-term and long-term future.
Number of years for which current market value of assets is adequate to sustain
the payment of expected retirement benefits, reflecting no contributions from the
Employer, Employee or State, contrary to Florida Statutes and Plan provisions:
7
Asset and Benefit Payment Projection
Not Reflecting Any Contributions from the Employer, State or Employee
Using Assumptions required under 112.664(1)(b), F.S.
FYE
Market Value of
Assets (BOY)
Expected
Investment Return
Projected Benefit
Payments
Market Value of
Assets (EOY)
2017 66,012,586 3,038,635 5,415,399 63,635,822
2018 63,635,822 2,920,878 5,568,413 60,988,287
2019 60,988,287 2,790,953 5,686,851 58,092,389
2020 58,092,389 2,649,979 5,768,981 54,973,387
2021 54,973,387 2,496,407 5,929,816 51,539,978
2022 51,539,978 2,327,763 6,089,846 47,777,895
2023 47,777,895 2,144,852 6,186,949 43,735,798
2024 43,735,798 1,948,825 6,270,540 39,414,083
2025 39,414,083 1,740,403 6,311,395 34,843,091
2026 34,843,091 1,520,480 6,332,835 30,030,736
2027 30,030,736 1,289,361 6,338,106 24,981,991
2028 24,981,991 1,046,398 6,364,080 19,664,309
2029 19,664,309 790,667 6,384,139 14,070,837
2030 14,070,837 521,010 6,432,904 8,158,943
2031 8,158,943 236,770 6,452,470 1,943,243
2032 1,943,243 - 6,438,535 -
2033 - - 6,394,207 -
2034 - - 6,340,654 -
2035 - - 6,264,857 -
2036 - - 6,180,476 -
2037 - - 6,097,224 -
2038 - - 5,997,903 -
2039 - - 5,914,276 -
2040 - - 5,812,839 -
2041 - - 5,715,723 -
2042 - - 5,603,420 -
15.33
Certain Key Assumptions
Valuation Investment return assumption 4.80%
Valuation Mortality Table FRS Mortality - Special Risk
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do
not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes
and Plan provisions. For this reason, these projections should not be viewed as a representation of
the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO
include contributions from the employer, employee and State, the Fund is expected to be able to
sustain the benefit payment demands in the near-term and long-term future.
Number of years for which current market value of assets is adequate to sustain
the payment of expected retirement benefits, reflecting no contributions from the
Employer, Employee or State, contrary to Florida Statutes and Plan provisions:
8
Asset and Benefit Payment Projection
Not Reflecting Any Contributions from the Employer, State or Employee
Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption
FYE
Market Value of
Assets (BOY)
Expected
Investment Return
Projected Benefit
Payments
Market Value of
Assets (EOY)
2017 66,012,586 5,570,830 5,415,399 66,168,017
2018 66,168,017 5,577,775 5,568,413 66,177,379
2019 66,177,379 5,573,388 5,686,851 66,063,916
2020 66,063,916 5,559,789 5,768,981 65,854,724
2021 65,854,724 5,534,304 5,929,816 65,459,212
2022 65,459,212 5,492,457 6,089,846 64,861,823
2023 64,861,823 5,435,615 6,186,949 64,110,489
2024 64,110,489 5,365,819 6,270,540 63,205,768
2025 63,205,768 5,284,406 6,311,395 62,178,779
2026 62,178,779 5,193,088 6,332,835 61,039,032
2027 61,039,032 5,092,558 6,338,106 59,793,484
2028 59,793,484 4,981,807 6,364,080 58,411,211
2029 58,411,211 4,859,284 6,384,139 56,886,356
2030 56,886,356 4,722,952 6,432,904 55,176,404
2031 55,176,404 4,571,615 6,452,470 53,295,549
2032 53,295,549 4,406,713 6,438,535 51,263,727
2033 51,263,727 4,229,863 6,394,207 49,099,383
2034 49,099,383 4,041,757 6,340,654 46,800,486
2035 46,800,486 3,842,789 6,264,857 44,378,418
2036 44,378,418 3,633,360 6,180,476 41,831,302
2037 41,831,302 3,412,877 6,097,224 39,146,955
2038 39,146,955 3,181,024 5,997,903 36,330,076
2039 36,330,076 2,936,819 5,914,276 33,352,619
2040 33,352,619 2,679,266 5,812,839 30,219,046
2041 30,219,046 2,407,784 5,715,723 26,911,107
2042 26,911,107 2,121,627 5,603,420 23,429,314
2043 23,429,314 1,820,809 5,476,605 19,773,518
2044 19,773,518 1,504,970 5,343,167 15,935,321
2045 15,935,321 1,173,507 5,200,020 11,908,808
2046 11,908,808 826,136 5,041,801 7,693,143
2047 7,693,143 462,290 4,879,699 3,275,734
2048 3,275,734 81,145 4,707,271 -
31.67
Certain Key Assumptions
Valuation Investment return assumption 8.80%
Valuation Mortality Table FRS Mortality - Special Risk
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the F und assets do
not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes
and Plan provisions. For this reason, these projections should not be viewed as a representation of
the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO
include contributions from the employer, employee and State, the Fund is expected to be able to
sustain the benefit payment demands in the near-term and long-term future.
Number of years for which current market value of assets is adequate to sustain
the payment of expected retirement benefits, reflecting no contributions from the
Employer, Employee or State, contrary to Florida Statutes and Plan provisions:
9
A. Valuation Date
B. Actuarially Determined Contribution (ADC)
to Be Paid During Fiscal Year Ending 9/30/2018 9/30/2018 9/30/2018 9/30/2018
C. Assumed Dates of Employer Contributions 10/1/2017 10/1/2017 10/1/2017 10/1/2017
D. Annual Payment to Amortize Unfunded
Actuarial Liability $ 2,103,662 $ 2,103,662 $ 3,961,597 $ 570,287
E. Employer Normal Cost 1,129,056 1,129,056 1,951,392 636,187
F. Employer ADC if Paid on Valuation
Date: D + E 3,232,718 3,232,718 5,912,989 1,206,474
G. Employer ADC Adjusted for Frequency
of Payments 3,232,718 3,232,718 5,912,989 1,206,474
H. Employer ADC Adjusted for Frequency of
Payments as % of Covered Payroll 56.55 % 56.55 % 103.44 % 21.11 %
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 6,002,065 6,002,065 6,002,065 6,002,065
K. Employer ADC for Contribution Year: H x J 3,394,168 3,394,168 6,208,536 1,267,036
L. Estimated State Revenue in Contribution Year 559,237 559,237 559,237 559,237
M.Net Employer ADC in Contribution Year 2,834,931 2,834,931 5,649,299 707,799
N. Net Employer ADC as % of Covered
Payroll in Contribution Year: M ÷ J 47.23 % 47.23 % 94.12 % 11.79 %
O. Expected Member Contributions 516,178 516,178 516,178 516,178
P. Total Contribution (including Members) 3,910,346 3,910,346 6,724,714 1,783,214
Q. Total Contribution as % of Covered Payroll
in Contribution Year: P ÷ J 65.15 % 65.15 % 112.04 % 29.71 %
R. Certain Key Assumptions
Investment Return Assumption 6.80% 6.80% 4.80% 8.80%
Mortality Table FRS Mortality -
Special Risk
FRS Mortality -
Special Risk
FRS Mortality -
Special Risk
FRS Mortality -
Special Risk
October 1, 2016
ACTUARIALLY DETERMINED CONTRIBUTION
October 1, 2016 October 1, 2016October 1, 2016
112.664(1)(b) F.S.
except 2% higher
investment return
assumption
112.664(1)(b) F.S.
Assumptions
112.664(1)(a) F.S.
Assumptions
Plan's Latest
Actuarial Valuation
Palm Beach Gardens Police Officers’ Pension Fund 4
GRS Retirement
Consulting
Fiscal
Year
Ending
Projected Total
Chapter 185 State
Money
Baseline (August
2013) Chapter 185
State Money
Excess Chapter
185 State
Money
50% of Excess
(Allocated to
Share Plans)
Additional First
Year Allocation
(Prior Excess)
2016 643,259 475,215 168,044 84,022 154,256
2017 659,340 475,215 184,125 92,063 0
2018 675,824 475,215 200,609 100,305 0
2019 692,720 475,215 217,505 108,753 0
2020 710,038 475,215 234,823 117,412 0
2021 727,789 475,215 252,574 126,287 0
2022 745,984 475,215 270,769 135,385 0
2023 764,634 475,215 289,419 144,710 0
2024 783,750 475,215 308,535 154,268 0
2025 803,344 475,215 328,129 164,065 0
2026 823,428 475,215 348,213 174,107 0
2027 844,014 475,215 368,799 184,400 0
2028 865,114 475,215 389,899 194,950 0
2029 886,742 475,215 411,527 205,764 0
2030 908,911 475,215 433,696 216,848 0
2031 931,634 475,215 456,419 228,210 0
2032 954,925 475,215 479,710 239,855 0
2033 978,798 475,215 503,583 251,792 0
2034 1,003,268 475,215 528,053 264,027 0
2035 1,028,350 475,215 553,135 276,568 0
2036 1,054,059 475,215 578,844 289,422 0
2037 1,080,410 475,215 605,195 302,598 0
2038 1,107,420 475,215 632,205 316,103 0
2039 1,135,106 475,215 659,891 329,946 0
2040 1,163,484 475,215 688,269 344,135 0
2041 1,192,571 475,215 717,356 358,678 0
2042 1,222,385 475,215 747,170 373,585 0
2043 1,252,945 475,215 777,730 388,865 0
2044 1,284,269 475,215 809,054 404,527 0
2045 1,316,376 475,215 841,161 420,581 0
2046 1,349,285 475,215 874,070 437,035 0
Assumptions
Total Chapter 185 State money is assumed to increase 2.5% per year, which is the Pension Fund's inflation
assumption.
Palm Beach Gardens Police Officers' Pension Fund
30‐Year Projection of Excess Chapter 185 Funds for Share Plan Allocations
Palm Beach Gardens Police Officers’ Pension Fund 5 GRS Retirement
Consulting
Fiscal
Year
Ending
Projected Active
Member Count
(Non‐DROP)
Projected Total
Active Count
(Including DROP)
Projected
Retiree Count
(Current Retirees)
Projected
Retiree Count
(Future Retirees)
Total Projected
Retiree Count
Total Projected
Active PLUS
Retiree Count
2016 86 107 75 0 75 161
2017 100 117 74 3 77 177
2018 101 117 73 6 79 180
2019 104 117 73 8 81 185
2020 105 117 71 11 82 187
2021 103 117 71 15 86 189
2022 102 117 69 20 89 191
2023 102 117 69 22 91 193
2024 103 117 68 24 92 195
2025 103 117 66 27 93 196
2026 105 117 66 29 95 200
2027 107 117 65 31 96 203
2028 106 117 63 35 98 204
2029 105 117 62 38 100 205
2030 103 117 61 42 103 206
2031 102 117 59 45 104 206
2032 100 117 58 48 106 206
2033 101 117 56 51 107 208
2034 101 117 55 53 108 209
2035 104 117 54 54 108 212
2036 106 117 51 56 107 213
2037 107 117 50 58 108 215
2038 107 117 48 60 108 215
2039 106 117 47 63 110 216
2040 104 117 45 67 112 216
2041 101 117 43 71 114 215
2042 98 117 41 77 118 216
2043 94 117 40 81 121 215
2044 93 117 38 86 124 217
2045 92 117 35 90 125 217
2046 92 117 34 92 126 218
Assumptions
Palm Beach Gardens Police Officers' Pension Fund
30‐Year Projection of Active and Retired Member Counts
Active members are assumed to enter the DROP at the rates of retirement assumed for actuarial valuation purposes and remain in
the DROP for a period of 5 years. Some active members are assumed to terminate prior to becoming eligible for retirement (in line
with the actuarial valuation assumptions).
New members are assumed to be hired each year at a rate sufficient to maintain a constant overall active employee count (including
employees participating in the DROP). 10 additional new members are assumed to be hired in 2017.
The projected retiree counts reflect the probability of survivorship each year in line with the current mortality assumption used for
actuarial valuation purposes.
Palm Beach Gardens Police Officers’ Pension Fund 6 GRS Retirement
Consulting
Projected
Count
Allocation
Per Member
Projected
Count
Allocation
Per Member
Projected
Count
Allocation
Per Member
2016 $238,278 86 $2,770.67 161 $1,479.99 86 $2,770.67
2017 $92,063 100 $920.63 177 $520.13 103 $893.82
2018 $100,305 101 $993.12 180 $557.25 107 $937.43
2019 $108,753 104 $1,045.70 185 $587.85 112 $971.01
2020 $117,412 105 $1,118.21 187 $627.87 116 $1,012.17
2021 $126,287 103 $1,226.09 189 $668.19 118 $1,070.23
2022 $135,385 102 $1,327.30 191 $708.82 122 $1,109.71
2023 $144,710 102 $1,418.73 193 $749.79 124 $1,167.02
2024 $154,268 103 $1,497.75 195 $791.12 127 $1,214.71
2025 $164,065 103 $1,592.86 196 $837.07 130 $1,262.04
2026 $174,107 105 $1,658.16 200 $870.54 134 $1,299.31
2027 $184,400 107 $1,723.36 203 $908.37 138 $1,336.23
2028 $194,950 106 $1,839.15 204 $955.64 141 $1,382.62
2029 $205,764 105 $1,959.66 205 $1,003.73 143 $1,438.91
2030 $216,848 103 $2,105.32 206 $1,052.66 145 $1,495.50
2031 $228,210 102 $2,237.35 206 $1,107.82 147 $1,552.45
2032 $239,855 100 $2,398.55 206 $1,164.34 148 $1,620.64
2033 $251,792 101 $2,492.99 208 $1,210.54 152 $1,656.53
2034 $264,027 101 $2,614.13 209 $1,263.29 154 $1,714.46
2035 $276,568 104 $2,659.31 212 $1,304.57 158 $1,750.43
2036 $289,422 106 $2,730.40 213 $1,358.79 162 $1,786.56
2037 $302,598 107 $2,828.02 215 $1,407.43 165 $1,833.93
2038 $316,103 107 $2,954.23 215 $1,470.25 167 $1,892.83
2039 $329,946 106 $3,112.70 216 $1,527.53 169 $1,952.34
2040 $344,135 104 $3,308.99 216 $1,593.22 171 $2,012.49
2041 $358,678 101 $3,551.27 215 $1,668.27 172 $2,085.34
2042 $373,585 98 $3,812.09 216 $1,729.56 175 $2,134.77
2043 $388,865 94 $4,136.86 215 $1,808.67 175 $2,222.09
2044 $404,527 93 $4,349.75 217 $1,864.18 179 $2,259.93
2045 $420,581 92 $4,571.53 217 $1,938.16 182 $2,310.88
2046 $437,035 92 $4,750.38 218 $2,004.75 184 $2,375.19
Assumptions
Active members are assumed to enter the DROP at the rates of retirement assumed for actuarial valuation purposes
and remain in the DROP for a period of 5 years. Some active members are assumed to terminate prior to becoming
eligible for retirement (in line with the actuarial valuation assumptions).
New members are assumed to be hired each year at a rate sufficient to maintain a constant overall active employee
count (including employees participating in the DROP). 10 additional new members are assumed to be hired in 2017.
The projected retiree counts reflect the probability of survivorship each year in line with the current mortality
assumption used for actuarial valuation purposes.
Total Chapter 185 State money is assumed to increase 2.5% per year, which is the Pension Fund's inflation assumption.
Share Plan Allocation Options ‐ 30‐Year Projections (Three Options)
Palm Beach Gardens Police Officers' Pension Fund
Option 1: Allocations
to Actives Only
Option 2: Allocations
to Actives & RetireesTotal
Share Plan
Allocation
Fiscal
Year
Ending
Option 3: Allocations to
Actives & Future Retirees
Palm Beach Gardens Police Officers’ Pension Fund 7 GRS Retirement
Consulting
Projected
Count
Allocation
Per Member
Projected
Count
Allocation
Per Member
2016 $238,278 107 $2,226.90 107 $2,226.90
2017 $92,063 117 $786.86 124 $742.44
2018 $100,305 117 $857.31 128 $783.63
2019 $108,753 117 $929.51 133 $817.69
2020 $117,412 117 $1,003.52 136 $863.32
2021 $126,287 117 $1,079.38 139 $908.54
2022 $135,385 117 $1,157.14 142 $953.42
2023 $144,710 117 $1,236.84 144 $1,004.93
2024 $154,268 117 $1,318.53 147 $1,049.44
2025 $164,065 117 $1,402.26 150 $1,093.77
2026 $174,107 117 $1,488.09 154 $1,130.56
2027 $184,400 117 $1,576.07 158 $1,167.09
2028 $194,950 117 $1,666.24 160 $1,218.44
2029 $205,764 117 $1,758.67 162 $1,270.15
2030 $216,848 117 $1,853.40 164 $1,322.24
2031 $228,210 117 $1,950.51 166 $1,374.76
2032 $239,855 117 $2,050.04 167 $1,436.26
2033 $251,792 117 $2,152.07 170 $1,481.13
2034 $264,027 117 $2,256.64 172 $1,535.04
2035 $276,568 117 $2,363.83 176 $1,571.41
2036 $289,422 117 $2,473.69 179 $1,616.88
2037 $302,598 117 $2,586.31 183 $1,653.54
2038 $316,103 117 $2,701.74 184 $1,717.95
2039 $329,946 117 $2,820.05 186 $1,773.90
2040 $344,135 117 $2,941.32 187 $1,840.29
2041 $358,678 117 $3,065.62 188 $1,907.86
2042 $373,585 117 $3,193.03 190 $1,966.24
2043 $388,865 117 $3,323.63 191 $2,035.94
2044 $404,527 117 $3,457.50 194 $2,085.19
2045 $420,581 117 $3,594.71 196 $2,145.82
2046 $437,035 117 $3,735.34 198 $2,207.25
Assumptions
Total Chapter 185 State money is assumed to increase 2.5% per year, which is the Pension Fund's inflation assumption.
Active members are assumed to enter the DROP at the rates of retirement assumed for actuarial valuation purposes
and remain in the DROP for a period of 5 years. Some active members are assumed to terminate prior to becoming
eligible for retirement (in line with the actuarial valuation assumptions).
New members are assumed to be hired each year at a rate sufficient to maintain a constant overall active employee
count (including employees participating in the DROP). 10 additional new members are assumed to be hired in 2017.
The projected retiree counts reflect the probability of survivorship each year in line with the current mortality
assumption used for actuarial valuation purposes.
Palm Beach Gardens Police Officers' Pension Fund
Share Plan Allocation Options ‐ 30‐Year Projections (Three Options)
Fiscal
Year
Ending
Total
Share Plan
Allocation
Option 1a: Allocations to Actives
Only (including DROP members)
Option 3a: Allocations to Actives (incl.
DROP members) & Future Retirees
Palm Beach Gardens Police Officers’ Pension Fund 8 GRS Retirement
Consulting
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
TOTALS:
Option 1: Allocations
are to Actives Only
Option 1a: Allocations
are to Actives and
DROP members Only
Option 2: Allocations
are to all Actives
and Retirees
Option 3: Allocations
are to Actives and
Future Retirees Only
Option 3a: Allocations
are to Actives (Incl. DROP
members) & Future Retirees
$2,222.09
$2,259.93
$2,310.88
$2,375.19
$2,388.95
$2,428.81
$2,469.23
$2,510.25
$2,576.90
$1,714.46
$1,750.43
$1,786.56
$1,833.92
$1,892.83
$1,952.34
$2,012.48
$2,085.34
$2,134.77
$1,262.03
$1,299.30
$1,336.23
$1,382.62
$1,438.91
$1,495.50
$1,552.45
$1,620.64
$1,656.52
$2,770.67
$893.81
$937.43
$971.00
$1,012.17
$1,070.23
$1,109.71
$1,167.01
$1,214.70
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$1,853.40
$1,950.51
$2,050.04
$2,152.06
$2,256.64
$2,363.82
$2,473.69
$0.00
$0.00
$1,079.38
$1,157.13
$1,236.83
$1,318.53
$1,402.26
$1,488.09
$1,576.06
$1,666.24
$1,758.66
$25,434.01 $75,739.41 $85,583.73
$0.00 $3,063.69 $3,118.89
$0.00 $3,166.57 $3,209.17
$3,316.04
$0.00
$0.00
$0.00
$33,587.42
$3,205.53
$3,297.90
$3,376.60
$92,918.46
$0.00 $2,852.78 $2,930.24
$0.00 $2,963.33 $3,030.37
$0.00 $2,653.20 $2,762.23
$0.00 $2,757.67 $2,845.42
$0.00
$0.00
$0.00
$0.00
$2,866.96
$2,952.79
$3,026.08
$3,129.49
$0.00 $2,475.13 $2,600.60
$0.00 $2,574.36 $2,680.64
$0.00 $2,295.58 $2,445.06
$0.00 $2,389.35 $2,522.09
$0.00
$0.00
$0.00
$0.00
$2,644.52
$2,726.23
$2,796.07
$2,103.52 $2,276.27
$0.00 $2,163.31 $2,328.14
$0.00 $2,224.00 $2,380.62
$2,145.82
$0.00 $2,004.75 $2,207.25
$0.00 $2,044.60 $2,235.97
$0.00 $0.00
$0.00
$0.00
$1,773.90
$1,840.29
$1,907.86
$1,966.24
$2,035.94
$2,085.19
$1,481.13
$1,535.04
$1,571.41
$1,616.88
$1,653.54
$1,717.95
$1,167.09
$1,218.43
$1,270.15
$1,322.24
$1,374.76
$1,436.26
$908.54
$953.41
$1,004.93
$1,049.44
$1,093.76
$1,130.56
$1,729.56
$1,808.67
$1,864.18
$1,938.16
$3,272.02
$2,226.89
$742.44
$783.63
$817.69
$863.32
$1,358.79
$1,407.43
$1,470.24
$1,527.53
$1,593.22
$1,668.27
$1,052.66
$1,107.81
$1,164.34
$1,210.54
$1,263.28
$1,304.56
$791.12
$837.06
$870.53
$908.37
$955.63
$1,003.72
$0.00
$0.00
$1,479.98
$520.13
$557.25
$587.85
$627.87
$668.19
$708.82
$749.79
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$1,723.36
$1,839.15
$1,959.65
$2,105.32
$2,237.35
$0.00
$1,226.09
$1,327.30
$1,418.72
$1,497.74
$1,592.86
$1,658.16
$2,770.67
$920.63
$993.11
$1,045.70
$1,118.20
Palm Beach Gardens Police Officers' Pension Fund ‐ Share Plan Allocation Options
Example 1: Projected Annual Allocations to a Member Who Currently Has 10 Years of Service,
Enters DROP 1/1/2032, Leaves DROP 1/1/2037, and Lives to 1/1/2062
Fiscal
Year
Ending
$2,226.89
$786.86
$857.30
$929.51
$1,003.52
Palm Beach Gardens Police Officers’ Pension Fund 9 GRS Retirement
Consulting
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
TOTALS: $8,074.40 $13,486.30 $47,571.31 $62,896.29 $56,568.04
$0.00 $0.00 $2,224.00 $2,510.25 $2,380.62
$0.00 $0.00 $2,295.58 $2,576.90 $2,445.06
$0.00 $0.00 $2,103.52 $2,428.81 $2,276.27
$0.00 $0.00 $2,163.31 $2,469.23 $2,328.14
$0.00 $0.00 $2,004.75 $2,375.19 $2,207.25
$0.00 $0.00 $2,044.60 $2,388.95 $2,235.97
$0.00 $0.00 $1,864.18 $2,259.93 $2,085.19
$0.00 $0.00 $1,938.16 $2,310.88 $2,145.82
$0.00 $0.00 $1,729.56 $2,134.77 $1,966.24
$0.00 $0.00 $1,808.67 $2,222.09 $2,035.94
$0.00 $0.00 $1,593.22 $2,012.48 $1,840.29
$0.00 $0.00 $1,668.27 $2,085.34 $1,907.86
$0.00 $0.00 $1,470.24 $1,892.83 $1,717.95
$0.00 $0.00 $1,527.53 $1,952.34 $1,773.90
$0.00 $0.00 $1,358.79 $1,786.56 $1,616.88
$0.00 $0.00 $1,407.43 $1,833.92 $1,653.54
$0.00 $0.00 $1,263.28 $1,714.46 $1,535.04
$0.00 $0.00 $1,304.56 $1,750.43 $1,571.41
$0.00 $0.00 $1,164.34 $1,620.64 $1,436.26
$0.00 $0.00 $1,210.54 $1,656.52 $1,481.13
$0.00 $0.00 $1,052.66 $1,495.50 $1,322.24
$0.00 $0.00 $1,107.81 $1,552.45 $1,374.76
$0.00 $0.00 $955.63 $1,382.62 $1,218.43
$0.00 $0.00 $1,003.72 $1,438.91 $1,270.15
$0.00 $1,488.09 $870.53 $1,299.30 $1,130.56
$0.00 $0.00 $908.37 $1,336.23 $1,167.09
$0.00 $1,318.53 $791.12 $1,214.70 $1,049.44
$0.00 $1,402.26 $837.06 $1,262.03 $1,093.76
$0.00 $1,157.13 $708.82 $1,109.71 $953.41
$0.00 $1,236.83 $749.79 $1,167.01 $1,004.93
$1,118.20 $1,003.52 $627.87 $1,012.17 $863.32
$1,226.09 $1,079.38 $668.19 $1,070.23 $908.54
$993.11 $857.30 $557.25 $937.43 $783.63
$1,045.70 $929.51 $587.85 $971.00 $817.69
$2,770.67 $2,226.89 $1,479.98 $2,770.67 $2,226.89
$920.63 $786.86 $520.13 $893.81 $742.44
Palm Beach Gardens Police Officers' Pension Fund ‐ Share Plan Allocation Options
Example 2: Projected Annual Allocations to a Member Who Currently Has 20 Years of Service,
Enters DROP 1/1/2022, Leaves DROP 1/1/2027, and Lives to 1/1/2052
Fiscal
Year
Ending
Option 1: Allocations
are to Actives Only
Option 1a: Allocations
are to Actives and
DROP members Only
Option 2: Allocations
are to all Actives
and Retirees
Option 3: Allocations
are to Actives and
Future Retirees Only
Option 3a: Allocations
are to Actives (Incl. DROP
members) & Future Retirees
Palm Beach Gardens Police Officers’ Pension Fund 10 GRS Retirement
Consulting
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
TOTALS: $0.00 $4,800.56 $43,051.73 $0.00 $51,742.36
$0.00 $0.00 $2,103.52 $0.00 $2,276.27
$0.00 $0.00 $2,163.31 $0.00 $2,328.14
$0.00 $0.00 $2,004.75 $0.00 $2,207.25
$0.00 $0.00 $2,044.60 $0.00 $2,235.97
$0.00 $0.00 $1,864.18 $0.00 $2,085.19
$0.00 $0.00 $1,938.16 $0.00 $2,145.82
$0.00 $0.00 $1,729.56 $0.00 $1,966.24
$0.00 $0.00 $1,808.67 $0.00 $2,035.94
$0.00 $0.00 $1,593.22 $0.00 $1,840.29
$0.00 $0.00 $1,668.27 $0.00 $1,907.86
$0.00 $0.00 $1,470.24 $0.00 $1,717.95
$0.00 $0.00 $1,527.53 $0.00 $1,773.90
$0.00 $0.00 $1,358.79 $0.00 $1,616.88
$0.00 $0.00 $1,407.43 $0.00 $1,653.54
$0.00 $0.00 $1,263.28 $0.00 $1,535.04
$0.00 $0.00 $1,304.56 $0.00 $1,571.41
$0.00 $0.00 $1,164.34 $0.00 $1,436.26
$0.00 $0.00 $1,210.54 $0.00 $1,481.13
$0.00 $0.00 $1,052.66 $0.00 $1,322.24
$0.00 $0.00 $1,107.81 $0.00 $1,374.76
$0.00 $0.00 $955.63 $0.00 $1,218.43
$0.00 $0.00 $1,003.72 $0.00 $1,270.15
$0.00 $0.00 $870.53 $0.00 $1,130.56
$0.00 $0.00 $908.37 $0.00 $1,167.09
$0.00 $0.00 $791.12 $0.00 $1,049.44
$0.00 $0.00 $837.06 $0.00 $1,093.76
$0.00 $0.00 $708.82 $0.00 $953.41
$0.00 $0.00 $749.79 $0.00 $1,004.93
$0.00 $0.00 $627.87 $0.00 $863.32
$0.00 $0.00 $668.19 $0.00 $908.54
$0.00 $857.30 $557.25 $0.00 $783.63
$0.00 $929.51 $587.85 $0.00 $817.69
$0.00 $2,226.89 $1,479.98 $0.00 $2,226.89
$0.00 $786.86 $520.13 $0.00 $742.44
Palm Beach Gardens Police Officers' Pension Fund ‐ Share Plan Allocation Options
Example 3: Projected Annual Allocations to a Member Who is Currently in the DROP,
Leaves the DROP in 3 Years (at 1/1/2020), and Lives to 1/1/2050
Fiscal
Year
Ending
Option 1: Allocations
are to Actives Only
Option 1a: Allocations
are to Actives and
DROP members Only
Option 2: Allocations
are to all Actives
and Retirees
Option 3: Allocations
are to Actives and
Future Retirees Only
Option 3a: Allocations
are to Actives (Incl. DROP
members) & Future Retirees
Palm Beach Gardens Police Officers’ Pension Fund 11 GRS Retirement
Consulting
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
TOTALS:
$3,376.60
$3,488.14
$3,619.00
$3,719.66
$3,839.77
$3,316.04
$3,425.57
$3,553.79
$3,669.39
$3,787.88
$0.00
$0.00
$0.00
$0.00
$0.00
$3,272.02
$3,395.12
$3,537.85
$3,652.93
$3,770.90
$38,329.37 $47,702.44 $94,005.55 $111,529.91 $103,929.70
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00 $0.00 $3,166.57 $3,297.90 $3,209.17
$0.00 $0.00 $3,909.34 $3,944.88 $3,909.34
$0.00 $0.00 $2,963.33 $3,129.49 $3,030.37
$0.00 $0.00 $3,063.69 $3,205.53 $3,118.89
$0.00 $0.00 $2,757.67 $2,952.79 $2,845.42
$0.00 $0.00 $2,852.78 $3,026.08 $2,930.24
$0.00 $0.00 $2,574.36 $2,796.07 $2,680.64
$0.00 $0.00 $2,653.20 $2,866.96 $2,762.23
$0.00 $0.00 $2,389.35 $2,644.52 $2,522.09
$0.00 $0.00 $2,475.13 $2,726.23 $2,600.60
$0.00 $0.00 $2,224.00 $2,510.25 $2,380.62
$0.00 $0.00 $2,295.58 $2,576.90 $2,445.06
$0.00 $0.00 $2,103.52 $2,428.81 $2,276.27
$0.00 $0.00 $2,163.31 $2,469.23 $2,328.14
$0.00 $0.00 $2,004.75 $2,375.19 $2,207.25
$0.00 $0.00 $2,044.60 $2,388.95 $2,235.97
$0.00 $0.00 $1,864.18 $2,259.93 $2,085.19
$0.00 $0.00 $1,938.16 $2,310.88 $2,145.82
$0.00 $0.00 $1,729.56 $2,134.77 $1,966.24
$0.00 $0.00 $1,808.67 $2,222.09 $2,035.94
$0.00 $2,941.32 $1,593.22 $2,012.48 $1,840.29
$0.00 $3,065.62 $1,668.27 $2,085.34 $1,907.86
$0.00 $2,701.73 $1,470.24 $1,892.83 $1,717.95
$0.00 $2,820.05 $1,527.53 $1,952.34 $1,773.90
$2,730.40 $2,473.69 $1,358.79 $1,786.56 $1,616.88
$0.00 $2,586.30 $1,407.43 $1,833.92 $1,653.54
$2,614.12 $2,256.64 $1,263.28 $1,714.46 $1,535.04
$2,659.30 $2,363.82 $1,304.56 $1,750.43 $1,571.41
$2,398.55 $2,050.04 $1,164.34 $1,620.64 $1,436.26
$2,492.99 $2,152.06 $1,210.54 $1,656.52 $1,481.13
$2,105.32 $1,853.40 $1,052.66 $1,495.50 $1,322.24
$2,237.35 $1,950.51 $1,107.81 $1,552.45 $1,374.76
$1,839.15 $1,666.24 $955.63 $1,382.62 $1,218.43
$1,959.65 $1,758.66 $1,003.72 $1,438.91 $1,270.15
$1,658.16 $1,488.09 $870.53 $1,299.30 $1,130.56
$1,723.36 $1,576.06 $908.37 $1,336.23 $1,167.09
$1,497.74 $1,318.53 $791.12 $1,214.70 $1,049.44
$1,592.86 $1,402.26 $837.06 $1,262.03 $1,093.76
$1,327.30 $1,157.13 $708.82 $1,109.71 $953.41
$1,418.72 $1,236.83 $749.79 $1,167.01 $1,004.93
$1,118.20 $1,003.52 $627.87 $1,012.17 $863.32
$1,226.09 $1,079.38 $668.19 $1,070.23 $908.54
$993.11 $857.30 $557.25 $937.43 $783.63
$1,045.70 $929.51 $587.85 $971.00 $817.69
$2,770.67 $2,226.89 $1,479.98 $2,770.67 $2,226.89
$920.63 $786.86 $520.13 $893.81 $742.44
Palm Beach Gardens Police Officers' Pension Fund ‐ Share Plan Allocation Options
Example 4: Projected Annual Allocations to a Member Who Currently Has 5 Years of Service,
Enters DROP 1/1/2037, Leaves DROP 1/1/2042, and Lives to 1/1/2067
Fiscal
Year
Ending
Option 1: Allocations
are to Actives Only
Option 1a: Allocations
are to Actives and
DROP members Only
Option 2: Allocations
are to all Actives
and Retirees
Option 3: Allocations
are to Actives and
Future Retirees Only
Option 3a: Allocations
are to Actives (Incl. DROP
members) & Future Retirees
Palm Beach Gardens Police Officers’ Pension Fund 12 GRS Retirement
Consulting
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
TOTALS: $0.00 $0.00 $32,797.39 $0.00 $0.00
$0.00 $0.00 $1,864.18 $0.00 $0.00
$0.00 $0.00 $1,729.56 $0.00 $0.00
$0.00 $0.00 $1,808.67 $0.00 $0.00
$0.00 $0.00 $1,593.22 $0.00 $0.00
$0.00 $0.00 $1,668.27 $0.00 $0.00
$0.00 $0.00 $1,470.24 $0.00 $0.00
$0.00 $0.00 $1,527.53 $0.00 $0.00
$0.00 $0.00 $1,358.79 $0.00 $0.00
$0.00 $0.00 $1,407.43 $0.00 $0.00
$0.00 $0.00 $1,263.28 $0.00 $0.00
$0.00 $0.00 $1,304.56 $0.00 $0.00
$0.00 $0.00 $1,164.34 $0.00 $0.00
$0.00 $0.00 $1,210.54 $0.00 $0.00
$0.00 $0.00 $1,052.66 $0.00 $0.00
$0.00 $0.00 $1,107.81 $0.00 $0.00
$0.00 $0.00 $955.63 $0.00 $0.00
$0.00 $0.00 $1,003.72 $0.00 $0.00
$0.00 $0.00 $870.53 $0.00 $0.00
$0.00 $0.00 $908.37 $0.00 $0.00
$0.00 $0.00 $791.12 $0.00 $0.00
$0.00 $0.00 $837.06 $0.00 $0.00
$0.00 $0.00 $708.82 $0.00 $0.00
$0.00 $0.00 $749.79 $0.00 $0.00
$0.00 $0.00 $627.87 $0.00 $0.00
$0.00 $0.00 $668.19 $0.00 $0.00
$0.00 $0.00 $557.25 $0.00 $0.00
$0.00 $0.00 $587.85 $0.00 $0.00
$0.00 $0.00 $1,479.98 $0.00 $0.00
$0.00 $0.00 $520.13 $0.00 $0.00
Palm Beach Gardens Police Officers' Pension Fund ‐ Share Plan Allocation Options
Example 5: Projected Annual Allocations to a Retired Member who
Exited the DROP Prior to 8/2016 and Lives to 1/1/2045
Fiscal
Year
Ending
Option 1: Allocations
are to Actives Only
Option 1a: Allocations
are to Actives and
DROP members Only
Option 2: Allocations
are to all Actives
and Retirees
Option 3: Allocations
are to Actives and
Future Retirees Only
Option 3a: Allocations
are to Actives (Incl. DROP
members) & Future Retirees
DEERFIELD BEACH TAMPA
1715 N WESTSHORE BOULEVARD, SUITE 750 • TAMPA, FL 33607 • TEL (877) 382-5268 • FAX (813) 301-1295
www.salemtrust.com
SALEM TRUST COMPANY IS A SUBSIDIARY OF U.S. FIDUCIARY SERVICES, INC., AN EMPLOYEE-OWNED COMPANY.
Our Definition of Reliability:
The vision of Salem Trust Company is “To be the custodian demanded by public sector retirement
plans and institutional clients.” To track, analyze, and ultimately improve the reliability of our service to
you, we developed the Salem Trust “Service Report Summary” to track 5 primary components of a
comprehensive quarterly performance scorecard containing 17 discrete tasks, also available by request. Each
month, based on data used by our independent auditors and government regulators, the report objectively
compares how we have performed in relation to our performance goals for essential services. Our objective is
to deliver better service to you by analyzing how the average performance can be improved. Over time, with
your help, we will launch other measurements of service performance.
Salem Trust Service Report Summary
For the period ending June 30, 2017
Published Date: August 1, 2017
OUR COMMITMENT TO Reliability
North Miami Beach, FL
Salem Trust Service Report Summary page 2 Published: August 1, 2017
92% 93% 94% 95% 96% 97% 98% 99% 100%
Jul '16
Aug '16
Sep '16
Oct '16
Nov '16
Dec '16
Jan '17
Feb '17
Mar '17
Apr'17
May'17
Jun'17
Statement Production
Actual Monthly
Performance
Statement Production
Category Goal
92% 93% 94% 95% 96% 97% 98% 99% 100%
Jul '16
Aug '16
Sep '16
Oct '16
Nov '16
Dec '16
Jan '17
Feb '17
Mar '17
Apr'17
May'17
Jun'17
Trade Settlements Actual
Monthly Performance
Trade Settlements Category
Goal
92% 93% 94% 95% 96% 97% 98% 99% 100%
Jul '16
Aug '16
Sep '16
Oct '16
Nov '16
Dec '16
Jan '17
Feb '17
Mar '17
Apr'17
May'17
Jun'17
Income Posting Actual
Monthly Performance
Income Posting
Category Goal
Client Statement Production:
Tracks when statements are released to our clients.
Trade Settlements:
Measures how many securities are posted by their settlement dates.
Income Posting:
Measures all types of income, including interest, dividends, capital gains and pay downs.
Salem Trust Service Report Summary page 3 Published: August 1, 2017
92% 93% 94% 95% 96% 97% 98% 99% 100%
Jul '16
Aug '16
Sep '16
Oct '16
Nov '16
Dec '16
Jan '17
Feb '17
Mar '17
Apr'17
May'17
Jun'17
Cash Processing
Actual Monthly
Performance
Cash Processing
Average Category
Goal
92% 93% 94% 95% 96% 97% 98% 99% 100%
Jul '16
Aug '16
Sep '16
Oct '16
Nov '16
Dec '16
Jan '17
Feb '17
Mar '17
Apr'17
May'17
Jun'17
Corporate Actions Actual
Monthly Performance
Corporate Actions Category
Goal
Cash Processing:
Tracks when wires, ACHs and checks are produced or transmitted.
Corporate Actions:
Measures the completion of stock splits, company reorganizations and stock calls.
Client Service Totals as of June 20, 2017:
Client relationships
• Client assets under administration: $7.4 billion
• Client relationships: 220
Client service ratio
• Full-time Salem Trust client services employees: 7
• Average number of client relationships per Salem Trust relationship manager: 55
Benefit payments
• Monthly recurring payments made in past 12 months: 75,612
• Lump sum payments made in past 12 months: 1,263
Securities movement
• Number of security positions held: 28,571 (excluding money market funds)
• Number of securities trades processed in past 12 months: 143,006
Salem Trust Service Report Summary page 4 Published: August 1, 2017
Discrete Tasks per Service Category:
Listed below are the individual tasks, with their goals, for each category tracked in the comprehensive
quarterly performance scorecard. The graphs in this Salem Trust Service Report Summary average all discrete
tasks within a category.
Client statement production performance base:
• Standard statements released for print within 5 business days: 99%
• Employee benefit statements release for print within 10 business days: 95%
Trade settlements performance base:
• Money market trades posted on settlement date: 99%
• Mutual fund trades posted on settlement date: 95%
• DTC and Fed trades posted on settlement date: 95%
Income posting category performance base:
• Money market dividends posted within 1 business day of payable date: 99%
• Mutual fund dividends and capital gains distributions posted within 3 business days of payable date: 95%
• Book-entry DTC dividends posted within 1 business day of payable date: 95%
• Book-entry Fed interest posted within 1 business day of payable date: 85%
• MBS, CMO & asset-backed principal paydowns posted within 2 business days of payable date: 90%
• MBS, CMO & asset-backed interest posted within 2 business days of payable date: 90%
Cash processing category performance base:
• Wire transfers transmitted on same business day: 99%
• ACH transfers transmitted on same business day: 99%
• Checks produced on same business day: 99%
Corporate actions category performance base:
• Stock splits & stock dividends posted within 1 business day of ex-date: 95%
• Exchanges, spinoffs, mergers & all other reorgs posted within 1 business day after receipt: 95%
• Maturities & full calls posted within 1 business day of maturity or call date: 95%
Investment products and services are not bank deposits or obligations of, or guaranteed or endorsed or otherwise
supported by, Salem Trust Company, its parent company or any affiliate, are not federally insured or guaranteed by
the United States Government, Federal Deposit Insurance Corporation, Federal Reserve Board or any other
governmental agency, and are subject to investment risks, including possible loss of the principal amount invested.
Investments are:
IN NO EVENT WILL SALEM TRUST COMPANY OR ITS AFFILIATES BE LIABLE FOR ANY DAMAGES, INCLUDING WITHOUT LIMITATION
DIRECT OR INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES ARISING IN CONNECTION
WITH THIS PUBLICATION OR USE THEREOF BY ANY PARTY OR IN CONNECTION WITH ANY ERROR OR OMISSION.