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HomeMy WebLinkAboutAgenda Police Pension 043009Agenda City of Palm Beach Gardens Police Officers' Pension Fund MEETING OF APRIL 3O, 2��9 LOCATION: City Council Chambers' 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 9:OOAM 1. Call Meeting To Order 2. Roll Call: • Lt. Jay Spencer, Chairman • David Pierson, Secretary • Jules Barone, Trustee • Brad Seidensticker, Trustee • Wayne Sidey, Trustee 3. 2008 Audited Financial Statement Report - Cherry, Bekaert & Holland (Jim Burdick & Rowana Flitan) 4. Investment Manager Report - ICC Capital (Steve Stack) 5. Investment Consultant Report - Thistle Asset Consulting (John McCann) 6. Administrator Report - Tegrit Plan Administrators (Audrey Ross) • Crime Insurance Renewal 7. Attorney Report - Hanson, Perry & Jensen, P.A. (Bonni Jensen) • New Withholding Tables - Memo • Worker, Retiree, and Employer Recovery Act of 2008 - Memo • IRS Mileage Rate for 2009 - Memo 8. Approval of Minutes • January 29, 2009 Regular Meeting • February 13, 2009 Special Meeting 9. Disbursements 10. Benefit Approvals 11. Old Business 12. Other Business 13. Adjourn Next Meeting Date: *Thursday �uly 30, 2009 @ 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. City of Palm Beach Gardens Police Officers' Pension Fund Minutes of the Meeting Held January 29, 2009 The regular meeting of the Board of Trustees of the City of Palm Beach Gardens Police Officers' Pension Fund was called to order at 9:06 AM by Jay Spencer in the Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail, Palm Beach Gardens, Florida. TRUSTEES PRESENT OTHERS PRESENT ]ay Spencer, Chairman Bonni ]ensen (Hanson, Perry &]ensen, P.A.) David Pierson, Secretary Audrey Ross (Tegrit Plan Administrators) Jules Barone, Trustee Donna Cannon (Palm Beach Gardens Clerk's Office) Brad Seidensticker, Trustee Steve Stack (ICC Capital Management) Wayne Sidey, Trustee (9:12AM) Bob Ohanesian (ICC Capital Management) INVESTMENT MANAGER REPORT ICC Capital — Presented by Steve Stack & Bob Ohanesian Mr. Ohanesian introduced himself to the board. He stated that he is the fixed income portfolio manager. He gave an overview of 2008. He commented that in 2008 all the fixed income indexes were negative by October 31, 2008, but by the end of the calendar year they were higher. Mr. Ohanesian also explained that they raised cash within the last couple of months of the second and third quarter. Mr. Ohanesian stated that currently they are positive for 2009, by one point. Mr. Ohanesian forecasted that the economy is still weak and will remain that why until the end of 2009. He commented that rates are at zero, and they never have had the fixed income outperform for 2 years in a row with a zero rate. He emphasized to the board that he will not load up on treasury bonds when they are at zero. Mr. Ohanesian explained that they are now purchasing high quality corporate bonds that the Government is buying, and they are also buying 1% positions in corporates. He stated that they are currently maintaining about a 20% exposures in mortgages. Mr. Pierson asked whether or not they would buy into any Bank of America since the Government will not let them fail. Mr. Ohanesian replied that he had previously bought into TARP, and you can not buy into both Bank of America and TARP. Mr. Seidensticker wanted to know if they will lengthen the duration. He commented that they are about neutral right now and will buy into more shortly. Mr. Stack briefly reviewed the returns for the quarter ending December 31, 2008. He stated that on the fixed income side they are currently holding 17.6% in cash and 82.4% in fixed income. He reported that the bonds were ahead of the benchmark at 4.98% versus 4.58% for the quarter, and the total fund was behind at 3.62% versus the benchmark at 4.58%. On the growth side they are holding 24.7% in cash and 75.3% equities. Mr. Stack reported that this fund did not do as well as the fixed income. The equities were down -16.94% versus the benchmark at -22.79%, and the total fund was negative at -13.76 versus -22.79%. Page 1 of 6 The board and the investment managers' had a brief discussion on the current and future investments of this plan. Overall the fund is gaining and losing with less assets and still the same number of clients. ADMINISTRATOR REPORT Tegrit Plan Administrators, LLC — Presented by Audrey Ross Ms. Ross stated that she has the TPA/PRC contract with her today that notes the name change. MOTION: Mr. Seidensticker made a motion to approve the TPA/PRC contract. SECOND: Mr. Pierson seconded the motion. CARRIED: The motion carried unanimously 5-0. Ms. Ross commented that the Auditors' were not able to make it to today's meeting to present the audit, but the draft audit is complete. She stated that she would send the draft copy over the financial director in the meantime, and they will schedule another date for the Auditors' to come in and present. ATTORNEY REPORT Hanson, Perry & 7ensen, P.A. — Presented by Bonni ]ensen Ms. )ensen reviewed the revised DROP distribution policy. She explained the different distribution methods that are available to the participants at the time of a withdrawal. The ordinance allows the following options for distributions; lump sum withdrawals or monthly annuity installments. Ms. ]ensen commented that there are open enrollment periods as to when the money can be withdrawn; February and August of each year. She noted that unless a member can qualify for a hardship withdrawal, then no other distributions would be made outside of the two open enrollment periods. Lastly, Ms. Jensen reviewed the general considerations of the DROP plan; • Retirees don't have to take a withdrawals from their account until they reach the age 70 Yz. • Members who start annuity payments and they are under the age of 50 will have to have the plans Actuary compute the monthly withdrawal amount. • When a member withdrawals their balance or closes out their account, there will be a 10% holdback. • Any distributions over $50,000 have to be approved by the board before they are paid out, but no later than 60 days from when requested. • Retirees can designate a beneficiary on their DROP account. The board agreed that they will wait until the next meeting to approve the DROP distribution policy as there are a couple of revisions that need to be made. Ms. Jensen updated the board that they IRS determination letter will be filed shortly. Page 2 of 6 MINUTES MOTION: Mr. Pierson made a motion to approve the minutes from the October 30, 2008 regular meeting. SECOND: Mr. Sidey seconded the motion. CARRIED: The motion carried unanimously 5-0. DISBURSEMENTS APPROVALS MOTION: Mr. Pierson made a motion to approve the disbursements. SECOND: Mr. Sidey seconded the motion. CARRIED: The motion carried unanimously 5-0 OTHER BUSINESS Mr. Spencer mentioned that the Annual Municipal Police Officers' and Firefighters' conference in Tallahassee is in May and he would like the board to attend if possible. He also reminded the Trustees that the FPPTA annual conference is in June and is local in Boca. AJOURN There being no further business, and the future meetings are scheduled for the last Thursday of the first month of the quarter. The next special meeting is scheduled for Friday February 13, 2009 at 1PM; the Trustees officially adjourned the meeting at 10:01AM. Respectfully submitted, DAVID PIERSON, Secretary Page 3 of 6 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. City of Palm Beach Gardens Police Officers' Pension Fund Minutes of the Meeting He/d February 13, 2009 Specia/ Meering The special meeting of the Board of Trustees of the City of Palm Beach Gardens Police Officers' Pension Fund was called to order at 1:13PM by Jay Spencer in the Council Chambers at the Paim Beach Gardens City Hall at 10500 North Military Trail, Palm Beach Gardens, Florida. TRUSTEES PRESENT Jay Spencer, Chairman David Pierson, Secretary Brad Seidensticker, Trustee Jules Barone, Trustee Wayne Sidey, Trustee OTHERS PRESENT John McCann (Thistle Asset Consulting) Bonni Jensen (Hanson, Perry, & Jensen, P.A.) Donna Cannon (Palm Beach Gardens Clerk's Office) Audrey Ross (Tegrit Plan Administrators -TPA) Denise D'Entremont (RhumBline Advisors) Steve Palmquist (GRS) Alan Owens (City of PBG Finance Di�ector) Greg Moll (City of PBG Police Officer) INVESTMENT CONSULTANT REPORT Thistle Assets - Presented by John McCann Mr. McCann reviewed the total funds performance for the quarter ending December 31, 2008. In the fourth quarter they held 49% in equities, 39% in fixed income and 12% in cash. He commented that the equities are underweighted at 49.2% versus the target of 60%. The total fund was negative for the quarter but ahead of the index at -10.20% versus -13.66%. The totaf equities are in the same position at -21.77% versus the index at -22.76% and the total fixed income out performed at 4.94% versus 4.57%. Mr. McCann then reviewed the returns per asset class: • Rhumbline S&P500 Equity: -21.61% versus -Z1.94% • Rhumbline S&P 400 Equity: -25.29% versus -25.55% . Rhumbline S&P 60Q Equity: -�5.01% versus -25.17% • ICC Capital Large Cap Growth Equity: -16.94% versus -22.79°/o • International Equity: -22.54% versus -19.90% Mr. McCann reviewed 12 month trailing report that he handed out. This report reflects the balance in each manager's account as of December 31, 2008 compared to current; 2/1/09, This report also reflects the contributions and withdrawals of the plans since inception. Mr. McCann made some recommendations in regards to rebalancing the portfolio. The board had a discussion and decided that they would like to rebalance a little at time instead of all at once. MOTION: Mr. Pierson made a motion to move $300,000 from ICC Capitals Fixed Income account and split it evenly between Rhumbline's 3 S&P accounts for the next 3 months (February, March and April). SECOND; Mr. Seidensticker setonded the motion. CARRIED: The motion carried unanimously 5-0. Mr. McCann reviewed with the board the alternative investment manager search that he produced. He explained that he did bring in information on ETF's as the board requested, but stated that he does not think it is a good time right now for the board to invest in these. He than reviewed some other real estate alternatives, which are not REITS. Mr. McCann reported on the JP Morgan Infra Structure investments and explained haw they worked. Infra Structure funds are long term investments, but guarantee a 10-12% return each year. Mr. McCann stated that the only downfall for this investment is that the board would have to change their investment policy guidelines. Lastly, Mr. Pierson commented that he thinks it is a great time to invest in commodities right now instead of infra structures or timbers. INVESTMENT MANAGER REPORT Rhumbline Advisors - Presented by Denise D'Entremont Ms. D'Entrernont reviewed the market value for each fund as of January 31, 2009. The total assets are around $7.5M which has decreased from $8.6M. She than reviewed each funds return: . S&P 500 (4arge cap core) - for the year to date in 2009 the fund is slightly ahead at -8.38% versus the index -8.38%. For February the fund is up 1.52%. . S&P 400 (mid cap corel- As of February 12, 2009 this fund was up 2.31%, but was negative for the 2009 year to date at -7.25% versus -7.23%. Ms, D'Entremont commented that they do not trade index funds so they can keep the cost low. . S&P 600 (smal4 ca� core) - 2009 year to date numbers are up negative and behind the index at -12.70% versus -12.48%. This fund is up 1% in February 2009. Ms. D'Entremont explained that they do not do security lending for any of their funds. Lastly, she gave a brief update an the firm. The assets under management of their firm have decreased to $14.7B due to the bad economy and losing funds, not terminations. On the flip side they have added about $6B in assets in 2008. 2008 ACTUARIAL VALUATION REPORT Gabriel, Roeder, Smith & Company - Presented By: Steve Palmquist Mr. Palmquist staCed that he had a couple of different reports to present taday: 1. 10/1/08 Actuarial Valuation Report - Mr. Palmquist commented that this report is not final, as they need the figures from the audit to complete it. He expiained that the payroll has increased almost $1M from last year to this year. In 2008 there was a lost of $3.3M with an average pay increase of 13.8°/o. He also reported that the plans funded ratio slightly increased from 53.2% to 53.3%, which is still very low compared to other pension plans. Also, the unfunded liability increased to $28.2M because of the great loss. Mr. Plamquist commented that the payroll increases about 5% each year. He expiained that if they lower the payroll growth assumption then it would increase the City's cost. He reminded the board that the goal is to have this plan 100% funded and no unfunded liability. Mr. Palmquist stated that the fund will eventually get to 100% funded, but he is just trying to figure out how to get there faster. Mr. Palmquist reviewed with the board difFerent scenarios and strategies on how to fund the plan quicker. 2. Florida Retirement System Report - Mr. Palmquist explained that the City of Palm Beach Gardens is looking to make a change towards to the FRS. He stated that all new Police Officers' when hired would enter into the FRS and they would give the present members a choice to stay in the pension fund or to switch over to the FRS. Mr. Palmquist briefly reviewed the FRS and how it works; disadvantages and advantages. The advantages are that it is very well funded with attractive benefits, members do not have to make contributions, members receive a 3% COLA and benefits are portable. The downside is that it not be an attractive benefit for new Police Officers' and it will be harder for the members who stay in the pension fund to bargain or change benefits. He commented that once a member chooses to enter the FRS they can not exit and go back into the pension fund at a later date. Lastly, Mr. Palmquist reviewed a chart that he produced reflecting the aggregate funding method for the closed plan, if that is ultimately what the City chooses to do. He stated that it would take more than 15 years for the City to save money by switching to the FRS. The board had a discussion and commented that the City will be hiring there own Actuary to do the same kind of report. Mr. Spencer thanked Mr. Palmquist for providing the board with this report as he felt it was his fiduciary responsibility to do their own investigation. They will wait to hear further from the City. ATTORNEY REPORT Hanson, Perry & Jensen, P.A. - Presented by Bonni Jensen Ms. ]ensen reviewed the changes that were made to the DROP distribution policy that were requested at the last meeting. MOTION: Mr. Barone made a motion to approve and accept the DROP Distribution Policy. SECOND: Mr. Sidey seconded the motion. CARRIED: The motion carried unanimously 5-0. ADMINISTRATOR REPORT Tegrit Plan Administrators, LLC (TPA) - Presented by Audrey Ross Ms. Ross commented that she would like to have the minutes that were tabled at the last meeting to be approved today. MINUTES MOTION: Mr. Seindensticker made a motion to approve the minutes from the December 12, 2008 special meeting and the )anuary 14, 2009 special meeting. SECOND: Mr. Barone seconded the motion. CARRIED: The motion carried unanimously 5-0. A70URN There being no further business, and the future meetings are scheduled for the last Thursday of the first month of the quarter. The next meeting is scheduled for Thursday April 30 2009 at 9AM; the Trustees officia44y adjourned the meeting at 3:31PM. Respectfully submitted, DAVID PIERSON, Secretary PALM BEACH GARDENS POLICE OFFICERS' PENSION FUND A Pension Trust Fund of the City of Palm Beach Gardens, Florida Financial Statements and Accompanying In#ormation For Years Ended September 30, 2008 and 2007 PALM BEACH GARDENS POLICE OFFICERS' PENSION FUND Contents Page Report of Endependent Auditors - ..................................................................................... 2 Management's Discussian and Analysis ........................................................................ 4- 9 BASIC FINANCIAL STATEMENTS Statements of Plan Net Assets .............................................................. ......... 10 ............... Statements af Changes in Plan Net Assets .................................................................... 11 Notes to Financial Statements ....................................................................................... 12 - 96 REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) Schedule of Fut�ding Progress ........................................... ............ 17 ................................ Schedule of Contributions from the Employer and Other Contributing Entities ...................................................................................... 18 Note to Schedule of Funding Progress and Scnedufe of Contributions from the Employer and Other Contributing Entities ...................................................................................... 19 - 20 OTHER SUPPLEMENTARY IWFORMATION Schedule of Administra#ive and Investment Expenses .................................................... 21 OTHER REPORTS Report on Internal Contro! Over Financial Reporting and on Compliance And Other Matters Based on an Audit of Financial Staiements Performed in Accordance with Government Auditing Standards .................................... 22 - 23 Report of Independent Auditors Board of Trustees Palm Beach Gardens Police Officers' Pension Fund Palm Beach Gardens, Florida We have audited the accompanying statements of plan net assets of the Palm Beach Gardens Police Officers' Pension Fund (the "Fund") as of September 30, 2008 and 2007, and the related statements of changes in plan net assets for the years then ended. These financial statements are the responsibility of the Fund's Board of Trustees and Officers. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 1, the financial statements present only the Fund and do not purport to, and do not, present fairly the financial position of the City of Palm Beach Gardens, Florida as of September 30, 2008 and 2007, and the changes in its financial position for the years then ended in conformity with accounting standards generally accepted in the United States of America. In our opinion, the financial statements referred to above present fairly, in all material respects, information regarding the Palm Beach Gardens Police Officers' Pension Fund's plan net assets as of September 30, 2008 and 2007, and the changes therein for the years then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated XXXX, 2009 on our consideration of the Fund's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Sfandards and should be considered in assessing the results of our audit. Management's discussion and analysis, and the required supplementary information listed on the table of contents, are not required parts of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures which consisted principally of inquiries of management regarding the methods of ineasurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The other supplementary information listed on the accompanying table of contents is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The other supplementary information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in relation to the basic financial statements taken as a whole. West Palm Beach, Florida XXXX, 2009 MANAGEMENT'S DISCUSSION AND ANALYSIS Management's Discussion and Anaiysis As management of the Palm Beach Gardens Police Officers' Pension Fund {Fund), we offer readers of the �und's financial statements this narrative overview of the financial activities of the Fund for the years ended Sep#ember 30, 2008 and 2007. This narrative is intended to supplement the Fund's financiai statements, and we encaurage readers to consider #he information presented here in conjunction wiih these statements, which begin on page 10. Overview of the financial statements The foliowing discussion and analysis are intended to serve as an introduction to the Fund's financial statements. The financial sta#ements are: • Statemenis of Plan Net Assets � Statements of Changes in Plan Nat Assets � Notes to the Financial Statements This report also contains the following "Required Supplementary Information" to the financial statements: Schedule of Funding Progress Schedu(e of Employer Contributions Notes to the Required Supplementary Information The financial statements contained in the report are described below: The Statements of Plan Net Assets is a point-in-time snapshot of account balances at fiscal year-end. It reports the assets available far fuiure payments fo retirees and any current liabilities that are owed as oF the statement ctate. The resulting Net Assets value (Assets — Liabilities = Net Assets) represents the value of assets held in trust for pension benefits. The Statements of Changes in Net Assets displays the effect of pension fund transactions that occurred during fhe fiscal year, where Additions — Deductions = Net lncrease (Decrease) in Ne# Assets. This Net increase (Decrease) in Net Assets reflects the change in the net asset value of the Statement of Plan Net Assets from the prior year to the current year. Both statements are in compliance with Governmentai Accounting Standards Board (GASB} Pronauncements. The Nates to the Financial Statements are an integral part of the financial statements and provide additianal information that is essentiaE to the comprehensive understanding of the data provided in the financia! statements. These notes describe the accounting and administrative po(icies under which the Fund operates and provide additional levels of detail for select financial statement items (See Notes to Financial Statements on pages 12 to 16 of this report.) 4 Because of the long term nature of a defined benefit pension plan, financial statements alone cannot provide sufficient information to properly reflect the ongoing plan perspective. Therefore, in addition to the financial statements explained abave, this financial repart includes two additional "Required Supplementary Information" schedules with historical trend information. • The Schedule af Funding Progress (page 17) includes actuarial information about the status of the plan from an ongoing, long-term perspective and the progress made in accumulating sufficient asseis to pay pension benefits when due. Valuation Assets in excess of Actuarial Accrued Liabilities indicate that sufficient assets exist ta fund future pension benefits of the current members and benefits recipients. • The Schedule of Contributions from the Employer and Other Contributing �ntities (page 18) presents historical trend information regarding #he value of total annual contributions required to be paid by the City and State and the actual performance of the City and State in meeting this requirement. • The Notes to Required Supplementary Information provide background information and explanatory detail to aid in understanding the required supplementary schedules. Financiai highlights • The Ret assets of the Fund exceeded its liabilities at the close of #he fiscal years ended September 30, 2008 and 2007, with $28,344,a73 and $29,219,477 in net assets held in trust for pension benefits, respectively. • Net assets decreased by $875,444 or 3.0 percent during 2008, primarily due to employer and investment income. • Net assets increased by $6,130,73� or 26.6 percent during 2007, primarily due to employer and emplayee con#ributions and investment income. • The Fund's funding objective is to meet long-term benefit obligations. As of October 1, 2007, the date of the !a#est actuarial valuation, the funded ratio of the Fund was 53.2 percent. In general, this means that for every dollar of pension benefits due, the Fund has $0.53 of net assets availabie for payment. • Additions to pfan net assets for the year ended September 30, 2008 were $236,105 which includes member, employer and state contributions of $4,523,143 anci net losses from investment activities totaling $4,287,038. • Additions to pfan net assets for the year ended September 30, 2007 were $6,856,604 which includes member, emplayer and state contributions o# $4,002,018 and net gains fram investment activities totaiing $2,854,586. • Deductions from plan net assets increased from $725,873 c;uring 2007 io $1,111,509 in 2Q08 or about 53.1 % percent. Most of the increase relates to benefit payments made in 2008. 5 Analysis of financial activities The Fund's funding objective is to meet long-term benefit obligations through investment income and contributions. Accordingly, the coliection of errtployer and member contributians, and the income from investments provide the reserves needed to finance future retirement benefits. Contributions from the City of Palm Beach Gardens are made at levels determined by the Fund's actuary. Because of lower than expected investment raturns and experience losses incurred in previous years, the City's contribution requirement has increased. The Fund's investment portfolio produced negative returns in 2008 compared to 2007. Net assets held in trust for pension benefits decreased by $875,404 in 2008, compared to a$6,130,731 increase experienced in 2007. Since fhese net assets are used to meet ongoing benefit obligations to plan participants and their beneficiaries, 2008's negative returns have eroded the Fund's funding status. Net Assets (Tabie 1) As of Se Eember 30, 2008, 2007 and 2006 increase Decrease 20Q8 to 2007 2007 to 2006 2008 2007 2006 $ % $ % Current and other $ 1,639,341 $ 1,077,590 $ 967,018 $ 561,751 52.1% $ 11.4 assets 110,572 % Investments, atiair 26,733,103 28,187,947 22,154,855 (9,454,$44) (5.2) 6,033,092 27.2 value Total assets 28,372,444 29,265,537 23,121,873 {893,093) (3.3) 6,143,664 26.6 Current liabilities 28,371 46,060 33,127 17,689 38.4 12,933 39.Q Net assets $28,344,073 $29,219,4T7 $23,Q88,746 $875,444 3.0 �6,130,731 26.6 As the years roll farward and total assets and liabilities grow, investment income will continue to play an important roil in funding future retirement benefits. 7herefore, investmeni refurn over the long term is critical to the funding status of the retirement Fund. During 2008, the Fund's investment portfoiio returned losses of appraximately 16.0 percent. It is important to remember that a retirement Fund's funding is based on a long time horizon, where temporary ups and downs in the maricet are expected. The more critical factor is that the Fund be able to meet an expected earnings yieid of 8.5 percent annual return an investments. Based on aur latest acivariai valua#ion as of October 1, 2007, the Fund's actuarial value of liabilities exceeds its actuarial value of assets by $24.4 million, producing a funded ratio of 53.2 percent. 7he funded ratio is a key indication of financial strength of a retirement Fund and anaiyzing this percentage over time indicates whether the Fund is becoming stronger or weaker. Inves#ment and experience losses incurred in previous years have causet4 a downward trend in the funded ratio. � Financiai anatysis — summary As previously nated, net assets viewed over time may serve as a useful indication of the Fund's financiai position (Ses Table 1 above.) At the close of fiscal years 2008 and 2Q07, the assets of ihe Fund exceecied its current liabilities by $28,344,073 and $29,299,477 respectively, shawn as net asse#s held in trust for pension benefits. The net assets are availabie #o me�t the Fund's ongoing obligation to pian participants and their beneficiaries. Net assets The Fund's net assets are established from employer and member contributions, and the accumuEation of investment income, net of investment and adr-ninistrative expenses and benefit payments. Additions fo plan net assets As noted above, net assets needed to finance retirement benefits are accumulated thraugh collecting employer and member contributions and through investment earnings (net of investment expenses.} The additions totaled $236,105 for the year ended September 30, 2008. This was $6,620,499 less than the prior year primarily due to increased contributions from the City, State, and investment income. The additions totaled $6,856,604 for the year ended September 30, 2007. Additions to Net Assefs (Table 2j For the Years Ended Se tember 30, 2008, 2007 and 2006 increase Decrease 2008 to 2007 2007 to 2006 2008 2007 2006 ^� °/a $ % Employercontributions �a3,143,904 $2,764,147 $1,695,236 $379,757 13.7% $1,068,9 63.1% 11 Membercontributions 938,124 777,433 819,275 161,691 20.8 (41,842) (5.9) State of Florida contributions 440,115 460,438 428,055 (20,323) {4.4) 32,383 7.6 Net investments income (4,287,038) 2,854,586 1,322,018 {7,141,524) (250.2) 1,532,56 115.9 (loss) 8 Total additions $236,105 $6,856,604 $4,264,584 (fi,620,499) (96.6} 2,592,02 60.8 0 Deductions #rom ptan net assets The Fund was created to provide retirement, survivor and disabili#y benefits to qualified members and their beneficiaries. The cost af such programs includes recurring benefit payments, refunds of contributians to employees who terminate employment, and the cost of administering the Fund. 7 Deductions from Net Assets jTable 3) Far the Years Ended Se tember 30, 2008, 2007 and 2006 lncrease Decrease 2008 to 2007 2007 io 2006 2008 2007 2006 �y % $ % Benefit payments $998,022 $650,179 $616,890 $347,843 53.5% $33,289 5.4% Refund of contributions 23,371 5,024 13,110 18,347 365.2 (8,086) (61.7} Administrative expenses 90,116 70,fi70 85,473 19,448 27.5 14,803 17.3 Total deductions 1,t11,509 725,873 �715,473 385,636 53.3 10,400 1.5 Expenses for the year ended September 30, 2008 totaled $�,111,509 an increase of 53.1 percent fram 2007. The increase was primarily due to benefits paid to new retirees in 2007. Expenses for the year ended September 30, 2007 totaled $725,873 an increase of 1.5 percent from 20Q6. The increase was primariiy due to more refunds of contributions ta terminated emplayees than experienced in 2p06. Further analysis of benefit payments is provided in Tabie 4 beiaw. Benefit Payments (Table 4) For the Year Ended Se tember 30, 2008, 2007 and 2006 lncrease Decrease 2008 to 2007 20a7 to 2006 2008 2007 2006 $ �/a $ % Normal retirement payments 662,381 313,438 $270,849 348,943 111.3 42,589 15.7 Disability pension payments 335,5�1 336,741 346,041 (1,100) (0.3} (9,300} (2.7) QROP accounf withdrawals - - - - - - - Total benefit a ments 998,022 650,'f79 �616,890 347,843 53.5 33,289 5.4 Ti�e deductions of plan net assets of $1,111,509 and additions to plan net assets of $236,105 resulted in an overal! decrease of $875,404 in net assets held irt trust for pension benefits for the year ended Sep#ember 30, 20�8. The deductians af plan net assets of $725,873 and additions to pfan net assets of $6,856,604 resulted in an overal! increase of $6,130,731 in ne# assets heid in trust for pension benefits for the year ended September 30, 2�07. Fiduciary responsibilities The Board of Trustees is the fiduciary of the pension trust fund. Fiduciaries are charged with #he responsibility of assuring that the assets of the Fund are used exclusively for the benefit Qf plan participants and their beneficiaries and defraying reasonable expenses of administering the Fund. L Requests for information This financial report is designed to provide fhe Board af Trustees, our membership, taxpayers and investmeni managers with an overview of the Fund's finances and accauntability for the money received. Questions concerning any of the information provided in this report or requests for addi#ional financial information should be addressed to: Palrr� Beach Gardens Police Officers' Pension Fund clo Pension Resource Center, Inc., 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 0 BASIC FINANCIAL STATEMENTS Palm Beach Gardens Police Officers' Pension Fund Statements of Plan Net Assets Assets Cash and cash equivalents Prepaid expenses Prepaid athers Receivables: Interest and dividends Police officers City of Palm Beach Gardens Total receivables Investments, at fair value U. S. government obfigations Mortgage backed securities Corporate obliga#ions Equity funds Equity securities International funds Money market funds Tatal investments Total assets Liabilities Accounts payable and accrued expenses Totai liabilities Net assets held in trust for pension benefits (A schedule of funding progress is presented on page 17) September 30, 2008 2007 $ 89,945 69.720 164,043 89, 542 1,226,091 1,479,676 3,250,638 2,457,432 4,219,199 2,862,088 9,248,910 2,427,735 2,267,101 26,733,103 28,372,444 28,371 2$,371 $ 28,344,073 $ 310,451 47,608 941,703 917,390 460,438 719,531 3,845,033 3,365,842 2,798,717 2,319,677 11,381,794 2,168,135 2, 308, 749 28,187,947 29,265,537 46,060 46,060 $ 29,219,477 See notes to financial statements, 10 Palm Beach Gardens Police Officers' Pension Fund Statements of Changes in Plan Net Asse#s Additions Cantributions City of Palm Beach Gardens State of F(orida Poiice Officers Total contributions Investment income Net appreciation in fair value of investments Interest and dividends Less investment expenses Net investment income Total additions �eductions Participant benefit payments Refund of participant contributions Administrative expenses Total deductians Net increas� Ne# assets held in trust #or pension benefits Beginning of year End of year Year Ended September 30, 2Q08 2007 $ 3,'f 43,904 440,115 939,124 4,523,143 {4,830,51 �) 641,071 {4,189,439) 97, 599 (4,287,038} 236.1 Q5 998,022 23, 371 90,116 1,111,509 (875,404) 29,219,477 $ 28,344,073 $ 2,764,147 460,438 777,433 4,002,018 2,393,59'f 589 ,050 2,974,641 120,055 2,854,586 6,856,604 654,179 5,024 70,670 725,873 6,13a,739 �:: �. $ 29,219,477 See notes to financial statements, 11 Pa1m Beach Gardens Police Officers' Pension Fund Notes to Financial Statements Years Ended September 30, 2008 and 2007 Note 1- Summary of significant accounting policies Reporting entity - The Palm Beach Gardens Police Officers' Pension Fund (Fund) was established to account for the financial activity of the City of Palm Beach Gardens Pofice Pension Plan. The Fund is managed by a five member Board of Trustees comprised of two members appointed by the Council of the Cify of Palm Beach Gardens, Florida (City), two members elecied by/from the plan membership and one member elECted by the other four members. The Fund is reported in the fiduciary funds (pension trust) in the City's basic financial statements. Basis of accounting - The Funci's financial statements are prepared using the accrual basis of accounting. Contributions from the Fund's members are recognized as revenue in the period in which the contributions are due. Contribufions from the City of Palm Beach Gardens, as calcuEated by the Fund's actuary, are recognized as revenue when due and when the City has made a formal commitment to provide the cantributions. Expenses are recognized in the accounting period incurred, if ineasurabie, Benefits and refuncls are recognized when due and payable in accordance with the terms of the plan. Method used to value investments - Investments are reported at fair va{ue. Money market mutual funds are reported at cost which approximates fair value. Securities traded on national ar internationai exchanges are valued at the last reported safes price or exchange rates. The value of the Fund's participation in pooled equity trust funds is based on the beginning of year value of the Fund's interest in #he trust, plus actual contributions and ailocated investment income, iess actual distributions and alloca#ed administrative expenses. Quoted market prices are used to value investments in the trust funds. Net appreciation (depreciation} in fair value of investments includes the difference between cosf and fair value of investments held as well as the net realized gains and losses far securities which are sold. Interest and dividend income are recognized on the accrual basis when earned. Purchases and sales of investments are recorded on a trade date basis. Use of esfimates - The preparation ofi financial statements in conformity with accounting principles generaily accepted in the United States of America requires the plan administrator to make estimates and assumptions that affect certain reported amounts and discfosures. Accordingiy, actual results may differ from those estimates. Note 2- Plan ttescription and contribution information Plan descripfion The following brief description of the Fund, is provided for general information purposes only. Participants should refer to City ordinances for more complete information. The City of Palm Beach Gardens, Flarida adopted this single employer defined benefit pension plan. The Fund is governed by Florida Staiutes Chapter 185, as revised by orcfinances passed by the Pa1m Beach Gardens City Council. All full time palice officers are covered under fhe plan. 12 Palm Beach Gardens Pofice Of#icers' Pension Fund Notes to Financial Statements Years Ended September 30, 2008 and 2007 Note 2- Plan descripiion and contribution information {continued) Plan description (contrnued) The Plan provides retirement, death and disability benefits for its members. Benefit pravisions are established and may be amended by the City of Palm Beach Gardens, in conjunction with the Palm Beach County Police Benevolent Association. A member may retire wi#h norma! benefits after the earlier of age 52 with 1 Q years of service, or 20 years of service regardless of age. Reduced early retirement benefits are available once a member reaches age �0 and accumulates 10 years af credited service. Normal retirement benefits �re 3.50% of the member's average final compensation times his or her credited service years up to a maximum of 100% of average finaf compensation plus a monfhly supplemental benefit of $12.50 per year of service. Early retirement benefifs are the same as normai retirement bene#its, reduced by 3.0% for each year by which early retirement precedes #he normal retirement da#e. Average final compensation for purpases of calculating benefits is the average compensation over the last five years of service including lump sum payments of unused leave. Eligibility for disability benefits begins from the member's date of hire, if the disabiliiy is service connected, or after 10 years of service if non-service connected. Service-incurred disability benefits are 60% of the member's current compensation, but not fess than the accrued pension. Non-service irtcurred disability benefits are 2.5% of the member's average final compensation iimes his or her credited service years, bui nat less than 25% of salary or the accrued pension benefit, whichever is greater. Pre-retirement death benefits for senrice related deaths are paid to the member's widow for life. Benefits are calculated at 50% af the member`s final average salary, with a minimum equal to the accrued pension (with no early retirement reduction). Pre-retirement death benefiis for non-service related deaths are paid to the member's widow far life, For members with less than 5 years of contributing service at the date of death, the benefit is the return of the member's contribu#ions without interest. For members with 5 years or more of contributing service at the date of death, the benefit is equal to that payable at eariy or normal retirement age. if the member is eligible for normal retirement, the benefit is equal to his or her accrued benefit, and is payabie for life. Terminatian benefits for unvested members are ihe return of the member's contributions. For members who are vested when they terminate, their vested accrued benefit is payabie at the early or normal retirement date. Membership in the Plan consisted of #he following at Octaber 1, 2007, the date of the latesk actuarial valuation: Retirees and beneficiaries receiving benefits 27 Terminated employees entitled to benefits but not yet receiving them 1 Active members � fl7 Total 135 13 Palm Beach Gardens Police Officers' Pension Fund Notes to Financial Statements Years Ended September 30, 2008 and 2007 Note 2- Plan description and contribution information (continued) Contributions Contribution requirements are established and may be amended by the City of Palm Beach Gardens in conjunction with the Palm Beach County Police Benevolent Association. Contribution requirements are based on the benefit structure established by the City. Members are required to contribute 8.6% of their covered salary. Pursuant to Chapter 185 of Florida Statutes, a premium tax on certain casualty insurance contracts written on Palm Beach Gardens properties is collected by the state and remitted to the Fund for the state's annual contribution amount. The Fund is required to contribute the remaining amounts necessary to finance the benefits through periodic contributions at actuarially determined rates. Administrative costs are financed through investment earnings. A rehired member may buy back one or more years of continuous past service by paying into the Fund the amount of contributions the employee would otherwise have paid for such service, plus the investment earnings that would have been earned had such funds been invested by the Fund during that time. Note 3- Deposits and investments Deposits Custodial credif risk - Florida Statutes require the Fund to maintain its deposits with financial institutions in a qualified public depository, as determined by the Treasurer of the State of Florida. The Fund's accounts maintained in qualified public depositories are covered by federal depository insurance for an amount equal to the aggregate of each participanYs ascertainable, non-contingent interest in the Fund (up to $100,000 per participant). Amounts in excess of federal depository insurance are secured by the Public Depository Trust Fund (Trust Fund) maintained by the Treasurer. The Trust Fund is a multiple financial institution pool with the ability to assess its member financial institutions for collateral shortfalls if a member fails. Investments - Investments at fiscal year end consist of the following at September 30, 2008: Credit Investment maturit in ears rating (Moody' Investment types: S Fair Value Less Than 1 1-5 6-10 More Than 10 Money market funds AAA � 2,267,101 $ 2,267,101 � - $ - $ - Governmental securities AAA 3,250,638 508,630 784,363 871,754 1,680,286 Mortgage back notes 2,457,432 - - - 3,365,742 International funds AAA 2,427,735 - 854,756 - 1,313,379 Corporateobligations A1-AA3 4,219,199 331,832 1,065,233 933,382 468,270 Subtotal 14,622,105 �v3,149,211 $2,704,352 $1,805,136 $6,827,677 Equity funds and securities N/A 12,110,998 Total investments $26,733,103 14 Paim Beach Gardens Police Officers' Pension Fund Notes to Financial Sfatements Years Ended September 30, 2008 and 2007 Note 3- Deposits and inves#ments (continued� Inferesf rate risk - Although the Fund's inves#ment policy does not provide iimitations as to maturities, the Fund minimizes risk of fair value lasses in ifs fixed income portfolio due to rising interest rates by structuring its investment portfolio so that securities i-nature to meet ongoing cash requirements, thereby avaiding the need to sell securities on the open marke# prior to maturity; and by investing operating funds primariiy in shorter-#erm securities or by cash fiow projections. Credif Risk: Florida Statutes and fhe Fund's investment policy limit investments to: • Time, savings and money market depasit accounts of a national bank, a state bank or a savings and loan association insured by the Federal Deposit Insurance Corporation; • Obligations issued by the United States Government or in obligations guaranteed as to principal and interest by the United States Government; • Stocks, bonds or other evidences of indebfedness issued or guaranteed by a corporation organized under the laws of the United States, any sta#e or organized ferritory of the United States, or the District o# Columbia; • Commingled stock, bond or money market funds; and • Bonds issued by the State of Israel. • Equity investments must be traded on one or more of the recognized national exchanges and meet certain rating criteria. invesfinents in fixed income securities are limi#ed #o issuers whose obligations are rated at the time of purchase at one of three highest classifications established by at [east two nationally recognized statistical rating organizations (NRSROs). Custodial credit risk: For an investment, custodial credit risk is the risk that, in the event af the failure of the counterparty, the Fund wiil not be able to recover the value of its investments or coliateral securities that are in the possession of an outside party. The Fund's policy is to maintain its security investments in custodial accounts that identify securities held in the name of the Fund by registering securities in the name of the Fund, or in street name or naminee name as the Fund's agent. Concentration of credit risk: The Fund's investment policy limits investments in the stock of any one issuing company to five percent (5%) of the Fund's assets, and to five percent {5%) of the outstanding capifai stock of any issuing company. As of September 30, 2008, nane of the Fund's investments (other than those in mutual funds, external investment pools, and other pooled investments) exceeded five percent (5%) of plan net assets. 15 Palm Beach Gardens Police Officers' Pension Fund Notes to Financial Statements Years Ended September 30, 2008 and 2Q07 Note 4 - Income taxes The Fund's tax counsel believes that the Fund is designed and is currently being operated in compliance with app(icable requirements of the lnternai Revenue Code. Note 5 - Amendments During the fiscal years ended September 30, 2008 and 2007, the City Council of Palm Beach Gardens adop#ed ordinances amending certain provisions of the Fund. The substantia! effects of the ordinances are lisfed below. Ordinance 8, 2006 • Amending the benefit for normal retirement to be changed to 3.5% of the member's average finai compensation times his or her credited service years up to a maximum of 100% of average final campensation. The ardinance was passed June 15, 2006. � REQUIRED SUPPLEMENTARY INFORMATION Actuarial Valuation Date 10/1 /02 10/1/03 10/1 /04 10/1 /05 10/1 /06 10/1 /07 Palm Beach Gardens Police Officers' Pension Fund Actuarial VaEue of Assets {a) $12,303,486 14,231,515 16,405,794 18,950, i 04 22, 740, 838 27,799,386 Schedule of Funding Progress (Unaudited) Actuarial Accrued Liability ���) Entry Age (b) $19,140,962 22,196,413 24,962,551 35,OQ4,203 46,503,218 52,230,511 Unfunde� AAL (UAAL) fb-a} $6,837,476 7,964,898 8,556,757 96,054,099 23,762,380 24,431,125 Fundec{ Ratio a/b 64.3% 64.1 65.7 54.1 48.9 53.2 Covered Payroil (c) $5,572,514 5,989,146 6,755,078 7,332,448 8,322,332 8,915,563 UAAL As Percentage of Covered Payroll f f b-a)/c) 122.7% 133.0 126.7 218.9 285.5 274.0 17 Palm Beach Gardens Police Officers' Pension Fund Schedufe of Contributions from the Employer and Other Contributing Entities (Unaudited) Fiscal YearEnded September 30 2003 2004 2005 2006 2007 2008 Annual Required Contributions $1,425,328 1,475,340 1,704,049 1,931,054 3,176,799 3,556,548 Percentage Contributed 104.0% 'f 00.0 100.0 109.2 101.5 10�.7 Note: Annual required confributions reported above include contributions from both #he City of Palm Beach Gardens and the State of Florida. 18 Paim Beach Gardens Police Officers' Pension Fund Note to the Schedule of Funding Progress and Schedule o# Contributions from the Employer and Other Contributing Entities The information presented in the required supplementary schedules was determined as part of the actuarial valuations at the dates indicated. Addiiional information as af the fatest actuarial valuation follows: Valuation date Actuarial cost methad Amortization method Remaining amortization period Asset valuation method Actuarial assumptions: Investment rate of refurn Projected salary increases� �Includes inflation at Cost of living adjustments Significant factors affecting trends in actuarial information October 1, 2007 Entry Age Normal Level percent, closed 29 years Recognizes 20% of differance between market value of asse#s and expected actuarial asset value 7.5% 7.5% 3.0% Not applicable 2007 Changes in pian provisians and actuarial methads since prior valuations • None 2006 Changes in plan provisions and actuarial methods since prior valuations • None 2005 Changes in plan provisions and actuariai methods since prior valuations • Amending the benefit far normal retirement to be changed to 3.5% of the member's average final compensation times his or her credited service years up ta a maximum of 10Q% of average finai compensation. • The salary scale was changed from 6% per year to 9% per year, with a 14°/a saiary increase in service year ten. 2004 Changes in plan provisions and actuarial methods since prior valuatians • None. 2003 Changes in plan provisivns and actuarial methods since prior valuafions 19 Palm Beach Gardens Police 4fficers' Pension Fund Note to the Schedule of Funding Progress and Schedule of Contributions from the Employer and Other Contributing Entiiies Significant factors affecting trends in actuarial information (continued} • The early retiremeni penalty was reduced to 3.0% per year. • Minimum disability benefits equal to the accrued pension were enacted. • A new benefit payable fram Chapter 185 revenue in excess of $235,818 was added. 2002 Changes in plan provisions and actuarial methods since prior valuations • None. 2� OTHER SUPPLEMENTARY INFORMATION Palm Beach Gardens Police Officers' Pension Fund Schedule of Administrative and Investment Expenses Administrative Expenses Accounting services Printing/Stationary Prafessional fees ac#uaria( services Professional fees legal services Professional fees administrative services Fiduciary liability insurance Annual membership fees Trustee expenses Computer services Bank charges Total administrative expenses $ $ Year Ended September 30, 2008 2007 11,700 $ 11,404 - 834 30,874 10,858 7,984 6,711 27,680 27,577 6,366 6,244 500 450 1, 807 2,166 3,205 1,900 - 2,530 90,116 $ 70,670 lnvestment Expenses ICC & Rhumbline inves#ment rnanagement fees $ 75,843 $ 90,132 Custodial fees 8,818 8,097 Performance monitor - Thisfle Asset Consulting 12,938 21,826 Total investment expenses $ 97,599 $ 120,Q55 21 4THER REPORTS Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Audifing Standards Board of Trustees Palm Beach Gardens Police Officers' Pension Fund Palm Beach Gardens, Florida We have audited the financial statements of Palm Beach Gardens Police Officers' Pension Fund (Fund) as of and for the year ended September 30, 2008, and have issued our report thereon, dated XXXX, 2009. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to the financial audits in Government Auditing Standards, issued by the Comptroller General of the United States. Internal Control Over Financial Reporting In planning and perForming our audit, we considered the System's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing an opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the System's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the System's internal control over financial reporting. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the System's ability to initiate, authorize, record, process, or report financial information in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the System's financial statements that is more than inconsequential will not be prevented or detected by the System's internal control. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected by the System's internal control. Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. However, as discussed above, we noted certain deficiencies in internal control that we consider to be significant deficiencies and other deficiencies that we consider to be material weaknesses. 22 Compliance and Other Matters As part of obtaining reasonable assurance about whether the Fund's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Sfandards. This report is intended solely for the information and use of the Board of Trustees and management, and is not intended to be and should not be used by anyone other than these specified parties. West Palm Beach, Florida XXXX, 2009 23 THE LAW OFFICES OF � � � `� ANN H. PERRY aperry@perryjensenlaw.com To: From: Subject: Date: MEMORANDUM Board of Trustees Palm Beach Gardens Police Pension Fund Bonni S. Jensen t��' LAW OFFICES OF PERRY & JENSEN, LLC BONNI SPATARA JENSEN bsjensen@perryjensenlaw.com Worker, Retiree, and Employer Recovery Act of 2008 (H.R. 7327) April, 2009 In December of 2008, Congress passed an emergency package of pension relief provisions and pension related technical corrections known as "The Worker, Retiree, and Employer Recovery Act of 2008." It was signed by the President on December 23, 2008. Below are some important changes for your pension plan: Market Rates of Interest This new law allows governmental plans to credit interest at a rate of interest set by federal, state or local law even if it exceeds the "market rate of interest. $3, 000 Health insurance exclusion for Public Safety Officers The law includes self-funded health insurance programs in the current $3,000 exclusion from income for public safety officers who have their health insurance premiums deducted and paid by their pension plan. Required Minimum Distributions The new law suspends required minimum distributions (generally distributions at 70'h) from qualified retirement accounts for 2009 (however, the law does not apply to minimum distributions for 2008). The new law also allows the beneficiaries not to receive distributions in 2009 for the purpose of beginning 400 EXECUTIVE CENTER DRIVE, SUITE 207•:• WEST PALM BEACH, F�oR�oA 33401-2922 PH: 561.686.6550 •:• Fx: 561.686.2802 13 kRIF%ieGe.9i1�t L Board of Trustees Worker, Retiree and Employer Recovery Act of 2008 April, 2009 Page 2 of 3 the 5 year distribution cycle on distributions received by beneficiaries after the death of an account holder. Non-Spouse Rollovers For plan years beginning after 12/31 /09, qualified plans must permit non- spouse rollovers. This law clarifies that until then they are permitted. Additionally, the law made some changes and corrections to the private sector. Below is a summary of some of the changes. PPA 2006 changes Single Employer Plans For Single Employer Private Sector Plans, the law has eased funding rules allowing plans that fall below the target funding to make subsequent contributions up to the funding percentage (92% for 2008 and 94% for 2009) rather than to the 100% amount required under the PPA. The new law clarifies the use of smoothing to allow recognition of unexpected assets gains and losses over a 24-month period. Plans would now be able to look "back" to the previous plan year for the adjusted funding target attainment percentage rather than the current years AFTAP. If the plan's funding level falls below 60%, it is generally not permitted F..r..,.. .J7„t_:i....i:...,.,. r____i___i_r �_.__r:i_ Ti__ i � �v� ai iy ui�u wu�i�i i� �i a�uCi�ia�eu u�rien�5. i ne �iew idv�i peftTliCS IUfllp SUCTI payments of $5,000 or less without participant consent, even if the plan is otherwise prohibited from paying lump sums. Multi-Emplover Plans The new law relaxes some funding restrictions to help multi-employer plans during this economic downturn. Specifically, the new law provides a 3 year extension from 10 to 13 years, of current funding improvement and rehabilitation period for plans in critical or endangered status for 2008 or 2009. At-Risk Plans The law applies the 2008 transition rule for determining at-risk status to both the 70% and 80% prongs of the 2 tiered determination for plans with more than 500 participants. Board of Trustees Worker, Retiree and Employer Recovery Act of 2008 April, 2009 Page 3 of 3 Small Plans A small plan is defined as 100 or fewer participants. The act authorizes the establishment of special rules regarding plans that have an alternative valuation date for purposes of quarterly contributions and application of benefit restrictions. Hvbrid Plans A hybrid is defined as a defined benefit plan that combines elements of the DB plan with elements of the DC (defined contribution) plan. The new law changes the vesting rules for hybrid plans, as well as interest crediting rules and requirements. Automatic Enrollment This simply clarifies the permissible withdrawal rules with regard to Defined Benefit plans. Combined Plan Deduction Limit Modifies the deduction limit for employers that maintain one or more DC plans and one or more DB plans. r�i -'- r' --' - -- - - - rian cxpenses Defines plan expenses expected to be paid out of plan assets to be included in calculating the plan's normal cost. If you have any questions or would like to discuss any part of this in more detail, please feel free to let me know. BSJ/adt H:�P,II Miscellaneous�ALL BOARDS\2009\MEMO WRERA 2008.wpd �'HE LAW OFFICES OF �� � � ;�� ° ��.. � ANN H. PERRY aperry@perryjensenlaw.com MEMORANDUM To: Administrators From: Bonni S. Jensen The Law Offices of Perry & Jensen, LLC Subject: New Withholding Tables Date: March 26, 2009 BONNI SPATARA JENSEN bsjensen@perryjensenlaw.com On March 11, 2009, the IRS issued a new Publ.ication 15-T setting forth new income tax withholding percentage and wage bracket method tables. The IRS indicates that the new tables have been developed due to changes in the tax law from the American Recovery and Reinvestment Act of 2009. "The IRS asks thatemployers begin using these tables in lieu ofthe applicable previously published tables as soon as possible, but no later than April 1, 2009." Attached is a copy of the Notice to Employees from Publication 15-T. I have also provided a revised Notice that can be used for Retirees. The full publication can be found on the internet at http�//www.irs.qov/pub/irs-pdflp15t.pdf. Although pension plans must use these new withholding tables, the IRS has stated that pension plan distributions are not earned income for purposes of the Making Work Pay Credit. Thus, using the new withholding tables may result in under withholding for the retirees. I suggest that you implement the new tables but send the Notice to Retirees and a new W-4P with the benefit payments, so that retirees can make an informed decision about their withholding. H:�AII Miscellaneous\I R S\Tax withholding\Publication 15T.wpd 40O EXECUTIVE CENTER DRIVE, SUITE 2O7•:• WEST PALM BEACH, F�oRIOA 33401-2922 PH: 561.686.6550 •:• Fx: 561.686.2802 13 (OErwiiwMnPn.ka Palm Beach Gardens Police Review of International Equity Funds March 31, 2009 1. Vanguard Global Equity (VHGEX) [0.58%] March 31, 2009 MorningStar Rating Comparative Index: Fund: Policy: Diff: Rating 3 Month -13.03% -11.92% -1.11% n/a December 31, 2008 MorningStar Rating: Comparative Index: Fund: Policy Diff: 3 Month -24.00% -21.77% -2.23% ����-���-� (out of 425 funds over 5-years) World Stock ie. MSCI World 1 Year -47.83% -42.58% -5.25% 86 3 Year -16.14% -13.77% -2.37% 77 `��`����� (out of 420 funds over 5-years) World Stock ie. MSCI World 1 Year -46.66% -40.71 % -5.95% 3 Year -9.71 % -8.10% -1.61 % 5 Year -3.79% -3.50% -0.29% 58 5 Year -0.24% -0.51 % 0.27% Received an average rating and review from Morningstar. Terrible past 15 months performance, the typical world stock offering has dropped 51 %, this fund has fallen 58%. This is due to the worldwide equity meltdown that has began in late 2007. However, there is long-term optimism due to good 10-year and since- inception returns. No change recommended. www.vanguard.com 2. Vanguard International Growth Admiral Shares (VWILX) [0.35%] March 31, 2009 MorningStar Rating Comparative Index: Fund: Policy: Diff: Rating: 3 Month -10.24% -13.94% 3.70% n/a December 31, 2008 MorningStar Rating: Comparative Index: Fund: Policy Diff: 3 Month -23.16% -19.95% -3.21 % . �. �� �. �ry ������� �.� (out of 584 funds over 3-years) Foreign Large Blend ie. MSCI EAFE 1 Year -45.56% -46.51 % 0.95% �� 3 Year -12.91 % -14.47% 1.56% 1� ��� (out of 570 funds over 3-years) Foreign Large Blend ie. MSCI EAFE 1 Year -44.83% -43.38% -1.45% 3 Year -.6.81 % -7.35% 0.54% 5 Year -1.25% -2.18% 0.93% �� 5 Year 2.13% 1.66% 0.47% Received a good rating and review from Morningstar. This quarter is up from 3- stars to 4-stars. The fund has outperFormed the policy by over 3% for the quarter! Also, the fund has outperformed the policy for all the time periods shown above Added a third sub-advisor in February 2008.No change recommended. www.vanguard.com 3. Vanguard International Value (VTRIX) [0.47%] March 31, 2009 MorningStar Rating Comparative Index: Fund: Policy: Diff: Rating 3 Month -12.89% -15.53% 2.64% n/a December 31, 2008 MorningStar Rating: Comparative Index: Fund: Policy Diff: 3 Month -20.51 % -19.81 % -0.70% . �. ��. ��. �������� (out of 235 funds over 3-years) Foreign Large Value ie. MSCI EAFE Value 1 Year -44.66% -47.72% 3.06% � 3 Year -13.13% -15.92% 2.79% � `���`��3��3 (out of 246 funds over 3-years) Foreign Large Value ie. MSCI EAFE Value 1 Year -41.74% -44.09% 2.35% 3 Year -5.80% -8.25% 2.45% 5 Year -0.25% -2.49% 2.24% �� e 5 Year 3.38% 1.79% 1.59% Average rating and a good review from Morningstar. Added a fourth sub-advisor in May 2008, Edinburgh Partners. No change recommended. www.vanauard.com [c3 x o� � � � � � ao � � � � �n 0 � �. � � o� � � .�, o� U � 0) A. .� ^e+ �I -3 Palm Beach Gardens Police Pension Fund Total Fund Ttallrng 5-Years (versus 25% S&P500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 35% BCGC) March 31, 2009 -3 0 3 Risk (Difference in Standard Deviations) • 3/31/2009 012/31/2008 O 9/30/2008 ♦ 6/30/2008 ��� ��.� .,�� . ;► . . .� «.....�..��..... ��� THE LAW OFFICES OF PERRY � JENSEN, LLC ANN H. PERRY aperry@perryjensenlaw.com March 23, 2009 Board of Trustees and Service Providers of the Palm Beach Gardens Police Pension Fund To our valued clients BONNI SPATARA JENSEN bsjensen@perryjensenlaw.com We would like to take this opportunity to announce the retirement of Jill Hanson from the firm of Hanson, Perry & Jensen, PA. The firm will no longer provide representation in the area of Labor and Employment Law. As a result of Jill's retirement, the firm's new name will be The Law O�ces of Perry & Jensen, LLC. Bonni Jensen wilf continue her work with Public Sector Pension Funds and Ann Perry will continue to practice in the area of family and criminal defense and In addition, a website is being designed and should be up available within a few months. The website will be located at www.perryjensenlaw.com. We will also have new email addresses which will be effective immediately. Bonni S. Jensen Karen Amenita Angela Twomey Karl Seifel, Jr. bsjensen perryjensenlaw.com karen(a�perryjensenlaw.com angela(c��perryjensenlaw.com karl(�a perryjensenlaw.com Should you have any questions regarding our service, please do not hesitate to contact our office. BSJ/adt We thank you for being a client and look forward to continuing to serve you. Sincerely yours, �? , � i'` � � ti- �'��. Bonni S. Jensen ,, � i 4OO EXECUTIVE CENTER DRIVE, SUITE 207:• WEST PALM BEACH, F�oRioA 33401-2922 PH: 561.686.6550 :• Fx: 561.686.2802 �„ miK�ClT1a PALM BEACH GARDENS POLICE PENSION FUND AND THE LAW OFFI�ES OF PERRY 8c .IENSEN, LLC This Agreement for legal services, effective June 15, 2008 is entered into by and between the Board of Trustees ("Trustees") of the PALM BEACH GARDENS POLICE PENSION FUND ("Fund") and THE LAW OFFICES OF PERRY 8 JENSEN, LLC ("the Firm"). WITNESSETH: WHEREAS, the City of Palm Beach Gardens has enacted a pension plan, providing for the creation and operation of the PALM BEACH GARDENS POLICE PENSION FUND ("the Fund"); and WHEREAS, the Pension Plan provides that the Trustees are solely responsible for administering for the Fund; and WHEREAS, the Pension Plan provides that the Trustees are required to engage the services of professional legal counsel to assist and advise the Trustees in the performance of their duties; and WHEREAS, the Trustees desire that the Firm serve as Counsel with respect to the Fund, and the Firm is willing to so serve. NOW THEREFORE, in consideration of the mutual agreement herein contained, it is covenanted and agreed as follows: 1. Employment of Leqal Counsel. The Trustees hereby employ THE LAW OFFICES OF PERRY & JENSEN, LLC as legal counsel to the Fund and its Trustees. 2. Fee Schedule. For services under this Agreement, the Legal Counsel shall be Page 1 of 3 entitled to receive from the Trustees a fee for legal services rendered on behalf of the Fund and its Trustees at a rate of $200 per hour for attorney time, plus any costs necessarily incident to representation by the Legal Counsel. This fee is effective June 15, 2008 and is guaranteed for one year. Attached as Exhibit A is the schedule of fees and costs. 3. Services Provided. The legal services covered under this agreement shall include but not be limited to the following: attendance at all regular meetings of the Trustees; response (whether written or verbal) to all written and telephone inquiries from trustees and fund service providers, including any legal research necessary; drafting, review and revision of all contracts with service providers; preparation of Fund amendments as necessary; drafting of policies and procedures necessary to guide the trustees in performing their duties; review and advise on all unusual pension applications, such as disability pension applications; litigation, any hearings held by the pension board, preparation of IRS applications, drafting of a restated pension plan and any other legal work required by the Board. 4. Legal Counsel Contacts. Primary attorney responsible for providing services shall be Bonni S. Jensen. 5. Prior Aqreements. This Agreement supersedes all prior agreements with the Legal Counsel, oral or written. 6. Execution. This Agreement may be executed in counterparts. Page 2 of 3 7. 0 9. Insurance. The Firm will maintain at least a$1,000,000.00 legal malpractice insurance policy during the term of this agreement. Binder will be provided annually to the Board of Trustees. Term and Termination. This agreement is at will and can be terminated by either party in accordance with the Firm's ethical obligations to the Fund. Fiduciary Responsibility. The Firm acknowledges that it is a�duciary with respect to the Board of Trustees in accordance with the Rules Regulating the Florida Bar. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date(s) indicated below. PALM BEACH GARDENS POLICE PENSION FUND Chairman Secretary Date WITNESS: As to Trustees THE LAW OFFICES OF PERRY & JENSEN,LLC Bonni S. Jensen Date WITNESS: As to Legal Counsel Page 3 of 3 BSJ/adt April 24, 2009 H tiPBG 00031VendorWttomey12009 LOPJ Agmt.wpd The Law Offices of Perry & Jensen, LLC 400 Executive Center Drive, Suite 207 West Palm Beach, Florida 33401 2008 FEE SCHEDULE (Effective June 95, 2008) COSTS/FEES Attorney Fees Legal Assistant Office Assistant Travel Time* Photocopies Faxes (no change) AMOUNT PER $200 $ 75 $ 25 $100 $0.25 $0.50 Hour Hour Hour Hour Page Page Postage and Shipping charges will continue to be billed at the current rates set by the service providers. (No change) *Travel time will not be billed to this Fund for local travel. Travel time is billed only when fraveling on behalf of the Fund outside of Palm Beach County. H:1All MiscellaneouslALL BOARDS\2008�Atty FEESILOPJ-2006-CURRENT Fees-no trvt wpd � ' ! I. ...: � 3���y'�:��1 ♦J�.-LL.-�1��-..f..'�+o+ly-Y+: . �. , _ ., r. � .��a. , .�-_ _ - �,� , ,�_. - _ i , ,� . , R� � . i: DISCIPLINE RISK,CAMT��,QL; , ; � ; - . 1.t 1 fi y. 3��'r# � j'� �� � 4 _ r K �� �:,ti x +., ?, �. % � . � .. I .. .- .`� � t �t T a �r � ,�-�ry�� r. � _ ��� � � � �" �, { f - t " ��. � �. :k � "{, r �„ .- � r.. e .. , .- a �` r L��t�„ . .� � , � if s 'iF �r: . ' . � _ i Y' � � j;� ��.� ' � - ' r . `. . � ` � �. , I _ .. ...,., .� :. • . " '_. . ,� ..�'�:; � � ''_'�. �� � r a � `� i , .; . , ' ;, ' , ° , ".; h : :, , ' � . � -' ': � . �� �r: ��1 _ M :�..�1 Z (r C = "�.:�'.��������.�I�M1`� � , � n -'r v 3 1 � T � �' '.-.� y�� rr� f �l' �G -� 1 . '.1' ' ���. � �� V 1 • m� 3 '. � . , � • '%y ��,�1 � t �'I..� � L"� � ASSE"'T ALLO�kfi�lN PERFORMANCE _ � `" =S�A'f � . °� , � �, ��4 :1 ��������" �� ��. � � �,'', � ���,.'�� ., . :� -� � , �� ,��r�«r� , I�s � -; � �k ' :. :��.�; , � � �r C .. t _ i _ a � �, 4�� �� ,� �a . ° -: � a � r � > w a..��; � � . , - , a �; , .'�,�' ���� � � �,�;�._ d - PALM BEACH GARDENS POLICE PENSION FUND Investment Review Quarter Ending March 31, 2009 PALM BEACH GARDENS POLICE PENSION FUND Table of Contertts Quarter Ending March 31, 2009 ICCCnprfnl �'��1��it�����mrlit. lric. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Review Quarter Ending March 31, 2009 ICC Gl��rtnl ;b'larri�grnr����t, l�ic. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investsnent Perforrnartce Report Quarter Ending March 31, 2009 Total Return Summaryr Portfolio Allocation Investment Performance Uy Asset Categor�� Fixed-Income Anal��sis Purchases & Sales Realized Gains/ Losses Portfolio Summary Portfolio Appraisal ICL Lnpit�zl Mrvi�rgc�rtte��t, Iric. Page...... Page...... Page...... Page...... Page...... Page...... Page..... Pa�e..... 1 2 3 4 8 12 15 16 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Total Reticrrz Surnrrtar-i� Quarter Ending Starting Va1ue Ending Value Difference Net Contributions/ (Withdrawals) Gair�/(Loss) from Irivestments March 31, 2009 $11,959,556 $11,654,492 ($305,064) ($403,340) $98,276 $12,187,732 $11,654,492 ($533,240) ($1,064,962) $531,722 $5,889,397 $11,654,492 �5,765,095 $3,962,655 $1,802,440 TOTAL RETURN 0.84% 4.46% 19.71% ANNLIALIZED TOTAL RETLIRN 3.66% ICC �rt���itri! ��lrntri���nr���rt, liic. 1 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Portfolio Allocatiori at Market Quarter Ending March 31, 2009 AssetAllocatio�t: OC100 (Mkt) _ _ _� Market Value CASH/EQUNS as of 12,/31/OS 17.6°� IC L Cri��ital �1ari�igc�rri��iit, Inc. � � � � PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME � Irivestrytent Perforinarrce by Asset Categori� � Quarter Ending � March 31, 2009 � � � � uarter � g.00 � 6.00 • � �.00 ■ ACCOL''�;�I� ■ BCAG �•9� 0.84 � � 2.00 0.12 0.12 � � � • 0.00 -= i BONDS 'TO I�AI . � i � �I Fiscal Year to Date � � s.00 � 6.00 � I� 4.00 � ; • 2.00 � 0.00 - " � � I 5.93 I�O� 1)S � Five Years AnrTUalized � s.00 � � 6.00 3.93 4.13 • 4.00 � � 2.00 • I 0.00 -� ' _ - � � BO:� DS � � � � � [LL Cayitr�l ,�9ni:�i�emri�t, l�r�. � ■ ACCOU\T 4.46 4.70 1 �� l :�L ■ ACCOU\T 3.66 4.13 TOTAL I7u� rcd t�>t�il h�ir rcF�rc����it� th�� I�an�Lri�s C�a��rfal AgSr��gat�� In:l�°.t. 3 ■ Bc,ac ■ sc.a� PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Irrcorne Anal�sis (Page 1 of 4) Quarter Ending March 31, 2009 Average Quality � AA - Average Duration � 3.74 Current Yield � 5.26 ICC Core Fixer� Income Portf'olio Govcrnment Spc�nsored 19. 3'>i, Mc,rtgagc Backed 7�.1 "�� US Trcasuries 8.1 `"�� - Curporatc Bonds �0.�"& Average Quality � AA Average Duration — 5.21 Current Yield � 5.00 BarclaUs Ca.pital Governrnent/Cre�it Ir:dex C��rporatc Bonds Governmcnt Spi,nsorcii 31).3"i. 2-1.2 °4, �. L'4 �Crcasuries 4�.5 <,.�� Average Quality � A.A Average Duration � 3.73 Current Yield � 4.65 Barclays Cqpital Ag�regate Index l?S Trcasurics 2h.2°r� L`S �iBS 38.6"�<� G��vrrnment Sp��ns<�red I 3,c�.,i, AI3S Cc�r�i�rate E3onds C�1BS U.b";, 17.�"i, i�'� ICC Gzprtnl Mn�uT�eruer:t, Ijtc. � PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Iricorne Astal�sis (Page 2 of 4) Quarter Ending March 31, 2009 Sectors and Market Iridices Perfon�iance VS. Core Fi.red L►cor�te Port olio 1Q09 � ' `�� 2.20 cn�,. — - _ -0.41 � � -132 -1.93 -1.87 — — — -- -��u,� _ � — ----- __ _ — — Gp G� �` Gp C �o °� �`� �ry . �er i s �s�^ �� �, f,� '�SAri �t � nv 7.56 0.12 �'� ��� -118 --- -- - - _ , ------ -- � 96 d�, h'(', i('_(, S 9r C�, � r vj �J/ Mort a e Backed Securities Cou on Maturi S£�P Ratin Mood 's Ratin F Imc # 02268 6.500°% 8 1 2036 AAA Aaa Fncl # 256394 6.500°0 9 1 2036 AAA Aaa G2 Pool# 419� 6.000°0 7 20 2038 AAA Aaa Gnsf M#��2509 6.000°�0 4 1� 2032 AAA Aaa F ci # 12205 4.500°�0 6 1 2021 AAA Aaa Fnci N#725�5 4500°% 5 1 2019 AAA Aaa Fnci M#25=�371 �.500°�0 7 1 2017 AAA Aaa Fnci N#255888 4.000°% 8 1 2020 AAA Aaa Fnci I� #825335 4.000°0 5 l 2020 AAA Aaa Fnci N#829053 4.000°'0 8 1 2020 AAA Aaa Gn'o M#781313 6.000°% 7 15 2016 AA�1 Aaa Gnsf M#582153 6.000°�0 6 15 2032 AAA Aaa F ci N# 12323 4.500°o 8 1 2021 AAA Aaa F ci N#b134�5 4.500°�0 4 l 2019 AAA Aaa Government S onsored Bonds Cou on Maturi S£�P Ratin Mood 's Ratin Fannie Mae 4.250°o 6 24 2011 AAA Aaa Fred��iie Mac 6.00O�o 7 6 2o17 AAA AAA Freddie Mac �.000°0 4 30 2018 AAA AAA Freddie Mac 5.900°o 6 l5 2022 AAA AAA Fannie :�tae 5.62�°6 11 1� 2021 AAA AAA Fannie Mae �500°a 12 �4 2022 AAA Aaa Fannie N9ae 6.000°i� � 28 2021 AAA AAA Us Treasury �.500°0 � 15 2038 AAA AAA lis Treasur�� N b 2.7�0°<'> 2 l5 2079 AAA :��.�'1�� IL� Crrpital ��1n���zgerxeni, luc. � PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Incorfze Ayialysis (Page 3 of 4) Quarter Ending March 31, 2009 Co orate Bonds Cou on Maturi S£�P Ratin Mood 's Ratin Fleetboston Finl Cor 7.370°0 12 1 2009 A- A3 McDonald's Cor 5.800°0 10 15 2017 A A3 At&T Inc 6.250°io 6 7� 2016 A .A2 Glaxosmithkline Ca Inc 4.375°�0 4 1� 2014 11+ Al Goldman Sachs 6.875% 1-15-11 6.875°0 1 lj 2011 AA- Aa3 At&T Inc 4.950°0 7 l� 2013 A A2 Lehrnan Brothers Hld 0.000°0 8 l� 2010 D V1'R Golden West Finl 4.750°0 10 7 2012 A+ Al Merrill L mch & Co 6.050°0 5 16 2016 A- A3 McDonald's Cor �.300°0 3 7� 20V A A3 Praxair Inc 4.375°0 3 37 2014 A A2 Mor an Stanley 2.000°0 9 22 2011 AAA AAA National Rural Util Coo �.500°b 7 1 2073 A+ Al IBM Cor 6.500°'0 10 15 2013 A+ Al Procter & Gamble Co 4.b00°�o ] l� 2014 AA- Aa3 New York Communitv Bank 3.000`'� 12 16 2011 AAA Aaa Kev Bank Na 3.200°0 6 1� 2012 AAA Aaa Pnc Fundin Cor 2.300°% 6 22 2012 AAA Aaa Baker Hu hes Inc 6.500°0 11 15 2013 A A2 HonevwellInternational 3.875°fo 2 75 201-� A A2 General Dvnamics Cor � 5.250°0 2 1 2014 A A2 ohns Ho kins Universitv 5.250�0 7 1 2019 AA AA2 Cisco S stems Inc 4.950°b 2 1� 2019 r'1+ A1 Hartford Finl Svcs Gr 5.250°0 10 15 2011 BBB BAA3 Hewlett-Packard Co 4.250°0 2 24 2012 A A2 Am en Inc 5.700°0 2 1 2019 A+ A3 Coca-Cola Co 3.625°0 3 1� 2014 A+ AA3 New York Life 4.6� 4.650°0 5 9 2013 AAA Aaa Verizon Communications 5.500°0 4 1 2017 A A3 Chevron Cor 4.950°0 3 3 2019 AA AA1 Cons Edison Co Of N 5.8�0°0 4 1 2018 A- Al General Elec Ca Cor 5.500°0 6 4 201� AA+ AA2 Mor an Chase 4.875°0 3 l� 2014 A+ AA3 National Rural Util Coo 5.450% 4 10 2017 A+ A1 General Llectric Ca Cro 5.300°0 9 20 2009 AA+ AA2 Goldman Sachs 5.250°6 10 15 2013 AA- AA3 Goldman Sachs 5.125°io 1 l� 2015 AA- AA3 Bear Stearns 5.700°� 7l 15 2U7� :��A- AA2 1CC Ca��rtnl 1�7����agemc��it, Iri��. 6 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Incofne Analysis (Page 4 of 4) Quarter Ending March 31, 2009 Portfolio Dttration vs. Index Durcttzon (Ratio) 1.8°�0 , 1.4% �- HEUTAAL 1.0°�0 I 0.6% 0.2°ia DEFENSIVE 1 �-1NDEX f .-\CCT AGGRES51 VI. 3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008 6/30/2008 9/30/2008 l2/3l/2008 3/31/2009 ICC �npitrll �blruzag����ierit, li�c. ?C� C3pital �tana«ernent PtRCH.�SE AL� S��I.E P.� '.S! B�.-� CH G.-�RDF_.�S POLICE PE:tiSIO:ti� FL�ti�J FI_�FD I_��CC).11� rrv;m . _ -_ . -i)8 I�p 0:-: I -rj(J �1 �1dL' �d2ije Date Da[e Quantir✓ PLRCH.��E� �)1-1 �-a9 C 1- : h-,`c ,_-=6-09 0�-U=-�� ._-:3-+)U 0�-�=-�9 �)=-n�-09 0�-06-09 �;�-__-�i� �)�_-'b-:)�a 0'- l 3-!)9 )_-=� -,)�� 0�-_�-09 0�-�0-09 ��)�-=_-09 0''-'6-09 !)3-=3-09 0�-=ti-09 �)1-0%-09 O 1-09-i)9 0 l -_2-09 O 1-�6-09 �:)'-,6-+�9 0�-0=-O9 9:-�ti-0�? 0__--_,;a �:�LES 0�-?0-�9 0=-_`-09 0=-20-09 0'?-?�-09 0�-?0-09 02-2�-09 0_-05-09 03-10-09 �J?-1�-09 0_-1 �-09 0?-19-09 0_-2<d-09 t Illi Se��ritv 1'ricr !=��).00C.�JOQ .�.�(L•Eti ��C �."00°'o Due 0=-01-19 11 �.00O.00U C��VRVN C.ORP �9�0°� Due 03-0�-1a 1=�.U00.000 CISCO SYSTEI�IS I�+C �.9�0°% Due 0�-i�-19 1'O.00O.00U COCA-COLA c:0 =.bZ;°,o Due p3-� �-1-4 ! =U.i)0�).0�)q HL- WLETT-P.aCK.��2L� :: i? a._�0°�o Due 0�-�-4-i: :-�.�JCO.i)u�; E���NEYWELL INTF��ti a,T?�-��; ��� =.3"�?� Due 0�-1 �-1-s _?�.000.000 JOH�+'S HOPKINS [.�Zti�RSIT`r' �.=�0°�o Due 0"-01-19 120,000.000 L`EW YORK LIFE �1.6� �.6�0°,�a Due OS-09-13 1��.000.000 PR�X.-�IR ItiC 4. �?�0% Due 0 �-� 1-l�t 280.00O.00U LS TREASLRY -4.�00°.% Due 0�-1�-�8 ��0,000.000 L'S TRE�SURY' =1. �00°,'o Due OS-1 �-� 8 1_O.00O.i�00 L S TREASURY N,B =.-�0°'o Due 02-1�-19 1 l�.DO�J.000 L S TRE�SL�RY N;B _ ��Oob Due 0'_'-1 �-19 130,000.000 CITIGROT P L'vC 6. �0a°�o Due 01-1_ 8-1 1 �0.000.000 CITIGROliP L�1C 6.�00°.'o Due 01-18-11 2�,000.000 CITIGROUP LNC 6.�00°'o Due 01-18-11 1��,000.000 E.I. DU PONT DE ��ENIOURS 5.8?�°.'o Due 01-1 �-1-1 _?�,000.000 FREDDIE �LAC 4.�7�°,�o Due O�-L-l.i 200.000.000 GOLDNt.�N SACHS GROUP I�iC �.���)��;, Du� 11-Oi-l- � ,,�; -�, 9�.9'" 9�3.�: 99.�a Oq '�h U4 _ h 9g.99 99.f� 99.68 12?.-�� 1?=.�0 �'� �� : �)�).-- 9=,1; 9�.1 � 9�.1 � 104.63 100.00 9s.�., ;m��un[ 1 r��.�__iij 1 1-t.9ti�.= ` 1= ;;�3-. � :o.a��_.)c � �'~� , "' ._ �. �; _.���. 1 ��."-! 1._; 1 13,986.i;�, 1-t=t. �� 1. �3 �,' ..�6.?3 i ._; -4��._'60.� �) li-.��- -- .=.-ti4.: _ --!-'.030.-� 1 ":.-- = .30 4',�6�. �t7 ,�,-s�.-= 16�._4"'.30 ��5.1��0.'�O 196.�� ;.C�O ICC Capital �Iana��ment PL-RC�L�SE _��-D S.�LE P-��.►�I BF-�Ch' G-?RDF.�S POLICF PE�SIO:�� FI :ti�D FI_�E'D 1_�-�D:1�� ,- �m __-_.-�JBTo�J3-_�-;4� Trade �ettie Date Date ;; _;i:_;:�, ��__,�h-�:�� �;_-..-�;4 ,_-:--�?!= 0 I -09-+)9 0 i -1-�-�)4 0�-0�-09 0 �-09-09 01-�"-;)o �� ! _?�)-OQ Qu�ntitv Se�vritv _.�'r�iC�.��)���: .:.�R:TFGRD FIVi. 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F�tCI N�?��•w� 1.�00°�o Due 05-01-19 G9-Q8-OS 0=-01-C9 _?3A?0 FNCIN�82�3�� �i 000°'a Due 0�-01-2'J �i8----0; �7:_;i_�)u �-: -or) �iC:'.Jd3�905� 1 )I;0° o �ue 0&O t -� •1 i� G�in Or L,�ss CUSt Basis PrncEads �hort Term 1.-0". 30 _.,".3� 9�t_.-41 ��= =5 �._�? p6 ?�0.04 3Q" ?3 __�;i -`i :�1."�+� .1�; ,_<,oaa.00 i 99,9a6. UO iss.bss.00 ��,-�=0.�0 ?fi,�Cd_ , 5 �,': I.98 19. �'9.30 _,.t�., .56 i : �.so ?6.98 1,191.�6 1?_G?' 2Q?54.6? s''.-14 1,620.10 363.04 5��._ :._� 3.: � ��" -- a"l.�h ��U -- ,__ _U ?.i:�.�a 3'0 OQ �jii-' ���-'� �- �".:i)� .11,� ���.o0U.D0 t 96, ���t.00 �-1.,�� sa ��.: ti�.�Q '_ �.78�. i5 ?.61 �.�3 19.161.t�9 ,5i13:' i_o.�s "'.21 1,196.30 1?:�.97 l�,ss-.�r _ �.�0 1,633.16 3?3.07 5-: '': Lono T:rm ;;; -_ a :_ ,� i ; �i:- --_ _.:C o. ��; -' 1'_'!Q _i 1 -.''- -1,3ti�.00 - ,� 1�.Ori -! lti.?0 -=98.? 1 33.� 1 � �? 0.:? :.=1 __.-0 �Q� ; � -0.0� h8.!)h Ip i,; _�.i ' :CC Ca�ital �(ana��emznt T���IZED G:�I�S A�-D LCiSSES F.��:�f BE�CH G_-�R�E:tiS PDiICF P�.�SIO�� FL-VD FI_Y�.D I_��CU�IF .. ;m,_-_.-.. ."u� ut��z ._-__-;�: Ooc❑ � lo,e llate Date QuanriN Jecvritv ��ri=-0� 0�-,)1-�)9 _.�9=.��0 CNSr �f d�3�:�� 5.:)O�i°n ��ue �)6-i="�- ,"-==-08 0�-�1-09 3.�Oa?;0 G'_' ?t��:L� �19� o.J01;°;, �ue J�-=1)-:3 ;s-E�-��� 0�-��!-�J9 9.091.�30 GNSF �l ;�=-=09 o.�J00°'o �ue !)�-1 �-=- ,�-�?2-'�^_ ��=-Oi-09 330.c�0 GN.;G�I�?3Lli 5.�)r}0°o Gue 0"-i =-: o _-�i)-�)8 _--°:` — 'u���- u?�1 _ .. Cl, PC�NT DE `i [ �IO [_'RS : i-�"oDuepl-i___� ,_-_.,- %" . -?`-,�� _C;. �uu i!;C: .: � T�A: LR`. `. _. _. _�t�°-o �ue �)�-e�-i`� �.-,JTa.l. �liII`7$ T:iTAL, LC�SSES : `.a.�_ R�:�.1..,_�� .�:�.:.` , L . `:� _.-�-i :i+� j1 �:aio Or Lo�s t: i,t ---- Basis Proceeds �hor, T�erm Lon� Tzrm = ?a0.'a _."9�.=� t; 3.?9� 0'" 3.10�.: � = 3.9"G �'J �.J91.1- • .-.— 9l)8.:9 33U,h= -- - - :�.--_.�.i�i __'� �i;l - �� 3i} .-_1: �. __ � �. �t."=� ,�0 1,�5.8"2.� 8 1.�03.OH"." 3.31�.:3 '�)I.1' -�.�6�).10 -1=.3� 1.�-! '_.345.�8 --lS.:�n.'�4 I�_C �apital �Iana«eme�t PORTFC�LIO SL��LtiL�R�' P. �L.dI FF: �CI� G.�RDEtiS POLICE PE.tiSIO �� FL =ti�D FI_1�D I.ti�Cf�_�IL ��l�n•�rz .: .. '!;�;�; PcL Cur. F�I..�nnual �es�r,tv Tvpe T��[al Cnst �'�:11'�y�t � �lue �.�set� 1 ie�d li�nme C�sh & Equivale�ics �.�SH :�tiD �c:'L�IV aL��T� Fised Income �GRPOR.a.T� �c�:,�iD� GOVER��IE�i � BOti-DS �(ORTGAGE POOLS ��OVER'�TN�NT �PtJ?�SORED BOl��D �ccrueti Interest i .!;r,�;.1 ?ri. �3_ i.�ih�).!'� �. � .� o :. ��1�?.�= y���t. � 1 1.,� � =09.?09._ . i,Q� 3.�-��. �0 : �).5 ��t.s I � .0�) .0��). ': : 6.;3' ;.06�).' �r.3� a l -•-�--^`�-�.�i) 1- - 3� L l -�.=t� -._ _ ��= �"�.:1 19.5 _,0 i 9,01 1. I 0 1"'.? 1 �?.612."`� I.= 10.�9!._==.;' 90.9 TOTAL P<)RTFOLIO 1 L69-�.��1.�3� 1 1.6^-l.�91.9�! 100.0 � ,._ _.J��'� �_- ,._ _.�;�ao ; - - - -;i;)._ . . `�, _.- .. i. '._.��; �.- 1� 1.513.a�3 - - l`J6._��;r__� _._ ����.3;'.-_ �.�3 �51.9��.!30 ICC Cacitai �[ana�eme;:� Ft�RTFOLIO .�PPR�ISAI.. P-�L:b� BE:a C�' G�RD�.�S I'OLICE PEtiSIO�� FL:ti7D FI_�E'D I_��CO_bIL- ll�zrch .; l. =Ol)� � nu Total �larket Pc�. Cur. ��u:�n[if� ���•�urir: C.is: Co.tii P��c. � �iue �ssets 1 ieiu t :��N �`'D E(�[ i�'�LE�'T5 �...�I: t -.l:�i: -_:�_: ..-.. . _ �!r,).;_+,_3: ,r��) i_i, j - ;n,0.lin.3� I.J6J.i:6.3_ ---. .- c t)RPOR.�TE Bl)`+D� i0.00Q.J0U ��c�E2-.� t��i_":�31C i�?.-y 33.5�9 50 10�.00 31.o�70.DU !- i': C.�P �RCP 3.�00°a �ue �)u__p_,�9 _.: �.JOO.OQO FLcE�'3CSTCN FiNL lOti.:3 `aQ,'h�.'0 �' o? =�9.�8090 _.�, '_ C(�R.° :"=°•a Due 1--Ol-Uu :`;p.')00.000 JP!vICRGAN i:H.-�E 3c li)3.?5 ?Oa.;�` _0 ;01.90 �3�.:��.30 _.1 - - �� .��.°o �'.UC �b's�-.n _�)�).')iii;. i�;�; �i:1�L-��+ BR+��TITRS 98.9' 19�9�4.�p 1�.?� `�.�ll0.00 �I_= l:� �L D(; ; i00°� Cue'.)3-i=-i�) t��G.JOi) )i'U ;+:`LDNL�.V �A�::ti � �)�t ,;; ��ic Jcr�_JU ��1 �. �,< _'?�. �. . �? �;�i - �.,3 •� :�"�°� I-1_-1 l , 3"'GD� Due!)1-i=-� i ;-�.'�CO_��uu �1C�RGANSi.-LtiLE'r ��? �. Ja.3�o i� li)�):. _=.-4_�.1� ' :_� ?. �JUO° � Due 49-<-11 ._5.000.000 i-IARTFORD F�+�L 98.1" 1�3.085 ��0 30.'9 100.360.00 09 - SVCS GRP : ,<,�o�o r,ue ]0-1�-11 :':,900.000 N�EW' YORK 99.95 1_4,93ti'� ]U�.1; I'3.03� ��0 l.l :.� COtiIIviLTlTTY" B��K :.000°'o Due l�-]ti-I : :_O.:;U��.�)OU !:L-w'LE� �-P.�Ct�"tD 999h t t�.�-a�.=�) :�)_.'� I,�__'� ��) a 1?�0"�a Due 02-'-4-! - --.�JOp-'J00 �iY' B.��fK tiA .?'� q0 !�=1,381._'� _0_ 31 I'9.-6h.�� 1-: = I =.200"�o Cue 06-IS-I? _5.000.000 P'.�C FL��Q�fG �C�RP 99.33 I^4,353.?5 i00.95 126?0_.,� l.l =-_ 2._00°o Due Oti-��-l? ='?O.00O.OQO C�LDEN WEST FIIv-L 9? S^ ]9�,640A0 9=.00 186,008.00 ].6 _. 4.?50°o Due l0 �1-i'_ ��iU.000.000 AT3tT INC 100._0 �00,�92.U0 101.4� 202,34�.00 L- 1% �1.950°% Due O 1-1 �- l � ;_!).000.000 VEWYORKLIFE�?.6� 99.1� 118,986.OU 97.�8 11b,35�.60 !.0 13 4.ti�0°� Due OS-09-13 L:.000.000 NATIONA: RLRAi. 99.84 13�3,�89.�0 1U0.3� 1�6,11�.?5 1.3 =_ UTII. C�P �.�00°% Due !)'-01-I3 8�.000.00� GOLDtvt.�� SaCHS 93.J.3 8�,6'4.�J0 91.33 '9,�?�.00 0.' :. :.'�0°% Due 10-1�-I� ._�,000.000 BMCORP 99?4 li3,971.30 1!0.6� ,49,��;.5� !.� � 6.�00°�a Due 10-1�-li ;'�,D00.000 BAKER HL'GI-�S INC 99.?6 124,70�.50 ]U9.64 1�"',05'.=0 1.' : 5. �00°.'o Due ] 1-1 �-1= ,_�..it;�)000 PROC"ER&GANiBLE 99.9s3 i21,9��.:0 ]0_.3� 1:^_,233.-� i.i a.� CO -1 oU0%Due 0?-]:-11 : �:.:i�)0 0(i0 ;�EV�ER�I. 9� = � f �1.-��il �JQ i'?h.��l L��..:i)h =� ... -�.a C`�'�;.-I��IICS COR° .._`i)°'a �U�!)�-i):_'_1 n ICC �a�ital ��Iana�ement PURTFOLIO .�PPR�IS:-�. P.-�L.6f BL � CH �;_�RDE�S PflLICE PE.�SIO_�� FL =��D FI_�D I.��CO.�f� Llar:�n �;, '�?r;�) l nit Totai 1larlcet i'��. (.ir. t)uanntv �ecvrih� Cost e:ost Price �alue �ssets `.`.e�d '^.�)00.0p0 �OhEYWE�� 99.:v i=a.1�=.�0 :�)i:.3h 1,5.)"� -; i : : ; L�T=R�; a.:':GNa.L _ $-'c,oio Cue �3�-1:-1.1 :0.000.000 C�C.�-CC�LA �0 ?4 �a :.SZ_`0o Cve !)�-I�-l•i 7p.000.000 :P �[ORGr4N C �-�Sc �� 0�3 a.37=°b Cue 0�-1�-11 ��.00O.�J00 ?�� `t.alR i.tiC ?u e3 a.�-°�o Cue 0�-?:-is _�.JU0.000 GU_<GS�[�I-iKL�:L- ?'?.3� C.>.? 1:�+C 1 _'�oo �iUC ��:1'] _-11 � �il). lllt)_'il)I) .�E.�'EIZ.�.)... =��... _ a.i� '?q_37 . �!� � :OU°o Due')fi-0�-11 -'_`. i�iU �JUi) BG-�Z S:'s.-\RNS ��.1r) :�.'00°'o Cue i 1-i�-I-4 �:,J00.000 GCL�fr1AN SACHS 99.?a �.1^_co•o Due'�i-:�-I-` i-'), )00.000 �IERRILL L i'ti'CH 3c ; 0� 5� �0 5.0��)°'o Due 05-i6-1b _'�.J00.000 ?.T&; INC !01.�6 =.ti�5°o Due 06-1]-ib '.:0.)00.000 �[CDONAi.D'S COR° 98.�0 _00°% Due 0�-19-1 � i= �. �liG CUi' `, rR:ZON 10�.�� = c�NiT�1L1YICAT:ONS � <t)p°o Due 04-OI-:? 1i;0.)OO.�ki�, �:,a.T?ONt1LRL�R�L 9�-58 I:TII. COOP ].1;�°'o L7ue �4-ii)-i' _"�,000.000 �(CDON,4!_.D'S �GR� I9^.-t" �.300°'o Due l0-i�-!? 1: i_ )OG �.;0o CCNS ED[SON CG GF 999h �; v :.Y�O°'o �ue 04-0I-i8 i'0.)Ou.00U _�.�(G�*1 G`iC 99.?8 :.'�l�°�n T.�UC l��-!)1- i y i �5,000.000 CISCG SYS"� EMS �iC �8.31 �.950°a Due 02-15-i9 ! 1 �,000.000 C:-IEVRON CORP 9997 �9`0°o Due 0�-03-]9 ._�.)OO.��lqfi JG�F�VS HOPKINS 94_�9 I. �IPlERSITY _�i)°.'o Due �?-�)l-i�? >_�cnieu :ntere:t Gt)�'ERyNIEti1� BOtiDS i:�.J0U.000 CS iRE.��LR`f`�E IOG.=� 2.750°% Due OZ-L-19 �;�),�OO.00IQ L!S TRE.aSLRY i:.�.2a 1 :00°� Due ��-��-=3 �.�::nie�� :n[cre�t 119,��a.�JU i�)�.J� 99.58�.�I) 9;.-= : �l�t,: � : . 30 l �)0. �)� __=.b0? �_ ���1.?� ''��.:::n �JII . -- 1-.3�'i _ 5 �a' �;� 6a,32910 9Q.11 l'�.98910 6'..3� '^3.Q?1 ,� 100.=- 1y3.�a8.�0 ]Oa.?9 ll?,31�.90 96.54 yo.58Ci.00 ��:.') .._0.___?t iQ"_. l 1�t.9ao �p 99.06 119.'�2.ap 101.:� I��,�I8.?5 98.�9 11 �1.96�1.35 10�.'_0 I'?.'a1.'� 9" ��) �,=�bi,9�9 3� 1 ] �,2ti9.�3 10U. �6 789,041.?5 ] 16.75 9Q�.;1 ': �3 I� �__.1�_.=� ?�._�_.00 '.-��.0�0.1; ==s.1�b.-_ ..� _ . 03 _ : _ 1_1 _' / 1._ %:�.-h- .?ii i 3 ` :t a=.-�� __ , - i �3,� � 1: 0.: _ " 1��.��5.�0 ��. � , _ �=�.�39=.-: !.. _ .. 1�?,138.00 1.: = i ll:,lib.00 LO � - 9=. , . _ �)U �).:2 j �� _a�;,aii_.00 _.: `a 11�.92�_50 1.�J � � 1�:,3�9 _0 i.'? : 5 1��.983-75 1.1 5 0 11�,��?.70 LO 19 1=._?"_ �;0 1 . " -? 3q.98c, 3, �).' �b_ _��4 •, �lc J - _ 11�,6�t? 4: 73=,52�.00 1 1.0� 5.,"' 36�--�'� �- 1.0 � - 5.= : '� 0.1 ' 1 ICC Caqit�al �lana�_emeat PL�RTFOLIO APPRAIS:�L P.-�L.�! BE.-� CH G.-�RDE.�S POI_ICE PE_tiSIO �- FL :�D FI_�D 1_� �O:LIF 6lurch _ .. 'OrJ9 Cnit Total )9nricet P�t Cur. �;uantin �ecarity �-ost Coct Price ��lue �ssets Yie+.�i �IORTGAGE POOLS � __J13.�c�; ��ii:O 4[ Y'3li'.� 6.JOC°o Jue 0"-i�-:b i�i.:"3?a0 �tiCl �[ ��;-1�"1 =_ 00° o Cue 0?-91- i' :.049 3aQ �G�] � �B13��= a.�00°.o Cue Od-0l-19 �_.306.3ti0 �iCI v T".; �.laj 1.�00°� Cue 0�-01-14 ��!.?��.��0 cVCl �+ �3�=3== -1.D�O°o CUC D�-OI-�� �_.12�+.�aU F�1C: � �^��333 �1.000°o Due 08-Oi-=O =r;._�9 -100 FvCI � �3�00��� �.00p° � Due 08-�) i -_0 ! �:3,:3:=.9?0 FvCI �G1�^05 �._00°� Due Oti-01-'1 �.50�.6?Z F��C[ V �G1232� �.: OQ°'o 1ue 08-p l-_ i �:: �.�,1��1.��� Ctl$i' �r� �=����d9 h.J00°.'0 �ue ���l-l�-�� ---�68.'S0 �NSF �I �58�.�3 6.D00°o Due 06-1�-�� "��-.=�"90� FGL�IC �G02?58 ti.�00°0 �ue 03-�)1-�6 � h.703.?00 :�iCL � ��6�9a h.�00°'o Gue 09-��1-�6 _�'.-'UO ti�= i.;= pOnL� 419� �.JCO°�� Cue !;�-=C-�3 O�c.-ue:i 1nte:est Gt��"ER\�IE`T �PONSORED }30hD ==�).000.000 EAN�iIE'.�Ir1E �t?�0°o Due 06-'4-11 3U0.000.000 FR�DD� ,LL�C 6.000°% Due 0?-06-]? �OO.00O.00U FREDD� �L�C �.000°'� Due U4-�0-13 _')i),000.000 F.�..L�g �I�1E 6.OU0°'o Due 04-23-�: �h�.D00.000 F.-1.L�vIE �(.�E _.62�°i�Due 11-1�-?I :OU,�J00.000 FREDD� �L�C :900°'a Due 06-1�-2� = �.:�0.000 F.-�V�� �fA.E `.`QI)°�n �UC �?-i�±-�� :�.�::�i1CQ :I7Sei�SI i0�.i� 9g.=o ao -1 ab. ��o a��i 9"_. 9? 00 ?6.�3 a5.38 �4.', 99.33 102.'J3 i��.00 qc,go ';�� ,�_ 99.8� 99J0 99.'9 99.32 48.63 oq. �i= � i.98'.0l 3�.309 9ci :.:)��9� 34.130.�: -l°.�"0.36 . ..983.= h �:1,3; :.ti� 1 1�3.366.?6 5._�l._, 1^3.31 d.04 J�.�l_'.J� _�.o�s._o h�3.���90 2=1.1�8.,`' _ _ti�� _i)u _ .. :a8." :.dU Zou,49Q 00 �9°,100.00 198,394.00 �63,193.00 295,390A0 2:=.=97.�0 i,958.4�W.�0 I�J=i. _., . ! �)�, ao .!)�.lc i0�.�- 101.�? (01.9� I019� 103.�0 I 0:; =0 i U_?� i 0�. �a �o�.�� i0�.1.. 104.1Q IOQ. - 101.17 100._ 1 10=.16 105.06 lOj.'o ]01.06 _ 'ri�._- 33.=80.�� _._.._.:�h ?ri.:=0.9y : �,-1-�.�J= :�.-�= : 96 1�. � _...5' 1=_.___.�� 5.31 �.'_ I 3".�5�.,=� :�.1��. � '�ti.od9.19 6�!9.68ti."3 �� 1.:43.1? 109bR.� 1 ' _ l l -d-_ _ -_.; 1��.�Q 3U3,=3�.00 :�0.5��.00 � 10,� 1 _.00 _i3,416.9� 315.83�, 00 Z�,, i 10.ti: ;a.619 la 2.0��.6=0.��i 0.3 - I� � 1! i1.3 a : �.1 D.? _ � 1 _ I.0 - 0.: 1 a 1.= : �� _ ' �.�! b._ 5.5 h- li ,- - -- _ _-�) -1 � _.6 . ...6 _.�� 1.3 _.. _.� _.1 _.. _.� ..._ :.1 0._ 1".0 . _ TO"I'.�L PORTFOLIO 11.694551.83 11.6�i,491.9d i�O.D 4.4 I� PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Review Quarter Ending March 31, 2009 ICC C�i���itral A�1rni�ige»>ent, lnc. PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investrnerit Perfo�siance Report Quarter Ending March 31, 2009 I�otal Return Suinmary Portfolio Allocation Investment Performance by Asset Categor�� Portfolio Sector Diversification Investment Performance by Sectors Portfolio Attributes Brokers Commission Purchases & Sales Realized Gains/ Losses Portfolio Summary Portfolio Appraisal Appendix Proxv Votes (CL Cnj�itnl ,�'la�z�zgerue�it; 1n�. I'age.... Page.... Page.... Page...... Page...... Page...... Page...... Page...... Page...... Page.... Page.... 1 2 3 4 � 6 7 8 9 10 11 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Total Retrcrn Sumsriary Starting Value Ending Value Difference Net Contributions/ (Withdrawals) Gair�/(Loss) from Investmerrts Quarter Ending March 31, 2009 $3,453,042 $3,665,115 $212,073 �188,504 $23,569 $3,015,076 $3,665,115 $650,039 $1,123,990 ($473,951) $1,200,000 $3,665,115 $2,465,115 $3,942,107 ($1,476,992 TOTAL RETURN 0.55% -13.29% -34.03% ANNLIALIZED RETURN -18.09% ICC Ca���itnl ;'v1;nir���c�rli��uf, In��. 1 � � � PALM BEACH GARDENS POLICE PENSION FUND GROWTH � Portfolio Allocatiorz at Market • Quarter Ending • March 31, 2009 � � � � Market Value � as of 1.7,/31/OS � � i � � � � � � � � � � I Market Value � I as of 03/31/09 � II � I�� � � I � � I � I � � � � Cash/E uivs � E ui • Total � � � � � � � ICC Caprtrrl Il�1r�riagF��rrcrrt, Irri�. � Asset Allocatio�c: 100/0 (Mkt) CASH/EQUIVS 24.7°� CASH/EQUIVS 23.0 �' �> Mkt Value as of 12J31/0 �854,1�0 $2,�98,901 $3,453,042 Mkt Value % as of 12,/31/08 24.7% T.3°io 100.0°i� � I.(�U1 �1' � �.3°% E:QUITY �- ��. ;o Mkt Value as of 03/31/( 5844,545 �2,820,570 53,66�,115 Mkt Value % as of 03/31/09 23.0% 77.0 % 100.0 % � � � PALM BEACH GARDENS POLICE PENSION FUND GROWTH � Investrrzent Perforfnance �� Asset Categori� � Quarter Ending � March 31, 2009 � � � ■.accoLNT ■��t�r:x • uarter • 10.00 - 0.67 0.55 • 0.00 - � � � -10.00 -4.12 -412 � • -20.00 - � -30.00 K= � - - - _ _ - - — _ _ _ -_ - - • EQli ITY TOTAL � � � Since Inception (02,C18/07 - 03/31/09) � � o.00 - � -lo.00 � � -ZO.00 -20.62 -18.34 � -30.00 � , ■:\CCOL'NT ■INDEX TOTAL -18.09 • -40.00 � — - - --- - — � EQli ITY TOTAL � � ";1��� rc��i tot�il h�ir r����r�:�rrrts th�� Rtt����li 7000 Gr�m�tli lrrd��.t�. � � ICCCrtpital �L�Iri�t��gc�r�i�'�it, l�tc. � � -25.97 ■ ,acco� ��r -18.34 ■ �tinEx �' PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Sector Diversificatior�t Quarter Ending March 31, 2009 TARGET CORPORATION MICROSOFT CORP. BRISTOL MYERS SQUIBB COMPANY FEDERATED INVESTORS INC. EXXOIvr MOBILE CORP. TAIWAN SEMICONDUCTOR MFG. SOUTHWEST AIRLINES CO. BROADCOM CORP. MARVELL TECHNOLOGY GROUP APPLE COMPUTER INC. Materials Industrials Telecommunications Consumer Discretionary Consumer Staples Energy Financials Health Care Information Technolog`� Utilities lCC Cnpita! .+�1r7ring�nre�it. Irrc. Top Ten Holdin�s % of equities 4.1 � % 3.91 % 3.73 °� 3.63 % 3.63 °i� 3.55 % 3.48 °io 3.40 % 3.34 °o 3.17°�b Sector Contribution °o of Portfolio 8.37°% 11.40% 4.82 °io 11.15% 6.34 °io 4.86 % 7.%2°% 17.01 % 24.78 % 3.56 % � Return for Quarter 0.06 °�b -4.85 % -5J2% 19.17°/a -14.24°% 13.31 % -25.88 °-o 17.74% 37.33 °�o 23.16°�0 Return for Quarter -3.08 °o -17.96% 4.88% 9.59 % -4.43 °io -15.52% 1027°ro -0.71 % 16.23 °a -10.41 % PALM BEACH GARDENS POLICE PENSION FUND GROWTH Ittvestrttent Perforrtiartce b� Sectors Quarter Ending March 31, 2009 Index Sector Returizs for 1.09 15.0 - 7.0 4.1 4.2 0.0 �� -1.6 -3.9 -5.7 -15.0 -9.0 -15.6 -13.5 -17.5 - -- - — _ _ ; -30.0 �_ — .. -- -- -- - �as. f,��y ?�,� ('o C'�J �',�f � '� f� r� C'f,i ir t, n�, 7s. �JS. r d 3/ r 'f �I �ri�" ��i `i 4i� `g.L ��'i f� �� �c�f. ��'o �v�s ��i �rf ��,. � s C�'f ���o rr�/ 4�� Q�s� ,5�� �, r� c s (d���� r�li �'S� ��O �S, ri7 0�� d �'j !f �. Sector Diversification Relative to the Russell 1000 Grozut{r Index 20.0 10.0 4.2 4.0 1.0 0.0 4.4 2.1 1.7 -10.D UIVDERWEIGHT _� 5 -J.v _6.4 -20.0 �ds. . r��y i � �� ��� � _ f f� �� � G/. . ��� ps� ��� �54 �SG r.g� ���, . ��ff� �"O ��in �.i �J ?J 77 �J �) . .. S.. `�fnrl o'�. ��j4 Hi. �i� s� �3�. ��p v/, �i : �is, �54� �� � T s C�,��rJ�s rr,(/l��y ,4 S <� fjrJ'l r� .S j. ICC Gtj�rtr�l A�l�7xa��e•nt�rtt, l�r�. 5 OVLR4���EIGI��T I � � � PALM BEACH GARDENS POLICE PENSION FUND GROWTH � Grou�th Portfolzo Attributes � Quarter Ending � March 31, 2009 � CAPITAL[ZATION • ICC � • R l OQOG � • • • • BETA •ICC � PIUO(�G � • • • • •YIELD ICC � � P1(100G � • • • • p �- • ICC � . R100oG � • • • •12 MONTH EPS GROWTH 1CC � • R1000G � • • • • 5 YEAR EPS GROWTH • [CC � � R11x10G � • • • • /C C i irjutnl �1Qrnt��hriu�vrt h:c. • 3 31 2009 1 31 2008 9 30 2008 6 30 2008 383 -19 -I -1R_(i -ty y hb. � ; b� , i ti till � 100A 'S.0 �'� ' i0.0 l;t.z S.0 0.0 . r';�!2oix, 3 3 2009 1 31 2008 9 30 2008 6 30 2008 LD2 1.0] 1 15 1 16 �;�� . l D0 I.flll l(111 1 1111 � 02 I oU i oo • L �U � U 00 + l / t I /20Lx� 3 3 2009 1 3 2008 9 30 2008 6 30 2008 '-.; - ].66 1.72 l.�ii 1.07 ? t� , �� ' I.hh ? ld l.�y l.hl 1.;"' li• LU . 0.; . il p • �l 31 r '-�)tP• 3 31 2009 1 31 2008 9 30 2008 6 30 2008 19 7 1�? 1�3 2U 5 1�,� 1?.7 11 1 Ib 2 3 31 2009 1 3 2008 9 30 2008 6 30 2008 1� S 12.0 18.9 2; 6 Itih 2�1.0 �; � ,cl.h 3 3 2009 1 3 2008 9 30 2008 6 30 2008 19_F ?� 9 2�.� 30.7 21r, ?I; "_',.I ?lF % so.o i it+.; zo o . ia.a iu.0 � o.o . �; i�:'���o<� so o - 30 0 - ix.�z ?pri - 1i.8 IU0 �U ii t!;li'_I10u HfARKET CAPITALIZATION ..,.. -' y RD.ti �"'� .;F b q".0 I 2;� 31 ; 2l'iiti 9; 30; ?OUS 6i 30i 2DOR u I_: ;_. LUOK i �v i;^ I_� ;Ii2U0R ii� I Uq " ;L`; '008 I ,., 1 61 u! �0 r' 2lxIH BETA 1J6 I 00 6i 30i 2(�, YIELD � 3; I 0� 6!?U; 2W8 PRICF/FARNINGS �ii.5 �:, i,_ i„ i�� iv°' � . � . _ I'_�''��i2�l�i� �,�;I'.'=l)l$ 7:';Oi'_(KiFS 12 ��90�A'TH EPS GROLbTH �; 3 ,.t u i��� t' i� I'�%3I i 2008 t?i i(1,; 201)$ �, h ^9.n h� 70j?p(ItS :i }'R FPS Gft01VTH � aao - ; c, - 300 • _,�� s.a _:,� �a., I U t; ztn 21.- 20.0 � 10.0 - 0 (1 - .. . . . . ,; t�:�ppv I'i'�I!'(16ti U.'.Oi2003 i>i;0i2008 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Date Trans Tic The Griswold Company 1/28/2009 Buv LUV Totai: The Griswold Company Kellogg Securities 1/28/2009 Buy FII Total: Kellogg Securities Edgetrade 2 1/5/2009 Buy CI 1/6/2009 Buy FII 1/12/2009 Sell EMC 1/12/2009 Sell EMC 1/12/2009 Seit EMC 1/12/2009 Sell EMC 1/12/2009 Sell EMC ]/12/2009 Sell EMC 1/21/2Q09 8uy 8DX 2/11/2009 Buy LUV 2/ 13/ 2009 Sell TS':vi 2/13/2009 Sell TS�t 2/13/2Q09 Se11 TSI�4 3/12/2009 Buy FII 3/24/2009 Buv DV Total: EdQetrade 2 Broker Cofrt�nission Sicrrifriary Report Quarter Ending M arc h 31, 2009 ker Securi Southw-est Airlines Co. Federated Investors Inc-CI B Cigna Corp Federatecl Investors Inc-CI B Emc Corp Emc Corp Emc C��rp Emc Corp Emc Corp Emc Corp Becton Dickinson & Co Southwest Airlines Co. Taiwan Semiconciuctor Mfg Taiwan Semiconductor R�fg Taitivan Semiconductot Mfg Federated Investors Inc-CI B Devrv Inc. ICC Cnpital Mmrngenieltt, I�tc. 7 $Amount Shares Price Comnr PerSlr $23,061.60 $23,061.60 S33,386.08 $33,386.08 $53,11 � .27 $36,093.35 S8,065.07 $16,130.15 S18,4�.46 $9,27 7.23 $8,065, 07 $19,�86.61 $64, 666.89 Sl �, 279.20 S2,2S0.23 $19,�53.50 $$,4l 7 JS $21,906.39 $71,621.8� 3000 57.65 3,000 1600 $20.85 1,600 2900 1900 700 1400 1600 800 700 1700 900 2000 272 2323 1005 1100 1500 20,800 S7 8.31 S7 8.99 $11.�3 $l l . �:i $11.�3 $11.53 S71.53 S11.53 S7] .84 $7.13 $8.38 $838 $8.38 S7 9.90 S47.74 �120 SU.04 $120 $0.04 $32 $0.02 $32 50.02 �29 $19 $7 $1� $] b 58 S7 S77 S9 $20 $3 $23 S10 S11 S15 $208 50.07 S0.01 S0.01 50.01 $0.07 $0.0] $0.01 �0.01 �Q.Ol S0.01 �0.07 aO.OI $0.01 �0.01 50.01 $0.01 Trade Date ICC Cat�itai ��[ana��ement PLRCH:�SE :�tiD S.-�L.E P. �L.LI BE.-� CH G-f RDEbS POL�CE PE.VSIU_�� FL =tiD GR c� I��TH Fr.m ._-_.-i�`� T. ')�-.,.-;7!; �etrle t�nit I�ate Quan[it�� >etu,ir:' Pric� �mounr PLRCH_-���� �) _-,1-09 0 l-=r.-�)° i) . -0�-09 0 l -03-09 �?_ -�a-+�9 0�-2''-09 0 ! -06-OQ 0 � -�)9-09 01-'3-OQ 0�-0^_-09 �;:-1�-;)9 0�-1?-+)9 ii ; -? 8-09 0�-�� -09 ��__,: i'�Ja Il^', '��C. �.�iLEC Oi-I?-09 �)I-;�-i�9 O1-12-09 Oi-15-Oa Ol-]3-09 Oi-1�-09 0�-]2-�9 01-1�-04 Oi-1?-09 O1-i�-09 0!-1?-09 O1-1�-09 U�-13-09 0^_-19-09 0�-1�-oQ o_-i�-oQ 0�-1 �-Oy 0=- � 9-09 �:Iili.I��� Li=ITO� �ill,.it.�\i,i�� .Si. L;_' _.90i).OU �IGN.� COiZA 1.=�0.00 DE��.Y.I�C. 1900.0�) FEDER.aTED ItiVESTORS ItiGCL B 1,600.00 FEDER�TED I'v"VESTOR� I�C-CL B 1.100.00 FEDER�TED I_VVESTORS I�iC-CL B �.00c).00 SOLTI-��L�EST AIRLI��ES C0. �.000.(;t) St�L�TI-'.Wz�"I' AIR.LI��S CO. ��O.Ui) E�IC CORi' 1.�40U.00 E�1C CORP 1,600.00 EvtC CORP 800.00 EVIC CORP '00.00 E�IC CORP 1.700.00 E�iC CORP , ,?�.15 TAIV4':-��J SE�iICO�+�D(,CTnR ti�G 1,0O�.�d T.�IWAN SE�IICONDC:CTOR i�ffG ^_-''.� 1 T�IW.�� SE�[ICG'tiDCCTOR �(FG 3 � _.3� i3.�, �1�.-.; 19.OU �0.3"' 19.91 69 ' . i .� 1 �.-- 1i.;� Il.;, 1 i.�? i 1.;� 11.��' s._ s.�� s._ !.;�rc. `?`� __.i .-;- -1.5� i.3� �ti.09=._; __.�86.�.)S _ i.406._ _ �.�J6'..��) 1-t.��9.�! i - . J. � ^-•h_ 3.�)C= .,�- lti.�--'0.1: 1 S,-��-�.4h 9,? 1; .__ s.ob,.o_ 19.�86.6 i 19,1� ;.�t) 8.-� 11.? 8 =go.== ? �)u ,�.!!.1 i? ?LC C:anital �lana�?e:n�nt P�E:�L iZED G.�I�i S A��D L GS S L- S P.�L.�I BF�CH G.�RDE.tiS POLICEPE.�SIONFL:tiD GROU�TH �r•om 1 �- �?-��,� i �r:u�h �J.i-.i , -�)9 Open �'.use Date Date �J: -0 I -+J" 0 l _ 1=-04 i"-13-0"' �J1-i_-+)9 )--=ti-0" 01-1�-0° '.�?-;?-Q^ 01-1?-09 �.�i-;Oa�? pl-l"'-r�`? -�)8-,)? Ol-1_-��9 �ib-07-0? 0�-1�-'J9 ;r;_i i_,�^ 0�-i�-+]o ��-:a-�- o�-t=-oa Quantity Securitv 'OU.JO �vfC C�'R.° :.�00.00 ��fC CC�RF 1.000.00 E�(C �02P 300.00 E�IC COR.° '�0.00 E�[C CCR.° l.'i)0.00 E�IC C�R° -•_�-.!= Ta.P7�'a.�� SE�(IC[�NDI CTOR �tl��� I.J04.��1 ".�1W�� SEVIICON�UCTOR ��IFG _�^.� , �r.a��w.�u ScV(?COND[_CTOR V[FG Cost Basis ?.'-�� 0p �5,3�5 bo � 0..22 �. Jp 1 �.�3ti.00 l .1�9.Q� : �i._? 1.10 �'�.. � i . �� t o,�+"a. �S ,.s-�.!= ProCeeds R.06=.�" in.;�0.1: � y.1_ �.16 9._'.','_ 3.'J6� 0" iG.�36.5i 19.1�=.:i� 3.�11J3 _,,so.?= Gain Or Loss Short Term Long Tes-n -..5-`3. �_� -10.�?h.: . •11.��- :� -9.; :3.-- -a.1.� _ -:a,58�.3,i :.�I-_�! -=.J63.')i? _,�p..:�; '�"�T-11. GAIIvS 0.�)U O.�Ji) "C�T.�L, Lt�SSES S :i�1 .?.:hl �n i"4.306.06 1Q9,6d�.10 O.OU -r>-.1G1.?i� .� _"':a.i.'2.=_�.�:..c.� ::�:' L._ .,. ,_.i:. :i, � I:�C Caoitai ��(ana<remer.t PORTFOLIO SL��LtiL�R�- P.�L.til BE-�CH G.-�RDF.�S POLICE PEtiSIO���Ft-:�D GROH�TH ����:Y_•;� _ . _ r; �,��; PcL Cur. L• �t..annual Seivritv Tvpe l�o[ai Cn�t vl�r'..:et � alue ��sets � ield I�r,�me C�st� & Equi�alents �.��H:�ti-D 3-?-l.:-�-l.-� �!-�:�a."., _�.0 U.� I.:�r,-_. �t,�1�i`� �LEVTS — -- ,�11,�.1:�. ; Q1..1_�.1=1. _ -- 0 ��._ �r, _ I EaU�c��S �C�NL�tON STOCK � L� TE:2L�L. S l��L STRL-�LS TELECONL�fL�+ZCA i IO?�S C ONSL�IFR DISCRETIONARY" C O?� SLti1E R �T_�PLES ENERGY FI1Vr�.:�+CI.�L.S E-�.aI:TH CARE ItiFO fZ'�L-�TIO?� TECH�IOLOGY [; TLLITIES COtiL�IOti STOCk _ 1 ..-�=�. � �8 �,6_'8?s 1 � �,Oti�.., . d_9 's2.06 3d1.16�.?8 ^07,162.3^_ =61,? 16.66 �Ql.l��._ �.l 39.a�h.b5 1.� _,b_-t.t, -�.o��, i s9. s6 -���==-'s9.s� �=b.O��=.O(} h.-4 �21.�9�.00 3.8 1��,9ti6.00 :.i 3 I �.-�9�t.00 3.6 1,8.���.00 !.� i��.9�:.01) _.- �1;.8�Q.OU =.Q 4''9.--�h. �0 I � .1 h9y.001.8� 1'�.; 100.,"'�.00 ? - ?,s<o,s�o..;; �;.o ^.s�o.,�o.� � - . .o TOT:�L PORTFOLIO �,Sb6,"3�.�9 3,66�,17 -.�8 ] 00.0 l.l : �; _.1�h.� . 8.���.Ui) O.pi) 1,904.00 �._; ��.UG i .b:i).00 -!?a3.Di) 8.�:0.00 h �. I . �.196._Q �so.� ss.= = -�o._ ss.� ; .��.o;=.b.s IC� Capital �Iana�zeme;,t PORTFOLIO :�PPR�IS:-�L P.-�.L_►I BF-�CI! G.-�RDEtiSPOLICEPE_�SIO:�-FL:tiD GROy��TH :�lur�h ji. :'�0+,� L nit T��tal �faricet Prt. (::ir. Qu:�ndn �ecuric� Cost Cnst Pricf � aluc ��sccs ��r.�i C.��il.a`ID EQC�i�.aLEv'I'S �..:H �C CaSH EnCIV?1�v�I'S 3a^.0"=.'� ;.:_.;-- - -- - - �i... ' ���r �..::R;'a..'. �.�;-�. ` 169.06 � �lha.)(i J ! , - 3-�� :-�a .,� ;3-11.:�1 -. __ � , _ COYI��ipti' �TOCk � I : � � '=R;AI..�. _.1�0.00 ��C��vtP? �IiIA ''J�i.c pC IZIO COC� ADR i.00Q.�0 ECOL�.i3 �C 1.500.00 �tE'vV�lO?�'I' �1LtiING COR.° =._p�).�)i:� �i:Cr'� ,`.:'R? '�L'I. �' 3L�.[.._ il;�'1 JU i;c�+"t�.�.L �Lr�TR(: C0. �.'�)0-��JO SC}GTHV4�ST :��-�s co. _ .: �)p.00 I1-iOtiIAS 3c BETTS CGR.° ar�U.00 UNiTED ?ARCEL SVC iT�'C _Op.011 '._�iITL-D , :���!-,'tiOLOGIES i:', �(Z� . �L �i_ C� �l��lr_ NIC �,7 i� ��NS 1.-00.OG A.�IER1C.�� TrJW�R COR.°OR.�.TION �._����.00 �c;�.r�r.� a�c c:'�r,s��t�2 ��1sc�F;:c:?� �.R•r i,�00.U1) DEVRY, �T+'C. !,�00.00 GAI�STOP CORP-CL A _.10�.D0 KOHI.S CORP 3.�CQ.i)U T�RGFT � ORPOR.�TTON ��.',NS _titER ST:IPLL-S �:,a0�].00 .aRCI-�R Ga��+IE�S ti�►�.�� co �.i00.00 CVS C�.RE�L�Rk CORP 1.6uC�.00 PSPSiCOI�iC. :!).-- Jl;_9=a_ly .:.:i1 �t" 00 1",UOL00 :�.'� 1".04 ti8.367_3� �a.'h 1= .4,3 y8.5�a.?^ ?3.1' :! l.�Z, ;g -- :1� It)Q1:=.i3 1��.:! 7.?� 119.8�a.�JO 6.=_ 33 ai los.9a;.-a 2_ ,)? 3?U 6�,960.�9 �9'= h8?8 83,;'7.6` �12.93 s3�.628.�8 �I.-!3 �0,�2�.00 30.43 E�? F� ioa,�ao.�� :b.i� �-,.06�.�� �".�� 71,621.85 -18.13 �45J= �9,4•t2.27 �3.02 45.'? 96,005.92 42.32 �9 47 �02,2I2.02 34.39 ��9.�3� Oti 39.-7 _�.50�1 00 _" "4 36.�0 ,'G.6J�.00 2? 49 E8.69 109,897.?8 51.48 -- 'a1.16� ?8 11.39�.00 I.: ? ; :�.;�0.00 0.9 : - ?�.tiiti.00 Z.) l : 3;.'91-00 ' 1 ' ' _�6,J��.�JO 5.� 1 �O.�a0.J0 1.1 !-= 98.! :=.00 3.? �:i _ s�.,hb.00 _._ o � �.=98.00 L= _ - ��,8'4.00 !._ i 321,29�.U0 �.S _.- �1,'�L00 L' ' 84,'_'^<5.!)I) ' i��,�so.00 _ , o .� -?.=-a oo �. o � o �6.�26.00 1.0 33.3;=.00 ? � O.J I16,926.00 �.2 I � 3 f 1.-tSae J0 3 5 ���. i 38.3��.J0 i.: ! � .?,'29 00 1.6 n.a 82,368.00 2.2 l.: 1?3.939-��0 a_9 1 _ ICL Capital ��[ana�ement Pt�RTFOL.I O :�PPR:=�IS.�L� P.�L.�I BE�CH G.-�RDFySPOLICEP£.�SIO!��FL:�D GRDi��TN :Llc�rcn ., . . = ��19 �_ nit 1'otai �larket P;t. Cur. �luantirv �r.rcirin Cost C,�st Price Value �sse�s l'ie!d �?'_=3c� c =��O.OQ �'C�GN V[GB�c ?:1.:� ::1.'3Q.1� 6�.:0 !0^.1�Q00 �.3 � i, L r;Ro •-�iti.00 S�:PFR'[�R EvE�r`i _"-_� 9`_.93�.-0 1'.39 3�.30�.00 D.4 , `i_ii'. !C�.= '��C :!;-.in�..3� ,_no=_ JU _ - ="`::�..'�• �_ ::1.�_ � _ _i)r; .li) ���IE:R:P�i:SE V'�� '!_ U---a ih :!j.ia , .•,l" �;Ci I .i = �..,�ji).JU .=DER�;=D ,. 3� ?1.��3�.3� =:._, !�i:._4�,.�)i) _.3 ' �ti�E� � ORS INC-CL 9 - 'ln )�l �-I�',F�,-.,�; �'..�.�;L: `r 1 - , yq.30`.33 '=.-- 1'.51-00 � 1 - �ti�,116.00 21".330.J0 -.� -. ; =EA�.:`: �=.�-iZF 1._')p.JO �.BB�.�i��.�3�,OM �-�."0 ti�.6;h.�JO 1",0 _^,_4Q.00 1.5 : i ��i0.00 BEC1'ON D[C�iSON 7:.3� 6a,b66.39 6; �4 o0.�io.00 1.' .- & CO ai)O.OU BiOCEN�(C 6�9� 33.09i9; ��.�= �.�33.00 �.�J ?'` 1.��1r1.00 BRISTOL �fY=RS �v.a� l 1,,��9 �� -1.?= 105.?Iti.00 ? a :- SQCIBB COMPANY '.JUO.UU CER��R COR.° �d.a^ 108.340.9� 1� 9"' 8�,940.U0 '.� �: i _.%00.00 i:IGNAC�RP 13.�� :�,1!?.3'' 1��9 �l.O1L00 l.y �; � _-�.�=0.D0 St7'ERGENII�+C 1.�Jt) a8.�=0'- 1.41 �i:t.�_��0 l2 , �V'..�-�_ _� 1�4- .ib.��.) i= � .'� !��F�:�R\•IATION TECcIIvGLOGY 3`0.00 P.PPLECOIViPUTER la=a� i"3,o��.�l l0` I: 39.:`-�.p�] :-1 �;-�J i�C 1.300.0a BROP,7COM C�RP 31.?5 152,406.23 19.98 9s,9c)4.00 :.5 0�) �.1�10 00 EMC CC�RP 16.0? 49,802.9? l 1.�10 35,�40.00 1.0 0�) 3.3a0 ��0 JDS UNIPI-i�.SE CORP 1�.19 ]�",5a? 71 �.?5 28.500.00 0.8 0 0 IO.�uO �J0 �L�RVELL 1�.�47 i�3,720.2U 9.id 9�,345.00 �.6 0.� TECHNOLOGY GROL� 1?.370.Ou �[ICRON 7.'_8 140,53�.88 4.06 ;8.3�8.00 �1 0.0 i ri.EiTi�OLLGY" Q+"C o.J0U.00 MICROSOF'?' CORP. 31.96 191,750._6 13.37 l l0,?'0.09 �.0 2.4 _.'`0.00 �fET,a,PP INC ?3.?7 i9,10<.07 ]�t.3� �0,310.00 1.1 ' 11,183.00 T_�1Iv4.�V 9.99 111,768.-�8 395 100,08;.85 �.' �.1 SE�QICONDUCTOR tiffG 1.]00.00 vtiiwAR� �iC-�:�.aSS 6� 3s �4,672.8� 2�.62 25,982.00 0.; ^ � 1,139,946.6� 699,001.8' 19.1 LO L�':'iLfi TLS ?,0�0.00 G�L.ffOR.'vi.� WA'R 38.99 79,921.60 �1.36 35,313.00 2.3 ? 3 SERVIC� GRP �00.'JO CONSTELL�TION 7�.90 51,732.�� �0.66 1d,462.00 0.1 `.� �`+�RGY GROIP INC. 131,654.12 lOG,275.00 2.7 3.2 CG!�i�1C�N�TOCK'.'.,tal a.0^�.i393h 3.��u.�?0_?5 �'-i' i1 !�� L �_:iGIII?1 ��3:,a���i„�[1[ Pt�>RTFOLIO APPR�IS_�L P.aL_�� BE�CH G.-�RD�:'�S POLICEP�.ySIO.�� FZ":�D GR06��TH llc:r:;h = : . ='if,iy l ni[ 1��.�tal �(ar',:ef Pct. C;ir. �luantir:• ��curir�' �'�,t � i.� Pr.c� �'ilue �s�e�s 1'.e!�i T(�`i�.-U.. Pt�R7T<�L11) �..3hti_':�.�'� �.o�i^."�.IIY 11h1.i1 l.: � � � � Vote Summary Report . J�r C1, 2COG - N12r ?1, 2C09 � Falm Beach Gardens Police Fund • 1,1tc ,.�r-�c�r,v/ \,lcmt � u�te�Tvice Balict issues Security Rec , ���25/C9 - A A}�pie Inc. *AAPL* C�� R�31G0 � Eieci Cirectors Fcr . � Report cr Politicai Ccrtributicrs Ac�inst � AdcFt PrinciFdes fcr Health Care Refcrm A.eainst � a Prep�re Sus.ainacility �eport Ac�irs: , � ?.cvisory Vcte to Ratify N�rned Acainst Ex�cutive Gf�icers' Cc�rr,Gersatior � � C; .�C9�o� - � Nlorgan Stanley "MS` �1 ���E�=?� . Apprcve Conversior cr Secur�ties F�r . � r.djc�m Mee*.inc F�r � � � � � � � � � � � � � � � � � � � � � � � � a � PAymt Rec - Company Managemen� Recorr.menced Vet� Vcte �eccrc �I-�r�� Cast Gcte Prtirert `ioter � L �LGICB -�'- Withhcld tilcr-�t For Shr�c�cr For �`rHci�r Far Shri�c�cr For v��r!-cicr Fcr C�f �.'1 ��C� Nicrrt 1�icmt _. ° �C FC:.�" ,i � , 7EGRIT PLAN ADMINISTRATORS Accounts Payable Check Register FOR: PALM BEACH GARDENS POLICE Check Number Date Pa ee and Descri tion Amount 2159 February 2, 2009 Tegrit Plan Administrators $2,316.28 February 2409 Admin. Fee 2160 February 12, 2009 Hanson, Perry & Jensen P.A. $2,486.75 Legal Services Rendered Thru 1/15l09 2161 February 12, 2009 Gabriel, Roeder, Smith 8� Company $2,989.00 Actuarial Services Thru 1/31/09 2162 February 12, 2009 Thistle Asset Consulting, Inc. �3,813.00 Performance Monitor - Spc.Mtng on 1/14.�09 2163 February 12, 2009 Rhumline Advisers $1,819.26 Management Fees - 4th Qtr 2008 2164 March 3, 2009 Tegrit Plan Administrators $2.275.00 ".n���h Admin Fee 2165 March 5, 2009 Hanson, Perry 8 Jensen, P.A. $4,858.81 Legal Fees through 02/15l09 2166 March 5, 2009 Gabriel Roeder Smith 8 Company $19,515.Q0 Actuarial Services rendered through 02/28l09 2167 March 9, 2009 Ellen Schaffer $236.25 Computer Consulting Services 2168 March 11, 2009 Cherry, Bekaert & Holland $5,000.00 Progress Billing Aduit year ended 09/30/08 2169 March 11, 2009 City of Palm Beach Gardens $468.45 Insurance Changes 2170 April 1, 2009 City of Palm Beach Gardens $2,503.14 Retiree lnsurance 2171 April 1, 2009 Tegrit Plan Administrators $2,275.00 April Admin Fees 2172 April 7. 2009 Cherry. Bekaert 8 Holland $3,000.00 Progress Biiling Aduit year ended 09l30/08 2173 April 7, 2009 Perry & Jensen, LLC �393.97 l.egal Services Rendered Thru 03l15/09 2174 April 9, 2009 Florida State University $170.00 Trustee School Registration - Wayne Sidey 2175 April 9, 2009 Fforida State University $170.00 Trustee School Registration - Jay Spencer 21 i 6 May 1, 2009 City of Palm Beach Gardens $2,500.14 Retiree Insurance 2177 April 29, 2009 Rhumline Advisers $1,797.31 Management Fees - 1 st Qtr 2009 ' 2179 April 29, 2009 2180 April 29, 2009 Perry & Jensen Legal Services Rendered Thru 4/15/09 Thistle Asset Consulting Performance Monitor Reports March 2009 Chairman Secretary Uate $301.50 $3,313.00 Total $81,351.37 3im t�each Gardens Police 00002159 DATE vEr�DOa ro� VENDOR: 000000000001 02/09 000000000001 �N OICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 090075 02 02 09 2,316.28 2,316.28 .00 2,316.28 eck Total 2,316.28 �NK ATLANTIC Palm Beach Gardens Police 00002159 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63•8376/2670 CHECK N0. CHECK DATE VErJDOR t�0. 2159 02/02/09 000000000001 AY AMUUNT rW0 THOUSAND THREE HUNDRED SIXTEEN AND 28/100 � - TEGRIT PLAN ADMINISTRATORS ��tR 4360 NORTHLAKE BLVD STE 206 F PALM BEACH GARDENS rL 33410 VOID AFTER 180 DAYS _ oonqEncor+,nw`uKaooanr ��'0000 2 159��' �: 26 708 3 76 3�:006 3 36 560 3��' �m Beach Gardens Pol�ce 00002159 OATE vEhDOF NO /ENDOR: OOO000000001 02/09 000000000001 INVOICE NUMBER INVO�CE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET Ah90UNT �90075 02 02 09 2,316.28 2,316.28 .00 2,316.2 �eck Total 2,316.2 � 1 ;u� F���r:hl;;�� ui�:ci J�I.I.. a_� , i' ;I�:; ;,��;ich var;+.cns, FL 33410 J��� l' ,':�,�• �...`, c�:sii�n, I'��lir: I'rn:i�.��i i nnJ Descript�on �'.il�;•; i,;,i�h (�;�nl�n� I',�lii; 1'rn�i�,n I un�l -\�!nun f r.� 1,�r Ihr m�,nlh ��1 I�ri�ru;u� ; ��,� i! i�-i �, i��ci:�ii_ `!�i����in_ I I',�il.;i_i I rtl I.� I;ill I�-,i1�� *,• �'� I',���;•..ui_' ii - I n��lr��c.. I nrni>. l���,ir�.:�nd L,ihur invoice D ate Invo�ce » � .ii �ilii�� f3ii�li�ii \ Tax 10 Numbers Tegrit Plan Administrators 80-0182332 Resource Centers 87-0800468 Pens�on Resource Center 36-4504183 Omega Recordkeeping Group 20-2901035 .;;,,i i�,�,�,��:�,��.��,. i;_iii !'I.�n :��I�ni��is;r;,�orti_ LLC at f'�ilm fic�ch G�rdcnc �'lddress OR ACI I Pa�•mcitt to: (�ir:i Soulhrrn R:ink 1 r_ril I'I.ni ,\ilminuirnt��r5 �\�;.1 ii I)(� III_'\�li ;1�iutml �� `�)(� 1 �11 I OUh Firu Southcrn [3�nk I'cn.iun Rrsuurir Cenicr i\�3:1:� f)(>7111?�'7� n�r�unt;;: �uGlo�>=_oG Qty �n ��� Rate _._-�.(m I I.-�� u.i,n n !' Total Amount Due F,mount ,.�-:.i�i� I L-i1 I -.ait I'.I� If��u havc anv qur�iirn�s conccrnin� lhis imoicr, plcasc cont�ct Jim Jamcsnn ot Tc�_rit �'lan �ldministr;�t�r�. L[.(' I'hi,nc �(, I-1�`�-=`>60 ur Ln,:�il - liro.l:�m�sonrn te_rit•��„ �um `, :,,,,, �,\�. Palm Beach Gardens Police VEt�DOR: O'O000000001 O INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000000062899 02 12 09 2,486.75 00002160 pATE 'v ErJD��a NO 02/Q9 OQOOU�JOOOOIO AMOUNT PAID DISC. TAKEN NET AMOUNT I 2,486.75 .00 2,486.75� eck Total 2,486.75� i 00002iso Palm Beach Gardens Police 4360 Northlake Bivd Ste 206 Palm Beach Gardens, FI 33410 63 8376I267C I BANK ATLANTIC CHECK NO CHECK GATE VENOQR NO. Zi6o 02/12/09 000000000010 A`�1C'JNT PAY TWO THOUSAND FOUR HUNDRED EIGHTY-SIX AND 75/100 TO THE HANSON, PERRY & JENSEN P. A. ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207 OF WEST PALM BEACH FL 33401 VOID AFTER 180 DAYS ��'0000 2 �60��' �: 26 708 3?6 3�:006 3 36 560 3��' Palm Beach Gardens Police 0���2� 6� D:,7E VE'dDOa NO VENDOR: OOOOOOOOOOlO 02��9 00000��0�010 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000062899 02 12 09 2,486.75 2,486.75 .00 2,486.75� eck Total 2,486.75 r � HANSON, PERRY & JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401-2922 Invoice submitted to: Palm Beach Gardens Pvlice Pension Fund Scott Baur & Bonnie Lindberg & Audrey Ross-via email c/o Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Copy to: Chairman & Secretary January 23, 2009 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0003 Invoice #62899 Professional Services Administrator - Teqrit Plan Administrators, LLC 1/5/2009 ADT Draft Draft Assignment and Assumption Administrator - Tegrit Plan Administrators, LLC ADT E-Mail E-Mail to Scott Baur Assignment and Assumption Administrator - Tegrit Plan Administrators, LLC BSJ Review and Revise Review and revise Contract for Tegrit Pension Administrators Administrator - Tegrit Plan Administrators, LLC ADT Draft Draft Contract for Tegrit Pension Administrators Administrator - Tegrit Plan Administrators, LLC SUBTOTAL: Attendance at Trustee Meetinqs 12/16/2008 BSJ Attend Attend meeting Attendance at Trustee Meetings Hrs/Rate Amount 0.20 15.00 75.00/hr 0.20 15.00 75.Q0!hr Q.50 100.00 200.00/hr 1.00 75.00 75.00lhr 1.90 205.00J 0.75 150.00 200.00/hr � , Palm Beach Gardens Police Pension Fund 1/14/2009 BSJ Attend Attend meeting Attendance at Trustee Meetings SUBTOTAL: Domestic Relations Order Procedure 1/12/2009 BSJ Correspondence with Correspondence with Rosanna Ferrari Review Pension Plan Document Telephone call with Audrey Ross Domestic Relations Order Procedure SUBTOTAL: IRS Determination Letter 1I14/2009 ADT Review Review Historical Pension Plan Document; all Pension Plan Documents in house; Municode; gather information for compilation of Documents for application IRS Determination Letter ADT Draft Draft cover letter to Administrator with Comment Procedure and Forms; Draft cover letter to City for Notice to Interested Parties; Draft Procedure for Filing Comments; Draft cover letter to Internal Revenue Service; Draft Confirmation of Posting and Mailing; Draft Cover letter to Administrator - Notice to Interested Parties; Draft letter to clerk requesting missina Pension Plan Documents; Begin draft of Plan Index IRS Determination Letter 1/15/2009 BSJ Review Review Requests for pocuments IRS Determination Letter ADT Complete Complete Plan Index draft IRS Determination Letter ADT Draft Draft Working Restatement of Pension Plan Document for application IRS Determination Letter 1116f2009 AHP Draft Draft letter to Administrator requesting money for Application and signature on Forms 2848 and 8717 IRS Determination Letter Page 2 Hrs/Rate Amount 2.00 400.00 200.00mr [ 2.75 550.00] 0.75 150.00 200.00/hr 0.75 150.00] 6.00 450.00 75.00/hr 2.00 150.00 75.00/hr 0.06 12.00 200.00lhr 0.50 37.50 75.00/hr 1.75 131.25 75.00lhr 0.20 40.00 200.00lhr Palm Beach Gardens Police Pension Fund SUBTOTAL: Inv Mcir - RhumbLine 1/11/2009 BSJ Review Review partnership statements fnv Mgr - RhumbLine SUBTOTAL: Investment Policv Guidelines 12/16/2008 BSJ Review Review Investment Policy Guidelines Investment Policy Guidelines SUBTOTAL: Misc Matters 12/16/2008 BSJ Draft Draft memorandum re: Normal Retirement Age Misc Matters 12/22/2008 BSJ Telephone Call Telephone call with Jay Spencer Misc Matters 12/23/2008 BSJ Telephone Call Telephone call with Jay Spencer Misc Matters SUBTOTAL: Participant - General Correspondence 12/18/2008 BSJ E-Mail E-Mail to Audrey Ross re: Health Insurance Premiums can be paid by the Fund Participant - General Correspondence BSJ Telephone Call Telephone call with Audrey Ross Telephone calls with Jay Spencer Telephone call with Allan Owens Participant - General Correspondence Page 3 Hrs/Rate Amount [ 10.51 820.75] 0.25 50.00 200.00/hr [ 0.25 50.00] 0.25 50.00 200.00/hr [ 0.25 50.00J 0.50 100.00 200.00/hr 0.25 50.00 200.00/hr 0,10 20.00 200.00/hr [ 0.85 170.00] 0.10 20.00 2�0.00/hr 0.75 150.00 200.00lhr � Palm Beach Gardens Police Pension Fund SUBTOTAL: [ Special Tax Notice 1/8/2009 BSJ Draft Draft Special Tax Notice - Revised for Roth IRS's Research Internal Revenue Service Requirements Special Tax Notice 1/9/2009 KA Review and Revise Review and revise Special Tax Notice per attorney markup to comply with new rules E-mail to Administrator and Trustees Special Tax Notice SUBTOTAL: [ Transfer to FRS 1/15/2009 BSJ E-Mail E-Mail to Sarah Carr re: follow up E-mail to Jay Spencer re: Sarah Carr out of the office Transfer to FRS SUBTOTAL: Trustee Information 1/7/2009 KA Telephone Call Telephone call from Jay Spencer re: Insurance for retirees E-mail Florida Statutes §112.08Q1 to Jay Spencer per his request Tn.istee Information BSJ Research Research Florida Statutes §112.0801 Trustee Information Page 4 Hrs/Rate Amount 0.85 170.00J 0.35 70.00 200.00lhr 0.50 37.50 75.00/hr 0.85 107.50J 0.10 20.00 200.001hr [ o. � 0 20.00� 0.75 56.25 75.00/hr 0.06 12.00 200.00/hr SUBTOTAL: [ 0.81 68.25] For professional services rendered 19.87 $2,361.50 � � Palm Beach Gardens Police Pension Fund Additional Charges : Bill File 1/15/2009 HPJ Photocopies$ Copy Charges Bill File SUBTOTAL: Total additional charges Total amount of this bill Previous balance Total payments Balance due Page 5 QtvlPrice Amount 501 125.25 0.25 [ 125.25] $125.25 $2,486.75 $1,061.75 ($1,061.75) � $2,486.75�� JILL HANSON* mjhanson � hpjlaw.com ANN H. PERRY aperry�hpjiew.com BONNI SPATARA JENSEN bsjensen � hpjiaw.com •11L30 A�MIREO IN N.Y. I�ANSON, I�ERRY 8Z �ENSEN, P.A. 4OO EXECUTIVE CENTER DRIVE, SUITE 2O% — WEST PALM BEACH, FLORIDA 33401 •2922 January 26, 2009 Via Email Palm Beach Gardens Police Pension Fund Pension Resource Center Attn: Scott Baur & Bonnie Lindberg & Audrey Ross 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Dear Scott & Bonnie: TEIEPHONE (561) 68E6550 FACSIMILE (561) 686-2802 Re: Hanson, Perry & Jensen Invoice #62899 Enclosed please find the Firm's invoice far services rendered for the period that ended 1/1512009. Thank you for your payment of $1,061.75. Your current balance due is $2,486.75. If you have any questions, please do not hesitate to contact me. Sincerely, _ � 'I �`�`'`-� . c Bonni S. Jensen BSJ/adt Encbsure Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Email Only ( Palm Beach Gardens Police V�NDOR: b00000000012 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000000107383 02 12 09 2,989.0( BANK ATLANTIC 00002161 ear=_ v�r,oca n,� 02/09 OOQ000000012 AMOUNT PAID DISC. TAKEN NET AMOUNT 2,989.00 .00 2,989.0 eck Total 2,989.p Palm Beach Gardens Police 00002161 4360 Northlake Blvd 5te 206 Palm Beach Gardens, FI 33410 63-8376i2e�o CHECK h0. CHECK DATE VENDORND. 2161 02/12/09 000000000012 PAY AMOUNT TWO THOUSAND NINE HUNDRED EIGHTY-NINE AND 00/100 TOTHE GABRIEL ROEDER SMITH & COMPANY ORDER p. O. BOX 7 H O O O OF DETROIT MI 48278 VOID AFTER 180 DAYS __ Boaoeacor�Taws ic���K ��'0000 2 �6 ���' �: 26 708 3 76 3�:006 3 36 560 3��' Palm Beach Gardens Police VENDOR: OO0000000012 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000000107383 02 12 09 2,989.00 00002161 pATE VE^�OOR uC 02/09 000000000012 AMOUNT PAID DISC. TAKEN NET AMOUNT 2,989.00 .00 2,989.00� eck Total 2,989.00; ♦ R Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 50� Ft. Lauderdale, Florida 33 �01-1872 (954) 527-1616 BOARD OF TRUSTEES, CITY' OF PALM BEACH GARDENS POL[CE OFFICERS PENSION FUND Mr. J. Scott Baur, Administrator Tegrit Plan Administrators 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 I !31 I2009 Invoice Invoice # 10738 i Dept. # 7S009 Gabriel Roeder S�nith & Company PO Box 78000 Detroit, Miclligan 48275-0009 or ACH Payment to: Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 AcCOUtlt #: 04�fii?3 PLEASE 1NDICATE THE INVOICE NUNiBER ON �'OUR REI�IITTANCE. TIIANk YOU. Palm Beach Gardens Police VENDOR: 000000000322 '� INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000002008209 02 12 09 3,813.00 DatE 02/09 AMOUNT PAID 3,813.00 00002162 JEr,D��H rdu 000000000322 DISC. TAKEN NET AMOUNT � .00 3,813.00i eck Total 3,813.00i � Palm Beach Gardens Police 00002162 4360 Northlake Blvd Ste 206 Palm Beach Gardens. FI 33410 63-8376r2a�o , BANK ATIANTIC CHECK NO CHECK DATE VENDOR N0. �� 2162 02/12/09 000000000322 'I PAY AMOUNT I THREE THOUSAND EIGHT HUNDRED THIRTEEN AND 00/100 TOTHE THISTLE ASSET CONSULTING, INC. ORDER 1321 PIAZZ DELLE PALLOTTOLE OF BOYNTON BEACH FL 33426 VOID AFTER 180 DAYS __!��__' B RDERCONTAIN$YICNOPRV! ��'OD00 2 16 2��' �: 26 708 3 76 3�:�06 3 36 560 3��' Palm Beach Gardens Police vErvooR: 000000000322 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000002008209 02 12 09 3,813.00 00002162 Cr.'_ vEVD•��F rdr, 02/09 000000000322 AMOUNT PAID DISC. TAKEN NET AM�UNT 3,813.00 .00 3,813.00 .eck Total 3,813.00 Thistle Asset Consulting, Inc. 1321 Piazz Delle Pallottole Renaissance Commons Boynton Beach FL. 33426 (561)737-3996 Palm Beach Gardens Police Pension Fund Mr. Scott Baur The Pension Resource Center, LLC 4360 Northiake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Invoice � . 1 r20/2009 2008209 Thistle Asset Consulting 1321 Piazz Delle Pallottole Boynton 6each, Florida 33426 USA , � Palm Beach Gardens Police vFrvooR: 000000000216 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 8NP84 02 12 09 1,819.26 00002163 DnrE �dcNDOR rdC, 02/Q9 000000000216 AMOUNT PAID DISC. TAKEN NET AMOUNT 1,819.26 .00 1,819.26� eck Total 1,819.26� Palm Beach Gardens Police �0�02 � 63 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63 8376lZ670 BANK ATLANTIC ��NECK N0. CHECK DATE VENDOR N0. 2163 02/12/09 000000000216 PAY AMOUNT ONE THOUSAND EIGHT HUNDRED NIIVETEEN AND 26/100 TO THE RHUMLINE ADVISERS ORDER 3 0 ROWES WHARF OF BOSTON MA 02110 VOID AFTER 180 DAYS BOFOER CONTAMS MICAOVIiMf ��'00002163��' �:26 708 3 76 3�:006 3 36 560 3��■ Palm Beach Garde�s Police VENDOR: OOOOOOQOO2IE INVOICE NUMBER INVOICE DATE INVOICE AMOU(VT 8NP84 02 12 09 1,819.26 00002163 oaT= ���^�ccF ^�o 02/09 OOG000000216 AMOUNT PAID �ISC. TAKEN NET AMdUNT � 1,819.26 .00 i,819.26� � eck Total i,819.26� s �_ � um. �ne Investment Advisory Fees �� j����, 'q ��� �3� . � N � �>Q�.� January 13, 2009 4th Qtr2008 Invoice # 48NP84 Account: Palm Beach Gardens Police Fund S&P 500 Pooled Index Fund S&P 400 Pooled index Fund S&P 600 Pooled Index Fund _ Period ending 1013112008 - 11130/2008 1 2131120 0 8 Total Average Market Value Basis Points 0.0010 X Annual Fee: Quarterly Fee: Wire fransfer information: for RhumbLine Advisers Rockland Trusi 288 Union St. Rockland, Ma 02370 ABA# 011304478 acct beneficiary:2970003824 7,277,059.57 Pooled Combined Market Values L811,L820,L830 $7,543,234 $7,041,070 $7,246,875 $21,831,178.72 $7,277,059.57 7,277.06 �7,277.06 � $1,819.26 Or by check, P/ease make payment to: RhumbLine Advisers 30 Rowes Wharf, Suite 35( Boston, MA 02110-3326 Palm Beach Gardens Police VENDOR: 000000000001 INVOICE NUMBER INVOICE OATE INVOICE AMOUNT 090119 03 03 09 2,275.0( 00002164 DATE VENDORNO. 03/09 000000000001 AMOUNT PAID DISC. TAKEN NET AMOUNT 2,275.00 .00 2,275.0 eck Total 2,275.0 Palm Beach Gardens Police 00002164 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63�8376�2670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR N0. 2164 03/G3/09 000000000001 � PAY AMOUNT �.TWO THOUSAND TWO HUNDRED SEVENTY-FIVE AND 00/100 � :' ,": TOTHE TEGRIT PLAN ADMINISTRATORS ORDER 4 3 6 0 NORTHLAKE BLVD STE 2 0 6 OF PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS ��'00002i6►,��' �:26 708 3 76 3�:006 3 36 560 3��' Palm Beach Gardens Police 00002164 DATE VENOORNO. VENDOR: OOOOO0000001 03/09 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 090119 03 03 09 2,275.00 2,275.d0 .00 2,275.0 eck Total 2,275.0 . � �� Te rit � Plan Acirnrn�str3fors 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 , --- ---,.�_.,...� ----__...� - ----� i Bill To � - ----.. --- ------- --- — i Palm Beach Gardcns Policc Pension Fund � � � � � i _ _ __--- ----- -- �----•--- • -..—_ .- - —• Invoice Date Invoice # i - . . -,- . _ — --•---, 2%26/2U09 ' IiU9Qi19 �----- --- .-- -- ---------- —� - -------------, ; Tax ID Numbers � , �----- ----------�-----__- - - --- -- --- i ; � Tegrit Plan Administrators 80-0182332 � � Resource Centers 87-0800468 i ' Pension Resource Center 36-4504183 � ; � Omega Recordkeep�ng Group 20-2901035 � -- ------- -- --------- ---•-�--- _.. _ . _ — � Description Qty i Palm Beach Gardens Poli�c Pcnsiun I�und - A�1min I�er for Ihe munlh c�f March ?(IUy. ' � i Rate Amount � i.Z�s.uo ; - - - -- 2.z�s.u� -i ! i i i t -------- ---�_ ._ - - �. _ _ _ __ - - ---- � � Total Amount Due � s?.z��.00 ; � ivtail Payments to: Tegrit Plan Administrators. LLC at Palm [3each Gardens Address OR ACN Payment to: First Soutlicrn Bank Tegrit Plan Administrators ABA #: 067012895 Account #: 8061911606 First Southern f3ank Pension Kesource Center AE3A #: 067U 12895 Account #: 80610y3 �06 ifyou have any questions conceming this invoice, please rontact Jim Jameson at Tegrit Plan Administrators. LLC Phone 561-459-296U ur Email - Jim.Jamesorni�tegrit-tpa.com Palm Beach �ardens Police VENDOR: 000000000010 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT ,��00000000062958 03 OS 09 4,858.8. 00002165 DATE VENOORNO 03/09 000000000010 AMOUNT PAID DISC. TAKEN NET AMOUNT 4,858.81 .00 4,858.8 eck Total 4,858.8 Palm Beach Gardens Police 00002� 6�J' � 4360 Northlake Blvd Ste 206 � Palm Beach Gardens, FI 33410 63-8376i2670 i BANK ATLANTIC CHECK N0. CHECK OATE VENDOR N0. 2165 03/OS/09 000000000010 AMOUNT PA Y FOU12 THOUSAND EIGHT HUNDRED FIFTY-EIGHT AND 81/1 TO THE HANSON, PERRY & JENSEN P. A. ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207 OF ; WEST PALM BEACH FL 33401 VOID AFTER 180 DAYS F;,�o„T�u,swc�ovrmr �i'00002�65��' �:267083763�:006 3 36 560 3��' 00002165 Palm Beach Gardens Police DATE VENDORNO. vErvooR: 000000000010 03/09 000000000010 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000062958 03 05 09 4,858.81 4,858.81 .00 4,858.81 eck Total 4,858.81 HANSON� PERRY & JENSEN� P.A. 4OO EXECUTIVE CENTER DRNE, SUITE 2O7 - WEST PALM BEACH, FioR�a,a 334D1-2922 JILLHANSON TELEPHONE (5G1)686-6550 mihansonCa2hpilaw.com FACSIMILE(561) 686-2802 ANN H. PERRY BD@fry(4ihpllaw.COR1 BONNI SPATARA JENSEN bsiensen(c�hpilaw.com February 25, 2009 Via Email Palm Beach Gardens Police Pension Fund Tegrit Plan Administrators, LLC Attn: Scott Baur & Bonnie Lindberg & Audrey Ross 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Re: Hanson Perrv & Jensen Invoice #6295$ Dear Scott & Bonnie: Enclosed please find the Firm's invoice for services rendered for the period that ended 2/1512009. Thank you for your payment of $2,486.75. Your current balance due is �4,858.81. If you have any questions, please do not hesitate to contact me. Sincerely, Bonni S. Jensen 8SJ/adt Enclosure Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Emai] Only Palm Beach Gardens Police Pension Fund Additional Charges : Bili File 1/30/2009 HPJ UPS Delivery United Parcel Service Invoice No.: OOOF49280069 Tracking #1ZF492802496345187 to / from Internal Revenue Service - Determination Letter Application Bill File 2/2/2009 HPJ UPS Delivery United Parcel Service Invoice No.: OOOF49280069 Tracking #iZF492800395197405 to / from Scotf Baur - Assignment & Assumption Bill File 2/1712009 HPJ Postage Postage Bill File NPJ Photocopies$ Copy Charges Bill File SUBTOTAL: Total additional charges Total amount of this bill Previous balance Total payments Balance due Page 7 Qtv/Price Amount 1 22.62 22.62 1 8.85 8.85 1 0.84 0.84 888 222.00 0.25 [ 254.31 ] $254.31 $4,858.81 $2,486.75 ($2,486.75) $4,858.61 ?a�m Beach Gardens Police VENDOR: OOOO00000012 ( INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 1000000000107638 03 05 09 19,515.00 DATE VENDOR N0 OOOOZ � 66 03/09 000000000012 AMOUNT PAID DISC. TAKEN NET AMOUNT 19,515.00 .00 19,515.0 eck Total 19,515.0 i Palm Beach Gardens Police �0�02 � 66 ! 4360 Northlake Blvd Ste 206 j' Palm Beach Gardens, FI 33410 63 8376�2670 ; BANK ATLANTIC CHECK NO CHECK DATE VENDOR N0. . 2166 03/05/09 000000000012 i PAY AMOUNT ; NINETEEN THOUSAND FIVE HUNDRED FIFTEEN AND 00/100 �� $19,515.00 i � � ; TO THE GABRIEL ROEDER SMITH & COMPANY j. ORDER p, Q, BOX 7 S O O O � OF T G TU ' DETROIT MI 48278 ' . VOID AFTER 180 DAYS ii'0000 2 166��' �: 26 708 3 76 3�:006 3 36 560 3��■ Palm Beach Gardens Police VENDOR: OOO000000012 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000000107638 03%5 09 19,515.0( a �JEi' 00002166 DATE VENDOfi NO. 03/09 000000000012 AMOUNT PAID DISC. TAKEN NET AMOUNT 19,515.00 .00 19,515.0 eck Total 19,515.0 Gabriel Roeder Smith & Company R Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301-1872 (954) 527-1616 : � BOARD OF TRUSTEES, CI1'Y OF� P;ii.�i Bl�:ACH GARDENS POLICE OFFICERS PENSIOti FUND Mr. J. Scott Baur, Administrator Tegrit Plan Administrators 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 For services rendered through ?128i09 I. Charges since 1/31 /08 for preparation of the 10/1 /08 Actuarial Valuation Report; total charges to date equal $10.294 2. Buv Back Calculation for: Taltichet 3. 2i4109 opinion letter regarding a proposed plan amer�dmeni 4. Report on the feasibility of covering police ofticers under the Florida Retirement System (2/13/09) 5. Report on several differeni ���ays ro strengthen the funding of the Plan (2/13!09) 6. Projection of required Ciry contributions over the next � years under different investment return scenarios (2/13/09) 2/28/2009 Invoice In►oicc # 107b38 Dept. # 78009 Gabriel Roeder Smith & Company PO Box 78000 Detroit, Michigan 48278-0009 or ACH Payment to: Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account#: 0486723 100360-108 100360-608 100360-208 l00360-208 100360-208 100360-208 $6,556 $400 $350 $6,379 $3,�00 $2,330 lnvoice Total $19,515 Paid to Date � i Client No. 100360 Amount Due $19,5 I S �� �� `� PLEASE INDICATE THE INVOICE NUMBER ON YOUR RE�VIITTANCE. THANK YOU. Palm Beach Gardens Police VErvDOR: OOOOOOOOOOOS INVOICE NUMBER INVOICE DATE 1000000000002122�03� 00002167 D4TE VENpOR NG 03/09 000000000005 INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 236.25 236.25 .00 236.2 eck Total 236.2 TNE FACE Of THIS DOCUMENT HA8 A COLORED BACKGROUND OR WHITE PAPER - THE BACK COHTAINS AN ltRTIF161AL WATERMARK - HOLD AT AN ANGLE TO VIEW Palm Beach Gardens Police 00002167 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63-8376�2670 �BANK ATLANTIC CHECK NO CHECK DATE VENDOR N0. 2167 03/09/09 000000000005 PAY AMOUNT TWO HUNDRED THIRTY-SIX AND 25/100 ��j,�� 5236.25 TO THE ELLEN SCHAFFER ORDER 3 3 9 N. W. 9 9 WAY OF CORAL SPRINGS FL 33071 VOID AFTER 180 DAYS ��'D000 2 �6 7ii' �: 26 708 3 76 3�:006 3 36 560 3��' Paim Beach Gardens Police �" VENDOR:� 000000000005 INVOICE NUMBER INVOICE DATE INVaICE AMOUNT �000000000002122 03 09 09 236.25 �ATE 0�/09 AMOUNT PAID 236.25 er.a 00002167 VENDOR NO 000000000005 DISC. TAKEN NET AMOUNT .00 236.251 ck Total 236.25 0 I N V O I C E �L�LP�] ti�:-11�F�-, IN'v(';?'��. �""� � _ L �. LL �39 tv.w. 99 wA�� ��TE: 02/05/2009 CORAL SPRINGS, Fi�. 33071 REF.: 192 Home: (954) 341-'�032 Fax: (954) 345-O��II Public Pension Software Consultant c��LD T�: TEGRIT PLAN ADMINISTRATORS 4360 NORTHLAKF; BLVD. SUITE 206 PALM BEACH GARDENS, FL. �3910 ATTN: DENISE P�C NEILL QTY DESCRIP'IION �. 25 H�UR l� ) rCn1;�ULTIP�1� & ��:;��;�RAP�[�1?I'��1�; iER.V�CE� FOR PAId+i BEACH GARDENS POLICE 'i C"HRN(�E P I �^�IE��Ki,Y RE&..� I LG I C� ACCEPT NEW F��RI9::'?'S FRCti; CITY AMOUNT TOTAI� l��r . �l'�.� L..�.)C?. ZJ S�I�.T.^�THL S T?1 X ; SHIP/HAND :' TO`:'=�L ; PLEAS:� MA:�E CHECK ; AYABLE TG ELLE� SCHAFFER THANK YOU �}6.�ti .JO ��n l ._ � `.. . L J I�, � Palm Beach Gardens Police vENDOR: 000000000029 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000000433867 03 11 09 5,000.00 BANK ATLANTIC PAY FIVE THOUSAND AND 00/100 '��ti:''rti:r:?'f ��•'r:::Lti:•.{ :•:�::ti{ TO THE ORDER OF OA'E 03/09 AMOUNT PAID 5,000.00 00002168 VENCGR NO 000000000029 DISC. TAKEN NET AMOUNT .00 5,000.00 ck Total 5,000.00 � I Palm Beach Gardens Police 4360 Northlake 81vd Ste 206 Palm Beach Gardens, FI 33410 63-8376l2670 00002168 CHECKNO CHECK DATE VENDORNO. 2168 03/11/09 000000000029 AMOUNT $5,000.00 CHERRY, BEKAERT & HOLLAND �/`�`-{/ �./ . ONE CLEARLAKE CENTER 250 AUSTRALIAN AVE SOUTH SUITE 1201 T,� c ru � WEST PALM BEACH FL 33401 VOID AFTER 180 DAYS ! .__._ ---- noanea ccrran�s r.ncao�n�nn.vci ��'D0�0 2 L 68��' �: 26 708 3 76 3�:006 3 36 560 3��' Palm Beach Gardens Police VENDOR: 000000000029 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000000433867 03 11 09 S,OOO.GO DA'c" 03/09 AMOUNT PAID 5,000.00 00002168 vEhoeavo 000000000029 DISC. TAKEN NET AMOUNT .00 5,000.00; ck Total 5,000.001 I CHERRY BEKAERT 8 NOLLAND, L.L.P. ONE CLEARLAKE CENTRE 250 S. AUSTRAUAN AVE. STE. 1201 WEST PALM BEACH, FL 33401 (561)835-8352 PALM BEACH GARDENS POLICE PENSION FUND c% PENSION RESOURCE CENTFR, INC. 4360 NORTHLAKE BLVD., SUlTE 206 PALM BEACH GARDENS, FL 33410 lnvoice No. 433867 Date 02/28/2009 Client No. 4253650. 0 FOR PROFESSIONAL SERVICES RENDERED: Progress billing on audit of financial statements for the year ended September 30. 2008 ^ � 1 -► �� � $_ _ 5�000_00 , , TERMS: Inw�ces payable within 15 days from invoice date. A service charge will be added to past due accounts equal to 1 1/2% per month (18% annually) on the previous month's balances less payments received dunng the month, with a mmimum charge of 52.00 per month. Palm Beach Gardens Police v�rvDOR: 000000000458 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 3-09 PREMIUMS 03 11 09 468.4� ;;AT= 03/09 AMOUNT PAID 468.45 00002169 :�a�; oar�c 000000000458 DISC. TAKEN NET AMOUNT .00 468.4 ck Total 468.4 i �i i i• �: •� i � i i i r i i � ( Palm Beach Gardens Police 00002169 I I 4360 Northlake Blvd Ste 206 � j Palm Beach Gardens, FI 33410 63-8376i2670 , � � I BANK ATLANTIC CHECK NO CHECK DATE VENDOR N0. � � 2169 03/11/09 000000000458 � ! PAY AMOUNT FOUR HUNDRED S I XTY - E I GHT AND 4 S/ 10 0;Y�Y�'�„t,�;'��;� $ 4 6 8. 4 5 � I ( TOTHE CITY OF PALM BEACH GARDENS E ORDER 10500 N MILITARY TR.AIL 1 OF � T t G TU � � PALM BEACH GARDENS FL 33410 i I_�.�__�-------------------_._._ __._..,---------- - VOID AFTER 180 DAYS � _ PORGERCONT4INSMICROPFMnNC� ��'�0�0 2 �69��' i:26 708 3 76 3�:006 3 36 560 3i�' Falm Beach Gardens Police Dt+'E vErvooR: OOG000000458 03/09 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID 3-09 PREMIUMS 03 11 09 468.45 � 468.45 � 00002169 VE��DOR NO 000000000458 DISC. TAKEN NET AMOUNT .00 468.4 ck Total 468.4 Sage Lehman From: Audrey Ross Sent: Thursday. March 05, 2009 3:49 PM To: Sage Lehman ' '� Cc: Ellyse Russo N'`- `_:` �� L'`�t `� �`'�'; `- . Subject: FW: PBG Police - AI Wesenick (Insurance Changes} • _ l� ' t- -� ,�. ;�; � ` , �_ _ , _rL�__, - Please see the changes below. Thanks, .luclri�� Itu�. Administrator Tegrit Plan Administrators, LLC Florida Office 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 561.624.3277 (phone) 561.459.3007 (direct dial) 561.624.3278 (fax) :audrev.Ross�.>.Tc�rit-tpa.coii� �� ����v.resourcccenters.com 1�( li � 1 _�'`' �_��_� � �',. —�-=---- - 1� ( f,�� � �_ il L � -1��� r� t - _ - ;,-. /�� ., � � � ` , NOTICE OF CONFIDENTIALITY: This transmission contains information that may be confidential and that may also be privileged. Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), you may not copy, forward, or otherwise use it, or disclose its contents to anyone else. If you have received this transmission in error, please notify us immediately and delete it froin your system. Please keep in mind that any communication sent to our office may become public record by �vay of the client being referenced. IRS CIRCULAR 230 NOTIC�: To the extent that this message or any attachment concer��s tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. �'i�:�;� ���n�i�1�r th�• �n� ir��nn���nr b�t��r�• ��r�ntii��� [hi; �-niuil. From: Lauren Ferreira (mailto:lferreira@pbgfl.com] Sent: Thursday, March 05, 2009 3:53 PM To: Audrey Ross; Audrey Ross Subject: FW: PBG Police - AI Wesenick (Insurance Changes) ��,;drey i?, chec+: in the amount of 5�171.45 is owed for the month of iV�ar�h, please see b�low: rea,Rayment received from T��;rit ,��,,; Payment: ����erp� yment from reb $20�2.43 - $640.y7 for We�enick�- - SC40.97 for Bunch a' ;810.a9 1 C �s` �`�. �c„c�` `:> � -�'. �- � �- -r - -� i'�,l��rch Faymeni Due - S640.97 for Wesenick - �6�0.97 for Bunch �^,.mount Due from Te,�r,! ;�171.45 P�ease call me if you have any questions. Lauren Ferreira HR Generalist C�t�Y of Patm Beach Gardens ' OS00 N. Milit�ry Trail ��jtm Beach Gardens. FL 33� 10 ;=i,r�ne (561}7�J9-d117 Fa;<: (S61) 799-417Q Iferreira(c�pbqfl.com From: Lauren Ferreira Sent: Monday, February 09, 2009 8:33 AM To: 'Audrey Ross' Cc: 'scrapn2do@aol.com' Subject: RE: PBG Police - AI Wesenick (Insurance Changes) Yes, ef`�Ct�ve 2/1/Q9 hr h�; c�ncelled f�mily coverage for both dental and health and lias kept coverage for himself only . His new monthly r��te is: � Health $G09.53 � Denta� S ?9.89 Life $ 1.50 Total $640.97 tauren Ferreira HR Generalist �iiy of P�Im Be�Ch G�r�iPns 10500 N �,�lililary Tr�il °alm Be�ch Gardens, FL .�3�110 Phone (5G1 } 7J9-41 17 Fa,c: (561) 79�-4170 Iferreira pbqfl.com From: Audrey Ross [mailto:audrey.ross@tegrit-tpa.com] Sent: Thursday, February 05, 2009 4:06 PM To: Lauren Ferreira Subject: PBG Police - Al Wesenick (Insurance Changes) Lauren, Did AI Wesenick make changes to his insurance? Thanks, �udre� tt��ss Administrator Tegrit Plan Administrators, LLC Florida Office 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 561.624.3277 (phone) 561.459.3007 (direct dial} z Pa�m Beach Gardens Police VENDOR� 000000000458 INVOICE NUMBER INVOICE DATE 005021 03 O1 09 005022 04/O1/09 005023 04/O1/09 005024 04/O1/09 005025 04/Ol/09 005026 04/O1/09 BANK ATLANTIC INVOICE AMOUNT 3.00 1,185.31 1,219.16 59.78 29.89 6.00 oaTE 04/09 AMOUNT PAID 3.00 1,185.31 1,219.16 59.78 29.89 6.00 Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 00002170 '✓ErvDOa r�C 000000000458 OISC. TAKEN NET AMOUNT .00 3.00 .00 1,185.31� .00 1,219.16' .00 59.78'! . 00 29.89� .00 6.00 ck Total 2,503.14 63-8376/26J0 00002170 CHECK NO. CHECK DATE VENDORNO. 2170 04/O1/09 000000000458 PAY AMOUNT TWO THOUSAND F I VE HUNDRED THREE AND 14 / 10 0;}��::ti:�;tif;� $ 2, 5 0 3. 14 TOTHE CITY OF PALM BEACH GARDENS ORDER 10500 N MILITARY TRAIL OF PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS -----_------ '--.--.--------.- ----_-acaoeNCUrirnnis�.ncRCVani:���: ��'OD00 2 L 70��' �: 26 70B 3 76 3�:006 3 36 560 3��' Palm Beach Gardens Police VENDOR: 000000000458 INVOICE NUMBER INVOICE DATE 005021 03 Ol 09 005022 04/Ol/09 005023 04/O1/09 005024 04/Ol/09 005025 04/O1/09 005026 04/O1/09 INVOICE AMOUNT 3.00 1,185.31 1,219.16 59.78 29.89 6.00 DaTE 04/09 AMOUNT PAID 3.00 1,185.31 1,219.16 59.78 29.89 6.00 00002170 vENDORNO. 000000000458 DISC. TAKEN NET AMOUNT .00 3.00 .00 1,185.31I .00 1,219.16� .00 59.78 .00 29.89� .00 6.00 ck Total 2,503.14 Palm Beach Gardens Police VENDOR: 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 090159 04 Ol 09 2,275.00 00002171 DATE 'JeNDOR NO 04/09 000000000001 AMOUNT PAID DISC. TAKEN NET AMOUNT 2,275.00 .00 2,275.0 eck Total 2,275.0 THE FACE OF THIS OOCUMENT HAS A COLORED BACK6ROUN0 ON WHITE PAPER • THE BACK CONTAINS AN ARTIFICIAL WATEFiMARK • HOLD AT AN ANGLE TO VIEW BANK ATLANTIC Palm Beach Gardens Police 00002171 � 4360 Northlake Bivd Ste 206 � Paim Beach Gardens, FI 33410 63-8376/2670 � CHECK NQ CHECK DATE VENDOR NO. ` 2171 04/Ol/09 000000000001 ; PAY AMOUNT ' TWO THOUSAND TWO HUNDRED SEVENTY-FIVE AND 00/100 TOTHE TEGRIT PLAN ADMINISTRATORS ORDER 4 3 6 0 NORTHLAKE BLVD STE 2 0 6 OF PALM BEACH GARDENS FL 33410 � i VOID AFTER 180 DAYS ! __ __,_ __� ______, A _�_ _ 6DRDEp CONTAINS MICROPRItRING' ��'0000 2 L 7 ���' �: 26 708 3 76 3�:006 3 36 560 3��' Palm Beach Gardens Police VENDOR: OOOOO0000001 INVOICE NUMSER INVOICE DATE INVOICE AMOUNT 090159 04 O1 09 2,275.0( i,AT_ �4��Q AMOUNT PAID 2,275.00 00002171 VeND'JR NO. 000000000001 DISC. TAKEN NET AMOUNT .00 2,275.00 ck Total 2,275.00i 0 0 �� Ti;i� e rit Invoice � Piai� A�nr�nrstrato�s - - _ ----- ---__ 4360 Northlake Blvd Date . Invoice # Suite 206 _-- — "- , Palm Beach Gardens, FL 33410 ;; 3�,1,�20(IV ROyU 159 '• Bill To ; ; Tax ID Numbers �� ------ --- – ---.. --- ---- - _-- - � -- – - -- --. _.. -- -- - Palm Bcach Gardens Pulice Pension Pund � i ' Tegrit Plan Administrators 80-0182332 � � ! Resource Centers 87-0800468 ' Pension Resource Center 36-4504183 i � Omega Recordkeeping Group 20-2901035 ! Description Qty � Rate Amount ; i , � ; ; Palm Beach Gar�ens Pulice Nension fund - Admin t�ee lor the munlh o(April 2009. � i 2.275.UQ : 2.275.U0 ; � , i � . � • � � � i i ! I • i ' � ' , I , � I � � , i I � i i , i i � � I `. I � � � , � i , j j f � � + t ' i ` i � . � i � ' , � i __ - - ' -- ---� , Total Amount Due �-'.����o� � � ` Mail Pa�rtnents to: Tegrit Plan Administrators. LLC at Palm Beach Gardens Address OR ACH Pavment to: First Soutliern B:uik Tegrit Plan Administrators ABA #: 067012895 Accountk: 806I911G06 First Southern Bank Pension Resource Center At3A #: 067012395 Accoun� #: 3061093306 If you have any yuestions concerning this invoice. please contact Jim Jameson at Tegrit Plan Administraeors. LLC Phone ?61-459-2960 or Gmail - 1im.Jameson'r� te2rit-tpa.com Palm Beach Gardens Pol�ce VENDOR: 000000000029 � INVOICE NUMBER INVOICE DATE INVOICE AMOUNT jd00000000442055 04 07 09 3,000.00 BANK ATLANTIC PAY THREE THOUSAIvD AND 00/100 ��;;:;��;::,.ti;�ti:;: � TO THE IORDER ' OF oare 04/09 AMOUNT PAID 3,000.00 00002172 'WEr-�DUR �.0 000000000029 DISC. TAKEN NET AMOUNT .00 3,000.00 ck Total 3,000.00 I Palm Beach Gardens Police Q�QQ2�']2 4360 Northiake Blvd Ste 206 Paim Beach Gardens, FI 33410 63�8376,ze�c CHECK NO CHEC+c DATE VENOORNO. 2172 04/07/09 000000000029 AMOUNT 53,000.00 CHERRY, BEKAERT & HOLLAND ONE CLEARLAKE CENTER 250 AUSTRALIAN AVE SOUTH SUITE 1201 WEST PALM BEACH FL 33401 VOID AFTER 180 DAYS � �'� ----'-.""-'-'�"-.'-_-�---.-�-'--'---^-- -'_..�_'____�,._'_'_'�_"'6CRDERCONTAINS411CflOPRIK ��'0000 2 � 7 2��' �: 26 708 3 76 3�:006 3 36 560 3��' Palm Beach Gardens Police 0��02� %2 DA7E VEr�DURhC VENOOR: 000000000029 04/09 000000000029 INVOICE NUMBER INVOICE OATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000442055 04 07 09 3,000.00 3,000.00 .00 3,0OO.00 eck Total 3,000.00 CHERRY BEKAERT & HOLLAND, L.L.P. ONE CLEARLAKE CENTRE 250 S. AUSTRALIAN AVE. STE. 1201 WEST PALM BEACH, FL 33401 (561)835-8352 PALM BEACH GARDENS POLlCE PENSlOIV FUND c% PENSION RESOURCE CENTER, lNC. 4360 NORTHLAKE BLVD., SUITE 206 PALM BEACH GARDENS, FL 33410 Invoice No. 442055 Date 03/31/2009 Clienf No. 4253650.0 FOR PROFESSIONAL SERVICES RENDERED: Progress billing on audit of financial statements for the year ended September 30, 2008. $_ 3 000.00 Our Fimi s year end is April 30th; therefore any consideration to timing your payment so that it is received prior to April 30th would be greatly appreciated. Thank you in advance for your assistance in meeting this deadline. As ah,vays thank you for choosing C68H as your professional senrices advisor. � � CHERRYBEKAERT 8 HOLLAND, L.L.P. ONE CLEARLAKE CENTRE 250 S. AUSTRAUAN AVE. STE. 1201 WEST PALM BEACH, FL 33401 (561)835-8352 PALM BEACH GARDENS POLICE PENSION FUND c% PENSION RESOURCE CENTER, INC. 4360 NORTHLAKE BLVD., SUITE 206 PALM BEACH GARDENS, FL 33410 Invoice No. 442055 Date 03/31/2009 Client No. 4253650.0 FOR PROFESSIONAL SERVICES RENDERED: Progress billing on audit of financial statements for the year ended September 30, 2008. $ 3.000.00 Our Firm's year end is April 30th; therefore any consideration to timing your payment so that it is received prior to April 30th would be greatly appreciated. Thank you in advance for your assistance in meeting this deadline. As aFways thank you for choosing C88�H as your professional services advisor. Palm Beach Gardens Police . VENDOR: OO0000000010 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000000063015 04 07 09 393.9' 00002173 oATE vENO�a N_r, 04/09 000000000010 AMOUNT PAID DISC. TAKEN NET AMOUNT 393.97 .00 393.9 eck Total 393.9 Palm Beach Gardens Police ����2'j ]3 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63-8376rze�o BANK ATLANTIC CHECK N0. CNECK DATE VENDOR N0. 2173 04/07/09 000000000010 pAY AMOUNT THREE HUNDRED NINETY-THREE AND 97/100 .._:ti:�:��:��:::::�_ $393.97 TO THE ORDER OF PERRY & JENSEN, LLC 400 EXECUTIVE CENTER DRIVE SUITE 207 WEST PALM BEACH FL 33401 VOID AFTER 180 DAYS ��■ODO� 2 L 7 3��' �: 26 708 3 76 3�:006 3 36 560 3��' Palm BeaCh Gardens Police VENDOR: OOOOOOOOOOlO INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000000063015 04 07 09 j 393.97 ___ ^ OORDER CONTAIN$ MICROVRIHTINC�7 00002173 DATE VENDCRNO. 04/09 000000000010 AMOUNT PAID DISC. TAKEN NET AMOUNT 393.97 .00 393.9 eck Total 393.9 THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401-2922 Invoice submitted to: Palm Beach Gardens Police Pension Fund Scott Baur & Bonnie Lindberg & Audrey Ross-via email c/o Tegrit Plan Administrators, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Copy to: Chairman & Secretary March 24, 2009 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0003 Invoice #63015 Professional Services Attornev Enqaqement Agreement 2/27/2009 ADT Draft Draft Assignment and Assumption name change of firm Attorney Engagement Agreement SUBTOTAL: Auditor 2/25/2009 BSJ Review Review draft Audit E-mail to Rowana Flitan Review emai� from R. Flitan Auditor SUBTOTAL: DROP 2/17/2009 BSJ Draft Draft cover letter to Tegrit Pension Administrators for executed DROP Policy DROP Hrs/Rate Amount 0.20 NO CHARGE 75.Ofl/hr � 0.20 0.00� 0.75 150.00 200.00/hr [ 0.75 150.00] 0.25 50.00 200.00/h r Palm Beach Gardens Police Pension Fund SUBTOTAL: IRS Determination Letter 3/9/2009 BSJ Review Review Acknowledgment from Internal Revenue Service of package received and information re: process IRS Determination Letter SUBTOTAL: Participant - General Correspondence 2l26/2009 BSJ Review Review email from Audrey Ross E-mail to Audrey Ross re: Ron Council Telephone call with Audrey Ross Review Pension Plan Document Participant - General Correspondence SUBTOTAL: Plan Document 3/11/2009 KA E-Mail E-Mail to Sarah Carr re: status of plan review - legal depa�tment Plan Document KA E-M2il E-Mail to Sarah Carr re: Florida Retirement System for new officers - current plan for current participants Plan Document BSJ Telephone Call Telephone call with Trish Shoemaker re: status of Florida Retirement System Review of DROP provisions Plan Document SUBTOTAL: For professional services rendered Additional Charges : Page 2 Hrs/Rate Amount [ 0.25 50.00] 0.10 20.00 200.00Jhr [ 0.10 20.00] 0.50 100.00 200.00/hr [ 0.50 100.00] 0.35 26.25 75.00/hr 0.25 18.75 75.00/hr 0.10 20.00 200.00/hr [ 0.70 2.50 Q /Price 65.00J $385.00 Palm Beach Gardens Police Pension Fund Bill File 2118l2009 HPJ UPS Delivery United Parcel Service Invoice No.: OOOF49280089 Tracking #1ZF492800390516613 to / from Audrey Ross Tegrit Pension Administrators - DROP Distribution Policy Bill File 3/16/2009 HPJ Photocopies$ Copy Charges Bill File SUBTOTAL: Total additional charges Total amount of this bill Previous bafance Total payments Page 3 Qtv/Price Amount 1 4.72 4.72 17 4.25 0.25 [ s.s7� $8.97 $393.97 $4,858.81 ($4,858.81) Balance due $393.97 � ►v� -f-e - r ���� fi� r�rm r �Cr� � THE LAW OFFICES OF PERRY � JENSEN, LLC ANN H. PERRY aperry@perryjen5en law.com March 24, 2009 Via Email Palm 8each Gardens Police Pension Fund Tegtit Plan Administrators, LLC Attn; S�ott Baur & 8onnie Lindberg & Audrey Ross 4360 Northlake Boulevard, Suite 206 Pa{m Beach Gardens, FL 33410 Dear Scatt & Bannie: BONI�ff SPATARA JENSEN bsjensen@ perryjensenlaw.cam Re: Leqal Services Provided Invoice #63015 Enc4ased p4ease find the Firm's invoice for services rendered for the period that ended 3/15/20Q9. Thank you for your payment of $4,858.81. Your current balance due is $393.97, Please note that the firm name has changed. Please update your records accordingly. If you have any questions, please do not hesitate to contact me. Si � rely, ,4 , J' � ��� � � Bonni S. Jensen BSJladt Enclosure Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Email Only 400 EXECUTIVE CENTER QRIVE, SUITE 2O7•i WEST PAtM SEACFi, F�ost�flA 33401-2922 PH: 561.686.6550 •: Fx: 561.686.2802 �„ Palm Beach Gardens Police VENDOR:� OOOO00000024 � INVOICE NUMBER INVOICE DATE 181980 - 109243 04 09 09 w,��,�r� Sio� Y BANK ATLANTIC 00002174 OATE ��IENGCR PJp 04/09 000000000024 INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 170.00 170.OQ .00 170.00 eck Total 170.00 Palm Beach Gardens Police 00002174 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63-8376;zs�o CriECK MO CHECK DATE VENDOR N0. 2174 04/09/09 000000000024 PAY AMOUNT ONE HLJNDRED SEVENTY AND 0 0/ 10 0;:;;�;.;:;.; :f;:;r_;;: S 17 0. 0 0 TOTHE FLORIDA STATE UNIVERSITY, CPD ORDER ATTN: CASHIER oF UNIVERSITY CENTER C; SUITE 3500 TALLAHASSEE FL 32306 ��'0000 2 � 74��' �: 26 708 3 76 3�:D06 3 3 6 560 3��■ Palm Beach Gardens Police VENDOR: OO0000000024 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 181980 - 109243 04 09 09 170.00 00002174 .^,�A�c VEN�J�NO 04/09 000000000024 AMOUNT PAID DISC. TAKEN NET AMOUNT 170.00 .00 170.00 eck Total 170.00; . FSU Center for Professional Development � '� J ��� ( �� .j � � I � � � �!,�' ��`� � -; 1 > �r' I� f` \� 1 - %, _;.�,, , , - ;�'� • . � . FSU Search rr-,t' �Gls��o� Page 1 of 1 � . � y ���3� � � � � / `4 'y s� �.�.��� _ -..* ; _ _ � '�', F .����s } Y��r ;� ` ` � -Y-.. ,..��a..�>.:� e.. .. k . _ F-_ . � 4 _:� 7_. Registration Confirmation: Print & keep for your records! Police and Firefighters Pension Trustees School Program (CONF 801 D2 g9 2009) CEU Hours: 1.60 Start Date: 5/1812009 ' y 1�`'� f �� { �; ( } i`��, I I� End Date:S/20/2009 Location: Tallahassee, FL; DoubleTree Hotel � (' �' i�— -���? � Start Time: 8:00 AM " � ` , � End Time: 5:00 PM - ; ' ' Course Contact: MiChael McIver ��� `• (''� �- _ \ Total amount due for this course: $170.00 l��' '� � i�;'� J% r! i � i i�/ `-',I Cancellation Policy: If you cancel in writing at least ten business days pnor to the conference start date, you will receive a refund. If your cancellation is received after that date, or if you fa�l to g�ve official not�ce, you will be liable for the fee. You must email or fax, your request to cancel. Subst�tubons are wefcome, provided that the Registrar �s notified in advance. Note: A copy of th�s confirmation has been emailed to: audrey.rossrtegrit-tpa.com CR: 10365 ID: 109243 Next Step ..,.,� • The FSU Center for Professional Development � . ... . �:lr. =lntc�l�„vcr>�tY 1 ,'ni .. , _ �.ir . , . .., .�SC .,an ..�il .�. l J -,C, � � ;� ., ., , ,�,� Palm Beach Gardens Pol�ce . • VENDOR: 000000000024 INVOICE NUMBER INVOICE DATE 181978 - 42884 04 09 09 �jp �j �P�N �Z BANK ATLANTIC INVOICE AMOUNT 170.00 00002175 oare ve����a ric 04/09 000000000024 AMOUNT PAID DISC. TAKEN NET AMOUNT 170.00 .00 170.0 eck Total 170.0 Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 PA Y ONE HUNDRED SEVENTY AND 0 0/ 10 0 ti�:.titi ;:;;;;;;}:.titi TOTHE FLORIDA STATE UNIVERSITY, CPD ORDER ATTN: CASHIER oF UNIVERSITY CENTER C; SUITE 3500 TALLAHASSEE FL 32306 00002175 63-8376/2o7p CHECK N0 CHECK DATE VENDOR N0. 2175 04/09/09 000000000024 AMOUNT $170.00 ��'000021?5��' �:26 708 3 76 3�:0063365603��■ Palm Beach Gardens Police VENDOR: OOOO00000024 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 181978 - 42884 04 09 09 170.00 00002175 ,"',ATC .'FNvO�+NO 04/09 OOt�000000024 AMOUNT PAID DISC. TAKEN NET AMOUNT 170.00 .00 170.00 eck Total 170.00 , F$U Center for Professional Uevelopment ;-'I'�( �I'�(,' �l! � I ', ` i1�; � ,!;' � ;, (i����� j _ �. _t.�� , i ;��� • • � ' FSU Search ���,� REGIS'I�2ATTO�T Page 1 of 1 �g � �_ � � - °'��`r A'� , , ��-F 4+-�. _ � �5 ;� ='r t '1K,�¢��' _— '� — � f �.� :{ " � � : -.��� ' � F � .._. . =_��.��_ . - �:�-x .-. Registration Confirmation: Print & keep for your records! Police and Firefighters Pension Trustees School Program (CONF 801 02 99 2009) CEU Hours: 1.60 • I , _ ,; - � �, � �- Start Date: 5,'18/2009 ' i '. ! ) i l' {� _ . y �. _ _ � �'� �, End Date: 5/20/2009 � 1; -'i � � � i •,- � ( � Location: Tallahassee, Fl; DoubleTree Hotel Start Time: 8:00 Ah1 � �•, � � End Time: 5:00 PM I I` • �/� j�__ _ Course Contact: Michael McIver � � Total amount due for this course: $170.00 J 1�'� �' f I �' ��' ; �;���_ k�� ��; �. Cancellation Policy: If you cancel in writing at least ten business days pr�or to the conference start date, you will receive a refund. If your cancellation is received after that date, or if you fa�l to oive official notice, you will be liable for the fee. You must email or fax, your request to cancel. Substitutrons are welcome, prov�ded that the Registrar �s notified in advance. Note: A copy of th�s confirmation has been emailed to: jayespencer(ciaol.com CR: 10365 ID: 42884 Next Step r� l►J ;���7C A J 1��. r,ho,,: Thc FSU Center for Professional Development � .._. . .rr�r.1-i 5[�[c tl^,��c+;rtY ' ,, r . �, :C..�.:,4.-i511 Pa�m 5each Gardens Police ��E.�ooR: Cr00000000458 INVOICE NUMBER INVOICE DATE 00�027 05 O1 09 005028 OS/O1/0° 005�?9 05/Ol/09 00� � 05/O1/09 005U31 05/O1/09 INVOICE AMIOUNT 1,185.31 1,219.16 59.78 29.89 6.00 00002176 o�re �: e�,��,�s v-, 05/09 000000000458 AMOUNT PAID D15C. TAKEN NET AMOUNT 1,185.31 .00 1,185.31. 1,219.16 .00 1,219.15 59.78 .00 59.78� 26.00 .00 29.89' 6.00� eck Total 2,500.14I � THE FACE OF THIS OOCUMENT HAS' A COLOREO BACK(iROUND ON WNITE PAPER • THE BACK CONTAINB AN ARtIFiCIAI WATERMARK � HOLO AT AN ANGLE TO VIEW �ANK ATIANTIC Palm Beach Gardens Police 00002176 4360 Northiake Bivd Ste 206 Palm Beach Gardens, FI 33410 63-83's,ze�o CMECK NO. CHECh G.aTE VENDOR NO. 2176 05/O1/09 000000000458 Pav A�LtOVNT TWO THOUSAND FIVE HLTNDRED AND 14/100 .............. . S2 . 500 _ 1 4 ro r�,_ CITY OF PALM BEACH GARDENS ORDER 10500 N MILITARY TRAIL �F ATTN: LAUREN FERREIRA PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS ��'0000 2 � 76��' �: 26 708 3 76 3�:0�6 3 36 560 3��' ilm Beach Gardens Police vENOOR: 00000000045� INVOICE NUMBER INVOICE DATE 05027 05 Ol 09 C5028 05/O1/09 05029 05/O1/09 05030 05/Ol/09 05031 OS/Ol/09 IfJV010E AMOUNT 1,185.31 1,219.16 59.78 29.89 E.00 _ 3J�•OCQ C•�NT41l:5 RRCROCPIh'TIHGj 00002176 pr,-E •:'cr�D�-[: �d^ 05/09 OO�Ov000G458 AMOUNT PAID DISC. TAKEN NET AMOUNT 1,185.31 .GO 1,185.31 1, 219. 16 .�:,�J l, 219. 16 59.7G . Ct� 59.78 29.89 � .QO 29.89 6.00 ' .00 6.OQ C�hec;c Total i �, 5C0 . 14 °alm Beach Gardens Poi�ce �ENDOR:� 000000000215 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 48DS63 �04%29 09 1,797.31 00002177 Da7E b'=ra�C� NO 04/09 000000000216 AMOUNT PAID DISC. TAKEN NET AMOUNT 1,797.31 .00 1,797.3 eck �otal 1,797.3 Palm Beach Gardens Police 000�21 77 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63 8376;2670 BANK ATLANTIC CHECK N0. CNECK DA7E VENDOR N0. 2177 04/29/09 000000000216 PA Y AMOUNT ONE THOUSAND SEVEN HUNDRED NINETY-SEVEN AND 31/1 TO THE RHUMLINE ADVISERS ORDER 3 0 ROWES WIiARF OF BOSTON MA 02110 VOID AFTER 180 DAYS i .____'._"_'____'_' _'_"_.'_'_"_'^"'—'—^-'"—" --_—_.�.__—__'____'—^'_'"'_"_'____'BOR�ERCONTAIHSMICPOPRINTING� ��'0000 2 � 7 7��' �: 26 708 3 76 3�:006 3 36 560 3��■ Falm Beach Gardens Police VENDOR: OOO000000216 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 8DS63 04 29 09 1,797.31 00002177 DATE VeP1GOA NG. 04/09 OOOOOO00O216 AMOUNT PAID pISC. TAKEN NET AMOUNT 1,797.31 .00 1,797.3i eck Total 1,797.31� i s �, um �ne Investment Advisory Fees April 8, 2009 1st Qtr 2009 Invoice # 48DS63 Account: Paim Beach Gardens Police Fund S&P 500 Pooled Index Fund S&P 400 Pooled Index Fund S&P 600 Pooled Index Fund Pooled Combined Market Values Period ending L811,L820,L830 1l31/2009 2/2812009 3/31I2009 Total Average Market Value Basis Points 0.0010 X Annual Fee: Quarterly Fee: Wire transfer inlormafion: for RhumbLine Advisers Rockland Trusf 288 Union Sf. Rockfand, Ma 02370 ABA# 091304478 acct beneTciary:2970003824 7,189,221.64 $7,235,021 $6,724,886 57,607,758 �a21, 567, 664. 91 $7,189,221.64 7,189.22 �7.189.22 � $1,797.31 Or by check, Please make payment fo: RhumbLine Advisers 30 Rowes Wharf, Suite 35( Bostort, MA 02910-3326 RhumbLine Advieers •30 Rowes �'harf, I3oston, NI.4 02110-3326 •T�l: (617) 34:i-0434, Fax: (61i1 345-067� Palm Beach Gardens Pel�ce VENDOR:' OOOO00000037 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000057529626 04 29 d9 19,149.51 00002178 DATE VENpQRNO 04/09 000000000037 AMOUNT PAID DISC. TAKEN NET AMOUNT 19,149.51 .00 19,149.5 eck Total 19,149.5 Palm Beach Gardens Police D�Q02'j 78 4360 Northlake Bivd Ste 206 Palm Beach Gardens. FI 33410 63 8376;2670 ! BANK ATLANTIC CHECK N0 CHECK DATE VENDOR N0. '� 2178 04/29/09 000000000037 PAY AMOUNT , NINETEEN THOUSAND ONE HUNDRED FORTY-NINE AND 51/ i TO THE I CC CAP I TAL MANAGEMENT ! ORDER 390 ORANGE AVENUE 27TH FLOOR � OF ORLANDO FL 32801 � i�'D000 2 � 7B��' �: 26 708 3 76 3�:006 3 36 56� 3��' Palm Beach Gardens Police VENDOR: OOOO00000037 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000057529626 04 29 09 19,149.51 �arc 04/09 AMOUNT PAID 19,149.51 00002178 v�r�ooa n,o 000000000037 DISC. TAKEN NET AMOUNT ; .00 19,149.51I eck Total 19,149.51 � � opo CAPITAL MANAGEMENT Apr 7, 2009 PALM BEACH GARDENS POLICE PENSION FUND Board of Trustees 10500 Nor-th Military Trail Palm Beach Gardens, FL 33410-4697 Invoicc (':urnber: 57529626 ICC Capital M�nagcr�ient, Ir;c. STATEMENT OF MANAGEMtNT FEES For the Period April I, 2009 to June 30, 2009 Portfolio Valuation with Accrued Interest as of 313 I/2009 15,319,607 @ 0.50% per annum Quarterly Maragement F�e PzstDue/Credic TOTAL DUE AND PAYABLE r�c;?:� m,ii<e checks pay;t��,�e tc ICC Cap�nl M�nagement, Inc. � 15,319,607.03 I 9, I 49.5 I :� I 9, I 49.5 I 0.00 � I 9,149.5 I i� � F!�,,._.� : �,,, � f ;�:ni,.��; :. iCL. C:�j�:t3i i"1,�n3;;c;nr.,, r:-. do Lini Mah.if�ir 390 N. Orange A:c. ��lll^ ��O�I Ori.,ndc, r� ,�'gv! 390 NoRh Orange Avenue 27th Ffoor Orla�d�, Flonda 32801 . PM 800-48Q-6445 . PM 407-839-84a0 FX 407-841-2814 WEB ,.,r�'�+� . Palm Beach Gardens Police GENDOR� 000000000010 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000000063068 04 29 09 301.50 f BANK ATLANTIC 00002179 oare vEr�pGa �do 04/09 000000000010 AMOUNT PAID DISC. TAKEN NET AMOUNT 301.50 .00 301.50 eck Total 301.50 Palm Beach Gardens Police 00002179 ! 4360 Northlake Btvd Ste 206 ' Palm Beach Gardens, FI 33410 63-837E/�E�o i CHECK N0. CHECK Ds:TE VENDOR N0, � 2179 04/29/09 000000000010 I � PAY AMOUNT � THREE HUNDRED ONE AND 5 0/ 10 0;;;;:;:;;;;.ti; ;;.:;::;� S 3 01 _ S � � TO TNE PERRY & JENSEN, LLC �OROER 400 EXECUTIVE CENTER DRIVE SUITE 207 � OF WEST PALM BEACH FL 33401 �i'0000 2 � 79��' i: 26 708 3 7 6 3i:006 3 36 560 3i�' Palm Bear,h Gardens Police VENDOR: OOOOOOOOOOlG INVOICE NUMBER INVOICE DATE INVOICE AMOUNT �000000000063068 �04/29 09 3�1.50 00002179 DATE ��Et��OR NO, 04/09 OOOOOO000010 AMOUNT PAID DISC. TAKEN NET AMOUNT 301.50 .00 301.5G1 eck Total 301.50i THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401-2922 lnvo+ce submitted ta: Palm Beach Gardens Police Pension Fund Scott Baur & Bonnie Lindberg & Audrey Ross-via email c/o Tegrit Plan Administrators, LLC 436a iVorthlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Copy to: Chairman & Secretary April 21, 2009 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0003 Invoice #63068 Professional Services 13th Check 3/18/2009 BSJ Review Review email from Trisha Amrose @ GRS re: DROP and monthly supp(emental benefit E-mail response Review Pension Plan Document 13th Check SU BTOTAL: Administrator - Teqrit Plan Administrators, LLC 3/24/2009 KA E-Mail E-Mail Internal Revenue Service Tax Withholding Tables to Custodian / Administrator Administrator - Tegrit Plan Administrators, LLC BSJ Review Review Publication 15-T Draft Memorandum Review and revise Notice of Employees to Notice to Retirees Administrator - Tegrit Plan Administrators, LLC SUBTOTAL: Hrs/Rate Amount 0.50 100.00 200.00/hr [ 0.50 100.00j 0.15 11.25 75.00/hr 0.35 70.00 200.00/hr [ 0.50 81.25j Palm Beach Gardens Police Pension Fund IRS Determination Letter 4/13/2009 BSJ Review Review email from Jay Spencer re: Internal Revenue Service determination letter E-mail to Jay Spencer IRS Determination Letter SUBTOTAL: Misc Matters 4l712009 BSJ Draft Draft Memorandum re: Worker Retiree and Employer Recovery Act of 2008 Misc Matters SUBTOTAL: For professional services rendered Additional Charges : Bill File 4/15/2009 PJ Photocopies$ Copy Charges Bill File SUBTOTAL: Total additional charges Total amount of this bill Previous balance Total payments Balance due Page 2 Hrs/Rate Amount 0.10 20.00 200.00/hr [ 0.10 20.00] 0.50 100.00 200.00/hr [ 0.50 100.00J 1.60 $301.25 Qtv/Price 1 0.25 0.25 [ 0.25] $0.25 $301.50 � $393.97 ($393.97) $3�1.50 Palm Beach Gardens Police V'�NCOR:�000a00000322 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT �000000002009033 �04/29/09 � 3,313.00 I BANK ATLANTIC DA7E 04/09 AMOUNT PAID 3,313.00 Palm Beach Gardens Police 4360 Northlake Bivd Ste 206 Palm Beach Gardens, FI 33410 VENDORtio 00002180 000000000322 DISC. TAKEN NET AMOUNT .00 3,313.00i eck Total 3,313.00� I 63-83%6i2670 00002180 CHECK NO. CHECA DATE VENDOR NO. 2180 04/29/09 000000000322 ! PAY AMOUNT ( THREE THOUSAND THREE HUNDRED THIRTEEN AND 00/100 TOTHE THISTLE ASSET CONSULTING, INC. ORDER 1321 PIAZZ DELLE PALLOTTOLE I OF BOYNTON BEACH �_ � _�__ FL 33426 VOID AFTER 180 DAYS ,"_"`_"_'�_'__�_^` __'_' _____' __BORJER CONTAINS MICflO�HIM ��'0000 2 �80��' �: 26 70B 3 76 3�:006 3 36 560 3��' Palm Beach Gardens Poiice VENDOR: OOO000000322 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 000000002009033 04%29 09 3,313.00 00002180 DATE 'JEPlDCR NO. 04/09 000000000322 AMOUNT PAID DISC. TAKEN NET AMOUNT 3,313.00 .00 3,313.0 eck Total 3,313.0 A r� ~ Thistle Asset Consulting, Inc. 1321 Piazz Delle Pallottole Renaissance Commons Boynton Beach FL. 33426 (561)737-3996 Palm Beach Gardens Police Pension Fund Mr. Scott Baus The Pension Resource Center, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Invoice � . 4120/2009 2009033 Thistle Asset Consulting 1321 Piazz Delle Pallotiole Boynton Beach, Florida 33426 USA �! �� 022 ,� �; i � ': I � �, �' CaIPERS and other public funds, eager to boost returns, �; may invest billions. But at what risk to investors? By Nanette Byrnes and Christopher Palmeri Over ±he past 18 months, the invest- ments oi public pension plans—the retirement security for z2 million police oificers, firehghters, teachers, and their survivors—have lost a com- bined 31.3 trillion. But now some rund managers think they may have hit gold: the government's programs to clean up toxic assets. Vi ith a federal backstop on losses and e.�cpectations of double-digit returns on some investments, many thuilt they're a �ood bet. On?�pr. i5 the S1?5 billion Cali�ornia Public Employees' Retirement System (CaIPERS) said it is looking at buy- ing troubled assets that Citigroup and other financial companies are trying to oifload. Two weeks earlier a group of public pension fund managers met with Sheila C. Bair, chairman of the Federal Deposit Insurance Corp., to talk about investing in banks'toxic assets. "VVe had more people inter- �� ested than could fit into �w: � the room," says Orin S. Kramer, chairman of i'� , tne �1ew jersey State Investment Council. The FDIC, along � with the U. S. Trea- .� � ( sury, is trying to � c solicit buvers for the holdings through a ; program called the Public-Private Invest- ment Program (PPIPI. � � � Public runds also may potentially invest in the Term Asset-Backed Securities Loan Facility _ -� -- BUSINESSWEEK � i�=' < L :' , :'!%.'(+ iTALF), created by the Federal Reserve Board in November to support invest- ing in asset-backed sec,uities tied to consumer and small business loans. Offering a stake to public-sector players appeals to regulators. VJash- ington has been criticized for structur- ing deals so that ta.�cpayers shoulder much of the risk while private inves- tors are offered handsome returns. If taxpayer-funded public pension funds can beneiit from the upside as well, the programs may be less controversial. Trent'�fay. chief investment officer ' of the 34.6 billion VJyo- ming Retirement System, savs investors e�cpect returns of 15% to zo% on NEWS T.aI.F funds. "If this is successful, not only do we reap returns on the T.�.I.F investments, but if it gets the economy moving, that would be good for our other investments, too:' But should public pensions dabble in toxic assets? FDIC spokesmanAndrew Gray says the government is interested "in ;etting a broad range of investors to par��cipate." The value of these complex assets remains elusive, though. Even wit�'� the government taking on most of the risk, a worsening ecor.omy could mean more oi the assets go bad, leaving investors with losses. °A TOTAL BREACH OF DUTY" Public pension plans are desperate to boost returns. �fany increased their exposure to equities in recent vears. While the value of their assets has fallen sharply, obli�ations are rising. A recent study of 5q state pension plans by Wilshire Associates shows a gz3; billion shortfall - — between assets and obligations. Even so, some remain skeptical that pension money will pour into toxic assets. Bryon T. Sheets, a partner with San Francisco-based Paul Capital Partners, argues � that many state funds lack the staff to analvze I complicated, illiquid in- vestments. And taxpayer � advocates such as Ted Costa, CEO of People's :�dvocate, a conservative group in Sac- ramento, say the idea is irresponsible: "To invest in anything so shaky it just brought down our country is a total breach of hduciary duty." For now much of the pension interest in toxic assets is what Sherry Reser calls "very exploratory." Reser, a spokes- woman for Ca1STRS, California's gii4 billion teachers' pension fund, sa�s her fund is moving 5�c of its parttolio trom equities to mortgage loans or other assets from distressed sellers. "The PPIP may certainly meet our criteria;' she says, but not without a thorough vetting. "We want to make sure the only distress is the seller's." ew - With Theo Francis in �4ashington ■ trillion Cumulative losses of pubfic pension �er the last :hs 3r �or Retirement I Boston Callege . . . - -- � � � - r � � Z W J � �_.� p d Q _ i ; .�,-- - H H W __ ,. �, : ; Y '��� - � w lyl � i ;.. W d � ! �-- � �.., � _ - � 0 p i - u.� Z �.. � �:� Q�w -- �H� � � � � !;- `� . ~ � , ��'""' � - �ul'S�fl �Q'isi�/'�u�'swePV A�Sb00Za 60 [�: h _ `,r�� .:: '� ;�, �. I �T'��' W HJUJ�L G�- tA J S p t- Z Q I- � H�WH�"�--- - _ . 'i, . W tn � Q � � Z _ F � H JUHZ��� � F-JSd�Q � ci�Z~�QH k � ��3a� !� � ~ £ '� � wm•�os@,swepeuo�s woo•�aqllP'M�+ti+^ � � � !7� ~ � ~d � �di O 3 w f— �+ o � o .� W Z�o-� n � z d e d � O o¢.. W � ° £ = H N OU -~ � � -. A ' 1�� �-- --- -------—�-- -- - -- � � � ' � Y V 1 � � � �� � �� 016 IBM's new shingle: Analytics �19 Bank �rofits may be fleeting �� -" � , , 021 A new deal f�r student �oans ' � � � 022 Pensions bet on ioxic assets ' ;;; ;�- 024 Woo:ng unemplayed consumers ' �+-; .. � � . A.�.,: ♦ ...._ •...,_ ..-...._. :_��_.., v .,. ...... �_._...,v... ......a.rw..ySfirJ.. ..±:ti.1.11t���W-" �ia"..yy .'�..� --•'7i-.'� ■ . The Internet bust taught tech companies not to get stuck with full warehouses and bloated job rolis By Peter Burrows rlfter bearing the brunt of the eco- � nomic downturn at the beginr.ing of this decade, the technology sector I looks as if it may be among the best ' positioned to benent when the global I economy recovers from the current recession. Of course, that's paztly because I it's not tech's bubble that burst this time. Real estate and finance have that distinction. Yet tech compar.ies also appeaz to have learned tough lessons from the Internet bust that have helped I them manage through the latest slump. Many cut costs and made other hard � choices early on, and now look poised to profit if corporate and consumer de- I mand begin to climb. "Have we learned from previous mistakes? Absolutely;' I says Niklas Savander, executive vice- president at phone giant Nokia. �`Not everyone has managed perTectly, but I I would say the tech industry has man- aged it better than others." I Investors are betting that's the case. The tech-heavy Nasdaq has rallied in the past month and is up 5% for the year, while the Standard & ; Poor's >oo -stock index and Dow Jones � industrial average are down. Shares in Cisco Systems, IBId, Research Ir. �Io- � BUSINESSWEEK �?^!1 2�,,i:;; tion, and Apple have risen at least 10�70 ' the economy con- in �ooq. "Right now, the stocks are on tinues to slide, tech the bargain table;' says Jerome I. Dod- � companies won't see son, CEO of Parnassus Investments. much beneht irom "If there is even a small increase in I their belt-tightening demand, I suspect that tech stocks will and other moves. And take off:' the economic out!ook These could be misplaced hopes. If remains cloudy. Tech , retail sales, for example, slid 1090 in ! ySarch, according to government data, CASH STASH farworsethanthe4.iWOdropinFebru- � ary. "It's still pretty uglv;' says Bill Tech giants are weathering the Whyman, senior managing director at downturn with money in the bank i International5trategy & Investment. coMVnNr Tech companies have taken a num- ber of steps to position themselves for CISCO S'�6.7 billian i a recovery. They've laid off work- ers, closed facilities, and outsourced APPLE $ �I even more of their production. I�fany 25.6 6illian companies have also hoarded casn M ICROSOFT g for years, even in the face oi investor 2�.7 6illion � complaints. �1ow as other companies GOOGLE g scramble for hnancing, tech giants �5.9 hillion � such as Cisco, Apple, IBM, and'�Sicrc- I BM soft have billions on hand tor acquisi- S� 2.9 hillion I tions, research and developmer.t, and I NTEL other long-term plans. S� �.� hillion Perhaps most important is how aggressively tech companies have H P q mana ed roduction and inventories. S��.L 6illion I g p W'hyman figures that while hard- Data: Intema;icnal Strategy 3 Invesiment ' wa*e sales iell 5.8O7o from the ±hird to � � �T �. '��,e ' �a ,� ;r � j t k �a �> ! T.zr �.�:,'�Li fourth quarter of last year, inventories dropped even faster, by about �%. It's a sign tech companies quickly throttled back on making new PCs, mobile phones, and chips in anticipation oT weak demand, saving themselves from having to write off excess inventory, as they had to do in years past. Take Cisco. In Apri12oo1 the net- working giant made one oi the more paintul confessions of the Internet bust: It had let so much networking gear pile up in inventory that it had to take a 32.5 billion charge foc equip- ment no one would ever buy. Ever since, it's been working to make sure such a thing never happened again. Supply chain chief Angel Mendez is grilled at monthly reviews by CEO John T. Chambers and other top brass, and Cisco has half the inventorv it did in zoot even though it is twice as big. "It didn't take John eight years to start asking questions [about inventory levels};' says �iendez. "He asks about every eight minutes:' Nokia, Intel, and others also siowed production last fall within weeks or even days of seeing demand slide. They brought supply chains—ofteninvolv- ing dozens of companies—to near hibernation. A few shut down. David Yoffie, a vice-president at server maker Rackable Systems, sent an e-mail to hundreds of partners last November telling them to stop all production immediately. �'Customers had hit the hrakes hard;' he says. SMARTPHONES, THE SMART BET lt takes more than a wary eye to pull oif such feats. Robert B. Carter, chief in- formation orficer at FedEx, says high- tech and life sciences companies have "the most advanced supply chains of any industry;' thanks to investments in new technologies and talent. Just as Apple customers can go online to track exactly where their new iPhone is er. route to their door, tech companies and their suppliers, manufactuters, and distributors typically share the same real-time view of actual demand. That's led to other innovations. In the past, companies only air-freighted goods when inventories of a hot prod- uct ran out. Now, that's become quite common for small, light, high-end products. Although air mail is 10 times more expensive than shipping by boat, the products arrive in a day or two instead of three weeks, so they can be shipped after a customer places an order rather than in anticipation of demand. "If there is a spike in demand we can increase production. If not, we don't overbuild;' says Liam Casey, CEO of PCH International, which helps Western companies produce and distribute products from China. Still, even the leanest companies need growtn to turn investors' heads.. A.FRi�_ 27 ��;��9 i gUSINESSWEEK 015 - -- � i Research In �vlotion's shares have risen more than 50% this year in part because of strong revenue growth in the latest quarter (page 68). And because it cut inver.tory so drastically, the outlook for both sales and protits is promis- i ing. Some big phone companies have no more BlackBerrys on hand for their subscribers, says Neil Mawston, an � analyst at Stratew Analytics in London. i "Because of the de-stocking, there's going to be a restocldng;' he says. Some see signs of better times in I even the most savaged segments of tech. Take chips, where many compa- I nies took a huge hit by cutting pro- duction to less than j o% or capacity, I vs. 80% in flush times. "A lot of them ' over-corrected in the iourth quarter," says Wedbush Morgan analyst Patrick Wang. But having taken that tough medicine, they're now positioned to I sell the latest chips when big custom- ers begin to rebuild their own stocks. I And yet the cautious optimism about � the economy in recent days could well prove ialse. Wang says most companies I 1 � � � � ' � � ■ II A. a admit they can safely forecast �ust a e month into the future now, as op- I� posed to four months in normal times. � ti Companies such as Intel (page 44) have ir stopped forecasting their revenue be- o cause of the lack of visibility. "There are c� lots of signs that things are getting less , o bad;' says Whyman. "But we're not out le of this yet." i aw i g� -With Dexter Roberts in Beijing " d ---- -: � - �:� - o R � Exchange d _ h Read, save, and add content on BW's new Web z.o topic network A Wave of Tech M&A? While valua;ions are stiil iow, the strongest tech companies may go �i(� on the hunt for acquisitions. On �'��M1�� Aoc 14, ZDNet's Between the Lines blog proposed seven deais �. that might happen, including a �"� Microsoft purchase of Palm and a "'" Google acquisition of Skype from - parent eBay. , _ �) To see ZDNet's prognostications . and add your picks, go to http✓/ 'C�"' bx.businessweek.com/ � `� mergers-and-acquisitions/ . . , I:;? �3 ^ BUSINESSWEEK i APRIL 27, 2409 P 0 a: tt Ip r� h � b S: 5: Y d a d nl ��i dn :,,; re �ar �� as ,�. 1g, ,t;, tte SV !n� ne Fal in� av I � I PALM BEACH GARDENS POLICE PENSION FUND Benefit Approvals Meeting of April 30, 2009 APPLICATION TO ENTER THE DROP WAYNE SIDEY DATE OF BIRTH 11/1/1961 DATE OF HIRE 10/3/1983 DATE OF TERMINATION 10/3/2008 AGE AT RETIREMENT 47 YEARS YEARS AT SERVICE 25 YEARS FORM OF BENEFIT MODIFIED CASH ANNUITY MONTHLY BENEFIT AMOUNT $7,472.16 SUPPLEMENTAL BENEFIT $ 312.50 APPROVED: , CHAIRMAN SECRETARY