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
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.�
^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+:
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DISCIPLINE
RISK,CAMT��,QL; , ; � ; - .
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_
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�
ASSE"'T ALLO�kfi�lN
PERFORMANCE _
� `" =S�A'f
� . °� , � �, ��4 :1 ��������" �� ��. � � �,'', � ���,.'�� .,
. :� -� � , �� ,��r�«r� , I�s � -;
� �k ' :. :��.�; , � � �r C
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, .'�,�' ���� � � �,�;�._ 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
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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
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9:-�ti-0�? 0__--_,;a
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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-
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9�.9'"
9�3.�:
99.�a
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99.68
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100.00
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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
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��).�;r,r;.:;�;t) JP �IC�RG.�v CI��St
�._=0°o Due 0�-i)l-l;
30.000.00�) �[ORU?,L STAVL�Y"
s -:Oo,o Due 0�-O 1- � �
1_4.t�00.0p0 r �S TR��SLRY ti;B
� _ ?�Oo,o Due Or-1�-14
3�.00O.i)r)0 �"ERIZON CO�t�VIL�;ICATIONS
� : 00° � Due 0�l-0 : -1 �
PRIVCIP.�L PAYDO��vS
0':-+J1-i)9 O1-:�-09 �.;=�.08�) FC;C1 �G�_�0=
�.���i)°.�o Due Oti-r)1-_ 1
C'-�)1-09 0^_-i:-09 !.bl�'.5�0 FG�I �G1��0�
�4. � 00°'o Due 06-01-= !
��:-��1-09 0�-1�-09 =.�11.3"0 FGCI$Gl„'0�
-t. � ��0°ro Due 06-01-' 1
C:-01-�;u �i'-.�-+i�% :�,h.Y�+) � GCI ti 7Bl��i�;
�:.: i)0°ro Due Od-O 1-19
0'-�JI-�)U �:)=-f:-�)�? !': 1=t) �GCIti �B1�-1;�
-4.= UO°.'o Due 04-01-19
0�-01-09 03-1�-09 7?.210 FGCIti TB1�4��
4.�U0°'o Due 04-01-19
01-01-09 O1-1�-09 69.6-0 FGCIti nG12323
�=. �00°.'o Due 08-01-? 1
0"�-0! -09 02- I�-09 106.0 �0 FGCI N rtG 1? �^3
�t.�00°� Due 03-Oi-^1
7)�-0?-09 0=-1�-09 130.?30 FGCI N=G1?32�
a. �00°'o Due 08-01-21
01-01-09 O l-1 �-09 1,880.8�0 FGLtifC �G0��63
6. �00°.'o Due 08-01-�6
0:-+7i-09 01-1�-09 6,�413.010 FGi,�IC �G0226S
6. �00°�o Due 08-0 I-� 6
0_-r)1-09 0_-1 �-09 �,30�.780 FGL�1C TGO?263
6.�00°jo Due 08-01-�b
U_-i)i-�)9 0��-:�-r;U ',q3,;,=�U FGLVICYGO^=63
h.>00°,�o Due 08-01-�ti
i?=-+)I-�JU 0=-::-09 �.n! �.,�h FGL�1C �GO�?63
ti.�00% Due 08-01-�6
0�-01-09 03-1�-09 19,161.09�t FGLti1C �GO?268
ti.= 00° � Due 03-0 i-= 6
m
t nit
Pric:
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9�.01
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98.!?�
9Q.-1
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1 i;�i.�J�;,
l Oq.00
100.00
10U.00
I �0.00
100.00
I 00.00
100.00
100_ 00
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i �,0.00
l0O.OU
100.00
�mount
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120.Is
1.330.3=
b.� : 3.!)1
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=,61 �_-s
19.161.09
I�C Capital �fana�7ement
PL-RCH.=�SE A��D S:�LE
F_��_��l13L-�CH G.�RL�F.�SPOLICEP�:�tiSlO_�-FL:�� FI��D I�-CO_�1F
r-om .'_-_.-�J�g . , ��_-±.-�)9
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Date Date
) ! -01-09 0' - i ;_;)y
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i):-O 1-09 0�-1 �-09
0'?-0'.-09 02-1�-09
�)�-01-09 0�-1 �-09
U3-01-09 0:-1�-09
r�:_iJf-�G D_-1=-Oy
U"->>1-09 0�,-1�-0«
i��-01-09 0�-1�-09
0:-01-09 01-1�-09
i)^_-01-09 0^-1�-09
0�-01-09 0�-1�-09
01-01-09 01-1�-09
0�-01-09 0=-1�-09
0=-01-09 0�-1�-09
01-�)1-09 01-U i -���
Quant?t� �ecuritv
l.-4b6.�60 F�+�I �f ==�-��?1
: .= t70°ro Due 0"-� 1-1-
38�.�-40 F�iCI �I T=�-!_?1
�.�OCu,a Due ��';-01-1"
1.196.300 'rNC: �I 7�'�-�_"1
� . �00°�a Due 0"-O 1-'. �
.-�i�;.i;�;��� �ti�I N �_�;383
! .��i)0°�o Due 08-U 1-=t)
- - . �: �:i F�;CI N �^_ �888
1 OOp°'o Due 08-01-�0
._� _ _ "n � �CI N »^��888
�.000°'o Due 08-01-�0
_�.'.-= F�CI N ="'^_��,��
-�.� 00°,'o Due 0�-01-19
1.100.8�� FtiCI N �?^��t1�
�.:OU°'o Due 0�-01-19
�9.06? F�+CI N ="'^����
4.�OU°�o Due 0:-01-19
1,��8.��: FvCI N =,=�-t��
-t.�00°.'o Due 0�-01-19
�2.=t0= F�iCI ti 77?��t��
4.�00°.•o Due 0�-01-19
1,688.1 � � F�iCI ti �?2��1�t�
4.�00°'o Due 0�-01-19
_=�.180 F�1CIti R82�33�
-4.000°% Due 0�-01-�'O
3s".150 FVCI� tt8?����
-�.000°% Due 0�-01-20
�73.0;0 FNCI i� T3253��
4.000°.% Due 0�-01-20
�76.�?0 F:�1CI N �8290�3
�.000°ja Due 08-01-20
971.�00 FtiCt N +8^90��
�.000°'o Due 08-01-30
67�.;90 FNCI N Y8290�3
�.000°�o Due 08-01-�'0
5,916.1�0 F�CL n'�639a
6. �00°% Due 09-0 I-� 6
l�t,� ��.� �0 F:�1CL T 2�6394
6. �00°.% Due 09-01-� 6
19,85?.S1Q F1�iCL � 2;6394
6.�00% Due 09-01-�6
�.�-Ih.1�0 G� POOLR 419�
6.01)0°'� Due �;)"'-=O-�S
�
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100.�0
I 00. OU
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100.Op
100.00
10U.01
100.0U
99.99
100.00
l i)i).ui�
l0i).!,�;
100.00
100.00
100.00
100. 00
100.00
100.00
100.00
100.i)f,�
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PL-RCH_aSE :���D S.�L.E
P.a�_1�� BF-� CI:' G-�IZ�E.�S POLICE PF.�SIO�ti� FL :��D FI_ �FD I.���O.LfL-
.� �'-?m i _ -_ , -C8 .''�� �:�-� , -09
Tr�de �.:ttie
Date Date
�;=-0 i -09 Q_-�)1-��9
!):-01-09 p�-�)1-C9
�) i-01-09 01-1:-i)9
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�.;_-+�!-�)�? i)�-1�-�)��
Quantir� Seiaritv
4.=�� .=t)0 G� POOL� -I;9��
b.00U° o Due 0�-,0-� 8
3,-l0�.�?0 G� POOLrt �19�
b.000°�o Due D?-�0-�`3
-� � .590 G�Jp �I 7"81: 13
6_C00°�o Due 0"-1 �-16
�"'?.;�:�i ����p �l 1-5:31�
�; . OOU°�o Due Q�-1 �-16
;,3;)..,_ �; ���iJO �I ��8 i=1=
b.000°,�o Due U?-1 �-16
_ �i�i.,�3i; ��vSF �1 :;;,;09
6.O40°'o Due Od-1�-�`'
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h.'�I)u°'o TJlle ��l-1 _ -� �'
9.09�.�_0 GNSF N[ ����,�09
6.OU0°ja Due 0�4-1�-.i^_
h9.690 GVSF �[ ��3�1��
6.000�'� Due 06-1 � -� ^
I.a�9.-"0 GvSF �I ��8�1��
6.00U° o Due 06-1 �-� ^
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t�.�.i0�)oo Due 06-:=_:�
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Lnic
Price
i00.00
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1 i}p.00
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1 �J�,.�:;q
101).OG
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R�_�L.IZED G.�� <�_�� LOSSLS
P.-�L.�! B�:-�CH G.�RDE_tiS P(�LICE PE.tiSlO.�� FZ-tiD FI_�£D I_tiC01�lE
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Date Date QU90hN �tcuri[y
_-1�-��6 �l-Ol-Oo 1,380.3_0 =GL�fC #Gd�_58
6._00°0 ��ue �)8-+)t-�ti
1t-�)&Q." Oi-01-09 5.113.J10 FGi.�fCdGi)�^_58
5. � 00° �.r.ue �?3-J l-= h
)�-=1-0' OI-OI-�)9 i.S��.J80 EGCI �G1--C=
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)3-=�-06 01-�)t-�)9 6? 570 FGC: v;G1_��:
-4.:00°� Due �]8-�)1-=1
;�:_;)8-9� Ol-')1-;)9 106.83U F��C: � 751:��:
�1.=00°% Due 0�-01-19
,..-_�-02 01-01-')Q 1.1tin.�h0 F�C`. �[ �^_��_"1
:.:i)i)°'o Due q?-�)!-1?
)9-�)S-0� 01-01-Oo 1.'OO.o�O F�C: � �^_`�343
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1.��1)°.'o CUC'.)�-�)�-IU
?9-+)8-0� 01-01-09 :52.130 r�JCI V �3����`'
4.000°'o Due 0�-01-�')
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0.000°a Due 06-! �-32
J"-2=-08 �71-��1-04 �.,�l6.��0 G� POGLR -119�
6.000°�o Due 0',-�0-�8
11-i�-0� O1-01-09 300.?80 GNSF M#55?509
6.000°a Due 04-1�-�2
�),-JZ-0� Ol-0l-04 i55.690 GNJO:�i �?813U
6.000°b Due 07-t�-1n
)��-09-+J=- O1-04-0U 30,OOU.000 N10RGA.�' S"'.��(1.EY
�l.?50°o Due 04-01-1-!
)�-t)n-04 �di_'_ .)a S�.'JOU.�)00 VERIZ,ON
�:_ (:�Nfl�[L?�ICATiONS
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1=-i�-+)h 0=-+)I-;)t% ?.31;�. "30 F��L�iC.dG02'68
ti.�00°� Due 08-01-�ti
Oi-08-�7 0<-01-09 12,93ti.�40 FGL�fC�G42268
6.�00°.% Due 08-01-36
0�-?1-0� 02-01-09 I,61^_.3�0 FGCI�GI'''0;
4.�00°% Due O(i-OI-21
�;3-�4-06 02-01-a9 ]06.030 FGCI ti �G123��
4.�00°% Due 0&O1-21
�)U-OS-�)4 0�-01-09 ?1.130 FGCI � �BL���
4._00°% Due 04-01-19
�)G"?J'O."''. O.''.-0I-O9 33L.7dO F�Ci I�'I d?54J?i
S.�OU% Due 0?-01-1?
i!g_i)g_vj 02-01-09 ��1.71� F�ICI N d?5�383
4.000% Due 08-0 i -20
0i-08-07 02-0I-09 14,;54.430 FNCL n 256394
E.500°'a Due 09-01-36
U°-L�-Od p2-:��_?)c, ;q 06� F�iCI ��?���a�
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R.E.�L.IZED G_�S A��D LOSSES
P. �L.�/ B� �CH G.�RDFtiS POLICE PE1�SI0.�- FL :tiD FI_�ED I_ti�CO:ti�F
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Date Date Quanrirv Sec�rh�
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1.�00"� ��ue 0�-�)l_t�
i4-�)8-�): ��-�)I-09 ?a".1�0 =�iCl � z3���:=
1.�)Ol)°�o Due US-01-2�J
i8-=�-OS ���-�)1_Oo '?-1.=00 rVCI v �3�905�
�.01)0° � Cue �)8-+) I -='J
';o-i�-0� 02-+)l-�)9 l.�t_q'_0 GNSF �I s53�:==
�.000°o Gue �)ti-!�-_-
1 '__-0S OZ-JI-JU 9._=� :00 i_r� ?OGLr -41Qa
6.DOU°� Due 0^-_0-_3
J-�-l:-0� p2-01-�)9 ��.�40 GvSF �l j�=����9
S.UOQ°� Due �)4-1:-��
J"-')2-02 02-JI-�)9 3"'0.090 GN.IC �t �?3;= 1=
n.'JOU° � Due 0"- I_`- I n
iri-�.�4-.i� _-�)__,ia _- `i!�? �)iiri =:a.RTFi?[ZC F?NL �'�,�� e
� RP
: '=0°0 �ue i0-!=-i .
�?�-=c-�;�'� ,_ .._,j,i ��).�)00.�.)Ui? =P V[(��RGA.� i:ii��.�c
=.'=�°'�, Due 0�-�)l-I:
.=-=9-03 0^-I=-OQ '_=.000.000 �REDG� �IA�
�.�'�°�� t7ue 0�-._-I�
i+l-1 1-07 0�-19-09 'OU.'J00.000 GOLD�,�(AN SAI,HS
GROLP QvC
5 ��1)°o Due I I-0l-l�
�:!3-'S-�]h �)�-=�J-09 l 30.DOO.fJ00 �ITIGRO[,`P :I�C
5.�00°o Gue 01-;3-I 1
'. i-i7-06 �)2-'0-09 :QD00.000 CI?iGROI,`P GtiC
6.?00°.b Gue 01-t3-i i
::-i:-06 OZ-20-09 2�.��OO.D00 CITIGROI.P Q�iC
6.�00°'o Due 01-18-11
::-i:�)6 03-01-09 �.51�._''6 FGL�•iC �G02268
5.�00°� Due 0&UI-36
`)1-�)8-0� 03-01-09 ]9,1tiLrJ94 FCL41C ��G02�68
6.:00°� Due 03-U1-�6
0=-?1-07 0�-01-09 3,�11.870 FGCi�Gi?205
4.�00°,% Due Ob-91-�1
03-'4-06 03-01-09 1_0.?30 FGCi V�G12��3
4.�00°� Due 03-01-21
�;�c_;�g_pq 03-01-��9 ?"'210 FGCI N�B 13d��
4.�00°% Due 04-01-19
;^-'-3-02 03-01-09 l.!96.300 F�iCi M #254='1
5.� 00°.'o Due 07-01- I�
i�-�3-0� 03-OI-09 1?53.9"0 F�ICI N�2��333
4.000°'� Due 08-01-20
)1-�J8-07 0�-�)I-09 19.35?.�10 F?VCL R _�6�94
ti.500°�a Due 09-01-36
�7�-1�-Oa D�-Oi-09 :�.10� F?�fCi N �?2��t�
4.500°'a Due 0�-01-19
�: i-29-97 03-01-�J9 1.688.1 �? 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.�:
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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. `?`�
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-1.5� i.3�
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_ i.406._
_ �.�J6'..��)
1-t.��9.�! i
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1 S,-��-�.4h
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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
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� , 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
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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 ;
�
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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 � � �
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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
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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! �
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REGIS'I�2ATTO�T
Page 1 of 1
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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
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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
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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
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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 "
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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
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