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Home My WebLink AboutAgenda GEPB 012810City of Palm Beach Gardens 10500 N. Military Trail Palm Beach Gardens, FL 33410 GENERAL EMPLOYEES PENSION FUND NOTICE OF MEETING AND AGENDA Please take notice that the Board of Trustees of the City of Palm Beach Gardens will conduct a meeting of the board at the above location on January 28, 2010 at 10:00 AM in the Council Chambers. Old Business: Approval of August 10, 2009 minutes New Business: Discussion of transfer of administration and investment management services to Florida Municipal Pension Trust Fund Adjournment DISABILITY INFORMATION In accordance with the Disabilities Act and F.S.S.286.26, persons with disabilities needing special accommodation to participate in this proceeding should contact the Human Resource Department no later then seven days subsequent to the proceeding at (561) 799 — 4223 for assistance, if hearing impaired, telephone the Florida Relay Service Number at 800 — 955 — 8770 (VOICE) for assistance. APPEAL NOTICE If a person decides to appeal any decision made by the Board, with respect to any matter considered at such meeting or hearing, he will 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. C I + _ ��vr Op A Ah °f c SPONSOR OF THE FLORIDA MUNICIPAL PENSION TRUST FUND 5 r' DEFINED BENEFIT PLAN ADMINISTRATION 4�0 Florida Municipal Pension Trust Fund • Established in 1983 • Collectively manages individually designed employee pension and OPEB plans of Florida Municipalities • Non - profit, tax - exempt entity • Provides professional and cost - effective retirement and other post employment benefit programs • Any agency or political subdivision in Florida may become a member • Each entity agrees to abide by terms of the Master Trust Agreement 4t� CURRENT MEMBERSHIP • 189 Plans • 47 Defined Benefit • 24 Chapter 175 and /or 185 plans • 127 Defined Contribution and Deferred Compensation • 15 OPEB • Over 5,200 Participants • $250..000..000 in assets 10 FMPTF Defined Benefit Members Belleair Beach Police Boca Raton Management Boca Raton Housing Authority General Cedar Hammock Health Clermont Firefighters Clermont General Clermont Police Officers Cooper City Management Davie General & Management Dunnellon Fire & Police Edgewood Police Officers Estero Fire District Firefighters Frostproof General Green Cove Springs Police Officers Greenacres Fire & PSO Gulf Breeze Police Officers Harbor Heights Firefighters Howey -in- the -Hills Police Indian River Shores General Labelle Firefighters Lake Helen Police Officers Lighthouse Point Police & Fire Longwood Fire & Police Macclenny Firefighters Marathon Firefighters North Miami Beach Management Oldsmar Firefighters Oakland Park General Panama City Management Parkland Police Royal Palm Beach Police Safety Harbor Firefighters San Carlos Park Firefighters Satellite Beach General Employees Satellite Beach Fire & Police Shalimar Police Officers South Trail Firefighters Southern Manatee Firefighters Southern Manatee General Tamarac Executive & Professional Valparaiso Fire & Police Wauchula Firefighters Wauchula General Wauchula Police Officers Williston General Williston Police Officers Board of Trustees The FMPTF is governed and supervised by a five member Board of Trustees made up of elected officials from municipalities participating in the fund. • Chairman Samuel Ferreri, Mayor, City of Greenacres • Tom Hasis, Councilman, City of Lighthouse Point • Delores Madison, Councilwoman, City of Midway • Darell Bowen, Mayor, Village of Wellington • Jeffrey Fleis, - Councilman, City of Satellite Beach Investment Advisory Committee • G. Michael "Mickey" Miller - Finance Director, City of Jacksonville • Robert "Bob" B. Inzer - Clerk of the Courts, Leon County • William "Bill" Underwood - Finance Director, City of Oakland Park • Joseph LoBello - Town Manager, Town of Juno Beach • Margaret Simmons - Financial Services Director, City of Clearwater • Jane Struder - Finance Director, City of Palm Beach • Bonnie Wise • Finance Director, City of Tampa • Francine Ramalgia - Assistant Village Manager, Village of Wellington • Linda Davidson - Interim Finance Director, Boca Raton 14 FMPTF SERVICES • Investment Management • Investment Performance Monitoring • Custodial Banking and Recordkeeping • Actuarial Services • Full Service Administration Service Professionals • Investment Management - Atlanta Capital Management INTECH /Janus Alliance /Bernstein Hotchkis & Wiley • Investment Performance - Asset Consulting Group • Actuarial Services - Southern Actuarial Services • Full support staff - Florida League of Cities INVESTMENT MANAGEMENT ■ Assets in the FMPTF are managed through the Florida Municipal Investment Trust in the following portfolios: Broad Market High Quality Long -term Bond Fund Diversified High Quality Large Cap Growth Diversified Large Cap Value Diversified High Quality Small Cap Russell 1000 Enhanced Index International Blend INVESTMENT MANAGEMENT ■ Our Investment philosophy is to seek long -term growth of capital and income achieving consistent returns and avoiding extreme volatility in the market valuation ■ High Quality stocks and bonds, maximum exposure to stocks of 70% • The FMPTF has negotiated some of the lowest investment management fees in the industry. By pooling the assets from all our members, Investment Management fees are approximately 55 - 65 basis points depending on the asset allocation chosen. Asset Allocation • The FMPTF currently has three asset allocation strategies. Fund A has a 50% Equity - 50% Fixed Fund B has a 60% Equity - 40% Fixed Fund C has a 70% Equity - 30% Fixed • Fund A typically is for members with a 7.0% interest rate assumption and Fund B is for members that use 7.5% and Fund C is for 8.0% or higher • Members may elect a custom asset allocation at an additional cost of $3,000.00 per year. Custodial Fees • Monthly Trust Account Statements • Payment of Distributions and Expenses • All checks processed by Florida League of Cities, Inc. • Custodial Fees can range from 2 - 10 basis points, and are included in our fees. INVESTMENT PERFORMANCE 11" Monitoring • Independent quarterly performance reporting • Comparisons to market indices and custom benchmarking • Asset allocation studies • Investment manager searches • A performance monitor is required by Fl. Statutes to provide the Board of Trustees with an evaluation of the investment performance at least once every three years. Typically this can cost from $8,000- $50,000 per year. These fees are included in our administrative fee. Actuarial Services I., 0 Valuations • Cost Studies • Impact Statements • Benefit Calculations • Buy Back Calculations • Participant Statements Actuarial Services are provided through the FMPTF's Actuary and fees are negotiated by the FMPTF to be approximately 25% below market rate. ,� ADMINISTRATION • Complete Accounting and Recordkeeping • Custom Designed Software • Monthly recurring payments • IRS Withholding & Filing • Year End 1099 Filing • Plan Amendment and Ordinance Preparation • Actuarial Services • 175 & 185 Annual Reports (for Police & Fire Plans) • LEGISLATION MONITORING a� Chapter 175 & 185 Reporting Division of Retirement Annual Reports for Chapter 175 & 185 plans can be cumbersome to produce and Auditors and Actuaries may charge a $1,000 or more to complete this report. The FMPTF prepares the entire report for plan members as part of our administrative services. FMPTF staff members will follow -up with the Division of Retirement to ensure your report is approved. Throughout our 25 year history, we have never had a member fail to receive approval. ADVANTAGES OF THE FMPTF • Administered by the Florida League of Cities, A not for profit corporation that is the official organization of municipal governments in Florida. • Local Government Membership • Extensive Governmental Plan Knowledge • Investment Policy • Bundled Service • Economies of Scale • Enhanced Member Service • Balanced Portfolios • Lower Costs „41 ADMINISTRATIVE FEE • The Administrative fee for complete Defined Benefit plan administration is based on two parts. • $1,000.00 annual fee • Assets up to $6 million - 20 basis points • Assets $6 million to $15 million - 15 basis points • Assets over $15 million - 10 basis points • Total Administrative and Investment Expense: Between 65 and 75 basis points. • New members will have an initial plan set -up fee of $2,500.00 4", Contact Paul Shamoun Retirement Services Manager Florida League of Cities, Inc. PO Box 1757 Tallahassee, FL 32302 (800) 616 -1513 x278 ptshamoun @flcities.com