HomeMy WebLinkAboutAgenda Police Pension 042910Agenda
City of Palm Beach Gardens Police Officers'
Pension Fund
MEETING OF APRIL 29, 2010
LOCATION: City Council Chambers'
10500 North Military Trail
Palm Beach Gardens, FL 33410
TIME: 8:30AM
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. 9/30/2009 Actuarial Valuation Report - Gabriel, Roeder, Smith & Company
(Steve Palmquist)
4. Investment Manager Report - ICC Capital (Steve Stack)
5. Investment Consultant Report - Thistle Asset Consulting (John McCann)'
• Recommendations on International Bonds
6. Administrator Report - Resource Centers (Audrey Ross)
7. Attorney Report - Law Offices of Perry & Jensen (Bonni Jensen)
State Legal Updates - Memo
8. Approval of Minutes
January 27, 2010 Regular Meeting
9. Disbursements
10. Benefit Approvals
11. Financial Statements
12. Old Business
13. Other Business
14. Adjourn
Next Meeting Date:
Previously scheduled for Thursday July 29, 2010 @ 9AM
11 City of Palm Beach Gardens Police Officers' 11
Pension Fund
Minutes of the Meeting Held
JANUARY 27, 2010
The regular meeting of the Board of Trustees of the City of Palm Beach Gardens
Police Officers' Pension Fund was called to order at 9:10 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
Jay Spencer, Chairman
David Pierson, Secretary
Brad Seidensticker, Trustee
Jules Barone, Trustee
OTHERS PRESENT
Audrey Ross (Resource Centers)
Bonni Jensen (Law Offices of Perry & Jensen)
Steve Stack (ICC Capital Management)
Donna Cannon (PBG Clerk's Office)
Brendon Vavrica (Thistle Asset Consulting)
Jim Burdick (Cherry, Bekaert & Holland)
Rowana Filtan (Cherry, Bekaert & Holland)
INVESTMENT MANAGER REPORT
ICC Capital — Presented by Steve Stack
Ms. Stack reported that it was an Equity rally last quarter and that the 30 year bonds
increased. Also Fixed Income was flat, which is now less of a risk for the portfolio.
He commented that they will continue to buy the build America bonds, and stated
that within the last quarter some sold off which resulted in nice premium for the
fund.
Mr. Stack reviewed the Fixed Income side of the portfolio, and stated that for the
quarter ending December 31, 2009 there was 88.7% in fixed income and 11.3% in
cash. For the quarter the total bonds were behind the index at -0.43% versus
0.20 %, and the total fund was also behind at -0.46% versus 0.20 %. Mr. Stack
explained that his Firm's view on the fixed income side is about a 4 -6% return for
this fiscal year. Also, there are still some US Treasuries in the portfolio which have a
very light holding.
Lastly, Mr. Stack reported on the Growth side and stated that within the quarter
there was 91.7% in Equity and 8.3% in cash. This Fund did a lot better for the
quarter with Equities at 8.98% versus 7.94 %, and the total fund also ahead of the
benchmark at 8.06% versus 7.94 %. Mr. Stack commented that he thinks the
Equities will do better then the Bonds this yearand he believes that Technology and
Energy will be the leaders.
INVESTMENT CONSULTANT REPORT
Thistle Asset Consulting — Presented by Brendon Vavrica
Mr. Vavrica reported that it was a good quarter and reviewed the compliance
checklist. He stated that they are inline with all the policies on the Equity side, but is
off target slightly on the Fixed Income side. He then reviewed the assets by Manger
for the quarter ending December 31, 2009. He stated that there is a slight
overweight in Fixed Income and an underweight in Equities.
Mr. Vavrica reviewed the returns for the quarter ending December 31, 2009. The
total fund was slightly behind the index at 3.26% versus 3.72 %, the total Equities
outperformed at 5.90% versus 5.58% and the total Fixed Income was negative and
behind the index at -0.45% versus 0.20 %. Mr. Vavrica also reported the returns by
Manager and commented that all the Rhumbline funds are outperforming. The
International fund is outperforming as well at 3.76% versus the index at 2.22 %. Mr.
Vavrica gave an update on the Mainstay's fund performance. Since this fund fired
them, they raised all their fees and were down about 24% for the year when other
funds were only down 14 %.
Lastly, Mr. Vavrica explained the asset allocation analysis that he put together. He
stated that they are looking to allocate more to International since they can now
increase their International target from 10% to 25 %. Mr. Vavrica reviewed some
different scenarios showing what the funds allocations and returns would look like if
they increased international, taking it from fixed income. Mr. Stack commented that
he likes the PIMCO International Fund because they have the risk built in. Also
PIMCO is the worlds biggest bond holder and they are a mutual fund. The Board
discussed the different options and asked Mr. Vavrica to look into some International
Bond Funds and to bring back some recommendations. The Board also discussed
some real estate options. Mr. Seidensticker commented that they can look at REITS
and Mr. Vavrica stated that he would shy away from REITS at this time because they
have gone up so much recently. Mr. Vavrica commented that there are other real
estate options out there like direct managers and that he will do some research and
bring it back to the Board.
9/30/2009 AUIDTED FINANCIAL STATEMENT PRESENTATION
Cherry, Bekaert & Holland - Presented by Jim Burdick & Rowana Filtan
Mr. Burdick presented the Board with the Audit communication letter which is now
required under the new auditing standards. He reviewed Cherry, Bekaert & Holland's
responsibilities in performing the Audit and commented that they issued an
unqualified opinion, which is the highest level of opinion that could be issued. Mr.
Burdick reported that there were no new accounting policies adopted within the fiscal
year and that there were no difficulties found while performing the audit; except that
the buybacks still needed to be reconciled and briefly explained why. He stated that
there were no consultations with any other Auditors during this Audit and explained
that he will need the Board to sign off and approve this letter.
MOTION: Mr. Pierson made a motion to approve the September 30, 2009
Audit Representation Letter.
SECOND: Mr. Seidensticker seconded the motion.
CARRIED: The motion carried unanimously 4 -0.
Mr. Burdick reported on the Financial Statements for the fiscal year ending
September 30, 2009. He reviewed the Independent Auditors Report and the
Management Discussion and Analysis Report. He stated that the Plan's assets have
increased from $28M in 2008 to $34M in 2009, and that there was an addition to the
plan in the amount of $6,687,824 which was due to positive investments. Mr.
Burdick also reported that the total investments increased in 2009 to $32M and that
the Employer and State contributions were also higher in 2009 compared to 2008.
The Plans funded ratio as of October 1, 2008 was at 53.4% and Mr. Burdick stated
the he expects it to be slightly higher for this fiscal year, but they will not find that
out until the Actuary has completed their report.
Mr. Burdick explained that the Administrative expenses have increased as well as the
Investment expenses. Mr. Seidensticker had some questions about the internal
controls and policies. Mr. Burdick commented that they have strict rules and
regulations that they must abide by and that they visit the Pension Resource Center
to view all documents and files. Also all the Investment Managers and Custodians
have SAS70 reports of their own.
MOTION: Mr. Seidensticker made a motion to approve the September 30,
2009 Audited Financial Statements as presented by the
Auditors at Cherry, Bekaert & Holland.
SECOND: Mr. Pierson seconded the motion.
CARRIED: The motion carried unanimously 4 -0.
MINUTES
MOTION: Mr. Pierson made a motion to approve the minutes from the
October 29, 2009 regular meeting as amended.
SECOND: Mr. Seidensticker seconded the motion.
CARRIED: The motion carried unanimously 4 -0.
ADMINISTRATOR REPORT
Resource Centers — Presented by Audrey Ross
N/A
ATTORNEY REPORT
Law Offices of Perry & Jensen - Presented by Bonni Jensen
Ms. Jensen reviewed the revised DROP distribution policy which reflects the new
open enrollment periods.
MOTION: Mr. Seidensticker made a motion to approve the revised DROP
Distribution Policy.
SECOND: Mr. Pierson seconded the motion.
CARRIED: The motion carried unanimously 4 -0.
Ms. Jensen reported that effective January 1, 2010 the IRS mileage has changed
from $.55 to $.50.
Mr. Jensen stated that she and Mr. Spencer appeared at the City Council meeting
last month were they passed the first amendment at the first reading. Also they
received the impact statement from the Actuary regarding this amendment, in which
there is no cost impact. The amendment will now be going to the second reading
soon.
Ms. Jensen sent letters to all the Investment Manager's regarding the scrutinized
companies. She stated that Vanguard had invested in some of the companies that
were on the list, but they have another vehicle that they can move that investment
to. This letter will have to be sent to the Managers on an annual basis.
The Attorney General recently issued an Advisory Legal Opinion regarding meeting of
a retirement board via electronic technology and how this is impacted by the
Sunshine Law. There are two parts to this:
• Workshops can be conducted via internet or electronic media as long as there
is quorum.
• Formal meetings must have a physical quorum present in a room and then
will allow an absent Board member to join via internet or electronic
technology.
Ms. Jensen explained that in order to allow this, the Board would have to add certain
language to the bottom of the agenda's advertising this option. The Board took no
action.
DISBURSEMENTS APPROVALS
MOTION: Mr. Seidensticker made a motion to approve the
disbursements.
SECOND: Mr. Pierson seconded the motion.
CARRIED: The motion carried unanimously 4 -0
BENEFIT APPROVALS
MOTION: Mr. Pierson made a motion to approve the benefit approval for
Ronald Council.
SECOND: Mr. Seidensticker seconded the motion.
CARRIED: The motion carried unanimously 4 -0
OLD BUSINESS
N/A
OTHER BUSINESS
N/A
MOURN
There being no further business, and the future meetings are scheduled for the last
Thursday of the first month of the quarter. The next regular meeting was scheduled
for Thursday April 29, 2010 at 9AM; the Trustees officially adjourned the meeting at
11AM.
Respectfully submitted,
DAVID PIERSON, Secretary
THE LAW OFFICES OF
PERRY & JENSEN, LLC
ANN H. PERRY
aperry@perryjensenlaw.com
TO
FROM
BONNI SPATARA JENSEN
bsjensen @perryjensenlaw.com
MEMORANDUM
Board of Trustees
PALM BEACH GARDENS POLICE OFFICERS' PENSION FUND
Bonni S. Jensen
THE LAW OFFICES OF PERRY & JENSEN, LLC
DATE: April, 2010
SUBJECT: State Legal Updates
The legislative session has been interesting so far as related to Public Sector
Pensions. Below is a discussion of some bills that impact governmental pension plans.
Please contact me if you have any questions regarding this matter.
Update - SIB 1902 RELATING TO PUBLIC RETIREMENT PLANS
Senate Bill 1902 has been substantially revised in the Community Affairs Committee
as of March 23, 2010.
• Adding a new Section 1 calling the act the "Florida Pension Protection and
Transparency Act."
• Amending Florida Statute §112.65 (applicable to all public retirement
systems) to provide that "overtime, accrued unused sick leave or other
leave. or any form of payment other than the member's base hourly or yearly
salary" may not be included in the calculation of average final compensation
unless those amounts were paid before July 1, 2010. The limitation for the
benefits is still proposed to be 100% for all members who become a part of
the retirement system after January 1, 1980. The limitation does not include
cost of living adjustments or supplemental benefits.
NOTE: There is an amendment being proposed by the sponsorwhich
would make these changes effective for employees hired after July 1,
2010. This amendment was drafted on Friday, April 2. 2010 and will
be considered on April 7, 2010.
400 EXECUTIVE CENTER DRIVE, SUITE 207:. WEST PALM BEACH, FLORIDA 33401 -2922
PH: 561.686.6550 :• Fx: 561.686.2802
---Vft-
Board of Trustees
State Legal Updates - April, 2010
Page 2 of 7
• Amending Florida Statutes §121.021 (applicable to the Florida
Retirement System only) changing the following definitions:
Compensation is proposed to include only:
♦ Monthly salary:
♦ Overtime payments made before July 1, 2010; and
♦ Amounts withheld for deferred compensation programs or tax
sheltered annuities.
After the effective date of the amendment, the definition of Compensation
would no longer include:
♦ Accumulated annual leave payments;
♦ Payments in addition to the employee's base rate of pay (if
paid pursuant to a formal written policy, paid after the 11th
year of employment, paid annually, for as long as the
employee continues his employment; and
♦ Payments in lieu of permanent increase in the base rate of
pay.
Average Final Compensation has been changed include all compensation,
presumably using the above definition. The exclusions from average final
compensation has been expanded to include overtime paid after June 30;
2010.
NOTE: This change has been removed from the most recent
amendment which is expected to be heard on April 7, 2010.
• Amending Florida Statutes § §175.032(3) and 185.02(4) (applies to
1751185 funds) to redefine a firefighter's' and police officer's base pay to
exclude overtime or other pay beyond base hourly or annual salary if the
overtime or additional pay is after June 30, 2010 and removing the ability to
use another definition of salary.
NOTE: This change has been removed from the most recent
amendment which is expected to be heard on April 7, 2010.
• Amending Florida Statutes § §175.061 and 185.05 (applies to 1751185
funds) amended to provide that the municipal appointees to the Board and
the fifth member to the Board may not be members or retirees of the Fund
that the Board administers. Additionally, the municipality may change the
municipal representation on the board of trustees as long as the change
Board of Trustees
State Legal Updates - April, 2010
Page 3 of 7
does not reduce the membership percentage of police officers and
firefighters on the Board as in place on June 30, 1986.
• Amending Florida Statutes § §175.091 and 185.07 (applies to 1751185
funds) to allow increases in member contributions without a corresponding
increase in benefits.
• Amending Florida Statutes § §175.351 and 185.35 (applies to 1751185
funds) to allow supplemental plans to apply the definition of compensation
or salary in existence on the date of the act .
• Amending Florida Statutes § §175.351 and 185.35 (applies to 175/185
funds) to add a new subsection (5) which allows a municipality or special fire
control district to close the 175/185 plan and to create either a defined
contribution plan orjoin the Florida Retirement System after July 1, 2010 and
continue to receive the 175 and 185 money to fund the closed 175/185 plan
until the plan is fully funded.
HB1543 has been withdrawn from consideration at this time and HB 1319 is not expected
to get placed on any further committee agendas.
HB 1025 and SB 1710 (withdrawn from consideration)
• Amending Florida Statutes §112.0801 to provide for market determination
of premium cost for retiree health insurance; to allow the separation of the
claims experience of the retirees and active employees; and to require
retirees to pay the cost of the premiums.
HB 1151 and SB 2106
• Amending Florida Statutes §185.35 to allow municipalities to pay the cost
of purchasing annuities in a closed plan but be reimbursed over time from
future 185 money.
SIB 2022 RELATING TO FLORIDA RETIREMENT SYSTEM
This bill passed the Senate but is only applicable to the Florida Retirement System.
This bill includes the following proposed changes:
Board of Trustees
State Legal Updates - April, 2010
Page 4 of 7
• Amending Florida Statutes §121.011 to require all employee and employer
contributions and provides that rights of members are contractual.
• Amending Florida Statutes §121.021 for the following definitions:
Prior Service - include time for which a member receives a refund of
contributions and eliminates the time limit reference for contributions.
Termination - amended to define that beginning January 1, 2011, a
termination occurs when a member ceases all employment relationship with
an employer for 3 calendar months.
Benefit - amended to include employee contributions.
• Amending Florida Statutes §121.051 to provide that employers can buy
past service time for employees only at the time of joining FRS. Also
subjects any employer -paid employee contributions to federal FICA taxes.
• Amending Florida Statutes §121.0515 to reference employee contributions
in the section regarding upgrades for special risk credit.
• Amending Florida Statutes §121.052 to provide that members of the
Elected Officers' Class shall pay retirement contributions effective January
1, 2011 and provides for refunds.
• Amending Florida Statutes §121.053 to include reference to employee
contributions.
• Amending Florida Statutes §121.055 to provide that members of the
Senior Management Class shall make employee contributions effective
January 1, 2011 and provides for refunds.
• Amending Florida Statutes §121.071 to provide that effective January 1,
2011, each employee and employer will pay retirement contributions. and
providing for refund.
• Amending Florida Statutes §121.081 to provide that to purchase prior
service performed on or after January 1, 2011, the purchase of prior service
must include 6.5% interest, compounded annually.
• Amending Florida Statutes §121.091 to provide for a refund of
contributions after termination of employment (except retirement) for three
consecutive calendar months.
Board of Trustees
State Legal Updates - April, 2010
Page 5 of 7
• Amending Florida Statutes §121.121 to provide that effective January 1,
2011, leave of absence purchases will be at employee and employer
contribution rates in effect during the leave of absence.
• Amending Florida Statutes §121.125 to provide that the employer shall
make employee and employer contributions on workers' compensation
payments.
• Amending Florida Statutes §121.35 to provide for employee contributions
for members in the State University System Optional Retirement Program
and included a provision for hardship withdrawals.
• Amending Florida Statutes §121.4501 to include participant contributions
in the Public Employee Optional Retirement Program. Provides for errors or
corrections that contributions shall be made within 1 year after erroneous
contributions. Participants present value of accumulated benefit obligation
will not be recalculated.
Adds language that a participant who terminates and takes a distribution is
a retiree. If reemployed with an FRS - covered employer, the participant is a
new hire, but retains his or her prior plan choice. After July 1; 2010, a retiree
is not eligible for renewed membership.
Refund is not permitted for contributions or payments exceeding employee
contributions had employee remained in the defined benefit program and not
transferred to Public Employee Option Retirement Program.
Contributions are made on a pre -tax basis. Participant is responsible for
monitoring contributions to ensure the maximum deferral amount permitted
under the Internal Revenue Code are not exceeded.
Participant will forfeit all nonvested employer contributions and service credit
if participant elects to receive any vested employee or employer
contributions.
• Amending Florida Statutes §121.4503 to provide for participant
contributions.
• Amending Florida Statutes §121.571 to converts plan from a
NonContributory plan to a Contributory Plan that each participant shall
submit contributions.
Board of Trustees
State Legal Updates - April, 2010
Page 6 of 7
• Amending Florida Statutes §121.591 to specify that benefits earned under
the Public Employee Optional Retirement Plan may not be payable for any
reason prior to termination. Nonvested accumulations will be forfeited upon
payment of any vested benefit. Distribution payment selected for normal
retirement benefits is final and irrevocable at the time distribution is made.
E
•
•
Amending Florida Statutes §121.70 to provide for employee contributions.
Amending Florida Statutes §121.71 to set rates of employee contributions
by class (all classes contribute .25 %)
Employer Rates:
Membership Class Effective 7/1 /10
Regular 9.76%
Special Risk 22.15%
Special Risk Admin 11.24%
Elected Officers - Leg, Exec 14.38%
Elected Officers - Judges 19.39%
Membership Class Effective 7/1/10
Elected Officers - County 16.62%
Senior Management 11.70%
DROP 14.23%
Employer Rates to Address Unfunded:
Effective 7/1 /11
9.54%
21.92%
11.02%
14.16%
19.15%
Effective 7/1 /11
16.39%
11.49%
14.21%
Membership Class Effective 7/1/10
Effective 7/1/11
Regular
0.00%
1.58%
Special Risk
0.00%
5.97%
Special Risk Admin
0.00%
15.97%
Elected Officers - Leg, Exec
0.00%
17.05%
Elected Officers - Judges
0.00%
11.00%
Elected Officers - County
0.00%
19.75%
Senior Management
0.00%
9.26%
DROP
0.00%
4.97%
Amending Florida Statutes §121.72 to set rates for the optional retirement
programs.
Board of Trustees
State Legal Updates - April, 2010
Page 7 of 7
• Amending Florida Statutes §121.73 to set rate for disability coverage for
members of the optional retirement programs.
• Amending Florida Statutes §121.74 to set rate for administrative services
Reduction from 0.05% to 0.03% for four years July 1, 2010 - June 30, 2014.
Effective July 1, 2014, contribution rate shall be 0.04% of payroll reported.
• Amending Florida Statutes §121.76 to provide that contributions are
subject to federal FICA taxes.
• Amending Florida Statutes §121.78 to include employee contributions and
to provide for a 1 % delinquent fee for each month or portion of a month that
contributions should have been paid. Overages will be credited to future
contributions owed. Employer is responsible for reimbursing employee for
excess contributions.
• Florida Statutes §1012.875 applies to Community College Optional
Retirement Program and is not applicable to your Fund.
Additionally, this bill appropriates funds for eight full -time positions and salary rate
of $265,621 for the purpose of implementing this act.
BSJladt
March 25, 2010
April 5, 2010
H:lAN Miscellaaecus%ALL BOARDS12010120? 0 -04 State Legal Updates.frm
Resource Centers
Accounts Payable Check Register
FOR: PALM BEACH GARDENS POLICE
Check Number Date
Payee and Description
Amount
2230
February 1, 2010
City of Palm Beach Gardens
$3,864.76
Retiree Insurance
2231
February 2, 2010
Pension Resource Center
$23.72
Administration Fees- 1099 Processing
2232
February 2, 2010
Pension Resource Center
$2.288.50
Administration Fees- February 2010
2233
February 2, 2010
Thistle Asset Consulting Inc
$3,478.00
Performance Monitor- 4th Qtr 2009
2234
February 2, 2010
ICC Capital Management
$22,933.15
Investment Management Fees- 4th Qtr 2009
2235
February 2, 2010
Rhumbline Advisers
$2,806.03
Investment Management Fees- 4th Qtr 2009
2236
February 2, 2010
Perry & Jensen
$218.75
Legal Services Rendered thru 1/25/10
2237
March 1, 2010
City of Palm Beach Gardens
$3,244.85
Retiree Insurance 03/01/10
2238
March 4, 2010
Pension Resource Center
$2,675.74
Administration Fees- March 2010
2239
March 11, 2010
Perry & Jensen LLC
$1,999.25
Legal Service Rendered thru 02/22/10
2240
March 11, 2010
Gabriel Roeder Smith & Company
$1,946.00
Actuarial Services thru 01/31/2010
2241
March 11, 2010
Cherry, Bekaert & Holland
$3,000.00
Progress Billing Audit year ended 09/30/09
2242
April 1, 2010
City of Palm Beach Gardens
$3,573.47
Retiree Insurance
2243
April 1. 2010
City of Palm Beach Gardens
$715.33
Retiree Insurance
2244
March 31, 2010
Pension Resource Center
$2,275.00
Administration Fees- April 2010
2245
April 7, 2010
Gabriel Roeder Smith & Company
$2,177.00
Legal Services Rendered Thru 2/28/10
2246
April 7, 2010
Perry & Jensen LLC
$60.00
Legal Services Rendered Thru 3/15110
2247
May 1. 2010
City of Palm Beach Gardens
$4,288.80
Retiree Insurance
2248
April 26, 2010
FPPTA
$100.00
Recertification - Jay Spencer
Total $61,668.35
Chairman
Secretary
Date
Palm Beach Gardens Police
nnnnnnnnnAgQ
uuuuzzju
DATE VENDOR NO
02/10 000000000458
EINVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
1005075
02/01/10
1,370.52
1,370.52
.00
1,370.52
j005076
02/01/10
2,367.96
2,367.96
.00
2,367.96
005077
02/01/10
120.28
120.28
.00
120.28
P05078
P05078
02/01/10
6.00
6.00
.00
6.00
I
i
I
I
I
I
I
Check
Total
3,864.76
Palm Beach Gardens Police 00002230
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63- 8376/2670
BANK ATLANTIC CHECK NO CHECK DATE VENDOR NO
2230 02/01/10 000000000458
PAY AMOUNT
THREE THOUSAND EIGHT HUNDRED SIXTY -FOUR AND 76/100 $3,864.76
TO THE CITY OF PALM BEACH GARDENS
ORDER 10500 N MILITARY TRAIL
OF ATTN: LAUREN FERREIRA
PALM BEACH GARDENS FL 33410
VOID AFTER 180 DAYS
11100002230118 1 :26 708 3 76 31:006336560311■
Palm Beach Gardens Police
111.11^0 nnnnnnnnnAC sQ
00002230
DATE VENDOR NO.
n2 /10 000000000458
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
005075
02/01/10
1,370.52
1,370.52
.00
1,370.52
1005076
02/01/10
2,367.96
2,367.96
.00
2,3667.96
005077
02/01/10
120.28
120.28
.00
120.2a
1005078
02/01/10
6.00
6.00
.00
6.00
I
i
I
I
I
eck Total
3,864.76
Palm Beach Gardens Porte
nnnnnnnnnnni
DATE VENDOR NO
02/10 000000000001
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000000010552
02/02/10
23.72
23.72
Check
.00
Total
23.72'
23.72;
I
I
I
i
I
BANK ATLANTIC
PAY
TWENTY -THREE AND 72/100
TO THE PENSION RESOURCE CENTER
ORDER 4360 NORTHLAKE BLVD STE 206
OF
PALM BEACH GARDENS
Palm Beach Gardens Police 00002231
4360 Northlake Blvd Ste 206
Palm Beach Gardens, Fl 33410 63- 8376/2670
FL 33410
CHECK NO CHECK DATE VENDOR NO
2231 02/02/10 000000000001
AMOUNT
$23.72
VOID AFTER 180 DAYS
aGaf,EA COMT SIN$ MKROOPIH
11,0000223111' 1: 26 708 3 76 31:00633GSGO3110
Palm Beach Gardens Police
00002231
DATE VENDOR NO
n ? /in 000000000001
VCwUVn• vvvvvvvvvvv
INVOICE NUMBER
i.
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000000010552
02 02 10
23.72
23.72
.
23.72
I
I
I
I
Check
Total l
23.72
Resource Centers, LLC Invoice
4360 Northlake Blvd., Suite 206 Date Invoice s#
Palm Beach Gardens, FL 33410 v
2/1/2010 10552
Bill To
Palm Beach Gardens Police Pension Fund
Ship To
P.O. Number
Terms
Rep
Ship
Via
F.O.B.
Project
2,'1'2010
Quantity
ftem Code
Description
Price Each
Amount
28
0.25
28
1099 Processing Fee
Labor
Postage
1099 Processing Fee - Envelopes, Forms, Copies
Labor - 1099 Processing
Postage
0.30
12.00
0.44
8.40
3.00
12.32
Tota I S23.72
Palm Beach Gardens Police
nnnnnnnnnnni
DATE VENDOR NC
02/10 000000000001
Y ` 'INVOICE NUMBER v v
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000000010551
l
02/02/10
2,288.50
2,288.50
Check
.00
Total
2,288.501
2,288.501
Palm Beach Gardens Police
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63- 837612670
j BANK ATLANTIC
PAY
TWO THOUSAND TWO HUNDRED EIGHTY -EIGHT AND 50/100
00002232
CHECK NO
CHECK DATE
VENDOR NO.
AMOUNT PAID
2232O2/02/10
NET AMOUNT
000000000001
02/02/10
2,288.50
2,288.50
.00
AMOUNT
I
I
I
i
TO THE PENSION RESOURCE CENTER
ORDER 4360 NORTHLAKE BLVD STE 206
OF
PALM BEACH GARDENS FL 33410
VOID AFTER 180 DAYS
02_!1f{' CCLNTAIN5 MICROOg1/R
11'0000 2 2 3 211' 1: 2670837631:006336560311■
Palm Beach Gardens Police
00002232
DATE '+ENDOR NO
n ,)/in nnnnnnn00001
vtrvuun vvuv
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000000010551
02/02/10
2,288.50
2,288.50
.00
2,288.50;
I
I
I
i
Check
Total
2,288.50'
Resource Centers, LLC Invoice
4360 Northlake Blvd., Suite 206 / \ Date Invoice #
Palm Beach Gardens, FL 3 34 10
2/1/2010 10551
Bill To
PaJm Beach Gardens Police Pension Fund
Ship To
P.O. Number
Terms
Rep
Ship
Via
F.O.B
Project
2/1/2010
Quantity
Item Code
Description
Price Each
Amount
27
Palm Beach Garde...
Death Search
Palm Beach Gardens Police Pension Fund - Admin Fee for the
month of February 2010
Death Search (PB1)
2.275.00
0.50
2.275.00
13.50
Total 52?88.50
Palm Beach Gardens Police
nnnnnnnnn���
DATE VENDOR NO `
02/10 000000000322
` .INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000020091226
I
I_
02/02/1
3,478.00
3,478.00
Check
.00
Total
3,478.00
3,478.00
BANK ATLANTIC
Palm Beach Gardens Police 00002233
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63.8376)2670
CHECK N0. I CHECK DATE VENDOR NO.
2233 02/02/10 1000000000322
AMOUNT
PAY
THREE THOUSAND FOUR HUNDRED SEVENTY-EIGHT AND 00/100 A r 7ti f;}: ,�.,, Z $3,478.00
TO THE THISTLE ASSET CONSULTING, INC.
ORDER 1321 PIAZZ DELLE PALLOTTOLE
OF
BOYNTON BEACH
FL 33426
VOID AFTER 180 DAYS
CONTAIN$ WCRO►RM!
11100002233110 1:26 708 3 76 31:006 3 36 560 3t14
Palm Beach Gardens Police
00002233
DATE VENDOR NO.
ng /in 000000000322
V[rvuun. vvvvvvvv..��.�.
I INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
02/02/10
3,478.00
3,478.00
.00
3,478.00
,000000020091226
�
I
i
Check
Total
3,478.00
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 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
;y Invoice
V�
Date Invoice #
1/18/2010 20091226
Please Remit To:
Thistle Asset Consulting
1321 Piazz Delle Pallottole
Boynton Beach, Florida 33426
USA
Palm Beach Gardens Police
nnnnnnnnnn 7
DATE vENDOR NO
n2 /lo 000000000037
V C
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000057530310
02/02/1T
22,933.15
22,933.15
.00
22,933.151
i
i
I
I
I
i
i
I
Check
Total
22,933.151
I
I
I
I
BANK ATLANTIC
Palm Beach Gardens Police 00002234
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 638376!2670
CHECK N0CHECK DATE VENDOR NO.
2234 02/02/10 000000000037
AMOUNT
PAY
TWENTY -TWO THOUSAND NINE HUNDRED THIRTY -THREE AND 15 /100 $22,933.15
.:.r:::.:::: /I A
TO THE
i ORDER
OF
i
ICC CAPITAL MANAGEMENT
390 ORANGE AVENUE 27TH FLOOR
•� �•
FL 32801
VOID AFTER 180 DAYS
iItP OCR CONT SINS YICROF RIK
11000002231.11' 1:26 708 3 76 31:006336560311'
Palm Beach Gardens Police
00002234
DATE VENDOR NO
no/in nnnnnnnnn037
VENDOR: UUVUVUVUVV-3
INVOICE NUMBER
r
INVOICE DATE
INVOICE AMOUNT
--
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
i
1000000057530310
02 02710
22,933.15
22,933.15
.00
22,933.15
i
i
I
I
I
i
i
I
Check
Total
22,933.15
op(go
CAPITAL MANAGEMENT
PALM BEACH GARDENS POLICE PENSION FUND
Invoice Date: Dec 31, 2009
The Pension Resource Center
c/o Bonnie Lindberg
4360 Northlake Blvd
Suite 206
Palm Beach Gardens, FL 3 34 10
Invoice Number: 57530310
ICC Capital Management, Inc.
STATEMENT OF MANAGEMENT FEES
\V1
Report Date: Jan 6, 2010
REC Ell VE�
JAN 11 20M
For the period October 01, 2009 to December 31, 2009
Portfolio Valuation with Accrued Interest as of 12/31/2009 $ 18.346,519.65
18,346,520 @ 0.50% per annum 22,933.15
Quarterly Management Fee $ 22.933.15
PastDUe /Credit: 0.00
TOTAL DUE AND PAYABLE
Please make checks payable to:
ICC Capital Management, Inc.
Please remit payment to:
ICC Capital Management. Inc.
c/o Lini Mohabir
390 N. Orange Ave.
Suite 2700
Orlando, FL 32801
22,933.15 k-fZ-
330 North Orange Avenue . 27th Floor . Orlando. Florida 32801 . PH 800- 480 -6445 . PH 407 -839 -8440 Fx 407 - 841 -2811
WEB
mmiL
Palm Beach Gardens Police
If
DATE VENCORNO
02/10 000000000216
BANK ATLANTIC
Palm Beach Gardens Police 00002235
4360 Northlake Blvd Ste 206 63- 8376!2670
Palm Beach Gardens, FI 33410
CHECK NO.
INVOICE DATE
02/02/1T
INVOICE AMOUNT
2,806.03
AMOUNT PAID
2,806.03
Check
DISC. TAKEN
.00
Total
NET AMOUNT
2,806.03
2,806.03
i
i
INVOICE NUMBER
77TD22
1
i
i
i
BANK ATLANTIC
Palm Beach Gardens Police 00002235
4360 Northlake Blvd Ste 206 63- 8376!2670
Palm Beach Gardens, FI 33410
CHECK NO.
CHECK DATE
VENDOR NO.
2235
02/02/10
000000000216
AMOUNT
PAY
Inv THOUSAND EIGHT HUNDRED SIX AND 03/100.
TO THE RHUMBLINE ADVISERS
I ORDER 30 ROWES WHARF
f OF STE 420
BOSTON
t..
MA 02110
_VOID AFTER 180 DAYS _ _ 89RDEAC0NjAtj§_MtCA0VR1!!
1180000 2 2 3 511' 1:2670837631:006336560311'
00002235
Palm Beach Gardens Police DATE VENDOR NO
VENDOR: 000000000216 02/10 000000000216
INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT
177TD22 02/02/10 2,806.03 2,806.03 .00 2,806.01
Check Total 2,806.0?
R mbLune
t
\l
Investment Advisory Fees
January 7, 2010
4th Qtr 2009 Invoice # 77TD22
Account: Palm Beach Gardens Police Fund
S &P 500 Pooled Index Fund
S &P 400 Pooled Index Fund
S &P 600 Pooled Index Fund
Annual Fee:
Quarterly Fee:
Less: credit due from overbill on Qtr3 '09 inv
Quarterly Fee Due:
Wire transfer information:
for RhumbLine Advisers
Rockland Trust
288 Union St.
Rockland, Ma 02370
ABA# 011304478
acct beneficiary: 29 70003824
$11,754.86
$2,938.72
132.69
$2,806.03
Or by check, Please make payment to:
RhumbLine Advisers
30 Rowes Wharf, Suite 420
Boston, MA 02110 -3326
RECEIVED
JAN 112019
Pooled
Combined
Market Values
Period ending
L811,L820,L830
1013112009
$11,942,764
11/30/2009
$12,507,591
12/3112009
$13,070,495
Total
$37,520,849.80
Average Market Value
$12,506,949.93
Basis Points
0.0010 X 10,000,000.00
10,000.00
0.0007 X 2,506,949.93
1,754.86
Annual Fee:
Quarterly Fee:
Less: credit due from overbill on Qtr3 '09 inv
Quarterly Fee Due:
Wire transfer information:
for RhumbLine Advisers
Rockland Trust
288 Union St.
Rockland, Ma 02370
ABA# 011304478
acct beneficiary: 29 70003824
$11,754.86
$2,938.72
132.69
$2,806.03
Or by check, Please make payment to:
RhumbLine Advisers
30 Rowes Wharf, Suite 420
Boston, MA 02110 -3326
RECEIVED
JAN 112019
Palm Beach Gardens Police
CATE VENDOR NO
n ,)/1n onnoo0000010
VENUUH: UUUVUUVVVViV
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000000063508
02 02/10
218.75
218.75
.00
218.75
i
i
I
Check
Total
218.75',
Palm Beach Gardens Police 00002236
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63- 637612670
BANK ATLANTIC CHECK N0. CHECK DATE VENDOR N0.
2236 02/02/10 000000000010
AMOUNT
PAY
$218.75
I N 75100 TWO HUNDR ;
TO THE PERRY & JENSEN, LLC
ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207
OF
WEST PALM BEACH
FL 33401
VOID AFTER 180 DAYS
9(:��1DF� CONTAINS YICROPRI/.
1180000223611' 1:26 ?0837631:0063365603118
00002236
Palm Beach Gardens Police DATC VENDOR NO
VENDOR: 000000000010 02/10 000000000010
INVOICE NUMBER DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT
1000000000063508 �INVOICE
2 02 10 218.75 218.75 .00 218.7c
eck Total 218.7`-
ANN H. PERRY
aperry@perryjensenlaw.com
THE LAW OFFICES OF
PERRY & JENSEN, LLC
January 25, 2010
Via Email
Palm Beach Gardens Police Pension Fund
Resource Centers, LLC
Attn: Scott Baur & Bonnie Lindberg & Audrey Ross
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Dear Scott & Bonnie:
BONNI SPATARA JENSEN
bsjensen@perryjensenlaw.com
Re: Legal Services Provided Invoice #63508
Enclosed please find the Firm's invoice for services rendered for the
period that ended 1/15/20t@ —Thank you for your payment of $2,012.12. Your
current balance due is $218.75.4
If you have any questions, please do not hesitate to contact me.
Sincerely,
Bonni S. Jensen
BSJladt
Enclosure
Copy to: Jay Spencer, Chairman
David Pierson, Secretary
Via Email Only
400 EXECUTIVE CENTER DRIVE, SUITE 207•: WEST PALM BEACH, FLORIDA 33401 -2922
PH: 561.686.6550 •: FX: 561.686.2802
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 The Resource Centers, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Copy to: Chairman & Secretary
January 25, 2010
In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS:
Client/ File No.: 0003
Invoice #63508
Professional Services
Investment Policy Guidelines
12/21/2009 BSJ Review
Review Scrutinized company letter from ICC
E -mail to John McCann for Thistle Asset Consulting
Investment Policy Guidelines
SUBTOTAL:
Misc Matters
1211812009 ADT E -Mail
E -mail Internal Revenue Service Mileage Memo
Misc Matters
BSJ Draft
Draft 2010 Internal Revenue Service Mileage Memo
Misc Matters
SUBTOTAL:
Hrs /Rate Amount
0.25 50.00
200.00 /hr
[ 0.25 50.001
0.10 7.50
75.00 /hr
0.10 20.00
200.00 /hr
( 0.20 27.501
Palm Beach Gardens Police Pension Fund Page 2
Hrs /Rate Amount
Plan Document
1/4/2010 BSJ Telephone Call
0.10
20.00
Telephone call with Alan Owens
200.00 /hr
Review Amendment and letter to Alan Owens
Plan Document
111512010 ADT Prepare
0.30
22.50
Prepare Documents for attendance at council meeting for Ordinance 1 st
75.00 /hr
reading
Plan Document
SUBTOTAL:
[ 0.40
42.501
Special Tax Notice
12/2112009 BSJ Review and Revise
0.25
50.00
Review and revise Special Tax Notice
200.00 /hr
Special Tax Notice
12/23/2009 ADT Review and Revise
0.25
18.75
Review and revise Special Tax Notice from attorney markup
75.00 /hr
E -mail to administrator
Special Tax Notice
SUBTOTAL:
[ 0.50
68.75)
For professional services rendered
1.35
$188.75
Additional Charges
Qtv /Price
Bill File
1/15/2010 PJ Photocopies$
120
30.00
Copy Charges
0.25
Bill File
SUBTOTAL: ( 30.001
Total additional charges $30.00
Total amount of this bill $218.75
Previous balance $2,012.12
Palm Beach Gardens Police Pension Fund
Total payments
Balance due
Page 3
Amount
($2,012.12)
$216.75
Palm Beach Gardens Police
nnnnnnnnnaC�tt
00002237
DATE VENDOR NO
03/10 000000000458
` .INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
005079
03/01/10
221.44
221.44
.00
221.44
005080
03/01/10
1,370.52
1,370.52
.00
1,370.52
1005081
03/01/10
1,526.61
1,526.61
.00
1,526.61
1005082
03/01/10
120.28
120.28
.00
120.28,
1005082
005083
03/01/10
6.00
6.00
.00
6.00'
I
I
I
t
Check
Total
3,244.85,
i
THE FACE OF THIS DOCUMENT HAS A COLORED BACKGROUND ON WHITE PAPER - THE BACK CONTAINS AN ARTIFICIAL WATERMARK . HOLD AT AN ANGLE TO VIEW
Palm Beach Gardens Police 00002237
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63- 837612670
I BANK ATLANTIC CHECK NO CHECK DATE VENDOR NO.
2237 03/01/10 000000000458
PAY AMOUNT
THREE THOUSAND TWO HUNDRED FORTY -FOUR AND 85/100
TO THE
ORDER
OF
CITY OF PALM BEACH GARDENS
10500 N MILITARY TRAIL
ATTN: LAUREN FERREIRA
PALM BEACH GARDENS FL 33410
VOID AFTER 180 DAYS
7CcgEa ^„ JtIT✓\HIS NI R P
1180000 2 2 3 711' 1:26 708 3 76 31:006336560311'
Palm Beach Gardens Police
n n n n r n
00002237
DATE VENDOR NO
n'z /i n nnnnnnn00458
VCIVUVn: VVVVVVVVV'z
INVOICE NUMBER
_+
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
005079
03/01/10
221.44
221.44
.00
221.44
1005080
03/01/10
1,370.52
1,370.52
.00
1,370.52
�005C81
03/01/10
1,526.61
1,526.61
.00
1,526.61
1005082
03/01/10
120.28
120.28
.00
120.28
1005083
03/01/10
6.00
6.00
.00
6.00
I
I
I
t
Check
Total
3,244.85
Palm Beach Gardens Police 00002238
DATE VENDOR NO
„cwinno. nnnnnnnnnnnl 03/10 000000000001
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000000010591
I
I
03[04/10
2,675.74
2,675.74
Check
.00
Total
2,675.74
2,675.74
Palm Beach Gardens Police
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63837612670
BANK ATLANTIC
PAY
TWO THOUSAND SIX HUNDRED SEVENTY -FIVE AND 74/100
00002238
CHECK N0.
CHECK DATE
VENDOR NO.
2238
I 03/04/10
1000000000001
X000000000010591
I
I
03 04 10
21675.74
AMOUNT
TO THE
ORDER
OF
i
PENSION RESOURCE CENTER
4360 NORTHLAKE BLVD STE 206
PALM BEACH GARDENS FL 33410
VOID AFTER 180 DAYS
11'0000 2 2 3811' 1: 26 ?08 3 76 31:006 3 36 S603118
Palm Beach Gardens Police
nnnnnnnnnnn1
___ OOIiaEHCONTAW_,yu%_02 M
00002238
DATE VENDOR NO
nii,n nnnn0000000l
• ` •INVOICE NUMBER v _ v
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
X000000000010591
I
I
03 04 10
21675.74
2,675.74
Check
.00
Total
2,675.74
2,675.74
Resource Centers, LLC
4360 Northlake Blvd., Suite 206
Palm Beach Gardens, FL 33410
Bill To
Palm Beach Gardens Police Pension Fund
Invoice
Date Invoice #
3/1/2010 10591
P.O. Number
Terms
Rep
Ship
Via
F.O.B.
Project
3/1/2010
Quantity
Item Code
Description
Price Each
Amount
Palm Beach Garden...
Palm Beach Gardens Police Pension Fund - Admin Fee for the
2,275.00
2,275.00
month of March 2010
Postage
Postage - 1099M and 945 Forms
0.74
0.74
4
Retirement/Drop A...
Retirement/Drop Application Fee - Ammon, Barone, Leffler
100.00
400.00
I
and Rispoli
Total $2,675.74
Palm Beach Gardens Police
nnnnnnnnnn1n
uuuu«su
DATE 'VENDOR NO
03/10 000000000010
v civvv�.
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000 000000063558
03/11/10
1,999.25
1,999.25
.00
1,999.25
100000000063558
I
i
I
Check
Total
1,999.25
BANK ATLANTIC
Palm Beach Gardens Police
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63- 837612670
00002239
CHECK NO. CHECK DATE VENDOR N0.
2239 103/11/10 1000000000010
AMOUNT
PAY
ONE THOUSAND NINE HUNDRED NINETY -NINE AND 25/100
TO THE
j ORDER
I OF
i
PERRY & JENSEN, LLC
400 EXECUTIVE CENTER DRIVE SUITE 207
WEST PALM BEACH
FL 33401
VOID AFTER 180 DAYS
9GP9ER ODNUIN9 WCAO►NiM[I
11500002239111 1:2670837631:006336560311'
Palm Beach Gardens Police
00002239
DATE 'VENDOR NO
n ,l/in nnnnnnnnn0lo
Vtr4uum: vvvvvvvvvvly
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000 000000063558
03/11/10
1,999.25
1,999.25
.00
1,999.25
I
I
I
I
L
I
Check
Total
1,999.25
ANN H. PERRY
aperry@perryjensenlaw.com
THE LAW OFFICES OF
PERRY & JENSEN, LLC
February 22, 2040
Via Email
Palm Beach Gardens Police Pension Fund
Resource Centers, LLC
Attn: Scott Baur & Bonnie Lindberg & Audrey Ross
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Dear Scott & Bonnie:
BONNI SPATARA JENSEN
bsjensen@perryiensenlaw.com
Re: Legal Services Provided Invoice #63558
Enclosed please find the Firm's invoice for services rendered for the
period that ended 2/15/2010. Thank you for your payment of $218.75. Your
current balance due is $1,999,25. A
If you have any questions, please do not hesitate to contact me.
Sincerely,
Bonni S. Jensen
BSJladt
Enclosure
Copy to: Jay Spencer, Chairman
David Pierson, Secretary
Via Email Only
400 EXECUTIVE CENTER DRIVE, SUITE 207•: WEST PALM BEACH, FLORIDA 33401 -2922
PH: 561.686.6550 . Fx: 561.686.2802
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
Audrey Ross & Scott Baur & Bonnie
Lindberg -via email
c/o The Resource Centers, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Copy to: Chairman & Secretary
February 19, 2010
In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS:
Client/ File No.: 0003
Invoice #63558
Professional Services
Hrs /Rate Amount
Attendance at Trustee Meetings
1/21/2010 ADT
Prep Atty Rept
1.25
93.75
Prepare Attorney Report, Handouts, and Folder for upcoming Meeting -
75.00 /hr
1/27110
Attendance at Trustee Meetings
1/27/2010 BSJ
Attend
2.25
450.00
Attend meeting
200.00 /hr
Attendance at Trustee Meetings
SUBTOTAL: [
3.50
543.75]
DROP
112112010 BSJ
Review
0.35
70.00
Review Pension Plan Document
200.00 /hr
Research IRC 401(a)(9)
DROP
1/22/2010 ADT
Review and Revise
0.75
56.25
Review and revise DROP Distribution Policy for Quarterly distributions
75.00 1hr
per minutes of last meeting
DROP
1/25/2010 ADT
Review and Revise
0.25
18.75
Review and revise Statement of Policy Regarding DROP Distributions
75.00/hr
from attorney markup
Palm Beach Gardens Police Pension Fund
E -mail to Audrey at Resource Centers, LLC for review and comment
DROP
1/2512010 BSJ Review and Revise
Review and revise DROP Distribution Policy
DROP
SUBTOTAL:
Investment Policy Guidelines
1/21/2010 ADT E -Mail
E -Mail to Denise D'Entremont to follow up on response due re:
Scrutinized Companies
Investment Policy Guidelines
1/25/2010 BSJ Review
Review Investment Policy Guidelines
Review Pension Plan Document
E -mail to John McCann
Investment Policy Guidelines
SUBTOTAL:
Misc Matters
1/26/2010 ADT E -Mail
E -Mail to Board of Trustees Memorandum re: AGO 2009 -56
Misc Matters
BSJ Draft
Draft Memorandum to Board of Trustees
Review Attorney General Opinion (AGO) 2009 -56
Misc Matters
SUBTOTAL:
Plan Document
1/19/2010 BSJ Review
Review Final Ordinance 2, 2010
Telephone call with Jody Barnett
Plan Document
1/20/2010 BSJ Telephone Call
Telephone call Jay Spencer
Plan Document
1/21/2010 BSJ Attend
Attend Council meeting
Plan Document
0.10 7.50
75.00mr
0.75 150.00
200.00 /hr
[ 0.85 157.50]
0.10 7.50
75.00 /hr
0.25 50.00
200.00 /hr
[ 0.35 57.501
0.50 100.00
200.00 /hr
0.10 20.00
200.00 /hr
3.00 600.00
200.00/hr
Page 2
Hrs /Rate
Amount
0.35
70.00
200.00 /hr
[ 1.70
215.00]
0.10 7.50
75.00mr
0.75 150.00
200.00 /hr
[ 0.85 157.50]
0.10 7.50
75.00 /hr
0.25 50.00
200.00 /hr
[ 0.35 57.501
0.50 100.00
200.00 /hr
0.10 20.00
200.00 /hr
3.00 600.00
200.00/hr
Palm Beach Gardens Police Pension Fund Page 3
Hrs /Rate Amount
1/21/2010 BSJ Prepare
0.35 70.00
Prepare for council meeting
200.00 /hr
Plan Document
0.25
BSJ E -Mail
0.50 100.00
E -Mail to Steve Palmquist re: attendance at meeting
200.00/hr
Telephone call with Allan Owens
$85.50
Telephone call with Jay Spencer
$1,999.25
Review No impact of supervisors
$218.75
Plan Document
($218.75)
1/25/2010 BSJ Draft
0.25 50.00
Draft email to City Council
200.00 /hr
Plan Document
SUBTOTAL: [ 4.70 940.001
For professional services rendered 11.10 $1,913.75
Additional Charges:
Qty /Price
Bill File
2/15/2010 PJ Photocopies$
342 85.50
Copy Charges
0.25
Bill File
SUBTOTAL:
[ 85.50]
Total additional charges
$85.50
Total amount of this bill
$1,999.25
Previous balance
$218.75
Total payments
($218.75)
Balance due
$1,999.25 UL
Palm Beach Gardens Police
nnnnnnnnnn�^I
UUUULL4V
DATE VENDOR NO
03/10 000000000012
V Glvvvn. v v v
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
1000000000110829
03/11/10
1,946.00
1,946.00
.00
1,946.00
I
i
i
i
I
I
i
f
Check
Total
1,946.00
BANK ATLANTIC
Palm Beach Gardens Police
4360 Northiake Blvd Ste 206
Palm Beach Gardens, Fl 33410 63.837612670
00002240
CHECK NO. CHECK DATE VENDOR NO.
2240 03/11/10 1000000000012
AMOUNT
PAY
ONE THOUSAND NINE HUNDRED FORTY -SIX AND 00 /100
TO THE GABRIEL ROEDER SMITH & COMPANY
ORDER P.O. BOX 78000
OF
DETROIT
MI 48278
VOID AFTER 180 DAYS
_ -___ ___81( HOER CONTAINS MICROfRNf
112000022,011' 1: 2670837631:006336560311
Palm Beacn Gardens Police
00002240
DATE VENDORNO
n-1110, nnnnn0000012
Vtrvuun: vvvv
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
03/11/10
1,946.00
1,946.00
.00
1,946.00
P00000000110829
I
I
I
I
I
I
i
I
I
i
f
Check
I
Total
1,946.00
Gabriel Roeder Smith & Company Invoice
ISR3 Consultants & Actuaries
One East Broward Blvd.
Suite 505
Ft. Lauderdale, Florida 33301 -1872
(954) 527 -1616 2/12/2010 110829
Please Remit To:
BOARD OF TRUSTEES, CITY OF PALM BEACH
GARDENS POLICE OFFICERS PENSION FUND Dept. # 78009
Gabriel Roeder Smith & Company
Mr. J. Scott Baur, Administrator _ PO Box 78000
Resource Centers, LLC Detroit, Michigan 48278 -0009
4360 Northlake Blvd., Suite 206 or
Palm Beach Gardens, FL 33410 ACH Payment to:
Gabriel Roeder Smith & Company
JPMorgan Chase, ABA #: 072000326
Account #: 0486723
PLEASE INDICATE THE INVOICE NUMBER ON YOUR REN111 i A1VUL. 1 HAN1% Y VU-
Palm Beach Gardens Police
nnnn0nnn0n04
UUUUZL41
DATE VENDOR NO
03/10 000000000029
` INVOICE NUMBER v v
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
1000000000481890
1
I
i
I
I
i
I
I
i
03 11 10
3,000.00
3,000.00
Check
.00
Total
3,000.00
3,000.00
BANK ATLANTIC
PAY
THREE THOUSAND AND 00/100
Z-;: :r;,
TO THE
ORDER
f OF
4i
Palm Beach Gardens Police 00002241
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63. 8376;2670
CHERRY, BEKAERT & HOLLAND
ONE CLEARLAKE CENTER
250 AUSTRALIAN AVE SOUTH SUITE 1201
WEST PALM BEACH FL 33401
CHECK N0. CHECK DATE VENDOR NO.
2241 03/11/10 000000000029
AMOUNT
$3,000.00
-- -VOID AFTER 180 DAYS
1110000 2 2L.1119 1:267013376 31:00633656031"
palm Reach Gardens Police
BORDEN Cd/TIwS YICp L'
00002241
DATE VENOCH NO
nq /1n nnnnnn000029
V CIN uw— v v v v
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000000481890
03/11/10-
3 11 10
3,000.00
3,000.00
.00
3,000.00
i
I
I
I
I
I
I
t
i
i
Check
Total
3,000.00
CHERRY BEKAERT & HOLLAND, L.L.P.
800 N. MAGNOLIA AVENUE
SUITE 1300
ORLANDO, FL 32803 -3255 (407)423 -7911
Palm Beach Gardens Police Pension Fund
c/o Pension Resource Center. Inc.
4360 Northlake Blvd., Suite 206
Palm Beach Gardens, FL 33410
Invoice No. 481890
Cate 01/31/2010
Client No. 4253650.0
FOR PROFESSIONAL SERVICES RENDERED:
Final billing on audit of financial statements for the
year ended September 30, 2009.
' r I
FEB o 3 2010
TERMS: Invoices are payable upon presentation. A service charge will be added to past due accounts equal to 1.5% per month
(1801; annually) on the previous month's balances less payments received during the month. with a minimum charge of $2.00 per
month.
0', L--
Palm Beach Gardens Police
nnnnnnnnnA CQ
0000LL4L
DATE VENDOR NO
04/10 000000000458
VCrvuvn. vvv
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
04/01/10
04/01 10
1,370.52
1,370.52
.00
1,370.52
1005084
10 05085
04/01/10
1,526.61
1,526.61
.00
1,526.61
1005086
04/01/10
150.35
150.35
.00
150.35,
04/01/10
7.50
7.50
.00
7.50
X005087
'005088
04/01/10
518.49
518.49
OG
518.49
I
I
I
I
I
Check
Total
3,573.47
Palm Beach Gardens Police 00002242
4360 Northlake Blvd Ste 206 63- 937612670
Palm Beach Gardens, Fl 33410
BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO.
2242 04/01/10 1000000000458
AMOUNT
PAY
HOUSAND FIVE HUNDRED SEVENTY -THREE AND 47/100 R$?r.,tit: {: $3,573.47
THREE T
TO THE CITY OF PALM BEACH GARDENS
ORDER 10500 N MILITARY TRAIL
OF ATTN: LAUREN FERREIRA
PALM BEACH GARDENS FL 33410
VOID AFTER 180 DAYS
1150000 2 24 211' 1:26 708 3 ?C3 31:006336560311'
Palm Beach Gardens Police
00002242
VENDOR: 000000000458
INVOICE NUMBER
INVOICE DATE
IOG5J84
04/01/10
'005085
04/01/10
1005086
04/01/10
c052Z "
04/01/10
,005088
04%01/10
i
INVOICE AMOUNT
1,370.52
1,526.61
150.35
7.50
518.49
DATE
04/10
AMOUNT PAID
1,370.52
1,526.61
150.35
7.50
518.49
E[�GEN CON T11Mi$ YIL110Mr}(
00002242
VENDOR NO
000000000458
DISC TAKEN
NET AMOUNT
,00
1,370.5
_00
1,526.6:
.00
150.3
.00
7.5C
.00
518.4:
eck Total
I
7 "
3,S� 3 Y
Palm Beach Gardens Police
V1r!K1nnD. nnnnnnnnndc;R
uuuuzz4s
DATE VENDOR NO
04/10 000000000458
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
005089
04 O1 10
685.26
685.26
.00
685.26
005090
04/01/10
30.07
30.07
.00
30.07
I
I
I
Check
Total
715.33
21J421120 I • , IF] , i , ,
Palm Beach Gardens Police 00002243
4360 Northlake Blvd Ste 206
Palm Beach Gardens, A 33410 63- 837612670
BANK ATLANTIC
f
PAY
SEVEN HUNDRED FIFTEEN AND 33/100
TO THE CITY OF PALM BEACH GARDENS
ORDER 10500 N MILITARY TRAIL
of ATTN: LAUREN FERREIRA
PALM BEACH GARDENS FL 33410
CHECK NO. CHECK DATE VENDOR NO.
2243 104/01/10 1000000000458
AMOUNT
$715.33
VOID AFTER 180 DAYS
Ila0000 2 24 311' 1:2670837631:006336560311'
Palm Beach Gardens Police
0 0 n0nnnn0 dC�a
00002243
DATE VENDOR NO
04/10 000000000458
` INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
005089
04/01/10
685.26
685.26
.00
685.26
005090
04/01/10
30.07
30.07
.00
30.07
I
I
I
Check
Total
715.33
Palm Beach Gardens Police
00002244
DATE VENDOR NC.
n-x /1n 000000000001
VENDOR: UUVVVVvvvvvi
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000000010626
03/31/10
2,275.00
2,275.00
.00
2,275.00
�
i
I
I
i
I
i
i
I
Check
Total
2,275.00
Palm Beach Gardens Police 00002244
4360 Northlake Blvd Ste 206 g3- 8378:2870
Palm Beach Gardens, FI 33410
BANK ATLANTIC CHECK NO CHECK DATE VENDOR NO
2244 03/31/10 000000000001
AMOUNT
PAY TWO THOUSAND TWO HUNDRED SEVENTY -FIVE AND 00 /100
TO THE PENSION RESOURCE CENTER
j ORDER 4360 NORTHLAKE BLVD STE 206
OF
PALM BEACH GARDENS FL 33410
VOID AFTER 180 DAYS
1110000 2 2 L.411' 1: 2C3 708 3 7 6 31:00 6 3 3 6 5 60 31"
Palm Beach Gardens Police
VENDOR: 000000000001
INVOICE NUMBER INVOICE DATE INVOICE AMOUNT
1000000000010626 03 31 10 2,275.00
DATE VENDOR NO
03/10 0000C
AMOUNT PAID DISC. TAKEN
2,275.00 .00
C eck Total
BOAOEM CO!:T�M�WCROOAlM
00002244
1)0000001
I NET AMOUNT
2,275.0(
2,275.0(
Resource Centers, LLC
4360 Northlake Blvd., Suite 206
Palm Beach Gardens, FL 33410
Bill To
Palm Beach Gardens Police Pension Fund
Ship To
Invoice
Date Invoice #
3131/2010 10626
P.O. Number
Terms
Rep
Ship
Via
F.O.B.
Project
3 31x'2010
Quantity
Item Code
Description
Price Each
Amount
Palm Beach Garden...
Palm Beach Gardens Police Pension Fund - Admin Fee for the
month of April 2010
2,275.00
2,275.00
i
Total 52.275.00
Palm Beach Gardens Police
„cpunna. nnnnnnnnnni 9
00002245
DATE VENDOR NO
04/10 000000000012
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000000110979
04 07 10
2,177.00
2,177.00
Check
.00
Total
2,177.00
2,177.00
i
Palm Beach Gardens Police 00002245
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63- 8376.2670
IBANK ATLANTIC CHECK NO CHECK DATE VENDOR NO.
2245 04/07/10 000000000012
PAY I AMOUNT
1 TWO THOUSAND ONE HUNDRED SEVENTY -SEVEN AND 00 /10
TO THE GABRIEL ROEDER SMITH & COMPANY
j ORDER P.O. BOX 78000
i OF
DETROIT MI 48278
VOID AFTER 180 DAYS
1160000 2 245116 1:26 708 3 76 311:006 3 3 6 5 60 3118
Palm Beach Gardens Police
nnnnnnnnnniI)
00002245
DATE VENDOR NO
04 /in 000000000012
v ` •INVOICE NUMBER V v v
vINVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000000110979
i
i
I
04/07/10
2,177.00
2,177.00
Check
.00
Total
2,177.00
2,177.00
Gabriel Roeder Smith & Company
G R Consultants & Actuaries
One East Broward Blvd.
Suite 505
Ft. Lauderdale, Florida 33301 -1872
(954) 527 -1616
BOARD OF TRUSTEES, CITY OF PALM BEACH
GARDENS POLICE OFFICERS PENSION FUND
Mr. J. Scott Baur, Administrator
Resource Centers. LLC
4360 Northlake Blvd., Suite 206
Palm Beach Gardens, FL 33410
3/12/2010
Invoice
110979
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
PLEASE INDICATE; TILE INVOICE NLiNIBER ON' N'OUR Rt;;%11-I'-I-ANCE. 1-HA:NK I OU.
Palm Beach Gardens Police
vGtinnA. nnnnnnnnnni n
UUUU114b
DATE VENDOR NO
04/10 000000000010
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000000063607
04/7-7T10
60.00
60.00
Check
.00
Total
60.00
60.0C
THE FACE OF THIS DOCUMENT HAS A COLORED BACKGROUND ON WHITE PAPER - THE BACK CONTAINS AN ARTIFICIAL WATERMARK - HOLD AT AN ANGLE TO VIEW
Palm Beach Gardens Police 00002246
4360 Northlake Blvd Ste 206
VENDOR Palm Beach Gardens, Fl 33410 63-8376/2670
BANK ATLANTIC C CHECK DATE
I PAY
j
SIXTY AND 00/100
TO THE
ORDER
OF
PERRY & JENSEN, LLC
400 EXECUTIVE CENTER DRIVE SUITE 207
WEST PALM BEACH
FL 33401
224
AMOUNT
$60.00
VOID AFTER 180 DAYS ,u"MpC0wAwsMCnornM
II80000 2 2t.611, 1:26 708 3 76 31:006336560311'
Palm Beach Gardens Police
nnnnnnnnnnin
00002246
DATE VENDOR NO
n4 /in nnn000000010
` INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
000000000063607
t
I
04/07/10
60.00
60.00
Check
.00
Total
60.""
60.00
ANN H. PERRY
aperry@perryjensenlaw.com
THE LAW OFFICES OF
PERRY & JENSEN, LLC
March 19, 2010
Via Email
Palm Beach Gardens Police Pension Fund
Resource Centers, LLC
Attn: Scott Baur & Bonnie Lindberg & Audrey Ross
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Dear Scott & Bonnie:
BONNI SPATARA JENSEN
bsjensen @perryiensenlaw.com
Re: Legal Services Provided Invoice #63607
Enclosed please find the Firm's invoice for services rendered for the
period that ended 3/15/2010. Thank you for your payment of $1,999.25. Your
current balance due is $60.00.
If you have any questions, please do not hesitate to contact me,
Sincerely,
Bonni S. Jensen
BSJladt
Enclosure
Copy to: Jay Spencer, Chairman
David Pierson, Secretary
Via Email Only
400 EXECUTIVE CENTER DRIVE, SUITE 207:• WEST PALM BEACH, FLORIDA 33401 -2922
PH: 561.686.6550 Fx:561.686.2802
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
Audrey Ross & Scott Baur & Bonnie
Lindberg -via email
c/o The Resource Centers, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Copy to: Chairman & Secretary
March 18, 2010
In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS:
Client/ File No.: 0003
Invoice #63607
Professional Services
Hrs /Rate Amount
Misc Matters
2/24/2010 BSJ Research 0.25 50.00
Research HB 1902 200.00 /hr
Draft Memorandum Summary
Misc Matters
SUBTOTAL: ( 0.25 50.001
For professional services rendered 0.25 $50.00
Additional Charges
Qtv /Price
Bill File
3/15/2010 PJ Photocopies$ 40 10.00
Copy Charges 0.25
Bill File
SUBTOTAL: [ 10.00]
Total additional charges $10.00
Palm Beach Gardens Police Pension Fund Page 2
Amount
Total amount of this bill
$60.00
Previous balance
$1,999.25
Total payments
($1,999.25)
Balance due
$60.00%
Palm Beach Gardens Police
VENDOR: 000000000458
UUUVZZ41
DATE VENDOR r•/O
05/10 000000000458
i INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
005091
05/01/10
2,055.78
2,055.78
.00
2,055.78
005092
05/01/10
1,526.61
1,526.61
.00
1,526.61
005093
05/01/10
180.42
180.42
.00
180.42.
005094
05/01/10
7.50
7.50
.00
7.50;
005095
05/01/10
518.49
518.49
.00
518.49'
i
I'
I
Check
Total
4,288.80
Palm Beach Gardens Police 00002247
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 638376/2670
BANK ATLANTIC CHECK NO. I CHECK DATE VENDOR NO.
2247 05/01/10 1000000000458
PAY I AMOUNT
FOUR THOUSAND TWO HUNDRED EIGHTY -EIGHT AND 80/10
TO THE CITY OF PALM BEACH GARDENS
ORDER 10500 N MILITARY TRAIL
OF ATTN: LAUREN FERREIRA
PALM BEACH GARDENS FL 33410
VOID AFTER 180 DAYS
111000022L.711' 1 :26 708 3 76 31:006336560311■
Palm Beach Gardens Police
VFNnnR• 000000000458
00002247
DATE VENDOR NO.
05/10 000000000458
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
005091
05/01/10
2,055.18
2,055.78
.00
2,055.78
005092
05/01/10
1,526.61
1,526.61
.00
1,526.61
005093
05/01/10
180.42
180.42
.00
180.42
005094
05/01/10
7.50
7.50
.00
7.50
005095
05/01/10
518.49
518.49
.00
518.49
i
I'
I
Check
Total
4,288.80
Palm Beach Gardens Police
VENDOR: 000000000015
00002248
DATE VENDOR NO
04/10 000000000015
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC. TAKEN
NET AMOUNT
ECERT SPENCER
1
I
I
i
04 26 10
100.00
100.00
Check
.00
Total
100.00
100.00
Palm Beach Gardens Police 00002248
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63- 837612670
BANK ATLANTIC
PAY
ONE HUNDRED AND 00 /100 ,, ,,,,, ,,
TO THE FPPTA
ORDER 2946 WELLINGTON CIRCLE EAST SUITE A
OF
TALLAHASEE
FL 32308
CHECK NO. CHECK DATE I VENDOR NO.
2248 104/26/10 000000000015
AMOUNT
$100.00
VOID AFTER 180 DAYS
11'0000 2 24,B 0 1:2E70a37631:006336S6031"
Palm Beach Gardens Police
DATE
VFNnOR O(10000000015 04/10
__ flOROER CONTAINS AIICROP RtNT
00002248
VENDOR NO
000000000015
INVOICE NUMBER
INVOICE DATE
INVOICE AMOUNT
AMOUNT PAID
DISC TAKEN
NET AMOUNT
ECERT SPENCER
I
I
i
i
i
I
i
i
04 26 10
100.00
100.00
Check
.00
Total
100.00
100.00
ASSOCIATION
TRUSTEES
PENSION
PUBLIC
FLORIDA
i
FPPTA
2007 CPPT Re- Certification Fee Invoice
Re- Certification Fee w)'P -cover three years.
Amount due: 100.00
Trustee Name: J ON
Pension Board: \ Q L! c�� ��b. �rJ Q V% S Po (L
Address: \d5yv MO. `;�,a_
City: ��j(s State: Zip: 3311 b
Phone` — 19q- L<<ti3SE -mail: \, C- c),/YN
Check enclosed:
Credit Card: (Please circle one) American Express Visa Master Card
Card Number:
Signature:
Date Paid:
Exp:
FPPTA
2946 Wellington Circle East, Suite A
Tallahassee, Fl 32309
800 - 842 -4064 Fax 850 - 668 -8514
PALM BEACH GARDENS POLICE 11
PENSION FUND
I Benefit Approvals II
Meeting of April 29, 2010
DONALD AMMON
JULES BARONE
MICHAEL RISPOLI
PAUL LEFFLER SR.
APPLICATION TO ENTER THE DROP
DATE OF BIRTH
DATE OF HIRE
DATE OF TERMINATION
AGE AT RETIREMENT
YEARS AT SERVICE
FORM OF BENEFIT
MONTHLY BENEFIT AMOUNT
SUPPLEMENTAL BENEFIT
DATE OF BIRTH
DATE OF HIRE
DATE OF TERMINATION
AGE AT RETIREMENT
YEARS AT SERVICE
FORM OF BENEFIT
MONTHLY BENEFIT AMOUNT
SUPPLEMENTAL BENEFIT
DATE OF BIRTH
DATE OF HIRE
DATE OF TERMINATION
AGE AT RETIREMENT
YEARS AT SERVICE
FORM OF BENEFIT
MONTHLY BENEFIT AMOUNT
SUPPLEMENTAL BENEFIT
DATE OF BIRTH
DATE OF HIRE
DATE OF TERMINATION
AGE AT RETIREMENT
YEARS AT SERVICE
FORM OF BENEFIT
MONTHLY BENEFIT AMOUNT
SUPPLEMENTAL BENEFIT
10/29/1956
10/31/1990
12/31/2009
53 YEARS
19 YEARS
TEN YEAR CERTIAN
$5,083.63
$ 237.50
05/28/1943
05/01/2000
12/31/2009
66 YEARS
19 YEARS
MODIEFIED CASH ANNUITY
$5,001.08
$ 237.50
05/04/1963
12/02/1985
01/31/2010
46 YEARS
24 YEARS
MODIEFIED CASH ANNUITY
$8.912.71
$ 300.00
07/26/1960
04/03/1986
11/30/2009
49 YEARS
23 YEARS
100% JOINT & SURVIOR
$8,446.67
$ 287.50
SHEREE BROWN
DAVID O'NEILL
ED VISTEIN
DATE OF BIRTH
DATE OF HIRE
DATE OF TERMINATION
AGE AT RETIREMENT
YEARS AT SERVICE
FORM OF BENEFIT
MONTHLY BENEFIT AMOUNT
SUPPLEMENTAL BENEFIT
APPLICATION TO EXIT THE DROP
DATE OF BIRTH
DATE OF HIRE
DROP ENTRY DATE
DATE OF TERMINATION
FORM OF BENEFIT
MONTHLY BENEFIT AMOUNT
SUPPLEMENTAL BENEFIT
DATE OF BIRTH
DATE OF HIRE
DROP ENTRY DATE
DATE OF TERMINATION
FORM OF BENEFIT
MONTHLY BENEFIT AMOUNT
SUPPLEMENTAL BENEFIT
10/01/1954
05/18/1988
05/18/2009
54 YEARS
21 YEARS
MODIEFIED CASH ANNUITY
$5,444.06
$ 262.50
11/19/1954
05/13/1989
05/31/2009
03/26/2010
50% JOINT & SURVIOR
$7,441.96
$ 250.00
02/19/1948
01/05/1983
02/28/2007
04/30/2010
MODIFIED CASH ANNUITY
$3,820.60
$ 212.50
APPLICATION FOR DISTRIBUTION OF DROP ACCOUNT
RONALD COUNCIL
BRENT PALMER
DATE OF RETIREMENT
DATE OF BIRTH
AMOUNT REQUESTED
TYPE OF DISTRIBUTION
TAX WITHHOLDING
TOTAL NET DISTRIBUTION
09/17/2009
03/09/1956
$66,000.00
PARTIAL LUMP SUM
$13,200.00
$52,800.00
APPLICATION FOR REFUND OF CONTRIBUTIONS
DATE OF BIRTH
DATE OF HIRE
DATE OF TERMINATION
TAXABLE CONTRIBUTIONS
TOTAL REFUND
YEARS OF SERVICE
03/19/1981
07/07/2003
10/10/2008
$27,141.97
$21,713.57
5 YEARS 3 MONTHS
APPROVED:
CHAIRMAN
SECRETARY
DATE
Palm Beach Gardens Police
Balance Sheet
FY 2010
Account Description
October
November
December
January
February
March
1006 -0000
Bank Atlantic Checking
99 621.47
163 878.11
228 424.73
196 654.06
134 014.21
65 483.93
1225 -0100
A/R Contributions EE Buyback
58 723.76
58 723.76
58 723.76
58 723.76
58 723.76
58 723.76
1235 -0000
Prepaid Other
68 180.05
61 807.43
78 093.16
73 300.83
73 921.07
79 423.08
1500 -0000
Fiduciary Trust Company International
1500 -0100
Money Market/Cash
2,674,509.77
2 632 011.92
1,905,880.49
910 943.98
1,980,178.34
1 065 687.03
1500 -0200
Fixed Income
11 616 671.37
11 058 434.01
11 504 585.13
13-1-5 7 -8 556.21
12 530 645.12
13 456 267.14
1500 -0300
Equities
4,437,925.50
4 609 691.00
4,820,477.00
4 622 855.50
4,878,866.50
S 180 194.50
1500 -0700
Accrued Income
123 074.03
123 776.46
121 304.52
135 814.22
131 926.98
149 703.56
Fiduciary Trust ompany International Total
18 852 180.67
18 423 913.39
18 352 247.14
19 243 169.91
19 521 616.94
19 851 852.23
1600 -0000
RhumbLine Advisers
1600 -0100
S &P 400 MidCap
2,860,796.85
2 976 924.74
3,163,369.45
3 061 782.56
3,220,925.85
3 448 726.54
1600 -0200
S &P 500 Large Cap
6,271,175.81
6 646 616.43
61775,481.13
6 532 594.10
61735,278.93
7 140 323.52
1600 -0300
S &P 600 Small Cap
2,810,791.12
2,884 049.54
31131,644.73
3 025 166.08
3,153,828.10
3 398 313.91
RhumbLine Advisers Total
11 942 763.78
12 507 590.71
13 070 495.31
12,619,54 .74
13,110,03 .88
13 987 363.97
1700 -0000
Van uard
1700 -0100
Vanguard Global Equity
768 050.66
1f013,083.23
1 042 561.67
1,042,561.67
1 042 561.67
1 089 799.63
1700 -0200
Vanguard International Growth
858 640.50
1,103,673.07
1 141 141.82
1,141,141.82
1 141 141.82
11170,282.75
1700 -0300
Vanguard International Value
856 930.81
1,101,963.38
1 115 484.08
1,115,484.08
1 115 484.08
1,132,247.32
Vanguard Total
21483,621.97
3 218 719.68
31299,187.57
3 299 187.57
31299,187.57
3 392 329.70
2010 -00
Accounts Payable
0.00
0.00
(6,162.07
3 478.00
0.00
0.00
2030 -00
Tax Withholdings
0.00
0.00
0.00
0.00
0.3-
0.33
TOTAL RESERVE FUND MARKET VALUE):
33,505,091.70
34,434,633.08
35,081,009.60
35,492,100.87
36,197,496.10
37,435,176.34
Palm Beach Gardens Police
Statement of Income and Expense
FY 2010
Account Descrl ton
End October
End November
End December
End 3anuary
End February
End March
Year -To -Date
Income•
4001 -00
Dividend and Interest Income
47 237.99
51 349.64
55 465.60
51 441.50
61 188.98
57 092.34
323 776.05
4010 -00
Contributions-Employer
0.00
0.00
0.00
988 992.00
0.00
0.00
988 992.00
4020 -00
Contributions -Employee
66 884.53
70,590 , 80
69 776.47
62 986.29
58 369.74
64 661.30
393 269.13
4045 -00
Contributions-Buy Back
0.00
0.00
6 040.58
0.00
0.00
0.00
6,040.58
4103 -00 lFiduciary
Adjustment
401.23
0.00
0.00
0.00
0.00
0.00
401.23
4120 -0000
Realized Gain Loss
4120 -1502
Fiduciary Fixed Income
318.03
15 369.79
(109,035.L31
(2,028,24)
(8,720.66)
23 361.56
111 474.93
4120 -1503
Fiduciary Equities
94 010.04
91025.70
12 374.16
0.00
2,593.33
14 343.74
132 346.97
4121 -0000
Unrealized Gain Loss
4121 -1502
Fiduciary Fixed Income
17 982.63
99 807.16
(154,034.541
148 304.00
11 065.13
71 649.35
15,509.Z7
4121 -1503
Fiducuary Equities
217 850.29
262 017.72
223 564.36
288 102.42
207 320.25
307 087.00
494,036.62_
4121 -1601
RhumbLine S &P 400 MidCa p
(135,509.±61
116 127.89
186 444.71
101 586.89
159 143.29
227 800.69
452 420.23
4121 -1602
RhumbLine S &P 500 Large Ca
116 416.98
375 440.62
128 864.70
242 887.03
202 684.83
405 044.59
752 730.73
4121 -1603
RhumbLine S &P 600 Small Ca p
(169,386.241
73 258.42
247 595.19
106 478.65
128 662.02
244 485.81
418 136.45
4121 -1701
Vanguard Global Equity
0.00
0.00
29 478.44
0.00
0.00
47 237.96
76 716.40
4121 -1702
Vanguard International Growth
0.00
0.00
37 468.75
0.00
0.00
29 140.93
66 609.68
4121 -1703
Vanguard International Value
0.00
0.00
13 520.70
0.00
0.00
16 763.24
30 283.94
Total Income
(449,096.34)
1,042,248.16
747,523.29
510,640.56
822,306.91
1,365,369.81
4,038,992.39
Account Descri Lion
End October
End November
End December
End 3anuary
End February
End March
Year -To -Date
Expense:
5000 -00
Investment Management Fees
0.00
0.00
0.00
0.00
25 739.18
0.00
25 739.18
5005 -00
Custodial Fees
0.00
0.00
2,684.07
0.00
0.00
0.00
2,684. 7
5010 -00
Performance Monitor Fees
0.00
0.00
3,478.00
0.00
0.00
0.00
3,478.00
5100 -00
Benefit Payments
78 664.72
78 664.72
78,664 , 72
89 314.28
88 523.44
88 523.44
502 355.32
5110 -00
DROP Account Withdrawals
0.00
2S,000.00
0.00
0.00
0.00
0.00
25 000.00
5115 -00
Termination Refunds
0.00
0.00
0.00
0.00
0.00
27 141.97
27,141.
5205 -00
Auditor Fees
0.00
0.00
0.00
4,000.00
0.00
3,000.00
7,000.
5210 -00
Actuary Fees
0.00
0.00
10 998.00
2,485.00
0.00
1,946.00
15 429.00
5215 -00
Attorney Fees
0.00
230.50
2,293.25
1,326.75
218.75
1 999.25
6068.50
5220 -00
Administrator Fees
2,475.00
2,288.00
2,275.00
2 275.00
2,299.90
4,950.00
16 562.90
5231 -00
Fiduciary Liability Insurance
1,057.14
61384.97
0.00
0.00
0.00
0.00
7,442.11
5232 -00
Fidelity EE Bond Insurance
1,063.12
0.00
0.00
0.00
0.00
0.00
1,063.12
5235 -00
Annual Membership Fees
0.00
0.00
600.00
0.00
0.00
0.00
600.00
5245 -00
Postage
16.57
0.00
0.00
10.62
12.32
0.74
40.25
5250 -00
Bank Charges-
131.35
138.59
153.73
137.64
118.09
128.17
807.57
Total Expense
83,407.90
112,706.78
101 146.77
99,549.29
116,911.68
127,689.57
641,411.99
Reserve Fund Last Period
1 34 037 595.94
1 33 505 091.70
1 34 434 633.08
1 35 081 009.60
1 35 492 100.87
1 36 197 496.10 34 037 595.94
Balance To From Reserve
532 504.24
929 541.38
646 376.52
411 091.27
705 395.23
1 1,237,680.24 3,397 580.40
TOTAL RESERVE FUND
33 505 091.70
1 34 434 633.08
35 081,009.60
35,492,100.87
36,197 496.10
1 37,435 176.34 1 37,435.176-.34
PALM BEACH GARDENS POLICE PENSION FUND
Investment Review
Quarter Ending
March 31, 2010
PALM BEACH GARDENS POLICE PENSION FUND
Table of Contents
Quarter Ending
March 31, 2010
ICC capital Managcment, InC.
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
• Investment Review
Quarter Ending
March 31, 2010
ICC Capital Management, Inc.
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Investment Performance Report
Quarter Ending
March 31, 2010
Total Return Summary
Page......
1
Portfolio Allocation
Page......
2
Investment Performance by Asset Category
Page......
3
Fixed - Income Analysis
Page......
4
Purchases & Sales
Page......
8
Realized Gains/ Losses
Page......
13
Portfolio Summary
Page......
16
Portfolio Appraisal
Page......
17
ICC Capital Management, Inc.
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Total Return Summary
Quarter Ending
Starting Value
Ending Value
Difference
Net Contributions / (Withdrawals)
Gain/(Loss) from Investments
March 31, 2010
$13,085,187 $12,695,048 $7,598,962
$14,330,603 $14,330,603 $14,330,603
$1,245,416 $1,635,555 $6,731,641
$986,898 $1,434,187 $4,245,072
$258,518 1 $201,368 1 $2,486,569
TOTAL RETURN 1.870/. 1 1.40% 1 25.41%
ANNUALIZED TOTAL RETURN 4.63%
ICC Capital Management, Inc.
1
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Portfolio Allocation at Market
Quarter Ending
March 31, 2010
Asset Allocation:
0100 (Mkt)
Market Value
CASH /EQUIVS
as of 12131109
11.3%
4
FIXED INCOME
88.7%
Market Value
CASH/ EQUIVS
5.2%
as of 03/300
FIXED INCOME
4
94.8%
Mkt Value
Mkt Value %
Mkt Value
Mkt Value
as of 12,/31,/09
as of 12,/31/09
as of 03131/10
as of 03131/10
CasK uivs
$1,473,451
11.3%
$740,820
5.2%
Fixed
$11,611,736
88.7%
$13,589,783
94.8%
Total
$13,085,187
100.0%
$14,330,603
100.0%
ICC Capital Management, Inc.
2
•
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
•
Investment Performance by Asset Category
•
Quarter Ending
March 31, 2010
•
•
•
ua rter
■ ACCOUNT ■ BCAG
•
6.00
•
•
4.00
•
2.04 1.78 1.87 1.78
•
2.00 -
•
0.00
BONDS TOTAL
•
•
Fiscal Year to Date
■ACCOUNT ■BCAG
•
•
6.00
•
4.00
1.99 1.99
•
1.59 1.40
2.00
•
"
0.00—
•
BONDS TOTAL
•
Five Years Annualized
■ACCOUNT ■BCAG
•
•
8.00-
5.08 5.44 5.44
•
6.00-
4.63
•
•
4.00-
•
•
0.00
BONDS tOTAL
•
The red total bar represents the Barclays Capital Aggregate Index.
•
•
•
•
ICC Capital Management, Inc.
•
3
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Fixed Income Analysis (Page 1 of 4)
Quarter Ending
March 31, 2010
Average Quality — AA-
Average Duration — 4.23 Current Yield — 4.78
ICC Core Fixed Income Porto
Mortgage Backed Municipal Bonds
26.3% 6.0%
Government Sponsored
liig;
17.2%
Corporate Bonds
43.4%
US
Treasuries
/.1%
Average Quality - AA
Average Duration - 5.29 Current Yield - 3.98
Barclays Coital GovernmenVCredit Index
Corporate Bonds
30.4%
Government Sponsored
21.0%
io
US Treasuries
48.6%
Average Quality — AA
Average Duration — 4.68 Current Yield — 4.39
Barclays Capital Aggregate Index
US Treasuries
29.5%
US NIBS
35.7%
Government Sponsored
12.7%
ABS
0.4% C41BS Corporate Bonds
18.5%
3.2%
ICC Capital Management, Inc.
4
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Fixed Income Analysis (Page 2 of 4)
Quarter Ending
March 31, 2010
Sectors and Market Indices Performance VS. Core Fixed Income Portfolio 1 Q10
15.00
9.10
10.00 7
5.00- 1.12 1.44 2.30 1.54
0.00
f dm P� �df 6s
P`r '`sly
�Pa
2.22 1.78 1.55 1.87
es 9cT c�,T
Municipal Bonds
Coupon
Maturi ty
S&P Ratite
Mood 's Rating
University N C Univ Revs
5.757%
12/1/2039
AA+
AAl
Pennsylvania St
4.650%
2/15/2026
AA
Aa2
Commonwealth Fing Auth Pa Rev
5.653%
6/1/2024
AA-
Al
Chica o Ill Brd Ed
6.138%
12/1/2039
AA-
Al
Metropolitan Transportation Authority
5.871%
11/15/2039
A
A3
Utah St
4.554%
7/1/2024
AAA
AAA
Mortgage Backed Securities
Coupon
Maturity
S &P Rating
Mood 's Rating
Gnsf 5.5% Pool #714005
5.500%
10/15/2039
AAA
Aaa
Fncl # 256394
6.500%
9/1/2036
AAA
Aaa
F lmc #gO2268
6.500%
8/1/2036
AAA
Aaa
Gn Pool # 782119
6.000%
8/15/2036
AAA
Aaa
G2 Pool # 4447
5.000%
5/20/2039
AAA
Aaa
G2 Pool # 4194
5.500%
7/20/2038
AAA
AAA
G2 Pool # 4195
6.000%
7/20/2038
AAA
Aaa
Gnsf M #552509
6.000%
4/15/2032
AAA
Aaa
F ci #g12205
4.500%
6/1/2021
AAA
Aaa
Fnci N #725445
4.500%
5/1/2019
AAA
Aaa
Fnci M #254371
5.500%
7/1/2017
AAA
Aaa
Fnci N #255888
4.000%
8/1/2020
AAA
Aaa
Fnci N #825335
4.000%
5/1/2020
AAA
Aaa
Fnci N #829053
4.000%
8/1/2020
AAA
Aaa
Gn'o M #781313
6.000%
7/15/2016
AAA
Aaa
Gnsf M #582153
6.000%
6/15/2032
AAA
Aaa
F d N 013455
4.500%
4 1
2019
AAA
Aaa
F ci N # 12323
4.500%
8/1/2021
AAA
Aaa
ICC Capital Management, Inc.
5
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Fixed Income Analysis (Page 3 of 4)
Quarter Ending
March 31, 2010
Government/A enc Bonds
Coupon
Maturity
S&P Rating
Mood 's Rating
Freddie Mac
1.350%
6/29/2012
AAA
AAA
Fannie Mae
3.500%
1/29/2020
AAA
AAA
Fannie Mae
2.000%
1/13/2017
AAA
AAA
Freddie Mac
5.900%
6/15/2022
AAA
AAA
Fannie Mae
5.625%
11/15/2021
AAA
AAA
Fannie Mae
6.000%
4/28/2021
AAA
AAA
Freddie Mac
3.375%
8/18/2014
AAA
AAA
Fhlmc
3.000%
6/25/2013
AAA
AAA
Fannie Mae
3.200%
8/5/2014
AAA
AAA
Freddie Mac
5.000%
12/30/2024
AAA
AAA
Us Treasury
3.375%
11/15/2019
AAA
AAA
Us Treasury
1.375%
3/15/2013
AAA
AAA
Corporate Bonds
Coupon
Maturity
S&P Rating
Mood 's Rating
San Diego Gas & Electric
5.300%
11/15/2015
A+
Aa3
mor an Chase & Co
7.875%
6/1
2010
A
Al
McDonald's Corp
5.800%
10/15/2017
A
A3
At &T Inc
5.625%
6/15/2016
A
A2
At &T Inc
4.950.%
1/15/2013
A
A2
Golden West Finl
4.750%
10/1/2012
AA-
Al
Blackrock Inc
5.000%
12/10/2019
A+
Al
Morgan Stanley
5.500%
1/26/2020
A
A2
Cifigroup Inc
6.010%
1/15/2015
A
A3
Cifigroup Inc
5.300%
10/17/2012
A
A3
Novant Health Inc
5.850%
11/1/2019
A+
Al
Morgan Stanley
5.625%
9/23/2019
A
A2
Pe sico Inc
4.500%
1/15/2020
A-
AA3
McDonald's Corp
5.300%
3/15/2017
A
A3
Baxter International Inc
4.250%
3/15/2020
A+
A3
Goldman Sachs Group Inc
6.000%
5/1/2014
A
Al
National Rural Util Coop
5.500%
7/1/2013
A+
Al
IBM Corp
6.500%
10/15/2013
A+
Al
Pe sico Inc
3.100%
1/15/2015
A-
AA3
Procter & Gamble Co
4.600%
1/15/2014
AA-
AA3
Baker Hughes Inc
6.500%
11/15/2013
A
A2
Honeywell International
3.875%
2/15/2014
A
A2
General Dynamics Corp
5.250%
2/1/2014
A
A2
Johns Hopkins University
5.250%
7/1/2019
AA
AA2
Cisco Systems Inc
4.950%
2/15/2019
A+
Al
Conoco hilli s
6.000%
1/15/2020
A
Al
Hewlett- Packard Co
4.250%
2/24/2012
A
A2
Amgen Inc
5.700%
2/1/2019
A+
A3
Morgan Stanley
6.000%
5/13/2014
A
A2
Coca -Cola Co
3.625%
3/15/2014
A+
AA3
Verizon Communications
5.500%
4/1/2017
A
A3
Chevron Corp
4.950%
3/3/2019
AA
AAl
Cons Edison Co Of Ny
5.850%
4/1/2018
A-
A3
ICC Capital Management, Inc.
I
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Fixed Income Analysis (Page 4 of 4)
Quarter Ending
March 31, 2010
Corporate Bonds
Coupon
Maturity
S&P Rating
Mood 's Ratite
Boeing Co
4.875%
2/15/2020
A
A2
National Rural Util Coop
5.450%
4/10/2017
A+
Al
Goldman Sachs
5.250%
10/15/2013
A
Al
Goldman Sachs
5.125%
1/15/2015
A
Al
Bear Stearns - jp Morgan
5.700%
11/15/2014
A+
AA3
Portfolio Duratiot: vs. Index Duration (Ratio)
1.8%
}
NEUTRAL
1.0%
0.6%
0.2%
DEFENSIVE
INDEX --E- ACCT
AGGRESSIVE
3/31/2008 6/30/2008 9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010
ICC Capital Management, Inc.
ICC Capital Management
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSION FUND
FIXED LNCOME
•
From 12 -31 -09 To 03 -31 -10
Trade
Settle
Unit
•
Date
Date
Quantity Security
Price
Amount
•
PURCHASES
03 -04 -10
03 -09 -10
140,000.000 BAXTER INTERNATIONAL INC
99.61
139,456.80
•
4.250% Due 03 -15 -20
•
02 -22 -10
02 -25 -10
180,000.000 BLACKROCK INC
99.61
179,298.00
5.000% Due 12 -10 -19
01 -08 -10
01 -13 -10
300,000.000 FANNIE MAE
99.75
299,250.00
•
2.000% Due 01 -13 -17
01 -20 -10
01 -29 -10
360,000.000 FANNIE MAE
99.95
359,820.00
•
3.500% Due 01 -29 -20
01 -06 -10
01 -07 -10
300,000.000 FREDDIE MAC
99.97
299,922.00
2.875% Due 02 -09 -15
•
03 -26 -10
03 -30 -10
375,000.000 FREDDIE MAC
99.93
374,737.50
1.350% Due 06 -29 -12
03 -10 -10
03 -18 -10
390,474.564 G2 POOL # 4447
104.81
409,266.15
.
5.000% Due 05 -20 -39
02 -22 -10
03 -18 -10
394,260.132 GN POOL # 782119
107.08
422,166.36
6.000% Due 08 -15 -36
•
01 -21 -10
01 -26 -10
175,000.000 MORGAN STANLEY
99.99
174,986.00
5.500% Due 01 -26 -20
03 -18 -10
03 -23 -10
145,000 PENNSYLVANIA ST
99.32
144,015.45
•
4.650% Due 02 -15 -26
01 -11 -10
01 -14 -10
130,000.000 PEPSICO INC
99.90
129,868.70
3.100% Due 01 -15 -15
•
01 -14 -10
01 -20 -10
150,000.000 PEPSICO INC
100.09
150,142.50
4.500% Due 01 -15 -20
03 -02 -10
03 -05 -10
300,000.000 SAN DIEGO GAS & ELECTRIC
111.89
335,658.00
•
5.300% Due 11 -15 -15
02 -05 -10
02 -09 -10
345,000.000 US TREASURY NB
98.22
338,854.69
•
3.375% Due 11 -15 -19
02 -23 -10
02 -24 -10
140,000.000 US TREASURY NB
97.28
136,193.75
3.375% Due 11 -15 -19
•
03 -05 -10
03 -09 -10
75,000.000 US TREASURY NB
100.09
75,070.31
4.625% Due 02 -1540
03 -10 -10
03 -12 -10
225,000.000 US TREASURY NB
97.19
218,671.88
•
3.375% Due 11-15-19
03 -24 -10
03 -26 -10
275,000.000 US TREASURY NB
99.20
272,808.60
1.375% Due 03 -15 -13
•
01 -25 -10
01 -27 -10
580,000.000 US TREAUSRY NB
100.92
585,346.87
3.250% Due 12 -31 -16
5,045,533.56
8
•
ICC Capital Management
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
•
From 12 -31 -09 To 03 -31 -10
Trade
Settle
Unit
•
Date
Date
Quantity Security
Price
Amount
SALES
•
03 -09 -10
03 -12 -10
145,000.000 BANK OF AMERICA CORP
107.67
156,115.70
6.500% Due 08 -01 -16
03 -18 -10
03 -22 -10
300,000.000 FREDDIE MAC
101.14
303,429.00
•
2.875% Due 02 -09 -15
03 -30 -10
03 -30 -10
375,000.000 FREDDIE MAC
100.00
375,000.00
4.000% Due 09 -30 -16
03 -17 -10
03 -22 -10
100,000.000 GENERAL ELEC CAP CORP
108.10
108,096.00
5.500% Due 06 -04 -14
02 -26 -10
03 -03 -10
110,000 KENTUCKY ST PPTY & BLDGS
106.53
117,184.10
COMMN REVS
6.164% Due 08 -01 -23
•
02 -25 -10
03 -02 -10
125,000.000 KEY BANK NA
104.48
130,596.25
3.200% Due 06 -15 -12
02 -25 -10
03 -02 -10
135,000.000 MORGAN STANLEY
101.95
137,636.55
•
2.000% Due 09 -22 -11
02 -25 -10
03 -02 -10
125,000.000 NEW YORK COMMUNITY BANK
103.58
129,478.75
3.000% Due 12 -16 -11
•
03 -08 -10
03 -11 -10
150,000 PENNSYLVANIA ST TPK COMMN
96.36
144,537.00
OIL FRANCHISE TAX REV
5.848% Due 12 -01 -37
•
02 -25 -10
03 -02 -10
125,000.000 PNC FUNDING CORP
102.45
128,065.00
2.300% Due 06 -22 -12
02 -23 -10
02 -26 -10
125,000 UNIVERSITY OF CALIFORNIA
99.64
124,548.75
•
6.270% Due 05 -15 -31
02 -23 -10
02 -26 -10
85,000 UNIVERSITY OF CALIFORNIA
99.64
84,693.15
6.270% Due 05 -15 -31
•
02 -05 -10
02 -09 -10
345,000.000 US TREASURY NB
99.09
341,873.43
4.500% Due 08 -15 -39
03 -24 -10
03 -26 -10
75,000.000 US TREASURY NB
98.55
73,910.15
•
4.625% Due 02 -15-40
02 -22 -10
02 -23 -10
580,000.000 US TREAUSRY NB
100.25
581,450.00
•
3.250% Due 12 -31 -16
•
2,936,613.83
PRINCIPAL PAYDOWNS
•
01 -01 -10
01 -15 -10
1,924.160 FGCI #G12205
100.00
1,924.16
4.500% Due 06 -01 -21
02 -01 -10
02 -15 -10
1,445.430 FGCI #G 12205
100.00
1,445.43
•
4.500% Due 06 -01 -21
03 -01 -10
03 -15 -10
2,634.330 FGCI #G 12205
100.00
2,634.33
•
4.500% Due 06 -01 -21
01 -01 -10
01 -15 -10
88.870 FGCI N #13 13455
100.00
88.87
4.500% Due 04 -01 -19
•
9
ICC Capital Management
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
From 12 -31 -09 To 03 -31 -10
Trade
Settle
Unit
Date
Date
Quantity Security
Price
Amount
02 -01 -10
02 -15 -10
47.860 FGCI N #13 1345 5
100.00
47.86
4.500% Due 04 -01 -19
03 -01 -10
03 -15 -10
120.330 FGCI N #1313455
100.00
120.33
4.500% Due 04 -01 -19
01 -01 -10
01 -15 -10
134.990 FGCI N #G 12323
100.00
134.99
4.500% Due 08 -01 -21
02 -01 -10
02 -15 -10
111.150 FGCI N #G 12323
100.00
111.15
4.500% Due 08 -01 -21
03 -01 -10
03 -15 -10
144.650 FGCI N 9G 12323
100.00
144.65
4.500% Due 08 -01 -21
01 -01 -10
01 -15 -10
3,310.840 FGLMC #G02268
100.00
3,310.84
6.500% Due 08 -01 -36
01 -01 -10
01 -15 -10
11,297.670 FGLMC #G02268
100.00
11,297.67
6.500% Due 08 -01 -36
02 -01 -10
02 -15 -10
1,658.140 FGLMC #G02268
100.00
1,658.14
6.500% Due 08 -01 -36
02 -01 -10
02 -15 -10
5,658.110 FGLMC #G02268
100.00
5,658.11
6.500% Due 08 -01 -36
03 -01 -10
03 -15 -10
18,507.585 FGLMC #G02268
100.00
18,507.58
6.500% Due 08 -01 -36
03 -01 -10
03 -15 -10
63,153.695 FGLMC #G02268
100.00
63,153.70
6.500% Due 08 -01 -36
01 -01 -10
01 -15 -10
2,214.470 FNCI M #254371
100.00
2,214.47
5.500% Due 07 -01 -17
02 -01 -10
02 -15 -10
928.580 FNCI M #254371
100.00
928.58
5.500% Due 07 -01 -17
03 -01 -10
03 -15 -10
1,549.390 FNCI M #254371
100.00
1,549.39
5.500% Due 07 -01 -17
01 -01 -10
01 -15 -10
319.750 FNCI N #255888
100.00
319.75
4.000% Due 08 -01 -20
02 -01 -10
02 -15 -10
316.030 FNCI N #255888
100.00
316.03
4.000% Due 08 -01 -20
03 -01 -10
03 -15 -10
1,186.460 FNCI N 9255888
100.00
1,186.46
4.000% Due 08 -01 -20
01 -01 -10
01 -15 -10
49.608 FNCI N #725445
100.00
49.61
4.500% Due 05 -01 -19
01 -01 -10
01 -15 -10
1,598.122 FNCI N 9725445
100.00
1,598.12
4.500% Due 05 -01 -19
02 -01 -10
02 -15 -10
42.175 FNCI N 9725445
99.99
42.17
4.500% Due 05 -01 -19
02 -01 -10
02 -15 -10
1,358.655 FNCI N #725445
100.00
1,358.66
4.500% Due 05 -01 -19
03 -01 -10
03 -15 -10
43.484 FNCI N #725445
99.99
43.48
4.500% Due 05 -01 -19
10
ICC Capital Management
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
From 12 -31 -09 To 03 -31 -10
Trade
Settle
Unit
Date
Date
Quantity Security
Price
Amount
03 -01 -10
03 -15 -10
1,400.826 FNCI N #725445
100.00
1,400.83
4.500% Due 05 -01 -19
01 -01 -10
01 -15 -10
357.500 FNCI N #825335
100.00
357.50
4.000% Due 05 -01 -20
02 -01 -10
02 -15 -10
363.380 FNCI N #825335
100.00
363.38
4.000% Due 05 -01 -20
03 -01 -10
03 -15 -10
3,776.140 FNCI N 4825335
100.00
3,776.14
4.000% Due 05 -01 -20
01 -01 -10
01 -15 -10
885.640 FNCI N #829053
100.00
885.64
4.000% Due 08 -01 -20
02 -01 -10
02 -15 -10
508.650 FNCI N #829053
100.00
508.65
4.000% Due 08 -01 -20
03 -01 -10
03 -15 -10
907.050 FNCI N #829053
100.00
907.05
4.000% Due 08 -01 -20
01 -01 -10
01 -15 -10
8,724.010 FNCL # 256394
100.00
8,724.01
6.500% Due 09 -01 -36
02 -01 -10
02 -15 -10
8,435.100 FNCL # 256394
100.00
8,435.10
6.500% Due 09 -01 -36
03 -01 -10
03 -15 -10
7,540.140 FNCL # 256394
100.00
7,540.14
6.500% Due 09 -01 -36
01 -01 -10
01 -01 -10
20,900.760 G2 POOL # 4194
100.00
20,900.76
5.500% Due 07 -20 -38
02 -01 -10
02 -01 -10
6,341.060 G2 POOL # 4194
100.00
6,341.06
5.500% Due 07 -20 -38
03 -01 -10
03 -01 -10
8,370.900 G2 POOL # 4194
100.00
8,370.90
5.500% Due 07 -20 -38
01 -01 -10
01 -01 -10
8,598.920 G2 POOL # 4195
100.00
8,598.92
6.000% Due 07 -20 -38
02 -01 -10
02 -01 -10
3,485.370 G2 POOL # 4195
100.00
3,485.37
6.000% Due 07 -20 -38
03 -01 -10
03 -20 -10
6,501.140 G2 POOL # 4195
100.00
6,501.14
6.000% Due 07 -20 -38
01 -01 -10
01 -15 -10
806.160 GNJO M #781313
100.00
806.16
6.000% Due 07 -15 -16
02 -01 -10
02 -15 -10
374.850 GNJO M #781313
100.00
374.85
6.000% Due 07 -15 -16
03 -01 -10
03 -15 -10
623.960 GNJO M #781313
100.00
623.96
6.000% Due 07 -15 -16
01 -01 -10
01 -15 -10
7,772.830 GNSF 5.5% POOL #714005
100.00
7,772.83
5.500% Due 10 -15 -39
02 -01 -10
02 -15 -10
14,849.320 GNSF 5.5% POOL #714005
100.00
14,849.32
5.500% Due 10 -15 -39
03 -01 -10
03 -15 -10
22,840.390 GNSF 5.5% POOL #714005
100.00
22,840.39
5.500% Due 10 -15 -39
IF
•
ICC Capital Management
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSION FUND
FIXED INCOME
.
From I2 -31 -09 To 03 -31 -10
Trade
Settle
Unit
•
Date
Date
Quantity Security
Price
Amount
01 -01 -10
01 -15 -10
2,581.850 GNSF M #552509
100.00
2,581.85
•
6.000% Due 04 -15 -32
02 -01 -10
02 -15 -10
274.220 GNSF M #552509
100.00
274.22
6.000% Due 04 -15 -32
•
03 -01 -10
03 -15 -10
298.800 GNSF M #552509
100.00
298.80
6.000% Due 04 -15 -32
01 -01 -10
01 -15 -10
74.620 GNSF M #582153
100.00
74.62
•
6.000% Due 06 -15 -32
02 -01 -10
02 -15 -10
62.040 GNSF M #582153
100.00
62.04
•
6.000% Due 06 -15 -32
03 -01 -10
03 -15 -10
69.850 GNSF M #582153
100.00
69.85
6.000% Due 06 -15 -32
257,570.01
•
12
•
•
ICC Capital
Management
•
REALIZED GAINS AND LOSSES
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
•
From 12 -31 -09
Through 03 -31 -10
•
Gain Or Loss
Open
Close
Cost
Date
Date
Quantity Security
Basis Proceeds
Short Term Long Term
•
12 -15 -06
01 -01 -10
3,310.840 FGLMC #G02268
3,379.65
3,310.84
-68.81
•
6.500 %Due 08 -01 -36
01 -08 -07
01 -01 -10
11,297.670 FGLMC #G02268
11,532.46
11,297.67
- 234.79
•
6.500% Due 08 -01 -36
02 -21 -07
01 -01 -10
1,924.160 FGCI #G12205
1,856.51
1,924.16
67.65
•
4.500% Due 06 -01 -21
08 -24-06
01 -01 -10
134.990 FGCI N #G12323
129.42
134.99
5.57
•
4.500% Due 08 -01 -21
09 -08 -04
01 -01 -10
88.870 FGC1 N #13 13455
88.61
88.87
0.26
•
4.500% Due 04 -01 -19
05 -23 -02
01 -01 -10
2,214.470 FNCI M #254371
2,204.78
2,214.47
9.69
•
5.500% Due 07 -01 -17
09 -08 -05
01 -01 -10
319.750 FNCI N #255888
311.16
319.75
8.59
•
4.000% Due 08 -01 -20
01 -08 -07
01 -01 -10
8,724.010 FNCL # 256394
8,898.49
8,724.01
- 174.48
•
6.500% Due 09 -01 -36
•
09 -15 -04
01 -01 -10
49.608 FNCI N #725445
49.65
49.61
-0.04
4.500% Due 05 -01 -19
•
01 -29 -07
01 -01 -10
1,598.122 FNCI N #725445
1,533.70
1,598.12
64.42
4.500% Due 05 -01 -19
•
09 -08 -05
01 -01 -10
357.500 FNCI N #825335
347.89
357.50
9.61
4.000% Due 05 -01 -20
•
08 -23 -05
01 -01 -10
885.640 FNCI N #829053
859.07
885.64
26.57
4.000% Due 08 -01 -20
•
06 -13 -02
01 -01 -10
74.620 GNSF M #582153
74.49
74.62
0.13
6.000% Due 06 -15 -32
•
07 -22 -08
01 -01 -10
8,598.920 G2 POOL # 4195
8,589.50
8,598.92
9.42
6.000% Due 07 -20 -38
•
04 -15 -02
01 -01 -10
2,581.850 GNSF M #552509
2,549.98
2,581.85
31.87
6.000% Due 04 -15 -32
•
07 -02 -02
01 -01 -10
806.160 GNJO M #781313
831.35
806.16
-25.19
6.000% Due 07 -15 -16
•
12 -03 -09
01 -01 -10
7,772.830 GNSF 5.5% POOL #714005
8,251.34
7,772.83
478.51
5.500% Due 10 -15 -39
•
12 -18 -09
01 -01 -10
20,900.760 G2 POOL # 4194
22,180.93
20,900.76
- 1,280.17
•
5.500% Due 07 -20 -38
12 -15 -06
02 -01 -10
1,658.140 FGLMC #G02268
1,692.60
1,658.14
-34.46
•
6.500% Due 08 -01 -36
01 -08 -07
02 -01 -10
5,658.110 FGLMC #G02268
5,775.70
5,658.11
- 117.59
•
6.500% Due 08 -01 -36
02 -21 -07
02 -01 -10
1,445.430 FGCI #G12205
1,394.61
1,445.43
50.82
•
4.500% Due 06 -01 -21
08 -24 -06
02 -01 -10
111.150 FGCI N #G12323
106.57
111.15
4.58
•
4.500% Due 08 -01 -21
09 -08 -04
02 -01 -10
47.860 FGCI N #B 13455
47.72
47.86
0.14
•
4.500% Due 04 -01 -19
05 -23 -02
02 -01 -10
928.580 FNCI M 9254371
924.52
928.58
4.06
•
5.500% Due 07 -01 -17
09 -08 -05
02 -01 -10
316.030 FNCI N #255888
307.54
316.03
8.49
•
4.000% Due 08 -01 -20
01 -08 -07
02 -01 -10
8,435.100 FNCL # 256394
8,603.80
8,435.10
- 168.70
•
6.500% Due 09 -01 -36
09 -15 -04
02 -01 -10
42.175 FNCI N #725445
42.21
42.17
-0.04
•
4.500% Due 05 -01 -19
•
13
•
ICC Capital Management
REALIZED GAINS AND LOSSES
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
From 12 -31 -09 Through 03 -31 -10
14
Gain Or Loss
Open
Close
Cost
Date
Date
Quantity Security
Basis
Proceeds
Short Term
Long Term
01 -29 -07
02 -01 -10
1,358.655 FNCI N #725445
1,303.88
1,358.66
54.78
4.500% Due 05 -01 -19
09 -08 -05
02 -01 -10
363.380 FNCI N #825335
353.61
363.38
9.77
4.000% Due 05 -0 1 -20
08 -23 -05
02 -01 -10
508.650 FNCI N # 82905 3
493.39
508.65
15.26
4.000% Due 08 -01 -20
06 -13 -02
02 -01 -10
62.040 GNSF M #582153
61.93
62.04
0.11
6.000% Due 06 -15 -32
12 -18 -09
02 -01 -10
6,341.060 G2 POOL # 4194
6,729.45
6,341.06
- 388.39
5.500% Due 07 -20 -38
07 -22-08
02 -01 -10
3,485.370 G2 POOL # 4195
3,481.55
3,485.37
3.82
6.000% Due 07 -20 -38
04 -15 -02
02 -01 -10
274.220 GNSF M #552509
270.84
274.22
3.38
6.000% Due 04 -15 -32
07 -02 -02
02 -01 -10
374.850 GNJO M #781313
386.56
374.85
-11.71
6.000% Due 07 -15 -16
12 -03 -09
02 -01 -10
14,849.320 GNSF 5.5% POOL #714005
15,763.48
14,849.32
- 914.16
5.500% Due 10 -15 -39
12 -01 -09
02 -05 -10
345,000.000 US TREASURY NB
360,848.44
341,873.43
- 18,975.01
4.500% Due 08 -15 -39
01 -25 -10
02 -22 -10
580,000.000 US TREAUSRY NB
585,346.87
581,450.00
- 3,896.87
3.250% Due 12 -31 -16
08 -19 -09
02 -23 -10
125,000 UNIVERSITY OF
124,911.25
124,548.75
- 362.50
CALIFORNIA
6.270% Due 05 -15 -31
08 -19 -09
02 -23 -10
85,000 UNIVERSITY OF
85,170.00
84,693.15
476.85
CALIFORNIA
6.270% Due 05 -15 -31
12 -12 -08
02 -25 -10
125,000.000 NEW YORK COMMUNITY
124,936.25
129,478.75
4,542.50
BANK
3.000% Due 12 -16 -11
12 -17 -08
02 -25 -10
125,000.000 PNC FUNDING CORP
124,853.75
128,065.00
3,211.25
2.300% Due 06 -22 -12
12 -10 -08
02 -25 -10
125,000.000 KEY BANK NA
124,881.25
130,596.25
5,715.00
3.200% Due 06 -15 -12
12 -17 -08
02 -25 -10
135,000.000 MORGAN STANLEY
134,879.85
137,636.55
2,756.70
2.000% Due 09 -22 -I1
06 -25 -09
02 -26 -10
110,000 KENTUCKY ST PPTY &
110,000.00
117,184.10
7,184.10
BLDGS COMMN REVS
6.164% Due 08 -01 -23
12 -15 -06
03 -01 -10
18,507.585 FGLMC #G02268
18,892.22
18,507.58
- 384.64
6.500% Due 08 -01 -36
01 -08 -07
03 -01 -10
63,153.695 FGLMC #G02268
64,466.14
63,153.70
- 1,312.44
6.500% Due 08 -01 -36
02 -21 -07
03 -01 -10
2,634.330 FGCI #G12205
2,541.72
2,634.33
92.61
4.500% Due 06 -01 -21
08 -24 -06
03 -01 -10
144.650 FGCI N #G12323
138.68
144.65
5.97
4.500% Due 08 -01 -21
09 -08 -04
03 -01 -10
120.330 FGCI N 413 13455
119.98
120.33
0.35
4.500% Due 04 -01 -19
05 -23 -02
03 -01 -10
1,549.390 FNCI M #254371
1,542.61
1,549.39
6.78
5.500% Due 07 -01 -17
09 -08 -05
03 -01 -10
1,186.460 FNCI N #255888
1,154.57
1,186.46
31.89
4.000% Due 08 -01 -20
14
ICC Capital Management
REALIZED GAINS AND LOSSES
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
From 12 -31 -09 Through 03 -31 -10
Open
Date
Close
Date
Quantity Security
01 -08 -07
03 -01 -10
7,540.140 FNCL # 256394
Basis
6.500% Due 09 -01 -36
09 -15 -04
03 -01 -10
43.484 FNCI N #725445
7,540.14
4.500% Due 05 -01 -19
01 -29 -07
03 -01 -10
1,400.826 FNCI N 4725445
-0.04
1,344.36
4,500% Due 05 -01 -19
09 -08 -05
03 -01 -10
3,776.140 FNCI N #825335
3,776.14
4.000% Due 05 -01 -20
08 -23 -05
03 -01 -10
907.050 FNCI N #829053
27.21
69.73
4.000% Due 08 -01 -20
06 -13 -02
03 -01 -10
69.850 GNSF M #582153
8,370.90
- 512.72
6.000% Due 06 -15 -32
12 -18 -09
03 -01 -10
8,370.900 G2 POOL # 4194
7.12
295.11
5.500% Due 07 -20 -38
07 -22 -08
03 -01 -10
6,501.140 G2 POOL # 4195
623.96
6.000% Due 07 -20 -38
04 -15 -02
03 -01 -10
298.800 GNSF M #552509
146,683.50
6.000% Due 04 -15 -32
07 -02 -02
03 -01 -10
623.960 GNJO M #781313
156,115.70
11,189.65
6.000% Due 07 -15 -16
12 -03 -09
03 -01 -10
22,840.390 GNSF 5.5% POOL 4714005
8,240.00
299,922.00
5.500 %Due 10 -15 -39
10 -16 -09
03 -08 -10
150,000 PENNSYLVANIA ST TPK
73,910.15
- 1,160.16
COMMN OIL FRANCHISE
375,000.00
375,000.00
TAX RE V
5.848% Due 12 -01 -37
07 -23 -09
03 -09 -10
145,000.000 BANK OF AMERICA CORP
6.500% Due 08 -01 -16
05 -30 -07
03 -17 -10
100,000.000 GENERAL ELEC CAP
CORP
5.500% Due 06 -04 -14
01 -06 -10
03 -18 -10
300,000.000 FREDDIE MAC
2.875% Due 02 -09 -15
03 -05 -10
03 -24 -10
75,000.000 US TREASURY NB
4.625% Due 02 -15-40
09 -09 -09
03 -30 -10
375,000.000 FREDDIE MAC
4.000% Due 09 -30 -16
TOTAL GAINS
TOTAL LOSSES
TOTAL REALIZED GAINILOSS 12,367.69
15
21,880.75 25,188.12
- 31,997.95 - 2,703.23
3,181,816.15 3,194,183.84 - 10,117.20 22,484.89
Gain Or Loss
Cost
Basis
Proceeds
Short Term
Long Term
7,690.95
7,540.14
- 150.81
43.52
43.48
-0.04
1,344.36
1,400.83
56.47
3,674.66
3,776.14
101.48
879.84
907.05
27.21
69.73
69.85
0.12
8,883.62
8,370.90
- 512.72
6,494.02
6,501.14
7.12
295.11
298.80
3.69
643.46
623.96
-19.50
24,246.50
22,840.39
- 1,406.11
146,683.50
144,537.00
- 2,146.50
144,926.05
156,115.70
11,189.65
99,856.00
108,096.00
8,240.00
299,922.00
303,429.00
3,507.00
75,070.31
73,910.15
- 1,160.16
375,000.00
375,000.00
0.00
21,880.75 25,188.12
- 31,997.95 - 2,703.23
3,181,816.15 3,194,183.84 - 10,117.20 22,484.89
ICC Capital Management
PORTFOLIO SUMMARY
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOiVIE
March 31, 2010
Pct. Cur. Est.Annual
Security Type Total Cost Market Value Assets Yield Income
Cash & Equivalents
CASH AND
740,819.84
740,819.84
5.2
0.1
1,089.01
EQUIVALENTS
740,819.84
740,819.84
5.2
0.1
1,089.01
Fixed Income
CORPORATE BONDS
5,572,836.05
5,830,592.99
40.7
5.1
295,709.50
MUNICIPAL BONDS
819,015.45
805,024.90
5.6
5.5
44,571.65
GOVERNMENT
966,528.92
958,483.27
6.7
2.9
27,743.75
BONDS
MORTGAGE POOLS
3,421,924.78
3,530,347.23
24.6
5.4
189,353.53
GOVERNMENT
2,256,289.50
2,317,063.65
16.2
3.7
84,945.00
SPONSORED BOND
Accrued Interest
148,271.26
1.0
13,036,594.70
13,589,783.30
94.8
4.8
642,323.43
TOTAL PORTFOLIO
13,777,414.54
14,330,603.14
100.0
4.5
643,412.44
16
ICC Capital Management
•
PORTFOLIO APPRAISAL
•
PALM
BEACH GARDENS
POLICE
PENSION
FUND
FIXED INCOME
.
,March 31, 2010
Unit
Total
Market
Pct.
Cur.
•
Quantity
Security
Cost
Cost Price
Value
Assets
Yield
.
CASH AND EQUIVALENTS
CASH & CASH EQUIVALENTS
740,819.84
740,819.84
5.2
0.1
•
740,819.84
740,819.84
5.2
0.1
•
CORPORATE BONDS
280,000.000
JPMORGAN CHASE &
108.76
304,525.20
101.34
283,741.92
2.0
7.8
•
CO
7.875% Due 06 -15 -10
.
120,000.000
HEWLETT- PACKARD
99.96
119,947.20
105.64
126,766.56
0.9
4.0
CO
•
4.250% Due 02 -24 -12
•
200,000.000
GOLDEN WEST FINL
97.82
195,640.00
105.06
210,113.80
1.5
4.5
4.750% Due 10 -01 -12
165,000.000
CITIGROUP INC
104.77
172,875.45
105.03
173,299.00
1.2
5.0
•
5.300% Due 10 -17 -12
•
200,000.000
AT &T INC
100.30
200,592.00
107.42
214,838.40
1.5
4.6
4.950% Due 01 -15 -13
•
135,000.000
NATIONAL RURAL
99.84
134,789.40
109.50
147,822.43
1.0
5.0
UTIL COOP
•
5.500% Due 07 -01 -13
85,000.000
GOLDMAN SACHS
98.44
83,674.00
107.49
91,368.71
0.6
4.9
•
5.250% Due 10 -15 -13
135,000.000
IBM CORP
99.24
133,971.30
114.79
154,960.02
1.1
5.7
•
6.500% Due 10 -15 -13
125,000.000
BAKER HUGHES INC
99.76
124,702.50
114.34
142,928.62
1.0
5.7
•
6.500% Due 11 -15 -13
125,000.000
PROCTER & GAMBLE
99.98
124,972.50
107.44
134,303.87
0.9
4.3
•
CO
4.600% Due 01 -15 -14
•
125,000.000
GENERAL
99.53
124,410.00
109.87
137,338.87
1.0
4.8
•
DYNAMICS CORP
5.250% Due 02 -01 -14
125,000.000
HONEYWELL
99.56
124,452.50
104.73
130,908.87
0.9
3.7
•
INTERNATIONAL
•
3.875% Due 02 -15 -14
120,000.000
COCA -COLA CO
99.54
119,454.00
104.03
124,833.24
0.9
3.5
•
3.625% Due 03 -15 -14
130,000.000
GOLDMAN SACHS
103.81
134,958.20
109.50
142,347.92
1.0
5.5
•
GROUP INC
6.000% Due 05 -01 -14
.
120,000.000
MORGAN STANLEY
99.65
119,581.20
108.01
129,616.44
0.9
5.6
6.000% Due 05 -13 -14
•
45,000.000
BEAR STEARNS - JP
97.40
43,829.55
108.90
49,005.40
0.3
5.2
MORGAN
•
5.700% Due 11 -15 -14
170,000.000
CITIGROUP INC
101.78
173,031.10
105.06
178,596.56
1.2
5.7
.
6.010% Due 01 -15 -15
•
65,000.000
GOLDMAN SACHS
99.74
64,829.10
105.48
68,563.43
0.5
4.9
5.125% Due 01 -15 -15
130,000.000
PEPSICO INC
99.90
129,868.70
101.06
131,379.69
0.9
3.1
•
3.100% Due 01 -15 -15
•
300,000.000
SAN DIEGO GAS &
111.89
335,658.00
110.00
329,996.40
2.3
4.8
ELECTRIC
•
5.300% Due 11 -15 -15
225,000.000
AT &T INC
101.36
228,071.25
109.63
246,672.00
1.7
5.1
•
5.625% Due 06 -15 -16
•
17
•
•
ICC Capital Management
PORTFOLIO
APPRAISAL
PALM
BEA CH GARDENS POLICE PENSION
FUND
FIXED INCOME
•
March 31, 2010
•
Unit
Total
Market
Pct.
Cur.
Quantity
Security
Cost
Cost
Price
Value
Assets
Yield
•
•
150,000.000
MCDONALD'S CORP
98.90
148,348.50
107.72
161,577.75
1.1
4.9
5.300% Due 03 -15 -17
115,000.000
VERIZON
102.45
117,812.90
106.66
122,657.85
0.9
5.2
COMMUNICATIONS
•
5.500% Due 04 -01 -17
100,000.000
NATIONAL RURAL
99.68
99,680.00
106.38
106,380.50
0.7
5.1
•
UTIL COOP
5.4500/6 Due 04 -10 -17
•
225,000.000
MCDONALD'S CORP
102.47
230,555.25
111.55
250,985.70
1.8
5.2
5.800% Due 10 -15 -17
•
115,000.000
CONS EDISON CO OF
99.96
114,949.40
109.44
125,858.64
0.9
5.3
NY
•
5.850% Due 04 -01 -18
120,000.000
AMGEN INC
99.78
119,732.40
109.56
131,476.80
0.9
5.2
•
5.700% Due 02 -01 -19
125,000.000
CISCO SYSTEMS INC
98.81
123,518.75
103.99
129,991.87
0.9
4.8
•
4.950% Due 02 -15 -19
115,000.000
CHEVRON CORP
99.97
114,964.35
105.67
121,525.67
0.8
4.7
•
4.950% Due 03 -03 -19
125,000.000
JOHNS HOPKINS
98.99
123,741.25
104.61
130,762.50
0.9
5.0
•
UNIVERSITY
•
5.250% Due 07 -01 -19
150,000.000
MORGAN STANLEY
101.00
151,495.50
99.65
149,471.10
1.0
5.6
•
5.625% Due 09 -23 -19
155,000.000
NOVANT HEALTH
99.98
154,975.20
101.90
157,948.10
1.1
5.7
•
INC
5.850% Due 11 -01 -19
•
180,000.000
BLACKROCK INC
99.61
179,298.00
100.10
180,184.68
1.3
5.0
5.000% Due 12 -10 -19
•
120,000.000
CONOCOPHILLIPS
101.29
121,544.40
111.08
133,296.96
0.9
5.4
6.000% Due 01 -15 -20
•
150,000.000
PEPSICO INC
100.09
150,142.50
101.13
151,696.95
1.1
4.4
4.500% Due 01 -15 -20
•
175,000.000
MORGAN STANLEY
99.99
174,986.00
97.81
171,174.32
1.2
5.6
5.500% Due 01 -26 -20
•
115,000.000
BOEING CO
98.96
113,801.70
102.31
117,660.75
0.8
4.8
4.875% Due 02 -15 -20
•
140,000.000
BAXTER
99.61
139,456.80
98.96
138,540.64
1.0
4.3
•
INTERNATIONAL INC
4.250% Due 03 -15 -20
•
Accrued Interest
85,297.87
0.6
5,572,836.05
5,915,890.86
41.3
5.1
•
MUNICIPAL. BONDS
•
140,000
COMMONWEALTH
100.00
140,000.00
102.76
143,871.00
1.0
5.5
FING AUTH PA REV
.
5.653% Due 06 -01 -24
125,000
UTAH ST
100.00
125,000.00
100.12
125,146.25
0.9
4.5
•
4.554% Due 07 -01 -24
145,000
PENNSYLVANIA ST
99.32
144,015.45
98.28
142,513.25
1.0
4.7
S
4.650% Due 02 -15 -26
125,000
METROPOLITAN
100.00
125,000.00
9036
112,946.25
0.8
6.5
•
TRANSPORTATION
•
AUTHORITY
5.871% Due 11 -15 -39
•
18
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
March 31, 2010
Unit Total Market Pct. Cur.
otity Security Cost Cost Price Value Assets Yield
125,000 CHICAGO ILL BRD ED 100.00
6.138% Due 12 -01 -39
160,000 UNIVERSITY N C 100.00
UNIV REVS
5.757% Due 12 -01 -39
Accrued Interest
125,000.00
101.03
126,293.75
0.9
6.1
160,000.00
96.41
154,254.40
1.1
6.0
16,204.16 0.1
819,015.45 821,229.06 5.7 5.5
GOVERNMENT BONDS
275,000.000
US TREASURY NB
99.20
272,808.60
99.41
273,388.54
1.9
1.4
1.375% Due 03 -15 -13
710,000.000
US TREASURY NB
97.71
693,720.32
96.49
685,094.73
4.8
3.5
3.375% Due 11 -15 -19
Accrued Interest
9,166.89
0.1
966,528.92
967,650.16
6.8
2.9
MORTGAGE POOLS
23,406.900
GNJO M #781313
103.12
24,138.37
108.14
25,312.81
0.2
5.5
6.000% Due 07 -15 -16
61,014.030
FNCI M #254371
99.56
60,747.09
107.83
65,788.62
0.5
5.1
5.500% Due 07 -01 -17
4,052.740
FGCI N #13 1345 5
99.71
4,040.79
105.11
4,259.85
0.0
4.3
4.500% Due 04 -01 -19
73,612.210
FNCI N 4725445
96.09
70,735.74
105.13
77,385.50
0.5
4.3
4.500% Due 05 -01 -19
41,872.910
FNCI N #825335
97.31
40,747.57
101.80
42,626.45
0.3
3.9
4.000% Due 05 -01 -20
44,940.670
FNCI N #255888
97.31
43,732.89
101.80
45,749.42
0.3
3.9
4.000% Due 08 -01 -20
36,293.820
FNCI N #829053
97.00
35,205.01
101.80
36,946.96
0.3
3.9
4.000% Due 08 -01 -20
90,635.090
FGCI #G12205
96.48
87,448.70
104.83
95,011.86
0.7
4.3
4.500% Due 06 -01 -21
4,935.762
FGCI N #G12323
95.88
4,732.16
104.83
5,174.11
0.0
4.3
4.500% Due 08 -01 -21
110,959.820
GNSF M #552509
98.77
109,590.16
108.48
120,364.55
0.8
5.5
6.000% Due 04 -15 -32
28,208.950
GNSF M #582153
99.83
28,160.47
108.48
30,599.88
0.2
5.5
6.000% Due 06 -15 -32
465,417.372
FGLMC #G02268
102.08
475,089.66
109.00
507,311.92
3.5
6.0
6.500% Due 08 -01 -36
394,260.132
GN POOL # 782119
107.08
422,166.36
107.12
422,329.48
2.9
5.6
6.000% Due 08 -15 -36
473,373.130
FNCL # 256394
102.00
482,840.76
108.67
514,430.68
3.6
6.0
6.500% Due 09 -01 -36
334,062.710
G2 POOL 4 4194
106.12
354,524.05
105.87
353,671.52
2.5
5.2
5.500% Due 07 -20 -38
135,748.772
G2 POOL # 4195
99.89
135,600.14
107.23
145,564.49
1.0
5.6
6.000% Due 07 -20 -38
390,474.564
G2 POOL # 4447
104.81
409,266.15
103.92
405,799.91
2.8
4.8
5.000% Due 05 -20 -39
596,440.351
GNSF 5.5 %POOL
106.16
633,158.71
105.97
632,019.21
4.4
5.2
#714005
5.500% Due 10 -15 -39
Accrued Interest
14,859.52
0.1
3,421,924.78
3,545,206.75
24.7
5.4
19
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDEN'S POLICE PENSION FUND FIXED INCOME
March 31, 2010
Unit Total Market Pct. Cur.
Quantity Security Cost Cost Price Value Assets Yield
GOVERNMENT SPONSORED BOND
375,000.000
FREDDIE MAC
99.93
374,737.50
99.76
374,111.25
2.6
1.350% Due 06 -29 -12
120,000.000
FHLMC
100.00
120,000.00
100.63
120,751.68
0.8
3.000% Due 06 -25 -13
110,000.000
FANNIE MAE
100.00
110,000.00
100.97
111,065.62
0.8
3.200% Due 08 -05 -14
135,000.000
FREDDIE MAC
100.00
135,000.00
101.02
136,377.94
1.0
3.375% Due 08 -18 -14
300,000.000
FANNIE MAE
99.75
299,250.00
100.06
300,187.50
2.1
2.000% Due 01 -13 -17
360,000.000
FANNIE MAE
99.95
359,820.00
100.81
362,925.00
2.5
3.500% Due 01 -29 -20
200,000.000
FANNIE MAE
99.20
198,394.00
104.94
209,875.00
1.5
6.000% Due 04 -28 -21
265,000.000
FANNIE MAE
99.32
263,198.00
106.37
281,893.75
2.0
5.625% Due I1 -15 -21
300,000.000
FREDDIE MAC
98.63
295,890.00
107.19
321,573.30
2.2
5.900% Due 06 -15 -22
100,000.000
FREDDIE MAC
100.00
100,000.00
98.30
98,302.60
0.7
5.000% Due 12 -30 -24
Accrued Interest
22,742.82
0.2
2,256,289.50
2,339,806.47
16.3
TOTAL PORTFOLIO
13,777,414.54
20
14,330,603.14 100.0
1.4
3.0
3.2
3.3
2.0
3.5
5.7
5.3
5.5
5.1
3.7
4.5
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Investment Review
Quarter Ending
March 31, 2010
• ICC Capital Management, Inc.
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Investment Performance Report
Quarter Ending
March 31, 2010
Total Return Summary
Page......
1
Portfolio Allocation
Page......
2
Investment Performance by Asset Category
Page......
3
Portfolio Sector Diversification
Page......
4
Investment Performance by Sectors
Page......
Portfolio Attributes
Page......
6
Brokers Commission
Page......
7
Purchases & Sales
Page......
8
Realized Gains/ Losses
Page......
10
Portfolio Summary
Page......
11
Portfolio Appraisal
Page......
12
Appendix:
Proxv Votes
ICC Capital Management, Inc.
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Total Return Summary
Quarter Ending
March 31, 2010
Starting Value
Ending Value
Difference
Net Contributions/ (Withdrawals)
Gainl(Loss) from Investments
$5,257,947 $4,957,615 $1,200,000
$5,515,382 $5,515,382 $5,515,382
$257,435 $557,767 $4,315,382
($591) ($101,159) $3,839,942
$258,026 1 $658,926 1 $475,440
TOTAL RETURN 1 4.91% 1 13.44% 1 1.25%
ANNUALIZED RETURN I IF 0.40%
ICC Capital Management, Inc.
1
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Portfolio Allocation at Market
Quarter Ending
March 31, 2010
Asset Allocation:
100/0 (Mkt)
Market Value
as of 12/31/09
CASH /EQUIVS
8.3%
EQUITY
4
91.7%
Market Value
as of 031300
CASH /EQUIVS
6.1%
EQUITY
4
93.9%
Mkt Value
Mkt Value %
Mkt Value
Mkt Value %
as of 12,/31/09
as of 12/31/09
as of 03/31/10
as of 03/31/10
CasK uivs
1 $437,635
8.3%
$335,128
6.1%
Equity
54,820,312
91.7%
$5,180,255
93.9%
Total
$5,257,947
100.0%
$5,515,382
100.0%
ICC Capital Management, Inc.
2
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Investment Performance by Asset Category
Quarter Ending
March 31, 2010
uarter
C■ ACCOUNT ■ INDEX
10.00
8.001
6.00-
5.07 4.65 4.91 4.65
4.00
2.00
0.00
EQUITY TOTAL
Fiscal Year to Date ■ACCOUNT ■INDEX
20.00
14.59
15.00 12.96 13.44 12.96
10.00
5.00
i
0.00
EQUITY TOTAL
Three Years Annualized ■ACCOUNT ■INDEX
4.00-
0.40
0.00'
-0.76 -0.59 -0.59
-4.00
-8.00
EQUITY TOTAL
The red total bar represents the Russell 1000 Groznth Index.
ICC Capital Management, Inc.
3
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Portfolio Sector Diversification
Quarter Ending
March 31, 2010
Security
Top Ten Holding
% of equities
Retum for Quarter
NEWMONT MINING CORP.
4.53%
9.94%
TARGET CORPORATION
4.27%
9.11%
MICROSOFT CORP.
4.18%
-3.49%
APPLE COMPUTER INC.
3.85%
11.52%
MARVELL TECHNOLOGY GROUP
3.82%
-1.59%
SOUTHWEST AIRLINES CO.
3.19%
15.72%
THOMAS & BETTS CORP.
3.11%
9.64%
BRISTOL MYERS SQUIBB COMPANY
3.05%
7.01%
MICRON TECHNOLOGY INC.
3.02%
-1.80%
EXXON MOBILE CORP.
2.97%
-0.33%
Sector
Sector Contribution
% of Portfolio
Return for Quarter
Materials
6.64%
2.03%
Industrials
15.17%
15.56%
Telecommunications
0.99%
-1.85%
Consumer Discretionary
14.22%
6.64%
Consumer Staples
7.27%
6.09%
Energy
4.31%
-4.96%
Financials
5.71%
2.64%
Health Care
15.67%
6.46%
Information Technology
28.08%
3.91%
Utilities
1.93%
-0.28%
ICC Capital Manageitzent, Inc.
4
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Investment Performance by Sectors
• Quarter Ending
• March 31, 2010
• Sector Diversification Relative to the Russell 1000 Growth Index
20.0
• OVERWEIGHT
. 10.0 2.8 4.5 0.4 3.3 0.4 0.5 1.1
0.0
• -0.3
• - 10.0 -4.2
UNDERWEIGHT -8.6
-20.0
f . Pl�o o�sG o G ,Pfd' �°�'�� . Pdl� l 0,
. q'fP� ffdls 1Oj` �0l6
• fd 2-1
0%
dJs ?!mod ffo l�fPfi' A'PS
• o o�
• ICC Capital Management, Inc.
• 5
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Growth Portfolio Attributes
Quarter Ending
March 31, 2010
CAPITALIZATION
ICC r
R1000G r
BETA
1CC r
R1000G
YIELD
1CC
R1000G
ICC r
R1000G
3 YEAR EPS GROWTH
ICC
R1000G
5 YEAR EPS GROWTH
ICC r
R1000G r
ICC Capital Mntragentent, Inc.
3/31/2010
50.1
77.9
3/31/2010
1.02
1.00
313IV201 0
1.00
1.50
31311201
15.8
15.6
3/311201
12.0
9.0
3/3112010
18.0
15.0
12/1112009
48.5
79.4
1Z/11/2009
1.01
1.00
121311200
1.02
1.56
1 3 2009
17.7
16.9
12/311200
7.7
7.5
12/311200
16.9
15.0
9/30/2009
44.1
71.4
9/30/2009
1.01
1.00
9 30 2009
1.08
1.72
9/30/20
20.2
16.8
9130/200
3.3
9.7
9/3012009
14.4
15.8
6
6/30/20
40.5
68.0
6/30/2009
1.01
1.00
0130/200
1.20
1.90
613012009
18.7
16.1
6/30/2009
6.3
13.5
613Q(200
14.3
19.2
MARKET CAPITALIZATION
100.0 77.9 79
n -4 68.0
75.0 50.1 48.5 u,1
50.0 40.s
25.0
0.0
3/31/2010 12/31/2009 9/30/2009 6/30/2009
1 BETA
1.02 1.00 101 1.00 1.01 1.00 1.01 1.00
1.00 -
0.50 -
0.00
3/31/2010 12/31/2009 9/30/2009 6/30/2009
3.0 YIELD
2.0 1 156
1.72 1.90
1.0
0.0
3/31/2010 12/3112009 9/30/2009 6/30/2009
30.0 T
PRICE/EARNINGS
20.0 r
15.8 15.6
17.7 16 .9
20.2 18.7
16.8 16.1
10.0 -
0.0
3/31/2010
12/31/2009
9/30/2009 6/30/2009
20.0 -
3 YR EPS GROWTH
15.0 -
13.5
12.0
10.0 -
9.0
7.7 7.5
9.7
6.3
5.0
0
J3.3
0.0
3/31/2010
12/31/2009
9/30/2009 6/30/2009
30,0
5 YR EPS GROWTH
20.0
18.0
15.0
16.9 15.0
19.2
14.4 15.8 14.3
10.0
0.0
3/31/2010
12/31/2009
9/30/2009 6/30/2009
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Broker Commission Summary Report
Quarter Ending
March 31, 2010
Date
Trans
Ticker
Security
$Amount
Shares
Price
Comm
PerSh
The Griswold Company
2/17/2010
Sell
BRCM
Broadcom Corp
$31,188.90
1000
$31.23
$40.00
$0.04
2/17/2010
Sell
BRCM
Broadcom Corp
$28,070.01
900
$31.23
$36.00
50.04
2/17/2010
Sell
BRCM
Broadcom Corp
$12,475.56
400
S31.23
$16.00
$0.04
2/17/2010
Sell
BRCM
Broadcom Corp
$9,356.67
300
$31.23
$12.00
$0.04
3/2/2010
Sell
CWT
California Water Service Grp
$19,493.45
550
$35.46
$11.00
$0.02
3/2/2010
Sell
CWT
California Water Service Grp
$17,721.33
500
$35.46
$10.00
$0.02
3/2/2010
Sell
CWT
California Water Service Grp
$1,772.13
50
$35.46
$1.00
$0.02
Total: The Griswold Company
$120,078.05
3,700
$126.00
$0.03
Edgetrade 2
1/26/2010
Buy
GS
Goldman Sachs Group Inc.
$15,359.07
100
$153.58
51.00
$0.01
1/26/2010
Buy
NEM
Newmont Mining Corp
$49,183.53
1100
$44.70
S11.00
$0.01
1/28/2010
Buy
XOM
Exxon Mobile Corp.
$25,938.32
400
$64.84
54.00
$0.01
2/11/2010
Buy
PHM
Pulte Corp
$100,436.82
8600
$11.67
$86.00
$0.01
2/11/2010
Sell
VALE
Vale Sa
$8,012.78
300
$26.72
$3.00
$0.01
2/11/2010
Sell
VALE
Vale Sa
$10,683.70
400
$26.72
$4.00
$0.01
2/11/2010
Sell
VALE
Vale Sa
S5,341.85
200
$26.72
$2.00
$0.01
2/11/2010
Sell
AMT
American Tower Corporation
$8,514.41
200
542.58
$2.00
$0.01
2/11/2010
Sell
AMT
American Tower Corporation
$17,028.82
400
542.58
$4.00
$0.01
2/11/2010
Sell
VALE
Vale Sa
$41,399.35
1550
$26.72
$16.00
$0.01
2/11/2010
Sell
VALE
Vale Sa
$8,012.78
300
$26.72
$3.00
$0.01
2/11/2010
Sell
VALE
Vale Sa
$10,683.71
400
$26.72
$4.00
$0.01
2/11/2010
Sell
VALE
Vale Sa
$18,696.48
700
$26.72
$7.00
$0.01
2/11/2010
Sell
AMT
American Tower Corporation
$12,771.62
300
$42.58
$3.00
$0.01
2/12/2010
Buy
GD
General Dynamics Corp
$88,273.64
1300
$67.89
$13.00
$0.01
2/17/2010
Buy
SYK
Stryker Corp
$79,623.60
1500
$53.07
$15.00
$0.01
3/3/2010
Sell
NUE
Nucor Corp
$26,061.33
600
$43.45
S6.00
$0.01
3/3/2010
Buy
ALB
Albemarle Corp
$52,469.69
1300
$40.35
$13.00
$0.01
3/3/2010
Sell
LUV
Southwest Airlines Co.
$21,402.38
1700
$12.60
$17.00
$0.01
3/3/2010
Sell
LUV
Southwest Airlines Co.
$22,661.35
1800
$12.60
$18.00
$0.01
3/3/2010
Buy
TTC
Toro Co
5108,246.96
2400
545.09
$24.00
$0.01
3/3/2010
Sell
NUE
Nucor Corp
S43,435.54
1000
$43.45
$10.00
50.01
3/8/2010
Buy
EXPD
Expeditors Intl Wash Inc
580,550.58
2200
$36.60
$22.00
$0.01
3/8/2010
Sell
CWT
California Water Service Grp
$5,503.13
150
$36.70
$2.00
$0.01
3/8/2010
Sell
CWT
California Water Service Grp
$7,337.51
200
$36.70
$2.00
$0.01
3/8/2010
Sell
CWT
California Water Service Grp
$7,337.51
200
$36.70
$2.00
$0.01
3/8/2010
Sell
CWT
California Water Service Grp
$3,668.75
100
$36.70
$1.00
$0.01
3/8/2010
Sell
CWT
California Water Service Grp
$11,006.26
300
$36.70
$3.00
$0.01
3/8/2010
Sell
CWT
California Water Service Grp
$18,343.76
500
$36.70
$5.00
$0.01
3/24/2010
Sell
BEN
Franklin Res Inc
$55,625.54
500
$111.26
$5.00
$0.01
Total: Edgetrade 2
$%3,610.77
30,700
$307.00
$0.01
ICC Capital Management, Inc.
7
ICC Capital Management
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
From 12 -31 -09 To 03 -31 -10
Trade Settle Unit
Date Date Quantity Security Price Amount
PURCHASES
03 -03 -10
03 -08 -10
1,300.00 ALBEMARLE CORP
40.36
52,469.69
03 -08 -10
03 -11 -10
2,200.00 EXPEDITORS INTL WASH INC
36.61
80,550.58
01 -28 -10
02 -02 -10
400.00 EXXON MOBILE CORP.
64.85
25,938.32
02 -12 -10
02 -18 -10
1,300.00 GENERAL DYNAMICS CORP
67.90
88,273.64
01 -26 -10
01 -29 -10
100.00 GOLDMAN SACHS GROUP INC.
153.59
15,359.07
01 -26 -10
01 -29 -10
1,100.00 NEWMONT MINING CORP
44.71
49,183.53
02 -11 -10
02 -17 -10
8,600.00 PULTE CORP
11.68
100,436.82
02 -17 -10
02 -22 -10
1,500.00 STRYKER CORP
53.08
79,623.60
03 -03 -10
03 -08 -10
2,400.00 TORO CO
45.10
108,246.96
600,082.21
SALES
02 -11 -10
02 -17 -10
400.00 AMERICAN TOWER
42.57
17,028.82
CORPORATION
02 -11 -10
02 -17 -10
300.00 AMERICAN TOWER
42.57
12,771.62
CORPORATION
02 -11 -10
02 -17 -10
200.00 AMERICAN TOWER
42.57
8,514.41
CORPORATION
02 -17 -10
02 -22 -10
1,000.00 BROADCOM CORP
31.19
31,188.90
02 -17 -10
02 -22 -10
900.00 BROADCOM CORP
31.19
28,070.01
02 -17 -10
02 -22 -10
400.00 BROADCOM CORP
31.19
12,475.56
02 -17 -10
02 -22 -10
300.00 BROADCOM CORP
31.19
9,356.67
03 -02 -10
03 -05 -10
550.00 CALIFORNIA WATER SERVICE
35.44
19,493.45
GRP
03 -02 -10
03 -05 -10
500.00 CALIFORNIA WATER SERVICE
35.44
17,721.33
GRP
03 -02 -10
03 -05 -10
50.00 CALIFORNIA WATER SERVICE
35.44
1,772.13
GRP
03 -08 -10
03 -11 -10
150.00 CALIFORNIA WATER SERVICE
36.69
5,503.13
GRP
03 -08 -10
03 -11 -10
200.00 CALIFORNIA WATER SERVICE
36.69
7,337.51
GRP
03 -08 -10
03 -11 -10
200.00 CALIFORNIA WATER SERVICE
36.69
7,337.51
GRP
03 -08 -10
03 -11 -10
100.00 CALIFORNIA WATER SERVICE
36.69
3,668.75
GRP
03 -08 -10
03 -11 -10
300.00 CALIFORNIA WATER SERVICE
36.69
11,006.26
GRP
03 -08 -10
03 -11 -10
500.00 CALIFORNIA WATER SERVICE
36.69
18,343.76
GRP
03 -24 -10
03 -29 -10
500.00 FRANKLIN RES INC
111.25
55,625.54
03 -03 -10
03 -08 -10
1,000.00 NUCOR CORP
43.44
43,435.54
8
ICC Capital Management
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
From 12 -31 -09 To 03 -31 -10
Trade
Settle
Unit
Date
Date
Quantity Security
Price
Amount
03 -03 -10
03 -08 -10
600.00 NUCOR CORP
43.44
26,061.33
03 -03 -10
03 -08 -10
1,700.00 SOUTHWEST AIRLINES CO.
12.59
21,402.38
03 -03 -10
03 -08 -10
1,800.00 SOUTHWEST AIRLINES CO.
12.59
22,661.35
02 -11 -10
02 -17 -10
1,550.00 VALE SA
26.71
41,399.35
02 -11 -10
02 -17 -10
300.00 VALE SA
26.71
8,012.78
02 -11 -10
02 -17 -10
300.00 VALE SA
26.71
8,012.78
02 -11 -10
02 -17 -10
400.00 VALE SA
26.71
10,683.70
02 -11 -10
02 -17 -10
200.00 VALE SA
26.71
5,341.85
02 -11 -10
02 -17 -10
400.00 VALE SA
26.71
10,683.71
02 -11 -10
02 -17 -10
700.00 VALE SA
26.71
18,696.48
483,606.61
9
ICC Capital Management
REALIZED GAINS AND LOSSES
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
From 12 -31 -09 Through 03 -31 -10
TOTAL REALIZED GAINILOSS - 1,335.69
10
Gain Or Loss
Open
Close
Cost
Date
Date
Quantity Security
Basis
Proceeds
Short Term
Long Term
10 -12 -07
02 -11 -10
400.00 AMERICAN TOWER
17,328.00
17,028.82
- 299.18
CORPORATION
10 -30 -07
02 -11 -10
300.00 AMERICAN TOWER
13,713.00
12,771.62
- 941.38
CORPORATION
01 -28 -08
02 -11 -10
200.00 AMERICAN TOWER
7,346.00
8,514.41
1,168.41
CORPORATION
09 -19 -07
02 -11 -10
1,550.00 VALE SA
45,946.19
41,399.35
- 4,546.84
10 -12 -07
02-11-10
300.00 VALE SA
10,626.00
8,012.78
- 2,613.22
10 -30 -07
02 -11 -10
300.00 VALE SA
10,992.00
8,012.78
- 2,979.22
01 -28 -08
02 -11 -10
400.00 VALE SA
11,272.00
10,683.70
- 588.30
04 -22-08
02 -11 -10
200.00 VALE SA
8,056.00
5,341.85
- 2,714.15
08 -13 -08
02 -11 -10
400.00 VALE SA
10,032.00
10,683.71
651.71
04 -07 -09
02 -11 -10
700.00 VALE SA
10,178.00
18,696.48
8,518.48
06 -11 -07
02 -17 -10
1,000.00 BROADCOM CORP
30,870.70
31,188.90
318.20
07 -26 -07
02 -17 -10
900.00 BROADCOM CORP
30,213.00
28,070.01
- 2,142.99
10 -12 -07
02 -17 -10
400.00 BROADCOM CORP
16,044.00
12,475.56
- 3,568.44
10 -24 -07
02 -17 -10
300.00 BROADCOM CORP
10,393.23
9,356.67
- 1,036.56
03 -02 -07
03 -02 -10
550.00 CALIFORNIA WATER
21,259.59
19,493.45
- 1,766.14
SERVICE GRP
07 -26 -07
03 -02 -10
500.00 CALIFORNIA WATER
18,740.00
17,721.33
- 1,018.67
SERVICE GRP
10 -12 -07
03 -02 -10
50.00 CALIFORNIA WATER
2,138.50
1,772.13
- 366.37
SERVICE GRP
08 -13 -08
03 -03 -10
1,000.00 NUCOR CORP
52,638.90
43,435.54
- 9,203.36
10 -23 -08
03 -03 -10
600.00 NUCOR CORP
21,228.84
26,061.33
4,832.49
12 -16 -08
03 -03 -10
1,700.00 SOUTHWEST AIRLINES
13,359.28
21,402.38
8,043.10
CO.
01 -28 -09
03 -03 -10
1,800.00 SOUTHWEST AIRLINES
13,836.96
22,661.35
8,824.39
CO.
10 -12 -07
03 -08 -10
150.00 CALIFORNIA WATER
6,415.50
5,503.13
- 912.37
SERVICE GRP
10 -30 -07
03 -08 -10
200.00 CALIFORNIA WATER
8,770.00
7,337.51
- 1,432.49
SERVICE GRP
01 -28 -08
03 -08 -10
200.00 CALIFORNIA WATER
7,054.00
7,337.51
283.51
SERVICE GRP
04 -22 -08
03 -08 -10
100.00 CALIFORNIA WATER
4,007.00
3,668.75
- 338.25
SERVICE GRP
08 -13 -08
03 -08 -10
300.00 CALIFORNIA WATER
11,537.01
11,006.26
- 530.75
SERVICE GRP
04 -07 -09
03 -08 -10
500.00 CALIFORNIA WATER
19,766.00
18,343.76
- 1,422.24
SERVICE GRP
09 -22 -09
03 -24 -10
500.00 FRANKLIN RES INC
51,180.60
55,625.54
4,444.94
TOTAL GAINS
12,963.42
24,121.81
TOTAL LOSSES
- 1,422.24
- 36,998.68
484,942.30
483,606.61
11,541.18
- 12,876.87
TOTAL REALIZED GAINILOSS - 1,335.69
10
ICC Capital Management
PORTFOLIO SUMMARY
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
March 31, 2010
Security Type
Cash & Equivalents
CASH AND
EQUIVALENTS
Equities
COMMON STOCK
MATERIALS
INDUSTRIALS
TELECOMMUNICATIONS
CONSUMER
DISCRETIONARY
CONSUMER
STAPLES
ENERGY
FINANCIALS
HEALTH CARE
INFORMATION
TECHNOLOGY
UTILITIES _
COMMON STOCK
Pct. Cur.
Total Cost Market Value Assets Yield
335,127.51 335,127.51 6.1
335,127.51 335,127.51 6.1
289,492.02
344,153.00
6.2
667,256.28
785,757.00
14.2
44,907.00
51,132.00
0.9
719,431.84
736,817.00
13.4
390,096.62
376,922.00
6.8
268,863.14
223,420.00
4.1
303,731.75
295,891.00
5.4
687,919.61
811,664.00
14.7
1,117,624.05
1,454,625.50
26.4
82,769.25
99,873.00
1.8
4,572,091.56
5,180,254.50
93.9
4,572,091.56 5,180,254.50 93.9
0.1
0.1
1.0
0.8
0.0
1.0
1.4
1.7
1.2
1.4
0.3
3.2
MKW
0.9
TOTAL PORTFOLIO 4,907,219.07 5,515,382.01 100.0 0.9
Est.Annual
Income
488.56
488.56
3,520.00
6,037.00
0.00
7,364.00
5,345.00
3,864.00
3,552.00
11,494.00
3,848.00
3,240.00
48,264.00
48,264.00
48,752.56
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
March 31, 2010
Unit Total Market Pct Cur.
Quantity Security Cost Cost Price Value Assets Yield
CASH AND EQUIVALENTS
CASH & CASH EQUIVALENTS 332,356.51 332,356.51 6.0 0.1
DIV CASH ACCRUAL ACCT 2,771.00 2,771.00 0.1 0.0
335,127.51 335,127.51 6.1 0.1
COMMON STOCK
MATERIALS
1,300.00
ALBEMARLE CORP
40.36
52,469.69
42.63
55,419.00
1.0
?
4,600.00
NEWMONT MINING
41.64
191,535.35
50.93
234,278.00
4.2
0.8
CORP
1,200.00
NUCOR CORP
37.91
45,486.98
45.38
54,456.00
1.0
3.1
289,492.02
344,153.00
6.2
1.0
INDUSTRIALS
2,200.00
EXPEDITORS INTL
36.61
80,550.58
36.92
81,224.00
1.5
?
WASH INC
1,300.00
GENERAL
67.90
88,273.64
77.20
100,360.00
1.8
1.9
DYNAMICS CORP
4,900.00
GENERAL ELECTRIC
22.40
109,778.48
18.20
89,180.00
1.6
2.2
CO.
12,500.00
SOUTHWEST
7.84
98,061.25
13.22
165,250.00
3.0
0.1
AIRLINES CO.
4,100.00
THOMAS & BETTS
25.86
106,028.98
39.24
160,884.00
2.9
0.0
CORP
2,400.00
TORO CO
45.10
108,246.96
49.17
118,008.00
2.1
?
1,100.00
UNITED PARCEL SVC
69.38
76,316.39
64.41
70,851.00
1.3
2.8
INC
667,256.28
785,757.00
14.2
0.8
TELECOMMUNICATIONS
1,200.00
AMERICAN TOWER
37.42
44,907.00
42.61
51,132.00
0.9
0.0
CORPORATION
44,907.00
51,132.00
0.9
0.0
CONSUMER DISCRETIONARY
2,900.00
AVON PRODUCTS
34.37
99,669.52
33.87
98,223.00
1.8
2.5
INC.
2,200.00
DEVRY, INC.
46.91
103,201.30
65.20
143,440.00
2.6
0.2
1,600.00
GAMESTOP CORP -CL
42.68
68,287.26
21.91
35,056.00
0.6
0.0
A
2,600.00
KOHLS CORP
45.28
117,720.92
54.78
142,428.00
2.6
0.0
8,600.00
PULTE CORP
11.68
100,436.82
11.25
96,750.00
1.8
1.8
4,200.00
TARGET
54.79
230,116.02
52.60
220,920.00
4.0
1.3
CORPORATION
719,431.84
736,817.00
13.4
1.0
CONSUMER STAPLES
1,700.00
ARCHER DANIELS
37.31
63,425.00
28.90
49,130.00
0.9
1.9
MIDLAND CO
2,600.00
CVS CAREMARK
34.61
89,974.00
36.56
95,056.00
1.7
0.8
CORP
1,600.00
ENERGIZER
66.11
105,783.84
62.76
100,416.00
1.8
?
HOLDINGS INC
12
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
March 31, 2010
Unit Total Market
Quantity Security Cost Cost Price Value
2,000.00 PEPSICO INC.
65.46 130,913.78
390,096.62
66.16 132,320.00
Pct. Cur.
Assets Yield
2.4 2.7
6.8 1.4
ENERGY
APPLE COMPUTER
136.08
115,664.10
235.00
199,750.00
3.6
0.0
2,300.00
EXXON MOBILE
71.49
164,426.44
66.98
154,054.00
2.8
2.5
3,300.00
CORP.
26.68
88,029.30
33.20
109,560.00
2.0
0.0
3,300.00
SUPERIOR ENERGY
31.65
104,436.70
21.02
69,366.00
1.3
0.0
800.00
SERVICES INC
66.43
53,140.90
97.34
77,872.00
1.4
0.0
2,700.00
HEWITT
29.16
268,863.14
39.78
223,420.00
4.1
1.7
FINANCIALS
ASSOCIATES INC-CL
1,700.00
FEDERATED
21.19
36,025.96
26.38
44,846.00
0.8
3.6
10,900.00
INVESTORS INC -CL B
12.46
135,842.71
12.52
136,468.00
2.5
0.0
500.00
FRANKLIN RES INC
102.36
51,180.60
110.90
55,450.00
1.0
0.8
700.00
GOLDMAN SACHS
149.55
104,684.31
170.63
119,441.00
2.2
0.8
GROUP INC.
2,600.00
MORGAN STANLEY
43.02
111,840.88
29.29
76,154.00
1.4
0.7
TECHNOLOGY INC
303,731.75
295,891.00
5.4
1.2
HEALTH CARE
MICROSOFT CORP.
29.49
218,234.26
29.29
216,727.50
3.9
1.8
1,500.00
ABBOTT LAB COM
52.35
78,521.00
52.68
79,020.00
1.4
3.0
1,100.00
BECTON DICKINSON
64.29
70,720.77
78.73
86,603.00
1.6
1.7
& CO
1,700.00
BIOGEN INC
60.96
103,625.97
57.39
97,563.00
1.8
0.0
5,900.00
BRISTOL MYERS
22.86
134,869.48
26.70
157,530.00
2.9
4.6
SQUIBB COMPANY
1,200.00
CERNER CORP
49.24
59,088.16
84.93
101,916.00
1.8
0.0
2,900.00
CIGNA CORP
18.24
52,895.86
36.58
106,082.00
1.9
0.1
1,500.00
STRYKER CORP
53.08
79,623.60
57.22
85,830.00
1.6
0.2
30,350.00
SUPERGEN INC
3.58
108,574.77
3.20
97,120.00
1.8
0.0
687,919.61
811,664.00
14.7
1.4
INFORMATION TECHNOLOGY
850.00
APPLE COMPUTER
136.08
115,664.10
235.00
199,750.00
3.6
0.0
INC
3,300.00
BROADCOM CORP
26.68
88,029.30
33.20
109,560.00
2.0
0.0
3,800.00
EMC CORP
15.32
58,202.97
18.04
68,552.00
1.2
0.0
800.00
EQUINIX INC
66.43
53,140.90
97.34
77,872.00
1.4
0.0
2,700.00
HEWITT
29.16
78,743.63
39.78
107,406.00
1.9
0.0
ASSOCIATES INC-CL
A
10,900.00
JDS UNIPHASE CORP
12.46
135,842.71
12.52
136,468.00
2.5
0.0
9,700.00
MARVELL
11.53
111,850.07
20.42
198,074.00
3.6
0.0
TECHNOLOGY
GROUP
15,100.00
MICRON
5.76
87,008.20
10.37
156,587.00
2.8
0.0
TECHNOLOGY INC
7,400.00
MICROSOFT CORP.
29.49
218,234.26
29.29
216,727.50
3.9
1.8
3,350.00
NETAPP INC
26.27
88,003.07
32.54
109,009.00
2.0
0.0
1,400.00
VMWARE INC -CLASS
59.22
82,904.84
53.30
74,620.00
1.4
0.0
A
1,117,624.05
1,454,625.50
26.4
0.3
13
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
March 31, 2010
Unit Total Market
Quantity Security Cost Cost Price Value
UT1Ln`IES
8,100.00 NV ENERGY INC 10.22 82,769.25
82.769.25
COMMON STOCK Total
TOTAL PORTFOLIO
4,907,219.07
14
Pct. Cur.
Assets Yield
12.33 99,873.00
1.8 3.2
99,873.00
1.8 3.2
5,180,254.50
93.9 0.9
5,515,382.01
100.0 0.9
OVote Summary Report
0 Date Range: 01/01/2010 to 03/31/2010
= ICC Capital
Institutional Account(s): Palm Beach Gardens Police Fund
ale S.A.
Meeting Country Primary Meeting Record Shares Shares
I
Date Security ID Type Date Voted Available
Ticker: N/A
22-3an -10 Brazil P2605DI09 Special 29- Dec -09 3850 3850
Proponent
Mgmt Rec
•
CUSIP: P2605D109 ISIN: BRVALEACNPA3
SEDOL: 22S111J
•
Proponent
Mgmt Rec
• 1.1
Elect Director R. David Hoover
Proponent
Mgmt Rec
•
• 1.2
• 1.3
Elect Director John E. lCein
For
Meeting for ADR Holders
Mgmt
Elect Director John R. Roberts
•
Ratify Auditors
Elect Director Stacey J. Mobley
For
1
Ratify Nomination of Alternate Member of Board of Directors
Mgmt
Mgmt
2
Approve Agreement to Absorb Mineracao Estrela de Apolo and
Mgmt
For
•
Mineracao Vale Corumba
—
• 3
Appoint Domingues a Pinho Contadores to Appraise Proposed
Mgmt
For
Merger
4
Approve Appraisal of Proposed Merger
Mgmt
For
•
5
Approve Absorption of Mineracao Estrela de Apolo and
Mgmt
For
•
Mineracao Vale Corumba
Vote
Instruction
Fjr
For
For
For
For
H nergizer Holdings, Inc. Meeting Country Primary Meeting Record Shares Shares
Date Security ID Type Date Voted Available
4Ticker: ENR 25- 3an -10 USA 29266RI08 Annual 20- Nov -09 1600 1600
1
ISIN: US29266R1086 SEDOL: 2569297
Proponent Mgmt Rec
Mgmt For
Mgmt For
Mgmt For
Mgmt
Mgmt
For
For
Vote
Instruction
Withhold
For
For
For
Against
Ah
p-lewitt Associates, Inc. Meeting Country Primary Meeting Record Shares Shares
Date Security ID Type Date Voted Available
Ticker: HEW 27- Jan -10 USA 42822Q100 Annual 02- Dec -09 2700 2700
• CUSIP: 42822Q100 ISIN: US42822QI004 SEDOL: 2876351
CUSIP: 29266R108
•
•
Proponent
Mgmt Rec
• 1.1
Elect Director R. David Hoover
• 1.2
Elect Director John C. Hunter
For
• 1.2
• 1.3
Elect Director John E. lCein
For
• 1.3
• 1.4
Elect Director John R. Roberts
• 2
Ratify Auditors
ISIN: US29266R1086 SEDOL: 2569297
Proponent Mgmt Rec
Mgmt For
Mgmt For
Mgmt For
Mgmt
Mgmt
For
For
Vote
Instruction
Withhold
For
For
For
Against
Ah
p-lewitt Associates, Inc. Meeting Country Primary Meeting Record Shares Shares
Date Security ID Type Date Voted Available
Ticker: HEW 27- Jan -10 USA 42822Q100 Annual 02- Dec -09 2700 2700
• CUSIP: 42822Q100 ISIN: US42822QI004 SEDOL: 2876351
Vote
Instruction
For
For
For
For
Against
•
Proponent
Mgmt Rec
01.1
Elect Director Judson C. Green
Mgmt
For
• 1.2
Elect Director Michael E. Greenlees
Mgmt
For
• 1.3
Elect Director Steven P. Stanbrook
Mgmt
For
• 1.4
Elect Director Stacey J. Mobley
Mgmt
For
.2
Ratify Auditors
Mgmt
For
Vote
Instruction
For
For
For
For
Against
9vote Summary Report
Date Range: 01/01/2010 to 03/31/2010
• ICC Capital
nstitutional Account(s): Palm Beach Gardens Police Fund
ecton, Dickinson and Company Meeting Country Primary Meeting Record Shares Shares
Date Security ID Type Date Voted Available
02- Feb -10 USA 075887109 Annual 11- Dec -09 1100 1100
. Ticker: BDX
•
CUSIP: 075887109 ISIN: US0758871091
SEDOL: 2087807
For
Against
•
Approve Executive Incentive Bonus Plan
Mgmt
For
Vote
1&6
Require a Majority Vote for the Election of Directors
Proponent
Mgmt Rec
Instruction
1.1
Elect Director Henry P. Becton, Jr.
Mgmt
For
Withhold
•
Mgmt
For
Withhold
1.2
Elect Director Edward F. Degraan
Mgmt
For
Withhold
1.3
Elect Director Claire M. Fraser- liggett
Mgmt
For
Withhold
1.4
Elect Director Edward J. Ludwig
Mgmt
For
Withhold
1.5
Elect Director Adel A.F. Mahmoud
Mgmt
For
Withhold
_ 1.6
Elect Director James F. Orr
Mgmt
For
Withhold
s 1.7 Elect Director Willard J. Overlock, Jr. Mgmt For Withhold
1.8 Elect Director Bertram L. Scott Mgmt For Withhold
2 Ratify Auditors Mgmt For Against
3 Company - Specific— Approval Of A By -law Amendment Regarding Mgmt For For
Special Shareholdermeetings
• 4
Amend Omnibus Stock Plan
Mgmt
For
Against
• 5
Approve Executive Incentive Bonus Plan
Mgmt
For
Against
1&6
Require a Majority Vote for the Election of Directors
SH
Against
For
• 7
Provide for Cumulative Voting
SH
Against
For
pple Inc.
•Ticker: AAPL
I
Meeting Country
Date
25- Feb -10 USA
Primary
Security ID
037833100
Meeting
Type
Annual
Record Shares Shares
Date Voted Available
28- Dec -09 850 850
CUSIP: 037833100
ISIN: US0378331005
SEDOL: 2046251
Vote
•
Proponent
Mgmt Rec
Instruction
1.1 Elect Director William V. Campbell
Mgmt
For
Withhold
1.2 Elect Director Millard S. Drexler
Mgmt
For
Withhold
• 1.3 Elect Director Albert A. Gore, Jr.
Mgmt
For
For
gQ 1.4 Elect Director Steven P. Jobs
Mgmt
For
Withhold
0 1.5 Elect Director Andrea Jung Mgmt For For
gft 1.6 Elect Director Arthur D. Levinson Mgmt For For
M1.7 Elect Director Jerome B. York Mgmt For Withhold
• 2 Amend Omnibus Stock Plan Mgmt For Against
• 3 Amend Non - Employee Director Omnibus Stock Plan Mgmt For For
• 4 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For For
MW 5 Ratify Auditors Mgmt For For
'qw 6 Prepare Sustainability Report SH Against For
Note Summary Report
*Date Range: 01 /01/2010 to 03/31/2010
• ICC Capital
•nstitutional Account(s): Palm Beach Gardens Police Fund
07 Establish Other Board Committee SH Agairs: For
0
franklin Resources, Inc. Meeting Country Primary Meeting Record Shares Shares
Date Security ID Type Date Voted Available
16- Mar -10 USA 354613101 Annual 19- Jan -10 1000 1000
Ticker: BEN
i^ CT �,.i�i� n, TCTN• IIC'I Cd�721(11 f1 CFr1lll 7"2 C(1FRd
•
•
P- oponent
Mgmt Rec
Vote
Instruction
01.1
Elect Director Samuel H. Armacost
Mgmt
For
For
01.2
Elect Director Charles Crocker
Mgmt
For
For
01.3
Elect Director Joseph R. Hardiman
Mgmt
For
For
01.4
Elect Director Robert D. Joffe
Mgmt
For
For
01.5
Elect Director Charles B. Johnson
Mgmt
For
Against
• 1.6
Elect Director Gregory E. Johnson
Mgmt
For
Against
01.7
Elect Director Rupert H. Johnson, Jr.
Mgmt
For
Against
01.8 Elect Director Thomas H. Kean Mgmt For For
01.9 Elect Director Chutta Ratnathicam Mgmt For For
01.10 Elect Director Peter M. Sacerdote Mgmt For Against
01.11 Elect Director Laura Stein Mgmt For For
01.12 Elect Director Anne M. Tatlock Mgmt For Against
02 Ratify Auditors Mgmt For Against
03 Amend Omnibus Stock Plan Mgmt For For
0
0
0
0
0
0
0
0
0
*vote Summary Report
*Date Range: 01/01/2010 to 03/31/2010
0 ICC Capital
institutional Account(s): Palm Beach Gardens Police Fund
0
0
0
0
0
0
0
0
GDC Gabriel Roeder Smith & Company
OConsultants & Actuaries
CITY OF PALM BEACH GARDENS POLICE OFFICERS' PENSION FUND
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2009
ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2011
Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone
GRS Consulrants & Aituaricti Suite 505 954.525.0083 fax
Ft. Lauderdale, FL 33301 -1827 www.gahrielroedenconi
April 28, 2010
Board of Trustees
City of Palm Beach Gardens
Police Officers Pension Fund
Palm Beach Gardens, Florida
Dear Board Members:
We are pleased to present our October 1, 2009 Actuarial Valuation Report for the Plan. The purpose of the
Report is to set forth required contribution levels, to disclose plan assets and actuarial liabilities, to comment
on funding progress and to provide supporting information regarding the operation of the Plan. This Report
is also designed to comply with requirements of the State.
The valuation was performed on the basis of employee, retiree and financial information supplied by the
Resource Centers, LLC. Although we did not audit this information, it was reviewed for reasonableness and
comparability to prior years.
The benefits valued are outlined at the end of the Report. Actuarial assumptions and the actuarial cost
method are also described herein. Any changes in benefits, assumptions or methods are described in the
first section.
This actuarial valuation and/or cost determination was prepared and completed by me or under my direct
supervision, and I acknowledge responsibility for the results. To the best of my knowledge, the results are
complete and accurate. In my opinion, the techniques and assumptions used are reasonable, meet the
requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted
actuarial principles and practices. There is no benefit or expense to be provided by the plan and/or paid
from the plan's assets for which liabilities or current costs have not been established or otherwise taken into
account in the valuation. All known events or trends which may require a material increase in plan costs or
required contribution rates have been taken into account in the valuation.
As indicated below, the undersigned are Members of the American Academy of Actuaries (MAAA) and
meet the Qualification Standards of the Academy of Actuaries to render the actuarial opinion herein.
We will be pleased to answer any questions pertaining to the valuation and to meet with you to review this
Report.
Respectfully submitted,
GABRIEL, ROEDER, SMITH AND COMPANY
By By
J,AtephegPalmquist, ASA, kAAAA, FCA Melissa R. Algayer, M CA
Enrolled Actuary No. 08 -1560 Enrolled Actuary No. 08 -6467
TABLE OF CONTENTS
Section
Title
Page
A
Discussion of Valuation Results
1. Discussion of Valuation Results
1
2. Chapter Revenue
4
B
Valuation Results
1. Participant Data
5
2. Annual Required Contribution
6
3. Actuarial Value of Benefits and Assets
7
4. Calculation of Employer Normal Cost
8
5. Liquidation of Unfunded Actuarial Accrued
Liability
9
6. Actuarial Gains and Losses
11
7. Recent History of Required and Actual
Contributions
16
8. Actuarial Assumptions and Cost Method
17
9. Glossary of Terms
21
C
Pension Fund Information
1. Statement of Plan Assets at Market Value
24
2. Reconciliation of Plan Assets
25
3. Reconciliation of DROP Accounts
26
4. Calculation of Actuarial Value of Assets
27
5. Investment Rate of Return
28
D
Financial Accounting Information
1. FASB No. 35
29
2. GASB No. 25
30
3. GASB No. 27
32
E
Miscellaneous Information
1. Reconciliation of Membership Data
34
2. Active Participant Distribution
35
3. Inactive Participant Distribution
36
F
Summary of Plan Provisions
37
(-,U C
SECTION A
DISCUSSION OF VALUATION RESULTS
I-Nn r
DISCUSSION OF VALUATION RESULTS
Comparison of Required Employer Contributions
A comparison of the required employer contribution developed in this year's actuarial valuation and
the previous valuation is as follows.
The required employer contribution has been adjusted for interest on the basis that contributions are
made in equal payments at the end of each quarter.
The contribution has also been computed under the assumption that the amount to be received from
the State on behalf of police officers in 2011 will be the same as the base amount of $412,644. If the actual
payment from the State falls below this amount, then the City must increase its contribution by the
difference.
Actual employer and allowable State contributions during the year ending September 30, 2009 were
$3,349,679 and $412,644, respectively, for a total of $3,762,323. The annual required contribution was
$3,762,323.
C—ID C
For FYE 9/30/2011
For FYE 9/30/2010
Based on
Based on
10/1/2009
10/1/2008
Increase
Valuation
Valuation
(Decrease)
Required Employer /State Contribution
$ 4,298,216
$ 4,368,612
$ (70,396)
As % of Covered Payroll
44.06 %
42.27 %
1.79 %
Allowable Credit for State Contribution
$ 412,644
$ 412,644
$ 0
As % of Covered Payroll
4.23 %
3.99 %
0.24 %
Required Employer Contribution
$ 3,885,572
$ 3,955,968
$ (70,396)
As % of Covered Payroll
39.83 %
38.28 %
1.55 %
The required employer contribution has been adjusted for interest on the basis that contributions are
made in equal payments at the end of each quarter.
The contribution has also been computed under the assumption that the amount to be received from
the State on behalf of police officers in 2011 will be the same as the base amount of $412,644. If the actual
payment from the State falls below this amount, then the City must increase its contribution by the
difference.
Actual employer and allowable State contributions during the year ending September 30, 2009 were
$3,349,679 and $412,644, respectively, for a total of $3,762,323. The annual required contribution was
$3,762,323.
C—ID C
2
Revisions in Benefits
There have been no changes in benefits since the prior valuation.
Revisions in Actuarial Assumptions or Methods
There have been no changes in assumptions or methods since the prior valuation.
Actuarial Experience
There was a net actuarial gain of $137,951 for the year which means that actual experience was
more favorable than expected. The gain is primarily due to lower than expected salary increases. The gain
was partially offset by recognized investment return below the assumed rate of 7.5 %. The investment
return was 6.7% based on market value of assets and 4.4% based on actuarial value of assets. The net
actuarial gain has decreased the required employer contribution by 0.13% of covered payroll.
Funded Ratio
This year's funded ratio is 56.2% compared to 53.4% last year. The ratio is equal to the actuarial
value of assets divided by the actuarial accrued (past service) liability.
Analysis of Chance in Employer Contribution
The components of change in the employer contribution rate are as follows:
Contribution rate last year
Payment on unfunded liability
Experience (gain) /loss
Change in Normal Cost Rate
Change in administrative expense
Change in State revenue
Contribution rate this year
Variability of Future Contribution Rates
38.28 %
1.93
(0.13)
(0.25)
0.24
(0.24)
39.83
The Actuarial Cost Method used to determine the contribution rate is intended to produce
contribution rates which are generally level as a percent of payroll. Even so, when experience differs
from the assumptions, as it often does, the employer's contribution rate can vary significantly from year-
to -year.
GM
3
Over time, if the year -to -year gains and losses offset each other, the contribution rate would be
expected to return to the current level, but this does not always happen.
The Actuarial Value of Assets exceeds the Market Value of Assets by $4,317,198 as of the
valuation date (see Section Q. This difference will be gradually recognized in the absence of offsetting
gains. In turn, the computed employer contribution rate will increase by approximately 3.8% of covered
payroll.
Another potential area of variability has to do with the annual payment on the unfunded accrued
liability (UAL). This payment is computed as a level percent of covered payroll under the assumption
that covered payroll will rise by 5% per year. According to the Florida Administrative Code, this payroll
growth assumption may not exceed the average growth over the last ten years which was 7.0 %. If the
ten -year average falls below 5% next year, the amortization payments will increase. For example, if the
payroll growth assumption is lowered to 0 %, the UAL payment will increase from $1,592,830 next year
to $2,477,266.
Relationship to Market Value
If Market Value had been the basis for the valuation, the City contribution rate would have been
43.63% and the funded ratio would have been 49.6 %. In the absence of other gains and losses, the City
contribution rate should increase to that level over the next several years.
The remainder of this Report includes detailed actuarial valuation results, financial information,
miscellaneous information and statistics, and a summary of plan provisions.
r`_D C
4
CHAPTER REVENUE
Increments in Chapter revenue over that received in 1998 must first be used to fund the cost of
compliance with minimum benefits. Once minimums are met, any subsequent additional Chapter
revenue must be used to provide extra benefits.
As of the valuation date, there are no minimum benefit requirements outstanding.
Actuarial Confirmation of the Use of State Chapter Money
1. Base Amount Previous Plan Year
$ 412,644
2. Amount Received for Previous Plan Year
446,982
3. Benefit Improvements Made in Previous Plan Year
0
4. Excess Funds for Previous Plan Year: (2) - (1) - (3)
34,338
5. Accumulated Excess at Beginning of Previous Year
424,993
6. Prior Excess Used in Previous Plan Year
0
7. Accumulated Excess as of Valuation Date
(Available for Benefit Improvements): (4) + (5) - (6)
459,331
8. Base Amount This Plan Year: (1) + (3)
412,644
The Accumulated Excess shown in line 7 is being held in reserve to pay for additional benefits.
The reserve is subtracted from Plan assets (see Section C of this Report). The Base Amount in line 8 is the
maximum amount the employer may take as a credit against its required contribution; however, in no event
may the employer take credit for more than the actual amount of Chapter revenue received.
C:R
SECTION B
VALUATION RESULTS
rte%
* Does not include deferred supplemental benefits for DROP members
CRC
5
PARTICIPANT DATA
October 1, 2009
October 1, 2008
ACTIVE MEMBERS
Number
104
106
Covered Annual Payroll
$
9,290,829
$
9,842,874
Average Annual Payroll
$
89,335
$
92,857
Average Age
40.7
40.8
Average Past Service
11.5
11.5
Average Age at Hire
29.2
29.3
RETIREES, BENEFICIARIES & DROP*
Number
25
18
Annual Benefits
$
1,390,093
$
850,750
Average Annual Benefit
$
55,604
$
47,264
Average Age
56.3
56.7
DISABILITY RETIREES
Number
10
12
Annual Benefits
$
272,822
$
335,641
Average Annual Benefit
$
27,282
$
27,970
Average Age
53.2
53.9
TERMINATED VESTED MEMBERS
Number
0
0
Annual Benefits
$
0
$
0
Average Annual Benefit
$
0
$
0
Average Age
0.0
0.0
* Does not include deferred supplemental benefits for DROP members
CRC
5
ANNUAL REQUIRED CONTRIBUTION (ARC)
A. Valuation Date
October 1, 2009
October 1, 2008
B. ARC to Be Paid During
Fiscal Year Ending
9/30/2011
9/30/2010
C. Assumed Dates of Employer
Contributions
Quarterly
Quarterly
D. Annual Payment to Amortize
Unfunded Actuarial Liability
$ 1,592,830
$ 1,517,300
E. Employer Normal Cost
2,322,411
2,461,592
F. ARC if Paid on the Valuation
Date: D +E
3,915,241
3,978,892
G. ARC Adjusted for Frequency of
Payments
4,093,737
4,160,290
H. ARC as % of Covered Payroll
44.06 %
42.27 %
I. Assumed Rate of Increase in Covered
Payroll to Contribution Year
5.00 %
5.00 %
J. Covered Payroll for Contribution Year
9,755,371
10,335,018
K. ARC for Contribution Year: H x J
4,298,216
4,368,612
L. Allowable Credit for State Revenue in
Contribution Year
412,644
412,644
M. Required Employer Contribution (REC)
in Contribution Year
3,885,572
3,955,968
N. REC as % of Covered Payroll in
Contribution Year: M - J
39.83 %
38.28
L
rel
ACTUARIAL VALUE OF BENEFITS AND ASSETS
A. Valuation Date
October 1, 2009
October 1, 2008
B. Actuarial Present Value of All Projected
Benefits for
1. Active Members
a. Service Retirement Benefits
$ 62,347,306
$ 64,551,560
b, Vesting Benefits
1,856,835
1,881,060
c. Disability Benefits
4,769,684
4,889,165
d. Preretirement Death Benefits
546,759
560,774
e. Return of Member Contributions
30,818
33,165
f Total
69,551,402
71,915,724
2. Inactive Members
a. Service Retirees & Beneficiaries
17,011,320
10,300,857
b. Disability Retirees
3,023,166
3,699,385
c. Terminated Vested Members
-
-
d. Total
20,034,486
14,000,242
3. Total for All Members
89,585,888
85,915,966
C. Actuarial Accrued (Past Service)
Liability per GASB No. 25
65,550,027
60,450,441
D. Actuarial Value of Accumulated Plan
Benefits per FASB No. 35
54,441,005
48,517,549
E. Plan Assets
1. Market Value
32,517,424
27,467,099
2. Actuarial Value
36,834,622
32,261,274
F. Unfunded Actuarial Accrued Liability: C - E2
28,715,405
28,189,167
G. Actuarial Present Value of Projected
Covered Payroll
74,636,734
77,701,351
H. Actuarial Present Value of Projected
Member Contributions
6,418,759
6,682,316
C-D c
E3
CALCULATION OF EMPLOYER NORMAL COST
A. Valuation Date
October 1, 2009
October 1, 2008
B. Normal Cost for
1. Service Retirement Benefits
$ 2,400,377
$ 2,567,032
2. Vesting Benefits
184,145
191,490
3. Disability Benefits
376,973
401,496
4. Preretirement Death Benefits
42,647
46,342
5. Return of Member Contributions
19,904
21,327
3,227,687
6. Total for Future Benefits
3,024,046
7. Assumed Amount for Administrative
Expenses
97,376
80,392
3,308,079
8. Total Normal Cost
3,121,422
9. Total as a % of Covered Payroll
33.60%
33.61%
C. Expected Member Contribution
799,011
846,487
D. Employer Normal Cost: B8 -C
2,322,411
2,461,592
E. Employer Normal Cost as a % of
Covered Payroll
25.00%
25.01%
GRS
LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY
A. UAAL Amorttzation Period and Payments
Original UAAL
Current UAAL
Amortization
Period
Years
Years
(Years)
Amount
Remaining
Amount
Payment
7/1/1986
30
$ 4,147
7
$ 1,916
$ 293
10/1/1991
30
(1,504)
12
(994)
(94)
10/1/1991
30
286,223
12
188,731
17,842
10/1/1992
30
122,611
13
84,930
7,495
10/1/1993
30
(194,444)
14
(141,720)
(11,743)
10/1/1995
30
796,975
16
761,012
56,411
10/1/1996
30
(189,977)
17
(194,625)
(13,728)
10/1/2000
30
3,639,273
21
4,299,963
256,471
10 /l /2005
30
975,210
26
1,099,508
55,876
10/1/2005
30
5,273,728
26
5,945,900
302,163
10/1/2006
30
12,571,515
27
13,735,046
679,275
10/1/2007
15
(251,668)
13
(246,700)
(21,770)
10/1/2008
15
3,319,494
14
3,320,389
275,127
10/1/2009
15
137 951
15
13( 7,951)
(10,788)
$ 26,213,632
$ 28,715,405
$ 1,592,830
ldf�" v
10
B. Amortization Schedule
The UAAL is being amortized as a level percent of payroll. The expected amortization schedule is as
follows:
Amortization Schedule
Year
Expected UAAL
2009
$ 28,715,405
2010
29,156,770
2011
29,545,621
2012
29,873,740
2013
30,132,078
2014
30,310,682
2019
29,587,071
2024
25,316,734
2029
17,828,470
2034
5,759,485
2039
0
GRS
11
ACTUARIAL GAINS AND LOSSES
The assumptions used to anticipate mortality, employment turnover, investment income, expenses,
salary increases, and other factors have been based on long range trends and expectations. Actual
experience can vary from these expectations. The variance is measured by the gain and loss for the period
involved. If significant long term experience reveals consistent deviation from what has been expected and
that deviation is expected to continue, the assumptions should be modified. The net actuarial gain (loss) for
the past year is computed as follows:
\T /\
1.
Last Year's UAAL
$ 28,189,167
2.
Last Year's Employer Normal Cost
2,224,507
3.
Last Year's Contributions
3,762,323
4.
Interest at the Assumed Rate on:
a. 1 and 2 for one year
2,281,026
b. 3 from dates paid
79,021
c. a - b
2,202,005
5.
This Year's Expected UAAL Prior to Revision:
1 + 2 - 3 + 4c
28,853,356
6.
Change in UAAL Due to Plan Amendments
and/or Changes in Actuarial Assumptions
0
7.
This Year's Expected UAAL: 5 + 6
28,853,356
8.
This Year's Actual UAAL
28,715,405
9.
Net Actuarial Gain (Loss): 7 - 8
137,951
10.
Gain (Loss) Due to Investments
(1,079,299)
11.
Gain (Loss) from Other Sources
1,217,250
Experience gains /losses for the past few years are as follows:
Year Ending
September 30
Gain Loss
1996
$ (284,232)
1997
(994,552)
1998
(674,477)
1999
(424,754)
2000
68,592
2001
(435,534)
2002
(2,162,823)
2003
(949,324)
2004
(246,347)
2005
(1,006,694)
2006
(1,517,294)
2007
251,668
2008
(3,319,494)
2009
137,951
(TR q
12
13
Cumulative Actuarial Gains (Losses)
Balance at
Year Ending
Beginning
Gain (Loss)
Balance at
9/30
of Year
Interest
for Year
COLA
End of Year
2001
$ 0
$ 0
$ (435,534)
$ 0
$ (435,534)
2002
(435,534)
(37,020)
(2,162,823)
0
(2,635,377)
2003
(2,635,377)
(224,007)
(949,324)
0
(3,808,708)
2004
(3,808,708)
(323,740)
(246,347)
0
(4,378,795)
2005
(4,378,795)
(372,198)
(1,006,694)
0
(5,757,687)
2006
(5,757,687)
(489,403)
(1,517,294)
0
(7,764,384)
2007
(7,764,384)
(582,329)
251,668
0
(8,095,045)
2008
(8,095,04.5)
(607,128)
(3,319,494)
0
(12,021,667)
2009
(12,021,667)
(901,625)
137,951
0
(12,785,341)
C TR C
14
The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan
so it is important that they are in line with the actual experience. The following table shows the actual fund
earnings and salary increase rates compared to the assumed rates for the last few years:
Year Ending
Investment Return
Salary Increases
Actual
Assumed
Actual
Assumed
9/30/1990
9.1 %
8.0 %
9.1 %
6.5 %
9/30/1991
8.6
8.0
9.5
6.5
9/30/1992
8.2
8.0
10.9
6.5
9/30/1993
8.8
8.0
14.1
6.5
9/30/1994
2.4
8.0
0.6
6.5
9/30/1995
18.2
8.0
12.8
6.5
9/30/1996
5.2
8.0
3.6
6.5
9/30/1997
10.3
8.0
11.5 *
6.5
9/30/1998
9.2
8.0
10.0
6.5
9/30/1999
9.6
8.0
8.4
6.5
9/30/2000
9.0
8.0
5.9
6.5
9/30/2001
6.3
8.5
1.1
6.0
9/30/2002
(1.6)
8.5
11.8
6.0
9/30/2003
3.7
8.5
7.4
6.0
9/30/2004
3.9
8.5
16.4
6.0
9/30/2005
4.8
8.5
3.6
6.0
9/30/2006
6.5
8.5
9.7
6.0
9/30/2007
8.1
7.5
8.8
7.5
9/30/2008
3.6
7.5
13.8
7.5
9/30/2009
4.4
7.5
1.0
7.5
Average for
Years Shown
6.8
N/A
8.4
N/A
* Actual raises during the year were less than 10.0 %. However, there was a problem of underreporting of
compensation in the previous year that resulted in the 11.5% average increase.
The actual investment return rates shown above are based on the actuarial value of assets. The actual
salary increase rates shown above are the increases received by those active members who were included in
the actuarial valuations both at the beginning and the end of each year.
WPM
15
Actual (A) Compared to Expected (E) Decrements
Among Active Employees
Number
Added
Service &
Active
During
DROP
Disability
Terminations
Members
Vested Other Totals
Year
Year
Retirement
Retirement
Death
End of
A
I E
A
E
A
E
A
E
A
A
A
I E
Ended
Year
9/30/2002
10
5
2
4
0
0
0
0
1
2
3
2
90
9/30/2003
14
9
3
5
1
0
0
0
1
4
5
3
95
9/30/2004
10
7
2
6
1
0
0
0
1
3
4
3
98
9/30/2005
11
4
2
8
0
0
0
0
0
2
2
3
105
9/30/2006
7
5
1
9
0
1
0
0
0
4
4
3
107
9/30/2007
5
5
3
6
0
1
0
0
1
1
2
3
107
9/30/2008
2
3
3
5
0
1
0
0
0
0
0
3
106
9/30/2009
5
7
6
8
0
1
0
0
1
0
1
3
104
9/30/2010
5
1
0
3
8 Yr Totals *
64
45
22
51
2
4
0
0
5
16
21
23
* Totals are through current Plan Year only.
f"IA C
G1
�nl
RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS
End of
Required Contributions
Year To
Employer & State
Estimated State
Net Employer
Actual Contributions
Which
% of
TPayroll
% of
% of
Valuation
Valuation
Date
Applies
Amount
Payroll
Amount
Amount
Payroll
Employer
State
Total
10/1/1993
9/30/1994
$242,083
8.36 %
$135,153
4.67 %
$106,930
3.69 %
$117,381
$151,324
$268,705
10/1/1994
9/30/1995
244,317
7.76
148,072
4.70
96,245
3.06
96,245
162,247
258,492
10/1/1995
9/30/1996
404,856
12.02
162,247
4.82
242,609
7.20
242,609
195,597
438,206
10/1/1996
9/30/1997
438,074
12.24
195,597
5.47
242,477
6.78
242,477
227,106
469,583
10/1/1997
9/30/1998
592,522
15.30
227,106
5.86
365,416
9.44
365,416
235,819
601,235
10/1/1998
9/30/1999
760,142
16.98
235,819
5.27
524,323
11.71
524,323
236,636
760,959
10/1/1999
9/30/2000
853,790
18.09
235,819
5.00
617,971
13.09
638,017
215,773
853,790
10/1/2000
9/30/2001
935,273
18.14
215,773
4.18
719,500
13.95
719,500
225,892
945,392
10/1/2001
9/30/2002
1,005,662
20.49
225,892
4.60
779,770
15.89
779,770
235,818
1,015,588
10/1/2002
9/30/2003
1,425,328
25.58
235,818
4.23
1,189,510
21.35
1,189,510
235,818
1,425,328
10/1/2002
9/30/2004
1,475,340
25.58
235,818
4.09
1,239,522
21.49
1,239,522
235,818
1,475,34
10/1/2003
9/30/2005
1,704,041
27.49
235,818
3.80
1,468,223
23.69
1,468,223
235,818
1,704,041
10/1/2004
9/30/2006
1,931,054
27.62
235,818
3.37
1,695,236
24.25
1,695,236
412,644
2,107,88
10/1/2005
9/30/2007
3,176,791
41.86
412,644
5.44
2,764,147
36.42
2,764,147
412,644
3,176,791
10/1/2006
9/30/2008
3,556,548
40.70
412,644
4.72
3,143,904
35.98
3,143,904
412,644
3,556,548
10/1/2007
9/30/2009
3,762,323
40.19
412,644
4.41
3,349,679
35.78
3,349,679
412,644
3,762,323
10/1/2008
9/30/2010
4,368,612
42.27
412,644
3.99
3,955,968
38.28
- --
--
--
10/1/2009
9/30/2011
4,298,216
44.06
412,644
4.23
3,885,572
39.83
- --
- --
--
c,
17
ACTUARIAL ASSUMPTIONS AND COST METHOD
Valuation Methods
Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered
before and after the valuation date were determined using an Individual Entry -Age Actuarial Cost
Method having the following characteristics:
(i) the annual normal cost for each individual active member, payable from the date of
employment to the date of retirement, is sufficient to accumulate the value of the member's
benefit at the time of retirement;
(ii) each annual normal cost is a constant percentage of the member's year by year projected
covered pay.
Actuarial gains /(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability.
Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial Accrued Liabilities (full
funding credit if assets exceed liabilities) were amortized by level (principal & interest combined)
percent -of- payroll contributions over a reasonable period of future years.
Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected
actuarial value and actual market value of assets at the rate of 20% per year. The Actuarial Value of
Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is
80% of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan
assets. During periods when investment performance exceeds the assumed rate, Actuarial Value of
Assets will tend to be less than Market Value. During periods when investment performance is less than
assumed rate, Actuarial Value of Assets will tend to be greater than Market Value.
Valuation Assumptions
The actuarial assumptions used in the valuation are shown in this Section.
Economic Assumptions
The investment return rate assumed in the valuation is 7.5% per year, compounded annually (net after
investment expenses).
The Wage Inflation Rate assumed in this valuation was 3% per year. The Wage Inflation Rate is
defined to be the portion of total pay increases for an individual that are due to macro economic forces
including productivity, price inflation, and labor market conditions. The wage inflation rate does not
include pay changes related to individual merit and seniority effects.
The assumed real rate of return over wage inflation is defined to be the portion of total investment
return that is more than the assumed wage inflation rate. Considering other economic assumptions, the
7.5% investment return rate translates to an assumed real rate of return over wage inflation of 4.5 %.
(TR C
1:3
The rate of salary increase used for individual members is 7.5% per year. Part of the assumption is for
merit and/or seniority increase, and the other 3% recognizes wage inflation, including price inflation,
productivity increases, and other macroeconomic forces. This assumption is used to project a member's
current salary to the salaries upon which benefits will be based.
Reported base pay for new hires is increased by 15% to allow for overtime pay in the first year of
employment.
For purposes of financing the unfunded liabilities, total payroll is assumed to grow at 5% per year. The
most recent ten -year average is 7.0 %.
Demographic Assumptions
The mortality table was the RP -2000 Generational Mortality Table for males and females.
Sample
Probability of
Future Life
Attained
Dying Next Year
Expectancy (years)
Ages (in 2009)
Men Women
Men Women
50
0.18 % 0.14 %
33.81
35.37
55
0.30 0.25
28.70
30.42
60
0.58 0.48
23.79
25.65
65
1.12 0.93
19.22
21.18
70
1.94 1.60
15.08
17.07
75
3.33 2.61
11.38
13.37
80
5.88 4.31
8.25
10.11
This assumption is used to measure the probabilities of each benefit payment being made after retirement.
For active members, the probabilities of dying before retirement were based upon the same mortality table
as members dying after retirement (75% of deaths are assumed to be service - connected).
For disabled retirees, the regular mortality tables are set forward 5 years in ages to reflect impaired
longevity.
GRS
z
The rates of retirement used to measure the probability of eligible members retiring during the next year are
as follows:
Rates of separation from active membership were as shown below (rates do not apply to members
eligible to retire and do not include separation on account of death or disability). This assumption
measures the probabilities of members remaining in employment.
Sample % of Active Members
Ages Separating Within Next Year
20
42-45
46
47
48
49
5o
51
52
53
54
55
56
57
58
59
60
10
0.00/4
QO' /o
0.00/0
OA%
0.0%
25%
29110
NO%
20010
$1.00/6
550/6
65. 3/ 6
650' /o
(6. 0 /o
65.00 /o
100.06
11
0.00/o
Q(P /o
OA%
QO%
0.0110
25%
291/6
1NO%
10.0%
10.00/6
47,5/0
57.5%
60.0%
60.01/0
f IR%
100.0%
12
0.0%
QO /o
0.0%
QO%
0.01 /o
2.5%
29%
100%
10.0%
10.0%
47.9'/0
575%
6Q0%
6D.0%
6D.( /o
100.00
13
0.0%
QD' /o
0.0%
CLOD/*
0.0' /o
25%
25%
10. 0%
10. 0'/6
10.0%
47.5%
575%
60.0%
6D.O%
60.00/0
10100%
S 14
0.0%
Q(P /o
0.00/0
0.0%
0.01/0
2.5%
29' /o
IW/e
10.0%
10.0%
47.3%
57.5%
600%
fA.O%
fD.(i%
100.0%
e 15
0.00/6
Q(P /a
0.00/0
QOo /a
0.(P /o
2.51 /6
29'/a
100%
10.01/6
10.0%
47.9'/0
575%
60.0%
60.(1 /o
601io /o
IO0.0%
r 16
0.0%
(11%
0.00/0
O.M.
0.(P /o
2J%
291/0
IQO%
10.0%
10.0%
47.9'/o
575%
60.0°/0
60.0%
00X%
100.0%
v 17
0.0%
0.(P /o
0.00/0
QO%
0.0%
2.5%
29%
100%
10.0%
10A%
4191/a
57.5%
60.0%
60.0'/0
60.()%
100.0%
1 18
00%
0.(P /o
0.01/6
QOa /o
0.01/0
2.5%
29%
100%
10.0' /o
1001/6
47.9'/0
57.5%
60.0%
60.0%
60.0%
10100/6
C 19
0.0%
0.(P /o
0.00/0
0.00 /e
0.01/0
25%
2 N
IQO%
10.01 /o
10.06/6
47.91/o
575%
6QOo. /o
60.01/o
60.00/a
100.0%
e 20
20.0%
22.9'/o
71.50/a
2291/0
223%
21Mo
27.5%
30(1%
40.0P/o
45.01/o
70.Q /6
80.0%
80.0%
80.0a/e
810.0%
100.0%
21
5.0%
5,01/0
5.0%
10.0%
10.0%
12 No
125%
125%
15.01/o
15.0%
4791/o
65.00/6
6500./0
65.01 /0
65.0%
1010%
22
5.01/0
S(P /o
5.00/6
1001/0
)0.0%
129%
12.5%
125%
15.01 /o
15.0016
4751/6
66.0016
6500, /0
65.01/o
66.0%
101.0%
23
5.0P /o
501/o
5.0%
10.0%
10.00/i
15.0 %
15.0%
15.01/0
15.01/6
15.0%
47. No
66.0010
65.00,/0
65.01/0
66.0010
1010%
24
5.0%
5(1/0
5.00/0
1a(P/o
10.0%
1501/0
15.00/0
15.01/0
15.01/0
15.01/0
479'/0
66.(0/0
6500.6
651%
66.0%
101.00/a
25
10401/0
100.00/.
100.00/0
1(X1.0%
100.0°1.
1010.01/0
100.00%
101.01/0
1(0.(0%
l(IQ0%
101.0%
10000/0
1010.M.
100.0%
100.op /o
101.0%
Rates of separation from active membership were as shown below (rates do not apply to members
eligible to retire and do not include separation on account of death or disability). This assumption
measures the probabilities of members remaining in employment.
Sample % of Active Members
Ages Separating Within Next Year
20
6.0%
25
5.7
30
5.0
35
3.8
40
2.6
45
1.6
50
0.8
55
0.3
Rates of disability among active members (75% of disabilities are assumed to be service - connected).
Sample % Becoming Disabled
Ages
within Next Year
20
0.21 %
25
0.23
30
0.27
35
0.35
40
0.45
45
0.77
50
1.50
55
2.32
CTRL
20
Miscellaneous and Technical Assumptions
Administrative & Investment The investment return assumption is intended to be the return net of
Expenses investment expenses. Annual administrative expenses are assumed to
be equal to the average of the prior two years' expenses. Assumed
administrative expenses are added to the Normal Cost.
Benefit Service Exact fractional service is used to determine the amount of benefit
payable.
Decrement Operation Disability and mortality decrements operate during retirement
eligibility.
Decrement Timing Decrements of all types are assumed to occur at the beginning of the
year.
Eligibility Testing Eligibility for benefits is determined based upon the age nearest
birthday and service nearest whole year on the date the decrement is
assumed to occur.
Forfeitures For vested separations from service, it is assumed that 0% of members
separating will withdraw their contributions and forfeit an employer
financed benefit. It was further assumed that the liability at
termination is the greater of the vested deferred benefit (if any) or the
member's accumulated contributions.
Incidence of Contributions Employer contributions are assumed to be made in equal installments
at the end of each quarter. Member contributions are assumed to be
received continuously throughout the year based upon the computed
percent of payroll shown in this report, and the actual payroll payable
at the time contributions are made.
Liability Load Projected normal and early retirement benefits are loaded by 6% to
allow for the inclusion of unused sick and vacation pay in final
average earnings.
Marriage Assumption 100% of males and 100% of females are assumed to be married for
purposes of death -in- service benefits. Male spouses are assumed to be
three years older than female spouses for active member valuation
purposes.
Normal Form of Benefit A 10 -year certain and life annuity is the normal form of benefit.
Pay Increase Timing Middle of fiscal year. This is equivalent to assuming that reported
pays represent amounts paid to members during the year ended on the
valuation date.
Service Credit Accruals It is assumed that members accrue one year of service credit per year.
GRS
21
GLOSSARY
Actuarial Accrued Liability The difference between the Actuarial Present Value of Future Benefits,
(AAL) and the Actuarial Present Value of Future Normal Costs.
Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities,
such as: mortality, withdrawal, disablement, and retirement; future
increases in salary; future rates of investment earnings; future investment
and administrative expenses; characteristics of members not specified in
the data, such as marital status; characteristics of future members; future
elections made by members; and other items.
Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits
between the Actuarial Present Value of Future Normal Costs and the
Actuarial Accrued Liability.
Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based
on a given set of Actuarial Assumptions.
Actuarial Present Value The amount of funds required to provide a payment or series of payments
(APO in the future. It is detenmined by discounting the future payments with an
assumed interest rate and with the assumed probability each payment will
be made.
Actuarial Present Value of The Actuarial Present Value of amounts which are expected to be paid at
Future Benefits (APVFB) various future times to active members, retired members, beneficiaries
receiving benefits, and inactive, nonretired members entitled to either a
refund or a future retirement benefit. Expressed another way, it is the
value that would have to be invested on the valuation date so that the
amount invested plus investment earnings would provide sufficient assets
to pay all projected benefits and expenses when due.
Actuarial Valuation The determination, as of a valuation date, of the Normal Cost, Actuarial
Accrued Liability, Actuarial Value of Assets, and related Actuarial
Present Values for a plan. An Actuarial Valuation for a governmental
retirement system typically also includes calculations of items needed for
compliance with GASB No. 25, such as the Funded Ratio and the Annual
Required Contribution (ARC).
Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for
valuation purposes. This may be the market or fair value of plan assets
or a smoothed value in order to reduce the year -to -year volatility of
calculated results, such as the funded ratio and the actuarially required
contribution (ARC).
CID C
22
Amortization Method A method for determining the Amortization Payment. The most common
methods used are level dollar and level percentage of payroll. Under the
Level Dollar method, the Amortization Payment is one of a stream of
payments, all equal, whose Actuarial Present Value is equal to the UAAL.
Under the Level Percentage of Pay method, the Amortization Payment is
one of a stream of increasing payments, whose Actuarial Present Value is
equal to the UAAL. Under the Level Percentage of Pay method, the
stream of payments increases at the rate at which total covered payroll of
all active members is assumed to increase.
Amortization Payment That portion of the plan contribution or ARC which is designed to pay
interest on and to amortize the Unfunded Actuarial Accrued Liability.
Amortization Period The period used in calculating the Amortization Payment.
Annual Required The employer's periodic required contributions, expressed as a dollar
Contribution (ARC) amount or a percentage of covered plan compensation, determined
under GASB No. 25. The ARC consists of the Employer Normal Cost
and Amortization Payment.
Closed Amortization Period A specific number of years that is reduced by one each year, and declines
to zero with the passage of time. For example if the amortization period is
initially set at 30 years, it is 29 years at the end of one year, 28 years at the
end of two years, etc.
Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is
equal to the Normal Cost less expected member contributions.
Equivalent Single For plans that do not establish separate amortization bases (separate
Amortization Period components of the UAAL), this is the same as the Amortization Period.
For plans that do establish separate amortization bases, this is the period
over which the UAAL would be amortized if all amortization bases were
combined upon the current UAAL payment.
Experience GainlLoss A measure of the difference between actual experience and that expected
based upon a set of Actuarial Assumptions, during the period between two
actuarial valuations. To the extent that actual experience differs from that
assumed, Unfunded Actuarial Accrued Liabilities emerge which may be
larger or smaller than projected. Gains are due to favorable experience,
e.g., the assets earn more than projected, salaries do not increase as fast as
assumed, members retire later than assumed, etc. Favorable experience
means actual results produce actuarial liabilities not as large as projected
by the actuarial assumptions. On the other hand, losses are the result of
unfavorable experience, i.e., actual results that produce Unfunded
Actuarial Accrued Liabilities which are larger than projected.
GRS
0
23
Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued
Liability.
GASB Governmental Accounting Standards Board.
GASB No. 25 and These are the governmental accounting standards that set the accounting
GASB No. 27 rules for public retirement systems and the employers that sponsor or
contribute to them. Statement No. 27 sets the accounting rules for the
employers that sponsor or contribute to public retirement systems, while
Statement No. 25 sets the rules for the systems themselves.
Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current
plan year.
Open Amortization Period An open amortization period is one which is used to determine the
Amortization Payment but which does not change over time. In other
words, if the initial period is set as 30 years, the same 30 -year period is
used in determining the Amortization Period each year. In theory, if an
Open Amortization Period is used to amortize the Unfunded Actuarial
Accrued Liability, the UAAL will never completely disappear, but will
become smaller each year, either as a dollar amount or in relation to
covered payroll.
Unfunded Actuarial Accrued The difference between the Actuarial Accrued Liability and Actuarial
Liability Value of Assets.
Valuation Date The date as of which the Actuarial Present Value of Future Benefits are
determined. The benefits expected to be paid in the future are discounted
to this date.
!-NT] V
SECTION C
PENSION FUND INFORMATION
C TR q
Statement of Plan Assets at Market Value
Item
A. Cash and Cash Equivalents (Operating Cash)
B. Receivables:
1.
Member Contributions
2.
Employer Contributions
3.
State Contributions
4.
Purchased Service Credit
5.
Investment Income and Other Receivables
6.
Total Receivables
C. Investments
I.
Short Term Investments
2.
Domestic Equities
3.
International Equities
4.
Domestic Fixed Income
5.
International Fixed Income
6.
Real Estate
7.
Private Equity
8.
Total Investments
D. Liabilities
1. Benefits Payable
2. Accrued Expenses and Other Payables
3. Total Liabilities
E. Total Market Value of Assets Available for Benefits
F. Reserves
1. State Contribution Reserve
2. DROP Accounts
3. Total Reserves
G. Market Value Net of Reserves
H. Allocation of Investments
1.
Short Term Investments
2.
Domestic Equities
3.
International Equities
4.
Domestic Fixed Income
5.
International Fixed Income
6.
Real Estate
7.
Private Equity
8.
Total Investments
GRS
2.4
September 30
2009 2008
$ 122,288 $ 89,945
837,420
446,982
89,520
185,341
$ 1,559,263
$ 1,946,598
17,031,843
2,483,622
10,928,088
$ 32,390,151
(39,449)
$ (39,449)
$ 34,032,253
$ (459,331)
(1,055,498)
$ (1,514,829)
$ 32,517,424
6.0%
52.6%
7.7%
33.7%
0.0%
0.0%
0.0%
785,976
440,115
89,542
233,763
$ 1,549,396
$ 2,267,101
12,110,998
2,427,735
9,927,269
$ 26,733,103
(28,371)
$ (28,371)
$ 28,344,073
$ (424,993)
(451,981)
$ (876,974)
$ 27,467,099
8.5%
45.3%
9.1%
37.1%
0.0%
0.0%
0.0%
100.0% 100.0%
Reconciliation of Plan Assets
Item
A. Market Value of Assets at Beginning of Year
25
September 30
2009 2008
$ 28,344,073 $ 29,219,477
B. Revenues and Expenditures
1. Contributions
a. Member Contributions
$
870,581
$
939,124
b. Employer Contributions
3,349,679
3,143,904
c. State Contributions
446,982
440,115
d. Purchased Service Credit
-
-
e. Total
$
4,667,242
$
4,523,143
2. Investment Income
a. Interest, Dividends, and Other Income
$
525,578
$
641,071
b. Net Realized/Unrealized Gains /(Losses)*
1,610,712
(4,830,510)
c. Investment Expenses
(115,708)
(97,599)
d. Net Investment Income
$
2,020,582
$
(4,287,038)
3. Benefits and Refunds
a. Regular Monthly Benefits
b. Refunds
c. Lump Sum Benefits
d. DROP Distributions
e. Total
4. Administrative and Miscellaneous Expenses
5. Transfers
C. Market Value of Assets at End of Year
D. Reserves
$ (895,008) $ (782,979)
(23,371)
(215,043)
$ (895,008) $ (1,021,393)
$ (104,636) $ (90,116)
$ 34,032,253 $ 28,344,073
1. State Contribution Reserve $ (459,331) $ (424,993)
2. DROP Accounts (1,055,498) (451,981)
3. Total Reserves $ (1,514,829) $ (876,974)
E. Market Value Net of Reserves $ 32,517,424 $ 27,467,099
* Breakdown between realized and unrealized gains/(losses) was not provided.
GRS
Reconciliation of DROP Accounts
Year Balance at
Ended
Beginning
Balance at
9130
of Year
Credits
Interest
Distributions
Adjustments End of Year
2002
$ -
$ 25,536
$ 559
$ -
$ - $ 26,095
2003
26,095
35,048
962
(33,734)
- 28,371
2004
28,371
67,278
4,210
-
- 99,859
2005
99,859
107,716
9,307
(54,224)
- 162,658
2006
162,658
88,332
13,653
-
- 264,643
2007
264,643
164,844
22,183
-
- 451,670
2008
451,670
188,434
24,255
(215,043)
2,665 451,981
2009
451,981
557,339
46,178
-
- 1,055,498
GRS
Calculation of Actuarial Value of Assets
Year Ending September 30
Item 2009 2008
A.
Beginning of Year Assets*
1. Market Value
$ 28,344,073
2. Actuarial Value
33,138,248
B.
End of Year Market Value
of Assets*
34,032,253
C.
Net of Contributions
Less Disbursements
3,667,598
D.
Actual Net Investment
Earnings
2,020,582
E.
Expected Investment
Earnings
2,622,904
F.
End of Year Expected
Actuarial Value
39,428,750
G.
End of Year Market Value Less
Expected Actuarial Value: B - F
(5,396,497)
H.
20% of Difference
(1,079,299)
I.
End of Year Assets
1. Actuarial Value:
F + H
38,349,451
2. Final Actuarial Value
Within 80% to 120%
of Market Value
38,349,451
J.
DROP Account Balances
1,055,498
K.
State Contribution Reserve
459,331
L.
Final Actuarial Value of Assets:
12 - J - K
36,834,622
M.
Recognized Investment Earnings
1,543,605
N.
Recognized Rate of Return
4.4%
* Before offset of DROP Account Balances and
State Contribution Reserve.
GRS
$ 29,219,477
28,648,578
28,344,073
3,411,634
(4,287,038)
2,276,580
34,336,792
(5,992,719)
(1,198,544)
33,138,248
33,138,248
451,981
424,993
32,261,274
1,078,036
3.6%
27
L.8
Year Ending Investment Rate of Return
September 30 Market Value
Actuarial Value
1990
9.1
%
9.1
%
1991
8.6
8.6
1992
8.2
8.2
1993
8.8
8.8
1994
2.4
2.4
1995
18.2
18.2
1996
5.2
5.2
1997
24.2
10.3
1998
5.3
9.2
1999
11.6
9.6
2000
6.7
9.0
2001
(7.8)
6.3
2002
(6.5)
(1.6)
2003
12.7
3.7
2004
8.6
3.9
2005
9.6
4.8
2006
6.4
6.5
2007
11.5
8.1
2008
(13.9)
3.6
2009
6.7
4.4
Average Returns:
Last 5 Years
3.6
%
5.5
%
Last 10 Years
3.0
%
4.8
%
All Years
6.4
%
6.8
%
* Net of investment expenses after 2005.
The above rates are based on the retirement system's financial information reported to the actuary. They
may differ from figures that the investment consultant reports, in part because of differences in the
handling of administrative and investment expenses, and in part because of differences in the handling of
1 cash flows.
GR.S
SECTION D
FINANCIAL ACCOUNTING INFORMATION
GRS
FASB NO. 35 INFORMATION
A. Valuation Date
B. Actuarial Present Value of Accumulated
Plan Benefits
1. Vested Benefits
a. Members Currently Receiving Payments
b. Terminated Vested Members
c. Other Members
d. Total
2. Non - Vested Benefits
3. Total Actuarial Present Value of Accumulated
Plan Benefits: 1 d + 2
4. Accumulated Contributions of Active Members
C. Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1. Total Value at Beginning of Year
2. Increase (Decrease) During the Period
Attributable to:
a. Plan Amendment and Change in
Actuarial Assumptions
c. Latest Member Data, Benefits Accumulated
and Decrease in the Discount Period
d. Benefits Paid
e. Net Increase
3. Total Value at End of Period
D. Market Value of Assets
E. Actuarial Assumptions - See page entitled
Actuarial Assumptions and Methods
GRS
29
October 1, 2009 1 October 1, 2008
$ 20,034,486
0
32,708,315
52,742,801
1,698,204
54,441,005
5,775,810
48,517,549
F1,
6,818,464
(895,008)
5,923,456
54,441,005
32,517,424
$ 14,000,242
0
32,921,348
46,921,590
1,595,959
48,517,549
5,702,234
41,505,379
8,033,563
(1,021,393)
7,012,170
48,517,549
27,467,099
(7J
SCHEDULE OF FUNDING PROGRESS
(GASB Statement No. 25)
Actuarial
Valuation Date
Actuarial Value of
Assets
(a)
Actuarial Accrued
Liability (AAL) - Entry
Age
(b)
Unfunded AAL
(UAAL)
(b) - (a)
Funded Ratio
(a) / (b)
Covered Payroll
(c)
UAAL As % of
Covered
Payroll
(b - a) / c
10/1/1993
$ 2,424,981
$ 2,479,049
$ 54,068
97.8 %
$ 2,896,359
1.9 %
10/1/1994
2,714,651
2,552,412
(162,239)
106.4
3,148,412
(5.2)
10/1/1995
3,517,565
3,807,393
289,828
92.4
3,367,324
8.6
10/1 /1996
4,443,592
4,855,280
411,688
91.5
3,578,473
11.5
10/1/1997
5,511,310
6,954,077
1,442,767
79.3
3,872,799
37.3
10/1/1998
6,700,726
8,988,231
2,287,505
74.5
4,476,807
51.1
10/1/1999
8,162,736
11,019,072
2,856,336
74.1
4,720,813
60.5
10/1/2000
9,795,534
14,097,068
4,301,534
69.5
5,156,136
83.4
10/1/2001
11,417,844
16,106,731
4,688,887
70.9
4,908,315
95.5
10/l/2002
12,303,486
19,140,962
6,837,476
64.3
5,572,514
122.7
10/1/2003
14,231,515
22,196,413
7,964,898
64.1
5,989,146
133.0
10/1/2004
16,405,794
24,962,551
8,556,757
65.7
6,755,078
126.7
10/1/2005
18,950,104
35,004,203
16,054,099
54.1
7,332,448
218.9
10/1/2006 (b)
22,405,305
40,789,521
18,384,216
54.9
8,382,256
219.3
10/1/2006 (a)
22,740,838
46,503,218
23,762,380
48.9
8,322,332
285.5
10/1/2007
27,799,386
52,230,511
24,431,125
53.2
8,915,563
274.0
10/1/2008
32,261,274
60,450,441
28,189,167
53.4
9,842,874
286.4
10/1/2009
36,834,622
65,550,027
28,715,405
56.2
9,290,829
309.1
(a) = After changes
(b) = Before changes
w
0
MMMMMMMMMM00000 mmmm ME ME ME mom ME M
SCHEDULE OF CONTRIBUTIONS FROM THE EMPLOYER
AND THE STATE OF FLORIDA
(GASB Statement No. 25)
Year Ending
September 30
Annual Required
Contribution
Actual
Contribution
Percentage
Contributed
1994
$ 242,083
$ 268,705
111.0 %
1995
244,317
258,492
105.8
1996
404,856
438,206
108.2
1997
438,074
469,583
107.2
1998
592,522
601,235
101.5
1999
760,142
760,959
100.1
2000
853,790
853,790
100.0
2001
935,273
945,392
101.1
2002
1,005,662
1,015,588
101.0
2003
1,425,328
1,425,328
100.0
2004
1,475,340
1,475,340
100.0
2005
1,704,041
1,704,041
100.0
2006
1,931,054
2,107,880
109.2
2007
3,176, 791
3,176,791
100.0
2008
3,556,548
3,556,548
100.0
2009
3,762,323
3,762,323
100.0
GRS
31
32
ANNUAL PENSION COST AND NET PENSION OBLIGATION
(GASB STATEMENT NO. 27)
Employer FYE September 30
2010
2009
2008
Annual Required Contribution (ARC)*
$ 4,368,612
$ 3,762,323
$ 3,556,548
Interest on Net Pension Obligation (NPO)
(16,722)
(17,537)
(18,338)
Adjustment to ARC
(28,243)
(28,407)
(29,021)
Annual Pension Cost (APC)
4,380,133
3,773,193
3,567,231
Contributions made
**
3,762,323
3,556,548
Increase (decrease) in NPO
**
10,870
10,683
NPO at beginning of year
(222,956)
(233,826)
(244,509)
NPO at end of year
**
(222,956)
(233,826)
* Includes expected State contribution.
** To be determined.
THREE YEAR TREND INFORMATION
Fiscal
Annual Pension
Actual
Percentage of
Net Pension
Year Ending
Cost (APC)
Contribution
APC Contributed
Obligation
9/30/2007
$ 3,192,312
$ 3,176,791
99.5 %
$ (244,509)
9/30/2008
3,567,231
3,556,548
99.7
(233,826)
9/30/2009
3,773,193
3,762,323
99.7
(222,956)
ww
33
REQUIRED SUPPLEMENTARY INFORMATION
GASB Statement No. 25 and No. 27
The information presented in the required supplementary schedules was determined as part of the
actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation:
Valuation Date
Contribution Rates
Employer (and State)
Plan Members
Actuarial Cost Method
Amortization Method
Remaining Amortization Period
Asset Valuation Method
Actuarial Assumptions
Investment rate of return
Projected salary increases
Includes inflation and other general increases at
Cost -of- living adjustments
GRS
October 1, 2009
44.06%
8.60%
Entry Age Normal
Level percent, closed
27 years
Recognizes 20% of difference
between market value of assets
and expected actuarial asset
value
7.5%
7.5%
3.0%
Not Applicable
SECTION E
MISCELLANEOUS INFORMATION
CYRS
34
RECONCILIATION OF MEMBERSHIP DATA
From 10 /1 /08
1 From 10/1/07
To 10 /1 /09
To 102/08
A. Active Members
1. Number Included in Last Valuation
106
107
2. New Members
4
2
3. Non - Vested Employment Terminations
0
0
4. Vested Employment Terminations
(1)
0
5. Service Retirements
0
(2)
6. DROP Retirement
(6)
(1)
7. Disability Retirements
0
0
8. Deaths
0
0
9. Other -- Data Corrections
1
0
10. Number Included in This Valuation
104
106
B. Terminated Vested Members
1. Number Included in Last Valuation
0
1
2. Additions from Active Members
1
0
3. Lump Sum Payments /Refund of Contributions
(1)
(1)
4. Payments Commenced
0
0
5. Deaths
0
0
6. Other
0
0
7. Number Included in This Valuation
0
0
C. DROP Plan Members
1. Number Included in Last Valuation
4
4
2. Additions from Active Members
6
1
3. Retirements
(1)
(1)
4. Deaths Resulting in No Further Payments
0
0
5. Other
0
0
6. Number Included in This Valuation
9
4
D. Service Retirees, Disability Retirees and Beneficiaries
1. Number Included in Last Valuation
26
23
2. Additions from Active Members
0
2
3. Additions from Terminated Vested Members
0
0
4. Additions from DROP
1
1
5. Deaths Resulting in No Further Payments
(1)
0
6. Deaths Resulting in New Survivor Benefits
0
0
7. End of Certain Period - No Further Payments
0
0
8. Other
0
0
9. Number Included in This Valuation
26
26
CTR
35
ACTIVE PARTICIPANT DISTRIBUTION
W-M
Years of Service to Valuation Date
Age Group
0 -1
1 -2
2 -3
3 -4
4 -5
5 -9
10 -14
15 -19
20 -24
25 & Up
Totals
20 -24 NO.
I
I
1
0
0
0
0
0
0
0
3
OT PAY
52,331
57,665
57,319
0
0
0
0
0
0
0
167,315
AVG PAY
52,331
57,665
57,319
0
0
0
0
0
0
0
55,77
25 -29 NO.
1
0
3
2
0
2
0
0
0
0
8
OT PAY
52,331
0
163,922
123,247
0
160,223
0
0
0
0
499,723
AVG PAY
52,331
0
54,641
61,624
0
80,112
0
0
0
0
62,465
30 -34 NO.
1
0
1
1
3
6
0
0
0
0
12
OT PAY
52,331
0
64,763
69,130
182,367
363,591
0
0
0
0
732,182
AVG PAY
52,331
0
64,763
69,130
60,789
60,599
0
0
0
0
61,015
35 -39 NO.
0
0
1
2
1
11
6
5
0
0
26
OT PAY
0
0
65,861
124,991
60,431
715,987
505,510
460,836
0
0
1,933,616
AVG PAY
0
0
65,861
62,496
60,431
65,090
84,252
92,167
0
0
74,37
0 -44 NO.
0
0
0
1
0
3
6
4
l
0
is
T PAY
0
0
0
57,498
0
223,714
487,409
447,780
1 10,868
0
1,327,26
AVG PAY
0
0
0
57,498
0
74,571
81,235
111,945
110,868
0
88,485
5-49 NO.
0
0
1
0
2
2
4
10
10
0
2
TOT PAY
0
0
54,080
0
125,049
135,838
407,606
1,075,358
1,305,759
0
3,103,69
AVG PAY
0
0
54,080
0
62,525
67,919
101,902
107,536
130,576
0
107,024
50 -54 NO.
0
0
0
0
0
1
1
3
2
0
OT PAY
0
0
0
0
0
59,484
97,133
318,122
256,106
0
730,845
AVG PAY
0
0
0
0
0
59,484
97,133
106,041
128,053
0
104,4
55 -59 NO.
0
0
0
0
0
0
0
1
1
0
OT PAY
0
0
0
0
0
0
0
106,456
122,434
0
228,89
AVG PAY
0
0
0
0
0
0
0
106,456
122,434
0
1 14,445
60 -64 NO.
0
0
0
0
0
0
0
0
0
0
TOT PAY
0
0
0
0
0
0
0
0
0
0
AVG PAY
0
0
0
0
0
0
0
0
0
0
5 -69 NO.
0
0
0
0
0
0
1
l
0
0
T PAY
0
0
0
0
0
0
153,971
82,450
0
0
236,421
VG PAY
0
0
0
0
0
0
153,971
82,450
0
0
118,211
T NO.
3
1
7
6
6
25
18
24
14
0
104
OT AMT
156,993
57,665
405,945
374,866
367,847
1,658,837
1,651,629
2,491,002
1,795,167
0
8,959,951
AVG AMT
52,331
57,665
57,992
62,478
61,308
66,353
91,757
103,792
128,226
0
86,153
W-M
36
INACTIVE PARTICIPANT DISTRIBUTION
Terminated Vested
Disabled
Retired
Deceased with
Beneficiary
Total
Total
Total
Total
Age Group
Number Benefits
Number Benefits
Number Benefits
Number Benefits
Under 20
20 -24
- -
25 -29
- -
-
30 -34
- -
-
35 -39
- -
- _
_ _
4044
- -
- -
1 38,432
- -
4549
- -
4 110,723
8 662,136
- -
50 -54
- -
2 52,775
4 255,980
- -
55 -59
- -
3 91,473
1 61,613
1 33,777
60 -64
- -
1 17,851
5 216,163
- -
65 -69
- -
- -
3 84,103
- -
70 -74
- -
- -
1 21,589
- -
75 -79
- -
- -
- -
1 16,300
80 -84
- -
- _
_
85 -89
- -
- _
_
90 -94
- -
- -
_
95 -99
- -
- _
_
100 & Over
- -
- -
_ _
_ _
Total
- -
10 272,822
23 1,340,016
2 50,077
Avers e A e
N/A 1
53 1
55 1
68
SECTION F
SUMMARY OF PLAN PROVISIONS
GRS
SUMMARY OF PLAN PROVISIONS
A. Ordinances
37
The Plan was established under the Code of Ordinances for the City of Palm Beach Gardens,
Florida, Chapter 50, Article III, and was most recently amended under Ordinance No. 8,
2006passed and adopted on June 15, 2006. The Plan is also governed by certain provisions of
Chapter 185, Florida Statutes, Part VII, Chapter 112, Florida Statutes and the Internal Revenue
Code.
B. Effective Date
July 1, 1972
C. Plan Year
October 1 through September 30
D. Type of Plan
Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer
plan.
E. Eligibility Requirements
All full -time police officers are eligible for membership on the first day of the month coincident
with or next following date of employment.
F. Credited Service
Service is measured as the total number of full years (and fraction thereof) of continuous service
from the date of employment to the date of termination. No service is credited for any periods of
employment for which the member received a refund of employee contributions.
G. Compensation
Actual compensation reported to the Internal Revenue Service for income tax purposes, plus
deferred compensation.
H. Average Monthly Earnings (AME)
The average of Compensation over the last 5 years of Credited Service; includes lump sum payment
of unused leave pay.
GRS
38
I. Normal Retirement
Eligibility: A member may retire on the first day of the month coincident with or next
following the earlier of
(1) age 52 and 10 years of Credited Service, or
(2) 20 years of Credited Service regardless of age.
Benefit: 3.5% of AME multiplied by years of Credited Service with a maximum equal to
100% of AME.
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries in pay status.
COLA: There are currently no annual cost of living increases, but ad hoc increases may be
authorized by the Board of Trustees. Also see Section W, Cost of Living Increases.
J. Early Retirement
Eligibility: A member may elect to retire earlier than the Normal Retirement Eligibility upon
attainment of age 50 and 10 years of Credited Service.
Benefit: The Normal Retirement Benefit is reduced by 3.0% for each year by which the
Early Retirement date precedes the Normal Retirement date.
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries in pay status.
COLA: There are currently no annual cost of living increases, but ad hoc increases may be
authorized by the Board of Trustees. Also see Section W, Cost of Living Increases.
K. Delayed Retirement
Same as Normal Retirement taking into account compensation earned and service credited until the
date of actual retirement.
L. Service Connected Disability
Eligibility: Any member who becomes totally and permanently disabled and unable to render
useful and efficient service as a police officer for a period of at least 6 months
resulting from an act occurring in the performance of service for the City is eligible
for a disability benefit.
GRS
39
Benefit: 60% of the current rate of pay, but no less than the accrued Normal Retirement
Benefit taking into account compensation earned and service credited until the date
of disability. Disability benefits, when combined with Social Security, Worker's
Compensation or any other local, state or federal government benefits, cannot
exceed and will be limited to the AME on the date of disability.
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries in pay status.
COLA: There are currently no annual cost of living increases, but ad hoc increases may be
authorized by the Board of Trustees. Also see Section W, Cost of Living Increases.
M. Non - Service Connected Disability
Eligibility: Any member with 10 years of Credited Service who becomes totally and
permanently disabled and unable to render useful and efficient service as a police
officer for a period of at least 6 months is eligible for a disability benefit.
Benefit: 2.5% of AME multiplied by Credited Service, but not less than 25% of salary or the
accrued Normal Retirement Benefit taking into account compensation earned and
service credited until the date of disability. Disability benefits, when combined
with Social Security, Worker's Compensation or any other local, state or federal
government benefits, cannot exceed and will be limited to the AME on the date of
disability.
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries in pay status.
COLA: There are currently no annual cost of living increases, but ad hoc increases may be
authorized by the Board of Trustees. Also see Section W, Cost of Living Increases.
N. Death in the Line of Duty
Eligibility: Members who die as a result of personal injury or disease arising out of the
member's actual performance of duties are eligible for survivor benefits regardless
of Credited Service.
GRS
40
Benefit: The surviving spouse will receive the greater of
(1) 50% of the member's AME, or
(2) the member's accrued Normal Retirement Benefit as of the date of death with no
actuarial reduction for Early Retirement.
If there is no spouse, or if the surviving spouse dies, the spouse's benefit
determined above shall be distributed equally among any eligible children. If there
is no spouse or eligible children, the benefit will be paid to the deceased member's
estate.
Normal Form
of Benefit: Spouse's benefits are payable until death; children's benefits are payable until age
18 (24 if a full -time student), marriage, death, or adoption. Benefits paid to a
member's estate may be paid as a lump sum at the discretion of the Board of
Trustees.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries in pay status.
COLA: There are currently no annual cost of living increases, but ad hoc increases may be
authorized by the Board of Trustees. Also see Section W, Cost of Living Increases.
O. Other Pre - Retirement Death
Eligibility: Members are eligible for survivor benefits after the completion of 5 or more years
of Credited Service.
Benefit: The survivor benefit payable to the designated beneficiary is the member's accrued
Normal Retirement Benefit. Benefit is payable at the member's Early or Normal
retirement date and will be actuarially reduced for Early Retirement when
applicable.
Normal Form
of Benefit: For member's eligible for Normal or Delayed Retirement on the date of death, the
designated beneficiary's benefit will be paid for life. For members not yet
eligible, benefits will be paid for 10 years.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries in pay status.
COLA: There are currently no annual cost of living increases, but ad hoc increases may be
authorized by the Board of Trustees. Also see Section W, Cost of Living Increases.
The beneficiary of a plan member with less than 5 years of Credited Service at the time of death
will receive a refund of the member's accumulated contributions without interest.
G1ZS
41
P. Post Retirement Death
Benefit determined by the form of benefit elected upon retirement.
Q. Optional Forms
In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees
are a Single Life Annuity or the 50 %, 66 2/3 %, 75% and 100% Joint and Survivor options.
R. Vested Termination
Eligibility: A member has earned a non - forfeitable right to Plan benefits after the completion of
5 years of Credited Service (see vesting table below).
Years of
Credited Service
Vested
%
Under 5
0%
5
25
6
40
7
55
8
70
9
85
10 or more
100
Benefit: The benefit is the member's vested accrued Normal Retirement Benefit as of the
date of termination. Benefit begins at the member's Normal Retirement date.
Alternatively, members with at least 10 years of Credited Service may elect to
receive an actuarially reduced Early Retirement Benefit any time after age 50.
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
Supplemental
Benefit: A monthly supplemental benefit of $12.50 per year of Credited Service is payable
to all retirees and their beneficiaries once in pay status.
COLA: There are currently no annual cost of living increases, but ad hoc increases may be
authorized by the Board of Trustees. Also see Section W, Cost of Living Increases.
Members terminating employment with less than 5 years of Credited Service will receive a refund of
their own accumulated contributions without interest.
GRS
42
S. Refunds
Eligibility: All members terminating employment with less than 5 years of Credited Service are
eligible. Optionally, vested members (those with 5 or more years of Credited
Service) may elect a refund in lieu of the vested benefits otherwise due.
Benefit: Refund of the member's contributions without interest.
T. Member Contributions
8.6% of Compensation
U. State Contributions
Chapter 185 Premium Tax Refunds
V. Employer Contributions
Any additional amount needed to fund the plan properly according to State laws.
W. Cost of Living Increases
Actuarial gains realized for the prior fiscal year may be used to increase benefits on July 1st of
each year for members who have been retired for at least 1 year. Upon approval by the Board of
Trustees, the gain will be distributed to all pensioners as an equal percentage increase in their
benefit, but is limited to 4% in any year. If there was no actuarial gain realized for the prior fiscal
year, then no cost of living adjustment will be authorized.
X. 13th Check
Not Applicable
Y. Deferred Retirement Option Plan
Eligibility: A member may enter the DROP on the first day of the month coincident with or
next following the earlier of.
(1) age 52 and 10 years of Credited Service, or
(2) 20 years of Credited Service regardless of age.
Members who meet eligibility must submit a written election to participate in the
DROP. The election to participate must be made within the first 28.5 years of
Credited Service and members can no longer participate after attaining 33.5 years of
employment service.
Benefit: The member's Credited Service and AME are frozen upon entry into the DROP.
The monthly retirement benefit as described under Normal Retirement is calculated
based upon the frozen Credited Service and AME.
GRS
43
Maximum
DROP Period: 60 months
Interest
Credited: The member's DROP account is credited quarterly at an interest rate based upon
the option chosen by the member. Members must elect from 1 of the 2 following
options:
1. Gain or loss at the same rate earned by the Plan, or
2. Guaranteed rate of 6.5% per annum.
Normal Form
of Benefit: Lump Sum; member may also elect that the DROP distribution be paid in 3 equal
payments over 3 years or used to purchase an annuity to be paid in monthly
installments.
COLA: There are currently no annual cost of living increases, but ad hoc increases may be
authorized by the Board of Trustees. Also see Section W, Cost of Living Increases.
L Other Ancillary Benefits
There are no ancillary retirement type benefits not required by statutes but which might be deemed
a City of Palm Beach Gardens Police Officers' Pension Fund liability if continued beyond the
availability of funding by the current funding source.
AA. Changes from Previous Valuation
There have been no changes in benefits since the previous valuation.
GRS
Asset Allocation Analysis
Asset Allocation Analysis
for
Palm Beach Gardens Police
by
Thistle Asset Consulting
Asset Allocation Analysis
Scenario Assumptions
January 24, 2010 Palm Beach Gardens Police
Default Scenario
Asset Class
Proxy
Return
Risk
Yield
Cash Equivalents
FED 3 -Mo T -Bill (S)
2.25%
2.00%
2.25%
Inter -Term Govt Bond
CITI Treas /Agy 1 -10y
5.00
6.00
5.00
Municipal Bonds
BarCap MunicipalBond
3.85
8.00
3.85
Corporate Bonds
BarCap Credit Bond
5.75
8.00
5.75
High Yield Bonds
BarCap High Yield
8.25
15.00
8.50
Large Value Stocks
WILS US LgCap V
9.50
13.25
2.40
Large Growth Stocks
WILS US LgCap G
10.15
15.25
1.65
Small Value Stocks
WILS US SmCap V
10.65
18.50
2.25
Small Growth Stocks
WILS US SmCap G
11.25
22.00
1.50
Mid Cap Stocks
S &P 400 MidCap
10.00
18.00
2.00
Real Estate
Wilshire RESI
7.65
13.50
3.65
Venture Capital
CAMB US Venture Cap
11.75
35.25
0.00
International Stocks
MSCI EAFE Index -$
10.65
22.25
1.75
International Bonds
CITI World Bnd -All $
5.75
13.25
5.75
Emerging Equities
MSCI Emerg Free -$
10.75
40.25
0.75
Inflation
2.50
Asset Allocation Analysis
Scenario Assumptions
January 24, 2010 Palm Beach Gardens Police
Default Scenario
Return
12
11 Small Value Stock • Small Growth Stocks
O International Stocks
10 Large Growth StocksO 0 Mid Cap Stocks Ventur Capital
Large Value Stocks•
9 Emerging Equitie
• High Yield Bonds
Real Estate
7 Corporate Bonds
6 1 • International Bonds
5 • Inter -Term Govt Bond
4 • Municipal Bonds
3
2 • Cash Equivalents
1
0 5 10 15 20 25 30 35 40 45
Risk (Std Deviation)
2
Asset Allocation Analysis
Scenario Correlation Matrix
January 24, 2010 Palm Beach Gardens Police
3
Default Scenario
Asset Class
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(1) Cash Equivalents
1.00
0.14
0.01
0.09
0.07
0.19
0.14
0.07
0.10
0.13
0.01
(2) Inter -Term Govt Bond
0.14
1.00
0.73
0.91
0.21
-0.08
-0.05
-0.17
-0.22
-0.02
0.06
(3) Municipal Bonds
0.01
0.73
1.00
0.73
0.25
0.09
0.12
0.01
-0.03
0.13
0.14
(4) Corporate Bonds
0.09
0.91
0.73
1.00
0.29
0.08
0.11
-0.02
-0.07
0.13
0.15
(5) High Yield Bonds
0.07
0.21
0.25
0.29
1.00
0.47
0.48
0.38
0.36
0.46
0.29
(6) Large Value Stocks
0.19
-0.08
0.09
0.08
0.47
1.00
0.95
0.83
0.82
0.90
0.52
(7) Large Growth Stocks
0.14
-0.05
0.12
0.11
0.48
0.95
1.00
0.82
0.81
0.89
0.52
(8) Small Value Stocks
0.07
-0.17
0.01
-0.02
0.38
0.83
0.82
1.00
0.72
0.77
0.44
(9) Small Growth Stocks
0.10
-0.22
-0.03
-0.07
0.36
0.82
0.81
0.72
1.00
0.76
0.43
(10) Mid Cap Stocks
0.13
-0.02
0.13
0.13
0.46
0.90
0.89
0.77
0.76
1.00
0.50
(11) Real Estate
0.01
0.06
0.14
0.15
0.29
0.52
0.52
0.44
0.43
0.50
1.00
(12) Venture Capital
0.06
-0.25
-0.13
-0.17
0.15
0.43
0.41
0.39
0.39
0.38
0.20
(13) International Stocks
0.06
0.00
0.10
0.10
0.30
0.58
0.58
0.50
0.49
0.55
0.32
(14) International Bonds
0.03
0.60
0.45
0.56
0.09
-0.13
-0.11
-0.17
-0.20
-0.09
0.00
(15) Emerging Equities
0.08
-0.20
-0.05
-0.09
0.28
0.64
0.63
0.57
0.57
0.59
0.33
3
Asset Allocation Analysis
Scenario Correlation Matrix
January 24, 2010 Palm Beach Gardens Police
4
Default Scenario
Asset Class
(12)
(13)
(14)
(15)
(1) Cash Equivalents
0.06
0.06
0.03
0.08
(2) Inter -Term Govt Bond
-0.25
0.00
0.60
-0.20
(3) Municipal Bonds
-0.13
0.10
0.45
-0.05
(4) Corporate Bonds
-0.17
0.10
0.56
-0.09
(5) High Yield Bonds
0.15
0.30
0.09
0.28
(6) Large Value Stocks
0.43
0.58
-0.13
0.64
(7) Large Growth Stocks
0.41
0.58
-0.11
0.63
(8) Small Value Stocks
0.39
0.50
-0.17
0.57
(9) Small Growth Stocks
0.39
0.49
-0.20
0.57
(10) Mid Cap Stocks
0.38
0.55
-0.09
0.59
(11) Real Estate
0.20
0.32
0.00
0.33
(12) Venture Capital
1.00
0.24
-0.19
0.32
(13) International Stocks
0.24
1.00
-0.05
0.38
(14) International Bonds
-0.19
-0.05
1.00
-0.18
(15) Emerging Equities
0.32
0.38
-0.18
1.00
4
Asset Allocation Analysis
Efficient Frontier
January 24, 2010 Palm Beach Gardens Police
Return
12
11
10 15 %Int
9 enture
R.E.
8 Policy
101 on
7
6
5
4
3
2
1
0 5 10 15 20 25 30 35 40
Risk (Std Deviation)
Return Risk Return Risk
Policy 8.54% 10.28% R. E. 8.32% 9.73%
15 %Intl 8.58 10.44 Venture 8.63 10.35
10 %Bond 8.57 10.16
5
Asset Allocation Analysis
Investment Alternatives
January 24, 2010 Palm Beach Gardens Police
Asset Class
Policy
15 %1nt110 %Bond
R.E.
Venture
Cash Equivalents
0.00%
0.00%
0.00%
0.00%
0.00%
Inter -Term Govt Bond
14.00
14.00
10.00
14.00
14.00
Municipal Bonds
0.00
0.00
0.00
0.00
0.00
Corporate Bonds
21.00
21.00
15.00
21.00
21.00
High Yield Bonds
0.00
0.00
0.00
0.00
0.00
Large Value Stocks
12.50
10.00
12.50
7.50
10.00
Large Growth Stocks
22.50
20.00
22.50
17.50
20.00
Small Value Stocks
5.00
5.00
5.00
5.00
5.00
Small Growth Stocks
5.00
5.00
5.00
5.00
5.00
Mid Cap Stocks
10.00
10.00
10.00
10.00
10.00
Real Estate
0.00
0.00
0.00
10.00
0.00
Venture Capital
0.00
0.00
0.00
0.00
5.00
International Stocks
10.00
15.00
10.00
10.00
10.00
International Bonds
0.00
0.00
10.00
0.00
0.00
Emerging Equities
0.00
0.00
0.00
0.00
0.00
Return
8.54%
8.58%
8.57%
8.32%
8.63%
Std Deviation
10.28%
10.44%
10.16%
9.73%
10.35%
Yield
3.14%
3.13%
3.17%
3.30%
3.04%
Sharpe Ratio
0.59
0.58
0.60
0.60
0.59
C
Asset Allocation Analysis
Target Returns
January 24, 2010 Palm Beach Gardens Police
7
Probability of Exceeding Target Return
Year 10
Year 20
Year 25
Year 30
Year 40
Target Return 7.00%
Policy
62.88%
67.89%
69.83%
71.54%
74.45%
15 %Intl
62.99
68.04
69.99
71.71
74.63
10 %Bond
63.49
68.72
70.73
72.49
75.49
R.E.
61.46
65.98
67.75
69.31
71.99
Venture
63.83
69.16
71.21
73.00
76.05
Target Return 7.50%
Policy
56.85
59.64
60.75
61.75
63.50
15 %Intl
57.06
59.93
61.07
62.09
63.89
10 %Bond
57.42
60.44
61.63
62.71
64.59
R.E.
55.05
57.12
57.95
58.69
60.01
Venture
57.88
61.07
62.34
63.47
65.46
Target Return 8.00%
Policy
50.69
50.97
51.09
51.19
51.37
15 %Intl
50.99
51.40
51.57
51.72
51.98
10 %Bond
51.20
51.70
51.90
52.08
52.40
R.E.
48.53
47.92
47.67
47.45
47.06
Venture
51.78
52.51
52.81
53.08
53.55
7
Asset Allocation Analysis
The Efficient Frontier
January 24, 2010 Palm Beach Gardens Police
The Efficient Frontier traces out the portfolios that offer the greatest amount of return for given levels of risk. All portfolios on the
frontier are efficient and selection of the proper portfolio depends upon the investor's goals and tolerance for risk.
The diagram below illustrates the concept of efficiency. The "Inefficient Portfolio" does not lie on the frontier because an alternate
portfolio can be found that offers more return for the same amount of risk. A second portfolio can be found that offers the same
return, but less risk. Both of these "efficient" portfolios are more desirable to investors trying to maximize return and minimize risk.
High Same Risk,
More Return
Efficient
Expected Frontier
Return
Inefficient
Portfolio
Same Return.
Low Less Risk
Low Risk High
When calculating the efficient frontier, multiple factors are considered:
• Market expectations for return, risk and correlation of assets
• Constraints limiting investment in particular asset classes
• Your tax rates
Portfolio optimization is a mathematical technique for finding the portfolios that lie along the efficient frontier. These ideas were
developed by Dr. Harry Markowitz and earned him a Nobel Prize in Economics in 1990. These theories are collectively known as
Modem Portfolio Theory.
8
Asset Allocation Analysis
Importance of Asset Allocation
January 24, 2010 Palm Beach Gardens Police
Asset allocation policy is the main determinant of total return.
Market Timing,
Security Selection &
Other Factors 8.5%
A 1991 study by Brinson, Singer and Beebower investigated the determinants of portfolio performance.' By studying the
quarterly returns of 82 pension plans over a 10 -year period, they concluded that:
• The selection which asset classes to invest in and how much to invest in each explained 91.5% of the variation in
the plan's returns.
• Market timing, security selection and other factors combined accounted for only 8.5% of the differences in returns.
' Brinson, G.P., Singer, B.D. and G.L. Beebower, "Determinants of Portfolio Performance Il: An Update ", Financial Analysts Journal, May -June 1991.
9
PSN
z
w
ry
U_
O
w
Q
PERFORMANCE BAR
MARCH 31, 2000 TO MARCH 31, 2010
12/2009- 3/2010
3/2009 - 3/2010
3/2007- 3/2010
3/2005- 3/2010
12/2002- 12/2008
3/2000- 312010
Baring Asset Int'I Fixed Inc.
-1.28
12.28
7.57
4.78
7.61
6.60
JPMorgan Non US Fixed Inc
N/A
N/A
N/A
N/A
7.26
N/A
Pacific Invt Non -US Unhedged
0.31
25.01
8.66
5.54
6.47
7.40
❑ T.Rowe Price Non -U.S. FI Core
-1.13
14.00
6.64
4.97
7.47
7.09
Western Asset Euro Core Full
4.06
25.90
1.72
1.97
1.15
N/A
Citigroup Non -US Dollar Bond
-2.10
8.41
7.45
4.68
7.96
6.49
PSN
MULTI SCATTERS
MARCH 31, 2002 TO MARCH 31, 2010
3/2007 - 3/2010
3/2005 - 3/2010
3/2002 - 3/2010
3/2005 - 3/2010
ROR
Std Dev Pop
3/2002 - 3/2010
Std Dev Pop
�
i � I i i I i i I
i i i I � I I � I
-
i I � � � ■ I I �
7.57
11.62
4.78
9.49
9.07
9.72
• JPMorgan Non US Fixed Inc
I V1 I I I I
N/A
N/A
N/A
N/A
N/A
■ Pacific Invt Non -US Unhedged
8.66
13.74
5.54
11.16
10.09
10.97
♦ T.Rowe Price Non -U.S. FI Core
6.64
10.58
4.97
8.63
9.59
9.34
♦ Western Asset Euro Core Full
1.72
9.24
1.97
7.46
4.27
6.35
♦ Citigroup Non -US Dollar Bond
7.45
ry
o 6---------
- -t - +- -
9.52
0
+- -
o 6--
- + - +-
— — —� — —I — T — T — T — 7 —
1
- — — — — — — — — F — T — T — T — -T
1
— — —I — —1 — 1— — F_ — T — T — -1
6 7 8 9 10 11 12 13 14
6 7 8 9 10 11 12 13 14
6 7 8 9 10 11 12 13 14
Std Dev Pop
Std Dev Pop
Std Dev Pop
312007 - 3/2010
3/2005 - 3/2010
3/2002 - 3/2010
ROR
Std Dev Pop
ROR
Std Dev Pop
ROR
Std Dev Pop
♦ Baring Asset Int'I Fixed Inc.
7.57
11.62
4.78
9.49
9.07
9.72
• JPMorgan Non US Fixed Inc
N/A
N/A
N/A
N/A
N/A
N/A
■ Pacific Invt Non -US Unhedged
8.66
13.74
5.54
11.16
10.09
10.97
♦ T.Rowe Price Non -U.S. FI Core
6.64
10.58
4.97
8.63
9.59
9.34
♦ Western Asset Euro Core Full
1.72
9.24
1.97
7.46
4.27
6.35
♦ Citigroup Non -US Dollar Bond
7.45
11.55
4.68
9.52
9.13
9.89
PSN
MULTI SCATTERS
DECEMBER 31, 2003 TO DECEMBER 31, 2009
12/2008 - 12/2009
12/2008 - 12/2009
12/2006 - 12/2007
12/2005 - 12/2006
12/2004 - 12/2005
12/2007 - 12/2008
ROR
Std Dev Pop
12/2006 - 12/2007
Std Dev Pop
ROR
Std Dev Pop
ROR
Std Dev Pop
ROR
Std Dev Pop
ROR
Std Dev Pop
Baring Assetlnt'I Fixed Inc.
120
I I I
I
120
I I I I
N/A
120
I I I I
-8.90
N/A
96----
-! - -
I
-! - --
I
5.28
N/A
96-----
I I I
- --
I
N/A
6.58
96-----
I I I
- --
I
ry
72--
- - - - -- - -
-T
N/A
ry
72---
--1 I - - - T - -
- T - - -
7.19
N/A
72 ---
I I I
,- - - -1
I
T
O
T.Rowe Price Non -U.S. FI Core
9.28
1
2.62
O
10.96
N/A
8.46
N/A
O
N/A
1 1 1
1
Of
48--
----------- -
I I I
-1 - --
I
N/A
-1.53
48
- - - -------- -
I I I
-L - --
I
5.09
N/A
48 -
L--- I--- _J- -
I I I
-1 - --
I
4.39
24--
10.11
- --
11.46
N/A
24
- - -IT --- - - - - --
- --
N/A
12.14
24 -
- - ---- - - - - --
--
I I
�
0
0
0
0 20 40 60
80 100
0 20 40 60
80 100
0
20 40 60
80 100
Std Dev Pop
Std Dev Pop
Std Dev Pop
12/2005 - 12/2006
12/2004 - 12/2005
12/2003 - 12/2004
120
I I I
I
120
I I I
I
120
I I I
I
96
- - -'
--
96
- - -'
-' - - --
96-----
I I
I
ry
72
1 1- -
-T - --
72
- - -T ------ T - -
- T - - -
72
I I I
1
I
T
0
O
1
1
Q
1 1 1
1
48
- - - -- - -I - -- - -
I I I
-L - --
I
48-----1
- - - - -j -
I I I
_L - - -
I
48 -
L---I---_j ---1---
I I I
I
24
--- 1,--- -11 - -- �1 - --
IT - --
24-----1
- - - - I - - - I - -
- I - - -
24 -
- -1 --- 1----- -
- - - --
I
0
0
0
0 20 40 60
80 100
0 20 40 60
80 100
0
20 40 60
80 100
Std Dev Pop
Std Dev Pop
Std Dev Pop
12/2008 - 12/2009
12/2007 - 12/2008
12/2006 - 12/2007
12/2005 - 12/2006
12/2004 - 12/2005
12/2003 - 12/2004
ROR
Std Dev Pop
ROR
Std Dev Pop
ROR
Std Dev Pop
ROR
Std Dev Pop
ROR
Std Dev Pop
ROR
Std Dev Pop
Baring Assetlnt'I Fixed Inc.
5.74
N/A
8.73
N/A
11.05
N/A
6.45
N/A
-8.90
N/A
11.36
N/A
• JPMorgan Non US Fixed Inc
5.28
N/A
8.26
N/A
9.86
N/A
6.58
N/A
-8.84
N/A
11.56
N/A
■ Pacific Invt Non -US Unhedged
17.85
N/A
-1.10
N/A
11.08
N/A
7.19
N/A
-8.83
N/A
12.67
N/A
T.Rowe Price Non -U.S. FI Core
9.28
N/A
2.62
N/A
10.96
N/A
8.46
N/A
-7.40
N/A
12.39
N/A
♦ Western Asset Euro Core Full
15.75
N/A
-11.08
N/A
-1.53
N/A
0.42
N/A
5.09
N/A
8.73
N/A
♦ Citigroup Non -US Dollar Bond
4.39
N/A
10.11
N/A
11.46
N/A
6.94
N/A
-9.20
N/A
12.14
N/A