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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