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HomeMy WebLinkAboutAgenda Fire Pension 092010THE RESOURCE CENTERS, LLC 4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410 Phone (561) 624 -3277 ❖ Fax (561) 624 -3278 ❖ www.RESOURCECENTERS.COM PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND Meeting of Monday, September 20, 2010 Location: Council Chambers, Palm Beach Gardens City Hall 10500 North Military Trail Palm Beach Gardens, FL 33410 Time: 9:00 A.M. U, Nor-, 1. Call Meeting to Order 2. Minutes of Meeting Held July 26, 2010 3. Custodian Report: Regions Bank — Cindy Farrow 4. Investment Monitor Report: Bogdahn Consulting 5. Attorney Report: Pedro Hererra • Status of Proposed Ordinance • Status of Agreement with Intercontinental 6. Administrative Report: Margie Adcock • Disbursements • Engagement Letter for Steven Gordon 7. Other Business • Review Status of Disability Recipients 8. Schedule Next Meeting: Monday, November 8, 2010 at 9:00 A.M. 9. Adjourn PLEASE NOTE: Should any interested party seek to appeal any decision made by the Board with respect to any matter considered at such meeting or hearing, he will need a record of the proceedings, and for such purpose he may need to insure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact The Resource Centers, LLC no later than four days prior to the meeting. PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND MINUTES OF MEETING HELD July 26, 2010 A meeting of the Board of Trustees was called to order at 10:00 A.M. at Council Chambers, Palm Beach Gardens, Florida. Those persons present were: TRUSTEES Tom Murphy Roy 011iff Ed Morejon Donna Wisneski MINUTES OTHERS Margie Adcock, Administrator Pedro Herrera, Attorney Joe Bogdahn, Investment Monitor The Board reviewed the minutes of the meetings held May 10, 2010 and June 18, 2010. It was noted that there were two typographical errors on the minutes of May 10, 2010. A motion was made, seconded and carried 4 -0 to accept the minutes of the meeting held May 10, 2010 as corrected. A motion was made, seconded and carried 4 -0 to accept the minutes of the meeting held June 18, 2010. INVESTMENT MONITOR REPORT Joe Bogdahn appeared before the Board. He reviewed the preliminary performance for the quarter ending June 30, 2010. He stated that they were still waiting on the universe and peer ranking information. He reviewed the market environment. He reviewed the top ten index weights and performance for the 2nd Quarter. The total market value of the Fund as of June 30, 2010 was $29,809,720. The Fund was down 4.98% net of fees for the quarter. The benchmark information was not available because the NCREIF numbers were not available as of yet. The total equity portfolio was down 10.29% while the benchmark was down 11.66 %. The total domestic equity portfolio was down 10.31% while the Russell 3000 was down 11.32 %. The Dana core equity portfolio was down 9.73% for the quarter while the S &P 500 was down 11.43 %. The Dana growth equity portfolio was down 11.02% for the quarter while the Russell 1000 Growth was down 11.75 %. The total international portfolio was down 10.19% while the benchmark was down 13.75 %. The international portfolio managed by RBC Global was down 8.12% and the international portfolio managed by Manning & Napier was down 13.75% for the quarter while the EAFE was down 13.75 %. The total fixed income portfolio was up 2.93% for the quarter while the benchmark was up 2.92 %. Agincourt was up 3.67% for the quarter while the benchmark was up 3.49 %. DHJ fixed income was up 2.24% for the quarter while the benchmark was up 2.92 %. The real estate portfolio managed by American Realty was up 3.26. 2 Mr. Bogdahn provided information to the Board regarding the domestic equity portfolio. At the last meeting Mr. Morejon has asked for information on those managers that previously interviewed before the Board and how their performance has been. Mr. Bogdahn noted that there were three managers that interviewed in 2002: Bank of America; Trusco; and Eagle Asset Management. He noted that he was unable to put something together for Bank of America because their structure has changed since the time of the interview. He noted that Eagle and Trusco had changes in management since the time of the interview. He stated that if the Board had hired any one of these three managers, he thinks soon afterward the Board would have been talking about replacing them due to the changes that occurred in each firm. Mr. Bogdahn reviewed the trailing performance through June 30, 2010 comparing Dana to Eagle; Ceredex /Silvant (the current Trusco product equivalent); and the S &P for the quarter, year to date, 1, 2, 3, 4, 5, 6 7, 8, 9 and 10 year periods. He stated that looking back on the firms the Board interviewed in 2002, he feels the Board would have made changes due to the management changes those firms have had since then. He noted that the Board has had a more conservative approach. He questioned whether that is the approach the Board wants to stay with or move away from. There was a lengthy discussion. Mr. Bogdahn stated that he thinks with this Fund it makes sense to add ICC Multi -cap to the mix and allocate more to real estate. There was further discussion on the domestic equity investment strategy review. Mr. Bogdahn recommended the Board add the ICC Multi -cap at some percentage based on further discussion on asset allocation at the next meeting, but noted that he thought it would be in the 20% to 25% range. The Board directed the Monitor to prepare the proper asset allocation and split the domestic equity component between Dana and ICC to be presented at the next meeting. There was discussion on the status of the international product. Mr. Herrera stated that the contract should be completed soon. He stated that they are held up on one issue at the moment, which is the indemnification provision. Mr. Morejon questioned information that came up at the most recent conference regarding Intercontinental and possible personnel changes. Mr. Bogdahn stated that they had discussions with Intercontinental about that matter. They did change someone in their accounting department and one person on the marketing side was asked to leave. Mr. Bogdahn stated that they are confident that Intercontinental has marked down their properties and are doing full appraisals every quarter. He stated that there are a couple other firms in the real estate space that like to stir things up and he feels that is what was happening. Mr. Bogdahn stated that he was still recommending the Board be involved in real estate. A motion was made, seconded and carried 3 -1 to hire Intercontinental with a 5% allocation contingent on reaching a proper agreement and bringing the allocation of American Realty up to 5 %. Ms. Wisneski opposed the motion. Mr. Herrera stated that he would finalize the agreement as soon as possible and get the Chairman to sign so that the product could be funded at the next earliest possible date. A motion was made, seconded and carried 4 -0 to approve the 2nd Quarter Investment Monitor Report as presented by Mr. Bogdahn. Mr. Bogdahn provided the final revised Investment Policy Statement. Mr. Herrera advised that he reviewed the documents and it was all in order. 3 ATTORNEY REPORT Mr. Herrera discussed the status of the proposed Ordinance. He stated that he followed up with the City Attorney's Office on the proposed Ordinance. He noted that after that Mr. Morejon contacted his office and inquired about including language regarding the change in the joint annuitant. The language was added and there was no cost impact to the Plan. Any cost could be borne by the Participant with the recalculation. He stated that it is his understanding that the proposed Ordinance is on the August agenda. Mr. Morejon stated that Mr. Owens reviewed the Ordinance and in spite of the fact that the Actuary has given a no cost impact letter to the City, the City is opposed to the 3% fixed option. He stated that he thinks it might be a good idea for the Board to have the Actuary at the Council meeting. He also asked Ms. Wisneski if she would be willing to speak at the Council meeting since she is one of the City representatives on the Board. There was a lengthy discussion on what to present to the Council. There was a discussion on possible self - directed options for the DROP. There was a lengthy discussion on possible options, including ICMA. Mr. Herrera noted that if the Board wanted to allow self - directed options for the DROP, the Ordinance would need to be amended to allow for that. It was noted that the proposed Ordinance going before the City Council now is with a 3% guarantee. There was further discussion. OTHER BUSINESS The Board was presented with the engagement letter for Steve Gordon to perform the Audit for the fiscal year ending September 30, 2010. Ms. Wisneski stated that she met with the City Auditor and Mr. Owens in mid July regarding the necessary requirements needed for the Audit. She had a telephone conference with Mr. Gordon after that and Mr. Gordon indicated that he would make the necessary adjustments. She stated that she would review the engagement letter to see if she has any further questions. It was noted that the Board would approve and execute the engagement letter at the next meeting. Mr. Morejon noted that at the last meeting Mr. Bogdahn provided information on several custodians. Mr. Morejon stated that he spoke with Brad Rimsen of Salem Trust at the FPPTA Conference and advised that what he had provided Mr. Bogdahn was their general fee model. Mr. Rimsen indicated that if he knew the participant information, he could provide a better fee quote. Mr. Bogdahn stated that he did send detail information to Salem but apparently Mr. Rimsen did not see it. There was discussion on the services that the Custodian provides. Mr. Morejon indicated that perhaps the Board should issue a RFP to learn more about what should be provided. It was noted that if the goal is to find out what our Custodian does, the Board should invite Regions to a meeting to make a presentation. The Board decided to have Regions attend the next meeting to give the Board a tutorial on their mechanics and process. It was noted that there was a letter from Manning and Napier dated June 11, 2010 regarding management changes. Mr. Bogdahn stated that there is nothing significant that would affect this Fund. 4 The Board reviewed the responses received to the disability review process. It was noted that Ms. Bush provided a doctor's report that stated she was currently unable to work as a firefighter. Mr. Weaver provided a letter from a doctor that stated that he did not think Mr. Weaver could return to work as a firefighter. It was noted that the three other disability recipients did not provide current letters from a doctor. They all indicated that they were not currently receiving medical attention for their disability. Mr. Herrera reviewed the disability review procedures. There was a lengthy discussion. The Board directed Ms. Adcock to send a follow up letter to the three disability recipients advising that they need to provide the Board with a letter from a doctor stating that they are still disabled by September 15th or their pension would be discontinued until the Board received proper verification. ADMINISTRATIVE REPORT Ms. Adcock presented the list of disbursements to be made. She also provided three additional invoices from Dana, DHJ and Regions to be added to the list. A motion was made, seconded and carried 4 -0 to approve the disbursements as well as the three additional invoices submitted for Dana, DHJ and Regions. OTHER BUSINESS CONTINUED There being no further business, the meeting adjourned. Respectfully submitted, Tom Murphy, Secretary Institutional ServiCles A REGIONS MORGAN KEEGAN TRUST Regions Morgan Keegan Trust Custodial Services Presentation September 20th, 2010 City of Palm Beach Gardens Firefighters' Retirement System Presented By: David Falconer Cynthia Farrow CRSP Senior Vice President Assistant Vice President Florida Institutional Trust Manager Institutional Relationship Manager david.falconer(a-). regions. corn cynthia.farrow(aD- regions. corn 813- 639 -3417 813- 639 -3411 A REGIONS MORGAN KEEGAN 1 TRUST Regions Financial Overview • Regions Financial Corporation has $142 billion in assets • A member of the S &P 100 index • Trades on the NYSE under ticker RF • Florida Bank Deposits - $18.6 Billion. • Florida Bank Branches — 394 • Operates almost 1,900 banking offices and nearly 2,300 ATMs across a 16 state footprint A REGIONS MORGAN KEEGAN 3 TRUST Regions Morgan Keegan Trust • The Trust and Asset Management Division of Regions Financial Corporation • Assets of more than $70 billion • Managed assets of more than $26 billion • 37,000 client accounts • The nation's 4th largest Corporate Trustee • Serves clients through 60 offices across 16 states with 1,000 employees in the South, Midwest and Texas • 8 Florida offices — Tampa, Orlando, Pensacola, Ocala, Naples, Ft. Lauderdale, Coral Gables, Brevard County • Largest funeral and cemetery trust services provider in the U.S. A REGIONS MORGAN KEEGAN TRUST .W. Our Custodial Services • Trade Clearance and Settlement • Safekeeping • Securities Pricing • Corporate Action Processing • Proxy Notification • Periodic Receipts & Disbursements • Global Custody • Principal & Income Collections • Cash Management • Common Trust Fund Accounting Services • Amortization /Accretion Processing • Tax Reporting • Internet Access • Performance Measurement Reporting • Financial Statements • Securities Lending A REGIONS MORGAN KEEGAN TRUST Our Custodial Services Internet Access RMK Trust offers an internet based product known as Trust Online that allows clients and their designees access to various account information. Access is available for viewing and retrieval of daily transaction activity, portfolio holdings and accounting statements all in a secured, encrypted environment. Data is updated nightly and can be downloaded into many popular formats. Historical information is retained online for the past three years. A REGIONS MORGAN KEEGAN 6 TRUST Trust Online Downloading a—,. — IMO.o ww ...a•n Last Loolno 03/12/2010 M20j31.46 CST . CeatactW • Us Gwftes • Helo • ^beat ♦ Le�F Mg Accounts Projections File Download MyReports Login � Posted Transactions frmWizardFrame - Microsoft Internet Explorer IONS File Download Posted Trarisactioli :At --ti', ;IONS Download • Email • Quick Pr Select File Type Time Period: De Range: at Excel From [021011201O to 03/11/2 0Comma Delimited <Previous Page 1 of 1 Next OSemi -Colon Delimited O Tab Delimited 02/01/2010 02/17/2010 00846UIOI 02/17/2010 031162100 0 Fixed Length 10.000000 15.000000 02/17/2010 037833100 10.000000 02117/2010 039483102 5.000000 02/17/2010 071813109 10.000000 03/11/2010 Done PL =.t 8 Q Trusted sites Wedink - hYVosoft In... — ._..,..,, 0 �1C ® ®. 3:16 PM A REGIONS MORGAN KEEGAN 7 TRUST Trust Online L Rsotor�s Mo�o�.+ R��c�� Last Logim 03/11/2010 17s M 16.01 CST 0 Centact W • Usaw OptlR • Help + About • Logo Transactions Projections File Download My Reports Login � Investment Summary Investment Sirni liarx- Download • Email • Print Preview As of Date: 03/11/2010 _J CO Settled O Traded CASH AND EQUIVALENTS 241,465.77 EQUITIES 7,460,890.62 FIXED 43,492.60 INTERNATIONAL 468, 854.64 TOTAL ACCOUNT �.. 8,214,703.6 W Investment Overview Net Due To /Due From Broker 0.00 Year to Date Long Term Gain /Loss: Year to Date Short Term Gain /Loss: Year to Date Qualified 5 Yr Gain: Investment Objective: UNKNOWN Investment Authority: NONE 8899252592 - WEBLINK REGIONS WEBLINK TEST ACCOUNT FOR REGIONS 241,465.77 241,465.77 3.273 7,460,890.62 6,735,961.25 91.293 43, 492.60 45,133.60 0.612 ■ CASH AND EQUIVALENTS ■ EQUITIES . FIXED . INTERNATIONAL A REGIONS MORGAN KEEGAN 8 TRUST Local Management Team An specific Institutional Relationship Manager is assigned to each client relationship. The designated Relationship Manager is the `point of contact' for the day -to -day servicing needs of the relationship and is ultimately responsible for client servicing. The Relationship Manager is supported locally by the Florida team and ultimately by the dedicated custody support team in Birmingham. The Relationship Manager has the authority to call on the full resources of the organization to deliver client service. A REGIONS MORGAN KEEGAN 9 TRUST Relationship Management Team David Falconer Florida Institutional Trust Services Manager Cindy Farrow Institutional Relationship Manager David Smeltzer Institutional Relationship Manager Mindy Johnson Administrative Support LIA, REGIONS MORGAN KEEGAN ,� TRUST Relationship Management Team Cindy Farrow, CRSP Assistant Vice President, Institutional Services Relationship Manager Ms. Farrow joined the firm in May 2001 and is currently a Relationship Manager responsible for maintaining client relationships and providing account administration for institutional clients located in the Central Florida region. Her industry experience began in 1998. Prior to joining, from 1998 -2001 Cindy worked at a large national banking institution where she was a Wealth Management Associate. Cindy is a 2004 graduate from the Florida Graduate Trust School; University of South Florida, Tampa, FL and a 2008 graduate of the Cannon Financial Institute where she earned her CRSP designation. David Falconer, AIF, CRSP Senior Vice President, Regional Institutional Services Manager Mr. Falconer serves as the Regional Institutional Trust Services Manager for the state of Florida. He has over 20 years of experience in the retirement and institutional services industry. David began his career working in plan administration, service and sales roles for Worthen Trust Company and its subsequent entities in Arkansas. Immediately prior to joining Regions Morgan Keegan Trust, Mr. Falconer was the Client Services Manager for First Mercantile Trust Company, a subsidiary of SunTrust Bank, for 6 years. David graduated with honors with a BSBA in Finance from the University of Arkansas — Fayetteville and holds a Juris Doctorate Degree from the University of Arkansas — Little Rock. David is a Certified Retirement Services Professional (CRSP) and has earned the Accredited Investment Fiduciary (AIF) professional designation, awarded by the Center for Fiduciary Studies, which is associated with the University of Pittsburgh. LIII, REGIONS MORGAN KEEGAN TRUST Custody Services Team Our Trust Operations and Technology Group has over 150 employees, with an average tenure of 25 years in operations management. This team offers experienced management and staff, excellent operational capabilities, sound internal control procedures and superior service. The Custody Services Team is responsible for working with internal Relationship Managers, as well as, External Investment Advisors and Securities Brokers to facilitate the settlement of all securities trades for accounts which we serve in the capacity of Trustee or Custodian. The Custody Services Group handles an average of 300,000 trades per year, maintaining a record of 99.99% accuracy. Our fail rate is less than 1 % of all trades with sell fails being kept to a minimum. A REGIONS MORGAN KEEGAN �� TRUST Custody Services Team Gerald Sheridan - Vice President, Trust Operations Unit Manager Mr. Sheridan joined the firm in April 2006 and is the Trust Operations Unit Manager responsible for the Management of the Custodial Services, Trade Settlement, Income Collection and Corporate Reorganization teams. His role includes overseeing the personnel management of these teams and ensuring accuracy, timeliness and integrity of Region Morgan Keegan Trust's operational systems. His experience began in May 1976. Prior to joining, from 2003 -2006, Mr. Sheridan was a Custody Services Relationship Manager at SunGard Asset Management Systems. From 1998 -2003 Mr. Sheridan was a Vice President at State Street Bank, where he managed the client reporting unit. Joey Luallen - Settlements /Custody Team Manager Mr. Luallen joined the firm in May 2001 and is the Team Manager for the Custodial Services Team. Additionally, he is Team Manager for the Settlements Team. In this role, he is responsible for processing transactions for external investment managers, reconciling daily cash flows and investments and ensuring accuracy, timeliness and Integrity of external trades. His experience began in March 1997. Prior to joining, from 1997 -2001, Mr. Luallen was a Team Manager at a Regional bank. Mr. Luallen received a B.A. in Finance Communication from Jacksonville State University LAI1 REGIONS MORGAN KEEGAN 13 TRUST Representative Client List: Company Wide Representative List • University of Alabama Systems - $2B • State of Tennessee - $2.6B • National Association of Letter Carriers - $800M • Arkansas Local Police & Fire Retirement System - $800M • Municipal Employees Retirement System of LA - $700M Florida Representative List • City of Crestview General Employees' Retirement - $ 9M • City of Lake Mary Police Officers' and Firefighters Retirement Plan -$16M • City of Lauderhill General Employees'- $ 13M • City of Palm Beach Gardens Firefighters'- $ 29M • City of Winter Haven Police Officers'- $ 17M • Alachua County Library District Retirement Plan - $ 14M • City of Dunedin Firefighters' Retirement Plan — $15M A REGIONS MORGAN KEEGAN TRUST Current Accounts - Custodial Fee Schedule Current Accounts Palm Beach Gardens (Main) $ 6.7M Palm Beach Gardens Dana Growth $ 6AM Palm Beach Gardens Agincourt $ 4AM Palm Beach Gardens Equity $ 7.6M Palm Beach Gardens Fixed $ 4.7M Palm Beach Gardens Freedom $ 1.1M Palm Beach Gardens Drop $ 225K Palm Beach Gardens Master Account $ 31 AM s 4 basis points of market value of account. (minimum monthly fee ($250.00) • All Inclusive Fee * Market values as of 9/17/2010 LIII, REGIONS MORGAN KEEGAN is TRUST THANK YOU! QUESTIONS? A REGIONS MORGAN KEEGAN TRUST Robert A. Sugarman* Howard S. Susskind Kenneth R. Harrison, Sr. D. Marcus Braswell, Jr. Pedro A. Herrera Noah Scott Warman Ivelisse Berio LeBeau ♦Board Certified Labor & Employment Lawyer SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW September 13, 2010 Board of Trustees City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, Florida 33410 Re: IRS Determination Request Dear Trustees: 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 (305) 529 -2801 Broward (954) 327 -2878 Toll Free 1- 800 - 329 -2122 Facsimile (305) 447 -8115 You will recall that in early 2008, the Internal Revenue Service turned its attention to state and local governmental pension plans and opened a dialogue with the governmental pension plan community regarding the filing of applications for a Favorable Determination Letter from the IRS. One result of that dialogue was to permit governmental plans to defer the filing of an application until Cycle E, which will run from February 1, 2010 to January 31, 2011. We write to recommend that you apply for a Favorable Determination Letter during Cycle E. During the recent conference of the National Association of Public Pension Attorneys, the IRS stated unambiguously its intention to begin to turn its attention to the compliance of public pension funds with the requirements of the Internal Revenue Code. The Service also stated clearly that funds that apply for a determination letter during the current cycle will be treated more leniently than funds that delay filing or that are selected for audit. We therefore recommend that the fund apply during the current cycle for a favorable determination letter. A Favorable Determination Letter is a letter from the IRS stating that the provisions of the plan, as set forth in the plan document, satisfy the requirements of Section 401(a) of the In re: IRS Determination Letter September 13, 2010 Page 2 Internal Revenue Code. A plan that satisfies the requirements of Section 401(a) is deemed to be a "qualified plan," and is entitled to favorable tax treatment. Specifically, the employees are not taxed on the value of contributions paid on their behalf until they begin to receive benefits under the plan; and the income of the fund, including investment earnings, is not subject to taxation. The importance of a Favorable Determination Letter in the administration of the plan cannot be overstated. First, it assures the trustees that the plan meets the requirements for favorable tax treatment. Second, the board of trustees may rely upon the Favorable Determination Letter in the event of a subsequent audit of the plan by the IRS. In Revenue Procedure 2005 -66, the IRS established a system of 5 -year application cycles for Favorable Determination Letters. Under the new system, employee benefit plans are encouraged to apply once every five years for a Favorable Determination Letter. An initial application period is designated for each type of employee benefit plan. For governmental plans, the initial application period began on February 1, 2008 and ran until January 31, 2009. Pursuant to the extension that was granted in 2008, governmental plans were permitted to defer filing until Cycle E, from February 1, 2010 to January 31, 2011. That means that this plan should apply prior to January 31, 2011 for a Favorable Determination Letter, which would remain valid for three years, until the end of the next application period, January 31, 2014. For all subsequent years, the plan would revert to Cycle C, and subsequent Favorable Determination Letters would have a validity of five years. Although a plan may apply for a Favorable Determination Letter outside of its designated five -year cycle, we advise the board of trustees to file its application in accordance with the designated cycle for the plan. First, as stated above, the IRS has indicated that plans that file during the cycle will be treated leniently. Also, with respect to the current application period, its ending date, January 31, 2011, is also the deadline for governmental plans to make any remedial plan amendments required by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Generally, therefore, in the case of an application submitted prior to that date, if the IRS determined that certain amendments were required in order to bring the plan into compliance with EGTRRA, the trustees would be permitted to make the necessary amendments without any penalties being levied against the plan. In the case of an application submitted after January 31, 2011, penalties may apply to each provision, or lack thereof, of the Plan that does not comply with the requirements of EGTRRA. The preparation of an application for a favorable Determination Letter is a multi -step process. We must first obtain copies of all plan documents and amendments that have been adopted by the board of trustees since the issuance of the plan's most recent Favorable Determination Letter. We then prepare the application form 5300, which is submitted to the IRS along with all required supporting documentation, including plan documents and amendments, and copies of past Favorable Determination Letters. Simultaneously, notice of the submission of In re: IRS Determination Letter September 13, 2010 Page 3 the application must be sent to all interested parties (employer, labor organizations, etc.). During the pendency of the application, we correspond closely with the IRS in order to draft any amendments to the plan that the Service deems necessary to the plan's qualification. We obtain the Service's approval of any proposed amendments, prior to submitting them to the trustees for action. Finally, once a Favorable Determination Letter has been issued, we instruct the trustees of the proper procedures for maintaining the Letter in the plan's records. We estimate that a total of approximately 35 hours will be necessary to complete the entire application process (compared to the IRS' estimation of approximately 63 hours as reported on Form 5300). Our fee for the preparation of your application as set forth above is $8,500.00. In addition, an application fee of $1,000.00 is payable directly to the Internal Revenue Service. In light of the significant amount of time required to prepare the application for submission to the IRS, and of the likely need of on -going correspondence and cooperation between our offices and the IRS during the pendency of the application, we recommend that the trustees authorize our offices to take all steps necessary to the processing of the application. Any issue, however, relating to the eventual imposition of penalties, fines, or the on -going qualification of the plan, would be brought to the trustees for resolution. We look forward to discussing this matter with you upon the occasion of your next meeting. Yours truly, ROBERT A. SUGARMAN Board Certified Labor & Employment Lawyer RAS /jd Steven I. Gordon Certified Public Accountant American Institute of Certified Public Accountants Florida Institute of Certified Public Accountants July 1, 2010 Board of Trustees City of Palm Beach Gardens Firefighters' Pension Trust. Fund Palm Beach Gardens, Florida I am pleased to confirm my understanding of the services I am to provide for City of Palm Beach Gardens Firefighters' Pension Trust Fund for the year ended September 30, 2010. I will audit the net assets available for benefits of Financial Statements of City of Palm Beach Gardens Firefighters' Pension Trust Fund as of September 30, 2010 and the related statements of changes in net assets for the year then ended. Accounting standards generally accepted in the United States provide for certain required supplementary information (RSI) to supplement City of Palm Beach Gardens Firefighters' Pension Trust Fund's basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. As part of our engagement, we will apply certain limited procedures to City of Palm Beach Gardens Firefighters' Pension Trust Fund's RSI in accordance with auditing standards generally accepted in the United States of America. These limited procedures will consist of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We will not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. The following RSI is required by generally accepted accounting principles and will be subjected to certain limited procedures, but will not bee audited: Management's Discussion and Analysis, Schedule of Funding Progress and Schedule of Contributions from Employer and Other Contributors. The objective of my audit is the expression of an opinion as to whether your financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and whether the supplemental schedules are fairly stated in all material respects in relation to the basic financial statements taken as a whole. My audit will be conducted in accordance with U.S. generally accepted auditing standards and will include tests of the accounting records of City of Palm Beach Gardens Firefighters' Pension Trust Fund and other procedures I consider necessary to enable me to express such an opinion. If my opinion is other than unqualified, I will discuss the reasons with you in advance. If, for any reason, I am unable to complete the audit or am unable to form or have not formed an opinion, I may decline to express an opinion or to issue a report as a result of this engagement. 4600 W. Commercial Blvd. Suite 5 Tamarac, FL 3330 Voice (954) 485 -5788 Fax (954) 485 -8588 Audit Procedures Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts and direct confirmation of investments, benefit obligations, and certain other assets and liabilities by correspondence with financial institutions, and other third parties. I will also request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of my audit, I will require certain written representations from you about the financial statements and related matters. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, my audit will involve judgment about the number of transactions to be examined and the areas to be tested. Also, I will plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether from errors, fraudulent financial reporting, misappropriation of assets, or violations of laws or governmental regulations, that are attributable to the plan or to acts by management or employees acting on behalf of the plan. Because an audit is designed to provide reasonable, but not absolute, assurance and because I will not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by me. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements. However, I will inform you of any material errors that come to my attention, and I will inform you of any fraudulent financial reporting or misappropriation of assets that comes to my attention. I will also inform you of any violations of laws or governmental regulations that come to my attention, unless clearly inconsequential. My responsibility as auditor is limited to the period covered by my audit and does not extend to any later periods for which I am not engaged as auditor. My audit will include obtaining an understanding of internal control sufficient to plan the audit and to determine the nature, timing, and extent of audit procedures to be performed. An audit is not designed to provide assurance on internal control or to identify reportable conditions, that is, significant deficiencies in the design or operation of internal control. However, during the audit, if I become aware of such reportable conditions, I will communicate them to the board of trustees in a separate letter. In addition, I will perform certain procedures directed at considering the Plan's compliance with applicable Internal Revenue Service (IRS) requirements for tax - exempt status. However, you should understand that my audit is not specifically designed for and should not be relied upon to disclose matters affecting plan qualifications or compliance with IRS requirements. If during the audit I become aware of any instances of any such matters or ways in which management practices can bee improved, I will communicate them to you. Management Responsibilities You are responsible for making all financial records and related information available to me and for the accuracy and completeness of that information. I will advise you about appropriate accounting principles and their application and will assist in the preparation of your financial statements, but the responsibility for the financial statements remains with you.. This responsibility includes the establishment and maintenance of adequate records and effective internal controls over financial reporting, the selection and application of accounting principles, and the safeguarding of assets. You are responsible for adjusting the financial statements to correct material misstatements and for confirming to me in the management representation letter that the effects of any uncorrected misstatements aggregated by me during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. You are also responsible for identifying and ensuring that the plan complies with applicable laws and regulations. Fees and Other My fees for these services will be $5,450. You will also be billed for travel and other out -of- pocket costs, if any. Should you request me to prepare the state annual report I would charge $1,000 for the service. The fee estimate is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, I will discuss it with you and arrive at a new fee estimate before I incur the additional costs. My invoices for these fees will be rendered each month as work progresses and are payable on presentation. In accordance with my firm policies, work may be suspended if your account is overdue and will not be resumed until your account is paid in full. If I elect to terminate my services for nonpayment, my engagement will be deemed to have been completed upon written notification of termination, even if I have not completed my report. You will be obligated to compensate me for all time expended and to reimburse me for all out -of- pocket expenditures through the date of termination. I appreciate the opportunity to be of service to the City of Palm Beach Gardens Firefighters' Pension Trust Fund and believe this letter accurately summarizes the significant terms of my engagement. If you have any questions, please let me know. If you agree with the terms of my engagement as described in this letter, please sign the enclosed copy and return it to me. Very trul yours, V Steven I. Gordon, CPA RESPONSE: This letter correctly sets forth the understanding of City of Palm Beach Gardens Firefighters' Pension Trust Fund. For the Plan: Title: Bate: PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND DISBURSEMENTS September 20, 2010 • THE RESOURCE CENTERS, LLC. $ 3,250.00 (Bill for services for August and September 2010) • REGIONS MORGAN KEEGAN TRUST $ 2,019.06 (Custodial Fees for July and August 2010) • SUGARMAN & SUSSKIND $ 3,733.50 (Fees for legal services for July and August 2010) • AGINCOURT CAPITAL MANAGEMENT $ 2,732.48 (2nd Quarter 2010 Management Fee) • RBC GLOBAL ASSET MANAGEMENT $ 2,684.24 (2nd Quarter 2010 Management Fee) • FPPTA $ 400.00 (Registration for Donna Wisneski for FPPTA School in September 2010) Total Disbursements for Approval $ 14,819.28 (Trustee) (Trustee) Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Firefighters' Pension Fund Ship To Invoice Date Invoice # 0112010 1 10124 P.O. Number Terms Rep Ship Via F.O.B. "Oct 8/3112010 Quenfity Item Code Description Price Each Amount Palm Beach Garden... Palm Beach Gardens Firefighters' Pension Fund for the month of September 2010 1,625.00 1,625.00 Total 51,625.00 Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Firefighters' Pension Fund Ship To Invoice Oate Invoice # 7/30/2010 10798 P.O. Number Terms Rep Ship Me F.O.B. Project 7130/2010 Quantity Item Code Description Price Each Amount Palm Beach Garden... Palm Beach Gardens Firefighters' Admin Fee for the month of August 2010 1.625.00 1.625.00 Total s 1.625.00 REGIONS MORGAN KEEGAN Post Office Box 12385 ;. Birmingham, Alabama 35202 -2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 09/13/2010 ACCOUNT # 3320005077 ACCOUNT NAME: PB GARDENS FIRE J. SCOTT BAUR PENSION RESOURCE CENTER 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDEN FL 33410 INVOICE NUMBER 63663 $ 2,019.06 SUMMARY.OF ACCOUNT tatttt + + +ttttataa tta + + + + + +t + +t +t +tt +ttta tart +t +tt + +t+ +t +tt +t +t +tta PREVIOUS BALANCE 1,006.31 CURRENT FEE: 1,012.75 BALANCE DUE $ 2,019.06 FEE CALCULATION DETAIL 08/01/2010 - 08/31/2010 tratttt + +taaaat +t tt +taaa♦ :ataa +aaaatt +ta ♦ttta +aaat + ++ ttttaat :aaa :t DESCRIPTION / RATE FEE TOTAL BASIS MARKET VALUE PERIOD ENDING 08/31/2010 30,382,663.60 0.0000083333 25,318.79 25,318.79 $ 25,318.79 FEE CALCULATION DETAIL 08/01/2010 - 08/31/2010 ITEM AMOUNT - --------- ---- ---- -------- --- - -- -- --- ---- - -- DISCOUNT: PERIOD ENDING 08/31/2010 24,306.04 - TOTAL $ 24,306.04- _=====x===== SUMMARY OF FEE CALCULATION DETAIL ttaatataaaa :aattt attataaattttattaattaa ++ +ttaaat :ttt :t aatt +t +ataaat ITEM AMOUNT --- -- --------------- ----------- -- ---- MARKET VALUE - ----- - 25,318.79 DISCOUNT 24,306.04 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 1,012.75 FOR FEE CALCULATION PERIOD 08/01/2010 - 08/31/2010 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PAT.M BCit GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 2850000097 PB GARDENS DROP 0.629409048 6.37 BILL TO A/C 3320005077 3320005077 PB GARDENS FIRE 21.90981119% 221.89 BILL 3320010132 PB GARDENS FREED 3.799907568 38.48 BILL TO A/C 3320005077 3350000088 PB GARD FIRE EQ 23.49652339% 237.96 BILL TO A/C 3320005077 3350000097 PB GARD FIRE FXD 15.759143328 159.60 BILL TO A/C 3320005077 3350000104 PB GARD FIRE AGN 14.84712235% 150.36 BILL TO A/C 3320005077 3350000113 PB GAR DANA GRTH 19.55808315% 198.09 BILL TO A/C 3320005077 REGIONS MORGAN KEEGAN Post Office Box 12385 Birmingham, Alabama 35202 -2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 09/13/2010 2 ACCOUNT NAME PERCENTAGE MARKET VALUE 2850000097 PB GARDENS DROP 0.629409046 191,231.23 3320005077 PB GARDENS FIRE 21.909811198 6,656,784.23 3320010132 PB GARDENS FREED 3.79990756% 1,154,513.13 3350000088 PB GARD FIRE EQ 23.496523398 7,138,869.66 3350000097 PB GARD FIRE FXD 15.759143324 4,788,047.50 3350000104 PB GARD FIRE AGN 14.84712235% 4,510,951.24 3350000113 PB GAR DANA GRTH 19.55808315% 5,942,266.61 FEES ARE DUE WITHIN 120 DAYS OF THE INVOICE DATE. ANY FEE NOT PAID WILL BE CHARGED TO THE TRUST. IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT CINDY FARROW AT 813 - 639 -3411 REGIONS MORGAN KEEGAN Post Office Box 12385 Birmingham, Alabama 35202 -2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 08/11/2010 ACCOUNT # 3320005077 ACCOUNT NAME: PB GARDENS FIRE RECEIVED AUG 16 7010 J. SCOTT BAUR TEGRIT PLAN ADMINISTRATORS 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDEN FL 33410 MARKET VALUE PERIOD ENDING 07/31/2010 30,189,435.42 0.0000083333 25,157.76 25,157.76 $ 25,157.76 FEE CALCULATION DETAIL 07/01/2010 - 07/31/2010 ITEM AMOUNT ----- --------------------- -- - - -- ------ - - - - -- DISCOUNT: PERIOD ENDING 07/31/2010 24,151.45 - TOTAL $ 24,151.45- SUMMARY OF FEE CALCULATION DETAIL + + + + +ttt +ttttt +tt tttt + + + + +ttt + +ttt +t +ttt + + +tttt + + + +tt tttt +tttttttt ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- MARKET VALUE 25,157.76 DISCOUNT 24,151.45 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 1,006.31 FOR FEE CALCULATION PERIOD 07/01/2010 - 07/31/2010 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT INVOICE NUMBER 62921 $ 1,006.31 PERCENTAGE SUMMARY OF ACCOUNT CHARGE /BILL + + + + + +t +t +tt + + +tt t +t +tttt +tttttt +tttttt+ +tttt + + + + + + +t ttttttttttttt GARDENS DROP PREVIOU. ^. BALANCE 3,008.62 BILL PAYMENTS RECEIVED: 3,008.62 - 3320005077 CURRENT FEE: 1,006.31 GARDENS FIRE BALANCE DUE $ 1,006.31 BILL FEE CALCULATION DETAIL 07/01/2010 - 07/31/2010 +tt+ +ttttttt : + +t+ xtttttt :t :t +t +t +tt +tttt ttttttt +t +ttt tttttttt +tttt DESCRIPTION/ RATE FEE TOTAL BASIS TO A/C MARKET VALUE PERIOD ENDING 07/31/2010 30,189,435.42 0.0000083333 25,157.76 25,157.76 $ 25,157.76 FEE CALCULATION DETAIL 07/01/2010 - 07/31/2010 ITEM AMOUNT ----- --------------------- -- - - -- ------ - - - - -- DISCOUNT: PERIOD ENDING 07/31/2010 24,151.45 - TOTAL $ 24,151.45- SUMMARY OF FEE CALCULATION DETAIL + + + + +ttt +ttttt +tt tttt + + + + +ttt + +ttt +t +ttt + + +tttt + + + +tt tttt +tttttttt ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- MARKET VALUE 25,157.76 DISCOUNT 24,151.45 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 1,006.31 FOR FEE CALCULATION PERIOD 07/01/2010 - 07/31/2010 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 2850000097 PB GARDENS DROP 0.600086948 6.04 BILL TO A/C 3320005077 3320005077 PB GARDENS FIRE 17.379897998 174.90 BILL 3320010132 PB GARDENS FREED 6.078725508 61.17 BILL TO A/C 3320005077 3350000088 PB GARD FIRE EQ 24.74330877% 248.99 BILL TO A/C 3320005077 3350000097 PB GARD FIRE FXD 15.749386118 158.49 BILL TO A/C 3320005077 3350000104 PB GARD FIRE AGN 14.71386145% 148.07 BILL TO A/C 3320005077 3350000113 PB GAR DANA GRTH 20.73473324% 208.65 BILL TO A/C 3320005077 AAA REGIONS MORGAN KEEGAN Post Office Box 12385 Birmingham, Alabama 35202 -2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 08/11/2010 2 ACCOUNT NAME PERCENTAGE MARKET VALUE 2850000097 PB GARDENS DROP 0.60008694% 181,162.86 3320005077 PB GARDENS FIRE 17.379897998 5,246,893.08 3320010132 PB GARDENS FREED 6.07872550% 1,835,132.91 3350000088 PB GARD FIRE EQ 24.74330877% 7,469,865.22 3350000097 PB GARD FIRE FXD 15.749386118 4,754,650.75 3350000104 PB GARD FIRE AGN 14.713861458 4,442,031.70 3350000113 PB GAR DANA GRTH 20.734733248 6,259,698.90 FEES ARE DUE WITHIN 120 DAYS OF THE INVOICE DATE. ANY FEE NOT PAID WILL BE CHARGED TO THE TRUST. IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT CINDY FARROW AT 813- 639 -3411 Robert A. Sugarman Howard S. Susskind Kenneth R. Harrison, Sr. D. Marcus Braswell, Jr. Pedro A. Herrera Ivelisse Berio- LeBeau Noah S. Warman SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW September 7, 2010 City of Palm Beach Gardens I"irefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, Florida 33410 CURRENT FEES: 1,824.00 CURRENT COSTS: 0.00 PREVIOUS BALANCE: 7,412.85 PAYMENTS RECEIVED: 5,075.85 -ck #179746 CREDIT: 427.50 -* TOTAL AMOUNT DUE: 3,733.50 * S427.50 was billed in error on Augusl 3 invoice. 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 (305) 529 -2801 Broward 763 -2566 Toll Free 1 -800- 329 -2122 Facsimile (305) 447 -8115 SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305-529-2801 Fax: 305 - 447 -8115 www.sugarmansusskind.com City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Client:Matter PBGF:ACTU In Reference To: Actuarial Services September 03, 2010 Amount Previous balance $233.70 8/10/2010 Payment - Thank You. Check No. 179746 Total payments and adjustments Balance due Client:Matter PBGF:INVM In Reference To: Investment Manager Professional Services f 1233.701 ($233.70) $0.00 Hrs/Rate Amount 8/27/2010 Review and edit Side Letter with Intercontinental Real Estate. 0.80 228.00 285.00/hr For professional services rendered 0.80 $228.00 Previous balance $427.50 Balance due $655.50 City of Palm Beach Gardens Firefighters' Pension Fund Page 2 Client:Matter PBGF:MEET In Reference To: Meeting Amount Previous balance $4,645.50 8/10/2010 Payment - Thank You. Check No. 179746 ($3,505.50) Total payments and adjustments ($3,505.50) Balance due Client:Matter PBGF:MISC In Reference To: Miscellaneous 40. 0 Amount Previous balance $171.00 Balance due Client:Matter PBGF:ORDN In Reference To: Ordinances Professional Services 8/9/2010 Draft ordinance language amending to include self- directed DROP option For professional services rendered Previous balance 8/10/2010 Payment - Thank You. Check No. 179746 Total payments and adjustments 71. 0 Hrs /Rate Amount 0.40 114.00 285.00/hr 0.40 x:00 $570.00 ($570.00) 570.0 ) A City of Palm Beach Gardens Firefighters' Pension Fund Page 3 Amount Balance due $114.00 Client:Matter PBGF:PLAN In Reference To: Plan Professional Services 8/19/2010 Attend City Council meeting. Prepare for meeting. Travel. 8/2012010 Review and edit proposed ordinance amendment as per City Council's guidance. Telephone conference with Chairman regarding same. For professional services rendered Previous balance 8/10/2010 Payment -Thank You. Check No. 179746 Total payments and adjustments Balance due Client:Matter PBGF:SIPO In Reference To: Statement of Investment Policy Hrs /Rate Amount 4.80 1,368.00 285.001hr 0.40 114.00 285.00 /hr 5.20 $1,482.00 $481.65 MAR1 AM ($481.65) $1,482.00 Amount Previous balance $456.00 8/10/2010 Payment -Thank You. Check No. 179746 rtqRS nn Total payments and adjustments Balance due ($285.00) $171.00 Robert A. Sugarman Howard S. Susskind Kenneth R. Harrison, Sr. D. Marcus Braswell, Jr. Pedro A. Herrera Ivelisse Berio- LeBeau Noah S. Warman SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW August 3, 2010 City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, Florida 33410 CURRENT FEES: 2,337.00 CURRENT COSTS: 0.00 PREVIOUS BALANCE: 5,075.75 PAYMENTS RECEIVED: 0.00 TOTAL AMOUNT DUE: 7,412.75 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 (305) 529 -2801 Broward 763 -2566 Toll Free 1 -800- 329 -2122 Facsimile (305) 447 -8115 RECEIVED AUG 0 6 7010 .. �. .�_ _ . -. :.. :. ::� . _ � 1 .. _. .f � - t�,. t �_ t . . '.. - .. i .. L �1.'t _ � .. .: .. �. .�_ _ . -. :.. :. ::� . _ � 1 .. _. .f � - t�,. t �_ t . SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305 -529 -2801 Fax: 305 - 447 -8115 www.sugarmansusskind.com City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Client:Matter PBGF:ACTU In Reference To: Actuarial Services Previous balance Balance due Client:Matter PBGF:INVM In Reference To: Investment Manager Professional Services August 03, 2010 Amount $233.70 $233.70 Hrs /Rate Amount 7/21/2010 Review and edit Side Letter Agreement with Intercontinental. 0.70 199.50 285.00/hr Review Amendments to Limited Liability Company Agreement of U.S. Real 0.80 228.00 Estate Investment Fund, LLC. (Intercontinental) 285.00 /hr For professional services rendered 1.50 $427.50 Balance due $427.50 Client:Matter PBGF:MEET City of Palm Beach Gardens Firefighters' Pension Fund In Reference To: Meeting Professional Services 7/26/2010 Attend meeting. Prepare for meeting. Travel to meeting. For professional services rendered Previous balance Balance due Client:Matter PBGF:MISC In Reference To: Miscellaneous Professional Services Page 2 Hrs /Rate _ Amount 4.00 1,140.00 285.00 /hr 2.00 NO CHARGE 285.00 /hr 6.00 $1,140.00 $3,505.50 �L SiL' 4��1f Hrs /Rate Amount 7/23/2010 Receipt and review of email from Administrator with attached 0.60 171.00 correspondence from Petruzzi regarding marital settlement of pension. Email 285.00 /hr to Administrator with divorce kit. For professional services rendered 0.60 $171.00 Balance due $171.00 Client:Matter PBGF:ORDN In Reference To: Ordinances Previous balance Amount $570.00 City of Palm Beach Gardens Firefighters' Pension Fund Page 3 Amount Balance due $570.00 Client:Matter PBGF:PLAN In Reference To: Plan Previous balance Balance due Client:Matter PBGF:SIPO In Reference To: Statement of Investment Policy Professional Services 7/23/2010 Receipt and review of revised IPS. For professional services rendered Previous balance Balance due Amount $481.65 $481.65 Hrs /Rate Amount 0.60 171.00 285.00 /hr 0.60 $171.00 $285.00 $456.00 C,u�rt.u. A'tANAC tc.� ni�"1; t.Lc Date: 7/27/2010 Invoice: Ms. Margaret M. Adcock City of Palm Beach Gardens Firefighters' Retirement System The Pension Resource Center, Inc. 4360 Northlake Blvd., Ste. 206 Palm Beach Gardens. FL 33410 Re: City of Palm Beach Garden Firefighters' Retirem Account t!: 3350000104 Per our Investment Management Agreement, the fees to Agincourt Capital Management in payment for investment services rendered from 4/1/2010 - 6/30/2010: Monthly Market Values: 4/30/2010 S4325.631.06 5/31/2010 54,358,338.61 6/30/2010 $4,431,935.21 Average Market Value: $4,371,968.29 $4,371,968.29 x 0.2500% = S10,929.92 x x Total Annual Fee: $10,929.92 Total _ uarterl Fee: $2,732.48 • Agincourt Capital Management. LW I ederal Tax ID: 54- 1947440 RECEIVED CC: Joe Bogdahn AUG n 3 min Palvnent Due Within 30 Dajw to: Agincourt Capital ,1lanagenient, LLC Wlre/AC11: Branch Banking & Trust (BB& T) or Agincourt Capital M n agentent, LLC 823 East Main Street ATTiV. Laura ligvitie Richmond, VA 23219 600 East Main Street, .Suite 2120 ABA# 051404260 Richmond, VA 23219 Account# 5131720132 FBO: Agincourt Capital Management, LLC Please let us know ifj•ou would like a cop}- of our latest SEC Form ADV or our Code of Ethics AGINCOURT CAPITAL MANAGEMENT, LLC 600 EAST NIAIN STREET, SUITE 212o • Ricim1oND, VIRGINIA 23219 Tr•.I.F.PHONE (804) 648 -1111 • FAX (804) 648 -4475 RBC Global Asset Management' 't Margaret M. Adcock The Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens FL 33410 Invoice Number 14217 Invoice Date: 07/20/2010 Billing Period: 04/01/2010 - 0613012010 Custodian Account Number: CF -RSY8 Account Number: P703000 INVESTMENT MANAGEMENT FEE For the Arrears Period of 04/01/2010 to 06/30/2010 Account Name: City of Palm Beach Gardens Firefighters' Pension Trust Fund Ending Market Value for Account P703000: April 2010: 1,334,321.54 USD May 2010: 1,171,489.58 USD June 2010: 1,154,513.13 USD Average Market Value 1,220,108.08 USD Market Value Based Fees 1,220,108.08 a 0.880001% x 90 / 360 Total Current Period Fees Total Amount Due Upon Receipt Ci= I V E D JUL 2 6 7010 2,684.24 2,684.24 USD 2,684.24 USD I I'% ou hay a any questions, please call Portfolio Administration at 612- 376 -7151 or 1 -866- 759 -9083 or send an email to rbcgamusbilling.Jrbc.com. [Keep this portion for your financial records] Invoice Number: 14217 Invoice Date: 07/20/2010 Billing Period: 04/01/2010 - 06/30/2010 Custodian Account Number: CF -RSY8 Account Number: P703000 Account Name: City of Palm Beach Gardens Firefighters' Pension Trust Fund 111re histrncliors: Bank: US Bank Payment Mailing Address: ABA: 091000022 RBC Global Asset Management (U.S.) Inc. Account: 1 -602- 3318 -3526 PO Box 9195 RBC Wealth Management Minneapolis, MN 55480 -9934 Reference: Invoice 14217 Amount Due 2,684.24 USD Remittance Amount USD Mail this portion with wnrr payr►renl. Thank J-ou joryour businesr. PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND Meeting of September 20, 2010 Name Scott Fetterman Years Of Credited Service: 26 Years Total Monthly Benefit: $8,675.99 Effective Date: June 1, 2010 Type Of Benefit: Normal Retirement - DROP Form Of Benefit: 100% Joint and Survivor Annuity Action: (Chairman) (Secretary) Palm Beach Gardens Firefighters' Pension Fund Participant: Scott Fetterman Please designate the joint beneficiary: Maryellen Fetterman Wife (Namc) (Social Security Number) (Relationship) Z(VOl Wa6gs11 3 -21 -1961 (SG %) (.2—G— 2403 (Address) (Date Of Birth) 1 'VOr�m rGIM 1= L 334 1 p 13 @Q�I1 (1 h,mc Number) (City) (State) (Zip Code) First, check if you arc electing the Partial Lump Sum Distribution Option: Yes V No Second, check the form of benefit option you want below: STANDARD FORM OF ANNUITY: "Phis option provides a monthly payment to you as long as you live, with 120 monthly payments guaranteed. If you should die before 120 monthly payments have been made, the same amount will continue to be paid to your beneficiary until a total of 120 monthly payments have been made in all. OPTIONAL FORMS OF RETIREMENT INCOME STRAIGHT LIFE ONLY ANNUITY: This option provides a monthly payment to you as long as you live. At the time of your death all monthly payments will cease. _ 100% .JOINT AND SURVIVOR ANNUITY: This option provides a monthly payment to you as long as you are living. After your death, your beneficiary, if still living, will receive monthly payments of the same amount for the rest of their life. 75% JOINT AND SURVIVOR ANNUITY: This option provides a monthly payment to you as long as you are living. After your death, your beneficiary, if still living, will receive 75% of the monthly payment for the rest of their life. 66 213% JOINT AND SURVIVOR ANNUITY: This option provides a monthly payment to you as long as you are living. After your death, your beneficiary, if still living, will receive 66 2/3% of the monthly payment for the rest of their life. 50% JOINT AND SURVIVOR ANNUITY: This option provides a monthly payment to you as long as you are living. After your death, your beneficiary, if still living, will receive 50% of the monthly payment for the rest of their life. (Namc: Please Print) 6113/ro (Date) City of Palm Beach Gardens Firefighters' Pension Fund ACTUARY'S REPORT ON MEMBER'S RETIREMENT BENEFIT Members Name: Scott Fetterman Soc Sec No BEstimate Beneficiary: Mary Ellen Fetterman 3.00% per year of Credited Service. . _ _ X Final Relationship: Spouse SOC.Sec, No. N/A MEMBER'S BIRTHDAY SEX DATE OF CREDITED SERVICE RETIREMENT 12/18/1962 Male 5Nl 984 j Months DATE FACTOR X A.F.C. 10 Monlhl Pension 10 Days $9 314.84 Complete months of Credited Service eamed after Normal Retirement eligibility Maximum TYPE OF RETIREMENT BENEFICIARY'S BIRTHDAY ACCUMULATED AVERAGE REGULAR SERVICE SEX 3/21/1961 Female CONTRIBS. $ 71 611.88 �� FINAL COMP. $ 143 305.20 NON -DUTY DEATH DUTY DEATH NON -DUTY DISABILITY MONTHLY PENSION STANDARD FORM DUTY DISABILITY •r w/o PLS w/ PLS Reoular X DROP COMMENTS: STRAIGHT LIFE DEFERRED BY: City of Pat m each Gardens Firefighters- Pension Fund DATE IIII ACTUARY S REPOT Benefit Rate: 3.00% per year of Credited Service. . Credited Service: 26.0000 years Factor. 0.03 x 26 = 0.78 Annual FACTOR X A.F.C. Pension 0.7800 X $ 143 305.20 = $ 111 Monlhl Pension 778.06 $9 314.84 Complete months of Credited Service eamed after Normal Retirement eligibility Maximum Partial Lum Sum Distribution PLS 12 $111,778.08 BENEFIT OPTI NS MONTHLY PENSION STANDARD FORM w/o PLS w/ PLS Reoular For life of member with 10 Year Guaranteed STRAIGHT LIFE $9,314.84 $8,503.23 For life of member 100° SURVIVOR 9.406.04 8.586.48 For life of member 75 °.S SURVIVOR 100% otential to eligible beneficia 8,675.99 7,920.04 8.675.99 7.920.04 For life of member 66 213% SURVIVOR 75% otential to eligible beneficiary 8,847.67 6,635.75 8,076.76 6 057.57 For life of member 50°6 SURVIVOR 66 2l3°!o efi to eligible bencia 8.906.42 5,937.61 8,130.39 5.420.26 For life of member 50 °h otential to el i ible beneficia 9'026.28 �41 39.81 4,513.1 199 COMMENTS: BY: GABRIEL ROEDER SMITH & COMPANY 7/2012010 DATE Gabrlal Roeder Smith d Company I r' i 4' PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND DISBURSEMENTS September 20, 2010 • THE RESOURCE CENTERS, LLC. $ 3,250.00 (Bill for services for August and September 2010) • REGIONS MORGAN KEEGAN TRUST $ 2,019.06 (Custodial Fees for July and August 2010) • SUGARMAN & SUSSKIND $ 3,733.50 (Fees for legal services for July and August 2010) • AGINCOURT CAPITAL MANAGEMENT $ 2,732.48 (2nd Quarter 2010 Management Fee) • RBC GLOBAL ASSET MANAGEMENT $ 2,684.24 (2nd Quarter 2010 Management Fee) • FPPTA $ 400.00 (Registration for Donna Wisneski for FPPTA School in September 2010) Total Disbursements for Approval $ 14,819.28 (Trustee) (Trustee) Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Firefighters' Pension Fund Ship To Invoice Date Invoice # 0112010 1 10124 P.O. Number Terms Rep Ship Via F.O.B. "Oct 8/3112010 Quenfity Item Code Description Price Each Amount Palm Beach Garden... Palm Beach Gardens Firefighters' Pension Fund for the month of September 2010 1,625.00 1,625.00 Total 51,625.00 Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Firefighters' Pension Fund Ship To Invoice Oate Invoice # 7/30/2010 10798 P.O. Number Terms Rep Ship Me F.O.B. Project 7130/2010 Quantity Item Code Description Price Each Amount Palm Beach Garden... Palm Beach Gardens Firefighters' Admin Fee for the month of August 2010 1.625.00 1.625.00 Total s 1.625.00 REGIONS MORGAN KEEGAN Post Office Box 12385 ;. Birmingham, Alabama 35202 -2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 09/13/2010 ACCOUNT # 3320005077 ACCOUNT NAME: PB GARDENS FIRE J. SCOTT BAUR PENSION RESOURCE CENTER 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDEN FL 33410 INVOICE NUMBER 63663 $ 2,019.06 SUMMARY.OF ACCOUNT tatttt + + +ttttataa tta + + + + + +t + +t +t +tt +ttta tart +t +tt + +t+ +t +tt +t +t +tta PREVIOUS BALANCE 1,006.31 CURRENT FEE: 1,012.75 BALANCE DUE $ 2,019.06 FEE CALCULATION DETAIL 08/01/2010 - 08/31/2010 tratttt + +taaaat +t tt +taaa♦ :ataa +aaaatt +ta ♦ttta +aaat + ++ ttttaat :aaa :t DESCRIPTION / RATE FEE TOTAL BASIS MARKET VALUE PERIOD ENDING 08/31/2010 30,382,663.60 0.0000083333 25,318.79 25,318.79 $ 25,318.79 FEE CALCULATION DETAIL 08/01/2010 - 08/31/2010 ITEM AMOUNT - --------- ---- ---- -------- --- - -- -- --- ---- - -- DISCOUNT: PERIOD ENDING 08/31/2010 24,306.04 - TOTAL $ 24,306.04- _=====x===== SUMMARY OF FEE CALCULATION DETAIL ttaatataaaa :aattt attataaattttattaattaa ++ +ttaaat :ttt :t aatt +t +ataaat ITEM AMOUNT --- -- --------------- ----------- -- ---- MARKET VALUE - ----- - 25,318.79 DISCOUNT 24,306.04 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 1,012.75 FOR FEE CALCULATION PERIOD 08/01/2010 - 08/31/2010 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PAT.M BCit GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 2850000097 PB GARDENS DROP 0.629409048 6.37 BILL TO A/C 3320005077 3320005077 PB GARDENS FIRE 21.90981119% 221.89 BILL 3320010132 PB GARDENS FREED 3.799907568 38.48 BILL TO A/C 3320005077 3350000088 PB GARD FIRE EQ 23.49652339% 237.96 BILL TO A/C 3320005077 3350000097 PB GARD FIRE FXD 15.759143328 159.60 BILL TO A/C 3320005077 3350000104 PB GARD FIRE AGN 14.84712235% 150.36 BILL TO A/C 3320005077 3350000113 PB GAR DANA GRTH 19.55808315% 198.09 BILL TO A/C 3320005077 REGIONS MORGAN KEEGAN Post Office Box 12385 Birmingham, Alabama 35202 -2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 09/13/2010 2 ACCOUNT NAME PERCENTAGE MARKET VALUE 2850000097 PB GARDENS DROP 0.629409046 191,231.23 3320005077 PB GARDENS FIRE 21.909811198 6,656,784.23 3320010132 PB GARDENS FREED 3.79990756% 1,154,513.13 3350000088 PB GARD FIRE EQ 23.496523398 7,138,869.66 3350000097 PB GARD FIRE FXD 15.759143324 4,788,047.50 3350000104 PB GARD FIRE AGN 14.84712235% 4,510,951.24 3350000113 PB GAR DANA GRTH 19.55808315% 5,942,266.61 FEES ARE DUE WITHIN 120 DAYS OF THE INVOICE DATE. ANY FEE NOT PAID WILL BE CHARGED TO THE TRUST. IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT CINDY FARROW AT 813 - 639 -3411 REGIONS MORGAN KEEGAN Post Office Box 12385 Birmingham, Alabama 35202 -2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 08/11/2010 ACCOUNT # 3320005077 ACCOUNT NAME: PB GARDENS FIRE RECEIVED AUG 16 7010 J. SCOTT BAUR TEGRIT PLAN ADMINISTRATORS 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDEN FL 33410 MARKET VALUE PERIOD ENDING 07/31/2010 30,189,435.42 0.0000083333 25,157.76 25,157.76 $ 25,157.76 FEE CALCULATION DETAIL 07/01/2010 - 07/31/2010 ITEM AMOUNT ----- --------------------- -- - - -- ------ - - - - -- DISCOUNT: PERIOD ENDING 07/31/2010 24,151.45 - TOTAL $ 24,151.45- SUMMARY OF FEE CALCULATION DETAIL + + + + +ttt +ttttt +tt tttt + + + + +ttt + +ttt +t +ttt + + +tttt + + + +tt tttt +tttttttt ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- MARKET VALUE 25,157.76 DISCOUNT 24,151.45 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 1,006.31 FOR FEE CALCULATION PERIOD 07/01/2010 - 07/31/2010 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT INVOICE NUMBER 62921 $ 1,006.31 PERCENTAGE SUMMARY OF ACCOUNT CHARGE /BILL + + + + + +t +t +tt + + +tt t +t +tttt +tttttt +tttttt+ +tttt + + + + + + +t ttttttttttttt GARDENS DROP PREVIOU. ^. BALANCE 3,008.62 BILL PAYMENTS RECEIVED: 3,008.62 - 3320005077 CURRENT FEE: 1,006.31 GARDENS FIRE BALANCE DUE $ 1,006.31 BILL FEE CALCULATION DETAIL 07/01/2010 - 07/31/2010 +tt+ +ttttttt : + +t+ xtttttt :t :t +t +t +tt +tttt ttttttt +t +ttt tttttttt +tttt DESCRIPTION/ RATE FEE TOTAL BASIS TO A/C MARKET VALUE PERIOD ENDING 07/31/2010 30,189,435.42 0.0000083333 25,157.76 25,157.76 $ 25,157.76 FEE CALCULATION DETAIL 07/01/2010 - 07/31/2010 ITEM AMOUNT ----- --------------------- -- - - -- ------ - - - - -- DISCOUNT: PERIOD ENDING 07/31/2010 24,151.45 - TOTAL $ 24,151.45- SUMMARY OF FEE CALCULATION DETAIL + + + + +ttt +ttttt +tt tttt + + + + +ttt + +ttt +t +ttt + + +tttt + + + +tt tttt +tttttttt ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- MARKET VALUE 25,157.76 DISCOUNT 24,151.45 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 1,006.31 FOR FEE CALCULATION PERIOD 07/01/2010 - 07/31/2010 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 2850000097 PB GARDENS DROP 0.600086948 6.04 BILL TO A/C 3320005077 3320005077 PB GARDENS FIRE 17.379897998 174.90 BILL 3320010132 PB GARDENS FREED 6.078725508 61.17 BILL TO A/C 3320005077 3350000088 PB GARD FIRE EQ 24.74330877% 248.99 BILL TO A/C 3320005077 3350000097 PB GARD FIRE FXD 15.749386118 158.49 BILL TO A/C 3320005077 3350000104 PB GARD FIRE AGN 14.71386145% 148.07 BILL TO A/C 3320005077 3350000113 PB GAR DANA GRTH 20.73473324% 208.65 BILL TO A/C 3320005077 AAA REGIONS MORGAN KEEGAN Post Office Box 12385 Birmingham, Alabama 35202 -2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 08/11/2010 2 ACCOUNT NAME PERCENTAGE MARKET VALUE 2850000097 PB GARDENS DROP 0.60008694% 181,162.86 3320005077 PB GARDENS FIRE 17.379897998 5,246,893.08 3320010132 PB GARDENS FREED 6.07872550% 1,835,132.91 3350000088 PB GARD FIRE EQ 24.74330877% 7,469,865.22 3350000097 PB GARD FIRE FXD 15.749386118 4,754,650.75 3350000104 PB GARD FIRE AGN 14.713861458 4,442,031.70 3350000113 PB GAR DANA GRTH 20.734733248 6,259,698.90 FEES ARE DUE WITHIN 120 DAYS OF THE INVOICE DATE. ANY FEE NOT PAID WILL BE CHARGED TO THE TRUST. IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT CINDY FARROW AT 813- 639 -3411 Robert A. Sugarman Howard S. Susskind Kenneth R. Harrison, Sr. D. Marcus Braswell, Jr. Pedro A. Herrera Ivelisse Berio- LeBeau Noah S. Warman SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW September 7, 2010 City of Palm Beach Gardens I"irefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, Florida 33410 CURRENT FEES: 1,824.00 CURRENT COSTS: 0.00 PREVIOUS BALANCE: 7,412.85 PAYMENTS RECEIVED: 5,075.85 -ck #179746 CREDIT: 427.50 -* TOTAL AMOUNT DUE: 3,733.50 * S427.50 was billed in error on Augusl 3 invoice. 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 (305) 529 -2801 Broward 763 -2566 Toll Free 1 -800- 329 -2122 Facsimile (305) 447 -8115 SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305-529-2801 Fax: 305 - 447 -8115 www.sugarmansusskind.com City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Client:Matter PBGF:ACTU In Reference To: Actuarial Services September 03, 2010 Amount Previous balance $233.70 8/10/2010 Payment - Thank You. Check No. 179746 Total payments and adjustments Balance due Client:Matter PBGF:INVM In Reference To: Investment Manager Professional Services f 1233.701 ($233.70) $0.00 Hrs/Rate Amount 8/27/2010 Review and edit Side Letter with Intercontinental Real Estate. 0.80 228.00 285.00/hr For professional services rendered 0.80 $228.00 Previous balance $427.50 Balance due $655.50 City of Palm Beach Gardens Firefighters' Pension Fund Page 2 Client:Matter PBGF:MEET In Reference To: Meeting Amount Previous balance $4,645.50 8/10/2010 Payment - Thank You. Check No. 179746 ($3,505.50) Total payments and adjustments ($3,505.50) Balance due Client:Matter PBGF:MISC In Reference To: Miscellaneous 40. 0 Amount Previous balance $171.00 Balance due Client:Matter PBGF:ORDN In Reference To: Ordinances Professional Services 8/9/2010 Draft ordinance language amending to include self- directed DROP option For professional services rendered Previous balance 8/10/2010 Payment - Thank You. Check No. 179746 Total payments and adjustments 71. 0 Hrs /Rate Amount 0.40 114.00 285.00/hr 0.40 x:00 $570.00 ($570.00) 570.0 ) A City of Palm Beach Gardens Firefighters' Pension Fund Page 3 Amount Balance due $114.00 Client:Matter PBGF:PLAN In Reference To: Plan Professional Services 8/19/2010 Attend City Council meeting. Prepare for meeting. Travel. 8/2012010 Review and edit proposed ordinance amendment as per City Council's guidance. Telephone conference with Chairman regarding same. For professional services rendered Previous balance 8/10/2010 Payment -Thank You. Check No. 179746 Total payments and adjustments Balance due Client:Matter PBGF:SIPO In Reference To: Statement of Investment Policy Hrs /Rate Amount 4.80 1,368.00 285.001hr 0.40 114.00 285.00 /hr 5.20 $1,482.00 $481.65 MAR1 AM ($481.65) $1,482.00 Amount Previous balance $456.00 8/10/2010 Payment -Thank You. Check No. 179746 rtqRS nn Total payments and adjustments Balance due ($285.00) $171.00 Robert A. Sugarman Howard S. Susskind Kenneth R. Harrison, Sr. D. Marcus Braswell, Jr. Pedro A. Herrera Ivelisse Berio- LeBeau Noah S. Warman SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW August 3, 2010 City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, Florida 33410 CURRENT FEES: 2,337.00 CURRENT COSTS: 0.00 PREVIOUS BALANCE: 5,075.75 PAYMENTS RECEIVED: 0.00 TOTAL AMOUNT DUE: 7,412.75 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 (305) 529 -2801 Broward 763 -2566 Toll Free 1 -800- 329 -2122 Facsimile (305) 447 -8115 RECEIVED AUG 0 6 7010 .. �. .�_ _ . -. :.. :. ::� . _ � 1 .. _. .f � - t�,. t �_ t . . '.. - .. i .. L �1.'t _ � .. .: .. �. .�_ _ . -. :.. :. ::� . _ � 1 .. _. .f � - t�,. t �_ t . SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305 -529 -2801 Fax: 305 - 447 -8115 www.sugarmansusskind.com City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Client:Matter PBGF:ACTU In Reference To: Actuarial Services Previous balance Balance due Client:Matter PBGF:INVM In Reference To: Investment Manager Professional Services August 03, 2010 Amount $233.70 $233.70 Hrs /Rate Amount 7/21/2010 Review and edit Side Letter Agreement with Intercontinental. 0.70 199.50 285.00/hr Review Amendments to Limited Liability Company Agreement of U.S. Real 0.80 228.00 Estate Investment Fund, LLC. (Intercontinental) 285.00 /hr For professional services rendered 1.50 $427.50 Balance due $427.50 Client:Matter PBGF:MEET City of Palm Beach Gardens Firefighters' Pension Fund In Reference To: Meeting Professional Services 7/26/2010 Attend meeting. Prepare for meeting. Travel to meeting. For professional services rendered Previous balance Balance due Client:Matter PBGF:MISC In Reference To: Miscellaneous Professional Services Page 2 Hrs /Rate _ Amount 4.00 1,140.00 285.00 /hr 2.00 NO CHARGE 285.00 /hr 6.00 $1,140.00 $3,505.50 �L SiL' 4��1f Hrs /Rate Amount 7/23/2010 Receipt and review of email from Administrator with attached 0.60 171.00 correspondence from Petruzzi regarding marital settlement of pension. Email 285.00 /hr to Administrator with divorce kit. For professional services rendered 0.60 $171.00 Balance due $171.00 Client:Matter PBGF:ORDN In Reference To: Ordinances Previous balance Amount $570.00 City of Palm Beach Gardens Firefighters' Pension Fund Page 3 Amount Balance due $570.00 Client:Matter PBGF:PLAN In Reference To: Plan Previous balance Balance due Client:Matter PBGF:SIPO In Reference To: Statement of Investment Policy Professional Services 7/23/2010 Receipt and review of revised IPS. For professional services rendered Previous balance Balance due Amount $481.65 $481.65 Hrs /Rate Amount 0.60 171.00 285.00 /hr 0.60 $171.00 $285.00 $456.00 C,u�rt.u. A'tANAC tc.� ni�"1; t.Lc Date: 7/27/2010 Invoice: Ms. Margaret M. Adcock City of Palm Beach Gardens Firefighters' Retirement System The Pension Resource Center, Inc. 4360 Northlake Blvd., Ste. 206 Palm Beach Gardens. FL 33410 Re: City of Palm Beach Garden Firefighters' Retirem Account t!: 3350000104 Per our Investment Management Agreement, the fees to Agincourt Capital Management in payment for investment services rendered from 4/1/2010 - 6/30/2010: Monthly Market Values: 4/30/2010 S4325.631.06 5/31/2010 54,358,338.61 6/30/2010 $4,431,935.21 Average Market Value: $4,371,968.29 $4,371,968.29 x 0.2500% = S10,929.92 x x Total Annual Fee: $10,929.92 Total _ uarterl Fee: $2,732.48 • Agincourt Capital Management. LW I ederal Tax ID: 54- 1947440 RECEIVED CC: Joe Bogdahn AUG n 3 min Palvnent Due Within 30 Dajw to: Agincourt Capital ,1lanagenient, LLC Wlre/AC11: Branch Banking & Trust (BB& T) or Agincourt Capital M n agentent, LLC 823 East Main Street ATTiV. Laura ligvitie Richmond, VA 23219 600 East Main Street, .Suite 2120 ABA# 051404260 Richmond, VA 23219 Account# 5131720132 FBO: Agincourt Capital Management, LLC Please let us know ifj•ou would like a cop}- of our latest SEC Form ADV or our Code of Ethics AGINCOURT CAPITAL MANAGEMENT, LLC 600 EAST NIAIN STREET, SUITE 212o • Ricim1oND, VIRGINIA 23219 Tr•.I.F.PHONE (804) 648 -1111 • FAX (804) 648 -4475 RBC Global Asset Management' 't Margaret M. Adcock The Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens FL 33410 Invoice Number 14217 Invoice Date: 07/20/2010 Billing Period: 04/01/2010 - 0613012010 Custodian Account Number: CF -RSY8 Account Number: P703000 INVESTMENT MANAGEMENT FEE For the Arrears Period of 04/01/2010 to 06/30/2010 Account Name: City of Palm Beach Gardens Firefighters' Pension Trust Fund Ending Market Value for Account P703000: April 2010: 1,334,321.54 USD May 2010: 1,171,489.58 USD June 2010: 1,154,513.13 USD Average Market Value 1,220,108.08 USD Market Value Based Fees 1,220,108.08 a 0.880001% x 90 / 360 Total Current Period Fees Total Amount Due Upon Receipt Ci= I V E D JUL 2 6 7010 2,684.24 2,684.24 USD 2,684.24 USD I I'% ou hay a any questions, please call Portfolio Administration at 612- 376 -7151 or 1 -866- 759 -9083 or send an email to rbcgamusbilling.Jrbc.com. [Keep this portion for your financial records] Invoice Number: 14217 Invoice Date: 07/20/2010 Billing Period: 04/01/2010 - 06/30/2010 Custodian Account Number: CF -RSY8 Account Number: P703000 Account Name: City of Palm Beach Gardens Firefighters' Pension Trust Fund 111re histrncliors: Bank: US Bank Payment Mailing Address: ABA: 091000022 RBC Global Asset Management (U.S.) Inc. Account: 1 -602- 3318 -3526 PO Box 9195 RBC Wealth Management Minneapolis, MN 55480 -9934 Reference: Invoice 14217 Amount Due 2,684.24 USD Remittance Amount USD Mail this portion with wnrr payr►renl. Thank J-ou joryour businesr.