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
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A REGIONS MORGAN KEEGAN
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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.