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Agenda Fire Pension 052112
THE 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, May 21, 2012 Location: Council Chambers, Palm Beach Gardens City Hall 10500 North Military Trail Palm Beach Gardens, FL 33410 1 u - •7[oIl] FIw►Til AGENDA 1. Call Meeting to Order 2. Investment Manager Report: Intercontinental Real Estate (Pete Hapgood) 3. Investment Monitor Report: The Bogdahn Group (Troy Brown) 4. Minutes: • Regular Meeting Held on March 12, 2012 5. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera) • March 15, 2012 — SFMS Securities & Corporate Governance Litigation Report • Administrative Policy Regarding Selection of Chair & Secretary 6. Administrative Report: Resource Centers (Audrey Ross) • Disbursements • Benefit Approvals • Trustee Reappointments: Donna Wisneski & Tom Murphy (Terms Expire 9/30/2015) • Update Regarding Fiduciary Liability Insurance Quotes 7. Other Business • Review of GRS Contract • RFP Reviews: Auditor & Actuary • City Requests: • Authorization for Pension Plan's Attorney to draft Ordinance implementing the changes that were recently ratified by the Union and City Council • Authorization for GRS to prepare an impact statement regarding the proposed Ordinance changes, which should also include a 5 year projection of the required contributions after the changes are adopted 8. Schedule Next Meeting: Monday, July 16, 2012 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. O N N cn ;o C a a) LL W }+ a) a.) 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N L CO N CO C) U C E E E 0 C E — O C a) � Q CO a) L L c"-na) �c°n E—cu E tea) E_°?O ECO �0 NCO E Q U Q (n C Q� Q E Q v E Q Q Q �- -0 L' O i O O cC rte+ 'a O 1 O A i i +�+ O Q m' L N L m C ++ ++ N +�+ +�+ Q W � N CL a O 0 0 CL Co w w d acne L O iLC O U X V W L L y ~ 0 O w Q y c CL C Co = o a) 0) Cu d � w w pr c cc w�p § m p _� � � � 0 � & � z � 0 \ \. � � =m � \ ■ 2� � � Q n > � 2 � � � 0 � c 0 a -• �n c_ N_ c c & _ o § < =off r _. awn �2p I'n� 0 W _o Y n $QCs ��- 2 ° 0.0 f p q o —ap � � o �c7 n CL CL u —o � PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND Meeting of May 21, 2012 Name Glenn Aitken Years Of Credited Service: 24 Years Total Monthly Benefit: $6,481.26 Retirement Date: December 30, 2012 Type Of Benefit: Normal Retirement Form Of Benefit: Standard Form Action: (Chairman) (Secretary) City of Palm Beach Gardens Firefighters' Pension Fund ACTUARY'S REPORT ON MEMBER'S RETIREMENT BENEFIT I. INFORMATION SUBMITTED TO ACTUARY Member's Name: Glen Aitken Soc.Sec. No. xxx -xx -4041 Estimate X Final Beneficiary: Dolores Aitken N/A STRAIGHT LIFE Relationship: Spouse Soc.Sec. No. 6,587.29 N/A 100% SURVIVOR CREDITED For life of member MEMBER'S DATE OF SERVICE RETIREMENT 5,890.10 BIRTHDAY SEX HIRE 24 Years DATE [ Male 10/7/1987 2 Months 12/30/2011 75% potential to eligible beneficiary 4,537.64 23 Days 66 213% SURVIVOR TYPE OF RETIREMENT BENEFICIARY'S ACCUMULATED AVERAGE X REGULAR SERVICE NON -DUTY DEATH BIRTHDAY SEX Female CONTRIBS. $65,136.44 FINAL COMP. $106,997.16 DUTY DEATH For life of member NON -DUTY DISABILITY N/A 50% potential to eligible beneficiary 3,109.61 DUTY DISABILITY DROP COMMENTS: DEFERRED BY: I '. City of Palm Beach Gardens Firefighters' Pension Fund Benefit Rate 3.00% per year of Credited Service, Credited Service: 24.22968 years Factor: 0.03 x 24.22968 = 0.72689 DATE Annual FACTOR X A.F.C. 0.72689 X $106,997.16 = $ Pension Monthly Pension 77,775.17 1 $6,481.26 BENEFIT OPTIONS MONTHLY PENSION STANDARD FORM wiu r-LO W/ F'LJ Regular For life of member with 10 Year Guaranteed :J�L481.26 N/A STRAIGHT LIFE For life of member 6,587.29 N/A 100% SURVIVOR For life of member 5,890.10 N/A 100% potential to eligible beneficiary 5,890.10 N/A 75% SURVIVOR For life of member 6,050.19 N/A 75% potential to eligible beneficiary 4,537.64 N/A 66 213% SURVIVOR For life of member 6,105.54 N/A 66 2/3% potential to eligible beneficiary 4,070.36 N/A 50% SURVIVOR For life of member 6,219.22 N/A 50% potential to eligible beneficiary 3,109.61 N/A This calculation is subject to correction. If you are or become aware of errors in the data that was used, the calculations that were made, or the plan provisions that were applied, it is your responsibility to contact the plan administrator The plan has the right to recover from you amounts that were paid to you in error. We have relied on the data submitted to comply with SB 1128. The Board should establish and approve administrative procedures to ensure this compliance. COMMENTS: BY: GABRIEL ROEDER SMITH & COMPANY 2/20/2012 DATE Gabriel Roeder Smith & Company Palm Beach Gardens Firefighters' Pension Fund Participant: Glen Aitken Please designate the joint beneficiary: Dolores Aitken XXX -XX -7392 Spouse /Wife (Name) (Social Security Number) (Relationship) (Date Of Birth) (Phone Number) (City, State, Zip Code) First, check if you are electing the Partial Lump Sum Distribution Option: Yes No Sccond, check the form of benefit option youi-want below: STANDARD FORM OF ANNUITY: This 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 2/3% 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. (Signature) ( (Date ) (Name: Please Print) PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND DISBURSEMENTS May 12, 2012 • AGINCOURT $ 3,402.41 (Investment Management Fee for QE 3/31/12) • BOGDAHN GROUP $ 5,625.00 (Investment Consulting Fee for QE 3/31/12) • DANA INVESTMENT ADVISORS —Acct. #715cb $ 4,091.27 (Investment Management Fee for the QE 3/31/12) • DANA INVESTMENT ADVISORS —Acct. #715cc $ 18,332.15 (Investment Management Fee for the QE 3/31/12) • FLORIDA STATE UNIVERSITY $ 170.00 (Division of Retirement Trustee School Registration Fee for Tom Murphy -May 15& 16, 2012) • GABRIEL, ROEDER, SMITH & COMPANY $ 14,670.00 (Annual Actuarial Services for FYE 9/30/12) • GARCIA, HAMILTON & ASSOCIATES $ 3,651.51 (Investment Management Fee for the QE 3/31/12) • GARY SCHMITZ $ 35,297.71 (Share Account Distribution — Final Payout) • GLEN AITKEN $ 88,958.63 (Share Account Distribution — Final Payout) • ICC CAPITAL MANAGEMENT $ 11,821.48 (Investment Management Fee for the QE 3/31/12) • MICHAEL RITZ $ 20,769.54 (Refund of Contribution) • RBC GLOBAL ASSET MANAGEMENT $ 4,776.97 (Investment Management Fee for QE 3/31/12) • REGIONS MORGAN KEEGAN TRUST $ 2,747.59 (Custodial Fees for February & March 2012) • RESOURCE CENTERS $ 3,283.36 (Administrator Fees for April & May 2012) • STEVEN ENSINGER $ 47,178.02 (Share Account Distribution — Final Payout) • STEVEN I. GORDON, CPA $ 290.00 (Final Auditor Fees in Connection with the 9/30/2011 Financial Statements) • SUGARMAN & SUSSKIND $ 5,628.75 (Legal Fees for February, March & April 2012) • TOM MURPHY $ 250.00 (Per Diem Expenses- Division of Retirement School May 15 -16, 2012) Total Disbursements for Approval $ 270,944.69 (Trustee) (Trustee) 2 crt+d y.ewssWa,,, � CITY OF PALM BEACH GARDENS 10500 N. MILITARY TRAIL • PALM BEACH GARDENS • FLORIDA 33410 -4698 April 18, 2012 Ms. Donna Wisneski 4163 Hyacinth Circle South Palm Beach Gardens, FL 33410 Dear Ms. Wisneski, At the Regular City Council meeting of April 5, 2012, the City Council unanimously approved your reappointment to the Firefighter Pension Board for a term expiring September 30, 2015. Enclosed is a copy of Resolution 21, 2012 for your records. If I can be of any further assistance to you, or if you need additional information, please do not hesitate to contact me at 561- 799 -4122. Sincerely, Patricia Snider, CMC City Clerk PS /dlk c: Audrey Ross The Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Enclosures (1) .......... _. _. _....... . 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 RESOLUTION 21, 2012 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA APPROVING THE APPOINTMENT OF REGULAR MEMBERS TO THE CITY OF PALM BEACH GARDENS FIRE FIGHTERS' PENSION BOARD; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. WHEREAS, Section 38 -53, Code of Ordinances, provides for the Board to be comprised of five (5) trustees; and WHEREAS, notice of vacancies has been posted on the City Website; and WHEREAS, the City Council deems approval of this Resolution to be in the best interests of the health, safety, and welfare of the residents and citizens of the City of Palm Beach Gardens and the public at large. NOW, THEREFORE, BE IT RESOLVES? BY THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA that: SECTION 1. The foregoing recitals are hereby affirmed and ratified. SECTION 2. The City Council hereby approves the appointments of the following individuals as trustees to the City of Palm Beach. Gardens Fire Fighters' Pension Board: Trustees Terms Tom Murphy September 30, 2015 Donna Wisneski September 30, 2015 SECTION 3. This Resolution shall become effective immediately upon adoption. Page 1 of 2 Resolution 21, 2012 I PASSED AND ADOPTE13 this jf-'�' day of }4PRl- , 2012 2 3 4 CITY OF PALM BEACH GARDENS, FLORIDA 5 6 7 8 BY- 9 David Levy, ayor 10' . -11. , ATT'EST: 13: _'14 BY: 15 Patricia Snider, CMC, City Clerk 16 17 18 APPROVED AS TO FORM 19 LEGAL SUFFICIENCY 20 21 22 BY: F41 23 R. M 24 25 26 27 VOTE: 28 29 MAYOR LEVY 30 City Attorney 31 VICE MAYOR PREMUROSO 32 33 COUNCILMEMBER TINSLEY 34 35 COUNCILMEMBER RUSSO 36 37 COUNCILMEMBER JABLIN 38 39 40 ------41 -_ - -- - -- 42 43 44 45 46 AYE NAY ABSENT J r� 47 G:\ attorney_ share \RESOLUT(ONS\2012\resolution2l 2012 FD board appt reso.docx Page 2 of 2 From: Sandie Kyser [mailto:sandie @umi9l.com] Sent: Monday, May 14, 2012 12:30 PM To: Audrey Ross Subject: RE: Palm Beach Gardens Firefighters Pension Fund, Fiduciary Liability Policy # UFL 0003326 01 - Renewal Invoice Hi Audrey: Total Annual Premium for $2,000,000.00 Limit: $8,540.84 ($8,268 Base Premium + $272.84 FL Surcharges). Total Annual Premium for $5,000,000.00 Limit: $12,972.41($12,558 Base Premium + $414.41 FL Surcharges). Sincerely, Sandie Kyser, Account Executive United Members Insurance Phone: 813 - 265 -2300, ext. 8 Fax: 813- 265 -2323 Email: sandie(a umi91.com Im ACTUARIAL SERVICES AGREEMENT THIS CONTRACT is entered into the 1St day of October, 2005, between the BOARD OF TRUSTEES OF THE CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND, (herein referred to as the "Board ") and GABRIEL, ROEDER, SMITH AND COMPANY (herein referred to as the "Actuary"). WITNESSETH WHEREAS, the Actuary has demonstrated the expertise and experience to perform the actuarial services outlined in this Agreement. NOW, THEREFORE, in consideration of services to be performed and payments to be made together with mutual covenants and conditions hereinafter set forth, the parties agree as follows: 1. The Actuary shall perform the following Regular Annual Services: A. Prepare an annual Actuarial Valuation Report for fiscal years ending September 30, 2005 and thereafter. B. Attend at least one meeting per year to present the annual valuation. C. Annual aggregate share account update D. Compute and verify retirement, death and disability benefits. E. Consulting services regarding benefit and /or assumption changes. F. Correspondence with City's auditors regarding disclosures included in City's financial statements. G. Correspondence with State of Florida Department of Management Services, Division of Retirement which agency reviews the required Annual and Actuarial Reports. H. Prepare actuarial impact statement as necessary. I. Coordinate with other service providers regarding other plan reports and necessary governmental filings. I Provide telephone consultations on plan matters. 2. During the contract period, the Actuary shall also perform such additional actuarial services as may be requested by the Board. The charges for this work shall be based upon the amount of time required to complete each task and then current hourly rates. A firm fee quotation prior to commencing any work shall be provided 3. For Regular Annual Services as provided in paragraph 1 of this Agreement, the Board agrees to pay an annual fee of Seven Thousand dollars ($7,000) for 2005, Seven Thousand Three Hundred Dollars ($7,300) for 2006 and Seven Thousand Six Hundred Dollars ($7,600) for 2007. Further, the Actuary shall receive additional fees as follows: • One hundred fifty dollars ($150.00) for each calculation of service retirement, disability retirement, survivor and vested benefits for members of the Retirement System as such benefits become payable. 2005 2006 2007 Supplemental Valuations and non -de minimis Impact Statements — First $1,000 $1,050 $1,100 Change Additional Changes at same time — 2nd $ 575 $525 $550 and 3rd 4`n and above $350 $375 $400 De minimis (no cost) impact statements $500 $500 $500 All fees are guaranteed for three (3) years. 4. This contract embodies the entire Agreement of the parties hereto and no modification thereof shall be made except by written amendment agreed to and executed by both parties. I 5. The Board shall deliver to the Actuary all employee and financial data and any such further information as the Actuary shall deem necessary from time to time in order to complete the job. 6. Termination. Either party may terminate this Agreement at any time upon thirty (30) days written notice to the other party. The Actuary shall be entitled to payment for any actuarial services performed through the effective date of termination. 7. The Actuary shall maintain malpractice insurance in the sum of at least one million dollars ($1,000,000) and shall provide the Board with a certificate of insurance evidencing such coverage. 8. Change in Personnel. This Agreement is entered into by the Board with the expectation and request that Brad Armstrong will remain as the principal senior actuarial consultant assigned to the Board by the Actuary. Should the Actuary decide to assign another Senior Actuarial Consultant to the Board, the Actuary will give the Board at least sixty (60) days advance notice. 9. The term of this Agreement shall be for three (3) years beginning the 1St day of October, 2005, and may be renewed for subsequent periods upon the mutual agreement of the parties hereto. There shall be no change in any terms unless mutually agreed to by the parties hereto. 10. Neither party hereto may assign, convey, or otherwise transfer any of its rights, obligations, or interest herein without the prior express consent of the other party. 11. The validity of this Agreement and of any of its terms or provisions, as well as the rights and duties of the parties hereunder, shall be governed by the laws of the State of Florida, with venue being Palm Beach County Florida. All prior agreements between the parties are hereby terminated and superseded by this Agreement. 12. This Agreement may be executed in several counterparts, each of which shall be deemed an original. IN WITNESS WHEREOF, the Board has signed duplicates hereof, and GABRIEL, ROEDER, SMITH AND COMPANY has caused its corporate name to be 3 signed to said duplicates by its proper officers thereunto duly authorized on the date and in the year first above written. BOARD OF TRUSTEES OF THE GABRIEL, ROEDER, SMITH CITY OF PALM BEACH GARDENS' FIREFIGHTERS' PENSION FUND ORMAN L. ]ONES, Chairman I Chairman Print Name: � (c l K zl ;'- - v ATTEST: By: G:\\PBGF\ACrU\2005-GRS-ActuarialServiceAgreement 4 ATTEST;, By: �O tow CA III TA 1.11A\Aiil MENT, LLC Date: 4/2612012 Invoice: Ms. Margaret M. Adcock City or Palm Beach Gardens Firefighters' Retirement System The Pension Resource Center, Inc. 4360 Northlake Blvd., Ste. 206 Palm Beach Gardens, FL 33410 Ile: City or Palm Beach Garden Firefighters' Retirenl Account It: 3350000104 Per our Investment Management Agreement, the fees to Agincourt Capital Management in payment for investment services rendered from 11!12012 - 313 112012: Monthly Market Values: 1/31/2012 2/29/2012 3/31/2012 Average Market Value: $5,443,854.13 x Total Annual Fee: Total Quarterly Fee: 0,2500% • Agil?CO44rt Capital Management. LLC Federal Tax IU• 54- 19474411 S5,439,622.79 55,456,107.59 S5,435,832.00 $5,443,854.13 $13,609.64 513, 609.64 1 $3,402.41 RF1" 0 MAY 0 7 2912. ��� Joe Bogdahn Paj,ment Due IUthin 30 Days to: Agincourt Capital r11a nagtuent, LLC IVire/ACH. Branch Ranking Trust (BBT) or Agincourt Capital Alanugentent, LLC 901 Ernst 11yrrl Street ATTN: Laura Hayiiie Richnlotnd, VA 23219 200 South 10th Street, ,Smite 800 ABA# 051404260 Richnroud, VA 23119 Account# 5131710132 FBD: Agincourt Capital ,lanagement, LLC Please let as know if you 10W.&WiFRtpl{,ti41D V or our Carle of Ethics 200 501ITII 10.1 -H STREET, SUITE Sao • RIC I11ION1), %'IRGINIA z;xirt TFt EPI]ONE (804) 548-1I :r • FAN (804) 964 -2611 � THE DAH BOGG RouN 4901 Vineland Rd Suite 600 Orlando, FL 32811 I: Palm Beach Gardens Firefighters' Pension Email: Audrey Ross Email: Payment Group Invoice Date Invoice # 3/23/2012 7485 Description Amount Performance Evaluation and Consulting Services 1/1/2012- 3/31/2012 5,625.00 Balance Due $5,625.00 DANA. Investment r April 12. 2012 IE mr•I m,l�!�kPx.-1r1 Audrey Ross Administrator The Resource Centers. LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 United States STATEMENT OF MANAGEMENT FEES Account: 715cb City of Palm Beach Gardens Firefighters' Retirement System - SC Custodian Account #: 3350000113 Billing Period: FROM 01/0112012 TO 0313112012 Account #: 7150 - City of Palm Beach Gardens Firefighters' Retirement System - SC Portfolio Value ............................ ... $2.590.676 Combined Portfolio Value for 715c:......... $14,198,946 For the Accounts: City of Palm Beach Gardens Firefighters' Retirement System - LC (715cc) City of Palm Beach Gardens Firefighters' Retirement System - SC (715cb) FEE CALCULATION Amount Based ?ate A Ipn_ie For Assets Under Manaaii ,[ I nent on Rate AQ n find 07500% On the first: 3,000,000 22,500.00 0-6000% On the remainder: 11,198,946 67,193.68 Total Fee: 89,693.68 YI-Qf % of Rate Amount Due Famliv Period (Mcl. adjustm.l 18.25% 25-00% Amount Due, PAYABLE UPON RECEIPT: . ..................................... Please sign & forward as necessary to custodian for payment Signature Dated _ Please feel free to contact us if you have any questions or would like further information: (262) 782 -3631 Dana Investment Advisors, Inc. Attn. Jennifer P.O. Box 1067 Brookfield, WI 53008 -1057 4.091.27 $4,091.27 D -etmnt A A. ln% I y April 12. 2012 lovpige No: 23221 Audrey Ross Administrator The Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens. FL 33410 United States STATEMENT OF MANAGEMENT FEES Account: 715cc City of Palm Beach Gardens Firefighters' Retirement System - LC Custodian Account #: 3350000088 Billing Period: FROM 0110112012 TO 0313112012 Account #: 715cc - City of Palm Beach Gardens Firefighters' Retirement System - LC Portfolio Value ....... ............................... ................. 511.608.271 Combined Portfolio Value for 715c:.. I ...... $14,198,946 For the Accounts: City of Palm Beach Gardens Firefighters' Retirement System - LC (715cc) City of Palm Beach Gardens Firelighters' Retirement System - SC (715cb) FEE CALCULATION Rata A Inn lod: 0.7500% 0.6000% For Assets n On the first. 3,000,000 On the remainder: 11,198.946 Total Fee: Atx Unt Based on Rate Applied 22.500.00 67.193.68 1L4f % of Rate Amount Duo Family Period (Intl. adiustm.1 89.693.68 81-75% 25.00% Amount Due, PAYABLE UPON RECEIPT: ...................................... Please sign & forward as necessary to custodian for payment Signalure Dated Please feel free to contact us if you have any questions or would like further information: (262) 782 -3631 Dana Investment Advisors. Inc. Attn: Jennifer P.O. Box 1067 Brookfield. Wl 53008 -1067 18.332.15 $18,332.15 �6 122112 FSU Center for Professional Development °O ° Payment Instructions: Mailed in Check: Payments by check are processed within 1 business day of receipt. Below are instructions for check payment. If you would like to gain instant access to this course you must pay online, please CLICK HERE. Make checks payable to and mail to: Florida State University, CAPD Attn: Cashier 555 West Pensacola Street P. O. Box 3061640 Tallahassee, FL 32306 -1640 l , Payments by check are processed within 1 business day of receipt. Please indicate the following on your check: j Course Confirmation Number: 244510 i Student Reference Number 88624 Finish rI� a r THE? FLORMA S'I'ATE UNIVERSITY capd -webs GO About The FSU Center For Academic & Professional Development © 2012 The Florida State University E -Mail Your Comments, or call 850- 644 -3801 itps:ll learningforlife. fsu .edu /registration2/stap3b_3.cfm it THE RESOURCE CENTERS, LLC I Y i� s, 4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410 - -- - - -� Phone (561) 6243277 Fax (561) 624 3278 ❖ WWW.RESOURCECENTERS.COM VIA EMAIL: mindy.iohnson@reaions.com March 29, 2012 Mindy Johnson Regions Morgan Keegan 1511 North Westshore Blvd Suite 850 Tampa, FL 33607 RE: Palm Beach Gardens Firefighters' Pension Fund Disbursement Request Dear Mindy: Please process the following payment: • $170.00 payable to Florida State University, CAPD - ATTN: Cashier for Trustee Tom Murphy's Division of Retirement P &F Pension Trustee School on May 15 & 16, 2012. Please mail the payment to: 555 West Pensacola Street P.O. Box 3061640 Tallahassee, FL 32306 -1640 Please also indicate the following on the check: Course Confirmation # 244510 Student Reference # 88624 If you have any questions regarding these expenses, please do not hesitate to contact our office. Thank you. Sincerely, Audrey Ross Administrator f--`1 -D C Gabriel Roeder Smith & Company Consultants & Actuaries One Towne Square Suite 800 Southfield, Michigan 48076 -3723 (248) 799 -9000 City of Palm Beach Gardens Firefighters' Pension Fund The Resource Centers, LLC 4360 Northlake Blvd., Suite 206 RECEIVED Palm Beach Gardens, Florida 33410 APR 1 2n31 Attention; Ms. Audrey Ross, Administrutor Invoice 4/9/2012 118075 Dept. # 78009 Gabriel Roeder Smith & Company P.O. Box 79000 Detroit, Michigan 48278 -0009 OR ACH Payment to: Gabriel Roeder Smith & Company JP Morgan Chase, ABA #: 072000325 Account #: 0486723 Descriliflon Regular Annual Services for the period 10/1/2011 - 913012012: Project 4, 2678 -005 Amount $8,500 The September 30, 2011 annual actuarial valuation determining contribution requirements for the fiscal year beginning October 1, 2012 submitted March 8, 2012, Newsletter and routine consultation by phone, letter, entail and fax. March 12, 2012 meeting to discuss the actuarial valuation report. Correspondence with auditors dated January 12, 2012. Preparation of Page fin Submitted to City for inclusion in the State report. Individual member benefit statements as of September 30, 2011. $525 individual tnentber share account statements as of September 30, 2011. 5525 Individual tncmber DROP ;account quarterly statements ($155 apiece) for calendar year 201 I through Septcmher 30, 201 1, S1,395 Six (6) benefit calculations. $920 Letter regarding expiration of worker's compensation offset sent May 11, 2011 and associated research. $ 1,870 Union requests for benefit comparisons sent February 23, 2012 (amount represents less than half of the time charges incurred). $935 Invoice Total $14,670 Paid to Date Client No. 2678 Amount Due 514,670 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. a' GARCIA HAMILTON ASSOCIATES,L.e 3 d3 # 2 4 INVOICE 5 HOUSTON CENTER 1401 MCKINNEY, SYTE 1600 HOUSTON, TX 77010 April 27, 2012 TEL: (713) 853 -2322 FAX: (713) 853 -2308 CITY OF PALM BEACH GARDENS FIREFIGHTERS PENSION FUM GARGIAHAMILTONASSOCIATES.Com (3350000097 ) palrai Attn: Margie Adcock 4360 Nortlilake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 MAY 0 3 2o1z GARCIA HAMILTON & ASSOCIATES STATEMENT OF 11IL4 1VAGEMENT FEES For The Period January 1, 2012 through March 31, 2012 Portfolio Valuation with Accrued Interest as of 03-31-12 $ 5,842,410.86 5,842,411 @ 0.250 % per annum 3,651.51 Quarterly Management Fee $ 3,651.51 TOTAL DUE AND PAYABLE S 3,651.51 none CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND CHAPTER 175 PREMIUM TAX ALLOCATION Statement of benefits to Firefighters as of September 30, 2011 prepared for Schmitz, Gary Social Security No.: XXX -XX -8914 1. ACCOUNT BALANCE AS OF 10/1/2010 $63,436.26 (INCLUDES OCTOBER, 2010 SPECIAL DISTRIBUTION) 2. CHAPTER 175 ALLOCATION $4,721.53 (INCLUDES OCTOBER, 2011 SPECIAL DISTRIBUTION) 3. DISTRIBUTIONS $31,718.13 4. FORFEITURE DISTRIBUTIONS ($11.65) 4. INVESTMENT EARNINGS ($999.68) 5. PLAN EXPENSES $130.62 6. ACCOUNT BALANCE AS OF 9/30/2011 $35,297.71 7. VESTED PERCENTAGE AS OF 9/30/2011 100% 8. VESTED ACCOUNT BALANCE AS OF 9/30/2011 $35,297.71 30, =.60 ro1 a Gabriel Roeder Smith & Company 3/35/2012 THE RESOURCE CENTERS, LLC 4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410 Phone (561) 624 -3277 ❖ Fax (561) 624.3278 ❖ www.REsouRCF-CENTERS.COM l� VIA FACSIMILE 813- 639 -3435 ( Pa es March 29, 2012 Mindy Johnson Regions Morgan Keegan 1511 North Westshore Blvd, Suite 850 Tampa, FL 33607 RE: Palm Beach Gardens Firefighters' Pension Fund Gary Schmitz -175 Disbursement Dear Mindy: As you know, we serve as the Administrator for the Board of Trustees of the Palm Beach Gardens Firefighters' Pension Fund. Please find attached two (2) Benefit Payment Requests for Gary Schmitz. He has elected to rollover $30,000 to Knights of Columbus and then he would like to receive the remaining balance of $5,297.71 as a cash disbursement; therefore 20% must he withheld for taxes. In addition he would like the cash disbursement to be directly deposited into the same checking account his monthly pension checks will be going into as well. Please process this request as quickly as you call. If you have any questions regarding the above item, please do not hesitate to contact me at 561 -624 -3277 extension 3007. Sincerely, % r,,� Audrey Ro s Administrat Enclosures CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND CHAPTER 175 PREMIUM TAX ALLOCATION Statement of benefits to Firefighters as of September 30, 2011 prepared for Aitken, Glen Social Security No.: XXX- XX4041 1. ACCOUNT BALANCE AS OF 10 /1 /2010 $84,178.75 (INCLUDES OCTOBER, 2010 SPECIAL DISTRIBUTION) 2. CHAPTER 175 ALLOCATION $6,295.35 (INCLUDES OCTOBER, 2011 SPECIAL DISTRIBUTION) 3. DISTRIBUTIONS $0.00 4. FORFEITURE DISTRIBUTIONS ($15.53) 4. INVESTMENT EARNINGS ($1,326.56) 5. PLAN EXPENSES $173.39 6. ACCOUNT BALANCE AS OF 9/30/2011 $88,958.63 7. VESTED PERCENTAGE AS OF 9/30/2011 100% 8. VESTED ACCOUNT BALANCE AS OF 9/30/2011 $88,958.63 —2� iI�2 C2ogo tI,lwu,1O Gabriel Roeder Smith &: Company 3/15/2012 THE RESOURCE CENTERS, LLC : ....:........ 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 - -_ _ -- Phone (561) 624 -3277 Fax(561)624-3278 •:+ WWW.RESpURCECENTEItS.COM VIA FACSIMILE 813 -639 -3435 (7 Pages) March 28, 2012 Mindy Johnson Regions Morgan Keegan 1511 North Westshore Blvd, Suite 850 Tampa, FL 33607 RE: Palm Beach Gardens Firefighters' Pension Fund Glen Aitken -175 Disbursement Dear Mindy: As you know, we serve as the Administrator for the Board of Trustees of the Palm Beach Gardens Firefighters' Pension Fund. Please find attached two (2) Benefit Payment Requests for Glen Aitken. He has elected to rollover $75,000 to Med Life and then he would like to receive the remaining balance of $13,958.63 as a cash disbursement; therefore 20% must be withheld for taxes. In addition he would like the cash disbursement to be directly deposited into the same checking account his monthly pension checks will be going into as well. Please process this request as quickly as you can. If you have any questions regarding the above item, Please do not hesitate to contact me at 561 -624 -3277 extension 3007. Sincerely, Audrey Ross Administrator Enclosures !CC CAPITAL MANAGEMENT PALM BEACH GARDENS FIREFIGHTERS PENSION FUND MULTICAP Invoice Date: Mar 31, 2012 The Pension Resource Center c/o Audrey Ross 4360 Nor•thlake Blvd. Suite 206 Palm Beach Gardens. FL 33414 Invoice Number: 57532225 ICC Capiral Management, Inc. STATEMENT OF MANAGEMENT FEES For the period January 0 1, 2012 to March 31, 2012 Portfolio Valuation with Accrued Interest as of 3/31/2012 9,357,182 @ 0.50% per annum Quarterly Management Fee PastDue /Credit: TOTAL DUE AND PAYABLE PAYMENT OPTIONS: Please make checks payable to: ICC Capital Management, Inc. Please remit payment to: ICC Capital Management. Inc. clo Lini Mohabir 340 N. Orange Ave. Suite 2700 Orlando, FL 32801 Report Date: Apr S. 2012 RECEIVED APR 0 9 2912 $ 9,457,182.36 1 1,821.48 $ 1 1,821.48 0.0 $ 1 1,821.48 Wiring Instructions: Fifth Third Bank Routing # 042 004 314 Acct, K 1 1 -1 060872 Orlando, FL • New York, NY • Walnut Creek, CA - Malvern, PA w Nw. icccapital.com CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND FINAL WORKSHEET OF RETIREMENT BENEFITS April 25, 2012 Pg. 1 NAME MICHAEL RITZ BIRTH HIRE PEN HIRE RETIRE LAST SERV ELIG NORM ELIG EARLY 100% VEST COMMENCE BEN NAME BEN BRAY SPOUSE SEX HRLY RATE HRSICYCLE LAST PAY VESTED TDY TERM DATE 01/25/1984 10/17/2005 10/17/2405 00/00/0000 TYPE T 03/23/2012 1011712030 00/00/0000 10/17/2015 00/00/0000 00/00/0000 19.8700 080 B 2012/03/25 0 40 2012/03/23 371.66 SSN 5055 DEPT Prepared by `�- * indicates manua erride POST --TAX CONTR PRE -TAX CONTR 20,769.54 INTEREST PAID EXIT INTEREST TOTAL REFUND 20,759.54 HIGH 5 YRS EARN 280,800.50 AVG MO EARN 4,680.01 SERV AT TERM 6 5 6 AGE AT RETIRE 84 0 0 AGE AT NORMAL 46 8 22 AGE AT COMM 84 BEN AGE COMM 0 RATE .19299 VESTED ACCRUED BENEFIT 361.28 REFUND 20,769.54 CrbSS � q, t2_o� °� I (P , (01 S . CO3 � 1 THE RESOURCE CENTERS, LLC 4360 Northtake Boulevard, Suite 206 -,. Palm Beach Gardens, FL 33410 Phone (561) 624 -3277 ❖ Fax (561) 6243278 :• WWW.RESOURCECENTERS -COM VIA FACSIMILE 813 -6.39 -3435 4 Pages) April 25, 2012 Mindy Johnson Regions Morgan Keegan 1511 North Westshore Blvd, Suite 850 Tampa, FL 33607 RE: Palm Beach Gardens Firefighters' Pension Fund Michael Ritz — Refund of Contribution Dear Mindy: As you know, we serve as the Administrator for the Board of Trustees of the Palm Beach Gardens Firefighters' Pension Fund. Please find attached a Benefit Payment Requests for Michael Ritz. He is electing to receive his refund of contributions (gross $20,769.54) as a cash disbursement; therefore 20% must be withheld for taxes. Please process this request as quickly as you can. If you have any questions regarding the above item, please do not hesitate to contact me at 561 -524 -3277 extension 3007. Sincerely, Audrey Ross Administrator Enclosures _ RBC Global Asset Management' m Margaret M. Adcock The Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens FL 33410 Invoice Number Invoice Date: Billing Period: Custodian Account Number Account Number: INVESTMENT MANAGEMENT FEE For the Arrears Period of 0 110 1/2012 to 03/31/2012 Account Name: City of Palm Beach Gardens Firefighters Pension Trust Fund Ending Market Value for Account P703000: January 2012: 2,056,715.06 USD February 2012: 2,239,605.17 USD March 2012: 2,217.727.00 USD Average Market Value 2,171,349.08 USD Market Value Based Fees 2,171,349.08 @ 0.8800% x 901360 Total Current Period Fees Total Amount Due Upon Receipt 18670 04/18/2012 0110 112012 - 0313 1/2012 CF -RSYB P703000 RECE;VED APR 3 a 7017 4,776.97 4,776.97 USD 4,775.97 USD If you have any questions, please call Portfolio Administration at 612- 376 -7151 or 1 -866- 759 -9083 or send an email to rbcgamusbillingCrbc.com. [keep this portion for your financial records] Invoice Number: 18670 Invoice Date: 04/18/2012 Billing Period: 0 110 1/2012 - 0313 11201 2 Custodian Account Number: CF -RSYB Account Number: P703000 Account Name: City of Palm BCOUIL Gardens Firefighters Pension Trust Fund Wire Instructions: Bank: US Bank Payment rlfaili►rg 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 18670 Amount Due 4,776.97 USD Remittance Amount USD Mall rids portion Willi yaar payment. Thank yor► jrryour business. A REGIONS TRUST Post Office Box 12385 Birmingham, Alabama 35202 -2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 03/12/2012 ACCOUNT # 3320005077 ACCOUNT NAME: PB GARDENS FIRE MAR 16 7012 J. SCOTT BAUR PENSION RESOURCE CENTER 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDEN FL 33410 FOR FEE CALCULATION PERIOD 02/01/2012 - 02/29/2012 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT INVOICE NUMBER 76389 $ 3,936.78 PERCENTAGE AMOUNT SUMMARY OF ACCOUNT FEE 2850000140 PR GAR BERGEL 0.90633343% 12.42 BILL PREVIOUS BALANCE 5,653.13 3320005077 2850000159 PAYMENTS RECEIVED: 2,486. 0.46452714% CURRENT FEE: 1,369.95 TO A/C BALANCE DUE $ 3,936.78 PB GAR OLSEN FEE CALCULATION DETAIL 02/01/2012 - 02/29/2012 5.02 BILL TO A/C 3320005077 DESCRIPTION/ RATE FEE TOTAL 0.01252684% BASIS BILL TO A/C MARKET VALUE PERIOD ENDING 02/29/2012 PB GARDENS FIRE 41,098,552.36 0.0000083333 34,248.66 34,248.66 $ 34, 248.66 � .--'���� L� GARDENS RBC FEE CALCULATION DETAIL 02/01/2012 - 02/29/2012 62.86 BILL ITEM AMOUNT IT 7 3350000088 DISCOUNT: ----- - - - - -- 1� ff i 373.89 PERIOD ENDING 02/29/2012 32,878.71 - A/C 3320005077 TOTAL $ 32,878.71- _______--_-- SUMMARY OF FEE CALCULATION DETAIL ITEM AMOUNT MARKET VALUE 34,248.66 DISCOUNT 32,878.71° TOTAL A14OUNT DUE FOR CURRENT PERIOD $ 1,369.95 � FOR FEE CALCULATION PERIOD 02/01/2012 - 02/29/2012 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 2850000140 PR GAR BERGEL 0.90633343% 12.42 BILL TO A/C 3320005077 2850000159 PB GAR FETTERMAN 0.46452714% 6.36 BILL TO A/C 3320005077 2850000168 PB GAR OLSEN 0.36622314% 5.02 BILL TO A/C 3320005077 2850000220 PB GAR VAZQUEZ 0.01252684% 0.17 BILL TO A/C 3320005077 3320005077 PB GARDENS FIRE 9.07169924% 124.28 BILL 3320010132 PB GARDENS RBC 4.58817754% 62.86 BILL TO A/C 3320005077 3350000088 PB CARD FIRE LC 27.29253437% 373.89 BILL TO A/C 3320005077 .... _ .. _ . ,.. - _ - 1 ,� `.� ,a AREGIONS TRUST Post Office Box 12385 Birmingham, Alabama 35202 -2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 03/12/2012 2 FOR FEE CALCULATION PERIOD 02/01/2012 - 02/29/2012 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 3350000097 PB GARD FIRE FXD 14.09498006% 193.09 BILL TO A/C 3320005077 3350000104 PB GARD FIRE AGN 13.16971528% 180.42 BILL TO A/C 3320005077 3350000113 PB GAR DANA SC 6.13088179% 83.99 BILL TO A/C 3320005077 3350000186 PB GAR ICC 23.90240117% 327.45 BILL TO A/C 3320005077 ACCOUNT NAME PERCENTAGE MARKET VALUE 2850000140 PB GAR BERGEL 0.90633343% 372,489.92 2850000159 PB GAR FETTERMAN 0.46452714% 190,913.93 2850000168 PB GAR OLSEN 0.36622314% 150,512.41 2850000220 PB GAR VAZQUEZ 0.01252684% 5,148.35 3320005077 PB GARDENS FIRE 9.07169924% 3,728,337.06 3320010132 PB GARDENS RBC 4.58817754% 1,885,674.55 3350000088 PB GARD FIRE LC 27.29253437% 11,216,836.53 3350000097 PB GARD FIRE FXD 14.09498006% 5,792,832.76 3350000104 PB GARD FIRE AGN 13.16971528% 5,412,562.33 3350000113 PB GAR DANA SC 6.13088179% 2,519,703.66 3350000186 PB GAR ICC 23.90240117% 9,823,540.86 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 ANDREW SINCLAIR AT 813 - 639 -3328 A REGIONS TRUST Post Office Box 12385 Birmingham, Alabama 35202 -2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 04/11/2012 ACCOUNT #t 3320005077 ACCOUNT NAME: PB GARDENS FIRE U. SCOTT BAUR PENSION RESOURCE CENTER 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDEN FL 33410 INVOICE NUMBER 76999 SUMMARY OF ACCOUNT PREVIOUS BALANCE PAYMENTS RECEIVED: CURRENT FEE: :NIMA NO � 6161 N $ 2,747.59 3,936.78 2,566.83- 1,377.64 $ 2,747.59 FEE CALCULATION DETAIL 03/01/2012 - 03/31/2012 DESCRIPTION/ RATE FEE TOTAL BASIS MARKET VALUE PERIOD ENDING 03/31/2012 41,329,294.18 0.0000083333 34,440.94 34,440.94 $ 34,440.94 FEE CALCULATION DETAIL 03/01/2012 - 03/31/2012 ITFJ -T AMOUNT DISCOUNT: PERIOD ENDING 03/31/2012 33,063.30 - TOTAL $ 33,063.30- SUMMARY OF FEE CALCULATION DETAIL ITEM AMOUNT MARKET VALUE 34,440.94 DISCOUNT 33,063.30 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 1,377.64 FOR FEE CALCULATION PERIOD 03/01/2012 - 03/31/2012 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS RECE NED APR 18 ?[1i? ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 2850000140 PB GAR BERGEL 0.92563453% 12,75 BILL TO A/C 3320005077 2850000159 PB GAR FETTEP14AN 0.48293305% 6.65 BILL TO A/C 3320005077 2850000168 PB GAR OLSEN 0.38694193% 5.33 BILL TO A/C 3320005077 2850000220 PB GAR VAZQUEZ 0.02491383% 0.34 BILL TO A/C 3320005077 3320005077 PB GARDENS FIRE 9.42190985% 129.80 BILL 3320010132 PB GARDENS RBC 4.56256176% 62.86 BILL TO A/C 3320005077 3350000088 PB GARD FIRE LC 28.02122925% 386.03 BILL TO A/C 3320005077 A ktEGIONS TRUST Post Office Box 12385 Birmingham, Alabama 35202 -2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 04/11/2012 2 FOR FEE CALCULATION PERIOD 03/01/2012 - 03/31/2012 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 3350000097 PB GARD FIRE FXD 14.01362425% 193.06 BILL TO A/C 3320005077 3350000104 PB GARD FIRE AGN 13.04286129% 179.68 BILL TO A/C 3320005077 3350000113 PB GAR DANA SC 6.26065741% 86.25 BILL TO A/C 3320005077 3350000186 PB GAR ICC 22.85673285% 314.89 BILL TO A/C 3320005077 ACCOUNT NAME PERCENTAGE MARKET VALUE 2850000140 PB GAR BERGEL 0.92563453% 382,558.22 2850000159 PB GAR FETTERMAN 0.48293305% 199,592.82 2850000168 PB GAR OLSEN 0.38694193% 159,920.37 2850000220 PB GAR VAZQUEZ 0.02491383% 10,296.71 3320005077 PB GARDENS FIRE 9.42190985% 3,894,008.84 3320010132 PB GARDENS RBC 4.56256176% 1,885,674.57 3350000088 PB GARD FIRE LC 28.02122925% 11,580,976.27 3350000097 PB GARD FIRE FXD 14.01362425% 5,791,731.99 3350000104 PB GARD FIRE AGN 13.04286129% 5,390,522.51 3350000113 PB GAR DANA SC 6.26065741% 2,587,485.52 3350000186 PB GAR ICC 22.85673285% 9,446,526.36 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 ANDREW SINCLAIR AT 813 -639 -3328 -�� Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 0lir•7 Palm Beach Gardens Firefighters' Pension Fund Invoice Date Invoice # 3/30/2012 11773 Tax ID Financial Resource Center 87- 0800465 Pension Resource Center 36- 4504183 Resource Centers 87- 0800468 Description Qty Rate Amount Palm Beach Gardens Firefighters' Pension Monthly Administrator Fee for April 2012 1,625,00 1,625,00 Total Amount Due $1,625.00 Mail Payments to: Resource Centers, LLC at Palm Beach Gardens address OR ACH Payment to: First Southern Bank Pension Resource Center ABA #: 067012895 Account #: 8063659206 ip) l (0 00 V;S3� If you have any questions concerning this invoice, please contact Bonnie Lindberg at Resource Centers, LLC Phone 561.459.2959 or email - Bonnie@ ResourceCenters.com Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Firefighters' Pension Fund Invoice Gate Invoice # 4/30/2012 11828 Tax ID Financial Resource Center 87- 0800465 Pension Resource Center 36- 4504183 Resource Centers 87- 0800468 Description Qty Rate Amount Palm Beach Gardens Firefighters' Pension Monthly Administrator 1,625.00 1,625.00 Fee for May 2012 FED -EX Overnight Shipping - 2 Packages 33.36 33.36 Total Amount Due $1,658.36 Mail Payments to: Resource Centers, LLC at Palm Beach Gardens address OR ACH Payment to: First Southern Bank Pension Resource Center ABA #: 067012895 Account w: 8063659206 If you have any questions concerning this invoice, please contact Bonnie Lindberg at Resource Centers, LLC Phone 561.459.2959 or email - Bonnie @ResourceCenters.com J CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND CHAPTER 175 PREMIUM TAX ALLOCATION Statement of benefits to Firefighters as of September 30, 2011 prepared for Ensinger, Steve Social Security No.: XXX -XX -7862 1. ACCOUNT BALANCE AS OF 10/1/2010 $84,818.92 (INCLUDES OCTOBER, 2010 SPECIAL DISTRIBUTION) 2. CHAPTER 175 ALLOCATION $6,295.35 (INCLUDES OCTOBER, 2011 SPECIAL DISTRIBUTION) 3. DISTRIBUTIONS $0.00 4. FORFEITURE DISTRIBUTIONS ($15.53) 4. INVESTMENT EARNINGS ($1,336.64) 5. PLAN EXPENSES $174.62 6. ACCOUNT BALANCE AS OF 9/30/2011 $89,587.48 7. VESTED PERCENTAGE AS OF 9/30/2011 100% 8. VESTED ACCOUNT BALANCE AS OF 9/30/2011 $89,587.48 Gabriel Roeder Smith & Company 3/15/2012 '�- THE RESOURCE CENTERS, LLC I Al 4360 Northlake Boulevard, Suite 246 •:- Palm Beach Gardens, FL 33410 Phone (561) 624 -3277 -:- Fax (56 0 624-3278 -:- vAm.RESOURCECENTERS.COM VIA FACSIMILE 813 -639 -3435 4 Pages) March 29. 2012 Mindy Johnson Regions Morgan Keegan 1511 North Westshore Blvd, Suite 850 Tampa, FL 33607 RE: Palm Beach Gardens Firefighters' Pension Fund Steven Ensinger -175 Disbursement (Final) Dear Mindy: As you know, we serve as the Administrator for the Board of Trustees of the Palm Beach Gardens Firefighters' Pension Fund. Please find attached a Benefit Payment Request for Steven Ensinger. The request is to rollover the remaining balance of his Share Account (175) to Pershing LLC. Please process this request as quickly as you can. If you have any questions regarding the above item, please do not hesitate to contact me at 561 -624 -3277 extension 3007. Sincerely, ki—l" Audrey Ross Administrator Enclosures Steven I. Gordon, CPA Certified Public Accountant 4600 W. Commercial Blvd., Ste. 5 Tamarac, FI. 33319 Phone (828) 248 -3121 Palm Beach Gardens Firelighters Pension clo Pension Resources Inc. 4360 N. Lake Blvd., # 206 Paltn Beach Gardens, FL 33410 Invoice #: 7465 Date: 3/12/2012 Final billing in connection with certified audit of financial statements as of and for tlic year ended September 30, 2011 Total Charges Prior Balance (Credit) Before this Invoice Total Balance Due $290.00 0.00 $290.4 SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW Robert A. Sugarman 100 Miracle Mile Howard S. Susskind Suite 300 Kennelh R. Harrison. Sr. Coral Gables. Florida 33134 D. Marcus Braswell, Jr. (305) 529 -2801 Pedro A. Herrera Broward 763 -2546 Iveiisse Berio- LeBeau Toll Free 1-800 -329 -2122 Noah S. Warman Facsimile (305) 447 -8115 March 6, 2012 City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator _ The Pension Resource Center, Inc. R E C E i .� E D 4360 Northlake Boulevard, Suite 206 MAR 0 9 2012 Palm Beach Gardens, Florida 33410 CURRENT FEES: CURRENT COSTS: PREVIOUS BALANCE: PAYMENTS RECEIVED: TOTAL AMOUNT DUE: 769.50 eD 0.00 0.00 -------- - - - --- C L � t tr. -,; ��:. :.; i � r .' _- , . - -. ... � �l _ .. _ _ �,+ r 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 Qent:Matter PBGF:ACCT In Reference To: Accountant's Inquiry Letters Previous balance Balance due Client:Matter PBGF:ACTU In Reference To: Actuarial Services Professional Services 2/23/2012 Receipt and review of benefit comparison. For professional services rendered Balance due Client:Matter PBGF:ADMN In Reference To: Administrative Manager March 06, 2012 Amount $399.00 $399.00 Hrs /Rate Amount 0.60 $171.00 $285.00 /hr 0.60 $171.00 $171.00 City of Palm Beach Gardens Firefighters' Pension Fund Page 2 Amount Previous balance $285.00 Balance due $285.00 Client:Matter PBGF:MEET In Reference To: Meeting Professional Services 21712012 Attend Special meeting via phone conference. For professional services rendered Balance due Client:Matter PBGF:MISC In Reference To: Miscellaneous Professional Services Hrs /Rate Amount 0.90 $285.00/hr 0.90 $256.50 V I $256.50 $256.50 Hrs /Rate Amount 2/8/2012 Telephone conference with legal counsel representing divorcing member 1.20 regarding pension pay -outs. $285.00/hr For professional services rendered 1.20 $342.00 Previous balance $1,111.50 Balance due $1,453.50 c Client:Matter PBGF:PLAN �� City of Palm Beach Gardens Firefighters' Pension Fund__ In Reference To: Plan Previous balance Balance due Page 3 Amount $726.75 $726.75 t- -- SUGARMAN & SUSSKIN❑ PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW Robert A. Sugarman 100 Miracle Mile Howard S. SusWnd Suite 3DD Kenneth R. Harrison. Sr. Carol Gables, Florida 33134 D. Marcus Braswell, Jr. (305) 529.7801 Pedro A. Herrera Broward 763 -2566 Ivelisse Berlo- Le$eav Toll Free 1 -500- 329 -2122 Noah S. Warman Facsimile (305) 447-8115 April 5, 2012 City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator R E C E I V E L) The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 APR 2 Palm Beach Gardens, Florida 33410 CURRENT FEES: CURRENT COSTS: PREVIOUS BALANCE: PAYMENTS RECEIVED: IlCi]�n�� 1611 M r181:1 2,508.00 0.00 -37,2 9t-75- '251 Z ►�S 0.00 Fes.. 1S c-� 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 April 04, 2012 c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Client:Matter PBGF:ACCT In Reference To: Accountant's Inquiry Letters Amount Previous balance $399.00 Balance due $399.00 Client:Matter PBGF:ACTU In Reference To: Actuarial Services Professional Services Hrs /Rate Amount 3/16/2012 Receipt and review of email from GRS regarding salary assumptions. 0.20 $57.00 $285.00 /hr 3/22/2012 Receipt and review of GRS Plan design study response. 0.60 $171.00 $285.00/hr For professional services rendered 0.80 $228.00 Previous balance $171.00 Balance due $399.00 City of Palm Beach Gardens Firefighters' Pension Fund Client:Matter PBGF:ADMN In Reference To: Administrative Manager Previous balance Balance due Client:Matter PBGF:MEET In Reference To: Meeting Page 2 Amount $285.00 $285.00 Professional Services Hrs /Rate Amount 3/12/2012 Attend meeting. Prepare for meeting. Travel. 7.60 $2,166.00 $285.00 /hr For professional services rendered 7.60 $2,166.00 v Previous balance $256.50 Balance due $2,422.50 Client:Matter PBGF:MISC In Reference To: Miscellaneous Professional Services Hrs /Rate Amount 3/1/2012 Receipt and review of proposed Order regarding distribution of marital assets 0.40 $114.00 for Jarrell. $285.00/hr For professional services rendered 0.40 $114.00./ Previous balance $1,453.50 City of Palm Beach Gardens Firefighters' Pension Fund Balance due Client:Matter PBGF:PLAN In Reference To: Plan Previous balance Balance due Page Amount $1,567.50 Amount $ 726.75 $726.75 THE RESOURCE CENTERS, LLC f 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 u >: - - -- - - Phone (561) 624 -3277 ❖ Fax (561) 624.3278 ❖ www.RESOURCECENTERS.COM VIA EMAIL: mindy.johnsonOregions.com April 30, 2012 Mindy Johnson Regions Morgan Keegan 1511 North Westshore Blvd Suite 850 Tampa, FL 33607 RE: Palm Beach Gardens Firefighters' Pension Fund Disbursement Request Dear Mindy: Please process the following payment: • $250.00 payable to Tom Murphy for per diem expenses associated with attending the Division of Retirement Trustee Education Seminar May 13 -17, 2012 ($50 /day). Please mail the payment to 4138 Jonquic Circle South, Palm Beach Gardens, FL 33410 If you have any questions regarding these expenses, please do not hesitate to contact our office. Thank you. Sincerely, Audrey Ross Administrator Firm Overview 1270 Soldiers Field Road • Boston • Massachusetts • 02135 -1003 Tel: 617.782.2600 Fax: 617.782.9442 www.intercontinental.net The Firm's History 1960s Established in 1959 with a primary focus on general contracting and engineering. Founder Petros A. Palandjian undertook large -scale public -bid construction projects that ranged from road construction, airports and hotels to churches, libraries and elderly and college housing projects. 1970s Evolved from a large -scale construction company to a regional real estate development firm with the competitive advantage of superior in -house construction capability. In this era, Intercontinental solidified its position as one of the region's premier construction companies, while embarking on an investment program that focused on complex development and value -added real estate opportunities. 1980s Vertically integrated into asset management, construction management, property management, finance, brokerage and consulting services. On its foundation of construction and development expertise, Intercontinental undertook projects for its own portfolio and for third party investors. Applied value -added skills to a diverse range of property types; office, residential, hotel and resort, industrial, leisure/ entertainment, retail and mixed -use properties. 1990s- Present Intercontinental's core business is private equity real estate investment management and advisory services. SEC Registered Investment Adviser Developed, built, managed + owned more than $6B of commercial real estate Offices in Boston, Chicago, Los Angeles, Denver, New York, and Orlando 79 employees Qualified Professional Asset Manager (QPAM) $2.3 Billion in Assets Under Management 1270 Soldiers Field Road - Boston - Massachusetts - 02135 -1003 Tel: 617.782.2600 Fax: 617.782.9442 www.intercontinental.net Executive Committee Peter Palandjian Chairman & ChiefExecutive Officer Investment Committee Member Peter Palandjian oversees Intercontinental's affiliated operating companies, with primary responsibility for Investment Strategy and Institutional Relationships. Mr. Palandjian earned his B.A. from Harvard College and his MBA from the Harvard Business School. Paul J. Nasser Chief Financial Officer & Chief Operating Officer Investment Committee Member Paul J. Nasser manages the firm's resources across investment and operating disciplines. As CFO and COO, he oversees accounting, Finance, Investor Relations, Performance Reporting, Marketing, Human Resources and Administration. Mr. Nasser received his B. A. in Urban Planning from the University of Rhode Island and his MB A from Suffolk University. Thomas Taranto Director of Acquisitions, Asset and Portfolio Management Investment Committee Member Tom Taranto manages and directs all aspects of Intercontinental's acquisitions, asset and portfolio management business. He also directs Intercontinental's disposition program and oversees the property management division. Mr. Taranto received his B.S. in Business Management from Bentley College. 1270 Soldiers Field Road • Boston • Massachusetts • 02135 -1003 Tel: 617.782.2600 Fax: 617.782.9442 www.intercontinental.net ]Key Professionals Devin Sullivan Director, Institutional Services Devin Sullivan is responsible for developing and servicing Intercontinental's client and consultant relationships with a primary focus on the Public Fund sector. B.A. in Government from Hamilton College. Joanna Keller Director, Institutional Services Joanna is responsible for developing and servicing Intercontinental's client and consultant relationships with a primary focus on the West Coast. B.A. in Communication from New York University. Thomas Mitchell Senior Officer, Institutional Services Thomas Mitchell is responsible for consultant relations and client service and is Intercontinental's main contact for the investment consultant community. B.A. in Communication from Purdue University. Series 7 and 66 securities licenses with FINRA. Nick McParland Director, Institutional Services Nick McParland is responsible for establishing and maintaining Intercontinental's client and consultant relationships with a primary focus on the Taft - Hartley sector. B.A. in Economics from St. Lawrence University. Peter Hapgood Director, Institutional Services Peter Hapgood is responsible for establishing and maintaining Intercontinental's client and consultant relations with a primary focus on the public fund sector in Florida. Mr. Hapgood earned his B.A. in Public Administration from Nichols College and his M.A. from American International College. Bart Weinstein Officer, Institutional Services Bart Weinstein is responsible for working with institutional clients and investment consultants. Mr. Weinstein performs financial analysis, research and due diligence on all funds. B.A. from Cornell University. 1270 Soldiers Field Road • Boston • Massachusetts • 02135 -1003 Tel: 617.782.2600 Fax: 617.782.9442 www.intercontinental.net ]Key Professionals David Carella Director of Finance Investment Committee Member Dave Carella is responsible for producing financial statements for fund reporting, computing real estate investment fund returns, maintaining development budgets, preparing year -end work papers for third party audits and tax returns. B.S. in Accounting from Bridgewater State College. Steve Centrella Senior Director, Acquisitions Investment Committee Member Mr. Centrella is responsible for the analysis of private real estate investments. His primary responsibilities center on yield driven assets and managing both the Acquisitions and Research & Analysis personnel and functions. B.S. from Lake Forest College. Jessica Levin Director, Acquisitions Jessica Levin works in Intercontinental's West Coast Office located in Los Angeles. Ms. Levin is responsible for evaluating acquisition opportunities for Intercontinental sponsored funds with a primary focus on Western United States. B.A .from the University of Wisconsin - Madison. Judy Chien Fund Controller Judy Chien is the Controller for Intercontinental's U.S. Real Estate Investment Fund, LLC. She produces financial statements for fund reporting, oversees external audit services, and implements and maintains proper internal controls. B.B. A. in Accounting from University of Georgia. Christopher Boehm Director of Researcb Cbief Compliance Officer Christopher Boehm responsible for financial analysis, research and due diligence and Intercontinental's compliance with the Investment Advisers Act of 1940 and all related SEC regulations. B.A. from Northwestern University and an MBA in Real Estate and Entrepreneurship from Indiana University. Michael Keyes Director, Acquisitions Investment Committee Member Michael Keyes is responsible for evaluating acquisition opportunities for Intercontinental sponsored funds. In this role, he is responsible for opportunity identification and transaction execution. B.A. Brown University, M.B.A. from the Tuck School at Dartmouth College. 1270 Soldiers Field Road • Boston • Massachusetts • 02135 -1003 Tel: 617.782.2600 Fax: 617.782.9442 www.intercontinental.net Institutional Clients (Partial List) ■ 8" District Electrical (CO) ■ ■ ALA- Lithographic Industry (NY) ■ ■ Ann Arbor Employees' (MI) ■ ■ Barnstable County Ret. Sys. (MA) ■ ■ Beltin Corporation (C.R.) ■ ■ Boston Plasterers & Cement Masons Local ■ #534 (MA) ■ City of Boynton Beach Fire (FL) ■ City of Bradenton Fire (FL) ■ City of Lakeworth General (FL) ■ Brockton Contributory (MA) ■ BCIP Associates II (MA) ■ ■ Carpenters of Illinois (IL) ■ Catholic Foreign Mission Society (NY) ■ Chicago District Counsel of Laborers (IL) ■ ■ Construction Industry Laborers (KS) ■ ■ Deerfield Beach Fire (FL) ■ ■ Deerfield Beach Police (FL) ■ ■ East Lake Tarpon Fire (FL) ■ Flint Employees (MI) ■ Flint Plumbing & Piping Industry (MI) ■ Fort Worth Employees (TX) ■ Garden City Employees (MI) ■ Hampshire County Ret. Sys. (MA) ■ Haverhill Ret. Sys. (NIA) ■ Hialeah Police (FL) ■ Hollywood Fire (FL) • Holyoke Contributory (MA) • Hospital and Healthcare Employees (PA) • Howard University (DC) ■ IBEW Local #25 (NY) ■ IBEW Local #99 (RI) ■ IBEW Local #103 (MA) ■ IFEBP (WI) ■ Indian River State College (FL) ■ Inter -Local GCIU (IL) Iron Workers' Mid - America (IL) ■ Iron Workers of New England (MA) ■ Iron Workers St. Louis District Counsel (MO) ■ LU.O.E. Eastern PA and DE (PA) ■ Kissimmee General (FL) ■ Lakeland Police (FL) ■ Lowell Ret. Sys. (MA) ■ Macomb County Employees (MI) ■ Mass. Bay Transportation Authority (MA) ■ Massachusetts Laborers (MA) ■ The Meijer Foundation (MI) ■ 11\Iiddlesex Ret. Sys. (MA) ■ Minneapolis Retail Meat Cutters & Food ■ Handlers (MN) Miramar Police (FL) Town of Natick Contributory (MA) National Elevator Industry (PA) NECA -IBEW (IL) N.E. Teamsters & Trucking Industry (MA) ■ New England Carpenters (MA) ■ New Haven Police & Fire (CT) ■ New Jersey Carpenters (NJ) ■ New Orleans Firefighters (LA) ■ New York Carpenters (NY) ■ Norfolk County Ret. Sys. (MA) ■ North Miami Retirement (FL) ■ North Naples Fire (FL) ■ Omaha Construction Industry (NE) ■ Oregon Sheet Metal Workers (OR) ■ Outstate Michigan Trowel Trades (MI) ■ Painters Local #35 (MA) ■ Palm Beach Gardens Fire (FL) ■ Pipefitters Local #537 (MA) ■ Plumbers Local #12 (MA) ■ Plumbers & Pipefntters Local #138 (NY) ■ Plymouth County Retirement System (MA) ■ Plymouth Contributory Ret. Sys. (MA) PRIT Core Realty Holdings (MA) Public School Teachers of Chicago (IL) Punta Gorda Fire (FL) San Antonio Police & Fire (TX) South Walton Fire (FL) St. Augustine General (FL) St. Augustine Police (FL) St. Cloud General, Police & Fire (FL) St. Lucie County Fire (FL) St. Lucie County General (FL) Sterling Heights Police & Fire (MI) Taunton Contributory (MA) Taylor Police & Fire (MI) TDT Capital, Inc (MA) Teamsters Local #237 (NY) Teamsters Local #653 (MA) Teamsters Local #705 (IL) Teamsters Local #710 (IL) Temple Terrance Police & Fire (FL) Transit Employees (DC) Titusville General (FL) Titusville Police & Fire (FL) United Brotherhood of Carpenters (DC) Utility Board of the City of Key West (FL) Vero Beach Fire (FL) Waterford Township Police & Fire (MI) West Virginia Laborers (WV) West Palm Beach Police (FL) Westland Police & Fire (MI) Weymouth Ret. Brd. (MA) Wichita Falls Firemen (fX) Winter Springs General (FL) Woburn Retirement System (MA) Westland Police & Fire (MI) Worcester Retirement System (MA) 1270 Soldiers Field Road ■ Boston ■ Massachusetts ■ 02135 -1003 Tel: 617.782.2600 Fax: 617.782.9442 www.intercontinental.net 6 Advisory Board ■ William W. Bain, Jr. is the founder of Bain & Company, a world -wide consulting firm; the extraordinarily successful Bain Capital, a venture capital firm; and Bain, Willard Companies, a private equity firm. ■ Warren A. Henderson is the founder and CEO of Mosaic, a global equity investment advisory firm. Mr. Henderson is a former principal and head of Public Fund Services at State Street Global Advisors. ■ Thomas P. O'Neill, III is the Chairman of O'Neill & Associates, a large government relations and public affairs firm. Mr. O'Neill is the former Lieutenant Governor of Massachusetts and a member of the Board of Trustees of Boston College. ■ Ira Stepanian is the former chairman and chief executive officer of Bank of Boston Corporation and its principal subsidiary, the First National Bank of Boston, as well as a member of the Board of Trustees of Tufts University, The Museum of Science and The Massachusetts General Hospital. ■ Joseph Nolan is a Senior Vice President for NSTAR. Mr. Nolan serves on the boards of directors of the New England Council and the Massachusetts State Archives Commission. He also serves on the board of overseers at Children's Hospital and is also active in the communications and government relations committees of the Edison Electric Institute and the American Gas Association. Peter Aylward is the founder of Strategic Property Advisers, Inc., an independent, registered investment advisory firm that provides real estate asset management services and financial investment advisory services to institutional clients (including 16 Taft - Hartley and Union related plans). Paul Donahue is a Managing Director for Centerline Capital Group, leading the Multifamily Capital Markets team in Boston. Including his prior roles as Senior Vice President at CB Richard Ellis, Managing Director at Holiday Fenoglio Fowler and The Berkshire Group, Mr. Donahue has over 25 years of experience selling, financing and buying multifamily properties in every major market throughout the country. 1270 Soldiers Field Road • Boston • Massachusetts • 02135 -1003 Tel: 617.782.2600 Fax: 617.782.9442 www.intercontinental.net U.S. Real Estate Investment Fund, LLC (US REIF) 1270 Soldiers Field Road • Boston • Massachusetts • 02135 -1003 Tel: 617.782.2600 Fax: 617.782.9442 www.intercontinental.net US REIF: Fund Summary Structure: 0 Delaware, limited liability company ■ Open -ended commingled investment vehicle Strategy: 0 Multi - disciplinary investment strategy targeting an average annual cash yield of 6 -8% and a total return of 10% ■ Foundation of "yield driven" property assets ■ North America — all major U.S. markets ■ All property types (office, multi - family, industrial, retail, etc.) Key Criteria: 0 Liquidity — redemption available on a quarterly basis ■ Portfolio leverage target of 50% ■ 25% of Fund's assets appraised quarterly (independent appraisal by Altus Group) ■ Debt is marked to market (Derivative Advisors, LLC) ■ No lock -out period Current Status: 0 Capital Commitments (signed & unsigned): $677 million ■ Capital Invested: $662 million ■ Undrawn Capital (voted & unsigned): $5 million ■ Undrawn Capital (signed): $10 million ■ 96 Investors ■ Investment by IREC employees ■ 31 Acquisitions to date Palm Beach Garden 0 Commitment: $ 1,500,000 Firefighters' Investment: 0 Capital Called: $ 1,500,000 on 9/29/10 ■ Distributions Received: $ 51,347 ■ Net Asset Value: $ 1,757,688 (As of 3/31/12) Palm Beach Garden ■ L 12 Since Inception Firefighters' Performance: ■ Income: 1.28% 5.28% ■ Appreciation: 1.69% 9.18% ■ Total Return: 2.96% 14.82% 1270 Soldiers Field Road • Boston • Massachusetts • 02135 -1003 Tel: 617.782.2600 Fax: 617.782.9442 www.intercontinental.net US REIF: Investor Performance $1,800,000.00 $1,750,000.00 $1,700,000.00 $1,650,000.00 $1,600,000.00 $1,550,000.00 $1,500,000.00 $1,450,000.00 $1,400,000.00 20 15 10 5 0 -5 -10 -15 -20 Growth of NAV Palm Beach Garden 04'10 QI'11 Q2'11 QYII 04'11 Q1'12 QZ'12 1 Year Rolling Total Return Garden W 2007 2008 2009 2010 2011 2012 1270 Soldiers Field Road • Boston • Massachusetts • 02135 -1003 Tel: 617.782 2600 Fax: 617.782.9442 mvNvintercontinental.net 10 US REIF: Debt Summary Sovereign embank. BankofAmerica - Top US REIF Lenders HSC 4D 20qg Citizens Bank, Bank 14n H.r, Mmi C.-I.M Bank• Debt Maturity Schedule Year Total % Maturing 2012 21.8%(') 2013 17.2%(2) Cap" ne BanK 0 MassMutual (1) 18% of which has extension options; (2) 53% of which has extension options. Weighted Averaize Cost of Debt 5.6% Weighted Average Cost of Fixed -Rate Debt 5.7% Weighted Average Cost of Floating -Rate Debt 3.5% Debt: 99% Fixed Rate LTV: 52.6% 1270 Soldiers Field Road • Boston • Massachusetts • 0213 -1003 Tel: 617.782.2600 Fax: 617.782.9442 www.intercontinental.net 11 US REIF: Portfolio Research Lease Expiration Schedule Year Total % ExpiringTf) 2012 9.8% 2013 10.4% Note: Multi family, Assisted Living, Hotel, and Operating Center assets are not included in the above figures. The above percentages are aveigbted by market ralue. Weighted Average Portfolio Occupancy Property Type % Occupied Office 81.9% Healthcare 100.0% Retail 84.8% Industrial 90.5% Multi - Family 96.9% Student Housing 99.3% Senior Living 87.8% Total 88.0% Note: The above percentages are aveigbted by market ralue. 1270 Soldiers Field Road • Boston • Massachusetts • 02135 -1003 Tel: 617.782.2600 Fax: 617.782.9442 TATE CORPORATION www.intercontinental.net 12 US REIF: Fund Performance 1 1 US REIF NCREIF ODCE Income 1.28% 1.34% Appreciation- RE 1.40% N/A Appreciation- Debt 0.290% N/A Appreciation- Total 1.69% 1.48% Total 2.97% 2.82% 3 Qll US REIF NCREIF ODCE Income 1.26% 1.31% Appreciation- RE 2.47% N/A Appreciation- Debt - 0.61% N/A Appreciation- Total 1.86% 2.20% Total 3.12% 3.52% 4Q11.... Income US REIF NCREIF ODCE Income 1.03% 1.32% Appreciation- RE 1.600% N/A Appreciation- Debt 1.690% N/A Appreciation- Total 3.29% 1.64% Total 4.31% 2.97% JONE--2 11 US REIF NCREIF ODCE Income 1.66% 1.37% Appreciation- RE 3.380% N/A Appreciation- Debt -1.86% N/A Appreciation- Total 1.52% 3.23% Total 3.18% 4.62% USREIF returns are leveraged gross offees. The above returns are calculated at the Fund level and may not be reflective of the actual performance returns experienced by any one investor. Past performance is not a guarantee offuture results and it is important to understand that investments of the type made by the Fund pose the potential for loss of capital over any time period According to the Fund's valuation policy, prior to its first appraisal all acquired investments will be valued at cost plus capital expenditures and will join the annual valuation cycle following the first anniversary of the acquisition date. 1270 Soldiers Field Road • Boston • Massachusetts • 02135 -1003 Tel: 617.782.2600 Fax: 617.782.9442 www.intercontinental.net 13 US REIF: Fund Performance 1 Year (As of 3/31/12) US REIF NCREIF ODCE Income 5.34% 5.45% Appreciation- RE 9.13% N/A Appreciation- Debt -0.52% N/A Appreciation- Total 8.61% 8.820% Total 14.29% 14.66% 3 Year (As of 3/31/12) US REIF NCREIF ODCE Income 6.56% 6.11% Appreciation- RE - 0.57% N/A Appreciation- Debt - 0.470% N/A Appreciation- Total - 0.970% -1.90% Total 5.55% 4.14% 2 Year (As of 3/31/12) US REIF NCREIF ODCE Income 6.00% 5.87% Appreciation- RE 6.86% N/A Appreciation- Debt -1.66% N/A Appreciation- Total 5.11% 10.970% Total 11.35% 17.36% Since Inception US REIF NCREIF ODCE Income 5.63% 5.68% Appreciation- RE -8.55% N/A Appreciation- Debt 0.84% N/A Appreciation- Total -7.66% -5.14% Total -2.37% 0.30% USROF returns are leveraged gross offees. The above returns are calculated at the Fund level and may not be reflective of the actual performance returns experienced by any one investor. Past performance is not a guarantee offuture results and it is important to understand that investments of the type made by the Fund pose the potential for loss of capital over any time period According to the Fund's valuation policy, prior to its first appraisal, all acquired investments will be valued at cost plus capital expenditures and will join the annual valuation cycle following the first anniversary of the acquisition date. 1270 Soldiers Field Road • Boston • Massachusetts • 02135 -1003 Tel: 617.782.2600 Fax: 617.782.9442 www.intercontinental.net 14 US REIF: Diversification Property Sector Diversification (1,2) US REIF — Gross Real Estate Market Value Other 0.1% R etnil 1(, 40/ Office 35.30/ Health (.41 12.0% Senior Living 9.9% Student Housing 4.2% 4otel2.1% rial .1- /O Geographic Diversification (1,2) US REIF — Gross Real Estate Market Value West 23. South 9.9% East 34.3% 4idwest 31.9% Office 38.5% ODCE Other 2.7% 17.5% West 37.6% 23.6% 11i e" Hotel 2.3% Industrial 15.4% Midwest 9.8% South 18.6% East 34.0% 1. Calculated using US REIF's proportionate share of gross assets' market value as of quarter end. 2. To provide a more meaningful basis for comparison, property sector and geographic diversification does not include Operating Company investments. 1270 Soldiers Field Road • Boston • Massachusetts • 02135 -1003 INTERCONTINENTAL Tel: 617.782.2600 Fax: 617.782.9442 REAL ESTATE CORPORATION www.intercontinental.net 15 J Northpint Centre Lakeside Commons Austin, TX Atlanta, GA _ Independence Corporate Park Greenville, SC INTERCONTINENTAL REAL ESTATE CORPORATION 325 North Old Woodward 1300 Franklin Ave. Birmingham, MI Garden City, NY Riverview at Upper Landing Oak Park City Silicon Valley Industrial St. Paul, MN Oak Park, IL Central Plaza Portfolio Cambridge, MA Silicon Valley, CA International Village Somerset Court I Bloomington, MN One Lane Centre Waltham, MA Northbrook, IL Locke Drive Tech Center - OREGON IDAHO Marlborough, MA ISC- SOOScudders Park Place East Village Place Plainsboro, NJ E. Longmeadow, MA �i WYOIYIN. Palatine, IL Marine Lumber - Cordia Senior Residence ' ^' °• Westmont, IL - Nantucket, MA Lake Forest Village - - _ Lake Forest, CA UTAH E 400 Capital Blue Bell Place Louis Joliet Pointe 7711 D. Blue Bell, PA _ Boulevard L 'A'- Joliet, IL .,� Rocky Hill, CT .GINIA Golden Town Center - J• Rose Tree Place Golden, CO Media, PA Rockland Place Parkway Shopping Center Wilmington, DE Ij it Bloomington, IL Santa Barbara Portfolio NEW MEXICO Santa Barbara, CA MI SSIPPI ALADA! FOR Virginia Crossings Hotel &Conference Center Glen Allen, VA LOUISIAP Tucson Tech &Industrial 1; - . Parker Ranch Center Tucson, AZ L ' Waimea, HI d 4700 Falls Raleigh, NC �V Capitol Center Columbia, SC Northpint Centre Lakeside Commons Austin, TX Atlanta, GA _ Independence Corporate Park Greenville, SC INTERCONTINENTAL REAL ESTATE CORPORATION From: Allan Owens To: Audrey Ross Cc: Eduardo Moreion Subject: Fire pension board meeting agenda item Date: Monday, May 14, 2012 9:42:24 AM Attachments: imaae001.ioa Good morning Audrey, I would like to request an item be placed on the fire pension board agenda at next week's meeting. We would like to request authorization from the board to have the plan's attorney draft the necessary ordinance to implement the changes that were recently ratified by the union and approved by council. I would also like to have the board direct GRS to prepare the necessary impact statement, which would include a five year projection of required contributions after the changes are adopted. We are planning on bringing this item to the city council for first reading on July 12th, with the second final reading in August. Let me know if you have any questions. Sincerely, Allan Allan Owens, CPA, CGFO Finance Administrator City of Palm Beach Gardens 10500 N. Military Trail Palm Beach Gardens, FL 33410 561 - 799 -4163 aowens @pbgfl.com CITY OF PALM BEACH GARDENS E -MAIL DISCLAIMER: PLEASE NOTE: Florida has a very broad public records law. Most written communications to or from local officials regarding city business are public records available to the public and media upon request. Your e -mail communications may therefore be subject to public disclosure. Actuary List BOLTON PARTNERS Jeffery DeLisle 7279 Panache Way Boca Raton, FI 33433 Phone: 561 - 362 -7176 Fax: 410- 685 -1924 E -mail: j del isleCa)_bolton partners. com Website: boltonpartners.com BUCK CONSULTANTS Jose Fernandez 200 Galleria Parkway, Suite 1900 Atlanta, GA 30339 Ph: 770 - 916 -4105 Fax: 770 - 933 -8336 E -mail: lose. fernandez(a)buckconsultants.com Web Site: www.buckconsultants.com DULANEY AND COMPANY Don Dulaney, Jr 10691 N. Kendall Dr. Suite 310 Miami, FI 33176 Phone: (305) 274 -9970 Fax: (305) 274 -9946 E -mail: don. dulaney(a)dulaneyco.com EFI ACTUARIES Edward H. Friend 1001 Connecticut Avenue, Suite 315 Washington, D.C. 20036 Phone: 202 - 785 -4985 Fax: 202 - 463 -0347 Email: edfriend(a)efi- actuaries.com Website: efi- actuaries.com FOSTER & FOSTER, INC. Brad Heinrich 13420 Parker Commons Blvd, Suite 104 Fort Myers, Florida 33912 Ph: (239) 433 -5500 Fax: (239) 481 -0634 data(a)foster- foster. com FREIMAN LITTLE ACTUARIES, LLC Chad Little 4105 Savannahs Trail Merritt Island, FL 32953 Ph: 321 - 453 -6542 Fax: 321 - 453 -6998 Mobile: 321 - 591 -8265 E -mail: chad(a)flactuaries.com Web Site: www.flactuaries.com GABRIEL, ROEDER, SMITH & COMPANY Stephen Palmquist Melissa Algayer One East Broward Blvd., Suite 505 Fort Lauderdale, Florida 33301 -1804 Ph: 954.527.1616 Fax: 954.525.0083 E -mail: Steve. Pal mguist(aD-gabrielroeder.com E -mail: Mel issa .Algayer(aDgabrielroeder.com Website: gabrielroeder.com SOUTHERN ACTUARIAL SERVICES CO., INC. Charles T. Carr P.O. Box 888343 Atlanta, GA 30356 -0343 Ph: 770 - 392 -0980 FAX: 770 - 392 -2193 E -mail: ccarr(a)southernactuarial.com STANLEY, HOLCOMBE & ASSOCIATES, INC. Randall Stanley 2000 RiverEdge Place Suite 540 Atlanta, Ga 30328 Ph: 770.933.1933 Fax: 770.933.8918 Website: www.stanleyholcombe.com STANLEY, HUNT, DUPREE & RHINE, INC. /BB &T Derek A. Scott 300 Wendover Ave., Suite 100 Greensboro, NC 27401 Ph: 888 - 999 -4701 Fax: 336- 273 -2712 Email: dascott(a)BBandT.com Web Site: www.bbt.com THE SEGAL COMPANY Leon (Rocky) F. Joyner, Jr. Kevin Leonard 1000 Parkwood Circle Suite 200 Atlanta, GA 30339 Ph: 770 - 955 -4003 Fax: 770 - 955 -0011 E -mail: Ixi(a)segalco.com THE RESOURCE CENTERS, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone (561) 624 -3277 ❖ Fax (561) 624 -3278 ❖ www.RESOURCECENTERS.COM SAMPLE REQUEST FOR PROPOSAL (This request for proposal consists of 5 pages) Pension Plan Name SECTION I - INTRODUCTION The City of (the Plan), a defined benefit public employees retirement system, is seeking proposals from qualified bidders to provide actuarial auditing services to the Plan. The Plan is a defined benefit retirement system serving approximately _ active and _ retired police officers of the City of The plan has additional members participating in the DROP Plan with another _ vested deferred members. A Board of Trustees consisting of elected and appointed members manages the plan, and the Board employs a firm to provide plan administration and recordkeeping services as well. The Plan was established by ordinance of the City of and regulated by Chapters 175, Florida Statutes. The Plan has assets of approximately $_, which are professionally managed in a diversified portfolio. All firefighters are required to contribute _% of pensionable earnings to the Plan. The Plan has a _% multiplier with vesting after completion of ten years of service. Additional benefits under the plan include a Deferred Retirement Option Plan (DROP) provision, and prior service buyback. The successful bidder will be asked to sign a written agreement setting forth the terms of the parties' relationship. Inquiries relative to this proposal should be directed to the Pension Resource Center, the administrator for the plan, at (561) 624 -3277 or via Email at SECTION II - QUALIFICATIONS In order to be considered a qualified bidder, an applicant must meet the following requirements: 1. The applicant certifies that it is technically qualified under state and federal laws and competent to provide the services required by the Plan. The applicant also represents that all Senior Actuaries assigned to work with the Plan shall be enrolled actuaries, as defined by Section 112.625, Florida Statutes. 2. Applicants must have familiarity with the laws of the State of Florida governing public employee retirement systems. To this end, bidders should demonstrate substantial experience in providing actuarial services with at least three years of specific experience in the public sector. 3. If selected, the applicant must acknowledge a fiduciary to the Plan pursuant to the provisions of Chapter 112, Part VII, Florida Statutes. 4. Bidders must provide proof of at least $1 million professional liability insurance SECTION III - SCOPE OF SERVICES The successful bidder will be asked to provide the following services to the Plan: 1. Prepare an annual Actuarial Valuation as of September 30th in accordance with Florida Statutes Chapter 175 and Chapter 112, Part VII for the fiscal year ended September 30, and thereafter. 2. Attend at least one meeting per year to present the annual valuation. 3. Advise the Board of Trustees on plan design, specific benefit provisions, and funding requirements to insure the long -term stability of plan assets. 4. Review and advise the Board regarding the current actuarial assumptions, including the following: a) Current Methodology b) Pros and Cons of Smoothing c) Interest Rate Assumptions d) Unfunded Liability e) Ongoing Cash Flow Requirements 5. Compute and verify retirement, death, and disability benefits payable to members of the plan. 6. Provide consulting services regarding benefit and /or assumption changes. 7. Prepare actuarial impact statements for benefit changes as necessary. Provide ongoing supplemental actuarial and financial analysis to any proposed plan amendment submitted to either the City Manager or City Commission. 8. Coordinate with other service providers regarding annual plan reports and necessary governmental filings. 9. Provide telephone consultations on other plan matters. 10. All other duties as required or requested by the Trustees. -2- SECTION IV - INSTRUCTIONS FOR PREPARING PROPOSALS RULES FOR PROPOSALS: The proposal must name all persons or entities interested in the proposal as principals. The proposal must declare that it is made without collusion with any other person or entity submitting a proposal pursuant to this RFP. All submissions should contain the following items for the Board to consider: LETTER OF TRANSMITTAL: This letter will summarize in a brief and concise manner the proposer's understanding of the scope of work and make a positive commitment perform the requested work in a timely manner. The letter must name all of the persons authorized to make representations for the proposer, including the titles, addresses, and telephone numbers of such persons. An authorized agent of the proposer must sign the Letter of Transmittal indicating the agent's title or authority. II. IDENTIFICATION OF THE BIDDER: a) The bidder's name, home office address, address of the office providing the services under the contract and telephone number for each. b) General description of the bidder, including size, number of employees, primary business, other business or services, type of organization (franchise, corporation, partnership, etc.) and other descriptive material. Include information on all business units and % of total of the bidder's income derived from each unit. c) Identify any business affiliations or other lines of business in which the bidder engages. d) Describe any changes in the structure of the firm over the past five years, as well as any future changes currently planned or scheduled. e) List all key individuals responsible for the account. Indicate their names, titles, qualifications, number of years with the company, number of years in the position, total number of years in the industry, and years of experience in performance measurement in general, in the public sector, and with Florida public pension plans. f) List public employee retirement systems for which the individual who would be assigned to our account currently provides actuarial services, including system name. Also provide the address, telephone number, name and title of person(s) who may be contacted for reference. g) Please provide the accounts gained and lost by your firm for actuarial services over the last three years. Describe the reason for each loss. h) Provide a statement of assurance that your firm is not presently in violation of any statutes or regulatory rules that might have an impact on your firm's operations i) Provide a summary of any litigation filed against the firm or key personnel for any reason and the outcome of that litigation. The term "litigation" includes any claim made and settled, whether or not suit was filed. j) Advise the Board whether any employee or officer of the company has been charged (whether or not convicted) with any offense involving fraud, theft or dishonesty. If selected as Actuary, the bidder will be required to execute a sworn statement regarding public entity crimes. -3- III. PROJECT UNDERSTANDING AND TRANSITION OF SERVICES: a) Describe your understanding of the scope of services and the proposed approach that will be used to complete the tasks listed in the scope of services of this proposal. This should include a detailed time schedule to complete each task, proposed interaction with city staff and officials as well as other project components and features. b) Describe your plan to expedite a smooth and orderly transition for actuarial services to the Plan. IV. GENERAL QUESTIONS: a) Briefly describe how your firm intends to service this account. What unique features of your plan services do you feel add the most value over time? b) What is your privacy policy with regard to sharing client or account information with a third party? c) Detail your firm's policies, procedures, data encryption, and technical measures to prevent unauthorized access or alteration, fraud, theft, misuse, or physical damage to hardware, software, communications networks, and data. d) Describe your company's system back -up, security and disaster recovery procedures. Are files archived and stored at an off -site location? If so, what is the location? Have procedures been tested? When did you last perform a full -scale disaster recovery test? e) Describe any internal peer review procedures or other controls to insure accuracy of the work product provided to the Plan. f) Describe any other quality control systems in place at your firm. V. AVAILABILITY AND TIMING: a) The annual valuation for the period ended September 30, 20_ should be delivered within six months of the end of the fiscal year. b) Indicate current and anticipated workloads and availability for other activities. Identify the extent and nature of any anticipated outside support. VI. FEES: a) Provide a complete schedule that details all the fees associated with your proposal, including any fees related to conversion, expenses, or travel. Fees should be quoted on an annual basis. b) Include a detailed breakdown of the fee structure and billing frequency or method for other advisory services. c) In addition, please indicate your firm's policy regarding out -of- pocket or other indirect cost expenses. If your firm proposes reimbursement from the plan, please itemize the types of expenses and basis for billing each item. d) Fees should be inclusive. No other charges will be allowed unless specifically authorized by the Trustees. List any or all possible fees or expenses by your firm associated with termination of the account as well. e) Please disclose any and all additional compensation of any kind and other economic value paid to the firm or individuals associated with the activities of the account. f) All fees must be guaranteed for a minimum of three years. VII. REQUIRED DOCUMENTS: a) All responses to this request for proposal must include copies of all documents to which you expect the Plan to be bound if selected by the Board. b) Attach the declarations page for your professional liability insurance. The Board requires a $1 million minimum professional liability policy. If no such insurance is maintained, provide an explanation of your company's ability to protect the Plan from any act or omission on your part. c) Provide a sample annual valuation report. VIII. EVALUATION OF PROPOSALS: a) The Trustees may require an oral presentation by the proposer at a time and place scheduled by the Board. b) In evaluating the proposals, price will not be the sole factor. The Board may consider any factors it deems necessary and proper to determine the best value, including price, quality of services, response to this request, and general reputation. The Board reserves the right to reject any or all responses and to award all, part or none of this contract in its sole and exclusive discretion. c) If you have specific questions requiring an explanation of the content of these proposal specifications, submit a written request for interpretation or additional information to Audrey Ross, 4360 Northlake Boulevard Suite 206, Palm Beach Gardens, FL, 33410; fax 561 - 624 -3278; or Email to Audrey()ResourceCenters.com. d) Submit ten (10) copies of your response for distribution, along with an electronic copy if available. All costs of preparation and presentation associated with the bid inquiry are the responsibility of the Bidder. e) The Board will not be liable for any costs incurred in preparation of proposals. DEADLINE FOR RESPONSE The Administrator must receive all proposals no later than PM on 20_ Please send hard copies to: Pension Plans Name c/o Pension Resource Center 4360 Northlake Blvd. Suite 206 Palm Beach Gardens, FL 33410 The envelope should be clearly marked "Response to RFP - Pension Actuarial Services." Please forward the electronic copy (if available) to: Audrey(a)ResourceCenters.com -5- PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND MINUTES OF MEETING HELD March 12, 2012 A meeting of the Board of Trustees was called to order at 9:01.M. at Council Chambers, Palm Beach Gardens, Florida. Those persons present were: TRUSTEES OTHERS Rick Rhodes, Chair Audrey Ross, Administrator Tom Murphy, Secretary Pedro Herrera, Attorney Donna Wisneski Brad Armstrong, Actuary Ed Morejon Troy Brown, Investment Consultant John Hamlin, Investment Manager PRESENTATION OF THE 9/30/2011 ACTUARIAL VALUATION REPORT: (BRAD ARMSTRONG) Mr. Armstrong explained that he was here today to report the contributions requirements for the fiscal year beginning October 1, 2012. The City's contributions increased this year by 2.86% of payroll for a total of 39.61% of covered payroll. He explained that the increase this year was due to the following losses; loss of approximately $1.1M due to average salary increase of 7.2% versus 5.1% as expected, the loss of approximately $2.3M due to the rate of return on the value of assets of 1.1% versus the projected 8.25 %, and the loss of approximately $0.6M due to 1 termination versus the 3.5 that was expected. Mr. Armstrong reviewed the Plan's current assumptions and methods and stated that they should be reviewed again prior to the September 30, 2012 Valuation for any changes if needed. Also the funded ratio has slightly decreased this year to 61.6% from 63.2% last year. The Trustees' questioned the unanticipated salary increase resulting in the approximate loss of $1.1M because there were no promotions or "step increases" due this year. Mr. Armstrong stated that the payroll did increase this year, but that he would have to go back and get together with the City to research it some more. The board agreed to table the approval of the Valuation until further research was done regarding the payroll increase for the fiscal year ending September 30, 2011. INVESTMENT MANAGER REPORT: DANA INVESTMENT ADVISORS (JOHN HAMLIN) Mr. Hamlin introduced himself to the board and gave a brief overview of Dana's investment philosophy. He stated that they do not take sector beats as they are sector neutral, and this strategy minimizes the volatility associated with wide swings in sector performance from year to year. In addition they only buy stocks that are at a discount to the market, move with the index, and are paying dividends and yields as much as the index. Also they don't overweight any sectors or stocks at any one time. Mr. Hamlin reported that as of February 29, 2012 that portfolio's value was $13,765,471.51, which was a gain of $2,671,868.06 since September 30, 2011. For the fiscal year to date they are ahead of the benchmark at 25.20% versus 22.79 %, and for the year to date they are also ahead at 10.31% versus the benchmark at 9.49 %. He reviewed the sectors that contributed the most during the quarter such as consumer discretionary, 2 energy, and utilities. The sectors that were lagging during the quarter were financials, information technology, and health care. INVESTMENT MONITOR REPORT: THE BOGDAHN GROUP (TROY BROWN Mr. Brown reviewed the total funds performance for the quarter ending December 31, 2011 and also as of date. For the 1st quarter of the new fiscal year the fund was slightly behind the index net of fees at 5.96% versus 7.48 %, but it was a huge come back from the previous last quarter. Although as of February 29, 2012 things have increased even more and the fund is now up another 3.13% for the 1 month. Mr. Brown commented that there are no compliance issues at this time and he does not have any recommendations at this time either. Mr. Brown stated that they had ICC Capital in their office last Friday to review their holding in AMR, which they took a big hit on recently. He reported that after their meeting he determined that there were no compliance issues with them and therefore they are still comfortable with ICC Capital at this time. The board discussed the effects (if any) of moving their fiscal year end date from September 30 to December 31. Mr. Brown stated that ultimately it does not matter in the end and reviewed his handout comparing the different historic fiscal year end performances. The handout reflected that when you compare different fiscal year ends over a long time period, they all work to equal the same return at the end. Lastly Mr. Brown commented that Intercontinental Realty asked if they could attend the next meeting to give an update. The Trustees concurred. MINUTES The Board reviewed the minutes of the regular meeting held on January 23, 2012 and the special meeting held on February 7, 2012. A motion was made by Ed Moreion to approve the minutes of the January 23, 2012 regular meeting as amended. The motion was seconded by Donna Wisneski and carried 4 -0. A motion was made by Ed Moreion to approve the minutes of the February 7, 2012 special meeting as amended. The motion was seconded by Tom Murphy and carried 4 -0. ADMINISTRATIVE REPORT: RESOURCE CENTERS (AUDREY ROSS) DISBURSEMENTS The Board reviewed the disbursements presented for approval by the Administrator. The Trustees' had a question regarding the Attorney's invoice for the double charge in drafting the Ordinance changes. Mr. Herrera commented that it was a mistake and he will revise invoice #79586 and resubmit. A motion was made by Ed Moreion to approve the disbursements that were presented by the Administrator with exception to the Sugarman & Susskind invoice #79586 in the amount of $2,522.25. The motion was seconded by Tom Murphy and carried 4 -0. 3 BENEFIT APPROVALS The Board reviewed the application to enter the DROP for Anthony Vazquez. A motion was made by Tom Murphy to approve the application to enter the DROP for Anthony Vazquez. The motion was seconded by Ed Moreion and carried 4 -0. Ms. Ross presented that board with the 2011 share allocations. She commented that the Actuary will have the 2011 share statements completed within the next couple of weeks. ATTORNEY REPORT: SUGERMAN & SUSSKIND (PEDRO HERRERA) Mr. Herrera notified the Trustees that in between meetings he received a draft income deduction order from a member, in which he has reviewed and commented on. Mr. Herrera briefly reviewed the outcome of the Legislative session that recently concluded. He stated that no bills were passed that would impact 175/185 Plans or the FRS. Mr. Herrera reviewed the class action reports from January and February 2012. He commented that there were no filings or settlements; therefore no action is needed at this time. Lastly Mr. Herrera stated that they received communication from the IRS regarding the determination letter that they filed quite sometime ago. The IRS has acknowledged the timely filing of the application and has requested certain amendments to the compliance language in the Plan. Mr. Herrera explained that they are working with the IRS agent that was assigned to the Plan to come to a final agreement on the language. He noted that he will keep the board informed of any status change. OTHER BUSINESS Mr. Morejon updated that board on the current negotiations and commented that impasse was declared and they will have a union meeting and special masters meeting coming up soon. The board reviewed the Auditor's engagement letter. They discussed the process of engaging in other Auditor's and Mr. Herrera recommended issuing an RFP, although they are not legally required too. The Trustee's discussed whether they want to issue an RFP for Auditing services and also what their intentions were for issuing it. A motion was made by Donna Wisneski to assemble a list of Auditors and a RFP for next meeting. The motion was seconded by Tom Murphy and carried 4 -0. Mr. Morejon noted that he would also like to look at a list of Actuarial firms for a future RFP at the next meeting. Lastly the board discussed the process of selecting a Chair and Secretary. The board recently reselected the Chair and Secretary due to the Chairs term being expired, and it was noted that this has never been a practice in the past. The Trustees' stated that they would like to make a policy regarding this and discussed the stipulations and guidelines that would apply. A motion was made by Donna Wisneski to direct the Plan's Attorney to create a policy rmardin2 the reselection of the Chair and Secretary. The motion was seconded by Ed Moreion and carried 4 -0. A motion was made by Donna Wisneski to amended her previous motion to include that the reselection of the Chair and Secretary be held on an annual basis every January. The motion was seconded by Ed Moreion and carried 4 -0. There being no further business, the meeting adjourned at 11:58AM. Respectfully submitted, Tom Murphy, Secretary