HomeMy WebLinkAboutAgenda GEPF 052296NOTICE OF MEETING AND AGENDA
Please take notice that the BOARD OF TRUSTEES OF THE CITY OF PALM
BEACH GARDENS GENERAL EMPLOYEES PENSION FUND will conduct a
meeting of the Board on Wednesday, May 22, 1996 at 2:00 P.M. in
the Council Chambers.
AGENDA
1. Approval of minutes dated 4-29-96.
2. Old Business
A. Discussion of proposed changes to the existing pension.
3. New Business
A. Vote by Members on the proposed changes.
7. Adjournment
DISABILITY INFORMATION
In accordance with the Americans with Disabilities Act and F.
S.S. 286.26, persons with disabilities needing special accommoda-
tion to participate in this proceeding should contact Judy Fox no
later than seven days subsequent to the proceeding at (407) 775-
8201 for assistance; if hearing impaired, telephone the Florida
Relay Service Numbers, (800)955-8771 (TDD) or (800) 955-8770
(VOICE), for assistance.
APPEAL NOTICE
If a person decides to appeal any decision made by the Board,
with respect to any matter considered at such meeting or hearing,
he will need to ensure that a verbatim record of the proceedings
is made, which record includes the testimony and evidence upon
which the appeal is to be based.
,,c
CITY OF PALM BEACH GARDENS RETIREMENT PLAN FOR EMPLOYEES
(DEFINED BENEFIT PLAN)
AVERAGE MONTHLY
EARNINGS (AME)
NORMAL RETIREMENT
ELIGIBILITY
BENEFIT'
EARLY RETIREMENT
ELIGIBILITY
BENEFIT AMOUNT
DISABILITY
CURRENT AND PROPOSED BENEFITS
CURRENT BENEFIT
Average earnings of the last 3 years of
employment immediately prior to retirement.
Earnings include lump sum payment of
vacation leave and sick leave paid at
retirement
Age 65
2.5% AME x years of credited service
(10 year certain and life)
Age 55 and 10 years of service
Accrued benefit reduced by 1115 for each of
the first 5 years and 1130 for each additional
year prior to normal retirement date
PROPOSED CHANGES
Average earnings of the last 3 years of
employment prior to retirement.
Earnings will not include lump sum
payment of vacation leave and sick
leave paid at retirement
No change
No change
No change
No change
,,
Performance Measurement Associates, Inc.
QUARTERLY INVOICE
TODAY'S DATE: August 22, 1996
ACCOUNT NAME: Palm Beach Gardens General Employee's Pension
ACCOUNT NUMBER: PBGG.96
FISCAL YEAR: October 1 to September 30
ANNUAL FEES:
SERVICES PROVIDED; SOFT DOLLARS X 50%
1. Performance Monitor
2
TOTAL ANNUAL HARD DOLLAR FEE
SOFT DOLLARS (COMMISSIONS) PAID YEAR TO DATE:
Dec. Qtr. + Mar. Qtr. + June Qtr. + Sept Qtr.
HARD DOLLARS (CASH) PAID YEAR TO DATE:
Dec. Qtr. + Mar.-Otr. + June Qtr. + Sept. Qtr.
$1,187.00 $1,187.00
TOTAL DOLLARS DUE FOR THIS YEAR
TOTAL DOLLARS PAID SO FAR THIS YEAR
DUE FOR QUARTER ENDING JUNE
=
=
=
=
=
=
=
HARD
DOLLARS
$ 4,748.00
$ 4,748.00
TOTAL
SOFT$
TOTAL
HARD$
$ 2,374.00
$ 4,748.00
$ 2,374.00
$ 1,681.75
Date Approved; Chairperson; ~-------------------
Warrant No. Secretary.:...; -----------------
8528 Heron Lagoon Circle
Sarasota. Florida
Voice 941-349-3919
Watts 800-633-7561
:14. ?4. ?-:1R I I
' t 'J
Law Offices
Christiansen & Dehner, P.A.
2975 Bee Ridge Road
Suite C
Sarasota, Florida 34239
(941) 922-0200
Palm Beach Gardens General Employees'
Retirement Plan
BILLING DATE 06-30-96
10500 North Military Trail
Palm Beach Gardens, Fl. 33410
Attn: Judy Fox
ACC'T NO. 20000009322
RE: General Employees' Retirement Plan
DATE PROFESSIONAL SERVI.CES RENPERED
06-10-96 Revise pension plan ordinance and
correspondence to City Manager.
TOTAL FOR THE ABOVE SERVICES
DATE EXPENSES
06-14-96 Postage
06-14-96 Copies
TOTAL FOR THE ABOVE EXPENSES
TIME
1.20
1.20
$7.72
$43.00
TOTAL FOR CURRENT PERIOD
PREVIOUS BALANCE
TOTAL
TOTAL PAYMENTS
AMOUNT DUE
PLEASE INDICATE ACCOUNT NUMBER (ACC'T NO.) WITH PAYMENT
PAYMENT DUE UPON RECEIPT
$216.00
$216.00
$50.72
$266.72
$1,280.00
$1,546.72
$0.00
$1,546.72
..
Law Offices
Christiansen & Dehner, P.A.
2975 Bee Ridge Road
Suite C
Sarasota, Florida 34239
(941) 922-0200
Palm Beach Gardens General Employees'
Retirement Plan
BILLING DATE 05-31-96
10500 North Military Trail
Palm Beach Gardens, Fl. 33410
Attn: Judy Fox
ACC'T NO. 20000009322
RE: General Employees' Retirement Plan
DATE PROFESSIONAL SERVICES RENDERED
05-13-96 Preparation of summary of current &
proposed plan benefits; telephone
conference with Judy Fox.
05-22-96 Preparation for and attendance at joint
Board meeting and membership meeting.
05-22-96 Travel time
TOTAL FOR THE ABOVE SERVICES
DATE EXPENSES
05-22-96 Copies
05-22-96 Car Expense
05-22-96 Food expense
TOTAL FOR THE ABOVE EXPENSES
TIME
1. 00
3.50
4.00
8.50
$50.00
$54.00
$6.00
TOTAL FOR CURRENT PERIOD
PREVIOUS BALANCE
DATE PAYMENTS
05-17-96
05-31-96
TOTAL PAYMENTS
TOTAL
$2,066.40
$790.50
AMOUNT DUE
PLEASE INDICATE ACCOUNT NUMBER (ACC'T NO.) WITH PAYMENT
PAYMENT DUE UPON RECEIPT
$180.00
$630.00
$360.00
$1,170.00
$110.00
$1,280.00
$2,856.90
$4,136.90
$2,856.90
$1,280.00
..
FEE INVOICE
SUNTRUST Invoice Date: 0 5115 1 96 Corporate Employee Benefits Division
P.O. Box 3808
Orlando, Florida 32802
407 237-4254
KENT OLSON
CITY OF PALM BEACH GARDENS
10500 N. MILITARY TRAIL
PALM BEACH GARDENS, FL 33410
Account Name: CITY OF PALM BEACH GARDEN
Invoice Number: LW01070396
Admin Officer: 0107
PASS Officer: 0098
This fee will be charged
to your account
Account Number: 56825506
• Statement of Services for Quarter Ending 03/31 /96Total Amount Due: $ 3, 064.22
(Please detach top portion and return with your check)
SUNTRUST Detail of Charges
CITY OF PALM BEACH GARDENS 56825506
TOTAL MARKET VALUE $ 1,634,250.57
MARKET VALUE FEE
Total Account Administration Services Fee
Total Current Period Fee 03/31/96
3,064.22
Prior Period Balance -If Paid, Please Disregard
Payment Received-Thank you
This Fee will be charged to your account
Amount
$ 3,064.22
$ 3,064.22
$ 3,103.63
$ 3,103.63
$ 3,064.22
Corporate Employee Benefits Division P.O. Box 3808 Orlando, FL 32802 407 237-4254
---------------------------------------..
FEE INVOICE
SUNThUST Invoice Date: 08 I 06 I 96 Corporate Employee Benefits Division
P.O. Box 3808
Invoice Number: LW01070696
Orlando, Florida 32802
407 237-4254
Admin Officer:
PASS Officer:
0107
0098
KENT OLSON
CITY OF PALM BEACH GARDENS
10500 N. MILITARY TRAIL
This fee will be charged
to your account
PALM BEACH GARDENS, FL 33410
Account Name: CITY OF PALM BEACH GARDEN Account Number: 56825506
. Statement of Services for Quarter Ending 0613019~otaiAmountDue: S 3,164.49
(Please detach top portion and return with your check)
SUNThusT Detail of Charges
CITY OF PALM BEACH GARDENS 56825506
TOTAL MARKET VALUE $ 1,687,729.63
MARKET VALUE FEE
Total Account Administration Services Fee
Total Current Period Fee 06130196
3,164.49
Prior Period Balance -If Paid, Please Disregard
Payment Received-Thank you
This Fee will be charged to your account
For information purposes only, plan year-to-date fees charged
Amount
$ 3,164.49
$ 3,164.49
$ 3,064.22
$ 3,064.22
$ 3,164.49
$ 13,363.55
Corporate Employee Benefits Division P.O. Box 3808 Orlando, FL 32802 407 237-4254
..
DONALDSON & CO. Overlook III
INCORPORATED
DIRECTED BROKERAGE STATEMENT
2859 Paces Ferry Road
Suite 2125
Atlanta, Ga 30339
Palm Beach Gardens General Employees
For Transactions settling
between 07/01/96 and 07/26/96
COMMISSION ACTIVITY
REVENUE TYPE
Equities
Fixed Income
Directed Orders
Other
Total Credit (Soft)
Conversion Ratio
Total Credit (Hard)
PAYMENT ACTIVITY
SERVICE DESCRIPTION
Recaptured Commissions
Total Payments
ACTIVITY SUMMARY
Hard Dollar Credit
Payment Activity
Current Balance (Hard)
Current Balance (Soft)
REFERENCE NUMBER
CURRENT MONTH YEAR-TO-DATE
$ 0.00 $ 0.00
$ 0.00 $ 0.00
$. 0.00 $ 0.00
$ 11,271.20 $ 20,773.20
$ 11,271.20 $ 20,773.20
2.00 : 1
$ 5,635.60 $ 10,386.60
CURRENT MONTH YEAR-TO-DATE
$ 5,635.60 08/15/96
$ 5,635.60 $ 10,386.60
--Balance Forward $ 0.00
--Current Period $ 5,635.60
--Total $ 5,635.60
$ 5,635.60
$ 0.00
$ 0.00
191-9607
The Current balance {hard) indicates the hard dollar "purchasing power" of this account.
Questions? Please contact Joanne Mascellino, Client Services Manager, at {800)438-4284.
Page 1
...
DONALDSON & CO. INCORPORATED
TRADE ACTIVITY BREAKDOWN
ACCOUNT NUMBER 4DC·06972
MANAGER Sun Bank Capital Management
TRADE SETTLE BUY
DATE DATE SELL SHARES SECURITY
07/01/96 07/04/96 Buy 0 TRANSFER FROM SUN BANK
0
Page 1
For Transactions settling
between 07/01/96 and 07/26/96
NET
PRICE NET AMOUNT COMMISSION COMMISSION
0.0000 11271.20 11271.20 5635.60
11271.20 11271.20 5635.60
11271.20 11271.20 5635.60
..
DONALDSON & CO. Overlook Ill
INCORPORATED
DIRECTED BROKERAGE STATEMENT
2859 Paces Ferry Road
Suite 2125
Atlanta, Ga 30339
Palm Beach Gardens General Employees
For Transactions settling
between 06/03/96 and 06/28/96
COMMISSION ACTIVITY
REVENUE TYPE
Equities
Fixed Income
Directed Orders
Other
Total Credit (Soft)
Conversion Ratio
Total Credit (Hard)
PAYMENT ACTIVITY
SERVICE DESCRIPTION
Recaptured Commissions
Total Payments
ACTIVITY SUMMARY
Hard Dollar Credit
Payment Activity
Current Balance (Hard)
Current Balance (Soft)
REFERENCE NUMBER 191-9606
CURRENT MONTH YEAR-TO-DATE
0.00 $
0.00 $
0.00 $
$
0.00 $ $ 9,502.00
2.00 : 1
$ 0.00 $ 4,751.00
CURRENT MONTH YEAR-TO-DATE
$ 07/15/96
$ 0.00 $ 4,751.00
--Balance Forward $ 0.00
-current Period $ 0.00
--Total $ 0.00
$ 0.00
$ 0.00
$ 0.00
The Current balance (hard) indicates the hard dollar "purchasing power" of this account.
Questions? Please contact Joanne Mascel/ino, Client Services Manager, at (800)438-4284.
Page 1
.. ~------------------------------
DONALDSON & CO.
INCORPORATED
DIRECTED BROKERAGE STATEMENT
Overlook Ill
2859 Paces Ferry Road
Suite 2125
Atlanta, Ga 30339
Palm Beach Gardens General Employees
For Transactions settling
between 04/29/96 and 05/31/96
COMMISSION ACTIVITY REFERENCE NUMBER
REVENUE TYPE CURRENT MONTH YEAR-TO-DATE
Equities $ 0.00 $ 0.00
Fixed Income $ 0.00 $ 0.00
Directed Orders $. 0.00 $ 0.00
Other $ 0.00 $ 9,502.00
Total Credit (Soft) $ 0.00 $ 9,502.00
Conversion Ratio 2.00 : 1
Total Credit (Hard) $ 0.00 $ 4,751.00
PAYMENT ACTIVITY
SERVICE DESCRIPTION CURRENT MONTH YEAR-TO-DATE
Recaptured Commissions $ 0.00 06/15/96
Total Payments $ 0.00 $ 4,751.00
ACTIVITY SUMMARY
Hard Dollar Credit --Balance Forward $ 0.00
--Current Period $ 0.00
--Total $ 0.00
Payment Activity $ 0.00
Current Balance (Hard) $ 0.00
Current Balance (Soft) $ 0.00
191-9605
The Current balance (hard) indicates the hard dollar "purchasing power" of this account.
Questions? Please contact Joanne Mascellino, Client Services Manager, at (800)438-4284.
Page 1
•• ·J • . ..
CITY OF PALM BEACH GARDENS
10500 N. MILITARY TRAIL • PALM BEACH GARDENS, FLORIDA 33410-4698
August 14, 1996
Ms. Becky Carroll
Sun Bank
P.O. Box 3808
Orlando, Florida 32802
Dear Ms. Carroll:
Enclosed is a check from Donaldson & Co. for commissions due the
Palm Beach Gardens General Employees Pension Fund from Sun Bank.
This letter is your authorization to deposit this check into the
Fund's Sun Bank account #56825506.
Thank you for your help in this matter.
tions, please call me at 407 775-1024.
Sincerely,
9:ffry
Judy Fox
Palm Beach Gardens General
Employee Pension Fund
"l': ... : • • . / .'~:~;~,~.Jt' . ;~~~:, .. : ..
If you have any ques-
PAY
DONALDSON & CO.
INCORPORATED
DIRECTED BROKERAGE ACCOUNT
OVERLOOK m
2859 PACES FERRY ROAD, SUITE 2125
ATLANTA, GEORGIA30339
TRUST COMPANY BANK
ATl.ANT A, GA 30302
64-10610
-_,.. . ·-
I
*FIVE THOUSAND SIX HUNDRED THIRTY FIVE DOLLARS AND 60 CENTS . . ~"'t· : . . DATE
--~-~----~-------,
08945
008945
·CHE:~~ AMour-fT ••
**~-~~:~:}k~~:';. -. < . :08/08/96
DONALDSON & CO., INCORPORATED/DIRECTED BROKERAGE ACCOUNT/OVERLOOK Ill 08945
DATE INVOICE NO. COMMENT AMOUNT DISCOUNT NET AMOUNT
08/08/96 COMM RECA Palm Beach Gardens Gen 5,635.60 .oo 5,635.60
CHECK: 008945 08/08/96 Palm Beach Gardens General TOTAL 5,635.60