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HomeMy WebLinkAboutAgenda Fire Pension 092407THE PENSION RESOURCE CENTER, INC. 4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410 Phone (561) 624 -3277 ❖ Fax (561) 624.3278 ❖ WWW.RESOURCECENTERS.COM PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND Meeting of Monday, September 24, 2007 Location: Palm Beach Gardens Fire Rescue — Station 3 5161 Northlake Blvd. Palm Beach Gardens, Florida 33410 (561) 776 -1071 Time: 2:00 P.M. AGENDA 1. Call Meeting to Order 2. Minutes of Meeting Held August 20, 2007 3. Attorney Report: Bob Sugarman • Proposal for Increase in Fee for Legal Services 4. Administrative Report: Margie Adcock Audit Engagement Letter 5. Disbursements 6. Other Business 7. Schedule Next Meeting: Monday, October 29, 2007 at 9:30 A.M. 8. 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 Pension Resource Center, Inc. no later than four days prior to the meeting. PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND MINUTES OF MEETING HELD August 20, 2007 A meeting of the Board of Trustees was called to order at 10:02 A.M. at Station 3, Palm Beach Gardens, Florida. Those persons present were: TRUSTEES OTHERS Ed Morejon Philip Buttaravoli Tom Murphy Steve Rogers MINUTES Margie Adcock, Administrator Robert Sugarman, Attorney Joe Bogdahn & Dave West, Investment Monitor The Board reviewed the minutes of the meeting held July 30, 2007. Mr. Sugarman noted that he had some minor corrections to the minutes. A motion was made, seconded and carried 4 -0 to accept the minutes of the meeting held July 30, 2007 as amended. ATTORNEY REPORT Mr. Sugarman stated that he reviewed the Addendum to the Administrative Manager Agreement that was approved by the Board at the last meeting and advised that it was ready to be executed by the Chairman. There was some discussion on the increase in the administrative fee. Mr. Rogers stated that he had a concern with the additional cost for meetings in excess of six per year. Ms. Adcock reminded the Board that this was discussed back in January of this year, prior to the Board changing to monthly meetings. She also noted that there is additional work that their office must do in terms of additional meetings. A motion was made, seconded and passed 3 -1 to authorize the Chairman to execute the Addendum to the Administrative Manger Agreement with Mr. Rogers opposing the motion. INVESTMENT MONITOR REPORT Joe Bogdahn and Dave West appeared before the Board. They discussed the investment performance for the quarter ending June 30, 2007. The Fund was up 2.73% for the quarter while the benchmark was up 3.86 %. The total market value of the Fund as of June 30, 2007 was $21,166,000. The asset allocation at market was 59% in equities; 17% in fixed income; 3% in REIT and 21% in cash. It was noted that the high cash position was due to the timing of the funding of Galliard and the REIT. It was noted that the long -term numbers of the Fund still look good. Equities for the quarter were up 4.56% versus the benchmark which was up 5.91%. The equity portfolio managed by Dana was up 4.69% for the quarter while the benchmark was up 5.77 %. Mr. West stated that they had no concerns with Dana. They had a bad quarter or two but there have been no changes in the style or management of the company. The total market value of the equity portfolio managed by Dana was $10,931,000. The fixed income portfolio was down .27% for the quarter while the benchmark was down .14 %. The total market value of the fixed income portfolio was $3,525,000. The international equities managed by Voyageur Asset Management were up 3.80% for the quarter while the benchmark was up 6.67 %. The i 2 total market value of the international equity portfolio was $1,772,000. The REIT portfolio was up 3.85% for the quarter while the benchmark was up 4.59 %. The total market value of the REIT portfolio was $541,000. Mr. West reviewed the revised Investment Policy Statement. He discussed the ranges of the different asset classes. A motion was made, seconded and carried 4 -0 to authorize the Investment Monitor to provide instruction to the Administrator to rebalance the portfolio when necessary. There was a lengthy discussion on the market and the Fund's ability to meet the actuarial assumption for the fiscal year. Mr. Bogdahn stated that meeting the actuarial assumption might be tight this fiscal year. However, even if the market started to go down, he recommended that the Board not make any changes. He stated that the Fund has a good long -term plan. There was further discussion on the revised Investment Policy Statement. It was noted that Dana looks at the value matrix. Mr. West stated that they think the market is tilting towards growth and they want to make sure that the portfolio is positioned properly. It was noted that Dana has a nice growth product. He reviewed the Dana growth product that has large cap down to mid cap. He stated that Dana employs the same growth style as they employ on the value style using equal weightings. Mr. West reviewed Schedule A. He recommended that the Board let the Investment Manager make the decision on how much they will put into the growth and value products. He stated that they feel value will lose its headwind to growth. They want to have the Fund in a good position when that happens. He noted that in order to track the additional growth portfolio there would be an additional monitoring fee. He stated that they think it is a good shift to make and it would not involve doing a manager search. Mr. West stated that they already looked at Dana's growth product and advised that it is a good product. He stated that it was his intent to only change Schedule A of the Investment Policy Statement. He advised that Mr. Harrison had a few things that he wanted to add to the Investment Policy Statement. There was discussion on the timing of changes after filing the Statement with the appropriate parties. A motion was made, seconded and carried 4 -0 to approve the revised Investment Policy Statement and authorize the Administrator to provide it to the appropriate parties. ADMINISTRATIVE REPORT Ms. Adcock presented the list of disbursements to be made. A motion was made, seconded and carried 4 -0 to approve the disbursements listed. OTHER BUSINESS Dr. Buttaravoli advised that he had resigned from PBG Medical Center after 17.5 years. He stated that over the next 4 to 5 months he would be mostly out of town and was not sure what his schedule would be like. He stated that while he was not really looking to give up his position on the Board, he was willing to relinquish his position if his absence for several months would cause a burden to the Board. It was noted that because the City has still not replaced Richard Beladino, the absence of Dr. Buttaravoli for several months would cause a burden. There was a lengthy discussion. After careful consideration, Dr. Buttaravoli advised that he was resigning from the Board effective immediately. A motion was made, seconded and carried 3 -0 to accept the resignation of Dr. Buttaravoli. The Board thanked Dr. Buttaravoli for all of his hard work and dedication. A motion was made, seconded and carried 3 -0 to authorize Steve Rogers to spend up to $200 to purchase an appropriate commemoration for Dr. Buttaravoli for all 3 his dedication and service to the Board. It was noted that Rick Rhodes was interested in serving as the 5th Trustee on the Board. Mr. Rhodes was present and provided a resume to the Board. He noted that he was on a VEBA Board for the PBC Firefighters. Mr. Sugarman stated that his position on the VEBA Board could be a dual office holding concern. He stated that the concern was not for this Board but rather for the VEBA Board. Mr. Rhodes noted that it was not a Chapter 175 VEBA. A motion was made, seconded and carried 3 -0 to appoint Rick Rhodes as the 5th Trustee on the Board. There being no further business, the meeting adjourned. Respectfully submitted, Tom Murphy, Secretary t• Robert A. Sugarman* Howard S. Susskind Kenneth R. Harrison, Sr. David E. Robinson D. Marcus Braswell, Jr. Pedro A. Herrera *Board Certified Labor & Employment Lawyer SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW September 4, 2007 City of Palm Beach Gardens Firefighters' Pension Fund C/10 Margaret M. Adcock, Administrator The Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Re: Legal Services Dear Trustees: 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 (305) 529 -2801 Broward 327 -2878 Toll Free 1 -800- 329 -2122 Facsimile (305) 447 -8115 We last adjusted our fees over six years ago when, in 2001, we agreed upon an hourly fee of $200 per hour. This fee is substantially below market, as the market rate for municipal pension lawyers of our experience, education and reputation is $300 to $400 per hour. We have continued to add to our professional credentials since 2001. Since that time, I have become a Florida Bar Board Certified Labor and Employment Lawyer, continue to be named as one of the Best Lawyers of America, am continuously listed in Leading Florida Attorneys, and was recently recognized by Florida Monthly Magazine as one of Florida's "Top Lawyers." We have kept our fees at the below market rate of $200 per hour for the last several years to assist the Pension Fund in its early years and to help establish the policies, procedures and contracts now in place. As you know, our cost of doing business, as everyone else's, has gone up substantially in the last six years and we must ask for an increase. If you would like to continue to pay us at an hourly rate, we propose increasing the rate to $275 per hour in 2008 and $325 per hour for 2009. You may, however, wish to consider a monthly retainer arrangement, as do many of our municipal pension clients. A monthly retainer enables the Pension Fund to anticipate and budget for all regular legal expenses (except litigation and other extraordinary projects) and encourages trustees, the administrator, and other service providers to frequently contact us if they have any questions or concerns, knowing that our speaking with them will not incur additional legal fees for the Pension Fund. SE-P ?007 City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator September 4, 2007 Page 2 Based upon the average of 12.33 hours of legal services that we have performed for the Pension Fund over the last 2 years, we propose a retainer of $3,000 per month for 2008 and $3,500 per month for 2009. Assuming that you will continue to use over 12 hours per month on the average over the next 2 years (which is a realistic assumption with meetings now being held semi - monthly and alternate pension arrangements being actively discussed), this will result in an hourly rate paid that will be substantially below the market hourly rates we propose above. Your formal retainer proposal, explaining in detail the retainer arrangement, is enclosed. I look forward to discussing this at our September 24, 2007 meeting. Yours truly, ROBERT A. SUGARMAN RAS /jd Enclosure G:\\PBGF\RTNR\2008ProposedFeeincrease-LtC Robert A. Sugarman* Howard S. Susskind Kenneth R. Harrison, Sr. David E. Robinson D. Marcus Braswell, Jr. Pedro A. Herrera • Board Certified Labor & Employment Lawyer SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW September 4, 2007 Board of Trustees City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Re: City of Palm Beach Gardens Firefighters' Pension Fund Legal Services Agreement Dear Trustees: 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 (305) 529 -2801 Broward 327 -2878 Toll Free 1 -800- 329 -2122 Facsimile (305) 447 -8115 We propose to enter into a Legal Services Agreement with the Trustees effective January 1, 2008 for a monthly retainer of $3,000.00 per month. The services we will provide, upon the trustees' request are: • Travel to and attendance at up to six (6) Trustee meetings per year; • Research and preparation of Special Reports concerning new laws or case decisions; • Drafting of Amendments to Retirement Plan; • Participation in negotiations with service providers and drafting or amending service provider agreements; • Provision of general legal opinions to the Board of Trustees regarding Plan and statutory interpretations (including telephone advice); • Legal opinions and correspondence regarding Qualified Domestic Relations Orders and Income Deduction Orders; • All office work connected with informal and formal disability claim proceedings; • All services in connection with collection of subrogation claims, excluding litigation; • Correspondence with members' attorneys, regulatory agencies, city, vendors and others; Board of Trustees City of Palm Beach Gardens Firefighters' Pension Fund September 4, 2007 Page 2 • Photocopying not in connection with litigation; • Drafting of Policy Statements or Procedures; • Review of Summary Plan Description (usually prepared by actuary); and • Provide an Annual workshop or seminar with trustees, participants, or both to explain the pension plan and meet trustee educational requirements of the Florida Statutes. Excluded under this retainer agreement, are the following: • Legal fees and costs associated with lawsuits or regulatory proceedings brought by or against the Retirement Plan; • Out -of- office work on disability proceedings (doctors' depositions and special trustee meetings); • Legal services and costs in connection with Division of Retirement, Internal Revenue Service and other regulatory agency audits, investigations and proceedings; • Legal services and costs in connection with merger, consolidation, or termination; and • Special projects of a significant and non - routine nature authorized by the Trustees that would include substantial rewriting or revisions of ordinance, creation of new benefit programs (such as health insurance subsidy trust fund), IRS Determinations and associated out -of- pocket expenses. All services excluded under this Retainer Agreement will be billed at a discounted hourly rate, and all out -of- pocket expenses excluded under the retainer would be billed directly to the Retirement Plan. Applicable hourly rates are as follows: Attorneys $275.00 Research Associates $200.00 Paralegals $ 75.00 These fees will remain in effect through December 31, 2008, at which time the retainer will increase to $3,500 per month. Board of Trustees City of Palm Beach Gardens Firefighters' Pension Fund September 4, 2007 Page 3 To indicate your acceptance of this retainer agreement, please sign the two original copies of this letter below and return one copy to me. RaS /jd Enclosures Yours truly, r ROBERT A. SUGARMAN * * * * * * * * * * ** WE HEREBY AGREE to the terms and conditions set forth in the aforementioned fee arrangement. CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND am Chairperson Print Name: Date: G:\\PBGF\RTNR\RetainerProposal-Jan2008 SUGARMAN & SUSSKIND, P.A LI-A Date: I/ 0- Robert A. Sugarman a r Steven I. Gordon Certified Public Accountant American Institute of Certified Public Accountants Florida Institute of Certified Public Accountants August 20, 2007 Board of Trustees City of Palm Beach Gardens Firefighters' Pension Trust Fund Palm Beach Gardens, Florida I am pleased to confirm my understanding of the services I am to provide for City of Palm Beach Gardens Firefighters' Pension Trust Fund for the year ended September 30, 2007. I will audit the net assets available for benefits of Financial Statements of City of Palm Beach Gardens Firefighters' Pension Trust Fund as of September 30, 2007 and the related statements of changes in net assets for the year then ended. Also, accounting standards generally accepted in the United States provide for certain required supplementary information (RSI), such as the Schedule of funding progress and the Schedule of contributions from employers and other contributors, to accompany your basic financial statements. As part of my engagement, I will apply certain limited procedures to the RSI. These limited procedures will consist principally of inquiries of management regarding the methods of measurement and presentation, which management is responsible for affirming to us in its representation letter. These financial statements and supplemental schedules are required by Generally Accepted Government Accounting Standards. Audit Objectives The objective of my audit is the expression of an opinion as to whether your financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and whether the supplemental schedules are fairly stated in all material respects in relation to the basic financial statements taken as a whole. My audit will be conducted in accordance with U.S. generally accepted auditing standards and will include tests of the accounting records of City of Palm Beach Gardens Firefighters' Pension Trust Fund and other procedures I consider necessary to enable me to express such an opinion. If my opinion is other than unqualified, I will discuss the reasons with you in advance. If, for any reason, I am unable to complete the audit or am unable to form or have not formed an opinion, I may decline to express an opinion or to issue a report as a result of this engagement. 4600 W. Commercial Blvd. Suite 5 Tamarac, FL 33319 Voice (954) 485.5788 Fax (954) 485 -8988 s gordon@ stevengordoncpa.com r Audit Procedures Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts and direct confirmation of investments, benefit obligations, and certain other assets and liabilities by correspondence with financial institutions, and other third parties. I will also request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of my audit, I will require certain written representations from you about the financial statements and related matters. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, my audit will involve judgment about the number of transactions to be examined and the areas to be tested. Also, I will plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether from errors, fraudulent financial reporting, misappropriation of assets, or violations of laws or governmental regulations, that are attributable to the plan or to acts by management or employees acting on behalf of the plan. Because an audit is designed to provide reasonable, but not absolute, assurance and because I will not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by me. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements. However, I will inform you of any material errors that come to my attention, and I will inform you of any fraudulent financial reporting or misappropriation of assets that comes to my attention. I will also inform you of any violations of laws or governmental regulations that come to my attention, unless clearly inconsequential. My responsibility as auditor is limited to the period covered by my audit and does not extend to any later periods for which I am not engaged as auditor. My audit will include obtaining an understanding of internal control sufficient to plan the audit and to determine the nature, timing, and extent of audit procedures to be performed. An audit is not designed to provide assurance on internal control or to identify reportable conditions, that is, significant deficiencies in the design or operation of internal control. However, during the audit, if I become aware of such reportable conditions, I will communicate them to the board of trustees in a separate letter. In addition, I will perform certain procedures directed at considering the Plan's compliance with applicable Internal Revenue Service (IRS) requirements for tax - exempt status. However, you should understand that my audit is not specifically designed for and should not be relied upon to disclose matters affecting plan qualifications or compliance with IRS requirements. If during the audit I become aware of any instances of any such matters or ways in which management practices can be improved, I will communicate them to you. Management Responsibilities You are responsible for making all financial records and related information available to me and for the accuracy and completeness of that information. I will advise you about appropriate accounting principles and their application and will assist in the preparation of your financial statements, but the responsibility for the financial statements remains F) with you. This responsibility includes the establishment and maintenance of adequate records and effective internal controls over financial reporting, the selection and application of accounting principles, and the safeguarding of assets. You are responsible for adjusting the financial statements to correct material misstatements and for confirming to me in the management representation letter that the effects of any uncorrected misstatements aggregated by me during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. You are also responsible for identifying and ensuring that the plan complies with applicable laws and regulations. Fees and Other My fees for these services will be $5,050. You will also be billed for travel and other out -of- pocket costs, if any. Should you request me to prepare the state annual report I would charge $1,000 for the service. The fee estimate is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, I will discuss it with you and arrive at a new fee estimate before I incur the additional costs. My invoices for these fees will be rendered each month as work progresses and are payable on presentation. In accordance with my firm policies, work may be suspended if your account is overdue and will not be resumed until your account is paid in full. If I elect to terminate my services for nonpayment, my engagement will be deemed to have been completed upon written notification of termination, even if I have not completed my report. You will be obligated to compensate me for all time expended and to reimburse me for all out -of- pocket expenditures through the date of termination. I appreciate the opportunity to be of service to the City of Palm Beach Gardens Firefighters' Pension Trust Fund and believe this letter accurately summarizes the significant terms of my engagement. If you have any questions, please let me know. If you agree with the terms of my engagement as described in this letter, please sign the enclosed copy and return it to me. Very truly yours,-<'11101 ours ; 1 Steven I. Gordon, CPA RESPONSE: This letter correctly sets forth the understanding of City of Palm Beach Gardens Firefighters' Pension Trust Fund. For the Plan: Title: Date: ' C t PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND DISBURSEMENTS September 24, 2007 • PENSION RESOURCE CENTER, LLC. $ 800.00 (Bill for services for September 2007) • REGIONS MORGAN KEEGAN TRUST $ 556.15 (Custodial Fees for July 2007) • SUGARMAN & SUSSKIND $ 1,050.00 (Fees for legal services for August 2007) Total Disbursements for Approval $ 2,406.15 (Trustee) (Trustee) PENSION RESOURCE CENTER 4360 Northlake Boulevard, Suite 206 West Palm Beach, FL 33410 Bill To Palm Beach Gardens Firefighters' Ship To Invoice Date Invoice # 9/1/2007 2117 P.O. Number Terms Rep Ship Via F.O.B. Project 9/1/2007 Quantity Item Code Description Price Each Amount I Admin Fee- PBGFF... Palm Beach Gardens Firefighters' Pension Fund - September 2007 800.00 800.00 Total 580000 C REGIONS MORGAN KEEGAN STATEMENT OF TRUSTEES FEES INVOICE DATE 08/09/2007 ACCOUNT # ACCOUNT NAME 3320005077 PB GARDENS FIRE J. SCOTT BAUR THE PENSION RESOURCE CENTER, INC 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDEN FL 33410 MARKET VALUE PERIOD ENDING 07/31/2007 16,684,593.32 0.0000083333 13,903.77 13,903.77 $ 13,903.77 FEE CALCULATION DETAIL 07/01/2007 - 07/31/2007 ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- DISCOUNT: PERIOD ENDING 07/31/2007 13,347.62 - TOTAL $ 13,347.62- SUMMARY OF FEE CALCULATION DETAIL ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- MARKET VALUE 13,903.77 DISCOUNT 13,347.62 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 556.15 FOR FEE CALCULATION PERIOD 07/01/2007 - 07/31/2007 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT INVOICE NUMBER 31620 $ 1,241.77 PERCENTAGE SUMMARY OF ACCOUNT 3320005077 PB GARDENS FIRE 89.26737328% 496.46 BILL PREVIOUS BALANCE 1,357.96 GARDENS FREED PAYMENTS RECEIVED: 672.34 - ACCOUNT CURRENT FEE: 556.15 PERCENTAGE BALANCE DUE $ 1,241.77 PB FEE CALCULATION DETAIL 07/01/2007 - 07/31/2007 14,893,898.20 3320010132 PB DESCRIPTION / RATE FEE TOTAL BASIS MARKET VALUE PERIOD ENDING 07/31/2007 16,684,593.32 0.0000083333 13,903.77 13,903.77 $ 13,903.77 FEE CALCULATION DETAIL 07/01/2007 - 07/31/2007 ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- DISCOUNT: PERIOD ENDING 07/31/2007 13,347.62 - TOTAL $ 13,347.62- SUMMARY OF FEE CALCULATION DETAIL ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- MARKET VALUE 13,903.77 DISCOUNT 13,347.62 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 556.15 FOR FEE CALCULATION PERIOD 07/01/2007 - 07/31/2007 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 3320005077 PB GARDENS FIRE 89.26737328% 496.46 BILL 3320010132 PB GARDENS FREED 10.73262672% 59.69 BILL TO A/C 3320005077 ACCOUNT NAME PERCENTAGE MARKET VALUE 3320005077 PB GARDENS FIRE 89.26737328% 14,893,898.20 3320010132 PB GARDENS FREED 10.73262672% 1,790,695.12 AUu 2 0 ?P07 Robert A. Sugarman Howard S. Susskind David E. Robinson Kenneth R. Harrison, Sr. D. Marcus Braswell, Jr. Pedro A. Herrera SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW September 6, 2007 City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, Florida 33410 CURRENT FEES: CURRENT COSTS: PREVIOUS BALANCE: PAYMENTS RECEIVED: TOTAL AMOUNT DUE: 1,050.00 0.00 3,080.00 1,930.00 -ck #8614117 1,150.00 -ck #8662971 1,050.00 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 (305) 529 -2801 Broward 763 -2566 Toll Free 1 -800- 329 -2122 Facsimile (305) 447 -8115 SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305-529-2801 Fax: 305- 447 -8115 www.sugarmansusskind.net 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 September 05, 2007 Invoice #49962 Client:Matter PBGF:ADMN In Reference To: Administrative Manager Professional Services Hrs /Rate Amount 8/2/2007 Email to Administrator regarding contract addendum to fees. 0.25 50.00 200.00 /hr 8/9/2007 Receipt and review of proposed fee addendum for Admin. contract. 0.75 150.00 200.00 /hr 8/14/2007 Review and edit Fee Addendum. 0.50 100.00 200.00 /hr For professional services rendered 1.50 $300.00 Balance due Client:Matter PBGF:INVM In Reference To: Investment Manager Previous balance 8/9/2007 Payment - Thank You. Check No. 8614117 Total payments and adjustments $300.00 Amount $1,530.00 ra.i ; ,An nm ($1,530.00) City of Palm Beach Gardens Firefighters' Pension Fund Balance due Client:Matter PBGF:MEET In Reference To: Meeting Professional Services 8/20/2007 Prepare for meeting, Attend meeting For professional services rendered Previous balance 8/30/2007 Payment - Thank You. Check No. 8662971 Total payments and adjustments Balance due Hrs /Rate 2.00 200.00 /hr 2.00 Page 2 Amount $0.00 Amount 400.00 $400.00 $450.00 ($450.00) ($450.00) $400.00 Client:Matter PBGF:MISC In Reference To: Miscellaneous Amount Previous balance $300.00 8/9/2007 Payment - Thank You. Check No. 8614117 ($300.00) Total payments and adjustments ($300.00) Balance due $0.00 City of Palm Beach Gardens Firefighters' Pension Fund Page 3 Client:Matter PBGF:SIPO In Reference To: Statement of Investment Policy Professional Services Hrs /Rate Amount 8/21/2007 Receipt and review of SIPO. 1.00 200.00 200.00 /hr 8/28/2007 Receipt and review of proposed SIPO. 0.75 150.00 200.00 /hr For professional services rendered 1.75 $350.00 Previous balance $800.00 8/9/2007 Payment - Thank You. Check No. 8614117 ($100.00) 8/30/2007 Payment - Thank You. Check No. 8662971 ($700.00) Total payments and adjustments ($800.00) Balance due $350.00