HomeMy WebLinkAboutAgenda Police Pension 013108J
Agenda
City of Palm Beach Gardens Police Officers'
Pension Fund
MEETING OF JANUARY 31,2008
LOCATION: City Council Chambers' Police Conference Room
10500 North Military Trail
Palm Beach Gardens, FL 33410
TIME: 9:00 AM
1. Call Meeting To Order
2. Roll Call:
Lt. Jay Spencer, Chairman
David Pierson, Secretary
Jules Barone, Trustee
Brad Seidensticker, Trustee
0 Wayne Sidey, Trustee
3. Approval of Minutes: December 6, 2007 Regular Meeting
4. Investment Manager Report - ICC Capital (Steve Stack)
5. Investment Consultant Report - Thistle Assets (John McCann) . Revised Investment Policy Guideline Update
6. Attorney Report: Hanson, Perry, & Jensen, P.A. (Bonni Jensen)
7. Disbursements Approval
8. Financial Statements
9. Administrative Report (Scott Baur)
10. Old Business
11, Other Business
12. Adjourn
pleetina Schedule:
*Need to schedule next meeting date
City of Palm Beach Gardens Police Officers'
Pension Fund
Minutes of the Meeting Held
December 6th, 2007
The regular meeting of the Board of Trustees of the City of Palm Beach Gardens
Police Officers' Pension Fund was called to order at 9:15 AM by Chairman, Jay
Spencer in the Council Chambers at the Palm Beach Gardens City Hall at 10500
North Military Trail, Palm Beach Gardens, Florida.
TRUS TEES PRESENT OTHERSPRESENT
Jay Spencer, Chairman
David Pierson, Secretary
Jules Barone
Wayne Sidey
Brendon Vavrica (Thistle Asset Consulting)
Steve Stack (ICC Capital Management)
Bonni Jensen (Hanson, Perry, & Jensen, P.A.)
Donna Cannon (Palm Beach Gardens Clerk's Office)
Scott Baur (The Pension Resource Center, LLC)
Audrey Ross (The Pension Resource Center, LLC)
Steve Palmquist (Gabriel, Roeder & Smith)
MINUT=
MOTION: Mr. Pierson made a motion to approve the minutes from August
30fh 2007 as amended by Bonni Jensen.
SECOND: Mr. Sidey seconded the motion.
CARRIED: The motion carried unanimously 4-0.
INVESTMENT MANAGER REPORT
ICC Capital - Presented by Steve Stack
Mr. Stack stated that the market has been a rollercoaster ride, but lately it has
pulled back a little. He commented that the fixed income side has held up pretty
well even though there has been a lot of volatility in the market. He reported that
they were a little behind at the current quarter at 2.61% versus the benchmark at
3.47% and for the year to date ending 9/30/07 they were ahead at 4.84% versus
the target index at 3.47%. Mr. Stack reported that the fixed income side has been a
little finicky lately, and that they just took over some more money in the growth
area. Even though they have been adding to the portfolio they have also been
trimming back a little. He stated that they are having difficulty finding a good value
in the fixed income side.
Mr. Stack commented that recently the cities and municipalities have been taking
away money from the retirement systems, but it does not affect this fund because
they have no floating rates, CDO's or subprimes.
Mr. Spencer explained that at the last meeting Mr. McCann asked Mr. Stack to
rewrite the Investment Policy and wanted to know if it has been done yet. Mr. Stack
stated that it has been revised but not signed due to some questions that Mr.
McCann had. Mr. Spencer commented that he will table this matter till the
Investment Consultants Report at the next meeting. Mr. Spencer asked about the
situation with CitiGroup and Mr. Stack replied that he thinks CitiGroup will get hit
because they are selling subprime loans for 2/3 of the cost. He stated that it will not
impact this fund at all because they do not have CitiGroup in their portfolio.
Mr. Pierson recommended moving money from ICC Capital to their International
Stocks because that is where he thinks the money will be in 5 years. He commented
that the fund currently has 7.7% investment in international and he thinks they
should raise it to 10% since that is their limit.
JNVESTMFN T CONSULTANT REPORT
Thistle Asset Consultant - Presented by Brendon Vavrica
Mr. Vavrica introduced himself to the board and stated that Mr. McCann could not
make it due to a personal issue. Mr. Vavrica stated that he has been with the
company for about 6 months and gave a little on his background.
Mr. Vavrica reported that their International Fund has been doing extremely well. He
reviewed each International Fund and stated that the Vanguard Global Equity Fund
for one year has done well at 27% versus 21.09% for the index with a fee of .72
basis points and was rated with 5 stars. Mr. Vavrica had no recommendations to
change anything in this fund. Vanguard International Growth also did well with a
return of 28.99% versus 24.87% for one year. Vanguard International Value Fund
beat the index target as well at 26.36% versus 24.87% for one year, and lastly
Mainstay ICAP International Fund for one year had a 25.56% return versus 24.87%
which outperformed the index too.
Mr. Vavrica reported that as of 9/30/07 the RlOOOG had a return of 4.21% and the
R2000 was the worst performing sector the last couple of quarters because they
have been seeing a lot of rotation. Mr. Vavrica then reviewed all the compliance
questions and explained the ones that were not in compliance with the policy. He
reported that the total fund did not meet the policy for over a 3 year period. Ms.
Jensen asked why the total fund did not beat the index. Mr. Vavrica replied that it
was due to fees.
Mr. Vavrica reviewed the total allocations and stated that 8% is in cash, 56% in
equities, and 36% in fixed income. He also explained the breakdown of each
individual manager and give the dollar amounts that each of them holds. The board
asked that Thistle break up the cash and the fixed income next time.
Mr. Spencer stated that he wants to add more money into the International Fund
(about 2%), but wants to know where it should be taken from. Mr. Pierson stated
that they should take the money from either the small cap side or the fixed income
side.
MOTION: Mr. Pierson made a motion to move money from the cash fixed
income side to the International side to fund the full 10% in
International Funds. Mr. Spencer will sign the documents after
the meeting
Mr. Barone seconded the motion.
The motion carried unanimously 4-0.
SECOND:
CARRIED:
Mr. Vavrica continued to report that for the current quarter the total funds return is
doing well at 2.13% versus 1.73% for the target index. For one year the return was
11.90% versus 12.97% which puts them slightly behind the index. The total equities
for the current quarter are ahead at 1.82% versus 1.03% and for one year they just
beat the index at 17.99% versus 17.05%. As for the total fixed income side, they
are trailing a little behind at 2.92% versus 3.01% for the current quarter and 4.98%
versus 5.10% for one year. Mr. Vavrica also reported that the S&P 500 is
outperforming for the current quarter at 2.22% versus 2.03%, and for one year it
also outperformed at 16.63% versus 16.44%. Lastly, the S&P 400 is trailing a little
for the current quarter at -.8l% versus -.87%.
ACTUARY REPORT
Gabriel, Roeder & Smith - Presented by Steve Palmquist
Mr. Palmquist explained that he is reviewing the October 2006 Actuarial valuation
report, but should be reviewing the October 2007 report. Mr. Palmquist stated that
they are.over and above the amount that needs to be contributed by the state and
the employees. In 10/1/06 they required $3,556.548 and they received $412,644 in
state contributions and $3,143,904 in employee contributions which put them over.
Mr. Palmquist recommended to the board that they should lower their earning
assumptions by 1 point. He commented that they had a net loss of $1,517,294 for
the year and hopes that the 2007 report has a gain.
Mr. Palmquist reviewed the contributions of employees and stated that in 2005 they
were at 36.42% versus 35.98% for 2006, and then he reviewed the reasons for the
differences between the two years. Ms. Jensen asked what rate they were making
contributions at for the previous year, and Mr. Palmquist replied that it was between
24-25%. He also reported that from 2005 to 2006 the payroll went from $7,332,448
to $8,322,332 which was quite a difference. Mr. Spencer asked about the disability
retirees and what the assumption was, and Mr. Palmquist stated that it was about
.64% per year and over a three year period there were 2 disability retirees.
Mr. Palmquist reviewed the gains and losses and stated that they have had several
losses over the years and hopes to see more gains in the future. Salary increases
are higher then they anticipated along with the more disabilities then they expected
in the beginning years. Mr. Palmquist also explained the funds income and
disbursements and reported that the investment earnings for 2007 are around $2.7M
to $2.8M which has doubled from 2006.
Mr. Spencer stated that he spoke to the City's Finance Director and now that the
pension plan has plateaued, he wants the board to have a goal to lower the payroll
assumption rate. Also he wants to make a goal that the plan will be 100% funded
within 4-5 years. Mr. Palmquist replied that in order to do that, the plan would need
to have more money funded by the city, but unless that happens he thinks that the
plan will need to have the fund ratio go up a couple points each year which will take
about 15 years to get it 100% funded. The positive side to that is that eventually it
could help the City, the taxpayers, and everyone else that is involved. Mr. Spencer
also stated that the City is trying to put a VEBA in affect so that when they do pass
it, it will start with the 6%.
Lastly, Mr. Palmquist reported on the active member's distributions. He explained
that there are going to be a lot more benefit approvals to be paid out in the future,
and that's exactly what they want to happen. Mr. Palmquist stated that if he gets all
the information from the Administrators in a timely manner that he will present the
October 2007 report at the February meeting.
- Hanson, Perry & Jensen, P.A. - Presented by Bonni Jensen
Ms. Jensen reviewed the Ordinance rules that were changed in regards to the DROP.
They changed the limits and provisions on the 185 money that are held in foreign
securities.
MOTION: Mr. Sidey made a motion to accept the changes and provisions
in the Ordinance.
SECOND: Mr. Pierson seconded the motion.
CARRIED: The motion carried unanimously4-0
Ms. Jensen reviewed the health insurance memo and stated that members can
deduct the amount from their tax returns. She also explained the procedures for
filing the 2007 tax returns along with the 1099R's. Ms. Jensen recommended that
the pension fund should include instructions in the members January, February and
March payroll to explain the process and to also include a sample 1099R. Mr.
Spencer asked if the Pension Resource Center sends out an annual statement
indicating what they have. Mr. Baur commented that they send out a 1099R which
indicates everything that they will need. The Pension Resource Center also tries to
give out instructions to the retirees before hand so they do not run into any
problems.
Ms. Jensen explained the second memo regarding social security numbers. She
stated that legislation passed a new law that requires the monitoring of the usage of
social security numbers. They have to specify in writing when and where social
security numbers can be used. This policy must be turned in no later than January
31, 2008. Ms. Jensen has made a general policy that the board should abide by.
MOTION: Mr. Sidey made a motion to adopt Ms. Jensen's policy as
written to be incompliance.
SECOND: Mr. Pierson seconded the motion.
CARRIED: The motion carried unanimously 4-0
Mr. Vavrica stated that the Investment Policy guidelines are still pending, and he
does not have the information with him today but will make sure John McCann
follows up with them after the meeting. The matter was tabled till next meeting.
MOTION: Mr. Sidey made a motion to approve the Disbursements.
SECOND:
CARRIED:
Mr. Pierson seconded the motion.
The motion carried unanimously 4-0
Mr. Palmquist had a question about the number that we had recorded on the
financial statements. He stated that we had a different figure amount then Thistles
amount. Mr. Baur stated that he will discuss the situation after the meeting and will
follow up with the board on the difference.
The board received and filed the financial statements through September.
BENEFIT AP PROVALS
Mr. Baur explained the process and why it took so long to get the calculations for the
DROP members. He stated that he had some problems getting accurate payroll
information from the city on multiple occasions.
MOTION:
SECOND:
CARRIED:
AfOURN
Mr. Pierson made a motion to approve Benefit Approvals per
Steve Palmquist's review.
Mr. Sidey seconded the motion.
The motion carried unanimously 4-0
There being no further business, and the next meeting date scheduled for January
31, 2008 at 9AM the Trustees officially adjourned the meeting at ll:08AM
Respectfully su bm itted,
DAVID PIERSON, Secretary
PENSION RESOURCE CENTERS
-2
Accounts Payable Check Register
FOR: PALM BEACH GARDENS POLICE
ICheck Numbed Date I Payee and Description i Amount 1
2086
2087
2088
2089
2090
2091
2092
2093
2094
2095
December 13,2007
December 13,2007
December 13,2007
December 13,2007
December 13,2007
January 10,2008
January 10,2008
January 10,2008
January 10,2008
January 10,2008
Thistle Asset Consulting, Inc.
Performance Monitor Thru 9/30/07
Hanson, Perry 8I Jensen
Legal Services Rendered Thru 1 1/15/07
United Members Insurance
Fiduciary Liability Insurance 12/01/07-12/01/08
FPPTA
2008 Membership Dues
Pension Resource Center
December Administrator Fee
ICC Capital Management
Management Fees - 1st Qtr 2008
Gabriel Roeder Smith 81 Company
Actuarial Services rendered thru 12/31 107
Rhumline Advisers
Management Fees - 2nd Qtr 2007
Hanson, Perry 8I Jensen
Legal Services Rendered thru 1211 5/07
Pension Resource Center
January Administrator Fee
$3,156.00
$1 29.50
$6,366.43
$500.00
$2,275.00
$18,233.93
$2,445.00
$3,068.20
$1,411.80
$2,278.86
Total $39,864.72
Chairman
Secretary
J
Palm Beach Gardens Police
Statement of Income and ExDense
FY 2008
Wption I EndOctober f EndNovember I EndDecember I Year-To-fW@ I
Palm Beach Gardens Police
Balance Sheet
FY 2008
BANK ATLANTIC
PAY
Palm Beach Gardens Police
4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410
00002086
83-837612670
CHECK NO. CHECK DATE VENDOR NO.
2086 12/13/07 000000000322
I AMOUNT
THREE THOUSAND ONE HUNDRED FIFTY-SIX AND OO/lOO
TO THE THISTLE ASSET CONSULTING, INC.
ORDER 1321 PIAZZ DELLE PALLOTTOLE
OF
BOYNTON BEACH FL 33426
VOID AFTER 180 DAYS -.
llmOOOO 208 €dim 1: 2 6 708 3 76 3COO 6 3 36 5 LO 311'
Palm Beach Gardens Police
Thistle Asset Consulting, Inc.
1321 Piazz Delle Pallottole
Renaissance Commons
Boynton Beach
FL. 33426
(561) 737-3996
$ Invoice
I 11/15/2007 I 2007106 I
Palm Beach Gardens Police Pension Fund
Mr. Scott Bauer
The Pension Resource Center, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 3341 0
Thistle Asset Consulting
1321 Piazz Delle Pallottole
Boynton Beach, Florida 33426
USA
Reports-Executive September 30,2007 01 1
.i -
1 Total
Balance Due
3,156.00
$3,156.00
$3,156.00{
Pal Beach ardens Police 3 4% VENDOR: 0 0 0 0 00 0 0 0 0 10
00002087
VENDOR NO. 000000000010
Palm Beach Gardons Police 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 3341 0
00002087
63-8376/2670
BANK ATLANTIC CHECK NO. I CHECKOATE I VENDOR NO. I 1
PAY
2087 I12/13/07 ~000000000010
1 AMOUNT
TOTHE HANSON, PERRY & JENSEN P.A.
ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207
OF
WEST PALM BEACH FL 33401
VOID AFTER 180 DAYS
11'0000 208 711' 1: 2 6 708 3 7 6 3COO 6 3 3 6 5 LO 311'
HANSON, PERRY ti JENS~N, P.A.
400 Executive Center Drive
Suite 207
West Palm Beach, FL 33401
Phone: 561-686-6550
invoice submitted to:
Palm Beach Gardens Police Pension Fund
Attn: Scott Baur & Bonnie Lindberg - via
email
c/o Pension Resource Center
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Copy to: Chairman & Secretary
November 21,2007
In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS
FOLLOWS:
Client / File No.: 0003
Invoice # 61917
Professional Services
HrslRate Amount
DROP
10/17/2007 KA Telephone call 0.25 16.25
Telephone call from Bonnie @ Pension Resource Center
re: Form for DROP exit - Pension Resource Center will
create and send to Bonni S. Jensen
DROP
65.00/hr
10/18/2007 BSJ Telephone call
Telephone call with Jay Spencer
DROP
0.25 42.50
170.00/hr
11/9/2007 KA Telephone call 0.25 16.25
Telephone call from Bonnie Lindberg re: DROP exhibit(s)
DROP
6 5.OO/h r
SUBTOTAL: [ 0.75 75.001
3
Palm Beach Gardens Police Pension Fund
Misc Matters
11/2/2007 BSJ Research
Research Florida Statutes §I 19.071(5)
Misc Matters
11/5/2007 BSJ Telephone call
Telephone call with Jay Spencer
Misc Matters
SUBTOTAL:
Plan Document
1 1 /I /2007 BSJ Telephone call
Telephone call with Jules Barone
Plan Document
SUBTOTAL:
For professional services rendered
Additional Charges :
Bill File
11/15/2007 HPJ Photocopies$
Copy Charges
Bill File
Page 2
Amount HrslRate
0.10 17.00
170.00/hr
0.10 17.00
170.00/hr
0.20 34.001
0.10 17.00
170.00/hr
[ 0.10 17.001
1.05 $1 26.00
QtvlPrice
18 3.60
0.20
SUBTOTAL: [ 3.601
Total additional charges
Total amount of this bill
Previous balance
Total payments
$3.60
$129.60
$1 78.90
($178.90)
Palm Beach Gardens Police Pension Fund
Balance due
Wishing you a safe and Happy Thanksgiving.
Page 3
Amount
$1 29.60
HANSON, PERRY & JENSEN, P.A.
400 EXECUTIVE CENTER DRIVE, SUITE 207 - WEST PALM BEACH, FLORIDA 33401-2922
, I JILL HANSON'
~ rnjhanson 8 hpjlaw.com
I ANN H. PERRY
aperry 8 hpjlaw.com
bsjensen Bhpjlaw.com
BONN1 SPATARA JENSEN
.NSO hlmD IN N.Y.
November 21,2007
TELEPHONE (561) 686-6550
FACSIMILE (561) 686-2802
Via Email
Palm Beach Gardens Police Pension Fund
Pension Resource Center
Attn: Scott Baur & Bonnie Lindberg
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Re: Hanson, Perry & Jensen Billing Statement
Dear Scott & Bonnie:
Enclosed please find the Firm's invoice for services rendered for the period that ended
11/15/2007. Thank you for your payment of $178.90. Your current balance due is $129.60.
If you have any questions, please do not hesitate to contact me.
Sincerely,
Bonni S. Jensen
BSJladt
Enclosure
Copy to: Jay Spencer, Chairman
David Pierson, Secretary
Via Email Only
Palm Beach Gardens Police 00002088
Palm Beach Gardens Police
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 3341 0
00002088
63-837612670
BANK ATLANTIC
PAY I $6,366.43 1 SIX THOUSAND THREE HUNDRED SIXTY-SIX AND 43/100
CHECK NO. CHECK DATE VENDOR NO.
2088 12/13/07 000000000249
I AMOUNT
TOTHE UNITED MEMBERS INSURANCE
ORDER 324 NORTH DALE MABRY HIGHWAY
OF SUITE 300
TAMPA FL 33609
'> WER CqNl&lNS UICROPIY(nCe VOID AFTER 180 DAYS
11'0000 208811' 1: 26 708 3 76 3C006 3 36 560 311'
Palm Beach Gardens Police 00002088
3000249
a e4 United Members Insurance
6826 W. Linebaugh Avenue
Tampa, FL 33625
Telephone: (800) 940-5432
Description:
Invoice
Fiduciary Liability Policy - Renewal Invoice
INVOICE NO: 04096
REFERENCE NO: 3118
DATE: 12/03/2007
PAYMENT DUE DATE: 01/07/2008
Producer Company Policy Effective Expires
Bill To: Insured:
Customer Senrice Rep
The Pension Resource Center, LLC
4360 Northlake Blvd.
Suite # 206
Palm Beach Gardens, FL 33410
W
P
Palm Beach Gardens Police Officers'
Pension Fund
4360 Northlake Boulevard
Suite 206
Palm Beach Gardens, FL 33140
6,181.00 Base Premium
Florida Surcharges 185.43
I I Ulico Casualty (Fiduciary) I TFL-3808548 I 12/01 I2007 12/01 I2008 I I I I I I I
I Description Amount . Trans Code
Please pay by 01/07/2008 to ensure continuing coverage.
Thank you for your business
Please return a copy of this invoice with your payment.
THANK YOU FOR YOUR BUSINESS!
UNITED MEMBERS INS~NCE, INC.
J.R. “JIM SOLOMON
President
-- HERMAN “COCO” ARANGO
CHARLIE HARRIS
President Emeritus
Labor Consultant
FL-AFL-CIO
Consultant 6826 W. Linebaugh Avenue
Tampa, Florida 33625
(813) 265-2300 (800) 940-5432 (813) 265-2323 Fax
December 3,2007
Ms. Audrey Walker
The Pension Resource Center, LLC
4360 Northlake Boulevard, Suite # 206
Palm Beach Gardens, FL 33140
Re: Palm Beach Gardens Police Officers’ Pension Fund
Fiduciary Liability Policy # TFL-3808548
Carrier: Ulico Insurance Group (State National Insurance Company)
Effective December I, 2007 to December 1,2008
Dear Audrey:
Enclosed you will find a Premium Invoice for the above referenced Fiduciary Liability
Policy with Ulico Insurance Group (State National Insurance Company). Per Ulico’s
quote, the total annual premium is $6,366.43. A postage-paid return envelope is also
enclosed, for your convenience.
We at United Members appreciate your business. If you have any questions, please
don’t hesitate to call.
Sincerely,
, Sandie &er /
*. -_
1 L[ L.A..
Account Executive (ext. 8)
-- -- -___ -
I Palm Beach Gardens Police 00002089
Palm Beach Gardens Police
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
00002089
03-037012670
BANK ATLANTIC
PAY
FIVE HUNDRED AND OO/lOO
CHECK DATE
$500.00
TOTHE FPPTA
ORDER 2946 WELLINGTON CIRCLE EAST SUITE A
OF
TALLAHASEE FL 32308
11~0000 208911’ 1: 26308 336 3C006 3 36 560 311’
Please make checks payable to:
Florida Public Pension Trustees Association (FPPTA)
We accept: Visa, MasterCard, American Express
I J1 1:; I !.'I ipt for your records!
Account N urn ber :
Signature: Expiration Date:
J I-
Board Na
Address:
$ ?2!L-171-1!315 I
Total fund assets as of ' I (dzte)
Name:
Address:
E-mail:
Palm Beach Gardens Police 00002090
Palm Beach Gardens Police 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 3341 0
00002090
63-8376l2670
BANK ATLANTIC r CHECK NO. I CHECKDATE I VENDOR NO. 1
2090 I12/13/07 ~000000000001
I AMOUNT PAY
TWO THOUSAND TWO HUNDRED SEVENTY-FIVE AND OO/lOO $2,275.00 I
TO THE PENSION RESOURCE CENTERS
ORDER 4360 NORTHLAKE BLVD STE 206
OF
PALM BEACH GARDENS FL 33410
.. A!RT_zR~~TAfflS YTm VOID AFTER 180 DAYS . .-
11~0000 2090iim I: 2 6 708 3 7 6 31t006 3 3 6 5 60 311'
PENSION RESOURCE CENTER
12/1/2007
4360 Northlake Boulevard, Suite 206
West Palm Beach, FL 33410
2261
Bill To
P.O. Number Terms Rep Ship Via
1 21 1 12007
Palm Beach Gardens Police Pension Fund
F.O.B. Project
Invoice
I Date I Invoice# 1
~~
Ship To
Quantity Item Code
Admin Fee-PBGPPF
Description
Palm Beach Gardens Police Pension Fund - Admin Fee -
December 2007
Price Each
2.275.a
Total
Amount
2.275.k
52,275.04
UNK ATLANTIC CHECK NO.
2091
PAY
EIGHTEEN THOUSAND TWO HUNDRED
CHECK DATE VENDOR NO.
01/10/08 000000000037
TOTHE ICC CAPITAL MANAGEMENT
ORDER 390 ORANGE AVENUE 27TH
OF
ORLANDO
Palm Beach Gardens Pdico 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410
0000
63437612670
THIRTY-THREE AND 93/100 I $16,233.93 1 I
FLOOR
FL 32801
11~0000 20 9 Mi1 1: 2 6 708 3 7 6 3COO 6 3 3 6 5 60 311~
'aim Beach Gardens Police
VENDOR: 0 0 0 0 0 0 0 0 0 0 3 7
00002091
VENDOR NO. 0 8 000000000037
3
om-
CAPITAL MAN AQCM ENT
January 1,2008
PALM BEACH GARDENS POLICE
Board of Trustees, Trustee
10500 North Military Trail
Palm Beach Gardens, FL 334 10-4697
Invoice Number: 11 1476
ICC Capital Management, Inc.
STATEMENT OF MANAGEMENT FEES .......................................................................................................
For the Period January 1,2008 thru March 3 1,2008
Portfolio Valuation with Accrued Interest as of 12-3 1-07
14,587,145 @ 0.500% per annum
$ 14,587,145.00
18,233.93
Quarterly Management Fee $ 18,233.93
.....................
TOTAL DUE AND PAYABLE $ 18,233.93 1812
390 North Orange Avenue. 27th Ftoor . Orlando, Florida 32801 . CW 800-480-6445. PH 407-839-8440, FX 407-841-2814
WEB
*-a
-1
Plh Beach Gardens Poke 00002092 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 03-837812070
lANK ATLANTIC
PAY
TWO THOUSAND FOUR HUNDRED FORTY-FIVE AND OO/lOO
TOTHE GABRIEL ROEDER SMITH & COMPANY
ORDER P.O. BOX 78000
OF
DETROIT MI 48278
VOID AFTER 180 DAYS . .- -~".". ..-. - _. - -- -- _.._.I -
i1'0000 20 9 211' I: 2 6 708 3 7 6 3COO 6 3 3 6 S 60 311'
Wm Beach Gardens Police 00002092
DATE VENllOR Nll
s-
Gabriel Roeder Smith & Company
Consultants & Actuaries
One East Broward Blvd.
Suite 505
Ft. Lauderdale, Florida 33301-1872
3 GRS Invoice
(954) 527-1616 12/31/2007 103661
c BOARD OF TRUSTEES, CITY OF PALM BEACH
GARDENS POLICE OFFICERS PENSION FUND Dept. # 78009
Gabriel Roeder Smith & Company
Mr. J. Scott Baur, Administrator
The Pension Resource Center, Inc.
4360 Northlake Blvd., Suite 206
Palm Beach Gardens, FL 33410
, PO Box 78000
Detroit, Michigan 48278-0009
or
ACH Payment to:
Gabriel Roeder Smith & Company
JPMorgan Chase, ABA #: 072000326
Account #: 0486723
;or services rendered through 12/3 1/07.
. Charges to date for preparation of the 10/1/07
Actuarial Valuation Report.
!. DROP Account updates as of 9/30/07.
Xent No. 100360
PLEASE INDICATE THE INVOICE NUMBER ON youm
100360- 107
100360-307
Invoice Total
Paid to Date
Amount Due
UIMITTANCE. TH
$2,095
$350
$2,445
$2,445 A h .NK YOU.
P.lm k8ch Gardona Pdco
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 3341 0
0000
63-8376/2670
BANK ATLANTIC
PAY
THREE THOUSAND SIXTY-EIGHT AND 20/100
TOTHE RHUMLINE ADVISERS
ORDER 30 ROWES WHARF
OF
BOSTON MA 02110
11'0 00 0 2 0 9 311' 1: 2 6 7 OB 3 7 6 3 COO 6 3 3 6 5 6 0 3 11'
Palm Beach Gardens Police 00002093
.-
J ~~mb.&~-mt
Investment Advisory Fees
July 12, 2007
~ 2nd Qtr 2007 Invoice # 27E084
Account: Palm Beach Gardens Police Fund
S&P 500 Pooled Index Fund
S&P 400 Pooled Index Fund
S&P 600 Pooled Index Fund
Period ending
4/3W2007
5/31/2007
6/30/2007
Total
Average Market Value
Basis Points
0.0010 x 10,000,000.00
0.0007 X 3,246,831.38
Annual Fee:
Quarterly Fee:
Please make payment to:
Pooled
Combined
Market Values
L811
$1 2,985,582
$1 3,494,054
$1 3.260.858
$39,740,494.1 5
$1 3,246,831.38
10,000.00
2,272.78
$12,272.78 I $3,068.20i
RhumbLine Advisers
30 Rowes Wharf, Suite 350
Boston, MA 021 10-3326
Investment Advisory Fees
RhumbLine Advisers 30 Rowes Wharf. Boston, MA 02110-3326 Tel: (617) 345-0434, Fax: (617) 345-0675
December 14,2007
Ms. Denise C. Clougheity. Adminstrator
Pension Resource Center
4360 Northlake Boulevard
Palm Beach Gardens, FL 33410
Ref 2"d Quarter 2007 invoice outstanding.
Dear Denise;
According to my records the 2nd Qtr '07 payment for invoice for $3,068.20. I received
the 3d Qtr payment of $2,693.25 on November lgth so I am assuming that the 2nd Qtr
was not received. Attached is a copy of that invoice. Could you please check your
records for confirmation? Thank you in advance.
If you have any questions regarding the invoice please feel free to contact me.
Sincerely,
Kim R. Mc Cant,
CFOKCO
RhumbLine Advisers 30 Rowes Wharf, Boston, MA 02110-3326 Tel: (617) 345-0434, Fax: (617)345-0675
HANSON, PERRY & JENSEN, P.A.
400 Executive Center Drive
Suite 207
West Palm Beach, FL 33401
Phone: 561-686-6550
;s
Invoice submitted to:
Palm Beach Gardens Police Pension Fund
Attn: Scott Baur & Bonnie Lindberg - via
email
c/o Pension Resource Center
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Copy to: Chairman & Secretary
December 19,2007
In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS
FOLLOWS:
Client / File No.: 0003
Invoice # 61 982
Professional Services
HrslRate Amount
Attendance at Trustee Meetinas
2.50 162.50 12/5/2007 KA Prep Atty Rept
Prepare Attorney Report, Handouts, and Folder for
upcoming Meeting - 12/06/07
Attendance at Trustee Meetings
65.001hr
12/6/2007 BSJ Attend
Attend meeting
Attendance at Trustee Meetings
SUBTOTAL:
Auditor I na u irv Letter
12/5/2007 KA Draft
Draft response to Auditor's Inquiry Letter
Auditor Inquiry Letter
2.00 340.00
170.00/hr
[ 4.50 502.501
0.75 48.75
65.001hr
BSJ Review & revise 0.50 85.00
Review and revise response to Auditor's Inquiry Letter
Auditor Inquiry Letter
1 70.001hr
..I
Palm Beach Gardens Police Pension Fund Page 2
HrslRate Amount
SUBTOTAL: [ 1.25 133.751
DROP
12/6/2007 BSJ Research
Research end of DROP issues
DROP
SUBTOTAL:
0.25 42.50
170.001hr
[ 0.25 42.501
Health Insurance Premiums Election Forms (PPA 20061
1 1/19/2007 BSJ E-Mail 0.35 59.50
E-Mail to Pension Resource Center re: Health Insurance
Premium Tax reporting
Health Insurance Premiums Election Forms (PPA 2006)
170.001hr
12/3/2007 BSJ Research 0.25 42.50
Research Pension Protection Act; Instructions for Forms
1099R, 1040NR, 1040A, 1040
Draft Memorandum to Board of Trustees
Health Insurance Premiums Election Forms (PPA 2006)
170.001hr
SUBTOTAL:
Investment Policv Guidelines
12/12/2007 BSJ Telephone calls
Telephone calls with Jay Spencer
Investment Policy Guidelines
12/13/2007 BSJ E-Mail
E-Mail to Allan Owens
Review Investment Monitor Returns
Investment Policy Guidelines
[ 0.60 102.001
0.25 42.50
170.00/hr
0.50 85.00
170.001hr
SUBTOTAL: 0.75 127.501 [
Palm Beach Gardens Police Pension Fund Page 3
Minutes of Trustees Meetings
1 2/6/2007 BS J Review
Review minutes of meeting (August)
Minutes of Trustees Meetings
SUBTOTAL:
Misc Matters
12/4/2007 BSJ Research
Research Florida Statutes §I 19.071 (5)
Draft Memorandum to Board of Trustees
Misc Matters
SUBTOTAL:
Plan Document
1 1 /I 9/2007 BSJ
KA
12/6/2007 BSJ
12/11 /2007 BSJ
KA
Review & revise
Review and revise Amendment for DROP Plan changes
from Union
Plan Document
Review & revise
Review and revise Plan Amendment per attorney markup
E-mail Plan Amendment to Alan Owens and GRS;
Request Actuarial Impact Statement from GRS
Plan Document
Conference with
Conference with Alan Owens
Plan Document
Review & revise
Review and revise amendment to correct scrivener's
error in 550-1 52
Plan Document
Review & revise
Review and revise proposed amendment per attorney
markup
E-mail to Alan Owens
Plan Document
Hrs/Rate Amount
0.25 42.50
170.00/hr
[ 0.25 42.501
0.35 59.50
170.001hr
[ 0.35 59.501
0.50 85.00
170.00/hr
1.25 81.25
65. OO/h r
0.25 42.50
170.00/hr
0.75 127.50
170.001hr
0.50 32.50
65. OO/h r
Palm Beach Gardens Police Pension Fund
SUBTOTAL:
For professional services rendered
Additional Charges :
Bill File
12/14/2007 HPJ Photocopies$
Copy Charges
Bill File
Page 4
Hrs/Rate Amount
[ 3.25 368.751
11.20 $1,379.00
QtvlPrice
164 32.80
0.20
SUBTOTAL: 32.801
Total additional charges $32.80
Total amount of this bill
Previous balance
Total payments
Balance due
$1,411.80
$1 29.60
($1 29.60)
Wishing you a safe and happy Holiday Season and a bright and prosperous New Year.
&# 4 HANSON, PERRY & JENSEN, P.A.
400 EXECUTIVE CENTER DRIVE, SUITE 207 - WEST PMM B#ACll, FLORIOA 33401 -2922
JILL HANSON*
mjhansonOhpjlaw.com
apemyO-w.com
bsjtmsen0hpjlaw.com
ANN H. PERRY
BONN1 SPATARA JENSEN
Apnw w N.Y.
December 19,2007
TELEPHONE (561) 686-6550
FACSIMILE (561) 666-2802
Via Email
Palm Beach Gardens Police Pension Fund
Pension Resource Center
Attn: Scott Baur & Bonnie Lindberg
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Re: Hanson, Pew & Jensen Billina Statement
Dear Scott & Bonnie:
Enclosed please find the Firm's invoice for services rendered for the period that ended
12/15/2007. Your current balance due is $1,411.80.
if you have any questions, please do not hesitate to contact me.
Sincerely,
Wad!
Endawm
Copy to: Jay Spencer, Chairman
David Pierson, Secretary
Via Email Only
Palm Beach Gardens Polka 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410
00002094
63-8370/2070
BANK ATLANTIC
PAY
ONE THOUSAND FOUR HUNDRED ELEVEN AND 80/100
TO THE
ORDER
OF
HANSON, PERRY & JENSEN P.A.
400 EXECUTIVE CENTER DRIVE SUITE 207
WEST PALM BEACH FL 33401
__ - .?9!!?F- VOID AFTER 180 DAYS .^ - .. I_ . ._ r.. ~ ~ -_-- . -" - I
11~0000 209W I: 26 708 3 76 31t006 3 36 560 311'
Palm Eoach Gardens Police 4360 Northlake Blvd Ste 206 Pafm Beach Gardens, FI 3341 0
00002095
63-037612670
VENDOR NO. BANK ATLANTIC CHECK NO. CHECK DATE
2095 01/10/08 000000000001
AMOUNf PAY
TWO THOUSAND TWO HUNDRED SEVENTY-EIGHT AND 86/100 $2,278.86
TO THE PENSION RESOURCE CENTERS
ORDER 4360 NORTHLAKE BLVD STE 206
OF
PALM BEACH GARDENS FL 33410
11~0000 20 9 511' 1: 2 6 708 3 7 6 31:OO 6 3 3 6 5 60 311~
Palm Beach Gardens Police 00002095
DATE VENDOR NO.
PENSION RESOURCE CENTER
11 112008
Invoice
PO80036
4360 Northlake Boulevard, Suite 206
West Palm Beach, FL 33410
P.O. Number Terms Rep
Bill To
Palm Beach Gardens Police Pension Fund
Ship Via F.O.B. Project
11112008
Date I Invoice #
I
Admin Fee-PBGPPF
Death Search
Palm Beach Gardens Police Pension Fund - Admin Fee -
January 2008
Death Search (PBI)
Ship To
~ Total
Quantity
2:
Item Code I Description
I
Price Each
2,275.0(
0.1676;
Amount
2,275.00
3.86
52,278.86
PALM BEACH GARDENS POLICE PENSION FUND
BOARD OF TRUSTEES
COMBINED INVESTMENT POLICY STATEMENT
FOR ICC CAPITAL MANAGEMENT &
RHUMBLINE GLOBAL ADVISORS
I. PURPOSE OF INVESTMENT POLICY STATEMENT
The Pension Board Trustees maintain that an important determinant of future investment returns is the
expression and periodic review of the Fund’s investment objectives. To that end, the Trustees have
adopted this statement of Investment Policy.
In fulfilling their fiduciary responsibility, the Trustees recognize that the retirement system is an essential
vehicle for providing income benefits to retired participants or their beneficiaries. The Board also
recognizes that the obligations of the Fund are long-term and that investment policy should be made with
a view toward performance and return over a number of years. The general investment objective, then, is
to obtain a reasonable total rate of return - defined as interest and dividend income plus realized and
unrealized capital gains or losses - commensurate with the Prudent Investor Rule and any other
applicable statute or requirement.
A reasonably consistent and adequate return, protection of the assets against the inroads of inflation and
safety of the assets are paramount. However, the volatility of interest rates and securities markets make it
necessary to judge results within the context of several years rather than over short periods of one or two
years or less. Performance will be measured quarterly.
II. INVESTMENT PERFORMANCE OBJECTIVES - QUARTERLY EVALUATION MECHANISMS
The below listed performance measures will be used as objective criteria for evaluating effectiveness of
the Investment Managers:
A. Total Return of the Combined Managers:
1. The performance of the total fund will be measured each quarter for rolling three and five year
periods. These periods are considered sufficient to accommodate the different market cycles
commonly experienced with investments. The return of this portfolio is expected to exceed the
return of a portfolio comprising:
Since Inception (3/31/92) until 11/30/95 -
25% S&P500,60% Lehman Brothers Gov/Credit (LBGC), and
15% Salomon Treasury Bill - 3 month (TBill);
From 12/1/95 until 11/30/96 -
30% S&P500,60% LBGC and 10% TBiII;
From 12/1/96 until 11/30/97 -
40% S&P500,50% LBGC, and 10% TBill;
1
From 12/1/97 until 12/31/98 -
60% S&P500 and 40% LBGC;
From 1/1/99 until 6/30/00 -
30% Russell 1000 Growth, 30% Russell 1000 Value, and 40% LBGC;
From 7/01/2000 until 12/31/2002 the combined performance is expected to exceed the
return of a portfolio comprising:
60% S&P500 and 40% LBGC.
From 01/01/2003 until 12/31/2003 the combined performance is expected to exceed the
return of a portfolio comprising:
50% S&P500,10% S&P MidCap 400 and 40% LBGC.
From 01/01/2004 onwards the combined performance is expected to exceed the return of a
portfolio comprising:
40% S&P500,10% S&P MidCap 400,10% S&P SmallCap 600 and 40% LBGC.
From 10/01/2006 onwards the combined performance is expected to exceed the return of a
portfolio comprising:
40% S&P500,10% S&P MidCap 400,10% S&P SmallCap 600,5% MSCl EAFE and
35% LBGC.
From 10/01/2007 onwards the combined performance is expected to exceed the
return of a portfolio comprising:
25% S&P500,10% S&P MidCap 400,10% S&P SmallCap 600,10% Russell 1000
Growth, 10% MSCl EAFE and 35% LBGC.
8. For ICC Capital Management:
The performance of the total fund will be measured each quarter for rolling three and five year periods.
These periods are considered sufficient to accommodate the market cycles commonly experienced with
investments. After July 1, 2000 the return of this portfolio is expected to exceed the return of the LBGC.
After October 1, 2007 the return of this portfolio is expected to exceed the return of 78% of the
LBGC Index and 22% of the Russell 1000 Growth Index.
C. For Rhumbline Global Advisors
The performance of the total fund will be measured each quarter for rolling three and five year periods.
These periods are considered sufficient to accommodate the market cycles commonly experienced with
investments. After July 1 , 2000 until December 31, 2002 the return of this portfolio is expected to match
the return of the S&P500 Index. From January 1, 2003 until December 31, 2003 the return of this portfolio
is expected to match the return of an 80% S&P500 and 20% S&P MidCap 400 policy. After January 1,
2004 the return of this portfolio is expected to match the return of a 60% S&P500, 20% S&P MidCap 400
and 20% S&P SmallCap 600 policy. After October 1, 2007 the return of this portfolio is expected to
match the return of a 56% S&P500,22% S&P MidCap 400 and 22% S&P SmallCap 600 policy.
2
D. For Each Investment Manager:
1. Relative to other similar investment managers, it is expected the manager’s performance with
regard to the total return of the fund will be in the top forty percent (40%) of the appropriate
Mobius Universe over three to five year periods. When performance is below the standard, the
manager will report to the Trustees the reasons for the occurrence and the steps taken to avoid
reoccurrence.
2. On an absolute basis, it is expected that the total return of the fund will equal or exceed the
actuarial earnings assumption, and equal or exceed the Consumer Price Index, plus 3% over
three to five year periods. When performance is below these standards, the manager will
report to the Trustees the reasons for Occurrence and the steps taken to avoid reoccurrence.
3. From time to time the performance monitor may adjust or change the evaluation indices and/or
universes so as to more adequately measure and evaluate the investment manager’s particular
equity and fixed income investment style. Any such adjustment or change would be
communicated to both the Investment Manager and the Pension Board Trustees at the time of
said adjustment or change.
111. INVESTMENT GUIDELINES
A. Authorized Investments
1. To include CD’s up to a $100,000 maximum value and money market
deposit accounts of a national bank, a state bank or a savings and loan association insured by
the Federal Deposit Insurance Corporation.
2. Obligations issued by the United States Government or in obligations guaranteed as to
principal and interest by the united State Government.
3. Stocks, bonds or other evidences of indebtedness issued or guaranteed by a corporation
organized under the laws of the United States, any state or organized territory of the United
States, or the District of Columbia, provided:
a. Equities will be traded on one or more of the following recognized national exchanges:
1. New York Stock Exchange
2. American Stock Exchange
3. The NASDAQ Stock Market
b. The individual issue meets the following rating criteria:
1. Fixed income: Standard & Poor’s, AAA, AA, A or Moody’s Aaa, Aa, A
2. Equities: Value Lines Investment Survery Rank for Safety, 1, 2, and 3 or Standard &
Poor’s A+, A or A-
3. Money Market: Standard & Poor’s A1 or Moody’s P1
3
C. Not more than five percent of the Fund’s assets shall be invested in the common
stock or capital stock of any one issuing company, nor shall the aggregate
investment in any one issuing company exceed five percent (5%) of the outstanding
capital stock of the company.
Fixed income investments shall mean publicly traded debt securities issued by the
United States Government or agencies of the United States Government, sovereign
and supranational debt, domestic corporations and domestic
banks and other United States financial institutions or mortgage/asset backed
securities. “Yankee bonds” (debt securities issued by foreign entities denominated in
U.S. dollars which are traded domestically) are also available for investment.
..
Use of To Be Announced (TBA) Securities.
All investments in TBA securities shall be issued by a Federal Agency or be of
investment grade. Cash equivalent balances to satisfy the transaction must be
available at the time of purchase and held until final settlement.
Prohibited Securities.
The following types of asset backed securities and collaterized mortgage obligations
are not permissible for investment using the Fund’s assets without the Trustees’
prior written approval:
1. Securities paying Interest Only (ID’S).
2. Securities representing Principal Only (Po’s).
3. Accrual Bonds (z-tranches).
4. Inverse or Reverse Floaters with a multiplier greater than 1 .OO or less than
5. Asset pools not domiciled in the United States.
6. Collateralized Bond Obligations (CBO’s)
7. Collateralized Debt Obligations (CDO’s)
8. Collateralized Loan Obligations (CLO’s)
9. Companion bonds.
-1 .oo.
4. Commingled stock, bond or money market funds whose individual investments are restricted to
securities meeting the criteria expressed in 111.
5. Bonds issued by the State of Israel.
6. The use of unhedged and/or leveraged derivatives will not be allowed in any form.
B. Limitations
Investments in corporate common stock, convertible bonds and convertible preferred issues should be
targeted at sixty percent (60%) of the fund at market value and shall not exceed seventy percent (70%) of
the fund assets at cost. No restriction is placed on the Fund’s percentage holdings of bonds or cash.
4
IV. COMMUNICATIONS AFFECTING BOTH MANAGERS
A. The custodian shall apprise the Trustees of all transactions and shall forward all proxies to the
Managers within five calendar days. On a monthly basis, the custodian shall supply an accounting
statement which will include a summary of all receipts and disbursements and the cost and the
market value of all assets. On a quarterly basis, the Managers shall provide a written report
affirming compliance with the security restrictions of Section Ill above and a summary of common
stock diversification and attendant schedules. In addition, the Managers shall provide each quarter a
report detailing the fund’s performance, adherence to the investment policy, forecast of the market
and economy, portfolio analysis and current assets of the Trust. Written reports shall be mailed to
the Trustees within 60 days of the end of the quarter. The Managers will provide immediate written
and telephone notice to the Chairman of the Board of Trustees and the Performance Monitor of any
significant market related or non-market related event, specifically including, but not limited to the
resignation, termination or incapacity of any senior personnel.
The Managers will disclose any securities which are not in compliance with Section Ill in each
quarterly report.
B.
C. If the fund owns securities, which complied with Section Ill at the time of purchase, that are
subsequently down graded below permissible levels, the Managers will dispose of such securities in
the normal course of business.
D. The Managers’ quarterly reports will list separately any security whose value has diminished twenty-
five percent (25%) or more from purchase price.
E. The Trustees intend to meet periodically with the monitoring service’s representative to review the
Performance Report. The Trustees will meet with the Investment Managers and appropriate outside
consultants to discuss performance results, economic outlook, investment strategy and tactics and
other pertinent matters affecting the Fund as needed.
F. The Managers shall report to the Trustees on an annual basis how each proxy was voted, the issue
as to each, and the date the proxy was voted. If a proxy was not voted, the Managers shall provide
a written statement indicating the reason that particular proxy was not voted.
G. The Trustees may wish to recapture as many of their commission dollars as possible consistent with
obtaining the “best execution” as defined in ERISA Technical Release 86-1 which is made part of
this agreement by reference.
H. When there is any change in ownership of the investment management firm, the new firm will
provide the Trustees with an audited balance sheet and will keep the Trustees fully informed of all
material events. This is to include, but not be limited to, the loss of any clients, deterioration of the
financial health of the firma and all employment contracts.
V. CRITERIA FOR INVESTMENT MANAGER REVIEW
The Board wishes to adopt standards by which judgments of the ongoing performance of an Investment
Manager may be made. With this in min, the following are adopted:
5
If, at any time, any one of the following is breached, the Managers will be warned of the Board’s serious
concern for the Fund’s continued safety and performance.
1. Four consecutive quarters of total fund performance below the fiftieth percentile (50th) in the
Mobius Mutual Fund Manager performance rankings.
2. Standard deviation for the Fund in excess of one hundred-twenty percent (1 20%) of the investment
policy.
3. Loss by the Manager of any senior investment personnel.
4. Any change in basic investment philosophy by the Manager.
5. Failure to attain a sixty percent (60%) vote of confidence by the Board members.
6. Failure to observe the security quality restrictions of Section 111.
7. Failure to maintain a positive three-year alpha.
This shall in no way limit or diminish the Trustee’s right to terminate the Manager at any time for any
reason.
VI. FLORIDA STATUTES AND APPLICABLE CITY ORDINANCES
If at any time this document is found to be in conflict with Florida Statutes, or applicable City Ordinances,
the Statute and Ordinances shall prevail.
VII. REVIEW AND AMENDMENTS
It is intended the Investment Managers and Trustees review this document periodically. If at any time the
Manager feels that the specific objectives defined herein cannot be met, or the guidelines constrict
performance, the Trustees should be so notified in writing. By the initial and continuing acceptance of this
investment policy statement, the Investment Manager concurs with the provisions of this document.
For ICC Capital Management Date
For Rhumbline Global Advisors Date
For the Pension Board of Palm Beach Gardens Police
6
Date
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Palm Beach Gardens Police
Review of International Equity Funds
December 31, 2007
1. Vanguard Global Equity (VHGEX) [0.72%]
MorningStar Rating:
Comparative Index:
Fund:
Policy:
Diff:
*****(out of 185 funds over 10-years)
World Stock ie. MSCI World
1 Year
11.67%
9.04%
2.63%
3 Year
15.55%
12.75%
2.80%
5 Year
21.77%
16.96%
4.81%
Received an excellent rating and review from Morningstar. No change recommended.
www. vanguard.com
2. Vanguard International Growth Admiral Shares (VWILX) [0.31%]
MorningStar Rating:
Comparative Index:
Fund:
Policy:
Diff :
*'**'*(out of 557 funds over 3-years)
Foreign Large Blend ie. MSCI EAFE
1 Year
16.25%
11.17%
5.08%
3 Year
19.11%
16.83%
2.28%
5 Year
22.08%
21.59%
0.49%
Received a good rating and review from Morningstar. No change recommended.
www.vanguard.com
3. Vanguard International Value (VTRIX) [0.46%]
MorningStar Rating:
Comparative Index:
Fund:
Policy:
Diff:
****(out of 193 funds over 3-years)
Foreign Large Blend ie. MSCI EAFE.
1 Year
12.66%
11.17%
1.49%
3 Year
19.18%
16.83%
2.35%
5 Year
23.53%
21.59%
1.94%
Good rating and review from Morningstar. No change recommended.
www.vanguard.com
4. Mainstay ICAP International (ICEUX) [0.97%]
MorningStar Rating:
Comparative Index:
Fund:
Policy:
Diff:
****(out of 193 funds over 3-years)
Foreign Large Value ie. MSCI EAFE.
1 Year
11.52%
11.17%
0.35%
3 Year
18.21%
16.83%
1.38%
5 Year
24.34%
21.59%
2.75%
Good rating and review from Morningstar. Manager, Rob Lyon, died in 2007. No change recommended.
www.malnstayfunds.com