HomeMy WebLinkAboutAgenda Fire Pension 090913THE RESOURCE CENTERS , LLC
4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410
Phone (561) 624-3277 Fax (561) 624-3278 WWW.RESOURCECENTERS.COM
PALM BEACH GARDENS FIREFIGHTERS’
PENSION FUND
Meeting of Monday, September 9, 2013
Location: City Hall, Council Chambers
Palm Beach Gardens City Hall
10500 North Military Trail
Palm Beach Gardens, FL 33410
Time: 9 AM
AGENDA
1. Call Meeting to Order
2. Public Comments
3. Minutes:
• Regular Meeting Held on July 8, 2013
4. Investment Manager Report: Garcia Hamilton & Associates (Jeff Detwiler)
5. Investment Monitor Report: The Bogdahn Group (Troy Brown)
6. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera)
7. Administrative Report: Resource Centers (Audrey Ross)
• Disbursements
• Benefit Approvals
8. Old Business
• RFP Responses (Self Directed DROP & Share Accounts)
• Foster & Foster Study (State Money Determination)
9. New Business
• Review of Draft Summary Plan Description
10. Other Business
• Discussion Regarding DROP & Share Accounting
11. Schedule Next Meeting: Wednesday November 6, 2013 at 1 P.M.
12. 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.
5 Houston Center
1401 McKinney, Suite 1600
Houston, TX 77010
Tel: (713) 853-2322
Fax: (713) 853-2300
www.GarciaHamiltonAssociates.com
City of Palm Beach Gardens Firefighters’
Pension Fund
September 9, 2013
Presented by:
Jeffrey D. Detwiler, CFA, AAMS
Fixed Income Portfolio Manager
Table of Contents
1.Performance Review
2.Portfolio Summary
3.Compliance & Adherence Letter
Fixed Income Goal & Philosophy
Investment Goal
Our goal is to outperform our benchmarks, net of fees, over a full market cycle using a
high quality strategy with less risk and low turnover.
Investment Philosophy
Superior and consistent investment results come from core principles:
Preserve Principal
Maintain Liquidity
Provide High Current Income
1
2
City of Palm Beach Gardens Firefighters’ Pension Fund
We urge you to compare account statements that you receive from us with the account statements that you receive from your custodian.
Past performance is no guarantee of future results. See disclosures for other relevant information. Client Use Only.
June 30, 2013
PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO
Market Pct.
Value Assets Yield
EQUITIES 0.00 0.0 0.0 Portfolio Value on 06-30-08 3,735,415.15
FIXED INCOME 6,072,829.99 99.5 2.5 Accrued Interest 41,643.04
CASH & EQUIVALENTS 28,737.90 0.5 0.0 Net Additions/Withdrawals 800,000.02
Realized Gains/Losses 338,728.50
Unrealized Gains/Losses -63,746.85
Income Received 1,240,742.68
Change in Accrued Interest 8,785.36
Portfolio Value on 06-30-13 6,051,139.49
Accrued Interest 50,428.40
Total 6,101,567.89 100.0 2.5 6,101,567.89
TIME WEIGHTED RETURN
Annualized
Annualized Inception
Year Fiscal One Last 3 06-30-08
Quarter To Date YTD Year Years To Date
Account -1.7 -1.1 -0.1 3.1 4.9 6.6
FIXED INCOME -1.7 -1.1 -0.1 3.1 5.0 6.7
Barclays Capital Int. Aggregate -1.8 -1.6 -1.5 -0.1 3.0 4.8
3
Average Option Adjusted Spreads (OAS)
Source: Barclays Live
Last Update: 7/31/2013
0
100
200
300
400
500
600
700
800
900
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Investment Grade Corporate Index
Investment Grade Financial Index
Asian/Russian
Financial Crisis
Accounting
Scandals
Bear Stearns
Corporate
Current
138 bps
Financial
Current
142 bps
Lehman Brothers
Greece
U.S. Credit
Downgrade
4
Financial Corporate Bonds Spreads Ratio
(OAS Spread/ 5 yr Treasury yield)
Source: Barclays Live
Last Update: 7/31/2013
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Asian/Russian
Financial Crisis
Accounting
Scandals
Bear Stearns
Current
1.02
Lehman Brothers
Greece
U.S. Credit
Downgrade
2nd Quarter 2013 Fixed Income Market Commentary
June 30, 2013
5
The Fed took center stage this quarter as the question of tapering the quantitative easing (QE) program dominated the market. Fed
Chairman Ben Bernanke stated that policy makers would “moderate” their $85 billion purchases later this year and end them in mid-2014
if growth is consistent with forecasts. This caused investors to flee the U.S. treasury market.
Meanwhile, fears of QE moderation, along with disappointing manufacturing numbers and higher money market rates in China, sent
stocks plunging. Later, when first quarter GDP growth was reported lower than expected at 1.8%, stocks and treasuries rebounded as
QE tapering fears started to subside.
After touching a high of 2.59%, the 10-year Treasury yield ended the quarter at 2.48%, an increase of 64 basis points. The 2-year Treasury
yield increased 11 basis points to 0.35% while the 30-year Treasury yield advanced 41 basis points to 3.50%. These moves caused the 2-
30 year yield spread to widen to 315 basis points.
With the increase in rates, the bond market delivered negative performance for the quarter with a return on the Barclays Capital
Aggregate Index of -2.32% and a return on the Barclays Capital Intermediate Government Credit Index of -1.70%.
Spread product underperformed as all sectors posted a negative excess return. Hardest hit were the agency and corporate sectors with
negative excess returns of -56 basis points and -54 basis points, respectively. Mortgage-backed securities had a negative excess return of
-38 basis points, while asset-backed securities delivered a slightly negative excess return of -3 basis points.
We have taken advantage of the recent rate increase to close our duration gap to be more in line with the index. We remain overweight in
corporate bonds with an emphasis on financials, and we have been extending some of our credits to take advantage of the steep yield
curve. Given the recent increase in rates, we believe rates will trade in a range with a bias lower in the short term.
6
Current Fixed Income Market Factors
Factor Position
Sentiment On average, portfolio managers have portfolio durations meaningfully below the
benchmark. Positive
Monetary Real money supply growth remains stable near long-term trend levels Neutral
Valuation The recent rise in interest rates has Treasuries priced at fair value according to our model. Neutral
Economic Liquidity measures have begun to accelerate and suggest stronger growth over the next
three to six months Negative
Inflation Inflation expectations remain stable Neutral
June 30, 2013
7
Fixed Income Portfolio Characteristics
June 30, 2013 City of Palm Beach Gardens Firefighters’ Pension Fund
Corporates
38%
Agencies
11%
Mortgages
51%
Cash
<1%
Treasuries
37%
Corporates
21%
Agencies
6%
Mortgages
33%
Asset-
Backed
3%
Portfolio Barclays Capital Int. Aggregate
Average YTM Average Maturity Average Coupon Average Duration
Portfolio 3.3 4.4 5.0 3.8
Barclays Capital Int. Aggregate 2.1 5.2 3.1 4.2
0.0
1.0
2.0
3.0
4.0
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15
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16
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17
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A
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18
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4
19
GA
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A
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dian. 21
Client Report Disclosures
PERFORMANCE DATA
Performance data represents historically achieved results for a client’s portfolio(s), and is no guarantee of future performance. The market or
economic conditions during this period may or may not be repeated. There may be differences between the performance shown and the performance
results achieved by any other client retaining Garcia Hamilton for the same investment strategy. Benchmark results are shown for comparison
purposes only. The benchmark represents an unmanaged portfolio with characteristics which are similar to the portfolio(s). The returns of the
benchmark do not include any transaction costs, management fees or other costs. The holdings in the client’s portfolio(s) may differ significantly from
the securities that comprise the benchmark shown. The benchmark has been selected by the client as an appropriate benchmark with which to
compare the performance of the portfolio(s).
June 30, 2013
Board of Trustees
City of Palm Beach Gardens Firefighters’ Pension Fund
c/o Audrey Ross
The Resource Centers, LLC
4360 Northlake Blvd, Suite 206
Palm Beach Gardens, FL 33410
To the Trustees of the City of Palm Beach Gardens Firefighters’ Pension Fund:
This letter is to inform you that the investments in the City of Palm Beach Gardens Firefighters’
Pension Fund under our management adhere to your investment guidelines. All investments in
the account are in compliance with the securities restrictions of section IV of the Management
Guidelines for Garcia Hamilton & Associates.
Sincerely,
Janna Hamilton
Partner
5 Houston Center
1401 McKinney, Suite 1600
Houston, TX 77010-4035
Tel: (713) 853-2322
Fax: (713) 853-2300
www.garciahamiltonassociates.com
Palm Beach Gardens Firefighters
Preliminary Performance Update
As of August 31, 2013
(1)Value as of July 31, 2013 and not available for most recent time period. Value is carried forward.
(2)Value as of June 30, 2013 and not available for most recent time period. Value is carried forward.
Investment Structure 06/30/2013
Market Value
QTD
Cash Flow
08/31/2013
Market Value
QTD
Gain / (Loss)
QTD
Return
FYTD
Return
FYTD
Return
Dana Core $17,109,950 ($5,476,683)$12,233,822 $600,555 3.5%$2,550,082 16.8%
ICC $0 $0 $0 N/A $1,069,186 N/A
FMI $0 $5,476,683 $5,332,020 ($144,663)N/A ($144,663)N/A
Vanguard $10,313,334 $10,571,743 $258,409 2.5%$536,259 N/A
Dana Small Cap $3,206,006 $3,312,065 $106,059 3.3%$638,689 23.9%
Total Domestic Equity $30,629,290 $0 $31,449,650 $820,360 2.7%$4,649,553 17.3%
RBC International(1)$2,714,213 $2,853,865 $139,652 5.1%$535,512 23.1%
Manning & Napier $2,698,946 $2,767,836 $68,890 2.6%$297,557 13.2%
Total International Equity $5,413,159 $0 $5,621,701 $208,542 3.9%$833,069 18.1%
Agincourt Capital $5,543,630 $300,000 $5,838,672 ($4,958)-0.1%($129,396)-2.3%
Garcia, Hamilton $6,102,328 $75,000 $6,192,633 $15,305 0.3%$12,253 0.2%
Templeton Global Bond $2,723,452 $150,000 $2,829,069 ($44,383)-1.6%($45,482)0.7%
Total Fixed Income $14,369,410 $525,000 $14,860,374 ($34,036)-0.2%($162,625)-1.0%
American Core Realty(2)$1,993,974 $1,993,974 N/A N/A $158,407 N/A
Intercontinental(2)$2,006,839 $2,006,839 N/A N/A $250,595 N/A
Total Real Estate $4,000,813 $0 $4,000,813 N/A N/A $409,001 N/A
Cash & Equivalents $124,958 $156,049 $281,015 $8 N/A $166 N/A
Total Investment Structure $54,537,629 $681,049 $56,213,553 $994,874 1.8%$5,729,165 11.6%
PALM BEACH GARDENS FIREFIGHTERS’
PENSION FUND
MEETING OF SEPTEMBER 9, 2013
BENEFIT APPROVALS
APPLICATION FOR DISTRIBUTION OF SHARE ACCOUNT
PETER BERGEL Date of Retirement: 07/01/2013
Date of Birth: 09/01/1960
Type of Distribution: partial wd-cash
(1st 50% distribution)
Total Gross Distribution: $68,352.35
Tax Withholding (20%): $13,670.47
Total Net Distribution: $54,681.88
Action: ______________________________
APPLICATION FOR DISTRIBUTION OF DROP ACCOUNT
PETER BERGEL Date of Retirement: 07/01/2013
Date of Birth: 09/01/1960
Type of Distribution: partial wd-rollover
(not final balance)
Total Gross Distribution: $493,332.57
Tax Withholding (20%): $ 0.00
Total Net Distribution: $493,332.57
Action: ______________________________
(Chairman)
(Secretary)
Date_________________
PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND
MINUTES OF MEETING HELD
August 7, 2013
A meeting of the Board of Trustees was called to order at 1:05PM at Council Chambers,
Palm Beach Gardens, Florida. Those persons present were:
TRUSTEES OTHERS
Rick Rhodes, Chairman Audrey Ross, Administrator
Mark Joyce, Vice Chair Troy Brown, Investment Consultant
Ed Morejon Pedro Herrera, Attorney
Martin Cohen Doug Lozen, Actuary
PUBLIC COMMENTS
N/A
MINUTES
The Board reviewed the minutes of the regular meeting held on July 8, 2013.
A motion was made by Martin Cohen to approve the minutes of the July 8, 2013
regular meeting as amended. The motion was seconded by Ed Morejon and carried
4-0.
ACTUARY REPORT: FOSTER & FOSTER (DOUG LOZEN)
Mr. Lozen stated that he was here today at the boards request although he does have one
item that he would like to address with the board as well. He explained that he received a
request from the Division of Retirement to perform a minimum benefits test due to the
letter know as the “Naples Letter” that was issued to some pension plans. Mr. Lozen
continued to explain in detail what a minimum benefits test entails and what it will
determine. This test will determine the potential impact on the future use of State
monies. He noted that this will not undo the current frozen amount of the State monies
that is in the reserve account and is to be used for additional benefits. Also he stated that
this test will also indicate whether or not this will affect the money that is already
allocated to members share accounts. Mr. Lozen commented that this test will be
required to be reported on page 6a of the State Annual Report next year and the study
will go back to September 30, 2010. The cost for this minimum benefits test will be
between $2K and $10K. The Trustees had a lengthy discussion regarding this test and
noted that since it is now a requirement from the Division of Retirement they must abide.
The Trustees gave Mr. Lozen direction to complete the minimum benefits test as required
by the Division of Retirement.
The Trustees reviewed and discussed the plans current assumptions rates with Mr. Lozen.
The Plan’s current assumed rate of return is set at 8.25% and they have a 5 year
smoothing. Mr. Lozen noted that the Board might want to consider taking a look at
lowering the plans assumed rate of return because currently he thinks 8.25% is too high.
Also the Division of Retirement has been approaching some plans directly, asking them
to reduce their assumed rate of return down from 8%. The Trustees stated that the last
assumption experience stuffy that they had completed was back in 2006 by the prior
Actuary. The board made a couple of changes to a few of the assumptions at that time,
but they think it is time to review them again. Mr. Lozen commented that he can perform
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a mini experience study which looks at some of the assumptions, or the board can do a
full experience study and look at all the assumptions including paying down the plan’s
unfunded liability faster. Mr. Cohen stated that his purpose of serving on the board is to
protect the members and to make sure they receive the benefit they are entitled too, and
therefore the board should start looking into fully funding the plan and paying off the
unfunded liability earlier rather than later. Mr. Morejon explained that the board meets
with their Actuary and Investment Consultant each year to make sure that all the
assumptions that they are making are realistic and are being met. Each year the City is
required to pay the amount that is determined by the Actuary into the pension plan to
make sure that the plan stays funded. Mr. Lozen reminded the board that this is a long
term pension plan and they should not react on one year’s numbers to make radical
changes. He also noted that the pension plan’s funded ration has continued to increase
over the past couple of years, with a huge jump last year. The Trustees continued their
lengthy discussion on what assumptions they would like to take a closer look at and noted
some of the following; the salary scale assumption rate, the assumed rate of return, and
some examples of conservative methods for paying down the plan’s unfunded liability.
Mr. Lozen commented that his study will also look at reducing the plan’s assumed rate of
return over time and not all at once. He also noted that the cost for this assumption study
will be around $3K and it will be completed towards the end of September (the study will
be available for presentation at the November 6, 2013 meeting). The Trustees’
concurred. Lastly Mr. Morejon stated that he would like a letter or email sent over to the
City’s Finance Director letting him know that the board will be doing this study and to
see if there is anything specific the City would like to add to the study as well, in regards
to the plans assumptions. Ms. Ross commented that she will contact Mr. Owens.
A motion was made by Martin Cohen to approve and authorize Foster & Foster to
perform an assumption experience study to look at lowering the plans assumed rate
of return, changing the salary scale assumption, looking at conservative methods of
paying down the plans unfunded liability, and any other request that may come
from the City. This study is not to exceed $3K. The motion was seconded by Mark
Joyce and carried 4-0.
Mr. Lozen noted that his office will be sending out a memo regarding the new GASB
requirements that will be effective October 1, 2014. The memo will explain what the
new requirements entail and how much extra the reporting will cost to the boards.
Lastly Mr. Lozen commented that the Share statements are completed and will be mailed
out by the end of this week.
INVESTMENT MONITOR REPORT: THE BOGDAHN GROUP (TROY
BROWN)
Mr. Brown commented that his recommendation regarding the plans assumed rate of
return is to reduce it to7.78% from the current rate of 8.25%. He explained that this is a
drastic change but this is estimation only and is based off his studies. He noted that the
board does not have to go with this recommendation, but if they did he would also
recommend decreasing in increments and not all at once.
Mr. Brown announced that Fiduciary Management Investment (FMI) is now funded and
that they had no issues with the transition from ICC Capital to FMI. ConvergEx handled
the transition and they were able to come down on their trading fees by a penny and a
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quarter, which is now the same fee as CAPIS. He noted that the board now has a
relationship with two transition managers for the same fee for any future use.
Mr. Brown handed out the revised investment policy guidelines (IPG) and reviewed the
revisions. He commented that he added in an addendum for the new manager FMI and
revised a couple of the benchmarks within in the policy itself. Also Dana Investment
Advisors is asking the board’s permission to increase their International exposure to 16%,
which is drafted into the policy as well. Mr. Cohen noted that a couple of typos in the
document.
A motion was made by Mark Joyce to approve the Fiduciary Management
Investment addendum as presented. The motion was seconded by Ed Morejon and
carried 4-0.
A motion was made by Ed More to approve the revised Investment Policy Guideline
changes as amended. The motion was seconded by Mark Joyce and carried 4-0.
Mr. Brown reviewed the June 30, 2013 quarterly report. He noted that fixed income had a
horrible quarter and they experienced negative returns. Equities did slightly better, but
the large and small caps outperformed. Mr. Brown reviewed the asset allocation and
noted that FMI was not included in this report since they were funded right after the end
of the quarter. Also he noted that there is an extra $750K in the plan’s cash account in
which he would like to allocate to Real Estate since they are underweighted in that asset
class by 2% compared to their policy. Mr. Brown recommended allocating $750K to
American Realty and another $750K to Intercontinental, which would then bring their
Real Estate target back up to 10%. Although, he explained that both Real Estate
managers currently have a queue to add more funds, so in the meantime he would like to
allocate the cash to fixed income. Therefore at this time the board can approve to start
the process of getting into the queues for the Real Estate funds and then when the capital
call comes they will move the money over.
A motion was made by Ed Morejon to authorize the fund to enter the queue with
both American Realty and Intercontinental, with a $750K commitment to both
managers as recommended by the Plans Investment Consultant. The motion was
seconded by Mark Joyce and carried 4-0.
Mr. Brown noted that he will make the decision where the $1.5M will come from at the
time of the capital calls and will notify the board as well for approval.
A motion was made by Mark Joyce to authorize and approve the transfer of $750K
from the plans cash account to be allocated to the fixed income accounts as follows;
$300K to Agincourt, $300K to Garcia Hamilton, and $150K to Templeton per the
recommended by the Plans Investment Consultant. The motion was seconded by
Ed Morejon and carried 4-0.
Mr. Brown continued to report for that for the quarter ending June 30, 2013 the fund was
slightly behind the index at 1.05% net of fess versus 1.19%, but for the fiscal year to date
they are ahead net of fees at 9.21% versus the index at 9.11%. All managers
outperformed for the quarter with the exception of the Dana large cap, Manning & Napier
and Agincourt. He also reviewed the funds performance since the quarter ended and July
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was a good month. As of July 31, 2013 they are up another 3.6%, which now puts them
at 13.5% for the fiscal year to date (well above the plans assumed rate of return of
8.25%). Lastly Mr. Brown mentioned that Manning & Napier’s is still on watch for
violating 4 of the IPG rules and if they violate 5, then he will recommend terminating
them from the portfolio. In the meantime Bogdahn is still watching them closely.
ATTORNEY REPORT: SUGERMAN & SUSSKIND (PEDRO HERRERA)
Mr. Herrera stated that he did review the FMI agreement before the transition started and
he had no issues with it.
Mr. Herrera briefly reviewed his memo regarding the final legislative updates. He noted
that now all pension plans must provide a section for “public comments” on the agenda,
in which this board already does. Also the Legislative implemented a new method for
collecting fines for failure to timely file disclosures of financial interests. The new
method will include wage garnishment, court judgments, or referral to collection
agencies. Lastly he briefly reviewed the new financial requirements under Senate Bill
534, in which Mr. Lozen will be providing more information on.
Lastly Mr. Herrera discussed the new IRS Rule and language that has be pending, but is
not in approved or in place yet. This new rule would state that the variable rates on
DROP accounts would be considered a defined contribution (DC) account, and therefore
all the DC rules and regulations would apply to that particular account. If this were to
pass than there are a couple of resolutions that are available and the board can discuss at a
future meeting. Again, Mr. Herrera noted that this rule has not passed and is not
effective yet, but this is something that he wanted the board to be aware of. He will
provide more information to the board regarding this issue when it becomes available.
ADMINISTRATIVE REPORT: RESOURCE CENTERS (AUDREY ROSS)
DISBURSEMENTS
The Board reviewed the disbursements presented for approval by the Administrator.
A motion was made by Ed Morejon to approve the disbursements that were
presented by the Administrator. The motion was seconded by Martin Cohen and
carried 4-0.
Ms. Ross stated that the Division of Retirement sent a letter to the board and the City
asking for some clarification on some items pertaining to the 2012 State Annual Report.
As an update these items have been clarified by the City and the response letter has been
sent back to the Division. We are now just waiting on the approval letter.
OLD BUSINESS
Mr. Herrera noted that the RFP for the self directed DROP and share accounts will be
going out soon. The responses will be back for review by the board at their September
meeting.
NEW BUSINESS
The Trustees tabled the review of the draft summary plan description until next meeting.
There being no further business, the meeting adjourned at 4:48 PM.
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Respectfully submitted,
Tom Murphy, Secretary
CITY OF PALM BEACH GARDENS
FIREFIGHTERS’ PENSION FUND
SUMMARY PLAN DESCRIPTION
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CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND
SUMMARY PLAN DESCRIPTION
INTRODUCTION
The Board of Trustees of the City of Palm Beach Gardens Firefighters' Pension Fund is
pleased to present this booklet which briefly explains the provisions of your
Firefighters' Pension Fund. As a participant in the Fund, you are included in a program
of benefits to help you meet your financial needs at retirement, or in the event of
disability or death.
This booklet can assist you in preparing for your retirement and financial future. If you
need further information on any of the topics presented in this booklet, please contact
any member of the Board of Trustees. They will either answer questions you might
have to help you understand your benefits or otherwise get you an answer to your
questions. However, nothing they may tell you should be construed as advice, which
they will not offer. We urge you to read and understand this booklet in order to become
familiar with the benefits of the Fund and how they contribute to your financial security
and how they will enrich your retirement years.
Claims for benefits should be filed with the office of the Administrative Manager. If a
claim is denied, you will be notified and informed of the procedure to request a hearing
before the Board of Trustees. Claim denials are generally limited to failure to meet the
eligibility requirements for a benefit.
The following summary briefly describes the principle benefits of the Fund. Detailed
benefit conditions and limitations are contained in the Palm Beach Gardens Code,
Division 2 Firefighters’ Pension Fund, which established the Fund. The Internal
Revenue Code, Florida Statutes, and the Palm Beach Gardens Code govern the
operation of the Fund and should be consulted before you take any action concerning
your membership or benefits. In case of any conflict between this Summary and the
provisions of the Palm Beach Gardens Code or other applicable law, the Palm Beach
Gardens Code or other applicable law will prevail. Copies of the Palm Beach Gardens
Code are available at the City Clerk’s office, 10500 North Military Trail, Palm Beach
Gardens, Florida 33410.
Chairman, Board of Trustees,
City of Palm Beach Gardens Firefighters'
Pension Fund
Date
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1. BOARD OF TRUSTEES AND PLAN ADMINISTRATION
A. Administration. The City of Palm Beach Gardens Firefighters’ Pension Fund is a
defined benefit pension plan administered by a Board of Trustees which acts as the administrator of the
Fund. The Board consists of 5 Trustees, 2 of whom are appointed by the City, 2 of whom are full-time
Firefighters who are elected by a majority of the members of the Fund and a fifth Trustee who is chosen
by a majority of the first 4 Trustees. Each Trustee serves a four year term.
B. The names of the current Trustees are:
Tom Murphy
Rick Rhodes
Ed Morejon
Mark Joyce
Marty Cohen
C. The agent for the services of legal process is:
Sugarman & Susskind, P.A.
Suite 750
2801 Ponce De Leon Blvd
Coral Gables, FL 33134-6920
D. The Administrative Manager is:
Audrey Ross
Resource Centers, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, Florida 33410
2. ELIGIBILITY FOR PLAN MEMBERSHIP
Each person employed by the City Fire Department as a full-time Firefighter becomes a
member of the Fund as a condition of his employment. All Firefighters are therefore eligible for Fund
benefits as provided for in the Fund document and by applicable law.
3. FUND BENEFITS
All claims for benefits under the Fund shall be made in writing to the Board of Trustees.
A. Normal Retirement Eligibility. You are eligible for retirement upon the attainment of
age 52 and the completion of 10 years of credited service or upon completion of 25 years of credited
service, regardless of age.
B. Amount of Normal Retirement Benefits. The amount of the normal retirement benefit
is based on your credited service and average final compensation:
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“Credited Service” is generally your period of employment as a Firefighter in the Fire
Department measured in years and parts of years. Credited service will include a break in employment for
military service, pursuant to conditions that are required or permitted under state or federal law, as
amended from time to time, provided that you are reemployed within 1 year of discharge under honorable
conditions. Additional credited service time may also be available (See subsection K).
“Average Final Compensation” is 1/12 of your average Salary of the best 5 years of the last
10 years of Credited Service prior to your termination, retirement or death, or the career average as a full-
time firefighter, whichever is greater. A year is defined as 12 consecutive months.
“Salary” is your total compensation for services rendered to the City as a Firefighter
reportable on your W-2 form plus all tax deferred, tax-sheltered or tax exempt items of income derived
from elective employee payroll deduction or salary reduction. For periods on and after September 13,
2012, Salary will not include overtime or payments for unused accrued sick and annual leave. If you
were employed on September 13, 2012, Salary shall include payment for unused accrued sick and annual
leave up to the number of hours of unused sick and annual leaave accrued on September 13, 2012.
The normal retirement benefit is calculated by multiplying 3% times years of Credited
Service times your Average Final Compensation: (3% x CS x AFC = normal retirement benefit).
Provided, however, that the benefit shall not exceed 75% of Average Final Compensation at the time of
commencement. Members with a benefit accrual exceeding 75% as of September 13, 2012 shall retain
the percentage determined on that date. Additionally, Members who were eligible for Normal Retirement
as of September 13, 2012 are not subject to the 75% maximum limitation.
The benefit is paid to you for your life, but you, your beneficiary, or your estate shall
receive at least 120 monthly benefit payments in any event.
C. Deferred Retirement Option Plan (DROP). You are eligible to participate in the
deferred retirement option plan (DROP) once you are eligible for normal retirement and you can perform
the full scope of duties assigned to a firefighter. Election into the DROP is voluntary, but this election is
irrevocable once DROP payments begin. If you elect to enter the DROP, you will cease to accrue a
benefit and you will not be eligible for disability, pre-retirement death benefits, or partial lump sum
distribution benefits, other than the amount held in your DROP account upon termination.
The amount of the DROP benefit is calculated as if you had elected to retire on the date of
election to participate in the DROP, using Credited Service and Average Final Compensation at the date
of election. Your monthly retirement benefits, including any future cost-of-living increases, shall be
deposited in your DROP account. Earnings in your DROP account shall be credited or debited at the end
of each quarter at the actual net rate of investment return achieved by the fund. As an alternative, you
may elect that your DROP account be invested in a fixed rate money market fund. You may also elect
the “self-directed account option”, wherein you choose from a variety of investment options approved by
the Board. If you choose this option, your DROP account will be credited or debited at the end of each
quarter according to the performance of the investment options you chose.
Your member contributions to the Fund cease following election to participate in the
DROP.
You may participate in the DROP for a maximum of 60 months, at which point you must
terminate employment. If you terminate employment earlier than 60 months, your participation in the
DROP ceases.
Upon termination of employment, the balance in your DROP account will become payable.
You would have the following options of payment:
(1) A single lump sum payment.
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(2) An eligible rollover distribution to a qualified plan or IRA.
(3) A combination of a partial lump sum and rollover.
Should you pass away during your participation in the DROP, your beneficiary or estate
receives the same payout options as above. DROP payments to your beneficiary or estate will be in
addition to any retirement benefits payable by the Fund.
D. Early Retirement. You are eligible for early retirement upon the attainment of age 50
and the completion of 10 years of credited service.
E. Amount of Early Retirement Benefits. The amount of the early retirement benefit is
calculated in the same manner as for normal retirement and is available as follows:
(1) A deferred monthly retirement benefit which shall commence on the first day of
the month following attainment of age 52; or
(2) Beginning immediately upon retirement, but if beginning immediately, the
amount of the monthly benefit is reduced by 3% for each year by which the
commencement of benefits precedes age 52.
F. Cost-of-Living Adjustments (COLA). All members receiving benefits, excluding
Disability Retirees, shall receive an age based cost-of-living increase each January 1. The amount will be
a 1.0% increase of the prior year’s benefit for members who are age 53, 2.0% for members who are age
54, and 1.5% for members who are age 55 or greater, for benefits based on Credited Service earned on
and after September 13, 2012. Members eligible for Normal Retirement as of September 13, 2012 shall
retain an annual 3.0% COLA on the total benefit after attainment of age 55.
G. Optional Forms of Retirement. In lieu of the amount and form of retirement income
payable under normal and early retirement, you may elect to receive a retirement benefit in a different
form so long as the form you elect is of equal actuarial value as the normal benefit. The optional forms of
benefits which are available are:
(1) A retirement income of a monthly amount payable to you for your lifetime
only.
(2) A retirement income of a modified monthly amount, payable to you during your
lifetime and following your death, 100%, 75%, 66 & 2/3% or 50% of such
monthly amount payable to a joint pensioner for his or her lifetime. (3) If you
retire prior to the time at which social security benefits are payable, you may
elect to receive an increased retirement benefit until such time as social security
benefits shall be assumed to commence and a reduced benefit thereafter in order
to provide, to as great an extent as possible, a more level retirement allowance
during the entire period of retirement.
() Upon retiring under a normal retirement (after attaining Normal Retirement
eligibility, but excluding DROP retirement), you may receive a partial lump
sum payment equal to complete months of credited service earned after normal
retirement eligibility times the monthly benefit amount payable under the
standard form of payment. If you elect to receive a partial lump sum payment,
your monthly benefit will be reduced by an actuarially equivalent amount.
H. Termination of Employment and Vesting. If your employment is terminated prior to
retirement, either voluntarily or involuntarily, the following benefits are payable:
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(1) If you have less than 5 years of Credited Service upon termination, you shall be
entitled to a refund of your accumulated contributions or you may leave it
deposited with the Fund.
(2) If you have 5 or more years of Credited Service, you will be entitled to a
monthly retirement income to commence at age 52 provided your accumulated
contributions remain in the System. If you so request in writing, filed with the
Board, payment may commence on the first day of any month on or after the
date on which you attain age 50. Such monthly retirement income payable to
you under the provisions of this subsection (2) shall be equal to the product of
your vested percentage at the date of your termination of service as provided in
subsection (3) and the accrued benefit which you have accrued to the date of
your termination of service. If your monthly retirement income is to commence
on or after the date on which you attain age 50, but prior to the attainment of
age 52, your benefit in this subsection shall be reduced as for early retirement.
If you do not withdraw your accumulated contributions and do not survive to
age 50, your designated beneficiary shall be entitled to a benefit as described in
subsection J. (2).
(3) Except as otherwise provided herein, if you are not otherwise fully vested, you
shall have a minimum vested interest in the amount of your accrued benefit
equal to the percentage, applicable to the number of your years of Credited
Service:
less than 5 years: 0%
5 years but less than 6: 25%
6 years but less than 7: 40%
7 years but less than 8: 55%
8 years but less than 9: 70%
9 years but less than 10: 85%
10 years or more: 100%.
Provided, however, if you meet the early retirement provisions or the normal retirement
provisions, you shall be 100% vested regardless of the above schedule.
You shall at all times and in all events have a fully vested interest in your accumulated
contributions. Your vested interest shall not be reduced as a result of any amendment to this section;
however, any increase in your vested interest will be determined by the vesting schedule in effect at the
time of your separation from service.
The Internal Revenue Code provides that certain eligible lump sum distributions from the
Fund may be directly rolled over into qualified individual retirement accounts, annuities or certain other
pension plans. A 20% withholding shall be required on taxable portions of such lump sum distributions
not directly transferred to a new custodian.
I. Disability Retirement. You are considered disabled when you become totally and
permanently unable to perform useful and efficient service as a Firefighter. A written application is made
to the Board of Trustees for a disability pension and the Board of Trustees receives evidence of the
disability and decides whether or not the pension is to be granted. If the pension is granted, the benefit
amount shall be:
(1) If the injury or disease is service connected, you shall be entitled to a monthly
pension equal to 60% of your Average Final Compensation, not less than 2%
per year of Credited Service.
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(2) If the injury or disease is not service connected, you shall be entitled to a
monthly pension equal to 2.5% of your Average Final Compensation multiplied
by your total years of Credited Service, but in any event, the maximum amount
paid to you shall be 50% of your Average Final Compensation. This non-
service connected benefit is only available if you have at least 10 years of
Credited Service.
Terminated persons, either vested or non-vested, are not eligible for disability benefits,
except that those terminated by the City for medical reasons may apply for a disability within 30 days
after termination.
Your disability benefit terminates upon the earlier of death, with 120 payments guaranteed,
or recovery.
Your benefit will be reduced if you receive worker’s compensation and/or social security
disability benefits and your combined benefit exceeds 100% of your final Salary. The pension benefit will
be reduced so that the total does not exceed 100%.
Any condition or impairment of health caused by tuberculosis, heart disease or
hypertension resulting in total or partial disability or death is presumed to be service connected, unless the
contrary is shown by competent evidence; provided that you have successfully passed a physical
examination on entering into service and there is no evidence of the condition at that time.
Any condition or impairment of health caused by hepatitis, meningococcal meningitis, or
tuberculosis resulting in total or partial disability or death is presumed to be service connected, unless the
contrary is shown by competent evidence as provided for in Section 112.181, Florida Statutes. As of
May, 2011, there has been a commission formed to review this section of the Statutes. Please contact the
administrator promptly if you believe you are exhibiting any of these conditions to receive an up to date
summary of presumptive conditions.
To receive disability benefits, you must establish to the satisfaction of the Board, that such
disability was not occasioned primarily by:
(1) Excessive or habitual use of any drugs, intoxicants or narcotics.
(2) Injury or disease sustained while willfully and illegally participating in fights,
riots or civil insurrections or while committing a crime.
(3) Injury or disease sustained while serving in any branch of the Armed Forces.
(4) Injury or disease sustained after your employment as a Firefighter with the City
of Palm Beach Gardens has terminated.
As a disabled pensioner, you are subject to periodic medical examinations as directed by
the Board to determine whether a disability continues.
J. Death Before Retirement. If you die prior to retirement from the Fire Department,
your beneficiary shall receive the following benefit:
(1) Prior to Vesting or Eligibility for Retirement. If you were not receiving monthly
benefits or were not yet vested or eligible for early or normal retirement, your
beneficiary shall receive a refund of 100% of your accumulated contributions.
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(2) After Vesting or Eligibility for Retirement. If you die and, at the date of your
death were vested or eligible for early or normal retirement, your beneficiary
shall be entitled to a benefit as follows:
a. If you were partially or fully vested, but had not attained at least age 50,
your beneficiary shall receive a benefit payable for 10 years, beginning on
the date that you would have attained age 52 for a normal retirement
benefit or age 50 for an early retirement benefit, at the option of your
beneficiary. Your benefit shall be calculated as for normal retirement based
on your Credited Service, Average Final Compensation and vested
percentage as of the date of your death and reduced as for early retirement,
if applicable. Your beneficiary may also elect to receive an immediate
benefit, payable for 10 years, which is actuarially reduced to reflect the
commencement of benefits prior to age 50.
b. If you were eligible for normal (age 52) or early (age 50) retirement, your
beneficiary shall receive a benefit payable for 10 years, beginning on the
first day of the month following your death or at the date you would have
attained age 52, at the option of your beneficiary. Your benefit shall be
calculated as for normal retirement based on your Credited Service and
Average Final Compensation as of the date of your death and reduced as
for early retirement, if applicable.
c. Your beneficiary may, in lieu of any benefit provided for in (a) or (b)
above, elect to receive a refund of your accumulated contributions.
K. Additional Credited Service. In addition to credited service actually earned in the
employment of the Fire Department, you may also receive credited service as follows:
(1) “Buy-Back” of Time Lost Due to Absences Authorized by the Family and
Medical Leave Act. If you are absent on unpaid leave under the Family &
Medical Leave Act, you may purchase lost Credited Service by making an
actuarially determined contribution to the Fund, such that there is no cost to the
Fund in allowing such Credited Service, within strict time periods provided for
in Applicable Law as referenced in item 6 on page 9.
(2) “Buy-Back” for Military Service Prior to Employment. The time that you serve
or have served on active duty in the active military service of the Armed Forces
of the United States or the United States Merchant Marine, voluntarily or
involuntarily, honorably or under honorable conditions, prior to first and initial
employment with the City shall be added to your years of Credited Service
provided that:
a. You contribute to the Fund a sum of money equal to:
(i) the amount you would have contributed to the fund had you worked
for the City for the years you are requesting credit, plus
(ii) an additional amount to be determined by the Board’s actuary so that
there is no cost to the fund in giving you the additional years of
Credited Service, plus
(iii) the amount charged by the actuary for determining the amount you
must contribute.
b. Multiple requests to purchase credited service pursuant to this section may
be made at any time prior to retirement, but no purchase is permitted for
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periods of less than one year.
c. Payment of the required amount shall be made within 3 months of your
request for credit and shall be made in one lump sum payment upon receipt
of which Credited Service shall be given.
d. The maximum credit under this section shall be 4 years.
e. Credited Service purchased pursuant to this section shall count only for
calculation of benefit amounts and shall not count toward vesting or toward
eligibility for retirement.
(3) “Buy-Back” for Prior Firefighter Service. The time that you previously served
as a Firefighter with the City of Palm Beach Gardens during a period of
previous employment and for which period accumulated contributions were
withdrawn from the Fund, or the time that you served as a Firefighter for any
other municipal or special district fire department in the State of Florida shall
be added to your years of Credited Service provided that:
a. You contribute to the Fund a sum of money equal to:
(i) the amount you would have contributed to the fund had you worked
for the City for the years you are requesting credit, plus
(ii) an additional amount to be determined by the Board’s actuary so that
there is no cost to the fund in giving you the additional years of
Credited Service, plus
(iii) the amount charged by the actuary for determining the amount you
must contribute.
b. Multiple requests to purchase Credited Service pursuant to this section may
be made at any time prior to retirement, but no purchase is permitted for
periods of less than one year.
c. Payment of the required amount shall be made within 3 months of your
request for credit and shall be made in one lump sum payment upon receipt
of which Credited Service shall be given.
d. The maximum credit under this section shall be 10 years of Credited
Service and shall count only for calculation of benefit amounts and shall
not count toward vesting or eligibility for retirement.
e. In no event, however, may Credited Service be purchased pursuant to this
section for prior service with any other municipal or special district fire
department, if such prior service forms or will form the basis of a
retirement benefit or pension from another retirement system, plan or fund.
L. Supplemental Benefit; Chapter 175, Share Accounts. In addition to the benefits
provided for in the previous sections, you shall also be entitled to an additional supplemental benefit to be
funded solely and entirely by certain state premium tax monies received pursuant to Chapter 175, Florida
Statutes. This benefit shall represent your allocated share of the premium monies received by the Fund
and payable in one lump sum payment upon retirement, death, disability and some terminations.
M. Contributions and Funding. The State contributes premium tax monies are first used
as a 6.8% contribution of Salary and credited as member contributions to the Fund (but not exceeding
$507,634 for all contributing Members). Any remaining premium tax monies are allocated once a year
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into individual Share Accounts. The City contributes for the cost of all other benefits over and above
member contributions from Salaries and Share Accounts. You contribute 6% of your Salary to your
accumulated contribution account. The 6.8% of your Salary from premium tax monies will be maintained
separately and is only refundable upon termination to the extent you are vested as described in subsection
H(3). Your contributions will be excluded from your gross income for withholding purposes so you will
realize income tax benefits. Your 6% contributions are guaranteed refundable in any event.
N. Minimum Benefits. In no event will the benefits paid from this Fund be any less than
your accumulated contributions.
O. Maximum Benefits. In no event will the non-member funded annual benefits paid
from this Fund exceed limitations established by Section 415 of the Internal Revenue Code, subject to
certain cost-of-living adjustments thereafter and actuarial reductions, under certain circumstances, as set
forth in Section 415 of the Internal Revenue Code.
P. Forfeiture of Pension. If you are convicted of certain crimes committed prior to
retirement referred to in the Fund Ordinance, or if your employment is terminated by reason of your
admitted commission, aid or abetment of these crimes, you shall forfeit all rights and benefits under the
Fund, except for the return of your contributions as of the date of your termination.
Q. Claims Procedure Before the Board. You may request, in writing, that the Board
review any claim for benefits under the Fund. The Board will review the case and enter a decision as it
deems proper within specific time periods.
The Board’s decision on your claim will be contained in an order which will be in writing
and will include:
(1) The specific reasons for the Board’s action;
(2) A description of any additional information that the Board feels is necessary for
you to perfect your claim;
(3) An explanation of the review procedure next open to you which
includes a formal evidentiary hearing.
4. NON-FORFEITURE OF PENSION BENEFITS
A. Liquidation of Pension Fund Assets. In the event of repeal, or if contributions to the
Fund are discontinued by the City, there will be a full vesting of benefits accrued to date of repeal.
B. Interest of Members in Pension Fund. At no time prior to the satisfaction of all
liabilities under the Fund shall any assets of the Fund be used for any purpose other than for the
Firefighters’ exclusive benefit. In any event, your contributions to the Fund are non-forfeitable.
5. VESTING OF BENEFITS
Your retirement benefits are partially vested after 5 years of credited service and fully
vested after 10 years of credited service.
6. APPLICABLE LAW
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The Fund is governed by certain federal, state and local laws, including, but not limited to
the following:
A. Internal Revenue Code and amendments thereto.
B. Part VII, Chapter 112, Florida Statutes, “Actuarial Soundness of Retirement
Systems”.
C. Chapter 175, Florida Statutes, “Marvin B. Clayton Firefighters Pension Trust
Fund Act”.
D. Ordinances of the City of Palm Beach Gardens.
E. Administrative rules and regulations adopted by the Board of Trustees.
7. PLAN YEAR AND PLAN RECORDS
The Plan year begins on October 1 of each year and ends on September 30 of the following
year. All records of the Fund are maintained on the basis of the Plan year.
8. APPLICABLE PROVISIONS OF COLLECTIVE BARGAINING AGREEMENTS
The current collective bargaining agreement between the City and the Firefighters contains
no provisions which deal directly with pension benefits. However, pension benefits may be bargained.
9. FINANCIAL AND ACTUARIAL INFORMATION
A report of pertinent financial and actuarial information has been prepared by the Fund’s
Actuary, Foster & Foster, Inc., and is available at the office of the Administrative Manager.
As of October 1, 2012, the date of the most recent actuarial valuation, there were 7 Retired
Members, 5 Disability Retirees, 1 Beneficiary of a deceased member receiving benefits from the Fund, 6
DROP Members, and 2 Terminated, Vested Members, eligible for future benefits. Active members
totaled 108 with an annual payroll of $9,720,044. As of September 30, 2012, there were 120 members
with Chapter 175 Share Account balances totaling $7,175,953.18.
Palm Beach Gardens, the employer, contributed $3,974,487 representing approximately
43.5% of Total Annual Payroll. Member contributions totaled $564,117, in addition to $188,039 in State
Monies, calculated as 2% of the total Salary of all Members. The $188,039 was utilized by the City for
meeting its minimum funding obligation. $558,214 in additional State Monies was allocated to the Share
Plan.
The October 1, 2012 actuarial valuation report indicated that the actuarial accrued liability
for defined benefits under Governmental Accounting Standard No. 25 was 71.9% funded for past service
liabilities, and the Share Accounts were 100% funded.
Contributions to the Fund during the year were equal to or greater than the actuarially
determined amount needed to comply with the provisions of Chapter 112, Florida Statutes.
It is the actuary’s opinion that the required contribution rates determined by the most
recent actuarial valuation are sufficient to meet the funding objective of the Fund, presuming continued
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receipt of required contributions when due.
A copy of the annual audit report is available for inspection at the office of the
Administrative Manager.
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accounting of the last two most recent
completed fiscal years.¶
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ACCOUNTING INFORMATION SUBMITTED FOR VALUATION
Revenues and Expenditures
Year Ended
9/30/2012
REVENUES:
a. Member contributions $ 564,117.27
b. City contributions 3,974,487.00
c. Chapter 175 receipts to member contributions 188,039.09
d. Chapter 175 receipts to Share Accounts 558,214.37
e. Interest and dividends 1,435,601.53
f. Net realized and unrealized gain (loss) 6,719,870.33
g. Miscellaneous Income 2,290.29
h. Total revenues 13,442,619.88
EXPENDITURES:
a. Investment expenses 268,486.07
b. Administrative expenses 96,825.33
c. Benefit payments 570,434.07
d. Lump sum DROP distributions 0.00
e. Lump sum share distributions 213,843.82
f. Termination payments 24,061.13
g. Total expenditures 1,173,650.42
CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS:
Net Assets Beginning of Year1 $38,451,339.47
Total revenues minus total expenditures $12,268,969.46
Audit adjustment 0.00
TOTAL NET ASSETS END OF YEAR $50,720,308.93
1Net Assets include DROP and Share account balances at the beginning of the year.
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ACCOUNTING INFORMATION SUBMITTED FOR VALUATION
SUMMARY OF ASSETS
ASSETS
September 30, 2012
Market
Cash and Cash Equivalents:
Prepaid Expenses
Money Market
650.00
3,019,096.82
Total Cash and Equivalents $3,019,746.82
Receivables:
State Contributions
Accrued Income
133,939.95
138,166.09
Total Receivable (Payable) 272,106.04
Investments:
US Government/Agency/Corporate Bond /CMOs
Corporate Stocks/REITs
Mutual Funds:
International Fixed Income
International Equity
Pooled/Common/Commingled Funds:
Equity
International Equity
12,332,996.17
25,542,109.50
1,559,550.51
2,070,279.86
3,667,547.00
2,318,352.00
Total Investments 47,490,835.04
TOTAL ASSETS $ 50,782,687.90
LIABILITIES AND NET ASSETS
Liabilities:
Payable:
Unpaid Investment Expenses
62,378.97
Total Liabilities 62,378.97
Net Assets, including DROP and Share Balances 50,720,308.93
TOTAL LIABILITIES AND NET ASSETS $ 50,782,687.90
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REVENUES:
a.Member contributions
b.City contributions
c.Chapter 175 receipts to member contributions
d.Chapter 175 receipts to Share Accounts
e.Interest and dividends
f.Net appreciation in fair value of investments
g.Miscellaneous income
h.Total revenues
EXPENDITURES:
a.Benefits paid
b.Share Account benefits paid
c.Administrative expenses
d.Investment expenses
e.Total expenditures
NET INCOME:
Total revenues minus total expenditures
Audit Adjustment
SHARE ACCOUNT NET CHANGE
ASSETS(Defined Benefits) BEGINNING OF YEAR
ASSETS(Share Accounts) BEGINNING OF YEAR
ASSETS (Defined Benefits) END OF YEAR
ASSETS (Share Accounts) END OF YEAR
TOTAL ASSETS END OF YEAR
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Cash & Equivalents $ 3,019,7493,574,524 $
Receivables/(Payables) 272,106(117,101) 582,7598
Corporate Bonds/Government Securities 12,332,9969,174,500 10,736,5808,080,865
Common Stocks 25,542,11014,222,217 17,791,45912,813,663
Real Estate 3,667,5472
,269,135
3,175,3787
56,753 International 2,318,3525,223,393 4,748,5751,234,890
Miscellaneous 0 0
Mutual Funds 3,629,8300 1,264,8030
Total Assets $34,346,668 $37,906,384$27,839,949
September 30, 20102012
Market
September 30, 200911
Market
Cash & Equivalents $ 3,574,524 $ 2,842,499
Receivables/(Payables)(117,101)846,476
Corporate Bonds/Government Securities 9,174,500 8,080,865
Common Stocks 14,222,217 12,813,663
Real Estate 2,269,135 756,753
International 5,223,393 1,234,890
Miscellaneous 0 0
Mutual Funds 0 1,264,803
Total Assets $34,346,668 $27,839,949
September 30, 2010
Market
September 30, 2009
Market