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Home My WebLink AboutDocumentation_Pension Public Safety_Tab 06A_5/21/2002~ Ca) ---.-~ February l4, 2002 Dan. Gallagher, Project Manager Village of Tequesta 250 Tequesta Drive Tequesta, Florida 33469 Re: Proposal for Securities Custody Services for the Village of Tequesta Pension Funds Dear Trustees: ~`Je appreciate the opportunity to submit this proposal for custody services. In addition to the information in the enclosed booklet, we want to provide same additional information that may be important to you. Providing custody services to pension plans of all sizes is a major line of business for Salem Trust and we are dedicated to developing and maintaining long-term relationships. Local, personalized service is our trademark. We feel so strongly about the benefits of local service that we maintain three administrative offices in Florida. The manager of our Deerfield Beach office, Ann Thompson, and her staff will coordinate services to your fund. As you can see from the list of our municipal pension plan clients in Tab 1 of this booklet, we have extensive experience in handling accounts such as yours. Note that many of our clients are located in south Florida and have been sowed by Ms. Thompson and her staff for a number of years. We are very active in supporting the educational activities of organizations such as the Florida Public Pension Tnistees Association. We sponsor events at their schools and conferences, and attend many of the classroom sessions so that we can remain aware of current developments and the changing needs of our clients. Additionally, we teach the session on custody services at the FPPTA Trustees School. Ann Thompson serves on the Advisory Board of FPPTA. We are also members of the Florida Government Finance Officers' Association and participate as an exhibitor at that organization's annual conference.. We are also members of the Dade,iBroiv~~rd and Palrn Beach Cor~nty Chapters of FGFOA. We provide toll-free telephone service to our offices for the convenience of our clients, We also provide on-line access to account information at no additional charge. Additionally, we consider yolsr investment m~enager as our client and work dilige~ltly to se~~e them. as tivell. ~"Je look forward to discussing this proposal with you in more detail and sincerely hope to be selected to serve as custodian for the Village of Tequesta Pension Funds. If selected, we pledge to provide a very high quality level of service to the :fund. Thank you for your cor-sideration of our proposal, Sincerely, ~~ c~-- l~obert A. Darr Senior Vice President cc: Ann Thompson, Salem Trust Co., Deerfield Beacl3 - f.., .~ ~.abert A. parr Seniar dice President Tall Free 1-877-382-6767 L?irect 1-813-301-1291 1Jrnail: rabert.darr~SalemTrust.car~ ..wad h ____ .. ;> d 1l9F.~lenns wsswo® ~~=~~_ ~ Sale .Trust Company ®vervie~v Partial Listing of Custody Clients Biographies of Ivey Personnel -,~~~~~z~ - Custodyg n-Lint Access and Benefit Payment Services '~~`~ :~ ~ Trust Accounting Summary and Available Report Schedules '~_~~~ ~ ~"ec Schedule ~.~~ ~~! _ Reasons to Select Salem Trust Company ~~~ _ Sample Statement ,~,{ Financial Strength •Salem Trust Company is a wholly-owned subsidiary of Central Carolina Bank 8~ 'Trust L:ompany (CCB?„ a ~5 year ald banking and trust organization with headquarters in I~urha.m, NC. •Salem 'Trust Company and CCB are member companies of National Commerce Financial Corporation which provides trust services from offices in nine southeastern states. •National Commerce Financial Corporation is a NYSE listed company (Symbol: NCF) •National Commerce Financial Corporation has a strong financial position with combined assets over $1$ billion and capital of over $1. ~ billion Well Established and Highly Regarded in the Trust Industry •CCB has provided trust and investment services for over SO years •Institutional trust services include: •Securities custody •Retirement plan design •Retirement plan administration and trusteeship, including 401(k) plans •Investment portfolio management •Investment performance management. Strong Colmmitment to the Institutional Trust business •Trust services provided from of~°ices in nine southeastern states •Florida offices in Deerfield Beach, Jacksonville, and Tampa •Our staff has an average of 15 years of experience in providing employee benefits services •®ngoing investment in additional resources to continue the expansion of institutional trust and retirement plan services Salem Trust's ~o~nmittnent to Its ~'ustomers • Salem Trust is committed to function as a "Super-Community" bank, combining the high-tech products and services of the megabanks with the high-touch customer service of the community banks. ~~isit CJs ®n-IJine •Salem Trust Company - www.salemtrust.com •CCB - www.ccbonline.com ~~ `~.~ ~* * * * * * * * * * * * * * :~ * * * * * .Amalgamated Transit Union Local 1596 Pension :Plan Boynton Beach Firefighters' Pension Plan Boynton Beach Police Officers' Pension Plan Bradenton Police Officers' Pension Plan Cape Coral Firefighters' Pension Plan Cape Coral Police Officers' Pension Plan Cape Coral General Employees' Pension Plan Clearwater Firefighters' Supplemental Pension Plan Cocoa Firefighters' Pension Plan Cocoa Beach Police Officers' Pension Plan Cocoa Beach Firefighters' Pension Plan Cooper City General Employees' Pension Plan Cooper City Police Officers' Pension Plan Cooper City Firefighters' Pension Plan Dania Beach Police & Firefighters' Retirement System Davie Police Officers' Pension Plan Deerfield Beach Firefighters' Pension Plan Delray Beach General Employees' Pension Plan East Point, G~ Employees' Pension Plan Frostproof Police Pension Plan Ft. Lauderdale Firefighters' Insurance Trust Fund * Ft. Walton Beach General Employees' Pension Plan * Ft. Walton Beach Police Officers' Pension Plan * Ft. Walton Beach Firefighters' Pension Plan * Gainesville, Georgia, Retirement Plans * Haines City Firefighters' Pension Plan * Haines City Police Officers' Pension Plan * Hallandale Municipal Police Officers' ~ Firemens' Pension Plan * Hialeah Police Pension Plan * Holly Hill Firefighters' Pension Plan * Jacksonville Beach Retirement System * Jupiter Police Officers' Pension Plan * Key West General Employees' Pension Plan * Key West Police & Firefighters' Pension Plan * Kissimmee General Employees' Pension Plan * Lakeland Employees' Retirement System * Lakeland Firefighters' Supplemental Plan * City of Lake Worth Operating Fund * Lake Worth Division II Firefighters Pension Plan * Lake Worth Firefighters' Pension Plan * Lake Worth General Employees' Pension Plan * Lake Worth Police Officers' Pension Flan (continued on next page) ~_- ~-~. F p. ~ t'~ 9 ,_. * Lantana Police Officers' Pension Plan * Leesburg Firefighters' Pension Plan * Maitland Police Pension Plan * Marianna Police Officers' Pension Plan * Marianna Firefighters' Pension Plan * Miami Shores Police Officers' Pension Plan * Miami S1lores General Employees' Pension Plan * Miami Springs Police 8c Firefighters' Pension Plan * Miami Springs General Employees' Pension Plan * Milton Firefighters' Pension Plan * N. Miami General Employees' Pension Plan * N. Miami Police & Firefighters' Pension Plan * N. Miami Beach Police & Firefighters' Pension Plan * N. Miami Beach General Employees' Pension Plan * 1`~Torth River Fire liistrict Pension Plan '` Oakland Park C=eneral Employees' Pension Plan * Oakland Park Police & Firefighters' Pension Plan * Orange Park Firefighters' Pension Plan * Orlando Utilities Commission * Ormond Beach General Employees' Pension Plan * Ormond Beach Police Officers' Pension Plan * Ormond Beach Firefighters' Pension Plan Palmetto Police Pension Plan * Palm Springs General Employees' Pension Plan * Palm Springs I~azardous Employees' Pension Plan * Palm .Beach County Police Benevolent Association * Pinellas Fark General Employees' Pension Plan * Pinellas Park Police Officers' Pension Plan * Pinellas Park Firefighters' Pension Plan * Pompano Beach General Employees' Pension Plan * Port Orange Employees' Pension Plan * Port St. Lucie Police Pension Plan * Riviera Beach Police Pension Plan * St Augustine Police Pension Plan * Sanford Police Officers' Pension Plan * Sarasota Firefighters' Pension Plan * Sarasota General Employees' Pension Plan * Sarasota Police Officers' Pension Plan * Sebastian Police Pension Plan * South Miami Pension Plan * Sunrise General Employees' Pension Plan * Temple Terrace Police Officers' Pension Plan * Temple Terrace Firefighters' Pension Plan * Venice Police Officers' Pension Trust * Vero Beach Firefighters' Pension Plan * Vero Beach Police Pension Plan * West Palm Beach Police Officers' Pension Plan * West Palm Beach Firefighters' Pension Plan * Winter Garden General Employees' Pension Plan * Stetson University ~ .... ~3iographies ]Robert A. Darr _ Mr. Darr is Senior Vice President and. a member of the Board of Directors of Salem Trust Company. He has over thirty years experience in management positions in the banking, trust, and investment services industries. For the last six years, he has focused on providing custody services to municipal pension plans in Florida and Georgia. Mr. Darr earned a B.S. Degree in Banking and Finance at the University of South Carolina, after which 11e served in tree U.S. Air Force and attended graduate school at Georgia State University. Trle has been active in a variety of community and industry organizations. In addition to supporting the Florida Public Pension Tnastees Association, he is a member.- of the Florida Government Finance Officers Association, The Dade/Broward Chapter of the Florida Government Finance Officers Association, the Georgia Government Finance Officers Association, and the Jacksonville Chamber of Commerce. He is also a Series 7 Registered Representative with the National Association of Securities Dealers. Ann Thompson - Ms. Thompson is a Vice President of Salern Trust Company and is the Manager of our Dee~eld Beach office. Ms. Thompson has over fifteen years' experience in institutional trust. Prior to joining Salem Trust, she spent eleven years with Barnett as the South Regional Employee BenefAt Manager overseeing and servicing ERISA, foundation; operational and municipal pension accounts. She is a member of the International Society of° Employee Benefits Specialists and holds the CEBS designation from the Society and the Wharton School of the University of Pennsylvania and is a Director and Past-President of the South Florida Chapter of the International Society of Certified Employee Benefits Specialists. Ms. Thompson is a graduate of the Cannon Financial Institute Employee Benefrt School and is a Series 7 Registered Representative with the National Association of Securities Dealers. Ms. Thompson is a member of the Advisory Board of the Florida Public Pension Trustees Association and has been actively involved with this organization since 1990. -~ ~~.,~ Karen 1VI. Rnssc~ - Ms. I~.usso is Vice President and Senior Trust Officer of Salem Trust Company and is located in our Deerfield Beach office. Ms. Russo has over fifteen years' of relationship management experience servicing both institutional trust and personal trust clients. She is a graduate of the Cannon Financial Institute Employee Benefit School and is currently enrolled in the Certified Employee Benefit Specialist (CEBS) program through the International Foundation of Employee Benefits Specialists. Ms. Russo is a Series 7 Registered Representative with the National Association of Securities Dealers. She is a member of Boca Raton Estate Planning Council and the Boca Raton Historical Society. Livia Nixon -Directly supporting Ms. Thompson and Ms. Russo in the regional office is Livia Nixon. Prior to joining Salem Trust, Ms. Nixon was a member of Ms. Thompson's regional team at Barnett since 1990. Ms. Nixon has completed the PA1 segment of the American Association of Pension Actuaries Pension Administrator designation. Ms. Nixon's responsibilities include benefit calculations, daily cash management of trust receipts and disbursements, and relationship manager support and backup. ~-~-=~ T. .. ':'. ~': ~x :R~.::~.. -. -. ~.. ... ,... ", -~ ~RR~!~f@!b FRSIRtmPmR wnramsm~s .+.e~+v~+,+++ .w~v A Lam.. G^+.~.~~sweawaner! ., 1R' custody and safekeeping of assets Security purchase, sale, receipt and delivery Collection of income Automated daily cash sweep Multiple standard statement formats Processing corporate actions Maintenance of tai cost basis ~Jn-line system access to accounts for client and/or advisors dose coordination with investment managers (~uali~ed Institution with Florida Department of Insurance for Statutory Deposits _.. -- --,~___ ..T~ ~,.~.. .~....~ F r ~ r A ~~ ~ t.Jsing a P with communication software, yon can link directly into one of the most comprehensive trust data processing systems available today. This on- line, real time system provides you with accounting and statement information for each of your accounts. Salem Trust ®n-sine Service allows you to view the following types of information: • I.~isting of Assets with Market value • Account Transactions • current sash balances • Pending Trades • ~Jnrealized ~" sins /Losses • wily Reconcilement of Accounts • Print Account ~nfonr~ation in Report ~~'orrr~at This information. can be downloaded into a spreadsheet and sent to you via ~-mail. ,. Y- ., ,.. w ~ ~ ~: a ~~~; - --_-- ~ ~ i tl 6 tl i a i Y i + f e r r + x -- ° • Extensive experience providing benefit payments • Processing of multiple deductions, including union dues, insurance premiums, liens, and withholding taxes • Various report packages that include payment registers and periodic payment sunnnary reports Preparation and mailing of tax information Form 1 o99-R Retirees have access to toll-free number for questions • Pension Payment System fully integrated with trust accounting system Pension Payments are available by direct deposit or by checks drawn on a bank that has branches nationwide • All Functions performed in-house f..~ ,..: . o- . ~~. ~; s~~; Trustware 11 is a state-of=the-art, real-time system that is based on an architecture that can accommodate virtually unlimited future growth. ~ tin -- Asset ositions and valuation of securities are reported on a trade date basis to include pending trades •Trade .Date Repe r g P at statement end date. There is also an option to include or exclude income accnrals. •Cash/Settlement I1ate Reporting -- Transactions and trades are reported as of month end. •Statenient Ruilrler -- This allows a variety of statement formats to meet customer needs. A broker-style statement option is also available for customers not requiring tradrtiona] trust statements. •Master Accounting -- related accounts can be grouped together as a master account and reported as one, or each individual account can be reported separately with a rollup summary statement. •Pension Payment ,system --Provides for the automated generation, tracking a tax reoortin of recurring and lump-sum payments to employee benefit plan participants and beneficiaries. Includes comprehensive p g •On-Line Access -- on-line access is available for clients, investment managers and consultants. • "As-of-.Date P, Asset Lists and Transactions Lists -- can be generated on demand. •Automatedl Pricing -- through InterActive Data Services, Incorporated. •,Security Trading -- accommodates single or black trade orders. tlier t~'unctions.° Automated SMAC System Automated Clearinghouse (ACH} Interface DTC Interface Automated Mutual Fund Processing €~ --- _~- __.._~._._.._....~_._,~.._.--_._._.~.,~.~ ~ W to ~ ~ to to cn to to to ~ to u~ en en ~ w cn ua t~ to sn to to en to ear to ai ~'i tes W ~ m e n c ,; n n n n n n n n n n n< m c ~, c u ~- s~~~ ~- a ~° ~~~ s m w~ ~' 3 n s s s ~° s s s z s s S ro m~ ro 3 ~.. ro ro ro ro ro ro ro ro ro ro ro ro w 3~ a 3 ro ro ro ro ro ro ro ro ro ro ro w a a a n. a a. a a a a a a -~ ro~ c ro a a a a a a a a a a a 3~ 3~~~ c c c c c c c c c c c c 3 ro ~.: c c c c c c c c c c c v co eo eo io ao ro° to en ~ ~ m ro '' r°p ~ ~. +~ ~ m m eo m <<°e m m m m m ~ ~ ~ ro *~ ' ~~ ~ 0 0 0 0 0 0 0 0 0 C9 0 O r* 3 Q ,0,,, O O O O O O O O O O O O ~ s O -O~n O-n ~ -a -n -~+ -+~ -+~ -w -w ~` 'o "'„ -~' -~ ~ ro -w D -* ay ~ ~ ao a, ~'. n sso ~ ~ ~ O m ~. ecn ~ ~"+ =~ ro h eroi a ro ~° ~ ~ ro ~ ~ `~ ~ w c ' I. ro ~ 9t N S '4 ro ~ ~ ~ ~ ~'- C ',fix ~ '~ Hi ~ d N [~ ~ D C ro ' N ~ ,~,~ ~~ ~? ~ w ro~ a ro w '"~ a _*. 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N~ '17~ w .~? ~ ® O~ N 3 ~ ~ ~ y ~ -o ~ w m ~ ~ w ~: a.r: 3 -; ~ 3 w ~ 3 a ~v w ~ ~ ,< po ~ 9 ~ ro a y w ~ ~ rt ~ .. a ~ ~~~ y ~ ~ 7 ~ a ro C1 ro '~~, ..,, ti w N O N N 3 'w O w ~* `~° w~ w <~~ w ~ ro ro w w ro w ~§, ro sa., wn+ 3 w ro w ~ ^„ 3 ~~ ° ro ~. ~ w `~ w s °- ~r ro ~ s ~ s a ~ - ~ i i a i a~ ~~tll` ~'l~ Annual Administrative Fees ($3,000 Annual Minimuml: First X20 million of market value - 4 basis points (.0004) I~Te~t X30 million of market value - 3 basis points (.0003) ~ie~t X50 million. of market value - 2 basis points (,0002) Securities Transaction Fees (Purchases and Sales Onlyl Per Security °Transaction - ~ 15 +Qther Fees P.ecurrin~; Periodic Payments - ~3 Lump Sum Distribution e~ Other Payments - $15 °This fee schedule is guaranteed not to increase for at least two years. Fees are calculated and are payable quarterly, February 13, 202 °.e.. i ~' 6 5 i M C ~-.- ~~ Rio we arc -Salem. gust Company is a strong financial services organization that leas a major, ongoing commitment to provide securities custody and employee benefit services. We are part o#~ National Commerce Financial Corporation (NCF) that has over $1.3 billion in capital and is listed on NYSE. Of the 100 top mid-sized U.S. banks, NCF ranks sixth best performing according to iJ.S. Banker su~°vey. ~`ommitment to your type of account -While we accommodate accounts of all sizes, we focus our efforts on smaller and medium size accounts. Your business is important to us. ,Local service -Our service offices are conveniently located in Deerf eld Beach, Jacksonville and ~'ampa. .~xperience~` staff a.SSignet~ to serve your accounts -Our staff is comprised entirely of trust professionals who have many years of experience in providing services to Florida and Georgia clients. ® State-of=the-art trust accounting programs -Our computer programs are constantly maintained to stay up to date. They support on-line access by you, your investment managers and your advisors. 1Vlultiple choices are available for printed report schedules. • ~'ompetitivefee structure -fees are very competitive and are guaranteed not to increase fog• at least two years. ~; f Fl-~ ~~ ~. ~ ~~~ ~ ~~~ ` u. c g:~ = ~[; ~ ;x' n ~? .R{ _~ ~ ~ ~ ~ N ~ v .s' R1 ~ m ~ ~.. D ,3, ~ A ~f ~ ~ M ~ ~"! ~:m ~N M ~- Q ° ~ ' ~ : ~ .r~ ~ _~ v~ °3 w ~~ ~ ~ ~ ° ~° ~ ~ cD ~ O W N O q, -n ;l7 O tq cD o' c ~~°,.~ 3 a' ~ ~ ~ a z n. ~ '" n ~' ~ O ~ ~~ Tm N 3 v T T N 2 NQ_ a g ~ ~NN M ~ S ~ ~ 2 ~1 N a T C 2 D -C 7 0 h c o ~ c .~ CJ U ~~ a m fR9 V9 SD S9) f2 07 fA H ~ pq ffi0 idf ~ ( ~ ~ y ' ~ 0 C'i ° ~ ~ j7 ~: W h~ C ~ r r . po pY ~ '~1 ' l H 'til M w_ (~ '"~ O A ~9 ° O ~O ~ .~~, ~~ ~ µ~ -~" pCeJ c 7 ~ tip ~ , C .~ y ~ ~ C " t9 ~ A ~ +' ~ , 3 - ~ ` H W ~ ,`*, G~ ~ ~ ~ ~ y N ~' pp~ ~ '~ ~ ~ nq ~ y ~ 'yy ~° rf~a ~~ 2 y,~ H 3 'ls ~ et, i,_1 \~ tyy ~ ~ ~? M <p Q ~ y ry~ ~ ~ !Y ~ %C1 ~ o .. ~ s~ M 8d t+v W AO 4e9 ~.1 ~ ~6 N N ~+ N V d S!e Ll N P°~ rv G~ ~u ~ ,. :~ r; i:. ~. C~ ~. ti~ G') ;~. _~ " _3 :J ~'- C' .., -•-~ ``\ ry 0 ~b ~ ~ LC i5 M h4 O D °~ Li O -+ N a M. '+9 !® ~ ~ °A S ~ ~ f9 (ti ~ 3 ai fD tl1 ~.0 ~,_. ~~ ~fl ;•~-~ r • }} ~---~- r~ gp ~^ +g+ t ~ ~ ~`. i~r~. Il SA ~~ e~ 7. fp 1 ~ FOR THE PERIOD 19/01/98 SUMMARY OF ACCOUNT ACTIVITY s THROUGH 10/31/98 OFFICERS RETIREMENT SYSTEM i MARKET VALUE A3 aF 10/07.,/98 N ~t?5 :c~lr`'T r8~?ll~v?G~ fS~ ~nCfi.!! . 2 GAIN AND LOSS ~.-~-a- ~ UnrE? a/!7_e :l ;'fair//OS.S DIVIDENDS S,OOB.OB d YNTEREST 4,139.45 LESS BEGINNING ACCRUED INCOME 1 33,SB6.62- s ACCRUED INCOME 36,520.15 ~ REALIZED GAIN OR LOSS 54,132.91 P ~ UNREALIZED GAIN OR LOSS 353,718.48 a TOTAL GAIN AND LOSS RECEIPTS k EMPLOYER. 16,908.99 r EMPLOYfiE 14,569.94 Ir,ciudes al! additions to the account ' TOTAL RECEIPTS -~--- SUCi7 aS tRiereSf . C(illtrff?LlifOnS, StC DISBURSEMENTS i PERIODIC PAYMENTS 1.~/Ill 1nCll/de caayrrents 8, 371.7®- # t•~, ~articiparts, fees, efher FEES 8,766.35- <.~~pE.'nSeS_ i ~ OTHER pISBURSEMENTS 1,914.00- TOTAL DISBURSEMENTS 9 y TOTAL MARKET ~IAT~UE AS OF 10 / 3 A / 9 8 PAGE X ~.~~?,u3NT i! 706203 6,683,493.03 This schedule rer~ie:r/s fhe ; yet c;:?~~:, in your account uving the market t:3 market accounfin;; methc~l. 419,932.45 1 8 31,478.93 S i i 19,052.13- ~ s 7,115,852.28 i k~ ~ ~ ~ - ~.., Y~ .i`~! ~_, ~:: S ..~ ~k e`$ yr+ F `.%iai~~(e'?trc ~~~~ F ,-~iajlCBi lQ+Jf°u { ~:' t ~ ~7 h~fi" a ~ ' r;, ry!'dj;7~ ~Sf~+ i•'f ~;r ° FOR THB PERIOD 10/01/90 a BALANCE SHEET ~.~"~~,~ 1r=3~i"fJ"'~``~ cK `:`dS11. PAGE 2 THROUGIi 1Of31/98 ACCQUNT 8 706203 OFFICERS RETIREMENT SYSTEM ~ s RS OF 10/O1/Q8 AS OP i0/31f98 COST VALUE MAR~(ET VALUE OST VALUE MARKET VALUE t ?~'f>adirrgs ~orr~e.Yporsd ~.. `t SG'fJ~'dCt~H ~PfIC;S lfi ~f"t .• ,• .. _ _ _ _ _ _ - - - A S S E T 5 - - - - _ _ _ _ _ _ _ _ _ (!7t~~Sfr1E'Y1tf-C~'Vl+v~ty' CASH 0.00 000 39.00 39.00 x DUE FROM BROKERS 000 0.00 68,392.97 68,392.97 ACCRUED INCOME 33,586.62 33,586.62 36,520.15 36,520.15 TOTAL CASH & RECEIVABLES i 33,586.62 33,586.62 104,952.12 104,952.12 i CASK AND EQUIVALENTS SHORT TERM OBLIGATIONS 530,970.81 530,97Q.81 524,546.23 524,546.23 TOTAL CASfi AND EQUIVALEN i S 530,970.81 53Q,97p.81 524,546.23 524,546.23 FIXED INCOME U,S. OBLIGATIONS 1,332,783.68 1,378,964.90 631,693.38 643,147.65 s FEDERAL AGENCIBS 't-8d~ urn a,,rCt~! ;f~;~Y 0.00 0.00 502,734.76 499,380.28 CORPORATE BONDS shc+n,~ ~; ~°rICl1J?y ;~~; ~;; 377,167.45 390, 771.50 618, 960 .90 624, 513.60 ~ TOTAL FIXED INCOME '1,709,951.13 1,769,736.40 1,753,389.04 1,'767,041.53 ~ eQvzTZEs COMMON STOCKS 3,557,491.31 4,349,199.20 3,592,702.30 4,784,661.45 TOTAL EQUITIES 3,557,091.3A 4,349,199.20 3,592,702.30 4,784,661.45 i TOTAL HOLDINGS 5,798,013.25 6,649,906.41 5,870,637.57 7,076,249.21 TOTAL ASSETS 5,83Y,599.87 6,683,493.03 5,975,589.69 7,181,201.33 .. ., ... . _ _ _ _ _ .. L I A B I L I T I E S - - - - - - - - - - _ r DUE TO BROKERS 0.00 0.00 65,349.05 65,349.05 TOTAL LIABILITIES 65,349.05 65,349.05 TOTAL NET ASSET VALUE t 5,831,599.87 6,683,493.03 5,910,240.64 7,115,852.28 i TOTAL LIABILITIES AND EQUITY 4 5,831,599,87 6,683,493-03 5,975,589.69 7,181,201.33 Does r=~ ~ciu~fe cash. ct1~ t?Idue fi'orr and accruals. L' d lrch%de;~ r:a=h, clue toidu,. ;r~;•, and act_ r ~,a's. t+{~~ wag 1p~n ~Ay /[' I ~ [ rppt ~y~t ~pp yp Yya' FOR THE PERIOD YO/01/98 SUMMARY OP EARN2Nrc THROUGH 10/31/98 OFFYCERS RETYRBMENT sxSTEM CONTRIBUTIONS EMPLOYER 15.908.99 ~ @MPLOYBE 14,559.94 i TOTAL. CONTRIBUTIONS € INCOME EARNED 1 DIVIDENDS 3,191.01 INTEREST c 8,890.05 TOTAL INCOME EARNED 1 UNREALI2@D GAIN IN THE PERIOD REALI28D GAIN PROM DISPOSITION OF ASSETS TOTAL INCRTSAS@S IN FUND VALUB i PAYMENTS TO PARTICIPANTS PBRLODIC PAYMENTS 8.371.79 TOTAL PAYMENTS TO PARTICIPANTS ~ ~ PEES ANU OTHER EXPENSES PBES 8,755.35 `s TO'A'A8a FEES ANU OTN@R @XPBNSES § OTHER UISHURSEMENTS fi TOTAL DBCR@ASES IN POND VALUE E HET CHANGE IN NET ASSST VALUE CALCULATYON OF UNREAL22BD GAIN/LOSS !? MARKET VALUB OP ASSSTS AT END OF PERIOD 7,076,249.21 LSS3 COST AT 8ND OP PERIOD 5.870,637.57 PLUS BEGINNING COST OP ASSETS S,7F8,013.25 L@56 HBX3ZNNING MARKET VALUE OP ASSETS 5,649,905.42 EQUALS UNR@ALI2ED GAIN/LOSS IN TH8 PSRIOD 353,718.48 MARKET VALUE AND COST PIGVRES DO NOT INCLUD$ i i CASK AND ACCRUED YNCOME R ~ PAGE 3 ACCOUNT # 705203 31„478.93 12,081.05 363,719.48 ror su~~~or~in,r ~+e!aii seP Schecf~~te of r',eal;ze~ earns & Losses 54,132.91 451,411.38 8,371.78 0,756.35 8,914.00 19,052.13 432,359.25 s. ~ . a ~ . ~t~ ,:sC Sri t,y }fPt~ul~ii ~~ ~f ~/~!!rt 30 ~~; L1 J ~~~fCl3JY?t`. ~iji F3S:>O~ C-~~Sis i CATEGORY CASH & CASH E4UIVALENTS FIXED INCOME EQUITY TGTA%, FUND SUMMAnRY OF INVESTMENTS PAGE 6 ACCT 706203 ASSETS FIELD 10/31/98 VALUED AS OF 1OJ31/98 ESTI.MA'TED ANNUAL CURRENT MARKET VALUE @~ INCOME YIELD 564,149,30 "'. 93 26,574 4.71 1,767,041.53 24.83 125,540 7.10 4,784,661.45 67.24 77,145_ __Z_6~_ 7,115,852.28 100.00 229,258 3.22 Gf ~!~,r~r assets r~~ rah 5 slit C:rz ~t G'.. y :? C O ~ . l0 N O N r s c`i' ` ~ ~ `~ ff~ ~~ ~ °-' tea, _~. ~ Qi ~ o y .? m ~ n ~ < i'J V C ~~ ~ l~ l .` ~ Q ~ ~'} ~ ~ ~ ~~' n ~ ~ 1D O ;~ ~ L'i 1 O Vi W W N Y N N N N ~ a 0\ W In o rV Y N w a ~ N A Uf b x pY b m N p J J P pl Y T J O J O U O N O O O 6 O O un O q O a - N ~ Y to In u+o rsrouow a o 0 O O o a o '~ C W ~ ~ W l7 yy y yyT "O'~ Oz'ON P~lAp~3 w C ~ -~ H J~ r pv Z~Tr C tn~ml~. ~H~ i % y O rrq^^ pA7 0 o M IA-1 M O 'O F' ii H 5 y r l" ~ f5 ~ A r ~ t +~ W 005 C ~ $ n ~ L0 7.' yn nb C 70 II +S 2'Zx 00 A w H ,~ m y ~ i ~'w ~ O n Y V \ r0 x i ~9 ~ SS y 1C~9 ~ ~ N P a'9d G 05n 4 i y a<0l9 Pln O S ' O~J i o i r0~o ~ p py b al ~p C r oN1oH0 i s .a-. P'H to 7u ~ n ~1 fn lOA f y y 5 Z C ~ Y ZO " i 6 '~ n q~°FS t~ w a n ON M ° .+ ~ n A Z ! ~ S Jp1 a W ~ N[b'r0~ oya~: ~ In QI zOnoiao 0 "n s O z pyYJ ppn SN 4i S+iS3 7tl " ~ ~ ~ YN ~ n rOr-~~ {lON orot~0y1 ~O{H Y<o(rr C7O (~ '" N m y W H 'A u Q M C n n b ' ~ ~A y Q.. = A m N n O 1' OHH Y n On q? ~3 eYM °1 Z u~" op ~ y N 00 W O x yy< II F' 2 Z Z y O o N p ~ o ~ 3 o d ~tl •+ ~ o a C C '" o- i n Z y ~ ~ S o C ~ W = ~ b = x f n d~ m a N \ U 1 \ {II ~ o le Y w H ~+ ~ ,~ ~ ,A 7C H n ~+ '° • n N *1 O .2 t18 ~<4b4HeH Z N q TJ r0 Y O ~1 ~ ~ ~~ 0 o a o 0 0 0 0 Q. W W W N N O O ~ 41 r~ P NY Uan roY 1 P A m m U P p N UI 10 Y W b N N ~~ ~• p Y Y a J y m J YYrrY (`? =~ 0 0 0 0 0 o e e ~ m N Y b Y O g p ~/) {7 Tj `~ w ~ Y U Y r Y Y J r O N p y 0 Y m O m " yl r N l n W A O W J b Y :~ W r J m N P T .! 01 m Y W r e P N 0= Y Y N N b r ~ P N W m p J N O r N H Y N Y N Y Y N A! N N N N N N ~~~~~~~~ 0 0 0 0 0 0 0 0 M Y Y Y ~+ Y N N p p p p b p p p m m m m m m m m ~` V m P y1 W Dl A p m m A J N W 0 0 0 iD O J N J J T p W A N O N N W W m W m 'N r J r ~ P N i N r f J Y ~+ ~+ H Y VI W ~ m p Y J r yl r P W V p g N J m N J~ U r - ~ N O O W y w M m O r N r m o m W W N {n N p y a1 N P O N 4 r Y r N r m r a y J~ T W O UI U to r ! m W 0 O U O O W r O r i Y f 1 O r O O Y Y N w N N N N Y '+ i p r O r o r o w a P N m I A ~ N p p J A N m ~ r f a R A ~ v O W b V W f/ U O W U U i m C m U j N . N Y lp ^ O N N o N J W G " ~ ~ b ® W yy Y' ~ K t yy }p W m O Y O RI !A T P N U U r a y N T O m N In A r P r + W a 4r of w m yrC O P W l0 W W U O lD P i/1 W N p O O ab I N P a p W p r a O lp W p "~ Y N Y ~+ N N ~ 'A W O W W O ~ C 'A O ~ / \ O \ O \ N ~ O Y 1 W e n A ~ m a o ~ o m ® y H Y N N i, N N O O 4+ O lp Y n J N V O yl lp G 'o C ,n7 A W J b P q q ~ aH A ~' ~ N O (~ t9 VI T N y 'a r Y N J P W N N N Ur N r A r U N W O1 a O J Y P P r P 0\ {T m W W m J m y ~+ m J p P r {n N w W P N P ap C S pr A J J p r ~ N_ p N C ° C O O J M A O A O W i O N Y O b 0 ~ °R (eJ r W VI N J O ~3 O lp Y Y Y N W a r O N L1 Y N O ~ r J N .mj {Jy U ~ N Y O p P tYf H O C O q O O r m m J m N Y b 'O ~; ~' 1~"I ~~ i vil ~n o n *~ z 'O ~7 M ~ n c ~ r Yl rA W yK~ VI H A 'OJ W Pf Y '3 H pA~ 3 w a 3y N 61 Vl C C' h N Ubl S O ~~[+'~ '9 v Y Y 0 o t~7 ~~ W N l-r J p b O +p v m ~ ~ W ~ J 3~ 3 x~ A 1 FOR THE PBR10D 10/'D1/96 6UMMARY OF CASH RBCEIP7`S AN77 DYSBUASEMEedTS PPGE iD THROUGH 10/3l/98 ,t,CCOUNT q 70620 OFFICERS RFT7~REMENT ~ 9 SXSTEM 3 R E C E I P T S CASH BALANCE AS OF 10/01/98 0.00 CONTRIBCrrzoN~ EMPLOYER 16,908.99 EMPLOYEE 14,569.94 TOTAL CONTRIBUTIONS 31,478.93 -U!" ;~~'J{?GY6ii; ~ ~Siar INCOME RECEIVED ~^F~_ °^-^'~'i~1ZF'%: ~~~?'15 <r D$VIDENDS S,OOB.OB _„ INTEREST 4,139.45 TOTAL INCOME RECEIPTS 9,]47.53 PROCfifiDS FROM THB DISPOSITION OF ASSETS 3,876,238.43 TOTAL RECEIPTa^ 3,918,868.89 D I S BUR S E M E !7 T S PAYMENTS TO PARTICIPANTS FERIOCIC PAYMENTS ®,371.78 TOTAL, PAYMENTS TO PARTICYPANT& 6,371,78 FEES AND OTRER fiXPfiNSES FPcES 6,766.35 ~~~~'r'~`''?~`i'~,+r~ `v"'`°' ~ TO"~'AL FEES AND OTHER EXPENSES 0.766.35 »G SC,`7P:sU~P u` U"~,~BSF'u OTHER DISBURSEMENTS 1,914.00 .~,~ A~~ ~~''" COST Or'' ACRUYSYTZON OF ASSETS 3,899,773.76 ti TOTAL DISBURSEMENTS 3,918,825.89 -. CASH F3ALANCE AS OF 1D/31/98 39.D0 ~ e A, ,~ ~ • ~ t~ `~ ^, FOR THE PERIOD 10/01/98 THROUGH 10/31/98 SCHEDULE OF OTHER DISBURSEMENTS OFFICERS RETIREMENT SYSTEM PAGE 11 AccouNT q 706203 RATE DESCRIPTION CASH 10/21/98 MISC&LLANEOUS EXPENSE PAIR TO 39.00 10/27/98 CUSTODY AGENT FEES SALEM TRUST 1,875.00 COMPANY TOTAL OTHER DISBURSEMEAITS 1,9I4.b0 #"..,_y 3 s a .,`%chedufe lists elf fr~nsacfirns ~ ocur.~-inr~ rfbll7.rt;r fi,~:~ FaR THE PsaazoD 10/01/94 CHRONOLOC#YCAL aC'9#ED"JLE DF TRANSACTa~aNs °t?pc~rting pericx:l in /96 _:,,°~rgrrc~tc~~ic:s! erd~-;,,. oPPxcBRS R~rzReMBNT ~ SYSTEM d 7 RATE ~J6SCR1PT20N 10/01/48 BEGINNING BALANCE s 10/01/98 LESS HEGINNINO INf_OME ACCRllAL { S 10/01/98 AIVIDEND ON 900 SH3 C.TB CORD COM AT 0.47 P8R SHARE PAYAHLB 10/OI/9B i t !0/03/98 DIVIDEND ON 2,02s SHS SEARS ROEBUCK 6 CO COM AT 0.23 PER SHARE PAYABLE 10/01/96 f 10/01/98 DIVIDEND ON 2,090 SH6 SARA LEE I CORD Cpl AT 0.23 PER SNARE PAYABLE 10/01/98 ~ ?a/ol/9e DIVID6Np ON 2,062 SHS SDNARDS !A.G.) ZHC COM AT 0.14 PBR SHARE I f PAYABLE AO/O1/98 E 10/01/98 DIVIDEND ON 40p SHS MERCK i CD INC COM AT 0.54 PER SHARQ z ~AYAnLE 10/ol/9B s ~ 10/29/98 PURCHASBA 16,345.72 UNITE taOLDMAN SACHS TR MONEY MRKT FD ON fl0/29/98 AT 100.00 lp/30/98 DZVI~9END ON 850 SHS DON CHEM CO C~3M A.T 0.87 PER SHARE PAYABLE ua.~ ,a~~.a r.~ 1®/~~/96 3! iii ~i t!l/tr`!yA ftO+17 c~ /r; Cja ~ t ' '% ~ 10/30/98 PURCHASED 739.'5 UNITS C;OLDMAN , .a 1 t t)17~.::"2 t &ACH~s TR MONEY MRKT PD ON ? i 10/30/98 AT 100.00 10/30/98 9IVIQEND ON 1,300 SHS INTEG CORD COM A'I° 0.03 PER SHAR& PAYABLE 09/01¢98 EFFECTIVE 10/30/98 c i V 10/31/9a EFapIN, INCpME ACCRUAL 10/31/98 ENi3ItaG BALANCE CASH 33,586.62 33,586.62° 423.00 465.75 460.70 288.68 216.00 16,345.72- 739.50 739.50- 39.00 36.520.15 39,603.07 ~ccsa~rw•~ ~ 7nsao3 COST 5,798,013.25 O.oo 0.00 0.00 0.00 o.op 16 345.72 0.00 739.50 0.00 5,870,637.57 f r ~ n i r 9 a 1 1 i FOR T.HE PERIpO 10/UJ./98 CHEDULE O£ INCOME PAGE 19 `PHROUGH 10/31/98 ACCOUNT H 706?,03 OFFICERS RETIREMENfi SJfSTEM B EGENNING ENDING , ACCRUALf CASH ACCRUAL/ 7NCOM$ DATE DESCRIFTdON RECEIVABLE RECEIVED RECEIVABLE EARNED AIIJVSTMEId-I { f f i ~ITGtiNS tGtal:~G'trity hY ~SSrf C1GaS 1 i w ,,cliwc6~s in~ustrt,• if3I1G`c~C~ f..~,rjif-l t; 11r''rAiG';• f 1 gEs tl i C, i A 1 r" s i 1 DYVYDHNpS COMMON 3TOCKB CUSIF A U014S7109 AT6TCORPc:.OM SECURITY TOTAL - T07'AL COMMON STOCKS TOTAL GIVIDHNDS FEDERAL AGENCIES CUSTP q 31363WHM0 FNMA POOL M100235 GTG 09/01/98 9.St 04/15/2021 10/28/98 ACCRUED INTEREST 466,710.54 UNITS SECVRITX TOTAL TOTAL FEDERAL AGENCIES CORPOAATg 80NDS CUSTP ~ 073902AH1 B F.AiR STEARNS C03 INC DTD 04/20/93 6.75 D9/15/2003 SECURITY TOTAI, CUSYP M 139859A88 CAP CITIE3 ABC INC DTG 08/22/91 8.751 08/15/2021 SECURITY TOTAL TOTAL 1NTEREST TOTAL INCOME 701.25 D.00 701.25 0,00 0.00 0.00 6,677.83 5,008.08 4,660.76 3,191.01 0.00 0.00 6,677.83 5,008.08 4,860.76 3,191.01 0.00 0.00 3,325.31- 0.00 3,325.31- 1,105.44 2,216.87- 2,586,35- o.no p.oo R.00 3,325.31- 1,108.94 2,216.87- 2,!:85.35- o.oo D.oo 933.75 1,012.50 90.00 168.75 0.00 0.00 111.81 0.00 184.72 72.91 P.O1- 0.00 0.00 26,908.79 4,139.45 31,659.39 8,890.05 2,457.65- 0.00 0.00 33,586.62 9,187.53 36,520.15 12,081.05 2,457.65- j :; ,, -. x _;...; a o ~- ~ = 3 " 0 0 - 2v ~ y ~~ ~" ~ °' ~ m _ ~ a, ' r6 a v ~ .~ ~ ~.- 9 %a ~~ 1 ~' i a i 0 o c n ~ 4 N ~, +i f H H \ O O H \ o O G W '~ y O yH M r r 1 r \ N ~ y ~ O H b b bbb A C O O m a C N C O m ~ 2 G O ~ W N S +~ m H 87 M y A ~ q ~ . '~ H H :~ yy, m r~ N H m m N N C r x p ~~ H M ~ ~ 7 L r . ` H nt n O ~" ° y N tyl '0 t' [ 7 o o .Nip b m ~ ~ ~ C -Ni g S q W m N ' b r a 'u~i gym.. ~ O O ~ ~ N p p N p b it rya y y ~ ~ O O N CO A 11 ~ 7 \ .rG v~ " \ a y w y ~ 1-^ to 4i C \ \ O l +J , ~ Oi b M H H Gf O ~ m y0 b w W N 'a m " br ° a m z N tip. yyH 0 Vl w H t<1 H TO N Zm 0 yy \~i u N K m 0 Y m ~ G] b 3 o S I m m r+ S N ~q v o N `+ omo O y r+ o r A rn.- H H O \\ mT nm t o t7 .O+yA m C ~~pp as UVif O ~' wb' y~ ~ Z N n n t y~ 0 C ?~ G e~ X .5 b ~° ~ \~ m A O y t~ m mm n ~ ~ Z+ ~ n ) n C ~ Ir a n < .. r ii O 8 ~~ ~ qr ~g N ~ N ~ K .C r+ ~ ~ F U ~ b ~ b ~ O a A 0 8 ,y 'j H m ~ +~ x A ~ nr oa T N o p 7S w N N o a .a N to r J A U U o \ 1 I Vl C S 117 su ~ N Q~ S y ~ m ~ M ~ fn x N C ~ C S n C C 6i y ,~'~jy M 6 ' O 0 7J ' O 1 n ~ 3 ~ „ ~ a~ ~ n ' z N N N }' O aD yNi ~ N N Y W m r m a+ Y m m 2 H y b. y L7 } 0 o a o0 0° ° ~ a O o N o m N m m N fA ~ N f 1 ! a o O 0 0 a O 0 O 0 O o O r O N „ ,., 0 0 ~ N •~ ~ i I i+ !- M m Y ' 1 W b N W H N N b ~ N m N Oa W N N m N u m m b t 1 1 h+ W W W N A ~, ~ m m m U N n I 9 ti Y N W W s+ W ~ a v ~D N t+ fIa ~+ N O a A N m r. r, r, n O C m N y N U ~p N O O y H P+ O U O U O a0 N W N W q O O ~ ~ m m m "~ Y Y y ~ 1 J O A N o p b ~ ! W (~ Af v j I S i i Y ~. . ~ ,, ~,. ~L~'-3Cf.1fC-" wI7OLt/5' q FOR THE PERIOD 10/01/98 SCHErULE OF REALIEED GAINS b LOSSES PAGF. 31 t~,:,," 7r)IL"~ Gr11';~' THROUGH 10/31f98 ACCOUNT 81 706203 ; OFFICERS RETYREM&NT f f!.`". ., S;aiEH i Z TPADE SETTLMT MKT/COST MKT/COST DATE DATE DESCRIPTION PROCEEDS BASIS GAIN/LOSS COMMON STOCKS S i t ' CUSIP q 0530157.03 AUTOMATIC DATA PROCESSING INC COM j TOTAL ACTIVITY FROM 10/01/9R TO 10/31/98 '. lOfOB/9B 10/14/98 SOLD 400 SHS AT 69 THRU 27,563.08 29,900.00 2,336,92- ~~ i STANDARD & POOR'S SECURITIES, 18,400.86 9,162.22 = INC. ' ~`a~?r1VV~' 1"2~~lZBCj f)'~11i/rOSS TOTAL 400 SHS 27, 563.08 29, 900.00 2, 336. 92- ..~ .j'Gi' I't`tE ~if77E J3G'P'lOQ 18,400.56 9,162.22 a urnce ;~st st~teri'enF j ! CUSIP 1t 437076102 M HOKE D^c POT INC COM i $$ 9 i TOTAL ACTIVITY FROM 10/01/98 d TO 10/31/98 i `. 10/13/98 10/16J98 SOLD 500 SHS AT 37.375 THRU 18,641.87 19,750.G0 1,108.13^ t STANDARD 6 POOR'S SECURZTZES• 10,542.50 8,099.37 INC. f TOTAL 500 SHS 1B, 641.87 19,75q.00 1,108.13- ~,<, ~~al~o4~lS !1^~:l~lZ2C{ (jc~lil/~C?Su ~ ~ 10,592.50 8,099.37 or.~ or.~ ;na,° rosf ~Gsis cDSIp ~ seal3slal j MCDDNALOS CORP COM TOTAL ACTIVITY FROM 10/O1/9D I TO 10/31/98 10/16/98 10/21/98 SOLD 600 SHS AT 68 THRU 40,750.64 35,812.80 9,937.84 STANDARD & pOAR'S SECURITIES, 28,759.15 11,991.99 INC. TOTAL 600 SHS 40,750.b4 35,812.80 4,937.84 w A 28:759.15 11,991.49 g TO"-At, COMMON STOCY.S 86, 955.59 85, 962.80 1, 492.79 i€q 57,702.51 29,253.08 ~ TOTAL REA Ld2ED GAINS 5 LOSSES 3,946,631.40 3,949,687.03 3,055.63- tt ; r'' 3.892,498.49 54,132.91 --- -'