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HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 09_02/18/2005November 14, 2003 future new full time Police Officers and Firefighters shall become Members of this System as a condition of employment, except that participation in this system is optional for the Police Chief and the Fire Chief. 2. Membership Each full time Police Officer or Firefighter shall complete a form prescribed by the Board which may include the following information: A. Acceptance of the terms and conditions of the Retirement System, and, B. Designation of a beneficiary or beneficiaries, and, C. A certified statement as to prior medical and/or psychological history. 3. Change in Designation of Beneficiary A member may from time to time change his/her designated beneficary by written notice to the Board upon forms provided by the Board. Upon such change, the rights of all previously designated beneficiaries to receive any benefits under the System shall cease. Section 4. Board of Trustees. 1. The sole and exclusive administration of and responsibility for the proper operation of the retirement system and for making effective the provisions of this ordinance is hereby vested in a Board of Trustees. The Public Safety Board shall consist of five (5) Trustees, two (2) of whom, unless otherwise prohibited bylaw, shall be legal residents of the Village, who shall be appointed by the Tequesta Village Council, and one (1) of whom shall be a full-time Police Officer member of the System and one (1) of whom shall be a full-time Firefighter member of the System. The fifth (5`h} Trustee shall be selected by a majority vote of the other four (4) Trustees. Each person seeking to fill a designated employee representative Board member seat shall be separately elected by their full-time co-workers who are members of the System in the applicable employee representative group, e.g. Police Officer or Firefighter in which they are employed and shall be elected by a majority of the full-time employees who are Members of the System within the applicable employee representative group. Upon receipt of the fifth (5`h) person's name the Tequesta Village Coun hil shall, as ~ ~~ i'-~ tx ~ `M a ministerial duty, appoint such person to the Public Safety Board as its fifth (5 )Trustee. The fifth (5~') Trustee shall have the same rights as each of the other Trustees appointed 4 ~, ~ ~`_, , ~ `, f k .c a ~~ Gwen Carlisle From: Ed Sabin [esabin@3implant.com] Sent: Thursday, February 10, 2005 1:23 PM To: gcarlisle@tequesta.org Subject: Pension Board trustee Gwen, a~~~f~ v ~~0 ~6 ~R, f 8 y~, ~ej-~, I am interested in serving another two year trustee term on the Village of Tequesta Public Safety Pension Board. Sincerely, Edward G. Sabin 2/ 10/2005 CONTACT INFORMATION ANq APP~bINTMENT TERMS PUBLIC SAFETY OFFICERS PENSION BOARD MEMBERS Name Address Phone Fax/E-mail Elected Appointed Expiration Occupation/Plan Req. 357 "I'cquesta Dr. fax: 575-6239 Fire Chief / James Weinand Tequesta, FI 33469 744-4051 jweinand@tequesta.org 2/10/04 2/10/OG Firc Rcp ~ 7 Country Club Cir. fax745-3894 Consultant / Geraldine Genco Tequesta, Fl 33469 745-3893 Ggenco@aol.com 06/12/03 G/l2/OS Appt. by VC 357 Tequesta Dr. fax: 575-6218 Police / Joe Petrick Tequesta, FI 33469 744-4042 OS/I 1/04 5/I I/OG Police Rep. 4555 Riverside Dr. fax: 776-6709 Sr. VP Finance & Admin / 5th Edward Sahin PBG, Fl 33410 776-6706 esabin@3implant.com 02/24/03 r'2/24/OS Member ___ w: 799-5004 ~ ~-,.:~ f r '~ ..r ; - ._ G ,.. `t ~~~-- ', 12 Tradewinds Cir. h: 746-3352 fax: 799-5007 Financial Consult. / ~\ Peter Lucia Tequesta, Fl 33469 c: 310-4553 plooch@aldclphia.net 06/12/03 G/12/05 Appt. VC .` OTHERS INVESTMENT MCR. ~ _ •'Bogdahn Consultanting, 62 Fourth St., SW ~ [, fax: (863) 298-6762 ~--""~-(~ !~ C~ ~ ~-, ~ ~ -/C ~ S Ll.e Winter Haven, FI 33880 (SG3) 293-8289 joe@bogdahnconsultaming.com ATTORNEY fax: 655-5920 ;/Bonni S. Jensen 400 Executive Center Dr., Ste. bsjensen a hpjlaw.com Hanson, Perry & 207, West Palm cc: Karen -Asst. Jensen Beach, FI 33401 655-5840 karena @hpjlaw.com 250 Tequesta Dr., Ste. 300 fax: 575-6203 Dan Gallagher Tequesta, FL 33469 575-6209 dgallagher tequesta.org RECORDER 260 Riverside Dr. h: 694-7963 fax: 694-1591 Betty Laur PBG 33410 c: 889-70]7 laurhm@hotmail.com E:/DanGallagherHR/XLPensionPhoneList 1011.0071 INVESTMENT MONITOR AGREEMENT~~ " ' THIS AGREEMENT is entered into this --~!-._ day of j~ rt.(,c,{ , 2004, by and between the VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND, hereinafter referred to as the "Trustees," and BOGDAHN CONSULTING, LLC, hereinafter referred to as the "Consultant." WITNESSETH WHEREAS, the VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND, hereinafterreferred to as the "Fund," has been established forthe purpose of providing retirement and related benefits to eligible participants and beneficiaries and defraying reasonable expenses of administering the Fund; and WHEREAS, the Consultant represents that it is skilled in the area of investment performance, and the Consultant represents that it is free and independent of the influence of any Investment Managers to the Fund; and WHEREAS, the Trustees are required by Florida Statutes Chapter 185 to retain an independent consultant to evaluate the Investment Manager and the Fund's performance; and WHEREAS, the Trustees desire that the Consultant serve as that independent consultant with respect to assisting the Trustees in monitoring the investment performance of certain of the assets of the Fund, and the Consultant is willing to so serve. NOW, THEREFORE, inconsideration of the mutual agreements herein contained, it is covenanted and agreed as follows: 1. Appointment of Consultant. The Trustees appoint the Consultant as an independent consultant with respect to assisting the Trustees in monitoring the investment performance of those Fund assets being managed as equity or fixed income investments and for which the Trustees pay a fee for investment. 2. Duties of the Consultant. Services under this Agreement shall include, but are not limited to, the following: 2.1 Assist the Trustees in determining and outlining specific investment objectives and help draft and execute a Statement of Investment Policy to be adhered to by the Investment Manager(s). 2.2 Assist the Trustees in evaluating the investment performance of the Investment Manager(s) of the Plan. 2.3 Assistthe Trustees in determining the desirability of continuing orterminating the employment of the Investment Manager(s). If necessary, and only at the direction of the Trustees, the Consultant will conduct an Investment Manager Search; 2.4 The Consultant shall provide in report form on a quarterly basis, the annual rates of return for the total Pension Fund, as well as equity and fixed income portions of the Pension Fund, calculated according to the American Banking Institute method. The Consultant shall also provide an annual database ranking for the above retums, and comparisons to appropriate indices. This information shall be provided for each Investment Manager. All rates of return shall be reported both as a gross rate of retums and a rate that is net of fees. 2.5 The Consultant shall make an oral presentation of the above report at a time and place designated by the Trustees on a quarterly basis. 2 2.6 The Consultant shall assist the Trustees in monitoring compliance by the Investment Managers with the investment objectives and guidelines set forth in the Trustees' Statement of Investment Policy and Guidelines and Village of Tequesta Public Safety Officers' Pension Plan. 2.7 Assist the Trustees in determining asset allocation; 2.8 Other special projects requested by the Board. 3. Qualifications. The Consultant certifies that it is professionally qualified as an independent consultant to evaluate the pertormance of professional money/investment managers, and that it has at least five (5) years of experience as an investment Consultant in the public sector. Furthermore, Consultant is an investment advisor registered with the Securities and Exchange Commission under the Investment Advisors Act of 1940. 4. Independent Status. The Consultant certifies that it is not associated in any manner with the present Investment Manager(s) of the Fund. Further, the Consultant certifies that it shall not be associated in any manner with any future Investment Manager(s) of Fund assets for whose performance the Consultant is engaged to evaluate. 5. Fees and Costs. 5.1 For service rendered under this Agreement, the Trustees shall pay the Monitor an annual cash fee as set forth in Exhibit A attached hereto which is payable quarterly in arrears upon delivery of the quarterly report. `~ ~ ~ ~~ ~~Z v ~~ ~1 ~"~ ~~ u ~~ 1 5.2 No other fees or costs shall be payable without the express written consent of the Trustees. 5.3 This fee will be guaranteed for a period of three years from the date of the agreement above. 3 5.4 It is the responsibility of the individual investment manager(s) to achieve best price and best execution in their securities transactions in accordance with the agreements between those managers and the Fund. 6. Record Retention. The Consultant shall maintain all records held by it pertaining to the Fund for six years from the date of origination of such records. 7. Confidential Information. The Consultant shall maintain and protect in strictest confidence any and all data, information, and documents of and concerning the finances, business and affairs of the Fund which Consultant acquires in its performance of this Agreement. The Consultant agrees that none of the aforesaid data, information or documents, and none of the reports and analyses prepared by the Consultant as provided in Paragraph 3 hereof, or otherwise, shall be disclosed to anyone except the Consultant's subcontractors, the Trustees, the investment manager, the administrative manager, consultant, actuary or legal counsel to the Trustees, except as otherwise agreed to in writing or as required by law. 8. Fiduciary Relationshia: Consultant will provide the services contacted for in order to assist the Trustees in making prudent investment judgments. In performing services hereunder, Consultant shall act solely in the best interest of the Fund and shall have a reasonable basis for any information provided. However, final decision making authority and responsibility resides with the trustees. The Consultant acknowledges that it is a fiduciary of the Plan within the meaning of the Employee Retirement Income Security Act of 1974 ("FRIBA") and Florida Statute §112.656. 9. Assignability. This Agreement shall not be assigned without the priorwritten consent of the Trustees. 4 10. EntireAQreement. This Agreement constitutes the entire agreement between the parties hereto. 11. Modification. This Agreement may be modified or revised only by written amendment signed by the Trustees, and incorporated as written amendments to this Agreement. 12. Prior Amendments. This Agreement supersedes all prior agreements with the Consultant, oral or written. 13. Applicable Law and Venue. Insofar as they do not conflict with any applicable federal law, the laws of the State of Florida shall govern this Agreement. Any dispute involving the enforcement or interpretation of this Agreement shall have venue in Palm Beach County, Florida. 14. Termination. This Agreement may be terminated with thirty days notice by either party hereto upon mailing of written notice, by certified mail, to the other party at the addresses given below: Fund: Tequesta Public Safety Officers' Pension Fund clo Chief James Weinand, Chairman Village of Tequesta 250 Tequesta Drive, Suite 300 Tequesta, FL 33469-0273 Consultant: Joe Bogdahn Bogdahn Consultant, LLC 62 Fourth Street Southwest Winter Haven, FL 33880 Copy: Bonni S. Jensen, Fund Legal Counsel Hanson, Perry & Jensen, P.A. 400 Executive Center Drive, Suite 207 West Palm Beach, FL 33401-2922 5 15. Trustees' Responsibilities. The Trustees represent that custodial account statements, asset valuations, and other information relating to the Fund as may be requested by Consultant is accurate and complete in all material respects. Consultant shall not be required to verify the accuracy of such information and Consultant shall be entitled to rely on such information. IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their respective authorized representatives on the dates indicated below. BOARD OF TRUSTEES OF THE VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION 6C By: Date: Chairman Date: ~ ~ I I - o~~ Witness as to Board of Trustees: ~-~~ By: BOGDAHN CONSULTING, LLC ~ ~o-~ Joe Bogdahn, Principal Date: S ~f ° ~o ~/ Wit s as to Monitor: BSJ/ka May 10, 2004 H:1Tequesta PS 10111VendorslMonitorWGMT.wpd 6 EXHIBIT A Fees and Costs Regular Annual Fee (Based on Assets): Less than $750,000 $3,000 $750,000 to $1,500,000 $4,500 $1,500,000 to $2,500,000 $6,000 $2,500,000 + $8,000 Set up fee $350 per year of data Additional Fees: Additional Investment Manager Evaluations $2,500 Additional Meeting Attendance 5 ~~' $300 per meeting (waived for the first year) ~~,~,q ~ O ~ Manager Search II $3,500 per search Fee is guaranteed for three years. Page 1 of 1 ~ Gwen Carlisle From: Gwen Carlisle [gcarlisle@tequesta.org] Sent: Monday, February 14, 2005 11:00 AM To: 'jweinand@tequesta.org'; 'ggenco@aol.com'; 'esabin@3implant.com'; 'plooch@adelphia.net' Cc: Betty Laur (E-mail); Daniel Gallagher (E-mail); Joann Forsythe (E-mail); Robert L. Garlo (E-mail) Subject: FW: Check out Statutes & Constitution :View Statutes : flsenate.gov Attached is a revised agenda for the Public Safety Officers Board of Trustees Meeting on Friday, February 18, 2004 at 8:00 am. I will forward Joe Petrick a copy of the documents via fax. Also for your review is the Florida Statutes regarding the Board. If you can not open the Statutes let me know and I will send them to you by fax. The revision on the agenda is under Item VI a). Brittany Bouse is not a member of the Public Safety Pension Board, she is in the General Employees Pension Board. Sorry for any inconvience. -----Original Message----- From: Ggenco@aol.com [mailto:Ggenco@aol.com] Sent: Friday, February 11, 2005 2:26 PM To: gcarlisle@tequesta.org Subject: Check out Statutes & Constitution :View Statutes : flsenate.gov Please copy this to both Boards, you might want to asterisk as noted. Click here: Statutes & Constitution :View Statutes : flsenate.gov The above should be FS 175.071 emphasis on paragraph 6(a) Click here: Statutes & Constitution :View Statutes : flsenate.gov The above is 185.06 emphasis on 5(a) c~ev~~dwre ~ewc~ groleer pealev, RI/k Covupl%a~.ce ~ Cowsul,t%v~.g PhovLe: 561 45.3893 ~aX: 561 X45.3894 Ft~perl%wle: .ser~/~ces: Cowsult%w9, L%t%gat%ow support, test%vuow~~~. davu.ages of feted ow aw houvl~ bass. 2/14/2005 Statutes & Constitution :View Statutes : flsenate.gov Page 1 of 3 Home Select Year: 2004 C Session - Committees - Senators - ~~~}iC' ._C?O~ ~'~C:)1'IC~~i St~itlltt~:; Information Center - Title XII Chapter 175 View Enti Statutes it Constitution - MUNICIPALITIES FIREFIGHTER PENSIONS Lobbyist Information - 175.071 General powers and duties of board of trustees.--For any municipality, s Y control district, chapter plan, local law municipality, local law special fire control d ~ ~ ~ ~ ~ law plan under this chapter: Se5_i~ u,: 2005 (1) The board of trustees may: g;l~ Go (a) Invest and reinvest the assets of the firefighters' pension trust fund in annuity ai _ , ~ insurance contracts of life insurance companies in amounts sufficient to provide, in part, the benefits to which all of the participants in the firefighters' pension trust f~ zoos entitled under the provisions of this chapter and pay the initial and subsequent prey cnambe~ senate ~ (b) Invest and reinvest the assets of the firefighters' pension trust fund in: Search 1. Time or savings accounts of a national bank, a state bank insured by the Bank Ins or a savings, building, and loan association insured by the Savings Association Insura ~~, :.. `,~ - ~ ,: , is administered by the Federal Deposit Insurance Corporation or a state or federal cl union whose share accounts are insured by the National Credit Union Share Insuranc v~',~~ 2004 2. Obligations of the United States or obligations guaranteed as to principal and int search government of the United States. 3. Bonds issued by the State of Israel. Enter Your Zip+4 Code: 4. Bonds, stocks, or other evidences of indebtedness issued or guaranteed by a corF Go organized under the laws of the United States, any state or organized territory of th States, or the District of Columbia, provided: r,~ Qet AcroGat wineows . __ i° ~,,b ReaOet MeasPlffy~rr~,. 4 a. The corporation is listed on any one or more of the recognized national stock exc the National Market System of the NASDAQ Stock Market and, in the case of bonds o ~ rating in one of the three highest classifications by a major rating service; and b. The board of trustees shall not invest more than 5 percent of its assets in the coi capital stock of any one issuing company, nor shall the aggregate investment in any company exceed 5 percent of the outstanding capital stock of that company or the investments under this subparagraph at cost exceed 50 percent of the assets of the This paragraph shall apply to all boards of trustees and participants. However, in the municipality or special fire control district has a duly enacted pension plan pursuant compliance with, s. 175.351, and the trustees thereof desire to vary the investment http://www.flsenate.gov/Statutes/index.cfm?mode=View%20Statutes&SubMenu=1 &App_... 2/11/2005 February 11, 2005 '~-' Statutes & Constitution :View Statutes : flsenate.gov Page 2 of 3 herein, the trustees of such plan shall request a variance of the investment procedu herein only through a municipal ordinance, special act of the Legislature, or resolut governing body of the special fire control district; where a special act, or a municip. ordinance adopted prior to July 1, 1998, permits a greater than 50-percent equity it municipality shall not be required to comply with the aggregate equity investment F this paragraph. Notwithstanding any other provision of law to the contrary, nothing may be construed to take away any preexisting legal authority to make equity inves~ exceed the requirements of this paragraph. The board of trustees may invest up to ' plan assets in foreign securities. (c) Issue drafts upon the firefighters' pension trust fund pursuant to this act and rul regulations prescribed by the board of trustees. All such drafts shall be consecutivel signed by the chair and secretary, and state upon their faces the purpose for which drawn. The treasurer or depository of each municipality or special fire control distri such drafts when paid, as permanent vouchers for disbursements made, and no mon otherwise drawn from the fund. (d) Convert into cash any securities of the fund. (e) Keep a complete record of all receipts and disbursements and of the board's act proceedings. (2) Any and all acts and decisions shall be effectuated by vote of a majority of the i board; however, no trustee shall take part in any action in connection with the truss participation in the fund, and no unfair discrimination shall be shown to any individ~ participating in the fund. (3) The board's action on all claims for retirement under this act shall be final, prop that the rules and regulations of the board have been complied with. (4) The secretary of the board of trustees shall keep a record of all persons receivir payments under the provisions of this chapter, in which shall be noted the time whe is allowed and when the pension shall cease to be paid. In this record, the secretary list of all firefighters employed by the municipality or special fire control district. T show the name, address, and time of employment of such firefighters and when the employed by the municipality or special fire control district. (5) The sole and exclusive administration of, and the responsibilities for, the grope the firefighters' pension trust fund and for making effective the provisions of this ch vested in the board of trustees; however, nothing herein shall empower a board of t amend the provisions of a retirement plan without the approval of the municipality control district. The board of trustees shall keep in convenient form such data as sh for an actuarial valuation of the firefighters' pension trust fund and for checking the experience of the fund. (6)(a) At least once every 3 years, the board of trustees shall retain a professionally independent consultant who shall evaluate the performance of any existing professi~ manager and shall make recommendations to the board of trustees regarding the se money managers for the next investment term. These recommendations shall be cor board of trustees at its next regularly scheduled meeting. The date, time, place, an this meeting shall be advertised in the same manner as for any meeting of the boars (b) For purposes of this subsection, the term "professionally qualified independent ~ means a consultant who, based on education and experience, is professionally qualm the performance of professional money managers, and who, at a minimum: http://www.flsenate.gov/Statutes/index.cfm?mode=View%20Statutes&SubMenu=1 &App_... 2/11 /2005 Statutes & Constitution :View Statutes : flsenate.gov Page 3 of 3 1. Provides his or her services on a flat-fee basis. 2. Is not associated in any manner with the money manager for the pension fund. 3. Makes calculations according to the American Banking Institute method of calcul. weighted rates of return. All calculations must be made net of fees. 4. Has 3 or more years of experience working in the public sector. (7) To assist the board in meeting its responsibilities under this chapter, the board, may: (a) Employ independent legal counsel at the pension fund's expense. (b) Employ an independent actuary, as defined in s. 175.032(7), at the pension funs (c) Employ such independent professional, technical, or other advisers as it deems i the pension fund's expense. If the board chooses to use the municipality's or special district's legal counsel or acs chooses to use any of the municipality's or special district's other professional, techr advisers, it must do so only under terms and conditions acceptable to the board. History.--s. 1, ch. 63-249; s. 1, ch. 65-365; ss. 22, 35, ch. 69-106; s. 3, ch. 81-168; s. 16, ch. 93-193; s. 920, ch. 95-147; s. 1, ch. 98-134; s. 66, ch. 99-2; s. 17, ch. 99-; 2000-151. Session- ,,N ~" ~,i,, i,,;i~ r ~ nii,ti ~, ti,,r~r Committees: Committee Pages • Committee Publications • Meeting Packets • Committee Reports Senators: President's Page • Member Pages • District Information • Find Your Legislators Information Center: Introduction • About the Legislature • Publications • Glossary • Help • Emr Statutes & Constitution: Introduction • View Statutes • Search Statutes • Constitution • Laws of Lobbyist Information: Introduction • Lists • Legislative Directory • Guide Book • Forms Disclaimer: The information on this system is unverified. The journals or printed bills of the respective chambers should be consulted for of Copyright ©2000-2004 State of Florida. Privacy Statement. http://www.flsenate.gov/Statutes/index.cfm?mode=V iew%20Statutes&SubMenu=1 &App_... 2/11 /2005 Statutes & Constitution :View Statutes : flsenate.gov Yage 1 of 3 Home Select Year: 2004 Session - Committees - Senators - '~ )'~~ E' '? n C)~~ ~' ~ Ol'IC~a ~tatLlt2S Information Center - Title XII Chapter 185 View En Statutes it Constitution - MUNICIPALITIES MUNICIPAL POLICE PENSIONS Lobbyist Information - 185.06 General powers and duties of board of trustees.--For any municipality, ch local law municipality, or local law plan under this chapter: ses5i~~~: 2005 (1) The board of trustees may: B;I( ::: Go (a) Invest and reinvest the assets of the retirement trust fund in annuity and life ins ,.~, V,.~ contracts of life insurance companies in amounts sufficient to provide, in whole or i - ~ benefits to which all of the participants in the municipal police officers' retirement - be entitled under the provisions of this chapter, and pay the initial and subsequent - 2005 thereon. Chamber: Senate (b) Invest and reinvest the assets of the retirement trust fund in: search 1. Time or savings accounts of a national bank, a state bank insured by the Bank Ins ;~ or a savings and loan association insured by the Savings Association Insurance Fund ~ administered by the Federal Deposit Insurance Corporation or a state or federal cha union whose share accounts are insured by the National Credit Union Share Insuranc 2004 2. Obligations of the United States or obligations guaranteed as to principal and int search United States. Enter Your Zip+4 Code: 3. Bonds issued by the State of Israel. 4. Bonds, stocks, or other evidences of indebtedness issued or guaranteed by a corF Go organized under the laws of the United States, any state or organized territory of th States, or the District of Columbia, provided: I,, Get Atrahet' N9n0atirs .~4 ,~,,~, Re.aer 1 MaaaMsyer---- ! a. The corporation is listed on any one or more of the recognized national stock exc -~ -- -~~`~~~~ -` ~ the National Market System of the NASDAQ Stock Market and, in the case of bonds o „1 r ~~` ~ ~ rating in one of the three highest classifications by a major rating service; and b. The board of trustees shall not invest more than 5 percent of its assets in the coi capital stock of any one issuing company, nor shall the aggregate investment in any company exceed 5 percent of the outstanding capital stock of the company or the a investments under this subparagraph at cost exceed 50 percent of the fund's assets. This paragraph shall apply to all boards of trustees and participants. However, in the municipality has a duly enacted pension plan pursuant to, and in compliance with, s the trustees thereof desire to vary the investment procedures herein, the trustees c http://www.flsenate.gov/Statutes/index.cfm?mode=V iew%20Statutes&SubMenu=1 &App_... 2/11 /2005 February 11, 2005 '~' Statutes & Constitution :View Statutes : flsenate.gov Page 2 of 3 shall request a variance of the investment procedures as outlined herein only throut ordinance or special act of the Legislature; where a special act, or a municipality b~ adopted prior to July 1, 1998, permits a greater than 50-percent equity investment, municipality shall not be required to comply with the aggregate equity investment f this paragraph. Notwithstanding any other provision of law to the contrary, nothing may be construed to take away any preexisting legal authority to make equity inves exceed the requirements of this paragraph. The board of trustees may invest up to ' plan assets in foreign securities. (c) Issue drafts upon the municipal police officers' retirement trust fund pursuant tc rules and regulations prescribed by the board of trustees. All such drafts shall be co numbered, be signed by the chair and secretary, and state upon their faces the purl the drafts are drawn. The city treasurer or other depository shall retain such drafts permanent vouchers for disbursements made, and no money shall otherwise be drav fund. (d) Finally decide all claims to relief under the board's rules and regulations and pu provisions of this act. (e) Convert into cash any securities of the fund. (f) Keep a complete record of all receipts and disbursements and of the board's acts proceedings. (2) Any and all acts and decisions shall be effectuated by vote of a majority of the i board; however, no trustee shall take part in any action in connection with his or he participation in the fund, and no unfair discrimination shall be shown to any individ~ participating in the fund. (3) The secretary of the board of trustees shall keep a record of all persons receivir payments under the provisions of this chapter, in which shall be noted the time whe is allowed and when the pension shall cease to be paid. In this record, the secretary list of all police officers employed by the municipality. The record shall show the nz and time of employment of such police officer and when he or she ceases to be emf municipality. (4) The sole and exclusive administration of, and the responsibilities for, the grope the retirement trust fund and for making effective the provisions of this chapter are board of trustees; however, nothing herein shall empower a board of trustees to am provisions of a retirement plan without the approval of the municipality. The board shall keep in convenient form such data as shall be necessary for an actuarial valuat retirement trust fund and for checking the actual experience of the fund. (5)(a) At least once every 3 years, the board of trustees shall retain a professionally independent consultant who shall evaluate the performance of any existing professi~ manager and shall make recommendations to the board of trustees regarding the se money managers for the next investment term. These recommendations shall be coi board of trustees at its next regularly scheduled meeting. The date, time, place, an this meeting shall be advertised in the same manner as for any meeting of the boars (b) For the purpose of this subsection, the term "professionally qualified independe means a consultant who, based on education and experience, is professionally qualm the performance of professional money managers, and who, at a minimum: 1. Provides his or her services on a flat-fee basis. http://www.flsenate.gov/Statutes/index.cfm?mode=V iew%20Statutes&SubMenu=1 &App_... 2/11 /2005 Statutes & Constitution :View Statutes : flsenate.gov Page 3 of 3 2. Is not associated in any manner with the money manager for the pension fund. 3. Makes calculations according to the American Banking Institute method of calcul, weighted rates of return. All calculations must be made net of fees. 4. Has 3 or more years of experience working in the public sector. (6) To assist the board in meeting its responsibilities under this chapter, the board, may: (a) Employ independent legal counsel at the pension fund's expense. (b) Employ an independent actuary, as defined in s. 185.02(8), at the pension fund' (c) Employ such independent professional, technical, or other advisers as it deems i the pension fund's expense. If the board chooses to use the municipality's or special district's legal counsel or acl chooses to use any of the municipality's other professional, technical, or other advis so only under terms and conditions acceptable to the board. History.--s. 3, ch. 28230, 1953; s. 1, ch. 57-118; s. 3, ch. 59-320; s. 2, ch. 61-119; s ss. 22, 35, ch. 69-106; s. 5, ch. 86-42; s. 941, ch. 95-147; s. 2, ch. 98-134; s. 67, ch. ch. 99-392; s. 29, ch. 2000-151. Bills • Calendars • Journals • Citator • Search • Appropriations ~ Redistricting • Videc Committees: Committee Pages • Committee Publications • Meeting Packets • Committee Reports Senators: President's Page • Member Pages • District Information • Find Your Legislators Information Center: Introduction • About the Legislature • Publications • Glossary • Help • Eml Statutes & Constitution: Introduction • View Statutes • Search Statutes • Constitution • Laws of Lobbyist Information: Introduction • Lists • Legislative Directory • Guide Book • Forms Disclaimer: The information on this system is unverified. The journals or printed bills of the respective chambers should be consulted for of Copyright ©2000-2004 State of Florida. Privacy Statement. http://www.flsenate.gov/Statutes/index.cfm?mode=View%20Statutes&SubMenu=1 &App_... 2/11/2005 Gabriel, Roeder, Smith & Company CONSULTANTS & ACTUARIES 301 East Las Olas Blvd. Suite 200 Invoice Ft. Lauderdale, Florida 33301 (954) 527-1616 1/31/05 92945 BOARD OF TRUSTEES, VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS PENSION PLAN Chief James.Weinand, Chairman Public Safety Officers Board of Trustees Village of Tequesta 357 Tequesta Drive Tequesta, FL 32960-6441 Dept. #78009 Gabriel, Roeder, Smith & Company P.O. Box 78000 Detroit, Michigan 48278-O~~QUESTA FIRE-RESCUE FFB 0 9 2UOj e~~n~i~is~rR~:~-rc~~ CUSTODY SERVICES SCHEDULE OF FEES Annual Administrative Fees: First $20 million of market value = 4 basis points 0.0004 Next $30 million of market value = 3 basis points 0.0003 Next $50 million of market value = 2 basis points 0.0002 Assets in excess of $100 million = Negotiable Other Fees: Security Purchases and Sales .......................................$10 Recurring Periodic Payments ......................................$ 3 Lump Sum distribution ............................................$15 Other Payments ...................................................... $10 Outgoing Wire Transfers ...........................................$10 Annual Verification Mailing Per Person .........................$ 1 Additional Accounts /Sub-Accounts -Annual ..................$500 Minimum Annual Fee: $3,000 *Fees are calculated and are payable quarterly SALEMTRUST RESOLUTION NO. 31-04/05 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, NCREASING THE VILLAGE'S CONTRIBUTION TO THE VILLAGE EMPLOYEE -FIRE PENSION FUND #601 TO 9.94% OF PAYROLL, THE VILLAGE EMPLOYEE -GENERAL PENSION FUND #602 TO 8.73% OF PAYROLL AND THE VILLAGE EMPLOYEE -POLICE OFFICERS PENSION FUND #603 TO 7.55% OF PAYROLL AND APPROPRIATING AND BUDGETING FUND BALANCE FROM THE FOLLOWING FUNDS TO BE BUDGETED TO PAY FOR THE INCREASE IN REQUIIZED PENSION FUND CONTRIBUTIONS. • GENERAL FUND #001 $36,614 • WATER UTILITY #401 $ 2,170 • STORMWATER #403 $ 160 WHEREAS, Gabriel, Roeder, Smith & Company, actuaries for the Village of Tequesta's General, Police and Fire pension funds, performed actuarial valuations and/or cost determinations and determined the Village's required contributions for the Village's pension funds, and, WHEREAS, the Village of Tequesta budgeted pension contributions for the 2004-2005 Budget year were less then the contributions scheduled in the actuarial report, and WHEREAS, an additional $36,316 needs to be appropriated into General Fund #001, an additional $2,170 needs to be appropriated into the Water Utility Fund #401 and an additional $160 need to be appropriated into the Stormwater Fund #403 in order to be able to fund the Village's pension funds and pay the required employer contribution as calculated by the Village's actuaries, NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS: Section 1. The Village Council of the Village of Tequesta, Palm Beach County, Florida, authorizes the Village Manager to increase the Village's contribution to the Village Employee - Fire Pension Fund #601 to 9.940 of payroll, the Village Employee - General Pension Fund #602 to 8.73% of payroll and the Village Employee - Police Officers Pension Fund #603 to 7.55% of payroll and appropriating fund balance from the following funds and budgeting these funds into budget year 2004-2005 to be to pay for the increase in required pension fund contributions. • General fund #001 $36,614 • Water Utility #401 $ 2,170 • Stormwater #403 $ 160 THE FOREGOING RESOLUTION WAS OFFERED by Councilmember Humpage, who moved its adoption. The motion was seconded by Vice Mayor Genco, and upon being put to a vote, the vote was as follows: FOR ADOPTION Pat Watkins Geraldine A. Genco Edward D. Resnik Russell J. von Frank Jim Humpage AGAINST ADOPTION The Mayor thereupon declared the Resolution duly passed and adopted this 13th day of January, A.D, 2005. MAYOR OF TEQUESTA ATTEST: is !. + . Gwen Carlisle Village Clerk ~ ~~ ~ Pat Watkins, Mayor ~~~~~;t n i t nii~i ~~~ ~ O F T ~~i~ ~````vPG RP Oq~QG~~' .D . =~: SEAL :, ~, ; NCORPORATED: ~i9I; •.E4`19 ~ ~Q~~ ~~~/~i~. OF FI.~~~~`~ ~ ~cF~~ FB F~ ENGAGEMENT AGREEMENT ~~<<qo~ ~~~0/~~ C~FR This Agreement is entered into by and between the Board of Trustees ("Trustee~,c~oF of the TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND ("Fund") and the law firm of HANSOM, PERRY &JENSEN, P.A. ("HPJ"). WITNESSETH: WHEREAS, the Fund has been established for the purpose of providing retirement and related benefits to eligible Participants and Beneficiaries and defraying reasonable expenses of administering the Fund; and WHEREAS, Ordinances of the Village of Tequesta creating the Pension Plan permits the trustees to "employ independent legal counsel at the fund's expense ..."; and WHEREAS, the Trustees desire that HPJ serve as Counsel with respect to the Fund, and HPJ is willing to so serve. NOW THEREFORE, in consideration of the mutual agreement herein contained, it is covenanted and agreed as follows: 1. Employment of Legal Counsel. The Trustees hereby employ the law firm of HANSOM, PERRY &JENSEN, P.A. as legal counsel to the Fund and its Trustees. 2. Fee Schedule. For services under this Agreement, the Legal Counsel shall be entitled to receive from the Trustees a fee for legal services rendered on behalf of the Fund and its Trustees at a rate of $170.00 per hour for attorney time, plus any costs necessarily incident to representation by the Legal Counsel. This fee, effective upon execution of this agreement, shall be guaranteed for a period of at least two (2) years. HANSOM, PERRY &JENSEN, P.A. West Palm Beach, Florida 3. Services Provided. The legal services covered under this agreement may include: attendance at all regular meetings of the Trustees; response (whether written or verbal) to all written and telephone inquiries from trustees and fund service providers, including any legal research necessary; drafting, review and revision of all contracts with service providers; preparation of Fund amendments as necessary; drafting of policies and procedures necessary to guide the trustees in performing their duties; review and advice on all unusual pension applications, such as disability pension applications; litigation; any hearings held by the pension board; preparation of IRS applications; drafting of a restated pension plan; and any other legal work required by the Board. There is no additional charge for travel time. 4. Leaal Counsel Contacts. Primary attorney responsible for providing services to the Fund shall be Bonni S. Jensen. 5. Prior Agreements. This Agreement supersedes all prior agreements with the Legal Counsel, oral or written. 6. Execution. This Agreement may be executed in counterparts. 7. Insurance. HPJ will maintain at least a $1,000,000.00 legal malpractice insurance policy during the term of this agreement. 8. Term and Termination. This agreement is at will and can be terminated by either party in accordance with HPJ's ethical obligations to the Fund. HANSON, PERRY & JENSEN, P.A. West Palm Beach, Florida Page 2 of 3 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date(s) indicated below. BOARD OF TRUSTEES OF THE TEQUESTA PUBLIC SAF OFFICERS PENSI~UN uate LAW OFFICE OF HANSON, PERRY 8~ JENSEN, P.A. 1 Bonni S. Jen n Il~p~- Date WITNESS: Aso es BSJ/ka October 8, 2002 H:\Tequesta PS 1011\Vendors\Atty\HPJ agmt.wpd WITNESS: As to Legal Counsel HANSON, PERRY &JENSEN, P.A. West Palm Beach, Florida Page 3 of 3 BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS= PENSION TRUST FUND MEETING MINUTES August 6, 2002 PAGE 3 Employees' Pension Trust Fund Board Meeting earlier that morning at which Ms. Wall had also been present, and advised that Board had decided that Ms. Wall would work with the Finance Department to see if she could complement their accounting work. Secretary Couzzo reported that Ms. Wall did not do actuarial work, so that would be done by Mr. Palmquist. MOTION: Secretary Couzzo made a motion to stay in line with the other Pension Plan to use Ms. Wall's services on an as-needed basis to provide reports to the Board, and day-to-day administration of the plan would be provided by the Finance Department. Motion was seconded by Vice Chair Genco. Chair Weinand stated he had a little bit of a problem with that since the Board had to wait for some of the things requested of Finance. Secretary Couzzo responded that Finance was now completely staffed and should have the time to do these things, and if not, Ms. Wall would do them, and commented to Ms. Wall that Mr. Gallagher, Ms. Forsythe, or Mr. Schmitz from the Finance Department would work with her and let her know when something was required. Chair Weinand requested this situation be monitored and a report made back to the Board if things were not getting done. The motion carried by unanimous 4-0 vote. b) Presentation of copy of contract from Hanson, Perry & Jensen, P.A. selected as attorney for the pension plan at the May 21, 2002 meeting -Dan Gallagher, Project Accountant Mr. Gallagher indicated the contract had been provided in the meeting packet and had been discussed in the General Employees' Pension Board meeting. Mr. Gallagher commented he saw nothing out of order. Vice Chair Genco requested on line 3 the word "shall" be changed to "may" since the attorney would not be required to attend all regular meetings. Mr. Gallagher pointed out that two key points had been that this firm charged $170 per hour and it was a West Palm Beach firm, and that the charge was much less per hour than the Miami firm that was also considered. Chair Weinand commented that the attorney should do a complete review of the policies and plan to be sure everything was in compliance with the law. Mr. Couzzo commented that Mayor Genco had requested that. Vice Chair Genco advised that the plan document would be placed on a word processing disk and would be made available for the Board to look at and could be given to the attorney on disk, then she would like the Board to go back and look at the plan to see what needed to be done. Chair Weinand advised he already had the current plan document on disk and would BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS= PENSION TRUST FUND MEETING MINUTES August 6, 2002 PAGE 4 --------------------------------------------------------------------------------- give a copy to Mr. Gallagher. Vice Chair Genco requested that Mr. Gallagher a-mail the document to her. MOTION: Secretary Couzzo made a motion to approve the contract from Hanson, Perry & Jensen, P.A. selected as attorney for the pension plan at the May 21, 2002 meeting Vice Chair Genco seconded the motion. Chair Weinand clarified that the attorney would review the plan policies and plan document to assure compliance with the law, which Mr. Couzzo stated was included in the motion. Motion carried by unanimous 4-0 vote. c) Investment Policy Review -Chair James Weinand Chair Weinand commented that the new attorney would be able to address the investment policy review, and noted that the policy was on file with the money manager's company to give them direction on how to invest. Mr. Van Beuren explained that changes to the law had made the policy not in compliance and the previous attorneys had drafted changes. The investment guidelines were not changed, but new requirements such as a third party to review the money manager had been added; therefore the policy needed to be reviewed and the draft language had never been accepted. Chair Weinand explained that the policy had never come into full compliance with the changes to the law, and that Chapters 175 and 185 said there must be an investment policy adopted by the local plan which he believed would be one of the first things pointed out by new attorney. Chair Weinand commented that was something that sat in limbo from not having a Plan Administrator. Chair Weinand requested this item stay as unfinished business until it had been brought to the attorneys and they had taken care of it. d) Progress Report by Finance Department -- Cash Flow Report for Prior Year - Dan Gallagher, Project Accountant Mr. Gallagher explained that the cash flow report had been included in the meeting packets. Mr. Gallagher reviewed the cash flow report for the prior year and explained that the totals showed the amounts added of interest and dividends came to $31,257.33. The report showed earnings had gone from $4,000 down to $2,275 in the money market fund because interest had gone down. Mr. Gallagher explained that this report tied into the Prudential statements. Vice Chair Genco commented that all in all, performance was holding its own, which was great. ~^ ~ 7 Village Of Tequesta. Department of Fire-Rescue Services 357 Tequesta Drive P.O. Box 3273 Tequesta, FL 33469 P: (561) 744-4051 F: (561) 575-6239 James M. Weinand, Fire Chief February 18, 2005 J. Stephen Palmquist ,. ~' Gabriel, Roeder, Smith & Company ~~~., 301 East Las Olas Boulevard ,~'"` Suite 200 Ft. Lauderdale, FL 33301 Dear Mr. Palmquist: At the November 9, 2004, Board meeting, you presented some cost studies for various benefit changes to the Tequesta Public Safety Pension Plan. After meeting with the Fire-Rescue personnel, 1000 of the Fire-Rescue Pension Plan members voted to increase their personal contribution to 6.1o, instead of the current 5o employee contribution rate in order to incorporate the proposed benefit changes as outlined in option #6 of your letter dated November 4, 2004. The extra benefits are as follows, 1. To change the plan multiplier twenty-one and, 2. To change the plan multiplier to twenty-five and, 3. To increase supplemental benefit to 3.0% for years sixteen through 3.Oo for all years of service after to $20.00 per year of service. On this date the Tequesta Public Safety Pension Fund Trustees authorized your firm to proceed with the necessary impact statements for the incorporation of these extra benefits into the Public Safety Pension Plan. As per our conversation on this date, you expect this task can be completed with in the next couple of weeks and at a price not to exceed $600.00. Please let me know the results of you study. I can be reached by E-mail @ Jweinand@tequesta.org, phone @ (561) 744-4056 or mail at the above address. Sincerely ~s M Weinand, Chair4nan lic Safety Officers Board of Trustee's Cc: Board Member's Gwen Carlisle, Public Safety Pension Plan Administrator Hanson, Perry & Jensen, P.A. M:Wdministration Documents~Pension File~Palquist Letter 02182005.doc ~~%-~2-"'L_ - ~.... Village of Tequesta Public Safety Officers' Pension Fund Investment Policy Statement I. PURPOSE OF INVESTMENT POLICY STATEMENT The Pension Board of Trustees maintains that an important determinant of future investment returns is the expression and periodic review of the Fund's investment objectives. To that end, the Trustees have adopted this statement of Investment Policy. In fulfilling their fiduciary responsibility, the Trustees recognize that the retirement system is an essential vehicle for providing income benefits to retired participants or their beneficiaries. The Board also recognizes that the obligations of the Fund are long-term and that investment policy should be made with a view toward performance and return over a number of yeazs. The general investment objective, then, is to obtain a reasonable total rate of return -defined as interest and dividend income plus realized and unrealized capital gains or losses -commensurate with the Prudent Investor Rule and any other applicable statute. Reasonable consistency of return and protection of assets against the inroads of inflation are paramount. However, the volatility of interest rates and securities markets make it necessary to judge results within the context of several years rather than over short periods of two years or less. The Pension Board of Trustees will employ a professional Investment Management firm to invest the assets of the fund. Within the parameters allowed in this IPS, the asset allocation of the fund is solely at the Investment Manager's discretion, including sector weightings and investment style. The Trustees, in performing their investment duties shall comply with the fiduciary standazds set forth in Employee Retirement Income Security Act of 1974 (ERISA) at 29 U.S.C. s. 1104(a) (1) (A) - (C). In case of conflict with other provisions of law authorizing investments, the investment and fiduciary standazds set forth in this section shall prevail. II. INVESTMENT PERFORMANCE OBJECTIVES The below listed performance measures will be used as objective criteria for evaluating effectiveness of the Investment Manager. A. Total Fund Performance The performance of the total Fund will be measured for rolling three and five year periods. These periods are considered sufficient to accommodate the market cycles experienced with investments. The performance of this portfolio will be compared to the return of a portfolio comprised of 60% Standard & Poor's 500 Stock Index and 40% Lehman Brothers Intermediate Government /Credit Bond Index. 2. On a relative basis, it is expected that the money manager's performance with regard to the total return of combined equity, fixed income, and cash portfolio, will be in the top 40% of the Mobius Universe over three to five-year periods. 3. On an absolute basis, it is expected that total return of the combined equity, fixed income, and cash portfolio, will equal or exceed the actuarial earnings assumption (8 %), and equal or exceed the Consumer Price Index plus 3% over three to five-year periods. B. Equity Performance The equity portion of the portfolio, defined as common stocks and convertible bonds, is expected to perform at a rate at least equal to the S&P 500 Index and be in the top 40% of the Mobius Universe. C. Fixed Income Performance The overall objective of the fixed income portion of the portfolio is to add stability, consistency and safety to the total fund. The fixed income portion of the portfolio, defined as fixed income and preferred stocks, is expected to perform at a rate at least equal to the Lehman Brothers Intermediate Government /Credit Bond Index, and in the top 40% of the Mobius Universe. III. INVESTMENT GUIDELINES A Authorized Investments All investments made or held in the fund shall be limited to: 1. Time, savings, and money market deposit accounts of a national bank, a state bank or a savings and loan institution, insured by the Federal Deposit Insurance Corporation, provided the amount deposited does not exceed the insured amount. 2. Obligations issued by the United States Government or obligations guaranteed as to principal and interest by the United States Government or by an agency of the United States Government. 3. Stocks, commingled funds administered by national or state banks, mutual funds and bonds or other evidences of indebtedness, issued or guaranteed by a corporation organized under the laws of the United States, any state or organized territory of the United States or the District of Columbia, provided: a. The securities meet the following ranking criteria: i. Fixed Income: Standard & Poor's Investment Grade or Moody's Investment Grade ~i ~'~^-~ ii. Equities: At least 90% o e equities shall be rated ~~ ~ ,!e~,~~ by a mayor tmg serv~c~m-H~tapThtee gnaiity-~des. iii. Money Market: Standard & Poor's Al or Moody's Pl. b. Not more than 5% of the Fund's assets shall be invested in the common stock or capital stock of any one issuing company, nor shall the aggregate investment in any one issuing company exceed 5% of the outstanding capital stock of the company. c. The value of bonds issued by any single corporation shall not exceed 5% of the total fund. B 4. Commingled stock, bond or money market funds whose investments are restricted to securities meeting the above criteria. 5. Foreign securities. Limitations 1. Investments in corporate common stock and convertible bonds shall not exceed 60% of the Fund assets at cost or 70% of the fund assets at market value. 2. Foreign securities shall not exceed 10% of the value at cost of the fund. 3. All equity securities must have been traded on a major exchange for at least one year. C. Absolute Restrictions There will be no investment activity in the following: 1. Short sales, margin purchases, or borrowing. 2. Commodities. 3. Puts, calls, straddles or hedging. 4. Warrants or other options, except as part of purchase of another security. 5. Tax-exempt bonds. 6. Repurchase Agreements 7. Venture capital. 8. Illiquid investments, as described in Chapter Z 15.47, Florida Statutes 9. Any investment prohibited by State or Federal Law. 10. Any investment not specifically allowed as part of this policy. D. Trading Parameters When feasible and appropriate, all securities shall be competitively bid. Except as otherwise required by law, the most economically advantageous bid shall be selected. Commissions paid for purchase of securities must meet the prevailing best-execution rates. IV. COMMUNICATIONS A. On a monthly basis, the custodian shall supply an accounting statement that will include a summary of all receipts and disbursements and the cost and the market value of all assets. On a quarterly basis, the Investment Manager shall provide a written report affirming compliance with the security restrictions of Section III above and a summary of common stock diversification and attendant schedules. In addition, the Investment Manager shall deliver each quarter a report detailing the Fund's performance, adherence to the investment policy, forecast of the market and economy, portfolio analysis and current assets of the Trust. Written reports shall be delivered to the Trustees within 60 days of the end of the quarter. A copy of the written report shall be submitted to the person designated by the city, and shall be available for public inspection. The Investment Manager will provide immediate written and telephone notice to the Trustees of any significant market related or non-market related event, specifically including, but not limited to, any deviation from the standards set forth in Section III above. B. The Investment Manager will disclose any securities that do not comply with section III in each quarterly report. C. If the Fund owns investments, that complied with section III at the time of purchase, which subsequently exceed the applicable limit or do not satisfy the applicable investment standard, such excess or noncompliant investments may be continued until it is economically feasible to dispose of such investment in accordance with the prudent man standard of care, but no additional investment may be made unless authorized by law or ordinance. D. The Trustees shall retain a monitoring service to evaluate and report on a quarterly basis the rate of return and relative performance of the Fund. E. The Trustees will meet quarterly to review the monitoring service's Performance Report. The Trustees will meet with the Investment Manager and appropriate outside consultants to discuss performance results, economic outlook, investment strategy and tactics and other pertinent matters affecting the Fund on a periodic basis. F. At least annually, the Trustees shall provide the Investment Manager with projected disbursement needs of the plan, so that the investment portfolio can be structured in such manner as to provide sufficient liquidity to pay obligations as they come due. To this end, the Investment Manager should, to the extent possible, attempt to match investment maturities with known cash needs and anticipated cash-flow requirements. V. COMPLIANCE A. It is the direction of the Trustees that the plan assets aze held by a third party custodian, and that all securities purchased by, and all collateral obtained by, the plan shall be properly designated as plan assets. No withdrawal of assets, in whole or in part, shall be made from safekeeping except by an authorized member of the boazd of Trustees or their designee. Securities transactions between abroker-dealer and the custodian involving purchase or sale of securities by transfer of money or securities must be made on a "delivery vs. payment" basis to insure that the custodian will have the security or money in hand at conclusion of the transaction. B. At the direction of the Trustees, operations of the fund shall be reviewed by independent certified public accountants, as part of any fmancial audit periodically required. Compliance with the Trustees' internal controls shall be verified. These controls have been designed to prevent losses of funds that might arise from fraud, error, or misrepresentation by third parties or imprudent actions by the Board or employees of the plan sponsor, to the extent possible C. Each member of the Boazd of Trustees shall participate in a continuing education program relating to investments and the Trustee's responsibilities to the fund. It is highly suggested that this education process begin during the Trustees' first term. D. With each actuarial valuation, the Boazd of Trustees shall determine the total expected annual rate of return for the current yeaz, for each of the next several years and for the long term thereafter. This determination shall be filed promptly with the Department of Management Services, the plan's sponsor and the consulting actuary. E. In general, proxies shall be voted in accordance with the Trustees proxy policy, which states that "The proxy votes must be exercised for the exclusive benefit of the participants of the Fund." On a regular basis, at least annually, each manager shall report a record of his or her proxy vote. VL CRITERIA FOR INVESTMENT MANAGER REVIEW The Board wishes to adopt standards by which judgments of the ongoing performance of the Investment Manager may be made. With this in mind, the following are adopted: If, at any time, any one of the following is breached, the Investment Manager will be warned of the Board's serious concern for the Fund's continued safety and performance. A. Four consecutive quarters of total Fund performance below the 50th percentile in manager performance rankings. B. Standard deviation for the Fund in excess of 120% of the policy C. Loss by the Investment Manager of any senior investment personnel. D. Any change in basic investment philosophy by the Investment Manager. E. Failure to attain a 60% vote of confidence by the Board of Trustees. F. Failure to observe the security quality restrictions of section III. Nothing in this section shall limit or diminish the Trustees' right to terminate the Investment Manager at any time for any reason. VII. FLORIDA STATUTES 175,185 AND APPLICABLE VILLAGEORDINANCES If, at any time, this document is found to be in conflict with Chapters 175 or 185, Florida Statutes, or the applicable Village Ordinances, the Statutes and Ordinances shall prevail. VIII. REVIEW AND AMENDMENTS It is the Trustees intention to review this document periodically and to amend this statement to reflect any changes in philosophy, objectives, or guidelines. In this regard, the Investment Manager's interest in consistency in these matters is recognized and will be taken into account when changes are being considered. If, at any time, the Investment Manager feels that the specific objectives defined herein cannot be met, or the guidelines constrict performance, the Trustees should be notified in writing. By initial and continuing acceptance of this Investment Policy Statement, the Investment Manager concurs with the provisions of this document. Date: 13 December, 2004 ROCKWOOD CAPITAL ADVISORS VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION FUND By: By: As: Chairman, Board of Trustees vie of T~~st~. * Department of Fire-Rescue Services i/ 357 Tequesta Drive P.0. Box 3273 • Tequesta, FL 33469 P: (561) 744-4051 F: (561) 575-6239 James M. Weinand, Fire Chief February 18, 2005 J. Stephen Palmquist ~~ '~ , Gabriel, Roeder, Smith & Company ""`" ., 301 East Las Olas Boulevard ~~~ ~'" Suite 200 Ft. Lauderdale, FL 33301 Dear Mr. Palmquist: At the November 9, 2004, Board meeting, you presented some cost studies for various benefit changes to the Tequesta Public Safety Pension Plan. After meeting with the Fire-Rescue personnel, 100% of the Fire-Rescue Pension Plan members voted to increase their personal contribution to 6.1~, instead of the current 5o employee contribution rate in order to incorporate the proposed benefit changes as outlined in option #6 of your letter dated November 4, 2004. The extra benefits are as follows, 1. To change the plan multiplier twenty-one and, 2. To change the plan multiplier to twenty-five and, 3. To increase supplemental benefit to 3.Oa for years sixteen through 3.0°s for all years of service after to $20.00 per year of service. On this date the Tequesta Public Safety Pension Fund Trustees authorized your firm to proceed with the necessary impact statements for the incorporation of these extra benefits into the Public Safety Pension Plan. As per our conversation on this date, you expect this task can be completed with in the next couple of weeks and at a price not to exceed $600.00. Please let me know the results of you study. I can be reached by E-mail @ Jweinand@tequesta.org, phone @ (561) 744-4056 or mail at the above address. Sincerely Japers M Weinand, Chairman public Safety Officers Board of Trustee's Cc: Board Member's Gwen Carlisle, Public Safety Pension Plan Administrator / Hanson, Perry & Jensen, P.A. M:\Administration Documents\Pension File\Palquist Letter 02182005.doc HANSON, PERRY SZ JENSEN, P.A. 4OO FJ(ECUTIVE CENTEA DRNE, SuIrE 207 -WEST PALM BEACH, FLORIDA 33401-2922 JILL HANSON* mjhanson ®hpjlaw.com ANN H. PERRY aperry®hpjlaw.com BONNI SPATARA JENSEN bsjensen~hpjlaw.com 'a so Aw.u~o w N.Y. Alex Nathanson 97 S.W. Cassine Court Palm City, FL 34990 Dear Mr. Nathanson: February 17, 2005 TELEPHONE (561)686-6550 FACSIMILE (561) 686-2802 Re: Tequesta Public Safety Officers Pension Trust Fund Alex Nathanson Our File No.: 1011.1007 This office is the legal counsel forthe Tequesta Public Safety Officers Pension Trust Fund. Your questions regarding the Pension Plan have been referred to me for review and response. The Pension Fund records show that you were hired by the City on August 2, 1993 and terminated employment on January 3, 2001. This means that you were employed by the Village for 7 years, 5 months and 1 day. To determine the benefits which are available to you, I looked at the Plan document in effect when you were an active employee and therefore a member of the Pension Plan. Under the Plan that was in effect on the day that you terminated, you were not vested in any benefits under the Plan. See attached Plan Document. Vesting under that Plan was 10 years of service. Section 9 of the Plan provided that "if a Member [Police or Firefighter] has less than ten (10) years credited service upon termination, the Member shall be entitled to a refund of his accumulated contribution or Member may leave it deposited with the Fund." The definition of credited service describes what happens if a Member leaves the accumulated contributions on deposit with the Fund as follows: A plan member may voluntarily leave his/her contribution in the Fund for a period of five (5) years after leaving the employ of the Village of Tequesta pending the possibility of being rehired in a full time position by the Village of Tequesta without losing credit for the time of active participation as a plan member. Should the employee not be re-employed with the Vil{age of I3 Alex Nathanson February 17, 2005 Page 2 Tequesta in a full time capacity within five (5) years, his/her contributions shall be returned to him/her without interest. Should a Police Officer or Firefighter besubsequently re-employed as such, he orshemay re-purchase his or her years of credit or fractional parts of years of credit by reimbursing such returned contribution to the Fund with interest. In 2003, the Plan was amended to reduce the years required for vesting to 6 years. This amendment was applicable to active full time police officers and firefighters on the effective date. The 2003 amendment to the Plan was effective December 11, 2003, well after you had terminated your employment with the Village. There was no provision to make the vesting retroactive or to include former employees. You were not an active employee in December of 2003 and you were not included in the changes by some other means, therefore, you are not eligible for the reduction investing which occurred after you left the employ of the Village. The benefit to which you are entitled under the plan provisions is a refund of your contributions without interest. You may take a refund now or leave your contributions in the Plan through January 3, 2006, pending the possibility of being re-hired in a full time position with the fire or police department. If you are not re-hired by that date, your contributions shall be returned to you. If you have any questions on this matter, please contact me. Sincerely yours, Bonni S. Jen en Copy to: Chariman and Secretary Gwen Carlisle H:1Tequesta PS 1011\PamcipantslNathanson.wpd • ~ HANSON, PERRY ~ JENSEN, P.A. 4OO ExECtmVE CENTER DRIVE, SUITE 207 -WEST PALM BEACN, FLORIDA 33401-2922 JILL HANSON" mjhanson ~ hpjlaw.com ANN H. PERRY aperry~hpjlaw.com BONNI SPATARA JENSEN bsjensen®hpJlaw.com 'wao AoMrrtso w N.Y. Alex Nathanson 97 S.W. Cassine Court Palm City, FL 34990 Dear Mr. Nathanson: February 17, 2005 TELEPHONE (561)686-6550 FACSIMILE (561) 686-2802 P~ ??f ~ Re: Tequesta Public Safety Officers Pension Trust Fund Alex Nathanson Our File No.: 1011.1007 This office is the legal counsel forthe Tequesta Public Safety Officers Pension Trust Fund. Your questions regarding the Pension Plan have been referred to me for review and response. The Pension Fund records show that you were hired by the City on August 2, 1993 and terminated employment on January 3, 2001. This means that you were employed by the Village for 7 years, 5 months and 1 day. To determine the benefits which are available to you, I looked at the Plan document in effect when you were an active employee and therefore a member of the Pension Plan. Under the Plan that was in effect on the day that you terminated, you were not vested in any benefits under the Plan. See attached Plan Document. Vesting under that Plan was 10 years of service. Section 9 of the Plan provided that "if a Member [Police or Firefighter] has less than ten (10) years credited service upon termination, the Member shall be entitled to a refund of his accumulated contribution or Member may leave it deposited with the Fund." The definition of credited service describes what happens if a Member leaves the accumulated contributions on deposit with the Fund as follows: A plan member may voluntarily leave his/her contribution in the Fund for a period of eve (5) years after leaving the employ of the Village of Tequesta pending the possibility of being rehired in a full time position by the Village of Tequesta without losing credit for the time of active participation as a plan member. Should the employee not be re-employed with the Village of C13 Alex Nathanson February 17, 2005 Page 2 Tequesta in a full time capacity within five (5) years, his/her contributions shall be returned to him/her without interest. Should a Police Officer or Firefighter besubsequently re-employed as such, he or she may re-purchase his or her years of credit or fractional parts of years of credit by reimbursing such returned contribution to the Fund with interest. In 2003, the Plan was amended to reduce the years required for vesting to 6 years. This amendment was applicable to active full time police officers and firefighters on the effective date. The 2003 amendment to the Plan was effective December 11, 2003, well after you had terminated your employment with the Village. There was no provision to make the vesting retroactive or to include former employees. You were not an active employee in December of 2003 and you were not included in the changes by some other means, therefore, you are not eligible for the reduction investing which occurred after you left the employ of the Village. The benefit to which you are entitled under the plan provisions is a refund of your contributions without interest. You may take a refund now or leave your contributions in the Plan through January 3, 2006, pending the possibility of being re-hired in a full time position with the fire or police department. If you are not re-hired by that date, your contributions shall be returned to you. If you have any questions on this matter, please contact me. Sincerely yours, Bonni S. Jen en Copy to: Chariman and Secretary Gwen Carlisle H:\Tequesta P5 1011\Participants\Nathanson.wpd HANSON, PERRY ~ JENSEN, P.A. 4OO EXECUTIVE CENTER DRIVE, SUITE 2O7 -WEST PALM BEACH, FLORIDA 33401-2922 JILL HANSON* mjhanson @ hpjlaw.com ANN H. PERRY aperry@hpjlaw.com BONNI SPATARA JENSEN bsjensen@hpjlaw.com ~ALSG ADMITTED IN N.Y. Alex Nathanson 97 S.W. Cassine Court Palm City, FL 34990 Dear Mr. Nathanson: February 17, 2005 TELEPHONE (561)686-6550 FACSIMILE (561) 686-2802 Re: Tequesta Public Safety Officers Pension Trust Fund Alex Nathanson Our File No.: 1011.1007 This office is the legal counsel for the Tequesta Public Safety Officers Pension Trust Fund. Your questions regarding the Pension Plan have been referred to me for review and response. The Pension Fund records show that you were hired by the City on August 2, 1993 and terminated employment on January 3, 2001. This means that you were employed by the Village for 7 years, 5 months and 1 day. To determine the benefits which are available to you, I looked at the Plan document in effect when you were an active employee and therefore a member of the Pension Plan. Under the Plan that was in effect on the day that you terminated, you were not vested in any benefits under the Plan. See attached Plan Document. Vesting under that Plan was 10 years of service. Section 9 of the Plan provided that "if a Member [Police or Firefighter] has less than ten (10) years credited service upon termination, the Member shall be entitled to a refund of his accumulated contribution or Member may leave it deposited with the Fund." The definition of credited service describes what happens if a Member leaves the accumulated contributions on deposit with the Fund as follows: A plan member may voluntarily leave his/her contribution in the Fund for a period of five (5) years after leaving the employ of the Village of Tequesta pending the possibility of being rehired in a full time position by the Village of Tequesta without losing credit for the time of active participation as a plan member. Should the employee not be re-employed with the Village of ~13 Aiex Nathanson February 17, 2005 Page 2 Tequesta in a full time capacity within five (5) years, his/her contributions shall be returned to him/her without interest. Should a Police Officer or Firefighter besubsequently re-employed as such, he or she may re-purchase his or her years of credit or fractional parts of years of credit by reimbursing such returned contribution to the Fund with interest. In 2003, the Plan was amended to reduce the years required for vesting to 6 years. This amendment was applicable to active full time police officers and firefighters on the effective date. The 2003 amendment to the Plan was effective December 11, 2003, well after you had terminated your employment with the Village. There was no provision to make the vesting retroactive or to include former employees. You were not an active employee in December of 2003 and you were not included in the changes by some other means, therefore, you are not eligible for the reduction investing which occurred after you left the employ of the Village. The benefit to which you are entitled under the plan provisions is a refund of your contributions without interest. You may take a refund now or leave your contributions in the Plan through January 3, 2006, pending the possibility of being re-hired in a full time position with the fire or police department. If you are not re-hired by that date, your contributions shall be returned to you. If you have any questions on this matter, please contact me. Sincerely yours, r; ~ _ _ ~~ r CV/ Bonni S. Jensen Copy to: Chariman and Secretary Gwen Carlisle H1Tequesia PS 101 ~\P; icpants~Nathancon wpd