HomeMy WebLinkAbout09-17-2019 AgendaHOME OF PELICAN ISLAND
PUBLIC NOTICE - POLICE PENSION BOARD MEETING September 17,2019
The Police Pension Board will bold a regular quarter meeting Wednesday, September 17, 2019 at 10:00 a.m. in the City
Council Chambers, City Hall, 1225 Main St., Sebastian, Florida.
AGENDA
1. CALL TO ORDER
2. ROLL CALL
1 VOTE TO EXCUSE ABSENT BOARD MEMBER(S)
4. APPROVAL OF MINUTES:
A. May 29,2019 Special Meeting on Carlin Parker Disability
B, May 29,2019 Regular Meeting
A. Approval of Payments:
a. Salem Trust - April/June
b. Highland Capital - April/Rme Fixed Income
c. Highland Capital - April/June Equities
d. Boston Partners - April/June
e. Fiera Capital - December
f. Fiera Capital - January/March
g. Fiera Capital - April/June
h. Renaissance - April/June
i. Brookfield Public Securities Group - April/June
j. Graystone Consulting - April/June
k, Klausner, Kaufman, Jensen & Levinson - November
1. Klausner, Kaufman, Jensen & Levinson - May
ni. Klausner, Kaufman, Jensen & Levinson - June/Parker
n. Klausner, Kaufman, Jensen & Levinson - August
o. Foster & Foster - Preparation of State Annual Report
p. Foster & Foster - Work on State Disclosures/Parker
q. City of Sebastian - Minutes Preparation for May
r. City of Sebastian - July/September
B. Review of Expense Analysis Received from Salem Trust
C. Presentation of Experience Study Performed by the Actuary
D. Report on Results of Manager Search for Alternative Investments
E. Information on Divorcing Members/Spouses Alimony Tax Rules
F. 20 18- 19 Budget/Actual Expenses and Proposed Budget Adjustment
G. Initial Election to Use Deferred Retirement Option Plan (DROP)
11, Full Execution of MilitaryTime Buy-back Contract
7, NEW BUSINESS
$ 5,145.00
$2,862.71
$9,300,68
$ 1,717.07
$ 1,270,83
$ 1,51233
S 1,588.48
$ 1,740.59
$ 808-24
$3,375.00
S 467.50
$3,692.50
$ 1,360.00
S 127.50
$ 3,000.00
$ 3,700.00
$ 198,00
S6,000.00
A. Notification on Charles Mulfinger's Retirement from Morgan Stanley
B. Report from Investment Monitor
C. Report from Investment Managers - Highland Capital
D. Vote on Approval of Proposed 2019-20 Budget
E. Scheduled Quarterly Meetings Set for Calendar Year 2020
Chairperson
Chairperson
Chairperson
Chairperson
Ken Killgore, Plan Administrator
Ken Killgore, Plan Administrator
Doug Lozen, Foster & Foster
Scott Owens, Morgan Stanley
Bonni S. Jensen, Board Attorney
Ken Killgore, Plan Administrator
Ken Killgore, Plan Administrator
Ken Killgore, Plan Administrator
Chairperson
Ken Killgore, Plan Administrator
Scott Owens, Morgan Stanley
Grant McMurray, Highland Capital
Ken Killgore, Plan Administrator
Ken Killgore, Plan Administrator
F. Legal Updates - Ktausner, Kaufman, Jensen & Levinson
a. Recommendation on Cyber Liability Insurance
b. Status on Update of the Summary Plan Description
c. Other Legal Matters
8. BOARD MEMBER REPORTS AND COMMENTS
9, PLAN ADMINISTRATOR REPORTS AND COMMENTS
a. TMITrust Company Acquisition of Salem Trust Company
b. 2018 Comparative Analysis of Other Plans
c. Review of Annual Calendar of Board Activities
d. Other Administrative Matters
10. NEXT SCHEDULED QUARTERLY MEETING:
a. December 10, 2019
Bonni S. Jensen, Board Attorney
Chairperson
Ken Killgore, Plan Administrator
Chairperson
Please note: In accordance with Florida Statue 286,0105: any person who desires to appeal any decision at this meeting will need a record of
the proceedings and for this purpose may need to ensure that a verbatim record or the proceedings is made which includes the testimony and
evidence upon which the appeal is based.
In accordance with Florida Statute 2S6.26: Persons with disabilities needing assistance to participate in any of these proceedings should contact
the Administrative Services Department at 1225 Main Street, Sebastian, Florida 32958, or telephone 772-38S-8205.
AY 291, 2019
Call to Order -- Chairman Jason Gillette called the meeting to order at 10:03 a.m.
Present
Board Members:
Jason Gillette
Randy Moyer
Paul Williamson
Tim Wood
Absent
Christine Vicars -- Excused
04, 01,
i! API, !o %
Also Present
Bonni Jensen, Klausner, Kaufman, Jensen & Levinson, Attorney for thle Board of
Trustees
Ken Killgore, Plan Administrator
Cynthia Watson, Human Resources Manager
Janet Graham, Technical Writer
Ill. Initial Hearing on Disability Application from Mr. Carlin Parker
Ms. Jensen described the purpose of this hearing and stated that the application has been,
processed, and Mr. Parker has been seen by the independent medical examiner (IME).
Ms. Jensen stated that Mr. Parker was injured while he was motorcycle training during
hiis employment for the City. The motorcycle dropped to the ground, and he struck his
left hip. His handcuff case was on that hip. He underwent treatment and received' a hip
replacement in April of 2017. He returned to light -duty work in June of 2017. From
November of 2017 to January of 2018 he was on medical leave due to the hip injury.
From January 2018 to May 2018 he was on light duty. In May 2018 he received a second
hip replacement due to the mechanism loosening of his internal left hip prosthesis to joint.
He was then again returned' to light duty on July 6, 2018.
The City of Sebastian received notice in November 2018 that he had a permanent
impairment rating of 6%t, the body part being 14%. According to the City's physician's
MMI, he could no longer perform the duties of a police officer. Mr. Parker was termiinated
by the City due to his medical injury.
I'Ia �,
POLICE PENSION BOARD PAGE 2
MINUTES OF SPECIAL MEETING OF MAY 29,2019
Ms. Jensen stated case law determines basically that, since the City has determined that
he is disabled from performing his functions as a police officer, the Board is basically
bound by that determination.
The IME doctor further concludes that he is unable to perform his functions as a police
officer. There is some indication that the doctor would like him to go to see a physiatrist,
who is a doctor who can tie work tojob responsibilities but indicates that Mr. Parker caninot
perform the functions of a police officer,
The Board's duty under the State statute and the City's ordinance is to determine whether
he is able and capable of performing the functions of a police officer. The City has
terminated him, and Ms. Jensen is not aware of whether the City made any reasonable
accommodation for his disability at the time that he was terminated' from, his employment.
The IME doctor has indicated some level of capability to perform some functions which
are not heavy physical activity. A police officer's duties are considered heavy physical
activity. As part of the cloctor's report, he completed a questionnaire, and' that
questionnaire states that the doctor cannot determine whether there is a reasonable
accommodation and recommended Mir. Parker see a physiatrist.
Ms. Jensen stated that this case is ready for a decision by the Pension Board as to
whether they recommend the granting of disability or whether they require further
information by having a physiatrist examine Mr. Parker. The physiatrist's job would be to
determine whether Mr. Parker could perform duties other than as a police officer,
Officer Gillette called for questions or comments from the Board',
Mr. Williamson asked for some clarification, and Ms. Jensen further elucidated what the
duties of the Board are regarding the case.
Officer Gillette asked whether it is the opinion of the IME doctor that Mr. Parker is
permanently disabled', and Ms. Jensen said that is his opinion.
Mr. Moyer asked if there is anything else the Board should consider. Ms. Jensen said
Mr, Parker is present, and he can answer any questions the Board may have.
Mr. Parker came up to the microphone.
Mr. Williamson inquired of Mr. Parker if he had had any problems with this hip before the
injury that is the subject of this hearing. Mr. Parker stated he had not. He then described
in detail how the accident occurred.
CITY OF SEBASTIAN
POLICE PENSION BOARD
MINUTES OF REGULAR QUARTERLY MEETINI
MAY 29, 2019 1
Call to Order -- Chairman Jason Gillette called the meeting to order at 10:18 a.m.
II. Roll Call
Present
Board Members:
Jason Gillette
Randy Moyer gum
Paul Williamson
Tim Wood
Absent
Christine Vicars -- Excused
Also Present
Bonni Jensen, Klausner, Kaufman, Jensen & Levinson, Attorney for the Board of
Trustees
Ken Killgore, Plan Administrator
Cynthia Watson, Human Resources Manager
Theodore Loew, Morgan Stanley (via telephone connection)
Steve Stack, Highland Capital
Mindy Johnson, Salem Trust
Janet Graham, Technical Writer
111, Vote to Excuse Absent Board Member
Motion to excuse absentee was made by Mr. Gillette and seconded by Mr. Moyer. Motion
carried unanimously by voice vote.
IV. Approval of Minutes -- Regular Meeting of March 12, 2019
Chairman Gillette asked if there were any changes or corrections to the Minutes of March
12, 2019. Mr. Wood noted that in those Minutes where the name of Garland Parker
appears, that should be Carlin Parker. Motion to accept the Minutes of the meeting with
that correction was made by Chairman Gillette and seconded by Mr. Moyer. Motion
carried unanimously by voice vote.
V. Old Business
POLICE PENSION BOARD PAGE 2
MINUTES OF REGULAR MEETING OF MAY 29,2019
A. Approval of Payments
1. Brookfield Public Securities Group $ 802.15
2. Klausner, Kaufman, Jensen & Levinson — March:/April 7,093.69
3. Graystone Consulting— January to March 3,375.00
4. City of Sebastian — April/May/June 6,000.00
Motion to approve the payments as listed above was made by Mr. Williamson, seconded,
by Mr. Moyer, and passed unanimously by voice vote.
VI, Public Input -- None
VII, New Business
11:0 jp�'
A. Report from Investment Monitor (via Telephone Connection)
Theodore Loew, Morgan Stanley
Mr. Loew began his report by talking about what has occurred regarding investments
during the first quarter. He reviewed that the 4th quarter of 2018 was one of the worst
quarters since 2011. Coming out of that was the best January that's been seen in years
and one of the best quarters. So there was a strong rebound. During the 4th quarter there
was a lot of uncertainty about the tariffs, what the Fed would do going forward, etc. A few
of these concerns have been resolved, including the Federal Reserve who said they
would pause before increasing interest rates.
There were strong growth numbers in the first quarter, with GDP coming in at 3.2%,
stronger than what was expected. Trade tension still remains unresolved, which created
market volatility going into the second quarter.He reviewed the US Equity Market
Returns, There have been strong economic returns even with the volatile fourth quarter.
Large -cap equities continue to outperform small -cap equities. Growth stocks continue to
Lead the market. All sectors were positive for the first quarter. There have been negative
returns in the international markets. There continue to be positive returns in the fixed -
income markets. Interest rates have continued to decline. Other countries have lower
interest rates than the US, so there is a demand for US investment products. The highest
returns are on the long-term investments.
Regarding the pension portfolio, the total portfolio is $15,243,163.00 with a total gain net
of fees of $1,292.209.00 or 9.21 % return — a very strong return to start the year. It was
slightly underweight total equity of 63.7% versus the target of 65%. Regarding cash, our
POLICE PENSION BOARD PAGE 3
MINUTES OF REGULAR MEETING OF MAY 29,2019
target was zero, but we are at 3.06%, so we are slightly overweight with cash. There is
no need to rebalance, as we are in range for all of our managers. So there is no action
needed to be taken from an asset -allocation standpoint.
Regarding the individual managers and total performance, Highland Capital still has a
strong return, although a little bit behind the index. There is still seen outperformance
long term of 6.81% versus 5.94% on the index. Stock selection was the reason for
underperformance, and that was due to health care. The plan still has downside
protection which helps over the long term to outperform. On the growth side, performance
for the quarter is up 14.68% versus the benchmark at 16.1%. This was due to sector
selections and an overweight of health care.
Regarding the next two managers, Boston Partners and Fiera Capital, those two
managers are paired together, one being a little bit more volatile than the other. Boston
Partners mid! -cap value — they are more volatile. They were up 13.72%, the index being
up 13.12%, Boston Partners will continue to be monitored. Fiera Capital was up 19. 17%
for the quarter outperforming the 18.99% benchmark.
Highland International slightly underperformed for all time periods. For the quarter, they
were up 7.97% versus the index of 9,98%. The Renaissance International manager
outperformed for the quarter, up 11.0% versus a 10.31 % benchmark.
On fixed income, Highland has done very well for all time period's measured', up 2.97%
versus 2,94%.
Regarding the alternative managers, Center Coast was up 19.73% for the quarter.
Intercontinental private real estate outperformed for all periods, up 1.98% versus 1 .8%.
The plan was negative 1.72% at the end of March, so the plan has not recovered fully
from the fourth quarter of 2018. Market volatility has picked up since then as well.
He stated that since the changes were made in reallocating funds, there have been mixed
results. Active managers have started to outperform over the last six to eight months,
and it is hoped that will continue going forward. Decision has been made to move away
from fixed income and diversify out, adding two alternative investments.
He asked if there we're any questions from the Board'. Hearing none, he stated that they
will work on getting the updated materials and will bring research materials to the next
meeting.
POLICE PENSION BOARD PAGE 4
MINUTES OF REGULAR MEETING OF MAY 29,2019
B. Report from Investment Managers — Highland Capital
Mr. Stack then spoke regarding Highland Capital, He stated that Mr. Loew covered a lot
of the same information that he planned' to present.
He pointed out that the first quarter was the best quarter since 2009. He also mentioned
that health care has started to rebound, so that is helping. For this quarter, both growth
and value are outperforming on the negative, side of the market, which means the plan is
protected on the downside, and that's what they're trying to accomplish, They are
comfortable with the way the portfolio is structured, but they are being defensive in the
portfolios. He does not expect a big increase in housing due to the fear of the trade wars,
tariffs, etc. He described the conditions in the international markets and how they affect
the US market.
He asked for questions from the Board.
M'r. Williamson, inquired whether Highland does their own research. Mr, Stack stated the
products he described are all researched internally. They also have outside research that
they subscribe to. He went on to give a brief description of how they do their research.
C. Declaration of Intent to Utilize Deferred Retirement Option Plan (DROV
Mr. Killgore called the Board's attention to a document from Deputy Chief Gregory Witt,
which is in the Agenda packet, declaring his intention to enter the DROP on October 27,
2019. M's, Jensen explained that once his benefit is calculated, he would make a
selection, and the Board would approve his entry into the DROP at that time, Mr. Killgore
said he would target the September 17 1h meeting to present the Board with the actual
calculations and ask the Board for approval of the entry into the plan. Deputy Chief Witt
will be the first participant in the DROP plan. Ms. Jensen said that 1.3% per annum is the
fixed rate of return that is credited to the member's account.
D. Application/Contract to Buy Back Military Service
Mr. Killgore described that this procedure is also the initial application to this Board.
Officer Eric Antosia has made arrangements to obtain the money that the actuary
calculated in order to buy back three of the four years that are available under the plan.
Ms. Jensen's office has supplied the City with a contract agreement that Mr. Antosia will
have to execute. The amount Mr. Antosia will need is $52,749.00 in order to enter into
the plan, payable in one lump sum within six months of his request. She stated that
money will go into the pension plan. She also explained the guidelines for this program.
POLICE PENSION BOARD PAGE 5
MINUTES OF REGULAR MEETING OF MAY 29,2019
Mr, Killgore asked for a motion on accepting this Declaration. A motion to approve the
Application/Contract to buy back military service was made by Mr. Williamson, seconded
by Mr. Moyer, and passed unanimously by voice vote.
E. Legal Updates — Klausner, Kaufman, Jensen & Levinson — Bonni S. Jensen
1. House Bill 265 on Disclosures (Withdrawn)
Ms. Jensen reported that this bill, which would have required a lot of work on the
administrative side, did not pass. She reminded the Board members that the rules
governing ADA compliance are still in effect for the five documents that the Board still has
to file, and she is learning more about that, which she will share with the Board. She
suggested that going forward the contractors that we do business with should be asked
to help make sure that we are in ADA compliance.
4h,
2. Changes in Tax Rules for Alimony
Ms. Jensen stated the Pension Board can be subject to paying alimony for members
through an income -withholding order. Because of the substantial change in the, way
alimony is treated for tax purposes, we should make sure that participants are aware of
that. For divorces that are entered into after January 1, 20119, members, have to pay the
taxes themselves. So that alters the amount that a member would pay in alimony,
because the payer of the alimony would be paying the taxes on the alimony. She
suggested that a packet be prepared that can be given to members who are entering into
a divorce. It would have information about we as a governmental pension plan are not
subject to qualified domestic relations orders. Actually, this pension plan has a provision
in it that, if we have to go to court and challenge the order because they are not following
our rules, they are required to pay our attorney fees that it costs to get that put into place.
Letting them know all of that information, we can give them a sample order. There is a
way that's been developed where members can split their pensions for purposes of either
alimony or equitable distribution: of their pension that doesn't involve the Pension Board
at all; the two divorcing parties can work it out. Her firm will prepare the sample order
and send it to the Board for review at the next meeting.
Mr. Moyer asked if that rule is retroactive., Ms. Jensen said it can be retroactive if the
parties agree to it.
3. Statement of Financial Interest Annual Form 1
Ms. Jensen reminded the Board that it is the time of year that the Board' members must
POLICE PENSI'ON BOARD
MINUTES OF REGULAR MEETING OF MAY 29,2019
file their Form 1 s. If the form Is are not timely filed, penalties begin to accrue September
1 st. But the forms themselves are due on July 1 st. She recommends that the form be filed
in a manner by which you can prove that it has been filed, such as Certified Mail, FedEx,
UPS, etc. The form itself indicates that it can be filed via email. Last year, there were
many places where it could be filed via email, and there was an immediate response from
the Supervisor of Elections. She has heard that that is not necessarily the case this year,
as some of the supervisors are refusing to accept it via email. She has a sample form in
the agenda packet for anyone who has not yet received his/her form. They can also be
obtained online,
4. Tax Treatment of Duty -Related Disability Pensions
Ms. Jensen stated, in general, disability payments that are in the nature or workers
compensation are not subject to tax. It is paid according to a schedule. Also regarding
this subject, the Board has, to make the determination that the disability occurred in the
line of duty. It is still her recommendation that boards of trustees do not make the
determination of whether something is or is not taxable, and that you continue to mark
the box, "Taxable Not Now Determined" for people who are entitled to disability. The
issue is then between, the individual and the IRS. Copies of the minutes where the
decision was made and copies of the order can be provided when desired. This issue
has been complicated in Florida, as the State of Florida has just passed a presumption
for firefighters, and there are 21 cancers that are presumed to have occurred in the line
of duty.
5,. Other Legal Matters
Ms. Jensen stated she had nothing further, but she informed the Board that her firm is
having their conference on June 10-12, 2019 in Fort Lauderdale, and the Board members
are invited to attend. Anyone wishing to go can go to Klausner, Kaufman's website and
register.
Vill. Board Member Reports and Comments. -- None
IX. Plan Administrator Reports and Comments.
1. Update on 2018-2019 Budget/Actual Expenses
Mr. Killgore reviewed the budget and actual expense sheet that is included in the Agenda
packet, which covers payments disbursed over this fiscal year. He pointed out that the
POLICE PENSION BOARD PAGE 7
MINUTES OF REGULAR MEETING OF MAY 29,2019
legal fees are higher because of the disabilities and other activities, which are already
over budget. Also, the functional capacity assessments were budgeted at $1,350.00, and
the actual amount was $2,700.00. Other than those two items, everything else is in line.
There is a contingency fund of $15,000.00, and he suggested that can be used to cover
a!'*
these unexpected costs. #
2, Review of Annual Calendar of Board Activities
Mr. Killgore stated that the summary plan description is a work in process, and that will
be presented to the Board, as well as the financial disclosure form, which will also be
provided to the Board.
3. Notice of Change in Ownership of Salem Trust
Mindy Johnson, representing Salem Trust, reviewed the change of ownership. Salem
was bought by TMI Trust, which is looked upon in a positive light by Salem. She stated'
that TMI services their clients the same as Salem does and has the same types of clients.
It has been confirmed' that they will' not be going through a systems conversion.She
added that from an operating standpoint, there will be very little change seen. She
reviewed the quarterly service report.
Ms. Johnson was asked to provide an analysis of the impact of the addition of all the
separately managed accounts. She provided an in-depth, review of how their fees are
calculated, the rise in fees having occurred due to the addition of the new managers,
Mr. Williamson asked if Salem/TMI makes block trades. He also inquired if there is a
program to get the costs of all the trades down. Ms. Johnson stated she would run this
plan through some models to see what a basis -point plan would look like to help cover
the additional costs. She will also research the subject of block trades.
Mr. Gillette asked for some clarification on the history of how this change to several
managers occurred, which has resulted in significantly higher operating costs, Ms.
Jensen gave some additional information on how this change occurred and the dates
involved. She stated this is being monitored for comparison, but it will take some more
time to clearly define the impact on the account. Ms. Johnson stated she would delve
into the matter and will send her findings to Mr. Killgore.
10, Scheduled QuarterIv Meetinas September 17, 2019
December 10, 2019
POLICE PENSION BOARD
MINUTES OF REGULAR MEETING OF MAY 29,2019
11. Adiourn
Chairman Gillette called for any further business
adjourned at 11:33 a,m,
so
ro
ffAXeJW.1
Hearing none, the meeting was
ity of Sebastian
Debbie Krueger
1225 Main Street
Sebastian, FL 32958
pun
Fee Advice for Period
Detail of Calculation:
Flat Fee
$500 for 6 additional accounts
April 11, 2019
$5.00 Security Transactions Current Period
9130/2018
903
12/31/2018,
10911
3/31/2019
910
6/30/2019
629
(300 included in annual fee)
July 3, 2019
M05348
Sebastian Police
to June 30, 2019
Annual Fee
Quarterly Fee
$5,000.00
$1,250.00
$3,000.00
$750.00
Year To Date
903 $5.00
1994
2904
3533
$3,145.00
Total $5,145.00
Total Amount Due $5,145.00
These fees will automatically be charged to your account.
If you have any questions, please contact Mindy Johnson at 813.288,4990
HOLLYWOOD TAMPA
1715 N. WESTSHORE BIND., SUFFE 750 TAMP, FL 33607 TEI- (877) 392-5268 FAX (813)301-1295
idand Capital
MANAGEMENT, LLC
July 5, 2019
Invoice Number: 21284
MANAGEMENT FEE: SEBASTIAN POLICE OFFICERS'RETIREMENT FIXED
INCOME
6/30/2019 Portfolio Value: $ 3,816,943,90
Quarterly Fee Based On:
$ 3,816,944 @ 0,30% per annum. $2,862,71
Quarterly Fee: $2,862.71
For the Period 4/1/2019 through 6/30/2019
Wiring Instructions:
First Tennessee Bank
ABA# 084000026
Acct# 22-0001278809
For Credit to: Highland Capital Management, LLC.
*""Note new checking account nuniber*******
Paid by Debit Direct ($0.00)
Please Remit $ 2,86171
Mailing Cheek:
Highland Capital Management, LLC
6075 Poplar Ave, Suite 703
Memphis, TN 38119
ie��-ilemd Capita
MANAGEMENT, LLC
July 5, 2019
MANAGEMENTFEE:
6/30/2019 Portfolio Value:
Exclude Dividend Accrual
Billable Value
Invoice Number: 21285
SEBASTIAN POLICE OFFICERS'RETIREMENT
Quarterly Fee Based Ow
$ 7,440,546 @ 0.50% per annum
Quarterly Fee:
For the Period 4/1/2019 through 6/30/2019
A(MIT 0 L-1 It
(sebast0l) SEBASTIAN POLICE- OFFICERS'RETIREMENT VALUE
(sebastB) SEBASTIAN POLICE OFFICER&RUTtREMENT GROWTI I
(sebasd4) SEBASTIAN POLICL'OFFtCFr<S'RETIREMFNI'ADR
Total
Wiring Instructions:
First Tennessee Bank
ABA# 084000026
Acct# 22-0001278809
For Credit to, Highland Capital Management, LLC.
$9,300.68
$ 7,444,254. 18
- 3,707.96
$ 7,440,546.22
$ 9,300,68
Paid by Debit Direct ($0,00)
Please Remit $ 9,300.68
Mailing Check:
AccoutiL Value
OUarterIv Fee
$ 3,488,31737
$ 4,360.39
$ 3,212,1 [034
$4,015,14
$ 740,117.71
$925,15
$ 7,440,54622
$9,300.68
Highland Capital Management, LLC
6075 Poplar Ave, Suite 703
Memphis, TN 38119
4 5 C7K err.
-
ote new checking account number-*******
p`/
en, Killgore
City of Sebastian
1225 Main Street
Sebastian, FIL 32958
11M
IT, ? - =�- , =1 4771 1;
=!WIrIIr:IIIIII 111 Ill III I
----- -----
991, Ink WER 1�11li�� ii!
QUARTEREND Fee
Envoice
City of Sebastian Police Officers' Retirement 20190630-690,-A
System
H910
Current
Period Due 30-60 Days 60-90 Days Over 90 Days Total
1,717.07 1,717.07
(Total Amount Due 1,717.07 1,717,07
Pilease contact James Vitelli directly at 212-908-0149 with any Willing inquiries. As always, you may also
direct any questions to your Relationship Manager.
WIRE / TRANSFER FUNDS TO:
JP Morgan Chase; ABA #021000021; ACCT #066-654610
REFERENCE: Boston Partners
Ref Acrt #: 00844
L4AIL REMMANCES TO:
Accounts Receivable
Boston Partners,
One Grand Central Place, 60 East 42nd Street, Suite 1550
New York, NY 10165
Email jvitelli@boston-partners.com Thank You
Period Rule - Cu(USD)
City of Sebastian Police Officers' Retirement System - 00844
Monthly Values 0313112010 Market Value
04/30/2019 Market Value
05131/2019 Market Value
0613012019 Market Value
Adjusted Input
Annual Fee Schedule (lMFEE - USD)l
0.00 to
25,000,000,01 and above
Quarterly Fee Calculation (IMFEE - USD)
6,86,826.99 * 100,00 BPS
TotaG IMFEE (00844)
Fee Total:
UT "71
672,120.63
707,487.02
650,440.19
702,553.75
25,000,000-00
. 90 1 360
Schedule Total:
672,120,63
707,487,02
650,440.19
702,55175
$ 686,826.99
100,00 BPS
80.00 BPS
1,717.07
$1,717.07
1,717.07
$1,717.07
Fee Total For IMFEE: 1,717.07
Total Amount Due: $1,717.07
1311201.8
Ken Killgore
1225 Main Street
Sebastian, FL 32958
City of Sebastian Police Officer's Retirement System - 3040002573
FIERA CAPITAL INC.
SUMMARY OF MANAGEMENT FEES
. . .. .. ..........
For The Period 12/1/2018 - 12/31/2018
Portfolio Value as of 12-31-18
$ 677,774.88
677,775 @ 035 No per annum 1,270.83
Quarterly Management Fee 1,270.83
Prorated Contributions/Withdrawals From 10-01-18 Through 12-31-18
0 @ 0.75 % per annum on 12-20-18 0.00
0 @ 0.75 % per annum on 12-21-18 0,00
Total Adjustments for Contributions/Withdrawals $ 0.00
TOTAL DUE AND PAYABLE $ 1,270.83
,
2� pp,J
As per SEC Rule 206(4)-2, we urge you to compare this
report with your custodian statements. It is the client's
responsibility to verify the accuracy of the computation.
The custodian will not do an independent verification of
the accuracy of the computation of fees.
ACH Instructions:
To pay by check:
CM Private Bank
Payable to Fiera Capital Inc.
I Court Square, 22nd Floor
Attn: Myron Charas
Long Island City, NY 11220
10050 Innovation Or, Suite 120
Routing #: 021000089
Dayton, OH 45342
Acct. #: 4974013748
Account Name:
Billing inquiries should be directed to:
Fiera Capital Inc,
Myron Charas
and
Bill ingFCI@fieracapital.com
937-388-1437
12312019
Ken Killgore
1225 Main Street
Sebastian, FL 32958
City of Sebastian Police Officer's Retirement Systern - 3040002573
FIERA CAPITAL INC.
SUMMARY OF MANAGEMENT FEES
For The Period 1/1/2019 - 3/31/2019
Portfolio Value as of 03-31-19 $ 806,574.40
806,574 @ 0.75 % per annurn
Quarterly Management Fee
TOTAL DUE AND PAYABLE
1,512,33
$ 1,512.33
$ 1,512.33
As per SEC Rule 206(4)-2, we urge you to compare this report with your custodian statements, It is the client's
responsibility to verify the accuracy of the computation. The custodian will not do an independent verification of
the accuracy of the computation of fees.
ACH Instructions:
To pay by check:
Citi Private Bank
Payable to Fiera Capital Inc.
1 Court Square, 22nd Floor
Attn: Myron Charas
Long Island City, NY 11120,
10050 Innovation Dr, Suite 120
Routing #: 02100,0089
Dayton, OH 45342
Acct. #: 4974013748
Account Name:
Billing inquiries should be directed to:
Fiera Capital Inc.
Myron Charas
and
BillingFCI@fieracapital.com
937-388-1437
uly 29, 2019
Ken Killgore
1225 Main Street
Sebastian, FL 32958
City of Sebastian Police Officer's Retirement System - 3040002573
FIERA CAPITAL INC.,
SUMMARY OF MANAGEMENT FEES
For The Period April I thru June 30, 2019
Portfolio Value as of 06-30-19
847,189 @ 0.75 % per annum
Quarterly Management Fee
$ 847,189,13
1,588.48
1,588.48
As per SEC Rule 206(4)-2, we urge you to compare this report with your custodian statements. It is the client's
responsibility to verify the accuracy of the computation. The custodian will not do an independent verification of
the accuracy of the computation of fees.
ACH Instructions:
To pay by check:
Citi Private Bank
Payable to Fiera Capital Inc.
I Court Square, 22nd Floor
Attn: Myron Charas
Long Island City, NY 11120
10050 Innovation Dr, Suite 120
Routing #: 021000089
Dayton, OH 45342
Acct. if: 4974013748
Account Name:
Billing inquiries should be directed to:
Hera Capital Inc,
Myron Charas
and
Billin,gFCI@fieracapitai.com
937-388-1437
mLenaissance"
Investment Mamagement
Mir. Kelincth W. Killgom
Adinhilsti-ative Set -vices Director
City ofsehastian
1225 Main Sti-eet
Sebastian, FL 32958
Billing Period. FROM 04/01/2019 TO 06/30/2019
Custodian Account No -
Account 9: IE0496 - City of Sebastian Police Officers Iketil-cillent Systeln
Portfolio Value . , . ....... .......................
Aniount Due, PAYABLE UPON RECEIPT ........................
FEE CALCULATION '(Flate X Portfolio Voluo) x (if of days in quarter I # of dayo I" year)
Rate AnDfled: FQr Assets Under Mall.qcLe
Am a-unt %le
0.6500 % On the remainder: 1,074,073 1,740.59
Total Fee; 1,740.59
July 02, 2019
$1,074,072.54
Pleasc Mllllarc 015 NQ bill FITI)DIT11 by Our Drut to your custodial accomu swemenj for any d1wrquincim Minor varlotlool may occur because of reporting dares, ucerunl
molwls of InIervil and drOdurlds, nerdollicr rodurs, Your cusindfill stn(vnient Is the official, record oryour Account. tryou pro not reeviving slutomco(s From ),our custodian of
enst quattorly, it there have been all), clolnges In your financial sbrutflan, inlIcsimelil objectives„ or If Yaw wish 10 Inkiniq or modify imy reasonlible res(ricliturs on Ilre
r na nagmcnf of your account, plensc no I Ify R In ry Meiners jit 513-723-4554 or ulcer Ce)rein av,coal,
Return this section with your fee to the address below or in (fie enclosed envelope:
RENAISSANCE INVESTMEN'r MANAGEMENT
3551 Solutions (,,enter #773551
Chicago, IL 60677-3005
V
Acet: IE0496 r;
Custodian Account No:
5 0 HA S T It I V E 11 C L N T E R H 0 U L E VA It D - S tJ f 'r F 1 2go
C 0 V I N G T 0 N , K V 4 1 0 1 1 - 800.A37.3863 - 5 1 3.723,4 J0,i) . FAX 5 13,723 .4 5 12
ity of Sebastian Police Officers Retirement System 3040002617
1225 Main Street
Sebastian, FL 32958
. � ., ,, �„ .,,,,„ ,,�,,. ,i I r u ', n�lu o" r "ri,a r„� �„r^ 'ry ll�apmrWlrry1, ,rxr� iN eY 'm•u„�,I�Ir a in^Y, r iu��N�ml nxr i Yr,i, udl,�u put. I,"iul NY�rIIINu ih 11 i ''" "I'�
IIIId';„',`r, Yb'"�': J,1'xlryvVtl�, IV"fiRV,,,lla'441 L,;,, � 6,J�d1Y„ rV .•„V Id it ;,IM !n„ r v IILIII V.w�ou, i� I.r. .,PIS' �P .," ,W .,,(I,IP;, a Vlo,ll' ;i, YI:II„ fIY, V,YI,dI Iluil ''•I.
u,Y w ,• 6 „��, or mrxPV II v,) e I�il, ul',;1
l I!li �'�ll'li pill ,Ili Po�l�;fn I JIJ II rr'^IN IA' Ip it tlIp�ClC�lr �I,j4`, d IItl I��.i„ � I. VN �i� I „Y• I. �� I r .���,�, i �'Po
II l,� i „I �d�l�ln r 1�, i�. i ,,,�. „dl,uVu,rvI...
vl lgli lulVl Vm,+,�I.yNdlll N�,�, �(p i� .,u"W,,,,t�r,VY,���,h�w I�itl', �, Iu 'rl, I�li� II�� Y��,�,i,
I, •��,,I,,, I,hll"j✓,I, xo v ,ii 11'I I,IInG iI I VI, UY��II, ph,ri��lh iir it Yl, d,l WIa�N'wI,hX 4,w, MI,Ig�W dI iV,��A'✓!,,,I^xvi 4�,l ug,v.,V�Gd!16�i;IP PIV„gin �,e�9n.m.�h luei �tt r„�I�.x�
w 6111 r..C;M I�VnI P'd na„V�Y�Ni,VV wtlx ��u n'Afldf�bhl V,Ir��(.u„@Iuo;1JIm NVlloeI IIII M1�I �nlmrtll n �I .li.a..ri��ld l�I; ,,d �,l 1.1 A ldlnw 16,eh ll � I „r +x1aod orduln �aa� tl
Invoice Lute ^, 07/26/2019
invoice Number V 20190630-350-A
Billing Period 04/01 /2019 to 06/30/2019
Billing Portfolios SEBASTI.AN - City of Sebastian Police Officers Retirement System
Total Amount Due � $808.241
* See attached worksheet for calculation details
em' 1 Woo WhoX+ A W"x wxx O1:, 'ow wV "',"A" soy 11111.11 d t"e ,m1",hoolo r o 4y, „iMW umoollo, Toloo 110�4;11 31.1lo'. u'm ^ pN n'frv0 av s'"uA;o-o y,,w Mu a,x';'.m m, 1.voo VewuOool40,m No, "X sd, 101d o111,
PAYMENT DUE UPON RECEIPT
PLEASE INCLUDE INVOICE # WITH REMIT PAYMENT
JPMorgan Chase Bank„ NA
Bank Account # 907-153925265
ABA # 021000021
Account Name Brookfield Public Securities Croup LLC
Should YOU have any questions regarding this invoice, please email 8PSG account sreceivabl'e@brookfield.corn
Page 1 of 2
Invoice, Date 07126/2019
invoice Number 20190630-350-A
06/30/2019
City of Sebastian Police Officers Retirement System - SEBASTIAN
Market Value 648,372.34
Total Adjusted Market Values $648,372.34
. ..... . .. .. ...... . . . . . . ... .. .... . ... ... . . . . . .. . .
Quarterly Fee Calculation (Investment Management Fee - USD)
Billable Assets BasRs Points Billable Days Fee
648,372,34 50.000 91/365 808.24
... . . . . ... . . . . .......... . .. . . ....
Invoice Summary
06/30 Fee Total for lnvestment Management Fee 808.24
Total Fee 808.24
Total Amount Due $808.24
Page 2 of 2
uly 15, 2019
000 1,16 IVISH 899A1 000000 746 070
CITY OF' SEOAs"nAN POLICE
ATTN, KENNETH MLLGORE
122,15 MAIN ST.
SEBASTAN FL 32958
Gray -stone
C a n s I tL
A busines,� of Morgan Stanley
Invoice Number: 10129919196
OWEN S/WH EELER�/PALMER
f_inx7cb( Advisor
81,3227 -2061
vvww-;nwgansIan1ey,cow
IMPORTANT NOTICE INVESTMENT ADVISORY FEE PAYMENT REQUIRED
ACTION REOWRED — PLEASE REMIT PAYMENT IN THE ENCLOSED BUSINESS REPLY ENVELOPE
We value you as a client and thank you for tfie opportunity to serve your investment needs. Phase see below for the
investment advisory fee(s,) dLfe,
ACCOUNT WENr NAME
745-038962 CITY OF SEBASTIAN POLICE
TotaB Fee:
Prior Balance:
Net Amount,,
F r or additional details please see Invoice Detail and Remittance IfIStrUCtions on pages to follow.
C)rAl. PEE AMOUNT
$3,375.00
$3,375,00
$0.00
$3,3,75.00
mulsoviccs 4ffred ti)r-OTIqb Morj(,Juj S(JJJVY SMjtb L. (' membc� Sill(
Crrlyslo"r (I
S 000136 M&1599A1 000420
ccount; 745-038962
Billing Period
Nurnber of Days
Hard Dollar Fee
Fee Amount
Gray -stone
Consulting—
A business of Morgan Stanley
Invoice Nwiber; 1012991.9196
04101/2019 — 06130/2019
91
$13,500.00
$3,375.00
of 5
RH7
blvestmolts cmd scmic"("s ',ff erc.4 OnougbMorgv 5wnlcy Snlltb Banitry LU", WilberSHIC'
Grays&o?iv Co,isuhiii# iN a busiwyof Mor (ill Sfamh�y.
owlim MSHS99A1 000421
x'raystone
Consulting -
A business of Murgan Stanley
Invoice Number: 1012991.9196
Payment Due: 8il4/2019
Please return payment using fts page and include it Mth your check in the enclosed business repiy envelope. Please
note that cash payments cannot be accepted — wire and check information are below.
If you, have any questions, please contact your Financial Advisor.
Account
Total Fee:
Prior Balan
V ' Vet 10 Amoun
et Amount —
Total Fee Amount
$3,375.00
$3,375.00
$0.00
$3,375.00
By Wire
Bank Name; Citibank, New York
AM 021000089
For Benefit Of Morgan Stanley & Co. Incorporated
BenefirJary Account: 40611172
For Further Credit tc; 980000163
Ref; Invoice 0101299
By Check
Margan Stanley Global Banking DQcratlDris
ATM Advisory Fee Billing
1300 Tharnes Street Wharf, 4tli Ficor
Baltimore, MD 21231-9907
Invoice 10129919196
5 of 5
N bimstrrinifs aml suvices aiferd 1hrou'llb Morgan Stanicy Smilb flinlry LU." monl7fr sip(.,
�r
Graystone Cori'Suhin4 a b is un s'o0Mo�qA�j _�t'jk'
s 'iCy
116g
000136MS11SNA1 000422 E
lausner, Kaufman, Jensen & Levinson
A Partnership of Professional Associations
Attorneys At Law
7080 N,W. 4th Street
Plantation, Florida 33317
Tel. (954) 916-1202
Fax (954) 916-1232
SEBASTIAN POLICE OFFICERS'RETIREMENT SYSTEM
Aftn: KEN KILLGORE
1225 MAIN STREET
SEBASTIAN, FL 32958
I
kate Attorney
Description
11101/18 BSj
REVIEW EMAIL FROM TIMOTHY
HAVGAARD REGARDING FEE
REPORTING FOR INVESTMENTS
11102/18 CW
REVIEW OF OPERATING RULES AND
PROCEDURES. MADE EDITS TO
PROCEDURE POLICY
111/14/18 BSJ
REVIEW EMAIL FROM CINDY WATSON
REGARDING CARLIN PARKER
DISABILITY
11/25/18 BSJ
REVIEW DISABILITY APPLICATIlrtli
ON
FROM CARLIN PARKER WITH
ATTACHED DOCUMENTS; RESEARCH
ISSUES; RESPOND TO EMAIL FROM
CINDY WATSON; PREPARE
PROCESSING
www,klausnerkaufinan.com
Tax I.D.: 454083636
November 29, 2018
Bill # 22786
:170042
-170042
Hours Amount
0.10 42.50
0.20
85.00
0.10
42.50
0.70
297.50
Total for Services 11110 $467.50
CURRENT BILL TOTAL AMOUNT DUE 467.50
lausner, Kauftnan, Jensen & Levinson
A Partnership of Professional Associations
Attorneys At Law
7080 N.W. 4th Street
Plantation, Florida 33317
Tel. (954) 916-1202 www.kiausnerkaufman.com
Fax (954) 916-1232 Tax 1.D.: 454083636
SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM May 31, 2019
Attn: KEN KILLGORE Bill # 23853
125 MAIN STREET
SEBASTIAN, FL 32958
Date
Attorney
Description
Hours
Amount
05/14/19
BSJ
REVIEW AND RESPOND TO EMAIL
0.40
170.00
FROM CYNTHIA WATSON; REVIEW
PLAN DOCUMENT
0 /17/19
BSJ
TELEPHONE CALL WITH CYNT IA
01.20
85.00
WATSON
05/23/19
AKP
REVIEW PLAN' DOCUMENT, DRAFT
1.50
637.50
BUYBACK CONTRACTS
05/28/19
BSJ
PREPARE FOR MEETING; REVIEW
1.0
637.50
AGENDAAND BACK UP INCLUDING
MINUTES OF FEBRUARY MEETING,
REVIEW C. PARKER MEDICAL
RECORDS
05/28/19
PARA
PREPARATION OF MEETING
0.30
37.50
MATERIALS FOR UPCOMING MEETING.
05/29/19
BSJ
REVIEWNAND REVISE CONTRACTS
0.70
297.50
FOR BUYBACK PURCHASE; EMAIL TO
CINDY WATSON AND KEN KILLGORE
05/29/19
BSJ
TRAVEL TO AND FROM MEETING
3.010
637.50
05/29119
BSJ
ATTEND MEETING
1.80
765.00
05/31/19
CWry/
DRAFT DIVORCE MEMO AND MODEL
1'.00
425.00
ORDER.
Total for Services
10.40
$3,692.50
wrr
lient: SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM May 31, 2019
Matter:, 170042 - SEBASTIAN POLICE OFFICERS' RETIREMENT Page 2
CURRENT BILL TOTAL AMOUNT DUE $ 3,692.50
Past Due Balance
AMOUN'T'DUE
.. ... .. ...
C
lausner, Kaufman, Jensen & Levinson
A Partnership ofTrofessional Associations
Attorneys At Law
7080 N.W. 4th Street
Plantation, Florida 33317
Tel, (954) 916-1202
Fax (954) 916- t 232
SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM
Attn: KEN KILLGORE
1225 MAIN STREET
SEBASTIAN, FL 32958
www.ki all.snerkau finan.co rn
Tax I.D.: 45-4083636
5-= M
w"MalwarzAvAll
:170042
A70042
Date Attorney Description Hours Amount
07/03/19 BTG RESEARCH AND PREPARE RESPONSE 1.20 510.00
RE DISABILITY TAX ISSUE; REVIEW
CARLIN PARKER PERIODIC
DISTRIBUTION REQUEST
mlfflym��� �* VI
Fw-M#=- .01-111
AMOUNTDUE -/41, 3�,0,6-o
ausnelr, Kaufman, Jensen & Levinson
A Partnership of Professional Associations
Attorneys At Law
7080 N,W, 4th Strect
Plantation, Florida 33317
Tel. (954) 916-1202 rv+�-tiv,klausnerknufman.corti
Fax (954) 916-1232 Tax [.D.: 45-4083616
SEBASTIAN POLICE OFFICERS" RETIREMENT SYSTEM June 30, 2019
Attn: KEN KILLGORE Pill # 24042
1225 MAIN STREET
SEBASTIAN, FL 32958
� � J
Date
Attorney
Description
Hours
Amount
06/02/19
BSJ
REVIEW AND RESPOND TO EMAIL
0.20
85.00
FROM CINDY WATSON REGARDING
BUYBACK
06/05/19
BSJ
REVIEW DOMESTIC RELATIONS
0,10
42.50
ORDER MEMO AND SAMPLE ORDER
06/06/19
CW
EMAIL TO PLAN ADMIN RE DIVORCE
0,10
42.50
AND MODEL ORDER.
06/18/19
AKP
REVIEW DISABILITY MATERIALS,
0.80
340.00
DRAFT ORDER FOR CARLIN PARKER
06/18/19
BSJ
REVIEW AND REVISE ORDER ON
0.50
212.50
CARLIN PARKER
06/19/19
AKP
REVISIONS TO PARKER FINAL ORDER -
0.30
127.50
SEND TO CINDY WATSON FOR REVIEW
Total for Services
2.00
$860.00
• rr
Past Due Baiance
850.00
467.50
AMOUNT DUE $1,317.50
lausner, Kaufman, Jensen & Levinson
A Partnership of Professional Associations
Attorneys At Law
7080 N.W. 4th Street
Plantation, Florida 33317
Tel, (954) 916-1202
Fax (954) 916-1232
SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM
Attn: KEN KILLGORE
1225 MAIN STREET
SEBASTIAN, FL 32958
CLIENT: SEBASTIAN POLICE OFFICERS'RETIREMEN'T SYSTEM
MATTER: SEBASTIAN POLICE OFFICERS'RETIREMENT SYSTE11
an* ff= 17
Date Attorney Description
08106/19 BSj EMAIL TO ADMINISTRATOR
REGARDING PHISHING SCAM
1!8/28/19 CW RESEARCH AND DRAFT CYBER UEUO-.
CURRENT BILL TOTAL AMOUNT DUE
Past Due Ba ".ce
www.klausnerkaufnian,com
Tax I.D,.: 454083636
A 0 A
Hours
Amount
0.10
42.50
0.20
85.00
0.30
$127.50
127.50
0.00
0~ FOSTER ►, FOSTER
Phone: (239) 433-5500
Fax: (1-39) 481-0634
LIC's1kc--b, Ugle"Iftru
Preparation of the 2018 Annual Report for the Division of Retirement, 3,000m
mmm
Please make all checks payable to:
Foster & Foster, Inc.
13420 Parker Commons Blvd, Suite 104
Fort Myers, FL 33912
Preparation of the 2018 Chapter 112.664 compliance disclosure. 3,500.00
Benefit Calculations: PARKFR 200.00
Thankyou.pryow business.
`V
Please make all checks payable: to:
Foster & Foster, Inc.
13420 Parker Commons Blvd, Suite 104
Fort Myers, FL 33912
Veterans, Advisory
......... .. ....... .. .
JANET M. GRAHAM
5 4 9 0 TECHNICAL WRITER
97 Overlook Drive
C, r
FIT, HFHAD: Sebastian, I'L 32976,
Jeanette Williams, City Clerk
City of Sebastian
1225 Main Street
Sebastian, FL 32958
Budget Review Advis2F
PRoj=","r tv/
NT: S 14.4_,U
EWFE:
Planning & Zoninq
Q� 0-dQ
ANQUQ,�T:
D AT E:
I k NVOICE FOP JUNE 2019
5-29-2019 Police Pension Board
--
Special Meeting
3 pages
$ 54.00
5-29-2019 Regular Meeting
8 pages
144.00
6-3-2019 Veterans Advisory
3 pages
54.00
6-17-2019 Budget Advisory
8 pages
144.00
6-20-2019 Planning and Zoning
8 pages
144.00
6-25-2019 Parks and Recreation
7 pages
126.00
6-26-2019 Special Magistrate
8pages
144.00
ParTIPtaSI& Recreation Advisor
Special Magistrate
$810.00
J P0
IAMOWi"r:
JE,r
s., 1 - ------
D XFE:
XM rD U,1,1 T IA4 0 0
DEFT, HEAD.
UkTE:
DE -PT
m J
Ir i Of i h rYP�ii�111fry
Ntlmr
m
HOME OF PELICAN ISLAND
City of Sebastian
1225 Main Street
Sebastian, Florida 32958
INVOICE
71225
Sebastian Policy; Pension Trust Fund � INVOICE:
Main Street Date: 8/7/2019
Sebastian, FL 32958 Amount: $6,000,00
AMOUNT
DESCRIPTION DUE
I
Agreement With City of Sebastian Dated June 14, 2017 for
Plan Administrator Services for July, August and September 2019. $6,0010.00
PAYMENT DUE UPON RECEIPT.
PLEASE RETURN COPY OF INVOICE WITH PAYMENT
THANK YOU.
i
TOTAL A1V1OUTsiT D..... ., , .....
$6,000.00
Remit To: City of Sebastian - Attention Ken Kill ore - " �;F , tt
1225 Main Street
Sebastian., Florida 3295a
Account Codc 001501-349620
M -,v 'w
.1 W1,
Expense Analysis
FEE TYPE
2016
2017f
2018'
ACTUARY FEES
15,509.00
$
12,587.00
$
17,834.00
ADMINISTRATIVE FEES
$
--
24,000.00
ADR FEES
$
528.09
$
790.91
$
1,896.80
ATTORNEY FEES
$
22,636.80
$
27,1277.17
$
32,906.22
CONSULTANT FEES
$
13,500.00
$
13,500.00
$
13,500.00
ICUSTODIAN FEES
$
6,735.00
$
19,970.00
$
25,400.00
FOREIGN TAX W - ITHHELD*
$
3,409.95
$
4,390.32
$
5,464.13
INSURANCE PREMIUM
$
3,021.05
$
5,900.00
INVESTMENT MANAGEMENT FEES
$
42,352.99
$
63,231.54
$
92,658.30
IMISCELLANEOUS EXPENSES
$
121.50
$
3,411.20
$
5,548.51
lGrand Total
$
104,323.33
$
146,651.96
$
227,422.96
*Globe Tax - collected $1925.77 YTD
STC client since February, 1999
Amended contract in December 2010
Current fee in place since December 2010
Annual fee (includes 3 sub accounts)
$500 per additional account
300 trades per year - no additional cost
300+ trades
Market Value
Trade vollurne
$5 each
12/31/2016
12/31/2017
12/31/2018
5/28/2019
13,131,004 $
14,296,485
13,334,883
$
14,505,319
75
3,166
3,778
3,479
AAEU" ` �20 WA
TO: Board of Trustees, City of Sebastian Police Officers' Retirement
System
FROM: BonniS.Jensen
Cassandra M. Harvey
RE: Information for Divorcing Members and Spouses of the City of
Sebastian Police Officers' Retirement System
FILE: 17-0042
DATE: June 6, 2019
In an effort to provide information to Members who are going through the process
of marital separation and divorce, the Board of Trustees of the City of Sebastian Police
Officers' Retirement System (hereinafter the "Pension Board") has prepared the following
summary and materials in order to familiarize you, your spouse and any attorneys or
mediators with the pension benefits payable under the retirement systern (hereinafter, the
"Pension Plan").
It is important to recognize that the Pension Plan is a defined benefit retirement
system. This means that monthly pension benefits may not be paid to you or a former
spouse unless and until you vest in the Pension Plan and separate from service with the
City of Sebastian. In other words, benefits cannot be paid to anyone (you or a spouse)
until the Member is eligible, has applied for retirement Linder the provisions of the Pension
Plan and has been granted a benefit, Members are encouraged to review the Pension
Plan ordinance, as well as the Summary Plan Description.
The Retirement System is set forth in Chapter 58, Article W, Sections 58-46 — 58-
70 of the City of Sebastian Code (available online at httr)://municode,com). Domestic
relations orders are specifically addressed in Section 58-64. The Retirement System is
also governed by Chapter 185, Chapter 112 (Part VII), Florida Statutes, and the Internal
Revenue Code. As a governmental plan, the Retirement System is not covered by ERISA,
For this reason, the Pension Plan is not required to and cannot honor Qualified Domestic
Relation Orders ("QDROs").
7080 No wniwi.-,s,r 4 m PLANTATIC>N. 1 33317
f)jjjr )NF: (954) 916-1202 - FAX: (954) 9 16-1232
www.k I U1 SlICI-k 4W 1M,111XOM
'See Board of Trustees v. Vizcaino, 1635 So.2d 1012 (Fla. 131 DCA 1994) (holding that qualified domestic
relations order cannot be used to force direct payment to a non -participating spouse of a portion of a
spouse's municipal pension benefits in order to achieve equitable distribution of the parties' marital assets);
Alvarez v. Board of Trustees, 580 So.2d 151 (Fla. 1991) (discussing the use of income deduction orders in
relation to governmental retirement plans); Board of Trustees v. Langford, 83,3 So. 2d 230 (Fla. 51h LICIT
2002) (holding that the qualified domestic relations order could not be used to force direct payment to ex-
wife of potion of former employee's pension benefits). All cases are available upon request.
Information for Divorcing Members and Spouses of the City of Sebastian Police
Officers' Retirement System
Page 3 of 3
In sum, pension benefits can be distributed using the Model Order or an IDO.
Alternatively, the Court can order or the parties can agree that upon receiving his or her
monthly pension payment, the Member will remit the spouse's share to the ex -spouse.
Monthly payments are made by direct deposit and many banks offer automatic electronic
payment or recurring monthly payments. This arrangement can assure timely receipt by
the, Member of the monthly benefit and timely payment of the ex -spouse's share.
The Pension Office CANNOT give legal advice concerning the division of pensi
benefits. Members are strongly encouraged to seek experienced counsel. i
IN RE:The Marriage of
vs.
(A) (B)
PetitionerlHusband,
(C) (D)
RespondentANife.
THIS CAUSE came before the Court on the Petition for Dissolution of Marriage of
(A) (B), Petitioner/Husband and (C) (D), Respondent/Wife, and the Court having
determined that the spouse has an interest subject to distribution in the retirement
benefits of the City of Sebastian: Police Officers' Retirement System, does hereby
ORDER AND ADJUDGE:
1. That
cause a joint account to be opened at the
of (A)(B) and (C)(D). The former
account.
2. The former
I shal:l, upon eligibility for normal' retirement,
Bank in the joint name
shall bear the cost of the joint
shall direct the Board of Trustees of the
City of Sebastian Police Officers' Retirement System upon application and approval for
1
retirement benefits, to cause the retirement check to, be direct deposited in the joint
account established under paragraph 1 of this Order.
3. The trustee of the account shall be directed to distribute the monthly
retirement check by sending the sum of dollars to the former and the
sum of dollars to the former
4. Nothing in this Order shall authorize the receipt by the of any
survivorship or other benefits which are not otherwise authorized under the provisions of
Chapter 112 and Chapter 185, Florida Statutes, or the City Code of the City of
5. Nothing in this Order shall be construed to require the payment of a
retirement benefit to any person who is, not otherwise authorized by law to, receive such
6.
The
Court
reserves jurisdiction to determine
compliance with the
provisions
of this
Order
and to make such modifications as
may be necessary to
accomplish the intent and purpose of this Order.
DONE AND ORDERED in Chambers at, County,
Florida, this _ day of 1 2 0_.
CIRCUIT COURT JUDGE
Copies furnished to:
Counsel for Husband
Counsel for Wife
Counsel for Pension Fund
CITY OF SEBASTIAN, FLORIDA
POLICE PENSION FUND - 2018/2019 BUDGET/ACTUAL
Update as of September 9, 2019
Approved
Amended
Total
Previous Year's Annual Total
2018/2019
2018/2019
Actual 2018/2019 To Date
2018/2019
2017/2018
2016/2017 2015/2016
2014/2015
2013/2014
Annual Oneratine Expenses
Budget
Budget
1011-12131
1 1-3 31
4 1-6 30
7 1 -9 30
Actual
Actual
Actual
Actual
Actual
Actual
Investment Managers:
Highland Capital
$ 52,000
$ 51,450
$
$ 10,709.55
$ 11,748.57
5 12,163.39
$ 34,621.51
$ 67,754.39
$ 60,479,85 $
42,352.99
$ 64,402.32
5 58,710.23
Boston Parners --=-- -- -- --
7,000
7,000
1,858.40
1,621.07
1,689,27
1,717A7
6,995.81
6,763.47
-
-
-
-
Fiera Capital (AP€X)
5,400
5,950
1,572.12
1,270.83
1,512.33
1,588.48
5,943.76
5,386.84
-
-
-
-
Renaissance
7,000
7,000
1,876A1
1,564.05
1,693.11
1,740.59
6,874.16
6,451.11
Center Coast (Brookfield)
3,000
3,200
817.12
686.00
802.15
808.24
3,113.51
2,909.69
-
-
-
-
Intercontinental _
-
-
-
-
-
-
PerformanceManager- Graystone
13,500
13,500
3,375.00
3,375.00
3,375.00
3,375.00
13,500.00
13,500.00
13,500.00
13,500.00
16,875.00
15.000.00
Salem Trust Company
29,000
29,000
5,015.00
9,770.00
6,550.00
5,145.00
26,490.00
28,250.00
7,245.00
6,265.00
6,615.00
5,295.00
ADR Agent Fee - Foreign Dividends
2,300
2,300
336.25
162.91
264.59
377.10
1,140.85
1,643.74
581.24
451.80
141.44
186.69
Sub -total Investment Expense
$ 1-19,200
$ 119,400
$ 14,850.30
$ 29,159.41
$ 27,635.02
$ 26,91-4.87
$ 98,559.60
$132,659.24
$ 81,806.09 $
62,569.79
88,033.76
$ 79,191.92
Actuarial - Foster & roster
18,000
18,000
473.00
12,583.00
3,700.00
16,756.00
17,834.00
13,331.00
14,765.00
21,398.00
15,544.00
Experience Study Update - Foster & raster
-
7,S00
-
-
-
-
-
-
-
-
State Report Preparation - Faster $ Foster
3,400
3,000
-
-
3,000.00
-
3,000.00
-
-
-
-
-
Legal Services
26,000
39,450
8,234.92
11,783.17
17,856.86
1,487.50
39,362.45
25,138.80
29,011.01
18,294.60
17,189.16
7,623.64
Administrative Fee to City
24,000
24,000
6,000.00
6,000.00
6,000.00
6,000.00
24,000.00
24,000.00
Insurance
2,600
2,600
2,585.00
-
-
-
2,595.00
2,585.00
3,021.05
3,121.05
3,121.05
3,000.00
Miscellaneous:
-
-
-
-
-
-
-
Minutes Preparation
1,100
1,100
256.00
96.00
144.00
198.00
694.00
1,042.00
Codification of Approved Ordinance(s)
600
600
-
-
59&20
1,222.07
1,646.7E
Functional Capacity Assessments
1,350
2,7w
2,70000
-
2,700.00
1,344,00
Travel - -°
-
-
-
695.50
101.90
-
Contingency
15,000
-
-
-
-
-
-
Sub -total Administrative Expense
$ 91,650
$ 98,950
$ 17,075,92
$ 18,352-17
$ 42,283.86
$ 11,385.50
$ 89,097.45
$ 72,542.00
45,363.06 $
36,87&15
$ 43,032.18
$ 27,814.40
Total Operating Expenses
$ 210,950
$ 218,350
$ 31,926.22
$ 47,511.58
$ 69,918.88
$ 38,300.37
$ 187,657.05
$ 205,201.24
127,169.15 $
99,445.94
$ 131,065.94
$ 107,006.32
I
June 28"'. 2019
City of Sebastian Police
Attiv K'.cn Kilk,ore
122Maii-i St
Sebastian, Fl- '31'
Dear K-c-n,
Mr, Charles Mulfinger, an Institutional Consultant And a mernber of Gmystone Consulting
Tampa, will be retiring after a longcarecr of w,°Cr 35 years Nvilh Moroan Stanley Si-nidil Barney
LLC (hen-inafler -MorL-Iall Stanley"). Not only are Mr. Mulfinger and I pleased your account
'will continue To be sc�tvicecl by his long timic., collea-u.,cs ol'Graystone Consulting Tart pa, loeft we
are also con-u-nitted to making the transition as searpless as possibly; (contact inforinatiOrl
To acknmvledge -Mr- MWfingel-'S long servic(with the 1:1rill, and Ilis, cummi'll.)ent to assist In the,
transition, mciroan pelruaits Mr, NIMIA-inger to fecceive cor&nued p.aynAeMs,,-elMmg' to
in y-,-All. accol.1ni for a pc-vic)d of 60 rnonths after his retirernen.t. Pi.ease be ,.i.ssuned this
arrangr-ment does not incr�-asc ally iJvlsoyy fees charged by N'forgan ( 'AT a. , In Stanley ay, ' 'I,
Tile Securities and L
,e Commission (SEC) aricl Financial Inciustr.", Re-wlakory Auffiority
Y � Z7
(FINRA) have specific rcqulr.ments and guidelines that must be For example, while
Mr, -NIkulfinger Tectives payinentsafler his retiremwnl, he may not PrOVide YOU With any filiancial
ajcjvjc�- or discliss any investments 'vvith yore. To assure with tic terms of this
prograni., Morgan Stanley may reach 0' to yol I while the avrangerrievil, is active.
No aclion is mtcdeal at th]3 time, llowe-vet, pl--ase contact me at any time with any que'sti011s Or
c0flcellls.
ale valve you as a clicra and thank you for the oppwitmity to conti�llle to SCINE )fMAT 1-mancial
needs.
Sinceyp.ly,
Stan Carter
Exec:ttlivc
Twiip,-, Cconplc: Mana.c-cr
Morgan St�ml<q Smiith Banicy
('JtC 21059')JU�V 201S
institutional Consultants
Scott Owens, CFAR, CIMA011 - Vice President. Institutional Consulting Director
Phone: (813) 227-2027 Email: Scott. Owc n I lsr,)ra v st onc. co III
David Wheeler, CFP(*, CJMAr, CRPSCR Senior Vice President, Institutional Consolting
Director, Corporate Retirement Director, Alternative Investments Director
Phone: (8 13) 227-2178 Email:
Adam 11. Palmer --- Senior Vice President, Institutional Consultant, Alternative Investment
Director
Phone: (813) ')27-2033 Email: Adam]
Andrew Melivaine - Institutional Consultant
Phone: (8 13) 227-2 :. 160 Email:
Cameron O'Neill - Financial Advisor, Financial Planning Specialist
Phone: (813) 227-2036 Email:
AEalasts
Theodore J. Loewy, CFA(-I-z,, --- Assistant Vice President, Institutional Consulting Analyst
Phone: (8 1 ' )) 227-2088 [?mail: Flicod o re, I n s,-, ra v sto tie. coin
Timothy P. Haugaard, CIMA4z) - Assistant Vice President, Institutional Consulting Analyst
Phone: (386) 740-2001 Email: Tinioll-tv.11.1
Amanda M. Zugschwert - Client Service Associate., Analyst
Phone: (813) 227-2) 135 Fxnail:
Thomas Gashonia - Senior Registered Associate, Analyst
Phone: (8131) 227-2068 Email:
Legistered Chent Service Associates.
Richard T. Detweiler - Senior Registered Associate
Phone: (8 13) 227-2038 Email:
Dana Morten - Senior Registered Associate
Phone: (9 13) 227-20 16 Email: Dana.M.] lootciA(cil,�iiis�rEivsto"c.coIll.
Kelsey Zyndorf - Senior Registered Associate
Phone: (8 13) 227-2) 00 1 Email:
Moran Stanley Sniith Barney LLC Meriber SHIC
CRC 2165939 Jul*, 2018
Proposed
2019/2020
Annual Doerating Expenses
Budget
Investment Managers:
Highland Capital
$ 47,000 $
Boston Parners
7,000
Fiera Capital (APEX)
6,000
Renaissance
7,000
Center Coast )Brookfield)
3,400
Intercontinental
-
Performance Manager - Graystone
13,500
Salem Trust Company
27,000
ADR Agent Fee - Foreign Dividends
1,500
Sub -total Investment Expense
$ 112,400 $
Actuarial - Foster & Foster
17,000
Experience Study Update - Foster & Faster
I
State Report Preparation - Foster $ Foster
31000
Legal Services
40,000 `
Administrative Fee to City
24,000
Insurance
j' 2,600
Miscellaneous:
Minutes Preparation
(' 1,050
Codification of Approved Ordmance(s)
600
Functional Capacity Assessments
2,700
Travel
-
Contingency
15,000
Sub -total Administrative Expense
$ 105,950 S
Total Operating Expenses
$ 218,350 ;
CITY OF SEBASTIAN, FLORIDA
POLICE PENSION FUND - 2019/2020 PROPOSED BUDGET
Submitted to Police Pension Board 09/17/19
Amended
Total
2018/2019
Actual 2018/2019
To Date
2018/2019
Budget
10/1-12/31
1 1-3 31
4 1-6 3
7 1-9 30
Actual
51,450
$ -
$ 10„709.55
$ 11,748.57
$ 12,16139
$ 34,621.51
7,000
1,858.40
1,521.07
1,689.27
1,717.07
6,885.81
5,950
1,572.12
1,270.83
1,512.33
1,588.48
5,94176
7,000
1,876.41
1,564.05
1,693.11
1,740,59
6,874.16
3,200
817,12
686.00
802.15
808.24
3,113.51
13,500
3,375.00
3,375.00
3,375.00
3,375.00
13,500.00
29,000
5,015.00
9,770.00
6,550.00
5,145.00
26,480.00
2,300
336.25
162.91
264.59
377,10
1,140,85
119,400
$ 14,850.30
$ 29,159.41
$ 27,635.02
$ 26,914.87
$ 98,559.60
18,000
-
473.00
12,583.00
3,700.00
16,756.00
7,500
-
-
-
3,000
-
-
3,000.00
-
3,000.00
39,450
8,234.92
11,783.17
17,856.86
1,487.50
39,362,45
24,000
6,000.00
6,000.00
6,000.00
6,000.00
24,000.00
2,600
2,585.00
-
-
-
2,585.00
Previous Year°s Annual Total
2017/2018
Z016/2017
2015/2016
2014/2015
2013/2014
Actual
Actual
Actual
Actual
Actual
$ 67,754.39
$ 60,479.85
5 42,352.99
$ 64,402.32
5 58,710.73
6,763.47
-
-
-
-
5,386.84
6,451.11
2,909.69
13,500.00
13,500.00
13,500.00
16,975.00
15,000.00
28,250.00
7,245.00
6,265.00
6,615,00
5,295.00
1,643.74
581.24
451,80
141.44
186.69
$ 132,659.24
$ 81,806.09
$ 62,569.79
$ 88,033.76
$ 79,191.92
17,834.00
13,331.00
14,765,00
21,398.00
15544.00
25,138.80
29,011.01
19,294,60
17,189.16
7,623.64
24,000.00
2,585.00
3,021.05
3,121.05
3,121.05
3,000.00
1,100
256.00 96.00 144.00
198.00 694.00
1,042.00
600
- - -
- -
598.20
1,22107 1,646.76
2,700
2,700.00
2,700.00
1,344.00
-
-
-
-
695.50 101.90 -
98,950
$ 17,075.92 $ 18,352.17 $ 42,283.86
$ 11,385.50 $ 89,097.45
$ 72,542.00
45,363.06 $ 36,876.15 $ 43,032.18 $ 27,814.40
218,350
$ 31,926.22 $ 47,511.58 $ 69,918.88
$ 38,300.37 $ 187,657.05
$ 205,201.24
127,169.15 $ 99,445.94 $ 131,065,94 $ 107,006.32.
From: Du|oeZapata-Esca|antm <du|oe@rohertdklausnercom'
Sent Thursday, September O5'2Ol9G:O5PM
To: Kenmeth0Ugmpe
Cc: bsjteam
Subject: 2020 meeting dates for Sebastian Police
CAUTION: This email originated from outside your orgainization. Exercise caution! when opening attachmentsor clicking
|imks,,esperjVUyfrom unknown senders.
Good Afternoon Kenneth:
� am working on the 2020 meeting dates, dates are as follow:
March 17 June 16 September 1S December 15 (starting at 10:00a.m.)
Should you have any questions, please contact our office.
Legal Assistant
Klausner, Kaufman, Jensen & Levinson
7080 NW 4t" Street
Plantation, Florida 33317
Client Memorandum
To: All Pension Plans
From: Klausner, Kaufman, Jensen & Levinson
Date: July 2019
Re: Cyberattack and Cyber Liability Insurance Coverage
The purpose of this memo is to heighten awareness of the possibility of a cyberattack
for retirement plans and the importance of carrying cyber liability insurance. The Federal
Bureau of Investigation warns that "state and local governments can be impacted by
r,ansomware, an insidious type of malware that encrypts, or locks, valuable digital files
and demands a ransom to release them," Several Florida municipalities have already
been hit by cyberattacks; these attacks have cost hundred's of thousands of dollars to
fight, or alternatively, to pay the requested ransom. III -prepared retirement plans are
extremely vulnerable to devastating cyberattacks. Because there is never a good time
for a cyberattack, bridging the gap early between attack and recovery is paramount.
Segal Consulting ("Segal"), a firm dedicated to providing services to retirement plans
and other public sector clients, recommends creating an "incident response plan" to
combat a cyberattack or strike. According to Segal, an incident response plan should
consist of three major components: (a) contain, (b) eradicate, and (c) recover from the
incident. Segal also suggests taking the following preparatory steps to assist with
cyberattack recovery:
1. Create a list of critical business functions;
2. Identify when those critical business functions are during the calendar
year and how much time they usually take to complete; and
Cl'ient Memorandum
Re: Cyberattack and Cyber Liability Insurance Coverage
Page 2
3. Identity the criteria used to determine if alternate arrangements must
be made to meet your critical business obligations,
A carefully crafted incident response plan can help retirement plans address the
problems experienced after a cyberattack and work swiftly to find a resolution. A good
plan is essential for business continuity. Ensuring business continuity during a
cyberattack can help a retirement plan maintain its critical functions at all times, except
after a major disaster.
Other ways to prepare for a cyberattack include backing -up all computer networks and
securing alternate methods to have retirement benefits timely processed. Such alternate
methods may include contracting with an off -site third -party to handle the processing of
retirement benefits in the event of an emergency. All retirement plans should reach out
to plan sponsors seeking the procedures it has in place in the event of a cyberattack.
14T112 111-313 XF.110=
We recommend that all retirement plans require vendors to have or to purchase cyber
liability insurance in the amount of $5,000,000-00. All current agreements with vendors
that do not already include cyber liability insurance should have the policy amended to
include a cyber liability rider adding such coverage. We also recommend adding the
following language, or similar language, to all vendor contracts:
The vendor agrees to obtain and maintain in full force and effect under the
terms of this Agreement, at least a $5,000,000.00 cyber liability policy.,
The policy shall include coverage for breach response expenses, security
and privacy liability, regulatory investigation coverage for covered losses
resulting from a data breach of related claims. The vendor will endeavor to
notify the Board, in writing, in the event of any change in its cyber liability
policy and to immediately notify the Board if said insurance is terminated,
canceled or discontinued, in whole or in part. The vendor agrees to
periodically provide confirmation to the Board that coverage continues.
The vendor will add the Board as an: additional insured.
This language will be included in vendor agreements drafted by our office on the
retirement plan's behalf.
Section 501.171, Florida Statutes, governs "security and confidential personal
information." Under this statute, a governmental entity is considered a "covered entity"
Client Memorandum
Re, Cyberattack and Cyber Liability Insurance Coverage
Page 3
and must take steps to notify those affected by a cyberattack and to "restore the
reasonable integrity of the data system that was breached." Section 501.171(4), Florida
Statutes, provides:
[A] covered entity shall provide notice to each individual in this state
whose personal information was, or the covered entity reasonably
believes to have been, accessed as a result of the breach. Notice to
individuals shall be made expeditiously as practicable and without
unreasonable delay, taking into account the time necessary to allow the
covered entity to determine the scope of the breach of security, to identify
the individuals affected by the breach, and to restore the reasonable
integrity of the data system that was breached, but no later than 30 days
after the determination of a breach or reason to believe a breach occurred
unless subject to a delay authorized...
Florida Statute, Section 501-171, may be read in its entirety at
httD://www,leq.state.fl.us/statutes/index.cfm?Aoo mode=Disr)iav Statute&Search Strin,
g&URL=0500-0599/0501 /Sections/0501.171.html.
The Federal Trade Commission provides a useful guide og steps an organization
should take after a breach has occurred. This guide can be accessed by clicking the
following link: httiDs://www.ftc.qov/system/files/doaqg����/pdf-
0154 data-breach-response-quide-for-business-042519-508odf.
Any retirement plan in need of assistance choosing a cyber liability insurance policy
may contact James Martinez, with Gallagher at James_
Martinez@ajg.com, Gallagher
has developed a cyber liability insurance program with the National Conference on
Public Employee Retirement Systems ("NCPERS"). NCPERS membership is not
required for assistance with this matter.
For additional information concerning new developments in cyber security policy please
contact John Reidy, with the Pension Technology Group at Lohn@Stq-usa.com or by
telephone at (617) 977-8408, ext. 18.
As always, feel free, to contact our office if you have any cyberattack or cyber liability
insurance questions.
From: sale nntrustcompany<sa|emtmstcompany@sa�emtrusLcmm>
Sent Monday, April OL20I93:2OPM
To: Salem Users
Subject Salem Trust Company Change inOwnership
Attachments: TMI-Salem Client Letter Final EMail(B),pdf; TMI Acquisition of Salem FAQs (F).pdf
Attached is exciting news about the change in ownership of Salem Trust Company.
The attachments introduce our clients and their service providers to the friendly acquisition of Salem Trust Company by
TM| Holdings, Inc. A press release is also available at the Salem, Trust vvebsite, vvwuv.sa[enntrwstzom. We also welcome a
chance to meet personally to discuss this compelling combination and provide additional information that is requested.
In the meantime, please do not hesitate to contact your relationship manager with any immediate questions.
Thank you for choosing Salem Trust Compainy as your custodian.
""An, Authentic Difference"'
This is being sent from an unmonitored email - Please direct any questions, concerns or comments directly to your
Relationship Manager or Salem Trust Service Office.
rUSt Company
RE: Combined Synergies of TIVII Trust Company and Salem Trust Company
&»avalued client ofSalem Trust Company, weare reaching out tnyou Lmlet you kmowabout some very
exciting news.
TIVII Trust Company and Salem Trust Company havelong recognized the synergies between our two
companies our cultures ofclient focus, our core competencies, and our markets. Totha1emd[TM[Trust
Company has entered into afriendly transaction to acquire Salem Trust Company, Both TK4| and Salem,
will continue to operate their businesses as they are today and Salem Trust Company will not change its
name.
There are no material changes to how you interact with Salem, Your relationship manager will not
change, your account numbers will remain the same, your account access will not change, there will be
nmimpact onyour client service, and Sa|enn'sservices will not change.
What will change is clients will now have access to the combined strengths of both organizations, TIVII
has deep corporate trust expertise as a bond trustee and escrow agent, while Salem is the recognized
leader of custody services to government retirement plans and institutional clients,
Weunderstand you may have some questions rmgardingthiscomb|natiom.Yourrelationsh|pmanager
will be contacting you to discuss the details and answer any questions you may have, In the meantime,
wehave included pertinent FAQ'sabout this transaction.
We look forward to continuing to grow with you as we de,liver on our material commitment to client
service bycreating AnAuthentic Difference"'.
Sincerely,
Tony Guthrie, Mark F.Rhein,
Chairman President
Question: What is happening?
Response: For the past 10 years, Salem Trust Company and TMl Trust Company, a Texas chartered trust
company, have been interested in combining their businesses to take advantage of synergies in markets,
operations, and client service models to enhance the services provided to their clients. To that end, TMI
Trust Company has completed a friendly acquisition of Salem Trust Company effective April 1, 2019. An
opportunistic intersection of many positive factors led to the decision to accept the offer from TIVI Trust
Company.
Question: Who isTMi Trust Company and what do they do?
Response: TMI Trust Company is a Texas chartered trust company founded" in 19,54. Headquartered in
Fort Worth, Texas, TMI Trust Company has locations in Atlanta, Milwaukee, and Naples Florida, with
additional' personnel in Las Vegas and Charlotte. TMI is an expert provider of Trustee, Escrow Agent,
Loan Agency, IRA/Custodial, and Family Office services.
TMI is an organization with more than 6dO employees and more than $3,,2 billion in assets under care.
The executives have extensive corporate trust experience. Through the years, the, TMI executive
leadership have been involved with more than 30 similar acquisitions.
Question: What is changing for Salem Trust Company?
Response: The acquisition represents an ownership change for Salem Trust Company without material
change to the structure of the company. Its management, people, systems, and operations will not
change due to the TMI purchase.
Question: Will the Salem Trust Company name change?
Response: Salem Trust Company will! continue to operate under its current name. it will continue to be
recognized forA,7 Aub.,entic it makes for government pension plans and institutional
clients.
0
Question: Will my relationship manager change?
Response: TIVII Trust Company will be retaining all the people, offices, and systems of Salem Trust
Company.
Question: Will my account numbers change?
Response: Account numbers will not change as a consequence of the acquisition.
Question: Will my account access change?
Response: The structure of accessing accounts will not change,
Question: Will the location of service office change?
Response: The acquisition will not result in the closing or relocation of the Salem Trust Company offices,
Questiom Ml there be an impact on my service?
Response: There are not any anticipated changes to the quality senJce provided by your relationship
manager.
Question: Will there be an impact on the services offered by Salem Trust Company?
Response: TIVII Trust Company will not change the services offered by Salem Trust Company, However,
Salem clients will now have access to offer the full spectrum of services offered by TIVII Trust Company.
Question: Is there any action required on my part as a client of Salem Trust Company?
Response: The acquisition has been structured to minimize the impact on the clients, of Salem Trust
Company. It is expected that clients of Salem Trust will not have to take any action at this point,
N
lax vwl�E
From: Mary Jean Gloudeman <MaryJean.Gloudei-nan@foster-foster.com>
Sent: Tuesday, July 16, 2019 3:20 PM
To: Mary Jean Gloudernan; Drew Ballard
Subject: 2018 Comparative Analysis Schedules
Attachments: 2018 Ranking Schedule.pdf
Dear Board of Trustees,
Please find attached the 2018 Comparative Analysis Schedules which represent different statistics that we
compile from the annual valuationsfor Our clients across the State. This special report has been created
explicitly for you. We have chosen to include six key categories that can be used for comparing the relative
performance of your plan to your peers. The statistics contained in the attached schedules are taken from the
Actuarial Valuation Report determined as of'Oetober 1, 2018.
The six categories are as follows:
Investment Return — the performance realized on the Market Value of Assets on a net -of -fees
basis. We have included: i) current year investment return; ii) 5-year average by fund, when historical
information was readily available; and iii) the investment return assumption utilized in conjunction with
the current year actuarial valuation.
Sponsor Contribution Rate — the sponsor contribution requirements as determined at the valuation date
as a percentage of Non -DROP payroll.
Member Contribution Rate — the active member contribution rates as a percentage of Non -DROP
payroll if the member was hired on the valuation date.
Benefit Multiplier — the multiplier used to calculate a pension benefit, based on a 25-year career
average if the member was hired on the valuation date.
Funded Ratio — based on the traditional funded ratio calculation of actuarial value of assets divided by
accrued liability.
Salary Increases — the average increase in pensionable compensation for the Membership. We have
also provided a separate schedule with 5-year averages by plan, when. historical information was readily
available.
We hope you find this information as a valuable resource. We are happy to share this information with you free
of charge. In future years, we will continue to update the schedules from the current valuation results and
provide to you sometime during the summer months. We appreciate the opportunity to serve as your actuary,
and we will continue to seek ways to better educate and serve in this capacity, If there is anything else we can
do to be of assistance, please let us know.
Mary Jean Gloudernan
OSIER & FOSTER'
2,018 MRKE"I VALUE, INN/ ESTM ENT RF.'l'FJR(NF^ l' OF" FEES)*
RANK C'L EN"1'N:A1IE,
RETURN
RANK C'1.1E"NT'NAAlE
1211;11IRN
I
FOR I'MYERS GENERAL
I3 e3"��,
106
AVENTU'RA POLICE
x 4,)•�,;,
2
VENICL POLICE
I?.17"6
107
011111-POR T OFN EIUhL
9,47P,
'I
ENGLEW'OOD FI RE
tlz.°r`Y%
ION
ENGLEWOOD A4rAIER
x.47'r^
1
rA1.M HAILHr,71a, Ir111E
P2.HC°':,,,
Ito
PALM BAY FIRE
5
OCE:A,N CII Y�WRIGIiT FIRM
t_',P5"',
FIII
CRLS'FVIEW GFNF:RAL,
CAINESVILLE CiI NHRIAL
12
111
BARTOW HRE
7
BAL, HAIRROLIR POLICE
12 55".,,
11,
FROS'ITPROOF POLICE
u 3z^�,
H
LIDGEWATER FIRE
12 44'!.,
III
FERNANDINA BLEACH GENERAL
K,
0
ORANGE PARK POLICE
12 ('13$F
114
NIEDLET PULICE
H 76',.
III
COCOA OLAC'FI FIRE,
I I,x°,I".,"
115
PLrNTA GORDA OEN'F:R+M,
1 t
MFTAiOUR'NF f"LICP,
I I Hurt+^
I Ir,
OVIIeDO POLICE
# 21pSu
12
COCOA RFAC'H POLI{'E
11 7P/;.
117
LAKELAND FIRE
N 15"n,
I?
BOCA RATON POLICE & FIRE (FIRE)
I IHI
DADE CFFY FIRE
N
°A
BOCA RATON POLICE& FIRE IPOL7('FI
PLI .?'i„
I I"a
CRFSTVIEW POLICE L FIRE
HI I21I4"
15
I&OCA CKANDLEIRL
113;vs:;,
1-11
L.AKELAND POLICT,
9101',
16
FORT WALT'ON BEACH GENERAL
11 43'!,"
121
AUBURN"DALE POLICE
x 07'!,;,
17
COCOA GENERAL
11 4.7'!4
1,12
MAITLAND POLICF & FIRE
# 0g1�,
IH
1ARPON SPRINGS FIRE
11291�',,,
121
LOT40130AT KEY HRE
x,l
I')
MILTON FIRE
II 15'!;,
I24
LONG BOA IKLYGENERAI.
20
LIVE OAK FIRE
I I I,P!'
115
LONGBOAT k:rY POLICE
H
2I
COCOA TIRE
II ]2"I,
dli"
1:G550MME1�: FIRE
034
ritt3".4,
FERNANDINA HP POLICE wK FIRIF
11111P;,
127
EAST LAKE TARPON FIR
H 01116
23
NEW PORT RICHFY FIRE
I I,wri,
1 I29
WIN "I'ER HAVEN FIRE
7-5o0^
24
PUNTA GORDA FIRE
11 0NH" .
1,9
NORTH BAY FIRE;
25
ORMOND BEACI I POLICE
I I.112';:;'
11.
1717
BARTOW POLICE
7.'It,^St
26
WINTER GARDEN POI.IC'E' & FIRE,
10,41eel.
131
LAKE MARY POLICE
7 93^1L
27
ORMOND BEACH FIRE:
IIL'la'!:;,
IH2
DELAND FIRE
7.99y4,
2#
ORMONI) BEACH GENERAL
I 1p,`II^q,
Hj ,
AUBURN'DALE 64FNkRAL
7 H4%"
2=l
DUNEDIN FIRE
II19r1°'r„
I34
BR ADENTON FIRE
7,H 31K
?0
TEMPLE TERRACE FIRE
III P.M,
135
COCOA BRAC"H GENERAL
7 H2°4',
31
SANFORD FIRE
IIX, G4'S5
I36
FORT' WAL: F'ON BEACH POLWF:
7 #2^.a,
1,
FORI'MYFRS HIRE
II1610'?;,
137
EDGEWATER POI. ICE
7,7x'S'",
33
GAINESVILLE P&,F(FIRFI
W 5311,;,
13R
PERRY POLICE
7 7x",,,
74
GAINESWIlLE P&F(POLICE)
105311.
Pay'
OCOEE POI,[CIE & PIRF
7 74'0H,
15
FORTNIYFiRS POLICE
Iu' 52'6,
Idol
GULFPORT POI ICE
7,721I
36
I'A RRISII MEDICAL CENH'°:la,
Iar sl'I'I,
141
AUBIPRNDALE FIRE
771'n,.p,
:17
3USHNE':,L. GENERAL
10.44",,,
142
ORANGE: PARK ERE
7,71'H6
:ix
NAPLES FIRE
10.43^,�;.
143
S'I- PETE BEACI I GENERA I.
7,71%
A9
KISSIMMEE POLICE
lit �12'S'„
1,14
DAYTONA BEACH POLICEaY"".FIRE
76H4'^
4fl
NAPLES GENERAL
I11 34°1/,,,
145
DADE CITY POLICE
7.6I'3G
4P
KISSIMMEE UTILITY AUTHOk ITT
Ili 24"`:,
I4a�
PI,.AN'1' CI'd'Y SAFETY
7 C"I'Sf.
42
NAPLES POLICE
10 21IK
147
OKALOOSA ISLAND FIRE
760^1^
43
HALLANDALE BEACH POLICE & FIRE
Io LS'Fu
148
BONFI'A SPRINGS GENERAL.
7,5x"}„
44
PALMETTO GENERAL
If1-117^:1,
149
PERRY FIRE
7 5HH,^
45
PALM BAY GENERAL
Vj iIG`Y„
'� ISIl
WEST MANATEE FIRE & RI:SCLIF
7,57"G
46
ST 1,ETE BEACH FIRE
10AY'`.&
15fl
AVON PARK: POLICE
7. 5l,';a
47
WINTER TTkVFN POLICE
10.11F'i
It'
UMATITLA POLICE
714914
1H
HOLLYWOOD FIRE,
9 "gnu'.
Ig3
EUSTIS FIRE
7'.47°d,
dJ
P'ENSACOLA POLICE
`J.9.r!,1"
154
PIN II,LAS 1'"ARE: FIRE
7.47"/.
50
OUIfdCG'POLICE Ae FIRE
155
LAKE AL17RdED POLL CE&FIRE
7. EPA
51
SOO,rH WAL:I'ON FIRE
'J, 92,m,
v,
IWLLE GLADE P'l MIAC !SAFETY O'FFICPR.S
7,38%
52
"I'FMPLE TERRACE POLICE
9 901)11
1,7
,tiEB'AST'L'AN POLIC'E',
7 35y„
11
OCOFEGENERAL
97111t;,
158
,MIDWAY FIR4':::
732'S;°
54
FLAGLER BEACH POLICE
') 76'"v
SANFORD POLICE
7 3TK
i5
DELRFIELD BEACH POLICE
9,759;,
IM
PALM C'OAST'FIRE
7301%;
56
C, R FA'I'ER ORLANDO AVIATION AUTHORITY
'+.73'".;,
161
LAKE ALFRED GENERAL
7,2
57
CASSELBERRY POLICE.FIRE
9, I')'N
I62
CAPECORAL FIRE
7,2''
5H
I.FFSBURG GENERAL
956°,�,
I63
PAI"A I'KA POLICE
727"'+u
5')
"IITUSVILLE POLICE
't.i5°i�,
IG4
GREATER NAPI,FS R kI,
7'V",
6U
f'LINIL A GORDA POLICE
9„5414,"
165
ST PE I E BEACI( POIAC'1:
7 "+,1".i,
C I
BELLE GLADE GENERAL
'�';?"•';;
G ea,
HOLMES REACH POLICE,
7,23',,a
tit
HAINES CITY CiENERAI.
9 511111;,
167
MARCO ISLAND POLICE
7.2?",h,
03
PALMETTO POLICE
94r1:1;,
Ir,N
BRODKSVTI.LI. FIRE
7.22"ru
64
HAI NE: CITY FIRE
')•d 5'x"
ItO
TAVAR I:,S FIRE
2Ua,
45
WIAJ"F'EIa GARDEN GENERAL
944'"„
171)
PA LATKA FIRN,i
7,
,wP
PALM BAY POLICE
9.4 V"i,
171
NORTH PALM( BEACH POLICE & FIRE
7
67
NORTH PORT FIRE
'PITUSVILLE
"r,32°'4
172
SEBRING FIRE
T 112"d,
2"/�
r,#
GF.NFiR,AI.
'1.21"4.
17,
"I'AVphRES POLICE
7,12",u
IYV
TARPON SPRINGS POLICE
9-2As',
174
BELLF,AfR POLIC'L
11""4s
7n
d'LA(iI,EIi BEACH FIRE
4 7.7S6
175
CAPE {'ORAL POl.,fl'E
7,16"4,
71
1FIM ALAN FIC POLICE & FIRE
1).27"44
17n
ST CLOLID GENERAL,
709'1i
72
FORT WA T'fON BEAU] I FIRE
92411^
177
ST CLOUD POLICE & FIRE
7.(Pl"
73
PO R'I ST LUC4 E POLICE:"
'Ix;,
17H
,
RGOI„L,!'HILL LIRE
7.0rrf7"�
74
PENSACOLA FIRE
921t":5,
17`)
FORT LAUDERDALF POIAC"E K FIRE
6vy'4"
75
NORTH PORT POLICE
9,13"W
I xt�
MADNON POLICE
76
LAKE CITY POLICE,
`) 11
Ix1
PANAMrA CITY POLICE
R
A H'7'X,
77
OCALA POLICE
"144°'4,
IN2
5T LIJC:PIi C'OUN''I'i° PIRF
6,HI7
7x
MEDLEYGINERA,L
u
IH3
GULFT'ORT FIRE
x2'^4
7')
M'fII:CON POLICE
nPY f'.';,
IN4
SANIBL;, I'„GENERAL
rn,xll"ro
9fl
NORTH C'OLLHE R FIRE
'J, r1r1'F�
1#5
ARCADIA POS.ICF K, ('IRE
n 7791,
Hd
DF'I,"I'ONA FIRE
# 911^.n
1 Y N6
CAPE COl2A1, GENERAL
¢; 72",F,
82
LADY LAKE POLICE
x, 90.;,
P97
IEDGEWATER GENERAL
66314,
Al
INDIAN RIVER SHORES SAFE FY
H 34^4,
M8
NEPTUNE BEACH POLICE
6 631'4
94
ST AU6USTME FIRE
H,x.",;,
Ildy
NEW SMYRNA IWACII POLICE
6,06
0
BARTOW GENERAL
p 801%,
°IrI
NORTH RIVER FIRE DI.CTR KILL
6-01`,
xr,
RONITA SPRINGS DIRE
# 7"7^."1.1
NI
ST LUCIE COUNTY GENERAL.
%7
PALM BEACH GARDENS FIRE
N,75.1a
192
HOLLEY-NAVARREE: FIRE"
#H
SEMINOLE FIRE
H,75'f
m
BELLE, GLADE HOUSING AUTHOKFT'Y
6,53'N
w
WESTMELBOURNE POLICE
9.75^ri,
194
BPJ.LEVIEW POLICE
646N,
,rp
HOLLY HILL POLICE:
8.74",6,
10'
COCOA POLICE
311u
`.)1
OVIFDCy PIRF,
#, T44„
I'+C,
LAKE WALES FIRE
6,41'%6
<r�
LAK.EPARK POLICE
H, 71%
197
SOUTH PASADENA FIR E
93
NEW SMYRNA HRACH FIRE
H 7F,
198
LAKE WALP,S POLICE
„2Ngy4
94
WINTER RAVEN GENERAL
H, 71F9i,
1,0
PANAMA CITY FIRE
{,.1(1,
4
AVON PARK FIRE
8.68"v
l Po
MADISON FIRE
G-WI ;
+I,Y
TAMPA FIRE K POLICE
:III
PORT ORANGg- FIRE & RESCUE.
C, DIP,
97
VENICE PIRG
K.+,R°„
IQ
SANIBEL POLICE
4s
DENTIN FIRE
x,�7;,
2f13
LYNN HAVEN GENERAL.
5, 97'N,
=3'y
INDIAN HARBOUR BEACH POLICE
R (,4%
2Ir4
HAINES CITY POI"IC:E
x rr'
Peru
MILTON CiI;PlER.AL
%r,4^6,
7.0
LAF:Ii WALES 4,iEEh11:RAL
5 gC1tw
III)
LYNN MAVEN FIRE
H
206
PALATKA GENERAL
1112
LEFSBLJkG PO1.JC'E
H� 6rl':5,
2177
LYNN HAVEN POLICE;
I Idi
Mk:1,fiOUIiNE BEACH POI.fl C'L
H 5`!'S;,
108
I,.LL:SBURG FIRM:
104
M I113GURNL GENERAL( REGULA R 1
955?'^
-fly
CWALA OFNF.RAL
,d 41"1„
105
MEL.BOURNE GENERAL I.SPF:CIAL RISK)
N.55"SI'
,A1'FRA4„E
%,,';N 1':;
MEDIAN
ri 5,5",I,
" Inforrnnlmm shn��s Fcrsw & F,w, d-t, only
IRG(Ilo nta' sho- CPC, IpP Fi ill Yid, F,,d'rn441 37(2011x
FOSTER & FOSTER
MARKETVALUE
INVESTMENTRETURNS
(NET' OF FEES)
5-YEARAVERAGE
(2014-2018')
*
RANK
CLIENT NAME
REPURN
RANK
CLIENTNAN11,
RY"EURN
I
ENGLEWOOD FIRF '
qg
MILTON POLICE
74"',
2
TITUSVILLE GENERAL
P9
VFNICL FIRE
7 PK
F
EDGEWATER FIRE
INDIAN HARBOUR BEACH POLICE
7 4'%
4
SOUTH WALTON Fl R F
9 2'N
�:�0
,
NOR I H POKT FIRE
74%
OCEAN CITY-WRICA IT 110 F
v I N,
102
STPF . FE BLACI I GENERAL
7 4%
6
SANFORD FIRE
DUSON PIKE
741�,.
7
FARPON SI-TUNGS FIRE
:03
P4
BARTOW FIRE
7 11,11.
9
PALM HARBOR FIRE
9 M,
105
NORTH PALM BEAU 11 POLK Hk 1:1 RE
7.3 1114
q
FORT 1MYERS GLNkRAH.
1116
NEW SMYRNA BEACH POHCF.
7.3
1)
PORT M YERS FIRE
x 81!„
107
LAKE ALFRED POLICE K, FIRE
7,;M1,
I
PALM BAY GENERAL
14 8%
W8
LEESBURG POLICE
7.3%
2
KISSIMMEE UP11-11YALITHORHY
CASSELBERKY POLICE & HRE
7?,'„I
I
COCOA HF,ACH POLICE
TARPON SPRINGS POLICE
73°,
14
COCOA BLEACH FIRE
9 xl!t,
III
BARTOW GENERA
RA 1,
7 3-v,
15
WINITA HAVEN POLICE
71,,,
112
FORT LAC DEADALL POLICE & FIRE
7 YF'
16
HOI,1,YWUoD FIRE
A, 71�,
I 13
NORTH PORT PCIACE,
7 3%
17
13AL HARBOUR POLICF
8Yi6
114
LAK L ALFRED GENERAL
7 2-,;,
19
COCOA GENERAL
g,7%
115
SEBAYFIAN POLICE
7 2%�
1,�
TI"I USVILLE POLIC E,'P FIRE
8.7",
116
SEMINOLE FIRE
7 2".�,
„NAPLES
NAPLES FIRE
9.
117
PUNTA GORDA PCIACE
21
NAPLES GENERAL
8
JIX
PALM COAST HER
22
PALM BLAnH GARDENS FIRE
8.7%
119
TAVARES POLICE
7
23
NAPLES POLICE
8 6u,.
I'll
EDGEWATER POLICE
7 Y,°
24
FORT WALTON BEAC1 I OFNEKAI.
9 0!"
421
NORTH BAY FIRE
7 2'.,,
25
VhNICE POLICE
9 6111,
]2a
NORTH RIVER FIRE DISJRK
7 2"4.
n,
DEERFIELD BEACH POLICE
123
FORT WALTON BEACH FIRE
7 TX.
27
ORANGE PARK VOLIC I,.
11 5^'4,
124
ORANGE PARK FIRE
7 211!10
2h
LAKE PARK VOI,[CL
8.5%
1�5
AVON PARK FIRE
7 2%
2"
PUNTA CORDA FIRE.
9
12 f,
LYNN HAVEN FIRE
721.
10
TEMPLE TERRACE FIRE
8 J^16
1:7
AUBUIR NDALE GENERAL
7 1%
31
SANFORD POLICE,
9
124
CAPE CORAL GENERAL
7 1%
32
KISSIMMEE POLICE
129
LAKELAND POLICE
7,1 ' 1�
33
MELBOURNE POLICE
8
OU
LONGBOAT KEY GENERAL
7. 1%
34
DFIA ON A FIRE
8
131
HOLLY I ULL FIRE
7. 1 1116
3.5
MILTON FIRE
9 V4,
02
CRESTVIEW GENERAL
7. VIi,
1c,
PA RR 15 11 M F DIC A 1. CENTER
9 3 -,;,
133
PUNTA GORDA GENERAL
7 V °4
17
COCOA FIRE
114
TAVARES FIRE
7 1 11;,
IS
WINTER CARDEN POLICE & FIRE
135
ST PETE BEACH POLKI E
7 1%
I')
TEMPLE TERRACE POLICE
8 3%,
Bin
OR LATER NAPLES FI R F.
7 (j%
40
HAP,ES CITY FIRE
9 IN,
117
KISSIMMEE FIRE
7 o76
,11
WINTER HAVEN GENERAL
9 3,%
139
SOUTH PASADENA FIRF.
7 (V!,
42
ORMOND BEACH POLICE
14q
GULFPORT FIRE
7 W,�
,13
ORMOND BEACH GENERAI
A 3%
140
LAKELAND FIRE
,14
INDIALANTIC POLICE & FIRE
8.2,i.
141
PERRY FIRE
45
HALLANDALE REACH POLICE& FIRF
9 111N.
142
GULFPORTPOLICH
7,0'Xd,
46
FLAGLER BEACH POLICE
9 2l5.
Pli
PLANT CITY SAFFIll
6 9%
47
WEST MELBOURNE POLICE
K 1%
144
GAINES CITY GENERAL
69%
49
PALMETTO POLICE
9 I 'YI,
1-0
NEW SMYRNA BEACH FIRE
6.9%,
,jq
BRADFNI ON FIRE
KP!d,
14n
PORT ORANGE FIRE & RESCUE
6)%.
50
ORMOND BEACH FflPF
147
W'F.SI MANATEE FIRE & RESULT
(I 9°
51
PINELLAS PARK FIRE
149
COCOA BEACH GENERAL
I''A',
52
EAST LAKE TARPON FIRE
9 1
H9
FERRY POLICE
6 914
53
OCOEE GENERAI
I 50
SANIBEL GENERAL
6 Y!",
54
FERNANDINA BEA( R POLICE L' FIRE
151
C RES 9*VIEW POLICE &, FIRE.
rl 91,41
59
LEESBORC; GENERAL
9 1.,
152
FORT' WALTON BEACH POC ICE.
56
OVIEDO FIRE
9 1Y^n
151
EUSTIS FIRE
57
PALVI7770 GENERAL
9
154
DELAND FIRE
6 91.
5 8
ST CLOUD POLICE & FIRE
H
t55
LAKE WAIFS GENERAL
5'1
FIVE OAK FIRE
kolll„
15n
AVON PARK POLICE
6 slll�
60
MEDLEY POLICE
7 T%
1t7
BELLEAIR POLICE
6 8%,
'A
GUITPORTGENERAL.
7.9':°
159
NEPTUNE REACH POLICE
A 8-,;
62
STCLOLID GENERAL
159
HOLMES BEA0 1 POLICE
6 7'I'
63
S F AUGUSTINE FIRE
1 N)
LAKE WALES FIRE
6 7%
64
FORT MYERS POLICE
161
LAKE WALLS POLICE
C, 7",;,
(0
BONITA SPRINGS FIRE
7 8',.
1 Q
BELLFWFW POLICE
(.6%
66
FLA GLER 8 LACI i Fi RE
7 M".
163
PALA"I KA POLICE
07
LIOCA GRANDE FIRE
7 9%
144
LONGBOAT KEY FIRE
(19
WINTER I IAVEN FIRE
7 9'9;,
I (d
LONGBOAT KEY POLICE
6.61%
16
BARTOW POLICE
7 9%
[6f,
BROOKSWLLH FIRE
6,6%
70
MELBQIRNE GENERAL tREGULAR)
7 M,
J67
OKALOOSA ISLAND FIRE
6 6%
71
MELBOUR N E GENERAL gSPECJAL RSKL
7 8'!�
168
SEBRING FIRE
6
72
WINTER GARDEN GENERAL
7. 9%
169
PAIAI'KA FIRE
el 5".16
73
OVIEDO POLICE
7 911.
IN
BELLE GLADE PUBLIC'SAH, I'Y OFFICERS
fi
74
MELBOURNE BEACH POLICE
7X6
171
EYNN HAVEN GENERAL
6
75
FERNANDINA REACT I GENE RA L
71%
172
MARCO ISLAND POI[ ICE
6 5-1„
7h
INDIAN R@VJLR SHORES SAFETY
7 7%,
173
COCOA POLICE
6.49q,
77
At IBURNDALF POIXT
7 71,�.
174
DUNEDIN FIRE
t, 44'„
79
MAITLAND POLICE & FIRE
7.7'.!,
171
LLIESBURG FIRE
6.4K
7"
OCOEE ROUCU& FIRE
7 7$!,
176
1 [AINES CITY POLICE
6A %,
K 0
p()RT ST I'L[CIE POLICE
7 7%
177
EDGEWATER GENERAL
6.4%,
91
PALM PAY FIRE
7.71!111
178
DADF, CITY FIRE
; 4,5,
Q
QUINCY POLICE;{ FFRE
7.7%
IT)
PANAMA CITY POLICE
fi 4%
0
LADY LAKE POLICE
7.1"N
190
LYNN HAVEN POLICE
6 4%
94
NORTH COLUER FIRE
7 01�.
1A'1
DADE CITY POLICE
6 3 %
9y
BELLE GLA II GENERAL
7 6,1,;,
1A2
HOLLY FILL POLIC E
(" 31 , "
9f,
LAKE MARY POLICE
7 6%
183
SANIBEL POLICE
C, I V„
97
PENSACOLA FIRE
7 (1,
184
ARCADIA POLICE & FIRE
f, 3 %,
9
CAPE CORAL POLICE
73'V
I0
OCALA GENERAL
8')
C,APE CORAL, H R E
7 V.,
I M,
PANAMA CITYFIRF
6 2°,,,
,o
LAKE CITY POLICE
TIN,
IX7
PALATKA GENERAL
6 2%
,A
NEW PORT NCHEY FIRE
188
ST LUCIE COUNTY FIRE
(,A%
',2
ST PETE BEACH FIRE
I U
ST LUCI E COUNTY GFN ERA L
6.0','.
'1:1
OR EATER OR PAN DO AVIATION Al 11 IORITY
7,VN
PM
FROSTPR 00 F POLICE
6
MILTON GENERAL I,
T5 $6
I'll
HE LLE C LADE 110 UY N G A LITI 10 RI TV
5 311.
AUBURNDALE FORE
I
10'
MADISON POLICE.
5 1%
OCALA POLICE
7
03
MADISON FIRE
5 o"',
'M7
BUSHNILL GENERAL
74%
AVERAGE
%11%
MEDIAN
7A %
kf--u- 'j—, F"R, & P.m, A."'Es "'fl,
POSTER & FOSTER
2018 INVESTMENT
RETURN ASSUMPTION*
RANK
CLIENTNAME,
RETURN
RANK
CLI ENT NANIE
RETURN
I
BELLE- GLADE PUBLIC SAFJEFYOFFI( ERS
5 fflvlI
106
MJULON POLICE
7 SV" S,
i
BELLE GLADE HOUYNG AUI HORFLY
5 30%
107
NORTH COLLIER FIRE
) 31)%
3
-IOLLEY-NAVARRE PIRG
=IAN
mg
NORTH FORT FIRE
7
4
RIVER SHORES SAIT."FY
HN
NORTH MVLA PIKE DISTRICT
1
BOCA GRANDE FIRE
i[o
OKALOOSA ISLAND FIRE
11
DEFIRFIELD REACH POLICE
III
PALM HARBOR FIRE.7
MEDI.FY GENERAL
6 qUF.
I12
PLANT CITY SArF 1')'
7 i11%
8
EDGEWATER GENE'RAL
6 75'1�.
113
PORT ORANGE FIRE& RESCUF
7 M-/,
')
ORMOND BEACH GENERAL
6 75'L,
114
FORT ST LUCIE POLICI-
7 5o.",
10
ORMOND BEACH POLICE
A 75%
t1i
QUINCY POLICE & FIRE
7 5,P;,
11
SANIFIF1 OF , NFRAL
1 75,
I i,l
SANIBEL POLICE '
7 50141
12
WENT NIN ROURNIL POLICE
1) 5%
117
ST AUGUSTINE FIRE
7 5rP;,
Ij
BELLE GLADE CENTRAL
7 oiv�;,
]IN
ST PE II: bP.AC H GENERAL
7.sfl%
14
COCOA GENERAL
7 110N,
i p^
TARPON STRINGS POLICE
7
Is
ENGLEWOOD WATER
7
1 1,o
ITNI PLE TERRACE FI RI-;
16
G R l".A TER ORLANDO AV I A FION AU IT IORITY
7 0M
12i
TEm PEFTE R RACE POLICE
7 5ir,.
17
LONC44OA] KEY FIRE
7,00%
122
NORTH FORT POLICE
7,5I'A.
IN
LONCROAl KLGENERAL
7 OP%
12.3
ARCADIA POLICE & FIRF
7.6(6'
v;
LONGBOAT KEY POLICE '
7.01164,
Q4
HONA'A SPRINGS FIRE
20
MARCO ISLAND POLICETou-;
125
BONITA SPRINGS GENERAL
21
MELBOURNE GENERAL (REGULAR)
7 NN,
126
FLAGLFR BEACH POLICE
22
MELBOURNE GENE R,AL (SPECIAL RISK}
7 [II N,
I ' 17
FORT WALTON REACH FIRE
MIDWAY FIRE
7 001!'.
t'9
FOR] WALTON BEACI I POLICE
24
OCALA GENERAL
70011
1'29
HALLANDALE BEACH POLICF& FIRE
7 60%,
21
ORMOND REACH FIRE
7
131t
ORANCH PARK POLICE
7 6 W 1�
2O
PALM COAST FIRE
7 ON'%
131
PARRISH MEDICAL CENIER
7 e;ff%
27
FALMETT () GENERAL
7
132
ST PETE BEACH FIRE
7.60%
28
PALMETFO POLICE
7
131
BROOKSVMUE FIRE
29
PUNTA GORDA GENERAL
7
04
CAPE CORAL GENERAL
Sip
SANFORD POLICE
7uM,
135
7.69i,
I
Sl PEI L BEACH POLICE
7
Ile;
EAST LAKE TARPON FIRE
7.0%
32
UMATILLA POLICE
7 00".
07
LEESBURG POLICE
7
3J
VENICE PRE
7,001,a,
1,8
CAPE ' CORAL FIRE
34
VENICE POLICE7.00%
1P)
INDIALANTIC POLICE & FIRE
7 7q%
3,5
PENSACOLA POLI('C
713%
140
LAKE WALES POLICE
7 7011
Jr,
FROS'l PROOF POLICE
720'!,
1,11
PA LATKA FIRE
7 7+)-Sil
37
AVENTURA POLICE
725ll,,
14!
PALATKA GENERAL
7 MIX,
38
C.KES7VIEWGENr.RAI.
7 2V%
143
PALATKA POLICE
7 70%„
39
CRESTVIEW POLICE K, FIRE
7 25N,
144
SEBRING IARF
7 70%
40
GULNPORl GENERAL
7 2V
145
WEST MANATEE FIR E & RESCUE
7 70%
41
HATNESCIIA FIRE
7 21".
146
WIN"FLR HAVEN POLICE
7 70"'.
42
LADYLANEE POLICE
7 2
P1 7
BAL I IARBOLIR POI,tCF '
7 75%
43
LAKE ALFRED POLICE RFIRE
7 25'!..
l4n
BRADENTON FIRE,
7.7i%
44
LYNN HAVENFfRF.
7 25?4.
14,;
BLISFINELL GENERAL
7 75%,
45
OCEAN CITY-WRIGH LFIRE
7,25*/,,
I50
CAPE CORAL POLICE75
.4 6
PALM BEACH GARDENS FIRE
7.25"',,
151
COCOA BEACH FIRE
7,75.1"
.17
PERRY FIRE
7-151ii„
152
COCOA BEACH GENFRAL
7,75'F,
48
PINELLAS PARK ERE
7 2511"
153
COCOA BEACH POLICE
7 75"
,,to
ROU Ill WALTON FIRE
72iN,
114
FERNANDINA BEACH GENERAL
7 751$Y,,
50
TAVARFS FIRE,
7 25%
1:55
FORT MYERS POLICE.
7
31
WINTER GARDEN GENERAL
7 2V/.
I , tr,
GREATER NAPLES IHRE
7 75%,
52
WIN] ER GARDEN POLIC FINU,
7 .25%
J�7
tNDIANHARBOUR BEACH PCI,ICL
7 75'S,
53
DADE, CITY FIRE
730'/n
199
KISSIMMEE ITFIL11 Y AUTHORITY
7.75%
54
DADE C11 Y POLICE
7.31011 4
1,19
LAKE WALES FIRE
7 7511.
15
SFIIASTIAN POLICE.
73f6l,
I W
MADISON FIRE
7.71
N
WINTER HAVEN GENERAL
7,30%
1 C, I
MILTON FIRE
7 71"11
57
FORT LAUDERDALEPOLI(F & FIRE
7311i,
162
MERE ONE BEACH POLL
7 7s°,i.
ix
DENTIN FIRE
7 409;
10
NEW SMY RNA BEACH POLICE
73 5'
ill
ENGLEWOOD FIRE
7 4W,
164
NORTH BAY FIRE
7 75?
flit
HOLLY I IILL FIRE
7 40'N,
LtJ
NORTH PALM', BEACH POLICE FIRE
7 75",',
61
HOLLY HILL POLICE
7 4 1 F.,
V,6
OCOEE GENERAL
7 75,,,i,
(12
NAVELS FIRE
7 411t;,
167
ORANGL PARK FIRE
7 75N,
63
NAPLES GENERAL
7
](,N
OVIEDO FIRE
7 75+!K,
0,4
NAPLES POLICE
7,40!1,
D,lj
OVIEDO POLICE
7 75%,,
(,5
LEESBURG UFNERAL
7,41%
1 7T1
PALM BAYIPME
7.75lSa
(,(,
AUBURNDALE LIRE
7
F71
PALM BAYGENERAI
7 75N
0
AUBURNDALE GENERAL
T1 u"',,
171
PA LM BAY POLICE
is
ALIBURNI)ALLPOLICE
7,5 n%
173
PENSACOLA FIRF
69
AVON PARK 1:1 RE
7
174
PERRY POLICE
711
AVON PARK POLICE
7501!i4
J73
PUNTA GOROA FIRE
7 75%
71
BARTOW GENERAI
7 501%
176
PUNTA GORDA POLICE
7 75%
72
BELLEAIR POLICE
7 50%
177
SANFORD FIRE
7 75%
73
BELLEVIEW POLICE
7 lfr,,
17K
SEMINOLE FIRE
7 751 o-
74
COCOA POLICE
7jirt,
1:71)
SOUTI I PASADFNA FIRE
7 75%
75
DAYTONA aLA(A I POLICE & FIRE
7 5ulli,
I 9(t
SI'CLMJD GENERAL
7 75%
76
DELAND FIRE
7 50%
181
TAVARES POLICE
775%,
77
DUNEDIN FIRE
7 50%
192
TITUISVILLE GENERAL
7
78
EI)CEWATER FIRE
7.51)%
w
TFFTJISVILLF POLICE & FIRE,
775%
T)
EDGF.%VATIR POLICE
7,5(t'!,
I m
WINTER I lAVFN FIRL
7.75%
Hit
FLAGI.F.R BEACH FIRE
T50%
10
FERNANDINA BEACH POLICE & FIRE
7 9111%
81
FORT MYERS GENERAL
7.51M.
1 N6
NEW SMYRNA BEACH FIRE
7.801%,
9-1
GULF PORT FIRE
7 5051,
187
PANAMA CITY FIRE
7 8 0',
9:;
GULFPORT PCLICE
7 ' 10%�
199
PANAMA CITY POLICE
7.E("�.
94
HANES CITY GENERAL
7 "14
191)
DELTON A FIRE
7XV94.
It 5
1 [AINE-9 CITY POLICE
7 ifv�/,
p)o
BOLA RATON POLICE & FIRF (FIREI
7 8 M4,
N4,
HOLLYWOOD FIRE
7 5nv%
mm
BOCA RATON POLICE & FIRF (POLICE)
7
81
HCLME�S REACH POLICE
7 ilP'/,.
192
KISSIMMEE FIRE
7 95N„
An
KF,.Y WEST I 101,J.SfN(; AUTHORITY
7 5W,;,
I U;
OCALA POLICE
7 0.,
P)
KISSIMMEE POLICE,
7 50%
194
OCO F , L POLICE & FIRE
7 0il,
,)o
LAKE ALFRED CFNFR At,
7-10%
ro
COCOA FINE
7 9W,,
,I
LAKE CITY POLICE
7 5,",,
N,�
EUSTIS FIRE
7 901%
92
LAKE MARY POLICE
7 5]j'!:,
07
FORT WALl ON BEACH I GENER AL
7 9olll,
93
LAKI, PARK POLICE
7't)%
PA
G AINESVILLE GENERAL
94
LAKE WALES GENERAL
7 50'N'
P,,)
GAINESVILLE P&P TPREj
9s
LAKELAND FIRE
7 ii&
200
GAINESVILLE P&F(POIJCEj
LAKELAND POLICE
7
_I(jl
ST CLOUD POLICE L FIRE
7
97
LEESBURG FIRE
7.50"%
202
TARPON SPRINGS FIRE
7
yI
LIVE OAK FIRE
7 5IKi,
103
BARTOW FIRE
9 00
LYNN HAVEN GENERAL
7.51),!,.
204
BARTOW POLICE
9 001!, „
100
LYNN I [AVFN POLICE
7 1 lKl
2115
FORT MYERS FIRE
N ION,
Wi
MAITLAND POLICE & FTRF
I
2��,,
MAMSON POLICE
8 'iv!
NQ
MEDLEY POLJCI,
�1�i,
7 !1,
2 7
NEW POKTIOCI WY FIRE
103
MELBOURNE BEACH POLICE
7
208
ST LUCI F COUNTY FIRE
104
IVIFLUOURNE PQRJ(Hl
7 5W,
2111)
Sl L,UC1ECOUNIYGFNERAL
x0014
F0
%ELTON GENERAL
7501.
210
(AMPA FIRE & POLICE
8 sft%
AVERAGE
? 479,
NILWAN
7
& F-ker dints -1,
km-Oi- slyuvn bm.-J m, I00201 9 V.I.mion
FOSTER & FOSTER
2018 SPONSOR CONTRIBUTIONS'
IRa4NK C:LI'ENTNANW
CONTRIBUTION
RAN'16 CLIENTNAME,
CONTRIBUTION
I
AVON PARK POLIUL
o fu�
101
INDIAN RIVER SHORES SAFLIY
2r,,4°,�.
2
13FLLE GLADE G ENFRAI,
IJ.lt',;,
Ili]
BRADENTON FIRE
27 9%
UMATILLA POLICE
]rot
PORTST'IA.ICIE POLICL
27 xi"
4
GWATOR T GENERAI.
5 m"L;,
I07
LEESBURG FIRE
2K 0%
5
MIDWAY FIRE.
7 U";,
104
41,L'S'C MANATEE FIRE'@, RESCUE
2S 05:,
6
LAKE; WALES GENERAL
7 7°.,,
10i
DEL.'FONA FIRE
T
E IOLLEY-NAVARRE NRE
71)"N.
106
OC'OFF POLICE A* FIRE
8
LYNN IIAV17N POLIC'1:
H, I".'„
1117
OCALA t'OLICE
28 7e;,
,1
COCOA DEAC:lI GENERAL
K 0.,
II,N
TAVARI3S POLICE °"
29.T";,
to
LICOEE GENERAL
N.')'!
Ifl'1
FF.RNANDLN A BEA( 1 I POLICE& FI RE
11
NOR'1'H PORT FIRE"'m
IU o'o•,
IN
WINTER HAVEN PIER
272%°'
I'
GIJLF'1'ORIFIRE
111.1I",i,
III
\ILLE30URNE:GrNFRAI.pRP:GULAR)
:'a,
13
KEY WEST HOUSING A1117MRITY
10 ;%
112
EELLEALK PONCE
29 V^;6
14
MILTON POLICE
I IS 4"Eo
113
NIFDITY POLICE
24 9%
15
DVIUDO HRF
Ilt 6";,
114
FORT WALTON I3FAC II POLICE
36,7",4
U,
FI,AGI,ER BEACH FIRE.
I0
Ili
ARC"ADIA POLICE: R FIRE:
tEl y"'4
17
CRLS V"VIEW POLICE & FIRE
I I K9i,
116
NORTH PORT PlA.SC'E ""
3 p,117L
Ix
LAKE CITY PC] ,ICF
117":�
117
ORANGE PARE: POLICE
3I,4°r„
"7
LA KF. ALFRED POLI(T& FIRE
I p 73�,
its
HOLMES BEACH POLICE
31 4%,
2rb
NAPLES GENERAI.
12 o°I;,
I 'a
COCOA BEACH FIRE
31.51:4
21
L,EESBURG GENE AL
I"..;".«
E211
SOU'F14 PASADENA FIRE
31,WI
22
STA11C1IJSTINE FIRE
12 5',':"
121
S'I" LUCIF COUNTY GENERAL
23
(RESTVIEW GENERAI.
12.71rr,
122
TARPON SPRINGS FIRE
32
24
LADY LAKE POIAC]':
12,7",6
123
PLANTC:ITY SAPESTY
31, 6%
25
CASSELBERRY POLICE & FIRE
12 9%
124
KISSIMMEE: FIRE
33 21,
2r,
UOU'PORT POLICE
I t I°:'°,
125
HOLINHIH 1, POLIO'E
32 .11%
27
WINTER GARDEN POLICE & FIRE
13 2°;,
126
DEFAND FIRE
314 J%
28
TAMPA FIRE& POLICE
13,3'°,:,
127
NIEL7LEY GENERAL
34, 11,,,
24
WINTER GARDEN GFN'LRAL.
q3.i":;,
12x
ST CLOUD POLICE&FIRE
343""
311
IBE:LLEVIF.W POLICE
I°it
AUBURNDALE FIRE
347;'
31
SANFORD Pn LIC1: *Y
13.7;1,
1111
S"L PETS BEAtCI I FIRE
34 91cSi
?2
LE'ESBUR(i POLICE
13 x'%
131
FORT NIYERS GENERAL
33
S1 CLOUD GFNFRAE
13 M;°
132
PINT LAS PARR FIRE
35.7^t6
34
WINTER, HAVEN POLICE
13 J",„
131
MELBOURNE POLICE
1i
NORTH BAY FIRE
14, t%
13-1
NORTH RIVER FIRE DISTRICT
16 2'!.1,
3r;
DUNEDIN FIRE
1431:I,
135
PALATKA GFNERAT.
36, 71,,
37
OVIEDO POLICE
14 51i4
13+�
W1NT'E�R HAVEN GENERAL "*
3¢, T!,
ix
WEST MU,13OLIRNE POLR L
14 r, ,,
137
OCEAN CFI`Y-W'RFGHT FIRE
37.8%
39
TARPON" SPRVNCS POLICE
14, H"%
1?8
GREATER 0R1.ANO0 AVIATION ALITHO R L S,
17_8'X,
Jlr
LAKE ALFRE.D GENERAL
14 x";,
t3'7
PUNTA CiORD,% GENERAL •"'
378";,
41
BUSHNELL GENERAL"*
14"N
140
ORMOND BEACH POIJCF.
39.06
42,
BELLE GLADE I iOUSINC AUTHORITY
1511;,,
141
CA PE CORAL 01;N ERA 1.
34 T!,;
43
SEMINOL.E FIRE
Is I".'a
142
NAPLES POLICE
39 31iti,
4-1
NORTH COLLIER FIRF
I5, 5",;,
1-13
DADF CITY POLICE
3'f 7" r,
45
ORF.ATE.R NAPLES FIRE *°
15 N";'
144
COCOA I3EAC'H POLICE
39 IJIVI
46
MADISON POLICE
I5'+".S
Ids
PALATKA FIRE
39 Y' i''
47
M AGLER BEACII POLICE
IC".211L
146
PERRY FIRE
40 Y!',,
4x
'LAKELAND FIRE
I(". %
147
EUSTIS FIRE
4061si,
,19
NORTH PALM BEACH POLJCE & FIRE
16, 7"E,
148
HOLLY HILL FIRE
446�';,
30
LAKE WALLS POLICE
IF 71s,
f4't
BARTOW FIRE
41 1%
51
MARCO ISLAND POLICE
Ir,,°i"'L
lilt
C'APFC'ORAL POLICE
41,4;,
52
SOUTH WALTON FIRE
17.CI"'Ar
151
PALM BAY FIRE
41 ay6
53
LAI'.F MARY POLR'L
17, 0%
I52
ENGELWOOD FIRE
41,7%
54
PUNTA GORDA FIRM:
17 Y?a.
"'I
FORT WALTON REACH FIRE
42 1%
55
HAINES CITY FIRE
17 7'0'„
154
INDIAN HARBOUR BEACH' POLICE
42 7^4,
Sri
ORANGE PARK FIRE
17', 79„
155
TEMPLE TERRACE FIRE
.12, 8".1;,
.i7
TG FILISVILLE POLICE &' FIRE
67.8"IL
156
MIITON F'lRE
43,3%
5K
HAINES CITY POLICE
I7, H'"/��
1i7
BONITA SPRINGS FIRE
43 4'4:,
S9
MILTON GENERAL
17.'1'!�;,
158
ST LHCI F. COUNTY FIRE
43 7%
6cl
TITUSVILLE GENERAL
17 o"°'m
154
NAPLES FIRE
43,xX',;,
61
INDIALANTIC POLICE & F'IRE
1 K.2':
160
B'OCA RATON POLICE & FIRE f FIRE Y
4i 111%
62
NEW SMYRNA BEACH POLICE
184r;,
Ill
ROC.A GRANDE FIRS;.
4 3')5,
63
PALMETTO GENERAL
18,5".;,
162
DAYTONA BEACH POLICE & FIRE
45,H":a,
64
PALATKA POLICE
I H !,"4
163
C)UINC `Y POLICE &, F6RE
47
6i
BARTOW GENERAL
Is x':i.
Ir 4
AWON PARK FIRE
4s 2'>.'„
66
GASNE:SVIIJ,F GENERAI.
IN X%
16*
HOCA RATON POLICE& FIRE(POL4CE)
49,91v„
67
SAN FORD F'tRE**
18't'i;,
Ifr,
ORMOND BEACH FIRE
489N,
69
HAINES CITY GENERAL *"
I").1E;4,
167
MLL13OURNE BEACH POLICE
498%
69
LYNN RAVEN 'FIRE
11, 0%,
I08
BARTOW POLICE.
500')"
70
PUNTA GORDA POLICE
I't_I'li.
169
FORT WALTON BEACH GENERAI. *"
519116
71
LYNN HAVEN GENERAI.
19 1%
170
DGSTIN FIRE
52 3^i,
72
NEW POR"I'RICIIFY FIRE
I"',6":1",
171
EDGEWATF.R POLICE:
54,1'I„
73
TAVARES FIRE ""
11i H".,
17).
PALM BEACH GARDENS FURL:
74
MAITLAND POLICE I FIRE
20, II,
173
NRAU[SON FIRE
54 N",,
75
LAKELAND POLICE
20 x" ,,
174
PANAMA CITY FpRF
5(,,5%
76
GAVNESVPLLE P&I'WOLICL)
20.1rvd,
175
CAPE CORAL FIRE
574'>y„
77
NEPTUNE BEACH POLICE
21.11i„
176
SANIBEL, POLICE
(133%
79
KKP51MMFF POLICE
71 "%�
177
FORT .MYHR% POLICF,
63,8"'�
Ti
AVENTURA POLICE
21
1 7x
ST FETE BEACH GENERAI.
67 ✓%
80
NEW SMYRNA BEACH FIRE
21,4'.
17"
OKALCOSA ISLAND FIRE.
68 li'N'
8t
PALMETTO POLICE
'.,I,elN,
I%80
ISM, HARBOUR POLICE
82
PERRY POLICE
..23'S';.
IKI
COCOA IL RE
93
GAINESVIL.LE P& F IFIRF.1
2251E
182
HALLANDALE' BEACH POLICE;&HRL
9-1EAST
LAKE"LARPON'FIRE
22.61:,
181
PORT ORANGE FIRE&RESCUE
757,0
95
COCOA POLICE
22.4%
IN4
DADE CITY FIRE'*
772111,i
d6
PENSACOLA FIRE
13, 1'"C
195
FORT M7'ERS FIRE
x2 4^,;,
i7
!iFFIAS'p'IAN POLICE
21 4",5,
EBr,
HOLLYWOOD FIRE
88 V'^,„,
i8
AUBURNUALE POLICE
2'i i",,,
IN7
AUBURNDALE GENERAL-
98, 3%
;It
ED'GEWATER FIRE
23
IxK
SANIBEL GENERAL
"yv"
14
FORT LAUDERDALE POLICE & NRE
23,6fu
px°7
'I'FAIPIE TERRACE POLICE
01 TY.4
71
KBSINIMFF. UTILITY AUTHORITY
23,K^.-,"
1'10
PENSACOLA POLICE "*
104 T4
J2
FFRNANLANA HFACII GENERAL,
24_0°:,,
141
M'ELBOURNE GENERAL (SPECIAL RISK)
Vf148%
'3
BROOKSVILLE FIRE
24. 1'%
1'1"
VFNfCE FIRE ""
I If, 9%
'4
PAI, M HARBOR FIRE
24 7'K,,
I'll
OCALA GENERAL m'
I E 8 o.
'i
BONII"A SPRINGS GENERAL
25.1'".;,
FA
FROSTPROOF" POLICE ,,
I'47 a %'
'rr
ORMOND BEA CH GLN' ERA 1,.""
L5,4"�
1'75
SEBRING FIRE i6
221t1.3":;,
'7
PALM RAY POLI'CL
rc H'S.
I'4-
VF.NICE POLWF ""
355.7:;,
rN
I,AKF WALR.q FIRE
.,6 Cl'Y:,
107
COCOA GPfFRAL `"
494.'V%
""+'
PANAMA C'1'I'Y PO
2601'1'
I"K
EDGFWATFR GENERAL °"
902 3144
,I VERAOF
411'/.
MEDIAN
' InVi,rraxetic,n shnas Fc+stu,r lC Mastr,r ,.hcncs anhr
Ind.ut's a Closed Plan
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�1
FOSTER FOSTER
2018 MEMBER CONTRIBUTIONS*
RANK CLIENT NAME
CON'I'RIBUTION
RANK
CIAE.NUNAME
CONTRIBUTION
I
BELLE GLADE I 10LISING At IT] IORI IY
0
87
(OCOA POLICE
�' 50Tc'
2
KEY WEST' HOUS INC, Ali"FK)KrI y
0
fix
FERNANDINA PEACH GENERAL
6 501S
3
KISSIMMEE III I(XIVALI I HORTEY
I) ow",
89
INDIAN HARBOUR REACI I PC MCF,
G 5110Ap
4
MEDLEYGENERAL
I) WIN,
W
LEESBURG FIRE
5111.
5
PALM COAST 1:1 RE
tr OL1uU
91
MILTON FIRE
6
MARCO ISLAND POLICL
�Q'
NLW FORT RICHEYFIRE
I
UMAI ILLA POLICE
93
ORANGI PARK POLICE
6 1
fl
P110Y PtKL
`.q
TITUSVILLE POLICE& FIRE
6 S0$,
1Y
STCLOILID GENERAL
)i
MAI I t AND POI,ICLK'. FIRE
7P$�
hi
FORT MYERS GENERAL
')6
DESI IN F1 RE
r, 80%
I I
DADE CITYPOLICL,
'17
BONITA SPRINGS FIRE
7 l'W;
12
ST LUCIE COUNTY CENE'RAL
ITV,
"X
BONITA SPRINGS (-4-,NFRAL
7 1)(P4,
I I
BARTOW FIRE
2 0W.
'w
HOLLY I IILL FIRE
I ow"',
14
PERRYPOLACE
2 00%
10
HOLLY I ULL POLICE
7 Of
Is
TITHSVILLF, GLNERAL
2 51r%,
Hit
OCEAN CITY-WP IGHT 1:1 RE
It,
WINTER GARDFN GENERAL
2 ill`;
102
OVIEDO FIRE
17
GI TFPOR I GENERAL
2 7W,
103
MADISON FIRE
19
WEST MANATFE FIRE & RESCIT
2 110"Al
UP
C(� OFF GENERAL
7,4M,.
N
CASSPLBLRRY POLICE& FIRE
115
GAINESVILLE P&F IPOLICEi
20
KISSIMMEE FIRE
111(,
HOLUY%vOOD FIRE
7 5i)f!,„
21
NAPLES FIRE
3jp0%
P)7
PANAMA CIT)'FIRE
7
22
NAPLES GENERAL
3 MP!�„
108
QUIN(-)' POLICE& FIRE
7 5011T
23
NAPLES POLICE
3 Pol'1'
109
PALM HARBOR IlkF
760%
24
ST PETS BEACH GENERAL
3 mm,
j 10
LFIFSBIRC POLICE
7 6`f,
25 2
BROOKSVILLE FIRE
.1 29'%'
111
FERNANDINA BEACH POLIO' 1, Ye FIRI,
7 70P,.,
26
2
SOLJIFJ� WALTON FIRE
3 510�'
112
DEL:['DNA FIRE
8 0111�6
27
WINTER GARDLN POLICE & FIRE.
3 'W'.,
113
FORTNIFYIERS FIRE
(pir/.
29
BARTOW GENERAL
'PAIW6
1 W
FORT WAL TON BLACH LIKE
9 00116
29
BARTOW POLICE
43P%
It5
GULFPCIR PPOLJCE
9.00K"
31)
BE ' LLF GLADE GENERAL
116
MLLBOURNE POLICE
31
80CA GRANDE FIRE
117
MILTON POIACF.
32
EUSTIS FIRE
4
IIX
NE PTUN E BEACH POLICE
3l
ORANGE PARK IFIRF
4 nol'^,
119
OCALA POLICE
34
STLUCTE COUNTY FIRE
4 0)1�,
120
OCOEE POLICE& FIRE
4 00%,
35
NORTH PAI N1 BEACH POLICE FIRE
43611,
t2l
OKA[ COSA ISLAND FORE
9 00%
36
NORTH RIVER FIRE_' DISTRICT
I ill%
122
PORT CHANGE FIRE & RESCUE
R 0111%
37
AVON PARK HIRE
5 001%
123
PUNI A CORDA FIRE
A ollv%
78
AVON PARK POLICE
5 tlW';'
124
FUN] A GORDA POLICE
8,00116
3')
BF.I.I.HVIPW POLIC'E
5,11V4.
12.1
SANIBEL POLICE
9,110%
40
COCOA BEACH FIRE
S
116
SEBASTIAN I'01 RT
9 06,.
41
COCOA HP ACI I GFNFRAL
3 0f19L
127
'I AFTON SPRINCIS POLICE
4''
COCOA BLACI I POLICE
s.fr175i,
128
PANAMA CITY FOt,JCI,'
4?
DH,AND FIRE
s ck)%
L9
WINTER HAVEN POLI(T
14
LAST LAKE TARPON FIRE
5 001/4
Ro
ORMOND BEACH FIRE
ft 40%,
41
FL4,GI,FR REACH FIRE
I 00",'
13 1
WESTMELBOURNF. POLICE
44%
46
FORT WALTON BEACI I POLICE
I (IffIll
132
NORTLICOLLIF14 FIRE
44'%,
47
GAWESVILLE GDNERAL
5.00%'
131
PALM 11AY FIRE
ry 761'.
49
GULFPORT FIRE
5'110%
134
PALM BAY POLICE,
70
.11)
H0I11,Y,NAVARRE FIRE
3.110%
Ili
GAJNI-SVILLEP&F WIREI
50
ENDIAI.ANTIC POLICE $ FIRE
5 oo$;.
116
HAINES 0TY FIRE
9 00%
51
KISSIMMEE POLICE
INDIAN RIVER SHORES SAFETY
52
LADY LAKE POLICE
s Illj%
�37
38
ORMOND BEACH POLICE
53
LAKE. ALFRED GENERAL
5 nI)°,�,
LYf
PINELLAS PARK FIRE
'p'(ffl%
54
FARE A LFRED POLICE & FIRE
5 001111
I-K)
PORT' ST' LUCI E POLICE
v tg)%
55
LAKE CFTY POLICE
5 00T;'
1,11
AUBURNDALE FIRE
P I
5f,
LAKF. MARY POLICE
5 0111.1
142
DAYTONA BEACH POLICE & FIRE
9 3011
57
LAKE WALES FIRE
5,10111N,
143
HAINES (7TY POLICE
^) 4fv%
59
LAKE WALES GENERAL
5 016
144
TARPON SPRINGS FIRE
9 4M,;
51)
LAKE WALLS POLICE
5 09%
145
LAKI-1,ANLI FIRE
').49"i'
60
LYNN HAVEN FIRF,
146
HALLANDALF REACH POLICES FIRE
61
L)'NJN I IAVEN GFNFRAL
147
ARCADIA POLICE & FIRE
62
LYNN I IAVFN 'OLI CL
3 rw
14x
CAPE CORAL GENERAL
0
MADISCN POLICE
5 1
140
TAMPA FIRE & POLICE
9 95%
64
MEDLEY POLICE
5 001!+„'
1%
PRADENTON FIRE
jil 00%
65
MELBOURNE BEACTI POLICE
I mr�'
151
CA PE CORAL FIRE
IV OW'.
W,
NORTH H PAY FMF
5 01"N'
152
CA PE CORAL POLICE
11) lJo'N'
67
PALMETTO GENERAL
5 filir;
J."
ENGLEWOOD FIRE
10 1131yG
(,A
PALMETTO POLICE
5 (11)"„
1,14
VLACXER BEACH POLICE
15 (MIX,
6 1)
SANIBEL GENERAL.
L15
FORT LAUDFRJ)AI,F POLICE & NRE
I rj.mP!'6
71)
S1 AUGUSTINE FIRE.
5.001%
156
FORT MYERS POLICE
71
DUNEDIN FIRE
[57
MIDWAY FIRE
1 6
72
ST CLOUD POLICE & FIRE
LfX
%I [LTON GENERAL
tojo%
73
AUBURNDALE POLICE
5
159
N Ew SMYRNA U EACH 11 R F
10 oflIV,
74
BELLEAIR POLICE
6 d1ol',
1611
NEW SMYRNA REACH POLICE
10, rfli%
75
EDGEWATER FIRE
6 001"Il
kd
PLANT CITY SAFETY
11Y 00%
%
FDGEWATFR POLICE
('
162
WW LLR HAVEN FIRE
I
77
1 IOLMES BI:A(H POLICE
f,
IQ
OOCA RATON POLICT., & FIRE (FIRE)
11)
78
OVIEDO POLICE
114
TEMPLETERRACE FIRE
10511%
79
PALATKA FIRE
10
AVENTI IRA POLICE
10 79%
Ali
PALATKA GENERAL
610`4'
161,
PENSACOLA FIRE
11
mi
PALAI KA POLICE
r, 014„
167
TEM?LETERR ACE POLICE
11 20%
X2
PALM BEACH GARDENS FIRM,
11,8
ROCA RATON POtJCL & F1 RE rPOLICH)
I
ri3
SOUTH PASM)FNA FIRE
160
ST PETS BEACH FIRE
13ALJI!'"
N4
('RES7VIIW CENERAF,
6
171)
SEMINOLE F]kL
14
85
CREqTVRW POLICE& FIR E
171
LAKELAND POI ICE
Ifi sl"'
x6
COCOA FIRE
AVLRACII,
l0li'%
MEDIAN
, Fa, w
C'mmbwf,m R,,t,, Ff.d ifhl,,d f 101F/2018
2018 BEN FFITMUL'T I 1111JEW
RANK CLIEN'I'NANIF.
NI(Il"PIPLIF11
RANK
CLIENTIVANIE
Nil I'l 111111 A FIR
I
I-II-STISI TIRE
X6
LEESBURG POI, Cr
100" ,
2
MIDWAY FIRE
4 I
8 7
LYNN IIAV17N GINFRAL
3 Drl`+,
,
PALM I ]ARBOR FIKH
88
MAD�SON FIRE
I
MILTON FIRE
N1,
MAD SON POLICE
5
WIN't FR HAVEN FIRE
'10
MAITLAND POIJC E & FIRE
001",
4
AU1I17RNOA1,E FIRE
a75
MARCO ISLAND POJ,K E
7
S7 CLOUD POLICE FIRE
3 75"1,
92
MEDLEY POLICE:
A
ARCADIA POLIFT & FIRE
36511",
;,-,
MELBOURNE BEACI I POLICE
3 ()(111;1
AUBLIRNDALE POLICT
'14
NIFLBOURNEPOLTCF
3 01P%
]I)
81-'LLEAIR POLICE
,AP:,FS
3
I I
BOCA RATON POUT &- CY IRE `POLICE)
3
�1RL
NAP FS POLICE
12
DADE CITY POI ICE
:
3
1)7
NEWSMYRNA BEACII POLICI�
3,flIw
0
LYNN I IAVFN FIRE
j
ON
NORI H COLLIER FIRE
14
LYNN HAVEN POIJCF,
3
91)
NORTH RIVER FIRE DISHICI
IS
NORTH BA)' FJAF
3
0111
OCALA POLICE
3 NI'li,
H,
OKAI.00SA ISLAND FIRE
I
OCEAN I'll Y WRIGHT FIRE
17
TEMPLE. I F " RP ACE FIRE
%
ORANGE PARK POLK U
!11
IN
WEST MANATEE FIRES RESCUF
3 51)"s,
103
OVIEDO FIRE
19
WINTER I IAVI:N POLICE
3 if),%
J, H
OVIEDO POLICE
20
BOCA RAI ON POLICE St FIRE fl-IRL)
3
10
PALM BEACH GARDENS FIRE
3 010i,
2 1
PALM BAY POLICE
3 4I,:r6
Hy,
PALMETTO POLICh
3 mv%
22
ST FETE PEACTI FIRE
3 4 r.
107
PENSACOLA FIRE
1j10%
23
Nil] TON POLICE
1 3 hl15
148
PER RY FIRE
'I
24
BIJUNES CITY POLICE':
111::
PINFLLAS PARFIRE
K
2�
LADY LAKE POJ,ICF
3
CITY
21.
PALATKA FIRE
9%
111
PLINIA GORDA FIRE
3 NN',
27
PORTST LUC] E POLICE.
2
PUNTA GORDA POLICT,
ift, I
CAPE CORAL FIRE
��3
SANIBEL. POIXF
3 00%
CAPE CORAL POLICE
3
114
SEDASU AN POLICE
Sur
FERNANDINA REACH POLICF,4; FIR)k
I
11S
SEMINOLE FIRE
I
FORT WALI ON BEACH FIRE
3 25%.
11 r,
SOUTl I PASAI)EN % FIRE
3 flol'r;,
32
HOLMES BEACE POI)CE
12S"4,
117
SOUTH WALTON FIRE
33
NEW PORT RICITY FIRE
3 2'%
Ijx
S I AUGUSTINE FIRE
3 Do%
34
OCOEE POLICE& H 14 1'.
3 25'1',
I F)
STCLOLID CENER,\L
3 oci%
15
PLRRYPOLH E
I
I N
S F LUCA E COUNTY FIRE
3 oij"',
36
TARPON SPRINCjS FIRE
3
121
S'l LUCIL COUNTY GENERAL
37
ThIMPLETERRACF, POLICE
3 2i°K
122
"1 ARPON SPRINGS POLICE
39
CRFSTVIEW POLICE& FIRE
120%
123
UMATILLA POLICE
3 0W,
I')
I AKE IIIARY POLICE
J24
WEST M FLBOURNL POLICE
3 0104,
40
PALM BAY FIRE
125
WINTER GARDEN POLICE & HKL
A mrI,
.11
FLACLER BEACH POLICE
3,rAil
12l,
PANAMA CITY POLICE
2 9ZIA,
42
I3AR10W FIRE
127
PANAMA CA YFIR E
41
14ARTOW POLICE
3
1 2X
GULFPOR I'POLJCL
89%
44
TAMPA FIRE& POLICE.
1 1,
121)
FERNANDINA BEACH CEENFRAI
45
HAINES CITY FIRE
3,1
OD
FORT WAUFON BEACH POIACE
2 75%
,J4,
BROOKSVILLE FIRE:
3 1
IM
NEPTUNE BFACI I POLICE
2
47
PALA PKA POLICE
3
ORANGF, PARK FIRE
2 7�"
49
GLJLFPORT FIRE
t
133
CRMOND BEACH FIRE
4-)
AVENTURA POO ]Ci,"
04
ORMOND BEACH POLICE
2 7 51/.
511
BELLEVEW POLICE
131
LAKE ALFRED CENERAI,
;1 72,I6
51
BOCA GRANDE FIRE
,,
(-RESTVIIEW GENERAL
2 64'i,
',� A
BONITA SPIONGS FIRE
3
:
CAPE CORAL GENERAL
1 601%
53
BUNITA SPRINGS GFNFR AL
3
]IN
KISSIMMEE UTILN Y ALTO IORETY
2.601XI
14
5RADENLON FIRE
3 off",
131,
BARTOW GENEVAL
2 5TV.
55
CASSELBERR Y POLICE & FIRE
1140
COCOA BEACH GENERAL
2 M)11"
51,
COCOA BEACH FIRE
1
DAYTONA REACH I POLICE & FIRE
2 S0%
57
COCOA BLACI I POLICL
1
DESTIN FIRE
2
58
COCOA FIRE
10
GA�NFSV��,LL P&FIFIRE)
2 510"
5-1
COCOA POLICE
3,00-.
144
GA NI-SV LE P&F I?OIJC I:)
.„ 5Jvt;,
,;I)
DELAND FIRE
3
145
LAKE WALES GENERAL
2 50t.,
(.I
L)LI-TUNA, FIRE
•146
MILTON GENERAL
2
Q
DUNEDIN FIRE
.7 o01%
147
PALA FKA GENERAL
2 1 MN.
LAST LAKETARPON FIRE
14N
PALMETTO GENFRAL
C4
EDGEWATER FIRE
144
PORT ORANGE FIRE & RESCUE
2 5,A^ ,
"i
EDGEWAI ER POLICE
Ql)lNrf'Y PC X-1 &FIRE
6,�
ENGLEWOOD FIRE
3,
1
TITIJSVI A.E POLICE & FIR]:
67
FLAGLEJi BEACH FIRE
J.' 2
WfNTER GARDEN GENERAL
2 iff:,
n,x
FORM' LAUDERDALE POLICE FIRE,
3 f111E,u
153
NOR . 111 PALM BEACH POLICE & FIRE
(,I,
FORT MYERS FIRE
3 0%
lay
OCOEE GENERAL
70
FORT kn'URS POLICE
3 IHN,
03
AVON PARK. FIRE
2 1
7 1
HALLANDALE BEACH PCLICE,", FIRE
76o%
154,
AVON PARK ?QITCP
2.110%
72
HOLLY FALL FIRF
3 o'N',
157
BELLE GLADE GENERAL
73
HOLLY HILL POLICE
IIN
GAINESVILLE GENERAL
7-e
1 IOLLYWOOD FIRE
1
clLORT GENERAL
75
INDIALANTIC POLICElN FJRF
3,
11,
VOLLEY-NAVARRE FIRE
2,jW.
7o
INDIAN HAIRNOUR BEACH POLICE
3rlleJ','a,
If,]
INDIAN RIVER SHORES SAEIL Y
2 00%,
77
KISSIMMEE FIRE
3 00ci,
NEW SM YR NA BEACI I FIRE
2 011,?,.
78
KTSSIMIVEE POLICE
�w
,;
T ITUISVILLE GENERAL
71p
LAKE ALFRED POI ICE S. FIRE
I1,4
KEYWEST TfOUSNG AU711OMTY
So
LAKF CITY POLICE
3 01W�,
161
FORT MYERS C.FNERAL
81
LAKE WALES FIRE
3 001I�
V, i,
SANIBEL GENERAL
l (4%
82
LAKE WALES POLICE
I i
167
MEDLEY GENERAL
167%
93,
LAKELAND FIRE
I 11V4.
log
NAPLESS GENERAL
I P45,,
84
LAKELAND POLICE
BELLE CLAD(, HOUSING AUTHORITY
1
85
LEESBURG FIRE
3 rN%
l 71)
S1 P I: 11, BEA ("I I C, EN Fk A 1,
1 00%
A ERAf,Fr
2.43%,
%H151AN
3.01r,;,
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MuIhPlio, b-d -- ID/J1200
NA
=OSTER &FOSTER
2018 TRADITIONAL FUNDED RATIO*
RANK C'LI'EIN'TNA:TIC
RATl47
RANK C'LI'EN"I'NANIL3
RATIO
I
PALM BAY GENERAL
9N N".;,
Yore
MF:P)LEY GFNF.RAL
95.7"17
2
PAIRRISH MEDK"Al. CENTER
1-11 Y� ,
10
13ART'OW POLICE
Ki
?
PALM COAST FIRE
W42%
LIx
BARTOW FIRE
0,3"'o-
4
BELLE GLADE PI IBLIC SAFE r'e' OFFIC FRS
139 2,!!,
011'd
AUBU RNI).ALE POLICE
0
5
FLACiLER BE•AC'I 117IRF
135 6N,
III,
CAPE CORAL POLICE
fit 3%,
6
TROLLEY-NAVARRE FIRL„
132 5N,
IF
INDIAN HARBOUR BF,ACH POIAC'F
85 0%,
7
UMATILLA POLICE
1}12N,
II:
OV'IEDO FIRE
x4.+m,
N
BELLE GLADE GFNF.ICAI,
I I8.K':;,
113
TAVARES POLICE;
x4 N"!,,,
y
MELBOURNE OFNRRAL IREGiLILAR}
Ilx.3^✓,
114
GAINESVILLE F&F IPOLICI,!4
xd •R':G
lfl
CREATERNAPLFS, FIRE
113.7"G
11'
AVFNTURA POLICF
9431%
11
LAKE CITY POLICY:
IPI9, 119„
I Ih
AVITN PhRK FTRE
N12%.
12
LAKE MART' POLIO I:
Ifr% L"I;,
117
PINELLAS PARK FIRE
N4. 11X.
13
LA.DY LAKE. POLICE'.
1117'Y ;.
[ I N
COCOA REACH HRF:
N.1.°1•h;,
14
GULPPCIRT GP.NFRAL
Iw, 4L'„
I P
PUNTA GORDA GENLRAL
83
1,5
LYNN HAVEN POLICE
lrlh 21:
12rt
ENGLEWOOD FIRE
83 5"^„
16
C:ASSFLL3ERRY POLICE & FIVE
101 3%
121
I'ERRS' FIRE
93.4`:4,
17
MIL'TON POLICE
IN 8%
122
BONITA SPRINGS GENERAL.
93 31,'i,
IX
NORTH BAY FIRE
W3 71,1,
123
VENICIi POLICE
K3 31!1„
19
EDGEWATER FIRE
111321:1.
t2'1
NAPLES GENERAL.
xi, Cl'4,„
20
KEY WEST1IOUS1NG All'THDRITY
due 3'!<,
125
MEDLEY POLICE
82 ,%
21
AVON PARK POLICF
II11. IN,
124,
GAINGSVILLE P&F(FIREI
82 Y9;,
22
INDIAN RIVER SHORES SAFETY
Imi'vi,
127
LE:ESBURG FIRE
x2 4" A
23
MARC'O ISLAND POIX I,
ID0.2",
128
NAPLES FIRE
924%
24
MADISON POLICE:
Imj'ttw
12'e
CAPE CORAL FIRE
R2.3'?0
25
DUNIEDI:N FIRE
91I 51%
131d
PALM BAY FIRE
82 Y ;,
R;
ST'C01.10GI-NLdIYAL
99 SN?
171
WIN TER HAVEN GENERAL
N2116.,
27
SOUTH WAILTON TIRE
,M 411,,.
112
P,AI,M BEACH GARDENS FIRE
M 7'"L
28
WINTER GARDEN POI'4C'E & FIRI=
'y'a,7."{,
131
S'FC:I.OUD POLICE., FIRE
81 TA.
29
,SANFORD POLICE
4921A.
114
SEBRING FIRE
NI 1'4„
Ltd
ORANGE PARK FIRE
'd'F, Pv'�,
13'
DELAND FIRE
X[ II'!,;,
±I
PALM HARBOR FIRE
,ex, r;';",
131,
IIOLLY II[LI. POLICE
KI_W
NOR 'I"H PORTFIRE
'i9 d'N,
137
NEW SM'YR;NA OF:ACH FIRE
Ku N'b"
S
MIDWAY 11RE
',K, I,',;,
13K
FORT WAIJON BP.ACH POLICE
911 N'?i,
3L1
LAKE ALFRED POLICE &, F1R17
48,d)";6ll
I'R9
OCALA, POLICE
8044a„
35
COCOA BFAC'H GENERAL
97,1%
140
FUSTIS FIRE
80A'Y,
36
GULFPOR'T FIRE
96 6"l,
141
SEBASTIIAN POLKf
79 91!: ,
17
SAN'FOKD FIRE
91,, 5%
142
MELBOURNE POLICE
79
19
OV'IEDO POLICE
'+r, 4'p(,
Ill
DELTONA, F(kE
71 7':f,
19
TAVARES FIRE
'r1,,, 2."`1�
1,14
NOR"LH RJYLR FIRE DIS FRIC:T
79. 5'H,
40
TA MPA FIRE k POLICE
I,, pro„
145
NFW SNIYRNA BEACFI POLICE:
41
OCOEE GENERAL,
1„5.91:F
I46
PAN AMA(: ITY POI.ICF.
41
BUSII:NFIJ, GENERAL
"r5.4":;,
147
KISSIMMEE FIRE
79. S1'6
43
CREATE OR LAN Do AVIATION AUTHORI','FY
')i l'4.1,
148
CAPE CORAL, GFNIERn11:
7K x":u
44
Mr.,L 3OURNL GENERAL (SPECIAL RISK)
'r5 cl�°�:,
149
POR"I' ST LUCIE POLICE
78,7/',
0
PEKRY POLICE
'r4 P,
1511
MAIT"LAND POLICE 9 FIRE
78.5',:ti,
46
ARCADIA POLICE & FIRE
44 6%
Ill
HAINES CITY POLICE
78 II!,;,
47
BRADENTON FIRE
,Id 21:;,
I52
EAST LAKE TARPON FIRE
77 7:
4N
PENSACOLA FI RE
,13 7N,
131
BOCA RATON POLICE S FIR.E 4EIRE)
77 79i,
.P,
VEST MELBOURNE POLICE,
93 "'N
I54
HAINES CITY FIRE
774":I
50
NOR114 C: OLLI ER FI RE
934^,C
15"
MELBOURNE BEACH P(DLICL
773"t,
51
SAN110, GENERAL
933%
056
KISSIMMEE UTILITY AUTHORITY
770%,,
52
FORT I',ALIDERDALE POLICE & FIRE
913",;,
1:7
ORMOND B'EACII FIRE
76 6114,
53
TAKE WALES POLICE
V3.2"!
15N
LAKELANDPOL.ICP
7h_5%
54
B1::I1F GLADE IIUL,ISING AU'I"HORI'TY
111.0%,
15'e
SAN'IBEL POLICE
7a,A4°
55
WEST MANATEE FIRE S RESCUE
93' fYY„
1'6n
AUBL,'RNDALE FIRE
76,3'!q
sfi
ST AUGUS'T INE FIRE
93 Il$l,
P, I
HOLLY HILL FIRE
75 x'%
57
NEW PORT" RICHEY FIRE
92 fi'Si,
1,2
NAPLES POLICE
75.61y'.
5N
LYNN HAVEN FIRE
')2
I63
BONITA SPRINGS FIRE
75,4^Y;,
59
LEES 13L RG GENERAL.
92 3 F„
trod
ST PC'TE BEACH GENERAL
75 11': v
nl)
INDIALANTIC: POLICE B. H RE
02 rd3;,
165
BARIOWULNE.RAL
74.9%
nd
ORANGE PARK POLICE
91',%111
166
FERNANDINA BEACH POLICES FIRE
74 N%
62
COCOA POLICE
01. 7%,
11,7
COCOA BEACH POLICE
74 7".;,
r,t
NOR1'11 PALM BEACH POLICES FIRE
91,6^,;
11,9
ORMOI`NI) BEACH POLICE
74 G%
(14
BROOKSVILLE FIRE
91.61!,6
lb)
F ERNANDINA BEACH GI'TNERAL
74 r,"r„,
"i
LIVE; OAK FIRE
71 31,'„
170
IIAL HARBOUR POLICE
74 0%,
ba
FORT WALL ON BEACH GENERAL
'r1.2'!i,
17i
PENS,AC'OLA POLICE
73.714,
67
ENGLEWOOD WATER
41.2"^;,
1 17'
DESHN FIRE
77 7N,
nR
FLAG LER BF:AC'H POLICE
91 29.
171
COCOA FIRE
73 6',
fig
11OLMFS BEACH POLICE
rJII {w,'„
174
LONGBOATKEY GENERAI.
73.3'x,
70
BELLEVIEW POLICE
gar 9$,�
171
D.A Y"I ONA BEACH POLICIE S FIR E
73 P,Y,
71
PUNTA GORDA POLICE
90 X„;,
I76
ST I:UCIF COUNTY FIRE
72.9%-0
72
LAKE AI„F'RE.V GENERAL
IQ 711
177
LAKE WALES FIRE
7' N%
73
TITUCVILLE: GENERAL
90 7N
17N
PALALP KA FIRE
72 Si'"
74
C'RESTVIEW GENEP,AL
=dll'ri^;,
17'r
QUINCY POLICE K FIRE
72 5$,
75
TARPON SPRINGS POLICY::
9lr,,d"r;�
1911
PA LA"I'KA GENERAL
72 S%
7r,
LYNN HAVEN GENERAL
v+1.3"i;,
Ix]
A.UBURNDALE GENF:R AL
71,11%
77
LAKE WALES GENERAL
ul) 1":„
IN'
BOLA RATON' POLWE.k FIRE IPOLICL)
71 91%
7X
NORTI I PORT POLICE:
'1'rd,P",i,
183
SOUTH PASADENA FIRE
70
79
FROSTPROOF POLICES
JR,EY4f,
I%4
PANAMA( CITY FIRE,
70, 7-,
90
OCOEE PCILICE,9 FIRE'
M'r.N"i,
IS'S
FORT MYERS FIRE:
7Cr 7'%
XI
CRESTVIEW POLICE k FIRE
K,, (A;,
196
BOC'A GRANDE FIRE
70 7%
92
LAKE PART: POLICE
x1l 41!1,
I97
GAfNE:VI LLE GENERAL
703%
83
PAL.MET-I O GENERAL
h04%
IKK
1 EMI'LE TERRACE FIRE
70.2%7
84
PAL.AT'KA POLICE,
81) °,^„
PX'r
HALL'ANDALE BEACH POLICE & FIRE
n9,4^4
R5
T1TUSVK.LE POLICE K FIRL:
x'r, 1'SF
P-0
FORT MYER.SPOLICE
(,9,4!14
NE
WINTER HAVEN POLICE
99,011,
I'rl
EDGEWATER POLICE
(181 +'r;,
97
WIN'l ER GARDEN GENERAL
NH r,'i'" I
PQ
PLANT CITY SAFE: TY
r,X 9'i,b,
NN
DADE CITY POLICE'
%X 4'>
I')'
FORT 11IYERS GENERAL
67, 4,?L
X°1
PALM BAY POLICE
%K.1'9;,
NI
OCALA GENERAL
6&, 61'fi
911
PUNTA GORDA FIRE
88.1`4
195
DEERFIELD BEACH POLICE
fil,,:i",
'+I
HAINES C11 Y GENERAL,
NN, 1,;,
1, 06
ST LUCIE C:OLLNFYGENERAL
W,,41i;
92
MILTON GENERAL
Xx R'Si,
197
FORT WALT'ON BFAC'H FIRE
(14 31!1,
93
SEMINOLE FIRE
97,N,;,
LA
PORT ORANGE FV RE S RESCUE
64 IIN,
'N
NEPTUNE BEACH P OLICF
87 G4i,
I9)
FD5F WA'I ER GENERAL.
63.8",,,
'r5
PALMETTO POLICE,
x7
201,
5T N-1L BEACII POLICE
v6
I.I:,:I SBURG POLICE
97.4'R
201
ST' PINT "I. BEACH FIRF;
V7
LAKL:LAND FIRE
N7.4'?o
m
LONGBOAT KEY POLICE:
61.0%.
9x
KIS'S[,MME'E POLICE
N7.3'%
NO
IMULYWOOD FIRE
GI1 PSi,
'A
ORMOND BEACHCP.NI:k AL
N7,2':{,
20, 1
MntFIst7N Foar:
;'I,<,y;."
[PIA
BELLEAl f2 PULdCE
N72""5
205
VENICE FIR[
594';
Icll
TARPON' SPRIN(';S FIRES
011"Ii,
2(Ifi
GC'FAN 'CIT1'-VJRIOH"I'FI RE
57''+'}y,
I [12
WINTER HAVEN FIRE
Kn N",�,
2rr1
L ONE; HOAT KEY FIRE:
sr, 3^Y„
10
DADF, CITY FIRE
k4 5'!.y
?fls
LPM PLE TERRACH POLICE
15.31L
I rl4
GI I LFPORT POLICE
xe.l„),
RIM
Mi1.1 ON FIRE
540',
1115
COCOA GENERAL
x59%
210
ONAI,OOS'A ISLAND F IRE
A TEL
AVERAGE
9fd.11"rl,
MEDIAN
N'S.AN.
"Rm Ccarerrat�,yn .;Ilouvx Rsldr fC: F'us1¢r ddew n d)
Rath shlllln vdIk"lli-li 11rtll In/I f21 rIx VuJ.m '
FOSTER & FOSTER
2018 SALARY INCREASES,'
RANK C'I,IEN'1"NAME
INCRI!;ASF,
RANK
CLIEENTNAMI±
INCREASE
I
P-IAL I, ES C'IPYFI RE
IJ II°r".Y�
IP41
AIJIILTNDALE GENERAL
472%
2
L,YNN HAVEN FIRE:
12,87%
I(Yd
NAPLES POLICE
4.71}'sl,
?
SANIBEL POLICE
02.2?"i,
Ira,'
LAKE ALFRED POLICE &FIRE
4.691:,
4
NOR'Hi PORT POLICE
NI
NORTH PALM BEACH POLICE & FIRE
4 6l,",
SANF'ORD POLICE
11, 37.;
1114
FERNANDINA BFAC'H GENERAL
4, h3"4,
6
NORTH BAV FIRE
I 1 241m
N5
TITIISVILLF POLICE & FIRE
4 t,Y%
7
DADE CITY POLICE
Lit 47",,
Ill(,
WINTER HAVEN POLICE
455'};,
N
HOLLEY-NAVARRIE FPRF:
IU,37";,,
I07
FORT WALTON 14 AC'H FIRE
45tY'4;,
`
HALLANDALE BEACH POLICE \' FPRIi
Ht 14%
l0A
NEW PORT" RICHEY FIRE:
4 5Lp'4,
la
DPLANn FIRE
ILV,1;'"4,
Itl'I
GRP3A"FEII N.API,FS FIRE
11
L't NN H AYHN POLICE'.
4'1 w"'^;,
I III
MAI'TLAND POIACI: & 121RE
4 34'"a
12
C'RESTVIEW POLICE:& FIRE
"04%
III
C)t IINCY POI,dC1- 11 FIRE
43E9;,
13
BOCA RAI ON POLICE & I'I'RP (POLICLi
tp GN""a,
112
MH,PON FIRE
4.2,l%
P4
TAR ON SPRINGS FIRE:
Er,6"i,':':I,
III
BELLE GLADE GLNE'RU,
4 20';,
15
EI.TGEWATER GENERAL
't,5?%
114
DELTONA FIRE
42M",;,
16
COCOA GI NPERAI.
'1 12"l,
115
t3ce.lo-EE c;ENERnI.
4 24m;,
17
PALATKA FIRE
°r,IIN4v,
(e,
tiTLUCIECOLPiNP) FIRE
4,
I N
NAPLES FIRE
0 o3"v,
117
FORT WALTON I3L.AC'PI (JENERAI.
4, 01)%
LH
HAINES I'TT'YGENERrAL
^y IIg95
PIA
CAINESVILLE GENERAL
40Mxg
24
NORTH FORT FIRE
8 91P "
114
FORT MYERS FIRE,
41141!,�
21
FEW SMYRNA BEACH FIRE:
9,72°'G
12iY
BRADENT0N FIRE
4 ii3'E5,
2.2
I, ADYLAKE POLAC'I:
w.(,4",;�
[21
DUNEDIN FIRE
4011,,
23
LAKE CITY POI'.ICE
9 57
122
FIN 'PA GORDA GENERAL
3 9'r44.
24
IA NN HAVEN GENERAL
M 1 PII;,
123
PLANT CITY SAFF.I Y
3,rs"r;,
25
LAKE: ALFRED GENERAL.
8.40$il
124
FORT MYERS POI.IC'F:
3
..
FAST LAKETARPON FIRE
R 1+,°:1,
125
NAPLES GENERAL
3
27
']AVARES FIRE[
S 13'Pd
Uh
NULL ON GENERAL
3, 77%
:M,
KISSIMMEE FIRE.
M,Ox%,
127
ORMOND REACH GLNERAI,
3 761!1
"r
MEDLEYGENFRAd.
7 75'%
12N
GUTA OR F POLICE
3 75'N,
30
TA.VARER POLIL'E
7,75"!;6
12"
PUNTA GORDA FIRE
3 701%
31
ARCADIA POLICE& FIRE
7
HOLLY HILL. FIRE
314,1%
72
SANIBEL GENERAL
7,d,t�4e,
131
CAPE CORAL PIXT
1.55"�„
33
BOCA GRANDI;. FIRE
7 47°s�;,
132
TAKE WALES GENERAL
1 52%
34
PORT"ST LUCIE POLICE
'7,7w°,,.
133
DAYTONA BEACH POLICE & FIRE
3.46',!,
35
I'ARPON SPRINGS IOUCL
732",,
134
KEY WEST HOUSING AUTHORITY
; 401!.7,
-l6
MIDWAY FIRL
72N".;,
135
SFPETE BEACH GENERAL.
331l4,
37
LAKF4,AI1D FIRE
7,!4'%
116
UMATILLA POLICE
3 3i ,
3N
IYIFIXLY POLICE
7 141t;,
137
LAKEI.AND POLICE:'
32Y;1'�
3e
WINTER IIAVi?N GE.NERAL
7 0,l.,
114
IENGLEWOOD FIRE
3 1 0�6
411
AUBURNDALE FIRE
J, °,I�;,
13'V
I F.ESBtJRG FIR]-"
41
OCALA POLICE
To
FLAC,LI:.R BEAC II FIRE
42
HAINES CITY POLICE
ro.Nv^,,I,
I41
SFOASTIAN POLICE
J PY")"gin
43
FORT MYERS GENERAL.
6 NO!"„
142
TEMPLE:TF'RRAC'E FIRE
3,09%
44
PALM PAY POLICE
lr NI"',,
Pl'
CASSEAAERRY POLICT&FIRE
4S
C,AINESVILLE P&F IFIREI
64IN
144
VEN WE POLICE
2IPA%,,
4t,
HONIFA SPRINGS GENERAL
674'!w,
10
KISSIMMEE. POLICE
2,91%,
'17
ORMOND BEACH POI.'IC'f_
67'"1e
146
PENSACOLA FIRE
2,Nn's;,
48
INDIAN RIVL:R SHORES SAFFTY'
(,5V,4
147
WINTER GARDEN FnLI UL• & FIRE.
279%
4'i
MARCO ISLAND POLVC L
h 47%
IJX
SL CLOUD POI .IC'E & FIRE
2,77",,
ir7
MILTON POLICE,
6.4,A"
14'7
EDGEWA'I'ER FIRE
;,74%,
51
NEW SMYRNA BEACH POLICE
6?8,'!'„
I'll
F'LAG'LER BEACH POLICE
? ajp/;,,
52
PALATKA GENERAL
t, Eh°5,,,
151
AVENT'URA POLICE
53
FERN.ANDINA BEAC'IT POLL( F.&FIRE
,2 P;,
152
VL,N WE FIRE
2�451,,
54
PINELLAS PART: FIRE
�, 2Ce'r;,
15.3
MADISON POLICE
2, 431y;,
55
C'RESTVIEW GENERAL.
1;54
SOUTH PASADEN.A FIRr
Z,;N,�"
SA
ST LI ICIP: COUNTY GENIIiAI.
r, IcS"n,
153
PERRY POLICE
2,31"6
57
KISSIMMEE UTILITY AUTHORITY
h 15",i,
15h
OVIEDO POLICE
2.211
58
HOLLY 1ELL POLICE
6,12°n,
157
LEESBURG POLICES
2 17'bI,
54
BOCA RATCIN POLICE ,4 FIRE IFIRE}
(, fl4l1,
15.Y
C:G4COA FIRE
2.14.E
Nhl"FUNE BEACH POLICE
611,11),
1"1
INDIALANTIC POLICE & FIRE
211N",�;,
til
13UNITA SPRINGS FIRE
5'vrHa,
IuAl
ODCOA 5FAC'I-I GENERAL,
62
UKALOOSA ISLAND FIRE
5'r'4°;,
I+d
BRODKSVII LE NRE
a3
TETUSVILI.F: GENERAL
5, wO,
162
AVON PARK POLITE
h4
GREATER ORLANDO AVIATION ALI FHORPPY
i_w2"'4,
1(0
GAINESVILLE PKFIPOLJPEY
(5
NORTH RIVFR FIRL DISTRICT
5.7(",,
164
ORANGE. PARK POLICE
b6
0I4,1TOR1 GENERAL.
i ti3^!,�
Ie,S
ORMUND BEACH FIRE
I Nti^F„
67
LAKE MARY POLICE
S,C,�V".�"
I66
PERRY FIRE
1 77"4„
fR
CAPE CORAL GENERAL,
5,589r,
In7
OCOEE POLICE &. P1 RF
172".5,
69
ST AUGUSTINE FIRE
5 5aw„
I„ffi
MELBCIURNE BEACH POLICE
1,67Yn,
70
PALMETTO GENERAL
551"
10'1
SEMINOLIEFIRE
1,60%
71
PENSACOI.A POLICE
14'lN'
1711
FROSTPROOF POLIC F'
I
72
HOLLYWOOD FIRE
5 47!wr
171
PALMETTO POLICE
1
73
EDGEWAT'ER POLICE
5,43^%
172
LAKE WALES FIRE
1 45'";,
74
PANAMA CITY POLICE
i 3` l" ,
173
NON1IT C'OLLI FR FIRE
1 42,1,
75
SOUTH WALTON FIRE
5.34".i,
174
13ARTOW GE;N'FR.AL
1 41%,
7n
SANFORD FIR F;
5 331.E
175
DENTIN FIRE
1,311A
77
BUSHNELL GENERAL
5 10^„
176
ST PLE'PF: BEACH FIRE
I?yl"h
7N
WINTER GARDEN GENERAL.
57Y1°:-;,
177
COCOA BEACH FINE
74
Et.LSTIS FIRE
5 nc,
03
AUBURNDALE POLICE
0.77'1.
NO
IBF.LLEAPR POLICE
5,20;,
170
WINTER HAVEN FIRE
r➢ 7fi"1;1
NI
PALM BAY FIRE
t 21i,,:"
INfY
OCALA GENERAL
u_Y 4A;.
82
MADISON FIRE
5 1°,"'4,
1R1
BELLEVIIEW POLICE
yr,3NN,
M3
FORT LAI IDUKDALE POLIC'I:K FIRE
51Ci';;,
I82
COCOA POLICE
009i'll
g4
PORT ORANGE FIRE &RESCUE
S01A,,
INJ
SEBRING FIRE
10
OYlLI30 FIRE
5 (171!;,
I84
GULFPORT HRE
96
BAL HARBOUR POLICE
5115"G
I85
OCEAN CITY-WRIGH"PFIRE
_061,11'4
97
FORT WAI„TON BEACH POI.ICF
i, 115";',.,
196
INDIAN HARBOUR BEACH P'OLIC,`E
Ng
ORANGES PARK FIRE.
5,r13",,
197
WEST MFI.BOU'RNE POLICE
N^➢
TEMPLE I I:'RRACE POLICE
5r1,4"
INN
MELBOURNE (iENERAI. rSPFECIAL RLSK)
1,0
ST CLOUD GEN ERAI.
4 99'll,
I XI`
PALATKA
'+ I
13A.R"I'OW POLICE
4 '1M'i,
Mari
AL POLICE
CAPE CORAL. POLICE
.1 l)(Al,
.I_"r0°IY,
HOLMESBEACH POLICE
4 94%
141
LAKE WALES POICE
-1 90lq ;,
DADS CITY FIRE
4 U1":;,
1`92
BELLE OLADF HOUSING AUTHORITY
•uue;,
04
°'4
PUNTA GORDA POLICE
q,'ia°: 1,
193
AIELBOURNL POLICE
.3,27'"L
'a5
PALM HARBOR FIRE
4 9X!,�
1I4
ME1.BC➢Y IRNE (iENERAI. (REGULAR)
-3 z2"'e
On
WEST MANATEE FIRE & RESCUE
4 fl-N,
I"
P'LARTDW' FIRE
-3 78'P.
't7
PALM BEACH GARDENS' FIRE
I7N'"�
196
COCOA BEACH POLICE
'+N
'I"AMPA FIRE & POI ICE
4 79'l,�
I'+7
AVON PARK FIRE
-6 14.:
K'+'r
PANAMA C'1TY FIRE
•1.77'i;,
AVIEITAGE:
4.0^;,
MEDIAN
-01%
InFr,+m:vnnm Aa- EpsIu & Ftrstcr clicnls ualw
tlncrc,rse shox, m dcl-lli-d ,a,da L I ur l /da l N Alma-] V.1-6-
FOSTER & FOSTER
SALARY INCREASES
(RANK C:'LI ENT NAM
IN'CIUASE
RANK CLIENT NAME
INCREASE
I
SANIBEL POLICE
ILSM^.
')I
OCEAN CITY-WRIGHT17ME
5lJTA
.,
FLM-jLER BEACH FIRM,.
1117:;,
GREATER ORLANDO AVIATION ALI'PHORLLY
511h"'°°,
?
KISSIMMEE FIRE
111.73%
"3
'1I*LUSVILLE GENERAL
51Ne�!a,
4
DELAND FIRE
") 1311,
",4
NORTH BAY FIRE
5.d15gti,
5
LYNN HAVEN FIRE
357t.
'r5
PALM RAY FIRE
t„
PALATKA FIRE
8 09%
11
TAKE M AIRY POLICE
7
CAPE CORAL GF.NF^RAl',
7`>G"+;,
47
FORT WALTON BEACH FIRE
N
GREATER NAPLES FIRE`
791ll
'13
BONITA SPRINGS FIRE
+
TARPON SPRINGS FIRE
792N,
qP
OI4INCY POLICE,rt FIRF
4',17'!,,
10
NEPTUNE BEACH POLIO "F,
7, 74'!6
Inu
WINTER IIAVEN POLICE
494%,
II
HAINES CI7YP0(JCI,'
7, 74",,
1111
GULFPORT GENERAL
4,90L%„
12
HOLMES BEACH POLICT..
7,64^'.,,
1110
EDGEWATER GENERAL
4 8W.,
I
CAPECCIR,AI, FIRE
740"^"
103
BARTC4W POI,.I('I'i
1, 86,%,
14
NEW SMYRNA BEACH POLICE
7.3°)P6
NO
SANFORD FIRE
4.8214
IS
LAKE ALFRED GENERAL
7 23'.i,
loY
'A,IN'F ER GARDEN GENERAL
4 x
I C
FLACILER BEACH POLICE-,
7 23-.e.
1W,
COCOA BEACH POLI('F
4 7T ar
I'!
HALLANDALE BEACH POLI -E &, FIRE:
7 2p%
I07
LADY LAKE POLK'E
4 779,;
18
BEL.LEAIR POLICE
'7.17'°s,
IM
PINELLAS PARK FIRE
4 7Y.',
N
TARPON SPRINGS POLIO"I,.:
71n1°i,
III'1
PALMETTO GENFRAI.
4,60",,
20
NORTII COLLIER FIRS
7.16u°'��,
I111
COCOA POLICE
4.6N'Y,„
21
COCOA FIRE
n.`l7°:gin
III
I'"ERRY FIRE
4.6bl!",
22
i"AVA RES POLICE
r, 4%", �,
I I2
PENSACOLA FIRE
4Lr 1S'
23
NFW'SMYRNA, BEACH FIRE
C, 87� ,
III
COCOA BEACH FIRE
4_66%
24
PAL,A'PRA POLICE
r, 8L79;,
III
TEM PLETERRAC F POL1 rF
460'%,
25
K ISSLMNIFE POLIC'L
ry 71,%
111
S'ANIBEL GENERAL
45RIE
26
BAI,, HARBOUR POLICE
676i':r,
1IA
SANFORD POLICE
4 )"I'll
.,
C,'RFSTVTW POI'.ICE 4 FIRE
67re"n°
117
PALMETTO POLK.'l
4 574'„
29
1„1-:G,SRLIRG POLICE
h 75':'„
BIM
PERRY POLICE
.1 571I,
2P
FDOLWAl I:R POLICE
1, 73'Y;,
119
ORANGE PARE: POLICE:
4 54'n,
30
HOLLYWOOD FIRE"
6 72%
120
GULFPORT P(rLICF
452,4,
3I
FAST LAKE 4'ARPC4N FIRE
,; 64%
121
LAKE CITY POLICE
149,"'
32
NEW PORE RKHI:,Y FIRE
r° 64%
122
SOUTH PASADENA FIRE
4.48°,;,
33
ORANGE PARK FIRE
h 6,10"' ,
123
Wb N"1"ER' HAVEN FIRE
4 47;A
34
AUF3URNDALF FIRE.
6.5 R"'„
124
[)AIDE CITY POLICE
•1.44/„
35
NORTH PALM BEACI'1 POLICE: K. PIKE
ri 55°,
125
INDIAN HARBOUR BEACH POLICE
3o
ARCADIA POLICE K FIRE
6 5 1 %
121,
NAPLES FMF
4 3Yv,„
37
HO11Y HILL. POLICE
6 i(F,
127
BARTOW FIRE
4 35$11
39
MILA ON FIRE
6 511"r'r,
1,',29
NAPLES POLICE
4 34%
,l^)
FORTMYERS POLICE
t,, i°.I"r�
1219
SEMTNOI.F FIRE
4j1%,,
411
LAKELAND FIRE
r,,34•,;,
134
LYNN HAVEN GENERAL
431'".41
41
CAPE CORAL FOLIC F
6"32u,;,
131
FORT WALTON EFACT I C,FN FKA1,
4,3 Q%,
42,
BOCA GRANOE FIRE
fi 314i'
1:32
MILTON GENERAL
4 271;u
43
PANAMA CFI FIRE
6.2N".S,
1.33
LEE•SBUR,G FGRE
42:+"4
44
ORMOND BEACH POLL E
o.,i5°n,
134
ST'CLOLID GENERAL
42246
J5
'FAVARES FIRE
1,,21,'
13.5
1^,AKF. WALLS FIRE
4 22°%,
4.,
5'T ALIGUS`FINE FIRE
r, 16.;^
134
LAKE WALES GENERAL
4 2 M.
47
I1 N MAN RI VER S HORF.S SA FF, I
6 44!,.
137
COCOA GENERAL
•4,
,Ix
IIAINES CITY FIRE.
G fu+79'dr
139
ALIBURNDALF POLICE:
4.1'I?fi
49
PORT ST LUCIE POLICE
tifix
139
FROSTPROOF POLICF
511
BELLEVIEW POLICE
f; a 7N,
140
PORT ORANGE FIRE, A RESCUE
4 13"a
51
ST CLOUD POIACL & FIRE
f„ 11ri'? ,
141
WINTER GARDEN POLICE 'A FIRF
4.1 "„
52
NORT'II RIVER FIRE DISTRICT
6 05 .,
142
QRM0;ND BEACH FVRE
4 (q%
53
PANAMA CILY POLICE
r;,rl4"':;,
143
PALM BLAC"II GARDENS RRF,
4,,13N,
54
NORTH FORT POLICE
5 o,r'};,
144
OCOEE GENERAL.
41)1%
55
5'T LI ICI I: COUNTY GENERAL,
q,v,r„'„
145
BELLE GLADE GLTII:RAI•
3 9A'#,
56
B,ROON',CVII^LF FIRE
5,'.r7'!:L,
144
LDGEWATE'R FIRE
i 06%
57
OVIEDO POLICE
5,'11r'?,4
I47
FEpiNrhNDINA BEACH GEN EIiAL
3,01^,,,
54
S,EBA57'IAI"4I'OI.IU'E
5,�1I1i1i,
148
MELBOURNEPOITCE
I8119,
5y
PALA4"KA GENERAL
3 1y"i.
PO
DADE CITY FIRE
3 R 1%
611
MELBOURN"E 13LACII POLICE
3 x7%
I91
PUNTA GORDA FIRE
3,77%
GI
KfSMNTMEE PTILPIY AUTHORITY
S 97"",
151
FORT L.AUDERDALE POLICE: K FIRE
3 75'A.
rig
WEST MELBOORNE POLICE
5,9 1'7;,
15'
WNTER HAVEN C7E;NFRAL,
3C, %
61
FORT WALTON T;IVACH POLICE
S, RII"r;,
I53
CAKE WALES POLIC'F.
3 f;p¢;,
„4
LAKE ALFRED POLICE & FIRE
5 7V„
151
DEL'8'ONA FIRE
3 (,fl%
0
COCOA BEACH GENERAL
5 74% 1
155
VFN ICE POLICE
3.5,1%
f,(^
PUNTA GORDA POLICE
5.73%,
156
ORMOND BEACH GENERAL
3 59%
67
ST LT 'CT E COUNT)' FIRE
5.72^I4
157
VENICE FIRE
34711,
r„N
BUSHNELL. GENERAL
i.f,2';^;,
159
GULFPORI' FIRE
3 45"8,
6')
MARCO ISLAND POLICE
,5,5�7"�',+
I -I,
ALIBURNDALF, CF:NER.AL
3 42%„
70
MAIT'LAND POLICE Nr FIRE
5,51;'y;,
IL11
AVON PARK POLIO"V'
34114%
71
FORT MYERS GENERAL
5,55",„
U,l
NAPLES GENERAL
3 3711;,
PLANT CITY SAFF I Y
5 501.,°
1Q
PAN.M BAY POLICE
3 311" ;,
71
SOUTIf WAI.,TON FIRE
t4`4%,
Ir:l
DUNEDIN FIRE
329';.
74
T9:MPLETERRACE FIRE
5,48%,
1,4
OCOEE POLICE:& FIRE
3.227fi
75
CRES`VVIEW GENERAL
547"4,
It,S
O:ALOOSA ISLAND FIRE
3,17%
7t,
FORT MYERS FIRE
5 479,,
I(,r,
HOLLY FALL FIRE
77
OC.ALA POLICE
5 4316
11,7
MAI[XSON FIRE
7P
CASSF.LF3FRRYPOLICE &FIRE
53111%
168
OVIEDO FIRE
307u;,
79
MEDLEY POLICE
5 3V;.
I6'r
13ARTOW GENERAL
3,07*,,e
RI1
MILTON POLICE
53TA.
1T1
PLINTA GORDA GENERAL
289%
81
PALM HARBOR FIRE
5 3P'7a,
171
HT'USVILLF POLICE.\ FIRE
2_R4",„
92
LYNN HAVEN POLICE
172
M LLB0lMNE GENERAL YREGULARF
2731:,,
83
(}GALA GIF:N EIdAL
5,2,"r"^1
IT3
ML"LBOURNEC`,ENF:RALISPECIALRISKI
2,fi'7°;a,
84
BRADEN'[ ON FIRE
5,?3'°:,;
174
S F PETE BEACH FIRE
2(14911,
0
EUSTIS FIRE
I2ui^u
175
S7 PETEBEAOIIGI';NF^RAL
243"6
xG
WEST MANATEE FIRE,K RES(FIF.
5,1
176
AVON PARK FIRE
2 fill.
87
LAKELAND POI-1C E:
5,1411;1
177
ENGLEWOOD FIRE
I7V.
RR
MADISON POLICE
5 13'fo
179
INDTALAN"TIC P01,K.1 R'. FIRE
1 71%
R`a
FERNANDINA 13E'AC'II POLICE;}; 11R1-
5 12%
179
BELLE GLA OE HOLIS ING At IORITY
1,. W'.
41,,
I1AINI S CITY GENERAL
5 08*,;,
10
DESTIN FIIx T:
1115%
Ixl
SEBRING FIR(:'
dI E1Y14N
5„6 ,
° IItlInP,Blltll,- sll- F-t.. ,$ F,Ivlrr CIICII'IS -1n
JANUARY: No Board activity.
FEBRUARY: No Board activity.
MARCH: I" Quarter Board Meeting:
• Update and Review Calendar of Activities.
• Request update of Summary Plan Description (every two years).
• Investment Report and Performance Review.
• Receive Annual Report to Division of Retirement.
APRIL: No Board activity.
MAY., No Board activity,
JUNE: 2nd Quarter Board Meeting:
0 Review Calendar of Board Activities.
a Investment Report and Performance Review.
9 Select Board' Chairperson and Secretary (every two years),
0 Approve and Distribute to Members the Summary Plan Description (if needed).
JULY: Board Members should file Financial Disclosure forms by Julyist.
AUGUST: Receive State premium tax monies.
SEPTEMBIER:
* 3 rd Quarter Board Meeting:
• Agree on Quarterly Meeting dates for following year.
• Review Calendar of Board Activities
• Approve Election Process for Police Officer Members (if needed).
• Select Board appointed Member and request City Council confirmati%in (if needed).
• Investment Report and Performance Review,
* Report on year-to-date expenses and approve budget for the next year,
OCTOBER: No Board activity.
NOVEMBER: No Board activity.
DECEMBER:
• 4 th
Quarter Board Meeting:
•
Review Calendar of Board Activities,
•
Consider changes to Operating Rules (if needed').
•
Report on Actual Operating Expenses for the year.
•
Investment Report and Performance Review.
•
Update Investment Policy and Allocation Strategy.
•
Accept the Actuarial Report.
•
Approve Expected Rate of Return.
•
Confirm renewal of Liability Insurance Policy.
Page 1 of 1
CITY OF SEBASTIAN
POLICE OFFICERS' RETIREMENT SYSTEM
ACTUARIAL EXPERIENCE STUDY
September 13, 2019
FOSTER & FOSTER
�� _TANTS
13420 Parker Commons Blvd., Suite 104 Fort Myers, FL 33912 · (239) 433-5500 · Fax (239) 481-0634 · www.foster-foster.com
September 13, 2019
Board of Trustees
City of Sebastian Police Officers’ Retirement System
Board of Trustees
1125 Main Street
Sebastian, FL 32958
Re: City of Sebastian
Police Officers’ Retirement System
Actuarial Experience Study
Dear Board:
As requested, we have performed an experience study determined as of October 1, 2018. In the course of
the analysis, we compiled plan experience from October 1, 2008 through September 30, 2018. While we
cannot verify the accuracy of all of the information provided, the supplied information used for
performance of the annual actuarial valuations was reviewed for consistency and reasonableness. As a
result of this review, we have no reason to doubt the substantial accuracy of the information and believe it
has produced appropriate results.
The purpose of this study is to review the current actuarial assumptions to determine which changes, if
any, are necessary in order to achieve the objective of developing costs that are stable, predictable, and
represent our best estimate of anticipated experience. It is important to remember that the ultimate cost of
your retirement plan is independent of any actuarial assumptions or methods. This cost will be the sum of
the benefits paid from the plan and the administrative expenses incurred, less any net investment gains
received.
The specific assumptions and methods investigated throughout the remainder of this study are as follows:
UAAL Amortization Method & Payroll Growth Rate
Investment Return
Salary Increases
Retirement Rates
Withdrawal Rates
Disability Rates
The balance of this Report presents details of the experience analysis. In addition, the report also contains
the corresponding actuarial impact on the City’s funding requirements and Unfunded Actuarial Accrued
Liability (UAAL) for any proposed changes.
To the best of our knowledge, this report is complete and accurate in all aspects. The undersigned is
familiar with the immediate and long-term aspects of pension valuations, and meets the Qualification
Standards of the American Academy of Actuaries necessary to render the actuarial opinions contained
herein. All of the sections of this report are considered an integral part of the actuarial opinions.
Respectfully submitted,
FOSTER & FOSTER, INC.
By:
Douglas H. Lozen, EA, MAAA
ACTUARIAL STANDARDS OF PRACTICE
Background
The Actuarial Standards Board has provided coordinated guidance through a series of Actuarial Standards
of Practice (ASOP) for measuring pension obligations and determining pension plan costs or
contributions. The ASOPs that apply specifically to valuing pensions are as follows:
➢ ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or
Contributions, which ties together the standards shown below, provides guidance on actuarial
cost methods, and addresses overall considerations for measuring pension obligations and
determining plan costs or contributions
➢ ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations
➢ ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring
Pension Obligations
➢ ASOP No. 44, Selection and Use of Asset Valuation Methods for Pension Valuations
➢ ASOP No. 51, Assessment and Disclosure of Risk associated with Measuring Pension
Obligations and Determining Pension Plan Contributions (applicable for valuations performed
after November 1, 2018)
Please note that the contents displayed throughout the remainder of this report are in compliance and
consistent with the above -mentioned Actuarial Standards of Practice. When applicable, further details of
the ASOP associated with the reviewed actuarial assumption will be provided in the experience analysis,
which is the basis for the remainder of the report.
Additional Required Communications
Please keep in mind that future actuarial measurements may differ significantly from current
measurements due to such factors as the following:
• Plan experience differing from that anticipated by the economic or demographic assumptions
• Changes in demographic assumptions
• Increases or decreases expected as part of the natural operation of the methodology used
• Changes in plan provisions or applicable law
The data used for purposes of this report was compiled from previous actuarial valuations, unless
otherwise indicated.
City of Sebastian Police Officers' Retirement System FOSTER & FOSTER 13
EXPERIENCE REVIEW SUMMARY
UAAL Amortization Method & Pavroll Growth Rate
The plan's Unfunded Actuarial Accrued Liability (UAAL) is currently being funded in such a manner
that each new layer of UAAL will be amortized as follows:
• Experience Gains and Losses 10 years
• Method and Assumption Changes 20 years
• Benefit Changes 30 years
This amortization method was approved by the Board, based on our recommendation following
discussions between Foster and Foster and actuaries with the Florida Division of Retirement. Most of our
Florida clients implemented this methodology in conjunction with the October 1, 2008 valuation.
Based on guidance from the "Actuarial Funding Policies and Practices for Public Pension Plans" as
developed by the Conference of Consulting Actuaries Public Plans Community (CCA PPC), we believe
that the current amortization methodology should be amended in a manner that will reduce funding
volatility and deferral of costs associated with benefit changes to future taxpayers. The report published
by the CCA PPC concluded that amortizing experience gains and losses over a period of less than 15
years contributes to volatility in the City's contribution requirements and that the ideal amortization
period would be 15-20 years. Additionally, the report states that benefit changes should be amortized
over a period no greater than 15 years. This would avoid deferring too much cost to future generations of
taxpayers.
We recommend amortizing all future layers of UAAL over a 15-year period instead of the current
10/20/30 structure. We believe this will achieve the goal of maintaining stable and predictable funding,
without deferring too much cost to the future. Additionally, we propose lowering the payroll growth
assumption to 0.00%, effectively moving to level dollar amortizations of the UAAL. We recommend
making this change for all current and future UAAL bases.
The balance of this report was determined assuming that the above recommended change to the UAAL
amortization method will be approved. Therefore, the increase or decrease in the UAAL resulting from
each of the proposed assumption changes discussed throughout the remainder of this report were
amortized as a level dollar over a 15-year period. Please note the change to a 15-year amortization period
has no initial funding impact as it does not affect any existing layers of UAAL.
The funding impact of the proposed change to the payroll growth assumption is illustrated below.
Current
Proposed
Citv Contribution UAAL
23.1 % 3.74 million
25.1 % 3.74 million
City of Sebastian Police Officers' Retirement System FOSTER & FOSTER 14
Economic Assumptions
ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations, provides guidance
to actuaries in selecting (including giving advice on selecting) economic assumptions — primarily
investment return, discount rate, and salary scale — for measuring obligations under defined benefit
pension plans.
Throughout the remainder of this section, we have used the standards set forth in ASOP No. 27 as a
guideline for reviewing and if applicable, selecting proposed changes to the following economic actuarial
assumptions:
• Investment Return
• Salary Increases
Please keep in mind that ASOP No. 27 states that "the best an actuary can do is to use professional
judgment to estimate possible future economic outcomes based on past experience and future
expectations, and to select assumptions based upon that application of professional judgment."
Investment Return
The assumed rate of investment return is currently 7.30% per year compounded annually, net of
investment related expenses. We believe that the decision to modify the investment return assumption
shall be made based upon input from your investment consultant, reflecting any significant changes to the
asset allocation, and their judgment of capital market returns. Keep in mind, however, that this
assumption should reflect the best estimate of expected investment returns until the last participant in the
Plan dies, many decades hence.
In determining the investment return assumption, one determines the average rate of return the Fund
expects to achieve based on the target allocation along with the corresponding capital market
assumptions. Foster & Foster is an actuarial firm, and we do not have the required expertise to produce
our own capital market assumptions. For purposes of illustrating this concept, we have included
information disclosed in the GASB 67/68 disclosures provided by your investment consultant, shown in
the table on the following page. Please keep in mind this return is net of investment related expenses, as
well as the 2.10% inflation projected by the investment advisor, suggesting an expected return of
approximately 7.35%. This would suggest that the current assumption of 7.30% seems in line with long-
term expectations.
The average assumed rate of return for our Florida public pension clients is 7.47% for the fiscal year
ended September 30, 2018. Additionally, the Florida Retirement System announced in 2018 that their
investment return assumption was being lowered to 7.40%, which is consistent with a national trend of
reducing the investment return assumption.
City of Sebastian Police Officers' Retirement System FOSTER & FOSTER 15
Target Asset Allocation vs. Capital Market Assumptions
September 30, 2018
Long Term Expected
Expected
Asset Class
Target Allocation
Real Rate of Return
Investment Return
Domestic Equity
52.50%
6.65%
3.49%
International Equity
12.50%
6.09%
0.76%
Fixed Income
25.00%
2.20%
0.55%
Real Estate
5.00%
3.30%
0.17%
MLPs
5.00%
5.50%
0.28%
Total
100.00%
5.25%
Inflation
2.10%
Total Nominal
7.35%
Although the current 7.30% assumption is supported by the target allocation and long-term expected
return by asset class, we have determined the impact on the Plan's liabilities and annual required
contribution if the investment return assumption was decreased from 7.30% to 7.00%. Results of this
assumption change are provided below:
7.30% (Current)
7.00%
Salary Increases
Citv Contribution UAAL
25.1 % 3.74 million
29.1 % 4.44 million
The salary increase assumption is used to project a member's salary from the valuation date until the
assumed retirement age and plays an important role in measuring individual pension costs and
obligations. Salary increase assumptions are typically represented as a flat salary scale assumption or a
service -based assumption. A flat salary scale assumption assumes that a member will get the same rate of
salary increase for all years of service, whereas a service -based table may assume different rates based on
the member's longevity with the plan.
Currently, the valuation utilizes a service -based table of assumed salary increases as implemented with
the October 1, 2013 valuation (based on experience for the period October 1, 1999 through
September 30, 2012). As illustrated on the following page, we have analyzed the actual plan experience
from October 1, 2008 through September 30, 2018 using actual salary increases based on completed
service at the time of each annual valuation.
City of Sebastian Police Officers' Retirement System FOSTER & FOSTER 16
Salary Increase Experience
October 1, 2008 through September 30, 2018
Service
Exposed
Prior Year
Actual
Expected
Actual
Salaries
Salaries
Salaries
Increase
< 1
26
1,073,892
1,203,700
1,245,716
15.84%
1-3
54
2,498,185
2,634,749
2,683,050
5.47%
4 - 13
164
9,263,175
9,651,196
9,948,648
4.11%
14 +
77
6,569,821
6,844,658
6,819,473
3.81%
Total
321
19,405,073
20,334,303
20,696,887
4.79%
Expected
Proposed
Increase
I
Increase
I
16.00%
16.00%
7.40%
6.50%
7.40%
5.80%
3.80%
3.80%
I 6.66%
I 5.35%
As exhibited above, the average salary increase over the past ten fiscal years fell short of the assumption
for the first 13 years of Credited Service. The proposed assumption incorporates this experience by
decreasing the assumption between one and thirteen years of service. The net result is a decrease over all
service points of approximately 1.31%, with the funding and liability impact shown in the below table.
Current
Proposed
Citv Contribution
25.1%
23.7%
3.74 million
3.78 million
City of Sebastian Police Officers' Retirement System FOSTER & FOSTER 17
Demographic Assumptions
ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension
Obligations, provides guidance to actuaries in selecting (including giving advice on selecting)
demographic and other noneconomic assumptions for measuring obligations under defined benefit
pension plans.
Over the following pages, the following applicable assumptions will be reviewed:
• Retirement Rates
• Withdrawal Rates
• Disability Rates
Please note we did not evaluate the mortality assumption because Chapter 2015-157, Laws of Florida
required that beginning with the October 1, 2016 valuation, all public plans must use the mortality table
used by the Florida Retirement System (FRS) actuary in one of their previous two actuarial valuations. In
conjunction with the October 1, 2016 actuarial valuation we incorporated the mortality assumption used
in the July 1, 2015 FRS valuation. An additional change to active mortality rates was adopted with the
July 1, 2016 FRS valuation, which was incorporated with your October 1, 2017 valuation. The
July 1, 2017 and 2018 FRS valuation use the same mortality assumptions as in 2016. Accordingly, no
change to the mortality assumption is applicable at this time.
It is important to point out, however, that the Society of Actuaries underwent a comprehensive study with
the primary objective to develop mortality tables comprised solely of public -sector lives. Additionally,
contributors to the study were asked to identify plan members as teachers, public safety personnel, or
general employees. This helped provide new insights into the composition of gender -specific pension
mortality by factors such as job category, specifically in the public sector.
We are unsure at this point in time if the FRS actuary will adopt a version of the public -sector mortality
tables referenced above in conjunction with the July 1, 2019 actuarial valuation. Please keep in mind that
any changes to the mortality assumption in conjunction with the FRS July 1, 2019 valuation would need
to be adopted by your plan no later than the October 1, 2020 actuarial valuation in accordance with state
law.
Generally, demographic assumptions are based on actual plan experience with additional considerations
for current trends. ASOP No. 35 states "the actuary should use professional judgment to estimate
possible future outcomes based on past experience and future expectations, and select assumptions based
upon application of that professional judgment." ASOP No. 35 also states that "a reasonable assumption
is one that is expected to approximately model the contingency being measured and is not anticipated to
produce significant cumulative actuarial gains or losses ... the actuary should not give undue weight to past
experience when selecting demographic assumptions."
Demographic trends generally remain consistent over time, absent significant changes in plan provisions.
Therefore, the best true indicator of future experience is past experience. For each assumption, this
analysis compares actual experience for the studied time period to the current assumptions used for
purpose of the annual valuation.
City of Sebastian Police Officers' Retirement System FOSTER & FOSTER 18
Note that actuarial assumptions reflect average experience over long periods of time. A change in
actuarial assumptions generally results when experience over a period of years indicates a consistent
pattern. Proposed changes to the demographic assumptions better reflect actual plan experience over the
studied time period. The proposed changes also meet the objective of developing costs that are stable,
predictable, and represent our best estimate of anticipated future experience.
Retirement Rates
A retirement rate is the associated probability at a specific point in time that a member will retire, given
that they have attained the eligibility requirements for retirement. The associated cost due to retirement
experience is determined by the age at which members actually retire.
The current provisions and assumptions for Early and Normal Retirement are as follows:
• Early Retirement: The attainment of age 50 with 10 years of Credited Service, reduced 3% per
year for commencement prior to the Normal Retirement Date.
o The current assumption is that 5% of eligible Members are assumed to elect Early
Retirement during each year of eligibility.
• Normal Retirement: The earlier of 1) Age 55 with 10 years of Credited Service, and 2) Age 52
with 25 years of Credited Service.
o The current assumption is that upon satisfying the requirements for Normal Retirement
eligibility, Members are assumed to retire immediately, unless still employed. If still
employed, those Members are assumed to continue working one additional year.
Since 2008, one out of the three eligible members elected Normal Retirement immediately upon first
eligibility. As a result, we are recommending an assumption based on the Member's years of Credited
Service. For Members with less than 25 years of Credited Service, the proposed rates are displayed
below. We propose assuming 100% retirement upon attaining 25 years of Credited Service. This revision
would eliminate the assumption that Members eligible for Normal Retirement on the valuation date
remain employed one additional year before retiring.
Normal Retirement Experience for Members with Less than 25 Years of Credited Service
October 1, 2008 through September 30, 2018
Normal
Age
Retirement
Opportunities
55
2
56
2
57 +
5
Total
9
Actual
Actual
Expected
Retirement
Retirements
Retirements
Rates
1
2
50%
0
2
0%
2
5
40%
3
9
33%
Expected
Retirement
Rates
100%
100%
100%
100%
Proposed
Retirement
Rates
50%
50%
100%
78%
City of Sebastian Police Officers' Retirement System FOSTER & FOSTER 19
Normal Retirement Experience for Members with 25 Years of Credited Service
October 1, 2008 through September 30, 2018
Normal
Actual
Expected
Proposed
Credited
Actual
Expected
Retirement
Retirement
Retirement
Retirement
Service
Retirements
Retirements
Opportunities
Rates
Rates
Rates
25 +
2
0
2
0%
100%
100%
Total
I 2
I 0
I 2
I 0%
I 100%
I 100%
In the last ten years, there were significantly higher than expected early retirements in the year in which
members first became eligible for subsidized early retirement benefits. This was followed by fewer than
expected early retirements in the following years. We recommend increasing the early retirement
assumption to 30% in the first year in which members become eligible for early retirement.
Early Retirement Experience
October 1, 2008 through September 30, 2018
Early
Actual
Expected
Actual
Expected
Proposed
Age
Retirement
Retirement
Retirement
Retirement
Opportunities
Retirements
Retirements
Rates
Rates
Rates
50
9
4
0.45
44%
5%
30%
51
4
0
0.2
0%
5%
5%
52
3
0
0.15
0%
5%
5%
53
4
0
0.2
0%
5%
5%
54
5
2
0.25
40%
5%
5%
Total
I 25
I 6
I 1.25
I 24%
I 5%
I 14%
The funding impact of the proposed changes to the assumptions for Normal and Early Retirement is
illustrated below.
Citv Contribution UAAL
Current 25.1% 3.74 million
Proposed 25.2% 3.64 million
City of Sebastian Police Officers' Retirement System FOSTER & FOSTER 110
Withdrawal Rates
The withdrawal rate, or termination rate, is the probability that a member will separate employment from
a cause other than disability, death, or retirement. Currently, the valuation utilizes a service -based table
of assumed salary increases as implemented with the October 1, 2013 valuation (based on experience for
the period October 1, 1999 through September 30, 2012).
As shown in the table below, the number of total terminations was greater than expected based on the
current assumption over the last ten years, exceeding the expectation for members with less than one year
of service and those with two years of service. Based on experience during the last ten years, we are
recommending a change to the assumption as set forth in the Proposed Termination Rate column of the
below table.
Withdrawal Experience
October 1, 2008 through September 30, 2018
Actual
Service
Exposed
Actual
Expected
Termination
Terminations
Terminations
Rate
0
25
6
3
24.0%
1
17
1
2
5.9%
2
21
4
1
19.0%
3-4
38
2
2
5.3%
5-9
87
3
4
3.4%
10 - 14
70
3
2
4.3%
15 - 19
29
1
0
3.4%
20+
21
1
0
4.8%
Total I
308
I 21 I
15
I 6.8%
Expected Proposed
Termination Termination
Rate
Rate
14.0%
15.0%
14.0%
15.0%
5.7%
15.0%
5.7%
4.0%
5.7%
4.0%
2.8%
4.0%
0.0%
0.0%
0.0%
0.0%
I 5.0%
5.6%
If the assumed rates are changed to those shown in the Proposed Termination Rate column, the City's
annual contribution requirement will decrease according to the below table.
Citv Contribution UAAL
Current 25.1 % 3.74 million
Proposed 24.7% 3.76 million
Disabilitv Rates
The disability rate assumption is the probability that a member will become disabled while an active
member in the plan. Currently, the valuation uses an age -based assumption for predicting the occurrence
of future disabilities.
Over the studied time period, there were two disability retirements granted, while only one was expected.
Based on this information, we propose increasing the assumed rates to double the current rates at each
age. If the assumed rates are changed to those proposed, the City's annual contribution requirement will
increase according to the below table.
Citv Contribution UAAL
Current 25.1% 3.74 million
Proposed 25.3% 3.69 million
City of Sebastian Police Officers' Retirement System FOSTER & FOSTER 111
Conclusion
As established throughout earlier sections of this report, certain assumption changes for future valuation
reports are recommended, based on Plan experience since the prior Experience Study. These
recommendations are based on sound actuarial principles, reflect our best estimate of anticipated future
experience, and are designed for the objective of developing costs that are stable and predictable.
Below is a summary of the impact on the City's funding requirements and the Plan's UAAL for each of
the proposed changes, if made independently of one another. If all the proposed changes were adopted
including the UAAL change, at a 7.30% investment return assumption, the City's required annual
contribution increases by approximately 0.7% of payroll. Adoption of the combined assumptions at a
7.00% investment return assumption increases the City's annual required contribution by approximately
4.6% of payroll.
Summary of Results
Citv Contribution
UAAL
Funded Ratio '
Current Assumptions
23.1%
3,740,617
79.9%
UAAL Method Change
25.1%
3,740,617
79.9%
Investment Return (7.00%)
29.1%
4,438,053
77.0%
Salary Increases
23.7%
3,782,262
79.8%
Retirement Rates
25.2%
3,664,731
80.3%
Withdrawal Rates
24.7%
3,761,193
79.8%
Disability Rates
25.3%
3,687,530
80.2%
Combination at 7.30%
23.8%
3,652,889
80.3%
Combination at 7.00%
27.7%
4,342,797
77.4%
' Funded Ratio determined as ratio of Actuarial Value
of Assets to Actuarial Accrued Liability.
City of Sebastian Police Officers' Retirement System FOSTER & FOSTER 112
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