Police Pension Board MEETING CITY OF ST. PETE BEACH. 155 Corey Avenue St. Pete Beach, FL 337o6. Thursday, October 19, :30 AM

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1 Police Pension Board MEETING CITY OF ST. PETE BEACH 155 Corey Avenue St. Pete Beach, FL 337o6 Thursday, October 19, :30 AM Call to Order Pledge of Allegiance Roll Call 1. Changes to the Agenda - Agenda items to be added, moved or deleted will be addressed at this time. Items added will be assigned agenda item numbers and items that are moved will retain the same item numbers. A notation will be made that those items will be taken out of order. 2. Audience Comments - Comments shall be limited to three minutes per person to issues not on the agenda. 3. Approval of Minutes - Regular meeting of April 20, Special meeting of September 20, Authorization of Payments [Attachment "A"] Invoice #23357 from AndCo (formerly Bogdahn Group) for services through September 30, 2017 in the amount of $3,800. [Attachment "B"] Invoice #31146 from Christiansen & Dehner for services through August 31, 2017 in the amount of $ Pagel

2 [Attachment "C"] Invoice #10247 dated March 31, 217fromFoster & Foster for itemized services from September 2016 through January 19, 2017 in the total amount of $11,900. 5* Consideration of lowering the plan investment return assumption from the cwrent 7% to 6.75%; and/or lowering the amortization of imfunded accrued actuarial liability from thirty years to fifteen years. [Attachment "D"] AS requested by the board, Patrick Donlan of Foster & Foster has prepared the attached estimate of the costs associated with lowering the plan investment return assumption and/or the amortization period of accrued actuarial liability. 6. Presentations AndCo Consulting LLC - Tyler Gumbles of AndCo Consulting, and City Administrative Services Director Vincent Tenaglia, have worked together to determine a practical means of conforming to the Financial Industry Regulatory Authority (FINRA) requirements placed on Insight Investments, the firm used by the board for certain fixed income investments. Christiansen & Dehner - Formal adoption of Board Procedures drafted by the board attorney. Salem Trust (If Present) 7* Correspondence or actions since the last meeting. Copy of the letter sent to plan members by Chairman Rogers to announce reappointment of Board Member Thomas Lange who ran unopposed for a plan member seat on the board. [Attachment "E"] Election of Option A proposed by Salem Trust for processing class actions on behalf of the board, signed by Board Secretary Lange as authorized at the regular meeting of August 17, 2017 [Attachment "F"] Authorization for Salem Trust to provide read only access to the City Manager's designee for the purpose of reviewing the board's accounts at Salem Trust. Signed by Secretary Lange as authorized at the regular meeting of August 17, [Attachment "G"] Copy of the September 25, 2017 letter to Mayor Debra Schechter from Sarah Carr of the Florida Department of Management Services noting an enclosed payment of $93, to the benefit of the planfrom 2016 Premium Tax Distribution. [Attachment "H"] 8. Old Business 9* New Business Page 2

3 lo. Adjournment APPEAL APPEAL: Florida Statutes 286.oio.q; Notices of meetings and hearings must advise that a record is reqtdred to appeal. Each board, commission, or agency of this state or of any political subdivision thereof shall include in the notice of any meeting or hearing, if notice of the meeting or hearing is required, of such board, commission, or agency, conspicuously on such notice, the advice that, if a person decides to appeal any decision made by the board, agency, or commission with respect to any matter considered at such meeting or hearing, he or she will need a record of the proceedings, and that, for such purpose, he or she may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. AMERICANS WITH DISABILITIES ACT: Florida Statutes , AccessibiUtv of public meetings to the physically handicapped* In accordance with the Americans with Disabilities Act and Florida Statutes, persons needing special accommodations to participate in a meeting should contact City Hall at (727) no later than forty-eight (48) hours prior to the meeting for assistance. Electronic media must be submitted a minimum of 24 hours in advance to eityclerk(astpetebeach,org The public is cordially invited to attend. All agenda material is available for review at City Hall. Page 3

4 AndCo 4901 Vineland Road, Ste 600 Orlando, FL Date Invoice # 9/22/ Bill To: St. Pete Beach Police Officers' Retirement System i Description Amount Consulting services and perfomiance evaluation billed quarterly (July, 2017) 1, Consulting services and perfomiance evaluation billed quarterly (August, 2017) 1, Coiisulting services and perfomiance evaluation billed quarterly (September, 2017) 1 ^66.66 It is our pleasure to provide 100% independent consulting advice ALWAYS putting clients tirst! Balance Due $3,800.00

5 Phone Christiansen & Dehner, P. A. 63 Sarasota Center Boulevard Suite 107 Sarasota, FL Fax St. Pete Beach Police Officers' Retirement System 155 Corey Avenue St. Pete Beach, FL Thomas Lange August 31, 2017 Invoice Number In Reference To: Police Pension Fund Professional Services Hours Amount 8/2/2017 Preparation of Records Management Liaison Officer (RMLO) Resolution. 8/17/2017 Preparation and attendance at Board Meeting. Travel Time For professional services rendered $ Additional Charges : QtY 8/2/2017 Copies Postage 8/17/2017 Car Expense Food Expense Tolls Total additional charges $22.43 Total amount of this bill Previous balance $ $ Accounts receivable transactions 8/29/2017 Payment - thank you. Check No ($676.98) Total payments and adjustments ($676.98)

6 St. Pete Beach Police Officers' Retirement System August 31, 2017 Amount Balance due $ Please note that the "Balance Due" figure at the end of this bill reflects both "Total New Charges - Current Period" and any previous balances due. In most cases, if the previous balance(s) have already been approved for payment but not yet received in our office, you should be paying only the "Total New Charges - for services and/or expenses". Thank you. Please indicate account number(s) with payment. (Please Deduct any payments not reflected in Balance due)

7 S FOSTER & FOSTER Invoice Date Invoice ^ Phone: (239) Fax: (239) data@foster-foster.com 3/31/ City of St. Pete Beacli Police Officers' Retirement System th Avenue St. Pete Beach, FL Terms Due Date Descript on Net 30 4/30/2017 Amount Preparation of Cost-Of-Living Adjustments for 18 retirees, effective Octgober 1, Review of proposed Ordinance and letter of no actuarial cost impact dated September 23, October 1, 2016 Actuarial Valuation and Report; preparation of member certificates 7, Preparation of GASB 67 Statement with measurement date of 09/30/16. 1, Preparation of GASB 68 Statement with measurement date of 09/30/16. 2, Preparation for and attendance at January 19, 2017 Board meeting (Board's share of expenses) Overpaid of $250 Thank you for your business! Please make all checks payable to: Foster & Foster, Inc Parker Commons Blvd. Suite 104 Fort Myers, FL Payments/Credits Balance Due -$ $11,900.00

8 FOSTER & FOSTER August 16, 2017 Via Bob Rogers, Chairman Cityof St. Pete Beach Police Officers' Retirement System Board of Trustees Re: Dear Bob: City of St. Pete Beach Police Officers' Retirement System As you requested, we have completed a study to determine the impact on the funding requirements to the Plan and the Unfunded Actuarial Accrued Liability (UAAL) under three scenarios. The first scenario is if the Board were to reduce the investment return assumption from 7.0% to 6.75% per year going forward. The second scenario is if the Board maintained the 7.0% assumption but consolidated the Unfunded Actuarial Accrued Liability bases into one base with a 15 year amortization. Additionally, all future UAAL bases will be amortized over 15 years. The third scenario is a combination of the fkst two scenarios. The impacts on the funding requirements and UAAL are as follows: City and State Funding Requirement For Fiscal 2018 Current Scenario 1 Scenario 2 Scenario 3 7.0% Int 6.75% Int 7.0% Int 6.75% Int 30YrAmort^ 30YrAmort^ 15 Yr Amort^ 15 Yr Amort^ $651,733 $679,644 $716,942 $760,941 Increase $27,911 $65,209 $109,208 UAAL Increase $6,170,998 $6,671,514 $6,170,998 $6,671,514 $500,516 $0 $500,516 ^ Please note that currently, there are several different pieces of the UAAL that are each amortized over 30 years from the date that they originated. Therefore, the funding of the plan is essentially over a 30 year period. Since the Plan is closed, a shorter period may be appropriate. Please note the contents of this analysis and the October 1, 2016 actuarial valuation report are considered an integral part of the actuarial opinions. The undersigned is familiar with the inmiediate 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. If you have any questions regarding this analysis, please let me know. Sincerely, Patrick T. Donlan, EA, ASA, MAAA

9 THE SUNSET CAPITAL OF FLORIDA 155 Corey Avenue St. Pete Beach, FL \nv^v.stpetebeach.org Plan Beneficiary St Pete Beach Police Pension Plan St Pete Beach, FL Dear Beneficiary, Since no one decided to run for the seat held by Mr. Tom Lange, Mr. Lange will by acclamation continue to serve on the Police Pension board for two years beginning with our July meeting. If you have any questions or would like to suggest an improvement, please contact any member of the Board. The board members and important information about your plan may be found on the city's web site: \ Yours very truly. Robert Miller Rogers Chair, Police Pension Board May 23, 2017

10 Salem Trust Company Directions for Processing Class Actions By placing your initials next to one of the two options below, please choose option A or B to confimri your clirectlon(s) to Salem Trust Company for processing class actions on behalf of your pension plan. An authorized signer (s) for your plan should sign and date the bottom of this form and retum to us as soon as your plan's procedures permit Please initial one of the following choices: /// Option A: Salem Trust Company should provide class action service to our plan. If you choose this option, Salem Trust will provide complete class action service on your behalf. After any claim is settled, CCC will deduct from the monetary award, a current fee equal to 20% of the award. Salem will deposit the net proceeds to the pension plans account. Option B: Salem Trust Company should NOT provide class action service. If you choose this option, should a class action claim apply to a security held in your account, Salem Trust will not notify you nor will we pursue a claim on your behalf. All class action claims processing activities need to be provided by other service providers. Pension Plan Name: City of St. Pete Beach Police Officers' Retirement Plan Authorized Signer: ^ t)ate Authorized Signer: Date

11 THE SUNSET CAPITAL OF f LORIDA August 17,2017 Salem Trust Company 1715 N. Westshore Blvd. Suite 750 Tampa, FL To Whom It May Concern, At a meeting held on August 17,2017, the St. Pete Beach Police Officers' Pension Board approved the City Manager to designate a staff person online access to view retirement accounts for retirees of St Pete Beach Police Officers' Retirement System. Sincerely, Thomas Lange, Secretary Police Officers' Pension Board

12 FLORIDA DEPARTMENT OF MANAGEMENT SERVICES retirement We serve those who serve Florida Bureau Local Retirement Systems Municipal Police Otficers' & Firefighters' Trust Funds' Office P.O. Box 3010 Tallahassee, FL Tel: Fax: Toll-Free: Ricl< Scott, Governor Erin Rocic, Secretary September 25, 2017 The Honorable Debra Schechter, Mayor City of St. Pete Beach 155 Corey Ave. St. Pete Beach, FL Re: 2016 Premium Tax Distribution St. Pete Beach Police Officers' Retirement Trust Fund Dear Mayor Schechner: The enclosed state warrant in the amount of $93, constitutes the revenue due your city under Chapter 185, Florida Statutes, for calendar year This warrant is to be deposited into the appropriate Police Officers' Retirement Trust Fund immediately, and under no circumstances more than five days after receipt as provided in , Florida Statutes. Please acknowledge your receipt and deposit of this revenue by signing this letter and sending a copy to our office at the following address: Municipal Police Officers' and Firefighters' Retirement Trust Funds Office Division of Retirement Post Office Box 3010 Tallahassee, Florida Sincerely, ^^^^^ (lajsy^^ Sarah Carr Benefits Administrator Division of Retirement Enclosure (Mayor's Signature) (Date) Copy: Chairman, Police Officers' Retirement Fund

Please find enclosed the annual disclosures that satisfy the October 1, 2017 financial reporting requirements made under Section

Please find enclosed the annual disclosures that satisfy the October 1, 2017 financial reporting requirements made under Section April 16, 2018 VIA EMAIL Mr. Bob Rogers 200-76th Avenue St. Pete Beach, FL 33706 Re: City of St. Pete Beach Police Officers' Retirement System Section 112.664, Florida Statutes Compliance Dear Bob: Please