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06-11-2012 CITY OF EDGEWATER POLICE OFFICERS' PENSION BOARD OF TRUSTEES QUARTERLY MEETING CITY HALL CONFERENCE ROOM 104 N. Riverside Drive, Edgewater, Florida 32132 AGENDA Monday, June 11, 2012 - 1:30 P.M. Pursuant to Chapter 286, F.S., fan individual decides to appeal any decision made with respect to any matter considered at a meeting or hearing, that individual will need a record of the proceedings and will need to insure that a verbatim record of the proceedings is made. In accordance with the Americans with Disabilities Act, persons needing assistance to participate in any of these proceedings should contact City Clerk Bonnie Wenzel, 386 - 424 -2400 Ext# 1101, prior to the meeting. I. CALL TO ORDER/ROLL CALL/DETERMINATION OF A QUORUM - Welcome new Trustee David Arcieri ELECTION of OFFICERS II. APPROVAL OF MINUTES - Quarterly Meeting - March 19, 2012 III. NEW BUSINESS 1. Consideration of Rules Manual 2. Administrative Budget Report 3. Designation of primary security administrator for online access to Principal account IV. OLD BUSINESS V. REPORTS (ATTORNEY /CONSULTANTS) 1. The Bogdahn Group, Performance Consultant • Quarterly report - March 31, 2012 2. Lee Dehner, Plan Attorney • Financial Disclosure Forms due on July 1, 2012 • Status Report - Issues with Principal 3. Sheila Hutcheson, Plan Administrator • Determination of Plan's funding basis for Valuation: fixed dollar amount or percentage of payroll VI. PROCESSED DISBURSEMENTS/RETURN OF CONTRIBUTIONS and DEPOSITS • DISBURSEMENTS 1. Christiansen & Dehner, professional legal fees - $203.95; $1,418.05; $202.80 2. Sheila Hutcheson, plan administration fees - $4,500.00 ($1500 /month); mileage expense - $17.54 3. The Bogdahn Group, performance consultant fees, 1S quarter, 2012 - $3,625.00 4. Tom Kaye, refund of after -tax member contribution (non- vested former member) - 56,735.47 5. Phil Niebieski, commencement of retirement as of April 1, 2012 (joint and 100% survivor option) and distribution of DROP account 6. Foster & Foster, actuarial services - $545.00 DEPOSITS - none VII. STAFF and TRUSTEES' REPORTS, DISCUSSION, AND ACTION VIII. REQUESTS FROM THE PUBLIC/EMPLOYEES PRESENT IX. ADJOURNMENT CITY OF EDGEWATER POLICE OFFICERS' PENSION BOARD OF TRUSTEES QUARTERLY MEETING CITY HALL CONFERENCE ROOM 104 N. Riverside Drive, Edgewater, Florida 32132 AGENDA Monday, June 11, 2012 - 1:30 P.M. Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any matter considered at a meeting or hearing, that individual will need a record of the proceedings and will need to insure that a verbatim record of the proceedings is made. In accordance with the Americans with Disabilities Act, persons needing assistance to participate in any of these proceedings should contact City Clerk Bonnie Wenzel, 386- 424 -2400 Ext# 1101, prior to the meeting. I. CALL TO ORDER/ROLL CALL/DETERMINATION OF A QUORUM - Welcome new Trustee David Arcieri ELECTION of OFFICERS H. APPROVAL OF MINUTES - Quarterly Meeting - March 19, 2012 III. NEW BUSINESS 1. Consideration of Rules Manual 2. Administrative Budget Report 3. Designation of primary security administrator for online access to Principal account IV. OLD BUSINESS V. REPORTS (ATTORNEY /CONSULTANTS) 1. The Bogdahn Group, Performance Consultant • Quarterly report - March 31, 2012 2. Lee Dehner, Plan Attorney • Financial Disclosure Forms due on July 1, 2012 • Status Report - Issues with Principal 3. Sheila Hutcheson, Plan Administrator • Determination of Plan's funding basis for Valuation: fixed dollar amount or percentage of payroll VI. PROCESSED DISBURSEMENTS/RETURN OF CONTRIBUTIONS and DEPOSITS • DISBURSEMENTS 1. Christiansen & Dehner, professional legal fees - $203.95; $1,418.05; $202.80 2. Sheila Hutcheson, plan administration fees - $4,500.00 ($1500 /month); mileage expense - $17.54 3. The Bogdahn Group, performance consultant fees, 1s quarter, 2012 - $3,625.00 4. Tom Kaye, refund of after -tax member contribution (non- vested former member) - $6,735.47 5. Phil Niebieski, commencement of retirement as of April 1, 2012 (joint and 100% survivor option) and distribution of DROP account 6. Foster & Foster, actuarial services - $545.00 DEPOSITS - none VII. STAFF and TRUSTEES' REPORTS, DISCUSSION, AND ACTION VIII. REQUESTS FROM THE PUBLIC/EMPLOYEES PRESENT IX. ADJOURNMENT Police Pension Board of Trustees Minutes - Quarterly Meeting March 19, 2012 Page 1 of 5 CITY OF EDGEWATER POLICE OFFICERS' PENSION BOARD OF TRUSTEES QUARTERLY MEETING MINUTES Monday, March 19, 2012 CALL TO ORDER/ ROLL CALL/DETERMINATION OF A QUORUM The Edgewater Police Officers' Pension Board held its quarterly meeting on Monday, March 19, 2012 in the City Hall Conference Room at the City of Edgewater, Florida. Members Present: John Tarr Vincent McCauley Lawrence Leaf Ferd Heeb Chad Anderson Members Absent: None Plan Attorney: H. Lee Dehner Plan Administrator: Sheila Hutcheson Consultant: Jack Evatt, The Bogdahn Group Plan Actuary: Doug Lozen, Foster & Foster City Staff: Donna Looney, Personnel Director Tracey Barlow, City Manager Plan Retiree: Gary Conroy Secretary Anderson called the meeting to order at 1:30 p.m. There was a quorum with all members present. The Board welcomed new Trustee John Tarr. Election of Officers Nominations were taken for each position, as follows: Chairman - Member Heeb nominated Chad Anderson. Secretary - Member Heeb nominated John Tarr There were no other nominations. Accordingly, the new officers are: Chairman Chad Anderson and Secretary John Tarr. The Administrator will distribute a new Board Member list including this information. APPROVAL OF MINUTES - Quarterly Meeting - December 12, 2011 Member Tarr made a motion to approve the minutes of the December 12, 2011 quarterly meeting; Member Leaf seconded the motion, which passed unanimously. NEW BUSINESS - None Police Pension Board of Trustees Minutes - Quarterly Meeting March 19, 2012 Page 2 of 5 OLD BUSINESS Discussion/Action: Draft Amendments to the Education section of the Personnel Policy Manual; presentation of proposed policy As far as expenses being handled, Chairman Anderson said that he prefers that the Board have a separate policy from the City's policy. Member Heeb said he does not recommend a frequency of attendance at training that exceeds that mandated by Statute. He noted that he is less concerned about the method of expense payments than about the frequency of attending conferences. Member Tarr expressed his agreement with Chairman Anderson that the Board should specify education attendance. He said that the Board should comply with the Florida statutory provisions in this regard until a procedure is approved by the Board. The Plan Administrator advised that the City policy does not supersede the Board's right to solely authorize attendance with no City approval required. Ms. Hutcheson and Attorney Dehner said expenses can be handled through the Plan Administrator/Principal for payment. The Board's consensus was to rely on the Statute as far as frequency of education but allow reimbursements not restricted to City guidelines. Absent its own policy, the Board is automatically subject to the Statute. The Board can state that the Plan will pay reasonable expenses related to education and associated travel. Attorney Dehner pointed out that this policy is typically included in the Board's Rules Manual, which has been considered in the past but not yet adopted. The Board will review the Rules Manual at the next quarterly meeting. Member Tarr made a motion to continue its current travel and education policies; Member Leaf seconded the motion, which passed unanimously. The Plan Administrator advised the Board that the American Express credit card has been canceled, so she will process expense payments through Principal, not through the City; the Board concurred. Consideration of budget for administrative expenses for FY11 /12 Member Heeb reviewed and summarized that the reason for this effort was to monitor the Plan's administrative expenses on an ongoing basis, updated each quarter by the Administrator. Member Heeb made a motion to adopt the expense detail provided by the Administrator (updated to include Ms. Hutcheson's current fees); Member Tarr seconded the motion, which passed unanimously. REPORTS (ATTORNEY /CONSULTANTS) Doug Lozen, Foster& Foster (F &F), Actuary Presentation: October 1, 2011 Actuarial Valuation Mr. Lozen opened the review of the 2011 valuation (on IPad's he issued to the Board), noting that for the year ending September 30, 2012, the City's funding requirement is 42.0% (550,000, compared to about $548,000 for the year ending September 30, 2011) and for the year ending September 30, 2013, the City's cost will be 52.0% (about $700,000). The City has used a portion of the excess contribution, but there is about $385,000 remaining that the City can use whenever it wants to help defray its pension costs. He discussed the mechanics of the funding requirements and when the costs will level off. Member Heeb asked how the City's cost for our Plan compares to that of other Plans; Mr. Lozen said it is somewhat high but a number of factors have to be considered. For example, for the past four Police Pension Board of Trustees > Minutes - Quarterly Meeting March 19, 2012 Page 3 of 5 years, the average salary has decreased which is not the case with many Police plans. The funding requirement for our plan has increased a lot in the last four years, as it has for many Police/Fire plans. Member Heeb made a motion to approve the 2011 Valuation; Member Tarr seconded the motion, which passed unanimously. Declaration of returns The Attorney explained the statutory requirement that the Board declare the expected returns based on advice from its investment consultants in conjunction with the valuation. In this regard, Jack Evatt, Performance Consultant with The Bogdahn Group, was asked to provide his recommendation, which was that it is reasonable that the 7.5% actuarial assumption will be reached in the next year, over the next several years, and over the long term. Member Heeb made a motion to accept the consultant's recommendation for the declaration of returns: that the 7. 5% actuarial assumption will be reached in the next year, over the next several years, and over the long term thereafter; Member Tarr seconded the motion, which passed unanimously. The Administrator said she had the letter in this regard for execution and distribution to the State Division of Retirement, City Manager, and Actuary. The Bogdahn Group, Performance Consultant - Quarterly report - December 31, 2011 Jack Evatt opened by discussing the market environment for the quarter, as outlined in the report he distributed to the Board. He then discussed the performance for the quarter: 6.27% which out- performed the index. The fund's assets were $7,561,734 as of December 31, 2011, compared to $7,299,113 on September 30, 2011. The fund was at +$8million as of the end of February. Discussion: investment options with Principal; rebalancing of assets Mr. Evatt distributed information on current investments and recommended investment options with Principal, as follows: Asset Allocation Chan es Asset Class Current Weight Proposed Target Proposed Weight Domestic Equity 42.8% 45.0% 45.0% Intemational Equity 9.6% 15.0% 15.0% Domestic Fixed Income 43.7% 35.0% 36.1% Real Estate 3.9% 5.0% 3.9% Contribution Chan • es Asset Class Current Weight Proposed Weight Domestic Equity 31.6% 45.0% International Equity 8.4% 15.0% Domestic Fixed Income 60.0% 40.0% Real Estate 0.0% 0.0% He discussed both the reallocation of the current fund and the allocation of future contributions. The change in some of the investments should result in positive performance in relation to the benchmarks, by reducing the fixed income exposure and increasing the equity investments. Mr. Evatt detailed the information and his recommendations for change. Mr. Evatt pointed out that the allocation is for a Police Pension Board of Trustees Minutes - Quarterly Meeting March 19, 2012 Page 4 of 5 long -term investment strategy, not just looking at the current environment. The Bogdahn Group recommends a 60 %/40% allocation in stocks and fixed income investments, respectively. Chairman Anderson made a motion to rebalance the portfolio in accordance with the recommendations from The Bogdahn Group dated March 19, 2012; Member McCauley seconded the motion, which passed unanimously. H. Lee Dehner, Plan Attorney Legislative update Mr. Dehner reported that the legislative session adjourned March 9, 2012 and there was no pension legislation that would affect our Plan. He reminded the Trustees to file their annual Financial Disclosure Forms by July 1. 2012; the Administrator will email the form to the Board. The Attorney recommended that Trustees either hand- deliver the forms to the Supervisor of Elections Office in Volusia County or mail it with a return receipt requested to document that it was timely filed. Status Report - Issues with Principal Attorney Dehner summarized relevant information for the Board regarding the issues with Principal and the status of settlement negotiations in this regard. He will keep the Board apprised of the status of negotiations. Sheila Hutcheson, Plan Administrator Ms. Hutcheson reported the following items: • Appointment of fifth member, Larry Leaf (for a term until March 17, 2014) Member Heeb made a motion to appoint Larry Leaf as the fifth member for a term until March 17, 2014; Member McCauley seconded the motion, which passed unanimously. The Administrator will forward the appointment to the City Clerk for submittal to the City Council for their ratification as a ministerial duty. • Elected Trustee Chad Anderson's term ends on June 5, 2012 - a notice and election will be coordinated • Tax withholding on after -tax member refunds in conjunction with retirement The Administrator reported that Principal continues its inconsistency in withholding tax from refunds of member contributions to retirees who elect the refund with a correspondingly lower monthly retirement benefit. This is reported for the Board's information. We do not recommend that the Board specify a position, as we are not tax professionals. It may be appropriate when the plan is separated from Principal to eliminate this option and have a PLOP instead, which does not involve the tax issues. Ms. Hutcheson also reported that she has advised two former employees that they are ineligible to apply for disability as they are no longer active members of the Plan. Police Pension Board of Trustees Minutes - Quarterly Meeting March 19, 2012 Page 5 of 5 PROCESSED DISBURSEMENTS/RETURN OF CONTRIBUTIONS and DEPOSITS • DISBURSEMENTS 1. Christiansen & Dehner, professional legal fees - $1,058.16, $270.40 2. Sheila Hutcheson, plan administration fees - $4,500.00 ($1500 /month); mileage expense - $11.00 3. The Bogdahn Group, performance consultant fees, 4 quarter, 2011 - $3,625.00 4. FPPTA membership dues, 2012 - $600.00 5. Per Diem/mileage expenses for Larry Leaf for FPPTA Trustees School (Feb. 5 -8, 2012) - registration: $450.00; lodging: $537.00; per diem: $86.00; mileage: $120.99; hotel surcharge: $5.37; parking: $45.00 6. FPPTA 2011 recertification fee - Trustee Larry Leaf - $30.00 7. Principal, GASB 40 statement - $150.00 (deducted from assets) 8. Foster & Foster, actuarial services - $19,611.00 DEPOSITS 1. American Express credit refund - $11.25; credit adjustment for fee paid upon card cancellation - $10.00 (deposited by Mr. Conroy but City cannot document for deposit to pension fund) Member Anderson made a motion to approve the processed disbursements /return of contributions and deposits; Member Tarr seconded the motion, which passed unanimously, upon a roll call vote. STAFF REPORTS, DISCUSSION, and ACTION/TRUSTEES' REPORTS, DISCUSSION and ACTION; REQUESTS FROM THE PUBLIC/EMPLOYEES PRESENT Member Heeb asked Attorney Dehner to address records retention by individual Board members; Mr. Dehner said that the retention of records is only for the records of the Board in its entirety and this is handled by the Administrator. Individual Trustees do not have to retain Plan records they may have. ADJOURNMENT There was no further business, and the Chairman adjourned the meeting at 3:43 p.m. Respectfully Submitted: Approved: Sheila Hutcheson Chairman Plan Administrator EDGEWATER POLICE PENSION TRUST June 11, 2012 report ADMISTRATIVE EXPENSE BUDGET FISCAL YEAR OCTOBER 1. 2011 TO SEPTEMBER 30 2012 DESCRIPTION BUDGET ACTUAL CURRENT YEAR TO UNEXPENDED MONTH /QTR DATE BALANCE PLAN ADMINISTRATOR* 17,100.00 4,517.54 12,750.74 4,349.26 LEGAL 11, 500.00 1,824.80 5,758.70 5,741.30 PERFORMANCE MONITORING 14,500.00 3,625.00 10,875.00 3,625.00 ACTUARIAL SERVICES ANNUAL 20,500.00 545.00 20,156.00 344.00 ACTUARIAL SERVICES SPECIAL 30,000.00 - - 30,000.00 INSURANCE 2,800.00 - 2,418.37 381.63 DUES 600.00 - 600.00 - CONTINUING EDUCATION 3,000.00 - 1,244.36 1,755.64 TOTAL 100,000.00 10,512.34 53,803.17 46,196.83 *amended to include rate increase on Jan. 1, 2012 F� k r ,w OEPAFTIENT OF IIMAGINVIT Ricz Scarr SERVICES Scow STRwaRT Governor Interim Secretary May 29, 2012 MEMORANDUM TO: Florida Local Government Retirement Systems or Plans FROM: Division of Retirement Bureau of Local Retirement Systems SUBJECT: Local Retirement Plans Minimum Funding Basis: Percentage of Payroll Versus Fixed - Dollar Contributions The Division of Retirement performs actuarial reviews of Florida's local government retirement plans to ensure that they are being funded in an actuarially sound manner in accordance with Part VII of Chapter 112, Florida Statutes. The provisions of section 112.61, Florida Statutes, require in part that, "...such retirement systems or plans be managed, administered, operated, and funded in such a manner as to maximize the protection of public employee retirement benefits" and "...it is the intent of this act to prohibit the use of any procedure, methodology, or assumptions the effect of which is to transfer to future taxpayers any portion of the costs which may reasonably have been expected to be paid by the current taxpayers." In 2009, in an effort to ensure compliance with these provisions, the division began requiring that local retirement plan contributions must minimally equal the amount of contributions determined using the percentage -of- payroll method. This was intended to eliminate recurring actuarial losses due to payroll growth underestimation. However, economic conditions since then have led to substantial changes in the allocation of local government resources and the causes of the prior actuarial losses attributable to this issue have largely abated. With several years of experience accumulated to evaluate the effectiveness of the percentage -of- payroll contribution requirement, the division has determined that use of this method is not required for compliance with Part VII of Chapter 112, Florida Statutes. Accordingly, effective immediately, local governments should confer with the retirement board actuary to select and maintain a contribution method (percentage of payroll or fixed dollar contributions) that best fits the funding requirements of the plan and satisfies the legislative intent found in section 112.61, Florida Statutes. The division will continue to monitor all plans for compliance with these provisions. If you have any questions or wish to discuss further, please contact our office and speak to Doug Beckendorf, Joe Edmonds, or Keith Brinkman at (877) 738 -5622 or (850) 488 -2784. SS:kb Please direct all correspondence to: Division of Retirement Bureau of Local Retirement Systems PO Box 9000 Tallahassee, Florida 32315 -9000 Toll Free: 877.738.5622/Tel: 850.488.2784/Fax: 850.921.2161 www.frs.MyFlorida.com Edgewater Plans - Atty's invoices http: / /mail.aol.com/ 35775 - 111 /aol- 6 /en -us /mail /PrintMessage.asp From: Sheila Hutcheson <shutch9750 @aol.com> To: broders.kristi < broders.kristi@principal.com>; niday.tonya <niday.tonya @principai.com> Subject: Edgewater Plans - Atty's invoices Date: Fri, Mar 16, 2012 1:32 pm Attachments: Feb._29,_2012_ _General.pdf (11 K), Feb._29,_2012 _Police.pdf (11 K) Tonya, Kristi, Attached are invoices for payment, as follows: Christiansen & Dehner, P.A. - $203.95 - General Christiansen & Dehner, P.A203.95 - Police Please mail the checks to the address on the statements. Thank you for your prompt processing of these invoices. Please contact me if you have any questions or need any additional information. Sheila Hutcheson Pension Plan Administrator 3860 Grantline Road Mims, FL 32754 321 - 267 -3082 321 - 267 -4728 (facsimile) shutch9750@aol.com 1 of 1 3/16/2012 1:32 PN Christiansen & Dehner, P. A. 63 Sarasota Center Boulevard Suite 107 Sarasota, FL 34240- 941- 377 -2200 941 - 377 -4848 Phone Fax February 29, 2012 City of Edgewater Police Officer's Retirement Plan Attn: Sheila Hutcheson 3860 Grantline Road Mims, FL 32754 Invoice Number In Reference To: City of Edgewater Police Officer's 0719 20860 Retirement Plan Professional Services Hours Amount 2/10/2012 Telephone conference with Milberg. 0.20 67.60 2/13/2012 Telephone conference with City Attorney. 0.10 33.80 2/23/2012 Preparation of addendum to Administrative Services Agreement with S. Hutcheson. 0.30 101.40 For professional services rendered 0.60 $202.80 Additional Charges : Qty 2/23/2012 Copies 2 0.50 Postage 1 0.65 Total additional charges $1.15 Total amount of this bill $203.95 Previous balance $270.40 Accounts receivable transactions 2/22/2012 Payment - thank you. Check No. 16690046 ($270.40) Total payments and adjustments ($270.40) Balance due $203.95 Edgewater Plans - Atty's invoices http: / /mail.aol.com/35919- 211 /ao1- 6 /en -us /mail /PrintMessage.asp: From: Sheila Hutcheson <shutch9750 @aol.com> To: niday.tonya <niday.tonya @principal.com >; broders.kristi <broders.kristi @principal.com> Subject: Edgewater Plans - Atty's invoices Date: Sun, Apr 22, 2012 7:14 pm Attachments: March_31,_2012 _Gen..pdf (12K), March_2012_- _Police.pdf (12K) Apr. 22, 2012 Tonya, Kristi, Attached are invoices for payment, as follows: Christiansen & Dehner, P.A. - , . - eneral Christiansen & Dehner, P . - $1,418.05 - Police Please mail the checks to the address on the statement. Thank you for your prompt processing of these invoices. Please contact me if you have any questions or need any additional information. Sheila Hutcheson Pension Plan Administrator 3860 Grantline Road Mims, FL 32754 321 - 267 -3082 321 - 267 -4728 (facsimile) shutch9750 @aol.com of 1 4/22/2012 7:14 PM Christiansen & Dehner, P. A. 63 Sarasota Center Boulevard Suite 107 Sarasota, FL 34240- 941- 377 -2200 941 - 377 -4848 Phone Fax March 31, 2012 City of Edgewater Police Officer's Retirement Plan Attn: Sheila Hutcheson 3860 Grantline Road Mims, FL 32754 Invoice Number In Reference To: City of Edgewater Police Officer's 0719 20993 Retirement Plan Professional Services Hours Amount 3/16/2012 Review of e-mail correspondence and telephone conference with S. Hutcheson. 0.20 67.60 3/19/2012 Preparation and attendance at Board Meeting and telephone conference with 2.00 676.00 Milberg. Travel Time 2.80 473.20 For professional services rendered 5.00 $1,216.80 Additional Charges : Qty 3/19/2012 Car Expense 1 90.75 Food Expense 1 22.25 Hotel Charge 1 88.25 Total additional charges $201.25 Total amount of this bill = 1,418.01) Previous balance $203.95 Accounts receivable transactions 3/26/2012 Payment - thank you. Check No. 16723902 ($203.95) Total payments and adjustments ($203.95) tagewater 1 - Attorneys invoice Subject: Edgewater Police - Attorney's invoice From: Sheila Hutcheson <shutch9750 @aol.com> Date: 5/10/2012 8:54 AM To: pietan.beth @principal.com, fredricks.jill @principal.com Beth, Jill, Attached is an invoice for payment, as follows: Christiansen & Dehner, P.A. - $202.80 - Police Please mail the check to the address on the statement. There was no invoice for General for April. Thank you for your prompt processing of this invoice. Please contact me if you have any questions or need any additional information. S heila Hutcheson Pension Plan Administrator 3860 Grantline Road Mims, FL 32754 321 - 267 -3082 321 - 267 -4728 (facsimile) shutch9750 @aol.com — Attachments: April 2012 - Police.pdf 7.6 KB of 1 5/10/2012 8:54 AM Christiansen & Dehner, P. A. 63 Sarasota Center Boulevard Suite 107 Sarasota, FL 34240- 941- 377 -2200 941 - 377 -4848 Phone Fax April 30, 2012 City of Edgewater Police Officer's Retirement Plan Attn: Sheila Hutcheson 3860 Grantline Road Mims, FL 32754 Invoice Number In Reference To: City of Edgewater Police Officer's 0719 21112 Retirement Plan Professional Services Hours Amount 4/16/2012 Trustee Training. 0.60 202.80 For professional services rendered 0.60 $202.80 Previous balance $1,418.05 Accounts receivable transactions 5/7/2012 Payment - thank you. Check No. 16757662 ($1,418.05) Total payments and adjustments ($1,418.05) Balance due $202.80 ** 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) Edgewater Plans - Administrator's invoices for March Subject: Edgewater Plans - Administrator's invoices for March From: Sheila Hutcheson <shutch9750 @aol.com> Date: 3/20/2012 3:44 PM To: niday.tonya @principal.com, "Broders, Kristi" <Broders.Kristi@principal.com> Tonya, Kristi, Attached are invoices for payment of my expenses for the quarter ending March 31, 2012 (add to the checks for each plan's $1,500 monthly fees for March) as follows for Edgewater General and Police: Sheila Hutcheson. - Expense reimbursement - $11.10 (General) - total July check will b 1.10 Sheila Hutcheson. - Expense reimbursem t (Police) 17.54 t al July check will a $1,517.54_, Please mail the checks to the address on the statements. Thank you for your prompt processing of these invoices. Sheila Hutcheson Pension Plan Administrator 3860 Grantline Road Mims, FL 32754 321 - 267 -3082 321 - 267 -4728 (facsimile) shutch9750Paol.com — Attachments: General - invoice expenses March 2012.doc 28.5 KB Police expense invoice - 3- 31- 12.doc 26.5 KB 1 of 1 3/20/2012 3:45 PM SHEILA HUTCHESON 3860 GRANTLINE ROAD MIMS, FL 32754 321 - 298 -6619 March 20, 2012 Bill to: The Principal P.O. Box 9394 Des Moines, IA 50306 -9394 VIA EMAIL TO: TONYA NIDAY Reference: City of Edgewater Police Pension Plan (Annuity Contract #: 4- 28312) Statement for Plan Administration Expenses - quarter ending March 31, 2012 Description Amount Mileage (Board's share: March 19, 2012 meeting) $ 11.10 Postage 6.44 Total: $17.54 Please mail check in the amount of $1,517.54 (monthly fees plus quarterly expenses) to: MS. SHEILA HUTCHESON 3860 GRANTLINE ROAD MIMS, FL 32754 Edgewater Flans - invoices tor payment http: / /mail.aol.com/ 35810 - 111 /aol- 6 /en -us /mail /PrintMessage.asp: From: Sheila Hutcheson <shutch9750 @aol.com> To: broders.kristi <broders.kristi @ principal.com>; niday.tonya <niday.tonya @principal.com> Subject: Edgewater Plans - invoices for payment Date: Sun, Mar 25, 2012 2:10 pm Attachments: 3- 31- 12.pdf (158K), 3-31-1 2_ _General.pdf (160K) Attached are invoices for payment, as follows: The Bogdahn Group - $3,62 11 - General The Bogdahn Group - $3,625.00 - Police Please mail the checks to the following address: The Bogdahn Group 4901 Vineland Road, Suite 600 Orlando, FL 32811 Thank you for your prompt processing of these invoices. Please contact me if you have any questions or need any additional information. Sheila Hutcheson Pension Plan Administrator 3860 Grantline Road Mims, FL 32754 321 - 267 -3082 321 - 267 -4728 (facsimile) shutch9750@aol.com of 1 3/25/2012 2:10 PM ,__.Th ir Invoice c BOGDAHN CROUP Date Invoice # 3 /23/2012 7375 4901 Vineland Rd Suite 600 Orlando, FL 32811 Bill To Edgewater Police Officers' Pension Plan email - Sheila Hutcheson Description Amount P- : - . - - , : ..tion and Consulting Services 3,625.00 1/1/2012- 3/31/2012 Balance Due r $3,625.00 RE: Request for retirement contributions Subject: RE: Request for retirement contributions From: Tommy Kaye <tk1019 @hotmail.com> Date: 4/7/2012 4:29 AM To: <shutch9750 @aol.com> Street: samiiiiiaimami Date: Fri, 6 Apr 2012 16:53:36 -0400 From: shutch9750 @aol.com To: tk1019 @hotmail.com Subject: Re: Request for retirement contributions I do have the papers. Is your mailing address for the check still: Sheila Hutcheson Pension Plan Administrator 3860 Grantline Road Mims, FL 32754 321 - 267 -3082 321 - 267 -4728 (facsimile) shutch9750t8aol.com On 4/6/2012 4:13 PM, Tommy Kaye wrote: 04/06/2012 Mrs. Hutcheson, I recently received your email regarding the city's In -line Disability policy. I do not recall if I sent you an email to acknowledge receipt of the email, but, in any event, I did receive it. I was waiting to speak to Paul Kelly before I got back in contact with you, and did so today. I feel it is in my best interest to request my retirement contributions at this time. I recall signing a request for release of contributions form some time ago. If necessary I need to sign another one to start the process (unless the original is suffident). Due to my growing finandal burden I hope it is possible to expedite the process in any way possible. Thank you in advance for your consideration and attention to this matter, and I will await to hear from you soon. With regards, Thomas A. Kaye I, 1)0 - U • Do lrt - • 1 of 1 4/8/2012 3:11 PM T. Kaye Subject: T. Kaye From: ja christine <jachristine @CITYOFEDGEWATER.ORG> Date: 12 /1/2011 1:27 PM To: 'Sheila Hutcheson' <shutch9750 @aol.com> Good Afternoon Sheila, Attached is the Pension Paperwork for Thomas Kaye. Thomas Kaye: Compensation Contributions 03/21/2008 — 09/30/2008: $16,204.22 $972.23 10/01/2008 — 09/30/2009: $28,781.82 $1,726.94 10/01/2009 — 09/30/2010: $31,543.31 $1,892.76 10/01/2010 — 09/30/2011: $30,492.98 $1,829.60 10/01/2011 - 11/17/2011: $5,232.12 $313.94 Thank you and have nice day. 3s Julie A. Christine IRS Personnel Administrator City of Edgewater P O Box 100 Edgewater, FL 32132 (386) 424 -2400 Option 1, Ext #1703 (386) 424 -2474 (fax) Notice: Under Florida law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public - records request, do not send electronic mail to this entity. Instead, contact This office by phone or in writing. — Attachments: -- doc00129120111201142239.pdf 485 kB doc00129220111201142254.pdf 330 kB 1 of 1 12/1/2011 6:11 PM Cash Dis #r i a�i • Principal' Principal Life insurance Company Financial Mailing Address: PO Box 9394, Des Moines, IA 50306 -9394 Group FAX: (866) 704 -3481 Use this form to request a single cash payment from your retirement funds. Section 1 — Personal Information Use black ink to complete all pages of this form. Please PRINT neatly. Company Name Contract/Plan ID Number Social Securit /Taxpayer Identification Number Name (fir ) .,) (middle initial vi ICY 1'1`lC.t✓`J Address (street) (city) (state I (ZIP Code plus 4- digit) one Pho St e o ce for Tax Purposes I am a U.S. Person. (This includes a resident alien of the United States.) ❑ I am not a U.S. Person. (Note: Please complete and submit the appropriate version of IRS Form W -8 when returning this form.) To learn more about how a U.S. Person is defined, please refer to Internal Revenue Service Publications 515 and 519. available on their website at www irs.gov, or you may request a copy by calling 1 -800 -829 -3676. Your tax advisor can also provide assistance. Section 2 — Paid to You I would like a Cash Distribution of (choose one): 4,93S-1 93S L/ 0 100% of my retirement funds ❑ 1 would like a partial payment of $ or My partial payment should be: ❑ Gross Distribution (Check amount equals specified amount less required taxes) ❑ Net of Taxes (Check amount equals amount specified) Partial Cash distributions will be equally prorated from all investment and contribution types unless indicated below. ❑ Process my partial cash distribution as follows: * Partial payments will be treated as a gross distribution unless otherwise elected above. Any remaining retirement funds below the small amounts provision of the plan will be issued to you as a taxable cash distribution. Any remaining retirement funds above the small amounts provision will stay in the plan. Please Continue to Next Pagec* R13(: 14 -3 Page 15 nr441 0311 Cash Distribution Legal Requirement* This is an important decision. Before signing, be sure you understand what retirement benefits you'll receive and what benefits you'll no longer be eligible to receive. Section 6 -- Participant's Signature 1 reviewed the attached Retirement Benefit Choices Guide and understand my benefit choices. I understand my benefits under the plan may be paid to me in the form of a Qualified Joint and Survivor Annuity as described in the Retirement Benefit Choices Guide (see page 30), and I have the right to waive this form of payment and elect to receive my benefits in another form of payment. 1 fuFther understand i may revoke any waiver in effect before I receive any benefits under the plan. I understand the relationship between my benefit election(s) and income tax withholding and have consulted a tax advisor, if necessary. I certify the information I provided on this form is accurate and complete. This election cancels any prior election I made under this plan. Federal tax law requires a payment cannot be made sooner than 30 days, nor later than 180 days after 1 receive the Retirement Benefit Choices Guide. However, my signature below is an affirmative election for the distribution option chosen on this election form and reduces the 30 -day waiting period to 7 days " as allowed by law. I understand if 180 days has passed since I received the Retirement Benefit Choices Guide, I am required to receive a new booklet and must complete and submit another copy of this election form to restart the time limit described above. if using Direct Deposit: I authorize Principal Life Insurance Company to initiate credit entries to my checking or savings account at the financial institution named within the Method for Receiving Your Funds section, and if necessary, to initiate debit entries and adjustments to correct any credit - entries made in error. I authorize the financial institution to credit and /or debit entries to my checking or savings account. This authorization applies to any payments that hereafter become due and payable to me under the provisions of the plan(s) identified by the Social Security Number identified within this distribution form. The authorization is to remain in full force until I notify Principal Life Insurance Company in writing at its Home Office that the agreement is no longer effective. This election will update any Direct Deposit authorization agreement on file. I'm ❑ Married 1A Single ❑ Legally Separated (attach copy of court order) NOTE: If Single or Legally Separated box is checked, spousal consent is not necessary. CERTIFICATION: UNDER THE PENALTIES OF PERJURY, I certify with my signature below that the information provided in each comp"":ted section of this form is /are true, correct, and complete. Participant Signature t Type or Print Name Contract/Plan ID Number Date ►��.v q, �.e i2 1iti/e/�( 1 certify that I receive , either in paper copy or electronic delivery, all pages of the Retirement Benefit Choices Guide on the date I signed this election form, unless I enter a different date in the following box. Date I received the Retirement Benefit Choices Guide: i 1 S 17, Please Continue to Next Page • The information and signatures in these sections are required by Internal Revenue Code § 417, 402(f), 411(a)(11). " Some plans may not allow the 30 days to be waived in favor of 7 days. Your balance, and thus the amount of your final payout, changes daily due to a number of factors, including the current market value of your investments. Redemption fees may apply on certain transactions. For further information on redemption fees, please login to your account at www. principal, com. Revocability of Benefit Election: You have elected to receive a cash distribution as your form of benefit payment. Your election becomes irrevocable once the request has been processed: Edgewater Plans - Foster and Foster invoices http: / /mail.aol.com/ 36210 - 111 /aol- 6 /en -us /mail /PrintMessage.asp: From: Sheila Hutcheson <shutch9750 @aol.com> To: pietan.beth <pietan.beth @principal.com >; fredricks.jill <fredricks.jill @principal.com> Subject: Edgewater Plans - Foster and Foster invoices Date: Sat, Jun 2, 2012 10:23 am Attachments: June_2012 _General.pdf (134K), June_2012 - _Police.pdf (138K) Jill, Beth, Attached are invoices for payment, as follows for Edgewater General and Police: Foster & Foster - Actuarial Services Fees - 6/1/12 - $987.11 - sera!) Foster & Foster - Actuarial Services Fees - 6/1/ v - $545.00 (Police) Please mail the checks to the address on the statements. Thank you for your prompt processing of these invoices. Sheila Hutcheson Pension Plan Administrator 3860 Grantline Road Mims, FL 32754 321 - 267 -3082 321 - 267 -4728 (facsimile) shutch9750(a aol. com 1 of 1 6/2/2012 10:24 AM CFOSTER & FOSTER Invoice ACTUARIES AND CONSULTANTS Date 111 oicc Phone: (239) 433 -5500 6/1/2012 2820 Fax: (239) 481 -0634 data @foster- foster.com Bill To City of Edgewater Police Officers' Retirement Plan 3860 Grantline Road Mims, FL 32754 Terms Due Date Net 30 7/1/2012 1]c cription %moullt Benefit Calculations: WINSTON 200.00 Preparation for and attendance at March 19, 2012 Board meeting (Board's share of expenses) 187.00 Letter of correspondence dated April 4, 2012 calculating the present value of Mr. Niebieski's retirement 38.00 benefit as of his January 1, 2009 retirement date. Preparation of quarterly DROP account balance schedules: HAZELWOOD, MUMPOWER 120.00 Payments /Credits $0.00 Thank you for your business! Balance Due $545.00 Please make all checks payable to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Suite 104 Fort Myers, FL 33912 CITY OF EDGEWATER POLICE OFFICERS' RETIREMENT PLAN OPERATING RULES AND PROCEDURES TABLE OF CONTENTS SECTION PAGE NUMBER Rule 1 - Board of Trustees 1.1 Definition of Functions 1 1.2 Definition of Fiduciary 1 1.3 Summary 1 1.4 Establishment offices 1 1.5 Conflicts of Inters and Gifts 2 1.6 Per Diem and R6imbursement 2 1.7 Election Procedures 2 1.8 Succession of Persons to Vacant Positions 3 1.9 Education Requirements 3 1.10 Disclosure of Financial Interests 3 Rule 2 - Meetings 2.1 Attendance at Board Meetings 4 2.2 Agendas and Other Meeting Materials 4 2.3 Rules of Order 5 2.4 Appearance Before the Board 5 2.5 Public Records 5 2.6 Government in the Sunshine 5 2.7 Committee Meetings 6 2.8 Workshops 6 2.9 Minutes 6 Rule 3 - Rules of Procedure 3.1 Legal Effect 6 3.2 Adoption Procedures 6 Rule 4 - Office Personnel 4.1 Board Employees 7 4.2 Selection Standards 7 4.3 Evaluation and Compensation 7 4.4 Decision Making Authority 7 Rule 5 - Internal Procedures and Controls 5.1 Mail 7 5.2 Expense Payments from the Fund 8 5.3 Processing of Payments for Early or Normal Retirement and Return of Contributions 8 5.4 Review of Custodial Statements 10 5.5 Rollovers to and from the Fund 10 5.6 Deferred Retirement Option Plan Rules and Processing 10 Table of Contents Page 2 Rule 6 - Insurance 6.1 Fiduciary Insurance 10 6.2 Travel Coverage 11 Rule 7 - Relations With The City 7.1 Authority of the Board 11 7.2 Contractual Services, 11 7.3 Use of the City ilia* Department 11 7.4 Use of Independ'nfustodians 11 Rule 8 - Ordinance Changes 8.1 Form of Ordinance 12 8.2 Collective Bargaining 12 8.3 Appearance at City Council Meetings 12 8.4 Actuarial Impact Studies 12 Rule 9 - Judicial Proceedings 9.1 Process 12 9.2 Dissolution of Marriage 13 Rule 10 - Investments 10.1 Hiring Investment Managers 13 10.2 Hiring Performance Monitors 13 10.3 Performance Goals and Objectives 13 10.4 Investment Standards 14 10.5 Decision Making Authority 14 10.6 Written Contracts 14 10.7 Reporting 15 10.8 Presentations by Prospective Consultants - and Professionals 15 10.9 Divestiture 16 10.10 Proxy Voting 16 10.11 Declaration of Expected Annual Rate of Return 17 10.12 Investment Reports to the City 17 Rule 11 - Actuarial Services 11.1 Selection 17 11.2 Conflicts of Interest 17 11.3 Reporting 18 11.4 Setting Contribution Rates 18 11.5 Credited Service 18 11.6 Actuarial Studies for Individual Plan Members 18 Table of Contents Page3 °x Rule 12-= Accounting Services 12.1 Audits 18 12.2 Conflicts of Interest 19 12.3 Review of Internal Controls 19 Rule 13 - Legal Services 13.1 Selection 19 13.2 Conflicts of Int est. ,. 19 13.3 City of Edgewat� 9ty Attorney 20 13.4 Privileged Com fnications 20 13.5 Authority to Direct = _ 20 Rule 14 - Claims Procedures 14.1 Claims of Affected Persons 20 14.2 Initial Hearing 21 14.3 Full Hearing 22 14.4 Conduct of the Full Hearing 24 14.5 Disability Claims - Additional Procedures 24 Rule 15 - Confidentiality 15.1 Extent of Confidentiality Permitted 25 15.2 Requirement for Maintenance of Confidentiality 25 15.3 Confidentiality of Medical Records 26 Rule 16 - Interest Calculations 16.1 Interest Calculations 26 Rule 17 - Disability Review Procedure 17.1 Procedure 26 Rule 18 - Surveillance 18.1 Surveillance 27 OPERATh4G RULES AND PROCEDURES For The CITY OF EDGEWATER POLICE OFFICERS' RETIREMENT PLAN For Board Discussion December 11, 2008 Approved by the Board on: RULE 1 BOARD OF TRUSTEES 141 DEFINITION OF FUNCTIONS The Board of Trustees shall act as the named fiduciary of the Fund as defined by Florida law. The Board shall have the exclusive authority to operate, maintain and interpret the provisions of the state laws and local ordinances establishing and executing the investment policy of the Fund. The Trustees shall be solely responsible for the selection and retention of professional advisors to the Fund including but not limited tit managers, performance monitors, plan administrators, attorneys, accountants, actuaries, aird clerical staff. 1.2 DEFINITION OF FIDUCIARY A fiduciary shall be defined as a person responsible for the discharge of his duties with respect to the Pension Plan solely in the interest of the participants and beneficiaries for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying the reasonable expenses of administering the Plan. 1.3 SUMMARY Trustees shall be responsible for the investment and reinvestment of the assets of the Fund; for determining all claims for retirement benefits; for exercising the sole and exclusive adminis- tration of and the proper operation of the Plan; to perform such actuarial and accounting functions as are required by law; to prepare and distribute a Summary Plan Description as provided in § 112.66, Florida Statutes, to the Members of the Fund upon employment and every other year thereafter; and to fulfill all other such duties as may be required by law. 1.4 ESTABLISHMENT OF OFFICES The Board of Trustees shall elect a Chairman and Secretary every two years. The officers shall be Trustees of the Board. The Chairman shall be responsible for the conduct of all meetings of the Board and shall have voting rights the same as any other Trustee of the Board. The Chairman shall perform such other duties as the Trustees may assign. The Secretary shall be responsible for the keeping of minutes of the transactions of the Board and shall be the official custodian of records of the Board. The Secretary, together with the Chairman, shall execute all official contracts ofthe Board. -1- 1.5 CONFLICTS OF INTEREST AND GIFTS Ac Conflicts of interest in voting shall be governed by the provisions of Section 112.314X Florida Statutes, the Code of Ethics for Public Officials. Notwithstanding any other provision of law, no Trustee shall vote or participate in a determination of any matter in which that Trustee shall receive a special private gain except in the case of employee Trustees voting on benefits applicable to all Members of the Plan. B. No Trustee (or his or her spouse or minor child) shall, at any time, solicit or accept any gift (including but not limited tifood, beverages and transportation), loan, reward, promise of future employment, favor, service,compensation, payment, or thing of value when the Trustee understands, knows or should have known that it was given to influence a vote or other action in which the Trustee was expected to participate in his official capacity. Gifts provided directly or indirectly by a state, regional or national organization which promotes the exchange of ideas between, or the professional development of, members of that organization or staff of a governmental agency that is a member of that organization, are permitted. 1.6 PER DIEM AND REIMBURSEMENT All Trustees shall be entitled to receive a per diem allowance and reimbursement for reasonable expenses incurred in conducting the business of the Fund. The Board shall establish reasonable reimbursement rates in accordance with policies of the City of Edgewater. 1.7 ELECTION PROCEDURES The Board of Trustees shall consist of five persons, two of whom shaiLbe Police Officers, two of whom shall be legal residents of the City appointed by the City CouncilnI the fifth Trustee shall be a person selected by the other four Trustees and appointed as a ministerial act by the City Council. A. Police Officer Trustees. The Police Officer Trustees shall be elected from among the Members of the Fund in the Police Department. Elections shall be by a Majority vote. If no candidate receives a majority vote, a run -off election between the two top vote recipients shall be held at the earliest practical date. Elections shall be every year, with one seat elected in alternating years in the November preceding the expiration of the second year of the term. Trustees shall take office December 1st. Employees shall be permitted to nominate themselves for office and elections -2- may be conducted by mail -in ballot. The election shall be conducted by placement of a ballot box in the Police Ipartment Headquarters for a period of 72 hours beginning on a date to be selected by the Board Ballots shall be counted by the Board and the winners certified by the Board. B. Resident Trustees. The two resident Trustees shall be legal residents of the City and shall be appointed for two year terms in alternating years by the City Council in October or November. Resident Trustees shall take office on December 1st. C. Fifth Trustee. The fifth Trustee of the Board shall be chosen for a two year term every other year at the first meeting following the selection of the other Trustees. The fifth Trustee may or may not be a legal resident of Edgewater and may or may not be an employee of the City. The name of the person selected by a majority of the other Trustees shall be certified to the City Council which shall, in accordance with state law, ratify the appointment of that person as a ministerial act. 1.8 SUCCESSION OF PERSONS TO VACANT POSITIONS Vacancies on the Board of Trustees of employee members shall be filled by special election to be conducted in the same manner as any other election Vacancies among the resident Trustees shall be filled by the City Council. The person selected to fill a vacancy shall fulfill only the remain- ing term of the vacant office. In the event of a vacancy in the fifth Trustee of the Board, the Board shall appoint a successor in the same manner as the initial selection. 1.9 EDUCATION REQUIREMENTS Each Trustee is required to attend a seminar or conference regarding Trustee duties and responsibilities and matters relating to the investment program of the Plan at bast once each term. Trustees are encouraged to attend seminars or conferences more frequently in order to remain informed regarding pension issues. New Trustees are encouraged to attend within the first six months of their term. 1.10 DISCLOSURE OF FINANCIAL INTERESTS Trustees must file a statement of financial interests (Form 1) with the supervisor of elections of the county in which they permanently reside within 30 days from the date of appointment and no later than July 1 of each year thereafter. -3- Trustees must file a final statement (Form 1 F) within 60 days after leaving their office as Trustee. The *al statement shall cover the period between January 1 of the year in which the Trustee lvesffice and the last day of office. If a Trustee has not filed by July 1, the supervisor of elections is required to notify such Trustee of a grace period to file by September 1. If a statement is not filed by September 1, a fine of $25.00 per day will be imposed up to a maximum of $1500.00. Fines cannot be paid from the pension plan. The Trustee may also be subject to additional penalties provided for in §112.317, Florida Statutes. RULE 2 MEETINGS 2.1 ATTENDANCE AT BOARD MEETINGS The Board shall set its own schedule of meetings. Special meetings may be called by the Chairman or by a majority of Trustees. The Board shall meet at least once each quarter. In recognition of the importance of the work ofthe Board, regular attendance at Board meetings is expected of all Trustees. Physical attendance-Tgf a quorum is required at meetings in order for the Board to conduct business. Once the physical presence of a quorum is established, Trustees not physically present may participate telephonically if so noted on the meeting agenda. Any Trustee who fails to attend two consecutive meetings of the Board without an excuse acceptable to the other Trustees shall be deemed to have resigned from the Board. Employee Members of the Fund who are called into the active service of the City at the time of a Bo meeting shall automatically be deemed excused. 2.2 AGENDAS AND OTHER MEETING MATERIALS A published Notice of Meeting and Agenda shall be prepared for each regular and special meeting of the Board. The Notice of Meeting and Agenda shall set forth those items upon which the Board anticipates taking action or discussing. Each agenda item shall have attached to it backup material necessary for discussion or action by the Board. Each Notice of Meeting and Agenda shall inform members of the public that should they wish to appeal any decision made by the Board that they will need a record of the proceedings and that they may need to ensure a verbatim record is taken, which includes testimony and evidence upon which the appeal is based. In addition, the -4- Notice of Meeting and Agenda shall also include a notice to members of the public offering to provide assistance to those who are disabled, should they need assistance in order to attend the meeting.,A copy of the Notice of Meeting and Agenda shall be posted in a location in the Edgewater City Hall and the Police Department where notices of public meetings are customarily posted. The Board must provide and post reasonable notice of all meetings. All agendas and meeting materials are public records as defined in Chapter 119, Florida Statutes. 2.3 RULES OF ORDER In recognition of the iniornce of accomplishing the objectives of the Board in a most orderly fashion, the Board may establish rules of order for the conduct of its meetings. The Board shall not, however, be bound by strict observance of the rules of parliamentary procedure unless the Board deems it in its best interest to do so. 2.4 APPEARANCE BEFORE THE BOARD As a public body, the Board has a responsibility to accommodate members of the public and Members of the Fund who wish to appear before the Boar* All appearances before the Board shall be scheduled through the Secretary and time limits fdr>.psentations may be established by the Board. Appearances before the Board may be in ` person or through a representative. All communications with the Board shall either be in writing or by personal appearance at a Board meeting. 2.5 PUBLIC RECORDS The records of the Fund are public records as set forth in Chapter 49,,Florida Statutes, except for medical records of the Fund. The Board shall maintain the confi entiality of medical records as required by law. All medical records of Members of the Fund - shall be maintained separately from other records of the Board so as to ensure security of the privileged information to which the Board is privy. 2.6 GOVERNMENT IN THE SUNSHINE All meetings of the Board shall be conducted in accordance with the provisions of Section 286.011, Florida Statutes, the Government in the Sunshine Act. No Trustee shall engage in communications with another Trustee outside of a public meeting on any matter which shall ultimately be the subject of a Board action. All meetings of Trustees at which official business of -5- the Board shall be discussed shall be publicly noticed and open to the public in accordance with the law. Almee'ngs of the Board shall be held in a location where public access is reasonably available, Relar meetings of the Board shall be held in Volusia County, Florida. 2.7 COMMITTEE MEETINGS The Board, in the conduct of its business, may choose to establish committees consisting of a lesser number of Trustees. Committees shall be appointed by the Chairman. Committees consisting of two or more Trustees shall be conducted in accordance with the Government in the Sunshine Law. Committees cortsisg of one Trustee shall maintain records in accordance with the Public Records Act but need ndt co duct its business pursuant to a publicly noticed meeting. All reports of committees shall be reduced to writing and made a part of the official records of the Board. 2.8 WORKSHOPS The Board may from time to time wish to conduct workshop meetings for the purposes of developing policies or procedures of the Board or for thexeview of investment data of the Board. Workshops shall be conducted in a public forum the sameas any other meeting and shall have a published agenda in advance of the workshop. 2.9 MINUTES Complete minutes of all meetings of the Board or a Committee shall be promptly prepared following the meeting and all minutes shall be submitted to the Board for approval following their preparation. All minutes shall be open for public inspection. RULE 3 RULES OF PROCEDURE 3.1 LEGAL EFFECT The Board of Trustees is authorized by law to establish rules of procedure for the operation of the Fund. No rule or regulation of the Fund may conflict with any lawful ordinance, charter provision or state law. 3.2 ADOPTION PROCEDURES All rules to be adopted by the Fund shall be in writing and shall be adopted by a majority vote of the Board. The Board shall review its rules and regulations on a periodic basis but not less than -6- once a year. The rules and regulations of the Fund may be reproduced and shall be made available to each membei,of the Fund requesting a copy. A copy of said rules shall also be maintained at the offices o= the Pension Fund and at each Police Department station maintained by the City of Edgewater. RULE 4 OFFICE PERSONNEL 4.1 BOARD EMPLOYEES The Board shall establish. specific job descriptions for each classification of employee of the Board. New employees of the *mid shall not, by virtue of their employment by the Board, be civil servants of the City of Edgewater and shall serve at the pleasure of the Board. 4.2 SELECTION STANDARDS The Board shall establish for each classification of employee, standards of education, experience and skills necessary for the execution of the duties of the position. The Board may delegate the initial screening process for applicants to a cmittee of the Board. The final decision for the employment of any person shall be determined byte Board of Trustees acting as a whole. 4.3 EVALUATION AND COMPENSATION All employees of the Board shall be evaluated periodically. Compensation shall be established by the Board of Trustees. 4.4 DECISION MAKING AUTHORITY No employee of the Board shall have the authority to bind the Boarcl...of Trustees in any contract or endeavor without the express authority of the Board. RULE 5 INTERNAL PROCEDURES AND CONTROLS 5.1 MAIL A designee of the Board shall be responsible for opening, dating and transmitting mail. All mail received by the Board shall be dated, stamped and reviewed for any time limitations or response dates. The mail shall be placed in folders bearing the names of the recipient of the mail. Mail addressed to the Board in general and to no specific person shall be directed to a person designated by the Board. All official decisions of the Board shall be sent by mail. A "reading file" of all -7- correspondence coming into and emanating from the Board shall be maintained on a monthly basis together With eppies in any specific files as may be established. In all respects, the provisions of Chapter 0,9,0orida Statutes, the Public Records Act, shall be observed. 5.2 EXPENSE PAYMENTS FROM THE FUND A. Payments to professionals performing services previously authorized by the Board or for other expenses authorized by the Board shall routinely be made prior to Board approval as follows: (1) Statements received for services or expenses which are not pursuant to a written agreement shall be paid, but only if such statements do not exceed $250.00. (2) Statements received for services or expenses which are rendered pursuant to a written agreement shall be paid if deemed to be in accordance with the agreement. All payments made pursuant to paragraphs and (2) above shall be considered by the Board at the first meeting following such payment and approved and ratified, if appropriate. B. Any other payments from the Fund not described in subsection A. above shall be approved by the Board prior to such payment. C. Authorization for payments from the Fund shall be in writing and signed by at least two trustees of the Board. 5.3 PROCESSING OF PAYMENTS FOR EARLY OR NORMAL RETIREMENT AND RETURN OF CONTRIBUTIONS A. Upon receipt of an application for early or normal retirement, the Board's Plan Administrator or other Board designee shall process the application as follows: (1) The application shall be reviewed for accuracy and completeness and for eligibility for benefits. (2) A copy of the application and any necessary records from the City shall be forwarded to the actuary for calculation of the benefit amounts payable f the normal form and all optional forms of benefits. (3) Upon receipt of the actuary's calculations, the calculations shall be presented to the Retiree and the Retiree shall make his election. -8- (4) The application shall be approved by any Trustee and shall then be provided to the Custodian along with any necessary supporting documents in order to begin payments. (5) Copies of the Retiree's election form and the actuary's calculations shall be provided to the Board of Trustees prior to the commencement of payments or at the next meeting immediately following the commencement of payments, and the Board shall review and approve the retirement benefits. B. Upon the terror atinn of employment of a Member prior to his early or normal retirement date, the Board's Plan Administrator or other Board designee shall: (1) Determine whether the Member is vested or not vested and determine the amount of the Member's contributions. (2) Inform the Member of his right to leave his contributions in the plan or withdraw his contributions. If the Member desires to withdraw his contributions, provide the Member with the necessary forms, including the appropriate Return of Contributions ' the Special Tax Notice Regarding � Plan Payments and the Certification of Receipt of the Special Tax Notice and the Lump Sum Distribution Election Form; (3) Recommend that the Member study and complete the appropriate forms and seek tax and/or legal advice regarding his choice. (4) Direct the Member to return the completed forms to the.. Plan Administrator or Board designee; (5) Upon receipt of the properly completed forms, prepare and submit a payment request signed by any Trustee and copies of any necessary documents to the Custodian to authorize the requested payment or rollover; (6) Provide copies of all documents to the Board of Trustees prior to payment or at the next meeting immediately following the payment, for the Board to approve the payment. -9- 5.4 REVIEW OF CUSTODIAL STATEMENTS A 'Custodial reports should be monitored by the Board or its designee for disclosure of all asset ixiflows such as City and Member contributions, state excise tax payments, if applicable, miscellaneous citizen donations, and investment income. All errors, including those involving the misclassifications of Plan revenues, e.g., recording Member contributions as City contributions, must be corrected. B. Custodial reports should also be monitored for all asset outflows. Asset outflows must be properly approved and eH ed on audit. Expenses shall be approved as provided in Rule 5.2 and Retirements and Returns of Contributions in accordance with Rule 5.3. Letters of authorization for the expenditure of funds must be issued by the Board and copies must be maintained in orderly files. 5.5 ROLLOVERS TO AND FROM THE FUND The Fund will accept and transfer eligible cash rollover distributions to and from the Fund as permitted by local, State and Federal law. The Board may adopt appropriate forms to facilitate such rollovers. 5.6 DEFERRED RETIREMENT OPTION PLAN RULES AND PROCESSING The Board of Trustees shall establish the procedure to begin participation for Members who are eligible to participate in the Deferred Retirement Option Plan (DROP), including the adoption of an Application/Agreement to be completed and executed by the Member prior to DROP participation. The Application/Agreement shall inform the Member of the ramfations of DROP participation and shall require the Member to acknowledge such ramifications +el &lso acknowledge that the Member has had the opportunity to seek independent legal/financial advice prior to DROP participation. RULE 6 INSURANCE 6.1 FIDUCIARY INSURANCE The Trustees are authorized by law to purchase fiduciary insurance to insure members ofhe Board for errors and omissions at the expense of the Fund, but the Fund shall not pay to waive -10- recourse against Trustees. A rider waiving recourse may be purchased and paid for by the City or by a Trustee 62 TRAVEL COVERAGE The fund may purchase, at its expense, life and accidental death and dismemberment insurance for each Trustee who shall travel outside of Volusia County for the purpose of Board related business. RULE 7 1 L r TIONS WITH THE CITY te r , 7.1 AUTHORITY OF°THE BOARD The Board of Trustees is an independent entity established by state law, city charter and local ordinance. The Board of Trustees shall not be considered a component part of nor subordinate to the City of Edgewater government. The Board shall have exclusive control of the operation of the Fund; however, no change to the retirement ordinance may be made except by action of the State Legislature or the City Council. 7.2 CONTRACTUAL SERVICES In the selection of contractual services, the Board shall pay particular attention to the existence of conflicts of interest when contractors are to be employed by the Board for services similar to services which the contractor also provides to the City of Edgewater. 7.3 USE OF THE CITY FINANCE DEPARTMENT The Board shall be authorized to utilize the services of the City for, Me., performance of banking functions of the Board. The City shall have no discretionary author Vith regard to the utilization or direction of funds of the Board. The precise duties of the City shall be reduced to writing, the same as any other contract for services entered into by the Board. 7.4 USE OF INDEPENDENT CUSTODIANS The Board shall be authorized to use the services of any duly qualified custodian in lieu of the City Finance Department for the performance of banking functions of the Board. The custodian shall be duly licensed, insured and bonded and shall meet all of the depository requirement of Chapter 280, Florida Statutes. -11- RULE 8 ORDINANCE CHANGES 8l FORM OF ORDINANCE No ordinance change affecting the Pension Fund shall be presented for a vote to the City Council unless first reviewed and approved by a majority of the Trustees in accordance with the existing law governing the Fund. All proposed ordinances shall be reviewed by the General Counsel to the Fund who shall pass on the form and correctness of the ordinance. All proposed ordinance changes carrying an economic en it shall be reviewed by the actuary to determine the cost as required by law. 8.2 COLLECTIVE BARGAINING The Board of Trustees acknowledges that it is neither an employee organization nor an employer as defined by Chapter 447, Part II, Florida Statutes. Therefore, the Board shall not engage in collective bargaining on behalf of the City of Edgewater or on behalf of any employee organiza- tion. The Board shall make itself available as a resource to labor organizations and the City for all matters relating to pension and retirement, if any. '. , -t 8.3 APPEARANCE AT CITY COUNCIL MEETINGS The Board of Trustees shall, through one of its members, its designee or its General Counsel, be present at all City Council meetings where a discussion of matters of interest to the Board shall occur. The Board shall, prior to said meeting, designate an official spokesperson on behalf of the Fund. 8.4 ACTUARIAL IMPACT STUDIES No benefit change shall occur without an actuarial impact study as required by state law. All such actuarial impact studies shall be at the expense of the Fund. RULE 9 JUDICIAL PROCEEDINGS 9.1 PROCESS All process issued by federal or state courts to the City of Edgewater concerning the Pension Fund or to the City of Edgewater Police Officers' Retirement Plan shall immediately upon receipt be forwarded to the General Counsel for the Fund who shall respond thereto. -12- 9.2 DISSOLUTION OF MARRIAGE Upon entering into a Dissolution of Marriage, a Plan Member shall notify a Trustee of the MemberWattomey's name, address and telephone number. The Trustee shall then promptly provide that information to the General Counsel to the Fund. RULE 10 INVESTMENTS 10.1 HIRING INVESTMENT MANAGERS In recognition of the impprtance of professional guidance in the investment of the assets of the Fund, all investments shall be performed by qualified, professional investment managers. The investment managers shall be selected at a regular or special meeting of the Board of Trustees by a majority vote of the Board. The Board may delegate the initial screening of investment managers to a committee of the Board but no final decision shall be made except at a meeting of the Board. All proposals for investment manager services shall be presented in writing to the Board and shall be made a part of the records of the Board. 10.2 HIRING PERFORMANCE MONITOR'S` The Board shall engage at all times, at least one performance monitor who shall be responsible for reviewing the performance of the various investment managers of the Fund. The performance monitor shall report to the Board on such time schedules as the Board shall establish but not less than annually. The performance monitor shall advise the Board as to the relative performance of each investment manager as compared to the various stock, b.Qnd cash indices as are generally accepted in the investment market place as reflective of satisfactory investment performance. The performance monitor shall recommend in writing to the Board the retention or discharge of investment managers and the reasons supporting its recommendation. At the request of the Board, the performance monitor may perform evaluation and searches for investment managers and such other services as the Board shall request be performed. 10.3 PERFORMANCE GOALS AND OBJECTIVES The Board shall establish performance goals and objectives for each investment manage in each class of investment and shall establish expected rates of return. The investment policy shall comply with the minimum requirements set forth in Section 112.661, Florida Statutes. The perform - -13- ance goals and objectives shall be reduced to writing in an Investment Policy Statement and shall be referrer to in the contract between the Board and the manager. The performance goals and objectivo0 shall be reviewed on not less than an annual basis and shall be compared to the actual performance of an investment manager to determine compliance with the goals and objectives set by the Board. All Investment Policy Statements and amendments thereto shall immediately be provided to the City, the Department of Management Services and to the Board's actuary. 10.4 INVESTMENT STANDARDS The Board shall establis w hen investment standards in the Investment Policy Statement. The standards shall set forth the disc 'tbution of the Fund among equities, fixed income, cash and cash equivalents, real estate and other forms of lawful investment. The standards shall set forth the relative percentages of the Fund to be distributed to each investment vehicle and shall establish permissible risk factors. Each investment manager shall subscribe to the Investment Policy Statement setting forth the written investment standards and performance goals and objectives of the Fund and the Investment Policy Statement shall be incorporated into each investment manager contract by reference. 10.5 DECISION MAKING AUTHORITY The Board of Trustees shall determine the retention or discharge of any investment manager or performance monitor. The Board shall also establish the amount of funds to be entrusted to any investment manager and shall determine when funds shall be withdrawn and investments terminated. The Trustees shall not, however, participate in the selection of individual stocks,.bods or cash funds as that shall be the responsibility of the investment manager within the context of the performance goals and objectives and investment standards established by the Board. 10.6 WRITTEN CONTRACTS Each investment manager shall enter into a written contract with the Board. Each contract shall include an acknowledgment by the investment manager that it is familiar with the ordinances of the City of Edgewater and the provisions of Chapters 112 and 185, Florida Statutes. The contracts shall also provide that the investment manager shall make no purchases which are prohibited bylaw and in the event such purchase is made, shall make the Fund whole for any loss incurred inhe divestiture of said investment. The contract shall also provide that the laws of Florida shall govern -14- and that venue for any legal action shall be in Volusia County, Florida. In no event shall any contract be terminable by the investment manager with less than 45 days' written notice, unless otherwise agreed to by the Board. Each contract shall set forth with specificity the fees charged by the investment manager to the Fund. All investment manager contracts shall further set forth that the investment manager is registered as an investment advisor and is otherwise qualified by law to engage in the management of the assets which are the subject of the contract. All written contracts shall be reviewed by the General Counsel to the Fund who shall approve the form and correctness of each such contract. All writt contracts shall be executed by the Chairman and Secretary of the Board. 10.7 REPORTING All investment managers and performance monitors of the Fund shall report on not less than an annual basis. The investment managers and monitors may, however, be directed by the Trustees to report on a more frequent basis. All such reports shall be in writing and shall be presented in person by a representative of the investment manager or performance monitor who has authority to make discretionary decisions with regard to the Trust's ac unt and to settle claims and disputes arising from the contract. All such investment managers and performance monitors shall make these presentations in person at a regular meeting of the Board and shall bear their own costs and expenses in traveling to Board meetings. The performance monitors shall attend at least an annual meeting of the Board and shall report, in writing, the progress of each investment manager. The performance monitor shall also make written recommendations regarding retention of inve, tment managers and changes in investment policy. 'v 10.8 PRESENTATIONS BY PROSPECTIVE CONSULTANTS AND PROFESSIONALS In recognition of the limited time resources of the Board, presentations of prospective investment managers, performance monitors, custodians or other prospective professional advisors shall only be by written invitation of the Board. The Board shall maintain records of such prospective managers, monitors, custodians and other professionals to be reviewed by the Bald in the event the Board wishes to consider adding or making a change in its current manager, monitor, .......... custodian or other professional. -15- In the event the Board elects to consider retaining a new manager, monitor, custodian or other professional, prospective applicants, including those applicants who had previously provided informattno.he Board, may be contacted and provided with a Request for Proposal. The Board or a committee appointed by the Board may conduct the initial screening of applicants by reviewing the proposals received in response to the Requests for Proposals. The Board may then schedule personal presentations by a "short- list" of qualified applicants. The Board may also decide to retain managers, monitors, custodians and other professionals by utilizing any other method : v4ilekthe Board deems to be prudent under the circumstances. 10.9 DIVESTITURE No divestiture of any asset of the Fund shall be made for any reason other than fulfillment of the fiduciary obligations of the Fund. 10.10 PROXY VOTING The Trustees shall be responsible for exercising all proxies on equities held by the Fund. The Trustees shall comply on a voluntary basis with the standards of the Employee Retirement Income Security Act of 1974 in the voting of proxies. The Boar=dhall, by contract or other written agree- ment, give all investment managers proxy voting responsibility and the Trustees shall monitor the voting of the managers. The Trustees (along with the United States Department of Labor) do not consider the following practices by investment management firms with proxy voting responsibility to be consist- ent with their fiduciary responsibility: A. Declining to vote proxies; B. Voting proxies exclusively for management without analysis ofthe underlying issues; C. Permitting negligent or inaccurate record - keeping regarding proxy voting; D. Accepting directions from other parties; E. Permitting the absence of policies or procedures to assure the proper exercise of this fiduciary responsibility. Any significant proxy items and the vote by an investment manager shall be reported in writing to the Trustees. Records of all proxy votes shall be maintained and made available to'the -16- Trustees or any agents acting in their behalf. All such records shall be maintained in accordance with the Flonda Public Records Act. Ithai ;be the primary responsibility of investment managers acting on behalf of the Board to vote all proxies to enhance the value of the Fund assets. All tender offers shall be treated in the same manner with regard to record - keeping and asset enhancement. 10.11 DECLARATION OF EXPECTED ANNUAL RATE OF RETURN For each actuarial valuation, the Board shall seek the advice of its investment professionals and the actuary and then the Bart hall determine the total expected annual rate of investment return for the current year, for echf the next several years and for the long term thereafter. This determination must be filed promptly with the Department of Management Services, with the City and with the Board's actuary. 10.12 INVESTMENT REPORTS TO THE CITY The Board shall prepare annual fiscal year end reports for submission to the City Council, which shall include the investments in the portfolio by clas or type, book value, income earned and market value as of the end of the fiscal year. RULE 11 ACTUARIAL SERVICES 11.1 SELECTION The Board of Trustees shall retain at all times the services of an enrolled actuary. An enrolled actuary shall mean an actuary who is enrolled under Subtitle . pf Title III of the Employment Retirement Income Security Act of 1974 and who is a men -A* 4 f the Society of Actuaries or the American Academy of Actuaries. Competitive bidding shall "not be required in the selection of actuaries. 11.2 CONFLICTS OF INTEREST In order to avoid conflicts of interest in the delivery of actuarial services, the Board shall not retain actuaries who are employed by the City of Edgewater, unless the Board is determined to be the client by a separate engagement letter or contract. -17- 11.3 REPORTING Te actuary shall report to the Board on not less than an annual basis so that the Board may s2 establishLhe A +equacy of employer and employee contribution rates. Valuations shall be done at least every three years. No proposed change in retirement benefits shall be made without an actuarial determination of the cost impact of the change. All actuarial reports shall be in accordance with the provisions of Section 112.63, Florida Statutes. 11.4 SETTING CONTRIBUTION RATES Pursuant to the ordinan*sf the City of Edgewater, the Board is solely responsible for X y establishing the contribution rafesf the City. The City contribution rate shall be established following an analysis of the adequacy of employee contributions, contributions from the State of Florida Insurance Rebate Program and investment earnings of the Fund. The amount of the City contribution shall be certified in writing to the City Council in accordance with the provisions of local ordinance. 11.5 CREDITED SERVICE For purposes of actuarial calculations involving credited service, fractional parts of years shall be defined as completed months. 11.6 ACTUARIAL STUDIES FOR INDIVIDUAL PLAN MEMBERS Each vested Plan Member shall be entitled, at the Fund's expense, to receive two actuarial studies to estimate his or her retirement benefits. Any additional studies shall be provided only at the Member's expense. Benefit calculations for terminated vested persons shall. be performed by the actuary immediately upon termination. RULE 12 ACCOUNTING SERVICES 12.1 AUDITS The Fund shall cause to be made not less than on an annual basis an audit of the assets and liabilities of the Fund. Financial reporting should be made in accordance with generally accepted accounting standards. A. All postings from the custodial statements to the Plan's working trial balance should be in accordance with the Board's general and/or specific authorizations. -18- B. All transactions recorded in the custodial statements should be analyzed, summarized and accuratelyXposted to the correct trial balance accounts in the correct time period. C = A11 adjustments, deductions or write -offs of account balances should be calculated, summarized and recorded in the correct period. D. All postings to the working trial balance should be supported by and reference to adequate, authorized documentation. 12.2 CONFLICTS OF INTEREST In order to avoid conflicts oxnterest, the Board shall not retain auditors who are employed by the City of Edgewater unl'ss the Board shall be determined to be the client by separate engagement letter or contract. 12.3 REVIEW OF INTERNAL CONTROLS The policies and procedures provided for in these Operating Rules and Procedures shall be reviewed by the independent certified public accountant as part of the fmancial audit to determine the effectiveness of such controls to prevent losses of futlds which might arise from fraud, error, k . misrepresentation by third parties, or imprudent action byhe Board or employees of the City. RULE 13 LEGAL SERVICES 13.1 SELECTION The Board shall select and appoint a General Counsel who shall be licensed to practice law in the State of Florida. The General Counsel shall have demonstrated compe,tence in the area of public employee retirement systems in the State of Florida and shall have been practicing law for not less than ten years. Competitive bidding is not required in the selection of legal services. 13.2 CONFLICTS OF INTEREST In recognition of the requirement that attorneys be independent in their judgment as set forth in the Code of Professional Responsibility, no attorney may serve as General Counsel who is also performing legal services on the part of the City of Edgewater or who otherwise engages in any legal services which the Board deems to be in conflict with its interests. -19- 13.3 CITY OF EDGEWATER CITY ATTORNEY Ireconition of the responsibilities of the City Attorney to the City of Edgewater and the potential Tor representing competing interests, the office of the City Attorney may not serve in any legal capacity on the part of the Trust. 13.4 PRIVILEGED COMMUNICATIONS In all dealings between its General Counsel and the Board, the Board shall be deemed the client rather than any individual Trustee of the Board. All communications between the Board and its General Counsel shall be privileged communications except where otherwise governed by the Government in the Sunshine Law v 13.5 AUTHORITY TO DIRECT The General Counsel shall take direction from the Board of Trustees as may be given at the various meetings of the Board. In between meetings of the Board, direction to the General Counsel shall be given by the Chairman or other person directed by the Board. All files of the General Counsel to the Fund shall be open for inspection by any Trustee. RULE 14 1v CLAIMS PROCEDURES 14.1 CLAIMS OF AFFECTED PERSONS A. The Board of Trustees shall grant an initial hearing upon receipt of a written request ( "Claim "), on matters which affect the substantial rights of any person ( "Claimant "), including Members, Retirees, Beneficiaries, or any person affected by a decision of the of Trustees. B. The Board shall review the Claim at an initial hearing and enter order within 90 days from the date of receipt of the Claim and, in the case of disability claims receipt by the Board of a written medical release authorization in a form approved by the General Counsel and a completed set of interrogatories prepared by the General Counsel and provided to the Claimant. The Board may extend the time for entering the order at an initial hearing for an additional 90 days if it determines such time is necessary for full discovery and adequate review. The General Counsel and the Claimant may stipulate to further extensions of time. -20- C. It shall be the function of the General Counsel, throughout the claims procedure, to assist the"Board in the discovery and presentation of evidence in order to assure that the Board receives all relevant information prior to the Board's decision. D. The Claimant shall have the right to be represented by counsel at any or all times throughout the claims procedure. 14.2 INITIAL HEARING A. At the initial hearing, the only evidence to be considered by the Board shall be documentary evidence contained in:he pension file, including but not limited to, correspondence, medical records and reports of treating physicians and/or examining physicians and evidence received pursuant to paragraph B. B. Other than questions from the Trustees, there will be no taking of additional evidence at the initial hearing, except that the Claimant will be afforded 15 minutes to make a presentation, which shall be limited to comments and/or arguments as to the evidence or information already contained in the pension file, including the report of the wcamining physician. C. Upon completion of the review of the 964 at the initial hearing, the Board shall enter an order setting forth its findings and conclusions on the Claim. The written order shall be provided to the Claimant. The order shall include: (1) The specific findings and conclusions of the Board, including specific references to pertinent provisions of the Plan on which such conclusions are based; (2) A description of any additional material or informatithat the Board may deem necessary for the Claimant to perfect his Claim, together with the reaso `s-why such material or information is necessary; and (3) An explanation of the right to a full hearing on the Claim and the time limit in which a full hearing must be requested in writing. D. The decision of the Board at the initial hearing shall not be final until after the time has expired to request a full hearing or, if a full hearing is requested, until the Board makes a decision at the conclusion of the full hearing. -21- 14.3 FULL HEARING A any Claimant may request a full hearing on the issues presented to the Board at an initial heng.d upon which the Board has entered an order as provided in subsection 2.C. above. B. A full hearing must be requested by the Claimant within 90 days of the receipt of the Board's order. The order will be deemed received three days following the date it is mailed to Claimant at the address provided to the Board by Claimant. C. Upon receipt of the request for a full hearing and considering the amount of discovery which might be conducted, the i3oal shall establish a date for the full hearing and cause notice to be given to the Claimant. Theutlhearing shall be held within 90 days from the receipt of the request from the Claimant. The full hearing may be postponed, if necessary and with the consent of the Claimant, to permit full discovery of the facts. D. Copies of all documents to be offered into evidence at the full hearing, including depositions, and a complete witness list with names and addresses of witnesses expected to be called, shall be furnished to the Board and the General Counsel by the Claimant at least 20 days prior to the full hearing. Documents not furnished to the Board within 4f4 prescribed time limit may be excluded from evidence at the full hearing if a reasonable explanation is not provided for the delay in providing the documents. E. A Claimant or the General Counsel may obtain discovery by deposition and/or interrogatories prior to the full hearing. Written notice of any depositions and/or interrogatories shall be given to the General Counsel and the Claimant. The costs of any discovery, except discovery requested by the d or the General Counsel, the appearance of witnesses at the hearing, and the making of a verbatim record of the proceedings shall be the responsibility of the Claimant. G. The Claimant shall be responsible for the appearance of any witnesses which he wishes to have testify at the hearing. The Board shall, however, have the power to subpoena and require the attendance of witnesses and the production of documents for discovery prior to and at the "rc proceedings provided for herein. The Claimant may request in writing the issuance of subpoenas -22- by the Board. A reasonable fee may be charged for the issuance of any subpoenas not to exceed the fees set firth in 1orida Statutes. I Testimony at the full hearing may be submitted in the form of a deposition. Depositions timely submitted will be part of the record before the Board at the full hearing and will not be read in totality at the full hearing; provided, however, that this does not preclude the Claimant or the General Counsel from reading parts of depositions in an opening or closing statement. I. Irrelevant and unduly repetitious evidence shall be excluded. J. Any person whondwingly gives false testimony is guilty of a misdemeanor of the first degree, punishable as provein Section 775.082 or 775.083, Florida Statutes. K. The file maintained by the Board, including but not limited to various medical reports therein, is part of the record before the Board at the full hearing. L. All proceedings of the Board shall be conducted in public. M. In cases concerning an application for pension benefits, including applications for disability retirement benefits, the burden of proof, excepts otherwise provided by law, shall be on the Claimant seeking to show entitlement to such bene t N. In cases concerning termination of pension benefits, including re- examination of Retirees receiving disability retirement benefits, the burden of proof shall be on the Board. 0. Except as to those records which are exempted from the provisions of Chapter 119, Florida Statutes, Florida's Public Record Law, records maintained by the Board are open for inspection and/or copying during normal business hours at a reasonable costr copying. A P. Should a Claimant requesting an initial or full hearing decide tappeal any decision made by the Board, with respect to any matter considered at such hearing, thelaimant requesting an initial or full hearing will need a record of the proceedings and may need to assure that a verbatim record of the proceeding is made. The Claimant requesting an initial or full hearing will be responsible for obtaining a court reporter or otherwise making a record of the proceedings before the Board. Q. The decisions of the Board after the requested full hearing shall be final and binng. -23- R. Within 15 days after making a decision at the full hearing, the Board shall enter a final ord r sett` g forth its findings and conclusions and a copy of the order shall be provided to the Claimant S. Judicial review of decisions of the Board shall be sought by the filing of a timely petition for writ of certiorari with the Clerk of the Circuit Court, in the appropriate county. 14.4 CONDUCT OF THE FULL HEARING A. The Chairman shall preside over the hearing and shall rule on all evidentiary, procedural, and other legal queo that arise during the hearing. The Chairman's rulings shall stand unless overruled by a ma orb% of the Trustees present. The Chairman shall open the full hearing by explaining the procedures to be followed. B. The Claimant shall have the right to be represented by counsel or be self - represented. The General Counsel shall advise the Board. C. The Claimant shall be allowed to make an opening statement not to exceed ten minutes. }� D. Testimony of witnesses shall be under oalhar ffirmation. Depositions and affidavits shall be admissible. E. The Chairman, any Trustee, the General Counsel, the Claimant or the Claimant's counsel, upon recognition by the Chairman, may direct questions to any witness during the proceedings. F. Both the Claimant or the General Counsel shall have the righ ,npresent evidence relevant to the issues, to cross - examine witnesses, to impeach witnesses ai Elo respond to the evidence presented. G. The Claimant shall be permitted a closing argument not to exceed 15 minutes. H. The Board shall deliberate and make a decision following closing argument and thereafter enter an order as provided herein. 14.5 DISABILITY CLAIMS - ADDITIONAL PROCEDURES A. All applications for disability pensions shall be in writing. Forms for ch applications may be provided by the Board. -24- B. Upon receipt of the application for disability, the General Counsel will provide the Claimanwith 4,, set of interrogatories or questions to be answered under oath and a medical release authorization `Both documents will be completed by the Claimant and returned to the General Counsel. C. Upon receipt of the properly completed interrogatories and medical release authorization, the General Counsel will request medical records from all relevant treating physicians; personnel records from the employer, copies of relevant workers' compensation records, and copies of other records deemed to be reevnt to the Claim. The Board shall pay, from the Fund, the cost of any medical examinations required by the Board and for copies of medical records. D. The General Counsel will, if authorized by the Board, upon receipt of the medical records from the treating physicians, schedule an independent medical examination (IME) or examinations with an appropriate independent examining physician or physicians who will be asked to render an opinion about Claimant's physical condition as it relates to the claimed disability. E. Upon receipt of the IME report or reports from the examining physician or physicians, the General Counsel will provide all records of treating phylicians, relevant workers' compensation claims records, the independent medical evaluation, and all other relevant documents to the Board for inclusion m the pension file and the Board shall then schedule the initial hearing. RULE 15 CONFIDENTIALITY 15.1 EXTENT OF CONFIDENTIALITY PERMITTED § 119.07(3)(i)1., Florida Statutes, provides that the home addresses, telephone numbers, and photographs of active or former law enforcement personnel and; the home 'addresses, telephone numbers, photographs, and places of employment of the spouses and children of such personnel; and the names and locations of schools and day care facilities attended by the children of such personnel are exempt from the public records provisions of Section 119.07(1), Florida Statutes. 15.2 REQUIREMENT FOR MAINTENANCE OF CONFIDENTIALITY The Board will maintain the information specified in 15.1 as confidential, if it receives from a Member or the City of Edgewater a written request to maintain confidentiality. -25- 15.3 CONFIDENTIALITY OF MEDICAL RECORDS Ai 112.08(7), Florida Statutes is an exemption of medical records and medical claims records fkm the public records requirements of §119.07(1), Florida Statutes and such records are thus confidential. B. This exemption provides that the Board shall not furnish such records to any person except the employee or his legal representative without written authorization from the employee or, unless otherwise prohibited by law, it receives a subpoena issued in a civil or criminal action from a court of competent jurisdicti There the party seeking the records gave proper notice to the employee or his legal representiv C. Since, under Government in the Sunshine, trustees can only discuss issues involving medical records of an employee in a public meeting, such an authorization should be signed by an employee prior to discussion by the Board. Upon consideration of the medical records at a public Board meeting, such records then become subject to disclosure in the same manner as any other public record. RULE 16 INTEREST CALCULATIONS 16.1 INTEREST CALCULATION To the extent permitted by law, the interest calculation for the purchase of Credited Service, if not otherwise provided for in the ordinance, shall be the greater of the actual interest earned on plan investments or the actuarially assumed rate of investment return. RULE 17 DISABILITY REVIEW PROCEDURE 17.1 PROCEDURE The Board shall periodically review the status of disability Retirees who may be eligible to return to employment with the City of Edgewater as a Police Officer in accordance with the following: A. A disability affidavit on a form adopted by the Board shall be filed with the Bard at least once each year. Failure to file the affidavit shall result in a suspension of disability benefits. -26- B. Upon receipt of the affidavit, the Board shall determine whether the disability Retiree continueLLto bentitled to receive disability benefits pursuant to the terms of the pension plan. ,tiff the Board determines that the disability Retiree is still disabled, then disability benefits shall continue to be paid. D. If, after review of the affidavit, the Board is unable to determine whether the disability Retiree continues to be disabled, the Board shall make further inquiry as necessary. E. Such inquiry may include job availability and medical ability to perform duty. If the Board determines that a Police Officer position appropriate for assignment may be available, and the disability Retiree maybe able to ppeifprm duty in such position, an independent medical examination or examinations shall be performed at the Board's expense by a physician or physicians selected by the Board. A job description and physical or psychological requirements necessary to perform the position shall be provided to the independent medical examiner(s). F. After receipt of the report or reports of the independent medical examiner(s), other medical evidence and determination of job availability, the 3oard shall determine whether disability benefits shall continue. RULE 18 SURVEILLANCE 18.1 SURVEILLANCE Any Trustee who has reason to believe that a disability Retiree may be recovered from his disability and again able to perform useful and efficient service as a Police Officer and who further reasonably believes that surveillance of the Retiree, including the productioifry°videotapes of the Retiree, will help to establish the fact of the recovery, may authorize the Boar's General Counsel to arrange for such surveillance. Surveillance of disability applicants may also be authorized by any Trustee who reasonably believes that such surveillance will assist the Board in determining an applicant's ability to perform useful and efficient service as a Police Officer. The cost of any surveillance authorized by any Trustee shall not exceed $3,000.00. ksd \edgewater \pol \12- 18- 07.rules -27- CITY OF EDGEWATER GENERAL EMPLOYEES' PENSION BOARD OF TRUSTEES QUARTERLY MEETING CITY HALL CONFERENCE ROOM 104 N. Riverside Drive, Edgewater, Florida 32132 AGENDA Monday, June 11, 2012 - 11:00 A.M. Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any matter considered at a meeting or hearing, that individual will need a record of the proceedings and will need to insure that a verbatim record of the proceedings is made. In accordance with the Americans with Disabilities Act, persons needing assistance to participate in any of these proceedings should contact City Clerk Bonnie Wenzel, 386- 424 -2400, Ext# 1101, prior to the meeting. I. CALL TO ORDER/ROLL CALL/DETERMINATION OF A QUORUM H. APPROVAL OF MINUTES - March 19, 2012 Quarterly Meeting III. NEW BUSINESS /OLD BUSINESS IV. REPORTS (ATTORNEY /CONSULTANT) 1. The Bogdahn Group, Performance Consultant • Quarterly report - March 31, 2012 2. H. Lee Dehner, Plan Attorney • Status Report - Issues with Principal • Financial Disclosure Forms due on July 1, 2012 3. Sheila Hutcheson, Plan Administrator • Linda Moore's retirement benefit (direct fund) reinstated and retroactive payments made • Determination of Plan's funding basis for Valuation: fixed dollar amount or percentage of payroll V. PROCESSED DISBURSEMENTS/RETURN OF CONTRIBUTIONS/DEPOSITS DISBURSEMENTS 1. Sheila Hutcheson, plan administration fees - $4,500.00 ($1500 /month); mileage expense - $11.10 2. Christiansen & Dehner, professional legal fees, $203.95; $1,384.25 3. The Bogdahn Group, performance consultant fees, 1s` quarter, 2012 - $3,625.00 4. Foster & Foster, actuarial services - $987.00 5. Brenda Dewees, commencement of normal retirement as of Jan. 1, 2012 - retiree's lifetime with first 120 payments guaranteed, with member contribution rollover 6. Matthew Hopson, commencement of normal retirement as of May 1, 2012 - retiree's lifetime with joint/75% survivor option with member contribution refund 7. Christy Mathewson, commencement of normal retirement as of June 1, 2012 - retiree's lifetime with joint/100% survivor option with member contribution refund DEPOSITS - None VI. STAFF REPORTS, DISCUSSION, AND ACTION VII. TRUSTEES' REPORTS, DISCUSSION, AND ACTION VIII. REQUESTS FROM THE PUBLIC/EMPLOYEES PRESENT IX. ADJOURNMENT r., lF .ice WARMEST MANAGEME Rion Scan. SERVICES Scan. SmwART Governor Interim Secretary May 29, 2012 MEMORANDUM TO: Florida Local Government Retirement Systems or Plans FROM: Division of Retirement Bureau of Local Retirement Systems SUBJECT: Local Retirement Plans Minimum Funding Basis: Percentage of Payroll Versus Fixed - Dollar Contributions The Division of Retirement performs actuarial reviews of Florida's local government retirement plans to ensure that they are being funded in an actuarially sound manner in accordance with Part VII of Chapter 112, Florida Statutes. The provisions of section 112.61, Florida Statutes, require in part that, "...such retirement systems or plans be managed, administered, operated, and funded in such a manner as to maximize the protection of public employee retirement benefits" and "...it is the intent of this act to prohibit the use of any procedure, methodology, or assumptions the effect of which is to transfer to future taxpayers any portion of the costs which may reasonably have been expected to be paid by the current taxpayers." In 2009, in an effort to ensure compliance with these provisions, the division began requiring that local retirement plan contributions must minimally equal the amount of contributions determined using the percentage -of- payroll method. This was intended to eliminate recurring actuarial losses due to payroll growth underestimation. However, economic conditions since then have led to substantial changes in the allocation of local government resources and the causes of the prior actuarial losses attributable to this issue have largely abated. With several years of experience accumulated to evaluate the effectiveness of the percentage -of- payroll contribution requirement, the division has determined that use of this method is not required for compliance with Part VII of Chapter 112, Florida Statutes. Accordingly, effective immediately, local governments should confer with the retirement board actuary to select and maintain a contribution method (percentage of payroll or fixed dollar contributions) that best fits the funding requirements of the plan and satisfies the legislative intent found in section 112.61, Florida Statutes. The division will continue to monitor all plans for compliance with these provisions. If you have any questions or wish to discuss further, please contact our office and speak to Doug Beckendorf, Joe Edmonds, or Keith Brinkman at (877) 738 -5622 or (850) 488 -2784. SS:kb Please direct all correspondence to: Division of Retirement Bureau of Local Retirement Systems PO Box 9000 Tallahassee, Florida 32315 -9000 Toll Free: 877.738.5622/Tel: 850.488.2784/Fax: 850.921.2161 www.frs.MyFlorida.com Edgewater Plans - Administrator's invoices for March Subject: Edgewater Plans - Administrator's invoices for March From: Sheila Hutcheson <shutch9750 @aol.com> Date: 3/20/2012 3:44 PM To: niday.tonya @principal.com, "Broders, Kristi" <Broders.Kristi@principal.com> Tonya, Kristi, Attached are invoices for payment of my expenses for the quarter ending March 31, 2012 (add to the checks for each plan's $1,500 monthly fees for March) as follows for Edgewater General and Police: Sheila Hutcheson. - Expense reimbursemenC$11.10�3enerall.- total July check will b ,511.10 i Sheila Hutcheson. - Expense reimbursement (Police) - $17.54 total July check will be $1,517.54 Please mail the checks to the address on the statements. Thank you for your prompt processing of these invoices. Sheila Hutcheson Pension Plan Administrator 3860 Grantline Road Mims, FL 32754 321 - 267 -3082 321 - 267 -4728 (facsimile) shutch9750 @aol.com — Attachments: General - invoice expenses March 2012.doc 28.5 KB Police expense invoice - 3- 31- 12.doc 26.5 KB L of 1 3/20/2012 3:45 PM SHEILA HUTCHESON 3860 GRANTLINE ROAD MIMS, FL 32754 321 - 298 -6619 March 20, 2012 Bill to: The Principal P.O. Box 9394 Des Moines, IA 50306 -9394 VIA EMAIL TO: TONYA NIDAY Reference: City of Edgewater General Employees' Pension Plan (Annuity Contract #: 4- 29487) Statement for Plan Administration Expenses - quarter ending March 31, 2012 Description Amount Mileage (Board's share: March 19, 2012 meeting) $ 11.10 TOTAL: $ 11.10 Please mail check in the amount of $1,511.10 (monthly fee and quarterly expenses) to: MS. SHEILA HUTCHESON 3860 GRANTLINE ROAD MIMS, FL 32754 Edgewater Plans - Atty's invoices http: / /mail.aol.com/35775- 111 /ao1- 6 /en -us /mail /PrintMessage.asp: From: Sheila Hutcheson <shutch9750 @aol.com> To: broders.kristi <broders.kristi @principal.com>; niday.tonya <niday.tonya @principal.com> Subject: Edgewater Plans - Atty's invoices Date: Fri, Mar 16, 2012 1:32 pm Attachments: Feb._29,_2012 _General.pdf (11K), Feb._29,_2012_ _Police.pdf (11 K) Tonya, Kristi, Attached are invoices for payment, as follows: Christiansen & Dehner, P. - 03.95 - Genera Christiansen & Dehner, P.A. - $203.95 - Police Please mail the checks to the address on the statements. Thank you for your prompt processing of these invoices. Please contact me if you have any questions or need any additional information. Sheila Hutcheson Pension Plan Administrator 3860 Grantline Road Mims, FL 32754 321 - 267 -3082 321 - 267 -4728 (facsimile) shutch9750 @aol.com l of 1 3/16/2012 1:32 PM Christiansen & Dehner, P. A. 63 Sarasota Center Boulevard Suite 107 Sarasota, FL 34240- 941- 377 -2200 941- 377 -4848 Phone Fax February 29, 2012 City of Edgewater General Employees' Pension Plan C/O Sheila Hutcheson 3860 Grantline Road Mims, FL 32754 Invoice Number In Reference To: Edgewater General Employee's 0615 20859 Pension Plan Professional Services Hours Amount 2/10/2012 Telephone conference with Milberg. 0.20 67.60 2/13/2012 Telephone conference with City Attorney. 0.10 33.80 2/23/2012 Preparation of addendum to Administrative Services Agreement with S. Hutcheson. 0.30 101.40 For professional services rendered 0.60 $202.80 Additional Charges : Qty 2/23/2012 Copies 2 0.50 Postage 1 0.65 Total additional charges $1.15 Total amount of this bill $203.95 Previous balance $270.40 Accounts receivable transactions 2/22/2012 Payment - thank you. Check No. 16690047 ($270.40) Total payments and adjustments ($270.40) Balance due $203.95 Edgewater Plans - Atty's invoices http: / /mail.aol.com/ 35919 - 211 /aol- 6 /en -us /mail /PrintMessage.asp: From: Sheila Hutcheson <shutch9750 @aol.com> To: niday.tonya <niday.tonya @principal.com >; broders.kristi <broders.kristi @principal.com> Subject: Edgewater Plans - Atty's invoices Date: Sun, Apr 22, 2012 7:14 pm Attachments: March_31,_2012 _Gen..pdf (12K), March_2012 _Police.pdf (12K) Apr. 22, 2012 Tonya, Kristi, Attached are invoices for payment, as follows: Christiansen & Dehner, P.A. 384.25 - GAnera Christiansen & Dehner, P.A. - $1,418.05 - Police Please mail the checks to the address on the statement. Thank you for your prompt processing of these invoices. Please contact me if you have any questions or need any additional information. Sheila Hutcheson Pension Plan Administrator 3860 Grantline Road Mims, FL 32754 321 - 267 -3082 321 - 267 -4728 (facsimile) shutch9750@aol.com of 1 4/22/2012 7:14 PM Christiansen & Dehner, P. A. 63 Sarasota Center Boulevard Suite 107 Sarasota, FL 34240- 941- 377 -2200 941- 377 -4848 Phone Fax March 31, 2012 City of Edgewater General Employees' Pension Plan C/O Sheila Hutcheson 3860 Grantline Road Mims, FL 32754 Invoice Number In Reference To: Edgewater General Employee's 0615 20992 Pension Plan Professional Services Hours Amount 3/19/2012 Preparation and attendance at Board Meeting and telephone conference with 2.10 709.80 Milberg. Travel Time 2.80 473.20 For professional services rendered 4.90 $1,183.00 Additional Charges : Qty 3/19/2012 Car Expense 1 90.75 Food Expense 1 22.25 Hotel Charge 1 88.25 Total additional charges $201.25 Total amount of this bill $1,384.25 Previous balance $203.95 Accounts receivable transactions 3/26/2012 Payment - thank you. Check No. 16723903 ($203.95) Total payments and adjustments ($203.95) Edgewater Plans - invoices for payment http: / /mail.aol.com/ 35810 - 111 /aol- 6 /en -us /mail /PrintMessage.asp: From: Sheila Hutcheson <shutch9750 @aol.com> To: broders.kristi <broders.kristi @principal.com >; niday.tonya <niday.tonya @principal.com> Subject: Edgewater Plans - invoices for payment Date: Sun, Mar 25, 2012 2:10 pm Attachments: 3- 31- 12.pdf (158K), 3-31-1 2_ _General.pdf (160K) Attached are invoices for payment, as follows: The Bogdahn Group $3 625.00 - General The Bogdahn Group - $3,625.00 - Police Please mail the checks to the following address: The Bogdahn Group 4901 Vineland Road, Suite 600 Orlando, FL 32811 Thank you for your prompt processing of these invoices. Please contact me if you have any questions or need any additional information. Sheila Hutcheson Pension Plan Administrator 3860 Grantline Road Mims, FL 32754 321 - 267 -3082 321 - 267 -4728 (facsimile) shutch9750(a)aol. com of 1 3/25/2012 2:10 PM THE (Lte Invoice nvoice GROUP Date Invoice # 3/23/2012 7374 4901 Vineland Rd Suite 600 Orlando, FL 32811 Bill To Edgewater General Employee Pension Plan email - Sheila Hutcheson Description Amount Perfo s . I - • . ion and Consulting Services 3,625.00 1/1/2012-3/31/2012 Balance Due 3,625.00 Edgewater Plans - Foster and Foster mvoices http: / /mail.aol.com/ 36210- I11 /ao1- 6 /en -us /mail /PrintMessage.asp: From: Sheila Hutcheson <shutch9750 @aol.com> To: pietan.beth <pietan.beth @principal.com >; fredricks.jili <fredricks.jill @principal.com> Subject: Edgewater Plans - Foster and Foster invoices Date: Sat, Jun 2, 2012 10:23 am Attachments: June_2012_- _General.pdf (134K), June_2012 - _Police.pdf (138K) Jill, Beth, Attached are invoices for payment, as follows for Edgewater General and Police: Foster & Foster - Actuarial Services Fees - 6/1/1 987.00 (General) Foster & Foster - Actuarial Services Fees - 6/1/12 - $545.00 (Police) Please mail the checks to the address on the statements. Thank you for your prompt processing of these invoices. Sheila Hutcheson Pension Plan Administrator 3860 Grantline Road Mims, FL 32754 321 - 267 -3082 321 - 267 -4728 (facsimile) shutch9750@aol.com of 1 6/2/2012 10:24 AM FOSTER & FOSTER Invoice ACTUARIES AND CONSULTANTS Date Invoice Phone: (239) 433 -5500 6/1/2012 2821 Fax: (239) 481 -0634 data @foster- foster.com [3iHI " I - o City of Edgewater General Employee's Pension Fund 3860 Grantline Road Mims, FL 32754 Tcrms I)ue Date Net 30 7/1/2012 Description ; A mount Preparation for and attendance at March 19, 2012 Board meeting (Board's share of expenses) 187.00 Benefit Calculations: HOPSON (2), MATHEWSON, REED 800.00 Payments /Credits $0.00 Thank you for your business! Balance Due $987.00 Please make all checks payable to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Suite 104 Fort Myers, FL 33912