June 17, 2013 Agenda.pdf - City of Deltona, Florida

Attachment number 2 \nPage 1
July 15, 2013
City of Deltona, Firefighters’ Pension Plan
Board of Trustees Quarterly Report
Quarter Ended June 30, 2013
Board of Trustees:
City Commission Appointees (terms expire January 2013):
o Darien LaBoy – original appointment June 2013
o John Adams – original appointment January 2005
Active plan member appointees (terms expire January 2013):
o Kurt Vroman, – original appointment January 2009
o Frank Snyder – original appointment October 2011
Trustee Appointee (term expires January 2014):
o James Koczan – original appointment February 2008
Quarterly Administration Highlights:
1. Investments as of June 30, 2013 Totaled $16,138,081:
a. Cash & Equivalents $2,453,743
b. Equities $5,947,458
c. Mutual Funds $3,407,810
d. Fixed Income $4,329,070
2. 2012 Annual State Report Filed – The Plan is required to file a report annually to the Florida
Department of Management Services, Division of Retirement, Municipal Police Officers’ and
Firefighters’ Retirement Trust Funds’ Office. The report provides detailed financial data for the Plan
year ended September 30, 2012 and demonstrates compliance with all provisions of the state statute
chapter 175 as required. Upon review and acceptance by the State that all statutory requirements
have been met, the City is then eligible to receive its annual Insurance Premium Tax distribution. We
received a letter of preliminary review from the state dated April 10, 2013 requesting additional
information and clarification on certain items contained in the report. A response was provided in
June and we are awaiting final approval from the State.
3. Annual Member Benefit Statements – Statements were distributed to Members in May. The
statements provide a snapshot of each member’s current status in the Plan; as well as an estimate of
future benefits of which the member may be entitled upon attainment of credited service allowing for
“normal” retirement under provisions of the Plan. The benefit statement is based on the Plan
Ordinance in effect as of September 30, 2012. Benefits are based on current dollars utilizing wages
in effect as of October 1, 2012, with no adjustment for future compensation increases the member
may experience throughout their career with the City.
4. Investment Management – The Board continues to review its investment strategy with its
independent investment consultant (the Bogdahn Group). The City Commission adopted Ordinance
03-2013 on February 4, 2013 and the Board adopted a revised Investment Policy Statement which
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Item 5D