Exh 5AAGENDA ITEM #SA
AUGUST 25, 2003
CITY OF ATLANTIC BEACH
CITY COMMISSIONER MEETING
STAFF REPORT
AGENDA ITEM: Police Employee's Pension Plan Board's Report.
SUBMITTED BY: George Foster; Human Resource Manager
DATE: August 19, 2003
BACKGROUND: As of the last annual actuarial evaluation report dated 09/30/02,
there were 26 active members, 7 normal retirees, 2 disability
retirees, and 3 vested.
Effective 10/01/03, the City's contribution rate will increase from
12.44% of salary to 13.31% of salary or from the current $225,991
to $242,637 for a net increase of $16,646. Less than expected
market returns is the primary contributing factor to this increase.
Attached are the September 30, 2002 Annual Actuarial Report and
the Merrill Lynch June 30, 2003 Summary Report which show the
fund's performance.
RECOMMENDATION: None. This Staff Report for information only.
AT'T`ACHMENTS: 1. Pension Board members and professional services
2. September 30, 2002 Annual Actuarial Report
3. Merrill Lynch June 30, 2003 Summary Report
CITY MANAGER:
AGENDA ITEM #SA
AUGUST 25, I003
CITY OF ATLANTIC BEACH
CITY COMMISSIONER MEETING
STAFF REPORT
AGENDA ITEM: General Employee's Pension Plan Board's Report.
SUBMITTED BY: George Foster; Human Resource Manager
DATE: August 19, 2003
BACKGROUND: As of the last evaluation report dated 09/30/02, there were 75
active members, 23 normal retirees, 2 beneficiaries, 2 disability
retirees, and 13 vested.
Effective 10/01/03, the City's contribution rate will increase from
11.81 % of salary to 12.71 % of salary or from the current $315,106
to $381,518 for a net increase of $66,412. Less than expected
market returns and an increase in the average age at hire are
contributing factors to this increase.
Attached are the September 30, 2002 Annual Actuarial Report and
the Merrill Lynch June 30, 2003 Summary Report which show the
fund's performance.
RECOMMENDATION: None. This Staff Report for information only.
ATTACHMENTS: 1. Pension Board members and professional services
2. September 30, 2002 Annual Actuarial Report
3. Merrill Lynch June 30, 2003 Summary Report
CITY MANAGER: ~~
AGENDA ITEM #SA
AUGUST 25, 2003
CITY OF ATLANTIC BEACH
PENSION BOARDS
GENERAL EMPLOYEE'S PENSION BOARD OF TRUSTEES:
Timothy Townsend (Tim) Chair 01/01/04
J. Tom Wells Chair Pro-Tem 08/08/04
Tony F. Downing Secretary 12/31/03
Harry E. McNally Member 03/27/07
Edward L. Lipscomb Member 10/11/03
POLICE EMPLOYEE'S PENSION BOARD OF TRUSTEES:
Henry Bartle Chair 11/09/04
Dale Hatfield Chair Pro-Tem 08/06/05
Tony F. Downing Secretary 12/31/03
Harry E. McNally Member 03/27/05
Edward (ED) L. Lipscomb Member 10/11/03
PROFESSIONAL SERVICES -BOTH BOARDS:
Consultants & Actuaries
Gabriel, Roeder, Smith & Company
LeEal
Sugarman & Susskind
Investment Manasers
TRUSCO Capital Management
EuroPacific
Investment Advisor
Merrill Lynch Consulting Services