MIAMI BEACH EMPLOYEES’RETIREMENT PLAN OF THE CITY OF MIAMI BEACH PENSION BOARD MEETING Tuesday, August 13, 2019 10:00 a.m. CITY HALL Pension Office Conference Room BOARD OF TRUSTEES James Boyd Lynn Bernstein Jason Casanova Jose Del Risco Ray Horday Jonathan Sinkes Mark Taxis Manny Villar Jr. John Woodruff CONSENT AGENDA PAGE C-1 Minutes for approval – July 9, 2019 5 C-2 New Members of the System – 11 Jazmine Alphonse Shelecia Bartley Oliver De La Rosa Nunez Brandon McLean Hernan Martinez Reyes Yolibeth Garcia-Rivas Frank Rodriguez Paola Arboleda Emilio Batista Faustino Fernandez Blanco Damien Gonzalez Rodney Perez Marcela Pozo-Ortiz Michelle Romero Aida Sardinas Nahima Telleria Yesenia Dominguez Priscilla Olivera Mario Rivera Bianca White Gustavo Alonzo Chris Sarandos Amalia Arias Espinoza Maurice Carver Adrian Galindo Patrick Meus-Caris Devin Simmons David Marquez Claudia Ossa Valerie Velez Jessica Alani Kyron Dixon Stephany Gonzales Amy Kwiatkowski Jossias Perez Hamiris Vargas C-3 New Retirees – (None) C-4 New Pensioners – 12 Lidia Chavez Albert Hyman

CONSENT AGENDA August 13, 2019 Page 2 C-5 Request for Lump Sum Refunds – 14 Joseph Fagan Bianca Montenegro Lizbeth Estrada LaVeora McArthur C-6 Request for Accumulated Contribution Refund For a Named Beneficiary – (None) C-7 Purchase of Creditable Service Time – (None) C-8 New DROP applicants – 18 Jimmy McMillion James Zeigler Karl Kirby C-9 Lump Sum Refunds Paid since last meeting – 21 Kyli Garmon Derek Gutierrez Hester Fiallos Alvaro Rueda Armando Valentin Maria Rodriguez Saobiya Khan Mildred Majoros Esther Agledor Miguel Perez Angel Menendez Catherine Houlihan Ian Fors C-10 Financial Reports

a. Pension Payroll for August 1, 2019 – $3,758,867 b. DROP Payroll for August 1, 2018 - $392,444 c. Bank reconciliation for May 2019 – 22

C-11 Requests for Payment – August 2019 Legal Amount Pg. #Legal Services - KKJ&L $5,000.00 23 for the month of August 2019Bookkeeping Joan Wall- Bookkeeper For the month of August 2019 $ 350.00 24

CONSENT AGENDA August 13, 2019 Page 3 C-11 Requests for Payment – August 2019 Continued Pg# Actuary

Gabriel, Roeder, Smith & Company Preparation of Chapter 112.664 Actuarial

Compliance Report for 2018 $3,000.00 25 Compliance with Online Valuation Reporting Requirements, upload of valuation report & two text files each containing 140 fields $ 500.00 25 Preparation of Plan Fiduciary Net Position as percentage of the Total Pension Liability as of 9/30/18 under GASB No. 67 $ 798.00 25 Charges for correspondence and calls with Plan's Investment Consultant. $1,241.00 25 Computer Consultant Pension Technology Group Pension Pro, Inv # 1951 Dated: 8/1/2019 $6,000.00 27 Office, etc Sharp Electronics Corporation For the month of August 2019 $ 136.13 Invoice # dated 28Quench USA Inc : Water System Acct # D303087 Inv# INV01844245 Month of July 2019 $ 34.99 30 Office, etc Office Depot Office supplies Inv#326097065001 $ 95.99 31American Express: Misc. Board Meeting Expense $ 54.18 47Integrity Trade Services Temp Personnel $2,827.20 33Money Managers Fees Rhumbline Advisers - Investment fee Inv# gmbeach2019Q2 date 7/9/2019 $15,666.00 36

CONSENT AGENDA August 13, 2019 Page 4 Investment Fees - Wellington Wellington Trust Co

Client ID# 68R4,Inv# 20190630-101918-A $119,334.36 39

Client ID# 4V55,Inv# 20190630-97338-A $88,315.77 39Consulting Services Consulting Services- Milliman Inc.for the qtr. services April-June 2019 Code: 0212MBG01 Billing ID: 06.2019 $23,750.00 45CONSENT AGENDA August 13, 2019 Page 4 C-11 Requests for Payment – August 2019 Continued Conv/Seminars/Dues/Etc Pg. # American Express: $4,343.91 47 Conferences: J. Woodruff $ 565.52 53L. Bernstein $ 669.87 55 M. Villar $ 629.18 58 IN ACCORDANCE WITH THE AMERICANS WITH DISABILITY ACT OF 1990, PERSONS NEEDING A SPECIAL ACCOMMODATION TO PARTICIPATE IN THIS PROCEEDING SHOULD CONTACT THE PENSION OFFICE NO LATER THAN FOUR DAYS PRIOR TO THE PROCEEDING. TELEPHONE (305) 673-7437 FOR ASSISTANCE; IF HEARING IMPAIRED, TELEPHONE THE FLORIDA RELAY SERVICE NUMBERS (800) 955-8771 (TDD) OR (800) 955-8770 (VOICE), FOR ASSISTANCE. IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE BOARD WITH RESPECT TO ANY MATTER CONSIDERED A THIS MEETING, HE WILL NEED A RECORD OF THE PROCEEDINGS, AND FOR SUCH PURPOSE HE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. FLORIDA STATUTES 286.0105 THIS MEETING MAY BE CONDUCTED BY MEANS OF OR IN CONJUNCTION WITH COMMUNICATIONS MEDIA TECHNOLOGY, SPECIFICALLY A TELEPHONE CONFERENCE CALL. THE ABOVE LOCATION, WHICH IS ORDINARILY OPEN TO THE PUBLIC, SHALL SERVE AS AN ACCESS POINT. PERSONS WISHING TO ATTEND SHOULD APPEAR AT THE ACCESS POINT, WHERE TELEPHONIC ACCESS TO THE MEETING WILL BE PROVIDED.

MINUTES OF THE MEETING OF THE BOARD OF TRUSTEES OF THE MIAMI BEACH EMPLOYEES’ RETIREMENT PLAN

OF THE CITY OF MIAMI BEACH July 9, 2019

Chairman Boyd called the meeting to order at 10:06 a.m. Board Members present were as follows: James Boyd Lynn Bernstein Jose Del Risco Ray Horday Jonathan Sinkes John Woodruff Members absent – Mark Taxis Manny Villar Jr. Jason Casanova Also present were:

Rick Rivera Pension Administrator Sandra Sicily Assistant Pension Administrator Stuart Kaufman Board Attorney, Klausner & Kaufman Amada Gonzalez City of Miami Beach employee

CONSENT AGENDA The Administrator requested the addition of one (1) addendum to Item C-11 for eight (8) requests for payment with a total amount of $2,780.51. A motion was made by Mr. Del Risco duly seconded by Mr. Sinkes and unanimously RESOLVED that the addition of one (1) addendum to Item C-11 for eight (8)

requests for payment with a total amount of $2,780.51 be added to the Consent Agenda.

A motion was made by Ms. Bernstein duly seconded by Mr. Del Risco and unanimously RESOLVED that the Consent Agenda be approved as amended. C-1 Board Minutes approved – May 14, 2019 C-2 New Members of the System were approved as follows –

ID # Last Name First Name Start Date Job Title Hire Date

21165 FERRER ANTONIO 04/29/2019 Lifeguard I 10/1/2018

22836 VEGA MARIA 04/29/2019 Case Worker II 4/29/2019

23193 RODRIGUEZ-PENA ANDRES 04/29/2019 Property & Evidence Tech. I 10/29/2018

23208 LOTT ORTRAY 04/29/2019 MSW I 10/22/2018

23373 PEREZ-PEREZ ISRAEL 04/29/2019 Fire Protection Analyst 4/29/2019

21877 MASSO UKRANIA 05/13/2019 Case Worker 4/29/2019

23204 THOMAS WILLIE 05/13/2019 Pumping Mechanic 11/5/2018

23215 SMITH JUSTIN 05/13/2019 Water Meter Technician D 11/7/2018

23217 SUAREZ WILSON 05/13/2019 Engineering Assistant I 11/13/2018

PENSION BOARD MINUTES July 9, 2019 Page 2 C-2 New Members of the System were approved as follows – (Continued)

ID # Last Name First Name Start Date Job Title Hire Date

23245 MEJIA MIRNA 05/13/2019 Office Associate III 12/17/2018

23393 BARTELL JAMES 05/13/2019 Sr. Building Inspector 5/28/2019

23456 DENOE ESAIE 05/13/2019 MSW I 5/24/2019

23380 CALCANO MARTIN 05/20/2019 Facility Cap. Proj. Coordinator 5/20/2019

23439 CASTELO ANTONELLA 05/20/2019 Office Associate IV 5/20/2019

22747 GUERRA JOSE 05/27/2019 MSW I 11/26/2019

23388 RODRIGUEZ MICHELLE 05/28/2019 Office Associate V 5/28/2019

23445 WHITE KARHONDA 05/28/2019 Financial Analyst I 5/28/2019

23473 HENNIG VERONICA 05/28/2019 Film Liaison 5/28/2019

23416 PEREZ NATHALLY 06/03/2019 Systems Analyst 6/3/2019

23455 ROULAND JELANIE 06/03/2019 Stormwater Operator D 6/3/2019

23475 JAMES MICHELLE 06/03/2019 Inclusionary Aide 6/3/2019

23477 VAZQUEZ VANESSA 06/03/2019 Public Information Specialist 6/3/2019

21987 DE LA ROSA NUNEZ OLIVER 06/10/2019 Lifeguard I 12/10/2018

23103 THOMANY CHARDYNE 06/10/2019 Seasonal Inclusionary Aide 6/3/2019

23495 MCLEAN BRANDON 06/10/2019 Code Compliance Officer 1 T 6/10/2019

23478 MARTINEZ REYES HERNAN 06/11/2019 Forestry Field Specialist 6/11/2019

23447 GILES EVELYN 06/17/2019 Financial Analyst II 6/17/2019

23490 RODRIGUEZ FRANK 06/17/2019 Tradesworker I Facilities Mgr. 6/17/2019

23515 GARCIA-RIVAS YOLIBETH 06/17/2019 Office Associate III 6/17/2019

23520 GONZALEZ DAMIAN 06/24/2019 Storekeeper II 6/24/2019 C-3 New Retiree Allowances were approved as follows –

Name Date Retirement Type Monthly Amount

Antonio Gonzalez 6/1/2019 Joint Service Ret. (662/3% J&S) $1,961.56

David Cox 6/1/2019 Ordinary Service Ret. (LA) $2,370.86

Juan Rodriguez 7/1/2019 Ordinary Service Ret. (LA) $5,038.41

Angela Menendez 7/1/2019 Joint Service Ret. (662/3% J&S) $ 943.66

Francisco Couto 8/1/2019 Joint Service Ret. (100%) $1,091.71 C-4 New Pensioner Allowances were approved as follows – (None)

Date of Dependent Name Retirement Ret._Type Upon Amount

Anna Pedro 06/01/2019 50% J&S Louis Pedro $ 1,331.02

PENSION BOARD MINUTES July 9, 2019 Page 3 C-5 Requests for Lump Sum Refunds were approved as follows –

Check Date Name gross withholding check #

5/23/2019 Ronald Rosa $ 17,439.72 $ 3,487.94 117190

5/24/2019 Bruce Mowry $ 75,990.21 $ 15,198.04 117191

5/24/2019 Ginette Luxama $ 54,678.29 $ 10,935.66 117192

5/24/2019 Ivan Allu $ 5,357.17 $ 1,071.43 117193

5/24/2019 Junior Francis $ 7,129.84 $ 1,425.97 117194

5/24/2019 Elisandrix Matos $ 22,402.28 $ 4,480.46 117195 C-6 Request for Accumulated Contribution Refund for a Named Beneficiary was approved as follows – (None) C-7 Purchases of Creditable Service Time were approved as follows – Name Purchase Time Gross Amount Method Damian Janee .21 $1,582.35 Sick Hrs. Ronnie Holas .50 $8,790.95 Sick Hrs. Yamilet Acosta .51 $2,599.87 Sick Hrs.

C-8 DROP applicants were approved as follows –

Name Effective Estimated Benefit Last DROP Pmt.

Marvin Sarria 08/01/2019 $7,436.10 07/01/2024 C-9 Lump Sum Refunds paid since the last meeting were approved as follows – Check Date Name gross withholding check #

5/23/2019 Ronald Rosa $ 17,439.72 $ 3,487.94 117190

5/24/2019 Bruce Mowry $ 75,990.21 $ 15,198.04 117191

5/24/2019 Ginette Luxama $ 54,678.29 $ 10,935.66 117192

5/24/2019 Ivan Allu $ 5,357.17 $ 1,071.43 117193

5/24/2019 Junior Francis $ 7,129.84 $ 1,425.97 117194

5/24/2019 Elisandrix Matos $ 22,402.28 $ 4,480.46 117195 C-10 The Financial Reports were approved as presented. The April 2019 Bank Reconciliation was approved as presented

PENSION BOARD MINUTES July 9, 2019 Page 4 C-11 Requests for Payment were approved as presented – June 2019 Legal Amount Legal Services - KKJ&L $5,000.00 for the month of June 2019 Bookkeeping Joan Wall- Bookkeeper For the month of June 2019 $350.00 Actuary Gabriel, Roeder, Smith & Company 10/1/18 Actuarial Valuation Report (27.25 hrs.) total charges equal 9,480. $7,867.00 Experience Study (51.5 hours) partial $15,832.00 Preparation of final GASB No. 67 disclosures For FYE 2018 (3.5 hours) $450.00 C-11 Requests for Payment- continued

Gabriel, Roeder, Smith & Company (cont.) Preparation of presentation and attendance at 3/5/2019 Budget Advisory Committee Meeting (13.0 hours) $3,500.00 Final charge for preparation of the 10/1/18 Actuarial Valuation Report (72.0 hours); total

fee of $21,500 less previous invoices $12,020.00 Computer Consultant Pension Technology Group Pension Pro, Inv # 1951 Dated: 6/1/2019 $6,000.00 Insurance RCS Insurance Brokerage Fiduciary Liability Policy Renewal Inv# 2122845, Dated 6/5/2019 Policy period 6/15/2019- 6/15/2020 $45,000.00 Office, etc. Sharp Electronics Corporation For the month of June 2019 Invoice # 9002000877 dated 6/01/2019 $136.13 Quench USA, Inc: Water System Acct # D303087 Inv# INV01844245 Month of June 2019 $34.99 Central Services Inv#20693 Date 6/3/19 Month - May 2019 $322.88

PENSION BOARD MINUTES July 9, 2019 Page 5 C-11 Requests for Payment were approved as presented - Office etc - continued Information Technology Inv# 20818 Date 6/6/19 Dell 24 ICM Monitor-P241 Hzm for R. Rivera $230.99 Nuance Program- R. Rivera $87.08 Office Depot Office supplies Inv # 311533319001, 312092133001, 312092132001 $174.05 Investment Custody Fees Fiduciary Trust International Quarterly Custody Fee for MB Gen Fund Inv#S14800693054 GP451022720 $853.09 C-11 Requests for Payment were approved as presented – July 2019 Computer Consultant Ellen Schaffer Semi-annual support fee $844.00 Legal

Legal Services - KKJ&L $5,000.00 for the month of July 2019 Bookkeeping Joan Wall- Bookkeeper For the month of July 2019 $350.00 Office, etc. Office Depot Office supplies Inv # 319338750001, 319339908001, 32606431001 $223.64 Central Services Inv#21264 Date 7/1/19 Month - June 2019 $339.24 Sharp Electronics Corporation For the month of July 2019 Invoice # 9002068576 dated 7/02/2019 $136.13 Quench USA, Inc: Water System Acct # D303087 Inv# INV01877242 Month of July 2019 $34.99 Conv/Seminars/Dues/Etc. American Express: $710.70 FPPTA Conference Reimbursement: M. Taxis $357.37 R. Rivera $538.20 J. Casanova $528.02 J. Sinkes $540.98

PENSION BOARD MINUTES July 9, 2019 Page 6

REGULAR AGENDA R-1 Deferred Items – (None) R-2 New Items – (None) R-3 Administrator’s Report

The Administrator updated the Board on the PTG software conversion. The Board reviewed a project status update that PTG provided to the Administrator. A discussion ensued regarding providing the MBERP staff with temporary support in the form of an intern, light duty employee or temporary staff in order to alleviate the conversion deadlines while also dealing with the day to day tasks of the office. A motion was made by Mr. Woodruff duly seconded by Mr. Del Risco, and with all in favor, it was unanimously

RESOLVED that a temporary person from the vendor that provides

the City with temporary staffing be approved for a period of two (2) to four (4) weeks should a City intern and/or light duty employee not be available.

R-4 For Your Information

Chairman Boyd and Mr. Kaufman reviewed for your information.

Mr. Kaufman reviewed his MEMO regarding public employees and the public records requests laws. He also discussed Cyber Attacks on government entities. A discussion ensued. The Administrator was directed to contact the City’s risk manager and inquire if the City’s cyber-attack insurance covered the pension plan. The Administrator said he would follow up on this subject and report back to the Board.

A motion was made by Ms. Bernstein duly seconded by Mr. Woodruff, and with all in favor, it was unanimously Resolved that the meeting be adjourned. The meeting was

adjourned at 10:32 a.m. ______________________ ___________________________ James W. Boyd, Chairman Jose Del Risco, Secretary

NEW MEMBERS JUNE-JULY 2019Emp Id Last Name First Name Start Date Job Title Hire Date23403 ALPHONSE JAZMINE 6/3/2019 SEASONAL INCLUSIONARY AIDE 6/3/201922579 BARTLEY SHELECIA 6/10/2019 SEASONAL INCLUSIONARY AIDE 6/10/201921987 DE LA ROSA NUNEZ OLIVER 6/10/2019 LIFEGUARD I 4/3/201723495 MCLEAN BRANDON 6/10/2019 CODE COMPLIANCE OFF 1 T 6/10/201923478 MARTINEZ REYES HERNAN 6/11/2019 FORESTRY FIELD SPECIALIST 6/11/201923515 GARCIA-RIVAS YOLIBETH 6/17/2019 OFFICE ASSOCIATE III 6/17/201923490 RODRIGUEZ FRANK 6/17/2019 TRADESWORKER I FACILITIES MGR 6/17/201920974 ARBOLEDA PAOLA 6/24/2019 CASE WORKER II 11/16/201523488 BATISTA EMILIO 6/24/2019 SANITATION OPERATIONS SUPV 6/24/201923489 FERNANDEZ BLANCO FAUSTINO 6/24/2019 TRADESWORKER I FACILITIES MGR 6/24/201923520 GONZALEZ DAMIAN 6/24/2019 STOREKEEPER II 6/24/201923487 PEREZ RODNEY 6/24/2019 CAPITAL PROJECTS COORDINATOR 6/24/201923502 POZO-ORTIZ MARCELA 6/24/2019 COMMUNICATIONS OPERATOR 6/24/201923501 ROMERO MICHELLE 6/24/2019 COMMUNICATIONS OPERATOR 6/24/201923518 SARDINAS AIDA 6/24/2019 SENIOR MECHANICAL INSPECTOR 6/24/201923503 TELLERIA NAHIMA 6/24/2019 COMMUNICATIONS OPERATOR 6/24/201923523 DOMINGUEZ YESENIA 7/1/2019 OFFICE ASSOCIATE V 7/1/201923522 OLIVERA PRISCILLA 7/1/2019 OFFICE ASSOCIATE III 7/1/201923528 RIVERA MARIO 7/1/2019 CODE COMPLIANCE OFF 1 T 7/1/201920828 WHITE BIANCA 7/1/2019 CODE COMPLIANCE OFF 1 T 7/1/201923533 ALONZO GUSTAVO 7/15/2019 FACILTY CAP PROJ COORDINATOR 7/15/201923524 SARANDOS CHRIS 7/15/2019 CHIEF INFORMATION OFFICER 7/15/201921170 ARIAS ESPINOZA AMALIA 7/17/2019 PROGRAM COORDINATOR 7/17/201923587 CARVER MAURICE 7/22/2019 HEAVY EQUIPMENT OPER I 7/22/201923536 GALINDO ADRIAN 7/22/2019 PUMPING MECHANIC 7/22/201923535 MEUS-CARIS PATRICK 7/22/2019 LANDSCAPE INSPECTOR 7/22/201923588 SIMMONS DEVIN 7/22/2019 PERMIT CLERK I 7/22/201923609 MARQUEZ DAVID 7/29/2019 CENTRAL SERVICES TECHNICIAN 7/29/201923610 OSSA CLAUDIA 7/29/2019 CASE WORKER II 7/29/201923367 VELEZ VALERIE 7/7/2019 PROCUREMENT CONTRACT ANALYS 1 5/1/201923516 ALANI JESSICA 7/8/2019 FINANC ANALYST II 7/8/201923237 DIXON KYRON 7/8/2019 MSW I 1/7/201923517 GONZALES STEPHANY 7/8/2019 FINANC ANALYST I 7/8/201923530 KWIATKOWSKI AMY 7/8/2019 CODE COMPLIANCE OFF 1 T 7/8/201923529 PEREZ JOSSIAS 7/8/2019 IT SPECIALIST II 7/8/201923181 VARGAS HAMIRIS 7/8/2019 COMMUNICATIONS OPERATOR 10/8/2018

8/7/2019 1:41:00 PM

ORDINANCE NO. 2015-3946 NEW PENSIONERS NAME: Lidia Chavez BENEFITS TO COMMENCE: July 1, 2019 TYPE OF PENSION: Dependent Beneficiary (100%) DEPENDENT UPON: Juan Chavez DATE OF DEATH: June 19, 2019 PENSION BENEFIT: $3,220.67 SECTION OF ORDINANCE: 5.07

ORDINANCE NO. 2015-3946 NEW PENSIONERS NAME: Albert Hyman BENEFITS TO COMMENCE: July 1, 2019 TYPE OF PENSION: Dependent Beneficiary (50%) DEPENDENT UPON: Isabel Hyman DATE OF DEATH: June 26, 2019 PENSION BENEFIT: $1,479.00 SECTION OF ORDINANCE: 5.07

ORDINANCE NO. 2015-3946

REQUEST FOR LUMP SUM REFUND

NAME: Joseph Fagan CLASSIFICATION: Management & Budget Analyst DEPARTMENT: Budget DATE OF SEPARATION: July 5, 2019 CREDITABLE SERVICE: 2.09 ycs ESTIMATED LUMP SUM DUE: $14,238.05 Federal Tax Withholding: Rollover SECTION OF ORDINANCE: 5.10

ORDINANCE NO. 2015-3946

REQUEST FOR LUMP SUM REFUND

NAME: Bianca Montenegro CLASSIFICATION: Office Associate IV DEPARTMENT: Housing Community Services DATE OF SEPARATION: July 31, 2019 CREDITABLE SERVICE: 2.99 ycs ESTIMATED LUMP SUM DUE: $15,305.79 Federal Tax Withholding: $3,061.16 SECTION OF ORDINANCE: 5.10

ORDINANCE NO. 2015-3946

REQUEST FOR LUMP SUM REFUND

NAME: Lizbeth Estrada CLASSIFICATION: Dispatcher DEPARTMENT: P.S.C.U. DATE OF SEPARATION: July 19, 2019 CREDITABLE SERVICE: 0.45 ycs ESTIMATED LUMP SUM DUE: $2,526.78 Federal Tax Withholding: $505.36 SECTION OF ORDINANCE: 5.10

ORDINANCE NO. 2015-3946

REQUEST FOR LUMP SUM REFUND

NAME: LaVeora McArthur CLASSIFICATION: Office Associate IV DEPARTMENT: Public Works - Greenspace DATE OF SEPARATION: May 24, 2019 CREDITABLE SERVICE: .35 ycs ESTIMATED LUMP SUM DUE: $582.11 Federal Tax Withholding: $115.53 SECTION OF ORDINANCE: 5.10

Ordinance No. 2015-3946 NEW DROP MEMBER NAME: Jimmy J. McMillion DATE OF BIRTH: April 22, 1964 CLASSIFICATION: Financial Analyst III DEPARTMENT: Finance BEGINNING DROP DATE: August 1, 2019 TYPE OF RETIREMENT: Joint Service Retirement (100%) CREDITABLE SERVICE: 16.66 ycs EST. PENSION BENEFIT: $4,332.38 SECTION OF ORDINANCE: 5.13

Ordinance No. 2015-3946 NEW DROP MEMBER NAME: James Zeigler DATE OF BIRTH: August 30, 1963 CLASSIFICATION: Chief Plumbing Inspector DEPARTMENT: Building Service- Building BEGINNING DROP DATE: September 1, 2019 TYPE OF RETIREMENT: Joint Service Retirement (100%) CREDITABLE SERVICE: 23.24 ycs EST. PENSION BENEFIT: $5,952.01 SECTION OF ORDINANCE: 5.13

Ordinance No. 2015-3946 NEW DROP MEMBER NAME: Karl L. Kirby DATE OF BIRTH: July 19, 1964 CLASSIFICATION: Sewer Supervisor DEPARTMENT: Public Works Sewer BEGINNING DROP DATE: August 1, 2019 TYPE OF RETIREMENT: Joint Service Retirement (66.66%) CREDITABLE SERVICE: 22.81 ycs EST. PENSION BENEFIT: $4,179.86 SECTION OF ORDINANCE: 5.13

Lump Sums Paid June 2019Check Date Name gross withholding check #6/26/2019 Kyli M. Garmon 97,577.08$ 19,515.42$ 1172126/28/2019 Derek Gutierrez 12,837.25$ R/O 1172166/28/2019 Hester M. Fiallos 9,985.06$ 1,997.01$ 1172176/28/2019 Alvaro Rueda 31,078.54$ 6,215.71$ 1172186/28/2019 Armando Valentin 5,253.94$ 1,050.79$ 1172196/28/2019 Maria Rodriguez 6,935.73$ 1,387.15$ 117220

Lump Sums Paid July 2019Check Date Name gross withholding check #7/3/2019 Saobiya Khan 7,292.10$ 1,458.42$ 1172427/3/2019 Mildred Majoros 781.64$ 156.33$ 1172437/3/2019 Esther Agledor 1,864.86$ 372.97$ 1172447/3/2019 Miguel Perez 42,253.65$ R/O 1172457/15/2019 Angel Menendez 13,525.20$ 2,705.04$ 1172617/15/2019 Catherine Houlihan 32,298.62$ 6,459.72$ 1172627/29/2019 Ian Fors 6,783.52$ R/O 117267

Checking Account Beginning Balance 5/1/2019 $4,260,943.43

Receipts

Bank deposits $14,989.03

Wire from Trust $4,200,000.00

Wire from Money Managers $0.00

Void Benefits/Returned ACH $2,049.85

$4,217,038.88

Disbursements

Advanced Payroll for May, 2019 ($2,402,255.21)

Unclassified Payroll for May, 2019 ($1,350,450.89)

Administrative Expenses for May, 2019 ($206,158.32)

Lump Sum Payments ($182,997.51)

Additional Payroll Checks $0.00

($4,141,861.93)

Payroll Entry Adjustments

Prepaid General Payroll Direct Deposit for June 2019 ($2,106,302.30)

Prepaid General 945 Payroll Taxes for June 2019 ($245,943.15)

Prepaid Unclassified Payroll Direct Deposit for June 2019 ($1,114,648.69)

Prepaid Unclassified 945 Payroll Taxes for June 2019 ($158,964.25)

($3,625,858.39)

Checking Account Ending Balance 5/31/19 $710,261.99

Bank Statement Ending Balance 5/31/19 $939,778.81

Less Outstanding Checks

Outstanding Pension Payroll Checks ($2,479.81)

Outstanding Administrative Checks ($144,037.28)

Outstanding Lump Sum Payments ($82,999.73)

Deposit in Transit $0.00

($229,516.82)

$710,261.99

Completed by: Checked by:

MIAMI BEACH EMPLOYEES' RETIREMENT PLAN

CHECKING ACCOUNT RECONCILIATION - ACCOUNT #0189001219860 (SUNTRUST)

5/31/19

Sandra Sicily Rick Rivera

F:\PENS\$ALL\XcelFiles\CHECKING & TRUST ACCOUNTS\CHECKACC\Checking Account Reconciliations\2019 Checking Account Reconciliation 2019

MIAMI BEACH EMPLOYEES’ RETIREMENT PLAN

PENSION BOARD MEETING Tuesday, August 13, 2019

10:00 a.m. CITY HALL

Pension Office Conference Room

REGULAR AGENDA R-1 Deferred Items – (None) R-2 New Items –

A. Vendor review update 61

B. Travel policy request for Board approval by Trustee Lynn Bernstein 62

R-3 Administrator’s Report

R-4 Investment Report

A. Milliman Inc. 1. Pimco Update - 63 2. Asset Allocation Update 65 3. Investment Policy Revision

(Separate Attachment) 4. Quarterly Investment Report

(Separate Attachment)

B. Dimensional Fund Advisers (Separate Attachment)

R-5 For Your Information

A. GRS Gonzalez Study – 68

B. DROP update - 72

C. Conference Calendar - 74

IN ACCORDANCE WITH THE AMERICANS WITH DISABILITY ACT OF 1990, PERSONS NEEDING A SPECIAL ACCOMMODATION TO PARTICIPATE IN THIS PROCEEDING SHOULD CONTACT THE PENSION OFFICE NO LATER THAN FOUR DAYS PRIOR TO THE PROCEEDING. TELEPHONE (305) 673-7437 FOR ASSISTANCE; IF HEARING IMPAIRED, TELEPHONE THE FLORIDA RELAY SERVICE NUMBERS (800) 955-8771 (TDD) OR (800) 955-8770 (VOICE), FOR ASSISTANCE. IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE BOARD WITH RESPECT TO ANY MATTER CONSIDERED A THIS MEETING, HE WILL NEED A RECORD OF THE PROCEEDINGS, AND FOR SUCH PURPOSE HE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. FLORIDA STATUTES 286.0105 THIS MEETING MAY BE CONDUCTED BY MEANS OF OR IN CONJUNCTION WITH COMMUNICATIONS MEDIA TECHNOLOGY, SPECIFICALLY A TELEPHONE CONFERENCE CALL. THE ABOVE LOCATION, WHICH IS ORDINARILY OPEN TO THE PUBLIC, SHALL SERVE AS AN ACCESS POINT. PERSONS WISHING TO ATTEND SHOULD APPEAR AT THE ACCESS POINT, WHERE TELEPHONIC ACCESS TO THE MEETING WILL BE PROVIDED.

VENDOR REVIEW

1. Legal Counsel to MBERP: Cypen and Cypen Hired prior to 1993. Legal Counsel reviewed by the Board in June 2014 as part of vendor review. Klausner, Kaufman, Jensen and Levinson commenced providing legal services to the Board in 2016, after a strategic alliance with Cypen and Cypen. 2. Bank & Custodian Manager: SunTrust & Fiduciary Trust International The Fund is using the same bank and treasury manager as the City of Miami Beach for economies of scale. 3. Actuary: Gabriel, Roeder, & Smith Co. The Board contracted with Kruse, O’Conner & Ling (KOL)in 1993. KOL was acquired by Gabriel, Roeder & Smith in 1995. An RFP was conducted in 2007 and GRS was re-affirmed. 5. Auditors: Marcum LLP. The Board conducted an RFP for Auditors on July 2014 as part of the vendor review. Marcum LLP was selected as the Boards auditing service provider. An RFP will be issued in the Spring of 2020 per a Board decision in 2019. 6. Fund Consultant: Milliman Inc. Milliman has been the fund consultant since 1993. An RFP was issued in 2015 and Milliman was re-affirmed.

Miami Beach Employees’ Retirement Plan Board Travel Policy Purpose: To establish policies and procedures for Pension Board Trustees and other authorized persons who travel out of Dade and Broward County and incur expenses in reference to pension related business only. An authorized person is a person other than a Pension Board Trustee who is authorized by the Board of Trustees to incur travel expenses in reference to pension related business only. If a specific situation or component is not covered by this travel policy then the guidelines to follow are those provided by sec. 112.061, Florida statues.

I. Approval – Recognizing that the Board of Trustees has a fiduciary obligation to the fund, including the judicious expenditure of funds and becoming well-educated on pension fund matters, the Board of Trustees and other authorized persons may attend pension related educational conferences, seminars, training, school, professional organization meetings and continuing education.

II. Registrations and hotel accommodations will be approved and pre-paid by the

pension office to take advantage of the tax exemption status. Airfare will be reimbursed prior to travel when submitted. Every effort to obtain the best possible coach/economy fare shall be utilized including the possibility of alternative travel dates that result in a cost savings that mitigate the lodging and per diem expenses. It is the responsibility of the Trustee/authorized person to determine if an additional lodging night is warranted when a conference ends. No late registrations for conferences or schools unless approved by the Board.

III. Transportation that is feasible to the location – re: taxi, rental car, shuttle shall be

reimbursed. If pre-paid prior travel (rental car) it can be reimbursed prior to a board meeting. Due to differences in rental car descriptions vehicles should be similar to a Chevy Impala, Malibu, Taurus, Sonata etc. variably referred to as standard, full-size and mid-size. An upgrade that is not complimentary shall be the responsibility of the renter to pay the additional upgrade expense. Reimbursable mileage for use of personal vehicle shall be the rate provided in 112.06(7) (d), Florida Statues. Auto Insurance on rental if not covered by personal insurance or credit card will be reimbursed by the Board.

IV. Per Diem rates will be those established by the most current Runzheimer report. Per

Diem shall be reimbursed except where a full meal is provided as part of the event and is utilized. Dietary restrictions shall be considered. Under certain circumstances during a prolonged conference or when a Trustee/authorized person does not have the wherewithal to pre pay expenses and per diem, they may be paid in advance. Miscellaneous expenses will be reimbursed at a reasonable rate. Examples of miscellaneous expenses include vehicle valet, taxi, ferry, bellman, valet, parking fees etc. Gratuities shall be reimbursed up to a maximum of $10 per day.

V. Conferences – Without prior board approval, Trustees/authorized persons may attend

three (3) in-state pension conferences and one (1) out-of-state pension conference each year.

Memorandum

1

650 California Street, 21st Floor

San Francisco, CA 94108

USA

Tel +1 415 403 1333

Fax +1 415 403 1334

milliman.com

July 31, 2019

To: Rick Rivera, Retirement Administrator Miami Beach Employees Retirement Plan

From: Bill Cottle, Jeff Nipp, Steven Cottle

Subject: PIMCO StocksPLUS Meeting Summary

Background On July 29, 2019, Bill Cottle met with PIMCO regarding their StocksPLUS strategies. Attending the meeting for PIMCO were Mohsen Fahmi (Portfolio Manager) and Mark Romano (Marketing/ Consultant Relations). Mr. Romano informed us that it has now been 5 years since the departure of Bill Gross from PIMCO. The firm lost approximately 30% of its assets under management at that time (assets fell from $2 trillion to $1.4 trillion). Since then, the firm’s assets under management have risen to $1.84 trillion and there is considerable investor interest in the suite of StocksPLUS strategies. Also, approximately 200 employees joined the firm in their new office in Austin, Texas.

StocksPLUS Update As of June 30, 2019, PIMCO manages $35 billion in four StocksPLUS strategies. These strategies and their current assets under management include US large cap equity (held by the Retirement Plan) ($17.6 bil.), US small cap equity ($2.5 bil.), international/global equity ($10.5 bil.) and emerging markets equity ($4.2 bil.). Since the beginning of the StocksPLUS Absolute Return strategy for US large cap stocks in July 2002, the strategy has had a composite annualized return 2.45% greater than the 8.81% return on the S&P 500. Over the past 6½ years, since the inception of its account with PIMCO, the Retirement Plan has earned 14.4% net of fees versus 14.1% for the S&P 500. Mr. Fahmi is the lead portfolio manager for each of the four StocksPLUS Absolute Return Strategies. He joined PIMCO in 2014 and has 34 years of investment experience. He is supported by two other portfolio managers (Jing Yang and Bryan Tsu). Both Ms. Yang and Mr. Tsu have 14 years of investment experience. The portfolio management team is supported by 16 market sector specialist groups.

Milliman Investment Consulting Memo July 31, 2019

2

Summary All of PIMCO’s StocksPLUS strategies are managed in a similar fashion, with equity market exposure obtained through futures and/or swaps, and alpha generated through active management of a fixed income portfolio. These strategies are designed to generate consistent modest outperformance, rather than more sporadic large outperformance. Given PIMCO’s tendency to overweight non-Treasury issues relative to portfolio benchmarks (like the vast majority of fixed income managers), it is important to note that the strategy’s relative performance tends to struggle during “flight to quality” periods when stocks and corporate bonds underperform Treasuries (as in Q4/2018, when PIMCO underperformed the S&P 500 by 1%). However, over longer-term periods, the strategy has achieved its goal of consistent outperformance, having beaten the benchmark in 92% of the rolling 5-year periods since its inception in 2002.

Memorandum

1

650 California Street, 21st Floor

San Francisco, CA 94108

USA

Tel +1 415 403 1333

Fax +1 415 403 1334

milliman.com

August 2, 2019

To: Rick Rivera, Retirement Administrator Miami Beach Employees Retirement Plan

From: Bill Cottle, Jeff Nipp, Steven Cottle, Alan Perry

Subject: Update on Asset Allocation Study

Background Milliman was instructed by the Board to conduct an asset allocation study. This memo provides a summary of the work completed to date.

Capital Market Assumptions Based on the asset classes employed in the January 27, 2016 Asset Allocation Study - Final Report, the risk and return assumptions that were used are shown below:

Asset Class

Projected 10- Year

Arithmetic Mean of Future

Returns (%)

Projected 10- Year Geometric Mean of Future

Returns (%)

Projected 10- Year Standard Deviation of

Future Returns (%)

US Core Fixed Income 2.95% 2.85% 4.64%

Bank Loans 5.25% 5.00% 7.65%

Global Equity 7.72% 6.50% 17.19%

Emerging Market Equity

10.18% 7.20% 27.66%

Real Estate 6.11% 5.50% 12.00%

Infrastructure 7.32% 6.40% 14.79%

Earlier this week, Milliman completed its review of expected return and risk levels for approximately 60 institutional asset classes. The current data, as of July 31, 2019, for the asset classes employed in the previous Asset Allocation Study is as follows:

Milliman Investment Consulting Memo August 8, 2019

2

Asset Class

Projected 10- Year

Arithmetic Mean of Future

Returns (%)

Projected 10- Year Geometric Mean of Future

Returns (%)

Projected 10- Year Standard Deviation of

Future Returns (%)

US Core Fixed Income 2.92% 2.85% 3.90%

Bank Loans 4.71% 4.50% 6.90%

Global Equity 7.52% 6.40% 16.45%

Emerging Market Equity

10.27% 7.75% 25.30%

Real Estate 6.11% 5.50% 12.00%

Infrastructure 7.05% 6.25% 13.85%

The major differences in the current return and risk assumptions versus early 2016 for these six asset classes are the following:

1.) The expected return (10-year arithmetic mean return) for core fixed income has declined slightly (3 basis points) versus 3 and ½ years ago. The projected 10-year arithmetic means for global equity, infrastructure and bank loans are expected to be lower by 20, 27 and 54 basis points. Conversely, the projected 10-year arithmetic mean for emerging market equity has increased by 9 basis points. The expected 10-year arithmetic mean return for real estate is unchanged versus that expected 3 and ½ years ago. By contrasting current arithmetic mean returns relative to 3 and ½ years ago, we see that domestic fixed income’s projected 10-year arithmetic return is expected to be roughly comparable, whereas global equity, infrastructure and bank loans are expected to have somewhat lower returns. Again, in contrast to 10-year arithmetic expected returns 3 and ½ years ago, the expected return on emerging market equity is anticipated to be modestly higher.

2.) For core US fixed income, the 10-year geometric mean returns are expected to be unchanged versus 3 and ½ years ago. Global equity, infrastructure and bank loans are anticipated to have lower 10-year geometric returns (between 10 and 50 basis points). The 10-year geometric return is expected to be 55 basis points higher for emerging market equities. Again, the outlook is improved for emerging market equities, based on its 10-year geometric return.

3.) Relative to the projected 10-year standard deviation of future returns, emerging market equity volatility is anticipated to be 2.36% lower than the expected volatility 3 and ½ years ago. All the other asset classes, except for real estate, are anticipated to have 10-year standard deviations about 0.7% to 0.9% lower. The expected risk level for real estate is similar to that projected 3 and ½ years ago.

4.) At this stage of the analysis we have not contrasted the correlation matrix to that which was used in the previous Asset Allocation Study, but we expect fairly comparable correlation levels between the current and previous study. If there are any significant differences, these will be subsequently highlighted.

Milliman Investment Consulting Memo August 8, 2019

3

5.) A tentative conclusion is that the return and risk characteristics of emerging market equity is slightly more favorable than that presented in the January, 2016 Asset Allocation Study. Conversely, global equity, infrastructure and bank loans are expected to have slightly less beneficial return and risk characteristics. The expectations for core US fixed income and real estate are comparable to that 3 and ½ years ago. More detailed asset mix information will be reported in the Asset Allocation Study at the November Board Meeting.

Status of Actuarial Data Analysis As mentioned in our May 21, 2019 memo on the Asset Allocation Study, we discussed our approach to replicate the Retirement Plan’s actuarial liabilities as produced by Melissa Moskovitz at Gabriel, Roeder, Smith & Company. Discussions with Ms. Moskovitz allowed the Milliman team to gather the Retirement Plan’s current actuarial data. Based on this data, Milliman was able to independently calculate the Plan’s actuarial liabilities. We have compared the Milliman produced actuarial data with that generated by GRS. Our data closely matches the official actuarial data calculated by GRS. Particular attention has been paid to cash flow requirements of the Retirement Plan including existing retirees, as well as those who have recently entered into the DROP Plan. The goal of this analysis has been to understand the likely cash flow requirements of the Retirement Plan and to determine an efficient way to meet the cash needs of the Retirement Plan. With a clear picture of the long term cash flow needs of the Retirement Plan, we believe that we can suggest an efficient process to meet the ongoing cash needs of Plan members, while simultaneously growing the asset base of the Plan. Summary There are two primary goals of the current Asset Allocation Study. First, we are seeking to efficiently invest the Plan’s assets to meet the expected cash flow requirements of the Plan. To accomplish this goal, it is important to have a clear view of the benefit payments that will be made in the future. It is our opinion that the liability analysis we have performed to date will allow us to anticipate the expected cash flows of the Plan and to efficiently invest Plan assets so that benefit payments are properly satisfied. Second, we wish to establish a portion of the Plan’s asset mix that will be tailored to satisfy the expected Plan asset growth requirements. With the work completed to date, it is our opinion that the two goals of the Asset Allocation Study will be met in our final report, which will be presented at the November Board Meeting.

July 31, 2019 CONFIDENTIAL Mr. Michael Smith, IPMA-SCP Director Human Resources Department City of Miami Beach 1700 Convention Center Drive Miami Beach, Florida 33139 Re: Prior Service Purchase for Amada Gonzalez from the City of Miami Beach Employees

Retirement Plan Dear Michael: As requested, we have calculated the Net Employer-Provided Actuarial Present Value of Projected Benefits and the Entry Age Normal Actuarial Accrued liability for City of Miami Beach employee Amada Gonzalez. Our calculations reflect Ms. Gonzalez’s participation in the Pension Plan back to April 16, 2007. The table below summarizes our calculations:

Calculations as of September 1, 2019

April 16, 2007

Entry Date

Net Employer-Provided Actuarial Present Value of

Projected Benefits 444,150$

Entry Age Normal Actuarial Accrued Liability 376,087$

Estimated Impact on first year Required City

Contribution assuming Entry Age Normal Actuarial

Accrued Liability is paid in full 16,152$

The Net Employer-Provided Actuarial Present Value of Projected Benefits shown above represents the value in today’s dollars of the projected benefits that the Plan would pay to Ms. Gonzalez if all of the actuarial assumptions are met each year, net of the member contributions that Ms. Gonzalez is expected to pay in the future. This amount reflects service accrued to-date as well as projected future service. The Entry Age Normal Actuarial Accrued Liability represents the portion of the Net Employer-Provided Present Value of Projected Benefits attributable to service Ms. Gonzalez earned from April 16, 2007 through September 1, 2019 as calculated under the Entry Age Normal Funding Method.

Mr. Michael Smith July 31, 2019 Page 2

The difference between the Net Employer-Provided Present Value of Projected Benefits and the Entry Age Normal Actuarial Accrued Liability (i.e., $68,063) represents the total present value in today’s dollars that the Plan would pay to Ms. Gonzalez for benefits attributable to future service if all of the actuarial assumptions are met each year as calculated under the Entry Age Normal Funding Method. It is important to note that the liability amounts shown above have not been offset by any member contributions (plus interest, if applicable), that Ms. Gonzalez would have paid had she been a member of the Plan since April 16, 2017. If the Entry Age Normal Actuarial Accrued Liability in the amount of $376,087 as shown above is paid in full by September 1, 2019, the additional required City Contribution attributable to Ms. Gonzalez’s participation in the Plan (beginning with the October 1, 2019 actuarial valuation) would be $68,063. This amount is comprised of the following: 1) the net employer normal cost (i.e., the present value of the portion of the benefit Ms. Gonzalez is expected to accrue during the upcoming year less her own expected contributions to be made during the upcoming year); (2) increases or decreases to Ms. Gonzalez’s expected Entry Age Actuarial Accrued Liability (due to experience differing from the assumptions) amortized over 30 years; and 3) interest on (1) and (2). As of October 1, 2018, the net employer normal cost on behalf of Ms. Gonzalez is $16,152 (15.74% of expected payroll for fiscal year ending September 30, 2019). The net employer normal cost each year is expected to remain relatively constant as a percentage of pay unless there are changes in the actuarial assumptions or changes to the plan provisions. Our calculations are based on the data provided for Ms. Gonzalez in the Plan Administrator’s October 12, 2018 e-mails, as well as the date of plan entry provided in your May 22, 2019 e-mail. These calculations are also based on the actuarial assumptions and methods detailed in our October 1, 2018 actuarial valuation report dated April 8, 2019. Risks Associated with Measuring the Present Value of Projected Benefits and Accrued Liability

The determination of the present value of projected benefits and accrued liability requires the use of assumptions regarding future economic and demographic experience. Risk measures are intended to aid in the understanding of the effects of future experience differing from the assumptions used in the course of the actuarial valuation. Risk measures may also help with illustrating the potential volatility in the present value of projected benefits and accrued liability that result from the differences between actual experience and the actuarial assumptions. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: actual experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions due to changing conditions; increases or decreases expected as part of the natural operation of the methodology used for these measurements; and changes in Plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis of the potential range of such future measurements.

Mr. Michael Smith July 31, 2019 Page 3

Examples of risk that may reasonably be anticipated to significantly affect the Plan’s future financial condition include:

1. Investment risk – actual investment returns may differ from the either assumed or forecasted returns;

2. Salary risk – actual salaries may differ from expected, resulting in actual future accrued liability differing from expected;

3. Longevity risk – members may live longer or shorter than expected and receive pensions for a period of time other than assumed;

4. Other demographic risks – members may terminate, retire or become disabled at times or with benefits other than assumed resulting in actual future accrued liability and contributions differing from expected.

The effects of certain trends in experience can generally be anticipated. For example if the investment return is less (or more) than the assumed rate, the cost of the Plan can be expected to increase (or decrease). Likewise if longevity is improving (or worsening), increases (or decreases) in cost can be anticipated. Risk Assessment Risk assessment was outside the scope of this report. Risk assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests, and a comparison of the present value of accrued benefits at low-risk discount rates with the actuarial accrued liability. We are prepared to perform such assessment to aid in the decision making process. Required Disclosures This report was prepared at the request of the City with authorization by the Board and is intended for use by the City and Retirement Plan and those designated or approved by them. This report may be provided to parties other than the City and Board only in its entirety and only with their permission. GRS is not responsible for unauthorized use of this report. The purposes of this report are to describe the present values associated with Ms. Gonzalez retroactively joining the Plan and to describe the ongoing annual financial effect. No statement in this report is intended to be interpreted as a recommendation in favor of, or in opposition to allowing Ms. Gonzalez to retroactively participate in the Plan. This report should not be relied on for any purpose other than the purpose described herein. Determinations of financial results associated with the benefits described in this report, for purposes other than those identified herein may be significantly different. The calculations in this report are based upon the data provided for Amada Gonzalez in the Plan Administrator’s October 12, 2018 e-mails as well as the plan entry date provided in your May 22, 2019 e-mail. We did not audit the data provided. We are not responsible for the accuracy or completeness of the information provided by the Plan Administrator and the City.

Mr. Michael Smith July 31, 2019 Page 4

The calculations are based upon assumptions regarding future events, which may or may not materialize. They are also based on the assumptions, methods, and provisions described in the October 1, 2018 Actuarial Valuation Report. If you have reason to believe that the assumptions that were used are unreasonable, that the plan provisions are incorrectly described, that important plan provisions relevant to this proposal are not described, or that conditions have changed since the calculations were made, you should contact the author of this report prior to relying on information in this report. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge, the information contained in this report is accurate and fairly presents the actuarial position of the Plan as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, and with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. Melissa R. Moskovitz and Jeffrey Amrose are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. The undersigned actuaries are independent of the plan sponsor. This communication shall not be construed to provide tax advice, legal advice or investment advice. Respectfully submitted, Melissa R. Moskovitz, EA, MAAA Jeffrey Amrose, EA, MAAA Consultant and Actuary Senior Consultant and Actuary Copy: Rick Rivera

DROP UPDATE AUGUST 2019 Agenda DROP

Name Department ‐ Title Start date DROP end date

1 ICMA Milz, Tommy MSW III 10/1/2014 9/30/2019

2 ICMA Thomas, shirley Buyer 10/1/2014 9/30/2019

3 ICMA Hartnett, Michael System Administrator 10/1/2014 9/30/2019

4 ICMA Babcock, John Police Records Manager 11/1/2014 10/31/2019

5 ICMA Cavanaugh, Daniel Lifeguard II 11/1/2014 10/31/2019

6 ICMA Garcia Sr.,  Osvaldo Lifeguard I 11/1/2014 10/31/2019

7 ICMA Denham, Charles Info Tech Spec II 1/1/2015 12/31/2019

8 ICMA Chiovaro, Maria Case Worker 2/1/2015 1/31/2020

9 ICMA Dufour, Carmin Tax Auditor 2/1/2015 1/31/2020

10 ICMA White, Marvin MSW I 2/1/2015 1/31/2020

11 ICMA/NW Collado, Jesus Sewer Supervisor 3/1/2015 2/28/2020

12 ICMA Reyes Carbajal MSW I 3/1/2015 2/28/2020

13 ICMA Sandra Ortiz Administrative Secretary 4/1/2015 3/31/2020

14 ICMA Lesther Fleuinord MSW III 5/1/2015 4/30/2020

15 ICMA Liliane Morissette MSW I 5/1/2015 4/30/2020

16 ICMA Marie Joacilien MSW II 5/1/2015 4/30/2020

17 ICMA Aspil Dessalines MSW III 6/1/2015 5/31/2020

18 ICMA Willie Jackson Jr.  Heavy Equipment Operator I 7/1/2015 6/30/2020

19 ICMA Nestler, Nancy Public Safety Specialist 8/1/2015 7/31/2020

20 ICMA Carlos Da Cruz Office Associate V 9/1/2015 8/31/2020

21 ICMA Bruce Lamberto Engineering Assistant I 9/1/2015 8/31/2020

22 ICMA Poggio, Eduardo Fire Equipment Mechanic 9/1/2015 8/31/2020

23 ICMA Mobley‐Nason, Annette Dispatcher 9/1/2015 8/31/2020

24 ICMA Rebolledo, Rosanna Complaint Operator II 9/1/2015 8/31/2020

25 ICMA Williams, Gwendolyn Public Safety Pay Administrator 10/1/2015 9/30/2020

26 ICMA Rodriguez, Dagoberto Pool Guard I 10/1/2015 9/30/2020

27 ICMA Rodriguez, Pedro Pool Guard I 10/1/2015 9/30/2020

28 ICMA Perez, Mayra Account Clerk III 10/1/2015 9/30/2020

29 ICMA Valdes, Robert Chief Structural Engineer 12/1/2015 11/30/2020

30 ICMA Anderson, Miguel Snr. Building Inspector 12/1/2015 11/30/2020

31 ICMA Brocato, Emilio MSW II 2/1/2016 1/31/2021

32 ICMA Belorme, Junias MSW III 3/1/2016 2/28/2021

33 ICMA Lee, Robert Code Compliance Officer II 3/1/2016 2/28/2021

34 ICMA/NW Stratton, Harry Painter 4/1/2016 3/31/2021

35 ICMA Stewart, Carlton MSW III 4/1/2016 3/31/2021

36 ICMA/NW Cristobal, Lidia Financial Analyst II 5/1/2016 4/30/2021

37 ICMA Avalos, Adrian Chief BLDG Code Compliance Officer 7/1/2016 6/30/2021

38 ICMA Yanes, Saul Building Services Tech 8/1/2016 7/31/2021

39 ICMA Barr, Estelle Administrative Aide I 8/1/2016 7/31/2021

40 ICMA Eduardo Nunez Heavy Equipment Operator I 9/1/2016 8/31/2021

41 ICMA Charles Uthandi Property & Evidence Tech 9/1/2016 8/31/2021

42 ICMA Alberto Copperi MSW III 10/1/2016 9/30/2021

43 ICMA/NW Ofelia Levy Administrative Aide I 10/1/2016 9/30/2021

44 ICMA Melvin Williams MSW III - Sanitation 12/1/2016 11/30/2021

45 ICMA Gerald Coldros Heavy Equipment Operator II - PW 1/1/2017 12/31/2021

46 ICMA Raul Soria Financial Analyst III 1/1/2017 12/31/2021

47 ICMA Hirschhorn, Christina Police Tech Serv. - Admin Aide II 3/1/2017 2/28/2022

48 ICMA Hatfield, Liliam City Clerk - Asst City Clerk 4/1/2017 3/31/2022

DROP UPDATE AUGUST 2019 Agenda DROP DROP

Name Department ‐ Title Start date end date

49 ICMA/NW Perez, Patricia PSCU - Complaint Operator II 4/1/2017 3/31/2022

50 ICMA Aguila, Raul City Attorney - City Attorney 4/1/2017 3/31/2022

51 ICMA Brown, Lavoris PW - Greenspace Mngmnt - Park Super 5/1/2017 4/30/2022

52 ICMA Garcia, Cayetano Ocean Rescue - Lifeguard I 5/1/2017 4/30/2022

53 ICMA Sonny, Deo PW - Water Pipefitter 5/1/2017 4/30/2022

54 ICMA Tamayo, Orosmon PW - Civil Engineer I 6/1/2017 5/31/2022

55 ICMA Perman, Terry Parks & Rec - MSW III 6/1/2017 5/31/2022

56 ICMA Toussaint, Monier Sanitation - MSW1 6/1/2017 5/31/2022

57 ICMA Butler, Stevy Parks & Rec - MSW I 5/1/2017 4/30/2022

58 ICMA Granados, Dania Police Tech Serv. - Data Entry Clerk 7/1/2017 6/30/2022

59 ICMA Rodriguez, Rosario Building - Permit Clerk I 8/1/2017 7/31/2022

60 ICMA/NW Christian, Jeffery MSW III 9/1/2017 8/31/2022

61 ICMA Diaz, Juan Planning - Planning&Zoning inspector 10/1/2017 9/30/2022

62 ICMA Nunez, Daniel Property & Evidence Tech I 10/1/2017 9/30/2022

63 ICMA Ramirez, Haydee Administrative Aide I - Sanitation 10/1/2017 9/30/2022

64 ICMA Hart, Debora Office Assoc. V PW engineering 11/1/2017 10/31/2022

65 ICMA Noborikawa, Jose Electrician - Public Works Sewer 1/1/2018 12/31/2022

66 ICMA Hoanshelt, Judy Grants Manager Division Director 3/1/2018 2/28/2023

67 NW Morales, Yamilex  CAO Paralegal CAO 4/1/2018 3/31/2023

68 NW Brown, Denise  Police Records Supervisor - Police Tech 3/1/2018 2/28/2023

69 NW Randi MacBride  Office Assoc. V Code Compliance 2/1/2018 1/31/2023

70 NW Sandra Meyer Office Assoc. V Building dept. 4/1/2018 3/31/2023

71 NW Martinez, Candelario Chief Electrical Inspector - Bldg dept 6/1/2018 5/31/2023

72 NW Guerrier, Arielle Police Records Technician - Police dept 6/1/2018 5/31/2023

73 NW Martell, James Painter - Parking 7/1/2018 6/30/2023

74 NW Frances, Saul Parking Director - Parking Dept. 8/1/2018 7/31/2023

75 NW Franco-Rubines, Laura Assistant Parking Director - Parking Dept 8/1/2018 7/31/2023

76 NW Moreira, Gilbert MSW II, Parking On-Street 8/1/2018 7/31/2023

77 NW Andre, Marie-France I.T. Specialist II - I.T. 8/1/2018 7/31/2023

78 ICMA Izquierdo, Jose Carpenter - Public Works Property Mngmnt 9/1/2018 8/31/2023

79 ICMA Hernandez, Jorge Code Compliance Officer II 9/1/2018 8/31/2023

80 NW Fojon, Elizabeth Property & Evidence Technician 9/1/2018 8/31/2023

81 ICMA Desamours, Lucien MSW I 8/1/2018 7/31/2023

82 ICMA De Olazarra, Andrew Lifeguard II 10/1/2018 9/30/2023

83 NW Reeder, Patricia Executive Office Associate II 8/1/2018 7/31/2023

84 NW Iglesias, Juan Mason, Public Works Streets 10/1/2018 9/30/2023

85 NW Zapata, Alvaro Electrician - Public Works Water 10/1/2018 9/30/2023

86 NW Correa, Nelida Office Associate III, Parking Administration 10/1/2018 9/30/2023

87 NW Rodriguez, Esther Parking Administration Manager 1/1/2019 12/31/2023

88 NW Cadina, Vicky Ann PUBLIC SAFETY COMM. DIVISION, operator 12/1/2018 11/30/2023

89 NW Montenegro, Victor C. Parking Meter Tech. - Parking On-Street 1/1/2019 12/31/2023

90 NW Carlson, Linda Public Safety Specialist - Police Tech Serv 12/1/2018 11/30/2023

91 NW Monestime, Joseph Street Lights Tech. I - Public Works Street 1/1/2019 12/31/2023

92 NW Hipskind, Christopher Sr. Systems Administrator - I.T. 3/1/2019 2/28/2024

93 NW Reeters Lindo, Linda MSW III - Sanitation 3/1/2019 2/28/2024

94 ICMA Bistolfi, Juan Sr. Building Inspector - Building Services 4/1/2019 3/31/2024

95 NW *Lago, Manuel Parking Enforcement Spec I 4/1/2019 3/31/2024

96 NW *Coney, Shawnnee Parking Enforcement Spec I 5/1/2019 4/30/2024

97 NW *Wint, Glassome Office Associate IV 3/1/2019 2/28/2024

98 ICMA *Varela, Orlando Mechanic III 6/1/2019 5/31/2019

99 NW *Merino, Miriam Assistant to the City Attorney II 6/1/2019 5/31/2019

*New DROP members

recent DROP Exits ICMA/NW Luis Caballero Metered Services SupervisorICMA Kathie Brooks Assistant City Manager

ICMA/NW Donnovan Ireland Central Services Coordinator

ICMA Edger Rodriguez MSW III

 

                                                                 NCPERS