Pompano Beach General Employees Retirement System

Pompano Beach General Employees Retirement System

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Chairman's Message

Who Serves On The Pension Board?

The Pompano Beach General Employees Retirement System has a Board of Trustees consisting of seven individuals. Three of them are employees of the City of Pompano Beach and are elected by their fellow employees. Each of these individuals serves a three year term beginning in December. Their terms are staggered. Each year one of these terms is up and the incumbent may run for re-election in November for a new three year term.

The City Commission has the obligation to appoint three members to this Board. Each November the City will review the attendance and participation of the individual whose term is up. The City Commission may reappoint the incumbent for a new three year term or consider someone who puts their name up for consideration.

The seventh Board member is elected by the six elected and appointed trustees.

Your trustees have a fiduciary responsibility. They are entrusted with the responsibility of the fund, its growth and management. They are fiscally responsible. The plan does provide specific insurance coverage to cover losses which may occur as a result of the actions of a trustee which are made in good faith. These policies are ‘Directors and Officers Liability Insurance’ and other policies protect the trustee for other actions.

These persons do not necessarily require a stated educational level, but they are expected to attend each meeting, participate in discussions regarding investments and the hiring of certain professionals to assist in the management of the pension plan. There are ongoing educational programs which trustees are expected to attend, schools to go to and tests to take and pass. There is no salary and no stipend payable to any trustee. Their service is completely voluntary. Travel and accommodations are paid by the fund for approved educational programs. The trustee must have the flexibility to travel and participate in educational events. Some of these educational programs are from three to five days and most will be out of town. These programs are specifically designed to help the trustee better understand their role in overseeing the Boards activities and participate in ensuring the ongoing operations. The longer a trustee serves on the Board and the more education that they acquire then the more valuable they are to the Board and to you.

You are fortunate to have individuals who are willing to serve, have done so for a number of years and bring different perspectives to the Board. No matter the background of the persons serving on the Board they come together as one with the best of everything for the plan and all plan participants.

The Board serves as a manager of the plan assets and determines how those assets should best be invested. Towards those ends they have the right and responsibility to hire the appropriate money manager for each type of asset. Generally a plan will seek the assistance of their Investment Consultant to provide recommended managers in each specialty. Through contacts made at educational programs trustees may have met or become aware of a particular manager thought to be an above average performer. Those managers will be interviewed by the Board and subsequently discussed with the Investment Consultant. A determination of who should be hired will be made by the Board. This process will be followed for each money manager for each type of investment.

The same thought process is followed for each professional hired by the Board for the professional services required. Currently the Board utilizes the services of several people in different fields, including:

Attorney – serves as legal counsel to the plan for all pension issues Fund Monitors – Specialty Attorneys who monitor our portfolio for securities fraud and Class Action litigation. Custodian – Bank or other similar institution which holds securities, handles payments of pension benefits, transfers funds between money managers, handles transition management services and other services. Actuary – Provides annual actuarial services and interim consulting services. Annually the Actuary provides a report which after presentation to the Board and approval of the Board he makes a presentation to the City Manager and to the City Commission. This report spells out the amount required of the City for the following fiscal year, on an actuarial basis, to properly fund the plan for the next year.

Auditor – Provides an annual review of the books and ledgers of the pension plan and develops the annual Financial Statement in accordance with all appropriate governmental rules and regulation. Investment Consultant – Provides monthly reporting on the plan’s investments, comparative reporting for similar plans, recommends money managers and evaluates money managers as needed. Investment Managers – (Money Managers) Individuals and/or firms who specialize in specific types of investments in the public pension world. Transition Manager – A bank or brokerage firm with the expertise to handle a money manager’s role in an emergency, should a situation arise that the plan needs to terminate one money manager and search for an appropriate replacement.

Your trustees are acutely aware of who these individuals are, where they are located, what each does and how they are viewed by other plans and by their peers.

Your Board is and must always be familiar with their performance and should some negative situation arise, be able to quickly take appropriate action to ensure that neither the plan nor its investments are at risk.

Respectfully Submitted

Reg Watkins, Chairman

March 31, 2011

Subsequent articles will be posted on our website www.pompgers.org from time to time.