REVISED AGENDA TOWN OF GOLDEN BEACH EMPLOYEES PENSION PLAN  1GOLDEN BEACH DRIVE, GOLDEN BEACH, FL33160 Call in #: 1-720-843-2859 Access Code: 7317441  January 26, 2024 3:00 p.m. CALLTO ORDER:  I. ROLL CALL: Chairperson Eric Fishman, Trustee Maria Camacho, Trustee Joseph Bautista, Trustee  David Block and Trustee Jon Kessler II. APPROVAL OF MINUTES: Regular meeting of October 30, 2023 III. AUDIT REPORT - Ken Smith  IV. RATIFICATION OF WARRANTS: Warrants No. 246 to 244 Southern Actuarial Services (Preparation of DROP Statement) David Block (FPPTA registration Jan 2024) David Block (Per diem advance Jan 2024) Sugarman, Susskind, Braswell & Herrera (Legal Fees; December) Benefits USA (Administration Fee; December) Benefits USA (Bookkeeping Fee; December)  275.00 850.00 320.00 $1,500.00 $1,250.00 $ 250.00 $4,445.00 $1,500.00 $1,250.00 $ 250.00 $3,000.00 $ 1 1,187.65 $ 3,492.50 $4,680.15 $1,500.00 $5,890.00 $1,250.00 $ 250.00 $8,890.00  TOTAL:  Sugarman, Susskind, Braswell & Herrera (Legal Fees; November)  Benefits USA (Administration Fee; November) Benefits USA (Bookkeeping Fee; November) David Block (FPPTA, hotel & mileage) Benefits USA (Bookkeeping Fees; 4/20/23- 10/18/23) V. APPROVAL OF PAYMENTS: Warrant No. 247 Sugarman, Braswell & Herrera (Legal Fee; January) Keefe. McCullough (Progress Billing through 12/2023) Benefits USA (Administration Fee; January) Benefits USA (Bookkeeping Fee; January)  TOTAL:  TOTAL:  TOTAL:  VI. NEW BUSINESS:  a. Introduction ofr new trustee Joseph Bautista b. Benefits USA Updated Contract by Attorney Herrera  VII: OLD BUSINESS: VIII: REPORTS a. Attorney b.I Investment Manager . Chairperson  Posted January 19, 2024    d. Secretary e. Administrator IX: PUBLIC COMMENTS  X. NEXT MEETING DATE: February 2024  XI. ADJOURN:  Notice is hereby given that two or more members oft the Town Council or other Town committees or boards may be in attendance at this meeting, which shall be open to the public at all times. Ifany person decides to appeal any decision made by the Board with respect to any matter considered at such ai meeting, we will need aj proceeding oft that meeting. And that, for such purpose, he may need toi insure a verbatim record of the proceedings, the: record is to include the testimony and evidence upon which that appeal is tol be based. F.S.S.286.0105. Any individual who believes he or shel has a disability which requires a reasonable accommodation in order to participate fully and effectively in ai meeting of the Pension Board must sO notify the Town Clerk at (305)932-0744 at least 241 hours prior to the date ofthe meeting.  Posted January 19, 2024    RETIREMENT PLAN FOR EMPLOYEES OF THE  TOWN OF GOLDEN BEACH REGULAR MEETING October 30, 2023  Chairperson Fishman called the regular meeting of the Board ofTrustees oft the Retirement Plan  for Employees ofthe Town of Golden Beach to order at 3:04 p.m. Chairperson Fishman, Trustee Diaz and Trustee Block  TRUSTEES PRESENT:  OTHER AVAILABE BY TELEPHONE: Attorney Pedro Herrera, Trustee Camacho and Pete  Prior of Benefits USA, Inc. ABSENT: Jon Kessler OTHERS PRESENT: Patterson of Benefits USA, Inc.  Scott Owens of Graystone Consulting, Alex Diaz, Town Manager and Administrator Lauri  APPROVAL OF MINUTES: July 18, 2023  Motion made by Trustee Block to approve the minutes ofJuly 18, 2023. Motion second by  Trustee Diaz. Motion passed.  RATIFICATION OF WARRANTS: Warrants No. 242 to 236 Yovanny Diaz (Hotel, airfare, car rental) First State (Quarterly Asset-Based Fee; 3rd QTR) First State (Activity Fee Schedule; 3rd QTR)  $ 1,420.86 $ 1,318.21 $ 60.00 $ 2,799.07 $ 1,306.79 $ 275.00 $ 1,250.00 $ 1,500.00 $ - 4,334.79 $ 150.00 P 150.00 $ 320.00 $ 320.00 320.00 ) 960.00 850.00  TOTAL:  Maria Camacho (Hotel, airfare, mileage & baggage) Southern Actuarial Services (Calc for Ken. Jones) Benefits USA (Administration Fee; October 2023) Sugarman, Susskind, Braswell & Herrera (Legal Fees; October 2023 Yovany Diaz (FPPTA School; Pension Fundamentals) Maria Camacho (FPPTA School; Per diem $80 per day) Yovany Diaz (FPPTA School; Per diem $80 per day) David Block FPPTA School; Per diem $80 per day) FPPTA (G. Diaz; Registration Fall School 2023)  TOTAL: TOTAL:  TOTAL:  1    Southern Actuarial Services (Invoice No. 745-0823) Sugarman, Susskind, Braswell & Herrera (Legal Fees; Sept. 2023) Benefits USA (Administration Fee; October 2023) FPPTA (D. Block; Registration/CPPT Program Fall School 2023) FPPTA (D. Block; Fundamentals for New Trustees) Sugarman, Susskind, Braswell & Herrera (Legal) Fees; August) FPPTA (M. Camacho; Registration Fall School 2023) Benefits USA (Administration Fees; July)  450.00 1,500.00 1,250.00 $ 4,050.00 1,800.00 $ 50.00 $ 1,950.00 $ 1,500.00 $ 850.00 1,250.00 3 3,600.00  TOTAL:  TOTAL:  TOTAL:  Trustee Diaz made a motion to ratify the payments. Trustee Block seconded the motion.  Motion passed.  APPROVAL OF PAYMENTS: Warrant No. 243 First State (Disbursement of Cash; 3rd QTR) FPPTA (2024 Membership)  $157.50 $750.00 $907.50  TOTAL:  Trustee Block made a motion to approve Warrant No. 243. Trustee Fishman seconded the  motion. Motion passed. RATIFICATION OF MEMBER PAYMENTS: Jones, Ken (Effective 9/1/2023) Trustee Block. Motion passed. NEW BUSINESS:  $4,725.91  Motion made by Trustee Diaz to ratify the payment for Ken Jones. Motion seconded by  a. Engagement Letter - Chairman Fishman asked forai motion to approve the Engagement Letter from Keefe McCullough the plans auditing firm. Chairman Fishman said there is a Motion made by' Trustee Block to approve the Engagement Letter from Keefe McCullough. Motion seconded by Trustee Diaz. Motion passed.  $700.00 increase from last year.  b. Deceased member Marion Law - The administrator reported her office received a call from Marion Law's daughter stating Mr. Law passed away in September 17th, 2023. However, the October payment was sent to his account and First State was unable to reclaim the $265.86 because the account is frozen. The administrator has been unable to reach his daughter to get an update from the bank. Chairman Fishman said he would like a motion to write this small amount off. It was noted that Ordinance No. 604.23 - Section 24-37 states that the Board shall have the discretion not to seek recovery ofinadvertent overpayments.  2    Motion made by Trustee Block not to seek recovery from Marion Law's family for the October 2023 payment in the amount of $265.86. Motion seconded by Trustee Diaz. . Trustee Terms - The administrator said there are two members that are over their 2-year terms and could they be extended to four years because they were in the process oft the certification training. Attorney Herrera said an election should be run that is what the Ordinance states. Chairman Fishman said he was appointed by the Mayor and needs to be reappointed. The administrator said she would contact the City Clerk. Chairman Fishman asked ift the Town advertises for trustee positions. The Town Manager said no. Chairman d. Ordinance No. 604-23 - Trustee Block said the new Ordinance mentions a 6th seat which would be ai retiree appointed by the Town Manager. Chairman Fishman said he was concerned ifthere was a tie vote. Mr. Diaz, Town Manager said he was comfortable with a 6 member pension board and ift there was tie then the vote is no which could be voted on at a future meeting or again in 1 year. Attorney Herrera shares the concern ofChairman Fishman because ofa deadlock there is no way to resolve issues. Mr. Diaz states this is in Roberts Rules of Order and the rules can't be changed. Trustee Diaz provided a brief overview oft the DROP plan which is now open to GE employees. He mentioned there is only 1 police officer in the DROP which is now extended from 3 years to 5 years. Attorney Herrera said the DROP money is a paper line item when you go into the DROP your pension benefit is frozen, however the member will still get raises and accrue sick and PTO time.  Motion passed.  Fishman believes the Town should advertise for the pension board.  REPORTS  a. Attorney Attorney Herrera reported on the recent memo from the Division of Retirement dated September 15, 2023 Implementation ofHouse Bill 3. The law was signed May 2, 2023, takes effect July 1, 2023 and is codified in Ch. 2023-28, Law of] Florida. HB 3 amends fiduciary standards for local pension plan trustees by requiring that investment decisions are based on "pecuniary" factors when deciding to invest plan assets and specifies that the interest ofparticipants and beneficiaries may not be subordinated to other objectives. Attorney Herrera said that by December 15, 2023, and each odd numbered year thereafter, section 112.662 (2), Florida Statutes, requires state and local retirement plans to submit a comprehensive report on governance policies concerning vote decisions and adherence to fiduciary. The administrator will send the Compliance Report to state. Attorney Herrera said he has been discussing this with Keith Brinkman and his office sent a template for the plan to use. We would need to have a special meeting to approve the Compliance Report. Trustee Block said he would feel more comfortable ift the Board has the opportunity to review the b.] Investment Manager - Mr. Owens provided a briefoverview of the economy noting value stocks outperformed growth stocks, and large-cap outperformed small-cap. The Dow Jones Industrial Average fell 2.1% while the Russell Midcap dipped 4.7%, the S & P declined 3.3%. Across the globe, equities in regions outside the US were lower and Emerging Markets declines. Mr. Owens said for the S & P 500, nine sectors posted negative returns. The Fed continued toi raise the rates another 25 basis points in. July 2023, there were 11 rate hikes, fora  report.  total of5.25 percentage points.  3    Mr. Owens provided an updated Investment Plan Summary which includes the updated Motion made by Trustee Block to accept the Investment Plan Summary dated 10/30/2023. Motion seconded by Trustee Diaz. Motion passed. Mr. Owens provided a report for the Quarter ended September 30, 2023. The: market value was $14,350.316 compared to the market value of$14,854,137 on June 30, 2023. During the current Fiscal YTD, the portfolio generated 10.52% (gross-of-fees) and 9.70% (net of fees) compared to the 7% assumed actuarial assumption rate ofr return. He mentioned we are a little overweight in cash but we are getting 5%. Mr. Owens said Lazard International Value had a great year up 24.71% and SO did BNYM Walter Scott International Growth was up 21.11% for the year. Mr. Owens noted that international performed better that the US market. He reminded the board that the board took money from Madison Fixed Income and invested it with Genter - Short-Term Fixed income on 4/1/2023. Mr. Owens said real estate remains negative. Chairman Fishman asked if we could get out. Mr. Owens said we are in the que and there are no buyers right now. Chairman Fishman asked for an update on Real Estate at As of September 30, 2023 the allocation was: 58.5% in equity, 25.3% in fixed income, 12.9% ina alternative investments and 3.3% in cash held ini the Deposit & Disbursement account. The current quarter was -2.58%, 1 year, 9.50%, 5 year, 4.36% and 5.83% since inception of 11/01/2000. The portfolio is in compliance with the designated ranges for each investment asset style. Mr. Owens reported that as of10/20/2023 the total fund was $14,142,066 which  information for HB3.  the next meeting.  is-1.6%.  . Chairman - There was no report. d. Secretary - There was no: report.  .Administrator - Ms. Patterson provided the trustees an invoice from the new bookkeeper from April 2023 to October 2023 in the amount of $3,425.00 Mr. Prior said he can'tabsorb these fees and would like the Board to consider ai motion to approve this payment and $250.00 per going forward. Discussion ensued amongst the trustees about the duties oft the bookkeeper. Mr. Prior explained the necessity for an outside company. Motion made by Trustee Diaz to approve thei invoice for $3,425.00 for bookkeeping fees and $250.00 flat monthly fee going forward. Motion seconded by Trustee Block. Mr. Prior thanked the Board. Attorney Herrera said his office will draft a new contract.  Motion passed.  PUBLIC COMMENTS:  Motion made by' Trustee Block to adjourn the meeting at 4:45 p.m.  4    Secretary, Yovany Diaz  5    Retirement Plan for Employees of the Town of Golden Beach Financial Statements and Additional Information  For the Year Ended September 30, 2023  Keefe McCullough CPAS * Trusted Advisors    Retirement Plan for Employees of the Town of Golden Beach  Table of Contents  Independent Auditor's Report  1-3 4-5  Management's Discussion and Analysis (Required Supplemental Information-  Unaudited) Financial Statements Statement of Plan Net Position Statement of Changes in Plan Net Position Notes to Financial Statements  6 7 8-15  Required Supplementary! Information - Unaudited Schedule of Changes in Net Pension Liability and Related Ratios  16 17 18 19  Schedule of Town Contributions Schedule of Investment Returns  Notes to Required Supplementary, Information Other Report of Independent Auditors  Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government: Auditing Standards  20-21    INDEPENDENT AUDITOR'S REPORT  Members of the Board of Trustees Retirement Plan for Employees oft the Town of Golden Beach  Opinion  We have audited the accompanying financial statements of the Retirement Plan for Employees of the Town of Golden Beach (the "Plan"), which comprise the statement of plan net position as of September. 30, 2023, and the related statement of changes in plan net position for the year then ended Inour opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Plan as of September 30, 2023, and the changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of  and the related notes to the financial statements.  America. Basis for Opinion  We conducted our audit in accordance with auditing standards generally accepted ini the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Plan and to meet our other ethical responsibilities in accordance with the relevant ethical requirements: relating to our audit. We believe that the audit evidence we have obtained is  sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements  Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and. maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Plan's ability to continue: as a going concern for one year after the date the financial statements are available to be Management is also responsible for maintaining a current plan instrument, including all plan amendments; administering the plan; and determining that the plan's transactions that are presented and disclosed in the financial statements are in conformity with the plan's provisions, including maintaining sufficient records with respect to each of the participants, to determine the benefits due  or error.  issued.  or which may become due to such participants.  1    Retirement Plan for Employees of the Town of Golden Beach Auditor's Responsibilities for the Audit of the Financial Statements  Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, msrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based  on the financial statements.  Inp performing an audit in accordance with generally accepted auditing standards, we:  Exercise professional judgment and maintain professional skepticism throughout the Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the Obtain an understanding of internal control. relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control. Accordingly, no Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Plan's ability to continue as a going  audit.  amounts and disclosures in the financial statements.  such opinion is expressed.  presentation: oft the financial statements. concern for areasonable period of time.  We are required to communicate. with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal  control-related matters that we identified during the audit.  Required Supplementary Information  Accounting principles generally accepted in the United States of America require that the management's discussion and other required supplementary information identified in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements ina an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient  evidence to express an opinion or provide any assurance.  2    Retirement Plan for Employees oft the Town of Golden Beach Other Reporting Required by Government Auditing Standards  Ina accordance with Government Auditing Standards, we have also issued our report dated (DATE), on our consideration of the Plan's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Plan's internal  control over financial reporting and compliance.  KEEFE MCCULLOUGH Fort Lauderdale, Florida (DATE)  3    MANAGEMENTS DISCUSSION  AND ANALYSIS  Keefe McCullough CPAs * Trusted Advisors    Retirement Plan for Employees of the Town of Golden Beach  Management's Discussion and Analysis  September 30, 2023  Our discussion and analysis of the Retirement Plan for Employees of the Town of Golden Beach's (the "Plan") financial performance provides an overview of the Plan's financial activities for the Plan year ended September 30, 2023 and 2022. Please read it in conjunction with the Plan's  financial statements which follow this discussion.  Financial Highlights  Plan net position at the end of fiscal year 2023 was $ 14,399,543 which was an increase of $1 1,680,501 from 2022. Net position is held to meet Employer contributions to the Plan for 2023 were $ 804,330 which was Net investment income for 2023 from interest and dividends on investments was $ 368,832 up $39,691 from fiscal year 2022, while the net appreciation oni investment activity for 2023 was$953,624.  future benefit payments.  an increase of $ 162,567 from 2022.  Plan Highlights  The Plan's cash, cash equivalents and investments decreased $143,768during fiscal year 2023  which was primarily due to additional contributions and investment earnings.  Using the Audited Financial Statements  The financial statements are presented on a full accrual basis, and reflect the activities of the Plan as reported in the statement of plan net position available for benefits at September 30, 2023, and the statement of changes in plan net position available for benefits for the year ended September  30, 2023.  Statement of Plan Net Position Available for Benefits  The, following condensed statements of plan net position available for benefits reflects the  investment position of the Plan at September: 30, 2023 and 2022:  2023 $ 1,472,010 78,704 59,245 12,844,000 14,453,959 54,416 14,399,543  2022 $ 1,328,242 43,502 50,038 11,357,584 12,779,366 60,324 $ 12,719,042  Assets:  Cash and cash equivalents Contributions and other receivables Prepaid expenses Investments Total assets Liabilities  Net Position Available for Benefits  4    Retirement Plan for Employees of the Town of Golden Beach  Management's Discussion and Analysis  September 30, 2023  Statement of Changes in Plan Net Position Available for Benefits  The statement of changes in plan net position available for benefits displays the effect of pension fund transactions that occurred during the fiscal year where additions less deductions equal net increase in plan net position. The table below reflects the activities of the Plan for the years ended  September 30, 2023 and 2022:  2023  2022  Additions: Contributions: Employer Employee (less refunds) Total contributions Investment income (loss) Total additions Deductions: Benefits paid  $  804,330 356,665 1,160,995 1,323,289 2,484,284 624,872 178,911 803,783 1,680,501 12,719,042 $ 14,399,543  $  641,763 153,458 795,221 (1,503,459) (708,238) 556,671 183,246 739,917 (1,448,155) 14,167,197 $ 12,719,042  Administrative expenses and other Total deductions Net increase (decrease) Net Position Available for Benefits, Beginning of Year Net Position Available for Benefits, End of Year  Asset allocation: At the end of fiscal year 2023, the equity portion comprised 56% ($8,,097,874) of the total plan assets. The actual allocation to equity securities, fixed income securities, cash, and cash equivalents for investable assets, as opposed to targeted allocations, was as follows:  Actual 57% 25% 8% 10%  Target 65% 25% 10%  Equity Fixed income Alternative Cash and cash equivalents  Contacting the Plan's Financial Management  This financial report is designed to provide the Board of Trustees, our participants, taxpayers, investors, and creditors with a general overview of the Plan's finances and to demonstrate the Plan's accountability for the moneyi it receives. Ify you have any questions about this report or need additional financial information, contact the Retirement Plan for Employees of the Town of Golden  Beach, One Golden Beach Drive, Golden Beach, Florida 33160.  5    FINANCIAL STATEMENTS  Keefe McCullough CPAS + Trusted Advisors    Retirement Plan for Employees of the Town of Golden Beach  Statement of Plan Net Position September: 30, 2023 Assets: Cash and cash equivalents Receivables: Interest Employee contribution Security sales receivable Investments, at fair value: Common stock Government securities Alternative investments Corporate bonds Other assets Prepaid expenses Total assets  $ 1,472,010  $  36,599 16,305 25,800 8,097,874 2,255,563 1,197,810 1,292,753  78,704  12,844,000 59,245 14,453,959  Liabilities: Accounts payable Prepaid Town contributions Security purchases payable Total liabilities  5,076 38,606 10,734 54,416 14,399,543  Net Position Held in Trust for Pension Benefits  The accompanying notes to the financial statements are an integral part of these statements.  6    Retirement Plan for Employees of the Town of Golden Beach  Statement of Changes in Plan Net Position For the Year Ended September 30, 2023  Additions: Contributions: Employer Employees  $  804,330 356,665 1,160,995 953,624 368,832 833 1,323,289 2,484,284 624,872 97,948 67,175 9,068 3,569 750 401 803,783 1,680,501 12,719,042 14,399,543  Total contributions Investment income: Interest and dividends Other investment income Total investment income Total additions Deductions: Benefits paid Consulting and advisory fees Professional fees Trustee education Trustee fiduciary insurance Dues Office expenses Total deductions  Net appreciation int fair value of Plan investments  Change in net position available for benefits  Net Position Available for Benefits, October: 1, 2022 Net Position Available for Benefits, September 30, 2023  The accompanying notes to the financial statements are an integral part of these statements.  7    Retirement Plan for Employees of the Town of Golden Beach  Notes to Financial Statements September: 30, 2023  Note 1- Plan Description and Contribution Information  The following brief description of the Retirement Plan for the Employees of the Town of Golden Beach (the "Plan") is provided for general information purposes only. Participants should refer to Plan description: The Plan is a defined benefit, single-employer public employee retirement system which provides pension benefits for employees of the Town. of Golden Beach (the Town"). The Plan is included in the Town's financial reporting entity as a fiduciary fund. The most recent Benefit provisions: General employees may retire and receive accrued retirement benefits after attaining the normal retirement age of 65 years. Police officers may retire at age 55 with completion of 10 years of service or age 52 with 20 years of service. Upon normal retirement, the monthly benefit for each member who does not contribute to the Plan is two percent (2%) of their average monthly earnings multiplied by the length of their credited service. A participant who contributes to the Plan will receive an amount equal to two and one quarter percent (2.25%) or in the case of police officers who retire after September 30, 2003 at a blended rate, not to exceed three percent (3.00%) of their average monthly earnings multiplied by the length of their credited Participants may retire early after completing ten years of credited service and attaining 55 years of age (50 years of age for police officers). Early retirement benefits àre calculated and paid in a manner similar to that for normal retirement, but at an actuarially reduced amount. Participants who withdraw from service prior to the normal retirement age and who have accrued 10 years of service to the Town are entitled to monthly retirement benefits to commence on the normal In lieu of the amount and normal form of retirement benefits outlined above, a participant may, subject to the approval of the Board of Trustees, elect to receive an actuarially equivalent value of al lesser monthly amount, whereby a designated beneficiary shall continue to receive benefits after the participant's death. The Plan further provides benefits for pre-retirement employment related death and disability, regardless of the period of service to the Town, and also for non-service incurred disability benefits after 5 years of service to the Town. Benefit payments under the Plan Membership in the Plan consisted of the following at October 1, 2022, the date of the latest  the Plan document for more complete information.  actuarial valuation available is as of October 1, 2022.  years of service as of their actual retirement date.  retirement date.  are paid directly out of Plannet position available for benefits.  actuarialvaluation:  General Employees  Police Officers  Retirees and beneficiaries currently receiving benefits and terminated members entitled to benefits, but not yet receiving them Active plan members  12 32 44  15 20 35  The Plan utilizes the financial reporting requirements of Governmental Accounting Standards Board Statement No. 34, "Basic Financial Statements - and Management's Discussion and Analysis - for  State and Local Governments" and related pronouncements.  8    Retirement Plan for Employees of the Town of Golden Beach  Notes to Financial Statements September 30, 2023  Note 1-P Plan Description and Contribution Information (continued)  Funding policy: Plan members are required to contribute 3.5% for general employees. Police officers are required to contribute 6.0% of their annual covered salary and the Town is required to contribute the amount in excess of employee contributions to pay the annual pension cost. Contribution requirements of the Plan members and the participating employer are established and may be amended by the Board of Trustees. Administrative costs of the Plan are financed through investment earnings. Annual contributions are actuarially determined as specified by a Vesting: Plan members become fully vested in the Plan after ten years of full-time continuing Termination: Plan members who terminate employment with the Town after ten or more years of credited service may leave their contributions in the Plan and retain the right to a deferred early or normal retirement amount, which commences on the member's. early or normal retirement date. Members who terminate with less than ten years of service are refunded their contributions made Plan administration: The general administration, management and investment decisions of the Plan and the responsibility for carrying out its provisions are vested in the Board of Trustees, consisting of one police officer, one general employee, and three residents of the Town appointed by the Mayor and the Town Council. The Plan may only be amended by an Ordinance of the Town Ten-year historical trend information designed to provide information about the Plan's progress made in accumulating sufficient assets to pay benefits when due is presented in the required Plan termination: In the, event that the Plan is terminated by the Town, each Plan member will become fully vested in their appropriate share amount regardless of length of service. Deferred Retirement Option Plan ("DROP"): Police who continue in employment past normal retirement date may either accrue larger pensions or freeze their accrued benefit and enter the Deferred Retirement Option Plan ("DROP"). A member is eligible to enter the DROP when the normal retirement date is reached. Participation in the DROP is voluntary- Under the provision of the DROP, an employee discontinues their participation in the Plan and an amount equal to their monthly pension payment is escrowed with the proportionate share of earnings until actual retirement, at which time the individual may elect payment ini the entirety or payment options. The account is debited or credited each quarter at a rate equal to the actual net rate of investment  Town ordinance as of October1. employment with the Town.  to the Plan.  Council.  supplementary information section.  return realized by the Plan for that quarter for the investment category chosen. As summary of the change ini the DROP balance as of September 30 is as follows:  Beginning Balance, October 1, 2022 Addtions and adjustments Investment income (loss) Balance, September 30, 2023  $  26,265 42,917 3,543 72,725  $  9    Retirement Plan for Employees of the Town of Golden Beach  Notes to Financial Statements September 30, 2023  Note 2-S Summary of Significant Accounting Policies (continued)  Basis of accounting: The financial statements for the Plan are prepared using the accrual basis of accounting. Plan member contributions are recognized ini the period in which the contributions are due. Employer contributions are recognized when due and the employer has made a formal commitment to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of the Plan. The Plan consists of two groups: The General Employees and the Police Officers. Selected information is presented throughout to show each Investments: Investments are reported at fair value. Securities traded on a national exchange are valued at the last reported sales price. Investments that do not have an established market are reported at estimated fair value. Net appreciation or depreciation in the fair value of investments includes realized and unrealized gains and losses. Realized gains and losses are determined on the Within certain limitations as specified in the Plan, the investment policy is determined by the Board of Trustees and isi implemented by the Plan's investment managers. The investment managers are Purchases and sales of securities are recorded on the. trade-date basis. Interest and dividends are Cash and cash equivalents: Cash and short-term investments include money market mutual funds Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may Risks and uncertainties: The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate risk, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the value of investment will occur in the near term and that such changes could materially affect Plan account balances and the amounts reported on the statement of Plan net position. Date of management's review: Subsequent events have been evaluated through (DATE), which is  group individually and in the aggregate  basis of specific cost.  monitored by the Board ofTrustees.  recorded as earned.  and investments with maturity dates ofl less than three months when purchased.  differ from those estimates.  the date the financial statements were available to be issued.  Note 3- Money Market Funds  Custodial Credit risk- deposits: The Plan maintains money market fund balances in various accounts with the Plan's investment custodian (Note 4) which are uninsured. Custodial credit risk is the risk that in the event of a financial institution failure, the Plan's deposits may not be returned to it. As of September 30, 2023, the Plan was exposed to a custodial credit risk of the total balance in the various money market funds of $1,466,381. This amount is included as cash equivalents in the accompanying statement of financial position, which includes $ 5,629 of cash at September 30,  2023.  10    Retirement Plan for Employees of the Town of Golden Beach  Notes to Financial Statements September 30, 2023 Note 4- Investments  The Plan maintains an agreement whereby the investment securities are held in the Plan's name by af financial institution acting as the Plan's custodian. The custodian also assists Plan management in securing one or more investment managers to invest in securities at the manager's discretion. Interest rate risk: Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. The Plan does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. The Plan does, however, limit its exposure to interest rate risk by diversifying its investments by security type and institution, and limits holdings ina any one type ofi investment with any one issuer with various durations of maturities. Information about the sensitivity of the fair values of the Plan's investments to market interest rate fluctuations is provided by the following tables that show the distribution of the Plan's investments  by maturity at September 30, 2023:  Investment Maturities (in years)  Investment Type U.S. treasuries and agencies Corporate bonds  Fair Value 1,292,753  Less than 1 102,419  1to5 1,069,754  6to10 120,580  $ 2,255,563 $ 562,111 $ 1,486,167 $ 207,285 3,548,316 $ 664,530 $ 2,555,921 $ 327,865  Credit risk: Credit risk is the risk that a security or portfolio will lose some or all ofi its value due toa real or perceived change in the. ability of the issuer to repay its debt. This risk is generally measured by the assignment of a rating by a nationally recognized statistical rating organization. The Plan has no investment policy that would further limit its investment choices. The following table provides credit quality ratings on thel Plan'ssecurities which are exposed to credit risk:  Fair Value $ 2,255,563  Percentage 64% 1% 1% 2% 8% 11% 1% 13% 36% 100%  U.S. treasuries and agencies* Corporate bonds: AA- AA A+ A A- AAA BBB+ or not rated Total corporate bonds  25,735 31,053 74,039 275,630 379,514 37,639 469,143 1,292,753 3,548,316  Obligations of the U.S. government or obligations explicitly guaranteed by the U.S. government are not considered to have credit risk and do not  have purchase limitations.  11    Retirement Plan for Employees of the Town of Golden Beach  Notes to Financial Statements September 30, 2023  Note 4- Investments (continued)  Concentration of credit risk: GASB Statement No. 40 requires disclosure when the percent is 5% or more in any one issuer. As of September 30, 2023, investments held in any one issuer (other than U.S. Treasury securities, mutual funds, and external investment pools) that represent 5% or more  oftotal investments are as follows:  Reported Amount 1,781,136 2,568,068 1,373,901 1,137,265 659,012 766,481 670,254 704,095 728,999  Issuer Blackrock/Lord Abbett Reinassance American Core Lazard Madison MDT Thmopson Kayne RBC  Percentage 12% 18% 10% 8% 5% 5% 5% 5% 5%  Custodial credit risk: This ist the risk that, upon failure of a counterparty or collateral securities held by the Plan, it would not be able to recover the value thereof. The Plan assets are held by their Investment policy: The Plan's investment policy is determined by the Board of Trustees. The policy has been identified by the Board to achieve a favorable rate of return using both absolute and relative measures against inflation, preservation of capital and long-term growth, which will keep the Plan actuarially sound. The Trustees are authorized to acquire and retain every kind of investment specifiçally including, but not by way of limitation, bonds, debentures, and other corporate obligations, and stocks, preferred or common, which persons of prudence, discretion Rate of return: For the year ended September 30, 2023, the annual money weighted rate of return on pension plan investments,; net of pension plan investment expense was 4.74%. The money weighted" rate of return expresses investment performance adjusted for the changing amounts  custodial bank and registered in the Plan'sname.  and intelligence acquire or retain for their own account.  actually invested.  Note 5-1 Fair Value Measurements  Fair Value Hierarchy: Various inputs are used in determining the fair value ofi investments reported in the accompanying. statement of Plan Net Position. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement  purposes as followst  Level 1 inputs are quoted prices (unadjusted) in active markets for identical investments that the Plan has the ability to access at the Level 2 inputs are inputs other than quoted prices included with Level 1 that are observable for the investments, either directly or indirectly. (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmarks, interest rates and yield curves,  measurement date.  and/or securities indices.)  12    Retirement Plan for Employees of the Town of Golden Beach  Notes to Financial Statements September 30, 2023  Note 5- Fair Value Measurements (continued)  Level 3 inputs are unobservable inputs for the investments. (e.g., information about assumptions, including risk, market participants would  use in pricing a security.)  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priorities to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the The Plan categorizes its fair value measurement within the fair value hierarchy established by generally accepted accounting principles. Investments are recorded at fair value, and primarily uses the market approach to valuing eachsecurity. Security pricing is provided by a third-party and The following table sets forth, by level within the, fair value hierarchy, the Plan investments at fair  risks associated with investing in those securities.  isr reported daily to the Plan by its custodians. value as of September. 30, 2023:  Fair) Value Measurement Other Inputs (Level2) 2,255,563 1,292,753 3,548,316 1,466,381  Quoted Prices Significant in/ Active Identical. Assets (Level 1) $ 8,097,874 $  Significant Other Inputs (Level 3) $  Markets for Observable Unobservable  Fair Value September 30, 2023 $ 8,097,874 2,255,563 1,292,753 1,197,810 12,844,000 1,466,381  Investments: Common stock U.S. government: securities Corporate bonds Alternative investments Total investments Money market mutual funds included in cash and cash equivalents Total investmentsand cash equivalents  1,197,810 1,197,810  8,097,874  8,097,874 $ 5,014,697 $ 1,197,810 $ 14,310,381  13    Retirement Plan for Employees of the Town of Golden Beach  Notes to Financial Statements September 30, 2023  Note 5-1 Fair Value Measurements (continued)  Investment balances and activity of Level 3 investments for the year were as follows:  Beginning balance Net purchases, sales, issuances and settlements Net realized and unrealized gains (losses) on investments Ending balance  $ 1,377,789  27,781 (207,760) $ 1,197,810  Note 6- Net Pension Liability of the Town  The components of the net pension liability of the Town at September 30, 2023 were as follows:  Total pension liability Plan fiduciary net position Town net pension liability Plan fiduciary net position as a percentage of total pension liability  $ 18,512,440 (14,399,543) $ 4,112,897  77.78%  Actuarial assumptions:  The total pension liability at September 30, 2023 was determined using an actuarial valuation as of  October 1, 2022, using the following actuarial assumptions:  Discountr rate Inflation  6.64% weighted average discount rate 5.00%, average, including inflation 4.74%, net of pension plan investment expense, including inflation  1.90%  Projected salary increases Investment rate of return  Mortality rates under the PUB-2010 Mortality Table with the following variations were used:  General Employees: Sex-distinct rates set forth in the PUB-2010 Headcount-Weighted Below Median Employee Mortality Table, with full generational improvements in mortality using Scale MP-2018 and with Retired General Employees: Sex-distinct rates set forth in the PUB-2010 Headcounte-Wegnted Below Median Healthy Retiree Mortality Table, with full generational improvements in mortality using Scale MP-2018  male ages set back one year.  and with male ages set back one year.  14    Retirement Plan for Employees of the Town of Golden Beach  Notes to Financial Statements September 30, 2023  Note 6- Net Pension Liability of the Town (continued)  Police Officers: Sex-distinct rates set forth in the PUB-2010 Headcount- Weighted Employee Mortality Table for public safety employees (Below Medium table for males), with full generational improvements in mortality using Scale MP-2018 and withages set forward one year. Non-Disabled Retired Police Officers: Sex-distinct rates set forth in the PUB-2010 Headcount-Weghted Healthy Retiree Mortality Table for public safety. employees (Below Medium table for males), with full generational improvements in mortality using Scale MP-2018 and with Disabled Retired Police Officers: Sex-distinct rates set forth in the PUB- 2010 eadcount-Wweignted Disabled Retiree Mortality Table (80% general employee rates plus 20% public safety employee rates), with full generational improvements in mortality using Scale MP-2018 75% of pre-retirement deaths for polices officers and 25% of pre- retirement deaths for general employees are assumed to occur in the line  ages set forward one year.  ofd duty.  No changes were made since the prior measurement date.  Discount rate: The discount rate used to measure the total pension liability was 6.64%. The projection of cash flows used to determine, the discount rate assumed that Plan member contributions will be made at the current contribution rates and that contributions from the Town will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current Plan members. Therefore, the long term expected, rate on pension Plan investments was applied to all periods of projected benefit payments to determine the total Sensitivity of the Net Pension Liability to Changes on the discount rate: The following presents the net pension liability of the Town using the discount rate of 6.64%, as well as what the employer net pension liability would be ifi it were calculated using a discount rate that is -percentage-point  pension liability.  lower (5.64%) or1 1-percentage-point higher (7.64%) than the current rate:  Current Discount Rate (6.64%) (14,399,543)  1% Decrease (5.64%) (14,399,543)  1% Increase (7.64%) (14,399,543)  Total pension liability Plan fiduciary net position Net pension liability (asset)  $ 20,896,148 $ 18,512,440 $ 16,588,569 $ 6,496,605 $ 4,112,897 $ 2,189,026  15    REQUIRED SUPPLEMENTARY  NFORMATION  Keefe McCullough CPAs+T Trusted Advisors    Retirement Plan for Employees oft the Town of Golden Beach Required Supplementary! Information Schedule of Changes inl Net Position Liability and Related Ratios  (Unaudited) Totalp pensionl liability Service cost Expectedi interestg growth Differencest betweene expected anda actuale experience ina Changesi assumptions Changesi inb benefitt terms Benefit payments, incudingr refunds ofn member contributions Netc changei int total pensionl liability Totalp pension! liability- beginning Totalp pensionl liability- ending (A) Planf fiduciary netp position Contributions- employer Contributions- member Expectedi interestg growth Neti income Benefit payments, including refundso ofmemberc contributions Administrative expenses Neto changei inp planfi fiduciaryr net position Planfi fiduciaryr netp position- beginning Planf fiduciaryr netp position- ending! (B) Town's netp pensionli liability (asset)- ending (A)- (B) Planfi fiduciaryr netp positiona asa percentage oft thet totalp pension liability Covered- employee payroll Town's netp pension! liability (asset) asp percentage ofc covered-e employee payroll  2023 1,121,776 1,020,931 608,451 18,824 1,899,032 1,442,311 $ 804,330 $ 641,763 356,665 153,458 861,976 942,508 363,365 (2,445,967) 1,525,821 (80,963) (183,246) (167,729) (158,381) 1,680,501 (1,448,155) 2,501,358  2022  2021 997,034 (125,105) (329,942) (388,109) 477,284  2020 2019 928,482 725,127 (52,042) 164,367 1,739,683 209,462  2018  2017  2016  2015 (13,000)  2014 (132,000)  774,853 $ 625,872 $ 604,947 $ 626,710 $ 646,789 $ 372,701 $ 355,307 $ 410,000 $ 412,000 $ 406,000 (624,872) (556,671) (505,750) (399,491) (373,621) (324,318) (329,527) (308,000) (347,000) (315,000) 16,613,408 15,171,097 14,792,917 13,689,258 10,577,451 9,648,020 8,816,778 8,038,000 7,446,000 6,947,000 18,512,440 16,613,408 15,171,097 14,792.917 13,689,258 10.577,451 9,548,020 8,816,778 8,038,000 7,446,000  767,653 702,846 649,000 540,000 540,000 113,395 537,419 (21,000) (434,803) 48,778  378,180 1,103,659 3,111,807  929,431 831,242 778,778 592,000  708,853 $ 700,022 $ 637,382 $ 588,601 $ 513,696 457,855 428,000 $ 428,000  159,195 780,968  153,944 156,672 723,717 809,028 (108,023) (545,142) (60,517) 912,508  152,113 120,499 110,543 102,000 100,000 57,584 373,099 438,000 (50,000) 535,000 ($7,496) (129,160) (60,694) (40,000) (60,000)  719,791 618,943  (624,872) (556,671) (505,750) (398,771) (373,621) (324,318) (329,527) (308,000) (347,000) (315,000) 12,719,042 14,167,197 11,665,839 10,753,331 10,129,529 8,993,254 7,825,704 7,188,000 7,095,000 6,407,000 14,399,543 12,719,042 14,167,197 11,665,839 10,753,331 10,129,529 8,993,254 7,825,704 7,188,000 7,095,000  623,802 1,136,275 1,167,550 637,704  93,000 688  4,112,897 3,894,366 1,003,900 3,127,078 2,935,927  447,922 654,766 991,074 850,000 351,000 95.77% 93:21% 88.76% 88.76% 88.76% 21.53% 34.25% 43.89% 39.36% 17.32%  77.78% 150.57%  76.56% 163.49%  93.38% 40.92%  78.86% 130.74% 16  78.55% 118.62%  2,731,513 $ 2,382,031 2,453,333 $ 2,391,820 $ 2,474,969 $ 2,080,445 $ 1,911,580 $ 2,258,192 $ 2,159,806 $ 2,027,000    Retirement Plani for Employees of the Town of Golden Beach Required Supplementary! Information Schedule ofT Town Contributions (Unaudited) Actuarially determined Contributionsi inr relation tothe actuarially determinedo contribution Contributionc deficiency (excess) Covered-e employee payroll Contributions: asap percentageof covered-e employeer payroll  2023  2022  2021  2020  2019  2018  2017  2016  2015  2014  804,330 $ 641,763 $ 708,853 $ 700,022 $ 637,382 $ 588,601 $ 513,696 $ 457,855 $ 427,817 $ 427,817 804,330 641,763 708,853 700,022 637,382 588,601 513,696 457,855 427,817 427,817 2,731,513 $ 2,382,031 $ 2,453,333 $ 2,391,820 $ 2,474,969 $ 2,080,445 $ 1,911,580 $ 2,258,192 $ 2,159,806 $ 2,027,209  29.45%  26.94%  28.89%  29.27%  25.755  28.29%  26.87%  20.28%  19.81%  21.10%  17    Retirement Plan for Employees of the Town of Golden Beach  Required Supplementary Information Schedule of Investment Returns  (Unaudited)  2023 2022 2021 2020 2019 2018 2017 2016 2015 2014  Annual money- weighted. rate of return net ofi investment expense  11.42% 18.73% 4.75% 2.62% 8.93% 5.35% 6.96% -0.80% 9.20%  18    Retirement Plan for Employees of the Town of Golden Beach Notes to Required Supplementary! Information  (Unaudited) Valuation date Contribution rates: Employer Plan members Actuarial cost method Amortization method Remaining amortization method Asset valuation method  October: 1, 2022  25.75%  3.5% for general, 6%1 for police Frozen Initial Liability Actuarial Cost Method  Level dollar, closed 19 years  The actuarial value of assets is equal to the market value of assets, adjusted to reflect a five-year phase-in oft the neti investment appreciation (or depreciation).  Actuarial assumptions: Investment rate of return* Projected salary increases* Cost of living adjustments  7.00% per year compounded annually, netofinvestmentrehated expenses..  5.00% None  * Includes inflation rate estimated at 1.9%  19    OTHER REPORT OF NDEPENDENT  AUDITORS  Keefe McCullough CPAS * Trusted Advisors    INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE. AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERAMENTAUDTING STANDARDS  To the Members oft the Board of Trustees Retirement Plan for Employees oft the Town of Golden Beach  We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the Retirement Plan for Employees of the Town of Golden Beach (the "Plan")as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the Plan's! basic  financial statements, and have issued our report thereon dated (DATE).  Internal Control over Financial Reporting  Inp planning and performing our audit of the financial statements, we considered the Plan's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of éxpressing an opinion on the effectiveness of the Plan'sinternal control. Accordingly, we do not express an opinion on the effectiveness of the Plan'sinternal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and. correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. A. significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yeti important enough to merit attention Our considerationofi internal control was for the limiled purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material  by those charged with governançe.  weaknesses may exist that have not been identified.  20    Retirement Plan for Employees oft the Town of Golden Beach  Compliance and Other Matters  As part of obtaining reasonable assurance about whether the Plan's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, and contracts, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under  Government, Auditing. Standards. Purpose of this Report  The purpose of this report is solely to describe the scope of our testing. of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and  compliance. Accordingly, this communication is not suitable fora any other purpose.  KEEFE MCCULLOUGH  Fort Lauderdale, Florida (DATE)  21    WARRANT NO.246  For payment from the GOLDEN BEACH GENERAL EMPLOYEES  PENSION FUND,Account# 676-90335-1-2-229  TO:  FIRST STATE  You are hereby authorized by the Board of Trustees oft the Town of Golden Beach General Employees' Pension Fund to pay the amounts listed below for services rendered to the said Board ofTrustees, and to pay the persons  named below, hereby certified by the Board of' Trustees: Southern. Actuarial Services (Preparation of DROP Statement)  NAME & ADDRESS  AMOUNTS S 275.00 850.00 $ 320.00 $1,250.00 250.00 $4,445.00  David Block (FPPTA registration Jan 2024) David Block (Per diem advance Jan 2024) Benefits USA(Administration Fee; December) Benefits USA (Bookkeeping Fee; December)  Sugarman, Susskind, Braswell & Herrera (Legal Fees; December) $1,500.00  TOTAL: Please mail David Block's check to: 240 S. Island Golden Beach, FL 33160  s4 uddie  Trustee  Trustee    WARRANT NO.246  For payment from the GOLDEN BEACH GENERAL EMPLOYBES  PENSION FUND, Account# 676-90335-1-2-229  TO:  FIRST STATE  You are hereby authorized by the Board ofTrustees oft the Town ofGolden Beach General Employees' Pension Fund to pay the amounts listed below for services rendered to the said Board ofTrustees, and to pay the persons  named below, hereby certified by the Board ofTrustees: Southern Actuarial Services (Preparation of DROP Statement)  NAME & ADDRESS  AMOUNTS $ 275.00 $ 850.00 $ 320.00 $1,250.00 $ 250.00 $4,445.00  David Block (FPPTA registration Jan 2024) David Block (Per diem advance Jan 2024) Benefits USA (Administration Fee; December) Benefits USA (Bookkeeping Fee; December)  Sugarman, Susskind, Braswell & Herrera (Legal Fees; December) $1,500.00  TOTAL:  Please mail David Block's check to: 240 S. Island Golden Beach, FL 33160  Ia  Trustee  Trustee December 18, 2023    Post OfficeBox8 888343 Atlanta, Georgjal 30356-0343 Telephone 770392.0980 Fasimile 7703922193  SOUTHERN ACTUARIAL SERVICES  Town of Golden Beach Employees' clo Ms. Lauri Patterson Suite 303 3810 Inverrary Boulevard, Lauderhill, FL 33319  Pension Plan  INVOICE  INVOICE NO: 745-1123 DATE: November 16, 2023  PAYMENT DUE BY: December 16, 2023  FEE $275.00 $275.00  DESCRIPTION  PROJECT 745-34  September 30, 2023 DROP statement,  Preparation of the submitted November 9, 2023  TOTAL DUE  amount shown above on or before the payment due date.  Please remit the total in a timely manner will be given priority over clients  Clients that submit payment who owe past due amounts.  to Southern Actuarial Services Company, Inc.  Please make all checks payable concerning this invoice, please call (770)392-0980.  Ifyou have any questions  WEAPRACATTOURANSANAN    SUGARMAN, SUSSKIND, BRASWELL & HERRERA  PROFESSIONALASSOCIATION ATTORNEYS ATLAW  Robert. A. Sugarman* Howard S. Susskind D. Marcus) Braswell, Jr. Pedro A. Herrera Kenneth R. Harrison, Sr. MadisonJ.Levine Jose. Javier Rodriguez David) E. Robinson OfCounsel  150 Alhambra Circle Suite 725 Coral Gables, Florida33134 (305) 529-2801 Toll Free (800)329-2122 Facsimile (305)447-8115 +Board Certified Labor & Employment: Lawyer  December 12,2023 Invoice No. 183364  Board ofTrustees Town of Golden Beach Pension Board clol Benefits USA, Inc. 3810 Inverrary Boulevard, Suite 303 Lauderhill, FL: 33319  RETAINER STATEMENT  Retainer for the month ofl December, 2023 TOTAL AMOUNT DUE:  $1,500.00 $1,500.00    CITY OF GOLDEN BEACH PENSION FUND TRAVEL AND EXPENSE REPORT Name: (Print): David Block Meeting Purpose: Winter Trustee School Meeting Location: Orlando, FL A) Per Diem, if applicable: B) Daily; ifa applicable:  Date Begin: 1/28/2024 End:  1/31/2024  From:  To:  4 No. Days x's$.= $  320  Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total  Hotel Breakfast Lunch Dinner Airfare, Taxi, Etc... Parking Tolls Misc. Total  $ $ $ $ $ $ $ $ $  $  $  $  $  $  $  $  C) Mileage- Private Vehicle- Mileage Starl  End: 65.5$ 320.00  Total Miles  TOTAL EXPENSES (A)+ (B)+(C): $  Ihereby certify-oraffirm that this travel expense report is ture and correct in every material matter; thatt the expenses-were apfually incurred)by me as necessary expenses; andi that Ihave not hitherto received payment  11512023  TRUSTEE! SIGNATURE  DATE  E  Aantenak mp Bok  B    FLORIDA PUBLIC PENSION TRUSTEES/ ASSOCIATION SINCE 1984 INVOICE David Block (Golden Beach GE Pension Fund) 240 S ISLAND GOLDEN BEACH,FL33160 United States  Invoice Date: 12/08/2023 Invoice Number: INV_11047 Reference: Online Event Registration: 2024 Winter Trustee School  Florida Public Pension" Trustees Association 2946V WELLINGTON CIR TALLAHASSEE, FL32309 United States mi@tppta.org 8506688552  Description  Quantity Unit Price $850.00 $0.00  Sales Tax Amount USD Sub Total TOTAL Sales Tax TOTAL USD $850.00 Amount Paid ($850.00) AMOUNTI DUE:  Registration Fee Trustee Registration Fee (David Block, Attendee) CPPT Certificate Program Intemediate (David Block, Attendee)  $850.00 $0.00 $850.00 $0.00 ($850.00) $0.00.  Payment: Credit Card (Amex: 5036)  12/08/23    BENEFITS USA, INC. 3810 Inverrary Blvd., Ste. 303 Lauderhill, FL3 33319 005.34/05702065  INVOICE  INVOICE NO.: GBO 12-23  Bill To: Pension Fund  Town of Golden Beach Employees  Date December 2023  Hours  Description  Unit Pr  Total $1,250.00 $ 250.00  Administration Fee Bookkeeping Fee  Fees Postage Etc. Bal Due  $ 1,500.00 $ $1,500.00    WARRANT NO.245  For payment from the GOLDEN BEACH GENERAL EMPLOYEES  PENSION FUND, Account# 676-90335-1-2-229  TO:  FIRST STATE  You are hereby authorized by the Board ofTrustees oft the Town of Golden Beach General Employees' Pension Fund to pay the amounts listed below for services rendered to the said Board ofTrustees, and to pay the persons  named below, hereby certified by the Board ofTrustees:  NAME & ADDRESS  AMOUNTS $1,250.00 250.00 $3,000.00  Sugarman, Susskind, Braswell & Herrera (Legal Fees; November) $1,500.00  Benefits USA(Administration Fee; November) Benefits USA (Bookkeeping Fee; November)  TOTAL:  1  Trustee  Trustee    WARRANT NO. 245  Forj payment from the GOLDEN BEACH GENERAL EMPLOYEES  PENSION FUND, Account# 576-90335-1-2-229  TO:  FIRST STATE  You are hereby authorized by the Board of Trustees of the Town of Golden Beach General Employees' Pension Fund to pay the amounts listed below for services rendered to the said Board ofTrustees, and to pay the persons  named below, hereby certified by the Board ofTrustees:  NAME & ADDRESS  AMOUNTS $1,250.00 250.00 $3,000.00  Sugarman, Susskind, Braswell & Herrera (Legal Fees; November) $1,500.00  Benefits USA (Administration Fee; November) Benefits USA (Bookkeeping Fee; November)  TOTAL: uhan Trustee  Trustee    SUGARMAN, SUSSKIND, BRASWELL & HERRERA  PROFESSIONALASSOCIATION ATTORNEYSATIAW  Robert A. Sugarmane Howard S. Susskind Marcus D. Braswell,Jr. Pedro. A. Herrera Kenneth! R. Harrison, Sr. MadisonJ J.I Levine Jose. Javier Rodriguez David E. Robinson OfCounsel  150 Alhambra Circle Suite 725 Coral Gables, Florida; 33134 529-2801 (305)5 Toll Free (800): 329-2122 Facsimile (305)447-8115 Board Certified Labor & Employment Lawyer  November 9, 2023 Invoice No. 182944  Board ofTrustees Town of Golden Beach Pension Board clo Benefits USA, Inc. 38101 Inverrary Boulevard, Suite 303 Lauderhill, FL: 33319  RETAINER STATEMENT  Retainer for the month ofNovember, 2023 TOTAL AMOUNT DUE:  $1,500.00 $1,500.00    SUGARMAN, SUSSKIND, BRASWELL & HERRERA, P.A.  150 Alhambra Circle Suite 725 Coral Gables, Florida 33134 Telephone: 305-529-2801 Fax: 305-447-8115 www.sugarmansusskind.com  Town of Golden Beach Pension Board Benefits USA, Inc. 3810 Inverrary Boulevard Suite 303 Lauderhill, FL 33319  November 9, 2023 Invoice # 182944  Client:Matter GBPP:MEET In Reference TO:N Meeting  Professional Services  Hrs/Rate 1.20 NO CHARGE $300.00/hr 1.20  Amount  10/30/2023 Attend meeting. Prepare for meeting.  For professional services rendered  $0.00 $0.00  Balance due    BENEFITS USA, INC. 38101 Inverrary Blvd., Ste. 303 Lauderhill, FL33319 009.5/057.02065  INVOICE  INVOICENO.: GBO 11-23  Bill To: Pension Fund  Town ofGolden Beach Employees  Date November 2023  Hours  Description  Unit Pr  Total $1,250.00 $ 250.00  Administration Fee Bookkeeping Fee  Fees Postage Etc. Bal Due  $ 1,500.00 $ $1,500.00    WARRANT NO.244  For payment from the GOLDEN BEACH GENERAL EMPLOYBES  PENSION FUND, Account# 676-90335-1-2-229  TO:  FIRST STATE  You are hereby authorized by the Board ofTrustees oft the Town of Golden Beach General Employees' Pension Fund to pay the amounts listed below for services rendered to the said Board ofTrustees, and to pay the persons  named below, hereby certified by the Board ofTrustees:  NAME & ADDRESS David Block (FPPTA, hotel & mileage) Benefits USA(Bookkeeping: Fees; 4/20/23-10/18/23)  AMOUNTS $1,187.65 $ 3,492.50 $4,680.15  TOTAL:  Please mail David Block's check to: 240 South Island Drive Golden Beach, FL33160 ofNovember: 2023. 1  Approved by the following members oft the Board ofTrustees this 2nd day  Trustee  Trustee    WARRANT NO. 244  Forj payment from the GOLDEN BEACH GENERAL EMPLOYEES  PENSION FUND, Account# 676-90335-1-2-229  TO:  FIRST STATE  You are hereby authorized by the Board ofTrustees ofthe Town of Golden Beach General Employees' Pension Fund to pay the amounts listed below for services rendered to the said Board ofTrustees, and to pay the persons  named below, hereby certified by the Board ofTrustees:  NAME & ADDRESS David Block (FPPTA, hotel & mileage) Benefits USA (Bookkeeping Fees; 4/20/23-1 10/18/23)  AMOUNTS $ 1,187.65 $ 3,492.50 $4,680.15  TOTAL:  Please mail David Block's check to: 240 South Island Drive Golden Beach, FL: 33160 ofNovembgr2023, TAR dub  Approved by the following members of the Board ofTrustees this 2nd day  Trustee  Trustee    CITY OF GOLDEN BEACH PENSION FUND TRAVEL AND EXPENSE REPORT Meeting Purpose: FallTrustee School Meeting Location: Ponte Verde, Florida A)F Per Diem, ifapplicable: B) Daily; ifa applicable:  Name: (Print):  DAVIO Buxk  Date Begin_ 10/1/2023 End: 10/4/2023  From:  To:  No. Days x's $.= $  80  Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total  Hotel Breakfast Lunch Dinner Airfare, Taxi, Etc... Parking Tolls Misc. Total C) Mieage-  s740. 94 $ $ $ $ $ $ $  End:  664 Total Miles  65.5$ 434-72  DPRY  TOTAL EXPENSES (A) + (B)+(C)= $1,175    Ihereby certify or affirm that this travel expense report is ture and  expenses were actually incurred by me as necessary expenses; and that IWave not hitherto received payment  fors said expenses. MATR TRUSTEE SIGNATURE  1225  10.11.23 DATE    MARRIOTT 431 BLOCK/D ROOM NAME TYPE 61 ROOM CLERK ADDRESS DATE 10/01 RSTFEE 10/01 TAX6.5% 10/01 TAX5% 10/01 10/01 PARKING 10/01 ROOM. RM.TX 10/01 CNTYTAX 10/02 10/02 COFFEES> ROOM, 10/02 10/02 RMTX 10/02 CNTYTAX PARKING 10/02 RSTFEE 10/02 10/02 TAX6.5% 10/03 VERNONS TAX5% 10/03 ROOM. 10/03 RM.TX 10/03 CNTYTAX 10/03 10/03 PARKING 10/03 TAX6.5% RSTFEE 10/03 TAX5% 10/04 VSCARD TO BE SETTLED TO: VISA THANK YOUFOR CHOOSING SAWGRASS  SAWGRASS MARRIOTT 209.00 10/04/23 12:00 RATE PAYMENT  GUESTF FOLIO 38157 16381 ACCT# GROUP MBV#: XXXXX3362 BALANCES DUE  DBDB GOLDEN BEACHF PENSION  DEPART 10/01/23 15:35 ARRIVE CHARGES 12.50 81 63 209.00 00 13.59 10.45 1165 209.00 13.59 10.45 .00 12.50 .81 10.00 209.00 13.59 10.45 12.50 .00 81 .63  TIME TIME CREDITS  REFERENCES RSTFEE RSTFEE RSTFEE #3815719 431.1 431,1 431.1 6218431 431.1 431.1 431.1 RSTFEE #3815719 RSTFEE RSTFEE 1102431 431.1 431.1 431.1. #3815719 RSTFEE RSTFEE RSTFEE CURRENT  $762.59 1G I.b5 > 240,94  BALANCE .00  YOUVE CHECK-OUT PLEASE DIAL EXT.7777 FOR! MARRIOTT EXPRESS TO EXPEDITE YOUR QUESTIONS ABOUT BILLING, PLEASE DIALOFOR CHECKOUTIF  OPERATOR.  See our' "Privacy & Cookie Statement" on Marriott.com  Your Marriott Bonvoy points/miles earned on  Marriott Bonvoy Account Statement for your eligible earnings will be credited toy  benefits.  updated activity. See nembers.mariot.com your account. Checky your  for new Marriott Reward  SAWGRASS MARRIOTT 1000F PGA TOURI BLVD PONTE VEDRABCF FL 32082 PH:904-285-7777 FAX: 904-285-0906 Treaty yourself toj the comfort of  MARRIOTT Thiss statementi yours only receipt. Youh have Signaturex  Marriott Hotels iny home.  entry nthen reference colurna abovey will bec agreedto payir incasho orbya approvedp personale checko orto authorizeu ust toc  your  Visit ShopMarriott.com. ona any unpaida amounta althen rate  owe ussucha amount Hyoua ared direcib blled, chargedtothec nthee eventp paymentis credt card notn numbers set forha above. (Thec credto cardc companyv charges wilbilin your creditc cardk lora alia amounts chargedtoy you. The  maximuma alowedbylw.p plust ther reasonables costo ofcollection, indudinga attiorey madey within2 fees. 25daysa aterc check-out, youw wilo oweur usi interestf inthe from usual thec manner) check-out Iffora dateo any reasont thec creditc cardc amountss companyd showni doesn inthec notm makep credi columa opposite anyo credk card  paymento onthisa account.) youwil off.5sp perm month (ANNUALF RATE1 18%). orthe    Goos gleMaps Golden Beach Dr, Golden Beach, FL 33160 to Ponte Vedra Drive 338 miles, 51 hr 12 min  Beach, FL Crestview Pensac Destin Panoma  Mobile  Tallahassee  Jacksone ake City OPonte Vedra Beach Gainesville Dayione Beach 5hr26min Orlando 341miles  City Beach Panomaciy  New Orleans  Clearwatere Tampa SLF Petersburg FLORIDA Sarasota FortMyers  wèts Palm Beach Freeport OGolden Beach Drive Gos gle  Treasure Cay Harbour Marsh Dunmort  Naples. C Lauderdale Everglades Matinonis  Gufot  Map data 02023 Google,I INEGI 50miL  via Florida's Tpke and I-95 N 5hr 12 min Fastest route now duei to traffic conditions A This route has tolls. vial-95N  338 miles  5 hr 26 min 341 miles 5 hr 46 min 367 miles  via Florida's Tpke  Explore Ponte Vedra Beach  44  lon  B  P  :e  Restaurants Hotels Gas stations Parking Lots More  Livet traffic  Fast  Slow    AccountingControler, Inc. 2718 NE: 27thCt Lighthouse Point, FL 33064US 5612136565 osoacgeon INVOICE  04/20/23- TOWN GOLDENE BEACH. Beginningt to work onf file, Gettingf familiary withf financials, accounts. Starting to create QBF File. PulledA All Golden Beach: 04/20/23- TOWN GOLDENE BEACH. Starting Quickbooks Audit File. Balance Sheet, AR,AP, Posting. Journal Entries, P&L, Postinga all Golden Beach. 04/20/23- TOWN GOLDENE BEACH, Starting Quickbooks/ Audit File. Balance Sheet, AR,AP, Posting Journal Entries, P&L. Postinga all Golden Beach, Continuing 4/27/237 TOWN GOLDENB BEACH, Starting Quickbooks/ AuditF File. Balance Sheet, AR, AP, reconciliations. 4/27/237 TOWN GOLDENE BEACH, Starting Quickbooks/ Audit File. Balance Sheet, AR, AP, transaclions, and cleaning current accounts. 6/15/23- TOWN GOLDENE BEACH. Starting Quickbooks/ AuditF File. Balance Sheet, AR, AP, Posting. JournalE Entries, P&L, Recording 9/30/22 Transactions. 6/20/23- TOWN GOLDENE BEACH. Starting Quickbooks/ Audit File. Balance Sheet, AR, AP, Posting. Journal Entries. P&L Recording 9/30/22 Transactions, Continuing 6/29/23- TOWN GOLDENE BEACH, Starting Posting. JournalE Entries, P&L, 6/29/23- TOWN GOLDENE BEACH. Starling Posting. Journal Entries, P&L, 6/30/23- TOWN GOLDENE BEACH. Starling Posting. Journal Entries, P&L, 6/30/23- TOWN GOLDENE BEACH. Starting Posting. Journal Entries, P&L: 7/02/23- TOWN GOLDENE BEACH. Review of Khalid Drop Schedule. 6/29/23- TOWN GOLD DENE BEACH. Starting Quickbooks/ AuditF File. Balance Sheet, AR, AP, Transactions, 6/29/23- TOWN GOLDENE BEACH. Starting Quickbooks/ AuditF File. Balance Sheet, AR, AP, Transactions. Contnuing August 2023 transactions. 6/29/23- TOWN GOLDENE BEACH. Starting Quickbooks/ Audit File. Balance Sheet, AR, AP, Posting. Journal Entries, P&L: Pulling and saving worked ont Drop Schedule  Bookkeeping Statements from1 102312021-09302022 Town of Bookkeeping transactions forJ Jan2 2022 thru Sept2 2022, Townd of Bookkeeping transactions for. Jan 20221 thru Sept2 2022, Town of Bookkeeping Posting. Journal Entries, P&L. Working on Bookkeeping Posting JournalE Entries, P&L, Finalizing FY2022 Bookkeeping AJE: Working onr recording Oct2 2022- Dec2 2022 Bookkeeping AJE. Working onr recording Oct2 2022- Dec2 2022 Bookkeeping Quickbooks/ Audit File. Balance Sheet, AR, AP, Bookkeeping Quickbooks/ AuditF File. Balance Sheet, AR,AP, Bookkeeping Quickbooks/ AuditF File. Balance Sheet, AR, AP, Bookkeeping Quickbooks/ AuditF File. Balance Sheet, AR,A AP, Bookkeeping financials, asseta accounts, finalizing notesf from Bookkeeping 7/10/23- TOWN GOLDENE BEACH. Workingo on Bookkeeping Posting. Joural Entries, P&L. Recording 2023 Bookkeeping Posting. JournalE Entries, P&L. Recording 2023 Bookkeeping 9/18/23-T TOWN GOLDENE BEACH. Recording. June Bookkeeping statements, review of informationf for Drop and  04/20/2023 Services 04/20/2023 Services 04/20/2023 Services 04/27/2023 Services 04/27/2023 Services 06/15/2023 Services 06/20/2023 Services 06/29/2023 Services 06/29/2023 Services 06/30/2023 Services 06/30/2023 Services 07/02/2023 Services 07/10/2023 Services 07/12/2023 Services 07/26/2023 Services 09/18/2023 Services 10/18/2023 Services  4,50 8,50 4,50 3.75 4.00 4.75 0.25 2.50 6.50 4.50 2.50 3,00 1.75 2.50 1.50 4.00 4.50  $55.00 $55.00 $55,00 $55.00 $55,00 $55.00 $55.00 $55.00 $55.00 $55,00 $55.00 $55,00 $55.00 $55.00 $55.00 $55.00 $55.00  $247,50 $467,50 $247,50 $206.25 $220,00 $261.25 $13,75 $137,50 $357,50 $247.50 $137.50 $165.00 $96.25 $137.50 $82.50 $220.00 $247.50 $3,492.50  TOTALI BILLED  mTG 30-3023      BENEFITSUSA, INC. 3810 Inverrary Blvd., Ste. 303 Lauderhill, FL33319 0092254/0570205  INVOICE  INVOICEI NO.: GBO 10-23  Bill To: Pension Fund  Town ofGolden Beach Employees  Date October 2023  Hours  Description  Unit Pr  Total $3,492.50  Bookeeping Services provided by Accounting Controller 4/20/23-10/16/23  Fees Postage Etc. Ball Due  $3 3,492.50 $ $3,492.50    WARRANT NO.247  For payment from the GOLDEN BEACH GENERAL EMPLOYBES  PENSION FUND, Account# 676-90335-1-2-229  TO:  FIRST STATE  You are hereby authorized by the Board ofTrustees oft the Town of Golden Beach General Employees' Pension Fund to pay the amounts listed below for services rendered to the said Board ofTrustees, and to pay the persons  named below, hereby certified by the Board of Trustees: Sugarman, Susskind, Braswell & Herrera (Legal Fee; January) Keefe McCullough (Progress Billing through 12/2023) Benefits USA(Administration Fee; January) Benefits USA(Bookkeeping Fee; January)  NAME & ADDRESS  AMOUNTS $1,500.00 $5,890.00 $1,250.00 250.00 $8,890.00  TOTAL:  Trustee  Trustee    SUGARMAN, SUSSKINID, BRASWELL & HERRERA  PROFESSIONAL: ASSOCIATION ATTORNEYS ATLAW  Robert. A. Sugarmane Howard S. Susskind D.I Marcus. Braswell, Jr. Pedro A. Herrera Kenneth R. Harrison, Sr. Madison J.Levine Jose. Javier) Rodriguez David) E. Robinson OfCounsel  150 Alhambra Circle Suite 725 Coral Gables, Florida 33134 (305)5 529-2801 Toll Free (800): 329-2122 Facsimile (305) 447-8115 +Board Certified Labor & Employment Lawyer  January 11,2024 Invoice No. 184109  Board of Trustees Town of Golden Beach Pension Board clo Benefits USA, Inc. 3810 Inverrary Boulevard, Suite 303 Lauderhill, FL3 33319  RETAINER STATEMENT  Retainer for the month of January, 2024 TOTAL AMOUNT DUE:  $1,500.00 $1,500.00    SUGARMAN, SUSSKIND, BRASWELL & HERRERA, P.A.  150 Alhambra Circle Suite 725 Coral Gables, Florida 33134 Telephone: 305-529-2801 Fax: 305-447-8115 www.sugarmansusskind.com  Town of Golden Beach Pension Board Benefits USA, Inc. 3810 Inverrary Boulevard Suite 303 Lauderhill, FL 33319  January 11, 2024 Invoice 184417 #  Client.Matter GBPP:ADMN InF Reference To: Administrative Manager  Professional Services  Hrs/Rate 1.20 NO CHARGE $300.00/hr 1.20  Amount  12/15/2023 Review and edit admin and bookkeeping services agreement.  For professional services rendered  $0.00 $0.00  Balance due    - VENRS  Keefe McCullough CPAs + Trusted Advisors  Retirement Plan for Employees of the Town of Golden Beach c/o: Benefits USA 3810 Inverrary Boulevard, #303  Lauderhill, FL 33319 Invoice No. 2136778 Date  12/27/2023  Progress billing for services through December 2023 including:  Audit of the Plan's financial statements as of and for the year ended September 30, 2023.  $ 5,890.00  KMCcpa.com I 65501 NF Federal Hwy, 4th Floor, Fort Lauderdale, FL33308 Phone: 954.771.0896 Fax: 954.938.9353    BENEFITS USA, INC. 3810 Inverrary Blvd., Ste. 303 Lauderhill, FL33319 X95/0X720295  INVOICE  INVOICE! NO.: GBO 01-24  Bill To: Pension Fund  Town ofGolden Beach Employees  Date January 2024 Janaury 2024  Hours  Description  Unit Pr  Total $1,250.00 $ 250.00  Administration Fee Bookkeeping Fee  Fees Postage Etc. Ball Due  $1 1,500.00 $ $1,500.00    ADMINISTRATIVE SERVICES AGREEMENT TOWN OF GOLDEN BEACH EMPLOYEES PENSION PLAN  between and BENEFITS USA, INC.  This agreement made as oft this  day of  2023,  effective as of November 1, 2023, by and between the Town of Golden Beach Employees' Pension Plan (hereinafter referred to as "Plan") and Benefits USA, Inc., a  Florida Corporation (hereinafter referred to as Administrator).  WITNESSETH:  WHEREAS, Part 2, Subpart A, Chapter 24, Article II, Division 1, of the Golden Beach Town Code establishes the Pension Plan and a related trust for the purpose of providing benefits to certain employees and paying the expenses related thereto; and WHEREAS, Section 24-37 of Part 2, Subpart A, Chapter 24, Article I, Division 1, of the Golden Beach Town Code, authorizes the Plan's Board of Trustees to engage the  services of an Administrator to administer the Plan's operations; and administrative management services to employee benefit plans; and  WHEREAS, the Administrator is engaged in the business of rendering WHEREAS, the Plan is familiar with the experience and reputation of the WHEREAS, the Plan has determined it is in the best interest of the participants and beneficiaries of the fund to engage the services of the Administrator upon the terms  Administrator in rendering these services; and  and conditions hereinafter set forth.  NOW, THEREFORE, in consideration of the foregoing and of the mutual  covenants and agreements contained herein, the parties agree as follows:  Section 1 Administrator  A. Engagement - The Plan hereby engages and hires the Administrator who hereby accepts the engagement and hiring by the Plan to serve as B. Duties and Responsibilities - Without limiting the generality of the foregoing, it is mutually acknowledged and agreed that the Administrator is engaged to perform those duties and responsibilities of the Plan as  Administrator of the Plan.    Administrator which are delegated to it in accordance with the express  terms of this agreement.  C. Limitation of Authority - The Administrator shall not:  1. Exercise any discretionary authority or discretionary control with respect to the management or administration of the Plan; or 2. Exercise any independent authority or control with respect to the management or disposition of the assets of the Plan; or 3. Render investment advice with respect to any monies or property of  the Plan.  Section 2 Duration  This agreement shall become effective on the date above-written and shall continue year to year unless otherwise terminated in accordance with the terms of this  agreement.  Section 3 Fees  A. Basic Fee - In consideration of the administrative services to be performed as agreed above, the Plan agrees to pay the Administrator such fees as are B. Expenses - All extraordinary expenses reasonably and necessarily incurred by the Administrator shall be reimbursed by the Plan.  provided in Exhibit. A of this agreement.  Section 4 Services  The Administrator shall be responsible for and in charge of all administrative services required of it by the Plan for the proper and complete administration of the fund. Without limiting the generality of the foregoing, the Administrator shall perform the  following services:  A. Annual ongoing services are set forth below, performed under the  supervision of the Board of Trustees. 1. Administration of meetings:  a) Prepare and send meeting notices b) Schedule meetings    c) Prepare agenda and agenda packets d) Prepare meeting minutes  2. Trustee organization  a) Maintain board contact list of vendors and trustees d) Coordinate trustee appointments through the Town e) Renew pension organizational dues and update trustee  b) Maintain pending matter list c) Run trustee elections information  3.  Review all statements and documents received from:  a) Money Managers b) Performance Monitors c) Attorneys d) Actuaries e) Accountants f) Others  4. 5. 6. 8.  Review invoices and pay plan expenses as authorized Ensure that all plan payments are ratified by the Board Assist in the creation of board policies 7. Monitor disbursement of benefit payments  Obtain necessary information for retirement eligibility and benefits  9. Set up and maintain files 10. Respond to public record requests 11. Assist members in the retirement process 12. Maintain current beneficiary designations 13. Obtain quotes for fiduciarylcyber liability insurance  14. Ensure compliance with the Government in the Sunshine Law and 15. Respond to inquiries from trustees, members (active, retired and  the Public Records Act  terminated), money managers, and the custodian 16. Maintain a liaison between the Board and the Town  17. Ensure the pension plan is administered in accordance with board  policies and the Pension Ordinance 18. Collect necessary data for the audit report    19, Maintain a liaison with the Town to obtain new employee data in a 20. Maintain a liaison with the State of Florida, Division of Retirement 21. Provide timely assistance to outside auditors for preparation of the  timely manner  annual financial statement.  22, Prepare the annual administrative budget  23. Prepare the annual detailed accounting report of actual plan B. Services requested of the plan administrator by the Trustees as special  expenses  assignments, are set forth below.  1. 2.  Printing special or bulk mailings  Additional on-site meetings outside four (4) quarterly board meetings  3. Special projects assigned to the administrator by the Board  Section 5  Obligations of Administrator  It is mutually covenanted and agreed that all services rendered by the Administrator to oron behalf of the Plan shall be performed with reasonable dispatch and shall be performed in a manner which is adequate and convenient to the Plan and the participants and beneficiaries of the Plan. The Administrator shall familiarize itself with the basic documents under which the Plan is established and render all services in accordance with said documents. By execution of this agreement, the Administrator acknowledges that it is a fiduciary of the Plan within the meaning of the Employee Retirement Income Security Act of 1974 (ERISA) (as though it applied) and $112.656,  Florida Statutes.  Section 6 Records  A. The Plan will turn over to the Administrator true copies of all records, reports, information and other data pertaining to this Plan. The Administrator may rely upon the completeness and accuracy of the records, reports, and B. The Administrator shall be responsible for assisting in the maintenance of C. In the course of performing its administrative services hereunder, the Administrator shall notify the Plan of any information, records or reports  data delivered to it.  records of the funds in the computer system of the Plan.    which are necessary to maintain the business of the Plan and shall assist  the Plan in obtaining said information.  Section 7 Reports  The Administrator shall work with and assist the Plan and its professional advisors in the preparation of records and reports to be filed with government departments or agencies or which are necessary to be disclosed and distributed to participants and  beneficiaries.  Section 8 Disclosure of Records  All information, including records and other data, which may come into the possession oft the Administrator shall be subject to disclosure and production to the extent required by the Public Records Act, Chapter 119, Florida Statutes, or upon compulsion ofa subpoena issued by a court of competent jurisdiction, as approved by the Plan.  Section 9 Public Records Law  Pursuant to section 119.0701, Florida Statutes, Administrator agrees to: A. Keep and maintain public records required by the Plan to perform the B. Upon request from the Plan, provide the Plan with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does notexceed the cost provided in Chapter 119, Florida C. Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the contract if Administrator does not transfer the records to Upon completion of the contract, transfer, at no cost, to Plan all public records in possession of Administrator or keep and maintain public records required by the Plan to perform the service. If Administrator transfers all public records to the Plan upon completion of the contract, Administrator shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. If Administrator keeps and maintains public records upon completion of the contract, Administrator shall meet all applicable requirements for retaining public  service.  Statutes, or as otherwise provided by law.  the Plan.  D.    records. All records stored electronically must be provided to Plan, upon request from Plan, in a format that is compatible with the information  technology systems of the Plan.  IF ADMINISTRATOR, AS THE RECORDS CUSTODIAN, HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO ITS DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT PLAN COUNSEL AT: SUGARMAN, SUSSKIND, BRASWELL & HERRERA, P.A., 150 ALHAMBRA CIRCLE, SUITE 725, CORAL GABLES, FL, 33134; TELEPHONE (305) 529-2891; EMAIL:  PHERRERAQSUGARMANSUSSUSSKIND.COM,  Section 10 Excluded Items  Itis understood and agreed by the parties that the Administrator shall not be responsible for the performance of auditing, legal or financial advisory services.  Section 11  Fidelity Bond and Insurance  The Administrator agrees to maintain an appropriate fidelity bond and errors and omissions insurance policy during the term of this agreement. The Administrator shall  provide copies of the proof of said bond and insurance to the Plan.  Section 12 Damages  The Administrator agrees it shall be liable to the Plan for any damages or losses, which the Plan or the fund may occur as the result of negligent or intentional acts or  omissions of the Administrator or breach of this agreement.  Section 13 Governing Law  This agreement has since been executed in the State of Florida and shall be governed and construed in accordance with the laws of the State of Florida. Venue for any dispute shall be in Miami-Dade County, Florida. In the event that any action shall be necessary for the enforcement of this agreement, the prevailing party shall recover its  court costs, including reasonable attorney's fees.    Section 14 Entire Agreement  This agreement constitutes the entire understanding and agreement by the parties hereto and shall not be modified, amended or revoked except by the express written  consent of the parties.  Section 15 Termination  This agreement may be terminated by the Plan on thirty (30) days' written notice or by the Administrator on sixty (60) days written notice prior to a scheduled quarterly meeting with or without cause. In the event of a termination, the Administrator agrees to promptly turn over to the successor administrator or such other party designated by the Plan, all records, reports or documents belonging to the Plan and in possession of the  Administrator.  Section 16 Attorneys' Fees  IfAdministrator breaches any provision of this agreement and the Plan is required to retain an attorney (including general counsel or house counsel) in order to enforce this Agreement, and should the Plan prevail or obtain any relief or remedy as a result of such action, then Administrator shall pay the Plan's reasonable attorneys' fees, costs and expenses, regardless of whether or not litigation is actually instituted. If litigation is actually instituted, the foregoing shall include trial and all appellate levels.  IN WITNESS WHEREOF, the parties who caused this agreement to be executed  on the date set forth.  Town of Golden Beach Employees' Pension  Plan By:  Chairperson Benefits USA, Inc.  By:  Peter K. Prior    EXHIBIT FEE SCHEDULE  Inc consideration of the administrative services to be performed as agreed in the foregoing agreement, the Plan shall pay the Administrator a monthly retainer fee of $1,250 for Administration services. The monthly fee shall be billed in arrears and include normal travel, copying, and postage costs and attendance at all meetings of the Board of Trustees. In addition, there shall be a monthly fee of $250 for Bookkeeping services. An invoice for bookkeeping services will be provided by the Administrator to the Plan on a monthly basis, billed in arrears. Such monthly fee shall be as indicated below.  Fee Structure  $1,250 for Administration services $250 per month for Bookkeeping services  The Administrator shall notify the Plan at least sixty (60) days in advance of a scheduled quarterly meeting of any proposed changes in this fee structure. This fee shall  be guaranteed not to increase for at least three years.    EXHIBIT B CRIMES AFFIDAVIT ON PUBLIC ENTITY CRIMES  SWORN STATEMENT PURSUANT TO SECTION 287.133(3)(a), FLORIDA STATUTES, THIS FORM MUST BE SIGNED AND SWORN TO IN THE PRESENCE OF A NOTARY PUBLIC OR  OTHER OFFICIAL AUTHORIZED TO ADMINISTER OATHS. 1. This sworn statement is submitted to.  [print name of the public entity]  By For  [print individual's name and title]  [print name ofe entity submitting sworn statement]  whose business address is  and (if applicable) its Federal Employer Identification Number (FEIN) is  (ift the entity has no FEIN, include the Social Security Number of thei individual signing this sworn statement lunderstand that a "public entity crime" as defined in Paragraph 287.133(1)(9), Florida Statutes, means a violation of any state or federal law by a person with respect to and directly related to the transaction of business with any public entity or with an agency or political subdivision of any other state or of the United States, including, but not limited to, any bid or contract for goods or services to be provided to any public entity or an agency or political subdivision or any other state or of the United States and involving antitrust, fraud, theft, bribery, collusion, racketeering, conspiracy, or material misrepresentation. U understand that "convicted" or "conviction" as defined in Paragraph 287.133(1)(b), Florida Statutes, means at finding of guilt or a conviction of a public entity crime, with or without an adjudication of guilt, in any federal or state trial court of record relating to charges brought by indictment or information after July 1, 1989, as a result of aj jury verdict, non-jury trial, or entry of a plea of guilty or nolo contendere. lunderstand that an "affiliate" as defined in Paragraph 287.133(1)(a), Florida Statutes, means: 1. Ap predecessor or successor of a person convicted of a public entity crime; or 2. An entity under the control ofa any natural person who is active int the management oft the entity and who! has been convicted of a public entity crime. The term "affiliate" included those officers, directors, executives, partners, shareholders, The ownership by one person of shares constituting a controlling interest in another person, or a pooling of equipment ori income among persons when not for fair market value under an: arm's length agreement, shall be a prima facie case that one person controls another person. A person who knowingly enters into aj joint venture with a person who has been convicted of a public entity crime in Florida during the preceding 36 understand that a "person" as defined in Paragraph 287.133(1)(e), Florida Statutes, means any natural person or entity organized under the laws of any state or of the United States with the legal power to enter into al binding contract and which bids or applies to bid on contracts for the provision of goods or services let by a public entity, or which otherwise transacts or applies to transact business with a public entity. Thei term' person" includes those officers, directors, executives, partners, shareholders, employees,  2.  3.  4.  employees, members, and agents who are active ini the management of an affiliate.  months shall be considered: an affiliate.  5.  Page 9 of1 10    members, and agents who are active in management of an entity. entity submitting this sworn statement. [indicate which statement applies]  6.  Based on information and belief, the statement which I have marked below is truei in relationi tot the  Neither the entity submitting this sworn statement, nor any of its officers, directors,  executives, partners, shareholders, employees, members, or agents who are active ini the management of the entity, nor any affiliate of the entity has been charged with and convicted of a public entity crime executives, partners, shareholders, employees, members, or agents who are active ini the management of the entity, or an affiliate of the entity has been charged with and convicted of a public entity crime executives, partners, shareholders, employees, members, or agents who are active in the management of the entity, or an affiliate of the entity has been charged with and convicted of a public entity crime subsequent to July 1, 1989. However, there has been a subsequent proceeding before al Hearing Officer of the State of Florida, Division of Administrative hearings and the Final Order entered by the Hearing Officer determined that it was not in the public interest to place the entity submitting this sworn statement IUNDERSTAND THAT THE: SUBMISSION OF THISI FORM TO THE CONTRACTING OFFICER FOR THE PUBLIC ENTITY IDENTIFIED IN PARAGRAPH 1 (ONE). ABOVE IS FOR THAT PUBLIC ENTITY ONLY AND, THAT THIS FORM IS VALID THROUGH DECEMBER 31 OF THE CALENDAR YEARI IN WHICHIT IS FILED. IALSO UNDERSTAND THATIAM REQUIRED TO INFORM THE PUBLIC ENTITY PRIOR TO ENTERING INTO A CONTRACT IN EXCESS OF THE THRESHOLD: AMOUNT PROVIDED IN SECTION 287.017, FLORIDA STATUTES FOR CATEGORY TWO OF ANY CHANGE IN THE INFORMATION  subsequent to July 1, 1989.  The entity submitting this sworn statement, or one or more of its officers, directors,  subsequent to July 1, 1989.  The entity submitting this sworn statement, or one or more of its officers, directors,  on the convicted vendor list. [attached is a copy of the final order).  CONTAINED IN THIS FORM.  [signature]  STATE OF. COUNTY OF  Thei foregoing instrument was acknowledged before me by means of D physical presence or D online  notarization on this day of personally known to me or who has produced  2023, by.  whoi is  as identification.  NOTARY PUBLIC, STATE OF FLORIDA MY COMMISSION EXPIRES:  Page 10 of10    Graystone Consulting  Town of Golden Beach General Employees' Pension Executive Summary for the Quarter Ended December 31, 2023  Portfolio Overview  The market value of the portfolio was $15,309,470 on December 31, 2023 compared to the market value of $14,350,316 on September 30, 2023. During the current Fiscal YTD, the portfolio generated a gain of 7.66% (gross- The portfolio has generated a higher risk-adjusted return than the policy index since the 11/1/2000 inception date as measured by aj positive Alpha and higher Sharpe Ratio than the index. As of December 31 2023, the asset allocation was: 60.9% in equity, 24.6% in fixed income, 12.1% in alternative investments, and 2.4% in cash held in thel Deposit &I Disbursement account. In comparison to your policy, the portfolio is in compliance with the designated ranges for  of- fees) and 7.46% (net-of-fees) compared to the 7% assumed actuarial assumption rate of return.  eachi investment asset style.  Below is the summary asset allocation and performance table as of December 31, 2023.  Current % Targel9 % Currents Manager Index Manager Index Manager  Since  Retum Since Since Sincc (1) Deviation Deviation (I)  Inception Since Inception Inception Inception Relum (I) Inception Standard Standard Alpha  (I)  ()  Equity  60.9% 60.0% $9,326,763 4.8% 5.0% 5.8% 5.0% 5.3% 5.0% 4.9% 5.0% 4.9% 5.0% 3.2% 5.0% 24.6% 25.0% $3,759,412 11.4% 12.1% 15.0% $1,853,622 4.8% 5.0% 2.4% 0.0%  Blackrock- U.S. Large Value 12.9% 12.5% $1,969,179 10.21% 9.38% 14.39% 15.15% 1.34% Sawgrass U.S. Large Growth 13.9% 12.5% $2,124,497 17.36% 19.50% 17.11% 20.64% 1.58%  TSW-U.S.. Mid Value MDT U.S. Mid Growth RBC-U.S. Small Growth Lazard- - Int'l Value BNY WS - Int'l Growth Lazard Emerging Markets Fixed Income Genter Short Fixed] Income Madison Interm. Fixed] Income 13.2% Alternatives Lazard Infrastructure Cash (Deposit & Disburse) Total Assets  $731,607 8.11% 8.28% 18.85% 19.38% 0.28% $881,128 11.63% 9.18% 19.02% 19.06% 2.70% $808,856 10.69% 7.82% 19.55% 22.70% 4.01% $807,137 11.83% 8.31% 20.26% 22.03% 4.28% $752,373 19.13% 18.76% 20.80% 19.23% 0.30% $496,505 -7.45% -5.08% 19.49% 17.12% 1.775 $1,735,064 3.25% 3.01% 0.83% 0.81% 0.02% $2,024,348 3.24% 3.63% 2.63% 3.24% 0.42% $738,903 9.49% 6.69% 13.55% 16.59% 4.21%  Kayne And. U.S. Small Value 5.3% 5.0%  $755,481  4.93% 4.39% 15.50% 16.85% 0.96%  American Rlty -Prv] Real Estate 7.3% 10.0% $1,114,719 5.43% 5.16% 7.19% 6.74%  $369,671  100.0% 100.0% $15,309,468 5.92% 5.79% 9.38% 10.02% 0.54%  (1) Inception) Dates &I Indices Used: Blackrock (9/1/13/Russ 1000 Value), Sawgrass (1/1/19/ Russ 1000 Growth), TSW (10/1/16/1 Russ Mid Value), MDT (6/1/07/ Russ! Mid Growth), Kayne (10/1/16/ Russ 2000 Value), RBC(10/1/16/ Russ 2000 Growth), Lazard InfI@//00/MSCI EAFEI Net), BNYM Walter Scott (9/1/22/MSCI ACWI ex USAI Net), Lazard] EMQ/2I/MSCIEMI Net), Genter (4/1/23/BCUS/ Agg Gov/Cr 1-3y yr), Madison (11/1/00/BC The asset allocation targets are expected to achieve the long-term return and risk objectives for the Retirement Trust. We recognize there will be short-term dislocations in the market and have prepared for such volatility in both asset allocation and managcr sclcction. Wc continuc bc patient and focus on the long-term outcome. Due to the volatility and uncertainty in the markets, wel believe its prudent to maintain long-term near target weights to each asset class with Please see Important Disclosures in the full quarterly performance report provided to the Town of Golden Beach General Employees'  Gov/Cr Intm), American Realty (7//17/NCREIF Property Idx), Lazard Infr. (1/1/21/DJE Brkfld Gibl Infra).  Conclusion and Recommendations  as slightly defensive posture. Pension Plan.  THE INFORMATION SET FORTH WAS OBTAINED FROM SOURCES WHICH WE BELIEVE RELIABLE BUT WE DO NOT GUARANTEE ITS ACCURACY OR COMPLETENESS. NEITHER THEI INFORMATION NOR ANY OPINION EXPRESSED CONSTITUTES A SOLICITATION BY USOF  THEI FURCHASEORSALEO, ANY SECURITIES. PASTPERFORMANCE SNOTAGUARANTEEOPFUTURERETURN:    Submission History  Belowy you cans searchs submission! history for Comprehensive Reports per1 112.662, Florida! Statutes.  Allf fields marked with * arer required  Plan Name* GOLDENBEACH GENERAL ANDE POLICE Search Search Results Plan Name TI  Back  File! Name TI HB3GB.pdf  Submitted Date TI User Name T. 12/08/2023  Retirement Plani for Employees oft the Town ofG Golden Beach  PATTERSON,L    TOWN OF GOLDEN BEACH EMPLOYEES' PENSION PLAN  Eric Fishman, Chairman Yovany Diaz, Secretary Maria Camacho, Trustee David Block, Tiustce Jon) Kessler,Trustee  clol Benefits USA, Inc. 38101 Inverrary Blvd, Suite 303 Lauderhill, FL 33319 (954),730-2068, Ext.213 (800) 452-2454, Ext.213 Fax (954),730-0738  Golilen BEACH  To: From: Subject: Date:  Investment Managers Board of Trustees ("Board")  Town of Golden Beach Employees' Pension Plan Florida Statutes 112.662 Proxy Voting  November 30, 2023  In the most recent legislative session, the Florida legislature passed a bill which governs Boards of Trustees of Florida governmental pension plans in their decisions regarding investments and their exercise of shareholder rights, including proxy voting. Since you vote proxies on behalf of the Board, please be aware that when deciding whether to exercise or when exercising shareholder rights on behalf of the Board, only pecuniary factors may be considered. This includes the voting of proxies. The interests of the participants and beneficiaries of the system or plan may not be subordinated to other objectives, including sacrificing investment return or undertaking additional investment risk to promote any non-pecuniary factor. Florida Statute $112.662(3). As used in the law, the term pecuniary factor" means a factor that a fiduciary determines ise expected to have a material effect on the risk or returns of an investment based on appropriate investment horizons consistent with the investment objectives and funding policy of the retirement system or plan. The term does not include the consideration of the furtherance of any social, political, or ideological interests. Florida Statute Please apply these standards when exercising shareholder rights, including the voting of proxies on behalf of the Board and as always, please retain records of the proxy votes on  $112.662(1)  behalf of the Board.    Biennial Report of Decision-Making in Voting and Adherence to Fiduciary TOWN OF GOLDEN BEACH POLICE & GENERAL EMPLOYEES' PENSION PLAN 1. This report is submitted pursuant to DOR Rule 60T-1.008 which implements 2. The Board's governance policies relating to investments and fiduciary standards are set forth in the Board's comprehensive investment policy, which is attached 3. Following the adoption of Chapter 2023-28, the Board amended its investment policy to specifically address the requirements of Section 112.662. 4. The Board's decision-making in voting on investments and its adherence to fiduciary standards in making investment decisions are governed by the Board's 5. All security level investment decisions are delegated to professional investment managers and all investment managers with direct holdings are fiduciaries. 6. Where applicable, investment managers with direct holdings have been  Standards  Section 112.662, Fla.Stat.  and incorporated herein by reference.  investment policy.  instructed to abide by Section 112.662 when voting proxies.