CITY OF TAMARAC GENERAL EMPLOYEES PENSION TRUST FUND BOARD OF TRUSTEES MEETING AGENDA February 19, 2025 - 1:00 p.m. I. II. CALLTOORDER ROLL CALL Michael Morrison, Chairperson Gregory Ledsworth, Vice-Chairperson Mildred Velasquez, Secretary Michelle Gomez, Mayor Monica Barros, Trustee Rudolph Galindo, Trustee Levertis Byrd, Trustee III. PUBLIC COMMENTS IV. MINUTES August 21, 2024 PLAN PRESENTATIONS V. a) Annual Valuation Report-Southern. Actuarial Services b) Investment Performance Report QE December 31, 2024-B Burgess Chambers and Associates VI. ADMINISTRATIVE MANAGER'S REPORT a) Consent Agenda - Authorization to Pay Invoices 0) Consent Agenda Authorization to Pay Benefits Wire Transfers/Banking Report d) Miscellaneous Updates a). Alive and Well Update VII. OLD BUSINESS VIII. NEW BUSINESS a) Fiduciary Liability Policy IX. LEGAL COUNSEL'S REPORT X. NEXT MEETING May 21, 2025, at 1:00 p.m. XI. ADJOURNMENT Ifyou cannot attend this meeting, please notify the Administrative Manager's Office at 954-597-3618. The Pension Boardi may consider anda act upons such otherk business as mayo come beforeit. Int the event this agendar must ber revised, such copies willl bea available tot the public att the PensionBoard! Meeting. Pursuant to Chapter: 286.0105, Florida Statutes, ifa persond decides toa appeal any decision made by the Pension Boardv with respect to any matter consideredats such meetingo or hearing, he/she may need toe ensure thatt the verbatim record oft thep proceedings is made which recordi includes thet testimony ande evidence upon whicht the appeal is based. The City of7 Tamarac complies with the provisions oft the Americans with Disabilities. Act. Ifyoua area a disabled person requiring any accommodations. ora assistance, pleaser notifyt the City ofsuch needa at least7 72 hours (30 days) in advance. IV. MINUTES Cityof Tamarac General Employees' Pension Trust Fund Regular Board Meeting, November 20,2024 CITY OFTAMARAC GENERAL EMPLOYEESPENSION TRUST FUND BOARD OFT TRUSTEES REGULAR MEETING NOVEMBER: 20, 2024 The regular meeting of the Board ofTrustees of the City of Tamarac General Employees' Pension Trust Fund was held on November 20, 2024, at :00PM.inConterence Room 105 at City Hall. Iteml. Callto Order vice-Chairperson Ledsworth called the meetingtoorder at 1:00 P.M. and the business of the Trust was transacted in the followingo order. Item II. RollCall Roll call was completed. Those in attendance were as follows: Trustees: Michael Morrison, Elected Trustee GregoryLedswort, Elected Trustee (arrived late) Mildred' Velasquez, Elected Trustee Michelle Gomez, Mayor, AppointedTrustee Levertis Byrd, Alternate Trustee Rudolph Galindo, Appointed Trustee Monica Barros, Alternate Trustee Absent: Others Present: Pedro Herrera, from Sugarman, Susskind, Braswell, & Herrera Burgess Chambers, Burgess Chambers & Associates Samuel Oppe, Polen Capital Management Roland Cole, Polen Capital Management Danielle Durgan, City of Tamarac Arlene' Walsh, City ofT Tamarac Teresa Martin, City of Tamarac Stephanie Smith, City of Tamarac 1IPage City of Tamarac General Employees' Pension Trust Fund Regular Board Meeting, November: 20,2024 Item III. Public Comments No members oft the public signed up to speak publicly at the meeting and the Board moved to the next item ont the agenda. Item IV. Minutes meeting. The Board of Trustees reviewed the minutes of August 21,2024, regular Trustee Gomez made the MOTION, SECONDED byTrustee Galindoto approve. August 21, 2024, meeting minutes aspresented. MOTION ASSEDUNANIMOUSIY. Plan Presentations Item V. The Board welcomed Mr. Samual Oppe from Polen Capital Managementto the meeting. Mr. Oppe opened the meeting by providing al brief overview of the fund's assets under management and their longe-termpartnership with Mr. Roland Cole continued the presentation anddiscussed the firm's investment strategy and performance. Mr. Cole also emphasized the firm's mission to preserve and grow client capital, witha preference for preservation. He continued pointing out Polen Capital has outperformed the Russell 1000 growth benchmark in six of the sevenyears with negative returns. Mr. Cole discussed the challenges faced in 2022, including the impact of interest rates and the COVID hangoveron companies, like Amazon and Netflix, noting their significant growth and profitability. Heexplained that the firm's approach to portfolio management focuses on companies with strong competitive advantages and financial characteristics. Mr. Cole mentioned the removal of underperforming companies like PayPal and Nike from the portfolio and the addition of companies like. Apple, Mr. Cole addressed Polen Capital's underpertormance in recent years, attributing to itt the high concentration of the index in certaincompanies. He explained the focus on building a ponolpotmapetcumenes and their confidence in mean reversion. He continued discussing the firm's decision to avoid highly cyclical companies like Nvidia, citing past experiences with cryptocurenty-related volatility. Mr. Cole emphasized thei importance of the Board. Shopify, and Oracle. 2IPage Cityof Tamarac General Employees' Pension' Trust Fund Regular Board Meeting, November 20,2024 preserving client capital and Polen's long-term approach toi investment The Board expressed concern to Roland Cole about the leverage and earnings growth estimates. Mr. Cole provided additional insight into the decision making behind the investment choices ast they ended the The Board then welcomed Mr. Burgess Chambers to the meeting. Mr. Chambers opened his discussion by reminding the Board thathe recommended, and the Board adopted to ceaseredemptions from private real estate and go back to dividends reinvestment program. He stated that the timing of that action was, good as rental oeiyncomelsincraing from retail and single-family! homes. He added that multi-family housing has stabilized and should get stronger overt the next fewy years, permitting multi- familyhousing has essentially stopped becausethere is toomuch product. Mr. Chambers continued his discussion byi invitingthe Board to turn to page 5, to discuss the earnings over the last quarter. REIT was up over 16%, followed by increases ini infrastructure. He continued stating that Polen results werei in line with their benchmark for thei first timei in a long time. Burgess then moved to page 171 to discuss Bonde earnings within the portfolio, they were up 11.4% overthe last year, which he stated was significant! liftin He then asked the Board to move to page 12 to look at the 5-yearhistory of the plan. He explained how the fund has earned231 million dollars over this Burgess Chambers ended his presentation by asking the Boardi ifthey had anyfurther questions, The Board stated there werenone. Mr. Chambers management. discussion. performance. period. thanked the Board for theiri time. Administrative Manager's Report Item' VI. a). Consent Agenda-A Authorization to Payl Invoices: Ms. Walsh presented the Board with the "Authorization to Pay Invoices" and supporting documentationtoratiy recurring expense invoices for the months of September ($26,049.29), and October ($29,466.27), totaling $55,515.56 and summanizedintables below: 3/Page City of Tamarac General Employees' Pension Trust Fund Regular Board Meeting, November 20, 2024 September 2024 invoices totaling $26,049.29 Payee Type INVOICES INVOICES Type INVOICES INVOICES INVOICES Start Date EndD Date Effective Date Service Subsidy Supplement Amount Payment Type SUGARMAN, SUSSKIND, BRASWEU INVOICES SOUTHERNACTUARAL: SERVICES INVOICES BURGESSO CHAMBERS &ASSOINC INVOICES POLANCAPITAL FIFTHT THIRD BANK Payee AghncourtCapitalM Management INVOICES Fiduclaryn Mgmtinc SSII InvestmentMgmt Sugarman, Susskind, Braswell, &Her! INVOICES SouthemA Actuarials Services INVOICES FPPTA 7/1/2024 7/31/2024 10/14/2024 8/1/2024 8/1/2024 10/14/2024 7/1/2024 9/302024 10/14/2024 7/1/2024 9/30/2024 10/14/2024 7/1/2024 9/30/2024 10/14/2024 $2,050.00 JULYF RETAINERE $400.00 FLORES,MATAC $10,000.00 3RDQTRFEE $7,584.32 3RDQTRFEE $6,014.97 3RDQTRFEE October 2024 invoices totaling $29,466.27 Start Date EndDate Effective! Date Service Subsidy Supplement. Amount PaymentT Type 7/1/2024 9/30/2024 11/122024 6/30/2024 9/30/2024 11/122024 7/1/2024 9/30/2024 11/122024 9/1/2024 10/31/2024 11/122024 8/28/2024 10/23/2024 11/122024 1/1/2025 12/31/2025 11/122024 $5,902.27 QUARTERLYFEE $15,623.00 QUARTERLYFEE $2.216.00 QUARTERLYFEE $4,100.00 Sept,Oct.Fee $875,00 BenefiCacSubaidy: $760.00 2025N Membership Trustee Gomez made the MOTION to ratiytheaboveinvcice payments. Motion was SECONDED BY Trustee Morrison. MOTIONPASSED b). Consent. Agende-Authonrization to PayBenefits: UNANIMOUSLY. Ms. Walsh presented the Board with the *Authorization to Pay Benefits,"and: supporting documentation on the followingi items for approval for ratification for August ($9,423.59) and September ($677.67) as summarized in the tables below and totaling $10,101.26 August 2024 benefits totaling $9,423.59 Payee JunlaN Noel JeanLazarre Payee NancyF Flores Payee MARCRAHIM Type RETURNOFCONT RETURNOFC CONT Type MONTLYBENEFITS Type RETURNO OF CONT StartD Date EndD Date Effective Date Service Subsidy Supplement Amount Payment Type 11/2/2015 3/14/2016 3/14/2016 2/27/2023 7/3/2024 732024 1/4/1993 6/5/2024 7112024 $912.62 ROC-Lump Sum $4,130.71 ROC-Lump Sum $4,380.26 LifeAnnuity Start Date EndDate EffectiveDate Service Subsidy Supplement Amount PaymentTy 31.42 September 2024 benefits totaling $677.67 StartDate EndDate Effective Date Service Subsidy Supplement Amount Payment Typ 4/8/2024 7/2/2024 722024 $677.67 ROC-Lumps sum Trustee Morrison made the MOTION. Trustee Gomez SECONDED, ratifying the invoices as presented. MOTION PASSED UNANIMOUSLY. 4IPage Cityo of Tamarac General Employees' Pension Trust Fund Regular Board Meeting, November 20,2024 c). Wire Transfers/Banking Report: The Trustees were provided with the WireTransfers of the employees' pension contributions for the months of August 2024( ($81,807.42), September 2024 ($54,683.17), and October: 2024 ($70,363.60) totaling $206,854.19. d). Miscellaneous Updates: Ms. Walsh shared with the Board that Ms. Marcia Berman passed away on September 3, 2024. She electedthe 10YCLO option in2 2003, Ms. Walsh shared with the Board that Mr. Csaba Banrevy passed away on September 7, 2024. He electedi the 10 YCL option in 2020, therefore, there will be al bereficaybonfiacadintie future. Ms. Walsh shared with the Board that Mr.Sol Rosenheck passed away on September 30, 2024. He elected the Life Annuity option; therefore, Ms. Walsh shared with the Board that Mr. Paul Nash passed away on October 16, 2024. He had elected the Life annuityin 1998; therefore, therefore, no additional benefits are due. no additional benefits are due. no additional benefits are due. Item VIII. OldBusiness No old Business New Business Item IX. a). Alive and' Well Audit Ms. Walsh shared with the Board that thei initial notices were: sent out to retirees in September, second notices will be going out in December to non-responders. b). 2025 Proposed Meeting Schedule Ms. Walsh directed the Board to review the proposed schedule: for 2025, which will maintain the same cycle asi the currenty year. The dates proposed included the following: February 19, 2025 May 21, 2025 5IPage City of Tamarac General Employees' Pension TrustFund Regular Board Meeting, November 20, 2024 August 20, 2025 November1 19, 2025 c). FPPTA Conference Ms. Walsh shared the next FPPTA conference on. January: 26-29,2025, inc Orlando, Florida. X. LegalCounsel's Report Mr. Pedro Herrera discussed 2 amendments that were passed ini the Florida legislature. He indicated the first statute, chapter 287.138, Foreign Country ofconcern, which consists of the following countries, Russia, China, Iran, North Korea, Cuba, Venezuela, and Syria. He stated that governmental agencies that are entering into an agreement with ai foreign company havet to attest and sign an affidavit that the companyi is noto owned by one of the countries of concern nor have its principle placec of business in af foreign country of concern, and the government of at foreign country of concern does Mr. Herrera also spoke on Chapter 787, al humantrafficking statute, which specifies that no governmental agency as of July1,2024, that is entering into an agreement with a counter party must attest thati the counter party does not use coercion fori its labor or services, such as human traffickingand Mr. Herrera discussed with the Board that the law firm will continue its tradition with donation to a charity ini the name of thefund. Mr. Herrera also indicated that under the duties as a fiduciary and: subject to ethics laws, trustees must be aware of their responsibilities as it relates to gifts. He indicated that gifts under $25 may be accepted, gifts moret than $25 may be accepted but will require at form to be completed by the gift giverand anything over $100 should not be accepted and recommended that the trustee complete a disclosure advising oft the giftandi its ultimate disposition Trustee Gomez made the MOTION that she would like the law firm to make the donation to the Tamarac Employees Benevolent Fund to assist City of7 Tamarac employees in need, Trustee Velasquez SECONDED the not have a controlling interest ini the entity. related offenses. whether it was donated or returned to the sender. motion. MOTION PASSED UNANIMOUSLY. 6IPage Cityof Tamarac General Employees' Pension Trust Fund Regular Board Meeting, November 20,2024 XI. Next Meeting The next regular meeting of the Board of Trustees is scheduled for February 19, 2025, at 1:00P.M. Adjournment XII. There being noi further business to come before the Board of Trustees the meetingadjourned at 2:05 P.M. Respectulysubmites, 7IPage V. PLAN PRESENTATIONS Annual Valuation Report- Southern Actuarial Services Due to the size of the document this has been provided in a separate attachment and will be provided to you hard copy at the meeting. Quarterly Performance Report QE 12/31/2024 Burgess Chambers & Associates Due to the size of the document this has been provided in a separate attachment and will be provided to you hard copy at the meeting. VI. ADMINISTRATIVE MANAGER'S REPORT Consent Agenda: Authorization to Pay Invoices BURGESS CHAMBERS & ASSOCIATES, INC. S.E.C. REGISTERED 315E. Robinson Street, Suite 690 Orlando, Florida 32801 Invoice Invoice # 24-622 Date 12/13/2024 Bill To Nora Carles Tamarac General Employees' Pension) Fund 75251 NW: 88th Ave Tamarac, FL33321 Description Amount Fourth Quarter 20241 Investment Performance. Monitoring and Advisory Feep per Contract. 10,000.00 Total Payments/Credits Balance Due $10,000.00 $0.00 $10,000.00 Phone: # 4076440111 Fax# (407) 644-0694 E-mail ding@hupgeschamhercon BANKOFAMERICA ARLENE WALSH TAMARAC GENE EMPLOYEES PENSION XXXX-XXXX-XXXX December 05, 2024-January 04, 2025 Purchasing Card Account Information Mail Billing Inquiries to: BANKCARD CENTER POI Boxe 660441 Dallas, TX75266-0441 TTY Hearing! Impaired: Dial" "711" Outside thel U.S.: 1.509.353.6656 24 Hours For Lost or Stolen Card: 1.888.449.2273: 24Hours Important Messages Cardholder Activity Payment Information Statement Date Credit Limit Cash! Limit Days in Billing Cyole Total Activity Account Summary 01/04/25 Credits $10,000 Cash $0 Purchases 31 Other Debits. $4,950.00 Cash Fees Other Fees TotalA Activity. $0.00 $0.00 $4,950.00 $0.00 $0.00 $0.00 $4,950.00 THIS ISN NOTABLL-DONOTPAT Global Card Access- - your card Information whenever, wherever and! however your needit. From the dashboard, you can quicklyo checky your creditl limit, balance, avallable credita and recent card activity. Otherf featuresl like View PIN, Change PIN, Lock Card andA Alerts! help) you keepy your cards secure, For added convenience, youd cane easlly view or download your current statement upt to 12months of pasts statements. Visity hcanaiRaeEacaN to register your card and start using Global Card Access today, Transactions Posting Transaction Date Date 12/17 12/16 FPPTA 12/17 12/16 FPPTA, 12/18 12/17 FPPTA Descrption Reference Number 24052295168592884 8699 24052.8518385928670 8699 40324521648928927 8699 MCC Charge 850.00 2,050.00 2,050.00 Credit 850-668-8552FL 850-668-85521 FL 850-668-85521 FL 0000000 0000000 0000000 4715272577760557 Account Number: XXXX-XXXX-XXX December 05, 2024-January 04, 2025 Total Activity Cardholder Signature Manager Signature $4,950.00 BANKOF AMERICA POE BOX1 15731 WILMINGTON, DE 19886-5731 ARLENE WALSH TAMARAC GEN EMPLOYEES PENSION 7525 NW 88TH AVE TAMARAG,FL38212401 Date Date Posting payments: Payments received byr mail att ther remittance address shown ont the Payment Coupon portion of the face oft this statement on a banking day willl be posted toy your account ont the day received. Ifwe receive your mailed payment on a non-banking day, we will postitto your account ont the next banking day. There may be a delay of upt to 51 banking daysi inj posting payments made atal location othert than the Telephone monitoring: Fort the purposes ofr monitoring and improvingt the quality ofs service, Bank's supervisory personnel mayl listen to and/or In case ofe errors or questions about your bill: Errors or questions about your bill must! ber receivedi in writing no latert than 60 days after we senty yout the firsts statement on which the error orp problem appeared. Please mail thisi informationt to BANKCARD CENTER, POE BOX660441, AV written description oft thee error and whyy you! believe therei is ane error. Ifyour need more information, describe the item you are unsure about. mailing address listed ont the front ofy yourp payment coupon. Service for the! hearingi impaired (TTY/TDD): We accept calls madet through relay services (dial711). record telephone calls between Banke employees and any person acting on Company'sk behalf. DALLAS, TX7 75266-0441. Your letter musti includet the following information: The company name, cardholder name and account numberi inc question. The dollar amount oft the suspected error. Customer Service: For questions regarding transactions, general assistance,and reporting lost and stolen cards, call: Withint the U.S. 1.888.449.2273 Outside the US. 1.509.353,6656 (collect çalls accepted) Thank you for your business. Posting payments: Payments received by mail at the remittance address shown ont the Payment Coupon portion oft the face oft this statement on al banking day willl be postedt toy your account ont the day received. Ifwe receive yourr mailed payment on a non-banking day, we will post! itt toy your accounto ont the next banking day. There may be ac delay of up to 5banking days in posting payments made at al location other than the mailing address listed ont the front of yourp payment coupon. FIDUCIARY MANAGEMENT,INC Investment Counsel January 15,2025 7525 N.W. 88th Avenue Tamarac, FL 33321-2401 USA TAMARAC GENERAL EMPLOYEES PENSION FUND STATEMENT OF MANGAEMENT FEES Fiduciary Management, Inc. Portfolio' Valuation as of 09-30-2024 Porfolio Valuation as of 10-31-2024 Porfolio Valuation as of 11-30-2024 Portfolio' Valuation as of 12-31-2024 Quarterly Management Fee TOTAL DUE ANDI PAYABLE Remit To: Accounts Receivable Fiduciary! Management, Inc. 7901 N. Water Street Suite 2100 Milwaukee, WI 53202 Fiduciary Management, Inc.'sV Wire Instructions: Bank Name: Johnson Bank ABAI Routing Number: Account Number: 11,488,320 11,129,730 11,850,920 11,043,980 15,645 15,645 15,645 11,378,238 @0.5500% per annum Account Name: Fiduciary Management, Inc. Address: 790 N. Water Street, Suitet #2100, Milwaukee, WI 53202 a FIFTH THIRD BANK Statement Of Administrative Fees Page Number: Statement! Date Acct! Name: Account Number: For PeriodE Ending: for Period: Total Feef Past! Due Balance: Total BalanceD Due: Invoice Number Period Gross Fee 3 January 03, 2025 TAMARAC GENERAL EE-R&D December: 31, 2024 $5,910.29 $0.00 $5,910.29 8163708 allullulluhlullnlillumll! NORA CARLES CITY OF TAMARAC FLORIDA 7525 NW 88THAVE TAMARAC, FL3 33321-2401 Invoice Number Account Number 8163708 Charge Description Statement Date January 03, 2025 For Period October 01, 2024- December 31, 2024 Adjustments Fees For Period TAMARAC GENERAL EE PENSION: SSI AMARAC GEN EE POLEN CAP MGMT 111.01 446.60 $5,910.29 0.00 0.00 $0.00 111.01 446.60 $5,910.29 Invoice Summary of Direct Debits - FIFTH THIRD BANK 200 East Robinson Street 9th Floor MD 1MOB2D Orlando, FL32801 mllull NORA CARLES CITY OF TAMARACI FLORIDA 75251 NW 88TH AVE TAMARAC, FL: 33321-2401 Please return top portion with your check payable to: Fifth Third Bank POE BOX6 631456 Cincinnati, OH 45263-1456 alalluhalalaualaualaialalahhaluhiallula. Statement Of Administrative Fees Page Number: Statement! Date: Acct! Name: Account Number: For Period Ending: Total Fee Duet for Period: Past! Due Balance: Total Balance Due: Invoice Number: Amount Enclosed 1 January 03, 2025 TAMARAC GENERAL EE-R&D December 31, 2024 $5,910.29 $0.00 $5,910.29 8163708 $_ Payment is due upon receipt FIFTH THIRD BANK Invoice Number Account Number 8163708 Charge Description Re: Statement Date January 03, 2025 Period For Period October 01, 2024- December 31, 2024 Gross Fee Adjustments Fees For Period TAMARAC GEN EE AGINCOURT CAP Market Value Fees Net Market Value as of December 31,2024 : 9,020,155.96 61,976,426.19 Transaction Fees @ 0.000375 each annuallyx114 Total Market Value Fees 23,241.16 5,810.29 $845.64 1.00 Additional Feei for Manual Corporate @ 100.000000p 100.00 $100.00 Actions Total Transaction Fees TAMARAC GEN EE MUTUAL FUNDS/ETF Re Market Value Fees 61,976,426.19 Net Market Value as of December 31,2024 : 36,492,240.30 @ 0.000375 each annually, x1/4 Total Market' Value Fees 23,241.16 5,810.29 $3,421.15 Total Amount Due $5,910.29 Current $5,910.29 >30 Days $0.00 >60 Days $0.00 >90 Days $0.00 Credits $0.00 If you have any questions concerning your account, please contact 258JAMESNANAVATIAVATIat312,7047393 Retain this portion for your records FIFTH THIRD BANK Statement Of Administrative Fees Page Number: Statement! Date AcctName: Account Number: For Period Ending: Total Fee for Period: Past Due Balance: Total Balance! Due: Invoice! Number Period Gross Fee 2 January 03, 2025 TAMARAC GENFRAI FE-R&n December 31, 2024 $5,910.29 $0.00 $5,910.29 8163708 lallullullullul NORA CARLES CITY OF TAMARACI FLORIDA 75251 NW 88TH AVE TAMARAC, FL3 33321-2401 Invoice Number Account Number 8163708 Charge Description Statement Date January 03, 2025 For PeriodOctober 01, 2024- December: 31,2024 Adjustments Fees For Period Re: TAMARAC GENERAL FIDUCIARY Market Value Fees Net Market Value as of December 31, 2024 : 10,516,159.23 61,976,426.19 Re: @ 0.000375 each annually> x 1/4 Total Market Value Fees TAMARAC GEN EEI POLEN CAP MGMT 23,241.16 5,810.29 $985.89 Market Value Fees Net! Market Value as of December 31, 2024 : 4,763,740.29 61,976,426.19 Re: @ 0.000375 each annuallyx1/4 Total Market Value Fees TAMARAC GENERAL EE PENSION SSI 23,241.16 5,810.29 $446.60 Market Value Fees Net Market' Value as of December 31,2024 : 1,184,130.41 61,976,426.19 Total Fees @ 0.000375 each annually: x 1/4 Total Market Value Fees 23,241.16 5,810.29 $111.01 $5,910.29 Amounts Billed Charged to Each Account Totall Due Direct Debits Balance Due TAMARAC GEN EE AGINCOURT CAP TAMARAC GEN EE MUTUAL FUNDS/ETF TAMARAC GENERAL FIDUCIARY 945.64 3,421.15 985.89 0.00 0.00 0.00 945.64 3,421.15 985.89 polen, capital Going beyond. Joshua Appelt 7525 NW 88th Ave Tamarac, FL 33321 January 7,2025 REMITTANCECOPY STATEMENT OF MANAGEMENT FEES October 1,2024 to December 31, 2024. Custodian Account Number: Account Number: Account Name: Quarterly Fee calculated for assets under management as of December 31, 2024 for the billing period from CITY0056 CITY OF TAMARAC GENERAL EMPLOYEES PENSION FUND Management Fee Calculation Detail Breakpoints Balance Annual Rate (%) 0.650 Account Assets $4,830,367 Fee $7,892.24 Total Portfolio: Please remit the total fee amount to Polen Capital at the address indicated below. Payment fort this invoice can be sent via mail or wire: By Mail Overnight. Address ByWire Truist Bank LLC Account #: Check payable to: Polen Capital Management P.O. Box 919766 Orlando, FL32891-9766 Lockbox Department 7699 Golf Channel Drive Orlando, FL32819 1000Peachtree: St.. N.E., Atlanta, GA Account Name: Polen Capital Management Attn: Polen Capital Management LLC #919766. ABA: SECI RULE2043REQURESUS TOC OFFER INI WRITING TOI DELIVER TOY YOUUPONI REQUESTAWRITTENDISCLOSURESTATEMENT CONTAINING INFORMATION CONCERNING OURE BACKGROUND/ ANDE BUSINESSI PRACTICES. Keep a copy oft thisi invoice for taxp purposes. polencapital.com Boca Raton I Boston I London Telephone: 1(561)-241-2425 1825 NW Corporate Blvd., Suite 300- Boca Raton, FL33431 Investment Management ySSI City ofTamarac General Employees' Pension Fund ATTN: Ms. Nora Carles clo Dept of Human Resources/Pension. Admn 7525 N.W. 88th Ave Tamarac, FL 33321-2401 Invoice Date: Invoice #: SSI Account #: Account Name: Custodian: Custodian Acct #: January 23,2025 002025-0036 City ofTamarac General Employees" Pension' Trust Fund Fifth Third] Bank SSI MANAGEMENT FEE For thel Period October 1, 2024 through. December. 31, 2024 Date 10/31/2024 11/30/2024 12/31/2024 Total 3-Month. Average Asset Value $1,204,113 $1,285,733 $1,236,329 $3,726,175 $1,242,058 Ouarterly Rate Fee 0.1875% $2,329 Investment Management Feel Due: $2,329 Please remit! payment via wire using instructions below or via check toi SSI's ofice: JPMorgan Chase. Bank, N.A. (877) 743-7777 ABA# SSI Investment. Management Accounti Shouldj you have any questions, please contact your SSI Account. Manager at (310)595-2000. cc: Burgess Chambers & Associates 2121 Avenue ofthes Stars I Suite 20501 LosA Angeles, CA 90067/Te!: 310)595-2000/Fax/ a086289wmisemetom Investment Management ySSI City ofTamarac General Employees' Pension Fund ATTN: Ms.1 Nora Carles clol Dept of Human Resources/Pension Admn 75251 N.W. 88th Ave Tamarac, FL 33321-2401 Invoice Date: Invoice #: SSI Account #: Account Name: Custodian: Custodian Acct #: July 22,2024 002024-0154 City ofTamarac General Employees" Pension' Trust] Fund Fifth Third Bank SSI MANAGEMENTI FEE Fort the Period April. 1,2 2024 through June 30, 2024 Date 4/30/2024 5/31/2024 6/30/2024 Total 3-Month. Average Asset Value $1,100,592 $1,122,680 $1,138,851 $3,362,123 $1,120,708 Ouarterly Rate Fee 0.1875% $2,101 Investment Management Fee Due: $2,101 Please remit payment via wire using instructions below or via check toi SSI's office: JPMorgan Chase Bank, N.A. (877) 743-7777 ABA# SSI Investment. Management Account Should you have any questions, please contact) your SSI Account Manager at (310)595-2000. cc: Burgess Chambers & Associates 2121A Avenueofthes Stars I Suite 2050] LosA Angeles, CA 90067/Tel: (310)595-2000 Fax au528wwisénescm SOUTHERN ACTUARIAL SERVICES City of Tamarac General Employees' Pension Trust Fund clo Ms. Arlene Walsh Benefits Manager 7525 N.W. 88th Avenue, Suite 203 Tamarac, FL 33321-2401 INVOICE INVOICE NO: 278-1224 DATE: December! 9, 2024 PAYMENT DUEE BY: January 8, 2025 PROJECT 278-341 DESCRIPTION FEE $175.00 Estimated individual benefit calculation for Frank Campo, submitted October 30, 2024 278-342 Additional special cost study to determine the impact of adding a health insurance subsidy, submitted November 18, 2024 $625.00 $175.00 $1,250.00 $225.00 $2,450.00 278-343 Estimated individual benefit calculation for Maria Aviles, 278-344 Impact statement for Temporary Ordinance 2579,submitted 278-345 Individual benefit calculation for Alfred Wilson, submitted submitted December 4, 2024 December 3, 2024 December 5, 2024 TOTALDUE Ify you have any questions concerning this invoice, please call (770) 392-0980. WEAPPRECIATE: YOUR BUSINESS! 1 SUGARMAN, SUSSKIND, BRASWELL & HERRERA, P.A. 150 Alhambra Circle Suite 725 Coral Gables, Florida 33134 Telephone:305529-2801 Fax: 305-447-8115 www.sugarmansusskind.com City of Tamarac General Employees' Pension Fund City of Tamarac Human Resources Dept. 7525 NW 88th Avenue Suite 106 Tamarac, FL33321-2401 Client:Matter TGEN January 16, 2025 193547 Invoice # Hours Amount 0.00 $2,050.00 For professional services rendered Retainer for the month of. January, 2025. Previous balance $4,100.00 ($4,100.00) ($4,100.00) $2,050.00 11/21/2024 Payment - Thank You. Check No. 3198 Total payments and adjustments Balance due Consent Agenda: Authorization to Pay Benefits o City of Tamarac Pension Contribution- Interest Calculation General Pension Plan Employee: Clarke, Courinay Socials Securily#: XXX-XX- Plan: General HireDate: 6/28/2024 Terminalion Date: DaleF Forwardedi loAdminisiralor:. Numbero monthsin current year": 12 Contribulions NetVested Pariod TivoughFy98 FY99 FY00 FYOL FYO2 FY03 FYOA FYOS FYOR FYO? FYOS FYO9 FYIO FYIL 19/20111 Tugugh 12/2011 SubTolal Thovgh 1391/11 Jan2012Thoughs Sept.2912 Tolal Thegugh FYIE FYI3 FYH FYI5 FYIE FYI7 FYIB FYI9 FY20 FY21 FY22 FY23 TOlalThroughFY23 FY24 Total after the 15lho ofthen month contribulions 2.5% onthel lolalc conlribut tolatcontbulndautingmy yearis Revievedby:. Talal 124% Çontulens FYOrAPIC 01/195 *Numbero dmoihsincumantypare equaist ther monthsofservico duringe curren! fiscely year. scounwenyPuminsient dalois ey 1.25konhe ClydTamarac CilyaTamsrac 2.5% beforel 1//12or1 1.25aso1 VV2hteraskumdare contributionsd duringtheyears theys arecontributed,b basedo onthelact thal ah.k theyear, Interesti isonlye wden City of Tamarac General Employees' Pension Trust Fund ACKNOWLEDGE RECEIPT OF THE PREÇEDING 5-PAGE NOTICE AND EXPLANATION OF ELIGIBLE ROLLOVER DISTRIBUTIONS WHICH THE PLAN IS REQUIRED TO PROVIDE TO ME IN ACCORDANCE WITH IRS NOTICE: 2018- 74: Datel. 11/01/2024 Courbe/laikeNovl,20241555EDI, ParicpantsSignature Courtney Clarke Print Clearly ParticipahtsName Note: Return ONLYthis last page (numbered 6of6) to: City of Tamarac General Employees' Pension Trust Fund c/o City ofT Tamarac HR/Pension Administration Office 7525 NW8 88h Avenue, Tamarac, FL Telephone: 954-597-3618 Email: eresamartingamaraeong Page6of6 General Employees' Pension' Trust Fund TAMARAC The City For Your Life CITYOF TAMARAC GENERAL EMPLOYEES' PENSIONTRUST FUND ACKNOWLEDGEMENT OF CONDITIONAL LUMP SUM DISTRIBUTION NAME OF EMPLOYEE: Courtnéy Clarke AMOUNT OF LUMP SUMPAYMENT: $669.06 DATE OF PAYMENT: ASAP I,t the undersigned, Courtney Clarke do hereby acknowledge that in accordance with procedures and policies established by the Board of Trustees of the City of Tamaraç General Employees' Pension Trust Fund, Ihave received on this dayà conditional lump sum distribution of benefits from the Trust Fund in the aboye-stated amount, pènding ratification ofs said amount by the Board of Trustees. Iunderstand and acknowledge that my entitlement to the distribution thatIhave received on this day is and shall remain conditional pending ratification ofs same by the Board ofTrustees. Ifurther understand that thel BoardofTrustees: may determine that the amount oft the benefit to whichIam entitled is less than the conditional distribution thatl I Ialso acknowledge that ift the amount of the benefit ratified by the Board of Trustees is less than thes amount thatIhayer received ont this day, Iami not entitled tot the difference, and Ishall reimburse If further acknowledge that my reçeipt of the conditional lump sum distribution is strictly conditioned upon my agreement hèreby to indemnify the Board ofTustees for any çosts thati it may incur, including court costs and attorney fees, as a result ofanyf failure on my part to repay to the Trust Fund any difference in the amount thatIhave received ont this day andtheamounti ratified by thel Board ofTrustees, as set forth above. Accordingly,lagreei topay to thel BoardofTrustes, in addition to any such difference, any attorney fees, court costs, or other expensesincurred! by the Trustees for the purpose of collecting the difference due, if said difference is not] paid within 60 days of the date of ratification by the Board of Trustees of the amount of benefit to which I am have received on this day. said difference immediately tot the" Trust Fund. entitled. GeMPNETDNN Participant's Signature 11/01/2024 Date City of Tamarac General Employees' Pension TrustF Fund clo City of Tamarac Human Resources Department/Pension, Administration 7525 NW88h Avenue, Suite 106 Tamarac, FL 33321-2401 Phone: 954-597-3618 DISTRIBUTION ELECTION FORM PARTICIPANT INFORMATION Name: Courtney Clarke Address: Social Security Number: REASON FOR DISTRIBUTION Birthdate: a D 0 Retirement (as defined byt the plan) Disability & Other: Return of Contributions Death - Payable to: Name: Address: Soc. Sec. No.: Relationship to participant TIMING OF DISTRIBUTION lunderstand thatl Ihave 30 days from the date Ireceived the Special Taxi Notice regarding plan payments to consider my decision of whether or not to elect rollover of my distribution. a) b) Ihereby waive the 30-day period ande elect to receive my distributionin the method selected lelect tot take advantage of the option to defer my decision for a period of 30-days. below as soon as possible. METHOD OF DISTRUBUTION ANDI WITHHOLDING Ihave received, read, and understand the special taxi notice regarding plan payment which contains general information oni the rules regarding rollover, direct rollover, withholding, capitalg gains, andi income averaging treatment of distribution. 1 lunderstand thatt thet taxable amount of this distribution is eligible for rollovertreatment andt that nontaxable portions are not eligible forr rollover; therefore, all nontaxable portions ofr my accounts! will be distributed to me. Ifthe distribution is made to al beneficiary other than the spouse, the distribution is not eligible for rollover, and option (c) below willl bet the deemed election. a) instruct yout to directly rollover thet total taxable portion of the distribution requested ont this form tot the Qualified Retirement Plan or Individual Retirement Account ("RA)named belowi in Direct Rollover Information. lunderstand that Federal and Statei income tax will not be withheld as a distribution eligible forr rollover tot the Qualified Plan or IRA named! belowi in Direçt Rollover Information. linstruct you to distribute to me the remaining balance oft the distribution. I understand that: 1)Federal and Statei income tax will notb bewithheldi from the amount directly rolled over to the Qualified Plan or IRA named below; and 2)the taxable portion of the amount distributed to me is subject to mandatory Federal incomet taxwithholding: ata rate of2 20% as required under current law, and State incomet tax willl be withheld, if applicable. result oft this direçt rollover. linstruct you to directly rollover $ b) ofthet totalt taxable portion ofthis c) X Jinstruct yout to distribute to mei the total distribution (lesstl therolloverp portion ifa any). lunderstand that Federal income tax willl be withheld ont thet taxable amount oft the distribution at ar rate of20% as rèquired under current Federal law. DIRECT ROLLOVER INFORMATION Trustee or IRA: Custodian Name: Plan! Name or IRA: Account Number: SIGNATURE 11/01/2024 GYMVIIDIESET PartcipantBenefciany Signature Date 2 City ofTamarac Pension Contribution- Interest Calculation General Penslon Plan Emplayee: DeArmas-a-5io, Randy Socials Securlly#: XXX-XX- Plan: HireDale: 4/29/2024 TerminationDate: 9/20/2024 DaleForvardedioA Administator: Numbero efmoninsincumentyear: 12 Contribulions Perios ThroughFY98 FYO9 FYOO FY01 FY02 FY03 FYC FYO5 FYO6 FYO7 FYO8 FYOO FY10 FY11 10/2011.Throuph 122011 BubTolal Through1 12/31/11 Jan2012-Throuph! 2012 Tolal ThroughE FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 TOlAIT TrroughFY23 aflert the1 15hofthem month 2,5%0 onthe tolalc contribuledd duringthay yeari Reviewedby:_ Calculallon Inlerest Tolsl 004PACemuses FVOISPIGECePMBViEn FYOZAPA/CeLnbVN: FYaSCerRun APrige 04Pdo 10/121 .905.02 985.02 24.81 2.009.83 24.81 2.01A.83 currenty yeare equalsthen monhaofsaniced duringcurrent! liscaly year. msAswwiwptmmiaen dalois 2.5%b beforet 1/1/2or1 .25% asof1 "------w--wENw during! year arec contribules, basedenthelact! that conlrbulonseremadel throughoutl theyear. Interestisonlye afler contributions mado. totalc coniributedd duringthey yearis quivalentlo2.5 miemestoncontrbulonst from!helime K CiydTamerac 5561 oncontrbulionsfrom! timet they antributed.1 1.25konpe aiaraon CitydT Tamarac City of Tamarac General Employees' Pension TrustFund IACKNOWLEDGE RECEIPT OF THE PRECEDING 5-PAGE NOTICE AND EXPLANATION OF ELIGIBLE ROLLOVER DISTRIBUTIONS WHICH THE PLANI IS REQUIRED TO PROVIDE TO ME IN ACCORDANCEWITH IRS NOTICE2018- 74: Date. Randy de Armas Castillo Randy de Armas Castillo (Nov 2,202408:01 EDT) Participant's Signature Randy DeArmas Castillo Print Clearly Participants! Name 11/02/2024 Note: Return ONLYthis last page (numbered6of6) to: City of Tamarac General Employees' Pension Trust Fund clo City ofTamarack HR/Pension Administration Office 7525 NW8 88th Avenue, Tamarac, FL Telephone: 954-597-3618 Email: eresamaringuamar2cong Page 60 of6 City of Tamarac General Employees' Pension TrustFund clo City of Tamarac Human Resources DepametPsimaman 7525 NW 88+h Avenue, Suite 106 Tamarac, FL 33321-2401 Phone: 954-597-3618 DISTRIBUTION ELECTION FORM PARTICIPANT INFORMATION Name: Randy DeArmas Castillo Address: Social Security Number: REASON FOR DISTRIBUTION Birthdate: a 0 a Retirement (as defined by the plan) Disability & Other: Return of Contributions Death- - Payable to: Name: Address: Soc. Sec. No.: Relationship to participant TIMING OF DISTRIBUTION understand that have 30 days from the date Ireceived the Special Tax Notice regarding plan payments to a) X Ihereby waive the: 30-day period and elect to receive my distributionin the method selected consider my decision of whether or not to elect rollover of my distribution. below as soon as possible. b) lelect tot take advantage of the option to defer my decision for a period of 30-days. METHOD OF DISTRUBUTION. AND WITHHOLDING Ihave received, read, and understand the special taxi notice regarding plan payment which contains general information ont the rules regarding rollover, direct rollover, withholding, capitalg gains, andi income averaging treatment of distribution. 1 lunderstand thatt the taxable amount of this distribution is eligible for rollover treatment and that nontaxable portions are not eligible for rollover; therefore, all nontaxable portions of my accounts willl be distributedi to me. Ifthe distribution is madet toal beneficiary other than the spouse, the distribution is not eligible for rollover, and option (c) below will bet the deemed election. a) Jinstruct yout to directly rollover thet total taxable portion oft the distribution requested on thisf form tot the Qualified Retirement Plan or Individual Retirement, Account ("RA') named below in Direct Rollover Information. lunderstand that Federal and Statei income tax will not be withheld as a distribution eligible for rollover to the Qualified Plan or IRAI named below in Direct Rollover Information. linstruct you to distribute to me ther remaining balance of the distribution. I understand: that: 1) Federal and State income tax will noth be withheld from the amount directly rolled over tot the Qualified Plan or IRAI named below; and2 2) thet taxable portion oft the amount distributed to me is subject to mandatory Federal income tax withholding ata a rate of 20% as required under current law, and State income tax will be withheld, ifa applicable. result of this direct rollover. linstruct yout to directly rollover $ b) ofthe totalt taxable portion oft this c) X linstruct yout to distribute tor me thet total distribution (lesst the rollover portioni ifa any). lunderstand that Federal income tax will be withheld on the taxable amount ofthe distribution ata a rate of 20% as required under current Federal law. DIRECT ROLLOVER INFORMATION Trustee or IRA: Custodian Name: Plan Name or IRA: Account Number: SIGNATURE Randy de Armas Castillo RandydeA Armas Castillo (Nov2,20240 08:01 EDT) ParicipantBeneficialny Signature 11/02/2024 Date 2 General Employees' Pension Trust Fund TAMARAC The City For Your Life ) CITYOFTAMARAC GENERAL EMPLOYEES' PENSIONTRUST FUND ACKNOWLEDGEMENT OF CONDITIONAL LUMP SUMI DISTRIBUTION NAME OF EMPLOYEE: Randy DeArmas Castillo AMOUNT OF LUMP SUMPAYMENT: $2,009.83 DATE OF PAYMENT: ASAP I,t thei undersigned, Randy DeArmas Castillo do hereby acknowledge that in accordance with procedures and policies established by the Board of Trustees of the City of Tamaraç General Employees' Pension Trust Fund, IH have received on this daya conditional lump sum distribution oft benefits from the Trust Fund in the above-stated amount, pending ratification ofs said amount by the Board of Trustees. Iunderstand and acknowledge that my entitlement to the distribution thatIhaver received on this dayi is and shall remain conditional pending ratification ofs same by the Board ofTrustees. Ifurther understand that the Board of" Trustees may determine that the amount of the benefit to whichIam entitled is less than the conditional distribution that I Ialso acknowledge that ift the amount oft the benefit ratified by thel Board of Trustees is less than the amount thatIhave received on this day,Iam not entitled to the difference, andIshall reimburse Ifurther acknowledge that my receipt of the conditional lump sum distribution is strictly conditioned upon my agreement hereby to indemnify the Board ofTrustees for any costs that it may incur, including court costs and attorney fees, as ai result of any failureonmy part to repayt to the' Trust Fund any difference: in the amount that Ihave reçeived on this day andtheamounti ratified byt the Board ofTrustees, as set forth above. Accordingly,lagreei topayt tot thel Board ofTrustees, in addition to any such difference, any attorney fees, court costs, or other expensesi incurred by the Trustees for the purpose of collecting the difference due, ifs said difference is not paid within 60 days of the date of ratification by the Board of Trustees of the amount ofbenefit to which I am have received on this day. said difference immediately to the Trust Fund. entitled. Randy de Armas Castillo Randy deA Armas Castillo (Nov2,202408:01 EDT) Participant's Signature 11/02/2024 Date 2 City of Tamarac Pension Contribution- Interest Calculation Pension Plan Employee: Tumer, Armani Socials Security#: Plan: General HireDate: 12/16/2023 TerminationD Date: 8/23/2024 DateF ForwardedtoA Administrator: Numbero ofmonthsinc currenty year: 11 Contributions Interest Tem System Period ThroughFY98 FY99 FYCO FY01 FY02 FY03 FY04 FY05 FY06 FY07 FYOB FY09 FY10 FY11 10/2011T Through 12/2011 SubT TolalT Through 12/31/11 Jan2 2012T Throughs Sepl.2 2012 Tolall ThroughF FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Total ThroughFY23 FY24 Total aftert the1 15thofthem month totalc contributedd duringt yearise 25% 4.171.10 4,171.10 4779 4.218.89 41.79 4,218.89 "Numberc ofmonthsin incurrenty yeare equalst then monthso ofserviced during currentf fiscaly year. Finaln monthise countedonlyift terminationo dateis 2.5%before1 1//12or1 1.25%. asof1 1/1/12interestr: rateisusedf forc contributionsd duringt they yeart they arec contributed, based onthefactthat contributions aremadet throughoutt they year. Interestis isonlye earneda aftero contributionsa arer made. 2.5% onthet totald contributedd duringthey yearis equivalentio5kin interesto onc contribulionsfrom!t thet time! theya areo contribuled.1 1.25%onthe L Mammcmyiwwiagtet timet theya arec contributed. ciyofTamarac CityofTamarac City of Tamarac General Employees' Pension TrustFund IACKNOWLEDGE RECEIPT OF THE PRECEDING 5-PAGE NOTICE AND EXPLANATION: OF ELIGIBLE ROLLOVER DISTRIBUTIONS WHICH THE PLANI IS REQUIRED TO PROVIDE TOI ME IN ACCORDANCE WITHI IRS NOTICE: 2018- 74: Date. Armani Twnok Armani Turner (Nov7,2024: 16:20 EST) Participant's Signature Armani Turner Print Oleat/PattopantNng 11/07/2024 Note: Return ONLYthis last page. (numbered6of6) to: City of Tamarac General Employées' Penslon Trust Fund cloo City of Tamarac HR/Pension Administration Offiçe 7525 NW/88"Avenue, Tamarac, FL Telephone: 954-597-3618 Email: eresamaringamerneorg Page 6 of6 TAMARAC The City For Your Life Generall Employees' Pension' Trust Fund CITYOFTAMARAC GENERAL EMPLOYEES' PENSIONTRUST FUND ACKNOWLEDGEMENTE OFCONDITIONAL LUMP SUM DISTRIBUTION NAME OF EMPLOYEE: Armani Turner AMOUNT OF. LUMP SUMPAYMENT: $4,218.89 DATE OF PAYMENT: ASAP I,the undersigned, Armani Turner do hereby acknowledge that in accordance. with procedures and policies established by. the Board of Trustees of the City of Tamarac General Employees' Pension Trust Fund, Ihave réceived on this day a çonditional lump sum distribution of benefits from the Trust Fund in the above-stated. amount, pending ratification of said amount by the Board of Trustees: I understand and acknowledge that my entitlement to the distribution that Ihave received ont this dayi is and shall rémain conditional pending ratification of sàme by the Board of Trustees, Ifurther understand that the Board ofTrustées may determine that the amount oft the benefit to which Iam entitled is less than the conditional distribution thatI Ialso acknowledge that if thé amount of the benefit ratified by thel BordofTrustes is less than the amount thatIhave received on this day, Iam not entitled to the difference, and Ishall reimburse Ifurther acknowledge that my reçeipt of the conditional lump sum distribution is strictly conditioned upon my agreement hereby to' indemnify the Board ofTrustees for any costs that it may incur, including court costs and attorney fees, as a1 result of any failure on my part toi repay to the Trust] Fund any difference in thes amount that Ihave received on this dayand thes amount ratified by thel Board ofTrustees, as set forth above. Accordingly, Iagree topay tot the BoardofTrugtes, in addition to any such differençe, any attorney fees, court costs, or other expensesi incurred byt the Trustees for the purpose of collecting the difference due, ifs said difference is not paid within 60 days of the date of ratification by the Board of Trustees of the amount of benefit to which Iam have received ont this day. said difference immediately to the Trust. Fund, entitled. Armani Twnek Armani Tume Nov 2024 16:20 EST) Participant's Signature 11/07/2024 Daté City of Tamarac General Employees' Pension Trust Fund clo City of Tamarac Human Resources DepartmentPension Administration 7525 NW8 88th Avenue, Suite 106 Tamarac, FL 33321-2401 Phone: 954-597-3618 DISTRIBUTION ELECTION FORM PARTICIPANT INFORMATION Name: Armani Turner Address: Social Security Number: REASON FORI DISTRIBUTION Birthdate: D D a Retirement (as defined by the plan) Disability & Other:: Return of contributions Death- - Payable to: Name: Address: Soc. Sec. No.: Relationshipi to partici ipant TIMING OF DISTRIBUTION lunderstand thatl Ihave 30 days from the date Ireceived the Special Taxl Notice regarding plan payments to a) X Ihereby waive the 30-day period ande elect to receive my distributionin the method selected consider my decision of whether or nott to elect rollover of my distribution. below as soon as possible. b) lelect to take advantage of the option to defer my decision fora period of 30-days. METHOD OF DISTRUBUTION, ANDI WITHHOLDING Ihave received, read, and understand thes special taxi notice regarding plan payment which contains general information on the rules regarding rollover, direct rollover, withholding, capitalgains, andi income averaging treatment of distribution. 1 lunderstand that thet taxable amount of this distribution is eligible for rollovertreatment and thatr nontaxable portions are not eligible for rollover; therefore, all nontaxable portions of my accounts willl be distributedi to me. Ift the distribution is made to al beneficiary. other than the spouse, the distributionis note eligible for rollover, and option (c) belowi will bei the deemed election. a). instruct yout to directly rollover thet total taxable portion ofthe distribution requested on thist form tot the Qualified Retirement Plan or individual Retirement Account ("IRA") named below in Direct Rollover Information. lunderstand that Federal and Statei income tax will not be withheld as a distribution eligible for rollover to the Qualified Plan or IRAnamed belowi in: Direct Rollover Information. linstruct you to distribute to me. the remaining balance of the distribution. H understand that: 1) Federal and State income taxy will noth be withheld from the amount directly rolled over toi the Qualified Plan orl IRA named below; and 2)thet taxable portion, of the amount distributed to me is subject to mandatory Federal income taxwithholding: at a rate of 20% as required under current law, and State income taxv willl be withheld, ifapplicable. result oft this direct rollover. instruct you toi directly rollover $_ b) oft thet total taxable portion oft this c) X linstruct) yout to distribute to me thet total distribution (less therollover portion if any). understand that Federali income taxi willl be withheld oni thet taxable amount of the distribution ata a rate of2 20% as required under current Federal law. DIRECT ROLLOVER INFORMATION Trustee or IRA: Custodian Name: Plan Name or IRA: Account Number: SIGNATURE Armani Twnek Armani Turner Nov7,202416:20E EST) Partcipant/Benefcialy Signature 11/07/2024 Date 2 TAMARAC The City For Your Life TO: KIMBERLY KUTLENIOS, FIFTHTHIRDI BANK PAYF FROM ACCOUNT: summarized herein. Payee Elkin Suarez City of Tamarac Pension Plan Administration Consent Agenda: Authorization to Pay Benefits or Invoices FROM: GENERAL EMPLOYEES' PENSONPIANBOARD: OF TRUSTEES WARRANT NUMBER: This notice serves as authorization to pay benefits ori invoices fort the following payees, pursuant tot the directive oft the Board of Trustees, as Type MONTLYBENEFITS Start Date End Date Effective Date Service Subsidy Supplement Amount Payment Type 12/1/2024 12/31/2024 12/1/2024 34 34 $5,673.85 10YCL monthly benefit $156,303.21 DROP ExitF Rollover Dist. Charles Schwab FBOE Elkin Suarez DROPIBACDROP EXIT 9/1/2022 11/15/2024 12/1/2024 SUBTOTALS $0.00 $0.00 $161,977.06 GRANDTOTAL $161,977.06 Signature: myn AHWASTAADAEN Email: midlasemontongumancor: Company: City OfTamarac Signature: Gregoryledmorth pymkEAIEasn Email: yrpylbnogumancor Company: Tamarac GEF Pension1 Trust Trustee Signature: Trustee Signature: GL ALLA AUTHORIZATIONS MUST HAVE ATL LEAST TWO SIGNATURES CITYOFTAMARAC GENERAL EMPLOYEESPEnSION PLAN Election Form for Payment ofl RetirementB Benefits Name of Participant: Home Address: Pompano Beach (City) Elkin Suarez (State) Social Security No.: XXX-XX: (ZipC Code) You are eligible toi receive retirement benefits from thej plan, payable ont the firsto day ofe each month commencing September 1,2 2022. The following shows the amount ofyour monthly benefitsunder differenti methods ofpayment as provided under thej plan. Please indicate thei form ofp payment under which you wish tor receive your benefits by checking the appropriate box, 10 Years Certain and) Life Thereafter- ar monthly income of$5,673.85 payable to you during: your lifetime. Int the event ofyour death prior toi réceiving payment for 10 years (120 payments), your designated beneficiary will continue to receive the same amount ofr retirement incomej fort the remaining 10-year Life Annuity - ai monthly income of $5,751.01 payable to you duringy your lifetime. No further payments 50%. Joint and Contingent- -ar monthly income of $5,192.14 payable toyou during your lifetime. Upon your death, your designated beneficiaries, if still living, will each receive amonthly income of $1,298.04 75% Joint and Contingent -ar monthly income of $4,951.57 payable toj you during your lifetime. Upon your death, your designated beneficiaries, ifstill living, will each receive amonthly income of$1,856.84 period. willl ber made after your death. payable during their respective remaining lifetime. payable during their respective remaining lifetime. Note: Regardless oft thei method ofpayment you choose, the amount ofbenefits payable toj you or on) jour beha/fwillbed atl leaste equal tot the amount ofyour own contributions tot the plani withi interest. The, Joint and Contingent benefits shownabove were calculated based upon) your designated beneficiaries named below andy payable only to those beneficiaries. CITY OF TAMARAC GENERAL EMPLOYEES' PENSION PLAN Election Form for Payment ofRetirement Benefits Name of] Beneficiary: Priscilla Suarez PAGE: 2 Jessica Suarez Social Security No.: Birth Date: Iaccept thei terms on thej previous page, including my choice of annuity form, and confirm thei information shown on the previous to be correct. 1.1L20)3 a Signature ofParticipant Date Date Signature ofSpousIfMaried) TOI BE COMPLETED BY NOTARY PUBLIC: STATE OF_ Florda tob before mei this 11 dayof_Tanuary by E/Kin Suarez. personally known toI me or has produçed identification. Sedlen Signature ofl Notary COUNTYOF Broward Swom to ands subscribed .202.3 whois - *SEAL #H126205 p Print, Type or Stamp Commission Name, Commission No./ Serial No. ofNota TOI BE COMPLETED BY ADMINISTRATIVE MANAGERSOFICE: Date Approved By Consent Agenday amw By: CitygJampac 37 Date: ol/12023 (CibofTmarac) CITY OF TAMARAC GENERAL EMPLOYEES PENSIONPLAN Delayéd Retirement Benefit Calcuhtion 1. Name Social Security Numiber 2. Date of] Birth Date ofHire Elkin Suarez August 27, 1990 August 31, 2022 September 1,2022 Date of] Employment Termination Delayed Retirement Date (DROP Entry Date) 3. Service 32.000000 years (100% yested) (based on years and completed months during the period. August 27, 1990through. August 31, 2022 assuming that Mr. Suarez was employed continuously during this period) 4. Averagé Final Compensation: a. Compensation for the period September 1, 2019 through December 31,2019 $25,074.60 (based ont the assumption that Mr. Suarez earned $75,018.28 on an anualizedt basis for 122 days) b. Compensation for the period January 1, 2017 through December 31, 2017 $76,141.53 C.; Compensation for thej period January 1, 2018 through Décember. 31, 2018: $75,146.78 d. Compensation for the period January 1,2020 through December: 31, 2020 $.82,373.08 e. Compensation for the period. January 1,2021 through December 31, 2021 $81,696,68 f. Compensation for the period. January 1, 2022 through August31,2022 $68,739.03 $6,819.53 $5,673.85 $5,673.85 (including 815,005.93 ofpaid accumulated vacationi hours) g. Ayérage monthly final compensation 5. Accrued. Monthly Retirement Benefit (2.609 xyears ofservice xa average fnal compensation) (payable as a 10-year certain and life anmuity) 7. Datè ofb birth of danghters/beneficiaries 6. Monthly Delayed Retirement Benefit Effective September1,2022 City of Tamarac General Employees' Pension Trust Fund ACKNOWLEDGE RECEIPT OF THE PRECEDING 5-PAGE NOTICE AND EXPLANATION OF ELIGIBLE ROLLOVER DISTRIBUTIONS WHICH THE PLAN IS REQUIRED TO PROVIDE TO ME IN ACCORDANCE WITH IRS NOTICE 2018- 74: Datel 1.1 12.2024 4G Paricpantssighature Elkin Suarez Pmicsn/PacPaNens Note: Return ONLYthis last page (numbered 60 of6) to: City of Tamarac General Employees' Pension Trust Fund clo City of Tamarac HR/Pension. Administration Office 7525 NW8 88th Avenue, Tamarac, FL Telephone: 954-597-3618 Email: eresamarin@tamaracorg Page 60 of6 Suarez, Elkin tyofT Tamarac General Employees' Pension Trust DROP Account Statement Last Name First Name Entry Date Exit Date Initial Benefit Suarez Elkin 9/1/2022 Applied Interest or (DROP 11/15/2024 Accrued 5,673.85 11,347.70 17,021.55 22,695.40 (70.42) 28,298.83 33,972.68 39,646.53 45,320.38 50,994.23 56,668.08 62,341.93 68,015.78 73,689.63 79,363.48 85,037.33 90,711.18 105;238.56 110,912.41 116,586.26 122,260.11 127,933.96 133,607.81 139,281.66 144,955.51 150,629.36 156,303.21 5,673.85 Interest Interest Calculated Total Per Eamed Interest Fiscal 30 9/30/2022. (70.42) (70.42) 31 10/31/2022 72.09 30. 11/30/2022 104.65 31 12/31/2022 144.18 31 1/31/2023 179.78 28 2/28/2023 194.94 31 3/31/2023 251.87 30 4/30/2023 278.63 31 5/31/2023 323.96 30 6/30/2023 348.39 31 7/31/2023 396.05 31 8/31/2023. 432.10 31 10/31/2023 30 11/30/2023 31 12/31/2023 31 1/31/2024 29 2/29/2024 31 3/312024 30 4/30/2024 31 5/31/2024 30 6/302024 31 7/31/2024 31 8/31/2024 30 9/30/2024 31 10/312024 15 11/15/2024 Date 9/1/2022 5,673.85 10/1/2022 5,673.85 11/1/2022 5,673.85 12/1/2022 5,673.85 1/1/2023 5,673.85 2/1/2023 5,673.85 3/1/2023 5,673.85 4/1/2023 5,673.85 5/1/2023 5,673.85 6/1/2023 5,673.85 7/1/2023 5,673.85 8/1/2023 5,673.85 9/1/2023 5,673,85 10/1/2023 5,673.85 11/1/2023 5,673.85 12/1/2023 5,673.85 1/1/2024 5,673.85 2/1/2024 5,673.85 3/1/2024 5,673.85 4/1/2024 5,673.85 5/1/2024 5,673.85 6/1/2024 5,673.85 7/1/2024 5,673.85 8/1/2024 5,673.85 9/1/2024 5,673.85 10/1/2024 5,673.85 11/1/2024 5,673.85 Benefit Distribution): Balance Interest Rate # of Days Through Earned Year -15.10% 7.48% 7.48% 7.48% 7.48% 7.48% 7.48% 7.48% 7.48% 7.48% 7.48% 7.48% 7.48% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 70.73 106.101 141.468 176.396 211.763 247.13 282.497 317.864 353.231 388.598 423.965 30 9/30/2023 453.04 3,179.68 459.332 3,179.68 99,564.71 156,303.21 Accrued Balance: as of 11/01/2024 Please note that additional interest or (losses) may be due, in. January: 2025f fort the period of10/1/20231 tos 9/30/2024 after rate ofr returni is calculatedi for FY24. Prepared! PEAha. - Pension Administrator' Reviewed Senior. Accountant R-nR Page 1of1 TAMARAC The City For Your Life General Employees' Pension Trust Fund CITYOFTAMARAC GENERAL EMPLOYEES' PENSIONTRUST: FUND ACKNOWLEDGEMENT OF CONDITIONAL LUMP SUM DISTRIBUTION NAME OF EMPLOYEE: Elkin Suarez AMOUNT OF LUMP SUMPAYMENT: 154,303.Z DATE OF PAYMENT: ASAP I,t the undersigned, Elkin Suarèz do hereby acknowledge that in accordance with procedures and policies. established by the Board of Trustees of the City of Tamarac General Employees' Pension Trust Fund,Ihave received on thisday a conditional lump. sum distribution of benefits from the Trust Fund in the above-stated amount, pending ratification of said amount by the Board of Trustees. Iunderstand and acknowledge that my entitlement to. the distribution that] Ihaver received on this dayi is and shall remain conditional pending ratification ofs same by the Board ofTrustees. Ifurther undérstand that the Board of Trustees may determine that the amount oft the benefit to which I am entitled is less than the conditional distribution thatI Ialso acknowledge that if the amount of the benefit ratified by thel Board of Trustees is less than the amount that Ihavereceived on this day, Iam not entitled tot the difference, and] Is shall reimburse If further acknowledge that my receipt of the conditional lump sum distribution is strictly conditioned upon my agreement hereby to indemnify the Board of" Trustees for any costs that it may incur, including court costs and attorney fees, as a result of any: failure on my part toi repay to the Trust Fund any difference int the amount that] Ihave receiyed on this day andt the amount ratified by thel Board ofTrustees, as set: forth above. Accordingly, lagree toj paytot the Board ofTrustees, in addition to any such differençe, any attorney fees, court costs, or othere expenses incurred by the Trustees for the purpose of collecting the difference due, if said difference is not paid within 60 days of the date of ratification by the Board of Trustees of the amount ofbenefit to which I am have received on this day. said difference immediately tot the Trust Fund. entitled. - Participant's Signature 1.12.24. Date City of Tamarac General Employees' Pension Trust Fund clo City of Tamarac Human Resources Department/Pension Administration 7525 NW88h Avenue, Suite 106 Tamarac, FL 33321-2401 Phone: 954-597-3618 DISTRIBUTION ELECTION FORM PARTICIPANT INFORMATION Name: Elkin Suarez Address: Social Security Number: REASON FORI DISTRIBUTION Birthdate: 0 a & a Retirement (as defined by the plan) Disability Other: DROP Exit- Lump Sum Rollover & Distribution Death - Payable to: Name: Address: Soc. Sec. No.: Relationshipto, participant: TIMING OF DISTRIBUTION understand that Ihave 30 days from the date I received the Special Taxi Notice regarding plan payments to a) X Ihereby waive the 30-day period and elect to receive my distribution' int ther method selected consider my decision of whether orr nott to elect rollover of my distribution. below as soon as possible. b) lelect tot takè advantage of the option to defer my decisioni fora period of 30-days. METHOD OF DISTRUBUTION, AND WITHHOLDING Ihave received, read, and understand the special taxi notice regarding plan payment which contains general information oni the rules regarding rollover, direct rollover, withholding, capital gains, andi income averaging treatment of distribution. 1 lunderstand that thet taxable amount oft this distribution is eligible for rollovertreatment andt that nontaxable portions are not eligible for rollover; therefore, all nontaxable portions of my accounts willl be distributed to me. Ift the distribution is made to a beneficiary other than the spouse, the distribution! is note eligible for rollover, and a) X linstruct yout to directly rollover thet total taxable portion ofthe distribution requested on this form option (c) below will be the deemed election. to the Qualified Retirement Plan or Individual RetirementAccount ("IRA") named below in Direct Rollover Information. lunderstand that Federal and Statei incomet taxy will not be withheld as a distribution eligible for rollover to the Qualified Plan or IRAnamed below in Direct Rollover Information. linstruct yout to distribute to me the remaining balance oft the distribution. I understand that: 1) Federal and State income tax will noth be withheld from the amount directly rolled over tot the Qualified Plan or IRA named below; and 2)thetaxable portion oft the amount distributed to mei is subject to mandatory Federal incomet taxwithholding at a rate of2 20% as required under current law, and State income tax willl bev withheld, ifapplicable. I instruct you to distribute tor me thet total distribution (less ther rollover portion if any). lunderstand that Federal income tax willl be withheld on the taxable amount of the distribution at ar rate of20% result oft this direct rollover. instruct you to directly rollover $_ b) of thet total taxable portion of this c) as required under current Federal law. DIRECT ROLLOVER INFORMATION Trustee or IRA: Custodian Name: Charles Schwab Chlis 904- 643-4269 Plan Name or IRA: FBO EIKin Suarez Account Number: P.D. Box 2380, Omahg,NE 68103 SIGNATURE <sG 11.21. 21 PaticpanvBenerclaly Signature Date 2 0 CIYOFTAMARACE GENERAL EMPLOYEES: PENSION: PLAN Election Form for Payment ofRetirement) Benelils Name of Participant: Alfred Wilson Social Security No.: (Zip Code) XXX-XX- Homc Address: (Ciy) (State) You are cligible tor reccive retirement benefits from the plan, payable on the firstdnyof cach month commencing November 1,2024. The following shows thet mmount ofy your monthly benefits inderdifierent methods ofp payment as provided under the plan. Mease indicate the fomi of paymnent uinder which yoir wi ish toreceive your benefis by checking thet appropriatel box. 10 Ycars Certain and Lifel Thereafler- ai monthly income of $2,436.18, payable to youd durings your lifetime. In the event ofy your death prior to receiving payment for 105 years (120p pajments),youre desigiated beneficiary will continuc tor receive thes same amount of retirement income for the remaining 10-year Life Annuity. - al monthly income ofs $2,486.37 payable 10) you during your Jifetime, No further payments 50%. Jointa and Contingent : ai monthly income of$2,314.37; payable toy you during your) lifetime. Upon your death, your designated beneficiary, ifs stilll living, will receive: a monthly income of$1,157.19; payable 50% Jointa and Contingent including the optional "pop-up" feature -i ai monthnly income of $2,304.14 payable toyou. Upony your death, your designated beneficiary, ifstill liying, willreceive amonthly income of$1,152.07 payable during the remaining lifetime ofthel bencficiary. Upmthedeath ofyour beneficiary, ifstilll living, you will receivea a monthly income of$2,436.18 payable durigyour remaining lifetime. 75%J Joint and Contingent- - amonthly income of$2,237.14 payable toy youduring yonrlifetime. Upon your death,) your designated beneficiary, ifstilll living, will receivea ar monthlyi mcunos,a7.3épsyabe 75%J Joint and Contingenti including the optional "pop-up" feature- - a monhaly income of$2,220.82 payable toyou, Uponyour death, your designated beneficiary, ifstilil living, willrèceive: ar monthly income 0f$1,665.62 payable during the remaining lifetime ofthel beneficiary. Upon the death ofyour beneficiary, ifs stilll living,youy willr receive as monthly income of$2,436.18 payable duringy your remaining lifetime. 100%) Joint and Contingent- - ar mpnthly income of $2,164.79 payable toyo. during) your liferime. Upon your death,) your designated beneficiary, ifstilll living, will receive: ar monthly income of$2,164.79; payable 100%. Jointa and Contingent including the oplional "pop-up" feature ar monthly income of$2,143.35 payablet toyoL Upon your death, your. designated beneficiary, ifstilll living, will receivear monthly inçome of$2,143.35 payable during the remaining lifetime oft the! beneficiary. Upon the deathe ofyour beneficiary, ifstilll living,you willr receive ai momthly income of$2,436.18; payable durng your remaining lifetime. Note: Regardless afthe, method ofpaymnty yous close, the aot ofbenefits payable 10) youe ore onyozbelalf willl bes atkeaste equal 10 the amount ofyouro oune contribmions 101 thep plrs withk interest. Th. Jointe ani Contingent bengfits shown ahoe wenzn colculatedi basedu urony your period. willl bei made aflery your death. durmg ther remaining lifctime of thel beneficiary. Aw during the remaining lifetime oftheb beneficiary. during the remaining lifetime oft the beneficiary. designated! bereficiny mmmed helow aipcyicble onby IOR phis bemficiary. CITYOFTAMARAC GENERALI EMPLOYEES PENSION: PLAN Election Form for Payment ofRetirement Benefits Name of Benefiçiary: Olive Wilson Social Security No,: Home Address: (Chy) PAGE2 Binth Date: (ZipCode) (State) laccepi the terms on the previous page, inchiding my choice of annuity form. and confimnthei information shon the previous to bes eewTeCt. 12-1D-24 12/0/2624 on Date Date lkd dh Kf Signregis Sponse Marrio TOT BL COMPLETED BY NOTARY PUBLIC: 1ob beforemet this_ "0 dayo of brember s,Alfadmsm perspnally knowrpi me or has procced identification. STATEO orGeorin wDlive COUNTY OF Swom tos amds subscribed Hnar whoi is H SibleturepyAbary! Pablic P Shaw ANGELAS SHAW Nolay Publig, GeorgsEAL Spallingcounty Expires Type r Stamp Commission Name, Commission No SNo. ufNolar Puhlis, Mycommiasns Aqust 1.3 2026 TO BE COMPLETED BY ADMINISTRATIVEMANAGERSOPTICE: Date Approved! By Consent Agendar Byi Duse (City ofl Tararat) SOUTHERN ACTUARIAL SERVICES Post Ofieb Box88813 Atanta, Georgia 30356-0343 Telephone 770.392.0980 Faxsimile 770392.2193 December 5, 2024 Ms. Stephanie Smith Pension Administration Specialist City ofTamarac Human Resources Department 7525N.W. 88th Avenue, Suite 203 Tamarac, FL 33321-2401 Dear Stephanie: Re: CityofTamarac General Employees' Pension Plan In response to your request, I have calculated the delayed retirement benefit payable to Please note that my calculation is based on the information set forth on the enclosed benefit calculation worksheet. If any of the assumed information is incorrect, then the amount of Based on my understanding of the terms of the plan, Mr. Wilson is entitled to receive a delayed retirement benefit beginning November 1, 2024 (his delayed retirement date) equal to $2,436.18 per month. This benefit is payable as a 10-year certain and life annuity. Alternatively, Mr. Wilson may elect to receive an optional form. of payment subject to the approval oft the Trustees. We have set: forth certain options on the enclosed workshéet. Mr. Alfred Wilson effective November 1,2 2024. Mr. Wilson's monthly benefit may change. Ifyoul have any questions or changes, do not hesitate to call me. Sincerely, londefh w. Pmm Randolph W. Moon Actuarial Analyst Enclosure as stated Our Officeislo Locateda lat 68. Jopenal Boulevard, Hoschton, Georgja 30548 CITY OF TAMARAC GENERAL EMPLOYEES'PENSIONPLAN Delayed Retirement Benefit Calculation 1. Name Social Security Number 2. Date ofl Birth Date ofHire Date of Employment Termination Delayed Retiremént Date Alfred Wilson XXX-XX August 1,2 2005 October 25, 2024 November 1,2024 3. Service 19.166667 years (100% vested) (based on, years and completed months during the period. August 1, 2005 through October 25, 2024 assuming that Mr Wilson was employedcontinuoisy during this period) 4. Average Final Compensation: a. Compensation for the period October 26, 2019 through Decernber- 31,2019 $9,402.88 (based oni the assumption that Mr. Wilson earned, $51,224.62 on an anmalized basisf for 67 days) b. Compensation for the period January 1, 2020 through December 31,2020 $54,512.58 Compensation for the period January 1, 2021 through December 31,2021 $51,646.61 d. Compensation for the period January. 1, 2022 through December 31,2022 $57,167.99 Compensation for the period, January 1,2 2023. through December 31, 2023 $58,150.99 Compensation for the period January 1, 2024 through Ootober25,2024 (incliding $6,213.100fpaid accumalated vacation hours and $5,418.80efpaid. sick hours) $62,438.58 $4,888.66 $2,436.18 $2,436.18 . Average monthly final compensation 5. Accrued Monthly Retirement Benefit (2.60% xyears ofservice X averagefinal compensation) (payable as al 10-year certain and life anmuilly) 7. Date ofbirth ofspouse/Deneficiary 6. Monthly Delayed Retirement Benefit Effectiye November1,2024 DATA FOR CALCULATION OFF RETIREMENT ORY VESTED TERMINATIONI BENEFITS CITY OF TAMARAC RETIREMENT PLAN Name: Alfred Wilson Sex: M Beneficiary Name: Sex: Date of Employment: 8/1/2005 Group: General E time ofdisability. S.S#) XXX-XX- Relation Ship: Date ofE Birth: Date ofE Birth: Date ofF Retirement or Termination (ie. last physical day worked): 10/25/2024 FINAL FirefighterDJ General BSO D Police D Ifth the participant is applying foral Disability Benefit, please write int the average monthly compensatonat: the Any! leave ofa absence forv which no benefit credits should bea allowed undert the plan? City/BSO Data: Plan defines Compensation as" "Total cash remuneration paidf fors services renderedtothe City'. 1) total annuala amountf forf five (5) highest years ofe employment priort toy year oft termination: 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 58,150.99 57,167.99 51,646.61 54,512.58 51,224.62 51,134.83 48,433.45 43,552.48 42,929.14 42,646.42 41,065.71 2012 2011 2010 2009 2008 2007 2006 2005 39,376.98 37,901.43 36,582.77 35,042.68 33,410.78 31,839.51 35,037.76 14,353.41 $ 9 2) Please list finals salary, l.e. from January 1toc date oft termination orr retirement: 3) Please complete thet following about accumulated leave for which payment was made atd date of $ 50,806.68 Note: Does Notl Include Payouts Listed Below retirement ort termination: Sick Hours 195.66 Number of Days this represents: 24.46 $Value Paid $5,418.80 Vacation Hours 224.34 Number of Days this represents: 28.04 $ Value Paid $6,213.10 FORI FIRE: Unused Sick Hours Prepared Date When dide employeer receivet the above amounts? 11/7/2024 Reviewed by: Beshalauer MpCbO Send to: Southern. Actuarial Services Company, Inc. PO Box 888343 Atlanta, GA 30356-0343 Fax: (770) 392-2193 City of Tamarac Pension Contribution- Interest Calculation Employee: Wilson, Alfred Social Security#: XXX-XX-E Plan: General HireDate: 8/1/2005 Termination Date: 10/25/2024 Date Forwardedt toA Administrator: 12/4/2024 Number ofmonthsl Incurrenty year": 1 Contributions interest Calculation Interes! Total 205.41 FY06@4% 2,293.53 FY06 Contibutions Q2% andFYOB 2,211.96 Contributions@2% @4plusFY07 144.20 2,356.16 Rollover, FY06, andFY07 2,284.60 Contributions@ Contributions 82% @4%p plusFYO8 234.13 2,518.73 FYD6- FYOB 2,457.05 Contributions Camhuionses5piso 82% Rollover, FY06- FY09 2,579.07 Contributions@ Contributions@ @4plusFYi0 g2% FY06- FY10 2.625.55 Contibutions@ 2% 4%p plusFY11 533.78 3,159.33 FY118Priorc Contributions@ 4%+Oct. throughD Dec. FY12, 678.10 months Contibutions@2 15,333.27 CantibutionsP Priorto1 1/1/120 255*ContrbutionsA After M1/2@1 1.25%/ 12" Nodf 2,052.87 Monthsin Calendar 2012 306.74 2359.61 17,386.14 Priorto1 10/1/12 2.796.05 10/1/281.25% 2.5%+ ConkributionsA Afler 469.60 3265.65 ons Priorio1 10/1/13 2.923.33 10/1130 @255+ ContributionsA 1.25% After 541.10 3464.43 ContributionsP Priorto 10/1/14 @25910 ContributionsA After 2,953.27 10/1/1401 1.25% Contributions Priorbo1 10/1/15 @25%+0 ContributionsA After 3,051.51 10/1/501.25% ContributionsF Priorto1 10/1/16 @25%+ ContributionsA Alter 3,318.67 10/1/16@1 1.25% ContributionsP 10/1/17 3,342.49 10/1/17@1 @2.59+0 ConributionsA 1.25% After 852.50 4194.99 ContributionsF Priorto 10/1/18 @25%+ ContributionsA Afler 3.685,96 10/1/8@1.25% ContributionsP Priorte to1 10/1/19 +ContributionsA Afler 3,582.78 10/1/1901.25% Contibutions Priorio1 10/120 @25%+ Contributions After 3,984.97 10/12001.25% Contibutions Priorlo1 10//21 @25%+ ContributionsA After 3,761.35 10/12101.25% ContributionsP Priorto1 10/1/22 @2.5%+ Contributions After 4,077.82 10/12201.25% Priorto 10/1/23 2.5%+ Contributions Afler 10M1/23@1 1.259/12-Nod 4,238.18 Monthsir fiscalyear2024 1,424.08 5662.26 59,082.42 ContributionsP Priorto 10/1/23 @2.5%+0 Contributions) After 10/1/246 @1 1.259/12-Nod 1,350.63 Months infiscaly year2 2024 60,433.05 Vested Period Rollover1 10/18/05 FY06 FY07 FY08 FY09 FY10 FY11 10/2011 Through1 12/2011 Sub7 Total Through 12/31/11 Jan2 2012T Through Sept. 2012 Totall Through FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Total ThroughFY24 FY25 Total 822 213.63 45.87 2,339.40 328.96 2,786.01 429.68 3.008.75 149.95 826.05 1,874.79 17,208.06 2,181.53 19.567.67 614.55 3567.82 689.61 3741.12 769.24 4087.81 940.36 4626.32 1,03122 4614.00 1,125.56 5090.53 1,22214 4983.49 1.320.13 5397.95 13,181.62 72264.04 12450 1475.13 13,30612 73,139.17 *Number ofmonthsir incurrenty yeare equals the months ofservice duringo currentfi fiscaly year. Finaln monthiscounted 2%b before 1/1/12,or1 1.25% asof1 1/1/12interestn rateisu usedf foro contributionso duringt they yeart theya are contribuled, basedo ont thef factthato contributions aren madet throughoutt they year. Interestis is onlye earneda aftero cortibutions are 2%0 onthet totalo contributedd duringt they yearise equivalentto4 4%ir interesto ond contributionsf fromt thelime theyare contributed.1 1.25% ont thetd totalo contributedo duringit they yeari isequivalentte to2.5%i interresto on comfibationsfromthe onlyif fterminationo dateisa aftert the1 15tho ofther month made. timet theya are contributed. Preparedby: Stephanie Smith Reviewedby: Zuata-Layaay CityofTamarac CitydfTamarac $ 5 CITYO OF TAMARAC GENERAL) EMPLOYEES PENSION: PLAN Election. Form for Payment of] Retirement Benefits Name of Participant: Home Address: (City): Csaba Banrèvy. Social SecurityNo.: XXX-xX- (State) (Zip Code). You are eligible to receive rêtirement benefits from the plan, payable on the first day. ofe each month commencing Septèmber 1; 2020. The following shows the amount ofyour monthly benefits underdifferent methods ofpayment as provided. under thej plan, Pleàse indiçate the form of payment under whichyouy wish to receive! your benefits by checking the appropriate box. OCAMsUETHNtS: a monthly inçomé of$1,138.98 payablet to you during your lifetime. Int the event of your death prior to reçeiying payment for 10 years (120 payimerits), your désignated beneficiary will continue to) receive) the same amount ofrétirement! income for the rémaining 10-year Life Annuity Far monthly income of$1,284.54 payablétos you duringyour! lifetime. No further payments 50%, Joint and Contingênt- -ai monthly income of $939.09 payablé tos you duringyour lifetime. Uponyour death, éach ofj your designated beneficiaries, ifstill living, will rèçeive ai monthly income of$234.77 Note: Regardless pfihe method dfpayenty you choase, the dmount afbenefis payable t0) you oro onyour behalfwill bea atl leaste equalt t0 the amount Ofyour oin contributions to! the plans withi interest The., Joinfa and Contingent benefits shownz above reres calculdted! basedy ypanjour period. will be made after your death. payable during theiri respèctivè rémaining lifetime. designatedb beneficiaries) hamed belgir andp payable Onlytot this beneficiaries. CITY OF TAMARAC GENERAL EMPLOYEES PENSIONPLAN Election Form for) Payment of Retirement Benefits PAGE2 Name ofBenefiçiary: Social Security No.: Birth Date: Home Address: (City) June 5, 1969 (State) September 9,1992 (Zip.Code) Iaccept the terms on the previous page, including. my choice ofannuity form, and confirm thei information the previous tob be correct, 1a/20/2020 shown,on Date Date Signature of Paicipant Signature ofs Spouse ( Married) TOBE COMPLETED BY NOTARYPUBLIC: STATE < OF Fvorica COUNTYOF Broware tob before me this 20-daydf Ochber by_Lsaba Banccuu personally knowntome or has produçed identification. Swom to and subscribed 2020 who is. Rls NANCYRMEBAL MYCOMMIBBIONAGGE: 122050 dondes EXPRES:uy6,2021 Thul NtayPuHleUnderwiters: Signature of1 Notary Public Print, Type or Stamp Commission Name, Commission No./ Serial No. ofN! TO1 BE COMPLETED BY ADMINISTRATIVE MANAGER'S OFFICE: Date Approved By Consent Agenda: By: Date: (CityofTamara) CITY OF TAMARAG GENERAL EMPLOYEES PENSION IRUSTI FUND DESIGNATIONCHANGE OF BENEFICIARY FORM Ihereby make thet following Beneficiary Designation for benefits due under the above Pension Plan in the event of my death. Tunderstand thel beneficiary designation below supersedes any previous beneficiary designationlmay have made and will remain! ini force untill I request a change. PALMARYBENERCARYIES. e MAR/AARE/EIDT AGdress Datce elatons EICEO CONTINGENTE BENEFICIARYIES): Name lfa any designated Beneficlary shall predecease me, the rights ànd interests of such Beneficlary shall there upon automatically terminate. Ifatr my death therei is no designated Primary or Contingent Beneficlary asi to.my bénefit, If any, then such benefit shall be payable to my estate. Payment in that manner shall completely discharge the Ireserve the right to change the designated Beneficiary, in accordance with thel Plan, at any time upon filing a new written request With the Board which when received by the Board, shall revoke any prior selection or designation of liability with respect tot the benefit so paid. Beneficiary. The consent ofal Beneficlary shall not! be requiredi to effectuate any change. SIGNED THIS 3 LSABA BANREVY Employee Name (print) Street Address dayo of_ novembe A Enfpioyee A State EDINE 18TH AVE FORTLAUPERDALE FL 33334 56,3503147 City Zp Phone" Original Received and effective from THIS, day of Signature ofWitness (Plan Official or Notary Public), Juo Builhtnyyz STATE OF before me this COUNTY OF Sworn to and subscribed to day of 20 by. SEAL who is personally known to me or has produced identification. Rev. 07/2011 5 City of Tamarac Pension Contribution - Interest Calculation Employee: Coulson, Nicholas Plan: General Hire Date: 10/11/2021 Termination Date: 11/26/2024 Social Security #: not vested Interest Date Forwarded to Administrator: 12/5/2024 Number of months in current year*: 2 Period. FY21 FY22 FY23 FY24 Total ThroughFY24 Contributions Interest Calculation Contributions Prior to1 10/120 @ 2.5% + Contributions. After 10/1/20 @ 1.25% Contributions Priort to 10/21 @ 2.5% + Contributions After 2,579.86 10/1/21 @ 1.25%. Contributions Priort to1 10/122@ 2.5% + Contributions After 3,065.25 10/1/22 @ 1.25% Contributions Priort to 10/1230 2.5% + Contributions After 10/1/23 @ 1.2596/12*Noof 3,279.82 Months inf fiscal year 2024 Contributions Priort to 10/123 @ 2.5% + Contributions, After 10/1/24. @ 1.2596/12*Noof 607.77 Months inf fiscal year 2024 Total 32.25 102.81 182.13 317.19 38.45 355.64 2,612.11 3,168.06 3,461.95 9,242.12 646.22 9,888.34 8,924.93 FY25 Total 9,532.70 Number of months in current year equals the months ofs service during current fiscal year. Final month is counted 2% before 1/1/12 or 1.25% as of 1/1/12 interest rate is used for contributions during they year they are contributed, based on thet factt that contributions are made throughout they year. Interest is only earneda after contributions are, 2% ont thet total contributed during the year is equivalent to 4%i interest on contributions from thet time they are contributed. 1.25% oni the total contributed during the yeari is equivalent to 2.5%i interrest on çontributions from the onlyi ift termination date is after the 15th oft thei month made. time they are contributed. Prepared by: Stephanie Smith Reviewed by: Keiaha Lawaon 1/8/25 City of Tamarac City of Tamarac City of Tamarac General Employees' Pensicon Trust Fund ACKNOWLEDGE RECEIPT OF THE PRECEDING 5-PAGE NOTICE AND EXPLANATION OF ELIGIBLE ROLLOVER DISTRIBUTIONS WHICH THE PLAN IS REQUIRED" TO PROVIDE TOI ME IN AOCORDANCE WITHI IRS NOTICE2018- 74: Date. 01/19/2025 Nicholas Coulson Nicholas Coulson (Jan1 19,2 20252 2152 EST) Participant's Signature Nicholas Coulson Print Glearly ParicipantName Note: Return ONLYthis last page (numbered 6of6) to: City of Tamarac General Employees' Pension Trust Fund clo City of Tamarach HR/Pension. Administration Office 7525 NW88 Avenue, Tamarac, FL Telephone: 954-597-3618 Email: eresamatinglameraoorg Page 60 of6 TAMARAC The City For Your Life Ge erall Employees' Pension Trust Fund CITY OF TAMARAC GENERAL EMPLOYEES' PENIONTRUSTFUND ACKNOWLEDGEMIENT OF CONDITIONALLUMP SIMDISTRIBUTION NAME OF EMPLOYEE: Nicholas Coulson AMOUNT OF LUMP SUMPAYMENT: $9,888.34 DATE OFPAYMENT: ASAP I,the undersigned, Nicholas Coulson do hereby acknowledge that in accordance with procedures and policies established by the Board of Truistees of the City of Tamarac General Employees' Pension' Trust Fund, Ihave received on thisdayaconlitional. lump sum distribution of benefits from the Trust Fund in the aboye-statedamount; pending ratification ofs said amount by the Board of Trustees. Iunderstand and acknowledget that my entitlement to the distribution thatl Ihave received on this day is and shall remain coditionalpending: ratification ofs same by the Board ofTrustees. Ifurther understand that the Board of Truistees may determine that the amount of the benefit to whichI am entitled is less than theconditional distribution that I Ialso acknowledge that ift the amount of the benefit ratified by thel Board' of Trustees is less than the amount thatI Ihave received ont this day,I Iamr not entitled to the difference, andIshall reimburse Ifurther acknowledge that my receipt of the conditional lump sum. distribution is striotly conditioned upon my agreement hereby to indemnify the Board ofTrustees for any costs thati it mayi incur, including çourt costs and attorney fees, as a result ofa any failureonmy part to repay to the Trust Fund any difference int the amount that Ihave received on this day andtheamount) ratified by the Board ofTrustees, as set forth above. Acçordingly, Iagree top pay tot thel Board ofTrustees, ins addition to any such difference, any attorney fees, court costs, or other expensesineurred! by the Trustees for the purpose of collecting the differençe due, if said differençe ist not paid within 60 days of the date of ratification by the Board of Trustees of the amount ofbenefit to which Ia am have reçeived on this day, said difference immediately to the Trust Fund. entitled. Nicholas Coulson Nicholas Coulson (Jan1 19,2 20252 21:53EST) Participant's Signature 01/19/2025 Date City of Tamarac General Employees' Pension Trust Fund clo City of Tamarac Human Resources Department/Pension Administration 7525 NW88th Avenue, Suite 106 Tamarac, FL 33321-2401 Phone: 954-597-3618 DISTRIBUTION ELECTION FORM PARTICIPANT INFORMATION Name: Nicholas Coulson Address: Social Security Number: REASON FORI DISTRIBUTION Birthdale: a 0 0 0 Retirement (as defined by the plan) Disability Other:. Death - Payable to: Name: Address:. Soc. Sec. No.: Relationshiptop participant TIMING OF DISTRIBUTION lunderstand that Ihave 30 days from the date Ireceivedi the Special Taxi Notice regarding plan payments to a) X Ihereby waive the 30-day period ande electt to receive my distibutionin the method selected consider my decision ofv whether or nott to electr rollover of my distribution. below as soon as possible. b) lelect tot take advantage of the option to defer my decision for aj period of 30-days. METHOD OF DISTRUBUTION. ANDI WITHHOLDING Ihave received, read, and understand the special tax notice regarding plan payment which contains general information on ther rules regarding rollover, direct rollover, withholding, capitalgains, andi income averaging treatment of distribution. 1 understand that thet taxable amount oft this distribution is eligible for rollover treatment andt thatr nontaxable portions arei not eligible for rollover; therefore, all nontaxable portions ofm my accounts willl be distributed to me. Ift the distribution is made to al beneficiary other than thes spouse, the distibe utionis note eligible for rollover, and option (c) below willl bei the deemed election. a) linstruct yout to directly rolloveri the total taxable portion dthe distribution requested ont this form tot the Qualified Retirement Plan or Individual RetirementAcount ("IRA"). named below in Direct Rollover Information. understand that Federal and Stateincome tax will not be withheld as a distribution eligible for rollover tot the Qualified Plan or IRAnamed belowi in Direct Rollover Information. linstruct you to distribute to me the remaining balanceoft the distribution. I understand that: 1) Federal and State inçome tax will notbewithheld fromi the amount directly rolled over to the Qualified Plan or IRA named below; and2)thetaxable portion ofthea amount distributed to mei is subject to mandatory Federal incomeaxwitiholing at ar rate of20% as required under current law, and State income tax willl be withheld, ifapplicable. result oft this direct rollover. linstruct yout to directly rollover $_ b) ofthetotali taxable portion oft this c) X linstruct yout to distribute tor me thet total distribution (lessherollover portioni if any). Tunderstand that Federali income tax willl be withheld ont the taxable amount oft the distribution atar rate of20% as required under current Federal law. DIRECT ROLLOVER INFORMATION Trustee or IRA: Custodian Name: Plani Name or IRA: Account Number; SIGNATURE Nicholas Coulfon Nicholas Coulson( (Jan1 19,2 20252 21:53EST) PartcipantBeneficiany Signature Signature: Nicholas Conkson NicholasCoulson (Jan1 19,2 20252 21:53ES1) Email: nickcoulson@attnet. Company: CityofTamaracFL 01/19/2025 Date Signature: ArlereWalh (Janl 15,202518:16ES1) Email: renevasi@lamaracog Company: CiyofTamaracFL 2 City of Tamarac General Employees' Pension Trust Fund Consent Agenda = Authorization to Pay Benefits October 31, 2024 DROP ENTRY APPROVAL DROP Effective Amount Date 12/1/2023 $1,851.30 Pensionablé Service 14.5 Payée Name Separation Description Date Years of Benefit Monthly Form of Benefit 75%JC Gregory Ledsworth On or before DROP Entry 3/31/2026 12/1/2023 MLV Mildred Velasquez Secretary: MildredVelasquez (Noy1,20241137ED Chairperson: Michael Morrison (Oct31,20241 17:48EDT) Vice-Chairperson: Trustee: ALL AUTHORIZATIONS MUST HAVE AT LEAST TWO SIGNATURES CITY OF TAMARAC GENERAL EMPLOYEBIENSION PLAN Election Form for Payment ofRetirementB-nefis Name ofParticipant: Home Address: (City) Gregory Ledsworth Social SecurlyNo.: (State) (Zip Code) You are eligible toi receive retirement benefits from thej plan, payable on thei fint dayofeach month commencing December 1, 2023. The following shows the amount ofs your monthly benefisunderdifterent: methods ofp payment as provided under thej plan. Pleasei indicate the form ofp payment under which jpuwish to receive your benefits by checking the appropriate box. 10 Years Certain and] Life Thereafter- ai monthly income ofs $2,026.6lpayable to you during your lifetime. Int the event ofyour death prior to receiying payment for 10 years (12/payments), your designated beneficiary will continue to receive thes same amount ofretirement incore for the remaining 10-year Life Annuity -ar monthly income of $2,082.53 payable to you duringyour lifetime. No further payments 50%. Joint and Contingent - ai monthly income of $1,922.43 payable toyou during your lifetime. Upori your death, your designated beneficiary, ifs still living, will receive ai monthlyi income of$961.22 payable 50%. Joint and Contingent including the optional "pop-up" feature - amonthly income of$1,911.29 payable to.s you. Upon your death, your designated beneficiary, if stilll lving, willi receive a monthly income of$955,65 payable duringt thei rémaining lifetime of thel beneficiary. Upont the death ofyour beneficiary, if still living, you willi receive ar monthly income of $2,026.601 payable dmingyourremaining lifetime. 75%. Joint and Contingent - ai monthly income of$1,851.30 payable toyou during yourl lifetime. Upon your death, your désignated) beneficiary, ifstill living, will receive ai monthly income 6f$1,388.481 payable 75%. Joint and Contingent including the optional "pop-up" feature -an monthlyincome of$1,833.26 payable to you. Upon your death, your designated beneficiary, ifs still lving, will receive aj monthly income of$1,374.95 payable during thei remaining lifetime ofthel benéficiary. Upon the death of your béneficiary, ifstilll living, you willi receive ar monthly income of $2,026.60 payable during your remaining lifetime. 100%. Joint and Contingent- -ar monthly income of$1,785.23 payablet toyouduring your lifetime. Upon your death; your designated beneficiary, ifstill living, will receive ai motthlyi inçome of$1,785,23 payable 100%. Joint and Contingent including the optional "pop-up" feature - anonthly income of$1,761.32 payable tos you. Upon your death, your designated beneficiary, ifs still living, will receive al monthly inçome of$1,761.32 payable duringt the remaining lifetime of thel béneficiary. Uponthe death ofyour beneficiary, ifstilll living, you willreceive ar monthly income of$2,026.60 payable dringsourremaining: lifetime, Note: Regardless afther method ofr payment) you choose, the amount of benefits! payable toj you or onyr bFalfwillb be at! leaste equal to the. amounto ofyour own contributions tot the plan withi interest. The. Joint and Contingent benefits shown dbovevvere calculated based upony your period. willl bèi made after your death. during the remaining lifetime oft thel beneficiary. during thei remaining lifetime oft thel beneficiary. during the remaining lifetime of the beneficiary. designated beneficiary named below, and payable only tot this beneficiary. CITY OF TAMARAC GENERAL EMPLOYEES' PENSIONPLAN Election Form for Payment ofRetirement Benefits Name of Beneficiary: Christopher Ledsworth PAGE2 Social Seçurity No.: Home Address: (City) Birth Date: (State) (Zip Code) Iàccept thet terms on1 thej previous page, including my choice of annuity form, ad confirm the information shown on thej previous tol be correct. 10-3029 - SignatgyofParticiput Date Date Signature ofSpouse(fMarridd) TOBE COMPLETED BY NOTARY PUBLIC: tob beforei met this 30 day of october Wy_Grespry Ledgusorth personally knowntor me orl has produced identification. Blene Roerep Signature ofNotary,) Public STATE OF Fbride COUNTYOF Browarel Sworn to ànd subscribed 2024 whoi is AL #H1 126205 Print, Type or Stamp Commission' Name, Commission No./ Serial No. ofNotaryo TO1 BE COMPLETED BY ADMINISTRATIVE, MANAGER'S OFFICE: Date. Approved By Consent Agenda: By: Date: (City ofTamarac) CITY - OF TAMARAC GENERAL EMPLOYEIS PENSION PLAN Delayed Retirement Benefit Calculation 1. Name Social Security Number 2. Date of Birth Date ofHire Gregory Ledsworth XXX-XX May 5,2009 November 30, 2023 December 1,2023 Date ofl Employment Termination Delayed Retirement Date (DROP Entry Date) 3. Service 14.500000 years (100% vested) (based on) years and completedmonths during the period May. 5, 2009 thrughNovember. 30, 2023. dssuming that Mr. Ledsworth was employed continuously during this period) 4. Average Final Compensation: a. Compensation fort the period December 1, 2017 through! December 31, 2017 $4,314.92 (based on the assumption that Mr. Ledsworth earned $50,804.69 on ana aimdizedbasi) for 31 days) b. Compensation for the) period January 1,2019 through Decmber31,2019 $56,355.77 Compensation for thé period. January 1, 2020: through Decmber31,2020 $61,251.15 d. Compensation for the period January 1,2021 through Decmber31,2021 $,60,497.98 e. Compensation for the period. January 1,2022 through Decmber31,2022 $68,685,19 f. Compensation for the period January 1,2023 through Novenber30,2023 $71,430.23 (including $1,406.85 ofpaid accumulatedi vacation hours and $5,319.64 dfpaidsickhours) g. Ayérage monthly final compensation 5. Accrued. Monthly Retirement Benefit (2.60% xyears ofservice X averagej fnal compensation) (payable as ai 10-year certain and life annuity) 7. Date ofbirth of spouse/beneficiary $5,375.59 $2,026.60 $2,026.60 6. Monthly Delayed Retirement Benefit Effective December 1,2023 Wire Transfers/ Banking Report FINANCIAL SERVICES TAMARAC The City For Your Life Christine Cajuste DIRECTOROIFNANCIAL SERVICES ) November 7, 2024 TAMARAC GENERAL EMPLOYEES PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: SGFlondaprocessng.bancorp@ss.com Vendor Number: 0007975 Payment Date: Nov 08, 2024 Payment Number: 0038292 Payment Amount: 31,353.17 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Information 20241107 Invoice Amount 31,353.17 Retainage Amount 0.00 Discount Amount 0.00 PO Number Number Project ommted to Ediece..Auaga." MARACOR 7525 N.W. 88hAvenuel Tamarac, Florida 3321-2401/P294.973550F-994597.3580 EOUKOPCAINTYDAOTER FINANCIAL SERVICES TAMARAC The City For Your Life Christine Cajuste DIRECTOROfFNANCAL SERVICES ) November 21, 2024 TAMARAC GENERAL EMPLOYEES PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: S6Fondaprocessing.ancor@s.com Vendor Number: 0007975 Payment Date: Nov 22, 2024 Payment Number: 0038396 Payment Amount: 28,606.74 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Information 20241121 Invoice Amount 28,606.74 Retainage Amount 0.00 Discount Amount 0.00 PO Number Number Project BmMaSuh-Aap AMARACORG 7525N N.W. 88hAvenue Tamarac, Florida 332-2401/P.954397.560/F994.897.60 EOAUKOPEAINIYEHAOTER FINANCIAL SERVICES TAMARAC The City For Your Life Christine Cajuste DIRECTOR of FINANCIAL SERVICES SARs December 5, 2024 TAMARAC GENERAL EMPLOYEES PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: SGFlondaprocessing.ancor@s.com Vendor Number: 0007975 Payment Date: Dec 06, 2024 Payment Number: 0038516 Payment Amount: 41,808.33 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Information 20241205 20241205 Invoice Amount 11,313.75 30,494.58 Retainage Amount 0.00 0.00 Discount Amount 0.00 0.00 PO Number Number Project Bommatedt to Saedliaca..Alawaga. AMARACORG 7525 N.W. 88thAvenuel Tamarac, Florida 33212401/P.854397.350/F94.57.360 EQUAL OPPORTUNIYEMROYER FINANCIAL SERVICES TAMARAC The City For Your Life Christine Cajuste DIRECTOROFFINANCAL SERVICES SERres December 19, 2024 TAMARAC GENERAL EMPLOYEES PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: PSSupport@ss.com Vendor Number: 0007975 Payment Date: Dec2 20, 2024 Payment Number: 0038629 Payment Amount: 28,637.03 The total amount noted above will be processed by the bank electronically, Please ensure your account is credited with this payment. Invoice Information 20241219 Invoice Amount 28,637.03 Retainage Amount 0.00 Discount Amount 0.00 PO Number Number Project Bonatedto Eedlieea..Aleape. EQUAL OPPORTUNTYEMPROYER YMR 7525N.W.8 88thAvenuel Tamarac, Florida: 3332-24011P.954397.350/F.94.97.3560 FINANCIAL TAMARAC The City For Your Life SERVICES Christine Cajuste DIRECTOROIFNANCAL SERVICES January 2, 2025 TAMARAC GENERAL EMPLOYEES PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: RPSSupport@s.com Vendor Number: 0007975 Payment Date: Jan 03, 2025 Payment Number: 0038726 Payment Amount: 29,295.54 The total amount noted above will be processed by the bankelectionicaly. Please ensure your account is credited with this payment. Invoice Information 20250102 Invoice Amount 29,295.54 Retainage Amount 0.00 Discount Amount 0.00 PO Number Project Number Bommated to Eralene..Aioag." 7525N.W.8 88hAvenuel Tamarac, Florida EEIPEAIBRESTSN EOLKOPRAINTYEHATA FINANCIAL SERVICES TAMARAC The City For Your Life Christine Cajuste DIRECTOROfFNANCAL SERVICES e January 16, 2025 TAMARAC GENERAL EMPLOYEES PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: RPSSupport@53.com Vendor Number: 0007975 Payment Date: Jan 17, 2025 Payment Number: 0038838 Payment Amount: 29,210.42 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Information 20250116 Invoice Amount 29,210.42 Retainage Amount 0.00 Discount Amount 0.00 PO Number Number Project Bomnatedn Eudtlene..Awaga." AMARAGORE - 7525N..88hAvenuel Tamarac, Florida 3332+.4011P.9545973350/F.994.997.3580 OULOPEAIUNTYDROTER FINANCIAL SERVICES TAMARAC The City For Your Life Christine Cajuste DIRECTOROfFINANCIAL SERVICES January 23, 2025 TAMARAC GENERAL EMPLOYEES PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: RPSSupport@53.com Vendor Number: 0007975 Payment Date: Jan 24, 2025 Payment Number: 0038908 Payment Amount: 67.39 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Information 20250122 Invoice Amount 67.39 Retainage Amount 0.00 Discount Amount 0.00 PO Number Number Project Bommittedt to Edlieee..Awaga" TAMARAGORG 7525N.W.8 88hAvenue Tamarac, Florida 33212401P2954597.45973850/F.994.97.3589 EQUALORCRINTYEBRORR FINANCIAL SERVICES TAMARAC a A The City For Your Life Christine Cajuste DRECTOROIFINANCAL SERVICES January 30, 2025 TAMARAC GENERAL EMPLOYEES PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: RPSSupport@ss.com Vendor Number: 0007975 Payment Date: Jan 31, 2025 Payment Number: 0038970 Payment Amount: 29,547.93 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. invoice Information 20250130 Invoice Amount 29,547.93 Retainage Amount 0.00 Discount Amount 0.00 PO Number Project Number Bométed t Eadtieee..Aaage." A ET TAMARACORG 7525N.W. 88thAvenue Tamarac, Florida 32+2401/P.954.397.369) IF:954.5973560 EOUKOPRRINIYPHROTA Miscellaneous Updates VII. OLD BUSINESS Alive and Well Update VIII. NEW BUSINESS Fiduciary Liability Policy Ullico MARKEL ULLICO ORGANIZED LABOR: PROTECTION GROUP, LLC principal officei is: 1625. Eye Street] NW, Washington, DC2 20006 av voluntary membership organization operating pursuant tot the Liability Risk Retention. Act of 1986 and whose Insurance Quote Proposal Governmental Liability Insurance Date Issued: 02/07/2025 QuoteNumber: MGL 0014274-09 Renewal of: Insurance Carrier: Coverage: MGL 0014274-08 Markel American Insurance Company 1000(11/2014), Claims Expenses Inclusive Ullico Casualty Group, LLC 8403 Colesville: Road, 13th Floor Silver Spring, MD20910 United] Members Insurance, Inc. 6826I Linebaugh. Avenue Tampa, FL3 33625 7525 NW 88th Avenue Tamarac, FL33321 03/25/2025 to 03/25/2026 Governmental Fiduciary Liability Insurance Claims Made Policy Form GOV- Insurance Representative: Producer: Address: Plan or Trust(s): Address: Policy Period: City ofTamarac General Employees Pension' Trust Fund Prior & Pending Litigation Date: 03/25/2000 Option #1: Limits ofLiability: Self-Insured Retention: Premium: GOV-1000-Q(032021) $1,000,000.00 Aggregatel Limit of] Liability fora alll Loss $0.00 each Claim $5,360.00 Basel Premium $0.00 Waiver of Recoursel Premium Pagelof2 $53.60 Applicable Taxes/Fees $5,413.60 Totall Premium COVERAGE EXTENSIONS: $200,000.00 Sub-Limit of] Liability for all Voluntary Compliance Program Expenditures (included within andi noti in addition tot the maximum Aggregatel Limit ofLiability set forthi inl Item 04(a) ofthe] Policy Certificate. COVERAGE DETAILS: Trustee Claim) Expense $1,000,000 Sub-Limit $0 Retention THE) FOLLOWING ENDORSEMENIS) WILLA ATTACH TOTHEPOLICY: ENDNO.REFNO. 1.MIL 1214 (09/17) 2.TRIA (06/15) 3.GOV-FL (06/15) 4.GOV-003 (05/19) 5.GOV-007 (05/19) 6.GOV-054(05/10) ENDORSEMENT Trade orl Economic Sanctions Cap on Losses From Certified Acts ofTerrorism Florida Amendatory Endorsement Removal of Statutory Indernnification Endorsement Trustee Claims Expensel Endorsement Modification Endorsement CONDITONSCOVERACE SUBJECTTO: Nothing else required This quotation is valid foraj period ofthirty (30) days from the Issuel Dates shown above unless amended or withdrawn by Markel American Insurance Company (Insurer), with or without cause, prior to its acceptance and binding, andi is subject tot thet terms and conditions of the policy(ies) tol bei issued. Ift thei information supplied by the Trust or Plani in the application changes between the date of the application for this insurance andt the Effective Date oft the insurance or thet time when thep policyi is bound (whicheveri is later), the Trust orl Plan must immediately notify Insurer in writing of such changes and the Insurer may withdraw or amend any outstanding quotations based upon such Ullico Organized. Labor Protection Group, LLCis administered. by Ullico Casually Group, LIC, alkla Ullico Insurance Agency, LICinCA. CA. License #OH86030 andl FL (Craig Arneson) License #A008437 changes. GOV-1000-Q(032021) Page 2of2 MARKEL Markel American Insurance Company THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. TRADE OR ECONOMIC SANCTIONS The following is added to this policy: Trade Or Economic Sanctions This insurance does not provide any coverage, and we (the Company) shall not make payment of any claim or provide any benefit hereunder, to the extent that the provision of such coverage, payment of such claim or provision of such benefit would expose us (the Company) to a violation of any applicable trade ore economic sanctions, laws or regulations, including but not limited to, those administered and enforced by the United States Treasury Department's Office of Foreign Assets Control (OFAC). All other terms and conditions remain unchanged. MIL1214091 17 Page 1of1 UNIONI LIABILITY MARKEL Markel American Insurance Company 4521 Highwoods Parkway Glen. Allen, VA 23060 TRIA Issue Date: Policy Number: Endorsement: Number: Endorsement Effective Date: (12:01 a.m. Local Time) Cap on Losses From Certified Acts ofTerrorism Itis agreed thatt the above numbered policy is amended as follows: A. Ifaggregatei insured losses attributable to terrorist acts certified under the federal Terrorism) Risk Insurance. Act exceed $100 billion in a calendar year and wel have met our Insurer deductiblet under the' Terrorism Risk Insurance Act, we shall not be liable fort the payment ofa any portion oft the amounto ofsuch losses thate exceeds $1001 billion, and in such case insured losses up tot that amount ares subject topro rata allocation in accordance "Certified act oft terrorism" means an act thati is certified by the Secretary ofthe Treasury in accordance with the provisions oft the federal Terrorism Risk Insurance. Act, to be an act oft terrorism pursuant tos such Act.' The criteria containedi in the Terrorism Risk Insurance. Act fora a' "certified act ofterrorism" include thei following: 1. The act resulted ini insured losses in excess of $5 millioni int the aggregate, attributable to all types of 2. The acti is a violent act or an act thati is dangerous tol human life, property ori infrastructure andi is committed by an individual ori individuals as part ofa an effort to coerce the civilianp population of the United States or toi influence the policy or affect the conduct ofthe United States Government by coercion. B. Thet terms and] limitations of any terrorism exclusion, or the inapplicability or omission ofat terrorism exclusion, doi not serve to create coverage for any Loss that is otherwise excluded under this policy. Nothing contained herein shall vary, alter or extend the terms, conditions and limitations of the policy except as This Endorsement is part of the above numbered policy and is effective as of the Endorsement Effective Date with procedures established' byt the Secretary oft the' Treasury. insurance subject to the Terrorism Risk Insurance. Act; and stated above. shown above. MARKEL AMERICAN INSURANCE COMPANY g4 Authorized! Representative TRIA (6/2015) Page lofl GOVERNMENTAL FIDUCIARY, LIABILITY MARKEL Markel American Insurance Company 4521 Highwoods Parkway Glen Allen, VA 23060 GOV-FL Issue Date: Policy Number: Endorsement Number: Endorsement Effective Date: (12:01 a.m. Local Time) Florida Amendatory Endorsement Itisa agreed that the above numbered policy is amended asi follows: 1. Section IV. Exclusions, Part. Ai is amended by adding the following new exclusion: Based, upon, arising from, ori in consequence oft the manufacturing, handling, selling, distribution, disposal, existence, use of, or exposure to asbestos dust, asbestos fibers, or asbestos products or materials. 2. Section VII. Conditions, Item K (Cancellation), paragraph 2i is deleted and replaced witht thei following: Ift thel Insurer cancels: Cancellation of Policies inl Effect forl Ninety (90) Days or Less Ifthis policy has been in effect for ninety (90) days or less, the Insurer may cancel itby mailing or delivering to thel Insured shown in Item 02 of thel Policy Certificate, written notice ofo cancellation, accompanied byt the a. Ten (10) days before the Effective. Date of cancellation ift thel Insurer cancels for non-payment of b. Twenty (20) days prior tot the Effective. Date of cancellation ifthel Insurercancels for any other reason, reasons for cancellation, at] least: premium; or except the Insurer may cancel immediately iftherel has been: (i) Ai material mistepresentation; orl (ii) Ai failure to comply with underwriting requirements established byt thel Insurer. Cancellation of Policies in Effect forl More' Than Ninety (90) Days Ift this policy has beeni in effect fori more than ninety (90) days, the Insurer may only canceli it for one or more of the following reasons: a. Non-payment of premium; b. Thej policy was obtained by ai material misstatement; Therel has been a failure to comply with underwriting requirements within ninety (90) days ofthe Effective Date of coverage; GOV-FL(6/2015) Page 1of2 d. Therel has been a substantial change in the risk covered by the policy; The cancellation is for alll Insureds under such policies fora a given class ofI Insureds. Ifthel Insurer cancels this policy for any oft the above reasons, it will mail or delivert to thel Insured showni in] Item 02 ofthel Policy Certificate written notice of cancellation, accompanied by thei reasons for cancellation, at least: a. Ten (10) days before the Effectivel Date of cancellation ift the cancellationi ist forn non-payment of b. Forty-five (45) days before the Effective Date of cancellation ift the cancellation: is for any other reason 3. Section VII. Conditions, Item L (Non-Renewal): is deleted in its entirety andr replaced with the following premium; or stated above, except non-payment of premium. Non-Renewal ofl Policy Ifthel Insurer non-renews thep policy at the end of the Policy Period, we will mail or deliver written notice stating the reason(s): for non-renewal, to the last known address oft the Insured showni inl Item 02 oft thel Policy Certificate at least forty-five (45) days prior tot thel Expiration Date. Proofofmailing willl be sufficient proof 4. Section IX. Definition T(Pollutants): is deleted in its entirety and replaced witht the following definition: Pollutants means any solid, liquid, gaseous or thermal irritant or contaminant, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste. Waste includes materials to bei recycled, reconditioned or reclaimed. Nothing contained herein shall vary, alter or extend the terms, conditions and limitations of the policy except as This Endorsement is part of the above numbered policy and is effective as of the Endorsement Effective Date ofnotice. stated above. shown above. MARKEL AMERICAN: INSURANCE COMPANY g4 Authorized. Representative GOV-FL(6/2015) Page2c of2 GOVERNMENTAL FIDUCIARY LIABILITY MARKEL Markel American Insurance Company 4521 Highwoods Parkway Glen Allen, VA 23060 GOV-003 Issuel Date: Policy Number: Endorsement Number: 99/99/9999 XXXXXXXXXX XXXXXXXXXX Endorsement Effective Date: 99/99/9999 (12:01 a.m.. Local Time) Removal of Statutory Indemnification Endorsement Itis agreed that the above numbered policyi is amended by the following: 1. Section I. Defense and Settlement, Item A.i is deletedi ini its entirety. 2. Section) II. Defense and Settlement, Item B. is deleted ini its entirety and replacedy Iwith the following: 1. Thel Insurer willl have the right and duty to defend any Claim covered by this policy,e eveni if the allegations in such Claim are groundless, false ori fraudulent. Upon the exhaustion oft thel LimitofLiability: applicable to any Claim, thel Insurer's duty to defend such Claim will cease and, upont the exhaustion oft the Insurer's maximum. Aggregate Limit ofLiability under this policy as set forth in] Item 04(a) of thel Policy Certificate, the Insurer willt thereafter 2. Subject to Section II.B.1 above, thel Insureds will have thei right tos select defense counsel to defend Claims against them, subject to thel Insurer's approval, such approval not tol be unreasonably withheld, ands subject to suchs selected counsel's compliance with applicable Litigation. Management Guidelines. Thel Insureds must, however, exercise this right in writing within thirty (30) days after first giving the Insurer: notice oft the Claim with respect to which such counsel is to be retained. Jfthe Insureds do noti inform the Insurer in writing oftheir intent to retain their own defense counsel within thirty (30) days after providing notice ofa Claim, the Insurerw will have the rightt to appoint defense counsel to represent the Insureds in connection with such Claim and to conduct the defense thereof. Nothing contained herein shall vary, alter or extend the terms, conditions and limitationso ofthe policy except as stated above. This Endorsement is part oft the above numbered policy andi is effective as oft thel Endorsement Effective. Dates shown have no duty or obligation to defend or to continue to defend: any Claim. above. MARKEL. AMERICAN, INSURANCE COMPANY g4 GOV-003(05/2019) Page 10 of1 GOVERNMENTAL MIDUCIARYIIABILITY MARKEL Markel American Insurance Company 4521 Highwoods Parkway Glen. Allen, VA 23060. GOV-007 Issue Date: Policy Number: Endorsement: Number: Endorsement Effective Date: (12:01 a.m. Local Time) Trustee Claims Expense Endorsement Itis agreed that the above numbered policy is amended as follows: Section I.J Insuring Agreement is amended by the addition oft the following: The Insurer shall pay, on behalf oft thel Insured, Claims Expenses should a Claim be made against an Insured alleging an act, error, or omission committed in his or her capacity as a Trustee, subject to terms and conditions provided on this Endorsement and that would not otherwise be covered by the policy. All Claims Expenses incurred solely with respect tot this coverage extendedpursuant: tot this) Endorsement during the Policy Period as set forthi in Item 03 oft the Policy Certificate, the, Automatic. Reporting Period or thel Extended Reporting) Period (whichever is applicable) shall bes subject to the following Sub-Limit and Self-Insured Retention: Sub-Limit: [Sxxx,xxx.xx] Claims Expenses Self-Insured Retention: [Sxxxx.xx] Each Claim The Sub-Limit is part of, andi noti in addition to, the Aggregate Limit ofLiability stated in Item 04(a) oft thel Policy Certificate. This Self-Insured Retention is separate and apart from that Self-Insured Retention stated inl Item 05 ofthe Policy Certificate buti in the event more than one Self-Insured Retention applies, only the highest single Self-Insured Retention shall apply. Nothing containedi herein shall vary, alter or extend the terms, conditions andl limitations softhep policy except as stated This Endorsement is parto oft thea abover numbered policy andi is effective as ofthel Endorsement Effective Dates shown above. above. MARKEL AMERICAN. INSURANCE COMPANY g Authorized Representative GOV-0071 (5/2019) Page 1of1 GOVERNMENTAL FIDUCIARYLIABILITY MARKEL Markel American Insurance Company 4521 Highwoods Parkway Glen Allen, VA 23060 GOV-054 Issuel Date: Policy Number: Endorsement Number: Endorsement Effective Date: (12:01 a.m. Local Time) Modification Endorsement Itisa agreed that the above numbered policy is amended as follows: Section VII. Conditions, Item M. Other Insurance is deleted ini its entirety andi replaced with the following: Thisi insurance shall be specifically excess of and willi not contribute with any other valid and collectible insurance, whether such other insurance is stated to be] primary, contributing, excess, contingent or otherwise, unless such other Nothing contained herein shall vary, alter or extend the terms, conditions and limitations ofthe policy except as stated above. This Endorsement is part of the above numbered policy andi is effective as oft the Endorsement Effective Date shown insurance is specifically stated tol be excess of this policy. above. MARKEL AMERICAN INSURANCE COMPANY g4 GOV-054(052016) Pagelof1 IX. LEGAL COUNSEL'S REPORT DISCLOSURES REQUIRED RSNTTOGPTERATIDI FLORIDA STATUTES (a) City/District (b) Plan Name (c) Plan Type (d) Valuation Date (e) Interest Rate: Tamarac Defined Benefit 10/1/2024 7.00% 7.00% City of Tamarac Employees' Pension Fund (1) Discount Rate, net of investment fees (2) Long-Term Expected Rate of Return, net ofi investment fees With respect to the reporting standards for defined benefit retirement plans or systems contained in Section 112.664(1), F.S., the actuarial disclosures required under this section were prepared and completed by me or under my direct supervision and acknowledge responsibility for the results. Tot the best of my knowledge, the results are complete and accurate, andi in my opinion, meet the requirements of Section 112.664(1), F.S., and Section 60T-1.0035, F.A.C. (0) Certification Statement: (1) Signature (2) Actuary's Name (3) Enrollment Number (4) Signature Date (5) Cover letter attached (pdf? Section 112.664(1)(a).FS (9) Total pension liability: (1) Service cost (2) Interest (3) Benefit changes (5) Changes in assumptions (6) Benefit payments (7) Contribution refunds (8) Net change in total pension liability (9) Total pension liability beginning of year (10) Total pension liability ending ofy year (h) Plan fiduciary net position: (1) Contributions Employer (2) Contributions State (3) Contributions Member (4) Neti investment income (5) Benefit payments (6) Contribution refunds (7) Administrative expenses (8) Other (9) Net change in plan fiduciary net position (10) Plan fiduciary net position beginning of year (11) Plan fiduciary net position ending ofy year () Net pension liability/(asset) [(9)(10) minus (h)(11)] Charli d. Cav/B CharlesT. Carr 23-04927 2/6/2025 N $1,824,196 $4,426,992 $0 $758,407 $0 ($3,691,981) $0 $3,317,614 $63,233,312 $66,550,926 $1,610,500 $0 $754,585 $11,676,935 ($3,691,981) $0 ($65,705) $0 $10,284,334 $60,225,769 $70,510,103 ($3,959,177) (4) Difference between expected and actual experience Section 112.66411XD).FS 0) Total pension liability: (1) Service cost (2) Interest (3) Benefit changes (5) Changes in assumptions (6) Benefit payments (7) Contribution refunds (8) Net change in total pension liability (9) Total pension liability- beginning ofy year (10) Total pension liability ending of year (K) Plan fiduciary net position: (1) Contributions Employer (2) Contributions State (3) Contributions Member (4) Neti investment income (5) Benefit payments (6) Contribution refunds (7) Administrative expenses (8) Other (9) Net change in plan fiduciary net position (10) Plan fiduciary net position beginning of year (11) Plan fiduciary net position ending of year () Net pension liability/(asset) [GX10) minus (K)(11)] Section 112.664(1)c), F.S. (on last valuation basis) $2,786,375 $3,978,504 $0 $1,020,512 $0 ($3,691,981) $0 $4,093,410 $78,607,176 $82,700,586 $1,610,500 $0 $754,585 $11,676,935 ($3,691,981) $0 ($65,705) $0 $10,284,334 $60,225,769 $70,510,103 $12,190,483 (4) Difference between expected and actual experience (m) (n) (0) Number of Years, andi fractional parts of Years, for which the Market Value of Assets Number of Years, and fractional parts of Years, for which the Market Value of Assets Number of Years, andi fractional parts of Years, for which the Market Value of Assets are adequate to sustain expected retirement benefits Section 112.66411)C.FS (on Section 112.6641a).FS basis) are adequate to sustain expected retirement benefits Section 112.664(1)c). F.S. (on Section 112.66401XD).F.S basis) are adequate to sustain expected retirement benefits 33.59 33.59 21.23 Section 112.664(1)d,.FS (on last valuation basis) (p) (q) () (s) () (u) Recommended Plan contributions in Annual Dollar Value Recommended Plan contributions as a Percentage of Valuation Payroll Section 112.664(1)d). F.S. (on Section 112.66411a).FS basis) Recommended Plan contributions in Annual Dollar Value Recommended Plan contributions as al Percentage of Valuation Payroll Section 112.664(1)(d), F.S. (on Section 112.664(1)b). F.S. basis) Recommended Plan contributions in Annual Dollar Value Recommended Plan contributions as a Percentage of Valuation Payroll $2,082,823 24.10% $1,405,411 16.26% $4,397,956 50.89% SOUTHERN ACTUARIAL SERVICES Post Officel Box 888343 Atlanta, Gporgia 30356-0343 Telephone 770.392.0980 Facsimile 770392.2193 February 13, 2025 c/o Ms. Teresa Martin Benefits Analyst City ofTamarac 7525N.W. 88th Avenue Tamarac, FL 33321-2401 Trustees of the City ofTamarac Employees' Pension Fund Re: CityofTamarac Employees' Pension Plan Ladies and Gentlemen: Ini response to your request, we have reviewed the conditions under which the Trustees may elect Pursuant to plan section 16-232(c), it is our understanding that the Trustees may approve such an increase with respect to any year during which the plan realizes an actuarial gain and that the amount of the increase is limited to the amount of the actuarial gain. With respect to the plan year ending September 30, 2024, the plan realized an actuarial loss of$1,131,732 (negative gain) and a 2.00% one-time cost-of-living adjustment (COLA) for retirees is estimated to add approximately $73,000 of liability to the plan. Because the additional liability due attributable to a 2.00% one-time COLA is greater than the amount of the actuarial gain, the Trustees may not toj provide up to a 2.00% one-time cost-of-living adjustment for certain retirees. adopt up to a 2.00% one-time COLA for retirees. Ifyou have any questions, please do not hesitate to call us. Sincerely, Chutlw d. Cet/uss Charles T. Carr Consulting Actuary OurOfficeisl Located at 68 Jopenal Boulevard, Hoschton, Gporgia 30548 Post Oficel Boxi 888343 Atlanta, Georgia 30356-0343 Telephone 770.392.0980 Fassimile 770392.2193 SOUTHERN ACTUARIAL SERVICES February 13, 2025 Ms. Teresa Martin Benefits Analyst City ofTamarac 7525 N.W. 88th Avenue Tamarac, FL 33321-2401 Re: City ofTamarac Employees' Pension Plan Dear Teresa: In response to your request, we have determined the annual rate of interest which is to be The DROP accounts should be credited with 19.39% interest per annum. This rate reflects the actual 19.89% gain on the market value of plan assets for the period October 1, 2023 through credited or debited to the Deferred Retirement Option Plan (DROP) accounts. September 30, 2024, less the 0.50% administrative charge. Ifyou have any questions, please do not hesitate to call us. Sincerely, Chailuv Caygs Charles T. Carr Consulting Actuary Our Officeisl Located at 68J Jopenal Boulevard, Hoschton, Georgia 30548 Gtyoflamarac Employees' Pension Plan Actuarial Valuation AsofOdoberl,203 GASB 67/68 Supplement AsofSptembe30,2024 SOUTHERN ACTUARIAL SERVICES DISCLOSURES RELATED TO THE GENERAL EMPLOYEES PENSION PLAN This report was issued on February 6, 2025 as as supplement to the October 1, 2023 actuarial valuation report, which report provides important information related to the assumptions, participant data, and assets used to prepare the following disclosures under Governmental Accounting Standards Board Statements Nos. 67 and 68 (GASB 67/68). NET PENSION LIABILITY AS OF SEPTEMBER 30, 2024 Total pension liability Less fiduciary net position Net pension liability $64,371,723* (70,730,088) $(6,358,365) ** This amount has been rolled forward from October 1, 2023. ** This amount is recognized on the employer's balance sheet. PENSION EXPENSE FOR THE 2023/24 FISCAL YEAR Service cost $770,552 108,971 (103,513) 893,809 (754,585) 65,705 0 1,105,801 $2,086,740* Other recognized changes in net pension liability: Expected interest growth Investment gain/loss Demographic gain/loss Employee contributions Administrative expenses Changes in benefit terms Assumption changes Pension expense This amount is recognized on the employer's income statement, along with the employer contribution for the 2023/241 fiscal year. DEFERRED INFLOW AND OUTFLOW OF RESOURCES Deferred Outflows OfResources $11,236,780 $(4,951,549) $0 $628,530 $0 $(4,323,019) $6,913,761 * Deferred Inflows Of Resources $3,042,545 $(3,055,452) $7,673,129 $0 $0 $4,617,677 $7,660,222 * Balance as of September 30, 2023 Change due to: Amortization payments Investment gain/loss Demographic gain/loss Assumption changes Total change Balance as of September 30, 2024 These amounts are recognized on the employer's balance sheet. BALANCE EQUATION Net pension liability as of September 30, 2023 Plus pension expense for the 2023/24 fiscal year Minus employer contribution fort the 2023/24 fiscal year Plus changei in balance of deferred outflows of resources $(4,323,019) Minus changei in balance of deferred inflows of resources $/4,617,677) Net pension liability as of September 30, 2024 $2,103,760 $2,086,740 $(1,608,169) $(6,358,365) DISCLOSURES RELATED TOTHE GENERAL EMPLOYEES PENSION PLAN (continued) DEFERRED INFLOW AND OUTFLOW OF RESOURCES (continued) Amortization schedule for deferred outflows andi inflows of resources: Deferred Outflows OfResources $6,913,761 $2,951,939 $606,588 $0 $3,558,527 $3,355,234 $2,951,939 $302,942 $0 $3,254,881 $100,353 Deferred Inflows OfR Resources $7,660,222 $2,834,074 $0 $0 $2,834,074 $4,826,148 $1,645,762 $0 $0 $1,645,762 $3,180,386 $1,645,761 $0 $0 $1,645,761 $1,534,625 $1,534,625 $0 $0 $1,534,625 $0 $0 $0 $0 $0 $0 Balance as of September 30, 2024 Amount recognized in the 2024/25 pension expense: Investment gain/loss Demographic gain/loss Assumption changes Total Balance as of September 30, 2025 Amount recognized in the 2025/26 pension expense: Investment gain/loss Demographic gain/loss Assumption changes Total Balance as of September 30, 2026 Amount recognized ini the 2026/27 pension expense: Investment gain/loss Demographic gain/loss Assumption changes Total Balance as of September 30, 2027 Amount recognized int the 2027/28 pension expense: Investment gain/loss Demographic gain/loss Assumption changes Total Balance as of September 30, 2028 Amount recognized in the 2028/29 pension expense: Investment gain/loss Demographic gain/loss Assumption changes Total Balance as of September 30, 2029 $0 $100,353 $0 $100,353 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 DISCLOSURES RELATED TOTHE GENERAL EMPLOYEES' PENSION PLAN (continued) CHANGES IN THE NET PENSION LIABILITY Total Pension Liability $62,329,529 $770,552 $4,278,718 $0 $628,530 $0 $0 $(3,635,606) $0 $0 $0 $64,371,723 Fiduciary Net Position $(60,225,769) $0 $/4,169,747) $(7,673,129) $0 $(1,608,169) $(754,585) $3,635,606 $65,705 $0 $0 $(70,730,088) Net Pension Liability $2,103,760 $770,552 $108,971 $/7,673,129) $628,530 $(1,608,169) $(754,585) $0 $65,705 $0 $0 $(6,358,365) Balance as of September 30, 2023 Change duet to: Service cost Expected interest growth Unexpected investment income Demographic experience Employer contributions Employee contributions Benefit payments & refunds Administrative expenses Changes in benefit terms Assumption changes Balance as of September 30, 2024 COMPARISON OF NET PENSION LIABILITY USING ALTERNATIVE DISCOUNTRATES Discount Rate Minus 1.00% $71,368,420 (70,730,088) $638,332 7.00% Discount Rate $64,371,723 (70,730.088) $(6,358,365) Discount Rate Plus 1.00% $58,477,612 (70,730,088) $(12,252,476) Total pension liability Less fiduciary net position Net pension liability HISTORICAL TREND INFORMATION Measurement Date Net Pension Liability as a' % of Covered Payroll 27.40% 38.92% Not applicable 4.80% 18.02% 15.37% 33.33% Total Pension Liability Fiduciary Net Position $70,730,088 $60,225,769 $57,443,939 $69,206,159 $59,656,112 $54,495,451 $52,205,038 $49,333,277 $44,843,967 $41,608,797 Net Pension Liability $(6,358,365) $2,103,760 $2,783,132 $(11,487,756) $(9,100,642) $(6,069,564) $310,497 $1,128,451 $962,466 $2,199,251 Funded Percentage 109.88% 96.62% 95.38% 119.90% 118.00% 112.53% 99.41% 97.76% 97.90% 94.98% Covered Payroll $7,630,216 Not applicable $7,679,001 $7,151,031 $7,004,661 $6,806,174 Not applicable $6,636,184 Not applicable $6,474,562 $6,261,743 $6,262,094 $6,599,222 September 30, 2024 $64,371,723 September 30, 2023 $62,329,529 September 30, 2022 $60,227,071 September 30, 2021 $57,718,403 September 30, 2020 $50,555,470 September 30, 2019 $48,425,887 September 30, 2018 $52,515,535 September 30, 2017 $50,461,728 September 30, 2016 $45,806,433 September 30, 2015 $43,808,048 28888 8888888888 DISCLOSURES RELATED TO THE GENERAL EMPLOYEES PENSION PLAN (continued) HISTORICAL TREND INFORMATION (continued) (1) Actuarially Determined Contribution $1,610,500 $1,436,374 $1,465,327 $1,323,604 $1,869,756 $1,854,734 $1,960,758 $1,867,822 $1,368,447 $1,348,945 (2) Contributions Recognized By the Plan $1,608,169 $1,066,518 $1,041,206 $1,386,472 $2,040,510 $1,974,087 $1,757,917 $1,479,117 $1,482,771 $1,465,206 (3) Difference Between (1)and (2) $(2,331) $(369,856) $(424,121) $62,868 $170,754 $119,353 $(202,841) $(388,705) $114,324 $116,261 Column (2) asa%0 of Covered Payroll 21.08% 13.89% 14.56% 19.79% 29.98% 29.75% 27.15% 23.62% 23.68% 22.20% Covered Payroll $7,630,216 $7,679,001 $7,151,031 $7,004,661 $6,806,174 $6,636,184 $6,474,562 $6,261,743 $6,262,094 $6,599,222 Fiscal Year End September 30, 2024 September 30, 2023 September 30, 2022 September 30, 2021 September 30, 2020 September 30, 2019 September 30, 2018 September 30, 2017 September 30, 2016 September 30, 2015 INFORMATION USED TOI DETERMINE THE NET PENSION LIABILITY Employer's reporting date: Measurement date: Actuarial valuation date: Actuarial assumptions Discount rate: Salary increases: Mortality basis: September 30, 2024 September 30, 2024 October 1, 2023 7.00% per annum; this rate was used to discount alli future benefit payments. 4.00% pera annum; average earnings is loaded to account for unused leave payments. Cost-of-living increases: None assumed Pre-retirement mortality is based on the sex-distinct rates set forth in the PUB-2010 Headcoun-Weighted Below Median Employee Mortality Table for general employees, with full generational improvements in mortality using Scale MP-2018 and with male ages set back one year; post-retirement mortality is based on the sex-distinct rates set forth in the PUB-2010 Headcount-Weighted Below Median Healthy Retiree Mortality Table for general employees, with full generational improvements in mortality using Scale MP- 5% of eligible participants are assumed to retire at each of ages 55 through 61 and 100% of eligible participants are assumed to retire at age 62 or upon the attainment of age 55 with at least 30 years of Assumed employment termination is based on age, ranging from 17.20% at age 20 to 1.10% at age 55; assumed disability is based on age, ranging from 0.07% ata age 20t to 1.085% at age 55. Contributions from the employer and employees are assumed to be made as legally required. 2018 and with male ages set back one year. Retirement: Other decrements: Future contributions: Changes: PENSION PLAN DESCRIPTION Name of the pension plan: Legal plan administrator: Plan type: Contribution requirement: Pension plan reporting: service. Non-investment expenses: 1.25% of future payroll No assumptions were changed since the prior measurement date. Cityof Tamarac Employees' Pension Plan Board of Trustees oft the City of Tamarac Employees' Pension Plan Single-employer defined benefit pension plan entitled to but not yet receiving benefits; 201 active employees) contribution requirement is subject to State minimums. Number of covered individuals: 413 (166 inactive employees and beneficiaries currently receiving benefits; 46 inactive employees Employer contributions are actuarially determined; employees must contribute 7% of pensionable earnings; employee contribution requirement may be amended by City ordinance, but employer The plan issues a stand-alone financial report each year, which contains information about the plan's fiduciary net position. The plan's fiduciary net position has been determined on the same basis used by the pension plan and is equal to the market value of assets calculated under the accrual basis of accounting. This report is available to the public at the plan's administrative office: Human Resources Department, City of Tamarac, 7525N N.W. 88th Avenue, Tamarac, FL 33321, (954)597-3600. DISCLOSURES RELATEDTOTHE GENERAL EMPLOYEES PENSION PLAN (continued) PENSION PLANI DESCRIPTION (continued) Description of the benefit terms Employees covered: Basic pension formula: Disability pension: Full-time employees of the City of Tamarac, other than employees directly engaged by the City Commission, temporary general employees, management employees, firefighters, police officers, and certain employees who were previously allowed to opt out oft the plan. Types of benefits offered: Retirement, disability, and pre-retirement death benefits 2.6% ofaverage eamings xS service precedes age 62 Early retirement adjustment: Retirement benefit is reduced by 730% for each month by which the participant's early retirement age Larger of basic pension formula and the lesser of: () current salary offset by worker's compensation, social security, and LTD benefits, or (i) % of current salary (payable until normal retirement age Larger of benefit payable prior to normal retirement age and basic pension formula reflecting compensation and service during the period of disability (payable after normal retirement age for Larger of basic pension formula and the lesser of: () current salary offset by social security and LTD benefits, or (i) 20% of current salary (payable until normal retirement age for a non-service- Larger of benefit payable priort to normal retirement age and basic pension formula (payable after normal retirement age for a non-servce-connected disability ift the participant has at least 10 years of Lesser of: () current salary offset by social security and LTD benefits, or (i) 20% of current salary (payable until normal retirement age for a non-service-connected disability if the participant has Basic pension formula (payable after normal retirement age for a non-senvice-connected disability ift the (payable to the beneficiary ofa fully vested participant for life after the participant's death prior to Return of accumulated employee contributions (payable to the beneficiary of a non-vested participant fora service-connected disability) aservice-connected disability) connected disability ift the participant has at least 10) years of service) service) between two and 10y years of service) participant has between two and 10 years ofs service) Pre-retirement death benefit: 50% of basic pension formula or 100% of the participant's 100% J&C annuity at earliest retirement age retirement) who dies prior to retirement) Age 551 with at least 10) years ofservice 100% vesting with five years of service Actuarially increased single life annuity 10-year certain and life annuity Normal retirement age: Age 55 with at least 30) years of service or age 62 Early retirement age: Vesting requirement: Form of payment: Any other actuarially equivalent form of payment approved byt the Board of Trustees Single lump sum payment (automatic if the value of the benefit is $3,500 or less; optional if the participant terminates his employment at least 10) years prior to his early retirement age) Average of the highest 60 consecutive months of total cash remuneration from the City, excluding overtime in excess of 300 hours per year earned after November 8, 2011 and payments for unused leave A deferred retirement option plan (DROP) is available to those participants who have reached their normal retirement age andi individuals may participate in the DROP for up to 36 months; participants may only enter the DROP within five years following their normal retirement age and, ifDROP participation is elected more than two years after normal retirement age, the maximum DROP participation period is reduced by one month for each month that the election is deferred; DROP accounts receive an interest credit equal to the return on the market value of assets minus a %% administrative charge (or the actual Average earnings: DROP: that accrues after that date Cost-of-living adjustment: None investment return for those participants who elect the self-directed option). DISCLOSURES RELATED TO1 THE GENERAL EMPLOYEES' PENSION PLAN (continued) PENSION PLAN DESCRIPTION (continued) Description of the benefit terms (continued) Early retirement window: Actively employed participants who attain age 55 with at least 25 years of service on or before December 31, 2017 may elect to retire or enter the DROP with an unreduced early retirement pension, provided that they make a one-time irrevocable election to terminate their employment or enter the DROP within 180 days of becoming eligible for the unreduced early retirement pension and that they retire or The plan was established effective June 1, 1975 pursuant to City ordinance and has been amended enter the DROP on or before December 31, 2017. numerous times since that date. Legal authority: Changes: No significant plan changes were adopted since the prior measurement date. DISCLOSURES RELATED TOTHE GENERAL EMPLOYEES PENSION PLAN (continued) PROJECTION OF THE FIDUCIARY NET POSITION Benefit Administrative Payments $3,635,606 $4,079,645 $4,227,529 $4,341,424 $4,462,161 $4,818,001 $4,970,756 $5,109,135 $5,319,016 $5,481,815 $5,561,033 $5,604,821 $5,623,126 $5,804,439 $5,811,367 $5,809,586 $5,787,761 $5,821,273 $5,738,708 $5,743,953 $5,676,372 $5,577,484 $5,533,425 $5,455,982 $5,400,137 $5,298,369 $5,238,206 $5,128,685 $5,044,101 $4,909,737 $4,747,602 $4,567,533 $4,380,097 $4,190,992 $4,004,921 $3,823,394 $3,627,855 $3,444,109 $3,250,039 $3,064,280 $2,874,855 $2,702,175 $2,533,545 $2,365,597 $2,206,664 $2,043,924 $1,896,329 $1,755,319 $1,620,430 $1,491,228 $1,363,069 $1,246,580 $1,136,066 Investment Earnings $11,842,876 $4,868,100 $4,974,914 $5,017,893 $5,055,524 $5,078,950 $5,085,770 $5,082,685 $5,067,018 $5,036,946 $4,996,095 $4,947,981 $4,894,270 $4,829,785 $4,753,973 $4,672,666 $4,586,497 $4,493,912 $4,396,525 $4,295,128 $4,188,812 $4,080,965 $3,970,696 $3,857,018 $3,740,144 $3,620,678 $3,498,644 $3,374,085 $3,247,737 $3,120,317 $2,994,526 $2,872,113 $2,754,221 $2,641,493 $2,534,244 $2,432,589 $2,337,245 $2,248,750 $2,167,516 $2,094,135 $2,028,983 $1,972,184 $1,923,574 $1,883,554 $1,852,385 $1,830,495 $1,818,140 $1,815,207 $1,821,904 $1,838,483 $1,865,393 $1,902,912 $1,951,150 Date October 1, 2023 October 1, 2024 October 1, 2025 October 1, 2026 October 1, 2027 October 1, 2028 October 1, 2029 October 1, 2030 October 1, 2031 October 1, 2032 October 1,2 2033 October 1,2 2034 October 1,2 2035 October 1,2 2036 October 1,2 2037 October 1,2 2038 October 1,2 2039 October 1, 2040 October 1, 2041 October 1, 2042 October 1, 2043 October 1, 2044 October 1, 2045 October 1, 2046 October 1, 2047 October 1, 2048 October 1, 2049 October 1, 2050 October 1, 2051 October 1, 2052 October 1, 2053 October 1, 2054 October 1, 2055 October 1, 2056 October 1, 2057 October 1, 2058 October 1, 2059 October 1, 2060 October 1, 2061 October 1, 2062 October 1,2063 October 1,2064 October 1,2065 October 1,2066 October 1, 2067 October 1, 2068 October 1, 2069 October 1,2 2070 October 1,2071 October 1,2 2072 October 1, 2073 October 1,2074 October 1,2075 BOY Balance Contributions $60,225,769 $70,730,088 $73,185,772 $73,856,754 $74,454,762 $74,967,482 $75,141,357 $75,166,536 $75,047,750 $74,699,623 $74,155,683 $73,490,242 $72,732,108 $71,901,627 $70,822,071 $69,659,650 $68,417,735 $67,111,871 $65,679,304 $64,233,407 $62,680,774 $61,090,627 $59,493,308 $57,830,575 $56,133,007 $54,375,419 $52,601,972 $50,767,742 $48,920,453 $47,032,929 $45,154,777 $43,315,899 $41,537,932 $39,832,896 $38,207,655 $36,664,599 $35,204,695 $33,848,520 $32,590,917 $31,449,657 $30,424,132 $29,526,304 $28,747,478 $28,091,719 $27,566,923 $27,172,764 $26,922,396 $26,809,935 $26,838,100 $27,010,289 $27,330,594 $27,808,284 $28,442,087 Expenses $65,705 $73,730 $76,403 $78,461 $80,643 $87,074 $89,835 $92,336 $96,129 $99,071 $100,503 $101,294 $101,625 $104,902 $105,027 $104,995 $104,600 $105,206 $103,714 $103,808 $102,587 $100,800 $100,004 $98,604 $97,595 $95,756 $94,668 $92,689 $91,160 $88,732 $85,802 $82,547 $79,160 $75,742 $72,379 $69,099 $65,565 $62,244 $58,737 $55,380 $51,956 $48,835 $45,788 $42,753 $39,880 $36,939 $34,272 $31,723 $29,285 $26,950 $24,634 $22,529 $20,532 EOY Balance $70,730,088 $73,185,772 $73,856,754 $74,454,762 $74,967,482 $75,141,357 $75,166,536 $75,047,750 $74,699,623 $74,155,683 $73,490,242 $72,732,108 $71,901,627 $70,822,071 $69,659,650 $68,417,735 $67,111,871 $65,679,304 $64,233,407 $62,680,774 $61,090,627 $59,493,308 $57,830,575 $56,133,007 $54,375,419 $52,601,972 $50,767,742 $48,920,453 $47,032,929 $45,154,777 $43,315,899 $41,537,932 $39,832,896 $38,207,655 $36,664,599 $35,204,695 $33,848,520 $32,590,917 $31,449,657 $30,424,132 $29,526,304 $28,747,478 $28,091,719 $27,566,923 $27,172,764 $26,922,396 $26,809,935 $26,838,100 $27,010,289 $27,330,594 $27,808,284 $28,442,087 $29,236,639 $2,362,754 $1,740,959 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 DISCLOSURES RELATED TO THE GENERAL EMPLOYEES' PENSION PLAN (continued) PROJECTION OF THE FIDUCIARY NET POSITION (continued) Benefit Administrative Payments $1,031,340 $932,874 $840,237 $753,581 $672,307 $596,275 $526,674 $462,200 $402,581 $348,233 $298,943 $254,551 $214,721 $179,466 $147,950 $120,783 $97,560 $77,412 $60,620 $46,559 $35,376 $26,462 $19,432 $13,565 $9,448 $6,346 $4,005 $2,499 $1,442 $759 $309 $193 $0 Investment Earnings $2,010,437 $2,081,118 $2,163,560 $2,258,166 $2,365,380 $2,485,708 $2,619,652 $2,767,753 $2,930,645 $3,109,004 $3,303,544 $3,515,043 $3,744,351 $3,992,389 $4,260,170 $4,548,790 $4,859,411 $5,193,323 $5,551,927 $5,936,734 $6,349,380 $6,791,627 $7,265,402 $7,772,801 $8,316,074 $8,897,635 $9,520,099 $10,186,273 $10,899,171 $11,662,034 $12,478,338 $13,351,804 $14,286,423 Date October 1, 2076 October 1, 2077 October 1, 2078 October 1, 2079 October 1, 2080 October 1, 2081 October 1, 2082 October 1, 2083 October 1, 2084 October 1, 2085 October 1, 2086 October 1, 2087 October 1, 2088 October 1, 2089 October 1,2090 October 1,2091 October 1,2092 October 1,2093 October 1,2094 October 1,2 2095 October 1, 2096 October 1, 2097 October 1, 2098 October 1, 2099 October 1, 2100 October 1,2101 October 1,2 2102 October 1,2103 October 1,2104 October 1,2 2105 October 1,2106 October 1,2107 October 1,2108 BOY Balance Contributions $29,236,639 $30,197,097 $31,328,482 $32,636,620 $34,127,586 $35,808,509 $37,687,166 $39,770,626 $42,067,826 $44,588,614 $47,343,092 $50,342,290 $53,598,182 $57,123,931 $60,933,611 $65,043,157 $69,468,981 $74,229,069 $79,343,581 $84,833,792 $90,723,126 $97,036,491 $103,801,178 $111,046,797 $118,805,788 $127,112,243 $136,003,417 $145,519,439 $155,703,168 $166,600,871 $178,262,132 $190,740,155 $204,091,763 Expenses $18,639 $16,859 $15,185 $13,619 $12,150 $10,776 $9,518 $8,353 $7,276 $6,293 $5,403 $4,600 $3,881 $3,243 $2,674 $2,183 $1,763 $1,399 $1,096 $841 $639 $478 $351 $245 $171 $115 $72 $45 $26 $14 $6 $3 $0 EOY Balance $30,197,097 $31,328,482 $32,636,620 $34,127,586 $35,808,509 $37,687,166 $39,770,626 $42,067,826 $44,588,614 $47,343,092 $50,342,290 $53,598,182 $57,123,931 $60,933,611 $65,043,157 $69,468,981 $74,229,069 $79,343,581 $84,833,792 $90,723,126 $97,036,491 $103,801,178 $111,046,797 $118,805,788 $127,112,243 $136,003,417 $145,519,439 $155,703,168 $166,600,871 $178,262,132 $190,740,155 $204,091,763 $218,378,186 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 NOTES: The fiduciary net position is projected to be sufficient to cover all future benefit payments when due. The plan requires only a 7% average investment return pery year to avoid a crossover date. The projection shown above does not reflect future new entrants into the pension plan. DISCLOSURES RELATED TO THE GENERAL EMPLOYEES PENSIONPLAN (continued) AMORTIZATION BASES ATTRIBUTABLE TO UNEXPECTED INVESTMENT INCOME YEAR DURING WHICH THE GAIN ORI LOSS AROSE 2019/20 2020/21 2021/22 2022/23 2023/24 2023/24 -$221,378 -$1,188,312 $2,951,939 -$111,136 -$1,534,626 TOTAL -$103,513 $117,865 $1,306,177 $1,645,761 -$1,534,625 -$1,859,857 Payment Year 2024/25 2025/26 2026/27 2027/28 -$1,188,312 $2,951,939 -$111,136 -$1,534,626 $2,951,939 -$111,136 -$1,534,626 -$111,135 -$1,534,626 -$1,534,625 Remaining Balance -$221,378 -$2,376,624 $8,855,817 -$444,543 -$7,673,129 AMORTIZATION BASES ATTRIBUTABLE TO DEMOGRAPHIC EXPERIENCE YEAR DURING WHICH THE GAIN ORI LOSS AROSE 2020/21 2021/22 2022/23 2023/24 $206,154 $337,785 $173,811 $176,059 TOTAL $893,809 $606,588 $302,942 $100,353 $1,903,692 Payment Year 2023/24 2024/25 2025/26 2026/27 Remaining Balance $256,718 $173,811 $176,059 $126,883 $176,059 $100,353 $206,154 $594,503 $474,505 $628,530 AMORTIZATION BASES ATTRIBUTABLE TO ASSUMPTION CHANGES YEARI DURING WHICH THE GAIN ORI LOSS AROSE 2020/21 $1,105,801 $1,105,801 TOTAL $1,105,801 $1,105,801 Payment Year 2023/24 Remaining Balance SUMMARY OF DEFERRED OUTFLOWS AND INFLOWS AS OF SEPTEMBER 30, 2024 Deferred Outflows Deferred Inflows Unexpected investment income Demographic experience Assumption changes Total $5,903,878 $1,009,883 $0 $6,913,761 $7,660,222 $0 $0 $7,660,222 Gtyoflamarac Employees' Pension Plan Actuarial Valuation AsofOdoberl,2024 Determines the Contribution For the2 2024/25Fisallear SOUTHERN ACTUARIAL SERVICES Table ofContents Page 1 I-1 I-2 I-3 1-4 1-5 I-6 1-7 1-8 1-9 Discussion Funding Results Table I-A Table I-B Table I-C Table I-D Table I-E Table I-F Table I-G Table I-H Table I-I Accounting Results Assets Table II-A Table II-B Table II-C Table II-D Table II-E Table II-F Data Table III-A Table III-B Table III-C Table III-D Table III-E Table III-F Table III-G Methods & Assumptions Table IV-A Table IV-B Plan Provisions Table V-A Table V-B Minimum Required Contribution Sensitivity Analysis Gain and Loss Analysis Present Value of Future Benefits Present Value of Accrued Benefits Present Value of Vested Benefits Entry Age Normal Accrued Liability Entry Age Normal Cost Unfunded Liability Bases GASB 67/68 Supplement as of September 30, 2024 Actuarial Value of Assets Market Value of Assets Investment Return Asset Reconciliation Historical Trust Fund Detail Other Reconciliations Summary of Participant Data Data Reconciliation Active Participant Data Active Age-Service Distribution Active Age-Service-Salary Table Inactive Participant Data Projected Benefit Payments II-1 II-2 II-3 II-4 II-5 II-6 III-1 II-2 II-3 III-4 III-5 III-6 III-7 IV-1 IV-3 V-1 V-7 Summary of Actuarial Methods and Assumptions Changes in Actuarial Methods and Assumptions Summary of Plan Provisions Summary of Plan Amendments Discussion February 6, 2025 Introduction This report presents the results of the October 1, 2024 actuarial valuation of the City of Tamarac Employees' Pension Plan. The report is based on the participant data and asset information provided by the pension plan administrator and, except for a cursory review for reasonableness including a comparison to the data provided for the previous valuation, The primary purpose of this report is to provide a summary of the funded status of the plan as of October 1, 2024 and to determine the minimum required contribution under Chapter 112, Florida Statutes, for the 2024/25 plan year. In addition, this report provides a projection oft the long-term funding requirements of the plan, statistical information concerning the assets held in the trust, statistical information concerning the participant population, and a summary of any recent plan The liabilities and cost presented in this report are based on numerous assumptions concerning the cost of benefits to be provided in the future, long-term investment returns, and the future demographic experience of the current participants. Anyone referring to this report should remember that the cost developed herein is only an estimate of the true cost of providing post-employment pension benefits. No one can predict with certainty whether the true cost will be higher or lower than the cost presented in this report. The calculated cost is entirely dependent upon the assumptions that are described in Table IV-A. Ifany of the assumptions is changed, then the cost shown in this report will change accordingly. Likewise, ifa any oft the assumptions is not completely realized, then the cost shown int this report will change Certain assumptions play a bigger role than others in determining the cost of the post-employment pension benefits. In some cases, relatively small changes in a particular assumption can have a dramatic impact on the anticipated cost of benefits. Although a thorough analysis of the impact of such changes is beyond the scope of this report, Table I-B illustrates the impact that alternative long-term investment returns would have on the minimum required contribution rate. we have not attempted to verify the accuracy of this information. changes. int the future. Minimum Required Contribution Table I-A shows the development of the minimum required contribution for the 2024/25 plan year. The minimum required contribution rate is 17.10% of covered payroll, which represents an increase of2.16% of payroll from the prior valuation. Table I-C provides a breakdown of the sources of change in the contribution rate. Significantly, the rate increased by 3.82% of payroll due to investment shortfalls and decreased by 1.66% of payroll due to demographic experience. Although the market value of assets eared 19.89% during the 2023/24 plan year, the actuarial value of assets is based on a three-year phase-in of the unexpected investment appreciation. On this basis, the actuarial value of assets only earned 3.12% during the 2023/24 plan year, whereas a 7.00% annual investment return was required to maintain a stable contribution rate. Pagel Discussion Chapter 112, Florida Statutes, sets forth the rules concerning the minimum required contribution for public pension plans within the state. Essentially, the City must contribute an amount equal to the annual normal cost of the plan plus an amortization payment towards the unfunded liability, where the amortization period is no longer than 30 years and where both amounts are adjusted as necessary for administrative expenses and to reflect interest on any delayed payment of the contribution beyond the valuation date. On this basis, the City's-2024/25 minimum required contribution will be equal to 17.10% multiplied by the total pensionable earnings for the 2024/25 fiscal year for the active employees who are Based on the current assets, participant data, and actuarial assumptions and methods that are used to value the plan, the present-day value of the total long-term funding requirement is $78,111,233. As illustrated in Table I-A, current assets are sufficient to cover $65,199,209 of this amount, the employer's 2024/25 expected contribution will cover $1,477,824 of this amount, and future employee contributions are expected to cover $4,273,221 of this amount, leaving $7,160,979 to be covered by future employer funding beyond the 2024/25 fiscal year. Again, demographic and investment experience that differs from that assumed will either increase or decrease the future employer funding covered by the plan. requirement. Advance Employer Contribution The City has made contributions to the plan in excess of the minimum amount that was required to be contributed pursuant to Chapter 112. In this report, the excess contributions are referred to as an' "advance employer contribution." As of October 1, 2024, the advance employer contribution is $10,249, which reflects the advance employer contribution as of October 1,2 2023 less $2,331 to cover the shortfall between actual employer contributions and the minimum required The City may apply all or any portion of the advance employer contribution towards the minimum required contribution for the 2024/25 plan year ori for any later plan year. The minimum required contribution for that plan year will be reduced Alternatively, at any time, the City may apply all or any portion of the advance employer contribution as an extra contribution for the 2023/24 plan year as shown in Table II-F. dollar-for-dollar by the amount of the advance employer contribution that is applied in this manner. contribution in excess of the minimum required contribution. Identification and Assessment of Risk The liabilities and cost presented in this report are based on numerous assumptions concerning the cost of benefits to be provided in the future, long-term investment returns, and the future demographic experience of the current participants. Anyone referring to this report should remember that the cost developed herein is only an estimate of the true cost of providing post-employment pension benefits. No one can predict with certainty whether the true cost will be higher or lower than the cost presented in this report. The calculated cost is entirely dependent upon the assumptions that are described in Table IV-A. Ifany of the assumptions is changed, then the cost shown in this report will change accordingly. Likewise, there is always a risk that, should these assumptions not be realized, the liabilities of the plan, Page2 Discussion the contributions required to fund the plan, and the funded status of the plan may be significantly different than the Although at thorough analysis of the risk of not meeting the assumptions is beyond thes scope of this report, this discussion isir intended to identify the significant risks faced byt the plan. In some cases, a more detailed review of the risks, including numerical analysis, may be appropriate to help the plan sponsor and other interested parties assess the specific impact of not realizing certain assumptions. For example, Table I-B illustrates the impact that alternative long-term investment returns would have on the contribution rate. Note that this report is not intended to provide advice on the management The most significant risk faced by most defined benefit pension plans is investment risk, i.e. the risk that long-term investment returns will be less than assumed. Other related risks include a risk that, if thei investments oft the plan decline dramatically over a short period of time (such as occurred with many pension plans in 2008), the plan's assets may not have sufficient time to recover before benefits become due. Even if the assets of the plan grow in accordance with the assumed investment return over time, ift benefit payments are expected to be large in the short-term (for example, if the plan provides an actuarial equivalent lump sum payment option and a large number of participants are expected to become entitled to such a lump sum in the near future), the plan's assets may not be sufficient to support such a high level of benefit payments. We have provided a 10-year projection of the expected benefit payments in Table III-G tol help the Trustees in formulating an investment policy that is expected to provide an investment return that meets both the Another source of risk is demographic experience. This is the risk that participants will receive salary increases that are different than the amount assumed, that participants will retire, become disabled, or terminate their employment at a rate that is different than assumed, and that participants will live longer than assumed, just to cite a few examples of the demographic risk faced by the plan. Although for most pension plans, the demographic risk is not as significant as the investment risk, particularly in light of the fact that the mortality assumption includes a component for future life expectancy increases, the demographic risk can nevertheless be a significant contributing factor to liabilities and A third source of risk is the risk that the plan sponsor (or other contributing entities) will not make, or will not have the ability to make, the contributions that are required to keep the plan funded at a sufficient level. Material changes in the number of covered employees, covered payroll, and, in some cases, hours worked by active participants can also Finally, an actuarial funding method has been used to allocate the gap between projected liablities and assets to each year in the future. The contribution rate under some funding methods is higher during the early years of the plan and then is lower during the later years of the plan. Other funding methods provide for lower contribution rates initially, with The Trustees have adopted the individual entry age normal funding method for this plan with level-dollar payments towards the unfunded accrued liability, which is expected to result in a contribution rate that decreases over time as a amounts shown in this report. orr reduction of the identified risks nori is this report intended to provide investment advice. short- and long-term cash flow needs of the pension plan. contribution rates that become higher than anticipated. significantly impact the plan's liabilities and the level of contributions received by the plan. increasing contribution rates over time. percentage of payroll. Al brief description of the actuarial funding method is provided in Table IV-A. Page3 Discussion Contents of the Report Tables I-D through I-H provide a detailed breakdown of various liability amounts by type of benefit and by participant group. Tables II-A through II-F provide information concerning the assets oft thei trust fund. Specifically, Table II-A shows the development of the actuarial value of assets, which is based on a three-year phase-in of the net investment appreciation in order to provide a more stable and predictable contribution rate for the employer. Tables III-A through III-G provide statistical information concerning the plan's participant population. In particular, Table II-G gives a 10-year projection of the cash that is expected to be required from the trust fund in order to pay benefits to the current group of participants. Finally, Tables IV-A through V-B provide a summary of the actuarial assumptions and methods that are used to value the plan's benefits and oft the relevant plan provisions as of October 1, 2024, as well as a summary of the changes that have occurred since the previous valuation report was prepared. Certification This actuarial valuation was prepared by me or under my direct supervision and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate and, in my opinion, the techniques and assumptions used are reasonable and meet the requirements and intent of Chapter 112, Florida Statutes. There is no benefit or expense tol be provided by the plan and/or paid from the plan's assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material change in plan costs or required contribution rates have been taken into account in the valuation. For the firm, Charlw J. Cotgs Charles T. Carr Consulting Actuary Southern. Actuarial Services Company, Inc. Enrolled Actuary No. 23-04927 The individual above is a member oft the American Academy of Actuaries and meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein. Page4 Funding Results Table I-A Future Employer Funding $7,160,979 Minimum Required Contribution 2024/25 Employer Contribution $1,477,824 Current Assets $65,199,209 Future Employee Funding $4,273,221 0% 20% 40% 60% 80% 100% For the 2024/25 Plan Year Entry Age Normal Cost Expense Allowance $1,824,196 $150,592 $108,035 ($604,999) $1,477,824 $0 $1,477,824 +$ $8,642,838 17.10% Unfunded Liability Amortization Payment Expected Employee Contribution Adjustment to Reflect Beginning-of-Year Employer Contribution Preliminary Employer Contribution for the 2024/25 Plan Year Expected Payroll for the 2024/25 Plan Year Minimum Required Contribution Rate (The actual contribution should be based on the minimum required contribution rate multiplied by the actual payroll for the) year.) Additional Disclosures Present Value of Future Compensation Present Value of Future Employer Contributions Present Value of Future Employee Contributions $61,046,019 $8,638,803 $4,273,221 Pagel-I Funding Results Table I-B Sensitivity Analysis Current Contribution Rate Contribution Rate if Assets Earn 2% Less Annually Over Time Contribution Rate if Assets Earn 2% More Annually Over Time 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% The line above illustrates the sensitivity of the contribution rate to changes ini the long-term investment return. Pagel-2 Funding Results Table I-C Gain and Loss Analysis Source of Change in the Contribution Rate Previous minimum required contribution rate 14.94% 3.82% -1.66% 0.00% 0.00% 0.00% 17.10% Increase (decrease) due toi investment gains and losses Increase (decrease) duet to demographic experience Increase (decrease) due to plan amendments Increase (decrease) due to actuarial assumption changes Increase (decrease) due to actuarial method changes Current minimum required contribution rate Pagel-3 Funding Results Table I-D Present Value of Future Benefits Old Assumptions wlo Amendment Old Assumptions New Assumptions w/ Amendment w/ Amendment Actively Employed Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total $35,954,574 $1,916,614 $1,852,020 $491,135 $235,669 $40,450,012 $1,320,449 $0 $0 $0 $0 $1,320,449 $19,497 $0 $35,954,574 $1,916,614 $1,852,020 $491,135 $235,669 $40,450,012 $1,320,449 $0 $0 $0 $0 $1,320,449 $19,497 $0 $35,954,574 $1,916,614 $1,852,020 $491,135 $235,669 $40,450,012 $1,320,449 $0 $0 $0 $0 $1,320,449 $19,497 $0 Refund of employee contributions Deferred Vested Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total Refund of employee contributions Due a Refund of Contributions Deferred Beneficiaries Retired Participants Service retirements Disability retirements Beneficiaries receiving DROP participants Sub-total Grand Total $30,654,244 $288,833 $2,887,256 $1,727,867 $35,558,200 $77,348,158 $61,046,019 $4,273,221 $8,638,803 $30,654,244 $288,833 $2,887,256 $1,727,867 $35,558,200 $77,348,158 $61,046,019 $4,273,221 $8,638,803 $30,654,244 $288,833 $2,887,256 $1,727,867 $35,558,200 $77,348.158 $61,046,019 $4,273,221 $8,638,803 Present Value of Future Payroll Present Value of Future Employee Contribs. Present Value of Future Employer Contribs. Pagel-4 Funding Results Table I-E Present Value of Accrued Benefits Old Assumptions wlo Amendment Old Assumptions New Assumptions wl Amendment wl Amendment Actively Employed Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total $20,621,510 $952,330 $1,238,233 $249,919 $88,210 $23,150,202 $1,320,449 $0 $0 $0 $0 $1,320,449 $19,497 $0 $20,621,510 $952,330 $1,238,233 $249,919 $88,210 $23,150,202 $1,320,449 $0 $0 $0 $0 $1,320,449 $19,497 $0 $20,621,510 $952,330 $1,238,233 $249,919 $88,210 $23,150,202 $1,320,449 $0 $0 $0 $0 $1,320,449 $19,497 $0 Refund of employee contributions Deferred Vested Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total Refund of employee contributions Due a Refund of Contributions Deferred Beneficiaries Retired Participants Service retirements Disability retirements Beneficiaries receiving DROP participants Sub-total Grand Total $30,654,244 $288,833 $2,887,256 $1,727,867 $35,558,200 $60,048,348 117.79% $30,654,244 $288,833 $2,887,256 $1,727,867 $35,558,200 $60,048.348 117.79% $30,654,244 $288,833 $2,887,256 $1,727,867 $35,558,200 $60,048,348 117.79% Funded Percentage (Note: Funded percentage is equal to the ratio of the usable portion oft the market value of assets divided by the present value of accrued benefits.) Pagel-5 Funding Results Table I-F Present Value of Vested Benefits Old Assumptions Old Assumptions New Assumptions w/o Amendment w/ Amendment w/ Amendment Actively Employed Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total $20,427,844 $701,112 $1,190,510 $239,276 $201,433 $22,760,175 $1,320,449 $0 $0 $0 $0 $1,320,449 $19,497 $0 $20,427,844 $701,112 $1,190,510 $239,276 $201,433 $22,760,175 $1,320,449 $0 $0 $0 $0 $1,320,449 $19,497 $0 $20,427,844 $701,112 $1,190,510 $239,276 $201,433 $22,760,175 $1,320,449 $0 $0 $0 $0 $1,320,449 $19,497 $0 Refund of employee contributions Deferred Vested Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total Refund of employee contributions Due a Refund of Contributions Deferred Beneficiaries Retired Participants Service retirements Disability retirements Beneficiaries receiving DROP participants Sub-total Grand Total $30,654,244 $288,833 $2,887,256 $1,727,867 $35,558,200 $59,658,321 $30,654,244 $288,833 $2,887,256 $1,727,867 $35,558,200 $59,658,321 $30,654,244 $288,833 $2,887,256 $1,727,867 $35,558,200 $59,658,321 Pagel-6 Funding Results Table I-G Entry Age Normal Accrued Liability Old Assumptions w/o Amendment Old Assumptions New Assumptions w/A Amendment wl Amendment Actively Employed Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total $26,574,586 $1,212,038 $1,199,578 $330,614 $115,979 $29,432,795 $1,320,449 $0 $0 $0 $0 $1,320,449 $19,497 $0 $26,574,586 $1,212,038 $1,199,578 $330,614 $115,979 $29,432,795 $1,320,449 $0 $0 $0 $0 $1,320,449 $19,497 $0 $26,574,586 $1,212,038 $1,199,578 $330,614 $115,979 $29,432,795 $1,320,449 $0 $0 $0 $0 $1,320,449 $19,497 $0 Refund of employee contributions Deferred Vested Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total Refund of employee contributions Due a Refund of Contributions Deferred Beneficiaries Retired Participants Service retirements Disability retirements Beneficiaries receiving DROP participants Sub-total Grand Total $30,654,244 $288,833 $2,887,256 $1,727,867 $35,558,200 $66,330,941 ($65,199,209 $1,131,732 $30,654,244 $288,833 $2,887,256 $1,727,867 $35,558,200 $66,330,941 ($65,199,209) $1,131,732 $30,654,244 $288,833 $2,887,256 $1,727,867 $35,558,200 $66,330,941 ($65,199,209) $1,131,732 less Actuarial Value of Assets Unfunded Accrued Liability Pagel-7 Funding Results Table I-H Entry Age Normal Cost Old Assumptions w/o Amendment Old Assumptions New Assumptions w/ Amendment w/A Amendment Actively Employed Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total $1,434,000 $159,654 $139,472 $27,270 $63,800 $1,824,196 $1,434,000 $159,654 $139,472 $27,270 $63,800 $1,824,196 $1,434,000 $159,654 $139,472 $27,270 $63,800 $1,824,196 Refund of employee contributions Deferred Vested Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,824,196 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,824,196 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,824,196 Refund of employee contributions Due a Refund of Contributions Deferred Beneficiaries Retired Participants Service retirements Disability retirements Beneficiaries receiving DROP participants Sub-total Grand Total Pagel-8 Funding Results Table I-I Unfunded Liability Bases Original Amount Total $1,131,732 Outstanding Balance $1,131,732 $1,131,732 Amortization Years Payment Rem. $150,592 $150,592 Description Initial UAAL 10 Pagel-9 Assets Table II-A Actuarial Value of Assets Unexpected Investment Appreciation (Depreciation) Unrecognized Gain (Loss) For the 2022/23 plan year Fort the 2023/24 plan year $555,679 $7,673,129 x1/3 x2/3 $185,226 $5,115,419 $5,300,645 Market Value of Assets as of October 1, 2024 $70,730,088 ($219,985) ($10,249) Minus DROP account balances Minus advance employer contributions Adjustment for unrecognized gain or loss as shown above, but restricted to an amount that keeps the actuarial value of assets within an 80%-120% corridor of the market value Actuarial Value of Assets as of October 1, 2024 ($5,300,645) $65,199,209 Historical Actuarial Value of Assets October 1, 2015 October 1, 2016 October 1, 2017 October 1, 2018 October 1, 2019 October 1, 2020 October 1, 2021 October 1, 2022 October 1, 2023 October 1, 2024 $41,135,391 $42,782,428 $45,081,068 $48,822,669 $52,047,741 $57,998,769 $63,093,121 $64,342,334 $64,599,024 $65,199,209 Pagel II-I Assets Table II-B Market Value of Assets Aso of October 1, 2024 Cash/Government 3%/ securities 8% Corporate bonds 7% Market Value of Assets Government securities Corporate bonds Common stock Mutual funds Income receivable Accounts payable $70,730,088 $2,262,416 $5,586,532 $4,905,915 $15,589,157 $42,377,750 $60,384 ($52,066) Cash Common stock 22% Mutualf funds 60% Historical Market Value of Assets October 1, 2015 October 1, 2016 October 1, 2017 October 1, 2018 October 1, 2019 October 1, 2020 October 1, 2021 October 1, 2022 October 1, 2023 October 1, 2024 $41,608,797 $44,843,967 $49,333,277 $52,205,038 $54,495,451 $59,656,112 $69,206,159 $57,443,939 $60,225,769 $70,730,088 Pagel-2 Assets Table II-C Investment Return 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 =Market Value Retum BActuarial' Value Return MAssumed Retum Annual Investment Returns Market Actuarial Value Return Plan Year 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 10yr. Avg. Value Assumed Return Return -3.37% 5.69% 7.00% 7.75% 4.62% 7.00% 10.09% 4.92% 7.00% 6.73% 8.53% 7.00% 4.40% 7.18% 10.10% 12.12% 18.12% 11.22% -14.60% 4.19% 7.00% 7.98% 19.89% 3.12% 6.27% 7.00% 7.00% 7.00% 7.00% 2.22% 7.00% 6.33% 7.00% Pagell3 Assets Table II-D Actuarial Value $64,599,024 Asset Reconciliation Market Value $60,225,769 As of October 1, 2023 Increases Due To: Employer Contributions Employee Contributions Service Purchase Contributions Total Contributions Interest and Dividends Realized Gains (Losses) Unrealized Gains (Losses) Total Investment Income $1,608,169 $754,585 $0 $2,362,754 $1,536,347 $0 $10,531,823 $12,068,170 $1,608,169 $754,585 $0 $2,362,754 $1,992,786 Other Income Total Income Decreases Due To: Monthly Benefit Payments Refund of Employee Contributions DROP Credits Total Benefit Payments Investment Expenses Administrative Expenses Advance Employer Contribution $0 $14,430,924 $4,355,540 ($3,635,606) $0 ($3,635,606) ($225,294) ($65,705) ($3,635,606) $0 ($56,375) ($3,691,981) ($65,705) $2,331 ($3,755,355) $65,199,209 Total Expenses As of October 1, 2024 ($3,926,605) $70,730,088 Pagell-4 Assets Table II-E Historical Trust Fund Detail Income Plan Year 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Expenses Plan Year 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Service Realized Unrealized Employer Contribs. $1,465,206 $1,482,771 $1,479,117 $1,757,917 $1,974,087 $2,040,510 $1,386,472 $1,041,206 $1,066,518 $1,608,169 Employee Purchase Interest/ Gainsl Contribs. Contribs. Dividends Losses Gainsl Losses Income $0 -$2,387,600 $0 $2,380,296 $0 $3,615,691 $0 $2,195,939 $0 $1,107,983 $0 $4,367,187 $0 $9,627,371 $0 -$11,352,761 $0 $3,470,598 $0 $10,531,823 Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $567,806 $552,111 $603,079 $594,426 $618,834 $642,528 $623,501 $687,947 $679,366 $754,585 $0 $1,131,055 $0 $1,014,689 $0 $1,103,821 $7,308 $1,328,612 $0 $1,362,626 $0 $1,332,697 $0 $1,336,607 $0 $1,585,853 $0 $1,271,515 $0 $1,536,347 Other Actuarial Adjustments Advance DROP Employer Credits Contribs. $83,791 $116,261 $141,623 $114,324 $166,479 -$388,705 $132,295 -$202,841 $144,542 $119,353 -$159,523 $170,754 $122,227 $2,784 -$424,121 $206,018 -$369,856 $56,375 Monthly $1,849,346 $1,982,529 $2,053,539 $2,741,058 $2,517,179 $2,962,575 $3,118,152 $3,413,158 $3,431,959 $3,635,606 Benefit Contrib. Admin. Payments Refunds Expenses Expenses Invest. $0 $54,869 $194,529 $0 $42,492 $169,676 $0 $61,368 $197,491 $0 $51,831 $219,552 $0 $80,855 $175,083 $0 $46,158 $213,528 $0 $46,004 $259,748 $0 $101,515 $209,792 $0 $49,144 $225,064 $0 $65,705 $225,294 $62,868 -$2,331 Note: Information was not available to separate the realized and unrealized gains and losses. Monthly benefit payments after September 30, 2013 include contribution refunds. Pagel ell5 Assets Table II-F Other Reconciliations Advance Employer Contribution Advance Employer Contribution as of October 1, 2023 $12,580 $1,608,169 ($1,610,500) ($2,331) $10,249 Additional Employer Contribution Minimum Required Contribution Net Increase in Advance Employer Contribution Advance Employer Contribution as of October 1, 2024 DROP Account Reconciliation DROP Balance as of October 1, 2023 $163,610 $123,292 $23,419 ($90,336) $56,375 $219,985 DROP Benefit Credits DROP Investment Credits DROP Benefits Paid Out Net DROP Credit DROP Balance as of October 1, 2024 Page II-6 Data Summary of Participant Data Table III-A As of October 1, 2024 Actively Employed Participants Active Participants DROP Participants Inactive Participants Deferred Vested Participants Due a Refund of Contributions Deferred Beneficiaries Participants Receiving a Benefit Service Retirements Disability Retirements Beneficiaries Receiving Total Participants 206 4 25 13 0 143 4 22 417 Participant Distribution by Status Number of Participants Included in Prior Valuations Active DROP Inactive Retired Total 338 347 359 367 377 384 397 413 413 417 October 1, 2015 October 1, 2016 October 1, 2017 October 1, 2018 October 1, 2019 October 1, 2020 October 1, 2021 October 1, 2022 October 1, 2023 October 1, 2024 169 170 176 182 186 186 188 199 198 206 6 8 11 7 7 7 7 5 3 4 27 32 33 33 34 30 39 41 46 38 136 137 139 145 150 161 163 168 166 169 Page II-I Data Data Reconciliation Table III-B Deferred Duea Def. Service Disabled Benef. Active DROP Vested Refund Benef. Retiree Retiree Rec'v. Total October 1, 2023 Change in Status Re-employed Terminated Retired 198 3 25 21 0 143 4 19 413 (15) (6) (1) (2) 2 (1) 32 3 (1) 12 8 Participation Ended Transferred Out Cashed Out Died (2) (20) (22) (9) 32 3 3 (8) Participation Began Newly Hired Transferred In New Beneficiary Other Adjustment October 1, 2024 206 4 25 13 0 143 4 22 417 Pagell-2 Data Active Participant Data Table III-C As of October 1, 2024 Average Age 48.2 years Average Service 8.7 years Gender Mix 31% Total Annualized Compensation for the Prior Year $10,572,519 Total Expected Compensation for the Current Year $8,642,838 Average Increase in Compensation for the Prior Year Expected Increase in Compensation for the Current Year Accumulated Contributions for Active Employees $6,786,701 69% 9.62% 4.00% E Male E Female Actual VS. Expected Salary Increases Active Participant Statistics From Prior Valuations Average Average Expected Actual Salary Salary Increase Increase 4.00% 2.52% 4.00% 1.43% 4.00% 4.00% 4.00% 2.11% 4.00% -0.83% 4.00% 4.00% 0.95% 4.00% 2.74% 4.00% 9.62% Average Average Average Age Service 49.2 49.5 49.6 49.9 49.7 48.1 48.3 48.4 49.6 48.2 Salary 9.5 $45,351 9.3 $44,771 9.2 $45,920 9.5 $46,074 9.4 $47,046 8.6 $45,603 8.8 $46,800 8.9 $47,500 9.3 $48,000 8.7 $51,323 October 1, 2015 October 1, 2016 October 1, 2017 October 1, 2018 October 1, 2019 October 1, 2020 October 1, 2021 October 1, 2022 October 1, 2023 October 1, 2024 5.19% 1.84% 8.28% Pagell3 Data Active Age-Service Distribution Table III-D Under 25 25to 29 30to34 35to39 40to44 45to49 50to54 55to59 Age 60t064 65& up 40& up 35to39 30to34 25to29 20to24 15to19 10to14 5to9 Years of Service 1to4 Under1 Eligible to retire May be eligible to retire Not eligible to retire Pagel III-4 Data Active Age-Service-salary Table Table III-E Attained Under 25 Avg.Pay 36,059 25to29 30to 34 35to39 40to44 45to49 50to54 55t to 59 Avg.Pay 60to64 65&up Avg.Pay Total Completed Years of Service Age Under1 1to4 5to9 10to14 15to19 20to24 25to29 30to34 35to39 40&up Total 5 5 3 6 6 1 1 0 1 0 28 0 0 4 11 9 7 4 10 4 5 3 57 0 0 1 2 5 7 9 8 7 4 4 47 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 54,614 2 2 2 3 3 6 5 7 3 8 2 4 18 31 0 0 0 0 0 0 0 0 0 0 4 5 7 3 0 0 19 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 2 0 0 4 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 5 0 36,059 0 10 0 43,368 0 17 0 47,900 0 21 0 53,107 0 24 0 45,232 0 23 0 55,087 0 36 0 56,230 0 31 0 46,256 0 26 0 50,552 0 13 0 69,527 0 206 0 51,323 Avg.Pay 38,333 45,029 61,895 Avg.Pay 50,703 48,990 61,651 Avg.Pay 46,210 55,258 57,213 Avg.Pay 44,575 55,161 28,753 55,048 60,311 Avg.Pay 47,444 64,337 58,676 69,805 53,060 33,833 Avg.Pay 43,571 51,750 56,847 79,241 43,349 69,499 84,565 78,566 0 53,338 50,230 37,884 49,711 47,370 Avg.Pay 64,633 46,814 38,245 64,312 52,072 59,386 37,497 0 41,142 75,047 86,157 76,982 Avg.Pay 43,730 51,722 52,344 57,894 53,774 52,241 39,890 78,566 Page II-5 Data Inactive Participant Data Table III-F 0123456789101112131415161718192021222324252627282930313233233343536373839 Under2 25 25-29 30-34 35-39 40-44 45-49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 Over74 Age at Retirement - Service Retirements D Disability Retirements DROP Participants Average Monthly Benefit Service Retirements Disability Retirements Beneficiaries Receiving DROP Participants Deferred Vested Participants Deferred Beneficiaries $1,733.17 $660.68 $1,170.61 $2,968.40 $756.51 Not applicable Page II-6 Data Projected Benefit Payments Table III-G $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 Actual Projected For the period October 1, 20231 through September 30, 2024 For the period October 1, 2024 through September 30, 2025 For the period October 1, 2025 through September 30, 2026 For the period October 1, 2026 through September 30, 2027 For the period October 1, 2027 through September 30, 2028 For the period October 1, 2028 through September 30, 2029 For the period October 1, 2029 through September 30, 2030 For the period October 1, 2030 through September 30, 2031 For the period October 1, 2031 through September 30, 2032 For the period October 1, 2032 through September 30, 2033 For the period October 1, 2033 through September 30, 2034 $3,635,606 $4,093,011 $4,251,704 $4,404,548 $4,550,144 $4,943,500 $5,074,937 $5,232,876 $5,460,267 $5,610,775 $6,035,296 Pagell-7 Methods - GA Assumptions Summary of Actuarial Methods and Assumptions Table IV-A NOTE: The following assumptions and methods have been selected and approved by the Board of Trustees based in part on the advice of the plan's enrolled actuary in accordance with the authority granted to the Board under the pension ordinances and State law. 1. Actuarial Cost Method Individual entry age normal cost method. Under this actuarial cost method, a level funding cost is developed with respect to each benefit for each participant. The level funding cost for each benefit applies tot the period beginning when the participant's service commences and ends when the participant is assumed to cease active participation due to each respective decrement. The actuarial accrued liability is equal to the accumulated level funding cost tot the valuation date for all participants. The normal cost is equal to the level funding cost for the year immediately following the valuation date for all active participants. 2. Amortization Method The unfunded actuarial accrued liability is amortized as al level dollar amount over a period of 10 years. 3. Asset Method The actuarial value of assets is equal to the market value of assets, adjusted to reflect a three-year phase-in of the unexpected investment appreciation. 4. Interest (or Discount) Rate 7.00% per annum 5. Salary Increases Plan compensation is assumed to increase at the rate of 4.00% per annum, unless actual plan compensation is known for a prior plan year. In addition, average final compensation has been increased by a percentage to account for payments of accrued unused leave. The percentage increase is 1.50% for benefit determinations through September 30, 2026 and 0.75% for benefit determinations during the period October 1, 2026 through September 30,2031. PagelV-I MetiodsAssumptions Summary of Actuarial Methods and Assumptions Table IV-A (continued) 6. Decrements Pre-retirement mortality: Sex-distinct rates set forth in the PUB-2010 Headcount-Weighted Below Median Employee Mortality Table for general employees, with full generational improvements in mortality using Scale MP-2018 and with male ages set back Sex-distinct rates set forth in the PUB-2010 Headcoune-egnted Below Median Healthy Retiree Mortality Table for general employees, with full generational improvements in mortality using Scale MP-2018 and with male Age-based rates of disability were assumed, ranging from 0.07% at age 20, 0.09% at age 25, 0.11% at age 30, 0.15% at age 35, 0.19% at age 40, 0.35% at age 45, 0.51% at age 50, and 1.085% at age 55; 50% of future disabilities Age-based rates of termination were assumed, ranging from 17.20% at 5% of eligible participants have been assumed to retire at each of ages 55 through 61, with 100% of eligible participants assumed to retire at age 620 or upon the attainment of age 55 with at least 30 years of service. one year Post-retirement mortality: ages set back one year Disability: are assumed to be service-related. age 20to1 1.10% at age 55. Termination: - Retirement: 7. Form of Payment Future retirees have been assumed to select the 10-year certain and life annuity. 8. Beneficiary Assumption Beneficiaries are assumed to be three years older or younger than female or male participants, respectively. 9. Expenses Administrative expenses are assumed to be 1.25% of covered payroll. In addition, the interest rate set forth in item 4. above is assumed to be net of investment expenses and commissions. Pagell-2 Methods GA Assumptions Changes in Actuarial Methods and Assumptions Table IV-B No assumptions or methods have been changed since the completion of the previous valuation. The following additional assumption and method changes were made during the past 10 years: (1) Effective October 1, 2020, the mortality basis was changed from the RP-2000 Combined Mortality Table with generational improvements in mortality using Scale BB to selected PUB-2010 Mortality Tables with generational (2) Effective October 1, 2020 the actuarial value of assets was changed from the market value adjusted to reflect a three-year phase-in of the net investment gains and losses to the market value adjusted to reflect a three-year (3) Effective October 1, 2016, the mortality basis was changed from a 2015 projection oft the RP-2000 Mortality Table fora annuitants to eligmeabaupokatomuan, Scale BB ofthel RP-2000 Combined Mortality Table as required (4) Effective October 1, 2014, the mortality basis was updated from a 2007 projection of the RP-2000 Mortality Table improvements in mortalty using Scale MP-2018. phase-in oft the unexpected. investment gains and losses. by State law. to a 2015 projection of the RP-2000 Mortality Table. PagelV3 Plan Provisions Table V-A Summary of Plan Provisions 1. Monthly Accrued Benefit 2.60% of Average Final Compensation multiplied by Continuous Service 2. Normal Retirement Age and Benefit Age Age 62,0 or Amount Monthly Accrued Benefit Form of Payment Age 55 with at least 30 years of Continuous Service Actuanaly-ncreased life annuity (optional); 10-year certain and life annuity (normal form of payment); Any other actuarially equivalent form of payment approved by the Board of Trustees (optional); or Actuarially equivalent lump sum distribution (automatic at the discretion of the Board of Trustees if the (Note: All forms of payment guarantee at least the return of the participant's Accumulated Contributions. In addition, the participant may change his joint annuitant or beneficiary after value of the participant's benefit is less than or equal to $3,500) retirement under the conditions set forth in Plan.) 3. Early Retirement Age and Benefit Age Amount Age 55 with at least 10 years of Continuous Service Monthly Accrued Benefit (payable at age 62); or Monthly Accrued Benefit reduced by 7309 for each month by which the participant's Early Retirement Age precedes age 62 (payable at Early Retirement Age). Form of Payment Same as for Normal Retirement Delayed Retirement Age and Benefit 4. Age After Normal Retirement Age Amount Monthly Accrued Benefit Form of Payment Same as for Normal Retirement Pagel-I Plan Provisions Table V-A (continued) Summary of Plan Provisions 5. Service Incurred Disability Eligibility and Benefit Eligibility Condition All participants are eligible. The participant must have sustained a service-connected illness, injury, disease, or disability which permanently incapacitates him physically or mentally from his regular and continuous duty for the City and wholly prevents him from rendering useful and efficient service to the City. In addition, the participant must have filed a claim for worker's compensation, social security, and long-term disability benefits, as applicable. (Certain participants are also covered by the presumption that a permanent disability caused by tuberculosis, hypertension, or heart disease is service-connected unless ap physical An monthly benefit equal to the larger of (a) or (b), as follows, and payable as a 10-year certain and life (b) The lesser of: () the participant's current monthly salary offset by any worker's compensation, social security, and long-term disability benefits which are payable, or (i) % oft the participant's examination conducted upon employment revealed such a condition at that time.) Amount Payable Until Normal Retirement Age (a) Monthly Accrued Benefit; or annuity: current monthly salary. Amount Payable Upon Attainment of Normal Retirement Age forms of payment otherwise available upon Normal Retirement: A monthly benefit equal to the larger of (a) or (b), as follows, and payable under any of the optional (b) Monthly Accrued Benefit reflecting compensation and Continuous Service both before and during the participant's period of disability. For purposes of determining compensation during the participant's period of disability, compensation is based on the base wage rates paid by the (a) The monthly disability benefit payable prior to Normal Retirement Age; or City for the participant's last position and step. 6. Non-Service Incurred Disability Eligibility and Benefit (for Participants With At Least 10 Years of Continuous Service) Eligibility Condition 10 years of Continuous Service The participant must have sustained an illness, injury, disease, or disability which permanently incapacitates him physically or mentally from his regular and continuous duty for the City and from any other gainful full-time employment. In addition, the participant must have filed a claim for social security and long-term disability benefits, as applicable. Pagel-2 Plan Provisions Table V-A (continued) Summary of Plan Provisions Amount Payable Until Normal Retirement Age (a) Monthly Accrued Benefit; or Ar monthly benefit equal to the larger of (a) or (b), as follows, and payable as a 10-year certain and life (b) The lesser of: () the participant's current monthly salary offset by any social security and long- term disability benefits which are payable, or (i) 20% oft the participant's current monthly salary. Ar monthly benefit equal to the larger of (a) or (b), as follows, and payable under any of the optional annuity: Amount Payable Upon Attainment of Normal Retirement Age forms of payment otherwise available upon Normal Retirement: (a) The monthly disability benefit payable prior to Normal Retirement Age; or (b) Monthly Accrued Benefit. 7. Non-Service Incurred Disability Eligibility and Benefit (for Participants With At Least Two Years of Continuous Service) Eligibility Condition Two years, but less than 10 years, of Continuous Service The participant must have sustained an illness, injury, disease, or disability which permanently incapacitates him physically or mentally from his regular and continuous duty for the City and from any other gainful full-time employment. In addition, the participant must have filed a claim for social security Ar monthly benefit equal to the lesser of: ( the participant's current monthly salary offset by any social security and long-term disability benefits which are payable, or (i) 20% of the participant's current Monthly Accrued Benefit payable under any of the optional forms of payment otherwise available upon and long-term disability benefits, as applicable. Amount Payable Until Normal Retirement Age monthly salary. Normal Retirement Deferred Vested Benefit Age Amount Amount Payable Upon Attainment of Normal Retirement Age 8. Any age with at least five years of Continuous Service Monthly Accrued Benefit (payable at age 62); Monthly Accrued Benefit reduced by 7/30% for each month by which the participant's Early Retirement Age precedes age 62 (payable at Early Retirement Age) Pagel-3 Plan Provisions Table V-A (continued) Summary of Plan Provisions Form of Payment Same as for Normal Retirement, or Actuarially equivalent lump sum distribution (only available to those participants who terminate their employment at least 10 years prior to their Early Retirement Age) 9. Pre-Retirement Death Benefits Vested Participant Upon the death prior to retirement of a fully vested participant, the participant's beneficiary receives an actuarially equivalent Pre-Retirement Survivor Annuity equal to the greater of 50% of the participant's Monthly Accrued Benefit or 100% of the benefit that would have been payable to the participant in the form of a 100% joint and contingent annuity had the participant survived to his earliest retirement age. At the beneficiary's election, such annuity is payable at any time following the participant's death. Notwithstanding the above, if the actuarially equivalent value of the Pre-Retirement Survivor Annuity is less than $5,000, the beneficiary will automatically receive a lump sum payment in lieu of a monthly annuity. In any event, the Pre-Retirement Survivor Annuity guarantees at least the return of the In the case of the death of a non-vested participant prior to retirement, his beneficiary will receive the participant's Accumulated Contributions. participant's Accumulated Contributions. Non-Vested Participant 10. Average Final Compensation Average compensation for the highest five years of service prior to the determination, where compensation includes total cash remuneration paid for services rendered to the City; overtime in excess of 300 hours per year earned after November 8, 2011 and payments for unused sick and annual leave that accrue after that date are excluded from plan compensation. 11. Continuous Service The uninterrupted service, expressed in years and completed months, from the participant's date of hire until his date of termination, retirement, or death. PageV-4 Plan Provisions Table V-A (continued) Summary of Plan Provisions 12. Participation Requirement All full-time employees of the City of Tamarac, Florida automatically become a participant in the Plan on their date of hire except for the following individuals: (a) Employees engaged directly by the City Commission; (b) (c) (d) Temporary general employees; Firefighters and police officers; and Certain employees who were previously allowed to opt out oft the Plan. 13. Accumulated Contributions The participant's Contributions accumulated with 5.00% interest per annum (prior to January 1,2012) or 2.50% interest per annum (after December 31, 2011) 14. Participant Contributions 7% of compensation per year; participant Contributions are deemed to be picked-up" by the City pursuant to Internal Revenue Code (IRC)$414()(2). 15. Deferred Retirement Option Plan (DROP) A DROP is available to those participants who have reached their normal retirement age and individuals may participate in the DROP for up to 36 months. Participants may only enter the DROP within five years following their normal retirement age. IFDROP participation is elected more than two years after normal retirement age, then the maximum DROP participation period is reduced by one month for each month that the election is deferred. DROP accounts receive an interest credit equal to the return on the market value of assets minus a %% administrative charge (or the actual investment return for those participants who elect the self-directed option). 16. Definition of Actuarially Equivalent Interest Rate 7.00% per annum Mortality Table Unisex mortality table promulgated by the Secretary of the Treasury for purposes of calculating lump sum distributions pursuant to Internal Revenue Code (IRC) section 417(e)(3) PageV-5 Plan Provisions Table V-A (continued) Summary of Plan Provisions 17. Plan Effective Date The initial plan effective date is June 1, 1975. 18. Early Retirement Window Actively employed participants who attained age 55 with at least 25 years of service on or before December 31, 2017 were allowed to elect to retire or enter the Deferred Retirement Option Program (DROP) with an unreduced early retirement pension, provided that they made a one-time irrevocable election tot terminate their employment or enter the DROP within 180 days of becoming eligible for the unreduced early retirement pension and that they retired or entered the DROP on or before December 31, 2017. Pagel-6 Planl Provisions Table V-B Summary of Plan Amendments No significant plan changes were adopted since the completion of the previous valuation. The following additional plan amendments were adopted during the past 10 years and were reflected in prior valuation (1) The definition of eligible participant was changed to include qualifying members of the Elected and Appointed Officers and Non-Represented Employees Retirement Plan and these individuals were allowed to participate in reports: the Deferred Retirement Option Plan (DROP). (Ordinance 2017-03) (2) Several technical corrections and clarifications were made to the plan language. (Ordinance 17-10) (3) The plan was amended to include an early retirement window as described in item 18. of Table V-A. Pagel-7 BCA & Burgess Chambers & Associates, Inc. Institutiona. Investment Advisors w.burgesschambers.com December 31, 2024 Tamarac General Employees Pension Trust Fund Investment Performance Period Ending December 31, 2024 Thef following investmenti information was prepared! by BCA, relying upon dataf froms statements provided! byt the plan custodian and/ori investment manager(s). BCA reviews transactions provided by the custodian and uses reasonable caret to ensure thea accuracy ofthe data contained! herein. However, BCA cannot guarantee thea accuracy oft thec custodian's statement. Tamarac General Employees' Pension Trust Fund BCA Market Perspective 0 We Need More Electric Power January 2025 Artificial Intelligence (AI) equipment requires significant amounts of energy to power data centers around the world. A single ChatGPT query burns nearly 10 times as many watt-hours, 2.9, as a Google search, 0.3 (EIA). Data centers 1200 are currently the number one source of utility load growth (FERC). The 1000 traditional mix of electricity generation is not prepared for the EIA's growth projections. In fact, the current lack of power is holding back the data-center The major sources of electric power (EPA) in the U.S. are natural gas (37%), coal (18%), nuclear (20%), wind (12%), Solar (6%), and other (7%). While planners of hyper-scale data centers have considered green energy to supply the growth, a reliable and more cost-effective solution is needed. Projected Electricity Demand - Data center, Al, and cryptocurrencies E 800 600 400 200 market (Siemens). 20i9 2020 2021 2022 2023 2024 2025 2026 Source: Russell Investments; Whitepaper: is AIs slowing down the energy transition. Lowo case Basec case Higho case U.S. electricity demand growth was flat over the past 10 years (DOE) and is expected to rise more than 15.8 %1 by 2029, a growth rate not seen since the 1980's (Grid Strategies). The power grid in the U.S. and Europe is dated. American utilities will require an estimated $50 billion in new generating capacity in the coming years. In the near term, the U.S. is positioned to ramp up natural gas production. But more pipe across west Texas is required, as growing demand here and in Europe rises. The U.S is the largest exporter of liquified natural gas The European Union (EU) imports 56% of its energy. According to the European Commission, the energy sources include oil (34%0), natural gas (23%), renewables (17%), nuclear (13%) and coal (12%). In Europe, the expansion of data centers through 2030 is expected to Longer term, nuclear will be the likely source to grow and provide reliable clean electric power. Microsoft recently was given the green light to restart the Three Mile Island energy plant (closed 2019) and Google signed agreements with Kairos Power to build small nuclear reactors to power AI data centers (BBC). In December 2024, Meta released a RFP to identify nuclear energy developers to power AI and Both the U.S. and Europe have pushed renewable energy sources, notably wind and solar. Large government subsidies to build and operate such facilities are enormously costly. Without such subsidies, natural gas and nuclear are cheaper sources of electric power. As carbon contamment remains an international priority, nuclear may be the best long-term solution to keep AI associated costs in line for many years. (LNG) to the EU, replacing Russian gas. require $1 trillion. support clean energy. Disclosure: All expressions ofc opiniont reflect thej judgment oft the author as oft thec date of publication and ares subject to change. Content should notl be regardeda asa complete analysis of the subjects discussed or as personalized: investment advice. Alli investment: strategies have the potential for profito orl loss. Refèrences to market performance inj publications doi notr represent the returns achieved by Burgess Chambers & Associates or any ofits advisory clients. 1 Quarterly Market Summary 1Quarter Performance 10.0 5.0 2.4 0.0 -5.0 -10.0 -15.0 December 31, 2024 5.6 0.3 0.2 0.7 -1.2 -0.4 -3.1 -6.1 -8.1 -7.8 / / US Market Indices Performance 45.0 30.0 15.0 6.2 8.1 2.4 0.6 0.3 0.0 -2.7 -1.7 -15.0 US Market Sector Performance 60.0 40.0 20.0 14:3 0.0 -20.0 -40.0 36.1 25.0 22.1 15.3 15.2 12.3 131-715 30.1 30.6 14.9 5.7 2.6 23.4 0.0 3:3-24 Quarter S&P5 500 Growth Year S&P5 500 Value Quarter Year S&P 500E Energy S&P5 5001 Industrials S&P5 5000 Communication: Services S&P! 500 Index Russell Midcap Index Russell 2000 Index S&P5 500 Consumer Discretionary S&P5 500 Consumer Staples S&P5 5001 Information" Technology S&P5 500N Materials Russell Midcap Growth Index Russell Midcap Valuel Index Russell 2000 Growth Index Russell 2000 Value Index S&P5 500F Financials S&P5 500 Utilities S&P 500H Health Care BCA 2 Quarterly Market Summary Fixed Income Market Sector Performance December 31, 2024 12.0 8.0 4.0 0.0 -4.0 -8.0 9.0 8.2 5.0 2.3 2.0 1.3 1.2 0.6 0.2 0.7 -3.1 -3.1. -3.0 -3.2. Blmbg. U.S. Aggregate Index Blmbg. U.S. Corp: High YieldI Index Blmbg. U.S. Treasury! Index Blmbg. U.S. Credit Index Blmbg. U.S. MBS Blmbg. Global Aggregate Ex USD (Hedged) S&P UBS Leveraged Loan! Index Intl Equity Indices Performance 15.0 10.0 5.0 0.0 -5.0 -10.0 -15.0 Intl Equity Region Performance 18.0 12.0 6.0 & 0.0 -3.6 -6.0 -6.8 -9.1 -12.0 -10.5. -18.0 MSCI Japan! Index 8.1 6.4 4.3. 2.3 2.4 7.5 1.0 -8.1 -8.3 -7.1 -7.8 Quarter Year Quarter Year MSCIEAFE Index MSCIEAFEV Value MSCI EAFE Small Capl Index MSCIEAFE Growth Index MSCI Emerging Markets Index MSCIF Pacific ex. Japan MSCI United! Kingdom MSCI Europe ex BCA 3 Tamarac General Employees Pension Trust Fund Total Fund Investment Summary December 31, 2024 During the quarter, the Fund was down $1.0 million or -1.4% (-1.5% net) - behind the strategic model (-1.0%). The relative difference was primarily due to Fiduciary Large-Cap Value, Polen Large-Cap Growth, and Cohen & Steers Infrastructure. The four best performers were: Fidelity Large Cap Growth (+7.1%), Polen Large Cap Growth (+5.0%), iShares Convertible Bonds (+2.5%), and SSI Convertible Bonds (+2.5%). Polen's results were closer to its benchmark (+5.0% vs.+7.0%), in spite of not owning Nividia. During the first quarter of 2025, Polen's performance was ahead of its benchmark, as Nividia and Tesla have severely dragged down the index benchmark. For the one-year period, the Fund earned $5.7 million or +9.2% (+8.8% net), behind the strategic model (+10.5%), but ahead of the actuarial expected return. The main detractors from relative performance were Fiduciary and Polen. The three best performers were: Fidelity Large Cap Growth Index (+33.1%), Polen Large Cap Growth (+17.4%), and Fidelity Mid Cap (+15.4%). During the past five years, the Trust Fund earned $19.7 million, averaging +6.5% (+6.1%net). Anew IPS was signed on August 21, 2024 and went into effect this quarter. Inl November, $1.1 million of existing cash in the R&D account was used to purchased additional shares of the Fidelity U.S. Bond fund. InI December, $61,600 was raised from the Fidelity Large Cap Growth and $43,400 was raised from the Polen Large Cap Growth account for anticipated benefit payments. Update: In January, $150,000 was raised from the Fidelity Mid Cap Index and $60,000 from the Fidelity Small Cap Index for anticipated benefit payments. BCA. 4 Tamarac General Employees Pension Trust Fund Total Fund Investment Summary December 31, 2024 Manager Discussion: 1. Fiduciary's large-cap value product missed the benchmark for the quarter (-3.9% VS. -2.0%) and the one-year period (+10.8% VS. +14.4%). However, this time last year (12/31/23), the 12-month return beat its benchmark by a large margin (+21.2% VS. +11.5%). In spite of the recent head winds, long term results were ahead ofthe benchmark. 2. Polen Capital's large-cap product performance missed the benchmark for the quarter (+5.0% VS. +7.1%), and were well behind for the 12-month period (+17.4% VS. +33.4%). The absence of a single stock in the portfolio (Nividia) is the reason. This time last year (12/31/23) the firm's 12-month performance was much closer to the benchmark (+39.9 VS. +42.7%). 3. Cohen & Steers missed the benchmark for the quarter but was ahead for the one-year period (+12.4% VS. +10.5%, top 26"), three- year period (+3.6% VS. +3.0%, top 29th), and five-year period (5.5% VS. +4,1%, top 19th). 4. Lazard beat the benchmark for the quarter (-1.8% VS. -5.5%,) and significantly outperformed the benchmark for both the three-year (+6.3% VS. +3.0%, top 9th) and five-year periods (+7.0% VS. +4.1%, top 5th). 5. SSIC convertible bonds averaged +9.0% per year for the five-year period, ranking in the top 19th percentile. 6. Euro-pacific was behind the benchmark for the quarter (-6.9% VS. -8.1%, top 44th) and the five-year period (+4.4% VS. +5.2%, top 46th). Results are compared to a benchmark (MSCI EAFE) which does not include emerging market companies. The product's inclusion of emerging market companies (China, India, Taiwan) has reduced relative performance, as compared to EAFE. 7. Agincourt's fixed income performance were similar to the benchmark for the quarter (-3.2% VS. -3.1%) and one-year period (+1.5% VS. +1.3%). The firm's three, five, and 10-year results were ahead of the benchmark. 8. American Core Realty's results were similar to the benchmark for the quarter (+1.0% VS. +1.2%) and ahead for the three-year (-2.1% VS. -2.3%) and five-year results (+3.0% VS. +2.9%). The product has experienced two consecutive positive quarters. The redemption queue was halted at the last meeting and dividends are purchasing additional shares each quarter. BCA. 5 Tamarac General Employees' Pension Trust Fund Total Fund Investment Policy Review December 31, 2024 Three Year xe X - X J X ] Total Fund annualized three-year performance achieved the 60/40 Benchmark. Total Fund annualized three-year performance achieved the Strategic Model. Total Fund annualized three-year performance ranked in the top 40th percentile. Total Fund annualized three-year performance (gross) achieved the 7.0% actuarial assumption rate. Large-cap value (Fiduciary) rolling three-year performance achieved the Russell 1000 Value index. (+5.3%vs.+ +5.6%) Large-cap value (Fiduciary) rolling three-year performance ranked in the top 40th percentile. Large-cap growth (Fidelity Large Cap) rolling three-year performance ranked in the top 40th percentile (passive). Large-cap growth (Polen) rolling three-year pertormance achieved the Russell 1000 Growth index. Large-cap growth (Polen) rolling three-year performance ranked in the top 40th percentile. Mid Cap (Fidelity Mid Cap) rolling three-year performance ranked in the top 40th percentile (passive). K Small Cap (Fidelity Small Cap Index Blend) rolling three-year performance ranked in the top 40th percentile (passive). Global Infrastructure (Cohen & Steers) rolling three-year performance achieved the FTSE Global Core Infrastructure 50/50: index. Global Infrastructure (Lazard) rolling three-year pertormance achieved the FTSE Global Core Infrastructure 50/50: index. Global Infrastructure (Cohen & Steers) rolling three-year performance ranked in the top 40th percentile. Global Infrastructure (Lazard) rolling three-year performance ranked in the top 40th percentile. Convertibles (SSI) rolling three-year performance achieved the ML Convertible x144A All Quality index. Convertibles (SSI) rolling three-year performance ranked in the top 40th percentile. International (Euro-Pacific) rolling three-year performance achieved the MSCI EAFE index. International (Euro-Pacific): rolling three-year performance ranked in the top 40th percentile (passive). International (Fidelity International Index Blend) rolling three-year performance ranked in the top 40th percentile (passive). REIT (SPDR Dow Jones REIT Blend) rolling three-year pertormance ranked int the top 40th percentile (passive). (Actual: 46th) Private Real Estate (American Realty)r rolling three-year pertormance achieved the NCREIF ODCE: index. BCA. 6 Tamarac General Employees Pension Trust Fund Total Fund Investment Policy Review (continued) December 31, 2024 Yes No Three Year Fixed-income (Agincourt) rolling three-year performance achieved the Bloomberg's U.S. Aggregate bond index. Fixed-income (Agincourt) rolling three-year performance ranked in the top 40th percentile. Bond (Fidelity US Bond) rolling three-year performance ranked in the top 40th percentile (passive). Bond (Fidelity Short-Term Bond) rolling three-year performance ranked in the top 40th percentile (passive). BCA. 7 Tamarac General Employees Pension Trust Fund Total Fund Investment Policy Review (continued) December 31, 2024 Five Year Total Fund annualized five-year performance achieved the 60/40 Benchmark. Total Fund annualized five-year performance ranked in the top 40th percentile. Total Fund annualized five-year performance achieved the Strategic Model performance. (+6.5% VS. +7.3%) Total Fund annualized five-year performance (gross) achieved the 7.0% actuarial assumption rate. (Actual: +6.5%) Large-cap value (Fiduciary) rolling five-year performance achieved thel Russell 1000 Value index. Large-cap value (Fiduciary) rolling five-year performance ranked in the top 40th percentile. - Large-cap growth (Fidelity Large Cap Growth) rolling five-year performance ranked in the top 40th percentile (passive). Large-cap growth (Polen) rolling five-year pertormance achieved the Russell 1000 Growth index. Large-cap growth (Polen) rolling five-year performance ranked in the top 40th percentile. Mid-cap (Fidelity Mid Cap) rolling five-year performance ranked in the top 40th percentile (passive). Small-cap (Fidelity Small Cap) rolling five-year performance ranked in the top 40th percentile (passive). Global Infrastructure (Cohen & Steers) rolling five-year performance ranked in the top 40th percentile. Global Infrastructure (Lazard) rolling five-year pertormance ranked in the top 40th percentile. Convertibles (SSI) rolling five-year performance achieved the ML Convertible x144A All Quality index. Convertibles (SSI) rolling five-year performance ranked in the top 40th percentile. Global Infrastructure (Cohen & Steers) rolling five-year performance achieved the FTSE Global Core Infrastructure 50/50 index. Global Infrastructure (Lazard) rolling five-year pertormance achieved the FTSE Global Core Infrastructure 50/50 index. X International (Euro-Pacific) )rolling five-year performance achieved thel MSCI EAFE index. (+4.4% VS. +5.2%) International Euro-Pacine)rolimg five-year pertormance ranked in the top 40th percentile (passive). (Actual: 46th) International (Fidelity International Index Blend) rolling five-year performance: ranked in the top 40th percentile (passive). REIT (SPDR Dow Jones REIT blend) rolling five-year performance ranked in the top 40th percentile (passive). Private Real Estate (American Realty) rolling five-year performance achieved the NCREIF ODCE index. BCA. 8 Tamarac General Employees' Pension Trust Fund Total Fund Investment Policy Review (continued) December 31, 2024 Five Year Fixed-income (Agincourt): rolling five-year performance achieved the Bloomberg' 's U.S. Aggregate bond index. Fixed-income (Agincourt): rolling five-year performance ranked ini the top 40th percentile. Bond (Fidelity US Bond) rolling five-year performance ranked in the top 40th percentile (passive). Short-Term Bond (Fidelity Short-Term Bond) rolling five-year performance ranked in the top 40th percentile (passive). BCA. 9 Tamarac General Employees Pension Trust Fund Total Fund Investment Policy Review (continued) December 31, 2024 Yes X X X All active investment managers avoided four consecutive quarters at or below the 40th percentile ranking.? Total equity, including REITS is within the 70% limitation at market. No more than 5% of the total Fund's assets (at market) were invested in the common/capital stock of one issuing company. No more than 1.5% of the total bond portfolio was invested in one issuing company (non-government bond). International securities are within the 20% limitation at cost'. Fixed-income (Agincourt) portfolio rated "A3/A-" or better (bonds rated below "A3/A-" are limited to 15% at market). Foreign bonds are within the 5% limitation at market of the total Fund's portfolio. PFIA Compliant. 11 13.7% at cost 2 Polen Rankings: 51st, 56th, 91st, 88th BCA. 10 Tamarac General Employees' Pension Trust Fund Investment Performance Net December 31, 2024 Quarter One Year Three Years Five Years Beginning Market Value Contributions Gain/Loss Ending Market Value Total Fund (%) Strategic Model 60% S&P500/40% BCAG 70,661,349 353,281 -1,017,345 69,997,286 -1.5 -1.0 0.2 65,470,907 -1,221,409 5,747,787 69,997,286 8.8 10.5 15.0 72,082,875 -5,424,307 3,338,718 69,997,286 1.6 3.5 4.5 58,501,576 -8,196,050 19,691,760 69,997,286 6.1 7.3 8.7 11 Tamarac General Employees' Pension Trust Fund Actual VS. Target Asset Allocation December 31, 2024 16.0% 16.7% 15.8% 16.0% Large Cap Growth Large Cap' Value Mid-Cap Core Small-Cap Core Convertibles International Equity Infrastructure REITS Private Real Estate Fixed Income Cash 1.0% 1.1% 0.0% 5.0% 5.1% 2.0% 2.1% 5.0% 5.1% 4.0% 4.3% 2.0% 12.1% 9.6% 10.0% 6.6% 8.0% 31.0% 31.5% 5.0% 10.0% 15.0% 20.0% Target Allocation Actual Allocation Percent Actual 100.0 16.7 15.8 5.1 2.1 5.1 9.6 4.3 2.1 6.6 31.5 1.1 25.0% 30.0% 35.0% Market Value Actual $ 69,997,286 11,686,935 11,051,080 3,570,407 1,485,991 3,572,217 6,695,089 3,002,449 1,450,276 4,624,216 22,082,863 775,763 Percent Target 100.0 16.0 16.0 5.0 2.0 5.0 10.0 4.0 2.0 8.0 31.0 1.0 Percent Difference 0.0 0.7 -0.2 0.1 0.1 0.1 -0.4 0.3 0.1 -1.4 0.5 0.1 Total Fund Large Cap Growth Large Cap Value Mid-Cap Core Small-Cap Core Convertibles International Equity Infrastructure REITS Private Real Estate Fixed Income Cash 12 Tamarac General Employees' Pension Trust Fund Asset Allocation December 31, 2024:6 69,997,285.71 Fixed Income Cash Reserve (MF)-0.00% Fifth Third Funds Account Cash Sweep (MF)-0.25% Fifth Third R&D. Account Cash Sweep (MF)-0.86% SSI Convertibles Securities (SMA)-1.77% Lazard Global Listed Infrastructure Fund (MF)-1.84% SPDRI Dow. Jones REIT (ETF)-2.07% Fidelity Small Cap Index (MF)-2.12% Cohen & Steers Globall Infrastructure Fund (CIT)-2.45% Shares Convertible Bond (ETF)-3.34% Fidelity Short-Term Bd Index Fund (MF)-3.79% Fidelity International Index (MF)-4.78% AmF Funds EuroPacific Growth R6 (MF)-4.78% Fidelity Mid Cap Index (MF)-5.10% ARA American Core Realty (CF)-6.61% Polen Large Cap Growth (SMA)-6.90% Fiduciary Large Cap Value (SMA)-15.79% Fidelity U.S. Bond Index Fund (MF)-14.51% Agincourt Core Fixed Income (SMA)-13.249 Fidelity Large Cap Growth Index (MF)-9.80% Market Value $ 11,051,080 10,159,999 9,270,151 6,856,532 4,830,402 4,624,216 3,570,407 3,348,342 3,346,747 2,652,468 2,335,825 1,717,043 1,485,991 1,450,276 1,285,407 1,236,391 604,253 171,509 245 Allocation(%) 15.79 14.51 13.24 9.80 6.90 6.61 5.10 4.78 4.78 3.79 3.34 2.45 2.12 2.07 1.84 1.77 0.86 0.25 0.00 Fiduciary Large Cap Value (SMA) Fidelity U.S. Bond Index Fund (MF) Agincourt Core Fixed Income (SMA) Fidelity Large Cap Growth Index (MF) Polen Large Cap Growth (SMA) ARA. American Core Realty (CF) Fidelity Mid Cap Index (MF) Am Funds EuroPacific Growth R6 (MF) Fidelity International Index (MF) Fidelity Short-Term Bd Index Fund (MF) iShares Convertible Bond (ETF) Cohen & Steers Global Infrastructure Fund (CIT) Fidelity Small Cap Index (MF) SPDR Dow Jones REIT (ETF) Lazard Global Listed Infrastructure Fund (MF) SSI Convertibles Securities (SMA) Fifth Third R&D. Account Cash Sweep (MF) Fifth Third Funds Account Cash Sweep (MF) Fixed Income Cash Reserve (MF) 13 Tamarac General Employees' Pension Trust Fund Historical Asset Allocation December 31, 2024 December 31, 2024 $30 $27 $24 $21 $18 $15 $12 December 31, 2023 $30 $27 $24 $21 $18 $15 $12 December 31, 2022 $30 $27 $24 $21 $18 $15 $12 December: 31, 2021 $30 $27 $24 $21 $18 $15 $12 December 31, 2020 $30 $27 $24 $21 $18 15 $12 $3 $0 $0 $0 Domestic Equity 39.71 Infrastructure 4.29 Convertibles 5.10 International Equity 9.56 REITS Privatel Real Estate 6.61 Fixed Income 31.55 Cash - Domestic Equity 40.64 Infrastructure 4.19 Convertibles - International Equity 9.80 REITS Private Real Estate 7.51 Fixed Income 29.84 Cash Domestic Equity 27.26 Infrastructure 4.94 Convertibles 9.51 International Equity 13.85 REITS Private Real Estate 10.17 Fixed Income 30.38 Cash Domestic Equity 29.43 Infrastructure 4.51 Convertibles 9.86 International Equity 14.31 REITS Private Real Estate 6.77 Fixed Income 31.25 Cash Domestic Equity Infrastructure Convertibles International Equit REITS Private Real Estate Fixed Income Cash 4.92 1.67 1.43 2.07 1.11 1.65 2.24 1.97 1.90 0.99 BCA 14 Tamarac General Employees' Pension Trust Fund Asset Allocation & Performance - Gross December 31, 2024 QTD -1.0 0.2 1Year ROR 9.2 (69) 10.5 15.0 14.3 17.6 10.8 (83) 14.4 33.1 17.4 (86) 33.4 15.4 13.9 11.7 11.5 10.4 12.4 7.7 10.5 12.9 N/A 11.2 13.8 (12) 11.2 3Year ROR 2.0 (77) 3.5 4.5 3.5 5.4 5.3 (77) 5.6 10.5 0.9 (96) 10.5 3.8 4.9 1.4 1.2 5.2 3.6 6.3 3.0 -0.5 N/A 1.2 -0.2 (70) 1.2 5Year ROR 6.5 (69) 7.3 8.7 9.5 11.9 9.1 (80) 8.7 19.2 11.7 (90) 19.0 10.1 10.3 7.9 7.4 6.4 5.5 7.0 4.1 8.8 N/A 10.3 9.0 (19) 10.3 10Year ROR-Rank 6.3 (82) 6.7 8.5 8.9 11.8 9.7 (60) 8.5 N/A 14.7 16.8 N/A 9.7 N/A 7.8 N/A N/A N/A 6.2 8.1 N/A 9.2 8.2 (28) 9.2 Market' Value ROR-Rank 69,997,286 -1.4 (68) Total Fund Strategic Model 60% S&P500/40% BCAG Equity Domestic Equity Fiduciary Large Cap' Value (SMA) Russell 1000 Value Index Fidelity Large Cap Growth Index (Blend) Polen Large Cap Growth (SMA) Russell 1000 Growth Index Fidelity Mid Cap Index (Blend) S&P MidCap 400 Index Fidelity Small Cap Index (Blend) Russell 2000 Index Global Infrastructure 42,514,444 -1.0 27,794,413 11,051,080 -3.9 (91) 6,856,532 7.1 4,830,402 3,570,407 1,485,991 1.0 -2.0 5.0 (51) 7.1 0.6 0.3 0.4 0.3 3,002,449 -4.3 1,717,043 -6.2 1,285,407 -1.8 3,572,217 2,335,825 1,236,391 Cohen & Steers Global Infrastructure Fund (CIT) Lazard Global Listed Infrastructure Fund (MF) FTSE GLOBAL CORE INFR 50/50 INDEX -5.5 2.5 2.5 2.7 2.5 (29) 2.7 Convertibles iShares Convertible Bond (ETF) ICE BofA All Convertibles Excl. 144A All Qualities SSI Convertibles Securities (SMA) ML All Conv Ex.144A All Qual Index BCA 15 Tamarac General Employees' Pension Trust Fund Asset Allocation & Performance - Gross December 31, 2024 QTD 1Year ROR 4.6 5.5 3.7 4.3 6.1 8.1 8.1 9.1 -1.2 -1.2 -1.4 1.7 1.5 (74) 1.3 1.3 3.8 4.7 5.3 5.3 4.8 4.9 4.8 5.3 3Year ROR -0.1 -1.5 1.7 2.2 1.3 -3.9 -3.7 -2.4 -2.1 -2.1 -2.3 -0.1 -1.7 (26) -2.5 -2.4 1.1 1.6 4.7 3.9 3.6 3.7 3.6 3.9 5Year ROR 4.5 4.4 4.9 5.2 4.6 2.6 2.7 4.6 3.0 3.0 2.9 0.8 0.2 (51) -0.4 -0.3 1.4 1.8 3.0 2.5 2.2 2.3 2.2 2.5 10Year ROR-Rank 4.8 N/A N/A 5.7 5.3 4.5 N/A 5.7 N/A N/A 5.9 1.5 1.8 (62) N/A 1.3 N/A 2.3 1.9 1.8 1.5 1.5 1.5 1.8 Market Value ROR-Rank 6,695,089 -7.7 3,348,342 -6.9 3,346,747 -8.4 International Equity Am Funds EuroPacific Growth R6 (MF) Fidelity International Index (Blend) MSCI EAFE Index MSCI AC World ex USA index REITS -8.1 -7.5 1,450,276 -6.0 1,450,276 -6.0 4,624,216 4,624,216 SPDR Dow Jones REIT (Blend) Wilshire U.S. REIT Index Private Real Estate ARAAmerican Core Realty (CF) NCREIF Fund Index-ODCE (VW) Fixed Income -5.0 1.0 1.0 1.2 22,082,863 -2.8 9,270,151 -3.2 (93) 10,159,999 -3.1 -3.1 2,652,468 -0.7 -0.5 245 1.2 1.2 Agincourt Core Fixed Income (SMA) Fidelity U.S. Bond Index (Blend) Blmbg. U.S. Aggregate Index Fidelity Short-Term Bond Index (Blend) Blmbg. U.S. Credit 1-5 Year Index Fixed Income Cash Reserve (MF) ML 3 Month U.S. T-Bill Cash 775,763 1.1 171,509 604,253 Fifth Third Funds Account Cash Sweep (MF) Fifth Third R&D Account Cash Sweep (MF) ML 3 Month U.S. T-Bill 1.2 1.1 1.2 BCA 16 Tamarac General Employees' Pension Trust Fund Asset Allocation & Performance - Net December 31, 2024 QTD -1.0 0.2 1Year ROR 8.8 10.5 15.0 13.8 17.1 10.1 14.4 33.0 (27) 16.6 33.4 15.3 (28) 13.9 11.7 (33) 11.5 9.5 11.6 (26) 6.7 (68) 10.5 12.3 N/A 11.2 12.8 11.2 3Year ROR 1.6 3.5 4.5 3.1 5.0 4.6 5.6 10.4 (11) 0.3 10.5 3.8 (64) 4.9 1.4 (69) 1.2 4.3 2.8 (29) 5.3 (9) 3.0 -1.2 N/A 1.2 -1.0 1.2 5Year ROR 6.1 7.3 8.7 9.1 11.5 8.4 8.7 19.1 (6) 11.0 19.0 10.1 (25) 10.3 7.9 (55) 7.4 5.5 4.7 (19) 6.0 (5) 4.1 8.0 N/A 10.3 8.1 10.3 10Year ROR-Rank 5.9 6.7 8.5 8.4 11.4 9.0 8.5 N/A 13.9 16.8 N/A 9.7 N/A 7.8 N/A N/A N/A 6.2 7.3 N/A 9.2 7.4 9.2 Market Value ROR-Rank 69,997,286 -1.5 Total Fund Strategic Model 60% S&P500/40% BCAG Equity Domestic Equity Fiduciary Large Cap' Value (SMA) Russell 1000 Value Index Fidelity Large Cap Growth Index (Blend) Polen Large Cap Growth (SMA) Russell 1000 Growth Index Fidelity Mid Cap Index (Blend) S&P MidCap 400 Index Fidelity Small Cap Index (Blend) Russell 2000 Index Global Infrastructure 42,514,444 -1.1 27,794,413 11,051,080 -4.1 6,856,532 7.1 (17) 4,830,402 3,570,407 1,485,991 0.9 -2.0 4.8 7.1 0.6 (26) 0.3 0.4 (33) 0.3 3,002,449 -4.5 1,717,043 -6.3 (69) 1,285,407 -2.0 (10) 3,572,217 2,335,825 1,236,391 Cohen & Steers Global Infrastructure Fund (CIT) Lazard Global Listed Infrastructure (MF) FTSE GLOBAL CORE INFR 50/50 INDEX -5.5 2.4 2.4 (55) 2.7 2.3 2.7 Convertibles iShares Convertible Bond (ETF) ICE BofA All Convertibles Excl. 144A All Qualities SSI Convertibles Securities (SMA) ML All Conv Ex.144A All Qual Index BCA 17 Tamarac General Employees' Pension Trust Fund Asset Allocation & Performance - Net December 31, 2024 QTD 1Year ROR 4.4 5.0 (49) 3.7 (62) 4.3 6.1 7.8 7.8 (25) 9.1 -2.3 -2.3 -1.4 1.6 1.3 1.3 (74) 1.3 3.7 (92) 4.7 5.3 5.3 4.8 4.9 4.8 5.3 3Year ROR -0.4 -2.0 (61) 1.7 (25) 2.2 1.3 -4.2 -4.0 (46) -2.4 -3.1 -3.1 -2.3 -0.2 -2.0 -2.5 (56) -2.4 1.0 (88) 1.6 4.7 3.9 3.6 3.7 3.6 3.9 5Year ROR 4.2 3.9 (46) 4.8 (30) 5.2 4.6 2.4 2.6 (78) 4.6 1.9 1.9 2.9 0.8 0.0 -0.4 (73) -0.3 1.4 (79) 1.8 3.0 2.5 2.2 2.3 2.2 2.5 10Year ROR-Rank 4.4 N/A N/A 5.7 5.3 4.4 N/A 5.7 N/A N/A 5.9 N/A 1.5 N/A 1.3 N/A 2.3 1.9 1.8 1.5 1.5 1.5 1.8 Market Value ROR-Rank 6,695,089 -7.7 3,348,342 -7.0 (44) 3,346,747 -8.4 (74) International Equity Am Funds EuroPacific Growth R6 (MF) Fidelity International Index (Blend) MSCI EAFE Index MSCI AC World ex USA index REITS -8.1 -7.5 1,450,276 -6.0 1,450,276 -6.0 (32) 4,624,216 4,624,216 SPDR Dow Jones REIT (Blend) Wilshire U.S. REIT Index Private Real Estate ARAAmerican Core Realty (CF) NCREIF Fund Index-ODCE (VW) Fixed Income -5.0 0.7 0.7 1.2 22,082,863 -2.9 9,270,151 -3.3 10,159,999 -3.2 (70) 2,652,468 -0.7 (95) Agincourt Core Fixed Income (SMA) Fidelity U.S. Bond Index (Blend) Blmbg. U.S. Aggregate Index Fidelity Short-Term Bond Index (Blend) Blmbg. U.S. Credit 1-5 Year Index Fixed Income Cash Reserve (MF) ML 3 Month U.S. T-Bill Cash -3.1 -0.5 245 1.2 1.2 775,763 1.1 171,509 1.2 604,253 1.1 1.2 Fifth Third Funds Account Cash Sweep (MF) Fifth Third R&D Account Cash Sweep (MF) ML 3 Month U.S. T-Bill BCA 18 Tamarac General Employees' Pension Trust Fund Asset Allocation & Performance - Net December 31, 2024 1 Strategic Model (IPS Hybrid Benchmark Objective) from Sept' '23: 32% Russell 1000 + 5% S&P Mid Cap + 5% ML Convertible + 2% Russell 2000 + 10% MSCI EAFE + 2% Wilshire REIT+ 8% NCREIF ODCE + 4% FTSE Global Core Infrastructure 50/50 + 31% Barclays Aggregate + 1% 90 day Tbill; from Jul'18: 22% Russell 1000 + 5% S&P Mid Cap + 10% ML Convertible + 2% Russell 2000 + 15% MSCI EAFE + 2% Wilshire REIT + 8% NCREIF ODCE + 5% FTSE Global Core Infrastructure 50/50 + 8% Barclays Aggregate + 12% Barclays 1-5 YR Credit + 11% 90 day bill; from Apr'16: 20% Russell 1000 + 5% S&P Mid Cap + 10% ML Convertible + 2% Russell 2000 + 15% MSCI EAFE + 2% Wilshire REIT + 8% NCREIF ODCE + 5% Alerian MLPI Index + 30% Barclays Aggregate, + 3% 90 day Tb bill; from Mar'14: 20% Russell 1000 + 9% S&P Mid Cap + 8% ML Convertible + 8% Russell 2000 + 15% MSCIE EAFE + 5% Wilshire REIT + 3% Barclays TIPS 5% Alerian MLPI Index + 27% Barclays Aggregate; from Apr'11:21% Russell 1000 + 10% S&P Mid Cap + 8% ML Convertible + 8% Russell 2000 + 15%6 MSCIE EAFE + 5% Wilshire REIT + 3% Barclays TIPS + 30% Barclays Aggregate; from Mar'10: 27% Russell 1000 + 12 % S&P Mid Cap + 8% Russell 2000 + 15% MSCI Gross EAFE + 5% Wilshire REIT + 30% Barclays Aggregate 3% Barclays TIPS; from Apr '07: 25% Russell 1000 + 10 % S&P Mid Cap + 8% Russell 2000 + 15% MSCI Gross EAFE + 7% Wilshire REIT + 30% Barclays Aggregate + 5% Barclays TIPS 2. Access tot the Wilshire U.S. REIT Index via Investment.Metric was discontinued. The Wilshire U.S. REIT Index! has been replaced by an appropriate alternative: the MSCI U.S. REIT Indexi int the Strategic Model. 3. Fidelity Large Cap Growth Index (Blend) from 5/19 Fidelity Large Cap Growth Index; prior iShares Russell 1000 Growth Index 4. Fidelity Mid Cap Index (Blend) from 5/19 Fidelity Mid Cap Index; prior Vanguard S&P Mid-Cap 5. Fidelity Small Cap Index (Blend) from 5/19 Fidelity Small Cap Index; prior Vanguard Russell 2000 6. Fidelity International Index (Blend) from 5/19 Fidelity International Index; prior iShares MSCI EAFE 8. Fidelity U.S. Bond Index (Blend) from 5/19 Fidelity US Bond Index; prior Vanguard Total Bond Market 9. Fidelity Short-Term Bond Index (Blend) from 5/19 Fidelity Short-Term Bond Index; prior Vanguard Short-Term Bond Fund 10. Any inter-period valuations used to calculate returns for separately managed accounts were provided by the manager. 7. Fidelity Real Estate Index (Blend) from 2/22 SPDRI Dow Jones REIT ETF, from 5/19-2/22 Fidelity Real Estate Index, prior to 5/19 Vanguard Real Estate 19 Tamarac General Employees' Pension Trust Fund Peer Universe Quartile Ranking December 31, 2024 24.0 20.0 16.0 12.0 V 8.0 4.0 0.0 -4.0 -8.0 Quarter -1.4 (68) -1.0 (49) 0.2 (10) 0.7 -0.3 -1.0 -1.6 -2.4 One Year 9.2 (69) 10.5 (48) 15.0 (2) 13.4 11.5 10.3 8.6 6.0 Two Years 10.9 (62) 11.4 (53) 16.3 (2) 14.7 13.0 11.6 9.9 7.4 Three Years 2.0 (77) 3.5 (31) 4.5 (10) 5.0 3.6 2.9 2.1 0.9 Five Years 6.5 (69) 7.3 (44) 8.7 - (8) 8.9 7.8 7.1 6.2 4.4 Ten Years 6.3 (82) 6.7 (69) 8.5 (5) 8.5 7.7 7.2 6.5 4.7 Total Fund VS Strategic Model 60% S&P500/40% BCAG 5th Percentile 1st Quartile Median 3rd Quartile 95th Percentile Parentheses contain percentile rankings. Calculation based on quarterlv data. 20 Tamarac General Employees' Pension Trust Fund Growth of Investments January1 1, 2020 Through December 31, 2024 $80.0 $76.0 $72.0 $68.0 $64.0 $60.0 $56.0 VN $52.0 $48.0 $44.0 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 3/24 6/24 9/24 Total Fund Net Cash Flow Beginning MV $58,501,576 Ending MV $69,997,286 Annualized ROR 6.5 BCA 21 Tamarac General Employees' Pension Trust Fund Capital Market Line Period Ending December: 31,2024 5Years Risk/Reward 5Years Statistics TotalFund Strategic Model 60% S&P500/40% BCAG Russell 10001 Index Russell Midcap Index Russell 20001 Index Retum Standard Beta Alpha Deviation 6.54 11.96 1.00 -0.72 7.29 11.87 1.00 0.00 8.67 12.72 1.04 1.06 14.28 19.43 1.60 3.07 9.92 22.70 1.87 -2.36 7.40 26.19 2.06 -5.30 Total Fund Strategic Model 60% S&P500/40% BCAG Russell 1000 Index Russell Midcap! Index Russell 2000 Index MLA AIIC Conv Ex. 144A AQIndex ML AII Conv Ex.144A AQI Index 10.34 17.88 1.34 1.01 MSCIE EAFEI Index Blmbg. U.S. Aggregate Index MSCIEAFEI Index Blmbg. U.S. Aggregate Index 5.24 20.01 1.61 -5.25 6.64 0.29 -2.35 8 12 16 20 24 28 32 35 3Years Risk/Reward -0.33 3Years Statistics Risk (Standard Devlation% %) 30 27. 22 Total Fund Strategic Model 60% S&P500/40% BCAG Russell 10001 Index Russell Midcap Index Russell 20001 Index Retum Standard Beta Alpha Deviation 2.02 10.17 1.02 -1.50 9.93 1.00 0.00 4.46 11.94 1.18 0.43 8.41 15.88 1.52 3.46 3.79 16.21 1.58 -1.19 1.24 16.05 1.55 -3.53 1.25 11.44 1.01 -2.07 2.17 18.08 1.68 -2.85 7.82 0.70 -4.80 Total Fund Strategic Model 60% S&P500/40% BCAG Russell 1000 Index Russell Midcap Index Russell 2000 Index 3.52 MLA All Conv Ex.1 144AA AQI Index ML AII Conv Ex.144AA AQI Index -3 MSCIEAFE Index Blmbg. U.S. Aggregate Index MSCIEAFE Index Blmbg. U.S. Aggregate Index 12 16 Risk (Standard Deviation9 %) 24 35 -2.41 BCA 22 Tamarac General Employees' Pension Trust Fund Capital Market Line Period Ending December: 31,2024 10 Years Risk/Reward 10Years Ending December 31, 2024 Statistics TotalF Fund Strategic Model 60% S&P500/40% BCAG Russell 10001 Index Russell Midcap Index Russell 20001 Index Retum Standard Beta Alpha Deviation 6.30 9.68 1.00 -0.42 6.74 9.60 1.00 0.00 8.52 10.18 1.03 1.54 12.87 15.89 1.60 2.32 9.63 18.15 1.85 -1.97 7.82 21.29 2.05 -4.45 9.20 13.98 1.31 0.65 5.71 16.25 1.59 -4.20 5.27 0.24 -0.19 Total Fund Strategic Model 60% S&P500/40% BCAG Russell 1000 Index Russell Midcap! Index Russell 2000 Index 16 MLA AIIC Conv Ex. 144A AQIndex ML AII Conv Ex.144A AQI Index MSCIE EAFEI Index Blmbg. U.S. Aggregate Index MSCIEAFEI Index Blmbg. U.S. Aggregate Index 8 10 13 16 19 22 25 28 30 7Years Risk/Reward 1.35 Risk (Standard Deviation%) 7Years Ending December 31,2024 Statistics 20 16 12 Total Fund Strategic Model 60% S&P500/40% BCAG Russell 10001 Index Russell Midcap Index Russell 20001 Index Retum Standard Deviation Beta Alpha 6.70 11.05 1.00 -0.43 7.14 10.97 1.00 0.00 8.83 11.85 1.06 1.27 13.58 18.40 1.64 2.32 9.65 21.17 1.89 -2.64 6.91 24.51 2.10 -5.89 Total Fund Strategic Model 60% S&P500/40% BCAG Russell 1000 Index Russell Midcap Index Russell 2000 Index MLA AIIC Conv Ex.1 144AA AQI Index ML AII Conv Ex.144A AQI Index 10.21 16.15 1.33 1.09 MSCIEAFE Index Blmbg. U.S. Aggregate Index MSCIEAFE Index Blmbg. U.S. Aggregate Index 4.62 18.31 1.60 -5.67 5.93 0.25 -0.78 10 13 Risk (StandardD Deviation9 %) 30 0.97 BCA 23 Tamarac General Employees' Pension Trust Fund Fiscal Year Rates of Return December 31, 2024 30.00 24.00 20.42 18.34 18.00 17:22- 12.20 12.00 11.64. 10.31 10.53 10.58 8.19 7.20 81 10.73 8.23 8.48 6.00 2.54 1.04 0.00 -1.39 -6.00 -3.10 -12.00 -10.68 -14.31 -18.00 -24.00 FYTD FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 A 24 Tamarac General Employees' Pension Trust Fund Total Fund December 31, 2024 5Years Rolling! Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 160.00 140.00 120.00 100.00 80.00 60.00 137.25 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 0(0%) 3(15%) 17 (85%) 0 (0%) 20(100%) 0(0%) 0(09) 0 (0%) Total Fund 60% S&P500/40% BCAG 20 0.0 25.0 50.0 75.0 100.0 20 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 3Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -5Years 9.36 8.58 & 7.80 7.02 6.24 5.46 Vv 10.85 11.20 11.55 11.90 12.25 12.60 12.95 Risk (Standard Deviation9 %) 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Retum Standard Deviation 6.54 11.16 7.10 11.66 Down Market Capture 91.61 100.00 Down Market Capture 91.12 100.00 Periods 5-25 25-50 50-75 75-95 3_(15%) 5(259) 5(25%) 7 (35%) 13 (65%) 3 (15%) 4_(20%) 0 (0%) o Total Fund Median Total Fund 60% S&P500/40% BCAG 20 20 V 60% S&P500/40% BCAG 8.67 12.43 Historical Statistics -5Years Alpha -1.00 0.00 Historical Statistics-3Years Alpha -1.75 0.00 Standard Deviation 11.16 12.43 Standard Deviation 10.88 12.72 Sharpe Ratio 0.40 0.54 Sharpe Ratio -0.12 0.11 Up Market Capture 85.65 100.00 Up Market Capture 81.32 100.00 BCA Retum 6.54 8.67 Beta 0.88 1.00 Total Fund 60% S8P500/40% BCAG Retum 2.02 4.46 Beta 0.84 1.00 Total Fund 60% S8P50040%, BCAG 25 Tamarac General Employees' Pension Trust Fund Fiduciary Large Cap' Value (SMA) December 31, 2024 5Years Rolling! Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 200.00 150.00 100.00 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 3(15%6) 5(25%) 4(20%) 8(40%) 0(0%) 0(0%) 4(20%) 16( (80%) 50.00 Fiduciary Large Cap' Value (SMA) 20 Russell 1000 Valuel Index 0.0 25.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 20 3Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -5Years 11.55 10.78 10.01 9.24 8.47 7.70 17.40 17.70 18.00 18.30 18.60 18.90 19.20 Risk (StandardD Deviation %) Retum Standard Deviation 8.68 18.74 10.87 18.95 Down Market Capture 94.94 100.00 Down Market Capture 99.29 100.00 75.0 100.0 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 3(15%) 2(10%) 5(25%) 10 (50%) 0(0%) 0(0%) 10(50%) 10(50%) Fiduciary! Large Cap' Value (SMA) 9.07 17.76 V Russell 1000 Value Index Median Fiduciary Large Cap' Value (SMA) 20 Russell 1000 Valuel Index 20 Historical Statistics -5Years Alpha 0.98 0.00 Historical Statistics-3Years Alpha -0.04 0.00 Standard Deviation 17.76 18.74 Standard Deviation 16.53 16.66 Sharpe Ratio 0.44 0.41 Sharpe Ratio 0.17 0.18 Up Market Capture 97.06 100.00 Up Market Capture 98.27 100.00 BCA Retum 9.07 8.68 Beta 0.92 1.00 Fiduciary Large Cap Value (SMA) Russell 1000 Value Index Retum 5.30 5.63 Beta 0.96 1.00 Fiduciary Large Cap' Value (SMA) Russell 10001 Value Index 26 Tamarac General Employees' Pension Trust Fund Fidelity Large Cap Growth Index (Blend) December 31, 2024 5Years Rolling! Percentile Ranking. -5Years Growth ofal Dollar 0.0 300.00 239.81 200.00 50.0 75.0 100.0 100.00 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 Fidelity! Large Cap Growth Index (Blend) 17 15(88%) 2(12%) 0(0%) 0(09) 12/24 Periods 5-25 25-50 50-75 75-95 20 18(90%) 2(10%) 0( (0%) 0(0%) 0.00 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 Russell 1000 Growth Index 0.0 25.0 50.0 75.0 100.0 3Years Rolling! Percentile Ranking -5Years Peer Group Risk/Reward -5Years 20.00 18.00 16.00 14.00 V 20.44 20.46 Risk (Standard Deviation9 %) 20.48 20.50 Retum Standard Deviation 18.96 20.50 15.90 20.46 Down Market Capture 99.21 100.00 Down Market Capture 100.13 100.00 20.52 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Fidelity Large Cap Growth Index (Blend) 20 16( (80%) 4(20%) 0 (0%6) 0(0%) Periods 5-25 25-50 50-75 75-95 20 15(75%) 5(25%) 0 (0%) 0(0%) Fidelity Large Cap Growth Index (Blend) 19.12 20.43 V Russell 1000 Growth Index Median Beta 1.00 1.00 Russell 1000 Growth Index Historical Statistics -5Years Alpha 0.18 0.00 Historical Statistics-3Years Alpha -0.04 0.00 Standard Deviation 20.43 20.50 Standard Deviation 20.37 20.33 Sharpe Ratio 0.84 0.84 Sharpe Ratio 0.41 0.41 Up Market Capture 99.88 100.00 Up Market Capture 100.04 100.00 BCA Retum 19.12 18.96 Fidelity Large Cap Growthl Index (Blend) Russell 1000 Growth Index Retum 10.45 10.47 Beta 1.00 1.00 Fidelity Large Cap Growth Index (Blend) Russell 1000 Growth Index 27 Tamarac General Employees' Pension Trust Fund Polen Large Cap Growth (SMA) December 31, 2024 5Years Rolling! Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 200.00 150.00 100.00 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 8(40%) 4 (20%) 3(15%) 5(25%) 11(55%) 9( (45%) 0(0%) 0(0%) 50.00 Polenl Large Cap Growth (SMA) 20 Russell 1000 Growth Index 0.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 20 3Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -5Years 21.00 & 18.00 15.00 12.00 9.00 20.02 20.24 20.46 20.68 20.90 21.12 21.34 Risk (Standard Deviation %) Retum Standard Deviation 18.96 20.50 16.36 20.31 Down Market Capture 106.28 100.00 Down Market Capture 115.46 100.00 75.0 100.0 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 7(35%) 2(10%) 0(0%) 11(55%) 9(45%) 11 (55%) 0( (0%) 0(0%) Polen Large Cap Growth (SMA) 11.69 21.16 V Russell 1000 Growth Index Median Polen Large Cap Growth (SMA) 20 Russell 1000 Growth Index 20 Historical Statistics -5Years Alpha -5.95 0.00 Historical Statistics-3Years Alpha -8.74 0.00 Standard Deviation 21.16 20.50 Standard Deviation 21.67 20.33 Sharpe Ratio 0.52 0.84 Sharpe Ratio -0.02 0.41 Up Market Capture 87.87 100.00 Up Market Capture 86.05 100.00 BCA Retum 11.69 18.96 Beta 0.99 1.00 Polen! Large Cap Growth (SMA) Russell 1000 Growth Index Retum 0.94 10.47 Beta 1.03 1.00 Polen! Large Cap Growth (SMA) Russell 1000 Growth Index 28 Tamarac General Employees' Pension Trust Fund Fidelity Mid Cap Index (Blend) December 31, 2024 5Years Rolling! Percentile Ranking. -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 250.00 200.00 150.00 100.00 50.00 0.00 161.50 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 6(35%) 10(59%) 1(6%) 0(09) 8(40%) 12 (60%) 0 (0%) 0 (0%) Fidelity! Mid Capl Index (Blend) 17 S&PI MidCap 4001 Index 0.0 25.0 50.0 75.0 100.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 20 3Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -5Years 10.80 10.44 & 10.08 9.72 9.36 9.00 V 20.72 21.09 21.46 21.83 22.20 22.57 Risk (StandardD Deviation9 %) Retum Standard Deviation 10.34 22.27 9.34 20.82 Down Market Capture 90.46 100.00 Down Market Capture 94.06 100.00 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 5(25%) 7(35%) 5(25%) 3(15%) 1(5%) 16 (80%) 3(15%) 0(0%) e Fidelity Mid Cap Index (Blend) 10.06 21.29 V S&P MidCap 400 Index Median Fidelity! Mid Capl Index (Blend) 20 S&P MidCap 400 Index 20 Historical Statistics -5Years Alpha 0.22 0.00 Historical Statistics-3Years Alpha -0.84 0.00 Standard Deviation 21.29 22.27 Standard Deviation 19.96 20.75 Sharpe Ratio 0.44 0.45 Sharpe Ratio 0.09 0.15 Up Market Capture 92.37 100.00 Up Market Capture 91.78 100.00 BCA Retum 10.06 10.34 Beta 0.94 1.00 Fidelity Mid Capl Index (Blend) S&PI MidCap 400 Index Retum 3.79 4.87 Beta 0.95 1.00 Fidelity Mid Capl Index (Blend) S&PI MidCap 4001 Index 29 Tamarac General Employees' Pension Trust Fund Fidelity Small Cap Index (Blend) December 31, 2024 5Years Rolling! Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 200.00 150.00 100.00 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 5(29%) 4(24%) 8(47%6) 0 (0%) 7(35%) 3(15%) 10(50%) 0 (0%) 50.00 Fidelity Small Capl Index (Blend) 17 Russell 2000 Index 0.0 25.0 50.0 75.0 100.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 20 3Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -5Years 8.32 8.06 7.80 € 7.54 7.28 7.02 23.80 24.00 24.20 Risk (Standard Deviation %) 24.40 Retum Standard Deviation 7.40 24.48 8.13 23.94 Down Market Capture 98.43 100.00 Down Market Capture 99.66 100.00 24.60 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 7(35%) 3(15%) 3(15%) 7(35%) 6(30%) 2(10%) 5(25%) 7(35%) , Fidelity Small Cap Index (Blend) 7.90 24.34 Fidelity Small Capl Index (Blend) 20 Russell 2000 Index V Russell 20001 Index Median 20 Historical Statistics -5Years Alpha 0.50 0.00 Historical Statistics-3Years Alpha 0.17 0.00 Standard Deviation 24.34 24.48 Standard Deviation 23.30 23.30 Sharpe Ratio 0.34 0.32 Sharpe Ratio 0.01 0.00 Up Market Capture 99.95 100.00 Up Market Capture 100.16 100.00 BCA Retum 7.90 7.40 Beta 0.99 1.00 Fidelity Small Capl Index (Blend) Russell 2000 Index Retum 1.41 1.24 Beta 1.00 1.00 Fidelity Small Cap Index (Blend) Russell 2000 Index 30 Tamarac General Employees' Pension Trust Fund Cohen & Steers Global Infrastructure Fund (CIT) December 31, 2024 5Years Rolling! Percentile Ranking 5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 160.00 140.00 120.00 100.00 80.00 60.00 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 Cohen & Steers Globall Infrastructure Fund (CIT) 7 4(57% 3(43% 0(0%) 0(0%) FTSE Global Core Infrastructure 50/50 Index 20 13(65% 7(35% 0(0%) 0(0%) 12/24 Periods 5-25 25-50 50-75 75-95 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 3Years Rolling! Percentile Ranking-5Years Peer Group Risk/Reward -5Years 0.0 25.0 50.0 75.0 100.0 4.80 8 4.50 4.20 3.90 15.18 15.51 15.84 16.17 16.50 16.83 17.16 17.49 Risk (Standard Deviation9 %) 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Cohen & Steers Global Infrastructure Fund (CIT) 15 5(33% 9(60% 1(7%) 0(0%) FTSE Global Core Infrastructure 50/50 Index 20 8(40% 10(50% 2(10% 0(0%) Retum Standard Deviation 4.07 16.66 4.06 17.08 Down Market Capture 96.67 100.00 Down Market Capture 102.86 100.00 Periods 5-25 25-50 50-75 75-95 Cohen & Steers Global Infrastructure Fund (CIT) 4.68 15.76 V FTSE Global Core Infrastructure 50/501 Index Median Historical Statistics -5Years Alpha 0.78 0.00 Historical Statistics-3Years Alpha -0.11 0.00 31 Standard Deviation 15.76 16.66 Standard Deviation 15.98 15.75 Sharpe Ratio 0.21 0.18 Sharpe Ratio 0.02 0.02 Up Market Capture 98.99 100.00 Up Market Capture 102.06 100.00 BCA Retum 4.68 4.07 Beta 0.94 1.00 Cohen & Steers Global Infrastructure Fund (CI) FTSE Global Core Infrastructure 50/50 Index Retum 2.84 2.96 Beta 1.01 1.00 Cohen & Steers Global Infrastructure Fund (CI) FTSE Global Core Infrastructure 50/501 Index Tamarac General Employees' Pension Trust Fund Lazard Global Listed Infrastructure Fund (MF) December 31, 2024 5Years Rolling! Percentile Ranking. -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 160.00 140.00 120.00 100.00 80.00 60.00 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 Lazard Globall Listed Infrastructure Fund (MF) 7 7(100: 0(0%) 0(0%) 0(0%) VI FTSE Global Core Infrastructure 50/50 Index 20 13(65% 7(35% 0(0%) 0(0%) 12/24 Periods 5-25 25-50 50-75 75-95 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 3Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -5Years 0.0 25.0 50.0 75.0 100.0 7.10 6.39 & 5.68 E 4.97 4.26 3.55 13.49 14.20 14.91 15.62 Risk (Standard Deviation %) 16.33 17.04 Retum Standard Deviation 4.06 17.08 Down Market Capture 70.06 100.00 Down Market Capture 67.23 100.00 17.75 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Lazard Global Listed Infrastructure Fund (MF) 15 10( (67% 2(13% 0(0%) 3(20% Periods 5-25 25-50 50-75 75-95 8(40% 10(50% 2(10% 0(0%) 0 Lazard Global Listed Infrastructure Fund (MF) 5.96 14.22 V FTSE Global Core Infrastructure 50/50 Index 4.07 16.66 FTSE Global Core Infrastructure 50/501 Index 20 Median Beta 0.79 1.00 Historical Statistics -5Years Alpha 2.58 0.00 Historical Statistics-3Years Alpha 2.96 0.00 32 Standard Deviation 14.22 16.66 Standard Deviation 13.05 15.75 Sharpe Ratio 0.31 0.18 Sharpe Ratio 0.17 0.02 Up Market Capture 81.71 100.00 Up Market Capture 79.84 100.00 BCA Retum 5.96 4.07 Retum 5.31 2.96 Lazard Global Listed Infrastructure Fund (MF) FTSE Global Core Infrastructure 50/50 Index Beta 0.75 1.00 Lazard Globall Listed Infrastructure Fund (MF) FTSE Global Core Infrastructure 50/50 Index Tamarac General Employees' Pension Trust Fund iShares Convertible Bond (ETF) December 31, 2024 1Year Rolling Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 120.00 112.00 104.00 96.00 88.00 108.71 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 0 0 0 0 0 iShares Convertible! Bond (ETF) 3/24 4/24 5/24 6/24 7/24 8/24 9/24 10/24 11/24 12/24 ICE BofA AlI Convertibles Excl. 144A AlI Qualities 20 7(35% 10(50% 3(15% 0(0%) 1Quarter Rolling Percentile Ranking- -5 Years Peer Group Risk/Reward- -1 Year 0.0 25.0 50.0 75.0 100.0 12.00 11.80 & 11.60 11.40 11.20 11.00 V 7.03 7.40 7.77 8.14 8.51 8.88 9.25 9.62 Risk (Standard Deviation %) 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Retum Standard Deviation N/A N/A 11.76 9.16 Down Market Capture N/A 100.00 Down Market Capture 159.76 100.00 Periods 5-25 25-50 50-75 75-95 3 1(33% 0(0%) 1(33% 1(33% iShares Convertible Bond (ETF) Median iShares Convertible Bond (ETF) ICE BofA. AII Convertibles Excl. 144A AlI Qualities 11.22 7.41 ICE BofA AlI Convertibles Excl. 144A AlI Qualities 20 4(20% 9(45% 6(30% 1(5%) Historical Statistics -1Year Alpha N/A 0.00 Historical Statistics- -1Quarter Alpha -0.37 0.00 33 Standard Deviation N/A 741 Standard Deviation 4.45 3.24 Sharpe Ratio N/A 0.79 Sharpe Ratio 0.12 0.17 Up Market Capture N/A 100.00 Up Market Capture 128.09 100.00 BCA Retum N/A 11.22 Retum 2.46 2.67 Beta N/A 1.00 iShares Convertible Bond (ETF) ICEBOfA AII Convertibles Excl. 144AANG Qualitles Beta 1.37 1.00 iShares Convertible Bond (ETF) ICEBOfAAIG Convertibles Excl. 144AAI/Qualtles Tamarac General Employees' Pension Trust Fund SSI Convertibles Sec (SMA) December 31, 2024 5Years Rolling! Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 200.00 150.00 100.00 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 14 (70%) 5(25%) 1 (5%) 0 (0%) 18 (90%) 2(10%) 0 (0%) 0 (0%) 50.00 SSI Convertibles Sec (SMA) 20 ML/ AIIC Conv Ex.144AA AQI Index 20 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 3Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -5Years 0.0 25.0 50.0 75.0 100.0 12.00 10.00 & 8.00 6.00 4.00 11.05 11.90 12.75 13.60 14.45 15.30 16.15 17.00 Risk (Standard Deviation9 %) 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Retum Standard Deviation 8.96 15.92 6.45 12.54 Down Market Capture 106.85 100.00 Down Market Capture 108.37 100.00 Periods 5-25 25-50 50-75 75-95 11(559) 2(10%) 4(20%) 3(15%) 12 (60%) 5(25%) 3(15%) 0(0%) SSI Convertibles Sec (SMA) V ML/ AlI Conv Ex.1 144A AQI Index 10.34 15.64 Median SSI Convertibles Sec (SMA) 20 MLA AIIC Conv Ex.1 144A AQI Index 20 Historical Statistics -5Years Alpha -1.30 0.00 Historical Statistics-3Years Alpha -1.41 0.00 Standard Deviation 15.92 15.64 Standard Deviation 12.54 12.13 Sharpe Ratio 0.46 0.55 Sharpe Ratio -0.26 -0.15 Up Market Capture 99.45 100.00 Up Market Capture 99.85 100.00 BCA Retum 8.96 10.34 Beta 1.01 1.00 SSI Convertibles Sec (SMA) MLAIG Conv Ex 144A AQI Index Retum -0.20 1.25 Beta 1.02 1.00 SSI Convertibles Sec (SMA) MLAIC Conv Ex1 144AAQI Index 34 Tamarac General Employees' Pension Trust Fund Am Funds EuroPacific Growth R6 (MF) December 31, 2024 5Years Rolling! Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 150.00 125.00 100.00 75.00 50.00 21.35 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 5(31%) 11(69%6) 0(0%) 0(0%) 9(45%) 7(35%) 4(20%) 0(0%) AmF Funds EuroPacific Growth R6 (MF) 16 MSCIEAFE Index 0.0 25.0 50.0 75.0 100.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 20 3Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -5Years 5.94 5.40 8 4.86 E 4.32 3.78 3.24 17.36 17.67 17.98 18.29 Risk (Standard Deviation %) 18.60 18.91 Retum Standard Deviation 5.24 17.69 3.72 18.92 Down Market Capture 102.53 100.00 Down Market Capture 109.33 100.00 19.22 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 8(40%) 4(20%) 8(40%) 0(0%) 7(35%) 9(45%) 4(20%) 0(0%) o Am Funds EuroPacific Growth R6 (MF) 3.95 18.59 Am Funds EuroPacific Growth R6 (MF) 20 MSCIE EAFE Index V MSCIE EAFE Index Median 20 Historical Statistics -5Years Alpha -1.09 0.00 Historical Statistics-3Years Alpha -3.99 0.00 Standard Deviation 18.59 17.69 Standard Deviation 17.61 16.61 Sharpe Ratio 0.17 0.24 Sharpe Ratio -0.25 -0.02 Up Market Capture 98.11 100.00 Up Market Capture 92.50 100.00 BCA Retum 3.95 5.24 Beta 1.00 1.00 Am Funds EuroPacific Growth R6 (MF) MSCIEAFE Index Retum -1.97 2.17 Beta 1.03 1.00 Aml Funds EuroPacific Growthl R6 (MF) MSCIEAFEIndex 35 Tamarac General Employees' Pension Trust Fund Fidelity International Index (Blend) December 31, 2024 5Years Rolling! Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 175.00 150.00 125.00 100.00 75.00 50.00 0 0. 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 2(12%) 10(59%) 5(29%) 0 (0%) 9(45%) 7(35%) 4(20%) 0 (0%6) Fidelityl International Index (Blend) 17 MSCIEAFE Index 0.0 25.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 20 3Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -5Years 5.94 5.40 8 4.86 E 4.32 3.78 3.24 17.36 75.0 100.0 17.67 17.98 18.29 Risk (Standard Deviation %) 18.60 18.91 Retum Standard Deviation 5.24 17.69 3.72 18.92 Down Market Capture 103.47 100.00 Down Market Capture 104.37 100.00 19.22 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 7(35%) 5(25%) 8(40%) 0 (0%6) 7(35%) 9(45%) 4(20%) 0 (0%) o Fidelity! International Index (Blend) 4.84 18.33 Fidelity International Index (Blend) 20 MSCIE EAFEI Index V MSCI EAFE Index Median 20 Historical Statistics -5Years Alpha -0.45 0.00 Historical Statistics-3Years Alpha -0.48 0.00 Standard Deviation 18.33 17.69 Standard Deviation 17.54 16.61 Sharpe Ratio 0.22 0.24 Sharpe Ratio -0.04 -0.02 Up Market Capture 101.70 100.00 Up Market Capture 102.51 100.00 BCA Retum 4.84 5.24 Beta 1.03 1.00 Fidelity International Index (Blend) MSCIEAFE Index Retum 1.69 2.17 Beta 1.04 1.00 Fidelity International Index (Blend) MSCIEAFEIndex 36 Tamarac General Employees' Pension Trust Fund SPDR Dow Jones REIT (Blend) December 31, 2024 5Years Rolling! Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 150.00 125.00 100.00 75.00 50.00 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 0(0%) 0(09) 0(0%) 17(100% 1(5%) 7(35%) 12 (60%) 0(0%) SPDRI Dow. Jones REIT (Blend) 17 V Wilshire U.S. REIT Index 0.0 25.0 50.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 20 3Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -5Years 5.18 4.44 3.70 E 2.96 2.22 1.48 20.70 21.00 21.30 21.60 21.90 Risk (Standard Deviation9 %) Retum Standard Deviation 4.56 21.60 3.40 20.97 Down Market Capture 104.62 100.00 Down Market Capture 103.45 100.00 22.20 22.50 100.0 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 0(0%) 2(10%) 6(30%) 12 (60%) 7(35%) 2(10%) 10 (50%) 1(5%) SPDRI Dow. Jones REIT (Blend) 2.55 22.18 V Wilshire U.S. REIT Index Median SPDRI Dow. Jones REIT (Blend) 20 V Wilshire U.S. REIT Index 20 Historical Statistics -5Years Alpha -1.93 0.00 Historical Statistics-3Years Alpha -1.52 0.00 Standard Deviation 22.18 21.60 Standard Deviation 21.40 21.27 Sharpe Ratio 0.12 0.20 Sharpe Ratio -0.26 -0.19 Up Market Capture 98.49 100.00 Up Market Capture 98.82 100.00 BCA Retum 2.55 4.56 Beta 1.02 1.00 SPDRI Dow. Jones REIT (Blend) Wishire U.S. REITI Index Retum -3.96 -2.45 Beta 1.00 1.00 SPDRI Dow. Jones REIT (Blend) Wilshire U.S. REITI Index 37 Tamarac General Employees' Pension Trust Fund ARAAmerican Core Realty (CF) December 31, 2024 5Years Rolling! Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 160.00 140.00 120.00 100.00 80.00 75.0 100.0 116.19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 0(0%) 8(50%) 8(50%) 0 (0%) 0( (0%) 0(0%) 20(100% 0 (0%) ARA American Core Realty (CF) 16 - NCREIF Fund Index-ODCE (VW) 20 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 5Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -3) Years 0.0 25.0 50.0 75.0 100.0 -1.80 -1.90 -2.00 -2.10 -2.20 -2.30 6.84 7.02 7.20 7.38 7.56 7.74 7.92 8.10 Risk (Standard Deviation9 %) 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Retum Standard Deviation -2.28 7.51 Down Market Capture 103.86 100.00 Down Market Capture 85.49 100.00 Periods 5-25 25-50 50-75 75-95 0(0%) 8(50%) 8(50%) 0 (0%) 0( (0%) 0(0%) 20(100% 0 (0%) o ARA American Core Realty (CF) -2.07 7.90 V NCREIF Fund Index-ODCE (Vw) -2.32 7.07 ARA American Core Realty (CF) 16 NCREIF Fund Index-ODCE (VW) 20 Median Historical Statistics -5Years Alpha 0.04 0.00 Historical Statistics -1Year Alpha 0.09 0.00 Standard Deviation 7.88 7,.40 Standard Deviation 2.37 2.59 Sharpe Ratio 0.10 0.08 Sharpe Ratio -2.62 -2.48 Up Market Capture 105.01 100.00 Up Market Capture 86.64 100.00 BCA Retum 3.05 2.87 Beta 1.05 1.00 ARAAmerican Core Realty (CF) NCREIF Fund Index-ODCE(W) Retum -1.21 -1.43 Beta 0.91 1.00 ARA/ American Core Realty (CF) NCREIF Fundh IndexODCE(W) 38 Tamarac General Employees' Pension Trust Fund Agincourt Core Fixed Income (SMA) December 31, 2024 5Years Rolling! Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 120.00 112.00 104.00 96.00 88.00 80.00 101.15 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 0(0%) 7(35%) 13(65%) 0(0%) 0(09) 0(0%) 1(5%) 19(95%) Agincourt Core FixedI Income (SMA) 20 Blmbg. U.S. Aggregate Index 0.0 25.0 50.0 75.0 100.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 20 3Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -5Years 0.40 0.20 0.00 -0.20 -0.40 6.28 6.32 6.36 6.40 6.44 6.48 6.52 6.56 6.60 Risk (Standard Deviation9 %) 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Retum Standard Deviation -0.33 6.37 0.24 6.51 Down Market Capture 99.56 100.00 Down Market Capture 98.14 100.00 Periods 5-25 25-50 50-75 75-95 4(20%) 5(25%) 11(55%) 0(0%) 0(0%) 1(5%) 0(0%) 19(95%) Agincourt Core Fixed Income (SMA) 0.23 6.53 Blmbg. U.S. Aggregate Index Median Agincourt Core Fixed Income (SMA) 20 Blmbg. U.S. Aggregate Index 20 Historical Statistics -5Years Alpha 0.57 0.00 Historical Statistics-3Years Alpha 0.72 0.00 Standard Deviation 6.53 6.37 Standard Deviation 7.85 7.72 Sharpe Ratio -0.31 -0.41 Sharpe Ratio -0.69 -0.79 Up Market Capture 106.06 100.00 Up Market Capture 104.41 100.00 BCA Retum 0.23 -0.33 Beta 1.02 1.00 Agincourt Core Fixed Income (SMA) Blmbg. U.S. Aggregate Index Retum -1.74 -2.41 Beta 1.01 1.00 Agincourt Core Fixed Income (SMA) Blmbg. U.S. Aggregate Index 39 Tamarac General Employees' Pension Trust Fund Fidelity U.S. Bond Index (Blend) December 31, 2024 5Years Rolling! Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 112.00 104.00 96.00 88.00 80.00 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 0(09) 7(41%) 9(53%6) 1(696) 1(5%) 8(40%) 11 (55%) 0 (0%) Fidelity U.S. Bond Index (Blend) 17 V Blmbg. U.S. Aggregate Index 20 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 3Years Rolling Percentile Ranking-5Years Peer Group Risk/Reward -5Years 0.0 25.0 50.0 75.0 100.0 0.10 0.00 -0.10 -0.20 -0.30 -0.40 -0.50 6.30 6.37 6.44 6.51 6.58 6.65 6.72 6.79 Risk (Standard Deviation9 %) 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Retum Standard Deviation -0.33 6.37 -0.13 6.69 Down Market Capture 100.98 100.00 Down Market Capture 100.57 100.00 Periods 5-25 25-50 50-75 75-95 3(15%) 2 (10%) 9(45%) 6(30%) 2(10%) 7 (35%) 10 (50%) 1(5%) e Fidelity U.S. Bond Index (Blend) -0.41 6.38 V Blmbg. U.S. Aggregate Index Median Fidelity U.S. Bond Index (Blend) 20 V Blmbg. U.S. Aggregate Index 20 Historical Statistics -5Years Alpha -0.09 0.00 Historical Statistics-3Years Alpha -0.07 0.00 Standard Deviation 6.38 6.37 Standard Deviation 7.73 7.72 Sharpe Ratio -0.42 -0.41 Sharpe Ratio -0.80 -0.79 Up Market Capture 100.01 100.00 Up Market Capture 99.98 100.00 BCA Retum -0.41 -0.33 Beta 1.00 1.00 Fidelity U.S. Bond Index (Blend) Blmbg. U.S. Aggregate Index Retum -2.48 -2.41 Beta 1.00 1.00 Fidelity U.S. Bond Index (Blend) Blmbg. U.S. Aggregate Index 40 Tamarac General Employees' Pension Trust Fund Fidelity Short-Term Bond Index (Blend) December 31, 2024 5Years Rolling! Percentile Ranking- -5Years Growth ofal Dollar 0.0 25.0 50.0 75.0 100.0 115.00 110.00 105.00 100.00 95.00 90.00 10711 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Periods 5-25 25-50 50-75 75-95 0(0%) 0(0%) 6(86%) 1(14%) Fidelity Short-Term Bond Index (Blend) 7 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 Blmbg. U.S. Credit 1-5) Year Index 20 13(65%) 4(20%) 3(15%) 0(0%) 3Years Rolling Percentile Ranking -5Years Peer Group Risk/Reward -5Years 0.0 25.0 50.0 75.0 100.0 2.40 2.10 & 1.80 1.50 1.20 2.07 2.30 2.53 2.76 2.99 3.22 3.45 3.68 3.91 Risk (Standard Deviation%é) 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Retum Standard Deviation 1.85 3.54 2.07 2.44 Down Market Capture 78.17 100.00 Down Market Capture 93.65 100.00 Periods 5-25 25-50 50-75 75-95 3(20%) 1(7%) 1(7%6) 10(67%6) 9(45%) 1(5%) 7(35%) 3(15%) Fidelity Short-Term Bond Index (Blend) 1.38 2.83 V Blmbg. U.S. Credit 1-5 Year Index Median Fidelity Short-Term Bond Index (Blend) 15 V Blmbg. U.S. Credit 1-5) Year Index 20 Historical Statistics -5Years Alpha 0.12 0.00 Historical Statistics-3Years Alpha -0.32 0.00 Standard Deviation 2.83 3.54 Standard Deviation 3.48 3.81 Sharpe Ratio -0.38 -0.16 Sharpe Ratio -0.83 -0.61 Up Market Capture 77.00 100.00 Up Market Capture 87.58 100.00 BCA Retum 1.38 1.85 Beta 0.69 1.00 Fidelity Short-Term Bond Index (Blend) Blmbg. U.S. Credit 1-5) Year Index Retum 1.07 1.57 Beta 0.89 1.00 Fidelity Short-Term Bond Index (Blend) Blmbg. U.S. Credit 1-5) Year Index 41 Tamarac General Employees' Pension Trust Fund Glossary December 31, 2024 -ACCRUED INTEREST- Bondi interest earned since the last interest payment, but not yetr received. -ALPHA- Al linear regressive constant that measures expected return independent of Beta. -ASSET ALLOCATION- The division of portfolio asset classes in order to achieve ane expected investment objective. -BALANCED UNIVERSES- - Public Funds, Endowments & Foundations, Corporate peer groups, and PSN peer groups. -BETA- Ar measure ofp portfolio sensitivity (volatility) in relation tot the market, based upon past experience. -BOND DURATION- Ar measure of portfolio sensitivity toi interest rate risk. COMMINGLED FUND- Ani investment fund which is similar to a mutual fund int that investors are permitted to purchase and redeem units that represent ownership in a pool of securities. -CONVERTIBLE BONDS Hybrid securities' that offer equity returns during rising equity markets and improved down-market protection. -CORE- An equal weighting in both growth and value stocks. means that the assets are perfectly negatively correlated. -CORRELATION COEFFICIENT- Ar measure of how two assets move together. The measure is bounded by +1 and -1; +1 means that the two assets move together positively, while a measur -GROWTH MANAGER- Generallyi invests in companies that have either expenienced above-average growth rates and/or are expected to experience above-average growth rates int the future. portfolios tend tol have high price/earnings ratios and generally pay little to no dividends. -INDEXES- Indexes are used as' 'independent representations ofr markets" (e.g., S&P 500). -INFORMATION RATIO- Annualized excess return above the benchmark relative to the annualized tracking error. -LARGE CAP- Generally, the term refers to a company that has a market capitalization that exceeds $10 billion. -MID CAP- Generally, the term refers toa a company that has a market capitalization between $2 and $10 billion. -MANAGER UNIVERSE- A collection of quarterly investment returns from various investment management firms that may be subdivided bys style (e.g. growth, value, core). -NCREIF A quarterly time series composite total rate of return measure ofi investment performance ofal large pool ofi individual commercial real estate properties acquired int the private market -NCREIF ODCE-C Open End Diversified Core Equity index which consists of historical and current returns from 26 open-end commingled funds pursuing core strategy. This indexi is capitalizati investment purposes only. weighted, time weighted and gross off fees. -NET- Investment return accounts only for manager fees. -PROTECTING FLORIDA INVESTMENT ACT (PFIA)- SBA publishes al list of prohibited investments (scrutinized companies). -RATE OF RETURN- The percentage change int the value ofa ani investment in a portfolio over a specified time period, excluding contributions. -RISKI MEASURES- Measures of the investment risk level, including beta, credit, duration, standard deviation, and others that are based on current and historical data. -R-SQUARED- Measures how closely portfolio returns and those of the market are correlated, or how much variation in the portfolio returns may be explained by the market. An R2c of 40 means oft the variation in a fund's price changes could be attributed to changes in the market index over the time period. BCA 42 Tamarac General Employees' Pension Trust Fund Glossary December 31, 2024 -SHARPE RATIO- The ratio oft the rate of return earned above the risk-free rate to the standard deviation oft the portfolio. It measures the number of units ofr return per unit of risk. -SMALL CAP- Generally refers to a company with a market capitalization $300 million to $2 billion. -STANDARD DEVIATION- Measure of the variability (dispersion) of historical returns around the mean. It measures how much exposure to volatility was experienced by the mplementation of investment strategy. SYSTEMATIC RISK- Measured by beta, itis the risk that cannot be diversified away (market risk). -TIME WEIGHTED (TW) RETURN AI measure oft the investments versus the investor. When there are no flows the TW & DOLLAR weighted (DW) returns are the same and vice versa. -TRACKING ERROR- AI measure of how closely ar manager's performance tracks ani index; itis the annualized standard deviation of the differences between the quarterly returns for the manag the benchmark. -TREYNOR RATIO- AI measure of reward per unit of risk. (excess return divided by beta). -UP ANDI DOWN-MARKET CAPTURE RATIO- Ratio that illustrates how a manager performed relative to the market during rising and declining market periods. -VALUE MANAGER- Generally invests in companies that have low price-to-eamings and price-to-Dook ratios and/or above-average dividend yields. 43 Tamarac General Employees' Pension Trust Fund Disclosure December 31, 2024 Advisory services are offered through or by Burgess Chambers and Associates, Inc., a registered SEC investment advisor. Performance Reporting: generally accepted industry standards. 1. Changes in portfolio valuations due to capital gains or losses, dividends, interest, income and management fees are included in the calculation ofr returns. All calculations are made ina accorda 2. BCA complies with the Association for Investment Management and Research Performance Presentation Standards (AIMR-PPS). Returns are time-weighted rates of return (TWR). 3.1 Transaction costs, such as commissions, are included int the purchase cost or deducted from the proceeds or sale ofas security. Differences int transaction costs may affect comparisons. 4. Individual client returns may" vary due to a variety off factors, including differences ini investment objectives, asset allocating and timing ofi investment decisions. 5. Performance reports are generated fromi information supplied by the client, custodian, and/or investment managers. BCAI relies upon the accuracy oft this data when preparing reports. 6. The market indexes do not include transaction costs, and an investment in a product similar to the index would have lower performance dependent upon costs, fees, dividend reinvestments, and 7. Performance information prepared by third party sources may differ from that shown by BCA. These differences may be due to different methods of analysis, different time periods being evaluated, 8. Certain valuations, such as alternative assets, ETF, and mutual funds, are prepared based oni information from third party sources, the accuracy of such information cannot be guaranteed by BCA. timing. Benchmarks and indexes are for comparison purposes only, and there is no assurance or guarantee that such performance will be achieved. different pricing sources for securities, treatment of accrued income, treatment of cash, and different accounting procedures. Such data may include estimates and maybe subject to revision. 10. BCA has not reviewed the risks ofi individual security holdings. 11.BCAi investment reports are not indicative of future results. 12. Performance rankings are time sensitive and subject to change. 9. BCA relies ont third party vendors to supply tax cost and market values, In the event that cost values are not available, market values may be used as as substitute. 13. Mutual Fund (MF), Collective Investment Trusts (CIT) and Exchange Traded Funds (ETF) are ranked inr net of fee universes. 14. Separately Managed Account (SMA) and Commingled Fund (CF) returns are ranked in gross off fees universes. 15. Composite returns are ranked in universes that encompass both gross and net of fee returns. 16. Total Fund returns are ranked in a gross off fee universe. but gross returns include management fees only. 17. Private investments mayi include performance fees in addition to a management fee. For the purpose of BCA's calculations, net returns take in consideration both performance and manager 18. Fora a free copy ofF Part II (mailed w/i 5 bus. days from request receipt) of Burgess Chambers & Associates, Inc.'s most recent Form ADV which details pertinent business procedures, please conta 315 East Robinson Street Suite #690, Orlando, Florida 32801, 407-644-0111, mo@hugesehambeiscom. BCA 44 4 s 2 2 5 0 0000 AONONggo, 000000000 090000009 0000000000 80 NOANONNN 0000000000 - f of Burgess Chambers & Associates, Inc. Institutional InvestmentAdvisors ww.Durgesschambers.com 315 East Robinson Street, Suite 690, Orlando, Florida 32801 P:407-644-0111 F:407-644-0694