GRS- 2016 Share Plan Allocation 7-13-18cGooRs Retirement
Consulting
July 13, 2018
CONFIDENTIAL
Board of Trustees
City of Okeechobee Firefighters' Retirement System
c/o Mr. Scott Baur
The Resource Centers, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Re: City of Okeechobee Firefighters' Retirement System
Dear Scott:
P: 954.527.1616 I F: 954.525.0083 I www.grsconsulting.com
[iti
JUL 1 8 2018
By
As requested, we have prepared the enclosed calculations showing the Share Plan balances as of
September 30, 2016 and September 30, 2017. Individual Share Plan Statements will be sent separately.
The enclosed calculations are based on Ordinance No. 1133, as well as the following:
1) The Share Plan balance as of September 30, 2016 is based on the initial Share Plan allocation totaling
$7,660 (as shown on the top exhibit on page 12 of our October 1, 2017 Actuarial Valuation Report
dated March 22, 2018) Tess the administrative expenses allocated to each member as described in
item 3.
2) Members eligible for a Share Plan allocation as of September 30, 2016 include the following:
• Active members as of September 30, 2016, including new members who joined the Plan between
October 1, 2015 and September 30, 2016
• DROP members as of September 30, 2016
• Members who retired between October 1, 2015 and September 30, 2016
• DROP members who exited the program between October 1, 2015 and September 30, 2016
• Beneficiaries of active or DROP members who died between October 1, 2015 and September 30,
2016
Any members who were already terminated, retired, or deceased as of October 1, 2015 are not eligible
for an allocation.
Since there were no DROP members as of September 30, 2016, and there were no changes to the active
or DROP membership during 2016, the initial share was allocated amongst the 12 active members as of
9/30/2016.
One East Broward Blvd. Suite 505 I Ft. Lauderdale, FL 33301
Board of Trustees, City of Okeechobee Firefighters' Retirement System
July 13, 2018
Page 2
3) The September 30, 2016 calculations reflect the following:
• The beginning balance is $0 for each eligible member.
• Investment earnings are $0 for each member since there is no money in each member's account
until 9/30/2016.
• The forfeiture amount is $0 for each member since there were no non -vested terminations
during the year ending 9/30/2016.
• Each eligible member's Share Plan allocation is equal to: $7,660 x (Member's Credited Service as
of 9/30/2016 _ Sum of Credited Service as of 9/30/2016 for all eligible Share Plan members).
• The only administrative expenses are $2,000 (actuarial fees).
• Each member's expense allocation is equal to $2,000 x (Member's Account Balance at end of
year _ Total of all Share Plan Accounts at end of year).
4) There is no Share Plan allocation for the fiscal year ending September 30, 2017 (see bottom exhibit
on page 12 of our October 1, 2017 Actuarial Valuation Report dated March 22, 2018).
5) Share Plan balances as of September 30, 2017 reflect interest of 11.4% (the net return on market value
of assets for fiscal year ending on the September 30, 2017, as shown page 31 of the 10/1/2017
Actuarial Valuation Report). Members eligible for interest are only members who are also eligible for
a Share Plan allocation for the year (i.e., terminated vested members are not eligible).
6) There was one vested member who terminated employment during the year ending September 30,
2017 (John Wooten), and he did not receive interest on his September 30, 2016 Share Plan balance
since he was not an eligible member as of September 30, 2017. This member is entitled to receive a
distribution of $355.70, which is his Share Plan balance as of September 30, 2016. Accordingly, his
Share Plan balance as of September 30, 2016 was not reduced for administrative expenses for year
ending September 30, 2017.
7) Members eligible for interest on the September 30, 2016 balance include the following:
• Active members as of September 30, 2017, including new members who joined the Plan between
October 1, 2016 and September 30, 2017
• DROP members as of September 30, 2017
• Members who retired between October 1, 2016 and September 30, 2017
• DROP members who exited the program between October 1, 2016 and September 30, 2017
• Beneficiaries of active or DROP members who died between October 1, 2016 and September 30,
2017.
8) For DROP members, Credited Service used for the allocation is frozen as of DROP entry date (i.e.,
same Credited Service used to determine the retirement benefits).
9) The September 30, 2017 calculations reflect the following:
• Interest on the beginning of year balance, with the exception of terminated vested members as
described above.
• The forfeiture amount is $0 for each member, since there were no non -vested terminations
CGieR S Red Bring the year ending 9/30/2017.
Consulting
Board of Trustees, City of Okeechobee Firefighters' Retirement System
July 13, 2018
Page 3
• Expenses were assumed to be comprised of only actuarial fees of $2,000. Each member's
expense allocation as of September 30, 2017 is equal to $2,000 x (Member's Account Balance at
end of year before expenses - Total of all Share Plan Accounts at end of year before expenses).
Terminated vested members' balances are excluded for purposes of this calculation, and no
expenses are allocated to terminated vested members as of September 30, 2017.
Please review the above procedures, as well as the data on the enclosed exhibit and inform us of any
discrepancies. We also recommend the Plan attorney's review the above procedures. Any inaccuracies
will affect the amount allocated to all members.
We welcome your questions and comments.
Sincerely yours,
Melissa R. Moskovitz
tj? MCSIak,s( J,LAC7`11/t-7(.44—
Rhonda Hart
Senior Analyst
Consultant & Actuary
Enclosures
This communication shall not be construed to provide tax advice, legal advice or investment advice.
Cie RS Consult ngt
CITY OF OKEECHOBEE FIREFIGHTERS' RETIREMENT SYSTEM
9/30/2016 SHARE PLAN ALLOCATION
Name
Status as of
9/30/2016
Date of Hire
Service on
9/30/2016
10/1/2015
Balance
Investment
Earnings
Forfeitures
9/30/2016
Initial
Allocation'
Expenses
During FYE
9/30/2016
9/30/2016
Balance
BRYDEBELL, MITCH
Active
2/16/2007
9.6244-
-
-
514.85
(134.43)
380.42
CONROY, PJ
Active
5/31/1994
22.3333
-
-
-
1,194.69
(311.93)
882.76
CRUM, ADAM D
Active
6/11/2003
13.3048-
-
-
711.72
(185.83)
525.89
HODGES, GW
Active
6/17/1994
22.2884-
-
-
1,192.29
(311.30)
880.99
MCGEE, LESTER
Active
1/4/2008
8.7406-
-
-
467.57
(122.08)
345.49
PALMER, TIMMY G.
Active
2/2/2014
2.6628-
-
-
142.44
(37.19)
105.25
RODRIGUEZ, HILARIO
Active
11/27/2007
8.8443-
-
-
473.12
(123.53)
349.59
SANDERS, JOSHUA
Active
12/16/2010
5.7911-
-
-
309.79
(80.89)
228.90
SKIPPER, MICHAEL T
Active
9/18/2010
6.0356-
-
-
322.87
(84.30)
238.57
SMITH, HE
Active
2/3/1992
24.6600-
-
-
1,319.16
(344.43)
974.73
WEEKS, LARRY STEVE
Active
11/3/2006
9.9100-
-
-
530.12
(138.41)
391.71
WOOTEN, JOHN R
Active
10/1/2007
8.9989-
-
-
481.39
(125.69)
355.70
Total
143.1942
0
0
0
7,660.01
(2,000.01)
5,660.00
1 Based on the default rules of SB 172, $7,660, equal to 50% of the Chapter 175 Reserve as of September 30, 2016 ($15,320), is transferred to the Share Plan.
Gabriel, Roeder, Smith & Company
July 13, 2018
CITY OF OKEECHOBEE FIREFIGHTERS' RETIREMENT SYSTEM
9/30/2017 SHARE PLAN ALLOCATION
Name
Status as of
9/30/2017
Date of Hire
Service on
9/30/2017
10/1/2016
Balance
Investment
Earnings'
Forfeitures
9/30/2017
Allocation
9/30/2017
Balance
(Before
Expenses)
Expenses
During FYE
9/30/2017
9/30/2017
Balance
BRYDEBELL, MITCH
Active
2/16/2007
10.6244
380.42
43.37
-
-
423.79
(143.44)
280.35
CONROY, PJ
Active
5/31/1994
23.3333
882.76
100.63
-
-
983.39
(332.85)
650.54
CORTEZ, DAVID
Active
6/9/2017
0.3103
--
-
-
-
-
-
CRUM, ADAM D
Active
6/11/2003
14.3048
525.89
59.95
-
-
585.84
(198.29)
387.55
HODGES, GW
Active
6/17/1994
23.2884
880.99
100.43
-
-
981.42
(332.18)
649.24
MCGEE, LESTER
Active
1/4/2008
9.7406
345.49
39.39
-
-
384.88
(130.27)
254.61
PALMER, TIMMY G.
Active
2/2/2014
3.6628
105.25
12.00
-
-
117.25
(39.69)
77.56
RODRIGUEZ, HILARIO
Active
11/27/2007
9.8443
349.59
39.85
-
-
389.44
(131.81)
257.63
SANDERS, JOSHUA
Active
12/16/2010
6.7911
228.90
26.09
-
-
254.99
(86.31)
168.68
SKIPPER, MICHAEL T
Active
9/18/2010
7.0356
238.57
27.20
-
-
265.77
(89.95)
175.82
SMITH, HE
DROP
2/3/1992
25.6600
974.73
111.12
-
-
1,085.85
(367.53)
718.32
WEEKS, LARRY STEVE
Active
11/3/2006
10.9100
391.71
44.65
-
-
436.36
(147.69)
288.67
WOOTEN, JOHN R
Term Vested
10/1/2007
N/A
355.70
-
-
-
-
-
355.70
Total
145.5056
5,660.00
604.68
0
0
5,908.98
(2,000.01)
4,264.67
1 Based on net return on market value of assets for the year of 11.4%
Z Based on the default rules of SB 172, there amount to be transferred to the Share Plan for the year is $0.
Gabriel, Roeder, Smith & Company
July 13, 2018