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City of Lakeland Retirement Services
Our Staff
Jennifer Kerr, DirectorDana Blydenburgh, Pension Benefits Manager
Liz Rovaldi, Pension Benefits GeneralistDebbie Stefanski, Pension Benefits Assistant
Jonathan Brown, Summer Intern
Service
Outputs
Knowledgeable staffGuidancePersonalizationQuick turnaroundCoach/advocateTimely & accurate information
Privacy
CORE SERVICERetirement Enrollment
& Benefit Services
KSIs:1. Employee opinion
survey2. # Interactive forums
3. Website clicks
4. Dept report card
City of Lakeland Retirement Services
Service Outputs
Help satisfy fiduciary obligationAccountabilityCommunicationKnowledge & resourcesEfficient & effective plan operationPersonal service
Accessibility
CORE SERVICEPension Boards
& Policy Administration
KSIs:1. #Significant
deficiencies
2. Employee opinion
survey results
City of Lakeland Retirement Services
Service
Outputs
TimelyAccurateAnnual AuditAnnual Valuation
CORE SERVICEFinancial Analysis
& Reporting
KSIs:1. Bond Ratings
2. # Significant
Deficiencies
3. Comparable
costs across the
State
City of Lakeland Retirement Services
Employees’ Pension
Board of Trustees7 members = 2 appointed by Commission, 2 employee
elected and the 7th member appointed by the Board
Investment Committee3 members
Employees’ Pension
Eligibility
All regular full-time employees & firefighters who are
contributing to the plan
Employees’ Pension
Normal RetirementPlan A (pre 10/2003) = Age 60 + 10 years
– 3% FAC* x first 25 years, plus 1% FAC service 25+ years
Plan B (post 10/2003 = Age 62 + 10 years
– 2% FAC x first 10 years, plus 3% FAC for next 20 years, plus 1% FAC
30+ years
*FAC = final average compensation
Employees’ Pension
FY09 ResultsActuarial Experience
– Loss due 0.40% investment return below 7.25%
– Partially offset by gains due to lower salary increases
Funded Ratio
– 81.6% compared to 83.9% last year
COLA
– Net cumulative gain since 1996 is $(109,120,938)
Employees’ Pension
Employees’ Pension
Employees’ Pension
Investment AllocationInvestment Allocation
Employees’ Pension
Highlights from the past 2 years :– January 2009 hired new investment consultant– Replaced 5 managers and completely restructured the domestic equity
portfolio along with the international mandate– The plan has hired 3 new domestic equity managers and 2 international
managers – For the past 7 years the plan has underperformed the benchmark by
1.08%, ranking in the 77th percentile. However, since we’ve made these changes the plan (past 12 months) has outperformed the benchmark by 70 bps, net of fees, and ranked in the top 25 percentile of it’s peer universe
– Adding additional asset classes to provide the portfolio better diversification
– The Board facilitated in a massive restructuring of the fund with the removal of $52 million in Police funds. We used this transition to rebalance the portfolio and fund new managers
Police Officers’ Pension
FY09 Results
Available July 1, 2010
Board of Trustees
5 members = 2 appointed by Commission, 2 employee
elected and 5th member appointed by the Board
Police Officers’ Pension
Normal Retirement–Age 55 with 10 years of service, or
–25 years of service regardless of age
Benefit
– 3% FAC
Police Officers’ Pension
Investment AllocationAsset Allocation
Police Officers’ Pension
Investment AllocationHighlights over the last 2 years:– We’ve restructured their policy to include additional asset classes and to
incorporate new state legislation regarding scrutinized companies.– We’ve hired complementary managers to the existing lineup for better
diversification and to lower overall volatility. – We are currently doing a search for a complementary international
manager to work with Barings– The Board hired two real estate managers to better diversify the fund and
to take advantage of market opportunity– Since we’ve implemented the new strategy and the new managers have
been up and running the plan has outperformed the index by close to 50 bps and ranked in the top 35th percentile.
Firefighters’ Supplemental Pension
Normal Retirement
– Age 55 and 15 years of service
Benefit
– $670/month
Firefighters’ Supplemental Pension
FY09 Results
Actuarial Experience
– Loss due to 3.4% investment return below 7.5%
– Partially offset by gains due to lower salary increases
Funded Ratio
– 106.45% compared to 104.98% last year
COLA
– None provided
Firefighters’ Supplemental Pension
Investment AllocationAsset Allocation
City of Lakeland Retirement Services
Upcoming…–Next Employees’ Pension Board Meeting: June 22, 2010–Joint Meeting with Commission and Pension Boards– Modified Firefighter Pension–Employee/Retiree Newsletter
Contact Us…Department of Retirement Services500 N Lake Parker AvenueLakeland, FL 33801863/834-8790www.lakelandgov.net
Questions?
City of LakelandRetirement Services