HomeMy WebLinkAbout1996 02 26 Consent Item D
COMMISSION AGENDA
ITEM D
REGULAR
CONSENT X
INFORMATIONAL
MGR ;?WI# IDEPT
Authorization
February 26. 1996
Meeting
TITLE:
City Manager requesting the Commission to consider approval of the Fifth
Amendment to the City Pension Plan.
PURPOSE: The Purpose of this Item is to have the Commission to consider the merits of
approving the 5th Amendment to the City Pension Plan.
CONSIDERATIONS:
On October 24, 1995 the Board of Trustees of the City Retirement System
approved the Fifth Amendment to the retirement plan providing employees
distribution of the residual portion of their retirement accumulated from the
previous evaluation period to the actual date of retirement to their retirement
benefit.
The effect of this amendment is to provide employees credits for earned
participation to the full extent of their service. Currently employees loose as
much as five months time for which they have actively participated in the
retirement plan.
Under the provisions of the Fifth Amendment employee credits will be bench
marked to the actual date of retirement rather than the September and March
evaluation dates.
FUNDING: The amendment does not result in appreciable financial impacts on the system and
does not require any additional funding considerations. The funds to finance this benefit are
already being contributed on behalf of the employees to the system.
RECOMMENDA nONS: It is recommended that the City Commission approved the Fifth
Amendment to the City Retirement System as recommended by the Board of Trustees.
IMPLEMENTA TION SCHEDULE:
ATTACHMENTS:
COMMISSION ACTION:
FIFTH AMENDMENT TO
THE AMENDED AND RESTATED MONEY PURCHASE
PENSION PLAN AND TRUST FOR EMPLOYEES OF THE
CITY OF WINTER SPRINGS, FLORIDA
THE CITY OF WINTER SPRINGS, FLORIDA, a municipality
incorporated under the laws of the State of Florida, as Employer,
and THE BOARD OF TRUSTEES OF THE CITY OF WINTER SPRINGS AMENDED AND
RESTATED MONEY PURCHASE PENSION PLAN AND TRUST, duly appointed by
the City Commission, as Trustee, hereby agree and consent this
day of October, 1995, to amend the Money Purchase Pension Plan and
Trust entered into by and between the parties hereto and first
effective on October 1, 1982, then amended and restated in its
entirety as of October 1, 1984, amended as of October 1, 1984,
amended again as of October 1, 1992, amended again as of August 8,
1994 and as of October 1, 1994 and now amended by this Fifth
Amendment to be effective as of October 1, 1995, as follows:
1. Article VI, Section 6.01 shall be amended to read:
6.01 Determination of Benefits Upon Retirement. If a
Participant terminates his employment with the Employer
upon or after attaining his Retirement Date (as defined
in Section 1.29), such Participant shall be dIstributed
his or her vested benefits on a fully vested basis in
accordance with the provisions of Section 6.05 herein.
In addi tion amounts shall be credi ted to such
Participant's Employer Contribution Account as of the
first day of the Valuation Date preceding the
Participant's retirement date which shall also be
distributed to the Participant by the Trustee, to the
extent vested,in accordance with the provisions of
Section 6.05 herein. The Participant shall have the
election of taking the current vested benefit in
accordance with Section 6.05 and receiving any residual
contributions following the next Valuation Date or may
elect to wait to receive the entire distribution in
accordance with Section 6.05 as of the first day of the
Valuation Date immediately following the Participant's
retirement date. A Participant who continues in the
employ of the Employer after his of her Retirement Date
shall remain a Participant in this Plan until his or her
actual retirement date at which time his or her vested
benefits will be distributed in accordance with the
provisions of Section 6.05 herein with benefits accruing
as earned through the next succeeding Valuation Date
following the date on which termination or retirement
actually occurs.
Except as hereinabove modified and amended, the Amended and
Restated Money Purchase Pension Plan and Trust shall remain
unchanged and shall continue in full force and effect.
Signed, sealed and delivered
the presence of:
AS TO THE EMPLOYER:
(SEAL)
CITY OF WINTER SPRINGS
~r~l;P~~~
Date: ,J,;)-Q0
AS TO THE TRUSTEE:
(SEAL)
BOARD OF TRUSTEES
By: ~~
Title: ~
D ate: .. -~
L:\WP51\TOM\WSPENSAM
CITY OF WINTER SPRINGS, FLORIDA
~ lb, cr:.:m',~'T\""\'< ~1D)
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JAN 2 9 1996
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
CITY OF WINTER SPRINGS
City Manager
January 25, 1996
Mr. Thomas E. Lang, P.A.
Wells, Allen, Lang and Morrison
340 N. Orange Ave.
Orlando, FL 32802-3628
Dear Mr. Lang:
At the January 23, 1996 meeting of the Pension Trustees, they voted to approve the 5th
and 7th Amendments to the Winter Springs Employees Pension Plan that you fa'(ed on the 23rd,
with a single adjustment to each amendment.
As we discussed on the phone yesterday, the changes are:
In the 5th Amendment, paragraph 6.01, near the end of the 16th line, insert the word
"elect" after the word "may" to make the sentence grammatically correct.
In the 7th Amendment, in sub-paragraph (f) of paragraph 6.05, the board questioned
whether the words, "the later of' is redundant since you have added, "whichever is later" in the
subsequent paragraph (i). On the phone you agreed that removing "the later of' would make the
intention of the amendment more clear without changing its meaning.
Would you please revise these two amendments and fax (#327-6912) them to the city so
that they may be signed by the City Manager and the Board Chairman for presentation to the
Commission.
cc: Ron McLemore, City Manager /
John Govoruhk, Advisor
~(>~>L~
Art Hoffinann /
Chairman, Board of Trustees
CITY OF WINTER SPRINGS, FLORIDA
r ~ J~'1E1I]
"JAN 5: 1996 '
1126 EAST STATE ROAD 434
WINTER SPRINGS, FLORIDA 32708-2799
Telephone (407) 327-1800
CITY OF WINTER SPRINGS
Crty Maniilger
AGENDA
BOARD OF TRUSTEES
WINTER SPRINGS PENSION PLAN
Tuesday - January 23, 1996 - 7:30 p.m.
City Hall - Conference Room
1126 East State Road 434
Winter Springs. Florida 32708
1. Call to Order
2. Roll Call
3. Approval of October 24, 1995 Minutes
4. Quarterly Review of Trust Finances with Brian Bellaw of STI Capital Management
5. Presentation by Attorney Lang regarding Pension Agreement Revisions
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6. Old Business
S~~ Z>
7. New Business
s..,J> } Q ~
8. Adjournment
S~
Persons with disabilities needing assistance to participate in any of these proceedings should contact the Employee Relations Department,
ADA Coordinator, 48 hours in advance of the meeting at (407) 327-1800.
Persons are advised that if they decide to appeal any decisions made at these meetingslhernings they will need a record of the proceedings
and lor such purpose, they may need to insure that a verbatim record of tile proceedings is made which record includes the testimony and
evidence upon which tile appeal is to be based per Section 286.0 I 05 Florida Statutes.
:;
MINUTES
BOARD OF TRUSTEES
WINTER SPRINGS PENSION
OCTOBER 24, 1995 MEETING
TD) ~I' ;;'({("JTI{?W{,"if\\ '~TIJ';\
jJ.\\.J.l:-" .~~ _,L!. \J' ~~.
JAN.'> 19961
CITY OF Wli\!TER SPRINGS
City l\,Ija~ldlger
1. Call to Order:
Chairperson Hoffmann called the meeting to order at 7:30 p.m. in the conference room of city hall.
2. Roll Call:
City Officials. present:
Brian Fricke, present
Joel Berk, absent
Ralph Bowman, present
Si Berman, absent
Chairperson Art Hoffmann, present
John Govoruhk, City Manager
Tom Lang, City Attorney
Sun Bank Representative, Bill Breda, Jr. was also present at the meeting.
3. Approval of August 15. 1995 Minutes:
Hoffinann asked if there were any comments or corrections to the minutes. There were no
comments. The minutes stand approved as read.
4. Ouarterly Review of Trust Finances with Bill Breda. Jr. of Sun Bank:
Breda distributed copies of the Investment Performance Report, then reviewed the report with the
board members.
Attorney Lang stated that the city may have a problem with Time Warner Cable down the road, and
would like to get out of that position for political reasons. Breda said that he would communicate
the city's sensitivity.
Hoffmann asked for recommended changes of our strategy in terms of the distribution of investments.
Breda said that the asset allocations are left up to the client, but the pending change will be
rebalancing the growth value area.
Hoffmann asked for figures on the turnover rate for the quarter or year. Breda stated that the funds
tend to be high in turnover. Trade is between 4 and 5 1/2 cents per share. In the growth fund,
SunTrust tries to emphasize the large cap. The value fund is typically a by-product of what is cheap.
Hoffmann asked how other investment agencies have done compared to the S&P. Breda stated that
the S&P is a pretty good performer relative to most money managers; kind of a hard target to beat.
The value fund has done a little better than average relative to other value funds; the growth fund has
under performed.
...
MINUTES
BOARD OF TRUSTEES/WINTER SPRINGS PENSION
OCTOBER 24, 1995 MEETING
PAGE 2
Hoffinann asked if there would be any changes or improvements, with the new manager, in the way
the funds are being handled. Breda did not think there would be any major changes.
Bowman asked if the market will continue to grow. Breda said there is still an up side, but not at the
same rate. Stocks are up on price basis to 25% and dividends are up close to 30%. Lower interest
rates have helped. Earnings have been rising, but the momentum in the growth rate of the earnings
have slowed.
Hoffinann asked Breda ifhe sees any change in strategy that investors may be using due to elections
coming up. Breda said that they don't try to invest around politics. The area of most concern is the
retail.
5. Presentation by Attorney Lang regarding Pension Agreement Revisions:
Lang distributed copies of the revised Fifth Amendment to the amended and restated Money Purchase
Pension Plan. Section 601 is the determination of distribution of benefits. The plan as currently
written states that if a participant terminates his employment with the employer upon or at obtaining
his retirement age, all amounts credited to such participants employer contribution account as of the
next succeeding anniversary date shall be distributed by the trustee. The amendment now will read
"evaluation date" instead of "anniversary date".
Hoffinann said the problem was that people would not be able to receive their vested amounts until
the next evaluation date: as much as eleven months. Lang said that by changing the wording to
evaluation date makes it a six month period. There would be two evaluation dates (six and twelve
months).
Hoffinann asked about the amount of funds that were vested from the preceding evaluation date to
the date of retirement. Lang said that the subject was not addressed in the amendment that was
circulated to him, other than 605 gives the fully vested benefits upon attaining retirement date. What
will happen is that it will cut off, and you're going to kick over to 605 as of your retirement date, but
you will not get any additional contributions after the last evaluation date if the word "preceding" is
used. If the intent is to let them go through the next evaluation period, then what happens is they will
get a contribution as of the next evaluation period, covering the period that they were in the plan
after the last evaluation period. It is not in this amendment; it would have to be added.
Hoffmann asked about an option: "Take out what you have up to the preceding evaluation period,
then wait until the next evaluation period for the remaining contributions; or wait until the next
evaluation period and take it alL" (normal retirement) He asked about voluntary leaving and having
vested amounts. Lang said that takes you back to 605 automatically. Lang asked, "you are
approving the change to 601 that would allow you to take out that which is vested as of the
MINUTES
BOARD OF TRUSTEES/WINTER SPRINGS PENSION
OCTOBER 24, 1995 MEETING
PAGE 3
evaluation date preceding retirement; and you have an option as to whether you then wait and take
the residual on the next evaluation date, or whether you wait and take it all on the next evaluation
date?" Hoffman said, that is correct.
Lang said the sixth amendment deals with article four which is allocation of contributions-earning and
forfeitures. This amendment has to be approved in order to get the wording changed from
anniversary to evaluation for consistency.
The underlined portion on the sixth amendment was previously approved, but not placed. Lang
stated that it will be placed as the second sentence in 401(e).
Lang said that he will revise the Fifth Amendment.
Motion: Approval of the sixth amendment subject to the typographical corrections.
Fricke motioned. Bowman seconded.
Vote: Hoffmann, aye; Fricke, aye; Bowman, aye.
Motion carried.
Lang mentioned a question in a letter that Hoffmann had sent to him regarding the second
amendment. The second amendment reads quarterly. If a change is needed, then Lang would have
to structure a seventh amendment that eliminates the option of making the contribution quarterly.
Hoffinann stated that for the past couple of years, the contributions have been paid per period (every
two weeks). Fricke asked if the contributions are city funded with employees not making any
contributions. Hoffinann said, "that's right". Lang said that the resolution that was passed does not
include quarterly, but the amendment does. Fricke said that it makes sense to have the flexibility from
the investment perspective. The board agreed to leave the option of "quarterly" in the amendment.
Lang said that Hoffinann also wanted to know if it should be changed to allow them to be paid within
60 days after the time that they terminate or should they have to wait until the end of the year to get
their payment. It is now structured that it would be 60 days after the end of the plan year. For six
months they would not be a participant, but couldn't get their money out. This is termination for any
reason other than death, total and permanent disability or retirement.
Hoffinann asked Lang to conceptually change "Plan year" to read "Evaluation date". Lang mentioned
that this would also affect Section 204 when talking of the termination, and Section 605 when talking
about when they have to get paid.
f
MINUTES
BOARD OF TRUSTEESIWINTER SPRINGS PENSION
OCTOBER 24, 1995 MEETING
PAGE 4
6. Old Business:
No Comments
7. New Business:
No Comments
8. Adiournment:
Chairperson Hoffmann adjourned the meeting at 8:05 p.m.
APPROVED:
Art Hoffmann, Chairperson
attest:
Martha Jenkins, Deputy City Clerk
WELLS, ALLEN, LANG & MORRISON, EA.
ATTORNEYS AT LAW
340 NORTH ORANGE AVENUE
O.RLANDO. FLORIDA 32801-1611
POST OFFICE BOX 3628
ORLANDO. FLORIDA 32802-3628
TELEPHONE (407) 422.8250
FAX (407) 422'8262
~
FEB 0 1 1996\
January 31, 1996
CITY OF WINTER SPRINGS
City Manager
Mr. Ron McLemore, City Manager
1126 East State Route 434
Winter Springs, Florida 32708
Re: Fifth Amendment to Pension Plan
Dear Mr. McLemore:
Enclosed please find two (2) copies of the Fifth Amendment to
the Pension Plan, which amendment was passed at the January 23,
1996 Trustee's meeting. This Amendment has been revised pursuant
to Art Hoffmann's letter of January 25, 1996. Could you please
execute for the City and forward to Art Hoffmann for execution? We
then need to provide executed copies to the Clerk, Commission and
Mayor for their information. We would also appreciate receiving an
executed copy of the Amendment for our records. Thank you for your
cooperation.
Very truly yours,
~
eanne Adams, Legal Assistant
to Thomas F. Lang, Esquire
/ja
Enclosures
January 23,1996
CITY OF WINTER SPRINGS
ETh~LOYES PENSION ACCOUNT
'NITH
S UN THUS T(: CAPI TAL- MAliAG EMENT
1995 RESULTS
Total assets December 3'1,1994
$1,224,781.
.2,42'-;376.
City contributions 1995
City Deletions (9 employee cashouts)
Sun Trust Investment charges
Net, city contributions 1995
Sum, net additions plus D~c. 1994 assets
Total Assets December ._3).,1995
Gain in total assets Dec. 1994 to Dec. 1995
% gain in total assets (D)/(A)
Earnings and growth 1995 (C)-(B)
% Earnings and growth 1995 (E)/(A)
33,009.
13,043.
.196,324.
1,421,105.
$1,741,353.
516,572.
42.2%
320,248.
26.1%
Chairman, Board of Trustees
~~~
Art Hoffmann
(A)
(B)
(C)
(D)
(E)
January 23,1996
CITY OF WINTER SPRINGS
E1~LOYES PENSION ACCOUNT
WITH SUN TRUST CAPITAL MANAGEr/rENT
FISC.AL YEAR 1995"
Total Assets September 30,1994
City Contributions, Oct. '94 thru Sept. '95
City deletions (8 employee cashouts) 24,885.
Sun Trust investment charges 8,896.
Net,city contributions
Sum, net additions p1vs Sept30,1994 assets
Total Assets Sept. 30,1995
Gain in total assets (C) -(A)
% gain in total assets (D)/(A)
Earnings and Growth (C)-(B)
% Earnings growth fiscal year 1995~ Sept. to Sept.
(E;/(A;
Figures taken from monthly reports
$1,172,569.
229,733.
195,952.
1 .. ') 68 , 5 21 .
1,595,586.
423,017.
36.1%
227,065.
19.4%
Chairman, Board of trustees
avrv~
Art Hoffmann
(A)
(B)
(C)
(D)
( E)
~,
DATE
D EC 94
J AN31, 9
F EB .28
MAR,',.31
APR.jO
MAY 31
JUN .30
JUL .31
AUG.31
SEP.30
OCT.31
NOV.30
DEC.31
/.
t.: .
I!' !
WINTER SPRINGS. EMPLOYEES PENSION FUND
· UITY FUND
OF
TOTAL
INV.
40.3
39.8
42.3
37.8
37.1
6.6
36.9
39.5
38.8
39.8
39.0
39.3
34.3
INCOME FUND
o INCR. 0 F
UNIT . <MOM TOTAL
V AL DE DEC. ' 94 I NY .
15 .85 - * 17 . 5
1 6 . 40 3. 5 C~ 16 ) ;;.:. 1 7 . 3
.' ," .. . .
16~886.5(.33) 16.9
17.33 9.3(.56) 17.8
17.46 0.2(.74~ 17.8
17.84 12.9(.92) 17.7
18 ..46 16 ! 5 ( 1 ~ 1 ) 17 ..4
19.01 19.9(1.3) 17.8
19.02 20.0(1.6) 17.8
19.72 24.4(1.7) 19.0
19.64 23.9(1.6) 19.3
20.56 29.7(1.8) 19.6
20.90 31.9(1.9) 25.1
.
UNIT FROM TOTAL
V AL DE D EC . ' 94 I NY .
11.07 - * 38.4
11.43 3.3(.37 41.2
11.87 7.2(.75 44.7
~..~
12 .27 10 lJ3(1'.1:'j 41. 7
. .. '"
12.64 1.4.,2(1.4) 41.2
12.99 11.3(1.8 41.3
13.10 18.3(2.2 40~5
13.30 20.1(2.5 41.3
13.56 22.5(2.9 40~7
14..14 28.,6(2..9 40..2
14.0 27.1(3.2 40.2
14.8 34.2(3.5 39.3
15.33 4300(3.6 39.7
;-
, . , I
t",." I ') \
.' . I
I -, ,;--
" L i
\ !
I
I
* ( ) =Increase from income.
..'
" ( ~ .
!':' -.
...., 01 !
. . .
'.
. '. I
I -' c,:) . "
., I // J
.~~ 17:
, .
Derived from monthly reports.(except S&p)
Art Hoffmann
f. ,: I ..,1,"
.~ J"iili ,:f 2"3' ,~!I;9'9 fF t t 2, p. "J. 0
..... Mr..!, /? .~:: ....'/
,,' . ;' , :! Itt~.:~ ~:. :j .
.' . /; I I' ""1 ..1 ;
1:'., /...';' ~..:(;-?I II'
~ I 'l!:~ J,.
"::,;' '/
.' 1 t I
.'! '
, /iJ I'
0,:)' ,.
Ii,
: ~ ., "
.&1:.- --..
UNIT
VALUE
15.29 f. - *
15 .55 1,~-7 (.'-6~'J
,\.. .
15.86 3 ....:f.;'..:(l'l?)
15 .97 4.43 (1.8)
16.19 5 .9.~..( 2.4)
16.81 9,'190(2.8)
16..95 10.9(3..6)
16.91 10~1(4.3)
17 t10 11 ~8 (4 '!~)
17.27 12 ~9(5 ..4)
17.5,4 14~7(5.8ip
17.81 16.5(6.3)
18.06 18 .1~7 ~O)
/:'I~ . ( ;'.'J J l:J.- ...r
t I 'I' I ; r
.I '/. " I', .; ..' '. '1 1
. , ' ,- I 'I
- \ ".r
i
;
..
~.;,.:
".; ;
. .\
,',.Lglu,es :,e: J1<.8":'''3.;1 .fDr .i..'1'a,CCl.\.),~;;.'::'i~';i;,.
r/ .,""; ;;-, t/(II~j
.. ." ., -.
! . ,
10 I NCF
;'. ~&P OF
S&P
.,~~,
.
1.73
1
8.66
11.26
1 t) . 4.0
20.0C
21..~4
22 .5 C
2 6 .OC
27.7.]
32.0~
33.33
;
( " 1 I
: . ~ f
., ."
, I
; ,.
SUNTRUST
Trust and Investment Services
STATEMENT OF ACCOUNT FOR THE PERIOD
12/01/95 THROUGH 12/31/95
FOR
SUNTRUST BANK7 CENTRAL FLORIDA, NA
INVESTMENT MGR & AGENT FOR PLAN
ADMINISTRATION SERVICES FOR CITY
OF WINTER SPRINGS MONEY PURCHASE
PENSION PLAN & TRUST (FYE 9)
ACCOUNT 56825788
:..., /"
ACCOUNT ADMINISTRATOR - DIANNE GARCIA
TELEPHONE NUMBER (407) 237-4513
PORTFOLIO MANAGER - BRIAN D BALLEW
TELEPHONE NUMBER (407) 237-4165
HARRY MARTIN
FINANCE DIRECTOR
CITY OF WINTER SPRINGS
1126 ESTATE RD 434
WINTER SPRINGS FL
32708
~ ,fIIP/9(P
01/03/96 ~
SuNTRUST
Trust and Investment Services
DESCRIPTION
CASH SUMMARY
SUNTRUST BANK, CENTRAL FLORIDA, NA
INVESTMENT MGR & AGENT FOR PLAN
'ADMINISTRATION SERVICES FOR CITY
OF WINTER SPRINGS MONEY PURCHASE
PENSION PLAN & TRUST (FYE 9)
TABLE OF CONTENTS
.. ..... .... ........... .......... .......
PAGE
1
SINGLE CASH PORTFOLIO SUMMARy...................... 2
SINGLE CASH PORTFOLIO DETAIL ....................... 3
CHRONOLOGICAL STATEMENT OF TRANSACTIONS ............ 5
)
,
ACCOUNT: 56825788
S'UNTRUST
Trust and Investment Services
ACCOUNT
56825788
.SUNTRUST BANK, CENTRAL FLORIDA, NA
INVESTMENT MGR & AGENT FOR PLAN
ADMINISTRATION SERVICES FOR CITY
OF WINTER SPRINGS MONEY PURCHASE
PENSION PLAN & TRUST (FYE 9)
T RAN SAC T ION SUM MAR Y
12/01/95 THROUGH 12/31/95
Page
1
ACCOUNT AS OF DECEMBER 1, 1995
RECEIPTS
INTEREST,- TAXABLE
SALES
OTHER RECEIPTS
TOTAL RECEIPTS
DISTRIBUTIONS
ADMINISTRATIVE EXPENSES
PURCHASES
TOTAL DISTRIBUTIONS
NET CASH SWEEP TRANSACTIONS
CASH
0.13
TAX COST
1,373,415...a9
127.15
75,000.96
30,314.59
105,442.70
0.00
57,056.49-
0.0'0
57,056.49-
3,616.72-
114,979.27-
118,595.~9-
13,154.00
0.00
114,979.27
114,979.27
13,154.00-
i.''J ~.'
~ACCOiJNTZ'i:AS~;OE~::DECEMBErt!i3.i";Z:1995i;{TIlfj;~Y~#ir~yki~!1?tfjf13!;~~~~r:~;~~fi:;\~81~7?$J0g~~:"~1fJ:t\~r~iR.:&i18:2~;f~s;Lg;~2i1}i~0J;Xi.,?~~iO{:84:'r.'~;~~I~;;l:~; 4"Y8f;'1'84"i~6-:7_~'ift14
SlJNTRUST
Trust and Investment Services
ACCOUNT
56825788
SUNTRUST BANK, CENTRAL FLORIDA, NA
INVESTMENT MGR & AGENT FOR PLAN
ADMINISTRATION SERVICES FOR CITY
OF WINTER SPRINGS MONEY PURCHASE
PENSION PLAN & TRUST (FYE 9)
P 0 RTF 0 L I 0 SUM MAR Y
AS OF 12/31/95
Page
2
MARKET % MARKET EST ANNUAL % YIELD
MAJOR INVESTMENT CLASS TAX COST VALUE VALUE INCOME AT MARKET
CASH 0.84 0.84 0.0 0 0.0
SHORT TERM INVESTMENTS 16,914.00 16,914.00 1.0 957 5.7
BONDS 605,220.26 690,632.46 39.7 48,107 7.0
STOCKS 796,050.41 1,033,806.09 59.3 26,874 2.6
NOTE: '% YIELD AT MARKET' INCLUDES INCOME ONLY, NOT GAINS OR LOSSES.
SEE YOUR INVESTMENT PERFORMANCE REPORT FOR TOTAL RETURN INFORMATION.
PLAN ASSETS WHOSE FAIR MARKET VALUES ARE ,NOT READILY DETERMINABLE ON
AN ESTABLISHED MARKET MAY NOT BE AVAILABLE AS OF THIS VALUATION DATE.
SUNThUST
Trust and Investment Services
ACCOUNT
56825788
,SUNTRUST BANK, CENTRAL FLORIDA, NA
INVESTMENT MGR & AGENT FOR PLAN
ADMINISTRATION SERVICES FOR CITY
OF WINTER SPRINGS MONEY PURCHASE
PENSION PLAN & TRUST (FYE 9)
P 0 R T FO L I 0 D ETA I L
AS OF 12/31/95
Page
3
PAR VALUE
/SHARES
ASSET DESCRIPTION
% OF
SECTOR/ ESTIMATED YIELD AT
MARKET VALUE/ TOTAL ANNUAL MARKET/T
TAX COST MARKET PRICE MARKET INCOME MATURITY
0.84 0.84 100.0 0
0.0
CASH
SHORT TERM INVESTMENTS
MONEY MARKET FUNDS
16,914.00
CASH MANAGEMENT FUND SHORT-TERM
INVS CO-TREAS SHS
990002123-0999
TOTAL MONEY MARKET FUNDS
16,914.00 16,914.00 100.0 957 5.7
COST 1.0
)
,
16,914.00 16,914.00 100.0 957 5.7
1.0
16,914.00 16,914.00 100.0 957 5.7
1.0
TOTAL SHORT TERM INVESTMENTS
BONDS
COMMINGLED BOND FUNDS
38,241.00
SUNTRUST HIGH-GRADE BOND FUND
. 990001265-0999
TOTAL COMMINGLED BOND FUNDS
605,220.26 690,632.461 100.0 48,107 7.0
18.060 39.7 7.0
605,220.26 690,632.46 100.0 48,107 7.0
39.7
605,220.26 690,632.46 100.0 48,107 7.0
39.7
TOTAL BONDS
StJNfRUST
Trust and Investment Services
ACCOUNT
56825788
PAR VALUE
/SHARES
28,587.00
28,463.00
ASSET DESCRIPTION
'SUNTRUST BANK, CENTRAL FLORIDA, NA
INVESTMENT MGR & AGENT FOR PLAN
ADMINISTRATION SERVICES FOR CITY
OF WINTER SPRINGS MONEY PURCHASE
PENSION PLAN & TRUST (FYE 9)
paR T F 0 L I 0 D ETA I L
AS OF 12/31/95
Page
4
TAX COST
MARKET VALUE/
MARKET PRICE
% OF
SECTOR/
TOTAL
MARKET
YIELD AT
MARKET/T
MATURITY
ESTIMATED
ANNUAL
INCOME
STOCKS
COMMINGLED STOCK FUNDS
SUNTRUST HIGH-GRADE
EQUITY FUND
990001273-0999
SUNTRUST HIGH-GRADE
EQUITY INCOME FUND
990001281-0999
TOTAL COMMINGLED STOCK FUNDS
TOTAL STOCKS
454,085.16 597,468.30 57.8 II , 086 1.9
20.900 34.3
341. 965.25 436,337.79 42.2 15,788 3.6
"} .' 15.330 25.1
.
796,050.41 1,033,806.09 100.0 26,874 2.6
59.4
796,050.41 1,033,806.09 100.0 26,874 2.6
59.4
:tOtAi::G':ACCOUN:r!;i'.i#lfli'\~@;;6t~iJ2tJ1t1llii;~~1&i;tfli-~1Q0~,@j1Sii!7d&!J~~f;tf:;iWi%fS:ii;!{%itf~,:;iJi:ff:B&rfl:,4'l'8,';;r85:i5:l'2'i;!)iili;lif~.MiD:rl:;74T;:353,~'39[~~1t'31:;;j1f~~~Ji!ffi;i~Rl:~1ii@;i;;!i2:~5~.939~~~f~~fit:if;;s'[;{l
SuNTRUST
Trust and Investment Services
ACCOUNT
56825788
DATE
PAR VALUE
/SHARES
'SUNTRUST BANK, CENTRAL FLORIDA, NA
INVESTMENT MGR & AGENT FOR PLAN
ADMINISTRATION SERVICES FOR CITY
OF WINTER SPRINGS MONEY PURCHASE
PENSION PLAN & TRUST (FYE 9)
S TAT E MEN T 0 F T RAN SAC T ION S
12/01/95 THROUGH 12/31/95
DESCRIPTION
CASH
Page 5
TAX
COST
12/01195
12/04/95
12/05/95
12107/95
12/08/95
12/18/95
127
L345
lL151
10,273
INTEREST RECEIVED
CASH MANAGEMENT FUND SHORT-TERM
INVS CO-TREAS SHS
PRIN FOR 11/01 - 11/30
CONTRIBUTION
RECEIVED CONTRIBUTION FROM
CITY OF WINTER SPRINGS
PIE 11/30/95 CK#043872 DTD
11/30/95 Y/E 9/96
PURCHASED
CASH MANAGEMENT FUND SHORT-TERM
INVS CO-TREAS SHS
PURCHASED
SUNTRUST HIGH-GRADE
EQUITY INCOME FUND
CASH
- SOLD
CASH MANAGEMENT FUND SHORT-TERM
INVS CO-TREAS SHS
CONTRIBUTION
RECEIVED CONTRIBUTION FROM
CITY OF WINTER SPRINGS, FLORIDA
Y/E 9/95 CK#014600 DTD 12/04/95
FOR FINAL CONTRIBUTION
PURCHASED
CASH MANAGEMENT FUND SHORT-TERM
INVS CO-TREAS SHS
CONTRIBUTION
RECEIVED CONTRIBUTION FROM
CITY OF WINTER SPRINGS
Y/E 9/96 CK#014732 DTD 12/14/95
127.15
8,835.89
i
,
127.00-
19,986.70-
11,151.00
10,272.70
10,273.00-
11,206.00
127.00
, ,I
19,986.70
11,151.00-
10,273.00
SUNThUST
Trust and Investment Services
ACCOUNT
56825788
DATE
12/19/95
PAR VALUE
/SHARES
7,589
12/20/95
1,119
3,592
4,921
19,992
,SUNTRUST BANK, CENTRAL FLORIDA, NA
INVESTMENT MGR & AGENT FOR PLAN
ADMINISTRATION SERVICES FOR CITY
OF WINTER SPRINGS MONEY PURCHASE
PENSION PLAN & TRUST (FYE 9)
S TAT E MEN T
o F
T RAN SAC T ION S
12/01/95 THROUGH 12/31/95
DESCRIPTION
ADMINISTRATIVE EXPENSE
QUARTERLY MANAGEMENT FEE FOR PIE
09/30/95
PURCHASED
CASH MANAGEMENT FUND SHORT-TERM
INVS CO-TREAS SHS
PURCHASED
SUNTRUST HIGH-GRADE BOND FUND
CASH
SOLD
SUNTRUST HIGH-GRADE
EQUITY FUND
CASH
PURCHASED
SUNTRUST HIGH-GRADE
EQUITY INCOME FUND
CASH
- SOLD
CASH MANAGEMENT FUND SHORT-TERM
INVS CQ-TREAS SHS
CASH
3,616.72-
7,589.00-
19,996.53-
-;
.
75,000.96
74,996.04-
19,992.00
iTC~URR-ENT,f:BAI:ANC ,
:r8.4~;;'I~'ff'~418~:Y84:16:715~~
Page
6
TAX
COST
7,589.00
19,996.53
57,056.49-
74,996.04
19,992.00-