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HomeMy WebLinkAbout2006 08 14 Regular 301 Board of Trustees COMMISSION AGENDA ITEM 301 Public Hearing Regular X Consent Informational August 14. 2006 Regular Meeting .~ ../\~' / ' ,,~V Mgr. I "~'if Dept. Authorization REQUEST: Commissioner Joanne M. Krebs is requesting the City Commission consider information related to Board of Trustees (Pension Board) issues, including "fiduciary responsibility". PURPOSE: This Agenda Item has been requested by Commissioner Joanne M. Krebs who is asking the City Commission to consider information related to Board of Trustees (Pension Board) issues, especially "fiduciary responsibility". CONSIDERATIONS: The following is an excerpt from the October 24, 2005 Regular City Commission Meeting related to the Board of Trustees (Pension Board): With further discussion, Deputy Mayor Blake added, "This is a Board that we probably ought to take a more specific interest in how it is formed, what the operating rules and regulations are and also how it conforms to requirements of Department of Labor rules and ERISA (Employee Retirement Income Security Act). " FUNDING: CITY OF WINTER SPRINGS, FLORIDA CITY COMMISSION REGULAR MEETING - AUGUST 14,2006 REGULAR AGENDA ITEM 301 PAGE 2 OF 3 The following is an excerpt from the December 12, 2005 Regular City Commission Meeting related to the Board of Trustees (Pension Board): Deputy Mayor Blake stated, "When we discussed this previously, I mentioned that there are some fairly weighty issues involved with serving as a Trustee, especially a Defined Benefits Plan." Deputy Mayor Blake said, "Have we done any work on that Ron [McLemore}, in terms of an educational program to assist the Trustees - also a way for them to understand what their fiduciary responsibilities and liability is for serving? " Next, Deputy Mayor Blake mentioned that the Florida League of Cities - has "An educational program that might be very appropriate for the new Board to go through very early, right up front." Deputy Mayor Blake added, "I think it needs to occur and I think it needs to be someone other than one of our current providers. " I would like the City Commission to consider the attached information and whether the City obtain membership in the Florida Public Pension Trustee Association (FPPT A); and whether we need to offer members of our Board of Trustees (Pension Board) the opportunity to attend the October "Trustees School". I would also like to suggest that at least one Commissioner also attend this upcoming Florida Public Pension Trustee Association (FPPT A) "Trustees School". I would also like to have discussion about any concerns that anyone on the City Commission may have related to the Board of Trustees (Pension Board). Funds for the City to obtain an "Active" organizational membership ($450.00) with the Florida Public Pension Trustee Association (FPPT A) from our current Budget is not a problem, nor for the 'FY 2006-2007 Budget. As noted in the 'FY 2006-2007 Tentative Budget, there are not enough funds to send any of the five (5) Board of Trustees members to the October 2006 Florida Public Pension Trustee Association (FPPT A) "Trustees School", so if we wanted to do that, we would most likely need to approve a Supplemental Appropriation. As noted in the 'FY 2006-2007 Tentative Budget, there are enough funds to send someone on the City Commission to the October 2006 Florida Public Pension Trustee Association (FPPTA) "Trustees School". CITY OF WINTER SPRINGS, FLORIDA CITY COMMISSION REGULAR MEETING - AUGUST 14, 2006 REGULAR AGENDA ITEM 301 PAGE 3 OF 3 RECOMMENDATION: I would like the City Commission to consider obtaining "Active Membership" for the City of Winter Springs in the Florida Public Pension Trustee Association (FPPT A). I would also ask whether we want to offer members of our Board of Trustees (Pension Board) the opportunity to attend the October 2006 Florida Public Pension Trustee Association (FPPT A) "Trustees School" with expenses to be paid by the City. I would also like to know if anyone on the City Commission would also like to attend this upcoming October 2006 Florida Public Pension Trustee Association (FPPT A) "Trustees School"? ATTACHMENTS: A. Excerpt from the October 24, 2005 Regular City Commission Meeting. B. Excerpt from the December 12,2005 Regular City Commission Meeting. C. Information from Attorney Jim Linn. D. A definition of "fiduciary responsibility". E. email related to the Florida Public Pension Trustee Association (FPPT A). F. email to the Institute of Government related to Pension Board training. G. email with information from the Florida League of Cities related to the Florida Public Pension Trustee Association (FPPT A). H. Membership information for the Florida Public Pension Trustee Association (FPPT A). I. Tentative Agenda for the upcoming Florida Public Pension Trustee Association's (FPPT A) "Trustees School". COMMISSION ACTION: ATTACHMENT "A" CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION REGULAR MEETING - OCTOBER 24, 2005 PAGE 7 OF 16 Deputy Mayor Michael S. Blake stated, "I think it would be appropriate to make sure that on their Website that they change it from Longwood to Winter Springs." Mayor Bush called a Recess. The Regular Meeting was called back to order at 7:46 p.m. REGULAR AGENDA REGULAR 500. Not Used. REGULAR 501. Office Of The City Clerk Requesting The City Commission To Review The Information In This Agenda Item Regarding Upcoming Appointments/Reappointments To The Board Of Trustees, For Seat One, Seat Two, Seat Three, Seat Four, And Seat Five. Each Seat Is Scheduled To Expire In January Of The Year 2006; And The City Commission Is Being Requested To Advise Staff If They Desire Further Information And/Or Decide When They Wish To Have An Agenda Item And Resolution Come Before Them For These Respective Appointments. Discussion ensued on the Advisory Board and Committee Application. Commissioner Krebs spoke of the permitted absences and remarked, "What 1 have a problem with for this Board [of Trustees] is they only meet quarterly so, you can go through here and look at some of the absences, and even two (2) in a row seems excessive to me, for this Board. So 1 would like the Board to look at that." Commissioner Sally McGinnis remarked, "I agree. It is an issue." Commissioner Krebs added, "To say three (3) consecutive, that is, well that is three-quarters of the year, three- quarters of their meetings, seventy-five percent (75%) of it - that is ridiculous so, 1 - think we should look at that issue." Commissioner McGinnis added, "I agree." Commissioner Krebs noted, "For this Board." Commissioner Gilmore said, "Let us review this and see if there are any changes we want to make in the methods, primarily - in absences, and then probably, the last meeting in November or first in December, make the Appointments. Commissioner McGinnis stated, "That is fine." Commissioner Robert S. Miller remarked, "Fine." Commissioner Krebs asked, "Will we bring back the absence issue also?" Commissioner Gilmore responded, "Let us bring the absence issue up at the next Meeting, then the first Meeting in December, make our Appointments." CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION REGULAR MEETING - OCTOBER 24, 2005 PAGE 8 OF 16 Commissioner McGinnis then asked, "How long has it been since this Application has even been reviewed, maybe that could be part of this process." Deputy Mayor Blake suggested, "It might be helpful to review the record back to 200 I and 2002, because it is quite lengthy." Commissioner McGinnis said, "I will." Mayor Bush said to City Clerk Andrea Lorenzo- Luaces, "Could you get that information for the Commissioner?" City Clerk Lorenzo-Luaces agreed to do this. Mayor Bush summarized, "Commissioner Gilmore's recommendation was that at the first Meeting in December, the Commission would be prepared to make their appointments. Is everybody in agreement?" Discussion. Deputy Mayor Blake then suggested, "I think that every Newsletter should have a call for Volunteers - a quick listing - a listing of the different types of positions that come available from time to time and what the Application process is for Volunteers." Mayor Bush asked, "Commissioners, you are in agreement with Commissioner Blake's recommendation?" Commissioner McGinnis said, "Yes." Mayor Bush added, "And with the recommendation it should be in every Newsletter?" Commissioner McGinnis said, "If possible." Deputy Mayor Blake commented, "I think the more often - I think we should certainly have a link on the front page of the Website to go to Volunteer positions available in the City." Mayor Bush then said, "Commissioners, in agreement?" Commissioner McGinnis said, "Yes." Deputy Mayor Blake added, "In the meantime, if something came up say in the [Seminole] Chronicle that says the City is looking for V olunteers, specifically ones who have some expertise in the area of Retirement Plans or Pension Management, that would be great." Mayor Bush stated, "So, the first meeting in December, you should be prepared to make your Appointments, on or before." Regarding absences, Commissioner Krebs remarked, "Why would you allow three (3) absences which is seventy-five percent (75%) of not being there, on this Board when you don't allow it on any other Board?" Deputy Mayor Blake said, "Commissioner Krebs touches on something that I think is very important and meaningful." With further discussion, Deputy Mayor Blake mentioned that "Each of these individuals - who serve on this Board, are actually named Fiduciaries of the Plan, which is something they may not even be aware of." With further discussion, Deputy Mayor Blake added, "This is a Board that we probably ought to take a more specific interest in how it is formed, what the operating rules and regulations are and also how it conforms to requirements of Department of Labor rules and ERISA (Employee Retirement Income Security Act)." CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION REGULAR MEETING - OCTOBER 24,2005 PAGE 9 OF 16 With further discussion, Mayor Bush said to Commissioner Krebs, "You are suggesting the Code should be written a little differently for this?" Commissioner Krebs said, "Yes I am." Mayor Bush then commented "That would be something we could put on an Agenda at a future Meeting?" Deputy Mayor Blake noted, "I would agree with that." Commissioner McGinnis remarked, "I agree..." Deputy Mayor Blake added, "... And recommend it." Mayor Bush said to Commissioner Krebs, "Do you want to be the one who sees that one through?" Commissioner Krebs said, "Certainly." Mayor Bush concluded this Agenda Item discussion by saying, "On '501', by December the I S\ the Commission is to be able to make their Appointments and before then - Commissioner Krebs will work with the Manager to come up with some changes to the Code." Commissioner Krebs added, "Be happy to, Mayor." REGULAR 502. Not Used. REGULAR 503. Utility Department Providing Information Relative To The Fisher Road Water Main Extension. Mayor Bush asked, "Is there anybody here - any of the property owners on Fisher Road?" No one announced their presence. Mr. Kip Lockcuff, P.E., Director, Public WorkslUtility Department presented this Agenda Item for discussion. With further discussion, Manager McLemore said, "We just need to establish what our policy is going to be on future jobs." Commissioner Miller stated, "It appears to me we should have billed them thirty thousand [dollars] ($30,000.00), but we haven't. And I noticed nobody showed up tonight, but if they come back, I think that is what we ought to do." Mayor Bush stated, "I think what the Commission needs to do is to maybe direct the Manager and Kip [Lockcuff] to come in with a Policy that would be adopted." Commissioner Miller stated, "That is another issue." Mayor Bush said, "Again, I think the Commission should have a Policy on this so we don't have this happen again..." Commissioner McGinnis stated, ".. . Exactly, and Contracts, Agreements." Manager McLemore noted, "We are going to bring all that to you." "I MOVE THAT WE UPHOLD THE ORIGINAL AGREEMENTS REGARDING THE FISHER ROAD WATER MAIN EXTENSION." MOTION BY COMMISSIONER McGINNIS. SECONDED BY COMMISSIONER GILMORE. DISCUSSION. ATTACHMENT "B " CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION REGULAR MEETING - DECEMBER 12,2005 PAGE 12 OF 23 VOTE: COMMISSIONER McGINNIS: AYE COMMISSIONER KREBS: AYE COMMISSIONER GILMORE: AYE DEPUTY MAYOR BLAKE: AYE COMMISSIONER MILLER: AYE MOTION CARRIED. REGULAR 305. Office Of The City Clerk Requesting The City Commission To Review The Information In This Agenda Item Regarding Upcoming Appointments/Reappointments To The Board Of Trustees, For Seat One, Seat Two, Seat Three, Seat Four, And Seat Five. Each Seat Is Scheduled To Expire In January Of The Year 2006; And The City Commission Is Being Requested To Make Appointments To This Advisory Board At This City Commission Meeting. Deputy Mayor Blake stated, "When we discussed this previously, 1 mentioned that there are some fairly weighty issues involved with serving as a Trustee, especially a Defined Benefits Plan." Deputy Mayor Blake said, "Have we done any work on that Ron [McLemore], in terms of an educational program to assist the Trustees - also a way for them to understand what their fiduciary responsibilities and liability is for serving?" Next, Deputy Mayor Blake mentioned that the Florida League of Cities - has "An educational program that might be very appropriate for the new Board to go through very early, right up front." Deputy Mayor Blake added, "I think it needs to occur and 1 think it needs to be someone other than one of our current providers." DEPUTY MAYOR BLAKE STATED, "I WOULD LIKE TO APPOINT MARK SARDO." MOTION. SECONDED BY COMMISSIONER MILLER. DISCUSSION. VOTE: DEPUTY MAYOR BLAKE: AYE COMMISSIONER GILMORE: AYE COMMISSIONER MILLER: AYE COMMISSIONER McGINNIS: AYE COMMISSIONER KREBS: AYE MOTION CARRIED. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION REGULAR MEETING - DECEMBER 12,2005 PAGE 13 OF 23 COMMISSIONER MILLER REMARKED, "I WOULD LIKE TO APPOINT MR. ROBERT NIPPES." MOTION. SECONDED BY COMMISSIONER McGINNIS. DISCUSSION. VOTE: COMMISSIONER MILLER: AYE COMMISSIONER KREBS: AYE COMMISSIONER McGINNIS: AYE COMMISSIONER GILMORE: AYE DEPUTY MAYOR BLAKE: AYE MOTION CARRIED. COMMISSIONER McGINNIS STATED, "I WOULD LIKE REAPPOINT VERN ROZELLE." MOTION. SECONDED BY COMMISSIONER GILMORE. DISCUSSION. VOTE: COMMISSIONER McGINNIS: AYE COMMISSIONER KREBS: AYE DEPUTY MAYOR BLAKE: AYE COMMISSIONER GILMORE: AYE COMMISSIONER MILLER: AYE MOTION CARRIED. COMMISSIONER GILMORE REMARKED, "I WOULD LIKE TO APPOINT BYRON GILTZ." MOTION. MAYOR BUSH STATED, "SECONDED BY COMMISSIONER McGINNIS." DISCUSSION. VOTE: COMMISSIONER GILMORE: AYE COMMISSIONER MILLER: AYE COMMISSIONER McGINNIS: AYE COMMISSIONER KREBS: AYE DEPUTY MAYOR BLAKE: AYE MOTION CARRIED. COMMISSIONER KREBS NOTED, "I WOULD LIKE TO APPOINT GUY DeMAIO." MOTION. SECONDED BY COMMISSIONER McGINNIS. DISCUSSION. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION REGULAR MEETING - DECEMBER 12,2005 PAGE 14 OF 23 VOTE: COMMISSIONER KREBS: AYE COMMISSIONER GILMORE: AYE DEPUTY MAYOR BLAKE: AYE COMMISSIONER MILLER: AYE COMMISSIONER McGINNIS: AYE MOTION CARRIED. REGULAR 306. Office Of The City Clerk Requests That The City Commission Consider Nominating The Next Deputy Mayor As Stipulated In The Charter Of The City Of Winter Springs, Consistent With Actions In The Past. "I WOULD LIKE TO NOMINATE MICHAEL BLAKE TO SERVE AGAIN - HE HAS BEEN A VERY EFFECTIVE VICE MAYOR." MOTION COMMISSIONER McGINNIS. SECONDED BY COMMISSIONER GILMORE. DISCUSSION. VOTE: COMMISSIONER GILMORE: AYE DEPUTY MAYOR BLAKE: AYE COMMISSIONER MILLER: AYE COMMISSIONER McGINNIS: AYE COMMISSIONER KREBS: AYE MOTION CARRIED. Discussion for the Record ensued on the Deputy Mayor's parking space. REGULAR 307. Office Of The City Attorney Requests The City Commission Consider And Adopt Resolution Number 2005-48 - Conservation Easement. Attorney Garganese and Mr. Lockcuff presented opening c.omments related to this Agenda Item. Mayor Bush noted, "By the way, on that letter, I have not made any phone calls there. I wanted to bring that to the Commission to look at. It says, you will be expecting a call from me - I have not made any of those calls." ATTACHMENT "C" DUTIES AND RESPONSIBILITIES OF A GOVERNMENTAL PENSION BOARD OF TRUSTEES James W. Linn Lewis, Longman & Walker, P.A. I. BASIC FIDUCIARY PRINCIPLES A. A fiduciary shall discharge his duties with respect to a pension plan solely in the interest of the participants and beneficiaries for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the plan. Section 112.656(1), Florida Statutes. B. A fiduciary must act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. 29 United States Code section 11 04( a) (1 ). C. A fiduciary must administer the plan in accordance with the plan documents so long as they are consistent with applicable law. A fiduciary must be familiar with the provisions of the plan documents and local, state and federal laws so as to avoid violations of law and breach of fiduciary duty. D. The Board of Trustees is responsible for administering the plan. Duties of fiduciaries include but are not limited to the following: 1. Determination of issues involving eligibility for plan membership and benefits. 2. Approval of benefits, service and compensation. 3. Maintenance of service and employment records. 4. Distribution to participants of a summary plan description and a summary of financial and actuarial data pertaining to the plan. Section 112.66, Florida Statutes. 5. Verification of collection and deposit of contributions and other momes. 6. Contract for the preparation of actuarial studies. 7. Investment of Fund assets and adoption of an investment policy. Section 112.661, F.S. 8. Hiring of consultants to assist and advise in the performance of the duties. Section 112.656, Florida Statutes. 9. Familiarity with local, state and federal laws and pPlan provisions and procedures (i.e. Section 112.66, Florida Statutes). 10. Filing plan documents and reports with the Division of Retirement. Chapter 112, Florida Statutes. 11. Authorization of disbursements from the pension fund. E. Recommendations to assist in avoiding fiduciary liability. 1. Maintain accurate minutes of meetings and written records of action taken, reports given, discussions and factors considered, including all steps taken to acquire information bearing on the issue to be decided. Because the approved minutes are the official record of Board action, they should be reviewed carefully by each fiduciary prior to approval. 2. Periodic review of the Plan documents to assure that you are familiar with the Plan provisions and that the Plan is amended as necessary to reflect any changes in law or procedures as they occur. 3. Monitor the performance of all consultants. 4. Periodic review of the contracts with the consultants to assure that they reflect on a current basis the services being provided, the amount and method of payment for such services and that they are in compliance with rules, procedures and laws. ATTACHMENT "D" Fiduciary responsibility Page 1 of7 Andrea Lorenzo-Iuaces From: Joanne Krebs [jmkrebs@natinstore.com] Sent: Monday, July 31, 20069:04 AM To: Andrea Lorenzo-Iuaces Subject: Emailing: fiduciary FIDUCIARY RESPONSIBILITY IResume I Dailv Commentarvl Contact Us I Site Search I Home Paqe I In the handling of money and when one acts as a corporate or individual trustee, there is a fiduciary responsibility owed to the principal party. It is defined as a relationship imposed by law where someone has voluntarily agreed to act in the capacity of a "caretaker" of another's rights, assets and/or well being. The fiduciary owes an obligation to carry out the responsibilities with the utmost degree of "good faith, honesty, integrity, loyalty and undivided service of the beneficiaries interest." The good faith has been interpreted to impose an obligation to act reasonably in order to avoid negligent handling of the beneficiary's interests as well the duty not to favor ANYONE ELSE'S INTEREST (INCLUDING THE TRUSTEES OWN INTEREST) over that of the beneficiary. Further, if the agent should find him/herself in a position of conflicting interests, the agent must disclose the dual agency (acting for two parties at the same time) or risk being accused of constructive fraud in regards to both or either principals. The principal is sound but has limited exposure to the fields of financial planning, real estate, securities or life insurance since it is rarely taught in any pre-licensing courses nor as part of continuing education courses as well. Even ethics codes from major organizations have avoided the fiduciary issue since membership did not want to commit to the apparent extra legal exposure. FIDUCIARY: In real estate, securities and, I submit, in insurance as well, your agent owes you a fiduciary obligation in performing their duties for you. The duties include: 1. Utmost Care- The agent is bound to the higher standard of a professional in the field which extends the standard of duty to investigate within the means of the profession, to ensure the maximum protection and information be provided the principal. 2. Integrity- Defined as the soundness of moral principle and character. It means the agent must act with fidelity and honesty 3. "Honesty and Duty of Full Disclosure" of all material facts, either known, within the knowledge of or reasonably discoverable by the agent which could influence in any way the principal's decisions, actions or willingness to enter into a transaction 4. Loyalty- An obligation to refrain from acquiring any interest adverse to that of a principal without full and complete disclosure of all material facts and obtaining the principal's informed consent. This precludes the agent from personally benefitting from secret profits, competing with the principal or obtaining an advantage from the agency for personal benefit of any kind. 7/31/2006 Fiduciary responsibility Page 2 of7 5. Duty of Good Faith- includes total truthfulness, absolute integrity and total fidelity to the principal's interest. The duty of good faith prohibits any advantage over the principal obtained by the slightest misrepresentation, concealment, threat or adverse pressure of any kind. LEGAL LIABILITY: A financial planner has an obligation to provide a standard of care for/to his clients. In ordinary cases the standard of care is whether or not the accused behaved as an ordinary, reasonable prudent person would have behaved under the circumstances. When acting as a professional however, the required standard of care changes. Such individual is required to use any special knowledge he may have obtained through education, training or experience. Therefore, if a person or entity offers professional services to the general public, it is presumed that the person possesses some degree of special skill or knowledge. A professional negligence case imposes a certain level of skill and knowledge on the accused whether or not he actually possesses that skill or knowledge. This is a standard of minimum professionally acceptable conduct. Though the standards have not been applied until most recently to financial planners, it would appear that the essence- for them as well as brokers at least- is that the adviser put the clients interest first and acts with the best interest of the client in mind. (Note that that is NOT the case with insurance agents. Even the California Department ofInsurance states that everyone knows the agent is there to sell life insurance and not necessarily -or certainly legally-to act in your best interests). Trust officers are also held to a higher level of responsibility, but some trust companies attempt to reduce exposure by putting in an exculpatory clause- where they hold themselves only to what a prudent, but inexperienced man would do. But that still does not exclude them from acting recklessly, in bad faith, or willfully breaching their fiduciary duty to the trust beneficiaries. After all said and done, let me ask you, does your planer have the skills and knowledge in the first place? And has he or she put your interest first- or was it the commissions? SECURITIES/BROKERAGE The question initially asked is whether or not a broker acts in a fiduciary capacity in dealing with regular retail customers. In view of the fact that the SRO's (Self Regulating Organizations) impose a requirement upon brokers to provide only suitable investments, it would appear that a broker unquestionably has a fiduciary responsibility (at least quasi- fiduciary since most brokers are not acting with full discretionary authority) to their clients whether they want to accept the responsibility or not. The underlying NYSE Rule 405 of "know thy client" along with the NASD's requirement to brokers for suitable investments demands that brokers hold out their customers first in any transaction. This is true even where the investor suggests- or even demands- a product that would be unsuitable for their purposes. (The only time a broker could sell an "unsuitable" product might exist when an investor makes an initial suggestion for an investment and where the broker subsequently informed the investor both verbally and IN WRITING PRIOR to the sale that the investment did NOT fit the suitability standards for the particular investor.) Security arbitration panels should therefore impute a fiduciary responsibility on the part of brokers in dealing with a customer's money. Investors "trust" brokers based upon a real or perceived level of honesty, good faith, judgment and responsibility in looking after the money entrusted to him/her. The broker, in accepting this money, assumes and accepts a responsibility to serve the best interests of the investor. The broker MUST determine if an investment fits within the customers risk profile, income, age, objectives (assuming correct), etc. and is also within the guidelines for proper diversification. The Rules of Fair Practice set down by the NASD state that a broker has definitely breached his/her duty if a broker 1. recommends speculative securities without finding the customer's financial situation and being assured that the customer can bear the risk 7/31/2006 Fiduciary responsibility Page 3 of7 2. does excessive trading (churning) in a customer's account (whether the account is discretionary or not) 3. does short term trading (and switching) of mutual funds 4. set up fictitious accounts to transact business that would otherwise be prohibited 5. makes unauthorized transactions or use of funds 6. recommends purchases that are inconsistent with the customer's ability to pay. 7. makes unauthorized transactions or use of funds 8. commits fraudulent acts (such as forgery and the omission or misstatement of material facts). This obligation for fair dealing is not removed through the simple completion of a one page new account form required by brokerage firms. (Minimum information includes full name, address, phone number, employer, social security number, citizenship, acknowledgment that customer is of legal age, spouse's name and employer (if any) and investment objective. Other information varies as to firm but might include bank and personal references, previous brokerage accounts, and if the account was solicited, referred, walk in, etc.) Nor is the liability removed by sending the completed form to the client since clients do not and cannot be expected to know how a particular investment fits within individual and specific investment guidelines. It does however relieve the broker of mistakes entered on the form by either party that would be apparent to- and should have been corrected by-the client. CALIFORNIA REGISTERED INVESTMENT ADVISER- FAIR, EQUITABLE AND ETHICAL: This section 260.238 of the Corporate Securities Law, recently revised as of 6/11/92 by the California Department of Corporations states that it is improper to "recommend to a client to whom investment supervisory, management or consulting services are provided the purchase, sale or exchange of any security without reasonable grounds to believe that the recommendation is suitable for the client on the basis of information furnished by the clients after reasonable inquiry concerning the client's investment objectives, financial situation and needs and any other information known or acquired by the adviser after reasonable examination or such of the client's records as may be provided to the adviser". Though this degree of emphasis is not provided in any instruction for those getting a securities license, it is the level of conduct that I use in evaluating brokers in formal arbitrations. The section also states that it is a DUTY of the adviser to inform the client "if lower fees for comparable services may be available from other sources." COMMISSIONS Most brokers are compensated by commissions. This in itself creates a difficulty since there is an inherent conflict of interest. But since literally all investors recognize the dilemma and the fact that they may use a discount brokers, the problem is mitigated somewhat. That obviously does not excuse a broker for churning an account to earn additional commission. MARKUPS/DOWNS 7/31/2006 Fiduciary responsibility Page 40f7 This problem will reoccur in the industry on a regular basis since investors cannot determine what the amount of compensation was received by the broker by reviewing their confirmation statements. NASD Over the Counter transactions are guided by the NASD 5% rule. It is "roughly" the amount that may be added to purchases or subtracted from sales and reflects the compensation to the broker firm for acting as a principal in the transaction. As differentiated from listed securities where the commissions are clearly identified, only the net proceeds are identified on the confirmation (on agency and other specialized trades, the compensation is shown). Even if one assumes that a markup or markdown on a trade by THE FIRM fell within acceptable guidelines, it still does not clarify what the BROKER actually received. In some cases, the amount of the broker's total compensation would be nothing greater than what it had been on an agency trade and where a commission had been imposed. However, many brokers also get a part of the overall spread on the sale/purchase as well. The total compensation to the broker can therefore far exceed what would have been made on a commissionable transaction- and yet cannot be discerned by any customer. A pattern of abuse may be evident if the broker has a substantial amount of all income from OTC stock. This pattern is most prevalent on lower priced securities since the markup/down may be greater as a percentage versus higher price stock. Should a broker show an excessive amount of sales in OTC stock, then a conflict of interest might be indicated since he/she sold particular products primarily for the higher overall compensation. PRUDENT MAN RULE "Prudent Man" from a recent report I did: Reference is made to what an ordinarily prudent man would have done given these same circumstances. Unfortunately, the prudent man rule is a generalized dictate that lacks definition- none ofthe fundamentals are included as reference. Further, all such descriptions fail to address the real life element of the application of investments. This is not to say that generalized precepts do not have value. Many do. "Not putting all your eggs on one basket," is a generally accepted tenet but has limited application without a numerical validation. Part of the issue has to do with the fact that even experts- who are held to higher standards- are seriously suspect in their understanding of diversification. Diversification is defined as how many stock must you have in a portfolio in order to insulate it due to unsystematic risk. Without this, it has been difficult (if not impossible) for (supposed) experts as well inexperienced investors to know what to do given "XYZ" conditions. The fundamentals of investing have never been even taught to brokers nor understood by the Broker Dealer firms. The NASD and SEC have never offered such fundamentals to consumers. Add in the real life emotional and psychological elements that impact investing (and more) and the prudent man rule becomes more confusing. This is not to say that certain basic issues are not viable. Nor does it pardon inexcusable activity. But the rule- without proper definition- has always missed the real world activity of the investor who has been provided nil direction by the entities that are supposed to protect him. Prudent Investment Practices - A Handbook for Investment Fiduciaries (Foundation for Fiduciary Studies via BenefitsLink (May 2002) This guide from the Foundation for Fiduciary Studies will be of interest to the professional who represents a fiduciary or serves as one. Excerpt: "The primary purpose of this handbook is to outline the simple and straightforward practices that define a prudent investment process for investment fiduciaries. ... The legal and practical scrutiny a fiduciary undergoes is tremendous, and it comes from multiple directions and for various reasons. It is likely that complaints and/or lawsuits alleging fiduciary misconduct will increase. Although some of these allegations may be entirely justified, most can be avoided by following the investment practices outlined in this handbook. Fiduciary liability is not determined by investment performance, but rather on whether prudent 7/3112006 Fiduciary responsibility Page 5 of7 investment practices were followed." Fiduciary Responsibility/Prudent Man/401(k) (CFO Kris Frieswick 2002): Once the debacle of Enron hit, regulators finally took a look at what went wrong- the element of diversification. Anyway, many are now looking at (or should be looking at) the elements of what was required as a fiduciary. The article in CFO said that a continued risk lies in the interpretations and execution of the most commonly misunderstood words in ERISA: Fiduciary Duty. "Most of the existing ERISA land mines will main after approval of what reform legislation is enacted says the American Benefit Council. Part of the problem lies in the interpretation and execution of the most commonly misunderstood words in ERISA: fiduciary duty. "Most of the existing ERISA land mines will remain after approval of [reform legislation]. The demands of being a fiduciary "are based on prudence in a given situation, and it's hard to eliminate risk from this kind of fact-specific determination." Indeed, some observers say that Enron's cardinal sin was not faulty 401(k) plan provisions, but rather its alleged breach of fiduciary duty when its executives encouraged employees to hold on to their Enron stock even as the company was heading into bankruptcy. Most fiduciary breaches are the result of a lack of prudence. "The fiduciaries just don't understand what their responsibilities are." What's more, managers are frequently unaware that they are, in fact, fiduciaries. This misunderstanding leads to most of the violations that can lead to lawsuits. ERISA states that a person is a plan fiduciary "to the extent that he exercises discretionary control or authority over plan management or authority or control over management or disposition of plan assets, renders investment advice regarding plan assets for a fee, or has discretionary authority or responsibility in plan administration." As such, a person can be a fiduciary whether or not he has been formally named one in the plan document. There are executives and human-resource managers in companies all over the country, she adds, who may have no idea that they are fiduciaries. Unfortunately, many companies operate under the misconception that by outsourcing plan administration to third-party vendors and a plan trustee, they have off-loaded fiduciary responsibility. Others think that by giving employees a slate of investment options, and letting employees self-direct those investments, they are also off the hook. "Most companies think, 'We've given them these choices, that's all we have to worry about.' That also shows a lack of prudence," ERISA mandates that when no plan administrator is designated in a plan document, the plan sponsor is the plan administrator. In this case, the sponsor cannot insulate itself from ongoing responsibility to another party, such as a third-party administrator, Also, where the sponsor or a committee of plan- sponsor employees appoints the plan trustee or investment manager, responsibility for monitoring the performance of the trustee or investment manager ultimately rests with the sponsor or committee making the appointment. ERISA roughly as the actions a prudent man in a similar capacity would take in similar circumstances. Execution of fiduciary duty in this instance is not just a matter of picking good investment options or a worthy manager (although the chances of anyone raising fiduciary issues are slim if investments are doing well). The law requires that fiduciaries have a sound process in place to make the decisions. "Fiduciary responsibility is assessed based on process. To meet the prudent-man standard, fiduciaries must make themselves reasonably knowledgeable about the options available, investigate a variety of options and compare choices with competing offerings, and keep detailed records showing how the final 7/31/2006 Fiduciary responsibility Page 60f7 decision was made." (Fiduciaries don't have a clue. Unless you know what diversification is, by the numbers, you are out to lunch in developing any prudent plan). The duties don't end there. Fiduciaries are also responsible for monitoring the performance of the trustee, investment managers, or investments they have chosen to ensure that they meet certain performance thresholds or match the investment policies outlined in plan documents. It's the failure to execute on this requirement that causes problems for many companies. "A lot of companies say, 'If there's a problem, we deal with it,'" says Turk-Meena. "That's a blatant ignoring of fiduciary duty. There is a monitoring requirement as well." Once fiduciaries are identified, they must be educated about exactly what their role entails. The general rule is this: fiduciaries are expected to meet the prudent-man standard in the execution of their duties, which must always be conducted for exclusive benefit of participants and beneficiaries. Obeying this rule can be complicated, but companies can take some basic steps that will reduce the likelihood of stepping on ERISA land mines, say experts. "It's OK to appoint someone who doesn't have expertise and background in it, but you must make available to that person the resources and people who can help them. If you don't do that, it's an imprudent appointment." Under ERISA regulations, a fiduciary is relieved of responsibility and liability for any loss resulting from a participant's self-directed investment decision if the employee can choose from a broad range of investment alternatives (at least three meeting certain verification requirements); give investment instructions to buy or sell with a frequency that is appropriate in light of the market volatility of those investment alternatives; and obtain sufficient information to make informed investment decisions. Nowhere, however, does ERISA require or even encourage employers to educate their employees about making good decisions. Quite to the contrary, ERISA restrictions on "prohibited transactions," or those transactions that ERISA prohibits between a party-in-interest and the plan, have created an environment in which employers are highly unlikely to provide real investment advice or meaningful education to employees. Instead, investment education often involves a lecture on how important it is to diversify your assets into a variety of asset classes, and to minimize risk as retirement approaches. Period. This tends to result in employees who are, for better or worse, the ultimate buy-and-hold investors. A study by the Employee Benefit Research Institute shows that even during 2000, when equities showed their biggest declines in years, employees did not shift their plan asset allocation out of underperforming stocks. One reason for this, say experts, is that some employees may still believe that their employer would never provide them with a retirement vehicle that would lose money or put their personal assets at risk. This is clearly a hangover from the days when the vast majority of companies offered defined benefit plans, in which employees were guaranteed a retirement benefit of a specific amount upon retirement, no matter what happened to the company or the market. Some of the proposed legislative changes to ERISA seek to alter the fiduciary liabilities of plan sponsors that arrange for investment advice for their employees. These changes face some of the stiffest opposition of any of the reforms. There is serious concern among some observers that companies would most likely seek this investment guidance from the same third-party investment managers they use for investing plan assets, a situation ripe for conflict of interest--not to mention unintended consequences. 7/31/2006 Fiduciary responsibility Page 70f7 BACK..IOHOME 7/31/2006 ATTACHMENT "E" Page 1 of 1 Andrea Lorenzo-Iuaces From: Andrea Lorenzo-Iuaces Sent: Monday, July 31, 20068:46 AM To: Ron McLemore; Kevin Smith; Michelle Greco Cc: _Mayor & Commission Subject: Emailing: www.fppta.org Ron, On Thursday, at the Clerk's Meeting I attended, one of the Clerks there, (from Apoka) mentioned they have been members of the FPPTA (Florida Public Pension Trustees Association) and that they were working with one of their Attorneys on another Seminar for their Pension Boards. I asked if they ever allowed other municipalities to attend such workshops and she said that in the past they have done just that. This Clerk did not have a set date, as they were working on the details, but said she would let me know. I did check out the website for the FPPTA (Florida Public Pension Trustees Association - see link in this email) she mentioned, and I don't believe we have been members of this organization. Is membership to this organization something that might be helpful to this Board, especially since Deputy Mayor Blake and the Commission had spoken of their fiduciary responsibilities and that we were to provide them with adequate training? It looks like the membership is $450.00 per year. Also, I noticed that the FPPTA (Florida Public Pension Trustees Association) has a "Trustees School" coming up in early October in St. Petersburg, Florida. (Their Website doesn't note the costs for this as of today). Thank you, Andrea 8/212006 ATTACHMENT "F" Page 1 of7/ Andrea Lorenzo-Iuaces From: Kathy Sittig [ksittig@fsu.edu] Sent: Monday, July 31, 2006 10:03 AM To: Andrea Lorenzo-Iuaces Subject: RE: Pension Issues We do not, but the League suggests checking this association out httR:LLv.,,~yJp-PJ~,g..1:g Hear they are the best. Kathy Jolly Sittig The John Swtt Dailey Florida Institute of Government at Florida State University 325 John Knox Road, Building 300 Tallahassee, FL 32303 (850) 487 -1870 (850) 487-0041 (fax) m--Original Message--m From: Andrea Lorenzo-Iuaces [mailto:aluaces@winterspringsfl.org] Sent: Monday, July 31, 2006 9:28 AM To: Kathy Sittig Subject: RE: Pension Issues Thanks and I will check with the hotel. On a separate note, does your organization offer any courses/seminars for Pension Trustees, or would you happen to know of any organizations that do? At your earliest convenience, any help would be very appreciated. Thilnk you, A-n~re(\, Andreil Lorenzo-Luilces, CMC City Clerk City oFWinter Springs 1126 Eilst Stilte ROild 434 Winter Springs, Floridil 32708 Telephone: (407) 327-5955 Filcsimile: (407) 327-4753 emil i I: 'lJl:iilCCS@..wi nt@!ln.SL~1:Qtg From: Kathy Sittig [mailto:ksittig@fsu.edu] Sent: Friday, July 28, 2006 9:03 AM To: Andrea Lorenzo-Iuaces Subject: RE: I thought that you might want to have the hotel correct your reservation (name). Great on the tech stuff. .. I know it is difficult to get evelJ'one on the same page. @ Let me know if I can help. 7/31/2006 ATTACHMENT "G" Page I of2 Andrea Lorenzo-Iuaces From: Danielle Harker Sent: Monday, July 31,200612:51 PM To: Andrea Lorenzo-Iuaces Subject: RE: Inquiry Andrea, I received some information from Greg Hill at Florida League of Cities. He said that Florida League of Cities does not offer any classes/conferences/seminars for Pension Boards. He said that the only place in Florida that does is called Florida Public Pension Trustee Association (FPPTA). I looked them up online and found out the following information so that you can see if you're interested: FPPT A is a not for profit organization whose primary goal is to educate public pension trustees in all phasing of operating a pension fund. They are located at: 2946 Wellington Circle East Suite A Tallahassee, Florida 32309 Phone #: 1-800-842-4064 Fax #: 1-850-668-8514 Website: www.fppta.org Memb~r:sll~ Active Memberships (Pension Boards and Organizations) - $450.00 per year Individual Active Membership - $450.00 per year Fees: Registration for Schools and Conferences - $400.00 per attendee for school $450.00 per attendee for conferences They have a school coming up on October 8-11, 2006 at the Tradewinds Resort in St. Petersburg, Florida. If you would like me to receive anymore information, please let me know. I hope this helps. From: Andrea Lorenzo-Iuaces Sent: Monday, July 31, 20069:32 AM To: Danielle Harker Subject: Inquiry Danielle, 8/2/2006 Page 2 of2 Could you please call the Florida League of Cities and see if you can find out if they offer any Pension Board seminars/classes etc. and get any details you can wwwJlcities.com Thqnk you, A-n~re~ An~req Lmenzo-Luqces, CMC City Clerk City of Winter Springs 1126 Eqst Stqte ROq~ 434 Winter Springs, Flori~q 32708 Telephone: (407) 327-5955 Fqcsimile: (407) 327-4753 emqil: qlUqccs@winterspringsA,mg 8/212006 ATTACHMENT "H" Membership Page 1 of2 Membership What kind of Membership is there? . Active Membership: Any public organization or retirement system which is a legally constituted retirement pension, or annuity and benefit system or any protective association. By whatever name they are called, the primary purpose of these organizations or retirement systems is that of promoting the rights and benefits of the membership, present and future, of public employees who are members. . Associate Membership: Organizations and individuals interested in the objectives of this organization who are in the business of providing services for public retirement system, vendors, and suppliers. . Individual Members: Any individual, located either within or outside the boundaries of the State of Florida, who maintains an interest in the preservation and protection of Public Employee Pension Trust Funds and is not otherwise eligible for membership. Individuals meeting such qualifications shall be admitted to membership upon the making of an application and the payment of all membership class dues and assessments, the intent of this class membership is to allow interested individuals the opportunity to pursue the education or certifications offered by the corporation, such membership shall have full rights and privileges except the right to vote, afforded by this corporation. Membership Dues Active Membership - (pension boards and organizations) $450.00 per year. Individual Active Membership $450.00 per year Associate Membership - (vendors and suppliers) $1,100.00 per year. Individual Associate Membership $1,100.00 How Can I Become a Member? Membership is for pension boards and organizations. Fill out a membership form and mailing list, mail them with your checks in a self -addressed envelope. In the case of pension boards membership, it includes your board trustees, administrator, staff, and support personnel. A mailing list of your pension board trustees and administrator or contact person must accompany your membership form and should be updated as people are replaced so that we can maintain a current http://www.fppta.org/Member/member.htm 8/2/2006 Membership Page 2 of2 mailing list. If we do not have a current mailing listing on file, your board will not be eligible to vote at the membership meeting or in the directors election. Your membership allows you to attend Trustees Schools, and the Annual Conference and Membership meeting. Membership affords you a great educational opportunity and the benefit of interaction with other trustees and administrators. Associate Membership gives your company the opportunity to be as actively involved as you desire. We need speakers for our schools and conference, Newsletter articles, and sponsorship of various events. Associate Advisory Board members run golf classic and the conference exposition area along with editing our Newsletter. There are many areas of involvement available. Associate Membership Forms Active Membership Forms Product Form (For The W eb Site) Fees Registration for Schools and Conference: Active - $400.00 per attendee for School $450.00 per attendee for Conference Associate - $600.00 per attendee for School $650.00 per attendee for Conference Florida Public Pension Trustees Association 2946 Wellington Circle East Suite A Tallahassee, FL 32309 Phone: 1-800-842-4064 Fax: 850-668-8514 Email: .fjJpta@fjJpta.org http://www.fppta.org/Member/member.htm 8/2/2006 2000 Yearly Active Membership Page 10f3 2006 Yearly Active Membership Board Name: Address: City, State, Zip: Contact Person: Administrator: Phone: Fax: Total fund assets as of $ Membership Dues 2006 Yearly Active Members $450 per year Payment due upon receipt. Please make checks payable to: Florida Public Pension Trustees Association (FPPT A) We Accept: Visa, Master Card, American Express Account Number: Signature: Expiration Date: Active Membership: Any public organization or retirement system which is a legally constituted retirement pension, or annuity and benefit system or any protective association, by whatever name called, whose primary purpose is that of promoting the rights and benefits of the membership, present or future, of public employees who are members of such retirement systems. Page 2 http://www.fppta.org/Member/actform.htm 8/2/2006 2000 Yearly Active Membership Page 2 of3 2006 Trustee List Board Name: Contact Person: Address: Administrator: Address: Trustees Name: Address: Name: Address: Name: Address: Name: Address: Name: Address: Name: Address: Name: Address: Name: Address: http://www.fppta.org/Member/actform.htm 8/2/2006 2000 Yearly Active Membership Page 3 of3 Page 3 Information You Need to Know Membership Please be sure you fill out the forms in their entirety. Without a Trustee List your board will not be in good standing and not eligible to vote in the election. Payment- For your convenience we now accept Visa, Master Card, and American Express. If you wish to use one of these cards please circle which card you are using, Also, provide the account number and expiration date. Confirmation- Due to the amount of registration and or membership payments we do not give confirmations or receipts. Please use your cancelled check or credit card statement as a receipt. Certified Public Pension Trustee CPPT If you would like more information about a CPPT recipient please call 800-842-4064. We would be happy to answer any question you may have. Website Our website is www.fppta.org. We have our CPPT information, newsletter, service providers, Board of Directors, Advisory Board, Education Committee, upcoming events, membership, state and federal government. We have added more information to our web site. Please take some time to look us up and let us know what you think. http://www.fppta.org/Member/actform.htm 8/212006 ATTACHMENT "I" @byFPPTA FPPTA Trustees School Tentative Program Agenda October 8 - 11, 2006 Tradewinds Resort St. Pete Beach, Florida 800-808-9833 4:CJCJ undav ctober 8, 2006 A Planning Your Tomorrow 8:00 AM - 4:00 PM Board of Dire 9:CJCJ - 1 CJ:CJCJ .m. Orientation for New 3:CJCJ p.m. School Registration 4:CJCJ p.m. to 5:CJCJ p.m. Welcome Gathering 5:00 p.m. to 7:30 p.m. Program Agenda Monday, October 9,2006 7:00 a.m. School Registration 7:00 a.m. Continental Breakfast- Pre-Function Area ~T l\SSOCIATION ~p"" PE T\JNS~ :~~TEES U Bue F LaRIDA ",,7 " 8:00 - 8: 15 a.m. 8:15 - 9:00 a.m. 9:00 - 9:45 a.m. 9:45 - 10:30 a.m. Introduction Ga Clark Wall Street, The Fed and Others Bob Morris 1 Basic Duties & Responsibilities of Trustees Steve Palmquist 2 Overview of Florida Law 112- 175 - 185 Attorney - Ron Cohen Introduction Mike S encer Economics of Investing Mike 5. encer 20 Selecting a Money Manager Charlie Mulfin er 21 Developing & Implementing an Investment Policy Geoli e Lin Introduction Grant McMur Investment Definitions & Benchmarks Michael Welker 40 The Underperforming Manager John Reifsnider 41 Trustee Paradigm. ..Chasing Returns David West 10:45 - 11:30 a.m. 11:30 - 12: 15 p.m. Meeting Protocol Steve Aspinall Pete Prior 4 Introduction to Stocks Market Cap/Style Cycles Kevin Leonard 23 Drop Plans Attorney- Ron Cohen Enhancing Your Equity Allocation TBA 43 Market Sectors 1:45 - Introduction to Bonds Investment Impact on Disability Panel 2:30 p.m. Your Actuarial Valuation Steve Aspinall - Moderator Attorneys, Administrators, Howard Bos 6 Ira Summer 25 Trustees, Medical Expert 2:30 - Asset Allocation International Investment 3:15 p.m. Options 45 Tim Nash 7 Paul De Leon 26 3:30 - Benchmarking Active vs. Passive Costing of Benefits 4: 15 p.m. Fundamentals Enhancements EdEk Mike Spencer 8 David West 27 Chad Little 46 +4:00 p.m. to 12:00 a.m. Hospitality Room and Study Hall. Pizza and Beverages provided. Pizza will be ordered for 7:00 p.m. @byFPPTA ~T 1\SSOCIATION ......p ~PE T\jNS :~~~TEES F VBLle LORIDA 7 ,~~ Program Agenda Tuesday, October 10, 2006 7:00 a.m. School Registration 7:00 a.m. Continental Breakfast- Pre-Function Area 8:00 - Pension Fundamentals The Bond Market Risk Management 8:45 a.m. Panel Discussion Pat Kell 28 Lar. Cole 47 8:45 - Moderator-Gary Clark Stock Investing Military Entitlements 9:30 a.m. Bart McMurry Attorney- Madelene Klein Jason Brandt 29 Ken Harrison 48 9:30 - Patrick Cox Portfolio Diversification & Active Fixed Income 10: 15 a.m. Ira Summer 9 Rebalancing Strategies Jeff Swanson 30 John Milne 49 10:30 - Types of Pension Plans Portfolio Review Case Fixed Income Alternatives 11:15 a.m. Brad Armstrong 10 Study- Panel Presentation JoAnn Stoddard 50 Moderator - Steve Chase Jeff Swanson 11:15 - Financial News Resources Mike Spencer Real Estate Alternatives 12:00 p.m. Mary Sweeney 11 Bart McMurry 31 Richard Cohen 51 1:30 - 2: 15 p.m. Ethics For Pension Trustees Ken Harrison 12 Fiduciary Homework A Trustee's View Dennis Hole - Trustee Coo er Ci Police 13 2:15 - 3:00 p.m. Execution Costs Kevin Byrnne 32 Equity AnalysisfGrowth- Value Disability Procedures Attorney - Ken Harrison 33 David Macey Catherine Woodruff 52 3:15 - 4: 15 p.m. Basic Review Gary Clark, Pete Prior, Dennis Hole Intermediate Review Mike Spencer, Jeff Swanson, Jack Farland Advanced Review Grant McMurry, George Farrell, Steve As inall, Richard Wells +4:00 p.m. to 12:00 a.m. Hospitality Room and Study Hall. Pizza and Beverages provided. Pizza will be ordered for 7:00 p.m. @by FPPTA Program Agenda Wednesday, October 11,2006 7:00 a.m. Continental Breakfast in the Pre-Function Area 8:45 - Social Security: 9:30 a.m. The Optional Tax Conflicts of Interest Basic Exam Intermediate Exam Advanced Exam 9:30 - 10: 15 a.m. Lowell Walters Plan Comparison to FRS Steve 0 en Chapter 112 Exam result letters will be mailed out by October 20th. 10:30 - Attorneys Round Table 12:00p.m. Moderator: Attorney- Ken Harrison Attorneys - Steve Cypen, Bonni Spatara Jensen, Bob Sugarman, Matt Mierzwa This will end our educational session. FPPTA 2946 Wellington Circle East, Suite A Tallahassee, FI 32309 800-842-4064 Fax 850-668-8514 www.fppta.org Email- fppta@fppta.org, Lois@fppta.org, Kim@fppta.org @byFPPTA