HomeMy WebLinkAbout2020 11 12 Board of Trustees Regular Meeting AgendaBOARD OF TRUSTEES
REGULAR MEETING AGENDA
THURSDAY, NOVEMBER 12, 2020 - 5:30 PM
CITY HALL - WEST CONFERENCE ROOM
1126 EAST STATE ROAD 434, WINTER SPRINGS, FLORIDA
1
CALL TO ORDER
Roll Call
Invocation
Pledge of Allegiance
Agenda Changes
AWARDS AND PRESENTATIONS
100. Not Used
INFORMATIONAL AGENDA
200. Not Used
PUBLIC INPUT
Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need
to fill out a “Public Input” form. Individuals will limit their comments to three (3) minutes, and
representatives of groups or homeowners' associations shall limit their comments to five (5)
minutes, unless otherwise determined by the City Commission.
CONSENT AGENDA
300. Approval of the Thursday, August 13th, 2020 Board of Trustees Regular
Meeting Minutes
Minutes
301. Approval of the Wednesday, August 26th, 2020 Board of Trustee Special
Meeting Minutes
Minutes
PUBLIC HEARINGS AGENDA
400. Not Used
REGULAR AGENDA
500. 2019 Annual Actuarial Valuation Report from Gabriel, Roeder, Smith & Company
2019 Actuarial Valuation
501. Quarterly Investment Return Report From AndCo Consulting
Winter Springs General Employees' Retirement System (Quarterly Report)
REPORTS
2
PUBLIC INPUT
Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need
to fill out a “Public Input” form. Individuals will limit their comments to three (3) minutes, and
representatives of groups or homeowners' associations shall limit their comments to five (5)
minutes, unless otherwise determined by the City Commission.
ADJOURNMENT
PUBLIC NOTICE
This is a Public Meeting, and the public is invited to attend and this Agenda is subject to change.
Please be advised that one (1) or more Members of any of the City's Advisory Boards and
Committees may be in attendance at this Meeting, and may participate in discussions.
Persons with disabilities needing assistance to participate in any of these proceedings should
contact the City of Winter Springs at (407) 327-1800 "at least 48 hours prior to meeting, a written
request by a physically handicapped person to attend the meeting, directed to the chairperson
or director of such board, commission, agency, or authority" - per Section 286.26 Florida Statutes.
"If a person decides to appeal any decision made by the board, agency, or commission with
respect to any matter considered at such meeting or hearing, he or she will need a record of the
proceedings, and that, for such purpose, he or she may need to ensure that a verbatim record of
the proceedings is made, which record includes the testimony and evidence upon which the
appeal is to be based" - per Section 286.0105 Florida Statutes.
3
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING
AUGUST 13, 2020
CALL TO ORDER
Chairperson David Withee called the Regular Meeting of Thursday, August 13, 2020
of the Board of Trustees to order at 5:30 pm in the Commission Chambers (City Hall,
1126 East State Road 434, Winter Springs, Florida 32708).
Roll Call:
Chairperson David Withee, present
Vice-Chairperson Barbara Watkins, present
Board Member Michael Blake, present
City Clerk Christian Gowan, present
A moment of silence was followed by the Pledge of Allegiance.
No changes were made to the agenda.
AWARDS AND PRESENTATIONS
100. Not Used
INFORMATIONAL AGENDA
200. Not Used
PUBLIC INPUT
Chairperson Withee opened “Public Input”.
No one spoke.
Chairperson Withee closed “Public Input”.
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CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – AUGUST 13, 2020
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CONSENT AGENDA
300. Minutes from the Thursday, May 14, 2020 Board of Trustees Regular
Meeting
Chairperson Withee asked for a motion to approve the May 14, 2020 Board of
Trustees Regular Meeting Minutes.
“MOTION FOR APPROVAL.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY
VICE-CHAIRPERSON WATKINS. DISCUSSION.
VOTE:
VICE-CHAIRPERSON WATKINS: AYE
BOARD MEMBER BLAKE: AYE
CHAIRPERSON WITHEE: AYE
MOTION CARRIED.
PUBLIC HEARINGS AGENDA
400. Not Used
REGULAR AGENDA
500. Quarterly Investment Return Report from AndCo Consulting
Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600,
Orlando, Florida discussed the investment environment over the last quarter and
expanded on numbers for various funds, cash flow, and asset allocation.
501. Discussion on Active Management of Equities
Mr. West recommended closing out Galliard TIPS fund and allocating those funds to
Vanguard TIPS Index. Further, he recommended taking half of the money currently
invested in the domestic equity fund and put that in the value area of investments
while also retaining an active manager. Mr. West suggested the Brandywine strategy
and retaining RBC as an international manager.
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CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – AUGUST 13, 2020
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“I MAKE A MOTION THAT WE REDUCE THE DOMESTIC EQUITY FROM SIXTY-
SEVEN PERCENT (67%) BACK TO THE BENCHMARK OF SIXTY-FIVE PERCENT
(65%) AND REALLOCATE THOSE FUNDS TO THE VANGUARD INFLATION
PROTECTION INDEX [VAIPX], WITH AN ESTIMTED DOLLAR VALUE OF ROUGHLY
1.1 MILLION DOLLARS.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY
CHAIRPERSON WITHEE. DISCUSSION.
VOTE:
VICE-CHAIRPERSON WATKINS: AYE
BOARD MEMBER BLAKE: AYE
CHAIRPERSON WITHEE: AYE
MOTION CARRIED.
“MAKE A MOTION THAT WE LIQUIDATE THE GALLIARD POSITION AND MOVE
THOSE FUNDS TO THE VANGUARD INFLATION PROTECTION FUND, VAIPX.”
MOTION BY BOARD MEMBER BLAKE. SECONDED BY VICE-CHAIRPERSON
WATKINS. DISCUSSION.
VOTE:
CHAIRPERSON WITHEE: AYE
BOARD MEMBER BLAKE: AYE
VICE-CHAIRPERSON WATKINS: AYE
MOTION CARRIED.
“MOTION TO RETAIN OUR LIQUIDATION REDEMPTION REQUEST IN THE QUEUE
IN THE AMERICAN REALTY FUND.” MOTION BY BOARD MEMBER BLAKE.
SECONDED BY CHAIRPERSON WITHEE. DISCUSSION.
VOTE:
BOARD MEMBER BLAKE: AYE
VICE-CHAIRPERSON WATKINS: AYE
CHAIRPERSON WITHEE: AYE
MOTION CARRIED.
502. Discussion on Asset Allocation of Liquidated Real Estate Funds
This item was not discussed.
503. Discussion on Alternative Investments
Brief discussion on possible changes to direct real estate investment ranges.
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CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – AUGUST 13, 2020
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504. Update on Investment Policy Changes
Mr. West discussed proposed changes to the Investment Policy Statement.
Discussion followed on the frequency of reviewing the policy.
“I MAKE A MOTION THAT THE BOARD OF TRUSTEES SUBMIT THE REVISED
INVESTMENT POLICY STATEMENT WITH THE CHANGES NOTED HERE IN, TO THE
CITY COMMISSION REQUESTED THEIR ACTION.” MOTION BY BOARD MEMBER
BLAKE. SECONDED BY CHAIRPERSON WITHEE. DISCUSSION.
VOTE:
CHAIRPERSON WITHEE: AYE
BOARD MEMBER BLAKE: AYE
VICE-CHAIRPERSON WATKINS: AYE
MOTION CARRIED.
Mr. West summarized, “I will prepare the index search for the Russell 1000, sell two
percent (2%) ($1.1 million) of the Russell Index currently in place and the proceeds will
go to Vanguard TIPS portfolio subject to city authorization. We are going to send
direction to liquidate Galliard and, once liquidated, those moneys will go to Standing
Vanguard Inflation Protection. We are going to amend the Investment Policy
Statement, and then provide to the City Commission for approval...and will retain our
redemption request.”
Mr. West agreed that he would inform staff when necessary reports would be
available so that a Special Meeting could be scheduled.
600. REPORTS
No reports were given.
PUBLIC INPUT
Chairperson Withee opened “Public Input”.
No one spoke.
Chairperson Withee closed “Public Input”.
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CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – AUGUST 13, 2020
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ADJOURNMENT
Chairperson Withee adjourned the Regular Meeting at 7:07 p.m.
RESPECTFULLY SUBMITTED:
_____________________________________
CHRISTIAN GOWAN
CITY CLERK
NOTE: These Minutes were approved at the ____________________, 2020 Board of Trustees Regular Meeting.
8
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
SPECIAL MEETING
AUGUST 26, 2020
CALL TO ORDER
Chairperson David Withee called the Special Meeting of Wednesday, August 26, 2020
of the Board of Trustees to order at 5:35 pm in the Commission Chambers (City Hall,
1126 East State Road 434, Winter Springs, Florida 32708).
Roll Call:
Chairperson David Withee, present
Vice-Chairperson Barbara Watkins, present
Board Member Michael Blake, present
Board Member Janice Blachstein, present
Interim City Clerk Tristin Motter, present
A moment of silence was followed by the Pledge of Allegiance.
No changes were made to the agenda.
AWARDS AND PRESENTATIONS
100. Not Used
INFORMATIONAL AGENDA
200. Not Used
PUBLIC INPUT
Chairperson Withee opened “Public Input”.
No one spoke.
Chairperson Withee closed “Public Input”.
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CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
SPECIAL MEETING – AUGUST 26, 2020
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CONSENT AGENDA
300. Not Used
PUBLIC HEARINGS AGENDA
400. Not Used
REGULAR AGENDA
500. Discussion on the Russell 1000 Value Index Fund
Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600,
Orlando, Florida presented the AndCo vetted, compliance approved Large Cap Value
style Index fund in which the Board requested at the August 13th Board meeting. A
review of the discussion and recommendation from the previous meeting was given.
The Chairperson then asked for a recap of the active manager recommended and
for a compare and contrast with AndCo’s opinion on having a passive strategy
accompany the active manager. Discussion ensued on the performance differentials
of the managers presented and if different percentages were allocated to the funds
instead of the recommended half. Additionally, the Board wanted more information
on the other passive funds AndCo had been analyzing; specifically the Vanguard
Institutional Fund. Discussion continued on longevity, return, and experience
between the Vanguard fund and the Fidelity fund.
“MOTION FOR TAKING HALF OF THE CURRENT DOMESTIC EQUITY ALLICATION,
CONVERTING TO VAULE STYLE AND HALF OF THAT PASSIVE, HALF THAT ACTIVE
[BRANDYWINE DYNAMIC LARGE CAP VAULE – TICKER LMBGX] MANAGEMENT
WITH ANDCO’S RECOMMENDATION WITH BRANDYWINE.” MOTION BY
CHAIRPERSON WITHEE. SECONDED BY BOARD MEMBER BLACKSTEIN.
DISCUSSION ON FUTHER CLARIFICATION OF THE SPECIFIC FUND THE BOARD
WANTED, STATED IN MOTION.
VOTE:
VICE-CHAIRPERSON WATKINS: AYE
BOARD MEMBER BLAKE: AYE
BOARD MEMBER BLACHSTEIN: AYE
CHAIRPERSON WITHEE: AYE
MOTION CARRIED.
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CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
SPECIAL MEETING – AUGUST 26, 2020
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“I MAKE A MOTION FOR VANGUARD [TICKER – VIVIX; FOR THE PASSIVE
INVESTMENT]” MOTION BY BOARD MEMBER BLACHSTEIN. SECONDED BY VICE-
CHAIRPERSON WATKINS. DISCUSSION.
VOTE:
CHAIRPERSON WITHEE: AYE
BOARD MEMBER BLACHSTEIN: AYE
VICE-CHAIRPERSON WATKINS: AYE
BOARD MEMBER BLAKE: AYE
MOTION CARRIED.
The Board thanked Mr. Dave West for all his hard work and Mr. West returned the
thanks to the board for all the input the Board gives.
600. REPORTS
No reports were given.
PUBLIC INPUT
Chairperson Withee opened “Public Input”.
No one spoke.
Chairperson Withee closed “Public Input”.
ADJOURNMENT
Chairperson Withee adjourned the Special Meeting at 6:44 p.m.
RESPECTFULLY SUBMITTED:
_____________________________________
TRISTIN MOTTER
ASSISTANT TO THE CITY CLERK
NOTE: These Minutes were approved at the ____________________, 2020 Board of Trustees Regular Meeting.
11
February 26, 2020
Ms. Casey Howard
HR and Benefits Manager
City of Winter Springs
1126 East State Road 434
Winter Springs, Florida 32708
Re: City of Winter Springs Defined Benefit Plan
October 1, 2019 Actuarial Valuation
Dear Casey:
As requested, we are pleased to enclose eleven (11) copies of the October 1, 2019 Actuarial
Valuation Report for the City of Winter Springs Defined Benefit Plan.
We appreciate the opportunity to partner with you on this important project.
Upon Board approval of the Actuarial Valuation Report, we will upload an electronic copy of
the Actuarial Valuation Report along with the required disclosure information to the State
portal as required by the State.
If you should have any questions concerning the above, please do not hesitate to contact us.
Sincerest regards,
Shelly L. Jones, A.S.A
Consultant and Actuary
Enclosures
12
City Of Winter Springs
Defined Benefit Plan
ACTUARIAL VALUATION AS OF OCTOBER 1, 2019
This Valuation Determines the Annual Contribution for the Plan Year October 1, 2020 through
September 30, 2021 to be Paid in Plan Year October 1, 2020 to September 30, 2021
February 26, 2020
13
14
City of Winter Springs
Defined Benefit Plan
TABLE OF CONTENTS
Page
Commentary 1
I. Summary of Retirement Plan Costs ........................................................................... 9
II. Comparison of Cost Data of Current and Prior Valuations ..................................... 11
III. Characteristics of Participants in Actuarial Valuation ............................................. 12
IV. Statement of Assets ................................................................................................. 13
V. Reconciliation of Plan Assets ................................................................................... 14
VI. Actuarial Gain / (Loss) .............................................................................................. 16
VII. Amortization of Unfunded Actuarial Accrued Liability ............................................ 17
VIII. Accounting Disclosure Exhibit ................................................................................. 18
IX. Outline of Principal Provisions of the Retirement Plan ........................................... 27
X. Actuarial Assumptions and Actuarial Cost Methods Used ...................................... 30
XI. Distribution of Plan Participants by Attained Age Groups and Service Groups ...... 38
XII. Statistics for Participants Entitled to Deferred Benefits and Participants
Receiving Benefits ................................................................................................... 43
XIII. Reconciliation of Employee Data ............................................................................. 44
XIV. Projected Retirement Benefits ................................................................................ 45
XV. Recent Plan Experience ........................................................................................... 46
XVI. State Required Exhibit ............................................................................................. 48
XVII. Glossary ................................................................................................................... 52
15
February 26, 2020
City Council
City of Winter Springs Defined Benefit Plan
c/o Ms. Casey Howard
HR and Benefits Manager
1126 East State Road 434
Winter Springs, Florida 32708
Dear Council Members:
October 1, 2019 Actuarial Valuation
We are pleased to present our October 1, 2019 Actuarial Valuation for the City of Winter Springs
Defined Benefit Plan (Plan). The purpose of this report is to indicate appropriate contribution levels,
comment on the actuarial stability of the Plan and to satisfy State requirements. The City has retained
Gabriel, Roeder, Smith and Company (GRS) to prepare an annual actuarial valuation under Section
3.02 of the Plan.
This report consists of this commentary, detailed Tables I through XV, the State Required Exhibit on
Table XVI and Glossary on Table XVII. The Tables contain basic Plan cost figures plus significant details
on the benefits, liabilities and experience of the Plan. We suggest you thoroughly review the report at
your convenience and contact us with any questions that may arise.
Retirement Plan Costs
Our Actuarial Valuation develops the required minimum Plan payment for the Plan Year October 1,
2020 – September 30, 2021 under the Florida Protection of Public Employee Retirement Benefits Act.
The minimum payment consists of payment of annual normal costs including amortization of the
components of the unfunded actuarial accrued liability over various periods as prescribed by law. The
minimum payment is $1,467,898 (33.9%). The figure in parentheses is the Plan cost expressed as a
percentage of projected covered annual payroll for fiscal year October 1, 2020 – September 30, 2021
($4,325,321).
This total cost is to be met by member, County and City contributions. We anticipate member
contributions will be $216,266 (5.0% of projected covered payroll for fiscal year ending September 30,
2021). The resulting minimum required County and City contribution is $1,251,632 (28.9%).
We recommend the City continue to contribute not less than the dollar amount of minimum required
contribution due to the closing of the Plan to future general employees.
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Council Members
February 26, 2020
Page Two
Changes in Actuarial Assumptions, Methods and Plan Provisions
The Plan provisions remain unchanged from our October 1, 2018 Actuarial Valuation. The Plan
provisions are outlined on Table IX.
The investment return assumption and disability rates have been updated. The mortality assumptions
have been updated to use the mortality assumptions used by the Florida Retirement System (FRS) as
required under F.S., Chapter 2015‐157 based upon the July 1, 2019 FRS Actuarial Valuation. The
remaining actuarial assumptions and methods remain unchanged from our October 1, 2018 Actuarial
Valuation. The actuarial assumptions and methods are outlined on Table X.
Comparison of October 1, 2018 and October 1, 2019 Valuation Results
Table II of our report provides information of a comparative nature. The left columns of the Table
indicate the costs as calculated for October 1, 2018. The center columns indicate the costs as
calculated for October 1, 2019 prior to the update in actuarial assumptions. The right columns
indicate the costs as calculated for October 1, 2019 after the update in actuarial assumptions.
Comparing the left and center columns of Table II shows the effect of Plan experience during the year.
The number of active participants decreased by approximately 15% while covered payroll decreased
by approximately 14%. Total Plan membership increased by less than 1%. Total normal cost
decreased both as a dollar amount and a percentage of covered payroll. Net County and City
minimum funding requirement and the unfunded actuarial accrued liability decreased as a dollar
amount but increased as a percentage of covered payroll.
Comparing the center and right columns of Table II shows the effect of the update of the actuarial
assumptions. Total normal cost, the unfunded actuarial accrued liability and the net County and City
minimum funding requirement increased both as a dollar amount and as a percentage of covered
payroll.
The value of vested accrued benefits exceeds Plan assets, resulting in a Vested Benefit Security Ratio
(VBSR) of 90.3% (90.9% prior to assumptions update) which is a decrease from 92.9% as of the
October 1, 2018 Actuarial Valuation. The VBSR is measured on a market value of assets basis.
Plan Experience
The Plan experienced an actuarial loss in the amount of $490,787 this year. This indicates actual
overall Plan experience was less favorable than expected.
Table XV (salary, turnover and investment yield) provides figures on recent Plan experience. Salary
experience indicates actual salary increases averaged approximately 8.5% for General and Forensic
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Council Members
February 26, 2020
Page Three
Employees and 4.5% for Firefighters and Police Officers for Plan Year ended September 30, 2019 when
compared to the assumed salary increase of 3.2% and 3.3%, respectively. Salary increases were
generally a source of actuarial loss. The three, five and ten‐year average annual salary increases are
5.7%, 4.5% and 2.9% for General and Forensic Employees, respectively – 4.8%, 4.8% and 2.6% for
Firefighters and Police Officers, respectively.
Employee turnover this year was 390% of the assumed turnover for General and Forensic Employees
and 90% of the assumed turnover for Firefighters and Police Officers. Employee turnover was an
offsetting source of actuarial gain for General and Forensic Employees and an actuarial loss for
Firefighters and Police Officers. The three, five and ten‐year average annual turnover is 260%, 230%
and 190%, respectively for General and Forensic Employees ‐ 230%, 250% and 230%, respectively for
Firefighters and Police Officers.
The smoothed value investment return of 7.90% was greater than the investment return assumption
of 7.75% (prior assumption). Smoothed value investment return was an additional offsetting source
of actuarial gain during the year. The three, five and ten‐year average annual smoothed value
investment returns are 9.1%, 9.4% and 7.7%, respectively. The one, three, five and ten‐year average
annual market value returns are 2.69%, 9.1%, 7.5% and 9.5%, respectively.
Member Census and Financial Data
The City submitted the Member census data used for this Actuarial Valuation to us as of October 1,
2019. This information contains name, Social Security number, date of birth, date of hire, October 1,
2019 rate of pay, actual salary paid and member contributions for the previous year. Dates of
termination and retirement are provided where applicable. The City updated information on inactive
participants including retirees, beneficiaries and vested terminees.
Financial information concerning Plan assets was provided by the City as of September 30, 2019. We
do not audit the Member census data and asset information that is provided to us; however, we
perform certain reasonableness checks. The City is responsible for the accuracy of the data.
Risks Associated with Measuring the Accrued Liability and Actuarially Determined Contribution
The determination of the accrued liability and the actuarially determined contribution requires the
use of assumptions regarding future economic and demographic experience. Risk measures, as
illustrated in this report, are intended to aid in the understanding of the effects of future experience
differing from the assumptions used in the course of the actuarial valuation. Risk measures may also
help with illustrating the potential volatility in the accrued liability and the actuarially determined
contribution that result from the differences between actual experience and the actuarial
assumptions.
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Council Members
February 26, 2020
Page Four
Future actuarial measurements may differ significantly from the current measurements presented in
this report due to such factors as the following: Plan experience differing from that anticipated by the
economic or demographic assumptions; changes in economic or demographic assumptions due to
changing conditions; increases or decreases expected as part of the natural operation of the
methodology used for these measurements (such as the end of an amortization period, or additional
cost or contribution requirements based on the Plan’s funded status); and changes in Plan provisions
or applicable law. The scope of an actuarial valuation does not include an analysis of the potential
range of such future measurements.
Examples of risk that may reasonably be anticipated to significantly affect the Plan’s future financial
condition include:
1. Investment risk – actual investment returns may differ from expected returns;
2. Asset / Liability mismatch – changes in asset values may not match changes in liabilities,
thereby altering the gap between the accrued liability and assets and consequently altering
the funded status and the actuarially determined contribution requirements;
3. Contribution risk – actual contributions may differ from expected future contributions. For
example, actual contributions may not be made in accordance with the Plan’s funding policy
or material changes may occur in the anticipated number of covered employees, covered
payroll or other relevant contribution base;
4. Salary and Payroll risk – actual salaries and total payroll may differ from expected, resulting in
actual future accrued liability and the actuarially determined contributions differing from
expected;
5. Longevity risk – members may live longer or shorter than expected and receive pensions for a
period of time other than assumed;
6. Other demographic risks – members may terminate, retire or become disabled at times or
with benefits other than assumed resulting in actual future accrued liability and the actuarially
determined contributions differing from expected.
The effects of certain trends in experience can generally be anticipated. For example if the
investment return since the most recent actuarial valuation is less (or more) than the assumed rate,
the actuarially determined contribution can be expected to increase (or decrease). Likewise if
longevity is improving (or worsening), increases (or decreases) in the actuarially determined
contribution can be anticipated.
The actuarially determined contribution rate shown on page one of the report may be considered as a
minimum contribution rate that complies with the Plan’s funding policy. The timely receipt of the
actuarially determined contributions is critical to support the financial health of the Plan. Users of this
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Council Members
February 26, 2020
Page Five
report should be aware that contributions made at the actuarially determined rate do not necessarily
guarantee benefit security.
Plan Maturity Measures
Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying
few benefits may experience little investment risk. An older plan with a large number of members in
pay status and a significant trust fund may be much more exposed to investment risk. Generally
accepted plan maturity measures include the following:
2018 2019
Ratio of market value of assets to payroll 10.60 12.65
Ratio of actuarial accrued liability to payroll 12.24 14.95
Ratio of actives to retirees and beneficiaries 0.75 0.58
Ratio of net cash flow to market value of assets 0.2% ‐0.3%
Duration of the actuarial accrued liability 11.76 11.57
Ratio of Market Value of Assets to Payroll
The relationship between assets and payroll is a useful indicator of the potential volatility of the
actuarially determined contribution. For example, if the market value of assets is 2.0 times the
payroll, a return on assets 5% different than assumed would equal 10% of payroll. A higher (lower) or
increasing (decreasing) level of this maturity measure generally indicates higher (lower) or increasing
(decreasing) volatility in the actuarially determined contribution as a percentage of payroll.
Ratio of Actuarial Accrued Liability to Payroll
The relationship between actuarial accrued liability and payroll is a useful indicator of the potential
volatility of the actuarially determined contributions for a fully funded plan. A funding policy targeting
a funded ratio of 100% is expected to result in the ratio of assets to payroll and the ratio of liability to
payroll converging over time.
The ratio of actuarial accrued liability to payroll may also be used as a measure of sensitivity of the
liability itself. For example, if the actuarial accrued liability is 2.5 times payroll, a change in actuarial
accrued liability 2% other than assumed would equal 5% of payroll. A higher (lower) or increasing
(decreasing) level of this maturity measure generally indicates a higher (lower) or increasing
(decreasing) volatility in actuarial accrued liability (and also the actuarially determined contribution)
as a percentage of payroll.
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Council Members
February 26, 2020
Page Six
Ratio of Actives to Retirees and Beneficiaries
A young plan with many active members and few retirees will have a high ratio of active to retirees. A
mature open plan may have close to the same number of actives to retirees resulting in a ratio near
1.0. A super‐mature or closed plan may have significantly more retirees than actives resulting in a
ratio below 1.0.
Ratio of Net Cash Flow to Market Value of Assets
A positive net cash flow means contributions exceed benefits and expenses. A negative cash flow
means existing funds are being used to make payments. A certain amount of negative net cash flow is
generally expected to occur when benefits are prefunded through a qualified trust. Large negative
net cash flows as a percent of assets may indicate a super‐mature plan or a need for additional
contributions.
Duration of Actuarial Accrued Liability
The duration of the actuarial accrued liability may be used to approximate the sensitivity to a 1%
change in the assumed rate of return. For example, a duration of 10 indicates the actuarial accrued
liability would increase approximately 10% if the assumed rate of return were lowered 1%.
Additional Risk Assessment
Additional risk assessment is outside the scope of the annual actuarial valuation. Additional
assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests and a
comparison of the present value of accrued benefits at low‐risk discount rates with the actuarial
accrued liability.
Summary
In our opinion the benefits provided for under the current Plan will be sufficiently funded through the
payment of the amount as indicated in this and future Actuarial Valuation reports. We will continue
to update you on the future payment requirements for the Plan through our actuarial reports. These
reports will also continue to monitor the future experience of the Plan.
The actuarial assumptions used in this Actuarial Valuation are as adopted by the Plan. The economic
and demographic actuarial assumptions are based upon the results of an Experience Study for the
period October 1, 2011 – September 30, 2016. The mortality assumptions are as prescribed by
statute. Each assumption represents an estimate of future Plan experience.
If all actuarial assumptions are met and if all future minimum required contributions are paid,
21
Council Members
February 26, 2020
Page Seven
Plan assets will be sufficient to pay all Plan benefits, future contributions are expected to remain
relatively stable or decrease as a percent of payroll and the funded status is expected to improve.
Plan minimum required contributions are determined in compliance with the requirements of the
Florida Protection of Public Employee Retirement Benefits Act with normal cost determined as a level
percent of covered payroll and a level dollar amortization payment using an initial closed amortization
period of 30 years.
The Unfunded Actuarial Accrued Liability (UAAL) may not be appropriate for assessing the sufficiency
of Plan assets to meet the estimated cost of settling benefit obligations but may be appropriate for
assessing the need for or the amount of future contributions. The UAAL would be different if it
reflected the market value of assets rather than the smoothed value of assets.
The Unfunded Actuarial Present Value of Vested Accrued Benefits and the corresponding Vested
Benefit Security Ratio may be appropriate for assessing the sufficiency of Plan assets to meet the
estimated cost of settling benefit obligations but may not be appropriate for assessing the need for or
the amount of future contributions.
The GASB Net Pension Liability and Plan Fiduciary Net Position as a Percentage of Total Pension
Liability may not be appropriate for assessing the sufficiency of Plan assets to meet the estimated cost
of settling benefit obligations but may be appropriate for assessing the need for or the amount of
future contributions.
The Funded Ratio shown in Table II is for informational purposes and may not be appropriate for
assessing the sufficiency of Plan assets to meet the estimated cost of settling benefit obligations but
may be appropriate for assessing the need for or the amount of future contributions.
This report should not be relied on for any purpose other than the purpose described in the primary
communication. Determinations of the financial results associated with the benefits described in this
report in a manner other than the intended purpose may produce significantly different results.
This report has been prepared by actuaries who have substantial experience valuing public employee
retirement plans. To the best of our knowledge the information contained in this report is accurate
and fairly presents the actuarial position of the Plan as of the valuation date. All calculations have
been made in conformity with generally accepted actuarial principles and practices, with the Actuarial
Standards of Practice issued by the Actuarial Standards Board and with applicable statutes.
This report may be provided to parties other than the City only in its entirety and only with the
permission of an approved representative of the City.
The signing actuaries are independent of the Plan sponsor.
22
Council Members
February 26, 2020
Page Eight
The undersigned are Members of the American Academy of Actuaries and meet the qualification
standards of the American Academy of Actuaries to render the actuarial opinions contained in this
report. We are available to respond to any questions with regards to matters covered in this report.
Very truly yours,
Shelly L. Jones, A.S.A., E.A.
Consultant and Actuary
Jennifer M. Borregard, E.A.
Consultant and Actuary
23
Table I
Cost % of Cost % of
Data Payroll Data Payroll
A.Participant Data Summary (Table III)
1.Active Employees 73 N/A 73 N/A
2.Terminated Vested 167 N/A 167 N/A
3.Receiving Benefits 125 N/A 125 N/A
4.Total Annual Payroll of Active Employees 4,325,321$ 100.0%4,325,321$ 100.0%
B.Total Normal Costs
1.Age Retirement Benefits 229,785$ 5.3%244,414$ 5.7%
2.Termination Benefits 140,020 3.2%146,301 3.4%
3.Death Benefits 10,067 0.2%7,537 0.2%
4.Disability Benefits 4,038 0.1%3,698 0.1%
5.Estimated Expenses 69,023 1.6%69,023 1.6%
6.Total Annual Normal Costs 452,933$ 10.5%470,973$ 10.9%
C.Total Actuarial Accrued Liability
1.Age Retirement and Termination Benefits Active Employees 14,522,197$ 335.7%14,851,712$ 343.4%
2.Death Benefits Active Employees 393,563 9.1%271,654 6.3%
3.Disability Benefits Active Employees 147,779 3.4%124,732 2.9%
4.Retired or Terminated Vested Participants
Receiving Benefits 36,186,893 836.6%36,340,974 840.2%
5.Terminated Vested Participants Entitled to
Future Benefits 10,852,121 250.9%10,987,664 254.0%
6.Deceased Participants Whose Beneficiaries
are Receiving Benefits (includes DROs)1,972,580 45.6%1,977,579 45.7%
7.Disabled Participants Receiving Benefits 0 0.0%0 0.0%
8.Miscellaneous Liability (Refunds in Process)104,893 2.4%104,893 2.4%
9.Total Actuarial Accrued Liability 64,180,026$ 1483.8%64,659,208$ 1494.9%
D.Assets (Table V)
1.Smoothed Value of Assets 54,759,146$ 1266.0%54,759,146$ 1266.0%
2.Market Value of Assets 54,713,697$ 1265.0%54,713,697$ 1265.0%
E.Unfunded Actuarial Accrued Liability
(C.9. - D.1.)9,420,880$ 217.8%9,900,062$ 228.9%
Current Assumptions
Summary of Retirement Plan Costs as of October 1, 2019
Prior Assumptions
City of Winter Springs Defined Benefit Plan 924
Table I
(Cont'd)
Cost % of Cost % of
Data Payroll Data Payroll
F.Minimum Required Contribution
1.Total Normal Cost (including expenses)452,933$ 10.5%470,973$ 10.9%
2.Amortization of Unfunded Liability 911,231 21.1%934,804 21.6%
3.Interest Adjustment 62,175 1.4%62,121 1.4%
4.Total Payment 1,426,339$ 33.0%1,467,898$ 33.9%
G.Expected payroll of active employees for FYE 2021
(1.000 x $4,325,321)4,325,321$ 100.0%4,325,321$ 100.0%
H.Contribution Sources (percent of expected 2021 payroll)
1.County and City 1,210,073$ 28.0%1,251,632$ 28.9%
2.Member 216,266 5.0%216,266 5.0%
3.Total required contribution 1,426,339$ 33.0%1,467,898$ 33.9%
I.Actuarial Gain / (Loss)(490,787)$ (11.3%)(490,787)$ (11.3%)
J.Actuarial Present Value of Vested Accrued Benefits
1.Retired, Terminated Vested, Beneficiaries
and Disabled Receiving Benefits 38,159,473$ 882.2%38,318,553$ 885.9%
2.Terminated Vested Participants Entitled to
Future Benefits and Miscellaneous 10,957,014 253.3%11,092,557 256.5%
3.Active Participants Entitled to Future Benefits 11,057,239 255.6%11,188,522 258.7%
4.Total Actuarial Present Value of Vested
Accrued Benefits 60,173,726$ 1391.2%60,599,632$ 1401.0%
K.Unfunded Actuarial Present Value of Vested
Accrued Benefits (J.4. - D.2., not less than zero)5,460,029$ 126.2%5,885,935$ 136.1%
L.Vested Benefit Security Ratio (D.2. ÷ J.4.)90.9%N/A 90.3%N/A
Summary of Retirement Plan Costs as of October 1, 2019
Current AssumptionsPrior Assumptions
City of Winter Springs Defined Benefit Plan 1025
Table II
Cost % of Cost % of Cost % of
Data Compensation Data Compensation Data Compensation
A.Participants
1.Active Employees 86 N/A 73 N/A 73 N/A
2.Terminated Vested 164 N/A 167 N/A 167 N/A
3.Receiving Benefits 114 N/A 125 N/A 125 N/A
4.Total Annual Payroll of Active Employees 5,042,067$ 100.0%4,325,321$ 100.0%4,325,321$ 100.0%
B.Total Normal Costs 537,506$ 10.7%452,933$ 10.5%470,973$ 10.9%
C.Actuarial Accrued Liability 61,721,486$ 1224.1%64,180,026$ 1483.8%64,659,208$ 1494.9%
D.Present Value of Future Benefits 64,535,748$ 1279.9%66,611,244$ 1540.0%67,251,079$ 1554.8%
E.Smoothed Value of Assets 50,899,575$ 1009.5%54,759,146$ 1266.0%54,759,146$ 1266.0%
F.Market Value of Assets 53,431,514$ 1059.7%54,713,697$ 1265.0%54,713,697$ 1265.0%
G.Unfunded Actuarial Accrued Liability
(C. - E.)10,821,911$ 214.6%9,420,880$ 217.8%9,900,062$ 228.9%
H.County and City Minimum Funding Payment 1,389,125$ 27.6%1,210,073$ 28.0%1,251,632$ 28.9%
I.Ratios
1.Vested Benefit Security Ratio 92.9%N/A 90.9%N/A 90.3%N/A
2.Funded Ratio (F. / C.)86.6%N/A 85.3%N/A 84.6%N/A
October 1, 2019
Prior Assumptions
Comparison of Cost Data of October 1, 2018 and October 1, 2019 Valuations
Current Assumptions
October 1, 2018 October 1, 2019
City of Winter Springs Defined Benefit Plan 1126
Table III
A.Active Plan Participants Summary
1.Active participants fully vested 59
2.Active participants partially vested 0
3.Active participants non-vested 14
4.Total active participants 73
5.Annual rate of pay of active participants 4,325,321$
B. Retired and Terminated Vested Participant Summary
1.Retired or terminated vested participants receiving
benefits 108
2.Terminated vested participants entitled to
future benefits 167
3.Deceased participants whose beneficiaries are
receiving benefits (includes DROs)17
4.Disabled participants receiving benefits 0
C. Projected Annual Retirement Benefits
1.Retired or terminated vested receiving benefits 3,367,649$
2.Terminated vested entitled to future benefits 1,758,553$
3.Beneficiaries of deceased participants (includes DROs)213,008$
4.Disabled participants 0$
Actuarial Valuation as of October 1, 2019
Characteristics of Participants in
City of Winter Springs Defined Benefit Plan 1227
Table IV
Assets Market Value
A.Cash and Cash Equivalents 524,239$
B.General Investments
1.Common Stock 36,308,420$
2.Bonds 9,321,234
3.Real Estate 5,596,184
4.Other 2,339,264
C.Receivables
1.Accrued Interest 0$
2.Employee Contribution Receivable 8,321
3.City and County Contributions Receivable 616,035
4.Accounts Receivable 0
D.Payables
1.Accounts Payable 0$
2.Due to Broker 0
E.Plan Assets
(A + B + C - D)54,713,697$
Statement of Assets as of October 1, 2019
City of Winter Springs Defined Benefit Plan 1328
Table V
A.Market Value of Assets as of October 1, 2018 53,431,514
B.Receipts During Period
1.Contributions
a.Member 265,688$
b.City and County 2,924,706
c.Total 3,190,394$
2.Investment Income
a.Interest and dividends 724,616$
b.Realized / unrealized gains (losses)1,033,025
c.Investment expenses (320,417)
d.Net investment income 1,437,224$
3.Total receipts during period 4,627,618$
C.Disbursements During Period
1.Pension payments and contribution refunds 3,276,412$
2.Administrative expenses 69,023
3.Total disbursements during period 3,345,435$
D.Market Value of Assets as of September 30, 2019 54,713,697$
Reconciliation of Plan Assets
City of Winter Springs Defined Benefit Plan 1429
Table V
(Cont'd)
2018 2019 2020 2021 2022 2023
A.Preliminary total smoothed value from prior year 46,396,570$ 50,899,575$ 54,759,146$
B.Market value beginning of year 48,091,584 53,431,514 54,713,697
C.Market value end of year 53,431,514 54,713,697
D.Non-investment net cash flow 96,737 (155,041)
E.Investment return
1.Total market value return: C. - B. - D.5,243,193 1,437,224
2.Amount for immediate recognition (7.75%)3,730,846 4,134,934
3.Amount for phased-in recognition: E.1. - E.2.1,512,347 (2,697,710)
F.Phased-in recognition of investment return:
1.Current year 302,469 (539,542)
2.First prior year 496,160 302,469 (539,542)
3.Second prior year 212,990 496,160 302,469 (539,542)
4.Third prior year (592,399) 212,990 496,160 302,469 (539,542)
5.Fourth prior year 256,202 (592,399) 212,990 496,160 302,471 (539,542)
6.Total phased-in recognition of investment return 675,422 (120,322) 472,077 259,087 (237,071) (539,542)
G.Total smoothed value end of year
1.Preliminary total smoothed value end of year 50,899,575 54,759,146
A. + D. + E.2. + F.6.
2.Upper corridor limit: 120% of C.64,117,817 65,656,436
3.Lower corridor limit: 80% of C.42,745,211 43,770,958
4.Total smoothed value end of year:
G.1., not more than G.2., nor less than G.3.50,899,575 54,759,146
H.Difference between total market value and total smoothed value 2,531,939 (45,449)
I.Smoothed value rate of return 9.49%7.90%
J.Market value rate of return 10.89%2.69%
Development of Smoothed Value of Assets as of September 30
City of Winter Springs Defined Benefit Plan 1530
Table VI
A.Derivation of Actuarial Gain / (Loss)
1.City and County net normal cost previous valuation 285,403$
2.Unfunded actuarial accrued liability previous valuation 10,821,911
3.City and County contributions previous year 2,924,706
4.Interest on:
(a)City and County net normal cost 22,119$
(b)Unfunded actuarial accrued liability 838,698
(c)City and County contributions 113,332
(d)Net total: (a) + (b) - (c)747,485$
5.Increase / (decrease) in unfunded actuarial accrued liability due to
assumption changes 479,182$
6.Expected unfunded actuarial accrued liability current year:
(1. + 2. - 3. + 4. + 5.)9,409,275$
7.Actual unfunded actuarial accrued liability current year 9,900,062
8.Actuarial gain / (loss): (6. - 7.)(490,787)$
B.Approximate Portion of Gain / (Loss)
due to Investments
1.Smoothed value of assets previous year 50,899,575$
2.Contributions during period 3,190,394
3.Benefits and administrative expenses during period 3,345,435
4.Expected appreciation for period 3,938,709
5.Expected smoothed value of assets current year:
(1. + 2. - 3. + 4.)54,683,243$
6.Actual smoothed value of assets current year 54,759,146$
7.Approximate investment gain / (loss) due to investments: (6. - 5.)75,903$
C.Approximate Portion of Gain / (Loss)
due to Liabilities: A.8. - B.7.(566,690)$
Actuarial Gain / (Loss) for
Plan Year Ended September 30, 2019
City of Winter Springs Defined Benefit Plan 1631
Table VII
A.Unfunded Actuarial Accrued Liability
Unfunded Amortization
Date Liability Payment
October 1, 2019 9,900,062$ 934,804$
October 1, 2020 9,637,652$ 934,804$
October 1, 2021 9,355,562$ 934,804$
October 1, 2022 9,052,315$ 934,804$
October 1, 2023 8,726,324$ 934,804$
…
…
October 1, 2049 0$ 0$
B.Covered Payroll History
Covered Annual
Date Payroll Increase
October 1, 2019 4,325,321$ (14.2%)
October 1, 2018 5,042,067$ (8.9%)
October 1, 2017 5,537,207$ (6.4%)
October 1, 2016 5,916,189$ (13.9%)
October 1, 2015 6,868,214$ (3.2%)
October 1, 2014 7,093,513$ (4.5%)
October 1, 2013 7,431,031$ (9.6%)
October 1, 2012 8,216,342$ (7.4%)
October 1, 2011 8,875,836$ (13.9%)
October 1, 2010 10,304,054$ (4.2%)
October 1, 2009 10,752,720$ N/A
Ten-Year Average Annual Increase (8.7%)
Amortization of Unfunded Actuarial Accrued Liability
City of Winter Springs Defined Benefit Plan 1732
Table VIII
Prior Current
Assumptions Assumptions
10/01/2018 10/01/2019 10/01/2019
I.Number of Plan Members
a.Retirees and beneficiaries receiving benefits 114 125 125
b.Terminated plan members entitled to but not yet receiving benefits 164 167 167
c.Active plan members 86 73 73
d.Total 364 365 365
II.Financial Accounting Standards Board Allocation as of October 1, 2019
A.Statement of Accumulated Plan Benefits
1.Actuarial present value of accumulated vested plan benefits
a.Participants currently receiving benefits 32,472,782$ 38,159,473$ 38,318,553$
b.Other participants 25,033,747 22,014,253 22,281,079
c.Total 57,506,529$ 60,173,726$ 60,599,632$
2.Actuarial present value of accumulated
non-vested plan benefits 423,711$ 267,777$ 274,181$
3.Total actuarial present value of accumulated plan benefits 57,930,240$ 60,441,503$ 60,873,813$
B.Statement of Change in Accumulated Plan Benefits
1.Actuarial present value of accumulated plan benefits
as of October 1, 2018 57,930,240$
2.Increase (decrease) during year attributable to:
a.Plan amendment 0$
b.Change in actuarial assumptions 432,310
c.Benefits paid including refunds (3,276,412)
d.Other, including benefits accumulated, increase
for interest due to decrease in the discount period 5,787,675
e.Net increase 2,943,573$
3.Actuarial present value of accumulated plan benefits
as of October 1, 2019 60,873,813$
C.Significant Matters Affecting Calculations
1.Assumed rate of return used in determining actuarial present values 7.50%
2.Change in Plan provisions None.
3.Change in actuarial assumptions See Table X, Item L.
Accounting Disclosure Exhibit
City of Winter Springs Defined Benefit Plan 1833
Table VIII
(Cont'd)
III.Net Pension Liability and Related Ratios (GASB No. 67 & No. 68)
Projected
Measurement date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 *
A.Total Pension Liability (TPL)
Service Cost 886,819$ 834,402$ 808,281$ 697,459$ 502,667$ 472,736$ 401,950$
Interest 3,666,120 3,851,130 4,059,813 4,229,901 4,452,760 4,693,091 4,736,095
Benefit Changes 0 0 0 0 0 0 0
Difference Between Actual and Expected Experience (581,481) (107,513) 275,994 (592,087) 124,345 1,281,355 569,125
Assumption Changes 0 8,107 0 526,115 2,531,601 0 479,182
Benefit Payments, including Refunds of Member Contributions (1,974,208) (2,202,769) (2,450,972) (2,679,408) (2,935,206) (3,276,412) (3,826,450)
Net Change in Total Pension Liability 1,997,250$ 2,383,357$ 2,693,116$ 2,181,980$ 4,676,167$ 3,170,770$ 2,359,902$
Total Pension Liability (TPL) - (beginning of year)46,508,261 48,505,511 50,888,868 53,581,984 55,763,964 60,440,131 63,610,901
Total Pension Liability (TPL) - (end of year)48,505,511$ 50,888,868$ 53,581,984$ 55,763,964$ 60,440,131$ 63,610,901$ 65,970,803$
B.Plan Fiduciary Net Position
Contributions - City and County 2,527,508$ 2,392,948$ 2,586,936$ 2,605,753$ 2,635,968$ 2,924,706$ 1,389,125$
Contributions - Member 369,500 358,106 479,257 342,209 460,745 265,688 216,266
Net Investment Income 3,885,344 5,160 4,077,452 5,851,493 5,243,193 1,437,224 4,017,649
Benefit Payments, including Refunds of Member Contributions (1,974,208) (2,202,769) (2,450,972) (2,679,408) (2,935,206) (3,276,412) (3,826,450)
Administrative Expenses (159,424) (11,937) (28,208) (55,697) (64,770) (69,023) (69,023)
Other 0 0 0 0 0 0 0
Net Change in Plan Fiduciary Net Position 4,648,720$ 541,508$ 4,664,465$ 6,064,350$ 5,339,930$ 1,282,183$ 1,727,567
Plan Fiduciary Net Position - (beginning of year)32,172,541 36,821,261 37,362,769 42,027,234 48,091,584 53,431,514 54,713,697
Plan Fiduciary Net Position - (end of year)36,821,261$ 37,362,769$ 42,027,234$ 48,091,584$ 53,431,514$ 54,713,697$ 56,441,264$
C.Net Pension Liability (NPL) - (end of year): (A) - (B)11,684,250$ 13,526,099$ 11,554,750$ 7,672,380$ 7,008,617$ 8,897,204$ 9,529,539$
D.Plan Fiduciary Net Position as a Percentage of TPL: (B) / (A)75.91 %73.42 %78.44 %86.24 %88.40 %86.01 %85.55 %
E.Covered Employee Payroll **7,369,943$ 7,070,355$ 6,671,503$ 5,846,435$ 5,342,971$ 4,800,755$ 4,325,321$
F.NPL as a Percentage of Covered Employee Payroll: (C) / (E) 158.54 %191.31 %173.20 %131.23 %131.17 %185.33 %220.32 %
G.Notes to Schedule:
Valuation Date 10/01/2013 10/01/2014 10/01/2015 10/01/2016 10/01/2017 10/01/2018 10/01/2019
Reporting Date (GASB No. 68)9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021
Update procedures were used to roll forward the TPL to the measurement date.
See Table VIII, Item V. for a history of benefit changes and assumption changes.
*Projected - actual amounts will be available after fiscal year end.
**Reported payroll on which contributions to the Plan are based as provided under GASB No. 82.
Accounting Disclosure Exhibit
City of Winter Springs Defined Benefit Plan 1934
Table VIII
(Cont'd)
IV.Schedule of Employer Contributions (GASB No. 67 & No. 68)
Actuarially Contribution Actual Contribution
Fiscal Year Determined Actual Deficiency /Covered as a % of
End 9/30 Contribution Contribution 1 (Excess)Payroll 2 Covered Payroll
2010 2,311,058$ 2,311,058$ 0$ 10,752,720$ 21.49%
2011 2,616,924 2,616,924 0 10,304,054 25.40%
2012 1,965,643 1,913,717 51,926 8,875,836 21.56%
2013 2,258,769 2,258,798 (29) 8,216,342 27.49%
2014 2,474,578 2,527,508 (52,930) 7,369,943 34.29%
2015 2,230,908 2,392,948 (162,040) 7,070,355 33.84%
2016 2,067,445 2,586,936 (519,491) 6,671,503 38.78%
2017 1,831,495 2,605,753 (774,258) 5,846,435 44.57%
2018 1,613,548 2,635,968 (1,022,420) 5,342,971 49.34%
2019 1,484,498 2,924,706 (1,440,208) 4,800,755 60.92%
2020 3 1,389,125 1,389,125 0 4,325,321 32.12%
1 Per City CAFR prior to September 30, 2014
2
3 Projected - actual amounts will be available after fiscal year end
Accounting Disclosure Exhibit
Reported payroll on which contributions to the Plan are based as provided under GASB No.82 (projected prior to fiscal year
ended September 30, 2014)
City of Winter Springs Defined Benefit Plan 2035
Table VIII
(Cont'd)
V.Notes to Schedule of Contributions (GASB No. 67 & No. 68)
Valuation Date:
Methods and Assumptions Used to Determine Contribution Rates for Fiscal Year Ending September 30, 2020:
Actuarial Cost Method
Amortization Method
Amortization Period
Asset Valuation Method
Inflation
Salary Increases
Investment Rate of Return 7.75%
Retirement Age
Mortality
Accounting Disclosure Exhibit
Actuarially determined contributions are calculated as of October 1st -two years prior the
fiscal year end in which contributions are reported.
Entry Age Normal
Level dollar, closed
For disabled male General Employee participants,RP 2000 Disabled Male Mortality Table,
set back four years,without projected mortality improvements.For disabled female
General employee participants,RP 2000 Disabled Female Mortality Table,set forward two
years, without projected mortality improvements.
5-year smoothed market
2.75%
3.0% - 4.5%
Experience-based table of rates that are specific to the type of eligibility condition
For healthy male General Employee participants during employment,RP 2000 Combined
Male Healthy Participant Mortality Table,with 50%White Collar /50%Blue Collar
Adjustment and fully generational mortality improvements projected to each future
decrement date with Scale BB.For healthy female General Employee participants during
employment,RP 2000 Combined Female Healthy Participant Mortality Table,with White
Collar Adjustment and fully generational mortality improvements projected to each future
decrement date with Scale BB.
For healthy Firefighter and Police Officer participants during employment,RP 2000
Combined Healthy Participant Mortality Tables,separate rates for males and females,with
90%Blue Collar Adjustment /10%White Collar Adjustment and fully generational mortality
improvements projected to each future decrement date with Scale BB.
For healthy male General Employee participants post employment,RP 2000 Annuitant
Male Mortality Table,with 50%White Collar /50%Blue Collar Adjustment and fully
generational mortality improvements projected to each future decrement date with Scale
BB.For healthy female General Employee participants post employment,RP 2000
Annuitant Female Mortality Table,with White Collar Adjustment and fully generational
mortality improvements projected to each future decrement date with Scale BB.
For healthy Firefighter and Police Officer participants post employment,RP 2000 Annuitant
Mortality Tables,separate rates for males and females,with 90%Blue Collar Adjustment /
10%White Collar Adjustment and fully generational mortality improvements projected to
each future decrement date with Scale BB.
For disabled male Firefighter and Police Officer participants,60%RP 2000 Disabled Male
Mortality Table setback four years /40%RP 2000 Annuitant Male Mortality Table with
White Collar Adjustment with no setback,without projected mortality improvements.For
disabled female Firefighter and Police Officer participants,60%RP 2000 Disabled Female
Mortality Table set forward two years /40%RP 2000 Annuitant Female Mortality Table
with White Collar Adjustment with no setback, without projected mortality improvements.
30 years
City of Winter Springs Defined Benefit Plan 2136
Table VIII
(Cont'd)
V.Notes to Schedule of Contributions (GASB No. 67 & No. 68) (cont'd)
Other Information:
Benefit Changes
Assumption Changes
VI.Discount Rate (GASB No. 67 & No. 68)
VII.Sensitivity of the NPL to the Discount Rate Assumption (GASB No. 67 & No. 68)
Current
1% Decrease Discount Rate 1% Increase
Discount Rate 6.75%7.75%8.75%
NPL 16,197,000$ 8,897,204$ 2,768,384$
Current
1% Decrease Discount Rate 1% Increase
Discount Rate 6.50%7.50%8.50%
NPL 16,995,001$ 9,529,539$ 3,251,186$
* Projected - actual amounts will be available after fiscal year end
Accounting Disclosure Exhibit
A discount rate of 7.50%was used to measure the September 30,2020 TPL.This discount rate was based on the
expected rate of return on Plan investments of 7.50%.The projection of cash flows used to determine this
discount rate assumed member contributions will be made at the current member contribution rate and City
and County contributions will be made at rates equal to the difference between actuarially determined
contribution rates and the member contribution rate.Based upon these assumptions,the Plan's fiduciary net
position was projected to be available to make all projected future expected benefit payments of current Plan
members.Therefore,the long-term expected rate of return on Plan investments was applied to all periods of
projected benefit payments to determine the TPL.
Measurement date: September 30, 2020 *
Measurement date: September 30, 2019
2017:Investment return,salary increase,withdrawal and retirement rates updated.2016:Mortality rates
updated. 2014: Disability rates updated.
2011:Plan closed to future general employees;pensionable earnings to base pay,overtime -maximum 150
hours and accrued leave balance as of July 1,2011;vesting schedule updated;unreduced early retirement
eligibility updated;final average pay updated to five year average and future service benefit accrual rate reduced
for general employees.
City of Winter Springs Defined Benefit Plan 2237
Table VIII
(Cont'd)
VIII.
Pension Expense for Fiscal Year Ending September 30, 2020 2,872,335$
Deferred Outflows
of Resources
Deferred Inflows
of Resources
618,263$ 37,006$
Changes of assumptions or other inputs 263,027 0
45,449 0
Total 926,739$ 37,006$
1,389,125$
Year Ending
30-Sep Amount
2021 372,207$
2022 (259,087)
2023 237,071
2024 539,542
2025 0
Thereafter 0
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
Pensions - Reporting Date (GASB No. 68)
Summary of Outstanding Deferred Inflows and Outflows of Resources as of September 30, 2020
Differences between actual and expected experience on
liabilities
Net difference between projected and actual earnings on
pension Plan investments
Summary of Deferred Outflows and Inflows of Resources that to Be Recognized in Pension Expense in
Future Years.
Projected Deferred Outflows for County and City Contributions to Be Recognized in
Pension Expense for Fiscal Year Ending September 30, 2021
Accounting Disclosure Exhibit
City of Winter Springs Defined Benefit Plan 2338
Table VIII
(Cont'd)
The following information is not required to be disclosed but is provided for informational purposes.
IX.Components of Pension Expense (GASB No. 68)
Projected
Measurement Date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 *
Service Cost 886,819$ 834,402$ 808,281$ 697,459$ 502,667$ 472,736$ 401,950$
Interest on Total Pension Liability 3,666,120 3,851,130 4,059,813 4,229,901 4,452,760 4,693,091 4,736,095
Current-Period Benefit Changes 0 0 0 0 0 0 0
(369,500) (358,106) (479,257) (342,209) (460,745) (265,688) (216,266)
Projected Earnings on Plan Investments (2,604,338) (2,967,155) (3,012,502) (3,370,693) (3,730,846) (4,134,934) (4,017,649)
Administrative Expenses 159,424 11,937 28,208 55,697 64,770 69,023 69,023
Other Changes in Plan Fiduciary Net Position 0 0 0 0 0 0 0
(126,409) (149,527) (78,759) (99,375) 1,158,437 1,917,785 1,460,935
(256,201) 336,198 123,208 (372,952) (675,422) 120,322 (472,077)
Total Pension Expense 1,355,915$ 1,558,879$ 1,448,992$ 797,828$ 1,311,621$ 2,872,335$ 1,962,011$
* Projected - actual amounts will be available after measurement date
Contributions - Member
Recognition of Beginning Deferred Outflows / (Inflows)
due to Liabilities
Recognition of Beginning Deferred Outflows / (Inflows)
due to Assets
Accounting Disclosure Exhibit
City of Winter Springs Defined Benefit Plan 2439
Table VIII
(Cont'd)
The following information is not required to be disclosed but is provided for informational purposes.
X.Recognition of Deferred Outflows and (Inflows) due to Liabilities - Measurement Date (GASB No. 68)
Recognition of Deferred Outflows due to Differences Between Actual and Expected Experience on Liabilities
Established Initial Balance
Initial
Recognition
Period
Remaining
Recognition
Period as of
9/30/2019
Recognition
Amount for
2018 / 2019
Balance as of
9/30/2019
2014 / 2015 0$ 4.3 0.0 0$ 0$
2015 / 2016 275,994$ 3.9 0.0 63,690$ 0$
2016 / 2017 0$ 3.2 0.2 0$ 0$
2017 / 2018 124,345$ 2.2 0.2 56,520$ 11,305$
2018 / 2019 1,281,355$ 1.9 0.9 674,397$ 606,958$
TOTAL 794,607$ 618,263$
Recognition of Deferred (Inflows) due to Differences Between Actual and Expected Experience on Liabilities
Established Initial Balance
Initial
Recognition
Period
Remaining
Recognition
Period as of
9/30/2019
Recognition
Amount for
2018 / 2019
Balance as of
9/30/2019
2014 / 2015 (107,513)$ 4.3 0.0 (7,501)$ 0$
2015 / 2016 0$ 3.9 0.0 0$ 0$
2016 / 2017 (592,087)$ 3.2 0.2 (185,027)$ (37,006)$
2017 / 2018 0$ 2.2 0.2 0$ 0$
2018 / 2019 0$ 1.9 0.9 0$ 0$
TOTAL (192,528)$ (37,006)$
Recognition of Deferred Outflows due to Changes of Assumptions or Other Inputs
Established Initial Balance
Initial
Recognition
Period
Remaining
Recognition
Period as of
9/30/2019
Recognition
Amount for
2018 / 2019
Balance as of
9/30/2019
2014 / 2015 8,107$ 4.3 0.0 567$ 0$
2015 / 2016 0$ 3.9 0.0 0$ 0$
2016 / 2017 526,115$ 3.2 0.2 164,411$ 32,882$
2017 / 2018 2,531,601$ 2.2 0.2 1,150,728$ 230,145$
2018 / 2019 0$ 1.9 0.9 0$ 0$
TOTAL 1,315,706$ 263,027$
Accounting Disclosure Exhibit
City of Winter Springs Defined Benefit Plan 2540
Table VIII
(Cont'd)
The following information is not required to be disclosed but is provided for informational purposes.
X.Recognition of Deferred Outflows and (Inflows) due to Liabilities - Measurement Date (GASB No. 68) (cont'd)
Recognition of Deferred (Inflows) due to Changes of Assumptions or Other Inputs
Established Initial Balance
Initial
Recognition
Period
Remaining
Recognition
Period as of
9/30/2019
Recognition
Amount for
2018 / 2019
Balance as of
9/30/2019
2014 / 2015 0$ 4.3 0.0 0$ 0$
2015 / 2016 0$ 3.9 0.0 0$ 0$
2016 / 2017 0$ 3.2 0.2 0$ 0$
2017 / 2018 0$ 2.2 0.2 0$ 0$
2018 / 2019 0$ 1.9 0.9 0$ 0$
TOTAL 0$ 0$
XI.Recognition of Deferred Outflows and (Inflows) due to Assets - Measurement Date (GASB No. 68)
Established Initial Balance
Initial
Recognition
Period
Remaining
Recognition
Period as of
9/30/2019
Recognition
Amount for
2018 / 2019
Balance as of
9/30/2019
2014 / 2015 2,961,995$ 5 0 592,399$ 0$
2015 / 2016 (1,064,950)$ 5 1 (212,990)$ (212,990)$
2016 / 2017 (2,480,800)$ 5 2 (496,160)$ (992,320)$
2017 / 2018 (1,512,347)$ 5 3 (302,469)$ (907,409)$
2018 / 2019 2,697,710$ 5 4 539,542$ 2,158,168$
TOTAL 120,322$ 45,449$
Recognition of Deferred Outflows / (Inflows) due to Difference Between Projected and Actual Earnings on
Pension Plan Investments
Accounting Disclosure Exhibit
City of Winter Springs Defined Benefit Plan 2641
Table IX
A.Effective Date
B.Eligibility Requirements
C.Accrual Service
D.Compensation
E.Final Average Compensation
F.Normal Retirement
1.Eligibility:
(a)Attainment of age 65; or
(b)Completion of 30 years of service and determined to be disabled under the City's long term
disability insurance policy.
Years of Accrual Service are any Plan Years during which an Employee completes at least 1,000 hours of
service, including years of service completed prior to participation in the Plan.
Average earnings during the best five (5)consecutive Plan Years out of the last ten (10)Plan Years
preceding termination or retirement,but not less than the three (3)highest consecutive compensation
periods during employment with the City as of September 30, 2011.
Outline of Principal Provisions of the Retirement Plan
Plan adopted as a Money Purchase Floor Offset plan on October 1,1997.Plan amended and restated as a
Defined Benefit Plan effective October 1,2000.Plan most recently amended by Resolution 2017-10
adopted November 13, 2017.
General Employees hired prior to October 1,2011,Police Officers and Forensic Professionals working 30 or
more hours per week are eligible to join the Plan on the first day of the month following completion of six
(6)months of service.Electing transferring Firefighters as of October 2,2008 under the Agreement with
the County.
Wages,salaries and other amounts received (whether or not paid in cash)for personal services actually
rendered in the course of employment.Effective October 10,2011 Compensation shall exclude
commissions,bonuses,overtime pay in excess of one hundred fifty (150)hours per Plan year and
payments for accrued leave in excess of the dollar amount of an Employee's accrued leave balance on July
1, 2011.
City of Winter Springs Defined Benefit Plan 2742
Table IX
(Cont'd)
2.Benefit:
G.Early Retirement
1.Eligibility:
(a)Attainment of age 55 and completion of 15 years of service; or
(b)
2.Benefit:
H.Late Retirement
1.Eligibility:
Continued employment beyond Normal Retirement Date.
2.Benefit:
(a)
(b)
I.Disability Retirement
1.Eligibility:
2.Benefit:
Accrued benefit calculated as for Normal Retirement based upon service and pay at Disability
Retirement Date.
Greater of (a) and (b):
Accrued benefit calculated as for Normal Retirement based upon service and pay at Late
Retirement Date.
Actuarially increased benefit as of Late Retirement Date.
Completion of 30 years of service and determined to be disabled under the City's long term disability
insurance policy.
Completion of 25 years of service.
Benefit accrued to date of early retirement,actuarially reduced for each year early retirement benefit
commencement precedes age 55.A participant as of September 30,2011 who attains age 55 and
completes 10 or more years of service but less than 15 years of service may receive the accrued
benefit as of September 30,2011 payable without actuarial reduction plus the accrued benefit earned
after September 30, 2011 payable with actuarial reduction from normal retirement date.
Outline of Principal Provisions of the Retirement Plan
For Firefighters,Police Officers and Forensic Professionals,3.00%times Final Average Compensation
multiplied by Accrual Service, up to a maximum of 30 years.
For General Employees,3.00%times Accrual Service earned through September 30,2011 times Final
Average Compensation plus 2.50%times Accrual Service earned after September 30,2011 times Final
Average Compensation, up to a maximum of 30 years of Accrual Service.
City of Winter Springs Defined Benefit Plan 2843
Table IX
(Cont'd)
J.Death Benefit
K.Participant Contributions
L.Vested Benefit Upon Termination
Years of Service Vested Percentage
Less Than 7 0%
7 or More 100%
M.Normal Form of Payment of Retirement Income
Other Options
N.Changes Since Previous Valuation
Outline of Principal Provisions of the Retirement Plan
100%vested in required participant contributions.Participant contributions made after October 1,2000
are included in the deferred vested benefit payable at normal or early retirement date.
Upon termination of service prior to normal or early retirement date a participant shall be entitled to a
benefit payable at normal or early retirement date calculated as for normal retirement.Based upon pay
and service at date of termination multiplied by a percentage from the following table.
None.
Five percent (5%) of compensation.
Monthly benefit payable for life.
Actuarially equivalent joint and survivor at 50%, 75%, 100%; or ten (10) years certain and life.
Beneficiary entitled to a monthly benefit supported by the present value of the non-forfeitable accrued
benefit at the time of the participant's death.If death occurs after actual retirement,the beneficiary
receives whatever is payable under the form of benefit option elected.
City of Winter Springs Defined Benefit Plan 2944
Table X
A.Mortality
Firefighter, Police Officer and Forensic Professional participants:
Sample
Ages
(2019)Men Women Men Women
55 30.37 34.25 27.50 31.08
60 25.43 29.19 22.93 26.31
62 23.51 27.18 21.21 24.48
Sample
Ages
(2039)Men Women Men Women
55 32.00 35.73 29.39 32.90
60 27.00 30.63 24.70 28.04
62 25.04 28.60 22.92 26.16
General Employee participants:
Pre-retirement
Expectancy (Years)
Future Life
Pre-retirement
Expectancy (Years)Expectancy (Years)
Future Life
For healthy participants post employment,PUB-2010 Headcount Weighted General Below Median
Healthy Retiree Mortality Table,separate rates for males and females,set back 1 year for male,with fully
generational mortality improvements projected to each future decrement date with Scale MP-2018.
For healthy participants during employment,PUB-2010 Headcount Weighted General Below Median
Employee Mortality Table,separate rates for males and females,set back 1 year for male,with fully
generational mortality improvements projected to each future decrement date with Scale MP-2018.
For healthy participants post employment,PUB-2010 Headcount Weighted Safety Healthy Retiree Female
Mortality Table and Safety Below Median Healthy Retiree Male Mortality Table,both set forward 1 year,
with fully generational mortality improvements projected to each future decrement date with Scale MP-
2018.
For healthy participants during employment,PUB-2010 Headcount Weighted Safety Employee Female
Mortality Table and Safety Below Median Employee Male Mortality Table,both set forward 1 year,with
fully generational mortality improvements projected to each future decrement date with Scale MP-2018.
Used in the Valuation
Actuarial Assumptions and Actuarial Cost Methods
Post-retirement
Expectancy (Years)
Future Life
Post-retirement
For disabled participants,80%PUB-2010 Headcount Weighted General Disabled Retiree Mortality Table /
20%PUB-2010 Headcount Weighted Safety Disabled Retiree Mortality Table,separate rates for males
and females,with fully generational mortality improvements projected to each future decrement date
with Scale MP-2018.
Future Life
City of Winter Springs Defined Benefit Plan 3045
Table X
(Cont'd)
A.Mortality (cont'd)
Sample
Ages
(2019)Male Female Male Female
55 32.50 34.95 28.53 32.29
60 27.66 29.93 24.46 27.77
62 25.78 27.96 22.85 25.95
Sample
Ages
(2039)Male Female Male Female
55 34.14 36.43 30.54 34.06
60 29.22 31.36 26.31 29.42
62 27.29 29.36 24.63 27.55
B.Investment Return
C.Allowances for Expenses or Contingencies
D.Salary Increase Factors
General Firefighters and
Service Employees Police Officers
Less than 5 years 4.50%4.50%
5 - 14 years 3.25%3.25%
15 - 20 years 3.00%3.25%
20+ years 3.00%3.00%
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
Expectancy (Years)
Future Life
Post-retirement
Expectancy (Years)
Future Life
Pre-retirement
Prior year's actual administrative expenses are included in normal cost.
Current salary is assumed to increase at a rate based on the table below per year until retirement -includes
assumed wage inflation of 3.0%.
Forensic Professionals,
For disabled participants,PUB-2010 Headcount Weighted General Disabled Retiree Mortality Table,separate
rates for males and females,both set forward 3 years,with fully generational mortality improvements
projected to each future decrement date with Scale MP-2018.
Expectancy (Years)
Future Life
Pre-retirement
Expectancy (Years)
Future Life
Post-retirement
7.50%, compounded annually, net of investment expenses - includes assumed inflation of 2.75%.
City of Winter Springs Defined Benefit Plan 3146
Table X
(Cont'd)
E.Employee Withdrawal Rates
Service Male Female Male Female
Less than 5 years 20.5%15.5%13.5%4.0%
5 - 9 years 8.0%12.0%9.0%4.0%
10+ years 4.5%5.0%4.5%4.0%
F.Disability Rates
1.
General All Other
Age Employees Employees
< 40 0.001%0.005%
45 0.001%0.050%
50 0.002%0.050%
55 0.005%0.090%
60 0.006%0.090%
65 0.001%0.090%
2.
General All Other
Age Employees Employees
20 0.00%0.02%
25 0.01%0.02%
30 0.01%0.04%
35 0.01%0.04%
40 0.02%0.04%
45 0.04%0.04%
50 0.08%0.07%
55 0.16%0.07%
60 0.21%0.07%
65 0.04%0.07%
Non-duty disability rates for General Employees,Forensic Professionals,Firefighters and Police Officers
were used in accordance with the following illustrative example.
The disability assumptions are the disability assumptions used in the July 1, 2019 FRS Actuarial Valuation.
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
Line-of-duty disability rates for General Employees,Forensic Professionals,Firefighters and Police
Officers were used in accordance with the following illustrative example.
General
Employees
Forensic Professionals,
Firefighters and Police Officers
Withdrawal rates were used in accordance with the following illustrative example.
City of Winter Springs Defined Benefit Plan 3247
Table X
(Cont'd)
G.Assumed Retirement Age
Retirement rates were used in accordance with the following tables.
1.For Forensic Professionals, Police Officers and Firefighters:
Age 0 - 9 10 - 14 15 - 24 25 - 29 30 or more
Under 55 0.0%0.0%0.0%3.5%40.0%
55 0.0%5.0%25.0%70.0%80.0%
56 - 64 0.0%5.0%7.5%7.5%10.0%
65 and above 100.0%100.0%100.0%100.0%100.0%
2.For General Employees:
Age 0 - 14 15 - 24 25 or more
Under 55 0%0%0%
55 - 64 4%18%12%
65 and above 100%100%100%
H.Marital Assumptions
1.
2.
I.Interest on Future Participant Contributions
3.75%, compounded annually.
J.Asset Valuation Method
The method used for determining the smoothed value of assets phases in the deviation between the expected
and actual return on assets at the rate of 20%per year.The smoothed value of assets will be further adjusted
to the extent necessary to fall within the corridor whose lower limit is 80%of the fair market value of Plan
assets and whose upper limit is 120%of the fair market value of Plan assets -adjusted for equation of balance
October 1, 2010.
100% of active members are assumed to be married.
Females are assumed to be three (3) years younger than their male spouses.
Years of Service
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
Years of Service
City of Winter Springs Defined Benefit Plan 3348
Table X
(Cont'd)
K.Cost Method
L.Changes Since Previous Valuation
1.Mortality was:
Firefighter, Police Officer and Forensic Professional participants:
Sample
Ages
(2019)Men Women Men Women
55 29.96 32.70 29.45 32.50
60 25.08 27.66 24.87 27.51
62 23.21 25.69 23.09 25.59
Sample
Ages
(2039)Men Women Men Women
55 32.17 34.63 31.68 34.46
60 27.32 29.58 27.14 29.45
62 25.45 27.60 25.34 27.51
For healthy participants post employment,RP 2000 Annuitant Mortality Tables,separate rates for males
and females,with 90%Blue Collar Adjustment /10%White Collar Adjustment and fully generational
mortality improvements projected to each future decrement date with Scale BB.
For disabled male participants,60%RP 2000 Disabled Male Mortality Table setback four years /40%RP
2000 Annuitant Male Mortality Table with White Collar Adjustment with no setback,without projected
mortality improvements.For disabled female participants,60%RP 2000 Disabled Female Mortality Table
set forward two years /40%RP 2000 Annuitant Female Mortality Table with White Collar Adjustment
with no setback, without projected mortality improvements.
For healthy participants during employment,RP 2000 Combined Healthy Participant Mortality Tables,
separate rates for males and females,with 90%Blue Collar Adjustment /10%White Collar Adjustment
and fully generational mortality improvements projected to each future decrement date with Scale BB.
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
Under this method the normal cost for each active employee is the amount which is calculated to be a level
percentage of pay that would be required annually from his entry age to his assumed retirement age to fund
his estimated benefits,assuming the Plan had always been in effect.The normal cost for the Plan is the sum
of such amounts for all employees.The actuarial accrued liability as of any valuation date for each active
employee or inactive employee who is eligible to receive benefits under the Plan is the excess of the actuarial
present value of estimated future benefits over the actuarial present value of current and future normal
costs.The unfunded actuarial accrued liability as of any valuation date is the excess of the actuarial accrued
liability over the assets of the Plan.
Normal Retirement, Termination, Disability, and Death Benefits: Entry Age Normal Cost Method
Pre-retirement Post-retirement
Future Life Future Life
Expectancy (Years)Expectancy (Years)
Pre-retirement Post-retirement
Future Life Future Life
Expectancy (Years)Expectancy (Years)
City of Winter Springs Defined Benefit Plan 3449
Table X
(Cont'd)
L.Changes Since Previous Valuation (cont'd)
1.Mortality was (cont'd):
General Employee participants:
Sample
Ages
(2019)Male Female Male Female
55 30.64 33.66 30.21 33.44
60 25.71 28.64 25.55 28.54
62 23.81 26.68 23.71 26.62
Sample
Ages
(2039)Male Female Male Female
55 32.78 35.50 32.37 35.30
60 27.88 30.47 27.74 30.38
62 25.97 28.49 25.89 28.44
2.Investment Return was:
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
Expectancy (Years)Expectancy (Years)
Expectancy (Years)
For healthy male participants during employment,RP 2000 Combined Male Healthy Participant Mortality
Table,with 50%White Collar /50%Blue Collar Adjustment and fully generational mortality
improvements projected to each future decrement date with Scale BB.For healthy female participants
during employment,RP 2000 Combined Female Healthy Participant Mortality Table,with White Collar
Adjustment and fully generational mortality improvements projected to each future decrement date
with Scale BB.
For healthy male participants post employment,RP 2000 Annuitant Male Mortality Table,with 50%
White Collar /50%Blue Collar Adjustment and fully generational mortality improvements projected to
each future decrement date with Scale BB.For healthy female participants post employment,RP 2000
Annuitant Female Mortality Table,with White Collar Adjustment and fully generational mortality
improvements projected to each future decrement date with Scale BB.
For disabled male participants,RP 2000 Disabled Male Mortality Table,set back four years,without
projected mortality improvements.For disabled female participants,RP 2000 Disabled Female Mortality
Table, set forward two years, without projected mortality improvements.
Pre-retirement Post-retirement
Future Life Future Life
7.75%, compounded annually, net of investment expenses - includes assumed inflation of 2.75%.
Pre-retirement Post-retirement
Future Life Future Life
Expectancy (Years)
City of Winter Springs Defined Benefit Plan 3550
Table X
(Cont'd)
L.Changes Since Previous Valuation (cont'd)
3.Disability Rates were:
a.
Age Male Female
20 0.000%0.000%
25 0.001%0.001%
30 0.001%0.001%
35 0.001%0.001%
40 0.001%0.001%
45 0.004%0.001%
50 0.006%0.006%
55 0.006%0.006%
60 0.010%0.013%
65 0.010%0.010%
b.
Age Male Female
20 0.00%0.00%
25 0.01%0.01%
30 0.01%0.01%
35 0.02%0.01%
40 0.02%0.02%
45 0.08%0.06%
50 0.16%0.10%
55 0.25%0.16%
60 0.30%0.26%
65 0.10%0.08%
Line-of-duty disability rates for General Employees were used in accordance with the following
illustrative example.
Non-duty disability rates for General Employees were used in accordance with the following illustrative
example.
The disability assumptions were the disability assumptions used in the July 1, 2018 FRS Actuarial Valuation.
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
City of Winter Springs Defined Benefit Plan 3651
Table X
(Cont'd)
L.Changes Since Previous Valuation (cont'd)
3.Disability Rates were: (cont'd)
c.
Age Male Female
20 0.010%0.000%
25 0.010%0.004%
30 0.010%0.004%
35 0.010%0.004%
40 0.020%0.040%
45 0.060%0.040%
50 0.140%0.050%
55 0.100%0.080%
60 0.140%0.150%
65 0.260%0.150%
d.
Age Male Female
20 0.02%0.00%
25 0.02%0.02%
30 0.03%0.02%
35 0.03%0.03%
40 0.03%0.03%
45 0.03%0.06%
50 0.08%0.11%
55 0.05%0.11%
60 0.05%0.11%
65 0.05%0.11%
The disability assumptions were the disability assumptions used in the July 1, 2018 FRS Actuarial Valuation.
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
Line-of-duty disability rates for Forensic Professionals,Firefighters and Police Officers were used in accordance
with the following illustrative example.
Non-duty disability rates for Forensic Professionals,Firefighters and Police Officers were used in accordance with
the following illustrative example.
City of Winter Springs Defined Benefit Plan 3752
Table XI
Attained
Age Group 0 - 4 5 - 9 10 - 14 15 - 19 20 - 24 25 - 29 30 & Over Total
Under 25 -------0
25 - 29 -------0
30 - 34 -------0
35 - 39 -------0
40 - 44 -------0
45 - 49 -------0
50 - 54 -------0
55 - 59 ----1 1 1 3
60 - 64 -------0
65 & Over -------0
TOTAL 0 0 0 0 1 1 1 3
10/01/2018 10/01/2019Average Attained Age 55.34 years 58.16 yearsAverage Hire Age 27.34 years 30.49 yearsAverage Pay 82,710$ 89,443$
Percent Female 0.0%0.0%
and Service Groups as of October 1, 2019
---------------------------------------------COMPLETED YEARS OF SERVICE---------------------------------------------
Distribution by Attained Age Groups
Firefighters
City of Winter Springs Defined Benefit Plan 3853
Table XI
(Cont'd)
Attained
Age Group 0 - 4 5 - 9 10 - 14 15 - 19 20 - 24 25 - 29 30 & Over Total
Under 25 -------0
25 - 29 -------0
30 - 34 -1 1 ----2
35 - 39 --1 1 ---2
40 - 44 --3 3 3 --9
45 - 49 -----1 -1
50 - 54 ---1 1 --2
55 - 59 -1 2 2 --1 6
60 - 64 -1 1 1 1 2 -6
65 & Over -------0
TOTAL 0 3 8 8 5 3 1 28
10/01/2018 10/01/2019
Average Attained Age 49.17 years 50.12 years
Average Hire Age 32.53 years 32.76 years
Average Pay 52,428$ 55,464$
Percent Female 25.0%32.1%
---------------------------------------------COMPLETED YEARS OF SERVICE---------------------------------------------
Distribution by Attained Age Groups
and Service Groups as of October 1, 2019
General Employees
City of Winter Springs Defined Benefit Plan 3954
Table XI
(Cont'd)
Attained
Age Group 0 - 4 5 - 9 10 - 14 15 - 19 20 - 24 25 - 29 30 & Over Total
Under 25 2 ------2
25 - 29 5 ------5
30 - 34 4 1 2 ----7
35 - 39 --3 1 ---4
40 - 44 1 1 -3 1 --6
45 - 49 --1 -3 1 -5
50 - 54 ---3 2 1 1 7
55 - 59 -1 -2 ---3
60 - 64 --1 ----1
65 & Over -------0
TOTAL 12 3 7 9 6 2 1 40
10/01/2018 10/01/2019
Average Attained Age 43.05 years 41.07 years
Average Hire Age 29.66 years 28.54 years
Average Pay 60,583$ 60,240$
Percent Female 19.5%17.5%
and Service Groups as of October 1, 2019
---------------------------------------------COMPLETED YEARS OF SERVICE---------------------------------------------
Distribution by Attained Age Groups
Police Officers
City of Winter Springs Defined Benefit Plan 4055
Table XI
(Cont'd)
Attained
Age Group 0 - 4 5 - 9 10 - 14 15 - 19 20 - 24 25 - 29 30 & Over Total
Under 25 -------0
25 - 29 -------0
30 - 34 1 ------1
35 - 39 -------0
40 - 44 ----1 --1
45 - 49 -------0
50 - 54 -------0
55 - 59 -------0
60 - 64 -------0
65 & Over -------0
TOTAL 1 0 0 0 1 0 0 2
10/01/2018 10/01/2019
Average Attained Age 35.71 years 36.71 years
Average Hire Age 23.71 years 23.71 years
Average Pay 45,917$ 47,196$
Percent Female 100.0%100.0%
---------------------------------------------COMPLETED YEARS OF SERVICE---------------------------------------------
Distribution by Attained Age Groups
and Service Groups as of October 1, 2019
Forensic Professionals
City of Winter Springs Defined Benefit Plan 4156
Table XI
(Cont'd)
Attained
Age Group 0 - 4 5 - 9 10 - 14 15 - 19 20 - 24 25 - 29 30 & Over Total
Under 25 2 ------2
25 - 29 5 ------5
30 - 34 5 2 3 ----10
35 - 39 --4 2 ---6
40 - 44 1 1 3 6 5 --16
45 - 49 --1 -3 2 -6
50 - 54 ---4 3 1 1 9
55 - 59 -2 2 4 1 1 2 12
60 - 64 -1 2 1 1 2 -7
65 & Over -------0
TOTAL 13 6 15 17 13 6 3 73
10/01/2018 10/01/2019
Average Attained Age 46.44 years 45.12 years
Average Hire Age 30.53 years 30.10 years
Average Pay 58,629$ 59,251$
Percent Female 22.1%24.7%
and Service Groups as of October 1, 2019
---------------------------------------------COMPLETED YEARS OF SERVICE---------------------------------------------
Distribution by Attained Age Groups
All Members
City of Winter Springs Defined Benefit Plan 4257
Table XII
A.Entitled to Deferred Benefits
Current Age Total Average
Group Count Annual Benefit Annual Benefit
Less than 40 30 181,605$ 6,054$
40 - 44 22 256,401 11,655
45 - 49 45 565,641 12,570
50 - 54 27 517,620 19,171
55 -59 25 152,312 6,092
60 - 64 10 64,038 6,404
65 - 69 3 9,896 3,299
70 - 74 4 8,806 2,202
75 & Over 1 2,234 2,234
TOTAL 167 1,758,553$ 10,530$
B.Receiving Benefits
Current Age Total Average
Group Count Annual Benefit Annual Benefit
Less than 50 2 18,664$ 9,332$
50 - 54 2 41,560 20,780
55 - 59 28 1,007,074 35,967
60 - 64 28 1,161,540 41,484
65 - 69 23 570,812 24,818
70 - 74 23 443,595 19,287
75 - 79 13 260,450 20,035
80 - 84 4 65,050 16,263
85 & Over 2 11,912 5,956
TOTAL 125 3,580,657$ 28,645$
Statistics for Participants Entitled to Deferred Benefits
and Participants Receiving Benefits
City of Winter Springs Defined Benefit Plan 4358
Table XIII
A.Active Participants
1.Active participants previous year 86
2.Retired during year (7)
3.Died during year 0
4.Disabled during year 0
5.Terminated non-vested during year (1)
6.Terminated vested during year (9)
7.New active participants 4
8.Out on military leave 0
9.Rehired during year 0
10.Transferred to DC Plan 0
11.Active participants current year 73
B.Participants Receiving Benefits
1.Participants receiving benefits previous year 114
2.New retired participants 7
3.New DRO recipient 0
4.New terminated vested receiving benefits 6
5.New beneficiaries receiving benefits 1
6.Died or ceased payment during year (3)
7.Retired or terminated vested receiving benefits current year 125
C.Terminated Vested Participants Entitled to Future Benefits
1.Terminated vested entitled previous year 164
2.Died during year 0
3.Commenced receiving benefits during year (6)
4.New terminated vested 9
5.Terminated vested refunded employee contributions 0
6.Rehired 0
7.Terminated vested entitled current year 167
Reconciliation of Employee Data
City of Winter Springs Defined Benefit Plan 4459
Table XIV
Projected Total
Fiscal Year Ending Annual Payout
2020 3,826,450$
2021 4,050,541$
2022 4,337,316$
2023 4,638,079$
2024 4,744,017$
2025 4,929,869$
2026 5,131,011$
2027 5,327,755$
2028 5,456,622$
2029 5,650,334$
Projected Retirement Benefits
The above projected payout of Plan benefits during the next ten years is based on assumptions involving all
decrements.Actual payouts may differ from the above estimates depending upon the death,salary and
retirement experience of the Plan.However,since the projected payment is recomputed each valuation date,
there is an automatic correction to the extent that actual experience varies from expected experience.
City of Winter Springs Defined Benefit Plan 4560
Table XV
Year Benefits Administrative Employee City / County Smoothed
Ending Paid 2 Expenses Contributions Contributions 3 Value
09/30/2019 3,276,412$ 69,023$ 265,688$ 2,924,706$ 54,759,146$
09/30/2018 2,935,206 64,770 460,745 2,635,968 50,899,575
09/30/2017 2,679,408 55,697 342,209 2,605,753 46,396,570
09/30/2016 2,450,972 28,208 479,257 2,586,936 42,001,072
09/30/2015 2,202,769 11,937 358,106 2,392,948 37,570,287
09/30/2014 1,974,208 159,424 369,500 2,527,508 33,841,977
09/30/2013 1,732,845 177,541 396,374 2,258,798 29,908,683
09/30/2012 1,606,752 309,874 418,635 1,824,431 26,852,721
09/30/2011 1,165,350 196,423 287,090 2,616,924 25,932,292
09/30/2010 886,521 178,530 284,866 2,311,058 23,887,446
09/30/2009 617,274 116,982 306,420 1,781,197 20,788,655
09/30/2008 384,482 70,423 365,288 1,663,951 18,746,975
09/30/2007 233,953 123,197 N/A 1,843,147 15,526,572
09/30/2006 171,697 84,340 N/A 1,505,020 11,951,383
09/30/2005 N/A N/A N/A 1,260,627 9,716,089
09/30/2004 140,509 62,225 N/A 1,013,379 8,134,588
09/30/2003 138,353 47,477 N/A 903,748 7,279,048
1 Information prior to September 30, 2008 as reported by prior actuary.
2 Includes refunds.
3 Values prior to September 30, 2008 include Employee Contributions.
Summary of Transaction Information 1
City of Winter Springs Defined Benefit Plan 4661
Table XV
(Cont'd)
General & Forensic Police & Fire
Valuation Net Market Net Smoothed Assumed Rate
Date Actual Assumed Actual Assumed Value Yield Value Yield of Return
10/01/2019 8.5%3.2%4.5%3.3%3.9 0.9 2.69%7.90%7.75%
10/01/2018 4.7%3.1%5.9%3.2%2.6 2.0 10.89%9.49%7.75%
10/01/2017 3.9%4.0%4.0%4.6%1.7 6.6 13.9%9.9%8.0%
10/01/2016 2.4%4.2%5.6%4.8%1.8 5.5 10.8%10.2%8.0%
10/01/2015 3.2%4.4%3.8%4.8%1.9 1.4 0.0%9.4%8.0%
10/01/2014 2.5%4.7%1.8%4.9%1.2 2.3 11.9%10.5%8.0%
10/01/2013 0.7%4.7%0.7%4.9%1.4 2.4 16.0%8.5%8.0%
10/01/2012 (2.4%)4.8%(6.5%)5.0%2.4 2.4 19.5%2.3%8.0%
10/01/2011 4.9%4.8%3.5%5.2%1.9 2.4 (1.0%)2.0%8.0%
10/01/2010 0.9%5.0%2.8%5.3%1.2 1.7 12.0%7.3%8.0%
Last 3 Years 5.7%3.4%4.8%3.7%2.6 2.3 9.1%9.1%7.8%
Last 5 Years 4.5%3.8%4.8%4.1%2.3 2.5 7.5%9.4%7.9%
Last 10 Years 2.9%4.3%2.6%4.6%1.9 2.3 9.5%7.7%7.9%
% Increase / (Decrease)
Police & Fire
to Expected
Ratio of Actual
Termination
General & Forensic
Recent Compensation, Termination and Investment Return Experience
Investment ReturnCompensation
City of Winter Springs Defined Benefit Plan 4762
Table XVI
Prior Current
Assumptions Assumptions
10/01/2018 10/01/2019 10/01/2019
A.Participant Data
1.Active participants 86 73 73
2.Retired participants and beneficiaries
receiving benefits 114 125 125
3.Disabled participants receiving benefits 0 0 0
4.Terminated vested participants 164 167 167
5.Annual payroll of active participants 5,042,067$ 4,325,321$ 4,325,321$
6.Annual benefits payable to those currently
receiving benefits 3,074,399$ 3,580,657$ 3,580,657$
B.Value of Assets
1.Smoothed Value 50,899,575$ 54,759,146$ 54,759,146$
2.Market Value 53,431,514$ 54,713,697$ 54,713,697$
C.Liabilities
1.Actuarial present value of future expected
benefit payments for active members
a.Retirement benefits 20,093,335$ 15,428,210$ 15,880,274$
b.Vesting benefits 1,654,020 1,436,853 1,491,393
c.Death benefits 538,603 455,720 318,959
d.Disability benefits 205,816 173,974 149,343
e.Total 22,491,774$ 17,494,757$ 17,839,969$
2.Actuarial present value of future expected benefit
payments for terminated vested members 9,470,263$ 10,852,121$ 10,987,664$
3.Actuarial present value of future expected benefit
payments for members currently receiving benefits
a.Service retired 30,477,660$ 36,186,893$ 36,340,974$
b.Disability retired 0 0 0
c.Beneficiaries 1,995,122 1,972,580 1,977,579
d.Miscellaneous (Refunds in Process)100,929 104,893 104,893
e.Total 32,573,711$ 38,264,366$ 38,423,446$
State Required Exhibit
Actuarial Valuation as of October 1, 2019
City of Winter Springs Defined Benefit Plan 4863
Table XVI
(Cont'd)
Prior Current
Assumptions Assumptions
10/01/2018 10/01/2019 10/01/2019
4.Total actuarial present value of future
expected benefit payments 64,535,748$ 66,611,244$ 67,251,079$
5.Actuarial accrued liabilities 61,721,486$ 64,180,026$ 64,659,208$
6.Unfunded actuarial accrued liabilities 10,821,911$ 9,420,880$ 9,900,062$
D.Statement of Accumulated Plan Benefits
1.Actuarial present value of accumulated vested
benefits
a.Participants currently receiving benefits 32,472,782$ 38,159,473$ 38,318,553$
b.Other participants 25,033,747 22,014,253 22,281,079
c.Total 57,506,529$ 60,173,726$ 60,599,632$
2.Actuarial present value of accumulated non-
vested plan benefits 423,711 267,777 274,181
3.Total actuarial present value of accumulated
plan benefits 57,930,240$ 60,441,503$ 60,873,813$
E.Pension Cost
1.Total normal cost 537,506$ 452,933$ 470,973$
2.Payment required to amortize unfunded liability 1,032,209 911,231 934,804
3.Interest adjustment 71,513 62,175 62,121
4.Total required contribution 1,641,228$ 1,426,339$ 1,467,898$
5.Item 4 as a percentage of base payroll 32.6%33.0%33.9%
6.Estimated employee contributions 252,103$ 216,266$ 216,266$
7.Item 6 as a percentage of base payroll 5.0%5.0%5.0%
8.Net amount payable by County and City 1,389,125$ 1,210,073$ 1,251,632$
9.Item 8 as a percentage of base payroll 27.6%28.0%28.9%
Actuarial Valuation as of October 1, 2019
State Required Exhibit
City of Winter Springs Defined Benefit Plan 4964
Table XVI
(Cont'd)
Prior Current
Assumptions Assumptions
10/01/2018 10/01/2019 10/01/2019
F.Past Contributions
1.Total contribution required (previous valuation)1,750,186$ 1,641,228$ 1,641,228$
2.Actual contributions made:
a.Members 265,688$ N/A N/A
b.City and County 2,924,706 N/A N/A
c.Total 3,190,394$ N/A N/A
G.Disclosure of Following Items:
1.Actuarial present value of future salaries
- attained age 32,407,751$ 29,261,231$ 29,745,186$
2.Actuarial present value of future employee
contributions - attained age 1,620,388$ 1,463,061$ 1,487,259$
3.Actuarial present value of future contributions
from other sources N/A N/A N/A
4.Amount of active members' accumulated
contributions 2,548,169$ 2,168,580$ 2,168,580$
5.Actuarial present value of future salaries and
future benefits at entry age N/A N/A N/A
6.Actuarial present value of future employee
contributions at entry age N/A N/A N/A
State Required Exhibit
Actuarial Valuation as of October 1, 2019
City of Winter Springs Defined Benefit Plan 5065
Table XVI
(Cont'd)
Prior Current
Current Assumptions Assumptions Remaining
Unfunded Amortization Amortization Funding
Unfunded Actuarial Accrued Liabilities Liabilities Payment Payment Period
10/01/2000 Initial 862,693$ 110,795$ 109,700$ 11 years
10/01/2002 Assumption Change (12,401) (1,436) (1,420) 13 years
10/01/2003 Plan Amendment 82,020 9,100 8,988 14 years
10/01/2004 Plan Amendment 129,231 13,799 13,619 15 years
10/01/2005 Plan Amendment 276,894 28,570 28,177 16 years
10/01/2006 Plan Amendment 327,992 32,817 32,342 17 years
10/01/2007 Plan Amendment 344,454 33,521 33,013 18 years
10/01/2008 Plan Amendment and Assumption Change 1,582,153 150,157 147,782 19 years
10/01/2008 Method Change 3,536,347 335,623 330,314 19 years
10/01/2009 Actuarial Loss / (Gain)1,543,215 143,171 140,816 20 years
10/01/2010 Actuarial Loss / (Gain)(290,534) (26,404) (25,953) 21 years
10/01/2010 Plan Amendment (1,684,444) (153,082) (150,471) 21 years
10/01/2011 Actuarial Loss / (Gain)1,872,634 167,019 164,072 22 years
10/01/2012 Actuarial Loss / (Gain)641,593 56,252 55,228 23 years
10/01/2013 Actuarial Loss / (Gain)(506,640) (43,731) (42,911) 24 years
10/01/2014 Actuarial Loss / (Gain)(546,052) (46,465) (45,569) 25 years
10/01/2014 Assumption Change 5,129 436 428 25 years
10/01/2015 Actuarial Loss / (Gain)(221,670) (18,617) (18,249) 26 years
10/01/2016 Actuarial Loss / (Gain)(1,073,860) (89,115) (87,309) 27 years
10/01/2016 Assumption Change 372,219 30,889 30,263 27 years
10/01/2017 Actuarial Loss / (Gain)(544,469) (44,689) (43,763) 28 years
10/01/2017 Assumption Change 1,972,884 161,929 158,574 28 years
10/01/2018 Actuarial Loss / (Gain)260,705 21,183 20,735 29 years
10/01/2019 Actuarial Loss / (Gain)490,787 39,509 38,656 30 years
10/01/2019 Assumption Change 479,182 N/A 37,742 30 years
TOTAL 9,900,062$ 911,231$ 934,804$
Shelly L. Jones, A.S.A., E.A.Jennifer M. Borregard, E.A.
Enrollment Number: 17-08646 Enrollment Number: 17-07624
Dated: February 26, 2020
State Required Exhibit
This Actuarial Valuation and/or cost determination was prepared and completed by us or under our direct supervision,and we acknowledge
responsibility for the results.To the best of our knowledge,the results are complete and accurate,and in our opinion,the techniques and
assumptions used are reasonable and meet the requirements and intent of Part VII,Chapter 112,Florida Statutes.There is no benefit or
expense to be provided by the Plan and/or paid from the Plan's assets for which liabilities or current costs have not been established or
other wise provided for in the valuation.All known events or trends which may require material increase in Plan costs or required
contribution rates have been taken into account in the valuation.
Amortization balances are written down in proportion to amortization payments.
City of Winter Springs Defined Benefit Plan 5166
Table XVII
Glossary
Actuarial Accrued Liability.The difference between the Actuarial Present Value of Future Benefits,and the
Actuarial Present Value of Future Normal Costs.
Actuarial Assumptions.Assumptions about future plan experience that affect costs or liabilities,such as:
mortality,withdrawal,disablement,and retirement;future increases in salary;future rates of investment
earnings;future investment and administrative expenses;characteristics of members not specified in the
data,such as marital status;characteristics of future members;future elections made by members and
other items.
Actuarial Cost Method.Actuarial Cost Method A procedure for allocating the Actuarial Present Value of
Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued
Liability.
Actuarial Equivalent.Of equal Actuarial Present Value,determined as of a given date and based on a given
set of Actuarial Assumptions.
Actuarial Present Value of Future Benefits.The Actuarial Present Value of amounts which are expected to
be paid at various future times to active members,retired members,beneficiaries receiving benefits and
inactive,non-retired members entitled to either a refund or a future retirement benefit.Expressed another
way,it is the value that would have to be invested on the valuation date so that the amount invested plus
investment earnings would provide sufficient assets to pay all projected benefits and expenses when due.
Actuarial Valuation.The determination,as of a valuation date,of the Normal Cost,Actuarial Accrued
Liability,Actuarial Value of Assets,and related Actuarial Present Values for a plan.An Actuarial Valuation
for a governmental retirement system typically also includes calculations of items needed for compliance
with GASB No. 67.
Actuarial Value of Assets.The value of the assets as of a given date,used by the actuary for valuation
purposes.This may be the market or fair value of plan assets or a smoothed value in order to reduce the
year-to-year volatility of calculated results,such as the funded ratio and the actuarially required
contribution.
Amortization Method.A method for determining the Amortization Payment.The most common methods
used are level dollar and level percentage of payroll.Under the Level Dollar method,the Amortization
Payment is one of a stream of payments,all equal,whose Actuarial Present Value is equal to the UAAL.
Under the Level Percentage of Pay method,the Amortization Payment is one of a stream of increasing
payments,whose Actuarial Present Value is equal to the UAAL.Under the Level Percentage of Pay method,
the stream of payments increases at the rate at which total covered payroll of all active members is
assumed to increase.
City of Winter Springs Defined Benefit Plan 5267
Table XVII
(Cont'd)
Glossary
Amortization Payment.That portion of the plan contribution which is designed to pay interest on
and to amortize the Unfunded Actuarial Accrued Liability.
Amortization Period. The period used in calculating the Amortization Payment.
Annual Required Contribution.The employer’s periodic required contributions,expressed as a dollar
amount or a percentage of covered plan compensation.The annual required contribution consists of
the Employer Normal Cost and Amortization Payment plus interest adjustment.
Closed Amortization Period.A specific number of years that is reduced by one each year,and
declines to zero with the passage of time.For example if the amortization period is initially set at 30
years, it is 29 years at the end of one year, 28 years at the end of two years, etc.
Employer Normal Cost.The portion of the Normal Cost to be paid by the employer.This is equal to
the Normal Cost less expected member contributions.
Equivalent Single Amortization Period.For plans that do not establish separate amortization bases
(separate components of the UAAL),this is the same as the Amortization Period.For plans that do
establish separate amortization bases,this is the period over which the UAAL would be amortized if
all amortization bases were combined upon the current UAAL payment.
Experience Gain/Loss.A measure of the difference between actual experience and that expected
based upon a set of Actuarial Assumptions,during the period between two actuarial valuations.To
the extent that actual experience differs from that assumed,Unfunded Actuarial Accrued Liabilities
emerge which may be larger or smaller than projected.Gains are due to favorable experience,e.g.,
the assets earn more than projected,salaries do not increase as fast as assumed,members retire later
than assumed,etc.Favorable experience means actual results produce actuarial liabilities not as large
as projected by the actuarial assumptions.Losses are the result of unfavorable experience,i.e.,actual
results that produce Unfunded Actuarial Accrued Liabilities which are larger than projected.
Funded Ratio. The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability.
GASB. Governmental Accounting Standards Board.
City of Winter Springs Defined Benefit Plan 5368
Table XVII
(Cont'd)
Glossary
GASB No.67 and GASB No.68.These are the governmental accounting standards that set the
accounting rules for public retirement plans and the employers that sponsor or contribute to them.
Statement No.67 sets the accounting rules for the plans themselves,while Statement No.68 sets the
accounting rules for the employers that sponsor or contribute to public retirement plans.
Normal Cost. The annual cost assigned, under the Actuarial Cost Method, to the current plan year.
Open Amortization Period.An open amortization period is one which is used to determine the
Amortization Payment but which does not change over time.In other words,if the initial period is set
as 30 years,the same 30-year period is used in determining the Amortization Period each year.In
theory,if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability,
the UAAL will never completely disappear,but will become smaller each year,either as a dollar
amount or in relation to covered payroll.
Unfunded Actuarial Accrued Liability.The difference between the Actuarial Accrued Liability and
Actuarial Value of Assets.
Valuation Date.The date as of which the Actuarial Present Value of Future Benefits are determined.
The benefits expected to be paid in the future are discounted to this date.
City of Winter Springs Defined Benefit Plan 5469
<CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="09/30/2020" Interval="3" Description="Quarterly Report" />
Investment Performance Review
Period Ending September 30, 2020
Winter Springs General
Employees Plan and Trust
70
3rd Quarter 2020 Market EnvironmentPage 171
Source: Investment MetricsThe Market EnvironmentMajor Market Index PerformanceAs of September 30, 2020Broad asset class returns were positive in the 3rd quarter continuing theirrebound from the 2nd quarter. In general, US monetary policy remainssupportive as the Federal Reserve Bank (Fed) continues to hold interest ratesnear zero with the goal of providing the markets with liquidity. Importantly, theFed indicated that interest rates in the US would remain low for an extendedperiod as GDP growth and business activity remains subdued as the COVID-19 pandemic lingers. The Fed also commented that it was comfortableallowing inflation to exceed its 2% target in the near-term with the goal ofaveraging its target over the long-term. The final reading of US GDP growth inthe 2nd quarter showed the economy contracted by -31.4%. Whileexpectations for growth in the 3rd quarter vary widely, the general outlook isfor a strong positive reading. Within domestic equity markets, we saw areversal during the quarter with large cap stocks outperforming small capstocks with the S&P 500 returning 8.9% compared to 4.9% for the Russell2000 Index. Over the trailing 1-year period, large cap stocks significantlyoutperformed both small and mid-cap stocks with the S&P 500 returning15.1% while small and mid-cap stocks returned 0.4% and 4.6%, respectively.Similar to US markets, international markets posted strong returns for theperiod despite concerns about a potential “second wave” of the pandemicflowing through Europe. While neither the European Central Bank nor theBank of England changed their policies, global central banks remainaccommodative and prepared to provide additional support if required.International investors also benefited from a weakening USD which declinedagainst most major currencies during the period. Emerging market economiescontinued to outperform relative to developed markets during the period withChina showing signs of improvement. For the quarter, the MSCI EmergingMarket Index returned 9.6% compared to 4.8% for the MSCI EAFE Index.Following the strong quarter, both developed and emerging market indicesturned positive over the 1-year trailing period with the developed market indexreturning 0.5% and the emerging market index returning 10.5%.Fixed income returns were mixed during the 3rd quarter as interest ratesremained relatively stable. For the quarter, the BB US Aggregate Indexreturned 0.6% while the BB Corporate Investment Grade Index returned 1.5%.TIPS were an area of strength during the quarter, benefiting from higherinflation expectations. For the trailing 1-year period, fixed income returns weresolid with the BB US Aggregate Index returning 7.0%, while corporate bondsreturned 7.9%. TIPS outperformed nominal bonds by posting a respectable10.1% return over the trailing 1-year period as investors’ inflation expectationsrose.1.1%7.9%4.4%10.1%8.0%7.0%0.4%4.6%16.0%15.0%15.1%10.5%0.5%3.0%0.0% 5.0% 10.0% 15.0% 20.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUS1-Year Performance0.0%1.5%0.1%3.0%0.2%0.6%4.9%7.5%9.5%9.2%8.9%9.6%4.8%6.3%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUSQuarter PerformancePage 272
Source: Investment MetricsThe Market EnvironmentDomestic Equity Style Index PerformanceAs of September 30, 2020Continuing their recent trend, US equitiesposted their second straight quarterof positive returns across the style and market capitalization spectrum. Duringthe quarter, large cap stocks resumed their leadership, outpacing both mid andsmall-cap stocks as investors gravitated toward large companies for theirrelatively attractive profitability profile, lower leverage, and diversified businessmodels. The Russell 1000 Index returned 9.5% compared with 7.5% and 4.9%for the Russell MidCap and Russell 2000 indices, respectively. While small capstocks have historically performed well in periods following a recession, therelative uncertainty surrounding the path of global economic growth and theupcoming US Presidential election pushed investors toward the relative safetyof large cap stocks.Growth stocks maintained their dominance relative to value-oriented stocksacross all market capitalizations for the 3rd quarter. The Russell 1000 GrowthIndex returned 13.2% and was the best performing index across style andmarket capitalization for the period. The index benefitted from favorablerelative weightings to consumer discretionary, materials and technology-related companies, which powered large cap returns during the period. Smallcap value stocks trailed their index peers during the quarter with the Russell2000 Value Index returning 2.6%. Exposures to financial-related companiesand real estate acted as a headwind as those sectors lagged during the period.When viewed over the trailing 1-year period, the performance dispersionbetween large cap and small cap stocks across styles is glaring. While some ofthe difference in relative performance between market capitalizations can beattributed to the drawdown experienced during the 1st quarter, large capstocks have benefited from investors favoring companies with healthierfinancial profiles that can weather a protracted period of weak growth due tothe pandemic. Additionally, the sector weights within the respective indices anda tilt towards growth-oriented, higher P/E companies in large caps has actedas a tailwind for growth index performance.Results over the trailing 1-year reflect the continued strength of growthcompared to value benchmarks with each growth index earning double digitgains while each value index posted negative results for the period. The widestperformance gap was in the large cap space with the Russell 1000 GrowthIndex returning 37.5%, which outpacedthe large cap value benchmark bymore than 40% for the year. The dispersion between both mid and small capgrowth benchmarks was also substantial relative to their value counterpartswith each growth index outpacing its respective value benchmark by more than30% for the year.7.2%4.9%2.6%9.4%7.5%6.4%13.2%9.5%5.6%12.9%9.2%5.4%0.0% 5.0% 10.0% 15.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 ValueQuarter Performance - Russell Style Series15.7%0.4%-14.9%23.2%4.6%-7.3%37.5%16.0%-5.0%36.1%15.0%-5.7%-20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style SeriesPage 373
Ten of eleven economic sectors within the large cap Russell 1000 Index werepositive for the 3rd quarter with only the energy sector posting a negativereturn. Five sectors outpaced the return of the broad index during the period.Growth-oriented sectors such as consumer discretionary, materials andtechnology were some of the best performers for the quarter returning 19.0%,12.4%, and 12.1%, respectively. The energy sector continues to lag due toreduced consumption and the threat of bankruptcies resulting from stubbornlylow oil prices. While the sectors were positive, financials and real estate werelaggards relative to the broad index results, posting returns of 4.0% and 1.5%respectively. With the Fed indicating that interest rates will remain lower forlonger, both sectors faced headwinds due to their sensitivity to US interestrates.Over the trailing 1-year period, technology-related and consumer discretionarystocks were the best performers returning 47.8% and 37.4% respectively. Forthe full-year, five sectors exceeded the return of the broad benchmark:technology, consumer discretionary, health care, communication services, andmaterials. In contrast, traditional value sectors such as energy, financials, realestate and utilities posted returnsof -45.0%, -13.1%, -11.1%, and -6.1%,respectively, for the trailing 1-year period. This sector performance shows astaggering dispersion of more than 90%from best to worst performing sectorin the large cap benchmark.Five of eleven small cap sectors posted returns greater than the Russell 2000Index for the 3rd quarter. Similar to large cap stocks, sectors sensitive to theconsumer and improving economic conditions were the primary drivers ofreturn during the quarter. That said, only the consumer discretionary sectoroutpaced its large cap counterpart during the period, returning 19.2%compared to 19.0%.As previously noted, small cap stocks have significantly trailed large caps overthe previous 1-year period. Specifically, energy-related companies have facedsignificant headwinds due primarily to low oil prices while interest ratesensitive sectors such as financials and real estate have failed to producegains as a result of historically low US interest rates. The lone bright spot hasbeen health care stocks which outperformed their large cap equivalents bymore than 14% over the period (37.5% versus 22.9%).The Market EnvironmentGICS Sector Performance & (Sector Weight)As of September 30, 2020Source: Morningstar DirectAs a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. -6.1%-11.1%10.1%47.8%1.3%22.9%-13.1%-45.0%7.6%37.4%19.3%5.8%1.5%12.4%12.1%12.0%6.3%4.0%-19.3%10.3%19.0%9.3%-50.0% -30.0% -10.0% 10.0% 30.0% 50.0%Utilities (2.9%)Real Estate (3.3%)Materials (2.6%)Info Technology (27.7%)Industrials (8.3%)Health Care (14.3%)Financials (9.9%)Energy (2.4%)Consumer Staples (6.4%)Consumer Disc (11.8%)Comm Services (10.4%)Russell 1000Quarter1-Year-20.6%-20.5%-7.1%11.7%1.0%37.5%-23.9%-50.9%9.0%13.3%-15.6%-3.9%0.0%6.4%2.4%10.8%5.0%-2.7%-6.1%8.4%19.2%-1.3%-60.0% -40.0% -20.0% 0.0% 20.0% 40.0%Utilities (3.4%)Real Estate (6.9%)Materials (4.1%)Info Technology (14.0%)Industrials (14.9%)Health Care (20.2%)Financials (15.8%)Energy (2.2%)Consumer Staples (3.4%)Consumer Disc (12.6%)Comm Services (2.6%)Russell 2000Quarter1-YearPage 474
The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of September 30, 2020Source: Morningstar DirectTop 10 Weighted StocksTop 10 Weighted StocksRussell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorApple Inc 6.04% 27.2% 108.9% Information Technology Penn National Gaming Inc 0.59% 138.0% 290.3% Consumer DiscretionaryMicrosoft Corp 5.02% 3.6% 53.0% Information Technology Sunrun Inc 0.49%290.8% 361.4% IndustrialsAmazon.com Inc 4.25% 14.1%81.4% Consumer Discretionary Caesars Entertainment Inc 0.41% 39.9% 40.6% Consumer DiscretionaryFacebook Inc A 2.00% 15.3% 47.1% Communication Services MyoKardia Inc 0.37% 41.1% 161.4% Health CareAlphabet Inc A 1.40% 3.4% 20.0% Communication Services Novavax Inc 0.35% 30.0% 2058.4% Health CareAlphabet Inc Class C 1.39% 4.0% 20.6% Communication Services iRhythm Technologies Inc 0.35% 105.5% 221.3% Health CareBerkshire Hathaway Inc Class B 1.32% 19.3% 2.4%Financials LHC Group Inc 0.34% 21.9% 87.2% Health CareJohnson & Johnson 1.25%6.6% 18.2% Health Care Mirati Therapeutics Inc 0.33% 45.4% 113.1% Health CareProcter & Gamble Co 1.08% 17.0% 14.6% Consumer Staples Churchill Downs Inc 0.33% 23.0% 33.3% Consumer DiscretionaryVisa Inc Class A 1.08% 3.7% 17.0% Information Technology Momenta Pharmaceuticals Inc 0.33% 57.7% 304.9% Health CareTop 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorImmunomedics Inc 0.06% 139.9% 541.3% Health Care Whiting Petroleum Corp 0.00% 1430.1% 115.3% EnergyL Brands Inc 0.02% 112.5% 67.3% Consumer Discretionary Seres Therapeutics Inc 0.08% 494.7% 606.0% Health CareTesla Inc 1.01% 98.7% 790.5% Consumer Discretionary Vivint Solar Inc 0.11% 327.8% 547.6% IndustrialsNovoCure Ltd 0.04% 87.7% 48.8% Health Care Tupperware Brands Corp 0.05% 324.4% 27.0%Consumer DiscretionaryPinterest Inc 0.05% 87.2% 56.9% Communication Services Eastman Kodak Co 0.01% 295.5% 234.1% Information TechnologyLivongo Health Inc 0.02% 86.3% 703.0% Health Care Sunrun Inc 0.49% 290.8% 361.4% IndustrialsCarvana Co Class A 0.04% 85.6% 238.0% Consumer Discretionary Cassava Sciences Inc 0.01% 273.7% 859.2% Health CareZoom Video Communications Inc 0.25% 85.4% 516.9% Information Technology Owens & Minor Inc 0.08% 229.6% 332.8% Health CareFedEx Corp 0.19% 79.9% 75.8% Industrials Gogo Inc 0.03% 192.4%53.2% Communication ServicesZillow Group Inc A 0.02% 76.7% 243.7% Communication Services Pacific Biosciences of California Inc 0.09% 186.1% 91.3% Health CareBottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorOccidental Petroleum Corp 0.03% -45.2% -75.5% Energy Satsuma Pharmaceuticals Inc Ord. Shr. 0.00% -86.5% -74.1% Health CareCoty Inc Class A 0.00% -39.6% -73.8%Consumer Staples Akebia Therapeutics Inc 0.02% -81.5% -36.0% Health CareBiomarin Pharmaceutical Inc 0.04% -38.3% 12.9% Health Care Corbus Pharmaceuticals Holdings Inc 0.01% -78.5% -63.0% Health CareReata Pharmaceuticals Inc A 0.01% -37.6% 21.3% Health Care Odonate Therapeutics Inc 0.01% -68.3% -48.4% Health CareMurphy Oil Corp 0.00% -34.8% -58.0% Energy Tricida Inc 0.01% -67.0% -70.7% Health CareAgios Pharmaceuticals Inc 0.01% -34.6% 8.0% Health Care Abeona Therapeutics Inc 0.00% -65.0% -54.9% Health CareMarathon Oil Corp 0.01% -33.2% -66.4% Energy Mallinckrodt PLC 0.00% -63.7% -59.6% Health CareKirby Corp 0.01% -32.5% -56.0% Industrials Nemaura Medical Inc 0.00% -61.6% -51.4% Health CareHollyFrontier Corp 0.01% -31.6% -61.8% Energy Express, Inc. 0.00% -60.4% -82.3% Consumer DiscretionaryAlteryx Inc Class A 0.02% -30.9% 5.7% Information Technology Unity Biotechnology Inc 0.01% -60.1% -43.3% Health CarePage 575
Source: MSCI Global Index Monitor (Returns are Net)Nearly all broad international equity indices posted positive returns in bothUSD and local currency terms for the 3rd quarter. Similar to US markets,international markets continued tobenefit from sustained monetary and fiscalstimulus in addition to economic recovery following the onset of the pandemic.Importantly, US investors benefitedfrom the foreign exchange element ofinvesting internationally as the USD declined relative to most developedmarket currencies during the quarter.For the 3rd quarter, emerging markets outperformed developed markets bynearly 5%. The MSCI Emerging Markets Index gained 9.6% in USD and 8.7%in local currency terms for the period. Emerging markets were led higher byChina (12.5% for the quarter) which showed signs of accelerating economicgrowth during the quarter and represents more than 10% of 26 countryemerging market benchmark. Developed international markets also deliveredsolid returns during the period with the MSCI EAFE Index rising by 4.8% inUSD and 1.2% in local currency returns.Trailing 1-year returns for international developed markets were mixed both interms of USD and local currency returns. In contrast, emerging market returnswere broadly positive during the period despite both EMEA and Latin Americaposting negative returns in both USD and local currency terms. For the year,the MSCI EAFE Index returned 0.5% in USD and -4.7% in local currencyreturns while the MSCI Emerging Markets Index returned 10.5% and 12.5%,respectively.During the trailing 1-year period, the USD weakened against most majorinternational developed and emerging market currencies which positivelycontributed to returns in USD terms. Despite this, emerging markets in LatinAmerica were adversely affected as a result of the decisions by Argentina andEcuador to restructure their sovereign debt which resulted in local currencyweakness and declining asset values.The Market EnvironmentInternational and Regional Market Index Performance (Country Count)As September 30, 2020-0.9%10.6%2.5%8.7%2.9%0.3%1.2%1.5%3.5%-1.3%11.9%1.8%9.6%5.4%4.5%4.8%4.9%6.3%-5.0% 0.0% 5.0% 10.0% 15.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)Quarter PerformanceUSDLocal Currency-11.6%19.7%-5.4%12.5%-0.2%-7.2%-4.7%-4.5%0.0%-29.4%21.5%-12.1%10.5%2.6%-0.8%0.5%0.2%3.0%-30.0% -20.0% -10.0% 0.0% 10.0% 20.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)1-Year PerformanceUSDLocal CurrencyPage 676
The Market EnvironmentUS Dollar International Index Attribution & Country DetailAs of September 30, 2020Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. MSCI - EAFE Sector Weight Quarter Return 1-Year ReturnCommunication Services 5.5% 4.1% 1.4%Consumer Discretionary 11.9% 9.7% 3.4%Consumer Staples 11.9% 4.5% 0.7%Energy 2.8% -13.4% -42.7%Financials 15.1% -1.3% -16.9%Health Care 14.4% 2.9% 20.4%Industrials 15.2% 10.3% 5.3%Information Technology 8.6% 8.1% 23.7%Materials 7.6% 10.8% 10.9%Real Estate 3.1% 2.9% -15.5%Utilities 4.0% 3.0% 5.9%Total 100.0% 4.8% 0.5%MSCI - ACWIxUS Sector Weight Quarter Return 1-Year ReturnCommunication Services 7.5% 3.3% 11.8%Consumer Discretionary 13.8% 16.5% 18.1%Consumer Staples 9.7% 4.6% 0.2%Energy 4.2% -7.6% -33.5%Financials 16.9% -0.2% -17.2%Health Care 10.5% 2.6% 22.2%Industrials 11.7% 9.9% 4.5%Information Technology 11.7% 13.4% 34.6%Materials 7.9% 11.1% 12.0%Real Estate 2.7% 2.3% -14.1%Utilities 3.4% 2.0% 0.2%Total 100.0% 6.3% 3.0%MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year ReturnCommunication Services 12.7% 2.5% 25.4%Consumer Discretionary 20.2% 26.8% 48.4%Consumer Staples 6.1% 4.3% -2.7%Energy 5.4% -0.5% -19.2%Financials 17.2% -0.5% -19.0%Health Care 4.3% 1.9% 47.0%Industrials 4.4% 2.9% -6.7%Information Technology 18.5% 20.5% 41.9%Materials 6.9% 11.6% 8.0%Real Estate 2.4% 0.9% -7.8%Utilities 2.0% -4.4% -18.4%Total 100.0% 9.6% 10.5%MSCI-EAFE MSCI-ACWIxUS Quarter 1- YearCountry Weight Weight Return ReturnJapan 25.8% 16.5% 6.9% 6.9%United Kingdom 13.3% 8.5% -0.2% -15.8%France 10.7% 6.8% 2.8% -6.2%Switzerland 10.4% 6.6% 5.1% 11.0%Germany 9.6% 6.2% 8.3% 10.0%Australia 6.6% 4.2% 2.8% -7.7%Netherlands 4.4% 2.8% 5.9% 12.6%Sweden 3.3% 2.1% 14.6% 22.4%Hong Kong 3.3% 2.1% 1.6% -1.6%Denmark 2.5% 1.6% 15.3% 42.5%Spain 2.3% 1.4% -3.8% -21.0%Italy 2.2% 1.4% 1.3% -10.1%Finland 1.1% 0.7% 11.9% 12.7%Singapore 1.0% 0.7% -1.0% -16.4%Belgium 1.0% 0.6% 2.0% -23.2%Ireland 0.7% 0.5% 14.5% 20.7%Israel 0.6% 0.4% -2.0% 3.5%Norway 0.6% 0.4% 8.2% -13.8%New Zealand 0.3% 0.2% -1.0% 24.4%Portugal 0.2% 0.1% -3.4% 2.3%Austria 0.2% 0.1% -4.8% -29.1%Total EAFE Countries 100.0% 63.8% 4.8% 0.5%Canada6.5% 6.2% -3.0%Total Developed Countries 70.3% 4.9% 0.2%China12.5% 12.5% 33.6%Taiwan3.8% 16.5% 35.0%Korea3.6% 12.8% 18.6%India2.5% 15.0% 0.5%Brazil1.4% -3.3% -32.5%South Africa 1.1% 3.7% -11.1%Russia0.9% -4.7% -16.0%Saudi Arabia 0.8% 9.3% -2.9%Thailand0.5% -14.1% -30.2%Malaysia0.5% 2.6% -2.9%Mexico0.5% 4.6% -20.5%Indonesia 0.4% -6.9% -25.4%Qatar0.2% 7.5% -2.6%Philippines 0.2% -2.7% -18.7%Poland0.2% -0.9% -20.9%United Arab Emirates 0.2% 6.2% -11.8%Chile0.2% -4.2% -33.0%Turkey0.1% -15.7% -30.0%Peru0.1% 3.5% -22.2%Hungary0.1% -8.9% -22.5%Colombia 0.1% -1.3% -37.6%Argentina 0.0% 6.7% 7.3%Greece0.0% 3.3% -29.3%Czech Republic 0.0% -6.2% -22.1%Egypt0.0% 4.6% -13.8%Pakistan0.0% 12.4% -2.6%Total Emerging Countries 29.7% 9.6% 10.5%Total ACWIxUS Countries 100.0% 6.3% 3.0%Page 777
Source: BloombergThe Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of September 30, 2020During the 3rd quarter, each fixed income benchmark posted positive resultsand returns were led by lower quality high yield bonds, international bondsand TIPS. During the period, US interest rates were roughly unchanged asinvestors vacillated between concerns related to the pandemic and apositive outlook on future economic growth. Despite declining during themonth of September, US high yield bonds delivered strong returns for thequarter with the Bloomberg Barclays (BB) US High Yield Index returning4.6%. High quality global bonds outperformed US bonds during the periodlargely due to a declining USD.During the quarter, the broad Bloomberg Barclays (BB) US Aggregate Indexreturned 0.6%. The primary contributorof performance to the index duringthe period were US Corporate IG bonds which delivered 1.5%. Despite near-record issuance, investors continue to gravitate towards corporate credit forits higher return potential as US interest rates look to remain low for sometime. US TIPS also performed well during the quarter with the BB US TIPSIndex returning 3.0% as investors remained concerned about the potentialfor rising US inflation as a result of the fiscal and monetary stimulus providedto combat the pandemic.Over the trailing 1-year period, each of the domestic and international fixedincome indices delivered positive absolute returns. Longer duration, higherquality investment grade bonds outperformed lower quality, shorter durationhigh yield bonds as global interest rates fell while investors looked for lessvolatile assets. US TIPS were the best performing bonds with the BB USTIPS Index returning 10.1% followed by US Treasury bonds which returned8.0%. High Yield bonds performed worst, returning 3.3% during the periodas they continued to recover from the spread-widening drawdown during the1st quarter.For the full year, both domestic and global bonds performed well. The USBB Aggregate Bond Index returned 7.0% compared to 5.5% for the BBGlobal Aggregate ex-US Index. Despite lower interest rates in both Europeand Japan, global bonds delivered solid returns primarily due to a decline inthe USD compared to most major developed currencies.2.7%4.1%0.5%0.6%3.0%1.5%0.1%0.2%4.6%2.1%1.2%0.9%0.2%0.0% 1.0% 2.0% 3.0% 4.0% 5.0%Multiverse (7.2)Global Agg x US (8.3)Intermediate Agg (3.5)Aggregate (6.1)U.S. TIPS (5.2)U.S. Corporate IG (8.7)U.S. Mortgage (2.1)U.S. Treasury (7.2)U.S. High Yield (3.7)Baa (8.6)A (8.5)AA (8.4)AAA (5.1)Quarter Performance 6.0%5.5%5.7%7.0%10.1%7.9%4.4%8.0%3.3%7.0%8.4%6.9%6.6%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%Multiverse (7.2)Global Agg x US (8.3)Intermediate Agg (3.5)Aggregate (6.1)U.S. TIPS (5.2)U.S. Corporate IG (8.7)U.S. Mortgage (2.1)U.S. Treasury (7.2)U.S. High Yield (3.7)Baa (8.6)A (8.5)AA (8.4)AAA (5.1)1-Year PerformancePage 878
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)The Market EnvironmentMarket Rate & Yield Curve ComparisonAs of September 30, 2020Much of the index performance detailed in the bar graphs on the previouspage is visible on a time series basis by reviewing the yield graph to theright. The ‘1-Year Trailing Market Rates’ chart illustrates that over the lastyear, the 10-year Treasury yield (green line) fell from yields of greater than1.5%, to a low of roughly 0.5% before ending the quarter at roughly 0.7%. Adecline in yields acts as a tailwind for bond performance. The blue lineillustrates changes in the BAA OAS (Option Adjusted Spread). This measurequantifies the additional yield premium that investors require to purchaseand hold non-Treasury investment grade issues. This line illustrates thedramatic increase in credit spreads in early 2020 as investors requiredadditional compensation to hold riskier credit assets following the onset ofthe pandemic. Since that time, spreads have steadily declined as marketshave largely normalized following the aggressive actions taken by theTreasury and Fed. During the quarter, the BB US High Yield OAS spread fellby roughly 1.1% but is still widen than pre-pandemic levels. Similar toTreasury yield declines, spread tightening in corporate bonds is equivalent toan interest rate decrease, which causes bond prices to rise. The green bandacross the graph illustrates the Fed Funds Rate. Following the onset of thepandemic, the Fed began aggressively cutting interest rates during the 1stquarter to between 0.0% to 0.25%, where it has remained since then.The lower graph provides a snapshot of the US Treasury yield curve at theend of each of the last four calendar quarters. US interest rates were broadlyhigher at the end of 2019. Following the onset of the pandemic, interestrates fell dramatically as the Fed took unprecedented action to stimulate theeconomy. While short-term interest rates have remained anchored near0.0%, intermediate-term interest rates between 2-years and 7-years declinedas concerns over future US economic growth increased. Additionally, theFed has indicated that US interest rates will remain low for the foreseeablefuture in an effort to provide the market with liquidity. Longer-term USTreasury interest rates moved slightlyhigher during the most recent quarteras investors balanced the Fed’s statements with the need to increase theamount of US Treasury bond issuance to fund both the annual budget deficitand additional stimulus.0.000.501.001.502.002.503.001 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve12/31/20193/31/20206/30/20209/30/2020-1.50-0.500.501.502.503.504.505.506.50Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-201-Year Trailing Market RatesFed Funds RateTED Spread3-Month LiborBAA OAS10yr Treasury10yr TIPSPage 979
Executive Summary
Policy Target In Policy Outside Policy
0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%-10.0 %
Receipt & Disbursement
$515,203.9 (0.9%)
Direct Real Estate
$5,588,363.7 (9.7%)
Non-Core Fixed Income$7,591,968.2 (13.1%)
Broad Mkt Fixed Income
$5,429,323.1 (9.4%)
Foreign Equity Securities
$7,640,240.0 (13.2%)
Domestic Equity Securities
$31,063,563.0 (53.7%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Minimum
Allocation (%)
Maximum
Allocation (%)
Target
Allocation (%)
Total Fund Portfolio 57,828,662 100.0 N/A N/A 100.0
Domestic Equity Securities 31,063,563 53.7 45.0 55.0 50.0
Foreign Equity Securities 7,640,240 13.2 10.0 20.0 15.0
Broad Mkt Fixed Income 5,429,323 9.4 10.0 30.0 15.0
Non-Core Fixed Income 7,591,968 13.1 0.0 20.0 10.0
Direct Real Estate 5,588,364 9.7 0.0 15.0 10.0
Receipt & Disbursement 515,204 0.9 0.0 5.0 0.0
Asset Allocation Compliance
Total Fund Portfolio
As of September 30, 2020
Page 10 80
Asset Allocation By Segment as of
June 30, 2020 : $54,625,687
Asset Allocation By Segment as of
September 30, 2020 : $57,828,662
Allocation
Segments Market Value Allocation
Domestic Equity 29,374,470 53.8¢
Foreign Equity 7,388,660 13.5¢
Broad Mkt Fixed Income 6,712,148 12.3¢
Non-Core Fixed Income 5,122,969 9.4¢
Real Estate 5,569,183 10.2¢
Cash Equivalent 458,257 0.8¢
Allocation
Segments Market Value Allocation
Domestic Equity 31,063,563 53.7¢
Foreign Equity 7,640,240 13.2¢
Broad Mkt Fixed Income 5,429,323 9.4¢
Non-Core Fixed Income 7,591,968 13.1¢
Real Estate 5,482,914 9.5¢
Cash Equivalent 620,654 1.1¢
Asset Allocation Summary
Total Fund
As of September 30, 2020
NONE
Page 11 81
Asset Allocation By Manager as ofJune 30, 2020 : $54,625,687 Asset Allocation By Manager as ofSeptember 30, 2020 : $57,828,662
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)29,374,470 53.8¢
RBC Global (Voyageur)7,388,660 13.5¢
Galliard Core Fixed Income 5,374,168 9.8¢
Intercontinental 3,635,615 6.7¢
American Core Realty Fund 2,034,371 3.7¢
PIMCO Diversified Income Fund Instl (PDIIX)1,830,780 3.4¢
Crescent Direct Lending II Fund 1,702,265 3.1¢
Galliard TIPS 1,348,971 2.5¢
Crescent Direct Lending Fund 1,120,876 2.1¢
Vanguard Inflation-Protected Secs (VAIPX)450,437 0.8¢
Receipt & Disbursement 346,463 0.6¢
Vanguard Short Term Bond Index (VSCSX)18,611 0.0¢
Brandywine GLBL Dynamic (LMBGX)-0.0¢
Vanguard Value Index Fund (VIVIX)-0.0¢
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)16,427,142 28.4¢
RBC Global (Voyageur)7,640,240 13.2¢
Vanguard Value Index Fund (VIVIX)7,333,455 12.7¢
Brandywine GLBL Dynamic (LMBGX)7,302,966 12.6¢
Galliard Core Fixed Income 5,429,323 9.4¢
Intercontinental 3,662,764 6.3¢
Vanguard Inflation-Protected Secs (VAIPX)2,870,558 5.0¢
American Core Realty Fund 1,925,600 3.3¢
PIMCO Diversified Income Fund Instl (PDIIX)1,879,490 3.3¢
Crescent Direct Lending II Fund 1,702,265 2.9¢
Crescent Direct Lending Fund 1,120,876 1.9¢
Receipt & Disbursement 515,204 0.9¢
Vanguard Short Term Bond Index (VSCSX)18,779 0.0¢
Galliard TIPS -0.0¢
Asset Allocation Summary
Total Fund
As of September 30, 2020
NONE
Page 12 82
Historical Asset Allocation by Segment
Domestic Equity Foreign Equity Broad Mkt Fixed Income Global Fixed Income
Non-Core Fixed Income Real Estate Cash Equivalent
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Allocation (%)9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 9/20
Historical Asset Allocation by Segment
Total Fund
October 1, 2007 To September 30, 2020
Page 13 83
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
60.0
68.0
76.0
Allocation (%)US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv.Real Estate Cash
Total Fund Portfolio 53.72 (15)13.21 (67)14.39 (94)3.25 (59)4.88 (73)9.66 (25)0.89 (61)
5th Percentile 61.07 26.25 57.91 9.40 40.35 13.48 7.39
1st Quartile 50.14 18.99 33.13 4.71 20.31 9.65 2.41
Median 41.43 15.02 26.74 3.63 10.26 8.20 1.20
3rd Quartile 31.04 11.74 20.24 2.22 4.79 5.45 0.59
95th Percentile 14.33 6.50 13.31 0.08 1.27 2.85 0.06
Plan Sponsor TF Asset Allocation
Total Fund Portfolio Vs. All Public Plans-Total Fund
As of September 30, 2020
Page 14 84
Historical Asset Allocation by Portfolio
Sep-2020 Jun-2020 Mar-2020 Dec-2019 Sep-2019
($)%($)%($)%($)%($)%
Total Equity 38,703,803 66.93 36,763,130 67.30 30,292,142 62.83 39,684,200 68.60 36,308,421 67.09
Domestic Equity Securities 31,063,563 53.72 29,374,470 53.77 24,058,669 49.90 30,401,569 52.56 27,889,255 51.53
Vanguard Total Stock Market (VITSX)16,427,142 28.41 29,374,470 53.77 24,058,669 49.90 30,401,569 52.56 27,889,255 51.53
Brandywine GLBL Dynamic (LMBGX)7,302,966 12.63 -0.00 -0.00 -0.00 -0.00
Vanguard Value Index Fund (VIVIX)7,333,455 12.68 -0.00 -0.00 -0.00 -0.00
Foreign Equity Securities 7,640,240 13.21 7,388,660 13.53 6,233,473 12.93 9,282,631 16.05 8,419,165 15.56
RBC Global (Voyageur)7,640,240 13.21 7,388,660 13.53 6,233,473 12.93 9,282,631 16.05 8,419,165 15.56
Total Fixed Income 13,021,291 22.52 11,846,108 21.69 11,759,354 24.39 11,899,287 20.57 11,671,112 21.56
Galliard Core Fixed Income 5,429,323 9.39 5,374,168 9.84 5,167,678 10.72 5,112,961 8.84 5,095,727 9.42
Galliard TIPS -0.00 1,348,971 2.47 1,301,057 2.70 1,295,284 2.24 1,282,666 2.37
Vanguard Short Term Bond Index (VSCSX)18,779 0.03 18,611 0.03 17,620 0.04 18,096 0.03 17,900 0.03
Vanguard Inflation-Protected Secs (VAIPX)2,870,558 4.96 450,437 0.82 1,083,977 2.25 1,065,451 1.84 1,059,563 1.96
PIMCO Diversified Income Fund Instl (PDIIX)1,879,490 3.25 1,830,780 3.35 1,712,768 3.55 1,876,496 3.24 1,875,993 3.47
Crescent Direct Lending Fund 1,120,876 1.94 1,120,876 2.05 996,256 2.07 1,092,687 1.89 1,191,186 2.20
Crescent Direct Lending II Fund 1,702,265 2.94 1,702,265 3.12 1,479,998 3.07 1,438,312 2.49 1,148,078 2.12
Direct Real Estate 5,588,364 9.66 5,669,986 10.38 5,721,960 11.87 5,716,746 9.88 5,621,339 10.39
American Core Realty Fund 1,925,600 3.33 2,034,371 3.72 2,080,218 4.31 2,079,340 3.59 2,080,151 3.84
Intercontinental 3,662,764 6.33 3,635,615 6.66 3,641,742 7.55 3,637,406 6.29 3,541,188 6.54
Receipt & Disbursement 515,204 0.89 346,463 0.63 442,462 0.92 544,342 0.94 519,926 0.96
Total Fund Portfolio 57,828,662 100.00 54,625,687 100.00 48,215,918 100.00 57,844,574 100.00 54,120,798 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of September 30, 2020
Page 15 85
Historical Asset Allocation by Portfolio
Domestic Equity Foreign Equity Broad Mkt Fixed
Income
Non-Core Fixed
Income Real Estate Cash Equivalent Total Fund
($)%($)%($)%($)%($)%($)%($)%
Total Equity 31,063,563 80.26 7,640,240 19.74 --------38,703,803 66.93
Domestic Equity Securities 31,063,563 100.00 ----------31,063,563 53.72
Vanguard Total Stock Market (VITSX)16,427,142 100.00 ----------16,427,142 28.41
Brandywine GLBL Dynamic (LMBGX)7,302,966 100.00 ----------7,302,966 12.63
Vanguard Value Index Fund (VIVIX)7,333,455 100.00 ----------7,333,455 12.68
Foreign Equity Securities --7,640,240 100.00 --------7,640,240 13.21
RBC Global (Voyageur)--7,640,240 100.00 --------7,640,240 13.21
Total Fixed Income ----5,429,323 41.70 7,591,968 58.30 ----13,021,291 22.52
Galliard Core Fixed Income ----5,429,323 100.00 ------5,429,323 9.39
Vanguard Short Term Bond Index (VSCSX)------18,779 100.00 ----18,779 0.03
Vanguard Inflation-Protected Secs (VAIPX)------2,870,558 100.00 ----2,870,558 4.96
PIMCO Diversified Income Fund Instl (PDIIX)------1,879,490 100.00 ----1,879,490 3.25
Crescent Direct Lending Fund ------1,120,876 100.00 ----1,120,876 1.94
Crescent Direct Lending II Fund ------1,702,265 100.00 ----1,702,265 2.94
Direct Real Estate --------5,482,914 98.11 105,450 1.89 5,588,364 9.66
American Core Realty Fund --------1,820,150 94.52 105,450 5.48 1,925,600 3.33
Intercontinental --------3,662,764 100.00 --3,662,764 6.33
Receipt & Disbursement ----------515,204 100.00 515,204 0.89
Total Fund Portfolio 31,063,563 53.72 7,640,240 13.21 5,429,323 9.39 7,591,968 13.13 5,482,914 9.48 620,654 1.07 57,828,662 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of September 30, 2020
Page 16 86
Schedule of Investable Assets
Total Fund Portfolio Total Fund Policy Net Cash Flow
$0.0
$6,100,000.0
$12,200,000.0
$18,300,000.0
$24,400,000.0
$30,500,000.0
$36,600,000.0
$42,700,000.0
$48,800,000.0
$54,900,000.0
$61,000,000.0
$67,100,000.0
$73,200,000.0
($6,100,000.0)Market Value7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 7/19 4/20 9/20
$23,07 3,28 0.9
$57,828,661.9$58,389,950.6
Schedule of Investable Assets
Periods Ending
Beginning
Market Value
$
Net
Cash Flow
$
Gain/Loss
$
Ending
Market Value
$
Aug-2007 To Sep-2020 16,259,673 6,813,608 34,755,381 57,828,662
Schedule of Investable Assets
Total Fund Portfolio
August 1, 2007 To September 30, 2020
Page 17 87
Comparative Performance Trailling Returns
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fund (Net)5.90 (19)7.92 (44)7.92 (44)7.27 (23)9.39 (9)8.39 (6)9.11 (7)6.17 (33)11/01/2000
Total Fund Policy 5.72 (24)10.06 (16)10.06 (16)8.04 (9)9.54 (7)8.48 (5)9.53 (3)6.00 (46)
Difference 0.18 -2.14 -2.14 -0.77 -0.15 -0.09 -0.42 0.17
All Public Plans-Total Fund Median 5.06 7.49 7.49 6.30 8.07 6.93 7.69 5.95
Total Fund (Gross)5.93 8.16 8.16 7.59 9.73 8.73 9.56 6.75 11/01/2000
Total Fund Policy 5.72 10.06 10.06 8.04 9.54 8.48 9.53 6.00
Difference 0.21 -1.90 -1.90 -0.45 0.19 0.25 0.03 0.75
Total Equity 8.28 9.65 9.65 8.34 11.66 10.20 11.41 7.05 01/01/2001
Total Equity Policy 8.24 11.69 11.69 9.20 11.88 10.12 11.56 6.11
Difference 0.04 -2.04 -2.04 -0.86 -0.22 0.08 -0.15 0.94
Domestic Equity Securities 9.52 (23)15.35 (35)15.35 (35)11.85 (38)13.85 (37)12.18 (50)12.90 (71)7.54 (38)11/01/2000
Domestic Equity Securities Policy 9.21 (29)15.00 (38)15.00 (38)11.65 (41)13.69 (41)12.11 (54)13.48 (54)6.39 (92)
Difference 0.31 0.35 0.35 0.20 0.16 0.07 -0.58 1.15
IM U.S. Large Cap Core Equity (SA+CF) Median 8.06 12.87 12.87 10.68 13.14 12.16 13.55 7.29
Foreign Equity Securities 3.42 (66)-9.19 (89)-9.19 (89)-2.83 (61)4.51 (49)3.96 (34)6.66 (22)5.32 (62)11/01/2000
Foreign Equity Securities Policy 4.98 (42)1.03 (36)1.03 (36)1.14 (33)5.79 (36)3.51 (41)5.12 (46)4.19 (95)
Difference -1.56 -10.22 -10.22 -3.97 -1.28 0.45 1.54 1.13
IM International Large Cap Value Equity (SA+CF) Median 4.40 -3.89 -3.89 -1.87 4.41 2.42 4.83 5.93
Total Fixed Income 1.31 5.44 5.44 5.48 4.99 4.22 3.98 5.09 11/01/2000
Total Fixed Policy 0.53 5.71 5.71 4.22 3.28 3.16 2.98 4.63
Difference 0.78 -0.27 -0.27 1.26 1.71 1.06 1.00 0.46
Broad Mkt Fixed Income 1.68 (13)7.53 (52)7.53 (52)4.98 (97)3.94 (98)3.51 (100)3.37 (100)4.78 (99)11/01/2000
Broad Mkt Fixed Income Policy 0.48 (97)5.66 (97)5.66 (97)4.20 (99)3.27 (100)3.15 (100)2.98 (100)4.62 (100)
Difference 1.20 1.87 1.87 0.78 0.67 0.36 0.39 0.16
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 1.11 7.55 7.55 5.67 4.73 4.44 4.17 5.42
Non-Core Fixed Income -0.43 0.92 0.92 8.49 10.45 N/A N/A 10.15 10/01/2014
Non-Core Fixed Policy 3.04 4.45 4.45 4.67 4.68 N/A N/A 4.11
Difference -3.47 -3.53 -3.53 3.82 5.77 N/A N/A 6.04
Direct Real Estate 0.54 (51)3.40 (18)3.40 (18)7.10 (15)8.53 (26)10.03 (32)11.50 (41)6.10 (21)10/01/2007
NCREIF Fund Index-OEDC (EW)0.57 (50)1.73 (50)1.73 (50)5.53 (54)6.99 (56)8.82 (58)10.37 (58)5.00 (72)
Difference -0.03 1.67 1.67 1.57 1.54 1.21 1.13 1.10
IM U.S. Open End Private Real Estate (SA+CF) Median 0.55 1.73 1.73 5.75 7.07 9.36 11.12 5.44
Comparative Performance Trailing Returns
Total Fund
As of September 30, 2020
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Crescent presented on IRR page.
Page 18 88
Comparative Performance Trailing Returns
Total Fund
As of September 30, 2020
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Vanguard Total Stock Market (VITSX)9.19 (30)15.01 (22)15.01 (22)11.65 (18)13.68 (12)12.09 (10)N/A 12.98 (13)03/01/2013
Vanguard Total Stock Market Index Hybrid 9.20 (29)14.99 (23)14.99 (23)11.65 (18)13.69 (12)12.10 (10)13.50 (8)13.00 (12)
Difference -0.01 0.02 0.02 0.00 -0.01 -0.01 N/A -0.02
IM U.S. Multi-Cap Core Equity (MF) Median 7.96 10.21 10.21 8.64 10.86 9.76 11.48 10.96
Brandywine GLBL Dynamic (LMBGX)N/A N/A N/A N/A N/A N/A N/A -2.13 (14)09/01/2020
Russell 1000 Value Index 5.59 (34)-5.03 (54)-5.03 (54)2.63 (50)7.66 (41)7.35 (35)9.95 (26)-2.46 (35)
Difference N/A N/A N/A N/A N/A N/A N/A 0.33
IM U.S. Large Cap Value Equity (MF) Median 4.82 -4.55 -4.55 2.63 7.15 6.82 9.13 -2.75
Vanguard Value Index Fund (VIVIX)N/A N/A N/A N/A N/A N/A N/A -2.20 (16)09/01/2020
Russell 1000 Value Index 5.59 (34)-5.03 (54)-5.03 (54)2.63 (50)7.66 (41)7.35 (35)9.95 (26)-2.46 (35)
Difference N/A N/A N/A N/A N/A N/A N/A 0.26
IM U.S. Large Cap Value Equity (MF) Median 4.82 -4.55 -4.55 2.63 7.15 6.82 9.13 -2.75
RBC Global (Voyageur)3.42 (66)-9.19 (89)-9.19 (89)-2.83 (61)4.51 (49)3.96 (34)6.66 (22)2.86 (34)11/01/2007
MSCI EAFE Index 4.88 (43)0.93 (36)0.93 (36)1.11 (33)5.77 (36)3.49 (41)5.11 (46)1.36 (61)
Difference -1.46 -10.12 -10.12 -3.94 -1.26 0.47 1.55 1.50
MSCI EAFE Value 1.30 (98)-11.45 (94)-11.45 (94)-5.30 (89)1.74 (92)0.24 (94)2.68 (92)-0.73 (94)
Difference 2.12 2.26 2.26 2.47 2.77 3.72 3.98 3.59
IM International Large Cap Value Equity (SA+CF) Median 4.40 -3.89 -3.89 -1.87 4.41 2.42 4.83 1.91
Galliard Core Fixed Income 1.10 (30)6.85 (30)6.85 (30)4.90 (20)3.89 (29)3.66 (27)3.48 (32)4.17 (60)10/01/2007
Bloomberg Barclays Intermed Aggregate Index 0.48 (88)5.66 (84)5.66 (84)4.20 (86)3.27 (88)3.15 (81)2.98 (78)3.92 (84)
Difference 0.62 1.19 1.19 0.70 0.62 0.51 0.50 0.25
IM U.S. Intermediate Duration (SA+CF) Median 0.83 6.47 6.47 4.61 3.67 3.44 3.28 4.25
Vanguard Inflation-Protected Secs (VAIPX)3.02 (49)9.84 (26)9.84 (26)5.62 (22)N/A N/A N/A 4.94 (23)01/01/2017
Bloomberg Barclays U.S. TIPS Index 3.03 (48)10.08 (20)10.08 (20)5.79 (15)4.61 (14)3.38 (7)3.57 (4)5.09 (16)
Difference -0.01 -0.24 -0.24 -0.17 N/A N/A N/A -0.15
IM U.S. TIPS (MF) Median 3.01 8.47 8.47 4.75 3.84 2.42 2.77 4.24
Vanguard Short Term Bond Index (VSCSX)0.90 (39)4.91 (48)4.91 (48)3.79 (27)3.26 (17)N/A N/A 3.08 (15)01/01/2015
Blmbg. Barc. U.S. Corporate 1-5 Year Index 0.92 (38)5.21 (39)5.21 (39)4.00 (19)3.42 (10)3.08 (8)3.11 (15)3.26 (8)
Difference -0.02 -0.30 -0.30 -0.21 -0.16 N/A N/A -0.18
IM U.S. Intermediate Investment Grade (MF) Median 0.81 4.84 4.84 3.25 2.63 2.32 2.35 2.44
PIMCO Diversified Income Fund Instl (PDIIX)2.73 (41)3.63 (72)3.63 (72)N/A N/A N/A N/A 5.66 (12)04/01/2018
Blmbg. Barc. Global Credit (Hedged)1.97 (68)5.26 (53)5.26 (53)5.40 (7)5.67 (3)5.13 (1)5.04 (1)6.58 (7)
Difference 0.76 -1.63 -1.63 N/A N/A N/A N/A -0.92
IM Global Fixed Income (MF) Median 2.41 5.39 5.39 3.74 3.94 2.77 2.67 3.95
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Crescent presented on IRR page.
Page 19 89
Comparative Performance Trailing Returns
Total Fund
As of September 30, 2020
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
American Core Realty Fund -0.14 (81)1.62 (57)1.62 (57)5.60 (53)6.66 (65)8.50 (65)9.92 (79)4.94 (77)10/01/2007
American Core Realty Policy 0.57 (50)1.73 (50)1.73 (50)5.53 (54)6.99 (56)8.82 (58)10.37 (58)6.71 (11)
Difference -0.71 -0.11 -0.11 0.07 -0.33 -0.32 -0.45 -1.77
IM U.S. Open End Private Real Estate (SA+CF) Median 0.55 1.73 1.73 5.75 7.07 9.36 11.12 5.44
Intercontinental 0.90 (24)4.41 (11)4.41 (11)8.00 (10)9.80 (15)10.99 (24)12.40 (30)12.40 (30)10/01/2010
NCREIF Fund Index-OEDC (EW)0.57 (50)1.73 (50)1.73 (50)5.53 (54)6.99 (56)8.82 (58)10.37 (58)10.37 (58)
Difference 0.33 2.68 2.68 2.47 2.81 2.17 2.03 2.03
IM U.S. Open End Private Real Estate (SA+CF) Median 0.55 1.73 1.73 5.75 7.07 9.36 11.12 11.12
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Crescent presented on IRR page.
Page 20 90
Comparative Performance - IRR
QTR 1 YR 3 YR 5 YR 7 YR Inception Inception
Date
Crescent Direct Lending Fund 0.00 0.73 5.86 7.37 N/A 7.04 10/14/2014
Crescent Direct Lending II Fund 0.00 1.29 N/A N/A N/A 5.53 03/13/2018
Comparative Performance - IRR
As of September 30, 2020
Page 21 91
Financial Reconciliation Quarter to Date
Market Value
07/01/2020
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
09/30/2020
Total Equity 36,763,130 -1,100,000 ----1,352 152,680 2,889,345 38,703,803
Domestic Equity Securities 29,374,470 -1,100,000 ----114,526 2,674,567 31,063,563
Vanguard Total Stock Market (VITSX)29,374,470 -16,100,000 ----64,710 3,087,961 16,427,142
Foreign Equity Securities 7,388,660 -----1,352 38,154 214,778 7,640,240
RBC Global (Voyageur)7,388,660 -----1,352 38,154 214,778 7,640,240
Total Fixed Income 11,846,108 1,024,700 ---3,865 -112 17,446 137,014 13,021,291
Galliard Core Fixed Income 5,374,168 ----3,865 --59,020 5,429,323
Galliard TIPS 1,348,971 -1,375,300 ----112 701 25,740 -
Vanguard Short Term Bond Index (VSCSX)18,611 -----102 66 18,779
Vanguard Inflation-Protected Secs (VAIPX)450,437 2,400,000 -----20,121 2,870,558
PIMCO Diversified Income Fund Instl (PDIIX)1,830,780 -----16,643 32,067 1,879,490
Crescent Direct Lending Fund 1,120,876 -------1,120,876
Crescent Direct Lending II Fund 1,702,265 -------1,702,265
Direct Real Estate 5,669,986 -100,803 ---10,795 -45,837 -15,862 5,588,364
American Core Realty Fund 2,034,371 -100,803 ---5,310 -19,336 -21,994 1,925,600
Intercontinental 3,635,615 ----5,485 -26,502 6,132 3,662,764
Receipt & Disbursement 346,463 176,103 1,024,220 -994,253 --37,390 61 -515,204
Total Fund Portfolio 54,625,687 -1,024,220 -994,253 -14,659 -38,855 216,024 3,010,497 57,828,662
Financial Reconciliation Quarter to Date
Total Fund
1 Quarter Ending September 30, 2020
Page 22 92
Financial Reconciliation Fiscal Year to Date
Market Value
10/01/2019
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
09/30/2020
Total Equity 36,308,421 -1,059,076 ---40,924 -5,493 764,610 2,736,266 38,703,803
Domestic Equity Securities 27,889,255 -1,100,000 ----522,627 3,751,681 31,063,563
Vanguard Total Stock Market (VITSX)27,889,255 -16,100,000 ----472,811 4,165,075 16,427,142
Foreign Equity Securities 8,419,165 40,924 ---40,924 -5,493 241,983 -1,015,415 7,640,240
RBC Global (Voyageur)8,419,165 40,924 ---40,924 -5,493 241,983 -1,015,415 7,640,240
Total Fixed Income 11,671,112 751,888 ---22,762 -7,325 94,669 533,708 13,021,291
Galliard Core Fixed Income 5,095,727 ----14,930 --348,526 5,429,323
Galliard TIPS 1,282,666 -1,375,300 ----597 3,904 89,328 -
Vanguard Short Term Bond Index (VSCSX)17,900 -----472 407 18,779
Vanguard Inflation-Protected Secs (VAIPX)1,059,563 1,725,000 ----12,822 73,173 2,870,558
PIMCO Diversified Income Fund Instl (PDIIX)1,875,993 -54,346 ----77,472 -19,628 1,879,490
Crescent Direct Lending Fund 1,191,186 -78,262 ---7,832 -3,469 -19,253 1,120,876
Crescent Direct Lending II Fund 1,148,078 534,796 ----3,259 -22,650 1,702,265
Direct Real Estate 5,621,339 -165,809 ---56,544 -202,764 -13,386 5,588,364
American Core Realty Fund 2,080,151 -165,809 ---22,390 -91,358 -57,710 1,925,600
Intercontinental 3,541,188 ----34,154 -111,407 44,323 3,662,764
Receipt & Disbursement 519,926 472,997 3,421,941 -3,820,271 --82,520 3,131 -515,204
Total Fund Portfolio 54,120,798 -3,421,941 -3,820,271 -120,230 -95,339 1,065,175 3,256,588 57,828,662
Financial Reconciliation Fiscal Year to Date
Total Fund
October 1, 2019 To September 30, 2020
Page 23 93
Comparative Performance Fiscal Year Returns
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Total Fund (Net)7.92 (44)2.78 (85)11.28 (3)14.16 (11)11.15 (17)0.33 (25)11.85 (15)15.72 (7)18.95 (24)-1.17 (85)
Total Fund Policy 10.06 (16)4.31 (50)9.85 (10)12.90 (30)10.79 (22)0.59 (21)11.39 (23)14.95 (10)19.64 (16)2.20 (23)
Difference -2.14 -1.53 1.43 1.26 0.36 -0.26 0.46 0.77 -0.69 -3.37
All Public Plans-Total Fund Median 7.49 4.30 7.20 11.82 9.74 -0.78 9.93 12.02 17.50 0.69
Total Fund (Gross)8.16 3.16 11.63 14.52 11.51 0.63 12.21 16.33 19.81 -0.45
Total Fund Policy 10.06 4.31 9.85 12.90 10.79 0.59 11.39 14.95 19.64 2.20
Difference -1.90 -1.15 1.78 1.62 0.72 0.04 0.82 1.38 0.17 -2.65
Total Equity 9.65 0.85 15.01 19.50 14.20 -1.52 15.46 23.09 27.08 -4.58
Total Equity Policy 11.69 2.09 14.18 19.00 13.13 -2.28 14.65 22.30 26.46 -1.66
Difference -2.04 -1.24 0.83 0.50 1.07 0.76 0.81 0.79 0.62 -2.92
Domestic Equity Securities 15.35 (35)2.89 (53)17.88 (40)18.64 (52)15.21 (25)-0.59 (62)17.58 (69)21.85 (34)27.76 (61)-3.30 (90)
Domestic Equity Securities Policy 15.00 (38)2.92 (53)17.58 (46)18.71 (51)14.96 (29)-0.49 (61)17.76 (67)21.60 (37)30.20 (44)0.55 (58)
Difference 0.35 -0.03 0.30 -0.07 0.25 -0.10 -0.18 0.25 -2.44 -3.85
IM U.S. Large Cap Core Equity (SA+CF) Median 12.87 3.20 17.24 18.74 13.34 0.11 19.19 20.55 29.63 1.17
Foreign Equity Securities -9.19 (89)-5.36 (70)6.76 (5)22.69 (38)10.74 (29)-4.36 (21)10.08 (8)27.54 (18)24.74 (3)-8.75 (53)
Foreign Equity Securities Policy 1.03 (36)-0.82 (32)3.25 (30)19.65 (56)7.06 (62)-8.27 (42)4.70 (63)24.29 (41)14.33 (57)-8.94 (56)
Difference -10.22 -4.54 3.51 3.04 3.68 3.91 5.38 3.25 10.41 0.19
IM International Large Cap Value Equity (SA+CF) Median -3.89 -3.18 1.49 21.07 8.43 -9.45 5.75 22.93 15.46 -8.51
Total Fixed Income 5.44 8.69 2.41 3.59 4.93 1.40 3.23 -0.59 6.34 4.67
Total Fixed Policy 5.71 8.08 -0.93 0.25 3.57 2.95 2.74 -0.71 4.31 4.22
Difference -0.27 0.61 3.34 3.34 1.36 -1.55 0.49 0.12 2.03 0.45
Broad Mkt Fixed Income 7.53 (52)7.81 (97)-0.21 (16)0.61 (52)4.21 (98)2.31 (86)2.61 (99)-1.30 (53)5.88 (77)4.67 (76)
Broad Mkt Fixed Income Policy 5.66 (97)8.08 (97)-0.93 (62)0.25 (69)3.57 (100)2.95 (61)2.74 (99)-0.71 (25)4.31 (99)4.22 (90)
Difference 1.87 -0.27 0.72 0.36 0.64 -0.64 -0.13 -0.59 1.57 0.45
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 7.55 10.44 -0.74 0.63 5.66 3.02 4.47 -1.26 6.61 5.26
Non-Core Fixed Income 0.92 10.83 14.15 13.06 13.88 8.65 N/A N/A N/A N/A
Non-Core Fixed Policy 4.45 6.91 2.69 4.05 5.34 1.34 N/A N/A N/A N/A
Difference -3.53 3.92 11.46 9.01 8.54 7.31 N/A N/A N/A N/A
Direct Real Estate 3.40 (18)7.75 (30)10.25 (28)10.01 (18)11.44 (49)14.27 (66)13.47 (38)16.42 (21)12.81 (52)15.82 (70)
NCREIF Fund Index-OEDC (EW)1.73 (50)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)12.39 (67)12.47 (69)11.77 (64)18.03 (43)
Difference 1.67 1.58 1.43 2.20 0.82 -0.44 1.08 3.95 1.04 -2.21
IM U.S. Open End Private Real Estate (SA+CF) Median 1.73 6.89 9.04 8.05 11.32 15.45 12.78 13.28 12.89 16.62
Comparative Performance Fiscal Year Returns
Total Fund
As of September 30, 2020
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. Intercontinental Returns are preliminary
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst
Page 24 94
Comparative Performance Fiscal Year Returns
Total Fund
As of September 30, 2020
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A N/A 33.21 (9)-1.17 (76)
Russell 1000 Growth Index 37.53 (28)3.71 (52)26.30 (37)21.94 (38)13.76 (23)3.17 (54)19.15 (40)19.27 (64)29.19 (39)3.78 (30)
Difference N/A N/A N/A N/A N/A N/A N/A N/A 4.02 -4.95
IM U.S. Large Cap Growth Equity (SA+CF) Median 33.27 3.82 24.44 20.85 11.66 3.55 18.19 20.25 27.71 1.40
RBC Global (Voyageur)-9.19 (89)-5.36 (70)6.76 (5)22.69 (38)10.74 (29)-4.36 (21)10.08 (8)27.54 (18)24.74 (3)-8.75 (53)
MSCI EAFE Index 0.93 (36)-0.82 (32)3.25 (30)19.65 (56)7.06 (62)-8.27 (42)4.70 (63)24.29 (41)14.33 (57)-8.94 (56)
Difference -10.12 -4.54 3.51 3.04 3.68 3.91 5.38 3.25 10.41 0.19
MSCI EAFE Value -11.45 (94)-4.31 (61)0.24 (74)23.22 (34)4.16 (88)-12.18 (79)6.18 (43)24.91 (39)13.34 (65)-9.46 (64)
Difference 2.26 -1.05 6.52 -0.53 6.58 7.82 3.90 2.63 11.40 0.71
IM International Large Cap Value Equity (SA+CF) Median -3.89 -3.18 1.49 21.07 8.43 -9.45 5.75 22.93 15.46 -8.51
Vanguard Total Stock Market (VITSX)15.01 (22)2.89 (38)17.62 (18)18.64 (38)15.00 (16)-0.59 (35)17.77 (32)N/A N/A N/A
Vanguard Total Stock Market Index Hybrid 14.99 (23)2.92 (37)17.62 (18)18.64 (37)14.99 (16)-0.55 (34)17.77 (32)21.60 (59)30.28 (16)0.71 (26)
Difference 0.02 -0.03 0.00 0.00 0.01 -0.04 0.00 N/A N/A N/A
IM U.S. Multi-Cap Core Equity (MF) Median 10.21 1.47 14.71 17.56 11.62 -1.80 16.35 22.62 27.03 -1.53
Brandywine GLBL Dynamic (LMBGX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index -5.03 (54)4.00 (30)9.45 (61)15.12 (72)16.19 (18)-4.42 (41)18.89 (19)22.30 (52)30.92 (15)-1.89 (30)
Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
IM U.S. Large Cap Value Equity (MF) Median -4.55 1.87 10.42 16.74 12.49 -4.90 17.21 22.35 28.44 -3.39
Vanguard Value Index Fund (VIVIX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index -5.03 (54)4.00 (30)9.45 (61)15.12 (72)16.19 (18)-4.42 (41)18.89 (19)22.30 (52)30.92 (15)-1.89 (30)
Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
IM U.S. Large Cap Value Equity (MF) Median -4.55 1.87 10.42 16.74 12.49 -4.90 17.21 22.35 28.44 -3.39
Galliard Core Fixed Income 6.85 (30)8.50 (17)-0.43 (56)0.44 (71)4.36 (25)3.04 (26)3.15 (37)-0.64 (74)5.82 (44)4.16 (27)
Bloomberg Barclays Intermed Aggregate Index 5.66 (84)8.08 (45)-0.93 (94)0.25 (86)3.57 (73)2.95 (31)2.74 (57)-0.71 (77)4.31 (84)4.22 (23)
Difference 1.19 0.42 0.50 0.19 0.79 0.09 0.41 0.07 1.51 -0.06
IM U.S. Intermediate Duration (SA+CF) Median 6.47 8.01 -0.39 0.69 3.90 2.70 2.87 -0.27 5.57 3.60
Galliard TIPS 7.46 5.76 0.39 -0.23 4.75 -0.38 0.59 -3.71 6.01 6.73
Blmbg. Barc. U.S. TIPS 1-10 Year 7.75 5.75 0.33 -0.14 4.83 -0.82 0.61 -3.90 6.32 7.19
Difference -0.29 0.01 0.06 -0.09 -0.08 0.44 -0.02 0.19 -0.31 -0.46
Templeton Global Bond Fund (FBNRX)N/A N/A N/A N/A 0.83 -7.63 6.33 3.54 N/A N/A
FTSE World Government Bond Index 6.77 8.13 -1.54 -2.69 9.71 -3.83 -0.07 -4.60 3.29 4.61
Difference N/A N/A N/A N/A -8.88 -3.80 6.40 8.14 N/A N/A
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. Intercontinental Returns are preliminary
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst
Page 25 95
Comparative Performance Fiscal Year Returns
Total Fund
As of September 30, 2020
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
PIMCO Diversified Income Fund Instl (PDIIX)3.63 (72)9.52 (19)N/A N/A N/A N/A N/A N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)5.26 (53)10.83 (12)0.39 (17)3.04 (27)9.19 (25)0.86 (18)6.83 (9)1.46 (8)11.61 (5)1.69 (53)
Difference -1.63 -1.31 N/A N/A N/A N/A N/A N/A N/A N/A
IM Global Fixed Income (MF) Median 5.39 7.65 -1.29 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74
Vanguard Inflation-Protected Secs (VAIPX)9.84 (26)7.03 (13)0.23 (55)N/A N/A N/A N/A N/A N/A N/A
Bloomberg Barclays U.S. TIPS Index 10.08 (20)7.13 (9)0.41 (41)-0.73 (61)6.58 (27)-0.83 (7)1.59 (19)-6.10 (46)9.10 (19)9.87 (6)
Difference -0.24 -0.10 -0.18 N/A N/A N/A N/A N/A N/A N/A
IM U.S. TIPS (MF) Median 8.47 5.72 0.29 -0.43 5.77 -1.90 0.95 -6.17 8.21 8.10
Vanguard Short Term Bond Index (VSCSX)4.91 (48)6.71 (12)-0.14 (41)1.55 (27)3.40 (20)N/A N/A N/A N/A N/A
Blmbg. Barc. U.S. Corporate 1-5 Year Index 5.21 (39)6.78 (11)0.11 (28)1.82 (20)3.33 (21)1.98 (8)2.46 (25)1.47 (16)6.29 (29)1.83 (58)
Difference -0.30 -0.07 -0.25 -0.27 0.07 N/A N/A N/A N/A N/A
IM U.S. Intermediate Investment Grade (MF) Median 4.84 5.40 -0.38 0.85 2.56 1.21 1.64 -0.52 4.93 1.99
American Core Realty Fund 1.62 (57)6.81 (52)8.50 (65)7.52 (63)9.04 (94)13.98 (68)12.49 (64)12.27 (72)11.56 (66)16.11 (64)
American Core Realty Policy 1.73 (50)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)12.39 (67)12.47 (69)11.77 (64)18.03 (43)
Difference -0.11 0.64 -0.32 -0.29 -1.58 -0.73 0.10 -0.20 -0.21 -1.92
IM U.S. Open End Private Real Estate (SA+CF) Median 1.73 6.89 9.04 8.05 11.32 15.45 12.78 13.28 12.89 16.62
Intercontinental 4.41 (11)8.32 (23)11.40 (11)11.82 (6)13.30 (22)13.96 (68)14.10 (31)18.21 (12)13.38 (42)15.68 (71)
NCREIF Fund Index-OEDC (EW)1.73 (50)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)12.39 (67)12.47 (69)11.77 (64)18.03 (43)
Difference 2.68 2.15 2.58 4.01 2.68 -0.75 1.71 5.74 1.61 -2.35
IM U.S. Open End Private Real Estate (SA+CF) Median 1.73 6.89 9.04 8.05 11.32 15.45 12.78 13.28 12.89 16.62
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. Intercontinental Returns are preliminary
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst
Page 26 96
Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund
Comparative Performance
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Total Fund Portfolio 5.90 (23)7.92 (53)7.92 (53)5.32 (70)7.27 (35)8.95 (22)9.39 (13)
Total Fund Policy 5.72 (30)10.06 (28)10.06 (28)7.15 (27)8.04 (18)9.23 (15)9.54 (10)
Median 5.27 8.20 8.20 6.11 6.74 7.96 8.15
-10.00
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
ReturnOct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Total Fund Portfolio 7.92 (53)2.78 (84)11.28 (7)14.16 (8)11.15 (6)0.33 (25)
Total Fund Policy 10.06 (28)4.31 (41)9.85 (17)12.90 (22)10.79 (11)0.59 (21)
Median 8.20 4.05 7.88 11.60 9.25 -0.60
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
Total Fund Portfolio 14.45 (25)-16.52 (94)6.65 (5)0.60 (74)3.19 (69)9.27 (37)
Total Fund Policy 13.58 (46)-13.55 (54)6.02 (21)0.94 (42)3.51 (29)9.27 (37)
All Public Plans-Total Fund Median 13.30 -13.33 5.48 0.84 3.34 8.89
As of September 30, 2020
Performance Review (Net)
Total Fund Portfolio
NONE
Page 27 97
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
0.0
4.0
8.0
12.0
16.0
Total Fund Portfolio (%)0.0 4.0 8.0 12.0 16.0
Total Fund Policy (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Total Fund Portfolio 20 17 (85%)2 (10%)1 (5%)0 (0%)
Total Fund Policy 20 20 (100%)0 (0%)0 (0%)0 (0%)
6.45
6.88
7.31
7.74
8.17
8.60
Return (%)10.54 10.88 11.22 11.56 11.90 12.24 12.58 12.92
Risk (Standard Deviation %)
Return StandardDeviation
Total Fund Portfolio 7.27 12.48
Total Fund Policy 8.04 11.21
Median 6.74 10.99¾
7.82
8.28
8.74
9.20
9.66
10.12
Return (%)9.0 9.3 9.6 9.9 10.2 10.5 10.8
Risk (Standard Deviation %)
Return StandardDeviation
Total Fund Portfolio 9.39 10.40
Total Fund Policy 9.54 9.52
Median 8.15 9.24¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Total Fund Portfolio 1.61 105.96 115.27 -1.47 -0.35 0.49 1.11 8.98
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.59 1.00 7.75
90 Day U.S. Treasury Bill 11.32 5.77 -4.71 1.77 -0.59 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund Portfolio 1.35 104.85 111.25 -0.88 -0.04 0.80 1.09 7.17
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.88 1.00 6.26
90 Day U.S. Treasury Bill 9.60 4.76 -4.09 1.25 -0.88 N/A -0.01 0.01
As of September 30, 2020
Performance Review (Net)
Total Fund Portfolio
NONE
Page 28 98
Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF)
Comparative Performance
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Vanguard Total Stk Mkt (VITSX)9.19 (30)15.01 (22)15.01 (22)8.78 (22)11.65 (18)13.36 (18)13.68 (12)
Vanguard Total Stk Mkt Index Hyb 9.20 (29)14.99 (23)14.99 (23)8.78 (22)11.65 (18)13.36 (17)13.69 (12)
Median 7.96 10.21 10.21 5.83 8.64 10.80 10.86
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
ReturnOct-2019
To
Sep-
2020
Oct-2018
To
Sep-
2019
Oct-2017
To
Sep-
2018
Oct-2016
To
Sep-
2017
Oct-2015
To
Sep-
2016
Oct-2014
To
Sep-
2015
Vanguard Total Stk Mkt (VITSX)15.01 (22)2.89 (38)17.62 (18)18.64 (38)15.00 (16)-0.59 (35)
Vanguard Total Stk Mkt Index Hyb 14.99 (23)2.92 (37)17.62 (18)18.64 (37)14.99 (16)-0.55 (34)
Median 10.21 1.47 14.71 17.56 11.62 -1.80
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
Vanguard Total Stk Mkt (VITSX)22.10 (38)-20.86 (38)9.01 (29)1.09 (47)4.09 (41)14.04 (31)
Vanguard Total Stock Market Index Hybrid 22.09 (38)-20.88 (39)9.00 (30)1.11 (45)4.08 (43)14.06 (31)
IM U.S. Multi-Cap Core Equity (MF) Median 21.51 -21.69 8.07 1.00 3.87 13.29
Performance Review
As of September 30, 2020
Vanguard Total Stk Mkt (VITSX)
NONE
Page 29 99
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
0.0
5.0
10.0
15.0
20.0
Vanguard Total Stk Mkt (VITSX) (%)0.0 5.0 10.0 15.0 20.0
Vanguard Total Stock Market Index Hybrid (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard Total Stk Mkt (VITSX)19 18 (95%)1 (5%)0 (0%)0 (0%)
Vanguard Total Stk Mkt Index Hyb 20 18 (90%)2 (10%)0 (0%)0 (0%)
7.92
8.91
9.90
10.89
11.88
12.87
Return (%)18.16 18.17 18.18 18.19
Risk (Standard Deviation %)
Return StandardDeviation
Vanguard Total Stk Mkt (VITSX)11.65 18.17
Vanguard Total Stk Mkt Index Hyb 11.65 18.18
Median 8.64 18.18¾
10.12
11.04
11.96
12.88
13.80
14.72
Return (%)15.25 15.30 15.35 15.40 15.45 15.50 15.55 15.60
Risk (Standard Deviation %)
Return StandardDeviation
Vanguard Total Stk Mkt (VITSX)13.68 15.33
Vanguard Total Stk Mkt Index Hyb 13.69 15.33
Median 10.86 15.52¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Vanguard Total Stk Mkt (VITSX)0.03 99.96 99.95 0.00 -0.10 0.61 1.00 12.56
Vanguard Total Stock Market Index Hybrid 0.00 100.00 100.00 0.00 N/A 0.61 1.00 12.56
90 Day U.S. Treasury Bill 18.28 3.62 -2.86 1.77 -0.61 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Total Stk Mkt (VITSX)0.03 99.97 99.96 0.00 -0.06 0.84 1.00 10.14
Vanguard Total Stock Market Index Hybrid 0.00 100.00 100.00 0.00 N/A 0.84 1.00 10.15
90 Day U.S. Treasury Bill 15.41 3.06 -2.51 1.25 -0.84 N/A -0.01 0.01
Performance Review
As of September 30, 2020
Vanguard Total Stk Mkt (VITSX)
NONE
Page 30 100
Peer Group Analysis - IM U.S. Large Cap Value Equity (MF)
Comparative Performance
-20.00
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Brandywine GLBL Dynamic (LMBGX)N/A N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index 5.59 (34)-5.03 (54)-5.03 (54)-0.61 (47)2.63 (50)5.62 (57)7.66 (41)
Median 4.82 -4.55 -4.55 -0.92 2.63 5.96 7.15
-22.00
-16.00
-10.00
-4.00
2.00
8.00
14.00
20.00
26.00
32.00
ReturnOct-
2019
To
Sep-
2020
Oct-
2018
To
Sep-
2019
Oct-
2017
To
Sep-
2018
Oct-
2016
To
Sep-
2017
Oct-
2015
To
Sep-
2016
Oct-
2014
To
Sep-
2015
Brandywine GLBL Dynamic (LMBGX)N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index -5.03 (54)4.00 (30)9.45 (61)15.12 (72)16.19 (18)-4.42 (41)
Median -4.55 1.87 10.42 16.74 12.49 -4.90
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
Brandywine GLBL Dynamic (LMBGX)N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index 14.29 (68)-26.73 (53)7.41 (54)1.36 (53)3.84 (39)11.93 (40)
IM U.S. Large Cap Value Equity (MF) Median 15.47 -26.62 7.54 1.41 3.49 11.58
Performance Review (Fiscal Years)
As of September 30, 2020
Brandywine GLBL Dynamic (LMBGX)
NONE
Page 31 101
Peer Group Analysis - IM U.S. Large Cap Value Equity (MF)
Comparative Performance
-20.00
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Vanguard Value Index Fund (VIVIX)N/A N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index 5.59 (34)-5.03 (54)-5.03 (54)-0.61 (47)2.63 (50)5.62 (57)7.66 (41)
Median 4.82 -4.55 -4.55 -0.92 2.63 5.96 7.15
-22.00
-16.00
-10.00
-4.00
2.00
8.00
14.00
20.00
26.00
32.00
ReturnOct-
2019
To
Sep-
2020
Oct-
2018
To
Sep-
2019
Oct-
2017
To
Sep-
2018
Oct-
2016
To
Sep-
2017
Oct-
2015
To
Sep-
2016
Oct-
2014
To
Sep-
2015
Vanguard Value Index Fund (VIVIX)N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index -5.03 (54)4.00 (30)9.45 (61)15.12 (72)16.19 (18)-4.42 (41)
Median -4.55 1.87 10.42 16.74 12.49 -4.90
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
Vanguard Value Index Fund (VIVIX)N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index 14.29 (68)-26.73 (53)7.41 (54)1.36 (53)3.84 (39)11.93 (40)
IM U.S. Large Cap Value Equity (MF) Median 15.47 -26.62 7.54 1.41 3.49 11.58
Performance Review (Fiscal Years)
As of September 30, 2020
Vanguard Value Index Fund (VIVIX)
NONE
Page 32 102
Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)
Comparative Performance
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
RBC Global (Voyageur)3.42 (66)-9.19 (89)-9.19 (89)-7.29 (85)-2.83 (61)3.01 (51)4.51 (49)
MSCI EAFE Index 4.88 (44)0.93 (36)0.93 (36)0.05 (34)1.11 (33)5.46 (28)5.77 (36)
Median 4.40 -3.89 -3.89 -3.30 -1.89 3.05 4.44
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
ReturnOct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
RBC Global (Voyageur)-9.19 (89)-5.36 (70)6.76 (5)22.69 (38)10.74 (29)-4.36 (21)
MSCI EAFE Index 0.93 (36)-0.82 (32)3.25 (30)19.65 (56)7.06 (62)-8.27 (42)
Median -3.89 -3.18 1.49 21.07 8.43 -9.45
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
RBC Global (Voyageur)18.55 (20)-32.83 (94)10.27 (36)-2.48 (78)2.47 (52)10.23 (34)
MSCI EAFE Index 15.08 (55)-22.72 (25)8.21 (81)-1.00 (36)3.97 (18)10.13 (36)
IM International Large Cap Value Equity (SA+CF) Median 15.42 -25.91 9.61 -1.44 2.52 9.58
Performance Review
As of September 30, 2020
RBC Global (Voyageur)
NONE
Page 33 103
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
-16.0
-8.0
0.0
8.0
16.0
24.0
RBC Global (Voyageur) (%)-16.0 -8.0 0.0 8.0 16.0 24.0
MSCI EAFE Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
RBC Global (Voyageur)20 13 (65%)4 (20%)3 (15%)0 (0%)
MSCI EAFE Index 20 0 (0%)10 (50%)10 (50%)0 (0%)
-4.00
-2.00
0.00
2.00
Return (%)14.00 16.00 18.00 20.00 22.00
Risk (Standard Deviation %)
Return StandardDeviation
RBC Global (Voyageur)-2.83 20.29
MSCI EAFE Index 1.11 15.21
Median -1.89 17.14¾
4.05
4.50
4.95
5.40
5.85
6.30
Return (%)12.46 13.35 14.24 15.13 16.02 16.91 17.80 18.69
Risk (Standard Deviation %)
Return StandardDeviation
RBC Global (Voyageur)4.51 17.73
MSCI EAFE Index 5.77 13.89
Median 4.44 15.23¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
RBC Global (Voyageur)6.66 114.61 131.22 -3.58 -0.45 -0.12 1.29 16.48
MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.04 1.00 11.79
90 Day U.S. Treasury Bill 15.31 3.81 -4.18 1.71 -0.04 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC Global (Voyageur)6.11 113.28 122.13 -1.96 -0.09 0.28 1.22 13.64
MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.39 1.00 9.96
90 Day U.S. Treasury Bill 13.96 2.73 -3.47 1.21 -0.39 N/A -0.01 0.01
Performance Review
As of September 30, 2020
RBC Global (Voyageur)
NONE
Page 34 104
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)
Comparative Performance
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Galliard Core Fixed Inc 1.10 (30)6.85 (30)6.85 (30)7.67 (20)4.90 (20)3.77 (34)3.89 (29)
Barclays Int Agg Index 0.48 (88)5.66 (84)5.66 (84)6.86 (76)4.20 (86)3.20 (89)3.27 (88)
Median 0.83 6.47 6.47 7.25 4.61 3.62 3.67
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
ReturnOct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Galliard Core Fixed Inc 6.85 (30)8.50 (17)-0.43 (56)0.44 (71)4.36 (25)3.04 (26)
Barclays Int Agg Index 5.66 (84)8.08 (45)-0.93 (94)0.25 (86)3.57 (73)2.95 (31)
Median 6.47 8.01 -0.39 0.69 3.90 2.70
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
Galliard Core Fixed Inc 4.07 (38)1.14 (54)0.41 (59)1.46 (36)2.72 (14)2.56 (35)
Barclays Int Agg Index 2.13 (95)2.49 (19)0.47 (48)1.38 (59)2.39 (69)2.28 (71)
IM U.S. Intermediate Duration (SA+CF) Median 3.74 1.30 0.44 1.42 2.50 2.45
Performance Review
As of September 30, 2020
Galliard Core Fixed Inc
NONE
Page 35 105
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
0.0
1.5
3.0
4.5
6.0
Galliard Core Fixed Inc (%)0.0 1.5 3.0 4.5 6.0
Barclays Int Agg Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Galliard Core Fixed Inc 20 4 (20%)15 (75%)1 (5%)0 (0%)
Barclays Int Agg Index 20 0 (0%)2 (10%)7 (35%)11 (55%)
3.90
4.20
4.50
4.80
5.10
Return (%)2.00 2.20 2.40 2.60 2.80 3.00
Risk (Standard Deviation %)
Return StandardDeviation
Galliard Core Fixed Inc 4.90 2.77
Barclays Int Agg Index 4.20 2.18
Median 4.61 2.43¾
3.00
3.30
3.60
3.90
4.20
Return (%)2.00 2.08 2.16 2.24 2.32 2.40 2.48 2.56 2.64
Risk (Standard Deviation %)
Return StandardDeviation
Galliard Core Fixed Inc 3.89 2.55
Barclays Int Agg Index 3.27 2.14
Median 3.67 2.30¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Galliard Core Fixed Inc 1.34 120.69 135.09 0.19 0.51 1.12 1.12 1.31
Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 1.15 1.00 0.81
90 Day U.S. Treasury Bill 2.14 20.37 -50.25 1.60 -1.15 N/A 0.02 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Galliard Core Fixed Inc 1.05 117.41 114.62 0.33 0.57 1.05 1.09 1.31
Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 0.99 1.00 1.04
90 Day U.S. Treasury Bill 2.10 16.68 -28.66 1.08 -0.99 N/A 0.03 0.01
Performance Review
As of September 30, 2020
Galliard Core Fixed Inc
NONE
Page 36 106
Peer Group Analysis - IM U.S. Intermediate Investment Grade (MF)
Comparative Performance
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
VG ST Bond Index (VSCSX)0.90 (39)4.91 (48)4.91 (48)5.81 (29)3.79 (27)3.22 (18)3.26 (17)
Barclays US Corp 1-5 Yr Index 0.92 (38)5.21 (39)5.21 (39)6.00 (22)4.00 (19)3.45 (9)3.42 (10)
Median 0.81 4.84 4.84 5.29 3.25 2.64 2.63
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
ReturnOct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
VG ST Bond Index (VSCSX)4.91 (48)6.71 (12)-0.14 (41)1.55 (27)3.40 (20)N/A
Barclays US Corp 1-5 Yr Index 5.21 (39)6.78 (11)0.11 (28)1.82 (20)3.33 (21)1.98 (8)
Median 4.84 5.40 -0.38 0.85 2.56 1.21
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
VG ST Bond Index (VSCSX)5.63 (20)-2.63 (76)1.09 (6)1.19 (12)1.75 (57)2.66 (13)
Barclays US Corp 1-5 Yr Index 5.59 (20)-2.19 (69)0.95 (9)1.17 (14)2.09 (20)2.61 (17)
IM U.S. Intermediate Investment Grade (MF) Median 3.60 -0.68 0.49 0.87 1.79 1.88
Performance Review
As of September 30, 2020
VG ST Bond Index (VSCSX)
NONE
Page 37 107
Peer Group Analysis - IM U.S. TIPS (MF)
Comparative Performance
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Vanguard Infl-Protected Secs (VAIPX)3.02 (49)9.84 (26)9.84 (26)8.43 (21)5.62 (22)N/A N/A
Bloomberg Barclays U.S. TIPS Index 3.03 (48)10.08 (20)10.08 (20)8.59 (17)5.79 (15)4.13 (16)4.61 (14)
Median 3.01 8.47 8.47 7.20 4.75 3.42 3.84
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
ReturnOct-
2019
To
Sep-
2020
Oct-
2018
To
Sep-
2019
Oct-
2017
To
Sep-
2018
Oct-
2016
To
Sep-
2017
Oct-
2015
To
Sep-
2016
Oct-
2014
To
Sep-
2015
Vanguard Infl-Protected Secs (VAIPX)9.84 (26)7.03 (13)0.23 (55)N/A N/A N/A
Bloomberg Barclays U.S. TIPS Index 10.08 (20)7.13 (9)0.41 (41)-0.73 (61)6.58 (27)-0.83 (7)
Median 8.47 5.72 0.29 -0.43 5.77 -1.90
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
Vanguard Infl-Protected Secs (VAIPX)4.18 (69)1.78 (14)0.56 (86)1.42 (14)2.79 (17)3.19 (45)
Bloomberg Barclays U.S. TIPS Index 4.24 (67)1.69 (17)0.79 (64)1.35 (19)2.86 (11)3.19 (44)
IM U.S. TIPS (MF) Median 4.97 -0.10 0.97 0.81 2.50 3.16
Performance Review
As of September 30, 2020
Vanguard Infl-Protected Secs (VAIPX)
NONE
Page 38 108
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Under Performance Earliest Date Latest Date
2.0
3.0
4.0
5.0
6.0
7.0
Vanguard Infl-Protected Secs (VAIPX) (%)2.0 3.0 4.0 5.0 6.0 7.0
Bloomberg Barclays U.S. TIPS Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard Infl-Protected Secs (VAIPX)4 3 (75%)1 (25%)0 (0%)0 (0%)
Bloomberg Barclays U.S. TIPS Index 20 17 (85%)3 (15%)0 (0%)0 (0%)
4.55
4.90
5.25
5.60
5.95
6.30
Return (%)3.43 3.50 3.57 3.64 3.71 3.78 3.85 3.92 3.99
Risk (Standard Deviation %)
Return StandardDeviation
Vanguard Infl-Protected Secs (VAIPX)5.62 3.54
Bloomberg Barclays U.S. TIPS Index 5.79 3.74
Median 4.75 3.87¾
3.64
3.90
4.16
4.42
4.68
4.94
Return (%)3.54 3.55 3.56 3.57 3.58
Risk (Standard Deviation %)
Return StandardDeviation
Vanguard Infl-Protected Secs (VAIPX)N/A N/A
Bloomberg Barclays U.S. TIPS Index 4.61 3.54
Median 3.84 3.57¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Vanguard Infl-Protected Secs (VAIPX)0.52 95.41 92.15 0.19 -0.33 1.08 0.94 1.64
Bloomberg Barclays U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 1.06 1.00 1.84
90 Day U.S. Treasury Bill 3.80 13.92 -17.79 1.77 -1.06 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Infl-Protected Secs (VAIPX)N/A N/A N/A N/A N/A N/A N/A N/A
Bloomberg Barclays U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 0.96 1.00 1.83
90 Day U.S. Treasury Bill 3.56 10.80 -12.52 1.19 -0.96 N/A 0.00 0.01
Performance Review
As of September 30, 2020
Vanguard Infl-Protected Secs (VAIPX)
NONE
Page 39 109
Peer Group Analysis - IM Global Fixed Income (MF)
Comparative Performance
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
PIMCO Diversified Inc Fd Instl (PDIIX)2.73 (41)3.63 (72)3.63 (72)6.54 (44)N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)1.97 (68)5.26 (53)5.26 (53)8.01 (16)5.40 (7)4.81 (4)5.67 (3)
Median 2.41 5.39 5.39 6.13 3.74 3.10 3.94
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
ReturnOct-
2019
To
Sep-
2020
Oct-
2018
To
Sep-
2019
Oct-
2017
To
Sep-
2018
Oct-
2016
To
Sep-
2017
Oct-
2015
To
Sep-
2016
Oct-
2014
To
Sep-
2015
PIMCO Diversified Inc Fd Instl (PDIIX)3.63 (72)9.52 (19)N/A N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)5.26 (53)10.83 (12)0.39 (17)3.04 (27)9.19 (25)0.86 (18)
Median 5.39 7.65 -1.29 1.02 7.42 -3.85
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
PIMCO Diversified Inc Fd Instl (PDIIX)7.26 (30)-7.49 (83)1.66 (11)1.20 (46)3.59 (37)5.81 (1)
Blmbg. Barc. Global Credit (Hedged)7.60 (26)-4.95 (62)0.93 (33)2.36 (10)3.60 (36)4.71 (6)
IM Global Fixed Income (MF) Median 5.53 -3.19 0.73 1.04 3.37 3.10
Performance Review
As of September 30, 2020
PIMCO Diversified Inc Fd Instl (PDIIX)
NONE
Page 40 110
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
No data found.0.0
25.0
50.0
75.0
100.0Return Percentile Rank12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
PIMCO Diversified Inc Fd Instl (PDIIX)0 0 0 0 0
Blmbg. Barc. Global Credit (Hedged)20 19 (95%)1 (5%)0 (0%)0 (0%)
3.30
3.85
4.40
4.95
5.50
6.05
Return (%)4.64 4.80 4.96 5.12 5.28 5.44 5.60 5.76 5.92
Risk (Standard Deviation %)
Return StandardDeviation
PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A
Blmbg. Barc. Global Credit (Hedged)5.40 5.72
Median 3.74 4.86¾
3.42
3.99
4.56
5.13
5.70
6.27
Return (%)4.80 4.85 4.90 4.95 5.00 5.05 5.10 5.15
Risk (Standard Deviation %)
Return StandardDeviation
PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A
Blmbg. Barc. Global Credit (Hedged)5.67 4.84
Median 3.94 5.09¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A N/A N/A N/A N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)0.00 100.00 100.00 0.00 N/A 0.65 1.00 4.20
90 Day U.S. Treasury Bill 5.81 12.43 -14.43 1.78 -0.65 N/A -0.02 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A N/A N/A N/A N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)0.00 100.00 100.00 0.00 N/A 0.91 1.00 3.40
90 Day U.S. Treasury Bill 4.91 9.19 -12.52 1.25 -0.91 N/A -0.01 0.01
Performance Review
As of September 30, 2020
PIMCO Diversified Inc Fd Instl (PDIIX)
NONE
Page 41 111
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
American Core RE -0.14 (81)1.62 (57)1.62 (57)4.18 (57)5.60 (53)6.08 (60)6.66 (65)
American Core RE Policy 0.57 (50)1.73 (50)1.73 (50)3.93 (68)5.53 (54)6.10 (58)6.99 (56)
Median 0.55 1.73 1.73 4.27 5.75 6.46 7.07
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
ReturnOct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
American Core RE 1.62 (57)6.81 (52)8.50 (65)7.52 (63)9.04 (94)13.98 (68)
American Core RE Policy 1.73 (50)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)
Median 1.73 6.89 9.04 8.05 11.32 15.45
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
American Core RE -1.23 (55)1.54 (31)1.46 (66)1.44 (71)1.53 (30)1.74 (72)
American Core RE Policy -1.27 (59)0.92 (67)1.53 (58)1.39 (75)1.34 (61)1.69 (76)
IM U.S. Open End Private Real Estate (SA+CF) Median -1.22 1.31 1.61 1.75 1.44 1.99
Performance Review
As of September 30, 2020
American Core RE
NONE
Page 42 112
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
3.0
6.0
9.0
12.0
15.0
American Core RE (%)3.0 6.0 9.0 12.0 15.0
American Core RE Policy (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
American Core RE 20 0 (0%)0 (0%)10 (50%)10 (50%)
American Core RE Policy 20 0 (0%)1 (5%)19 (95%)0 (0%)
5.44
5.52
5.60
5.68
5.76
5.84
Return (%)1.70 1.80 1.90 2.00 2.10 2.20 2.30 2.40 2.50
Risk (Standard Deviation %)
Return StandardDeviation
American Core RE 5.60 1.97
American Core RE Policy 5.53 1.86
Median 5.75 2.34¾
6.40
6.60
6.80
7.00
7.20
Return (%)1.60 1.80 2.00 2.20 2.40 2.60
Risk (Standard Deviation %)
Return StandardDeviation
American Core RE 6.66 1.81
American Core RE Policy 6.99 1.79
Median 7.07 2.40¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
American Core RE 0.64 100.88 96.65 0.06 0.10 2.27 1.00 0.72
American Core RE Policy 0.00 100.00 100.00 0.00 N/A 2.26 1.00 0.74
90 Day U.S. Treasury Bill 1.66 28.54 -1.81 1.01 -2.26 N/A 0.12 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American Core RE 0.83 95.51 96.65 0.37 -0.37 3.00 0.90 0.55
American Core RE Policy 0.00 100.00 100.00 0.00 N/A 3.02 1.00 0.57
90 Day U.S. Treasury Bill 1.87 16.49 -1.81 1.29 -3.02 N/A -0.02 0.00
Performance Review
As of September 30, 2020
American Core RE
NONE
Page 43 113
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Intercontinental 0.90 (24)4.41 (11)4.41 (11)6.34 (10)8.00 (10)8.95 (10)9.80 (15)
NCREIF Fund Index-OEDC (EW)0.57 (50)1.73 (50)1.73 (50)3.93 (68)5.53 (54)6.10 (58)6.99 (56)
Median 0.55 1.73 1.73 4.27 5.75 6.46 7.07
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
ReturnOct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Intercontinental 4.41 (11)8.32 (23)11.40 (11)11.82 (6)13.30 (22)13.96 (68)
NCREIF Fund Index-OEDC (EW)1.73 (50)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)
Median 1.73 6.89 9.04 8.05 11.32 15.45
1 QtrEndingJun-2020
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
Intercontinental -0.02 (30)0.27 (81)3.22 (8)2.50 (19)1.45 (49)1.98 (52)
NCREIF Fund Index-OEDC (EW)-1.27 (59)0.92 (67)1.53 (58)1.39 (75)1.34 (61)1.69 (76)
IM U.S. Open End Private Real Estate (SA+CF) Median -1.22 1.31 1.61 1.75 1.44 1.99
Performance Review
As of September 30, 2020
Intercontinental
NONE
Page 44 114
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Earliest Date Latest Date
4.0
8.0
12.0
16.0
20.0
Intercontinental (%)4.0 8.0 12.0 16.0 20.0
NCREIF Fund Index-OEDC (EW) (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Intercontinental 20 11 (55%)9 (45%)0 (0%)0 (0%)
NCREIF Fund Index-OEDC (EW)20 0 (0%)1 (5%)19 (95%)0 (0%)
5.10
5.95
6.80
7.65
8.50
Return (%)1.70 1.80 1.90 2.00 2.10 2.20 2.30 2.40 2.50
Risk (Standard Deviation %)
Return StandardDeviation
Intercontinental 8.00 2.05
NCREIF Fund Index-OEDC (EW)5.53 1.86
Median 5.75 2.34¾
5.88
6.86
7.84
8.82
9.80
10.78
Return (%)1.54 1.76 1.98 2.20 2.42 2.64 2.86 3.08 3.30
Risk (Standard Deviation %)
Return StandardDeviation
Intercontinental 9.80 2.94
NCREIF Fund Index-OEDC (EW)6.99 1.79
Median 7.07 2.40¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Intercontinental 1.14 133.02 1.54 2.84 2.06 3.15 0.92 0.01
NCREIF Fund Index-OEDC (EW)0.00 100.00 100.00 0.00 N/A 2.26 1.00 0.74
90 Day U.S. Treasury Bill 1.66 28.54 -1.81 1.01 -2.26 N/A 0.12 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.13 134.25 1.54 1.72 1.26 2.72 1.14 0.01
NCREIF Fund Index-OEDC (EW)0.00 100.00 100.00 0.00 N/A 3.02 1.00 0.57
90 Day U.S. Treasury Bill 1.87 16.49 -1.81 1.29 -3.02 N/A -0.02 0.00
Performance Review
As of September 30, 2020
Intercontinental
NONE
Page 45 115
Fund Information
Type of Fund:Direct Vintage Year:2014
Strategy Type:Other Management Fee:1.35% of invested equity capital
Size of Fund:-Preferred Return:7.00%
Inception:09/05/2014 General Partner:CDL Levered General Partner, Ltd.
Final Close:9/5/2015 expected Number of Funds:
Investment Strategy:High Current income while focusing on preservation of capital through investment primarily in senior secured loans of private U.S. lower-middle-market companies. The Fund will seek to
enhance returns on its investments through the use of leverage. Fund size is $250 million/ $500 million with leverage.
Cash Flow Summary
Capital Committed:$2,000,000
Capital Invested:$3,055,050
Management Fees:$58,525
Expenses:$198,669
Interest:-
Total Contributions:$3,055,050
Remaining Capital Commitment:$182,930
Total Distributions:$2,408,510
Market Value:$1,120,876
Inception Date:10/14/2014
Inception IRR:7.0
TVPI:1.2
Cash Flow Analysis
Net Asset Value Distribution Contributions
$0.0
$806,000.0
$1,612,000.0
$2,418,000.0
$3,224,000.0
$4,030,000.0
($806,000.0)
10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 10/18 4/19 10/19 4/20 9/20
Private Equity Fund Overview
Crescent Direct Lending Fund
As of September 30, 2020
Page 46 116
Fund Information
Type of Fund:Direct Vintage Year:2017
Strategy Type:Other Management Fee:75.% of invested equity capital
Size of Fund:1,500,000,000 Preferred Return:7.00%
Inception:09/27/2017 General Partner:Crescent Direct Lending II GP, LLC
Final Close:Number of Funds:
Investment Strategy:Crescent Direct Lending Levered Fund II intends to invest in directly originated senior secured loans (including primarily first lien and unitranche loans and to a lesser extent second lien
loans) of private U.S. lower-middle-market companies, primarily in conjunction with private equity investment firms.
Cash Flow Summary
Capital Committed:$2,000,000
Capital Invested:$1,882,413
Management Fees:$11,301
Expenses:$14,720
Interest:-
Total Contributions:$1,882,413
Remaining Capital Commitment:$310,356
Total Distributions:$315,217
Market Value:$1,702,265
Inception Date:03/13/2018
Inception IRR:5.5
TVPI:1.1
Cash Flow Analysis
Net Asset Value Distribution Contributions
$0.0
$520,000.0
$1,040,000.0
$1,560,000.0
$2,080,000.0
$2,600,000.0
($520,000.0)
3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20
Private Equity Fund Overview
Crescent Direct Lending II Fund
As of September 30, 2020
Page 47 117
Total Fund Policy
Allocation Mandate Weight (%)
Jan-1976
S&P 500 Index 65.00
Blmbg. Barc. U.S. Aggregate Index 30.00
MSCI EAFE Index 5.00
Oct-2003
S&P 500 Index 60.00
Blmbg. Barc. U.S. Aggregate Index 30.00
MSCI EAFE Index 10.00
Sep-2006
S&P 500 Index 60.00
Bloomberg Barclays Intermed Aggregate Index 40.00
Oct-2009
Russell 3000 Index 50.00
Bloomberg Barclays Intermed Aggregate Index 25.00
MSCI EAFE Index 15.00
Bloomberg Barclays U.S. TIPS Index 5.00
NCREIF Property Index 5.00
Oct-2010
Russell 3000 Index 50.00
Bloomberg Barclays Intermed Aggregate Index 20.00
MSCI EAFE Index 15.00
Bloomberg Barclays U.S. TIPS Index 5.00
NCREIF Fund Index-Open End Diversified Core (EW)10.00
Sep-2020
Russell 3000 Index 50.00
MSCI AC World ex USA (Net)15.00
Bloomberg Barclays Intermed Aggregate Index 15.00
Credit Suisse Leveraged Loan Index 4.00
Blmbg. Barc. U.S. TIPS 1-5 Year 3.00
Blmbg. Barc. Global Credit (Hedged)3.00
NCREIF Fund Index-Open End Diversified Core (EW)10.00
American Core Realty Policy
Allocation Mandate Weight (%)
Oct-2007
NCREIF Property Index 100.00
Oct-2010
NCREIF Fund Index-Open End Diversified Core (EW)100.00
Vanguard Total Stock Market Policy
Allocation Mandate Weight (%)
Jun-2003
MSCI US Broad Market Index 100.00
Feb-2013
CRSP U.S. Total Market TR Index 100.00
Benchmark History
Investment Policy Benchmarks
As of September 30, 2020
Page 48 118
Total Equity Policy
Allocation Mandate Weight (%)
Jan-1970
S&P 500 Index 90.00
MSCI EAFE Index 10.00
Oct-2003
S&P 500 Index 85.00
MSCI EAFE Index 15.00
Sep-2006
S&P 500 Index 100.00
Oct-2009
Russell 3000 Index 77.00
MSCI EAFE Index 23.00
Sep-2020
Russell 3000 Index 77.00
MSCI AC World ex USA (Net)23.00
Domestic Equity Securities Policy
Allocation Mandate Weight (%)
Jan-1926
S&P 500 Index 100.00
Oct-2009
Russell 3000 Index 100.00
Foreign Equity Policy
Allocation Mandate Weight (%)
Nov-2000
MSCI EAFE Index 100.00
Sep-2020
MSCI AC World ex USA (Net)100.00
Benchmark History
Investment Policy Benchmarks
As of September 30, 2020
Page 49 119
Total Fixed Policy
Allocation Mandate Weight (%)
Nov-2000
Blmbg. Barc. U.S. Aggregate Index 100.00
Sep-2006
Bloomberg Barclays Intermed Aggregate Index 100.00
Sep-2020
Bloomberg Barclays Intermed Aggregate Index 60.00
Credit Suisse Leveraged Loan Index 16.00
Bloomberg Barclays U.S. TIPS Index 12.00
Blmbg. Barc. Global Credit (Hedged)12.00
Broad Mkt Fixed Income
Allocation Mandate Weight (%)
Nov-2000
Blmbg. Barc. U.S. Aggregate Index 100.00
Sep-2006
Bloomberg Barclays Intermed Aggregate Index 100.00
Non-Core Fixed Policy
Allocation Mandate Weight (%)
Oct-2014
Credit Suisse Leveraged Loan Index 100.00
Dec-2016
Credit Suisse Leveraged Loan Index 50.00
Bloomberg Barclays U.S. TIPS Index 50.00
Mar-2018
Credit Suisse Leveraged Loan Index 41.00
Bloomberg Barclays U.S. TIPS Index 20.00
Blmbg. Barc. Global Credit (Hedged)39.00
Sep-2020
Credit Suisse Leveraged Loan Index 40.00
Bloomberg Barclays U.S. TIPS Index 30.00
Blmbg. Barc. Global Credit (Hedged)30.00
Benchmark History
Investment Policy Benchmarks
As of September 30, 2020
Page 50 120
Compliance ChecklistTotal FundAs of September 30, 2020Winter Springs GETotal Fund Compliance:Yes No N/A1. The Total Plan return equaled or exceeded the 7.75% actuarial earnings assumption over the trailing three and five year periods.2. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods.3. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three and five year periods.Equity Compliance:Yes No N/A1. Total domestic equity returns meet or exceed the benchmark over the trailing three and five year periods.2. Total foreign equity returns meet or exceed the benchmark over the trailing three and five year periods.3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period.4. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period.5. The total equity allocation was less than 75% of the total plan assets at market.6. Total foreign equity was less than 25% of the total plan assets at market.Fixed Income Compliance:Yes No N/A1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods.2. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.3. All separately managed fixed income investments have a minimum rating of investment grade or higher.~~ 0.45 of bonds is rated BB, since this is below the threshold of #3. marked in complianceYes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three year period. 2. Manager outperformed the index over the trailing five year period. 3. Manager ranked within the top 40th percentile over the trailing three year period. 4. Manager ranked within the top 40th percentile over the trailing five year period. 5. Less than four consecutive quarters of under performance relative to the benchmark.6. Three and five year down-market capture ratio less than the index.Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three year period. 2. Manager outperformed the index over the trailing five year period. 3. Manager ranked within the top 40th percentile over the trailing three year period. 4. Manager ranked within the top 40th percentile over the trailing five year period. 5. Less than four consecutive quarters of under performance relative to the benchmark. 6. Three and five year down-market capture ratio less than the index.VG Short BDIntercontinental PIMCOManager Compliance:Vanguard Infl-prot.American REManager Compliance:Vanguard Total VG Value RBC Global GalliardBrandywinePage 51121
Estimated
Annual Fee
(%)
Market Value
($)
Estimated
Annual Fee
($)
Fee Schedule
Vanguard Total Stock Market (VITSX)0.03 16,427,142 4,928 0.03 % of Assets
Brandywine GLBL Dynamic (LMBGX)0.65 7,302,966 47,469 0.65 % of Assets
Vanguard Value Index Fund (VIVIX)0.04 7,333,455 2,933 0.04 % of Assets
Domestic Equity Securities 0.18 31,063,563 55,331
RBC Global (Voyageur)0.95 7,640,240 72,582 0.95 % of Assets
Foreign Equity Securities 0.95 7,640,240 72,582
Galliard Core Fixed Income 0.25 5,429,323 13,573 0.25 % of Assets
Vanguard Inflation-Protected Secs (VAIPX)0.10 2,870,558 2,871 0.10 % of Assets
Vanguard Short Term Bond Index (VSCSX)0.07 18,779 13 0.07 % of Assets
PIMCO Diversified Income Fund Instl (PDIIX)0.79 1,879,490 14,848 0.79 % of Assets
Crescent Direct Lending Fund 1.35 1,120,876 15,132 1.35 % of Assets
Crescent Direct Lending II Fund 0.75 1,702,265 12,767 0.75 % of Assets
Total Fixed Income 0.45 13,021,291 59,204
Intercontinental 1.10 3,662,764 40,290 1.10 % of Assets
American Core Realty Fund 1.10 1,925,600 21,182 1.10 % of Assets
Direct Real Estate 1.10 5,588,364 61,472
Receipt & Disbursement 515,204 -
Total Fund 0.43 57,828,662 248,589
Winter Springs General Employees General Plan and Trust
Fee Analysis
As of September 30, 2020
Page 52 122
Disclosures
Neither AndCo, nor any covered associates have made political contributions to any official associated with the Winter Springs General Employees General Plan and
Trust, in excess of the permitted amount.
Disclosures
Total Fund
As of September 30, 2020
Page 53 123
Report Statistics Definitions and Descriptions Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance. Page 54124
Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. 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