voice magazine spring 2012

2946 Wellington Circle East Tallahassee, FL 32309 Phone 800-842-4064 or 850-668-8552 Fax 850-668-8514 www.fppta.org

PRSRT. STD.

U.S. POSTAGE

P A I DTALLAHASSEE, FL

PERMIT NO. 467

BACK TO THE

FUTURE...THE STATUSOF DB PLANS GOING FORWARD

Florida Public Pension Trustees Association spring 2012

INSIDE THIS

ISSUE Letters to the Editor Primer

2011 Conference HighlightsDrink a “BEER” to Equities

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The Voice Magazine Spring 2012_Layout 1 3/13/12 11:14 AM

Client-Focused Investment Solutions

RBC Global Asset Management provides institutional clients with investment solutions to help them achieve their goals in ever-changing financial markets. Our commitment to providing investment excellence, with a strong focus on risk management, and exemplary client service pervades everything we do.

Proud supporter of the Florida Public Pension Trustees Association

RBC Global Asset Management (U.S.) Inc. is a federally registered investment adviser founded in 1983. RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management Inc., RBC Alternative Asset Management Inc., and BlueBay Asset Management Ltd., which are separate, but affiliated corporate entities. ® Registered trademark of Royal Bank of Canada. RBC Global Asset Management is a trademark of Royal Bank of Canada. Used under license. © 2012 RBC Global Asset Management (U.S.) Inc.

Contact:RBC Global Asset Management (U.S.) Inc.

Michael M. Spencer, CFAInstitutional Portfolio [email protected]

Chris M. DeBowManaging Director, RBC Public Fund [email protected]


Florida Public Pension Trustees Association spring 2012

A Message from the CEO

FPPTA Calendar of Events

FPPTA Board of Directors

Thanks to Our Sponsors

Chairman’s Report

FPPTA Educational Programs

FPPTA Education Committee Report

FPPTA Education Committee

Continuing Your Education

Letters to the Editor Primer

2011 Active Pension Board Members

2011 Associate Members

Associate Advisory Board

Advisory Board Members

Moving Forward

2011 Annual Conference Highlights

2011 CPPT Awards Ceremony Recipients

CPPT Recipients

Report from the COO

The Road Ahead

Delivering Retirement Income at Lower Cost

Drink a “BEER” to Equities

Securities Class Action Filings Increase Slightly

Board and Trustee Insurance Options

Investment Portion of the DB Formula

FPPTA Relief Fund

Style Box Investing

Lessons Learned from DB Plans

FPPTA Contacts

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BACK TO THE

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By: Raymond Edmondson, CPPT, CEO

Hope this finds you and yours well. It’s a new year with new challenges and adventures. The FPPTA

continues to grow in many areas. The 2012 operating budget was passed by the Board of Directors, the Board voted to put surplus funds back into the organization for the betterment of themembership. They also saved some for a rainy day, if needed.

That being said, we are currently expanding areas such as: public relations, educational aids, an increase to our speakers’budget to attract speakers for the Annual Conference, and an increase to the benefits program for all members.

The Florida Legislature convened in January this year due tothe reapportionment of legislative districts. With redistricting, the State budget and otherissues before them, one might think that they would slack off the public sector pensions.As you read these bill filings it brings to mind the question: what kind of people are weelecting to represent us?

I urge you to keep informed of the legislative issues that relate to your future andpresent pensions by visiting FPPTA.ORG News/Information, Legislative. As these bills getassigned to committees we will post them.

For 2012 we have reduced the dues for the Benefits Program and the Retirees Organization from $9.99 to $5.00 per year, per family. If your local retiree organizationwishes to join a state wide organization please call me (Ray at 1-800-842-4064 Ext. 102).The more people we can get on the bus the better off we will be.

The FPPTA Relief Fund is growing with individual contributions and with the allocation of a portion of the surplus funds of the Charitable Golf Classic. A committeemade up of FPPTA Associate Members and FPPTA Directors has been set up to governthe fund. The committee is currently working on guide lines for the fund.

Stay safe and well. See you next time. n

A Message from the CEORAYMOND T. EDMONDSON, JR. – FPPTA, CHIEF EXECUTIVE OFFICER

PublisherRaymond T. Edmondson, Jr.,

CPPT

EditorAnn Thompson, CPPT

Associate ConsultantsLois EdmondsonKim Ryals, CPPTTom Thompson

Graphic DesignVanessa Zein-Eldin

For more information on advertising,

please contact us: 800-842-4064,

[email protected]

FPPTA Mission StatementThe FPPTA has been

established for the purpose of providing education and information for the public

pension system and to protectdefined benefit pension plans.

The information in this publication is presented in good faith. The publisher assumes no

responsibility for errors, omissions, or misinterpretations.

spring 2012

RAYMOND T.EDMONDSON, JR. CPPT, FPPTA CEO

See Conference Highlight Photos on

pages 23-31.

s

Ray and Dee Lee, CFP, Personal Finance Consultant.


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Schools are structured classrooms, 9:00am- 5:00pm.We provide lunch and keep you under the same A/C. People in our CPPT program sign in and sign out and have roll-call attendance. A study hall and hospitality room are provided (withfree pizza and beverages). If you are in the CPPT program, examsare held on Wednesday morning. School attendance has beenapproximately 450 people per school.

Conferences are a much lighter atmosphere,family oriented, with more panel participation sessions analyzingthe economy and national issues along with some state and localconcerns. There are no sign-in sheets. Our sessions are very wellattended. We also have a vendor exposition area where you canmeet various service providers, supervised children’s breakfast,children’s activities and the Federal children’s ID program. Ourconference attendance totals run between 1,800-2,000 people,including family members. n

What is theDifference?FPPTA

CPPT CEU WALL STREET PROGRAMMarch 28-31, 2012InterContinental – The Barclay – New York, NY

FISHING TOURNAMENTApril 20-22, 2012Tarpon Lodge – Tarpon Springs

ANNUAL CONFERENCEJune 24-27, 2012Hilton Disney – Lake Buena Vista

TRUSTEES SCHOOLOctober 7-10, 2012Hyatt Coconut Point – Bonita Springs

TRUSTEE SCHOOLJanuary 27-30, 2013Sawgrass Marriott – Ponte Vedra

ANNUAL CONFERENCEJune 23-26, 2013Omni Champions Gate – Orlando

TRUSTEE SCHOOLSeptember 29-October 2, 2013PGA National Resort – Palm Beach Gardens

MARK YOUR CALENDAR!

calendar of

events


Advertising Rates and Guidelines

Ad Sizes and Rates:All ads must meet FPPTA approval.Ad sizes list the width first, followed by the depth.

Outside Back Cover (7.5 x 10”) . . . . . . . . . $2,250

Inside Front Cover (7.5 x 10”) . . . . . . . . . . $2,000

Inside Back Cover (7.5 x 10”) . . . . . . . . . . . $2,000

Full Page (7.5 x 10”) . . . . . . . . . . . . . . . . . . . $1,550

1/2 Page Horizontal (7.5 x 4.75”) . . . . . . $ 950

1/2 Page Vertical (3.5 x 10”) . . . . . . . . . . . . $ 950

1/4 Page Horizontal (7.5 x 2.125” ) . . . . . $ 525

1/4 Page Vertical (3.5 x 4.75”) . . . . . . . . . . $ 525

Business Card (3.5 x 2”) . . . . . . . . . . . . . . . $ 225

Florida Public Pension Trustees AssociationEditor: Ann Thompson, [email protected](561)704-8419

2946 Wellington Circle EastTallahassee, FL 32309

www.fppta.org

Digital Files:the Voice is a 4-color process (full color) magazine. Please submit your ads in color electronically to:

Ann [email protected]

File types accepted:

- Hi-res PDF files- EPS files- TIFF files

All fonts must be embedded or outlined.

the VOICE will include:

• Facts and photos on the FPPTA• Articles from FPPTA members• Articles from recognized professionalsin the industry

• Pre-retirement information• Social security articles• Case studies on DC vs. DB• Personal financial information• FPPTA educational programs

Circulation:

FPPTA . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000FSAE . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000FL State Legislator . . . . . . . . . . . . . . . . . 175NPEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200State Retirement Executive . . . . . . . . . 125

Eventually the Voicewill reach local legislators, city and county officials, and other states.

the Voicewill be posted on www.fppta.org

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eThe Voice Magazine Spring 2012_Layout 1 3/13/12 11:15 AM

Pete Prior, CPPTChairman,

Trustee

Hialeah Gardens

Police Officers’ Pension Fund

George J. Farrell, III,CPPT

Vice Chairman

Trustee, Sunrise Firefighters’

Pension Fund

Ann Thompson, CPPTSecretary,

Trustee

Vero Beach


Steve Aspinall, CPPTTreasurer,

Trustee

St. Petersburg


Tim Olsen, CPPTDirector,

Trustee, Melbourne

Fire Pension

Joe Liguori, CPPTDirector,

Trustee

Delray Beach

Police and Fire Pension Fund

Renee Lipton, CPPTDirector Emeritus

Ken Harrison, CPPTDirector Emeritus

Raymond T. Edmondson, Jr., CPPT

FPPTA,

Chief Executive Officer

Kimberlie Ryals,CPPTFPPTA,

Chief Operating Officer

Gary Clark, CPPTDirector,

Trustee

Winter Haven

Firefighters’ Pension Plan

The FPPTA Board of Directorsth

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By: Pete Prior, CPPTDirector/Chairman of theBoard of Directors, Hialeah Gardens Police Pension

The Directors were busy inthe last quarter of 2011 finaliz-ing a contract with CEO Ray

Edmondson, concluding with a 2 year contract. We arepleased with the outcome of the contract and we hopethe members of the FPPTA approve it as well. The auditcommittee continues to meet, reviewing the InternalControls for the organization and noting that theFPPTA has received a clean bill of health, as it pertainsto the audit. Director/Treasurer Steve Aspinall is thenew committee chairman, as that makes sense and reports back to the other audit committee – AnnThompson and Pete Prior. Director/Secretary AnnThompson has been busy with minutes from the addi-tional meetings the BOD conducted outside the timeframes of the Schools and Conference, as well as beingthe editor of the Voice. I would like to thank all the Directors, as well as the office staff, Ray and Kim for giving additional time and effort to assure that 2012started on the right foot. They are providing great leadership in the running of the organization.

The FPPTA has contracted with a few consultantswho provide the organization with an outstandingvoice in the public arena and they should be thankedby all. They provide an enormous amount of informa-tion about defined benefit plans, defined contribution

plans, and the pros and cons of each for little compen-sation. Please take the time to thank them for their efforts on behalf of the FPPTA, and more importantlyon behalf of the members.

Last year the BOD made a decision that the FPPTAnot take an active lobbying role, but instead attemptto increase awareness of the issues through education.Although that may not have been a popular decision atthe time it appears to have taken hold as the FPPTA iscontinuing to be asked to educate on all levels. In myopinion, educating members or anyone who wants to listen or learn, is what the FPPTA does best. We will be entering into our second year with PAPERS, a Pennsylvania organization that is using our certifica-tion program for their members. I expect that there willbe others following their lead.

At the February School, Sue Marden, our public relations consultant, provided a taped message on theuse of the new prescription card with which the FPPTAis involved. This is not a new program but it appearsthat now the message was received loud and clear.Members were given the card at no charge to use fortheir prescriptions. If you have not received a card orwould like to have one, please contact the FPPTA officeand they will be glad to provide you a card. The goodthing about the card is that it is not limited to onlymembers of the FPPTA. Anyone can use the card at nocost.

The summer will be here soon and I hope to see asmany of you as possible at the conference in Orlando.Again, thank you all for your support. n

Chairman’s Report9

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4901 Vineland Road Suite 600

Orlando, Florida 32811 Telephone (866) 240-7932 Facsimile (863) 292-8717 www.bogdahngroup.com


FPPTA New Member Orientation Program: TheFPPTA has created a formal “New Member OrientationProgram” for all of its new members. If you’re a trustee,administrator, or associate member, this program willprovide you with information about FPPTA educationalprograms, public pension research and communicationofferings, as well as an introduction to FPPTA’s nationalaffiliations. This program is conducted at the twoTrustee Schools held each year.

FPPTA New Trustee Program: The FPPTA will conducta New Trustee Program starting at its October TrusteeSchool. A panel consisting of an actuary, administrator,attorney and consultant will informally present “Whatthe New Trustee Needs to Know.” The panel will allowthe new trustee a forum to ask the many pertinentquestions about being a trustee. The panel will also assist in identifying the key issues that every newtrustee should be aware of regarding the public pension industry. This program is conducted at the twoTrustee Schools held each year.

FPPTA CPPT Program: The goal of the CPPT Programis to provide an educational setting that is conducive to the development of well-informed trustees, so thatthey will be able to actively and meaningfully partici-pate in the management of their retirement boards. Attaining certification will enhance your fiduciary roleas a contributing member in your retirement system.The CPPT Program has been designed to accommo-date both the novice just starting in the pensiontrustee role, as well as the seasoned veteran who hasserved many terms. There are three levels: (1) basic; (2)intermediate and (3) advanced. To be eligible for theCPPT certification, you will need to pass examinationsat all three levels. After passing the advanced course,your certification begins. After you are certified, youmaintain your accreditation by completing the annualpost certification requirements.

FPPTA Wall Street Program: The FPPTA conducts thiseducational program each spring in New York City. Program participants have the opportunity to experi-ence the excitement of the New York Stock Exchange.

This three day program consists of a tour and presen-tation about how stocks are traded, participation in aday of “Building a Pension Portfolio” with our programsponsors, and finishes up with a visit and a presenta-tion of the history of Wall Street. Program participantsmust have already completed the CPPT Program.

FPPTA E-Newsletter: Communication is essential to awell run organization and for the past two years theFPPTA has provided an electronic newsletter to itsmembers on a monthly basis. The electronic newslet-ter provides members with updates of the FPPTA organization, its many initiatives, and events. TheFPPTA has taken this economical but effective mediuma step further to provide members with a vast amount helpful information including headlines from aroundthe state, legislative updates and analysis, important reports and studies from industry think tanks, ways toeffectively utilize the media and communication tools,and even personal finance tips. You can access anarchive of past e-newsletters on the FPPTA website(www.fppta.org).

Individual Retirement Series: The FPPTA is pleasedto announce its new “Individual Retirement Series” atthis year’s October Trustee School. Due to the BabyBoomer generation approaching retirement age, alongwith the increase in life expectancy, retirement has become very complicated. As a trustee, this programwill better equip you to answer the many retirementquestions asked by your members.

FPPTA Town Hall Program: The public pension industry is in crisis. This program has been designed to assist the pension board trustee to convey the necessary information that its members and local officials need to understand. The Florida Legislaturehas introduced a number of legislative initiatives thatwould drastically impact the defined benefit plans offered to public employees in Florida. The FPPTA hasput together a panel of pension professionals who will provide program participants with updated infor-mation about defined benefit plans and the legislativeactions that have been introduced in Tallahassee. n

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12 FPPTA EDUCATIONAL PROGRAMS


By: Peter C. Hapgood, FPPTAEducation Consultant

As the FPPTA EducationCommittee prepares for thenext round of Trustee School’sscheduled for October 2012 andFebruary 2013, the committeemembers truly understand the

realities that public pension systems and their trusteesare up against. We are working very hard to design theprogram agenda that best suits the industry issues thatwe will be facing over the next 12 to 18 months.

Most industry studies and reports are saying thatstate and local government revenues for FY 2012 will be worse than 2011. Although the capital marketshave been performing quite well, the revenue side always lags. Unemployment, the housing market, therising costs of health care and now the United States“debt crisis” will have a significant impact on the taxpayers across the country. The 2012 election season isalso in full swing. As a result… public pension plans will once again be blamed and characterized as the“budget busters”.

Our next educational program will be the 28thFPPTA Annual Conference being held in Orlando June24-27th. The theme for this year’s conference will be“Back to the Future … The Status of DB Plans GoingForward”. The theme selection is based on what is

occurring in the public pension industry across theUnited States. Throughout the program we are goingto look back to see how the industry handled decisionsin the past to see if it will assist the Florida public pension trustees with the present issues going forward.

The FPPTA’s major objective is to assist its respec-tive pension plan members within the public pensionindustry make sure that the plan benefits are sustain-able, providing retirement security for all of their beneficiaries.

With this in mind, the FPPTA recommends that all of its members attend these industry sensitive educational programs. The more educated a trustee isthe better chance that the beneficiaries they representwill receive a secure retirement. The FPPTA strongly believes that education is the ONLY way to combatthose who only approach retirement with a short-termperspective. Educated trustees can certainly inform themany constituencies that they serve.

I would like to welcome Dwight Mattingly who has been recently appointed to the FPPTA EducationCommittee. I would also like to thank all that haveserved or are now serving as committee members. TheFPPTA is entering its 14th year of providing its trusteecertification program… an educational program thathas been recognized by the public pension commu-nity around the country. Please take advantage of allthe resources and programs that the FPPTA provides.

Hopefully we will see you in Orlando! n

FPPTA Education Committee Report11

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FPPTA Education Committee 12

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Peter C. Hapgood, CPPTCommittee Chairperson

Public Pensions Inc.

Steve Corbet, CPPTCommittee Vice-Chairperson

St. Petersburg Police Pension Fund

(former trustee)

Kim Ryals, CPPTCPPT Program Coordinator

FPPTA Chief Operating Officer

Ray Edmondson, CPPTFPPTA Chief Executive Officer

Pete Prior, CPPTFPPTA Board Chairman

Hialeah Gardens Police Pension Fund

Steve Aspinall, CPPTFPPTA Board Treasurer

St. Petersburg Police Pension Fund

Ann Thompson, CPPTFPPTA Board Secretary

Vero Beach Police Officers Pension Fund

Tim Olsen, CPPTFPPTA Board Director

Melbourne Fire Pension Board

Katie Byrne, CPPTFPPTA Advisory Board Member

DePrince, Race & Zollo

Jack Farland, CPPTPublic Pensions Inc.

Grant McMurry, CPPTFPPTA Advisory Board Member

ICC Capital Management

Michael Spencer, CPPTFPPTA Advisory Board Member

RBC Global Asset Management (U.S.) Inc.

Lynn Bernstein, CPPTCity Pension Fund for Firefighters and

Police Officers in the City of Miami Beach

Richard Grover, CPPTPensacola Fire Pension Fund

Warren West, CPPTAvon Park Police

Dwight H. Mattingly, CPPTPalm Tran, Inc. /ATU Local 1577 Pension Plan

Staff:

Board of Directors Members:

Associate Members:

Trustee Members:


We are proud to support the FPPTA

PARTNERS

GREGORY M. DEPRINCE KELLY W. CARBONE

JOHN D. RACE JILL S. LYNCH

VICTOR A. ZOLLO, JR. GREGORY T. RAMSBY

TELEPHONE FACSIMILE

(407) 420-9903 (407) 841-8778

250 PARK AVENUE SOUTH • SUITE 250 • WINTER PARK, FLORIDA 32789 • WWW.DRZ-INC.COM

The FPPTA has taken the public pension industryto a higher level through its educational programs andmembership in other organizations such as:

National Conference on Public Employees Retire-ment Systems (NCPERS):We purchase necessary research materials from its research series, producedby the best minds and resources in the industry.

National Pension Education Association: Excellentpre-retirement programs.

Public Pensions OnLine (PPO): The best source ofpension information and legislation information in thecountry. We have purchased a membership for eachFPPTA pension system member. You can utilize thisfree of charge. Individual memberships and corporatememberships are also available.

The FPPTA draws on this brain trust for speakersand advice. We work closely with the Florida Profes-

sional Firefighters on legislative issues that concern the local municipalities and our membership in thepension areas, as well as with other issues that may impact pension systems. Thanks to their membershipin the FPPTA, pension systems, trustees, protective associations and associate members, the FPPTA hasbeen able to create the best education organization inthe country. Because we have reached out to otherstates and organizations, we have been able to increaseour membership and attendance at our functions. Thebest compliment we receive is when others ask “Howcan we do what you did?”

The FPPTA Board of Directors has played a vital partin this development by employing contracted employees who perform the day-to-day business ofthe organization and by allowing new programs to becreated – some that were, at the time, iffy. They nevermicromanaged the operation of the corporation, yettheir oversight was, and still is, always there. n

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Associate Members:


By: Sue Marden, FPPTA PublicRelations Consultant

Many of you will experiencethe frustration of seeing newsreports about public pensionplans that are extremely nega-tive – and often more than a little skewed. While the FPPTAstaff stands ready to help you

respond to these media reports, it may be helpful tohave some guidance about how to answer critics in aforum designed just for that purpose: the letters to theeditor section of a newspaper.

Letters to the editor can be enormously effective.They allow the writer to address the newspaper’s read-ers directly, without the filter of a reporter or editor.They allow the writer to directly confront abuses of factor exaggerations that misinform readers. Letters to theeditor identify the writer as a source of knowledge (at least that’s the goal).

Finally, letters to the editor engage readers in amore interactive dialogue – they provide food forthought and a “last word” rebuttal.

There are some important rules for developing asuccessful letter to the editor. Please consider theseamong them:

Newspapers Run on Time: Literally and figuratively.Remember that newspapers live and die by relevancy

and old news is, well, old news. A carefully crafted letterto the editor is important, but so is a timely response.You should submit a letter to the editor within a fewdays of seeing a story or editorial to which you wouldlike to respond.

Identify the Issue: It is sometimes difficult to separatethe rhetoric from the facts. When you see a negativepress report, first identify what the key or core issue is in the article. Pay no attention to inflammatory language or exaggerations. What is the base issue?What fact or facts must be corrected? Stick to that topicand no other. A letter to the editor must be brief andyou don’t want to squander your space on emotionalreactions.

Identify, in your opening sentence, the news articleor opinion piece you are responding to, including thedate it ran and the title of the article or the name of the reporter. In your news story about public pensions(Workers Scam the System, January 7th by John Doe), thewriter claimed……

It is worth noting that letters to the editor need not always be in response to a news story that has appeared in the paper. A response to a news story ismore likely to get published, but sometimes a key issue that generates lots of pro and con debate in the public arena will be considered for its value as a contribution to that public discussion.

Less is More: A letter to the editor is restrictive, espe-cially in length. Every newspaper has its own rules governing letters to the editor. There is usually a para-graph printed on the letters page (or online) with instructions; but here are a few of the more commonrestrictions:• The letter must be 200 words or less.• The letter writer must be a resident.• Letters to the editor must be submitted with verifi-able ID.

• Letters to the editor are not required to be written byindustry experts or analysts (like op-ed columns), but it helps if your signature line identifies you as aprofessional within the industry and is required if youare speaking on behalf of your organization.

Keep it Civil: No matter how frustrated you are by thenews or opinion story you have seen in the paper, donot indulge your inner outrage. Angry people look like angry people and, frankly, anger undermines yourcredibility. Similarly, do not condescend to readers.

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“No matter how frustrated you are...

do not indulge your inner outrage.”


No name calling, no accusations of “lying” or “cheat-ing”. Always refer to the writer or reporter to whomyou are responding as Mr. Smith, or Ms. Jones.

Keep Sentences Short and Lose the Inflections:Short sentences, tightly constructed carry much morepunch than ‘train of thought’ writing that chews upvaluable word count and lets readers minds’ wander.Please refrain from employing italics, underlines, or exclamation points. Injecting your own emphasis canbe very off-putting to readers. This is a rare techniquethat should only be used when the added emphasis iscritical to understanding a point of fact or context.

Don’t be Shy: Before you send your letter to the editor, make sure you share it with at least a few people.The pension plan’s board of trustees may already havea policy about issuing public responses, but if it does-n’t, consider making the motion. At the least, makesure you run your letter by the Board’s chief officer, andconsider posting it on your website or distributing it to your beneficiaries as well, so they will know yourpublic position. Accept edits, double-check facts andrun spell-check.

One other consideration is whether to share yourletter in advance of sending it. Sometimes a letter tothe editor, written on behalf of a public employee organization embroiled in negotiations, can be used asa strategy to shift public opinion. Beware that in suchcases, the paper will likely offer equal time to the opposition. In such circumstances, it is sometimes considered “proper” to send your letter to the news-paper and to the city department or official’s office thatmay be involved in public dialogue with your group tolet them know that you plan to respond publiclythrough a letter to the editor.

The Last Word: The last word is that editors get thelast word. If your letter is overly long, or if you havebeen redundant, or have used a word the editor deemsan ‘over-statement’ for example, the newspaper reserves the right to edit your letter. This is actuallyvery uncommon. Editors solicit letters because theywant to give readers a voice; but they may edit your letter to make it fit, to make it more responsive, or tomake it more closely adhere to the paper’s editorialrules and standards. n

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Who has

of your money?

© 2012 Trust Services are provided through Regions Trust, a trade name for the Trust Division of Regions Bank. Investments in securities and insurance products held in Regions Trust accounts are not FDIC insured, not deposits of Regions Bank, not guaranteed by Regions Bank, not insured by any federal government agency, and may go down in value.

Regions Trust provides custody services to clients with assets over $78 billion. We have the technology and systems to deliver first class services locally via our Florida Institutional Trust Services Team.

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across our footprint receive their benefits on a timely basis.pension boards, we make sure that over 30,000 retirees In addition to working with consultants, asset managers and

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rust provides custody services to clients with assets over Regions T

more about our custodial services.Call us today at 1-866-574-4716 to learn

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Bartow Fire Pension

Bartow Police Pension

Belleair Police Pension

Boca Raton General Employees Pension

Boca Raton Police & Fire Retirement System

Bonita Spring Firefighters Pension

Bonita Springs General Employees Pension

Boynton Beach Fire Pension

Boynton Beach General Employees Pension

Boynton Beach Police Pension

Bradenton Fire Pension

Bradenton Police Pension

Cape Coral Fire Pension

Cape Coral General Employees Pension

Cape Coral Police Pension Board Pension

Clearwater Fire Pension

Clearwater General Employees Pension

Cocoa Fire Pension

Cocoa General Employees Pension

Cocoa Police Pension

Cooper City Fire Pension

Cooper City General Employees Pension

Cooper City Police Pension

Coral Gables Fire Pension

Coral Gables General Employees Pension

Coral Gables Police Pension

Coral Springs Fire Pension

Coral Springs Police Pension Board

Dade County Fire Pension

Dania Beach General Employees Pension

Dania Beach Police & Fire Pension

Davie Fire Pension

Davie General Employees Pension

Davie Police Pension

Daytona Beach Police & Fire Pension

Deerfield Beach Firefighters' Pension

Deerfield Beach General Employees Pension

Deerfield Beach Police Pension

Deland Fire Pension

Deland Police Pension

Delray Bch General Employees Pension

Delray Beach Police & Fire Pension

Dunedin Fire Pension

East Lake Tarpon Fire Pension

East Naples Fire Control & Rescue Pension

East Point Georgia General Employees Pension

Edgewater General Employees Pension

Edgewater Police Pension

Englewood Fire Pension

Englewood Water Pension

Eustis Fire Pension

Fernandina Beach General Employees Pension

Fernandina Beach Police & Fire Pension

Florida Municipal Pension Trust

Fort Lauderdale Fire Insurance Trust Pension

Fort Lauderdale General Employees Pension

Fort Lauderdale Police & Fire Pension

Fort Myers General Employees Pension

Fort Pierce General Employees Pension

Fort Pierce Police Pension

Fort Walton Beach Fire Pension

Fort Walton Beach General Employees Pension

Gainesville Consolidated Board of Trustees Pension

Gainesville General Employees Pension

Georgia Firefighters Pension

Golden Beach General Employees Pension

Greater Orlando Aviation Pension

Haines City Fire Pension

Haines City Police Pension

Hallandale Beach Police & Fire Pension

Hialeah Fire Pension

Hialeah Gardens Police Pension

Hialeah General Employees Pension

Hialeah Police Pension

Holly Hill Fire Pension

Holly Hill Police Pension

Hollywood Fire Pension

Hollywood General Employees Pension

Hollywood Police Pension

Homestead Fire Pension

Homestead General Employees Pension

Homestead Police Pension

Indialantic Police & Fire Pension

Jacksonville Beach Fire Pension

Jacksonville Beach General Employees Pension

Jacksonville Beach Police Pension

Jacksonville General Employees Pension

Judges of the Probate Courts of Georgia Pension

Jupiter Police Pension

Key Biscayne Police & Fire Pension

Key West Housing Pension

Key West Police & Fire Pension

Key West Utility Pension

Kissimmee Fire Pension

Kissimmee General Employees Pension

Kissimmee Police Pension

Kissimmee Utility Pension

Lake City Fire Pension

Lake City General Employees Pension

Lake Wales Fire Pension

Lake Wales General Employees Pension

Lake Wales Police Pension

Lake Worth Fire Pension

Lake Worth Fire Division II Pension

Lake Worth General Employees Pension

Lake Worth Police Pension

Lake Worth Police Division II Pension

Lakeland Fire Pension

Lakeland General Employees Pension

Lakeland Police Pension

Lantana Fire Pension

Largo Police & Fire Pension

Lauderhill Confidential Managerial Ret. Pension

Lauderhill Fire Pension

Lauderhill Fire Pension

Lauderhill Police Pension

Leesburg General Employees Pension

Lighthouse Point Police & Fire Pension

Longboat Key Fire Pension

Longboat Key General Employees Pension

Longboat Key Police Pension

Maitland Police & Fire Pension

MBERP

Melbourne Fire Pension

Melbourne General Employees Pension

Melbourne Police Pension

Miami Beach Human Resources Labor Relations

Pension

Miami Beach Employees Retirement Plan

Miami Beach Fire & Police Pension

Miami Beach Police Pension

Miami Fire & Police Trust

Miami Fire 175 - Relief

Miami General & Sanitation Employees Pension

Miami Springs General Employees Pension

Miami Springs Police Pension

Milton General Employees Pension

Miramar Fire Pension

Miramar Fire VEBA Trust

Miramar General Emp Pension loyees Pension

Miramar Police Pension

Mount Dora General Employees Pension

New Hampshire Retirement

New Port Richey Fire Pension

New Port Richey Police Pension

New Smyrna Beach Fire Pension

North Miami Beach General Employees Pension

North Miami Beach Police & Fire Pension

2011 Active Pension Board Members16

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North Miami General Employees –

Singerman Pension

North Miami Police Pension

North Naples Fire Pension

North Palm Beach Police & Fire Pension

North Port Fire Pension

North Port Police Pension

North River Fire Pension

Oakland Park Police & Fire Pension

Ocala Fire Pension

Ocala General Employees Pension

Ocoee General Employees Pension

Ocoee Police & Fire Pension

Orange Park Police Pension

Orlando Fire Pension

Orlando Police Pension

Ormond Beach Fire Pension

Ormond Beach General Employees Pension

Ormond Beach Police Pension

Oviedo Fire Pension Plan Pension

Palm Bay Police & Fire Pension

Palm Beach County Fire Pension

Town of Palm Beach Fire Pension

Town of Palm Beach General Employees Pension

Town of Palm Beach Police Pension

Palm Beach Gardens Fire Pension

Palm Beach Gardens Police Pension

Palm Harbor Fire Pension

Palm Springs General Employees Pension

Palm Springs Police Pension

Panama City General Employees Pension

Parrish Medical Center Pension

Peace Officers’ of Georgia Pension

Pembroke Pines Police & Fire Pension

Pensacola Fire Pension

Pensacola General Employees Pension

Pensacola Police Pension

Pinellas Park Fire Pension

Pinellas Park General Employees Pension

Pinellas Park Police Pension

Plantation General Employees Pension

Plantation Police Pension

Plantation Volunteer Fire Pension

Pompano Beach General Employees

Retirement System

Pompano Beach Police & Fire Pension

Port Orange General Employees Pension

Port Orange Police Pension

Port St. Lucie Police Pension

Punta Gorda General Employees Pension

Riviera Beach Fire Pension

Riviera Beach General Employees Pension

Riviera Beach Police Pension

Rockledge Fire Pension

Rockledge General Employees Pension

Rockledge Police Pension

Sanford Fire Pension

Sanford Police Pension

Sanibel General Employees Pension

Sanibel Police Pension

Sarasota Fire Pension

Sarasota Fire Insurance Trust

Sarasota General Employees Pension

Sarasota Police Pension

Sebring Police Pension

Seminole Fire Pension

South Miami Police Pension

St. Augustine Fire Pension

St. Augustine General Employees Pension

St. Augustine Police Pension

St. Cloud General Employees Pension

St. Cloud Police & Fire Pension

St. Lucie County Fire Pension

St. Lucie County Fire Pension

St. Pete Beach Fire Pension

St. Pete Beach General Employees Pension

St. Pete Beach Police Pension

St. Petersburg Fire Pension

St. Petersburg General Employees Pension

St. Petersburg Police Pension

Starke Fire Pension

Starke General Employees Pension

Starke Police Pension

Sunrise Fire Pension

Sunrise General Employees Pension

Sunrise Police Pension

Tallahassee Fire 175 Pension

Tallahassee Police 185 Pension

Tallahassee Retirement System

Tamarac Fire Pension

Tamarac Police Pension

Tampa Fire & Police Pension

Tampa General Employees Pension

Tarpon Springs Fire Pension

Temple Terrace Fire Pension

Temple Terrace Police Pension

Tequesta General Employees Pension Fund

Tequesta Public Safety Officers Pension

Titusville General Employees Pension

Titusville Police & Fire Pension

Venice Fire Pension

Venice Police Pension

Vero Beach Police Pension

West Melbourne Police Pension

West Palm Beach Fire Pension

West Palm Beach General Employees Pension

West Palm Beach Police Pension

Wilton Manors General Employees &

Police Pension Plan

Winter Garden General Employees Pension

Winter Haven Fire Pension

Winter Haven Police Pension n

OVER 40 YEARS OF HIGH QUALITY INVESTING

Mary McTague [email protected] Jim Skesavage [email protected]

404-876-9411 | www.atlcap.com

IS PROUD TO SUPPORT THE FLORIDA PUBLIC PENSION TRUSTEES ASSOCIATION


3E Tech Corp

Aberdeen Asset Management

Acadian Asset Management

Adelante Capital Management

Advanced Investment Partners

AEW Capital Management, L.P.

Agincourt Capital Management

Allianz Global Investors Capital

Amarach Group

American Century Investment Management

American Realty Advisors

Ancora Advisors

Argent Capital Management

Artio Global Investors

Asset Consulting Group

Atlanta Capital Management

Aureus Partners, Inc.

Aviance Capital Partners

Babson Capital Management

Benefits USA

Berman DeValerio

Bernstein Liebhard, LLP

Bogdahn Group

The Boston Company

Boyd Watterson Asset Management, LLC

Bradford & Marzec, Inc.

Brown Advisory

Buck Consultants

Buckhead Capital Management

Burgess Chambers Associates

Capital Institutional Services (CAPIS)

Captrust Advisors, LLC

Cavanaugh Macdonald Consulting, LLC

Christiansen & Dehner

Clearbridge Advisors

Convergex Group

Cornerstone Investment Partners

Cornerstone Real Estate Advisors

Credo Capital Management

Cypen & Cypen P.A.

Dahab Associates

Dalton, Greiner, Hartman, Maher & Co.,LLC

Dana Investment Advisors Inc

Database Financial Services, Inc.

Davidson,Jamieson & Cristini

Delaware Investments

Denver Investment Advisors

DePrince, Race & Zollo

Development Corp for Israel

Dow Jones Indexes

Dupont Capital Management

Eagle Asset Management

EFI Actuaries

Endex Capital Management

Entrust Capital Inc.

Fayez Sarofim & Co.

Federated Investors

Fifth Third Bank

First Choice Loan Services

Foster & Foster Inc.

Freiman Little Actuaries

FRM Americas, Llc

Gabriel, Roeder, Smith & Co.

Garcia Hamilton & Associates

GE Asset Mgmt

Global Transition Solutions (GTS)

Goldstein Schechter Koch

Steven L. Gordon, CPA

Grant & Eisenhofer

Gray Robinson, P.A.

Great Lakes Advisors Inc.

GTIS Partners

Guidance Capital LLC

GW&K Investment Management

Hansberger Global Investors

Harris Investment Management

HGK Asset Management

Highmark Capital Management/Union Bank

ICC Capital Management

Intech Investment Management

Integrity Fixed Income Management, LLC

Intercontinental Capital Management

Intercontinental Real Estate Corp.

Inverness Counsel, LLC

Invesco Capital Management

Investment Performance Services, LLC

JK Milne Asset Management

JP Morgan Chase Bank

K2 Advisors

Kennedy Capital Management

Kessler Topaz Meltzer & Check

Klausner & Kaufman, P.A.

Kleinwort Benson Investors Int'l. Ltd

Knight Equity Markets

Lazard Asset Management

Lee Munder Capital Group

Lifestage Advisors

Lighthouse Investment Partners

LM Capital Group, LLC

Logan Capital Management

The London Company

Loomis - Sayles

Lord Abbett & Co.

M&I Investment Management Corp.

Magnolia Advisors

Man Investments Inc.

Manulite Asset Management

MD Sass Associates

Meketa Investment Group

Mesirow Financial

MFS Investment Management & Subsidiaries

Mierzwa & Associates, P.A.

Milberg , LLP

Morgan Stanley Smith Barney

Munder Capital Management

Mutual of American Capital Management

National Association of Real Estate Investment

Trust

Navellier and Associates

Neuberger Berman

Newton Capital Management

Numeric Investors, LLC

Nuveen Asset Management

Nyhart Company

Oppenheimer Fund

Oppenheimer Investment Management

Orleans Capital Management Corp.

Pathway Capital Management

Penn Capital Management

Perry & Jensen, P.A.

PFM Asset Management LLC

PNC Capital Advisors, LLC

Principal Global Investment

Prospero Capital, LLC

Pyramis Global Advisors

RBC Global Asset Management

Regions Morgan

Resource Centers, LLC

Rhumbline Advisers

Rice Hall James

Richmond Capital Management

Ridgeworth Investments

Robbins, Geller, Rodman & Dowd, LLP

Rock Maple Funds

Rockwood Capital Advisors

Ronald J. Cohen, P.A.

Salem Trust Company

Sawgrass Asset Management

Saxena, White P.A.

Segal Advisors

Seizart Capital Partners

Shepherd, Finkelman, Miller & Shah, LLP

Southeastern Advisory Services

Standard Life Investments Ltd

State Street Bank & Trust

State Street Global Advisors

STMM Institutional

Sugarman & Susskind, P.A.

Systematic Financial Management

TA Associates Realty

Taplin, Canida & Habacht

Thistle Asset Consulting

Thomas White International, Ltd

Thompson, Siegel & Walmsley

Titan Advisors, LLC

Todd Investment Advisors, Inc.

Transcendent Investments Management

UBS Global Asset Management

ULLICO

Victory Capital Management, Inc

Vision Capital Management, Inc

Vontobel Asset Management, Inc.

Wellington Management Company

Wells Capital Management

Wells Fargo Institutional

Wentworth Hauser & Violich

William Blair & Co

Winslow Capital

Ziegler Lotsoff Capital Management n

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In 1992 the FPPTA underwent a structural reor-ganization. The concept of an Advisory Board was proposed by an associate member from New York. Thisboard would give the associate members a voice.Using their business expertise, their function would beto lend guidance and support to the FPPTA. The ideaseemed to have merit and the Advisory Board was established. The current Advisory Board consists of 22members. Each member is voted in by the FPPTABoard of Directors for a three year term.

The Advisory Board has created speaker guidelinesand performance standards for our associate members.When the Advisory Board was established, the FPPTAhad only eight speakers. Currently the FPPTA benefitsfrom a speaker pool of over 150 qualified individualswho are rotated onto the schedule throughout our educational programs. The Advisory Board handlescomplaints about associate members and basicallygoverns themselves.

The Advisory Board administers the FPPTA Exposi-tion area and its exhibitors at the Annual conference.

Additionally they have created a sponsorship commit-tee and conduct the Associate Golf Charity Classic andthe Annual Family Fishing Tournament. These eventssupport contributions to American Cancer Society Research, the Relay for Life Breast Cancer Walk, ChildrenWith Cancer, Children’s Wishing Well Foundation andthe Florida Veteran’s Association.

Advisory Board members and other associatemembers of FPPTA are very involved in the organiza-tion. Associate members serve on our Education Committee and monitor our educational sessions,grade handout materials, and supply teachers for ourcertification program. They have supported and assisted with the development of a Defined Benefit Initiative and continually provide informative informa-tion and articles for “the Voice.” We thank all of our associate members – they are a vital segment of theFPPTA and we could not remain the quality organiza-tion we are without them. n

Associate Advisory Board

Just for Fun Puzzles!

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Advisory Board Members

W.O. BellWestwood DistributorsBoard Chairperson

Brad RinsemSalem Trust CompanyBoard Vice Chairperson

Tracy MusserThompson, Siegel & Walmsley, Inc.Board Secretary

Alison BielerCypen and Cypen

Joe BogdahnBogdahn Consulting

Howard Bos, CPPTRichmond Capital Management

Katie Byrne, CPPTDePrince, Race & Zollo

Tom CapobiancoLee Munder Capital Group

Allison CorballyState Street Global

Advisors

Tom FranzeseLazard Asset Management

Chris GrecoSawgrass Asset Management

Janna Hamilton, CPPTGarcia Hamilton &

Associates

Richelle Hayes, CPPTAmerican Realty Advisors

Jordan KavanaTranscendent

Investments Management

Chad LittleFreiman Little Actuaries

Grant McMurry, CPPTICC Capital Management

Mary McTagueAtlanta Capital Management

Jerry NavaretteThe Boston Group

Michael SmithJP Morgan Chase

Michael Spencer, CPPTRBC Global Asset Management

Don TrivelineZiegler Lotsoff Capital

Management

Joe WhiteSaxena White LLC

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THANK YOU FOR SERVING!


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By: Ann Thompson, CPPT, CEBS Editor, the Voice,Director/FPPTA Board Secretary and Vero Beach Police Pension

On those days when youfeel less than astounding, let

Mr. Edison’s quote (see below) inspire you to keeppressing on, moving forward and believing you havesomething valuable to contribute.

The FPPTA did not become the organization it is by allowing others to influence or deter it from itscourse. A clear vision of empowering education for itsmembers has kept the organization on its mission-driven path. This is no less true today than it was at theorganization’s inception.

Since day one as a member of the FPPTA Board ofDirectors, I have felt I was a part of something special.With every meeting I attend I feel we are building onthe foundation set by our predecessors. We are at thethreshold of another important door as municipalitiesand the legislature review pension benefits and contributions. As an organization and on an individualbasis we need to listen, learn and embrace changesnecessary to keep these benefits for future generations.The FPPTA continues to demonstrate its commitmentto integrate, to innovate and to future advance the education of and service to its members.

As the FPPTA continues to move forward, chal-lenging its members to understand more deeply thenational, state and local issues before them, I am proudto be a part of it all. n

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“If we all did the things we are capable of doing, we would literally astound ourselves.”

Thomas A. Edison

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

jpmorgan.com/institutional

At J.P. Morgan Asset Management, we bring our global investment manager expertise and solutions to public plans and institutions worldwide. It is our business to provide you innovative solutions through a broad spectrum of U.S., international and global investment management products—from equity, cash management, fixed income, real estate and asset allocation to alternative asset classes.

Greg Pittenger, Vice President

919-747-9075 I [email protected]

Building Solutions for

Public Plans


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Annual Conference . June 26-29 . Orlando FL

SUMMER

FPPTA

welcome


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FPPTA

opening

welcome

children


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SUMMER


FPPTA

children


SUMMER


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FPPTA

expo

fishing


SUMMER


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FPPTA

fishingThe 7th Annual Fishing tournament, held as always at Tarpon Lodge, was a

huge success despite the hot temperatures. Approximately 50 attended, includ-ing trustees, sponsors and their families. This year we had a special treat for thechildren. Chris Polaszek (Milberg, LLC) had a contact with the Florida Fish andWildlife Office and he arranged for a Wildlife Officer come to the event and give the children a short talk. He also introduced them to two small alligators. The children were mesmerized by the alligators and excited the each had the oppor-tunity to touch them. They asked some very good questions and the officer wasable to explain the do's and don'ts for protecting Florida wildlife.

Out of the 14 teams that participated, we congratulate Team Fenske for thelargest sea trout, Team Cape Coral GE for the largest snook and Team Maketa forthe largest red fish. Each team won $300. The Sunday Tournament is for largest anyspecies except shark, and Team BUSA won with a 16 inch sea trout and also wenthome with $300.

For children ages 8 and under first prize goes to Aiden Poleszek with a 19" seatrout, second was Ava Poleszsek with an 18" lady fish. The Poleszek's, as you can see,are keeping it in the family. For children 9 to 15 first prize went to Walker Woodswith a 19" sail cat and second place went to Sam Stack who brought in a 15 1/2"sea trout. First prize winners received $50 and second received $25.

Since the hot weather has been a bit of an issue over the past few years thefishing committee has decided to move the 8th Annual Fishing Tournament to anearlier date. For this coming year it is scheduled for April 20 - 22, 2012. The eventwill continue to take place at the Tarpon Lodge. If you haven't joined us as yet, youshould. Everyone has such a great time.

As always we give a big THANK YOU to our sponsors – Benefits USA, Foster &Foster, Integrity Fixed Income Management, JK Milne, Kessler, Topaz, Meltzer &Check, Man Investments, Milberg, LLP, Regions Morgan Keegan Trust, RichmondCapital Management, Rockwood Capital Management, Salem Trust, Tim & MelissaOlsen, Intercontinental Real Estate and Dana Investment Advisors. ICC Capital hasbeen the primary sponsor for the last 7 years and we want to give them a specialthank you! Without ICC Capitalwe would not be able to host the fishing tourna-ment. And we can’t forget to say thank you to our committee!! n


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FPPTA

Mike Thrift from Marriott’s Grande Pines Golf Club met with the GolfCommittee on Saturday morning to discuss tournament logistics regardingon-course games, sponsor recognition, player sign-in, beverage service andcart placement for Sunday morning. The check-in was uneventful and wewere able to accommodate several walk-up registrations. The golf coursewas in good condition, despite all the recent rain. It was a challenging lay-out,but well received by the players.

Thanks to Garcia Hamilton & Associates and DePrince, Race & Zollo forsponsoring the wonderful bright blue golf shirts. Chris Greco from SawgrassAsset Management did a fantastic job collecting items for the goody bags.Sawgrass donated the fabulous drawstring bags as well as a drink holder.Advanced Investment Partners donated sunscreen, Atlanta Capital donatednotepads, Brown Advisory donated footballs, INTECH donated golf tees and Richmond Capital donated pens, filling up the bag nicely. The Golf Committee donated the crackers for strength! Steve Aspinall rounded upthe raffle items and each player received a ticket at check-in for the drawingat the Welcome Gathering. A big thank you to all of the sponsors for helpingmake the tournament a success!

It was early in the morning when the Golf committee and volunteers,Tracy Musser, Betsy and Brian Casey, met at the course. Our volunteers madethe check-in seem effortless. Breakfast was set-up in the bar area, playerswere warming up on the range and the cart coolers were being filled withwater bottles & ice supplied by Scott+Scott.

We had around 100 golfers start at 8:00 am. We moved along at a fairlygood pace for a scramble and managed to finish before the rain came down.Several players mingled in the clubhouse eating lunch after the round. MikeThrift thanked everyone for coming and offered a special replay rate to FPPTAmembers for the remainder of the week.

Everyone I spoke with enjoyed the day. If you have any questions or ideasregarding the tournament please contact one of the committee members.

The Associate Members thank you for the huge turn out and making thisa great tournament. n

golf tournament2011 Associate’s Charitable Golf Classic TournamentBy The Golf Committee: Katie Byrne, Janna Hamilton, Howard Bos and Steve Aspinall


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Annual Conference . June 26-29 . Orlando FL Annual Conference . June 26-29 . Orlando FL

FPPTA

Golf Hole Sponsors:Advanced Investment PartnersAmerican Realty AdvisorsAtlanta Capital ManagementBuckhead Capital Management Garcia Hamilton & AssociatesLee Munder Capital GroupMilberg, LLPRBC Global Asset Mgmt.Richmond Capital ManagementSawgrass Asset Mgmt.Seizert Capital PartnersTaplin, Canida & HabachtThompson, Siegel & WalmsleyWentworth Hauser & Violich

Golf Shirt Sponsors:DePrince, Race & Zollo and Garcia Hamilton & Associates

Closest to the Pin Sponsors:INTECH Investment ManagementSaxena White

Longest Drive: CapTrust Advisors Brown Advisory

Water provided by: Scott+Scott

Donation received from:Salem Trust

We want to thank the Associates listed for being a sponsor of the Associate’s Charitable Golf Classicand supporting this annual event. The proceeds from this event go towards the FPPTA Relief Fund.

Winners:

1st place: Tom Capobianco, Ed Javier, Greg McNeillie, & Tony Napolitano

2nd Place: Mike Harper, Steve Toyota, Tom Tiberio & Rob Weech

3rd Place: Katie Byrne, Richard Grover, Mike Hartley & Larry Porto

Longest Drive: Mike Harper & Katie Byrne

Closest to the Pin: Katie Byrne

2011 Associate’s Charitable Golf Classic TournamentBy The Golf Committee: Katie Byrne, Janna Hamilton, Howard Bos and Steve Aspinall


2011 CPPT Awards Ceremony Recipients30

Don Adwell, CPPT Tampa

Fire & Police Pension

Scott Bayne, CPPTFt. Lauderdale

Police & Fire Pension

Hilda Fernandez, CPPTMiami Beach

Employees Pension

George Barba, CPPT Cooper City

General Employees Pension

Bruce Guyton, CPPT Riviera Beach Police Pension

Russell Wagner, CPPT Ocoee

General Employees Pension

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The goal of the Certified Public Pension Trustee Program is to provide an educational setting that is con-ducive to the development of well-informed individuals, so that they will be able to actively and meaningfully participate in the management of their retirement boards. Attaining certification in this program will enhancetheir fiduciary role as a contributing member in a retirement system.

Since the program’s inception, over 550 individuals have become certified through the CPPT program. The program is nationally recognized for its educational value and is now also being offered through PAPERS(Pennsylvania Association of Public Employee Retirement Systems) whose mission, like that of the FPPTA, is to provide quality education to its membership.

The following individuals were awarded their Certified Public Pension Trustee Awards at the annual confer-ence held at the Marriott Renaissance Resort at Sea World in June, 2011. This is indeed an accomplishment ofwhich they can be proud. They have all attended the Basic, Intermediate and Advanced sessions and passed therequisite exams. They are to be CONGRATULATED. n


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CPPT RecipientsDon Wesley Adwell, CPPT, Tampa Fire & Police PensionScott Bayne CPPT, Ft. Lauderdale Police & Fire PensionLouis Berman, CPPT, Sunrise Police PensionDavid Birchim, CPPT, St. Augustine General Employees PensionDaniel Blazi, CPPT, Edgewater Police PensionNancy Bolton, CPPT, Amalgamated Transit 1577 PensionTory Bombard, CPPT, Lakeland Retirement System PensionChristine Brown, CPPT, Melbourne General Employees PensionBradley Brown, CPPT, Bonita Springs Fire PensionLeann Calabro, CPPT, Ft. Walton Beach Fire PensionLuis Carvalho, CPPT, Pinellas Park General Employees Pension Fund PensionRoberta Chaildin, CPPT, Parrish Medical Center PensionSylvester Chang, CPPT, Sanford Fire PensionPatrick Connolly, CPPTGary Conroy, CPPT, Edgewater Police PensionEd Cure, CPPT, Cape Coral General Employees PensionScott M. Elliott, CPPT, Indialantic Police & Fire PensionHilda Fernandez, CPPT, Miami Beach Employees Retirement PlanAdam Frankel, CPPT, Delray Beach Police & Fire PensionGeorge Garba, CPPT, Cooper City General Employees PensionRobert Goehrig, CPPT, Coral Springs Fire PensionScott Graham, CPPT, St. Augustine General Employees PensionPatrick Gray, CPPT, Tampa Fire & Police PensionPaul Griffith, CPPT, Port St. Lucie Police PensionRichard Griner, CPPT, Tampa Fire & Police PensionBruce Guyton, CPPT, Riviera Beach Police PensionFloyd Harris, CPPT, Lauderhill Police PensionMarlene Herrera, CPPT, Tampa General EmployeesPensionBrian Humm, CPPT, Ft. Pierce Police PensionBrandon Lang, CPPT, Cocoa Fire PensionLawrence G. Leaf, CPPT, Edgewater Police PensionThomas Lee, CPPT, New Smyrna Beach Fire PensionBrian Lynch, CPPT, Dade County Fire PensionRon McDonough, CPPT, Longboat Key General Employees PensionKelly A. McGuire, CPPT, Ormond Beach General Employees PensionMichael Miller, CPPT, Pompano Beach General Employees PensionStephen A. Mislyan, CPPT, Longboat Key Police PensionJohnna Morris, CPPT, City of Fort Pierce General EmployeesJim Naugle, CPPT, Ft. Lauderdale Police & Fire PensionChristopher O'Brien, CPPT, Hollywood Police PensionBob Paterson, CPPT, Bonita Springs Firefighters & General Employees PensionMark Payne, CPPT, Hollywood Fire PensionKaren Pottinger, CPPT, Lauderhill Fire PensionStephen Qua, CPPT, Cape Coral Fire PensionJonathan Raybuck, CPPT, Boynton Beach Fire PensionKayce Reina, CPPT, Garcia Hamilton & AssociatesSteven Schield, CPPT, Longboat Key General Employees PensionJohn E. Smith, CPPT, Punta Gorda General Employees PensionDonna Spencer, CPPT, Longboat Key General Employees PensionBenjamin Stanley, CPPT, Ocoee Police & Fire PensionNick Stein, CPPT,Miami Firefighters' Relief & Pension FundDonna Steinebach, CPPT, Port Orange General EmployeesPensionPeter S. Tingom, CPPT, Plantation Volunteer Fire PensionRita Torres, CPPT, South Miami Pension Plan Justin Vaske, CPPT, Tampa Gene PensionRussell Wagner, CPPT, Ocoee General Employees PensionBrian Walker, CPPT, West Palm Beach Fire PensionCiro David Young, CPPT, Jacksonville Beach Police Pension

These individuals received

their Certified Public

Pensions Trustee (CPPT)

Awards at the June 2011

conference. This is quite an

accomplishment. They have

attended class and passed

their exams and are to be

CONGRATULATED!


By: Kimberlie Ryals, CPPT

I am pleased to say we have started 2012 with a bang.Our Board of Directors met in December to discuss the 2012budget. Thanks to Ray, the staff, our accountants and a total redesign of our chart of ac-

counts, we provided the Board with the most accurateinformation ever. We were able to start 2012 with ournew budget in place. Our membership has been coming in steadily and we had a terrific Trustees’School in Jacksonville in February. Our CPPT program

is going strong with over 550 now certified. At the February school we had 31 enroll in the program’sbasic track. We had 23 complete the advanced courseand become certified. We are finding more and morethat the member pension boards of the FPPTA are requiring their trustees to obtain certification throughour program. I love hearing this. It shows us that weare doing something right.

At our Trustees’ School in February we offered a 5thsession for CEU. This gave everyone another option on Tuesday. The sessions were interactive and well attended. It has given us some ideas for another inter-active session this coming October. On Wednesday wechanged it up a bit with motivational speaker Tom McManus. Tom is one of the original players from theJacksonville Jaguars. He is now retired and has a greatstory to share. We raffled footballs signed by Tom for

those who were in attendance. We were pleasantly sur-prised when he presented Ray, Lois and I with a signedfootball. I have a strong suspicion that Peter Hapgoodhad something to do this. In any case, thank you!

We are looking forward to our 12th Annual WallStreet Program in March. The Wall Street trip is by far my personal favorite event. We have a full list of attendees along with a waiting list. I would like tothank our wonderful Sponsors, who not only sponsor,but participate in the program: American Realty Advisors, Bogdahn Group, ConvergEx Group, Foster& Foster, Garcia Hamilton & Associates, ICC CapitalManagement, Intercontinental Asset Management,JPMorgan, Milberg, LLP and The Boston Company.In addition to holding educational sessions, this yearwe will be seeing the Broadway show “Memphis” andalso visiting the newly completed 9/11 Memorial. As always, we will have lunch in the New York Stock Exchange “Members Board Room” and view the floorfrom the mezzanine. For the last two years, they haveallowed our trustees on the floor. For the first 10 yearswe were never allowed on the floor, so it has been a realtreat for all of us. We are also working on a new pro-gram for Saturday morning.

The next several months will be very busy as weare currently working on the 12th Annual Wall StreetProgram, Annual Education Committee Meeting, 8th Annual Fishing Tournament and the 28th AnnualConference. Please check our website for registrationinformation and agendas. The Fishing and Golf Tournament registrations must be filled out and sentto the FPPTA office since there are multiple registra-tions for teams. The Annual Conference registrationand Exhibit Booth registration will need to be completed online after logging in. This years AnnualConference will be held at the Hilton Disney which ison Disney property across from Downtown Disney. TheHilton has been newly renovated and it’s beautiful. We are excited to be back on Disney property. PeterHapgood has designed a great program with key notespeakers, Dr. Harm DeBlij and Matty Dychtwald alongwith several other terrific speakers. Our “Back to TheFuture” theme will be very informative with a look backat the pension and investment industry and what itholds for us in the future.

As always, we appreciate your support of theFPPTA. We are here to serve YOU so don’t hesitate tocontact us with ideas and suggestions. We are alwaysstriving to provide the very best education to ourmembers.

See you soon! n

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“I am pleased to say we have started 2012

with a bang.”


By: Sue Marden, FPPTA PublicRelations Consultant

During the past two years,our public relations efforts havefocused on educating the pub-lic, primarily through the media,about the myths that have beenexploited to undermine peo-

ples’ faith in the value and affordability of public pensions. We also have visited more than a dozentowns and cities across the state to conduct publictown hall meetings in an effort to teach plan sponsorsand elected officials about the important reasons why defined benefit pensions are good for municipalitiesas well as public workers.

We have made important inroads. • We have clarified the difference between a plan withunfunded liabilities and a plan that is underfunded.

• We have explained the workings of defined benefitplans, including the fact that, on average, taxpayerscontribute just 12 percent to public workers’ retire-ment benefit payouts, with the majority of the moneycoming from earnings on the fund.

• We have explained cost benefit analysis of introduc-ing defined contribution plans to communities con-sidering the phase-out of their defined benefit plans.

• We have reminded reporters and the public that municipal and local employees always have been required to contribute to their pension plans.

• We have worked hard to educate people about theinadequacy of 401(k) accounts as the primary sourceof retirement income – for public or private workers.

• And we have championed the notion that retirementsecurity is something every working American de-serves, with communities benefiting from the eco-nomic activity of seniors who have purchasing powerrather than a need for public assistance.

New IdeasWe’re not through yet. We still have a lot to ac-

complish and our efforts are going to expand in 2012. The FPPTA is greatly interested in the proposal by

NCPERS to establish a model defined benefit pensionplan that private sector workers can join. We will beworking with that organization to learn more abouthow such a program may work, and whether Floridamight be a proving ground for the idea.

Our primary objective always is to educate our

members, public officials and taxpayers about thestrength and value of public pension plans. Towardthat end, we will be producing a series of tutorials toaddress some key topics. These tutorials will be avail-able on DVD or electronically through our website.They will address issues including:

• Financial Urgency• Unfunded Plans• 401(k) Accounts• Public/Private Sector Pensions, and• Changes in Actuarial and Reporting Requirements(GASB).

We will continue to respond to unbalanced or in-accurate media reports with op-ed columns and lettersto the editor; and we will continue to share thosecolumns and letters with you in the e-newsletter andonline, so you can distribute them at home.

At least as importantly, we continue to encourageFPPTA members to frequently visit and “share” infor-mation, research, reports and press releases that canbe found in abundance on the FPPTA website and onour Facebook page.

We hope you will continue to reach out to us withrequests for assistance in preparing a local newsletter,or in responding to negative press. Florida is a bigpiece of real estate and your help in keeping us abreastof what’s happening on the ground is critical to ourability to help you respond.

Finally, we hope you will stay active in serving yourpension board and the employees and beneficiarieswho depend on your efforts to rest a little easier, surethat the future of their retirement security is in goodhands. n

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“We’re not through yet. We still have a lot

to accomplish and our efforts are going to expand

in 2012.”


Reprinted from Cypen and Cypen Newsletter

A study conducted by National Institute on Retire-ment Security and Pension Trustee Advisors deter-mined that defined benefit pension plans can deliverthe same retirement income at nearly 40% lower costthan a defined contribution 401(k)-type pension account.

Defined benefit savings come from three sources:

• Superior investment returns. The pooled natureof assets in a defined benefit plan results in higherinvestment returns, partly based on lower fees thatstem from economies of scale, but also because assets are professionally – not individually – man-aged. The City plans’ enhanced investment returnssave from 21 percent to 22 percent.

• Better management of longevity risk. Becausepensions pool longevity risks of a large number ofindividuals and can determine and plan for mortality

on an actuarial basis, New York City’s defined bene-fit plans save between 10 percent and 13 percentcompared to a typical defined contribution plan.

• Portfolio diversification. Unlike defined contribu-tion plans, pension assets can be invested for opti-mal returns. Individuals using 401(k)s, by comparison,are advised to rebalance their investments, down-shifting into less risky and lower-returning assets asthey age. This ability to maintain portfolio diversityin the City’s defined benefit plans saves from 4 percent to 5 percent.

The findings are consistent with other NIRS stud-ies, clearly indicating that the qualities inherent in DB plans – particularly their superior investment returns and pooling of risks and assets – fuel their fiscal efficiency. The model makes an apples-to-apples calculation of the actual dollar contributions requiredfor a DB and a DC plan to achieve the same target retirement benefit. Efficiencies of DB plans already arewell documented. n

Delivering Retirement Income at Lower Cost35

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Please contact Bradley K. Rinsem, President and Chief Executive Officer

THE POWER OF

Salem Solutions S M

Setting new standards,Delivering cost-efficient choices to

Florida Public Pension Plans

(954) 426-5772www.salemtrust.com


By: Curtiss M. Scott, CFA; Co-President & CIO, Todd Veredus Asset Management LLC

As portfolio managers, welike a beer every now and again.

Well maybe not necessarilyliquid refreshments served at

the local pub, but rather a tool we can use to see howattractive stocks are when compared to bonds. “BEER”is the acronym that stands for ‘Bond/Equity EarningYield Ratio’, a measure of the relative attractiveness ofthe 10-year Treasury to the S&P 500. Historically, a BEERratio (treasury yield/earnings yield) of over 1.0 indicatesbonds are cheaper than stocks and when it falls below1.0 stocks are the better value. Currently the 10-yearTreasury yield is 1.9% and the S&P’s earnings yield is7.4% ($96 in S&P earnings divided by the index level of almost 1300). With a BEER ratio of .26, stocks are historically attractive and haven’t been this inexpen-sive for over 50 years. For much of the 80’s and 90’s,this ratio was well above 1.0 as both stocks and bondsexperienced significant bull markets. In 2000, thingschanged as stocks entered a decade of no returnswhile bonds continued their strong bull run, drivingthe ratio down to its current level.

This BEER ratio echoes other indicators that sug-gest stocks are the more attractive asset class at this

time. The chart below, by our friends at The LeutholdGroup, shows the 20 year relative return for stocks versus bonds. Whenever bonds outperformed stocksover 20 years (like they did in 1932 and 1949), the following 5 years (highlighted in yellow) showed significant outperformance for equities by at least 20%per year. More recently, this phenomena occurredagain in 2009 and so far the following 2 ¾ year returnhas experienced a similar pattern, up over 20% annu-ally. Contrary to popular belief, stocks should continuethis outperformance for at least another couple ofyears.

Central Banks are lowering interest rates world-wide to combat global economic weakness. Historysuggests that lower rates and increased availability ofmoney generally leads to better stock markets. Thiscycle can generally lasts years. Additionally, the USeconomy appears to be improving, albeit at a slowerthan normal cyclical pace.

With the European and U. S. debt concerns comingmore into focus over the past several years, most peo-ple aren’t constructive on the stock market and haveignored the S&P 500 nearly doubling since the 2009bottom. However if history is any guide, much of thenegative effects of the sovereign credit concerns mayalready be priced into the stock and bond markets. Asa result, we may be in a period where it is an attractivetime for long term investors to accumulate stocks.

Let’s drink a “BEER” to that! n

Drink a “BEER” to Equities36

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return has experienced a similar pattern, up over 20% annually. Contrary

to popular belief, stocks should continue this outperformance for at least

another couple of years.

Central Banks are lowering interest rates worldwide to combat global

economic weakness. History suggests that lower rates and increased

availability of money generally leads to better stock markets. This cycle

can generally lasts years. Additionally, the US economy appears to be

improving, albeit at a slower than normal cyclical pace.

With the European and U. S. debt concerns coming more into focus over

the past several years, most people aren’t constructive on the stock

market and have ignored the S&P 500 nearly doubling since the 2009

bottom. However if history is any guide, much of the negative effects of

the sovereign credit concerns may already be priced into the stock and

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Reprinted from Cypen & Cypen Newsletter (1/26/12)

Federal securities fraud class action filing activityincreased slightly in 2011, according to Securities ClassAction Filings – 2011 Year in Review, a report preparedby the Stanford Law School Securities Class ActionClearinghouse and Cornerstone Research.

A total of 188 federal securities class actions werefiled in 2011 compared with 176 filings in 2010, with anequal number of actions (94) being filed in the first andsecond halves of the year. The number of class actionsfiled was 3.1 percent below the annual average of 194filings observed between 1997 and 2010.

Consistent with a trend first observed in 2010, filings related to merger and acquisition transactionscontinued to constitute a large percentage of total filings, accounting for 22.9 percent of 2011 activity.There were 20 such filings in the first half of 2011 and23 filings in the last six months of the year. In 2010,M&A filings constituted 22.7 percent of all filings. Thenumber of filings related to the credit crisis continuedto decline. There were only three such filings in 2011, adecrease from 13 in 2010 and 53 in 2009.

New analysis of the number of federal judges whopresided over a specified number of class actions revealed that 329 judges presided over only one casebetween 1996 and 2011! Only 65 judges presided overmore than 10 class actions. Even fewer judges presidedover multiple cases that reached a ruling on summaryjudgment. For judges who presided over cases thatreached this stage, 133 presided over only one case. No judge presided over more than three federal classactions that reached a ruling on summary judgmentduring this period.

Just think about it: the vast majority of federaljudges have very little experience in class action cases.Incredible! n

Securities Class Action Filings Increase Slightly

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. r Marketing

0 . [email protected]

“Filings related to merger and acquisition transactions

continued to constitute a largepercentage of total filings.”


BIGGER IS NOTALWAYS BETTER

A BOUTIQUE FIRM SPECIALIZING IN SECURITIES LITIGATION

2424 NORTH FEDERAL HIGHWAY, SUITE 257 BOCA RATON, FL 33431 561.394.3399 WWW.SAXENAWHITE.COM

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By: Carolyn I. Furlong, CPCU, CLU, CEBS, CPIWTrustee and Fiduciary Insurance Services, Inc.

Since becoming a thirdparty administrator of publicpension plans in 1994, and hav-ing maintained an active Florida

insurance agent’s license for many years, I have had theopportunity to place insurance of various kinds forboards of trustees. In one case the board rented officespace and was asked to provide a General Liability policy for the premises. Another board was interestedin carrying a travel accident policy to cover its trusteeswhile attending conferences. Many boards carry fidelity bonds, which is a type of insurance that pro-tects the plan against loss resulting from fraudulent ordishonest acts of those covered by the bond.

However, the most sought-after coverage in our experience is Trustee Fiduciary Liability insurance. Involvement in administering and managing a plan orcontrolling the plan’s assets makes that person or entity a fiduciary to the extent of their discretion orcontrol. A plan’s fiduciaries will ordinarily include thetrustees, investment advisors and all individuals exercising discretion in its administration. The key to determining whether an individual or an entity is a fiduciary is whether they are exercising discretion orcontrol over the plan. Trustee Fiduciary Liability policies cover a trustee against claims of failure to actwith prudence or other forms of negligence. The pol-icy also covers defense costs even in cases where nosuch negligence exists.

Selection of a company that specializes in writingthis type of policy is important. One major carrier will

not insure a plan that has a funded ratio of less than80%, a stipulation that is not really practical in thesetimes. Trustees seeking quotes should also inquireabout the company’s financial rating assigned by Best’sGuide (http://guides.ambest.com).

The most common limit of liability is $1,000,000.Some funds with greater assets, or that have experi-enced claims in the past, will often request higher limits. We have experienced an attorney who calls thetrustees’ attention to the possibility of high defensecosts which can eat up the limit of liability. Defensecosts in the past were paid by a couple of companiesover and above the limit for claims, but we do not knowof any carriers offering that coverage now. Some companies will permit the trustees to select their ownlegal counsel in the event of a claim. Still another benefit is the “pending and prior” feature which datesback coverage to the original date the company wrotethe policy.

Although this kind of claim is extremely rare, wehave found that all trustees feel more comfortable having fiduciary liability insurance in effect. n

Board and Trustee Insurance Options39

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�� !"��#�� $��%�� &��

�� !"��

“Trustee Fiduciary Liability policies cover a trustee against

claims of failure to act with prudence or other forms of negligence.”


By: Christopher J. Greco, Part-ner: Institutional Marketingand Client Service

The success of defined ben-efit plans rests upon a simpleformula: Contributions + Invest-ment Returns = Payment of ben-efits. The key to making the

formula actually work requires the addition of a few words to: Consistent Contributions + Long TermInvestment Returns = Payment of benefits. While muchhas been written about DB plans for the corporate andmunicipal sectors over the years, there have been manyshort term decisions made that impact these long termprograms. The plan must utilize the proper measure-ment tools for investment returns and an understand-ing of market volatility must be applied.

A defined benefit plan has an extremely long lifeexpectancy, and we need to make sure that the propermeasurement tool is being used to capture the invest-ment return portion of the formula. When you attemptto measure the distance between two cities you use

miles, not feet, as the unit of measure. The same is truefor investment returns; we should be looking at returnpatterns of 20+ years, not the most recent quarter oreven 3 year returns. These short term measurement

periods can be very misleading as to the strength and viability of investment returns. Investment results canvary from quarter to quarter so greatly that it could

The Investment Portion of the DB Formula Really Does Work

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City of JacksonvilleJacksonville Beach GE, Fire, & PoliceSt. Augustine GE & Police

Pensacola GE

Pinellas Park GE & PoliceSt. Petersburg GE

City of OcalaOcala Police

Holmes Beach Police

Sarasota FireNorth Port Police

Cape Coral GE, Police & Fire

Key West Police & FireKey West Utility

Palatka Police & Fire

Winter Garden GE

Maitland Police & Fire

Sanford Police

Boca Raton Police & FireDeerfield Beach Fire

Ft. Lauderdale Police & Fire

Cooper City GE, Fire, & Police

Bal Harbour Village Police

Proudly Serving Florida’s Finest

Chris Greco, Partner,

Institutional Marketing & Client Service

Gregg Gosch, Client Service

(904) 493-5500

www.saw-grass.com

Palmetto Police

Hallandale Police & Fire

Daytona Beach Police & Fire

St. Cloud GE, Police, & Fire

Vero Beach PoliceSt. Lucie County

Hollywood FireBroward Co. #4321

Lakeland GE & Police

Lake Worth GE & Police

Ocoee Police & FireTemple Terrace Police & Fire

Punta Gorda GECoral Springs Fire

Longboat Key GE

Alachua County Library District

Auburndale GE

Sunrise Fire

We Would Like To Thank Our 61

Florida Public Clients for Their Continued Trust

& Confidence

Deltona Fire

Avon Park Fire

Tamarac Police

Delray Beach Police & Fire

Pinellas Co. Housing Authority

City of Altamonte SpringsCity of Casselberry

Melbourne Fire

Riviera Beach Police

“The key to making the formula actually work requires

adding a few words...Consistent Contributions +

Long Term Investment Returns =Payment of Benefits.”


lead a plan sponsor to make decisions based uponshort term return data for a long term investment formula. A striking example of this was recently observed during this past year when comparing returns with an end point of September 30 (most fiscalyear ends) to December 31st. The S&P 500 had a 3 yearaverage return of 1.22% as of 9/30/11, which was verydisappointing to pension plans across the country,however, the 3 year return of the S&P 500 is now 14.1%as of 12/31/2011. This is a significant return differentialover a very short period of time, and this type of end-point sensitivity should encourage longer term meas-urements for decision making.

Many people often ask to define “long term” returns, and we need to put this recent market into perspective as a short term event that is part of thelong term life cycle of a fund. Most plan participantswork for 25+ years and then live for another 25 years onaverage, so a 30 year measuring stick would seem like

a fair one for this DB formula. When looking at the stockand bond markets over the past 30 years, we see thatthe S&P has had an average return of 10.9% per yearand the Barclays Capital Aggregate (the bond market)has had an average return of 9% per year. These assetclasses are the key building blocks of most investmentallocations in pension plans, and these returns shouldremind us that the investment return portion of DB formula has worked over the past 30 years despite encompassing a near financial meltdown during theworst decade since the Great Depression. Going forward, it is important to put short term investmentevents into perspective and remind all interested parties that long term investment returns must be understood to make the plan work. Using the propermeasuring tools, miles not feet, will help us all understand how to create and manage a successful investment program. n

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cc GGGGrrrreeeeaaaatttt LLLLaaaakkkkeeeessss AAAAddddvvvviiiissssoooorrrrssss PPPPrrrroooouuuuddddllllyyyy SSSSuuuuppppppppoooorrrrttttssss FFFFPPPPPPPPTTTTAAAA aaaannnndddd TTTThhhheeee VVVVooooiiiicccceeee

Great Lakes Advisors, LLC. 222 South Riverside Plaza

28th Floor Chicago, IL 60606

Phone: 312-553-3700 Fax: 312-553-3737

www.greatlakesadvisors.com

TToomm KKiilleeyy,,

Chief Executive Officer MMiikkee HHoowwaarrdd,

Director of Client Service & Sales JJeennnnyy NNoottttee,

Director of Client Service & Sales

3330 Cumberland BoulevardSuite 650

Atlanta, GA 30339404-720-8800

404-720 8802 Faxwww.buckheadcapital.com

[email protected]

Deneen BinghamDavid S. Griffin, CFA

Michael C. Harhai, CFA

Buckhead Capital Management offers equity and fixed income investment

solutions for institutional and high net worth investors.


43

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12Thank You 2011 Relief Fund Donors!Cypen & Cypen • Ray & Lois Edmondson • FPPTA Board of Directors • Dan Givens Enterprises, Inc.

Peter & Susan Hapgood • Mesirow Financial • Public Pensions, Inc. • Saxena White • Thistle Asset Consulting


By: Douglas W. Case, President and Co-CIO, Advanced Investment Partners, LLC

A recent update of theeVestment Alliance Global Data-base shows there were 1,108 investment firms reporting per-

formance for 4,015 US equity products. Having options is typically a good thing, but where does onebegin when making decisions about which managers’strategies to select and how to combine them whenthere are 4,015 options?!

One approach to structuring the US equity portionof an investor’s portfolio, which has become a ratheraccepted convention, is based on style boxes. The investor selects “the best” value and growth managersfor larger and smaller cap stocks and that’s it, 4,015 options have been quickly framed into four choices.

Can it really be that straightforward? Does the simplicity of style box investing lead to a portfolio ofoutperforming, best-of-breed managers? Before welook at some recent style box investing results, let’s firstreview the origins and motivations that led to the development of style boxes.

Origins of the Style BoxStyles boxes evolved from the development of

style indexes, which emerged from efforts to improvethe quality of investment manager evaluations. Usingbroad market indexes such as the S&P 500 as a bench-mark to evaluate the performance of managers that exhibit consistent investment biases – e.g., low P/Emanagers or aggressive growth managers – is an inef-

fective approach to assessing manager skill. Broadmarket comparisons for such managers do not provide accurate attribution of performance into sources arising from consistent style biases versus true activemanager skill.

In part, as recognition of this shortfall in managerbenchmarking, Wilshire introduced a set of US equitystyle indexes in 1986 and Russell Investments launchedtheir first US style indexes in 1987. The analytic use ofstyle indexes were strengthened by the research ofWilliam Sharpe as he laid the foundation for using styleindexes to perform returns-based style analyses. Andthen perhaps the most significant commercializationof the use of style indexes was in 1992 when Morningstar introduced their nine-square MorningstarStyle Box™ – and voila, the style box was born.

Style Box ResultsThe introduction of style boxes ultimately led to a

simplified scheme for structuring multi-manager equity portfolios. An investor could segment their market exposure into larger and smaller market capslices and then divide each market cap segment basedon value and growth styles. At this point, the investorlooks to hire best-of-breed value and growth managersthat when combined – in a barbell manner – will be expected to outperform the results of the broad market.

Using data from the eVestment Alliance GlobalDatabase of reported returns for larger and smaller capmanagers, we looked at the results of combining valueand growth managers versus the results of core managers assuming two different levels of manager selection skill. We define an investor with “superiormanager selection skill” as the ability to select the

Style Box Investing44

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Has combining “best-of-breed” managers led to superior investment results?

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average return for top quintile performing managerswhile “good manager selection skill” is represented byselecting the average for managers in the top twoquintiles of performance.1 The results of this analysisare contained in the accompanying Table.

For larger cap managers, the Value Manager +Growth Manager returns exceeded the return of theS&P 500 index over all trailing periods. However,whether we assume superior or good manager selec-tion skill, the typical convention of a 50/50 combina-tion of value and growth managers consistentlyunderperformed a core manager over the trailing 3, 5and 10 year time periods ending December 31, 2010.This suggests that investors achieved inferior results bypursuing a barbell, best-of-breed style box approachto structuring their larger cap market exposure overthis time period.

The results for smaller cap managers were mixed. Ingeneral, the Value Manager + Growth Manager returnswere closer to those of the Core Manager with no clear sign of one alternative being better than the other. Therefore, the barbell, best-of-breed style box approach to structuring an investor’s smaller cap market exposure seems to have yielded reasonable results for the time periods under review.

Other ConsiderationsWe’ve seen that style box investing may not have

delivered the expected best-of-breed results over thelast ten years. While style box investing has become aconventional approach to structuring a multi-managerportfolio, there are a few other considerations to keepin mind.

The analysis assumes a constant 50/50 mix of value

to hire best-of-breed value and growth managers that when combined – in a barbell manner – will be

expected to outperform the results of the broad market.

Using data from the eVestment Alliance Global Database of reported returns for larger and smaller cap

managers, we looked at the results of combining value and growth managers versus the results of core

managers assuming two different levels of manager selection skill. We define an investor with “superior

manager selection skill” as the ability to select the average return for top quintile performing managers

while “good manager selection skill” is represented by selecting the average for managers in the top two

quintiles of performance.1 The results of this analysis are contained in the accompanying Table.

For larger cap managers, the Value Manager + Growth Manager returns exceeded the return of the S&P

500 index over all trailing periods. However, whether we assume superior or good manager selection

continues on page 46


Style Box Investing continued...46

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and growth manager exposure. In order to maintainthis constant 50/50 mix, the investor would need to rebalance their portfolio – periodically taking assetsfrom the relatively stronger manager and placing itwith the weaker manager – which would result intransaction costs. Such costs would reduce the realizedreturns from the Value Manager + Growth Managercombination.

There is also the potential for cross-manager trad-ing and its associated transaction costs. Stocks canmove from value to growth managers and vice versaas the fundamentals and merits of a stock evolve overtime. The appreciating value stock may be sold by theprice-sensitive value manager only to be bought by the growth manager for its improving growth charac-teristics. This turnover is a result of each manager remaining true to their style while the multi-managerinvestor incurs the cost of such noisy trading withintheir aggregate portfolio.

Another consideration is manager fees. Typically,manager fees are lower for higher amounts of assetsthat are managed for a client. Therefore, consolidatingassets with a single Core manager may result in loweraggregate manager fees than splitting the assets between Value and Growth managers.

SummaryWhat began with style indexes and their applica-

tion towards improved manager benchmarking, hasevolved into style boxes being used as a conventionalapproach to structuring multi-manager portfolios. Thisis an easy to implement and easy to understand approach, but is not without its drawbacks. The hopedfor outcome of achieving superior results by combin-ing best-of-breed style managers has not been realizedover the last ten years. Therefore, it’s not surprising thatwe are seeing less conviction towards the simplifiedstyle box approach to selecting and combining managers, and greater interest in more flexible and ro-bust multi-manager structures. n

1 Manager return data was collected from the eVestment Alliance GlobalDatabase as of December 31, 2010. Each manager universe was screenedusing the following criteria: 1) manager return data available for all time periods and 2) remove multiple products for individual managers based onless complete return history, more concentrated portfolios, ESG biasedstrategies, tax managed products, and funds sub-advised by managerslisted independently. The data includes a survivorship bias as only thosemanagers that had uninterrupted returns were considered. The impact ofthis bias is to skew the return data upwards, but should not adversely impact the conclusions reached by focusing the analysis on superior andgood manager selection skill.

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I N T E R C O N T I N E N T A L R E A L E S T A T E C O R P O R A T I O N

1270 Soldiers Field Road Boston, MA 02135 617.782.2600 intercontinental.net

Florida Public Pension Trustees Association

Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser and real

estate operating company with expertise in real estate investment, development, construction

management, and asset management. The company has acquired, developed, built, and

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Reprinted from Cypen & Cypen Newsletter(2/2/12)

The Institutional Retirement Income Council saystraditional pension benefits have been in steady retreatsince corporate America began replacing defined benefit plans with defined contribution plans in themid-1980’s. Once a staple offered by most employers,now accrual of benefits under defined benefit plans is limited primarily to unions and governments. Therewas a 65% drop in the number of private sector employees with pensions between 1975 and 2005,while the public sector held steady. In the private sector, employees’ retirements depend heavily on income from savings they have managed to accumu-late through a combination of their own contributionsand those of their employers. Not only are these savings often woefully inadequate, retirees are gener-ally ill-prepared to manage their nest egg so that it provides steady income for the remainder of their lives.Employers, employees and the federal government arebecoming painfully aware of the shortcomings inher-ent with defined contribution plans:

• Retirement benefits are an important tool for em-ployers trying to manage the demographics of theirworkforce; they are looking for ways to improve theiremployees’ financial ability to retire without signifi-cantly increasing compensation costs.

• Employees are overwhelmed by the recent volatilityof the stock market and low interest rates, and areseeking greater security during their retirementyears.

• The federal government is looking to balance itsbudget while lessening demands on Social Securityand other entitlement programs.

The potential for improvement in DC plans’ ability

to provide a steady stream of income has caught theeye of the financial services industry. While the marketplace races to deliver an array of possible solu-tions, employers and regulators are grappling withhow these products fit within qualified retirementplans. Unfortunately, the initial response from employ-ees has been tepid, at best. Retirement income prod-ucts – specifically, products embedded in retirementplans focused on generating secure retirement income – have only a 1% take up rate when productsare offered at the point of distribution. In this context,it is tempting to wish for a return to the “good ol’ days,”when defined benefit plans reigned. And yet many corporations phased out defined benefit plans for whatthey thought were valid reasons, including volatileminimum required contributions, benefits that are notvery tangible (especially to younger employees) and abyzantine regulatory environment. The IRIC article examines its experience with defined benefit plans andidentifies some key lessons that can be applied to improve retirement outcomes for participants in thenext generation of defined contribution plans. Wefound the following information particularly instruc-tive:

• Any actuary will tell you that from the perspective ofa full employment career cycle, the defined benefitplan is mathematically the most efficient vehicle forproviding retirement benefits.

• Defined contribution plans have offered employersthe certainty they sought, by shifting the investmentrisk and mortality risk to individuals. However, indi-viduals are even less able to absorb risk and uncer-tainty, and are faced with the following unacceptablechoices: 1) support current consumption and ignorethe risk of living 20, 30 or 40 years after retirement or2) significantly lower their living standards to maketheir savings last until their death. Fifty-four percent

Lessons Learned from DB Plans48

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of those who took one-time cash payments fromtheir retirement plan had exhausted their savingswithin three years of retirement!

• Even for those fortunate enough to have earned atraditional pension, the choice of receiving a largesum of cash today versus a small monthly payment issurprisingly tempting.

• A vibrant workforce is a mobile workforce, which allows talent to flow to the highest use. Yet definedbenefit plans were intended to act as “golden hand-cuffs,” designed to reward people for staying in oneplace. However, in reality, since the industrial revolu-tion the American workforce has been highly mobileand loyalty quite fragile: Average tenure has de-creased only modestly over the past three decades.

• Government regulations, no matter how well inten-tioned, can have unintended and perverse outcomes.In an effort to shore up funding status of traditionalpension plans, regulations made contribution levelsmore volatile and unpredictable, discouraging employers from sponsoring defined benefit plans atall.

Hopefully it is not too late to reverse this trend. n

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12Ray Edmondson, CPPTChief Executive Officer800-842-4064 ext. [email protected]

Kim Ryals, CPPTChief Operating OfficerCPPT Coordinator800-842-4064 ext. [email protected]

Lois EdmondsonSenior Executive Assistant Membership and Event Registration Specialist800-842-4064 ext. [email protected]

Peter Hapgood, CPPTEducation [email protected]

Lea HerrellBookkeeper800-842-4064 ext. [email protected]

Stephanie WehrlyAssistant to Chief Operating Officer800-842-4064 ext. [email protected]

FPPTA2946 Wellington Circle EastTallahassee, Florida 32309800-842-4064www.fppta.org n

FPPTAco

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ill-prepared to manage their nest egg so that it provides

steady income for the remainder of their lives.”


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voice magazine spring 2012

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