HomeMy WebLinkAboutSubmittal-Charlie CoxPROGRESS OF FUNDING
�1
Year
lrrterest Rate
Present Value
Firding9/30
Assumption
of Accrued Benefits*
1989
7.50%
$260,PA 163
1990
&ff/0
5267,474,403
1991
8.00%
53089365736
1992
&ff/0
$302,287,241
1993
8."/o
$327,921,751
1994
&OUI/o
$344,919,757
1995
8.0011/o
$355,854,118
1996
8.101/o
5369,103,246
1997
8,101/o
$375220,105
1998
8.101/0
$446,036,060
1999
8. I ONO
$461,008,232
2000
8.101/o
$475,5365344
2001
8.10%
$496,990,860
2002
8.101/o
$516,434,721
2003
8.101/0
8578,712,725
2004
8.101/o
$605,934,834
2005
8.101/o
$647,824,Q31
2006
8.10%
$650,607,217
2007
8.101/0
$683,690,757
2008
8.101/o
$714,893,783
2009
8.101/0
$756,364566
Market Value
of Assets
$212,186,330
$200;378,061
$255,316,244
$279,921,361
5307,2165777
$2T,317,SO8
$359,024,980
8405,506,423
5505,424,326
$506,717,915
$568,103,564
$636,009,102
$551,197,253
$467,725,075
$516,813,945
$546,454,226
5586,943,151
$623,992,356
$694,302,333
$5765492500
$538,012,201
TABLE V�,
Funded
81.50%
74.90%
8260%
92.6('/o
93.70%
86.20%
100.9('/0
109.901/0
134.701/o
113.60%
12250%
133.701/0
110.90%
L"l1103M7,
E iillffl
90.20%
90.60%
95.901/0
101.60%
80.64%
71.13%
"The cost method used for determining the Present Value of Accrued Benefits is Unit Credit. Calculations are based on current
service and the current salaries as of the valuation date. The Present Value of Accrued Benefits is defined by participants'
accumulated plan benefits as those Julure benefit payments that are attributable under the plan's provisions to employees'
service rendered to the benefit information dale. Their measurement is primarily based on employees' history of pay and service
and other appropriate factors as of that date. Future salary changes are not considered. Future years of service are considered
only in determining employees' expected eligibility for particular types of benefits, for example, early retirement, death, and
disability benefits. To measure their actuarial present value, assumptions are used to adjust those accumulated plan benefits to
reflect the time value of money (through discounts for interest) and the probability of payment (by means of decrements such as
for death, disability, withdrawal, or retirement) between the benefit information date and the expected date of payment. An
assumption of an ongoing plan underlies those assumptions.
SUBMITi ED INTO THE
PUBLIC RECORD FOR
CITY OF MIAMI GENERAL EMPLOYEES' AND �j
SANITATION EMP OY ES' RETIREMENT TRUSITEMsKA- OI AI \ 1 a �� V . PACE 10
tQ- Chart le C'ox
1 ��bmitted Into the public
- record in connection with
`
item
`' • ,°
on 1`Zz'/0
III. ALLOCATION OF ASSETS
f
Priscilla
A. Thompson
City Clerk
Policy Allocation
Current
Allocation
Large Cap Equity
Smal Cap Equity
Large Cap Equity
45%
10%
46.6%
Small Cap Equity
6.6%
Non U.S. Equity
Non U.S. Equity
-
1004
9.5%
Real Estate
a
Real Estate
5%
4.7%
Cash
Fixed Income
1%
Fixed Income
Cash
25.4%
`
29%
7.2%
`Asset Class
Min/Max Weight
Target Allocation
Current
Allocation
Large Cap Equity
35% - 55%
45.0%
46.6%
Small Cap Equity
0% - 15%
10.0%
6.6%
Non U.S. Equity
0% - 15%
10.0%
9.5%
Real Estate
0% - 10%
5.0%
4.7%
Fixed Income
20% - 40%
29.0%
25.4%
` Cash
0% - 15%
1 .0%
7.2%
CManage
Equity- -
+ nal
-f ixed Income- Real
Estate-
-
Cash --
Atlanta Capital Management
98.1%
0.0%
0.0%
0.0%
1.9%
Axiom
0.0%
1 KID%
H%
0.0%
0.0%
Chicago Equity
0.0%
0.0%
99.7%
0.0%
0.3%
Cooke & Bieler
97.7%
0.0%
0.0%
0.0%
2.3%
Cramer, Rosenthal, McGlynn LLC
96.7%
0.0%
0.0%
0.0%
3.3%
Ell Realty Advisors
0.0%
0.0%
0.0%
96.5%
3.5%
Insight Capital
97.3%
0.0%
0.0%
0.0%
2.7%
CINVESCO Capital Management
0.0%
99.7%
0.0%
0.0%
0.3%
Loomis, Sayles 5 Company
0.0%
0.0%
80.7%
0.0%
19.3%
f BlackRock
0.0%
0.0%
0.0%
100.0%
0.0%
` Richmond Capital Management
0.0%
0.0%
98.1%
0.0%
1.9%
Seix Investments Advisors
0.0%
0.0%
96.1%
0.0%
3.9%
State Street Global Advisors
100.0°%
0.0%
0.0%
0.0%
0.0%
Thompson, Siegel & Walmsley 98.4% 0.0% 0.0% 0.0% 1.6%
Cash Account 0.0% 0.0% 0.0% 0.0% 100.0%
Total Fund 53.2% 9.5% 25.4% 4.7% 7.2%
4 SOUTHEASTERN ADVISORY SERVICES, INC. (#
ReJistered hwestment Arwisor
Insight Capital 2.99b/91" 1.4%/100`h N/A N/A
Russell 2000 Growth 4.1 0/o/70`h 34.5°%o/46th N/A N/A
The inception date for the Insight Capital account was April 28, 2008.
Cramer, Rosenthal 5.9%/13" 30.70/o/44i°
Russell 2000 Value 3.60/o/59" 20.6%/91"
-3.4%/23`d
-8.2%/69'h
3.0%/28"
-0.0%/68'h S2 =p N N
3 CLU
a c ► pEp .,,
Equity Portfolio Characteristics L t U
250°x° T 4.6x C C ° Q
33.5x -
200%
1.6 f
iL
150% 19.2 2.7 4 N
1' 2.2% 16.9x Ax ;N
1.90 5.9x $78.2M 1.0 1.0 11 1.1
100% 14.8 1.6x 1.8x
1.3% $53.1 M
50% 7°
.3
J.T
0%
1\1 11
Dividend Yield P/E Ratio Avg. Market Cap. Beta Price/Book Ratio
Atlanta Capital Insight Capital Cooke & Bieler ® Cramer Rosenthal O Thompson, Siegel & Walmsley t W 500
C. International Equity Managers vs. International Equity Portfolios
Total International Fund
4.7%/23`d
34.3%'°155"°
-3.20/o/40"
6.30/o/39"
Axiom
5.6%/18"
33.90/o/56"
-2.70/o/37t'
8.00/o/26"
INVESCO Capital Management
3.8%/31"
34.80/./54'"
-3.6%/42"d
5.0%/500
MSCI EAFE (Net)
2.2%/60"
31.80/o/64'"
-6.00/o/72"d
3.50/o/8211
s
SOUTHEASTERN
ADVISORY
SERVICES, INC.
Re ls(ercd Inocslinent AdvisOr = o
Historical Fiscal Year End Returns
September 30' Fiscal Year End
Year
wiai rina
Market Value (S in mil)
i owi rin
Gross Return
,
(0/9) Return
l1988
N/A
-5.3
-2.4
1989
N/A
20.9
23.7
1990
N/A
-5.0
-2.5
1991
N/A
24.2
24.0
1992
N/A
12.7
10.8
1993
$308.5
12.0
11.1
1994
$297.6
-1.0
1.6
1995
$358.9
22.9
22.4
1996
$394.6
15.6
14.0
1997
$505.2
29.5
26.7
1998
$506.4
2.9
9.6
1999
$568.2
17.8
18.4
2000
$636.1
15.7
10.4
2001
$550.6
-10.4
-15.4
2002
$465.6
-10.4
-10.1
2003
$515.1
17.7
20.2
2004
$543.6
11.0
12.7
2005
$583.7
11.6
11.7
i
2006
$621.0
10.4
9.8
2007
$691.3
15.0
13.5
2008
$573.3
-13.7
-13.6
2009
$534.8
-1.4
-0.5
If YTD 2010
$563.4
3.1%
3.3%
SubmiW d Into the public
recorclin Connection with
item SR - I on I -ZZ-
Prisdila A. Thompson
City Clerk
>> SOUTHEASTERN ADVISORY SERVICES, INC. � ti
Regis(ne�i fjwcsminlf Admsor 3 6'