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HomeMy WebLinkAboutDocumentation_Pension General_Tab 6C_12/15/1997 GABRIEL,ROEDER,SMITH & COMPANY Consultants&Actuaries 301 East Las Olas Blvd.•Suite 200•Ft. Lauderdale,FL 33301 •954-527-1616•FAX 954-525-0083 October 29, 1997 Mr. Bill Kascavelis Finance Director Village of Tequesta 357 Tequesta Drive Tequesta, Florida 33469 Dear Bill: As requested by the Board of Trustees, we are enclosing a proposed Actuarial Services Agreement. If the Board approves the Agreement, please have it signed and sent to us for our signature. We are also enclosing a sample investment policy that may be of use to the Board. Our Asset Consulting Group prepared this policy. Please contact us if you have any questions. Sincerely yours, ,. "ecc-9 J. Stephen Palmquist JSP/or _f ti ACTUARIAL SERVICES AGREEMENT THIS CONTRACT is entered into the day of , 1997, between the BOARD OF TRUSTEES OF THE VILLAGE Of TEQUESTA EMPLOYEES PENSION TRUST FUND, (herein referred to as the "Board") and GABRIEL, ROEDER, SMITH AND COMPANY (herein referred to as the "Actuary"). WITNESSETH WHEREAS,the Actuary has demonstrated the expertise and experience to perform the actuarial services outlined in this Agreement. NOW, THEREFORE, in consideration of services to be performed and payments to be made together with mutual covenants and conditions hereinafter set forth, the parties agree as follows: 1. The Actuary shall perform the following Regular Annual Services: A. Annual Actuarial Valuation Report. B. Individual Employee Benefit Statements. C. Correspondence with Village's auditors regarding disclosures included in Village's financial statements. D. Correspondence with Division of Retirement which reviews the Actuarial Report each year. E. Two meetings with the Board each year. F. All Benefit Calculations for retirement, disability, death and vesting benefits. G. Determination of the cost impact of one proposed change in benefits for each of the three groups. Actuarial Impact Statements would be included. H. Alerting the Board of significant changes in the pension world that might affect the System. I. Updating the Summary Plan Description when necessary. 2. During the contract period, the Actuary shall also perform such additional actuarial services as may be requested by the Board. The charges for this work shall be based upon the amount of time required to complete each task. A firm fee quotation prior to commencing any work shall be provided. The hourly charges shall be: Hourly Rate Senior Actuarial Consultant $190 Senior Benefit Specialist 125 Benefit Specialist 80 Administrative Assistant 64 3. For Regular Annual Services as provided in paragraph 1 of this Agreement, the Board agrees to pay $525 per month ($6,300 per year). For services completed in accordance with paragraph 2, the Board agrees to pay the hourly charges as listed. After September 30, 1998, fees and rates may be increased in accordance with the Consumer Price Index. 4. This contract embodies the entire agreement of the parties hereto and no modification thereof shall be made except by written amendment agreed to and executed by both parties. 5. The Board shall deliver to the Actuary all employee and financial data and any such further information as the Actuary shall deem necessary from time to time in order to complete the job. 6. The Board may terminate this Contract at any time upon thirty(30)days written notice to Actuary. In the event that the Board determines to terminate this contract without cause, or in the event that the Board fails to perform any of its duties hereunder for a period of more than sixty (60) days after written notice by the Actuary of such failure, the Actuary may terminate this agreement and be entitled to compensation to the date of such termination, based on the actual work performed. 7. The term of this Contract shall be for one(1)year beginning October 1, 1997,and may be renewed for subsequent periods of one (1) year each upon the mutual agreement of the parties hereto. There shall be no change in any terms unless mutually agreed to by the parties hereto. 8. Neither party hereto may assign, convey, or otherwise transfer any of its rights, obligations, or interest herein without the prior express consent of the other party. 9. The validity of this Agreement and of any of its terms or provisions, as well as the rights and duties of the parties hereunder, shall be governed by the laws of the State of Florida. All prior agreements between the parties are hereby terminated and superseded by this Agreement. 10. This Agreement may be executed in several counterparts, each of which shall be deemed an original. IN WITNESS WHEREOF, the Board has signed duplicates hereof, and GABRIEL, ROEDER, SMITH AND COMPANY has caused its corporate name to be signed to said duplicates by its proper • officers thereunto duly authorized on the date and in the year first above written. GABRIEL, ROEDER, SMITH AND COMPANY BOARD OF TRUSTEES OF THE VILLAGE OF TEQUESTA EMPLOYEES PENSION TRUST FUND By: By: Senior Consultant and Actuary Chairman ATTEST: ATTEST: By: By: Secretary