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Home My WebLink AboutAgreement_Pension_11/12/2004i • . . s ~ ~ ' • ACTUARYICQNSULTANT AGREEMENT THIS AGREEMENT is entered into by and between the BOARD OF TRUSTEES OF THE VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND, hereinafter referred to as the "Trustees," and GABRIEL, ROEDER, SMITH AND COMPANY, hereinafter referred to as the "Actuary." WITNESSETH WHEREAS, the VILLAGEOFTEQUESTAPUBLICSAFETYOFFICERS'PENSION TRUST FUND, hereinafter refen~ed to as the "Fund," has been established for the purpose of providing retirement and related benefits to eligible participants and beneficiaries and defraying reasonable expenses of administering the Fund; and WHEREAS, the Actuary represents that it is skilled in the area of actuarial services; and WHEREAS, the Trustees are required by ordinance and Florida Statutes Chapter §§175 and 185 to retain an independent Actuary to conduct actuarial valuations and other required calculations; and WHEREAS, the Trustees desire that the Actuary serve as the ActuarylConsu{cant for the Fund and the Actuary is willing to so serve. NOW, THEREFORE, in consideration of the mutual agn3ements herein contained, it is covenanted and agreed as follows: 1. ARpointment of Actuary. The Trustees appoint the Actuary to provide actuarial and consulting services to Fund. 1 ~, 2. n. ~tipc of the Actuary. Services under this Agreement shall include, but are not limited to, the follor+vrng: 2.1 Prepare a bi-annual Actuarial Valuation as of September 30'" 2005 and each odd year thereafter in acxordance with Florida Statutes Chapters 175, 185 and 112 Part Vll. 2.2 Attend at least one meeting in the odd years to present the bi-annual valuation. 2.3 Compute and verify retirement, death, and disability benefits. 2.4 Consulting services regarding benefit andlvr assumption changes. 2.5 Prepare actuarial impact statemerrts as necessary. 2.6 Prepare bi-annual Participant benefit statements as of September 30"' 2004 and each even year thereafter. 2.7 Coordinate with other service providers regarding other annuai plan reports and necessary governmental filings, including preparation of Page 6a for inclus~n in the Annual Report ~ the Florida Qivision of Retirement. 2.8 Provide telephone consultations on plan matters. 2.9 Ail other duties as required or requested by the Trustees. 3. Qualificatio~_s. The Actuary cert'rfes tl~at it is professionally qualified as an independent Actuary to provide actuarial and consulting services in the public sector. Furthermore, Actuary is an enrolled actuary as defined by Florida Statutes §185.02(8)• The Actuary certifies that it is a corporation with the authority to transact business in the State of Florida. Attached as Exhibit A is the corporation's registration information. 2 .. * ~ 4. Fees and Costs. 4.4 Far services rendered under this Agreement, the Trustees shall pay the Actuary an annual fee of $6,000.00 annually in the odd years when the Actuarial Valuation Report is prepared and $2,000.00 in the even years when the Benefit Statements are prepared. 4.2 Individual benefit calculations for service retirees, disabi~ty retirees, and survivor beneflciarieswill be charged atthe rate ofTwo Hundred Fifty ($250) Dollars each. 4.3 The fee for other projects, such as actuarial impact statements, will be based upon the hourly rates. The Trustees shall be provided a not to exceed fee commitment prior to the start of any such project. 4.4 These fees wiA remain in effect for two years- Thereafter, increases will be made in accordance with the Consumer Price Index. 4.5 No other fees or costs shall be payable without the express written consent of the Trustees. 5. Record ten ' n. The Actuary shall maintain all records held by it pertaining to the Fund for six years from the date of origination of such records. In addition, before any records maintained by the Actuary are destroyed, the Actuary must contact the Board for permission to do so. 6. C~nfi ential Informa#ion. The Actuary shall maintain and protect in strictest confidence any and all data, information, and documents of and concerning the finances, business and affairs of the Fund which Actuary acquires in its performance of this Agreement. The Actuary agrees that none of the aforesaid data, information or documents, and none of the reports and analyses prepared by the Actuary as provided in 3 • Paragraph 3 hereof, or otherwise, shall be disclosed to anyone except the Actuary's subcontractors, the Trustees, the investment manager, the administrative manager, or legal counsel to the Trustees, except as otherwise agreed to in writing or as required by law. 7. Relation of the Parties. In ail of its relations with the Board, the Actuary will utilize the skill, care, prudence and diligence that an expert in a like position would use. The Actuary recognizes that its obNgation under this Agreement is to the Board and the members of the Retirement System and that it will place the interest of the Board and thelRetirement System's participants and beneficiaries above all others and will not enter into any agreement ortake any action contrary to that responsibility. The Actuary shall not accept or pertorm an engagement involving the Retirement Plan's members far any organization other than the Pension Board without the prior written consent of the Board. The Actuary will maintain professional liability insurance in an amount of at least $1,000,000 and provide certification thereof annually to the Board. A copy of the current binder is attached as Exhibit B. 8. Assignability. This Agreement shall not be assigned without the prior written consent of the Trustees. 9. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto. 10. Modification. This Agreement may be modified or revised only by written amendment signed by the Trustees, and incorporated as written amendments to this Agreement. 4 .. •~` 11. Prior Amendments. This Agreement supersedes aN prior agreements with the Actuary, oral or written. 12. Applicable Law and Venue. Insofar as they do not conflict with any applicable federal law, the laws of the State of Florida shall govern this Agreement and any dispute involving the enforcement or interpretation of this Agreement shall have venue in West Palm Beach, Florida. 13. Termination. This Agreement may be terminated with 30 days notice by either party hereto upon mailing of written notice, by certified mail, to the other party at the addresses given below: Fund: James Weinand, Chairman Village of Tequesta Public Safety Officers' Pension Trust Fund 357 Tequssta Drive Tequesta, Florida 33469 Actuary: Gabriel, Roeder, Smith, and Company 301 East Las Olas Boulevard, Suite 200 Fort Lauderdale, Florida 33301 Copies of such notification will be sent to the Fund's legal counsel as follows: Attomey: Bonni S. Jensen Hanson, Perry ~ Jensen, P.A. 400 Executive Center Drive, Suite 207 West Palm Beach, Florida 33401 14. Attomey Fels. If the Tnastees engage an attorney, accountant, or other advisor to enforce the terms of this Agreement, whether by administrative action, legal action, litigation, or otherwise, and should the Pension Plan prevail or obtain any relief or remedy as a result of such action, then the Manager shall pay to the Pension Plan its reasonable attorney's fees, accountants' fees, advisors' fees, and costs. 5 .. . ~ 4 IN WITNESS W HEREOF, the parties hereto have executed this Agreement by their respective authorized representatives on the dates indicated below. BOARD OF TRUSTEES OF THE VIL- LAGE OF TEQUESTA~PUBLIC S ETY nr~u?Ct~it pFNSIG~IV TRUS D J Date: '' ~ ` WITNESS: ~GGh-~n~~ (As to Trustees) GABRIEL, ROEDER, SMITH AND COMPANY ~~ Title: Date: ~>~~<~ WITNESS: ~~`~.- {As to Actuary) i3SJlka October 25, 2004 ~ H:ITequesta PS 10111VendorslActuarYlA9mnt,wpd