Loading...
HomeMy WebLinkAboutDocumentation_Pension General_Tab 16_05/03/2010 VILLAGE OF TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND and GABRIEL, ROEDER, SMITH & COMPANY ACTUARY / CONSULTANT AGREEMENT THIS AGREEMENT is entered into by and between the BOARD OF TRUSTEES OF THE VILLAGE OF TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND, hereinafter referred to as the "Trustees," and GABRIEL, ROEDER, SMITH & COMPANY, hereinafter referred to as the "Actuary." WITNESSETH WHEREAS, the VILLAGE OF TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND, hereinafter referred 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 §112 to retain an independent Actuary to conduct actuarial valuations and other required calculations; and WHEREAS, the Trustees desire that the Actuary serve as the Actuary/Consultant for the Fund and the Actuary is willing to so serve. NOW, THEREFORE, in consideration of the mutual agreements herein contained, it is covenanted and agreed as follows: Page 1 of 7 1. Appointment of Actuary The Trustees appoint the Actuary to provide actuarial and consulting services to Fund. 2. Duties of the Actuary Services under this Agreement shall include, but are not limited to, the following: 2.1 Prepare an annual Actuarial Valuation as of September 30 2009 and each year thereafter in accordance with Florida Statutes Chapter 112 Part VII. 2.2 Attend one meeting to present the annual valuation. 2.3 Compute and verify retirement, death, and disability benefits. 2.4 Consulting services regarding benefit and /or assumption changes. 2.5 Prepare actuarial impact statements as necessary. 2.6 Prepare annual Participant benefit statements as of September 30` 2009 and each year thereafter. 2.7 Coordinate with other service providers regarding other annual Fund reports and necessary governmental filings. 2.8 Provide telephone consultations on Fund matters. 2.9 All other duties as required or requested by the Trustees. 3. Qualifications The Actuary certifies that 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 §112.625(3). 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. Page 2 of 7 4. Fees and Costs 4.1 For services rendered under this Agreement, the Trustees shall pay the Actuary an annual fee of $5,000.00 for the annual preparation of the Benefit Statements and attendance at one meeting to present the Actuarial Valuation Report. 4.2 Individual benefit calculations for service retirees, disability retirees, and survivor beneficiaries will be charged at the rate of Two 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 Fees will increase annually 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 Retention 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 Trustees for permission to do so. 6. Confidential Information 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 Paragraph 3 hereof, or otherwise, shall be disclosed to anyone except the Actuary's subcontractors, the Trustees, the investment manager, the administrative manager, or Page 3 of 7 legal counsel to the Trustees, except as otherwise agreed to in writing or as required by law. 7. Status of Actuary A. Actuary is an independent contractor and is not an agent, employee or subcontractor of Trustees. Actuary and its agents and employees shall not accrue leave, retirement, insurance, bonding, use of Village vehicle, or any other benefit afforded to Village employees or Trustees as a result of this Agreement. The Actuary will be governed in its relations with the Trustees and the Fund by the requirements of Chapter 112, Part VII, Florida Statutes. In all of its relations with the Fund, the Actuary will utilize the skill, prudence, and diligence that would be expected of a professional actuary in a comparable position. B. Notwithstanding anything in this Agreement to the contrary, Actuary's primary responsibility under this Agreement is to the Fund and its members, and it will place their interests above all others. Actuary acknowledges, accepts and agrees that Trustees have placed their trust and confidence in Actuary and that the Trustees rely upon Actuary to provide advice for the benefit of the Fund and its members. The Actuary will not enter into any agreement or take any action contrary to that responsibility. Actuary will not accept or perform any engagement involving the Fund or its members for any organization other than the Trustees without the prior written consent of the Trustees or action by the Trustees at a meeting. The Actuary shall not have any discretionary authority or control with respect to management of the Fund's assets; render investment advice for a fee or other compensation (direct or indirect) as to any monies or any other property of the Fund; nor have any discretionary authority or discretionary responsibility in the administration of Page 4 of 7 the provisions of the Fund. The Trustees retain absolute discretion over, and responsibility for, deciding what, if any, action to take with respect to any report, analysis, or recommendation by Actuary and for the implementation of such decision. C. Actuary shall not be responsible under any circumstance for making employee or employer contributions to the Fund. Nor shall employees of Actuary accrue benefits under the Fund by virtue of their work in connection with this contract. 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. 11. Prior Amendments This Agreement supersedes all 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: Page 5 of 7 Fund: Board of Trustees Village of Tequesta General Employees' Pension Trust Fund 357 Tequesta Drive Tequesta, Florida 33469 Actuary: Gabriel, Roeder, Smith, and Company One East Broward Boulevard, Suite 505 Fort Lauderdale, Florida 33301 Copies of such notification will be sent to the Fund's legal counsel as follows: Attorney: Bonni S. Jensen The Law Offices of Perry & Jensen, LLC 400 Executive Center Drive, Suite 207 West Palm Beach, Florida 33401 14. Attorney Fees. If the Trustees 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 Fund prevail or obtain any relief or remedy as a result of such action, then the Manager shall pay to the Fund its reasonable attorney's fees, accountants' fees, advisors' fees, and costs. Page 6 of 7 IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their respective authorized representatives on the dates indicated below. BOARD OF TRUSTEES OF THE GABRIEL, ROEDER, SMITH & VILLAGE OF TEQUESTA GENERAL COMPANY EMPLOYEES' PENSION TRUST FUND As Chair By: J. Stephen Palmquist As Secretary Title Date Date WITNESS: WITNESS: As to Trustees As to Actuary BSJ /adt March 2, 2010 April 20, 2010 HATequesta GE 101 2\Vendors\Actuary\Agreement(s)\201 0 Agreement.wpd Page 7 of 7