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HomeMy WebLinkAboutHandouts_Pension Joint_Tab 02_05/03/2010 THE RESOURCE CENTERS As a fiduciary, the Trustee shall discharge his or her duties with respect to a Plan solely in the interest of the participants and beneficiaries for the exclusive purpose of providing benefits to the participants and their beneficiaries and defraying reasonable expenses of administering the Plan. (Section 112.656(1), Florida Statutes) The Pension Resource Center will help you satisfy the fiduciary obligation that you have to your Plan and its participants. We believe that we work for all the participants of the Plan, even while we remain accountable to the Trustees for our performance. We also offer an organized approach to maintaining the records and systems essential to the operation of your Plan, so that your Plan operates smoothly at all times. Finally, we have the expertise to back our commitment to you. We know how to provide the support that you require as a Trustee, allowing you to run your Plan more effectively. The Pension Resource Center Offers: 21 Ability to Provide the Services Required by the Plan and Trustees • Experience, Familiarity with Local, State, and Federal Laws • Personal Service • Accessibility to Trustees and Participants DoCk T -�kk - s13/I0 JoiIY 4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410 Phone (561) 624 -3277 ❖ Fax (561) 624 -3278 ❖ www.RESOURCECENTERS.COM Pr e s The fee paid by the Pension Fund shall include the following services requested by the Village of Tequesta: Meetings • Schedule meetings • Notice meetings • Agenda preparation • Attendance at meetings • Minutes • Coordination of service providers attendance at meetings Administration of Board • Advise and educate boards on various pension matters • Act as liaison for plans to The Florida Division of Retirement • Respond to inquiries from the boards and service providers • Coordinate basic communication between the boards, the service providers and the Village • Prepare fund correspondence to providers and participants • Provide internet access to basic plan information • Maintenance of contact lists (Boards and Service Providers) • Manage pending matter lists • Elections • Notice of elections • Coordination of elections • Notify Village Clerk of elected boards after elections for submittal to Village Council • Training • Advise boards of training opportunities • Assure proper registration of boards at training events • Handle travel arrangements for board members • Process travel reimbursements for board members • Maintain all memberships of the boards • Maintain plan liability insurance and fidelity bond coverage • Maintain information packets to be distributed by Human Resources to terminated employees to include: • All forms required to be completed by terminated employee • Any other paperwork that you deem necessary or important • Process all member applications and submit to boards for approval • Maintain all current beneficiary designations • Maintain data of participants • Benefit eligibility • Participant service Payroll • Contribution Data • Assist in processing benefit claims and appeals • Assist with the processing of all non - vested, terminating employees • Calculate and submit contribution refunds to the boards for approval • Process approved refunds or rolling of contributions • Maintain contributions of non - vested employees who choose to leave their contributions in the plans • Tax withholding and reporting for refund payments and rollovers • Deduct tax withholding from refund payments • Make tax deposits • Issue 1099Rs • File annual 945 • Assist with the processing of all vested, terminating employees • Process retirement requests and submit to boards for approval • Provide actuary with information needed in order to calculate retirement benefits • Provide calculated retirement benefit amounts to the boards and then to custodian to begin payments • Assist with processing changes relating to benefit payments • Member deaths • Beneficiary changes Plan Financials • Maintain local checking account for plan • Reconcile checking account monthly • Inform board of any discrepancies found during reconciliation • Review all accounts payable and present to boards for approval • Process all accounts payable once approved • Monitor and reconcile contributions and deposits Report • Prepare the Annual Report and submit first to the board and second to the State for approval • Prepare the Information Report requested annually from the actuary Plan and Policy Changes • Assist with all plan and policy changes • Assist with implementation of all plan and policy changes • Ordinance Changes • Assist with cost estimates and impact statements • File ordinance and impact statements with Village Clerk and the Division • Summary Plan Description • Assist with changes and updates • File updated copies with the Village Clerk • Investment Policy • Assist with changes and updates • File updated copies with the Village Clerk • Administrative Rules • Assist with changes and updates • File updated copies with the Village Clerk Service Providers • Coordination of pending issues • Assist with monitoring the performance of service providers • Assist with the replacement of service providers • Assist with all service provider contracts • Assure compliance with all service provider contracts • Review all service provider pay requests and submit to board for approval • Process all approved pay requests • Review all statements /reports from service providers and respond to inquiries from the boards relating to the statements /reports Public Records Custodian • Maintain all plan records as Records Custodian • Assure compliance with The Government In the Sunshine Law • Assure compliance with The Public Records Act • Provide access to all records and information Members and Benefits • Maintain information packets to be distributed by Human Resources to new employees to include: • Summary Plan Description • All forms required to be completed by new employee • Any other paperwork that you deem necessary or important viffage of Tequesta General Employees' Pension Trust Fund Plan Administration Item Fee Full Administrative Services: General Employees' Pension Fund $950.00 Discounted Fee (Both Boards) $800.00 Conversion Fee (System Programming Charge, If Applicable) (Actual Cost) Additional Meetings (Above 6 per plan year) $350.00 Set -Up Fee: Per Disability Or Retirement Application $100.00 Fee Per Medical Records Request (Disability Application) $25.00 Rate Guarantee 2 Years Village of Tequesta Public Safety Pension Trust Fund Plan Administration Item Fee Full Administrative Services: Public Safety Pension Fund $1100.00 Discounted Fee (Both Boards) $950.00 Conversion Fee (System Programming Charge, If Applicable) (Actual Cost) Additional Meetings (Above 6 per plan year) $350.00 Set -Up Fee: Per Disability Or Retirement Application $100.00 Fee Per Medical Records Request (Disability Application) $25.00 Rate Guarantee 2 Years