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June 14, 2010
Michael Rhodes; Chair, Employee Pension Fund
Employee and Public Safety Pension Board Members
Michael Cuozzo; Village Manager
Re: Pension Resource Center
Board Members and Village Manager:
As part of the due diligence process regarding the prospective hiring of Pension Resource
Center as third party administrator for the Village of Tequesta, I have contacted three of the
provided referrals for feedback on their experiences with PRC. The following was provided:
Matt Young, WPB Fire Pension: Has worked with Pension Resource Center since the '90s as
pension admin, and before that as a Benefit Admin. He had nothing but great things to say.
The only minor issues occurred when there was a problem coordinating communication
between Admin, the Board and Financial Dept, which he felt was minor and can happen at
times. He is involved in State level pension issues, and`says that Pension Resource Center is one
of the most highly respected in their field statewide.
Richard Salamon, Sunrise General Pension: Has worked with Pension Resource Center for over
10 yrs. Their Direct Admin person is Margie Adcock. There was a total positive experience, no
problems or issues. He went on to say they let Benefit USA go, previous to changing, due to
many issues etc. He reiterated what he had previously said in your (Lori) conversation with
him. Very Positive experience.
Sgt Nick Scopelitis of Jupiter Public Safety: He works with Nick Shiess as his admin. person.
Says he is the best. Has worked with Margie Adcock and was pleased. No problems with
PRC. Good working experience. Perhaps we could request Nick Shiess if we proceed.
!
Lacking any negative information acquired from other referrals, I am comfortable that Pension
Resource Center can do a good job for the Village. Their initial presentation and on-site
inspection was very professional.
Most importantly, Jody Forsythe, our CFO has to be comfortable regarding the mechanics and
seamless transition. I do agree with her idea of a deferred total liquidation of information, in
the event there is an unforeseen issue. In that case the Village can step right back in on a
temporary basis without having to reconstruct all data.
Though I unfortunately cannot be present at the joint meeting, I would be in favor of
proceeding with Pension Resource Center.
Respectfully,
� �. �O'�I4
John T. Terzakis
6 Tall Oaks Cir
Tequesta, FL 33469
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