HomeMy WebLinkAboutHandouts_Regular_Tab 05_06/09/2011 THE LAW OFFICES OF
PERRY � JENSEN LLC
ANN F PERRY BONNi SPATARA JENSEN
aperry@perryjensenlaw.com 6sjensen@perryjensenlaw.com
June $, 2011
VIA UPS GROUND DELIVERY
Keith Brinkman
Bureau of Local Retirement Systems
1317 Winewood Blvd, Bldg. 8
Tallahassee, FL 32399-1560
Re: Vi(lage of Tequesta General Employees'
Pension Trust Fund
Proposed Ordinance: 11-11
Our File No.: 1012.005Q
Dear Keith:
Gn behalf of the Vi(lage of Tequesta General Employees' Pension Trust Fund,
enclosed is Ordir�ance 11-11, an amendment to the Pension Plan. This amendment
expands certain investment options to allow a maximum of 5% of the total market value
of the portfolia to be inves#ed in securities that fall below certain bond rating categories.
The Ordinance passed on first reading May 12, 2011 at the Village of Tequesta Gouncil
Meeting.
As requested, the Actuarial lmpact Statement, prepared May 9, 2011 by the Fund's
actuary, Gabriel Roeder Smith & Company ("GRS"}, is also enclosed.
If you have any questions regarding this or any other matter, please do not hesitate
to contact my office.
Sincerely yours,
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Banni S. Jens
BSJ/ks
E-copy: Lynn Culpepper
H:1Tequesta GE 1012\Plan Docs & RuleslAmend\2011 \Cvr Lt� to state Ord ? 1-11 1 st reading.wpd
400 EXECUTIVE CENTER DRIVE, SUITE 207❖ WEST PALM BEACH F�oR�oa 33401-2922
PH: 561.686.6550 ❖ Fx: 561.686.2802
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� Gabriel Raeder Smith & Company One East Braward Blvd. 954.527.1616 plione
Consultants & Actuaries Saite 505 954.525.0083 fax
Ft. Lauderdale, FL 33301-1327 v✓ww.gabrietroeder.com
May 9, 2011
Bonni S. Jensen, Esq.
Perry & Jensen LLC
4d0 Executive Center Drive
Suite 207
West Palm Beach, FL 33401-2922
Re: Village of Tequesta General Employees' Pension Trust Fund
Dear Bonni:
We have reviewed the proposed. ardinance relating to investment guidelines for the pension fund. In our
opinion, this ordinance would have no signif�cant actuarial impact on the Plan. Specifically, ordinance 11-
11 allows the fund to invest a maacimum of 5% of the total market value of the fund in bonds that fall below
tlle four Jaighest classifications by a major rating service.
Although there is no actuarial unpact, this letter should be sent to the Division of Retirement before the
fmal public hearing on the ordinance.
Sincerely yours, �,
� � % �
J. Stephen Palmquist, ASA
Senior Consuttant and Actuary
JSP/rb
Cc: Dixie Martinez