HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 11_11/18/2015Gabr�ci [Wcder S�niffi Cmly�MIY One Ham Bromard BIW, 1515D. M 16 pNwe
Ommdmms & Anuaw, SWw M)5 9515AAW83 Wx
It WWW FL 33M 6 1 M4 WWWjAhehVMaXwI
OcIciber 5, 201 i
Ms, Kerry Dutton
Rewurce Centers, !AT'
4360 Nwthhke Bly?. Suite 206
Pahn Mach C kudens. FL. 334 10
Re: Mage cal'' 1'eulaaeoaa Public Safet'y Officers Pension Aust Fuud
Dear Kcn�,,:
W'e 11"'we reviewed tile proposed anienchnent for [lie Village of AqueMa Me Saby Officas Pension Trust
Fund covering changes required under EGITRA as dmAed by Bomh Jensen. This, proposed ainenchnent
would aniend [lie Plan as Collows:
• Adding the intent to be as tax citralfied plan under IRC 401(a) and a pavenmional plan under HIC
Seetion 4 1441)
• Qdating the delkitiom of Actuarial loukal,ent
• Ming an McOve date Wr the Placcincts of excess annual additions into as suspense amowli
• Adding, description ofthe niciliod used to cletertnine tile quarterly net return credited or debited to
DROP balances based oil tile Modified Dietz l'orniula
• PAN, an effactiNe We Rw the IlkC Section 4 1 5(b) Iiinitation oil distributions
• Adding language regaiding hwdun(ary niandatory distributions
• lymbling the language regarding, rollover distributions
• Cross referencing I W.' Section 4 11 n) regia ding service purclaws
In our opinion, these changes %NiH rmt have an nchiarial inipact oil dw cost thihe Pension Fund. 11wrekwe, it
is our opinion that as i'61-Inal Actuarial Inipact Statement is not required. However. we reconinicild flidt you
send as copy of this letter and the anicildnient to the 11urewor Local I�ctirernent Systenis,
The Undersigned aCtLI,'ff)/ is as Ineillber of the Ainerican Acaclemy of ACILIariCS and nieels the Qualification
Standards of die Anierican Academy or Actuaries to rendon-the actuarial opinions contained herein. The
undersi'gpled acwary is independent of"Ille plan sponsor.
We wekorne your questions and comments.
SLY,
/01ir Anirose, NIAAA
Senior C0IlSLdI,'UlI &/\Cuinrv(
The above co"inimAcmion shall not be construed h) MoOde tax advice, legal advice or investment advice.
cc: Bonni Jensen
Re: %Uage of Aqueshi 110dic 10fely Officers Pension 'Frust Fumd
Dear Kerry:
We have revb"vd the pnlxmed arriendineM Rw the YINge ofliquema 0114 SaTtyOMicers Pulshm IbBi.
Fiind covehng changes mquired Linder GUSTas dinned by 1%mi Jensen. [his prcqiosed an,midnicill evmlld
'"llend tile Plan as 1*61lo\vs:
m DdOng the inorralily table iNtY for purposes 4detennhAirig actumfilly equivaimm herienirs,
0 Chdthg Me deMOK of avvrzige Anal cmmisolsmAm io include tile five highest �eam til faq
B. Renuming a reference to C'hapter 185 ofilre Iloo da Statutes
a Cross retereiwiRg IRC Sed4mi 4 Qto regarl, Me p"Nhme of military service
0 Defining Me 111,111 Year
0 Adding Me lindialion oil penskvimblic emmirys pmvkbd Rv by IRC Secrion Mad( 17)
0 Providing that if there are any, excess mldhions the), mHI he phwed in an imaHocated smpellse
accolult
Adding clard'y irug Inguage hj Me section on pKate thmmim� piRs and contrilmnions
Adding the requiremems ofthe writien affidavit needed in order to be Cillided to tile proskimpdon its
tile CaIse of IlQp")Olis. mcnin,-ococcal merlirighic or UlhemukAs Aw in Ow Ike of Me dirty disahi%
berickis
Clah6ing that members are 10011 vemed in their accum"kned conirlulbris but mix m ten )cars 4
service are rmWired Ui he endded to trorrilal or eady rowerim
FlAnkafing Me wher opHoml Rmn c1pa,mm IN "as wQQ to BomA afimoval
Adding Section 4 15(b) distribution hillits
AdIng gmANTcHng', Provisions ofliRC Section 10 1 (a)( 17),
PmvW&g A dkw1mkmN in mcmdaiwe mAth IRC Witm 40 4a)(9)
Providillgfor full vesting upon termination ofthe Pharos
Ill our opinion, these changes will m have a" aculaWl rump riel on (tic cost ofthc Pen-sJoll Fillid, Thereforc„ it
i�; Our opinion thal a formal Actinvial lilipact Naternent is im requircd. I hm ever, qac recommend that you
sold a copy of this letter and the aincridment lo tile Burcan ofl-ocal Retirement sterns,
'I he undersig'ned actuary is as member ofthc American Ammlenly ol'Acmarics and inecis the Qrralification
'S
-landards of1he American Academy ofActuaries Lo render the actu"iri"d opillions contained herein. 11re
undersigned actuary is independent of tile ph,111 Sponsor,
%Vc wcicollle r our question", and Comments.
Respectfully subrninc(t
/"
v Arnrose, I �A, N1 A A A
Sellior (,,'onSu1r,"uw & Actuary
The above mmnunication shall rrol he construed to pnm ide tax advice, legal advice or ilmsinient advice,
cc: Bolild Jeliscli
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Re: %Uage of Aqueshi 110dic 10fely Officers Pension 'Frust Fumd
Dear Kerry:
We have revb"vd the pnlxmed arriendineM Rw the YINge ofliquema 0114 SaTtyOMicers Pulshm IbBi.
Fiind covehng changes mquired Linder GUSTas dinned by 1%mi Jensen. [his prcqiosed an,midnicill evmlld
'"llend tile Plan as 1*61lo\vs:
m DdOng the inorralily table iNtY for purposes 4detennhAirig actumfilly equivaimm herienirs,
0 Chdthg Me deMOK of avvrzige Anal cmmisolsmAm io include tile five highest �eam til faq
B. Renuming a reference to C'hapter 185 ofilre Iloo da Statutes
a Cross retereiwiRg IRC Sed4mi 4 Qto regarl, Me p"Nhme of military service
0 Defining Me 111,111 Year
0 Adding Me lindialion oil penskvimblic emmirys pmvkbd Rv by IRC Secrion Mad( 17)
0 Providing that if there are any, excess mldhions the), mHI he phwed in an imaHocated smpellse
accolult
Adding clard'y irug Inguage hj Me section on pKate thmmim� piRs and contrilmnions
Adding the requiremems ofthe writien affidavit needed in order to be Cillided to tile proskimpdon its
tile CaIse of IlQp")Olis. mcnin,-ococcal merlirighic or UlhemukAs Aw in Ow Ike of Me dirty disahi%
berickis
Clah6ing that members are 10011 vemed in their accum"kned conirlulbris but mix m ten )cars 4
service are rmWired Ui he endded to trorrilal or eady rowerim
FlAnkafing Me wher opHoml Rmn c1pa,mm IN "as wQQ to BomA afimoval
Adding Section 4 15(b) distribution hillits
AdIng gmANTcHng', Provisions ofliRC Section 10 1 (a)( 17),
PmvW&g A dkw1mkmN in mcmdaiwe mAth IRC Witm 40 4a)(9)
Providillgfor full vesting upon termination ofthe Pharos
Ill our opinion, these changes will m have a" aculaWl rump riel on (tic cost ofthc Pen-sJoll Fillid, Thereforc„ it
i�; Our opinion thal a formal Actinvial lilipact Naternent is im requircd. I hm ever, qac recommend that you
sold a copy of this letter and the aincridment lo tile Burcan ofl-ocal Retirement sterns,
'I he undersig'ned actuary is as member ofthc American Ammlenly ol'Acmarics and inecis the Qrralification
'S
-landards of1he American Academy ofActuaries Lo render the actu"iri"d opillions contained herein. 11re
undersigned actuary is independent of tile ph,111 Sponsor,
%Vc wcicollle r our question", and Comments.
Respectfully subrninc(t
/"
v Arnrose, I �A, N1 A A A
Sellior (,,'onSu1r,"uw & Actuary
The above mmnunication shall rrol he construed to pnm ide tax advice, legal advice or ilmsinient advice,
cc: Bolild Jeliscli