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HomeMy WebLinkAboutDocumentation_Pension General_Tab 08_08/04/2008Laur, Be From: Laur, Betty ent: Friday, May 30, 2008 8:51 AM o: Lori McWilliams (Imcwilliams@tequesta.org) Cc: Forsythe, Jody; Monica Rahim (mrahim@tequesta.org); Merlene Reid (mreid@tequesta.org) Subject: FW: Cost of annual evaluation From: Laur, Betty Sent: Friday, May 30, 2008 8:50 AM To: 'Steve.Palmquist@gabrielroeder.com' Subject: RE: Cost of annual evaluation Thank you, Steve. We will place this on our next quarterly agenda for consideration by the Board, and will let you know their decision. Betty From: Steve.Palmquist@gabrielroeder.com [mailto:Steve.Palmquist@gabrielroeder.comJ Sent: Wednesday, May 28, 2008 3:38 PM To: Laur, Betty Subject: RE: Cost of annual evaluation I apologize for my tardy response. We can provide annual actuarial reports for the General Employees Plan for a fee of $5,000. The fee would also include mployee benefit statements and a meeting with the board to review the annual report. If the annual meeting is not on the ame day as that of the Public Safety Plan, we would have to charge $6,500 instead of $5,000. The annual fee after the first year would be tied to the change in CPI from September of one year to September of the next year. You may recall that under the present schedule of biennial valuations, we have been charging for our time to enter and reconcile data in the off year. For example, our 6/30/07 invoice included a charge of $1,475 for this process. This off year fee would be avoided if annual valuations are scheduled. Please let me know if there are any questions. Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax- related penalties under the Internal Revenue Code or (ii) marketing or recommending to another party any tax-related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. J. Stephen Palmquist, ASA, MAAA, FCA, EA Gabriel, Roeder, Smith & Company One East Broward Blvd., Suite 505 Fort Lauderdale, FL 33301 Telephone:954-527-1616 Fax:954-525-0083 s teve. pal mq u i stn gab rie I rceder. com ~he above communication shall not be construed to provide tax advice or legal advice unless it contains one of the following phrases, or substantially quivalent language: "This communication is intended to provide tax advice" or "This communication is intended to provide legal advice." Notice of Confrdentiality This transmission contains information that maybe confidential and that may also be privileged. Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), you may not copy, forward, or otherwise use it or disclose its contents to anyone else. If you have received this transmission in error, please notify the sender immediately and delete it from your system. _~.... ...... ~~,__~_.d _.,,y. _....~..~,mH„_.-_m. r _.~....u, h.~ .__ ., ..~ . rom: Lour, Betty [mailto:blaur@tequesta.org] Sent: Wednesday, May 28, 2008 10:31 AM To: Palmquist, Steve (FtPi} Cc: Imcwilliams@tequesta.org; jforsythe@tequesta.org; mrahim@tequesta.org; mreid@tequesta.org Subject: FW: Cost of annual evaluation Steve, I have not received an answer to the email below which I sent to you on May 8. Please let me know if you receive this. Thanks. Betty From: Lour, Betty Sent: Thursday, May 08, 2008 9:14 AM To: Steve Palmquist (Steve.palmquist@gabrielroeder.com) Cc: Lori McWilliams (Imcwilliams@tequesta.org); JoAnn Forsythe (jforsythe@tequesta.org); Merlene Reid (mreid@tequesta.org) Subject: Cost of annual evaluation Steve: the following is an excerpt from the minutes of the General Employees' Pension Trust Fund August 7, 2007 meeting: Board Member Reid asked why an actuarial report was only done every other year and the upside of having an annual evaluation. Mr. Pahnquist advised keeping in mind he had a vested interest in that annual reports meant more revenue to his company, but that aside, approximately 90% of governmental plans had annual evaluations-it was just a more up to date tracking method, a better handle on funding progress in the plan, and the boazd by going over the actuarial report every yeaz became more familiaz with the terminology. Attorney Jensen stated she did not have a vested interest in whether an annual actuarial evaluation was done, but expressed her opinion that it was really important to have one annually because in the bad years it kept from having really bad surprises. The downside was there was a cost. Mr. Palmquist was requested to provide the cost of doing the evaluation annually, which he stated he would provide in writing. As far as I know, we did not receive this. If you sent it, could you please send again; if it wasn't sent, please provide. Thanks. Betty •