Res No 118-13-13936RESOLUTION NO. 118 -13 -13936
A Resolution authorizing the City
amount not to exceed $10,000 with
Company to perform an Actuarial
City of South Miami Police Pensic
City, charging account 00101
Professional Services.
Manager to expend an
Gabriel Roeder Smith &
Projection Study of the
in Plan on behalf of the
1410.513.3100, Finance
WHEREAS, Gabriel, Roeder, Smith & Company will prepare actuarial impact
study(s) for the City's Police Officer Pension Plan as directed by the City Manager; and,
WHEREAS, the actuarial impact study(s) are required for the City's Police
Benevolent Association (PBA) negotiations; and,
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA THAT;
Section 1. The City Manager is authorized to expend an amount not to exceed
$10,000 with Gabriel Roeder Smith & Company to perform an Actuarial Projection
Study of the City of South Miami Police Pension Plan on behalf of the City, charging
account 00 1. 1410.513.3 100, Finance Professional Services.
Section 2. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 4th day of June , 2013
READ AND APPROVED AS TO FORM,
COMMISSION VOTE: 5 -0
Mayor Stoddard: Yea
Vice Mayor Liebman: Yea
Commissioner Newman: Yea
Commissioner Harris: Yea
Commissioner Welsh: Yea
b:
To:
FROM:
DATE:
b:.
CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER - OFFICE MEMORANDUM
2001
The Honorable Mayor & Members of the City Commission
Steven Alexander, City Manager
1 IF
May 29 2013 Agenda Item No., .
SUBJECT; A Resolution authorizing the City Manager to expend an amount
not to exceed $10,000 with Gabriel Roeder Smith & Company to
perform an Actuarial Projection Study of the City of South Miami
Police Pension Plan on behalf of the City, charging account
001.141 O.S 133 100, Finance Professional Services.
BACKGROUND: Gabriel, Roeder, Smith & Company will prepare actuarial impact
study(s) for the City's Police Officer Pension Plan as directed by
the City Manager. The actuarial impact study(s) are required for
the City's Police Benevolent Association (PBA) negotiations:
Gabriel, Roeder, Smith &: Company is currently the City of South
Miami Pension Board's Actuarial Firm. At the May 17, 2013 South
Miami Pension Board Meeting, the board members approved
Gabriel, Roeder, Smith & Company to work with the City as its
actuarial consultant to produce studies and projections as needed
for the PBA union negotiations.
The City of South Miami has previously used Gabriel, Roeder,
Smith & Company as a consultant on multiple impact studies and
projections and all most recent actuarial valuation reports are
produced by Gabriel, Roeder, Smith & Company using the City's
existing retirement data.
Amount: An amount not to exceed $10,000.
Account: 00 1, 1410,5 13.3 100, Finance Professional Services, with a current
balance of $10,000.
ATTACHMENTS: Resolution for approval.
Gabriel Roeder Smith & Company's engagement letter.
Gabriel Roeder Smith & Company One East llroward Blvd, 954.527,1616 phom
GRS ('011suItattits & Actuaries Suite 50's 95$.525.0083 fax
Fr. Lauderdale, Ft. 33301 -1804 www.gabrielroeder.com
May 29, 2013
Mr. Alfred Riverol, C.P.A., Cr. F.A.
Chief Financial Officer
City of South Miami
South Miami, Florida 33410
Re: Engagement Letter for Actuarial Services City of South Miami Pension Plan
Dear Mr. Riverol.
Gabriel, Roeder, Smith & Company (GRS) is pleased to present our engagement letter to
perform an Actuarial Projection Study of the City of South Miami Pension Plan (Plan) on
behalf of the City;
Scone
GRS will prepare actuarial impact studies for Police Officer Plan members as you have
communicated.
Proposed Fees
We estimate our fee for the Experience Study will range between $8,820 and $10,000. We
will. agree to a not -to- exceed fee of $10,000.
Other Considerations
We understand the City may retain special counsel for this matter. We plan to coordinate
our work with special counsel.
Timine
We anticipate our Study will be completed within 60 days following receipt of the updated .
census and financial data. We understand the City is in need of this information for
bargaining and we will make every effort to outperform the 60 day schedule.
a.
Mr. Alfred Riverol, C.P.A., Cr. F.A.
May 29, 2013
Page Two
We look forward to performing this important work on behalf of the City,
If you should have any question concerning the above, please do not hesitate to contact us;.
Sincerest regards,
\J'
Lawrence F. Wilson, A.S.A.
Senior Consultant and Actuary
4.