THE RESOURCE CENTERTHE PENSION RESOURCE CENTER, LLC
4360 Nort.hlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410
Phone (561) 624.3277 Fax (561) 624.3278 •2 WWW.RESOtJRCECENTLRS.COM
October 19, 2010
Lissette Rivera, Purchasing Manager
Alfredo Riverol, Finance Director
City of South Miami
P.O. Box 12910
Pensacola, FL 32521
RE: Proposal for Pension Administration Services
City of South Miami Pension Fund
Dear Ms. Rivera and Mr. Riverol:
Thank you for the opportunity to submit a proposal for plan administration services. As
per the request, you will find enclosed one original and ten additional copies of the
proposal to the Board of Trustees for the City of South Miami Pension Fund. The
proposals detail the administrative services offered by the Pension Resource Center.
While the Pension Resource Center is one of the largest independent administrators of
public benefit plans in Florida, we are still small enough to bring the focus and
commitment to our work that only a smaller firm can provide. As you will see from the
biographies included with the proposal, we believe that we add significant value to the
services that we provide to the current public plans that we administer.
We have worked hard to build a reputation for integrity and competence as we strive to
provide the highest level of service to pension funds and their participants. We look
forward to demonstrating to you and the Board of Trustees the commitment to excellence
that we offer our associates and our clients.
q'Sioel y,t Baur. CEO
Enclosures
September 2, 2010
CITY OF SOUTH MIAMI
PENSION FUND
c/o Benefits USA, Inc.
3810 Inverrary Boulevard, Suite 303
Lauderhill, Fl, 33319
(954)730 -2068, ext. 206
(800) 452 -2454, ext. 206
(954) 730 -0738 FAX
I, Maria Melendez of the City of South Miami on September 2, 2010 received from
Leticia E. Perez of Benefits, USA a UPS box containing a REQUEST FOR PROPOSAL
FOR PENSION PLAN ADMINISTRATOR SERVICES.
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4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410
Phone (561) 624.3277 `S Fax (561) 624.3278 WWW.RESOLJRCflCENTERS.COM
MTHE PENSION RESOURCE CENTER
TABLE OF CONTENTS
PROPOSAL SECTION
Proposal Submission Requirements O
The Pension Resource Center, LLC
Mission Statement and Beliefs
Overview
Emphasis: Quality and Value
Administrative Services 0
Technology 0
Proposal & Fee Structure
Disaster Recovery Procedure O
APPENDIX
(ADDITIONAL INFORMATION)
Sample: Annual Benefit Statement
Q
Sample: Monthly Financial Statement
Fidelity Bond/ Coverage For Errors And Omissions
Q
Specimen Agreement
Q
Client List
Biographies of Primary Staff
Table of Contents
THE RESOURCE CENTERS
The Pension Resource Center is pleased to submit a proposal to the City of South
Miami Pension Fund for plan administration services. We strongly believe that we
add significant value to the services we provide to the Board and to the members of
each plan, through both our staff and the resources available to our firm. We have
proven leader in bringing technology typically found only in much larger plans to all
of our clients as well. Even though we manage these resources well, we still
recognize that the administration of a public pension plan comes down to people. We
care about the people that we employ, just as we care about each member in each plan
that we have the privilege to serve.
When began to provide plan administration services to our first public pension client
in 1996, we were excited about the future and energized by the relationships that we
enjoyed with our clients. Although we have grown since that time, we continue to
hold onto the character and values that we had when we first started. The Pension
Resource Center has worked hard to develop a reputation for excellence and integrity
through the services that we offer to our clients. We have the systems and the
expertise to provide services to the City of South Miami Pension Fund that address
the specific requirements of the plan. We look forward to continuing this dialogue
with the Board of Trustees; please do not hesitate to contact our office for questions
or clarification. On behalf of my staff, I want to thank you in advance for considering
our firm.
MTHE PENSION RESOURCE CENTER
PROPOSAL ITEMS:
Section 1. Proposal Submission Requirements
Section 2. Overview: Pension Resource Center
Section 3. Administrative & Recordkeeping Services
Section 4. Technology
Section 5. Proposal & Fees
Section 6. Disaster Recovery Procedure
SECTIONS 1 -6
MTHE PENSION RESOURCE CENTER
PROPOSAL SUBMISSION
REQUIREMENTS
SECTION I
Subm , qi: ments
Section VII: Required Format and Content
A. Title Page
1. Proposer's Firm, Address, Telephone Number, Contact Person:
Main Office:
Resource Centers LLC
4360 Northlake Blvd. Suite 206
Palm Beach Gardens, FL 33410
Main Phone Number: (561) 624 -3277
Fax Number: (561) 624 -3278
Toll Free: (800) 206 -0116
Contact: Scott Baur, CEO
2. Table of Contents (Included)
B. Cover Letter and Executive Summary
Cover Letter: Included, signed by J. Scott Baur (CEO)
Executive Summary: Included with Summary of Firm Qualifications
Understanding of services requested by the Board:
• Review all statements and documents received from:
— Money Managers
— Performance Monitors
— Attorneys
— Actuaries
— Accountants
Retirees
Pension Board of South Miami Employees
Custodians
Others
• Review custodial statements
• Review security transaction statements
• Assist in negotiation of contracts
• Review invoices for accuracy to the Contract
• Obtain necessary information for retirement eligibility and benefits
• Calculate refunds on termination and report the appropriate tax information
• Set up and maintain files
• Perform projects as directed by the "Pension Board of South Miami"
• Obtain required information for state reports
• Prepare and file the Annual Report for compliance of the Section 185 Plan
• Correspondence as directed
• Maintain current roster of members and retirees, including status and addresses
• Maintain current beneficiary designations
• Schedule meetings
• Assure compliance with the Government in the Sunshine Law and the Public
Records Act
• Prepare agendas
• Prepare and transcribe minutes
• Notice meetings, including the Pension Board of South Miami Clerk
• Benefit payments, 1099R tax reporting and record keeping;
• Any State and Federal reporting requirements
• Coordinate the Communication between the Pension Board of South Miami and the
Actuary.
• Provide and coordinate with the Pension Auditor
• Maintain rules of Pension Board of South Miami decisions
C. Firm Overview
The Pension Resource Center currently maintains two offices, located in Palm
Beach Gardens and Cape Coral, Florida, as follows:
Main Office:
Resource Centers LLC
4360 Northlake Blvd. Suite 206
Palm Beach Gardens, FL 33410
Main Phone Number: (561) 624 -3277
Fax Number: (561) 624 -3278
Toll Free: (800) 206-0116
Cape Coral Office:
Police Station Lobby
815 Nicholas Parkway East
Cape Coral, FL 33990
Main Phone Number: (239) 573 -4750
Fax Line: (239) 573 -4752
Scott Baur currently owns 75% of the firm, and Denise McNeill owns the other
25% in an ownership pool designed to incorporate employee ownership. The
company has a total staff of 16 employees.
The Pension Resource Center was incorporated in the State of Florida in 1996.
The corporation reorganized as a limited liability corporation in 2002. The
Pension Resource Center is currently incorporated as a limited liability
corporation under the laws of the State of Florida.
The Palm Beach Gardens office of the Pension Resource Center will primarily
service the Pensacola Police Officers' Retirement Fund:
Main Office:
Resource Centers LLC
4360 Northlake Blvd. Suite 206
Palm Beach Gardens, FL 33410
Scott Baur, CEO, takes full responsibility for the proposal submitted to the Board.
D. Personnel and References
Audrey Ross and Scott Baur will be the primary individuals assigned to oversee the
account (See Appendix F for Biographies) initially. We have found it beneficial to
assign two individuals to each of our plans, so that the Trustees, service providers,
and participants always have an available contact knowledgeable about the plan, its
administration, and benefits.
Scott Baur has broad responsibilities for the firm and its clients, as well as specific
responsibility for some client relationships:
0 Amalgamated Transit Union Local 1596 Pension Plan
0 Boynton Beach Firefighters Pension DROP Plan
0 Cape Coral Firefighters Pension Fund
0 Cape Coral General Employees Pension Fund
0 Cape Coral Police Pension Fund
0 Daytona Beach Police & Fire Pension Fund
0 Deerfield Beach Police Pension Fund
0 Delray Beach Firefighters and Paramedics Retiree Benefit Fund
0 Fort Pierce General Employees Pension Fund
0 Fort Pierce Police Pension Fund
0 Gulfport Firefighters' Pension Fund
0 Gulfport General Employees' Pension Fund
0 Gulfport Police Officers' Pension Fund
0 Hallandale Beach Police & Fire Pension Fund
0 Jupiter Police Pension Fund
0 Lake Mary Firefighters' Pension Fund
0 Lake Mary Police Officers' Pension Fund
0 Lake Park Police Pension Fund
0 Lake Worth Division I Firefighters Pension Trust Fund
0 Lake Worth Division 11 Firefighters Relief and Pension Fund
0 Lake Worth General Employees Pension Fund
0 Lake Worth Police Pension Fund
0 Lantana Firefighters' Pension Fund
0 Miami Springs General Employees Retirement System
0 Miami Springs Police Officers Retirement Systein
0 Miramar Firefighters Pension Fund
0 North Palm Beach Police & Fire Pension Fund
0 North Port Firefighters' Pension Fund
0 North Port Police Officers' Pension Fund
0 Palm Beach Gardens Firefighters Pension Fund
0 Palm Beach Gardens Police Pension Fund
0 Pahn Springs General Employees Pension Fund
0 Palm Springs Hazardous Employees Pension Fund
0 Palm Tran/ ATU Local 1577 Pension Plan
0 Pompano Beach Police & Firefighters Pension DROP Plan
0 Riviera Beach Municipal Firemen's Pension Trust Fund
0 St. Lucie County Fire District Employees I lealth and Welfare Trust
0 St. Lucie County Fire District Firefighters Pension Fund
0 St. Lucie County Fire District General Employees Pension Fund
0 Sunrise General Employees Retirement Plan
0 Tequesta General Employees' Pension Fund
0 Tequesta Public Safety Pension Fund
0 Venice Police Officers' Pension Fund
0 West Palm Beach Firefighters Benefit Fund
0 West Palm Beach General Employees' Pension Fund
0 West Palm Beach Firefighters Pension Fund
Audrey Ross has daily administrative responsibilities for the following plans:
0 Hallandale Beach Police & Fire Pension Fund
0 Miami Springs General Employees Retirement System
0 Miami Springs Police Officers Retirement System
0 Patin Beach Gardens Police Pension Fund
0 West Palm Beach General Employees' Pension Fund
0 West Palm Beach Firefighters Pension Fund
References: (All from governmental pension plans)
Matt Young, Trustee
West Palm Beach Firefighters' Pension Fund
Phone: 561-281-3710
Email: fd327 ,bells0uthmet
Robert Cleva
Phone : (56 1) 626 -3873
E- mail: robert.cleva(a7myfloridacfo.cotn
Nick Scopelitis, Chairman
Jupiter Police Pension Fund
Phone: 561- 741 -2395
Email: 0396LaTupiter.fl.us
Assistant Chief Chris Bushman, MPA
St. Lucie County Fire District
Phone: 772-621-3335
Email: cbushmannslcfd.ora
Mark Eisner
Daytona Beach Police & Firefighters' Pension Fund
Phone: 386-383-8096
Email: eisnerm @)db d.us
E. Other Relevant Pension Administration Experience
The Pension Resource Center provides comprehensive plan administration services
to these clients, depending on the requirements of each Board. These services
include administration services provided to the Boards; individual services to the
members of each plan; coordination of service providers; processing of benefits;
records custodian; maintenance of financials; communication and web access;
maintenance of individual benefits and DROP Accounts; and payment of all benefits
and distributions from the plans.
The staff at the Resource Centers brings significant expertise from many
backgrounds to the administration of public pension plans. Personnel include an
attorney with a background in pension and labor law; a CPA to oversee the internal
controls and procedures, along with the maintenance of plan financials; and qualified
IT staff. The Resource Centers provides cross- training to staff internally regarding
the plan administration functions, even though the firm also maintains segregation of
duties for proper implementation of internal controls and procedures. Please refer to
Section 5 for a complete list of services provided to the various plans and their
members by the Resource Centers.
F. Disciplinary Actions
The Firm, its directors, officers or employees have not been the subject of any civil
or criminal lawsuits or investigations.
The Firm has no claims against its professional liability, fiduciary liability, and /or
commercial general liability policies. Neither the Pension Resource Center nor any
employee has ever been charged with or convicted of a public entity crime. The
Pension Resource Center maintains rigorous hiring standards and conducts
background checks of all prospective employees. As part of the proposal, the firm
will submit a sworn statement that it is not disqualified by reason of Section
287.133(3)(a) Florida Statutes prepared by either the Board or counsel for the Board.
G. Cost Proposal and Reimbursement
Please refer to Section 5 for a summary of the proposed fees, costs, and expenses.
The firm typically provides services under a retainer arrangement, as opposed to an
hourly rate. The fees quoted in this proposal include the requested services.
H. Potential Conflicts of Interest
The Firm, its directors, officers or employees do not have any known conflicts of
interest with either the City of South Miami or any current of former service
providers to the Board of Trustees for the Pension Fund.
Appendix E includes a complete list of current municipal clients, along with a
separate list of other companies that provide other services to plans administered by
the Resource Centers.
THE PENSION RESOURCE CENTER
OVERVIEW:
PENSION RESOURCE CENTER LLC
SECTION 2
THE RESOURCE CENTERS
Our
MISSION The Pension Resource Center and its affiliates offer
administrative services to its group pension clients and retirement planning
services to the individual participants. We are committed to providing tlse
highest level of service to our clients. With every decision we make, we have
one overriding purpose: To be available when our clients need us.
Our
BEL'IE'FS We are a company founded on strong beliefs, beliefs that
manifest themselves in the way we do business, through our employees, and in
the services we provide.
We believe in FINANCIAL, STRENGTH. We will only represent
products to our clients from companies that also maintain a strong financial
position.
We believe in INTEGRITY. We believe adherence to the highest
standards of' integrity is the principal measure of the success of our products,
our dealings with our clients, and our contributions to society. Our integrity
keeps us dedicated to providing our clients with value and financial security in
the products we offer and quality and responsiveness in the services we
provide.
And most of all, we believe in HUMANITY. We believe hr treating
both our clients and our employees with compassion, consideration, and
respect. Our business is unique in that we possess the ability to help people
provide for and secure their futures, and our enduring belief in humanity keeps
us from losing sight of this fact. We know that the work we do makes a
difference in the lives of the people that we serve.
The Resource Centers have grown rapidly to become one of the largest
providers of benefits and services to public employees in Florida. At the same
time, we bring the added focus, incentive, and commitment to our work that
only a smaller Firm can provide. The Pension Resource Center specializes in
the administration of municipal, Chapter 175, Chapter 185, and local law
pension plans. The Benefit Resource Center, meanwhile, provides benefit
consulting services to public employees, Taft - Hartley plans, and health and
welfare trusts. We also offer options to participants of DROP Plans to self -
direct the investment of their assets. Through all of these activities, we have
developed an awareness and sensitivity to the concerns of both the trustees and
the plan participants regarding their selection and use of various benefits. Our
commitment to service and excellence remains our highest priority.
The Resource Centers are always committed to bringing only the finest
resources and expertise to our clients, evidenced by the quality of our principal
staff. Scott Baur founded the Resource Centers in 1997, providing benefits and
services to participants of bargaining units in the public sector. Scott is widely
known as a professional speaker on plan administration, investment, and
retirement topics. Ile has conducted seminars and workshops for both plan
trustees and participants. Denise McNeill offers years of experience in benefit
administration, accounting, and personal service to the plan participants.
Margie Adcock, an active member of the Florida Bar, provided legal
representation to public pension and benefit plans for eight years prior to
joining the staff of the Resource Centers as General Counsel and Plan
Administrator. Ed Scott, as a CPA with extensive consulting experience to
human resource departments, oversees the internal controls and procedures for
services provided through the Resource Centers. The Resources Centers have
additional staff with considerable experience in all aspects of pension
administration.
Based on this combination of experience with qualified plans, retirement
planning, and public benefits administration, the Pension Resource Center has
both the resources and the expertise to provide administrative services to the
City of South Miami Pension Fund.
Organization
We offer a systematic approach to maintaining records for each fund, using the
most advanced and comprehensive integrated database management tools on
the market today. We also have a programmer- on staff to tailor these programs
to the requirements of each client. Thus, we can provide information to the
trustees and participants in any useful format as needed.
Accessibility
We have one overriding purpose: To be available when our clients need us.
We will serve not only the trustees, but each active participant and retired
beneficiary of your fund.
Service
We believe that each participant in the fund deserves our respect and
consideration. We look forward to demonstrating to you the commitment to
excellence that we offer all our clients.
Communication
We consider communication with the trustees and the participants of the fund
of the highest importance. In addition to traditional forms of communication,
the Pension Resource Center also offers internet access to bring timely
information to the participants of your fund.
The Pension Resource Center utilizes the latest technology and computer
software to administer your Pension Fund. With the assistance of this
technology, we can provide you with accurate benefit calculations and
estimates, bookkeeping services, electronic transfers of funds, and interface
with payroll software.
The Trustees and Participants can access the Virtual Pension Office through
the Internet, via our web page at www.ResourceCenters.cotn:
♦ Pension Plan documents.
♦ Minutes.
♦ Recent Plan investment performance.
♦ Forms and applications.
♦ Links to State Laws.
♦ Other Board selected and customized information.
The Pension Resource Center specializes in the administration of benefits for
public employee groups. We also bring extensive experience on the design
and installation of qualified pension plans and ERISA guidelines. Because we
provide financial services and products to many clients on an individual basis,
we can also address the special needs of each participant as well.
We will be pleased to of references ftorn both the trustees and the
participants,for the plans that we currently serve.
mTHE PENSION RESOURCE CENTER
ADMINISTRATIVE AND
RECORDKEEPING SERVICES
SECTION 3
ervZCes
As a fiduciary, the Trustee shall discharge his or• her duties with
re.spect to a Plan solely in the interest of the participants and
beneficiaries for the exclusive purpose of providing benefits to the
participants and their beneficiaries and defraying reasonable
expenses of administering the Plan.
(Section 712.656(1), Florida Statutes)
The Pension Resource Center will help you satisfy the fiduciary obligation that
you have to your Plan and its participants. We believe that we work for all the
participants of the Plan, even while we remain accountable to the 'Trustees for
our performance. We also offer an organized approach to maintaining the
records and systems essential to the operation of your Plan, so that your Plan
operates smoothly at all times. Finally, we have the expertise to back our
commitment to you. We know how to provide the support that you require as a
Trustee, allowing you to run your Plan more effectively.
The Pension Resource Center Offers:
0 Ability to Provide the Services Required by the Plan and Trustees
0 Experience, Familiarity with Local, State, and Federal Laws
0 Personal Service
0 Accessibility to Trustees and Participants
n
♦ Attendance At Public Pension Fund Meetings, Including:
0 Notice
0 Agenda
0 Minutes
The Pension Resource Center will post notice for all public
meetings of Trustees. We will distribute the Agenda to the
Trustees in advance of the meetings, and we will take the
minutes at the meeting.
S
♦ Monthly Pension Check Payments:
0 Check
0 Direct Deposit (EFT)
We will make monthly pension payments in the manner
requested by the retired participant.
♦ Annual Participant Benefit Statements
We believe that each participant in the Pension Fund can
plan for the future effectively only after properly
understanding the available benefits and options. Our
employee communications are designed to simplify the
significant features of the retirement benefits so that
employees can make appropriate decisions about retirement
based on their individual circumstances.
♦ Unaudited Monthly Financial Statements
.lust as effective communication is important to the
individual participants of the Pension Fund, proper
communication is also essential for the Trustees to manage
their Fiduciary obligations to the participants of the Pension
Fund. The monthly financial statements represent one of the
significant tools available to the Trustees to monitor various
aspects of the financial performance of the Pension Fund.
♦ Monthly And Annual Reconciliation Of Accounts
We reconcile accounts monthly and annually at a minimum,
more frequently if necessary. We exercise every diligence
as we assist the Trustees in the performance of their
fiduciary obligations to the Pension Fund.
♦ Records Custodian For Fund
The Pension Resource Center will maintain all public
records associated with the Pension Fund. We will make
records available to the Trustees, participants, or other
interested parties upon request. Because we have the ability
to manage our data systems internally, we can provide
financial information in any format required by the Trustees.
♦ Coordination Of Service Providers
♦ Fund Correspondence
Timely communication with the respective service providers
keeps the Pension Fund operating smoothly and prevents
issues from developing into problems.
♦ Monthly Tax Deposits
The Pension Resource Center completes both deposits and
reporting to the IRS promptly and accurately.
♦ Process Benefit Applications
We will provide the information that participants need to
make decisions about their future, and we will help each
participant file the necessary applications for retirement.
♦ Preparation Of Government Reports
We will complete the annual report to the State of Florida,
along with the auditor and the actuary for the Pension Fund.
Accurate reporting ensures compliance with the
requirements of the State.
♦ Routine Communication To Participants
♦ Conduct Pension Overview Workshops For Participants
♦ Internet Web Site Access To Fund Information
♦ Local Administrative Office Accessible To Participants And
Retirees
♦ Professional, Knowledgeable Staff
♦ Personal Service
Effective communication with the participants of the Pension Fund
can take many forms. The typical Trustee works to enhance the
function of the Pension Fund and the benefit to each participant; the
quality of such communication then determines the quality of the
benefit that the participant will derive from the Pension Fund.
[ THE PENSION RESOURCE CENTER
TECHNOLOGY OVERVIEW
SECTION 4
THE PENSION RESOURCE CENTER VNtual Pension Office
THE RES CENTERS
The Pension Resource Center utilizes the latest
technology and computer software to administer your
Pension Plan. With the assistance of this technology, we
can provide you with current Plan information,
bookkeeping services, electronic transfers of funds, and
interface with payroll software. The participants of your
Pension Plan, meanwhile, can access Plan documents,
common forms and applications, and our online benefit
calculation and account inquiry systems.
The Trustees and Participants gain entry to the Virtual
Pension Office through the Internet, via our web page at
www.ResourceCenters. com :
♦ Pension Plan documents.
♦ Board approved minutes.
♦ Recent Plan investment performance.
♦ Forms and applications.
♦ Links to other service providers.
♦ Links to State Laws.
♦ Other Board selected and customized information.
♦ Plan Email box.
THE PENSION RESOURCE CENTER Virtual Pension Office
Online Resources for
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Disclosure Page
THE PENSION RESOURCE CENTER Virtual Pension Office
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Input Screen
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THE RES ENTERS
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Pension Benefit Calculator
Fund, West Palm Beach Police
Social Security Number` ( xxx- xx -xxxx format
Bidli Date" ( mm /dd /yyyy format
Name
Beneficiary Birth Date I — _ - - -: mm /ddlyyyy format
Last Day of Service F___ mmrddryyyy format
Pension Commencement
Date mmlddlyyyy format
Email Address' r ie, johndoe @aol.com
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mTHE PENSION RESOURCE CENTER
PROPOSAL AND FEES
SECTION 5
ate.. D
aw4�e d V V V
The Pension Resource Center will provide administrative services to the Board
of Trustees,for the City of South Miami Pension Fund, subject to the current
,fee schedule and.following limitations:
• Fees will include all normal travel to provide services to the Trustees and
participants. Should the Trustees require any special travel (Tallahassee,
for instance), the Retirement System shall reimburse the additional travel
expenses to the Pension Resource Center as required in the performance of
duties related to the administration of the plan.
• As noted in the specimen contract, such items as printing charges and
postage for mass mailings will be billed at the actual expense for the cost of
postage and payroll for preparation. Normal costs incurred for copies and
postage for correspondence are included in the fee quoted.
• The Pension Fund shall provide a current copy of the plan document to the
administrator, updated as required to maintain compliance with current
regulations. The Pension Fund, along with appropriate counsel. shall bear
the responsibility and any liability related to the maintenance of the plan
documents.
• The Proposal includes up to 8 regular and other meetings per plan year.
Additional meetings will be billed at a rate of $500.00 per meeting.
o' Ci Ci J
The fee paid by the Pension Fund shall include the following basic services for
the administration of the plan:
Services Related To Meetings Of Trustees:
♦ Schedule Meetings
® Attendance At Public Pension Fund Meetings, Including:
O Notice
Agenda
Minutes
Services Related To Administration Of Board.
♦ Plan Organization
4 Contact Lists (Trustees and Service Providers)
Summary of Plan Provisions
b Pending Matter List
Trustee Elections
0 Notice of Election and Nominations
¢ Ballot Procedures
Trustee Travel, Conference Arrangements and Reimbursements
Reservations and Arrangements
Documentation
Reimbursements
e Maintain Membership in Professional Organizations
e Obtain Quotes For Plan Liability Insurance And Fidelity Bond Coverage
Plan and Policy Changes:
Ordinance Changes
Assist with Cost Estimates and Impact Statements
¢ File Ordinance and Impact Statement to Division
Assist with Policy Changes and Implementation
Summary Plan Description
4 Review Changes and Updates
Assist with Distribution of SPD
Coordination of Service Providers:
Projects and Pending Issues
Coordination for Meetings as Necessary
Implementation of Investment Changes
Funding of New Managers
O Replacement of Existing Managers
O Direction to Rebalance Assets
♦ Requests For Proposals For Service Providers
Basic Communication:
Prepare Fund Correspondence To Providers And Participants
♦ Respond To Inquires By Trustees, Participants, And Service Providers
♦ Advise And Educate Trustees On Various Pension Matters
Act As Liaison For Plan To Florida Division Of Retirement
♦ Internet Access to Basic Plan Information
Review Of Statements And Documents.,
♦ Review All Statements And Documents Received From:
O Money Managers
¢ Performance Monitors
Attorneys
¢ Actuaries
4 Accountants
Others
♦ Review Bank Statements
♦ Review Custodial Statements
Benefit Processing:
♦ Provide Benefit Calculations and Estimates to Members
Communication with Members
Provide to Actuary for Certification
Prepare for Approval by Board
♦ Process Member Applications for Other Benefits and Changes
O Active Members
4 Retired Members
Assist In Processing Benefit Claims And Appeals
♦ Online Benefit Calculation System
Public Records Custodian:
♦ Maintain All Plan Records As Records Custodian
♦ Maintain Current Beneficiary Designations
Assure Compliance With The Government In The Sunshine Law
♦ Assure Compliance With The Public Records Act
Provide Access to Plan Records and Information
Electronic Plan Records:
♦ Maintain Data For Benefit Eligibility Of Participants
♦ Maintain Participant Service, Payroll, and Contribution Data
♦ Assist With Preparation Of Member Schedules For Annual State &
Actuarial Reports
O Auditor
O Annual Report
Actuarial Valuation
DROP Accounts Statements:
♦ Provide Quarterly DROP Account Statements to Members
¢ Record DROP Contributions and Additions
o Process DROP Account Distributions
¢ Maintain Investment Elections by Participants
Post Earnings and Expenses to Accounts
♦ Provide Online Account Access
Plan Financials:
Local Checking Account
¢ Maintain Local Checking Account for Plan
Reconcile Checking Account
♦ Accounts Payable
Review Invoices
Prepare Expenses for Approval by Board
Pay Invoices from Local Checking Account
♦ Monitor and Reconcile Contributions and Deposits
♦ Review and Reconcile Basic Investment Activity
♦ Interim Financial Statements
o Maintain General Ledger of Transactions
o Provide Interim Financial Statement
Benefit Payments and Distributions:
Process Benefit Payments and Distributions
a Periodic Benefit Payments
o Non - Periodic Distributions
♦ Track Changes to Payments
o New Benefits
o Deceased Members and Beneficiaries
Supplemental Distributions
¢ Scheduled Changes or Cola Increases
♦ Generate Benefit Payments
¢ Check
¢ Direct Deposit (EFT)
Authorized Deductions from Checks
Tax Withholding and Reporting
¢ Deduct Tax Withholding from Payments
¢ Make Tax Deposits
o Issue 1099Rs Reports
o File Annual Form 945
♦ Complete Periodic Death Searches of Plan Beneficiaries
City of South �Yliami Pension 'Fund
Plan Administration: Without Payment of Benefits
Rent
Fee
Pull Administrative Services: Pension Fund
$2,350.00
Conversion Fee (System Programming Charge, If Applicable)
(Actual Cost)
Additional Meetings (Above 6per plan year)
$350.00
Set -Up Fee: Per Disability Or Retirement Application
$100.00
Fee Per Medical Records Request (Disability Application)
$25.00
Rate Guarantee -
L_1 Years
Plan Administration, Including Benefit Payments
Item
Fee
Full Administrative Services: Pension Fund
$2,675.00
Conversion Pee (System Programming Charge, If Applicable)
(Actual Cost)
Additional Meetings (Above 6per plan year)
$350.00
Set -Up Pee: Per Disability Or Retirement Application
$100.00
Pee Per Medical Records Request (Disability Application)
$25.00
Rate Guarantee
2 rears
THE PENSION RESOURCE CENTER
DISASTER RECOVERY PROCEDURE
SECTION 6
4360 Northtake Blvd Ste 206 Palm Beach Gardens, Fl, 33410 •: Ph: (800) 206 -0116 •: Pax: (561) 624.3278
Should circumstances demand activation of a business recovery plan to insure
continuation of all essential operations, the Resource Centers will implement and follow
the procedures contained herein. The Disaster Recovery Procedure, last updated August,
2005, is incorporated in its entirety into the polices and operating procedures for the
Resource Centers LLC and affiliated companies.
Primary Notification
Upon activation of the Disaster Recovery Plan, the following information will be
immediately provided to the team leader(s):
1. Nature and location of disaster:
2. Name of Emergency Management Team Coordinator:
Location:
Phone number, fax number, and Email contact for Command Center:
3. Backup location:
4. Telephone number for staff to call for status updates:
5. Special instructions or considerations:
Procedures
Notify Team Members & Determine Status ofAll Affected Personnel
This manual includes lists to contact every employee of the company.
Appendix A contains the Call List/ Team List, which shows the entire organization in a "call tree ". The
call tree identities the person responsible for calling other team members. The calling sequence can be
implemented at any point along the tree, in the event that a person is not available.
Appendix B contains the core recovery team list. The designated Emergency Management Team
Coordinator will contact this team to implement the business recovery plan. The following items will be
addressed:
1. Review the situation.
2. Determine if and where key personnel can meet to review plans in detail.
3. Using the team list, identify the additional members of the organization who will be called in to
implement the business recover plan.
4. Using the team list, identify the personnel who will maintain essential operations and perform time
critical tasks.
5. Using the team list, update the remaining staff regarding the situation. Staff will be notified of any
temporary location for operations and any new contact information. The Emergency Management
Team Coordinator will notify staff when they might be called to report to work.
Initiate Recovery Progress Lops
Appendix C contains a template for the Recovery Progress Log; however, any note pad will do. The
daily log will include the following information:
I. Date.
2. Time.
3. Description of all tasks and processes implemented, with relevant comments.
4. Names and contact information for emergency managers, clients, or other persons assisting with
recovery efforts.
5. Initials of the person making the entry (if multiple people use the same log).
The log must document all major activities that occur. This information may be essential to continued
recovery efforts, in addition to post recovery evaluation of the business recovery plan. Furthermore, the
information will also be required for insurance and legal purposes. The Emergency Management Team
Coordinator or designee shall take responsibility to enter information in a formal recovery actions log
and transfer informal notes compiled by team members. The Coordinator will continue to update and
maintain the log throughout the recovery process and during the return to a primary facility or base of
ongoing operations.
Review Recovery Priorities
Each business function has been assigned a priority level (high, medium, low) and a recovery sequence:
Function
Priority
Level
Recovery
Sequence
Required Equipment
Recordkeeping Services
High
I
Server
Member Distributions
High
2
Server, 4050 Printer, Mikr Toner, Check
Stock
Cash Movement
High
3
Workstation / Internet Access and/ or Fax
Coin] Lin ication with Clients
High
4
Workstation/ Internet/ Phone/ Fax
Preparation for Meetings
Medium
5
Server
Compliance, Research Inquiries
Medium
6
Server
Client Service Calls
Low
7
Server
Presentation Preparation
Low
8
Workstation
Response to RFPs
Low
9
Workstation
Systems Overview
Network Overview
RAID 5
PRC - OMEGA
Network Diagram
(Proposed)
The Resource Centers are essentially a technology driven organization. Therefore, operations
necessarily depend on the maintenance and restoration of primary and secondary systems.
Primar Network Server Cluster
Server
Description
Domain Controller
2kmain Server
Network Domain Controller, Data Server, Exchange Server
Sungard Server
Sungard OmniPlus Server
Sungard Server and Data (Sungard OmniPlus Recordkeeping System)
Sungard Server Backup
Fully Functional Backup Sungard Server & Backup Domain Controller
Voice Server
VoiceSery
Voice Recognition Server and Systems
VoiceSery Backup
Fully Functional Backup Voice Server
Data Backup Server
Tera Station I
1 TB Automated Daily On -Site Systems & Data Backup
Tera Station 2
1 TB Automated Daily Off -Site Systems & Data Backup
Perimeter Network Server Cluster
Server
Description
Web Controller
2kweb
Resource Centers SSL Web Server
Orgweb
Omega SLL Web Server & FTP Site
ISA Server
ISA Sewer
ISA Firewall (Security Network Server)
ISA/ Web Server Backup
Fully Functional Backup ISA and Web Sewer
Network Description
The Primary Network Server Cluster supports the following core functions: the Network Domain
Controller; Data Servers; Exchange Server for local and global E -mail functions; Sungard OInnlPlus
Recordkeeping System supporting the defined contribution recordkeeping applications; Pyramid Voice
Recognition System for voice defined contribution voice applications; primary Cash Management and
defined benefit pension recordkeeping systems; software applications and data files; and the on -site and
off -site daily systems and data backups. Each server that supports mission critical functions includes a
fully operational mirror server in case of the failure of any single component.
The Perimeter Network Server Cluster supports the Internet and web applications, FIT site for external
transfer of data, and the ISA high security Firewall Server. These servers also include a fully operational
backup server in case of the failure of any single component. The ISA Server provides an external
security layer and an internal security layer to separate applications that allow external access of systems
by Internet clients from the Primary Network Server Cluster. This security layer that separates the
Perimeter Network Server Cluster from the Primary Network Server Cluster safeguards sensitive
systems and data from external intrusion.
External access is controlled through redundant high -speed Internet connections to insure continuous
access in the event of a service failure by an external service provider. External Clients access the
Perimeter Network Server Cluster through an encrypted Secure Socket Layer (SSL) connection. Both
Adelphia (Comcast) and BellSouth provide high -speed Internet connections to the Perimeter Network
Server Cluster. Each company provides Internet access to a static IP address. In the event of a service
failure by either company, Internet access must be redirected to the backup IP address through the
Network Solutions control panel.
At a minimum, a single server and either Tera Station can support all operations from an alternate
location with high -speed Internet access in a catastrophe.
Implementation Plan
Call Personnel for High Impact (Essential) Operations
Using the call list, the Coordinator will notify the individuals required to perform essential functions.
These individuals should be advised where to report, along with any additional information that they
will need to begin work. The Coordinator should also communicate such information as the hours the
person will be expected to work, living arrangements if the person will be required to relocate, and the
availability of amenities (items like restaurants, break rooms, restrooms, etc.)
Depending on the circumstances, team members may need to travel to another location requiring
overnight or extended stays.
Notify Entire Staff
Not all staff members may be required to implement the business recovery plan or provide immediate
services, but these staff may be considered alternate or "relief' personnel. In some cases, the situation
may already involve the entire staff. Anyone not required to immediately report should at least be called
and updated on the situation, with an expected time frame to either report or resume normal operations.
Refer Media Contacts to Management
Ensure that personnel refer all media contacts to the Emergency Management Team Coordinator or
other management designee.
Verify Availability of Resources
If the situation does not require operations to move to another facility/ location, then each affected area
of operations must be assessed to determine the resources available on site, determine which resources
are not available, and identify any unexpected needs.
The team members should review the following categories of resources in order to compile a detailed
inventory of assets, as well as equipment requiring repair or replacement:
• Availability of Power
• Hardware/ Software
•
Servers
•
Network Switch & Router
•
Network Cables/ Communication
•
Workstations
•
Printers
• Telecommunications
•
Phone
•
Fax
•
Internet
• Office
Space
Condition/ Availability of Furniture
Critical Records
Forms & Supplies
Items requiring repair or replacement should then be ranked according to the most important business
fumctions identified in the recovery sequence.
Relocate Essential Documents to Alternate Facility
If operations must be provided from an alternate location, the following documentation should be
available at that location:
1. Plan Documents/ Current Information
2. Client Contact Information
3. Legal Files and Contracts
4. Forms and Supplies
Notify Support Services
The following support services must be notified of changes:
I. Mail should be temporarily held or routed to the new location.
2. Incoming phone numbers should be reactivated/ switched to the new location.
3. Temporary and permanent connections for Internet and Email service should be established.
4. Courier services, if needed, should be arranged.
Initiate Recovery of Servers
The server incorporates the following safeguards:
I. The data servers write all data tiles simultaneously to a hard drive array.
2. Each server runs on a battery backup with redundant power supplies. Each mission critical server
has a secondary backup server that mirrors the primary server.
3. All programs and data backup daily to two separate backup units, one on -site and one off -site. Each
Tera Station data backup contains the files and data to run all critical functions when connected to a
server.
4. At least one workstation contains current duplicates of all server functions and data. This laptop can
function as a surrogate server at any location, or the laptop can run all essential functions as a
standalone computer.
The following applications and data locations should be verified following reactivation of the server:
I. Defined Pension Benefit Systems on shared data Drive F.
These directories must all reside on the same network drive:
Benrec Pension Payment and Cash Management Systems
Penben Defined Benefit Recordkeeping Systems
Letter Benefit Letter Extracts
Upload ACH Files & Check Recoil Files
Spool Spooled Reports
Check factory can reside on any network drive:
Cfactory Check factory— LFEWIN2.EXE
The following environment variables must be set on each workstation:
SET COBSW — +C +C4
ashmfnet — f:Amfaslmf
2. Macola (Accounting System) on shared data Drive M.
3. Common data tiles on shared data Drive S.
4. Microsoft Outlook for Email access.
5. Microsoft Exchange Server for office communications.
6. Internet access or connection.
Coordinate vendor and Service Support
Coordination with vendors will be necessary to acquire resources or services not provided through the
Resource Centers. Appendix D lists facility management contacts and phone numbers, phone numbers
for telecommunication and Internet service providers, banking information, and contact/ phone numbers
for additional computer systems support.
Notify Key Client Contacts
Appendix E contains contact sheets, with additional contact information for third party service
providers, for all client groups. These individuals should be notified as soon as possible regarding the
details for continuing account service during the disaster recovery period, including new office contact
information, address if necessary, and anticipated time frame until full restoration of normal operations.
The Resource Centers will update key contacts on recovery progress until normal operations are
resumed.
Appendix A: Call List
(Note: This page contains personal data and contact information for employees.
Personal information was intentionally omitted)
Organizational Chart
Appendix B: Core Recovery Team
Team members may change depending on the location or nature of the disaster. The
following chart details the composition for the standard recovery team:
J. Scott Baur, CEO
The Resource Centers LLC
Sergio Giron Ellen Schaffer
Network Administrator Programmer
Denise McNeill, Operations Margaret Adcock, Plan Administration James Jameson, Managing Partner
The Resource Centers LLC Pension Resource Center LLC Omega Recordkeeping Group LLC
Appendix C: Recovery Progress Log
Log Entry
Entry By:
Date: Time:
Contact Information
Name: Phone:
Reason/ Details for Contact:
Procedures Implemented
Appendix D: Vendor & Service Support
Contact List
Description Service/ Contact Person
Contact In ormation
ACP (Property Owner/ Manager)
Norma Protting, Property Manager
4360 Northlake Boulevard
Palm Beach Gardens, FL 33410
(561 ) 694 -2455
BellSouth (Phone and Internet Service)
Adelphia (Internet Service)
Florida Digital (Phone Service)
Fidelity Banking Contacts
Melissa J. "Tyner, Vice President
Business Development
Phone: 561-803-9958
Fax: 561-832-2190
rnt yr�Li�fidelityfederal.com
Mark Nuzolo, Vice President
Cash Management Dept
205 Datura Street 3rd FI
West Palm Beach, FI 33401
Phone: (561) 803 -9815
Fax: (561) 803 -9804
MNuzolo a 4idelit1 federal.com
Patrick Tylander, Asst Vice President
Business Development Officer
Phone: (561) 803 -9815
Fax: (561) 832 -2190
PTvlandeFci),fidelityfederal.eom
Bank of America Contacts
Mindy Nichols
Bank of America
625 N. Flagler Drive
West Palm Beach, FL 33401
Ph: 888 - 852 - 5000 x3503
Fax: 561-838-5087
Mind .NicholsnibankoPatnerica.com
Wachovia Contacts
Contact List
Description Service/ Contact Person
Contact Information
Northern Trust (Banking)
Stacey Halberg, Vice President
Chris Storkerson, Vice President
Northern Trust Bank
770 Bast Atlantic Avenue
Delray Beach, PL 33483
Ph: (561) 278 -1300 x204
Ph: (800) 336-6445
Fax: (561) 272 -6222
GS 102(07(ntr &.00tH
Appendix E: Group Client Contact List
(Note. Contact lists for clients contain personal information; therefore, all client contact lists were
intentionally omitted from the public distribution of the Disaster Recovery Procedures. The Resource
Centers will only provide specific contact information to each respective client on request.)
:4
Appendix A.
Appendix B.
Appendix C.
Appendix D.
Appendix E.
Appendix F.
THE PENSION RESOURCE CENTER
APPENDIX
Sample Benefit Statement
Sample Financial Statement
Fidelity Bond/ E &O Coverage
Specimen Agreement
Client List
Biographies of Primary Staff
APPENDIX: SECTIONS A -F
THE PENSION RESOURCE CENTER
SAMPLE:
ANNUAL BENEFIT STATEMENT
APPENDIX: SECTION A
NEWT& • ,
Statement of benefits as of October 1, 2009, prepared for
Name: Officer Joe Social Security Number: 123 -45 -6789
Yorrr Normal
If you retire on your normal retirement date of 10/31/2019 at age 50.0, your monthly retirement income
Retirement Benefits
fo"'fe.is estimated to be:
$3,565.43 From the fund based on your current average final salary of $4,989.69
and 24.1 years of service.
You may also be able to retire at the early date of 10/31/2019 at age 50.0 with 24.1 years of service.
The estimate of your normal retirement benefit assumes that you choose the standard form of benefit
payment and that your current final average monthly pay continues until retirement. Future pay changes
will affect the amount of your retirement income.
Your Benefits as of
You have already earned the following portion of your Fund benefit:
October 1, 2009
$2,654.81 Is the portion of your normal retirement benefit based upon your 18.0
years of completed service.
10/7/1995 is the date that you are fully vested in your pension benefit.
$47,788.11 Is the current total of your accumulated contributions to the Fund.
ShareAcconnt
$96,181.51 Beginning Balance l0 /01108
Balance as of
$4,032.64 Annual Contributions based on 26 pay periods of service during the
October 1, 2009
2008 calendar year.
($8,005.16) Investment Earnings based on a fiscal year investment return of- 8.32 %.
($480.20) Administrative Expense based on an expense rate of 0.5%
($227.33) Holiday Buyback (Employee Contributions)
$91,501.46 Ending Balance 09/30/09
Interest Election The election that you made to invest the money in your Share Account took effect on October 1, 2009.
This statement, on the other hand, shows the activity in your account for the fiscal year ending on
September 30, 2009. Therefore, this statement does not yet reflect the election that you made for tine
investment of the money in your Share Account.
As of October 1, 2009, you elected to have your Share Account credited with investment earnings using a
fixed rate of 8.25 %.
Beneficiary Your current primary beneficiary(s) on file is Cuppa Joe. Please contact the plan administrator at (800)
Designation 206 -0116 or obtain a beneficiary designation form from the website at www.ResoureeCen_t,ers.com if you
need to update your beneficiary.
Other Benefits In addition to the benefits shown, you or your dependents may be eligible for additional benefits or
optional forms of benefits from the Fund upon completion of eligibility requirements to provide financial
protection in the event of
• Disability while still employed
• Death while still employed.
• Death after retirement.
How This The benefits shows on this statement are approximations based on data used for the last annual
Statement actuarial valuation of the Fund. The projection of normal retirement benefit is based on
Was Prepared continuation of your present pay and full -time service to retirement.
Care was taken to be accurate in preparing this statement, but errors can occur. Statutes,
documents, official interpretations and accurate data necessarily govern the final determination
of any benefit.
THE PENSI �� � %11' E CENTER LLC
4360 Non {dake I3ou u 1�(;S �t 2 � 'j 11 3each G ardens, i 1 33410
Phone (5 61) 624-3277 ± r 1) 2 <3T 8 ,,. �tv X Ri ux;RCCC t nreas.COv
mTHE PENSION RESOURCE CENTER
SAMPLE:
MONTHLY FINANCIAL STATEMENT
APPENDIX: SECTION B
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F
THE PENSION RESOURCE CENTER
FIDELITY BOND/
ERRORS AND OMISSIONS
APPENDIX: SECTION C
The Pension Resource Center shall maintain at least $1,000,000.00 coverage
for Errors and Omissions and appropriate Fidelity Bond. Proof of coverage will
be offered prior to assuming administrative duties for the Pension Fund.
mTHE PENSION RESOURCE CENTER
SPECIMEN CONTRACTS
APPENDIX: SECTION D
ADMINISTRATIVE SERVICES AGREEMENT
BETWEEN
CITY OF SOUTH MIAMI PENSION FUND
AND
PENSION RESOURCE CENTER, LLC,
This agreement made as of this day of , 2010, by and
between the City of South Miami Pension Fund (hereinafter referred to as "Pension
Fund ") and Pension Resource Center, LLC, a Florida Corporation (hereinafter
referred to as "Administrator ").
WITNESSETH:
WHEREAS, the Code of Ordinances of the City of South Miami authorizes the
Pension Fund's Board of Trustees to engage the services of an Administrator to
administer the Pension Fund's operations; and
WHEREAS, the Administrator is engaged in the business of rendering
administrative management services to employee benefit plans; and
WHEREAS, the Pension Fund is familiar with the experience and reputation of
the Administrator in rendering these services; and
WHEREAS, the Pension Fund has determined that it is in the best interest of
the participants and beneficiaries of the fund to engage the services of the
Administrator upon the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements contained herein, the parties agree as follows:
Section 1
Administrator
A. Engagement — The Pension Fund hereby engages and retains the
Administrator who hereby accepts the engagement and retainer by the
Pension Fund to serve as Administrator of the Pension Fund.
B. Duties and Responsibilities — Without limiting the generality of the
foregoing, it is mutually acknowledged and agreed that the Administrator
is engaged to perform those duties and responsibilities of the Pension
Fund as Administrator which are delegated to it in accordance with the
express terms of this agreement.
C. Limitation of Authority — The Administrator shall not:
1. Exercise any discretionary authority or discretionary control
respecting the management of administration of the Pension Fund;
or
2. Exercise any independent authority or control with respect to the
management or disposition of the assets of the Pension Fund; or
3. Render investment advice with respect to any monies or property
of the Pension Fund.
Section 2
Duration
This agreement shall become effective on the 1St day of , 2010 and shall
continue until otherwise terminated in accordance with the terms of this agreement.
Section 3
Fees
A. Basic Fee — In consideration of the administrative services to be
performed as agreed above, the Pension Fund agrees to pay the
Administrator such fees as are provided in Exhibit A of this agreement.
B. Expenses — All extraordinary expenses such as printing charges, postage
for mass mailings, overnight delivery charges, and special travel expenses
reasonably and necessarily incurred by the Administrator shall be
reimbursed by the fund.
Section 4
Services
The Administrator shall be responsible for and in charge of all administrative
services required of it by the Pension Fund for the proper and complete administration
of the fund. Without limiting the generality of the foregoing, the Administrator shall
perform the following services:
A. Attend all meetings of the Pension Fund and maintain the minutes
of those meetings, if requested by the Pension Fund.
2
B. Implement all administrative related decisions of the Pension Fund
with regard to the Pension Fund's daily operations.
C. Maintain all documents as may be required by the Pension Fund.
D. Maintain statistical data for the Pension Fund, the Pension Fund's
auditor and actuary, including vesting, benefit accrual,
compensation and eligibility history of participants when such are
needed or required.
E. Assist in the preparation and filing of all necessary government
reports.
F. Properly, adequately and effectively respond to inquiries by
participants or their beneficiaries, by the Pension Fund or the
Pension Fund's designated service providers or by Palm Beach
County, Florida.
G. Assist in the design and development of all communications
between the Pension Fund and the participants.
H. Attend any special meetings of the participants, as determined by
the Pension Fund, for the purpose of assisting and explaining
benefit coverage to participants and beneficiaries.
I. Develop, establish and control proper procedures for the recording
of all contributions, benefit payments, and disbursements of the
Pension Fund as requested by the Pension Fund,
J. Process all applications for benefits under the fund, including
applications for service- connected disability retirement,
coordinating of medical appointments and transmission of medical
reports to the Pension Fund.
K. Perform such other administrative and related advisory functions
and services as may from time to time be requested by the Pension
Fund.
3
Section 5
Obligations of Administrator
It is mutually covenanted and agreed that all services rendered by the
Administrator to or on behalf of the Pension Fund shall be performed with reasonable
dispatch and shall be performed in a manner which is adequate and convenient to the
Pension Fund and the participants and beneficiaries of the Pension Fund. The
Administrator shall familiarize itself with the basic documents under which the Pension
Fund is established and render all services in accordance with said documents. The
Administrator shall perform all obligations under this agreement in accordance with the
provisions of and pursuant to Florida Statutes, Section 112.656(2). By execution of this
agreement, the Administrator acknowledges that it is a fiduciary of the Pension Fund
within the meaning of the Employee Retirement Income Security Act of 1974 (ERISA)
and §112.656, Florida Statutes.
Section 6
Records
A. The Pension Fund will turn over to the Administrator true copies of all
records, reports, information and other data pertaining to this Pension
Fund. The Administrator may rely upon the completeness and accuracy
of the records, reports, and data delivered to it.
B. The Administrator shall be responsible for assisting in the maintenance of
records of the fund in the computer system of the Pension Fund.
C. In the course of performing its administrative services hereunder, the
Administrator shall notify the Pension Fund of any information, records or
reports which are necessary to maintain the business of the Pension Fund
and shall assist the Pension Fund in obtaining said information.
Section 7
Reports
The Administrator shall work with and assist the Pension Fund and their
professional advisors in the preparation of records and reports to be filed with
government departments or agencies or which are necessary to be disclosed and
distributed to participants and beneficiaries.
4
Section 8
Disclosure of Records
All information, including records and other data, which may come into the
possession of the Administrator shall be subject to disclosure and production to the
extent required by the Public Records Act, Chapter 119, Florida Statutes, or upon
compulsion of a subpoena issued by a court of competent jurisdiction, as approved by
the Pension Fund.
Section 9
Excluded Items
It is understood and agreed by the parties that the Administrator shall not be
responsible for the performance of auditing, legal or financial advisory services.
Section 10
Fidelity Bond and Insurance
The Administrator agrees to maintain an appropriate fidelity bond and errors and
omissions insurance policy during the term of this agreement. The Administrator shall
provide copies of the proof of said bond and insurance to the Pension Fund.
Section 11
Damages
The Administrator agrees it shall be liable to the Pension Fund for any damages
or losses, which the Pension Fund or the fund may occur as the result of negligent or
intentional acts or omissions of the Administrator or breach of this agreement.
Section 12
Governing Law
This agreement has since been executed in South Miami, Florida and shall be
governed and construed in accordance with the laws of the State of Florida. Venue for
any dispute shall be in South Miami, Florida. In the event that any action shall be
necessary for the enforcement of this agreement, the prevailing party shall recover its
court costs, including reasonable attorney's fees.
9
Section 13
Entire Agreement
This agreement constitutes the entire understanding and agreement by the
parties hereto and shall not be modified, amended or revoked except by the express
written consent of the parties.
Section 14
Termination
This agreement may be terminated by the Pension Fund on thirty (30) days'
written notice, or by the Administrator on ninety (90) days written notice, with or
without cause. In the event of a termination, the Administrator agrees to promptly (not
to exceed 30 days) turn over to the successor administrator or such other party
designated by the Pension Fund, all records, reports or documents belonging to the
Pension Fund and in possession of the Administrator.
IN WITNESS WHEREOF, the parties who caused this agreement to be
executed on the date set forth.
DATED at South Miami, Florida this _ day of , 2010.
CITY OF SOUTH MIAMI PENSION FUND
a
Chairperson
PENSION RESOURCE CENTER, LLC
M
Print N
M
CEO
ADMINISTRATIVE SERVICES AGREEMENT
CITY OF SOUTH MIAMI PENSION FUND
AND
PENSION RESOURCE CENTER, LLC,
EXHIBIT A
FEE SCHEDULE
In consideration of the administrative services to be performed as agreed in the
foregoing agreement, the Pension Fund shall pay the Administrator a monthly retainer
fee. The monthly fee shall be Two Thousand Three Hundred Fifty Dollars ($2,350.00),
and shall include normal travel, copying and postage cost and attendance at up to six
(6) meetings; additional meetings shall be billed at the rate of Five Hundred Dollars
($350.00) per meeting. Such fees shall be as indicated below.
Fee Structure
A monthly fee of Two Thousand Three Hundred Fifty Dollars ($2,350.00)
A fee for each additional meeting of Three Hundred Fifty Dollars ($350.00)
A set -up fee per disability or retirement application of One Hundred Dollars ($100.00)
System programming changes necessitated by changes in plan shall be billed at an
hourly rate not to exceed One Hundred Five Dollars ($105.00)
The Administrator shall notify the Pension Fund at least ninety (90) days in
advance of any proposed changes in this fee structure.
7
mTHE PENSION RESOURCE CENTER
CLIENT LIST
APPENDIX: SECTION E
Defined Benefit Recordkeeping & Administration Clients
Through the Pension Resource Center:
0 Amalgamated Transit Union Local 1596 Pension Plan
0 Boynton Beach General Employees Pension Fund
0 Cape Coral Firefighters Pension Fund
0 Cape Coral General Employees Pension fund
0 Cape Coral Police Pension Fund
0 Daytona Beach Police & Fire Pension Fund
0 Deerfield Beach Police Pension Fund
0 Delray Beach Firefighters and Paramedics Retiree Benefit Fund
0 Fort Pierce General Employees Pension Fund
0 Fort Pierce Police Pension Fund
0 Gulfport Firefighters' Pension Fund
0 Gulfport General Employees' Pension Fund
0 Gulfport Police Officers' Pension Fund
0 Hallandale Beach Police & Fire Pension Fund
0 Jupiter Police Pension Fund
0 Lake Mary Firefighters' Pension Fund
0 Lake Mary Police Officers' Pension Fund
0 Lake Park Police Pension Fund
0 Lake Worth Division I Firefighters Pension Trust Fund
0 Lake Worth Division 11 Firefighters Relief and Pension Fund
0 Lake Worth General Employees Retirement_ System
0 Lake Worth Police Officers Retirement System
0 Lantana Firefighters' Pension Fund
0 Miami Springs General Employees Retirement System
0 Miami Springs Police Officers Retirement System
0 Miramar Firefighters Pension Fund
0 North Palm Beach Police & Fire Pension Fund
0 North Port Firefighters' Pension Fund
0 North Port Police Officers' Pension Fund
0 Palm Beach Gardens Firefighters Pension Fund
0 Palm Beach Gardens Police Pension Fund
0 Palm Springs General Employees Pension Fund
0 Palm Springs Hazardous Employees Pension Fund
0 Palm Tran/ ATU Local 1577 Pension Plan
0 Riviera Beach Municipal Firemen's Pension Trust Fund
0 St. Lucie County Fire District Employees Health and Welfare Trust
0 St. Lucie County Fire District General Employees Pension Fund
0 St. Lucie County Fire District Firefighters Pension Fund
0 Sunrise General Employees Retirement Plan
0 Tequesta General Employees' Pension Fund
0 Tequesta Public Safety Pension Fund
0 Venice Police Officers' Pension Fund
0 West Palm Beach Firefighters Benefit Fund
0 West Palm Beach General Employees' Pension Fund
0 West Palm Beach Firefighters Pension Fund
0 US Sugar Corporation
0 US Sugar Benefit Plan
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Some Additional Professional
Working Relationships
Actuarial Sciences Associates, Inc. (Actuary)
Adalante (Investment Manager)
Advisory Research (Investment Manager)
Agincourt Capital Management (Investment Manager)
Altheia Research & Management (Investment Manager)
Allegiance Capital (Investment Manager)
Alliance Bernstein & Co. (Investment Manager)
Anchor Capital Advisors (Investment Manager)
Argent Capital Management (Investment Manager)
Ark Asset Management (Investment Manager)
American Realty Advisors (Investment Manager)
Amsouth Bank (Custodian)
Anchor Capital Management (Investment Manager)
Aon Consulting (Actuary)
Archstone Partnership (Investment Manager)
Artisan (Investment Manager)
Ark Asset Management (Investment Manager)
Artio Global Investors (Investment Manager)
Asset Consulting Group, Inc. (Investment Consultant)
Asset Strategy Consultants (Investment Consultant)
Axiom International Investors (Investment Manager)
Bank of America (Banking)
Bank of New York (Custodian)
BankAtlantic (Banking)
Barclay Global Investments (Investment Manager)
Baring Asset Management (Investment Manager)
Baron Capital (Investment Manager)
Barrow Hanley (Investment Manager)
Berman DeValerio (Securities Litigation)
BNY Mellon (Custodian)
BNY Convergex (Commission Recapture)
Bogdahn Consulting (Investment Consultant)
Bollenback & Forret (Accountant)
Boston Company (Investment Manager)
Buck Consultants (Actuary)
Buckhead Capital Management (Investment Manager)
Burgess Chambers & Assoc. (Investment Consultant)
Caballero & Castellanos (Auditor)
Calamos Investments (Investment Manager)
Cater Donten Levine (Auditor)
Capis (Commission Recapture)
Cherry, Bekaert, and Holland, CPA (Accountant)
Chicago Equity Partners (Investment Manager)
Christiansen & Delmer (Attorney)
Citi Institutional Consulting (Investment Consultant)
Citigroup (Custodian)
Ron Cohen (Attorney)
Collins Capital (Investment Manager)
Cooke & Bieler (Investment Manager)
CS McKee (Investment Manager)
Cypen and Cypen (Attorney)
Dahab Associates (Investment Consultant)
Dana Investment Advisors (Investment Manager)
Davidson Jamieson & Cristini (Auditor)
Davis, Hamilton, and Jackson (Investment Manager)
DePrince, Race, and Zollo (Investment Manager)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Dimensional (Investment Manager)
Dodge & Cox (Investment Manager)
Donaldson & Company (Commission Recapture)
Driehaus Capital Management (Investment Manager)
Dulaney & Company (Actuary)
Eagle Asset Management (Investment Manager)
Earnest Partners (Investment Manager)
EFI Actuaries (Actuary)
Ellen Schaffer (Programming & Software Consultant)
Ernest & Young (Accountant)
Fayez Sarof n & Company (Investment Capital)
Fiduciary Trust International of the South (Custodian)
Fifth Third Bank (Custodian)
First Southern (Banking)
Fischer Investments (Investment Manager)
Florida Division Retirement
Foster and Foster (Actuary)
FPPTA (Association)
Franklin Templeton (Investment Manager)
Freiman Little Actuaries (Actuary)
Gabelli Asset Management (Investment Manager)
Gabriel, Roeder, Smith and Company (Actuary)
Geneva Capital Management (Investment Manager)
GE Asset Management (Investment Manager)
Global Transition Solutions (Transition Manager)
Goldman Sachs (Investment Manager)
Goldstein Scheeler Koch (Auditor)
Steve Gordon, CPA (ACWnntant)
Guggenheim Real Estate (Investment Manager)
Gulliard Capital Management (Investment Manager)
Haas Diaz & Company (Auditor)
Hanson, Perry, & Jensen, P.A. (Attorney)
Harris Associates ( Inveshuent Manager)
Indepedence Investments (Investment Manager)
Intech (Investment Manager)
[CC Capital Management (Investment Manager)
ICMA (Investment Manager)
Income Research & Management (Investment Manager)
Intech Investment Management (Investment Manager)
Invesco Capital Management (Portfolio Manager)
IronBridge Capital Management (Investment Manager)
Janus Intech Group (Investment Manager)
JP Morgan Chase (Investment Manager)
Kalson & Associates (Investment Consultant)
Kennedy Capital Management (Investment Manager)
Key Trust (Custodian)
Klausner & Kaufman (Attorney)
Koch, Reiss & Company (Auditor)
KPMG (Auditor)
Lazard Asset Management (Investment Manager)
Lee Murder Capital Group (Investment Manager)
Legg Mason (Investment Manager)
Loomis Sayles & Company (Investment Manager)
Lotsoff Capital Management (Investment Manager)
Lynch Jones Ryan (Commission Recapture)
Mainstay (Investment Manager)
Matrix (Custodian)
MBIA Capital Management (Investment Manager)
MD Sass Associates (Investment Manager)
Mellon (Actuary)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Mercator (Investment Manager)
Meridian Capital Partners (Investment Manager)
Merrill Lynch Consulting Services (Investment Consultant)
MFS Institutional (Investment Manager)
Mierzwa and Associates (Attorney)
Milberg Weiss (Securities Litigation)
Milliman USA (Investment Consultant)
Mondrian Investment Partners (Investment Manager)
Montag & Caldwell (Investment Manager)
Munder Capital Management (Investment Manager)
NCPERS (Association)
Northern Trust (Custodian)
NWQ Investment Management (Investment Manager)
Oakmark (Investment Manager)
Oechsle International (Investment Manager)
Oppenheimer Capital (Investment Manager)
PIMCO (Investment Manager)
Pine Grove Associates (Investment Manager)
Prime Buchholz & Assoc. (Investment Consultant)
Pine Grove Associates (Investment Manager)
Pomerantz (Investment Consultant)
Prime Buchholz & Associates (Investment Consultant)
Principal Global Advisors (Investment Manager)
Prudential Securities (Investment Manager)
Public Pension Professionals (Actuary)
Rachlin Cohen & Holtz (Auditor)
Rayburn & Co. (Investment Manager)
Regions Bank (Custodian)
Richmond Capital Management (Investment Manager)
Rigel Capital (Investment Manager)
Rittenhouse Financial Services (Investment Manager)
Rhumbline (Investment Manager)
Roanoke Asset Management (Investment Manager)
Rockwood Capital Advisors (Investment Manager)
Royce Funds (Investment Manager)
RREEF (Investment Manager)
Roden (Attorney)
Robert Klausner (Attorney)
Salem Trust Company (Custodian)
Sawgrass Asset Management (Investment Manager)
Saxena White (Class Action Counsel)
Segal Company (Actuary)
Sehiffrin & Barroway (Securities Litigation)
Scott & Scott (Securities Litigation)
Southeastern Advisory Services (Investment Manager)
Stanley, Holcombe & Associates (Actuary)
State Street Bank (Custodian)
Stralem & Company (Investment Manager)
State Street Global Advisors (Investment Manager)
Strong Capital Management (Investment Manager)
Sugarman and Susskind, P.A. (Attorney)
SunTrust Bank (Custodian & Banking)
Systematic Financial Management (Investment Manager)
Taplin Canida & Habaeht (Investment Manager)
Thistle Asset Consulting (Investment Consultant)
Thompson Siegal Walmsley (investment Manager)
Thornburg Investment Management (Investment Manager)
Torray (Investment Manager)
Travelers (Fiduciary Liability Insurance)
Trusco Capital (Investment Manager)
0 UBS Realty Investments (Investment Manager)
0 Ulico (Fiduciary Liability Insurance)
0 Vanguard Group (Investment Manager)
0 Victory Capital Management (Custodian)
0 Voyageur Asset Management (Investment Manager)
0 Wachovia Bank (Custodian & Banking)
0 Wells Capital Management (Investment Manager)
0 Wells Fargo (Custodian & Banking)
0 Wentworth Hauser & Violich (Investment Manager)
0 West Cap (Investment Manager)
0 Western Asset Management (Investment Manager)
0 Westwood Management Corporation (Investment Manager)
0 William Blair & Company (Investment Manager)
THE PENSION RESOURCE CENTER
BIOGRAPHIES OF PRIMARY STAFF
APPENDIX: SECTION F
•
M
•
e w
J SCOTT B/I UR
Scott Baur founded the Pension Resource Center in 1996 to offer plan administration
services to municipal, Chapter 175, Chapter 185, local law pension plans, and VEBA
programs in the State of Florida. lie also founded the Financial Resource Center,
which provides benefit consulting services to health and welfare trusts and financial
services to individual clients. In 2005 the Resource Centers expanded to include the
systems and personnel to offer defined contribution plan administration and
recordkeeping services as well. The Resource Centers have grown to become one of
the largest providers of benefits and services to public employees in Florida. Scott is
widely known as a professional speaker on plan administration, investment, and
retirement topics. He has conducted seminars and workshops for pension trustees,
industry professionals, and plan participants.
Scott Baur graduated from Virginia Tech, where he received degrees in Architecture,
Engineering, and Math. He also taught in the College of Architecture at Virginia Tech
and served as the director for a research center funded by a coalition of government
agencies. During this time, Scott published numerous papers in academic journals.
Scott Baur originally received training on the use and design of pension plans as a
representative and trainer for MetLife, where lie later participated in the design of
MetLife's pension plans for small employee groups. He has since established defined
benefit and contribution plans for employees, including municipal deferred
compensation plans, 401(k) plans, 403(b) plans, voluntary employee benefit
associations (VEBA plans), and other employee benefit programs.
Scott and his firm are members of the FPPTA (Florida Public Pension Trustee
Association), IFEBP (International Foundation of Employee Benefit Plans), Sungard
Users Group, and the National Association of Insurance and Financial Advisors. He
has served as both an Elder and Treasurer in his church, and he continues as an
advisor or director to a number of local charitable organizations. He has participated
in the Congressional Business Commission and the Business Advisory Council. He
has also acted as a court qualified expert witness on pension, asset, and investment
matters in Florida. The website for the Resource Centers, www,ResourceCenters.eom,
contains many additional Trustee and plan resources, as well as specific and detailed
information regarding many Chapter plans.
ELLEN SCHAFFER, ,SOFTIVARE CONSULTANT
Ms. Schaffer works with the Pension Resource Center on a contract basis. She is a
software consultant and programmer specializing in Florida public pensions. She has
been working with governmental pension plans for nearly fourteen years and has
developed programs to accurately track and value DROP accounts. She also has
programs designed to manage employee contributions and calculate participant
pensions. The Cities of Boca Raton, Boynton Beach and Fort Lauderdale, in addition
to more than a dozen other pension systems, currently use her programs.
A<IARGARE7'NL
Margaret M. Adcock joined the Pension Resource Center as President and General
Counsel. She also serves as General Counsel for The Financial Resource Center as
well. She oversees the administration of our many public pension plans. Margie
holds a .luris Doctor Degree and is an active member of The Florida Bar.
Prior to joining the Resource Centers, Margie was associated with a labor law firm for
over eight years where she provided legal representation almost exclusively in the area
of employee benefits law. I ler representation primarily focused on public sector and
multi- employer pension and health and welfare funds throughout the State of Florida.
In her legal representation of such plans, Margie dratted ordinances, plan documents,
and contracts; handled Internal Revenue Service, Department of Labor, and other
governmental filings; represented trust finds in litigation on all benefit issues and
delinquent contributions; and participated in trust meetings and advised fund trustees
in all aspects of fund administration.
Margie received her Bachelor of Science degree in Business Administration from
Marquette University in Milwaukee, Wisconsin, and her ,luris Doctor Degree from
Saint Louis University School of Law in St. Louis, Missouri. Margie was admitted to
The Florida Bar on October 18, 1991, and is a member in good standing. She is also
admitted to practice in the United States Corot of Appeals for the Eleventh Circuit and
the United States District Courts for the Southern and Middle Districts of Florida. She
routinely speaks on employee benefit issues at the Florida Public Pension "Trustees
Association's various conferences. Margie is also a member of the American Bar
Association.
DE „k7S'C AICNL7L[.
Denise M. McNeill joined the Pension Resource Center and the Financial Resource
Center as Chief Financial Officer when they were founded in 1997. In addition to
handling daily operations of both the Pension Resource Center and the Financial
Resource Center, Denise also serves as a Benefit and Plan Administrator for our many
public pension plans and employee benefit plans. Denise is known as a professional
speaker on retirement topics, benefit administration and business management.
Denise joined the Resource Centers after several years in customer service, billing
management and finally marketing, with a large international corporation where she
received several awards for service excellence. She began her career with pension and
benefit administration as an agent with New York Life and a representative of
NYLIFE Securities.
Denise has an Associates degree in Computer Science. Denise remains active in the
community and has previously served as an Ambassador for the Stuart /Martin County
Chamber of Commerce, member of Women's Council of Realtors of Stuart /Martin
County, volunteer for a local chapter of Habitat for Humanity, PTO Secretary for her
daughter's school and teacher of Children's Liturgy for her church.
Ei) SCo7T CPA
Ed Scott, a CPA with extensive consulting experience to human resources
departments, oversees the internal controls and procedures for services provided
through the Financial Resource Center. Ed Scott has significant and recognized
success in specialized and technical financial reporting, corporate accounting, tax
reporting, strategic planning, and management information systems.
As Controller for Aircraft Service International Inc., an international corporation
headquartered in Miami, Ed was responsible for the tracking, documentation and
control of up to $44M in annual financial volumes, with management and supervisory
oversight of financial reporting. As Controller, he also supervised the administrative
support staff of more than 13 people. He was also responsible for formulating annual
operating budgets, accounts payable and receivable, payroll, state and federal tax
reporting, depreciation schedules, preparation for and execution of audits, and
maintenance of mainframe and PC computer information systems. Ed has acted as a
Corporate Controller, Assistant Controller, Corporate Treasurer, Accounting
Supervisor, Budget Officer, and Staff Training Director and Manager.
Ed maintains his designation as a CPA. He received a Chartered Corporate Secretary
(ACTS) Degree from the Institute of Chartered Secretaries and Administrators in
London, England. He also has a Baccalaureate Degree of Business Administration
from the University of Miami. He actively continues his education on current issues;
multi -state reporting protocols and guidelines; sales, intangible, property, payroll, and
income taxes; and Federal and Sate audit procedures and protocols.