HomeMy WebLinkAbout2007 08 22 Handout - Pension Related Expenditures
August 22, 2007
HAND OUT GIVEN BY MR.
KEVIN SMITH, DIRECTOR,
GENERAL SERVICES
DEPARTMENT TO THE BOARD
OF TRUSTEES BEFORE THE
REGULAR MEETING ON
AUGUST 22, 2007.
~
;
City of Winter Springs
Pension Plan Related Expenditures
Legal, Actuarial & Investment Monitoring
As of August 17, 2007
Vendor
Retirement Plan Specialists
Lewis. Longman & Walker
Bogdahn Consulting
Decription
Ch. 175/185 Plan Study, Analysis, and Costing
Annual Actuarial Report
Preparation of Distribution Benefits Docs and meetings
with anticipated Retirees
GASB report preparation
Plan Revision/Update Review, Fire Chief Scenarios
30 Year wi Disb. actuarial cost study and impact letter
Research Military Leave Buy-Back, Plan Revision/Update
Total
Travel to Commission Workshop-Ch. 175/185 Issue
Ch. 175/185 Research, Pension Plan Revision/Update
Pension Plan Revision/Update
Pension Plan Revision/Update
Pension Plan Revision/Update, Attend Comm. Meeting
Alt. Normal Retirement (30 Years with Disability)
Alt. Normal Retirement, 5/3 Contract Review, Investment
Manager Contract Review
Investment Manger Contract Review
Investment Manger Contract Review, Military Service Issue
Investment Manger Contract Review
Total
Investment Monitoring 1 st Qtr FY 07
Investment Monitoring 2nd Qtr FY 07
Investment Monitoring 3rd Qtr FY 07
Total
Grand Totals
Total All Costs
- Amount -
Normal Costs Special Studies
7,812.50
6,000.00
2,175.00
3,906.25
12,081.25
4,500.00
4,500.00
4,500.00
13,500.00
25,581.25
9,687.50
1,000.00
18,500.00
695.00
5,908.79
3,524.25
1,397.50
2,241 .20
1,268.29
5,133.59
1,393.75
2,873.08
2,343.13
26,778.58
45,278.58
70,859.83
City of Winter Springs
Pension ConsultantslProfessional Services
(i.e., does not include Custodial Bank & Investment Managers)
As of FY 2007
1. Retirement Plan Specialists, Inc.
Service: Pension Plan Actuary
Responsibilities:
1. Annual Plan Administration and Recordkeeping (in concert with City staff).
2. Annual Actuarial Valuation Report Preparation.
3. Contribution Analysis and Review.
4. Annual GASB Report Preparation.
5. Actuarial review of plan and benefit updates/changes:
a. Actuarial cost analysis/calculation.
b. Associated Actuarial Impact Statement Preparation.
6. Determination of eligibility, benefits, vesting.
7. Participants Certificates Preparation and Employee Notification.
8. Attend Annual Employee Meetings.
9. Terminated Participants-calculation of benefits and participation of distribution packets.
10. On-going review of current plan design to make sure the retirement program is meeting the
goals of the employer in benefits provided and cost control.
11. Consultation with City's financial advisors and/or legal counsel in the implementation and
administration of the plan.
12. Special Projects as requested, e.g.,
a. 175/185 Cost Analysis
b. GASB 45 (OPEB)
2. Lewis, Longman & Walker
Service: Pension Attorney
Responsibilities:
1. Pension Plan Legal Services and Advising.
2. Pension Plan Document Preparation - Revisions/Updates.
3. Summary Plan Description Preparation.
4. Pension Plan Related Contract Review.
5. Plan on-going legal review (IRS compliance, etc.).
6. BOT Education/Training (Fiduciary Liability, etc.)
7. Special Projects as requested, e.g.,
a. 175/185 Analysis
3. Firm: Bogdahn Consulting
Service: Third Party Pension Advisor
Responsibilities:
1. Investment Performance Monitoring.
2. Measurement by Objective/Performance Analysis with quarterly written reports and oral
presentations at a Board meeting on a quarterly basis.
3. Monitor and report on investment manager's compliance with the plan documents and investment
policy on a quarterly basis.
4. Perform investment manager search if necessary, as requested.
5. Style and Attribution Analysis.
6. Custodial Review and Actuarial Review.
7. Overall cost study.
8. Trade Execution Review.
9. Investment Policy/Guidelines Development and Review.
10. Asset Allocation Consulting.