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Home My WebLink About2012 05 08 Other - Other Municipality Actuary Comparisons PLAN NAME City of Boca Raton Police & Firefighters' Retirement System PERSON COMPLETING SURVEY Debra Sears CONTACT PHONE NUMBER 561-544-8518 TOTAL NUMBER OF MEMBERS 603 9/30/2011 MARKET VALUE $208,670,509 ACTUARIAL FIRM Aon Hewitt MAIN ACTUARY John Less! PHONE NUMBER 813-636-3082 YEAR HIRED 2004 ANNUAL RETAINER $18,931 RETAINER INCLUDES: Annual valuation HOURLY RATES FOR NON- $465 Senior consultant, $340 consultants, $105 RETAINER WORK (BY admin. CLASSIFICATION; i.e. ACTUARY, ANALYST, ADMIN. ASSISTANT, Certification of benefits $165, Buybacks new ETC.) members $850 (members $540) PLAN NAME HOLLYWOOD POLICE PERSON COMPLETING SURVEY DAVE CONTACT PHONE NUMBER 954.967.4395 TOTAL NUMBER OF MEMBERS 650 9/30/2011 MARKET VALUE 200 MILLION ACTUARIAL FIRM Cavanaugh Macdonald Consulting, LLC MAIN ACTUARY Jose Fernandez PHONE NUMBER 678-388-1718 YEAR HIRED 2008 ANNUAL RETAINER $15,500 RETAINER INCLUDES: Annual actuarial valuation, including preparation of report and meeting with pension board to present report, including expenses HOURLY RATES FOR NON- Senior/Consulting Actuary $280 - $360 RETAINER WORK (BY Senior Consultant $224- $300 CLASSIFICATION; i.e. ACTUARY, Actuarial Analyst $200 - $256 ANALYST, ADMIN. ASSISTANT, Other $100 ETC.) 64-y igecim-D /7 01 ,: it/.ni ,, PLAN NAME MIAMI BEACH FIRE AND POLICE PENSION PLAN PERSON COMPLETING SURVEY Celia B. Locke CONTACT PHONE NUMBER 305-673-7039 TOTAL NUMBER OF MEMBERS Active = 452, Retirees and beneficiaries = 587 DROP = 73, Vested = 8, term pending =9; Total 1129 9/30/2011 MARKET VALUE $536,498,649 ACTUARIAL FIRM BUCK CONSULTANTS MAIN ACTUARY David Campbell PHONE NUMBER 770-857-4036 YEAR HIRED 1948 (approximately) ANNUAL RETAINER $28,000.00 RETAINER INCLUDES: Actuarial Valuation and meeting with Board HOURLY RATES FOR NON- Varies from $170 to $550.00 RETAINER WORK (BY CLASSIFICATION; i.e. ACTUARY, ANALYST, ADMIN. ASSISTANT, ETC.) PLAN NAME Key West Police & Fire PERSON COMPLETING SURVEY Susy Pita CONTACT PHONE NUMBER 352-787-9795 TOTAL NUMBER OF MEMBERS 254 as of 09/30/10* 9/30/2011 MARKET VALUE $48,552,786 as of 09/30/10* • ACTUARIAL FIRM DuLaney & Company MAIN ACTUARY Don DuLaney/Yiu Lai PHONE NUMBER 30-274-9970 YEAR HIRED 12/12/2005 ANNUAL RETAINER N/A RETAINER INCLUDES: HOURLY RATES FOR NON- Senior Consulting Actuary$295 p/h RETAINER WORK (BY Senior Actuarial Analyst $165 p/h CLASSIFICATION; i.e. ACTUARY, Clerical/Support Staff$75 p/h ANALYST, ADMIN. ASSISTANT, ETC.) *Also note that the 2011 AVR has not yet been completed so I used the FY 2010 data. PLAN NAME N.Miami General & Fire PERSON COMPLETING SURVEY Miguel Codorniu CONTACT PHONE NUMBER 305-895-9884 TOTAL NUMBER OF MEMBERS 365 Active/ 195 Retired/2 inactive = 562 9/30/2011 MARKET VALUE $76million ACTUARIAL FIRM GRS MAIN ACTUARY Steve Palmquist PHONE NUMBER 954-547-1616 YEAR HIRED 1984 ANNUAL RETAINER $29750 RETAINER INCLUDES: Valuation, Calculations HOURLY RATES FOR NON- $70-306/hr for spcl svcs RETAINER WORK (BY CLASSIFICATION; i.e. ACTUARY, ANALYST, ADMIN. ASSISTANT, ETC.) PLAN NAME N. Miami Police PERSON COMPLETING SURVEY Miguel Codorniu CONTACT PHONE NUMBER 305-895-9884 TOTAL NUMBER OF MEMBERS 131 Active/35 Retired = 166 9/30/2011 MARKET VALUE $37million ACTUARIAL FIRM GRS MAIN ACTUARY Steve Palmquist PHONE NUMBER 954-527-1616 YEAR HIRED 1992 ANNUAL RETAINER $21600 RETAINER INCLUDES: Valuation, Calculations HOURLY RATES FOR NON- $70-306 for spcl svcs; RETAINER WORK (BY CLASSIFICATION; i.e. ACTUARY, ANALYST, ADMIN. ASSISTANT, ETC.) PLAN NAME Tampa Fire & Police Pension Fund PERSON COMPLETING SURVEY Jennifer D. Campbell CONTACT PHONE NUMBER 888/335-8550 TOTAL NUMBER OF MEMBERS 3,107 9/30/2011 MARKET VALUE $1.367 billion ACTUARIAL FIRM Buck Consultants MAIN ACTUARY Joe Griffin PHONE NUMBER 770-857-4049 YEAR HIRED 2001 ANNUAL RETAINER Valuation -$32,000 COLA- $5,500 13th Check-$12,000 State report 6A-$3,300 5 yr. exp. -$19,000 Buy-Back calcs-$350 ea. RETAINER INCLUDES: See above HOURLY RATES FOR NON- $440 lead actuary RETAINER WORK (BY $330 actuary CLASSIFICATION; i.e. ACTUARY, $240 actuarial /data processing personnel ANALYST, ADMIN. ASSISTANT, $165 technical/admin ETC.) PLAN NAME Jacksonville Police and Fire Pension Fund PERSON COMPLETING SURVEY John Keane CONTACT PHONE NUMBER 904 255-7373 TOTAL NUMBER OF MEMBERS 3150 active, 1948 Retired, Beneficiary and Children = 5,098 9/30/2011 MARKET VALUE 1 billion, 100 million ACTUARIAL FIRM Pension Board Consultants, Inc. MAIN ACTUARY Jarmon Welch PHONE NUMBER 404 892-9798 YEAR HIRED 1987 ANNUAL RETAINER 77,100 RETAINER INCLUDES: All work HOURLY RATES FOR NON- RETAINER WORK (BY CLASSIFICATION; i.e. ACTUARY, ANALYST, ADMIN. ASSISTANT, ETC.) PLAN NAME Coral Springs Fire Coral Springs Police PERSON COMPLETING SURVEY Gina Orlando Gina Orlando CONTACT PHONE NUMBER 954.344.1147 954.344.1147 TOTAL NUMBER OF MEMBERS 154 186 9/30/2011 MARKET VALUE $33,397,265 $102,878,798 ACTUARIAL FIRM Southern Actuarial Southern Actuarial Services Services MAIN ACTUARY Charles Carr Charles Carr PHONE NUMBER 770.392.0980 770.392.0980 YEAR HIRED 2003 1998 ANNUAL RETAINER $8,500.00 $10,000 RETAINER INCLUDES: Annual Actuarial Annual Actuarial Valuation Valuation HOURLY RATES FOR NON- It varies, typically $200 It varies, typically$200 RETAINER WORK (BY an hour an hour CLASSIFICATION: i.e. ACTUARY, ANALYST, ADMIN. ASSISTANT, ETC.) PLAN NAME City of North Miami Beach Police & Fire Pension Pl. PERSON COMPLETING SURVEY Martin Lebowitz CONTACT PHONE NUMBER 305-919-3724 TOTAL NUMBER OF MEMBERS 85 active, 27 DROP and 101 Retirees = 213 9/30/2011 MARKET VALUE $63,992,342 ACTUARIAL FIRM Buck Consultants MAIN ACTUARY Joseph Griffin PHONE NUMBER 770-857-4049 YEAR HIRED 2012 ANNUAL RETAINER $13,000 RETAINER INCLUDES: • Valuation Report • Determination of contributions • Reconciliation of member data and assets prior valuation • GASB 25/27 disclosures • Routine telephone consultation with administrator and Retirement Committee • Meeting to present actuarial report and results • Annual benefit statements for plan members HOURLY RATES FOR NON- Principals = $550, Directors = $400 RETAINER WORK (BY Sr. Actuarial Consultant = $330 CLASSIFICATION; i.e. ACTUARY, Sr. Associates = $275 ANALYST, ADMIN. ASSISTANT, Adm. Staff/Clerical = $170 ETC.) PLAN NAME City of Boca Raton General Employees Pension Plan PERSON COMPLETING SURVEY Debra Sears CONTACT PHONE NUMBER 561-544-8518 TOTAL NUMBER OF MEMBERS 1,075 9/30/2011 MARKET VALUE $153,583,790 ACTUARIAL FIRM Aon Hewitt MAIN ACTUARY John Lessl PHONE NUMBER 813-636-3082 YEAR HIRED 1999 ANNUAL RETAINER $12,388 RETAINER INCLUDES: Annual valuation HOURLY RATES FOR NON- $465 Senior consultant, $340 consultants, $105 RETAINER WORK (BY admin. CLASSIFICATION; i.e. ACTUARY, ANALYST, ADMIN. ASSISTANT, Certification of benefits $165, Buybacks new ETC.) members $850 (members $540) PLAN NAME Coral Springs Fire Coral Springs Police PERSON COMPLETING SURVEY Gina Orlando Gina Orlando CONTACT PHONE NUMBER 954.344.1147 954.344.1147 TOTAL NUMBER OF MEMBERS 154 • 186 9/30/2011 MARKET VALUE - $33,397,265 $102,878,798 ACTUARIAL FIRM Southern Actuarial Southern Actuarial Services Services MAIN ACTUARY Charles Carr Charles Carr PHONE NUMBER 770.392.0980 770.392.0980 YEAR HIRED 2003 1998 ANNUAL RETAINER $8,500.00 $10,000 RETAINER INCLUDES: Annual Actuarial Annual Actuarial Valuation Valuation HOURLY RATES FOR NON- It varies, typically$200 It varies, typically$200 RETAINER WORK (BY an hour an hour CLASSIFICATION: i.e. ACTUARY, ANALYST, ADMIN. ASSISTANT, ETC.) PLAN NAME Fort Lauderdale GERS PERSON Dave Desmond COMPLETING SURVEY CONTACT 954-828-5171 PHONE NUMBER TOTAL 1,035 as of 9/30/2011 NUMBER OF MEMBERS 9/30/2011 $305 million MARKET VALUE ACTUARIAL Gabriel Roeder Smith FIRM MAIN Steve Palmquist ACTUARY PHONE 954-527-1616 NUMBER YEAR HIRED 1994 Contract renewed in 2010 ANNUAL $18,600 for 2011-2012 RETAINER RETAINER The regular duties to be performed by GRS are as follows: INCLUDES: Regular Annual Services • Annual Actuarial Valuation Report';` • One on-site meeting annually with the Board of Trustees to discuss th( Board and up to two (2) additional meetings; • Calculation of feasibility of providing annual COLA; • Initial calculation of the amount of COLA that may be provided by the • Routine consultation and correspondence, not involving research or cal( • Respond to annual confirmations requested by the ERS and City auditor • Preparation of information requested by auditors each year; • Respond to requests for information from the State of Florida Divisi( with respect to actuarial reports prepared by GRS. From time-to-time, ERS may require services other than those described, such as: • Determine actuarial impact of proposed plan changes and prepare State-m actuarial impact statements • Provide alternative COLA calculations • Periodic review of actuarial assumptions and methods • IRS Code Section 415 calculations • Any other services requested by the Board of Trustees HOURLY No specific rate identified in the contract: RATES FOR NON- RETAINER Our regular hourly rates (which include overhead) will be used to determine the c WORK (BY Other Services. These rates are adjusted annually. CLASSIFICAT ION; i.e. ACTUARY, ANALYST, ADMIN. ASSISTANT, ETC.) PLAN NAME Miami Beach Employees' Retirement Plan PERSON COMPLETING SURVEY Rick Rivera— Pension Administrator CONTACT PHONE NUMBER 305-673-7000 ext. 6573 TOTAL NUMBER OF MEMBERS 2110 9/30/2011 MARKET VALUE $361,987,491 ACTUARIAL FIRM Gabriel Roeder Smith MAIN ACTUARY Steven Palmquist PHONE NUMBER 954-527-1616 YEAR HIRED 1993 ANNUAL RETAINER No retainer—Valuation fee - $21,200 RETAINER INCLUDES: HOURLY RATES FOR NON- All jobs billed separately. Ex. —Experience Study, RETAINER WORK (BY Impact Statements, Valuation revision, 415Limits, CLASSIFICATION; i.e. ACTUARY, Etc... ANALYST, ADMIN. ASSISTANT, Total Actuarial fees 2011 - $80,702 ETC.) PLAN NAME City of Miami G.E.S.E. Retirement Trust PERSON COMPLETING SURVEY Chris Recicar CONTACT PHONE NUMBER (305)441-2300 TOTAL NUMBER OF MEMBERS Active = 1294 Retired = 2148 = 3,442 9/30/2011 MARKET VALUE $520,143,736 ACTUARIAL FIRM Cavanaugh MacDonald Consulting, LLC MAIN ACTUARY Mr. Jose Fernandez . PHONE NUMBER (678) 388-1718 YEAR HIRED 2008 ANNUAL RETAINER $70,000 RETAINER INCLUDES: Actuarial Valuation of our 3 Plans, Benefit Cost Studies, table preparation of the maximum annual dollar limits under Section 415 IRS Code, attendance to Board meetings, &telephone consultations. HOURLY RATES FOR NON- Consulting Actuary= $280 - $360 RETAINER WORK (BY Managing Director = $300 CLASSIFICATION; i.e. ACTUARY, Senior Consultant = $224 - $300 ANALYST, ADMIN. ASSISTANT, Actuarial Analyst = $200 - $256 ETC.) Other = $100 PLAN NAME Orlando Police, Orlando Fire, Orlando GE PERSON COMPLETING SURVEY Shelly Burson CONTACT PHONE NUMBER 407-246-2603 TOTAL NUMBER OF MEMBERS P-1273; F-897; GE 1000 closed DB plan 9/30/2011 MARKET VALUE P-$356M; F-$234M; GE-$160M ACTUARIAL FIRM P-Segal; F-Nyhart; GE-Gabriel, Roeder Smith MAIN ACTUARY None there are three separate plans PHONE NUMBER YEAR HIRED ANNUAL RETAINER P-$29,000 F-$27,000 GE $24,000 RETAINER INCLUDES: Annual Actuarial Evaluation Report, Economic Impact Statements if needed. HOURLY RATES FOR NON- Yes we pay hourly rates. We are in the process of RETAINER WORK (BY renewing our contracts for all three plans. CLASSIFICATION; i.e. ACTUARY, ANALYST, ADMIN. ASSISTANT, ETC.) PLAN NAME Pinellas Park Firefighters' Pension Plan PERSON COMPLETING SURVEY Minh Huynh CONTACT PHONE NUMBER 727-541-0804 TOTAL NUMBER OF MEMBERS 67 active, 19 DROP, 50 retirees/beneficiaries, 2 vested 9/30/2011 MARKET VALUE $35,605,944 ACTUARIAL FIRM Foster&Foster MAIN ACTUARY Patrick Donlan PHONE NUMBER 239-433-5500 YEAR HIRED 2001 ANNUAL RETAINER $9,149.00 (5% increase each year) RETAINER INCLUDES: Valuation and benefit statements for each active member HOURLY RATES FOR NON- Sr. actuarial consultant = 250 RETAINER WORK(BY Actuarial consultant = 200 CLASSIFICATION; i.e. ACTUARY, Actuarial analyst = 150 ANALYST, ADMIN. ASSISTANT, Administrative = 65 ETC.) • PLAN NAME CITY OF POMPANO BEACH GENERAL EMPLOYEES' RETIREMENT SYSTEM PERSON COMPLETING SURVEY MADELENE L. KLEIN CONTACT PHONE NUMBER (954) 782-2660 TOTAL NUMBER OF MEMBERS 847 (AS OF 9/30/11) 9/30/2011 MARKET VALUE $103,181,643 ACTUARIAL FIRM CAVANAUGH MACDONALD CONSULTING, LLC MAIN ACTUARY JOSE FERNANDEZ PHONE NUMBER (678) 388-1700 YEAR HIRED 2010 ANNUAL RETAINER $16,000 RETAINER INCLUDES: ANNUAL VALUATION &ATTENDANCE AT 2 MEETINGS HOURLY RATES FOR NON- PARTNER - $360 RETAINER WORK (BY MANAGER - $300 CLASSIFICATION; i.e. ACTUARY, STAFF - $224-$280 ANALYST, ADMIN. ASSISTANT, OTHERS - $160-$224 ETC.) ADMINISTRATIVE - $100 PLAN NAME Sanford Fire PERSON COMPLETING SURVEY Susy Pita CONTACT PHONE NUMBER 352-787-9795 TOTAL NUMBER OF MEMBERS 119 9/30/2011 MARKET VALUE $16,754,963 ACTUARIAL FIRM Foster& Foster MAIN ACTUARY Brad Heinrichs/Patrick Donlan PHONE NUMBER 239-433-5500 YEAR HIRED ? Many years ago! ANNUAL RETAINER N/A RETAINER INCLUDES: HOURLY RATES FOR NON- Senior Actuarial Consultant$250 p/h RETAINER WORK (BY Actuarial Consultant$200 p/h CLASSIFICATION; i.e. ACTUARY, Actuarial Analyst $150 p/h ANALYST, ADMIN. ASSISTANT, Administrative/Clerical $65 p/h ETC.) Annual Report$3,000 DROP Statements $60 per member/per qtr. Calculations $200 PLAN NAME Pompano Beach Police & Firefighters' Retirement System PERSON COMPLETING SURVEY Glenda Rowley CONTACT PHONE NUMBER 954-782-4161 TOTAL NUMBER OF MEMBERS 550 9/30/2011 MARKET VALUE $161.8 million ACTUARIAL FIRM Gabriel Roeder Smith & Co. MAIN ACTUARY Steve Palmquist/ Jeff Ambrose PHONE NUMBER 954-527-1616 YEAR HIRED 1972 ANNUAL RETAINER None RETAINER INCLUDES: N/A HOURLY RATES FOR NON- Senior Consultant: $322 - $428 RETAINER WORK (BY Consultant: $244 - $308 CLASSIFICATION; i.e. ACTUARY, Senior Analyst: $196- $238 ANALYST, ADMIN. ASSISTANT, Analyst: $152 - $180 ETC.) Administrative Assistant: $75 - $125