PERFORM ACTUARIAL STUDY FOR EMPLOYEES PENSION PLAN
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M E M 0 R A N 0 U M T O. Trus.tees of City of
· Clearwater Employees'
Pension Plan
The City Com mission of the City of Clearwater
SUBJECT:
Alenda No. /.t h
Meeting Date: 3/!7!86 I
APPOINTMENT OF ACTUARY TO PERFORM JANUARY 1, 1986 ACTUARIAL STUDY
RECOMMENDATION: To appoint Ogle & Waters, Inc. to perform the actuarial study
for the Employees' Pension Plan as of January 1, 1986 for a fee not to exceed $8,000.
o And that the appropriate officials be authorized to execute same.
BACKGROUND: The following firms responded to our RFP to perform an actuarial study
of the plan as of January 1, 1986:
FIRM
Ron Hirsch & Associates
Ogle & Waters, Inc.
T.P.F. & C.
Lawsgn.. ,Group, Inc.
Wyatt Company
Mouton & Co.
FEE QUOTE
$ 7,500
8,000
8,000*
9,600
10,700
13,000
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* Does not include a review of current actuarial
assumptions. .'
Although Ron Hirsch & Associates was the actual lowest bidder, we feel that there were
sufficient questions raised by his most recent report to warrant obtaining a new
perspective from a different actuary. .
City staff met with both Ogle & Waters and T.P.F. & C., to review their proposals. Ogle
& Waters prop?sed to review our existing actuarial assumptions before beginning, while
T.P.F.,& C. would charge us additional to do so. Ogle & Waters is a local firm with
extensive experience, excellent credentials and strong references. The committee is
unanimous in'cur recommendation to award the study to them.
Commission Disposition:
1. Approved as Recommended/Revlsed/Condltlonel
2. Continued to
Follow-up Action:
dot.
Submitted by:
,L~.. t...~f~~-
Advertised:
City Manager
Date:
Paper:
CJ Affected
Parties
Notified
of Meeting
Costs: OAttachments:
Funding Source:
o Capital Improve-
ment Budget
o Operating Budget
o Other
Date aSequentlal
Reference
[J Not Required 0 Not Required
OrlQlnatlnQ Department:
Finance
Appropriation Code
o None
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March 27, 1986
Mr. John A. Lessl
Director of Actuarial Department
Ogle & Waters, Inc.
One Corporate Drive
Clearwater, FL 33520
Dear John:
This letter will confirm your appointment to perform an actuarial study for the
City of Clearwater Employees' Pensi~,:, Plan as of January I, 1986.
This study will be performed in accordance with our Request for Proposal No. 39-
86 and your response to this request dated February 4, 1986. Your contact for
payroll information will be Barbara Weston, Assistant City Treasurer, and for asset
valuation will be David Curtis, Assistant Finance Director. Both can be reached at
462-6930. Also, we would like to discuss the set of actuarial assumptions to be
used with you before you begin the actual study.
It .Is our understanding that this study will be completed within 90 days of your
receipt of our data at a total cost not to exceed $8,000. Thank you for responding
., to ou~ request, and congratulations on your appojntment. We look forward to
working with you. .
Sincerely,
Daniel J. Deignan, CPA
Finance Director/City Treasurer
cc: Gerald Weimer, Assistant City Manager
David Curtis, Assistant Finance Director
Barbara Weston, Assistant ~lty Treasurer
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CITY OF CLEARWATER, FLORIDA
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Request for Proposals for Actuarial Services
in Connection With City Pension Plans
I. General Information
Qualified firms of actuarial consultants are requested to submit proposals for
providing an actuarial valuatio'n for the City's Employees' Pension Plan and the Firemen's
Relief and Pension Plan as of January I, 1986. Copies of the most recent actuarial
valuations, performed as of January I, 1985, ore available upon request through the
Finance Department (462-6930). Respondents are encouraged to address the specific
points of Information requested below. Firm promotional material may be included as
supplemental Ihformation, but will not constitute a proposal of itself.
To facilitate the selection process, firms should submit three copies of your sealed
proposal to:
Don Petersen, Purchasing. Officer
City of Clearwater
711 Maple Street
P.O. Box 4748
Clearwater, FL 33518
'; The deadline for receipt of these proposals is 2:00 PM, February 5, 1986. Proposals
not received prior to that time will be returned fo sender without further consideration, even
though such proposals may show a postmark prior to the deadline specified.
II. Overview of the City
The City of Clearwater is a City Manager/Commission form of local government
which offers a traditional mix of municipal services to a population estimated at 91,879.
For the 1985-86 fiscal year, all City budgets, including capital projects, approxi-
mate $89.2 million. Of this amount, $40.3 million is budgeted for the General Fund, and
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$34.8 million for proprietary activities. The latter include primarily the provision of
water, sewer, gas and sanitat!on utility services and the operation of a toll bridge,
marina and parking facilities.
The City employs approximately 1,600 persons, over 1,150 of whom are covered by
the Employees' Pension Plan, a self-administered defined benefit plan in which all
permanent, full-time employees who successfully pass the required physical examination
and have not reached their forty-fifth birthday at the date of their employment are
required to participate, except for flreme'n employed prior to July I, 1963, and certain
nonclassified (primarily managerial) employees. The assets of this fund approximate $64
million as of January I, 1986. Those firemen who were employed prior to July I, 1963,
who otherwise meet eligibility requirements are participants in the Firemen's Relief and
Pension Fund, a self-administered defined benefit plan with assets that approximate $3
million as of January I, 1986. There remain only a few active participorfts In this rlon.
While the" City maintains two additional pension plans and one deferred compensa-
tion plan covering various categories of employees, actuarial studies either are not
required for such plans or, In one case, the study is performed by an insurance company
providing coverage under the plan.
III. Performance Standards
(I) Valuation must be performed In accordance with accepted actuarial principles
including the use of appropriate actuarial assumptions and the determination of
I;present and future funding requirements on a sound basis.
(2) The techniques and assumptions used and the content of the report issued must
conform to the requirements of Part VII, Chapter 112, Florida Statutes and
Chapter 22 of the Florida Administrative Code.
(3) The actuarial methods used and financial information produced, including the
employer's pension expense for the current year and the relationship between the
plan assets and the actuarially computed value of vested benefits at year end, must
be in accordance with Generally Accepted Accounting Principles.
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(4) Actuarial studies must be completed and the reports thereon must be rendered
within 120 days of the date the contract is signed.
.
(5) The City has consistently employed a 1965 mortality table in the computation of
estimated benefits. We will consider your recommendation, but we believe it will
be appropriate to use a more recent mortality table in the 1986 study.
IV. Qualifications and Other Factual Information
(I) Firm Qualifications (including local offices of national or regional firms)
(a) Provide an overview of the firm's experience in performing actuarial valua-
tions of defined benefit pension plans, giving an indication as to the size of
pension plans for which valuations are or have been madE( (e.g., number of
participants, total assets, etc.), the industry categories involved and the
regulatory authorities whose requirements must be complied with in perform-
ing and reporting on the valuations. Special emphasis should be given to
describing experience in performing actuarial valuations of pension plans of
governmental uni ts.
(b) Indicate whether your. firm qualifies as an "Enrolled Actuary" as defined in
Chapter 22 D - 1.02(e) of .the Florida Administrative Code.
(2) , Qualifications of Personnel to be Assigned
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(a) Provide resumes of personnel who would be involved in performing actuarial
services for the City, including but not limited to:
(j) Formal and any supplemental education;
(ij) Experience in performing actuarial services and consultation regarding
employee benefit programs;
(ili) Knowledge of. State of Florida regulatory requirements applying to
municipal pension plans;
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(Iv) Memberships in professional organizations; and,
(v) Professional ~ecognltlon and awards.
(3) References
(a) Provide names and addresses of officials who might be contacted for
references from: .
(j) Municipalities for which actuarial services have been or are being
performed, Including the largest municipal client served in the last
three years; and,
(jj) Other entities, either in the public or private. sector, for which
actuarial services or other services relating to employee benefits have
been or are being performed.
(b) Submit sample copies .~f reports of actuarial valuations issued to present or
previous clients demonstrating format and writing style; if possible, include a
report Issued to a F1Qrlda municipality within the last three years.
(4) Form of Contract
(a) Submit the firm's standard form contract for legal content only.
(b) State the firm's policy regarding progress billings and details on invoicing.
(c) If the report can be prepared in less than 120 days, please indicate the
amount of time you would require (all City data will be available by January
31, 1986).
(5) Cost of Services
Please provide estimates of total fees separately for each plan, including a
guaranteed "Not to Exceed" fee for each. Also please indicate any appropriate fee
reduction should your firm be selected to perform both valuations.
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v. Evaluation, Selection and Award Process
A review committee, including the City Manager, will evaluate and rank the
proposals on the basis of qualifications, relevant experience, proposed fee, and respon-
siveness of the individual firms., The committee reserves the right to request additional
information from proposers.
The members of the review committee responsible, along with the City Manager,
for making the final recommendation to tHe Boards of Trustees of the two plans are:
Gerold Weimer, Assistant City Manager for Administration
Daniel Deignan, Finance Director
David Curtis, Assistant Finance Director
Carole Greiner, Payroll Services Manager
Please direct all questions regarding this request to Mr. Deignan at 462-6930.
The City reserves the right to reject any and all proposals submitted. Any award
made will be made to the firm which~ in the opinion of the City, is best qualified.
We anticipate award of the contract at the February 17th Meeting of the Boord of
Trustees for the Employees' Pension Plan, and soon thereafter for the Firefighters Relief
and Pension Plan.
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. PROPOSAL FOR
ACTUARIAL PROFESSIONAL SERVICES FOR THE
CITY OF CLEARWATER, FLORIDA
PENSION PLANS
JANUARY 31, 1986
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Presented By:
John A. Lessl, Director of Actuarial Department
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OGLE & WATERS, INC.
One Corporate Drive
Clearwater, Florida 33520
(813) 577-2884
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08le (6 Waters. Inc.
ONE CORPORATE DRIVE ,
CLEARWATER, FL 33520
CLEARWATER/ST. PETERSBURG (813) 577-2884
TAMPA (813) 224-9106
IN FLORIDA 1-800-282-5247
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Wall." l 0",1"
J..n"'~ J Wi11rr~ rsrA M^^" r /..
February 4, 1986
Bhola N Ano,a. M5f'A fA
Ootlillfl G Brf'dht"l'
Rwh;lId N raqll'I~'1'1
John W f ""HC' hOIf E 0;'1
John J Hi1111f"ld
W,11on l Hf'mlel~oll
Ehuflf'S Jorrl,ln
John A L.,,,,. A5A MAAA r A
E"'A'mcl W luci1~. SPHR
Oonnld n Lund. AEP_ Cef'
John W Mr.radrt~n
S;uuha A Mo~s
Rnnilhf J Ros!-lomnmlo
OflO"" 2 Slor, CCP
AU'lP.,r E Slallilev, CPA
krnnf'lh l Wooff
Review Committee for Selection
of Actuarial Consultant
City of Clearwater
711 Maple Street
Clearwater, Florida 33515
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Vlf:,,"rG G';1I11
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N.11lf:V J Llll ('1l1f'", CflA
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M,~tldv I Md("lHltv
Wllh"'l1 0 Mllv',.
enlvlI' r Ny,,"onl
W.IIlilO1 E "'rllo
Kr'llh A Walk..,
Ros" r Willi",. COP
Re:. Letter of Transmittal
Gentlemen:
Ogle & Waters; -I~c., enthusiastically presents this proposal to
provide actuarial professional services to the City of Clearwater.
We are free of any obligations and interests which might conflict
with the interests of the City of Clearwater, and we have the
capacity to provide the reque~ted services on a timely basis.
Ogle & Waters' management philosophy is based upon three funda-
mental principles that govern all our client relationships:
COMMITMENT TO PROFESSIONAL EXCELLENCE
We are recognized as an effective, high quality consult-
ing firm. This track record has enabled us to expand
.o?r client base throughout the United States.
COMMITMENT TO PLACING CLIENT INTERESTS FIRST
We serve our clients with integrity and objectivity,
making every effort to ensure that our advice is based
on the impartial consideration of all pertinent facts
and responsible opinions.
COMMITMENT TO PRACTICAL AND USEFUL SERVICES
As a matter of firm pOlicy, we will accept only those
engagements we are qualified to undertake and that
benefit our clients. We require our staff to enhance
their education on a regular basis so that our clients
will always have the benefit of up-to-date expertise.
Ogle & Waters, Inc., qualifies as an "Enrolled Actuary" as defined
in Chapter 22D-l.02(e) of the Florida Administration Code.
THE CONSULTING GROUP. INC,: AN INVESTMENT MANAGEMENT SUBSIDIARY
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Review Committee for Selection.
of Actuarial Consultant
pag e 2
February 4, 1986
I will be the primary contact and the responsible consulting
actuary for this engagement. Please contact me if you require
any additional information. We look forward to a long and
successful association.
Respectfully submitted,
Department
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Enclosures:
Sample Actuary's Report
Firm Brochure
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TABLE OF CONTENTS
Letter of Transmittal
Performance Standards
Qualifications and other Factual Information
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(1) Firm Qualifications
(2) Qualifications of Personnel
(3) References
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(4) Form of Contract
(5) Cost of Services
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PERFORMANCE STANDARDS
(1) Actuarial Valuations will be performed in accordance with
accepted actuarial principles.
(2) Techniques and assumptions, and the content of the Actuary's
Report will comply with the requirements of Part VII, Chapter
112, Florida Statutes and Chapter 22 of the Florida Adminis-
trative Code.
(3) ~ The actuarial methods used and financial information I?repared
will be in accordance with Generally Accepted Accounting Prin-
ciples.
(4) Actuarial studies and reports will be completed within 90 days
of the date of receipt of all employee and financial data.
(5) Our preferred client/consultant relationship is well illus-
trated by our philosophy concerning the establishment of the
actuarial basis. (In the term "actuarial basis," we include
the actuarial cost method, the asset valuation method, and the
actuarial assumptions.) We consider the actuarial basis to be
a shared responsibility between the actuary and the client.
The actuary provides technical and professional expertise; the
client provides investment goals, funding philosophy, and pro-
jections of its own future. Both the actuary and the client
must be satisfied with the actuarial basis finally adopted.
The starting point in establishing the actuarial basis is the
basis used in previous valuations. It must be reviewed and
analyzed for its success in providing adequate funding and
smooth and reasonable contribution levels in prior years.
This is followed by discussions with the Pension Boards and
Cjty staff for their input regarding satisfaction with prior
assumptions, fiscal attitude,-and.l'ong-range goals. The re-
vised actuarial basis evolving out of this process must be
analyzed for theoretical consistency, logic, completeness and
appropriateness to the plan provisions, compliance with regu-
latory requirements, and comparison with other similar plans.
-In the last step, the revised actuarial basis is submitted to
the Pension Boards for formal approval and adoption.
As a point of information, the earliest mortality table used
by any of our clients for the last 6 years has been the 1971
Group Annuity Mortality Table. Today almost all of our cli-
ents have switched to the 1983 Group Annuity Mortality Table,
with some using an adjustment to anticipate mortality improve-
ments beyond 1983.
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QUALIFICATIONS AND OTHER FACTUAL INFORMATION
OGLE & WATERS, INC.
(1) Firm Qualifications
(a) Background, History and Actuarial Services:
The decade of the 70's was a revolutionary period
in the employee pension field. As the number of
workers covered by private and public pension plans
increased, so did the level of concern within many
segments of our society. Attention focused on na-
tional retirement pOlicy. The protection and expan-
sion of the rights of workers, past, present .and
future, to retirement income ultimately manifested
itself through the enactment of the Employee,Retire-
ment Income Security Act (ERISA) of 1974. r
ERISA caused major revisions in the field of deferred
compensation planning for retirement. It established
minimum standards for participation, vesting, ana
funding; expanded existing reporting and disclosure
requirements; imposed a more rigorous set of fiduci-
ary responsibilities; and created a program of plan
termination insurance.
Perceiving a need for a qualified benefit firm to
provide the expertise needed to meet the challenge
posed by the legislation, Walter L. Ogle and James J.
Waters formed Ogle & Waters, Inc., in 1975. Since
our inception, we have experienced uninterrupted
growth. From a staff of three, Ogle & Waters, Inc.,
has grown today to over 75 full-time actuaries, pen-
sion consultants, administrative specialists, human
resource consultants, data .processing personnel, and
clerical support staff. Geographically, we have also
grown. Incorporated in Florida, with our office
located in Clearwater, Ogle & Waters, Inc., now
provides services to clients in 15 states.
Ogle & Waters, Inc., is positioned for the challenges
of the 80's. The ERISA legislation is incredibly com-
plex and is still undergoing continued interpretation
and modifications. New amendments have been added.
More are still to come as the federal government de-
emphasizes Social Security as the primary source of
retirement income, encourages private and public pen-
sion plans, and imposes new legislation to govern
this expanding industry. Further regulation of public
plans is imposed by the State of Florida, and this
regulation also undergoes rontinued updating and
amendment.
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Our Actuarial Department offers a full spectrum of
actuarial services related to defined benefit and
similar plans. 'Moreover, we will work with you to
take the mystery out of these plans for you and your
employees. Services include:
Actuarial valuations of liabilities and costs
for defined benefit plans, disability plans,
supplemental executive retirement plans, salary
continuation and severance plans, etc.
· Design of optimal def~ned benefit plan/defined
contribution plan combinations to comply with
Internal Revenue Code limitations
. Cost containment and Social Security integration
studies
. Cost and benefit projections
· Certification of amounts of individual retire-
ment income under all types of payment forms
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· Actuarial gain/loss analyses by cause
Replacement ratio, retirement income, and spend-
able income studies
. Cash flow projections
. Experience studies. and development of actuarial
assumptions
· Determinations of ERISA Section 4044 Asset
Allocation upon plan termination.
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The firm currently provid~s actuarial services to
150 defined benefit plans ranging in size from only
one employee to several thousand. Our clients cross
all industry categories. All actuarial services are
performed in accordance with the applicable regula-
tory and professional guidelines:
Internal Revenue Codes and Regulations, Florida
Statutes and Administrative Guidelines, and
Guidelines of the American Academy of Actuaries.
(b) John A. Lessl, Bhola N. Aneja, and James J. Waters
are all "Enrolled Actuaries" as defined in Chapter
22D-l.02(e) of the Florida Administrative Code.
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(2) Qualification of Personnel
Ogle & Waters, .Inc., is committed to developing and maintain-
ing a qualified staff which is diversified in experience. Our
dedication to professional excellence is reflected in the
firm's personnel policy which encourages its employees to work
toward maintaining their professional abilities and training
at or near the state-of-the-art. The firm provides training
opportunities and assistance through on-the-job training and
formal training programs.
Ogle & Waters, Inc.'s, professionals are skilled and versatile.
They have solved technical and management problems at all lev-
els and in most environments. Each consultant has had prior
operating experience in one or more functional areas before
joining our firm. A brief description of the qualifications
of the assigned consultants follows. All Ogle & Waters' pro-
fessionals are available to clients, however, as the need
arises. Brief resumes of some of the professionaf staff are
included in the enclosed brochure. .
Professional staff numbers in excess of 35, including enrolled
actuaries, CPA's, Certified Pension Consultants, and many
other professional designations in the fields of benefits and
compensation, data processing systems management, and communi-
cations program developm~nt.
Assigned Consultants:
John A. Lessl, ASA, MAAA, EA
Consulting Actuary .
Director of Actuarial
, Department
John Lessl is a principal of the firm and will have primary
.r;esponsibility for the engage'!1ent.." He will be supported by
Bhola N. Aneja, who is also an Enrolled Actuary and consul-
tant, and the actuarial department's staff supervisor.
Bhola N. Aneja, MSPA, EA
Consulting Actuary
Mr. Lessl was a Senior Consultant and Actuary with Coopers &
Lybrand in New York before joining Ogle & Waters, Inc. Mr.
-Lessl has a B.S. in Applied Mathematics from the Georgia
Institute of Technology, and an M.S. in Actuarial Science
from the University of Wisconsin, has written instructional
and educational articles for actuaries, accountants and cli-
ents, and regularly speaks before various Florida pension
associations. He is an Associate of the Society of Actuaries,
a Member of the American Academy of Actuaries and an Enrolled
Actuary licensed with. the Joint Board of the Departments of
Labor and Treasury.
Mr. Lessl has extensive knowledge and experience in working
with the municipal pension plans in the State of Florida.
These include the Town of Longboat Key, City of Tarpon
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Springs, and Seminole Volunteer Fire Department, and special
consulting for the Police and Fire Pension Boards of the City
of St. PeterSburg.
Bhola N. Aneja has joined Ogle & Waters, Inc., as a consulting
actuary. Mr. Aneja managed his own actuarial consulting prac-
tice in Rockford, Illinois, for nine years prior to joining
Ogle & Waters. His responsibilities at Ogle & Waters are to
supervise the actuarial department and provide actuarial
consulting services. He is a graduate of California State
Polytechnic University, a member of the American Society of
Pension Actuaries, and an Enrolled Actuary licensed with the
Joint Board of the Departments of Labor and Treasury.
(3) References
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(a) Clients
Freedom Savings & Loan Assoc. (305) 646-6191
Gavin Watson
Senior Vice President, Administration
750 South Orlando Avenue
Winter Park, Florida 32789
Golden Gem Growers, Inc.
Dudley Zeller "
Director-Personnel/Risk Management
Post Office Drawer 9
Umatilla, Florida 32784
(904) 669-2101
Home Federal Bank of .Florida, FSB
Alfred T. May
President
Post Office Box 12288
St. PeterSburg, Florida 33733
(813) 823-1111
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City of Leesburg (904) 787-4313
(Our largest municipal client)
Rex Taylor f=.oo H~""Dr::~ -\ ~soc - ^-.so (\C"/t\'l/f:':':
City Manager ~1-?P3-7r~(
Post Office Box 630
Leesburg, Florida 32748
City of Tarpon Springs (813) 938-3711
. Robert Bublitz f<E""c::.8V\l...'f ~rt.eO-
Finance Director 1l~ IttSFf1... A~.5f"T:> htor"'1 PAvL t:2~~
Post Office Box 1575 Jrvs --ro SJ,v 13lhJJo<..
Tarpon Springs, Florida 34286
Town of Longboat Key . (813) 383-3721
Dennis Kelly Ikfl.ll5 DC\JJlcK.- f\~.tSr ~ D, 1.)).';'1/.'
Town Manager Ol1ot_ 8 )'.;)1~--5 ~ ?<iO 01 t)
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Post Off ce Box 107 ~"') J..'.;.bh
Longboat Key, Florida 33~71 1
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Waterman Medical Center
Carl J. Bender
Administrator'
Darrell C. Shonkwiler
Assistant Administrator
Post Office Box B
Eustis, Florida 32727-0377
(904) 589-3333
(4) Form of Contract
(a) We do not use any contract form for our services.
(b) Billings are made monthly on the basis of time and
expenses incurred. Payment is expected within 30
days.
(c) Reports can be prepared within 90 days from receipt
of all employee and financial data.
(5) Cost of Services
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(a) Basic Services
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The basic service to be provided is the annual actu-
arial valuation of each of the two municipal Pension
Plans. Each plan will have a separate, complete
actuary's report. Each actuary's report will comply
with all Florida (and federal, if applicable) require-
ments, the guidelines of the American Academy of
Actuaries, and the,applicable accounting guidelines.
The American Academy ,guidelines include disclosure
of all actuarial assumptions and special procedures
along with explanations of the information presented.
Additional services included are:
· Telephone conferences (a r~asonable number of
calls not involving compute~ analysis).
· Responsibility for responding to state inquiries
regarding the actuary's reports.
· Two trips to the City for ppn~i~n P~~td meetings
and/or staff briefings.
It is assumed that census and other necessary data
shall be available in an immediately usable format.
(b) Recordkeeping and Data Transfer
We are committed to establishing an efficient method
of data transfer which is most beneficial to both the
City and our firm. Toward this end, Ross F. Wilder,
Systems and Programming Manager with our data proces-
sing department (please see resume below), will work
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with the City's data processing and personnel staff
to identify the,optimal method of data transfer and
to facilitate its installation.
Data may be transferred by tape, floppy disc, or di-
rect telephone line communications between the City's
computer and Ogle & Waters' computer. Hard copy data
may be sUbmitted, but electronic transfer methods are
preferred. Annual updating of information can also
be accomplished by any of these methods.
Ross F. Wilder; C.D.P.
Systems and Programming Manager
Before joining Ogle & Waters, Inc., Mr. Wilder gained
a wide variety of experience in data processing as a
Programmer/Analyst for a large utility company and as
an information management consultant. He received a
B.A. in business management from the University of
South Florida, and is currently working towards an
M.B.A. with a concentration in data processing at Flo-
rid~ Institute of Technology. He is also an adjunct
faculty member at Tampa College. Mr. Wilder holds a
Certificate in Data Processing and is a member of the
Data Processing Management Association.
Cost of Actuarial Valuation r
as of January 1, 198X~
City of Clearwate~
Employees' Pension Plan
$ 8,000.00
City of Clearwater
Firemen's Relief and
Pension Fund
3,000.00
$11,000.00
Charges are guaranteed not to exceed the amounts shown
above. There is no fee reduction should Ogle & Waters,
Inc., be elected to perform both valuations.
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