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HomeMy WebLinkAboutR-84-1453J-84-1121 11/9/84 RESOLUTION NO. 84-145.3 A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A PROFESSIONAL SERVICES AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, BETWEEN THE CITY OF MIAMI AND TILLINGHAST, NELSON & WARREN, INC. AND ALEXANDER & ALEXANDER, FOR ACTUARIAL EXPERIENCE SERVICES AS REQUIRED BY THE MIAMI CITY EMPLOYEES' RETIREMENT SYSTEM, USING FUNDS THEREFOR FROM CURRENTLY BUDGETED FUNDS. WHEREAS, under Section 40-206(v) of the Miami City Code, the Miami City Employees' Retirement System Board is required to designate a Consultant in actuarial experience services to be its technical advisor; and WHEREAS, the Miami City Employees' Retirement System Board has designated Tillinghast, Nelson & Warren, Inc. and Alexander & Alexander to be its Consultants in such services; and WHEREAS, monies for said actuarial experience services are available from currently budgeted funds; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The City Manager is hereby authorized to execute a Professional Services Agreement, in a form acceptable to the City Attorney, between the City of Miami and Tillinghast, Nelson & Warren, Inc. and Alexander & Alexander for professional actuarial experience services to be provided to the Miami City Employees' Retirement System Board using funds therefor from Account #440101-000210, System Trust and Agency Fund Professional Services/Actuary. PASSED AND ADOPTED this 13th day of DECEMBER ATT UT : ty jtl�rk , 1984. MAURICE A. FERRE �-��• �i�Carf�/ MAURICE A. FERRE, Mayor PRE D AN AP _ ill,.7 istant City A to ney APPROV A T LUCIA A. City Attorney RN AND CORRECTNESS CITY COMSISSI©N MEETING OF LMF/wpc/pb/149 DEC m i nczhcAst I. NITto STATES • UNITED KINGDOM • CANADA • RERMUDA • IRELAND November S, 1984 Ms. Elena Rodriguez. Administrator Miami City Employees' Retirement System Post Office Box 330708 Miami, Florida 33233-0708 Re: Three -Year Experience Study Dear Ms. Rodriguez: TILLINGHAST, NELSON & WARREN, INC. Consultants 0 Actuaries IBM Building, Suite 130 615 South Main Street lacksmville, Florida 32207 (904) 390.5%1 We are pleased to have been selected to perform the three-year experience study for the Miami City Employees' Retirement System. As indicated earlier, the estimated fees for performing this study are from S6,9OO to a maximum of $7,600. We have contacted Mr. Joseph R. Zatto of Alexander 3 Alexander, Inc. to arrange for receipt of copies of the valuation data tapes for the periods ending 9/30/81, 9/30/82, and 9/30/83. It is anticipated that these tapes will include data for both active and inactive participants. We expect to hear from Mr. Zatto later this week regarding the receipt of this data. In addition, we require comparable information for the period ending 9/30/84, the ending date of the study. If you will provide us with copies of the 9/30/84 valuation data that you supply Mr. Zatto, that should be sufficient for our purposes. Again,the data should include both active and inactive plan participants. We would prefer tapes prepared according to the attached specifications for ease of compatabillty with our Computer system. Our report will be completed and delivered approximately four to six weeks after finalization of the data base. We look forward to working with you on this project, and will keep you informed as the work progresses. Sincerely, 2pelss-%M. Freeman JMF/vh Enclosure cc: Joseph R. Zatto 5 84-145f3 Tilli ast TILLINGHAST, NELSON &WARREN, INC Consultants •Actuaries (NIT(D STATiS • UNITED KINGDOM • CANADA • BIRMUUA • IRti AND IBM Building Suite 130 815 South Main Street lacksonvdle, Florida 32207 November S, 1984 (904) 398.5661 Ms. Elena Rodriguez, Administrator ' Miami City Employees# Retirement System Post Office Box 330708 Miami, Florida 33233-0708 Re: Three -Year Experience Study Dear Ms. Rodriguez: f We are pleased to have been selected to perform the three-year experience study for the Miami City Employees' Retirement System. As indicated earlier, the estimated fees for performing this study are from $6,900 to a maximum of $7, 600. We have contacted Mr. Joseph R. Zatto of Alexander b Alexander, Inc. to _ arrange for receipt of copies of the valuation data tapes for the periods ending 9/30/81, 9/30/82, and 9/30/83. It is anticipated that these tapes will include data for both active and inactive participants. We expect to hear from Mr. Zatto later this week regarding the receipt of this data. In addition, we require comparable information for the period ending 9/30/840 the ending date of the study. If you will provide us with copies of the 9/30/84 valuation data that you supply Mr. Zattoa that should be sufficient ?~ _ for our purposes. Again the data should include both active and inactive plan participants. We would prefer tapes prepared according to the attached specifications for ease of compatabiiity with our computer system. Our report n will be completed and delivered approximately four to six weeks after finalization of the data base. We look forward to working with you on this project, and will keep you informed as the work progresses. ` X Sincerely* w i 2es M. Freeman JMF/vh ry` Enclosure s cc: Joseph R. Zatto 84-1453 i MIAMA CITY EMPLOYEES1 RETIREMENT SYSTEM Data Tape Specifications - Nine Track Tape EE,�:JIC 1tin0 BPI - 20 Blocking Factor, with Padding - Padded with 9's