HomeMy WebLinkAboutR-79-0659RESOLUTION NO. 65
A RESOLUTION APPROVING
THOUSANDEXPENDITURE
000�00)
SUM NOT TO EXCEED
DOLLARS TO THE ACTUARIAL FIRM OF EDWARD H.
FRIEND &.COMPANY FOR THE PURPOSE OF PROVIDING
A CASH FLOW ANALYSIS OF FUNDING REQUIREMENTS
FOR THE MIAMI CITY GENERAL EMPLOYEES' RETIRE-
MENT PLAN.
WHEREAS, the Retirement Board of the Miami City General
Employees'. Retirement. Plan is charged with the administration and
responsibility for 'the operation of the Retirement Plan; and
WHEREAS, pursuant to that responsibility the Retirement
Board has determined that a cash flowanalysisof projected funding
requirements for the next Ten (10)
the Retirement Board to perform
WHEREAS, the actuarial
the actuary for the
of such a cash flow
Hundred ($7,500.00)
Retirement Board,
analysis would be in an amount of Seventy -Five.
Dollars, plus expenses; and
WHEREAS, the Retirement Board recommends to the
Miami Commission that the expenditure of an amount not to
Ten Thousand ($10,000:00) Dollars be approved to EDWARD H
& COMPANY for .the purpose'of snaking such a cash flow analysis; and
CITY OF MIAMI, FLORIDA:
Miami City General Employees'
of EDWARD H. FRIEND & COMPANY for the purpose of providing a cash
Ten (10) years
sum of Ten
firm of EDWARD H.
has determined that the cost
in order for
responsibilitiess,.and
FRIEND& COMPANY,
City of
exceed.
. FRIEND
WHEREAS, the City Commission finds it is in the best interest
approve theaforesaid recommendation;
NOW, THEREFORE, BE IT RESOLVED BY THE COMIVANFOF THE.
ITEM NO.-
The employment by the Retirement Board of the
Retirement Plan of the actuarial firm
flow analysis of funding requirements over the next
is hereby. approved, for_ an amount not to exceed the
Thousand:(.$10,000.00) Dollars. .
"S�I"'ORTIVE
Le
Y'CLJPvilENTS
FOLLOW"
ft
CRY COMMISSION t
MEETING OF
irrg
wwt M79-6519
-1-
ATTEST:
CITY CLERK
PREPARED AND APPROVED BY:
eptember , 1979.
Maurice A. Ferre
MAYOR
ED AS TO FORM AND CORRECTNESS:
"SUPPORTIVE
DOCUMENTS
FOLLOW"
79-659
10:
CID,' 1i7 '.+1AMI. Ft.ordo
111\11r,R•iDt' l%...7:
Joseph R. Grassie
City Manager
Elena Rodrigu z, ecretary
The Miami City Employees' Ret.'.
System & Plan
HATE:
September 12, 1979.`
Ten Thousand ($10 0.00) Dollars
The Firm of E.H.Friend & Co. For =
x�xxxx pi
Purpose of -Providinga Cash
:
xxxxxKi:w Analysis.
o=
Reference: Proposed Resolution;
suflJF T:Resolution Approving the -
Expenditure of aSum Not:to Exceed 1
It is recommended a resolution approving the expenditure ,of a sum;
not to exceed ten,; thousand`($10,000) dollars to the actuarial firm
of Edward H. Friend &':Co. for the purpose of providing a cash flow
analysis of funding requirements for the Miami CityEmployees'
Retirement Plan.
The Plan Board, in its efforts to aid in finding a solution to the
Budget restraint being faced, moved in their Trustee Meetingof,.
May.17, 1979, to allow E. H. Friend & Co. to perform.a'cash flow
analysis of funding requirements for the Miami City'Employees'
Retirement Plan. The actuary, in turn, trying. to provide-the`..Board
with the information needed as soon as possible, started to, perform
this job.
The Board was advised at the Trustee Meeting of July 27, 1979, of
what had happened and of the need. to present this item to the City
Commission for approval. At the Trustee Board Meeting of August 30,
1979, the Board requested their Trustee Attorney to prepare a
resolution for presentation at the City Commission Meeting of Sept. 13,
1979.
Funds to cover this expenditure will be available after`a
supplemental appropriation ordinance is presented to the Commission
at their meeting; of 9-27-79.