HomeMy WebLinkAboutGESE Memo 9-27-10September 16, 2010.
Mr. Carlos Migoya, City Manager
3 500 Pace American Drive
Miami, Ff., 3313 3
RE: Amewled Budget Request
Dear Mr. Migova:
Enclosed please find a revised proposed budget in the total amount of $3,342,263.00 for
the City of Miami General Employees' & Sanitation Employees' Retirement Trust.
This amended budget is due to the events that have taken place since the budget was
originally submitted on July 28, 201.0. The additional amount we are requesting for the
proper and reasonable administration of the GESS Trust is $00,000. This increase will
cover the additional actuarial cost to implement the Ordinance that passed on first reading
on September 1.4, 2010. In addition, this increase will cover the numerous software
enhancements needed due to the passage of the ordinance (ie. making changes to the
normuil retirement age, benefit formula, maximum benefit, normal benefit form, member
contribution, and average final compensation.). With passage of this Ordinance, the City
contribution to the GESS Retirement Trust decreases by approximately $16.4 million;
however, the administrative cost to the Trust increases.
Should you have any questions, please feel tree to contact me.
Sincerely,
Sandra F.,l.enberg
Pension Administrator
Hon. Mayor and City Commissioners
Julie Bru, Esq.
Elvi Gallastegui, Agenda Coordinator
Mirtha. Dziedzie, Budget Director
Ronald A. Silver, Esq.
Board of Trustees
.lose Fernandez, GESE's Actuary
2901 Bridgeport Avenue * Coconut Grove, Florida 33133-3607 9 Telephone (305) 441-2300 • Fax (305) 441-2307 0 wwvd.gese.org