HomeMy WebLinkAboutLetter - SegalV
,SEAL
2018 Powers Ferry Road SE Suite 850 Atlanta, GA 30339-7200
T 678.306.3100 F 678.306.3190 www.segalco.com
March 1, 2013
Ms. Maritza Suarez
Procurement Supervisor
City of Miami Purchasing Department
444 S.W. 2nd Avenue
Miami, Florida 33130
Re: Proposal to Provide Consulting Services to the City for the City of Miami Fire
Fighters' and Police Officers' Retirement Trust
Dear Ms. Suarez:
This letter will serve as the required Executive Summary for our proposal to perform the
requested services. The Segal Company was established in 1939 and provides actuarial and
benefits consulting services to over 2,000 different entities. Segal is independently owned by its
employees, who number about 1,000 across the United States and Canada. Segal is one of the
national leaders in supplying actuarial services to public sector entities such as the City of Miami
and has a long track record in helping our clients find workable solutions for the issues they face.
The Segal lead contacts for Miami each have over 30 years of experience working with public
sector entities, including cities, counties, states, public utilities and territories. Ms. Eitelberg and
Mr. Joyner are well -respected experts of all aspects of public sector retirement programs.
Specific clients and company experience is included in the attached information.
We were requested to provide Ms. Janice Lamed a proposal to analyze the potential impact to
the plan noted above of particular changes. The following describes our understanding of the
proposed changes, the services Segal will provide to analyze these changes and our proposed fee
for such services.
The attached document contains specific details requested by your office, including staff
biographies, relevant experience, references and details of the Segal organization.
Benefits, Compensation and HR Consulting Offices throughout the United States and Canada
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Founding Member of the Multinational Group of Actuaries and Consultants, a global affiliation of independent firms
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March 1, 2013
Page 2
Background
The City currently provides retirement benefits to fire fighters and police officers through the
Retirement Trust, which was established January 1, 1940. The City's required contributions have
increased in recent years due to investment performance less than assumed and the maturation of
the System. The City would like to consider options to lessen some of the budget pressure caused
by higher pension contributions.
It is our understanding that the City is requesting an initial analysis and review of these options:
1. Replace the current COLA that is a COLA based on the investment return of the Plan, with
a fixed rate COLA.
2. Create a fixed income investment instrument by which the City would provide a bond to
the Retirement Trust at a fixed coupon rate.
Scope of Services
The following summarizes our proposal for services:
> Segal will review salient actuarial reports and Trust information but we will not gather
detailed System data nor attempt to duplicate the current actuary's valuation.
> After reviewing the information, Segal will analyze each option based on liability
information available in the Trust's actuarial report.
> Segal will provide deterministic, arithmetic projections of each option, to consider the
longer -term impact on City funding requirements.
> Segal will be available to meet as requested by the City.
Proposed Fees
Our fee for the above services will be based on actual time charges incurred. For the services
listed above, we anticipate that incurred Segal time charges will be less than $20,000, including a
meeting to present the results. Additional meetings, if needed, will be billed at $3,000 each plus
travel expenses.
Segal is available, should the City request such services, to perform a more thorough review,
including processing data, developing computer models and running a parallel valuation.
Additional fees for this level of service are estimated to total about $32,000.
March 1, 2013
Page 3
This letter summarizes our understanding of the City's request and we trust captures the scope of
our involvement as you envision it. Please feel free to contact me at (678) 306-3119 if you have
any questions.
Sincerely,
Leon F. (Rocky) Joyner, Jr., FCA, ASA, MAAA, EA
Vice President and Actuary
cc: Ms. Janice Lamed
Ms. Cathie Eitelberg
7773360v1/96050.902
Proposal to Provide Consulting Services to the City for the City of Miami Fire
Fighters' and Police Officers' Retirement Trust
The following is Segal's detailed response to specific items included in RFP No. 260247
for Health Benefits Consulting Service and Actuarial Services issued by the City of
Miami. Since we are not proposing on the services requested in that proposal but rather
on the services requested by Ms. Larned, we are including responses to the required
sections indicated by you in your January 15 and February 27 emails. Items from the
RFP are shown in blue below. We have attempted to follow the requested format as
closely as possible but as noted above the RFP No. 260247 is requesting different
information and services from Ms. Larned's request. If any responses are unclear or
incomplete, please let us know and we will immediately supply any missing information.
We look forward to working with the City on this project.
Section 2.7, PROPOSER'S MINIMUM QUALIFICATIONS, reflects the following:
The following represent the minimum qualification requirements for a Proposer to
be deemed responsive and qualified by the City, and Proposers shall satisfy each
of the following minimum requirements cited below. Each must be addressed in
detail to determine Proposer's responsiveness and if qualified. Failure to meet
each of the following qualification requirements, and/or failure to provide
sufficient detail and/or documentation in its Proposal to determine
responsiveness by the City, will result in the Proposal being deemed non-
responsive
c) Neither Proposer nor any principal, officer, or stockholder of
Proposer(s) shall be in arrears or in default of any debt or contract
involving the City, (as a party to a contract, or otherwise); nor have
failed to perform faithfully on any previous contract with the City.
The Segal Company and its principals, officers and stockholder are not in arrears or in
default of any debt or contract involving the City. To our knowledge, The Segal
Company has not had any prior contracts with the City.
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4. Submission Requirements
1. Cover Page Information
Proposer's name; The Segal Company
Contact Person for the RFQ; Firm's Liaison for the Contract; Primary Office
Location and Local Business Address, if applicable; Business Phone and Fax
Numbers, if applicable Email addresses:
Cathie G. Eitelberg
National Director, Public Sector Market
Senior Vice President
1920 N, Street N.W. Washington DC 20036
Tel: 202 833 6437
Fax: 202 833 6490
Email: ceitelberq c�,segalco.com
Leon (Rocky) Joyner, FCA, ASA, MAAA
Vice President and Actuary
2018 Powers Ferry Road, Suite 850
Atlanta, GA 30339-7200
Tel: 678.306.3119
Fax: 678 306 3190
Email: rioyner(c(c�segalco.com
Title of RFQ; Consulting Services to the City for the City of Miami Fire Fighters' and
Police Officers' Retirement Trust
RFQ Number; Requested by the Finance Director
Federal Employer Identification Number: 13-1835864 (The Segal Company (Eastern
States), Inc.)
2. Executive Summary - A signed and dated summary of not more than three (3)
pages containing the Proposer's Overall Expertise, Qualifications and
Experience, including the Categories under which Proposer is seeking to qualify.
Include the name of the organization, business phone, contact person, and
phone/fax/email address. Describe its overall organization, history and
background, tax status, principals, owners, board of directors and/or board of
trustees, number of professionals employed, and the date Proposer was
incorporated/organized; State(s) incorporated/organized in.
The accompanying cover letter outlines our understanding of the background, scope of
services and proposed fees for the engagement.
The following is additional information regarding Segal.
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The Segal Company Consulting Philosophy
' Segal's consulting approach is based in its dedication to its corporate values and the Segal
"brand promise" —
"Segal is the firm of choice for clients committed to enhancing their organizations. We are the
architects of programs that build and secure the trust between our clients and their people. By
continually analyzing our evolving markets, we provide practical advice that looks beyond the
numbers to the human side of solutions. Our consultants guide our clients through the challenges
confronting them today and prepare them for tomorrow."
Our consulting approach is client focused, timely, pragmatic and forward thinking. The solutions
for the challenges facing public sector plan sponsors today are not rooted in the past; nor can
they be based on simply applying benchmarks to what "everyone else" is doing. To be current
and relevant in our work:
> We strive to understand our public sector client needs and are sensitive to their unique
environment;
> We pride ourselves in challenging the status quo and delivering the work related to the
basic consulting tasks needed to support complex health plans;
> We are unmatched in the consulting industry as creative and innovative thought leaders
dedicated to excellent solutions;
> We are committed to integrity, professionalism, and exceeding expectations.
Why Segal?
The Segal Company has over 70 years of providing consulting services to the public sector
entities. We consult to public entities nationwide, including transit authorities, states, counties,
cities, hospitals and other healthcare organizations and special districts. From our work with such
a wide variety of clients, we understand the unique nature of the different groups covered and the
impact retirement and health plans have on staffing, recruitment, retention and succession
planning. We also understand the importance of participants' retirement security and the role the
plan plays in meeting human resource objectives. Segal is keenly aware of the economy and the
competing demands for resources that you are facing as it seeks to fund its health and retirement
cost.
We believe we are the right choice for this engagement for the following reasons:
> Our Public Sector Experience: The public sector is a core business for Segal. Our research
and tools are designed to meet the unique needs of that sector. Firms that specialize in the
private sector are not positioned to meet the needs of this market. We understand the
budgetary pressure and media scrutiny many public entities face related to their health and
retirement plans.
> We understand Collective Bargaining — Segal is the preeminent benefits consulting firm in
the multiemployer market and has extensive experience handling collectively bargained
plans. Many of our clients contain collectively bargained employees so we are intimately
familiar with the bargaining process and can share our experiences with you. .
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> Our Team — We have staffed the proposed team with seasoned consultants and actuaries
that are knowledgeable about the public sector. Our team has worked together on multiple
public sector clients in various capacities. We have all the resources necessary and will
engage various subject matter experts required.
The combination of the points listed above makes Segal qualified to work with you on this
challenging assignment.
Our Commitments
Segal is dedicated to total client satisfaction and to responsive and creative solutions for our
clients' benefit needs. We want to highlight the following points that summarize Segal's
commitments for our clients:
> Commitment to the Public Sector: For over 70 years, Segal has provided actuarial and
consulting services to public sector employers and benefit plans. We have both the historical
perspective and the broad base of experience to support the benefit consulting needs for you.
> Commitment to Service: Our highly experienced consulting team brings both technical and
strategic perspectives to our work on this engagement. The team we will assign brings a full
understanding of how public systems work and the opportunities and limitations you face.
> Commitment to Quality: Actuarial and health analytical work requires complex
calculations and high-level computer programming combined with full understanding of the
ramifications that will follow from any changes considered. Our intensive quality review
process helps to assure that the results are accurate and meaningful.
> Commitment to Dependability: We will work with you to establish mutually attainable
work schedules and will dedicate the staff and resources necessary to meet those deadlines.
The trust that is developed over time with our long-term clients is something we value and
strive to reinforce.
> Commitment to Innovation: We believe our role as consultant is to provide technical
assistance and to add value to the management of your benefit programs. We will identify
emerging issues and propose innovative solutions to assist you.
4. Provide the branch or other subordinate units or divisions that will perform or
assist in performing any work resulting from this RFQ; the number of years the
firm has been in existence and number of years firm has been providing this
type of service; the overall size of the firm; and the primary sector (public vs.
private) and markets the firm serves.
Segal is privately held and is owned by its officers and employees. Segal is an independent
organization with no ties to any financial, insurance or other companies. Our only interest is
in providing unbiased solutions to our clients' benefits concerns and needs.
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Segal History
The Segal Company was founded as the Martin E. Segal Company in 1939, early in the
development of employee benefit plans in American industry. From the beginning, Segal has
been involved in developing health benefit and retirement programs that meet the needs of
employees and employers.
In 1967, the Martin E. Segal Company became part of Wertheim & Co. and in 1978 it again
became independent when it was repurchased by company management, where the
ownership has remained ever since. In 1991, the company name was officially changed to
The Segal Company.
Segal is a founding member of the Multinational Group of Actuaries and Consultants
(MGAC), whose member companies in Belgium, Canada, France, Germany, Great Britain,
Netherlands, Spain, Sweden, Switzerland, many countries in Africa, and the United States,
meet clients' needs for assistance in international benefits planning.
Most of our growth over the years has been through winning and developing our own clients,
although we have, from time to time, made acquisitions that enhance our ability to provide
independent consulting services:
> 2001. Segal acquired Marjorie Gross and Company, an award -winning firm specializing
in communicating benefits and compensation information, as well as building strategies
for effective employer communications. The MGC team was fully integrated into Segal
and now provides employee communications consulting services for all Segal clients.
> 2002. Segal acquired Sibson Consulting, a human resources consulting firm dedicated to
helping private sector employers improve the return on human capital through talent
strategies, effective organization practices, change management, rewards and
compensation design, work/life programs and other solutions that help enhance employee
performance. Our Sibson consulting division now combines all our corporate consulting
services.
> 2006. Segal acquired Irwin Tepper Associates, Inc., a consulting firm that specializes in
asset/liability analysis for employee benefit programs and other organizations.
> 2010. Segal acquired Aon Consulting's multiemployer defined benefit plan and related
consulting business in the United States.
> 2012. Segal Advisors, Inc., Segal's independent investment consulting subsidiary
announced its acquisition of Rogerscasey, Inc., a similar, independent investment
consultancy.
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Segal Client Breakdown
Our client breakdown, including a simplified breakdown, is as follows:
> Public Sector — 389
Simplified Breakdown:
Health: 193
Retirement: 123
Other: 73
> Multiemployer —1,441
Simplified breakdown:
Taft -Hartley Retirement Funds: 707
Health & Welfare Funds: 588
Other: 146
> Sibson (Corporate) - 448
> Segal Rogerscasey - 350 (Investment consulting)
Segal's independent investment consulting subsidiary announced its acquisition of
Rogerscasey, Inc., a similar, independent investment consultancy. Their total number of
clients, now Segal clients, is listed above.
Segal Client Base
For over 70 years, Segal has been a trusted advisor to public sector entities, multiemployer
benefit funds, federal government, corporate and non-profit organizations, and higher
education institutions.
Public Sector Entities
As one of the nation's leading consultants to the public sector, Segal has the knowledge,
expertise and experience to understand the environment in which public sector total rewards
decisions are made. As your trusted advisor, we are a committed partner in finding the best
possible compensation and benefit solutions. These total reward solutions must balance your
entity's workforce needs while you continue to meet the service demands of your
constituents.
We understand the pressures of increasing workforce costs and shrinking revenues, the need
to accommodate a growing population of baby boomer retirees, and the difficulties - and
necessity - of adopting new technologies to replace older, labor-intensive systems. Our
consultants have been assisting a wide range of public sector entities with compensation and
benefits solutions throughout our history.
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Multiemployer Benefit Trust Funds
Since our founding in 1939, Segal has been the consulting firm of choice for multiemployer
benefit trust funds. We are the only firm with a national commitment to the multiemployer
environment. We are actively involved with multiemployer legislation and research and work
closely with industry advocacy groups.
Segal offers unparalleled benefit plan expertise. Working with hundreds of multiemployer
plans enables us to understand and provide innovative, cost-effective solutions to the
challenges facing funds. Our unbiased, objective advice allows our clients to make decisions
in the broader context of what other multiemployer plans are doing. In addition, our ability to
aggregate multiemployer data from our extensive client base enables us to determine trends
and offer timely advice on emerging developments.
Federal Government
Segal is certified by the General Services Administration (GSA) through both MOBIS and
738X schedules to serve branches of the Federal government as employee benefits, actuarial,
compensation and human resources consultants. Our consulting services under this GSA
contract include the planning, design, qualification, implementation, operation and
communication of:
> Human resources policies and programs
> Administration and technology consulting
> Compensation strategies
> Position classification
> Total reward services
• Collective bargaining
> Employee opinion and satisfaction surveys
> Employee communication services, including personalized communication/benefits
statements
> Benefits consulting services
Other Markets
In addition to our core work with multiemployer funds and public sector entities, we offer
services to:
> Corporate and non-profit organizations (Sibson)
> Higher education institutions
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Organization chart
Below is our organizational Corporate organizational chart:
Directors
Joseph A.. L Cuero
Howard FJiahr
Eugen:eJ.Ker'1ir
Merril S. Delon
J. Tin Biddle
John [7ehlairo
Ann D. GRneo
Andrew D. hetman
4ohnFinn
..
David Diemen stain
Myrna Hetlermert
Me Segal Group A. Inc
Corporate O icers-4llCompanle5
ItweardFlahr; Chairman
JosaphALvekero. f'rasiderrtand Chief xeccfliva Officer
J. Tim Bi'ddfe, Vice Chairman liar The Sage Grixfp, inc, Only)
Rica oroM. DiBa!olo;'SVP, Treasurer and Chia! Fioancia Officer
Margery Sir.derFrsedma, Esq.,SVF, SecieteryandGeneralCaurrs '.
" DE wA Segal Roo erscase r l ogerscaseyDanac Segel Advisors am any;Eiagerscasay; a SagalAriviiatscorr`ipar r
Local and Regional Offices
Segal is headquartered in New York City and has 22 offices throughout the United States and
Canada. Our offices are located in Atlanta, Boston, Calgary, Chicago, Cleveland, Denver,
Detroit, Glendale, Hartford, Houston, Los Angeles, Minneapolis, Montreal, New Orleans,
New York, Philadelphia, Phoenix, Princeton, Raleigh, San Francisco, Toronto, and
Washington, DC.
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Segal will provide employee benefit consulting and actuarial services to you primarily from
our Atlanta and Washington, DC offices.
5. State number of partners, managers, supervisors, seniors and other
professional staff employed at the office from which the work for the City is to
be performed.
The Washington, D. C. office and the Atlanta office have about 100 and 40 employees
respectively. Ms. Eitelberg and Mr. Joyner will be the City's contacts.
Cathie G. Eitelberg
National Director, Public Sector Market
Senior Vice President
1920 N. Street N.W. Washington DC 20036
Tel: 202 833 6437
Fax: 202 833 6490
Email: ceitelberg@segalco.com
Leon (Rocky) Joyner, FCA, ASA, MAAA
Vice President and Actuary
2018 Powers Ferry Road, Suite 850
Atlanta, GA 30339-7200
Tel: 678.306.3119
Fax: 678 306 3190
Email: rjoyner@segalco.com
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6. Provide the Proposer's, and any employee(s), partner(s), principal(s), officer(s)
or owner(s) of the firm, and/or the firm or any of its affiliates or parent,
including joint ventures, most recent and/or current experience in performing
these services, including any previous City of Miami experience.
The Segal Company has no previous experience with the City of Miami.
We do have extensive experience with other cities. Ms. Eitelberg and Mr. Joyner specifically
have worked with many Public entities in recent years to evaluate and model retirement
design and funding options. The following is a sample of recent work in this area.
City of Atlanta — Segal assisted the City is evaluating plan options leading to a complete
redesign of their retirement benefits. The work took almost two years and involved all groups
with an interest in the City's long-term .welfare. The result was to move from a traditional
DB only structure to a hybrid combination DB/DC model.
City of Baltimore — Segal is currently working with City staff to design a reduced benefit
plan for new hires that will help the City meet its budget goals in future years. This project is
currently in process.
Retirement System of the United States Virgin Islands — Segal is currently assisting a
governor appointed task force to develop options to alleviate funding difficulties for the
System.
City of Vero Beach — Segal is in the process of modeling plan options for the City pursuant
to changes in core City services.
City of Oakland Park — Segal has worked with the City in modeling changes to its
retirement plans to address budget pressures caused by recent economic events.
Other cities for which Segal is either actively working to address particular issues or have
done so in the past include Jacksonville, Savannah, Chattanooga, Orlando, Fort Worth,
Phoenix, Kansas City, New York, and others.
7. Detail its overall health benefit consulting services and/or actuary expertise.
Provide the City with a list of other individuals, municipalities, associations, or
organizations who have retained the Proposer for the purposes of health
benefit consulting services and/or actuary services and detail the health
benefit consulting services and/or actuary services provided for client; and
indicate how long the relationship existed and the periods of service. Include
contact name, telephone number, and period of time representation occurred.
The City reserves the right to contact any reference as part of the qualification
process.
Specific references and contact information are presented in response to number 11 below.
At Segal, we recognize that the budgetary and social policy concerns surrounding benefit
coverage for public employees and retirees carry an even greater weight than in the private
sector, as economic pressures come into direct conflict with limited tax revenues. We are
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sensitive to the fact that benefits comprise a substantial portion of employees' total
compensation and that effective and efficient design, management and procurement of
benefits affects not only the Plan, but the employees and retirees as well. We believe these
factors and challenges must be met with a clear understanding of the forces at work, with the
appropriate objectivity to take a fresh look with a mind that is open to new ideas.
Retirement plans covering public safety personnel such as police and firefighters face unique
challenges. Because many public safety positions have demanding physical requirements, the
age at which participants in these positions retire is often lower than for the rest of the public
workforce. Public safety plans have evolved to reflect these lower retirement ages through
enhanced early retirement provisions. This design element, which results in shorter accrual
periods to fund the benefit, requires careful tracking of retirement patterns, disability
pensions and the ongoing relationship between assets and liability growth.
Our work goes beyond just performing "routine" actuarial valuations for our clients. The
following are some examples of our actuarial work for other public plans:
> Segal recently worked with the Chief of Firefighters for a local municipality and
provided assistance to develop a contribution -flexibility relief plan due to the economic
crisis, as legislatively created through state law.
> We also recently completed a plan review and design study for a mid -sized southern city
with a defined benefit pension plan. In this study, we benchmarked the city's plan against
a grouping of its peers, including a comparison of plan provisions, assumptions, methods,
and funded status; calculated the plan's retirement income replacement ratio and
compared it to the ratios of its peer group; as well as suggested and valued alternative
plan designs that would meet the city's goals.
> We have completed an engagement for a large city that does not participate in Social
Security, to help them develop a sustainable and competitive retirement plan. We were
selected to perform the actuarial calculations and projections by a Panel created by the
Mayor to study the city's pension issues. This work involved modeling pension plan
changes for current and future hires for the city's plans. We collaborated with Panel
members and other professionals to develop future options that included Defined Benefit
Plans, Defined Contribution Plans, Social Security and Hybrid Plans.
> We recently assisted a mid -sized metro -Atlanta county in amending its retirement plan to
obtain a manageable cost structure while supporting its human resources objectives. The
County had a non-contributory plan for general employees, police, and fire that the
County could not afford to continue without making changes. We helped the County
establish guiding principles as it amended the benefit structure and implemented
employee contributions for the first time. By reviewing projections with the county
Pension Board, we were able to help the county identify potential funding and
compliance issues early, thus allowing time to analyze potential changes and
communicate them appropriately to employees.
> We recently assisted a smaller city in developing a hybrid pension program for new
employees. The new program was designed to accomplish several goals, as agreed upon
by the City. These goals included maintaining a competitive benefits offering,
encouraging greater employee participation in saving for retirement, reducing the
potential volatility of required city contributions and allocating a portion of investment
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risk to the employees. The resultant program included a contributory base final average
pay defined benefit plan overlaid with a "401(k)"-type defined contribution plan with a
city matching contribution.
> In a large County in east Georgia, employees were in a variety of pension plans with very
differing plan designs and objectives. Segal, together with GMEBS, developed a new
defined benefit plan that consolidates almost all County employees into one pension
system. This greatly reduced administrative complexities and provides a more equitable
benefit program for County employees.
8. Describe in detail, on a per Category basis, the health benefit consulting
services (if proposing) and/or actuary experience and expertise of the
Proposer; include resumes for the principal supervisory personnel who will be
assigned to this engagement and describe their relevant experience in the
past three (3) years in providing similar services and any experience. Include
contact name, telephone number, and period of time representation occurred.
The City reserves the right to contact any reference as part of the qualification
process.
Since, Segal is not proposing for health benefit consulting, we have provided the following
biographies for our lead consultants.
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*SEGAL
CATHIE G. EITELBERG
Senior Vice President, National Director,
Public Sector Market, Washington, DC
Expertise
Ms. Eitelberg is a Senior Vice President in Segal's Washington, DC office. She has over 35
years of public policy experience with a focus on employee benefits and public finance. Ms.
Eitelberg is the firm's National Director of the Public Sector market and a member of its Senior
Management Team.
Ms. Eitelberg's specialized expertise includes:
> Public pension policy, design and governance,
> Public finance and plan administration, and
> Total rewards strategies.
Ms. Eitelberg's past and current clients include: the State of Nevada Public Employees'
Retirement System, the State of North Dakota Public Employees' Retirement System, the
Maryland Supplemental Retirement Plan, the City of Duluth Teachers' Retirement Fund, the
Indiana Public Employees' Retirement Fund and Indiana Teachers' Retirement Fund, the
American Federation of Teachers, the New Jersey Education Association and the Nebraska.
Public Employees Retirement System.
Professional Background
Ms. Eitelberg has served on the boards of the National Association of State Retirement
Administrators (NASRA), the National Association of Government Defined Contribution
Administrators (NAGDCA) and several committees of the International Foundation of Employee
Benefits. She is an advisor to the Committee on Pension and Benefits Administration of the
Government Finance Officers Association (GFOA) and is a founding member of the Arthur N.
Caple Foundation.
Ms. Eitelberg is listed in the Who's Who of Finance and the Elite Who's Who of American
Business Women and received the 1995 Private Sector Financial Excellence Award from the
Association of Government Accountants. Prior to joining Segal, Ms. Eitelberg was on the staff of
the GFOA as the first Director and Founder of its Pension and Benefits Center. In this position,
she oversaw the Association's Pension & Benefits Update and Public Pension Fund Survey.
During Ms. Eitelberg's 14-year tenure at GFOA, she represented public officials and employee
retirement systems before Congress and the administration on issues related to municipal debt,
taxes and employee benefits. In addition, she managed research and developed tax and employee
benefits policy. Ms. Eitelberg was a Staff Member of the National Conference of State
Legislatures in the early 80's.
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Education/Professional Designations
Ms. Eitelberg graduated summa cum laude from the University of Maryland with a BS in
Business Management and has completed coursework in the Executive Education program at
Harvard's Business School. Ms. Eitelberg was appointed to the National Association of State
Retirement Administrators' (NASRA) Associate Advisory Committee for a three-year term,
beginning August 2012.
Published Work/Speeches
Ms. Eitelberg lectures and writes on public retirement and health topics. She is frequently quoted
in the press and is an accomplished speaker.
Recent articles by Ms. Eitelberg include:
> "Planning a Successful Pension Funding Policy," Kim M. Nicholl, Paul Angelo, and Cathie
G. Eitelberg, Segal Public Sector Letter, November 2011
> "Actual Cost vs. Market Price: Does Market Valuation of Pension Liabilities Fit the Public
Sector?," Paul Angelo, Kim M. Nicholl and Cathie G. Eitelberg, Segal Public Sector Letter,
June 2011
> "Eight Steps to Instituting a Successful Reduction in Force, and One Interesting Alternative,"
Elliot R. Susseles and Cathie G. Eitelberg, IPMA-HR News, February 2009
> "Public Employers Should Consider Benefit Design When Seeking Solutions for GASB
OPEB," Cathie Eitelberg and J. Richard Johnson, IPMA-HR News Magazine, March 2008
> "Public -Sector Employers Find Alternative Medicine for Retiree Benefit Liabilities,"
Government Finance Review, February 2008
Benefits, Compensation and HR Consulting Offices throughout the United States and Canada
Founding Member of the Multinational Group of Actuaries and Consultants, a global affiliation of independent firms
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CATHIE G. EITELBERG
ceitelberg@segalco.com
202.833.6437
www.segalco.com
*SEGAL
LEON F. (ROCKY) JOYNER, JR.,
ASA, MAAA, FCA, EA
Vice President and Actuary, Atlanta
Expertise
Mr. Joyner is a Vice President and Actuary in Segal's Atlanta office. He has over 30 years of
actuarial consulting experience with all types of pension plans. Previous positions with the
company include Actuarial Assistant, Actuary, and Vice President. Mr. Joyner currently serves
as a senior actuarial consultant to some of Segal's largest governmental clients in the Southeast.
Mr. Joyner is the consulting actuary for many city and county government clients, including the
City of Birmingham, the City of Atlanta, Memphis Light, Gas'& Water Division, San Antonio
Fire and Police Retirement System, Chattanooga Fire and Police, and DeKaib County, Georgia.
For the last five years, he has served as the consulting actuary for the Georgia Municipal
Employees' Benefit System as well, which covers employees in nearly 300 municipalities across
the state of Georgia.
Education/Professional Designations
Mr. Joyner is a cum laude graduate of Washington and Lee University (Lexington, VA), where
he earned a BS in Mathematics and Physics -Engineering. He has also completed graduate work
in Actuarial Science at Georgia State University. Mr. Joyner is an Associate of the Society of
Actuaries, a Member of the American Academy of Actuaries, a Fellow in the Conference of
Consulting Actuaries and an Enrolled Actuary.
Published Work/Speeches
Mr. Joyner has been a conference speaker on public sector funding issues for numerous
organizations, including the Florida Government Finance Officers Association (GFOA), The
National Conference on Public Employee Retirement Systems (NCPERS), the Conference of
Consulting Actuaries (CCA), and the Society of Actuaries (SOA). He has testified before
legislative committees in Texas, Kentucky, and Georgia, and has published articles on Deferred
Retirement Option Program (DROP) issues and plan design.
Benefits, Compensation and HR Consulting Offices throughout the United States and Canada
Founding Member of the Multinational Group of Actuaries and Consultants, a global affiliation of independent firms
18
LEON F. JOYNER, JR.
rjoyner@segalco.com
678.306.3119
www.segalco.com
9. Include a description of how the Proposer proposes to staff this engagement,
and include the name of the principal, the names of those members of the firm
designated to assist in the various areas of required expertise; the
qualifications of the individuals in those areas; and the role each member of
the actuarial services team will play.
Provide resume(s) as necessary.
Additional Segal team members include:
19
*SEGAL
JEFFREY S. WILLIAMS, FCA, ASA, MAAA, EA
Consulting Actuary, Atlanta
Expertise
Mr. Williams is a Consulting Actuary with supervisory responsibilities in Segal's Atlanta office.
He joined the firm in 2003 as a Senior Actuarial Analyst.
Mr. Williams works on all phases of actuarial valuations and consulting issues for a variety of
public sector, multiemployer, and corporate clients, and has extensive benefit calculation
experience. He is involved in client relationship management as well as performing technical
work. Mr. Williams has experience working on IRS, PBGC and GASB filings, end -of -year
disclosures, and expense and contribution projections. A few of the public sector funds he works
on include:
> Georgia Municipal Employees Benefit System
> City of Birmingham Retirement and Relief System
> City of Chattanooga Fire and Police Pension Fund
> City of Orlando Police Officers' Pension Fund
D City of Vero Beach General Employee Retirement Plan
> City of Savannah Employees' Retirement Plan
Professional Background
Before joining The Segal Company, Mr. Williams spent five years at a retirement consulting
firm specializing in corporate retirement plans. Prior to that, he worked in the pension
administration department of a Fortune 100 company.
Education/Professional Designations
Mr. Williams holds a BS in Business Administration from Auburn University and attended the
Masters of Actuarial Science program at Georgia State University in preparation for actuarial
exams. He is a Fellow of the Conference of Consulting Actuaries, a Member of the American
Academy of Actuaries, an Associate in the Society of Actuaries and an Enrolled Actuary.
Benefits, Compensation and HR Consulting Offices throughout the United States and Canada
Founding Member of the Multinational Group of Actuaries and Consultants, a global affiliation of independent firms
20
JEFFREY S. WILLIAMS
jwilliams@segalco.com
678.306.3147
www.segalco.com
SEGAL
MALICHI WATERMAN, MAAA, EA
Assistant Actuary, Atlanta
Expertise
Mr. Waterman joined The Segal. Company's Atlanta office in 2005 as a Senior Actuarial
Analyst. He works on all phases of actuarial valuations and administrative issues for a variety of
multiemployer, public, and corporate clients. He has experience working on IRS and PBGC
flings, end -of -year disclosures, and expense and contribution projections, including asset
liability modeling. In 2007, he became an Assistant Actuary.
Professional Background
Before joining The Segal Company, Mr. Waterman worked for seven years for a retirement
consulting firm specializing in corporate retirement plans.
Education/Professional Designations
Mr. Waterman holds a Bachelor of Business Administration, specializing in Actuarial Science
from Georgia State University. He is a Member of the American Academy of Actuaries and an
Enrolled Actuary.
Benefits, Compensation and HR Consulting Offices throughout the United States and Canada
Founding Member of the Multinational Group of Actuaries and Consultants, a global affiliation of independent firms
21
MALICH! WATERMAN
mwaterman@segalco.com
678.306.3125
www.segalco.com
*SEGAL
MATTHEW A. POWELL
Senior Actuarial Analyst, Atlanta
Expertise
Mr. Powell is a Senior Actuarial Analyst in Segal's Atlanta office. He works on all phases of
actuarial valuations and helps navigate administrative issues for a variety of governmental and
multiemployer clients.
Professional Background
Mr. Powell has experience working on IRS filings, benefit calculations and expense and
contribution projections, including deterministic forecasting.
Education/Professional Designations
Mr. Powell graduated from Georgia Institute of Technology in December 2005 with a BS in
Discrete Mathematics. He is currently taking exams given by the Society of Actuaries.
Benefits, Compensation and HR Consulting Offices throughout the United States and Canada
Founding Member of the Multinational Group of Actuaries and Consultants, a global affiliation of independent firms
ody
MATTHEW A. POWELL
mpowell@segalco.com
678.306.3131
www.segalco.com
22
10. List the most significant accomplishments related to health benefit consulting
services and/or actuarial services performed in the past three (3) years;
summarize scope of services, term of service, engagement partners, and the
name and telephone number of the principal client contact.
Please see the answers to 6 and 7 above.
11. Provide a minimum of two (2) references on the letterhead of the client to
whom services of a similar nature were provided. The City reserves the right
to contact any reference as part of the qualification process.
Letters of reference have been requested and should be received by you today for two
current clients for which we have performed similar services. The following are additional
references that you may feel free to contact.
z ,x FCl�ent
Georgia Municipal
Employees Benefit
System (GA)
201 Pryor Street, SW
Atlanta, GA 30303
, ,
` z Contact Information z
Mr. Calvert (Cal) Wray
Plan Administrator
404.688.0472
cwray@ QManet.com .
+ Description/Scope-of Work F
Segal provides routine pension and OPEB
actuarial consulting services and special
projects for almost 300 separate municipal
plans of varying sizes within the State of
Georgia
City of Jacksonville
General Employees'
Retirement Plan and City
of Jacksonville
Correction Officers'
Retirement Plan
117 West Duval Street
Suite 302
Jacksonville, FL 32202
Mr. Patrick (Joey) Greive
Acting Treasurer
904.630.5940
pereive a coj.net
The General Employees' Retirement Plan
has 10,800 participants and $1.4 billion in
assets. The Correction Officers' Retirement
Plan has 875 participants and $93 million in
assets.
Segal provides routine pension actuarial
consulting services, multi -year experience
studies and special projects, including
extensive plan design studies for the City.
Orlando Police Officers'
Pension Fund
400 South Orange Avenue
4th Floor
Orlando, FL 32801-3360
Mr. Jay L. Smith
Pension Fund Chairman
407.246.2110
jay.l.smithncitvoforlando.net
The Pension Fund has approximately 1,000
participants and $350 million in assets.
Segal provides routine pension valuation
services, multi -year experience studies, plan
design studies and special projects.
Ms. Shelly Burlon
Plan Administrator
407.246.2603
shelly .burlon(@,citvoforlando.net
City of Birmingham
Retirement and Relief
System and City of
Birmingham Firemen's
and Policemen's
Supplemental Pension
System
710 North 20th Street
GA 100 City Hall
Birmingham, AL 35203
Martin P. (Marty) Leonard, CPA
Retirement System Chairman
205.699.4905
mplcpa(windstream.net
The Retirement and Relief System has
almost 6,900 participants and $900 million in
assets. The Supplemental Fire and Police
Fund provides benefits from retirement after
20 years of service until the participant
would have had 30 years of service. The
Supplemental Fund has 1,800 participants
and $47 million in assets.
Segal provides routine pension and OPEB
actuarial consulting services, multi -year
experience studies, plan design studies and
special projects.
Chattanooga Fire and
Police Pension Fund
6009 John Douglass Drive
Chattanooga, TN 37421
Mr. Frank Hamilton
Business Manager
423.698.9599
familton a,cfppf.org
The Pension Fund has 1,500 participants and
$200 million in assets.
Segal provides routine pension valuation
services, multi -year experience studies, plan
design studies and special projects.
12. Provide details of any lawsuits, bankruptcies, indictments, or investigations
involving the Proposer, an employee(s), partner(s), principal(s), officer(s) or
owner(s) of the firm, and/or the firm or any of its affiliates or parent, including
joint ventures, or any of its principals.
The Segal Company does not have any actions placed against them. With over 2,500 clients,
The Segal Company is occasionally named as a party in litigation involving the performance
of its services. Past litigation did not affect Segal's ability to perform services for its clients
nor did any litigation have a material effect on its financial position.
13. Indicate whether the selection of Proposer would result in any current or
future potential conflict of interest. If so, your response must specify the
party with which the conflict exists or might arise, the nature of the conflict,
and whether your firm or any of its affiliates or parent, would step aside or
resign from the engagement or representation creating the conflict. Please
also disclose any financial or contractual relationship an employee(s),
partner(s), principal(s), officer(s) or owner(s) of the firm, and/or the firm or
any of its affiliates or parent, including joint ventures, has, or have had, over
the past five (5) years with any City of Miami elected or appointed official, or
with a firm in which they were employed. This information is subject to
verification as part of the qualification process.
We know of no current nor do we anticipate any future conflicts of interest.
g