HomeMy WebLinkAboutChernoff, Diamond & Co, LLC RESOLUTION 2014-386
ADOPTED DOC ID: 9741
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2014-386 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
MAY 6, 2014:
RESOLVED that the Town Board of the Town of Southold hereby engages Chernoff,
Diamond & Co., LLC to provide actuarial valuation and related professional services to
the Town relative to GASB Statement 45 (Post-Retirement and Other Post-Employment
Benefits) for the fiscal years ending December 31,2013 and December 31,2014, in an
amount not to exceed $12,600 for FY 13 and $2,600 for FY 14, and which shall be a legal charge
to the Accounting and Finance Department's 2014 and 2015 Actuarial Services budget
appropriation(A.1310.4.500.200).
Elizabeth A. Neville
Southold Town Clerk
RESULT: ADOPTED [UNANIMOUS]
MOVER: James Dinizio Jr, Councilman
SECONDER:Louisa P. Evans, Justice
AYES: Ghosio, Dinizio Jr, Ruland, Doherty, Evans, Russell
SoundAdvice Comprehensive
RETIREMENT FLAN SERVICES
ENGAGEMENT AGREEMENT
TOWN OF SOUTHOLD
Prepared by
Robert Abzug
Principal
E: rabzuqC4?cherroffdiamond.com
P: 1-:'D16-24/-3425
April 2014
4
CHERNOFF
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D AMON D
Benefits I Compensation ! Risk Management Insurance
TOWN OF SOUTHOLD
GASB 45 Valuation, Reporting&Consulting Services provide for the preparation of an actuarial valuation of the plan,
which includes the following:
- Consult with designated Town of Southold representatives to frame out project
- Review plan documents and data
- Review (with designated Town of Southold representatives) actuarial assumptions,methodologies and potential
impact
- Calculate the annual required contribution
- Determine the actuarial accrued liability for OPEB associated with past service cost
- Preparation of a cash flow analysis (the "pay-as-you-go-cost")
- Preparation of comprehensive actuarial report(including glossary of terms)detailing the OPEB
liabilities,a summary of plan provisions and actuarial assumptions and methodologies
- Present recommendations with respect to current design (including formalizing plans) and
Management of the ongoing OPEB liability
- Present results
Our fees for all of the above basic services will not exceed$12,600 for the fiscal year ending December 31,2014 and
$2,600 for the fiscal year ending December 31,2015 and assumes"clean data" provided in electronic format.
Fees for additional services outside the scope of this proposal will be determined at the time of engagement.
Optional Services
- Chernoff Diamond has developed an interactive program which allows our clients to project and model GASB 45
costs and unfunded liabilities into the future taking into account various discount rates, asset return
assumptions, etc.This program is a valuable long term planning tool.
- Chernoff Diamond can also assist the District in evaluating available funding vehicles including a Section 115
Irrevocable Trust.
- Review coordination with Medicare Part D.
To indicate your acceptance,please sign,date and return a copy of this agreement.
ACCEPTED&APP OVED for Town of Southold
By C+ 4-4e& Print Name C o++ /'t' • ll-sse I '
Title 'Sk )Qi: -cq ISOV-• Date f `T
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CHERNOFF
- DIAMOND