Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: RES 17-622    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 10/2/2017 Final action: 10/2/2017
Title: A Resolution Approving a Professional Services Agreement for Police and Firefighters' Pension Plan Actuarial Services with Lauterbach & Amen, LLP for Fiscal Years Ending December 31, 2017, 2018, and 2019 in a Total Amount not to Exceed $27,000 and Authorizing its Execution
Attachments: 1. Lauterback Resolution 09-09-17, 2. Lauterbach & Amen Agreement, 3. Lauterbach Proposal
Submitted By
Steven Drazner, CFO

Reviewed By
LKS

Agenda Item Title
Title
A Resolution Approving a Professional Services Agreement for Police and Firefighters' Pension Plan Actuarial Services with Lauterbach & Amen, LLP for Fiscal Years Ending December 31, 2017, 2018, and 2019 in a Total Amount not to Exceed $27,000 and Authorizing its Execution

End
Overview
Overview
The Village was under contract with the firm Serota and Associates to provide Police and Firefighters' Pension Plan actuarial valuation services for the fiscal years ending December 31, 2015 and 2016. Unlike the Illinois Municipal Retirement Fund which pools together resources from all Illinois municipalities (with some exceptions) and determines the annual Village contributions for eligible non-public safety employees, pursuant to State of IL statute, public safety pensions (i.e. police and fire) are independently managed rather than pooled together and thus, each plan requires an annual actuarial valuation to determine the recommended municipal contribution.

Regardless of whether a pension board retains its own independent actuary (as has been the case with the Village's fire pension), it is usually standard practice for a municipality to engage the services of an actuary to determine the annual recommended amount using agreed upon actuarial assumptions.

Body
Staff Recommendation
Approve the Resolution.

Fiscal Impact
The combined (for both pension valuations) not-to-exceed fees for the 2017, 2018, and 2019 actuarial valuation services are as follow:

2017- $9,000
2018- $9,000
2019- $9,000

This expense has been budgeted and will be paid from the finance external support account #1001.41300.101.530667

Background
A request for proposal was issued to obtain proposals on actuarial services for a three year term. The RFP was distributed directly to firms known to provide this service for municipal pensions as well as posted on the Village website and DemandStar.

A total of seve...

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