Submitted By
Steven Drazner, CFO
Reviewed By
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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, 2020, 2021, and 2022 in a Total Amount Not to Exceed $30,000 and Authorizing its Execution
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Overview
Overview
The Village has contracted with Lauterbach and Amen, LLP to provide Police and Firefighters' Pension Plan actuarial valuation services for the fiscal years ending December 31, 2017, 2018, and 2019. 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.
Village staff has been extremely satisfied with the services provided by L&A over the last three years and in addition to police/fire actuarial valuations, they have also been under contract to provide Other Post Employment Benefit (OPEB) valuation services as well. It is the recommendation of staff that the Village execute another three year agreement with Lauterbach and Amen to provide actuarial valuation services for both the police and firefighters' pension plans.
Please be aware that due to the Statewide consolidation of the downstate police and firefighter pension funds, it is unlikely that an independent valuation will be required for Fiscal Year 2022. Assuming this turns out to be the case, the Village will be permitted to terminate the contract with L&A early. However, should there be State legislation or transition rules modifying the effective consolidation date, FY22 is still being including under t...
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