HomeMy WebLinkAboutOrdinances Book 15, Page 1112, No Resolution Number1112
A RESOLUTION ACCEPTING THE PROPOSAL OF PUBLIC ADMINISTRATION
SERVICE OF CHICAGO, ILLINOIS, TO PREPARE A REPORT ON AN ACTUARIAL
VALUATION OF THE POLICEMEN'S AND FIREMEN'S PENSION FUND
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH,
KENTUCKY:
SECTION 1. That the proposal of Public Administration
Service of 1313 East Sixtieth Street, Chicago, Illinois, dated
October 25, 1966, to prepare a report to the City of Paducah on an
actuarial valuation of the Policemen's and Firemen's Pension Fund,
be accepted, such proposal being in words and figures as follows, to -wit:
"October 25, 1966
"Mr. W. L. Rutter
City Treasurer
City of Paducah
P. 0. Box 891
Paducah, Kentucky 42001
Dear Mr. Rutter:
"Your letter dated August 30, 1966, addressed to Mr. Weinberg,
has been referred to me for reply.
"Our report on an actuarial valuation of the Policemen's and
Firemen's Pension Fund would include:
1. A determination of the accrued liability of the Fund
for the several benefit obligations.
2. A calculation of the currently accruing current service
cost.
3. An analysis of the results of operations since 1961,
relative to mortality and turnover experience and other
factors reflecting; such experiences.
4. The preparation of an actuarial balance sheet reflect-
ing the financial condition of the Fund at June 30, 1966.
5. An analysis of the plan of operation in the light of
the experience to date, and an evaluation of the
investment policy and procedure.
6. Unlimited consultation service during the course of
the project and for at least three months following
the submission of our report.
"We estimate the maximum cost of the actuarial valuation
proposed at not to exceed $1,500, assuming that no more than
15 copies of the report are required and that the study would
not require a visit to Paducah, and we will agree to complete
the work within this amount, billing, however, only for time
devoted to the work and other direct expenses. The minimum
amount that we are able to estimate is approximately $1,200.
Should a visit to Paducah be required, our charges may be
expected to exceed this maximum by the costs of transportation
between Chicago and Paducah and the time required for such a
visit.
"Our estimate further assumes that the Fund would provide
statistical and other information required for our study, all
in accordance with our specifications, such specifications to
be supplied following receipt of authorization for the under-
taking. We would indeed welcome the opportunity to assist
the Fund in this project.
Sincerely yours,
Theodore Sitkoff"
SECTION 2. This Resolution shall be introduced and remain on file
for at least one (1) week for public inspection in the completed form in
which it shall be put upon its final passage, and if adopted shall be in
full force and effect ten (10) days thereafter.
Introduced by the Boqrd of Commissioners November 15, 1966
Adopted by the Board of Commissioners November 22, 1966
Recorded by Sarah Thurman, City Clerk, November 22, 1966
Mayor