R2007-099 2007-06-25
RESOLUTION NO. R2007 -99
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, AUTHORIZING THE PURCHASE OF ANNUITIES FOR CERTAIN
MEMBERS OF THE PEARLAND VOLUNTEER FIRE DEPARTMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That the proposal for the purchase of annuities, a copy of which is
attached hereto as Exhibit "A" and made a part hereof for all purposes, is hereby
authorized and approved.
Section 2. That the City Manager or his designee is hereby authorized to execute
and the City Secretary to attest a contract for the purchase of annuities for certain
members of the Pearland Volunteer Fire Department.
PASSED, APPROVED and ADOPTED thiS~: R~D., 2007.
TO REID
MAYOR
ATTEST:
APPROVED AS TO FORM:
O~A.~
DARRIN M. COKER
CITY ATTORNEY
Exhibit "A"
Resolution No. R2007-99
PLAN #2
PEARLAND VOLUNTEER FIRE DEPARTMENT
PLAN SPECIFICATIONS
1. EFFECTIVE DATE: 07/01/07
2. . ELIGmll.JTY:
\
As provided to VFIS on your census.
3. PRE-ENTITLEMENT BENEFIT FORMULA:
S10.00
20
$200.00
Per Month Per Year of Past Service (Maximum of20 Years)
Maximum Years Service
Maximum Monthly Entitlement Beoefit
4. VESTING SCHEDULE:
YRS. OF SERVICE 1 2 3 4 5 6 7 8 9 10
VESTED PERCENT 0 0 0 0 0 0 0 0 0 100
5. ENTITLEMENT AGE:
First of the month foUowing age 60.
6. NORMAL FORM OF ENTITLEMENT BENEFIT:
Monthly Life Annuity - Minimum 120 Monthly Payments
7. DISABILITY BENEFIT:
Lump Sum Distribution
8. PRE-ENTITLEMENT DEATH BENEFIT:
Participants will receive the value of their earned benefit payable in the manner
designated by the Plan sponsor.
ACTUARIAL FUNDING MEmODS & ASSUMPTIONS
9. INTEREST ASSUMPTIONS:
10. TURNOVER TABLE:
11. MORTALITY TABLE:
12. FUNDING MEmOD:
5.00%
N/A
G9400
Unit Credit
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PLAN #2
PEARLAND VOLUNTEER FIRE DEPARTMENT
ANNUAL RECOMMENDED DEPOSIT
The Length of Service Awards Program is structured to allow the sponsor to systematically set aside adequate
funds to provide the promised benefits. The Annual Recommended Deposit illustrated in this proposal is based
on infonnation provided and the proposed effective date in the Plan Specifications. Any changes to the proposal
Plan' Specifications or Participant data may affect the Annual Recommended Deposit. The Annual
Recommended Deposit will be recalculated each year using then current data.. The Annual Recommended
Deposit assumes flI'St day of Plan year contribution. The Annual Recommended Deposit consists of the
following:
10 YEAR 13 YEAR
AMORTIZATION AMORTIZATION
1. Administration Fee $791.00 $791.00
2. Investment Deposit AmortiZation $27.530.00 522.630.00
Annual Recommended Deposit $28,321.00 $23,421.00
Under the 10-year amortization period, the Annual Recommended Deposit represents an average cost of
$2.100.86 per Plan Participant
1. ADMINISTRATION FEE
The VFIS annual administrative fee is $700 per Plan + $7 per Participant This fee covers contracted VFIS
services, as well as, annual actuarial certification by an independent, enrolled actuary. The fee noted above is
based on 14 Participants on your roster.
2. INVESTMENT DEPOSIT AMORTIZATION
No actual contributions were made prior to the effective date and the amount that would have accumulated needs
to be funded. As an alternative to paying this amount in a lump sum it can be amortized over a number of years.
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OC40B569 I:'!EmFTr ~ (liNIRY K!E N:1iM\L FC:N!JIm) 05-15-2007
J:EARIll.ND Vl'JI.INIEER FIRE .IEl?AR'1M;Nl' I?PGE 1
tuN #2-RFP
KR 'IBE P.U\N ~ 07/01/2007 'llKXm OS/30/200B
HlRl'ICIP1INl' YE!\RS OF JlD:JUD VESlE) mmo:m
~ PARl'ICIH\Nl' NllM3 K!E SERVICE BEN!:Fl'l' " BIiNEFn'
---T"------- ---------------- -------- ....-------
1 8E.I'l'IS, l':'ltDX 54 20 200.00 100 200.00
2 ,IDi6EILY, oXEN 57 16 160.00 100 160.00
3 ~, IrlRREtL 49 17 170.00 J.OO 170.00
4 F!mES, .::Jt::ImY 51 17 170.00 100 :1.70.00
5 lXE, JalN 44 12 120.00 :LOO 120.00
6 ~, SlMJEL 49 12 120.00 :LOO 120.00
7 GmDl, S'lEI/E 48 19 190.00 :1.00 190.00
B lXE, JtEN 32 10 :1.00.00 100 100.00
9 .D\MISJ.Ii, o:;JJ:NKN 54 20 200.00 J.OO 200.00
II SOlNIi:IIl:R, Ill\.V!D 51 14 140.00 100 140.00
12 SI'E\I.ENS, EU:X 46 20 200.00 100 200.00
13 '.lH::RNE[L, EL'ltN 61 20 200.00 100 200.00
14 \CaS. IF\RREI:L 49 14 140.00 100 140.00