4.04 4.4
AGREEMENTSTenflex-2018-19 Service Fee Agreement—10-15-18
RESOLUTION AUTHORIZING ENGAGEMENT OF PENFLEX, INC.
SERVICE AWARD PROGRAM SPECIALISTS TO PROVIDE
ADMINISTRATION AND SUPPORT SERVICES FOR 2018/2019 AND
PROVISION OF 2018 STANDARD YEAR END SERVICES
RESOLUTION NO.: ,2018
INTRODUCED BY:
WHO MOVED ITS ADOPTION
SECONDED BY:
WHEREAS, the Queensbury Town Board wishes to engage the services of PENFLEX,
INC. Service Award Program Specialists to provide administration and support services during
2018/2019, and the 2018 standard year end administration services for the Town of Queensbury's
Volunteer Firefighter Service Award Program and the LOSAP Audit Package, as outlined in
PENFLEX's Service Fee Agreement presented at this meeting, and
WHEREAS,PENFLEX will provide these services for the amount o£
• $12,900—Estimated Standard and Distribution Services Fees; and
• $ 345 —NYS LOSAP Audit Package;
for a total estimated cost of$13,245,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the engagement of
PENFLEX, INC. to provide administration and support services during 2018/2019 and the 2018
standard year end administration services for the Town of Queensbury's Volunteer Firefighter
Service Award Program for a total estimated cost of $13,245, to be paid from the appropriate
account as determined by the Town Supervisor and/or Town Budget Officer, and
BE IT FURTHER,
RESOLVED, that the Town Board hereby authorizes and directs the Town Supervisor to
execute the Service Fee Agreement with PENFLEX, INC. substantially in the form presented at this
meeting and the Town Supervisor and/or Town Budget Officer to take any other actions necessary
to effectuate the terms of this Resolution.
Duly adopted this 15th day of October, 2018 by the following vote:
AYES
NOES
ABSENT:
PENFLEX
9INC.
SERVICE AWARD PROGRAM SPECIALISTS
www.penflexinc.com Penflex,Inc. Phone:800.742.1409
50 Century Hill Dr.,Suite 3 Fax:518.783.6915
September 2018 Latham,NY 12110 Email:info@penflexinc.com
Ms. Victoria LaMarque
Town of Queensbury
742 Bay Road
Queensbury, NY 12804
Re: Service Award Program 2018-2019 Service Fee Agreement
Dear Ms. LaMarque:
Enclosed is our Service Fee Agreement for the upcoming administrative year. You will note a
modest increase to the Base Fee. The underlying costs of providing services to our clients have
increased. We've taken some steps to minimize the impact of these additional costs on our
fees, but after projecting our costs for the upcoming year we felt a small increase was
necessary to continue the quality service our clients have come to expect.
In addition, we have increased our fee for preparing our GASB 73 disclosure package. Although
this does not pertain to all of our clients, we have enclosed our "GASB 73 Frequently Asked
Questions"for more information regarding this relatively new accounting standard. This increase
only impacts those clients that elect this optional service.
You may notice a slight change to this year's Agreement — we have incorporated last year's
elections regarding our optional financial statement disclosures fees. This includes the contact
information for your external auditor. If you are requesting that we prepare either of the financial
statement disclosure packages, please review your auditor's information and make any
applicable changes on the Agreement.
For your reference, an Annual Statement detailing fees billed and paid to Penflex over the last
12-month period and a Penflex directory are also enclosed.
Please return a signed copy of the Service Fee Agreement to Penflex. The signed
Agreement can be faxed to (518) 783-6915, or emailed to: info@penflexinc.com. Please note
that, if applicable, an invoice for our base fee is enclosed.
All of us at Penflex sincerely look forward to working with you for another year. Thank you for
your continued business.
Serving your Volunteers,
Edward J. Holohan
President &Actuary
Penflex, Inc. 11/1/2018-10/31/2019 Service Fee Agreement
TOWN OF QUEENSBURY
VOLUNTEER FIREFIGHTER
SERVICE AWARD PROGRAM
Standard Services Fee Schedule
Per-Participant Fee: $45, $0 change from 2017
Payment certification and trustee directive letters: $75 per letter, $0 change from 2017
Total Estimated Standard and Distribution Services Fees: $12,900
Preparation of Financial Statement Disclosures
Disclosure Packages Provided For Program Year 2017:
NYS LOSAP Audit Package: Yes
Auditing Firm: BST & Co. CPAs, LLP
Contact Name: Paul Goetz
Email Address: pgoetz@bstco.com
Please Check 'Yes' Or 'No' For Program Year 2018:
Complete the NYS LOSAP Audit Package for a fee of$345: Yes No
This is a$0 change from 2017. Please refer to the enclosed newsletter titled'New York State Volunteer Firefighter LOSAP Audit
Requirement'for more information
PLEASE NOTE: If you are requesting any Disclosure Packages, please review and make
any necessary changes to your auditor's information noted above.
All other services are optional and are billed only when requested. Please call for fee estimates and
purchase order arrangements. Optional services include additional client meetings, drafting of special
correspondence and documents, and performing-cost estimate calculations for proposed program
amendments.
To authorize Penflex, Inc. to begin providing these services in accordance with this fee schedule, please
have the Town Supervisor sign and return this Service Fee Agreement. Keep a copy for your records.
Supervisor Edward Holohan, ASA
Town of Queensbury President, Penflex, Inc.
r
PENFLEX , INC.
SERVICE AWARD PROGRAM STANDARD SERVICES
1. Prepare an annual Service Award Program participant statement for each Service Award Program
participant(including those who are being paid monthly Service Awards),
2. Prepare for the record and for audit purposes an annual Service Award Program report which:
a. shows and completely documents the calculation (defined benefit plans) or allocation (defined
contribution plans)of the annual Program cost.
b. accounts for changes in the Program's assets.
C. by individual volunteer, lists their earned Service Awards (defined benefit plans) or accounts for
changes in their Program accounts (defined contribution plans).
d. summarizes the major provisions of the Program.
e. lists current payment recipients.
f. includes a service credit listing for current participants.
g. includes a written description of the actuarial methods and assumptions used to calculate the
annual program costs (defined benefit plans).
h. For members of the Sponsor's Governing Board or Officials, prepare:
i. "Fact Sheet"which includes current year important information about their Program.
ii. "Special Commentary" correspondence which alerts officials about emerging issues
and/or explains changes in the Program (such as increase/decrease in Program funding
costs).
3. Meet (one meeting) upon request, first with officials and then with volunteers to review the Annual
Report, to answer questions from volunteers about their annual statements and to provide updates
on Service Award Program related legislation and on their own Program.
4. Provide forms and instructions to enroll new volunteers, change beneficiaries, file for benefit
payments, etc.
5. At year-end, provide written instructions about how to prepare the required certified listings to be
approved by the Sponsor's Governing Board and Department/Company officials, posted by the
Department/Company, and sent to Penflex, Inc.
6. Project the Program's cash flow needs in order to plan and formulate investment strategy.
7. Prepare written notification/explanation to be sent to persons who cease to participate in the
Program.
8. During normal business hours, have trained staff available to answer questions from. officials and
designated client contact persons.
9. Throughout the year, receive, review and reconcile financial statements from custodian and/or
investment and/or insurance providers.
10. Process Service Award payment applications, certify payment amounts and eligibility, prepare
payment directives and communicate directly with the payment recipient and/or custodian and/or
paying agent when necessary.
11. Answer routine questions from client's auditors about the Program and the annual report.
12. When required, prepare vouchers for payments to the Program Trust Fund.
13. Prepare and communicate to clients preliminary cost estimates of proposed changes to Program.
14. Help clients resolve Program funding issues..
15. Advise-clients about potential Program non-compliance with applicable laws.