Loading...
3.02 3.2 AGREEMENTS\Penflex-2019-20 Service Fee Agreement—11-18-19 RESOLUTION AUTHORIZING ENGAGEMENT OF PENFLEX, INC. SERVICE AWARD PROGRAM SPECIALISTS TO PROVIDE ADMINISTRATION AND SUPPORT SERVICES FOR 2019/2020 AND PROVISION OF 2019 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 2019/2020, and the 2019 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 total estimated amount of: • $13,000—Estimated Standard and Distribution Services Fees; and • $ 345—NYS LOSAP Audit Package; for a total estimated cost of$13,345, NOW, THEREFORE, BE IT RESOLVED, that the Queensbury Town Board hereby approves, authorizes and ratifies the engagement of PENFLEX, INC. to provide administration and support services during 2019/2020 and the 2019 standard year end administration services for the Town of Queensbury's Volunteer Firefighter Service Award Program for a total estimated cost of $13,345, 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 18th day of November, 2019 by the following vote: AYES : NOES : ABSENT: PENFLEX INC. SERVICE AWARD PROGRAM SPECIALISTS www.penflexinc.com Penflex,Inc. Phone:800.742.1409 50 Century Hill Dr.,Suite 3 Fax:518.783.6915 Latham,NY 12110 Email:info@penflexinc.com October 2019 E © E Q U Ms. Victoria LaMarque Town of Queensbury U 742 Bay Road NOV Queensbury, NY 12804 Re: Service Award Program 2019-2020 Service Fee Agreement TOp'� 1 COUNSELS OFFICE Dear Ms. LaMarque: Enclosed is our Service Fee Agreement, which sets forth the fees we will charge to provide actuarial and administration services described on the back of the agreement. An Annual Statement detailing fees billed and paid to Penflex over the last 12-month period and a Penflex directory are also enclosed. Given that our customer base is local government, we are keenly aware of our clients' budget constraints and the pressure they are under to keep property taxes from increasing. Our commitment to partner with and help New York State local governments manage their LOSAP costs has been reflected in our fees for this upcoming year; we are pleased to report that we have made no increases to last year's fee schedule. In addition to all I have experienced from nearly 30 years as President & Actuary, I have now learned to address staffing challenges too. After some retirements, I personally selected great new employees who are enthused to integrate their skills with our extraordinary Penflex staff. We therefore continue to have an outstanding team, which includes six actuaries and actuarial analysts. We also have a Long Island field representative who has been well received by the clients she has helped in that area. We are excited about some of the changes we will make to our procedures in 2020 (like accelerating the payments to post-entitlement age participants). We look forward to continuing to serve our friends: our valued clients. 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. If you are requesting that we prepare either of the optional financial statement disclosure packages, please review your auditor's information and make any applicable changes on the Agreement. All of us at Penflex sincerely look forward to working with you for another year.Thank you for your continued business. Serving your volunteers, .i( . )_ - Edward J. Holohan President&Actuary Penflex, Inc. 11/1/2019-10/31/2020 Service Fee Agreement TOWN OF QUEENSBURY VOLUNTEER FIREFIGHTER SERVICE AWARD PROGRAM Standard Services Fee Schedule Per-Participant Fee: $45, $0 change from 2018 Payment certification and trustee directive letters: $75 per letter, $0 change from 2018 Total Estimated Standard and Distribution Services Fees: $13,000 Preparation of Financial Statement Disclosures Disclosure Packages Provided For Program Year 2018: 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 2019: Complete the NYS LOSAP Audit Package for a fee of$345: Yes No This is a$0 change from 2018. 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. �. . c7 A Supervisor Edward J. Holohan, ASA Town of Queensbury President, Penflex, Inc. PENFLEX INC. SERVICE AWARD PROGRAM STANDARD SERVICES 1. Prepare for the record and for audit purposes an Annual Service Award Program Report which: a. documents the calculation (defined benefit plans) or allocation (defined contribution plans) of the annual Program cost; b. accounts for changes in the Program assets; c. discloses the accrued monthly Service Award (defined benefit plans) or accounts for changes to the Service Award account balance (defined contribution plans) for each participant; d. summarizes the major provisions of the Program; e. lists current payment recipients; f. includes a service credit listing for current participants; g. provides a written description of the actuarial methods and assumptions used to calculate the annual program costs (defined benefit plans only); and h. includes "Annual Report Commentary" correspondence which alerts officials about emerging issues and/or explains changes in the Program (such as an increase in Program funding costs). 2. Prepare an annual Service Award Program Participant Statement for each participant. 3. Communicate with the sponsor's governing board and Department/Company officials to review the Annual Report, to answer questions from volunteers about their annual statements, and to provide updates on Service Award Program related legislation. 4. Provide forms and instructions to enroll new volunteers, change beneficiaries, process 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, posted by the Department/Company and sent to Penflex. 6. Project the Service Award Program 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. Trained staff available to answer questions from officials and designated client contact persons during normal business hours. 9. Review and reconcile financial statements from custodian, investment, and/or insurance providers. 10. Process payment applications, certify payment amounts and eligibility, prepare payment directives and communicate directly with the recipient, custodian, and/or paying agent when necessary. 11. Answer routine questions from auditors about the Service Award Program and the Annual Report. 12. Prepare vouchers for payments to the Service Award Program Trust Fund, if necessary. 13. Prepare and communicate preliminary cost estimates of proposed changes to Program. 14. Help clients resolve Program funding issues. 15. Advise clients about Program compliance with applicable laws. Penflex, Inc. 11/1/2019-10/31/2020 Service Fee Agreement TOWN OF QUEENSBURY VOLUNTEER FIREFIGHTER SERVICE AWARD PROGRAM Standard Services Fee Schedule Per-Participant Fee: $45, $0 change from 2018 Payment certification and trustee directive letters: $75 per letter, $0 change from 2018 Total Estimated Standard and Distribution Services Fees: $13,000 Preparation of Financial Statement Disclosures Disclosure Packages Provided For Program Year 2018: 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 2019: Complete the NYS LOSAP Audit Package for a fee of$345: Yes No This is a$0 change from 2018. 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 J. Holohan, ASA Town of Queensbury President, Penflex, Inc. PENFLEX , INc. SERVICE AWARD PROGRAM STANDARD SERVICES 1. Prepare for the record and for audit purposes an Annual Service Award Program Report which: a. documents the calculation (defined benefit plans) or allocation (defined contribution plans) of the annual Program cost; b. accounts for changes in the Program assets; c. discloses the accrued monthly Service Award (defined benefit plans) or accounts for changes to the Service Award account balance (defined contribution plans)for each participant; d. summarizes the major provisions of the Program; e. lists current payment recipients; f. includes a service credit listing for current participants; g. provides a written description of the actuarial methods and assumptions used to calculate the annual program costs (defined benefit plans only); and h. includes "Annual Report Commentary" correspondence which alerts officials about emerging issues and/or explains changes in the Program (such as an increase in Program funding costs). 2. Prepare an annual Service Award Program Participant Statement for each participant. 3. Communicate with the sponsor's governing board and Department/Company officials to review the Annual Report, to answer questions from volunteers about their annual statements, and to provide updates on Service Award Program related legislation. 4. Provide forms and instructions to enroll new volunteers, change beneficiaries, process 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, posted by the Department/Company and sent to Penflex. 6. Project the Service Award Program 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. Trained staff available to answer questions from officials and designated client contact persons during normal business hours. 9. Review and reconcile financial statements from custodian, investment, and/or insurance providers. 10. Process payment applications, certify payment amounts and eligibility, prepare payment directives and communicate directly with the recipient, custodian, and/or paying agent when necessary. 11. Answer routine questions from auditors about the Service Award Program and the Annual Report. 12. Prepare vouchers for payments to the Service Award Program Trust Fund, if necessary. 13. Prepare and communicate preliminary cost estimates of proposed changes to Program. 14. Help clients resolve Program funding issues. 15. Advise clients about Program compliance with applicable laws. Invoice PENFLEX (�� Date Invoice# ' '1�1 C. 10/24/2019 19-0793 SERVICE AWARD PROGRAM SPECIALISTS 50 Century Hill Dr., Suite 3 • Latham, NY 12110 Bill To Attn: Barbara Tierney, Budget Officer Town of Queensbury 742 Bay Road Queensbury, NY 12804 Payment Method Description Quantity Rate Amount Town of Queensbury Volunteer Firefighter Service Award Program 174 45.00 7,830.00 Administration Services for the period November 1, 2019 to October 31, 2020. Billing 60% of estimated per-participant fee, payable at the beginning of the agreement term (November 1, 2019). Remaining Penflex fees will be billed after the Annual Report is completed and will be based on the actual number of program participants/account balances as of 12/31/2019. Estimated participants as of 12/31/2019 is 290. 60% of 290 = 174 participants We Appreciate and Value your Business - Thank you! Total Payment Due Upon Receipt $7,830.00 Phone# Fax# Web Site Payments/Credits $0.00 800 742-1409 518 783-6915 www.penflexinc.com Balance Due $7,830.00