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4.02 4.2 AGREEMENTS\\Penflex-2020-21 Service Fee Agreement – 11-15-2021 RESOLUTION AUTHORIZING ENGAGEMENT OF PENFLEX, INC. SERVICE AWARD PROGRAM SPECIALISTS TO PROVIDE ADMINISTRATION AND SUPPORT SERVICES FOR 2021/2022 AND PROVISION OF 2021 STANDARD YEAR-END SERVICES RESOLUTION NO.: ____________________________________________________, 2021 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 2021/2022, and the 2021 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:  $13,500 – Estimated Standard and Distribution Services Fees; and  $ 345 – NYS LOSAP Audit Package; for a total estimated cost of $13,845, NOW, THEREFORE, BE IT RESOLVED, that the Queensbury Town Board hereby approves and authorizes the engagement of PENFLEX, INC. to provide administration and support services during 2021/2022 and the 2021 standard year-end administration services for the Town of Queensbury’s Volunteer Firefighter Service Award Program for a total estimated cost of $13,845, 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. th Duly adopted this 15 day of November, 2021 by the following vote: AYES : NOES : ABSENT: pENFLExco 50 Century Hill Drive.Suite 3 t 800-742-1409 Latham,New York 12170 f 518-783-6915 Email:info;apenflexinc.com SERVICE AWARDS FOR FIRE & EMS penflexinc.com October 2021 Ms. Victoria LaMarque Town of Queensbury 742 Bay Road Queensbury, NY 12804 Re: Service Award Program 2021-2022 Service Fee Agreement Dear Ms. LaMarque: Penflex is honored to have the opportunity to continue to administer your program for the 2021-2022 year. The Penflex staff proudly serves your volunteers who dedicate their time and effort in their communities. Enclosed please find our Service Fee Agreement,which sets forth the fees for actuarial and administration services for your program. An Annual Statement detailing fees billed and paid to Penflex over the last 12-month period is also enclosed. Most importantly there are no fee increases to your program for the upcoming year. Penflex is keenly aware that last year was challenging for our clients due to COVID and this is our way of saying "We support and stand with you"as we all look towards a brighter tomorrow. Over the past year many of our clients inquired about COVID point resolutions. For those clients who have adopted COVID resolutions we will continue to provide guidance as to how points,should be calculated. For clients who have not adopted a COVID point resolution please contact us for more information and insight. For over 32 years our clients have relied on Penflex as a trusted resource, adviser and partner when seeking LOSAP expertise and we happily continue those relationships today and in the future. As we continually strive to reach greater heights in our business, having the resources of McNeil&Company behind Penflex provides great opportunity for organizational growth and operational efficiencies which directly benefits all our clients. Recently three new staff members were hired in addition to the entire office being fitted with new computer hardware. The upcoming year will continue to provide technology advancements that will benefit our clients and volunteers. Please return a signed copy of the Service Fee Agreement to Penflex Actuarial Services, LW by January 1401, 2022. Your timely response is greatly appreciated. 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 an optional financial statement disclosure package, please review your auditor's information and make any applicable changes on the Agreement. The entire Penflex staff is committed to providing the highest level of expertise and service when administering your program. Thank you for your continued business. Serving your volunteers, ! `��-- or ace&( er�ire#a Edward J. I-(plohan Paul A. Cagnetta President&Senior Actuary Vice President of Operations Penflex Actuarial Services, LLC. 11/1/2021-10/31/2022 Service Fee Agreement TOWN OF QUEENSBURY VOLUNTEER FIREFIGHTER SERVICE AWARD PROGRAM Standard Services Fee Schedule Per-Participant Fee: $45, $0 change from 2020 Payment certification and trustee directive letters: $75 per letter, $0 change from 2020 Total Estimated Standard and Distribution Services Fees: $13,500 Preparation of Financial Statement Disclosures Disclosure Packages Provided For Program Year 2020: NYS LOSAP Audit Package: Yes Auditing Arm: BST& Co. CPAs, LLP Contact Name: Paul Goetz Email Address: pgoetz©bstco.com Please Check 'Yes' Or 'No' For Program Year 2021: Complete the NYS LOSAP Audit Package for a fee of$345: Yes No This is a$0 change from 2020.Please refer to the enclosed newsletter titled'New York State Volunteer Flrefighter 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 Actuarial Services, LLC. 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. &ddrdad' S%I4 Supervisor Edward J. Holohan,ASA Town of Queensbury President, Penflex Actuarial Services, LLC. 4 PENFLEXWJ SERVICE AWARDS FOR FIRE & EMS SERVICE AWARD PROGRAM STANDARD SERVICES 1. Prepare an annual Service Award Program statement for each Service Award Program participant, including those who are in payment status. 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. lists the earned Service Awards (defined benefit plans) or accounts for changes in the Program account(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. 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. "Annual Report Commentary" correspondence which alerts officials about emerging issues and/or explains changes in the Program (such as increase/decrease in Program funding costs). 3. 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 pertinent forms for participants to apply for payment upon eligibility, elect or change beneficiaries, 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 Actuarial Services, LLC. 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 Sponsor's auditors about the Program and the Annual Report. 12. When required, prepare vouchers for payments to the Program Trust Fund. Penflex Actuarial Services, LLC. 11/1/2021-10/31/2022 Service Fee Agreement TOWN OF QUEENSBURY VOLUNTEER FIREFIGHTER SERVICE AWARD PROGRAM Standard Services Fee Schedule Per-Participant Fee: $45, $0 change from 2020 Payment certification and trustee directive letters: $75 per letter, $0 change from 2020 Total Estimated Standard and Distribution Services Fees: $13,500 Preparation of Financial Statement Disclosures Disclosure Packages Provided For Program Year 2020: 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 2021: Complete the NYS LOSAP Audit Package for a fee of$345: Yes No This is a$0 change from 2020.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 Actuarial Services, LLC. 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. 0C, .L Supervisor Edward J. Holohan, ASA Town of Queensbury President, Penflex Actuarial Services, LLC. 1 . PENFLEXCO SERVICE AWARDS FOR FIRE & EMS , SERVICE AWARD PROGRAM STANDARD SERVICES 1. Prepare an annual Service Award Program statement for each Service Award Program participant, including those who are in payment status. 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. lists the eamed Service Awards(defined benefit plans)or accounts for changes in the Program account(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. 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. "Annual Report Commentary" correspondence which alerts officials about emerging issues and/or explains changes in the Program (such as increase/decrease in Program funding costs). 3. 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 pertinent forms for participants to apply for payment upon eligibility, elect or change beneficiaries, 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 Actuarial Services, LLC. 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 Sponsor's auditors about the Program and the Annual Report. 12. When required, prepare vouchers for payments to the Program Trust Fund.