06-18-1990 Qi (tits 1trtucttr
POST OFFICE DOX 100
•$a ,���.., * EDGEWA1ER, FLORIDA32032
ti; 3- A
3 - 'i
4,' "..11_I1Y
GENERAL EMPLOYEES PENSION BOARD
REGULAR MEETING
MONDAY, JUNE 18, 1990
3:00 P.M.
CONFERENCE ROOM, CITY HALL
Vice Mayor Gold called to order a regular meeting of the General
Employees Pension Board at 3:00 p.m., Monday, June 18, 1990, in
the conference room of City Hall.
ROLL CALL:
Vice Mayor Gold Present Robert DeLoach Present
Susan Wadsworth Excused Rev. Harvey Hardin Present
Charles Chamberlin Present Mary Lou McDonald Excused
Also present were Jack Ascherl, Consulting Agent of record and
Sondra Meager - Pengov, Secretary.
OLD BUSINESS:
There being no old business to report, the Board moved to New
Business.
NEW BUSINESS:
Jack Ascherl reviewed a report of funds for the period January 1,
1989 through December 31, 1989 held under Group Contract GA59450.
Fund balance as of December 31, 1989 was: General Investment
Fund, $935,018.89, the 1989 Average Annual Rate of Return was
10.34 percent (see attached), a Principal Financial Group
Pension Plan Analysis report showing total monies invested from
December 31, 1987 through December 31, 1989 and the rates of
return (see attached), report of the Actuarial Valuation Report,
this report provides information needed to determine current year
contribution to the plan (see attached).
DISCUSSION ITEMS:
Jack Ascherl reviewed with the Board, their responsibilities as a
Board members.
ADJOURNMENT:
There being no further business to come before the Board, a
motion was made by Rev. Hardin to adjourn, seconded by Chuck
Chamberlin. The meeting adjourned at 3:45 p.m.
Minutes respectfully submitted by:
Sondra Meager - Pengov, Secretary
/SMP
. \ 1 41110v Nile
rn
0 0
w
5 g
0 •
H $ m
In ...7 .] 0 Mp mo
d• < < a ' U
_
0 a s W o 0 u
in - 1-4 H a W V - i
G a o
< z z v i
0 H H H ' w . G
U.( H a s E-1
M I R O
a U
a < G, 2 Z
ra
H 0 Z o \° 01° H
z
C j
o w 0 � ■H 3 c o • a 00 0)0) 0 d � Cti
0 5
a 0 E 0 •
C7 a W a •`
W
0 E co co >, 4.$
w 0 o r Z
z Fc x> rnr, a
Z Z C] z I I
z z H
n Z 0 0 N 0
r-I v
.a < Z 0\ W .
0 H H< O O W
x w w
d> m W Z
W H H
0 a
Co CO a z W CO 0 a
I W O 0 H O 11 0
r-i > W ,H FH 0
rh < W CO CO 0 0 Z
I H x 1 I H
N Cr, ‹C Cr) H r` O
CO a < 0 ,-i 0
0 3 0 rx,
z
o 0 L H .a
Z
0 m
H .
a
U x 0) 0 0 0 0 0 0 0) a 1-1 0
H OD 0 0 0 0 0 0 CO H O H
C] 0 z • 0 • • • • • • CO w w
o CO 0 H H q
Z I 0 0 0 H .]
EI - - 3 ow ow < o r�, E.T. w a
Z
m r, > Z r� N H
1...4 H Cr) 0 0 • Z r .-1 0
O W W O H Z Z
0 a 0 0 O O H
Ll >, 0 • .a H H a
O O 3 H < 0 a,
I in- in- N a W
W H
CG CO O -ZFC0 0
x
C14 w 0 H 0 0 0 0 0)a, H
z N O W N CO
W .-7 z H H 3 I I >■
x -
H a , -I 2 H O U x III W 0 ri o rn
CO
0 rn Z Z U H a 0 I 1 0
I2 z x x< 0T.1 H r, to w
O w a 44 H 0 c/r rs H a o o
C. W 0 z H U a4 O Z W a
0 E-+ Z H z Z U U 0 H a O O 0
r A < Z z x z O z < O < H H G
0 0 W W G, z U O H 3 la W x a
Z H U Z 00000 o> U 0) 0) w
x a w H H U r.0 U O 0 • H< 0o 00 a
r=, 2 VI000 <K:C W OH W I i
.] W W < H C7 rC > r, U rl r i CO
rx4 r.. r., >a OOEZ H (NI w2 oo w
f 3 O a 0 H H U a H 0 O W - a W 1 1 0
H W c!0 Z O FC E-+ H W 0 0 0 0 0 >
' O< KC ti 0 E-1 ril W Lli Z a a> W
a 3 0 a 0 >■ a .a 0 z 0
W W al w W • W .a 0 W 0 0 W H
a0 U Z>C0Z <ZE-• H 0 FzC W 0
0 Z 0 H • O w O Z 0 c0 U v H a 0
FzCw < 0aaZaCOH H 0) 4c x 4( w
.7 H
0 o 0 0 w
_,,...• H H 0 H 0
CC
__, El w 0 0
Z
0
NOW Nisi
• E
:0g
= E c 3
` o
2 U_
W O y .
a V L
N .3 2 _
C 7
w a
c5
a
a
C
c0 O
CO 4.
o 'v
C
d' •
rn
in y
.0
04 40
CD
F
U
d
Z r^ 00 tDr- 0 0
F o .t r-1 in •z:• 0
z
0 r- H N N N r CO
U cr., N N CO LO Ol r 4
O d CO N l0 0
a 2 u) ,t , :t. r n I n r n
• t N CO r-1 lh
O H al
Cg
C7
0 0 0 0 0
tr + + 1 1 1 tR O 0 0 co N
01 • •
CO
r-I r-i N CO
Ol Ol (NI H
r I d d' in 0
M V) N N Lci
A I W .t a 0 cn
z N w H r; N 0
w 0
a
z x x
w F w
x
F a) a
cn CO 04 H
isl
I w
Z
Z o Z U) o.,
•-• I W H i-+
r-I () < H
I7 o a, H
Kg ▪ A A H a
w 0 �. a u) H a
Z 1 - 1 a 0 z H
W a 0 W KC W
C7 W 1.7 w a a
a w a, co >. H
x x w w w 0 w w 0 0
O w 0 0 M H1 a a CO H
w F w H H Ca a + 1 0 a
C7 H H hl W W H z 0 H G]
3 0 awa a O Z H 0 a,
w z a O w x o Ixa 0 ° o
A CD co U H W U CO O O 0 - Q
W 0 E ,1 o U) z .a z
O U) U) < H W 0 00 0 r4C H W
r z w 3 z u) U) W w 0
O 0 0 !Z < W Z W H H ] Z W
U �+ 0 W OS Z a, W U KC U
z H 0 H 0 >4 Z a, z U 0 H .] Z
< " KC Z 0 KC 9C KC O O 0 KC Kt
F .: 0 U 1-+ H a, .] W .a .a -1 H H .7
M KC 3 MI KC KC H 0 0 0
0
U
z
n
0
Ise voile
• 8
E. 3
• E o
EU
v
co 13 2
C • M -
w d rZ O
C7
a �
e
aC.Z
4,
p cr O O co N O
N 0 0 N CO •1•
C)1 l0 N 0�
Lc) 0 N r1 r l0
r-f r-I r .-i
•
Q
yr
E
W
x W
U H
U
W a
C�
(/)
0
CL z z
c0 W C7
W z
q W x •+
W > 01 a
N x (.7 0 W
•--, fz U aL v]
X U] < W 0
fx
W W U 0 H z
H U] U > rC
z H W fZ H 0
W 0 Z a U) a H
z KC a H z z 0
a H H Z 0 H U W
• CO El E-1
0 H a H a ) H
z Q Q a > 0
o a a
∎ U ce h
H
a a a < Z
H 1 H a, Kc
W z Z H H X H
H
0 a KC U
0
Noe NNW 1
\ '
i I I
i
I- .0 N N 0 'N 0 : 0 '.
0 2 :P7 0 :n 0 ..n 0 N .
0
F - 0 2 to 0 CO n w, 10
rf)
(9< .c cG : 0 a S
a .
'N N 0 '�2
<
a
p
o 6
0 0 C N
2 w - -
0 a J - J -
C 0>
2r N ,(f. 0
Z
0
Vl
O r
2c 0 C 0 0 0. C 0
2 aw c 2 .r 0 0 c :0 2 0 0 CO
.. - a 0) h N
2 .
O - 1- :n 1.2 0 0 - n 0 :(0 0) 0 in N
< 2 2 a a :a n - CC G. 0 a n n CO
� a < 1..1 N C n
C' - - - - '_ - - - n n;
a
C 00 0 C 0 0 0 0 0 .0 0 0
(9 :2 w - 1 -
O C 0 C C - -- 0
0
C' C 0 r _ l_ _ (0
Z C In 0 'C G) 'C 0) 0)
N 3 W :n C - 0 s N 0)
0 0; ,n a 1 In C 1- 0) '1- ■- 1-
02 'C N : - e 2 co 2 2 r] 'Z Z Z
O 0 0 :0 0 _0 c w (1) w w (;) w w' w
C <2 'Cr, 0 0 0 :0 0 0 2 2 0 2 2
1 > > > > > >
■- < < < < < <
w a a a a a a
0 r IT C - 0 .n 0. 0
O < C h - :h' r0 0
0w -
-
w
r Z - :10 - n
a' -. C 0 0 :0 0 0 0
C :w
< 0
0 'Q 0 h n r- (0 c
(0 Z . 0 c - n C n 0i
F- .2 h 0 n G - (0 1- 0 r 1-
2 < > - CO (0 CO 0- h 2 0 Z
w ..r 1 1 1 _ 1 D 0 1 0
2 0•- 2 C l' 0.: C - 0 0.
-, C '.O tr 'O 0 C
> 0C (0 - - - - 0 0 0 0 0 0 0 0
<00 ,
a 0 LC a 'N 0. C:' t_' n w : G: ' Ill W w
W C (0 h 0 2 (D a' w C) W W W
> ('7 '10 - -. C .10 > t'. ,- - 0 > > >
2 < < < < <
< - a a a a a a
a
2
0
O w
w 11
W > 0 IC C C C :2 CO C
0 <
Z a 0
C 0 0
3 a 02 0 :C 0 in
V) 0 0 0 C
210 ■ J : J O J O' 0)
0 r r
W 10 I 0 0)
0 0 :
a I w ( r
..r) w a w 2 . 0
-
O i 2 T u. w 0 :w 0 2 .
J 0 L 0 0 C V).0 .
> w a ,r O w O r •• :O r, r
< IC Y W IW 0 C (, -< C - 0 < 0
0 1- 0 W : - _ 1 C 1 0 1 0 _
(- 0 0 w 2 1- 0 10 L' .J w' 0 0 0 w 0 a
0< 0 > 0 0 7 3 10 w J 0 2 w J' 10 2a0 < - C J ILL' > c . 0 >
1- 0 a 10 �. - < < 0 • < 0
J Z i2 - .. w a a 0
< 0 2 I< > LL _ ∎
a 0 0 J:0 2 _
.. - j w w r .` F a a
0
0 a 1-- is c a J 1- r ur 0
20< 10 < .- Li
r_
aC 0
cl 0 J J
0
2
N I (n
z
ON 61 pp
M
co M
°, (NI
O
a) i t to L() O
a■ �I l0 r-• 01 O
o. (Ni co co CO Ol L
W LL LL LL LL
LL LL LL LL
10 - - • • >- co N M -.t .., j o O O
~ r"1
w In
K
r-1
O M
w M • w
cp (\
O
r-i O
N
✓ O M N
J L
< P \
Z 0 L
< Q
Z
J
d C CP
6 _ i., O
N . r--I
W b 0
d P — M
0 D ( V dp O .O_• O \
a x e O
LI
7 u
•_ H o
u U)
Z
Z � w
- a
�a C\
O • N r y
Z (� O d . 0
i- {i ,-- \
c N M I-
0. c-' v
H w y
O
M (..)
0
•m
C)
m -- o M U
• > re) M
VI (4 0 r
o r"
C N -- Lr1 1 ._y
l CO L L L L
ea , 0 co 4 L Op
t? E O
0 O
X x x x 1-1 0
CY
.J
C=a . GO M
N •
r
0 o a WI M m m
C - •
.
C N C
N
i , I ' 1 .
L d 0
N 1p
C ` J ( ~
N ` i
rn > X
` r . n
C
�( O in .C. A L .. J
_
LLO O C vi Y
ry
C >
w \ _ w u
V
0 V O K < � L 5
cc X
C
67.0_ 1 + '"( '
Report
of the
Actuarial
a ua 'on
MADE AS O F October 1, 1989
FOR City of Edgewater General
Employees' Retirement Plan
GA 59450
the ' incipa '
Financial Principal Mutual Life Insurance Company
Group 111 High Street. Des Moines, Iowa 50392
GP 9502 -3
Nue
ANALYSIS OF THE ACTUARIAL REPORT FOR
City of Edgewater General Employee's
Retirement Plan
GA 59450
This Actuarial Valuation Report is for the plan year beginning October 1, 1989.
The report provides the information you need to determine your current year
contribution to the plan.
This year we have recognized the changes as required by the Tax Reform Act of
1986 (TRA '86).
Your plan's definition of compensation has been changed to 415 pay
plus elective deferral contributions.
As of October 1, 1989, we have recognized the changes needed for your plan
to comply with the Age Discrimination in Employment Amendments of 1986.
The Late Retirement Benefit has been amended to the greater of the
Accrued Benefit on Normal Retirement Date actuarially increased to
Late Retirement Date or Accrued Benefit on Late Retirement Date.
We have also recognized a signed plan amendment to add a Present Value of
Accrued Death Benefit, effective Janaury 10, 1990. See page 6a for more
information.
Effective January 1, 1989, the maximum benefits allowable under Section 415
of the Internal Revenue Code have increased.
Plan liabilities have been redetermined as of the beginning of the plan year
to reflect the above changes. See Appendix II for more information.
A summary of the results of the actuarial valuation is as follows:
Total Normal Cost $125,556
Normal Cost as Percentage of Compensation 7.9%
Minimum Employer Deposit to avoid Funding Deficiency 169,666
Normal Cost plus amount to fund the Unfunded
Frozen Initial Liability over 20 years 181,580
Total Normal Cost as a percentage of compensation has increased from 6.4% to
7.9 %. This increase is a result of salary increases greater than expected,
participant turnover less than assumed, increased 415 maximum benefits and
the additional death benefit.
You may deposit for the current plan year any amount in excess of the minimum
deposit, $169,666. If you wish to follow a schedule of funding dollar amounts
are illustrated in paragraph lc, page 2 of the report which will fund the Normal
Cost and fund the Unfunded Frozen Initial Liability over a definite period of
years.
• Principal Mutual Life
the' rincipa Insurance Company
711 High Street
Financial Des Moines, Iowa 50309
Group
Now
ACTUARIAL VALUATION RESULTS
For the plan year beginning October 1, 1989
As of the valuation date October 1, 1989
1. Deposit Levels
a. Your minimum deposit necessary for the current plan year is $169,666.
as of the end of the plan year. You may decrease this amount with
interest at 8.0% from the end of the plan year to the date the deposit
is received. This minimum amount is in addition to employee contri-
butions, if applicable.
This minimum is based on the requirements of Part VII, Chapter 112,
Florida Statutes. Specifically, this is the amount necessary to fund
the Normal Cost, and to amortize the Unfunded Frozen Initial Liability
(UFIL) according to the schedule indicated in Appendix III.
b. The dollar amount illustrated below is the deposit required to fund
your Normal cost and to fund the Unfunded Frozen Initial Liability
over a specified number of years. This amounts include interest for
a full plan year at 8.0 %.
Current Plan Year Last Plan Year
Period in Years Amount Percentage* Amount Percentage*
20 year funding $181,580 11.5% $134,008 9.7%
2. Normal Costs
Current Plan Year Last Plan Year
Amount Percentage* Amount Percentage*
Total Normal Cost $125,556 7.9% $88,042 6.4%
3. The Frozen Initial Liability is $410,121 of which $400,006 is unfunded as of
the beginning of the plan year.
*Amounts are expressed as a percentage of active employee annual compensation,
which for the current plan year is $1,584,746 and for the last plan year
was $1,379,409.
-2-
Principal Mutual Life
the • incipa Insurance Company
711 High Street
Financial Des Moines. Iowa 50309
Group
*ow Noe
MINIMUM FUNDING ACCOUNT
1. The Minimum Funding Account is used to measure the adequacy of funding your
pension plan. An Accumulated Credit Balance (total credits exceed total
charges) shows that the deposit has been adequate to meet minimum funding
requirements. An Accumulated Funding Deficiency (total charges exceed total
credits) shows that deposits have not been sufficient to meet the minimum
funding requirements. To prevent a deficiency, your contribution should be
at least equal to the minimum deposit shown on page 2.
Your Minimum Funding Account is calculated at the end of the plan year
Therefore, the Minimum Funding Account for the October 1, 1988 plan year
is shown in this October 1, 1989 Valuation Report.
2. Minimum Funding Account for "the plan year beginning October 1, 1988
and ending September 30, 1989.
a. Charges to the Funding Standard Account •
•
i. Accumulated Funding Deficiency - -last valuation date $ 0
ii. Employer Normal Cost - -last valuation date 88,042
iii. Amortization charges 38,678
iv. Interest on the above items 10,137
Total Charges $136,857
b. Credits to the Funding Standard Account
i. Accumulated Credit Balance - -last valuation date $ 1,346
ii. Employer contributions - -last plan year 126,021
iii. Amortization credits 8,687
iv. Interest on the above items 4,525
Total Credits $140,579
c. Accumulated Credit Balance $ 3,722
The outstanding balance of amortization charges and credits as of the beginning
of current plan year is $403,728. The corresponding Unfunded Frozen Initial
Liability as of the beginning of the current plan year is $400,006.
Effective January 10, 1990 the Unfunded Frozen Initial Liability will be
increased by $30,738 due to the additional death benefit.
Principal Mutual Life
the • nncipa A Insurance Company
711 High Street
Financial Des Moines, Iowa 50309
-3- Group
GP 14553 A 9
RESOLUTION NO. 90 -R -4
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EDGE -
WATER, FLORIDA, AUTHORIZING THE AMENDMENT OF THE CITY
OF EDGEWATER GENERAL EMPLOYEES' PENSION PLAN BY
INCLUDING A DESIGNATED BENEFICIARY FOR THE DEATH
BENEFIT ON DATE OF DEATH AND PROVIDING FOR THE PAYMENT
OF A LUMP SUM DEATH BENEFIT EQUAL TO THE PRESENT VALUE
OF THE PARTICIPANTS ACCRUED BENEFIT ON DATE OF DEATH;
THE 20 YEAR FUNDING COST WILL BE $4192.00; REPEALING
ALL RESOLUTIONS IN CONFLICT HEREWITH AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, the General Employees' Pension Board of the City
of Edgewater, Florida, made a recommendation to amend the Pension
Plan to include a designated beneficiary for the death benefit,
and
WHEREAS, the General Employees' Pension Board of the City
of Edgewater, Florida, made a recommendation to amend the Pension
Plan to provide for the payment of a lump sum death benefit equal
to the present value of the participants accrued benefit on date
of death, and
WHEREAS, it has been determined by an Actuarial Review
prepared by Principal Mutual Life Insurance Company that the twen-
ty year funding cost will be $4192.00.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EDGEWATER, FLORIDA:
SECTION 1. That the General Employees' Pension Plan of
the City of Edgewater, Florida, is hereby amended to include a
designated beneficiary for the death benefit.
SECTION 2. That the General Employees' Pension Plan of
the City of Edgewater, Florida, is hereby amended to provide for
the payment of a lump sum death benefit equal to the present
value of the participants accrued benefit on date of death.
SECTION 3. That the twenty year funding cost will be
$4192.00.
SECTION 4. That all resolutions or parts of resolutions
in conflict herewith, be and the same are hereby repealed.
SECTION 5. That this resolution shall take effect immedi-
ately upon its adoption by the City Council of the City of Edge-
water, Florida, and approval as provided by law.
This Resolution was introduced and sponsored by Councilman
1
'�►" 'fir
' Gold , and was read and passed by a vote of the City Coun-
cil of the City of Edgewater, Florida, at a Regular meet-
ing of said Council held on the 10 day of Janaury
1990, and approved as provided by law.
ROLL CALL VOTE AS FOLLOWS:
, 61:("41/1/
1: Ot %.s
Mayor
■_.4 0 Oj
911
•uncilman -ZIT % %ne /
�
o u onSan -Zone Two
Counc Thr /
r c (4'LL.
Councilman- one F.ur
ATTEST:
City Cle k
Authenticated this 10 day of January , 1990.
/464:
Mayor
This Resolution prepared by:
City Attorney
2
w
STATE OF FLORIDA
it
Department of Adm
17 .4
'\!
Division of Retirement
Bob Martinez Cedars Executive Center, Building C Aletta L. Shute
Governor 2639 North Monroe Street Secretary
Tallahassee, Florida 32399 -1560
February 27, 1990
Mr. Ferdinand Munoz
Finance Director
City of Edgewater
104 N. Riverside Drive
P.O. Box 100
Edgewater, Florida 32132 -0100
RE: The City of Edgewater General Employees' and Police Officers'
Retirement Plans
Dear Mr. Munoz:
This is to confirm our conversation today regarding the necessary items to
satisfy Rule 22D- 1.04(3), F.A.C. We are expecting from you the applicable
certifications pursuant to the referenced rule, as well as copies of the
legal enactments regarding the current benefit programs and the changes
thereto.
Additionally, we have also requested certain information from your actuary
regarding the recent actuarial impact statements.
Should you have any questions, please do not hesitate to contact us.
Sincerely,
Cgt4
Charles Slavin, Actuary
Bureau of Program Services
CS /lw /w
cc: Russell Gold
Neil A. Parmenter
Marvin B. Clayton
j.
. "Helping Government Serve Florida"
•
Equal Opportunity Employer Affirmative Action Employer
� O O E wg r �� err Noe
CITY OF EDGEWATER
•
di 904 N. RIVERSIDE DRIVE
* " * P.O. Box 100 - Edgewater. Florida 32132 -0100
N ,
II (904)428 -3245 SunCom 371 -7005
S o04, T -ALIT-/
0
February 27, 1990
Mr. Charles Slavin, Actuary
Bureau of Program Services
•
State of Florida
Department of Administration
Division of Retirement
Cedars Executive Center, Building B, Room 229
2639 North Monroe Street
Tallahassee, Florida 32399-1560
RE: City of Edgewater General Employees'
Retirement Plan - GA 59450
CERTIFICATION OF
STATEMENT OF ACTUARIAL IMPACT
To the best of my knowledge the actuary was provided with all the
information necessary to determine the actuarial impact of the
proposed amendment of providing a lump sum death benefit equal to
the present value of the participants accrued benefit on date of
death.
The Actuarial Review of Proposed Pension Plan Changes was
prepared by Principal Mutual Life Insurance Company and includes
an estimate of the cost of implementing the amendment.
In reliance upon the representation made in the Actuarial
Certification Statement, the proposed changes are in compliance
with Part VII, Chapter 112, Florida Statues and Section 14,
Article X of the State Constitution.
Sincerely,
Mr. E Johnson
Plan Admi istrator
/smp
i ii %.:viil11W. neL ewl (.n, oe ana tine same - are - nereoy repealed.
_ CITY OF EDGEWATER
/,i . ,I. , • * 104 N. RIVERSIDE DRIVE
P.O. Box 100 - Edgewater, Florida 32132 -0100
S. - _ 1 (904) 428 -3245 SunCom 371 -7005
()4 04 RECEIVED fir' "ir;' '
i TAUT 1
March 27, 1990
Principal Mutual Life Insurance Co.
711 High Street
Des Moines, Iowa 50392 -3760
RE: General Employees Pension
Plan Change GA59450
Dear Ms. Gaston:
Enclosed you will find a copy of the letter from Mr. Slavin
where it was determined that the change requested by the
General Employees Pension Plan was State accepted.
I am also forwarding to you a copy of the City's Resolution
90 -R -14 which accepted the change along with a copy of the
Actuarial Review which was prepared by Principal on March 12, 1990.
Implementation of the change, as quickly as possible, is greatly
appreciated.
V . truly yours,
, ( 1- - t : 7.//iL- - - - l
14 erdinand Munoz
/
Finance Director
Enclosures .
cc: Jack Ascherl
General Employees Pension Board
File
FM /mav
STATE OF FLORIDA *.r+
11 7',)
Department of Administration
Bob Martinez Division of Retirement Aletta L. Shutes
Governor • Cedars Executive Center, Building C Secretar\
2639 North Monroe Street
Tallahassee, Florida 32399 -1560
March 21, 1990
Mr. Ferdinand Munoz
Finance Director
City of Edgewater
104 N. Riverside Drive
P.O. Box 100
Edgewater, Florida 32132 -0100
RE: October 1, 1986 (revised), 1987 and 1988 Actuarial Valuation Reports
and the July 6, 1989 Actuarial Impact Statement for the City of
Edgewater General Employees' Retirement Plan
Dear Mr. Munoz:
The material we just received regarding the actuarial impact statement as
well as the certifications of February 27, 1990 by Elly Johnson enabled
us to complete our review of the referenced items and we have determined
them to be state accepted.
Should you have any questions, please do not hesitate to contact us.
Sincerely,
Charles Slavin, Actuary
Bureau of Program Services
CS /lw /w
cc: Elly Johnson
Neil A. Parmenter
"Helping Government Serve Florida"
Equal Opportunity Employer Affirmative Action Employer