-~ i

Page 1 of2

Elena Valdes

From Sandra Elenberg [sandrageseorg]

Sent Wednesday September 15 2010 1138 PM

To chrisgeseorg kruzware Elena Valdes Oscar Alvarez Edgard Hernandez Irma Saldana mariageseorg enriquegeseorg

Subject FW 091610 Additional estimated fees FY 2011 due to plan changes

FYI

From Jose Fernandez [mailtoJoseFcavmacconsultingcom] Sent Wednesday September 15 2010 1008 PM To sandrageseorg Cc Kathi Caspar Subject 091610 Additional estimated fees FY 2011 due to plan changes

Sandra

As requested we are writing to provide a fee estimate for fiscal year 20102011 for our services in connection with the plan changes to the General Employees and Sanitation Employees Retirement Trust (GESE)

We expect we will be providing special services to

bull Revise the October 1 2009 actuarial valuation report to reflect the impact of the plan changes on the City contribution to GESE for fiscal year 2011

bull Reflect the plan changes in the October 1 2010 actuarial valuation of the plan

bull Assist in the administration of the revised benefits including interpretation of plan changes and explanation and preparation of examples of calculation of benefits under the new provisions

bull Assist in the development and review of changes to the pension software for compliance with the revised benefits

bull Develop worksheet to calculate new benefits to prepare manual calculation of benefits while the pension software is updated

bull Develop new actuarial equivalent factors for early retirement benefits optional allowances and service purchase

We estimate our fees to provide these services will be approximately $150000 Please understand that at this time it is difficult to predict the scope of services the Retirement Trust will be asking us to provide Therefore the actual cost may differ

Let me know if you have any questions Thank you

Jose I Fernandez Principal and Consulting Actuary Cavanaugh Macdonald Consulting LLC 3550 Busbee Parkway Suite 250 IED H~TO THEKennesaw GA 30144 Direct 6783881718 Cell 6789830903 CRECORD FOR

f~n 0yeni-=1L_0 N 3fY1-i Q 91272010

Cbange Request Form

REQUEST FOR CHANGE (This section to be completed by Requester)

Annie Kokenge 305-441-2300

Description of Change (If additional space is required provide a separate attachment)

Based on the information provided to LRS in a conference call on 91162010 and based on the information in the attached City of Miami Ordinance File Number 10-01093 LRS is providing Miami GESE with a PhasI estimate for a solution that will address the required changes This Phase I estimate covers the possible changes that will need to be made for the Miami GESE Fund This estimate does not cover any changes for the GESE Staff Fund as it is LRSs understanding that these new legislative changes do not apply to the GESE Staff Fund

Specific Business Requirements

Requirements Analysis Time Estimate (This Section to be completed by LRS)

$16500 S7359000 SI2144000

Requirements Analysis Approval (This Section to be filled out by Requester)

Authorization is required to proceed with requirements analysis (Phase I) Phase I will result in a description ofa proposed solution and a price to implement the proposed solution (Phase II) The Ball Park Estimate for Phase II CodingTesting is an estimate only The actual price to implement the proposed solution is provided with the Phase II solution description Phase I will be invoiced upon delivery ofthe completed Phase II solution description Signature below indicates you have read the Requirements Analysis Approval and agree to pay for the Requirements Analysis cost

LRS Proposed Solution (This Section to be completed by LRS)

Confidential copyLevi Ray amp Shoup Inc 1998 Page 1 of2

Effective DateTime ofSRCR 9162010101800 PM This SRCR supercedes all previous SRCRs submitted under this SRCR Number

Change Request Form LRS ResponseSolution (If additional space is required provide a separate attachment)

Codingffesting Cost

$ Maintenance Fee Maintenance Fee Basis ImpactilYes this change request will affect the maintenance

fee No the change request will not affect the maintenance fee

This CR i~ validfor 30 days from date submitted to client After 30 days if the client still wishes to pursue this change the client must submit a new CR It is important to note that previously completed requirements analysis for expired CRs may need to be reviewed due to time delay resource availability andor changes to the clients current version of PG and therefore a change in CR cost may occur

CR Expiration Date

Begin Work Date (Not to Exceed CR Expiration Date)

Proposed Solution Approval (This Section to be completed by Requester and LRS)

Approval Signatures

Client SignaturelDate LRS SignaturelDate

Submitted fnto the public record IJ connection with tem (bHmiddot Ion 7-270

Priscilla A Thompson City Clerk

Confidential copyLevi Ray amp Shoup Inc 1998 Page 2 of 2

Effective DateTime ofSRlCR 9162010101800 PM This SRiCR supercedes all previous SRiCRs submitted under this SRiCR Number

712912010

Change Request Form

f REQUEST FOR CHANGE (This section to be completed by Requester) I I J f~tP~~~Jj~

Description of Cbange

The City of Miami may be cbanging tbe Rule of 70 Retirement to a Rule of 64 for Miami GESE Fund only effective immediately Anyone who is eligible for tbe Rule of 64 and wants to take tbis benefit must do so by 913012010

The Rule of 64 will have ALL tbe same set up tbat Rule of 70 Retirement Benefit bas now except this new benefit will NOT be eligible for DROP benefIt and members age plus service will equal 64 instead of 70 The people tbat are eligible for tbis new benefit type must retire witb an effective date on or before 93012010 Anybody retiring after tbat will fall back under tbe Rule of 70 Benefit

Annie docsnt care about seeing tbe Rule of 64 Date on tbe estimator screen and benefit estimate worksheet since tbis is a temporary benefIt offering Sbe said it was okay to still see tbe Rule of 70 Date in tbese areas or any other area tbat Rule of 70 is displayed like tbe Member Statement

Annie stated this new benefit would bave tbe same benefIt calc of 3 FAS yrs of service

Annie stated tbat Option 6c payment option bas a form factor of 1 and tbat tbis is tbeir normal form All payments options will be tbe same as Rule of 70

Ci

[--ADn1a(Oke~-~-~]

~~~i1~~t~~~~f~titi~

305-441i300--]

~Ilt~~(e~$~~~~

This new benefit type is also eligible for Excess Benefit

~

N -~--~--~-----------------~----- ------- -------~-

~ sectjE~

------ e ~ t Specific Business Requirements i=

-~t 0lt -g=as

lpBASEI-REQU~NTSANALYSffi~JiE~ ~ eE(i) it

Requirements Analysis Time Estimate (This Section to be completed by LRS)

~g~CR43459 - -Shiela Hemberger [ 7129120 SRI-I28170316

RespOnded ByraquoateReCeived SRiCR Number

Requirements Analysis Approval (This Section to be filled out by Requester)

Authorization is required to proceed with requirements analysis (phase I) Phase I will result in a description of a proposed solution and a price to implement the proposed solution (phase II) The BaIJ Park Estimate for Phase n CodinglTesting is an estimate only The actual price to implement the proposed solution is provided with the Phase II solution description Phase I will be invoiced upon delivery of the completed Phase II solution description Signature below indicates you have read the Requirements Analysis Approval and agree to pay for the Requirements Analysis cost

C 1issooo BaD Park Estimate for

Phase n CodingITesting

Confidential copyLevi Ray amp Shoup Inc 1998 Page 1 of 2

Effective DateITime ofSRlCR 81412010 53700 PM TIlls SRlCR supercedes all previous SRlCRs submitted under this SRlCR Number

I Change Request Form

IPHASE n -SOLUTION

LRS Proposed Solution (This Section to be completed by LRS)

LRS ResponseSolution (If additional space is required provide a separate attachment)

CodingITesting Cost Maintenance Fee I Maintenance Fee Basis impact []ves this change request wiD affect the maintenance

fee oNo the change request will not affect the maintenance fee

This CR is validfor 30 daysfrom date submitted to client After 30 days ifthe client still wishes to pursue this change the client must submit a new CR It is important to note that previously completed requirements analysis for expired CRs may needto be reviewed due to time delay resource availability andor changes to the clients cuent version of PG andthereftJre a change in CR cost ~ occur

CR Expiration Date

Begin Work Date (Not to Exceed CR Expiration Date)

Proposed Solution Approval (This Section to be completed by Requester and LRS)

Approval Signatures

Client SignatureiDate LRS SignatureiDate

Submitted Into the public record in connection with Item 13H lion 7-27-10

Priscilla A Thompson City Clerk

Confidential copyLevi Ray amp Shoup Inc 1998 Page 2 of2

Effective Daterrime of SRJCR 8412010 53700 PM This SRJCR supercedes all previous SRJCRs submitted under this SRJCR Number

yage 1 or 1

Sandra Elenberg

From Jose Fernandez [JoseFcavmacconsultingcom]

Sent Monday August 16 2010406 PM

To sandrageseorg enriquegeseorg

Subject July invoices

Attachments 071410 Freezing Miami GESE (209 KB) 071410 Miami GESE alternatives (455 KB) rule of 64 (420 KB) 071810 Updated GESE study results (233 KB) Contribution implications of GESE Plan Freeze (255 KB) 072710 UpdatedGESE study results (272 KB) GESE t)ension reform (285 KB) GESE pension reform (177 KB) 07-31-10 Miami GESEpdf 07-31-10 Miami GESEshyExcess pdf

Sondra and Enrique

Attached are the invoices for services in July This month the bill includes on unusually large amount due to the work we have been doing on behalf of GESE with respect to the plan changes under study For your reference I have attached copies of the many studies we have prepared since you may not have seen them

Thank you and let me know if you have any questions

Jose I Fernandez Principal and Consulting Actuary Cavanaugh Macdonald Consulting LLC 3550 Busbee Parkway Suite 250 Kennesaw GA 30144 Direct 6783881718 Cell 6789830903 Fax 6783881730 JoseFCavMacConsultingcom wwwCavMacConsultingcom

Confidentiality Notice

This e-mail including attachments is intended only for the use of the individual or entity to which it is addressed and may contain confidential information that is legally privileged and exempt from disclosure under applicable law If the reader of this message is not the intended recipient you are notified that any review use disclosure distribution or copying of the communication is strictly prohibited If you have received this communication in error please contad the sender by reply e-mail and destroy all copies of the originol messoge

Submitted Into t~~ record in connection it Item QgtHmiddot II on 9-27-i

91142010 Priscilla A ThompsonCity Clerk

712912010

Change Request Form

f REQUEST FOR CHANGE (This section to be completed by Requester) I I J f~tP~~~Jj~

Description of Cbange

The City of Miami may be cbanging tbe Rule of 70 Retirement to a Rule of 64 for Miami GESE Fund only effective immediately Anyone who is eligible for tbe Rule of 64 and wants to take tbis benefit must do so by 913012010

The Rule of 64 will have ALL tbe same set up tbat Rule of 70 Retirement Benefit bas now except this new benefit will NOT be eligible for DROP benefIt and members age plus service will equal 64 instead of 70 The people tbat are eligible for tbis new benefit type must retire witb an effective date on or before 93012010 Anybody retiring after tbat will fall back under tbe Rule of 70 Benefit

Annie docsnt care about seeing tbe Rule of 64 Date on tbe estimator screen and benefit estimate worksheet since tbis is a temporary benefIt offering Sbe said it was okay to still see tbe Rule of 70 Date in tbese areas or any other area tbat Rule of 70 is displayed like tbe Member Statement

Annie stated this new benefit would bave tbe same benefIt calc of 3 FAS yrs of service

Annie stated tbat Option 6c payment option bas a form factor of 1 and tbat tbis is tbeir normal form All payments options will be tbe same as Rule of 70

Ci

[--ADn1a(Oke~-~-~]

~~~i1~~t~~~~f~titi~

305-441i300--]

~Ilt~~(e~$~~~~

This new benefit type is also eligible for Excess Benefit

~

N -~--~--~-----------------~----- ------- -------~-

~ sectjE~

------ e ~ t Specific Business Requirements i=

-~t 0lt -g=as

lpBASEI-REQU~NTSANALYSffi~JiE~ ~ eE(i) it

Requirements Analysis Time Estimate (This Section to be completed by LRS)

~g~CR43459 - -Shiela Hemberger [ 7129120 SRI-I28170316

RespOnded ByraquoateReCeived SRiCR Number

Requirements Analysis Approval (This Section to be filled out by Requester)

Authorization is required to proceed with requirements analysis (phase I) Phase I will result in a description of a proposed solution and a price to implement the proposed solution (phase II) The BaIJ Park Estimate for Phase n CodinglTesting is an estimate only The actual price to implement the proposed solution is provided with the Phase II solution description Phase I will be invoiced upon delivery of the completed Phase II solution description Signature below indicates you have read the Requirements Analysis Approval and agree to pay for the Requirements Analysis cost

C 1issooo BaD Park Estimate for

Phase n CodingITesting

Confidential copyLevi Ray amp Shoup Inc 1998 Page 1 of 2

Effective DateITime ofSRlCR 81412010 53700 PM TIlls SRlCR supercedes all previous SRlCRs submitted under this SRlCR Number

I Change Request Form

IPHASE n -SOLUTION

LRS Proposed Solution (This Section to be completed by LRS)

LRS ResponseSolution (If additional space is required provide a separate attachment)

CodingITesting Cost Maintenance Fee I Maintenance Fee Basis impact []ves this change request wiD affect the maintenance

fee oNo the change request will not affect the maintenance fee

This CR is validfor 30 daysfrom date submitted to client After 30 days ifthe client still wishes to pursue this change the client must submit a new CR It is important to note that previously completed requirements analysis for expired CRs may needto be reviewed due to time delay resource availability andor changes to the clients cuent version of PG andthereftJre a change in CR cost ~ occur

CR Expiration Date

Begin Work Date (Not to Exceed CR Expiration Date)

Proposed Solution Approval (This Section to be completed by Requester and LRS)

Approval Signatures

Client SignatureiDate LRS SignatureiDate

Submitted Into the public record in connection with Item 13H lion 7-27-10

Priscilla A Thompson City Clerk

Confidential copyLevi Ray amp Shoup Inc 1998 Page 2 of2

Effective Daterrime of SRJCR 8412010 53700 PM This SRJCR supercedes all previous SRJCRs submitted under this SRJCR Number

yage 1 or 1

Sandra Elenberg

From Jose Fernandez [JoseFcavmacconsultingcom]

Sent Monday August 16 2010406 PM

To sandrageseorg enriquegeseorg

Subject July invoices

Attachments 071410 Freezing Miami GESE (209 KB) 071410 Miami GESE alternatives (455 KB) rule of 64 (420 KB) 071810 Updated GESE study results (233 KB) Contribution implications of GESE Plan Freeze (255 KB) 072710 UpdatedGESE study results (272 KB) GESE t)ension reform (285 KB) GESE pension reform (177 KB) 07-31-10 Miami GESEpdf 07-31-10 Miami GESEshyExcess pdf

Sondra and Enrique

Attached are the invoices for services in July This month the bill includes on unusually large amount due to the work we have been doing on behalf of GESE with respect to the plan changes under study For your reference I have attached copies of the many studies we have prepared since you may not have seen them

Thank you and let me know if you have any questions

Jose I Fernandez Principal and Consulting Actuary Cavanaugh Macdonald Consulting LLC 3550 Busbee Parkway Suite 250 Kennesaw GA 30144 Direct 6783881718 Cell 6789830903 Fax 6783881730 JoseFCavMacConsultingcom wwwCavMacConsultingcom

Confidentiality Notice

This e-mail including attachments is intended only for the use of the individual or entity to which it is addressed and may contain confidential information that is legally privileged and exempt from disclosure under applicable law If the reader of this message is not the intended recipient you are notified that any review use disclosure distribution or copying of the communication is strictly prohibited If you have received this communication in error please contad the sender by reply e-mail and destroy all copies of the originol messoge

Submitted Into t~~ record in connection it Item QgtHmiddot II on 9-27-i

91142010 Priscilla A ThompsonCity Clerk

I Change Request Form

IPHASE n -SOLUTION

LRS Proposed Solution (This Section to be completed by LRS)

LRS ResponseSolution (If additional space is required provide a separate attachment)

CodingITesting Cost Maintenance Fee I Maintenance Fee Basis impact []ves this change request wiD affect the maintenance

fee oNo the change request will not affect the maintenance fee

This CR is validfor 30 daysfrom date submitted to client After 30 days ifthe client still wishes to pursue this change the client must submit a new CR It is important to note that previously completed requirements analysis for expired CRs may needto be reviewed due to time delay resource availability andor changes to the clients cuent version of PG andthereftJre a change in CR cost ~ occur

CR Expiration Date

Begin Work Date (Not to Exceed CR Expiration Date)

Proposed Solution Approval (This Section to be completed by Requester and LRS)

Approval Signatures

Client SignatureiDate LRS SignatureiDate

Submitted Into the public record in connection with Item 13H lion 7-27-10

Priscilla A Thompson City Clerk

Confidential copyLevi Ray amp Shoup Inc 1998 Page 2 of2

Effective Daterrime of SRJCR 8412010 53700 PM This SRJCR supercedes all previous SRJCRs submitted under this SRJCR Number

yage 1 or 1

Sandra Elenberg

From Jose Fernandez [JoseFcavmacconsultingcom]

Sent Monday August 16 2010406 PM

To sandrageseorg enriquegeseorg

Subject July invoices

Attachments 071410 Freezing Miami GESE (209 KB) 071410 Miami GESE alternatives (455 KB) rule of 64 (420 KB) 071810 Updated GESE study results (233 KB) Contribution implications of GESE Plan Freeze (255 KB) 072710 UpdatedGESE study results (272 KB) GESE t)ension reform (285 KB) GESE pension reform (177 KB) 07-31-10 Miami GESEpdf 07-31-10 Miami GESEshyExcess pdf

Sondra and Enrique

Attached are the invoices for services in July This month the bill includes on unusually large amount due to the work we have been doing on behalf of GESE with respect to the plan changes under study For your reference I have attached copies of the many studies we have prepared since you may not have seen them

Thank you and let me know if you have any questions

Jose I Fernandez Principal and Consulting Actuary Cavanaugh Macdonald Consulting LLC 3550 Busbee Parkway Suite 250 Kennesaw GA 30144 Direct 6783881718 Cell 6789830903 Fax 6783881730 JoseFCavMacConsultingcom wwwCavMacConsultingcom

Confidentiality Notice

This e-mail including attachments is intended only for the use of the individual or entity to which it is addressed and may contain confidential information that is legally privileged and exempt from disclosure under applicable law If the reader of this message is not the intended recipient you are notified that any review use disclosure distribution or copying of the communication is strictly prohibited If you have received this communication in error please contad the sender by reply e-mail and destroy all copies of the originol messoge

Submitted Into t~~ record in connection it Item QgtHmiddot II on 9-27-i

91142010 Priscilla A ThompsonCity Clerk

yage 1 or 1

Sandra Elenberg

From Jose Fernandez [JoseFcavmacconsultingcom]

Sent Monday August 16 2010406 PM

To sandrageseorg enriquegeseorg

Subject July invoices

Attachments 071410 Freezing Miami GESE (209 KB) 071410 Miami GESE alternatives (455 KB) rule of 64 (420 KB) 071810 Updated GESE study results (233 KB) Contribution implications of GESE Plan Freeze (255 KB) 072710 UpdatedGESE study results (272 KB) GESE t)ension reform (285 KB) GESE pension reform (177 KB) 07-31-10 Miami GESEpdf 07-31-10 Miami GESEshyExcess pdf

Sondra and Enrique

Attached are the invoices for services in July This month the bill includes on unusually large amount due to the work we have been doing on behalf of GESE with respect to the plan changes under study For your reference I have attached copies of the many studies we have prepared since you may not have seen them

Thank you and let me know if you have any questions

Jose I Fernandez Principal and Consulting Actuary Cavanaugh Macdonald Consulting LLC 3550 Busbee Parkway Suite 250 Kennesaw GA 30144 Direct 6783881718 Cell 6789830903 Fax 6783881730 JoseFCavMacConsultingcom wwwCavMacConsultingcom

Confidentiality Notice

This e-mail including attachments is intended only for the use of the individual or entity to which it is addressed and may contain confidential information that is legally privileged and exempt from disclosure under applicable law If the reader of this message is not the intended recipient you are notified that any review use disclosure distribution or copying of the communication is strictly prohibited If you have received this communication in error please contad the sender by reply e-mail and destroy all copies of the originol messoge

Submitted Into t~~ record in connection it Item QgtHmiddot II on 9-27-i

91142010 Priscilla A ThompsonCity Clerk

Invoice

Cavanaugh Macdonald CONSULTING LlC

The experience and dedication you deserve

Date Invoice

73112010 4243

8illTo

Ms Sandra Elenberg IDepartment IPension Administrator City of Miami GESE Ret System Miami (FL) GESE

2901 Bridgeport Avenue Coconut Grove FL 33133-3607

BiIlingPeriod July 2010

Services Rendered Amount

Monthly retainer fee for actuarial consulting services for Miami GESE 83333 Retirement Trust in accordance with professional services agreement

Payment due upon receipt Thank you for your business

Total

I Please include your invoice I number on your check

)

TAX ID 61-1489078

Submitted IntO theshyPage 1 record in connection with

Item e1 U on 9-27-10 Priscilla A Thompson

CilyCferk

Invoice

Cavanaugh lvacdonald CONSULTING LLC

The txptrience and dedication you deserve

Date Invoice

7312010 4243

Bill To

Ms Sandra Elenberg Pension Administrator City of Miami GESE Ret System 2901 Bridgeport Avenue Coconut Grove FL 33133-3607

IDepartment I Miami (FL) GESE

BiIlingPeriod July 2010

Services Rendered Amount

Consulting services in connection with alternatives for GESE plan including discussions with Charlie Cox and Ron Cohen work with City actuary to reconcile regular valuation results and work on cost studies of alternatives including estimate of impact of freezing plan submitted July 14 preparation of cost studies of 8 alternatives for current members and 8 alternatives for new hires submitted July 15 estimated impact of Rule of 64 benefits submitted July 19 new alternatives with graded multipliers for current members and new hires submitted July 19 calculation of impact of freezing current plan and setting up new defmed contribution plan for current members and new hires submitted July 21 preparation of cost impact of 9 alternative plan changes for current members results submitted July 27 preparation of cost impact of2 new alternative plan changes for current members results submitted July 27 preparation of cost savings for revised alternative results submitted July 28 preparation for and attendance at meeting on July 28 to discuss various alternatives and proposals

6311200

Total Payment due upon receipt

Thank you for your business r I

Please include your invoice number on your check

TAX ID 61-1489078

Submitted Into the publicPage 2 record in connection with

Item Hmiddot II on r~Z7-11J Priscilla A Thompson

~ City Clerk

Invoice Date Invoice

73112010 4243

Cavanaugh Macdonald CONSULTING LLC

The experience and dedicalion you deserve

Bill To

Ms Sandra Elenberg IDepartment IPension Administrator City of Miami GESE Ret System Miami (FL) GESE

2901 Bridgeport Avenue Coconut Grove FL 33133-3607

Billing Period July 2010

Services Rendered Amount

Services in connection with preparation of benefit calculation worksheet for Rule of64 submitted July 23

Consulting services in connection with legal and administrative issues in relation to setting-up excess benefit plan under StatIPension Plan

169200

35850

Total $6599583

Payment due upon receipt Thank you for your business

I

Please include your invoice number on your check

1

TAX ID 61-1489078

Submitted Into the pubIdPage 3 record in connection wlif

Item fbH I on lt- Z 7 -fO Priscilla A Thompson

City Clerk

Cavanaugh Macdonald CONSULTING LLC

The experience and dediation you deserve

Invoice Date Invoice

83112010 4512

Services Rendered

Bill To

Ms Sandra Elenberg Pension Administrator IDepar1n1ent I City of Miami GESE Ret System Miami (FL) GESE

2901 Bridgeport Avenue Coconut Grove FL 33133-3607

Billing Period August 20lO

Monthly retainer fee for actuarial consulting services for Miami GESE Retirement Trust in accordance with professional services agreement

Consulting services in connection with alternatives for GESE plan including discussions with Charlie Cox and Ron Cohen work with City actuary on cost studies of alternatives including estimate of cost of alternative submitted August 10 and five-year projected costs submitted August 10 work on preliminary impact statement based on our understanding of changes agreed to by the City and the unions work on estimated impact of Rule of64 benefits including potential savings to City submitted August 10 and analysis of City Commission meeting and actions on August 31

Services in connection with preparation of actuarial impact statement for Rule of64

Amount

583333

894900

201600

Payment due upon receipt Thank you for your business

Total

Please include your invoice number on your check

TAX ID 61-1489078

Submitted Into the publicPage 1 record i1 connecti~ with Item H 1 on Y-27-0

Priscilla A Thompson City Clerk

Invoice

Cavanaugh lvacdonald CONSULTING LLC

The txptrience and dedication you deserve

Date Invoice

7312010 4243

Bill To

Ms Sandra Elenberg Pension Administrator City of Miami GESE Ret System 2901 Bridgeport Avenue Coconut Grove FL 33133-3607

IDepartment I Miami (FL) GESE

BiIlingPeriod July 2010

Services Rendered Amount

Consulting services in connection with alternatives for GESE plan including discussions with Charlie Cox and Ron Cohen work with City actuary to reconcile regular valuation results and work on cost studies of alternatives including estimate of impact of freezing plan submitted July 14 preparation of cost studies of 8 alternatives for current members and 8 alternatives for new hires submitted July 15 estimated impact of Rule of 64 benefits submitted July 19 new alternatives with graded multipliers for current members and new hires submitted July 19 calculation of impact of freezing current plan and setting up new defmed contribution plan for current members and new hires submitted July 21 preparation of cost impact of 9 alternative plan changes for current members results submitted July 27 preparation of cost impact of2 new alternative plan changes for current members results submitted July 27 preparation of cost savings for revised alternative results submitted July 28 preparation for and attendance at meeting on July 28 to discuss various alternatives and proposals

6311200

Total Payment due upon receipt

Thank you for your business r I

Please include your invoice number on your check

TAX ID 61-1489078

Submitted Into the publicPage 2 record in connection with

Item Hmiddot II on r~Z7-11J Priscilla A Thompson

~ City Clerk

Invoice Date Invoice

73112010 4243

Cavanaugh Macdonald CONSULTING LLC

The experience and dedicalion you deserve

Bill To

Ms Sandra Elenberg IDepartment IPension Administrator City of Miami GESE Ret System Miami (FL) GESE

2901 Bridgeport Avenue Coconut Grove FL 33133-3607

Billing Period July 2010

Services Rendered Amount

Services in connection with preparation of benefit calculation worksheet for Rule of64 submitted July 23

Consulting services in connection with legal and administrative issues in relation to setting-up excess benefit plan under StatIPension Plan

169200

35850

Total $6599583

Payment due upon receipt Thank you for your business

I

Please include your invoice number on your check

1

TAX ID 61-1489078

Submitted Into the pubIdPage 3 record in connection wlif

Item fbH I on lt- Z 7 -fO Priscilla A Thompson

City Clerk

Cavanaugh Macdonald CONSULTING LLC

The experience and dediation you deserve

Invoice Date Invoice

83112010 4512

Services Rendered

Bill To

Ms Sandra Elenberg Pension Administrator IDepar1n1ent I City of Miami GESE Ret System Miami (FL) GESE

2901 Bridgeport Avenue Coconut Grove FL 33133-3607

Billing Period August 20lO

Monthly retainer fee for actuarial consulting services for Miami GESE Retirement Trust in accordance with professional services agreement

Consulting services in connection with alternatives for GESE plan including discussions with Charlie Cox and Ron Cohen work with City actuary on cost studies of alternatives including estimate of cost of alternative submitted August 10 and five-year projected costs submitted August 10 work on preliminary impact statement based on our understanding of changes agreed to by the City and the unions work on estimated impact of Rule of64 benefits including potential savings to City submitted August 10 and analysis of City Commission meeting and actions on August 31

Services in connection with preparation of actuarial impact statement for Rule of64

Amount

583333

894900

201600

Payment due upon receipt Thank you for your business

Total

Please include your invoice number on your check

TAX ID 61-1489078

Submitted Into the publicPage 1 record i1 connecti~ with Item H 1 on Y-27-0

Priscilla A Thompson City Clerk

Invoice Date Invoice

73112010 4243

Cavanaugh Macdonald CONSULTING LLC

The experience and dedicalion you deserve

Bill To

Ms Sandra Elenberg IDepartment IPension Administrator City of Miami GESE Ret System Miami (FL) GESE

2901 Bridgeport Avenue Coconut Grove FL 33133-3607

Billing Period July 2010

Services Rendered Amount

Services in connection with preparation of benefit calculation worksheet for Rule of64 submitted July 23

Consulting services in connection with legal and administrative issues in relation to setting-up excess benefit plan under StatIPension Plan

169200

35850

Total $6599583

Payment due upon receipt Thank you for your business

I

Please include your invoice number on your check

1

TAX ID 61-1489078

Submitted Into the pubIdPage 3 record in connection wlif

Item fbH I on lt- Z 7 -fO Priscilla A Thompson

City Clerk

Cavanaugh Macdonald CONSULTING LLC

The experience and dediation you deserve

Invoice Date Invoice

83112010 4512

Services Rendered

Bill To

Ms Sandra Elenberg Pension Administrator IDepar1n1ent I City of Miami GESE Ret System Miami (FL) GESE

2901 Bridgeport Avenue Coconut Grove FL 33133-3607

Billing Period August 20lO

Monthly retainer fee for actuarial consulting services for Miami GESE Retirement Trust in accordance with professional services agreement

Consulting services in connection with alternatives for GESE plan including discussions with Charlie Cox and Ron Cohen work with City actuary on cost studies of alternatives including estimate of cost of alternative submitted August 10 and five-year projected costs submitted August 10 work on preliminary impact statement based on our understanding of changes agreed to by the City and the unions work on estimated impact of Rule of64 benefits including potential savings to City submitted August 10 and analysis of City Commission meeting and actions on August 31

Services in connection with preparation of actuarial impact statement for Rule of64

Amount

583333

894900

201600

Payment due upon receipt Thank you for your business

Total

Please include your invoice number on your check

TAX ID 61-1489078

Submitted Into the publicPage 1 record i1 connecti~ with Item H 1 on Y-27-0

Priscilla A Thompson City Clerk

Cavanaugh Macdonald CONSULTING LLC

The experience and dediation you deserve

Invoice Date Invoice

83112010 4512

Services Rendered

Bill To

Ms Sandra Elenberg Pension Administrator IDepar1n1ent I City of Miami GESE Ret System Miami (FL) GESE

2901 Bridgeport Avenue Coconut Grove FL 33133-3607

Billing Period August 20lO

Monthly retainer fee for actuarial consulting services for Miami GESE Retirement Trust in accordance with professional services agreement

Consulting services in connection with alternatives for GESE plan including discussions with Charlie Cox and Ron Cohen work with City actuary on cost studies of alternatives including estimate of cost of alternative submitted August 10 and five-year projected costs submitted August 10 work on preliminary impact statement based on our understanding of changes agreed to by the City and the unions work on estimated impact of Rule of64 benefits including potential savings to City submitted August 10 and analysis of City Commission meeting and actions on August 31

Services in connection with preparation of actuarial impact statement for Rule of64

Amount

583333

894900

201600

Payment due upon receipt Thank you for your business

Total

Please include your invoice number on your check

TAX ID 61-1489078

Submitted Into the publicPage 1 record i1 connecti~ with Item H 1 on Y-27-0

Priscilla A Thompson City Clerk

Invoice Date Invoice I

83112010 4512

Cavanaugh Macdonald CONSULTING LLC

The experience and dedication JOft desenc

Bill To

Ms Sandra Elenberg IDepartment IPension Administrator City of Miami GESE Ret System Miami (FL) GESE

290 1 Bridgeport Avenue Coconut Grove FL 33133-3607

Billing Period August 2010

Services Rendered Amount

Consulting services in connection with legal and administrative issues in relation to DROP under Staff Pension Plan including review of application and investment forms and plan information summruy comments submitted August 7 review of question with respect to 10010 penalty on early distributions review ofICMA material comments submitted August 16 and review ofDROP language comments submitted August 16

Services in connection with Citys audit of GESE including review of Memorandum of Understanding discussions and comments submitted August 9

198000

63000

Total Payment due upon receipt

Thank you for your business Please include your invoiceII number on your cbeck

TAX ID 61-1489078

Submitted Into the publicPage 2 record in ~nnection with Item 0Hmiddot1 on f-21-0

Priscilla A Thompson Ci Clerk

Invoice Data Invoice

83112010 4512

Cavanaugh Macdonald CONSULTING LLC

The experience and dedication you desene

Bill To

Ms Sandra Elenberg Pension Administrator City of Miami GESE Ret System 2901 Bridgeport A venue Coconut Grove FL 33133-3607

1Department I

Miami (FL) GESE

Billing Period August 2010

Services Rendered Amount

Consulting services in connection with service purchase calculations for Mary De La Fuente and Luz Garcia including review of prior calculations and calculation of purchase amounts to buy back different service periods for Ms De La Fuente under revised payment schedule comments and results submitted August 11 12 and 23 and calculation for Ms Garcia of purchase amount required to qualifY for Rule of 70 under two alternative retirement dates comments and results submitted August 25

195000

Total $2135833

Payment due upon receipt Thank you for your business Please include your invoice 1

I number on your check

TAXID 61-1489078

Submitted Into the publicPage 3

record in connection with Item et- tI on 927- 10

Priscilla A Thompson City Clerk

Invoice Data Invoice

83112010 4512

Cavanaugh Macdonald CONSULTING LLC

The experience and dedication you desene

Bill To

Ms Sandra Elenberg Pension Administrator City of Miami GESE Ret System 2901 Bridgeport A venue Coconut Grove FL 33133-3607

1Department I

Miami (FL) GESE

Billing Period August 2010

Services Rendered Amount

Consulting services in connection with service purchase calculations for Mary De La Fuente and Luz Garcia including review of prior calculations and calculation of purchase amounts to buy back different service periods for Ms De La Fuente under revised payment schedule comments and results submitted August 11 12 and 23 and calculation for Ms Garcia of purchase amount required to qualifY for Rule of 70 under two alternative retirement dates comments and results submitted August 25

195000

Total $2135833

Payment due upon receipt Thank you for your business Please include your invoice 1

I number on your check

TAXID 61-1489078

Submitted Into the publicPage 3

record in connection with Item et- tI on 927- 10

Priscilla A Thompson City Clerk