HomeMy WebLinkAbout10-76 RESOLUTIONN
RESOLUTION NO. A9-0,76„
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A CONTRACT WITH KING, HALL & ASSOCIATES, INC. FOR THE
PERFORMANCE OF A PENSION PLAN STUDY.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
That the Mayor and City Clerk be, and they hereby are,
authorized and directed to execute a contract with King,
Hall & Associates, Inc., for the performance of a pension
plan study. A copy of said contract, marked Exhibit "A",
is attached hereto and made a part hereof.
PASSED AND APPROVED THIS atiA/DAY OF (lhi i.A , 1976.
APPROVED:
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MAYOR
ATTEST:
CITY CLERK
CONTRACT
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THIS CONTRACT, entered into this ;T day of 27,,1,
1976, by and between the City of Fayetteville, Arkansas, a
municipal corporation, hereinafter called the "City" and Ring
Hall & Associates, Inc., hereinafter called "Consultants".
IN CONSIDERATION OF THE MUTUAL COVENANTS CONTAINED HEREIN,
IT IS HEREBY AGREED BY THE PARTIES AS FOLLOWS:
1. Consultants agree to conduct a study of the City of
Fayetteville Pension Plan and further agree that said study
shall include the following:
(a) For each active participant, a projection
of the retirement benefit and an illustration of the
accrued benefits on his current salary and his pro-
jected salary to retirement.
(b) A breakdown of the active force by age and a
service breakdown.
(c) For retired participants, a breakdown of the
monthly benefits payable and an age distribution of
said retirees.
(d) An audit of where plan assets are, what they
are earning, and a schedule of deposits and payments
from the pension fund since inception.
(e) An evaluation and recommendation as to the
actual assumptions used, benefit formula, participation
requirements, funding methods and administration of the
plan.
(f) A concise explanation of the plan suitable for
distribution to participants and future employees.
(g) A survey of the pension plans of Arkansas
Cities similar in size to Fayetteville.
(h) An actual valuation of the plan as to adequacy
of funds and funding requirements.
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2. Consultants agree to complete the aforesaid study and
to file said study with the City within sixty (60) days from the
date Consultants receive census data.
3. City agrees to pay Consultants $ /200 as consideration
for said study.
CITY OF FAYETTEVILLE, ARKANSAS
BY
ATTEST:
CITY CLERK
KING HALL & ASSOCIATES, INC.
BY
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