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Home My WebLink AboutContract 52243 Retirement 800.521.0498 P:248.799.9000 F:248.799.9020 1 wwwipconsulting.com G R „' Consulting ��Gf\►9 p 1• ,nC+'�' CONTRACT NO. February 27, 2019 Mr. Kevin Gunn Interim Chief Financial Officer City of Fort Worth,Texas 200 Texas Street Fort Worth,Texas 76102 Kevin.Gunn@fortworthtexas.gov Re: GASB 68 Engagement Letter for the City of Fort Worth Dear Mr. Gunn: We are writing to provide an engagement letter for actuarial services relating to GASB 68 financial reporting for the City of Fort Worth. By acknowledging and dating this engagement letter,we and the City of Fort Worth ("the City")agree to the scope,work product and terms described herein. We will perform the actuarial calculations necessary for the City to comply with GASB Statement No. 68 for the fiscal year ending September 30, 2019. As such,the actuarial valuation will be performed as of December 31,2017 and rolled-forward to the measurement date of September 30,2018. For the fully compliant valuation,we will prepare a formal report including all of the actuarial information necessary for the City to comply with GASB Statement No. 68. Specifically,the report will include the following information: • Summary of Population Statistics • Description of the Measurement of the Net Pension Liability • Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption • Schedule of Changes in the Employers' Net Pension Liability and Related Ratios • Schedule of Employer Contributions • Notes to Schedule of Contributions • Pension Expense • Statement of Outflows and Inflows Arising from Current and Prior Reporting Periods • Recognition of Deferred Outflows and Inflows of Resources The City's GASB Statement No. 68 Actuarial Valuation Report will be prepared using the same assumptions, methods and procedures use to prepare the GASB Statement No. 67 Actuarial Valuation Report prepared for the Employees' Retirement Fund of the City of Fort Worth. The work papers for this engagement are the property of Gabriel, Roeder,Smith &Company(GRS). While we may be requested to make certain work papers available to auditors or to regulators pursuant to authority given by law or regulation, access to the requested work papers will be provided under supervision of GRS personnel. Furthermore, upon request,we may provide photocopies of selected work papers to regulatory agencies. These regulatory agencies may intend or decide to distribute t OneTowneSquare Sulte800 Mr. Kevin Gunn February 27, 2019 Page 2 photocopies or information contained therein to others, including other governmental agencies.The City will be responsible for our fees associated with such requests. The City's management has responsibility for the financial statements and all representations contained therein. Management also has responsibility for preventing and detecting fraud,for adopting sound accounting policies and establishing and maintaining effective internal control to maintain the reliability of the financial statements and to provide reasonable assurances against the possibility of misstatements that are material to the financial statements. This responsibility extends to the use or misuse of the results of our GASB Statement No. 68 Actuarial Valuation Report, presentations at on-site meetings (if applicable) and during telephone conferences. The report and presentation materials(if applicable) may be provided to parties other than the City only in their entirety and only with the permission of the City. Because of the importance of management's representations as to the completeness and accuracy of the information,documents and data it provides to GRS,the City agrees to release GRS and its personnel from any claims, liabilities,costs and expenses relating to our services under this letter attributable to any misrepresentations in the representation letter referenced above. Furthermore,GRS agrees to maintain the applicable employee data secure and confidential. Any dispute concerning this engagement will be resolved internally and, if not,then by arbitration and with waiver of any jury trial and with venue at the place where the services are rendered. Except for gross negligence or willful misconduct,GRS liability hereunder will be limited to our fees and the City will indemnify GRS from third party claims. In the event that GRS is requested pursuant to subpoena or other legal process to produce its documents relating to this engagement in judicial or administrative proceedings to which GRS is not a party,the City shall reimburse GRS at standard billing rates for its professional time and expenses, including reasonable attorney's fees, incurred in responding to such request. The fee for the City's GASB Statement No. 68 Actuarial Valuation Report for the fiscal year ending September 30, 2019 will be$4,750. Further,the report will be delivered within two weeks of GRS receiving acknowledgement copy of this agreement. Should you have any questions regarding these matters, please do not hesitate to contact us. We thank you and the other City officials for your confidence in our firm and look forward to continuing to work with you in the years ahead. If you have any questions regarding this engagement letter, please do not hesitate to contact us. Sincerely, G Q�,-�L� R. Ryan Falls, FSA, EA, MAAA OFFICIAL �� Senior Consultant GRS CITY SECRETARY FT WORTH, T Hinojosa, Crystal From: McElroy, Denis C. Sent: Monday, April 1, 2019 2:32 PM To: Hinojosa, Crystal Subject: RE: Engagement Letters As they've already been long ago executed without Law's signature, I don't see the benefit to running them through my department at this point. Denis McElroy Assistant City Attorney 200 Texas Street Fort Worth, Texas 76102 (817)392-2758 denis.mcelroygfortworthtexas.gov City of Fort Worth — Working together to build a strong community FORT WORTH® .......................................... From: Hinojosa, Crystal Sent: Monday, April 01, 2019 2:21 PM To: McElroy, Denis C. Subject: FW: Engagement Letters Denis, I need to route these to City Secretary office for CSCO number to be assigned for purchasing process. Do I need to also route these already executed engagements to Law as well? Thanks From: Hinojosa, Crystal Sent: Monday,April 1, 2019 1:42 PM To:Soto,Vania Elizabeth<Vania.Soto@fortworthtexas.gov> Subject: Engagement Letters Hi Vania, I have a question regarding engagement letters and getting CSCO numbers assigned to them. 1 I have about 6-7 letters similar to the one attached that I am being asked by Purchasing to route for CSCO numbers in order to pull my purchase order. Usually I would route to my ACM, Law and then to your office but since this i:;an engagement letter, do I need to do the same or just route to you all? Any help would be much appreciated.Thank you Crystal Hinojosa Management Analyst Department of Financial Management Services 200 Texas Street, Fort Worth, TX 76102 9: 817-392-7808 ( 8: 817-392-5886 Crystal.Hinoiosa@FortWorthTexas.gov "City of Fort Worth-Working together to build a strong community" TORT WORTH. Your opinion matters! Please complete this short survey to provide us valuab a feedback on how we can better serve you. 2