Actuarial Valuation of Post Employment Benefit Plans_Silverstone Group, Inc. Copyright 2014
City of Dubuque Consent Items # 9.
ITEM TITLE: Actuarial Valuation of Post Employment Benefit Plans
SUMMARY: City Manager recommending that the SilverStone Group be selected to
conduct the GASB-45 actuarial valuation for 2015.
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Approve
ATTACHMENTS:
Description Type
❑ Actuarial Valuation of Post Employment Benefit Plans-MVM Memo City Manager Memo
❑ Actuarial Services Memo Staff Memo
❑ Actuarial Services Agreement Supporting Documentation
THE CITY OF Dubuque
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Masterpiece on the Mississippi 2007-2012-2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Actuarial Valuation of Post Employment Benefit Plans
DATE: December 5, 2014
The City completed an actuarial valuation of the post employment benefit plans in 2009,
2011 and 2013, and the City is required to do another actuarial valuation in 2015.
Personnel Manager Randy Peck is recommending that the SilverStone Group be
selected to conduct the GASB-45 actuarial valuation for 2015. They performed the
GASB-45 actuarial valuation for the City of Dubuque in 2011 and 2013, and they have
performed GASB-45 actuarial valuations for several Iowa cities, counties and
community colleges.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Micliael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Randy Peck, Personnel Manager
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Dubuque
DUBE All-Ani edca City
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2007
TO: Michael C. Van Milligen, City Manager
FROM: Randy Peck, Personnel Manager
SUBJECT: Actuarial Valuation of Post Employment Benefit Plans
DATE: December 2, 2014
Actuarial valuations of our post employment benefit plans were completed in 2009,
2011 and 2013. We are required to do another actuarial valuation in 2015. The City
provides post employment benefits for eligible participants who are enrolled in City
sponsored health plans. The benefits are provided in the form of an implicit rate
subsidy where pre-age 65 retirees receive health insurance coverage by paying a
combined retiree/active rate for the self-insured medical and prescription drug plan and
an explicit rate subsidy where the City pays for the full cost of the fully insured life
insurance plan.
I received quotes from two actuarial firms to perform the actuarial valuation. Quotes
were received from:
• SilverStone Group, Omaha, Nebraska — Cost - $5,300
• Gallagher Benefit Services, Inc., Greenwood Village, Colorado — Cost - $9,000
1 recommend that SilverStone Group be selected to conduct the GASB-45 actuarial
valuation for 2015. They conducted the GASB-45 actuarial evaluation for the City of
Dubuque in 2011 and 2013 and have performed GASB-45 actuarial valuations for
several Iowa cities, counties and community colleges.
The Actuarial Services Agreement has been reviewed by Assistant City Attorney
Maureen Quann and she found the terms to be acceptable. I request that the City
Council pass a motion approving the Agreement and authorizing you to sign the
Agreement.
RP:Imh
ACTUARIAL SERVICES AGREEMENT
BETWEEN
SILVERSTONE GROUP, INCORPORATED
AND
CITV OF DUBUQUE, IOWA
TABLE OF CONTENTS
Page
1. Contract for Services 1
2. Actuarial Services 1
3. Other Consulting Services 2
4. Actuarial Fees 3
5. Invoices 3
6. Term 3
7. Termination 3
8. Indemnification of the Plans 3
9. Insurance 4
10. Access to and Ownership of Files and Information 4
11. Public Laws 5
12. Confidential Treatment of Plan Files and Informatloll 5
13. Integrated Agreement; Severability 5
14. Governing Law 6
15. Actuarial Personnel 6
16. Dispute Resolution 6
17. Agreement 7
THIS ACTUARIAL ERVICES AG.RE:EM:ENT ("Agreement") is made and entered into
effective as of the i day of'Q, 2014 (the "Effective Date"), by and between.
SilverStone Group, doing business frori.i Omaha, Nebraska, (hereinafter referred to as
"SilverStone Group"), and City of:Dubuque (hereinafter referred to as the "City").
WITNESSETH
WHEREAS, the City maintains several employee benefit plans which are under the general
management and administration of the City.
WHEREAS, subject to the terms and conditions set forth herein, the City deems it appropriate to
engage SilverStone Group to provide eertai.n actuarial services for the plans, and SitverSt'one
Group desires to accept such engagement.
NOW THEREFORE, in consideration of the mutual promises and covenants set forth herein, and
for other good and valuable consideration., the receipt and sufficiency of which. are hereby
acknowledged, the parties do hereby agree as follows:
1. Contract for Services. The City hereby contracts with Si.lverStone Group for their
services as actuaries to the plans, and SiiverStone Group hereby accepts such contract
and agrees to provide such services in accordance with this Agreement.
2, Actuarial Services. SilverStone Group shall render such services as actuaries to the
plans as requested by the City. Such services shall specifically include, but shall. n.ot be
limited to, the services described as follows:
a. Governmental Accounting Standards Board GASB 45 valuation and written
report based on a Full Actuarial Valuation:
• Analyze the data prepared by the City to assess an.y inconsistencies and
make recommendations for enhancing data quality
• Measurement of the Present Value of Future Benefits (PVF:B) as oldie
date of first compliance with the GASB standard
• Measurement of the Actuarial Accrued :Liability (AAL) as of the date of
first compliance with the GASB standard
• Calculation of the Unfunded Actuarial. Accrued Liability (URAL) as of
the date of, first compliance with tho GASB standard.
• Calculation of the Annual Required Contribution (ARC) for the first -
fiscal year in compliance with the GASB standard which would he the
basis for the reported annual cost of the plans for accounting purposes,
and
•
:Illustration of the Required Supplementary Information (RS1), if
requested, that will be disclosed in the City's financial reports for the
first fiscal year in compliance with the GASB standard
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THIS ACTUARIAL SERVICES AGREEMENT ("Agreement") is made and entered into
effective as of the day of , 2014 (the"Effective Date"),by and between
SilverStone Group, doing business from Omaha, Nebraska, (hereinafter referred to as
"SilverStone Group"), and City of Dubuque (hereinafter referred to as the"City").
WITNESSETH
WHEREAS, the City maintains several employee benefit plans which are under the general
management and administration of the City.
WHEREAS, subject to the terms and conditions set forth herein, the City deems it appropriate to
engage SilverStone Group to provide certain actuarial services for the plans, and SilverStone
Group desires to accept such engagement.
NOW THEREFORE, in consideration of the mutual promises and covenants set forth herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties do hereby agree as follows:
1. Contract for Services. The City hereby contracts with SilverStone Group for their
services as actuaries to the plans, and SilverStone Group hereby accepts such contract
and agrees to provide such services in accordance with this Agreement.
2. Actuarial Services. SilverStone Group shall render such services as actuaries to the
plans as requested by the City. Such services shall specifically include, but shall not be
limited to, the services described as follows:
a. Governmental Accounting Standards Board GASB 45 valuation and written
report based on a Full Actuarial Valuation:
• Analyze the data prepared by the City to assess any inconsistencies and
make recommendations for enhancing data quality
• Measurement of the Present Value of Future Benefits (PVFB) as of the
date of first compliance with the GASB standard
• Measurement of the Actuarial Accrued Liability(AAL) as of the date of
first compliance with the GASB standard
• Calculation of the Unfunded Actuarial Accrued Liability(UAAL) as of
the date of first compliance with the GASB standard
• Calculation of the Annual Required Contribution(ARC) for the first
fiscal year in compliance with the GASB standard which would be the
basis for the reported annual cost of the plans for accounting purposes,
and
• Illustration of the Required Supplementary Information(RSI), if
requested, that will be disclosed in the City's financial reports for the
first fiscal year in compliance with the GASB standard
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C. As appropriate and if requested, prepare an analysis on how establishing a trust or
equivalent arrangement would affect the interest rate assumption. Timing
considerations of establishing the trust should also be considered.
d. As appropriate and if requested,provide recommendations on managing the
OPEB liability. This may include changes in benefit design or retiree
contributions, including specific recommendations and options.
e. As appropriate and if requested,review and update plan documents and design.
Make recommendations as to formalizing informal plans and procedures.
f. General Actuarial Consulting Services
Relating to: (i) administration of the plans; (ii) general trends in actuarial
practices; and(iii) changes in federal legislation and regulations, all upon request
by the City.
g. Attendance at Meeting
If requested, the actuary may attend a meeting to review and discuss results of the
annual actuarial valuation. We will distribute and discuss a management
summary of the valuation at the annual meeting.
h. Additional Valuation Results
At the request of the City, Silverstone Group will extend the actuarial valuation
analysis to determine the effect on annual costs and the funded status of the plans
as a result of:
• a change in actuarial assumptions or actuarial methods
• a change in eligibility requirements of existing benefit provisions
• changes in benefit provisions
i. Report to Auditors/Assisting Auditors
At the request of the City, Silverstone Group will respond to the auditor's request
for information regarding the annual actuarial valuation and financial disclosures
that may be needed to provide the audit confirmation.
3. Other Consulting Services. SilverStone Group will provide, at the City's request,
additional consulting services to the plans. These services may include, but are not
limited to, (i) additional meetings; (ii) plan design analysis; (iii)merger/acquisitions and
impact on the existing plans or the plans of acquired entities; (iv)plan document or plan
summary reviews; (v) any other actuarial or administrative consulting services deemed
necessary or appropriate by the plans of the City; (vi) suggestions/recommendations by
SilverStone Group.
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4. Actuarial Fees. As consideration for any of the services set forth in Paragraphs 2 and 3
above, the City agrees to pay SilverStone Group fees based on any reasonable direct
expenses, any reasonably related travel expenses and hourly time charges based on the
time recorded to complete the services and the hourly billing rates for the designated
personnel as follows:
Principal Actuary $250
OPEB Actuarial Analyst $150
Group Benefit Consultant $250
However, for the Fiscal Year Valuation, SilverStone Group will guarantee the maximum
fees to complete the services in Paragraph 2a consistent with a Full Actuarial Valuation
will be no more than$5,300.
Hourly rates for years following 2014 may be increased to reflect trends in hourly rates,
but any increase will not exceed 5% for each year following 2014.
5. Invoices. SilverStone Group shall provide the City with quarterly invoices not later
than the twenty-fifth (25th) day of the month following each calendar quarter. These
invoices shall set forth the amount of fees above for the preceding calendar quarter.
Payment for services must be made within 30 days of receipt of invoice. Payments
made subsequent to such period, shall be subject to a late charge and reasonable interest
as determined by SilverStone Group.
6. Term. The term of this Agreement shall commence on the Effective Date, and shall
continue through December 31, 2016, unless terminated before that time by the City.
The continuation of the agreement shall be contingent upon the periodic review by the
City of the services being provided by SilverStone Group. This Agreement may be
renewed for additional annual periods by mutual written agreement by both parties.
7. Termination. The City may terminate this Agreement at any time, with or without
cause,by providing delivery of at least 60 days' advance written notice to SilverStone
Group. In the event that the City exercises its right to terminate the Agreement as
provided in this Paragraph 7, SilverStone Group shall be entitled to payment pursuant
to Paragraph 5 hereof for services actually rendered to the City prior to the date of
termination.
SilverStone Group may terminate this agreement at any time, with or without cause, by
providing delivery of at least 60 days written advance notice to the City.
8. Indemnification of the Plans. SilverStone Group shall defend, indemnify and hold the
City harmless from and against any and all claims, suits, losses, liabilities, costs,
damages and expenses, including reasonable attorneys' fees and court costs, suffered or
incurred by the City arising from or as a result of negligence, fraud or willful
misconduct by SilverStone Group or any representative, agent or employee of
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SilverStone Group, or any such party's failure to perform its duties and obligations
under this Agreement.
To the extent authorized by law, the City shall defend, indemnify and hold SilverStone
Group harmless from and against any and all claims, suits, losses, liabilities, costs,
damages and expenses, including reasonable attorney's fees and court costs, suffered or
incurred by SilverStone Group arising from or as a result of negligence, fraud or willful
misconduct by the City or any representative, agent or employee of the City or any such
party's failure to perform its duties and obligations under this Agreement.
9. Insurance. From and after the Effective Date and continuing throughout the term of
this Agreement, SilverStone Group shall, at their sole cost and expense, comply with
the insurance requirements set forth in the attached Insurance Schedule C. SilverStone
Group shall provide the City with a certificate evidencing such coverage prior to the
commencement of any services under this Agreement. SilverStone Group shall provide
the City with not less than sixty(60) days prior written notice of any proposed change
in the type, coverage or amount of insurance required hereunder.
10. Access to and Ownership of Files and Information. SilverStone Group hereby
acknowledges and agrees that the City and the City's authorized representatives, agents
and employees shall have access to and the right to examine, inspect, audit, transcribe
and copy during SilverStone Group's normal business hours, any and all accounts,
books, documents, records and papers relating to the services provided pursuant to this
Agreement. All such examinations shall be at the City's expense and shall be
conducted in a manner which preserves the confidentiality of SilverStone Group's
records and business operations.
All intellectual property rights (such as copyrights and trade secrets)relating to
materials and information developed by or relating to the plans and disclosed or
supplied to SilverStone Group under this Agreement(the"Plans Information") will
belong exclusively to the City. All intellectual property rights (such as copyrights and
trade secrets)relating to SilverStone Group's work product(including all materials and
information developed by SilverStone Group in the course of performing services under
this Agreement, but excluding Plans Information) ("SilverStone Group's Work") will
belong exclusively to SilverStone Group. If personnel of SilverStone Group
incorporate into SilverStone Group's Work any information relating to the plans to
which SilverStone Group's confidentiality obligations under this Agreement apply, the
information so incorporated into SilverStone Group's work will be and remain subject
to such confidentiality obligations. SilverStone Group hereby grants to the City the
perpetual and unrestricted right to use, reproduce and incorporate into other work all
SilverStone Group's work delivered to the City under this Agreement for any internal
business purpose of the City.
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11. Public Record Laws. SilverStone Group understands and acknowledges that the City
is subject to public records laws and must comply with any requests for public records
made pursuant to such laws. City's compliance with applicable public records laws
will not be deemed a breach of the Agreement.
12. Confidential Treatment of Plan Files and Information. SilverStone Group
acknowledges and agrees that, in the course of rendering their actuarial services and
otherwise performing their duties and obligations hereunder, they shall be provided and
entrusted with the safekeeping of certain documents and information relating to the
City and its property and accounts (hereafter referred to as "Plans Files"). All such
Plans Files shall at all times during the term of this Agreement and for a period of five
(5)years thereafter, be treated by SilverStone Group as strictly confidential and
sensitive proprietary business information. SilverStone Group shall maintain
commercially reasonable policies and procedures to ensure the confidentiality and
safekeeping of such Plans Files and shall not, except in accordance with the express
terms of this Agreement or with the prior written consent of the City, disclose or permit
the disclosure of any Plans Files to any person or entity whatsoever other than
SilverStone Group's employees, officers and agents directly assigned to provide
actuarial services to the plans hereunder, each of which shall be provided with such
Plans Files solely on a"need-to know"basis and shall be bound by the confidentiality
provisions of this Paragraph 11. The parties hereto acknowledge and agree that the
confidentiality provisions set forth in this Paragraph 11 shall not apply to: (i)
information which is already known to SilverStone Group prior to disclosure by the
City; (ii) information which is in the public domain or is otherwise generally available
to the public; (iii)information which is available to SilverStone Group from third
parties, which third parties and information are not subject to non-disclosure
obligations to the City or(iv) information which is independently developed by
SilverStone Group. Furthermore, in the event any court or regulatory order or other
service of legal process requires SilverStone Group to disclose information subject to
the confidentiality provisions of this Paragraph 11, SilverStone Group, after providing
written notice to the City as soon as reasonably possible after receipt of any such order
or service of process, shall be permitted to make any disclosure required by law.
SilverStone Group further agrees to cooperate with the City in responding to any such
orders. SilverStone Group acknowledges and agrees that any breach, attempted breach
or repudiation of the confidentiality requirements set forth in this Paragraph 11 would
produce irreparable harm and injury to the City and therefore agree that specific
performance and/or injunctive relief, in addition to any other remedies available to the �
City at law or in equity, shall be remedies available to prevent the breach, attempted
breach or repudiation of this Paragraph 11.
13. Integrated Agreement; Severability. This Agreement constitutes the entire
understanding between the parties concerning the subject matter hereof. No other prior
or contemporaneous representations, inducements,promises, or agreements, oral or
otherwise, between the parties relating to the subject matter hereof and not embodied in
this Agreement, shall be of any force or effect. This Agreement shall not be modified
except in a writing signed by all parties hereto. If any provision of this Agreement shall
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for any reason be held to be invalid, unenforceable, or contrary to public policy,
whether in whole or in part, the remaining provisions shall not be affected by such
holding.
14. Governing Law. The statutes, regulations, and judicial interpretations of the laws of
the State of Iowa shall determine all questions arising with respect to the provisions of
this Agreement, except to the extent federal statutes supercede the laws of the State of
Iowa.
15. Actuarial Personnel. SilverStone Group shall at all times throughout the term of this
Agreement maintain a team of qualified professionals comprised of designated full-
time employees/principals of SilverStone Group who are permanently assigned to
monitor, oversee and provide on a daily basis all of the actuarial services to be provided
to the plans hereunder, and to receive and address all concerns communicated by the
City. The City, in its sole discretion, shall have the right to demand the replacement of
any individuals assigned to provide actuarial services to the City hereunder, in which
case SilverStone Group shall immediately replace such person(s) with qualified
replacements acceptable to the City in its sole discretion. SilverStone Group shall
provide the City with not less than thirty(30) days advance written notice of any
personnel changes or changes in SilverStone Group's management or organizational
structure which may have an impact on SilverStone Group's performance hereunder.
SilverStone Group shall use their good faith best efforts to minimize any disruption or
interference with the actuarial services provided to the City as a result of any such
management, organizational or personnel changes.
16. Dispute Resolution. Any controversy, dispute or questions arising out of, in
connection with or in relation to this Agreement, between the City and SilverStone
Group, its affiliated companies, shareholders, associates, or Board members or its
interpretation,performance or nonperformance or any breach thereof shall be resolved
through mediation before a mediator mutually agreed upon by the parties. In the event
mediation fails to resolve the dispute within 30 days after a mediator has been agreed
upon or such other longer period as may be agreed to by the parties, such controversy,
dispute or question shall be settled by arbitration in accordance with the rules of the
American Arbitration Association as applied to Iowa by a three-person panel of
arbitrators. The Iowa District Court for Dubuque County may enter a judgment upon
the award rendered by the arbitrator. Each party will advance '/z of the cost for the
arbitration. The prevailing party will be entitled to the right to record any judgment in
any and all jurisdictions in order to enforce the judgment and an allocation of cost
within accordance with the arbitrator's decision.
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17, ;Notice. Notice under this Agreement must- be provided to:
SilverStone Group
Attn: Michael Vech
11516 .Miracle 1 -tills Drive, Suite 100
Omaha, NEE 68154
City:
'Michael Van Mitlilen
50 West 13'x' Street
Dubuque, IA 52001
IN WITN'ESS WHEREOF, the City and SilverStone Group have duly executed this
ACTUARJAJ.. SERVICES AGREEMENT effective as of the day and year first above written.
CITY:
By:
Title:._City Manager
Date:
Addresses
City of Dubuque
50 West 13`x' Street
Dubuque, IA 52001.
SILVERSTONE GROUP:
By:
Title:
A_v,Nc-1.i>,�L
Date: V2- - t S ( 4
SilverStone Group, Incorporated
11516 Miracle Hills Drive., Suite 100 -
Omaha, NE 68154 595401r1.%91,008
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City of Dubuque Insurance Requirements for Professional Services
Insurance Schedule C
1 SilverStone Groupshall furnish a signed Certificate of Insurance to the City of Dubuque, Iowa for the
coverage required in Exhibit I prior to commencing work and at the end of the project if the term of work
is longer than 60 days. Providers presenting annual certificates shall present a Certificate at the end of
each project with the final billing. Each Certificate shall be prepared on the most current ACORD form
approved by the Iowa Department of Insurance or an equivalent. Each certificate shall include a
statement under Description of Operations as to why issued. Eg: Project# or Lease of premises
at or construction of
2. All policies of insurance required hereunder shall be with a carrier authorized to do business in Iowa and
all carriers shall have a rating of A or better in the current A.M. Best's Rating Guide.
3. Each Certificate shall be furnished to the contracting department of the City of Dubuque.
4. Failure to provide minimum coverage shall not be deemed a waiver of these requirements by the City of
Dubuque. Failure to obtain or maintain the required insurance shall be considered a material breach of
this agreement.
5. Subcontractors and sub subcontractor performing work or service shall provide a Certificate of Insurance
in accord with Exhibit I.
6. All required endorsements to various policies shall be attached to Certificate of insurance.
7. Whenever a specific ISO form is listed,an equivalent form may be substituted subject to the provider
identifying and listing in writing all deviations and exclusions that differ from the ISO form.
8. Provider shall be required to carry the minimum coverage/limits,or greater if required by law or other
legal agreement, in Exhibit I.
9. Whenever an ISO form is referenced the current edition of the form must be used.
Page 1 of 3 Schedule C, Professional Services October 2013.Doc
City of Dubuque Insurance Requirements for Professional Services
I
Insurance Schedule C (continued)
Exhibit I
A) COMMERCIAL GENERAL LIABILITY
General Aggregate Limit $2,000,000
Products-Completed Operations Aggregate Limit $1,000,000
Personal and Advertising Injury Limit $1,000,000
Each Occurrence $1,000,000
Fire Damage Limit(any one occurrence) $ 50,000
Medical Payments $ 5,000
a) Coverage shall be written on an occurrence,not claims made,form. All deviations from the
standard ISO commercial general liability form CG 0001,or Business owners form BP 0002,
shall be clearly identified.
b) Include ISO endorsement form CG 25 04"Designated Location(s)General Aggregate Limit"
or CG 25 03"Designated Construction Project(s)General Aggregate Limit"as appropriate.
c) Include endorsement indicating that coverage is primary and non-contributory.
d) Include endorsement to preserve Governmental Immunity.(Sample attached).
e) Include an endorsement that deletes any fellow employee exclusion.
f) Include additional insured endorsement for:
The City of Dubuque, including all its elected and appointed officials,all its employees
and volunteers, all its boards, commissions and/or authorities and their board members,
employees and volunteers. Use ISO form CG 2026.
B) AUTOMOBILE LIABILITY $1,000,000(Combined Single Limit)
C) WORKERS'COMPENSATION &EMPLOYERS LIABILITY
Statutory benefits covering all employees injured on the job by accident or disease as prescribed by
Iowa Code Chapter 85 as amended.
Coverage A Statutory—State of Iowa
Coverage B Employers Liability
Each Accident $100,000
Each Employee-Disease $100,000
Policy Limit-Disease $500,000
I
Policy shall include an endorsement providing a waiver of subrogation to the City of Dubuque.
Coverage B limits shall be greater if required by Umbrella Carrier.
D) UMBRELLA LIABILITY $1,000,000
Umbrella liability coverage must be at least following form with the underlying policies included
herein.
E) PROFESSIONAL LIABILITY $ 1,000,000
Page 2 of 3 Schedule C, Professional Services October 2013.Doc
City of Dubuque Insurance Requirements for Professional Services
Preservation of Governmental Immunities Endorsement
1. Nonwaiver of Governmental Immunity.The insurance carrier expressly agrees and states that the
purchase of this policy and the including of the City of Dubuque, Iowa as an Additional Insured does it
not waive any of the defenses of governmental immunity available to the City of Dubuque, Iowa
under Code of Iowa Section 670.4 as it is now exists and as it may be amended from time to time.
2. Claims Coverage.The insurance carrier further agrees that this policy of insurance shall cover only
those claims not subject to the defense of governmental immunity under the Code of Iowa Section
670.4 as it now exists and as it may be amended from time to time. Those claims not subject to
Code of Iowa Section 670.4 shall be covered by the terms and conditions of this insurance policy.
3. Assertion of Government Immunity. The City of Dubuque, Iowa shall be responsible for asserting any
defense of governmental immunity, and may do so at any time and shall do so upon the timely
written request of the insurance carrier.
4. Non-Denial of Coverage.The insurance carrier shall not deny coverage under this policy and the
insurance carrier shall not deny any of the rights and benefits accruing to the City of Dubuque, Iowa
under this policy for reasons of governmental immunity unless and until a court of competent
jurisdiction has ruled in favor of the defense(s)of governmental immunity asserted by the City of
Dubuque, Iowa.
No Other Change in Policy. The above preservation of governmental immunities shall not otherwise
change or alter the coverage available under the policy.
SPECIMEN
Page 3 of 3 Schedule C, Professional Services October 2013.Doc