SUBJECT/RECOMMENDATION:
Title
Approve an amendment to the agreement with Gabriel Roeder Smith and Company for actuarial services for the City's Other Post Employment Benefits (OPEB) liability, to extend the agreement for two years, to December 31, 2016, with an additional not-to-exceed amount of $17,500, and authorize the appropriate officials to execute same. (consent)
Body
SUMMARY:
In December 2009, Council approved a five-year agreement with Gabriel Roeder Smith and Company for Pension Plan and OPEB actuarial services, expiring December 31, 2014.
Staff recommends extension of the agreement due to the Pension Plan's required implementation of GASB Statements 67 and 68 effective with fiscal years 2014 and 2015. These implementations require significant assistance from the Plan's actuary and staff believes it is the Plan's and City's best interests to continue with the existing actuary during the transition period.
The total not-to-exceed amount for this extension includes the following:
$ 2,500 - roll-forward actuarial valuation as of 1/01/2015 for 9/30/2015 CAFR
$15,000 - actuarial valuation as of 1/01/2016 for 9/30/2016 CAFR
$17,500 Requested not-to-exceed
The Pension Trustees are separately considering a similar extension to the actuarial services for the Pension Plan, with the costs to be paid by the Plan.
APPROPRIATION CODE AND AMOUNT:
0010-09821-530100-513-000-0000
Funds are available in the Finance Department budget.
USE OF RESERVE FUNDS:
N/A