SUBJECT/RECOMMENDATION:
Title
Approve revised pension plan expenditures for fiscal year 2017, increasing the previously approved $338,900 by $5,000 for actuarial consulting services and $2,000 for pension benefits calculator software license, for a revised total of $345,900.
Body
SUMMARY:
The Trustees previously approved fiscal year 2017 pension plan routine administration expenditures of $338,900. This item is requesting approval of a revised total due to the addition of actuarial consulting services ($5,000) and annual licensing for the pension benefits software ($2,000).
The previous actuarial services agreement and related purchase order included, in addition to fees for the annual actuarial valuations, estimated actuarial consulting services and the software license in a total not-to-exceed amount approved by the Trustees. The new agreement not-to-exceed amount, approved by the Trustees in December, includes the fees for annual actuarial valuations/reporting only. We are consequently requesting approval of a $5,000 contingency for hourly actuarial consulting services and $2,000 for the Gabriel Roeder Smith (GRS) pension benefit calculator software license during fiscal year 2017.
The hourly consulting services and the software license, while provided by Gabriel Roeder Smith, are separate services from the annual actuarial valuations that we feel should be disclosed and approved annually by the Trustees.
APPROPRIATION CODE AND AMOUNT:
0646-xxxxx-5xxxxx (various pension plan expenditure codes)