STRATEGIC PRIORITY: Core
AGENDA DATE: August 13, 2025
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Office of Procurement Services
EXECUTIVE: Donzell Gipson
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SUBJECT
Title
Authorize a five-year service contract for actuarial services of other post-employment benefits plans for the City Controller's Office - Holmes Murphy and Associates, LLC, most advantageous proposer of five - Not to exceed $275,000.00 - Financing: General Fund (subject to annual appropriations)
Body
BACKGROUND
This action does not encumber funds; the purpose of a service contract is to establish firm pricing for services, for a specific term, which are ordered on an as needed basis.
This service contract will provide actuarial services of other post-employment benefits plans (OPEB) for the City Controller's Office. These services cover the determination of actuarial liabilities for retiree medical, pharmacy, dental, and vision coverage. This agreement will provide for the determination of the City's obligation for OPEB in compliance with the Governmental Accounting Standards Board (GASB) Statement No. 75. GASB 75 liabilities are reported annually in the City's Annual Comprehensive Financial Report. Actuarial services for a five-year term include October 1, 2025 through September 30, 2030, for GASB 75 annual valuations for fiscal years 2025 through 2029 and ad-hoc consulting services as needed to manage the OPEB liability including review of plan design and forecasting. The contract covers, determining OPEB liabilities for approximately 10,000 retirees and future eligible active employees.
A seven-member committee from the following departments reviewed and evaluated the qualifications:
* Budget and Management Services (1)
* City Controller's Office (2)
* Department of Human Resources (1)
* Office of Economic Development (1)
* Office of Procurement Services (2)*
*The Office of Procurement Services evaluated cost, ...
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