STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: October 13, 2020
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Office of Procurement Services
EXECUTIVE: Elizabeth Reich
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SUBJECT
Title
Authorize a five-year consultant service contract for actuarial services of other post-employment benefits plans for the City Controller's Office - Holmes Murphy & Associates, LLC, most advantageous proposer of nine - Not to exceed $275,000 - Financing: General Fund (subject to annual appropriations)
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BACKGROUND
This action does not encumber funds; the purpose of a consultant service contract is to establish firm pricing for services, for a specific term, which are ordered on an as needed basis.
This consulting service contract provides the City with actuarial consulting services for Other Post-employment Benefits (OPEB) covering the determination of actuarial liabilities for retiree medical, pharmacy, dental, and vision coverage. An actuarial firm must determine the City's obligation for OPEB in compliance with the Governmental Accounting Standards Board (GASB) Statement 75. GASB 75 liabilities are reported annually in the City's Comprehensive Annual Financial Report. Actuarial services for a five-year term include October 1, 2020 - September 30, 2025 for GASB 75 annual valuations for fiscal years 2020 through 2024 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 six-member committee from the following departments reviewed and evaluated the qualifications:
* City Controller's Office (1)
* Department of Human Resources (1)
* Fire-Rescue Department (1)
* Police Department (1)
* The Office of Economic Development Business Workforce and Inclusion Divi...
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