STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: August 9, 2023
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Office of Procurement Services
EXECUTIVE: Jack Ireland
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SUBJECT
Title
Authorize Supplemental Agreement No. 1 to the consulting contract and software license agreement Deloitte Consulting, LLP to add additional actuarial analysis services for both pension plans and additional consulting projects, add associated increase in funding, and extend the term to December 31, 2025 - Not to exceed $220,350, from $885,000 to $1,105,350 - 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.
The Supplemental Agreement No. 1 will add additional actuarial analysis services for both pension plans and additional consulting projects, add associated increase in funding and extend the term to December 2025.
The actuarial analysis include Texas Government Code Section 802.1012 which requires the City to engage an independent actuary to audit the actuarial valuations of its pension systems every five years. These services also include annual level two actuarial reviews for each of the City pension funds and annual actuarial reviews of the City's post-employment benefits other than pensions liability. A level two actuarial review uses a sampling of participant data to test the results of the valuation. The actuary analysis will assist the City in determining the reasonableness of actuarial assumptions used in the actuarial valuations and unanticipated changes in asset or liability trends or funded ratios. Services under this contract will also include analysis of actuarial reports to ensure compliance with generally accepted accounting principles. The analysis will also determine whether t...
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