Title:
Title
Approval of Professional Actuarial Services Agreement
End
FileID
File ID: 2019-00764
Location
Location: Citywide
Recommendation:
Recommendation
Pass a Motion authorizing the City Manager or the City Manager's designee to execute a professional services agreement for actuarial services with Bartel Associates, LLC, for a five year term to prepare the City's required Other Post-Employment Benefits (OPEB) actuarial valuation reports in accordance with Government Auditing Standards (GASB) 74/75 for the fiscal years ending in June 30, 2019 through June 30, 2023 in a total amount not-to-exceed $149,250 provided that sufficient funds are available in the adopted budget in each of the applicable fiscal year.
Contact: Osvaldo Lopez, Accounting Manager, (916) 808-4740; Dawn Holm, Director of Finance, (916) 808-5574, Department of Finance
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Agreement
Description/Analysis
Issue Detail: On March 29, 2019, the Finance Administration Division, in accordance with City Code Chapter 3.64, issued a Request for Proposals (RFP) No. P19061311002 for professional OPEB actuarial services. By April 26, 2019, the City received eight responses to the RFP. Proposals were evaluated based on technical qualifications, including expertise, experience, price and mandatory RFP elements. Following a review of the proposals two firms were selected for interviews. The interviews were conducted by a committee that included staff from the Finance and Human Resources Departments. The committee concluded that the proposal submitted by Bartel Associates, LLC, was the most responsive.
Actuarial services were solicited to prepare valuation reports in accordance with GASB 74/75 for its retiree healthcare plan for the fiscal years ending June 30, 2019, June 30, 2021 and June 30, 2023. Actuarial services will also be required for the GASB 75 annual report for the fiscal years 2018/19 through 2022/23. This contract als...
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