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Meeting Date:
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12/21/2023 - 5:30 PM
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Category:
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Report of the Committee on Accountability, Finance, and Personnel
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Type:
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Action
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Subject:
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12. Action on Request to Waive Administrative Policy 3.09(9)(e) and Issue a Contract with Gabriel Roeder Smith & Company for Actuarial Services
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Strategic Plan Compatibility Statement:
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Goal 3 Effective and Efficient Operations
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Attachments
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Original Contract
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File Attachment:
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Background:
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The Administration is requesting authorization to enter into a contract with Gabriel Roeder Smith & Company for actuarial services. This contractor will be used to deliver actuarial consulting services and contribution projections for the districts' Other Post-Employment Benefits (OPEB) and Supplemental Pension Plans including valuation reports to comply with Governmental Accounting Standard Board Statements.
The actuarial consulting services ensures that the district meets the Government Accounting Standards Board (GASB) Statement No. 67/68 and No. 74/75 which requires governmental entities to disclose the financial reporting for Pension Plans and Retirement Benefits administered through a trust.
Gabriel, Roeder Smith & Company is the current vendor; in addition, they are the actuarial consulting firm that has the largest number of public sector clients. The request to waive Administrative Policy 3.09 with respect to term limit is for continuity purposes. The Administration is requesting the option of a 5-year contract.
Contractor was chosen pursuant to RFP 1117, which closed on November 3, 2023. The Contract shall be in effect from March 1, 2024, through February 28, 2027 (the “Initial Term”), with the option to extend for up to two additional one-year terms to run from March 1, 2027 through February 29, 2028, and March 1, 2028 through February 28, 2029 upon mutual consent of the parties and Board approval if certain performance metrics incorporated into the contract are met.
The total cost of the contract in the three-year Initial Term will not exceed $310,950.00.
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Fiscal Impact Statement:
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Budget Code: OBA-0-0-EMB-DW-ECTS
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Implementation and Assessment Plan
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Upon approval by the Board, the contract will begin as indicated in the attachment.
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Recommendation:
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Your Committee recommends that the Board authorize the request to waive Administrative Policy 3.09(9)(e) and the contract as set forth in the attachments to this item.
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Approvals:
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Recommended By:
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Signed By:
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Jill Kawala - Interim Director/Board Clerk
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