Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute An Agreement With CBIZ Advisors, LLC For Tax Consulting Services Regarding Payroll Implementation Of The New Retirement Plans In An Amount Up To $35,000.00.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of Resolution
Explanation:
During collective bargaining between representatives of AFSCME Local 2432 (“AFSCME”) and the City, an agreement was reached to add two more options for retirement pension benefits. These two new options, in addition to the current defined benefit (“DB”) plan, are a defined contribution (“DC”) plan and a plan comprised of both a DB and a DC component (“Hybrid”).
The City determined the need for pension tax consulting services in the implementation of these new pension plans. The City determined that it is in the City’s best interest to issue a Purchase Order to CBIZ Advisors, LLC (“CBIZ”) for this one-time project to support the Financial Services Department in confirming the proper set up and due diligence review in an amount up to $35,000.00.
Commission approval of the resolution is required due to the agreement limitations on damages, setting it at no more than ten (10) times the fees paid by the City to CBIZ for these specific agreed upon services giving rise to the claim.
Fiscal Impact:
Funding for this agreement is available in the Fiscal Year 2026 Operating Budget in account number 001.190104.51900.591011.000000.000.000.
Recommended for inclusion on the agenda by:
Stephanie Tinsley, Director of Financial Services
Adam Reichbach, Assistant City Manager