Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing An Amendment To The Agreement Between The City Of Hollywood and Gabriel, Roeder, Smith & Company For Actuarial Consulting Services - General Employees’ Retirement Fund, In The Amount Of $55,000.00 For Additional Services Related To An Experience Study, Governmental Accounting Standards Board Pronouncements, And Supplemental Pension Distributions.
Body
Staff Recommends: Approval of the Resolution
Explanation:
In May 2010, the City entered into a multi-year agreement with Gabriel, Roeder, Smith & Company (“GRS”) for actuarial consulting services needed for the General Employees’ Retirement Fund. The estimated annual amount for this agreement was $18,000.00.
Due to the need for additional actuarial analysis associated with an experience study, Governmental Accounting Standards Board pronouncements, and supplemental pension distributions, a contract amendment to increase the estimated annual amount is necessary. The additional services needed and the associated fees were included in the scope of services delineated in the original agreement. The proposed contract amendment does not modify the fees for additional services - it only increases the annual amount authorized under the agreement.
Recommended for inclusion on the agenda by:
Wazir Ishmael, Ph.D., City Manager
George R. Keller, Jr. Assistant City Manager
Matthew Lalla, Financial Services Director