Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute An Increase In The Authorized Annual Expenditure To Howard E. Nyhart Company, Incorporated, From $45,000.00 To $85,000.00, For Actuary Services.
Body
Staff Recommends: The Approval of the Attached Resolution.
Explanation:
The City of Hollywood requires actuary services as the sponsor of the City’s three (3) pension plans.
Professional Agreement for actuary services to be provided by Nyhart was executed on March 23, 2017 in the amount of $48,500.00 with additional renewal periods.
The first renewal period, March 23, 2018 to March 22, 2019, was approved via City Manager Memo PR-18-155 in the amount of $45,000.00.
The analysis for the police pension plan is completed at a cost of $27,653.75, and the cost to complete the analysis of the fire pension plan and the general employees’ pension plan is estimated to be an additional $20,000.00 each.
The estimated annual cost for the continuance of actuary services is now $85,000.00, thereby requiring City Commission approval.
Nyhart has been and continues to provide satisfactory services.
The total amount for Actuary Services to include the 1st year ($48,500.00), the initial renewal period amount ($45,000.00), and the requested additional amount ($40,000.00) brings the total to an estimated $133,500.00.
Recommended for inclusion on the agenda by:
Dr. Wazir A. Ishmael, City Manager
Adam Reichbach, ACM, Finance and Administration
George R. Keller, Jr, ACM, Public Safety
Tammie Hechler, Director, Human Resources
Paul Bassar, Director and Contract Compliance, Procurement