Legislation Details

File #: 210950.    Version: 1 Name:
Type: Discussion Item Status: Pending In Committee
File created: 2/22/2022 In control: Board of Trustees of the Consolidated Police & Fire Retirement Plan
On agenda: 2/23/2022 Final action:
Title: 2018 Foster & Foster Agreement for Actuarial Services First Amendment (B)
Attachments: 1. 210950_2018 Foster & Foster Actuarial Services Agreement First Amendment Memo_20220223, 2. 210950_2018 Foster & Foster Actuarial Services Agreement First Amendment_20220223, 3. 210950_2018 Foster & Foster Actuarial Services Agreement_20220223

Title

2018 Foster & Foster Agreement for Actuarial Services First Amendment (B)

 

Explanation

Foster & Foster is requesting that the Board of Trustees consider amending the 2018 Agreement for Actuarial Services effective March 1, 2022 to increase the professional fees outlined in Exhibit A. Items I.-IV. by three percent (3%) per year. Also, the rates in Exhibit A, Item V. (“Hourly Rates”) be amended to the following, and be increased by 3% per year beginning on March 1, 2023:

 

Senior Actuarial Consultant           $375 per hour

Actuarial Consultant                      $325 per hour

Actuarial Analyst                           $290 per hour

Administrative/Clerical                   $175 per hour

 

Board Attorney Robert Klausner has reviewed the proposed amendment and finds it acceptable.

 

Recommendation

The Board of Trustees consider Foster & Fosters request for a fee increase for actuarial services and take any action deemed appropriate.