Title
Extension of the City of Gainesville Contract for Actuarial Services with Actuarial Concepts, Inc. (B)
This contract extension with allow the City to retain Actuarial Concepts, Inc. for one (1) additional three-year period. Actuarial Concepts, Inc. will prepare actuarial valuation reports for the City of Gainesville Disability and Retiree Health Plans.
Explanation
Actuarial Concepts, Inc. has provided actuarial services for the City of Gainesville Disability and Retiree Health Plans under the current contract since October 1, 2003, with an expiration date of September 30, 2006. The original contract allows for the extension of the contract by the City of Gainesville for one (1) additional three-year period under the same terms and conditions.
Fiscal Note
Funds for actuarial services are budgeted in the City of Gainesville Disability and Retiree Health Plans Trust Funds. The contract fees total $25,000 per year.
Recommendation
The City Commission approve the three-year extension to the City of Gainesville Contract for Actuarial Services with Actuarial Concepts, Inc. and authorize the Trust Administrator to execute the requisite extension, subject to the approval of the City Attorney as to form and legality.