HomeMy Public PortalAboutFoster & FosterACTUARIAL SERVICES AGREEMENT
THIS AGREEMENT is entered into the �, ` day of �- 2019,
between the CITY OF CRESTVIEW, (herein referred to as the "City") and FOSTER &
FOSTER, INC. (herein referred to as the "Actuary").
WITNESSETH
WHEREAS, the Actuary has demonstrated the expertise and experience to perform the
actuarial services outlined in said proposal.
NOW, THEREFORE, in consideration of services to be performed and payments to be
made together with mutual covenants and conditions hereinafter set forth, the parties agree as
follows:
1. The Actuary shall, within sixty (60) days of receipt of all required employee and
financial data, complete and return to the City the following:
A. Performance of an actuarial valuation, including preparation of disclosure
information for auditors per Governmental Accounting Standards Board
Statements (GASB) No. 75 for employer reporting for the Fiscal Year ending
September 30, 2019. In the course of the valuation, we will generally review the
experience of the Plan.
B. Performance of an interim report per GASB No. 75 for the Fiscal Year ending
September 30, 2020.
C. One kickoff conference call with the City to discuss actuarial assumptions and to
discuss the project. One additional conference call included, if needed. Hourly rates
will only be charged for if more than two (2) conference calls are conducted.
D. One meeting (via teleconference) to discuss results.
In consideration of the satisfactory performance of services and delivery of work
products as provided in paragraph 1 of this Agreement, the City agrees to pay the
-1-
Actuary an annual fee of $9,000 for the annual valuation for the fiscal year ending
September 30, 2019 under GASB 75.
In consideration of the satisfactory performance of services and delivery of work
products as provided in paragraph 1 of this Agreement, the City agrees to pay the
Actuary an annual fee of $4,000 for the interim disclosure report for the fiscal year
ending September 30, 2020 under GASB 75.
These fees will increase by 3% for each year thereafter.
2. During the agreement period, the Actuary shall also perform such additional
actuarial services as may be requested by the City including, but not limited to:
A. Perform special actuarial Studies to determine the costs associated with the
implementation of alternative benefits. For example, the costs associated with
changing the employer -provided subsidy to something higher or lower could be
examined.
B. Conduct meetings with employee groups to explain plan provisions and to answer
questions.
C. Analyze funding trends to predict future OPEB costs and liabilities.
D. Perform experience studies to help provide the City with historical data to use when
setting actuarial assumptions.
E. Perform other consulting services via telephone, email, or facsimile.
-2-
The charges not explicitly stated above for work shall be based upon the amount of
time required to complete each task. A firm fee quotation prior to commencing any
work may be provided upon request.
The hourly charges shall be:
Hourly Rate
Senior Actuarial Consultant $350
Actuarial Consultant $300
Actuarial Analyst $250
Administrative/Clerical $150
3. This Agreement embodies the entire agreement of the parties hereto and no
modification thereof shall be made except by written amendment agreed to and
executed by both parties.
4. The City shall deliver to the Actuary all employee and financial data and any such
further information as the Actuary shall deem necessary from time to time in order
to complete the job.
5. The City may terminate this Agreement at any time upon thirty (30) days written
notice to Actuary. In the event that the City determines to terminate this Agreement
without cause, or in the event that the City fails to perform any of its duties
hereunder for a period of more than sixty (60) days after written notice by the
Actuary of such failure, the Actuary may terminate this agreement and be entitled
to compensation to the date of such termination, based on the actual work
performed.
6. The term of this Agreement shall be for two (2) years from date, unless sooner
terminated pursuant to paragraph 5, and may be renewed for subsequent periods of
one (1) year each upon the mutual agreement of the parties hereto. There shall be
no change in any terms unless mutually agreed to by the parties hereto.
7. Neither party hereto may assign, convey, or otherwise transfer any of its rights,
obligations, or interest herein without the prior express written consent of the other
party.
-3-
8. This Agreement shall be construed in accordance with the laws of the State of
Florida to the extent not pre-empted by federal law and the provisions hereof shall
be governed by such law. All prior agreements between the parties are hereby
terminated and superseded by this Agreement.
9. This Agreement may be executed in several counterparts, each of which shall be
deemed an original.
10. Any action arising under this Agreement shall be brought exclusively in Okaloosa
County, Florida.
11. Public Entity Crimes Bill - Section 287.133, Florida Statutes, provides that a person
or affiliate who has been placed on the convicted vendor list following a conviction
for a public entity crime may not submit a bid on a contract to provide any goods
or services to a public entity, may not submit a bid on a contract with a public entity
for the construction or repair of a public building or public work, may not submit
bids on leases of real property to a public entity, may not be awarded or perform.
work as a contractor, supplier, subcontractor, or consultant under a contract with
any public entity, and may not transact business with any public entity in excess of
the threshold amount provided in Section 287.017, Florida Statutes, for
CATEGORY TWO for a period of 36 months from the date of being placed on the
convicted vendor list.
-4-
IN WITNESS WHEREOF, the City has signed duplicates hereof, and FOSTER & FOSTER,
INC. has caused its corporate name to be signed to said duplicates by its proper officers thereunto
duly authorized on the day and in the year first above written.
FOSTER & FOSTER, INC.
By:
Date:
CITY OF CRESTVIEW
As A ori.ed Of icer As uthorized Officer
8/1/2019
Date:
7/6//
-5-