Agreement - Actuarial Services Study of SBFD & SBPD Pension Funds - Cavanaugh MacDonald Consulting, LLC.

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ACTUARIAL SERVICES AGREEMENT This Actuarial Services Agreement (this "Agreement") is made and entered into effect this day of December, 2019, by and among the City of South Bend, Indiana, acting by and through its Board of Public Works (hereinafter referred to as "SPONSOR") and CAVANAUGH MACDONALD CONSULTING, LLC, a Georgia corporation, 3550 Busbee Parkway, Suite 250, Kennesaw, Georgia 30144, (hereinafter referred to as "CMC"). WHEREAS, the SPONSOR is desirous of retaining professional actuarial and pension consulting services to the SPONSOR; and WHEREAS, the SPONSOR selected CMC for that purpose. NOW, THEREFORE, in consideration of the premises and of the mutual covenants and promises therein contained, the parties hereto agree as follows: 1. Annual GASBu68 Actuarial Valuations — At the direction of the SPONSOR, CMC shall prepare an actuarial valuation as of January 1" of each year for disclosure under GASB 68. Such valuations are to be based on detailed and up-to-date tabulations of active and inactive participants, current pensioners, and any other such detailed information as CMC and the SPONSOR may mutually determine to be pertinent to the purpose of the review. Such actuarial valuation shall provide all financial and statistical information as may be now required to prepare financial statements under generally accepted accounting principles (GAAP). 2. "1"ern anci Termination — The performance of this Agreement shall commence on the date first hereinabove recited. This Agreement may be terminated: (a) by CMC by providing written notice to the SPONSOR at least sixty (60) days prior to such termination, or (b) by the SPONSOR by providing written notice to CMC at least thirty (30) days prior to such termination provided, however, that this Agreement may be terminated by CMC pursuant to clause (a) above only for reasonable cause relating to CMC's continued ability to provide effective services to the SPONSOR, with such reasonable causes including but not limited to insolvency, sale of the business, or substantial turnover of key personnel; and further provided that this Agreement may be terminated by the SPONSOR pursuant to clause (b) above for any reason or no reason. In the event the Contract is terminated, CMC shall be paid for work actually performed to the date of termination, plus bona fide expenses to date of termination, less the cost to the SPONSOR of making good any deficiencies, correcting all work improperly performed and any additional cost to the SPONSOR for removing or replacing CMC exclusive of fees to firm(s) hired to replace CMC. Said final payment shall be made to CMC within thirty (30) days of the date of final invoice. 3. Miscellaneous Provisions — This Agreement constitutes the entire Agreement and understanding between the SPONSOR and CMC with respect to all matters contained herein, including the following: