HomeMy WebLinkAboutFirst Amendment to Actuarial Services Agreement - Cavanaugh Macdonald Consulting - Police and Fire Pension Plans1316 COUNTY -CITY BUILDING
227 W.JEFFERSON BOULEVARD
SOI ITH BEND_ INDIANA 46601-1 830
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PEACE
March 26, 2019
Brent Banister
Cavanaugh Macdonald Consulting, LLC
3550 Busbee Parkway, Suite 250
Kennesaw, GA 30144
RE: First Amendment to Actuarial Services Agreement
Dear Mr. Banister:
PHONE 574/235-9251
FAx 574/235-9171
The Board of Public Works, at its meeting held on March 26, 2019, approved the above
referenced amendment for a required change in the actuarial valuation of old Police and Fire
Pension plans in the amount of $1,600 for a new total of $8,000.
Enclosed please find the original of the amendment for your signature. Please sign and
return the original amendment to our office and retain a copy for your records.
If you have any further questions regarding this matter, please call this office at (574) 235-
9251.
Sincerely,
Linda M. Martin, Clerk
Enclosure
GARY A. GILOT GENEVIEVE MILLER ELIZABETH A. MARADIK LAURA O'SULLIVAN THERESE J. DORAU
FIRST AMENDMENT TO ACTUARIAL SERVICES AGREEMENT
THIS FIRST AMENDMENT to the ACTUARIAL SERVICES AGREEMENT originally
made and entered into on the 201h day of December, 2018, by and between the City of South Bend,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") is effective
this 1W day of March, 2019.
WITNESSETH:
WHEREAS the Indiana State Board of Accounts has indicated that certain assets of the
Sponsor could be considered as plan assets of the retirement benefit plans being valued; and
WHEREAS the inclusion of such assets significantly changes the nature of the GASB
valuation report and the work required to prepare such a report;
NOW, THEREFORE, the parties hereto agree as follows:
Section 6 of the Actuarial Services Agreement shall be amended to read:
Fees and Charges
Annual GASB 68 Actuarial Valuation (Fire Department) $ 4,000
Annual GASB 68 Actuarial Valuation (Police Department) $ 4,000
Total $ 8,000
Reports to be provided to the City no later than March 27, 2019,
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment
effective on the date first recited above.
SPONSOR Name:
A -PP " "'
Kwm*rd of PujA& Works
By
Printed Name:
Title: m
CAVANAUGH MACD01N"ALD`"CM7S1UtTING,'"LZC—`---
By.........._-_......_ ......................_.....
Brent A. Banister, FSA, FCA, MAAA
Title: Chief Actuary
BOARD OF PUBLIC WORKS
AGENDA ITEM REVIEW REQUEST FORM
Date 3/15/2019
Name Daniel Parker Department Administration & Finance
BPW Date 3/26/2019 Phone Extension 9822
Required Prior to Submittal to Board
BPW Attorney E] Attorney Name _
Dept. Attorney 5J Attorney Name Elliot Anderson
Purchasing M Daniel Parker
Check the �o rr iac item ' e;�
EJ E Professional Services Agreement 0 Contract
❑ Open Market Contract Amendment/Addendum
E, Bid Opening Bid Award
Quote Opening Quote Award
n Proposal Opening ❑ C/O & PCA No.
[] Chg. Order, No. F] Traffic Control
Other:
dfir All Submissions
Proposal
❑ Special Purchase, QPA
❑ Req. to Advertise
Reject Bids/Quotes
[� PCA
❑ Resolution
❑ Ease./Encroach
❑ Title Sheet
LIT. ....
Roquired Information
Company or Vendor Name
Cavanaugh Macdonald Consulting, LLC
New Vendor
Y If Yes, Approved by Purchasing
® No
Yes
MBE/WBE Contractor
Completed E-Verify Form Attached
MBE ❑ No
Project Name
Pension Actuarial Valuations as of 12/31/2018
Project Number
..._.... ..........................
None
Funding Source.......................
.......................... ......
Account No.
701.0903.645.31.06 702.0803.645.31.06
.......................... ........
Amount
_.. _..
$1,600 increase to $8,000
Terms of Contract
Purpose/Description
Required change in Actuarial Valuation of old Police and Fire Pension Plan
due to the inclusion of asset return projections. Increase of $1,600 from
original contract amount of $6,400.
For Change Orders Only,
Amount of
Increase $ ........._.. _... _....................
Decrease ($ �
Previous Amount
_. __....................... ...... ..___________.....
$
...................... .. .... ........
Increase %
Current Percent of Change:
o.......................
Decrease/o
New Amount
-....... a ._ ._____ - _m
$
.. ....................
Increase %
Total Percent of Change.
Decrease ( %) ......... ............ ......M. �.
Time Extension Amount:
New Completion Date:
......... __ ........