CITY OF TEXARKANA, AR

REQUEST FOR BOARD ACTION

 

AGENDA TITLE: Adopt a Resolution authorizing the City Manager to enter into an agreement with Gabriel, Roeder, Smith & Company for actuarial services for the Texarkana Arkansas Public Employee Retirement System (TAPERS). (FIN)

 

AGENDA DATE: 11/06/17

ITEM#:  11

DEPARTMENT: Finance

DATE SUBMITTED: 10/25/17

PREPARED BY: TyRhonda Henderson

SUBJECT:  Approve contract for actuarial services for the TAPERS Fund.

EXHIBITS: Contract from Gabriel, Roeder, Smith and Company

 

APPROVAL FOR THIS ITEM TO BE PLACED ON THE AGENDA

 

EXPENSE REQUIRED:   0.00

AMOUNT BUDGETED:   0.00

APPROPRIATION REQUIRED:   0.00

SUMMARY:    The City Manager and staff recommend entering into a contract with Gabriel, Roeder, Smith & Company (GRS) for actuarial services for the TAPERS fund. GRS has been the actuary for the TAPERS fund since July 2012. The 2017-2018 retainer fee is $22,500. This contract includes the option to renew at the current retainer fee for up to four years.  

 

BOARD ACTION: The City Manager and staff recommend that the Mayor and Board of Directors approve these amendments at the November 6, 2017 Board Meeting.  This item comes to you with approval by the TAPERS Retirement Committee, the City Manager and the Finance Director. The effective date for these changes is requested to be set for July 1, 2017.

 

RESOLUTION NO. ______

WHEREAS, it is necessary to renew the City’s agreement with Gabriel, Roeder, Smith & Company for actuarial services for the Texarkana, Arkansas, Public Employee Retirement System (TAPERS); and

WHEREAS, the renewal includes the option to renew at the current retainer fee for up to four (4) years, with a 2017-2018 retainer fee of $22,500.00; and

WHEREAS, the City Manager and Staff recommend approval;

NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the City of Texarkana, Arkansas, that the City Manager is hereby authorized to enter into the Agreement with Gabriel, Roeder, Smith & Company on the terms and conditions and for the purposes described above.

PASSED AND APPROVED this 6th day of November, 2017.

 

_____________________________

Ruth Penney-Bell, Mayor

 

ATTEST:

 

________________________________

Heather Soyars, City Clerk

 

APPROVED:

 

________________________________

George Matteson, City Attorney