Approval of an Amendment to the Existing Professional Services Agreement with AON Consulting for Actuarial Services. City of Culver City California City Council Agenda Item Report Meeting Date: 01/26/09 AGENDA ITEM: Approval of an Amendment to the Existing Professional Services Agreement with AON Consulting for Actuarial Services. Item Number: C 6 Contact Person/Dept.: Jeff Muir Chief Financial Officer Fiscal Impact: Yes X No Phone Number: (310) 253 5865 General Fund: Yes X No Public Hearing: Public Notification: AON Consulting (01/21/09); Master E Mail Notification List (01/21/09) Action Item: Attachments: X Department Approval: Jeff Muir (01/12/09) Chief Financial Officer Approval: Jeff Muir (01/12/09) City Attorney Approval: Carol Schwab (by H. Baker) (01/15/09) City Manager Approval: Jerry B. Fulwood (01/21/09) RECOMMENDATION: Staff recommends the City Council approve an Amendment to the existing professional services agreement with Aon Consulting for actuarial services associated with implementation of Governmental Accounting Standards Board (GASB) Statement No. 45. BACKGROUND / DISCUSSION: On August 13 2007 City Council approved the release of the Request for Proposal for Actuarial Services in order to determine the long term costs of the City of Culver City s other post employment benefits (OPEB) such as medical insurance for retirees. On November 14 2007 City Council awarded a professional services agreement to AON Consulting for preparation of the actuarial report for the City s other post employment benefits (OPEB). This report was presented to the City Council on May 5 2008. In order to analyze methods and alternatives aimed at lowering the long term costs and liabilities associated with post employment medical insurance the Human Resources Department has coordinated the formation of a Health Benefits Committee. This Committee is made up of Human Resources Department staff Finance Department staff City Manager s Office staff and representatives from the C...
Click here for full text