Approval of a Professional Services Agreement with Aon Consulting for the Actuarial Services Associated with Implementation of Governmental Accounting Standards Board Statement No. 45. City of Culver City California City Council Agenda Item Report Item Number: C 4 Meeting Date: 11/14/2007 AGENDA ITEM: Approval of a Professional Services Agreement with Aon Consulting for the Actuarial Services Associated with Implementation of Governmental Accounting Standards Board Statement No. 45. Contact Person/Dept.: Shally Lin / City Treasurer's Office Fiscal Impact: Yes x No Phone Number: (310)253 5871 General Fund: Yes x No Public Hearing: Attachments: Public Notification: Bartel Associates Aon Consulting and EFI Actuaries on 11/7/07; Master Notification List on 11/7/07 Action Item: x Department Approval: Crystal Alexander (10/31/07) Fiscal Impact Approval: Marlee Chang (11/07/07) City Attorney Approval: Carol Schwab (by H. Iker) (11/06/07) City Manager Approval: Jerry B. Fulwood (11/08/07) RECOMMENDATION: Staff recommends the City Council approve and award a professional services agreement with Aon Consulting for actuarial services associated with implementation of Governmental Accounting Standards Board (GASB) Statement No. 45. BACKGROUND: On August 13 2007 City Council approved staff s recommendation to release 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. The actuarial calculation will be based on the following scope of services: Disclosure of the OPEB obligations in accordance with GASB Statement No. 45. Breakdown of the liability by current employees; retired employees and dependents; over age 65; under age 65; valuation of liability assuming conversion to eight options. The required annual total contribution amounts under various funding options. Breakdown of the annual contribution into different components. A detailed ...
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