HomeMy WebLinkAboutGASB 68 Actuarial Valuations for Pensions as of 1/24 City of Jeffersonville
Government Contract Coversheet
Please note: All information MUST be completely filled out and submitted to Clerk's Office
within 48 hrs of execution.
Date Submitted to Clerk: 12/4/2023
Department: Finance
Vendor Name: Cavanaugh Macdonald Consulting
Sign Date: 11/29/2023
Ending Date: 3/1/2024
Amount of Original Contract: $ 4,800.00
Is this an amendment or change order
to original contract? Yes or No
Amended Contract Amount:
Purpose: GASB 68 Actuarial Valuations for Pension as of Jan 1,
2024, to be reimbursed by INPRS
For Clerk's Office to fill out
Date uploaded to Gateway:
ACTUARIAL SERVICES AGREEMENT
THIS AGREEMENT,made and entered into effect this�-day of/10✓ ,2030by and among
the City of Jeffersonville` (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")
WITNESSETH:
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. GASB 68 Actuarial Valuations—At the direction of the SPONSOR, CMC shall prepare an
actuarial valuation as of January 1st, 2024 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. Term and 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 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:
ACTUARIAL SERVICES AGREEMENT
a. CMC agrees to make no assignment of any of its rights, duties or obligations under
this Agreement without the specific approval of the SPONSOR.
b. CMC agrees to indemnify and hold harmless the SPONSOR and its officers,
employees or agents, including but not limited to the Plan Administrator for any
claims or causes of action which may arise against the SPONSOR as a result of any
negligence or malfeasance on the part of CMC in the performance of its duties
under this Agreement.
c. This Agreement shall be construed in accordance with the laws of the State of
Indiana and any remedies of the parties pertaining thereto shall likewise be
governed by the laws of the State of Indiana.
d. CMC agrees to abide with all applicable federal, state and local laws and rules and
agrees to act in accordance with the standards of the actuarial profession.
e. CMC agrees to carry a limit of liability of at least one million dollars in Errors &
Omissions Insurance coverage, exclusive of defense costs.
4. Nondiscrimination Clause — In performing work hereunder, CMC shall comply with all
applicable equal employment opportunity laws and regulations.
5. Ownership of Data and Work Product — The SPONSOR will permit the Indiana Public
Employees Retirement System to provide CMC such data related to the SPONSOR and
the participants, beneficiaries and other individuals interested therein (collectively, the
"Data") as is necessary to permit the services to be provided by CMC under this
Agreement. In addition, all materials prepared by CMC specifically and exclusively for
the SPONSOR pursuant to this Agreement ("work product") shall be exclusively owned
by the SPONSOR and shall be deemed works made for hire. In the event any work product
may not,by operation of law,be works for hire, CMC hereby assigns to the SPONSOR all
of its rights in such work product and copyrights therein.
6. Fees and Charges
Annual GASB 68 Actuarial Valuation S 3,500
Annual GASB 68 Discount Rate Determination(if needed) $ 1,300
ACTUARIAL SERVICES AGREEMENT
IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective on
the date first hereinabove recited. —
SPONSOR Name of J ffersonville
By:
Printed Name: Mike Moore
Title: Mayor
Address: 500 Quartermaster Ct
Jeffersonville, IN 47130
Phone: (812)285-6492
E-mail: HMetcalf(alcitvofieff.net__
CAVANAUGH MACDONALD CONSULTING, LLC
By:
Brent A. Banister, FSA, FCA, MAAA
Title: Chief Actuary