HomeMy WebLinkAboutGASB 68 Actuarial Valuations for Pensions as of 1/25 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: 12/18/2024
Department: Finance
Vendor Name: Cavanaugh Macdonald Consulting
Sign Date: 12/18/2024
Ending Date: 3/1/2025
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,
2025, 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 ooe , 20/by
and among the City or Town 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 2025 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.
ACTUARIAL SERVICES AGREEMENT
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:
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 $ 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: _City f Jeffer onville
By:
Printed Name: Mike Moore
Title: Mayor
Address: 500 Quartermaster Ct
Jeffersonville, IN 47130
Phone: 812-285-6492 (Heather Metcalf)_
E-mail: HMetcalf@cityofjeff.net
CAVANAUGH MACDONALD CONSULTING, LLC
By:
Brent A. Banister, FSA, FCA, MAAA
Title: Chief Actuary