Narrative of Resolution:
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RESOLUTION INTRODUCED BY MANAGEMENT & BUDGET COMMITTEE TO MODIFY RESOLUTION NO. 232-24 FOR R-23-46 FOR ACTUARIAL SERVICES
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If Resolution requires expenditure of County Funds, provide the following information:
Amount to be authorized by Resolution: $45,500.00
Are funds already budgeted? Yes
Specify Compliance with Procurement Procedures:
MODIFICATION RESOLUTION INTRODUCED BY MANAGEMENT & BUDGET COMMITTEE TO MODIFY RESOLUTION NO. 232-24 FOR R-23-46 FOR ACTUARIAL SERVICES
WHEREAS, Resolution No. 232-24 authorized the County Manager to execute an agreement with BPAS Actuarial and Pension Services, LLC, 706 N. Clinton Street, Syracuse, New York 13204, in accordance with #R-23-46; Actuarial Services for Government Accounting Standards Board Statement No. 75 for the period January 1, 2024 through December 31, 2025, providing a full valuation for fiscal year 2023 and an interim valuation for fiscal year 2024, with the option to extend for two (2) additional two (2) year periods providing services through fiscal year 2028; and
WHEREAS, the funding language in the Original Resolution needs to be amended to include all extendable years, and
WHEREAS, the correct funding language in the NOW, THEREFORE, BE IT RESOLVED should read at a cost not to exceed $13,200.00 for the 2023 full valuation, $3,500 for the 2024 interim valuation, $10,300.00 for the 2025 full valuation, $3,700.00 for the 2026 interim valuation, $10,900.00 for the 2027 full valuation, and $3,900.00 for the 2028 interim valuation.
NOW, THEREFORE, BE IT RESOLVED, that the County Manager be and hereby is authorized to execute a modification agreement with BPAS Actuarial and Pension Services, LLC to extend the Original Agreement at the above-listed rates through fiscal year 2028.
BE IT FURTHER RESOLVED, Resolution No. 232-24 is hereby modified as per the above and all other provisions of Resolution No. 232-24 shall remain unchanged and said agreement to be in such form as the County Attorney shall approve.
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