Narrative of Resolution:
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Authorize contract with BPAS for GASB 75
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If Resolution requires expenditure of County Funds, provide the following information:
Amount to be authorized by Resolution: $16,700
Are funds already budgeted? Yes
Specify Compliance with Procurement Procedures:
RESOLUTION NO. INTRODUCED BY THE EXECUTIVE COMMITTEE TO AUTHORIZE AWARD AND EXECUTION OF CONTRACT
WHEREAS, Sullivan County provides postretirement benefits which encompasses (1) the NYSHIP medical plan, seven (7) union/non-union employee groups and various contribution schedules for approximately fourteen hundred (1400) county employees, retirees and dependents of retirees, and
WHEREAS, Sullivan County needs to fulfill this mandated requirement and is seeking an actuarial valuation of these postretirement benefits under GASB 75, Accounting and Financial Reporting by Employers for Post Employment Benefits other than pensions, and
WHEREAS, BPAS, 706 N. Clinton Street, Syracuse, NY 13204, will provide said services from January 1, 2024 through December 31, 2025, providing a full valuation for year 2023 and an interim valuation for year 2024, and
WHEREAS, this agreement may be extended for two (2) additional two (2) year periods under the terms and conditions submitted in response to RFP R-23-46, and
WHEREAS, Management and Budget and Risk Management approves said proposal and recommends that a contract be extended.
NOW, THEREFORE BE IT RESOLVED that the County Manager be and hereby is authorized to execute a contract with BPAS to provide actuarial valuation services to fulfill requirements of GASB 75 at a cost not to exceed $13,200 for valuation year 2023 which is a full valuation year and $3,500 for valuation year 2024 which is an interim valuation year in accordance with RFP R-23-46 with the option to extend for services for the 2028 fiscal year.
BE IT FURTHER RESOLVED, that said contract be in such form as the County Attorney shall approve.
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