BY COUNCILOR STEWART:
RESOLVED, that the proper city officials are authorized to enter into a contract substantially in the form of that on file with the city clerk as Public Document No. __________, between the city and Van Iwaarden Associates for actuarial services related to retiree benefits in the amount of not to exceed $20,500, payable from Fund 630, Agency 036, Organization 1650, Object 5441.
STATEMENT OF PURPOSE: This resolution authorizes a contract with Van Iwaarden Associates for actuarial services pertaining to the city’s retiree benefit obligations. Governmental Accounting Standards Board (GASB) Statement No. 45 requires the city to have a new actuarial study done every other year to determine its liability related to other post-employment benefits (OPEB). This firm has prepared the city’s last two actuarial studies and is able to update its calculations for the city’s use.