09/15/2015 (3) - Laserfiche WebLink

Home Browse Search

JEFFREY R. SMITH, CPA, CGFO, CGMA Clerk of Circuit Court & Comptroller Finance Department 1801 27' Street Vero Beach, FL 32960 Telephone: (772) 226-1945 TO: Board of County Commissioners FROM: Diane Bernardo, Finance Director THROUGH: Jeffrey R. Smith, Clerk of Court and Comptroller DATE: 8/31/15 SUBJECT: OPEB (Other Post Employment Benefits) Actuarial Valuation RFP To Be Awarded 8E Background Information: An OPEB actuarial valuation has been provided to the County on an annual basis by Gabriel Roeder Smith and Company (GRS) from September 2008 through September 2015. This report of retiree benefits includes the value of benefits earned by active and retired employees. Our County currently funds these benefits with a trust that was established in September. 2008. The OPEB Trust reports have been provided to the Board on a quarterly basis. Procedures performed to date: The first request for proposal (RFP) was issued on May 23, 2007 and Gabriel Roeder Smith (GRS) was awarded the contract. This contract will be expiring with the September 30, 2015 valuation. The second RFP was issued on July 11, 2015. Four responses were received by the due date of August 7, 2015. A committee of four (Jason Brown, Budget Director; Colleen Peterson, Human Resources Manager; Diane Bernardo, Finance Director; and Elissa Nagy, Assistant Finance Director) was formed to review and evaluate each RFP. The following proposals were ranked for actuarial services and are being presented to the Board for approval to negotiate a six-year contract with one renewal option for an additional two year period. Summary: The actuarial valuation for OPEB will include calculations for all active and retired employees (enrolled in our benefits program) for the Board of County Commissioners, Clerk of the Court, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector. The proposals from the firms listed below were independently reviewed and ranked by each committee member, with a maximum score of 100 points and are based upon the points outlined in the. RFP. The results developed by the committee are: Overall Average Total Six Year Rank Ranking Score Vendor Name Bid 1 1.50 343 Gabriel Roeder Smith (GRS) $ 66,000 2 2.00 335 Foster & Foster $ 45,000 + travel 3 2.50 311 Bolton Partners $ 35,600 4 4.00 252 Lewis & Ellis, Inc. $ 39,750 52