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INDIAN RIVER COUNTY <br />OFFICE OF MANAGEMENT AND BUDGET <br />PURCHASING DIVISION <br />DATE: August 18, 2023 <br />TO: BOARD OF COUNTY COMMISSIONERS <br />THROUGH: John A. Titkanich, Jr., County Administrator <br />Kristin Daniels, Director, Office of Management and Budget <br />FROM: Jennifer Hyde, Purchasing Manager <br />SUBJECT: Award of RFP 2023053 for Other Post Employment Benefits Actuary Services <br />BACKGROUND: <br />On behalf of the Clerk of the Circuit Court's Comptroller Division, a Request for Proposals ("RFP") <br />was issued for Actuary Services for Other Post Employment Benefits ("OPEB"), as the final term of <br />the agreement with our current provider, Gabriel, Roeder, Smith & Company ("GRS") ends on <br />September 30, 2023. Primary services required are annual Governmental Accounting Standards <br />Board ("GASB") reports, and full valuation reports every other year. The term of award is six years, <br />with one, two-year renewal available. <br />DISCUSSION: <br />A selection committee comprised of Elissa Nagy, Chief Deputy Comptroller, Raeanne Cone, <br />Assistant Chief Deputy Comptroller, Ruth Bommarito, Senior Budget Analyst, and Suzanne Boyll, <br />Human Resources Director independently reviewed and scored the received proposals. The <br />committee then met to compile an initial ranking of firms. After discussions, the committee <br />determined no interviews were necessary, and declared the ranking final. <br />Firm <br />Total of Fees for Years 1-8 <br />1. <br />Gabriel, Roeder, Smith & Company <br />$80,800 <br />2. <br />Nyhart <br />$64,700 <br />3. <br />Bolton Partners, Inc. <br />$98,100 <br />4. <br />Foster & Foster Consulting Actuaries, Inc. <br />$89,650 <br />5. <br />Lauterbach & Amen, LLP <br />$70,100 <br />6. <br />Cavanaugh Macdonald Consulting, LLC <br />$84,000 <br />7. <br />Jefferson Solutions, Inc. <br />$107,695 <br />8. <br />Empower Retirement, LLC <br />$95,000 <br />9. <br />Lepton Actuarial & Consulting, LLC <br />$92,000 <br />GRS was selected to provide these services under RFP process in 2007 and 2015. The total fees <br />paid to GRS for the previous eight-year period were $88,000. <br />121 <br />