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Home My WebLink AboutC2006-447 - 9/19/2006 - NA PROFESSIO~AL ACTUARIAL AlTDITING SERVICES This Pn ,fc""lol1al Altllari<iI AlIditill!,! Scr\ Ices Agreement ("Agreement") is entered into by and oetween the City \It Corpu'\ Christi. ~l illunicipall\)rpmation ("Cit~,,,), and Gabriel, Roeder, Smith <.\ Cmnpan:v a foreign hu..,ine..,s curpmatiol1. ("Consultant" I effective for all purposes upon execution (n the ('it\ Mal1agl'! IH ('itv Manclger'" designee. WHEREAS, the City deSires to h<l\e C'.lIbllltant perform a revie\\ of the Special Study of the Corpus Chnsti Fire Fighter'i Pens](ll1 Fund dated \1ay~. 2006, prepared by Rudd and Wisdom, and to perform a re\ lew 01 the Expanded Special Study ()f the Corpus Christi Fire Fighters Retiremenl Sy"tem dated, \ugu-.,t -+ 200h. NOW, THEREF'ORE. C lfisultanl and ('lty ag.rel' a." l()llov,'i: I. SERVICES TO BE PERFORMED, The Consultant agrees to provide professional actuarial auditing services to review the Special Study 01 the Corpu" Chrisl i Fire Fighter" Pension Fund dated May 4, 2006, prepared by Rudd and Wi"doIl1, and tll review the Expanded Special Study of the Corpus Christi Fire Fighters Retirement System dated ,\ugust -+ 2006: Consultant shall perform the professional auditing "ervice, t(1 provide ,\ Leve I Audit and Actuarial Assumption Review in accordance with the attached Exhihit. The partIe" agree perform(jnce of the work shall commence upon authorization to proceed by the City. The Director \)f Fin<lnciaJ Service'i l'i designated a" the Contract Administrator responsible tor all phases of performance and Clperations under thi" Agreement. including authorizations for payment All notice" or Cl 'mmunicatiom regarding thi" Agreement shall be directed to the Contracl Administrator (\lfisultant shalll:ompJele It" review withm 3 weeks from receipt of City's authorization lO prn,,'eed Consultant "hall prmide ( Ity With written report ill' it'i findings and conclusions upon completion 1fthe revit'w. II. FEE FOR SERVICES. Tutal l'(,,,t for all "ervice" provided hy Consultant and all l'xpenses incurred by Consultant under thi" Agreement shaJJ not exceed $8,150 unless l'xpressly authorized hy written amendment to thi:-- Agreement. Hourly rates are Identified in the atLlched Exhibit. Payment shall he made within 30 days from receipt of 11\ (lIce III. E}'FECTIVE DATE. TERM. 'fERMINA 'fION. HIERARCHY OF DOCUMENTS A. Thi:-- agreement takes t'ffect upon execution hy the City Manager or his designee. B. The term of thi" agreement IS upon executiCln oy City Manager through completion of -..ervice" under th I" Agreement. unk"s ,,()( mer term i nated in accordance with Subsection C below. C. The City may ,11 any lime. with or \\llhout cause. terminate this Agreement upon two (2) \veeks \\ ntten nOlIn' to lht Con"ullant I pon tenl1lnatlon of this Agreement, all finished or unfimshed document-.. datl. "ludie'. III rq)()rls prepared hy the Consultant, at the option of the 2006-447 09119/06 Gabriel, Roeder. Smith & ('0, -- - City, w1l1 he delivercd to I!Je elly and become the properly of the City. In such event of ierminaIIO!] without l allst'. ('it) \\111 hl 111\ oiced 1,11' the dctual time and charges accumulated through Ihl' dale ll! ilrlllll1,IIUIl IV. APPROPRIATION OF FUNDS. \11 parties recognize that the continuation of any \..'ontracl after the c!(1se of ;II1Y fiscal year uf City, which fiscal year ends on July 31 of each year, ..,hall be "uhleet tu appropndtions and 11ud~et appn)\al providing fur covering such contract item ;IS an ex.penditure 111 ..,aid hudgel City docs not represent that the budget item will be actually ddopted Sdld ddenl1l1latioil being \\ithin the sole discretJOn (11' the City Council at the time of :ldoption \,1 "'Ul h hudge! V. ASSIGNABILITY. The Consultanl ,hall not assign. transfer, or delegate any of his l)bligatinn" or dutie.., in thi, Contract to any other person without the prior written consent of the City, except for routine dw leI., delegated \( I field a..,sistants and clerical helpers. The performance ,)f this :'\greement r\ Comultant is t he essence of this Agreement and City's right to withhold l'onsent !o ..,uch a,>slgnmen shall be wahin the sole discretion of the City on any grounds whatsonl'l VI. INDEPENDENT CONTRACTOR. Consultant shall perform all professional services as an independent contractor ..md shall furnish such services in its own manner and method, and under nl \ Circumstances or conditions shall an agent. servant. or employee of the Consultant be i..'onsidered an cmpl( lvec 01 the ('it:. VD. SUBCONTRACTORS. Consultant may use subcontractors in connection with the work performed under thIS Agreement. When using suhcontractors. hO\\ever, Consultant must obtain prior wntten apprmal from the City In using subcontractors, Consultant agrees to be responslhle for all their acl'> and onllSsion.... to the "ame extent as if the subcontractor and its employee.... were employee" of the Consultant. All requirements set forth as part of this Agreemenl "hall he applicLble III all subcontractors and their emplnyees to the same extent as if the Con"ultant and Its emr10yces had perfnrmed the scr\Jce". VDI. VENUE AND APPLICABLE LAW. ThIS Agreement shall be subject to all Federal, State and local law" All duties of the parties shall be performed in the City of Corpus Christi, fexas. rhe applicahle lav. for any legal disputes arising out of this Agreement shall be the law ofTexa" and such lnrum und venue for ,uch dispute" shall he the appropriate district, county, or lustice tOllr! in and j'()r 'iLk'ces COllnt: 1 cxas IX. WAIVER. Ntl waiver of any breach of any ienn. nr condition of this Agreement, shall be construed 10 waive any "uhsequent breach nf the ',anw X. DISCLOSURE 01<' INTERESTS. Consultant further agrees, in compliance with City of Corpus Christi Ordinance 'Jo. 171 12. to complete. as part of this Contract, the Disclosure of Interest form provided to ( 'onsultanl. .......:."'.....,- XI. INDEMNIFICATION. Consultant must indemnify and hold City, its officers, employees or agents ("Indemnitees") harmless of, from, and against all claims, demands, actions, damages, losses, costs, liabilities, expenses, and judgments recovered from or asserted against Indemnitees on account of injury or damage to person or property to the extent any such damage or injury is caused by an act or omission, negligence or misconduct on the part of Consultant, or any of its agents. servants, contractors. or employees in performance of this Agreement. Consultant agrees to indemnify and save harmless City, its agents, servants, and employees, ("Indemnitees"), from any and all liabilities, losses, damages, or expenses, including attorney's fees resulting from the negligence or acts or omissions of Consultant, its employees, officers, agents or contractors, while in performance of this Agreement. XII. INSURANCE. Con'.ultant af-'recs tel pnwlde lflsurance in accordance with the attached l'xhihit. XIH. NO WAIVER. No waiver c.f an) covenant or condition, or the breach of any covenant or condition of this Agreemenl. constitutes a \vaiver ,)1 any subsequent breach of the covenant or condition (ll the Agreemen XIV. AMENDMENTS OR MODIFICA TIONS. No amendments or modifications to this Agreement may be made, nor any provision waived. unless in writing signed by a person duly authorized 10 sign agreements on behalf '.)1 each party. xv. RELATIONSHIP OF PARTIES. In performing this Agreement, both the City and ('onsultant shall act in an individual capacIty. and not as agents. representatives, employees, employers. parlners. Joint-\ enturers. 01 associates of one another. The employees or agents of either part) may not he. no he construed 10 he. the employees or agents of the other party for ~lI1Y pur}'. )st' XVI. CAPTIONS. fhe clptions in this\greement are for convenience only and are not a part of this Agreement. The caption" dn not III any \'-av limit ur amplify the terms and provisions of this Agn'ement XVII. SEVERABILITY. If 1'01 any reason. any "ection. paragraph, subdivision, clause, provision, phrase or word cf this Agreement 01 the application of this Agreement to any person or circumstance is. to any (',,-tenL held illegal. invalid. or unenforceable under present or future law or b\ a final judgment ,1' a l'( )UrI oj Cl 'mpetent jurisdiction. then the remainder of this Agreement. or the appJicati 1I1 oj the terlll (,r provision to persons or circumstances other than those as to which 11 IS held JlegaL invalid. 1)1' unenforceahle. will not he affected hy the law or ludgment. tor it is the definite intel11 ()f the parties [0 this Agreement that every section, paragraph. subdiVision. clause. prm isi( In. phrase. (1r word of this Agreement be given full force and effect for its purpose. 0 thL' e:\tentlhat any ciause or provision is held illegal, invalid, or unenforceahle under present or future la\', effective dunng the term of this Agreement, then the remainder pf thIS Agreement is 110t ;I1Tected hy the 1<1\\. and in lieu of any illegal, invalid, or ~"'-~ <-' unenfoneahle clau:-,c 01 pllvis/(ln. a clause or pn'\ Ision. as similal in terms to the illegal, invalid, )r unenli1lceahle lbuSl' Of pnni....H'n ;1"" llUY he pm....ihle and he lcf.'aL valid, and enforceable, will he added Ii) thiS AgreemcI [ auI,1mal ICJII\ XVIII. NOTICES. Noti,es pl()\J(.Ied shaJJ be in writ1l1;! and delin~red to: On hchalh l' the Cil\' City ul Curpus Chrisll Director of Financial Services P.O. Box Y277 Corpus Chri:-,ti. TX 7X469-9277 On hehalf If the Con....ultant Gabriel. Roeder. Smith & Co. Mark Randall Executive Vice President 560) N. MacArthur Blvd. #870 Ining.. Texas 75038.2631 IXX SOLE AGREEMENT. This Agreement and its exhibits A & Band attached Consultant Standard Terms and Conditions constitute the sole ag.reement between the City and Consultant. Any pnor agreements. promises. negotiations. or representations, verbal or otherwise, not expressly stated in this Agreement. are ()r no force and effect. In the event of any conflict hetween this Agreement and the attached Standard Terms and Conditions, this Agreement shall control EXECI TED IN DUPLICATE. each of which shall be considered an original, this 11 day of J,L ?i e-.J,.y.../. ~OOo. J ATTEST: It1)- (1()(J /- Annan<l~~~- City Secretary CIT OF CORPUS CHRISTI APPROVED THIS DA Y OF .2006 By: .. Assistant City Attorney For City Attorne~ Approved as to form: q. ( f. OL t~ Lisa Aguilar Assistant Ci Attorney For City Attorney CONSl LTANT ,? I ., ;;:...--.. . 'JY <-.J' .tr-.~_... ....-- .. -= .. "~\A~ 1< k,Ar-.J.\) At L ~;'~~'rf~ ~e~. c~tt =t"=-- ~ ---,_i. }."k...'.L..tL.k By: Name: T i tIe Date: y'- INSl iRr\'\CE RFQt iJREMENTS CONSt LTANTS INSlrR i\l\(L A. ('onsultant must not commence work under this agreement until all insurance required herein has been obtained and such insurance has been approved by the City's Risk l\-Ianager. The Consultant must not allow any subcontractor to commence work until all similar insurance required of the subcontractor has been obtained. B Comultant musl furni"h to lhc R1Sk \1anager two (2) copies of Certificates of Insurance, showmg the tolJowmg minllllul1l C(\\ nage hy msurance company(s) acceptable to the Risk Manager The ('ity mllst he nclllled ;IS an additional insured for all liability policies and a blanket \Valve!' elf suhn ~atloll 1" ICqUllUL MINIMUM INSURANCE COVERAGE newal. Bodily Injury and Property Damage day )ayment is WHICH COMPLIES WITH THE TEXAS WORKERS' COMPENSATION ACT AND SECTION II OF THIS EXHIBIT $:'500.000 ude: SiI.OOO,OOO TYPE OF INSLRANCE 30-Day Notice oj Cancellatioll. Ilonre matenal change Of term1l1ation ,md I () written notice of cancelLttion for !10\1-1 required on all cenificaks WORKERS' COfVtPEN>-;ATIOl\ EMPLOYERS' L1ABlL ITY PROFESSIONAL LIABILITY '(I i\1tl 1. Errors and Omis'.lom ( In the event of accidenls of any kind. Consultant must furnish the Risk Manager with copies of all reports of such a,_'Cidents at the same time that the reports are forwarded to any other interested partle~ Il ADDITION AL REQlllRt MENTS Consultant must ohtaln workers' ,-'l)mpenSalIon coverage through a licensed insurance company or through self-imurance ohtained in accordance with Texas law. If such coverage is obtained through a lil ensed company. the contract for coverage must be written on a policy and the Texas Department (\1 InslIIallcc must approve endorsements. The coverage provided must he in an amount s:lfficlent Iu J,,,ure that all workers' compensation obligations incurred by Cunsultant wIll hc pl\)mptly Illct · The Cit): of Corpus ('hristi must he named as an additional insured for all iiahilllY L'O\ cragc. e\L'cPt for the Workers' Compensation coverage and a blanket wai\'er of subrogation I" I'cquired Oil al] applicahle policies. -~.,,~ ~~"..... . '-;ho\lIJ your lI1"urancl <_'t)ll1pany elect 10 use the standard ACORD form, the canrellation c1aus{' (h()llOIl1 right I shall he amended by adding the wording 'changed O! '. hc!wCt.'11 "he' and "c,lI1ccled", and deleting the words "endeavor to", lI1d ddetin~ the \\()rdl!1t2 ,dler "kl, . fhe name of the project "hall he I1sted under "De"cription of Operations". . ~t ;: Il1l11illlUm. a 30-day written notice of material change, non-renewal, lerrlllnat]O!l n[ canccllati(lf1 j" rcqLllred Exhibit A Service\ ll. he pr<1\llkd h~ CUI1\uIL1I11 ! Actuarial Assumption ReVll'\\: "' Methodology Rniev, \it Special Stud\ Expanded Special Study. and Proposed Benefit DesIO!n Revi('~ nfCost Slahilil\ under lhe De\ign OUllll1ed in the SpecIal Study and Expanded SpeCIal Study Consultant "hall rev Il'~ th\' actuarial assumptions in the Special Study of the Corpus Christi Fire Fighter;, Pension Fund dat('d May 4. 200h. prepared hy Rudd and Wisdom, and to perform a review nf the Expanded Special Study nf the Corpus Christi Fire Fighters Retirement System dated August 4. 200h to determine whether they are correct and acceptable. Consultant shall review the methodolng:-.' lI'.ed 111 the SpecIal Stud~ and Expanded Special Study, as well as peIform d review of the pn lposed henefit design. Additionally. Consultant shall review the cost stability under the design (.utlined in the Special Study and Expanded Special Study to examine whether the result;, III Spet la] Study and Expanded Specla] Study appear reasonable. Consultam shall require Ihl' foll(l~ Ing Inlormatio!l I) A copy of the AL'tuariai Valuatinn as uf Decemher .~ 1.2004 prepared by Rudd and Wisdom. 2) A copy of the Special Study of the Cnrpus Christi Fire Fighters Pension Fund dated May 4, 2006. prepared hy Rudd and Wisdom. and to perform a review of the Expanded Special Study of Ihe eorpU\ Christi Fire Fighter;, Retirement System dated August 4.2006 ; ~) Asset information for the Plan a" of Decemher 31. 2005 and June 31,2006 used in these valuations ~ill he utilizedvithout .lIlY recnnci]iatlon or audit. -l) Salary change" fur the tire fighter;, "ince 2004. Hourly Rail';' Staff Level Rate Numher of Hours Total Fee Senior ( 'onsultant S-l'iO h $2,700 Consu]Ltt11 ~2() 17 3.740 Senior Actuarial Analyst ]hX x ] ,344 i'\dmini...tratlve 122 366 Grand Tntal $8.150 -"'~'-