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HomeMy WebLinkAboutC2008-098 - 3/26/2008 - NA~RF~I~NAL ACTUARIAL A,UDITIN SERVI~ ~+ RYAS, the Texas Legislature passed HB ~~~~ this past summer which went into effect eptei~ber 1, 20a7 which requires Texas public pension plans with assets totaling at least $1 ~~ inillian excluding state fund life TMRS} to have an independent actuary perform an audit every five years of the valuations, studies, and reports most recently prepared by the pension plans; wH~II~,A, pension plans must have their actuarial audits conducted no later than September 1 ~a~S with the avernmental entity far which the public retirement system is responsible far, selecting the actuary and for paying all casts associated with preparing and distributing the audit; wHEREA.S, the City desires to have Consultant perform in accordance with HB ~~~~ an audit of the Actuarial Valuation as of December 31, 20D~ for the Carpus Christi Fire Fighters' Retirement System, dated August 28, ~aa3; an audit of the ,Actuarial Valuation as of December ~ 1, 2aa4 for the Carpus Christi Fire Fighters' Retirement System, dated August ~4, ~aa5; and an audit of the Actuarial Valuation as of December 31, ~a~ far the Corpus Christi Fire Fighters' Retirement System, dated Apri12'~, ~a07 each prepared by Rudd and wisdom; New, THEREFR~, this Professional Actuarial Auditing Services .Agreement ~"Agreement"} is entered rota by and between the City of Corpus Christi, a municipal corporation ~"Cif"}, and Gabriel, Roeder, Smith Company, a foreign business corporation, ~"~o~sul~ant"} effective for all purposes upon execution by the City Manager ar City Manager's designee. . New, T~EREF~R~, Consultant and City agree as follows. I. SERVICES T~ BE PERF~R~D. The Consultant agrees to provide professional actuarial auditing services to review the Actuarial Valuation as of December 31, ~aa~ for the Corpus Christi Fire Fighters' Retirement System, dated August 2~, 2~a3; the Actuarial Valuation as of December 1, 2aa4 far the Corpus Christi Fire Fighters' Retirement System., dated August ~4, X005; and the Actuarial Valuation as of December ~ 1, 20~G for the Carpus Christi Fire Fighters' Retirement Syterr~, dated ,April 27, ~0~7 each prepared by Rudd and wisdarr~ in compliance with Hl~ ~~64 described above, Consultant shall perform the professional auditing services to pra~ride a Level ~ Audit and Actuarial Assumption Review in accordance with the attached Exhibit. The parties agree performance of the work shall commence upon authorization to proceed by the City. The Director of Financial Services is designated as the Contract Administrator responsible for all phases of performance and operations under this Agreement, including authorizations for payment. All notices ar communications regarding this Agreement shall be directed to the Contract Administrator. Consultant shall complete its review by Nlay U, 2008. Consultant shall provide City with written report of its #indings and conclusions upon. completion of the review and agrees to attend up to two rrxeetings with City staff andlar Corpus Christi City Council to discuss the results ~~08~09$ 4~12~~48 Gabriel, Roeder, Smith ~~. ~`EE FAR ER~ICE. Total cast for all services provided by Consultant and all expenses incurred by Consultant under this A.green~ent shall not exceed ~ 19,~aa unless expressly authorized by written amendment to this Agreement. Payment shall be made within 34 days frDnl receipt of 1nvo~ce. ~~~. E~`~'ECT~'~E SATE TERM TERINATI~~ H~ERARCRY ~F DOCUMENTS A. This agreement takes effect upon execution by the City Manager or his designee. ~. The term of this agreement is upon execution by C1ty Manager through completion of services under this Agreement, unless sooner terzninated in accordance with Subsection below. C. The City may, at any time, with or without cause, terminate this Agreement upon t~vo ~~} weeks written notice to the Consultant. upon termination of this Agreement, all finished or un#inished documents, data, studies, or reports prepared by the Consultant, at the option of the City, wi11 be delivered to the City and became the property of the City. ~n such event of tcri711ntiQn without Cause, C1ty w111 ~]~ 1nvolced far the actual tiiTle aril charges accun~u~ated through the date of tenination. ~~. ~.PPR~PR~AT~N OF FUND. All parties recognize that the continuation ~f any contract aver the close of any fiscal year of City, which #~scal year ends on duly 31 of each year, shall be subs ect to appropriations and budget approval providing for covering such contract item as an expenditure in said budget. City does not represent that the budget item will be actually adapted, said determination being VVithii~ the sole d~cretian of the City Council at. the tune of adoption of such budget. ~. AINA~ILIT~. The Consultant shall not assign, transfer, ar delegate any of his obligations or duties in this Contract to any other person without the prior written consent of the City, except for routine duties delegated to ~ eld assistants and clerical helpers. The performance of this Agreement by Consultant is the essence of this Agreement and City's right to withhold consent to such assignment shall be within the sole discretion of the City an any grounds whatsoever. V~. ~NDEPEI~~ENT CONTRACTOR. Consultant shall perferrn all professional services as an independent contractor and shah furnish such services in its awn manner and rriethod, and under no circumstances ar conditions shall an agent, servant, ar erriployee of the Consultant be considered an employee of the City, VII. UBI~I~NTI~AT~R. Consultant nay use subcantractars in connection with the work performed under this Agreement, when using subcontractors, however, Cansultant must abtain prior written approval frorra the City In using subcantractars, Consultant agrees to be responsible for all their acts and omissions to the same extent a if the subcontractor and its en~playees were employees of the Consultant. All requirements set forth as part of this Agreement shall be applicable to all subcontractors and their employees to the same extent as if the Consultant and its employees had performed the services. VIII. VENUE ANTI A~ELII~ABLE I1A'~V. This AgreerrYent shall be sub j ee# to alI Federal, state and local laws. All duties of the parties shall be performed in the City of Carpus Christi, Texas. The applicable law for any legal disputes arising out of this Agreement shall be the law of Texas and such forum and venue for such disputes shall be the appropriate district, county, ar justice court in and far I~ueces County, Texas, I, WAIVER. loo waiver of any breach of any term, or condition of this .Agreement, shall be construed to waive any subsequent breach of the same. ~, I]I~LI~URE ~E INTERESTS Carpus Christi ordinance lVa~ l71 ~2, Interest farm provided to Consultant. Consultant further agrees, ~n carnpl~ance with City of to complete, as part of this Contract, the Disclosure of . INDEIVINI~IATII~N, Consultant must indemnify and bald City, its officers,. employees ~ , or agents ~"Indenitees"~ harmless of, from, and against all claims, demands, actions, damages, losses, costs, liabilities, expenses, and judgments recovered from or asserted against Indemnites - ~ an accQUnt of injury or damage to person ar property to the extent any such damage or injury is : - - caused by an pct or omission, negligence or misconduct an the part of Consultant, ar any of its agents, servants, contractors, ar employees in performance of this Agreement. Consultant agrees to indemnify and save harmless City, its agents, servants, and employees, "~ndemnltees"~, foam any and all liabilities, losses, damages, ar expenses, ~ncluding attorney's fees resulting from the negligence or acts or am~sslans of Consultant, its employees, officers, agents ar contractors, v~hile in performance of this Agreement. III. INSURANCE. Consultant agrees to provide insurance in accordance with the attached r ex ~ lt, VIII, ~~ wAIVEI~. Na waiver of any covenant ar conditian, ar the breach of any covenant ar conditian of this Agreement, constitutes a waiver of any subsequent breach of the covenant or candit~an of the Agreement. XIV. AMENDIVIENT DR 1VII~I~IFICATIUNS. Na amendments or madif~cations to this Agreement moray be made, nor any provision warred, unless in writing signed by a person duly authari~ed to sign agreements an behalf of each party. 3 ~~. RELATI~I~~IP IMF PARTIES. ~ performing this Agreement, both the pity and consultant shall act in an individual capacity, and not as agents, representatives, employees, employers, partners, joint-venturers, or associates of one another. The ernplayees or agents of either party nrxay not be, nor be construed to b, the en~playees ar agents of the other parley far any purpose ~VI. I~APTI~~. The captions in this Agreement are for canven~ence only and are not a part of this Agreement. The captions do not in any way limit or amplify the terms and prov~s~ons of this Agreement. ~~II. SEVEI~.ABIL~TY, If far any reason, any section, paragraph, subdivision, clause, provision, phrase or word of this Agreement or the application of this Agreement to any person or circumstance ~s, to any extent, held illegal, invalid, ar unenforceable under present ar future law or by a final judgment of a court of competent ~ur~sd~ctian, then the remainder of this Agreement, or the application of the term ar provision to persons or circumstances other than thane as to which it is held illegal, invalid; or unenforceable, will not be affected by the law ar judgment, for it ~s the definite latent of the parties to this Agreement that every section, paragraph, subdivision, clause, provision, phrase, ar ward of this Agreement be given full force and effect far its purpose. To the extent that any clause yr provision is held illegal, invalid, ar unenforceable under present ar future law effective during the term of this Agreement, then the remainder of this Agreement is not affected by the law, and in lieu of any illegal, invalid, ar uncnfarceable clause or prav~sion, a clause ar provision, as similar in tetras to the illegal-, invalid, or unenforceable Clause or provlslazx as may be pass~ble~ and be legal, valid, and enforceable; wi11 be added to this Agreement automatically, VIII. NI~TII~~. Notices provided ~ shall be in writing and delivered to; Qn behalf of the arty: ~n behalf of the consultant: 1ty of corpus hr~sti Director of Pinr~cial Services P.. Box 9277 carpus Christi, T~ 75469-9277 Gabriel, Roeder, Srnith a. Joe Newton Southwest Region off tce Head 56a5 N. MacArthur Blvd. 57~ Irving, Texas 7~a$-26~ 1 ~~ ~~~ A~RE~IVIEI~T, This Agreement and its exhibits A Band attached ansultant Standard Terms and ~ond~tlans constitute the sale agreement between the pity and onsultant~ Any prier agreements, promises, negotiations, or representations, verbal ar otherwise, not expressly stated in this Agreement, are of na farce and effect. In the evert of any conflict between this ,Agreement and the attached Standard Terns and andltlons, this Agreenr~er~t shall control. 4 • ~ E~EUTE~ ~~ ~UF~IA~F, each of h~~h shall ~e can~~~~ed an vr~ final, ~h~s da of Y ~~~8. ATTEST: Armando Chapa City Secretary CITY OF CORPUS CHRISTX Ge ge K. Noe City Manager APPROVED THIS a4' DAY OF ~1'~~ , 2008 By: oC.~vv~. Assistant Attorney Fox City Attorney ~NULTAN~': • ~~ 1 B~. Name: ~ t ~ ~ ~ -~ ~ ~. Title: ~ ~ ~ ~~~ ~ ~ ~ ~ ~~ date: ~ ~ ~ ~. ~ ~ o o 5 INSURANCE REQUIREMENTS I. NULTANT' INURAN~ A., consultant must not commence work under this agreement until all insurance required herein has been obtained and such insurance has been approved by the pity's Risk Manager, The consultant must rat allow any subcontractor to commence work until all similar insurance required of the subcontractor has been obtained, B. onsultartt must furnish to the Risk tanager two ~~} copies of certificates of Insurance, showing the following minin~un~ coverage by insurance cornpany~s} acceptable to the Risk Manager. The City must be Warned as an additional insured far all liability policies and a blanket waiver of subrogation is required, TY'P~ ~F INURAN~E 1VIINIIVIUNI INURAN~ ~DY~~AE 3~-Day Native of cancellation, nor-renewal, Bodily injury and Property Damage material change or terrriination and 1 ~ day written notice of cancellation for Wan-payment is required an ~~~ C~rtlflCat~s . w~I~~ ~~~l1~PLIE wITI~ T~~ wDRKER' ~NIPBNATI~N TEA w01~R' . D11~PEN~ATI~N AST AND BTI~N II ~F THIS EIIBIT BMPLOY~R' LIABILITY 50a,~~0 PRO~`~I~NAL LIABILITY to include: 1,~~0,~~~ 1. Errors and ~rxllssran5 ~. In the event of accidents of an~r kind, anultant must furnish the Risk 1Vlanager with copies of all reports of such accidents at the Barrie time that the reports are forwarded to any other interested parties. II. ADIIITINAL R~UIREIVIENT consultant must obtain workers' compensation coverage through a licensed insurance carripa.ny or through self insurance obtained in accordance with Texas law. If such coverage is obtained through a licensed company, the contract for coverage must be written on a polio and the Texas Department of Insurance triust approve endorsements, The coverage provided must be in an amount sufficient to assure that all workers' compensation obligations incurred by consultant will be promptly met. . • The pity of corpus Christi trust be named as an add~tzaual insured for all liability coverage, except far the workers' orripensatian coverage and a b~auket waiver of subroatian is required on all applicable policies. • should your insurance can~pany elect to use the standard AC~RI~ farm, the canceiltion clause ~bottam right} shall be amended by adding the wording "Charged or"between "~]~" and "canceled", and deleting the words "endeavor to", and deleting the wording aver "lei". • ~'he name of the project shall be listed under "Deseri~tian of operations". + At a minirnun~, a ~~-day written uatice of material change, non-renewal, termination or cancellation is required. 7 ~~hihit A services to be rovi~ed b vnsultant: •:+ consultant shall review of the past three valuation reports, as v~ell as any correspondence that is action related during the past 5 yeas from the current actuary ~e~perience study reports, cost studies, etch. •:~ Using these, consultant shall carrirnent on the appropriateness of the current assumption set and any trends that are de~relvp1ng 1n a pasitlve ar negative ~vay. +:• pity will request the current actuary to provide consultant a coupe of test lives from their current valuation safare so vie can provide camn~entary an any methods used. ~:* pity v~i~~ also request current actuary to provide consultant with the data set provided to the current actuary a that ansultant may audit the data for completeness. •:# included in the fee for services Hated in cctivn II of this agreement are up to two meetings in corpus Christi held v~ith the consultant tv discuss the results. 8