Title
Human Resources Department recommending the Board authorize retroactive payment in the total amount of $39,347.80 for invoices pertaining to the Retiree Medical actuarial study and valuation completed by AON Consulting in FY 2008/2009.
FUNDING: Risk Management Health Insurance Fund/Employer, Employee and Retiree Contributions.
Body
BUDGET SUMMARY:
Total Estimated Cost $39,347.80
Funding
Budgeted $39,347.80
New Funding $
Savings $
Other $
Total Funding Available $39,347.80
Change To Net County Cost $0
Fiscal Impact/Change to Net County Cost:
Background: As part of the negotiation process in FY 08/09, a request was submitted by the bargaining units to have a Retiree Medical actuarial study completed. Additionally, an actuarial valuation study to comply with GASB 45 was requested. AON Consulting, who the County contracts with to provide employee benefit consulting services, completed both studies at the request of the previous Human Resources Director.
Reason for Recommendation: AON submitted to Human Resources an outline of the work to be completed, the project step process, and the fees and estimated completion time for the Retiree Medical study. The Director of Human Resources agreed, in writing, to the terms. However, within this agreement, AON noted that if the hours estimated to complete a specific request would be significant, they would provide a quote estimating the expected fee range for the requested additional work prior to commencing work. Additional work was requested by the Director of Human Resources and verbally agreed upon, but no written quote for the additional charges was provided. The total additional amount verbally authorized for this study is $10,934.
The current agreement with AON requires that the consultant will disclose to the County the utilization of additional staff other than the officers listed in Exhibit B, prior to commencin...
Click here for full text